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: October 28, 1999
(Date of earliest event reported)
Commission File No. 333-65481
Norwest Asset Securities Corporation
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Delaware 52-1972128
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(State of Incorporation) (I.R.S. Employer Identification No.)
7485 New Horizon Way, Frederick, Maryland 21703
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Address of principal executive offices (Zip Code)
(301) 846-8881
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Registrant's Telephone Number, including area code
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(Former name, former address and former fiscal year,
if changed since last report)
<PAGE>
ITEM 5. Other Events
On October 28, 1999, Norwest Asset Securities Corporation, a
Delaware corporation (the "Registrant"), sold Mortgage Pass-Through
Certificates, Series 1999-24, 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-R, Class A-LR, Class B-1, Class B-2 and Class B-3 (the "Offered
Certificates"), having an aggregate original principal balance of
$392,961,100.00. The Offered Certificates were issued pursuant to a Pooling and
Servicing Agreement, dated as of October 28, 1999, among the Registrant, Norwest
Bank Minnesota, National Association, as master servicer (the "Master Servicer"
or "Norwest Bank") and First Union National Bank, as trustee (the "Agreement"),
a copy of which is filed as an exhibit hereto. Mortgage Pass-Through
Certificates, Series 1999-24, Class A-PO Certificates, having an aggregate
initial principal balance of $4,569,363.42, and Class B-4, Class B-5 and Class
B-6 Certificates, having an aggregate initial principal balance of $2,802,859.21
(the "Private Class B Certificates" and, together with the Class A-PO
Certificates and 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 98.16% 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 Class
A-PO and Private Class B Certificates. Distributions on the Private Class B
Certificates are subordinated to distributions on the Offered Certificates and
the Class A-PO Certificates.
Interest on the Offered 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 two REMICs
for federal income tax purposes (the "Upper-Tier REMIC" and "Lower-Tier REMIC,"
respectively). 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-PO, Class
B-1, Class B-2, Class B-3, Class B-4, Class B-5 and Class B-6 Certificates will
be treated as "regular interests" in the Upper-Tier REMIC and the Class A-R and
Class A-LR Certificates will be treated as the "residual interests" in the
Upper-Tier REMIC and Lower-Tier REMIC, respectively.
<PAGE>
ITEM 7. Financial Statements and Exhibits
(c) Exhibits
Item 601(a)
of Regulation S-K
Exhibit No. Description
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(EX-4) Pooling and Servicing
Agreement, dated as of October
28, 1999, among Norwest Asset
Securities Corporation,
Norwest Bank Minnesota,
National Association and First
Union National Bank, 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
October 28, 1999
/s/ Alan S. Kenney
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Alan S. McKenney
Vice President
<PAGE>
INDEX TO EXHIBITS
Paper (P) or
Exhibit No. Description Electronic (E)
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(EX-4) Pooling and Servicing Agreement, dated E
as of October 28, 1999 among Norwest
Asset Securities Corporation, Norwest
Bank Minnesota, National Association and
First Union National Bank, as trustee.
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NORWEST ASSET SECURITIES CORPORATION
(Seller)
and
NORWEST BANK MINNESOTA, NATIONAL ASSOCIATION
(Master Servicer)
and
FIRST UNION NATIONAL BANK
(Trustee)
POOLING AND SERVICING AGREEMENT
Dated as of October 28, 1999
$400,333,322.63
Mortgage Pass-Through Certificates
Series 1999-24
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<PAGE>
TABLE OF CONTENTS
ARTICLE I
DEFINITIONS
Section 1.01 Definitions...................................................
Section 1.02 Acts of Holders...............................................
Section 1.03 Effect of Headings and Table of Contents......................
Section 1.04 Benefits of Agreement.........................................
ARTICLE II
CONVEYANCE OF MORTGAGE LOANS;
ORIGINAL ISSUANCE OF THE CERTIFICATES
Section 2.01 Conveyance of Mortgage Loans..................................
Section 2.02 Acceptance by Trustee.........................................
Section 2.03 Representations and Warranties of the Master Servicer and
the Seller...................................................
Section 2.04 Execution and Delivery of Certificates........................
Section 2.05 Designation of Certificates; Designation of Startup Day
and Latest Possible Maturity Date............................
ARTICLE III
ADMINISTRATION OF THE TRUST ESTATE: SERVICING
OF THE MORTGAGE LOANS
Section 3.01 Certificate Account...........................................
Section 3.02 Permitted Withdrawals from the Certificate Account............
Section 3.03 Advances by Master Servicer and Trustee.......................
Section 3.04 Trustee to Cooperate; Release of Owner Mortgage Loan
Files........................................................
Section 3.05 Reports to the Trustee; Annual Compliance Statements..........
Section 3.06 Title, Management and Disposition of Any REO Mortgage
Loan.........................................................
Section 3.07 Amendments to Servicing Agreements, Modification of
Standard Provisions..........................................
Section 3.08 Oversight of Servicing........................................
Section 3.09 Termination and Substitution of Servicing Agreements..........
Section 3.10 Application of Net Liquidation Proceeds.......................
Section 3.11 Act Reports...................................................
ARTICLE IV
DISTRIBUTIONS IN RESPECT OF CERTIFICATES;
PAYMENTS TO CERTIFICATEHOLDERS;
STATEMENTS AND REPORTS
Section 4.01 Distributions.................................................
Section 4.02 Allocation of Realized Losses.................................
Section 4.03 Paying Agent..................................................
Section 4.04 Statements to Certificateholders; Report to the Trustee
and the Seller...............................................
Section 4.05 Reports to Mortgagors and the Internal Revenue Service........
Section 4.06 Calculation of Amounts; Binding Effect of Interpretations
and Actions of Master Servicer...............................
Section 4.07 Determination of LIBOR........................................
ARTICLE V
THE CERTIFICATES
Section 5.01 The Certificates..............................................
Section 5.02 Registration of Certificates..................................
Section 5.03 Mutilated, Destroyed, Lost or Stolen Certificates.............
Section 5.04 Persons Deemed Owners.........................................
Section 5.05 Access to List of Certificateholders' Names and Addresses.....
Section 5.06 Maintenance of Office or Agency...............................
Section 5.07 Definitive Certificates.......................................
Section 5.08 Notices to Clearing Agency....................................
ARTICLE VI
THE SELLER AND THE MASTER SERVICER
Section 6.01 Liability of the Seller and the Master Servicer...............
Section 6.02 Merger or Consolidation of the Seller or the Master
Servicer.....................................................
Section 6.03 Limitation on Liability of the Seller, the Master
Servicer and Others..........................................
Section 6.04 Resignation of the Master Servicer............................
Section 6.05 Compensation to the Master Servicer...........................
Section 6.06 Assignment or Delegation of Duties by Master Servicer.........
Section 6.07 Indemnification of Trustee and Seller by Master Servicer......
Section 6.08 Master Servicer Covenants Concerning Year 2000 Compliance.....
ARTICLE VII
DEFAULT
Section 7.01 Events of Default.............................................
Section 7.02 Other Remedies of Trustee.....................................
Section 7.03 Directions by Certificateholders and Duties of Trustee
During Event of Default......................................
Section 7.04 Action upon Certain Failures of the Master Servicer and
upon Event of Default........................................
Section 7.05 Trustee to Act; Appointment of Successor......................
Section 7.06 Notification to Certificateholders............................
ARTICLE VIII
CONCERNING THE TRUSTEE
Section 8.01 Duties of Trustee.............................................
Section 8.02 Certain Matters Affecting the Trustee.........................
Section 8.03 Trustee Not Required to Make Investigation....................
Section 8.04 Trustee Not Liable for Certificates or Mortgage Loans.........
Section 8.05 Trustee May Own Certificates..................................
Section 8.06 The Master Servicer to Pay Fees and Expenses..................
Section 8.07 Eligibility Requirements......................................
Section 8.08 Resignation and Removal.......................................
Section 8.09 Successor.....................................................
Section 8.10 Merger or Consolidation.......................................
Section 8.11 Authenticating Agent..........................................
Section 8.12 Separate Trustees and Co-Trustees.............................
Section 8.13 Appointment of Custodians.....................................
Section 8.14 Tax Matters; Compliance with REMIC Provisions.................
Section 8.15 Monthly Advances..............................................
Section 8.16 Trustee Covenants Concerning Year 2000 Compliance.............
ARTICLE IX
TERMINATION
Section 9.01 Termination upon Purchase by the Seller or Liquidation of
All Mortgage Loans...........................................
Section 9.02 Additional Termination Requirements...........................
ARTICLE X
MISCELLANEOUS PROVISIONS
Section 10.01 Amendment.....................................................
Section 10.02 Recordation of Agreement......................................
Section 10.03 Limitation on Rights of Certificateholders....................
Section 10.04 Governing Law; Jurisdiction...................................
Section 10.05 Notices.......................................................
Section 10.06 Severability of Provisions....................................
Section 10.07 Special Notices to Rating Agencies............................
Section 10.08 Covenant of Seller............................................
Section 10.09 Recharacterization............................................
ARTICLE XI
TERMS FOR CERTIFICATES
Section 11.01 Class A Fixed Pass-Through Rate...............................
Section 11.02 Cut-Off Date..................................................
Section 11.03 Cut-Off Date Aggregate Principal Balance......................
Section 11.04 Original Class A Percentage...................................
Section 11.05 Original Principal Balances of the Classes of Class A
Certificates.................................................
Section 11.05(a) Original Class A-6 Notional Amount........................
Section 11.06 Original Class A Non-PO Principal Balance.....................
Section 11.07 Original Subordinated Percentage..............................
Section 11.08 Original Class B-1 Percentage.................................
Section 11.09 Original Class B-2 Percentage.................................
Section 11.10 Original Class B-3 Percentage.................................
Section 11.11 Original Class B-4 Percentage.................................
Section 11.12 Original Class B-5 Percentage.................................
Section 11.13 Original Class B-6 Percentage.................................
Section 11.14 Original Class B Principal Balance............................
Section 11.15 Original Principal Balances of the Classes of Class B
Certificates.................................................
Section 11.16 Original Class B-1 Fractional Interest........................
Section 11.17 Original Class B-2 Fractional Interest........................
Section 11.18 Original Class B-3 Fractional Interest........................
Section 11.19 Original Class B-4 Fractional Interest........................
Section 11.20 Original Class B-5 Fractional Interest........................
Section 11.21 Closing Date..................................................
Section 11.22 Right to Purchase.............................................
Section 11.23 Wire Transfer Eligibility.....................................
Section 11.24 Single Certificate............................................
Section 11.25 Servicing Fee Rate............................................
Section 11.26 Master Servicing Fee Rate.....................................
EXHIBITS
EXHIBIT A-1 - Form of Face of Class A-1 Certificate
EXHIBIT A-2 - Form of Face of Class A-2 Certificate
EXHIBIT A-3 - Form of Face of Class A-3 Certificate
EXHIBIT A-4 - Form of Face of Class A-4 Certificate
EXHIBIT A-5 - Form of Face of Class A-5 Certificate
EXHIBIT A-6 - Form of Face of Class A-6 Certificate
EXHIBIT A-7 - Form of Face of Class A-7 Certificate
EXHIBIT A-8 - Form of Face of Class A-8 Certificate
EXHIBIT A-9 - Form of Face of Class A-9 Certificate
EXHIBIT A-10 - Form of Face of Class A-10 Certificate
EXHIBIT A-11 - Form of Face of Class A-11 Certificate
EXHIBIT A-PO - Form of Face of Class A-PO Certificate
EXHIBIT A-R - Form of Face of Class A-R Certificate
EXHIBIT A-LR - Form of Face of Class A-LR Certificate
EXHIBIT B-1 - Form of Face of Class B-1 Certificate
EXHIBIT B-2 - Form of Face of Class B-2 Certificate
EXHIBIT B-3 - Form of Face of Class B-3 Certificate
EXHIBIT B-4 - Form of Face of Class B-4 Certificate
EXHIBIT B-5 - Form of Face of Class B-5 Certificate
EXHIBIT B-6 - Form of Face of Class B-6 Certificate
EXHIBIT C - Form of Reverse of Series 1999-24 Certificates
EXHIBIT D - Reserved
EXHIBIT E - Custodial Agreement
EXHIBIT F-1 - Schedule of Mortgage Loans Serviced by Norwest
Mortgage in locations other than Fredrick, Maryland
EXHIBIT F-2 - Schedule of Mortgage Loans Serviced by Norwest
Mortgage from Fredrick, Maryland
EXHIBIT F-3 - Schedule of Mortgage Loans Serviced by Other Servicers
EXHIBIT G - Request for Release
EXHIBIT H - Affidavit Pursuant to Section 860E(e)(4) of the
Internal Revenue Code of 1986, as amended, and for
Non-ERISA Investors
EXHIBIT I - Letter from Transferor of Residual Certificates
EXHIBIT J - Transferee's Letter (Class [A-PO][B-4][B-5][B-6]
Certificates)
EXHIBIT K - Transferee's Letter (Class [B-1][B-2][B-3]
Certificates)
EXHIBIT L - Servicing Agreements
EXHIBIT M - Form of Special Servicing Agreement
<PAGE>
This Pooling and Servicing Agreement, dated as of October 28, 1999
executed by NORWEST ASSET SECURITIES CORPORATION, as Seller, NORWEST BANK
MINNESOTA, NATIONAL ASSOCIATION, as Master Servicer and FIRST UNION NATIONAL
BANK, 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.
Accretion Directed Certificates: The Class A-3, Class A-4, Class A-7
and Class A-9 Certificates.
Accretion Termination Date: (A) for the Class A-5 Certificates will
be the earlier to occur of (i) the Distribution Date following the Distribution
Date on which the Principal Balance of the Class A-3 Certificates has been
reduced to zero or (ii) the Cross-Over Date; and (B) for the Class A-11
Certificates will be the earlier to occur of (i) the Distribution Date following
the Distribution Date on which the Principal Balance of the Class A-9
Certificates has been reduced to zero or (ii) the Cross-Over Date;
Accrual Certificates: The Class A-5 and Class A-11 Certificates.
Accrual Distribution Amount: As to any Distribution Date prior to
the applicable Accretion Termination Date and any Class of Accrual Certificates,
an amount equal to the sum of (i) the Class A Interest Percentage of such Class
of Accrual Certificates of the Current Class A Interest Distribution Amount and
(ii) the Class A Interest Shortfall Percentage of such Class of Accrual
Certificates of the amount distributed in respect of the Classes of Class A
Certificates pursuant to Paragraph second of Section 4.01(a)(i) on such
Distribution Date. As to any Distribution Date on or after the applicable
Accretion Termination Date, zero.
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 any
Class of Class B Certificates, the greater of (A) zero and (B) (i) the Principal
Balance of such Class with respect to such Distribution Date minus (ii) the
Adjustment Amount for such Distribution Date less the Principal Balances for any
Classes of Class B Certificates with higher numerical designations.
Adjustment Amount: For any Distribution Date, the difference between
(A) the sum of the Class A 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 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)(i) for such Distribution Date without regard to
the provisos in the definitions of Class B-1 Optimal Principal Amount, Class B-2
Optimal Principal Amount, Class B-3 Optimal Principal Amount, Class B-4 Optimal
Principal Amount, Class B-5 Optimal Principal Amount and Class B-6 Optimal
Principal Amount.
Aggregate Class A Distribution Amount: As to any Distribution Date,
the aggregate amount distributable to the Classes of Class A Certificates
pursuant to Paragraphs first, second, third and fourth of Section 4.01(a)(i) on
such Distribution Date.
Aggregate Class A Unpaid Interest Shortfall: As to any Distribution
Date, an amount equal to the sum of the Class A Unpaid Interest Shortfalls for
all the Classes of Class A Certificates.
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 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 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.
Bank United Mortgage Loan Sale Agreement: The mortgage loan sale
agreement dated as of September 17, 1998 between Bank United, as seller, and
Norwest Funding, Inc., as purchaser.
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-8 Certificates, Class A-9
Certificates and Class A-11 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 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
variations in the Percentage Interest evidenced thereby.
Class A 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-PO Certificates, Class A-R Certificate or Class A-LR
Certificate.
Class A Certificateholder: The registered holder of a Class A
Certificate.
Class A Distribution Amount: As to any Distribution Date and any
Class of Class A Certificates (other than the Class A-5, Class A-7, Class A-10,
Class A-11 and Class A-PO Certificates), the amount distributable to such Class
of Class A Certificates pursuant to Paragraphs first, second and third clause
(A) of Section 4.01(a)(i). As to the Class A-5 and Class A-11 Certificates, (a)
as to any Distribution Date prior to the applicable Accretion Termination Date,
the amount distributable to such Class of Accrual Certificates pursuant to the
provisos in Paragraphs first and second of Section 4.01(a)(i) and Paragraph
third clause (A) of Section 4.01(a)(i) and (b) as to any Distribution Date on or
after the applicable Accretion Termination Date, the amount distributable to
such Class of Accrual Certificates pursuant to Paragraphs first, second and
third clause (A) of Section 4.01(a)(i). As to the Class A-7 Certificates, the
amount distributable to such Class pursuant to Paragraph third clause (A) of
Section 4.01(a)(i). As to the Class A-10 Certificates, the amount distributable
to such Class pursuant to Paragraphs first and second of Section 4.01(a)(i). As
to any Distribution Date and the Class A-PO Certificates, the amount
distributable to the Class A-PO Certificates pursuant to Paragraphs third clause
(B) and fourth of Section 4.01(a)(i) 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 Interest Accrual Amounts for the Classes of Class A Certificates with
respect to such Distribution Date.
Class A Interest Percentage: As to any Distribution Date and any
Class of Class A Certificates, the percentage calculated by dividing the
Interest Accrual Amount of such Class (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 Interest Accrual
Amount).
Class A Interest Shortfall Amount: As to any Distribution Date and
any Class of Class A Certificates, any amount by which the Interest Accrual
Amount of such Class with respect to such Distribution Date exceeds the amount
distributed in respect of such Class on such Distribution Date pursuant to
Paragraph first of Section 4.01(a)(i) including, in the case of a Class of
Accrual Certificates prior to the applicable Accretion Termination Date, the
amount included in the Accrual Distribution Amount pursuant to clause (i) of the
definition thereof.
Class A Interest Shortfall Percentage: As to any Distribution Date
and any Class of Class A Certificates the percentage calculated by dividing the
Class A Unpaid Interest Shortfall for such Class by the Aggregate Class A Unpaid
Interest Shortfall determined as of the Business Day preceding the applicable
Distribution Date.
Class A Loss Denominator: As to any Determination Date, an amount
equal to the sum of (i) the Principal Balances of the Class A Certificates
(other than the Accrual Certificates and the Class A-PO Certificates); and (ii)
with respect to each Class of Accrual Certificates, the lesser of the Principal
Balance of such Class of Accrual Certificates and the Original Principal Balance
of such Class of Accrual Certificates.
Class A Loss Percentage: As to any Determination Date and any Class
of Class A Certificates (other than the Class A-PO Certificates) then
outstanding, the percentage calculated by dividing the Principal Balance of such
Class (or, in the case of a Class of Accrual Certificates, the Original
Principal Balance of such Class if lower) by the Class A Loss Denominator
(determined without regard to any such Principal Balance of any Class of Class A
Certificates not then outstanding), in each case determined as of the preceding
Determination Date.
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
Aggregate Class A Unpaid Interest Shortfall 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 applicable Servicer, the Master Servicer or the
Trustee in respect of such defective Mortgage Loan.
Class A Non-PO Principal Amount: As to any Distribution Date, the
aggregate amount distributed in respect of the Classes of Class A Certificates
pursuant to Paragraph third clause (A) of Section 4.01(a)(i).
Class A Non-PO Principal Balance: As of any date, an amount equal to
the Class A Principal Balance less the Principal Balance of the Class A-PO
Certificates.
Class A Non-PO Principal Distribution Amount: As to any Distribution
Date, the sum of (i) the sum of the applicable Accrual Distribution Amounts, if
any, with respect to such Distribution Date and (ii) the Class A Non-PO
Principal Amount with respect to such Distribution Date.
Class A Pass-Through Rate: As to the Class A-1, Class A-2, Class
A-3, Class A-5, Class A-6, Class A-8, Class A-11, Class A-R and Class A-LR
Certificates, the Class A Fixed Pass-Through Rate. As to the Class A-4
Certificates, 7.500% per annum. As to the Class A-9 Certificates, 6.750% per
annum. As to the Class A-10 Certificates, 0.250% per annum. The Class A-7 and
Class A-PO Certificates are not entitled to interest and have no Class A
Pass-Through Rate.
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 October 2004, 100%. As to any Distribution
Date subsequent to October 2004 to and including the Distribution Date in
October 2005, 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 October 2005 to and including the Distribution Date in
October 2006, 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 October 2006 to and including the Distribution Date in
October 2007, 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 October 2007 to and including the Distribution Date in
October 2008, 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 October 2008, 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 October
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 B Principal Balance and (b) cumulative Realized Losses shall
not exceed (1) 30% of the Original Class B Principal Balance if such
Distribution Date occurs between and including November 2004 and October 2005,
(2) 35% of the Original Class B Principal Balance if such Distribution Date
occurs between and including November 2005 and October 2006, (3) 40% of the
Original Class B Principal Balance if such Distribution Date occurs between and
including November 2006 and October 2007, (4) 45% of the Original Class B
Principal Balance if such Distribution Date occurs between and including
November 2007 and October 2008, and (5) 50% of the Original Class B Principal
Balance if such Distribution Date occurs during or after November 2008. 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 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-11 Certificates, Class A-PO
Certificates, Class A-R Certificate and Class A-LR Certificate.
Class A Unpaid Interest Shortfall: As to any Distribution Date and
any Class of Class A Certificates, the amount, if any, by which the aggregate of
the Class A Interest Shortfall Amounts for such Class for prior Distribution
Dates is in excess of the amounts distributed in respect of such Class (or in
the case of a Class of Accrual Certificates prior to the applicable Accretion
Termination Date, the amount included in the Accrual Distribution Amount
pursuant to clause (ii) of the definition thereof) on prior Distribution Dates
pursuant to Paragraph second of Section 4.01(a)(i).
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 C 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 C 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 C 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 C 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 C 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 C hereto.
Class A-6 Certificateholder: The registered holder of a Class A-6
Certificate.
Class A-7 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-7 and Exhibit C 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 C 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 C 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 C hereto.
Class A-10 Certificateholder: The registered holder of a Class A-10
Certificate.
Class A-10 Interest Accrual Amount: As to any Distribution Date, (i)
the product of (A) 1/12th of the Class A Pass-Through Rate for the Class A-10
Certificates and (B) the Class A-10 Notional Amount as of such Distribution Date
minus (ii) the Class A Interest Percentage of the Class A-10 Certificates of (x)
any Non-Supported Interest Shortfall allocated to the Class A Certificates, (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).
Class A-10 Notional Amount: As to any Distribution Date, an amount
equal to the Principal Balance of the Class A-9 Certificates.
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 C hereto.
Class A-11 Certificateholder: The registered holder of a Class A-11
Certificate.
Class A-L1 Interest: A regular interest in the Lower-Tier REMIC
which is held as an asset of the Upper-Tier REMIC and is entitled to monthly
distributions as provided in Section 4.01(a)(ii) hereof.
Class A-L4 Interest: A regular interest in the Lower-Tier REMIC
which is held as an asset of the Upper Tier REMIC and is entitled to monthly
distributions as provided in Section 4.01(a)(ii) hereof.
Class A-L9 Interest: A regular interest in the Lower-Tier REMIC
which is held as an asset of the Upper Tier REMIC and is entitled to monthly
distributions as provided in Section 4.01(a)(ii) hereof.
Class A-LPO Interest: A regular interest in the Lower-Tier REMIC
which is held as an asset of the Upper-Tier REMIC and is entitled to monthly
distributions as provided in Section 4.01(a)(ii) hereof.
Class A-LR 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-LR and Exhibit D hereto.
Class A-LR Certificateholder: The registered holder of the Class
A-LR Certificate.
Class A-LUR Interest: A regular interest in the Lower-Tier REMIC
which is held as an asset of the Upper-Tier REMIC and is entitled to monthly
distributions as provided in Section 4.01(a)(ii) hereof.
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 C 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)(i) 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)(i). 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 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 applicable 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 C 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, Class B-5
Certificates or Class B-6 Certificates.
Class B Certificateholder: The registered holder of a Class B
Certificate.
Class B Distribution Amount: Any of the Class B-1, Class B-2, Class
B-3, Class B-4, Class B-5 or Class B-6 Distribution Amounts.
Class B Interest Accrual Amount: As to any Distribution Date, the
sum of the Interest Accrual Amounts for the Classes of Class B Certificates with
respect to such Distribution Date.
Class B Interest Percentage: As to any Distribution Date and any
Class of Class B Certificates, the percentage calculated by dividing the
Interest Accrual Amount of such Class (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 Interest Accrual
Amount).
Class B 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, Class B-5 Interest
Shortfall Amount or Class B-6 Interest Shortfall Amount.
Class B Loss Percentage: As to any Determination Date and any Class
of Class B Certificates then outstanding, the percentage calculated by dividing
the Principal Balance of such Class of Class B Certificates by the Class B
Principal Balance (determined without regard to any Principal Balance of any
Class of Class B Certificates not then outstanding), in each case determined as
of the preceding Determination Date.
Class B Pass-Through Rate: As to any Distribution Date, 7.000% per
annum.
Class B Percentage: Any one of the Class B-1 Percentage, Class B-2
Percentage, Class B-3 Percentage, Class B-4 Percentage, Class B-5 Percentage or
Class B-6 Percentage.
Class B 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, Class B-5 Prepayment Percentage or Class B-6
Prepayment Percentage.
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, Class B-5 Principal Balance and
Class B-6 Principal Balance.
Class B 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, Class B-5 Unpaid
Interest Shortfall or Class B-6 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 C 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 fifth, sixth and seventh of Section 4.01(a)(i).
Class B-1 Interest Shortfall Amount: As to any Distribution Date,
any amount by which the 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
fifth of Section 4.01(a)(i).
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 applicable 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 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, the percentage
calculated by multiplying the Subordinated Percentage by either (i) if any Class
B Certificates (other than the Class B-1 Certificates) are eligible to receive
principal distributions for such Distribution Date in accordance with Section
4.01(d), 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 Principal Balances of the Classes of
Class B Certificates eligible to receive principal distributions for such
Distribution Date in accordance with the provisions of Section 4.01(d) or (ii)
except as set forth in Section 4.01(d)(ii), in the event that the Class B
Certificates (other than the Class B-1 Certificates) are not eligible to receive
distributions of principal in accordance with Section 4.01(d)(i), one.
Class B-1 Prepayment Percentage: As to any Distribution Date, the
percentage calculated by multiplying the Subordinated Prepayment Percentage by
either (i) if any Class B Certificates (other than the Class B-1 Certificates)
are eligible to receive principal distributions for such Distribution Date in
accordance with Section 4.01(d), 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 Principal
Balances of the Classes of Class B Certificates eligible to receive principal
distributions for such Distribution Date in accordance with the provisions of
Section 4.01(d) or (ii) except as set forth in Section 4.01(d)(ii), in the event
that the Class B Certificates (other than the Class B-1 Certificates) are not
eligible to receive distributions of principal in accordance with Section
4.01(d)(i), one.
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 seventh of Section 4.01(a)(i)
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 Class A 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 sixth of Section 4.01(a)(i).
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 C 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 eighth, ninth and tenth of Section 4.01(a)(i).
Class B-2 Interest Shortfall Amount: As to any Distribution Date,
any amount by which the 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
eighth of Section 4.01(a)(i).
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 applicable 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 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 Principal
Balances of the Classes of Class B Certificates 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 Principal Balances of the Classes of Class B Certificates 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 tenth of Section 4.01(a)(i)
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 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 ninth of Section 4.01(a)(i).
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 C 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 eleventh, twelfth and thirteenth of Section 4.01(a)(i).
Class B-3 Interest Shortfall Amount: As to any Distribution Date,
any amount by which the 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
eleventh of Section 4.01(a)(i).
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 applicable 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 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 Principal
Balances of the Classes of Class B Certificates 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 Principal Balances of the Classes of Class B Certificates 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 thirteenth of Section
4.01(a)(i) 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 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 twelfth of Section 4.01(a)(i).
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 C 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 fourteenth, fifteenth, and sixteenth of Section 4.01(a)(i).
Class B-4 Interest Shortfall Amount: As to any Distribution Date,
any amount by which the 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
fourteenth of Section 4.01(a)(i).
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 applicable 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 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 Principal
Balances of the Classes of Class B Certificates 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 Principal Balances of the Classes of Class B Certificates 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 sixteenth of Section
4.01(a)(i) 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 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 fifteenth of Section 4.01(a)(i).
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 C 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 seventeenth, eighteenth, and nineteenth of Section 4.01(a)(i).
Class B-5 Interest Shortfall Amount: As to any Distribution Date,
any amount by which the 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
seventeenth 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 applicable 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 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 Principal
Balances of the Classes of Class B Certificates 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 Principal Balances of the Classes of Class B Certificates 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 (A) pursuant to Paragraph nineteenth of Section
4.01(a)(i) and (B) as a result of a Principal Adjustment 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 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 eighteenth of Section 4.01(a)(i).
Class B-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 B-6 and Exhibit C hereto.
Class B-6 Certificateholder: The registered holder of a Class B-6
Certificate.
Class B-6 Distribution Amount: As to any Distribution Date, any
amount distributable to the Holders of the Class B-6 Certificates pursuant to
Paragraphs twentieth, twenty-first and twenty-second of Section 4.01(a)(i).
Class B-6 Interest Shortfall Amount: As to any Distribution Date,
any amount by which the Interest Accrual Amount of the Class B-6 Certificates
with respect to such Distribution Date exceeds the amount distributed in respect
of the Class B-6 Certificates on such Distribution Date pursuant to Paragraph
twentieth of Section 4.01(a)(i).
Class B-6 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-6 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-6 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-6 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-6 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 applicable 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 B-6 Optimal Principal Amount
will equal the lesser of (A) the Class B-6 Optimal Principal Amount calculated
as described in the preceding provisions and (B) the Adjusted Principal Balance
for the Class B-6 Certificates.
Class B-6 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-6 Principal Balance (determined as of the Determination Date preceding such
Distribution Date) and the denominator of which is the sum of the Principal
Balances of the Classes of Class B Certificates 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-6 Certificates are not eligible to receive distributions of
principal in accordance with the provisions of Section 4.01(d)(i), the Class B-6
Percentage for such Distribution Date will be zero.
Class B-6 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-6 Principal Balance (determined as of the Determination
Date preceding such Distribution Date) and the denominator of which is the sum
of the Principal Balances of the Classes of Class B Certificates 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-6 Certificates are not eligible to receive
distributions of principal in accordance with the provisions of Section
4.01(d)(i), the Class B-6 Prepayment Percentage for such Distribution Date will
be zero.
Class B-6 Principal Balance: As to the first Determination Date, the
Original Class B-6 Principal Balance. As of any subsequent Determination Date,
the lesser of (i) the Original Class B-6 Principal Balance less the sum of (a)
all amounts previously distributed in respect of the Class B-6 Certificates on
prior Distribution Dates pursuant to Paragraph twenty-second of Section
4.01(a)(i) and (b) the Realized Losses allocated through such Determination Date
to the Class B-6 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, 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 as of such Determination Date.
Class B-6 Unpaid Interest Shortfall: As to any Distribution Date,
the amount, if any, by which the aggregate of the Class B-6 Interest Shortfall
Amounts for prior Distribution Dates is in excess of the amounts distributed in
respect of the Class B-6 Certificates on prior Distribution Dates pursuant to
Paragraph twenty-first of Section 4.01(a)(i).
Class B-L1 Interest: A regular interest in the Lower-Tier REMIC
which is held as an asset of the Upper-Tier REMIC and is entitled to monthly
distributions as provided in Section 4.01(a)(ii) hereof.
