SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report: December 24, 1996
(Date of earliest event reported)
Commission File No. 333-2209
Norwest Asset Securities Corporation
- --------------------------------------------------------------------------------
Delaware 52-1972128
- ------------------------------- ----------------------------------------
(State of Incorporation) (I.R.S. Employer Identification No.)
5325 Spectrum Drive, Frederick, Maryland 21703
- -------------------------------------------- --------------
Address of principal executive offices (Zip Code)
(301) 846-8881
- --------------------------------------------------------------------------------
Registrant's Telephone Number, including area code
- --------------------------------------------------------------------------------
(Former name, former address and former fiscal year, if changed
since last report)
<PAGE>
ITEM 5. Other Events
On December 24, 1996, Norwest Asset Securities Corporation, a Delaware
corporation (the "Registrant"), sold Mortgage Pass-Through Certificates, Series
1996-9, Class A-1, Class A-2, Class A-3, Class A-4, Class A-5, Class A-6, Class
A-7, Class A-8, Class A-9, Class A-10, Class A-11, Class A-12, Class A-13, Class
A-14, Class A-15, Class A-PO, Class A-R, Class M, Class B-1 and Class B-2 (the
"Offered Certificates"), having an aggregate original principal balance of
$361,349,559.29. The Offered Certificates were issued pursuant to a Pooling and
Servicing Agreement, dated as of December 24, 1996, among the Registrant,
Norwest Bank Minnesota, National Association, as master servicer (the "Master
Servicer" or "Norwest Bank") and First Union National Bank of North Carolina as
trustee (the "Agreement"), a copy of which is filed as an exhibit hereto.
Mortgage Pass-Through Certificates, Series 1996-9, Class B-3, Class B-4 and
Class B-5, having an aggregate initial principal balance of $3,650,000.00 (the
"Private Certificates" and, together with the Offered Certificates, the
"Certificates"), were also issued pursuant to the Agreement.
As of the date of initial issuance, the Offered Certificates evidenced an
approximate 99.00% undivided interest in a trust fund (the "Trust Estate"),
consisting principally of a pool of fixed interest rate, conventional, monthly
pay, fully-amortizing, one-to four-family residential first mortgage loans,
other than the Fixed Retained Yield (as defined in the Agreement), which may
include loans secured by shares issued by cooperative housing corporations. The
remaining undivided interests in the Trust Estate are evidenced by the Private
Certificates, distributions on which are subordinated to distributions on the
Offered Certificates.
Interest on the Offered Certificates (other than the Class A-PO
Certificates) will be distributed on each Distribution Date (as defined in the
Agreement). Monthly distributions in reduction of the principal balance of the
Offered Certificates will be allocated to the Offered Certificates in accordance
with the priorities set forth in the Agreement. Distributions of interest and in
reduction of principal balance on any Distribution Date will be made to the
extent that the Pool Distribution Amount is sufficient therefor.
An election will be made to treat the Trust Estate as a REMIC for federal
income tax purposes (the REMIC"). The Class A-1, Class A-2, Class A-3, Class
A-4, Class A-5, Class A-6, Class A-7, Class A-8, Class A-9, Class A-10, Class
A-11, Class A-12, Class A-13, Class A-14, Class A-15, Class A-PO, Class M, Class
B-1, Class B-2, Class B-3, Class B-4 and Class B-5 Certificates will be treated
as "regular interests" in the REMIC and the Class A-R Certificate will be
treated as the "residual interest" in the REMIC.
<PAGE>
ITEM 7. Financial Statements and Exhibits
(c) Exhibits
Item 601(a)
of Regulation S-K
Exhibit No. Description
(EX-4) Pooling and Servicing Agreement, dated as of December 24,
1996, among Norwest Asset Securities Corporation, Norwest
Bank Minnesota, National Association and First Union
National Bank of North Carolina, as trustee.
<PAGE>
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
NORWEST ASSET SECURITIES CORPORATION
December 24, 1996
/s/ B. David Bialzak
--------------------------------------
B. David Bialzak
Vice President
<PAGE>
INDEX TO EXHIBITS
Paper (P) or
Exhibit No. Description Electronic (E)
- ----------- -------------------------------------------- --------------
(EX-4) Pooling and Servicing E
Agreement, dated as of December 24, 1996 among
Norwest Asset Securities Corporation, Norwest
Bank Minnesota, National Association and
First Union National Bank of North Carolina,
as trustee.
Execution copy
--------------------------------------------------------------------
NORWEST ASSET SECURITIES CORPORATION
(Seller)
and
NORWEST BANK MINNESOTA, NATIONAL ASSOCIATION
(Master Servicer)
and
FIRST UNION NATIONAL BANK OF NORTH CAROLINA
(Trustee)
POOLING AND SERVICING AGREEMENT
Dated as of December 24, 1996
$364,999,559.29
Mortgage Pass-Through Certificates
Series 1996-9
-----------------------------------------------------------------
<PAGE>
This Pooling and Servicing Agreement, dated as of December 24, 1996
executed by NORWEST ASSET SECURITIES CORPORATION, as Seller, NORWEST BANK
MINNESOTA, NATIONAL ASSOCIATION, as Master Servicer, and FIRST UNION NATIONAL
BANK OF NORTH CAROLINA, as Trustee.
WITNESSETH THAT:
In consideration of the mutual agreements herein contained, the Seller, the
Master Servicer and the Trustee agree as follows:
ARTICLE I
DEFINITIONS
Section 1.01. Definitions.
Whenever used herein, the following words and phrases, unless the context
otherwise requires, shall have the meanings specified in this Article.
Accepted Master Servicing Practices: Accepted Master Servicing Practices
shall consist of the customary and usual master servicing practices of prudent
master servicing institutions which service mortgage loans of the same type as
the Mortgage Loans in the jurisdictions in which the related Mortgaged
Properties are located, regardless of the date upon which the related Mortgage
Loans were originated.
Adjusted Pool Amount: With respect to any Distribution Date, the Cut-Off
Date Aggregate Principal Balance of the Mortgage Loans minus the sum of (i) all
amounts in respect of principal received in respect of the Mortgage Loans
(including, without limitation, amounts received as Monthly Payments, Periodic
Advances, Unscheduled Principal Receipts and Substitution Principal Amounts) and
distributed to Holders of the Certificates on such Distribution Date and all
prior Distribution Dates and (ii) the principal portion of all Realized Losses
(other than Debt Service Reductions) incurred on the Mortgage Loans from the
Cut-Off Date through the end of the month preceding such Distribution Date.
Adjusted Pool Amount (PO Portion): With respect to any Distribution Date,
the sum of the amounts, calculated as follows, with respect to all Outstanding
Mortgage Loans: the product of (i) the PO Fraction for each such Mortgage Loan
and (ii) the remainder of (A) the Cut-Off Date Principal Balance of such
Mortgage Loan minus (B) the sum of (x) all amounts in respect of principal
received in respect of such Mortgage Loan (including, without limitation,
amounts received as Monthly Payments, Periodic Advances, Unscheduled Principal
Receipts and Substitution Principal Amounts) and distributed to Holders of the
Certificates on such Distribution Date and all prior Distribution Dates and (y)
the principal portion of any Realized Loss (other than a Debt Service Reduction)
incurred on such Mortgage Loan from the Cut-Off Date through the end of the
month preceding such Distribution Date.
Adjusted Principal Balance: As to any Distribution Date and the Class M
Certificates or any Class B Subclass, the greater of (A) zero and (B) (i) the
principal balance of such Class or Subclass with respect to such Distribution
Date minus (ii) the Adjustment Amount for such Distribution Date less, with
respect to the Class M Certificates, the Class B Principal Balance or, with
respect to any Class B Subclass, the Class B Subclass Principal Balances for any
Class B Subclasses with higher numerical designations.
Adjustment Amount: For any Distribution Date, the difference between (A)
the sum of the Class A Principal Balance, Class M Principal Balance and Class B
Principal Balance as of the related Determination Date and (B) the sum of (i)
the sum of the Class A Principal Balance, Class M Principal Balance and Class B
Principal Balance as of the Determination Date succeeding such Distribution
Date, (ii) the principal portion of Excess Special Hazard Losses, Excess Fraud
Losses and Excess Bankruptcy Losses allocated to the Certificates with respect
to such Distribution Date and (iii) the aggregate amount that would have been
distributed to all Classes as principal in accordance with Section 4.01(a) for
such Distribution Date without regard to the provisos in the definitions of
Class M Optimal Principal Amount, Class B-1 Optimal Principal Amount, Class B-2
Optimal Principal Amount, Class B-3 Optimal Principal Amount, Class B-4 Optimal
Principal Amount and Class B-5 Optimal Principal Amount.
Aggregate Current Bankruptcy Losses: With respect to any Distribution Date,
the sum of all Bankruptcy Losses incurred on any of the Mortgage Loans in the
month preceding the month of such Distribution Date.
Aggregate Current Fraud Losses: With respect to any Distribution Date, the
sum of all Fraud Losses incurred on any of the Mortgage Loans in the month
preceding the month of such Distribution Date.
Aggregate Current Special Hazard Losses: With respect to any Distribution
Date, the sum of all Special Hazard Losses incurred on any of the Mortgage Loans
in the month preceding the month of such Distribution Date.
Aggregate Foreclosure Profits: As to any Distribution Date, the aggregate
amount of Foreclosure Profits with respect to all of the Mortgage Loans.
Agreement: This Pooling and Servicing Agreement and all amendments and
supplements hereto.
Applicable Unscheduled Principal Receipt Period: With respect to the
Mortgage Loans serviced by each Servicer and each of Full Unscheduled Principal
Receipts and Partial Unscheduled Principal Receipts, the Unscheduled Principal
Receipt Period specified on Schedule I hereto, as amended from time to time by
the Master Servicer pursuant to Section 10.01(b) hereof.
Authenticating Agent: Any authenticating agent appointed by the Trustee
pursuant to Section 8.11. There shall initially be no Authenticating Agent for
the Certificates.
Available Master Servicer Compensation: As to any Distribution Date, the
sum of (a) the Master Servicing Fee for such Distribution Date, (b) interest
earned through the business day preceding the applicable Distribution Date on
any Prepayments in Full remitted to the Master Servicer and (c) the aggregate
amount of Month End Interest remitted by the Servicers to the Master Servicer
pursuant to the related Servicing Agreements.
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 a Bankruptcy Loss shall not
be deemed a Bankruptcy Loss hereunder so long as the applicable Servicer has
notified the Master Servicer and the Trustee in writing that such 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 such Servicer without giving
effect to any Debt Service Reduction.
Bankruptcy Loss Amount: As of any Distribution Date prior to the first
anniversary of the Cut-Off Date, the Bankruptcy Loss Amount will equal
$100,000.00 minus the aggregate amount of Bankruptcy Losses allocated solely to
the Class B Certificates or, following the reduction of the Class B Principal
Balance to zero, solely to the Class M Certificates in accordance with Section
4.02(a) since the Cut-Off Date. As of any Distribution Date on or after the
first anniversary of the Cut-Off Date, an amount equal to (1) the lesser of (a)
the Bankruptcy Loss 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 Distribution Date (the "Relevant
Anniversary") and (b) such lesser amount which, as determined on the Relevant
Anniversary will not cause any rated Certificates to be placed on credit review
status (other than for possible upgrading) by either Rating Agency minus (2) the
aggregate amount of Bankruptcy Losses allocated solely to the Class B
Certificates or, following the reduction of the Class B Principal Balance to
zero, solely to the Class M Certificates in accordance with Section 4.02(a)
since the Relevant Anniversary. On and after the Cross-Over Date the Bankruptcy
Loss Amount shall be zero.
Beneficial Owner: With respect to a Book-Entry Certificate, the Person who
is the beneficial owner of such Book-Entry Certificate, as reflected on the
books of the Clearing Agency, or on the books of a Person maintaining an account
with such Clearing Agency (directly or as an indirect participant, in accordance
with the rules of such Clearing Agency), as the case may be.
Book-Entry Certificate: Any one of the Class A-1 Certificates, Class A-2
Certificates, Class A-3 Certificates, Class A-4 Certificates, Class A-5
Certificates, Class A-6 Certificates, Class A-7 Certificates, Class A-8
Certificates, Class A-9 Certificates, Class A-10 Certificates, Class A-11
Certificates, Class A-12 Certificates, Class A-13 Certificates, Class A-14
Certificates and Class A-15 Certificates, beneficial ownership and transfers of
which shall be evidenced by, and made through, book entries by the Clearing
Agency as described in Section 5.01(b).
Business Day: Any day other than (i) a Saturday or a Sunday, or (ii) a
legal holiday in the City of New York, State of Iowa, State of Maryland, State
of Minnesota or State of North Carolina or (iii) a day on which banking
institutions in the City of New York, or the State of Iowa, State of Maryland,
State of Minnesota or State of North Carolina are authorized or obligated by law
or executive order to be closed.
Certificate: Any one of the Class A Certificates, Class M Certificates or
Class B Certificates.
Certificate Account: The trust account established and maintained by the
Master Servicer in the name of the Master Servicer on behalf of the Trustee
pursuant to Section 3.01. The Certificate Account shall be an Eligible Account.
Certificate Register and Certificate Registrar: Respectively, the register
maintained pursuant to and the registrar provided for in Section 5.02. The
initial Certificate Registrar is the Trustee.
Certificateholder or Holder: The Person in whose name a Certificate is
registered in the Certificate Register, except that, solely for the purposes of
the taking of any action under Articles VII or VIII, any Certificate registered
in the name of the Master Servicer, a Servicer or any affiliate thereof shall be
deemed not to be outstanding and the Voting Interest evidenced thereby shall not
be taken into account in determining whether the requisite percentage of
Certificates necessary to effect any such action has been obtained.
Class: All certificates whose form is identical except for (i) variations
in the Percentage Interest evidenced thereby and (ii) in the case of the Class A
Certificates and Class B Certificates, variations in Subclass designation and
other Subclass characteristics.
Class A Certificate: Any one of Class A-1 Certificates, Class A-2
Certificates, Class A-3 Certificates, Class A-4 Certificates, Class A-5
Certificates, Class A-6 Certificates, Class A-7 Certificates, Class A-8
Certificates, Class A-9 Certificates, Class A-10 Certificates, Class A-11
Certificates, Class A-12 Certificates, Class A-13 Certificates, Class A-14
Certificates, Class A-15 Certificates, Class A-PO Certificates or Class A-R
Certificate.
Class A Certificateholder: The registered holder of a Class A Certificate.
Class A Distribution Amount: As to any Distribution Date, the aggregate
amount distributable to the Subclasses of Class A Certificates pursuant to
Paragraphs first, second, third and fourth of Section 4.01(a) on such
Distribution Date.
Class A Fixed Pass-Through Rate: As to any Distribution Date, the rate per
annum set forth in Section 11.01.
Class A Interest Accrual Amount: As to any Distribution Date, the sum of
the Class A Subclass Interest Accrual Amounts with respect to such Distribution
Date.
Class A Loss Denominator: As to any Determination Date, an amount equal to
the Class A Non-PO Principal Balance.
Class A Non-PO Optimal Amount: As to any Distribution Date, the sum for
such Distribution Date of (i) the Class A Interest Accrual Amount, (ii) the sum
of the Class A Subclass Unpaid Interest Shortfalls for each Class A Subclass and
(iii) the Class A Non-PO Optimal Principal Amount.
Class A Non-PO Optimal Principal Amount: As to any Distribution Date, an
amount equal to the sum, as to each Outstanding Mortgage Loan, of the product of
(x) the Non-PO Fraction with respect to such Mortgage Loan, and (y) the sum of:
(i) the Class A Percentage of (A) the principal portion of
the Monthly Payment due on the Due Date occurring in the month of such
Distribution Date on such Mortgage Loan, less (B) if the Bankruptcy
Loss Amount has been reduced to zero, the principal portion of any Debt
Service Reduction with respect to such Mortgage Loan;
(ii) the Class A Prepayment Percentage of all Unscheduled
Principal Receipts that were received by a Servicer with respect to
such Mortgage Loan during the Applicable Unscheduled Principal Receipt
Period relating to such Distribution Date for each applicable type of
Unscheduled Principal Receipt;
(iii) the Class A Prepayment Percentage of the Scheduled
Principal Balance of such Mortgage Loan which, during the month
preceding the month of such Distribution Date, was repurchased by the
Seller pursuant to Section 2.02 or 2.03; and
(iv) the Class A Percentage of the excess of the unpaid
principal balance of such Mortgage Loan substituted for a defective
Mortgage Loan during the month preceding the month in which such
Distribution Date occurs over the unpaid principal balance of such
defective Mortgage Loan, less the amount allocable to the principal
portion of any unreimbursed Periodic Advances previously made by the
Servicer, the Master Servicer or the Trustee in respect of such
defective Mortgage Loan.
Class A Non-PO Principal Balance: As of any date, an amount equal to the
Class A Principal Balance less the Class A Subclass Principal Balance of the
Class A-PO Certificates.
Class A Non-PO Principal Distribution Amount: As to any Distribution Date,
the aggregate amount distributed in respect of the Class A Subclasses pursuant
to Paragraph third clause (A) of Section 4.01(a).
Class A Percentage: As to any Distribution Date occurring on or prior to
the Cross-Over Date, the lesser of (i) 100% and (ii) the percentage obtained by
dividing the Class A Non-PO Principal Balance (determined as of the
Determination Date preceding such Distribution Date) by the Pool Balance (Non-PO
Portion). As to any Distribution Date occurring subsequent to the Cross-Over
Date, 100% or such lesser percentage which will cause the Class A Non-PO
Principal Balance to decline to zero following the distribution made on such
Distribution Date.
Class A Prepayment Percentage: As to any Distribution Date to and including
the Distribution Date in December 2001, 100%. As to any Distribution Date
subsequent to December 2001 to and including the Distribution Date in December
2002, the Class A Percentage as of such Distribution Date plus 70% of the
Subordinated Percentage as of such Distribution Date. As to any Distribution
Date subsequent to December 2002 to and including the Distribution Date in
December 2003, the Class A Percentage as of such Distribution Date plus 60% of
the Subordinated Percentage as of such Distribution Date. As to any Distribution
Date subsequent to December 2003 to and including the Distribution Date in
December 2004, the Class A Percentage as of such Distribution Date plus 40% of
the Subordinated Percentage as of such Distribution Date. As to any Distribution
Date subsequent to December 2004 to and including the Distribution Date in
December 2005, the Class A Percentage as of such Distribution Date plus 20% of
the Subordinated Percentage as of such Distribution Date. As to any Distribution
Date subsequent to December 2005, the Class A Percentage as of such Distribution
Date. The foregoing is subject to the following: (i) if the aggregate
distribution to Holders of Class A Certificates on any Distribution Date of the
Class A Prepayment Percentage provided above of (a) Unscheduled Principal
Receipts distributable on such Distribution Date would reduce the Class A Non-PO
Principal Balance below zero, the Class A Prepayment Percentage for such
Distribution Date shall be the percentage necessary to bring the Class A Non-PO
Principal Balance to zero and thereafter the Class A Prepayment Percentage shall
be zero and (ii) if the Class A Percentage as of any Distribution Date is
greater than the Original Class A Percentage, the Class A Prepayment Percentage
for such Distribution Date shall be 100%. Notwithstanding the foregoing, with
respect to any Distribution Date on which the following criteria are not met,
the reduction of the Class A Prepayment Percentage described in the second
through sixth sentences of this definition of Class A Prepayment Percentage
shall not be applicable with respect to such Distribution Date. In such event,
the Class A Prepayment Percentage for such Distribution Date will be determined
in accordance with the applicable provision, as set forth in the first through
fifth sentences above, which was actually used to determine the Class A
Prepayment Percentage for the Distribution Date occurring in the December
preceding such Distribution Date (it being understood that for the purposes of
the determination of the Class A Prepayment Percentage for the current
Distribution Date, the current Class A Percentage and Subordinated Percentage
shall be utilized). In order for the reduction referred to in the second through
sixth sentences to be applicable, with respect to any Distribution Date (a) the
average outstanding principal balance on such Distribution Date and for the
preceding five Distribution Dates on the Mortgage Loans that were delinquent 60
days or more (including for this purpose any payments due with respect to
Mortgage Loans in foreclosure and REO Mortgage Loans) must be less than 50% of
the current Class M Principal Balance and the current Class B Principal Balance
and (b) cumulative Realized Losses shall not exceed (1) 30% of the Original
Subordinated Principal Balance if such Distribution Date occurs between and
including January 2002 and December 2002, (2) 35% of the Original Subordinated
Principal Balance if such Distribution Date occurs between and including January
2003 and December 2003, (3) 40% of the Original Subordinated Principal Balance
if such Distribution Date occurs between and including January 2004 and December
2004, (4) 45% of the Original Subordinated Principal Balance if such
Distribution Date occurs between and including January 2005 and December 2005,
and (5) 50% of the Original Subordinated Principal Balance if such Distribution
Date occurs during or after January 2006. With respect to any Distribution Date
on which the Class A Prepayment Percentage is reduced below the Class A
Prepayment Percentage for the prior Distribution Date, the Master Servicer shall
certify to the Trustee, based upon information provided by each Servicer as to
the Mortgage Loans serviced by it that the criteria set forth in the preceding
sentence are met.
Class A Principal Balance: As of any date, an amount equal to the sum of
the Class A Subclass Principal Balances for the Class A-1 Certificates, Class
A-2 Certificates, Class A-3 Certificates, Class A-4 Certificates, Class A-5
Certificates, Class A-6 Certificates, Class A-7 Certificates, Class A-8
Certificates, Class A-9 Certificates, Class A-10 Certificates, Class A-11
Certificates, Class A-12 Certificates, Class A-13 Certificates, Class A-14
Certificates, Class A-15 Certificates, Class A-PO Certificates and Class A-R
Certificate.
Class A Subclass: Any of the Subclasses of Class A Certificates consisting
of the Class A-1 Certificates, Class A-2 Certificates, Class A-3 Certificates,
Class A-4 Certificates, Class A-5 Certificates, Class A-6 Certificates, Class
A-7 Certificates, Class A-8 Certificates, Class A-9 Certificates, Class A-10
Certificates, Class A-11 Certificates, Class A-12 Certificates, Class A-13
Certificates, Class A-14 Certificates, Class A-15 Certificates, Class A-PO
Certificates and Class A-R Certificate.
Class A Subclass Distribution Amount: As to any Distribution Date and any
Class A Subclass, the amount distributable to such Class A Subclass pursuant to
paragraphs first, second, third and fourth of Section 4.01(a).
Class A Subclass Interest Accrual Amount: As to any Distribution Date and
any Class A Subclass (other than the Class A-PO Certificates), (i) the product
of (a) 1/12th of the Class A Subclass Pass-Through Rate for such Class A
Subclass and (b) the Class A Subclass Principal Balance of such Class A Subclass
as of the Determination Date preceding such Distribution Date minus (ii) the
Class A Subclass Interest Percentage of such Class A Subclass of (x) any
Non-Supported Interest Shortfall allocated to the Class A Certificates with
respect to such Distribution Date, (y) the interest portion of any Excess
Special Hazard Losses, Excess Fraud Losses and Excess Bankruptcy Losses
allocated to the Class A Certificates with respect to such Distribution Date
pursuant to Section 4.02(e) and (z) the interest portion of any Realized Losses
(other than Excess Special Hazard Losses, Excess Fraud Losses and Excess
Bankruptcy Losses) allocated to the Class A Certificates on or after the
Cross-Over Date pursuant to Section 4.02(e). The Class A-PO Certificates have no
Class A Subclass Interest Accrual Amount.
Class A Subclass Interest Percentage: As to any Distribution Date and any
Class A Subclass (other than the Class A-PO Certificates), the percentage
calculated by dividing the Class A Subclass Interest Accrual Amount of such
Class A Subclass (determined without regard to clause (ii) of the definition
thereof) by the Class A Interest Accrual Amount (determined without regard to
clause (ii) of the definition of each Class A Subclass Interest Accrual Amount).
Class A Subclass Interest Shortfall Amount: As to any Distribution Date and
any Subclass of Class A Certificates (other than the Class A-PO Certificates),
any amount by which the Class A Subclass Interest Accrual Amount of such Class A
Subclass with respect to such Distribution Date exceeds the amount distributed
in respect of such Class A Subclass on such Distribution Date pursuant to
Paragraph first of Section 4.01(a).
Class A Subclass Loss Percentage: As to any Determination Date and any
Subclass of Class A Certificates (other than the Class A-PO Certificates) then
outstanding, the percentage calculated by dividing the Class A Subclass
Principal Balance of such Subclass by the Class A Loss Denominator (determined
without regard to any such Class A Subclass Principal Balance of any Class A
Subclass not then outstanding), in each case determined as of the preceding
Determination Date.
Class A Subclass Pass-Through Rate: As to each Class A Subclass, other than
the Class A-2, Class A-3, Class A-4, Class A-5, Class A-6, Class A-7, Class A-8,
Class A-9, Class A-10, Class A-11 and Class A-PO Certificates, the Class A Fixed
Pass-Through Rate. As to the Class A-2 Certificates, 6.750% per annum. As to the
Class A-3 Certificates, 6.500% per annum. As to the Class A-4 Certificates,
8.000% per annum. As to the Class A-5 Certificates, 10.000% per annum. As to the
Class A-6 Certificates, 6.850% per annum. As to the Class A-7 Certificates,
7.200% per annum. As to the Class A-8 Certificates, 7.450% per annum. As to the
Class A-9 and Class A-10 Certificates, 7.650% per annum. As to the Class A-11
Certificates, 7.700% per annum. The Class A-PO Certificates are not entitled to
interest and have no Class A Subclass Pass-Through Rate.
Class A Subclass Principal Balance: As of the first Determination Date and
as to any Class A Subclass, the Original Class A Subclass Principal Balance of
such Class A Subclass. As of any subsequent Determination Date prior to the
Cross-Over Date and as to any Class A Subclass (other than the Class A-PO
Certificates), the Original Class A Subclass Principal Balance of such Class A
Subclass less the sum of (a) all amounts previously distributed in respect of
such Class A Subclass on prior Distribution Dates (A) pursuant to Paragraph
third clause (A) of Section 4.01(a) and (B) as a result of a Principal
Adjustment and (b) the Realized Losses allocated through such Determination Date
to such Class A Subclass pursuant to Section 4.02(b). After the Cross-Over Date,
each such Class A Subclass Principal Balance will also be reduced on each
Determination Date by an amount equal to the product of the Class A Subclass
Loss Percentage of such Class A Subclass and the excess, if any, of (i) the
Class A Non-PO Principal Balance as of such Determination Date without regard to
this sentence over (ii) the difference between (A) the Adjusted Pool Amount for
the preceding Distribution Date and (B) the Adjusted Pool Amount (PO Portion)
for the preceding Distribution Date.
As of any subsequent Determination Date prior to the Cross-Over Date and as
to the Class A-PO Certificates, the Original Class A Subclass Principal Balance
of such Class A Subclass less the sum of (a) all amounts previously distributed
in respect of the Class A-PO Certificates on prior Distribution Dates pursuant
to Paragraphs third clause (B) and fourth of Section 4.01(a) and (b) the
Realized Losses allocated through such Determination Date to the Class A-PO
Certificates pursuant to Section 4.02(b). After the Cross-Over Date, such Class
A Subclass Principal Balance will also be reduced on each Determination Date by
an amount equal to the difference, if any, between such Class A Subclass
Principal Balance as of such Determination Date without regard to this sentence
and the Adjusted Pool Amount (PO Portion) for the preceding Distribution Date.
Class A Subclass Unpaid Interest Shortfall: As to any Distribution Date and
Class A Subclass, the amount, if any, by which the aggregate of the Class A
Subclass Interest Shortfall Amounts for such Class A Subclass for prior
Distribution Dates is in excess of the amounts distributed in respect of such
Class A Subclass on prior Distribution Dates pursuant to Paragraph second of
Section 4.01(a).
Class A Unpaid Interest Shortfall: As to any Distribution Date, an amount
equal to the sum of the Class A Subclass Unpaid Interest Shortfalls for all the
Class A Subclasses.
Class A Voting Interest: The sum of (A) the product of (i) the then
applicable Class A Percentage and (ii) the Non-PO Voting Interest and (B) the
Pool Balance (PO Portion) divided by the Pool Balance (Non-PO Portion) and the
Pool Balance (PO Portion).
Class A-1 Certificate: Any one of the Certificates executed by the Trustee
and authenticated by the Trustee or the Authenticating Agent in substantially
the form set forth in Exhibit A-1 and Exhibit D hereto.
Class A-1 Certificateholder: The registered holder of a Class A-1
Certificate.
Class A-2 Certificate: Any one of the Certificates executed by the Trustee
and authenticated by the Trustee or the Authenticating Agent in substantially
the form set forth in Exhibit A-2 and Exhibit D hereto.
Class A-2 Certificateholder: The registered holder of a Class A-2
Certificate.
Class A-3 Certificate: Any one of the Certificates executed by the Trustee
and authenticated by the Trustee or the Authenticating Agent in substantially
the form set forth in Exhibit A-3 and Exhibit D hereto.
Class A-3 Certificateholder: The registered holder of a Class A-3
Certificate.
Class A-4 Certificate: Any one of the Certificates executed by the Trustee
and authenticated by the Trustee or the Authenticating Agent in substantially
the form set forth in Exhibit A-4 and Exhibit D hereto.
Class A-4 Certificateholder: The registered holder of a Class A-4
Certificate.
Class A-5 Certificate: Any one of the Certificates executed by the Trustee
and authenticated by the Trustee or the Authenticating Agent in substantially
the form set forth in Exhibit A-5 and Exhibit D hereto.
Class A-5 Certificateholder: The registered holder of a Class A-5
Certificate.
Class A-6 Certificate: Any one of the Certificates executed by the Trustee
and authenticated by the Trustee or the Authenticating Agent in substantially
the form set forth in Exhibit A-6 and Exhibit D hereto.
Class A-6 Certificateholder: The registered holder of a Class A-6
Certificate.
Class A-7 Certificate: The Certificate executed by the Trustee and
authenticated by the Trustee or the Authenticating Agent in substantially the
form set forth in Exhibit A-7 and Exhibit D hereto.
Class A-7 Certificateholder: The registered holder of a Class A-7
Certificate.
Class A-8 Certificate: Any one of the Certificates executed by the Trustee
and authenticated by the Trustee or the Authenticating Agent in substantially
the form set forth in Exhibit A-8 and Exhibit D hereto.
Class A-8 Certificateholder: The registered holder of a Class A-8
Certificate.
Class A-9 Certificate: Any one of the Certificates executed by the Trustee
and authenticated by the Trustee or the Authenticating Agent in substantially
the form set forth in Exhibit A-9 and Exhibit D hereto.
Class A-9 Certificateholder: The registered holder of a Class A-9
Certificate.
Class A-10 Certificate: Any one of the Certificates executed by the Trustee
and authenticated by the Trustee or the Authenticating Agent in substantially
the form set forth in Exhibit A-10 and Exhibit D hereto.
Class A-10 Certificateholder: The registered holder of a Class A-10
Certificate.
Class A-11 Certificate: Any one of the Certificates executed by the Trustee
and authenticated by the Trustee or the Authenticating Agent in substantially
the form set forth in Exhibit A-11 and Exhibit D hereto.
Class A-11 Certificateholder: The registered holder of a Class A-11
Certificate.
Class A-12 Certificate: Any one of the Certificates executed by the Trustee
and authenticated by the Trustee or the Authenticating Agent in substantially
the form set forth in Exhibit A-12 and Exhibit D hereto.
Class A-12 Certificateholder: The registered holder of a Class A-12
Certificate.
Class A-13 Certificate: Any one of the Certificates executed by the Trustee
and authenticated by the Trustee or the Authenticating Agent in substantially
the form set forth in Exhibit A-13 and Exhibit D hereto.
Class A-13 Certificateholder: The registered holder of a Class A-13
Certificate.
Class A-14 Certificate: Any one of the Certificates executed by the Trustee
and authenticated by the Trustee or the Authenticating Agent in substantially
the form set forth in Exhibit A-14 and Exhibit D hereto.
Class A-14 Certificateholder: The registered holder of a Class A-14
Certificate.
Class A-15 Certificate: Any one of the Certificates executed by the Trustee
and authenticated by the Trustee or the Authenticating Agent in substantially
the form set forth in Exhibit A-15 and Exhibit D hereto.
Class A-15 Certificateholder: The registered holder of a Class A-15
Certificate.
Class A-15 Percentage: The Class A Subclass Principal Balance of the Class
A-15 Certificates divided by the Pool Balance (Non-PO Portion).
Class A-15 Shift Percentage: As to any Distribution Date, the percentage
indicated below:
Distribution Date Occurring In Class A-15 Shift Percentage
January 1997 through December 2001.................. 0%
January 2002 through December 2002.................. 30%
January 2003 through December 2003.................. 40%
January 2004 through December 2004.................. 60%
January 2005 through December 2005.................. 80%
January 2006 and thereafter......................... 100%
Class A-15 Priority Amount: For any Distribution Date, the lesser of (i)
the Class A Subclass Principal Balance of the Class A-15 Certificates and (ii)
the sum of (A) the product of (1) the Class A-15 Percentage, (2) the Class A-15
Shift Percentage and (3) the Scheduled Principal Amount and (B) the product of
(1) the Class A-15 Percentage, (2) the Class A-15 Shift Percentage, and (3) the
Unscheduled Principal Amount.
Class A-PO Certificate: Any one of the Certificates executed by the Trustee
and authenticated by the Trustee or the Authenticating Agent in substantially
the form set forth in Exhibit A-PO and Exhibit D hereto.
Class A-PO Certificateholder: The registered holder of a Class A-PO
Certificate.
Class A-PO Deferred Amount: For any Distribution Date prior to the
Cross-Over Date, the difference between (A) the sum of (x) the amount by which
the sum of the Class A-PO Optimal Principal Amounts for all prior Distribution
Dates exceeded the amounts distributed on the Class A-PO Certificates on such
prior Distribution Dates pursuant to Paragraph third clause (B) of Section
4.01(a) and (y) the sum of the product for each Discount Mortgage Loan which
became a Liquidated Loan at any time on or prior to the last day of the
applicable Unscheduled Principal Receipt Period for the current Distribution
Date of (a) the PO Fraction for such Discount Mortgage Loan and (b) an amount
equal to the principal portion of Realized Losses (other than Bankruptcy Losses
due to Debt Service Reductions) incurred with respect to such Mortgage Loan
other than Excess Special Hazard Losses, Excess Fraud Losses and Excess
Bankruptcy Losses and (B) amounts distributed on the Class A-PO Certificates on
prior Distribution Dates pursuant to Paragraph fourth of Section 4.01(a). On and
after the Cross-Over Date, the Class A-PO Deferred Amount will be zero. No
interest will accrue on any Class A-PO Deferred Amount.
Class A-PO Distribution Amount As to any Distribution Date, the aggregate
amount distributable to the Class A-PO Certificates pursuant to Paragraphs third
clause (B) and fourth of Section 4.01(a) on such Distribution Date.
Class A-PO Optimal Principal Amount: As to any Distribution Date, an amount
equal to the sum as to each Outstanding Mortgage Loan, of the product of (x) the
PO Fraction with respect to such Mortgage Loan and (y) the sum of
(i) (A) the principal portion of the Monthly Payment due on
the Due Date occurring in the month of such Distribution Date on such
Mortgage Loan, less (B) if the Bankruptcy Loss Amount has been reduced
to zero, the principal portion of any Debt Service Reduction with
respect to such Mortgage Loan;
(ii) all Unscheduled Principal Receipts that were received by
a Servicer with respect to such Mortgage Loan during the Applicable
Unscheduled Principal Receipt Period relating to such Distribution Date
for each applicable type of Unscheduled Principal Receipt;
(iii) the Scheduled Principal Balance of each Mortgage Loan
that was repurchased by the Seller during such preceding month pursuant
to Section 2.02 or 2.03;
(iv) the excess of the unpaid principal balance of such
Mortgage Loan substituted for a defective Mortgage Loan during the
month preceding the month in which such Distribution Date occurs over
the unpaid principal balance of such defective Mortgage Loan, less the
amount allocable to the principal portion of any unreimbursed Periodic
Advances previously made by the Servicer, the Master Servicer or the
Trustee in respect of such defective Mortgage Loan.
Class A-R Certificate: The Certificate executed by the Trustee and
authenticated by the Trustee or the Authenticating Agent in substantially the
form set forth in Exhibit A-R and Exhibit D hereto.
Class A-R Certificateholder: The registered holder of the Class A-R
Certificate.
Class B Certificate: Any one of the Class B-1 Certificates, Class B-2
Certificates, Class B-3 Certificates, Class B-4 Certificates or Class B-5
Certificates.
Class B Certificateholder: The registered holder of a Class B Certificate.
Class B Interest Accrual Amount: As to any Distribution Date, the sum of
the Class B Subclass Interest Accrual Amounts with respect to such Distribution
Date.
Class B Pass-Through Rate: As to any Distribution Date, 7.750% per annum.
Class B Principal Balance: As of any date, an amount equal to the sum of
the Class B-1 Principal Balance, Class B-2 Principal Balance, Class B-3
Principal Balance, Class B-4 Principal Balance and Class B-5 Principal Balance.
Class B Subclass: Any of the Class B-1 Certificates, Class B-2
Certificates, Class B-3 Certificates, Class B-4 Certificates or Class B-5
Certificates.
Class B Subclass Distribution Amount: Any of the Class B-1, Class B-2,
Class B-3, Class B-4 or Class B-5 Distribution Amounts.
Class B Subclass Interest Accrual Amount: As to any Distribution Date and
any Class B Subclass, an amount equal to (i) the product of 1/12th of the Class
B Pass-Through Rate and the Class B Subclass Principal Balance of such Class B
Subclass as of the Determination Date preceding such Distribution Date minus
(ii) the Class B Subclass Interest Percentage of such Class B Subclass of (x)
any Non-Supported Interest Shortfall allocated to the Class B Certificates with
respect to such Distribution Date and (y) the interest portion of any Excess
Special Hazard Losses, Excess Fraud Losses and Excess Bankruptcy Losses
allocated to the Class B Certificates with respect to such Distribution Date
pursuant to Section 4.02(e).
Class B Subclass Interest Percentage: As to any Distribution Date and any
Class B Subclass, the percentage calculated by dividing the Class B Subclass
Interest Accrual Amount of such Class B Subclass (determined without regard to
clause (ii) of the definition thereof) by the Class B Interest Accrual Amount
(determined without regard to clause (ii) of the definition of each Class B
Subclass Interest Accrual Amount).
Class B Subclass Interest Shortfall Amount: Any of the Class B-1 Interest
Shortfall Amount, Class B-2 Interest Shortfall Amount, Class B-3 Interest
Shortfall Amount, Class B-4 Interest Shortfall Amount or Class B-5 Interest
Shortfall Amount.
Class B Subclass Loss Percentage: As to any Determination Date and any
Class B Subclass then outstanding, the percentage calculated by dividing the
Class B Subclass Principal Balance of such Class B Subclass by the Class B
Principal Balance (determined without regard to any Class B Subclass Principal
Balance of any Class B Subclass not then outstanding), in each case determined
as of the preceding Determination Date.
Class B Subclass Percentage: Any one of the Class B-1 Percentage, Class B-2
Percentage, Class B-3 Percentage, Class B-4 Percentage or Class B-5 Percentage.
Class B Subclass Prepayment Percentage: Any of the Class B-1 Prepayment
Percentage, Class B-2 Prepayment Percentage, Class B-3 Prepayment Percentage,
Class B-4 Prepayment Percentage or Class B-5 Prepayment Percentage.
Class B Subclass Principal Balance: Any of the Class B-1 Principal Balance,
Class B-2 Principal Balance, Class B-3 Principal Balance, Class B-4 Principal
Balance or Class B-5 Principal Balance.
Class B Subclass Unpaid Interest Shortfall: Any of the Class B-1 Unpaid
Interest Shortfall, Class B-2 Unpaid Interest Shortfall, Class B-3 Unpaid
Interest Shortfall, Class B-4 Unpaid Interest Shortfall or Class B-5 Unpaid
Interest Shortfall.
Class B-1 Certificate: Any one of the Certificates executed by the Trustee
and authenticated by the Trustee or the Authenticating Agent in substantially
the form set forth in Exhibit B-1 and Exhibit D hereto.
Class B-1 Certificateholder: The registered holder of a Class B-1
Certificate.
Class B-1 Distribution Amount: As to any Distribution Date, any amount
distributable to the Holders of the Class B-1 Certificates pursuant to
Paragraphs eighth, ninth and tenth of Section 4.01(a).
Class B-1 Interest Shortfall Amount: As to any Distribution Date, any
amount by which the Class B Subclass Interest Accrual Amount of the Class B-1
Certificates with respect to such Distribution Date exceeds the amount
distributed in respect of the Class B-1 Certificates on such Distribution Date
pursuant to Paragraph eighth of Section 4.01(a).
Class B-1 Optimal Principal Amount: As to any Distribution Date, an amount
equal to the sum, as to each Outstanding Mortgage Loan, of the product of (x)
the Non-PO Fraction with respect to such Mortgage Loan and (y) the sum of:
(i) the Class B-1 Percentage of (A) the principal portion of
the Monthly Payment due on the Due Date occurring in the month of such
Distribution Date on such Mortgage Loan, less (B) if the Bankruptcy
Loss Amount has been reduced to zero, the principal portion of any Debt
Service Reduction with respect to such Mortgage Loan;
(ii) the Class B-1 Prepayment Percentage of all Unscheduled
Principal Receipts that were received by a Servicer with respect to
such Mortgage Loan during the Applicable Unscheduled Principal Receipt
Period relating to such Distribution Date for each applicable type of
Unscheduled Principal Receipt;
(iii) the Class B-1 Prepayment Percentage of the Scheduled
Principal Balance of such Mortgage Loan which, during the month
preceding the month of such Distribution Date, was repurchased by the
Seller pursuant to Section 2.02 or 2.03; and
(iv) the Class B-1 Percentage of the excess of the unpaid
principal balance of such Mortgage Loan substituted for a defective
Mortgage Loan during the month preceding the month in which such
Distribution Date occurs over the unpaid principal balance of such
defective Mortgage Loan, less the amount allocable to the principal
portion of any unreimbursed Periodic Advances previously made by the
Servicer, the Master Servicer or the Trustee in respect of such
defective Mortgage Loan;
provided, however, that if an Optimal Adjustment Event occurs with respect to
such Subclass and such Distribution Date, the Class B-1 Optimal Principal Amount
will equal the lesser of (A) the Class B-1 Optimal Principal Amount calculated
as described in the preceding provisions and (B) the Adjusted Principal Balance
for the Class B-1 Certificates.
Class B-1 Percentage: As to any Distribution Date, except as set forth in
the next sentence, the percentage calculated by multiplying (i) the Subordinated
Percentage by (ii) a fraction, the numerator of which is the Class B-1 Principal
Balance (determined as of the Determination Date preceding such Distribution
Date) and the denominator of which is the sum of the Class M Principal Balance
and the Class B Subclass Principal Balances of the Class B Subclasses eligible
to receive principal distributions for such Distribution Date in accordance with
the provisions of Section 4.01(d). Except as set forth in Section 4.01(d)(ii),
in the event that the Class B-1 Certificates are not eligible to receive
distributions of principal in accordance with Section 4.01(d)(i), the Class B-1
Percentage for such Distribution Date will be zero.
Class B-1 Prepayment Percentage: As to any Distribution Date, except as set
forth in the next sentence, the percentage calculated by multiplying (i) the
Subordinated Prepayment Percentage by (ii) a fraction, the numerator of which is
the Class B-1 Principal Balance (determined as of the Determination Date
preceding such Distribution Date) and the denominator of which is the sum of the
Class M Principal Balance and the Class B Subclass Principal Balances of the
Class B Subclasses eligible to receive principal distributions for such
Distribution Date in accordance with the provisions of Section 4.01(d). Except
as set forth in Section 4.01(d)(ii), in the event that the Class B-1
Certificates are not eligible to receive distributions of principal in
accordance with Section 4.01(d)(i), the Class B-1 Prepayment Percentage for such
Distribution Date will be zero.
Class B-1 Principal Balance: As to the first Determination Date, the
Original Class B-1 Principal Balance. As of any subsequent Determination Date,
the lesser of (i) the Original Class B-1 Principal Balance less the sum of (a)
all amounts previously distributed in respect of the Class B-1 Certificates on
prior Distribution Dates (A) pursuant to Paragraph tenth of Section 4.01(a) and
(B) as a result of a Principal Adjustment and (b) the Realized Losses allocated
through such Determination Date to the Class B-1 Certificates pursuant to
Section 4.02(b) and (ii) the Adjusted Pool Amount as of the preceding
Distribution Date less the sum of the Class A Principal Balance and the Class M
Principal Balance as of such Determination Date.
Class B-1 Unpaid Interest Shortfall: As to any Distribution Date, the
amount, if any, by which the aggregate of the Class B-1 Interest Shortfall
Amounts for prior Distribution Dates is in excess of the amounts distributed in
respect of the Class B-1 Certificates on prior Distribution Dates pursuant to
Paragraph ninth of Section 4.01(a).
Class B-2 Certificate: Any one of the Certificates executed by the Trustee
and authenticated by the Trustee or the Authenticating Agent in substantially
the form set forth in Exhibit B-2 and Exhibit D hereto.
Class B-2 Certificateholder: The registered holder of a Class B-2
Certificate.
Class B-2 Distribution Amount: As to any Distribution Date, any amount
distributable to the Holders of the Class B-2 Certificates pursuant to
Paragraphs eleventh, twelfth and thirteenth of Section 4.01(a).
Class B-2 Interest Shortfall Amount: As to any Distribution Date, any
amount by which the Class B Subclass Interest Accrual Amount of the Class B-2
Certificates with respect to such Distribution Date exceeds the amount
distributed in respect of the Class B-2 Certificates on such Distribution Date
pursuant to Paragraph eleventh of Section 4.01(a).
Class B-2 Optimal Principal Amount: As to any Distribution Date, an amount
equal to the sum, as to each Outstanding Mortgage Loan, of the product of (x)
the Non-PO Fraction with respect to such Mortgage Loan and (y) the sum of:
(i) the Class B-2 Percentage of (A) the principal portion of
the Monthly Payment due on the Due Date occurring in the month of such
Distribution Date on such Mortgage Loan, less (B) if the Bankruptcy
Loss Amount has been reduced to zero, the principal portion of any Debt
Service Reduction with respect to such Mortgage Loan;
(ii) the Class B-2 Prepayment Percentage of all Unscheduled
Principal Receipts that were received by a Servicer with respect to
such Mortgage Loan during the Applicable Unscheduled Principal Receipt
Period relating to such Distribution Date for each applicable type of
Unscheduled Principal Receipt;
(iii) the Class B-2 Prepayment Percentage of the Scheduled
Principal Balance of such Mortgage Loan which, during the month
preceding the month of such Distribution Date, was repurchased by the
Seller pursuant to Section 2.02 or 2.03; and
(iv) the Class B-2 Percentage of the excess of the unpaid
principal balance of such Mortgage Loan substituted for a defective
Mortgage Loan during the month preceding the month in which such
Distribution Date occurs over the unpaid principal balance of such
defective Mortgage Loan, less the amount allocable to the principal
portion of any unreimbursed Periodic Advances previously made by the
Servicer, the Master Servicer or the Trustee in respect of such
defective Mortgage Loan;
provided, however, that if an Optimal Adjustment Event occurs with respect to
such Subclass and such Distribution Date, the Class B-2 Optimal Principal Amount
will equal the lesser of (A) the Class B-2 Optimal Principal Amount calculated
as described in the preceding provisions and (B) the Adjusted Principal Balance
for the Class B-2 Certificates.
Class B-2 Percentage: As to any Distribution Date, except as set forth in
the next sentence, the percentage calculated by multiplying (i) the Subordinated
Percentage by (ii) a fraction, the numerator of which is the Class B-2 Principal
Balance (determined as of the Determination Date preceding such Distribution
Date) and the denominator of which is the sum of the Class M Principal Balance
and the Class B Subclass Principal Balances of the Class B Subclasses eligible
to receive principal distributions for such Distribution Date in accordance with
the provisions of Section 4.01(d). Except as set forth in Section 4.01(d)(ii),
in the event that the Class B-2 Certificates are not eligible to receive
distributions of principal in accordance with Section 4.01(d)(i), the Class B-2
Percentage for such Distribution Date will be zero.
Class B-2 Prepayment Percentage: As to any Distribution Date, except as set
forth in the next sentence, the percentage calculated by multiplying (i) the
Subordinated Prepayment Percentage by (ii) a fraction, the numerator of which is
the Class B-2 Principal Balance (determined as of the Determination Date
preceding such Distribution Date) and the denominator of which is the sum of the
Class M Principal Balance and the Class B Subclass Principal Balances of the
Class B Subclasses eligible to receive principal distributions for such
Distribution Date in accordance with the provisions of Section 4.01(d). Except
as set forth in Section 4.01(d)(ii), in the event that the Class B-2
Certificates are not eligible to receive distributions of principal in
accordance with Section 4.01(d)(i), the Class B-2 Prepayment Percentage for such
Distribution Date will be zero.
Class B-2 Principal Balance: As to the first Determination Date, the
Original Class B-2 Principal Balance. As of any subsequent Determination Date,
the lesser of (i) the Original Class B-2 Principal Balance less the sum of (a)
all amounts previously distributed in respect of the Class B-2 Certificates on
prior Distribution Dates (A) pursuant to Paragraph thirteenth of Section 4.01(a)
and (B) as a result of a Principal Adjustment and (b) the Realized Losses
allocated through such Determination Date to the Class B-2 Certificates pursuant
to Section 4.02(b) and (ii) the Adjusted Pool Amount as of the preceding
Distribution Date less the sum of the Class A Principal Balance, the Class M
Principal Balance and the Class B-1 Principal Balance as of such Determination
Date.
Class B-2 Unpaid Interest Shortfall: As to any Distribution Date, the
amount, if any, by which the aggregate of the Class B-2 Interest Shortfall
Amounts for prior Distribution Dates is in excess of the amounts distributed in
respect of the Class B-2 Certificates on prior Distribution Dates pursuant to
Paragraph twelfth of Section 4.01(a).
Class B-3 Certificate: Any one of the Certificates executed by the Trustee
and authenticated by the Trustee or the Authenticating Agent in substantially
the form set forth in Exhibit B-3 and Exhibit D hereto.
Class B-3 Certificateholder: The registered holder of a Class B-3
Certificate.
Class B-3 Distribution Amount: As to any Distribution Date, any amount
distributable to the Holders of the Class B-3 Certificates pursuant to
Paragraphs fourteenth, fifteenth and sixteenth of Section 4.01(a).
Class B-3 Interest Shortfall Amount: As to any Distribution Date, any
amount by which the Class B Subclass Interest Accrual Amount of the Class B-3
Certificates with respect to such Distribution Date exceeds the amount
distributed in respect of the Class B-3 Certificates on such Distribution Date
pursuant to Paragraph fourteenth of Section 4.01(a).
Class B-3 Optimal Principal Amount: As to any Distribution Date, an amount
equal to the sum, as to each Outstanding Mortgage Loan, of the product of (x)
the Non-PO Fraction with respect to such Mortgage Loan and (y) the sum of:
(i) the Class B-3 Percentage of (A) the principal portion of
the Monthly Payment due on the Due Date occurring in the month of such
Distribution Date on such Mortgage Loan, less (B) if the Bankruptcy
Loss Amount has been reduced to zero, the principal portion of any Debt
Service Reduction with respect to such Mortgage Loan;
(ii) the Class B-3 Prepayment Percentage of all Unscheduled
Principal Receipts that were received by a Servicer with respect to
such Mortgage Loan during the Applicable Unscheduled Principal Receipt
Period relating to such Distribution Date for each applicable type of
Unscheduled Principal Receipt;
(iii) the Class B-3 Prepayment Percentage of the Scheduled
Principal Balance of such Mortgage Loan which, during the month
preceding the month of such Distribution Date, was repurchased by the
Seller pursuant to Section 2.02 or 2.03; and
(iv) the Class B-3 Percentage of the excess of the unpaid
principal balance of such Mortgage Loan substituted for a defective
Mortgage Loan during the month preceding the month in which such
Distribution Date occurs over the unpaid principal balance of such
defective Mortgage Loan, less the amount allocable to the principal
portion of any unreimbursed Periodic Advances previously made by the
Servicer, the Master Servicer or the Trustee in respect of such
defective Mortgage Loan;
provided, however, that if an Optimal Adjustment Event occurs with respect to
such Subclass and such Distribution Date, the Class B-3 Optimal Principal Amount
will equal the lesser of (A) the Class B-3 Optimal Principal Amount calculated
as described in the preceding provisions and (B) the Adjusted Principal Balance
for the Class B-3 Certificates.
Class B-3 Percentage: As to any Distribution Date, except as set forth in
the next sentence, the percentage calculated by multiplying (i) the Subordinated
Percentage by (ii) a fraction, the numerator of which is the Class B-3 Principal
Balance (determined as of the Determination Date preceding such Distribution
Date) and the denominator of which is the sum of the Class M Principal Balance
and the Class B Subclass Principal Balances of the Class B Subclasses eligible
to receive principal distributions for such Distribution Date in accordance with
the provisions of Section 4.01(d). Except as set forth in Section 4.01(d)(ii),
in the event that the Class B-3 Certificates are not eligible to receive
distributions of principal in accordance with Section 4.01(d)(i), the Class B-3
Percentage for such Distribution Date will be zero.
Class B-3 Prepayment Percentage: As to any Distribution Date, except as set
forth in the next sentence, the percentage calculated by multiplying (i) the
Subordinated Prepayment Percentage by (ii) a fraction, the numerator of which is
the Class B-3 Principal Balance (determined as of the Determination Date
preceding such Distribution Date) and the denominator of which is the sum of the
Class M Principal Balance and the Class B Subclass Principal Balances of the
Class B Subclasses eligible to receive principal distributions for such
Distribution Date in accordance with the provisions of Section 4.01(d). Except
as set forth in Section 4.01(d)(ii), in the event that the Class B-3
Certificates are not eligible to receive distributions of principal in
accordance with Section 4.01(d)(i), the Class B-3 Prepayment Percentage for such
Distribution Date will be zero.
Class B-3 Principal Balance: As to the first Determination Date, the
Original Class B-3 Principal Balance. As of any subsequent Determination Date,
the lesser of (i) the Original Class B-3 Principal Balance less the sum of (a)
all amounts previously distributed in respect of the Class B-3 Certificates on
prior Distribution Dates (A) pursuant to Paragraph sixteenth of Section 4.01(a)
and (B) as a result of a Principal Adjustment and (b) the Realized Losses
allocated through such Determination Date to the Class B-3 Certificates pursuant
to Section 4.02(b) and (ii) the Adjusted Pool Amount as of the preceding
Distribution Date less the sum of the Class A Principal Balance, the Class M
Principal Balance, the Class B-1 Principal Balance and the Class B-2 Principal
Balance as of such Determination Date.
Class B-3 Unpaid Interest Shortfall: As to any Distribution Date, the
amount, if any, by which the aggregate of the Class B-3 Interest Shortfall
Amounts for prior Distribution Dates is in excess of the amounts distributed in
respect of the Class B-3 Certificates on prior Distribution Dates pursuant to
Paragraph fifteenth of Section 4.01(a).
Class B-4 Certificate: Any one of the Certificates executed by the Trustee
and authenticated by the Trustee or the Authenticating Agent in substantially
the form set forth in Exhibit B-4 and Exhibit D hereto.
Class B-4 Certificateholder: The registered holder of a Class B-4
Certificate.
Class B-4 Distribution Amount: As to any Distribution Date, any amount
distributable to the Holders of the Class B-4 Certificates pursuant to
Paragraphs seventeenth, eighteenth, and nineteenth of Section 4.01(a).
Class B-4 Interest Shortfall Amount: As to any Distribution Date, any
amount by which the Class B Subclass Interest Accrual Amount of the Class B-4
Certificates with respect to such Distribution Date exceeds the amount
distributed in respect of the Class B-4 Certificates on such Distribution Date
pursuant to Paragraph seventeenth of Section 4.01(a).
Class B-4 Optimal Principal Amount: As to any Distribution Date, an amount
equal to the sum, as to each Outstanding Mortgage Loan, of the product of (x)
the Non-PO Fraction with respect to such Mortgage Loan and (y) the sum of:
(i) the Class B-4 Percentage of (A) the principal portion of
the Monthly Payment due on the Due Date occurring in the month of such
Distribution Date on such Mortgage Loan, less (B) if the Bankruptcy
Loss Amount has been reduced to zero, the principal portion of any Debt
Service Reduction with respect to such Mortgage Loan;
(ii) the Class B-4 Prepayment Percentage of all Unscheduled
Principal Receipts that were received by a Servicer with respect to
such Mortgage Loan during the Applicable Unscheduled Principal Receipt
Period relating to such Distribution Date for each applicable type of
Unscheduled Principal Receipt;
(iii) the Class B-4 Prepayment Percentage of the Scheduled
Principal Balance of such Mortgage Loan which, during the month
preceding the month of such Distribution Date, was repurchased by the
Seller pursuant to Section 2.02 or 2.03; and
(iv) the Class B-4 Percentage of the excess of the unpaid
principal balance of such Mortgage Loan substituted for a defective
Mortgage Loan during the month preceding the month in which such
Distribution Date occurs over the unpaid principal balance of such
defective Mortgage Loan, less the amount allocable to the principal
portion of any unreimbursed Periodic Advances previously made by the
Servicer, the Master Servicer or the Trustee in respect of such
defective Mortgage Loan;
provided, however, that if an Optimal Adjustment Event occurs with respect to
such Subclass and such Distribution Date, the Class B-4 Optimal Principal Amount
will equal the lesser of (A) the Class B-4 Optimal Principal Amount calculated
as described in the preceding provisions and (B) the Adjusted Principal Balance
for the Class B-4 Certificates.
Class B-4 Percentage: As to any Distribution Date, except as set forth in
the next sentence, the percentage calculated by multiplying (i) the Subordinated
Percentage by (ii) a fraction, the numerator of which is the Class B-4 Principal
Balance (determined as of the Determination Date preceding such Distribution
Date) and the denominator of which is the sum of the Class M Principal Balance
and the Class B Subclass Principal Balances of the Class B Subclasses eligible
to receive principal distributions for such Distribution Date in accordance with
the provisions of Section 4.01(d). Except as set forth in Section 4.01(d)(ii),
in the event that the Class B-4 Certificates are not eligible to receive
distributions of principal in accordance with Section 4.01(d)(i), the Class B-4
Percentage for such Distribution Date will be zero.
Class B-4 Prepayment Percentage: As to any Distribution Date, except as set
forth in the next sentence, the percentage calculated by multiplying (i) the
Subordinated Prepayment Percentage by (ii) a fraction, the numerator of which is
the Class B-4 Principal Balance (determined as of the Determination Date
preceding such Distribution Date) and the denominator of which is the sum of the
Class M Principal Balance and the Class B Subclass Principal Balances of the
Class B Subclasses eligible to receive principal distributions for such
Distribution Date in accordance with the provisions of Section 4.01(d). Except
as set forth in Section 4.01(d)(ii), in the event that the Class B-4
Certificates are not eligible to receive distributions of principal in
accordance with Section 4.01(d)(i), the Class B-4 Prepayment Percentage for such
Distribution Date will be zero.
Class B-4 Principal Balance: As to the first Determination Date, the
Original Class B-4 Principal Balance. As of any subsequent Determination Date,
the lesser of (i) the Original Class B-4 Principal Balance less the sum of (a)
all amounts previously distributed in respect of the Class B-4 Certificates on
prior Distribution Dates (A) pursuant to Paragraph nineteenth of Section 4.01(a)
and (B) as a result of a Principal Adjustment and (b) the Realized Losses
allocated through such Determination Date to the Class B-4 Certificates pursuant
to Section 4.02(b) and (ii) the Adjusted Pool Amount as of the preceding
Distribution Date less the sum of the Class A Principal Balance, the Class M
Principal Balance, the Class B-1 Principal Balance, the Class B-2 Principal
Balance and the Class B-3 Principal Balance as of such Determination Date.
Class B-4 Unpaid Interest Shortfall: As to any Distribution Date, the
amount, if any, by which the aggregate of the Class B-4 Interest Shortfall
Amounts for prior Distribution Dates is in excess of the amounts distributed in
respect of the Class B-4 Certificates on prior Distribution Dates pursuant to
Paragraph eighteenth of Section 4.01(a).
Class B-5 Certificate: Any one of the Certificates executed by the Trustee
and authenticated by the Trustee or the Authenticating Agent in substantially
the form set forth in Exhibit B-5 and Exhibit D hereto.
Class B-5 Certificateholder: The registered holder of a Class B-5
Certificate.
Class B-5 Distribution Amount: As to any Distribution Date, any amount
distributable to the Holders of the Class B-5 Certificates pursuant to
Paragraphs twentieth, twenty-first, and twenty-second of Section 4.01(a).
Class B-5 Interest Shortfall Amount: As to any Distribution Date, any
amount by which the Class B Subclass Interest Accrual Amount of the Class B-5
Certificates with respect to such Distribution Date exceeds the amount
distributed in respect of the Class B-5 Certificates on such Distribution Date
pursuant to Paragraph twentieth of Section 4.01(a).
Class B-5 Optimal Principal Amount: As to any Distribution Date, an amount
equal to the sum, as to each Outstanding Mortgage Loan, of the product of (x)
the Non-PO Fraction with respect to such Mortgage Loan and (y) the sum of:
(i) the Class B-5 Percentage of (A) the principal portion of
the Monthly Payment due on the Due Date occurring in the month of such
Distribution Date on such Mortgage Loan, less (B) if the Bankruptcy
Loss Amount has been reduced to zero, the principal portion of any Debt
Service Reduction with respect to such Mortgage Loan;
(ii) the Class B-5 Prepayment Percentage of all Unscheduled
Principal Receipts that were received by a Servicer with respect to
such Mortgage Loan during the Applicable Unscheduled Principal Receipt
Period relating to such Distribution Date for each applicable type of
Unscheduled Principal Receipt;
(iii) the Class B-5 Prepayment Percentage of the Scheduled
Principal Balance of such Mortgage Loan which, during the month
preceding the month of such Distribution Date, was repurchased by the
Seller pursuant to Section 2.02 or 2.03; and
(iv) the Class B-5 Percentage of the excess of the unpaid
principal balance of such Mortgage Loan substituted for a defective
Mortgage Loan during the month preceding the month in which such
Distribution Date occurs over the unpaid principal balance of such
defective Mortgage Loan, less the amount allocable to the principal
portion of any unreimbursed Periodic Advances previously made by the
Servicer, the Master Servicer or the Trustee in respect of such
defective Mortgage Loan;
provided, however, that if an Optimal Adjustment Event occurs with respect to
such Subclass and such Distribution Date, the Class B-5 Optimal Principal Amount
will equal the lesser of (A) the Class B-5 Optimal Principal Amount calculated
as described in the preceding provisions and (B) the Adjusted Principal Balance
for the Class B-5 Certificates.
Class B-5 Percentage: As to any Distribution Date, except as set forth in
the next sentence, the percentage calculated by multiplying (i) the Subordinated
Percentage by (ii) a fraction, the numerator of which is the Class B-5 Principal
Balance (determined as of the Determination Date preceding such Distribution
Date) and the denominator of which is the sum of the Class M Principal Balance
and the Class B Subclass Principal Balances of the Class B Subclasses eligible
to receive principal distributions for such Distribution Date in accordance with
the provisions of Section 4.01(d). Except as set forth in Section 4.01(d)(ii),
in the event that the Class B-5 Certificates are not eligible to receive
distributions of principal in accordance with Section 4.01(d)(i), the Class B-5
Percentage for such Distribution Date will be zero.
Class B-5 Prepayment Percentage: As to any Distribution Date, except as set
forth in the next sentence, the percentage calculated by multiplying (i) the
Subordinated Prepayment Percentage by (ii) a fraction, the numerator of which is
the Class B-5 Principal Balance (determined as of the Determination Date
preceding such Distribution Date) and the denominator of which is the sum of the
Class M Principal Balance and the Class B Subclass Principal Balances of the
Class B Subclasses eligible to receive principal distributions for such
Distribution Date in accordance with the provisions of Section 4.01(d). Except
as set forth in Section 4.01(d)(ii), in the event that the Class B-5
Certificates are not eligible to receive distributions of principal in
accordance with Section 4.01(d)(i), the Class B-5 Prepayment Percentage for such
Distribution Date will be zero.
Class B-5 Principal Balance: As to the first Determination Date, the
Original Class B-5 Principal Balance. As of any subsequent Determination Date,
the lesser of (i) the Original Class B-5 Principal Balance less the sum of (a)
all amounts previously distributed in respect of the Class B-5 Certificates on
prior Distribution Dates pursuant to Paragraph twenty-second of Section 4.01(a)
and (b) the Realized Losses allocated through such Determination Date to the
Class B-5 Certificates pursuant to Section 4.02(b) and (ii) the Adjusted Pool
Amount as of the preceding Distribution Date less the sum of the Class A
Principal Balance, the Class M Principal Balance, the Class B-1 Principal
Balance, the Class B-2 Principal Balance, the Class B-3 Principal Balance and
the Class B-4 Principal Balance as of such Determination Date.
Class B-5 Unpaid Interest Shortfall: As to any Distribution Date, the
amount, if any, by which the aggregate of the Class B-5 Interest Shortfall
Amounts for prior Distribution Dates is in excess of the amounts distributed in
respect of the Class B-5 Certificates on prior Distribution Dates pursuant to
Paragraph twenty-first of Section 4.01(a).
Class M Certificate: Any one of the Certificates executed by the Trustee
and authenticated by the Trustee or the Authenticating Agent in substantially
the form set forth in Exhibit C and Exhibit D hereto.
Class M Certificateholder: The registered holder of a Class M Certificate.
Class M Distribution Amount: As to any Distribution Date, any amount
distributable to the Holders of the Class M Certificates pursuant to Paragraphs
fifth, sixth and seventh of Section 4.01(a).
Class M Interest Accrual Amount: As to any Distribution Date, an amount
equal to (i) the product of 1/12th of the Class M Pass-Through Rate and the
Class M Principal Balance as of the Determination Date preceding such
Distribution Date minus (ii) (x) any Non-Supported Interest Shortfall allocated
to the Class M Certificates with respect to such Distribution Date and (y) the
interest portion of any Excess Special Hazard Losses, Excess Fraud Losses and
Excess Bankruptcy Losses allocated to the Class M Certificates with respect to
such Distribution Date pursuant to Section 4.02(e).
Class M Interest Shortfall Amount: As to any Distribution Date, any amount
by which the Class M Interest Accrual Amount with respect to such Distribution
Date exceeds the amount distributed in respect of the Class M Certificates on
such Distribution Date pursuant to Paragraph fifth of Section 4.01(a).
Class M Optimal Principal Amount: As to any Distribution Date, an amount
equal to the sum, as to each Outstanding Mortgage Loan, of the product of (x)
the Non-PO Fraction with respect to such Mortgage Loan and (y) the sum of:
(i) the Class M Percentage of (A) the principal portion of
the Monthly Payment due on the Due Date occurring in the month of such
Distribution Date on such Mortgage Loan, less (B) if the Bankruptcy
Loss Amount has been reduced to zero, the principal portion of any Debt
Service Reduction with respect to such Mortgage Loan;
(ii) the Class M Prepayment Percentage of all Unscheduled
Principal Receipts that were received by a Servicer with respect to
such Mortgage Loan during the Applicable Unscheduled Principal Receipt
Period relating to such Distribution Date for each applicable type of
Unscheduled Principal Receipt;
(iii) the Class M Prepayment Percentage of the Scheduled
Principal Balance of such Mortgage Loan which, during the month
preceding the month of such Distribution Date, was repurchased by the
Seller pursuant to Section 2.02 or 2.03; and
(iv) the Class M Percentage of the excess of the unpaid
principal balance of such Mortgage Loan substituted for a defective
Mortgage Loan during the month preceding the month in which such
Distribution Date occurs over the unpaid principal balance of such
defective Mortgage Loan, less the amount allocable to the principal
portion of any unreimbursed Periodic Advances previously made by the
Servicer, the Master Servicer or the Trustee in respect of such
defective Mortgage Loan;
provided, however, that if an Optimal Adjustment Event occurs with respect to
such Class and such Distribution Date, the Class M Optimal Principal Amount will
equal the lesser of (A) the Class M Optimal Principal Amount calculated as
described in the preceding provisions and (B) the Adjusted Principal Balance for
the Class M Certificates.
Class M Pass-Through Rate: As to any Distribution Date, 7.750%
per annum.
Class M Percentage: As to any Distribution Date, the percentage calculated
by multiplying the Subordinated Percentage by either (a) if any Class B
Certificates are eligible to receive principal distributions for such
Distribution Date in accordance with the provisions of Section 4.01(d), a
fraction, the numerator of which is the Class M Principal Balance (determined as
of the Determination Date preceding such Distribution Date) and the denominator
of which is the sum of the Class M Principal Balance and the Class B Subclass
Principal Balances of the Class B Subclasses eligible to receive principal
distributions for such Distribution Date in accordance with the provisions of
Section 4.01(d) or (b) except as set forth in Section 4.01(d)(ii), if the Class
B Certificates are not eligible to receive principal distributions for such
Distribution Date in accordance with the provisions of Section 4.01(d)(i), one.
Class M Prepayment Percentage: As to any Distribution Date, the percentage
calculated by multiplying the Subordinated Prepayment Percentage by either (a)
if any Class B Certificates are eligible to receive principal distributions for
such Distribution Date in accordance with the provisions of Section 4.01(d), a
fraction, the numerator of which is the Class M Principal Balance (determined as
of the Determination Date preceding such Distribution Date) and the denominator
of which is the sum of the Class M Principal Balance and the Class B Subclass
Principal Balances of the Class B Subclasses eligible to receive principal
distributions for such Distribution Date in accordance with the provisions of
Section 4.01(d) or (b) except as set forth in Section 4.01(d)(ii), if the Class
B Certificates are not eligible to receive principal distributions for such
Distribution Date in accordance with the provisions of Section 4.01(d)(i), one.
Class M Principal Balance: As to the first Determination Date, the Original
Class M Principal Balance. As of any subsequent Determination Date, the lesser
of (i) the Original Class M Principal Balance less the sum of (a) all amounts
previously distributed in respect of the Class M Certificates on prior
Distribution Dates (A) pursuant to Paragraph seventh of Section 4.01(a) and (B)
as a result of a Principal Adjustment and (b) the Realized Losses allocated
through such Determination Date to the Class M Certificates pursuant to Section
4.02(b) and (ii) the Adjusted Pool Amount as of the preceding Distribution Date
less the Class A Principal Balance as of such Determination Date.
Class M Unpaid Interest Shortfall: As to any Distribution Date, the amount,
if any, by which the aggregate of the Class M Interest Shortfall Amounts for
prior Distribution Dates is in excess of the amounts distributed in respect of
the Class M Certificates on prior Distribution Dates pursuant to Paragraph sixth
of Section 4.01(a).
Clearing Agency: An organization registered as a "clearing agency" pursuant
to Section 17A of the Securities Exchange Act of 1934, as amended. The initial
Clearing Agency shall be The Depository Trust Company.
Clearing Agency Participant: A broker, dealer, bank, financial institution
or other Person for whom a Clearing Agency effects book-entry transfers of
securities deposited with the Clearing Agency.
Closing Date: The date of initial issuance of the Certificates, as set
forth in Section 11.22.
Code: The Internal Revenue Code of 1986, as it may be amended from time to
time, any successor statutes thereto, and applicable U.S. Department of the
Treasury temporary or final regulations promulgated thereunder.
Compensating Interest: As to any Distribution Date, the lesser of (a) the
product of (i) 1/12th of 0.20% and (ii) the Pool Scheduled Principal Balance for
such Distribution Date and (b) the Available Master Servicing Compensation for
such Distribution Date.
Co-op Shares: Shares issued by private non-profit housing corporations.
Corporate Trust Office: The principal office of the Trustee, at which at
any particular time its corporate trust business shall be administered, which
office is located at 230 South Tryon Street, Charlotte, North Carolina 28288.
Cross-Over Date: The Distribution Date preceding the first Distribution
Date on which the Class A Percentage (determined pursuant to clause (ii) of the
definition thereof) equals or exceeds 100%.
Cross-Over Date Interest Shortfall: With respect to any Distribution Date
that occurs on or after the Cross-Over Date with respect to any Unscheduled
Principal Receipt (other than a Prepayment in Full):
(A) in the case where the Applicable Unscheduled Principal
Receipt Period is the Mid-Month Receipt Period and such
Unscheduled Principal Receipt is received by the Servicer on
or after the Determination Date in the month preceding the
month of such Distribution Date but prior to the first day
of the month of such Distribution Date, the amount of
interest that would have accrued at the Net Mortgage
Interest Rate on the amount of such Unscheduled Principal
Receipt from the day of its receipt or, if earlier, its
application by the Servicer through the last day of the
month preceding the month of such Distribution Date; and
(B) in the case where the Applicable Unscheduled Principal
Receipt Period is the Prior Month Receipt Period and such
Unscheduled Principal Receipt is received by the Servicer
during the month preceding the month of such Distribution
Date, the amount of interest that would have accrued at the
Net Mortgage Interest Rate on the amount of such Unscheduled
Principal Receipt from the day of its receipt or, if
earlier, its application by the Servicer through the last
day of the month in which such Unscheduled Principal Receipt
is received.
Current Class A Interest Distribution Amount: As to any Distribution Date,
the amount distributed in respect of the Class A Subclasses pursuant to
Paragraph first of Section 4.01(a) on such Distribution Date.
Current Class B Interest Distribution Amount: As to any Distribution Date,
the amount distributed in respect of the Class B Certificates pursuant to
Paragraphs eighth, eleventh, fourteenth, seventeenth and twentieth of Section
4.01(a) on such Distribution Date.
Current Class B-1 Fractional Interest: As to any Distribution Date
subsequent to the first Distribution Date, the percentage obtained by dividing
the sum of the Class B Subclass Principal Balances of the Class B-2, Class B-3,
Class B-4 and Class B-5 Certificates by the sum of the Class A Non-PO Principal
Balance, the Class M Principal Balance and the Class B Principal Balance. As to
the first Distribution Date, the Original Class B-1 Fractional Interest.
Current Class B-2 Fractional Interest: As to any Distribution Date
subsequent to the first Distribution Date, the percentage obtained by dividing
the sum of the Class B Subclass Principal Balances of the Class B-3, Class B-4
and Class B-5 Certificates by the sum of the Class A Non-PO Principal Balance,
the Class M Principal Balance and the Class B Principal Balance. As to the first
Distribution Date, the Original Class B-2 Fractional Interest.
Current Class B-3 Fractional Interest: As to any Distribution Date
subsequent to the first Distribution Date, the percentage obtained by dividing
the sum of the Class B Subclass Principal Balances of the Class B-4 and Class
B-5 Certificates by the sum of the Class A Non-PO Principal Balance, the Class M
Principal Balance and the Class B Principal Balance. As to the first
Distribution Date, the Original Class B-3 Fractional Interest.
Current Class B-4 Fractional Interest: As to any Distribution Date
subsequent to the first Distribution Date, the percentage obtained by dividing
the Class B Subclass Principal Balance of the Class B-5 Certificates by the sum
of the Class A Non-PO Principal Balance, the Class M Principal Balance and the
Class B Principal Balance. As to the first Distribution Date, the Original Class
B-4 Fractional Interest.
Current Class M Fractional Interest: As to any Distribution Date subsequent
to the first Distribution Date, the percentage obtained by dividing the Class B
Principal Balance by the sum of the Class A Non-PO Principal Balance, the Class
M Principal Balance and the Class B Principal Balance. As to the first
Distribution Date, the Original Class M Fractional Interest.
Current Class M Interest Distribution Amount: As to any Distribution Date,
the amount distributed in respect of the Class M Certificates pursuant to
Paragraph fifth of Section 4.01(a) on such Distribution Date.
Curtailment: Any Principal Prepayment made by a Mortgagor which
is not a Prepayment in Full.
Custodial Agreement: The Custodial Agreement, if any, from time to time in
effect between the Custodian named therein, the Seller, the Master Servicer and
the Trustee, substantially in the form of Exhibit E hereto, as the same may be
amended or modified from time to time in accordance with the terms thereof.
Custodial P&I Account: The Custodial P&I Account, as defined in each of the
Servicing Agreements, with respect to the Mortgage Loans. In determining whether
the Custodial P&I Account under any Servicing Agreement is "acceptable" to the
Master Servicer (as may be required by the definition of "Eligible Account"
contained in the Servicing Agreements), the Master Servicer shall require that
any such account shall be acceptable to each of the Rating Agencies.
Custodian: Initially, the Trustee, and thereafter the Custodian, if any,
hereafter appointed by the Trustee pursuant to Section 8.13, or its successor in
interest under the Custodial Agreement. The Custodian may (but need not) be the
Trustee or any Person directly or indirectly controlling or controlled by or
under common control of the Trustee. Neither a Servicer, nor the Seller nor the
Master Servicer nor any Person directly or indirectly controlling or controlled
by or under common control with any such Person may be appointed Custodian.
Cut-Off Date: The first day of the month of initial issuance of
the Certificates as set forth in Section 11.02.
Cut-Off Date Aggregate Principal Balance: The aggregate of the
Cut-Off Date Principal Balances of the Mortgage Loans is as set forth
in Section 11.03.
Cut-Off Date Principal Balance: As to each Mortgage Loan, its unpaid
principal balance as of the close of business on the Cut-Off Date (but without
giving effect to any Unscheduled Principal Receipts received or applied on the
Cut-Off Date), reduced by all payments of principal due on or before the Cut-Off
Date and not paid, and increased by scheduled monthly payments of principal due
after the Cut-Off Date but received by the related Servicer on or before the
Cut-Off Date.
DCR: Duff & Phelps Credit Rating Co., or its successor in
interest.
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.
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 results in a permanent forgiveness of principal, which valuation or
reduction results from a proceeding under the Bankruptcy Code.
Definitive Certificates: As defined in Section 5.01(b).
Denomination: The amount, if any, specified on the face of each Certificate
representing the principal portion of the Cut-Off Date Aggregate Principal
Balance evidenced by such Certificate.
Determination Date: The 17th day of the month in which the related
Distribution Date occurs, or if such 17th day is not a Business Day, the
Business Day preceding such 17th day.
Discount Mortgage Loan: A Mortgage Loan with a Net Mortgage
Interest Rate of less than 7.750%.
Distribution Date: The 25th day of any month, beginning in the month
following the month of initial issuance of the Certificates, or if such 25th day
is not a Business Day, the Business Day following such 25th day.
Due Date: With respect to any Mortgage Loan, the day of the month in which
the Monthly Payment on such Mortgage Loan is scheduled to be paid.
Eligible Account: One or more accounts (i) that are maintained with a
depository institution (which may be the Master Servicer) whose long-term debt
obligations (or, in the case of a depository institution which is part of a
holding company structure, the long-term debt obligations of such parent holding
company) at the time of deposit therein are rated at least "AA" (or the
equivalent) by each of the Rating Agencies, (ii) the deposits in which are fully
insured by the FDIC through either the Bank Insurance Fund or the Savings
Association Insurance Fund, (iii) the deposits in which are insured by the FDIC
through either the Bank Insurance Fund or the Savings Association Insurance Fund
(to the limit established by the FDIC) and the uninsured deposits in which
accounts are otherwise secured, as evidenced by an Opinion of Counsel delivered
to the Trustee, such that the Trustee, on behalf of the Certificateholders has a
claim with respect to the funds in such accounts or a perfected first security
interest against any collateral securing such funds that is superior to claims
of any other depositors or creditors of the depository institution with which
such accounts are maintained, (iv) that are trust accounts maintained with the
trust department of a federal or state chartered depository institution or trust
company acting in its fiduciary capacity or (v) such other account that is
acceptable to each of the Rating Agencies and would not cause the Trust Estate
to fail to qualify as a REMIC or result in the imposition of any federal tax on
the REMIC.
Eligible Investments: At any time, any one or more of the following
obligations and securities which shall mature not later than the Business Day
preceding the Distribution Date next succeeding the date of such investment,
provided that such investments continue to qualify as "cash flow investments" as
defined in Code Section 860G(a)(6):
(i) obligations of the United States of America or any
agency thereof, provided such obligations are backed by the full faith
and credit of the United States of America;
(ii) general obligations of or obligations guaranteed by any
state of the United States of America or the District of Columbia
receiving the highest short-term or highest long-term rating of each
Rating Agency, or such lower rating as would not result in the
downgrading or withdrawal of the rating then assigned to any of the
Certificates by either Rating Agency or result in any of such rated
Certificates being placed on credit review status (other than for
possible upgrading) by either Rating Agency;
(iii) commercial or finance company paper which is then rated
in the highest long-term commercial or finance company paper rating
category of each Rating Agency or the highest short-term rating
category of each Rating Agency, or such lower rating category as would
not result in the downgrading or withdrawal of the rating then assigned
to any of the Certificates by either Rating Agency or result in any of
such rated Certificates being placed on credit review status (other
than for possible upgrading) by either Rating Agency;
(iv) certificates of deposit, demand or time deposits, federal
funds or banker's acceptances issued by any depository institution or
trust company incorporated under the laws of the United States or of
any state thereof and subject to supervision and examination by federal
and/or state banking authorities, provided that the commercial paper
and/or debt obligations of such depository institution or trust company
(or in the case of the principal depository institution in a holding
company system, the commercial paper or debt obligations of such
holding company) are then rated in the highest short-term or the
highest long-term rating category for such securities of each of the
Rating Agencies, or such lower rating categories as would not result in
the downgrading or withdrawal of the rating then assigned to any of the
Certificates by either Rating Agency or result in any of such rated
Certificates being placed on credit review status (other than for
possible upgrading) by either Rating Agency;
(v) guaranteed reinvestment agreements issued by any bank,
insurance company or other corporation acceptable to each Rating Agency
at the time of the issuance of such agreements;
(vi) repurchase agreements on obligations with respect to any
security described in clauses (i) or (ii) above or any other security
issued or guaranteed by an agency or instrumentality of the United
States of America, in either case entered into with a depository
institution or trust company (acting as principal) described in (iv)
above;
(vii) securities (other than stripped bonds or stripped coupon
securities) bearing interest or sold at a discount issued by any
corporation incorporated under the laws of the United States of America
or any state thereof which, at the time of such investment or
contractual commitment providing for such investment, are then rated in
the highest short-term or the highest long-term rating category by each
Rating Agency, or in such lower rating category as would not result in
the downgrading or withdrawal of the rating then assigned to any of the
Certificates by either Rating Agency or result in any of such rated
Certificates being placed on credit review status (other than for
possible upgrading) by either Rating Agency; and
(viii) such other investments acceptable to each Rating Agency
as would not result in the downgrading of the rating then assigned to
the Certificates by either Rating Agency or result in any of such rated
Certificates being placed on credit review status (other than for
possible upgrading) by either Rating Agency.
In no event shall an instrument be an Eligible Investment if such instrument
evidences either (i) a right to receive only interest payments with respect to
the obligations underlying such instrument, or (ii) both principal and interest
payments derived from obligations underlying such instrument and the interest
and principal payments with respect to such instrument provide a yield to
maturity at the date of investment of greater than 120% of the yield to maturity
at par of such underlying obligations.
ERISA: The Employee Retirement Income Security Act of 1974, as amended.
ERISA Prohibited Holder: As defined in Section 5.02(d).
Errors and Omissions Policy: As defined in each of the Servicing
Agreements.
Event of Default: Any of the events specified in Section 7.01.
Excess Bankruptcy Loss: With respect to any Distribution Date and any
Mortgage Loan as to which a Bankruptcy Loss is realized in the month preceding
the month of such Distribution Date, (i) if the Aggregate Current Bankruptcy
Losses with respect to such Distribution Date exceed the then-applicable
Bankruptcy Loss Amount, then the portion of such Bankruptcy Loss represented by
the ratio of (a) the excess of the Aggregate Current Bankruptcy Losses over the
then-applicable Bankruptcy Loss Amount, divided by (b) the Aggregate Current
Bankruptcy Losses or (ii) if the Aggregate Current Bankruptcy Losses with
respect to such Distribution Date are less than or equal to the then-applicable
Bankruptcy Loss Amount, then zero. In addition, any Bankruptcy Loss occurring
with respect to a Mortgage Loan on or after the Cross-Over Date will be an
Excess Bankruptcy Loss.
Excess Fraud Loss: With respect to any Distribution Date and any Mortgage
Loan as to which a Fraud Loss is realized in the month preceding the month of
such Distribution Date, (i) if the Aggregate Current Fraud Losses with respect
to such Distribution Date exceed the then-applicable Fraud Loss Amount, then the
portion of such Fraud Loss represented by the ratio of (a) the excess of the
Aggregate Current Fraud Losses over the then-applicable Fraud Loss Amount,
divided by (b) the Aggregate Current Fraud Losses, or (ii) if the Aggregate
Current Fraud Losses with respect to such Distribution Date are less than or
equal to the then-applicable Fraud Loss Amount, then zero. In addition, any
Fraud Loss occurring with respect to a Mortgage Loan on or after the Cross-Over
Date will be an Excess Fraud Loss.
Excess Special Hazard Loss: With respect to any Distribution Date and any
Mortgage Loan as to which a Special Hazard Loss is realized in the month
preceding the month of such Distribution Date, (i) if the Aggregate Current
Special Hazard Losses with respect to such Distribution Date exceed the
then-applicable Special Hazard Loss Amount, then the portion of such Special
Hazard Loss represented by the ratio of (a) the excess of the Aggregate Current
Special Hazard Losses over the then-applicable Special Hazard Loss Amount,
divided by (b) the Aggregate Current Special Hazard Losses, or (ii) if the
Aggregate Current Special Hazard Losses with respect to such Distribution Date
are less than or equal to the then-applicable Special Hazard Loss Amount, then
zero. In addition, any Special Hazard Loss occurring with respect to a Mortgage
Loan on or after the Cross-Over Date will be an Excess Special Hazard Loss.
Exhibit F-1 Mortgage Loan: Any of the Mortgage Loans identified in Exhibit
F-1 hereto, as such Exhibit may be amended from time to time in connection with
a substitution pursuant to Section 2.02, which Mortgage Loan is serviced under
the Norwest Servicing Agreement.
Exhibit F-2 Mortgage Loan: Any of the Mortgage Loans identified in Exhibit
F-2 hereto, as such Exhibit may be amended from time to time in connection with
a substitution pursuant to Section 2.02, which Mortgage Loan is serviced under
the Norwest Servicing Agreement.
Exhibit F-3 Mortgage Loan: Any of the Mortgage Loans identified in Exhibit
F-3 hereto, as such Exhibit may be amended from time to time in connection with
a substitution pursuant to Section 2.02, which Mortgage Loan is serviced under
an Other Servicing Agreement.
FDIC: The Federal Deposit Insurance Corporation or any successor thereto.
FHLMC: The Federal Home Loan Mortgage Corporation or any successor thereto.
Fidelity Bond: As defined in each of the Servicing Agreements.
Final Distribution Date: The Distribution Date on which the final
distribution in respect of the Certificates is made pursuant to Section 9.01.
Fixed Retained Yield: The fixed percentage of interest on each Mortgage
Loan with a Mortgage Interest Rate greater than the sum of (a) 7.750%, (b) the
Servicing Fee Rate and (c) the Master Servicing Fee Rate, which will be
determined on a loan by loan basis and will equal the Mortgage Interest Rate on
each Mortgage Loan minus the sum of (a), (b) and (c), which is not assigned to
and not part of the Trust Estate.
Fixed Retained Yield Rate: With respect to each Mortgage Loan, a per annum
rate equal to the greater of (a) zero and (b) the Mortgage Interest Rate on such
Mortgage Loan minus the sum of (i) 7.750%, (ii) the Servicing Fee Rate and (iii)
the Master Servicing Fee Rate.
FNMA: The Federal National Mortgage Association or any
successor thereto.
Foreclosure Profits: As to any Distribution Date, the excess, if any, of
(i) Net Liquidation Proceeds in respect of each Mortgage Loan that became a
Liquidated Loan during the Applicable Unscheduled Principal Receipt Period with
respect to Full Unscheduled Principal Receipts for such Distribution Date over
(ii) the sum of the unpaid principal balance of each such Liquidated Loan plus
accrued and unpaid interest at the applicable Mortgage Interest Rate on the
unpaid principal balance thereof from the Due Date to which interest was last
paid by the Mortgagor (or, in the case of a Liquidated Loan that had been an REO
Mortgage Loan, from the Due Date to which interest was last deemed to have been
paid) to the first day of the month in which such Distribution Date occurs.
Fraud Loss: A Liquidated Loan Loss as to which there was fraud
in the origination of such Mortgage Loan.
Fraud Loss Amount: As of any Distribution Date after the Cut-Off Date an
amount equal to: (X) prior to the first anniversary of the Cut-Off Date an
amount equal to $7,299,991.19 minus the aggregate amount of Fraud Losses
allocated solely to the Class B Certificates in accordance with Section 4.02(a)
since the Cut-Off Date, and (Y) from the first through 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) 1.00% 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 Fraud Losses allocated
solely to the Class B Certificates in accordance with Section 4.02(a) since the
most recent anniversary of the Cut-Off Date. On and after the Cross-Over Date or
after the fifth anniversary of the Cut-Off Date the Fraud Loss Amount shall be
zero.
Full Unscheduled Principal Receipt: Any Unscheduled Principal Receipt with
respect to a Mortgage Loan (i) in the amount of the outstanding principal
balance of such Mortgage Loan and resulting in the full satisfaction of such
Mortgage Loan or (ii) representing Liquidation Proceeds other than Partial
Liquidation Proceeds.
Holder: See "Certificateholder."
Independent: When used with respect to any specified Person, such Person
who (i) is in fact independent of the Seller, the Master Servicer and any
Servicer, (ii) does not have any direct financial interest or any material
indirect financial interest in the Seller or the Master Servicer or any Servicer
or in an affiliate of either, and (iii) is not connected with the Seller, the
Master Servicer or any Servicer as an officer, employee, promoter, underwriter,
trustee, partner, director or person performing similar functions.
Insurance Policy: Any insurance or performance bond relating to a Mortgage
Loan or the Mortgage Loans, including any hazard insurance, special hazard
insurance, flood insurance, primary mortgage insurance, mortgagor bankruptcy
bond or title insurance.
Insurance Proceeds: Proceeds paid by any insurer pursuant to any Insurance
Policy covering a Mortgage Loan.
Insured Expenses: Expenses covered by any Insurance Policy covering a
Mortgage Loan.
Liquidated Loan: A Mortgage Loan with respect to which the related
Mortgaged Property has been acquired, liquidated or foreclosed and with respect
to which the applicable Servicer determines that all Liquidation Proceeds which
it expects to recover have been recovered.
Liquidated Loan Loss: With respect to any Distribution Date, the aggregate
of the amount of losses with respect to each Mortgage Loan which became a
Liquidated Loan during the Applicable Unscheduled Principal Receipt Period with
respect to Full Unscheduled Principal Receipts for such Distribution Date, equal
to the excess of (i) the unpaid principal balance of each such Liquidated Loan,
plus accrued interest thereon in accordance with the amortization schedule at
the time applicable thereto at the applicable Net Mortgage Interest Rate from
the Due Date as to which interest was last paid with respect thereto through the
last day of the month preceding the month in which such Distribution Date
occurs, over (ii) Net Liquidation Proceeds with respect to such Liquidated Loan.
Liquidation Expenses: Expenses incurred by a Servicer in connection with
the liquidation of any defaulted Mortgage Loan or property acquired in respect
thereof (including, without limitation, legal fees and expenses, committee or
referee fees, and, if applicable, brokerage commissions and conveyance taxes),
any unreimbursed advances expended by such Servicer pursuant to its Servicing
Agreement or the Master Servicer or Trustee pursuant hereto respecting the
related Mortgage Loan, including any unreimbursed advances for real property
taxes or for property restoration or preservation of the related Mortgaged
Property. Liquidation Expenses shall not include any previously incurred
expenses in respect of an REO Mortgage Loan which have been netted against
related REO Proceeds.
Liquidation Proceeds: Amounts received by a Servicer (including Insurance
Proceeds) in connection with the liquidation of defaulted Mortgage Loans or
property acquired in respect thereof, whether through foreclosure, sale or
otherwise, including payments in connection with such Mortgage Loans received
from the Mortgagor, other than amounts required to be paid to the Mortgagor
pursuant to the terms of the applicable Mortgage or to be applied otherwise
pursuant to law.
Loan-to-Value Ratio: The ratio, expressed as a percentage, the numerator of
which is the principal balance of a particular Mortgage Loan at origination and
the denominator of which is the lesser of (x) the appraised value of the related
Mortgaged Property determined in the appraisal used by the originator at the
time of origination of such Mortgage Loan, and (y) if the Mortgage is originated
in connection with a sale of the Mortgaged Property, the sale price for such
Mortgaged Property.
Master Servicer: Norwest Bank Minnesota, National Association, or its
successor in interest.
Master Servicing Fee: With respect to any Mortgage Loan and any
Distribution Date, the fee payable monthly to the Master Servicer pursuant to
Section 6.05 equal to a fixed percentage (expressed as a per annum rate) of the
unpaid principal balance of such Mortgage Loan.
Master Servicing Fee Rate: As set forth in Section 11.27.
Mid-Month Receipt Period: With respect to each Distribution Date, the one
month period beginning on the Determination Date occurring in the calendar month
preceding the month in which such Distribution Date occurs and ending on the day
preceding the Determination Date immediately preceding such Distribution Date.
Monthly Payment: As to any Mortgage Loan (including any REO Mortgage Loan)
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 for any Curtailments and Deficient Valuations occurring prior to such
Due Date but before any adjustment to such amortization schedule, other than for
Deficient Valuations, by reason of any bankruptcy or similar proceeding or any
moratorium or similar waiver or grace period).
Month End Interest: As defined in each Servicing Agreement.
Moody's: Moody's Investors Service, Inc., or its successor in interest.
Mortgage: The mortgage, deed of trust or other instrument creating a first
lien on Mortgaged Property securing a Mortgage Note together with any Mortgage
Loan Rider, if applicable.
Mortgage Interest Rate: As to any Mortgage Loan, the per annum rate at
which interest accrues on the unpaid principal balance thereof as set forth in
the related Mortgage Note, which rate is as indicated on the Mortgage Loan
Schedule.
Mortgage Loan Rider: The standard FNMA/FHLMC riders to the Mortgage Note
and/or Mortgage riders required when the Mortgaged Property is a condominium
unit or a unit in a planned unit development.