Class B-L2 Interest: A regular interest in the Lower-Tier REMIC
which is held as an asset of the Upper-Tier REMIC and is entitled to monthly
distributions as provided in Section 4.01(a)(ii) hereof.
Class B-L3 Interest: A regular interest in the Lower-Tier REMIC
which is held as an asset of the Upper-Tier REMIC and is entitled to monthly
distributions as provided in Section 4.01(a)(ii) hereof.
Class B-L4 Interest: A regular interest in the Lower-Tier REMIC
which is held as an asset of the Upper-Tier REMIC and is entitled to monthly
distributions as provided in Section 4.01(a)(ii) hereof.
Class B-L5 Interest: A regular interest in the Lower-Tier REMIC
which is held as an asset of the Upper-Tier REMIC and is entitled to monthly
distributions as provided in Section 4.01(a)(ii) hereof.
Class B-L6 Interest: A regular interest in the Lower-Tier REMIC
which is held as an asset of the Upper-Tier REMIC and is entitled to monthly
distributions as provided in Section 4.01(a)(ii) hereof.
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 11.21.
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, at the date of the execution of this instrument is located at 230 South
Tryon Street, Charlotte, North Carolina 28288.
Corresponding Upper-Tier Class or Classes: As to the following
Uncertificated Lower-Tier Interests, the Corresponding Upper-Tier Class or
Classes, as follows:
Uncertificated Lower-Tier
Interest Corresponding Upper-Tier Class or Classes
-------- -----------------------------------------
Class A-L1 Interest Class A-1 Certificates,
Class A-2 Certificates, Class A-3
Certificates, Class A-5 Certificates,
Class A-6 Certificates, Class A-8
Certificates and Class A-11 Certificates.
Class A-L4 Interest Class A-4 Certificates and Class A-7
Certificates
Class A-L9 Interest Class A-9 Certificates and Class A-10
Certificates
Class A-LPO Interest Class A-PO Certificates
Class A-LUR Interest Class A-R Certificate
Class B-L1 Interest Class B-1 Certificates
Class B-L2 Interest Class B-2 Certificates
Class B-L3 Interest Class B-3 Certificates
Class B-L4 Interest Class B-4 Certificates
Class B-L5 Interest Class B-5 Certificates
Class B-L6 Interest Class B-6 Certificates
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 Classes of Class A Certificates
pursuant to Paragraph first of Section 4.01(a)(i) on such Distribution Date.
Current Class B Interest Distribution Amount: As to any Distribution
Date, the amount distributed in respect of the Classes of Class B Certificates
pursuant to Paragraphs fifth, eighth, eleventh, fourteenth, seventeenth and
twentieth of Section 4.01(a)(i) 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 Principal Balances of the Class B-2, Class B-3, Class B-4, Class
B-5 and Class B-6 Certificates by the sum of the Class A Non-PO 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 Principal Balances of the Class B-3, Class B-4, Class B-5 and
Class B-6 Certificates by the sum of the Class A Non-PO 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 Principal Balances of the Class B-4, Class B-5 and Class B-6
Certificates by the sum of the Class A Non-PO 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 sum of the Principal Balances of the Class B-5 and Class B-6 Certificates by
the sum of the Class A Non-PO Principal Balance and the Class B Principal
Balance. As to the first Distribution Date, the Original Class B-4 Fractional
Interest.
Current Class B-5 Fractional Interest: As to any Distribution Date
subsequent to the first Distribution Date, the percentage obtained by dividing
the Principal Balance of the Class B-6 Certificates by the sum of the Class A
Non-PO Principal Balance and the Class B Principal Balance. As to the first
Distribution Date, the Original Class B-5 Fractional Interest.
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 either of them. 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 and 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 (other than the Class A-10 Certificates) representing the principal
portion of the Cut-Off Date Aggregate Principal Balance evidenced by such
Certificate. As to the Class A-10 Certificates, the amount specified on the face
of each such Certificate representing the portion of the Original Class A-10
Notional Amount.
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 7.000%.
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 two separate REMICs or result in the imposition of any
federal tax on either of the Upper-Tier REMIC or the Lower-Tier 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 in locations other than Frederick, Maryland 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 in Frederick, Maryland 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.
Final Scheduled Maturity Date: The Final Scheduled Maturity Date for
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-PO, Class A-R, Class A-LR,
Class B-1, Class B-2, Class B-3, Class B-4, Class B-5 and Class B-6 Certificates
is November 25, 2029 which corresponds to the "latest possible maturity date"
for purposes of Section 860G(a)(1) of the Internal Revenue Code of 1986, as
amended.
Fixed Retained Yield: The fixed percentage of interest on each
Mortgage Loan with a Mortgage Interest Rate greater than the sum of (a) 7.000%,
(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) 7.000%, (ii) the Servicing Fee Rate
and (iii) the Master Servicing Fee Rate.
FNMA: Fannie Mae 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 $8,006,666.45 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.
Interest Accrual Amount: As to any Distribution Date and any Class
of Class A Certificates (other than the Class A-7, Class A-10 and Class A-PO
Certificates), (a) the product of (i) 1/12th of the Class A Pass-Through Rate
for such Class and (ii) the Principal Balance of such Class as of the
Determination Date preceding such Distribution Date minus (b) the Class A
Interest Percentage of such Class of (i) any Non-Supported Interest Shortfall
allocated to the Class A Certificates with respect to such Distribution Date,
(ii) 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 (iii) 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). As
to any Distribution Date and the Class A-10 Certificates, the Class A-10
Interest Accrual Amount. The Class A-7 and Class A-PO Certificates have no
Interest Accrual Amount.
As to any Distribution Date and any Class of Class B Certificates,
an amount equal to (i) the product of 1/12th of the Class B Pass-Through Rate
and the Principal Balance of such Class as of the Determination Date preceding
such Distribution Date minus (ii) the Class B Interest Percentage of such Class
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).
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.
Lower-Tier Distribution Amount: As defined in Section 4.01(a)(ii).
Lower-Tier REMIC: One of two separate REMICs comprising the Trust
Estate, the assets of which consist of the Mortgage Loans (other than Fixed
Retained Yield), such amounts as shall from time to time be held in the
Certificate Account (other than Fixed Retained Yield), the insurance policies,
if any, relating to a Mortgage Loan and property which secured a Mortgage Loan
and which has been acquired by foreclosure or deed in lieu of foreclosure.
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 11.26.
MERS: As defined in Section 2.01.
Mid-Month Receipt Period: With respect to each Distribution Date,
the one month period beginning on the Determination Date (or, in the case of the
first Distribution Date, from and including the Cut-Off-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.
Month End Interest: As defined in each Servicing Agreement.
Moody's: Moody's Investors Service, Inc., or its successor in
interest.
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).
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 Purchase Agreement: The mortgage loan purchase
agreement dated as of October 28, 1999 between Norwest Mortgage, as seller, and
the Seller, as purchaser.
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) the Master Servicing Fee Rate;
(xv) Fixed Retained Yield, if applicable; and
(xvi) for each Exhibit F-3 Mortgage Loan, 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 or residential long-term leases.
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 defaulted Mortgage Loan,
Liquidation Proceeds net of Liquidation Expenses.
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 11.25 with
respect to such Mortgage Loan, (b) the Master Servicing Fee Rate, as set forth
in Section 11.26 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 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 lesser of
(i) 1.00 and (ii) the quotient obtained by dividing the Net Mortgage Interest
Rate for such Mortgage Loan by 7.000%.
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, 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 or 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 and the Class B Principal Balance and
(b) 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
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 Mortgage Loans 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 if such opinion is to be delivered 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 any Class of Class B
Certificates and any Distribution Date, an Optimal Adjustment Event will occur
with respect to such Class if: (i) the Principal Balance of such Class 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) the Principal Balance of any Class of Class A Certificates would be subject
to further reduction as a result of the third or fifth sentences of the
definition of Principal Balance or (b) the Principal Balance of a Class of Class
B Certificates 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 B-1 Principal Balance, Class B-2 Principal Balance, Class
B-3 Principal Balance, Class B-4 Principal Balance, Class B-5 Principal Balance
or Class B-6 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
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-11, Class A-R and Class A-LR
Certificates, as set forth in Section 11.06.
Original Class A-10 Notional Amount: The Original Class A-10
Notional Amount, as set forth in Section 11.05(a).
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, Original Class B-5
Principal Balance and Original Class B-6 Principal Balance, as set forth in
Section 11.14.
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, Original Class B-5 Principal Balance and the Original
Class B-6 Principal Balance by the sum of the Original Class A Non-PO Principal
Balance and the Original Class B Principal Balance. The Original Class B-1
Fractional Interest is specified in Section 11.16.
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, Original Class B-5
Principal Balance and the Original Class B-6 Principal Balance by the sum of the
Original Class A Non-PO Principal Balance and the Original Class B Principal
Balance. The Original Class B-2 Fractional Interest is specified in Section
11.17.
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, the Original Class B-5 Principal Balance and the Original
Class B-6 Principal Balance by the sum of the Original Class A Non-PO Principal
Balance and the Original Class B Principal Balance. The Original Class B-3
Fractional Interest is specified in Section 11.18.
Original Class B-4 Fractional Interest: As to the first Distribution
Date, the percentage obtained by dividing the sum of the Original Class B-5
Principal Balance and the Original Class B-6 Principal Balance by the sum of the
Original Class A Non-PO Principal Balance and the Original Class B Principal
Balance. The Original Class B-4 Fractional Interest is specified in Section
11.19.
Original Class B-5 Fractional Interest: As to the first Distribution
Date, the percentage obtained by dividing the Original Class B-6 Principal
Balance by the sum of the Original Class A Non-PO Principal Balance and the
Original Class B Principal Balance. The Original Class B-5 Fractional Interest
is specified in Section 11.20.
Original Class B-1 Percentage: The Class B-1 Percentage as of the
Cut-Off Date, as set forth in Section 11.08.
Original Class B-2 Percentage: The Class B-2 Percentage as of the
Cut-Off Date, as set forth in Section 11.09.
Original Class B-3 Percentage: The Class B-3 Percentage as of the
Cut-Off Date, as set forth in Section 11.10.
Original Class B-4 Percentage: The Class B-4 Percentage as of the
Cut-Off Date, as set forth in Section 11.11.
Original Class B-5 Percentage: The Class B-5 Percentage as of the
Cut-Off Date, as set forth in Section 11.12.
Original Class B-6 Percentage: The Class B-6 Percentage as of the
Cut-Off Date, as set forth in Section 11.13.
Original Class B-1 Principal Balance: The Class B-1 Principal
Balance as of the Cut-Off Date, as set forth in Section 11.15.
Original Class B-2 Principal Balance: The Class B-2 Principal
Balance as of the Cut-Off Date, as set forth in Section 11.15.
Original Class B-3 Principal Balance: The Class B-3 Principal
Balance as of the Cut-Off Date, as set forth in Section 11.15.
Original Class B-4 Principal Balance: The Class B-4 Principal
Balance as of the Cut-Off Date, as set forth in Section 11.15.
Original Class B-5 Principal Balance: The Class B-5 Principal
Balance as of the Cut-Off Date, as set forth in Section 11.15.
Original Class B-6 Principal Balance: The Class B-6 Principal
Balance as of the Cut-Off Date, as set forth in Section 11.15.
Original Principal Balance: Any of the Original Principal Balances
of the Classes of Class A Certificates as set forth in Section 11.05; 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,
Original Class B-5 Principal Balance or Original Class B-6 Principal Balance as
set forth in Section 11.15.
Original Subordinated Percentage: The Subordinated Percentage as of
the Cut-Off Date, as set forth in Section 11.07.
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 or, in the case of each Mortgage Loan serviced by
Bank United, the documents specified in the Bank United Mortgage Loan Sale
Agreement 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 (other
than Class A-10 Certificates), the undivided percentage interest obtained by
dividing the original principal balance of such Certificate by the Original
Principal Balance of such Class of Class A Certificates. With respect to a Class
A-10 Certificate, the undivided percentage interest obtained by dividing the
original notional amount evidenced by such Certificate by the Original Class
A-10 Notional Amount of such Class. With respect to a Class B Certificate of a
Class, the undivided percentage interest obtained by dividing the original
principal balance of such Certificate by the Original Principal Balance of such
Class of Class B Certificates.
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 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
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;
(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 Classes of the Class A or
Class B Certificates pursuant to Section 4.02 other than Recoveries covered by
the last sentence of Section 4.02(d).
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.
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.
Prepayment Shift Percentage: As to any Distribution Date, the
percentage indicated below:
Prepayment Shift
Distribution Date Occurring In Percentage
------------------------------ ----------
November 1999 through October 2004.............. 0%
November 2004 through October 2005.............. 30%
November 2005 through October 2006.............. 40%
November 2006 through October 2007.............. 60%
November 2007 through October 2008.............. 80%
November 2008 and thereafter.................... 100%
Principal Accretion Amount: With respect to any Class of Accrual
Certificates and as to any Distribution Date prior to the applicable Accretion
Termination Date, an amount with respect to such Class equal to the sum of the
amounts calculated pursuant to clauses (i) and (ii) of the definition of Accrual
Distribution Amount with respect to such Distribution Date.
Principal Adjustment: In the event that the Class B-1 Optimal
Principal Amount, Class B-2 Optimal Principal Amount, Class B-3 Optimal
Principal Amount, Class B-4 Optimal Principal Amount, Class B-5 Optimal
Principal Amount or Class B-6 Optimal Principal Amount is calculated in
accordance with the proviso in such definition with respect to any Distribution
Date, the Principal Adjustment for such Class of Class B Certificates shall
equal the difference between (i) the amount that would have been distributed to
such Class as principal in accordance with Section 4.01(a)(i) 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.
Principal Balance: As of the first Determination Date and as to any
Class of Class A Certificates (other than the Class A-10 Certificates), the
Original Principal Balance of such Class. As of any subsequent Determination
Date prior to the Cross-Over Date and as to any Class of Class A Certificates
(other than the Class A-10 and Class A-PO Certificates), the Original Principal
Balance of such Class (increased in the case of a Class of Accrual Certificates
by the Principal Accretion Amounts with respect to prior Distribution Dates for
such Class of Accrual Certificates) less the sum of (a) all amounts previously
distributed in respect of such Class on prior Distribution Dates (i) pursuant to
Paragraph third clause (A) of Section 4.01(a), (ii) as a result of a Principal
Adjustment and (iii), if applicable, from the Accrual Distribution Amounts for
such prior Distribution Dates and (b) the Realized Losses allocated through such
Determination Date to such Class pursuant to Section 4.02(b). After the
Cross-Over Date, each such Principal Balance will also be reduced (a "Loss
Reduction") on each Determination Date by an amount equal to the product of the
Class A Loss Percentage of such Class 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.
The Class A-10 Certificates are interest only Certificates and have
no Principal Balance.
As of any subsequent Determination Date prior to the Cross-Over Date
and as to the Class A-PO Certificates, the Original Principal Balance of such
Class 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)(i) 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 Principal Balance
will also be reduced on each Determination Date by an amount equal to the
difference, if any, between such Principal Balance as of such Determination Date
without regard to this sentence and the Adjusted Pool Amount (PO Portion) for
the preceding Distribution Date.
As to the Class B Certificates, the Class B-1 Principal Balance,
Class B-2 Principal Balance, Class B-3 Principal Balance, Class B-4 Principal
Balance, Class B-5 Principal Balance and Class B-6 Principal Balance,
respectively.
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.
Priority Amount: For any Distribution Date, the lesser of (i) the
Principal Balance of the Class A-6 Certificates and (ii) the sum of (A) the
product of (1) the Priority Percentage and (2) the Scheduled Principal Amount
and (B) the product of (1) the Priority Percentage, (2) the Prepayment Shift
Percentage and (3) the Unscheduled Principal Amount.
Priority Percentage: The Principal Balance of the Class A-6
Certificates divided by the Pool Balance (Non-PO Portion).
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 are DCR and
Moody's. The Rating Agency for the Class B-1, Class B-2, Class B-3, Class B-4
and Class B-5 Certificates is DCR. 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
D-1+ in the case of DCR, P-1+ in the case of Moody's 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.
Recovery: Any amount received on a Mortgage Loan subsequent to such
Mortgage Loan being determined to be a Liquidated Loan.
Reduction Amount: As defined in Section 4.01(b).
Relevant Anniversary: See "Bankruptcy Loss Amount."
REMIC: A "real estate mortgage investment conduit" as defined in
Code Section 860D.
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 Certificates: The Class A-9 Certificates.
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 such amounts 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 applicable 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, Bank United, SunTrust Mortgage,
Inc., Crestar Mortgage Corporation, Countrywide Home Loans, Inc., FT Mortgage
Companies, The Huntington Mortgage Company, HomeSide Lending, Farmers State Bank
and Trust Company of Superior, America First Credit Union, Hibernia National
Bank and NOVUS Financial Corporation as a 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 11.25.
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 that evidences the
smallest permissible Denomination for such Class, as set forth in Section 11.24.
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 the Servicing Agreement.
Special Hazard Loss Amount: As of any Distribution Date, an amount
equal to $4,003,333.23 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 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.
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.
TAC Certificates: The Class A-1 Certificates.
TAC Principal Amount: As defined in Section 4.01(b).
Trustee: First Union National Bank, a national banking association
with its principal office located in Charlotte, North Carolina, or any successor
trustee appointed as herein provided.
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), 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 and property which secured a
Mortgage Loan and which has been acquired by foreclosure or deed in lieu of
foreclosure.
Uncertificated Lower-Tier Interest: Any of the Class A-L1 Interest,
the Class A-L4 Interest, the Class A-L9 Interest, the Class A-LPO Interest, the
Class A-LUR Interest, the Class B-L1 Interest, the Class B-L2 Interest, the
Class B-L3 Interest, the Class B-L4 Interest, the Class B-L5 Interest and the
Class B-L6 Interest.
Unpaid Interest Shortfalls: Each of the Class A Unpaid Interest
Shortfalls, 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, the Class B-5 Unpaid Interest Shortfall and the Class
B-6 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 such amounts
being multiplied by the Class A Prepayment Percentage.
Unscheduled Principal Receipt: Any Principal Prepayment or other
recovery of principal on a Mortgage Loan, including, without limitation,
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, but excluding any Net Foreclosure
Profits and proceeds of a repurchase of a Mortgage Loan by the Seller and any
Substitution Principal Amounts. Except as set forth in the last sentence of
Section 4.02(d), a Recovery shall not be treated as an Unscheduled Principal
Receipt.
Unscheduled Principal Receipt Period: Either a Mid-Month Receipt
Period or a Prior Month Receipt Period.
Upper-Tier Certificate: Any one of the Class A Certificates (other
than the Class A-LR Certificate) and the Class B Certificates.
Upper-Tier Certificate Account: The trust account established and
maintained pursuant to Section 4.01(e).
Upper-Tier REMIC: One of the two separate REMICs comprising the
Trust Estate, the assets of which consist of the Uncertificated Lower-Tier
Interests and such amounts as shall from time to time be held in the Upper-Tier
Certificate Account.
U.S. Person: As defined in Section 4.01(g).
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, the Class A-10 Certificates will
be entitled to 1% of the aggregate Voting Interest represented by all
Certificates and each remaining Class of Certificates will be entitled to a pro
rata portion of the remaining Voting Interest equal to the ratio obtained by
dividing the Principal Balance of such Class by the sum of the Class A Principal
Balance and the Class B Principal Balance. Each Certificateholder of a Class
will have a Voting Interest equal to the product of the Voting Interest to which
such Class is collectively entitled and the Percentage Interest in such Class
represented by such Holder's Certificates. With respect to any provisions hereof
providing for action, consent or approval of each Class of Certificates or
specified Classes of Certificates, each Certificateholder of a Class will have a
Voting Interest in such Class equal to such Holder's Percentage Interest in such
Class.
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 and 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, but in no event later than one (1)
year following the Closing Date. If any Mortgage has been recorded in the name
of Mortgage Electronic Registration System, Inc. ("MERS") or its designee, no
assignment of Mortgage in favor of the Trustee will be required to be prepared
or delivered and instead, the Master Servicer shall take all actions as are
necessary to cause the Trust Estate to be shown as the owner of the related
Mortgage Loan on the records of MERS for the purpose of the system of recording
transfers of beneficial ownership of mortgages maintained by MERS. 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. The Seller 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 by reason of the failure of the Seller to cause to
be delivered to the Trustee within one (1) year following the Closing Date any
original Mortgage or assignment of a Mortgage (except with respect to any
Mortgage recorded in the name of MERS) not delivered to the Trustee on the
Closing Date.
In lieu of recording an assignment of any Mortgage the Seller may,
to the extent set forth in the applicable 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 (unless the related Mortgage has been registered in
the name of MERS or its designee) and other documents required to be delivered
on the Closing Date pursuant to 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, the Master
Servicer or the 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 (or, in the case of a Mortgage Loan registered in the name of MERS or
its designee, the Master Servicer shall take all necessary action to reflect
such assignment on the records of MERS), 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 Master
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 and
Mortgage Loans secured by residential long-term leases, 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 escrow funds for the completion of
swimming pools); 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 secured by a
Mortgaged Property located in any jurisdiction, as to which an opinion of
counsel of the type customarily rendered in such jurisdiction 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 National Flood Insurance
Act of 1968, as amended; 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;
(xxiii) The Mortgage Loan is a "qualified mortgage" within the
meaning of Section 860G(a)(3) of the Code;
(xxiv) With respect to each Mortgage where a lost note affidavit
has been delivered to the Trustee in place of the related Mortgage Note,
the related Mortgage Note is no longer in existence;
(xxv) In the event that the Mortgagor is an inter vivos "living"
trust, (i) such trust is in compliance with FNMA or FHLMC standards for
inter vivos trusts and (ii) holding title to the Mortgaged Property in
such trust will not diminish any rights as a creditor including the right
to full title to the Mortgaged Property in the event foreclosure
proceedings are initiated; and
(xxvi) If the Mortgage Loan is secured by a long-term residential
lease, (1) the lessor under the lease holds a fee simple interest in the
land; (2) the terms of such lease expressly permit the mortgaging of the
leasehold estate, the assignment of the lease without the lessor's consent
and the acquisition by the holder of the Mortgage of the rights of the
lessee upon foreclosure or assignment in lieu of foreclosure or provide
the holder of the Mortgage with substantially similar protections; (3) the
terms of such lease do not (a) allow the termination thereof upon the
lessee's default without the holder of the Mortgage being entitled to
receive written notice of, and opportunity to cure, such default, (b)
allow the termination of the lease in the event of damage or destruction
as long as the Mortgage is in existence, (c) prohibit the holder of the
Mortgage from being insured (or receiving proceeds of insurance) under the
hazard insurance policy or policies relating to the Mortgaged Property or
(d) permit any increase in rent other than pre-established increases set
forth in the lease; (4) the original term of such lease is not less than
15 years; (5) the term of such lease does not terminate earlier than five
years after the maturity date of the Mortgage Note; and (6) the Mortgaged
Property is located in a jurisdiction in which the use of leasehold
estates in transferring ownership in residential properties is a widely
accepted practice.
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 Trust Estate
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, (i) acknowledges the issuance of and hereby declares that it
holds the Uncertificated Lower-Tier Interests on behalf of the Upper-Tier REMIC
and Certificateholders and (ii) has executed and delivered to or upon the order
of the Seller, in exchange for the Mortgage Loans and Uncertificated Lower-Tier
Interests together with all other assets included in the definition of "Trust
Estate", receipt of which is hereby acknowledged, Certificates in authorized
denominations which, together with the Uncertificated Lower-Tier Interests,
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 Classes of Class A Certificates
(other than the Class A-R and Class A-LR Certificates) and the Classes of Class
B Certificates as classes of "regular interests" and the Class A-R Certificate
as the single class of "residual interest" in the Upper-Tier REMIC for the
purposes of Code Sections 860G(a)(1) and 860G(a)(2), respectively. The Seller
hereby further designates the Class A-L1 Interest, Class A-L4 Interest, Class
A-L9 Interest, Class A-LPO Interest, Class A-LUR Interest, Class B-L1 Interest,
Class B-L2 Interest, Class B-L3 Interest, Class B-L4 Interest, Class B-L5
Interest and Class B-L6 Interest as classes of "regular interests" and the Class
A-LR Certificate as the single class of "residual interest" in the Lower-Tier
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 each of the
Upper-Tier REMIC and Lower-Tier REMIC within the meaning of Code Section
860G(a)(9). The "latest possible maturity date" of the regular interests in the
Upper-Tier REMIC and Lower-Tier REMIC is November 25, 2029 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 any amounts deemed received by
the Master Servicer pursuant to Section 3.01(d); 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
either of the Upper-Tier REMIC or the Lower-Tier 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.
(d) For purposes of this Agreement, the Master Servicer will be
deemed to have received from a Servicer on the applicable Remittance Date for
such funds all amounts deposited by such Servicer into the Custodial Account for
P&I maintained in accordance with the applicable Servicing Agreement, if such
Custodial Account for P&I is not an Eligible Account as defined in this
Agreement, to the extent such amounts are not actually received by the Master
Servicer on such Remittance Date as a result of the bankruptcy, insolvency,
receivership or other financial distress of the depository institution in which
such Custodial Account for P&I is being held. To the extent that amounts so
deemed to have been received by the Master Servicer are subsequently remitted to
the Master Servicer, the Master Servicer shall be entitled to retain such
amounts.
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, ny 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
Liquidation Proceeds allocable to interest the amount of any unpaid Master
Servicing Fee or Servicing Fee (as adjusted pursuant to the related
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 by Norwest Mortgage or such Other Servicer, (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
a 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 a 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 (including
the obligation to maintain an Errors and Omissions Policy and Fidelity Bond)
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 Upper-Tier REMIC or the
Lower-Tier REMIC of REMIC status for federal income tax purposes or (iii) the
imposition of any Prohibited Transaction Tax or any federal taxes on either the
Upper-Tier REMIC, the Lower-Tier 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 to repurchase at its option (i) 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 or (ii) any Mortgage Loan in the Trust
Estate which, pursuant to paragraph 5(b) of the Mortgage Loan Purchase
Agreement, Norwest Mortgage requests the Seller to repurchase and to sell to
Norwest Mortgage to facilitate the exercise of Norwest Mortgage's rights against
the originator or a prior holder of such Mortgage Loan. 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 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 Upper-Tier REMIC or
Lower-Tier REMIC.
The Master Servicer may enter into a special servicing agreement
with an unaffiliated holder of 100% Percentage Interest of a Class of Class B
Certificates 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 APPLICATION OF NET LIQUIDATION PROCEEDS.
For all purposes under this agreement, Net Liquidation Proceeds
received from a Servicer shall be allocated first to accrued and unpaid interest
on the related Mortgage Loan and then to the unpaid principal balance thereof.
SECTION 3.11 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 Certificates
(other than the Class A-PO Certificates) and the Class B-1, Class B-2 and Class
B-3 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) (1) 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 Classes of Class A Certificates, pro rata, based upon
their respective Interest Accrual Amounts, in an aggregate amount up to
the sum of the Class A Interest Accrual Amount with respect to such
Distribution Date; provided that prior to the applicable Accretion
Termination Date, an amount equal to the amount that would otherwise be
distributable in respect of interest to each Class of Accrual Certificates
pursuant to this provision will instead be distributed in reduction of the
Principal Balances of certain Classes of Class A Certificates, in each
case in accordance with Section 4.01(b);
second, to the Classes of Class A Certificates, pro rata, based upon
their respective Class A Unpaid Interest Shortfalls, respectively, in an
aggregate amount up to the sum of the Aggregate Class A Unpaid Interest
Shortfall; provided that prior to the applicable Accretion Termination
Date, an amount equal to the amount that would otherwise be distributable
in respect of unpaid interest shortfalls to each Class of Accrual
Certificates pursuant to this provision will instead be distributed in
reduction of the Principal Balances of certain Classes of Class A
Certificates, in each case in accordance with Section 4.01(b);
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 Classes 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 Classes 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-6 Certificates pursuant to
Paragraph twenty-second, below, second to the Class B-5 Certificates
pursuant to Paragraph nineteenth, below, third to the Class B-4
Certificates pursuant to Paragraph sixteenth, below, fourth to the Class
B-3 Certificates pursuant to Paragraph thirteenth, below, fifth to the
Class B-2 Certificates pursuant to Paragraph tenth below, and sixth to the
Class B-1 Certificates pursuant to Paragraph seventh below;
fifth, to the Class B-1 Certificates in an amount up to the Interest
Accrual Amount for the Class B-1 Certificates with respect to such
Distribution Date;
sixth, to the Class B-1 Certificates in an amount up to the Class
B-1 Unpaid Interest Shortfall;
seventh, 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
seventh 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;
eighth, to the Class B-2 Certificates in an amount up to the
Interest Accrual Amount for the Class B-2 Certificates with respect to
such Distribution Date;
ninth, to the Class B-2 Certificates in an amount up to the Class
B-2 Unpaid Interest Shortfall;
tenth, 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
tenth 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;
eleventh, to the Class B-3 Certificates in an amount up to the
Interest Accrual Amount for the Class B-3 Certificates with respect to
such Distribution Date;
twelfth, to the Class B-3 Certificates in an amount up to the
Class B-3 Unpaid Interest Shortfall;
thirteenth, 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
thirteenth 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;
fourteenth, to the Class B-4 Certificates in an amount up to the
Interest Accrual Amount for the Class B-4 Certificates with respect to
such Distribution Date;
fifteenth, to the Class B-4 Certificates in an amount up to the
Class B-4 Unpaid Interest Shortfall;
sixteenth, 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
sixteenth 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;
seventeenth, to the Class B-5 Certificates in an amount up to the
Interest Accrual Amount for the Class B-5 Certificates with respect to
such Distribution Date;
eighteenth, to the Class B-5 Certificates in an amount up to the
Class B-5 Unpaid Interest Shortfall;
nineteenth, 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
nineteenth 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;
twentieth, to the Class B-6 Certificates in an amount up to the
Interest Accrual Amount for the Class B-6 Certificates with respect to
such Distribution Date;
twenty-first, to the Class B-6 Certificates in an amount up to
the Class B-6 Unpaid Interest Shortfall;
twenty-second, to the Class B-6 Certificates in an amount up to the
Class B-6 Optimal Principal Amount; provided, however, that the amount
distributable to the Class B-6 Certificates pursuant to this Paragraph
twenty-second will be reduced by the amount, if any, that would have been
distributable to the Class B-6 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, any
amounts remaining in the Upper-Tier Certificate Account, and to the Holder
of the Class A-LR Certificate, any amounts remaining in the Payment
Account.
Notwithstanding the foregoing, after the Principal Balance or
notional amount of any Class (other than the Class A-R or Class A-LR
Certificates) has been reduced to zero, such Class 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-LR
Certificate.
With respect to any Distribution Date, the amount of the Principal
Adjustment, if any, attributable to any Class of Class B Certificates will be
allocated to the Classes of Class A Certificates (other than the Class A-10 and
Class A-PO Certificates) and any Class of Class B Certificates with a lower
numerical designation pro rata based on their Principal Balances.
(ii) Distributions on the Uncertificated Lower-Tier Interests. On
each Distribution Date, each Uncertificated Lower-Tier Interest shall receive
distributions in respect of principal in an amount equal to the amount of
principal distributed to its respective Corresponding Upper-Tier Class or
Classes as provided herein. On each Distribution Date, each Uncertificated
Lower-Tier Interest shall receive distributions in respect of interest in an
amount equal to the Interest Accrual Amounts and Unpaid Interest Shortfalls, as
the case may be, in respect of its Corresponding Upper-Tier Class or Classes, in
each case to the extent actually distributed thereon. In the case of the Class
A-L1 Interest, an amount equal to the Interest Accrual Amounts and Unpaid
Interest Shortfalls of the Accrual Certificates which are added to the Principal
Balances thereof, will be added to the Principal Balance of the Class A-L1
Interest. Such amounts distributed to the Uncertificated Lower-Tier Interests in
respect of principal and interest with respect to any Distribution Date are
referred to herein collectively as the "Lower-Tier Distribution Amount."