Mortgage Loan Schedule: The list of the Mortgage Loans transferred to the
Trustee on the Closing Date as part of the Trust Estate and attached hereto as
Exhibits F-1, F-2 and F-3, which list may be amended following the Closing Date
upon conveyance of a Substitute Mortgage Loan pursuant to Section 2.02 or 2.03
and which list shall set forth at a minimum the following information of the
close of business on the Cut-Off Date (or, with respect to Substitute Mortgage
Loans, as of the close of business on the day of substitution) as to each
Mortgage Loan:
(i) the Mortgage Loan identifying number;
(ii) the city, state and zip code of the
Mortgaged Property;
(iii) the type of property;
(iv) the Mortgage Interest Rate;
(v) the Net Mortgage Interest Rate;
(vi) the Monthly Payment;
(vii) the original number of months to maturity;
(viii) the scheduled maturity date;
(ix) the Cut-Off Date Principal Balance;
(x) the Loan-to-Value Ratio at origination;
(xi) whether such Mortgage Loan is a Subsidy
Loan;
(xii) whether such Mortgage Loan is covered by
primary mortgage insurance;
(xiii) the Servicing Fee Rate;
(xiv) whether such Mortgage Loan is a T.O.P.
Mortgage Loan;
(xv) Fixed Retained Yield, if applicable;
(xvi) the Master Servicing Fee; and
(xvii) for Mortgage Loans identified on Exhibit F-3, the
name of the Servicer with respect thereto.
Such schedule may consist of multiple reports that collectively set forth
all of the information required.
Mortgage Loans: Each of the mortgage loans transferred and assigned to the
Trustee on the Closing Date pursuant to Section 2.01 and any mortgage loans
substituted therefor pursuant to Section 2.02 or 2.03, in each case as from time
to time are included in the Trust Estate as identified in the Mortgage Loan
Schedule.
Mortgage Note: The note or other evidence of indebtedness evidencing the
indebtedness of a Mortgagor under a Mortgage Loan together with any related
Mortgage Loan Riders, if applicable.
Mortgaged Property: The property subject to a Mortgage, which may include
Co-op Shares.
Mortgagor: The obligor on a Mortgage Note.
Net Foreclosure Profits: As to any Distribution Date, the amount, if any,
by which (i) Aggregate Foreclosure Profits with respect to such Distribution
Date exceed (ii) Liquidated Loan Losses with respect to such Distribution Date.
Net Liquidation Proceeds: As to any Liquidated Loan, Liquidation Proceeds
net of Liquidation Expenses. For all purposes of this Agreement, Net Liquidation
Proceeds shall be allocated first to accrued and unpaid interest on the related
Mortgage Loan and then to the unpaid principal balance thereof.
Net Mortgage Interest Rate: With respect to each Mortgage Loan, a rate
equal to (i) the Mortgage Interest Rate on such Mortgage Loan minus (ii) the sum
of (a) the Servicing Fee Rate, as set forth in Section 11.26 with respect to
such Mortgage Loan, (b) the Master Servicing Fee Rate, as set forth in Section
11.27 with respect to such Mortgage Loan and (c) the Fixed Retained Yield Rate,
if any, with respect to such Mortgage Loan. Any regular monthly computation of
interest at such rate shall be based upon annual interest at such rate on the
applicable amount divided by twelve.
Net Partial Liquidation Proceeds: Partial Liquidation Proceeds with respect
to a Mortgage Loan net of unreimbursed Liquidation Expenses incurred with
respect to such Mortgage Loan. For all purposes of this Agreement, Net Partial
Liquidation Proceeds shall be allocated first to accrued and unpaid interest on
the related Mortgage Loan and then to the unpaid principal balance thereof.
Net REO Proceeds: As to any REO Mortgage Loan, REO Proceeds net of any
related expenses of the Servicer.
Non-permitted Foreign Holder: As defined in Section 5.02(d).
Non-PO Fraction: With respect to any Mortgage Loan, the quotient obtained
by dividing the Net Mortgage Interest Rate for such Mortgage Loan by 7.750%.
Non-PO Voting Interest: The ratio obtained by dividing the Pool Balance
(Non-PO Portion) by the sum of the Pool Balance (Non-PO Portion) and the Pool
Balance (PO Portion).
Nonrecoverable Advance: Any portion of a Periodic Advance previously made
or proposed to be made in respect of a Mortgage Loan which has not been
previously reimbursed to the Servicer, the Master Servicer or the Trustee, as
the case may be, and which the Servicer or the Master Servicer or the Trustee
determines will not, or in the case of a proposed Periodic Advance would not, be
ultimately recoverable from Liquidation Proceeds or other recoveries in respect
of the related Mortgage Loan. The determination by the Servicer, the Master
Servicer or the Trustee (i) that it has made a Nonrecoverable Advance or (ii)
that any proposed Periodic Advance, if made, would constitute a Nonrecoverable
Advance, shall be evidenced by an Officer's Certificate of the Servicer
delivered to the Master Servicer for redelivery to the Trustee or, in the case
of a Master Servicer determination, an Officer's Certificate of the Master
Servicer delivered to the Trustee, in each case detailing the reasons for such
determination.
Non-Supported Interest Shortfall: With respect to any Distribution Date,
the excess, if any, of the aggregate Prepayment Interest Shortfall on the
Mortgage Loans over the aggregate Compensating Interest with respect to such
Distribution Date. With respect to each Distribution Date occurring on or after
the Cross-Over Date, the Non-Supported Interest Shortfall determined pursuant to
the preceding sentence will be increased by the amount of any Cross-Over Date
Interest Shortfall for such Distribution Date. Any Non-Supported Interest
Shortfall will be allocated to (a) the Class A Certificates according to the
percentage obtained by dividing the Class A Non-PO Principal Balance by the sum
of the Class A Non-PO Principal Balance, the Class M Principal Balance and the
Class B Principal Balance, (b) the Class M Certificates according to the
percentage obtained by dividing the Class M Principal Balance by the sum of the
Class A Non-PO Principal Balance, the Class M Principal Balance and the Class B
Principal Balance and (c) the Class B Certificates according to the percentage
obtained by dividing the Class B Principal Balance by the sum of the Class A
Non-PO Principal Balance, the Class M Principal Balance and the Class B
Principal Balance.
Non-U.S. Person: As defined in Section 4.01(g).
Norwest Mortgage: Norwest Mortgage, Inc., or its successor in interest.
Norwest Mortgage Correspondents: The entities listed on the Mortgage Loan
Schedule, from which Norwest Mortgage purchased the Mortgage Loans.
Norwest Servicing Agreement: The Servicing Agreement providing for the
servicing of the Exhibit F-1 and Exhibit F-2 Mortgage Loans initially by Norwest
Mortgage.
Officers' Certificate: With respect to any Person, a certificate signed by
the Chairman of the Board, the President or a Vice President, and by the
Treasurer, the Secretary or one of the Assistant Treasurers or Assistant
Secretaries of such Person (or, in the case of a Person which is not a
corporation, signed by the person or persons having like responsibilities), and
delivered to the Trustee.
Opinion of Counsel: A written opinion of counsel, who may be outside or
salaried counsel for the Seller, a Servicer or the Master Servicer, or any
affiliate of the Seller, a Servicer or the Master Servicer, acceptable to the
Trustee; provided, however, that with respect to REMIC matters, matters relating
to the determination of Eligible Accounts or matters relating to transfers of
Certificates, such counsel shall be Independent.
Optimal Adjustment Event: With respect to the Class M Certificates or any
Class B Subclass and any Distribution Date, an Optimal Adjustment Event will
occur with respect to such Class or Subclass if: (i) the principal balance of
such Class or Subclass on the Determination Date succeeding such Distribution
Date would have been reduced to zero (regardless of whether such principal
balance was reduced to zero as a result of principal distribution or the
allocation of Realized Losses) and (ii) (a) any Class A Subclass Principal
Balance would be subject to further reduction as a result of the third or fifth
sentences of the definition of Class A Subclass Principal Balance or (b) with
respect to any Class B Subclass, the Class M Principal Balance or the Class B
Subclass Principal Balance of a Class B Subclass with a lower numerical
designation would be reduced with respect to such Distribution Date as a result
of the application of clause (ii) of the definition of Class M Principal
Balance, Class B-1 Principal Balance, Class B-2 Principal Balance, Class B-3
Principal Balance, Class B-4 Principal Balance or Class B-5 Principal Balance.
Original Class A Percentage: The Class A Percentage as of the Cut-Off Date,
as set forth in Section 11.04.
Original Class A Non-PO Principal Balance: The sum of the Original Class A
Subclass Principal Balances of the Class A-1, Class A-2 Class A-3, Class A-4,
Class A-5, Class A-6, Class A-7, Class A-8, Class A-9, Class A-10, Class A-11,
Class A-12, Class A-13, Class A-14, Class A-15 and Class A-R Certificates.
Original Class A Subclass Principal Balance: Any of the Original Class A
Subclass Principal Balances as set forth in Section 11.05.
Original Class B Principal Balance: The sum of the Original Class B-1
Principal Balance, Original Class B-2 Principal Balance, Original Class B-3
Principal Balance, Original Class B-4 Principal Balance and Original Class B-5
Principal Balance, as set forth in Section 11.16.
Original Class B-1 Fractional Interest: As to the first Distribution Date,
the percentage obtained by dividing the sum of the Original Class B-2 Principal
Balance, the Original Class B-3 Principal Balance, the Original Class B-4
Principal Balance and the Original Class B-5 Principal Balance by the sum of the
Original Class A Non-PO Principal Balance, the Original Class M Principal
Balance and the Original Class B Principal Balance. The Original Class B-1
Fractional Interest is specified in Section 11.18.
Original Class B-2 Fractional Interest: As to the first Distribution Date,
the percentage obtained by dividing the sum of the Original Class B-3 Principal
Balance, the Original Class B-4 Principal Balance and the Original Class B-5
Principal Balance by the sum of the Original Class A Non-PO Principal Balance,
the Original Class M Principal Balance and the Original Class B Principal
Balance. The Original Class B-2 Fractional Interest is specified in Section
11.19.
Original Class B-3 Fractional Interest: As to the first Distribution Date,
the percentage obtained by dividing the sum of the Original Class B-4 Principal
Balance and the Original Class B-5 Principal Balance by the sum of the Original
Class A Non-PO Principal Balance, the Original Class M Principal Balance and the
Original Class B Principal Balance. The Original Class B-3 Fractional Interest
is specified in Section 11.20.
Original Class B-4 Fractional Interest: As to the first Distribution Date,
the percentage obtained by dividing the Original Class B-5 Principal Balance by
the sum of the Original Class A Non-PO Principal Balance, the Original Class M
Principal Balance and the Original Class B Principal Balance. The Original Class
B-4 Fractional Interest is specified in Section 11.21.
Original Class B-1 Percentage: The Class B-1 Percentage as of the Cut-Off
Date, as set forth in Section 11.11.
Original Class B-2 Percentage: The Class B-2 Percentage as of the Cut-Off
Date, as set forth in Section 11.12.
Original Class B-3 Percentage: The Class B-3 Percentage as of the Cut-Off
Date, as set forth in Section 11.13.
Original Class B-4 Percentage: The Class B-4 Percentage as of the Cut-Off
Date, as set forth in Section 11.14.
Original Class B-5 Percentage: The Class B-5 Percentage as of the Cut-Off
Date, as set forth in Section 11.15.
Original Class B-1 Principal Balance: The Class B-1 Principal Balance as of
the Cut-Off Date, as set forth in Section 11.17.
Original Class B-2 Principal Balance: The Class B-2 Principal Balance as of
the Cut-Off Date, as set forth in Section 11.17.
Original Class B-3 Principal Balance: The Class B-3 Principal Balance as of
the Cut-Off Date, as set forth in Section 11.17.
Original Class B-4 Principal Balance: The Class B-4 Principal Balance as of
the Cut-Off Date, as set forth in Section 11.17.
Original Class B-5 Principal Balance: The Class B-5 Principal Balance as of
the Cut-Off Date, as set forth in Section 11.17.
Original Class M Fractional Interest: As to the first Distribution Date,
the percentage obtained by dividing the Original Class B Principal Balance by
the sum of the Original Class A Non-PO Principal Balance, the Original Class M
Principal Balance and the Original Class B Principal Balance. The Original Class
M Fractional Interest is specified in Section 11.10.
Original Class M Percentage: The Class M Percentage as of the Cut-Off Date,
as set forth in Section 11.08.
Original Class M Principal Balance: The Class M Principal Balance as of the
Cut-Off Date, as set forth in Section 11.09.
Original Subordinated Percentage: The Subordinated Percentage as of the
Cut-Off Date, as set forth in Section 11.07.
Original Subordinated Principal Balance: The sum of the Original Class M
Principal Balance and the Original Class B Principal Balance.
Other Servicer: Any of the Servicers other than Norwest Mortgage.
Other Servicing Agreements: The Servicing Agreements other than the Norwest
Servicing Agreement.
Outstanding Mortgage Loan: As to any Due Date, a Mortgage Loan (including
an REO Mortgage Loan) which was not the subject of a Full Unscheduled Principal
Receipt prior to such Due Date and which was not repurchased by the Seller prior
to such Due Date pursuant to Section 2.02 or 2.03.
Owner Mortgage Loan File: A file maintained by the Trustee (or the
Custodian, if any) for each Mortgage Loan that contains the documents specified
in the Servicing Agreements under their respective "Owner Mortgage Loan File"
definition or similar definition and/or other provisions requiring delivery of
specified documents to the owner of the Mortgage Loan in connection with the
purchase thereof, and any additional documents required to be added to the Owner
Mortgage Loan File pursuant to this Agreement.
Partial Liquidation Proceeds: Liquidation Proceeds received by a Servicer
prior to the month in which the related Mortgage Loan became a Liquidated Loan.
Partial Unscheduled Principal Receipt: An Unscheduled Principal Receipt
which is not a Full Unscheduled Principal Receipt.
Paying Agent: The Person authorized on behalf of the Trustee, as agent for
the Master Servicer, to make distributions to Certificateholders with respect to
the Certificates and to forward to Certificateholders the periodic and annual
statements required by Section 4.04. The Paying Agent may be any Person directly
or indirectly controlling or controlled by or under common control with the
Master Servicer and may be the Trustee. The initial Paying Agent is appointed in
Section 4.03(a).
Payment Account: The account maintained pursuant to Section 4.03(b).
Percentage Interest: With respect to a Class A Certificate, the undivided
percentage interest obtained by dividing the original principal balance of such
Certificate by the aggregate original principal balance of all Certificates of
such Class A Subclass. With respect to a Class M Certificate, the undivided
percentage interest obtained by dividing the original principal balance of such
Certificate by the aggregate original principal balance of all Certificates of
such Class. With respect to a Class B Certificate, the undivided percentage
interest obtained by dividing the original principal balance of such Certificate
by the aggregate original principal balance of all Certificates of such Class B
Subclass.
Periodic Advance: The aggregate of the advances required to be made by a
Servicer on any Distribution Date pursuant to its Servicing Agreement or by the
Master Servicer or the Trustee hereunder, the amount of any such advances being
equal to the total of all Monthly Payments (adjusted, in each case (i) in
respect of interest, to the applicable Mortgage Interest Rate less the
applicable Servicing Fee in the case of Periodic Advances made by a Servicer and
to the applicable Net Mortgage Interest Rate in the case of Periodic Advances
made by the Master Servicer or Trustee and (ii) by the amount of any related
Debt Service Reductions or reductions in the amount of interest collectable from
the Mortgagor pursuant to the Soldiers' and Sailors' Civil Relief Act of 1940,
as amended, or similar legislation or regulations then in effect) on the
Mortgage Loans, that (x) were delinquent as of the close of business on the
related Determination Date, (y) were not the subject of a previous Periodic
Advance by such Servicer or of a Periodic Advance by the Master Servicer or the
Trustee, as the case may be and (z) have not been determined by the Master
Servicer, such Servicer or Trustee to be Nonrecoverable Advances.
Person: Any individual, corporation, partnership, joint venture,
association, joint-stock company, trust, unincorporated organization or
government or any agency or political subdivision thereof.
Plan: As defined in Section 5.02(c).
PO Fraction: With respect to any Discount Mortgage Loan, the difference
between 1.0 and the Non-PO Fraction for such Mortgage Loan; with respect to any
other Mortgage Loan, zero.
Pool Balance (Non-PO Portion): As of any Distribution Date, the sum of the
amounts for each Mortgage Loan that is an Outstanding Mortgage Loan of the
product of (i) the Non-PO Fraction for such Mortgage Loan and (ii) the Scheduled
Principal Balance of such Mortgage Loan.
Pool Balance (PO Portion): As of any Distribution Date, the sum of the
amounts for each Mortgage Loan that is an Outstanding Mortgage Loan of the
product of (i) the PO Fraction for such Mortgage Loan and (ii) the Scheduled
Principal Balance of such Mortgage Loan.
Pool Distribution Amount: As of any Distribution Date, the funds eligible
for distribution to the Holders of the Certificates on such Distribution Date,
which shall be the sum of (i) all previously undistributed payments or other
receipts on account of principal and interest on or in respect of the Mortgage
Loans (including, without limitation, the proceeds of any repurchase of a
Mortgage Loan by the Seller and any Substitution Principal Amount) received by
the Master Servicer with respect to the applicable Remittance Date in the month
of such Distribution Date and any Unscheduled Principal Receipts received by the
Master Servicer on or prior to the Business Day preceding such Distribution
Date, (ii) all Periodic Advances made by a Servicer pursuant to the related
Servicing Agreement or Periodic Advances made by the Master Servicer or the
Trustee pursuant to Section 3.03 and (iii) all other amounts required to be
placed in the Certificate Account by the Servicer on or before the applicable
Remittance Date or by the Master Servicer or the Trustee on or prior to the
Distribution Date, but excluding the following:
(a) amounts received as late payments of principal or interest
and respecting which the Master Servicer or the Trustee has made one
or more unreimbursed Periodic Advances;
(b) the portion of Net Liquidation Proceeds used to reimburse any
unreimbursed Periodic Advances by the Master Servicer or the Trustee;
(c) those portions of each payment of interest on a particular
Mortgage Loan which represent (i) the Fixed Retained Yield, if any,
(ii) the applicable Servicing Fee and (iii) the Master Servicing Fee;
(d) all amounts representing scheduled payments of principal and
interest due after the Due Date occurring in the month in which such
Distribution Date occurs;
(e) all Unscheduled Principal Receipts received by the Servicers
after the Applicable Unscheduled Principal Receipt Period relating to
the Distribution Date for the applicable type of Unscheduled Principal
Receipt, and all related payments of interest on such amounts;
(f) all repurchase proceeds with respect to Mortgage Loans
repurchased by the Seller pursuant to Section 2.02 or 2.03 on or
following the Due Date in the month in which such Distribution Date
occurs and the difference between the unpaid principal balance of such
Mortgage Loan substituted for a defective Mortgage Loan during the
month preceding the month in which such Distribution Date occurs and
the unpaid principal balance of such defective Mortgage Loan;
(g) that portion of Liquidation Proceeds and REO Proceeds which
represents any unpaid Servicing Fee or Master Servicing Fee or any
unpaid Fixed Retained Yield;
(h) all income from Eligible Investments that is held in the
Certificate Account for the account of the Master Servicer;
(i) all other amounts permitted to be withdrawn from the
Certificate Account in respect of the Mortgage Loans, to the extent
not covered by clauses (a) through (h) above, or not required to be
deposited in the Certificate Account under this Agreement;
(j) Net Foreclosure Profits;
(k) Month End Interest; and
(l) the amount of any recoveries in respect of principal which
had previously been allocated as a loss to one or more Subclasses of
the Class A or Class B Certificates or the Class M Certificates
pursuant to Section 4.02.
Pool Scheduled Principal Balance: As to any Distribution Date, the
aggregate Scheduled Principal Balances of all Mortgage Loans that were
Outstanding Mortgage Loans on the Due Date in the month preceding the month of
such Distribution Date.
Premium Mortgage Loan: A Mortgage Loan with a Net Mortgage Interest Rate of
7.750% or greater.
Prepayment In Full: With respect to any Mortgage Loan, a Mortgagor payment
consisting of a Principal Prepayment in the amount of the outstanding principal
balance of such loan and resulting in the full satisfaction of such obligation.
Prepayment Interest Shortfall: On any Distribution Date, the amount of
interest, if any, that would have accrued on any Mortgage Loan which was the
subject of a Prepayment in Full at the Net Mortgage Interest Rate for such
Mortgage Loan from the date of its Prepayment in Full (but in the case of a
Prepayment in Full where the Applicable Unscheduled Principal Receipt Period is
the Mid-Month Receipt Period, only if the date of the Prepayment in Full is on
or after the Determination Date in the month prior to the month of such
Distribution Date and prior to the first day of the month of such Distribution
Date) through the last day of the month prior to the month of such Distribution
Date.
Principal Adjustment: In the event that the Class M Optimal Principal
Amount, Class B-1 Optimal Principal Amount, Class B-2 Optimal Principal Amount,
Class B-3 Optimal Principal Amount, Class B-4 Optimal Principal Amount or Class
B-5 Optimal Principal Amount is calculated in accordance with the proviso in
such definition with respect to any Distribution Date, the Principal Adjustment
for the Class M Certificates or such Class B Subclass shall equal the difference
between (i) the amount that would have been distributed to such Class or
Subclass as principal in accordance with Section 4.01(a) for such Distribution
Date, calculated without regard to such proviso and assuming there are no
Principal Adjustments for such Distribution Date and (ii) the Adjusted Principal
Balance for such Class or Subclass.
Principal Balance: Each of the Class A Subclass Principal Balances, the
Class M Principal Balance, the Class B-1 Principal Balance, the Class B-2
Principal Balance, the Class B-3 Principal Balance, the Class B-4 Principal
Balance and the Class B-5 Principal Balance.
Principal Prepayment: Any Mortgagor payment on a Mortgage Loan which is
received in advance of its Due Date and is not accompanied by an amount
representing scheduled interest for any period subsequent to the date of
prepayment.
Prior Month Receipt Period: With respect to each Distribution Date, the
calendar month preceding the month in which such Distribution Date occurs.
Prohibited Transaction Tax: Any tax imposed under Section 860F of the Code.
Prudent Servicing Practices: The standard of care set forth in each
Servicing Agreement.
Rating Agency: Any nationally recognized statistical credit rating agency,
or its successor, that rated one or more Classes of the Certificates at the
request of the Seller at the time of the initial issuance of the Certificates.
The Rating Agencies for the Class A Certificates and Class M Certificates are
Moody's and DCR. The Rating Agency for the Class B-1, Class B-2, Class B-3 and
Class B-4 Certificates is Moody's. If any such 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 Seller, notice of which
designation shall be given to the Trustee and the Master Servicer. References
herein to the highest short-term rating category of a Rating Agency shall mean
P-1 in the case of Moody's, D-1+ in the case of DCR and in the case of any other
Rating Agency shall mean its equivalent of such ratings. References herein to
the highest long-term rating categories of a Rating Agency shall mean AAA and in
the case of any other Rating Agency shall mean its equivalent of such rating
without any plus or minus.
Realized Losses: With respect to any Distribution Date, (i) Liquidated Loan
Losses (including Special Hazard Losses and Fraud Losses) and (ii) Bankruptcy
Losses incurred in the month preceding the month of such Distribution Date.
Record Date: The last Business Day of the month preceding the month of the
related Distribution Date.
Relevant Anniversary: See "Bankruptcy Loss Amount."
REMIC: A "real estate mortgage investment conduit" as defined in Code
Section 860D. "The REMIC" means the REMIC constituted by the Trust Estate.
REMIC Provisions: Provisions of the federal income tax law relating to
REMICs, which appear at Sections 860A through 860G of Part IV of Subchapter M of
Chapter 1 of Subtitle A of the Code, and related provisions, and U.S. Department
of the Treasury temporary, proposed or final regulations promulgated thereunder,
as the foregoing are in effect (or with respect to proposed regulations, are
proposed to be in effect) from time to time.
Remittance Date: As defined in each of the Servicing Agreements.
REO Mortgage Loan: Any Mortgage Loan which is not a Liquidated Loan and as
to which the indebtedness evidenced by the related Mortgage Note is discharged
and the related Mortgaged Property is held as part of the Trust Estate.
REO Proceeds: Proceeds received in respect of any REO Mortgage Loan
(including, without limitation, proceeds from the rental of the related
Mortgaged Property).
Request for Release: A request for release in substantially the form
attached as Exhibit G hereto.
Responsible Officer: When used with respect to the Trustee, the Chairman or
Vice-Chairman of the Board of Directors or Trustees, the Chairman or
Vice-Chairman of the Executive or Standing Committee of the Board of Directors
or Trustees, the President, the Chairman of the Committee on Trust Matters, any
Vice President, the Secretary, any Assistant Secretary, the Treasurer, any
Assistant Treasurer, the Cashier, any Assistant Cashier, any Trust Officer or
Assistant Trust Officer, the Controller and any Assistant Controller or any
other officer of the Trustee customarily performing functions similar to those
performed by any of the above-designated officers and also, with respect to a
particular matter, any other officer to whom such matter is referred because of
such officer's knowledge of and familiarity with the particular subject.
Rule 144A: Rule 144A promulgated under the Securities Act of 1933, as
amended.
Scheduled Principal Amount: The sum for each outstanding Mortgage Loan
(including each defaulted Mortgage Loan, other than a Liquidated Loan, with
respect to which the related Mortgaged Property has been acquired by the Trust
Estate) of the product of (A) the Non-PO Fraction for such Mortgage Loan and (B)
the sum of the amounts described in clauses y(i) and y(iv) of the definition of
Class A Non-PO Optimal Principal Amount, but without that amount being
multiplied by the Class A Percentage.
Scheduled Principal Balance: As to any Mortgage Loan and Distribution Date,
the principal balance of such Mortgage Loan as of the Due Date in the month
preceding the month of such Distribution Date as specified in the amortization
schedule at the time relating thereto (before any adjustment to such
amortization schedule by reason of any bankruptcy (other than Deficient
Valuations) or similar proceeding or any moratorium or similar waiver or grace
period) after giving effect to (A) Unscheduled Principal Receipts received or
applied by the related Servicer during the related Unscheduled Principal Receipt
Period for each applicable type of Unscheduled Principal Receipt related to the
Distribution Date occurring in the month preceding such Distribution Date, (B)
Deficient Valuations incurred prior to such Due Date and (C) the payment of
principal due on such Due Date and irrespective of any delinquency in payment by
the related Mortgagor. Accordingly, the Scheduled Principal Balance of a
Mortgage Loan which becomes a Liquidated Loan at any time through the last day
of such related Unscheduled Principal Receipt Period shall be zero.
Seller: Norwest Asset Securities Corporation, or its successor in interest.
Senior Optimal Amount: As to any Distribution Date, the sum for such
Distribution Date of (a) the Class A Non-PO Optimal Amount and (b) the Class
A-PO Optimal Principal Amount.
Servicer Mortgage Loan File: As defined in each of the Servicing
Agreements.
Servicers: Each of Norwest Mortgage, Cimarron Mortgage Corporation,
Countrywide Home Loans, Inc., First Bank National Association, HomeSide Lending,
National City Mortgage Company and Suntrust Mortgage Inc., as Servicer under the
related Servicing Agreement.
Servicing Agreements: Each of the Servicing Agreements executed with
respect to a portion of the Mortgage Loans by one of the Servicers, which
agreements are attached hereto, collectively, as Exhibit L.
Servicing Fee: With respect to any Servicer, as defined in its Servicing
Agreement.
Servicing Fee Rate: With respect to a Mortgage Loan, as set forth in
Section 11.26.
Servicing Officer: Any officer of a Servicer involved in, or responsible
for, the administration and servicing of the Mortgage Loans.
Similar Law: As defined in Section 5.02(c).
Single Certificate: A Certificate of any Class or Subclass that evidences
the smallest permissible Denomination for such Class or Subclass, as set forth
in Section 11.25.
Special Hazard Loss: (i) A Liquidated Loan Loss suffered by a Mortgaged
Property on account of direct physical loss, exclusive of (a) any loss covered
by a hazard policy or a flood insurance policy maintained in respect of such
Mortgaged Property pursuant to a Servicing Agreement and (b) any loss caused by
or resulting from:
(1) normal wear and tear;
(2) infidelity, conversion or other dishonest
act on the part of the Trustee or the
Servicer or any of their agents or
employees; or
(3) errors in design, faulty workmanship or
faulty materials, unless the collapse of
the property or a part thereof ensues;
or (ii) any Liquidated Loan Loss suffered by the Trust Estate arising from or
related to the presence or suspected presence of hazardous wastes or hazardous
substances on a Mortgaged Property unless such loss to a Mortgaged Property is
covered by a hazard policy or a flood insurance policy maintained in respect of
such Mortgaged Property pursuant to a Servicing Agreement.
Special Hazard Loss Amount: As of any Distribution Date, an amount equal to
$3,649,995.59 minus the sum of (i) the aggregate amount of Special Hazard Losses
allocated solely to the Class B Certificates in accordance with Section 4.02(a)
and (ii) the Special Hazard Adjustment Amount (as defined below) as most
recently calculated. For each anniversary of the Cut-Off Date, the Special
Hazard Adjustment Amount shall be calculated and 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 Special Hazard Adjustment Amount
for such anniversary) exceeds the greater of (A) the product of the Special
Hazard Percentage for such anniversary multiplied by the outstanding principal
balance of all the Mortgage Loans on the Distribution Date immediately preceding
such anniversary, (B) twice the outstanding principal balance of the Mortgage
Loan in the Trust Estate which has the largest outstanding principal balance on
the Distribution Date immediately preceding such anniversary and (C) that which
is necessary to maintain the original ratings on the Certificates as evidenced
by letters to that effect delivered by Rating Agencies to the Master Servicer
and the Trustee. On and or after the Cross-Over Date, the Special Hazard Loss
Amount shall be zero.
Special Hazard Percentage: As of each anniversary of the Cut-Off Date, the
greater of (i) 1.00% and (ii) the largest percentage obtained by dividing the
aggregate outstanding principal balance (as of the immediately preceding
Distribution Date) of the Mortgage Loans secured by Mortgaged Properties located
in a single, five-digit zip code area in the State of California by the
outstanding principal balance of all the Mortgage Loans as of the immediately
preceding Distribution Date.
Startup Day: As defined in Section 2.05.
Subclass: Each subdivision of the Class A Certificates, denominated
respectively as Class A-1, Class A-2, Class A-3, Class A-4, Class A-5, Class
A-6, Class A-7, Class A-8, Class A-9, Class A-10, Class A-11, Class A-12, Class
A-13, Class A-14, Class A-15, Class A-PO and Class A-R and each subdivision of
the Class B Certificates, denominated respectively as Class B-1, Class B-2,
Class B-3, Class B-4 and Class B-5.
Subordinated Percentage: As to any Distribution Date, the percentage which
is the difference between 100% and the Class A Percentage for such date.
Subordinated Prepayment Percentage: As to any Distribution Date, the
percentage which is the difference between 100% and the Class A Prepayment
Percentage for such date.
Subsidy Loan: Any Mortgage Loan subject to a temporary interest subsidy
agreement pursuant to which the monthly interest payments made by the related
Mortgagor will be less than the scheduled monthly interest payments on such
Mortgage Loan, with the resulting difference in interest payments being provided
by the employer of the Mortgagor. Each Subsidy Loan will be identified as such
in the Mortgage Loan Schedule.
Substitute Mortgage Loan: As defined in Section 2.02
Substitution Principal Amount: With respect to any Mortgage Loan
substituted in accordance with Section 2.02 or pursuant to Section 2.03, the
excess of (x) the unpaid principal balance of the Mortgage Loan which is
substituted for over (y) the unpaid principal balance of the Substitute Mortgage
Loan, each balance being determined as of the date of substitution.
T.O.P. Mortgage Loan: Any Mortgage Loan that was originated by Norwest
Mortgage or an affiliate thereof in connection with the "Title Option Plus"
program and which is not covered by a title insurance policy. Each T.O.P.
Mortgage Loan shall be identified as such in the Mortgage Loan Schedule.
Trust Estate: The corpus of the trust created by this Agreement, consisting
of the Mortgage Loans (other than any Fixed Retained Yield), such amounts as may
be held from time to time in the Certificate Account (other than any Fixed
Retained Yield), and the rights of the Trustee to receive the proceeds of all
insurance policies and performance bonds, if any, required to be maintained
hereunder or under the related Servicing Agreement, property which secured a
Mortgage Loan and which has been acquired by foreclosure or deed in lieu of
foreclosure.
Trustee: First Union National Bank of North Carolina, a national banking
association, or any successor trustee appointed as herein provided.
Unpaid Interest Shortfalls: Each of the Class A Subclass Unpaid Interest
Shortfalls, the Class M Unpaid Interest Shortfall, the Class B-1 Unpaid Interest
Shortfall, the Class B-2 Unpaid Interest Shortfall, the Class B-3 Unpaid
Interest Shortfall, the Class B-4 Unpaid Interest Shortfall and the Class B-5
Unpaid Interest Shortfall.
Unscheduled Principal Amount: The sum for each outstanding Mortgage Loan
(including each defaulted Mortgage Loan, other than a Liquidated Loan, with
respect to which the related Mortgaged Property has been acquired by the Trust
Estate) of the product of (A) the Non-PO Fraction for such Mortgage Loan and (B)
the sum of the amounts described in clauses y(ii) and y(iii) of the definition
of Class A Non-PO Optimal Principal Amount, but without that amount being
multiplied by the Class A Prepayment Percentage.
Unscheduled Principal Receipt: Any Mortgagor payment or other recovery of
principal on a Mortgage Loan which is received in advance of its Due Date and is
not accompanied by an amount representing scheduled interest for any period
subsequent to the date of prepayment, including, without limitation, Principal
Prepayments, Liquidation Proceeds, Net REO Proceeds and proceeds received from
any condemnation award or proceeds in lieu of condemnation other than that
portion of such proceeds released to the Mortgagor in accordance with the terms
of the Mortgage or Prudent Servicing Practices and excluding any Net Foreclosure
Profits and proceeds of a repurchase of a Mortgage Loan by the Seller and any
Substitution Principal Amounts.
Unscheduled Principal Receipt Period: Either a Mid-Month Receipt Period or
a Prior Month Receipt Period.
Voting Interest: With respect to any provisions hereof providing for the
action, consent or approval of the Holders of all Certificates evidencing
specified Voting Interests in the Trust Estate, (a) the Holders of the Class A
Certificates will collectively be entitled to the Class A Voting Interest, (b)
the Holders of the Class M Certificates will collectively be entitled to the
then applicable percentage of the aggregate Voting Interest represented by all
Certificates equal to the product of (i) the ratio obtained by dividing the
Class M Principal Balance by the sum of the Class A Non-PO Principal Balance,
the Class M Principal Balance and the Class B Principal Balance and (ii) the
Non-PO Voting Interest and (c) the Holders of the Class B Certificates will
collectively be entitled to the balance of the aggregate Voting Interest
represented by all Series 1996-9 Certificates. The aggregate Voting Interests of
each Subclass of Class A Certificates (other than the Class A-PO Certificates)
on any date will be equal to the product of (a) the Class A Voting Interest
represented by clause (A) of the definition thereof and (b) the fraction
obtained by dividing the Class A Subclass Principal Balance of such Class A
Subclass by the Class A Non-PO Principal Balance on such date. The aggregate
Voting Interests of the Class A-PO Certificates on any date will be equal to the
Class A Voting Interest represented by clause (B) of the definition thereof. The
aggregate Voting Interests of each Subclass of Class B Certificates will equal
such Subclass's pro rata portion of the Voting Interest allocated to the Class B
Certificates based on such Subclass's outstanding principal balance. Each
Certificateholder of a Class or Subclass will have a Voting Interest equal to
the product of the Voting Interest to which such Class or Subclass is
collectively entitled and the Percentage Interest in such Class or Subclass
represented by such Holder's Certificates. With respect to any provisions hereof
providing for action, consent or approval of each Class or Subclass of
Certificates or specified Classes or Subclasses of Certificates, each
Certificateholder of a Class or Subclass will have a Voting Interest in such
Class or Subclass equal to such Holder's Percentage Interest in such Class or
Subclass.
Weighted Average Net Mortgage Interest Rate: As to any Distribution Date, a
rate per annum equal to the average, expressed as a percentage of the Net
Mortgage Interest Rates of all Mortgage Loans that were Outstanding Mortgage
Loans as of the Due Date in the month preceding the month of such Distribution
Date, weighted on the basis of the respective Scheduled Principal Balances of
such Mortgage Loans.
Section 1.02. Acts of Holders.
(a) Any request, demand, authorization, direction, notice, consent, waiver
or other action provided by this Agreement to be given or taken by Holders may
be embodied in and evidenced by one or more instruments of substantially similar
tenor signed by such Holders in person or by an agent duly appointed in writing.
Except as herein otherwise expressly provided, such action shall become
effective when such instrument or instruments are delivered to the Trustee.
Proof of execution of any such instrument or of a writing appointing any such
agent shall be sufficient for any purpose of this Agreement and conclusive in
favor of the Trustee, if made in the manner provided in this Section 1.02. The
Trustee shall promptly notify the Master Servicer in writing of the receipt of
any such instrument or writing.
(b) The fact and date of the execution by any Person of any such instrument
or writing may be proved by the affidavit of a witness of such execution or by a
certificate of a notary public or other officer authorized by law to take
acknowledgments of deeds, certifying that the individual signing such instrument
or writing acknowledged to him the execution thereof. When such execution is by
a signer acting in a capacity other than his or her individual capacity, such
certificate or affidavit shall also constitute sufficient proof of his or her
authority. The fact and date of the execution of any such instrument or writing,
or the authority of the individual executing the same, may also be proved in any
other manner which the Trustee deems sufficient.
(c) The ownership of Certificates (whether or not such Certificates shall
be overdue and notwithstanding any notation of ownership or other writing
thereon made by anyone other than the Trustee and the Authenticating Agent)
shall be proved by the Certificate Register, and neither the Trustee, the Seller
nor the Master Servicer shall be affected by any notice to the contrary.
(d) Any request, demand, authorization, direction, notice, consent, waiver
or other action of the Holder of any Certificate shall bind every future Holder
of the same Certificate and the Holder of every Certificate issued upon the
registration of transfer thereof or in exchange therefor or in lieu thereof in
respect of anything done, omitted or suffered to be done by the Trustee, the
Seller or the Master Servicer in reliance thereon, whether or not notation of
such action is made upon such Certificate.
Section 1.03. Effect of Headings and Table of Contents.
The Article and Section headings in this Agreement and the Table of
Contents are for convenience of reference only and shall not affect the
interpretation or construction of this Agreement.
Section 1.04. Benefits of Agreement.
Nothing in this Agreement or in the Certificates, express or implied, shall
give to any Person, other than the parties to this Agreement and their
successors hereunder, the Holders of the Certificates any benefit or any legal
or equitable right, power, remedy or claim under this Agreement.
<PAGE>
ARTICLE II
CONVEYANCE OF MORTGAGE LOANS;
ORIGINAL ISSUANCE OF THE CERTIFICATES
Section 2.01. Conveyance of Mortgage Loans.
The Seller, concurrently with the execution and delivery hereof, does
hereby assign to the Trustee, without recourse all the right, title and interest
of the Seller in and to (a) the Trust Estate, including all interest (other than
the portion, if any, representing the Fixed Retained Yield) and principal
received by the Seller on or with respect to the Mortgage Loans after the
Cut-Off Date (and including scheduled payments of principal and interest due
after the Cut-Off Date but received by the Seller on or before the Cut-Off Date
and Unscheduled Principal Receipts received or applied on the Cut-Off Date, but
not including payments of principal and interest due on the Mortgage Loans on or
before the Cut-Off Date), (b) the Insurance Policies, (c) the obligations of the
Servicers under the Servicing Agreements with respect to the Mortgage Loans and
(d) proceeds of all the foregoing.
In connection with such assignment, the Seller shall, with respect to each
Mortgage Loan, deliver, or cause to be delivered, to the Trustee, as initial
custodian, on or before the Closing Date, an Owner Mortgage Loan File. If any
Mortgage or an assignment of a Mortgage to the Trustee or any prior assignment
is in the process of being recorded on the Closing Date, the Seller shall
deliver a copy thereof, certified by Norwest Mortgage or the applicable Norwest
Mortgage Correspondent to be a true and complete copy of the document sent for
recording, and the Seller shall use its best efforts to cause each such original
recorded document or certified copy thereof to be delivered to the Trustee
promptly following its recordation. The Seller shall also cause to be delivered
to the Trustee any other original mortgage loan document to be included in the
Owner Mortgage Loan File if a copy thereof has been delivered.
In lieu of recording an assignment of any Mortgage the Seller may, to the
extent set forth in any Servicing Agreement, deliver or cause to be delivered to
the Trustee the assignment of the Mortgage Loan from the Seller to the Trustee
in a form suitable for recordation, together with an Opinion of Counsel to the
effect that recording is not required to protect the Trustee's right, title and
interest in and to the related Mortgage Loan or, in case a court should
recharacterize the sale of the Mortgage Loans as a financing, to perfect a first
priority security interest in favor of the Trustee in the related Mortgage Loan.
In the event that the Master Servicer receives notice that recording is required
to protect the right, title and interest of the Trustee in and to any such
Mortgage Loan for which recordation of an assignment has not previously been
required, the Master Servicer shall promptly notify the Trustee and the Trustee
shall within five Business Days (or such other reasonable period of time
mutually agreed upon by the Master Servicer and the Trustee) of its receipt of
such notice deliver each previously unrecorded assignment to the related
Servicer for recordation.
Section 2.02. Acceptance by Trustee.
The Trustee acknowledges receipt of the Mortgage Notes, the Mortgages, the
assignments and other documents referred to in Section 2.01 above and declares
that it holds and will hold such documents and the other documents constituting
a part of the Owner Mortgage Loan Files delivered to it in trust, upon the
trusts herein set forth, for the use and benefit of all present and future
Certificateholders. The Trustee agrees, for the benefit of Certificateholders,
to review each Owner Mortgage Loan File within 45 days after execution of this
Agreement in order to ascertain that all required documents set forth in Section
2.01 have been executed and received and appear regular on their face, and that
such documents relate to the Mortgage Loans identified in the Mortgage Loan
Schedule, and in so doing the Trustee may rely on the purported due execution
and genuineness of any such document and on the purported genuineness of any
signature thereon. If within such 45 day period the Trustee finds any document
constituting a part of an Owner Mortgage Loan File not to have been executed or
received or to be unrelated to the Mortgage Loans identified in the Mortgage
Loan Schedule or not to appear regular on its face, the Trustee shall promptly
(and in no event more than 30 days after the discovery of such defect) notify
the Seller, which shall have a period of 60 days after the date of such notice
within which to correct or cure any such defect. The Seller hereby covenants and
agrees that, if any material defect is not so corrected or cured, the Seller
will, not later than 60 days after the Trustee's notice to it referred to above
respecting such defect, either (i) repurchase the related Mortgage Loan or any
property acquired in respect thereof from the Trust Estate at a price equal to
(a) 100% of the unpaid principal balance of such Mortgage Loan plus (b) accrued
interest at the Mortgage Interest Rate less any Fixed Retained Yield through the
last day of the month in which such repurchase takes place or (ii) if within two
years of the Startup Day, or such other period permitted by the REMIC
Provisions, substitute for any Mortgage Loan to which such material defect
relates, a new mortgage loan (a "Substitute Mortgage Loan") having such
characteristics so that the representations and warranties of the Seller set
forth in Section 2.03(b) hereof (other than Section 2.03(b)(i)) would not have
been incorrect had such Substitute Mortgage Loan originally been a Mortgage
Loan. In no event shall any Substitute Mortgage Loan have an unpaid principal
balance, as of the date of substitution, greater than the Scheduled Principal
Balance (reduced by the scheduled payment of principal due on the Due Date in
the month of substitution) of the Mortgage Loan for which it is substituted. In
addition, such Substitute Mortgage Loan shall have a Loan-to-Value Ratio less
than or equal to and a Mortgage Interest Rate equal to that of the Mortgage Loan
for which it is substituted.
In the case of a repurchased Mortgage Loan or property, the purchase price
shall be deposited by the Seller in the Certificate Account maintained by the
Master Servicer pursuant to Section 3.01. In the case of a Substitute Mortgage
Loan, the Owner Mortgage Loan File relating thereto shall be delivered to the
Trustee and the Substitution Principal Amount, together with (i) interest on
such Substitution Principal Amount at the applicable Net Mortgage Interest Rate
to the following Due Date of such Mortgage Loan which is being substituted for
and (ii) an amount equal to the aggregate amount of unreimbursed Periodic
Advances in respect of interest previously made by the Servicer, Master Servicer
or Trustee with respect to such Mortgage Loan, shall be deposited in the
Certificate Account. The Monthly Payment on the Substitute Mortgage Loan for the
Due Date in the month of substitution shall not be part of the Trust Estate.
Upon receipt by the Trustee of written notification of any such deposit signed
by an officer of the Seller, or the new Owner Mortgage Loan File, as the case
may be, the Trustee shall release to the Seller the related Owner Mortgage Loan
File and shall execute and deliver such instrument of transfer or assignment, in
each case without recourse, as shall be necessary to vest in the Seller legal
and beneficial ownership of such substituted or repurchased Mortgage Loan or
property. It is understood and agreed that the obligation of the Seller to
substitute a new Mortgage Loan for or repurchase any Mortgage Loan or property
as to which such a material defect in a constituent document exists shall
constitute the sole remedy respecting such defect available to the
Certificateholders or the Trustee on behalf of the Certificateholders. The
failure of the Trustee to give any notice contemplated herein within forty-five
(45) days after the execution of this Agreement shall not affect or relieve the
Seller's obligation to repurchase any Mortgage Loan pursuant to this Section
2.02.
The Trustee may, concurrently with the execution and delivery hereof or at
any time thereafter, enter into a Custodial Agreement substantially in the form
of Exhibit E hereto pursuant to which the Trustee appoints a Custodian to hold
the Mortgage Notes, the Mortgages, the assignments and other documents related
to the Mortgage Loans received by the Trustee in trust for the benefit of all
present and future Certificateholders, which may provide, among other things,
that the Custodian shall conduct the review of such documents required under the
first paragraph of this Section 2.02.
Section 2.03. Representations and Warranties of the Master
Servicer and the Seller.
(a) The Master Servicer hereby represents and warrants to the Trustee for
the benefit of Certificateholders that, as of the date of execution of this
Agreement:
(i) the Master Servicer is a national banking association
duly chartered and validly existing in good standing under the laws
of the United States;
(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 corporate charter
or by-laws or constitute a default (or an event which, with notice or
lapse of time, or both, would constitute a default) under, or result in
the breach of, any material contract, agreement or other instrument to
which the Master Servicer is a party or which may be applicable to the
Servicer or any of its assets;
(iii) This Agreement, assuming due authorization, execution and
delivery by the Trustee and the Seller, 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 affect its
performance hereunder; and
(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.
It is understood and agreed that the representations and warranties set
forth in this Section 2.03(a) shall survive delivery of the respective Owner
Mortgage Loan Files to the Trustee or the Custodian.
(b) The Seller hereby represents and warrants to the Trustee for the benefit
of Certificateholders that, as of the date of execution of this Agreement, with
respect to the Mortgage Loans, or each Mortgage Loan, as the case may be:
(i) The information set forth in the Mortgage Loan Schedule
was true and correct in all material respects at the date or dates
respecting which such information is furnished as specified in the
Mortgage Loan Schedule;
(ii) Immediately prior to the transfer and assignment
contemplated herein, the Seller was the sole owner and holder of the
Mortgage Loan free and clear of any and all liens, pledges, charges or
security interests of any nature and has full right and authority to
sell and assign the same;
(iii) The Mortgage is a valid, subsisting and enforceable first
lien on the property therein described, and the Mortgaged Property is
free and clear of all encumbrances and liens having priority over the
first lien of the Mortgage except for liens for real estate taxes and
special assessments not yet due and payable and liens or interests
arising under or as a result of any federal, state or local law,
regulation or ordinance relating to hazardous wastes or hazardous
substances, and, if the related Mortgaged Property is a condominium
unit, any lien for common charges permitted by statute or homeowners
association fees; and if the Mortgaged Property consists of shares of a
cooperative housing corporation, any lien for amounts due to the
cooperative housing corporation for unpaid assessments or charges or
any lien of any assignment of rents or maintenance expenses secured by
the real property owned by the cooperative housing corporation; and any
security agreement, chattel mortgage or equivalent document related to,
and delivered to the Trustee or to the Custodian with, any Mortgage
establishes in the Seller a valid and subsisting first lien on the
property described therein and the Seller has full right to sell and
assign the same to the Trustee;
(iv) Neither the Seller nor any prior holder of the Mortgage
or the related Mortgage Note has modified the Mortgage or the related
Mortgage Note in any material respect, satisfied, canceled or
subordinated the Mortgage in whole or in part, released the Mortgaged
Property in whole or in part from the lien of the Mortgage, or executed
any instrument of release, cancellation, modification or satisfaction,
except in each case as is reflected in an agreement delivered to the
Trustee or the Custodian pursuant to Section 2.01;
(v) All taxes, governmental assessments, insurance premiums,
and water, sewer and municipal charges, which previously became due and
owing have been paid, or an escrow of funds has been established, to
the extent permitted by law, in an amount sufficient to pay for every
such item which remains unpaid; and the Seller has not advanced funds,
or received any advance of funds by a party other than the Mortgagor,
directly or indirectly (except pursuant to any Subsidy Loan
arrangement) for the payment of any amount required by the Mortgage,
except for interest accruing from the date of the Mortgage Note or date
of disbursement of the Mortgage Loan proceeds, whichever is later, to
the day which precedes by thirty days the first Due Date under the
related Mortgage Note;
(vi) The Mortgaged Property is undamaged by water, fire,
earthquake, earth movement other than earthquake, windstorm, flood,
tornado or similar casualty (excluding casualty from the presence of
hazardous wastes or hazardous substances, as to which the Seller makes
no representations), so as to affect adversely the value of the
Mortgaged Property as security for the Mortgage Loan or the use for
which the premises were intended and to the best of the Seller's
knowledge, there is no proceeding pending or threatened for the total
or partial condemnation of the Mortgaged Property;
(vii) The Mortgaged Property is free and clear of all
mechanics' and materialmen's liens or liens in the nature thereof;
provided, however, that this warranty shall be deemed not to have been
made at the time of the initial issuance of the Certificates if a title
policy affording, in substance, the same protection afforded by this
warranty is furnished to the Trustee by the Seller;
(viii) Except for Mortgage Loans secured by Co-op Shares, the
Mortgaged Property consists of a fee simple estate in real property;
all of the improvements which are included for the purpose of
determining the appraised value of the Mortgaged Property lie wholly
within the boundaries and building restriction lines of such property
and no improvements on adjoining properties encroach upon the Mortgaged
Property (unless insured against under the related title insurance
policy); and to the best of the Seller's knowledge, the Mortgaged
Property and all improvements thereon comply with all requirements of
any applicable zoning and subdivision laws and ordinances;
(ix) The Mortgage Loan meets, or is exempt from, applicable
state or federal laws, regulations and other requirements, pertaining
to usury, and the Mortgage Loan is not usurious;
(x) To the best of the Seller's knowledge, all inspections,
licenses and certificates required to be made or issued with respect to
all occupied portions of the Mortgaged Property and, with respect to
the use and occupancy of the same, including, but not limited to,
certificates of occupancy and fire underwriting certificates, have been
made or obtained from the appropriate authorities;
(xi) All payments required to be made up to the Due Date
immediately preceding the Cut-Off Date for such Mortgage Loan under the
terms of the related Mortgage Note have been made and no Mortgage Loan
had more than one delinquency in the 12 months preceding the Cut-Off
Date;
(xii) The Mortgage Note, the related Mortgage and other
agreements executed in connection therewith are genuine, and each is
the legal, valid and binding obligation of the maker thereof,
enforceable in accordance with its terms, except as such enforcement
may be limited by bankruptcy, insolvency, reorganization or other
similar laws affecting the enforcement of creditors' rights generally
and by general equity principles (regardless of whether such
enforcement is considered in a proceeding in equity or at law); and, to
the best of the Seller's knowledge, all parties to the Mortgage Note
and the Mortgage had legal capacity to execute the Mortgage Note and
the Mortgage and each Mortgage Note and Mortgage has been duly and
properly executed by the Mortgagor;
(xiii) Any and all requirements of any federal, state or local
law with respect to the origination of the Mortgage Loans including,
without limitation, truth-in-lending, real estate settlement
procedures, consumer credit protection, equal credit opportunity or
disclosure laws applicable to the Mortgage Loans have been complied
with;
(xiv) The proceeds of the Mortgage Loans have been fully
disbursed, there is no requirement for future advances thereunder and
any and all requirements as to completion of any on-site or off-site
improvements and as to disbursements of any escrow funds therefor have
been complied with (except for escrow funds for exterior items which
could not be completed due to weather); and all costs, fees and
expenses incurred in making, closing or recording the Mortgage Loan
have been paid, except recording fees with respect to Mortgages not
recorded as of the Closing Date;
(xv) The Mortgage Loan (except any Mortgage Loan identified on
the Mortgage Loan Schedule as a T.O.P. Mortgage Loan and any Mortgage
Loan secured by Mortgaged Property located in Iowa, as to which an
opinion of counsel of the type customarily rendered in such State in
lieu of title insurance is instead received) is covered by an American
Land Title Association mortgagee title insurance policy or other
generally acceptable form of policy or insurance acceptable to FNMA or
FHLMC, issued by a title insurer acceptable to FNMA or FHLMC insuring
the originator, its successors and assigns, as to the first priority
lien of the Mortgage in the original principal amount of the Mortgage
Loan and subject only to (A) the lien of current real property taxes
and assessments not yet due and payable, (B) covenants, conditions and
restrictions, rights of way, easements and other matters of public
record as of the date of recording of such Mortgage acceptable to
mortgage lending institutions in the area in which the Mortgaged
Property is located or specifically referred to in the appraisal
performed in connection with the origination of the related Mortgage
Loan, (C) liens created pursuant to any federal, state or local law,
regulation or ordinance affording liens for the costs of clean-up of
hazardous substances or hazardous wastes or for other environmental
protection purposes and (D) such other matters to which like properties
are commonly subject which do not individually, or in the aggregate,
materially interfere with the benefits of the security intended to be
provided by the Mortgage; the Seller is the sole insured of such
mortgagee title insurance policy, the assignment to the Trustee of the
Seller's interest in such mortgagee title insurance policy does not
require any consent of or notification to the insurer which has not
been obtained or made, such mortgagee title insurance policy is in full
force and effect and will be in full force and effect and inure to the
benefit of the Trustee, no claims have been made under such mortgagee
title insurance policy, and no prior holder of the related Mortgage,
including the Seller, has done, by act or omission, anything which
would impair the coverage of such mortgagee title insurance policy;
(xvi) The Mortgaged Property securing each Mortgage Loan is
insured by an insurer acceptable to FNMA or FHLMC against loss by fire
and such hazards as are covered under a standard extended coverage
endorsement, in an amount which is not less than the lesser of 100% of
the insurable value of the Mortgaged Property and the outstanding
principal balance of the Mortgage Loan, but in no event less than the
minimum amount necessary to fully compensate for any damage or loss on
a replacement cost basis; if the Mortgaged Property is a condominium
unit, it is included under the coverage afforded by a blanket policy
for the project; if upon origination of the Mortgage Loan, the
improvements on the Mortgaged Property were in an area identified in
the Federal Register by the Federal Emergency Management Agency as
having special flood hazards, a flood insurance policy meeting the
requirements of the current guidelines of the Federal Insurance
Administration is in effect with a generally acceptable insurance
carrier, in an amount representing coverage not less than the least of
(A) the outstanding principal balance of the Mortgage Loan, (B) the
full insurable value of the Mortgaged Property and (C) the maximum
amount of insurance which was available under the Flood Disaster
Protection Act of 1973; and each Mortgage obligates the Mortgagor
thereunder to maintain all such insurance at the Mortgagor's cost and
expense;
(xvii) To the best of the Seller's knowledge, there is no
default, breach, violation or event of acceleration existing under the
Mortgage or the related Mortgage Note and no event which, with the
passage of time or with notice and the expiration of any grace or cure
period, would constitute a default, breach, violation or event of
acceleration; the Seller has not waived any default, breach, violation
or event of acceleration; and no foreclosure action is currently
threatened or has been commenced with respect to the Mortgage Loan;
(xviii) No Mortgage Note or Mortgage is subject to any right of
rescission, set-off, counterclaim or defense, including the defense of
usury, nor will the operation of any of the terms of the Mortgage Note
or Mortgage, or the exercise of any right thereunder, render the
Mortgage Note or Mortgage unenforceable, in whole or in part, or
subject it to any right of rescission, set-off, counterclaim or
defense, including the defense of usury, and no such right of
rescission, set-off, counterclaim or defense has been asserted with
respect thereto;
(xix) Each Mortgage Note is payable in monthly payments,
resulting in complete amortization of the Mortgage Loan over a term of
not more than 360 months;
(xx) Each Mortgage contains customary and enforceable
provisions such as to render the rights and remedies of the holder
thereof adequate for the realization against the Mortgaged Property of
the benefits of the security, including realization by judicial
foreclosure (subject to any limitation arising from any bankruptcy,
insolvency or other law for the relief of debtors), and there is no
homestead or other exemption available to the Mortgagor which would
interfere with such right of foreclosure;
(xxi) To the best of the Seller's knowledge, no
Mortgagor is a debtor in any state or federal bankruptcy or
insolvency proceeding;
(xxii) Each Mortgaged Property is located in the United States
and consists of a one- to four-unit residential property, which may
include a detached home, townhouse, condominium unit or a unit in a
planned unit development or, in the case of Mortgage Loans secured by
Co-op Shares, leases or occupancy agreements; and
(xxiii) The Mortgage Loan is a "qualified
mortgage" within the meaning of Section 860G of the Code.
Notwithstanding the foregoing, no representations or warranties are made by
the Seller as to the environmental condition of any Mortgaged Property; the
absence, presence or effect of hazardous wastes or hazardous substances on any
Mortgaged Property; any casualty resulting from the presence or effect of
hazardous wastes or hazardous substances on, near or emanating from any
Mortgaged Property; the impact on Certificateholders of any environmental
condition or presence of any hazardous substance on or near any Mortgaged
Property; or the compliance of any Mortgaged Property with any environmental
laws, nor is any agent, person or entity otherwise affiliated with the Seller
authorized or able to make any such representation, warranty or assumption of
liability relative to any Mortgaged Property. In addition, no representations or
warranties are made by the Seller with respect to the absence or effect of fraud
in the origination of any Mortgage Loan.
It is understood and agreed that the representations and warranties set
forth in this Section 2.03(b) shall survive delivery of the respective Owner
Mortgage Loan Files to the Trustee and shall inure to the benefit of the
Trustee, notwithstanding any restrictive or qualified endorsement or assignment.
(c) Upon discovery by either the Seller, the Master Servicer, the Trustee
or the Custodian that any of the representations and warranties made in
subsection (b) above is not accurate (referred to herein as a "breach") and that
such breach materially and adversely affects the interests of the
Certificateholders in the related 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 60 days of the earlier
of its discovery or its receipt of notice of any such breach, the Seller shall
cure such breach in all material respects or shall either (i) repurchase the
Mortgage Loan or any property acquired in respect thereof from the Trustee at a
price equal to (A) 100% of the unpaid principal balance of such Mortgage Loan
plus (B) accrued interest at the Net Mortgage Interest Rate for such Mortgage
Loan through the last day of the month in which such repurchase took place or
(ii) if within two years of the Startup Day, or such other period permitted by
the REMIC Provisions, substitute for such Mortgage Loan in the manner described
in Section 2.02. The purchase price of any repurchase described in this
paragraph and the Substitution Principal Amount, if any, plus accrued interest
thereon and the other amounts referred to in Section 2.02, shall be deposited in
the Certificate Account. It is understood and agreed that the obligation of the
Seller to repurchase or substitute for any Mortgage Loan or property as to which
such a breach has occurred and is continuing shall constitute the sole remedy
respecting such breach available to Certificateholders or the Trustee on behalf
of Certificateholders, and such obligation shall survive until termination of
the Trust Estate hereunder.
Section 2.04. Execution and Delivery of Certificates.
The Trustee acknowledges the assignment to it of the Mortgage Loans and the
delivery of the Owner Mortgage Loan Files to it, and, concurrently with such
delivery, has executed and delivered to or upon the order of the Seller, in
exchange for the Mortgage Loans together with all other assets included in the
definition of "Trust Estate", receipt of which is hereby acknowledged,
Certificates in authorized denominations which evidence ownership of the entire
Trust Estate.
Section 2.05. Designation of Certificates; Designation of
Startup Day and Latest Possible Maturity Date.
The Seller hereby designates the Subclasses of Class A Certificates (other
than the Class A-R Certificate), the Class M Certificates and the Subclasses of
Class B Certificates as classes of "regular interests" and the Class A-R
Certificate as the single class of "residual interest" in the REMIC for the
purposes of Code Sections 860G(a)(1) and 860G(a)(2), respectively. The Closing
Date is hereby designated as the "Startup Day" of the REMIC within the meaning
of Code Section 860G(a)(9). The "latest possible maturity date" of the regular
interests in the REMIC is January 25, 2027 for purposes of Code Section
860G(a)(1).
<PAGE>
ARTICLE III
ADMINISTRATION OF THE TRUST ESTATE: SERVICING
OF THE MORTGAGE LOANS
Section 3.01. Certificate Account.
(a) The Master Servicer shall establish and maintain a Certificate Account
for the deposit of funds received by the Master Servicer with respect to the
Mortgage Loans serviced by each Servicer pursuant to each of the Servicing
Agreements. Such account shall be maintained as an Eligible Account. The Master
Servicer shall give notice to each Servicer and the Seller of the location of
the Certificate Account and of any change in the location thereof.
(b) The Master Servicer shall deposit into the Certificate Account on the
day of receipt thereof all amounts received by it from any Servicer pursuant to
any of the Servicing Agreements, and shall, in addition, deposit into the
Certificate Account the following amounts, in the case of amounts specified in
clause (i), not later than the Distribution Date on which such amounts are
required to be distributed to Certificateholders and, in the case of the amounts
specified in clause (ii), not later than the Business Day next following the day
of receipt and posting by the Master Servicer:
(i) Periodic Advances pursuant to Section 3.03(a) made by the
Master Servicer or the Trustee, if any; and
(ii) in the case of any Mortgage Loan that is repurchased by
the Seller pursuant to Section 2.02 or 2.03 or that is auctioned by the
Master Servicer pursuant to Section 3.08 or purchased by the Master
Servicer pursuant to Section 3.08 or 9.01, the purchase price therefor
or, where applicable, any Substitution Principal Amount and any amounts
received in respect of the interest portion of unreimbursed Periodic
Advances.
(c) The Master Servicer shall cause the funds in the Certificate Account to
be invested in Eligible Investments. No such Eligible Investments will be sold
or disposed of at a gain prior to maturity unless the Master Servicer has
received an Opinion of Counsel or other evidence satisfactory to it that such
sale or disposition will not cause the Trust Estate to be subject to Prohibited
Transactions Tax, otherwise subject the Trust Estate to tax, or cause the REMIC
to fail to qualify as a REMIC while any Certificates are outstanding. Any
amounts deposited in the Certificate Account prior to the Distribution Date
shall be invested for the account of the Master Servicer and any investment
income thereon shall be additional compensation to the Master Servicer for
services rendered under this Agreement. 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.
Section 3.02. Permitted Withdrawals from the Certificate
Account.
(a) The Master Servicer may, from time to time, make withdrawals from the
Certificate Account for the following purposes (limited, in the case of Servicer
reimbursements, to cases where funds in the respective Custodial P&I Account are
not sufficient therefor):
(i) to reimburse the Master Servicer, the Trustee or any
Servicer for Periodic Advances made by the Master Servicer or the
Trustee pursuant to Section 3.03(a) or any Servicer pursuant to any
Servicing Agreement with respect to previous Distribution Dates, such
right to reimbursement pursuant to this subclause (i) being limited to
amounts received on or in respect of particular Mortgage Loans
(including, for this purpose, Liquidation Proceeds, REO Proceeds and
proceeds from the purchase, sale, repurchase or substitution of
Mortgage Loans pursuant to Sections 2.02, 2.03, 3.08 or 9.01)
respecting which any such Periodic Advance was made;
(ii) to reimburse any Servicer, the Master Servicer or the
Trustee for any Periodic Advances determined in good faith to have
become Nonrecoverable Advances provided, however, that any portion of
Nonrecoverable Advances representing Fixed Retained Yield shall be
reimbursable only from amounts constituting Fixed Retained Yield and
not from the assets of the Trust Estate;
(iii) to reimburse the Master Servicer or any Servicer from
Liquidation Proceeds for Liquidation Expenses and for amounts expended
by the Master Servicer or any Servicer pursuant hereto or to any
Servicing Agreement, respectively, in good faith in connection with the
restoration of damaged property or for foreclosure expenses;
(iv) from any Mortgagor payment on account of interest or
other recovery (including Net REO Proceeds) with respect to a
particular Mortgage Loan, to pay the Master Servicing Fee with respect
to such Mortgage Loan to the Master Servicer;
(v) to reimburse the Master Servicer, any Servicer or the
Trustee (or, in certain cases, the Seller) for expenses incurred by it
(including taxes paid on behalf of the Trust Estate) and recoverable by
or reimbursable to it pursuant to Section 3.03(c), 3.03(d) or 6.03 or
the second sentence of Section 8.14(a) or pursuant to such Servicer's
Servicing Agreement, provided such expenses are "unanticipated" within
the meaning of the REMIC Provisions;
(vi) to pay to the Seller or other purchaser with respect to
each Mortgage Loan or property acquired in respect thereof that has
been repurchased or replaced pursuant to Section 2.02 or 2.03 or
auctioned pursuant to Section 3.08 or to pay to the Master Servicer
with respect to each Mortgage Loan or property acquired in respect
thereof that has been purchased pursuant to Section 3.08 or 9.01, all
amounts received thereon and not required to be distributed as of the
date on which the related repurchase or purchase price or Scheduled
Principal Balance was determined;
(vii) to remit funds to the Paying Agent in the amounts and
in the manner provided for herein;
(viii) to pay to the Master Servicer any interest earned on or
investment income with respect to funds in the Certificate Account;
(ix) to pay to the Master Servicer or any Servicer out of Net
Liquidation Proceeds allocable to interest the amount of any unpaid
Master Servicing Fee or Servicing Fee (as adjusted pursuant to such
Servicer's Servicing Agreement) and any unpaid assumption fees, late
payment charges or other Mortgagor charges on the related Mortgage
Loan;
(x) to withdraw from the Certificate Account any amount
deposited in the Certificate Account that was not required to be
deposited therein;
(xi) to clear and terminate the Certificate Account
pursuant to Section 9.01; and
(xii) to pay to Norwest Mortgage from any Mortgagor payment on
account of interest or other recovery (including Net REO Proceeds) with
respect to a particular Mortgage Loan, the Fixed Retained Yield, if
any, with respect to such Mortgage Loan; provided, however, that with
respect to any payment of interest received by the Master Servicer in
respect of a Mortgage Loan (whether paid by the Mortgagor or received
as Liquidation Proceeds, Insurance Proceeds or otherwise) which is less
than the full amount of interest then due with respect to such Mortgage
Loan, only that portion of such payment of interest that bears the same
relationship to the total amount of such payment of interest as the
Fixed Retained Yield Rate, if any, in respect of such Mortgage Loan
bears to the Mortgage Interest Rate shall be allocated to the Fixed
Retained Yield with respect thereto.
(b) The Master Servicer shall keep and maintain separate accounting, on a
Mortgage Loan by Mortgage Loan basis, for the purpose of justifying any payment
to and withdrawal from the Certificate Account.
Section 3.03. Advances by Master Servicer and Trustee.
(a) In the event an Other Servicer fails to make any required Periodic
Advances of principal and interest on a Mortgage Loan as required by the related
Other Servicing Agreement prior to the Distribution Date occurring in the month
during which such Periodic Advance is due, the Master Servicer shall make
Periodic Advances to the extent provided hereby. In the event Norwest Mortgage
fails to make any required Periodic Advances of principal and interest on a
Mortgage Loan as required by the Norwest Servicing Agreement prior to the
Distribution Date occurring in the month during which such Periodic Advance is
due, the Trustee shall, to the extent required by Section 8.15, make such
Periodic Advance to the extent provided hereby, provided that the Trustee has
previously received the certificate of the Master Servicer described in the
following sentence. The Master Servicer shall certify to the Trustee with
respect to any such Distribution Date (i) the amount of Periodic Advances
required of Norwest Mortgage or such Other Servicer, as the case may be, (ii)
the amount actually advanced, (iii) the amount that the Trustee or Master
Servicer is required to advance hereunder and (iv) whether the Master Servicer
has determined that it reasonably believes that such Periodic Advance is a
Nonrecoverable Advance. Amounts advanced by the Trustee or Master Servicer shall
be deposited in the Certificate Account on the related Distribution Date.
Notwithstanding the foregoing, neither the Master Servicer nor the Trustee will
be obligated to make a Periodic Advance that it reasonably believes to be a
Nonrecoverable Advance. The Trustee may conclusively rely for any determination
to be made by it hereunder upon the determination of the Master Servicer as set
forth in its certificate.
(b) To the extent an Other Servicer fails to make an advance on account of
the taxes or insurance premiums with respect to a Mortgage Loan required
pursuant to the related Other Servicing Agreement, the Master Servicer shall, if
the Master Servicer knows of such failure of the Servicer, advance such funds
and take such steps as are necessary to pay such taxes or insurance premiums. To
the extent Norwest Mortgage fails to make an advance on account of the taxes or
insurance premiums with respect to a Mortgage Loan required pursuant to the
Norwest Servicing Agreement, the Master Servicer shall, if the Master Servicer
knows of such failure of Norwest Mortgage, certify to the Trustee that such
failure has occurred. Upon receipt of such certification, the Trustee shall
advance such funds and take such steps as are necessary to pay such taxes or
insurance premiums.
(c) The Master Servicer and the Trustee shall each be entitled to be
reimbursed from the Certificate Account for any Periodic Advance made by it
under Section 3.03(a) to the extent described in Section 3.02(a)(i) and (a)(ii).
The Master Servicer and the Trustee shall be entitled to be reimbursed pursuant
to Section 3.02(a)(v) for any advance by it pursuant to Section 3.03(b). The
Master Servicer shall diligently pursue restoration of such amount to the
Certificate Account from the related Servicer. The Master Servicer shall, to the
extent it has not already done so, upon the request of the Trustee, withdraw
from the Certificate Account and remit to the Trustee any amounts to which the
Trustee is entitled as reimbursement pursuant to Section 3.02 (a)(i), (ii) and
(v).
(d) Except as provided in Section 3.03(a) and (b), neither the Master
Servicer nor the Trustee shall be required to pay or advance any amount which
any Servicer was required, but failed, to deposit in the Certificate Account.
Section 3.04. Trustee to Cooperate;
Release of Owner Mortgage Loan Files.
Upon the receipt by the Master Servicer of a Request for Release in
connection with the deposit by a Servicer into the Certificate Account of the
proceeds from a Liquidated Loan or of a Prepayment in Full, the Master Servicer
shall confirm to the Trustee that all amounts required to be remitted to the
Certificate Account in connection with such Mortgage Loan have been so
deposited, and shall deliver such Request for Release to the Trustee. The
Trustee shall, within five Business Days of its receipt of such a Request for
Release, release the related Owner Mortgage Loan File to the Master Servicer or
such Servicer, as requested by the Master Servicer. No expenses incurred in
connection with any instrument of satisfaction or deed of reconveyance shall be
chargeable to the Certificate Account.
From time to time and as appropriate for the servicing or foreclosure of
any Mortgage Loan, including but not limited to, collection under any insurance
policies, or to effect a partial release of any Mortgaged Property from the lien
of the Mortgage, the Servicer of such Mortgage Loan shall deliver to the Master
Servicer a Request for Release. Upon the Master Servicer's receipt of any such
Request for Release, the Master Servicer shall promptly forward such request to
the Trustee and the Trustee shall, within five Business Days, release the
related Owner Mortgage Loan File to the Master Servicer or such Servicer, as
requested by the Master Servicer. Any such Request for Release shall obligate
the Master Servicer or such Servicer, as the case may be, to return each and
every document previously requested from the Owner Mortgage Loan File to the
Trustee by the twenty-first day following the release thereof, unless (i) the
Mortgage Loan has been liquidated and the Liquidation Proceeds relating to the
Mortgage Loan have been deposited in the Certificate Account or (ii) the Owner
Mortgage Loan File or such document has been delivered 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 to the Trustee a certificate of the Master Servicer or
such Servicer certifying as to the name and address of the Person to which such
Owner Mortgage Loan File or such document was delivered and the purpose or
purposes of such delivery. Upon receipt of an Officer's Certificate of the
Master Servicer or such Servicer stating that such Mortgage Loan was liquidated
and that all amounts received or to be received in connection with such
liquidation which are required to be deposited into the Certificate Account have
been so deposited, or that such Mortgage Loan has become an REO Mortgage Loan,
the Request for Release shall be released by the Trustee to the Master Servicer
or such Servicer, as appropriate.
Upon written certification of the Master Servicer or the Servicer of such
Mortgage Loan, the Trustee shall execute and deliver to the Master Servicer or
such Servicer, as directed by the Master Servicer, 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. Each such
certification shall include a request that such pleadings or documents be
executed by the Trustee and a statement as to the reason such documents or
pleadings are required and that the execution and delivery thereof by the
Trustee will not invalidate or otherwise affect the lien of the Mortgage, except
for the termination of such a lien upon completion of the foreclosure proceeding
or trustee's sale.
Section 3.05. Reports to the Trustee; Annual Compliance
Statements.
(a) Not later than 15 days after each Distribution Date, the Master
Servicer shall deliver to the Trustee a statement setting forth the status of
the Certificate Account as of the close of business on such Distribution Date
stating that all distributions required to be made by the Master Servicer under
this Agreement have been made (or, if any required distribution has not been
made by the Master Servicer, specifying the nature and status thereof) and
showing, for the period covered by such statement, the aggregate amount of
deposits into and withdrawals from such account for each category of deposit and
withdrawal specified in Sections 3.01 and 3.02. Such statement may be in the
form of the then current FNMA monthly accounting report for its Guaranteed
Mortgage Pass-Through Program with appropriate additions and changes, and shall
also include information as to the aggregate unpaid principal balance of all of
the Mortgage Loans as of the close of business as of the last day of the
calendar month immediately preceding such Distribution Date. Copies of such
statement shall be provided by the Trustee to any Certificateholder upon written
request, provided such statement is delivered, or caused to be delivered, by the
Master Servicer to the Trustee.
(b) The Master Servicer shall deliver to the Trustee on or before April 30
of each year, a certificate signed by an officer of the Master Servicer,
certifying that (i) such officer has reviewed the activities of the Master
Servicer during the preceding calendar year or portion thereof and its
performance under this agreement and (ii) to the best of such officer's
knowledge, based on such review, the Master Servicer has performed and fulfilled
its duties, responsibilities and obligations under this agreement in all
material respects throughout such year, or, if there has been a default in the
fulfillment of any such duties, responsibilities or obligations, specifying each
such default known to such officer and the nature and status thereof, and, (iii)
(A) the Master Servicer has received from each Servicer any financial
statements, officer's certificates, accountant's statements or other information
required to be provided to the Master Servicer pursuant to the related Servicing
Agreement and (B) to the best of such officer's knowledge, based on a review of
the information provided to the Master Servicer by each Servicer as described in
(iii)(A) above, each Servicer has performed and fulfilled its duties,
responsibilities and obligations under the related Servicing Agreement in all
material respects throughout such year, or, if there has been a default in the
fulfillment of any such duties, responsibilities or obligations, specifying each
such default known to such officer and the nature and status thereof. Copies of
such officers' certificate shall be provided by the Trustee to any
Certificateholder upon written request provided such certificate is delivered,
or caused to be delivered, by the Master Servicer to the Trustee.
Section 3.06. Title, Management and Disposition of Any REO
Mortgage Loan.
The Master Servicer shall ensure that each REO Mortgage Loan is
administered by the related Servicer at all times so that it qualifies as
"foreclosure property" under the REMIC Provisions and that it does not earn any
"net income from foreclosure property" which is subject to tax under the REMIC
Provisions. In the event that a Servicer is unable to dispose of any REO
Mortgage Loan within the period mandated by each of the Servicing Agreements,
the Master Servicer shall monitor such Servicer to verify that such REO Mortgage
Loan is auctioned to the highest bidder within the period so specified. In the
event of any such sale of REO Mortgage Loan, the Trustee shall, at the written
request of the Master Servicer and upon being supported with appropriate forms
therefor, within five Business Days of the deposit by the Master Servicer of the
proceeds of such sale or auction into the Certificate Account, release or cause
to be released to the entity identified by the Master Servicer the related Owner
Mortgage Loan File and Servicer Mortgage Loan File and shall execute and deliver
such instruments of transfer or assignment, in each case without recourse, as
shall be necessary to vest in the auction purchaser title to the REO Mortgage
Loan and the Trustee shall have no further responsibility with regard to such
Owner Mortgage Loan File or Servicer Mortgage Loan File. Neither the Trustee,
the Master Servicer nor any Servicer, acting on behalf of the Trust Estate,
shall provide financing from the Trust Estate to any purchaser of an REO
Mortgage Loan.
Section 3.07. Amendments to Servicing Agreements,
Modification of Standard Provisions.
(a) Subject to the prior written consent of the Trustee pursuant to Section
3.07(b), the Master Servicer from time to time may, to the extent permitted by
the applicable Servicing Agreement, make such modifications and amendments to
such Servicing Agreement as the Master Servicer deems necessary or appropriate
to confirm or carry out more fully the intent and purpose of such Servicing
Agreement and the duties, responsibilities and obligations to be performed by
the Servicer thereunder. Such modifications may only be made if they are
consistent with the REMIC Provisions, as evidenced by an Opinion of Counsel.
Prior to the issuance of any modification or amendment, the Master Servicer
shall deliver to the Trustee such Opinion of Counsel and an Officer's
Certificate setting forth (i) the provision that is to be modified or amended,
(ii) the modification or amendment that the Master Servicer desires to issue and
(iii) the reason or reasons for such proposed amendment or modification.
(b) The Trustee shall consent to any amendment or supplement to a Servicing
Agreement proposed by the Master Servicer pursuant to Section 3.07(a), which
consent and amendment shall not require the consent of any Certificateholder if
it is (i) for the purpose of curing any mistake or ambiguity or to further
effect or protect the rights of the Certificateholders or (ii) for any other
purpose, provided such amendment or supplement for such other purpose cannot
reasonably be expected to adversely affect Certificateholders. The lack of
reasonable expectation of an adverse effect on Certificateholders may be
established through the delivery to the Trustee of (i) an Opinion of Counsel to
such effect or (ii) written notification from each Rating Agency to the effect
that such amendment or supplement will not result in reduction of the current
rating assigned by that Rating Agency to the Certificates. Notwithstanding the
two immediately preceding sentences, the Trustee may, in its discretion, decline
to enter into or consent to any such supplement or amendment if its own rights,
duties or immunities shall be adversely affected.
(c)(i) Notwithstanding anything to the contrary in this Section 3.07, the
Master Servicer from time to time may, without the consent of any
Certificateholder or the Trustee, enter into an amendment (A) to an Other
Servicing Agreement for the purpose of (i) eliminating or reducing Month End
Interest and (ii) providing for the remittance of Full Unscheduled Principal
Receipts by the applicable Servicer to the Master Servicer not later than the
24th day of each month (or if such day is not a Business Day, on the previous
Business Day) or (B) to the Norwest Servicing Agreement for the purpose of
changing the applicable Remittance Date to the 18th day of each month (or if
such day is not a Business Day, on the previous Business Day).
(ii) The Master Servicer may direct Norwest Mortgage to enter into an
amendment to the Norwest Servicing Agreement for the purposes described in
Sections 3.07(c)(i)(B) and 10.01(b)(iii).
Section 3.08. Oversight of Servicing.
The Master Servicer shall supervise, monitor and oversee the servicing of
the Mortgage Loans by each Servicer and the performance by each Servicer of all
services, duties, responsibilities and obligations that are to be observed or
performed by the Servicer under its respective Servicing Agreement. In
performing its obligations hereunder, the Master Servicer shall act in a manner
consistent with Accepted Master Servicing Practices and with the Trustee's and
the Certificateholders' reliance on the Master Servicer, and in a manner
consistent with the terms and provisions of any insurance policy required to be
maintained by the Master Servicer or any Servicer pursuant to this Agreement or
any Servicing Agreement. The Master Servicer acknowledges that prior to taking
certain actions required to service the Mortgage Loans, each Servicing Agreement
provides that the Servicer thereunder must notify, consult with, obtain the
consent of or otherwise follow the instructions of the Master Servicer. The
Master Servicer is also given authority to waive compliance by a Servicer with
certain provisions of its Servicing Agreement. In each such instance, the Master
Servicer shall promptly instruct such Servicer or otherwise respond to such
Servicer's request. In no event will the Master Servicer instruct such Servicer
to take any action, give any consent to action by such Servicer or waive
compliance by such Servicer with any provision of such Servicer's Servicing
Agreement if any resulting action or failure to act would be inconsistent with
the requirements of the Rating Agencies that rated the Certificates or would
otherwise have an adverse effect on the Certificateholders. Any such action or
failure to act shall be deemed to have an adverse effect on the
Certificateholders if such action or failure to act either results in (i) the
downgrading of the rating assigned by any Rating Agency to the Certificates,
(ii) the loss by the Trust Estate of REMIC status for federal income tax
purposes or (iii) the imposition of any Prohibited Transaction Tax or any
federal taxes on the REMIC or the Trust Estate. The Master Servicer shall have
full power and authority in its sole discretion to take any action with respect
to the Trust Estate as may be necessary or advisable to avoid the circumstances
specified including clause (ii) or (iii) of the preceding sentence.
For the purposes of determining whether any modification of a Mortgage Loan
shall be permitted by the Trustee or the Master Servicer, such modification
shall be construed as a substitution of the modified Mortgage Loan for the
Mortgage Loan originally deposited in the Trust Estate if it would be a
"significant modification" within the meaning of Section 1.860G-2(b) of the
regulations of the U.S. Department of the Treasury. No modification shall be
approved unless (i) the modified Mortgage Loan would qualify as a Substitute
Mortgage Loan under Section 2.02 and (ii) with respect to any modification that
occurs more than three months after the Closing Date and is not the result of a
default or a reasonably foreseeable default under the Mortgage Loan, there is
delivered to the Trustee an Opinion of Counsel (at the expense of the party
seeking to modify the Mortgage Loan) to the effect that such modification would
not be treated as giving rise to a new debt instrument for federal income tax
purposes as described in the preceding sentence.
During the term of this Agreement, the Master Servicer shall consult fully
with each Servicer as may be necessary from time to time to perform and carry
out the Master Servicer's obligations hereunder and otherwise exercise
reasonable efforts to encourage such Servicer to perform and observe the
covenants, obligations and conditions to be performed or observed by it under
its Servicing Agreement.
The relationship of the Master Servicer to the Trustee under this Agreement
is intended by the parties to be that of an independent contractor and not that
of a joint venturer, partner or agent.
The Master Servicer shall administer the Trust Estate on behalf of the
Trustee and shall have full power and authority, acting alone or (subject to
Section 6.06) through one or more subcontractors, to do any and all things in
connection with such administration which it may deem necessary or desirable.
Upon the execution and delivery of this Agreement, and from time to time as may
be required thereafter, the Trustee shall furnish the Master Servicer or its
subcontractors with any powers of attorney and such other documents as may be
necessary or appropriate to enable the Master Servicer to carry out its
administrative duties hereunder.
The Seller shall be entitled, at its option, to repurchase any defaulted
Mortgage Loan or any Mortgage Loan as to which default is reasonably foreseeable
from the Trust Estate if, in the Seller's judgment, the default is not likely to
be cured by the Mortgagor; provided, however, that the Cut-Off Date Principal
Balances of the Mortgage Loans repurchased pursuant to this provision shall not
exceed 2.5% of the Cut-Off Date Aggregate Principal Balance of the Mortgage
Loans. The purchase price for any such Mortgage Loan shall be 100% of the unpaid
principal balance of such Mortgage Loan plus accrued interest thereon at the
Mortgage Interest Rate, less any Fixed Retained Yield for such Mortgage Loan,
through the last day of the month in which such repurchase occurs. Upon the
receipt of such purchase price, the Master Servicer shall provide to the Trustee
the certification required by Section 3.04 and the Trustee and the Custodian, if
any, shall promptly release to the Seller the Owner Mortgage Loan File relating
to the Mortgage Loan being repurchased.
In the event that (i) the Master Servicer determines at any time that,
notwithstanding the representations and warranties set forth in Section 2.03(b),
any Mortgage Loan is not a "qualified mortgage" within the meaning of Section
860G of the Code and (ii) the Master Servicer is unable to enforce the
obligation of the Seller to purchase such Mortgage Loan pursuant to Section 2.02
within two months of such determination, the Master Servicer shall cause such
Mortgage Loan to be auctioned to the highest bidder and sold out of the Trust
Estate no later than the date 90 days after such determination. In the event of
any such sale of a Mortgage Loan, the Trustee shall, at the written request of
the Master Servicer and upon being supported with appropriate forms therefor,
within five Business Days of the deposit by the Master Servicer of the proceeds
of such auction into the Certificate Account, release or cause to be released to
the entity identified by the Master Servicer the related Owner Mortgage Loan
File and Servicer Mortgage Loan File and shall execute and deliver such
instruments of transfer or assignment, in each case without recourse, as shall
be necessary to vest in the auction purchaser title to the Mortgage Loan and the
Trustee shall have no further responsibility with regard to such Owner Mortgage
Loan File or Servicer Mortgage Loan File. Neither the Trustee, the Master
Servicer nor any Servicer, acting on behalf of the Trustee, shall provide
financing from the Trust Estate to any purchaser of a Mortgage Loan.
The Master Servicer, on behalf of the Trustee, shall, pursuant to the
Servicing Agreements, object to the foreclosure upon, or other related
conversion of the ownership of, any Mortgaged Property by the related Servicer
if (i) the Master Servicer believes such Mortgaged Property may be contaminated
with or affected by hazardous wastes or hazardous substances or (ii) such
Servicer does not agree to administer such Mortgaged Property, once the related
Mortgage Loan becomes an REO Mortgage Loan, in a manner which would not result
in a federal tax being imposed upon the Trust Estate or the REMIC.
The Master Servicer may enter into a special servicing agreement with an
unaffiliated holder of 100% Percentage Interest of a Class B Subclass or a
holder of a class of securities representing interests in the Class B
Certificates and/or other subordinated mortgage pass-through certificates, such
agreement to be substantially in the form of Exhibit M hereto or subject to each
Rating Agency's acknowledgment that the ratings of the Certificates in effect
immediately prior to the entering into of such agreement would not be qualified,
downgraded or withdrawn and the Certificates would not be placed on credit
review status (except for possible upgrading) as a result of such agreement. Any
such agreement may contain provisions whereby such holder may instruct the
Master Servicer to instruct a Servicer to the extent provided in the applicable
Servicing Agreement to commence or delay foreclosure proceedings with respect to
delinquent Mortgage Loans and will contain provisions for the deposit of cash by
the holder that would be available for distribution to Certificateholders if
Liquidation Proceeds are less than they otherwise may have been had the Servicer
acted in accordance with its normal procedures.
Section 3.09. Termination and Substitution of Servicing
Agreements.
Upon the occurrence of any event for which a Servicer may be terminated
pursuant to its Servicing Agreement, the Master Servicer shall promptly deliver
to the Seller and the Trustee an Officer's Certificate certifying that an event
has occurred which may justify termination of such Servicing Agreement,
describing the circumstances surrounding such event and recommending what action
should be taken by the Trustee with respect to such Servicer. If the Master
Servicer recommends that such Servicing Agreement be terminated, the Master
Servicer's certification must state that the breach is material and not merely
technical in nature. Upon written direction of the Master Servicer, based upon
such certification, the Trustee shall promptly terminate such Servicing
Agreement. Notwithstanding the foregoing, in the event that (i) Norwest Mortgage
fails to make any advance, as a consequence of which the Trustee is obligated to
make an advance pursuant to Section 3.03 and (ii) the Trustee provides Norwest
Mortgage written notice of the failure to make such advance and such failure
shall continue unremedied for a period of 15 days after receipt of such notice,
the Trustee shall terminate the Norwest Servicing Agreement without the
recommendation of the Master Servicer. The Master Servicer shall indemnify the
Trustee and hold it harmless from and against any and all claims, liabilities,
costs and expenses (including, without limitation, reasonable attorneys' fees)
arising out of, or assessed against the Trustee in connection with termination
of such Servicing Agreement at the direction of the Master Servicer. If the
Trustee terminates such Servicing Agreement, the Trustee may enter into a
substitute Servicing Agreement with the Master Servicer or, at the Master
Servicer's nomination, with another mortgage loan service company acceptable to
the Trustee, the Master Servicer and each Rating Agency under which the Master
Servicer or such substitute servicer, as the case may be, shall assume, satisfy,
perform and carry out all liabilities, duties, responsibilities and obligations
that are to be, or otherwise were to have been, satisfied, performed and carried
out by such Servicer under such terminated Servicing Agreement. Until such time
as the Trustee enters into a substitute servicing agreement with respect to the
Mortgage Loans previously serviced by such Servicer, the Master Servicer shall
assume, satisfy, perform and carry out all obligations which otherwise were to
have been satisfied, performed and carried out by such Servicer under its
terminated Servicing Agreement. However, in no event shall the Master Servicer
be deemed to have assumed the obligations of a Servicer to advance payments of
principal and interest on a delinquent Mortgage Loan in excess of the Master
Servicer's independent Periodic Advance obligation under Section 3.03 of this
Agreement. As compensation for the Master Servicer of any servicing obligations
fulfilled or assumed by the Master Servicer, the Master Servicer shall be
entitled to any servicing compensation to which a Servicer would have been
entitled if the Servicing Agreement with such Servicer had not been terminated.
Section 3.10. 1934 Act Reports.
The Master Servicer shall, on behalf of the Seller, make all filings
required to be made by the Seller with respect to the Class A, Class M, Class
B-1 and Class B-2 Certificates pursuant to the Securities Exchange Act of 1934,
as amended.
<PAGE>
ARTICLE IV
DISTRIBUTIONS IN RESPECT OF CERTIFICATES;
PAYMENTS TO CERTIFICATEHOLDERS;
STATEMENTS AND REPORTS
Section 4.01. Distributions.
(a) On each Distribution Date, the Pool Distribution Amount will be applied
in the following amounts, to the extent the Pool Distribution Amount is
sufficient therefor, in the manner and in the order of priority as follows:
first, to the Subclasses of Class A Certificates (other than the Class A-PO
Certificates), pro rata, based upon their respective Class A Subclass Interest
Accrual Amounts, in an aggregate amount up to the sum of the Class A Subclass
Interest Accrual Amounts with respect to such Distribution Date;
second, to the Subclasses of Class A Certificates (other than the Class A-PO
Certificates), pro rata, based upon their respective Class A Subclass Unpaid
Interest Shortfalls, in an aggregate amount up to the sum of the previously
unpaid Class A Subclass Unpaid Interest Shortfalls;
third, concurrently, to the Class A Certificates (other than the Class A-PO
Certificates) and the Class A-PO Certificates, pro rata, based on their
respective Class A Non-PO Optimal Principal Amount and Class A-PO Optimal
Principal Amount, (A) to the Subclasses of Class A Certificates (other than the
Class A-PO Certificates), in an aggregate amount up to the Class A Non-PO
Optimal Principal Amount, such distribution to be allocated among such
Subclasses in accordance with Section 4.01(b) or Section 4.01(c), as applicable,
and (B) to the Class A-PO Certificates in an amount up to the Class A-PO Optimal
Principal Amount;
fourth, to the Class A-PO Certificates in an amount up to the Class A-PO
Deferred Amount from amounts otherwise distributable (without regard to this
Paragraph fourth) first to the Class B-5 Certificates pursuant to Paragraph
twenty-second, below, second to the Class B-4 Certificates pursuant to Paragraph
nineteenth, below, third to the Class B-3 Certificates pursuant to Paragraph
sixteenth, below, fourth to the Class B-2 Certificates pursuant to Paragraph
thirteenth, below, fifth to the Class B-1 Certificates pursuant to Paragraph
tenth below, and sixth to the Class M Certificates pursuant to Paragraph seventh
below;
fifth, to the Class M Certificates in an amount up to the Class M Interest
Accrual Amount with respect to such Distribution Date;
sixth, to the Class M Certificates in an amount up to the Class M
Unpaid Interest Shortfall;
seventh, to the Class M Certificates in an amount up to the Class M Optimal
Principal Amount; provided, however, that the amount distributable to the Class
M Certificates pursuant to this Paragraph seventh will be reduced by the amount,
if any, that would have been distributable to the Class M Certificates hereunder
used to pay the Class A-PO Deferred Amount as provided in Paragraph fourth
above;
eighth, to the Class B-1 Certificates in an amount up to the Class B
Subclass Interest Accrual Amount for the Class B-1 Certificates with respect to
such Distribution Date;
ninth, to the Class B-1 Certificates in an amount up to the Class
B-1 Unpaid Interest Shortfall;
tenth, to the Class B-1 Certificates in an amount up to the Class B-1
Optimal Principal Amount; provided, however, that the amount distributable to
the Class B-1 Certificates pursuant to this Paragraph tenth will be reduced by
the amount, if any, that would have been distributable to the Class B-1
Certificates hereunder used to pay the Class A-PO Deferred Amount as provided in
Paragraph fourth above;
eleventh, to the Class B-2 Certificates in an amount up to the Class B
Subclass Interest Accrual Amount for the Class B-2 Certificates with respect to
such Distribution Date;
twelfth, to the Class B-2 Certificates in an amount up to the
Class B-2 Unpaid Interest Shortfall;
thirteenth, to the Class B-2 Certificates in an amount up to the Class B-2
Optimal Principal Amount; provided, however, that the amount distributable to
the Class B-2 Certificates pursuant to this Paragraph thirteenth will be reduced
by the amount, if any, that would have been distributable to the Class B-2
Certificates hereunder used to pay the Class A-PO Deferred Amount as provided in
Paragraph fourth above;
fourteenth, to the Class B-3 Certificates in an amount up to the Class B
Subclass Interest Accrual Amount for the Class B-3 Certificates with respect to
such Distribution Date;
fifteenth, to the Class B-3 Certificates in an amount up to the
Class B-3 Unpaid Interest Shortfall;
sixteenth, to the Class B-3 Certificates in an amount up to the Class B-3
Optimal Principal Amount; provided, however, that the amount distributable to
the Class B-3 Certificates pursuant to this Paragraph sixteenth will be reduced
by the amount, if any, that would have been distributable to the Class B-3
Certificates hereunder used to pay the Class A-PO Deferred Amount as provided in
Paragraph fourth above;
seventeenth, to the Class B-4 Certificates in an amount up to the Class B
Subclass Interest Accrual Amount for the Class B-4 Certificates with respect to
such Distribution Date;
eighteenth, to the Class B-4 Certificates in an amount up to the
Class B-4 Unpaid Interest Shortfall;
nineteenth, to the Class B-4 Certificates in an amount up to the Class B-4
Optimal Principal Amount; provided, however, that the amount distributable to
the Class B-4 Certificates pursuant to this Paragraph nineteenth will be reduced
by the amount, if any, that would have been distributable to the Class B-4
Certificates hereunder used to pay the Class A-PO Deferred Amount as provided in
Paragraph fourth above; and
twentieth, to the Class B-5 Certificates in an amount up to the Class B
Subclass Interest Accrual Amount for the Class B-5 Certificates with respect to
such Distribution Date;
twenty-first, to the Class B-5 Certificates in an amount up to
the Class B-5 Unpaid Interest Shortfall;
twenty-second, to the Class B-5 Certificates in an amount up to the Class
B-5 Optimal Principal Amount; provided, however, that the amount distributable
to the Class B-5 Certificates pursuant to this Paragraph twenty-second will be
reduced by the amount, if any, that would have been distributable to the Class
B-5 Certificates hereunder used to pay the Class A-PO Deferred Amount as
provided in Paragraph fourth above; and
twenty-third, to the Holder of the Class A-R Certificate.
Notwithstanding the foregoing, after the Principal Balance of any Class or
Subclass (other than the Class A-R Certificate) has been reduced to zero, such
Class or Subclass will be entitled to no further distributions of principal or
interest (including, without limitation, any Unpaid Interest Shortfalls).
In addition, Net Foreclosure Profits, if any, with respect to such
Distribution Date minus any portion thereof payable to a Servicer pursuant to
Section 3.02(ix) hereof shall be distributed to the Holder of the Class A-R
Certificate.
With respect to any Distribution Date, the amount of the Principal
Adjustment, if any, attributable to any Class B Subclass will be allocated pro
rata based on principal balance among the Class A Certificates (other than the
Class A-PO Certificates), the Class M Certificates and any Class B Subclass with
a lower numerical designation and the amount of the Principal Adjustment, if
any, attributable to the Class M Certificates will be allocated to the
Subclasses of Class A Certificates (other than the Class A-PO Certificates) pro
rata based on the Class A Subclass Principal Balances.
(b) On each Distribution Date prior to the Cross-Over Date, the Class A
Non-PO Principal Distribution Amount will be allocated among and distributed in
reduction of the Class A Subclass Principal Balances of the Subclasses of Class
A Certificates (other than the Class A Subclass Principal Balance of the Class
A-PO Certificates) as follows:
first, to the Class A-15 Certificates, up to the Class A-15
Priority Amount; second, to the Class A-R Certificate, until the Class A
Subclass Principal Balance thereof has been reduced to zero;
third, to the Class A-1 Certificates until the Class A
Subclass Principal Balance thereof has been reduced to zero;
fourth, concurrently, 42.6552975582% to the Class A-2
Certificates, 24.6784820831% to the Class A-3 Certificates and 32.6662203587% to
the Class A-5 Certificates until the Class A Subclass Principal Balances of the
Class A-2 and Class A-3 Certificates have been reduced to zero;
fifth, concurrently, 28.5697389042% to the Class A-5
Certificates and 71.4302610958% to the Class A-6 Certificates until the Class A
Subclass Principal Balance of the Class A-6 Certificates has been reduced to
zero;
sixth, concurrently, 37.3567583076% to the Class A-4
Certificates, 8.9683222790% to the Class A-5 Certificates and 53.6749194134% to
the Class A-7 Certificates until the Class A Subclass Principal Balance of the
Class A-7 Certificates has been reduced to zero;
seventh, concurrently, 30.2008355565% to the Class A-4
Certificates, 5.2499119142% to the Class A-5 Certificates and 64.5492525293% to
the Class A-8 Certificates until the Class A Subclass Principal Balances of the
Class A-5 and Class A-8 Certificates have been reduced to zero;
eighth, concurrently, 28.5554774410% to the Class A-4
Certificates and 71.4445225590% to the Class A-9 Certificates until the Class A
Subclass Principal Balance of the Class A-9 Certificates has been reduced to
zero;
ninth, concurrently, 28.5542717522% to the Class A-4
Certificates and 71.4457282478% to the Class A-10 Certificates until the Class A
Subclass Principal Balance of the Class A-10 Certificates has been reduced to
zero;
tenth, concurrently, 16.6571141997% to the Class A-4
Certificates and 83.3428858003% to the Class A-11 Certificates until the Class A
Subclass Principal Balance of each such Subclass has been reduced to zero;
eleventh, sequentially, to the Class A-12, Class A-13 and
Class A-14 Certificates, in that order, until the Class A Subclass Principal
Balance of each such Subclass has been reduced to zero; and
twelfth, to the Class A-15 Certificates, without regard to the
Class A-15 Priority Amount, until the Class A Subclass Principal Balance thereof
has been reduced to zero
(c) Notwithstanding the foregoing, on each Distribution Date
occurring on or after the Cross Over Date, the Class A Non-PO Principal
Distribution Amount will be distributed among the remaining Subclasses of Class
A Certificates (other than the Class A-PO Certificates) pro rata in accordance
with their outstanding Class A Subclass Principal Balances without regard to
either the proportions or priorities set forth above.
(d) (i) For purposes of determining whether the Subclasses of Class B
Certificates are eligible to receive distributions of principal with respect to
any Distribution Date, the following tests shall apply:
(A) if the Current Class M Fractional Interest is less than
the Original Class M Fractional Interest and the Class M Principal
Balance is greater than zero, the Class B-1, Class B-2, Class B-3,
Class B-4 and Class B-5 Certificates shall not be eligible to receive
distributions of principal; or
(B) if the Current Class B-1 Fractional Interest is less than
the Original Class B-1 Fractional Interest and the Class B-1 Principal
Balance is greater than zero, the Class B-2, Class B-3, Class B-4 and
Class B-5 Certificates shall not be eligible to receive distributions
of principal; or
(C) if the Current Class B-2 Fractional Interest is less than
the Original Class B-2 Fractional Interest and the Class B-2 Principal
Balance is greater than zero, the Class B-3, Class B-4 and Class B-5
Certificates shall not be eligible to receive distributions of
principal; or
(D) if the Current Class B-3 Fractional Interest is less than
the Original Class B-3 Fractional Interest and the Class B-3 Principal
Balance is greater than zero, the Class B-4 and Class B-5 Certificates
shall not be eligible to receive distributions of principal; or
(E) if the Current Class B-4 Fractional Interest is less than
the Original Class B-4 Fractional Interest and the Class B-4 Principal
Balance is greater than zero, the Class B-5 Certificates shall not be
eligible to receive distributions of principal.
(ii) Notwithstanding the foregoing, if on any Distribution Date the
aggregate distributions to Holders of the Class M Certificates and/or the
Subclasses of Class B Certificates entitled to receive distributions of
principal would reduce the Principal Balances of the Class M Certificates and/or
the Subclasses of Class B Certificates entitled to receive distributions of
principal below zero, first the Class M Prepayment Percentage and/or the Class B
Subclass Prepayment Percentage of any affected Class B Subclass for such
Distribution Date beginning with the affected Subclass with the lowest numerical
Subclass designation and then, if necessary, the Class M Percentage and/or the
Class B Subclass Percentage of such Subclass of the Class B Certificates for
such Distribution Date shall be reduced to the respective percentages necessary
to bring the Class M Principal Balance and/or the Class B Subclass Principal
Balance of such Class B Subclass to zero. The Class B Subclass Prepayment
Percentages and the Class B Subclass Percentages of the remaining Class B
Subclasses will be recomputed substituting for the Subordinated Prepayment
Percentage and Subordinated Percentage in such computations the difference
between (A) the Subordinated Prepayment Percentage or Subordinated Percentage,
as the case may be, and (B) the percentages determined in accordance with the
preceding sentence necessary to bring the Class M Principal Balance and/or the
Class B Subclass Principal Balances of the affected Class B Subclasses to zero;
provided, however, that if the Class B Subclass Principal Balances of all the
Class B Subclasses eligible to receive distributions of principal shall be
reduced to zero on such Distribution Date, the Class B Subclass Prepayment
Percentage and the Class B Subclass Percentage of the Class B Subclass with the
lowest numerical Subclass designation which would otherwise be ineligible to
receive distributions of principal in accordance with this Section shall equal
the remainder of the Subordinated Prepayment Percentage for such Distribution
Date minus the sum of the Class M Prepayment Percentage and the Class B Subclass
Prepayment Percentages of the Class B Subclasses having lower numerical Subclass
designations, if any, and the remainder of the Subordinated Percentage for such
Distribution Date minus the sum of the Class M Percentage and the Class B
Subclass Percentages of the Class B Subclasses having lower numerical Subclass
designations, if any, respectively. Any entitlement of any Class B Subclass to
principal payments solely pursuant to this clause (ii) shall not cause such
Subclass to be regarded as being eligible to receive principal distributions for
the purpose of applying the definition of its Class B Subclass Percentage or
Class B Subclass Prepayment Percentage.
(e) On each Distribution Date other than the Final Distribution Date (if
such Final Distribution Date is in connection with a purchase of the assets of
the Trust Estate by the Seller), the Paying Agent shall, on behalf of the Master
Servicer, from funds remitted to it by the Master Servicer, distribute to each
Certificateholder of record on the preceding Record Date (other than as provided
in Section 9.01 respecting the final distribution to Certificateholders or in
the last paragraph of this Section 4.01(e) respecting the final distribution in
respect of any Class or Subclass) either in immediately available funds by wire
transfer to the account of such Certificateholder at a bank or other entity
having appropriate facilities therefor, if such Certificateholder holds
Certificates having a Denomination at least equal to that specified in Section
11.24, and has so notified the Master Servicer or, if applicable, the Paying
Agent at least seven Business Days prior to the Distribution Date or, if such
Holder holds Certificates having, in the aggregate, a Denomination less than the
requisite minimum Denomination or if such Holder holds the Class A-R Certificate
or has not so notified the Paying Agent, by check mailed to such Holder at the
address of such Holder appearing in the Certificate Register, such Holder's
share (based on, with respect to each Class or Subclass, the aggregate of the
Percentage Interests represented by Certificates of the applicable Class or
Subclass of Certificates held by such Holder) of the Class A Subclass
Distribution Amount with respect to each Subclass of Class A Certificates, the
Class M Distribution Amount with respect to the Class M Certificates and the
Class B Subclass Distribution Amount with respect to each such Subclass of Class
B Certificates.
In the event that, on any Distribution Date prior to the Final Distribution
Date, the Class A Subclass Principal Balance of any Subclass of Class A
Certificates (other than the Class A-R Certificate), the Class M Principal
Balance of the Class M Certificates or the Class B Subclass Principal Balance of
any Subclass of Class B Certificates would be reduced to zero, the Master
Servicer shall, as soon as practicable after the Determination Date relating to
such Distribution Date, send a notice to the Trustee. The Trustee will then send
a notice to each Certificateholder of such Class or Subclass with a copy to the
Certificate Registrar, specifying that the final distribution with respect to
such Class or Subclass will be made on such Distribution Date only upon the
presentation and surrender of such Certificateholder's Certificates at the
office or agency of the Trustee therein specified; provided, however, that the
failure to give such notice will not entitle a Certificateholder to any interest
beyond the interest payable with respect to such Distribution Date in accordance
with Section 4.01(a).
(f) The Paying Agent (or if no Paying Agent is appointed by the Master
Servicer, the Master Servicer) shall withhold or cause to be withheld such
amounts as may be required by the Code (giving full effect to any exemptions
from withholding and related certifications required to be furnished by
Certificateholders and any reductions to withholding by virtue of any bilateral
tax treaties and any applicable certification required to be furnished by
Certificateholders with respect thereto) from distributions to be made to
Non-U.S. Persons. Amounts withheld pursuant to this Section 4.01(f) shall be
treated as having been distributed to the related Certificateholder for all
purposes of this Agreement. For the purposes of this paragraph, a "Non-U.S.
Person" is an individual, corporation, partnership or other person other than 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 or any
political subdivision thereof, an estate that is subject to United States
federal income tax regardless of the source of its income or a trust if (i) for
taxable years beginning after December 31, 1996 (or for taxable years ending
after August 20, 1996, if the trustee has made an applicable election), a court
within the United States is able to exercise primary supervision over the
administration of such trust, and one or more United States fiduciaries have the
authority to control all substantial decisions of such trust or (ii) for all
other taxable years, such trust is subject to United States federal income tax
regardless of the source of its income.
Section 4.02. Allocation of Realized Losses.
(a) With respect to any Distribution Date, the principal portion of
Realized Losses (other than Debt Service Reductions, Excess Special Hazard
Losses, Excess Fraud Losses and Excess Bankruptcy Losses) will be allocated as
follows:
first, to the Class B-5 Certificates until the Class B-5
Principal Balance has been reduced to zero;
second, to the Class B-4 Certificates until the Class B-4
Principal Balance has been reduced to zero;
third, to the Class B-3 Certificates until the Class B-3
Principal Balance has been reduced to zero;
fourth, to the Class B-2 Certificates until the Class B-2
Principal Balance has been reduced to zero;
fifth, to the Class B-1 Certificates until the Class B-1
Principal Balance has been reduced to zero;
sixth, to the Class M Certificates until the Class M Principal
Balance has been reduced to zero; and
seventh, concurrently, to the Class A Certificates (other than the Class
A-PO Certificates) and Class A-PO Certificates, pro rata, based on the Non-PO
Fraction and the PO Fraction, respectively.
This allocation of Realized Losses will be effected through the reduction of
the applicable Class's or Subclass's Principal Balance.
(b) With respect to any Distribution Date, the principal portion of Excess
Special Hazard Losses, Excess Fraud Losses and Excess Bankruptcy Losses
occurring with respect to any Mortgage Loan allocable to the Class A-PO
Certificates will equal the product of the amount of any such principal loss and
the PO Fraction for such Mortgage Loan. The principal portion of any Excess
Special Hazard Losses, Excess Fraud Losses and Excess Bankruptcy Losses
remaining after allocation to the Class A-PO Certificates in accordance with the
preceding sentence shall be allocated pro rata among the Class A Certificates
(other than the Class A-PO Certificates), Class M Certificates and Class B
Certificates based on the Class A Non-PO Principal Balance, Class M Principal
Balance and the Class B Principal Balance, respectively. Any such loss allocated
to the Class A Certificates shall be allocated on the subsequent Determination
Date among the outstanding Subclasses of Class A Certificates (other than the
Class A-PO Certificates) in accordance with the Class A Subclass Loss
Percentages as of such Determination Date. Any such loss allocated to the Class
B Certificates shall be allocated pro rata among the outstanding Subclasses of
Class B Certificates based on their Class B Subclass Principal Balances.
(c) Any Realized Losses allocated to a Subclass of Class A Certificates or
Class B Certificates or to the Class M Certificates pursuant to Section 4.02(a)
or Section 4.02(b) shall be allocated among the Certificates of such Subclass or
Class based on their Percentage Interests.
(d) In the event that there is a recovery of an amount in respect of
principal of a Mortgage Loan which had previously been allocated as a Realized
Loss to any Subclasses of Class A Certificates, the Class M Certificates or any
Subclasses of Class B Certificates, each outstanding Class or Subclass to which
such Realized Loss had previously been allocated shall be entitled to its share
(with respect to the Class A-PO Certificates, based on the PO Fraction of such
Mortgage Loan and, with respect to the Class A Certificates (other than the
Class A-PO Certificates), Class M Certificates and Class B Certificates, based
on their pro rata share of the Non-PO Fraction of such Mortgage Loan) of such
recovery up to the amount of such Realized Loss previously allocated to such
Class or Subclass on the Distribution Date in the month following the month in
which such recovery is received. When the Principal Balance of a Class or
Subclass of Certificates has been reduced to zero, such Class or Subclass shall
not be entitled to any share of such recovery. In the event that the amount of
such recovery exceeds the amount of such recovery allocated to each outstanding
Class or Subclass in accordance with the preceding provisions, each outstanding
Class or Subclass shall be entitled to its pro rata share (determined as
described above) of such excess up to the amount of any unrecovered Realized
Loss previously allocated to such Class or Subclass.
(e) The interest portion of Excess Special Hazard Losses, Excess Fraud
Losses and Excess Bankruptcy Losses shall be allocated among the Class A
Certificates, Class M Certificates and Class B Certificates, pro rata based on
the Class A Interest Accrual Amount, the Class M Interest Accrual Amount and the
Class B Interest Accrual Amount for the related Distribution Date, without
regard to any reduction pursuant to this sentence. Any such loss allocated to
the Class A Certificates shall be allocated among the outstanding Subclasses of
Class A Certificates (other than the Class A-PO Certificates) based on their
Class A Subclass Interest Percentages. Any such loss allocated to the Class B
Certificates will be allocated among the outstanding Subclasses of Class B
Certificates based on their Class B Subclass Interest Percentages. In addition,
after the Class M Principal Balance and the Class B Principal Balance have been
reduced to zero, the interest portion of Realized Losses (other than Excess
Special Hazard Losses, Excess Fraud Losses and Excess Bankruptcy Losses) will be
allocated among the outstanding Subclasses of Class A Certificates (other than
the Class A-PO Certificates) based on their Class A Subclass Interest
Percentages.
(f) Realized Losses allocated in accordance with this Section 4.02 will be
allocated on the Determination Date in the second month following the month in
which such loss was incurred with respect to the preceding Distribution Date.
Section 4.03. Paying Agent.
(a) The Master Servicer hereby appoints the Trustee as initial Paying Agent
to make distributions to Certificateholders and to forward to Certificateholders
the periodic statements and the annual statements required by Section 4.04 as
agent of the Master Servicer.
The Master Servicer may, at any time, remove or replace the Paying Agent.
The Master Servicer shall cause any Paying Agent that is not the Trustee to
execute and deliver to the Trustee an instrument in which such Paying Agent
agrees with the Trustee that such Paying Agent shall:
(i) hold all amounts remitted to it by the Master Servicer
for distribution to Certificateholders in trust for the benefit of
Certificateholders until such amounts are distributed to
Certificateholders or otherwise disposed of as herein provided;
(ii) give the Trustee notice of any default by
the Master Servicer in remitting any required amount; and
(iii) at any time during the continuance of any such default,
upon the written request of the Trustee, forthwith pay to the Trustee
all amounts held in trust by such Paying Agent.
(b) The Paying Agent shall establish and maintain a Payment Account, which
shall be a separate trust account and an Eligible Account, in which the Master
Servicer shall cause to be deposited from funds in the Certificate Account or,
to the extent required hereunder, from its own funds (i) at or before 10:00
a.m., New York time, on the Business Day preceding each Distribution Date, by
wire transfer of immediately available funds, any Periodic Advance for such
Distribution Date, pursuant to Section 3.03 and (ii) at or before 10:00 a.m.,
New York time, on the Business Day preceding each Distribution Date, by wire
transfer of immediately available funds, (a) an amount equal to the Pool
Distribution Amount, (b) Net Foreclosure Profits, if any, with respect to such
Distribution Date and (c) the amount of any recovery in respect of a Realized
Loss. The Master Servicer may cause the Paying Agent to invest the funds in the
Payment Account. Any such investment shall be in Eligible Investments, which
shall mature not later than the Business Day preceding the related Distribution
Date (unless the Eligible Investments are obligations of the Trustee, in which
case such Eligible Investments shall mature not later than the Distribution
Date), and shall not be sold or disposed of prior to maturity. 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 Payment Account by the Master Servicer out of its own funds
immediately as realized. The Paying Agent may withdraw from the Payment Account
any amount deposited in the Payment Account that was not required to be
deposited therein and may clear and terminate the Payment Account pursuant to
Section 9.01.
Section 4.04. Statements to Certificateholders;
Report to the Trustee and the Seller.
Concurrently with each distribution pursuant to Section 4.01(e), the Master
Servicer, or the Paying Agent appointed by the Master Servicer (upon receipt of
such statement from the Master Servicer), shall forward or cause to be forwarded
by mail to each Holder of a Certificate and the Seller a statement setting
forth:
(i) the amount of such distribution to Holders of each Class A
Subclass allocable to principal, separately identifying the aggregate
amount of any Unscheduled Principal Receipts included therein;
(ii) (a) the amount of such distribution to Holders of each
Subclass of Class A Certificates allocable to interest, (b) the amount
of the Current Class A Interest Distribution Amount allocated to each
Class A Subclass, (c) any Class A Subclass Interest Shortfall Amounts
arising with respect to such Distribution Date and any remaining Class
A Subclass Unpaid Interest Shortfall with respect to each Subclass
after giving effect to such distribution, (d) the amount of any
Non-Supported Interest Shortfall allocated to each Class A Subclass
for such Distribution Date and (e) the interest portion of Excess
Special Hazard Losses, Excess Fraud Losses and Excess Bankruptcy
Losses allocated to each Subclass for such Distribution Date;
(iii) the amount of such distribution to Holders of the Class
M Certificates allocable to principal, identifying the aggregate
amount of any Unscheduled Principal Receipts included therein;
(iv) (a) the amount of such distribution to Holders of the
Class M Certificates allocable to interest, (b) the amount of the
Current Class M Interest Distribution Amount, (c) any Class M Interest
Shortfall Amount arising with respect to such Distribution Date and
any remaining Class M Unpaid Interest Shortfall after giving effect to
such distribution, (d) the amount of any Non-Supported Interest
Shortfall allocated to the Class M Certificates for such Distribution
Date and (e) the interest portion of Excess Special Hazard Losses,
Excess Fraud Losses and Excess Bankruptcy Losses allocated to the
Class M Certificates for such Distribution Date;
(v) the amount of such distribution to Holders of each Class B
Subclass allocable to principal, separately identifying the aggregate
amount of any Unscheduled Principal Receipts included therein;
(vi) (a) the amount of such distribution to Holders of each
Class B Subclass allocable to interest, (b) the amount of the Current
Class B Interest Distribution Amount allocated to each Class B
Subclass and the Pass-Through Rate applicable to such Distribution
Date, (c) any Class B Subclass Interest Shortfall Amounts arising with
respect to such Distribution Date and any remaining Class B Subclass
Unpaid Interest Shortfall with respect to each Class B Subclass after
giving effect to such distribution, (d) the amount of any
Non-Supported Interest Shortfall allocated to each Class B Subclass
for such Distribution Date, and (e) the interest portion of Excess
Special Hazard Losses, Excess Fraud Losses and Excess Bankruptcy
Losses allocated to each Class B Subclass for such Distribution Date;
(vii) the amount of any Periodic Advance by any Servicer, the
Master Servicer or the Trustee pursuant to the Servicing Agreements or
this Agreement;
(viii) the number of Mortgage Loans outstanding as of the
preceding Determination Date;
(ix) the Class A Principal Balance, the Class A Subclass
Principal Balance of each Subclass of Class A Certificates, the Class
M Principal Balance, the Class B Principal Balance and the Class B
Subclass Principal Balance of each Subclass of Class B Certificates as
of the following Determination Date after giving effect to the
distributions of principal made, and the principal portion of Realized
Losses, if any, allocated with respect to such Distribution Date;
(x) the Adjusted Pool Amount, the Adjusted Pool Amount (PO
Portion), the Pool Scheduled Principal Balance of the Mortgage Loans
for such Distribution Date and the aggregate Scheduled Principal
Balance of the Discount Mortgage Loans for such Distribution Date;
(xi) the aggregate Scheduled Principal Balances of the
Mortgage Loans serviced by Norwest Mortgage and, collectively, by the
Other Servicers as of such Distribution Date;
(xii) the Class A Percentage for the following Distribution
Date (without giving effect to Unscheduled Principal Receipts received
after the Applicable Unscheduled Principal Receipt Period for the
current Distribution Date which are applied by a Servicer during such
Applicable Unscheduled Principal Receipt Period);
(xiii) the Class A Prepayment Percentage for the following
Distribution Date (without giving effect to Unscheduled Principal
Receipts received after the Applicable Unscheduled Principal Receipt
Period for the current Distribution Date which are applied by a
Servicer during such Applicable Unscheduled Principal Receipt Period);
(xiv) the Class M Percentage for the following Distribution
Date (without giving effect to Unscheduled Principal Receipts received
after the Applicable Unscheduled Principal Receipt Period for the
current Distribution Date which are applied by a Servicer during such
Applicable Unscheduled Principal Receipt Period);
(xv) the Class M Prepayment Percentage for the following
Distribution Date (without giving effect to Unscheduled Principal
Receipts received after the Applicable Unscheduled Principal Receipt
Period for the current Distribution Date which are applied by a
Servicer during such Applicable Unscheduled Principal Receipt Period);
(xvi) the Class B-1, Class B-2, Class B-3, Class B-4 and Class
B-5 Percentages for the following Distribution Date (without giving
effect to Unscheduled Principal Receipts received after the Applicable
Unscheduled Principal Receipt Period for the current Distribution Date
which are applied by a Servicer during such Applicable Unscheduled
Principal Receipt Period);
(xvii) the Class B-1, Class B-2, Class B-3, Class B-4 and
Class B-5 Prepayment Percentages for the following Distribution Date
(without giving effect to Unscheduled Principal Receipts received
after the Applicable Unscheduled Principal Receipt Period for the
current Distribution Date which are applied by a Servicer during such
Applicable Unscheduled Principal Receipt Period);
(xviii) the number and aggregate principal balances of
Mortgage Loans delinquent (a) one month, (b) two months and (c) three
months or more;
(xix) the number and aggregate principal balances of the
Mortgage Loans in foreclosure as of the preceding Determination Date;
(xx) the book value of any real estate acquired through
foreclosure or grant of a deed in lieu of foreclosure;
(xxi) the amount of the remaining Special Hazard Loss Amount,
Fraud Loss Amount and Bankruptcy Loss Amount as of the close of
business on such Distribution Date;
(xxii) the principal and interest portions of Realized Losses
allocated as of such Distribution Date and the amount of such Realized
Losses constituting Excess Special Hazard Losses, Excess Fraud Losses
or Excess Bankruptcy Losses;
(xxiii) the aggregate amount of Bankruptcy Losses allocated to
each Subclass of Class B Certificates or, following the reduction of
the Class B Principal Balance to zero, solely to the Class M
Certificates in accordance with Section 4.02(a) since the Relevant
Anniversary;
(xxiv) the amount by which the Class B Subclass Principal
Balance of each Subclass of Class B Certificates and the Class M
Principal Balance has been reduced as a result of Realized Losses
allocated as of such Distribution Date;
(xxv) the unpaid principal balance of any Mortgage Loan as to
which the Servicer of such Mortgage Loan has determined not to
foreclose because it believes the related Mortgaged Property may be
contaminated with or affected by hazardous wastes or hazardous
substances;
(xxvi) the amount of the aggregate Servicing Fees and Master
Servicing Fees paid (and not previously reported) with respect to the
related Distribution Date and the amount by which the aggregate
Available Master Servicer Compensation has been reduced by the
Prepayment Interest Shortfall for the related Distribution Date;
(xxvii) the Class A-PO Deferred Amount, if any; and
(xxviii) such other customary information as the Master
Servicer deems necessary or desirable to enable Certificateholders to
prepare their tax returns;
and shall deliver a copy of each type of statement to the Trustee, who shall
provide copies thereof to Persons making written request therefor at the
Corporate Trust Office.
In the case of information furnished with respect to a Subclass of Class A
Certificates pursuant to clauses (i) and (ii) above, with the Class M
Certificates pursuant to clauses (iii) and (iv) above and with respect to a
Class B Subclass pursuant to clauses (v) and (vi) above, the amounts shall be
expressed as a dollar amount per Class A, Class M or Class B Certificate (other
than the Class A-R Certificate) with a $1,000 Denomination, and as a dollar
amount per Class A-R Certificate with a $200 Denomination.
Within a reasonable period of time after the end of each calendar year, the
Master Servicer shall furnish or cause to be furnished to each Person who at any
time during the calendar year was the Holder of a Certificate a statement
containing the information set forth in clauses (i) and (ii)(a) above in the
case of a Class A Certificateholder, the information set forth in clauses (iii)
and (iv)(a) above in the case of a Class M Certificateholder and the information
contained in clauses (v) and (vi)(a) above in the case of a Class B
Certificateholder 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.
Prior to the close of business on the third Business Day preceding each
Distribution Date, the Master Servicer shall furnish a statement to the Trustee,
any Paying Agent and the Seller (the information in such statement to be made
available to Certificateholders by the Master Servicer on written request)
setting forth the Class A Subclass Distribution Amount with respect to each
Class A Subclass, the Class M Distribution Amount and the Class B Subclass
Distribution Amount with respect to each Class B Subclass. 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
and the Paying Agent shall be protected in relying upon the same without any
independent check or verification.
In addition to the reports required pursuant to this Section 4.04, the
Master Servicer shall make available upon request to each Holder and each
proposed transferee of a Class M or Class B Certificate such additional
information, if any, as may be required to permit the proposed transfer to be
effected pursuant to Rule 144A.
Section 4.05. Reports to Mortgagors and the Internal Revenue
Service.
The Master Servicer shall, in each year beginning after the Cut-Off Date,
make the reports of foreclosures and abandonments of any Mortgaged Property as
required by Code Section 6050J. In order to facilitate this reporting process,
the Master Servicer shall request that each Servicer, on or before January 15th
of each year, shall provide to the Internal Revenue Service, with copies to the
Master Servicer, reports relating to each instance occurring during the previous
calendar year in which such Servicer (i) on behalf of the Trustee acquires an
interest in a Mortgaged Property through foreclosure or other comparable
conversion in full or partial satisfaction of a Mortgage Loan serviced by such
Servicer, or (ii) knows or has reason to know that a Mortgaged Property has been
abandoned. Reports from the Servicers shall be in form and substance sufficient
to meet the reporting requirements imposed by Code Section 6050J. In addition,
each Servicer shall provide the Master Servicer with sufficient information to
allow the Master Servicer to, for each year ending after the Cut-Off Date,
provide, or cause to be provided, to the Internal Revenue Service and the
Mortgagors such information as is required under Code Sections 6050H (regarding
payment of interest) and 6050P (regarding cancellation of indebtedness).
<PAGE>
ARTICLE V
THE CERTIFICATES
Section 5.01. The Certificates.
(a) The Class A, Class M and Class B Certificates shall be issued only in
minimum Denominations of a Single Certificate and, except for the Class A-R
Certificate, integral multiples of $1,000 in excess thereof (except, if
necessary, for one Certificate of each Class or Subclass (other than the Class
A-R Certificate) that evidences one Single Certificate plus such additional
principal portion as is required in order for all Certificates of such Class or
Subclass to equal the aggregate Original Class A Subclass Principal Balance,
Original Class M Principal Balance or the aggregate Original Class B Subclass
Principal Balance of such Class or Subclass, as the case may be), and shall be
substantially in the respective forms set forth as Exhibits A-1, A-2, A-3, A-4,
A-5, A-6, A-7, A-8, A-9, A-10, A-11, A-12, A-13, A-14, A-15, A-PO, A-R, B-1,
B-2, B-3, B-4, B-5, C, and D (reverse side of Certificates) hereto. On original
issue the Certificates shall be executed and delivered by the Trustee to or upon
the order of the Seller upon receipt by the Trustee or the Custodian of the
documents specified in Section 2.01. The aggregate principal portion evidenced
by the Class A, Class M and Class B Certificates shall be the sum of the amounts
specifically set forth in the respective Certificates. The Certificates shall be
executed by manual or facsimile signature on behalf of the Trustee by any
Responsible Officer thereof. 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 Certificates 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 manually countersigned by a
Responsible Officer of the Trustee, or unless there appears on such Certificate
a certificate of authentication executed by the Authenticating Agent by manual
signature, and such countersignature or certificate upon a 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.
Until such time as Definitive Certificates are issued pursuant to Section
5.07, each Book-Entry Certificate shall bear the following legend:
"Unless this certificate is presented by an authorized representative of
[the Clearing Agency] to the Trustee or its agent for registration of transfer,
exchange or payment, and any certificate issued is registered in the name of
[the Clearing Agency] or such other name as requested by an authorized
representative of [the Clearing Agency] and any payment is made to [the Clearing
Agency], any transfer, pledge or other use hereof for value or otherwise by or
to any person is wrongful since the registered owner hereof, [the Clearing
Agency], has an interest herein."
(b) Upon original issuance, the Book-Entry Certificates shall be issued in
the form of one or more typewritten certificates, to be delivered to The
Depository Trust Company, the initial Clearing Agency, by, or on behalf of, the
Seller. Such Certificates shall initially be registered in the Certificate
Register in the name of the nominee of the initial Clearing Agency, and no
Beneficial Owner will receive a definitive certificate representing such
Beneficial Owner's interest in the Book-Entry Certificates, except as provided
in Section 5.07. Unless and until definitive, fully registered certificates
("Definitive Certificates") have been issued to Beneficial Owners pursuant to
Section 5.07:
(i) the provisions of this Section 5.01(b)
shall be in full force and effect;
(ii) the Seller, the Master Servicer, the Certificate
Registrar and the Trustee may deal with the Clearing Agency for all
purposes (including the making of distributions on the Book-Entry
Certificates and the taking of actions by the Holders of Book-Entry
Certificates) as the authorized representative of the Beneficial
Owners;
(iii) to the extent that the provisions of this Section 5.01(b)
conflict with any other provisions of this Agreement, the provisions of
this Section 5.01(b) shall control;
(iv) the rights of Beneficial Owners shall be exercised only
through the Clearing Agency and shall be limited to those established
by law, the rules, regulations and procedures of the Clearing Agency
and agreements between such Beneficial Owners and the Clearing Agency
and/or the Clearing Agency Participants, and all references in this
Agreement to actions by Certificateholders shall, with respect to the
Book-Entry Certificates, refer to actions taken by the Clearing Agency
upon instructions from the Clearing Agency Participants, and all
references in this Agreement to distributions, notices, reports and
statements to Certificateholders shall, with respect to the Book-Entry
Certificates, refer to distributions, notices, reports and statements
to the Clearing Agency or its nominee, as registered holder of the
Book-Entry Certificates, as the case may be, for distribution to
Beneficial Owners in accordance with the procedures of the Clearing
Agency; and
(v) the initial Clearing Agency will make book-entry
transfers among the Clearing Agency Participants and receive and
transmit distributions of principal and interest on the Certificates to
the Clearing Agency Participants, for distribution by such Clearing
Agency Participants to the Beneficial Owners or their nominees.
For purposes of any provision of this Agreement requiring or permitting
actions with the consent of, or at the direction of, Holders of Book-Entry
Certificates evidencing specified Voting Interests, such direction or consent
shall be given by Beneficial Owners having the requisite Voting Interests,
acting through the Clearing Agency.
Unless and until Definitive Certificates have been issued to Beneficial
Owners pursuant to Section 5.07, copies of the reports or statements referred to
in Section 4.04 shall be available to Beneficial Owners upon written request to
the Trustee at the Corporate Trust Office.
Section 5.02. Registration of Certificates.
(a) The Trustee shall cause to be kept at one of the offices or agencies to
be maintained in accordance with the provisions of Section 5.06 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 shall act as, or
shall appoint, a Certificate Registrar for the purpose of registering
Certificates and transfers and exchanges of Certificates as herein provided.
Upon surrender for registration of transfer of any Certificate at any office
or agency maintained for such purpose pursuant to Section 5.06 (and subject to
the provisions of this Section 5.02) the Trustee shall execute, and shall date,
authenticate (or cause the Authenticating Agent to authenticate) and deliver, in
the name of the designated transferee or transferees, one or more new
Certificates of a like aggregate principal portion or Percentage Interest and of
the same Class or Subclass.
At the option of the Certificateholders, Certificates may be exchanged for
other Certificates of authorized Denominations of a like aggregate principal
portion or Percentage Interest and of the same Class or Subclass 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
shall date, authenticate (or cause the Authenticating Agent to authenticate) and
deliver, the Certificates which the Certificateholder making the exchange is
entitled to receive. Every Certificate presented or surrendered for transfer or
exchange shall (if so required by the Certificate Registrar or the Trustee) be
duly endorsed by, or be accompanied by a written instrument of transfer in form
satisfactory to the Certificate Registrar, duly executed by the Holder thereof
or his attorney duly authorized in writing.
No service charge shall be made for any transfer or exchange of
Certificates, but the Trustee or the Certificate Registrar 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.
All Certificates surrendered for transfer and exchange shall be canceled by
the Certificate Registrar, the Trustee or the Authenticating Agent in accordance
with their standard procedures.
(b) No transfer of a Class B-3, Class B-4 or Class B-5 Certificate shall be
made unless the registration requirements of the Securities Act of 1933, as
amended, and any applicable State securities laws are complied with, or such
transfer is exempt from the registration requirements under said Act and laws.
In the event that a transfer is to be made in reliance upon an exemption from
said Act or laws, (i) unless such transfer is made in reliance on Rule 144A, the
Trustee or the Seller may, if such transfer is to be made within three years
after the later of (i) the date of the initial sale of Certificates or (ii) the
last date on which the Seller or any affiliate thereof was a Holder of the
Certificates proposed to be transferred, require a Class B-3, Class B-4 or Class
B-5 Certificateholder to deliver a written Opinion of Counsel acceptable to and
in form and substance satisfactory to the Trustee and the Seller, to the effect
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 Seller or the Master Servicer, and (ii) the Trustee
shall require the transferee to execute an investment letter in the form of
Exhibit J hereto certifying to the Seller and the Trustee the facts surrounding
such transfer, which investment letter shall not be an expense of the Trustee,
the Seller or the Master Servicer. The Holder of a Class B-3, Class B-4 or Class
B-5 Certificate desiring to effect such transfer shall, and does hereby agree
to, indemnify the Trustee, the Seller, the Master Servicer and any Paying Agent
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. Neither the Seller nor the Trustee is under an obligation to
register the Class B-3, Class B-4 or Class B-5 Certificates under said Act or
any other securities law.
(c) No transfer of a Class M or Class B Certificate shall be made unless the
Trustee shall have received (i) a representation letter from the transferee in
the form of Exhibit J hereto, in the case of a Class B-3, Class B-4 or Class B-5
Certificate, or in the form of Exhibit K hereto, in the case of a Class M, Class
B-1 or Class B-2 Certificate, to the effect that either (a) such transferee is
not an employee benefit plan subject to the fiduciary responsibility provisions
of ERISA or Code Section 4975, or a governmental plan, as defined in Section
3(32) of ERISA, or subject to any federal, state or local law ("Similar Law")
which is to a material extent similar to the foregoing provisions of ERISA or
the Code (collectively, a "Plan") and is not a person acting on behalf of or
using the assets of any such Plan, which representation letter shall not be an
expense of the Trustee, the Seller or the Master Servicer or (b) if such
transferee is an insurance company, the source of funds used to purchase the
Class M or Class B Certificate is an "insurance company general account" (as
such term is defined in Section V(e) of Prohibited Transaction Class Exemption
95-60 ("PTE 95-60"), 60 Fed. Reg. 35925 (July 12, 1995)) and there is no Plan
with respect to which the amount of such general account's reserves and
liabilities for the contract(s) held by or on behalf of such Plan and all other
Plans maintained by the same employer (or affiliate thereof as defined in
Section V(a)(1) of PTE 95-60) or by the same employee organization exceeds 10%
of the total of all reserves and liabilities of such general account (as such
amounts are determined under Section I(a) of PTE 95-60) at the date of
acquisition or (ii) in the case of any such Class M or Class B Certificate
presented for registration in the name of a Plan, or a trustee of any such Plan,
(A) an Opinion of Counsel satisfactory to the Trustee and the Seller to the
effect that the purchase or holding of such Class M or Class B Certificate will
not result in the assets of the Trust Estate being deemed to be "plan assets"
and subject to the prohibited transaction provisions of ERISA, the Code or
Similar Law and will not subject the Trustee, the Seller or the Master Servicer
to any obligation in addition to those undertaken in this Agreement, which
Opinion of Counsel shall not be an expense of the Trustee, the Seller or the
Master Servicer and (B) such other opinions of counsel, officer's certificates
and agreements as the Seller or the Master Servicer may require in connection
with such transfer, which opinions of counsel, officers' certificates and
agreements shall not be an expense of the Trustee, the Seller or the Master
Servicer. The Class M and Class B Certificates shall bear a legend referring to
the foregoing restrictions contained in this paragraph.
(d) No legal or beneficial interest in all or any portion of the Class A-R
Certificate may be transferred directly or indirectly to a "disqualified
organization" within the meaning of Code Section 860E(e)(5) or an agent of a
disqualified organization (including a broker, nominee, or middleman), to a Plan
or a Person investing the assets of a Plan (such plan or Person, an "ERISA
Prohibited Holder") or to an individual, corporation, partnership or other
person unless such transferee (i) is not a Non-U.S. Person or (ii) is a Non-U.S.
Person that holds the Class A-R Certificate in connection with the conduct of a
trade or business within the United States and has furnished the transferor and
the Trustee with an effective Internal Revenue Service Form 4224 or (iii) is a
Non-U.S. Person that has delivered to both the transferor and the Trustee an
opinion of a nationally recognized tax counsel to the effect that the transfer
of the Class A-R Certificate to it is in accordance with the requirements of the
Code and the regulations promulgated thereunder and that such transfer of the
Class A-R Certificate will not be disregarded for federal income tax purposes
(any such person who is not covered by clauses (i), (ii) or (iii) above being
referred to herein as a "Non-permitted Foreign Holder"), and any such purported
transfer shall be void and have no effect. The Trustee shall not execute, and
shall not authenticate (or cause the Authenticating Agent to authenticate) and
deliver, a new Class A-R Certificate in connection with any such transfer to a
disqualified organization or agent thereof (including a broker, nominee or
middleman), an ERISA Prohibited Holder or a Non-permitted Foreign Holder, and
neither the Certificate Registrar nor the Trustee shall accept a surrender for
transfer or registration of transfer, or register the transfer of, the Class A-R
Certificate, unless the transferor shall have provided to the Trustee an
affidavit, substantially in the form attached as Exhibit H hereto, signed by the
transferee, to the effect that the transferee is not such a disqualified
organization, an agent (including a broker, nominee, or middleman) for any
entity as to which the transferee has not received a substantially similar
affidavit, an ERISA Prohibited Holder or a Non-permitted Foreign Holder, which
affidavit shall contain the consent of the transferee to any such amendments of
this Agreement as may be required to further effectuate the foregoing
restrictions on transfer of the Class A-R Certificate to disqualified
organizations, ERISA Prohibited Holders or Non-permitted Foreign Holders. Such
affidavit shall also contain the statement of the transferee that (i) the
transferee has historically paid its debts as they have come due and intends to
do so in the future, (ii) the transferee understands that it may incur
liabilities in excess of cash flows generated by the residual interest, (iii)
the transferee intends to pay taxes associated with holding the residual
interest as they become due and (iv) the transferee will not transfer the Class
A-R Certificate to any Person who does not provide an affidavit substantially in
the form attached as Exhibit H hereto.
The affidavit described in the preceding paragraph, if not executed in
connection with the initial issuance of the Class A-R Certificate, shall be
accompanied by a written statement in the form attached as Exhibit I hereto,
signed by the transferor, to the effect that as of the time of the transfer, the
transferor has no actual knowledge that the transferee is a disqualified
organization, ERISA Prohibited Holder or Non-permitted Foreign Holder, and has
no knowledge or reason to know that the statements made by the transferee with
respect to clauses (i) and (iii) of the last sentence of the preceding paragraph
are not true. The Class A-R Certificate shall bear a legend referring to the
foregoing restrictions contained in this paragraph and the preceding paragraph.
Upon notice to the Master Servicer that any legal or beneficial interest in
any portion of the Class A-R Certificate has been transferred, directly or
indirectly, to a disqualified organization or agent thereof (including a broker,
nominee, or middleman) in contravention of the foregoing restrictions, (i) such
transferee shall be deemed to hold the Class A-R Certificate in constructive
trust for the last transferor who was not a disqualified organization or agent
thereof, and such transferor shall be restored as the owner of the Class A-R
Certificate as completely as if such transfer had never occurred, provided that
the Master Servicer may, but is not required to, recover any distributions made
to such transferee with respect to the Class A-R Certificate, and (ii) the
Master Servicer agrees to furnish to the Internal Revenue Service and to any
transferor of the Class A-R Certificate or such agent (within 60 days of the
request therefor by the transferor or agent) such information necessary to the
application of Code Section 860E(e) as may be required by the Code, including
but not limited to the present value of the total anticipated excess inclusions
with respect to the Class A-R Certificate (or portion thereof) for periods after
such transfer. At the election of the Master Servicer, the cost to the Master
Servicer of computing and furnishing such information may be charged to the
transferor or such agent referred to above; however, the Master Servicer shall
in no event be excused from furnishing such information.
Section 5.03. Mutilated, Destroyed, Lost or Stolen Certificates.
If (i) any mutilated Certificate is surrendered to the Trustee or the
Authenticating Agent, or the Trustee or the Authenticating Agent receives
evidence to its satisfaction of the destruction, loss or theft of any
Certificate, and (ii) there is delivered to the Trustee or the Authenticating
Agent such security or indemnity as may be required by them to hold each of them
harmless, then, in the absence of notice to the Trustee or the Authenticating
Agent that such Certificate has been acquired by a bona fide purchaser, the
Trustee shall execute and authenticate (or cause the Authenticating Agent to
authenticate) and deliver, in exchange for or in lieu of any such mutilated,
destroyed, lost or stolen Certificate, a new Certificate of like tenor and
principal portion or Percentage Interest and of the same Class or Subclass. Upon
the issuance of any new Certificate under this Section, the Trustee or the
Certificate Registrar 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 expense (including the fees and expenses of the Trustee or the
Authenticating Agent) in connection therewith. Any duplicate Certificate issued
pursuant to this Section shall constitute complete and indefeasible evidence of
ownership in the Trust Estate, 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 the due presentation of a Certificate for registration of transfer,
the Seller, the Master Servicer, the Trustee, the Certificate Registrar and any
agent of the Seller, the Master Servicer, the Trustee 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 4.01, and for all other purposes whatsoever, and neither the
Seller, the Master Servicer, the Trustee, the Certificate Registrar nor any
agent of the Seller, the Master Servicer, the Trustee or the Certificate
Registrar shall be affected by notice to the contrary.
Section 5.05. Access to List of Certificateholders' Names and
Addresses.
(a) If the Trustee is not acting as Certificate Registrar, the Certificate
Registrar shall furnish or cause to be furnished to the Trustee, within 15 days
after receipt by the Certificate Registrar of a request by the Trustee in
writing, a list, in such form as the Trustee may reasonably require, of the
names and addresses of the Certificateholders of each Class or Subclass as of
the most recent Record Date.
(b) If five or more Certificateholders (hereinafter referred to as
"applicants") apply in writing to the Trustee, and such application states that
the applicants desire to communicate with other Certificateholders with respect
to their rights under this Agreement or under the Certificates and is
accompanied by a copy of the communication which such applicants propose to
transmit, then the Trustee shall, within five Business Days following the
receipt of such application, afford such applicants access during normal
business hours to the most recent list of Certificateholders held by the
Trustee. If such a list is as of the date more than 90 days prior to the date of
receipt of such applicants' request and the Trustee is not the Certificate
Registrar, the Trustee shall promptly request from the Certificate Registrar a
current list as provided in paragraph (a) hereof, and shall afford such
applicants access to such list promptly upon receipt.
(c) Every Certificateholder, by receiving and holding a Certificate, agrees
with the Seller, the Master Servicer, the Certificate Registrar and the Trustee
that neither the Seller, the Master Servicer, the Certificate Registrar nor the
Trustee shall be held accountable by reason of the disclosure of any such
information as to the names, addresses and Percentage Interests of the
Certificateholders hereunder, regardless of the source from which such
information was delivered.
Section 5.06. Maintenance of Office or Agency.
The Trustee will maintain, at its expense, an office or agency where
Certificates may be surrendered for registration of transfer or exchange and
where notices and demands to or upon the Certificate Registrar in respect of the
Certificates and this Agreement may be served. The Trustee initially designates
the Corporate Trust Office and the principal corporate trust office of the
Authenticating Agent, if any, as its offices and agencies for said purposes.
Section 5.07. Definitive Certificates.
If (i)(A) the Master Servicer advises the Trustee in writing that the
Clearing Agency is no longer willing or able properly to discharge its
responsibilities as depository with respect to the Book-Entry Certificates, and
(B) the Master Servicer is unable to locate a qualified successor, (ii) the
Master Servicer, at its option, advises the Trustee in writing that it elects to
terminate the book-entry system through the Clearing Agency or (iii) after the
occurrence of dismissal or resignation of the Master Servicer, Beneficial Owners
representing aggregate Voting Interests of not less than 51% of the aggregate
Voting Interests of each outstanding Subclass of Book-Entry Certificates advise
the Trustee through the Clearing Agency and Clearing Agency Participants in
writing that the continuation of a book-entry system through the Clearing Agency
is no longer in the best interests of the Beneficial Owners, the Trustee shall
notify the Beneficial Owners, through the Clearing Agency, of the occurrence of
any such event and of the availability of Definitive Certificates to Beneficial
Owners requesting the same. Upon surrender to the Trustee by the Clearing Agency
of the Certificates held of record by its nominee, accompanied by reregistration
instructions and directions to execute and authenticate new Certificates from
the Master Servicer, the Trustee shall execute and authenticate Definitive
Certificates for delivery at its Corporate Trust Office. The Master Servicer
shall arrange for, and will bear all costs of, the printing and issuance of such
Definitive Certificates. Neither the Seller, the Master Servicer nor the Trustee
shall be liable for any delay in delivery of such instructions by the Clearing
Agency and may conclusively rely on, and shall be protected in relying on, such
instructions.
Section 5.08. Notices to Clearing Agency.
Whenever notice or other communication to the Holders of Book-Entry
Certificates is required under this Agreement, unless and until Definitive
Certificates shall have been issued to Beneficial Owners pursuant to Section
5.07, the Trustee shall give all such notices and communications specified
herein to be given to Holders of Book-Entry Certificates to the Clearing Agency.
<PAGE>
ARTICLE VI
THE SELLER AND THE MASTER SERVICER
Section 6.01. Liability of the Seller and the Master Servicer.
The Seller and the Master Servicer shall each be liable in accordance
herewith only to the extent of the obligations specifically imposed by this
Agreement and undertaken hereunder by the Seller and the Master Servicer.
Section 6.02. Merger or Consolidation of the Seller or the
Master Servicer.
Subject to the following paragraph, the Seller and the Master Servicer each
will keep in full effect its existence, rights and franchises as a corporation
under the laws of the jurisdiction of its incorporation, and will 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.
The Seller or the Master Servicer may be merged or consolidated with or into
any Person, or transfer all or substantially all of its assets to any Person, in
which case any Person resulting from any merger or consolidation to which the
Seller or Master Servicer shall be a party, or any Person succeeding to the
business of the Seller or Master Servicer, shall be the successor of the Seller
or Master Servicer 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, in the case of the Master
Servicer, any such successor or resulting Person shall be qualified to service
mortgage loans for FNMA or FHLMC.
Section 6.03. Limitation on Liability of the Seller, the Master
Servicer and Others.
Neither the Seller nor the Master Servicer nor any subcontractor nor any of
the partners, directors, officers, employees or agents of any of them shall be
under any liability to the Trust Estate or the Certificateholders and all such
Persons shall be held harmless 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 any such
Person against any breach of warranties or representations made herein or
against 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 Seller,
the Master Servicer, any subcontractor, and any partner, director, officer,
employee or agent of any of them shall be entitled to indemnification by the
Trust Estate and will be held harmless against any loss, liability or expense
incurred in connection with any legal action relating to this Agreement or the
Certificates, other than any loss, liability or expense incurred by reason of
willful misfeasance, bad faith or gross negligence in the performance of his or
its duties hereunder or by reason of reckless disregard of his or its
obligations and duties hereunder. The Seller, the Master Servicer and any of the
directors, officers, employees or agents of either may rely in good faith on any
document of any kind which, prima facie, is properly executed and submitted by
any Person respecting any matters arising hereunder. Neither the Seller nor the
Master Servicer shall be under any obligation to appear in, prosecute or defend
any legal action unless such action is related to its respective duties under
this Agreement and which in its opinion does not involve it in any expense or
liability; provided, however, that the Seller or the Master Servicer may in its
discretion undertake any such action which it may deem necessary or desirable
with respect to this Agreement and the rights and duties of the parties hereto
and the interests of the Certificateholders hereunder if the Certificateholders
offer to the Seller or the Master Servicer, as the case may be, reasonable
security or indemnity against the costs, expenses and liabilities which may be
incurred therein or thereby. In such event, the legal expenses and costs of such
action and any liability resulting therefrom shall be expenses, costs and
liabilities of the Trust Estate, and the Seller or the Master Servicer shall be
entitled to be reimbursed therefor out of the Certificate Account, and such
amounts shall, on the following Distribution Date or Distribution Dates, be
allocated in reduction of distributions on the Class A, Class M and Class B
Certificates in the same manner as Realized Losses are allocated pursuant to
Section 4.02(a).
Section 6.04. Resignation of the Master Servicer.
The Master Servicer shall not resign from the obligations and duties hereby
imposed on it except upon determination that its duties hereunder are no longer
permissible under applicable law or are in material conflict by reason of
applicable law with any other activities carried on by it. Any such
determination permitting the resignation of the Master Servicer shall be
evidenced by an Opinion of Counsel to such effect delivered to the Trustee. No
such resignation shall become effective until the Trustee or a successor
servicer shall have assumed the Master Servicer's responsibilities, duties,
liabilities and obligations hereunder.
Section 6.05. Compensation to the Master Servicer.
The Master Servicer shall be entitled to receive a monthly fee equal to the
Master Servicing Fee, as compensation for services rendered by the Master
Servicer under this Agreement. The Master Servicer also will be entitled to any
late reporting fees paid by a Servicer pursuant to its Servicing Agreement and
any investment income on funds on deposit in the Certificate Account as
additional compensation.
Section 6.06. Assignment or Delegation of Duties by Master
Servicer.
The Master Servicer shall not assign or transfer any of its rights, benefits
or privileges under this Agreement to any other Person, or delegate to or
subcontract with, or authorize or appoint any other Person to perform any of the
duties, covenants or obligations to be performed by the Master Servicer without
the prior written consent of the Trustee, and any agreement, instrument or act
purporting to effect any such assignment, transfer, delegation or appointment
shall be void. Notwithstanding the foregoing, the Master Servicer shall have the
right without the prior written consent of the Trustee (i) to assign its rights
and delegate its duties and obligations hereunder; provided, however, that (a)
the purchaser or transferee accepting such assignment or delegation is qualified
to service mortgage loans for FNMA or FHLMC, is satisfactory to the Trustee, in
the exercise of its reasonable judgment, and executes and delivers to the
Trustee an agreement, in form and substance reasonably satisfactory to the
Trustee, which contains an assumption by such purchaser or transferee of the due
and punctual performance and observance of each covenant and condition to be
performed or observed by the Master Servicer hereunder from and after the date
of such agreement; and (b) each applicable Rating Agency's rating of any
Certificates in effect immediately prior to such assignment, sale or transfer is
not reasonably likely to be qualified, downgraded or withdrawn as a result of
such assignment, sale or transfer and the Certificates are not reasonably likely
to be placed on credit review status by any such Rating Agency; and (ii) to
delegate to, subcontract with, authorize, or appoint an affiliate of the Master
Servicer to perform and carry out any duties, covenants or obligations to be
performed and carried out by the Master Servicer under this Agreement and hereby
agrees so to delegate, subcontract, authorize or appoint to an affiliate of the
Master Servicer any duties, covenants or obligations to be performed and carried
out by the Master Servicer to the extent that such duties, covenants or
obligations are to be performed in any state or states in which the Master
Servicer is not authorized to do business as a foreign corporation but in which
the affiliate is so authorized. In no case, however, shall any permitted
assignment and delegation relieve the Master Servicer of any liability to the
Trustee or the Seller under this Agreement, incurred by it prior to the time
that the conditions contained in clause (i) above are met.
Section 6.07. Indemnification of Trustee and Seller by Master
Servicer.
The Master Servicer shall indemnify and hold harmless the Trustee and the
Seller and any director, officer or agent thereof against any loss, liability or
expense, including reasonable attorney's fees, arising out of, in connection
with or incurred by reason of willful misfeasance, bad faith or negligence in
the performance of duties of the Master Servicer under this Agreement or by
reason of reckless disregard of its obligations and duties under this Agreement.
Any payment pursuant to this Section made by the Master Servicer to the Trustee
or the Seller shall be from such entity's own funds, without reimbursement
therefor. The provisions of this Section 6.03 shall survive the termination of
this Agreement.
<PAGE>
ARTICLE VII
DEFAULT
Section 7.01. Events of Default.
In case one or more of the following Events of Default by the Master
Servicer shall occur and be continuing, that is to say:
(i) any failure by the Master Servicer (a) to remit any funds
to the Paying Agent as required by Section 4.03 or (b) to distribute or
cause to be distributed to Certificateholders any payment required to
be made by the Master Servicer under the terms of this Agreement which,
in either case, continues unremedied for a period of three business
days after the date upon which written notice of such failure,
requiring the same to be remedied, shall have been given to the Master
Servicer by the Trustee or to the Master Servicer and the Trustee by
the holders of Certificates evidencing in the aggregate not less than
25% of the aggregate Voting Interest represented by all Certificates;
or
(ii) any failure on the part of the Master Servicer duly to
observe or perform in any material respect any other of the covenants
or agreements on the part of the Master Servicer in the Certificates or
in this Agreement which continues unremedied for a period of 60 days
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 to the Master Servicer and the Trustee by the holders
of Certificates evidencing in the aggregate not less than 25% of the
aggregate Voting Interest represented by all Certificates; or
(iii) a decree or order of a court or agency or supervisory
authority having jurisdiction in the premises for the appointment of a
trustee, conservator, receiver or liquidator in any bankruptcy,
insolvency, readjustment of debt, marshaling 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 and unstayed
for a period of 60 days; or
(iv) the Master Servicer shall consent to the appointment of a
trustee, conservator, receiver or liquidator or liquidating committee
in any bankruptcy, insolvency, readjustment of debt, marshaling of
assets and liabilities, voluntary liquidation or similar proceedings of
or relating to the Master Servicer, or of or relating to all or
substantially all of its property; 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 any applicable insolvency, bankruptcy or reorganization
statute, make an assignment for the benefit of its creditors or
voluntarily suspend payment of its obligations;
(vi) the Master Servicer shall be dissolved, or shall dispose
of all or substantially all of its assets; or consolidate with or merge
into another entity or shall permit another entity to consolidate or
merge into it, such that the resulting entity does not meet the
criteria for a successor servicer, as specified in Section 6.02 hereof;
or
(vii) the Master Servicer and any subservicer appointed by it
becomes ineligible to service for both FNMA and FHMLC, which
ineligibility continues unremedied for a period of 90 days.
then, and in each and every such case, subject to applicable law, so long as an
Event of Default shall not have been remedied, either the Trustee or the holders
of Certificates evidencing in the aggregate not less than 66 2/3% of the
aggregate Voting Interest represented by all Certificates, by notice in writing
to the Master Servicer (and to the Trustee if given by the Certificateholders)
may terminate all of the rights and obligations of the Master Servicer under
this Agreement and in and to the Mortgage Loans, but without prejudice to any
rights which the Master Servicer may have to the aggregate Master Servicing Fees
due prior to the date of transfer of the Master Servicer's responsibilities
hereunder, reimbursement of expenses to the extent permitted by this Agreement,
Periodic Advances and other advances of its own funds. Upon receipt by the
Master Servicer of such written notice, all authority and power of the Master
Servicer under this Agreement, whether with respect to the Certificates or the
Mortgage Loans or otherwise, shall pass to and be vested in the Trustee pursuant
to and under this Section, subject to the provisions of Section 7.05; 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 and shall promptly provide the
Trustee all documents and records reasonably requested by it to enable it to
assume the Master Servicer's functions hereunder and shall promptly also
transfer to the Trustee all amounts which then have been or should have been
deposited in the Certificate Account by the Master Servicer or which are
thereafter received by the Master Servicer with respect to the Mortgage Loans.
Section 7.02. Other Remedies of Trustee.
During the continuance of any Event of Default, so long as such Event of
Default shall not have been remedied, the Trustee, in addition to the rights
specified in Section 7.01, shall have the right, in its own name as trustee of
an express trust, to take all actions now or hereafter existing at law, in
equity or by statute to enforce its rights and remedies and to protect the
interests, and enforce the rights and remedies, of the Certificateholders
(including the institution and prosecution of all judicial, administrative and
other proceedings and the filing of proofs of claim and debt in connection
therewith). Except as otherwise expressly provided in this Agreement, no remedy
provided for by this Agreement shall be exclusive of any other remedy, and each
and every remedy shall be cumulative and in addition to any other remedy and no
delay or omission to exercise any right or remedy shall impair any such right or
remedy or shall be deemed to be a waiver of any Event of Default.
Section 7.03. Directions by Certificateholders and
Duties of Trustee During Event of Default.
During the continuance of any Event of Default, Holders of Certificates
evidencing in the aggregate not less than 25% of the aggregate Voting Interest
represented by all Certificates may direct 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; provided,
however, that the Trustee shall be under no obligation to pursue any such
remedy, or to exercise any of the trusts or powers vested in it by this
agreement (including, without limitation, (i) the conducting or defending of any
administrative action or litigation hereunder or in relation hereto and (ii) the
terminating of the Master Servicer from its rights and duties as servicer
hereunder) at the request, order or direction of any of the Certificateholders,
unless such Certificateholders shall have offered to the Trustee reasonable
security or indemnity against the cost, expenses and liabilities which may be
incurred therein or thereby and, provided further, that, subject to the
provisions of Section 8.01, the Trustee shall have the right to decline to
follow any such direction if the Trustee, in accordance with an Opinion of
Counsel, determines that the action or proceeding so directed may not lawfully
be taken or if the Trustee in good faith determines that the action or
proceeding so directed would involve it in personal liability or be unjustly
prejudicial to the nonassenting Certificateholders.
Section 7.04. Action upon Certain Failures of the
Master Servicer and upon Event of Default.
In the event that the Trustee shall have knowledge of any failure of the
Master Servicer specified in Section 7.01(i) or (ii) which would become an Event
of Default upon the Master Servicer's failure to remedy the same after notice,
the Trustee may, but need not if the Trustee deems it not in the
Certificateholders' best interest, give notice thereof to the Master Servicer.
For all purposes of this Agreement, in the absence of actual knowledge by a
corporate trust officer of the Trustee, the Trustee shall not be deemed to have
knowledge of any failure of the Master Servicer as specified in Section 7.01(i)
and (ii) or any Event of Default unless notified thereof in writing by the
Master Servicer or by a Certificateholder.
Section 7.05. Trustee to Act; Appointment of Successor.
When the Master Servicer receives notice of termination pursuant to Section
7.01 or the Trustee receives the resignation of the Master Servicer evidenced by
an Opinion of Counsel pursuant to Section 6.04, the Trustee shall be the
successor in all respects to the Master Servicer in its capacity as master
servicer under this Agreement and the transactions set forth or provided for
herein and shall have the rights and powers and be subject to all the
responsibilities, duties and liabilities relating thereto placed on the Master
Servicer by the terms and provisions hereof and in its capacity as such
successor shall have the same limitation of liability herein granted to the
Master Servicer. In the event that the Trustee is succeeding to the Master
Servicer as the Master Servicer, as compensation therefor, the Trustee shall be
entitled to receive monthly such portion of the Master Servicing Fee, together
with such other servicing compensation as is agreed to at such time by the
Trustee and the Master Servicer, but in no event more than 25% thereof until the
date of final cessation of the Master Servicer's servicing activities hereunder.
Notwithstanding the above, the Trustee may, if it shall be unwilling to so act,
or shall, if it is unable to so act or to obtain a qualifying bid as described
below, appoint, or petition a court of competent jurisdiction to appoint, any
housing and home finance institution, bank or mortgage servicing institution
having a net worth of not less than $10,000,000 and meeting such other standards
for a successor servicer as are set forth herein, 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; provided, however, that
until such a successor master servicer is appointed and has assumed the
responsibilities, duties and liabilities of the Master Servicer hereunder, the
Trustee shall continue as the successor to the Master Servicer as provided
above. The compensation of any successor master servicer so appointed shall not
exceed the compensation specified in Section 6.05 hereof. In the event the
Trustee is required to solicit bids as provided above, the Trustee shall
solicit, by public announcement, bids from housing and home finance
institutions, banks and mortgage servicing institutions meeting the
qualifications set forth in the preceding sentence for the purchase of the
master servicing functions. Such public announcement shall specify that the
successor master servicer shall be entitled to the full amount of the Master
Servicing Fee as compensation together with the other servicing compensation in
the form of late reporting fees or otherwise as provided in Section 6.05. Within
30 days after any such public announcement, the Trustee shall negotiate and
effect the sale, transfer and assignment of the master servicing rights and
responsibilities hereunder to the qualified party submitting the highest
qualifying bid. The Trustee shall deduct all costs and expenses of any public
announcement and of any sale, transfer and assignment of the servicing rights
and responsibilities hereunder from any sum received by the Trustee from the
successor to the Master Servicer in respect of such sale, transfer and
assignment. After such deductions, the remainder of such sum shall be paid by
the Trustee to the Master Servicer at the time of such sale, transfer and
assignment to the Master Servicer's successor. The Trustee and such successor
shall take such action, consistent with this Agreement, as shall be necessary to
effectuate any such succession. The Master Servicer agrees to cooperate with the
Trustee and any successor servicer in effecting the termination of the Master
Servicer's servicing responsibilities and rights hereunder and shall promptly
provide the Trustee or such successor master servicer, as applicable, all
documents and records reasonably requested by it to enable it to assume the
Master Servicer's function hereunder and shall promptly also transfer to the
Trustee or such successor master servicer, as applicable, all amounts which then
have been or should have been deposited in the Certificate Account by the Master
Servicer or which are thereafter received by the Master Servicer with respect to
the Mortgage Loans. Neither the Trustee nor any other successor master servicer
shall be deemed to be in default hereunder by reason of any failure to make, or
any delay in making, any distribution hereunder or any portion thereof caused by
(i) the failure of the Master Servicer to deliver, or any delay in delivering,
cash, documents or records to it, or (ii) restrictions imposed by any regulatory
authority having jurisdiction over the Master Servicer. Notwithstanding anything
to the contrary contained in Section 7.01 above or this Section 7.05, the Master
Servicer shall retain all of its rights and responsibilities hereunder, and no
successor (including the Trustee) shall succeed thereto, if the assumption
thereof by such successor would cause the rating assigned to any Certificates to
be revoked, downgraded or placed on credit review status (other than for
possible upgrading) by either Rating Agency and the retention thereof by the
Master Servicer would avert such revocation, downgrading or review.
Section 7.06. Notification to Certificateholders.
Upon any termination of the Master Servicer or appointment of a successor
master servicer, in each case as provided herein, the Trustee shall give prompt
written notice thereof to Certificateholders at their respective addresses
appearing in the Certificate Register. The Trustee shall also, within 45 days
after the occurrence of any Event of Default known to the Trustee, give written
notice thereof to Certificateholders at their respective addresses appearing in
the Certificate Register, unless such Event of Default shall have been cured or
waived within said 45 day period.
<PAGE>
ARTICLE VIII
CONCERNING THE TRUSTEE
Section 8.01. Duties of Trustee.
The Trustee, prior to the occurrence of an Event of Default and after the
curing 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),
the Trustee, subject to the provisions of Sections 7.01, 7.03, 7.04 and 7.05,
shall exercise such of the rights and powers vested in it by this Agreement, and
use the same degree of care and skill in its exercise as a prudent investor
would exercise or use under the circumstances in the conduct of such investor's
own affairs.
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 are in
the form required by this Agreement; provided, however, that the Trustee shall
not be responsible for the accuracy or content of any certificate, statement,
instrument, report, notice or other document furnished by the Servicers pursuant
to Articles III, IV and IX.
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 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 and conforming to the requirements of
this Agreement;
(ii) 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 holders of Certificates which
evidence in the aggregate not less than 25% of the Voting Interest
represented by all Certificates relating 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; and
(iii) the Trustee shall not be liable for any error of judgment
made in good faith by any of its Responsible Officers, unless it shall
be proved that the Trustee or such Responsible Officer was negligent in
ascertaining the pertinent facts.
None of the provisions contained in this Agreement shall require the Trustee
or to expend or risk its own funds or otherwise incur personal financial
liability in the performance of any of its duties hereunder or in the exercise
of any of its rights or powers if there is reasonable ground for believing that
repayment of such funds or adequate indemnity against such risk or liability is
not reasonably assured to it.
Section 8.02. Certain Matters Affecting the Trustee.
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 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; and
(iv) 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.
Section 8.03. Trustee Not Required to Make Investigation.
Prior to the occurrence of an Event of Default hereunder and after the
curing 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, appraisal, bond, Mortgage, Mortgage Note or other paper
or document (provided the same appears regular on its face), unless requested in
writing to do so by holders of Certificates evidencing in the aggregate not less
than 51% of the Voting Interest represented by all Certificates; 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 investigation
shall be paid by the Master Servicer or, if paid by the Trustee, shall be repaid
by the Master Servicer upon demand.
Section 8.04. Trustee Not Liable for Certificates or Mortgage
Loans.
The recitals contained herein and in the Certificates (other than the
certificate of authentication on the Certificates) shall be taken as the
statements of the Seller, and Trustee assumes no responsibility as to the
correctness of the same. The Trustee makes no representation for the correctness
of the same. The Trustee makes no representation as to the validity or
sufficiency of this Agreement or of the Certificates or of any Mortgage Loan or
related document. Subject to Section 2.04, the Trustee shall not be accountable
for the use or application by the Seller of any of the Certificates or of the
proceeds of such Certificates, or for the use or application of any funds paid
to the Master Servicer in respect of the Mortgage Loans deposited into the
Certificate Account by the Master Servicer or, in its capacity as trustee, for
investment of any such amounts.
Section 8.05. Trustee May Own Certificates.
The Trustee and any agent thereof, 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 or such agent.
Section 8.06. The Master Servicer to Pay Fees and Expenses.
The Master Servicer covenants and agrees to pay to the Trustee from time to
time, and the Trustee shall be entitled to receive, 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 it
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 the
Master Servicer will pay or reimburse the Trustee upon its request for all
reasonable expenses, disbursements and advances incurred or made by it 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) except any such expense, disbursement,
or advance as may arise from its negligence or bad faith.
Section 8.07. Eligibility Requirements.
The Trustee hereunder shall at all times (i) be a corporation or association
having its principal office in a state and city acceptable to the Seller,
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, or shall be a
member of a bank holding system, the aggregate combined capital and surplus of
which is at least $50,000,000, provided that its separate capital and surplus
shall at all times be at least the amount specified in Section 310(a)(2) of the
Trust Indenture Act of 1939, (ii) be subject to supervision or examination by
federal or state authority and (iii) have a credit rating or be otherwise
acceptable to the Rating Agencies such that neither of the Rating Agencies would
reduce their respective then current ratings of the Certificates (or have
provided such security from time to time as is sufficient to avoid such
reduction) as evidenced in writing by each Rating Agency. If such corporation or
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 or association 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 8.08.
Section 8.08. Resignation and Removal.
The Trustee may at any time resign and be discharged from the trust hereby
created by giving written notice of resignation to the Master Servicer, such
resignation to be effective upon the appointment of a successor trustee. Upon
receiving such notice of resignation, the Master Servicer shall promptly appoint
a successor trustee by written instrument, in duplicate, one copy of which
instrument shall be delivered to the resigning entity and one copy to its
successor. If no successor trustee shall have been 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.
If at any time the Trustee shall cease to be eligible in accordance with the
provisions of Section 8.07 and shall fail to resign after written request for
its resignation by the Master Servicer, or if at any time the Trustee shall
become incapable of acting, or an order for relief shall have been entered in
any bankruptcy or insolvency proceeding with respect to such entity, or a
receiver of such entity or of its property shall be appointed, or any public
officer shall take charge or control of the Trustee or of the property or
affairs of the Trustee for the purpose of rehabilitation, conversion or
liquidation, or the Master Servicer shall deem it necessary in order to change
the situs of the Trust Estate for state tax reasons, then the Master Servicer
shall 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.
The Holders of Certificates evidencing in the aggregate not less than 51% of
the Voting Interests represented by all Certificates (except that any
Certificate registered in the name of the Seller, the Master Servicer or any
affiliate thereof will not be taken into account in determining whether the
requisite Voting Interests has been obtained) may at any time remove the Trustee
and appoint a successor 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 Master Servicer, one complete
set of which shall be delivered to the entity or entities so removed and one
complete set of which shall be delivered to the successor so appointed.
Any resignation or removal of the Trustee and appointment of a successor
pursuant to any of the provisions of this Section shall become effective upon
acceptance of appointment by the successor as provided in Section 8.09.
Section 8.09. Successor.
Any successor trustee appointed as provided in Section 8.08 shall execute,
acknowledge and deliver to the Master Servicer 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, without any further act, deed or reconveyance, shall become fully
vested with all the rights, powers, duties and obligations of its predecessor
hereunder, with like effect as if originally named as trustee herein. The
predecessor trustee shall deliver to its successor all Owner Mortgage Loan Files
and related documents and statements held by it hereunder (other than any Owner
Mortgage Loan Files at the time held by a Custodian, which Custodian shall
become the agent of any successor trustee hereunder), and the Seller, the Master
Servicer and the predecessor entity 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. No successor shall accept appointment as
provided in this Section unless at the time of such acceptance such successor
shall be eligible under the provisions of Section 8.07
Upon acceptance of appointment by a successor as provided in this Section,
the Master Servicer 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 Master Servicer fails to mail such notice within
ten days after acceptance of the successor trustee, the successor trustee shall
cause such notice to be mailed at the expense of the Master Servicer.
Section 8.10. Merger or Consolidation.
Any Person into which the Trustee may be merged or converted or with which
it may be consolidated, to which it may sell or transfer its corporate trust
business and assets as a whole or substantially as a whole or any Person
resulting from any merger, sale, transfer, conversion or consolidation to which
the Trustee shall be a party, or any Person succeeding to the business of such
entity, shall be the successor of the Trustee hereunder; provided, however, that
(i) such Person shall be eligible under the provisions of Section 8.07, 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, and (ii)
the Trustee shall deliver an Opinion of Counsel to the Seller and the Master
Servicer to the effect that such merger, consolidation, sale or transfer will
not subject the REMIC to federal, state or local tax or cause the REMIC to not
qualify as a REMIC, which Opinion of Counsel shall be at the sole expense of the
Trustee.
Section 8.11. Authenticating Agent.
The Trustee may appoint an Authenticating Agent, which shall be authorized
to act on behalf of the Trustee in authenticating Certificates. Wherever
reference is made in this Agreement to the authentication of Certificates by the
Trustee or the Trustee's countersignature, such reference shall be deemed to
include authentication on behalf of the Trustee by the Authenticating Agent and
a certificate of authentication executed on behalf of the Trustee by the
Authenticating Agent. The Authenticating Agent must be acceptable to the Seller
and the Master Servicer and must be a corporation organized and doing business
under the laws of the United States of America or of any state, having a
principal office and place of business in a state and city acceptable to the
Seller and the Master Servicer, having a combined capital and surplus of at
least $15,000,000, authorized under such laws to do a trust business and subject
to supervision or examination by federal or state authorities.
Any corporation into which the Authenticating Agent may be merged or
converted or with which it may be consolidated, or any corporation resulting
from any merger, conversion or consolidation to which the Authenticating Agent
shall be a party, or any corporation succeeding to the corporate agency business
of the Authenticating Agent, shall be the Authenticating Agent without the
execution or filing of any paper or any further act on the part of the Trustee
or the Authenticating Agent.
The Authenticating Agent may at any time resign by giving at least 30 days'
advance written notice of resignation to the Trustee, the Seller and the Master
Servicer. The Trustee may at any time terminate the agency of the Authenticating
Agent by giving written notice thereof to the Authenticating Agent, the Seller
and the Master Servicer. Upon receiving a notice of resignation or upon such a
termination, or in case at any time the Authenticating Agent shall cease to be
eligible in accordance with the provisions of this Section 8.11, the Trustee
promptly shall appoint a successor Authenticating Agent, which shall be
acceptable to the Master Servicer, and shall give written notice of such
appointment to the Seller, and shall mail notice of such appointment to all
Certificateholders. Any successor Authenticating Agent upon acceptance of its
appointment hereunder shall become vested with all the rights, powers, duties
and responsibilities of its predecessor hereunder, with like effect as if
originally named as Authenticating Agent herein. No successor Authenticating
Agent shall be appointed unless eligible under the provisions of this Section
8.11.
The Authenticating Agent shall have no responsibility or liability for any
action taken by it as such at the direction of the Trustee. Any reasonable
compensation paid to the Authenticating Agent shall be a reimbursable expense
under Section 8.06.
Section 8.12. Separate Trustees and Co-Trustees.
The Trustee shall have the power from time to time to appoint one or more
persons or corporations to act either as co-trustees jointly with the Trustee,
or as separate trustees, for the purpose of holding title to, foreclosing or
otherwise taking action with respect to any Mortgage Loan outside the state
where the Trustee has its principal place of business, where such separate
trustee or co-trustee is necessary or advisable (or the Trustee is advised by
the Master Servicer that such separate trustee or co-trustee is necessary or
advisable) under the laws of any state in which a Mortgaged Property is located
or for the purpose of otherwise conforming to any legal requirement, restriction
or condition in any state in which a Mortgaged Property is located or in any
state in which any portion of the Trust Estate is located. The Master Servicer
shall advise the Trustee when, in its good faith opinion, a separate trustee or
co-trustee is necessary or advisable as aforesaid. The separate trustees or
co-trustees so appointed shall be trustees for the benefit of all of the
Certificateholders and shall have such powers, rights and remedies as shall be
specified in the instrument of appointment; provided, however, that no such
appointment shall, or shall be deemed to, constitute the appointee an agent of
the Trustee. The Seller and the Master Servicer shall join in any such
appointment, but such joining shall not be necessary for the effectiveness of
such appointment.
Every separate trustee and co-trustee shall, to the extent permitted by law,
be appointed and act subject to the following provisions and conditions:
(i) all powers, duties, obligations and rights conferred upon
the Trustee, in respect of the receipt, custody and payment of moneys
shall be exercised solely by the Trustee;
(ii) all other 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 Estate or
any portion thereof in any such jurisdiction) shall be exercised and
performed by such separate trustee or co-trustee;
(iii) no separate trustee or co-trustee hereunder shall be
personally liable by reason of any act or omission of any other
separate trustee or co-trustee hereunder; and
(iv) the Trustee may at any time accept the resignation of or
remove any separate trustee or co-trustee so appointed by it, if such
resignation or removal does not violate the other terms of this
Agreement.
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, co-trustee, or custodian shall refer to this Agreement and the
conditions of this Article. 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 furnished to the Trustee.
Any separate trustee, co-trustee, or custodian 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.
No separate trustee or co-trustee hereunder shall be required to meet the
terms of eligibility as a successor trustee under Section 8.07 hereunder and no
notice to Certificateholders of the appointment thereof shall be required under
Section 8.09 hereof.
The Trustee agrees to instruct its co-trustees, if any, to the extent
necessary to fulfill such entity's obligations hereunder.
The Master Servicer shall pay the reasonable compensation of the co-trustees
to the extent, and in accordance with the standards, specified in Section 8.06
hereof.
Section 8.13. Appointment of Custodians.
The Trustee may at any time on or after the Closing Date, with the consent
of the Master Servicer and the Seller, appoint one or more Custodians to hold
all or a portion of the Owner Mortgage Loan Files as agent for the Trustee, by
entering into a Custodial Agreement. Subject to this 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 $10,000,000 and shall be qualified to do business in the
jurisdiction in which it holds any Owner Mortgage Loan File. Each Custodial
Agreement may be amended only as provided in Section 10.01(a).
Section 8.14. Tax Matters; Compliance with REMIC Provisions.
(a) Each of the Trustee and the Master Servicer covenants and agrees that
it shall perform its duties hereunder in a manner consistent with the REMIC
Provisions and shall not knowingly take any action or fail to take any action
that would (i) affect the determination of the Trust Estate's status as a REMIC;
or (ii) cause the imposition of any federal, state or local income, prohibited
transaction, contribution or other tax on either the REMIC or the Trust Estate.
The Master Servicer, or, in the case of any action required by law to be
performed directly by the Trustee, the Trustee, shall (i) prepare or cause to be
prepared, timely cause to be signed by the Trustee and file or cause to be filed
annual federal and applicable state and local income tax returns using a
calendar year as the taxable year for the REMIC and the accrual method of
accounting; (ii) in the first such federal tax return, make, or cause to be
made, elections satisfying the requirements of the REMIC Provisions, on behalf
of the Trust Estate, to treat the Trust Estate as a REMIC; (iii) prepare,
execute and forward, or cause to be prepared, executed and forwarded, to the
Certificateholders all information reports or tax returns required with respect
to the REMIC, as and when required to be provided to the Certificateholders, and
to the Internal Revenue Service and any other relevant governmental taxing
authority in accordance with the REMIC Provisions and any other applicable
federal, state or local laws, including without limitation information reports
relating to "original issue discount" and "market discount" as defined in the
Code based upon the issue prices, prepayment assumption and cash flows provided
by the Seller to the Trustee and calculated on a monthly basis by using the
issue price of the Certificates; (iv) make available information necessary for
the application of any tax imposed on transferors of residual interests to
"disqualified organizations" (as defined in the REMIC Provisions); (v) file
Forms SS-4 and 8811 and respond to inquiries by Certificateholders or their
nominees concerning information returns, reports or tax returns; (vi) maintain
(or cause to be maintained by the Servicers) such records relating to the REMIC,
including but not limited to the income, expenses, individual Mortgage Loans
(including REO Mortgage Loans, other assets and liabilities of the REMIC, and
the fair market value and adjusted basis of the REMIC property determined at
such intervals as may be required by the Code, as may be necessary to prepare
the foregoing returns or information reports; (vii) exercise reasonable care not
to allow the creation of any "interests" in the REMIC within the meaning of Code
Section 860D(a)(2) other than the interests represented by the Class A-1, Class
A-2, Class A-3, Class A-4, Class A-5, Class A-6, Class A-7, Class A-8, Class
A-9, Class A-10, Class A-11, Class A-12, Class A-13, Class A-14, Class A-15,
Class A-PO and Class A-R Certificates, the Class M Certificates and the Class
B-l, Class B-2, Class B-3, Class B-4 and Class B-5 Certificates; (viii) exercise
reasonable care not to allow the occurrence of any "prohibited transactions"
within the meaning of Code Section 860F(a), unless the Master Servicer shall
have provided an Opinion of Counsel to the Trustee that such occurrence would
not (a) result in a taxable gain, (b) otherwise subject either the Trust Estate
or the REMIC to tax or (c) cause the Trust Estate to fail to qualify as a REMIC;
(ix) exercise reasonable care not to allow the REMIC to receive income from the
performance of services or from assets not permitted under the REMIC Provisions
to be held by a REMIC; (x) pay (on behalf of the REMIC) the amount of any
federal income tax, including, without limitation, prohibited transaction taxes,
taxes on net income from foreclosure property, and taxes on certain
contributions to a REMIC after the Startup Day, imposed on the REMIC when and as
the same shall be due and payable (but such obligation shall not prevent the
Master Servicer or any other appropriate Person from contesting any such tax in
appropriate proceedings and shall not prevent the Master Servicer from
withholding or depositing payment of such tax, if permitted by law, pending the
outcome of such proceedings); and (xi) if required or permitted by the Code and
applicable law, act as "tax matters person" for the REMIC within the meaning of
Treasury Regulations Section 1.860F-4(d), and the Master Servicer is hereby
designated as agent of the Class A-R Certificateholder for such purpose (or if
the Master Servicer is not so permitted, the Holder of the Class A-R Certificate
shall be tax matters person in accordance with the REMIC Provisions). The Master
Servicer shall be entitled to be reimbursed pursuant to Section 3.02 for any
taxes paid by it pursuant to clause (x) of the preceding sentence, except to the
extent that such taxes are imposed as a result of the bad faith, willful
misfeasance or gross negligence of the Master Servicer in the performance of its
obligations hereunder. The Trustee shall sign the tax returns referred to in
clause (i) of the second preceding sentence.
In order to enable the Master Servicer or the Trustee, as the case may be,
to perform its duties as set forth above, the Seller shall provide, or cause to
be provided, to the Master Servicer within ten days after the Closing Date all
information or data that the Master Servicer determines to be relevant for tax
purposes to the valuations and offering prices of the Certificates, including,
without limitation, the price, yield, prepayment assumption and projected cash
flows of each Class and Subclass of Certificates and the Mortgage Loans in the
aggregate. Thereafter, the Seller shall provide to the Master Servicer or the
Trustee, as the case may be, promptly upon request therefor, any such additional
information or data that the Master Servicer or the Trustee, as the case may be,
may from time to time, request in order to enable the Master Servicer to perform
its duties as set forth above. The Seller hereby indemnifies the Master Servicer
and the Trustee for any losses, liabilities, damages, claims or expenses of the
Master Servicer or the Trustee arising from any errors or miscalculations by the
Master Servicer or the Trustee pursuant to this Section that result from any
failure of the Seller to provide, or to cause to be provided, accurate
information or data to the Master Servicer or the Trustee, as the case may be,
on a timely basis. The Master Servicer hereby indemnifies the Seller and the
Trustee for any losses, liabilities, damages, claims or expenses of the Seller
or the Trustee arising from the Master Servicer's willful misfeasance, bad faith
or gross negligence in preparing any of the federal, state and local tax returns
of the REMIC as described above. In the event that the Trustee prepares any of
the federal, state and local tax returns of the REMIC as described above, the
Trustee hereby indemnifies the Seller and the Master Servicer for any losses,
liabilities, damages, claims or expenses of the Seller or the Master Servicer
arising from the Trustee's willful misfeasance, bad faith or negligence in
connection with such preparation.
(b) Notwithstanding anything in this Agreement to the contrary, each of the
Master Servicer and the Trustee shall pay from its own funds, without any right
of reimbursement therefor, the amount of any costs, liabilities and expenses
incurred by the Trust Estate (including, without limitation, any and all
federal, state or local taxes, including taxes imposed on "prohibited
transactions" within the meaning of the REMIC Provisions) if and to the extent
that such costs, liabilities and expenses arise from a failure of the Master
Servicer or the Trustee to perform its obligations under this Section 8.14.
Section 8.15. Monthly Advances.
In the event that Norwest Mortgage fails to make a Periodic Advance required
to be made pursuant to the Norwest Servicing Agreement on or before the
Distribution Date, the Trustee shall make a Periodic Advance as required by
Section 3.03 hereof; provided, however, the Trustee shall not be required to
make such Periodic Advances if prohibited by law or if it determines that such
Periodic Advance would be a Nonrecoverable Advance. With respect to those
Periodic Advances which should have been made by Norwest Mortgage, the Trustee
shall be entitled, pursuant to Section 3.02(a)(i), (ii) or (v) hereof, to be
reimbursed from the Certificate Account for Periodic Advances and Nonrecoverable
Advances made by it.
<PAGE>
ARTICLE IX
TERMINATION
Section 9.01. Termination upon Purchase by the
Seller or Liquidation of All Mortgage Loans.
Subject to Section 9.02, the respective obligations and responsibilities of
the Seller, the Master Servicer and the Trustee created hereby (other than the
obligation of the Trustee to make certain payments after the Final Distribution
Date to Certificateholders and the obligation of the Master Servicer to send
certain notices as hereinafter set forth and the tax reporting obligations under
Sections 4.05 and 8.14 hereof) 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 purchase by the Seller of all Mortgage Loans
and all property acquired in respect of any Mortgage Loan remaining in the Trust
Estate at a price equal to the sum of (x) 100% of the unpaid principal balance
of each Mortgage Loan (other than any REO Mortgage Loan) as of the Final
Distribution Date, and (y) the fair market value of the Mortgaged Property
related to any REO Mortgage Loan (as determined by the Master Servicer as of the
close of business on the third Business Day next preceding the date upon which
notice of any such termination is furnished to Certificateholders pursuant to
the third paragraph of this Section 9.01), plus any accrued and unpaid interest
through the last day of the month preceding the month of such purchase at the
applicable Mortgage Interest Rate less any Fixed Retained Yield on each Mortgage
Loan (including any REO Mortgage Loan) and (ii) the final payment or other
liquidation (or any advance with respect thereto) of the last Mortgage Loan
remaining in the Trust Estate (including for this purpose the discharge of any
Mortgagor under a defaulted Mortgage Loan on which a Servicer is not obligated
to foreclose due to environmental impairment) or the disposition of all property
acquired upon foreclosure or deed in lieu of foreclosure of any Mortgage Loan;
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 Joseph P. Kennedy, the late ambassador of the United States to
the Court of St. James, living on the date hereof.
The right of the Seller to purchase all the assets of the Trust Estate
pursuant to clause (i) of the preceding paragraph are subject to Section 9.02
and conditioned upon the Pool Scheduled Principal Balance of the Mortgage Loans
as of the Final Distribution Date being less than the amount set forth in
Section 11.23. In the case of any purchase by the Seller pursuant to said clause
(i), the Seller shall provide to the Trustee the certification required by
Section 3.04 and the Trustee and the Custodian shall, promptly following payment
of the purchase price, release to the Seller the Owner Mortgage Loan Files
pertaining to the Mortgage Loans being purchased.
Notice of any termination, specifying the 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 for payment
of the final distribution and cancellation, shall be given promptly by the
Master Servicer (if it is exercising its right to purchase the assets of the
Trust Estate) or by the Trustee (in any other case) by letter to
Certificateholders mailed not earlier than the 15th day of the month preceding
the month of such final distribution and not later than the twentieth day of the
month of such final distribution specifying (A) the Final Distribution Date upon
which final payment of the Certificates will be made upon presentation and
surrender of Certificates at the office or agency of the Trustee therein
designated, (B) the amount of any such final payment and (C) that the Record
Date otherwise applicable to such Distribution Date is not applicable, payments
being made (except in the case of any Class A Certificate surrendered on a prior
Distribution Date pursuant to Section 4.01) 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 Trustee and the Certificate
Registrar at the time such notice is given to Certificateholders. In the event
such notice is given by the Master Servicer, the Master Servicer shall deposit
in the Certificate Account on or before the Final Distribution Date in
immediately available funds an amount equal to the purchase price for the assets
of the Trust Estate computed as above provided. Failure to give notice of
termination as described herein shall not entitle a Certificateholder to any
interest beyond the interest payable on the Final Distribution Date.
Upon presentation and surrender of the Certificates, the Trustee shall cause
to be distributed to Certificateholders on the Final Distribution Date in
proportion to their respective Percentage Interests an amount equal to (i) as to
the Subclasses of Class A Certificates, the respective Class A Subclass
Principal Balance together with any related Class A Subclass Unpaid Interest
Shortfall and one month's interest in an amount equal to the respective Class A
Subclass Interest Accrual Amount, (ii) as to the Class M Certificates, the Class
M Principal Balance together with any related Class M Unpaid Interest Shortfall
and one month's interest at the Class M Pass-Through Rate on the Class M
Principal Balance, (iii) as to the Subclasses of Class B Certificates, the
respective Class B Subclass Principal Balance together with any related Class B
Subclass Unpaid Interest Shortfall and one month's interest in an amount equal
to the respective Class B Subclass Interest Accrual Amount and (iv) as to the
Class A-R Certificate, the amounts, if any, which remain on deposit in the
Certificate Account (other than amounts retained to meet claims) after
application pursuant to clauses (i), (ii) and (iii) above and payment to the
Master Servicer of any amounts it is entitled as reimbursement or otherwise
hereunder. Notwithstanding the foregoing, if the price paid pursuant to clause
(i) of the first paragraph of this Section 9.01, after reimbursement to the
Servicers, the Master Servicer and the Trustee of any Periodic Advances, is
insufficient to pay in full the amounts set forth in clauses (i), (ii) and (iii)
of this paragraph, then any shortfall in the amount available for distribution
to Certificateholders shall be allocated in reduction of the amounts otherwise
distributable on the Final Distribution Date in the same manner as Realized
Losses are allocated pursuant to Sections 4.02(b) and 4.02(g) hereof. Such
distribution on the Final Distribution Date shall be in lieu of the distribution
otherwise required to be made on such Distribution Date in respect of each Class
of Certificates.
In the event that all of the Certificateholders shall not surrender their
Certificates for final payment and cancellation within three months following
the Final Distribution Date, the Trustee shall on such date cause all funds, if
any, 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 it exercised its
right to purchase the assets of the Trust Estate) 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 three months after the second notice all the
Certificates shall not have been surrendered for cancellation, the Trustee may
take appropriate steps, or may appoint an agent to take appropriate steps, to
contact the remaining Certificateholders concerning surrender of their
Certificates, and the cost thereof shall be paid out of the funds on deposit in
such escrow account.
Section 9.02. Additional Termination Requirements.
In the event of a termination of the Trust Estate upon the exercise by the
Seller of its purchase option as provided in Section 9.01, the Trust Estate
shall be terminated in accordance with the following additional requirements,
unless the Trustee has received an Opinion of Counsel to the effect that any
other manner of termination (i) will constitute a "qualified liquidation" of the
Trust Estate within the meaning of Code Section 860F(a)(4)(A) and (ii) will not
subject the REMIC to federal tax or cause the Trust Estate to fail to qualify as
a REMIC at any time that any Certificates are outstanding:
(i) The notice given by the Master Servicer under Section
9.01 shall provide that such notice constitutes the adoption of a plan
of complete liquidation of the REMIC as of the date of such notice (or,
if earlier, the date on which the first such notice is mailed to
Certificateholders). The Master Servicer shall also specify such date
in a statement attached to the final tax return of the REMIC; and
(ii) At or after the time of adoption of such a plan of
complete liquidation and at or prior to the Final Distribution Date,
the Trustee shall sell all of the assets of the Trust Estate to the
Seller for cash at the purchase price specified in Section 9.01 and
shall distribute such cash within 90 days of such adoption in the
manner specified in Section 9.01.
<PAGE>
ARTICLE X
MISCELLANEOUS PROVISIONS
Section 10.01. Amendment.