As of any date, the principal balance of each Uncertificated
Lower-Tier Interest equals the Principal Balances of the respective
Corresponding Upper-Tier Class or Classes. The initial principal balance of each
Uncertificated Lower-Tier Interest equals the Original Principal Balances of the
respective Corresponding Upper-Tier Class or Classes.
The pass-through rate with respect to the Class A-L1 Interest, Class
A-L4 Interest, Class A-L9 Interest, Class A-LUR Interest, Class B-L1 Interest,
Class B-L2 Interest, Class B-L3 Interest, Class B-L4 Interest, Class B-L5
Interest and Class B-L6 Interest shall be 7.000% per annum. The Class A-LPO
Interest is a principal-only interest and is not entitled to distributions of
interest. Any Non-Supported Interest Shortfalls will be allocated to each
Uncertificated Lower-Tier Interest in the same relative proportions as interest
is allocated to such Uncertificated Lower-Tier Interest.
(b) The Class A-10 Certificates are interest-only Certificates and
are not entitled to distributions in respect of principal.
On each Distribution Date occurring prior to the Cross-Over Date,
the Class A Non-PO Principal Distribution Amount will be allocated among and
distributed in reduction of the Principal Balances of the Classes of Class A
Certificates (other than the Principal Balance of the Class A-PO Certificates)
in accordance with the following priorities:
I. On each Distribution Date occurring prior to the Accretion
Termination Date for the Class A-5 Certificates, the Accrual Distribution
Amount for the Class A-5 Certificates will be allocated sequentially as
follows:
first, concurrently, as follows:
(a) 74.9292456413% to the Class A-3 Certificates;
(b) 23.3993682030% to the Class A-4 Certificates; and
(c) 1.6713861557% to the Class A-7 Certificates;
until the Principal Balance of the Class A-3 Certificates has been
reduced to zero; and
second, to the Class A-5 Certificates, until the Principal Balance
thereof has been reduced to zero.
II. On each Distribution Date occurring prior to the Accretion
Termination Date for the Class A-11 Certificates, the Accrual Distribution
Amount for the Class A-11 Certificates will be allocated sequentially as
follows:
first, to the Class A-9 Certificates, up to their Reduction
Amount for such Distribution Date; and
second, to the Class A-11 Certificates, until the Principal Balance
thereof has been reduced to zero.
III. The Class A Non-PO Principal Amount will be allocated
sequentially as follows:
first, to the Class A-6 Certificates, up to the Priority Amount
for such Distribution Date;
second, concurrently, as follows, until the Principal Balance of the
Class A-8 Certificates has been reduced to zero:
(a) 24.4529621217% to the Class A-4 Certificates;
(b) 1.7466404513% to the Class A-7 Certificates;
(c) 35.0871320570% to the Class A-8 Certificates; and
(d) 38.7132653700%, sequentially, as follows:
(A) concurrently, until $29,174,000 has been distributed
pursuant to this priority III. second (d) (A), as follows:
(i) 99.7463494893%, sequentially, as follows:
(1) to the Class A-1 Certificates, up to
their TAC Principal Amount for such Distribution
Date;
(2) sequentially, until $5,026,000 has been
distributed pursuant to this priority III. second
(d)(A)(i)(2), as follows:
(x) to the Class A-9 Certificates,
up to their Reduction Amount for such
Distribution Date;
(y) to the Class A-11 Certificates,
until the Principal Balance thereof has been
reduced to zero; and
(z) to the Class A-9 Certificates,
without regard to their Reduction Amount for
such Distribution Date, until the Principal
Balance thereof has been reduced to zero;
and
(3) to the Class A-1 Certificates, without
regard to their TAC Principal Amount for such
Distribution Date, until the Principal Balance
thereof has been reduced to zero; and
(ii) 0.2536505107%, sequentially, as follows:
(1) to the Class A-9 Certificates, up to
their Reduction Amount for such Distribution
Date;
(2) to the Class A-11 Certificates, until
the Principal Balance thereof has been reduced to
zero; and
(3) to the Class A-9 Certificates, without
regard to their Reduction Amount for such
Distribution Date, until the Principal Balance
thereof has been reduced to zero;
(B) concurrently, until $10,000,000 has been distributed
pursuant to this priority III. second (d) (B), as follows:
(i) 50.0000000000%, sequentially, as follows:
(1) to the Class A-1 Certificates, up to
their TAC Principal Amount for such Distribution
Date;
(2) sequentially, until $5,026,000 has
been distributed pursuant to priority III.
second (d)(A)(i)(2) and this priority III.
second (d)(B)(i)(2), as follows:
(x) to the Class A-9 Certificates,
up to their Reduction Amount for such
Distribution Date;
(y) to the Class A-11 Certificates,
until the Principal Balance thereof has been
reduced to zero; and
(z) to the Class A-9 Certificates,
without regard to their Reduction Amount for
such Distribution Date, until the Principal
Balance thereof has been reduced to zero;
and
(3) to the Class A-1 Certificates, without
regard to their TAC Principal Amount for such
Distribution Date, until the Principal Balance
thereof has been reduced to zero; and
(ii) 50.0000000000%, sequentially, as follows:
(1) to the Class A-9 Certificates, up to
their Reduction Amount for such Distribution
Date;
(2) to the Class A-11 Certificates, until
the Principal Balance thereof has been reduced to
zero; and
(3) to the Class A-9 Certificates, without
regard to their Reduction Amount for such
Distribution Date, until the Principal Balance
thereof has been reduced to zero;
(C) to the Class A-1 Certificates, up to their TAC
Principal Amount for such Distribution Date;
(D) to the Class A-9 Certificates, up to their Reduction
Amount for such Distribution Date;
(E) to the Class A-11 Certificates, until the Principal
Balance thereof has been reduced to zero;
(F) to the Class A-9 Certificates, without regard to
their Reduction Amount for such Distribution Date, until the
Principal Balance thereof has been reduced to zero; and
(G) to the Class A-1 Certificates, without regard to
their TAC Principal Amount for such Distribution Date, until
the Principal Balance thereof has been reduced to zero;
third, concurrently, 24.4529621217% to the Class A-4 Certificates,
1.7466404513% to the Class A-7 Certificates and 73.8003974270%,
sequentially, as described in priority III. second (d) (A) through (G),
until the Principal Balances of the Class A-1, Class A-9 and Class A-11
Certificates have been reduced to zero;
fourth, concurrently, 73.8003974270% to the Class A-2 Certificates,
24.4529621217% to the Class A-4 Certificates and 1.7466404513% to the
Class A-7 Certificates, until the Principal Balance of the Class A-2
Certificates has been reduced to $24,950,983;
fifth, concurrently, 84.2426328584% to the Class A-2 Certificates,
14.7068741981% to the Class A-4 Certificates and 1.0504929435% to the
Class A-7 Certificates, until the Principal Balance of the Class A-2
Certificates has been reduced to zero;
sixth, concurrently, 74.9292456413% to the Class A-3 Certificates,
23.3993682030% to the Class A-4 Certificates and 1.6713861557% to the
Class A-7 Certificates, until the Principal Balance of each such Class has
been reduced to zero;
seventh, to the Class A-5 Certificates, until the Principal
Balance thereof has been reduced to zero;
eighth, to the Class A-R and Class A-LR Certificates, pro rata,
until the Principal Balance of each such Class has been reduced to zero;
and
ninth, to the Class A-6 Certificates, without regard to the Priority
Amount for such Distribution Date, until the Principal Balance thereof has
been reduced to zero.
As used above, the "TAC Principal Amount" for any Distribution Date
and for the TAC Certificates means the amount, if any, that would reduce the
Principal Balance of such Class to the percentage of its Original Principal
Balance shown in the related table set forth below with respect to such
Distribution Date.
As used above, the "Reduction Amount" for any Distribution Date and
for the Scheduled Certificates means the amount, if any, that would reduce the
Principal Balance of such Class to the percentage of its Original Principal
Balance shown in the related table set forth below with respect to such
Distribution Date.
The following tables set forth for each Distribution Date the
targeted Principal Balances for the TAC Certificates and the scheduled Principal
Balances for the Scheduled Certificates, expressed as a percentage of the
Original Principal Balance of such Class.
<TABLE>
TARGETED PRINCIPAL BALANCES
AS PERCENTAGES OF INITIAL PRINCIPAL BALANCE
CLASS A-1 CERTIFICATES
<CAPTION>
PERCENTAGE OF PERCENTAGE OF PERCENTAGE OF
INITIAL INITIAL INITIAL
DISTRIBUTION DATE PRINCIPAL BALANCE DISTRIBUTION DATE PRINCIPAL BALANCE DISTRIBUTION DATE PRINCIPAL BALANCE
----------------- ----------------- ----------------- ----------------- ----------------- -----------------
<S> <C> <C> <C> <C>
November 1999............99.5841838142% November 2001..........67.8562424120% November 2003.........28.8886686517%
December 1999............99.0904091257 December 2001..........65.7589522526 December 2003.........27.2679072949
January 2000.............98.5189063829 January 2002...........63.6383873577 January 2004..........25.6679258037
February 2000............97.8699957349 February 2002..........61.4958187744 February 2004.........24.0884735579
March 2000...............97.1440871525 March 2002.............60.1733961561 March 2004............22.5293029413
April 2000...............96.3416803605 April 2002.............59.1263717056 April 2004............20.9901694095
May 2000.................95.4633645301 May 2002...............58.0925951260 May 2004..............19.4708313953
June 2000................94.5098178892 June 2002..............57.0719062890 June 2004.............17.9710502555
July 2000................93.4818070924 July 2002..............56.0641470111 July 2004.............16.4905902842
August 2000..............92.3801864564 August 2002............55.0691610403 August 2004...........15.0292186322
September 2000...........91.2058970077 September 2002.........53.9091799917 September 2004........13.5867053474
October 2000.............89.9599653429 October 2002...........51.9693788812 October 2004..........12.1628232138
November 2000............88.6435023807 November 2002..........50.0542094583 November 2004.........10.8563467455
December 2000............87.2577018334 December 2002..........48.1633741198 December 2004......... 9.5674687697
January 2001.............85.8038386379 January 2003...........46.2965789375 January 2005.......... 8.2959707078
February 2001............84.2832671441 February 2003..........44.4535335238 February 2005......... 7.0416366099
March 2001...............82.6974191312 March 2003.............42.6339510187 March 2005............ 5.8042531820
April 2001...............81.0478017409 April 2003.............40.8375480894 April 2005............ 4.5836097453
May 2001.................79.3359951716 May 2003...............39.0640448236 May 2005.............. 3.3794981424
June 2001................77.5636502904 June 2003..............37.3131647554 June 2005............. 2.1917128180
July 2001................75.7324860312 July 2003..............35.5846347456 July 2005............. 1.0200506713
August 2001..............73.8442867259 August 2003............33.8781850078 August 2005
September 2001...........71.9008992878 September 2003.........32.1935490417 and thereafter.... 0.0000000000
October 2001.............69.9042301935 October 2003...........30.5304636060
</TABLE>
<TABLE>
Scheduled Principal Balances
as Percentages of Initial Principal Balance
Class A-9 Certificates
<CAPTION>
PERCENTAGE OF PERCENTAGE OF PERCENTAGE OF
INITIAL INITIAL INITIAL
DISTRIBUTION DATE PRINCIPAL BALANCE DISTRIBUTION DATE PRINCIPAL BALANCE DISTRIBUTION DATE PRINCIPAL BALANCE
----------------- ----------------- ----------------- ----------------- ----------------- -----------------
<S> <C> <C> <C> <C> <C>
November 1999............92.8842573000% May 2003...............8.6015499000% November 2006.........5.9254320000%
December 1999............86.4130961000 June 2003..............5.9254320000 December 2006.........5.9254320000
January 2000.............80.5844290000 July 2003..............5.9254320000 January 2007..........5.9254320000
February 2000............75.3955020000 August 2003............5.9254320000 February 2007.........5.9254320000
March 2000...............70.8428933000 September 2003.........5.9254320000 March 2007............5.9254320000
April 2000...............66.9225148000 October 2003...........5.9254320000 April 2007............5.9254320000
May 2000.................63.6296132000 November 2003..........5.9254320000 May 2007..............5.9254320000
June 2000................60.9587739000 December 2003..........5.9254320000 June 2007.............5.9254320000
July 2000................58.9039249000 January 2004...........5.9254320000 July 2007.............5.9254320000
August 2000..............57.4583430000 February 2004..........5.9254320000 August 2007...........5.9254320000
September 2000...........56.6146608000 March 2004.............5.9254320000 September 2007........5.9254320000
October 2000.............56.3648749000 April 2004.............5.9254320000 October 2007..........5.9254320000
November 2000............56.3408290000 May 2004...............5.9254320000 November 2007.........5.9254320000
December 2000............56.3169329000 June 2004..............5.9254320000 December 2007.........5.9254320000
January 2001.............56.2931856000 July 2004..............5.9254320000 January 2008..........5.9254320000
February 2001............56.2695865000 August 2004............5.9254320000 February 2008.........5.9254320000
March 2001...............56.2461345000 September 2004.........5.9254320000 March 2008............5.9254320000
April 2001...............56.2228288000 October 2004...........5.9254320000 April 2008............5.9254320000
May 2001.................56.1996686000 November 2004..........5.9254320000 May 2008..............5.9254320000
June 2001................56.1766531000 December 2004..........5.9254320000 June 2008.............5.9254320000
July 2001................56.1537813000 January 2005...........5.9254320000 July 2008.............5.9254320000
August 2001..............56.1310526000 February 2005..........5.9254320000 August 2008...........5.9254320000
September 2001...........56.1084659000 March 2005.............5.9254320000 September 2008........5.9254320000
October 2001.............56.0860206000 April 2005.............5.9254320000 October 2008..........5.9254320000
November 2001............56.0637159000 May 2005...............5.9254320000 November 2008.........5.9254320000
December 2001............56.0415508000 June 2005..............5.9254320000 December 2008.........5.9254320000
January 2002.............56.0195246000 July 2005..............5.9254320000 January 2009..........5.9254320000
February 2002............55.9976365000 August 2005............5.9254320000 February 2009.........5.9254320000
March 2002...............55.9758857000 September 2005.........5.9254320000 March 2009............5.9254320000
April 2002...............55.9542714000 October 2005...........5.9254320000 April 2009............5.9254320000
May 2002.................55.9327929000 November 2005..........5.9254320000 May 2009..............5.9254320000
June 2002................53.1691279000 December 2005..........5.9254320000 June 2009.............5.9254320000
July 2002................48.9882874000 January 2006...........5.9254320000 July 2009.............5.9254320000
August 2002..............44.8337424000 February 2006..........5.9254320000 August 2009...........5.9254320000
September 2002...........40.7053420000 March 2006.............5.9254320000 September 2009........5.9254320000
October 2002.............36.6029362000 April 2006.............5.9254320000 October 2009..........5.9254320000
November 2002............32.5263762000 May 2006...............5.9254320000 November 2009.........5.9254320000
December 2002............28.4755137000 June 2006..............5.9254320000 December 2009.........5.9254320000
January 2003.............24.4502018000 July 2006..............5.9254320000 January 2010..........4.7063280000
February 2003............20.4502942000 August 2006............5.9254320000 February 2010
March 2003...............16.4756458000 September 2006.........5.9254320000 and thereafter....0.0000000000
April 2003...............12.5261121000 October 2006...........5.9254320000
</TABLE>
(c) Notwithstanding the foregoing, on each Distribution Date
occurring on or subsequent to the Cross-Over Date, the Class A Non-PO Principal
Distribution Amount shall be distributed among the Classes of Class A
Certificates (other than the Class A-PO Certificates) pro rata in accordance
with their outstanding Principal Balances without regard to either the
proportions or the priorities set forth in Section 4.01(b).
(d) (i) For purposes of determining whether the Classes 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 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, Class B-5 and Class B-6 Certificates shall not be
eligible to receive distributions of principal; or
(B) 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,
Class B-5 and Class B-6 Certificates shall not be eligible to
receive distributions of principal; or
(C) 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, Class B-5 and
Class B-6 Certificates shall not be eligible to receive
distributions of principal; or
(D) 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 and Class B-6
Certificates shall not be eligible to receive distributions of
principal; or
(E) if the Current Class B-5 Fractional Interest is less than
the Original Class B-5 Fractional Interest and the Class B-5
Principal Balance is greater than zero, the Class B-6 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 Classes of Class B Certificates
entitled to receive distributions of principal would reduce the Principal
Balances of the Classes of Class B Certificates entitled to receive
distributions of principal below zero, first the Class B Prepayment Percentage
of any affected Class of Class B Certificates for such Distribution Date
beginning with the affected Class with the lowest numerical Class designation
and then, if necessary, the Class B Percentage of such Class of the Class B
Certificates for such Distribution Date shall be reduced to the respective
percentages necessary to bring the Principal Balance of such Class of Class B
Certificates to zero. The Class B Prepayment Percentages and the Class B
Percentages of the remaining Classes of Class B Certificates 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 Principal Balances of the affected Classes of Class B Certificates
to zero; provided, however, that if the Principal Balances of all the Classes of
Class B Certificates eligible to receive distributions of principal shall be
reduced to zero on such Distribution Date, the Class B Prepayment Percentage and
the Class B Percentage of the Class of Class B Certificates with the lowest
numerical Class 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 B Prepayment Percentages of the Classes of Class B
Certificates having lower numerical Class designations, if any, and the
remainder of the Subordinated Percentage for such Distribution Date minus the
sum of the Class B Percentages of the Classes of Class B Certificates having
lower numerical Class designations, if any, respectively. Any entitlement of any
Class of Class B Certificates to principal payments solely pursuant to this
clause (ii) shall not cause such Class to be regarded as being eligible to
receive principal distributions for the purpose of applying the definition of
its Class B Percentage or Class B Prepayment Percentage.
(e) The Trustee shall establish and maintain the Upper-Tier
Certificate Account, which shall be a separate trust account and an Eligible
Account. 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 available on deposit in the Payment Account, (i) deposit,
in immediately available funds, by wire transfer or otherwise, into the
Upper-Tier Certificate Account the Lower-Tier Distribution Amount and (ii)
distribute to the Class A-LR Certificateholder (other than as provided in
Section 9.01 respecting the final distribution to Certificateholders) by check
mailed to such Holder at the address of such Holder appearing in the Certificate
Register, the Class A Distribution Amount with respect to the Class A-LR
Certificate and all other amounts distributable to the Class A-LR Certificate.
The Trustee may clear and terminate the Upper-Tier Certificate Account pursuant
to Section 9.01.
(f) 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 (other than the Class A-LR
Certificateholder) 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(f) respecting the final distribution in
respect of any Class) 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 11.23, 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 of the
Class A Distribution Amount with respect to each Class of Class A Certificates
and the Class B Distribution Amount with respect to each such Class of Class B
Certificates.
In the event that, on any Distribution Date prior to the Final
Distribution Date, the Principal Balance of any Class of Class A Certificates
(other than the Class A-10, Class A-R or Class A-LR Certificates) or the
Principal Balance of any Class of Class B Certificates would be reduced to zero
or, in the case of the Class A-10 Certificates, the Class A-10 Notional Amount
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 with a copy to the Certificate Registrar, specifying that the final
distribution with respect to such Class 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)(i).
(g) 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
Persons other than U.S. Persons ("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 "U.S. Person" is a citizen or resident of the United
States, a corporation or partnership (unless, in the case of a partnership,
Treasury regulations are adopted that provide otherwise), created or organized
in or under the laws of the United States, any state thereof or the District of
Columbia, including an entity treated as a corporation or partnership for
federal income tax purposes, an estate whose income is subject to United States
federal income tax regardless of its source, or a trust if a court within the
United States is able to exercise primary supervision over the administration of
such trust, and one or more such U.S. Persons have the authority to control all
substantial decisions of such trust (or, to the extent provided in applicable
Treasury regulations, certain trusts in existence on August 20, 1996 which are
eligible to elect to be treated as U.S. Persons).
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-6 Certificates until the Class B-6 Principal
Balance has been reduced to zero;
second, to the Class B-5 Certificates until the Class B-5 Principal
Balance has been reduced to zero;
third, to the Class B-4 Certificates until the Class B-4 Principal
Balance has been reduced to zero;
fourth, to the Class B-3 Certificates until the Class B-3 Principal
Balance has been reduced to zero;
fifth, to the Class B-2 Certificates until the Class B-2 Principal
Balance has been reduced to zero;
sixth, to the Class B-1 Certificates until the Class B-1 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 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) and Class B Certificates based on the
Class A Non-PO 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 Classes of
Class A Certificates (other than the Class A-PO Certificates) in accordance with
the Class A Loss Percentages as of such Determination Date. Any such loss
allocated to the Class B Certificates shall be allocated pro rata among the
outstanding Classes of Class B Certificates based on their Principal Balances.
(c) Any Realized Losses allocated to a Class of Class A
Certificates or Class B Certificates pursuant to Section 4.02(a) or Section
4.02(b) shall be allocated among the Certificates of such 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 Classes of Class A Certificates or any Classes of Class B
Certificates, each outstanding Class 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) 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 on the Distribution Date in the month
following the month in which such recovery is received. When the Principal
Balance of a Class of Certificates has been reduced to zero, such Class 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 in accordance with the preceding provisions, each outstanding Class 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. Notwithstanding the foregoing provisions, but subject to the following
proviso, if such Recovery occurs within two years of the realization of such
loss and (i) is the result of an event that would have given rise to the
repurchase of the related Mortgage Loan by the Seller pursuant to Section 2.02
or 2.03, or (ii) represents in whole or part funds which the applicable Servicer
had received in respect of a Liquidated Loan but failed to remit to the
Certificate Account on or prior to the Business Day preceding the Distribution
Date following the Applicable Unscheduled Principal Receipt Period in which the
Mortgage Loan became a Liquidated Loan, such Recovery may, at the sole
discretion of the Master Servicer, be treated as a repurchase or an Unscheduled
Principal Receipt with respect to such Mortgage Loan, as the case may be, the
Realized Loss previously recognized may be reversed and treated for all
subsequent purposes as if it had never occurred and the Master Servicer may make
such adjustments to interest or principal distributions on the Certificates and
to the principal balances of the Certificates as the Master Servicer in its good
faith judgment and sole discretion deems necessary or desirable to effectuate
the reversal of the Realized Loss and the treatment of such amount as a
repurchase or as an Unscheduled Principal Receipt, as the case may be; provided
that such actions do not result in the aggregate distributions made in respect
of each Class of Certificates whose principal balances were previously reduced
as a result of such Realized Loss being less than such Class would have received
if such Recovery had been deposited in the Certificate Account on or prior to
the Business Day preceding the Distribution Date following the Applicable
Unscheduled Principal Receipt Period in which the Mortgage Loan became a
Liquidated Loan.
(e) The interest portion of Excess Special Hazard Losses, Excess
Fraud Losses and Excess Bankruptcy Losses shall be allocated between (i) the
Class A Certificates and (ii) the Class B Certificates, pro rata based on the
Class A 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 Classes of Class A Certificates based on their Class A
Interest Percentages. Any such loss allocated to the Class B Certificates will
be allocated among the outstanding Classes of Class B Certificates based on
their Class B Interest Percentages. In addition, after the Class B Principal
Balance has 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 Classes of Class A Certificates
based on their Class A 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.
(g) With respect to any Distribution Date, the principal portion
of Realized Losses and recoveries attributable to previously allocated Realized
Losses allocated pursuant to this Section 4.02 will be allocated to each
Uncertificated Lower-Tier Interest in an amount equal to the amount allocated to
its respective Corresponding Upper-Tier Class or Classes as provided above.
(h) With respect to any Distribution Date, the interest portion of
Realized Losses allocated pursuant to this Section 4.02 will be allocated to
each Uncertificated Lower-Tier Interest in the same relative proportions as
interest is allocated to such Uncertificated Lower-Tier Interest.
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(f), 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 of
Class A Certificates 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 Class
of Class A Certificates allocable to interest, (b) the amount of the
Current Class A Interest Distribution Amount allocated to each Class of
Class A Certificates, (c) any Class A Interest Shortfall Amounts arising
with respect to such Distribution Date and any remaining Class A Unpaid
Interest Shortfall with respect to each Class after giving effect to such
distribution, (d) the amount of any Non-Supported Interest Shortfall
allocated to each Class of Class A Certificates 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 for such
Distribution Date;
(iii) the amount of such distribution to Holders of each Class of
Class B Certificates allocable to principal, separately identifying the
aggregate amount of any Unscheduled Principal Receipts included therein;
(iv) (a) the amount of such distribution to Holders of each Class
of Class B Certificates allocable to interest, (b) the amount of the
Current Class B Interest Distribution Amount allocated to each Class of
Class B Certificates, (c) any Class B Interest Shortfall Amounts arising
with respect to such Distribution Date and any remaining Class B Unpaid
Interest Shortfall with respect to each Class B of Class B Certificates
after giving effect to such distribution, (d) the amount of any
Non-Supported Interest Shortfall allocated to each Class of Class B
Certificates 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 of Class B Certificates for such
Distribution Date;
(v) the amount of any Periodic Advance by any Servicer, the
Master Servicer or the Trustee pursuant to the Servicing Agreements or
this Agreement;
(vi) the numberof Mortgage Loans outstanding as of the preceding
Determination Date;
(vii) the Class A Principal Balance, the Principal Balance of
each Class of Class A Certificates, the Class B Principal Balance and the
Principal Balance of each Class 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;
(viii) 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;
(ix) the aggregate Scheduled Principal Balances of the Mortgage
Loans serviced by Norwest Mortgage and, collectively, by the Other
Servicers as of such Distribution Date;
(x) 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);
(xi) 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);
(xii) the Class B-1, Class B-2, Class B-3, Class B-4, Class B-5
and Class B-6 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);
(xiii) the Class B-1, Class B-2, Class B-3, Class B-4, Class B-5
and Class B-6 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);
(xiv) the number and aggregate principal balances of Mortgage
Loans delinquent (a) one month, (b) two months and (c) three months or
more;
(xv) the number and aggregate principal balances of the Mortgage
Loans in foreclosure as of the preceding Determination Date;
(xvi) the book value of any real estate acquired through
foreclosure or grant of a deed in lieu of foreclosure;
(xvii) 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;
(xviii) 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;
(xix) the aggregate amount of Bankruptcy Losses allocated to each
Class of Class B Certificates in accordance with Section 4.02(a) since the
Relevant Anniversary;
(xx) the amount by which the Principal Balance of each Class of
Class B Certificates has been reduced as a result of Realized Losses
allocated as of such Distribution Date;
(xxi) 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;
(xxii) 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;
(xxiii) in the case of the Class A-10 Certificates, the Class
A-10 Notional Amount, if any;
(xxiv) the Class A-PO Deferred Amount, if any; and
(xxv) 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 Class of
Class A Certificates pursuant to clauses (i) and (ii) above and with respect to
a Class of Class B Certificates pursuant to clauses (iii) and (iv) above, the
amounts shall be expressed as a dollar amount per Class A or Class B Certificate
(other than the Class A-R and Class A-LR Certificates) with a $1,000
Denomination, and as a dollar amount per Class A-R and Class A-LR Certificates
with a $50 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 and the information set forth in
clauses (iii) and (iv)(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 from time to time in force.
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 Distribution Amount with respect to each
Class of Class A Certificates and the Class B Distribution Amount with respect
to each Class of Class B Certificates. 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 A-PO, Class B-4, Class B-5 or Class B-6
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).
SECTION 4.06 CALCULATION OF AMOUNTS; BINDING EFFECT OF
INTERPRETATIONS AND ACTIONS OF MASTER SERVICER.
The Master Servicer will compute the amount of all distributions to
be made on the Certificates and all losses to be allocated to the Certificates.
In the event that the Master Servicer concludes that any ambiguity or
uncertainty exists in any provisions of this Agreement relating to distributions
to be made on the Certificates or the allocation of losses to the Certificates,
the interpretation of such provisions and any actions taken by the Master
Servicer in good faith to implement such interpretation shall be binding upon
Certificateholders.
<PAGE>
ARTICLE V
THE CERTIFICATES
SECTION 5.01 THE CERTIFICATES.
(a) The Class A and Class B Certificates shall be issued only in
minimum Denominations of a Single Certificate and, except for the Class A-PO,
Class A-R and Class A-LR Certificates, integral multiples of $1,000 in excess
thereof (except, if necessary, for one Certificate of each Class (other than the
Class A-10, Class A-PO, Class A-R and Class A-LR Certificates) that evidences
one Single Certificate plus such additional principal portion or notional amount
as is required in order for all Certificates of such Class to equal the
aggregate Original Principal Balance of such Class), 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-PO, A-R, A-LR, B-1, B-2, B-3, B-4, B-5, B-6 and C
(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 (or notional amount) evidenced by the
Class A 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 Seller 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.
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 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 A-PO, Class B-4, Class B-5 or Class B-6
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 A-PO, Class B-4,
Class B-5 or Class B-6 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 (other than an affiliate of the
Seller on the Closing Date) 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 A-PO, Class B-4, Class
B-5 or Class B-6 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 A-PO, Class B-4, Class B-5 or Class B-6
Certificates under said Act or any other securities law.
(c) No transfer of a Class A-PO or Class B Certificate shall be
made (other than the transfer of the Class A-PO Certificates to an affiliate of
the Seller on the Closing Date) unless the Trustee and the Seller shall have
received (i) a representation letter from the transferee in the form of Exhibit
J hereto, in the case of a Class A-PO, Class B-4, Class B-5 or Class B-6
Certificate, or in the form of Exhibit K hereto, in the case of a Class B-1,
Class B-2 or Class B-3 Certificate, to the effect that either (a) such
transferee is not an employee benefit plan or other retirement arrangement
subject to Title I of ERISA or Code Section 4975, or a 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") 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) with respect to the Class B Certificates only, if such transferee is an
insurance company, (A) the source of funds used to purchase the Class B
Certificates 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)), (B) 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 and (C) the purchase
and holding of such Class B Certificates is covered by Sections I and III of PTE
95-60 or (ii) in the case of any such Class A-PO 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 A-PO 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 A-PO 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 or Class A-LR 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 acting on behalf of or 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 or Class
A-LR 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 or Class
A-LR 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
or Class A-LR 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 or Class A-LR 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 or Class A-LR 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 or
Class A-LR 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 or Class A-LR 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 or Class A-LR
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 and Class A-LR Certificates
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 or Class A-LR 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 or Class A-LR 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 such Class A-R or Class A-LR 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 or Class A-LR Certificate, and (ii) the
Master Servicer agrees to furnish to the Internal Revenue Service and to any
transferor of the Class A-R or Class A-LR 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 or Class A-LR 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. 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 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 Class 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, including, without limitation, any legal action against the
Trustee in its capacity as Trustee hereunder, other than any loss, liability or
expense (including, without limitation, expenses payable by the Master Servicer
under Section 8.06) 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 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 6.07 shall survive the
termination of this Agreement.
SECTION 6.08 MASTER SERVICER COVENANTS CONCERNING YEAR 2000
COMPLIANCE.
The Master Servicer covenants that it is working to modify its
computer and other systems used in the performance of its duties as master
servicer for the Certificates to operate in a manner such that, on and after
January 1, 2000, the Master Servicer can perform its duties in accordance with
the terms 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 FHLMC, 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 rights 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 Master Servicer or
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, as the case may be,
was negligent in ascertaining the pertinent facts.