(a) This Agreement or any Custodial Agreement may be amended from time to
time by the Seller, the Master Servicer and the Trustee, without the consent of
any of the Certificateholders, (i) to cure any ambiguity or mistake, (ii) to
correct or supplement any provisions herein or therein which may be inconsistent
with any other provisions herein or therein, (iii) to modify, eliminate or add
to any of its provisions to such extent as shall be necessary to maintain the
qualification of the Trust Estate as a REMIC at all times that any Certificates
are outstanding or to avoid or minimize the risk of the imposition of any
federal tax on the Trust Estate or the REMIC pursuant to the Code that would be
a claim against the Trust Estate, provided that (a) the Trustee has received an
Opinion of Counsel to the effect that 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 shall not, as evidenced by such Opinion of
Counsel, adversely affect in any material respect the interests of any
Certificateholder, (iv) to change the timing and/or nature of deposits into the
Certificate Account provided that (a) such change shall not, as evidenced by an
Opinion of Counsel, adversely affect in any material respect the interests of
any Certificateholder and (b) such change shall not adversely affect the
then-current rating of the Certificates 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 or any other provisions hereof restricting transfer of the
Certificates, provided that the Master Servicer for purposes of Section 5.02 has
determined in its sole discretion that any such modifications to this Agreement
will neither adversely affect the rating on the Certificates nor give rise to a
risk that either the Trust Estate or the REMIC or any of the Certificateholders
will be subject to a tax caused by a transfer to a non-permitted transferee and
(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.
This Agreement or any Custodial Agreement may also be amended from time to
time by the Seller, the Master Servicer and the Trustee with the consent of the
Holders of Certificates evidencing in the aggregate not less than 66-2/3% of the
aggregate Voting Interests of each Class or Subclass of Certificates 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 or Subclass; provided, however, that no such amendment shall (i) reduce in
any manner the amount of, or delay the timing of, payments received on Mortgage
Loans which are required to be distributed on any Certificate without the
consent of the Holder of such Certificate, (ii) adversely affect in any material
respect the interest of the Holders of Certificates of any Class or Subclass in
a manner other than as described in clause (i) hereof without the consent of
Holders of Certificates of such Class or Subclass evidencing, as to such Class
or Subclass, Voting Interests aggregating not less than 66-2/3% or (iii) reduce
the aforesaid percentage of Certificates of any Class or Subclass the Holders of
which are required to consent to any such amendment, without the consent of the
Holders of all Certificates of such Class or Subclass then outstanding.
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 to the effect that such amendment will not
subject the REMIC to tax or cause the Trust Estate to fail to qualify as a REMIC
at any time that any Certificates are outstanding.
Promptly after the execution of any amendment requiring the consent of
Certificateholders, the Trustee shall furnish written notification of the
substance of such amendment to each Certificateholder.
It shall not be necessary for the consent of Certificateholders under this
Section 10.01(a) 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.
(b) Notwithstanding any contrary provision of this Agreement, the Master
Servicer may, from time to time, amend Schedule I hereto without the consent of
any Certificateholder or the Trustee; provided, however, (i) that such amendment
does not conflict with any provisions of the related Servicing Agreement, (ii)
that the related Servicing Agreement provides for the remittance of each type of
Unscheduled Principal Receipts received by such Servicer during the Applicable
Unscheduled Principal Receipt Period (as so amended) related to each
Distribution Date to the Master Servicer no later than the 24th day of the month
in which such Distribution Date occurs and (iii) that such amendment is for the
purpose of:
(a) changing the Applicable Unscheduled Principal Receipt Period
for Exhibit F-1 Mortgage Loans to a Mid-Month Receipt Period
with respect to all Unscheduled Principal Receipts; or
(b) changing the Applicable Unscheduled Principal Receipt Period
for all Mortgage Loans serviced by any Servicer to a
Mid-Month Receipt Period with respect to Full Unscheduled
Principal Receipts and to a Prior Month Receipt Period with
respect to Partial Unscheduled Principal Receipts.
A copy of any amendment to Schedule I pursuant to this Section 10.01(b)
shall be promptly forwarded to the Trustee.
Section 10.02. Recordation of Agreement.
This Agreement (or an abstract hereof, if acceptable to the applicable
recording office) is subject to recordation in all appropriate public offices
for real property records in all the towns or other comparable jurisdictions in
which any or all of the Mortgaged Properties are situated, and in any other
appropriate public office or elsewhere, such recordation to be effected by the
Master Servicer and at its expense on direction by the Trustee, 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.
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 10.03. Limitation on Rights of Certificateholders.
The death or incapacity of any Certificateholder shall not operate to
terminate this Agreement or the Trust Estate, nor entitle such
Certificateholder's legal representatives or heirs to claim an accounting or
take any action or proceeding in any court for a partition or winding up of the
Trust Estate, nor otherwise affect the rights, obligations and liabilities of
the parties hereto or any of them.
Except as otherwise expressly provided herein, no Certificateholder, solely
by virtue of its status as a Certificateholder, shall have any right to vote or
in any manner otherwise control the operation and management of the Trust
Estate, 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.
No Certificateholder, solely by virtue of its status as Certificateholder,
shall have any right by virtue or by availing 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 evidencing
not less than 25% of the Voting Interest represented by all Certificates 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 cost, expenses
and liabilities to be incurred therein 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 shall have any right in any manner whatever
by virtue or by availing of any provision of this Agreement to affect, disturb
or prejudice the rights of the Holders of any other of such Certificates, 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 benefit of all Certificateholders. For the protection and
enforcement of the provisions of this Section, each and every Certificateholder
and the Trustee shall be entitled to such relief as can be given either at law
or in equity.
Section 10.04. Governing Law; Jurisdiction.
This Agreement shall be construed in accordance with the laws of the State
of New York (without regard to conflicts of laws principles), and the
obligations, rights and remedies of the parties hereunder shall be determined in
accordance with such laws.
Section 10.05. Notices.
All demands, notices and communications hereunder shall be in writing and
shall be deemed to have been duly given if personally delivered at or mailed by
certified or registered mail, return receipt requested (i) in the case of the
Seller, to Norwest Asset Securities Corporation, 7485 New Horizon Way,
Frederick, Maryland 21703, Attention: Chief Executive Officer, or such other
address as may hereafter be furnished to the Master Servicer and the Trustee in
writing by the Seller, (ii) in the case of the Master Servicer, to Norwest Bank
Minnesota, National Association, 5325 Spectrum Drive, Frederick, Maryland 21703,
Attention: Vice President or such other address as may hereafter be furnished to
the Seller and the Trustee in writing by the Master Servicer and (iii) in the
case of the Trustee, to the Corporate Trust Office, or such other address as may
hereafter be furnished to the Seller and the Master Servicer in writing by the
Trustee, in each case Attention: Corporate Trust Department 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 mailed or transmitted within the time prescribed in this
Agreement shall be conclusively presumed to have been duly given, whether or not
the addressee receives such notice, provided, however, that any demand, notice
or communication to or upon the Seller, the Master Servicer or the Trustee shall
not be effective until received.
For all purposes of this Agreement, in the absence of actual knowledge by an
officer of the Master Servicer, the Master Servicer shall not be deemed to have
knowledge of any act or failure to act of any Servicer unless notified thereof
in writing by the Trustee, such Servicer or a Certificateholder.
Section 10.06. 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 10.07. Special Notices to Rating Agencies.
(a) The Trustee shall give prompt notice to each Rating Agency of the
occurrence of any of the following events of which it has notice:
(i) any amendment to this Agreement pursuant to Section
10.01(a);
(ii) any sale or transfer of the Class B Certificates pursuant
to Section 5.02 to an affiliate of the Seller;
(iii) any assignment by the Master Servicer of its rights and
delegation of its duties pursuant to Section 6.06;
(iv) any resignation of the Master Servicer pursuant to
Section 6.04;
(v) the occurrence of any of the Events of Default described
in Section 7.01;
(vi) any notice of termination given to the Master Servicer
pursuant to Section 7.01;
(vii) the appointment of any successor to the Master Servicer
pursuant to Section 7.05; or
(viii) the making of a final payment pursuant to Section 9.01.
(b) The Master Servicer shall give prompt notice to each Rating Agency of
the occurrence of any of the following events:
(i) the appointment of a Custodian pursuant to Section 2.02;
(ii) the resignation or removal of the Trustee pursuant to
Section 8.08;
(iii) the appointment of a successor trustee pursuant to
Section 8.09; or
(iv) the sale, transfer or other disposition in a single
transaction of 50% or more of the equity interests in the Master
Servicer.
(c) The Master Servicer shall deliver to each Rating Agency:
(i) reports prepared pursuant to Section 3.05;
and
(ii) statements prepared pursuant to Section
4.04.
Section 10.08. Covenant of Seller.
The Seller shall not amend Article Third of its Certificate of Incorporation
without the prior written consent of each Rating Agency rating the Certificates.
Section 10.09. Recharacterization.
The Parties intend the conveyance by the Seller to the Trustee of all of its
right, title and interest in and to the Mortgage Loans pursuant to this
Agreement to constitute a purchase and sale and not a loan. Notwithstanding the
foregoing, to the extent that such conveyance is held not to constitute a sale
under applicable law, it is intended that this Agreement shall constitute a
security agreement under applicable law and that the Seller shall be deemed to
have granted to the Trustee a first priority security interest in all of the
Seller's right, title and interest in and to the Mortgage Loans.
<PAGE>
ARTICLE XI
TERMS FOR CERTIFICATES
Section 11.01. Class A Fixed Pass-Through Rate.
The Class A Fixed Pass-Through Rate is 7.750% per annum.
Section 11.02. Cut-Off Date.
The Cut-Off Date for the Certificates is December 1, 1996.
Section 11.03. Cut-Off Date Aggregate Principal Balance.
The Cut-Off Date Aggregate Principal Balance is $364,999,559.29.
Section 11.04. Original Class A Percentage.
The Original Class A Percentage is 95.48330499%
Section 11.05. Original Class A Subclass Principal Balances.
As to the following Subclasses of Class A Certificates, the Class A Subclass
Principal Balance of such Subclass as of the Cut-Off Date, as follows:
Original Class A
Class A Subclass Subclass Principal Balance
---------------- --------------------------
Class A-1 $ 14,048,000.00
Class A-2 $ 12,106,000.00
Class A-3 $ 7,004,000.00
Class A-4 $ 50,260,000.00
Class A-5 $ 26,333,000.00
Class A-6 $ 24,157,000.00
Class A-7 $ 31,804,000.00
Class A-8 $ 25,648,000.00
Class A-9 $ 17,276,000.00
Class A-10 $ 17,252,000.00
Class A-11 $ 11,633,000.00
Class A-12 $ 20,241,000.00
Class A-13 $ 20,184,000.00
Class A-14 $ 22,979,675.00
Class A-15 $ 46,300,000.00
Class A-PO $ 1,348,683.33
Class A-R $ 200.00
Section 11.06. Original Class A Non-PO Principal Balance.
The Original Class A Non-PO Principal Balance is $347,225,875.00.
Section 11.07. Original Subordinated Percentage.
The Original Subordinated Percentage is 4.51669501%.
Section 11.08. Original Class M Percentage.
The Original Class M Percentage is 1.75635491%.
Section 11.09. Original Class M Principal Balance.
The Original Class M Principal Balance is $6,387,000.00.
Section 11.10. Original Class M Fractional Interest.
The Original Class M Fractional Interest is 2.76033983%.
Section 11.11. Original Class B-1 Percentage.
The Original Class B-1 Percentage is 1.25477492%.
Section 11.12. Original Class B-2 Percentage.
The Original Class B-2 Percentage is 0.50185497%.
Section 11.13. Original Class B-3 Percentage.
The Original Class B-3 Percentage is 0.30111298%.
Section 11.14. Original Class B-4 Percentage.
The Original Class B-4 Percentage is 0.35116099%.
Section 11.15. Original Class B-5 Percentage.
The Original Class B-5 Percentage is 0.35143624%.
Section 11.16. Original Class B Principal Balance.
The Original Class B Principal Balance is $10,038,000.96.
Section 11.17. Original Class B Subclass Principal Balances.
As to any Class B Certificate, the Class B Subclass Principal Balance of
such Subclass as of the Cut-Off Date, is as follows:
Original Class B
Class B Subclass Subclass Principal Balance
---------------- --------------------------
Class B-1 $ 4,563,000.00
Class B-2 $ 1,825,000.00
Class B-3 $ 1,095,000.00
Class B-4 $ 1,277,000.00
Class B-5 $ 1,278,000.96
Section 11.18. Original Class B-1 Fractional Interest.
The Original Class B-1 Fractional Interest is 1.50556517%.
Section 11.19. Original Class B-2 Fractional Interest.
The Original Class B-2 Fractional Interest is 1.00371020%.
Section 11.20. Original Class B-3 Fractional Interest.
The Original Class B-3 Fractional Interest is 0.70259722%.
Section 11.21. Original Class B-4 Fractional Interest.
The Original Class B-4 Fractional Interest is 0.35143623%.
Section 11.22. Closing Date.
The Closing Date is December 24, 1996.
Section 11.23. Right to Purchase.
The right of the Seller to purchase all of the Mortgage Loans pursuant to
Section 9.01 hereof shall be conditioned upon the Pool Scheduled Principal
Balance of the Mortgage Loans being less than $36,499,955.93 (10% of the Cut-Off
Date Aggregate Principal Balance) at the time of any such purchase.
Section 11.24. Wire Transfer Eligibility.
With respect to the Class A Certificates, the minimum Denomination eligible
for wire transfer on each Distribution Date is $5,000,000. The Class A-PO, Class
A-R, Class B-1, Class B-2, Class B-3, Class B-4 and Class B-5 Certificates are
not eligible for wire transfer.
Section 11.25. Single Certificate.
A Single Certificate for each Subclass of Class A Certificates (other than
the Class A-R Certificate), the Class M Certificates and the Class B
Certificates (other than the Class B-3, Class B-4 and Class B-5 Certificates)
represents a $100,000 Denomination. A Single Certificate for the Class A-R
Certificate represents a $200 Denomination. A Single Certificate for Class B-3,
Class B-4 and Class B-5 Certificates a $250,000 Denomination.
Section 11.26. Servicing Fee Rate.
The rate used to calculate the Servicing Fee is equal to 0.250% per annum.
Section 11.27. Master Servicing Fee Rate.
The rate used to calculate the Master Servicing Fee for each Mortgage Loan
is 0.02% per annum.
<PAGE>
IN WITNESS WHEREOF, the Seller, the Master Servicer and the Trustee have
caused their names to be signed hereto by their respective officers thereunto
duly authorized, all as of the day and year first above written.
NORWEST ASSET SECURITIES CORPORATION
as Seller
By:----------------------------------
Name:
Title:
NORWEST BANK MINNESOTA, NATIONAL
ASSOCIATION
as Master Servicer
By:----------------------------------
Name:
Title:
FIRST UNION NATIONAL BANK OF NORTH
CAROLINA
as Trustee
By:----------------------------------
Name:
Title:
Attest:
By:---------------------------
Name:-------------------------
Title:------------------------
<PAGE>
STATE OF NEW YORK )
ss.:
COUNTY OF NEW YORK )
On this 24th day of December, 1996, before me, a notary public
in and for the State of New York, personally B. David Bialzak, known to me who,
being by me duly sworn, did depose and say that he resides at Frederick,
Maryland; that he is a Vice President of Norwest Asset Securities Corporation, a
Delaware corporation, one of the parties that executed the foregoing instrument;
and that he signed his name thereto by order of the Board of Directors of said
corporation.
- -------------------------
Notary Public
[NOTARIAL SEAL]
<PAGE>
STATE OF NEW YORK )
ss.:
COUNTY OF NEW YORK )
On this 24th day of December, 1996, before me, a notary public in and for
the State of New York, personally appeared Richard Poska, known to me who, being
by me duly sworn, did depose and say that he resides at Frederick, Maryland;
that he is a Vice President of Norwest Bank Minnesota, National Association, a
national banking association, one of the parties that executed the foregoing
instrument; and that he signed his name thereto by order of the Board of
Directors of said corporation.
- -------------------------
Notary Public
[NOTARIAL SEAL]
<PAGE>
STATE OF NORTH CAROLINA )
ss.:
COUNTY OF )
On this 24th day of December, 1996, before me, a notary public in and for
the State of North Carolina, personally appeared -------------------, known to
me who, being by me duly sworn, did depose and say that s/he resides at
- -----------------, North Carolina; that s/he is a -------------------- of First
Union National Bank of North Carolina, a national banking association, one of
the parties that executed the foregoing instrument; and that s/he signed his/her
name thereto by order of the Board of Directors of said corporation.
- -------------------------
Notary Public
[NOTARIAL SEAL]
<PAGE>
STATE OF NORTH CAROLINA )
ss.:
COUNTY OF )
On this 24th day of December, 1996, before me, a notary public in and for
the State of North Carolina, personally appeared ---------------------, known to
me who, being by me duly sworn, did depose and say that he resides at
- ------------------, North Carolina; that he is a --------------------- of First
Union National Bank of North Carolina, a national banking association, one of
the parties that executed the foregoing instrument; and that s/he signed his
name thereto by order of the Board of Directors of said corporation.
- -------------------------
Notary Public
[NOTARIAL SEAL]
<PAGE>
A-1-10
SCHEDULE I
Norwest Asset Securities Corporation, Mortgage Pass-Through Certificates,
Series 1996-9 Applicable Unscheduled Principal Receipt Period
Full Unscheduled Partial Unscheduled
Servicer Principal Receipts Principal Receipts
- ----------------------------------- ------------------ -------------------
Cimarron Mortgage Corporation Prior Month Prior Month
Countrywide Home Loans, Inc. Prior Month Prior Month
First Bank National Association Prior Month Prior Month
HomeSide Lending Prior Month Prior Month
National City Mortgage Company Prior Month Prior Month
Suntrust Mortgage, Inc. Prior Month Prior Month
Norwest Mortgage, Inc. (Exhibit F-1) Prior Month Prior Month
Norwest Mortgage, Inc. (Exhibit F-2) Mid-Month Mid-Month
<PAGE>
EXHIBIT A-1
[FORM OF FACE OF CLASS A-1 CERTIFICATE]
[UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF
THE DEPOSITORY TRUST COMPANY TO THE TRUSTEE OR ITS AGENT FOR REGISTRATION OF
TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE
NAME OF CEDE & CO. OR SUCH OTHER NAME AS REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY AND ANY PAYMENT IS MADE
TO CEDE & CO., ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR
OTHERWISE BY OR TO ANY PERSON IS WRONGFUL SINCE THE REGISTERED
OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.]
MORTGAGE PASS-THROUGH CERTIFICATE
SERIES 1996-9 CLASS A-1
evidencing an interest in a pool of fixed
interest rate, conventional, monthly pay,
fully amortizing, first lien, one- to
four-family residential mortgage loans, which may
include loans secured by shares issued by
cooperative housing corporations, sold by
NORWEST ASSET SECURITIES CORPORATION
(Not an interest in or obligation of the Seller)
THIS CERTIFICATE DOES NOT EVIDENCE AN OBLIGATION OF, OR AN INTEREST IN, THE
SELLER, THE MASTER SERVICER, THE TRUSTEE OR ANY OF THEIR AFFILIATES, AND IS NOT
INSURED OR GUARANTEED BY THE SELLER, THE MASTER SERVICER, THE TRUSTEE OR ANY OF
THEIR AFFILIATES, OR BY ANY GOVERNMENT AGENCY OR PRIVATE INSURER.
DISTRIBUTIONS IN REDUCTION OF THE PRINCIPAL BALANCE OF THIS CERTIFICATE
WILL BE MADE IN THE MANNER DESCRIBED IN THE POOLING AND SERVICING AGREEMENT.
ACCORDINGLY THE OUTSTANDING PRINCIPAL BALANCE OF THIS CERTIFICATE AT ANY TIME
MAY BE LESS THAN THE INITIAL PRINCIPAL BALANCE REPRESENTED HEREBY.
Certificate No. Cut-Off Date: December 1, 1996
CUSIP No.: First Distribution Date: January 27, 1997
Percentage Interest evidenced Denomination: $
by this Certificate: %
<PAGE>
THIS CERTIFIES THAT --------------------------- is the registered owner of
the Percentage Interest evidenced by this Certificate in monthly distributions
to the Holders of Class A-1 Certificates with respect to a Trust Estate
consisting of a pool of fixed interest rate, conventional, monthly pay, fully
amortizing, first lien, one- to four-family residential mortgage loans, other
than the Fixed Retained Yield, if any, with respect thereto, and which may
include loans secured by shares issued by cooperative housing corporations (the
"Mortgage Loans"), formed by Norwest Asset Securities Corporation (hereinafter
called the "Seller", which term includes any successor entity under the
Agreement referred to below). The Trust Estate was created pursuant to a Pooling
and Servicing Agreement dated as of December 24, 1996 (the "Agreement") among
the Seller, Norwest Bank Minnesota, National Association, as master servicer
(the "Master Servicer"), and First Union National Bank of North Carolina, as
trustee (the "Trustee"), a summary of certain of the pertinent provisions of
which is set forth hereinafter. To the extent not defined herein, the
capitalized terms used herein have the meanings ascribed to such terms 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 Business Day of the month
preceding the month of such distribution, in an amount equal to the product of
the Percentage Interest evidenced by this Certificate and the Class A Subclass
Distribution Amount for the Class A-1 Certificates required to be distributed to
Holders of Class A-1 Certificates on such Distribution Date, subject to
adjustment in certain events as specified in the Agreement. Distributions in
reduction of the principal balance of certain Subclasses of Class A Certificates
may not commence on the first Distribution Date specified above. Distributions
of principal will be allocated among the Subclasses of Class A Certificates in
accordance with the provisions of the Agreement. The pass-through rate on the
Class A-1 Certificates applicable to each Distribution Date will be 7.75% per
annum. The amount of interest which accrues on this Certificate in any month
will be subject to reduction with respect to any Non-Supported Interest
Shortfall and the interest portion of certain Realized Losses allocated to the
Class A-1 Certificates, as described in the Agreement.
Distributions on this Certificate will be made on behalf of the Trustee
either by the Master Servicer or by a Paying Agent appointed by the Master
Servicer by check mailed to the address of the Person entitled thereto, as such
name and address shall appear on the Certificate Register, unless such Person is
entitled to receive payments by wire transfer in immediately available funds in
accordance with the Pooling and Servicing Agreement and such Person has notified
the Master Servicer pursuant to the Pooling and Servicing Agreement that such
payments are to be made by wire transfer of immediately available funds.
Notwithstanding the above, the final distribution in reduction of the principal
balance of 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 specified by the Trustee for that purpose in the notice
of final distribution.
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.
This Certificate constitutes a "regular interest" in a "real estate
mortgage investment conduit" as those terms are defined in Section 860G(a)(1)
and Section 860D, respectively, of the Internal Revenue Code of 1986, as
amended.
Unless this Certificate has been countersigned by an authorized officer of
the Trustee by manual signature, this Certificate shall not be entitled to any
benefit under the Agreement or be valid for any purpose.
<PAGE>
IN WITNESS WHEREOF, the Trustee has caused this Certificate to be duly
executed as of the date set forth below.
Dated: December 24, 1996
First Union National Bank of North Carolina,
Trustee
By ----------------------------------------
Authorized Officer
Countersigned:
First Union National Bank of North Carolina,
Trustee
By ------------------------------
Authorized Officer
<PAGE>
EXHIBIT A-2
[FORM OF FACE OF CLASS A-2 CERTIFICATE]
[UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE
DEPOSITORY TRUST COMPANY TO THE TRUSTEE OR ITS AGENT FOR REGISTRATION OF
TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE
NAME OF CEDE & CO. OR SUCH OTHER NAME AS REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY AND ANY PAYMENT IS
MADE TO CEDE & CO., ANY TRANSFER, PLEDGE OR OTHER USE HEREOF
FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL
SINCE THE REGISTERED OWNER HEREOF, CEDE & CO.,
HAS AN INTEREST HEREIN.]
MORTGAGE PASS-THROUGH CERTIFICATE
SERIES 1996-9 CLASS A-2
evidencing an interest in a pool of fixed
interest rate, conventional, monthly pay,
fully amortizing, first lien, one- to
four-family residential mortgage loans, which may
include loans secured by shares issued by
cooperative housing corporations, sold by
NORWEST ASSET SECURITIES CORPORATION
(Not an interest in or obligation of the Seller)
THIS CERTIFICATE DOES NOT EVIDENCE AN OBLIGATION OF, OR AN INTEREST IN, THE
SELLER, THE MASTER SERVICER, THE TRUSTEE OR ANY OF THEIR AFFILIATES, AND IS NOT
INSURED OR GUARANTEED BY THE SELLER, THE MASTER SERVICER, THE TRUSTEE OR ANY OF
THEIR AFFILIATES, OR BY ANY GOVERNMENT AGENCY OR PRIVATE INSURER.
DISTRIBUTIONS IN REDUCTION OF THE PRINCIPAL BALANCE OF THIS CERTIFICATE
WILL BE MADE IN THE MANNER DESCRIBED IN THE POOLING AND SERVICING AGREEMENT.
ACCORDINGLY THE OUTSTANDING PRINCIPAL BALANCE OF THIS CERTIFICATE AT ANY TIME
MAY BE LESS THAN THE INITIAL PRINCIPAL BALANCE REPRESENTED HEREBY.
Certificate No. Cut-Off Date: December 1, 1996
CUSIP No.: First Distribution Date: January 27, 1997
Percentage Interest evidenced Denomination: $
by this Certificate: %
<PAGE>
THIS CERTIFIES THAT ----------------------------- is the registered owner
of the Percentage Interest evidenced by this Certificate in monthly
distributions to the Holders of Class A-2 Certificates with respect to a Trust
Estate consisting of a pool of fixed interest rate, conventional, monthly pay,
fully amortizing, first lien, one- to four-family residential mortgage loans,
other than the Fixed Retained Yield, if any, with respect thereto, and which may
include loans secured by shares issued by cooperative housing corporations (the
"Mortgage Loans"), formed by Norwest Asset Securities Corporation (hereinafter
called the "Seller", which term includes any successor entity under the
Agreement referred to below). The Trust Estate was created pursuant to a Pooling
and Servicing Agreement dated as of December 24, 1996 (the "Agreement") among
the Seller, Norwest Bank Minnesota, National Association, as master servicer
(the "Master Servicer"), and First Union National Bank of North Carolina, as
trustee (the "Trustee"), a summary of certain of the pertinent provisions of
which is set forth hereinafter. To the extent not defined herein, the
capitalized terms used herein have the meanings ascribed to such terms 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 Business Day of the month
preceding the month of such distribution, in an amount equal to the product of
the Percentage Interest evidenced by this Certificate and the Class A Subclass
Distribution Amount for the Class A-2 Certificates required to be distributed to
Holders of Class A-2 Certificates on such Distribution Date, subject to
adjustment in certain events as specified in the Agreement. Distributions in
reduction of the principal balance of certain Subclasses of Class A Certificates
may not commence on the first Distribution Date specified above. Distributions
of principal will be allocated among the Subclasses of Class A Certificates in
accordance with the provisions of the Agreement. The pass-through rate on the
Class A-2 Certificates applicable to each Distribution Date will be 6.75% per
annum. The amount of interest which accrues on this Certificate in any month
will be subject to reduction with respect to any Non-Supported Interest
Shortfall and the interest portion of certain Realized Losses allocated to the
Class A-2 Certificates, as described in the Agreement.
Distributions on this Certificate will be made on behalf of the Trustee
either by the Master Servicer or by a Paying Agent appointed by the Master
Servicer by check mailed to the address of the Person entitled thereto, as such
name and address shall appear on the Certificate Register, unless such Person is
entitled to receive payments by wire transfer in immediately available funds in
accordance with the Pooling and Servicing Agreement and such Person has notified
the Master Servicer pursuant to the Pooling and Servicing Agreement that such
payments are to be made by wire transfer of immediately available funds.
Notwithstanding the above, the final distribution in reduction of the principal
balance of 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 specified by the Trustee for that purpose in the notice
of final distribution.
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.
This Certificate constitutes a "regular interest" in a "real estate
mortgage investment conduit" as those terms are defined in Section 860G(a)(1)
and Section 860D, respectively, of the Internal Revenue Code of 1986, as
amended.
Unless this Certificate has been countersigned by an authorized officer of
the Trustee by manual signature, this Certificate shall not be entitled to any
benefit under the Agreement or be valid for any purpose.
<PAGE>
IN WITNESS WHEREOF, the Trustee has caused this Certificate to be duly
executed as of the date set forth below.
Dated: December 24, 1996
First Union National Bank of North Carolina,
Trustee
By -----------------------------------------
Authorized Officer
Countersigned:
First Union National Bank of North Carolina,
Trustee
By --------------------------
Authorized Officer
<PAGE>
EXHIBIT A-3
[FORM OF FACE OF CLASS A-3 CERTIFICATE]
[UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF
THE DEPOSITORY TRUST COMPANY TO THE TRUSTEE OR ITS AGENT FOR REGISTRATION OF
TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE
NAME OF CEDE & CO. OR SUCH OTHER NAME AS REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY AND ANY PAYMENT IS MADE TO CEDE &
CO., ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO
ANY PERSON IS WRONGFUL SINCE THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN
INTEREST HEREIN.]
MORTGAGE PASS-THROUGH CERTIFICATE
SERIES 1996-9 CLASS A-3
evidencing an interest in a pool of fixed
interest rate, conventional, monthly pay,
fully amortizing, first lien, one- to
four-family residential mortgage loans, which may
include loans secured by shares issued by
cooperative housing corporations, sold by
NORWEST ASSET SECURITIES CORPORATION
(Not an interest in or obligation of the Seller)
THIS CERTIFICATE DOES NOT EVIDENCE AN OBLIGATION OF, OR AN INTEREST IN, THE
SELLER, THE MASTER SERVICER, THE TRUSTEE OR ANY OF THEIR AFFILIATES, AND IS NOT
INSURED OR GUARANTEED BY THE SELLER, THE MASTER SERVICER, THE TRUSTEE OR ANY OF
THEIR AFFILIATES, OR BY ANY GOVERNMENT AGENCY OR PRIVATE INSURER.
DISTRIBUTIONS IN REDUCTION OF THE PRINCIPAL BALANCE OF THIS CERTIFICATE
WILL BE MADE IN THE MANNER DESCRIBED IN THE POOLING AND SERVICING AGREEMENT.
ACCORDINGLY THE OUTSTANDING PRINCIPAL BALANCE OF THIS CERTIFICATE AT ANY TIME
MAY BE LESS THAN THE INITIAL PRINCIPAL BALANCE REPRESENTED HEREBY.
Certificate No. Cut-Off Date: December 1, 1996
CUSIP No.: First Distribution Date: January 27, 1997
Percentage Interest evidenced Denomination: $
by this Certificate: %
<PAGE>
THIS CERTIFIES THAT --------------------------- is the registered owner of
the Percentage Interest evidenced by this Certificate in monthly distributions
to the Holders of Class A-3 Certificates with respect to a Trust Estate
consisting of a pool of fixed interest rate, conventional, monthly pay, fully
amortizing, first lien, one- to four-family residential mortgage loans, other
than the Fixed Retained Yield, if any, with respect thereto, and which may
include loans secured by shares issued by cooperative housing corporations (the
"Mortgage Loans"), formed by Norwest Asset Securities Corporation (hereinafter
called the "Seller", which term includes any successor entity under the
Agreement referred to below). The Trust Estate was created pursuant to a Pooling
and Servicing Agreement dated as of December 24, 1996 (the "Agreement") among
the Seller, Norwest Bank Minnesota, National Association, as master servicer
(the "Master Servicer"), and First Union National Bank of North Carolina, as
trustee (the "Trustee"), a summary of certain of the pertinent provisions of
which is set forth hereinafter. To the extent not defined herein, the
capitalized terms used herein have the meanings ascribed to such terms 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 Business Day of the month
preceding the month of such distribution, in an amount equal to the product of
the Percentage Interest evidenced by this Certificate and the Class A Subclass
Distribution Amount for the Class A-3 Certificates required to be distributed to
Holders of Class A-3 Certificates on such Distribution Date, subject to
adjustment in certain events as specified in the Agreement. Distributions in
reduction of the principal balance of certain Subclasses of Class A Certificates
may not commence on the first Distribution Date specified above. Distributions
of principal will be allocated among the Subclasses of Class A Certificates in
accordance with the provisions of the Agreement. The pass-through rate on the
Class A-3 Certificates applicable to each Distribution Date will be 6.50% per
annum. The amount of interest which accrues on this Certificate in any month
will be subject to reduction with respect to any Non-Supported Interest
Shortfall and the interest portion of certain Realized Losses allocated to the
Class A-3 Certificates, as described in the Agreement.
Distributions on this Certificate will be made on behalf of the Trustee
either by the Master Servicer or by a Paying Agent appointed by the Master
Servicer by check mailed to the address of the Person entitled thereto, as such
name and address shall appear on the Certificate Register, unless such Person is
entitled to receive payments by wire transfer in immediately available funds in
accordance with the Pooling and Servicing Agreement and such Person has notified
the Master Servicer pursuant to the Pooling and Servicing Agreement that such
payments are to be made by wire transfer of immediately available funds.
Notwithstanding the above, the final distribution in reduction of the principal
balance of 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 specified by the Trustee for that purpose in the notice
of final distribution.
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.
This Certificate constitutes a "regular interest" in a "real estate
mortgage investment conduit" as those terms are defined in Section 860G(a)(1)
and Section 860D, respectively, of the Internal Revenue Code of 1986, as
amended.
Unless this Certificate has been countersigned by an authorized officer of
the Trustee by manual signature, this Certificate shall not be entitled to any
benefit under the Agreement or be valid for any purpose.
<PAGE>
IN WITNESS WHEREOF, the Trustee has caused this Certificate to be duly
executed as of the date set forth below.
Dated: December 24, 1996
First Union National Bank of
North Carolina,
Trustee
By-------------------------------
Authorized Officer
Countersigned:
First Union National Bank of North Carolina,
Trustee
By ----------------------------
Authorized Officer
<PAGE>
EXHIBIT A-4
[FORM OF FACE OF CLASS A-4 CERTIFICATE]
[UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE
DEPOSITORY TRUST COMPANY TO THE TRUSTEE OR ITS AGENT FOR REGISTRATION OF
TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE
NAME OF CEDE & CO. OR SUCH OTHER NAME AS REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY AND ANY PAYMENT IS MADE TO CEDE
& CO., ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY
OR TO ANY PERSON IS WRONGFUL SINCE THE REGISTERED OWNER HEREOF, CEDE & CO.,
HAS AN INTEREST HEREIN.]
MORTGAGE PASS-THROUGH CERTIFICATE
SERIES 1996-9 CLASS A-4
evidencing an interest in a pool of fixed
interest rate, conventional, monthly pay,
fully amortizing, first lien, one- to
four-family residential mortgage loans, which may
include loans secured by shares issued by
cooperative housing corporations, sold by
NORWEST ASSET SECURITIES CORPORATION
(Not an interest in or obligation of the Seller)
THIS CERTIFICATE DOES NOT EVIDENCE AN OBLIGATION OF, OR AN INTEREST IN, THE
SELLER, THE MASTER SERVICER, THE TRUSTEE OR ANY OF THEIR AFFILIATES, AND IS NOT
INSURED OR GUARANTEED BY THE SELLER, THE MASTER SERVICER, THE TRUSTEE OR ANY OF
THEIR AFFILIATES, OR BY ANY GOVERNMENT AGENCY OR PRIVATE INSURER.
DISTRIBUTIONS IN REDUCTION OF THE PRINCIPAL BALANCE OF THIS CERTIFICATE
WILL BE MADE IN THE MANNER DESCRIBED IN THE POOLING AND SERVICING AGREEMENT.
ACCORDINGLY THE OUTSTANDING PRINCIPAL BALANCE OF THIS CERTIFICATE AT ANY TIME
MAY BE LESS THAN THE INITIAL PRINCIPAL BALANCE REPRESENTED HEREBY.
Certificate No. Cut-Off Date: December 1, 1996
CUSIP No.: First Distribution Date: January 27, 1997
Percentage Interest evidenced Denomination: $
by this Certificate: %
<PAGE>
THIS CERTIFIES THAT --------------------------- is the registered owner of
the Percentage Interest evidenced by this Certificate in monthly distributions
to the Holders of Class A-4 Certificates with respect to a Trust Estate
consisting of a pool of fixed interest rate, conventional, monthly pay, fully
amortizing, first lien, one- to four-family residential mortgage loans, other
than the Fixed Retained Yield, if any, with respect thereto, and which may
include loans secured by shares issued by cooperative housing corporations (the
"Mortgage Loans"), formed by Norwest Asset Securities Corporation (hereinafter
called the "Seller", which term includes any successor entity under the
Agreement referred to below). The Trust Estate was created pursuant to a Pooling
and Servicing Agreement dated as of December 24, 1996 (the "Agreement") among
the Seller, Norwest Bank Minnesota, National Association, as master servicer
(the "Master Servicer"), and First Union National Bank of North Carolina, as
trustee (the "Trustee"), a summary of certain of the pertinent provisions of
which is set forth hereinafter. To the extent not defined herein, the
capitalized terms used herein have the meanings ascribed to such terms 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 Business Day of the month
preceding the month of such distribution, in an amount equal to the product of
the Percentage Interest evidenced by this Certificate and the Class A Subclass
Distribution Amount for the Class A-4 Certificates required to be distributed to
Holders of Class A-4 Certificates on such Distribution Date, subject to
adjustment in certain events as specified in the Agreement. Distributions in
reduction of the principal balance of certain Subclasses of Class A Certificates
may not commence on the first Distribution Date specified above. Distributions
of principal will be allocated among the Subclasses of Class A Certificates in
accordance with the provisions of the Agreement. The pass-through rate on the
Class A-4 Certificates applicable to each Distribution Date will be 8.00% per
annum. The amount of interest which accrues on this Certificate in any month
will be subject to reduction with respect to any Non-Supported Interest
Shortfall and the interest portion of certain Realized Losses allocated to the
Class A-4 Certificates, as described in the Agreement.
Distributions on this Certificate will be made on behalf of the Trustee
either by the Master Servicer or by a Paying Agent appointed by the Master
Servicer by check mailed to the address of the Person entitled thereto, as such
name and address shall appear on the Certificate Register, unless such Person is
entitled to receive payments by wire transfer in immediately available funds in
accordance with the Pooling and Servicing Agreement and such Person has notified
the Master Servicer pursuant to the Pooling and Servicing Agreement that such
payments are to be made by wire transfer of immediately available funds.
Notwithstanding the above, the final distribution in reduction of the principal
balance of 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 specified by the Trustee for that purpose in the notice
of final distribution.
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.
This Certificate constitutes a "regular interest" in a "real estate
mortgage investment conduit" as those terms are defined in Section 860G(a)(1)
and Section 860D, respectively, of the Internal Revenue Code of 1986, as
amended.
Unless this Certificate has been countersigned by an authorized officer of
the Trustee by manual signature, this Certificate shall not be entitled to any
benefit under the Agreement or be valid for any purpose.
<PAGE>
IN WITNESS WHEREOF, the Trustee has caused this Certificate to be duly
executed as of the date set forth below.
Dated: December 24, 1996
First Union National Bank of
North Carolina,
Trustee
By ------------------------------
Authorized Officer
Countersigned:
First Union National Bank of North Carolina,
Trustee
By -----------------------
Authorized Officer
<PAGE>
EXHIBIT A-5
[FORM OF FACE OF CLASS A-5 CERTIFICATE]
[UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE
DEPOSITORY TRUST COMPANY TO THE TRUSTEE OR ITS AGENT FOR REGISTRATION OF
TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE
NAME OF CEDE & CO. OR SUCH OTHER NAME AS REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY AND ANY PAYMENT IS MADE TO CEDE
& CO., ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY
OR TO ANY PERSON IS WRONGFUL SINCE THE REGISTERED OWNER HEREOF,
CEDE & CO., HAS AN INTEREST HEREIN.]
MORTGAGE PASS-THROUGH CERTIFICATE
SERIES 1996-9 CLASS A-5
evidencing an interest in a pool of fixed
interest rate, conventional, monthly pay,
fully amortizing, first lien, one- to
four-family residential mortgage loans, which may
include loans secured by shares issued by
cooperative housing corporations, sold by
NORWEST ASSET SECURITIES CORPORATION
(Not an interest in or obligation of the Seller)
THIS CERTIFICATE DOES NOT EVIDENCE AN OBLIGATION OF, OR AN INTEREST IN, THE
SELLER, THE MASTER SERVICER, THE TRUSTEE OR ANY OF THEIR AFFILIATES, AND IS NOT
INSURED OR GUARANTEED BY THE SELLER, THE MASTER SERVICER, THE TRUSTEE OR ANY OF
THEIR AFFILIATES, OR BY ANY GOVERNMENT AGENCY OR PRIVATE INSURER.
DISTRIBUTIONS IN REDUCTION OF THE PRINCIPAL BALANCE OF THIS CERTIFICATE
WILL BE MADE IN THE MANNER DESCRIBED IN THE POOLING AND SERVICING AGREEMENT.
ACCORDINGLY THE OUTSTANDING PRINCIPAL BALANCE OF THIS CERTIFICATE AT ANY TIME
MAY BE LESS THAN THE INITIAL PRINCIPAL BALANCE REPRESENTED HEREBY.
Certificate No. Cut-Off Date: December 1, 1996
CUSIP No.: First Distribution Date: January 27, 1997
Percentage Interest evidenced Denomination: $
by this Certificate: %
<PAGE>
THIS CERTIFIES THAT --------------------------- is the registered owner of
the Percentage Interest evidenced by this Certificate in monthly distributions
to the Holders of Class A-5 Certificates with respect to a Trust Estate
consisting of a pool of fixed interest rate, conventional, monthly pay, fully
amortizing, first lien, one- to four-family residential mortgage loans, other
than the Fixed Retained Yield, if any, with respect thereto, and which may
include loans secured by shares issued by cooperative housing corporations (the
"Mortgage Loans"), formed by Norwest Asset Securities Corporation (hereinafter
called the "Seller", which term includes any successor entity under the
Agreement referred to below). The Trust Estate was created pursuant to a Pooling
and Servicing Agreement dated as of December 24, 1996 (the "Agreement") among
the Seller, Norwest Bank Minnesota, National Association, as master servicer
(the "Master Servicer"), and First Union National Bank of North Carolina, as
trustee (the "Trustee"), a summary of certain of the pertinent provisions of
which is set forth hereinafter. To the extent not defined herein, the
capitalized terms used herein have the meanings ascribed to such terms 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 Business Day of the month
preceding the month of such distribution, in an amount equal to the product of
the Percentage Interest evidenced by this Certificate and the Class A Subclass
Distribution Amount for the Class A-5 Certificates required to be distributed to
Holders of Class A-5 Certificates on such Distribution Date, subject to
adjustment in certain events as specified in the Agreement. Distributions in
reduction of the principal balance of certain Subclasses of Class A Certificates
may not commence on the first Distribution Date specified above. Distributions
of principal will be allocated among the Subclasses of Class A Certificates in
accordance with the provisions of the Agreement. The pass-through rate on the
Class A-5 Certificates applicable to each Distribution Date will be 10.00% per
annum. The amount of interest which accrues on this Certificate in any month
will be subject to reduction with respect to any Non-Supported Interest
Shortfall and the interest portion of certain Realized Losses allocated to the
Class A-5 Certificates, as described in the Agreement.
Distributions on this Certificate will be made on behalf of the Trustee
either by the Master Servicer or by a Paying Agent appointed by the Master
Servicer by check mailed to the address of the Person entitled thereto, as such
name and address shall appear on the Certificate Register, unless such Person is
entitled to receive payments by wire transfer in immediately available funds in
accordance with the Pooling and Servicing Agreement and such Person has notified
the Master Servicer pursuant to the Pooling and Servicing Agreement that such
payments are to be made by wire transfer of immediately available funds.
Notwithstanding the above, the final distribution in reduction of the principal
balance of 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 specified by the Trustee for that purpose in the notice
of final distribution.
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.
This Certificate constitutes a "regular interest" in a "real estate
mortgage investment conduit" as those terms are defined in Section 860G(a)(1)
and Section 860D, respectively, of the Internal Revenue Code of 1986, as
amended.
Unless this Certificate has been countersigned by an authorized officer of
the Trustee by manual signature, this Certificate shall not be entitled to any
benefit under the Agreement or be valid for any purpose.
<PAGE>
IN WITNESS WHEREOF, the Trustee has caused this Certificate to be duly
executed as of the date set forth below.
Dated: December 24, 1996
First Union National Bank of
North Carolina,
Trustee
By ------------------------------
Authorized Officer
Countersigned:
First Union National Bank of North Carolina,
Trustee
By -------------------------
Authorized Officer
<PAGE>
EXHIBIT A-6
[FORM OF FACE OF CLASS A-6 CERTIFICATE]
[UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE
DEPOSITORY TRUST COMPANY TO THE TRUSTEE OR ITS AGENT FOR REGISTRATION OF
TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE
NAME OF CEDE & CO. OR SUCH OTHER NAME AS REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY AND ANY PAYMENT IS MADE TO CEDE
& CO., ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY
OR TO ANY PERSON IS WRONGFUL SINCE THE REGISTERED OWNER HEREOF,
CEDE & CO., HAS AN INTEREST HEREIN.]
MORTGAGE PASS-THROUGH CERTIFICATE
SERIES 1996-9 CLASS A-6
evidencing an interest in a pool of fixed
interest rate, conventional, monthly pay,
fully amortizing, first lien, one- to
four-family residential mortgage loans, which may
include loans secured by shares issued by
cooperative housing corporations, sold by
NORWEST ASSET SECURITIES CORPORATION
(Not an interest in or obligation of the Seller)
THIS CERTIFICATE DOES NOT EVIDENCE AN OBLIGATION OF, OR AN INTEREST IN, THE
SELLER, THE MASTER SERVICER, THE TRUSTEE OR ANY OF THEIR AFFILIATES, AND IS NOT
INSURED OR GUARANTEED BY THE SELLER, THE MASTER SERVICER, THE TRUSTEE OR ANY OF
THEIR AFFILIATES, OR BY ANY GOVERNMENT AGENCY OR PRIVATE INSURER.
DISTRIBUTIONS IN REDUCTION OF THE PRINCIPAL BALANCE OF THIS CERTIFICATE
WILL BE MADE IN THE MANNER DESCRIBED IN THE POOLING AND SERVICING AGREEMENT.
ACCORDINGLY THE OUTSTANDING PRINCIPAL BALANCE OF THIS CERTIFICATE AT ANY TIME
MAY BE LESS THAN THE INITIAL PRINCIPAL BALANCE REPRESENTED HEREBY.
Certificate No. Cut-Off Date: December 1, 1996
CUSIP No.: First Distribution Date: January 27, 1997
Percentage Interest evidenced Denomination: $
by this Certificate: %
<PAGE>
THIS CERTIFIES THAT -------------------------- is the registered owner of
the Percentage Interest evidenced by this Certificate in monthly distributions
to the Holders of Class A-6 Certificates with respect to a Trust Estate
consisting of a pool of fixed interest rate, conventional, monthly pay, fully
amortizing, first lien, one- to four-family residential mortgage loans, other
than the Fixed Retained Yield, if any, with respect thereto, and which may
include loans secured by shares issued by cooperative housing corporations (the
"Mortgage Loans"), formed by Norwest Asset Securities Corporation (hereinafter
called the "Seller", which term includes any successor entity under the
Agreement referred to below). The Trust Estate was created pursuant to a Pooling
and Servicing Agreement dated as of December 24, 1996 (the "Agreement") among
the Seller, Norwest Bank Minnesota, National Association, as master servicer
(the "Master Servicer"), and First Union National Bank of North Carolina, as
trustee (the "Trustee"), a summary of certain of the pertinent provisions of
which is set forth hereinafter. To the extent not defined herein, the
capitalized terms used herein have the meanings ascribed to such terms 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 Business Day of the month
preceding the month of such distribution, in an amount equal to the product of
the Percentage Interest evidenced by this Certificate and the Class A Subclass
Distribution Amount for the Class A-6 Certificates required to be distributed to
Holders of Class A-6 Certificates on such Distribution Date, subject to
adjustment in certain events as specified in the Agreement. Distributions in
reduction of the principal balance of certain Subclasses of Class A Certificates
may not commence on the first Distribution Date specified above. Distributions
of principal will be allocated among the Subclasses of Class A Certificates in
accordance with the provisions of the Agreement. The pass-through rate on the
Class A-6 Certificates applicable to each Distribution Date will be 6.85% per
annum. The amount of interest which accrues on this Certificate in any month
will be subject to reduction with respect to any Non-Supported Interest
Shortfall and the interest portion of certain Realized Losses allocated to the
Class A-6 Certificates, as described in the Agreement.
Distributions on this Certificate will be made on behalf of the Trustee
either by the Master Servicer or by a Paying Agent appointed by the Master
Servicer by check mailed to the address of the Person entitled thereto, as such
name and address shall appear on the Certificate Register, unless such Person is
entitled to receive payments by wire transfer in immediately available funds in
accordance with the Pooling and Servicing Agreement and such Person has notified
the Master Servicer pursuant to the Pooling and Servicing Agreement that such
payments are to be made by wire transfer of immediately available funds.
Notwithstanding the above, the final distribution in reduction of the principal
balance of 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 specified by the Trustee for that purpose in the notice
of final distribution.
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.
This Certificate constitutes a "regular interest" in a "real estate
mortgage investment conduit" as those terms are defined in Section 860G(a)(1)
and Section 860D, respectively, of the Internal Revenue Code of 1986, as
amended.
Unless this Certificate has been countersigned by an authorized officer of
the Trustee by manual signature, this Certificate shall not be entitled to any
benefit under the Agreement or be valid for any purpose.
<PAGE>
IN WITNESS WHEREOF, the Trustee has caused this Certificate to be duly
executed as of the date set forth below.
Dated: December 24, 1996
First Union National Bank of
North Carolina,
Trustee
By ------------------------------
Authorized Officer
Countersigned:
First Union National Bank of North Carolina,
Trustee
By ------------------------------
Authorized Officer
<PAGE>
EXHIBIT A-7
[FORM OF FACE OF CLASS A-7 CERTIFICATE]
[UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE
DEPOSITORY TRUST COMPANY TO THE TRUSTEE OR ITS AGENT FOR REGISTRATION OF
TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE
NAME OF CEDE & CO. OR SUCH OTHER NAME AS REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY AND ANY PAYMENT IS MADE TO CEDE
& CO., ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY
OR TO ANY PERSON IS WRONGFUL SINCE THE REGISTERED OWNER HEREOF,
CEDE & CO., HAS AN INTEREST HEREIN.]
MORTGAGE PASS-THROUGH CERTIFICATE
SERIES 1996-9 CLASS A-7
evidencing an interest in a pool of fixed
interest rate, conventional, monthly pay,
fully amortizing, first lien, one- to
four-family residential mortgage loans, which may
include loans secured by shares issued by
cooperative housing corporations, sold by
NORWEST ASSET SECURITIES CORPORATION
(Not an interest in or obligation of the Seller)
THIS CERTIFICATE DOES NOT EVIDENCE AN OBLIGATION OF, OR AN INTEREST IN, THE
SELLER, THE MASTER SERVICER, THE TRUSTEE OR ANY OF THEIR AFFILIATES, AND IS NOT
INSURED OR GUARANTEED BY THE SELLER, THE MASTER SERVICER, THE TRUSTEE OR ANY OF
THEIR AFFILIATES, OR BY ANY GOVERNMENT AGENCY OR PRIVATE INSURER.
DISTRIBUTIONS IN REDUCTION OF THE PRINCIPAL BALANCE OF THIS CERTIFICATE
WILL BE MADE IN THE MANNER DESCRIBED IN THE POOLING AND SERVICING AGREEMENT.
ACCORDINGLY THE OUTSTANDING PRINCIPAL BALANCE OF THIS CERTIFICATE AT ANY TIME
MAY BE LESS THAN THE INITIAL PRINCIPAL BALANCE REPRESENTED HEREBY.
Certificate No. Cut-Off Date: December 1, 1996
CUSIP No.: First Distribution Date: January 27, 1997
Percentage Interest evidenced Denomination: $
by this Certificate: %
<PAGE>
THIS CERTIFIES THAT ------------------------ is the registered owner of the
Percentage Interest evidenced by this Certificate in monthly distributions to
the Holder of Class A-7 Certificate with respect to a Trust Estate consisting of
a pool of fixed interest rate, conventional, monthly pay, fully amortizing,
first lien, one- to four-family residential mortgage loans, other than the Fixed
Retained Yield, if any, with respect thereto, and which may include loans
secured by shares issued by cooperative housing corporations (the "Mortgage
Loans"), formed by Norwest Asset Securities Corporation (hereinafter called the
"Seller", which term includes any successor entity under the Agreement referred
to below). The Trust Estate was created pursuant to a Pooling and Servicing
Agreement dated as of December 24, 1996 (the "Agreement") among the Seller,
Norwest Bank Minnesota, National Association, as master servicer (the "Master
Servicer"), and First Union National Bank of North Carolina, as trustee (the
"Trustee"), a summary of certain of the pertinent provisions of which is set
forth hereinafter. To the extent not defined herein, the capitalized terms used
herein have the meanings ascribed to such terms 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 Business Day of the month
preceding the month of such distribution, in an amount equal to the product of
the Percentage Interest evidenced by this Certificate and the Class A Subclass
Distribution Amount for the Class A-7 Certificates required to be distributed to
Holders of Class A-7 Certificates on such Distribution Date, subject to
adjustment in certain events as specified in the Agreement. Distributions in
reduction of the principal balance of certain Subclasses of Class A Certificates
may not commence on the first Distribution Date specified above. Distributions
of principal will be allocated among the Subclasses of Class A Certificates in
accordance with the provisions of the Agreement. The pass-through rate on the
Class A-7 Certificates applicable to each Distribution Date will be 7.20% per
annum. The amount of interest which accrues on this Certificate in any month
will be subject to reduction with respect to any Non-Supported Interest
Shortfall and the interest portion of certain Realized Losses allocated to the
Class A-7 Certificates, as described in the Agreement.
Distributions on this Certificate will be made on behalf of the Trustee
either by the Master Servicer or by a Paying Agent appointed by the Master
Servicer by check mailed to the address of the Person entitled thereto, as such
name and address shall appear on the Certificate Register, unless such Person is
entitled to receive payments by wire transfer in immediately available funds in
accordance with the Pooling and Servicing Agreement and such Person has notified
the Master Servicer pursuant to the Pooling and Servicing Agreement that such
payments are to be made by wire transfer of immediately available funds.
Notwithstanding the above, the final distribution in reduction of the principal
balance of 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 specified by the Trustee for that purpose in the notice
of final distribution.
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.
This Certificate constitutes a "regular interest" in a "real estate
mortgage investment conduit" as those terms are defined in Section 860G(a)(1)
and Section 860D, respectively, of the Internal Revenue Code of 1986, as
amended.
Unless this Certificate has been countersigned by an authorized officer of
the Trustee by manual signature, this Certificate shall not be entitled to any
benefit under the Agreement or be valid for any purpose.
<PAGE>
IN WITNESS WHEREOF, the Trustee has caused this Certificate to be duly
executed as of the date set forth below.
Dated: December 24, 1996
First Union National Bank of
North Carolina,
Trustee
By -----------------------------
Authorized Officer
Countersigned:
First Union National Bank of North Carolina,
Trustee
By -----------------------------
Authorized Officer
<PAGE>
EXHIBIT A-8
[FORM OF FACE OF CLASS A-8 CERTIFICATE]
[UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE
DEPOSITORY TRUST COMPANY TO THE TRUSTEE OR ITS AGENT FOR REGISTRATION OF
TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE
NAME OF CEDE & CO. OR SUCH OTHER NAME AS REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY AND ANY PAYMENT IS MADE TO CEDE
& CO., ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY
OR TO ANY PERSON IS WRONGFUL SINCE THE REGISTERED OWNER HEREOF,
CEDE & CO., HAS AN INTEREST HEREIN.]
MORTGAGE PASS-THROUGH CERTIFICATE
SERIES 1996-9 CLASS A-8
evidencing an interest in a pool of fixed
interest rate, conventional, monthly pay,
fully amortizing, first lien, one- to
four-family residential mortgage loans, which may
include loans secured by shares issued by
cooperative housing corporations, sold by
NORWEST ASSET SECURITIES CORPORATION
(Not an interest in or obligation of the Seller)
THIS CERTIFICATE DOES NOT EVIDENCE AN OBLIGATION OF, OR AN INTEREST IN, THE
SELLER, THE MASTER SERVICER, THE TRUSTEE OR ANY OF THEIR AFFILIATES, AND IS NOT
INSURED OR GUARANTEED BY THE SELLER, THE MASTER SERVICER, THE TRUSTEE OR ANY OF
THEIR AFFILIATES, OR BY ANY GOVERNMENT AGENCY OR PRIVATE INSURER.
DISTRIBUTIONS IN REDUCTION OF THE PRINCIPAL BALANCE OF THIS CERTIFICATE
WILL BE MADE IN THE MANNER DESCRIBED IN THE POOLING AND SERVICING AGREEMENT.
ACCORDINGLY THE OUTSTANDING PRINCIPAL BALANCE OF THIS CERTIFICATE AT ANY TIME
MAY BE LESS THAN THE INITIAL PRINCIPAL BALANCE REPRESENTED HEREBY.
Certificate No. Cut-Off Date: December 1, 1996
CUSIP No.: First Distribution Date: January 27, 1997
Percentage Interest evidenced Denomination: $
by this Certificate: %
<PAGE>
THIS CERTIFIES THAT ------------------------- is the registered owner of
the Percentage Interest evidenced by this Certificate in monthly distributions
to the Holder of Class A-8 Certificate with respect to a Trust Estate consisting
of a pool of fixed interest rate, conventional, monthly pay, fully amortizing,
first lien, one- to four-family residential mortgage loans, other than the Fixed
Retained Yield, if any, with respect thereto, and which may include loans
secured by shares issued by cooperative housing corporations (the "Mortgage
Loans"), formed by Norwest Asset Securities Corporation (hereinafter called the
"Seller", which term includes any successor entity under the Agreement referred
to below). The Trust Estate was created pursuant to a Pooling and Servicing
Agreement dated as of December 24, 1996 (the "Agreement") among the Seller,
Norwest Bank Minnesota, National Association, as master servicer (the "Master
Servicer"), and First Union National Bank of North Carolina, as trustee (the
"Trustee"), a summary of certain of the pertinent provisions of which is set
forth hereinafter. To the extent not defined herein, the capitalized terms used
herein have the meanings ascribed to such terms 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 Business Day of the month
preceding the month of such distribution, in an amount equal to the product of
the Percentage Interest evidenced by this Certificate and the Class A Subclass
Distribution Amount for the Class A-8 Certificates required to be distributed to
Holders of Class A-8 Certificates on such Distribution Date, subject to
adjustment in certain events as specified in the Agreement. Distributions in
reduction of the principal balance of certain Subclasses of Class A Certificates
may not commence on the first Distribution Date specified above. Distributions
of principal will be allocated among the Subclasses of Class A Certificates in
accordance with the provisions of the Agreement. The pass-through rate on the
Class A-8 Certificates applicable to each Distribution Date will be 7.45% per
annum. The amount of interest which accrues on this Certificate in any month
will be subject to reduction with respect to any Non-Supported Interest
Shortfall and the interest portion of certain Realized Losses allocated to the
Class A-8 Certificates, as described in the Agreement.
Distributions on this Certificate will be made on behalf of the Trustee
either by the Master Servicer or by a Paying Agent appointed by the Master
Servicer by check mailed to the address of the Person entitled thereto, as such
name and address shall appear on the Certificate Register, unless such Person is
entitled to receive payments by wire transfer in immediately available funds in
accordance with the Pooling and Servicing Agreement and such Person has notified
the Master Servicer pursuant to the Pooling and Servicing Agreement that such
payments are to be made by wire transfer of immediately available funds.
Notwithstanding the above, the final distribution in reduction of the principal
balance of 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 specified by the Trustee for that purpose in the notice
of final distribution.
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.
This Certificate constitutes a "regular interest" in a "real estate
mortgage investment conduit" as those terms are defined in Section 860G(a)(1)
and Section 860D, respectively, of the Internal Revenue Code of 1986, as
amended.
Unless this Certificate has been countersigned by an authorized officer of
the Trustee by manual signature, this Certificate shall not be entitled to any
benefit under the Agreement or be valid for any purpose.
<PAGE>
IN WITNESS WHEREOF, the Trustee has caused this Certificate to be duly
executed as of the date set forth below.
Dated: December 24, 1996
First Union National Bank of
North Carolina,
Trustee
By -----------------------------
Authorized Officer
Countersigned:
First Union National Bank of North Carolina,
Trustee
By -----------------------------
Authorized Officer
<PAGE>
EXHIBIT A-9
[FORM OF FACE OF CLASS A-9 CERTIFICATE]
[UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE
DEPOSITORY TRUST COMPANY TO THE TRUSTEE OR ITS AGENT FOR REGISTRATION OF
TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE
NAME OF CEDE & CO. OR SUCH OTHER NAME AS REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY AND ANY PAYMENT IS MADE TO CEDE
& CO., ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY
OR TO ANY PERSON IS WRONGFUL SINCE THE REGISTERED OWNER HEREOF,
CEDE & CO., HAS AN INTEREST HEREIN.]
MORTGAGE PASS-THROUGH CERTIFICATE
SERIES 1996-9 CLASS A-9
evidencing an interest in a pool of fixed
interest rate, conventional, monthly pay,
fully amortizing, first lien, one- to
four-family residential mortgage loans, which may
include loans secured by shares issued by
cooperative housing corporations, sold by
NORWEST ASSET SECURITIES CORPORATION
(Not an interest in or obligation of the Seller)
THIS CERTIFICATE DOES NOT EVIDENCE AN OBLIGATION OF, OR AN INTEREST IN, THE
SELLER, THE MASTER SERVICER, THE TRUSTEE OR ANY OF THEIR AFFILIATES, AND IS NOT
INSURED OR GUARANTEED BY THE SELLER, THE MASTER SERVICER, THE TRUSTEE OR ANY OF
THEIR AFFILIATES, OR BY ANY GOVERNMENT AGENCY OR PRIVATE INSURER.
DISTRIBUTIONS IN REDUCTION OF THE PRINCIPAL BALANCE OF THIS
CERTIFICATE WILL BE MADE IN THE MANNER DESCRIBED IN THE POOLING AND SERVICING
AGREEMENT. ACCORDINGLY THE OUTSTANDING PRINCIPAL BALANCE OF THIS CERTIFICATE AT
ANY TIME MAY BE LESS THAN THE INITIAL PRINCIPAL BALANCE REPRESENTED HEREBY.
Certificate No. Cut-Off Date: December 1, 1996
CUSIP No.: First Distribution Date: January 27, 1997
Percentage Interest evidenced Denomination: $
by this Certificate: %
<PAGE>
THIS CERTIFIES THAT --------------------------- is the registered owner of
the Percentage Interest evidenced by this Certificate in monthly distributions
to the Holder of Class A-9 Certificate with respect to a Trust Estate consisting
of a pool of fixed interest rate, conventional, monthly pay, fully amortizing,
first lien, one- to four-family residential mortgage loans, other than the Fixed
Retained Yield, if any, with respect thereto, and which may include loans
secured by shares issued by cooperative housing corporations (the "Mortgage
Loans"), formed by Norwest Asset Securities Corporation (hereinafter called the
"Seller", which term includes any successor entity under the Agreement referred
to below). The Trust Estate was created pursuant to a Pooling and Servicing
Agreement dated as of December 24, 1996 (the "Agreement") among the Seller,
Norwest Bank Minnesota, National Association, as master servicer (the "Master
Servicer"), and First Union National Bank of North Carolina, as trustee (the
"Trustee"), a summary of certain of the pertinent provisions of which is set
forth hereinafter. To the extent not defined herein, the capitalized terms used
herein have the meanings ascribed to such terms 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 Business Day of the month
preceding the month of such distribution, in an amount equal to the product of
the Percentage Interest evidenced by this Certificate and the Class A Subclass
Distribution Amount for the Class A-9 Certificates required to be distributed to
Holders of Class A-9 Certificates on such Distribution Date, subject to
adjustment in certain events as specified in the Agreement. Distributions in
reduction of the principal balance of certain Subclasses of Class A Certificates
may not commence on the first Distribution Date specified above. Distributions
of principal will be allocated among the Subclasses of Class A Certificates in
accordance with the provisions of the Agreement. The pass-through rate on the
Class A-9 Certificates applicable to each Distribution Date will be 7.65% per
annum. The amount of interest which accrues on this Certificate in any month
will be subject to reduction with respect to any Non-Supported Interest
Shortfall and the interest portion of certain Realized Losses allocated to the
Class A-9 Certificates, as described in the Agreement.
Distributions on this Certificate will be made on behalf of the Trustee
either by the Master Servicer or by a Paying Agent appointed by the Master
Servicer by check mailed to the address of the Person entitled thereto, as such
name and address shall appear on the Certificate Register, unless such Person is
entitled to receive payments by wire transfer in immediately available funds in
accordance with the Pooling and Servicing Agreement and such Person has notified
the Master Servicer pursuant to the Pooling and Servicing Agreement that such
payments are to be made by wire transfer of immediately available funds.
Notwithstanding the above, the final distribution in reduction of the principal
balance of 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 specified by the Trustee for that purpose in the notice
of final distribution.
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.
This Certificate constitutes a "regular interest" in a "real estate
mortgage investment conduit" as those terms are defined in Section 860G(a)(1)
and Section 860D, respectively, of the Internal Revenue Code of 1986, as
amended.
Unless this Certificate has been countersigned by an authorized officer of
the Trustee by manual signature, this Certificate shall not be entitled to any
benefit under the Agreement or be valid for any purpose.
<PAGE>
IN WITNESS WHEREOF, the Trustee has caused this Certificate to be duly
executed as of the date set forth below.
Dated: December 24, 1996
First Union National Bank of
North Carolina,
Trustee
By ------------------------------
Authorized Officer
Countersigned:
First Union National Bank of North Carolina,
Trustee
By --------------------------
Authorized Officer
<PAGE>
EXHIBIT A-10
[FORM OF FACE OF CLASS A-10 CERTIFICATE]
[UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE
DEPOSITORY TRUST COMPANY TO THE TRUSTEE OR ITS AGENT FOR REGISTRATION OF
TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE
NAME OF CEDE & CO. OR SUCH OTHER NAME AS REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY AND ANY PAYMENT IS MADE TO CEDE
& CO., ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY
OR TO ANY PERSON IS WRONGFUL SINCE THE REGISTERED OWNER HEREOF,
CEDE & CO., HAS AN INTEREST HEREIN.]
MORTGAGE PASS-THROUGH CERTIFICATE
SERIES 1996-9 CLASS A-10
evidencing an interest in a pool of fixed
interest rate, conventional, monthly pay,
fully amortizing, first lien, one- to
four-family residential mortgage loans, which may
include loans secured by shares issued by
cooperative housing corporations, sold by
NORWEST ASSET SECURITIES CORPORATION
(Not an interest in or obligation of the Seller)
THIS CERTIFICATE DOES NOT EVIDENCE AN OBLIGATION OF, OR AN INTEREST IN, THE
SELLER, THE MASTER SERVICER, THE TRUSTEE OR ANY OF THEIR AFFILIATES, AND IS NOT
INSURED OR GUARANTEED BY THE SELLER, THE MASTER SERVICER, THE TRUSTEE OR ANY OF
THEIR AFFILIATES, OR BY ANY GOVERNMENT AGENCY OR PRIVATE INSURER.
DISTRIBUTIONS IN REDUCTION OF THE PRINCIPAL BALANCE OF THIS CERTIFICATE
WILL BE MADE IN THE MANNER DESCRIBED IN THE POOLING AND SERVICING AGREEMENT.
ACCORDINGLY THE OUTSTANDING PRINCIPAL BALANCE OF THIS CERTIFICATE AT ANY TIME
MAY BE LESS THAN THE INITIAL PRINCIPAL BALANCE REPRESENTED HEREBY.
Certificate No. Cut-Off Date: December 1, 1996
CUSIP No.: First Distribution Date: January 27, 1997
Percentage Interest evidenced Denomination: $
by this Certificate: %
<PAGE>
THIS CERTIFIES THAT -------------------------- is the registered owner of
the Percentage Interest evidenced by this Certificate in monthly distributions
to the Holder of Class A-10 Certificate with respect to a Trust Estate
consisting of a pool of fixed interest rate, conventional, monthly pay, fully
amortizing, first lien, one- to four-family residential mortgage loans, other
than the Fixed Retained Yield, if any, with respect thereto, and which may
include loans secured by shares issued by cooperative housing corporations (the
"Mortgage Loans"), formed by Norwest Asset Securities Corporation (hereinafter
called the "Seller", which term includes any successor entity under the
Agreement referred to below). The Trust Estate was created pursuant to a Pooling
and Servicing Agreement dated as of December 24, 1996 (the "Agreement") among
the Seller, Norwest Bank Minnesota, National Association, as master servicer
(the "Master Servicer"), and First Union National Bank of North Carolina, as
trustee (the "Trustee"), a summary of certain of the pertinent provisions of
which is set forth hereinafter. To the extent not defined herein, the
capitalized terms used herein have the meanings ascribed to such terms 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 Business Day of the month
preceding the month of such distribution, in an amount equal to the product of
the Percentage Interest evidenced by this Certificate and the Class A Subclass
Distribution Amount for the Class A-10 Certificates required to be distributed
to Holders of Class A-10 Certificates on such Distribution Date, subject to
adjustment in certain events as specified in the Agreement. Distributions in
reduction of the principal balance of certain Subclasses of Class A Certificates
may not commence on the first Distribution Date specified above. Distributions
of principal will be allocated among the Subclasses of Class A Certificates in
accordance with the provisions of the Agreement. The pass-through rate on the
Class A-10 Certificates applicable to each Distribution Date will be 7.65% per
annum. The amount of interest which accrues on this Certificate in any month
will be subject to reduction with respect to any Non-Supported Interest
Shortfall and the interest portion of certain Realized Losses allocated to the
Class A-10 Certificates, as described in the Agreement.
Distributions on this Certificate will be made on behalf of the Trustee
either by the Master Servicer or by a Paying Agent appointed by the Master
Servicer by check mailed to the address of the Person entitled thereto, as such
name and address shall appear on the Certificate Register, unless such Person is
entitled to receive payments by wire transfer in immediately available funds in
accordance with the Pooling and Servicing Agreement and such Person has notified
the Master Servicer pursuant to the Pooling and Servicing Agreement that such
payments are to be made by wire transfer of immediately available funds.
Notwithstanding the above, the final distribution in reduction of the principal
balance of 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 specified by the Trustee for that purpose in the notice
of final distribution.
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.
This Certificate constitutes a "regular interest" in a "real estate
mortgage investment conduit" as those terms are defined in Section 860G(a)(1)
and Section 860D, respectively, of the Internal Revenue Code of 1986, as
amended.
Unless this Certificate has been countersigned by an authorized officer of
the Trustee by manual signature, this Certificate shall not be entitled to any
benefit under the Agreement or be valid for any purpose.
<PAGE>
IN WITNESS WHEREOF, the Trustee has caused this Certificate to be duly
executed as of the date set forth below.
Dated: December 24, 1996
First Union National Bank
of North Carolina,
Trustee
By -----------------------
Authorized Officer
Countersigned:
First Union National Bank of North Carolina,
Trustee
By ---------------------------
Authorized Officer
<PAGE>
EXHIBIT A-11
[FORM OF FACE OF CLASS A-11 CERTIFICATE]
[UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE
DEPOSITORY TRUST COMPANY TO THE TRUSTEE OR ITS AGENT FOR REGISTRATION OF
TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE
NAME OF CEDE & CO. OR SUCH OTHER NAME AS REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY AND ANY PAYMENT IS MADE TO CEDE
& CO., ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY
OR TO ANY PERSON IS WRONGFUL SINCE THE REGISTERED OWNER HEREOF,
CEDE & CO., HAS AN INTEREST HEREIN.]
MORTGAGE PASS-THROUGH CERTIFICATE
SERIES 1996-9 CLASS A-11
evidencing an interest in a pool of fixed
interest rate, conventional, monthly pay,
fully amortizing, first lien, one- to
four-family residential mortgage loans, which may
include loans secured by shares issued by
cooperative housing corporations, sold by
NORWEST ASSET SECURITIES CORPORATION
(Not an interest in or obligation of the Seller)
THIS CERTIFICATE DOES NOT EVIDENCE AN OBLIGATION OF, OR AN INTEREST IN, THE
SELLER, THE MASTER SERVICER, THE TRUSTEE OR ANY OF THEIR AFFILIATES, AND IS NOT
INSURED OR GUARANTEED BY THE SELLER, THE MASTER SERVICER, THE TRUSTEE OR ANY OF
THEIR AFFILIATES, OR BY ANY GOVERNMENT AGENCY OR PRIVATE INSURER.
DISTRIBUTIONS IN REDUCTION OF THE PRINCIPAL BALANCE OF THIS CERTIFICATE
WILL BE MADE IN THE MANNER DESCRIBED IN THE POOLING AND SERVICING AGREEMENT.
ACCORDINGLY THE OUTSTANDING PRINCIPAL BALANCE OF THIS CERTIFICATE AT ANY TIME
MAY BE LESS THAN THE INITIAL PRINCIPAL BALANCE REPRESENTED HEREBY.
Certificate No. Cut-Off Date: December 1, 1996
CUSIP No.: First Distribution Date: January 27, 1997
Percentage Interest evidenced Denomination: $
by this Certificate: %
<PAGE>
THIS CERTIFIES THAT ------------------------ is the registered owner of the
Percentage Interest evidenced by this Certificate in monthly distributions to
the Holder of Class A-11 Certificate with respect to a Trust Estate consisting
of a pool of fixed interest rate, conventional, monthly pay, fully amortizing,
first lien, one- to four-family residential mortgage loans, other than the Fixed
Retained Yield, if any, with respect thereto, and which may include loans
secured by shares issued by cooperative housing corporations (the "Mortgage
Loans"), formed by Norwest Asset Securities Corporation (hereinafter called the
"Seller", which term includes any successor entity under the Agreement referred
to below). The Trust Estate was created pursuant to a Pooling and Servicing
Agreement dated as of December 24, 1996 (the "Agreement") among the Seller,
Norwest Bank Minnesota, National Association, as master servicer (the "Master
Servicer"), and First Union National Bank of North Carolina, as trustee (the
"Trustee"), a summary of certain of the pertinent provisions of which is set
forth hereinafter. To the extent not defined herein, the capitalized terms used
herein have the meanings ascribed to such terms 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 Business Day of the month
preceding the month of such distribution, in an amount equal to the product of
the Percentage Interest evidenced by this Certificate and the Class A Subclass
Distribution Amount for the Class A-11 Certificates required to be distributed
to Holders of Class A-11 Certificates on such Distribution Date, subject to
adjustment in certain events as specified in the Agreement. Distributions in
reduction of the principal balance of certain Subclasses of Class A Certificates
may not commence on the first Distribution Date specified above. Distributions
of principal will be allocated among the Subclasses of Class A Certificates in
accordance with the provisions of the Agreement. The pass-through rate on the
Class A-11 Certificates applicable to each Distribution Date will be 7.70% per
annum. The amount of interest which accrues on this Certificate in any month
will be subject to reduction with respect to any Non-Supported Interest
Shortfall and the interest portion of certain Realized Losses allocated to the
Class A-11 Certificates, as described in the Agreement.
Distributions on this Certificate will be made on behalf of the Trustee
either by the Master Servicer or by a Paying Agent appointed by the Master
Servicer by check mailed to the address of the Person entitled thereto, as such
name and address shall appear on the Certificate Register, unless such Person is
entitled to receive payments by wire transfer in immediately available funds in
accordance with the Pooling and Servicing Agreement and such Person has notified
the Master Servicer pursuant to the Pooling and Servicing Agreement that such
payments are to be made by wire transfer of immediately available funds.
Notwithstanding the above, the final distribution in reduction of the principal
balance of 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 specified by the Trustee for that purpose in the notice
of final distribution.
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.
This Certificate constitutes a "regular interest" in a "real estate
mortgage investment conduit" as those terms are defined in Section 860G(a)(1)
and Section 860D, respectively, of the Internal Revenue Code of 1986, as
amended.
Unless this Certificate has been countersigned by an authorized officer of
the Trustee by manual signature, this Certificate shall not be entitled to any
benefit under the Agreement or be valid for any purpose.
<PAGE>
IN WITNESS WHEREOF, the Trustee has caused this Certificate to be duly
executed as of the date set forth below.
Dated: December 24, 1996
First Union National Bank
of North Carolina,
Trustee
By -----------------------
Authorized Officer
Countersigned:
First Union National Bank of North Carolina,
Trustee
By -------------------------
Authorized Officer
<PAGE>
EXHIBIT A-12
[FORM OF FACE OF CLASS A-12 CERTIFICATE]
[UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE
DEPOSITORY TRUST COMPANY TO THE TRUSTEE OR ITS AGENT FOR REGISTRATION OF
TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE
NAME OF CEDE & CO. OR SUCH OTHER NAME AS REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY AND ANY PAYMENT IS MADE TO CEDE
& CO., ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY
OR TO ANY PERSON IS WRONGFUL SINCE THE REGISTERED OWNER HEREOF,
CEDE & CO., HAS AN INTEREST HEREIN.]
MORTGAGE PASS-THROUGH CERTIFICATE
SERIES 1996-9 CLASS A-12
evidencing an interest in a pool of fixed
interest rate, conventional, monthly pay,
fully amortizing, first lien, one- to
four-family residential mortgage loans, which may
include loans secured by shares issued by
cooperative housing corporations, sold by
NORWEST ASSET SECURITIES CORPORATION
(Not an interest in or obligation of the Seller)
THIS CERTIFICATE DOES NOT EVIDENCE AN OBLIGATION OF, OR AN INTEREST IN, THE
SELLER, THE MASTER SERVICER, THE TRUSTEE OR ANY OF THEIR AFFILIATES, AND IS NOT
INSURED OR GUARANTEED BY THE SELLER, THE MASTER SERVICER, THE TRUSTEE OR ANY OF
THEIR AFFILIATES, OR BY ANY GOVERNMENT AGENCY OR PRIVATE INSURER.
DISTRIBUTIONS IN REDUCTION OF THE PRINCIPAL BALANCE OF THIS CERTIFICATE
WILL BE MADE IN THE MANNER DESCRIBED IN THE POOLING AND SERVICING AGREEMENT.
ACCORDINGLY THE OUTSTANDING PRINCIPAL BALANCE OF THIS CERTIFICATE AT ANY TIME
MAY BE LESS THAN THE INITIAL PRINCIPAL BALANCE REPRESENTED HEREBY.
Certificate No. Cut-Off Date: December 1, 1996
CUSIP No.: First Distribution Date: January 27, 1997
Percentage Interest evidenced Denomination: $
by this Certificate: %
<PAGE>
THIS CERTIFIES THAT ------------------------- is the registered owner of
the Percentage Interest evidenced by this Certificate in monthly distributions
to the Holder of Class A-12 Certificate with respect to a Trust Estate
consisting of a pool of fixed interest rate, conventional, monthly pay, fully
amortizing, first lien, one- to four-family residential mortgage loans, other
than the Fixed Retained Yield, if any, with respect thereto, and which may
include loans secured by shares issued by cooperative housing corporations (the
"Mortgage Loans"), formed by Norwest Asset Securities Corporation (hereinafter
called the "Seller", which term includes any successor entity under the
Agreement referred to below). The Trust Estate was created pursuant to a Pooling
and Servicing Agreement dated as of December 24, 1996 (the "Agreement") among
the Seller, Norwest Bank Minnesota, National Association, as master servicer
(the "Master Servicer"), and First Union National Bank of North Carolina, as
trustee (the "Trustee"), a summary of certain of the pertinent provisions of
which is set forth hereinafter. To the extent not defined herein, the
capitalized terms used herein have the meanings ascribed to such terms 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 Business Day of the month
preceding the month of such distribution, in an amount equal to the product of
the Percentage Interest evidenced by this Certificate and the Class A Subclass
Distribution Amount for the Class A-12 Certificates required to be distributed
to Holders of Class A-12 Certificates on such Distribution Date, subject to
adjustment in certain events as specified in the Agreement. Distributions in
reduction of the principal balance of certain Subclasses of Class A Certificates
may not commence on the first Distribution Date specified above. Distributions
of principal will be allocated among the Subclasses of Class A Certificates in
accordance with the provisions of the Agreement. The pass-through rate on the
Class A-12 Certificates applicable to each Distribution Date will be 7.75% per
annum. The amount of interest which accrues on this Certificate in any month
will be subject to reduction with respect to any Non-Supported Interest
Shortfall and the interest portion of certain Realized Losses allocated to the
Class A-12 Certificates, as described in the Agreement.
Distributions on this Certificate will be made on behalf of the Trustee
either by the Master Servicer or by a Paying Agent appointed by the Master
Servicer by check mailed to the address of the Person entitled thereto, as such
name and address shall appear on the Certificate Register, unless such Person is
entitled to receive payments by wire transfer in immediately available funds in
accordance with the Pooling and Servicing Agreement and such Person has notified
the Master Servicer pursuant to the Pooling and Servicing Agreement that such
payments are to be made by wire transfer of immediately available funds.
Notwithstanding the above, the final distribution in reduction of the principal
balance of 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 specified by the Trustee for that purpose in the notice
of final distribution.
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.
This Certificate constitutes a "regular interest" in a "real estate
mortgage investment conduit" as those terms are defined in Section 860G(a)(1)
and Section 860D, respectively, of the Internal Revenue Code of 1986, as
amended.
Unless this Certificate has been countersigned by an authorized officer of
the Trustee by manual signature, this Certificate shall not be entitled to any
benefit under the Agreement or be valid for any purpose.
<PAGE>
IN WITNESS WHEREOF, the Trustee has caused this Certificate to be duly
executed as of the date set forth below.
Dated: December 24, 1996
First Union National Bank
of North Carolina,
Trustee
By -----------------------
Authorized Officer
Countersigned:
First Union National Bank of North Carolina,
Trustee
By ---------------------------
Authorized Officer
<PAGE>
EXHIBIT A-13
[FORM OF FACE OF CLASS A-13 CERTIFICATE]
[UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE
DEPOSITORY TRUST COMPANY TO THE TRUSTEE OR ITS AGENT FOR REGISTRATION OF
TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE
NAME OF CEDE & CO. OR SUCH OTHER NAME AS REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY AND ANY PAYMENT IS MADE TO CEDE
& CO., ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY
OR TO ANY PERSON IS WRONGFUL SINCE THE REGISTERED OWNER HEREOF,
CEDE & CO., HAS AN INTEREST HEREIN.]
MORTGAGE PASS-THROUGH CERTIFICATE
SERIES 1996-9 CLASS A-13
evidencing an interest in a pool of fixed
interest rate, conventional, monthly pay,
fully amortizing, first lien, one- to
four-family residential mortgage loans, which may
include loans secured by shares issued by
cooperative housing corporations, sold by
NORWEST ASSET SECURITIES CORPORATION
(Not an interest in or obligation of the Seller)
THIS CERTIFICATE DOES NOT EVIDENCE AN OBLIGATION OF, OR AN INTEREST IN, THE
SELLER, THE MASTER SERVICER, THE TRUSTEE OR ANY OF THEIR AFFILIATES, AND IS NOT
INSURED OR GUARANTEED BY THE SELLER, THE MASTER SERVICER, THE TRUSTEE OR ANY OF
THEIR AFFILIATES, OR BY ANY GOVERNMENT AGENCY OR PRIVATE INSURER.
DISTRIBUTIONS IN REDUCTION OF THE PRINCIPAL BALANCE OF THIS CERTIFICATE
WILL BE MADE IN THE MANNER DESCRIBED IN THE POOLING AND SERVICING AGREEMENT.
ACCORDINGLY THE OUTSTANDING PRINCIPAL BALANCE OF THIS CERTIFICATE AT ANY TIME
MAY BE LESS THAN THE INITIAL PRINCIPAL BALANCE REPRESENTED HEREBY.
Certificate No. Cut-Off Date: December 1, 1996
CUSIP No.: First Distribution Date: January 27, 1997
Percentage Interest evidenced Denomination: $
by this Certificate: %
<PAGE>
THIS CERTIFIES THAT -------------------------- is the registered owner of
the Percentage Interest evidenced by this Certificate in monthly distributions
to the Holder of Class A-13 Certificate with respect to a Trust Estate
consisting of a pool of fixed interest rate, conventional, monthly pay, fully
amortizing, first lien, one- to four-family residential mortgage loans, other
than the Fixed Retained Yield, if any, with respect thereto, and which may
include loans secured by shares issued by cooperative housing corporations (the
"Mortgage Loans"), formed by Norwest Asset Securities Corporation (hereinafter
called the "Seller", which term includes any successor entity under the
Agreement referred to below). The Trust Estate was created pursuant to a Pooling
and Servicing Agreement dated as of December 24, 1996 (the "Agreement") among
the Seller, Norwest Bank Minnesota, National Association, as master servicer
(the "Master Servicer"), and First Union National Bank of North Carolina, as
trustee (the "Trustee"), a summary of certain of the pertinent provisions of
which is set forth hereinafter. To the extent not defined herein, the
capitalized terms used herein have the meanings ascribed to such terms 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 Business Day of the month
preceding the month of such distribution, in an amount equal to the product of
the Percentage Interest evidenced by this Certificate and the Class A Subclass
Distribution Amount for the Class A-13 Certificates required to be distributed
to Holders of Class A-13 Certificates on such Distribution Date, subject to
adjustment in certain events as specified in the Agreement. Distributions in
reduction of the principal balance of certain Subclasses of Class A Certificates
may not commence on the first Distribution Date specified above. Distributions
of principal will be allocated among the Subclasses of Class A Certificates in
accordance with the provisions of the Agreement. The pass-through rate on the
Class A-13 Certificates applicable to each Distribution Date will be 7.75% per
annum. The amount of interest which accrues on this Certificate in any month
will be subject to reduction with respect to any Non-Supported Interest
Shortfall and the interest portion of certain Realized Losses allocated to the
Class A-13 Certificates, as described in the Agreement.
Distributions on this Certificate will be made on behalf of the Trustee
either by the Master Servicer or by a Paying Agent appointed by the Master
Servicer by check mailed to the address of the Person entitled thereto, as such
name and address shall appear on the Certificate Register, unless such Person is
entitled to receive payments by wire transfer in immediately available funds in
accordance with the Pooling and Servicing Agreement and such Person has notified
the Master Servicer pursuant to the Pooling and Servicing Agreement that such
payments are to be made by wire transfer of immediately available funds.
Notwithstanding the above, the final distribution in reduction of the principal
balance of 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 specified by the Trustee for that purpose in the notice
of final distribution.
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.
This Certificate constitutes a "regular interest" in a "real estate
mortgage investment conduit" as those terms are defined in Section 860G(a)(1)
and Section 860D, respectively, of the Internal Revenue Code of 1986, as
amended.
Unless this Certificate has been countersigned by an authorized officer of
the Trustee by manual signature, this Certificate shall not be entitled to any
benefit under the Agreement or be valid for any purpose.
<PAGE>
IN WITNESS WHEREOF, the Trustee has caused this Certificate to be duly
executed as of the date set forth below.
Dated: December 24, 1996
First Union National Bank
of North Carolina,
Trustee
By -----------------------
Authorized Officer
Countersigned:
First Union National Bank of North Carolina,
Trustee
By ------------------------
Authorized Officer
<PAGE>
EXHIBIT A-14
[FORM OF FACE OF CLASS A-14 CERTIFICATE]
[UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE
DEPOSITORY TRUST COMPANY TO THE TRUSTEE OR ITS AGENT FOR REGISTRATION OF
TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE
NAME OF CEDE & CO. OR SUCH OTHER NAME AS REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY AND ANY PAYMENT IS MADE TO CEDE
& CO., ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY
OR TO ANY PERSON IS WRONGFUL SINCE THE REGISTERED OWNER HEREOF,
CEDE & CO., HAS AN INTEREST HEREIN.]
MORTGAGE PASS-THROUGH CERTIFICATE
SERIES 1996-9 CLASS A-14
evidencing an interest in a pool of fixed
interest rate, conventional, monthly pay,
fully amortizing, first lien, one- to
four-family residential mortgage loans, which may
include loans secured by shares issued by
cooperative housing corporations, sold by
NORWEST ASSET SECURITIES CORPORATION
(Not an interest in or obligation of the Seller)
THIS CERTIFICATE DOES NOT EVIDENCE AN OBLIGATION OF, OR AN INTEREST IN, THE
SELLER, THE MASTER SERVICER, THE TRUSTEE OR ANY OF THEIR AFFILIATES, AND IS NOT
INSURED OR GUARANTEED BY THE SELLER, THE MASTER SERVICER, THE TRUSTEE OR ANY OF
THEIR AFFILIATES, OR BY ANY GOVERNMENT AGENCY OR PRIVATE INSURER.
DISTRIBUTIONS IN REDUCTION OF THE PRINCIPAL BALANCE OF THIS CERTIFICATE
WILL BE MADE IN THE MANNER DESCRIBED IN THE POOLING AND SERVICING AGREEMENT.
ACCORDINGLY THE OUTSTANDING PRINCIPAL BALANCE OF THIS CERTIFICATE AT ANY TIME
MAY BE LESS THAN THE INITIAL PRINCIPAL BALANCE REPRESENTED HEREBY.
Certificate No. Cut-Off Date: December 1, 1996
CUSIP No.: First Distribution Date: January 27, 1997
Percentage Interest evidenced Denomination: $
by this Certificate: %
<PAGE>
THIS CERTIFIES THAT ------------------------ is the registered owner of the
Percentage Interest evidenced by this Certificate in monthly distributions to
the Holder of Class A-14 Certificate with respect to a Trust Estate consisting
of a pool of fixed interest rate, conventional, monthly pay, fully amortizing,
first lien, one- to four-family residential mortgage loans, other than the Fixed
Retained Yield, if any, with respect thereto, and which may include loans
secured by shares issued by cooperative housing corporations (the "Mortgage
Loans"), formed by Norwest Asset Securities Corporation (hereinafter called the
"Seller", which term includes any successor entity under the Agreement referred
to below). The Trust Estate was created pursuant to a Pooling and Servicing
Agreement dated as of December 24, 1996 (the "Agreement") among the Seller,
Norwest Bank Minnesota, National Association, as master servicer (the "Master
Servicer"), and First Union National Bank of North Carolina, as trustee (the
"Trustee"), a summary of certain of the pertinent provisions of which is set
forth hereinafter. To the extent not defined herein, the capitalized terms used
herein have the meanings ascribed to such terms 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 Business Day of the month
preceding the month of such distribution, in an amount equal to the product of
the Percentage Interest evidenced by this Certificate and the Class A Subclass
Distribution Amount for the Class A-14 Certificates required to be distributed
to Holders of Class A-14 Certificates on such Distribution Date, subject to
adjustment in certain events as specified in the Agreement. Distributions in
reduction of the principal balance of certain Subclasses of Class A Certificates
may not commence on the first Distribution Date specified above. Distributions
of principal will be allocated among the Subclasses of Class A Certificates in
accordance with the provisions of the Agreement. The pass-through rate on the
Class A-14 Certificates applicable to each Distribution Date will be 7.75% per
annum. The amount of interest which accrues on this Certificate in any month
will be subject to reduction with respect to any Non-Supported Interest
Shortfall and the interest portion of certain Realized Losses allocated to the
Class A-14 Certificates, as described in the Agreement.
Distributions on this Certificate will be made on behalf of the Trustee
either by the Master Servicer or by a Paying Agent appointed by the Master
Servicer by check mailed to the address of the Person entitled thereto, as such
name and address shall appear on the Certificate Register, unless such Person is
entitled to receive payments by wire transfer in immediately available funds in
accordance with the Pooling and Servicing Agreement and such Person has notified
the Master Servicer pursuant to the Pooling and Servicing Agreement that such
payments are to be made by wire transfer of immediately available funds.
Notwithstanding the above, the final distribution in reduction of the principal
balance of 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 specified by the Trustee for that purpose in the notice
of final distribution.
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.
This Certificate constitutes a "regular interest" in a "real estate
mortgage investment conduit" as those terms are defined in Section 860G(a)(1)
and Section 860D, respectively, of the Internal Revenue Code of 1986, as
amended.
Unless this Certificate has been countersigned by an authorized officer of
the Trustee by manual signature, this Certificate shall not be entitled to any
benefit under the Agreement or be valid for any purpose.
<PAGE>
IN WITNESS WHEREOF, the Trustee has caused this Certificate to be duly
executed as of the date set forth below.
Dated: December 24, 1996
First Union National Bank
of North Carolina,
Trustee
By -----------------------
Authorized Officer
Countersigned:
First Union National Bank of North Carolina,
Trustee
By --------------------------
Authorized Officer
<PAGE>
EXHIBIT A-15
[FORM OF FACE OF CLASS A-15 CERTIFICATE]
[UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE
DEPOSITORY TRUST COMPANY TO THE TRUSTEE OR ITS AGENT FOR REGISTRATION OF
TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE
NAME OF CEDE & CO. OR SUCH OTHER NAME AS REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY AND ANY PAYMENT IS MADE TO CEDE
& CO., ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY
OR TO ANY PERSON IS WRONGFUL SINCE THE REGISTERED OWNER HEREOF,
CEDE & CO., HAS AN INTEREST HEREIN.]
MORTGAGE PASS-THROUGH CERTIFICATE
SERIES 1996-9 CLASS A-15
evidencing an interest in a pool of fixed
interest rate, conventional, monthly pay,
fully amortizing, first lien, one- to
four-family residential mortgage loans, which may
include loans secured by shares issued by
cooperative housing corporations, sold by
NORWEST ASSET SECURITIES CORPORATION
(Not an interest in or obligation of the Seller)
THIS CERTIFICATE DOES NOT EVIDENCE AN OBLIGATION OF, OR AN INTEREST IN, THE
SELLER, THE MASTER SERVICER, THE TRUSTEE OR ANY OF THEIR AFFILIATES, AND IS NOT
INSURED OR GUARANTEED BY THE SELLER, THE MASTER SERVICER, THE TRUSTEE OR ANY OF
THEIR AFFILIATES, OR BY ANY GOVERNMENT AGENCY OR PRIVATE INSURER.
DISTRIBUTIONS IN REDUCTION OF THE PRINCIPAL BALANCE OF THIS CERTIFICATE
WILL BE MADE IN THE MANNER DESCRIBED IN THE POOLING AND SERVICING AGREEMENT.
ACCORDINGLY THE OUTSTANDING PRINCIPAL BALANCE OF THIS CERTIFICATE AT ANY TIME
MAY BE LESS THAN THE INITIAL PRINCIPAL BALANCE REPRESENTED HEREBY.
Certificate No. Cut-Off Date: December 1, 1996
CUSIP No.: First Distribution Date: January 27, 1997
Percentage Interest evidenced Denomination: $
by this Certificate: %
<PAGE>
THIS CERTIFIES THAT ------------------------ is the registered owner of the
Percentage Interest evidenced by this Certificate in monthly distributions to
the Holder of Class A-15 Certificate with respect to a Trust Estate consisting
of a pool of fixed interest rate, conventional, monthly pay, fully amortizing,
first lien, one- to four-family residential mortgage loans, other than the Fixed
Retained Yield, if any, with respect thereto, and which may include loans
secured by shares issued by cooperative housing corporations (the "Mortgage
Loans"), formed by Norwest Asset Securities Corporation (hereinafter called the
"Seller", which term includes any successor entity under the Agreement referred
to below). The Trust Estate was created pursuant to a Pooling and Servicing
Agreement dated as of December 24, 1996 (the "Agreement") among the Seller,
Norwest Bank Minnesota, National Association, as master servicer (the "Master
Servicer"), and First Union National Bank of North Carolina, as trustee (the
"Trustee"), a summary of certain of the pertinent provisions of which is set
forth hereinafter. To the extent not defined herein, the capitalized terms used
herein have the meanings ascribed to such terms 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 Business Day of the month
preceding the month of such distribution, in an amount equal to the product of
the Percentage Interest evidenced by this Certificate and the Class A Subclass
Distribution Amount for the Class A-15 Certificates required to be distributed
to Holders of Class A-15 Certificates on such Distribution Date, subject to
adjustment in certain events as specified in the Agreement. Distributions in
reduction of the principal balance of certain Subclasses of Class A Certificates
may not commence on the first Distribution Date specified above. Distributions
of principal will be allocated among the Subclasses of Class A Certificates in
accordance with the provisions of the Agreement. The pass-through rate on the
Class A-15 Certificates applicable to each Distribution Date will be 7.75% per
annum. The amount of interest which accrues on this Certificate in any month
will be subject to reduction with respect to any Non-Supported Interest
Shortfall and the interest portion of certain Realized Losses allocated to the
Class A-15 Certificates, as described in the Agreement.
Distributions on this Certificate will be made on behalf of the Trustee
either by the Master Servicer or by a Paying Agent appointed by the Master
Servicer by check mailed to the address of the Person entitled thereto, as such
name and address shall appear on the Certificate Register, unless such Person is
entitled to receive payments by wire transfer in immediately available funds in
accordance with the Pooling and Servicing Agreement and such Person has notified
the Master Servicer pursuant to the Pooling and Servicing Agreement that such
payments are to be made by wire transfer of immediately available funds.
Notwithstanding the above, the final distribution in reduction of the principal
balance of 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 specified by the Trustee for that purpose in the notice
of final distribution.
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.
This Certificate constitutes a "regular interest" in a "real estate
mortgage investment conduit" as those terms are defined in Section 860G(a)(1)
and Section 860D, respectively, of the Internal Revenue Code of 1986, as
amended.
Unless this Certificate has been countersigned by an authorized officer of
the Trustee by manual signature, this Certificate shall not be entitled to any
benefit under the Agreement or be valid for any purpose.
<PAGE>
IN WITNESS WHEREOF, the Trustee has caused this Certificate to be duly
executed as of the date set forth below.
Dated: December 24, 1996
First Union National Bank
of North Carolina,
Trustee
By -----------------------
Authorized Officer
Countersigned:
First Union National Bank of North Carolina,
Trustee
By --------------------------
Authorized Officer
<PAGE>
EXHIBIT A-PO
[FORM OF FACE OF CLASS A-PO CERTIFICATE]
MORTGAGE PASS-THROUGH CERTIFICATE
SERIES 1996-9, CLASS A-PO
evidencing an interest in a pool of fixed interest rate,
conventional, monthly pay, fully amortizing, first lien,
one- to four-family residential mortgage
loans, which may include loans secured by shares
issued by cooperative housing
corporations, sold by
NORWEST ASSET SECURITIES CORPORATION
(Not an interest in or obligation of the Seller)
THIS CERTIFICATE DOES NOT EVIDENCE AN OBLIGATION OF, OR AN INTEREST IN, THE
SELLER, THE MASTER SERVICER, THE TRUSTEE OR ANY OF THEIR AFFILIATES, AND IS NOT
INSURED OR GUARANTEED BY THE SELLER, THE MASTER SERVICER, THE TRUSTEE OR ANY OF
THEIR AFFILIATES, OR BY ANY GOVERNMENT AGENCY OR PRIVATE INSURER.
DISTRIBUTIONS IN REDUCTION OF THE PRINCIPAL BALANCE OF THIS CERTIFICATE
WILL BE MADE IN THE MANNER DESCRIBED IN THE POOLING AND SERVICING AGREEMENT.
ACCORDINGLY THE OUTSTANDING PRINCIPAL BALANCE OF THIS CERTIFICATE AT ANY TIME
MAY BE LESS THAN THE INITIAL PRINCIPAL BALANCE REPRESENTED HEREBY.
Certificate No. Cut-Off Date: December 1, 1996
CUSIP No.: First Distribution Date: January 27, 1997
Percentage Interest evidenced Denomination: $
by this Certificate: %
<PAGE>
THIS CERTIFIES THAT ---------------------- is the registered owner of the
Percentage Interest evidenced by this Certificate in monthly distributions to
the Holders of the Class A-PO Certificates with respect to a Trust Estate
consisting of a pool of fixed interest rate, conventional, monthly pay, fully
amortizing, first lien, one- to four-family residential mortgage loans, other
than the Fixed Retained Yield, if any, with respect thereto, and which may
include loans secured by shares issued by cooperative housing corporations (the
"Mortgage Loans") formed by Norwest Asset Securities Corporation (hereinafter
called the "Seller", which term includes any successor entity under the
Agreement referred to below). The Trust Estate was created pursuant to a Pooling
and Servicing Agreement dated as of December 24, 1996 (the "Agreement") among
the Seller, Norwest Bank Minnesota, National Association, as master servicer
(the "Master Servicer"), and First Union National Bank of North Carolina, as
trustee (the "Trustee"), a summary of certain of the pertinent provisions of
which is set forth hereinafter. To the extent not defined herein, the
capitalized terms used herein have the meanings ascribed to such terms 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 Business Day of the month
preceding the month of such distribution, in an amount equal to the product of
the Percentage Interest evidenced by this Certificate and the Class A-PO
Distribution Amount required to be distributed to Holders of Class A-PO
Certificates on such Distribution Date, subject to adjustment in certain events
as specified in the Agreement. The Class A-PO Certificates will not be entitled
to distributions in respect of interest.
Distributions on this Certificate will be made on behalf of the Trustee
either by the Master Servicer or by a Paying Agent appointed by the Master
Servicer 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 in reduction of the principal balance of 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 specified by the Trustee for that purpose in the notice of final
distribution.
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.
This Certificate is issued on December 24, 1996, at an issue price of
63.50000% and a stated redemption price at maturity equal to its initial
principal balance, and is issued with original issue discount ("OID") for
federal income tax purposes. Assuming that this Certificate pays in accordance
with projected cash flows reflecting the prepayment assumption of 250% SPA (as
defined in the Prospectus Supplement dated December 19, 1996 with respect to the
offering of the Class A Certificates, Class M Certificates, Class B-1
Certificates and Class B-2 Certificates) used to price this Certificate: (i) the
amount of OID as a percentage of the initial principal balance of this
Certificate is approximately 36.50000000%; and (ii) the annual yield to maturity
of this Certificate, compounded monthly, is approximately 8.21%. There is no
short first accrual period.
This Certificate constitutes a "regular interest" in a "real estate
mortgage investment conduit" as those terms are defined in Section 860G(a)(1)
and Section 860D, respectively, of the Internal Revenue Code of 1986, as
amended.
Unless this Certificate has been countersigned by an authorized officer of
the Trustee by manual signature, this Certificate shall not be entitled to any
benefit under the Agreement or be valid for any purpose.
<PAGE>
IN WITNESS WHEREOF, the Trustee has caused this Certificate to be duly
executed as of the date set forth below.
Dated: December 24, 1996
First Union National Bank
of North Carolina,
Trustee
By -----------------------
Authorized Officer
Countersigned:
First Union National Bank of North Carolina,
Trustee
By -------------------------
Authorized Officer
<PAGE>
EXHIBIT A-R
[Form of Face of Class A-R Certificate]
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(a)(2) AND 860D OF THE INTERNAL REVENUE CODE OF
1986, AS AMENDED (THE "CODE"). A TRANSFEREE OF THIS CERTIFICATE, BY ACCEPTANCE
HEREOF, IS DEEMED TO HAVE ACCEPTED THIS CERTIFICATE SUBJECT TO CERTAIN
RESTRICTIONS ON TRANSFERABILITY, AS SET FORTH IN SECTION 5.02(d) OF THE POOLING
AND SERVICING AGREEMENT, AND SHALL BE REQUIRED TO FURNISH AN AFFIDAVIT TO THE
TRANSFEROR AND THE TRUSTEE TO THE EFFECT THAT, AMONG OTHER THINGS, IT IS NOT A
DISQUALIFIED ORGANIZATION, AS SUCH TERM IS DEFINED IN CODE SECTION 860E(e)(5),
AN AGENT (INCLUDING A BROKER, NOMINEE OR OTHER MIDDLEMAN) FOR A DISQUALIFIED
ORGANIZATION OR A NON-PERMITTED FOREIGN HOLDER, AS DEFINED IN SECTION 5.02(d) OF
THE POOLING AND SERVICING AGREEMENT AND TO HAVE AGREED TO SUCH AMENDMENTS TO THE
POOLING AND SERVICING AGREEMENT AS MAY BE REQUIRED TO FURTHER EFFECTUATE THE
RESTRICTIONS ON TRANSFERS TO DISQUALIFIED ORGANIZATIONS, AGENTS THEREOF OR
NON-PERMITTED FOREIGN HOLDERS.
THE HOLDER OF THIS CLASS A-R CERTIFICATE, BY ACCEPTANCE HEREOF, IS DEEMED TO
HAVE AGREED TO THE DESIGNATION OF THE MASTER SERVICER AS ITS AGENT TO ACT AS
"TAX MATTERS PERSON" OF THE REMIC TO PERFORM THE FUNCTIONS OF A "TAX MATTERS
PARTNER" FOR PURPOSES OF SUBCHAPTER C OF CHAPTER 63 OF SUBTITLE F OF THE CODE,
OR, IF SO REQUESTED BY THE MASTER SERVICER, TO ACT AS TAX MATTERS PERSON OF THE
REMIC.
THIS CERTIFICATE MAY NOT BE PURCHASED BY OR TRANSFERRED TO ANY PERSON WHICH IS
AN EMPLOYEE BENEFIT PLAN SUBJECT TO THE FIDUCIARY RESPONSIBILITY PROVISIONS OF
THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED ("ERISA"), OR
SECTION 4975 OF THE CODE OR ANY GOVERNMENTAL PLAN, AS DEFINED IN SECTION 3(32)
OF ERISA, SUBJECT TO ANY FEDERAL, STATE OR LOCAL LAW WHICH IS, TO A MATERIAL
EXTENT, SIMILAR TO THE FOREGOING PROVISIONS OF ERISA OR THE CODE (COLLECTIVELY,
A "PLAN"), OR ANY PERSON INVESTING THE ASSETS OF A PLAN.
PURCHASERS OF THIS CLASS A-R CERTIFICATE SHOULD BE AWARE THAT ON JANUARY 3,
1995, THE INTERNAL REVENUE SERVICE ISSUED PROPOSED REGULATIONS UNDER CODE
SECTION 475 THAT, IF ADOPTED IN FINAL FORM, WOULD APPLY TO THIS CLASS A-R
CERTIFICATE AND WOULD NOT PERMIT THIS CLASS A-R CERTIFICATE TO BE MARKED TO
MARKET.
<PAGE>
MORTGAGE PASS-THROUGH CERTIFICATE
SERIES 1996-9, CLASS A-R
evidencing an interest in a pool of fixed
interest rate, conventional, monthly pay,
fully amortizing, first lien, one- to
four-family residential mortgage loans, which may
include loans secured by shares issued by
cooperative housing corporations, sold by
NORWEST ASSET SECURITIES CORPORATION
(Not an interest in or obligation of the Seller)
THIS CERTIFICATE DOES NOT EVIDENCE AN OBLIGATION OF, OR AN INTEREST IN, THE
SELLER, THE MASTER SERVICER, THE TRUSTEE OR ANY OF THEIR AFFILIATES, AND IS NOT
INSURED OR GUARANTEED BY THE SELLER, THE MASTER SERVICER, THE TRUSTEE OR ANY OF
THEIR AFFILIATES, OR BY ANY GOVERNMENT AGENCY OR PRIVATE INSURER.
DISTRIBUTIONS IN REDUCTION OF THE PRINCIPAL BALANCE OF THIS CERTIFICATE
WILL BE MADE IN THE MANNER DESCRIBED IN THE POOLING AND SERVICING AGREEMENT.
ACCORDINGLY THE OUTSTANDING PRINCIPAL BALANCE OF THIS CERTIFICATE AT ANY TIME
MAY BE LESS THAN THE INITIAL PRINCIPAL BALANCE REPRESENTED HEREBY.
Certificate No. Cut-Off Date: December 1, 1996
CUSIP No.: First Distribution Date: January 27, 1997
Percentage Interest evidenced Denomination: $200.00
by this Certificate: 100%
<PAGE>
THIS CERTIFIES THAT -------------------------- is the registered owner of
the Percentage Interest evidenced by this Certificate in monthly distributions
to the Holder of the Class A-R Certificate with respect to a Trust Estate
consisting of a pool of fixed interest rate, conventional, monthly pay, fully
amortizing, first lien, one- to four-family residential mortgage loans, other
than the Fixed Retained Yield, if any, with respect thereto, and which may
include loans secured by shares issued by cooperative housing corporations (the
"Mortgage Loans"), formed by Norwest Asset Securities Corporation (hereinafter
called the "Seller", which term includes any successor entity under the
Agreement referred to below). The Trust Estate was created pursuant to a Pooling
and Servicing Agreement dated as of December 24, 1996 (the "Agreement") among
the Seller, Norwest Bank Minnesota, National Association, as master servicer
(the "Master Servicer"), and First Union National Bank of North Carolina, as
trustee (the "Trustee"), a summary of certain of the pertinent provisions of
which is set forth hereinafter. To the extent not defined herein, the
capitalized terms used herein have the meanings ascribed to such terms 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 Business Day of the month
preceding the month of such distribution, in an amount equal to the product of
the Percentage Interest evidenced by this Certificate and the Class A Subclass
Distribution Amount for the Class A-R Certificate required to be distributed to
the Holders of the Class A-R Certificate on such Distribution Date, subject to
adjustment in certain events as specified in the Agreement. Distributions in
reduction of the principal balance of certain Subclasses of Class A Certificates
will not commence on the first Distribution Date specified above. Distributions
of principal will be allocated among the Subclasses of Class A Certificates in
accordance with the provisions of the Agreement. The pass-through rate on the
Class A-R Certificate applicable to each Distribution Date will be 7.75% per
annum. The amount of interest which accrues on this Certificate in any month
will be subject to reduction with respect to any Non-Supported Interest
Shortfall and the interest portion of certain Realized Losses allocated to the
Class A-R Certificate, as described in the Agreement.
Distributions on this Certificate will be made on behalf of the Trustee
either by the Master Servicer or by a Paying Agent appointed by the Master
Servicer 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 specified by the Trustee for that
purpose in the notice of final distribution.
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 this Certificate has been countersigned by an authorized officer of
the Trustee by manual signature, this Certificate shall not be entitled to any
benefit under the Agreement or be valid for any purpose.
<PAGE>
IN WITNESS WHEREOF, the Trustee has caused this Certificate to be duly
executed as of the date set forth below.
Dated: December 24, 1996
First Union National Bank
of North Carolina,
Trustee
By -----------------------
Authorized Officer
Countersigned:
First Union National Bank of North Carolina,
Trustee
By -------------------------
Authorized Officer
<PAGE>
EXHIBIT B-1
[FORM OF FACE OF CLASS B-1 CERTIFICATE]
THIS CERTIFICATE IS SUBORDINATED IN RIGHT OF PAYMENT TO THE CLASS A AND CLASS M
CERTIFICATES AS DESCRIBED IN THE POOLING AND SERVICING AGREEMENT REFERRED TO
HEREIN.
EXCEPT AS PROVIDED IN SECTION 5.02(C) OF THE POOLING AND SERVICING AGREEMENT
REFERRED TO HEREIN, THIS CERTIFICATE MAY NOT BE PURCHASED BY OR TRANSFERRED TO
ANY PERSON THAT HAS NOT DELIVERED A REPRESENTATION LETTER STATING EITHER (A)
THAT THE TRANSFEREE IS NOT AN EMPLOYEE BENEFIT PLAN SUBJECT TO THE FIDUCIARY
RESPONSIBILITY 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 ANY GOVERNMENTAL PLAN, AS DEFINED IN SECTION 3(32) OF
ERISA, SUBJECT TO ANY FEDERAL, STATE OR LOCAL LAW WHICH IS, TO A MATERIAL
EXTENT, SIMILAR TO THE FOREGOING PROVISIONS OF ERISA OR THE CODE (COLLECTIVELY,
A "PLAN"), OR ANY PERSON INVESTING THE ASSETS OF A PLAN OR (B) SUBJECT TO
CERTAIN CONDITIONS SET FORTH IN THE POOLING AND SERVICING AGREEMENT, THAT THE
SOURCE OF FUNDS USED TO PURCHASE THIS CERTIFICATE IS AN "INSURANCE COMPANY
GENERAL ACCOUNT."
<PAGE>
MORTGAGE PASS-THROUGH CERTIFICATE
SERIES 1996-9, CLASS B-1
evidencing an interest in a pool of fixed interest rate,
conventional, monthly pay, fully amortizing, first lien,
one- to four-family residential mortgage
loans, which may include loans secured by shares
issued by cooperative housing
corporations, sold by
NORWEST ASSET SECURITIES CORPORATION
(Not an interest in or obligation of the Seller)
THIS CERTIFICATE DOES NOT EVIDENCE AN OBLIGATION OF, OR AN INTEREST IN, THE
SELLER, THE MASTER SERVICER, THE TRUSTEE OR ANY OF THEIR AFFILIATES, AND IS NOT
INSURED OR GUARANTEED BY THE SELLER, THE MASTER SERVICER, THE TRUSTEE OR ANY OF
THEIR AFFILIATES, OR BY ANY GOVERNMENT AGENCY OR PRIVATE INSURER.
DISTRIBUTIONS IN REDUCTION OF THE PRINCIPAL BALANCE OF THIS CERTIFICATE
WILL BE MADE IN THE MANNER DESCRIBED IN THE POOLING AND SERVICING AGREEMENT.
ACCORDINGLY THE OUTSTANDING PRINCIPAL BALANCE OF THIS CERTIFICATE AT ANY TIME
MAY BE LESS THAN THE INITIAL PRINCIPAL BALANCE REPRESENTED HEREBY.
Certificate No. Cut-Off Date: December 1, 1996
CUSIP No.: First Distribution Date: January 27, 1997
Percentage Interest evidenced Denomination: $
by this Certificate: %
<PAGE>
THIS CERTIFIES THAT ------------------------- is the registered owner of
the Percentage Interest evidenced by this Certificate in monthly distributions
to the Holders of the Class B-1 Certificates with respect to a Trust Estate
consisting of a pool of fixed interest rate, conventional, monthly pay, fully
amortizing, first lien, one- to four-family residential mortgage loans, other
than the Fixed Retained Yield, if any, with respect thereto, and which may
include loans secured by shares issued by cooperative housing corporations (the
"Mortgage Loans") formed by Norwest Asset Securities Corporation (hereinafter
called the "Seller", which term includes any successor entity under the
Agreement referred to below). The Trust Estate was created pursuant to a Pooling
and Servicing Agreement dated as of December 24, 1996 (the "Agreement") among
the Seller, Norwest Bank Minnesota, National Association, as master servicer
(the "Master Servicer"), and First Union National Bank of North Carolina, as
trustee (the "Trustee"), a summary of certain of the pertinent provisions of
which is set forth hereinafter. To the extent not defined herein, the
capitalized terms used herein have the meanings ascribed to such terms 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 Business Day of the month
preceding the month of such distribution, in an amount equal to the product of
the Percentage Interest evidenced by this Certificate and, subject to the prior
rights of the Class A Certificates and Class M Certificates as specified in the
Agreement, any Class B-1 Distribution Amount required to be distributed to
Holders of Class B-1 Certificates on such Distribution Date, subject to
adjustment, in certain events, as specified in the Agreement. The pass-through
rate on the Class B-1 Certificates applicable to each Distribution Date will be
7.75% per annum. The amount of interest which accrues on this Certificate in any
month will be subject to reduction with respect to any Non-Supported Interest
Shortfall and the interest portion of certain Realized Losses allocated to the
Class B-1 Certificates, as described in the Agreement.
Distributions on this Certificate will be made on behalf of the Trustee
either by the Master Servicer or by a Paying Agent appointed by the Master
Servicer 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 in reduction of the principal balance of 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 specified by the Trustee for that purpose in the notice of final
distribution.
No transfer of a Class B-1 Certificate will be made unless the Holder
hereof desiring to make any such transfer shall deliver to the Trustee (i) a
representation letter, in the form as described in the Agreement, stating either
(a) that the transferee is not a Plan and is not acting on behalf of a Plan or
using the assets of a Plan to effect such purchase or (b) subject to certain
conditions described in the Agreement, that the source of funds used to purchase
this Certificate is an "insurance company general account," or (ii) if such
transferee is a Plan, (a) an opinion of counsel acceptable to and in form and
substance satisfactory to the Trustee and the Seller with respect to certain
matters and (b) such other documentation as the Seller, the Master Servicer or
the Trustee may require, as described in the Agreement.
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.
This Certificate constitutes a "regular interest" in a "real estate
mortgage investment conduit" as those terms are defined in Section 860G(a)(1)
and Section 860D, respectively, of the Internal Revenue Code of 1986, as
amended.
Unless this Certificate has been countersigned by an authorized officer of
the Trustee by manual signature, this Certificate shall not be entitled to any
benefit under the Agreement or be valid for any purpose.
<PAGE>
IN WITNESS WHEREOF, the Trustee has caused this Certificate to be duly
executed as of the date set forth below.
Dated: December 24, 1996
First Union National Bank
of North Carolina,
Trustee
By------------------------
Authorized Officer
Countersigned:
First Union National Bank of North Carolina,
Trustee
By ---------------------------
Authorized Officer
<PAGE>
EXHIBIT B-2
[FORM OF FACE OF CLASS B-2 CERTIFICATE]
THIS CERTIFICATE IS SUBORDINATED IN RIGHT OF PAYMENT TO THE CLASS A, CLASS M AND
CLASS B-1 CERTIFICATES AS DESCRIBED IN THE POOLING AND SERVICING AGREEMENT
REFERRED TO HEREIN.
EXCEPT AS PROVIDED IN SECTION 5.02(C) OF THE POOLING AND SERVICING AGREEMENT
REFERRED TO HEREIN, THIS CERTIFICATE MAY NOT BE PURCHASED BY OR TRANSFERRED TO
ANY PERSON THAT HAS NOT DELIVERED A REPRESENTATION LETTER STATING EITHER (A)
THAT THE TRANSFEREE IS NOT AN EMPLOYEE BENEFIT PLAN SUBJECT TO THE FIDUCIARY
RESPONSIBILITY 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 ANY GOVERNMENTAL PLAN, AS DEFINED IN SECTION 3(32) OF
ERISA, SUBJECT TO ANY FEDERAL, STATE OR LOCAL LAW WHICH IS, TO A MATERIAL
EXTENT, SIMILAR TO THE FOREGOING PROVISIONS OF ERISA OR THE CODE (COLLECTIVELY,
A "PLAN"), OR ANY PERSON INVESTING THE ASSETS OF A PLAN OR (B) SUBJECT TO
CERTAIN CONDITIONS SET FORTH IN THE POOLING AND SERVICING AGREEMENT, THAT THE
SOURCE OF FUNDS USED TO PURCHASE THIS CERTIFICATE IS AN "INSURANCE COMPANY
GENERAL ACCOUNT."
<PAGE>
MORTGAGE PASS-THROUGH CERTIFICATE
SERIES 1996-9, CLASS B-2
evidencing an interest in a pool of fixed interest rate,
conventional, monthly pay, fully amortizing, first lien,
one- to four-family residential mortgage
loans, which may include loans secured by shares
issued by cooperative housing
corporations, sold by
NORWEST ASSET SECURITIES CORPORATION
(Not an interest in or obligation of the Seller)
THIS CERTIFICATE DOES NOT EVIDENCE AN OBLIGATION OF, OR AN INTEREST IN, THE
SELLER, THE MASTER SERVICER, THE TRUSTEE OR ANY OF THEIR AFFILIATES, AND IS NOT
INSURED OR GUARANTEED BY THE SELLER, THE MASTER SERVICER, THE TRUSTEE OR ANY OF
THEIR AFFILIATES, OR BY ANY GOVERNMENT AGENCY OR PRIVATE INSURER.
DISTRIBUTIONS IN REDUCTION OF THE PRINCIPAL BALANCE OF THIS CERTIFICATE
WILL BE MADE IN THE MANNER DESCRIBED IN THE POOLING AND SERVICING AGREEMENT.
ACCORDINGLY THE OUTSTANDING PRINCIPAL BALANCE OF THIS CERTIFICATE AT ANY TIME
MAY BE LESS THAN THE INITIAL PRINCIPAL BALANCE REPRESENTED HEREBY.
Certificate No. Cut-Off Date: December 1, 1996
CUSIP No.: First Distribution Date: January 27, 1997
Percentage Interest evidenced Denomination: $
by this Certificate: %
<PAGE>
THIS CERTIFIES THAT ----------------------- is the registered owner of the
Percentage Interest evidenced by this Certificate in monthly distributions to
the Holders of the Class B-2 Certificates with respect to a Trust Estate
consisting of a pool of fixed interest rate, conventional, monthly pay, fully
amortizing, first lien, one- to four-family residential mortgage loans, other
than the Fixed Retained Yield, if any, with respect thereto, and which may
include loans secured by shares issued by cooperative housing corporations (the
"Mortgage Loans") formed by Norwest Asset Securities Corporation (hereinafter
called the "Seller", which term includes any successor entity under the
Agreement referred to below). The Trust Estate was created pursuant to a Pooling
and Servicing Agreement dated as of December 24, 1996 (the "Agreement") among
the Seller, Norwest Bank Minnesota, National Association, as master servicer
(the "Master Servicer"), and First Union National Bank of North Carolina, as
trustee (the "Trustee"), a summary of certain of the pertinent provisions of
which is set forth hereinafter. To the extent not defined herein, the
capitalized terms used herein have the meanings ascribed to such terms 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 Business Day of the month
preceding the month of such distribution, in an amount equal to the product of
the Percentage Interest evidenced by this Certificate and, subject to the prior
rights of the Class A Certificates, Class M Certificates and each Subclass of
Class B Certificates bearing a lower numerical designation as specified in the
Agreement, any Class B-2 Distribution Amount required to be distributed to
Holders of Class B-2 Certificates on such Distribution Date, subject to
adjustment, in certain events, as specified in the Agreement. The pass-through
rate on the Class B-2 Certificates applicable to each Distribution Date will be
7.75% per annum. The amount of interest which accrues on this Certificate in any
month will be subject to reduction with respect to any Non-Supported Interest
Shortfall and the interest portion of certain Realized Losses allocated to the
Class B-2 Certificates, as described in the Agreement.
Distributions on this Certificate will be made on behalf of the Trustee
either by the Master Servicer or by a Paying Agent appointed by the Master
Servicer 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 in reduction of the principal balance of 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 specified by the Trustee for that purpose in the notice of final
distribution.
No transfer of a Class B-2 Certificate will be made unless the Holder
hereof desiring to make any such transfer shall deliver to the Trustee (i) a
representation letter, in the form as described in the Agreement, stating either
(a) that the transferee is not a Plan and is not acting on behalf of a Plan or
using the assets of a Plan to effect such purchase or (b) subject to certain
conditions described in the Agreement, that the source of funds used to purchase
this Certificate is an "insurance company general account," or (ii) if such
transferee is a Plan, (a) an opinion of counsel acceptable to and in form and
substance satisfactory to the Trustee and the Seller with respect to certain
matters and (b) such other documentation as the Seller, the Master Servicer or
the Trustee may require, as described in the Agreement.
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.
This Certificate is issued on December 24, 1996, and based on its issue
price of 97.21389%, including accrued interest, and a stated redemption price at
maturity equal to its initial principal balance, is issued with original issue
discount ("OID") for federal income tax purposes. Assuming that this Certificate
pays in accordance with projected cash flows reflecting the prepayment
assumption of 250% SPA (as defined in the Prospectus Supplement dated December
19, 1996 with respect to the offering of the Class A Certificates, Class M
Certificates, Class B-1 Certificates and Class B-2 Certificates) used to price
this Certificate: (i) the amount of OID as a percentage of the initial principal
balance of this Certificate is approximately 2.78611111%; and (ii) the annual
yield to maturity of this Certificate, compounded monthly, is approximately
8.14%. There is no short first accrual period.
This Certificate constitutes a "regular interest" in a "real estate
mortgage investment conduit" as those terms are defined in Section 860G(a)(1)
and Section 860D, respectively, of the Internal Revenue Code of 1986, as
amended.
Unless this Certificate has been countersigned by an authorized officer of
the Trustee by manual signature, this Certificate shall not be entitled to any
benefit under the Agreement or be valid for any purpose.
<PAGE>
IN WITNESS WHEREOF, the Trustee has caused this Certificate to be duly
executed as of the date set forth below.
Dated: December 24, 1996
First Union National Bank
of North Carolina,
Trustee
By -----------------------
Authorized Officer
Countersigned:
First Union National Bank of North Carolina,
Trustee
By ---------------------------
Authorized Officer
<PAGE>
EXHIBIT B-3
[FORM OF FACE OF CLASS B-3 CERTIFICATE]
THIS CERTIFICATE IS SUBORDINATED IN RIGHT OF PAYMENT TO THE CLASS A, CLASS M,
CLASS B-1 AND CLASS B-2 CERTIFICATES AS DESCRIBED IN THE POOLING AND SERVICING
AGREEMENT REFERRED TO 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 POOLING AND SERVICING AGREEMENT REFERRED
TO HEREIN.
EXCEPT AS PROVIDED IN SECTION 5.02(C) OF THE POOLING AND SERVICING AGREEMENT
REFERRED TO HEREIN, THIS CERTIFICATE MAY NOT BE PURCHASED BY OR TRANSFERRED TO
ANY PERSON THAT HAS NOT DELIVERED A REPRESENTATION LETTER STATING EITHER (A)
THAT THE TRANSFEREE IS NOT AN EMPLOYEE BENEFIT PLAN SUBJECT TO THE FIDUCIARY
RESPONSIBILITY 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 ANY GOVERNMENTAL PLAN, AS DEFINED IN SECTION 3(32) OF
ERISA, SUBJECT TO ANY FEDERAL, STATE OR LOCAL LAW WHICH IS, TO A MATERIAL
EXTENT, SIMILAR TO THE FOREGOING PROVISIONS OF ERISA OR THE CODE (COLLECTIVELY,
A "PLAN"), OR ANY PERSON INVESTING THE ASSETS OF A PLAN OR (B) SUBJECT TO
CERTAIN CONDITIONS SET FORTH IN THE POOLING AND SERVICING AGREEMENT, THAT THE
SOURCE OF FUNDS USED TO PURCHASE THIS CERTIFICATE IS AN "INSURANCE COMPANY
GENERAL ACCOUNT."
<PAGE>
MORTGAGE PASS-THROUGH CERTIFICATE
SERIES 1996-9, CLASS B-3
evidencing an interest in a pool of fixed interest rate,
conventional, monthly pay, fully amortizing, first lien,
one- to four-family residential mortgage
loans, which may include loans secured by shares
issued by cooperative housing
corporations, sold by
NORWEST ASSET SECURITIES CORPORATION
(Not an interest in or obligation of the Seller)
THIS CERTIFICATE DOES NOT EVIDENCE AN OBLIGATION OF, OR AN INTEREST IN, THE
SELLER, THE MASTER SERVICER, THE TRUSTEE OR ANY OF THEIR AFFILIATES, AND IS NOT
INSURED OR GUARANTEED BY THE SELLER, THE MASTER SERVICER, THE TRUSTEE OR ANY OF
THEIR AFFILIATES, OR BY ANY GOVERNMENT AGENCY OR PRIVATE INSURER.
DISTRIBUTIONS IN REDUCTION OF THE PRINCIPAL BALANCE OF THIS CERTIFICATE
WILL BE MADE IN THE MANNER DESCRIBED IN THE POOLING AND SERVICING AGREEMENT.
ACCORDINGLY THE OUTSTANDING PRINCIPAL BALANCE OF THIS CERTIFICATE AT ANY TIME
MAY BE LESS THAN THE INITIAL PRINCIPAL BALANCE REPRESENTED HEREBY.
Certificate No. Cut-Off Date: December 1, 1996
CUSIP No.: First Distribution Date: January 27, 1997
Percentage Interest evidenced Denomination: $
by this Certificate: %
<PAGE>
THIS CERTIFIES THAT -------------------------- is the registered owner of
the Percentage Interest evidenced by this Certificate in monthly distributions
to the Holders of the Class B-3 Certificates with respect to a Trust Estate
consisting of a pool of fixed interest rate, conventional, monthly pay, fully
amortizing, first lien, one- to four-family residential mortgage loans, other
than the Fixed Retained Yield, if any, with respect thereto, and which may
include loans secured by shares issued by cooperative housing corporations (the
"Mortgage Loans") formed by Norwest Asset Securities Corporation (hereinafter
called the "Seller", which term includes any successor entity under the
Agreement referred to below). The Trust Estate was created pursuant to a Pooling
and Servicing Agreement dated as of December 24, 1996 (the "Agreement") among
the Seller, Norwest Bank Minnesota, National Association, as master servicer
(the "Master Servicer"), and First Union National Bank of North Carolina, as
trustee (the "Trustee"), a summary of certain of the pertinent provisions of
which is set forth hereinafter. To the extent not defined herein, the
capitalized terms used herein have the meanings ascribed to such terms 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 Business Day of the month
preceding the month of such distribution, in an amount equal to the product of
the Percentage Interest evidenced by this Certificate and, subject to the prior
rights of the Class A Certificates, Class M Certificates and each Subclass of
Class B Certificates bearing a lower numerical designation as specified in the
Agreement, any Class B-3 Distribution Amount required to be distributed to
Holders of Class B-3 Certificates on such Distribution Date, subject to
adjustment, in certain events, as specified in the Agreement. The pass-through
rate on the Class B-3 Certificates applicable to each Distribution Date will be
7.75% per annum. The amount of interest which accrues on this Certificate in any
month will be subject to reduction with respect to any Non-Supported Interest
Shortfall and the interest portion of certain Realized Losses allocated to the
Class B-3 Certificates, as described in the Agreement.
Distributions on this Certificate will be made on behalf of the Trustee
either by the Master Servicer or by a Paying Agent appointed by the Master
Servicer 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 in reduction of the principal balance of 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 specified by the Trustee for that purpose in the notice of final
distribution.
No transfer of a Class B-3 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 desired to be made by
the Holder hereof, (i) the transferee will be required to execute an investment
letter in the form described in the Agreement and (ii) if such transfer is to be
made within three years from the later of (a) the date of initial issuance of
the Certificates or (b) the last date on which the Seller or any affiliate
thereof was a Holder of the Certificates proposed to be transferred, and unless
such transfer is made in reliance on Rule 144A of the Securities Act of 1933, as
amended, the Trustee or the Seller may require the Holder to deliver an opinion
of counsel acceptable to and in form and substance satisfactory to the Trustee
and the Seller 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. The Holder hereof desiring to effect such transfer shall,
and does hereby agree to, indemnify the Trustee, the Seller, the Master
Servicer, and any Paying Agent 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 Holder must also deliver to the Trustee (i) a representation
letter, in the form as described in the Agreement, stating either (a) that the
transferee is not a Plan and is not acting on behalf of a Plan or using the
assets of a Plan to effect such purchase or (b) subject to certain conditions
described in the Agreement, that the source of funds used to purchase this
Certificate is an "insurance company general account," or (ii) if such
transferee is a Plan, (a) an opinion of counsel acceptable to and in form and
substance satisfactory to the Trustee and the Seller with respect to certain
matters and (b) such other documentation as the Seller, the Master Servicer or
the Trustee may require, as described in the Agreement.
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.
This Certificate is issued on December 24, 1996, and based on its issue
price of 80.74514%, including accrued interest, and a stated redemption price at
maturity equal to its initial principal balance, is issued with original issue
discount ("OID") for federal income tax purposes. Assuming that this Certificate
pays in accordance with projected cash flows reflecting the prepayment
assumption of 250% SPA (as defined in the Prospectus Supplement dated December
19, 1996 with respect to the offering of the Class A Certificates, Class M
Certificates, Class B-1 Certificates and Class B-2 Certificates) used to price
this Certificate: (i) the amount of OID as a percentage of the initial principal
balance of this Certificate is approximately 19.25486111%; and (ii) the annual
yield to maturity of this Certificate, compounded monthly, is approximately
10.88%. There is no short first accrual period.
This Certificate constitutes a "regular interest" in a "real estate
mortgage investment conduit" as those terms are defined in Section 860G(a)(1)
and Section 860D, respectively, of the Internal Revenue Code of 1986, as
amended.
Unless this Certificate has been countersigned by an authorized officer of
the Trustee by manual signature, this Certificate shall not be entitled to any
benefit under the Agreement or be valid for any purpose.
<PAGE>
IN WITNESS WHEREOF, the Trustee has caused this Certificate to be duly
executed as of the date set forth below.
Dated: December 24, 1996
First Union National Bank
of North Carolina,
Trustee
By -----------------------
Authorized Officer
Countersigned:
First Union National Bank of North Carolina,
Trustee
By ---------------------
Authorized Officer
<PAGE>
EXHIBIT B-4
[FORM OF FACE OF CLASS B-4 CERTIFICATE]
THIS CERTIFICATE IS SUBORDINATED IN RIGHT OF PAYMENT TO THE CLASS A, CLASS M,
CLASS B-1, CLASS B-2 AND CLASS B-3 CERTIFICATES AS DESCRIBED IN THE POOLING AND
SERVICING AGREEMENT REFERRED TO 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 POOLING AND SERVICING AGREEMENT REFERRED
TO HEREIN.
EXCEPT AS PROVIDED IN SECTION 5.02(C) OF THE POOLING AND SERVICING AGREEMENT
REFERRED TO HEREIN, THIS CERTIFICATE MAY NOT BE PURCHASED BY OR TRANSFERRED TO
ANY PERSON THAT HAS NOT DELIVERED A REPRESENTATION LETTER STATING EITHER (A)
THAT THE TRANSFEREE IS NOT AN EMPLOYEE BENEFIT PLAN SUBJECT TO THE FIDUCIARY
RESPONSIBILITY 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 ANY GOVERNMENTAL PLAN, AS DEFINED IN SECTION 3(32) OF
ERISA, SUBJECT TO ANY FEDERAL, STATE OR LOCAL LAW WHICH IS, TO A MATERIAL
EXTENT, SIMILAR TO THE FOREGOING PROVISIONS OF ERISA OR THE CODE (COLLECTIVELY,
A "PLAN"), OR ANY PERSON INVESTING THE ASSETS OF A PLAN OR (B) SUBJECT TO
CERTAIN CONDITIONS SET FORTH IN THE POOLING AND SERVICING AGREEMENT, THAT THE
SOURCE OF FUNDS USED TO PURCHASE THIS CERTIFICATE IS AN "INSURANCE COMPANY
GENERAL ACCOUNT."
<PAGE>
MORTGAGE PASS-THROUGH CERTIFICATE
SERIES 1996-9, CLASS B-4
evidencing an interest in a pool of fixed interest rate,
conventional, monthly pay, fully amortizing, first lien,
one- to four-family residential mortgage
loans, which may include loans secured by shares
issued by cooperative housing
corporations, sold by
NORWEST ASSET SECURITIES CORPORATION
(Not an interest in or obligation of the Seller)
THIS CERTIFICATE DOES NOT EVIDENCE AN OBLIGATION OF, OR AN INTEREST IN, THE
SELLER, THE MASTER SERVICER, THE TRUSTEE OR ANY OF THEIR AFFILIATES, AND IS NOT
INSURED OR GUARANTEED BY THE SELLER, THE MASTER SERVICER, THE TRUSTEE OR ANY OF
THEIR AFFILIATES, OR BY ANY GOVERNMENT AGENCY OR PRIVATE INSURER.
DISTRIBUTIONS IN REDUCTION OF THE PRINCIPAL BALANCE OF THIS CERTIFICATE
WILL BE MADE IN THE MANNER DESCRIBED IN THE POOLING AND SERVICING AGREEMENT.
ACCORDINGLY THE OUTSTANDING PRINCIPAL BALANCE OF THIS CERTIFICATE AT ANY TIME
MAY BE LESS THAN THE INITIAL PRINCIPAL BALANCE REPRESENTED HEREBY.
Certificate No. Cut-Off Date: December 1, 1996
CUSIP No.: First Distribution Date: January 27, 1997
Percentage Interest evidenced Denomination: $
by this Certificate: 100%
<PAGE>
THIS CERTIFIES THAT ------------------------ is the registered owner of the
Percentage Interest evidenced by this Certificate in monthly distributions to
the Holders of the Class B-4 Certificates with respect to a Trust Estate
consisting of a pool of fixed interest rate, conventional, monthly pay, fully
amortizing, first lien, one- to four-family residential mortgage loans, other
than the Fixed Retained Yield, if any, with respect thereto, and which may
include loans secured by shares issued by cooperative housing corporations (the
"Mortgage Loans") formed by Norwest Asset Securities Corporation (hereinafter
called the "Seller", which term includes any successor entity under the
Agreement referred to below). The Trust Estate was created pursuant to a Pooling
and Servicing Agreement dated as of December 24, 1996 (the "Agreement") among
the Seller, Norwest Bank Minnesota, National Association, as master servicer
(the "Master Servicer"), and First Union National Bank of North Carolina, as
trustee (the "Trustee"), a summary of certain of the pertinent provisions of
which is set forth hereinafter. To the extent not defined herein, the
capitalized terms used herein have the meanings ascribed to such terms 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 Business Day of the month
preceding the month of such distribution, in an amount equal to the product of
the Percentage Interest evidenced by this Certificate and, subject to the prior
rights of the Class A Certificates, Class M Certificates and each Subclass of
Class B Certificates bearing a lower numerical designation as specified in the
Agreement, any Class B-4 Distribution Amount required to be distributed to
Holders of Class B-4 Certificates on such Distribution Date, subject to
adjustment, in certain events, as specified in the Agreement. The pass-through
rate on the Class B-4 Certificates applicable to each Distribution Date will be
7.75% per annum. The amount of interest which accrues on this Certificate in any
month will be subject to reduction with respect to any Non-Supported Interest
Shortfall and the interest portion of certain Realized Losses allocated to the
Class B-4 Certificates, as described in the Agreement.
Distributions on this Certificate will be made on behalf of the Trustee
either by the Master Servicer or by a Paying Agent appointed by the Master
Servicer 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 in reduction of the principal balance of 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 specified by the Trustee for that purpose in the notice of final
distribution.
No transfer of a Class B-4 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 desired to be made by
the Holder hereof, (i) the transferee will be required to execute an investment
letter in the form described in the Agreement and (ii) if such transfer is to be
made within three years from the later of (a) the date of initial issuance of
the Certificates or (b) the last date on which the Seller or any affiliate
thereof was a Holder of the Certificates proposed to be transferred, and unless
such transfer is made in reliance on Rule 144A of the Securities Act of 1933, as
amended, the Trustee or the Seller may require the Holder to deliver an opinion
of counsel acceptable to and in form and substance satisfactory to the Trustee
and the Seller 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. The Holder hereof desiring to effect such transfer shall,
and does hereby agree to, indemnify the Trustee, the Seller, the Master
Servicer, and any Paying Agent 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 Holder must also deliver to the Trustee (i) a representation
letter, in the form as described in the Agreement, stating either (a) that the
transferee is not a Plan and is not acting on behalf of a Plan or using the
assets of a Plan to effect such purchase or (b) subject to certain conditions
described in the Agreement, that the source of funds used to purchase this
Certificate is an "insurance company general account," or (ii) if such
transferee is a Plan, (a) an opinion of counsel acceptable to and in form and
substance satisfactory to the Trustee and the Seller with respect to certain
matters and (b) such other documentation as the Seller, the Master Servicer or
the Trustee may require, as described in the Agreement.
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.
This Certificate is issued on December 24, 1996, and based on its issue
price of 61.55764%, including accrued interest, and a stated redemption price at
maturity equal to its initial principal balance, is issued with original issue
discount ("OID") for federal income tax purposes. Assuming that this Certificate
pays in accordance with projected cash flows reflecting the prepayment
assumption of 250% SPA (as defined in the Prospectus Supplement dated December
19, 1996 with respect to the offering of the Class A Certificates, Class M
Certificates, Class B-1 Certificates and Class B-2 Certificates) used to price
this Certificate: (i) the amount of OID as a percentage of the initial principal
balance of this Certificate is approximately 38.44236111%; and (ii) the annual
yield to maturity of this Certificate, compounded monthly, is approximately
15.37%. There is no short first accrual period.
This Certificate constitutes a "regular interest" in a "real estate
mortgage investment conduit" as those terms are defined in Section 860G(a)(1)
and Section 860D, respectively, of the Internal Revenue Code of 1986, as
amended.
Unless this Certificate has been countersigned by an authorized officer of
the Trustee by manual signature, this Certificate shall not be entitled to any
benefit under the Agreement or be valid for any purpose.
<PAGE>
IN WITNESS WHEREOF, the Trustee has caused this Certificate to be duly
executed as of the date set forth below.
Dated: December 24, 1996
First Union National Bank
of North Carolina,
Trustee
By -----------------------
Authorized Officer
Countersigned:
First Union National Bank of North Carolina,
Trustee
By ------------------------
Authorized Officer
<PAGE>
EXHIBIT B-5
[FORM OF FACE OF CLASS B-5 CERTIFICATE]
THIS CERTIFICATE IS SUBORDINATED IN RIGHT OF PAYMENT TO THE CLASS A, CLASS M,
CLASS B-1, CLASS B-2, CLASS B-3 AND CLASS B-4 CERTIFICATES AS DESCRIBED IN THE
POOLING AND SERVICING AGREEMENT REFERRED TO 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 POOLING AND SERVICING AGREEMENT REFERRED
TO HEREIN.
EXCEPT AS PROVIDED IN SECTION 5.02(C) OF THE POOLING AND SERVICING AGREEMENT
REFERRED TO HEREIN, THIS CERTIFICATE MAY NOT BE PURCHASED BY OR TRANSFERRED TO
ANY PERSON THAT HAS NOT DELIVERED A REPRESENTATION LETTER STATING EITHER (A)
THAT THE TRANSFEREE IS NOT AN EMPLOYEE BENEFIT PLAN SUBJECT TO THE FIDUCIARY
RESPONSIBILITY 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 ANY GOVERNMENTAL PLAN, AS DEFINED IN SECTION 3(32) OF
ERISA, SUBJECT TO ANY FEDERAL, STATE OR LOCAL LAW WHICH IS, TO A MATERIAL
EXTENT, SIMILAR TO THE FOREGOING PROVISIONS OF ERISA OR THE CODE (COLLECTIVELY,
A "PLAN"), OR ANY PERSON INVESTING THE ASSETS OF A PLAN OR (B) SUBJECT TO
CERTAIN CONDITIONS SET FORTH IN THE POOLING AND SERVICING AGREEMENT, THAT THE
SOURCE OF FUNDS USED TO PURCHASE THIS CERTIFICATE IS AN "INSURANCE COMPANY
GENERAL ACCOUNT."
<PAGE>
MORTGAGE PASS-THROUGH CERTIFICATE
SERIES 1996-9, CLASS B-5
evidencing an interest in a pool of fixed interest rate,
conventional, monthly pay, fully amortizing, first lien,
one- to four-family residential mortgage
loans, which may include loans secured by shares
issued by cooperative housing
corporations, sold by
NORWEST ASSET SECURITIES CORPORATION
(Not an interest in or obligation of the Seller)
THIS CERTIFICATE DOES NOT EVIDENCE AN OBLIGATION OF, OR AN INTEREST IN, THE
SELLER, THE MASTER SERVICER, THE TRUSTEE OR ANY OF THEIR AFFILIATES, AND IS NOT
INSURED OR GUARANTEED BY THE SELLER, THE MASTER SERVICER, THE TRUSTEE OR ANY OF
THEIR AFFILIATES, OR BY ANY GOVERNMENT AGENCY OR PRIVATE INSURER.
DISTRIBUTIONS IN REDUCTION OF THE PRINCIPAL BALANCE OF THIS CERTIFICATE
WILL BE MADE IN THE MANNER DESCRIBED IN THE POOLING AND SERVICING AGREEMENT.
ACCORDINGLY THE OUTSTANDING PRINCIPAL BALANCE OF THIS CERTIFICATE AT ANY TIME
MAY BE LESS THAN THE INITIAL PRINCIPAL BALANCE REPRESENTED HEREBY.
Certificate No. Cut-Off Date: December 1, 1996
CUSIP No.: First Distribution Date: January 27, 1997
Percentage Interest evidenced Denomination: $
by this Certificate: 100%
<PAGE>
THIS CERTIFIES THAT ------------------------- is the registered owner of
the Percentage Interest evidenced by this Certificate in monthly distributions
to the Holders of the Class B-5 Certificates with respect to a Trust Estate
consisting of a pool of fixed interest rate, conventional, monthly pay, fully
amortizing, first lien, one- to four-family residential mortgage loans, other
than the Fixed Retained Yield, if any, with respect thereto, and which may
include loans secured by shares issued by cooperative housing corporations (the
"Mortgage Loans") formed by Norwest Asset Securities Corporation (hereinafter
called the "Seller", which term includes any successor entity under the
Agreement referred to below). The Trust Estate was created pursuant to a Pooling
and Servicing Agreement dated as of December 24, 1996 (the "Agreement") among
the Seller, Norwest Bank Minnesota, National Association, as master servicer
(the "Master Servicer"), and First Union National Bank of North Carolina, as
trustee (the "Trustee"), a summary of certain of the pertinent provisions of
which is set forth hereinafter. To the extent not defined herein, the
capitalized terms used herein have the meanings ascribed to such terms 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 Business Day of the month
preceding the month of such distribution, in an amount equal to the product of
the Percentage Interest evidenced by this Certificate and, subject to the prior
rights of the Class A Certificates, Class M Certificates and each Subclass of
Class B Certificates bearing a lower numerical designation as specified in the
Agreement, any Class B-5 Distribution Amount required to be distributed to
Holders of Class B-5 Certificates on such Distribution Date, subject to
adjustment, in certain events, as specified in the Agreement. The pass-through
rate on the Class B-5 Certificates applicable to each Distribution Date will be
7.75% per annum. The amount of interest which accrues on this Certificate in any
month will be subject to reduction with respect to any Non-Supported Interest
Shortfall and the interest portion of certain Realized Losses allocated to the
Class B-5 Certificates, as described in the Agreement.
Distributions on this Certificate will be made on behalf of the Trustee
either by the Master Servicer or by a Paying Agent appointed by the Master
Servicer 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 in reduction of the principal balance of 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 specified by the Trustee for that purpose in the notice of final
distribution.
No transfer of a Class B-5 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 desired to be made by
the Holder hereof, (i) the transferee will be required to execute an investment
letter in the form described in the Agreement and (ii) if such transfer is to be
made within three years from the later of (a) the date of initial issuance of
the Certificates or (b) the last date on which the Seller or any affiliate
thereof was a Holder of the Certificates proposed to be transferred, and unless
such transfer is made in reliance on Rule 144A of the Securities Act of 1933, as
amended, the Trustee or the Seller may require the Holder to deliver an opinion
of counsel acceptable to and in form and substance satisfactory to the Trustee
and the Seller 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. The Holder hereof desiring to effect such transfer shall,
and does hereby agree to, indemnify the Trustee, the Seller, the Master
Servicer, and any Paying Agent 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 Holder must also deliver to the Trustee (i) a representation
letter, in the form as described in the Agreement, stating either (a) that the
transferee is not a Plan and is not acting on behalf of a Plan or using the
assets of a Plan to effect such purchase or (b) subject to certain conditions
described in the Agreement, that the source of funds used to purchase this
Certificate is an "insurance company general account," or (ii) if such
transferee is a Plan, (a) an opinion of counsel acceptable to and in form and
substance satisfactory to the Trustee and the Seller with respect to certain
matters and (b) such other documentation as the Seller, the Master Servicer or
the Trustee may require, as described in the Agreement.
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.
This Certificate is issued on December 24, 1996, and based on its issue
price of 30.37014%, including accrued interest, and a stated redemption price at
maturity equal to its initial principal balance, is issued with original issue
discount ("OID") for federal income tax purposes. Assuming that this Certificate
pays in accordance with projected cash flows reflecting the prepayment
assumption of 250% SPA (as defined in the Prospectus Supplement dated December
19, 1996 with respect to the offering of the Class A Certificates, Class M
Certificates, Class B-1 Certificates and Class B-2 Certificates) used to price
this Certificate: (i) the amount of OID as a percentage of the initial principal
balance of this Certificate is approximately 69.62986111%; and (ii) the annual
yield to maturity of this Certificate, compounded monthly, is approximately
31.12%. There is no short first accrual period.
This Certificate constitutes a "regular interest" in a "real estate
mortgage investment conduit" as those terms are defined in Section 860G(a)(1)
and Section 860D, respectively, of the Internal Revenue Code of 1986, as
amended.
Unless this Certificate has been countersigned by an authorized officer of
the Trustee by manual signature, this Certificate shall not be entitled to any
benefit under the Agreement or be valid for any purpose.
<PAGE>
IN WITNESS WHEREOF, the Trustee has caused this Certificate to be duly
executed as of the date set forth below.
Dated: December 24, 1996
First Union National Bank
of North Carolina,
Trustee
By -----------------------
Authorized Officer
Countersigned:
First Union National Bank of North Carolina,
Trustee
By --------------------------
Authorized Officer
<PAGE>
EXHIBIT C
[FORM OF FACE OF CLASS M CERTIFICATE]
THIS CERTIFICATE IS SUBORDINATED IN RIGHT OF PAYMENT TO THE CLASS A CERTIFICATES
AS DESCRIBED IN THE POOLING AND SERVICING AGREEMENT REFERRED TO HEREIN.
EXCEPT AS PROVIDED IN SECTION 5.02(C) OF THE POOLING AND SERVICING AGREEMENT
REFERRED TO HEREIN, THIS CERTIFICATE MAY NOT BE PURCHASED BY OR TRANSFERRED TO
ANY PERSON THAT HAS NOT DELIVERED A REPRESENTATION LETTER STATING EITHER (A)
THAT THE TRANSFEREE IS NOT AN EMPLOYEE BENEFIT PLAN SUBJECT TO THE FIDUCIARY
RESPONSIBILITY 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 ANY GOVERNMENTAL PLAN, AS DEFINED IN SECTION 3(32) OF
ERISA, SUBJECT TO ANY FEDERAL, STATE OR LOCAL LAW WHICH IS, TO A MATERIAL
EXTENT, SIMILAR TO THE FOREGOING PROVISIONS OF ERISA OR THE CODE (COLLECTIVELY,
A "PLAN"), OR ANY PERSON INVESTING THE ASSETS OF A PLAN OR (B) SUBJECT TO
CERTAIN CONDITIONS SET FORTH IN THE POOLING AND SERVICING AGREEMENT, THAT THE
SOURCE OF FUNDS USED TO PURCHASE THIS CERTIFICATE IS AN "INSURANCE COMPANY
GENERAL ACCOUNT."
<PAGE>
MORTGAGE PASS-THROUGH CERTIFICATE
SERIES 1996-9, CLASS M
evidencing an interest in a pool of fixed interest rate,
conventional, monthly pay, fully amortizing, first lien,
one- to four-family residential mortgage
loans, which may include loans secured by shares
issued by cooperative housing
corporations, sold by
NORWEST ASSET SECURITIES CORPORATION
(Not an interest in or obligation of the Seller)
THIS CERTIFICATE DOES NOT EVIDENCE AN OBLIGATION OF, OR AN INTEREST IN, THE
SELLER, THE MASTER SERVICER, THE TRUSTEE OR ANY OF THEIR AFFILIATES, AND IS NOT
INSURED OR GUARANTEED BY THE SELLER, THE MASTER SERVICER, THE TRUSTEE OR ANY OF
THEIR AFFILIATES, OR BY ANY GOVERNMENT AGENCY OR PRIVATE INSURER.
DISTRIBUTIONS IN REDUCTION OF THE PRINCIPAL BALANCE OF THIS CERTIFICATE
WILL BE MADE IN THE MANNER DESCRIBED IN THE POOLING AND SERVICING AGREEMENT.
ACCORDINGLY THE OUTSTANDING PRINCIPAL BALANCE OF THIS CERTIFICATE AT ANY TIME
MAY BE LESS THAN THE INITIAL PRINCIPAL BALANCE REPRESENTED HEREBY.
Certificate No. Cut-Off Date: December 1, 1996
CUSIP No.: First Distribution Date: January 27, 1997
Percentage Interest evidenced Denomination: $
by this Certificate: %
<PAGE>
THIS CERTIFIES THAT -------------------------- is the registered owner of
the Percentage Interest evidenced by this Certificate in monthly distributions
to the Holders of the Class M Certificates with respect to a Trust Estate
consisting of a pool of fixed interest rate, conventional, monthly pay, fully
amortizing, first lien, one- to four-family residential mortgage loans, other
than the Fixed Retained Yield, if any, with respect thereto, and which may
include loans secured by shares issued by cooperative housing corporations (the
"Mortgage Loans") formed by Norwest Asset Securities Corporation (hereinafter
called the "Seller", which term includes any successor entity under the
Agreement referred to below). The Trust Estate was created pursuant to a Pooling
and Servicing Agreement dated as of December 24, 1996 (the "Agreement") among
the Seller, Norwest Bank Minnesota, National Association, as master servicer
(the "Master Servicer"), and First Union National Bank of North Carolina, as
trustee (the "Trustee"), a summary of certain of the pertinent provisions of
which is set forth hereinafter. To the extent not defined herein, the
capitalized terms used herein have the meanings ascribed to such terms 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 Business Day of the month
preceding the month of such distribution, in an amount equal to the product of
the Percentage Interest evidenced by this Certificate and, subject to the prior
rights of the Class A Certificates as specified in the Agreement, any Class M
Distribution Amount required to be distributed to Holders of Class M
Certificates on such Distribution Date, subject to adjustment, in certain
events, as specified in the Agreement. The pass-through rate on the Class M
Certificates applicable to each Distribution Date will be 7.75% per annum. The
amount of interest which accrues on this Certificate in any month will be
subject to reduction with respect to any Non-Supported Interest Shortfall and
the interest portion of certain Realized Losses allocated to the Class M
Certificates, as described in the Agreement.
Distributions on this Certificate will be made on behalf of the Trustee
either by the Master Servicer or by a Paying Agent appointed by the Master
Servicer 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 in reduction of the principal balance of 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 specified by the Trustee for that purpose in the notice of final
distribution.
No transfer of a Class M Certificate will be made unless the Holder hereof
desiring to make any such transfer shall deliver to the Trustee (i) a
representation letter, in the form as described in the Agreement, stating either
(a) that the transferee is not a Plan and is not acting on behalf of a Plan or
using the assets of a Plan to effect such purchase or (b) subject to certain
conditions described in the Agreement, that the source of funds used to purchase
this Certificate is an "insurance company general account," or (ii) if such
transferee is a Plan, an opinion of counsel acceptable to and in form and
substance satisfactory to the Trustee and the Seller with respect to certain
matters, as described in the Agreement.
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.
This Certificate constitutes a "regular interest" in a "real estate
mortgage investment conduit" as those terms are defined in Section 860G(a)(1)
and Section 860D, respectively, of the Internal Revenue Code of 1986, as
amended.
Unless this Certificate has been countersigned by an authorized officer of
the Trustee by manual signature, this Certificate shall not be entitled to any
benefit under the Agreement or be valid for any purpose.
<PAGE>
IN WITNESS WHEREOF, the Trustee has caused this Certificate to be duly
executed as of the date set forth below.
Dated: December 24, 1996
First Union National Bank
of North Carolina,
Trustee
By -----------------------
Authorized Officer
Countersigned:
First Union National Bank of North Carolina,
Trustee
By ----------------------
Authorized Officer
<PAGE>
EXHIBIT D
[Form of Reverse of Series 1996-9 Certificates]
NORWEST ASSET SECURITIES CORPORATION
MORTGAGE PASS-THROUGH CERTIFICATES
SERIES 1996-9
This Certificate is one of a duly authorized issue of Certificates issued
in several Classes and Subclasses 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 funds are advanced with respect to any
Mortgage Loan by a Servicer, the Master Servicer or the Trustee, such advances
are reimbursable to such Servicer, the Master Servicer or the Trustee 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 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 reimbursement to a Servicer, the Master Servicer or the
Trustee, as applicable, of advances made by such Servicer, the Master Servicer
or the Trustee.
The Agreement permits, with certain exceptions therein provided, the
amendment of the Agreement and the modification of the rights and obligations of
the Seller, the Master Servicer and the Trustee and the rights of the
Certificateholders under the Agreement at any time by the Seller, the Master
Servicer and the Trustee with the consent of the Holders of Certificates
evidencing in the aggregate not less than 66 2/3% of the Voting Interests of
each Class or Subclass 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 hereof 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.
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
office or agency appointed by the Trustee, 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 Holder's attorney duly authorized in writing, and
thereupon one or more new Certificates of authorized Denominations evidencing
the same Class and Subclass 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 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 Subclass 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 or the Certificate Registrar may require payment of a
sum sufficient to cover any tax or other governmental charge payable in
connection therewith.
The Seller, the Master Servicer, the Trustee and the Certificate Registrar,
and any agent of the Seller, 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 Seller, the Master Servicer,
the Trustee, the Certificate Registrar nor any such agent shall be affected by
notice to the contrary.
The obligations created by the Agreement in respect of the Certificates and
the Trust Estate created thereby shall terminate upon the last action required
to be taken by the Trustee on the Final Distribution Date pursuant to the
Agreement following the earlier of (i) the payment or other liquidation (or
advance with respect thereto) 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 Seller from the
Trust Estate of all remaining Mortgage Loans and all property acquired in
respect of such Mortgage Loans; provided, however, that the Trust Estate will in
no event continue beyond the expiration of 21 years from the death of the last
survivor of the descendants of Joseph P. Kennedy, the late ambassador of the
United States to the Court of St. James, living on the date of the Agreement.
The Agreement permits, but does not require, the Seller to purchase all
remaining Mortgage Loans and all property acquired in respect of any Mortgage
Loan at a price determined as provided in the Agreement. The exercise of such
option will effect early retirement of the Certificates, the Seller's right to
exercise such option being subject to the Pool Scheduled Principal Balance of
the Mortgage Loans as of the Distribution Date upon which the proceeds of such
repurchase are distributed being less than ten percent of the Cut-Off Date
Aggregate Principal Balance.
<PAGE>
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)
the beneficial 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 Estate.
I (We) further direct the Certificate Registrar to issue a new Certificate
of a like Denomination or Percentage Interest and Class or Subclass, to the
above named assignee and deliver such Certificate to the following address:
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Social Security or other Identifying Number of Assignee:
Dated:
-------------------------------------
Signature by or on behalf of assignor
-------------------------------------
Signature Guaranteed
<PAGE>
DISTRIBUTION INSTRUCTIONS
The assignee should include the following for purposes of distribution:
Distributions shall be made, if the assignee is eligible to receive
distributions in immediately available funds, 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.
<PAGE>
EXHIBIT E
CUSTODIAL AGREEMENT
THIS CUSTODIAL AGREEMENT (as amended and supplemented from time to time,
the "Agreement"), dated as of -------------, by and among FIRST UNION NATIONAL
BANK OF NORTH CAROLINA, not individually, but solely as Trustee (including its
successors under the Pooling and Servicing Agreement defined below, the
"Trustee"), NORWEST ASSET SECURITIES CORPORATION (together with any successor in
interest, the "Seller"), NORWEST BANK MINNESOTA, NATIONAL ASSOCIATION (together
with any successor in interest or successor under the Pooling and Servicing
Agreement referred to below, the "Master Servicer") and
- --------------------------- (together with any successor in interest or any
successor appointed hereunder, the "Custodian").
W I T N E S S E T H T H A T
------------------- -------
WHEREAS, the Seller, the Master Servicer and the Trustee have entered into
a Pooling and Servicing Agreement dated as of December 24, 1996 relating to the
issuance of Mortgage Pass-Through Certificates, Series 1996-9 (as in effect on
the date of this Agreement, the "Original Pooling and Servicing Agreement", and
as amended and supplemented from time to time, the "Pooling and Servicing
Agreement"); and
WHEREAS, the Custodian has agreed to act as agent for the Trustee for the
purposes of receiving and holding certain documents and other instruments
delivered by the Seller under the Pooling and Servicing Agreement, all upon the
terms and conditions and subject to the limitations hereinafter set forth;
NOW, THEREFORE, in consideration of the premises and the mutual covenants
and agreements hereinafter set forth, the Trustee, the Seller, the Master
Servicer and the Custodian hereby agree as follows:
ARTICLE I
Definitions
Capitalized terms used in this Agreement and not defined herein shall have
the meanings assigned in the Original Pooling and Servicing Agreement, unless
otherwise required by the context herein.
ARTICLE II
Custody of Mortgage Documents
Section 2.1. Custodian to Act as Agent; Acceptance of Custodial Files. The
Custodian, as the duly appointed agent of the Trustee for these purposes,
acknowledges receipt of the Mortgage Notes, the Mortgages, the assignments and
other documents relating to the Mortgage Loans identified on the schedule
attached hereto and declares that it holds and will hold such Mortgage Notes,
Mortgages, assignments and other documents and any similar documents received by
the Trustee subsequent to the date hereof (the "Custodial Files") as agent for
the Trustee, in trust, for the use and benefit of all present and future
Certificateholders.
Section 2.2. Recordation of Assignments. If any Custodial File includes one
or more assignments to the Trustee of Mortgage Notes and related Mortgages that
have not been recorded, each such assignment shall be delivered by the Custodian
to the Seller for the purpose of recording it in the appropriate public office
for real property records, and the Seller, at no expense to the Custodian, shall
promptly cause to be recorded in the appropriate public office for real property
records each such assignment and, upon receipt thereof from such public office,
shall return each such assignment to the Custodian.
Section 2.3. Review of Custodial Files. The Custodian agrees, for the
benefit of Certificateholders, to review, in accordance with the provisions of
Section 2.01 of the Pooling and Servicing Agreement, each Custodial File. If in
performing the review required by this Section 2.3 the Custodian finds any
document or documents constituting a part of a Custodial File to be missing or
defective in any material respect, the Custodian shall promptly so notify the
Seller, the Master Servicer and the Trustee.
Section 2.4. Notification of Breaches of Representations and Warranties.
Upon discovery by the Custodian of a breach of any representation or warranty
made by the Seller or the Master Servicer as set forth in the Pooling and
Servicing Agreement, the Custodian shall give prompt written notice to the
Seller, the Master Servicer and the Trustee.
Section 2.5. Custodian to Cooperate; Release of Custodial Files. Upon the
payment in full of any Mortgage Loan, or the receipt by the Master Servicer of a
notification that payment in full will be escrowed in an manner customary for
such purposes, the Master Servicer shall immediately notify the Custodian by a
certification (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 Certificate Account pursuant to Section 3.02 of
the Pooling and Servicing Agreement have been or will be so deposited) of a
Servicing Officer and shall request delivery to it of the Custodial File. The
Custodian agrees, upon receipt of such certification and request, promptly to
release the related Custodial File to the Master Servicer.
From time to time as is appropriate for the servicing or foreclosure of any
Mortgage Loan, the Master Servicer shall deliver to the Custodian a certificate
of a Servicing Officer requesting that possession of all, or any document
constituting part of, the Custodial 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. With
such certificate, the Master Servicer shall deliver to the Custodian a receipt
signed by a Servicing Officer on behalf of the Master Servicer, and upon receipt
of the foregoing, the Custodian shall deliver the Custodial File or such
document to the Master Servicer. The Master Servicer shall cause each Custodial
File or any document therein so released to be returned to the Custodian 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 Certificate Account to the extent
required by the Pooling and Servicing Agreement or (ii) the Custodial File or
such document has been delivered 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 to the
Custodian a certificate of a Servicing Officer certifying as to the name and
address of the Person to which such Custodial File or such document were
delivered and the purpose or purposes of such delivery. In the event of the
liquidation of a Mortgage Loan, the Custodian shall deliver such receipt with
respect thereto to the Master Servicer upon deposit of the related Liquidation
Proceeds in the Certificate Account to the extent required by the Pooling and
Servicing Agreement.
Section 2.6. Assumption Agreements. In the event that any assumption
agreement or substitution of liability agreement is entered into with respect to
any Mortgage Loan subject to this Agreement in accordance with the terms and
provisions of the Pooling and Servicing Agreement, the Master Servicer shall
notify the Custodian that such assumption or substitution agreement has been
completed by forwarding to the Custodian the original of such assumption or
substitution agreement, which copy shall be added to the related Custodial File
and, for all purposes, shall be considered a part of such Custodial File to the
same extent as all other documents and instruments constituting parts thereof.
ARTICLE III
Concerning the Custodian
Section 3.1. Custodian a Bailee and Agent of the Trustee. With respect to
each Mortgage Note, Mortgage and other documents constituting each Custodian
File which are delivered to the Custodian, the Custodian is exclusively the
bailee and agent of the Trustee, holds such documents for the benefit of
Certificateholders and undertakes to perform such duties and only such duties as
are specifically set forth in this Agreement. Except upon compliance with the
provisions of Section 2.5 of this Agreement, no Mortgage Note, Mortgage or other
document constituting a part of a Custodial File shall be delivered by the
Custodian to the Seller or the Master Servicer or otherwise released from the
possession of the Custodian.
Section 3.2. Indemnification. The Seller hereby agrees to indemnify and
hold the Custodian harmless from and against all claims, liabilities, losses,
actions, suits or proceedings at law or in equity, or any other expenses, fees
or charges of any character or nature, which the Custodian may incur or with
which the Custodian may be threatened by reasons of its acting as custodian
under this Agreement, including indemnification of the Custodian against any and
all expenses, including attorney's fees if counsel for the Custodian has been
approved by the Seller, and the cost of defending any action, suit or
proceedings or resisting any claim. Notwithstanding the foregoing, it is
specifically understood and agreed that in the event any such claim, liability,
loss, action, suit or proceeding or other expense, fees, or charge shall have
been caused by reason of any negligent act, negligent failure to act, or willful
misconduct on the part of the Custodian, or which shall constitute a willful
breach of its duties hereunder, the indemnification provisions of this Agreement
shall not apply.
Section 3.3. Custodian May Own Certificates. The Custodian 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 Custodian.
Section 3.4. Master Servicer to Pay Custodian's Fees and Expenses. The
Master Servicer covenants and agrees to pay to the Custodian from time to time,
and the Custodian shall be entitled to, reasonable compensation for all services
rendered by it in the exercise and performance of any of the powers and duties
hereunder of the Custodian, and the Master Servicer will pay or reimburse the
Custodian upon its request for all reasonable expenses, disbursements and
advances incurred or made by the Custodian 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), except any such expense, disbursement or advance as may arise from
its negligence or bad faith.
Section 3.5. Custodian May Resign; Trustee May Remove Custodian. The
Custodian may resign from the obligations and duties hereby imposed upon it as
such obligations and duties relate to its acting as Custodian of the Mortgage
Loans. Upon receiving such notice of resignation, the Trustee shall either take
custody of the Custodial Files itself and give prompt notice thereof to the
Seller, the Master Servicer and the Custodian or promptly appoint a successor
Custodian by written instrument, in duplicate, one copy of which instrument
shall be delivered to the resigning Custodian and one copy to the successor
Custodian. If the Trustee shall not have taken custody of the Custodial Files
and no successor Custodian shall have been so appointed and have accepted
resignation, the resigning Custodian may petition any court of competent
jurisdiction for the appointment of a successor Custodian.
The Trustee may remove the Custodian at any time. In such event, the
Trustee shall appoint, or petition a court of competent jurisdiction to appoint,
a successor Custodian hereunder. Any successor Custodian shall be a depository
institution subject to supervision or examination by federal or state authority
and shall be able to satisfy the other requirements contained in Section 3.7.
Any resignation or removal of the Custodian and appointment of a successor
Custodian pursuant to any of the provisions of this Section 3.5 shall become
effective upon acceptance of appointment by the successor Custodian. The Trustee
shall give prompt notice to the Seller and the Master Servicer of the
appointment of any successor Custodian. No successor Custodian shall have been
appointed and accepted appointment by the Trustee without the prior approval of
the Seller and the Master Servicer.
Section 3.6. Merger or Consolidation of Custodian. Any Person into which
the Custodian may be merged or converted or with which it may be consolidated,
or any Person resulting from any merger, conversion or consolidation to which
the Custodian shall be a party, or any Person succeeding to the business of the
Custodian, shall be the successor of the Custodian 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.
Section 3.7. Representations of the Custodian. The Custodian hereby
represents that it is a depository institution subject to supervision or
examination by a federal or state authority, has a combined capital and surplus
of at least $10,000,000 and is qualified to do business in the jurisdiction in
which it will hold any Custodian File.
ARTICLE IV
Miscellaneous Provisions
Section 4.1. Notices. All notices, requests, consents and demands and other
communications required under this Agreement or pursuant to any other instrument
or document delivered hereunder shall be in writing and, unless otherwise
specifically provided, may be delivered personally, by telegram or telex, or by
registered or certified mail, postage prepaid, return receipt requested, at the
addresses specified on the signature page hereof (unless changed by the
particular party whose address is stated herein by similar notice in writing),
in which case the notice will be deemed delivered when received.
Section 4.2. Amendments. No modification or amendment of or supplement to
this Agreement shall be valid or effective unless the same is in writing and
signed by all parties hereto, and neither the Seller, the Master Servicer nor
the Trustee shall enter into any amendment hereof except as permitted by the
Pooling and Servicing Agreement. The Trustee shall give prompt notice to the
Custodian of any amendment or supplement to the Pooling and Servicing Agreement
and furnish the Custodian with written copies thereof.
Section 4.3. Governing Law. This Agreement shall be deemed a contract made
under the laws of the State of New York and shall be construed and enforced in
accordance with and governed by the laws of the State of New York.
Section 4.4. Recordation of Agreement. 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, 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.
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 4.5. 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.
<PAGE>
IN WITNESS WHEREOF, this Agreement is executed as of the date first above
written.
Address: FIRST UNION NATIONAL BANK
OF NORTH CAROLINA
230 South Tryon Street By:----------------------------------
Charlotte, North Carolina 28288 Name:--------------------------------
Title:-------------------------------
Address: NORWEST ASSET SECURITIES
CORPORATION
5325 Spectrum Drive
Frederick, Maryland 21703 By:----------------------------------
Name:--------------------------------
Title:-------------------------------
Address: NORWEST BANK MINNESOTA, NATIONAL
ASSOCIATION
5325 Spectrum Drive
Frederick, Maryland 21703 By:----------------------------------
Name:--------------------------------
Title:-------------------------------
Address: [CUSTODIAN]
By:----------------------------------
Name:--------------------------------
Title:-------------------------------
<PAGE>
STATE OF )
: ss.:
COUNTY OF )
On this ---- day of -------, 19--, before me, a notary public in and for
the State of ------------, personally appeared ----------, known to me who,
being by me duly sworn, did depose and say that he resides at ----------------;
that he is the ------------ of Norwest Asset Securities Corporation a Delaware
corporation, one of the parties that executed the foregoing instrument; and that
he signed his name thereto by order of the Board of Directors of said
corporation.
--------------------------------
Notary Public
[NOTARIAL SEAL]
<PAGE>
STATE OF )
: ss.:
COUNTY OF )
On this --- day of --------, 19--, before me, a notary public in and for
the State of ------------, personally appeared -------------, known to me who,
being by me duly sworn, did depose and say that he resides at -----------------;
that he is the ----------- of Norwest Bank Minnesota, National Association, a
national banking association, one of the parties that executed the foregoing
instrument; and that he signed his name thereto by order of the Board of
Directors of said corporation.
----------------------------
Notary Public
[NOTARIAL SEAL]
<PAGE>
STATE OF )
: ss.:
COUNTY OF )
On this ----- day of -------, 19--, before me, a notary public in and for
the State of ----------, personally appeared ---------------------, known to me
who, being by me duly sworn, did depose and say that he resides at
- ------------------; that he is the ------------------- of First Union National
Bank of North Carolina, a national banking association, one of the parties that
executed the foregoing instrument; and that he signed his name thereto by order
of the Board of Directors of said association.
----------------------------
Notary Public
[NOTARIAL SEAL]
<PAGE>
STATE OF )
: ss.:
COUNTY OF )
On this ---- day of ---------, 19-- , before me, a notary public in and for
the State of __________, personally appeared ------------------, known to me
who, being by me duly sworn, did depose and say that he resides at
- ---------------------; that he is the -------------------- of
- ------------------, a --------------------, one of the parties that executed the
foregoing instrument; and that he signed his name thereto by order of the Board
of Directors of said association.