None of the provisions contained in this Agreement shall require the
Trustee 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 request and 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 and the manner of
obtaining consents and evidencing the authorization of the execution
thereof shall be subject to such reasonable regulations as the Trustee may
prescribe;
(ii) The Trustee may consult with counsel, and any written advice
of such counsel or 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 advice
or 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;
(iv) Subject to Section 7.04, the Trustee shall not be
accountable, shall have no liability and makes no representation as to any
acts or omissions hereunder of the Master Servicer until such time as the
Trustee may be required to act as Master Servicer pursuant to Section 7.05
and thereupon only for the acts or omissions of the Trustee as successor
Master Servicer; and
(v) 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 the 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 and may transact banking
and/or trust business with the Seller, the Master Servicer or their Affiliates.
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 either the Upper-Tier REMIC or the Lower-Tier REMIC to federal,
state or local tax or cause either the Upper-Tier REMIC or the Lower-Tier REMIC
to fail to 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
two separate REMICs, or (ii) cause the imposition of any federal, state or local
income, prohibited transaction, contribution or other tax on either the
Upper-Tier REMIC, the Lower-Tier REMIC or the Trust Estate. The Master Servicer,
or, in the case of any tax return or other 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 for each of the
Upper-Tier REMIC and the Lower-Tier REMIC using a calendar year as the taxable
year and the accrual method of accounting; (ii) in the first such federal tax
returns, make, or cause to be made, elections satisfying the requirements of the
REMIC Provisions, on behalf of the Trust Estate, to treat each of the Upper-Tier
REMIC and the Lower-Tier REMIC 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 Trust Estate, 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
prices 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 8811 and apply for an Employee Identification Number with a Form SS-4 or
any other permissible method 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 Upper-Tier REMIC and the Lower-Tier REMIC, including but not limited to the
income, expenses, individual Mortgage Loans (including REO Mortgage Loans, other
assets and liabilities of each REMIC, and the fair market value and adjusted
basis of the property of each REMIC 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 either the Upper-Tier REMIC or the Lower-Tier REMIC within
the meaning of Code Section 860D(a)(2) other than the interests in the
Upper-Tier REMIC 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-PO and Class A-R Certificates and the Class B-1, Class B-2, Class B-3,
Class B-4, Class B-5 and Class B-6 Certificates and the interests in the
Lower-Tier REMIC represented by the Class A-L1, Class A-L4, Class A-L9, Class
A-LPO, Class A-LUR, Class B-L1, Class B-L2, Class B-L3, Class B-L4, Class B-L5
and Class B-L6 Interests and the Class A-LR Certificate; (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 Upper-Tier
REMIC or Lower-Tier REMIC or the Trust Estate to tax or (c) cause the Trust
Estate to fail to qualify as two separate REMICs; (ix) exercise reasonable care
not to allow either the Upper-Tier REMIC or the Lower-Tier 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 Upper-Tier
REMIC or the Lower-Tier 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 Upper-Tier REMIC or Lower-Tier REMIC, as the case
may be, 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 Upper-Tier
REMIC and the Lower-Tier 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 and Class A-LR Certificateholders for such purpose (or if the
Master Servicer is not so permitted, the Holders of the Class A-R and Class A-LR
Certificates shall be tax matters persons for the Upper-Tier REMIC and the
Lower-Tier REMIC, respectively, 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 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
or the Trustee, as the case may be, 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 either REMIC as described above. In the event
that the Trustee prepares any of the federal, state and local tax returns of
either 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, respectively, 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.
SECTION 8.16 TRUSTEE COVENANTS CONCERNING YEAR 2000
COMPLIANCE.
The Trustee covenants that it is working to modify its computer and
other systems used in the performance of its duties as trustee for the
Certificates to operate in a manner such that, on and after January 1, 2000, the
Trustee can perform its duties in accordance with the terms of this Agreement.
<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 11.22. 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 Classes of Class A Certificates, the respective Principal Balance
together with any related Class A Unpaid Interest Shortfall and one month's
interest in an amount equal to the respective Interest Accrual Amount, (ii) as
to the Classes of Class B Certificates, the respective Principal Balance
together with any related Class B Unpaid Interest Shortfall and one month's
interest in an amount equal to the respective Interest Accrual Amount and (iii)
as to the Class A-R and Class A-LR Certificates, the amounts, if any, which
remain on deposit in the Upper-Tier Certificate Account and the Certificate
Account, respectively (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. Such amount shall be distributed in respect of interest and principal
in respect of the Uncertificated Lower-Tier Interests in the same amounts as
distributed to their Corresponding Upper-Tier Class or Classes in the manner
specified in Section 4.01(a)(ii). 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 either the Upper-Tier REMIC or the
Lower-Tier REMIC to federal tax or cause the Trust Estate to fail to qualify as
two separate REMICs 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 Upper-Tier REMIC and the Lower-Tier 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 returns of
the Upper-Tier REMIC and the Lower-Tier 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 two separate REMICs 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, the Upper-Tier REMIC or
the Lower-Tier 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 Upper-Tier
Certificate Account and Lower-Tier 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 Upper-Tier or
Lower-Tier 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 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; 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 in a manner other than as
described in clause (i) hereof without the consent of Holders of Certificates of
such Class evidencing, as to such Class, Voting Interests aggregating not less
than 66-2/3% or (iii) reduce the aforesaid percentage of Certificates of any
Class the Holders of which are required to consent to any such amendment,
without the consent of the Holders of all Certificates of such Class 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 either the Upper-Tier REMIC or the Lower-Tier REMIC to tax or cause
either the Upper-Tier REMIC or the Lower-Tier REMIC 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:
(i) 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
(ii) 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, 7485 New Horizon Way, 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 7.000% per annum.
SECTION 11.02 CUT-OFF DATE.
The Cut-Off Date for the Certificates is October 1, 1999.
SECTION 11.03 CUT-OFF DATE AGGREGATE PRINCIPAL BALANCE.
The Cut-Off Date Aggregate Principal Balance is $400,333,322.63.
SECTION 11.04 ORIGINAL CLASS A PERCENTAGE.
The Original Class A Percentage is 95.95368430%.
SECTION 11.05 ORIGINAL PRINCIPAL BALANCES OF THE CLASSES OF
CLASS A CERTIFICATES.
As to the following Classes of Class A Certificates, the Principal
Balance of such Class as of the Cut-Off Date, as follows:
Original
Class Principal Balance
----- -----------------
Class A-1 $74,559,000.00
Class A-2 $58,044,599.00
Class A-3 $21,703,256.00
Class A-4 $75,000,000.00
Class A-5 $19,986,000.00
Class A-6 $40,000,000.00
Class A-7 $5,357,145.00
Class A-8 $75,000,000.00
Class A-9 $10,000,000.00
Class A-11 $100,000.00
Class A-PO $4,569,363.42
Class A-R $50.00
Class A-LR $50.00
SECTION 11.05(A) ORIGINAL CLASS A-10 NOTIONAL AMOUNT.
The Original Class A-10 Notional Amount is $10,000,000.00.
SECTION 11.06 ORIGINAL CLASS A NON-PO PRINCIPAL BALANCE.
The Original Class A Non-PO Principal Balance is $379,750,100.00.
SECTION 11.07 ORIGINAL SUBORDINATED PERCENTAGE.
The Original Subordinated Percentage is 4.04631570%.
SECTION 11.08 ORIGINAL CLASS B-1 PERCENTAGE.
The Original Class B-1 Percentage is 2.07371081%.
SECTION 11.09 ORIGINAL CLASS B-2 PERCENTAGE.
The Original Class B-2 Percentage is 0.75853294%.
SECTION 11.10 ORIGINAL CLASS B-3 PERCENTAGE.
The Original Class B-3 Percentage is 0.50585708%.
SECTION 11.11 ORIGINAL CLASS B-4 PERCENTAGE.
The Original Class B-4 Percentage is 0.30346371%.
SECTION 11.12 ORIGINAL CLASS B-5 PERCENTAGE.
The Original Class B-5 Percentage is 0.15185819%.
SECTION 11.13 ORIGINAL CLASS B-6 PERCENTAGE.
The Original Class B-6 Percentage is 0.25289296%.
SECTION 11.14 ORIGINAL CLASS B PRINCIPAL BALANCE.
The Original Class B Principal Balance is $16,013,859.21.
SECTION 11.15 ORIGINAL PRINCIPAL BALANCES OF THE CLASSES OF
CLASS B CERTIFICATES.
As to the following Classes of Class B Certificate, the Principal
Balance of such Class as of the Cut-Off Date, is as follows:
Original
Class Principal Balance
----- -----------------
Class B-1 $8,207,000.00
Class B-2 $3,002,000.00
Class B-3 $2,002,000.00
Class B-4 $1,201,000.00
Class B-5 $601,000.00
SECTION 11.16 ORIGINAL CLASS B-1 FRACTIONAL INTEREST.
The Original Class B-1 Fractional Interest is 1.97260488%.
SECTION 11.17 ORIGINAL CLASS B-2 FRACTIONAL INTEREST.
The Original Class B-2 Fractional Interest is 1.21407194%.
SECTION 11.18 ORIGINAL CLASS B-3 FRACTIONAL INTEREST.
The Original Class B-3 Fractional Interest is 0.70821487%.
SECTION 11.19 ORIGINAL CLASS B-4 FRACTIONAL INTEREST.
The Original Class B-4 Fractional Interest is 0.40475115%.
SECTION 11.20 ORIGINAL CLASS B-5 FRACTIONAL INTEREST.
The Original Class B-5 Fractional Interest is 0.25289296%.
SECTION 11.21 CLOSING DATE.
The Closing Date is October 28, 1999.
SECTION 11.22 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 $40,033,332.26 (10% of
the Cut-Off Date Aggregate Principal Balance) at the time of any such purchase.
SECTION 11.23 WIRE TRANSFER ELIGIBILITY.
With respect to the Class A (other than the Class A-10, Class A-PO,
Class A-R and Class A-LR Certificates) and the Class B Certificates, the minimum
Denomination eligible for wire transfer on each Distribution Date is $500,000.
With respect to the Class A-10 and Class A-PO Certificates, the minimum
Denomination eligible for wire transfer on each Distribution Date is 100%
Percentage Interest. The Class A-R and Class A-LR Certificates are not eligible
for wire transfer.
SECTION 11.24 SINGLE CERTIFICATE.
A Single Certificate for each Class of Class A Certificates (other
than the Class A-10, Class A-PO, Class A-R and Class A-LR Certificates) and each
Class of the Class B Certificates (other than the Class B-4, Class B-5 and Class
B-6 Certificates) represents a $100,000 Denomination. A Single Certificate for
the Class A-10 Certificates represents a $10,000,000.00 Denomination. A Single
Certificate for the Class A-R and Class A-LR Certificates represents a $50
Denomination. A Single Certificate for the Class B-4, Class B-5 and Class B-6
Certificates represents a $250,000 Denomination. A Single Certificate for the
Class A-PO Certificates represents a $4,569,363.42 Denomination.
SECTION 11.25 SERVICING FEE RATE.
The rate used to calculate the Servicing Fee is equal to such rate
as is set forth on the Mortgage Loan Schedule with respect to a Mortgage Loan.
SECTION 11.26 MASTER SERVICING FEE RATE.
The rate used to calculate the Master Servicing Fee for each
Mortgage Loan is 0.017% 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: Alan S. McKenney
Title: Vice President
NORWEST BANK MINNESOTA, NATIONAL
ASSOCIATION
as Master Servicer
By:____________________________________
Name: Nancy E. Burgess
Title: Vice President
FIRST UNION NATIONAL BANK
as Trustee
By:____________________________________
Name:
Title:
Attest:
By:___________________________
Name:_________________________
Title:________________________
<PAGE>
STATE OF MARYLAND )
) ss.:
COUNTY OF FREDERICK )
On this 28th day of October, 1999, before me, a notary public in and
for the State of Maryland, personally appeared Alan S. McKenney, known to me
who, being by me duly sworn, did depose and say that he resides at McLean,
Virginia; 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 MARYLAND )
) ss.:
COUNTY OF FREDERICK )
On this 28th day of October, 1999, before me, a notary public in and
for the State of Maryland, personally appeared Nancy E. Burgess, known to me
who, being by me duly sworn, did depose and say that she resides at Frederick,
Maryland; that she 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 she signed 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 28th day of October, 1999, 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, 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>
SCHEDULE I
Norwest Asset Securities Corporation, Mortgage Pass-Through Certificates,
Series 1999-24
Applicable Unscheduled Principal Receipt Period
Full Unscheduled Partial Unscheduled
Servicer Principal Receipts Principal Receipts
Norwest Mortgage, Inc. Prior Month Prior Month
(Exhibit F-1)
Norwest Mortgage, Inc. Mid-Month Mid-Month
(Exhibit F-2)
Bank United Mid-Month Prior Month
SunTrust Mortgage, Inc. Mid-Month Prior Month
Crestar Mortgage Corporation Mid-Month Prior Month
Countrywide Home Loans, Inc. Prior Month Prior Month
FT Mortgage Companies Mid-Month Prior Month
The Huntington Mortgage Company Mid-Month Prior Month
HomeSide Lending Mid-Month Prior Month
Farmers State Bank & Trust Mid-Month Prior Month
Company of Superior
America First Credit Union Mid-Month Prior Month
Hibernia National Bank Mid-Month Prior Month
NOVUS Financial Corporation Mid-Month Prior 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 SELLER 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 1999-24 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: October 1, 1999
CUSIP No.: 66937R L8 0 First Distribution Date: November 26, 1999
Percentage Interest evidenced Denomination: $
by this Certificate: %
Final Scheduled Maturity Date: November 25, 2029
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-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 October 28, 1999 (the
"Agreement") among the Seller, Norwest Bank Minnesota, National Association, as
master servicer (the "Master Servicer") and First Union National Bank, 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
Distribution Amount for the Class A-1 Certificates required to be distributed to
Holders of the 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 Classes of Class A Certificates
may not commence on the first Distribution Date specified above. Distributions
of principal will be allocated among the Classes 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 7.000% 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:
First Union National Bank,
Trustee
By____________________________
Authorized Officer
Countersigned:
First Union National Bank,
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 SELLER 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 1999-24 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: October 1, 1999
CUSIP No.: 66937R L9 8 First Distribution Date: November 26, 1999
Percentage Interest evidenced Denomination: $
by this Certificate: %
Final Scheduled Maturity Date: November 25, 2029
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-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 October 28, 1999 (the
"Agreement") among the Seller, Norwest Bank Minnesota, National Association, as
master servicer (the "Master Servicer") and First Union National Bank, 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
Distribution Amount for the Class A-2 Certificates required to be distributed to
Holders of the 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 Classes of Class A Certificates
may not commence on the first Distribution Date specified above. Distributions
of principal will be allocated among the Classes 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 7.000% 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 is issued on October 28, 1999, and based on
its issue price of 96.07187%, including accrued interest, and a stated
redemption price at maturity equal to its initial principal balance (plus 3 days
of interest at the pass-through rate hereon), 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 225% SPA (as defined in the Prospectus Supplement dated October
22, 1999 with respect to the offering of the Class A Certificates (except the
Class A-PO Certificates), Class B-1, Class B-2 and Class B-3 Certificates) used
to price this Certificate: (i) the amount of OID as a percentage of the initial
principal balance of this Certificate is approximately 3.98645833%; (ii) the
annual yield to maturity of this Certificate, compounded monthly, is
approximately 7.65%; and (iii) the amount of OID allocable to the short first
accrual period (October 28, 1999 to November 25, 1999) as a percentage of the
initial principal balance of this Certificate, calculated using the exact
method, is approximately 0.02575806%.
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:
First Union National Bank,
Trustee
By____________________________
Authorized Officer
Countersigned:
First Union National Bank,
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 SELLER 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 1999-24 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: October 1, 1999
CUSIP No.: 66937R M2 2 First Distribution Date: November 26, 1999
Percentage Interest evidenced Denomination: $
by this Certificate: %
Final Scheduled Maturity Date: November 25, 2029
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-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 October 28, 1999 (the
"Agreement") among the Seller, Norwest Bank Minnesota, National Association, as
master servicer (the "Master Servicer") and First Union National Bank, 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
Distribution Amount for the Class A-3 Certificates required to be distributed to
Holders of the 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 Classes of Class A Certificates
may not commence on the first Distribution Date specified above. Distributions
of principal will be allocated among the Classes 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 7.000% 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 is issued on October 28, 1999, and based on
its issue price of 98.24375%, including accrued interest, and a stated
redemption price at maturity equal to its initial principal balance (plus 3 days
of interest at the pass-through rate hereon), 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 225% SPA (as defined in the Prospectus Supplement dated October
22, 1999 with respect to the offering of the Class A Certificates (except the
Class A-PO Certificates), Class B-1, Class B-2 and Class B-3 Certificates) used
to price this Certificate: (i) the amount of OID as a percentage of the initial
principal balance of this Certificate is approximately 1.81458333%; (ii) the
annual yield to maturity of this Certificate, compounded monthly, is
approximately 7.34%; and (iii) the amount of OID allocable to the short first
accrual period (October 28, 1999 to November 25, 1999) as a percentage of the
initial principal balance of this Certificate, calculated using the exact
method, is approximately 0.01551282%.
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:
First Union National Bank,
Trustee
By____________________________
Authorized Officer
Countersigned:
First Union National Bank,
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 SELLER 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 1999-24 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: October 1, 1999
CUSIP No.: 66937R M3 0 First Distribution Date: November 26, 1999
Percentage Interest evidenced Denomination: $
by this Certificate: %
Final Scheduled Maturity Date: November 25, 2029
<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-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 October 28, 1999 (the
"Agreement") among the Seller, Norwest Bank Minnesota, National Association, as
master servicer (the "Master Servicer") and First Union National Bank, 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
Distribution Amount for the Class A-4 Certificates required to be distributed to
Holders of the 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 Classes of Class A Certificates
may not commence on the first Distribution Date specified above. Distributions
of principal will be allocated among the Classes 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 7.500% 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:
First Union National Bank,
Trustee
By____________________________
Authorized Officer
Countersigned:
First Union National Bank,
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 SELLER 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 1999-24 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.
UNTIL THE APPLICABLE ACCRETION TERMINATION DATE, THE INTEREST
THAT ACCRUES ON THE PRINCIPAL BALANCE OF THIS CERTIFICATE WILL NOT BE PAYABLE.
BECAUSE SUCH UNPAID INTEREST IS ADDED TO THE PRINCIPAL BALANCE OF THIS
CERTIFICATE AND BECAUSE DISTRIBUTIONS IN REDUCTION OF THE PRINCIPAL BALANCE WILL
BE MADE IN THE MANNER DESCRIBED IN THE AGREEMENT (AS DEFINED HEREIN), THE
OUTSTANDING PRINCIPAL BALANCE OF THIS CERTIFICATE AT ANY TIME MAY BE MORE OR
LESS THAN THE INITIAL PRINCIPAL BALANCE REPRESENTED HEREBY.
Certificate No. Cut-Off Date: October 1, 1999
CUSIP No.: 66937R M4 8 First Distribution Date: November 26, 1999
Percentage Interest evidenced Denomination: $
by this Certificate: %
Final Scheduled Maturity Date: November 25, 2029
<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-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 October 28, 1999 (the
"Agreement") among the Seller, Norwest Bank Minnesota, National Association, as
master servicer (the "Master Servicer") and First Union National Bank, 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
Distribution Amount for the Class A-5 Certificates required to be distributed to
Holders of the 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 Classes of Class A Certificates
may not commence on the first Distribution Date specified above. Distributions
of principal will be allocated among the Classes 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 7.000% per
annum. Prior to the applicable Accretion Termination Date, no distribution of
interest on this Certificate will be made. Prior to the applicable Accretion
Termination Date, interest otherwise available for distribution on this
Certificate will be added to the Principal Balance of the Class A-5 Certificates
on each Distribution Date. 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 is issued on October 28, 1999, at an issue
price of 86.29063%, including accrued interest, and a stated redemption price at
maturity equal to the sum of its initial principal balance and all interest
distributions hereon (whether current or accrued), 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 225% SPA (as defined in the Prospectus Supplement dated
October 22, 1999 with respect to the offering of the Class A Certificates
(except the Class A-PO Certificates), Class B-1, Class B-2 and Class B-3
Certificates) used to price this Certificate: (i) the amount of OID as a
percentage of the initial principal balance of this Certificate is approximately
223.09786089%; (ii) the annual yield to maturity of this Certificate, compounded
monthly, is approximately 7.95%; and (iii) the amount of OID allocable to the
short first accrual period (October 28, 1999 to November 25, 1999) as a
percentage of the initial principal balance of this Certificate, calculated
using the exact method, is approximately 0.51445333%.
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:
First Union National Bank,
Trustee
By____________________________
Authorized Officer
Countersigned:
First Union National Bank,
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 SELLER 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 1999-24 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: October 1, 1999
CUSIP No.: 66937R M5 5 First Distribution Date: November 26, 1999
Percentage Interest evidenced Denomination: $
by this Certificate: %
Final Scheduled Maturity Date: November 25, 2029
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-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 October 28, 1999 (the
"Agreement") among the Seller, Norwest Bank Minnesota, National Association, as
master servicer (the "Master Servicer") and First Union National Bank, 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
Distribution Amount for the Class A-6 Certificates required to be distributed to
Holders of the 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 Classes of Class A Certificates
may not commence on the first Distribution Date specified above. Distributions
of principal will be allocated among the Classes 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 7.000% 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 is issued on October 28, 1999, and based on
its issue price of 96.32188%, including accrued interest, and a stated
redemption price at maturity equal to its initial principal balance (plus 3 days
of interest at the pass-through rate hereon), 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 225% SPA (as defined in the Prospectus Supplement dated October
22, 1999 with respect to the offering of the Class A Certificates (except the
Class A-PO Certificates), Class B-1, Class B-2 and Class B-3 Certificates) used
to price this Certificate: (i) the amount of OID as a percentage of the initial
principal balance of this Certificate is approximately 3.73645833%; (ii) the
annual yield to maturity of this Certificate, compounded monthly, is
approximately 7.51%; and (iii) the amount of OID allocable to the short first
accrual period (October 28, 1999 to November 25, 1999) as a percentage of the
initial principal balance of this Certificate, calculated using the exact
method, is approximately 0.01731310%.
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:
First Union National Bank,
Trustee
By____________________________
Authorized Officer
Countersigned:
First Union National Bank,
Trustee
By________________________
Authorized Officer
<PAGE>
EXHIBIT A-7
[FORM OF FACE OF CLASS A-7 CERTIFICATE]
MORTGAGE PASS-THROUGH CERTIFICATE
SERIES 1999-24 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: October 1, 1999
CUSIP No.: 66937R M6 3 First Distribution Date: November 26, 1999
Percentage Interest evidenced Denomination: $
by this Certificate: %
Final Scheduled Maturity Date: November 25, 2029
<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-7 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 October 28, 1999 (the
"Agreement") among the Seller, Norwest Bank Minnesota, National Association, as
master servicer (the "Master Servicer") and First Union National Bank, 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
Distribution Amount for the Class A-7 Certificates required to be distributed to
Holders of the 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 Classes of Class A Certificates
may not commence on the first Distribution Date specified above. Distributions
of principal will be allocated among the Classes of Class A Certificates in
accordance with the provisions of the Agreement. The Class A-7 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, 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 is issued on October 28, 1999, at an issue
price of 74.00000% 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
225% SPA (as defined in the Prospectus Supplement dated October 22, 1999 with
respect to the offering of the Class A Certificates (except the Class A-PO
Certificates), Class B-1, Class B-2 and Class B-3 Certificates) used to price
this Certificate: (i) the amount of OID as a percentage of the initial principal
balance of this Certificate is approximately 26.00000000%; (ii) the annual yield
to maturity of this Certificate, compounded monthly, is approximately 7.05%; and
(iii) the amount of OID allocable to the short first accrual period (October 28,
1999 to November 25, 1999) as a percentage of the initial principal balance of
this Certificate, calculated using the exact method, is approximately
0.39093302%.
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:
First Union National Bank,
Trustee
By____________________________
Authorized Officer
Countersigned:
First Union National Bank,
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 SELLER 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 1999-24 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: October 1, 1999
CUSIP No.: 66937R M7 1 First Distribution Date: November 26, 1999
Percentage Interest evidenced Denomination: $
by this Certificate: %
Final Scheduled Maturity Date: November 25, 2029
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-8 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 October 28, 1999 (the
"Agreement") among the Seller, Norwest Bank Minnesota, National Association, as
master servicer (the "Master Servicer") and First Union National Bank, 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
Distribution Amount for the Class A-8 Certificates required to be distributed to
Holders of the 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 Classes of Class A Certificates
may not commence on the first Distribution Date specified above. Distributions
of principal will be allocated among the Classes 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 7.000% 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:
First Union National Bank,
Trustee
By____________________________
Authorized Officer
Countersigned:
First Union National Bank,
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 SELLER 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 1999-24 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: October 1, 1999
CUSIP No.: 66937R M8 9 First Distribution Date: November 26, 1999
Percentage Interest evidenced Denomination: $
by this Certificate: %
Final Scheduled Maturity Date: November 25, 2029
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-9 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 October 28, 1999 (the
"Agreement") among the Seller, Norwest Bank Minnesota, National Association, as
master servicer (the "Master Servicer") and First Union National Bank, 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
Distribution Amount for the Class A-9 Certificates required to be distributed to
Holders of the 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 Classes of Class A Certificates
may not commence on the first Distribution Date specified above. Distributions
of principal will be allocated among the Classes 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 6.750% 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:
First Union National Bank,
Trustee
By____________________________
Authorized Officer
Countersigned:
First Union National Bank,
Trustee
By________________________
Authorized Officer
<PAGE>
EXHIBIT A-10
[FORM OF FACE OF CLASS A-10 CERTIFICATE]
MORTGAGE PASS-THROUGH CERTIFICATE
SERIES 1999-24 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.
THE NOTIONAL AMOUNT OF THIS CERTIFICATE WILL BE REDUCED IN THE
MANNER DESCRIBED IN THE POOLING AND SERVICING AGREEMENT. ACCORDINGLY, THE
OUTSTANDING NOTIONAL AMOUNT OF THIS CERTIFICATE AT ANY TIME MAY BE LESS THAN THE
INITIAL NOTIONAL AMOUNT REPRESENTED HEREBY.
Certificate No. Cut-Off Date: October 1, 1999
CUSIP No.: 66937R M9 7 First Distribution Date: November 26, 1999
Percentage Interest evidenced Denomination: $ (Initial Class A-10 Notional
by this Certificate: % Amount)
Final Scheduled Maturity Date: November 25, 2029
<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-10 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 October 28, 1999 (the
"Agreement") among the Seller, Norwest Bank Minnesota, National Association, as
master servicer (the "Master Servicer") and First Union National Bank, 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
Distribution Amount for the Class A-10 Certificates required to be distributed
to Holders of the Class A-10 Certificates on such Distribution Date, subject to
adjustment in certain events as specified in the Agreement. The Class A-10
Certificates are not entitled to distributions in respect of principal. Interest
will accrue on the Class A-10 Certificates each month in an amount equal to the
product of (i) 1/12th of 0.250% and (ii) the Class A-10 Notional Amount as of
the related Distribution Date. 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 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.
This Certificate is issued on October 28, 1999, at an issue
price of 0.33125% of the initial Class A-10 Notional Amount, including accrued
interest, and a stated redemption price at maturity equal to all interest
distributions hereon, 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 225% SPA (as
defined in the Prospectus Supplement dated October 22, 1999 with respect to the
offering of the Class A (except the Class A-PO Certificates), Class B-1, Class
B-2 and Class B-3 Certificates) used to price this Certificate: (i) the amount
of OID as a percentage of the initial Class A-10 Notional Amount is
approximately 0.70774890%; (ii) the annual yield to maturity of this
Certificate, compounded monthly, is approximately 66.69%; and (iii) the amount
of OID allocable to the short first accrual period (October 28, 1999 to November
25, 1999) as a percentage of the initial Class 10 Notional Amount, calculated
using the exact method, is approximately 0.01652262%.
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:
First Union National Bank,
Trustee
By____________________________
Authorized Officer
Countersigned:
First Union National Bank,
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 SELLER 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 1999-24 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.
UNTIL THE APPLICABLE ACCRETION TERMINATION DATE, THE INTEREST
THAT ACCRUES ON THE PRINCIPAL BALANCE OF THIS CERTIFICATE WILL NOT BE PAYABLE.
BECAUSE SUCH UNPAID INTEREST IS ADDED TO THE PRINCIPAL BALANCE OF THIS
CERTIFICATE AND BECAUSE DISTRIBUTIONS IN REDUCTION OF THE PRINCIPAL BALANCE WILL
BE MADE IN THE MANNER DESCRIBED IN THE AGREEMENT (AS DEFINED HEREIN), THE
OUTSTANDING PRINCIPAL BALANCE OF THIS CERTIFICATE AT ANY TIME MAY BE MORE OR
LESS THAN THE INITIAL PRINCIPAL BALANCE REPRESENTED HEREBY.
Certificate No. Cut-Off Date: October 1, 1999
CUSIP No.: 66937R N2 1 First Distribution Date: November 26, 1999
Percentage Interest evidenced Denomination: $
by this Certificate: %
Final Scheduled Maturity Date: November 25, 2029
<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-11 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 October 28, 1999 (the
"Agreement") among the Seller, Norwest Bank Minnesota, National Association, as
master servicer (the "Master Servicer") and First Union National Bank, 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
Distribution Amount for the Class A-11 Certificates required to be distributed
to Holders of the 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 Classes of Class A Certificates
may not commence on the first Distribution Date specified above. Distributions
of principal will be allocated among the Classes 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 7.000% per
annum. Prior to the applicable Accretion Termination Date, no distribution of
interest on this Certificate will be made. Prior to the applicable Accretion
Termination Date, interest otherwise available for distribution on this
Certificate will be added to the Principal Balance of the Class A-11
Certificates on each Distribution Date. 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 is issued on October 28, 1999, at an issue
price of 50.52500%, including accrued interest, and a stated redemption price at
maturity equal to the sum of its initial principal balance and all interest
distributions hereon (whether current or accrued), 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 225% SPA (as defined in the Prospectus Supplement dated
October 22, 1999 with respect to the offering of the Class A Certificates
(except the Class A-PO Certificates), Class B-1, Class B-2 and Class B-3
Certificates) used to price this Certificate: (i) the amount of OID as a
percentage of the initial principal balance of this Certificate is approximately
104.16130000%; (ii) the annual yield to maturity of this Certificate, compounded
monthly, is approximately 18.06%; and (iii) the amount of OID allocable to the
short first accrual period (October 28, 1999 to November 25, 1999) as a
percentage of the initial principal balance of this Certificate, calculated
using the exact method, is approximately 0.68390011%.
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:
First Union National Bank,
Trustee
By____________________________
Authorized Officer
Countersigned:
First Union National Bank,
Trustee
By________________________
Authorized Officer
<PAGE>
EXHIBIT A-PO
[FORM OF FACE OF CLASS A-PO CERTIFICATE]
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 THAT THE
TRANSFEREE IS NOT AN EMPLOYEE BENEFIT PLAN OR OTHER RETIREMENT ARRANGEMENT
SUBJECT TO TITLE I 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 A 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"), AND IS NOT ACTING ON BEHALF OF OR INVESTING THE ASSETS OF A PLAN.
<PAGE>
MORTGAGE PASS-THROUGH CERTIFICATE
SERIES 1999-24, 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: October 1, 1999
First Distribution Date: November 26, 1999
Percentage Interest evidenced Denomination: $
by this Certificate: %
Final Scheduled Maturity Date: November 25, 2029
<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 October 28, 1999 (the
"Agreement") among the Seller, Norwest Bank Minnesota, National Association, as
master servicer (the "Master Servicer") and First Union National Bank, 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
Distribution Amount for the Class A-PO Certificates required to be distributed
to Holders of the 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, 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.
No transfer of a Class A-PO 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 Trustee will also require (i) a representation
letter, in the form as described in the Agreement, stating 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 (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 such other
documentation as the Seller or the Master Servicer 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 October 28, 1999, at an issue
price of 61.68750% 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
225% SPA (as defined in the Prospectus Supplement dated October 22, 1999 with
respect to the offering of the Class A Certificates (except the Class A-PO
Certificates), Class B-1, Class B-2 and Class B-3 Certificates) used to price
this Certificate: (i) the amount of OID as a percentage of the initial principal
balance of this Certificate is approximately 38.31250000%; (ii) the annual yield
to maturity of this Certificate, compounded monthly, is approximately 8.34%; and
(iii) the amount of OID allocable to the short first accrual period (October 28,
1999 to November 25, 1999) as a percentage of the initial principal balance of
this Certificate, calculated using the exact method, is approximately
0.38557060%.
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:
First Union National Bank,
Trustee
By____________________________
Authorized Officer
Countersigned:
First Union National Bank,
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 UPPER-TIER 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 UPPER-TIER REMIC.
THIS CERTIFICATE MAY NOT BE PURCHASED BY OR TRANSFERRED TO ANY PERSON WHICH IS
AN EMPLOYEE BENEFIT PLAN OR OTHER RETIREMENT ARRANGEMENT SUBJECT TO TITLE I OF
THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED ("ERISA"), OR
SECTION 4975 OF THE CODE OR A 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 ACTING ON BEHALF OF OR INVESTING THE ASSETS OF A PLAN.
MORTGAGE PASS-THROUGH CERTIFICATE
SERIES 1999-24, 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: October 1, 1999
CUSIP No.: 66937R N3 9 First Distribution Date: November 26, 1999
Percentage Interest evidenced Denomination: $50.00
by this Certificate: 100%
Final Scheduled Maturity Date: November 25, 2029
<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 October 28, 1999 (the
"Agreement") among the Seller, Norwest Bank Minnesota, National Association, as
master servicer (the "Master Servicer") and First Union National Bank, 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
Distribution Amount for the Class A-R Certificate required to be distributed to
the Holder 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 Classes of Class A Certificates
may not commence on the first Distribution Date specified above. Distributions
of principal will be allocated among the Classes 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 7.000% 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:
First Union National Bank,
Trustee
By____________________________
Authorized Officer
Countersigned:
First Union National Bank,
Trustee
By________________________
Authorized Officer
<PAGE>
EXHIBIT A-LR
[Form of Face of Class A-LR 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 TRUST ADMINISTRATOR 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-LR 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 LOWER-TIER 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 LOWER-TIER REMIC.
THIS CERTIFICATE MAY NOT BE PURCHASED BY OR TRANSFERRED TO ANY PERSON WHICH IS
AN EMPLOYEE BENEFIT PLAN OR OTHER RETIREMENT ARRANGEMENT SUBJECT TO TITLE I OF
THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED ("ERISA"), OR
SECTION 4975 OF THE CODE OR A 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 ACTING ON BEHALF OF OR INVESTING THE ASSETS OF A PLAN.
MORTGAGE PASS-THROUGH CERTIFICATE
SERIES 1999-24, CLASS A-LR
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: October 1, 1999
CUSIP No.: 66937R N4 7 First Distribution Date: November 26, 1999
Percentage Interest evidenced Denomination: $50.00
by this Certificate: 100%
Final Scheduled Maturity Date: November 25, 2029
<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-LR 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 October 28, 1999 (the
"Agreement") among the Seller, Norwest Bank Minnesota, National Association, as
master servicer (the "Master Servicer"), and First Union National Bank, as (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
Distribution Amount for the Class A-LR Certificate required to be distributed to
the Holder of the Class A-LR 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 Classes of Class A Certificates
may not commence on the first Distribution Date specified above. Distributions
of principal will be allocated among the Classes of Class A Certificates in
accordance with the provisions of the Agreement. The pass-through rate on the
Class A-LR Certificate applicable to each Distribution Date will be 7.000% 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-LR 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:
First Union National Bank,
Trustee
By____________________________
Authorized Officer
Countersigned:
First Union National Bank,
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 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 OR OTHER RETIREMENT
ARRANGEMENT SUBJECT TO TITLE I 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 A 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"), AND IS NOT ACTING ON BEHALF OF OR 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 1999-24, 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: October 1, 1999
CUSIP No.: 66937R N5 4 First Distribution Date: November 26, 1999
Percentage Interest evidenced Denomination: $
by this Certificate: %
Final Scheduled Maturity Date: November 25, 2029
<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 October 28, 1999 (the
"Agreement") among the Seller, Norwest Bank Minnesota, National Association, as
master servicer (the "Master Servicer") and First Union National Bank, 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 B-1 Distribution Amount required to be distributed to Holders of the 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 7.000% 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, 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.
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 or the Master Servicer
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 October 28, 1999, and based on
its issue price of 94.18125%, including accrued interest, and a stated
redemption price at maturity equal to its initial principal balance (plus 3 days
of interest at the pass-through rate hereon), 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 225% SPA (as defined in the Prospectus Supplement dated October
22, 1999 with respect to the offering of the Class A Certificates (except the
Class A-PO Certificates), Class B-1, Class B-2 and Class B-3 Certificates) used
to price this Certificate: (i) the amount of OID as a percentage of the initial
principal balance of this Certificate is approximately 5.87708333%; (ii) the
annual yield to maturity of this Certificate, compounded monthly, is
approximately 7.81%; and (iii) the amount of OID allocable to the short first
accrual period (October 28, 1999 to November 25, 1999) as a percentage of the
initial principal balance of this Certificate, calculated using the exact
method, is approximately 0.02678913%.
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:
First Union National Bank,
Trustee
By____________________________
Authorized Officer
Countersigned:
First Union National Bank,
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 CERTIFICATES
AND THE 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 OR OTHER RETIREMENT
ARRANGEMENT SUBJECT TO TITLE I 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 A 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"), AND IS NOT ACTING ON BEHALF OF OR 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 1999-24, 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: October 1, 1999
CUSIP No.: 66937R N6 2 First Distribution Date: November 26, 1999
Percentage Interest evidenced Denomination: $
by this Certificate: %
Final Scheduled Maturity Date: November 25, 2029
<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 October 28, 1999 (the
"Agreement") among the Seller, Norwest Bank Minnesota, National Association, as
master servicer (the "Master Servicer") and First Union National Bank, 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 each Class 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 the 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
7.000% 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, 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.
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 or the Master Servicer
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 October 28, 1999, and based on
its issue price of 92.18125%, including accrued interest, and a stated
redemption price at maturity equal to its initial principal balance (plus 3 days
of interest at the pass-through rate hereon), 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 225% SPA (as defined in the Prospectus Supplement dated October
22, 1999 with respect to the offering of the Class A Certificates (except the
Class A-PO Certificates), Class B-1, Class B-2 and Class B-3 Certificates) used
to price this Certificate: (i) the amount of OID as a percentage of the initial
principal balance of this Certificate is approximately 7.87708333%; (ii) the
annual yield to maturity of this Certificate, compounded monthly, is
approximately 8.11%; and (iii) the amount of OID allocable to the short first
accrual period (October 28, 1999 to November 25, 1999) as a percentage of the
initial principal balance of this Certificate, calculated using the exact
method, is approximately 0.03540097%.
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:
First Union National Bank,
Trustee
By____________________________
Authorized Officer
Countersigned:
First Union National Bank,
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
CERTIFICATES, THE CLASS B-1 CERTIFICATES AND THE CLASS B-2 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 OR OTHER RETIREMENT
ARRANGEMENT SUBJECT TO TITLE I 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 A 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"), AND IS NOT ACTING ON BEHALF OF OR 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 1999-24, 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: October 1, 1999
CUSIP No.: 66937R N7 0 First Distribution Date: November 26, 1999
Percentage Interest evidenced Denomination: $
by this Certificate: %
Final Scheduled Maturity Date: November 25, 2029
<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 October 28, 1999 (the
"Agreement") among the Seller, Norwest Bank Minnesota, National Association, as
master servicer (the "Master Servicer") and First Union National Bank, 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 each Class 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 the 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
7.000% 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, 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.
No transfer of a Class B-3 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 or the Master Servicer
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 October 28, 1999, and based on
its issue price of 86.05625%, including accrued interest, and a stated
redemption price at maturity equal to its initial principal balance (plus 3 days
of interest at the pass-through rate hereon), 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 225% SPA (as defined in the Prospectus Supplement dated October
22, 1999 with respect to the offering of the Class A Certificates (except the
Class A-PO Certificates), Class B-1, Class B-2 and Class B-3 Certificates) used
to price this Certificate: (i) the amount of OID as a percentage of the initial
principal balance of this Certificate is approximately 14.00208333%; (ii) the
annual yield to maturity of this Certificate, compounded monthly, is
approximately 9.07%; and (iii) the amount of OID allocable to the short first
accrual period (October 28, 1999 to November 25, 1999) as a percentage of the
initial principal balance of this Certificate, calculated using the exact
method, is approximately 0.06025936%.
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:
First Union National Bank,
Trustee
By____________________________
Authorized Officer
Countersigned:
First Union National Bank,
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
CERTIFICATES, THE CLASS B-1 CERTIFICATES, THE CLASS B-2 CERTIFICATES AND THE
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 OR OTHER RETIREMENT
ARRANGEMENT SUBJECT TO TITLE I 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 A 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"), AND IS NOT ACTING ON BEHALF OF OR 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 1999-24, 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: October 1, 1999
CUSIP No.: 66937R N8 8 First Distribution Date: November 26, 1999
Percentage Interest evidenced Denomination: $
by this Certificate: %
Final Scheduled Maturity Date: November 25, 2029
<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 October 28, 1999 (the
"Agreement") among the Seller, Norwest Bank Minnesota, National Association, as
master servicer (the "Master Servicer") and First Union National Bank, 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 each Class 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 the 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
7.000% 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, 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.
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 Trustee will also require (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 or the Master Servicer
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 October 28, 1999, and based on
its issue price of 70.33750%, including accrued interest, and a stated
redemption price at maturity equal to its initial principal balance (plus 3 days
of interest at the pass-through rate hereon), 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 225% SPA (as defined in the Prospectus Supplement dated October
22, 1999 with respect to the offering of the Class A Certificates (except the
Class A-PO Certificates), Class B-1, Class B-2 and Class B-3 Certificates) used
to price this Certificate: (i) the amount of OID as a percentage of the initial
principal balance of this Certificate is approximately 29.72083333%; (ii) the
annual yield to maturity of this Certificate, compounded monthly, is
approximately 12.09%; and (iii) the amount of OID allocable to the short first
accrual period (October 28, 1999 to November 25, 1999) as a percentage of the
initial principal balance of this Certificate, calculated using the exact
method, is approximately 0.11240564%.
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:
First Union National Bank,
Trustee
By____________________________
Authorized Officer
Countersigned:
First Union National Bank,
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
CERTIFICATES, THE CLASS B-1 CERTIFICATES, THE CLASS B-2 CERTIFICATES, THE CLASS
B-3 CERTIFICATES AND THE 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 OR OTHER RETIREMENT
ARRANGEMENT SUBJECT TO TITLE I 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 A 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"), AND IS NOT ACTING ON BEHALF OF OR 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 1999-24, 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: October 1, 1999
CUSIP No.: 66937R N9 6 First Distribution Date: November 26, 1999
Percentage Interest evidenced Denomination: $
by this Certificate: %
Final Scheduled Maturity Date: November 25, 2029
<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 October 28, 1999 (the
"Agreement") among the Seller, Norwest Bank Minnesota, National Association, as
master servicer (the "Master Servicer") and First Union National Bank, 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 each Class 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 the 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
7.000% 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, 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.
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 Trustee will also require (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 or the Master Servicer
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 October 28, 1999, and based on
its issue price of 51.96250%, including accrued interest, and a stated
redemption price at maturity equal to its initial principal balance (plus 3 days
of interest at the pass-through rate hereon), 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 225% SPA (as defined in the Prospectus Supplement dated October
22, 1999 with respect to the offering of the Class A Certificates (except the
Class A-PO Certificates), Class B-1, Class B-2 and Class B-3 Certificates) used
to price this Certificate: (i) the amount of OID as a percentage of the initial
principal balance of this Certificate is approximately 48.09583333%; (ii) the
annual yield to maturity of this Certificate, compounded monthly, is
approximately 17.26%; and (iii) the amount of OID allocable to the short first
accrual period (October 28, 1999 to November 25, 1999) as a percentage of the
initial principal balance of this Certificate, calculated using the exact
method, is approximately 0.14733917%.
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:
First Union National Bank,
Trustee
By____________________________
Authorized Officer
Countersigned:
First Union National Bank,
Trustee
By________________________
Authorized Officer
<PAGE>
EXHIBIT B-6
[FORM OF FACE OF CLASS B-6 CERTIFICATE]
THIS CERTIFICATE IS SUBORDINATED IN RIGHT OF PAYMENT TO THE CLASS A
CERTIFICATES, THE CLASS B-1 CERTIFICATES, THE CLASS B-2 CERTIFICATES, THE CLASS
B-3 CERTIFICATES, THE CLASS B-4 CERTIFICATES AND THE CLASS B-5 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 OR OTHER RETIREMENT
ARRANGEMENT SUBJECT TO TITLE I 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 A 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"), AND IS NOT ACTING ON BEHALF OF OR 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 1999-24, CLASS B-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: October 1, 1999
CUSIP No.: 66937R P2 9 First Distribution Date: November 26, 1999
Percentage Interest evidenced Denomination: $
by this Certificate: %
Final Scheduled Maturity Date: November 25, 2029
<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-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 October 28, 1999 (the
"Agreement") among the Seller, Norwest Bank Minnesota, National Association, as
master servicer (the "Master Servicer") and First Union National Bank, 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 each Class of Class B
Certificates bearing a lower numerical designation as specified in the
Agreement, any Class B-6 Distribution Amount required to be distributed to
Holders of the Class B-6 Certificates on such Distribution Date, subject to
adjustment, in certain events, as specified in the Agreement. The pass-through
rate on the Class B-6 Certificates applicable to each Distribution Date will be
7.000% 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-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.
No transfer of a Class B-6 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 Trustee will also require (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 or the Master Servicer
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 October 28, 1999, and based on
its issue price of 18.52500%, including accrued interest, and a stated
redemption price at maturity equal to its initial principal balance (plus 3 days
of interest at the pass-through rate hereon), 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 225% SPA (as defined in the Prospectus Supplement dated October
22, 1999 with respect to the offering of the Class A Certificates (except the
Class A-PO Certificates), Class B-1, Class B-2 and Class B-3 Certificates) used
to price this Certificate: (i) the amount of OID as a percentage of the initial
principal balance of this Certificate is approximately 81.53333333%; (ii) the
annual yield to maturity of this Certificate, compounded monthly, is
approximately 45.46%; and (iii) the amount of OID allocable to the short first
accrual period (October 28, 1999 to November 25, 1999) as a percentage of the
initial principal balance of this Certificate, calculated using the exact
method, is approximately 0.10548722%.
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:
First Union National Bank,
Trustee
By____________________________
Authorized Officer
Countersigned:
First Union National Bank,
Trustee
By________________________
Authorized Officer
<PAGE>
EXHIBIT C
[Form of Reverse of Series 1999-24 Certificates]
NORWEST ASSET SECURITIES CORPORATION
MORTGAGE PASS-THROUGH CERTIFICATES
SERIES 1999-24
This Certificate is one of a duly authorized issue of
Certificates issued in several Classes designated as Mortgage Pass-Through
Certificates of the Series specified hereon (herein collectively called the
"Certificates").
The Certificates are limited in right of payment to certain
collections and recoveries respecting the Mortgage Loans, all as more
specifically set forth herein and in the Agreement. In the event 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 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 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 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, 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 D
RESERVED
<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, 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 October 28, 1999
relating to the issuance of Mortgage Pass-Through Certificates, Series 1999-24
(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 2.01 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 2.02 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 2.03 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 2.04 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 2.05 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 a