--------------------------
Notary Public
[NOTARIAL SEAL]
<PAGE>
EXHIBIT F-1
[Schedule of Mortgage Loans Serviced by Norwest Mortgage
from locations other than Frederick, Maryland]
NASCOR
NMI / 1996-9 Exhibit F-1
20 & 30 YEAR FIXED RATE NON-RELOCATION LOANS
<TABLE>
<CAPTION>
(i) (ii) (iii) (iv) (v) (vi) (vii) (viii)
- ----- ------------- ------- ----- -------- -------- -------- ---------- -------- ----------
NET
MORTGAGE MORTGAGE MORTGAGE CURRENT ORIGINAL SCHEDULED
LOAN ZIP PROPERTY INTEREST INTEREST MONTHLY TERM TO MATURITY
NUMBER CITY STATE CODE TYPE RATE RATE PAYMENT MATURITY DATE
- ----- ------------- ------- ----- -------- -------- -------- ---------- -------- ----------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
6991713 CALABASAS CA 91302 SFD 8.625 7.750 $4,106.73 360 1-Jul-26
6991747 RANCHO SANTA CA 92688 SFD 9.500 7.750 $2,421.67 360 1-Jul-26
6991881 KENWOOD CA 95492 SFD 8.500 7.750 $1,906.91 360 1-Aug-26
6992077 WHEATON IL 60187 SFD 8.000 7.730 $2,477.19 360 1-Sep-26
6992086 DALLAS TX 75230 SFD 8.250 7.750 $3,538.47 360 1-Jun-26
6992087 NEW LENOX IL 60451 SFD 8.250 7.750 $1,840.61 360 1-Jun-26
6992256 BOULDER CO 80302 SFD 8.625 7.750 $2,488.93 360 1-Aug-26
6992289 HINSDALE IL 60521 SFD 8.750 7.750 $2,611.85 360 1-Aug-26
6992393 LAKE ELMO MN 55042 SFD 8.375 7.750 $2,633.65 360 1-Sep-26
6992476 GLEN ELLEN CA 95442 SFD 8.250 7.750 $1,919.49 360 1-Sep-26
6992481 STATE COLLEGE PA 16803 SFD 8.000 7.730 $1,798.46 360 1-Sep-26
6992650 PROSPECT HEIG IL 60070 SFD 7.875 7.605 $2,022.94 360 1-Oct-26
6992656 NEWPORT BEACH CA 92625 SFD 8.500 7.750 $1,937.66 360 1-Sep-26
6992660 EVERETT WA 98203 SFD 8.500 7.750 $2,066.84 360 1-Oct-26
6992675 FAIRFAX STATI VA 22039 PUD 8.250 7.750 $2,317.66 360 1-Sep-26
6992680 LOS ANGELES CA 90024 SFD 8.125 7.750 $3,341.24 360 1-Oct-26
6992690 PACIFIC PALIS CA 90272 SFD 8.250 7.750 $7,512.67 360 1-Oct-26
6992723 SEATTLE WA 98112 SFD 8.000 7.730 $4,989.60 360 1-Oct-26
6992726 NORTH SALEM NY 10560 SFD 8.250 7.750 $2,103.55 360 1-Jul-26
6992741 SCOTTSDALE AZ 85255 SFD 8.750 7.750 $2,666.13 360 1-Sep-26
6992743 DENVER CO 80206 SFD 8.125 7.750 $2,969.99 360 1-Oct-26
6992749 EAST SETAUKET NY 11733 SFD 9.250 7.750 $2,845.63 360 1-Aug-26
6992750 MOULTRIE GA 31768 SFD 8.875 7.750 $1,826.01 360 1-Oct-26
6992770 PALATINE IL 60067 PUD 8.375 7.750 $2,196.61 360 1-Oct-26
6992774 BARRINGTON NY 14837 SFD 8.750 7.750 $2,501.71 360 1-Oct-26
6992775 HUNTINGTON BE CA 92648 SFD 9.000 7.750 $3,115.10 360 1-Oct-26
6992778 FRESNO CA 93720 PUD 8.000 7.730 $2,788.31 360 1-Nov-25
6992785 HOUSTON TX 77019 SFD 7.375 7.105 $4,558.46 360 1-May-26
6992786 FOSTER CITY CA 94404 SFD 8.250 7.750 $2,626.43 360 1-Sep-26
6992787 SANTA CRUZ CA 95065 SFD 8.250 7.750 $2,163.65 360 1-Sep-26
6992788 SAN JOSE CA 95129 SFD 8.875 7.750 $1,829.98 360 1-Oct-26
6992789 CARLSBAD CA 92008 SFD 8.250 7.750 $3,380.70 360 1-Oct-26
6992792 GRESHAM OR 97080 SFD 9.250 7.750 $2,139.78 360 1-Sep-26
6992793 VANCOUVER WA 98662 SFD 8.500 7.750 $2,506.66 360 1-Oct-26
6992798 BOULDER CITY NV 89005 SFD 8.250 7.750 $1,612.35 360 1-Sep-26
6992799 SAN DIEGO CA 92130 PUD 8.000 7.730 $3,368.71 360 1-Oct-26
6992800 YORBA LINDA CA 92686 SFD 8.375 7.750 $1,658.86 360 1-Sep-26
6992802 SAN DIEGO CA 92109 LCO 8.500 7.750 $1,856.93 360 1-Sep-26
6992804 OCEANSIDE CA 92057 SFD 8.375 7.750 $425.64 360 1-Sep-26
6992805 TORRANCE CA 90505 LCO 8.250 7.750 $1,917.23 360 1-Sep-26
6992806 SAN JOSE CA 95138 LCO 8.250 7.750 $1,922.49 360 1-Sep-26
6992807 SAN JOSE CA 95138 PUD 8.375 7.750 $1,710.16 360 1-Oct-26
6992808 CARLSBAD CA 92008 PUD 7.750 7.480 $2,375.62 360 1-Sep-26
6992809 TRABUCO CANY CA 92679 PUD 8.500 7.750 $1,683.92 360 1-Oct-26
6992813 FRESNO CA 93720 SFD 8.125 7.750 $808.21 360 1-Sep-26
6992814 FRESNO CA 93720 SFD 8.750 7.750 $2,706.25 360 1-Aug-26
6992815 FRESNO CA 93711 SFD 8.500 7.750 $2,491.28 360 1-Sep-26
6992820 RUMSON NJ 07760 SFD 8.250 7.750 $2,506.23 360 1-Jul-26
6992821 MOUNT PROSPEC IL 60056 SFD 8.875 7.750 $1,770.31 360 1-Oct-26
6992822 MEDINA MN 55340 SFD 8.250 7.750 $2,013.40 360 1-Oct-26
6992825 LONG HILL TWP NJ 07946 SFD 8.500 7.750 $2,785.39 360 1-Oct-26
6992826 MAMMOTH LAKES CA 93546 SFD 8.875 7.750 $3,461.06 360 1-Oct-26
6992828 PLAINVIEW NY 11803 SFD 8.750 7.750 $1,777.94 360 1-Oct-26
6992829 OSSINING NY 10562 SFD 9.000 7.750 $1,792.70 360 1-Oct-26
6992830 NAPERVILLE IL 60564 SFD 8.375 7.750 $2,660.26 360 1-Sep-26
6992833 CARLSBAD CA 92009 SFD 8.625 7.750 $2,201.14 360 1-Sep-26
6992834 FORT WAYNE IN 46804 SFD 8.750 7.750 $1,730.74 360 1-Sep-26
6992835 MAPLE GROVE MN 55311 SFD 8.250 7.750 $1,694.86 360 1-Sep-26
6992836 MINNEAPOLIS MN 55409 SFD 8.625 7.750 $1,848.03 360 1-Oct-26
6992837 MOKENA IL 60448 SFD 8.500 7.750 $1,839.24 360 1-Oct-26
6992838 MENDOTA HEIGH MN 55120 SFD 8.375 7.750 $1,959.09 360 1-Oct-26
6992840 DALLAS TX 75209 SFD 8.375 7.750 $3,769.96 360 1-Oct-26
6992841 SEA ISLE CITY NJ 08243 LCO 8.125 7.750 $2,517.07 360 1-Oct-26
6992842 PLEASANTON CA 94588 SFD 8.500 7.750 $2,299.06 360 1-Aug-26
6992844 HEBER CITY UT 84032 SFD 8.750 7.750 $1,321.66 360 1-Oct-26
6992845 GOLDEN CO 80403 PUD 8.500 7.750 $2,037.62 360 1-Oct-26
6992846 DOVER MA 02030 SFD 8.625 7.750 $3,888.95 360 1-Oct-26
6992850 CARBONDALE CO 81623 PUD 8.625 7.750 $1,952.25 360 1-Oct-26
6992852 FORT COLLINS CO 80526 PUD 8.000 7.730 $1,872.57 360 1-Oct-26
6992856 SOUTH LAKE TX 76092 SFD 7.750 7.480 $2,407.14 360 1-Sep-26
6992857 WAYZATA MN 55391 PUD 9.125 7.750 $1,773.72 360 1-Sep-26
6992858 ANDOVER MN 55304 SFD 8.750 7.750 $2,721.71 360 1-Oct-26
6992859 WADSWORTH IL 60083 SFD 8.500 7.750 $1,808.48 360 1-Oct-26
6992860 CHICAGO IL 60657 SFD 8.375 7.750 $2,546.24 360 1-Oct-26
6992861 WILMETTE IL 60091 SFD 8.625 7.750 $2,138.92 360 1-Oct-26
6992862 PRIOR LAKE MN 55372 SFD 8.375 7.750 $1,914.70 360 1-Oct-26
6992863 AUSTIN TX 78731 SFD 8.250 7.750 $1,803.04 360 1-Oct-26
6992865 FREDERICK MD 21702 PUD 8.000 7.730 $1,614.28 360 1-Oct-26
6992866 CHEVY CHASE MD 20815 SFD 7.875 7.605 $2,001.19 360 1-Oct-26
6992867 PHOENIX AZ 85251 SFD 8.500 7.750 $4,817.70 360 1-Sep-26
6992868 ATLANTA GA 30305 SFD 7.750 7.480 $4,155.19 360 1-Oct-26
6992872 ELK RIVER MN 55330 SFD 8.750 7.750 $1,904.60 360 1-Oct-26
6992873 MUKILTEO WA 98275 SFD 8.500 7.750 $1,660.51 360 1-Oct-26
6992874 HOUSTON TX 77057 SFD 8.125 7.750 $2,041.87 360 1-Oct-26
6992875 PARSIPPANY NJ 07054 SFD 8.000 7.730 $2,013.45 360 1-Oct-26
6992877 HINSDALE IL 60521 SFD 8.750 7.750 $3,445.75 360 1-Oct-26
6992879 SADDLE RIVER NJ 07458 SFD 8.250 7.750 $4,507.60 360 1-Oct-26
6992880 BRENTWOOD CA 94513 SFD 8.750 7.750 $1,763.40 360 1-Oct-26
6992881 CLAREMONT CA 91711 SFD 8.500 7.750 $1,679.35 360 1-Sep-26
6992882 LA PALMA CA 90623 SFD 9.125 7.750 $1,801.38 360 1-Oct-26
6992883 YORBA LINDA CA 92686 SFD 8.875 7.750 $2,363.07 360 1-Oct-26
6992884 ST PAUL MN 55104 SFD 8.375 7.750 $2,660.25 360 1-Oct-26
6992888 PEMBROKE PINE FL 33028 SFD 8.500 7.750 $1,885.38 360 1-Sep-26
6992889 SOUTH KINGSTO RI 02879 SFD 8.875 7.750 $2,730.66 360 1-Jul-26
6992891 ST CHARLES IL 60175 SFD 7.875 7.605 $1,696.66 360 1-Sep-26
6992892 REDMOND WA 98053 PUD 8.125 7.750 $1,900.79 360 1-Sep-26
6992893 CLYDE HILL WA 98004 SFD 7.875 7.605 $2,588.50 360 1-Sep-26
6992894 CASTRO VALLEY CA 94546 SFD 8.625 7.750 $2,152.53 360 1-Oct-26
6992895 DANVILLE CA 94506 PUD 8.750 7.750 $3,376.52 360 1-Oct-26
6992897 LAKE OSWEGO OR 97034 PUD 8.250 7.750 $2,253.80 360 1-Sep-26
6992898 LAKE OSWEGO OR 97034 SFD 8.375 7.750 $2,873.07 360 1-Oct-26
6992899 BANKS OR 97106 SFD 8.750 7.750 $1,831.05 360 1-Sep-26
6992900 MCMINNVILLE OR 97128 SFD 8.250 7.750 $2,223.75 360 1-Oct-26
6992901 SALT LAKE CIT UT 84109 SFD 8.500 7.750 $2,645.06 360 1-Oct-26
6992902 BEAVERCREEK OR 97004 SFD 8.375 7.750 $1,824.17 360 1-Oct-26
6992904 SOUTHLAKE TX 76092 SFD 8.125 7.750 $1,952.77 360 1-Nov-26
6992905 COLORADO SPRI CO 80906 SFD 8.250 7.750 $1,742.94 360 1-Oct-26
6992906 SAN DIEGO CA 92130 PUD 8.125 7.750 $1,663.19 360 1-Aug-26
6992907 SAN DIEGO CA 92129 SFD 8.875 7.750 $1,718.59 360 1-Oct-26
6992908 LIVERMORE CA 94550 SFD 8.125 7.750 $2,672.99 360 1-Oct-26
6992909 ANAHEIM CA 92808 LCO 8.250 7.750 $599.51 360 1-Oct-26
6992911 SAN RAMON CA 94583 PUD 8.000 7.730 $1,971.99 360 1-Sep-26
6992912 SAN JOSE CA 95138 PUD 8.250 7.750 $3,009.20 360 1-Oct-26
6992914 CERRITOS CA 90703 PUD 8.250 7.750 $2,307.14 360 1-Sep-26
6992915 CERRITOS CA 90703 PUD 8.250 7.750 $2,379.26 360 1-Sep-26
6992916 SAN RAMON CA 94583 PUD 8.250 7.750 $2,283.85 360 1-Sep-26
6992917 ANAHEIM HILLS CA 92807 SFD 8.375 7.750 $1,715.25 360 1-Sep-26
6992918 LIVERMORE CA 94550 SFD 8.250 7.750 $2,103.55 360 1-Sep-26
6992919 WALNUT CA 91789 SFD 9.250 7.750 $2,833.71 360 1-Sep-26
6992920 MOORPARK CA 93021 PUD 8.250 7.750 $1,920.99 360 1-Oct-26
6992921 MOORPARK CA 93021 PUD 8.250 7.750 $2,168.16 360 1-Sep-26
6992922 ANAHEIM CA 92808 PUD 8.250 7.750 $1,902.96 360 1-Oct-26
6992925 GREELEY CO 80634 PUD 8.750 7.750 $2,339.45 360 1-Oct-26
6992926 CALDWELL NJ 07006 SFD 8.750 7.750 $1,872.35 360 1-Sep-26
6992927 FRESNO CA 93720 SFD 8.375 7.750 $1,983.79 360 1-Oct-26
6992928 LAKE OSWEGO OR 97034 SFD 8.625 7.750 $2,136.90 360 1-Sep-26
6992929 OMAHA NE 68118 PUD 8.375 7.750 $2,917.92 360 1-Oct-26
6992930 ST PAUL MN 55105 SFD 8.500 7.750 $2,306.74 360 1-Oct-26
6992931 ST PAUL MN 55105 SFD 8.375 7.750 $2,341.02 360 1-Oct-26
6992934 NORTH CHATHAM MA 02633 SFD 9.000 7.750 $2,137.08 360 1-Sep-26
6992936 WESTMINSTER CO 80030 SFD 8.375 7.750 $1,292.12 360 1-Oct-26
6992943 HERNDON VA 20171 SFD 7.750 7.480 $1,621.96 360 1-Oct-26
6992944 APPLE VALLEY MN 55124 SFD 8.250 7.750 $1,962.31 360 1-Oct-26
6992945 SCOTTSDALE AZ 85262 SFD 8.500 7.750 $2,380.17 360 1-Oct-26
6992947 BARRINGTON IL 60010 SFD 8.250 7.750 $2,141.11 360 1-Oct-26
6992948 MAPLE GLEN PA 19002 SFD 7.625 7.355 $2,264.23 360 1-Oct-26
6992949 CHICAGO IL 60645 SFD 8.625 7.750 $1,855.03 360 1-Oct-26
6992950 CHANHASSEN MN 55317 SFD 8.250 7.750 $2,028.42 360 1-Oct-26
6992951 CINCINNATI OH 45230 SFD 7.875 7.605 $2,262.22 360 1-Oct-26
6992952 KEY LARGO FL 33037 LCO 8.250 7.750 $2,944.97 360 1-Oct-26
6992953 ATLANTA GA 30327 SFD 8.750 7.750 $5,310.23 360 1-Oct-26
6992954 SOUTH JORDAN UT 84095 SFD 8.375 7.750 $1,884.68 360 1-Sep-26
6992955 SNOWMASS VILL CO 81615 SFD 8.875 7.750 $5,768.43 360 1-Nov-26
6992958 GENEVA IL 60134 SFD 8.375 7.750 $2,353.18 360 1-Oct-26
6992959 SAN JOSE CA 95125 SFD 8.000 7.730 $3,301.94 360 1-Oct-26
6992960 LARKSPUR CO 80118 SFD 8.875 7.750 $1,997.86 360 1-Oct-26
6992963 CHICAGO IL 60657 LCO 8.500 7.750 $2,460.52 360 1-Oct-26
6992964 CARMEL CA 93923 SFD 9.000 7.750 $5,632.36 360 1-Oct-26
6992965 WEST LAKELAND MN 55042 SFD 8.500 7.750 $1,451.71 360 1-Oct-26
6992966 KIRKLAND WA 98033 SFD 8.375 7.750 $2,645.05 360 1-Oct-26
6992967 WHITE PLAINS NY 10605 PUD 8.750 7.750 $1,965.96 360 1-Oct-26
6992968 LIVERMORE CA 94550 SFD 8.500 7.750 $2,283.29 360 1-Oct-26
6992969 SHEBOYGAN WI 53083 SFD 8.500 7.750 $2,489.36 360 1-Sep-26
6992970 COLORADO SPRI CO 80908 SFD 8.250 7.750 $4,131.97 360 1-Oct-26
6992974 CHATHAM NJ 07928 SFD 8.250 7.750 $1,803.04 360 1-Oct-26
6992975 NORTH OAKS MN 55127 SFD 8.125 7.750 $4,440.13 360 1-Oct-26
6992977 COTUIT MA 02635 SFD 8.750 7.750 $2,039.13 360 1-Oct-26
6992978 AURORA CO 80016 SFD 8.375 7.750 $2,103.88 360 1-Oct-26
6992981 AVENTURA FL 33160 LCO 9.375 7.750 $4,158.75 360 1-Oct-26
6992984 CORTEZ CO 81321 SFD 8.625 7.750 $2,605.60 360 1-Oct-26
6992985 MIDLOTHIAN VA 23112 PUD 8.750 7.750 $1,830.10 360 1-Aug-26
6992986 TACOMA WA 98498 SFD 8.125 7.750 $1,663.19 360 1-Oct-26
6992990 SOUTHERN PINE NC 28387 SFD 8.625 7.750 $2,401.43 360 1-Jul-26
6993003 ROCKVILLE MD 20852 SFD 8.000 7.730 $2,753.09 360 1-Aug-26
6993004 NEW VIRGINIA IA 50210 SFD 8.375 7.750 $1,696.48 360 1-Oct-26
6993005 COPAKE NY 12516 SFD 8.750 7.750 $1,888.08 360 1-Aug-26
6993006 DUNWOODY GA 30338 SFD 8.000 7.730 $1,672.98 360 1-Oct-26
6993008 MORGANTOWN WV 26505 SFD 9.000 7.750 $2,063.86 360 1-Oct-26
6993011 NEWPORT RI 02840 SFD 8.875 7.750 $2,663.82 360 1-Jul-26
6993013 WENTZVILLE MO 63385 SFD 8.625 7.750 $1,715.03 360 1-Oct-26
6993014 BOXBOROUGH MA 01719 SFD 8.625 7.750 $2,432.04 360 1-Oct-26
6993015 WOODINVILLE WA 98072 SFD 8.500 7.750 $1,722.44 360 1-Oct-26
6993018 SAN RAMON CA 94583 SFD 8.500 7.750 $1,773.07 360 1-Oct-26
6993022 WEST LINN OR 97068 SFD 8.000 7.730 $2,069.95 360 1-Oct-26
6993023 OMAHA NE 68152 SFD 8.250 7.750 $1,878.17 360 1-Nov-26
6993024 MINNETONKA MN 55391 SFD 8.375 7.750 $1,915.38 360 1-Oct-26
6993025 PASO ROBLES CA 93446 SFD 8.500 7.750 $1,660.85 360 1-Sep-26
6993042 FALLS CHURCH VA 22043 SFD 8.000 7.730 $1,731.68 360 1-Oct-26
6993043 EDEN PRAIRIE MN 55347 PUD 8.250 7.750 $1,839.10 360 1-Oct-26
6993045 BOULDER CO 80302 SFD 7.875 7.605 $1,667.66 360 1-Oct-26
6993056 FAIRFAX STATI VA 22039 SFD 7.750 7.480 $2,149.24 360 1-Sep-26
6993057 PETALUMA CA 94954 SFD 8.375 7.750 $2,812.27 360 1-Oct-26
6993059 PORT WASHINGT NY 11050 SFD 8.750 7.750 $3,052.40 360 1-Aug-26
6993060 PORT JEFFERSO NY 11777 SFD 9.000 7.750 $2,009.95 360 1-Jul-26
6993061 PLYMOUTH MN 55446 SFD 8.500 7.750 $1,967.65 360 1-Oct-26
6993062 RAMSEY MN 55303 SFD 8.375 7.750 $2,660.25 360 1-Oct-26
6993065 VALENCIA CA 91354 SFD 7.750 7.480 $1,587.93 360 1-Oct-26
6993066 BOULDER CO 80302 SFD 8.000 7.730 $2,494.80 360 1-Nov-26
6993070 NORFOLK MA 02056 SFD 8.500 7.750 $2,283.67 360 1-Oct-26
6993071 PIERMONT NY 10968 LCO 8.500 7.750 $1,753.12 360 1-Nov-26
6993096 TENAFLY NJ 07670 SFD 8.500 7.750 $3,383.22 360 1-Oct-26
6993099 ELKO NV 89801 SFD 8.875 7.750 $1,814.07 360 1-Oct-26
6993100 TRACY CA 95376 SFD 8.625 7.750 $1,847.02 360 1-Nov-26
6993101 SAN RAMON CA 94583 PUD 8.375 7.750 $1,696.15 360 1-Oct-26
6993103 WESTBOROUGH MA 01581 SFD 7.500 7.230 $1,817.96 360 1-Oct-26
6993109 TEANECK NJ 07666 SFD 8.500 7.750 $1,845.39 360 1-Oct-26
6993110 OSWEGO IL 60543 SFD 9.250 7.750 $1,941.51 360 1-Oct-26
6993111 HIGHLANDS RAN CO 80126 SFD 8.250 7.750 $3,042.63 360 1-Nov-26
6993114 HOUSTON TX 77079 SFD 8.375 7.750 $1,732.05 360 1-Oct-26
6993120 PORT EWEN NY 12466 SFD 8.125 7.750 $2,375.99 360 1-Nov-26
6993121 PORTLAND OR 97232 SFD 8.250 7.750 $1,870.65 360 1-Nov-26
6993135 VIENNA VA 22182 SFD 8.000 7.730 $2,201.29 360 1-Oct-26
6993136 CENTREVILLE VA 22030 SFD 8.000 7.730 $1,626.02 360 1-Oct-26
6993138 DES MOINES IA 50321 SFD 8.375 7.750 $1,763.37 360 1-Nov-26
6993139 EXCELSIOR MN 55317 SFD 8.375 7.750 $2,280.22 360 1-Oct-26
6993141 WASHINGTON DC 20015 SFD 8.000 7.730 $1,898.62 360 1-Oct-26
6993143 CARBONDALE CO 81623 SFD 8.625 7.750 $1,866.70 360 1-Oct-26
6993144 SCOTTSDALE AZ 85259 SFD 8.375 7.750 $3,473.53 360 1-Oct-26
6993146 ALBUQUERQUE NM 87111 SFD 8.125 7.750 $4,083.73 360 1-Nov-26
6993147 NEWPORT BEACH CA 92625 MF2 8.500 7.750 $2,383.63 360 1-Oct-26
6993148 WINFIELD IL 60190 SFD 8.125 7.750 $2,375.99 360 1-Oct-26
6993150 POTTER VALLEY CA 95469 SFD 9.000 7.750 $2,092.02 360 1-Oct-26
6993152 MIDLOTHIAN VA 23112 SFD 8.125 7.750 $1,784.22 360 1-Oct-26
6993154 MIDWAY UT 84049 SFD 8.500 7.750 $2,550.10 360 1-Nov-26
6993155 BUCKLEY WA 98321 SFD 7.750 7.480 $1,740.88 360 1-Nov-26
6993156 FREELAND WA 98249 SFD 8.250 7.750 $3,183.49 360 1-Oct-26
6993157 ORLAND PARK IL 60462 SFD 8.750 7.750 $1,927.42 360 1-Oct-26
6993158 CORONA DEL MA CA 92625 SFD 8.125 7.750 $2,763.28 360 1-Nov-26
6993159 CUPERTINO CA 95014 SFD 8.125 7.750 $3,118.49 360 1-Oct-26
6993160 MORGAN HILL CA 95037 SFD 8.500 7.750 $2,060.69 360 1-Oct-26
6993161 SAN DIEGO CA 92128 PUD 8.500 7.750 $1,763.89 360 1-Oct-26
6993162 SAN DIEGO CA 92130 SFD 7.875 7.605 $1,929.41 360 1-Oct-26
6993165 MILL VALLEY CA 94941 SFD 8.750 7.750 $1,793.68 360 1-Nov-26
6993171 OMAHA NE 68154 SFD 8.375 7.750 $1,660.00 360 1-Nov-26
6993172 FRIDLEY MN 55432 SFD 8.125 7.750 $1,915.64 360 1-Oct-26
6993173 AVON CO 81620 LCO 8.500 7.750 $2,306.74 360 1-Oct-26
6993176 BOULDER CO 80301 SFD 8.625 7.750 $7,777.90 360 1-Oct-26
6993180 ST CLOUD MN 56301 PUD 8.375 7.750 $2,043.07 360 1-Oct-26
6993181 EDINA MN 55424 SFD 8.625 7.750 $2,955.60 360 1-Nov-26
6993184 LOS GATOS CA 95030 SFD 8.500 7.750 $7,689.14 360 1-Oct-26
6993186 THOUSAND OAKS CA 91362 SFD 8.000 7.730 $4,769.47 360 1-Oct-26
6993188 WAYNE NJ 07470 SFD 8.250 7.750 $2,190.69 360 1-Oct-26
6993189 MAPLE GROVE MN 55369 SFD 8.125 7.750 $1,707.74 360 1-Oct-26
6993190 DANVILLE CA 94506 SFD 8.500 7.750 $4,498.14 360 1-Oct-26
6993193 GERMANTOWN TN 38139 SFD 7.750 7.480 $1,719.39 360 1-Nov-26
6993194 COALVILLE UT 84017 SFD 8.625 7.750 $700.01 360 1-Nov-26
6993195 BRECKENRIDGE CO 80424 PUD 8.500 7.750 $2,026.47 360 1-Oct-26
6993196 LA QUINTA CA 92253 SFD 8.750 7.750 $826.04 360 1-Oct-26
6993198 VISALIA CA 93277 SFD 8.625 7.750 $2,170.03 360 1-Oct-26
6993205 TILLAMOOK OR 97141 SFD 8.750 7.750 $1,770.08 360 1-Oct-26
6993206 PLYMOUTH MN 55447 SFD 8.625 7.750 $2,308.48 360 1-Oct-26
6993210 FORT WASHINGT MD 20744 SFD 8.250 7.750 $2,018.28 360 1-Oct-26
6993212 GERMANTOWN MD 20874 SFD 6.750 6.480 $1,744.73 360 1-Nov-23
6993214 MARINE ON ST MN 55047 SFD 7.875 7.605 $1,856.18 360 1-Nov-26
6993215 SCOTTSDALE AZ 85262 SFD 8.250 7.750 $2,817.25 360 1-Nov-26
6993217 ST CHARLES IL 60175 SFD 8.625 7.750 $1,792.03 360 1-Sep-26
6993219 MANHATTAN BEA CA 90266 SFD 8.625 7.750 $4,666.74 360 1-Oct-26
6993221 DEVON PA 19333 SFD 7.875 7.605 $2,320.22 360 1-Nov-26
6993222 HEMET AREA CA 92544 SFD 8.875 7.750 $1,790.20 360 1-Oct-26
6993223 YORBA LINDA CA 92887 SFD 8.000 7.730 $1,852.76 360 1-Oct-26
6993225 ANAHEIM CA 92808 PUD 8.125 7.750 $2,298.77 360 1-Oct-26
6993226 BLUFFDALE UT 84065 SFD 8.500 7.750 $1,922.28 360 1-Oct-26
6993228 SAN JOSE CA 95119 SFD 7.875 7.605 $1,822.91 360 1-Oct-26
6993229 PLEASANTON CA 94566 SFD 8.250 7.750 $3,129.03 360 1-Oct-26
6993230 FREMONT CA 94539 SFD 8.125 7.750 $2,488.85 360 1-Oct-26
6993231 MOUNTAIN VIEW CA 94041 SFD 8.750 7.750 $2,772.33 360 1-Oct-26
6993232 PALO ALTO CA 94306 SFD 8.375 7.750 $2,553.84 360 1-Oct-26
6993233 APTOS CA 95003 PUD 8.000 7.730 $2,397.21 360 1-Oct-26
6993235 EXETER CA 93221 SFD 8.500 7.750 $2,312.89 360 1-Oct-26
6993236 TEMECULA CA 92590 PUD 8.000 7.730 $1,614.29 360 1-Sep-26
6993238 PORTLAND OR 97229 PUD 8.250 7.750 $2,065.98 360 1-Oct-26
6993239 PORTLAND OR 97218 SFD 8.750 7.750 $640.37 360 1-Oct-26
6993241 SAN DIEGO CA 92124 SFD 8.250 7.750 $1,720.02 360 1-Oct-26
6993242 ORANGE CA 92869 SFD 8.500 7.750 $1,839.24 360 1-Oct-26
6993243 TORRANCE CA 90505 LCO 8.500 7.750 $1,753.12 360 1-Oct-26
6993244 SAN JOSE CA 95138 PUD 8.250 7.750 $1,878.17 360 1-Jun-26
6993246 SAN DIEGO CA 92130 SFD 8.625 7.750 $2,716.04 360 1-Oct-26
6993247 CLAYTON CA 94517 PUD 8.500 7.750 $1,679.31 360 1-Oct-26
6993249 SAN DIEGO CA 92130 SFD 8.000 7.730 $2,189.92 360 1-Sep-26
6993250 SAN RAMON CA 94583 PUD 7.875 7.605 $2,139.68 360 1-Oct-26
6993251 SAN DIEGO CA 92130 SFD 8.125 7.750 $2,048.55 360 1-Oct-26
6993253 LAS FLORES CA 92688 PUD 8.250 7.750 $1,800.03 360 1-Sep-26
6993254 LIVERMORE CA 94550 SFD 7.750 7.480 $2,740.99 360 1-Oct-26
6993257 GILROY CA 95020 SFD 8.500 7.750 $1,826.17 360 1-Nov-26
6993259 SANTA FE NM 87501 PUD 8.750 7.750 $2,045.43 360 1-Jul-25
6993260 DALLAS TX 75238 SFD 8.750 7.750 $2,102.85 360 1-Aug-26
6993261 PLANO TX 75025 SFD 8.375 7.750 $2,674.70 360 1-Sep-26
6993262 SAN ANTONIO TX 78248 SFD 8.500 7.750 $1,675.08 360 1-Oct-26
6993263 WALTHAM MA 02154 LCO 8.875 7.750 $2,251.68 360 1-Sep-26
6993264 SCOTTS VALLEY CA 95066 SFD 8.500 7.750 $1,967.80 360 1-Oct-26
6993266 MENDOTA HEIGH MN 55118 SFD 8.125 7.750 $1,967.62 360 1-Oct-26
6993269 SUFFOLK VA 23435 SFD 8.625 7.750 $2,068.92 360 1-Nov-26
6993273 DAVIDSONVILLE MD 21035 PUD 7.750 7.480 $1,719.39 360 1-Nov-26
6993275 MAMMOTH LAKES CA 93546 SFD 8.250 7.750 $1,878.17 360 1-Nov-26
6993277 WESTBORO MA 01581 SFD 8.625 7.750 $2,729.34 360 1-Oct-26
6993278 MAHWAH NJ 07430 SFD 8.375 7.750 $3,496.33 360 1-Nov-26
6993280 BERNARDS TWP NJ 07920 SFD 8.500 7.750 $3,075.65 360 1-Oct-26
6993282 WENATCHEE WA 98801 SFD 8.375 7.750 $1,854.58 360 1-Oct-26
6993284 WASHINGTON TW NJ 08080 SFD 8.375 7.750 $380.04 360 1-Oct-26
6993285 JACKSONVILLE FL 32225 SFD 8.250 7.750 $1,785.01 360 1-Oct-26
6993286 MAGNOLIA TX 77355 SFD 8.250 7.750 $833.91 360 1-Mar-26
6993288 MONUMENT CO 80132 SFD 8.500 7.750 $1,716.60 360 1-Nov-26
6993296 NIWOT CO 80503 SFD 7.875 7.605 $2,827.77 360 1-Nov-26
6993297 WELLESLEY MA 02181 SFD 8.125 7.750 $3,341.24 360 1-Nov-26
6993299 REDMOND WA 98053 SFD 8.625 7.750 $1,749.25 360 1-Nov-26
6993300 WALTHAM MA 02154 LCO 7.875 7.605 $2,091.46 360 1-Nov-26
6993302 WEST DES MOIN IA 50265 SFD 8.250 7.750 $3,545.98 360 1-Oct-26
6993305 GRESHAM OR 97080 SFD 8.500 7.750 $1,845.39 360 1-Nov-26
6993307 FAIRFAX VA 22030 SFD 7.750 7.480 $2,014.55 360 1-Oct-26
6993309 BROOKLYN PARK MN 55443 SFD 8.500 7.750 $2,099.13 360 1-Nov-26
6993310 GOSHEN KY 40059 SFD 8.375 7.750 $1,742.47 360 1-Oct-26
6993311 MARLBOROUGH MA 01752 SFD 7.625 7.355 $1,734.09 360 1-Nov-26
6993315 RICHMOND TX 77469 SFD 8.000 7.730 $2,318.70 360 1-Nov-26
6993316 RENO NV 89509 PUD 8.375 7.750 $1,246.52 360 1-Oct-26
6993317 BERNARDS TWSP NJ 07921 SFD 8.750 7.750 $2,406.52 360 1-Nov-26
6993321 ANTIOCH CA 94509 SFD 8.625 7.750 $2,174.31 360 1-Nov-26
6993323 CAREFREE AZ 85377 SFD 8.625 7.750 $2,479.20 360 1-Nov-26
6993325 MERRITT ISLAN FL 32952 SFD 8.625 7.750 $2,138.92 360 1-Nov-26
6993326 INDIALANTIC FL 32903 SFD 8.000 7.730 $3,140.51 360 1-Nov-26
6993328 PEBBLE BEACH CA 93953 SFD 8.250 7.750 $3,756.33 360 1-Nov-26
6993335 MILLBURN NJ 07078 SFD 7.875 7.605 $2,864.02 360 1-Nov-26
6993336 HAMPTON FALLS NH 03844 SFD 8.625 7.750 $1,893.49 360 1-Oct-26
6993338 SHOREWOOD MN 55331 SFD 8.375 7.750 $2,462.63 360 1-Nov-26
6993343 COCKEYSVILLE MD 21030 SFD 7.500 7.230 $2,796.86 360 1-Nov-26
6993345 EAGAN MN 55123 SFD 8.500 7.750 $1,757.74 360 1-Sep-26
6993346 CHANHASSEN MN 55317 SFD 8.500 7.750 $1,878.15 360 1-Nov-26
6993347 EDINA MN 55436 SFD 8.625 7.750 $2,551.15 360 1-Nov-26
6993350 TAMPA FL 33647 PUD 8.500 7.750 $2,498.20 360 1-Oct-26
6993356 SANTA CRUZ CA 95060 SFD 8.000 7.730 $2,025.19 360 1-Oct-26
6993358 DENVILLE NJ 07834 SFD 8.750 7.750 $2,753.45 360 1-Nov-26
6993364 SOUTHBORO MA 01772 SFD 8.500 7.750 $1,730.06 360 1-Oct-26
6993366 MALIBU CA 90265 SFD 8.625 7.750 $5,911.20 360 1-Nov-26
6993368 LARKSPUR CO 80118 PUD 8.375 7.750 $1,737.53 360 1-Nov-26
6993369 LAS VEGAS NV 89117 SFD 8.625 7.750 $1,810.31 360 1-Oct-26
6993371 ELKHART LAKE WI 53020 SFD 8.750 7.750 $1,943.15 360 1-Nov-26
6993372 SAN LUIS OBIS CA 93405 PUD 8.500 7.750 $3,744.61 360 1-Nov-26
6993379 MINNEAPOLIS MN 55416 SFD 8.000 7.730 $1,467.53 360 1-Oct-26
6993380 INVER GROVE H MN 55076 SFD 8.250 7.750 $1,637.76 360 1-Oct-26
6993381 PLYMOUTH MN 55447 SFD 8.250 7.750 $2,560.32 360 1-Nov-26
6993382 WHITE BEAR LA MN 55110 SFD 8.125 7.750 $2,034.44 360 1-Nov-26
6993383 NORTH OAKS MN 55127 SFD 8.000 7.730 $2,201.29 360 1-Nov-26
6993385 KING CITY CA 93930 SFD 8.375 7.750 $3,222.71 360 1-Nov-26
6993389 STILLWATER MN 55082 SFD 8.625 7.750 $3,150.05 360 1-Oct-26
6993390 NOVI MI 48879 PUD 8.250 7.750 $1,875.91 360 1-Oct-26
6993394 LOMPOC CA 93436 SFD 8.750 7.750 $1,911.68 360 1-Oct-26
6993396 WICHITA FALLS TX 76308 SFD 8.625 7.750 $1,715.03 360 1-Nov-26
6993398 CAMARILLO CA 93012 SFD 7.750 7.480 $1,731.21 360 1-Oct-26
6993400 VALHALLA NY 10595 SFD 8.750 7.750 $2,485.97 360 1-Aug-26
6993404 PRINCETON TWP NJ 08540 LCO 8.125 7.750 $3,326.39 360 1-Nov-26
6993407 LAKE FOREST IL 60045 SFD 7.375 7.105 $3,729.65 360 1-Nov-26
6993408 DANVILLE CA 94526 SFD 8.500 7.750 $2,691.20 360 1-Oct-26
6993410 SCOTTSDALE AZ 85255 PUD 8.500 7.750 $1,895.37 360 1-Oct-26
6993413 PHOENIX AZ 85018 SFD 7.625 7.355 $1,866.45 360 1-Nov-26
6993414 CAMARILLO CA 93012 SFD 7.750 7.480 $1,673.90 360 1-Nov-26
6993420 MEAD CO 80542 SFD 8.000 7.730 $1,877.70 360 1-Nov-26
6993421 FAIRFAX STATI VA 22039 SFD 7.500 7.230 $1,900.12 360 1-Nov-26
6993422 CENTERVILLE OH 45458 SFD 7.750 7.480 $2,149.24 360 1-Oct-26
6993425 SCOTTSDALE AZ 85258 SFD 8.125 7.750 $2,969.99 360 1-Nov-26
6993432 BULLHEAD CITY AZ 86442 SFD 8.750 7.750 $2,752.67 360 1-Sep-25
6993435 ELKTON MD 21921 SFD 8.000 7.730 $1,677.68 360 1-Nov-26
6993436 FRESNO CA 93711 SFD 8.625 7.750 $1,792.03 360 1-Nov-26
6993437 DENVER CO 80220 SFD 8.250 7.750 $1,920.24 360 1-Nov-26
6993438 GRANITE BAY CA 95746 SFD 8.250 7.750 $2,197.45 360 1-Nov-26
6993442 WHITE PLAINS NY 10605 SFD 8.125 7.750 $2,227.49 360 1-Nov-26
6993443 LAFAYETTE CA 94549 SFD 8.125 7.750 $2,025.53 360 1-Nov-26
6993448 PINE RIVER MN 56474 SFD 8.375 7.750 $3,040.29 360 1-Nov-26
6993451 EDINA MN 55439 SFD 8.500 7.750 $2,114.51 360 1-Oct-26
6993453 WESTON FL 33326 SFD 8.250 7.750 $2,744.64 360 1-Nov-26
6993456 CHESTER NY 10918 SFD 8.750 7.750 $1,769.37 360 1-Nov-26
6993459 WILSONVILLE OR 97070 SFD 8.125 7.750 $2,338.87 360 1-Nov-26
6993464 LAKEWOOD CO 80227 SFD 8.375 7.750 $2,028.97 360 1-Nov-26
6993465 RAMSEY MN 55303 SFD 8.250 7.750 $2,203.09 360 1-Nov-26
6993467 BROOMFIELD CO 80020 SFD 8.125 7.750 $2,227.49 360 1-Nov-26
6993468 FORT WASHINGT MD 20744 SFD 8.250 7.750 $1,704.32 360 1-Oct-26
6993469 ACTON MA 01720 SFD 8.375 7.750 $1,641.76 360 1-Nov-26
6993470 CARMEL IN 46033 SFD 8.500 7.750 $2,321.35 360 1-Nov-26
6993471 HENDERSON NV 89014 PUD 8.625 7.750 $3,422.28 360 1-Feb-26
6993472 HENDERSON NV 89014 PUD 7.875 7.605 $3,306.32 360 1-Mar-26
6993474 MORGAN HILL CA 95037 SFD 8.375 7.750 $2,964.28 360 1-Nov-26
6993475 ROCHESTER MN 55902 SFD 8.500 7.750 $2,373.64 360 1-Oct-26
6993476 CLARKSBURG MD 20871 PUD 8.125 7.750 $1,841.39 360 1-Oct-26
6993477 WESTBOROUGH MA 01581 SFD 8.500 7.750 $2,026.19 360 1-Nov-26
6993478 WEST BROOKFIE MA 01585 SFD 8.875 7.750 $1,813.28 360 1-Nov-26
6993479 PARAMUS NJ 07652 SFD 8.625 7.750 $1,785.03 360 1-Nov-26
6993482 WASHINGTON TW NJ 07853 SFD 7.625 7.355 $1,663.32 360 1-Nov-26
6993485 OMAHA NE 68118 SFD 8.125 7.750 $3,385.79 360 1-Nov-26
6993486 UKIAH CA 95482 SFD 8.375 7.750 $1,945.78 360 1-Nov-26
6993488 KNOXVILLE TN 37918 SFD 8.125 7.750 $1,629.78 360 1-Nov-26
6993489 RIDGEFIELD CT 06877 SFD 8.000 7.730 $4,109.08 360 1-Nov-26
6993491 DOYLESTOWN PA 18901 SFD 7.875 7.605 $2,784.99 360 1-Oct-26
6993493 PARK CITY UT 84060 SFD 8.750 7.750 $629.36 360 1-Nov-26
6993495 POUND RIDGE NY 10976 PUD 8.375 7.750 $3,230.31 360 1-Nov-26
6993498 SAN JOSE CA 95138 LCO 8.250 7.750 $1,966.37 360 1-Nov-26
6993500 SAN CLEMENTE CA 92673 SFD 8.375 7.750 $2,052.19 360 1-Nov-26
6993501 PLEASANTON CA 94588 SFD 8.375 7.750 $1,760.56 360 1-Nov-26
6993502 HILLSBORO OR 97123 SFD 8.250 7.750 $1,953.29 360 1-Nov-26
6993514 CHELMSFORD MA 01824 SFD 8.250 7.750 $1,656.51 360 1-Nov-26
6993515 MOBILE AL 36608 SFD 8.125 7.750 $2,242.34 360 1-Nov-26
6993519 CLIFTON VA 22024 SFD 7.875 7.605 $1,950.44 360 1-Oct-26
6993526 IJAMSVILLE MD 21754 PUD 8.250 7.750 $2,634.69 360 1-Oct-26
6993527 RICHLAND MI 49083 SFD 8.250 7.750 $1,953.29 360 1-Nov-26
6993528 YORBA LINDA CA 92687 SFD 8.750 7.750 $2,391.57 360 1-Oct-26
6993529 SANTA BARBARA CA 93105 SFD 8.375 7.750 $2,614.65 360 1-Nov-26
6993530 CHINO CA 91710 SFD 9.000 7.750 $1,955.23 360 1-Nov-26
6993531 HUNTINGTON BE CA 92647 SFD 8.375 7.750 $1,634.92 360 1-Nov-26
6993532 CONCORD TWP OH 44077 SFD 8.500 7.750 $2,768.09 360 1-Nov-26
6993537 SAN JOSE CA 95117 SFD 8.250 7.750 $1,982.97 360 1-Oct-26
6993538 OAKLAND CA 94610 PUD 8.375 7.750 $1,976.19 360 1-Oct-26
6993539 SAN FRANCISCO CA 94118 SFD 8.375 7.750 $2,401.83 360 1-Oct-26
6993543 BRIARCLIFF MA NY 10510 SFD 8.000 7.730 $1,650.97 360 1-Nov-26
6993544 HILLSBORO OR 97124 SFD 9.000 7.750 $659.79 360 1-Sep-26
6993546 LAKE OSWEGO OR 97034 SFD 8.750 7.750 $2,281.43 360 1-Nov-26
6993548 DUVALL WA 98019 SFD 8.250 7.750 $1,825.20 360 1-Nov-26
6993549 NAPA CA 94559 SFD 8.250 7.750 $2,650.47 360 1-Nov-26
6993551 THOUSAND OAKS CA 91360 PUD 7.750 7.480 $2,281.06 360 1-Oct-26
6993552 SAN DIEGO CA 92122 LCO 8.375 7.750 $2,383.59 360 1-Nov-26
6993553 HENDERSON NV 89015 PUD 8.125 7.750 $727.65 360 1-Oct-26
6993554 LAKE ARROWHEA CA 92352 SFD 8.625 7.750 $2,333.37 360 1-Oct-26
6993555 SAN DIEGO CA 92131 PUD 8.000 7.730 $2,244.95 360 1-Sep-26
6993559 ANAHEIM CA 92808 PUD 8.250 7.750 $1,662.18 360 1-Aug-26
6993560 ANAHEIM CA 92808 PUD 8.500 7.750 $3,010.30 360 1-Jun-26
6993561 HUNTINGTON BE CA 92647 SFD 8.250 7.750 $1,735.43 360 1-Oct-26
6993562 CASTRO VALLEY CA 94552 SFD 8.500 7.750 $1,788.49 360 1-Sep-26
6993563 LOS ANGELES CA 91724 PUD 8.000 7.730 $1,849.09 360 1-Sep-26
6993564 LA MIRADA CA 90638 PUD 8.375 7.750 $1,760.33 360 1-Nov-26
6993565 DANVILLE CA 94506 PUD 8.000 7.730 $2,459.58 360 1-Nov-26
6993566 LA MIRADA CA 90638 SFD 8.500 7.750 $1,999.18 360 1-Nov-26
6993567 SAN JOSE CA 95138 LCO 7.875 7.605 $1,740.17 360 1-Oct-26
6993568 MISSION VIEJO CA 92692 PUD 8.500 7.750 $2,381.33 360 1-Oct-26
6993569 ANAHEIM CA 92808 PUD 8.375 7.750 $1,915.38 360 1-Nov-26
6993570 SAN JOSE CA 95138 LCO 8.250 7.750 $2,434.10 360 1-Oct-26
6993571 SAN DIEGO CA 92130 PUD 8.250 7.750 $1,709.13 360 1-Oct-26
6993572 SAN DIEGO CA 92130 SFD 8.375 7.750 $2,138.84 360 1-Nov-26
6993578 FAIRFAX VA 22033 SFD 8.250 7.750 $2,067.12 360 1-Nov-26
6993580 FAIRHOPE AL 36532 SFD 8.250 7.750 $1,735.43 360 1-Oct-26
6993593 OREGON CITY OR 97045 SFD 9.000 7.750 $2,234.14 360 1-Aug-26
6993606 SIERRA MADRE CA 91025 SFD 8.000 7.730 $4,035.71 360 1-Nov-26
6993611 WESTMINISTER CO 80030 SFD 8.000 7.730 $2,027.76 360 1-Nov-26
6993635 FAIRFAX VA 22032 PUD 8.375 7.750 $1,704.08 360 1-Nov-26
6993636 HERNDON VA 20171 PUD 7.500 7.230 $1,706.08 360 1-Nov-26
6993637 BURKE VA 22015 SFD 8.125 7.750 $1,812.81 360 1-Nov-26
6993639 BETHESDA MD 20814 SFD 8.125 7.750 $1,811.69 360 1-Nov-26
6993640 ARDMORE PA 19003 SFD 9.375 7.750 $2,994.30 360 1-Oct-26
6993641 BRYN MAWR PA 19010 SFD 8.250 7.750 $2,428.09 360 1-Nov-26
6993653 LIVERMORE CA 94550 SFD 8.875 7.750 $2,253.14 360 1-Nov-26
6993654 WALNUT CREEK CA 94595 SFD 7.875 7.605 $2,892.74 360 1-Nov-26
6993655 SPRINGFIELD IL 62707 SFD 8.250 7.750 $1,736.18 360 1-Nov-26
6993657 GOLDEN VALLEY MN 55422 SFD 8.000 7.730 $1,976.53 360 1-Nov-26
6993662 HUNTINGTON BE CA 92646 SFD 8.125 7.750 $2,880.89 360 1-Dec-26
6993663 MONTECITO CA 93108 SFD 7.750 7.480 $4,656.68 360 1-Nov-26
6993666 WILMINGTON DE 19809 SFD 7.875 7.605 $1,598.78 360 1-Nov-26
6993670 FAIRFAX VA 22031 SFD 7.875 7.605 $2,212.19 360 1-Nov-26
6993672 PISMO BEACH CA 93449 SFD 8.625 7.750 $5,899.53 360 1-Nov-26
6993674 CHEVY CHASE MD 20815 SFD 8.250 7.750 $2,584.36 360 1-Nov-26
6993678 ARCADIA CA 91006 SFD 8.250 7.750 $1,983.34 360 1-Nov-26
6993681 COSTA MESA CA 92626 SFD 8.625 7.750 $2,053.36 360 1-Nov-26
6993682 SAN CLEMENTE CA 92673 PUD 8.500 7.750 $2,083.76 360 1-Nov-26
6993685 THOUSAND OAKS CA 91362 SFD 8.000 7.730 $1,819.37 360 1-Nov-26
6993689 HOUSTON TX 77019 PUD 8.250 7.750 $2,794.71 360 1-Nov-26
6993692 LOS ALTOS CA 94024 SFD 8.000 7.730 $2,773.63 360 1-Oct-26
6993693 SALINAS CA 93908 SFD 8.125 7.750 $4,826.23 360 1-Nov-26
6993694 SAN FRANCISCO CA 94122 SFD 8.375 7.750 $2,154.80 360 1-Nov-26
6993695 CASTRO VALLEY CA 94546 SFD 8.125 7.750 $2,049.29 360 1-Nov-26
6993696 BEAVERTON OR 97007 SFD 8.500 7.750 $2,214.47 360 1-Nov-26
6993700 SUMNER WA 98390 SFD 8.125 7.750 $1,939.77 360 1-Nov-26
6993701 BEAVERTON OR 97007 SFD 8.500 7.750 $2,479.13 360 1-Nov-26
6993702 WOODLAND CA 95695 SFD 8.000 7.730 $1,665.64 360 1-Nov-26
6993704 SAN DIEGO CA 92130 PUD 8.500 7.750 $1,503.99 360 1-Nov-26
6993705 VERDI NV 89439 SFD 8.125 7.750 $2,190.37 360 1-Dec-26
6993706 EAST BRUNSWIC NJ 08816 PUD 8.500 7.750 $1,189.51 360 1-Nov-26
6993710 CLAYTON CA 94517 SFD 8.250 7.750 $2,629.43 360 1-Nov-26
6993711 PALM DESERT CA 92211 SFD 8.375 7.750 $1,732.96 360 1-Nov-26
6993714 THOUSAND OAKS CA 91320 PUD 8.250 7.750 $1,791.40 360 1-Nov-26
6993717 ESCONDIDO CA 92026 PUD 8.000 7.730 $1,674.08 360 1-Nov-26
6993721 MERCED CA 95340 SFD 8.875 7.750 $2,291.46 360 1-Oct-26
6993722 PLANO TX 75093 PUD 8.000 7.730 $3,005.50 360 1-Nov-26
6993724 DENVER CO 80236 SFD 8.625 7.750 $1,753.14 360 1-Oct-26
6993726 POTOMAC MD 20854 SFD 7.625 7.355 $2,206.90 360 1-Nov-26
6993727 BETHESDA MD 20817 SFD 7.500 7.230 $4,195.29 360 1-Nov-26
6993729 BONNEY LAKE WA 98390 PUD 7.875 7.605 $1,712.25 360 1-Nov-26
6993732 ZIMMERMAN MN 55398 SFD 8.750 7.750 $2,045.42 360 1-Nov-26
6993739 AURORA OR 97002 SFD 8.625 7.750 $2,188.70 360 1-Nov-26
6993740 SILVER SPRING MD 20905 SFD 7.625 7.355 $2,800.39 360 1-Nov-26
6993745 LAKEVILLE MN 55431 SFD 8.375 7.750 $1,649.36 360 1-Nov-26
6993753 RESTON VA 20194 PUD 7.875 7.605 $1,790.92 360 1-Nov-26
6993755 SUGAR LAND TX 77479 PUD 7.875 7.605 $1,840.59 360 1-Dec-26
6993758 BELLE MEAD NJ 08502 SFD 8.375 7.750 $3,225.97 360 1-Nov-26
6993761 NEWARK DE 19711 SFD 7.625 7.355 $1,613.77 360 1-Nov-26
6993772 WALNUT CREEK CA 94598 SFD 6.750 6.480 $1,945.79 360 1-Nov-26
6993775 POWAY CA 92064 SFD 7.875 7.605 $3,306.32 360 1-Nov-26
6993778 MCMINNVILLE OR 97128 SFD 8.625 7.750 $2,325.59 360 1-Nov-26
6993782 WAYNE NJ 07470 SFD 8.500 7.750 $2,380.56 360 1-Dec-26
6993784 TIGARD OR 97223 SFD 8.125 7.750 $1,662.82 360 1-Nov-26
6993785 MEQUON WI 53097 SFD 8.750 7.750 $2,138.25 360 1-Nov-26
6993788 RIDGWAY CO 81432 SFD 8.125 7.750 $2,784.36 360 1-Dec-26
6993789 CHANHASSEN MN 55317 SFD 8.250 7.750 $3,545.98 360 1-Nov-26
6993790 TAMPA FL 33647 SFD 8.500 7.750 $2,042.23 360 1-Nov-26
6993796 COLUMBIA MD 21044 SFD 7.750 7.480 $1,977.30 360 1-Nov-26
6993800 WESTON MA 02193 SFD 7.875 7.605 $3,480.33 360 1-Nov-26
6993801 LONGMEADOW MA 01106 SFD 8.500 7.750 $1,882.30 360 1-Nov-26
6993804 PORT DEPOSIT MD 21904 SFD 7.750 7.480 $2,384.94 360 1-Nov-26
6993806 SCOTTSDALE AZ 85259 SFD 8.625 7.750 $2,629.94 360 1-Dec-26
6993807 PALATINE IL 60067 SFD 8.250 7.750 $1,667.81 360 1-Nov-26
6993808 GREAT FALLS VA 22066 SFD 7.875 7.605 $1,812.67 360 1-Sep-26
6993809 PARK CITY UT 84060 SFD 8.625 7.750 $3,111.16 360 1-Nov-26
6993810 MELBOURNE BEA FL 32951 SFD 8.125 7.750 $1,728.16 360 1-Dec-26
6993813 FAIRFAX CA 94930 SFD 8.125 7.750 $1,781.99 360 1-Nov-26
6993814 VALENCIA CA 91354 SFD 7.875 7.605 $1,793.10 360 1-Nov-26
6993815 LA HONDA CA 94020 SFD 8.500 7.750 $2,172.95 360 1-Nov-26
6993817 LITTLE ROCK AR 72212 SFD 8.000 7.730 $1,826.34 360 1-Dec-26
6993818 BEAVERTON OR 97007 SFD 8.000 7.730 $1,658.31 360 1-Dec-26
6993820 INVERNESS IL 60067 SFD 8.875 7.750 $2,784.76 360 1-Nov-26
6993825 BRIDGEWATER NJ 08807 SFD 8.625 7.750 $1,795.14 360 1-Dec-26
6993826 MANALAPAN NJ 07726 SFD 8.625 7.750 $2,185.59 360 1-Dec-26
6993827 SCOTCH PLAINS NJ 07076 LCO 9.000 7.750 $1,041.99 360 1-Dec-26
6993828 VIENNA VA 22182 SFD 7.750 7.480 $1,719.39 360 1-Nov-26
6993831 ELK RIVER MN 55330 SFD 8.250 7.750 $1,711.46 360 1-Nov-26
6993832 PLYMOUTH MN 55447 SFD 8.500 7.750 $2,152.96 360 1-Nov-26
6993834 LAKE HAVASU C AZ 86406 SFD 8.500 7.750 $2,883.43 360 1-Nov-26
6993835 GOLDEN CO 80401 SFD 8.375 7.750 $4,750.45 360 1-Dec-26
6993839 GRANGER IA 50109 SFD 7.875 7.605 $1,914.18 360 1-Dec-26
6993848 ALPHARETTA GA 30201 SFD 8.750 7.750 $1,966.76 360 1-Jun-26
6993849 DULUTH GA 30136 PUD 7.875 7.605 $3,575.32 360 1-Apr-26
6993850 ENGLEWOOD CO 80110 SFD 8.125 7.750 $3,171.95 360 1-Dec-26
6993854 SCOTTSDALE AZ 85255 SFD 8.250 7.750 $2,854.81 360 1-Dec-26
6993859 ENCINITAS CA 92024 SFD 9.000 7.750 $2,252.95 360 1-Apr-26
6993861 LAGUNA BEACH CA 92651 SFD 7.750 7.480 $5,845.92 360 1-Nov-26
6993862 BERKELEY CA 94708 SFD 8.500 7.750 $2,016.09 360 1-Nov-26
6993863 WESTMINSTER CO 80021 SFD 7.875 7.605 $1,609.29 360 1-Dec-26
6993864 ENCINITAS CA 92024 SFD 8.250 7.750 $1,690.35 360 1-Nov-26
6993865 MATTHEWS NC 28105 PUD 8.500 7.750 $2,260.61 360 1-Oct-26
6993873 NEWARK OH 43055 SFD 9.125 7.750 $1,757.45 360 1-Nov-26
6993875 WALTHAM MA 02154 LCO 8.500 7.750 $1,745.43 360 1-Nov-26
6993881 OAK BLUFFS MA 02557 SFD 8.750 7.750 $1,777.16 360 1-Nov-26
6993882 NORTH ATTLEBO MA 02760 SFD 8.375 7.750 $2,014.19 360 1-Nov-26
6993888 GLEN RIDGE NJ 07028 SFD 7.625 7.355 $2,070.30 360 1-Dec-26
6993931 SHREWSBURY MA 01545 SFD 8.000 7.730 $1,980.43 360 1-Dec-26
6993941 EDINA MN 55343 SFD 8.250 7.750 $1,683.59 360 1-Dec-26
6993942 GREAT FALLS VA 22066 SFD 7.375 7.105 $1,519.49 360 1-Dec-26
6993947 ELLICOTT CITY MD 21042 PUD 8.000 7.730 $1,778.65 360 1-Dec-26
6993956 SYCAMORE IL 60178 SFD 8.750 7.750 $2,517.44 360 1-Dec-26
6993960 JOHNSTON IA 50131 SFD 8.000 7.730 $1,599.61 360 1-Dec-26
6993970 MESA AZ 85207 SFD 8.375 7.750 $2,228.15 360 1-Dec-26
6993984 SAN RAMON CA 94583 SFD 8.750 7.750 $2,115.24 360 1-Dec-26
6993985 ISSAQUAH WA 98027 SFD 8.375 7.750 $2,052.19 360 1-Dec-26
6994005 SERGEANT BLUF IA 51054 SFD 8.500 7.750 $1,657.01 360 1-Nov-26
6994006 VILLA HILLS KY 41017 SFD 8.375 7.750 $3,040.29 360 1-Dec-26
6994012 BOSSIER CITY LA 71111 SFD 8.375 7.750 $2,189.01 360 1-Dec-26
6994043 SAN CARLOS CA 94070 SFD 8.000 7.730 $2,201.29 360 1-Dec-26
6994044 APPLE VALLEY MN 55124 SFD 7.750 7.480 $2,156.40 360 1-Dec-26
6994061 EAGAN MN 55122 SFD 8.125 7.750 $1,874.81 360 1-Dec-26
6994068 SIOUX FALLS SD 57108 SFD 8.250 7.750 $1,746.69 360 1-Dec-26
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
(i) (ix) (x) (xi) (xii) (xiii) (xIv) (xv) (xvi)
- ----- -------------- ------ ------- ---------- -------- ----------- --------- -----------
CUT-OFF
MORTGAGE DATE MORTGAGE T.O.P. MASTER FIXED
LOAN PRINCIPAL INSURANCE SERVICE MORTGAGE SERVICE RETAINED
NUMBER BALANCE LTV SUBSIDY CODE FEE LOAN FEE YIELD
- ----- -------------- ------ ------- ---------- -------- ----------- --------- -----------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
6991713 $526,418.78 80.00 0.250 0.020 0.605
6991747 $287,280.35 85.97 12 0.250 0.020 1.480
6991881 $247,392.61 62.00 0.250 0.020 0.480
6992077 $336,515.90 80.00 0.250 0.020 0.000
6992086 $469,166.68 79.70 0.250 0.020 0.230
6992087 $243,684.21 66.22 0.250 0.020 0.230
6992256 $319,236.09 40.00 0.250 0.020 0.605
6992289 $331,227.53 80.00 0.250 0.020 0.730
6992393 $345,849.37 90.00 01 0.250 0.020 0.355
6992476 $255,007.84 70.00 0.250 0.020 0.230
6992481 $244,603.32 95.00 06 0.250 0.020 0.000
6992650 $278,614.74 90.00 06 0.250 0.020 0.000
6992656 $251,538.77 80.00 0.250 0.020 0.480
6992660 $268,335.03 80.00 0.250 0.020 0.480
6992675 $307,905.77 89.99 12 0.250 0.020 0.230
6992680 $449,409.27 75.00 0.250 0.020 0.105
6992690 $998,720.28 55.80 0.250 0.020 0.230
6992723 $679,084.42 80.00 0.250 0.020 0.000
6992726 $279,094.89 69.74 0.250 0.020 0.230
6992741 $338,310.46 79.99 0.250 0.020 0.730
6992743 $399,474.90 62.75 0.250 0.020 0.105
6992749 $345,174.39 79.52 0.250 0.020 1.230
6992750 $229,241.71 88.78 06 0.250 0.020 0.855
6992770 $288,639.49 85.00 24 0.250 0.020 0.355
6992774 $317,632.75 78.33 0.250 0.020 0.730
6992775 $386,725.47 89.00 11 0.250 0.020 0.980
6992778 $376,549.41 65.24 0.250 0.020 0.000
6992785 $656,419.04 80.00 0.250 0.020 0.000
6992786 $348,794.38 80.00 0.250 0.020 0.230
6992787 $287,445.26 80.00 0.250 0.020 0.230
6992788 $229,741.17 88.80 11 0.250 0.020 0.855
6992789 $449,424.13 78.80 0.250 0.020 0.230
6992792 $259,692.35 90.00 12 0.250 0.020 1.230
6992793 $325,603.62 69.36 0.250 0.020 0.480
6992798 $214,204.62 90.00 06 0.250 0.020 0.230
6992799 $458,481.86 80.00 0.250 0.020 0.000
6992800 $217,638.79 90.00 11 0.250 0.020 0.355
6992802 $241,057.96 70.00 0.250 0.020 0.480
6992804 $55,894.85 33.74 0.250 0.020 0.355
6992805 $254,708.44 80.00 0.250 0.020 0.230
6992806 $255,407.09 79.99 0.250 0.020 0.230
6992807 $224,719.33 27.69 0.250 0.020 0.355
6992808 $330,893.34 89.99 11 0.250 0.020 0.000
6992809 $218,733.72 79.99 0.250 0.020 0.480
6992813 $108,634.94 70.00 0.250 0.020 0.105
6992814 $343,199.63 80.00 0.250 0.020 0.730
6992815 $323,406.98 80.00 0.250 0.020 0.480
6992820 $332,521.62 80.00 0.250 0.020 0.230
6992821 $222,048.12 89.90 11 0.250 0.020 0.855
6992822 $267,657.03 80.00 0.250 0.020 0.230
6992825 $361,809.54 90.00 33 0.250 0.020 0.480
6992826 $434,510.45 75.00 0.250 0.020 0.855
6992828 $225,739.01 80.00 0.250 0.020 0.730
6992829 $222,555.69 70.00 0.250 0.020 0.980
6992830 $348,791.39 60.40 0.250 0.020 0.355
6992833 $282,495.14 79.99 0.250 0.020 0.605
6992834 $219,617.50 89.83 06 0.250 0.020 0.730
6992835 $225,165.45 79.97 0.250 0.020 0.230
6992836 $237,318.43 80.00 0.250 0.020 0.605
6992837 $238,902.75 80.00 0.250 0.020 0.480
6992838 $257,021.16 90.00 12 0.250 0.020 0.355
6992840 $495,381.27 80.00 0.250 0.020 0.355
6992841 $338,554.98 79.95 0.250 0.020 0.105
6992842 $296,304.21 66.59 0.250 0.020 0.480
6992844 $167,805.98 62.69 0.250 0.020 0.730
6992845 $264,677.79 62.80 0.250 0.020 0.480
6992846 $499,407.48 45.45 0.250 0.020 0.605
6992850 $250,702.56 90.00 33 0.250 0.020 0.605
6992852 $254,856.38 80.00 0.250 0.020 0.000
6992856 $335,283.98 78.87 0.250 0.020 0.000
6992857 $217,649.32 80.00 0.250 0.020 1.105
6992858 $345,565.45 80.00 0.250 0.020 0.730
6992859 $234,914.03 75.00 0.250 0.020 0.480
6992860 $334,582.11 79.98 0.250 0.020 0.355
6992861 $274,674.11 61.11 0.250 0.020 0.605
6992862 $251,595.75 90.00 33 0.250 0.020 0.355
6992863 $239,602.10 80.00 0.250 0.020 0.230
6992865 $219,703.79 80.00 0.250 0.020 0.000
6992866 $275,518.22 80.00 0.250 0.020 0.000
6992867 $625,412.20 75.00 0.250 0.020 0.480
6992868 $579,178.64 80.00 0.250 0.020 0.000
6992872 $239,267.15 85.82 12 0.250 0.020 0.730
6992873 $215,692.41 90.00 13 0.250 0.020 0.480
6992874 $274,639.00 57.89 0.250 0.020 0.105
6992875 $274,030.54 78.40 0.250 0.020 0.000
6992877 $437,494.16 80.00 0.250 0.020 0.730
6992879 $599,005.24 75.08 0.250 0.020 0.230
6992880 $223,893.14 95.00 13 0.250 0.020 0.730
6992881 $217,738.94 95.00 33 0.250 0.020 0.480
6992882 $221,163.47 90.00 11 0.250 0.020 1.105
6992883 $296,665.75 90.00 17 0.250 0.020 0.855
6992884 $349,563.40 76.09 0.250 0.020 0.355
6992888 $244,751.19 93.89 06 0.250 0.020 0.480
6992889 $341,403.58 80.00 0.250 0.020 0.855
6992891 $233,507.50 80.00 0.250 0.020 0.000
6992892 $255,494.22 80.00 0.250 0.020 0.105
6992893 $356,258.09 85.00 06 0.250 0.020 0.000
6992894 $276,422.05 74.80 0.250 0.020 0.605
6992895 $428,704.32 80.00 0.250 0.020 0.730
6992897 $299,308.68 61.86 0.250 0.020 0.230
6992898 $377,528.48 90.00 12 0.250 0.020 0.355
6992899 $232,345.33 95.00 12 0.250 0.020 0.730
6992900 $295,621.20 80.00 0.250 0.020 0.230
6992901 $343,581.74 80.00 0.250 0.020 0.480
6992902 $239,700.62 72.07 0.250 0.020 0.355
6992904 $262,827.96 77.99 0.250 0.020 0.105
6992905 $231,703.10 80.00 0.250 0.020 0.230
6992906 $223,407.93 58.32 0.250 0.020 0.105
6992907 $215,756.92 90.00 11 0.250 0.020 0.855
6992908 $359,198.20 80.00 0.250 0.020 0.105
6992909 $78,797.40 60.00 0.250 0.020 0.230
6992911 $267,946.83 79.22 0.250 0.020 0.000
6992912 $400,037.41 80.00 0.250 0.020 0.230
6992914 $306,118.76 79.99 0.250 0.020 0.230
6992915 $316,089.98 79.99 0.250 0.020 0.230
6992916 $303,414.45 79.98 0.250 0.020 0.230
6992917 $225,246.27 90.00 11 0.250 0.020 0.355
6992918 $279,460.66 70.00 0.250 0.020 0.230
6992919 $343,910.14 95.00 11 0.250 0.020 1.230
6992920 $255,372.78 79.97 0.250 0.020 0.230
6992921 $288,006.82 89.99 11 0.250 0.020 0.230
6992922 $252,975.85 79.98 0.250 0.020 0.230
6992925 $297,031.57 75.00 0.250 0.020 0.730
6992926 $237,586.20 89.98 06 0.250 0.020 0.730
6992927 $260,674.41 90.00 17 0.250 0.020 0.355
6992928 $274,249.87 95.00 13 0.250 0.020 0.605
6992929 $383,421.10 80.00 0.250 0.020 0.355
6992930 $299,635.23 84.51 33 0.250 0.020 0.480
6992931 $307,615.79 80.00 0.250 0.020 0.355
6992934 $265,161.49 80.00 0.250 0.020 0.980
6992936 $169,787.94 51.44 0.250 0.020 0.355
6992943 $226,079.38 80.00 0.250 0.020 0.000
6992944 $260,865.73 80.00 0.250 0.020 0.230
6992945 $309,173.63 68.03 0.250 0.020 0.480
6992947 $284,635.29 46.88 0.250 0.020 0.230
6992948 $319,435.47 79.98 0.250 0.020 0.000
6992949 $238,217.37 90.00 06 0.250 0.020 0.605
6992950 $269,654.48 76.06 0.250 0.020 0.230
6992951 $311,455.30 80.00 0.250 0.020 0.000
6992952 $391,498.34 80.00 0.250 0.020 0.230
6992953 $673,953.02 75.00 0.250 0.020 0.730
6992954 $247,494.39 95.00 33 0.250 0.020 0.355
6992955 $724,593.55 60.42 0.250 0.020 0.855
6992958 $309,213.80 90.00 33 0.250 0.020 0.355
6992959 $449,394.11 72.93 0.250 0.020 0.000
6992960 $250,283.17 90.00 11 0.250 0.020 0.855
6992963 $319,610.92 80.00 0.250 0.020 0.480
6992964 $698,948.68 75.68 0.250 0.020 0.980
6992965 $188,570.43 80.00 0.250 0.020 0.480
6992966 $347,062.40 80.00 0.250 0.020 0.355
6992967 $249,611.41 70.00 0.250 0.020 0.730
6992968 $296,588.94 89.98 13 0.250 0.020 0.480
6992969 $323,031.19 79.94 0.250 0.020 0.480
6992970 $549,293.02 68.75 0.250 0.020 0.230
6992974 $239,692.87 76.19 0.250 0.020 0.230
6992975 $597,215.01 74.75 0.250 0.020 0.105
6992977 $258,900.65 90.00 11 0.250 0.020 0.730
6992978 $276,454.70 80.00 0.250 0.020 0.355
6992981 $499,493.03 80.00 0.250 0.020 1.355
6992984 $334,603.00 70.53 0.250 0.020 0.605
6992985 $232,087.72 95.00 01 0.250 0.020 0.730
6992986 $223,705.96 80.00 0.250 0.020 0.105
6992990 $307,825.35 95.00 11 0.250 0.020 0.605
6993003 $374,182.86 80.00 0.250 0.020 0.000
6993004 $222,921.57 90.00 33 0.250 0.020 0.355
6993005 $239,441.61 80.00 0.250 0.020 0.730
6993006 $227,693.02 80.00 0.250 0.020 0.000
6993008 $256,218.73 95.00 33 0.250 0.020 0.980
6993011 $333,847.54 90.00 33 0.250 0.020 0.855
6993013 $220,180.15 70.00 0.250 0.020 0.605
6993014 $312,315.45 90.00 33 0.250 0.020 0.605
6993015 $223,737.64 90.00 17 0.250 0.020 0.480
6993018 $230,313.61 80.00 0.250 0.020 0.480
6993022 $281,720.17 90.00 13 0.250 0.020 0.000
6993023 $249,840.58 89.29 13 0.250 0.020 0.230
6993024 $251,685.65 80.00 0.250 0.020 0.355
6993025 $215,604.66 64.67 0.250 0.020 0.480
6993042 $235,682.25 80.00 0.250 0.020 0.000
6993043 $244,364.51 80.00 0.250 0.020 0.230
6993045 $229,682.40 67.65 0.250 0.020 0.000
6993056 $299,360.67 65.22 0.250 0.020 0.000
6993057 $369,538.44 89.82 13 0.250 0.020 0.355
6993059 $387,097.25 80.00 0.250 0.020 0.730
6993060 $249,042.31 94.98 17 0.250 0.020 0.980
6993061 $255,588.85 79.99 0.250 0.020 0.480
6993062 $349,523.65 73.88 0.250 0.020 0.355
6993065 $220,902.27 79.99 0.250 0.020 0.000
6993066 $339,771.87 80.00 0.250 0.020 0.000
6993070 $296,638.89 78.99 0.250 0.020 0.480
6993071 $227,861.88 80.00 0.250 0.020 0.480
6993096 $439,465.01 80.00 0.250 0.020 0.480
6993099 $227,743.41 80.00 0.250 0.020 0.855
6993100 $237,329.80 95.00 13 0.250 0.020 0.605
6993101 $222,877.61 92.50 13 0.250 0.020 0.355
6993103 $259,612.87 78.44 0.250 0.020 0.000
6993109 $239,708.19 80.00 0.250 0.020 0.480
6993110 $235,656.55 80.00 0.250 0.020 1.230
6993111 $404,741.75 75.00 0.250 0.020 0.230
6993114 $227,595.73 80.00 0.250 0.020 0.355
6993120 $319,790.68 88.89 33 0.250 0.020 0.105
6993121 $248,841.23 75.68 0.250 0.020 0.230
6993135 $299,596.08 67.42 0.250 0.020 0.000
6993136 $221,301.63 80.00 0.250 0.020 0.000
6993138 $231,855.80 80.00 0.250 0.020 0.355
6993139 $299,510.95 19.74 0.250 0.020 0.355
6993141 $258,401.60 90.00 24 0.250 0.020 0.000
6993143 $239,452.26 80.00 0.250 0.020 0.605
6993144 $456,429.92 74.78 0.250 0.020 0.355
6993146 $549,640.23 57.89 0.250 0.020 0.105
6993147 $309,623.07 80.00 0.250 0.020 0.480
6993148 $319,579.94 80.00 0.250 0.020 0.105
6993150 $259,714.89 80.00 0.250 0.020 0.980
6993152 $239,984.56 90.00 33 0.250 0.020 0.105
6993154 $331,449.09 90.00 33 0.250 0.020 0.480
6993155 $242,828.49 80.00 0.250 0.020 0.000
6993156 $423,207.72 75.00 0.250 0.020 0.230
6993157 $244,495.23 70.00 0.250 0.020 0.730
6993158 $371,916.55 80.00 0.250 0.020 0.105
6993159 $419,448.66 75.00 0.250 0.020 0.105
6993160 $267,674.13 80.00 0.250 0.020 0.480
6993161 $229,121.07 90.00 13 0.250 0.020 0.480
6993162 $265,732.54 79.99 0.250 0.020 0.000
6993165 $227,868.82 80.00 0.250 0.020 0.730
6993171 $218,264.25 80.00 0.250 0.020 0.355
6993172 $257,661.32 79.88 0.250 0.020 0.105
6993173 $299,635.21 80.00 0.250 0.020 0.480
6993176 $998,814.96 40.00 0.250 0.020 0.605
6993180 $268,464.69 79.98 0.250 0.020 0.355
6993181 $379,775.65 80.00 0.250 0.020 0.605
6993184 $998,784.09 64.52 0.250 0.020 0.480
6993186 $649,124.82 46.43 0.250 0.020 0.000
6993188 $291,226.84 90.00 33 0.250 0.020 0.230
6993189 $229,698.08 71.03 0.250 0.020 0.105
6993190 $584,288.71 68.02 0.250 0.020 0.480
6993193 $239,830.61 75.00 0.250 0.020 0.000
6993194 $89,946.87 60.40 0.250 0.020 0.605
6993195 $263,229.55 70.00 0.250 0.020 0.480
6993196 $104,878.73 75.00 0.250 0.020 0.730
6993198 $278,669.38 82.79 33 0.250 0.020 0.605
6993205 $224,510.23 75.00 0.250 0.020 0.730
6993206 $296,448.28 65.96 0.250 0.020 0.605
6993210 $268,306.20 90.00 24 0.250 0.020 0.230
6993212 $259,503.20 89.11 01 0.250 0.020 0.000
6993214 $255,823.82 80.00 0.250 0.020 0.000
6993215 $374,620.02 68.81 0.250 0.020 0.230
6993217 $229,988.97 80.00 0.250 0.020 0.605
6993219 $599,288.97 80.00 0.250 0.020 0.605
6993221 $319,779.78 80.00 0.250 0.020 0.000
6993222 $224,636.18 74.26 0.250 0.020 0.855
6993223 $252,160.01 72.35 0.250 0.020 0.000
6993225 $309,193.59 80.00 0.250 0.020 0.105
6993226 $249,696.03 78.44 0.250 0.020 0.480
6993228 $251,064.83 80.00 0.250 0.020 0.000
6993229 $415,966.99 79.96 0.250 0.020 0.230
6993230 $334,759.98 80.00 0.250 0.020 0.105
6993231 $351,993.03 66.49 0.250 0.020 0.730
6993232 $335,580.86 80.00 0.250 0.020 0.355
6993233 $326,139.46 90.00 11 0.250 0.020 0.000
6993235 $299,742.29 80.00 0.250 0.020 0.480
6993236 $219,554.17 80.00 0.250 0.020 0.000
6993238 $274,042.04 61.38 0.250 0.020 0.230
6993239 $81,306.00 61.20 0.250 0.020 0.730
6993241 $228,657.02 95.00 33 0.250 0.020 0.230
6993242 $238,909.16 95.00 11 0.250 0.020 0.480
6993243 $227,722.78 80.00 0.250 0.020 0.480
6993244 $248,996.47 62.89 0.250 0.020 0.230
6993246 $348,712.99 90.00 13 0.250 0.020 0.605
6993247 $218,134.44 95.00 06 0.250 0.020 0.480
6993249 $297,845.23 79.99 0.250 0.020 0.000
6993250 $294,692.49 90.00 13 0.250 0.020 0.000
6993251 $275,537.82 79.99 0.250 0.020 0.105
6993253 $239,138.50 94.99 11 0.250 0.020 0.230
6993254 $381,998.80 79.99 0.250 0.020 0.000
6993257 $237,356.12 95.00 17 0.250 0.020 0.480
6993259 $255,861.52 63.41 0.250 0.020 0.730
6993260 $266,353.78 90.00 01 0.250 0.020 0.730
6993261 $351,239.25 90.00 12 0.250 0.020 0.355
6993262 $217,414.01 79.99 0.250 0.020 0.480
6993263 $282,520.50 93.71 33 0.250 0.020 0.855
6993264 $255,608.84 80.00 0.250 0.020 0.480
6993266 $264,652.13 45.69 0.250 0.020 0.105
6993269 $265,842.96 95.00 33 0.250 0.020 0.605
6993273 $239,830.61 71.72 0.250 0.020 0.000
6993275 $249,840.58 76.92 0.250 0.020 0.230
6993277 $350,494.17 90.00 33 0.250 0.020 0.605
6993278 $459,714.09 80.00 0.250 0.020 0.355
6993280 $399,513.65 88.89 33 0.250 0.020 0.480
6993282 $243,695.62 61.00 0.250 0.020 0.355
6993284 $49,937.62 38.46 0.250 0.020 0.355
6993285 $237,295.94 80.00 0.250 0.020 0.230
6993286 $110,345.13 67.00 0.250 0.020 0.230
6993288 $223,114.75 95.00 33 0.250 0.020 0.480
6993296 $389,731.61 67.05 0.250 0.020 0.000
6993297 $449,705.63 76.27 0.250 0.020 0.105
6993299 $224,767.22 90.00 06 0.250 0.020 0.605
6993300 $288,251.49 95.00 33 0.250 0.020 0.000
6993302 $471,395.97 80.00 0.250 0.020 0.230
6993305 $239,854.61 80.00 0.250 0.020 0.480
6993307 $280,801.78 80.00 0.250 0.020 0.000
6993309 $272,834.62 89.98 12 0.250 0.020 0.480
6993310 $228,964.01 70.00 0.250 0.020 0.355
6993311 $244,822.68 77.95 0.250 0.020 0.000
6993315 $315,787.97 80.00 0.250 0.020 0.000
6993316 $163,795.41 80.00 0.250 0.020 0.355
6993317 $305,724.00 74.98 0.250 0.020 0.730
6993321 $279,384.96 94.99 13 0.250 0.020 0.605
6993323 $318,561.82 75.00 0.250 0.020 0.605
6993325 $274,837.64 73.33 0.250 0.020 0.605
6993326 $427,712.82 80.00 0.250 0.020 0.000
6993328 $499,681.17 51.02 0.250 0.020 0.230
6993335 $393,754.17 79.80 0.250 0.020 0.000
6993336 $243,061.16 92.56 01 0.250 0.020 0.605
6993338 $323,798.62 74.48 0.250 0.020 0.355
6993343 $399,703.14 54.42 0.250 0.020 0.000
6993345 $228,080.87 90.00 33 0.250 0.020 0.480
6993346 $244,112.02 80.00 0.250 0.020 0.480
6993347 $327,806.35 80.00 0.250 0.020 0.605
6993350 $324,504.95 90.00 33 0.250 0.020 0.480
6993356 $275,628.39 80.00 0.250 0.020 0.000
6993358 $349,798.63 66.02 0.250 0.020 0.730
6993364 $224,726.41 54.46 0.250 0.020 0.480
6993366 $759,551.30 80.00 0.250 0.020 0.605
6993368 $228,457.91 90.00 33 0.250 0.020 0.355
6993369 $232,474.17 95.00 06 0.250 0.020 0.605
6993371 $246,760.73 61.75 0.250 0.020 0.730
6993372 $486,704.97 63.25 0.250 0.020 0.480
6993379 $199,730.71 49.48 0.250 0.020 0.000
6993380 $217,721.02 59.84 0.250 0.020 0.230
6993381 $340,582.68 80.00 0.250 0.020 0.230
6993382 $273,820.77 80.00 0.250 0.020 0.105
6993383 $299,798.71 53.57 0.250 0.020 0.000
6993385 $423,736.46 80.00 0.250 0.020 0.355
6993389 $404,520.06 76.85 0.250 0.020 0.605
6993390 $249,380.46 79.99 0.250 0.020 0.230
6993394 $242,719.38 90.00 33 0.250 0.020 0.730
6993396 $220,369.81 90.00 11 0.250 0.020 0.605
6993398 $241,307.79 90.00 11 0.250 0.020 0.000
6993400 $315,264.79 79.80 0.250 0.020 0.730
6993404 $447,706.94 78.75 0.250 0.020 0.105
6993407 $539,589.10 67.08 0.250 0.020 0.000
6993408 $349,574.43 66.18 0.250 0.020 0.480
6993410 $246,200.28 79.52 0.250 0.020 0.480
6993413 $263,509.14 90.00 11 0.250 0.020 0.000
6993414 $233,485.09 89.99 11 0.250 0.020 0.000
6993420 $255,728.30 79.99 0.250 0.020 0.000
6993421 $271,548.32 54.35 0.250 0.020 0.000
6993422 $299,574.72 79.16 0.250 0.020 0.000
6993425 $399,738.34 57.14 0.250 0.020 0.105
6993432 $346,721.16 79.52 0.250 0.020 0.730
6993435 $228,486.59 80.00 0.250 0.020 0.000
6993436 $230,263.97 90.00 01 0.250 0.020 0.605
6993437 $255,437.01 80.00 0.250 0.020 0.230
6993438 $292,313.49 90.00 33 0.250 0.020 0.230
6993442 $299,803.76 79.64 0.250 0.020 0.105
6993443 $272,621.55 80.00 0.250 0.020 0.105
6993448 $399,751.38 36.36 0.250 0.020 0.355
6993451 $274,665.64 73.33 0.250 0.020 0.480
6993453 $365,102.04 90.00 33 0.250 0.020 0.230
6993456 $224,780.60 90.00 06 0.250 0.020 0.730
6993459 $314,793.94 90.00 33 0.250 0.020 0.105
6993464 $266,779.08 85.00 06 0.250 0.020 0.355
6993465 $293,063.00 85.00 33 0.250 0.020 0.230
6993467 $299,803.76 77.92 0.250 0.020 0.105
6993468 $224,698.76 95.00 24 0.250 0.020 0.230
6993469 $215,865.74 89.66 33 0.250 0.020 0.355
6993470 $301,717.11 89.98 01 0.250 0.020 0.480
6993471 $437,316.53 80.00 0.250 0.020 0.605
6993472 $453,100.34 80.00 0.250 0.020 0.000
6993474 $389,757.60 56.93 0.250 0.020 0.355
6993475 $308,324.64 90.00 12 0.250 0.020 0.480
6993476 $247,674.46 80.00 0.250 0.020 0.105
6993477 $263,354.37 90.00 33 0.250 0.020 0.480
6993478 $227,772.23 95.00 33 0.250 0.020 0.855
6993479 $229,364.50 90.00 33 0.250 0.020 0.605
6993482 $234,829.91 67.14 0.250 0.020 0.000
6993485 $455,701.71 80.00 0.250 0.020 0.105
6993486 $255,840.89 80.00 0.250 0.020 0.355
6993488 $219,356.42 59.16 0.250 0.020 0.105
6993489 $559,624.25 61.54 0.250 0.020 0.000
6993491 $383,569.60 89.99 33 0.250 0.020 0.000
6993493 $79,953.97 45.98 0.250 0.020 0.730
6993495 $424,735.84 76.58 0.250 0.020 0.355
6993498 $261,573.09 90.00 11 0.250 0.020 0.230
6993500 $269,832.19 80.00 0.250 0.020 0.355
6993501 $231,486.02 79.90 0.250 0.020 0.355
6993502 $259,834.21 43.33 0.250 0.020 0.230
6993514 $220,355.40 80.00 0.250 0.020 0.230
6993515 $296,802.45 80.00 0.250 0.020 0.105
6993519 $268,628.53 72.90 0.250 0.020 0.000
6993526 $350,251.21 90.00 33 0.250 0.020 0.230
6993527 $259,834.21 80.00 0.250 0.020 0.230
6993528 $303,648.92 80.00 0.250 0.020 0.730
6993529 $343,786.18 80.00 0.250 0.020 0.355
6993530 $242,867.27 90.00 11 0.250 0.020 0.980
6993531 $214,966.30 90.00 11 0.250 0.020 0.355
6993532 $359,781.91 90.00 33 0.250 0.020 0.480
6993537 $263,612.22 80.00 0.250 0.020 0.230
6993538 $259,675.66 80.00 0.250 0.020 0.355
6993539 $315,497.64 80.00 0.250 0.020 0.355
6993543 $224,849.03 75.00 0.250 0.020 0.000
6993544 $81,864.62 51.25 0.250 0.020 0.980
6993546 $289,833.15 40.28 0.250 0.020 0.730
6993548 $242,794.11 90.00 12 0.250 0.020 0.230
6993549 $352,575.03 90.00 13 0.250 0.020 0.230
6993551 $317,949.09 80.00 0.250 0.020 0.000
6993552 $313,405.08 80.00 0.250 0.020 0.355
6993553 $97,871.35 69.69 0.250 0.020 0.105
6993554 $299,577.38 78.95 0.250 0.020 0.605
6993555 $305,330.04 90.00 11 0.250 0.020 0.000
6993559 $220,679.80 75.00 0.250 0.020 0.230
6993560 $389,730.81 90.00 11 0.250 0.020 0.480
6993561 $230,704.38 70.00 0.250 0.020 0.230
6993562 $232,174.28 79.98 0.250 0.020 0.480
6993563 $251,439.34 80.00 0.250 0.020 0.000
6993564 $231,456.05 79.99 0.250 0.020 0.355
6993565 $334,975.09 80.00 0.250 0.020 0.000
6993566 $259,842.49 76.47 0.250 0.020 0.480
6993567 $238,068.58 69.89 0.250 0.020 0.000
6993568 $309,323.43 89.99 11 0.250 0.020 0.480
6993569 $251,843.37 90.00 11 0.250 0.020 0.355
6993570 $323,585.38 76.78 0.250 0.020 0.230
6993571 $227,208.87 79.99 0.250 0.020 0.230
6993572 $281,225.10 79.99 0.250 0.020 0.355
6993578 $274,974.55 94.99 33 0.250 0.020 0.230
6993580 $230,704.38 70.00 0.250 0.020 0.230
6993593 $276,935.22 90.00 12 0.250 0.020 0.980
6993606 $549,630.96 66.59 0.250 0.020 0.000
6993611 $276,164.57 69.09 0.250 0.020 0.000
6993635 $224,060.65 95.00 33 0.250 0.020 0.355
6993636 $243,818.92 80.00 0.250 0.020 0.000
6993637 $243,990.29 95.00 33 0.250 0.020 0.105
6993639 $243,840.39 80.00 0.250 0.020 0.105
6993640 $359,634.98 90.00 33 0.250 0.020 1.355
6993641 $322,993.91 80.00 0.250 0.020 0.230
6993653 $283,025.24 80.00 0.250 0.020 0.855
6993654 $398,685.44 80.00 0.250 0.020 0.000
6993655 $230,952.63 44.44 0.250 0.020 0.230
6993657 $269,187.26 90.00 33 0.250 0.020 0.000
6993662 $388,000.00 80.00 0.250 0.020 0.105
6993663 $649,541.24 59.09 0.250 0.020 0.000
6993666 $220,348.25 70.00 0.250 0.020 0.000
6993670 $304,890.03 90.00 33 0.250 0.020 0.000
6993672 $758,052.19 60.68 0.250 0.020 0.605
6993674 $343,780.64 80.00 0.250 0.020 0.230
6993678 $263,831.66 78.81 0.250 0.020 0.230
6993681 $263,844.14 80.00 0.250 0.020 0.605
6993682 $270,835.82 78.55 0.250 0.020 0.480
6993685 $247,783.63 80.00 0.250 0.020 0.000
6993689 $371,762.79 79.66 0.250 0.020 0.230
6993692 $377,491.05 79.92 0.250 0.020 0.000
6993693 $649,574.81 54.17 0.250 0.020 0.105
6993694 $283,323.79 75.50 0.250 0.020 0.355
6993695 $275,819.46 80.00 0.250 0.020 0.105
6993696 $287,825.53 80.00 0.250 0.020 0.480
6993700 $261,079.11 95.00 12 0.250 0.020 0.105
6993701 $322,224.68 90.00 12 0.250 0.020 0.480
6993702 $226,846.69 78.28 0.250 0.020 0.000
6993704 $195,481.51 69.98 0.250 0.020 0.480
6993705 $295,000.00 64.98 0.250 0.020 0.105
6993706 $154,606.28 70.00 0.250 0.020 0.480
6993710 $349,776.82 88.87 11 0.250 0.020 0.230
6993711 $227,858.29 80.00 0.250 0.020 0.355
6993714 $238,297.94 79.88 0.250 0.020 0.230
6993717 $227,996.92 90.00 11 0.250 0.020 0.000
6993721 $287,675.89 80.00 0.250 0.020 0.855
6993722 $409,180.67 80.00 0.250 0.020 0.000
6993724 $225,132.89 92.00 06 0.250 0.020 0.605
6993726 $311,574.33 77.56 0.250 0.020 0.000
6993727 $599,554.71 60.00 0.250 0.020 0.000
6993729 $235,987.48 63.82 0.250 0.020 0.000
6993732 $259,850.41 80.00 0.250 0.020 0.730
6993739 $281,233.86 70.00 0.250 0.020 0.605
6993740 $395,363.64 80.00 0.250 0.020 0.000
6993745 $216,865.12 86.80 33 0.250 0.020 0.355
6993753 $246,830.02 95.00 11 0.250 0.020 0.000
6993755 $253,850.00 80.00 0.250 0.020 0.000
6993758 $424,166.20 80.00 0.250 0.020 0.355
6993761 $227,834.98 80.00 0.250 0.020 0.000
6993772 $299,741.71 68.57 0.250 0.020 0.000
6993775 $455,686.18 60.00 0.250 0.020 0.000
6993778 $298,823.47 72.57 0.250 0.020 0.605
6993782 $309,600.00 80.00 0.250 0.020 0.480
6993784 $223,803.51 80.00 0.250 0.020 0.105
6993785 $271,643.63 80.00 0.250 0.020 0.730
6993788 $375,000.00 62.50 0.250 0.020 0.105
6993789 $471,699.02 80.00 0.250 0.020 0.230
6993790 $265,439.10 80.00 0.250 0.020 0.480
6993796 $275,805.20 80.00 0.250 0.020 0.000
6993800 $479,669.67 80.00 0.250 0.020 0.000
6993801 $244,651.70 80.00 0.250 0.020 0.480
6993804 $332,665.04 90.00 11 0.250 0.020 0.000
6993806 $338,130.00 80.00 0.250 0.020 0.605
6993807 $221,858.44 80.00 0.250 0.020 0.230
6993808 $249,480.48 32.89 0.250 0.020 0.000
6993809 $399,763.84 57.55 0.250 0.020 0.605
6993810 $232,750.00 95.00 33 0.250 0.020 0.105
6993813 $239,843.01 77.42 0.250 0.020 0.105
6993814 $247,129.81 89.99 11 0.250 0.020 0.000
6993815 $282,428.80 90.00 11 0.250 0.020 0.480
6993817 $248,900.00 95.00 13 0.250 0.020 0.000
6993818 $226,000.00 75.21 0.250 0.020 0.000
6993820 $349,803.78 79.55 0.250 0.020 0.855
6993825 $230,800.00 90.00 06 0.250 0.020 0.605
6993826 $281,000.00 77.73 0.250 0.020 0.605
6993827 $129,500.00 70.00 0.250 0.020 0.980
6993828 $239,830.61 80.00 0.250 0.020 0.000
6993831 $227,664.73 95.00 01 0.250 0.020 0.230
6993832 $279,830.37 80.00 0.250 0.020 0.480
6993834 $374,772.82 50.00 0.250 0.020 0.480
6993835 $625,000.00 69.44 0.250 0.020 0.355
6993839 $264,000.00 80.00 0.250 0.020 0.000
6993848 $249,121.11 78.19 0.250 0.020 0.730
6993849 $490,322.03 80.00 0.250 0.020 0.000
6993850 $427,200.00 80.00 0.250 0.020 0.105
6993854 $380,000.00 80.00 0.250 0.020 0.230
6993859 $278,743.80 70.00 0.250 0.020 0.980
6993861 $815,424.08 80.00 0.250 0.020 0.000
6993862 $262,041.16 95.00 33 0.250 0.020 0.480
6993863 $221,950.00 97.22 33 0.250 0.020 0.000
6993864 $224,856.53 90.00 33 0.250 0.020 0.230
6993865 $293,642.52 70.00 0.250 0.020 0.480
6993873 $215,885.05 90.00 06 0.250 0.020 1.105
6993875 $226,862.49 79.94 0.250 0.020 0.480
6993881 $225,770.03 90.00 33 0.250 0.020 0.730
6993882 $264,835.29 77.94 0.250 0.020 0.355
6993888 $292,500.00 90.00 33 0.250 0.020 0.000
6993931 $269,900.00 90.00 33 0.250 0.020 0.000
6993941 $224,100.00 90.00 06 0.250 0.020 0.230
6993942 $220,000.00 72.13 0.250 0.020 0.000
6993947 $242,400.00 80.00 0.250 0.020 0.000
6993956 $320,000.00 86.02 33 0.250 0.020 0.730
6993960 $218,000.00 88.62 01 0.250 0.020 0.000
6993970 $293,150.00 89.99 33 0.250 0.020 0.355
6993984 $268,875.00 75.00 0.250 0.020 0.730
6993985 $270,000.00 74.59 0.250 0.020 0.355
6994005 $215,369.45 78.36 0.250 0.020 0.480
6994006 $400,000.00 79.30 0.250 0.020 0.355
6994012 $288,000.00 90.00 33 0.250 0.020 0.355
6994043 $300,000.00 75.00 0.250 0.020 0.000
6994044 $301,000.00 70.00 0.250 0.020 0.000
6994061 $252,500.00 91.16 33 0.250 0.020 0.105
6994068 $232,500.00 75.00 0.250 0.020 0.230
$165,000,715.25
COUNT: 542
WAC: 8.32239671
WAM: 358.0031305
WALTV: 77.77546988
</TABLE>
<PAGE>
EXHIBIT F-2
[Schedule of Mortgage Loans Serviced by Norwest Mortgage
in Frederick, Maryland]
NASCOR
NMI / 1996-9 Exhibit F-2
20 & 30 YEAR FIXED RATE NON-RELOCATION LOANS
<TABLE>
<CAPTION>
(i) (ii) (iii) (iv) (v) (vi) (vii) (viii)
- ----- ------------- ------- ----- -------- -------- -------- ---------- -------- ----------
NET
MORTGAGE MORTGAGE MORTGAGE CURRENT ORIGINAL SCHEDULED
LOAN ZIP PROPERTY INTEREST INTEREST MONTHLY TERM TO MATURITY
NUMBER CITY STATE CODE TYPE RATE RATE PAYMENT MATURITY DATE
- ----- ------------- ------- ----- -------- -------- -------- ---------- -------- ----------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
3584394 BASALT CO 81621 SFD 8.500 7.750 $2,104.91 360 1-Nov-26
3584871 JACKSON NJ 08527 SFD 8.250 7.750 $919.56 360 1-Sep-25
3594113 ORLANDO FL 32810 SFD 8.500 7.750 $472.89 360 1-Sep-26
4464433 CAPE CORAL FL 33914 SFD 8.750 7.750 $2,124.09 360 1-Sep-26
4478640 FAIR LAWN NJ 07410 SFD 8.500 7.750 $953.46 360 1-Nov-25
4481366 SAGAPONACK NY 11962 SFD 8.375 7.750 $1,900.19 360 1-Oct-26
4484460 BOONTON NJ 07005 LCO 7.750 7.480 $859.70 360 1-Nov-26
4489548 MAYS LANDING NJ 08330 SFD 8.375 7.750 $988.10 360 1-Nov-26
4497340 POMONA NY 10970 SFD 8.625 7.750 $1,944.48 360 1-Nov-26
4498802 SCOTTSDALE AZ 85254 SFD 7.500 7.230 $2,419.29 360 1-Apr-26
4500087 HOWELL NJ 07727 SFD 8.375 7.750 $1,444.14 360 1-Oct-26
4500881 MONTEBELLO NY 10901 SFD 8.250 7.750 $1,990.86 360 1-Oct-26
4501820 NEW YORK NY 10024 MF3 7.250 6.980 $3,240.34 360 1-May-26
4504102 LAKE JACKSON TX 77566 SFD 8.375 7.750 $2,599.45 360 1-Nov-26
4504756 BROOKLYN NY 11210 SFD 7.125 6.855 $2,694.88 360 1-Apr-26
4505636 MANASQUAN NJ 08736 SFD 8.250 7.750 $2,256.81 360 1-Nov-26
4507043 UNION CITY NJ 07087 MF3 6.375 6.105 $926.45 360 1-May-26
4509081 SCRANTON PA 18510 MF3 7.250 6.980 $593.50 360 1-Apr-26
4510340 LUDLOW VT 05149 LCO 8.500 7.750 $1,753.13 360 1-Dec-26
4515536 SAUGERTIES NY 12477 SFD 8.250 7.750 $533.40 360 1-Nov-26
4516555 GLEN GARDNER NJ 08826 SFD 8.250 7.750 $1,905.22 360 1-Oct-26
4517339 BUFORD GA 30519 SFD 8.375 7.750 $2,081.84 360 1-Nov-26
4518083 LEVITTOWN NY 11756 SFD 8.000 7.730 $1,085.98 360 1-Sep-26
4519844 STATEN ISLAND NY 10312 SFD 8.750 7.750 $3,028.80 360 1-Nov-26
4520610 NEW EGYPT NJ 08533 SFD 8.375 7.750 $988.09 360 1-Oct-26
4521760 WILLISTOWN PA 19073 SFD 8.125 7.750 $3,571.79 360 1-Nov-26
4523250 FORT MYERS FL 33912 SFD 9.375 7.750 $910.77 360 1-Oct-26
4524991 NEW CITY NY 10956 SFD 8.250 7.750 $2,013.40 360 1-Dec-26
4525371 MILLER PLACE NY 11764 SFD 8.750 7.750 $1,180.06 360 1-Dec-26
4526893 LUDLOW VT 05149 LCO 8.625 7.750 $1,361.14 360 1-Nov-26
4527362 SHELBY TOWNSH MI 48315 SFD 8.125 7.750 $1,219.93 360 1-Sep-26
4527563 NORTH MIAMI B FL 33160 HCO 8.875 7.750 $127.30 360 1-Jul-26
4527584 RAMAPO NY 10931 SFD 8.250 7.750 $1,652.79 360 1-Dec-26
4528113 MOUNT SINAI NY 11766 SFD 8.500 7.750 $2,037.63 360 1-Nov-26
4528186 WAYNE NJ 07470 LCO 8.875 7.750 $1,335.10 360 1-Oct-26
4528800 SPRING CITY PA 19475 SFD 8.125 7.750 $1,916.39 360 1-Nov-26
4529132 COPPELL TX 75040 SFD 9.250 7.750 $1,151.75 360 1-Jun-26
4529768 LAS VEGAS NV 89117 SFD 8.500 7.750 $743.54 360 1-Oct-26
4531008 BOWIE MD 20721 SFD 8.625 7.750 $1,984.15 360 1-Nov-26
4531544 MASSAPEQUA PA NY 11762 SFD 8.500 7.750 $1,125.69 360 1-Sep-26
4531704 WEST ORANGE NJ 07052 SFD 8.250 7.750 $1,833.10 360 1-Nov-26
4531760 MOUNTAIN VIEW CA 94041 SFD 8.875 7.750 $2,505.89 360 1-Nov-26
4532903 ARLINGTON TX 76017 SFD 8.750 7.750 $487.75 360 1-Jul-26
4532925 QUINCY MA 02169 SFD 8.875 7.750 $2,386.94 360 1-Oct-26
4532958 BASKING RIDGE NJ 07920 LCO 8.500 7.750 $1,751.97 360 1-Nov-26
4533565 DIX HILLS NY 11746 SFD 8.500 7.750 $2,614.31 360 1-Nov-26
4533844 ANNANDALE NJ 08801 SFD 8.375 7.750 $2,091.72 360 1-Nov-26
4533942 HUNTINGTON NY 11743 THS 8.125 7.750 $1,389.96 360 1-Nov-26
4534399 FULTON MD 20759 SFD 8.875 7.750 $2,368.63 360 1-Sep-26
4534565 FAIR OAKS CA 95628 SFD 8.500 7.750 $676.64 360 1-Apr-26
4534956 PHOENIXVILLE PA 19460 SFD 8.250 7.750 $1,765.48 360 1-Nov-26
4535214 BETHESDA MD 20814 SFD 8.750 7.750 $2,139.83 360 1-Oct-26
4535411 MOUNT VERNON NY 10552 SFD 8.375 7.750 $1,757.29 360 1-Nov-26
4535521 TUCSON AZ 85712 SFD 9.125 7.750 $585.01 360 1-Sep-26
4535552 EAST HAMPTON NY 11937 SFD 8.875 7.750 $3,132.86 360 1-Nov-26
4535827 LEONIA NJ 07605 SFD 8.500 7.750 $1,753.13 360 1-Nov-26
4535950 LONG BEACH TW NJ 08008 SFD 8.750 7.750 $1,966.75 360 1-Oct-26
4535986 EAST BRADFORD PA 19380 SFD 9.000 7.750 $2,331.80 360 1-Oct-26
4536304 ROOSEVELT NY 11575 SFD 9.500 7.750 $630.64 360 1-Oct-26
4536422 EAST ISLIP NY 11730 SFD 8.500 7.750 $1,191.82 360 1-Oct-26
4536620 YONKERS NY 10707 SFD 8.625 7.750 $1,958.09 360 1-Nov-26
4536647 PHILLIPSBURG NJ 08865 SFD 8.750 7.750 $1,826.72 360 1-Sep-26
4536653 WOODSTOCK GA 30188 SFD 9.125 7.750 $758.31 360 1-Sep-26
4536816 NEW ORLEANS LA 70115 SFD 8.875 7.750 $2,151.42 360 1-Oct-26
4536838 SEDONA AZ 86351 SFD 8.875 7.750 $3,182.58 360 1-Oct-26
4536899 ISSAQUAH WA 98027 SFD 8.875 7.750 $2,270.37 360 1-Oct-26
4536926 PARK RIDGE NJ 07656 SFD 8.875 7.750 $3,316.25 360 1-Oct-26
4537174 ST PAUL MN 55102 SFD 8.250 7.750 $4,000.50 360 1-Oct-26
4537299 OTTSVILLE PA 18942 SFD 8.000 7.730 $1,731.69 360 1-Oct-26
4537319 ROGERS AR 72756 SFD 8.500 7.750 $1,860.77 360 1-Aug-26
4537331 MERRICK NY 11566 SFD 8.625 7.750 $2,115.59 360 1-Sep-26
4537364 GREAT NECK NY 11023 SFD 8.000 7.730 $2,127.92 360 1-Sep-26
4537389 HOLDEN BEACH NC 28462 SFD 8.000 7.730 $2,443.44 360 1-Sep-26
4537396 VIENNA VA 22182 SFD 8.250 7.750 $2,501.34 360 1-Oct-26
4537596 IRVINE CA 92720 SFD 8.625 7.750 $2,022.25 360 1-Aug-26
4537747 EAST BRUNSWIC NJ 08816 THS 8.875 7.750 $1,050.26 360 1-Nov-26
4537762 SCOTTSDALE AZ 85255 SFD 8.375 7.750 $2,849.52 360 1-Sep-26
4537767 SALT LAKE CIT UT 84109 SFD 8.375 7.750 $1,900.19 360 1-Oct-26
4537776 SAN JOSE CA 95124 SFD 8.500 7.750 $2,152.66 360 1-Aug-26
4537791 LINCOLN PARK NJ 07035 LCO 8.875 7.750 $580.83 360 1-Nov-26
4537809 PALMDALE CA 93551 SFD 8.375 7.750 $1,730.68 360 1-Aug-26
4537832 LINCOLN MA 01773 SFD 8.250 7.750 $4,687.91 360 1-Jul-26
4537862 EASTON MA 02334 SFD 8.000 7.730 $2,436.10 360 1-Sep-26
4537865 SANTA ROSA CA 95409 SFD 8.625 7.750 $2,146.70 360 1-Jul-26
4537868 LOS OLIVOS CA 93441 SFD 8.375 7.750 $1,757.29 360 1-Aug-26
4537878 ENGLEWOOD CO 80111 SFD 8.500 7.750 $2,478.90 360 1-Sep-26
4537956 ARLINGTON VA 22209 LCO 8.250 7.750 $2,055.47 360 1-Sep-26
4537961 ASHBURN VA 22011 SFD 8.250 7.750 $1,890.56 360 1-Sep-26
4537962 EAST HILLS NY 11577 SFD 8.250 7.750 $2,404.06 360 1-Oct-26
4537968 WASHINGTON DC 20007 LCO 8.750 7.750 $2,360.10 360 1-Sep-26
4538085 SAG HARBOR NY 11963 SFD 9.000 7.750 $1,488.56 360 1-Nov-26
4538100 WESTON MA 02193 SFD 7.875 7.605 $2,574.00 360 1-Oct-26
4538210 SAN JOSE CA 95120 SFD 8.125 7.750 $2,004.75 360 1-Nov-26
4538240 IRVINE CA 92720 SFD 8.125 7.750 $2,524.49 360 1-Sep-26
4538269 LAKE OSWEGO OR 97035 SFD 8.750 7.750 $2,074.14 360 1-Aug-26
4538270 VANCOUVER WA 98684 SFD 8.750 7.750 $2,714.12 360 1-Aug-26
4538302 UNIVERSITY PA TX 75205 SFD 8.125 7.750 $2,450.24 360 1-Sep-26
4538315 KINGSTON OH 45644 SFD 8.750 7.750 $2,360.11 360 1-Oct-26
4538368 ROCKFORD IL 61103 SFD 8.750 7.750 $3,697.50 360 1-Oct-26
4538374 TUCSON AZ 85718 SFD 8.250 7.750 $1,855.63 360 1-Oct-26
4538419 NASHVILLE TN 37205 SFD 8.250 7.750 $2,394.67 360 1-Oct-26
4538461 CANTON NC 28716 SFD 8.875 7.750 $486.94 360 1-Sep-26
4538464 HANOVER MA 02339 SFD 8.500 7.750 $1,831.55 360 1-Oct-26
4538475 NASHVILLE TN 37205 SFD 8.250 7.750 $2,223.75 360 1-Oct-26
4538483 ASHBURN VA 22011 SFD 7.750 7.480 $1,676.41 360 1-Nov-26
4538516 BRENTWOOD CA 94513 SFD 8.875 7.750 $1,975.99 360 1-Nov-26
4538520 IOWA CITY IA 52240 SFD 8.250 7.750 $2,854.81 360 1-Oct-26
4538565 PATERSON NJ 07514 SFD 9.125 7.750 $488.18 360 1-Nov-26
4538579 VENTOR NJ 08406 SFD 8.750 7.750 $649.03 360 1-Nov-26
4538639 ALTADENA CA 91001 SFD 8.250 7.750 $2,103.55 360 1-Aug-26
4538659 SEAL BEACH CA 90743 SFD 8.750 7.750 $1,947.08 360 1-Oct-26
4538759 EAST HAMPTON NY 11937 SFD 8.750 7.750 $1,941.58 360 1-Oct-26
4538798 MANHASSET NY 11030 SFD 8.125 7.750 $2,338.87 360 1-Nov-26
4538803 GARDEN CITY NY 11530 SFD 8.500 7.750 $3,075.66 360 1-Oct-26
4538828 MASSAPEQUA PA NY 11762 SFD 9.250 7.750 $1,118.84 360 1-Oct-26
4538861 HOLMDEL NJ 07733 SFD 7.750 7.480 $2,256.70 360 1-Nov-26
4539009 SYOSSET NY 11791 SFD 7.875 7.605 $1,812.67 360 1-Oct-26
4539044 ARLINGTON TX 76019 SFD 9.000 7.750 $748.71 360 1-Sep-26
4539045 GRANTS PASS OR 97526 SFD 8.250 7.750 $2,337.95 360 1-Oct-26
4539050 CLAYTON MO 63105 SFD 8.625 7.750 $1,904.03 360 1-Nov-26
4539075 SAN CLEMENTE CA 92673 SFD 8.375 7.750 $2,396.51 360 1-Oct-26
4539085 MARSHFIELD MA 02050 SFD 8.125 7.750 $1,728.17 360 1-Sep-26
4539094 MIAMI FL 33193 PUD 8.125 7.750 $557.99 360 1-Sep-26
4539120 OGDEN UT 84403 SFD 8.250 7.750 $1,803.04 360 1-Sep-26
4539144 SCOTTSDALE AZ 85268 SFD 8.000 7.730 $1,816.07 360 1-Sep-26
4539238 HIGHLAND PARK TX 75205 SFD 8.375 7.750 $2,462.64 360 1-Oct-26
4539240 HIGHLAND CA 92346 SFD 8.250 7.750 $450.76 360 1-Sep-26
4539283 TULSA OK 74137 SFD 8.000 7.730 $1,733.52 360 1-Oct-26
4539310 ALPHARETTA GA 30202 SFD 8.500 7.750 $1,879.23 360 1-Oct-26
4539352 SOUTHLAKE TX 76092 SFD 8.375 7.750 $1,966.69 360 1-Sep-26
4539354 NORTH SALT LA UT 84054 SFD 8.125 7.750 $1,893.37 360 1-Oct-26
4539374 WEST BLOOMFIE MI 48322 LCO 8.750 7.750 $2,552.06 360 1-Oct-26
4539394 FT LAUDERDALE FL 33308 SFD 8.500 7.750 $2,960.32 360 1-Oct-26
4539427 FRANKLIN TN 37067 SFD 8.500 7.750 $1,782.20 360 1-Oct-26
4539480 NEWTOWN PA 18940 SFD 8.125 7.750 $2,969.99 360 1-Oct-26
4539482 SCOTTSDALE AZ 85255 SFD 8.500 7.750 $1,904.98 360 1-Oct-26
4539486 BROOKFIELD CT 06804 SFD 8.375 7.750 $2,128.21 360 1-Oct-26
4539493 NISSWA MN 56468 SFD 8.750 7.750 $2,753.45 360 1-Sep-26
4539530 WAYNE NJ 07470 SFD 8.250 7.750 $2,044.96 240 1-Nov-16
4539534 TULSA OK 74114 SFD 8.250 7.750 $2,253.80 360 1-Sep-26
4539542 MEDFIELD MA 02052 SFD 8.000 7.730 $2,318.70 360 1-Oct-26
4539552 LOS GATOS CA 95030 SFD 8.000 7.730 $3,005.50 360 1-Sep-26
4539599 PHOENIX AZ 85018 SFD 8.375 7.750 $4,526.23 360 1-Sep-26
4539605 NEW YORK CITY NY 10022 HCO 9.375 7.750 $1,364.07 360 1-Oct-26
4539615 BRIARCLIFF MA NY 10510 SFD 8.375 7.750 $1,749.69 360 1-Oct-26
4539617 SAINT JAMES NY 11780 SFD 8.875 7.750 $1,104.36 360 1-Nov-26
4539632 PLYMOUTH MN 55442 SFD 8.500 7.750 $2,034.55 360 1-Sep-26
4539653 REISERSTOWN MD 21136 SFD 8.750 7.750 $1,180.06 360 1-Oct-26
4539664 FIRE ISLAND P NY 11782 SFD 8.875 7.750 $1,989.11 360 1-Oct-26
4539796 MEMPHIS TN 38133 SFD 8.250 7.750 $1,724.16 360 1-Oct-26
4539814 MESA AZ 85204 SFD 7.750 7.480 $1,678.91 360 1-Oct-26
4539838 BAKERSFIELD CA 93311 SFD 8.000 7.730 $2,054.54 360 1-Oct-26
4539850 FLORENCE OR 97439 SFD 8.625 7.750 $2,290.60 360 1-Nov-26
4539852 FORT WORTH TX 76109 SFD 8.375 7.750 $2,105.40 360 1-Oct-26
4539854 WILLOW PARK TX 76087 SFD 8.375 7.750 $2,189.01 360 1-Nov-26
4539902 NORTH TARRYTO NY 10591 SFD 8.250 7.750 $2,103.55 360 1-Nov-26
4539905 RAMSEY NJ 07446 SFD 8.625 7.750 $1,866.70 360 1-Oct-26
4539931 LAFAYETTE IN 47905 SFD 8.375 7.750 $2,608.57 360 1-Oct-26
4539950 MAHWAH NJ 07430 SFD 8.500 7.750 $1,591.65 360 1-Nov-26
4539973 SOUTHLAKE TX 76092 SFD 8.375 7.750 $2,263.12 360 1-Oct-26
4540030 COLLEYVILLE TX 76034 SFD 8.250 7.750 $2,103.55 360 1-Nov-26
4540059 MANHASSET HIL NY 11040 SFD 8.000 7.730 $2,384.73 360 1-Nov-26
4540078 COLORADO SPRI CO 80908 SFD 8.500 7.750 $2,450.92 360 1-Oct-26
4540089 ANN ARBOR MI 48103 SFD 8.000 7.730 $2,421.43 360 1-Oct-26
4540130 WILTON CT 06897 SFD 8.125 7.750 $2,375.99 360 1-Nov-26
4540161 SHICKSHINNY L PA 18655 SFD 8.500 7.750 $645.89 360 1-Nov-26
4540200 NORTHVILLE MI 48167 SFD 9.250 7.750 $2,106.05 360 1-Oct-26
4540255 SHAKOPEE MN 55379 SFD 8.375 7.750 $1,736.01 360 1-Nov-26
4540257 HIGHLANDS RAN CO 80126 SFD 7.875 7.605 $1,884.09 360 1-Oct-26
4540277 HOUSTON TX 77005 SFD 8.250 7.750 $2,065.99 360 1-Sep-26
4540281 WESTFORD MA 01886 LCO 7.875 7.605 $1,670.56 360 1-Oct-26
4540291 NORTH BABYLON NY 11703 SFD 8.500 7.750 $848.88 360 1-Sep-26