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 2.06 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 3.01 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 3.02 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 3.03 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 3.04 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 3.05 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 3.06 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 3.07 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 4.01 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 4.02 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 4.03 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 4.04 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 4.05 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
230 South Tryon Street By: _______________________________
Charlotte, North Carolina, 28288 Name: _______________________________
Title: _______________________________
Address: NORWEST ASSET SECURITIES CORPORATION
7485 New Horizon Way By: _______________________________
Frederick, Maryland 21703 Name: _______________________________
Title: _______________________________
Address: NORWEST BANK MINNESOTA, NATIONAL
ASSOCIATION
7485 New Horizon Way By: _______________________________
Frederick, Maryland 21703 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, 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]
<TABLE>
NASCOR
NMI / 1999-24 Exhibit F-1
30 YEAR FIXED RATE NON RELOCATION LOANS
<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>
7581997 LAS VEGAS NV 89128 SFD 7.250 6.983 $ 2,046.53 360 1-Feb-29
(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
- -------- -------------- ------ --------- ---------- -------- ----------- ----------- -----------
7581997 $ 298,087.68 93.77 13 0.250 0.017 0.000
$ 298,087.68
COUNT: 1
WAC: 7.25
WAM: 352
WALTV: 93.77
</TABLE>
<PAGE>
EXHIBIT F-2
[Schedule of Mortgage Loans Serviced by Norwest Mortgage in Frederick,
Maryland]
<TABLE>
NASCOR
NMI / 1999-24 Exhibit F-2
30 YEAR FIXED RATE NON RELOCATION LOANS
<CAPTION>
(i) (ii) (iii) (iv) (v) (vi) (vii)
- ----- --------------------------- ----- -------- -------- -------- ---------- ----------
NET
MORTGAGE MORTGAGE MORTGAGE CURRENT ORIGINAL
LOAN ZIP PROPERTY INTEREST INTEREST MONTHLY TERM TO D
NUMBER CITY STATE CODE TYPE RATE RATE PAYMENT MATURITY
- -------- ------------------------------------------------------ -------- -------- ---------- ----------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
4721988 LOS ANGELES CA 90024 SFD 7.850 7.000 $ 949.02 360
4790607 DUVALL WA 98019 SFD 7.625 7.000 $ 1,846.63 360
4842602 KAILUA-KONA HI 96740 SFD 6.750 6.483 $ 1,858.56 300
4862755 SAN JOSE CA 95117 MF2 6.875 6.608 $ 2,069.33 360
4863365 LONG BEACH CA 90815 SFD 7.125 6.858 $ 1,253.12 360
4866334 NEW YORK NY 10028 SFD 7.375 7.000 $ 4,834.73 360
4883761 HOFFMAN ESTATES IL 60192 SFD 8.375 7.000 $ 2,245.36 360
4887519 PLAINVIEW NY 11803 SFD 8.125 7.000 $ 2,168.10 360
4914951 SAG HARBOR NY 11963 SFD 8.375 7.000 $ 2,090.20 360
4933914 BOLTON MA 01740 SFD 8.500 7.000 $ 2,279.83 360
4946332 ROSEVILLE CA 95747 SFD 8.125 7.000 $ 2,806.64 360
4951278 PLACERVILLE CA 95667 SFD 8.375 7.000 $ 2,614.65 360
4998583 ALPHARETTA GA 30201 SFD 7.000 6.733 $ 1,771.04 360
5000698 BREWSTER NY 10509 SFD 7.125 6.858 $ 2,425.39 360
5000945 SAN FRANCISCO CA 94110 MF2 6.625 6.358 $ 2,397.96 360
5001008 LAS FLORES CA 92688 SFD 7.625 7.000 $ 2,886.03 360
5001918 LAKE GROVE NY 11755 SFD 8.750 7.000 $ 2,499.35 360
5006391 JACKSON MS 39209 SFD 7.875 7.000 $ 2,148.02 360
5006909 PLEASANTON CA 94566 SFD 7.750 7.000 $ 2,063.27 360
5009293 LAWRENCEVILLE NJ 08648 SFD 7.875 7.000 $ 1,890.99 360
5012370 EAST HAMPTON NY 11937 SFD 8.875 7.000 $ 2,267.59 360
5015914 WINDERMERE FL 34786 SFD 8.250 7.000 $ 3,005.07 360
5016668 FREMONT CA 94539 PUD 9.375 7.000 $ 4,516.40 360
5017365 CASA GRANDE AZ 85222 SFD 8.250 7.000 $ 2,343.06 360
5020943 SAN FRANCISCO CA 94122 MF2 7.375 7.000 $ 2,769.61 360
5024747 AFTON MN 55001 SFD 8.250 7.000 $ 2,197.46 360
5029106 PLANO TX 75025 SFD 7.875 7.000 $ 1,859.81 360
5029489 CARMEL NY 10512 SFD 8.250 7.000 $ 2,265.07 360
5031404 SAN FRANCISCO CA 94114 MF2 7.125 6.858 $ 2,910.47 360
5031647 NEW YORK NY 10013 HCO 7.625 7.000 $ 3,216.93 360
5032123 MOUNT VERNON WA 98273 SFD 7.000 6.733 $ 3,991.82 360
5032549 MENLO PARK CA 94025 SFD 7.375 7.000 $ 3,315.24 360
5040185 SAN MATEO CA 94401 MF2 7.375 7.000 $ 2,403.55 360
5040331 SAN CLEMENTE CA 92672 SFD 7.875 7.000 $ 4,611.45 360
5041093 MILL VALLEY CA 94941 MF2 6.875 6.608 $ 2,364.95 360
5041519 NASHVILLE TN 37215 SFD 7.500 7.000 $ 2,645.82 360
5041813 NEW YORK NY 10023 HCO 7.000 6.733 $ 2,328.56 360
5042655 SCARSDALE NY 10583 SFD 7.625 7.000 $ 2,725.01 360
5042760 ATLANTIC BEACH NY 11509 SFD 7.875 7.000 $ 2,030.20 360
5042813 MONROE CT 06468 SFD 6.750 6.483 $ 1,880.94 360
5043089 BROOKLINE MA 02146 LCO 6.875 6.608 $ 1,842.03 360
5044174 NEWARK DE 19702 SFD 7.000 6.733 $ 1,151.31 360
5045007 SALADO TX 76571 SFD 7.750 7.000 $ 802.39 360
5045985 SPRING TX 77379 SFD 8.500 7.000 $ 2,718.88 360
5045990 MILLERSVILLE MD 21108 SFD 7.000 6.733 $ 1,105.07 360
5048234 SALINE MI 48176 SFD 7.625 7.000 $ 1,875.66 360
5048900 POUND RIDGE NY 10576 SFD 7.625 7.000 $ 3,369.10 360
5051400 CHATSWORTH CA 91311 SFD 7.750 7.000 $ 1,760.23 360
5052226 LEXINGTON MA 02420 SFD 8.000 7.000 $ 3,316.62 360
5053243 PLEASANTVILLE NY 10570 SFD 6.875 6.608 $ 3,284.65 360
5053955 NEW YORK NY 10001 COP 8.000 7.000 $ 1,137.34 360
5054707 NORTH WOODMERE NY 11581 SFD 8.250 7.000 $ 2,914.92 360
5055319 MORRISTOWN NJ 07960 SFD 7.875 7.000 $ 2,383.67 360
5055330 BASKING RIDGE NJ 07920 SFD 7.375 7.000 $ 1,899.36 360
5055811 GLEN MILLS PA 19342 SFD 7.875 7.000 $ 2,175.21 360
5056337 PLAINVIEW NY 11803 SFD 7.625 7.000 $ 2,052.60 360
5056698 SILVERADO CA 92676 SFD 9.000 7.000 $ 3,057.57 360
5057454 DALLAS TX 75230 SFD 7.625 7.000 $ 2,364.04 360
5057633 WOODBINE MD 21797 SFD 7.875 7.000 $ 2,124.45 360
5057655 NEW CANAAN CT 06840 SFD 7.875 7.000 $ 4,611.45 360
5058187 SAN FRANCISCO CA 94114 MF2 7.125 6.858 $ 3,206.91 360
5059103 DALLAS TX 75240 SFD 7.625 7.000 $ 2,318.03 360
5059246 GRANVILLE OH 43023 SFD 7.750 7.000 $ 2,460.88 360
5059660 LITTLETON CO 80124 SFD 8.250 7.000 $ 2,176.42 360
5060957 MUNDELEIN IL 60060 SFD 7.250 6.983 $ 3,114.13 360
5061416 NAPERVILLE IL 60564 SFD 7.250 6.983 $ 1,790.71 360
5062075 MONROVIA CA 91016 SFD 7.500 7.000 $ 2,445.50 360
5062563 NEW ROCHELLE NY 10804 SFD 8.375 7.000 $ 2,229.30 360
5062572 FLUSHING NY 11367 SFD 7.875 7.000 $ 1,993.95 360
5063869 LITTLETON CO 80127 SFD 7.750 7.000 $ 2,149.24 360
5064150 REHOBOTH MA 02769 SFD 7.875 7.000 $ 2,030.20 360
5064181 RIDGEFIELD CT 06877 SFD 7.375 7.000 $ 3,453.38 360
5064326 BUMPASS VA 23024 SFD 8.125 7.000 $ 2,856.39 360
5064697 FORT WORTH TX 76109 SFD 8.000 7.000 $ 2,054.55 360
5064714 VALLEY COTTAGE NY 10989 SFD 8.000 7.000 $ 2,051.02 360
5065149 YONKERS NY 10703 MF2 8.375 7.000 $ 1,396.63 360
5066483 SHERWOOD OR 97140 SFD 7.625 7.000 $ 2,095.07 360
5066835 YONKERS NY 10705 SFD 7.875 7.000 $ 2,050.41 360
5066900 DARNESTOWN MD 20874 SFD 6.625 6.358 $ 2,401.81 360
5066959 HOLLISTER CA 95023 SFD 8.500 7.000 $ 2,152.96 360
5067195 SANTA CLARA CA 95054 SFD 8.250 7.000 $ 2,321.03 240
5068041 EAGAN MN 55123 SFD 8.000 7.000 $ 2,201.30 360
5068257 ATLANTA GA 30305 SFD 8.250 7.000 $ 2,475.42 360
5068864 PLANO TX 75024 SFD 8.000 7.000 $ 1,970.16 360
5069479 REDMOND WA 98053 SFD 8.125 7.000 $ 2,149.90 360
5069798 OLD GREENWICH CT 06870 SFD 7.750 7.000 $ 2,471.63 360
5069973 LONG BEACH CA 90807 SFD 7.125 6.858 $ 1,654.65 360
5070137 BROOKLYN NY 11238 MF2 8.375 7.000 $ 3,101.10 360
5070338 JACKSONVILLE FL 32224 SFD 8.000 7.000 $ 1,974.57 360
5070470 TUSTIN CA 92782 SFD 9.250 7.000 $ 2,451.58 360
5070959 IRVINE CA 92614 LCO 7.750 7.000 $ 3,008.94 360
5071013 ATLANTA GA 30342 SFD 7.875 7.000 $ 4,169.15 360
5071177 SAGINAW TX 76131 SFD 7.125 6.858 $ 646.10 360
5071198 MIDDLETOWN TOWNSHIP PA 19047 SFD 8.000 7.000 $ 1,012.60 360
5071294 KIRKLAND WA 98033 SFD 8.250 7.000 $ 2,794.34 360
5071413 MARION MA 02738 SFD 7.625 7.000 $ 2,017.22 360
5071928 BERLIN CT 06037 SFD 7.625 7.000 $ 1,811.96 360
5071984 WOODBURY NY 11797 LCO 8.250 7.000 $ 3,005.07 360
5072096 CHANTILLY VA 20151 SFD 7.625 7.000 $ 2,204.78 360
5072373 DARIEN CT 06820 SFD 8.000 7.000 $ 3,081.81 360
5072993 VIRGINIA BEACH VA 23451 SFD 8.250 7.000 $ 2,731.61 360
5073428 MIAMI BEACH FL 33139 HCO 8.250 7.000 $ 1,960.81 360
5073594 CLINTON CORNERS NY 12514 SFD 8.500 7.000 $ 2,479.75 360
5073816 WALNUT CREEK CA 94598 SFD 7.000 6.733 $ 2,581.38 360
5073977 MANSFIELD TX 76063 SFD 7.250 6.983 $ 3,001.58 360
5074249 LAFAYETTE CA 94549 SFD 6.875 6.608 $ 1,859.11 360
5074346 HILLSBOROUGH CA 94010 SFD 7.125 6.858 $ 3,941.26 360
5074354 NAPA CA 94558 SFD 6.875 6.608 $ 4,204.34 360
5074435 SCOTTS VALLEY CA 95066 SFD 6.875 6.608 $ 1,740.87 360
5074445 SAN JOSE CA 95132 SFD 7.000 6.733 $ 1,862.85 360
5074501 PASO ROBLES CA 93446 SFD 6.875 6.608 $ 2,003.64 360
5074561 BERKELEY CA 94708 SFD 7.250 6.983 $ 2,796.93 360
5074887 WALNUT CREEK CA 94596 SFD 7.750 7.000 $ 2,650.73 360
5074926 VERNON HILLS IL 60061 SFD 7.500 7.000 $ 2,646.88 360
5074945 PRESCOTT AZ 86303 SFD 7.875 7.000 $ 2,117.20 360
5075537 WEST BLOOMFIELD MI 48323 SFD 8.000 7.000 $ 2,494.80 360
5076004 MISSION VIEJO CA 92691 SFD 7.750 7.000 $ 2,240.94 360
5076057 WEST PALM BEACH FL 33409 SFD 7.875 7.000 $ 2,175.21 360
5076066 STERLING HEIGHTS MI 48314 SFD 6.875 6.608 $ 1,760.57 360
5076143 YORBA LINDA CA 92887 SFD 7.750 7.000 $ 2,027.45 360
5076182 MOLALLA OR 97038 SFD 6.875 6.608 $ 2,158.01 360
5076185 ROUND HILL VA 20142 SFD 7.125 6.858 $ 2,874.76 360
5076297 WEST CHESTER PA 19380 SFD 6.375 6.108 $ 1,613.95 360
5076347 FORT WORTH TX 76120 SFD 7.500 7.000 $ 2,989.15 360
5076415 HOUSTON TX 77005 SFD 7.000 6.733 $ 1,942.69 360
5076416 SEA GIRT NJ 08750 SFD 7.875 7.000 $ 2,661.01 360
5076525 FAIRFIELD CT 06430 SFD 6.750 6.483 $ 1,632.85 360
5076535 PROVO UT 84604 SFD 7.000 6.733 $ 2,395.09 360
5076573 WASHINGTON DC 20003 SFD 7.250 6.983 $ 2,251.18 360
5076601 LITTLETON CO 80127 SFD 7.125 6.858 $ 2,516.34 360
5076750 MONSEY NY 10952 SFD 7.500 7.000 $ 943.94 360
5076769 REDWOOD CITY CA 94061 SFD 7.375 7.000 $ 1,761.23 360
5076791 PITTSBURGH PA 15238 SFD 6.750 6.483 $ 1,919.85 360
5076809 CHRISTIANSBURG VA 24073 SFD 7.250 6.983 $ 2,670.73 360
5076898 CAMPBELL CA 95008 SFD 7.250 6.983 $ 2,019.25 360
5077004 RYE NY 10580 SFD 7.875 7.000 $ 2,356.48 360
5077391 OMAHA NE 68118 SFD 7.250 6.983 $ 2,079.27 360
5077410 MALVERN PA 19355 SFD 7.500 7.000 $ 2,870.97 360
5077510 KANSAS CITY MO 64151 SFD 7.375 7.000 $ 2,994.77 360
5077782 HOLLYWOOD FL 33020 SFD 7.750 7.000 $ 752.24 360
5077883 LAWRENCE NY 11559 SFD 6.875 6.608 $ 3,021.88 360
5077921 LIVERMORE CA 94550 SFD 7.375 7.000 $ 1,781.95 360
5077936 JACKSONVILLE FL 32224 SFD 7.375 7.000 $ 2,837.64 360
5078177 ALAMEDA CA 94501 PUD 7.125 6.858 $ 2,122.22 360
5078380 FLANDERS NJ 07836 SFD 8.375 7.000 $ 2,609.33 360
5078410 HEWLETT NY 11557 SFD 7.125 6.858 $ 2,088.53 360
5078474 SOUTH DENNIS MA 02660 SFD 8.000 7.000 $ 3,485.39 360
5078820 CLAYTON MO 63105 SFD 7.000 6.733 $ 1,889.46 360
5078852 YORBA LINDA CA 92887 SFD 7.000 6.733 $ 1,940.35 360
5078951 ROSLYN NY 11576 SFD 8.000 7.000 $ 4,222.67 360
5079286 GLENWOOD MD 21738 SFD 7.750 7.000 $ 2,005.95 360
5079746 DARIEN CT 06820 SFD 8.000 7.000 $ 4,769.47 360
5079783 EDINA MN 55424 SFD 7.750 7.000 $ 2,177.90 360
5079940 ALEXANDRIA VA 22306 SFD 8.500 7.000 $ 2,028.40 360
5080269 DANBURY CT 06811 SFD 8.000 7.000 $ 2,330.51 360
5080581 CHARLESTOWN MA 02129 LCO 8.000 7.000 $ 3,888.96 360
5080649 CHICAGO IL 60614 SFD 8.250 7.000 $ 2,425.09 360
5080770 OKLAHOMA CITY OK 73142 SFD 7.750 7.000 $ 2,507.44 360
5080776 SCARSDALE NY 10583 SFD 7.875 7.000 $ 4,712.95 360
5081277 NOVATO CA 94947 SFD 8.250 7.000 $ 3,259.75 360
5081466 ROSWELL GA 30075 SFD 8.625 7.000 $ 2,157.59 360
5081648 SUMMIT NJ 07901 SFD 8.250 7.000 $ 2,193.70 360
5082418 BROOKLYN NY 11215 MF2 8.625 7.000 $ 3,881.18 360
5082787 JAMAICA ESTATES NY 11432 SFD 8.625 7.000 $ 2,551.93 360
5082947 BELVEDERE CA 94920 SFD 8.375 7.000 $ 6,460.62 360
5082990 JAMAICA ESTATES NY 11432 SFD 8.625 7.000 $ 2,333.37 360
5083081 MEDFIELD MA 02052 SFD 7.750 7.000 $ 2,364.17 360
5083713 STONY BROOK NY 11790 SFD 7.625 7.000 $ 2,446.14 360
5083714 HUNTINGTON NY 11743 SFD 8.125 7.000 $ 1,945.34 360
5083717 HUNTINGTON NY 11743 SFD 7.750 7.000 $ 2,292.52 360
5083719 SHOREHAM NY 11786 SFD 7.625 7.000 $ 1,857.96 360
5083731 BOXBOROUGH MA 01719 SFD 8.000 7.000 $ 1,973.83 360
5083774 MENLO PARK CA 94025 SFD 8.000 7.000 $ 5,870.12 360
5084012 HAYWARD CA 94544 SFD 6.875 6.608 $ 1,713.27 360
5084028 CHAPEL HILL NC 27516 SFD 7.375 7.000 $ 1,830.29 360
5084057 ANAHEIM CA 92808 PUD 8.250 7.000 $ 2,244.78 360
5084150 MANHATTAN BEACH CA 90266 SFD 7.500 7.000 $ 4,544.20 360
5084263 TITUSVILLE NJ 08560 SFD 8.375 7.000 $ 3,800.37 360
5084507 HIGHLAND CA 92346 SFD 7.000 6.733 $ 2,209.47 360
5085017 FOUNTAIN HILLS AZ 85268 SFD 8.375 7.000 $ 2,068.92 360
5085175 PORT WASHINGTON NY 11050 SFD 7.500 7.000 $ 1,769.02 360
5085217 VALLEY CENTER CA 92082 SFD 8.375 7.000 $ 1,839.38 360
5085575 WARRENTON VA 20186 SFD 7.750 7.000 $ 2,149.24 360
5085608 ORLANDO FL 32809 SFD 8.500 7.000 $ 2,076.07 360
5085687 CHESTER CA 96020 SFD 8.500 7.000 $ 3,075.66 360
5085735 LAGUNA BEACH CA 92651 LCO 7.625 7.000 $ 2,213.28 360
5086003 LOS ANGELES CA 90066 SFD 7.750 7.000 $ 2,040.35 360
5086017 BELLMORE NY 11710 SFD 7.750 7.000 $ 1,984.47 360
5086106 ORANGE CA 92867 SFD 7.625 7.000 $ 2,038.45 360
5086158 LINCOLN UNIVERSITY PA 19352 SFD 7.375 7.000 $ 2,412.88 360
5086181 CHAPEL HILL NC 27516 SFD 7.125 6.858 $ 1,899.55 360
5086206 BOGART GA 30622 SFD 8.000 7.000 $ 2,113.25 360
5086299 REDWOOD CITY CA 94063 SFD 9.125 7.000 $ 3,783.40 360
5086442 MAPLE VALLEY WA 98038 SFD 7.750 7.000 $ 2,031.03 360
5086464 WESTON CT 06883 SFD 8.250 7.000 $ 3,774.37 360
5086726 WALDWICK NJ 07463 SFD 8.875 7.000 $ 1,034.34 360
5087108 TULSA OK 74137 SFD 8.250 7.000 $ 2,163.65 360
5087228 LOS ANGELES CA 90004 SFD 7.250 6.983 $ 2,182.97 360
5087693 SYOSSET NY 11791 SFD 8.250 7.000 $ 2,328.93 360
5088498 COLUMBUS OH 43212 SFD 8.125 7.000 $ 3,504.59 360
5088731 APTOS CA 95003 SFD 8.500 7.000 $ 2,300.59 360
5089006 SUDBURY MA 01776 SFD 7.000 6.733 $ 2,395.09 360
5089012 SAN DIEGO CA 92131 SFD 7.875 7.000 $ 3,138.83 360
5089017 LOS ALAMITOS CA 90720 SFD 7.375 7.000 $ 1,986.39 360
5089021 MCMURRAY PA 15317 SFD 7.375 7.000 $ 2,514.06 360
5089030 JACKSONVILLE FL 32217 LCO 7.250 6.983 $ 1,806.41 360
5089041 WARWICK RI 02818 SFD 7.000 6.733 $ 1,696.52 360
5089048 CARLSBAD CA 92009 LCO 7.625 7.000 $ 2,435.70 240
5089058 LONGMONT CO 80503 SFD 7.625 7.000 $ 2,052.60 360
5089067 SAN JOSE CA 95128 SFD 7.750 7.000 $ 2,229.48 360
5089137 CENTREVILLE VA 20120 SFD 7.250 6.983 $ 1,828.24 360
5089150 PALO ALTO CA 94306 SFD 6.875 6.608 $ 2,667.14 360
5089178 JAMAICA PLAIN MA 02130 SFD 7.625 7.000 $ 2,300.33 360
5089187 FRANKLIN TN 37064 SFD 7.375 7.000 $ 1,926.30 360
5089209 HIXSON TN 37343 SFD 7.000 6.733 $ 3,659.16 360
5089238 LAFAYETTE CA 94549 SFD 6.750 6.483 $ 3,855.27 360
5089258 CUPERTINO CA 95014 SFD 6.875 6.608 $ 2,463.49 360
5089273 HILTON HEAD ISLAND SC 29928 SFD 7.750 7.000 $ 2,435.81 360
5089276 ELIZABETH NJ 07206 MF2 8.125 7.000 $ 928.13 360
5089287 SUDBURY MA 01776 SFD 6.625 6.358 $ 1,824.89 360
5089576 HELLERTOWN PA 18055 SFD 6.875 6.608 $ 2,995.60 360
5089582 OLNEY MD 20832 SFD 6.500 6.233 $ 2,755.82 360
5089591 LIBERTY MO 64068 SFD 6.500 6.233 $ 3,255.15 360
5089762 BAYSIDE NY 11364 SFD 8.875 7.000 $ 2,323.28 360
5090152 OAKTON VA 22124 SFD 7.000 6.733 $ 2,504.87 360
5090163 PLYMOUTH TWP MI 48170 SFD 7.500 7.000 $ 2,334.68 360
5090172 HERMOSA BEACH CA 90254 LCO 6.500 6.233 $ 3,286.76 360
5090177 SANDY UT 84093 SFD 7.500 7.000 $ 2,134.83 240
5090181 GREENWICH CT 06830 SFD 6.500 6.233 $ 1,896.21 360
5090187 RIDGEFIELD CT 06877 SFD 6.500 6.233 $ 2,558.61 360
5090195 SAN FRANCISCO CA 94116 SFD 6.875 6.608 $ 3,941.58 360
5090198 ARLINGTON VA 22204 SFD 7.250 6.983 $ 1,844.60 360
5090205 MASON CITY IA 50401 SFD 7.875 7.000 $ 1,856.18 360
5090208 FAIRFIELD CT 06430 SFD 6.750 6.483 $ 1,896.50 360
5090211 KENSINGTON CA 94707 SFD 7.625 7.000 $ 2,264.94 360
5090217 WINCHESTER MA 01890 LCO 7.250 6.983 $ 2,217.08 360
5090218 ELLICOTT CITY MD 21042 SFD 7.000 6.733 $ 2,064.11 360
5090229 WEST NYACK NY 10994 SFD 7.250 6.983 $ 2,264.83 360
5090232 HOLLISTON MA 01746 SFD 7.125 6.858 $ 2,021.16 360
5090245 FOUNTAIN VALLEY CA 92708 SFD 7.250 6.983 $ 1,773.66 360
5090252 PACIFIC PALISADES CA 90272 SFD 6.500 6.233 $ 3,261.48 360
5090297 CLAYTON MO 63105 SFD 6.875 6.608 $ 2,890.49 360
5090298 NORTH READING MA 01864 SFD 7.875 7.000 $ 3,299.07 360
5090304 PORTLAND OR 97210 SFD 7.750 7.000 $ 2,636.40 360
5090316 FOSTER CITY CA 94404 PUD 7.500 7.000 $ 2,069.68 360
5090372 WAKEFIELD MA 01880 SFD 7.375 7.000 $ 2,265.42 360
5090384 SAN JOSE CA 95135 SFD 7.875 7.000 $ 2,791.52 360
5090387 BATAVIA OH 45103 SFD 7.750 7.000 $ 2,034.97 360
5090392 PASADENA MD 21122 SFD 7.250 6.983 $ 2,263.47 360
5090404 BERKELEY CA 94707 SFD 7.750 7.000 $ 2,507.45 360
5090436 ELMHURST IL 60126 SFD 7.000 6.733 $ 2,395.09 360
5090469 WESTON MA 02493 SFD 6.750 6.483 $ 2,756.55 360
5090472 RICHMOND VA 23233 SFD 7.000 6.733 $ 1,829.59 360
5090479 CROWNSVILLE MD 21032 SFD 6.750 6.483 $ 3,554.32 360
5090494 BIG SKY MT 59716 LCO 7.500 7.000 $ 2,231.19 360
5090504 PLEASANTON CA 94566 SFD 8.000 7.000 $ 2,091.23 360
5090507 HOUSTON TX 77094 SFD 6.875 6.608 $ 2,472.36 360
5090516 VISTA CA 92084 SFD 7.000 6.733 $ 1,676.57 360
5090517 REDWOOD CITY CA 94061 SFD 6.875 6.608 $ 1,970.79 360
5090528 REDONDO BEACH CA 90278 LCO 8.000 7.000 $ 2,201.30 360
5090534 GAMBRILLS MD 21054 SFD 7.125 6.858 $ 2,595.17 360
5090536 MILFORD MI 48381 SFD 7.250 6.983 $ 2,046.53 360
5090548 WASHINGTON DC 20007 SFD 7.000 6.733 $ 1,995.91 360
5090551 WELCOME MD 20693 SFD 7.500 7.000 $ 4,335.14 360
5090557 WILLIS TX 77378 SFD 7.375 7.000 $ 2,590.04 360
5090559 WAYLAND MA 01778 SFD 7.625 7.000 $ 2,080.92 360
5090565 FREDERICKSBURG VA 22407 SFD 6.750 6.483 $ 1,939.31 360
5090569 SUDBURY MA 01776 SFD 6.750 6.483 $ 2,788.98 360
5090572 VIRGINIA BEACH VA 23455 SFD 7.000 6.733 $ 1,916.08 360
5090577 TRUMBULL CT 06611 SFD 6.625 6.358 $ 1,639.20 360
5090578 CHARLOTTESVILLE VA 22901 SFD 6.375 6.108 $ 1,784.27 360
5090580 WALPOLE MA 02081 SFD 6.500 6.233 $ 2,149.04 360
5090584 DUXBURY MA 02332 SFD 6.750 6.483 $ 1,621.50 360
5090585 PORTLAND OR 97229 SFD 7.125 6.858 $ 2,042.71 360
5090586 NAPERVILLE IL 60565 SFD 7.750 7.000 $ 3,668.04 360
5090588 CASTRO VALLEY CA 94546 SFD 7.625 7.000 $ 2,010.14 360
5090604 HUDDLESTON VA 24104 SFD 6.750 6.483 $ 2,367.39 360
5090615 GLENCOE IL 60022 SFD 7.500 7.000 $ 2,097.64 360
5090620 TRABUCO CANYON CA 92679 SFD 7.125 6.858 $ 1,956.48 360
5090624 TULSA OK 74105 SFD 7.250 6.983 $ 4,434.15 360
5090628 MORGAN HILL CA 95037 SFD 6.750 6.483 $ 2,672.23 360
5090638 BOCA RATON FL 33498 SFD 8.625 7.000 $ 3,616.73 360
5090670 FAYETTEVILLE AR 72704 SFD 8.375 7.000 $ 2,941.48 360
5090731 NEEDHAM MA 02492 SFD 6.750 6.483 $ 3,385.68 360
5090735 GENEVA IL 60134 SFD 7.500 7.000 $ 2,013.74 360
5090739 HOLLISTER CA 95023 SFD 7.875 7.000 $ 2,142.59 360
5090745 CLIFTON VA 22024 SFD 7.125 6.858 $ 1,888.10 360
5090750 RALEIGH NC 27615 SFD 6.875 6.608 $ 2,790.64 360
5090764 SUDBURY MA 01776 SFD 6.750 6.483 $ 1,621.50 360
5090773 TOLUCA LAKE CA 91602 SFD 7.750 7.000 $ 2,736.69 360
5090795 SUDBURY MA 01776 SFD 6.500 6.233 $ 3,480.17 360
5090803 HOPKINTON MA 01748 SFD 7.625 7.000 $ 2,434.82 360
5090817 LAFAYETTE CA 94549 SFD 7.125 6.858 $ 2,420.33 360
5090822 MCHENRY IL 60050 SFD 7.375 7.000 $ 2,382.83 360
5090828 WESTON MA 02193 SFD 6.875 6.608 $ 2,627.72 360
5090841 CHAMPAIGN IL 61822 SFD 6.750 6.483 $ 2,088.49 360
5090858 CORNELIUS OR 97113 SFD 7.125 6.858 $ 2,034.63 360
5090862 CHARLOTTSVILLE VA 22901 SFD 7.000 6.733 $ 3,659.17 360
5090872 TORRANCE CA 90505 SFD 7.250 6.983 $ 2,292.12 360
5090877 HILLSBOROUGH CA 94010 SFD 7.125 6.858 $ 3,705.46 360
5090879 PORTLAND OR 97229 SFD 7.000 6.733 $ 2,847.49 360
5090882 DANA POINT CA 92624 SFD 8.250 7.000 $ 2,630.19 360
5090886 ARLINGTON VA 22201 HCO 7.000 6.733 $ 2,320.25 360
5090894 BIRMINGHAM AL 35226 SFD 7.125 6.858 $ 1,953.11 360
5090898 MILFORD CT 06460 SFD 7.875 7.000 $ 1,957.69 360
5090922 NORTH MIAMI BEACH FL 33179 SFD 7.875 7.000 $ 725.07 360
5090960 ORINDA CA 94563 SFD 7.000 6.733 $ 3,226.72 360
5090988 TAMPA FL 33611 SFD 8.500 7.000 $ 2,269.84 360
5091008 VISTA CA 92084 SFD 7.375 7.000 $ 1,705.97 360
5091013 HOUSTON TX 77005 SFD 7.125 6.858 $ 2,632.90 360
5091016 ROCKVILLE MD 20853 SFD 7.125 6.858 $ 2,371.49 360
5091021 HOLLISTER CA 95023 SFD 7.250 6.983 $ 3,320.50 360
5091024 SEAL BEACH CA 90740 SFD 7.250 6.983 $ 3,032.28 360
5091038 ST. CHARLES MO 63304 SFD 7.000 6.733 $ 1,953.34 360
5091041 EAST GREENWICH RI 02818 SFD 6.750 6.483 $ 1,893.91 360
5091073 PHILADELPHIA PA 19130 SFD 7.250 6.983 $ 2,182.96 360
5091100 SUTHERLAND VA 23885 SFD 7.250 6.983 $ 1,964.67 360
5091117 SUGAR LAND TX 77478 SFD 7.375 7.000 $ 2,149.39 360
5091198 LIBERTYVILLE IL 60048 SFD 7.375 7.000 $ 2,679.82 360
5091208 FESTUS MO 63028 SFD 7.000 6.733 $ 1,836.23 360
5091217 PLYMOUTH MEETING PA 19462 SFD 6.875 6.608 $ 1,734.29 360
5091223 ALEXANDRIA VA 22314 SFD 7.125 6.858 $ 1,934.92 360
5091236 MARBLEHEAD MA 01945 SFD 7.000 6.733 $ 2,395.09 360
5091248 MORGAN HILL CA 95037 SFD 7.125 6.858 $ 2,344.55 360
5091255 PORTLAND OR 97220 SFD 7.125 6.858 $ 1,889.78 360
5091266 MAITLAND FL 32751 SFD 7.875 7.000 $ 3,625.35 360
5091273 TUSTIN CA 92782 SFD 7.625 7.000 $ 2,004.41 360
5091274 BAINBRIDGE OH 44023 SFD 7.250 6.983 $ 1,964.67 360
5091278 HUNTINGTON BEACH CA 92649 SFD 7.375 7.000 $ 2,399.41 360
5091280 SAN JOSE CA 95133 SFD 7.125 6.858 $ 2,560.14 360
5091283 BECKET MA 01223 SFD 7.375 7.000 $ 2,072.03 360
5091293 NEWTON MA 02465 MF2 7.625 7.000 $ 2,717.93 360
5091294 PHOENIX MD 21131 SFD 7.375 7.000 $ 2,210.17 360
5091297 DENVER CO 80218 SFD 7.500 7.000 $ 2,796.86 360
5091303 MANCHESTER MA 01944 SFD 7.125 6.858 $ 2,614.03 360
5091305 SOUTH JORDAN UT 84095 SFD 7.375 7.000 $ 2,583.13 360
5091313 SAN MATEO CA 94403 SFD 8.250 7.000 $ 3,756.34 360
5091315 ARLINGTON VA 22207 SFD 6.875 6.608 $ 1,863.06 360
5091320 BROOKLINE MA 02446 SFD 7.500 7.000 $ 2,796.86 360
5091326 SAINT CHARLES IL 60175 SFD 7.250 6.983 $ 2,012.42 360
5091328 KIRKWOOD MO 63122 SFD 7.500 7.000 $ 2,142.40 360
5091334 WALNUT CREEK CA 94596 SFD 7.125 6.858 $ 1,818.37 360
5091336 RICHMOND VA 23229 SFD 6.750 6.483 $ 2,951.13 360
5091337 PORTLAND OR 97236 SFD 7.000 6.733 $ 2,317.58 360
5091338 STAMFORD CT 06905 SFD 6.625 6.358 $ 1,669.94 360
5091344 SAN JOSE CA 95126 SFD 7.125 6.858 $ 2,694.87 360
5091356 KIRKLAND WA 98033 SFD 8.000 7.000 $ 2,201.30 360
5091362 LOVETTSVILLE VA 20180 SFD 7.500 7.000 $ 2,350.76 360
5091372 MIDLOTHIAN VA 23113 SFD 7.000 6.733 $ 2,634.60 360
5091377 EVANSTON IL 60202 SFD 7.250 6.983 $ 3,902.05 360
5091378 HERCULES CA 94547 SFD 7.375 7.000 $ 1,740.51 360
5091387 GLASTONBURY CT 06033 SFD 6.750 6.483 $ 2,214.97 360
5091391 CHESTER MD 21619 SFD 7.375 7.000 $ 3,978.29 360
5091397 BETTENDORF IA 52722 SFD 7.250 6.983 $ 2,319.40 360
5091398 MARBLEHEAD MA 01945 SFD 7.250 6.983 $ 2,165.91 360
5091404 KERRVILLE TX 78028 SFD 6.875 6.608 $ 3,481.73 360
5091408 SAN JOSE CA 95128 SFD 7.375 7.000 $ 2,209.88 360
5091409 WEXFORD PA 15090 SFD 6.500 6.233 $ 1,643.38 360
5091411 ENCINO AREA CA 91436 SFD 7.875 7.000 $ 2,428.99 360
5091422 WESTPORT CT 06880 SFD 6.750 6.483 $ 3,645.13 360
5091425 ENCINITAS CA 92024 SFD 7.375 7.000 $ 2,113.47 360
5091432 CROWNSVILLE MD 21032 SFD 6.750 6.483 $ 2,432.25 360
5091443 PLEASANTON CA 94588 SFD 6.750 6.483 $ 1,906.88 360
5091448 LAGUNA NIGUEL CA 92677 SFD 7.500 7.000 $ 2,300.42 360
5091457 NEWPORT BEACH CA 92660 SFD 7.000 6.733 $ 2,270.34 360
5091842 AUSTIN TX 78703 SFD 8.375 7.000 $ 1,942.75 360
5091973 ALAMEDA CA 94502 SFD 9.125 7.000 $ 2,684.99 360
5092148 GEARHART OR 97138 LCO 8.750 7.000 $ 3,146.80 360
5092350 LAFAYETTE IN 47905 PUD 8.250 7.000 $ 1,193.01 360
5092356 CORAL SPRINGS FL 33071 SFD 8.500 7.000 $ 2,624.69 360
5092368 SCITUATE MA 02066 SFD 7.750 7.000 $ 2,149.24 360
5092379 HERNDON VA 20171 SFD 7.500 7.000 $ 1,999.75 360
5092412 NEW YORK NY 10029 SFD 9.375 7.000 $ 2,370.01 360
5092421 AZLE TX 76020 SFD 8.500 7.000 $ 2,179.87 360
5092617 SANTA MONICA CA 90405 LCO 8.125 7.000 $ 1,932.73 360
5092764 MERRICK NY 11566 SFD 7.875 7.000 $ 2,093.64 360
5092870 SAN JOSE CA 95136 SFD 8.375 7.000 $ 2,356.23 360
5092880 SAN DIEGO CA 92130 LCO 8.125 7.000 $ 2,074.54 360
5092967 FIRE ISLAND PINES NY 11782 SFD 8.250 7.000 $ 2,253.80 360
5092988 CHERRYVILLE NC 28021 SFD 8.375 7.000 $ 3,040.29 360
5093179 RUMSON NJ 07760 SFD 8.500 7.000 $ 4,036.80 360
5093270 NEW YORK NY 10280 HCO 8.000 7.000 $ 2,568.18 360
5093388 RAMSEY NJ 07446 SFD 7.875 7.000 $ 2,489.08 360
5093528 LOWER MERION TOWNSHIP PA 19096 SFD 8.125 7.000 $ 2,866.04 360
5093544 PLEASANT HILL CA 94523 SFD 7.625 7.000 $ 2,038.45 360
5093552 FORESTVILLE CA 95436 SFD 8.250 7.000 $ 1,427.41 360
5093581 GLOUCESTER MA 01930 SFD 8.000 7.000 $ 3,463.37 360
5093650 GEARHART OR 97138 LCO 8.500 7.000 $ 3,037.21 360
5093806 PHOENIX AZ 85007 SFD 8.375 7.000 $ 2,394.23 360
5093862 FREMONT CA 94539 SFD 9.250 7.000 $ 3,282.48 360
5093896 LIDO BEACH NY 11561 SFD 7.125 6.858 $ 1,967.26 360
5093923 WHITE BEAR LAKE MN 55110 PUD 7.625 7.000 $ 2,027.83 360
5094015 STONY BROOK NY 11790 SFD 8.375 7.000 $ 2,242.21 360
5094062 MCCALL ID 83638 SFD 8.375 7.000 $ 3,724.35 360
5094096 SPRING TX 77379 PUD 8.250 7.000 $ 1,881.18 360
5094246 FREMONT CA 94539 PUD 9.250 7.000 $ 4,755.07 360
5094702 COCKEYSVILLE MD 21030 SFD 8.750 7.000 $ 2,336.50 360
5094862 SAN JOSE CA 95129 SFD 9.000 7.000 $ 1,987.42 360
5095000 UPPER SADDLE RIVER NJ 07458 SFD 8.250 7.000 $ 2,929.94 360
5095288 POWAY CA 92064 SFD 8.000 7.000 $ 2,465.45 360
5095294 THOUSAND OAKS CA 91320 SFD 7.500 7.000 $ 2,676.24 360
5095325 DIAMOND BAR CA 91765 SFD 7.500 7.000 $ 2,813.63 360
5095390 ENCINITAS CA 92024 SFD 8.250 7.000 $ 1,961.56 360
5095497 DAVIDSONVILLE MD 21035 SFD 7.875 7.000 $ 2,282.52 360
5096016 CENTERPORT NY 11721 SFD 7.875 7.000 $ 2,537.75 360
5096186 CROWNSVILLE MD 21032 SFD 8.375 7.000 $ 2,795.55 360
5096191 BROOKFIELD CT 06804 SFD 8.625 7.000 $ 3,159.38 360
5096192 AUSTIN TX 78759 SFD 7.750 7.000 $ 1,899.93 360
5096335 ASHBURN VA 20147 SFD 7.000 6.733 $ 2,210.80 360
5096338 MCLEAN VA 22102 SFD 7.250 6.983 $ 2,626.38 360
5096343 HAMILTON VA 20158 SFD 8.875 7.000 $ 2,040.83 360
5096344 MANASSAS VA 20112 SFD 7.125 6.858 $ 1,977.70 360
5096357 CLIFTON VA 20124 SFD 7.250 6.983 $ 4,109.77 360
5096361 BEACHWOOD OH 44122 SFD 7.000 6.733 $ 2,328.56 360
5096744 CHAPPAQUA NY 10514 SFD 7.625 7.000 $ 2,194.16 360
5096933 FT WAYNE IN 46845 SFD 7.500 7.000 $ 1,717.27 360
5096967 FT. LAUDERDALE FL 33301 SFD 8.125 7.000 $ 4,826.24 360
5097193 SCARSDALE NY 10583 LCO 8.375 7.000 $ 3,494.51 360
5097587 LONG BEACH NY 11561 PUD 8.125 7.000 $ 2,286.89 360
5097619 NEWPORT BEACH CA 92660 SFD 8.250 7.000 $ 3,380.70 360
5097645 SCARSDALE NY 10583 SFD 7.625 7.000 $ 2,654.23 360
5097672 HEWLETT NY 11557 SFD 7.625 7.000 $ 1,832.48 360
5097695 SAN JOSE CA 95131 SFD 7.625 7.000 $ 2,123.38 360
5097697 GREAT NECK NY 11023 SFD 8.125 7.000 $ 2,272.64 360
5097716 DARIEN CT 06820 SFD 8.250 7.000 $ 3,155.32 360
5097724 STATEN ISLAND NY 10312 SFD 7.875 7.000 $ 3,269.19 360
5097735 PUTNAM VALLEY NY 10579 SFD 7.875 7.000 $ 2,059.20 360
5097748 LITTLE NECK NY 11362 SFD 8.125 7.000 $ 2,739.81 360
5097828 YORBA LINDA CA 92887 SFD 7.750 7.000 $ 3,438.78 360
5097840 CHAPPAQUA NY 10514 SFD 7.625 7.000 $ 4,275.07 360
5097849 BLAUVELT NY 10913 SFD 8.125 7.000 $ 4,633.18 360
5097873 ATLANTA BEACH NY 11509 SFD 7.625 7.000 $ 3,170.92 360
5097886 RIDGEFIELD CT 06877 SFD 7.625 7.000 $ 3,142.60 360
5097887 EAST HAMPTON NY 11937 SFD 8.125 7.000 $ 4,826.23 360
5097907 OAKLAND NJ 07436 SFD 7.625 7.000 $ 2,331.47 360
5097917 OLNEY MD 20832 SFD 7.875 7.000 $ 2,198.77 360
5097953 ASHBURN VA 20147 SFD 7.750 7.000 $ 2,506.37 360
5097955 LAUREL MD 20723 SFD 7.250 6.983 $ 1,979.67 360
5097963 ELDERSBURG MD 21784 SFD 7.875 7.000 $ 2,038.17 360
5097970 REISTERSTOWN MD 21136 SFD 7.500 7.000 $ 2,582.54 360
5097993 RANCHO PALOS VERDES CA 90275 SFD 8.125 7.000 $ 4,603.49 360
5098104 OLNEY MD 20832 SFD 7.125 6.858 $ 1,674.19 360
5098130 EDGEWATER MD 21037 SFD 7.625 7.000 $ 2,759.33 360
5098136 SILVER SPRING MD 20905 SFD 7.875 7.000 $ 3,383.89 360
5098152 SILVER SPRING MD 20905 SFD 6.750 6.483 $ 2,140.37 360
5098177 FALLS CHURCH VA 22041 SFD 8.250 7.000 $ 2,343.96 360
5098186 REISTERSTOWN MD 21136 SFD 7.500 7.000 $ 2,097.64 360
5098335 BAYONNE NJ 07002 SFD 7.875 7.000 $ 1,943.19 360
5098353 BRIARCLIFF MANOR NY 10510 SFD 8.500 7.000 $ 2,245.23 360
5098370 FRANKLIN TOWNSHIP NJ 08867 SFD 8.000 7.000 $ 2,523.56 360
5098378 SOUTH SALEM NY 10590 SFD 8.375 7.000 $ 4,940.47 360
5098398 KINGS PARK NY 11754 SFD 7.875 7.000 $ 1,859.80 360
5098408 FREEPORT NY 11520 SFD 8.250 7.000 $ 1,927.00 360
5098411 HUNTINGTON NY 11743 SFD 7.625 7.000 $ 2,208.32 360
5098438 SAN JOSE CA 95124 SFD 7.875 7.000 $ 2,360.10 360
5098440 BROOKEVILLE MD 20833 SFD 6.875 6.608 $ 2,345.23 360
5098447 SANDY UT 84093 SFD 7.500 7.000 $ 1,957.80 360
5098457 LOS GATOS CA 95030 SFD 7.750 7.000 $ 3,582.06 360
5098468 PALO ALTO CA 94306 SFD 7.625 7.000 $ 2,477.28 360
5098478 LAFAYETTE CA 94549 SFD 7.625 7.000 $ 2,300.33 360
5098492 SUNNYVALE CA 94086 SFD 7.250 6.983 $ 2,695.97 360
5098493 ARLINGTON VA 22209 HCO 6.500 6.233 $ 2,506.15 360
5098507 EAST HAMPTON NY 11937 SFD 7.500 7.000 $ 2,989.14 360
5098508 NEW MARKET TWP MN 55020 SFD 7.500 7.000 $ 2,708.76 360
5098511 CHEVY CHASE MD 20815 SFD 7.125 6.858 $ 2,533.19 360
5098513 HEDGESVILLE WV 25427 SFD 6.750 6.483 $ 1,971.74 360
5098517 NOKESVILLE VA 20181 SFD 6.750 6.483 $ 574.01 360
5098520 BUFFALO GROVE IL 60089 SFD 8.250 7.000 $ 2,103.55 360
5098525 SOUDERTON PA 18964 SFD 6.750 6.483 $ 569.14 360
5098528 RICHMOND VA 23233 SFD 7.375 7.000 $ 2,312.39 360
5098529 FAIRFAX VA 22033 SFD 7.375 7.000 $ 1,878.64 360
5098531 PRAIRIE DU SAC WI 53578 SFD 7.875 7.000 $ 651.32 300
5098532 CENTREVILLE VA 20121 SFD 7.000 6.733 $ 1,862.85 360
5098536 EDINA MN 55436 SFD 7.000 6.733 $ 3,510.14 360
5098540 VIRGINIA BEACH VA 23455 SFD 7.000 6.733 $ 2,661.22 360
5098541 CORNELIUS NC 28031 SFD 8.000 7.000 $ 4,769.47 360
5098545 LYNNFIELD MA 01940 SFD 7.750 7.000 $ 1,719.39 360
5098551 MECHANICSBURG PA 17055 SFD 6.875 6.608 $ 1,813.12 360
5098558 MCLEAN VA 22101 SFD 7.500 7.000 $ 2,433.27 360
5098677 ALEXANDRIA VA 22308 SFD 6.750 6.483 $ 1,810.89 360
5098682 OAKTON VA 22124 SFD 6.750 6.483 $ 2,490.30 360
5098685 GRAND RAPIDS MI 49507 SFD 7.375 7.000 $ 493.15 360
5098699 LOS GATOS CA 95033 SFD 7.750 7.000 $ 2,722.37 360
5098714 WARRENTON VA 20187 SFD 7.375 7.000 $ 2,693.64 360
5098745 BROOKLINE MA 02445 SFD 7.375 7.000 $ 6,768.62 360
5098750 SANFORD NC 27330 SFD 6.375 6.108 $ 573.97 360
5098759 SAINT CHARLES IL 60174 SFD 7.250 6.983 $ 1,951.02 360
5098765 MCLEAN VA 22101 SFD 7.000 6.733 $ 3,181.48 360
5098787 PLEASANT HILL MO 64080 SFD 7.250 6.983 $ 2,401.26 360
5098796 KINGSTON MA 02364 SFD 7.250 6.983 $ 2,592.27 360
5098822 ALEXANDRIA VA 22301 SFD 6.500 6.233 $ 1,681.31 360
5098832 SEVERNA PARK MD 21146 SFD 6.875 6.608 $ 2,023.35 360
5098837 STAMFORD CT 06907 SFD 7.250 6.983 $ 1,225.19 360
5098846 SALT LAKE CITY UT 84102 SFD 7.125 6.858 $ 2,155.90 360
5098851 ST CHARLES MO 63303 SFD 6.875 6.608 $ 3,179.55 360
5098861 VIRGINIA BEACH VA 23451 SFD 7.500 7.000 $ 3,496.08 360
5098912 GREENWOOD VILLAGE CO 80121 SFD 7.000 6.733 $ 2,208.81 360
5098920 LEESBURG VA 20176 SFD 6.500 6.233 $ 1,577.65 360
5098941 FREMONT CA 94538 SFD 7.750 7.000 $ 1,769.54 360
5098970 AURORA CO 80016 SFD 8.000 7.000 $ 1,962.83 360
5098976 SAN MATEO CA 94403 SFD 7.000 6.733 $ 1,922.73 360
5098978 DENVER CO 80237 SFD 7.875 7.000 $ 2,102.71 360
5098987 PRINCE GEORGE VA 23875 SFD 7.500 7.000 $ 475.47 360
5098993 VERNON HILLS IL 60061 SFD 7.625 7.000 $ 1,946.43 360
5099007 CHESTERFIELD MO 63017 SFD 7.750 7.000 $ 2,568.34 360
5099008 ALISO VIEJO CA 92656 SFD 8.250 7.000 $ 1,923.25 360
5099009 VANCOUVER WA 98686 SFD 7.000 6.733 $ 2,245.40 360
5099029 MESA AZ 85202 SFD 7.125 6.858 $ 780.85 360
5099036 STEM NC 27581 SFD 7.375 7.000 $ 1,830.29 360
5099052 ALISO VIEJO AREA CA 92656 SFD 7.750 7.000 $ 2,557.60 360
5099053 LAKE FOREST IL 60045 SFD 7.375 7.000 $ 1,795.76 360
5099056 READINGTON TWP NJ 08889 SFD 7.250 6.983 $ 1,882.81 360
5099063 CHARLOTTESVILLE VA 22903 SFD 7.375 7.000 $ 2,762.71 360
5099066 DILLON CO 80435 SFD 7.750 7.000 $ 1,970.14 360
5099073 WESTBOROUGH MA 01581 SFD 7.375 7.000 $ 2,486.44 360
5099075 CASTLE ROCK CO 80104 SFD 7.250 6.983 $ 2,046.53 360
5099088 POCATELLO ID 83201 SFD 7.250 6.983 $ 2,319.40 360
5099097 PLYMOUTH MI 48170 SFD 7.375 7.000 $ 2,762.70 360
5099110 WAUKEGAN IL 60085 SFD 8.250 7.000 $ 321.17 360
5099373 SAN JOSE CA 95136 SFD 7.375 7.000 $ 2,486.43 360
5099378 SAN JOSE CA 95131 SFD 7.500 7.000 $ 2,272.45 360
5099384 SAN JOSE CA 95136 SFD 7.375 7.000 $ 2,237.79 360
5099393 ISSAQUAH WA 98027 SFD 7.500 7.000 $ 2,377.33 360
5099402 SAN JOSE CA 95120 SFD 7.500 7.000 $ 2,272.10 360
5099409 SONOMA CA 95476 SFD 7.375 7.000 $ 3,056.24 360
5099415 ESCONDIDO CA 92025 SFD 7.375 7.000 $ 1,747.41 360
5099436 DOVE CANYON CA 92679 SFD 7.375 7.000 $ 1,830.29 360
5099447 SAN MATEO CA 94403 SFD 7.500 7.000 $ 3,216.39 360
5099449 WEST HILLS CA 91307 SFD 7.500 7.000 $ 2,971.66 360
5099461 FOSTER CITY CA 94404 SFD 7.375 7.000 $ 2,564.13 360
5099472 SAN JOSE CA 95123 SFD 7.375 7.000 $ 2,210.16 360
5099474 SOUTH PASADENA CA 91030 SFD 7.375 7.000 $ 2,707.45 360
5099484 SUNNYVALE CA 94086 SFD 7.375 7.000 $ 2,279.23 360
5099489 BASALT CO 81621 SFD 7.875 7.000 $ 2,247.72 360
5099508 REMSENBURG NY 11960 SFD 8.250 7.000 $ 3,944.15 360
5099535 WILMETTE IL 60091 SFD 7.750 7.000 $ 2,052.53 360
5099544 CASTLE ROCK CO 80104 SFD 7.500 7.000 $ 3,006.63 360
5099549 SALISBURY MD 21801 SFD 7.625 7.000 $ 2,406.50 360
5099561 AURORA CO 80015 SFD 7.875 7.000 $ 1,957.69 360
5099570 FALLBROOK CA 92028 SFD 6.875 6.608 $ 2,601.44 360
5099575 SAN JUAN CAPISTRANO CA 92675 SFD 7.500 7.000 $ 3,600.95 360
5099587 NASHVILLE TN 37205 SFD 7.250 6.983 $ 1,855.52 360
5099603 BELLEVUE WA 98006 SFD 6.875 6.608 $ 2,207.28 360
5099619 VIRGINIA BEACH VA 23456 SFD 7.125 6.858 $ 1,216.07 360
5099624 FALLS CHURCH VA 22043 SFD 6.875 6.608 $ 3,108.59 360
5099636 KENSINGTON MD 20895 PUD 7.250 6.983 $ 716.29 360
5099647 WASHINGTON DC 20005 SFD 7.375 7.000 $ 1,795.76 360
5099662 LOVETTSVILLE VA 20180 SFD 7.125 6.858 $ 2,230.69 360
5099671 SHOREVIEW MN 55126 SFD 8.500 7.000 $ 1,223.35 360
5099673 RIDGEWOOD NJ 07450 SFD 7.500 7.000 $ 2,027.72 360
5099679 BOXFORD MA 01921 SFD 7.750 7.000 $ 1,917.70 360
5099683 MIDLOTHIAN VA 23113 SFD 7.000 6.733 $ 2,392.10 360
5099695 LAGUNA BEACH CA 92651 SFD 7.625 7.000 $ 2,123.38 360
5099704 KENTFIELD CA 94904 SFD 7.375 7.000 $ 3,073.50 360
5099733 LITTLETON CO 80123 SFD 7.500 7.000 $ 2,097.64 360
5099758 SAN JOSE CA 95120 SFD 7.500 7.000 $ 2,779.38 360
5099773 AUSTIN TX 78746 SFD 7.500 7.000 $ 2,447.25 360
5099785 SANTA ROSA CA 95403 SFD 7.500 7.000 $ 1,789.99 360
5099901 MARINA DEL REY CA 90292 LCO 9.125 7.000 $ 2,532.44 360
5099991 MONTEREY PARK CA 91755 SFD 7.500 7.000 $ 2,226.30 360
5100066 WHEATON IL 60187 SFD 7.000 6.733 $ 3,832.15 360
5100077 COLORADO SPRINGS CO 80918 SFD 7.750 7.000 $ 1,966.56 360
5100085 MCLEAN VA 22102 SFD 7.125 6.858 $ 5,706.40 360
5100106 BENNETT CO 80102 SFD 7.625 7.000 $ 1,946.44 360
5100129 DAYTON NJ 08810 SFD 9.000 7.000 $ 2,155.19 360
5100146 NEWTOWN PA 18940 SFD 7.875 7.000 $ 1,957.69 360
5100154 HINGHAM MA 02043 SFD 7.375 7.000 $ 2,094.13 360
5100168 SOUTH SAN FRANCISCO CA 94080 SFD 7.500 7.000 $ 3,181.08 360
5100173 FREMONT CA 94536 SFD 7.875 7.000 $ 2,964.81 360
5100178 WILTON CT 06897 SFD 7.875 7.000 $ 1,413.89 360
5100191 GLENVIEW IL 60025 SFD 8.375 7.000 $ 1,998.99 360
5100212 CAMBRIDGE MA 02138 LCO 7.500 7.000 $ 2,199.38 360
5100223 CARBONDALE CO 81623 SFD 8.000 7.000 $ 2,201.29 360
5100229 FREMONT CA 94536 SFD 7.625 7.000 $ 2,772.79 360
5100230 STAFFORD VA 22554 SFD 8.375 7.000 $ 2,288.58 360
5100248 NEWINGTON NH 03801 SFD 7.500 7.000 $ 2,573.81 360
5100259 WALPOLE MA 02081 SFD 7.625 7.000 $ 2,207.61 360
5100330 SANTA CLARITA AREA CA 91350 SFD 7.875 7.000 $ 2,600.83 360
5100336 TORRANCE CA 90501 SFD 7.625 7.000 $ 2,988.31 360
5100341 REDDING CT 06896 SFD 7.250 6.983 $ 2,046.53 360
5100345 WAKEFIELD MA 01880 SFD 7.875 7.000 $ 2,101.25 360
5100359 COLTS NECK NJ 07722 SFD 7.750 7.000 $ 3,653.71 360
5100365 DRESHER PA 19025 SFD 7.500 7.000 $ 2,013.74 360
5100371 ALBERTSON NY 11507 SFD 7.250 6.983 $ 2,558.16 360
5100378 CHAPPAQUA NY 10514 SFD 7.500 7.000 $ 2,622.05 360
5100380 TALLAHASSEE FL 32303 SFD 9.000 7.000 $ 1,758.11 360
5100385 ENGLEWOOD CO 80111 SFD 7.750 7.000 $ 2,564.76 360
5100388 FRIENDSWOOD TX 77546 SFD 7.875 7.000 $ 1,946.82 360
5100393 TARZANA AREA CA 91356 SFD 7.625 7.000 $ 3,114.30 360
5100394 TAMPA FL 33609 SFD 7.625 7.000 $ 2,831.18 360
5100398 GRANITE BAY CA 95746 PUD 7.750 7.000 $ 2,263.87 360
5100406 TORRANCE CA 90503 SFD 7.250 6.983 $ 2,455.84 360
5100410 OAKLAND CA 94611 SFD 7.875 7.000 $ 2,102.71 360
5100416 HERNDON VA 20170 SFD 7.250 6.983 $ 1,773.66 360
5100431 NICHOLS HILLS OK 73116 SFD 7.875 7.000 $ 3,625.35 360
5100439 MORRISTOWN NJ 07960 SFD 7.875 7.000 $ 2,662.46 360
5100462 FAIR OAKS CA 95628 SFD 7.750 7.000 $ 3,215.26 360
5100468 WAYLAND MA 01778 SFD 7.375 7.000 $ 2,966.80 360
5100472 POTOMAC MD 20854 SFD 7.500 7.000 $ 2,511.58 360
5100476 HOUSTON TX 77056 SFD 7.625 7.000 $ 2,275.56 360
5100480 CHESTER SPRINGS PA 19425 SFD 7.250 6.983 $ 2,101.11 360
5100481 FREMONT CA 94539 SFD 7.500 7.000 $ 2,796.86 360
5100483 NYACK NY 10960 SFD 7.500 7.000 $ 3,244.36 360
5100488 NANTUCKET MA 02554 SFD 7.875 7.000 $ 2,276.72 360
5100491 FOUNTAIN VALLEY CA 92708 SFD 7.625 7.000 $ 2,314.49 360
5100498 FALLS CHURCH VA 22042 SFD 7.750 7.000 $ 1,891.33 360
5100500 WOODBURY MN 55125 SFD 8.375 7.000 $ 3,447.69 360
5100502 LAWRENCEVILLE GA 30245 SFD 7.250 6.983 $ 2,101.11 360
5100505 BRENTWOOD CA 94513 SFD 7.500 7.000 $ 1,887.88 360
5100506 GREAT FALLS VA 22066 SFD 7.375 7.000 $ 2,762.71 360
5100511 HUNTINGTON BEACH CA 92646 SFD 7.875 7.000 $ 2,349.23 360
5100512 EL DORADO HILLS CA 95762 PUD 8.375 7.000 $ 1,914.63 360
5100515 MENLO PARK CA 94025 SFD 7.375 7.000 $ 2,762.70 360
5100528 BRENTWOOD TN 37027 PUD 7.250 6.983 $ 1,828.24 360
5100537 LAKEWOOD CA 90712 SFD 7.125 6.858 $ 1,280.07 360
5100539 SANTA CLARITA CA 91350 SFD 7.500 7.000 $ 1,974.59 360
5100540 MILLBRAE CA 94030 SFD 7.750 7.000 $ 2,507.45 360
5100545 REDONDO BEACH CA 90277 SFD 7.750 7.000 $ 2,493.12 360
5100550 NORTH EASTON MA 02356 SFD 8.250 7.000 $ 2,583.61 360
5100570 WOODINVILLE WA 98072 SFD 8.375 7.000 $ 1,566.89 360
5100585 YOUNGSVILLE LA 70592 SFD 7.750 7.000 $ 2,151.70 360
5100590 WOODWARD OK 73801 SFD 8.125 7.000 $ 2,104.98 360
5100594 RESTON VA 20194 SFD 7.250 6.983 $ 1,841.88 360
5100601 LAFAYETTE LA 70507 SFD 8.000 7.000 $ 2,290.81 360
5100605 HENDERSON NV 89014 SFD 8.250 7.000 $ 2,999.06 360
5100610 CRANBURY NJ 08512 SFD 8.125 7.000 $ 2,999.69 360
5100617 ALPHARETTA GA 30005 SFD 8.250 7.000 $ 4,879.48 360
5100619 MANHASSET NY 11030 SFD 7.250 6.983 $ 2,728.71 360
5100626 OAKLAND CA 94611 SFD 8.500 7.000 $ 2,312.90 360
5100634 VIENNA VA 22180 SFD 7.125 6.858 $ 2,840.40 360
5100636 TROY MI 48098 SFD 8.500 7.000 $ 2,768.09 360
5100641 HERNDON VA 20171 PUD 7.875 7.000 $ 1,856.18 360
5100647 WINDSOR CA 95492 SFD 7.500 7.000 $ 1,877.40 360
5100650 LOS ANGELES CA 90049 HCO 7.250 6.983 $ 2,450.38 360
5100655 ESTES PARK CO 80517 PUD 7.625 7.000 $ 2,123.39 360
5100659 VENTURA CA 93003 SFD 7.875 7.000 $ 2,329.65 360
5100661 HO-HO-KUS NJ 07423 SFD 8.375 7.000 $ 2,401.83 360
5100662 LEESBURG VA 20176 SFD 7.625 7.000 $ 2,627.34 360
5100682 CANTON MA 02021 SFD 8.250 7.000 $ 3,756.34 360
5100686 CONCORD MA 01742 SFD 7.625 7.000 $ 3,142.61 360
5100690 FREMONT CA 94536 SFD 7.750 7.000 $ 1,931.45 360
5100697 POTOMAC MD 20854 SFD 7.000 6.733 $ 2,660.88 360
5100705 VENTURA CA 93003 SFD 8.250 7.000 $ 1,126.91 360
5100712 STONYBROOK NY 11790 SFD 8.125 7.000 $ 2,079.00 360
5100716 GREENWICH CT 06870 SFD 7.875 7.000 $ 2,396.36 360
5100720 CAMBRIDGE MA 02140 LCO 7.625 7.000 $ 2,123.39 360
5100724 BRONX NY 10463 SFD 7.375 7.000 $ 2,676.37 360
5100725 RESTON VA 20190 PUD 7.625 7.000 $ 2,021.46 360
5100732 MACHIPONGO VA 23405 SFD 8.250 7.000 $ 901.53 360
5100735 FREEHOLD NJ 07728 SFD 7.750 7.000 $ 2,666.13 360
5100741 DRIPPING SPRINGS TX 78737 PUD 8.375 7.000 $ 2,850.28 360
5100743 DAVIS CA 95616 SFD 7.750 7.000 $ 1,933.96 360
5100744 MOUNT KISCO NY 10549 SFD 8.250 7.000 $ 2,163.05 360
5100751 RESTON VA 20194 PUD 7.500 7.000 $ 2,321.40 360
5100753 SAN JOSE CA 95131 SFD 7.875 7.000 $ 2,175.21 360
5100757 MANHATTAN BEACH CA 90266 SFD 7.875 7.000 $ 2,704.51 360
5100759 GREENWICH CT 06807 SFD 7.875 7.000 $ 1,986.69 360
5100767 SANTA CLARITA CA 91350 SFD 7.750 7.000 $ 2,220.88 360
5100769 RANCHO PALOS VERDES CA 90275 SFD 7.500 7.000 $ 3,391.20 360
5100774 SOQUEL CA 95073 SFD 7.625 7.000 $ 2,441.89 360
5100778 SANDY SPRING MD 20860 SFD 8.500 7.000 $ 845.81 360
5100783 VIENNA VA 22182 SFD 7.125 6.858 $ 3,273.94 360
5100784 EASTON CT 06612 SFD 8.125 7.000 $ 2,673.00 360
5100790 SAN DIEGO CA 92109 SFD 7.750 7.000 $ 2,653.60 360
5100796 DOUGLASVILLE GA 30135 SFD 7.750 7.000 $ 1,916.26 360
5100798 METUCHEN NJ 08840 SFD 7.875 7.000 $ 2,008.45 360
5100799 LAS VEGAS NV 89129 SFD 8.000 7.000 $ 2,057.48 360
5100801 CHANTILLY VA 20151 SFD 7.000 6.733 $ 2,134.63 360
5100802 FALL RIVER MA 02720 MF2 8.500 7.000 $ 830.43 360
5100811 STERLING VA 20165 PUD 8.125 7.000 $ 861.30 360
5100815 SHARON MA 02067 SFD 8.500 7.000 $ 2,229.85 360
5100817 FOLSOM CA 95630 SFD 7.750 7.000 $ 2,464.46 360
5100821 ALBUQUERQUE NM 87107 SFD 7.750 7.000 $ 1,897.06 360
5100823 HULL MA 02045 SFD 7.500 7.000 $ 3,496.08 360
5100825 BIRMINGHAM AL 35242 PUD 7.625 7.000 $ 3,093.06 360
5100827 HOOKSETT NH 03106 SFD 8.375 7.000 $ 570.06 360
5100828 ANNANDALE VA 22003 SFD 7.875 7.000 $ 2,262.22 360
5100832 RANDALLSTOWN MD 21133 SFD 8.250 7.000 $ 763.67 360
5100833 HIGHLAND PARK IL 60035 SFD 7.125 6.858 $ 2,029.24 360
5100837 MORGANTOWN IN 46160 SFD 7.875 7.000 $ 1,958.42 360
5100840 POTOMAC MD 20854 SFD 7.250 6.983 $ 2,107.93 360
5100844 WEST NYACK NY 10994 SFD 7.750 7.000 $ 2,292.52 360
5100845 BOULDER CO 80304 SFD 7.875 7.000 $ 3,444.08 360
5100848 NEW CITY NY 10956 SFD 7.750 7.000 $ 2,650.73 360
5100851 SAN DIEGO CA 92130 SFD 7.750 7.000 $ 2,343.75 360
5100855 PHOENIX AZ 85045 SFD 7.625 7.000 $ 2,088.00 360
5100858 SAN DIEGO CA 92128 LCO 7.875 7.000 $ 1,945.37 360
5100862 LONGWOOD FL 32779 SFD 8.500 7.000 $ 851.96 360
5100863 CAMARILLO CA 93012 PUD 7.250 6.983 $ 1,806.75 360
5100867 BERWYN IL 60402 SFD 8.875 7.000 $ 954.78 360
5100871 FALLS CHURCH VA 22044 SFD 7.250 6.983 $ 3,438.17 360
5100875 FULLERTON CA 92835 SFD 7.625 7.000 $ 2,958.58 360
5100878 DOWINGTOWN PA 19335 SFD 7.750 7.000 $ 2,693.72 360
5101005 BARTONSVILLE PA 18321 SFD 8.875 7.000 $ 739.95 360
5101012 MOUNTAIN RANCH CA 95246 SFD 8.250 7.000 $ 1,968.32 360
5101022 FRANKLIN TN 37064 SFD 8.125 7.000 $ 2,269.08 360
5101025 SAN MATEO CA 94403 SFD 7.750 7.000 $ 2,686.55 360
5101031 SAN DIEGO CA 92124 SFD 7.875 7.000 $ 2,104.88 360
5101035 KAKTY TX 77450 SFD 7.625 7.000 $ 2,162.63 360
5101039 CONGERS NY 10920 SFD 8.250 7.000 $ 2,397.30 360
5101042 SAN ANGELO TX 76901 SFD 7.625 7.000 $ 2,208.32 360
5101047 HARLEYSVILLE PA 19438 PUD 7.875 7.000 $ 2,305.73 360
5101054 POULSBO WA 98370 SFD 8.375 7.000 $ 1,495.07 360
5101065 AREA OF COTO DE CAZA CA 92679 SFD 8.000 7.000 $ 3,111.90 360
5101100 SILVER SPRING MD 20910 SFD 8.000 7.000 $ 1,878.44 360
5101103 TORRANCE CA 90505 SFD 7.625 7.000 $ 2,123.39 360
5101109 LA MESA CA 91941 SFD 7.750 7.000 $ 2,745.30 360
5101110 PURCELLVILLE VA 20132 SFD 7.875 7.000 $ 2,749.83 360
5101117 CONCORD NC 28027 SFD 7.625 7.000 $ 2,279.10 360
5101120 BELLE CHASSE LA 70037 SFD 7.375 7.000 $ 2,244.69 360
5101125 SANTA CLARITA AREA CA 91350 SFD 7.875 7.000 $ 2,667.90 360
5101127 RIDGEFIELD CT 06877 SFD 7.125 6.858 $ 2,021.16 360
5101132 LONG VALLEY NJ 07853 SFD 7.375 7.000 $ 1,830.29 360
5101137 SAN DIEGO CA 92128 SFD 7.500 7.000 $ 2,605.28 360
5101141 FREMONT CA 94536 SFD 7.625 7.000 $ 2,944.43 360
5101142 MOUNTAIN VIEW CA 94041 SFD 8.000 7.000 $ 3,563.16 360
5101146 ESTES PARK CO 80517 SFD 7.500 7.000 $ 2,601.08 360
5101149 VESTAVIA AL 35216 SFD 7.625 7.000 $ 3,594.13 300
5101151 WEST HOLLYWOOD CA 90069 SFD 8.125 7.000 $ 2,197.80 360
5101158 LOS ANGELES CA 91789 SFD 8.875 7.000 $ 2,336.02 360
5101162 VIENNA VA 22182 SFD 7.250 6.983 $ 2,046.53 360
5101170 LAKE BLUFF IL 60044 SFD 7.125 6.858 $ 4,118.78 360
5101229 MERRICK NY 11566 SFD 7.375 7.000 $ 2,002.96 360
5101236 NEWPORT COAST AREA CA 92657 PUD 8.500 7.000 $ 2,691.20 360
5101244 SANTA CLARITA AREA CA 91350 SFD 7.750 7.000 $ 2,328.35 360
5101251 ANNAPOLIS MD 21403 SFD 8.000 7.000 $ 2,700.26 360
5101273 CARLSBAD CA 92009 PUD 7.875 7.000 $ 2,439.14 360
5101278 ATLANTA GA 30305 HCO 7.625 7.000 $ 3,326.64 360
5101281 GREENSBORO GA 30642 SFD 7.500 7.000 $ 2,517.18 360
5101284 LEESBURG VA 20176 SFD 7.250 6.983 $ 1,833.08 360
5101293 RALEIGH NC 27613 SFD 7.750 7.000 $ 2,579.09 360