4540300 ATLANTA GA 30331 SFD 8.375 7.750 $2,018.00 360 1-Sep-26
4540372 IRVINE CA 92620 SFD 8.125 7.750 $1,711.83 360 1-Sep-26
4540378 PHOENIX AZ 85044 SFD 8.125 7.750 $1,838.42 360 1-Nov-26
4540424 BEND OR 97701 SFD 8.375 7.750 $1,099.82 360 1-Nov-26
4540448 FLOWER MOUND TX 75028 SFD 8.250 7.750 $3,125.27 360 1-Oct-26
4540487 MASSAPEQUA PA NY 11762 SFD 9.250 7.750 $246.80 360 1-Oct-26
4540501 MURRAY UT 84107 SFD 8.375 7.750 $1,991.39 360 1-Sep-26
4540568 VENTURA CA 93003 SFD 8.875 7.750 $2,030.49 360 1-Oct-26
4540571 SEVERNA PARK MD 21146 SFD 8.000 7.730 $2,641.55 360 1-Oct-26
4540572 BROOKLINE MA 02146 SFD 8.250 7.750 $4,131.97 360 1-Oct-26
4540576 SCOTTSDALE AZ 85331 SFD 8.375 7.750 $2,257.41 360 1-Oct-26
4540581 RICHARDSON TX 75082 SFD 9.000 7.750 $965.55 360 1-Nov-26
4540595 GLENCOE AL 35905 SFD 8.250 7.750 $1,923.25 360 1-Oct-26
4540598 WAYNE NJ 07470 SFD 8.625 7.750 $2,527.82 360 1-Nov-26
4540608 PEWEE VALLEY KY 40056 SFD 8.625 7.750 $1,827.03 360 1-Nov-26
4540655 CENTRAL POINT OR 97502 SFD 8.875 7.750 $4,447.66 360 1-Oct-26
4540664 TORRANCE CA 90503 SFD 7.875 7.605 $2,182.46 360 1-Nov-26
4540700 DIAMOND BAR CA 91765 SFD 9.250 7.750 $1,419.12 360 1-Oct-26
4540706 SAN JOSE CA 95131 LCO 8.625 7.750 $795.68 360 1-Oct-26
4540708 ROSLYN HEIGHT NY 11577 SFD 8.500 7.750 $1,576.27 360 1-Nov-26
4540732 VOORHEES NJ 08043 SFD 8.750 7.750 $1,510.47 360 1-Dec-26
4540782 COLTS NECK NJ 07722 SFD 7.750 7.480 $2,328.34 360 1-Sep-26
4540787 NEW BRAUNFELS TX 78132 SFD 8.375 7.750 $1,983.03 360 1-Sep-26
4540813 ATLANTA GA 30329 SFD 8.375 7.750 $2,223.22 360 1-Oct-26
4540857 NEWTON MA 02158 SFD 8.000 7.730 $2,237.99 360 1-Oct-26
4540860 SAN MARCOS TX 78666 SFD 8.875 7.750 $526.72 360 1-Oct-26
4540874 SHREVEPORT LA 71106 SFD 8.250 7.750 $2,298.88 360 1-Oct-26
4540917 MINNEAPOLIS MN 55405 SFD 8.500 7.750 $1,967.27 360 1-Oct-26
4540918 SYOSSET NY 11791 SFD 8.250 7.750 $939.09 360 1-Nov-26
4540927 SAN BRUNO CA 94066 SFD 8.125 7.750 $2,079.00 360 1-Nov-26
4540959 SHELBY MI 48316 SFD 8.625 7.750 $2,100.04 360 1-Sep-26
4540970 LOVELAND CO 80538 SFD 8.375 7.750 $1,900.19 360 1-Sep-26
4541032 TEANECK NJ 07666 SFD 8.750 7.750 $1,290.19 360 1-Nov-26
4541046 JUPITER FL 33478 SFD 8.250 7.750 $665.47 360 1-Oct-26
4541077 NIWOT CO 80503 SFD 9.000 7.750 $2,759.86 360 1-Oct-26
4541195 GEORGETOWN TX 78628 SFD 8.500 7.750 $1,825.02 360 1-Sep-26
4541204 SECAUCUS NJ 07094 SFD 8.875 7.750 $1,193.47 360 1-Nov-26
4541210 SPRING LAKE NJ 07762 SFD 8.375 7.750 $3,040.29 360 1-Oct-26
4541294 PUTNAM VALLEY NY 10579 SFD 8.750 7.750 $1,460.12 360 1-Oct-26
4541321 MANASSAS VA 22110 SFD 8.500 7.750 $2,005.33 360 1-Oct-26
4541333 MONTCLAIR NJ 07042 SFD 8.875 7.750 $1,018.43 360 1-Oct-26
4541458 LAKELAND TN 38002 SFD 8.500 7.750 $1,810.03 360 1-Oct-26
4541508 UNION CITY CA 94587 SFD 8.000 7.730 $1,881.74 360 1-Nov-26
4541522 RIVERDALE NY 10471 SFD 8.375 7.750 $2,660.26 360 1-Oct-26
4541538 BILLERICA MA 01821 SFD 8.375 7.750 $1,319.49 360 1-Oct-26
4541610 GREAT FALLS VA 22066 SFD 8.500 7.750 $2,283.67 360 1-Sep-26
4541621 MIAMI FL 33156 SFD 8.875 7.750 $2,398.86 360 1-Oct-26
4541641 DALLAS TX 75229 SFD 8.750 7.750 $2,127.63 360 1-Oct-26
4541645 BOULDER CO 80302 SFD 8.500 7.750 $3,936.84 360 1-Nov-26
4541721 LOS ANGELES CA 91104 SFD 8.000 7.730 $2,509.47 360 1-Oct-26
4541758 LOS ANGELES CA 90049 LCO 8.500 7.750 $1,107.24 360 1-Nov-26
4541767 GARDEN CITY NY 11530 SFD 9.125 7.750 $2,213.09 360 1-Nov-26
4541774 PARADISE VALL AZ 85253 SFD 8.750 7.750 $3,146.81 360 1-Oct-26
4541848 GARDEN CITY NY 11530 SFD 8.000 7.730 $2,201.30 360 1-Dec-26
4541851 LA HABRA HEIG CA 90631 SFD 8.750 7.750 $2,438.78 360 1-Oct-26
4541857 COLORADO SPRI CO 80906 SFD 8.250 7.750 $1,765.48 360 1-Oct-26
4541874 RENO NV 89506 SFD 9.250 7.750 $920.57 360 1-Oct-26
4541898 HIGHLANDS RAN CO 80126 SFD 8.250 7.750 $1,742.94 360 1-Nov-26
4541925 FALLSTON MD 21047 SFD 8.500 7.750 $2,076.07 360 1-Oct-26
4541948 BEECH MOUNTAI NC 28604 SFD 8.750 7.750 $677.35 360 1-Nov-26
4541979 MACON GA 31220 SFD 8.875 7.750 $3,182.58 360 1-Oct-26
4541985 SCOTTS VALLEY CA 95066 SFD 8.500 7.750 $2,337.50 360 1-Oct-26
4542002 CAMPBELL CA 95008 SFD 8.500 7.750 $2,395.94 360 1-Oct-26
4542027 CUMMING GA 30130 SFD 8.750 7.750 $1,844.03 360 1-Nov-26
4542037 LIVERMORE CA 94550 SFD 8.500 7.750 $2,654.29 360 1-Oct-26
4542063 BELMONT CA 94002 SFD 8.250 7.750 $1,923.24 360 1-Oct-26
4542072 EUGENE OR 97405 SFD 8.500 7.750 $1,974.57 360 1-Oct-26
4542089 RENO NV 89511 SFD 8.750 7.750 $2,053.29 360 1-Sep-26
4542119 BAKERSFIELD CA 93312 SFD 7.875 7.605 $1,658.96 360 1-Sep-26
4542120 HIGHLAND MD 20777 SFD 8.500 7.750 $1,893.45 360 1-Oct-26
4542130 PORTLAND OR 97219 SFD 8.750 7.750 $3,033.52 360 1-Oct-26
4542152 OLD SAYBROOK CT 06475 SFD 8.125 7.750 $4,826.24 360 1-Oct-26
4542162 YONKERS NY 10710 SFD 8.500 7.750 $1,730.06 360 1-Dec-26
4542173 ROLLING HILLS CA 90274 SFD 8.500 7.750 $2,076.07 360 1-Nov-26
4542221 FORT COLLINS CO 80524 SFD 8.375 7.750 $2,850.28 360 1-Nov-26
4542239 ALPHARETTA GA 30202 SFD 8.625 7.750 $2,294.48 360 1-Oct-26
4542240 SAN JOSE CA 95136 SFD 9.125 7.750 $2,048.33 360 1-Dec-26
4542286 CAMAS WA 98607 SFD 8.750 7.750 $3,920.53 360 1-Nov-26
4542307 SAN FRANCISCO CA 94127 SFD 9.000 7.750 $442.54 360 1-Oct-26
4542322 EL DORADO HIL CA 95762 SFD 8.250 7.750 $2,159.14 360 1-Oct-26
4542343 DALLAS TX 75225 SFD 8.375 7.750 $2,107.31 360 1-Oct-26
4542377 MURFREESBORO TN 37127 SFD 8.625 7.750 $1,462.25 360 1-Nov-26
4542388 MONROE NY 10950 SFD 8.500 7.750 $1,591.66 360 1-Oct-26
4542398 SHREVEPORT LA 71106 SFD 8.500 7.750 $2,020.70 360 1-Oct-26
4542401 BAYVILLE NJ 08721 SFD 9.500 7.750 $1,038.46 360 1-Oct-26
4542452 BEEKMAN NY 12533 SFD 8.750 7.750 $912.58 360 1-Nov-26
4542473 LONG BEACH NY 11561 SFD 8.500 7.750 $1,476.32 360 1-Nov-26
4542614 BELLEVUE WA 98006 SFD 8.500 7.750 $2,306.74 360 1-Oct-26
4542640 CALIFON NJ 07830 SFD 8.500 7.750 $2,306.75 360 1-Nov-26
4542667 FULLERTON CA 92853 SFD 8.750 7.750 $2,006.09 360 1-Oct-26
4542704 ALEXANDRIA VA 22309 SFD 9.000 7.750 $1,873.16 360 1-Oct-26
4542719 LAKE ALMANOR CA 96137 SFD 9.375 7.750 $3,240.50 360 1-Oct-26
4542755 ENGLEWOOD CO 80111 SFD 9.375 7.750 $1,386.95 360 1-Nov-26
4542757 PLACERVILLE CA 95667 SFD 8.625 7.750 $1,950.32 355 1-Feb-26
4542765 WEST ORANGE NJ 07052 SFD 8.750 7.750 $590.03 360 1-Nov-26
4542767 ALEXANDRIA VA 22314 PUD 8.500 7.750 $1,999.18 360 1-Oct-26
4542810 PORT JEFFERSO NY 11777 LCO 8.625 7.750 $775.46 360 1-Nov-26
4542840 SPRINGFIELD IL 62704 SFD 9.125 7.750 $465.40 360 1-Nov-26
4542844 DIX HILLS NY 11746 SFD 8.750 7.750 $2,989.47 360 1-Dec-26
4542855 ANN ARBOR MI 48104 SFD 8.375 7.750 $2,044.60 360 1-Nov-26
4542887 MERRICK NY 11566 SFD 9.250 7.750 $1,026.70 360 1-Oct-26
4542904 ACWORTH GA 30101 SFD 9.250 7.750 $979.81 360 1-Nov-26
4542907 LEWISVILLE TX 75067 SFD 8.500 7.750 $627.44 360 1-Oct-26
4542911 UNIVERSITY PA TX 75225 SFD 8.250 7.750 $2,566.33 360 1-Oct-26
4542950 FAIRFAX STATI VA 22039 SFD 8.750 7.750 $2,271.21 360 1-Nov-26
4542955 EUGENE OR 97401 SFD 8.250 7.750 $1,797.03 360 1-Nov-26
4542962 PEMBROKE PINE FL 33027 SFD 8.750 7.750 $1,888.08 360 1-Oct-26
4542977 PORT LAVACA TX 77979 SFD 8.875 7.750 $1,991.70 360 1-Oct-26
4543056 BOUNTIFUL UT 84010 SFD 8.500 7.750 $2,102.98 360 1-Oct-26
4543058 DALLAS TX 75287 SFD 8.375 7.750 $2,078.02 240 1-Oct-16
4543067 SOUTH MERRICK NY 11566 SFD 8.750 7.750 $1,809.41 360 1-Dec-26
4543103 NEW ROCHELLE NY 10801 SFD 8.625 7.750 $1,045.35 360 1-Nov-26
4543114 HAMPTON BAYS NY 11946 SFD 8.750 7.750 $799.29 360 1-Nov-26
4543122 HOWARD BEACH NY 11414 SFD 8.875 7.750 $2,198.37 360 1-Oct-26
4543138 WADING RIVER NY 11792 SFD 8.375 7.750 $1,140.11 360 1-Oct-26
4543183 DANVILLE CA 94526 SFD 8.375 7.750 $2,166.21 360 1-Nov-26
4543212 DANVILLE CA 94526 SFD 8.250 7.750 $3,115.13 360 1-Nov-26
4543223 ROCHESTER HIL MI 48306 SFD 9.000 7.750 $764.39 360 1-Nov-26
4543237 HUNTINGTON NY 11743 SFD 8.875 7.750 $1,814.08 360 1-Nov-26
4543269 DIX HILLS NY 11746 SFD 8.250 7.750 $2,163.65 360 1-Dec-26
4543296 SETAUKET NY 11733 SFD 9.000 7.750 $2,040.53 360 1-Nov-26
4543301 HUNTINGTON NY 11743 SFD 8.750 7.750 $2,187.82 360 1-Nov-26
4543365 LAUREL MT 59044 SFD 7.625 7.355 $452.99 360 1-Nov-26
4543374 GROSSE POINTE MI 48230 SFD 9.250 7.750 $2,356.97 360 1-Oct-26
4543415 SAN RAMON CA 94583 SFD 8.500 7.750 $1,933.82 360 1-Sep-26
4543417 CLAYTON CA 94517 SFD 8.375 7.750 $3,192.30 360 1-Oct-26
4543439 LA CRESCENTA CA 91214 SFD 9.125 7.750 $1,951.50 360 1-Nov-26
4543448 LOOMIS CA 95650 SFD 8.500 7.750 $2,275.99 360 1-Oct-26
4543467 SAN MATEO CA 94401 SFD 8.375 7.750 $2,230.06 360 1-Nov-26
4543503 HAMPTON VA 23669 SFD 8.250 7.750 $1,984.85 360 1-Oct-26
4543612 SAN JOSE CA 95136 SFD 8.375 7.750 $1,963.27 360 1-Nov-26
4543618 EAST BRUNSWIC NJ 08816 SFD 8.125 7.750 $2,060.43 360 1-Nov-26
4543707 PROSPER TX 75078 SFD 8.375 7.750 $1,971.63 360 1-Nov-26
4543751 POTOMAC MD 20854 SFD 8.375 7.750 $3,013.31 360 1-Oct-26
4543770 FAIRFIELD CT 06430 SFD 8.500 7.750 $2,383.64 360 1-Nov-26
4543798 OLYMPIA WA 98513 SFD 8.250 7.750 $1,734.67 354 1-Jun-25
4543836 WESTPORT CT 06880 SFD 8.625 7.750 $2,737.82 360 1-Oct-26
4543854 LAFAYETTE CA 94549 SFD 8.750 7.750 $1,938.43 360 1-Nov-26
4543864 COLLIERVILLE TN 38017 SFD 8.375 7.750 $2,042.33 240 1-Nov-16
4543918 ALEXANDRIA VA 22305 SFD 8.000 7.730 $1,951.82 360 1-Oct-26
4543926 LAGUNA NIGUEL CA 92677 SFD 8.750 7.750 $2,084.76 360 1-Dec-26
4543935 DOVE CANYON CA 92679 SFD 8.375 7.750 $2,979.49 360 1-Oct-26
4543938 PHOENIX AZ 85024 SFD 8.250 7.750 $1,922.87 360 1-Nov-26
4543950 INDIAN RIVER DE 19966 SFD 9.250 7.750 $546.50 360 1-Aug-26
4543960 BENSALEM PA 19020 SFD 8.625 7.750 $525.01 360 1-Sep-26
4543968 SOUTH WINDSOR CT 06074 SFD 8.250 7.750 $1,893.20 360 1-Nov-26
4543986 AUBURN CA 95603 SFD 8.375 7.750 $1,976.19 360 1-Oct-26
4544028 WOODSTOCK GA 30188 SFD 8.750 7.750 $547.55 360 1-Oct-26
4544038 MOUNT LAUREL NJ 08054 LCO 9.250 7.750 $440.95 360 1-Aug-26
4544043 ADDISON TX 75240 SFD 8.500 7.750 $1,937.66 360 1-Oct-26
4544097 ANDOVER MA 01810 SFD 8.375 7.750 $2,541.69 360 1-Nov-26
4544118 DIX HILLS NY 11746 SFD 8.250 7.750 $1,958.56 360 1-Dec-26
4544132 NANTUCKET MA 02554 SFD 9.125 7.750 $2,483.62 360 1-Nov-26
4544202 HENDERSON NV 89014 SFD 8.375 7.750 $1,778.57 360 1-Nov-26
4544206 RIVER FOREST IL 60305 SFD 8.500 7.750 $2,268.30 360 1-Nov-26
4544224 DULUTH GA 30136 SFD 8.500 7.750 $677.41 360 1-Nov-26
4544248 SCARSDALE NY 10583 SFD 8.250 7.750 $1,765.48 360 1-Nov-26
4544267 ORANGEBURG NY 10962 SFD 8.750 7.750 $1,150.55 360 1-Nov-26
4544314 BEND OR 97701 SFD 8.375 7.750 $1,900.18 360 1-Nov-26
4544334 VALLEY VIEW TX 76272 SFD 8.500 7.750 $2,306.74 360 1-Oct-26
4544359 HUNTINGTON BE CA 92648 SFD 8.375 7.750 $3,511.92 360 1-Oct-26
4544461 LONG BEACH CA 90808 SFD 8.750 7.750 $763.10 360 1-Nov-26
4544508 PHOENIX AZ 85044 SFD 8.625 7.750 $1,928.92 360 1-Nov-26
4544563 KINGS PARK NY 11754 SFD 8.250 7.750 $1,111.88 360 1-Dec-26
4544588 ANAHEIM CA 92808 SFD 8.625 7.750 $3,025.61 360 1-Sep-26
4544589 MT. PLEASANT SC 29464 SFD 8.750 7.750 $1,219.39 360 1-Oct-26
4544593 LEESBURG VA 22075 SFD 8.500 7.750 $1,794.65 360 1-Sep-26
4544596 CARSON CITY NV 89703 SFD 8.500 7.750 $2,060.69 360 1-Sep-26
4544599 SAN DIEGO CA 92104 SFD 8.250 7.750 $2,224.51 360 1-Oct-26
4544611 SUFFOLK VA 23435 SFD 8.000 7.730 $1,790.39 360 1-Sep-26
4544612 ALTADENA CA 91001 SFD 8.625 7.750 $3,504.73 360 1-Nov-26
4544614 FAIRFAX STATI VA 22039 SFD 8.125 7.750 $2,429.08 360 1-Sep-26
4544642 WATER MILL NY 11976 SFD 8.375 7.750 $1,501.15 360 1-Nov-26
4544659 SANDY UT 84093 SFD 8.625 7.750 $2,022.26 360 1-Oct-26
4544671 FENTON MI 48430 SFD 9.125 7.750 $1,370.97 360 1-Nov-26
4544691 CARY NC 27511 SFD 8.250 7.750 $1,785.01 360 1-Nov-26
4544758 GRESHAM OR 97080 SFD 8.875 7.750 $2,005.03 360 1-Nov-26
4544759 FORT LAUDERDA FL 33304 SFD 9.000 7.750 $949.46 360 1-Nov-26
4544762 SAN ANTONIO TX 78258 SFD 8.500 7.750 $2,237.54 360 1-Nov-26
4544767 RIDGEFIELD CT 06877 SFD 8.000 7.730 $1,849.09 360 1-Nov-26
4544773 RENO NV 89509 SFD 8.375 7.750 $3,904.88 360 1-Oct-26
4544779 SAN RAMON CA 94583 SFD 8.625 7.750 $2,294.48 360 1-Sep-26
4544811 CARSON CITY NV 89703 SFD 8.875 7.750 $2,019.35 360 1-Sep-26
4544846 SAN DIEGO CA 92121 SFD 8.500 7.750 $1,771.58 360 1-Oct-26
4544860 SAN JOSE CA 95138 SFD 8.125 7.750 $3,044.24 360 1-Sep-26
4544868 FEDERAL WAY WA 98023 SFD 7.625 7.355 $1,797.80 360 1-Sep-26
4544874 DALLAS TX 75229 SFD 8.500 7.750 $2,475.91 360 1-Nov-26
4544876 SAN JOSE CA 95124 SFD 8.375 7.750 $1,826.46 360 1-Sep-26
4544892 COLLEYVILLE TX 76034 SFD 8.750 7.750 $1,822.40 360 1-Sep-26
4544899 TUCSON AZ 85749 SFD 8.625 7.750 $2,208.93 360 1-Sep-26
4544900 LAKE ARROWHEA CA 92352 SFD 8.500 7.750 $2,191.41 360 1-Sep-26
4544902 EAST HAMPTON NY 11937 SFD 8.625 7.750 $964.46 360 1-Dec-26
4544906 SAN DIEGO CA 92128 SFD 7.875 7.605 $1,792.38 360 1-Sep-26
4544933 PARACHUTE CO 81635 SFD 8.500 7.750 $1,791.57 360 1-Oct-26
4544942 VENTURA CA 93003 LCO 8.750 7.750 $708.03 360 1-Oct-26
4544945 CUPERTINO CA 95014 SFD 8.750 7.750 $2,910.80 360 1-Oct-26
4544962 PALM BEACH FL 33480 SFD 8.875 7.750 $3,182.58 360 1-Nov-26
4544973 OAKLAND CA 94611 SFD 8.375 7.750 $1,812.78 360 1-Nov-26
4544974 SAN CLEMENTE CA 92672 LCO 8.875 7.750 $1,933.42 360 1-Oct-26
4545001 BRECKENRIDGE CO 80424 SFD 8.750 7.750 $1,219.39 360 1-Oct-26
4545075 CHESTER VT 05143 SFD 8.500 7.750 $2,429.77 360 1-Dec-26
4545116 GLENBROOK NV 89413 SFD 8.500 7.750 $3,783.06 360 1-Oct-26
4545120 CONIFER CO 80433 SFD 8.500 7.750 $1,903.06 360 1-Oct-26
4545159 BLOOMINGTON MI 48301 SFD 8.625 7.750 $2,450.04 360 1-Oct-26
4545162 SEVERNA PARK MD 21146 SFD 8.250 7.750 $2,389.03 360 1-Oct-26
4545182 WAYNE NJ 07470 PUD 8.375 7.750 $767.68 360 1-Nov-26
4545197 KATONAH NY 10536 SFD 8.625 7.750 $2,426.70 360 1-Nov-26
4545233 CORAM NY 11727 SFD 8.375 7.750 $380.04 360 1-Dec-26
4545257 DALLAS TX 75225 SFD 8.750 7.750 $1,812.56 360 1-Nov-26
4545266 SPARKS NV 89436 SFD 8.750 7.750 $1,797.61 360 1-Nov-26
4545273 KENNESAW GA 30144 SFD 8.750 7.750 $2,973.72 360 1-Nov-26
4545336 LYNDHURST NJ 07071 SFD 8.875 7.750 $1,050.26 360 1-Oct-26
4545406 LAKE OSWEGO OR 97034 SFD 8.500 7.750 $1,845.40 360 1-Oct-26
4545464 DUNKIRK MD 20754 SFD 8.750 7.750 $2,135.11 360 1-Oct-26
4545466 WAYLAND MA 01778 SFD 8.125 7.750 $1,900.80 360 1-Nov-26
4545506 PORTAGE MI 49002 SFD 8.750 7.750 $2,802.63 360 1-Nov-26
4545534 ERIE PA 16507 SFD 8.375 7.750 $3,372.83 360 1-Nov-26
4545567 DALLAS TX 75252 SFD 8.500 7.750 $3,075.66 360 1-Nov-26
4545615 SPRING BRANCH TX 78070 SFD 8.750 7.750 $3,146.80 360 1-Sep-26
4545658 GLEN COVE NY 11542 PUD 8.250 7.750 $2,987.79 360 1-Nov-26
4545690 NAPLES FL 34116 LCO 8.500 7.750 $372.77 360 1-Nov-26
4545708 FAIRFAX STATI VA 22039 SFD 8.250 7.750 $2,239.15 360 1-Oct-26
4545716 BYFIELD MA 01922 SFD 8.750 7.750 $1,974.89 353 1-Mar-26
4545787 ST. MARYS GA 31558 SFD 8.000 7.730 $1,777.54 360 1-Nov-26
4545810 BETHLEHEM CT 06751 SFD 8.500 7.750 $1,049.57 360 1-Dec-26
4545826 VANCOUVER WA 98662 SFD 8.625 7.750 $1,088.91 360 1-Oct-26
4545899 GARDNERVILLE NV 89410 SFD 8.875 7.750 $2,168.13 360 1-Nov-26
4545906 SMYRNA GA 30080 LCO 9.000 7.750 $431.28 360 1-Oct-26
4545952 FT. LAUDERDAL FL 33327 SFD 8.250 7.750 $2,047.20 360 1-Nov-26
4545969 DANVILLE CA 94526 SFD 8.500 7.750 $1,845.40 360 1-Oct-26
4546023 CUMMING GA 30131 SFD 8.500 7.750 $1,961.49 360 1-Nov-26
4546034 PALM DESERT CA 92260 SFD 8.750 7.750 $3,870.57 360 1-Oct-26
4546049 MINEOLA NY 11501 SFD 8.375 7.750 $1,444.14 360 1-Dec-26
4546067 GOLDEN CO 80401 SFD 8.625 7.750 $1,502.69 360 1-Nov-26
4546098 STOW OH 44224 SFD 8.750 7.750 $1,831.05 360 1-Nov-26
4546119 DARNESTOWN MD 20874 SFD 8.250 7.750 $2,223.75 360 1-Nov-26
4546160 GILBERT AZ 85234 SFD 8.875 7.750 $2,088.57 360 1-Oct-26
4546170 FREMONT CA 94539 SFD 8.500 7.750 $3,836.88 360 1-Dec-26
4546202 EAST GRAND RA MI 49506 SFD 8.375 7.750 $1,976.19 360 1-Nov-26
4546235 ATLANTA GA 30309 SFD 8.625 7.750 $3,010.05 360 1-Oct-26
4546246 FORT LAUDERDA FL 33308 SFD 8.875 7.750 $1,527.64 360 1-Nov-26
4546247 EAST HAMPTON NY 11937 SFD 8.125 7.750 $5,568.73 360 1-Apr-26
4546254 YONKERS NY 10103 SFD 8.875 7.750 $1,050.26 360 1-Nov-26
4546273 JERICHO NY 11753 LCO 8.500 7.750 $2,337.50 360 1-Nov-26
4546288 PALO ALTO CA 94306 SFD 8.375 7.750 $2,743.49 360 1-Dec-26
4546292 NEWFANE VT 05303 SFD 8.375 7.750 $772.24 360 1-Nov-26
4546302 POTOMAC MD 20854 SFD 8.250 7.750 $2,223.00 360 1-Dec-26
4546312 HUNTINGTON NY 11743 SFD 8.375 7.750 $2,660.26 360 1-Nov-26
4546337 FULLERTON CA 92633 SFD 8.500 7.750 $683.56 360 1-Nov-26
4546357 LAS VEGAS NV 89129 SFD 9.000 7.750 $720.94 360 1-Nov-26
4546372 SHIRLEY NY 11967 SFD 8.875 7.750 $954.78 360 1-Nov-26
4546465 SAGAPONACK NY 11962 SFD 8.125 7.750 $1,707.75 360 1-Jun-26
4546582 BLAINE COUNTY ID 83340 SFD 8.375 7.750 $2,014.19 360 1-Nov-26
4546608 SPANISH FORK UT 84660 SFD 8.625 7.750 $840.01 360 1-Oct-26
4546690 ANNAPOLIS MD 21403 SFD 8.750 7.750 $1,976.19 360 1-Oct-26
4546712 OAKLAND CA 94611 SFD 8.500 7.750 $891.94 360 1-Dec-26
4546779 SAN JOSE CA 95135 SFD 8.625 7.750 $2,221.37 360 1-Oct-26
4546783 WEST ORANGE NJ 07052 SFD 8.000 7.730 $2,171.94 360 1-Dec-26
4546788 LOS GATOS CA 95032 SFD 8.375 7.750 $1,987.59 360 1-Oct-26
4546794 SAN JOSE CA 95125 SFD 8.375 7.750 $2,850.28 360 1-Oct-26
4546804 DOUGLASTON NY 11363 SFD 8.750 7.750 $2,147.70 360 1-Dec-26
4546842 RALEIGH NC 27615 SFD 8.500 7.750 $449.05 360 1-Nov-26
4546864 LITTLE ROCK AR 72212 SFD 8.250 7.750 $3,245.47 360 1-Nov-26
4546957 SAN DIEGO CA 92111 SFD 9.000 7.750 $724.16 360 1-Oct-26
4546963 PASADENA CA 91106 SFD 8.125 7.750 $2,153.25 360 1-Nov-26
4546970 ROSELLE IL 60172 SFD 8.500 7.750 $1,814.64 360 1-Nov-26
4546978 FREMONT CA 94539 SFD 8.500 7.750 $2,257.53 360 1-Oct-26
4546981 SHAWNEE KS 66216 SFD 8.750 7.750 $2,194.90 360 1-Oct-26
4546983 SEATTLE WA 98199 SFD 8.250 7.750 $1,741.44 360 1-Oct-26
4547022 VALENCIA CA 91354 SFD 7.875 7.605 $1,847.12 360 1-Oct-26
4547025 LA VERNE CA 91750 SFD 8.500 7.750 $2,054.54 360 1-Oct-26
4547032 LOS ANGELES CA 90068 SFD 8.750 7.750 $1,353.13 360 1-Nov-26
4547048 ASHLAND MA 01721 SFD 8.875 7.750 $903.85 360 1-Nov-26
4547086 BETHESDA MD 20814 SFD 8.375 7.750 $2,249.82 360 1-Dec-26
4547090 BOZEMAN MT 59715 SFD 8.375 7.750 $3,587.55 360 1-Nov-26
4547093 BEAVERTON OR 97007 SFD 8.250 7.750 $2,230.52 360 1-Nov-26
4547104 SKILLMAN NJ 08558 SFD 8.000 7.730 $2,230.64 360 1-Nov-26
4547109 SANTA ROSA CA 95405 SFD 8.375 7.750 $2,523.44 360 1-Oct-26
4547133 NANTUCKET MA 02554 SFD 8.500 7.750 $3,460.12 360 1-Nov-26
4547149 WESTLAKE VILL CA 91361 SFD 8.625 7.750 $2,061.15 360 1-Oct-26
4547182 NEW ALBANY OH 43054 SFD 8.125 7.750 $3,637.13 360 1-Sep-26
4547191 WOODSTOCK GA 30188 SFD 8.500 7.750 $2,186.79 360 1-Oct-26
4547216 MCLEAN VA 22101 SFD 8.500 7.750 $2,891.12 360 1-Sep-26
4547217 BOISE ID 83702 SFD 7.750 7.480 $2,258.13 360 1-Nov-26
4547245 SERVENA PARK MD 21146 SFD 8.500 7.750 $2,270.22 360 1-Oct-26
4547247 MONKTON MD 21111 SFD 8.875 7.750 $2,022.93 360 1-Oct-26
4547250 LUSBY MD 20657 SFD 8.125 7.750 $1,841.40 360 1-Oct-26
4547256 OAKDALE CA 95361 SFD 8.625 7.750 $2,240.03 360 1-Nov-26
4547261 ANAHEIM CA 92807 SFD 8.750 7.750 $1,628.47 360 1-Nov-26
4547268 VESTAVIA HILL AL 35243 SFD 8.000 7.730 $1,819.74 360 1-Nov-26
4547276 PLYMOUTH MN 55441 SFD 8.000 7.730 $2,054.54 360 1-Nov-26
4547299 LARCHMONT NY 10538 SFD 8.750 7.750 $1,447.53 360 1-Dec-26
4547345 KAYSVILLE UT 84037 SFD 8.875 7.750 $2,527.77 360 1-Oct-26
4547358 FAIRFAX STATI VA 22039 SFD 7.750 7.480 $2,154.97 360 1-Nov-26
4547360 SALINAS CA 93907 SFD 8.250 7.750 $1,779.00 360 1-Dec-26
4547369 SAN ANTONIO TX 78230 SFD 8.625 7.750 $2,202.70 360 1-Oct-26
4547372 KELLER TX 76248 SFD 8.375 7.750 $2,322.78 360 1-Nov-26
4547419 MORRISON CO 80465 SFD 8.125 7.750 $1,692.90 360 1-Dec-26
4547465 BRASELTON GA 30517 SFD 7.875 7.605 $1,812.68 360 1-Nov-26
4547496 ATLANTA GA 30305 LCO 8.500 7.750 $605.91 360 1-Nov-26
4547504 OLD GREENWICH CT 06870 SFD 8.125 7.750 $1,759.72 360 1-Nov-26
4547520 POTOMAC MD 20854 SFD 8.125 7.750 $1,782.00 360 1-Dec-26
4547521 WILMINGTON NC 28403 SFD 7.750 7.480 $1,791.03 360 1-Dec-26
4547525 FAR ROCKAWAY NY 11691 SFD 7.875 7.605 $2,073.70 360 1-Nov-26
4547541 MILL VALLEY CA 94941 SFD 8.125 7.750 $4,195.11 360 1-Oct-26
4547545 LAS VEGAS NV 89134 SFD 8.750 7.750 $1,789.35 360 1-Oct-26
4547579 TELLURIDE CO 81435 LCO 8.500 7.750 $4,298.62 360 1-Nov-26
4547581 FAIRFAX STATI VA 22039 SFD 7.875 7.605 $2,001.20 360 1-Oct-26
4547586 DUNKIRK MD 20754 SFD 8.625 7.750 $1,984.15 360 1-Oct-26
4547589 MESA AZ 85208 SFD 9.000 7.750 $752.32 360 1-Oct-26
4547607 HERNDON VA 20171 SFD 8.125 7.750 $2,026.28 360 1-Oct-26
4547626 STATEN ISLAND NY 10304 SFD 8.500 7.750 $3,383.22 360 1-Nov-26
4547627 SAN MATEO CA 94403 SFD 8.250 7.750 $1,983.35 360 1-Nov-26
4547652 IRVING TX 75038 SFD 8.125 7.750 $2,821.49 360 1-Nov-26
4547660 DANVILLE CA 94506 SFD 8.000 7.730 $2,083.89 360 1-Dec-26
4547785 RAPID CITY SD 57702 SFD 8.375 7.750 $1,824.17 360 1-Nov-26
4547808 JACKSON NJ 08527 LCO 8.000 7.730 $422.65 360 1-Nov-26
4547829 BRIDGEHAMPTON NY 11932 SFD 8.375 7.750 $729.67 360 1-Dec-26
4547836 APTOS CA 95003 SFD 8.375 7.750 $1,854.58 360 1-Nov-26
4547870 MONTGOMERY TX 77356 SFD 8.875 7.750 $528.31 360 1-Nov-26
4547878 MILPITAS CA 95035 SFD 7.875 7.605 $2,679.14 360 1-Dec-26
4547890 CORONADO CA 92118 SFD 8.500 7.750 $2,159.11 360 1-Nov-26
4547919 DAPHNE AL 36526 SFD 8.125 7.750 $2,639.58 360 1-Nov-26
4547925 MINOT ND 58701 SFD 8.125 7.750 $1,819.12 360 1-Nov-26
4547938 SANTA CRUZ CA 95060 SFD 8.750 7.750 $2,360.10 360 1-Oct-26
4547944 CITRUS HEIGHT CA 95610 SFD 9.000 7.750 $1,094.29 360 1-Oct-26
4547954 MOBILE AL 36608 SFD 8.125 7.750 $2,138.39 360 1-Nov-26
4548037 ORLANDO FL 32801 SFD 8.625 7.750 $505.57 360 1-Nov-26
4548155 SPRING LAKE H NJ 07762 SFD 8.375 7.750 $1,900.19 360 1-Dec-26
4548197 CASTRO VALLEY CA 94552 SFD 8.375 7.750 $2,219.41 360 1-Oct-26
4548210 COPPER MOUNTA CO 80443 LCO 8.875 7.750 $716.08 360 1-Nov-26
4548255 PLACENTIA CA 92870 SFD 8.250 7.750 $1,487.51 360 1-Nov-26
4548320 MIAMI FL 33176 SFD 8.250 7.750 $2,126.08 360 1-Nov-26
4548350 LA CENTER WA 98629 SFD 8.250 7.750 $1,947.35 354 1-Jun-25
4548397 DANBURY CT 06810 SFD 8.625 7.750 $914.69 360 1-Dec-26
4548404 SHORELINE WA 98177 SFD 8.250 7.750 $2,914.91 360 1-Dec-26
4548441 LEVITTOWN NY 11756 SFD 8.500 7.750 $941.16 360 1-Dec-26
4548442 LIVERMORE CA 94550 SFD 8.750 7.750 $2,048.57 360 1-Oct-26
4548536 LOOMIS CA 95650 SFD 8.250 7.750 $3,672.20 360 1-Nov-26
4548551 MELVILLE NY 11747 SFD 8.125 7.750 $1,856.25 360 1-Dec-26
4548633 EDISON NJ 08820 SFD 8.750 7.750 $1,947.08 360 1-Nov-26
4548783 MISSION VIEJO CA 92692 SFD 8.375 7.750 $1,805.94 360 1-Oct-26
4548788 SAN DIEGO CA 92121 SFD 8.125 7.750 $1,787.94 360 1-Nov-26
4548791 LA VERNE CA 91750 SFD 8.625 7.750 $2,555.43 360 1-Oct-26
4548794 GAINESVILLE VA 22065 SFD 7.875 7.605 $1,805.07 360 1-Oct-26
4548816 EL DORADO HIL CA 95762 SFD 8.375 7.750 $1,969.35 360 1-Oct-26
4548827 REDONDO BEACH CA 90277 LCO 8.500 7.750 $1,833.86 360 1-Oct-26
4548835 LEESBURG VA 20176 SFD 8.375 7.750 $2,222.46 360 1-Oct-26
4548860 MEMPHIS TN 38111 SFD 8.250 7.750 $570.97 360 1-Dec-26
4549099 GAITHERSBURG MD 20878 SFD 8.375 7.750 $2,524.20 360 1-Dec-26
4549128 FARMINGDALE NY 11735 SFD 8.500 7.750 $292.19 360 1-Dec-26
4549131 NORTHBROOK IL 60062 SFD 8.625 7.750 $3,814.29 360 1-Nov-26
4549164 SILVER SPRING MD 20904 SFD 8.500 7.750 $1,764.66 360 1-Oct-26
4549169 CANYON LAKE TX 78133 SFD 8.375 7.750 $1,732.97 360 1-Nov-26
4549276 WRIGHTSTOWN PA 18940 SFD 8.000 7.730 $2,366.83 360 1-Nov-26
4549304 REHOBOTH BEAC DE 19971 SFD 8.750 7.750 $2,032.84 360 1-Dec-26
4549327 SUNRIVER OR 97707 SFD 8.625 7.750 $823.68 360 1-Nov-26
4549345 ENCINO CA 91316 SFD 8.250 7.750 $3,756.34 360 1-Nov-26
4549385 LA VERNE CA 91750 SFD 8.625 7.750 $1,952.26 360 1-Nov-26
4549395 VALENCIA CA 91354 SFD 8.500 7.750 $1,867.70 360 1-Nov-26
4549404 SHAKOPEE MN 55379 SFD 8.125 7.750 $1,865.16 360 1-Dec-26
4549408 SAN BRUNO CA 94066 SFD 8.875 7.750 $1,861.81 360 1-Nov-26
4549410 ABIQUIU NM 87510 SFD 8.500 7.750 $1,768.50 360 1-Oct-26
4549416 LEESBURG VA 20175 SFD 8.000 7.730 $2,053.81 360 1-Nov-26
4549495 SAN JOSE CA 95119 LCO 7.875 7.605 $725.07 360 1-Nov-26
4549591 SAN CLEMENTE CA 92672 SFD 8.625 7.750 $1,853.63 360 1-Nov-26
4549644 NORTHRIDGE CA 91326 SFD 8.125 7.750 $1,881.49 360 1-Nov-26
4549654 GLENN DALE MD 20769 SFD 8.250 7.750 $1,718.90 360 1-Nov-26
4549656 HERNDON VA 20170 SFD 8.000 7.730 $1,882.11 360 1-Nov-26
4549750 VALENCIA CA 91354 SFD 8.250 7.750 $1,866.15 360 1-Nov-26
4549861 SEATTLE WA 98136 SFD 8.125 7.750 $1,819.12 360 1-Nov-26
4549889 FLUSHING NY 11367 THS 8.625 7.750 $1,907.53 360 1-Dec-26
4549923 NAPERVILLE IL 60565 SFD 8.750 7.750 $1,095.09 360 1-Nov-26
4549933 PASADENA CA 91105 SFD 7.875 7.605 $3,770.37 360 1-Nov-26
4549949 MARINA CA 93933 SFD 7.875 7.605 $1,812.68 360 1-Nov-26
4549973 PORTLAND OR 97201 SFD 8.125 7.750 $5,568.73 360 1-Nov-26
4550054 PLANO TX 75093 SFD 8.250 7.750 $1,968.32 360 1-Nov-26
4550073 SEAGROVE BEAC FL 32459 LCO 8.250 7.750 $2,163.65 360 1-Dec-26
4550187 LAGUNA HILLS CA 92653 SFD 8.375 7.750 $988.09 360 1-Nov-26
4550198 LAFAYETTE HIL PA 19444 SFD 7.875 7.605 $1,885.19 360 1-Nov-26
4550235 SIMI VALLEY CA 93063 SFD 8.750 7.750 $2,076.89 360 1-Nov-26
4550344 SUFFOLK VA 23435 SFD 8.125 7.750 $1,633.50 360 1-Dec-26
4550574 REHOBOTH BEAC DE 19971 SFD 8.125 7.750 $1,793.87 360 1-Nov-26
4550653 SAN ANTONIO TX 78247 SFD 9.250 7.750 $651.97 360 1-Aug-26
4550693 SAN ANTONIO TX 78260 SFD 8.250 7.750 $1,727.92 360 1-Dec-26
4550733 BEVERLY HILLS CA 90212 SFD 8.000 7.730 $2,798.95 360 1-Dec-26
4550776 NAPLES FL 34103 SFD 8.750 7.750 $629.36 360 1-Nov-26
4550777 MILLBURN NJ 07041 SFD 7.875 7.605 $2,447.83 360 1-Dec-26
4550965 PLAINVIEW NY 11803 SFD 8.625 7.750 $1,610.03 360 1-Dec-26
4550978 CAPE CORAL FL 33904 SFD 8.875 7.750 $509.21 360 1-Dec-26
4551065 SMITHTOWN NY 11787 SFD 8.125 7.750 $556.88 360 1-Dec-26
4551246 ALEXANDRIA VA 22305 SFD 7.875 7.605 $1,938.12 360 1-Dec-26
4551337 CHEVY CHASE MD 20815 SFD 7.875 7.605 $1,769.17 360 1-Oct-26
4551448 TEMECULA CA 92590 SFD 8.500 7.750 $2,006.86 360 1-Nov-26
4551871 BERKELEY CA 94707 SFD 8.000 7.730 $2,201.30 360 1-Dec-26
4552410 SANDY UT 84093 SFD 8.000 7.730 $2,014.19 360 1-Dec-26
4552510 PARK CITY UT 84060 SFD 8.500 7.750 $2,335.58 360 1-Dec-26
4552533 WESTON MA 02193 SFD 7.875 7.605 $1,868.67 240 1-Dec-16
4552808 CAMINO CA 95709 SFD 8.000 7.730 $645.72 360 1-Nov-26
4552905 LA MESA CA 91941 SFD 8.875 7.750 $2,546.07 360 1-Dec-26
4553884 PORTLAND OR 97231 SFD 7.750 7.480 $2,325.46 354 1-Apr-26
4554013 OWINGS MILLS MD 21117 SFD 8.250 7.750 $2,985.17 360 1-Nov-26
4554049 TRABUCO CANYO CA 92679 SFD 8.125 7.750 $1,934.58 360 1-Nov-26
4554057 BULLHEAD CITY AZ 86442 SFD 8.750 7.750 $685.22 360 1-Nov-26
4554812 LIVERMORE CA 94550 SFD 8.375 7.750 $2,170.77 360 1-Nov-26
4554820 RIVERSIDE CA 92504 SFD 8.625 7.750 $583.34 360 1-Nov-26
4555462 VALRICO FL 33594 SFD 8.375 7.750 $1,757.29 360 1-Nov-26
4555496 RIVERSIDE CT 06878 SFD 7.875 7.605 $2,256.42 360 1-Dec-26
4557654 EL GRANADA CA 94019 SFD 8.500 7.750 $1,944.59 360 1-Dec-26
4559810 POWELL OH 43065 SFD 8.125 7.750 $3,088.79 360 1-Dec-26
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
(i) (ix) (x) (xi) (xii) (xiii) (xiv) (xv) (xvi)
- ----- -------------- ------ ------- ---------- -------- ----------- --------- -----------
CUT-OFF
MORTGAGE DATE MORTGAGE T.O.P. MASTER FIXED
LOAN PRINCIPAL INSURANCE SERVICE MORTGAGE SERVICE RETAINED
NUMBER BALANCE LTV SUBSIDY CODE FEE LOAN FEE YIELD
- -------- -------------- ------ ------- ---------- -------- ----------- --------- -----------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
3584394 $273,584.15 75.00 0.250 0.020 0.480
3584871 $121,171.04 76.50 0.250 0.020 0.230
3594113 $61,387.42 79.87 0.250 0.020 0.480
4464433 $269,530.58 46.55 0.250 0.020 0.730
4478640 $120,410.12 80.00 0.250 0.020 0.480
4481366 $249,688.12 55.56 0.250 0.020 0.355
4484460 $119,915.30 43.96 0.250 0.020 0.000
4489548 $129,919.19 67.71 0.250 0.020 0.355
4497340 $249,852.40 85.37 0.250 0.020 0.605
4498802 $343,900.18 67.18 0.250 0.020 0.000
4500087 $189,762.99 68.37 0.250 0.020 0.355
4500881 $264,660.87 74.99 0.250 0.020 0.230
4501820 $472,358.66 35.19 0.250 0.020 0.000
4504102 $341,787.43 90.00 33 0.250 0.020 0.355
4504756 $397,225.94 59.70 0.250 0.020 0.000
4505636 $300,208.44 80.00 0.250 0.020 0.230
4507043 $147,521.71 90.00 33 0.250 0.020 0.000
4509081 $86,026.82 84.47 33 0.250 0.020 0.000
4510340 $228,000.00 80.00 0.250 0.020 0.480
4515536 $70,954.73 78.89 0.250 0.020 0.230
4516555 $253,180.67 78.00 0.250 0.020 0.230
4517339 $273,729.75 79.99 0.250 0.020 0.355
4518083 $147,356.62 80.00 0.250 0.020 0.000
4519844 $384,778.49 88.51 33 0.250 0.020 0.730
4520610 $129,837.84 69.52 0.250 0.020 0.355
4521760 $480,707.11 80.00 0.250 0.020 0.105
4523250 $109,388.97 75.00 0.250 0.020 1.355
4524991 $268,000.00 80.00 0.250 0.020 0.230
4525371 $150,000.00 72.99 0.250 0.020 0.730
4526893 $174,896.67 66.04 0.250 0.020 0.605
4527362 $163,813.60 79.40 0.250 0.020 0.105
4527563 $15,954.51 50.00 0.250 0.020 0.855
4527584 $220,000.00 59.78 0.250 0.020 0.230
4528113 $264,839.45 79.12 0.250 0.020 0.480
4528186 $167,410.41 80.00 0.250 0.020 0.855
4528800 $256,931.16 90.00 33 0.250 0.020 0.105
4529132 $139,556.03 80.00 0.250 0.020 1.230
4529768 $96,582.42 79.98 0.250 0.020 0.480
4531008 $254,949.38 79.99 0.250 0.020 0.605
4531544 $146,132.04 80.00 0.250 0.020 0.480
4531704 $243,844.40 80.00 0.250 0.020 0.230
4531760 $314,773.43 90.00 0.250 0.020 0.855
4532903 $61,819.05 52.99 0.250 0.020 0.730
4532925 $299,662.38 79.58 0.250 0.020 0.855
4532958 $227,711.97 79.99 0.250 0.020 0.480
4533565 $339,794.02 75.56 0.250 0.020 0.480
4533844 $275,028.95 80.00 0.250 0.020 0.355
4533942 $187,077.54 80.00 0.250 0.020 0.105
4534399 $297,195.61 79.99 0.250 0.020 0.855
4534565 $87,562.82 80.00 0.250 0.020 0.480
4534956 $234,850.15 77.41 0.250 0.020 0.230
4535214 $271,685.86 80.00 0.250 0.020 0.730
4535411 $231,056.29 80.00 0.250 0.020 0.355
4535521 $71,784.32 79.98 0.250 0.020 1.105
4535552 $393,529.25 75.00 0.250 0.020 0.855
4535827 $227,861.87 80.00 0.250 0.020 0.480
4535950 $248,707.64 45.29 0.250 0.020 0.730
4535986 $289,482.21 61.66 0.250 0.020 0.980
4536304 $74,925.93 75.00 0.250 0.020 1.480
4536422 $154,811.53 63.79 0.250 0.020 0.480
4536620 $251,601.36 95.00 33 0.250 0.020 0.605
4536647 $231,796.28 90.00 01 0.250 0.020 0.730
4536653 $93,050.05 80.00 0.250 0.020 1.105
4536816 $270,095.70 80.00 0.250 0.020 0.855
4536838 $399,549.84 76.19 0.250 0.020 0.855
4536899 $285,028.88 74.05 0.250 0.020 0.855
4536926 $416,330.94 80.00 0.250 0.020 0.855
4537174 $531,818.54 75.00 0.250 0.020 0.230
4537299 $235,682.23 78.02 0.250 0.020 0.000
4537319 $241,407.33 89.63 12 0.250 0.020 0.480
4537331 $271,514.76 80.00 0.250 0.020 0.605
4537364 $289,412.34 55.50 0.250 0.020 0.000
4537389 $332,325.21 90.00 12 0.250 0.020 0.000
4537396 $332,523.92 79.99 0.250 0.020 0.230
4537596 $259,379.36 80.00 0.250 0.020 0.605
4537747 $131,925.99 80.00 0.250 0.020 0.855
4537762 $374,196.02 79.98 0.250 0.020 0.355
4537767 $249,688.12 62.50 0.250 0.020 0.355
4537776 $279,274.33 80.00 0.250 0.020 0.480
4537791 $72,959.07 80.00 0.250 0.020 0.855
4537809 $227,127.95 90.00 12 0.250 0.020 0.355
4537832 $621,982.90 80.00 0.250 0.020 0.230
4537862 $331,125.90 89.73 06 0.250 0.020 0.000
4537865 $274,668.41 80.00 0.250 0.020 0.605
4537868 $230,619.12 80.00 0.250 0.020 0.355
4537878 $321,799.93 73.27 0.250 0.020 0.480
4537956 $273,014.88 74.99 0.250 0.020 0.230
4537961 $251,165.29 89.99 13 0.250 0.020 0.230
4537962 $319,590.48 80.00 0.250 0.020 0.230
4537968 $299,478.41 59.94 0.250 0.020 0.730
4538085 $184,898.94 64.91 0.250 0.020 0.980
4538100 $354,509.77 66.98 0.250 0.020 0.000
4538210 $269,823.37 90.00 33 0.250 0.020 0.105
4538240 $339,328.25 77.27 0.250 0.020 0.105
4538269 $262,732.91 79.99 0.250 0.020 0.730
4538270 $343,506.41 65.71 0.250 0.020 0.730
4538302 $329,348.00 50.00 0.250 0.020 0.105
4538315 $299,653.52 61.22 0.250 0.020 0.730
4538368 $469,457.19 78.33 0.250 0.020 0.730
4538374 $246,683.91 75.42 0.250 0.020 0.230
4538419 $318,342.08 75.00 0.250 0.020 0.230
4538461 $61,096.30 80.00 0.250 0.020 0.855
4538464 $237,910.38 79.14 0.250 0.020 0.480
4538475 $295,621.20 77.89 0.250 0.020 0.230
4538483 $233,834.84 80.00 0.250 0.020 0.000
4538516 $248,210.77 89.98 0.250 0.020 0.855
4538520 $379,513.71 69.09 0.250 0.020 0.230
4538565 $59,968.07 80.00 0.250 0.020 1.105
4538579 $82,452.53 75.00 0.250 0.020 0.730
4538639 $279,253.23 79.66 0.250 0.020 0.230
4538659 $247,214.18 90.00 12 0.250 0.020 0.730
4538759 $246,514.97 47.92 0.250 0.020 0.730
4538798 $314,665.95 75.90 0.250 0.020 0.105
4538803 $399,513.63 72.07 0.250 0.020 0.480
4538828 $135,858.44 80.00 0.250 0.020 1.230
4538861 $314,777.67 63.00 0.250 0.020 0.000
4539009 $249,654.79 47.62 0.250 0.020 0.000
4539044 $92,896.34 74.99 0.250 0.020 0.980
4539045 $310,801.74 80.00 0.250 0.020 0.230
4539050 $244,655.47 80.00 0.250 0.020 0.605
4539075 $314,906.67 89.99 06 0.250 0.020 0.355
4539085 $232,290.12 95.00 12 0.250 0.020 0.105
4539094 $75,001.51 69.97 0.250 0.020 0.105
4539120 $239,537.72 71.40 0.250 0.020 0.230
4539144 $246,998.47 75.00 0.250 0.020 0.000
4539238 $323,595.81 64.80 0.250 0.020 0.355
4539240 $59,884.43 75.00 0.250 0.020 0.230
4539283 $235,931.90 75.00 0.250 0.020 0.000
4539310 $244,102.83 65.70 0.250 0.020 0.480
4539352 $258,264.14 75.00 0.250 0.020 0.355
4539354 $254,665.25 57.95 0.250 0.020 0.105
4539374 $324,025.36 89.99 11 0.250 0.020 0.730
4539394 $384,531.88 65.81 0.250 0.020 0.480
4539427 $231,499.17 90.00 12 0.250 0.020 0.480
4539480 $399,474.91 89.90 17 0.250 0.020 0.105
4539482 $247,448.77 66.42 0.250 0.020 0.480
4539486 $279,650.70 78.87 0.250 0.020 0.355
4539493 $349,391.50 79.01 0.250 0.020 0.730
4539530 $239,605.04 80.00 0.250 0.020 0.230
4539534 $198,042.41 59.09 0.250 0.020 0.230
4539542 $315,574.52 80.00 0.250 0.020 0.000
4539552 $408,769.99 80.00 0.250 0.020 0.000
4539599 $594,277.27 79.99 0.250 0.020 0.355
4539605 $163,833.71 80.00 0.250 0.020 1.355
4539615 $229,912.83 80.00 0.250 0.020 0.355
4539617 $138,722.18 80.00 0.250 0.020 0.855
4539632 $264,115.68 90.00 06 0.250 0.020 0.480
4539653 $149,826.75 73.89 0.250 0.020 0.730
4539664 $249,718.66 60.24 0.250 0.020 0.855
4539796 $229,206.31 90.00 01 0.250 0.020 0.230
4539814 $234,018.14 89.99 11 0.250 0.020 0.000
4539838 $279,623.00 58.33 0.250 0.020 0.000
4539850 $294,326.12 95.00 0.250 0.020 0.605
4539852 $276,654.46 79.14 0.250 0.020 0.355
4539854 $287,820.99 80.00 0.250 0.020 0.355
4539902 $279,821.45 80.00 0.250 0.020 0.230
4539905 $239,715.58 80.00 0.250 0.020 0.605
4539931 $342,771.87 80.00 0.250 0.020 0.355
4539950 $206,874.60 36.64 0.250 0.020 0.480
4539973 $297,378.56 75.00 0.250 0.020 0.355
4540030 $279,821.45 70.00 0.250 0.020 0.230
4540059 $324,781.94 73.53 0.250 0.020 0.000
4540078 $318,116.78 75.00 0.250 0.020 0.480
4540089 $329,298.00 75.86 0.250 0.020 0.000
4540130 $319,790.68 80.00 0.250 0.020 0.105
4540161 $83,949.11 80.00 0.250 0.020 0.480
4540200 $255,733.55 80.00 0.250 0.020 1.230
4540255 $228,058.03 79.74 0.250 0.020 0.355
4540257 $259,491.18 89.99 06 0.250 0.020 0.000
4540277 $274,470.28 61.80 0.250 0.020 0.230
4540281 $230,081.84 80.00 0.250 0.020 0.000
4540291 $110,197.94 80.00 0.250 0.020 0.480
4540300 $265,001.44 90.00 12 0.250 0.020 0.355
4540372 $230,094.49 79.98 0.250 0.020 0.105
4540378 $247,438.04 89.98 01 0.250 0.020 0.105
4540424 $144,610.07 47.44 0.250 0.020 0.355
4540448 $415,467.64 80.00 0.250 0.020 0.230
4540487 $29,968.78 15.96 0.250 0.020 1.230
4540501 $256,473.15 71.78 0.250 0.020 0.355
4540568 $254,912.80 80.00 0.250 0.020 0.855
4540571 $359,515.29 90.00 12 0.250 0.020 0.000
4540572 $549,296.15 56.99 0.250 0.020 0.230
4540576 $296,629.52 90.00 11 0.250 0.020 0.355
4540581 $119,934.45 74.75 0.250 0.020 0.980
4540595 $255,672.38 79.75 0.250 0.020 0.230
4540598 $324,808.12 76.47 0.250 0.020 0.605
4540608 $234,761.31 90.00 33 0.250 0.020 0.605
4540655 $558,370.90 79.97 0.250 0.020 0.855
4540664 $300,792.85 69.20 0.250 0.020 0.000
4540700 $171,735.09 75.00 0.250 0.020 1.230
4540706 $102,178.77 74.95 0.250 0.020 0.605
4540708 $204,875.81 72.18 0.250 0.020 0.480
4540732 $192,000.00 80.00 0.250 0.020 0.730
4540782 $324,307.40 63.43 0.250 0.020 0.000
4540787 $260,410.10 79.99 0.250 0.020 0.355
4540813 $292,135.11 90.00 13 0.250 0.020 0.355
4540857 $304,589.33 67.78 0.250 0.020 0.000
4540860 $66,125.50 80.00 0.250 0.020 0.855
4540874 $305,608.40 73.91 0.250 0.020 0.230
4540917 $255,538.90 84.99 17 0.250 0.020 0.480
4540918 $124,920.29 54.35 0.250 0.020 0.230
4540927 $279,816.83 65.88 0.250 0.020 0.105
4540959 $269,498.03 62.79 0.250 0.020 0.605
4540970 $249,530.55 58.69 0.250 0.020 0.355
4541032 $163,905.64 80.00 0.250 0.020 0.730
4541046 $88,466.64 62.38 0.250 0.020 0.230
4541077 $342,623.87 89.09 06 0.250 0.020 0.980
4541195 $236,915.56 79.12 0.250 0.020 0.480
4541204 $149,915.90 75.00 0.250 0.020 0.855
4541210 $399,501.02 84.21 01 0.250 0.020 0.355
4541294 $185,385.64 80.00 0.250 0.020 0.730
4541321 $260,482.89 79.99 0.250 0.020 0.480
4541333 $127,855.95 80.00 0.250 0.020 0.855
4541458 $235,113.77 80.00 0.250 0.020 0.480
4541508 $256,277.93 94.99 33 0.250 0.020 0.000
4541522 $349,563.38 33.14 0.250 0.020 0.355
4541538 $173,383.43 80.00 0.250 0.020 0.355
4541610 $296,456.41 90.00 01 0.250 0.020 0.480
4541621 $300,153.32 90.00 12 0.250 0.020 0.855
4541641 $270,137.68 57.49 0.250 0.020 0.730
4541645 $511,689.83 80.00 0.250 0.020 0.480
4541721 $341,539.53 78.80 0.250 0.020 0.000
4541758 $143,912.76 75.00 0.250 0.020 0.480
4541767 $271,855.24 80.00 0.250 0.020 1.105
4541774 $399,538.04 89.09 01 0.250 0.020 0.730
4541848 $300,000.00 56.07 0.250 0.020 0.000
4541851 $309,641.98 36.47 0.250 0.020 0.730
4541857 $234,614.15 75.81 0.250 0.020 0.230
4541874 $111,783.54 79.99 0.250 0.020 1.230
4541898 $231,852.06 79.98 0.250 0.020 0.230
4541925 $269,671.70 73.58 0.250 0.020 0.480
4541948 $86,050.46 70.00 0.250 0.020 0.730
4541979 $386,769.01 59.26 0.250 0.020 0.855
4541985 $303,630.36 80.00 0.250 0.020 0.480
4542002 $311,115.12 80.00 0.250 0.020 0.480
4542027 $234,165.14 80.00 0.250 0.020 0.730
4542037 $344,780.28 80.00 0.250 0.020 0.480
4542063 $255,672.40 80.00 0.250 0.020 0.230
4542072 $256,487.76 80.00 0.250 0.020 0.480
4542089 $260,546.22 77.45 0.250 0.020 0.730
4542119 $228,324.52 80.00 0.250 0.020 0.000
4542120 $245,950.59 80.00 0.250 0.020 0.480
4542130 $384,841.29 80.00 0.250 0.020 0.730
4542152 $649,025.72 59.09 0.250 0.020 0.105
4542162 $225,000.00 78.95 0.250 0.020 0.480
4542173 $269,836.43 68.35 0.250 0.020 0.480
4542221 $374,766.91 68.18 0.250 0.020 0.355
4542239 $294,650.42 67.06 0.250 0.020 0.605
4542240 $251,750.00 95.00 0.250 0.020 1.105
4542286 $498,063.27 75.00 0.250 0.020 0.730
4542307 $54,939.69 15.07 0.250 0.020 0.980
4542322 $287,032.22 80.00 0.250 0.020 0.230
4542343 $276,904.12 71.09 0.250 0.020 0.355
4542377 $187,889.00 77.69 0.250 0.020 0.605
4542388 $206,748.29 78.11 0.250 0.020 0.480
4542398 $262,480.47 80.00 0.250 0.020 0.480
4542401 $123,378.01 72.86 0.250 0.020 1.480
4542452 $115,933.25 80.00 0.250 0.020 0.730
4542473 $191,883.68 69.82 0.250 0.020 0.480
4542614 $299,635.23 63.97 0.250 0.020 0.480
4542640 $299,818.25 57.89 0.250 0.020 0.480
4542667 $254,705.51 76.12 0.250 0.020 0.730
4542704 $232,544.73 80.00 0.250 0.020 0.980
4542719 $389,204.96 76.39 0.250 0.020 1.355
4542755 $166,665.78 78.66 0.250 0.020 1.355
4542757 $249,221.66 79.37 0.250 0.020 0.605
4542765 $74,956.85 68.18 0.250 0.020 0.730
4542767 $259,683.86 71.27 0.250 0.020 0.480
4542810 $99,641.13 74.97 0.250 0.020 0.605
4542840 $57,169.56 80.00 0.250 0.020 1.105
4542844 $380,000.00 80.00 0.250 0.020 0.730
4542855 $268,832.80 84.06 33 0.250 0.020 0.355
4542887 $124,670.10 80.00 0.250 0.020 1.230
4542904 $119,038.26 74.95 0.250 0.020 1.230
4542907 $81,500.77 80.00 0.250 0.020 0.480
4542911 $341,162.84 80.00 0.250 0.020 0.230
4542950 $288,533.89 79.99 0.250 0.020 0.730
4542955 $239,047.47 80.00 0.250 0.020 0.230
4542962 $239,722.83 80.00 0.250 0.020 0.730
4542977 $250,043.29 95.00 11 0.250 0.020 0.855
4543056 $273,167.45 73.52 0.250 0.020 0.480
4543058 $240,864.25 92.94 01 0.250 0.020 0.355
4543067 $230,000.00 80.00 0.250 0.020 0.730
4543103 $134,320.65 80.00 0.250 0.020 0.605
4543114 $101,541.54 80.00 0.250 0.020 0.730
4543122 $275,989.05 90.00 06 0.250 0.020 0.855
4543138 $149,812.88 68.49 0.250 0.020 0.355
4543183 $284,822.85 54.30 0.250 0.020 0.355
4543212 $414,385.59 79.99 0.250 0.020 0.230
4543223 $94,948.11 74.80 0.250 0.020 0.980
4543237 $227,872.17 80.00 0.250 0.020 0.855
4543269 $288,000.00 80.00 0.250 0.020 0.230
4543296 $253,461.47 80.00 0.250 0.020 0.980
4543301 $277,939.99 90.00 06 0.250 0.020 0.730
4543365 $63,953.68 80.00 0.250 0.020 0.000
4543374 $286,201.79 75.00 0.250 0.020 1.230
4543415 $251,039.66 95.00 12 0.250 0.020 0.480
4543417 $416,276.08 70.00 0.250 0.020 0.355
4543439 $239,722.36 94.99 0.250 0.020 1.105
4543448 $295,640.09 78.72 0.250 0.020 0.480
4543467 $293,217.63 90.00 0.250 0.020 0.355
4543503 $263,861.90 80.00 0.250 0.020 0.230
4543612 $258,139.45 90.00 0.250 0.020 0.355
4543618 $277,318.48 74.00 0.250 0.020 0.105
4543707 $259,238.77 78.61 0.250 0.020 0.355
4543751 $395,955.45 80.00 0.250 0.020 0.355
4543770 $309,812.19 75.61 0.250 0.020 0.480
4543798 $227,363.59 70.77 0.250 0.020 0.230
4543836 $351,582.87 80.00 0.250 0.020 0.605
4543854 $246,258.24 80.00 0.250 0.020 0.730
4543864 $237,115.22 95.00 06 0.250 0.020 0.355
4543918 $265,641.83 80.00 0.250 0.020 0.000
4543926 $265,000.00 89.83 0.250 0.020 0.730
4543935 $391,510.98 80.00 0.250 0.020 0.355
4543938 $255,786.79 94.99 17 0.250 0.020 0.230
4543950 $66,290.66 70.00 0.250 0.020 1.230
4543960 $67,379.57 75.00 0.250 0.020 0.605
4543968 $251,839.30 80.00 0.250 0.020 0.230
4543986 $259,675.66 62.65 0.250 0.020 0.355
4544028 $69,519.61 80.00 0.250 0.020 0.730
4544038 $53,487.57 80.00 0.250 0.020 1.230
4544043 $251,693.60 90.00 12 0.250 0.020 0.480
4544097 $334,192.14 80.00 0.250 0.020 0.355
4544118 $260,700.00 89.93 33 0.250 0.020 0.230
4544132 $305,087.55 75.00 0.250 0.020 1.105
4544202 $233,854.56 87.43 12 0.250 0.020 0.355
4544206 $294,821.29 64.98 0.250 0.020 0.480
4544224 $88,046.63 54.02 0.250 0.020 0.480
4544248 $234,850.15 68.12 0.250 0.020 0.230
4544267 $146,165.86 75.00 0.250 0.020 0.730
4544314 $249,844.61 79.37 0.250 0.020 0.355
4544334 $299,635.23 77.92 0.250 0.020 0.480
4544359 $461,473.60 80.00 0.250 0.020 0.355
4544461 $96,944.19 39.59 0.250 0.020 0.730
4544508 $247,833.00 80.00 0.250 0.020 0.605
4544563 $148,000.00 80.00 0.250 0.020 0.230
4544588 $388,306.02 89.43 11 0.250 0.020 0.605
4544589 $154,820.99 68.89 0.250 0.020 0.730
4544593 $232,368.53 79.99 0.250 0.020 0.480
4544596 $267,509.48 49.63 0.250 0.020 0.480
4544599 $295,721.06 90.00 12 0.250 0.020 0.230
4544611 $243,505.55 80.00 0.250 0.020 0.000
4544612 $450,333.96 77.69 0.250 0.020 0.605
4544614 $326,503.64 74.99 0.250 0.020 0.105
4544642 $197,377.24 66.39 0.250 0.020 0.355
4544659 $259,531.12 80.00 0.250 0.020 0.605
4544671 $168,381.30 80.00 0.250 0.020 1.105
4544691 $237,448.49 80.00 0.250 0.020 0.230
4544758 $251,858.72 90.00 0.250 0.020 0.855
4544759 $117,935.54 50.00 0.250 0.020 0.980
4544762 $290,823.71 77.60 0.250 0.020 0.480
4544767 $251,830.91 80.00 0.250 0.020 0.000
4544773 $513,109.11 75.00 0.250 0.020 0.355
4544779 $294,473.74 77.65 0.250 0.020 0.605
4544811 $253,369.98 90.00 12 0.250 0.020 0.855
4544846 $230,119.85 88.29 12 0.250 0.020 0.480
4544860 $409,189.96 67.21 0.250 0.020 0.105
4544868 $253,444.95 80.00 0.250 0.020 0.000
4544874 $321,804.92 79.99 0.250 0.020 0.480
4544876 $239,330.16 90.00 12 0.250 0.020 0.355
4544892 $231,247.22 90.84 11 0.250 0.020 0.730
4544899 $283,493.33 80.00 0.250 0.020 0.605
4544900 $284,451.84 76.61 0.250 0.020 0.480
4544902 $124,000.00 80.00 0.250 0.020 0.605
4544906 $246,686.25 80.00 0.250 0.020 0.000
4544933 $232,615.99 79.79 0.250 0.020 0.480
4544942 $89,896.06 75.00 0.250 0.020 0.730
4544945 $369,572.68 74.75 0.250 0.020 0.730
4544962 $399,775.75 60.61 0.250 0.020 0.855
4544973 $238,351.75 90.00 0.250 0.020 0.355
4544974 $242,726.53 90.00 12 0.250 0.020 0.855
4545001 $154,820.99 36.05 0.250 0.020 0.730
4545075 $316,000.00 80.00 0.250 0.020 0.480
4545116 $491,401.77 80.00 0.250 0.020 0.480
4545120 $247,199.07 75.00 0.250 0.020 0.480
4545159 $314,626.71 54.31 0.250 0.020 0.605
4545162 $317,593.05 80.00 0.250 0.020 0.230
4545182 $100,937.22 41.49 0.250 0.020 0.355
4545197 $311,815.80 80.00 0.250 0.020 0.605
4545233 $50,000.00 41.70 0.250 0.020 0.355
4545257 $230,267.44 90.00 12 0.250 0.020 0.730
4545266 $228,368.54 72.31 0.250 0.020 0.730
4545273 $377,782.53 90.00 24 0.250 0.020 0.730
4545336 $131,851.43 80.00 0.250 0.020 0.855
4545406 $239,708.17 77.42 0.250 0.020 0.480
4545464 $271,086.56 84.99 13 0.250 0.020 0.730
4545466 $255,832.53 80.00 0.250 0.020 0.105
4545506 $356,045.03 75.00 0.250 0.020 0.730
4545534 $443,474.18 53.79 0.250 0.020 0.355
4545567 $399,757.67 78.43 0.250 0.020 0.480
4545615 $399,304.55 42.11 0.250 0.020 0.730
4545658 $397,446.40 90.00 01 0.250 0.020 0.230
4545690 $48,450.63 80.00 0.250 0.020 0.480
4545708 $297,668.59 80.00 0.250 0.020 0.230
4545716 $249,694.94 78.13 0.250 0.020 0.730
4545787 $242,087.46 95.00 17 0.250 0.020 0.000
4545810 $136,500.00 75.00 0.250 0.020 0.480
4545826 $139,520.76 64.52 0.250 0.020 0.605
4545899 $272,347.23 69.87 0.250 0.020 0.855
4545906 $53,541.22 80.00 0.250 0.020 0.980
4545952 $272,326.24 79.96 0.250 0.020 0.230
4545969 $239,708.17 40.10 0.250 0.020 0.480
4546023 $254,945.47 80.00 0.250 0.020 0.480
4546034 $491,431.80 80.00 0.250 0.020 0.730
4546049 $190,000.00 67.86 0.250 0.020 0.355
4546067 $193,085.94 80.00 0.250 0.020 0.605
4546098 $232,616.09 95.00 13 0.250 0.020 0.730
4546119 $295,811.25 80.00 0.250 0.020 0.230
4546160 $261,902.37 75.00 0.250 0.020 0.855
4546170 $499,000.00 58.02 0.250 0.020 0.480
4546202 $259,838.39 58.04 0.250 0.020 0.355
4546235 $386,541.38 78.04 0.250 0.020 0.605
4546246 $191,892.36 80.00 0.250 0.020 0.855
4546247 $745,980.87 25.86 0.250 0.020 0.105
4546254 $131,925.99 80.00 0.250 0.020 0.855
4546273 $303,815.83 80.00 0.250 0.020 0.480
4546288 $360,950.00 68.75 0.250 0.020 0.355
4546292 $101,536.84 80.00 0.250 0.020 0.355
4546302 $295,900.00 79.99 0.250 0.020 0.230
4546312 $349,782.45 84.34 0.250 0.020 0.355
4546337 $88,846.15 70.00 0.250 0.020 0.480
4546357 $89,551.06 74.98 0.250 0.020 0.980
4546372 $119,932.72 80.00 0.250 0.020 0.855
4546465 $229,081.83 56.79 0.250 0.020 0.105
4546582 $264,835.29 28.34 0.250 0.020 0.355
4546608 $107,872.02 80.00 0.250 0.020 0.605
4546690 $250,909.90 76.59 0.250 0.020 0.730
4546712 $116,000.00 80.00 0.250 0.020 0.480
4546779 $285,261.55 74.86 0.250 0.020 0.605
4546783 $296,000.00 80.00 0.250 0.020 0.000
4546788 $261,161.38 79.99 0.250 0.020 0.355
4546794 $374,531.98 75.00 0.250 0.020 0.355
4546804 $273,000.00 70.00 0.250 0.020 0.730
4546842 $58,364.62 80.00 0.250 0.020 0.480
4546864 $431,724.53 80.00 0.250 0.020 0.230
4546957 $89,901.31 54.58 0.250 0.020 0.980
4546963 $289,810.29 47.93 0.250 0.020 0.105
4546970 $235,857.03 66.86 0.250 0.020 0.480
4546978 $293,243.02 80.00 0.250 0.020 0.480
4546981 $278,677.78 90.00 12 0.250 0.020 0.730
4546983 $231,503.36 95.00 01 0.250 0.020 0.230
4547022 $254,398.21 89.98 01 0.250 0.020 0.000
4547025 $266,875.11 80.00 0.250 0.020 0.480
4547032 $171,901.04 80.00 0.250 0.020 0.730
4547048 $113,536.32 80.00 0.250 0.020 0.855
4547086 $296,000.00 80.00 0.250 0.020 0.355
4547090 $471,706.62 80.00 0.250 0.020 0.355
4547093 $296,710.67 90.00 11 0.250 0.020 0.230
4547104 $303,796.03 80.00 0.250 0.020 0.000
4547109 $331,585.85 80.00 0.250 0.020 0.355
4547133 $449,727.38 60.00 0.250 0.020 0.480
4547149 $264,685.95 75.82 0.250 0.020 0.605
4547182 $488,882.17 80.00 0.250 0.020 0.105
4547191 $284,054.20 89.98 17 0.250 0.020 0.480
4547216 $375,311.78 80.00 0.250 0.020 0.480
4547217 $314,977.54 80.00 0.250 0.020 0.000
4547245 $294,556.14 79.97 0.250 0.020 0.480
4547247 $253,963.88 90.00 12 0.250 0.020 0.855
4547250 $247,510.00 80.00 0.250 0.020 0.105
4547256 $287,829.97 90.00 12 0.250 0.020 0.605
4547261 $206,880.91 79.62 0.250 0.020 0.730
4547268 $247,833.59 69.47 0.250 0.020 0.000
4547276 $279,812.13 66.67 0.250 0.020 0.000
4547299 $184,000.00 80.00 0.250 0.020 0.730
4547345 $317,342.46 90.00 11 0.250 0.020 0.855
4547358 $300,587.70 80.00 0.250 0.020 0.000
4547360 $236,800.00 80.00 0.250 0.020 0.230
4547369 $282,864.40 80.00 0.250 0.020 0.605
4547372 $305,410.05 80.00 0.250 0.020 0.355
4547419 $228,000.00 74.03 0.250 0.020 0.105
4547465 $249,827.95 69.85 0.250 0.020 0.000
4547496 $78,752.26 80.00 0.250 0.020 0.480
4547504 $236,844.97 44.72 0.250 0.020 0.105
4547520 $240,000.00 71.01 0.250 0.020 0.105
4547521 $250,000.00 57.74 0.250 0.020 0.000
4547525 $285,803.18 78.90 0.250 0.020 0.000
4547541 $564,258.33 67.66 0.250 0.020 0.105
4547545 $227,187.33 94.98 01 0.250 0.020 0.730
4547579 $558,711.32 70.00 0.250 0.020 0.480
4547581 $275,618.85 79.98 0.250 0.020 0.000
4547586 $254,797.69 70.86 0.250 0.020 0.605
4547589 $93,397.48 79.98 0.250 0.020 0.980
4547607 $272,541.76 75.00 0.250 0.020 0.105
4547626 $439,733.45 80.00 0.250 0.020 0.480
4547627 $263,831.65 80.00 0.250 0.020 0.230
4547652 $379,751.43 80.00 0.250 0.020 0.105
4547660 $284,000.00 80.00 0.250 0.020 0.000
4547785 $239,850.83 80.00 0.250 0.020 0.355
4547808 $57,561.35 80.00 0.250 0.020 0.000
4547829 $96,000.00 80.00 0.250 0.020 0.355
4547836 $243,848.34 80.00 0.250 0.020 0.355
4547870 $66,362.77 80.00 0.250 0.020 0.855
4547878 $369,500.00 80.00 0.250 0.020 0.000
4547890 $280,629.89 80.00 0.250 0.020 0.480
4547919 $355,267.45 90.00 33 0.250 0.020 0.105
4547925 $244,839.73 71.01 0.250 0.020 0.105
4547938 $299,653.53 48.00 0.250 0.020 0.730
4547944 $135,850.86 80.00 0.250 0.020 0.980
4547954 $287,811.61 78.90 0.250 0.020 0.105
4548037 $64,961.62 76.47 0.250 0.020 0.605
4548155 $250,000.00 79.90 0.250 0.020 0.355
4548197 $291,635.75 80.00 0.250 0.020 0.355
4548210 $89,949.54 69.23 0.250 0.020 0.855
4548255 $197,873.74 77.65 0.250 0.020 0.230
4548320 $282,819.55 72.56 0.250 0.020 0.230
4548350 $256,053.33 90.00 11 0.250 0.020 0.230
4548397 $117,600.00 70.00 0.250 0.020 0.605
4548404 $388,000.00 80.00 0.250 0.020 0.230
4548441 $122,400.00 80.00 0.250 0.020 0.480
4548442 $260,099.27 79.99 0.250 0.020 0.730
4548536 $488,488.30 80.00 0.250 0.020 0.230
4548551 $250,000.00 87.11 33 0.250 0.020 0.105
4548633 $247,357.61 90.00 12 0.250 0.020 0.730
4548783 $237,303.59 90.00 11 0.250 0.020 0.355
4548788 $240,642.48 79.99 0.250 0.020 0.105
4548791 $328,160.66 84.99 11 0.250 0.020 0.605
4548794 $248,606.21 80.00 0.250 0.020 0.000
4548816 $258,776.79 89.99 11 0.250 0.020 0.355
4548827 $238,210.01 90.00 12 0.250 0.020 0.480
4548835 $292,035.23 90.00 12 0.250 0.020 0.355
4548860 $76,000.00 80.00 0.250 0.020 0.230
4549099 $332,100.00 90.00 0.250 0.020 0.355
4549128 $38,000.00 33.04 0.250 0.020 0.480
4549131 $490,110.46 80.00 0.250 0.020 0.605
4549164 $229,220.95 90.00 17 0.250 0.020 0.480
4549169 $227,858.28 80.00 0.250 0.020 0.355
4549276 $322,343.57 80.00 0.250 0.020 0.000
4549304 $258,400.00 80.00 0.250 0.020 0.730
4549327 $105,837.48 67.93 0.250 0.020 0.605
4549345 $499,681.16 78.74 0.250 0.020 0.230
4549385 $250,851.80 79.94 0.250 0.020 0.605
4549395 $242,752.84 90.00 11 0.250 0.020 0.480
4549404 $251,200.00 80.00 0.250 0.020 0.105
4549408 $233,868.81 90.00 0.250 0.020 0.855
4549410 $229,720.35 77.97 0.250 0.020 0.480
4549416 $279,666.00 79.99 0.250 0.020 0.000
4549495 $99,931.18 80.00 0.250 0.020 0.000
4549591 $238,179.30 80.00 0.250 0.020 0.605
4549644 $253,234.24 89.99 01 0.250 0.020 0.105
4549654 $228,654.10 80.00 0.250 0.020 0.230
4549656 $256,327.89 90.00 0.250 0.020 0.000
4549750 $248,241.60 80.00 0.250 0.020 0.230
4549861 $244,839.73 51.58 0.250 0.020 0.105
4549889 $245,250.00 90.00 0.250 0.020 0.605
4549923 $138,815.00 80.00 0.250 0.020 0.730
4549933 $519,642.13 80.00 0.250 0.020 0.000
4549949 $249,827.95 80.00 0.250 0.020 0.000
4549973 $749,509.39 55.97 0.250 0.020 0.105
4550054 $261,832.93 80.00 0.250 0.020 0.230
4550073 $288,000.00 80.00 0.250 0.020 0.230
4550187 $129,919.20 53.72 0.250 0.020 0.355
4550198 $259,821.06 72.65 0.250 0.020 0.000
4550235 $263,848.11 80.00 0.250 0.020 0.730
4550344 $220,000.00 79.71 0.250 0.020 0.105
4550574 $241,441.96 80.00 0.250 0.020 0.105
4550653 $79,083.75 74.96 0.250 0.020 1.230
4550693 $230,000.00 73.72 0.250 0.020 0.230
4550733 $381,450.00 75.00 0.250 0.020 0.000
4550776 $79,953.98 64.00 0.250 0.020 0.730
4550777 $337,600.00 80.00 0.250 0.020 0.000
4550965 $207,000.00 73.93 0.250 0.020 0.605
4550978 $64,000.00 80.00 0.250 0.020 0.855
4551065 $75,000.00 43.35 0.250 0.020 0.105
4551246 $267,300.00 90.00 0.250 0.020 0.000
4551337 $243,663.06 77.46 0.250 0.020 0.000
4551448 $260,841.89 90.00 11 0.250 0.020 0.480
4551871 $300,000.00 80.00 0.250 0.020 0.000
4552410 $274,500.00 90.00 01 0.250 0.020 0.000
4552510 $303,750.00 75.00 0.250 0.020 0.480
4552533 $225,500.00 32.54 0.250 0.020 0.000
4552808 $87,940.95 80.00 0.250 0.020 0.000
4552905 $320,000.00 79.01 0.250 0.020 0.855
4553884 $322,722.22 80.00 0.250 0.020 0.000
4554013 $397,096.62 79.47 0.250 0.020 0.230
4554049 $260,379.56 79.99 0.250 0.020 0.105
4554057 $87,049.89 65.00 0.250 0.020 0.730
4554812 $284,693.18 80.00 0.250 0.020 0.355
4554820 $74,955.72 37.50 0.250 0.020 0.605
4555462 $231,056.30 80.00 0.250 0.020 0.355
4555496 $311,200.00 74.99 0.250 0.020 0.000
4557654 $252,900.00 90.00 01 0.250 0.020 0.480
4559810 $416,000.00 65.41 0.250 0.020 0.105
$148,583,694.59
COUNT: 582
WAC: 8.417684964
WAM: 357.4365068
WALTV: 76.30002607
</TABLE>
<PAGE>
EXHIBIT F-3
[Schedule of Mortgage Loans Serviced by Other Servicers]
NASCOR
NMI/1996-
20 & 30
<TABLE>
(i) (ii) (iii) (iv) (v) (vi) (vii) (viii)
- ----- ------------- ---------- ----- -------- -------- -------- ---------- -------- ----------
NET
MORTGAGE MORTGAGE MORTGAGE CURRENT ORIGINAL SCHEDULED
LOAN ZIP PROPERTY INTEREST INTEREST MONTHLY TERM TO MATURITY
NUMBER CITY STATE CODE TYPE RATE RATE PAYMENT MATURITY DATE
- ----- ------------- ---------- ----- -------- -------- -------- ---------- -------- ----------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
4526739 PEACHTREE CIT GA 30269 SFD 8.875 7.750 $935.68 360 1-Jun-26
4538025 EDEN PRAIRIE MN 55347 SFD 8.250 7.750 $2,328.18 360 1-Sep-26
4538617 SOUTH SALEM NY 10590 SFD 8.375 7.750 $1,544.16 360 1-Oct-22
4538625 STILLWATER MN 55082 SFD 8.750 7.750 $836.59 360 1-Dec-22
4538631 DOYLESTOWN PA 18901 SFD 8.000 7.730 $1,839.19 360 1-May-26
4539185 DENVER CO 80210 SFD 8.500 7.750 $1,310.23 360 1-May-26
4539235 DULUTH MN 55804 SFD 8.375 7.750 $1,386.38 360 1-May-26
4542270 SCOTTSDALE AZ 85262 SFD 8.375 7.750 $1,900.18 360 1-Oct-26
4542290 TIMONIUM MD 21093 SFD 8.500 7.750 $1,883.84 360 1-Oct-26
4542293 GREEN OAK MI 48178 SFD 8.500 7.750 $1,806.95 360 1-Jul-26
4542712 VILLA PARK CA 92861 SFD 8.000 7.730 $2,935.06 360 1-Aug-26
4542716 LOS ANGELES CA 90049 SFD 8.500 7.750 $2,498.97 360 1-Aug-26
4542718 IRVINE CA 92606 SFD 8.500 7.750 $1,660.85 360 1-Sep-26
4542727 SAN RAMON CA 94583 SFD 8.500 7.750 $2,400.55 360 1-Sep-26
4542729 OJAI CA 93023 SFD 8.750 7.750 $3,219.57 360 1-Aug-26
4542736 ARCADIA CA 91007 SFD 8.375 7.750 $1,921.46 360 1-Sep-26
4542740 SAN DIEGO CA 92131 SFD 8.375 7.750 $2,154.80 360 1-Aug-26
4542743 NAPA CA 94558 SFD 8.125 7.750 $2,138.40 360 1-Sep-26
4542744 UPLAND CA 91784 SFD 8.625 7.750 $1,928.92 360 1-Sep-26
4542753 STUDIO CITY CA 91604 SFD 8.500 7.750 $2,860.36 360 1-Sep-26
4542754 LAS VEGAS NV 89110 SFD 8.000 7.730 $1,805.06 360 1-Jul-26
4542763 SAN DIEGO CA 92127 SFD 8.000 7.730 $1,834.41 360 1-Aug-26
4542768 MILL VALLEY CA 94941 SFD 8.500 7.750 $3,444.73 360 1-Sep-26
4542769 TARZANA CA 91356 SFD 8.750 7.750 $2,950.13 360 1-Aug-26
4542773 DANA POINT CA 92629 SFD 8.250 7.750 $2,674.51 360 1-Sep-26
4542774 CUPERTINO CA 95014 PUD 8.125 7.750 $1,897.82 360 1-Sep-26
4542782 TRUCKEE CA 96161 SFD 8.750 7.750 $2,100.49 360 1-Aug-26
4542787 LA JOLLA CA 92037 SFD 8.750 7.750 $5,113.55 360 1-Aug-26
4542795 YORBA LINDA CA 92886 SFD 8.375 7.750 $2,220.17 360 1-Sep-26
4542818 OMAHA NE 68144 SFD 8.625 7.750 $ 544.45 360 1-Jul-26
4542821 SAN JOSE CA 95125 SFD 8.750 7.750 $1,938.43 360 1-Sep-26
4542822 LOS ANGELES CA 90045 SFD 8.375 7.750 $2,493.04 360 1-Sep-26
4542826 SAN FRANCISCO CA 94123 LCO 8.500 7.750 $2,737.33 360 1-Sep-26
4542827 SAN RAFAEL CA 94903 SFD 8.500 7.750 $1,870.00 360 1-Sep-26
4542831 SEAL BEACH CA 90740 SFD 8.750 7.750 $2,753.45 360 1-Sep-26
4542832 OAKLAND CA 94611 SFD 8.250 7.750 $2,028.42 360 1-Sep-26
4542834 DANVILLE CA 94506 SFD 8.625 7.750 $3,577.83 360 1-Aug-26
4542836 WHITTIER CA 90602 SFD 8.375 7.750 $1,884.98 360 1-Sep-26
4542839 TORRANCE CA 90503 SFD 8.750 7.750 $1,982.49 360 1-Sep-26
4542841 DEL MAR CA 92014 SFD 8.625 7.750 $3,733.39 360 1-Sep-26
4542843 SANTA ANA CA 92706 SFD 8.250 7.750 $2,618.16 360 1-Sep-26
4542847 WESTLAKE VILL CA 91362 SFD 8.500 7.750 $2,229.08 360 1-Sep-26
4542848 THOUSAND OAKS CA 91361 SFD 8.250 7.750 $2,693.29 360 1-Sep-26
4542850 SANTA BARBARA CA 93105 SFD 8.125 7.750 $1,669.50 360 1-Sep-26
4543034 LOVELAND OH 45140 SFD 8.000 7.730 $1,981.17 360 1-Aug-26
4543039 OXNARD CA 93035 SFD 8.750 7.750 $3,146.80 360 1-Aug-26
4543042 WACO TX 76708 SFD 8.250 7.750 $1,990.86 360 1-Jul-26
4543085 LAWRENCEVILLE NJ 08648 SFD 8.625 7.750 $1,855.03 360 1-Sep-26
4543090 CARY NC 27513 SFD 8.000 7.730 $1,819.74 360 1-Sep-26
4543625 BETHESDA MD 20817 SFD 8.375 7.750 $2,166.21 360 1-Sep-26
4543653 DARNESTOWN MD 20878 SFD 8.000 7.730 $2,462.52 360 1-Sep-26
4543659 GAHANNA OH 43230 SFD 8.250 7.750 $2,057.72 360 1-Sep-26
4543670 CHARLOTTESVIL VA 22901 SFD 9.125 7.750 $1,877.87 360 1-Sep-26
4543674 FAIRFAX VA 22030 SFD 7.875 7.605 $1,856.18 360 1-Sep-26
4543678 MARIETTA GA 30068 SFD 8.500 7.750 $1,968.42 360 1-Sep-26
4543693 LA JOLLA CA 92037 SFD 8.625 7.750 $2,426.70 360 1-Sep-26
4543697 SAN JOSE CA 95120 SFD 8.500 7.750 $2,183.71 360 1-Sep-26
4543705 CAMPBELL CA 95008 SFD 8.500 7.750 $2,189.87 360 1-Sep-26
4543712 SANTA MONICA CA 90402 SFD 8.250 7.750 $1,750.45 360 1-Sep-26
4543970 SAN CARLOS CA 94070 SFD 8.625 7.750 $2,862.27 360 1-Sep-26
4543973 FUQUAY-VARINA NC 27526 SFD 8.500 7.750 $553.62 360 1-Sep-26
4543981 BETHESDA MD 20817 SFD 7.875 7.605 $1,892.44 360 1-Sep-26
4543987 RICHBORO PA 18954 SFD 8.125 7.750 $2,376.00 360 1-Oct-26
4544010 RICHMOND VA 23233 SFD 8.375 7.750 $2,341.03 360 1-Aug-26
4544179 LA CANADA FLI CA 91011 SFD 8.500 7.750 $1,806.18 360 1-Aug-26
4544185 JACKSON WY 83001 SFD 8.250 7.750 $2,103.55 360 1-Sep-26
4544187 SALINAS CA 93907 SFD 8.625 7.750 $1,928.92 360 1-Sep-26
4544191 SANTA ANA CA 92705 SFD 8.750 7.750 $3,520.48 360 1-Sep-26
4544210 ORANGE BEACH AL 36561 SFD 8.750 7.750 $3,221.54 360 1-Sep-26
4544219 NEWPORT BEACH CA 92663 SFD 9.000 7.750 $2,854.40 360 1-Aug-26
4544235 BRENTWOOD TN 37027 SFD 7.875 7.605 $2,501.49 360 1-Sep-26
4544284 LOVELAND CO 80537 SFD 8.750 7.750 $2,015.92 360 1-Jul-26
4544312 KAYSVILLE UT 84037 SFD 8.500 7.750 $2,306.75 360 1-Sep-26
4544321 BERNARDS NJ 07902 SFD 8.375 7.750 $1,903.22 360 1-Oct-26
4544324 ANN ARBOR MI 48103 SFD 7.875 7.605 $2,094.73 360 1-Jul-26
4544333 RENO NV 89509 SFD 7.875 7.605 $2,283.97 360 1-Sep-26
4544338 CLARK NJ 07066 LCO 8.875 7.750 $397.82 360 1-Oct-26
4544381 CHINO HILLS CA 91709 SFD 8.250 7.750 $1,863.14 360 1-Sep-26
4544385 BREA CA 92621 SFD 9.625 7.750 $2,220.60 360 1-Sep-26
4544391 FAYETTEVILLE GA 30214 SFD 8.125 7.750 $1,690.67 360 1-Oct-26
4544392 SAUSALITO CA 94965 LCO 8.750 7.750 $2,454.51 360 1-Oct-26
4544399 ROCKVILLE MD 20850 PUD 9.000 7.750 $1,925.46 360 1-Sep-26
4544678 WATCHUNG NJ 07060 SFD 9.000 7.750 $3,218.49 360 1-Oct-26
4544694 NORTHVILLE MI 48167 SFD 8.500 7.750 $2,189.10 360 1-Aug-26
4544705 HINSDALE IL 60521 SFD 8.625 7.750 $4,579.24 360 1-Oct-26
4544725 BOARDMAN OH 44512 SFD 8.625 7.750 $1,832.47 360 1-Oct-26
4544729 TALLAHASSEE FL 32311 SFD 8.625 7.750 $2,176.26 360 1-Sep-26
4544742 PORT ORCHARD WA 98366 SFD 8.500 7.750 $1,562.05 360 1-Sep-26
4544750 LAGRANGE KY 40031 SFD 8.750 7.750 $2,762.89 360 1-Sep-26
4544757 LOS ANGELES CA 90045 SFD 8.375 7.750 $1,824.17 360 1-Sep-26
4544770 PARK CITY UT 84060 LCO 8.625 7.750 $2,086.81 360 1-Jul-26
4544775 MILLIS MA 02054 SFD 8.750 7.750 $2,297.17 360 1-Jul-26
4545218 SAN MATEO CA 94402 SFD 8.500 7.750 $3,798.43 360 1-Oct-26
4545220 GLENDALE CA 91205 SFD 8.500 7.750 $1,768.50 360 1-Oct-26
4545227 DUBLIN OH 43017 SFD 8.750 7.750 $2,423.04 360 1-Sep-26
4545432 LA JOLLA CA 92037 SFD 8.500 7.750 $2,860.36 360 1-Oct-26
4545439 ORANGE CA 92665 SFD 8.500 7.750 $1,522.45 360 1-Oct-26
4545444 SAN DIEGO CA 92131 SFD 8.625 7.750 $1,853.08 360 1-Oct-26
4545681 TACOMA WA 98499 SFD 8.625 7.750 $5,798.43 360 1-Sep-26
4545758 ATLANTA GA 30331 SFD 8.375 7.750 $1,840.51 360 1-Sep-26
4545886 MORGAN HILL CA 95037 SFD 8.250 7.750 $2,493.27 360 1-Sep-26
4545994 HERNDON VA 22071 SFD 8.500 7.750 $2,322.12 360 1-Oct-26
4546000 READING MA 01867 SFD 8.250 7.750 $2,283.10 360 1-Oct-26
4546346 COLORADO SPRI CO 80920 SFD 8.500 7.750 $1,970.35 360 1-Sep-26
4546501 THORNEWOOD NY 10594 LCO 9.125 7.750 $2,074.77 360 1-Sep-26
4546511 GENEVA IL 60134 SFD 8.875 7.750 $2,275.55 360 1-Sep-26
4546515 BELLEVUE WA 98005 SFD 8.000 7.730 $2,201.29 360 1-Sep-26
4546524 GARDEN CITY B SC 29576 SFD 8.250 7.750 $3,005.07 360 1-Sep-26
4546551 WAYZATA MN 55391 SFD 8.750 7.750 $3,430.01 360 1-Sep-26
4546555 SANTA CLARA CA 95051 SFD 8.250 7.750 $2,201.21 360 1-Sep-26
4546559 GRAND JUNCTIO CO 81503 SFD 9.000 7.750 $3,541.14 360 1-Sep-26
4546566 SAN JOSE CA 95124 SFD 8.000 7.730 $2,127.92 360 1-Sep-26
4546571 ESSEX MA 01929 SFD 8.875 7.750 $2,416.78 360 1-Sep-26
4546572 SANDIA PARK NM 87047 SFD 8.375 7.750 $1,945.78 360 1-Sep-26
4546576 MIAMI FL 33156 SFD 8.500 7.750 $5,382.39 360 1-Sep-26
4546577 CUMMING GA 30130 SFD 8.500 7.750 $2,387.48 360 1-Sep-26
4546583 SANTA CRUZ CA 95065 SFD 8.000 7.730 $2,641.56 360 1-Sep-26
4546584 BETHESDA MD 20817 SFD 8.375 7.750 $1,824.18 360 1-Sep-26
4546590 PLANO TX 75093 SFD 8.500 7.750 $2,031.47 360 1-Sep-26
4546597 FT. WASHINGTO MD 20744 SFD 8.500 7.750 $3,383.22 360 1-Sep-26
4546609 FORT LAUDERDA FL 33327 SFD 8.250 7.750 $2,346.21 360 1-Sep-26
4546612 LITTLE ROCK AR 72207 SFD 8.625 7.750 $2,605.59 360 1-Sep-26
4546617 RIDGEFIELD CT 06877 SFD 8.250 7.750 $2,193.70 360 1-Sep-26
4546619 DENVILLE NJ 07834 SFD 9.000 7.750 $2,092.02 360 1-Sep-26
4546620 MIDLOTHIAN TX 76065 SFD 8.500 7.750 $2,183.71 360 1-Sep-26
4546621 WALNUT CREEK CA 94598 SFD 8.500 7.750 $2,275.98 360 1-Sep-26
4546623 OVILLA TX 75154 SFD 8.500 7.750 $1,876.15 360 1-Sep-26
4546626 OSSINING NY 10562 SFD 8.375 7.750 $1,786.17 360 1-Sep-26
4546627 BLOOMFIELD HI MI 48301 SFD 8.750 7.750 $2,655.12 360 1-Sep-26
4546634 ENGLEWOOD CO 80111 SFD 9.000 7.750 $2,011.56 360 1-Sep-26
4546745 SCOTTSDALE AZ 85268 SFD 8.625 7.750 $2,052.98 360 1-Aug-26
4546753 LITTLE COMPTO RI 02837 SFD 8.500 7.750 $2,691.20 360 1-Sep-26
4546758 MURFREESBORO TN 37129 SFD 8.375 7.750 $2,506.72 360 1-Sep-26
4546766 WEST LINN OR 97068 SFD 8.625 7.750 $1,887.70 360 1-Sep-26
4546773 BISMARCK ND 58504 SFD 8.500 7.750 $1,776.19 360 1-Sep-26
4546805 LAUREL MD 20723 SFD 8.500 7.750 $1,753.12 360 1-Oct-26
4546813 PORTLAND ME 04102 SFD 8.625 7.750 $2,115.59 360 1-Sep-26
4546843 SAN ANTONIO TX 78216 SFD 8.500 7.750 $2,076.07 360 1-Sep-26
4546854 NOVI MI 48374 SFD 8.500 7.750 $1,876.15 360 1-Sep-26
4546856 BOULDER CO 80304 SFD 8.375 7.750 $2,553.85 360 1-Sep-26
4547051 ENCINO CA 91316 SFD 8.875 7.750 $2,784.76 360 1-Sep-26
4547946 MORTON GROVE IL 60053 SFD 8.625 7.750 $2,313.92 360 1-Oct-26
4547997 LAKELAND FL 33813 SFD 8.125 7.750 $3,563.99 360 1-Oct-26
4548024 DOUGLASTON NY 11363 SFD 8.500 7.750 $2,737.33 360 1-Sep-26
4548025 IRVINE CA 92714 SFD 8.375 7.750 $2,189.01 360 1-Sep-26
4548059 SAN DIMAS CA 91773 SFD 8.375 7.750 $1,922.98 360 1-Sep-26
4548068 ALAMO HEIGHTS TX 78209 SFD 8.500 7.750 $2,275.99 360 1-Aug-26
4548080 NOVI MI 48374 SFD 8.500 7.750 $2,664.29 360 1-Sep-26
4548615 ROCKAWAY NJ 07866 SFD 8.500 7.750 $1,753.12 360 1-Oct-26
4549540 APPLE VALLEY MN 55124 SFD 8.500 7.750 $1,876.15 360 1-Jul-26
4550207 MEMPHIS TN 38133 SFD 8.250 7.750 $2,069.74 360 1-Sep-26
4550552 POWELL OH 43065 SFD 8.500 7.750 $2,595.08 360 1-Sep-26
4550800 SANTA FE NM 87501 SFD 8.125 7.750 $2,264.62 360 1-Oct-26
4550804 POTOMAC MD 20854 PUD 7.875 7.605 $3,341.12 360 1-Oct-26
4550810 BEAVERCREEK OH 45431 SFD 8.750 7.750 $1,925.85 360 1-Nov-26
4550854 CONCORD NC 28027 SFD 8.250 7.750 $1,727.92 360 1-Nov-26
4550862 KNOXVILLE TN 37922 SFD 8.500 7.750 $1,882.31 360 1-Nov-26
4550869 POMPANO BEACH FL 33060 SFD 9.000 7.750 $1,126.47 360 1-Oct-26
4550877 BROOKEVILLE MD 20833 SFD 8.375 7.750 $2,584.25 360 1-Nov-26
4550894 VALENCIA CA 91354 SFD 8.500 7.750 $2,128.74 360 1-Oct-26
4550901 MESA AZ 85215 SFD 8.625 7.750 $2,605.60 360 1-Oct-26
4552145 BARRINGTON IL 60010 SFD 9.125 7.750 $4,973.33 360 1-Nov-26
4552148 WEST DUNDEE IL 60118 SFD 8.500 7.750 $3,044.90 360 1-Nov-26
4552153 HOLLAND OH 43528 SFD 8.750 7.750 $2,643.32 360 1-Nov-26
4552167 LORTON VA 22079 SFD 8.750 7.750 $2,478.11 360 1-Nov-26
4552494 FORT LAUDERDA FL 33326 SFD 8.375 7.750 $2,496.08 360 1-Oct-26
4552530 GLENDALE AZ 85308 SFD 8.500 7.750 $1,840.78 360 1-Nov-26
4552775 ATHENS GA 30606 SFD 8.250 7.750 $2,129.84 360 1-Oct-26
4554280 DULUTH GA 30155 SFD 8.000 7.730 $2,618.08 360 1-Nov-26
4554430 DELRAY BEACH FL 33446 SFD 8.500 7.750 $2,575.87 360 1-Oct-26
4555037 NASHVILLE TN 37205 SFD 8.375 7.750 $1,793.78 360 1-Oct-26
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
(i) (ix) (x) (xi) (xii) (xiii) (xiv) (xv) (xvi)
- -------- -------------- ------ --------- ---------- -------- ----------- ----------- -----------
CUT-OFF
MORTGAGE DATE MORTGAGE T.O.P. MASTER FIXED
LOAN PRINCIPAL INSURANCE SERVICE MORTGAGE SERVICE RETAINED
NUMBER BALANCE LTV SUBSIDY CODE FEE LOAN FEE YIELD
- -------- -------------- ------ --------- ---------- -------- ----------- ----------- -----------
<S> <C> <C> <C> <C> <C> <C>
4526739 $117,197.04 80.00 0.250 0.020 0.855
4538025 $309,303.06 89.85 01 0.250 0.020 0.230
4538617 $195,635.77 30.15 0.250 0.020 0.355
4538625 $102,840.95 70.00 0.250 0.020 0.730
4538631 $249,448.86 90.00 01 0.250 0.020 0.000
4539185 $169,661.84 80.00 0.250 0.020 0.480
4539235 $181,589.53 80.00 0.250 0.020 0.355
4542270 $249,688.14 73.70 0.250 0.020 0.355
4542290 $244,702.11 57.99 0.250 0.020 0.480
4542293 $234,278.01 79.66 0.250 0.020 0.480
4542712 $397,198.13 48.78 0.250 0.020 0.000
4542716 $324,204.04 56.72 0.250 0.020 0.480
4542718 $215,604.66 80.00 0.250 0.020 0.480
4542727 $311,628.58 79.99 0.250 0.020 0.480
4542729 $408,096.37 55.68 0.250 0.020 0.730
4542736 $252,166.59 80.00 0.250 0.020 0.355
4542740 $282,787.76 90.00 11 0.250 0.020 0.355
4542743 $287,430.99 60.00 0.250 0.020 0.105
4542744 $247,557.58 80.00 0.250 0.020 0.605
4542753 $371,319.12 80.00 0.250 0.020 0.480
4542754 $245,163.62 79.35 0.250 0.020 0.000
4542763 $249,322.29 79.37 0.250 0.020 0.000
4542768 $447,180.02 80.00 0.250 0.020 0.480
4542769 $374,127.50 60.14 0.250 0.020 0.730
4542773 $355,314.28 80.00 0.250 0.020 0.230
4542774 $255,095.01 80.00 0.250 0.020 0.105
4542782 $266,378.79 77.39 0.250 0.020 0.730
4542787 $648,487.69 71.43 0.250 0.020 0.730
4542795 $291,147.32 94.99 12 0.250 0.020 0.355
4542818 $69,790.39 70.00 0.250 0.020 0.605
4542821 $245,971.60 80.00 0.250 0.020 0.730
4542822 $327,384.10 80.00 0.250 0.020 0.355
4542826 $355,348.42 71.92 0.250 0.020 0.480
4542827 $242,754.86 80.00 0.250 0.020 0.480
4542831 $349,391.49 68.63 0.250 0.020 0.730
4542832 $269,479.93 56.16 0.250 0.020 0.230
4542834 $458,901.91 80.00 0.250 0.020 0.605
4542836 $247,503.96 80.00 0.250 0.020 0.355
4542839 $251,561.85 90.00 12 0.250 0.020 0.730
4542841 $479,143.70 70.59 0.250 0.020 0.605
4542843 $347,828.74 85.00 12 0.250 0.020 0.230
4542847 $289,369.39 79.42 0.250 0.020 0.480
4542848 $357,809.47 54.44 0.250 0.020 0.230
4542850 $224,405.77 79.99 0.250 0.020 0.105
4543034 $269,268.04 75.98 0.250 0.020 0.000
4543039 $399,069.36 68.97 0.250 0.020 0.730
4543042 $264,143.38 89.83 12 0.250 0.020 0.230
4543085 $238,074.53 90.00 12 0.250 0.020 0.605
4543090 $247,497.44 80.00 0.250 0.020 0.000
4543625 $284,464.84 67.86 0.250 0.020 0.355
4543653 $334,908.22 80.00 0.250 0.020 0.000
4543659 $273,372.41 77.39 0.250 0.020 0.230
4543670 $230,405.99 80.00 0.250 0.020 1.105
4543674 $255,467.98 79.75 0.250 0.020 0.000
4543678 $255,531.43 80.00 0.250 0.020 0.480
4543693 $311,443.42 80.00 0.250 0.020 0.605
4543697 $283,480.21 79.11 0.250 0.020 0.480
4543705 $284,278.71 80.00 0.250 0.020 0.480
4543712 $232,047.77 38.83 0.250 0.020 0.230
4543970 $367,343.50 80.00 0.250 0.020 0.605
4543973 $71,868.21 59.02 0.250 0.020 0.480
4543981 $260,457.57 90.00 06 0.250 0.020 0.000
4543987 $319,367.75 79.21 0.250 0.020 0.105
4544010 $307,226.16 80.00 0.250 0.020 0.355
4544179 $234,324.66 90.00 33 0.250 0.020 0.480
4544185 $279,460.66 50.91 0.250 0.020 0.230
4544187 $247,557.58 80.00 0.250 0.020 0.605
4544191 $446,721.97 85.00 01 0.250 0.020 0.730
4544210 $408,788.03 45.50 0.250 0.020 0.730
4544219 $353,966.14 54.58 0.250 0.020 0.980
4544235 $344,283.03 67.65 0.250 0.020 0.000
4544284 $255,502.01 78.36 0.250 0.020 0.730
4544312 $299,260.27 78.95 0.250 0.020 0.480
4544321 $250,087.64 80.00 0.250 0.020 0.355
4544324 $287,688.12 90.00 01 0.250 0.020 0.000
4544333 $314,345.37 75.90 0.250 0.020 0.000
4544338 $49,943.73 22.62 0.250 0.020 0.855
4544381 $247,522.31 80.00 0.250 0.020 0.230
4544385 $260,831.02 95.00 12 0.250 0.020 1.605
4544391 $227,401.09 90.00 12 0.250 0.020 0.105
4544392 $311,639.67 80.00 0.250 0.020 0.730
4544399 $238,189.29 90.00 12 0.250 0.020 0.980
4544678 $399,561.38 64.52 0.250 0.020 0.980
4544694 $284,002.73 79.99 0.250 0.020 0.480
4544705 $583,440.15 75.00 0.250 0.020 0.605
4544725 $235,320.82 94.96 12 0.250 0.020 0.605
4544729 $279,300.84 75.62 0.250 0.020 0.605
4544742 $202,778.17 71.28 0.250 0.020 0.480
4544750 $350,488.67 88.98 12 0.250 0.020 0.730
4544757 $239,549.36 73.85 0.250 0.020 0.355
4544770 $267,496.52 89.99 12 0.250 0.020 0.605
4544775 $291,147.64 80.00 0.250 0.020 0.730
4545218 $493,399.36 80.00 0.250 0.020 0.480
4545220 $229,720.35 62.16 0.250 0.020 0.480
4545227 $307,464.49 80.00 0.250 0.020 0.730
4545432 $371,547.68 80.00 0.250 0.020 0.480
4545439 $197,759.25 92.09 01 0.250 0.020 0.480
4545444 $237,967.67 79.95 0.250 0.020 0.605
4545681 $744,170.04 70.00 0.250 0.020 0.605
4545758 $241,695.33 94.99 17 0.250 0.020 0.355
4545886 $331,235.74 75.00 0.250 0.020 0.230
4545994 $301,365.70 79.97 0.250 0.020 0.480
4546000 $303,511.09 79.99 0.250 0.020 0.230
4546346 $255,524.62 69.82 0.250 0.020 0.480
4546501 $254,589.77 75.00 0.250 0.020 1.105
4546511 $285,515.44 89.94 01 0.250 0.020 0.855
4546515 $296,974.08 60.00 0.250 0.020 0.000
4546524 $399,220.53 62.50 0.250 0.020 0.230
4546551 $435,241.98 80.00 0.250 0.020 0.730
4546555 $292,435.64 71.46 0.250 0.020 0.230
4546559 $439,373.41 88.91 06 0.250 0.020 0.980
4546566 $289,412.34 80.00 0.250 0.020 0.000
4546571 $303,235.32 75.00 0.250 0.020 0.855
4546572 $255,519.33 80.00 0.250 0.020 0.355
4546576 $698,718.79 80.00 0.250 0.020 0.480
4546577 $309,931.67 90.00 06 0.250 0.020 0.480
4546583 $359,270.48 78.43 0.250 0.020 0.000
4546584 $239,549.33 80.00 0.250 0.020 0.355
4546590 $263,716.43 95.00 11 0.250 0.020 0.480
4546597 $439,194.67 80.00 0.250 0.020 0.480
4546609 $311,092.24 79.99 0.250 0.020 0.230
4546612 $334,402.39 83.75 13 0.250 0.020 0.605
4546617 $291,437.55 80.00 0.250 0.020 0.230
4546619 $259,429.85 55.01 0.250 0.020 0.980
4546620 $283,480.21 80.00 0.250 0.020 0.480
4546621 $295,458.25 80.00 0.250 0.020 0.480
4546623 $243,553.40 80.00 0.250 0.020 0.480
4546626 $234,558.73 75.81 0.250 0.020 0.355
4546627 $336,913.20 75.00 0.250 0.020 0.730
4546634 $249,587.24 63.29 0.250 0.020 0.980
4546745 $263,319.89 79.99 0.250 0.020 0.605
4546753 $349,359.38 83.33 12 0.250 0.020 0.480
4546758 $329,180.73 89.99 01 0.250 0.020 0.355
4546766 $242,267.03 89.99 12 0.250 0.020 0.605
4546773 $230,577.20 79.66 0.250 0.020 0.480
4546805 $227,722.78 80.00 0.250 0.020 0.480
4546813 $271,514.76 80.00 0.250 0.020 0.605
4546843 $269,505.80 75.00 0.250 0.020 0.480
4546854 $243,553.40 80.00 0.250 0.020 0.480
4546856 $335,369.06 79.43 0.250 0.020 0.355
4547051 $349,406.98 63.52 0.250 0.020 0.855
4547946 $297,147.46 85.00 01 0.250 0.020 0.605
4547997 $479,369.89 70.66 0.250 0.020 0.105
4548024 $355,340.78 80.00 0.250 0.020 0.480
4548025 $287,459.21 80.00 0.250 0.020 0.355
4548059 $252,524.95 77.85 0.250 0.020 0.355
4548068 $295,275.06 80.00 0.250 0.020 0.480
4548080 $345,865.79 90.00 12 0.250 0.020 0.480
4548615 $227,722.78 76.51 0.250 0.020 0.480
4549540 $243,250.37 80.00 0.250 0.020 0.480
4550207 $274,969.33 95.00 11 0.250 0.020 0.230
4550552 $336,882.29 75.00 0.250 0.020 0.480
4550800 $304,599.61 50.41 0.250 0.020 0.105
4550804 $460,163.68 79.85 0.250 0.020 0.000
4550810 $244,559.15 81.06 0.250 0.020 0.730
4550854 $229,853.33 79.31 0.250 0.020 0.230
4550862 $244,501.69 90.00 06 0.250 0.020 0.480
4550869 $139,846.49 68.29 0.250 0.020 0.980
4550877 $339,788.67 66.67 0.250 0.020 0.355
4550894 $276,513.37 79.96 0.250 0.020 0.480
4550901 $334,603.00 78.82 0.250 0.020 0.605
4552145 $610,924.72 74.54 0.250 0.020 1.105
4552148 $395,760.10 76.15 0.250 0.020 0.480
4552153 $335,806.68 80.00 0.250 0.020 0.730
4552167 $314,818.77 90.00 12 0.250 0.020 0.730
4552494 $327,990.33 79.98 0.250 0.020 0.355
4552530 $239,148.28 70.00 0.250 0.020 0.480
4552775 $283,137.20 90.00 13 0.250 0.020 0.230
4554280 $356,560.59 80.00 0.250 0.020 0.000
4554430 $334,592.68 72.83 0.250 0.020 0.480
4555037 $235,705.58 80.00 0.250 0.020 0.355
$51,415,149.45
</TABLE>
COUNT: 171
WAC: 8.4844
WAM: 356.7831182
WALTV: 76.8279
NASCOR
NMI /
1996-9
20 & 30 YEAR
(i) (xvii) (xviii)
- ----- ----------- -----------
MORTGAGE NMI
LOAN LOAN
NUMBER SERVICER SELLER
- -------- --------------------------- --------------------------
4526739 HOMESIDE LENDING HOMESIDE LENDING
4538025 FIRST BANK NATIONAL ASSOC. FIRST BANK NATIONAL ASSOC.
4538617 FIRST BANK NATIONAL ASSOC. FIRST BANK NATIONAL ASSOC.
4538625 FIRST BANK NATIONAL ASSOC. FIRST BANK NATIONAL ASSOC.
4538631 FIRST BANK NATIONAL ASSOC. FIRST BANK NATIONAL ASSOC.
4539185 FIRST BANK NATIONAL ASSOC. FIRST BANK NATIONAL ASSOC.
4539235 FIRST BANK NATIONAL ASSOC. FIRST BANK NATIONAL ASSOC.
4542270 COUNTRYWIDE FUNDING CORP COUNTRYWIDE FUNDING CORP
4542290 COUNTRYWIDE FUNDING CORP COUNTRYWIDE FUNDING CORP
4542293 COUNTRYWIDE FUNDING CORP COUNTRYWIDE FUNDING CORP
4542712 COUNTRYWIDE FUNDING CORP. COUNTRYWIDE FUNDING CORP.
4542716 COUNTRYWIDE FUNDING CORP. COUNTRYWIDE FUNDING CORP.
4542718 COUNTRYWIDE FUNDING CORP. COUNTRYWIDE FUNDING CORP.
4542727 COUNTRYWIDE FUNDING CORP. COUNTRYWIDE FUNDING CORP.
4542729 COUNTRYWIDE FUNDING CORP. COUNTRYWIDE FUNDING CORP.
4542736 COUNTRYWIDE FUNDING CORP. COUNTRYWIDE FUNDING CORP.
4542740 COUNTRYWIDE FUNDING CORP. COUNTRYWIDE FUNDING CORP.
4542743 COUNTRYWIDE FUNDING CORP. COUNTRYWIDE FUNDING CORP.
4542744 COUNTRYWIDE FUNDING CORP. COUNTRYWIDE FUNDING CORP.
4542753 COUNTRYWIDE FUNDING CORP. COUNTRYWIDE FUNDING CORP.
4542754 COUNTRYWIDE FUNDING CORP. COUNTRYWIDE FUNDING CORP.
4542763 COUNTRYWIDE FUNDING CORP. COUNTRYWIDE FUNDING CORP.
4542768 COUNTRYWIDE FUNDING CORP. COUNTRYWIDE FUNDING CORP.
4542769 COUNTRYWIDE FUNDING CORP. COUNTRYWIDE FUNDING CORP.
4542773 COUNTRYWIDE FUNDING CORP. COUNTRYWIDE FUNDING CORP.
4542774 COUNTRYWIDE FUNDING CORP. COUNTRYWIDE FUNDING CORP.
4542782 COUNTRYWIDE FUNDING CORP. COUNTRYWIDE FUNDING CORP.
4542787 COUNTRYWIDE FUNDING CORP. COUNTRYWIDE FUNDING CORP.
4542795 COUNTRYWIDE FUNDING CORP. COUNTRYWIDE FUNDING CORP.
4542818 COUNTRYWIDE FUNDING CORP. COUNTRYWIDE FUNDING CORP.
4542821 COUNTRYWIDE FUNDING CORP. COUNTRYWIDE FUNDING CORP.
4542822 COUNTRYWIDE FUNDING CORP. COUNTRYWIDE FUNDING CORP.
4542826 COUNTRYWIDE FUNDING CORP. COUNTRYWIDE FUNDING CORP.
4542827 COUNTRYWIDE FUNDING CORP. COUNTRYWIDE FUNDING CORP.
4542831 COUNTRYWIDE FUNDING CORP. COUNTRYWIDE FUNDING CORP.
4542832 COUNTRYWIDE FUNDING CORP. COUNTRYWIDE FUNDING CORP.
4542834 COUNTRYWIDE FUNDING CORP. COUNTRYWIDE FUNDING CORP.
4542836 COUNTRYWIDE FUNDING CORP. COUNTRYWIDE FUNDING CORP.
4542839 COUNTRYWIDE FUNDING CORP. COUNTRYWIDE FUNDING CORP.
4542841 COUNTRYWIDE FUNDING CORP. COUNTRYWIDE FUNDING CORP.
4542843 COUNTRYWIDE FUNDING CORP. COUNTRYWIDE FUNDING CORP.
4542847 COUNTRYWIDE FUNDING CORP. COUNTRYWIDE FUNDING CORP.
4542848 COUNTRYWIDE FUNDING CORP. COUNTRYWIDE FUNDING CORP.
4542850 COUNTRYWIDE FUNDING CORP. COUNTRYWIDE FUNDING CORP.
4543034 COUNTRYWIDE FUNDING CORP. COUNTRYWIDE FUNDING CORP.
4543039 COUNTRYWIDE FUNDING CORP. COUNTRYWIDE FUNDING CORP.
4543042 COUNTRYWIDE FUNDING CORP. COUNTRYWIDE FUNDING CORP.
4543085 COUNTRYWIDE FUNDING CORP. COUNTRYWIDE FUNDING CORP.
4543090 COUNTRYWIDE FUNDING CORP. COUNTRYWIDE FUNDING CORP.
4543625 NATIONAL CITY MORTGAGE CO. NATIONAL CITY MORTGAGE CO.
4543653 NATIONAL CITY MORTGAGE CO. NATIONAL CITY MORTGAGE CO.
4543659 NATIONAL CITY MORTGAGE CO. NATIONAL CITY MORTGAGE CO.
4543670 NATIONAL CITY MORTGAGE CO. NATIONAL CITY MORTGAGE CO.
4543674 NATIONAL CITY MORTGAGE CO. NATIONAL CITY MORTGAGE CO.
4543678 NATIONAL CITY MORTGAGE CO. NATIONAL CITY MORTGAGE CO.
4543693 COUNTRYWIDE FUNDING CORP. COUNTRYWIDE FUNDING CORP.
4543697 COUNTRYWIDE FUNDING CORP. COUNTRYWIDE FUNDING CORP.
4543705 COUNTRYWIDE FUNDING CORP. COUNTRYWIDE FUNDING CORP.
4543712 COUNTRYWIDE FUNDING CORP. COUNTRYWIDE FUNDING CORP.
4543970 COUNTRYWIDE FUNDING CORP. COUNTRYWIDE FUNDING CORP.
4543973 NATIONAL CITY MORTGAGE CO. NATIONAL CITY MORTGAGE CO.
4543981 NATIONAL CITY MORTGAGE CO. NATIONAL CITY MORTGAGE CO.
4543987 NATIONAL CITY MORTGAGE CO. NATIONAL CITY MORTGAGE CO.
4544010 SUNTRUST MORTGAGE, INC. SUNTRUST MORTGAGE, INC.
4544179 COUNTRYWIDE FUNDING CORP. COUNTRYWIDE FUNDING CORP.
4544185 COUNTRYWIDE FUNDING CORP. COUNTRYWIDE FUNDING CORP.
4544187 COUNTRYWIDE FUNDING CORP. COUNTRYWIDE FUNDING CORP.
4544191 COUNTRYWIDE FUNDING CORP. COUNTRYWIDE FUNDING CORP.
4544210 COUNTRYWIDE FUNDING CORP. COUNTRYWIDE FUNDING CORP.
4544219 COUNTRYWIDE FUNDING CORP. COUNTRYWIDE FUNDING CORP.
4544235 COUNTRYWIDE FUNDING CORP. COUNTRYWIDE FUNDING CORP.
4544284 COUNTRYWIDE FUNDING CORP. COUNTRYWIDE FUNDING CORP.
4544312 COUNTRYWIDE FUNDING CORP. COUNTRYWIDE FUNDING CORP.
4544321 COUNTRYWIDE FUNDING CORP. COUNTRYWIDE FUNDING CORP.
4544324 COUNTRYWIDE FUNDING CORP. COUNTRYWIDE FUNDING CORP.
4544333 COUNTRYWIDE FUNDING CORP. COUNTRYWIDE FUNDING CORP.
4544338 COUNTRYWIDE FUNDING CORP. COUNTRYWIDE FUNDING CORP.
4544381 COUNTRYWIDE FUNDING CORP. COUNTRYWIDE FUNDING CORP.
4544385 COUNTRYWIDE FUNDING CORP. COUNTRYWIDE FUNDING CORP.
4544391 COUNTRYWIDE FUNDING CORP COUNTRYWIDE FUNDING CORP
4544392 COUNTRYWIDE FUNDING CORP. COUNTRYWIDE FUNDING CORP.
4544399 COUNTRYWIDE FUNDING CORP. COUNTRYWIDE FUNDING CORP.
4544678 COUNTRYWIDE FUNDING CORP. COUNTRYWIDE FUNDING CORP.
4544694 COUNTRYWIDE FUNDING CORP. COUNTRYWIDE FUNDING CORP.
4544705 COUNTRYWIDE FUNDING CORP. COUNTRYWIDE FUNDING CORP.
4544725 COUNTRYWIDE FUNDING CORP. COUNTRYWIDE FUNDING CORP.
4544729 SUNTRUST MORTGAGE, INC. SUNTRUST MORTGAGE, INC.
4544742 COUNTRYWIDE FUNDING CORP. COUNTRYWIDE FUNDING CORP.
4544750 COUNTRYWIDE FUNDING CORP. COUNTRYWIDE FUNDING CORP.
4544757 COUNTRYWIDE FUNDING CORP. COUNTRYWIDE FUNDING CORP.
4544770 COUNTRYWIDE FUNDING CORP. COUNTRYWIDE FUNDING CORP.
4544775 COUNTRYWIDE FUNDING CORP. COUNTRYWIDE FUNDING CORP.
4545218 COUNTRYWIDE FUNDING CORP. COUNTRYWIDE FUNDING CORP.
4545220 COUNTRYWIDE FUNDING CORP. COUNTRYWIDE FUNDING CORP.
4545227 COUNTRYWIDE FUNDING CORP. COUNTRYWIDE FUNDING CORP.
4545432 COUNTRYWIDE FUNDING CORP. COUNTRYWIDE FUNDING CORP.
4545439 COUNTRYWIDE FUNDING CORP. COUNTRYWIDE FUNDING CORP.
4545444 COUNTRYWIDE FUNDING CORP. COUNTRYWIDE FUNDING CORP.
4545681 COUNTRYWIDE FUNDING CORP. COUNTRYWIDE FUNDING CORP.
4545758 SUNTRUST MORTGAGE, INC. SUNTRUST MORTGAGE, INC.
4545886 COUNTRYWIDE FUNDING CORP. COUNTRYWIDE FUNDING CORP.
4545994 COUNTRYWIDE FUNDING CORP. COUNTRYWIDE FUNDING CORP.
4546000 COUNTRYWIDE FUNDING CORP. COUNTRYWIDE FUNDING CORP.
4546346 COUNTRYWIDE FUNDING CORP. COUNTRYWIDE FUNDING CORP.
4546501 HOMESIDE LENDING HOMESIDE LENDING
4546511 HOMESIDE LENDING HOMESIDE LENDING
4546515 HOMESIDE LENDING HOMESIDE LENDING
4546524 HOMESIDE LENDING HOMESIDE LENDING
4546551 HOMESIDE LENDING HOMESIDE LENDING
4546555 HOMESIDE LENDING HOMESIDE LENDING
4546559 HOMESIDE LENDING HOMESIDE LENDING
4546566 HOMESIDE LENDING HOMESIDE LENDING
4546571 HOMESIDE LENDING HOMESIDE LENDING
4546572 HOMESIDE LENDING HOMESIDE LENDING
4546576 HOMESIDE LENDING HOMESIDE LENDING
4546577 HOMESIDE LENDING HOMESIDE LENDING
4546583 HOMESIDE LENDING HOMESIDE LENDING
4546584 HOMESIDE LENDING HOMESIDE LENDING
4546590 HOMESIDE LENDING HOMESIDE LENDING
4546597 HOMESIDE LENDING HOMESIDE LENDING
4546609 HOMESIDE LENDING HOMESIDE LENDING
4546612 HOMESIDE LENDING HOMESIDE LENDING
4546617 HOMESIDE LENDING HOMESIDE LENDING
4546619 HOMESIDE LENDING HOMESIDE LENDING
4546620 HOMESIDE LENDING HOMESIDE LENDING
4546621 HOMESIDE LENDING HOMESIDE LENDING
4546623 HOMESIDE LENDING HOMESIDE LENDING
4546626 HOMESIDE LENDING HOMESIDE LENDING
4546627 HOMESIDE LENDING HOMESIDE LENDING
4546634 HOMESIDE LENDING HOMESIDE LENDING
4546745 COUNTRYWIDE FUNDING CORP COUNTRYWIDE FUNDING CORP
4546753 COUNTRYWIDE FUNDING CORP COUNTRYWIDE FUNDING CORP
4546758 COUNTRYWIDE FUNDING CORP COUNTRYWIDE FUNDING CORP
4546766 COUNTRYWIDE FUNDING CORP COUNTRYWIDE FUNDING CORP
4546773 COUNTRYWIDE FUNDING CORP COUNTRYWIDE FUNDING CORP
4546805 COUNTRYWIDE FUNDING CORP COUNTRYWIDE FUNDING CORP
4546813 COUNTRYWIDE FUNDING CORP COUNTRYWIDE FUNDING CORP
4546843 COUNTRYWIDE FUNDING CORP COUNTRYWIDE FUNDING CORP
4546854 COUNTRYWIDE FUNDING CORP COUNTRYWIDE FUNDING CORP
4546856 COUNTRYWIDE FUNDING CORP COUNTRYWIDE FUNDING CORP
4547051 COUNTRYWIDE FUNDING CORP. COUNTRYWIDE FUNDING CORP.
4547946 COUNTRYWIDE FUNDING CORP COUNTRYWIDE FUNDING CORP
4547997 SUNTRUST MORTGAGE, INC. SUNTRUST MORTGAGE, INC.
4548024 COUNTRYWIDE FUNDING CORP COUNTRYWIDE FUNDING CORP
4548025 COUNTRYWIDE FUNDING CORP COUNTRYWIDE FUNDING CORP
4548059 COUNTRYWIDE FUNDING CORP COUNTRYWIDE FUNDING CORP
4548068 COUNTRYWIDE FUNDING CORP COUNTRYWIDE FUNDING CORP
4548080 COUNTRYWIDE FUNDING CORP COUNTRYWIDE FUNDING CORP
4548615 COUNTRYWIDE FUNDING CORP. COUNTRYWIDE FUNDING CORP.
4549540 COUNTRYWIDE FUNDING CORP COUNTRYWIDE FUNDING CORP
4550207 CIMARRON MORTGAGE COMPANY CIMARRON MORTGAGE COMPANY
4550552 COUNTRYWIDE FUNDING CORP COUNTRYWIDE FUNDING CORP
4550800 NATIONAL CITY MORTGAGE CO. NATIONAL CITY MORTGAGE CO.
4550804 NATIONAL CITY MORTGAGE CO. NATIONAL CITY MORTGAGE CO.
4550810 NATIONAL CITY MORTGAGE CO. NATIONAL CITY MORTGAGE CO.
4550854 NATIONAL CITY MORTGAGE CO. NATIONAL CITY MORTGAGE CO.
4550862 NATIONAL CITY MORTGAGE CO. NATIONAL CITY MORTGAGE CO.
4550869 NATIONAL CITY MORTGAGE CO. NATIONAL CITY MORTGAGE CO.
4550877 NATIONAL CITY MORTGAGE CO. NATIONAL CITY MORTGAGE CO.
4550894 COUNTRYWIDE FUNDING CORP. COUNTRYWIDE FUNDING CORP.
4550901 COUNTRYWIDE FUNDING CORP. COUNTRYWIDE FUNDING CORP.
4552145 COUNTRYWIDE FUNDING CORP. COUNTRYWIDE FUNDING CORP.
4552148 COUNTRYWIDE FUNDING CORP. COUNTRYWIDE FUNDING CORP.
4552153 COUNTRYWIDE FUNDING CORP. COUNTRYWIDE FUNDING CORP.
4552167 COUNTRYWIDE FUNDING CORP. COUNTRYWIDE FUNDING CORP.
4552494 SUNTRUST MORTGAGE, INC. SUNTRUST MORTGAGE, INC.
4552530 COUNTRYWIDE FUNDING CORP. COUNTRYWIDE FUNDING CORP.
4552775 SUNTRUST MORTGAGE, INC. SUNTRUST MORTGAGE, INC.
4554280 NATIONAL CITY MORTGAGE CO. NATIONAL CITY MORTGAGE CO.
4554430 SUNTRUST MORTGAGE, INC. SUNTRUST MORTGAGE, INC.
4555037 SUNTRUST MORTGAGE, INC. SUNTRUST MORTGAGE, INC.
COUNT: 171
WAC: 8.4844
WAM: 356.7831182
WALTV: 76.8279
<PAGE>
EXHIBIT G
REQUEST FOR RELEASE
(for Trustee/Custodian)
Loan Information
Name of Mortgagor: -----------------------------
Servicer
Loan No.: -----------------------------
Custodian/Trustee
Name: -----------------------------
Address: -----------------------------
-----------------------------
Custodian/Trustee
Mortgage File No.: -----------------------------
Seller
Name: -----------------------------
Address: -----------------------------
-----------------------------
Certificates: Mortgage Pass-Through Certificates,
Series 1996-9
The undersigned Master Servicer hereby acknowledges that it has received
from First Union National Bank of North Carolina, as Trustee for the Holders of
Mortgage Pass-Through Certificates, Series 1996-9, the documents referred to
below (the "Documents"). All capitalized terms not otherwise defined in this
Request for Release shall have the meanings given them in the Pooling and
Servicing Agreement dated as of December 24, 1996 (the "Pooling and Servicing
Agreement") among the Trustee, the Seller and the Master Servicer.
( ) Promissory Note dated -------------, 199--, in the original principal sum
of $ ---------, made by ------------------, payable to, or endorsed to
the order of, the Trustee.
( ) Mortgage recorded on ---------------- as instrument no. -------------- in
the County Recorder's Office of the County of ---------------, State of
----------------------- in book/reel/docket ------------------ of
official records at page/image ------------.
( ) Deed of Trust recorded on ------------- as instrument no.
---------------- in the County Recorder's Office of the County of
--------------, State of --------------- in book/reel/docket
---------------- of official records at page/image -------------.
( ) Assignment of Mortgage or Deed of Trust to the Trustee, recorded on
------------------ as instrument no. ------------------ in the County
Recorder's Office of the County of -----------------, State of
---------------- in book/reel/docket ---------------- of official records
at page/image ------------.
( ) Other documents, including any amendments, assignments or other
assumptions of the Mortgage Note or Mortgage.
( ) ---------------------------------------------
( ) ---------------------------------------------
( ) ---------------------------------------------
( ) ---------------------------------------------
The undersigned Master Servicer hereby acknowledges and agrees as
follows:
(1) The Master Servicer shall hold and retain possession of
the Documents in trust for the benefit of the Trustee, solely for the
purposes provided in the Agreement.
(2) The Master Servicer shall not cause or permit the
Documents to become subject to, or encumbered by, any claim, liens,
security interest, charges, writs of attachment or other impositions
nor shall the Master Servicer assert or seek to assert any claims or
rights of setoff to or against the Documents or any proceeds thereof.
(3) The Master Servicer shall return the Documents to the
Trustee when the need therefor no longer exists, unless the Mortgage
Loan relating to the Documents has been liquidated and the proceeds
thereof have been remitted to the Certificate Account and except as
expressly provided in the Agreement.
(4) The Documents and any proceeds thereof, including any
proceeds of proceeds, coming into the possession or control of the
Master Servicer shall at all times be earmarked for the account of the
Trustee, and the Master Servicer shall keep the Documents and any
proceeds separate and distinct from all other property in the Master
Servicer's possession, custody or control.
NORWEST BANK MINNESOTA, NATIONAL
ASSOCIATION
By: -----------------------------
Title: ---------------------------
Date: -------------, 19--
<PAGE>
EXHIBIT H
AFFIDAVIT PURSUANT TO SECTION
860E(e)(4) OF THE INTERNAL
REVENUE CODE OF 1986, AS
AMENDED, AND FOR NON-ERISA
INVESTORS
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 Purchaser] (the "Purchaser"),
a [description of type of entity] duly organized and existing under the laws of
the [State of ---------------] [United States], on behalf of which he makes this
affidavit.
2. That the Purchaser's Taxpayer Identification Number is [ ].
3. That the Purchaser is not a "disqualified organization" within the
meaning of Section 860E(e)(5), of the Internal Revenue Code of 1986, as amended
(the "Code"), or an ERISA Prohibited Holder, and will not be a "disqualified
organization" or an ERISA Prohibited Holder, as of [date of transfer], and that
the Purchaser is not acquiring Norwest Asset Securities Corporation Mortgage
Pass-Through Certificates, Series 1996-9, Class A-R Certificate (the "Class A-R
Certificate") for the account of, or as agent (including a broker, nominee, or
other middleman) for, any person or entity from which it has not received an
affidavit substantially in the form of this affidavit. For these purposes, a
"disqualified organization" means the United States, any state or political
subdivision thereof, any foreign government, any international organization, any
agency or instrumentality of any of the foregoing (other than an instrumentality
if all of its activities are subject to tax and a majority of its board of
directors is not selected by such governmental entity), any cooperative
organization furnishing electric energy or providing telephone service to
persons in rural areas as described in Code Section 1381(a)(2)(C), or any
organization (other than a farmers' cooperative described in Code Section 521)
that is exempt from taxation under the Code unless such organization is subject
to the tax on unrelated business income imposed by Code Section 511. For these
purposes, an "ERISA Prohibited Holder" means an employee benefit plan subject to
the fiduciary provisions of the Employee Retirement Income Security Act of 1974,
as amended, ("ERISA") and/or Code Section 4975 or any governmental plan, as
defined in Section 3(32) of ERISA, subject to any federal, state or local law
which is, to a material extent, similar to the foregoing provisions of ERISA or
the Code (collectively, a "Plan") or a Person investing the assets of such a
Plan.
4. That the Purchaser historically has paid its debts as they have come due
and intends to pay its debts as they come due in the future and the Purchaser
intends to pay taxes associated with holding the Class A-R Certificate as they
become due.
5. That the Purchaser understands that it may incur tax liabilities with
respect to the Class A-R Certificate in excess of cash flows generated by the
Class A-R Certificate.
6. That the Purchaser will not transfer the Class A-R Certificate to any
person or entity from which the Purchaser has not received an affidavit
substantially in the form of this affidavit and as to which the Purchaser has
actual knowledge that the requirements set forth in paragraph 3, 4 or 7 hereof
are not satisfied or that the Purchaser has reason to know does not satisfy the
requirements set forth in paragraph 4 hereof.
7. That the Purchaser (i) is not a Non-U.S. Person or (ii) is a Non-U.S.
Person that holds the Class A-R Certificate in connection with the conduct of a
trade or business within the United States and has furnished the transferor and
the Trustee with an effective Internal Revenue Service Form 4224 or successor
form at the time and in the manner required by the Code or (iii) is a Non-U.S.
Person that has delivered to both the transferor and the Trustee an opinion of a
nationally recognized tax counsel to the effect that the transfer of the Class
A-R Certificate to it is in accordance with the requirements of the Code and the
regulations promulgated thereunder and that such transfer of the Class A-R
Certificate will not be disregarded for federal income tax purposes. "Non-U.S.
Person" means an individual, corporation, partnership or other person other than
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 or any
political subdivision thereof, an estate that is subject to U.S. federal income
tax regardless of the source of its income or a trust if (i) for taxable years
beginning after December 31, 1996 (or after August 20, 1996, if the trustee has
made an applicable election), a court within the United States is able to
exercise primary supervision over the administration of such trust, and one or
more United States fiduciaries have the authority to control all substantial
decisions of such trust or (ii) for all other taxable years, such trust is
subject to U.S. federal income tax regardless of the source of its income.
8. That the Purchaser agrees to such amendments of the Pooling and
Servicing Agreement as may be required to further effectuate the restrictions on
transfer of the Class A-R Certificate to such a "disqualified organization," an
agent thereof, an ERISA Prohibited Holder or a person that does not satisfy the
requirements of paragraph 4, paragraph 5 and paragraph 7 hereof.
9. That the Purchaser consents to the designation of the Master Servicer as
its agent to act as "tax matters person" of the REMIC pursuant to Section 3.01
of the Pooling and Servicing Agreement, and if such designation is not permitted
by the Code and applicable law, to act as tax matters person if requested to do
so.
<PAGE>
IN WITNESS WHEREOF, the Purchaser has caused this instrument to be executed
on its behalf, pursuant to authority of its Board of Directors, by its [Title of
Officer] this ---- day of ----------, 19 ---.
[NAME OF PURCHASER]
By:-----------------------------
[Name of Officer]
[Title of Officer]
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 Purchaser, and acknowledged to me that he
[she] executed the same as his [her] free act and deed and the free act and deed
of the Purchaser.
Subscribed and sworn before me this ----- day of ----, 19--.
- -----------------------------
NOTARY PUBLIC
COUNTY OF -------------------
STATE OF --------------------
My commission expires the ----- day of -----, 19--.
<PAGE>
EXHIBIT I
[Letter from Transferor of Class A-R Certificate]
[Date]
First Union National Bank of North Carolina
230 South Tryon Street
Charlotte, North Carolina 28288
Re: Norwest Asset Securities Corporation,
Series 1996-9, Class A-R
Ladies and Gentlemen:
[Transferor] has reviewed the attached affidavit of
[Transferee], and has no actual knowledge that such affidavit is not true and
has no reason to know that the information contained in paragraph 4 thereof is
not true.
Very truly yours,
[Transferor]
----------------------
<PAGE>
EXHIBIT J
NORWEST ASSET SECURITIES CORPORATION
MORTGAGE PASS-THROUGH CERTIFICATES
SERIES 1996-9
CLASS [B-3] [B-4] [B-5] CERTIFICATES
TRANSFEREE'S LETTER
-------------------
----------------- --, ----
First Union National Bank of North Carolina
230 South Tryon Street
Charlotte, North Carolina 28288
Norwest Asset Securities Corporation
5325 Spectrum Drive
Frederick, Maryland 21703
The undersigned (the "Purchaser") proposes to purchase Norwest Asset
Securities Corporation Mortgage Pass-Through Certificates, Series 1996-9, Class
[B-3] [B-4] [B-5] (the "Class [B-3] [B-4] [B-5] Certificates") in the principal
amount of $___________. In doing so, the Purchaser hereby acknowledges and
agrees as follows:
Section 1. Definitions. Each capitalized term used herein and not otherwise
defined herein shall have the meaning ascribed to it in the Pooling and
Servicing Agreement, dated as of December 24, 1996 (the "Pooling and Servicing
Agreement") among Norwest Asset Securities Corporation, as seller ("NASCOR"),
Norwest Bank Minnesota, National Association, as master servicer (the "Master
Servicer"), and First Union National Bank of North Carolina, as trustee (the
"Trustee"), of Norwest Asset Securities Corporation Mortgage Pass-Through
Certificates, Series 1996-9.
Section 2. Representations and Warranties of the Purchaser. In connection
with the proposed transfer, the Purchaser represents and warrants to NASCOR, the
Master Servicer and the Trustee that:
(a) The Purchaser is duly organized, validly existing and in good
standing under the laws of the jurisdiction in which the Purchaser is
organized, is authorized to invest in the Class [B-3] [B-4] [B-5]
Certificates, and to enter into this Agreement, and duly executed and
delivered this Agreement.
(b) The Purchaser is acquiring the Class [B-3] [B-4] [B-5]
Certificates for its own account as principal and not with a view to the
distribution thereof, in whole or in part.
[(c) The Purchaser has knowledge of financial and business matters and
is capable of evaluating the merits and risks of an investment in the Class
[B-3] [B-4] [B-5] Certificates; the Purchaser has sought such accounting,
legal and tax advice as it has considered necessary to make an informed
investment decision; and the Purchaser is able to bear the economic risk of
an investment in the Class [B-3] [B-4] [B-5] Certificates and can afford a
complete loss of such investment.]
[(c) The Purchaser is a "Qualified Institutional Buyer" within the
meaning of Rule 144A of the Act.]
(d) The Purchaser confirms that (a) it has received and reviewed a
copy of the Private Placement Memorandum dated October __, 1996, relating
to the Class [B-3] [B-4] [B-5] Certificates and reviewed, to the extent it
deemed appropriate, the documents attached thereto or incorporated by
reference therein, (b) it has had the opportunity to ask questions of, and
receive answers from NASCOR concerning the Class [B-3] [B-4] [B-5]
Certificates and all matters relating thereto, and obtain any additional
information (including documents) relevant to its decision to purchase the
Class [B-3] [B-4] [B-5] Certificates that NASCOR possesses or can possess
without unreasonable effort or expense and (c) it has undertaken its own
independent analysis of the investment in the Class [B-3] [B-4] [B-5]
Certificates. The Purchaser will not use or disclose any information it
receives in connection with its purchase of the Class [B-3] [B-4] [B-5]
Certificates other than in connection with a subsequent sale of Class [B-3]
[B-4] [B-5] Certificates.
(e) Either (i) the Purchaser is not an employee benefit plan subject
to the fiduciary responsibility 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 any governmental
plan, as defined in Section 3(32) of ERISA subject to any federal, state or
local law ("Similar Law") which is, to a material extent, similar to the
foregoing provisions of ERISA or the Code (collectively, a "Plan"), an
agent acting on behalf of a Plan, or a person utilizing the assets of a
Plan or (ii) if the Purchaser is an insurance company, the source of funds
used to purchase the Class B Certificate is an "insurance company general
account" (as such term is defined in Section V(e) of Prohibited Transaction
Class Exemption 95-60 ("PTE 95-60"), 60 Fed. Reg. 35925 (July 12, 1995))
and there is no Plan with respect to which the amount of such general
account's reserves and liabilities for the contract(s) held by or on behalf
of such Plan and all other Plans maintained by the same employer (or
affiliate thereof as defined in Section V(a)(1) of PTE 95-60) or by the
same employee organization exceeds 10% of the total of all reserves and
liabilities of such general account (as such amounts are determined under
Section I(a) of PTE 95-60) at the date of acquisition or (iii) the
Purchaser has provided (a) a "Benefit Plan Opinion" satisfactory to NASCOR
and the Trustee of the Trust Estate and (b) such other opinions of counsel,
officers' certificates and agreements as NASCOR or the Master Servicer may
have required. A Benefit Plan Opinion is an opinion of counsel to the
effect that the proposed transfer will not (a) cause the assets of the
Trust Estate to be regarded as "plan assets" and subject to the fiduciary
responsibility provisions of ERISA or the prohibited transaction provisions
of the Code or Similar Law, (b) give rise to a fiduciary duty under ERISA,
Section 4975 of the Code or Similar Law on the part of NASCOR, the Master
Servicer or the Trustee with respect to any Plan, (c) constitute a
prohibited transaction under ERISA or Section 4975 of the Code or Similar
Law or (d) subject the Trustee or the Depositor to any obligation in
addition to those undertaken in the Trust Agreement.
(f) If the Purchaser is a depository institution subject to the
jurisdiction of the Office of the Comptroller of the Currency ("OCC"), the
Board of Governors of the Federal Reserve System ("FRB"), the Federal
Deposit Insurance Corporation ("FDIC"), the Office of Thrift Supervision
("OTS") or the National Credit Union Administration ("NCUA"), the Purchaser
has reviewed the "Supervisory Policy Statement on Securities Activities"
dated January 28, 1992 of the Federal Financial Institutions Examination
Council and the April 15, 1994 Interim Revision thereto as adopted by the
OCC, FRB, FDIC, OTS and NCUA (with modifications as applicable), as
appropriate, other applicable investment authority, rules, supervisory
policies and guidelines of these agencies and, to the extent appropriate,
state banking authorities and has concluded that its purchase of the Class
[B-3] [B-4] [B-5] Certificates is in compliance therewith.
Section 3. Transfer of Class [B-3] [B-4] [B-5] Certificates.
(a) The Purchaser understands that the Class [B-3] [B-4] [B-5]
Certificates have not been registered under the Securities Act of 1933 (the
"Act") or any state securities laws and that no transfer may be made unless
the Class [B-3] [B-4] [B-5] Certificates are registered under the Act and
applicable state law or unless an exemption from registration is available.
The Purchaser further understands that neither NASCOR, the Master Servicer
nor the Trustee is under any obligation to register the Class [B-3] [B-4]
[B-5] Certificates or make an exemption available. In the event that such a
transfer is to be made in reliance upon an exemption from the Act or
applicable state securities laws, (i) the Trustee shall require, in order
to assure compliance with such laws, that the Certificateholder's
prospective transferee certify to NASCOR and the Trustee as to the factual
basis for the registration or qualification exemption relied upon, and (ii)
unless the transferee is a "Qualified Institutional Buyer" within the
meaning of Rule 144A of the Act, the Trustee or NASCOR may, if such
transfer is made within three years from the later of (a) the Closing Date
or (b) the last date on which NASCOR or any affiliate thereof was a holder
of the Certificates proposed to be transferred, require an Opinion of
Counsel that such transfer may be made pursuant to an exemption from the
Act and state securities laws, which Opinion of Counsel shall not be an
expense of the Trustee, the Master Servicer or NASCOR. Any such
Certificateholder desiring to effect such transfer shall, and does hereby
agree to, indemnify the Trustee, the Master Servicer, any Paying Agent
acting on behalf of the Trustee and NASCOR 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.
(b) No transfer of a Class [B-3] [B-4] [B-5] Certificate shall be made
unless the transferee provides NASCOR and the Trustee with a Transferee's
Letter, substantially in the form of this Agreement.
(c) The Purchaser acknowledges that its Class [B-3] [B-4] [B-5]
Certificates bear a legend setting forth the applicable restrictions on
transfer.
<PAGE>
IN WITNESS WHEREOF, the undersigned has caused this Agreement to the
validly executed by its duly authorized representative as of the day and the
year first above written.
[PURCHASER]
By: -------------------------------
Its: ------------------------------
<PAGE>
EXHIBIT K
NORWEST ASSET SECURITIES CORPORATION
MORTGAGE PASS-THROUGH CERTIFICATES
SERIES 1996-9
CLASS [M] [B-1] [B-2] CERTIFICATES
TRANSFEREE'S LETTER
-------------------
----------------- --, ----
First Union National Bank of North Carolina
230 South Tryon Street
Charlotte, North Carolina 28288
Norwest Asset Securities Corporation
5325 Spectrum Drive
Frederick, Maryland 21703
The undersigned (the "Purchaser") proposes to purchase Norwest Asset
Securities Corporation Mortgage Pass-Through Certificates, Series 1996-9, Class
[M] [B-1] [B-2] (the "Class [M] [B-1] [B-2] Certificates") in the principal
amount of $-------------. In doing so, the Purchaser hereby acknowledges and
agrees as follows:
Section 1. Definitions. Each capitalized term used herein and not otherwise
defined herein shall have the meaning ascribed to it in the Pooling and
Servicing Agreement, dated as of December 24, 1996 (the "Pooling and Servicing
Agreement") among Norwest Asset Securities Corporation, as seller ("NASCOR"),
Norwest Bank Minnesota, National Association, as master servicer (the "Master
Servicer"), and First Union National Bank of North Carolina, as trustee (the
"Trustee"), of Norwest Asset Securities Corporation Mortgage Pass-Through
Certificates, Series 1996-9.
Section 2. Representations and Warranties of the Purchaser. In connection
with the proposed transfer, the Purchaser represents and warrants to NASCOR, the
Master Servicer and the Trustee that:
Either (i) the Purchaser is not an employee benefit plan
subject to the fiduciary responsibility 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 any governmental plan, as defined in Section 3(32) of ERISA
subject to any federal, state or local law ("Similar Law") which is, to
a material extent, similar to the foregoing provisions of ERISA or the
Code (collectively, a "Plan"), an agent acting on behalf of a Plan, or
a person utilizing the assets of a Plan or (ii) if the Purchaser is an
insurance company, the source of funds used to purchase the Class [M]
[B-1] [B-2] Certificate is an "insurance company general account" (as
such term is defined in Section V(e) of Prohibited Transaction Class
Exemption 95-60 ("PTE 95-60"), 60 Fed. Reg. 35925 (July 12, 1995)) and
there is no Plan with respect to which the amount of such general
account's reserves and liabilities for the contract(s) held by or on
behalf of such Plan and all other Plans maintained by the same employer
(or affiliate thereof as defined in Section V(a)(1) of PTE 95-60) or by
the same employee organization exceeds 10% of the total of all reserves
and liabilities of such general account (as such amounts are determined
under Section I(a) of PTE 95-60) at the date of acquisition or (iii)
the Purchaser has provided (a) a "Benefit Plan Opinion" satisfactory to
NASCOR and the Trustee of the Trust Estate and (b) such other opinions
of counsel, officers' certificates and agreements as NASCOR or the
Master Servicer may have required.. A Benefit Plan Opinion is an
opinion of counsel to the effect that the proposed transfer will not
(a) cause the assets of the Trust Estate to be regarded as "plan
assets" and subject to the fiduciary responsibility provisions of ERISA
or the prohibited transaction provisions of the Code or Similar Law,
(b) give rise to a fiduciary duty under ERISA, Section 4975 of the Code
or Similar Law on the part of NASCOR, the Master Servicer or the
Trustee with respect to any Plan, (c) constitute a prohibited
transaction under ERISA or Section 4975 of the Code or Similar Law or
(d) subject the Trustee or the Depositor to any obligation in addition
to those undertaken in the Trust Agreement.
IN WITNESS WHEREOF, the undersigned has caused this Agreement to the
validly executed by its duly authorized representative as of the day and the
year first above written.
[PURCHASER]
By: ------------------------------
Its: -----------------------------
<PAGE>
EXHIBIT L
Norwest Mortgage, Inc. Servicing Agreement
Cimarron Mortgage Corporation Servicing Agreement
Countrywide Home Loans, Inc. Servicing Agreement
First Bank National Association Servicing Agreement
HomeSide Lending Servicing Agreement
National City Mortgage Company Servicing Agreement
Suntrust Mortgage Inc. Servicing Agreement
<PAGE>
EXHIBIT M
[FORM OF SPECIAL SERVICING AGREEMENT]
SPECIAL SERVICING AND COLLATERAL FUND AGREEMENT
-----------------------------------------------
This SPECIAL SERVICING AND COLLATERAL FUND AGREEMENT (the "Agreement") is
made and entered into as of -----------------------, between Norwest Bank
Minnesota, National Association (the "Company" and "Norwest Bank") and
- -------------- (the "Purchaser").
PRELIMINARY STATEMENT
--------------------------- is the holder of the entire interest in Norwest
Asset Securities Corporation Mortgage Pass-Through Certificates, Series 1996-9,
Class ____ (the "Class B Certificates"). The Class B Certificates were issued
pursuant to a Pooling and Servicing Agreement dated as of December 24, 1996
among Norwest Asset Securities Corporation, as Seller ("NASCOR"), Norwest Bank
Minnesota, National Association, as Master Servicer, and First Union National
Bank of North Carolina, as Trustee.
-------------------------------- intends to resell all of the Class B
Certificates directly to the Purchaser on or promptly after the date hereof.
In connection with such sale, the parties hereto have agreed that the
Company will cause, to the extent that the Company as Master Servicer is granted
such authority in the related Servicing Agreements, the related servicers (each
a related "Servicer"), which service the Mortgage Loans which comprise the Trust
Estate related to the above referenced series under the related servicing
agreements (each a related "Servicing Agreement"), to engage in certain special
servicing procedures relating to foreclosures for the benefit of the Purchaser,
and that the Purchaser will deposit funds in a collateral fund to cover any
losses attributable to such procedures as well as all advances and costs in
connection therewith, as set forth herein.
In consideration of the mutual agreements herein contained, the receipt and
sufficiency of which are hereby acknowledged, the Company and the Purchaser
agree that the following provisions shall become effective and shall be binding
on and enforceable by the Company and the Purchaser:
ARTICLE I
DEFINITIONS
Section 1.01 Defined Terms
Whenever used in this Agreement, the following words and phrases, unless
the context otherwise requires, shall have the following meanings:
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 are required or
authorized by law or executive order to be closed.
Collateral Fund: The fund established and maintained pursuant to Section
3.01 hereof.
Collateral Fund Permitted Investments: Either (i) obligations of, or
obligations fully guaranteed as to principal and interest by, the United States,
or any agency or instrumentality thereof, provided such obligations are backed
by the full faith and credit of the United States, (ii) a money market fund
rated in the highest rating category by a nationally recognized rating agency
selected by the Company, (iii) cash, (iv) mortgage pass-through certificates
issued or guaranteed by Government National Mortgage Association, FNMA or FHLMC,
(v) commercial paper (including both non-interest-bearing discount obligations
and interest-bearing obligations payable on demand or on a specified date), the
issuer of which may be an affiliate of the Company, having at the time of such
investment a rating of at least A-1 by Standard and Poor's ("S&P") or at least
P-1 by Moody's Investors Service, Inc. ("Moody's") or (vi) demand and time
deposits in, certificates of deposit of, any depository institution or trust
company (which may be an affiliate of the Company) incorporated under the laws
of the United States of America or any state thereof and subject to supervision
and examination by federal and/or state banking authorities, so long as at the
time of such investment either (x) the long-term debt obligations of such
depository institution or trust company have a rating of at least Aa2 by Moody's
or AA by S&P, (y) the certificate of deposit or other unsecured short-term debt
obligations of such depository institution or trust company have a rating of at
least P-1 by Moody's or A-1 by S&P or (z) the depository institution or trust
company is one that is acceptable to either Moody's or S&P and, for each of the
preceding clauses (i), (iv), (v) and (vi), the maturity thereof shall be not
later than the earlier to occur of (A) 30 days from the date of the related
investment and (B) the next succeeding Distribution Date as defined in the
related Pooling and Servicing Agreement.
Commencement of Foreclosure: The first official action required under local
law in order to commence foreclosure proceedings or to schedule a trustee's sale
under a deed of trust, including (i) in the case of a mortgage, any filing or
service of process necessary to commence an action to foreclose, or (ii) in the
case of a deed of trust, posting, the publishing, filing or delivery of a notice
of sale, but not including in either case (x) any notice of default, notice of
intent to foreclose or sell or any other action prerequisite to the actions
specified in (i) or (ii) above, (y) the acceptance of a deed-in-lieu of
foreclosure (whether in connection with a sale of the related property or
otherwise) or (z) initiation and completion of a short pay-off.
Current Appraisal: With respect to any Mortgage Loan as to which the
Purchaser has made an Election to Delay Foreclosure, an appraisal of the related
Mortgaged Property obtained by the Purchaser at its own expense from an
independent appraiser (which shall not be an affiliate of the Purchaser)
acceptable to the Company as nearly contemporaneously as practicable to the time
of the Purchaser's election, prepared based on the Company's customary
requirements for such appraisals.
Election to Delay Foreclosure: Any election by the Purchaser to delay the
Commencement of Foreclosure, made in accordance with Section 2.02(b).
Election to Foreclose: Any election by the Purchaser to proceed with the
Commencement of Foreclosure, made in accordance with Section 2.03(a).
Monthly Advances: Principal and interest advances and servicing advances
including costs and expenses of foreclosure.
Required Collateral Fund Balance: As of any date of determination, an
amount equal to the aggregate of all amounts previously required to be deposited
in the Collateral Fund pursuant to Section 2.02(d) (after adjustment for all
withdrawals and deposits pursuant to Section 2.02(e)) and Section 2.03(b) (after
adjustment for all withdrawals and deposits pursuant to Section 2.02(e)) and
Section 3.02 to be reduced by all withdrawals therefrom pursuant to Section
2.02(g) and Section 2.03(d).
Section 1.02 Definitions Incorporated by Reference
All capitalized terms not otherwise defined in this Agreement shall have
the meanings assigned in the Pooling and Servicing Agreement.
ARTICLE II
SPECIAL SERVICING PROCEDURES
Section 2.01 Reports and Notices
(a) In connection with the performance of its duties under the Pooling and
Servicing Agreement relating to the realization upon defaulted Mortgage Loans,
the Company as Master Servicer shall provide to the Purchaser the following
notices and reports:
(i) Within five Business Days after each Distribution Date (or
included in or with the monthly statements to Certificateholders pursuant
to the Pooling and Servicing Agreement), the Company, shall provide to the
Purchaser a report, using the same methodology and calculations in its
standard servicing reports, indicating for the Trust Estate the number of
Mortgage Loans that are (A) thirty days, (B) sixty days, (C) ninety days or
more delinquent or (D) in foreclosure, and indicating for each such
Mortgage Loan the loan number and outstanding principal balance.
(ii) Prior to the Commencement of Foreclosure in connection with
any Mortgage Loan, the Company shall cause, to the extent that the Company
as Master Servicer is granted such authority in the related Servicing
Agreement, the related Servicer to provide the Purchaser with a notice
(sent by telecopier) of such proposed and imminent foreclosure, stating the
loan number and the aggregate amount owing under the Mortgage Loan. Such
notice may be provided to the Purchaser in the form of a copy of a referral
letter from such Servicer to an attorney requesting the institution of
foreclosure.
(b) If requested by the Purchaser, the Company shall cause, to the extent
that the Company as Master Servicer is granted such authority in the related
Servicing Agreement, the related Servicer to make its servicing personnel
available (during their normal business hours) to respond to reasonable
inquiries, by phone or in writing by facsimile, electronic, or overnight mail
transmission, by the Purchaser in connection with any Mortgage Loan identified
in a report under subsection (a) (i) (B), (a) (i) (C), (a) (i) (D), or (a) (ii)
which has been given to the Purchaser; provided, that (1) the related Servicer
shall only be required to provide information that is readily accessible to its
servicing personnel and is non-confidential and (2) the related Servicer shall
respond within five Business Days orally or in writing by facsimile
transmission.
(c) In addition to the foregoing, the Company shall cause, to the extent
that the Company as Master Servicer is granted such authority in the related
Servicing Agreement, the related Servicer to provide to the Purchaser such
information as the Purchaser may reasonably request provided, however, that such
information is consistent with normal reporting practices, concerning each
Mortgage Loan that is at least ninety days delinquent and each Mortgage Loan
which has become real estate owned, through the final liquidation thereof;
provided, that the related Servicer shall only be required to provide
information that is readily accessible to its servicing personnel and is
non-confidential provided, however, that the Purchaser will reimburse the
Company and the related Servicer for any out of pocket expenses.
Section 2.02 Purchaser's Election to Delay Foreclosure Proceedings
(a) The Purchaser shall be deemed to direct the Company to cause, to the
extent that the Company as Master Servicer is granted such authority in the
related Servicing Agreement, the related Servicer that in the event that the
Company does not receive written notice of the Purchaser's election pursuant to
subsection (b) below within 24 hours (exclusive of any intervening non-Business
Days) of transmission of the notice provided by the Company under Section 2.01
(a) (ii) subject to extension as set forth in Section 2.02(b), the related
Servicer may proceed with the Commencement of Foreclosure in respect of such
Mortgage Loan in accordance with its normal foreclosure policies without further
notice to the Purchaser. Any foreclosure that has been initiated may be
discontinued (i) without notice to the Purchaser if the Mortgage Loan has been
brought current or if a refinancing or prepayment occurs with respect to the
Mortgage Loan (including by means of a short payoff approved by the related
Servicer) or (ii) if the related Servicer has reached the terms of a forbearance
agreement with the borrower. In such latter case, the related Servicer may
complete such forbearance agreement unless instructed otherwise by the Purchaser
within two Business Days notification.
(b) In connection with any Mortgage Loan with respect to which a notice
under Section 2.01(a)(ii) has been given to the Purchaser, the Purchaser may
elect to instruct the Company to cause, to the extent that the Company as Master
Servicer is granted such authority in the related Servicing Agreement, the
related Servicer to delay the Commencement of Foreclosure until such time as the
Purchaser determines that the related Servicer may proceed with the Commencement
of Foreclosure. Such election must be evidenced by written notice received
within 24 hours (exclusive of any intervening non-Business Days) of transmission
of the notice provided by the Company under Section 2.01(a)(ii). Such 24 hour
period shall be extended for no longer than an additional four Business Days
after the receipt of the information if the Purchaser requests additional
information related to such foreclosure; provided, however that the Purchaser
will have at least one Business Day to respond to any requested additional
information. Any such additional information shall (i) be provided only to the
extent it is not confidential in nature and (ii) is obtainable by the related
Servicer from existing reports, certificates or statements or otherwise be
readily accessible to its servicing personnel. The Purchaser agrees that it has
no right to deal with the mortgagor during such period. However, if such
servicing activities include acceptance of a deed-in-lieu of foreclosure or
short payoff, the Purchaser will be notified and given two Business Days to
respond.
(c) With respect to any Mortgage Loan as to which the Purchaser has made an
Election to Delay Foreclosure, the Purchaser shall obtain a Current Appraisal as
soon as practicable, but in no event more than 15 business days thereafter, and
shall provide the Company with a copy of such Current Appraisal.
(d) Within two Business Days of making any Election to Delay Foreclosure,
the Purchaser shall remit by wire transfer to the Company, for deposit in the
Collateral Fund, an amount, as calculated by the Company, equal to the sum of
(i) 125% of the greater of the unpaid principal balance of the Mortgage Loan and
the value shown in the Current Appraisal referred to in subsection (c) above
(or, if such Current Appraisal has not yet been obtained, the Company's estimate
thereof, in which case the required deposit under this subsection shall be
adjusted upon obtaining such Current Appraisal), and (ii) three months' interest
on the Mortgage Loan at the applicable Mortgage Interest Rate. If any Election
to Delay Foreclosure extends for a period in excess of three months (such excess
period being referred to herein as the "Excess Period"), within two Business
Days the Purchaser shall remit by wire transfer in advance to the Company for
deposit in the Collateral Fund the amount of each additional month's interest,
as calculated by the Company, equal to interest on the Mortgage Loan at the
applicable Mortgage Interest Rate for the Excess Period. The terms of this
Agreement will no longer apply to the servicing of any Mortgage Loan upon the
failure of the Purchaser to deposit any of the above amounts relating to the
Mortgage Loan within two Business Days of the Election to Delay Foreclosure or
within two Business Days of the commencement of the Excess Period subject to
Section 3.01.
(e) With respect to any Mortgage Loan as to which the Purchaser has made an
Election to Delay Foreclosure, the Company may withdraw from the Collateral Fund
from time to time amounts necessary to reimburse the related Servicer for all
related Monthly Advances and Liquidation Expenses thereafter made by such
Servicer in accordance with the Pooling and Servicing Agreement and the related
Servicing Agreement. To the extent that the amount of any such Liquidation
Expenses is determined by the Company based on estimated costs, and the actual
costs are subsequently determined to be higher, the Company may withdraw the
additional amount from the Collateral Fund. In the event that the Mortgage Loan
is brought current by the mortgagor and the foreclosure action is discontinued,
the amounts so withdrawn from the Collateral Fund shall be redeposited therein
and to the extent that reimbursement therefor from amounts paid by the mortgagor
is not prohibited pursuant to the Pooling and Servicing Agreement or the related
Servicing Agreement as of the date hereof, applicable law or the related
mortgage note. Except as provided in the preceding sentence, amounts withdrawn
from the Collateral Fund to cover Monthly Advances and Liquidation Expenses
shall not be redeposited therein or otherwise reimbursed to the Purchaser. If
and when any such Mortgage Loan is brought current by the mortgagor, all amounts
remaining in the Collateral Fund in respect of such Mortgage Loan (after
adjustment for all permitted withdrawals and deposits pursuant to this
subsection) shall be released to the Purchaser.
(f) With respect to any Mortgage Loan as to which the Purchaser has made an
Election to Delay Foreclosure, the related Servicer shall continue to service
the Mortgage Loan in accordance with its customary procedures (other than the
delay in Commencement of Foreclosure as provided herein). If and when the
Purchaser shall notify the Company that it believes that it is appropriate to do
so, the related Servicer may proceed with the Commencement of Foreclosure. In
any event, if the Mortgage Loan is not brought current by the mortgagor by the
time the loan becomes 6 months delinquent, the Purchaser's election shall no
longer be effective and at the Purchaser's option, either (I) the Purchaser
shall purchase the Mortgage Loan from the related Trust Estate at a purchase
price equal to the fair market value as shown on the Current Appraisal, to be
paid by (x) applying any balance in the Collateral Fund to such to such purchase
price, and (y) to the extent of any deficiency, by wire transfer if immediately
available funds from the Purchaser to the Company for deposit in the related
Certificate Account or Lower-Tier Certificate Account as applicable; or (ii) the
related Servicer may proceed with the Commencement of Foreclosure.
(g) Upon the occurrence of a liquidation with respect to any Mortgage Loan
as to which the Purchaser made an Election to Delay Foreclosure and as to which
the related Servicer proceeded with the Commencement of Foreclosure in
accordance with subsection (f) above, the Company shall calculate the amount, if
any, by which the value shown on the Current Appraisal obtained under subsection
(c) exceeds the actual sales price obtained for the related Mortgaged Property
(net of Liquidation Expenses and accrued interest related to the extended
foreclosure period), and the Company shall withdraw the amount of such excess
from the Collateral Fund, shall remit the same to the Trust Estate and in its
capacity as Master Servicer shall apply such amount as additional Liquidation
Proceeds pursuant to the Pooling and Servicing Agreement. After making such
withdrawal, all amounts remaining in the Collateral Fund in respect of such
Mortgage Loan (after adjustment for all permitted withdrawals and deposits
pursuant to this Agreement) shall be released to the Purchaser.
Section 2.03 Purchaser's Election to Commence Foreclosure Proceedings
(a) In connection with any Mortgage Loan identified in a report under
Section 2.01(a)(i)(B), the Purchaser may elect to instruct the Company to cause,
to the extent that the Company as Master Servicer is granted such authority in
the related Servicing Agreement, the related Servicer to proceed with the
Commencement of Foreclosure as soon as practicable. Such election must be
evidenced by written notice received by the Company by 5:00 p.m., New York City
time, on the third Business Day following the delivery of such report under
Section 2.01(a)(i).
(b) Within two Business Days of making any Election to Foreclose, the
Purchaser shall remit to the Company, for deposit in the Collateral Fund, an
amount, as calculated by the Company, equal to 125% of the current unpaid
principal balance of the Mortgage Loan and three months interest on the Mortgage
Loan at the applicable Mortgage Interest Rate. If and when any such Mortgage
Loan is brought current by the mortgagor, all amounts in the Collateral Fund in
respect of such Mortgage Loan (after adjustment for all permitted withdrawals
and deposits pursuant to this Agreement) shall be released to the Purchaser and
to the extent that reimbursement therefor from amounts paid by the mortgagor is
not prohibited pursuant to the Pooling and Servicing Agreement or the related
Servicing Agreement as of the date hereof, applicable law or the related
mortgage note. The terms of this Agreement will no longer apply to the servicing
of any Mortgage Loan upon the failure of the Purchaser to deposit the above
amounts relating to the Mortgage Loan within two Business Days of the Election
to Foreclose subject to Section 3.01.
(c) With respect to any Mortgage Loan as to which the Purchaser has made an
Election to Foreclose, the related Servicer shall continue to service the
Mortgage Loan in accordance with its customary procedures (other than
Commencement of Foreclosure as provided herein). In connection therewith, the
Company shall have the same rights to make withdrawals for Monthly Advances and
Liquidations Expenses from the Collateral Fund as are provided under Section
2.02(e), and the Company shall make reimbursements thereto to the limited extent
provided under such subsection in accordance with its customary procedures. The
Company shall not be required to cause, to the extent that the Company as Master
Servicer is granted such authority in the related Servicing Agreement, the
related Servicer to proceed with the Commencement of Foreclosure if (i) the same
is stayed as a result of the mortgagor's bankruptcy or is otherwise barred by
applicable law, or to the extent that all legal conditions precedent thereto
have not yet been complied with, or (ii) the Company believes there is a breach
of representations or warranties by the Company, a Servicer, or a Seller, which
may result in a repurchase or substitution of such Mortgage Loan, or (iii) the
Company or related Servicer reasonably believes the Mortgaged Property may be
contaminated with or affected by hazardous wastes or hazardous substances (and,
without limiting the related Servicer's right not to proceed with the
Commencement of Foreclosure, the Company supplies the Purchaser with information
supporting such belief). Any foreclosure that has been initiated may be
discontinued (x) without notice to the Purchaser if the Mortgage Loan has been
brought current or if a refinancing or prepayment occurs with respect to the
Mortgage Loan (including by means of a short payoff approved by the Purchaser)
or (y) with notice to the Purchaser if the related Servicer has reached the
terms of a forbearance agreement unless instructed otherwise by the Purchaser
within two Business Days of such notification. Any such instruction shall be
based upon a decision that such forbearance agreement is not in conformity with
reasonable servicing practices.
(d) Upon the occurrence of a liquidation with respect to any Mortgage Loan
as to which the Purchaser made an Election to Foreclose and as to which the
related Servicer proceeded with the Commencement of Foreclosure in accordance
with subsection (c) above, the Company shall calculate the amount, if any, by
which the unpaid principal balance of the Mortgage Loan at the time of
liquidation (plus all unreimbursed interest and servicing advances and
Liquidation Expenses in connection therewith other than those paid from the
Collateral Fund) exceeds the actual sales price obtained for the related
Mortgaged Property, and the Company shall withdraw the amount of such excess
from the Collateral Fund, shall remit the same to the Trust Estate and in its
capacity as Master Servicer shall apply such amount as additional Liquidation
Proceeds pursuant to the Pooling and Servicing Agreement. After making such
withdrawal, all amounts remaining in the Collateral Fund (after adjustment for
all withdrawals and deposits pursuant to subsection (c) in respect of such
Mortgage Loan shall be released to the Purchaser.
Section 2.04 Termination
(a) With respect to all Mortgage Loans included in the Trust Estate, the
Purchaser's right to make any Election to Delay Foreclosure or any Election to
Foreclose and the Company's obligations under Section 2.01 shall terminate (i)
at such time as the Principal Balance of the Class B Certificates has been
reduced to zero, (ii) if the greater of (x) 43% (or such lower or higher
percentage that represents the related Servicer's actual historical loss
experience with respect to the Mortgage Loans in the related pool as determined
by the Company) of the aggregate principal balance of all Mortgage Loans that
are in foreclosure or are more than 90 days delinquent on a contractual basis
and REO properties or (y) the aggregate amount that the Company estimates
through the normal servicing practices of the related Servicer will be required
to be withdrawn from the Collateral Fund with respect to Mortgage Loans as to
which the Purchaser has made an Election to Delay Foreclosure or an Election to
Foreclosure, exceeds (z) the then-current principal balance of the Class B
Certificates, (iii) upon any transfer by the Purchaser of any interest (other
than the minority interest therein, but only if the transferee provides written
acknowledgment to the Company of the Purchaser's right hereunder and that such
transferee will have no rights hereunder) in the Class B Certificates (whether
or not such transfer is registered under the Pooling and Servicing Agreement),
including any such transfer in connection with a termination of the Trust Estate
or (iv) any breach of the terms of this Agreement by the Purchaser.
(b) Except as set forth in 2.04(a), this Agreement and the respective
rights, obligations and responsibilities of the Purchaser and the Company
hereunder shall terminate upon the later to occur of (i) the final liquidation
of the last Mortgage Loan as to which the Purchaser made any Election to Delay
Foreclosure or any Election to Foreclose and the withdrawal of all remaining
amounts in the Collateral Fund as provided herein and (ii) ten Business Days'
notice. The Purchaser's right to make an election pursuant to Section 2.02 or
Section 2.03 hereof with respect to a particular Mortgage Loan shall terminate
if the Purchaser fails to make any deposit required pursuant to Section 2.02(d)
or 2.03(b) or if the Purchaser fails to make any other deposit to the Collateral
Fund pursuant to this Agreement.
ARTICLE III
COLLATERAL FUND; SECURITY INTEREST
Section 3.01. Collateral Fund
Upon receipt from the Purchaser of the initial amount required to be
deposited in the Collateral Fund pursuant to Article II, the Company shall
establish and maintain with Bankers Trust Company as a segregated account on its
books and records an account (the "Collateral Fund"), entitled "Norwest Bank
Minnesota, National Association, as Master Servicer, for the benefit of
registered holders of Norwest Asset Securities Corporation Mortgage Pass-Through
Certificates, Series 1996-9. Amounts held in the Collateral Fund shall continue
to be the property of the Purchaser, subject to the first priority security
interest granted hereunder for the benefit of the Certificateholders, until
withdrawn from the Collateral Fund pursuant to Section 2.02 or 2.03 hereof. The
Collateral Fund shall be an "outside reserve fund" within the meaning of the
REMIC Provisions, beneficially owned by the Purchaser for federal income tax
purposes. All income, gain, deduction or loss with respect to the Collateral
Fund shall be that of the Purchaser. All distributions from the Trust Fund to
the Collateral Fund shall be treated as distributed to the Purchaser as the
beneficial owner thereof.
Upon the termination of this Agreement and the liquidation of all Mortgage
Loans as to which the Purchaser has made any Election to Delay Foreclosure or
any Election to Foreclose pursuant to Section 2.04 hereof, the Company shall
distribute to the Purchaser all amounts remaining in the Collateral Fund (after
adjustment for all deposits and permitted withdrawals pursuant to this
Agreement) together with any investment earnings thereon. In the event the
Purchaser has made any Election to Delay Foreclosure or any Election to
Foreclose, prior to any distribution to the Purchaser of all amounts remaining
in the Collateral Fund, funds in the Collateral Fund shall be applied consistent
with the terms of this Agreement.
Section 3.02. Collateral Fund Permitted Investments.
The Company shall, at the written direction of the Purchaser, invest the
funds in the Collateral Fund in Collateral Fund Permitted Investments. Such
direction shall not be changed more frequently than quarterly. In the absence of
any direction, the Company shall select such investments in accordance with the
definition of Collateral Fund Permitted Investments in its discretion.
All income and gain realized from any investment as well as any interest
earned on deposits in the Collateral Fund (net of any losses on such
investments) and any payments of principal made in respect of any Collateral
Fund Permitted Investment shall be deposited in the Collateral Fund upon
receipt. All costs and realized losses associated with the purchase and sale of
Collateral Fund Permitted Investments shall be borne by the Purchaser and the
amount of net realized losses shall be deposited by the Purchaser in the
Collateral Fund promptly upon realization. The Company shall periodically (but
not more frequently than monthly) distribute to the Purchaser upon request an
amount of cash, to the extent cash is available therefore in the Collateral
Fund, equal to the amount by which the balance of the Collateral Fund, after
giving effect to all other distributions to be made from the Collateral Fund on
such date, exceeds the Required Collateral Fund Balance. Any amounts so
distributed shall be released from the lien and security interest of this
Agreement.
Section 3.03. Grant of Security Interest
The Purchaser hereby grants to the Company for the benefit of the
Certificateholders under the Pooling and Servicing Agreement a security interest
in and lien on all of the Purchaser's right, title and interest, whether now
owned or hereafter acquired, in and to: (1) the Collateral Fund, (2) all amounts
deposited in the Collateral Fund and Collateral Fund Permitted Investments in
which such amounts are invested (and the distributions and proceeds of such
investments) and (3) all cash and non-cash proceeds of any of the foregoing,
including proceeds of the voluntary conversion thereof (all of the foregoing
collectively, the "Collateral").
The Purchaser acknowledges the lien on the security interest in the
Collateral for the benefit of the Certificateholders. The Purchaser shall take
all actions requested by the Company as may be reasonably necessary to perfect
the security interest created under this Agreement in the Collateral and cause
it to be prior to all other security interests and liens, including the
execution and delivery to the Company for filing of appropriate financing
statements in accordance with applicable law. The Company shall file appropriate
continuation statements, or appoint an agent on its behalf to file such
statements, in accordance with applicable law.
Section 3.04. Collateral Shortfalls.
In the event that amounts on deposit in the Collateral Fund at any time are
insufficient to cover any withdrawals therefrom that the Company is then
entitled to make hereunder, the Purchaser shall be obligated to pay such amounts
to the Company immediately upon demand. Such obligation shall constitute a
general corporate obligation of the Purchaser. The failure to pay such amounts
within two Business Days of such demand (except for amounts to cover interest on
a Mortgage Loan pursuant to Sections 2.02(d) and 2.03 (b)), shall cause an
immediate termination of the Purchaser's right to make any Election to Delay
Foreclosure or Election to Foreclose and the Company's obligations under this
Agreement with respect to all Mortgage Loans to which such insufficiencies
relate, without the necessity of any further notice or demand on the part of the
Company.
ARTICLE IV
MISCELLANEOUS PROVISIONS
Section 4.01. Amendment.
This Agreement may be amended from time to time by the Company and the
Purchaser by written agreement signed by the Company and the Purchaser.
Section 4.02. Counterparts.
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 4.03. Governing Law.
This Agreement shall be 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 4.04. Notices.
All demands, notices and direction hereunder shall be in writing or by
telecopy and shall be deemed effective upon receipt to:
(a) in the case of the Company,
Norwest Bank Minnesota, National Association
5325 Spectrum Drive
Frederick, MD 21703
Attention: Vice President, Master Servicing
Phone: 301-696-7800
Fax: 301-815-6365
(b) in the case of the Purchaser,
---------------------------
---------------------------
---------------------------
--------------------------
Attention:-----------------
Section 4.05. Severability of Provisions.
If any one or more of the covenants, agreements, provision or terms of this
Agreement shall be for any reason whatsoever, including regulatory, held
invalid, then such 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.
Section 4.06. Successors and Assigns.
The provisions of this Agreement shall be binding upon and inure to the
benefit of the respective successors and assigns of the parties hereto, and all
such provisions shall inure to the benefit of the Certificateholders; provided,
however, that the rights under this Agreement cannot be assigned by the
Purchaser without the consent of the Company.
Section 4.07. Article and Section Headings.
The article and section headings herein are for convenience of reference
only and shall not limit or otherwise affect the meaning hereof.
Section 4.08. Confidentiality.
The Purchaser agrees that all information supplied by or on behalf of the
Company pursuant to Sections 2.01 or 2.02, including individual account
information, is the property of the Company and the Purchaser agrees to hold
such information confidential and not to disclose such information.
Each party hereto agrees that neither it, nor any officer, director,
employee, affiliate or independent contractor acting at such party's direction
will disclose the terms of Section 4.09 of this Agreement to any person or
entity other than such party's legal counsel except pursuant to a final,
non-appealable order of court, the pendency of such order the other party will
have received notice of at least five business days prior to the date thereof,
or pursuant to the other party's prior express written consent.
Section 4.09. Indemnification.
The Purchaser agrees to indemnify and hold harmless the Company, NASCOR,
and each Servicer and each person who controls the Company, NASCOR, or a
Servicer and each of their respective officers, directors, affiliates and agents
acting at the Company's, NASCOR's, or a Servicer's direction (the "Indemnified
Parties") against any and all losses, claims, damages or liabilities to which
they may be subject, insofar as such losses, claims, damages or liabilities (or
actions in respect thereof) arise out of, or are based upon, actions taken by,
or actions not taken by, the Company, NASCOR, or a Servicer, or on their behalf,
in accordance with the provisions of this Agreement and (i) which actions
conflict with the Company's, NASCOR's, or a Servicer's obligations under the
Pooling and Servicing Agreement or the related Servicing Agreement, or (ii) give
rise to securities law liability under federal or state securities laws with
respect to the Certificates. The Purchaser hereby agrees to reimburse the
Indemnified Parties for the reasonable legal or other expenses incurred by them
in connection with investigating or defending any such loss, claim, damage,
liability or action. The indemnification obligations of the Purchaser hereunder
shall survive the termination or expiration of this Agreement.
<PAGE>
IN WITNESS WHEREOF, the Company and the Purchaser have caused their names
to be signed hereto by their respective officers thereunto duly authorized, all
as of the day and year first above written.
Norwest Bank Minnesota, National
Association
By:-------------------------------
Name:-----------------------------
Title:----------------------------
----------------------------------
By:-------------------------------
Name:-----------------------------
Title:----------------------------