5101295 SAN RAMON CA 94583 SFD 7.750 7.000 $ 3,123.56 360
5101300 COHASSET MA 02025 SFD 8.125 7.000 $ 2,604.69 360
5101310 REDMOND WA 98053 SFD 8.250 7.000 $ 1,945.79 360
5101328 BRIDGEWATER CT 06752 SFD 6.625 6.358 $ 1,901.72 360
5101342 RAMSEY NJ 07446 SFD 7.875 7.000 $ 2,407.24 360
5101344 Thousands Oaks CA 91320 HCO 8.000 7.000 $ 2,067.75 360
5101348 FALLS CHURCH VA 22041 SFD 7.250 6.983 $ 1,719.09 360
5101349 REDONDO BEACH CA 90277 HCO 7.750 7.000 $ 2,091.93 360
5101351 SAN JOSE CA 95127 SFD 7.750 7.000 $ 1,932.88 360
5101356 MISSION VIEJO CA 92692 SFD 7.375 7.000 $ 2,320.67 360
5101359 FORT WASHINGTON MD 20744 SFD 7.750 7.000 $ 2,698.01 360
5101361 SANTA CLARITA AREA CA 91350 SFD 8.250 7.000 $ 2,049.46 360
5101363 FOUNTAIN VALLEY CA 92708 SFD 7.375 7.000 $ 2,348.30 360
5101367 GRANITE BAY CA 95746 SFD 8.375 7.000 $ 2,119.09 360
5101371 FLAGSTAFF AZ 86004 SFD 7.875 7.000 $ 2,059.20 360
5101374 LORTON VA 22079 SFD 7.500 7.000 $ 2,013.74 360
5101376 COLTON CA 92324 SFD 8.000 7.000 $ 667.73 360
5101380 SCOTCH PLAINS NJ 07076 SFD 7.750 7.000 $ 2,149.24 360
5101381 SPRING TX 77379 PUD 7.875 7.000 $ 2,691.46 360
5101385 REDONDO BEACH CA 90277 LCO 7.750 7.000 $ 2,443.69 360
5101389 SAN JOSE CA 95134 SFD 8.500 7.000 $ 2,292.91 360
5101392 COPPEROPOLIS CA 95228 PUD 8.125 7.000 $ 2,969.99 360
5101461 SALT LAKE CITY UT 84124 SFD 8.500 7.000 $ 2,306.74 360
5101783 BRONX NY 10465 SFD 7.750 7.000 $ 1,876.28 360
5101875 BRIDGEWATER NJ 08807 SFD 7.250 6.983 $ 2,107.92 360
5102440 MORRISTOWN NJ 07960 SFD 7.375 7.000 $ 2,110.70 360
5102514 ROSWELL GA 30075 SFD 8.125 7.000 $ 2,598.00 360
5102709 HARRISON NY 10528 SFD 7.375 7.000 $ 4,144.05 360
5102731 LINVILLE NC 28646 SFD 7.375 7.000 $ 3,453.38 360
5103134 FLORAL PARK NY 11004 SFD 8.000 7.000 $ 2,080.22 360
5103484 KENOSHA WI 53144 SFD 9.000 7.000 $ 764.40 360
5104411 WASHINGTON TOWNSHIP NJ 07675 SFD 7.500 7.000 $ 1,776.00 360
5105102 UNION CITY CA 94587 SFD 9.000 7.000 $ 2,574.80 360
5106782 LAGUNA HILLS CA 92653 SFD 8.000 7.000 $ 1,936.40 360
6447253 LAGUNA HILLS CA 92653 SFD 8.250 7.000 $ 3,996.74 360
6667920 BERNARDS TOWNSHIP NJ 07920 SFD 7.625 7.000 $ 4,126.44 360
6827925 FREMONT CA 94536 SFD 7.375 7.000 $ 1,892.45 360
6881054 SCOTTSDALE AZ 85255 PUD 7.750 7.000 $ 2,507.44 360
6915215 ADEL IA 50003 SFD 7.625 7.000 $ 2,066.76 360
6930080 EAU CLAIRE WI 54701 SFD 8.250 7.000 $ 2,152.15 360
7070825 BASALT CO 81621 SFD 7.500 7.000 $ 1,943.12 360
7073286 SOUTHERN PINES NC 28387 SFD 8.000 7.000 $ 2,366.39 360
7124636 CENTERPORT NY 11721 SFD 7.750 7.000 $ 3,116.39 360
7167759 WARREN NJ 07950 SFD 7.250 6.983 $ 3,629.18 360
7193118 PINETOP AZ 85935 PUD 8.250 7.000 $ 2,193.70 360
7257063 GRAND JUNCTION CO 81503 SFD 8.125 7.000 $ 2,450.24 360
7292685 MCKINNEY TX 75070 SFD 8.375 7.000 $ 3,843.76 360
7322944 OAK PARK HEIGHTS MN 55082 SFD 6.625 6.358 $ 2,033.95 360
7361650 OAKLAND MI 48363 SFD 7.000 6.733 $ 3,140.23 360
7364746 SOUTHERN PINES NC 28387 PUD 7.125 6.858 $ 1,994.21 360
7393083 LANDENBERG PA 19350 SFD 6.750 6.483 $ 1,891.13 360
7402387 MT. LAUREL NJ 08054 SFD 8.000 7.000 $ 2,450.04 360
7407301 SIOUX FALLS SD 57106 SFD 8.000 7.000 $ 2,192.49 360
7448004 CARY NC 27513 SFD 7.125 6.858 $ 2,116.15 360
7498424 MAPLE GROVE MN 55311 SFD 7.000 6.733 $ 2,428.29 360
7509296 MISSION VIEJO CA 92692 SFD 7.250 6.983 $ 2,880.80 360
7524687 FORT WAYNE IN 46804 PUD 8.375 7.000 $ 2,113.00 360
7527758 KNOXVILLE TN 37922 SFD 7.875 7.000 $ 2,352.85 360
7543855 CHURCHVILLE PA 18966 PUD 8.000 7.000 $ 2,524.15 360
7545361 SHOREVIEW MN 55126 SFD 7.625 7.000 $ 1,981.82 360
7547728 COLTS NECK NJ 07722 SFD 6.750 6.483 $ 3,081.10 360
7556045 ANNANDALE MN 55302 SFD 7.625 7.000 $ 2,378.19 360
7560504 CARLSBAD CA 92009 SFD 8.000 7.000 $ 3,042.92 360
7564177 NEWPORT BEACH CA 92663 MF2 7.000 6.733 $ 1,949.34 360
7570692 PORT ALLEN LA 70767 SFD 7.625 7.000 $ 2,010.13 360
7575744 LONGMONT CO 80503 SFD 6.750 6.483 $ 2,334.95 360
7576368 MONTGOMERY TWP NJ 08502 PUD 7.750 7.000 $ 2,149.24 360
7585654 GREENSBURG PA 15601 SFD 7.250 6.983 $ 2,004.92 360
7600807 ANTIOCH CA 94509 SFD 7.000 6.733 $ 2,029.80 360
7604444 LEESBURG VA 20175 PUD 7.500 7.000 $ 2,051.84 360
7614866 EXTON PA 19341 PUD 6.625 6.358 $ 2,016.98 360
7617226 ROCKLIN CA 95765 SFD 8.250 7.000 $ 1,975.08 360
7628999 RENO NV 89509 PUD 8.250 7.000 $ 2,253.80 360
7632588 TUSTIN CA 92782 PUD 8.125 7.000 $ 3,049.06 360
7642149 MISSION VIEJO CA 92692 SFD 7.250 6.983 $ 2,773.73 360
7648261 SAN DIEGO CA 92121 PUD 7.375 7.000 $ 2,239.51 360
7648451 CALIFON NJ 07830 SFD 7.625 7.000 $ 2,063.22 360
7649247 STILLWATER MN 55082 SFD 7.250 6.983 $ 2,551.69 360
7665403 REDLANDS CA 92373 SFD 7.500 7.000 $ 3,372.51 360
7666935 CLAYTON CA 94517 SFD 7.125 6.858 $ 2,499.50 360
7670066 PLYMOUTH MN 55442 SFD 8.000 7.000 $ 2,348.05 360
7673955 DUCK NC 27949 SFD 8.375 7.000 $ 2,122.12 360
7674844 CARMICHAEL CA 95608 SFD 7.375 7.000 $ 2,645.58 360
7676883 RIVERVALE NJ 07675 SFD 8.250 7.000 $ 3,418.26 360
7678903 RICHBORO PA 18954 SFD 8.500 7.000 $ 2,180.64 360
7682569 FAIRFAX STATION VA 22039 SFD 7.500 7.000 $ 2,556.33 360
7683228 ROWLAND HEIGHTS CA 91748 PUD 8.250 7.000 $ 2,484.44 360
7686905 ANNANDALE VA 22003 SFD 7.375 7.000 $ 2,983.03 360
7687598 ANTIOCH CA 94509 SFD 8.250 7.000 $ 2,253.80 360
7688136 ANNAPOLIS MD 21401 SFD 7.500 7.000 $ 4,544.89 360
7700348 BURKE VA 22015 PUD 7.125 6.858 $ 1,929.53 360
7707134 VERO BEACH FL 32963 PUD 8.000 7.000 $ 7,337.65 360
7708495 CHANDLER AZ 85224 PUD 7.125 6.858 $ 1,845.86 360
7709732 DAYTON OH 45429 SFD 7.625 7.000 $ 1,898.30 360
7710403 GLADWYNE PA 19035 SFD 7.500 7.000 $ 5,244.11 360
7721283 OLNEY MD 20832 PUD 7.750 7.000 $ 2,149.24 360
7723157 BRENTWOOD TN 37027 PUD 7.125 6.858 $ 2,745.07 360
7727221 CASTLE ROCK CO 80104 SFD 7.750 7.000 $ 2,711.01 360
7731551 SAN JOSE CA 95111 LCO 7.000 6.733 $ 1,869.10 360
7731555 CHANDLER AZ 85224 SFD 7.250 6.983 $ 2,609.32 360
7732629 ROLLING HILLS EST CA 90274 SFD 7.125 6.858 $ 4,210.74 360
7733080 MILWAUKEE WI 53211 SFD 7.625 7.000 $ 4,444.94 360
7733333 SAN JOSE CA 95123 SFD 8.000 7.000 $ 2,939.46 360
7734474 AMHERST NH 03031 SFD 8.500 7.000 $ 2,415.16 360
7735542 WEST BRANCH IA 52358 SFD 7.750 7.000 $ 4,226.83 360
7739168 AURORA CO 80016 PUD 8.250 7.000 $ 2,019.40 360
7740825 CORONADO CA 92118 MF2 7.500 7.000 $ 2,848.60 360
7743169 VALLEJO CA 94591 SFD 7.625 7.000 $ 1,844.51 360
7744321 ANDOVER MN 55304 SFD 8.250 7.000 $ 2,328.93 360
7745666 LOS ANGELES CA 90066 MF2 7.250 6.983 $ 2,393.76 360
7746122 MOUNTAIN VIEW CA 94043 SFD 7.750 7.000 $ 2,017.42 360
7746950 MINNEAPOLIS MN 55435 SFD 7.625 7.000 $ 2,202.65 360
7747309 SIMI VALLEY CA 93065 PUD 7.875 7.000 $ 2,563.12 360
7747876 ISSAQUAH WA 98027 SFD 7.750 7.000 $ 1,977.30 360
7749757 PLEASANTON CA 94588 PUD 7.875 7.000 $ 2,303.48 360
7752374 TIGARD OR 97223 SFD 7.375 7.000 $ 2,072.03 360
7752568 THOUSAND OAKS CA 91320 SFD 6.875 6.608 $ 3,103.86 360
7753235 ROSEVILLE CA 95678 SFD 7.625 7.000 $ 2,426.76 360
7753305 FLOWER MOUND TX 75028 SFD 7.625 7.000 $ 1,940.06 360
7756830 SOCIAL CIRCLE GA 30025 SFD 7.250 6.983 $ 2,455.83 360
7761524 MIAMI FL 33158 SFD 8.375 7.000 $ 2,955.16 360
7763751 SAN DIEGO CA 92130 PUD 7.250 6.983 $ 2,965.42 360
7765189 LONG BEACH CA 90802 HCO 7.500 7.000 $ 1,957.80 360
7766574 AURORA CO 80016 PUD 7.250 6.983 $ 2,124.98 360
7771798 MESA AZ 85213 PUD 7.375 7.000 $ 2,486.43 360
7773662 TRAPPE PA 19426 PUD 7.250 6.983 $ 955.05 360
7775887 VALLEJO CA 94591 SFD 8.125 7.000 $ 1,889.66 360
7777035 PUTNAM VALLEY NY 10579 SFD 7.500 7.000 $ 2,349.36 360
7778328 REDONDO BEACH CA 90278 MF2 7.625 7.000 $ 2,234.50 360
7779402 CAMARILLO CA 93012 SFD 8.250 7.000 $ 3,534.56 360
7780706 LONG GROVE IL 60047 SFD 7.375 7.000 $ 2,936.75 360
7781255 SOUTH PASADENA CA 91030 SFD 8.375 7.000 $ 1,185.71 360
7782362 ROWLAND HEIGHTS CA 91748 PUD 8.250 7.000 $ 2,291.36 360
7782866 VIRGINIA BEACH VA 23451 SFD 7.250 6.983 $ 2,564.98 360
7782959 ROCHESTER MN 55902 SFD 7.375 7.000 $ 1,922.84 360
7784516 ANDOVER MA 01810 SFD 7.500 7.000 $ 2,517.17 360
7785309 FORT WAYNE IN 46814 PUD 7.875 7.000 $ 2,291.22 360
7789708 SAN JOSE CA 95135 SFD 7.500 7.000 $ 3,670.88 360
7792524 EVERETT WA 98203 SFD 7.125 6.858 $ 1,740.89 360
7792544 FORT LEE NJ 07024 SFD 7.625 7.000 $ 2,202.65 360
7793307 MAPLE GROVE MN 55311 SFD 8.500 7.000 $ 1,897.68 360
7795016 FOREST HILLS NY 11375 SFD 8.375 7.000 $ 1,985.69 360
7796695 MOUNTAIN LAKES NJ 07046 SFD 8.500 7.000 $ 2,521.42 360
7796913 FRISCO TX 75034 SFD 7.375 7.000 $ 2,009.17 360
7797019 HUNTINGTON BEACH CA 92647 SFD 8.250 7.000 $ 1,984.10 360
7798033 SOMERS NY 10566 SFD 8.125 7.000 $ 4,074.82 360
7798377 SAN DIEGO CA 92130 SFD 7.500 7.000 $ 3,006.62 360
7798962 SOUTHLAKE TX 76092 SFD 7.500 7.000 $ 4,268.01 360
7799946 SIMI VALLEY CA 93065 SFD 7.625 7.000 $ 1,956.70 360
7800560 NEWTON MA 02168 SFD 7.500 7.000 $ 3,076.54 360
7802266 ROWLAND HEIGHTS CA 91748 SFD 8.375 7.000 $ 2,280.22 360
7805481 LAWRENCE TWP. NJ 08540 SFD 8.375 7.000 $ 2,608.57 360
7806052 CRANBURY NJ 08512 SFD 7.875 7.000 $ 2,610.25 360
7806062 GREENWICH CT 06831 SFD 8.000 7.000 $ 3,808.24 360
7806903 ROWLAND HEIGHTS CA 91748 PUD 8.875 7.000 $ 2,520.05 360
7808899 MILL VALLEY CA 94941 SFD 7.750 7.000 $ 3,832.81 360
7813049 PALM BEACH GARDEN FL 33410 SFD 8.250 7.000 $ 1,834.22 360
7813824 GREAT FALLS VA 22066 SFD 7.625 7.000 $ 2,264.23 360
7816064 SAN JOSE CA 95138 SFD 8.250 7.000 $ 1,980.34 360
7816767 PASADENA CA 91104 SFD 7.875 7.000 $ 2,748.01 360
7819900 WASHINGTON DC 20016 SFD 6.875 6.608 $ 2,890.49 360
7820750 RAMONA CA 92065 SFD 8.250 7.000 $ 1,975.83 360
7820908 HUNTINGTON BEACH CA 92646 SFD 7.875 7.000 $ 3,226.56 360
7821468 TAMPA FL 33624 SFD 7.750 7.000 $ 1,834.02 360
7823406 STOCKTON CA 95219 SFD 8.125 7.000 $ 2,821.49 360
7823782 THE WOODLANDS TX 77382 PUD 7.750 7.000 $ 2,684.48 360
7824446 ST. CHARLES IL 60175 SFD 8.500 7.000 $ 4,305.91 360
7826895 EDINA MN 55439 SFD 6.750 6.483 $ 2,464.67 360
7829556 EATONTON GA 31024 PUD 7.625 7.000 $ 2,661.30 360
7829626 SOLEBURY PA 18963 SFD 8.375 7.000 $ 2,736.26 360
7830232 LUTHERVILLE MD 21093 PUD 7.750 7.000 $ 2,699.44 360
7830914 SANTA CLARITA CA 91350 SFD 8.500 7.000 $ 2,107.40 360
7832201 LAWRENCE TWP NJ 08648 SFD 7.750 7.000 $ 2,328.34 360
7832455 ALPHARETTA GA 30004 SFD 7.750 7.000 $ 2,256.70 360
7832632 OCEAN CITY NJ 08226 LCO 8.250 7.000 $ 2,301.13 360
7834786 SCOTTSDALE AZ 85259 SFD 8.625 7.000 $ 2,342.70 360
7836493 SPRINGFIELD NJ 07081 SFD 7.875 7.000 $ 2,320.22 360
7837429 OCEAN CITY NJ 08226 LCO 8.375 7.000 $ 3,129.22 360
7838041 LAS VEGAS NV 89145 PUD 7.500 7.000 $ 1,927.38 360
7838133 CAMARILLO CA 93012 SFD 7.250 6.983 $ 2,166.25 360
7838448 MADISON CT 06443 SFD 8.500 7.000 $ 2,568.17 360
7840463 ENUMCLAW WA 98022 SFD 8.250 7.000 $ 1,933.38 360
7840665 GLEN ELLYN IL 60137 SFD 8.250 7.000 $ 3,005.07 360
7841372 VIENNA VA 22180 SFD 8.125 7.000 $ 2,132.45 360
7844363 FLORAL PARK NY 11004 SFD 8.250 7.000 $ 1,352.28 360
7844401 SIMI VALLEY CA 93065 SFD 8.250 7.000 $ 2,366.49 360
7844936 STONE HARBOR NJ 08247 SFD 8.125 7.000 $ 2,784.36 360
7848651 LAFAYETTE CA 94549 SFD 8.500 7.000 $ 2,152.96 360
7848871 POTOMAC MD 20854 SFD 8.000 7.000 $ 1,978.23 360
7849320 HENDERSON NV 89012 PUD 8.125 7.000 $ 2,116.12 360
7852805 CHICAGO IL 60657 LCO 8.625 7.000 $ 2,722.26 360
7854955 ATLANTA GA 30339 SFD 8.750 7.000 $ 2,478.11 360
7855547 CHAPEL HILL NC 27514 SFD 8.375 7.000 $ 2,237.65 360
7856062 PHOENIX AZ 85028 PUD 8.375 7.000 $ 1,168.61 360
7856409 VIRGINIA BEACH VA 23455 SFD 8.250 7.000 $ 2,691.04 360
7856719 EL DORADO HILLS CA 95762 SFD 8.250 7.000 $ 3,455.83 360
7857312 APOPKA FL 32703 SFD 8.000 7.000 $ 2,201.29 360
7858603 LOS ANGELES CA 91324 LCO 8.750 7.000 $ 472.02 360
7859304 BURLINGAME CA 94010 SFD 8.125 7.000 $ 2,598.74 360
7859459 LONGBOAT KEY FL 34228 LCO 8.375 7.000 $ 5,073.48 360
7859690 WEST RIVER MD 20778 SFD 8.250 7.000 $ 2,584.36 360
7861762 YORK ME 03909 SFD 8.375 7.000 $ 3,283.51 360
7862029 SEATTLE WA 98136 SFD 8.500 7.000 $ 2,614.31 360
7864645 SANTA CLARITA CA 91355 PUD 7.875 7.000 $ 1,914.18 360
7865152 HUNTINGTON BEACH CA 92649 SFD 8.125 7.000 $ 1,923.07 360
7865521 WEST BLOOMFIELD MI 48323 SFD 8.250 7.000 $ 2,644.46 360
7867797 COTATI CA 94931 SFD 8.125 7.000 $ 2,049.29 360
7867840 ROCKVILLE MD 20853 SFD 7.875 7.000 $ 2,897.38 360
7868044 CHANDLER AZ 85248 SFD 7.875 7.000 $ 2,051.95 360
7868928 NAPA CA 94558 PUD 7.875 7.000 $ 2,537.74 360
7869148 RANCHO CUCAMONGA CA 91737 SFD 8.250 7.000 $ 1,899.58 360
7870492 DIX HILLS NY 11746 SFD 8.000 7.000 $ 2,714.93 360
7871504 FORT COLLINS CO 80528 SFD 7.750 7.000 $ 2,911.50 360
7871795 LOS ANGELES CA 90036 SFD 8.250 7.000 $ 2,704.56 360
7871820 OAK BLUFFS MA 02557 SFD 8.125 7.000 $ 1,989.89 360
7872565 LAGUNA BEACH CA 92651 SFD 8.000 7.000 $ 6,713.95 360
7873189 GERMANTOWN TN 38138 SFD 8.375 7.000 $ 2,882.19 360
7873849 LA QUINTA CA 92253 PUD 8.000 7.000 $ 3,045.86 360
7874673 KAILUA HI 96734 SFD 7.750 7.000 $ 3,070.18 360
7876719 FREMONT CA 94539 SFD 7.750 7.000 $ 3,089.17 360
7877716 PLYMOUTH MI 48170 SFD 7.875 7.000 $ 2,131.70 360
7878255 UPLAND CA 91784 SFD 7.750 7.000 $ 2,435.80 360
7878400 FORT COLLINS CO 80525 PUD 7.875 7.000 $ 2,175.21 360
7878826 ZEPHYR COVE NV 89448 SFD 8.875 7.000 $ 2,227.81 360
7879138 STONINGTON CT 06378 SFD 7.875 7.000 $ 2,972.78 360
7879484 MARIETTA GA 30068 PUD 7.750 7.000 $ 2,686.55 360
7879807 WASHINGTON DC 20002 SFD 7.875 7.000 $ 1,885.18 360
7880063 ALISO VIEJO AREA CA 92656 SFD 7.500 7.000 $ 1,859.91 360
7880273 SOUTHWEST HARBOR ME 04679 SFD 8.500 7.000 $ 815.05 360
7881448 SHOREVIEW MN 55126 SFD 8.000 7.000 $ 1,834.41 360
7881935 SIMI VALLEY CA 93065 LCO 8.125 7.000 $ 1,113.19 360
7882053 MONROE WA 98272 SFD 7.875 7.000 $ 3,973.38 360
7883672 KERRVILLE TX 78028 SFD 8.125 7.000 $ 2,088.27 360
7889187 VILLA PARK CA 92861 SFD 7.750 7.000 $ 3,460.27 360
7891056 EDINA MN 55439 SFD 8.000 7.000 $ 2,083.89 360
7893014 MORRO BAY CA 93442 SFD 7.750 7.000 $ 2,458.73 360
7893202 SIMI VALLEY CA 93065 PUD 7.875 7.000 $ 2,494.24 360
7894151 COLLIERVILLE TN 38117 SFD 8.125 7.000 $ 2,138.39 360
7895068 LOS ANGELES CA 90023 SFD 8.000 7.000 $ 3,199.21 360
7897477 LIVERMORE CA 94550 SFD 8.375 7.000 $ 2,505.20 360
7897566 SPRINGBORO OH 45066 SFD 8.375 7.000 $ 2,158.61 360
7903633 METAIRIE LA 70005 SFD 8.500 7.000 $ 4,029.11 360
7913061 BOULDER CO 80304 SFD 7.625 7.000 $ 2,165.85 360
7913819 PONTE VEDRA BEACH FL 32082 SFD 8.500 7.000 $ 2,429.77 360
7924853 BELLEVUE WA 98006 PUD 8.000 7.000 $ 3,668.82 360
</TABLE>
<TABLE>
NASCOR
NMI / 1999-24 Exhibit F-2
30 YEAR FIXED RATE NON RELOCATION LOANS
<CAPTION>
(i) (viii) (ix) (x) (xi) (xii) (xiii) (xIv)
- -------- ----------- -------------- ------ --------- ---------- -------- -----------
CUT-OFF
SCHEDULED DATE MORTGAGE T.O.P.
MORTGAGE MATURITY PRINCIPAL INSURANCE SERVICE MORTGAGE
NUMBER DATE BALANCE LTV SUBSIDY CODE FEE LOAN
- ---------- ----------- -------------- ------ --------- ---------- -------- -----------
<S> <C> <C> <C> <C> <C> <C> <C>
4721988 1-Jan-28 $ 129,164.21 73.30 0.250
4790607 1-Aug-28 $ 258,144.41 89.97 11 0.250
4842602 1-Sep-23 $ 264,354.62 79.12 0.250
4862755 1-Aug-28 $ 311,084.15 70.00 0.250
4863365 1-Sep-28 $ 183,995.91 75.30 0.250
4866334 1-Dec-28 $ 692,137.38 46.67 0.250
4883761 1-Sep-29 $ 295,229.38 95.00 17 0.250
4887519 1-Oct-29 $ 292,000.00 80.00 0.250
4914951 1-Sep-29 $ 274,829.08 68.75 0.250
4933914 1-Oct-29 $ 296,500.00 55.11 0.250
4946332 1-Sep-29 $ 377,752.73 90.00 11 0.250
4951278 1-Sep-29 $ 343,786.18 80.00 0.250
4998583 1-May-29 $ 265,096.16 64.61 0.250
5000698 1-Oct-29 $ 360,000.00 77.42 0.250
5000945 1-Mar-29 $ 369,470.55 71.33 0.250
5001008 1-Sep-29 $ 407,454.88 79.99 0.250
5001918 1-Oct-29 $ 317,700.00 90.00 13 0.250
5006391 1-Jul-29 $ 295,634.34 75.00 0.250
5006909 1-Oct-29 $ 288,000.00 80.00 0.250
5009293 1-Sep-29 $ 260,620.51 80.00 0.250
5012370 1-Oct-29 $ 285,000.00 75.00 0.250
5015914 1-Sep-29 $ 399,744.93 88.11 01 0.250
5016668 1-Oct-29 $ 543,000.00 70.00 0.250
5017365 1-Oct-29 $ 311,880.00 79.98 0.250
5020943 1-Jun-29 $ 399,768.18 56.48 0.250
5024747 1-Oct-29 $ 292,500.00 90.00 33 0.250
5029106 1-Sep-29 $ 256,323.47 90.00 01 0.250
5029489 1-Oct-29 $ 301,500.00 90.00 06 0.250
5031404 1-Jun-29 $ 430,605.77 61.71 0.250
5031647 1-Sep-29 $ 454,171.04 52.54 0.250
5032123 1-Jul-29 $ 598,515.92 75.00 0.250
5032549 1-Jul-29 $ 478,897.54 80.00 0.250
5040185 1-May-29 $ 346,464.94 80.00 0.250
5040331 1-Apr-29 $ 633,330.35 80.00 0.250
5041093 1-May-29 $ 357,923.13 80.00 0.250
5041519 1-Aug-29 $ 377,836.60 80.00 0.250
5041813 1-Oct-29 $ 350,000.00 61.95 0.250
5042655 1-Oct-29 $ 385,000.00 55.00 0.250
5042760 1-Oct-29 $ 280,000.00 62.22 0.250
5042813 1-Oct-29 $ 290,000.00 69.05 0.250
5043089 1-May-28 $ 276,206.37 70.45 0.250
5044174 1-May-29 $ 172,273.83 80.00 0.250
5045007 1-Oct-29 $ 112,000.00 78.60 0.250
5045985 1-Oct-29 $ 353,600.00 80.00 0.250
5045990 1-May-29 $ 165,411.24 79.99 0.250
5048234 1-Aug-29 $ 264,355.74 86.89 06 0.250
5048900 1-Oct-29 $ 476,000.00 80.00 0.250
5051400 1-Oct-29 $ 245,700.00 66.41 0.250
5052226 1-Oct-29 $ 452,000.00 80.00 0.250
5053243 1-Oct-29 $ 500,000.00 52.08 0.250
5053955 1-Oct-29 $ 155,000.00 46.27 0.250
5054707 1-Sep-29 $ 386,752.58 80.00 0.250
5055319 1-Oct-29 $ 328,750.00 69.99 0.250
5055330 1-Sep-29 $ 274,790.75 44.00 0.250
5055811 1-Oct-29 $ 300,000.00 79.05 0.250
5056337 1-Sep-29 $ 289,790.11 74.55 0.250
5056698 1-Oct-29 $ 380,000.00 62.31 0.250
5057454 1-Sep-29 $ 333,758.25 49.93 0.250
5057633 1-Aug-29 $ 292,519.40 86.18 12 0.250
5057655 1-Oct-29 $ 636,000.00 76.08 0.250
5058187 1-May-29 $ 474,073.97 80.00 0.250
5059103 1-Sep-29 $ 327,262.96 76.61 0.250
5059246 1-Sep-29 $ 343,257.56 77.19 0.250
5059660 1-Aug-29 $ 289,329.27 89.99 11 0.250
5060957 1-Jun-29 $ 455,062.60 73.63 0.250
5061416 1-Jun-29 $ 261,446.78 75.00 0.250
5062075 1-Jun-29 $ 348,701.98 89.91 33 0.250
5062563 1-Sep-29 $ 293,117.69 70.00 0.250
5062572 1-Sep-29 $ 274,810.74 85.94 01 0.250
5063869 1-Jan-28 $ 295,029.37 52.17 0.250
5064150 1-Oct-29 $ 280,000.00 65.12 0.250
5064181 1-Oct-29 $ 500,000.00 71.94 0.250
5064326 1-Jul-29 $ 383,939.92 90.00 13 0.250
5064697 1-Sep-29 $ 279,812.12 80.00 0.250
5064714 1-Oct-29 $ 279,520.00 79.86 0.250
5065149 1-Sep-29 $ 183,635.79 75.00 0.250
5066483 1-Sep-29 $ 295,785.77 80.00 0.250
5066835 1-Oct-29 $ 282,787.00 95.00 06 0.250
5066900 1-Feb-29 $ 372,275.91 80.00 0.250
5066959 1-Jul-29 $ 279,487.51 87.50 12 0.250
5067195 1-Sep-19 $ 270,791.83 76.73 0.250
5068041 1-Sep-29 $ 299,798.70 72.30 0.250
5068257 1-Sep-29 $ 329,286.23 69.37 0.250
5068864 1-Aug-29 $ 268,138.48 73.50 0.250
5069479 1-Aug-29 $ 289,169.90 94.99 12 0.250
5069798 1-Sep-29 $ 344,756.49 44.81 0.250
5069973 1-May-29 $ 244,606.26 79.23 0.250
5070137 1-Oct-29 $ 408,000.00 80.00 0.250
5070338 1-Sep-29 $ 268,919.43 90.00 01 0.250
5070470 1-Sep-29 $ 297,845.50 79.89 0.250
5070959 1-Sep-29 $ 419,703.56 77.78 0.250
5071013 1-Sep-29 $ 574,604.29 61.22 0.250
5071177 1-Jul-29 $ 95,668.55 79.92 0.250
5071198 1-Jul-29 $ 137,720.34 80.00 0.250
5071294 1-Sep-29 $ 371,712.82 80.00 0.250
5071413 1-Sep-29 $ 284,793.72 78.08 0.250
5071928 1-Oct-29 $ 256,000.00 80.00 0.250
5071984 1-Oct-29 $ 400,000.00 70.48 0.250
5072096 1-Aug-29 $ 311,047.66 80.00 0.250
5072373 1-Sep-29 $ 419,718.19 61.76 0.250
5072993 1-Oct-29 $ 363,600.00 90.00 01 0.250
5073428 1-Sep-29 $ 260,833.57 90.00 13 0.250
5073594 1-Oct-29 $ 322,500.00 75.00 0.250
5073816 1-Jun-29 $ 386,716.63 80.00 0.250
5073977 1-Sep-29 $ 439,656.76 80.00 0.250
5074249 1-May-29 $ 281,719.35 72.56 0.250
5074346 1-May-29 $ 582,632.95 54.42 0.250
5074354 1-Jun-29 $ 637,830.76 35.56 0.250
5074435 1-Apr-29 $ 262,122.70 73.61 0.250
5074445 1-May-29 $ 278,838.95 80.00 0.250
5074501 1-Jun-29 $ 303,571.22 76.25 0.250
5074561 1-May-29 $ 408,381.32 79.61 0.250
5074887 1-Sep-29 $ 369,738.85 64.91 GD 3YR 0.250
5074926 1-Sep-29 $ 378,269.06 79.99 0.250
5074945 1-Sep-29 $ 291,799.05 66.74 0.250
5075537 1-Sep-29 $ 339,771.87 80.00 0.250
5076004 1-Aug-29 $ 312,357.03 80.00 0.250
5076057 1-Sep-29 $ 299,793.54 78.95 0.250
5076066 1-Apr-29 $ 266,629.58 82.46 06 0.250
5076143 1-Jun-29 $ 282,193.26 83.73 13 0.250
5076182 1-Jun-29 $ 327,386.57 90.00 01 0.250
5076185 1-Apr-29 $ 424,621.99 85.00 01 0.250
5076297 1-Jun-29 $ 257,651.92 79.99 0.250
5076347 1-Sep-29 $ 427,182.73 51.66 0.250
5076415 1-Jun-29 $ 291,034.16 80.00 0.250
5076416 1-Oct-29 $ 367,000.00 55.61 0.250
5076525 1-Apr-29 $ 250,431.05 95.00 01 0.250
5076535 1-Jun-29 $ 358,809.28 70.59 0.250
5076573 1-Jun-29 $ 328,960.83 75.00 0.250
5076601 1-Jun-29 $ 372,217.41 90.00 06 0.250
5076750 1-Sep-29 $ 134,899.81 75.00 0.250
5076769 1-Jun-29 $ 254,216.66 75.00 0.250
5076791 1-Jul-29 $ 295,231.14 80.00 0.250
5076809 1-Jun-29 $ 390,267.21 90.00 17 0.250
5076898 1-Jul-29 $ 295,303.06 80.00 0.250
5077004 1-Sep-29 $ 324,776.33 45.26 0.250
5077391 1-Jun-29 $ 303,839.82 80.00 0.250
5077410 1-Oct-29 $ 410,600.00 75.00 0.250
5077510 1-Jun-29 $ 432,268.04 80.00 0.250
5077782 1-Oct-29 $ 105,000.00 55.85 0.250
5077883 1-Oct-29 $ 460,000.00 80.00 0.250
5077921 1-Jun-29 $ 257,207.43 80.00 0.250
5077936 1-Apr-29 $ 408,509.00 79.95 0.250
5078177 1-Jun-29 $ 313,983.36 90.00 13 0.250
5078380 1-Oct-29 $ 343,300.00 89.17 11 0.250
5078410 1-Sep-29 $ 309,752.10 66.17 0.250
5078474 1-Oct-29 $ 475,000.00 79.83 0.250
5078820 1-Jun-29 $ 282,869.50 80.00 0.250
5078852 1-Apr-29 $ 290,194.57 95.00 13 0.250
5078951 1-Oct-29 $ 575,480.00 79.93 0.250
5079286 1-Oct-29 $ 280,000.00 54.37 0.250
5079746 1-Oct-29 $ 650,000.00 72.22 0.250
5079783 1-Sep-29 $ 303,785.43 80.00 0.250
5079940 1-Oct-29 $ 263,800.00 95.00 13 0.250
5080269 1-Sep-29 $ 317,396.89 90.00 01 0.250
5080581 1-Sep-29 $ 529,644.38 54.75 0.250
5080649 1-Sep-29 $ 322,594.16 80.00 0.250
5080770 1-Sep-29 $ 349,752.98 53.85 0.250
5080776 1-Sep-29 $ 649,552.68 50.98 0.250
5081277 1-Sep-29 $ 433,383.06 72.33 0.250
5081466 1-Aug-29 $ 277,071.27 95.00 06 0.250
5081648 1-Oct-29 $ 292,000.00 80.00 0.250
5082418 1-Oct-29 $ 499,000.00 65.57 0.250
5082787 1-Oct-29 $ 328,100.00 85.00 01 0.250
5082947 1-Sep-29 $ 849,471.67 53.13 0.250
5082990 1-Sep-29 $ 299,822.88 84.99 13 0.250
5083081 1-Oct-29 $ 330,000.00 72.53 0.250
5083713 1-Aug-29 $ 345,098.13 80.00 0.250
5083714 1-Sep-29 $ 261,828.62 72.38 0.250
5083717 1-Oct-29 $ 320,000.00 65.31 0.250
5083719 1-Sep-29 $ 262,310.01 75.00 0.250
5083731 1-Oct-29 $ 269,000.00 51.83 0.250
5083774 1-Jul-29 $ 798,378.88 39.02 0.250
5084012 1-May-29 $ 259,691.85 80.00 0.250
5084028 1-May-29 $ 263,979.31 79.70 0.250
5084057 1-Aug-29 $ 298,417.63 90.00 33 0.250
5084150 1-Aug-29 $ 648,932.34 63.72 0.250
5084263 1-Oct-29 $ 500,000.00 66.10 0.250
5084507 1-Oct-29 $ 332,100.00 79.99 0.250
5085017 1-Sep-29 $ 272,030.81 80.00 0.250
5085175 1-Oct-29 $ 253,000.00 75.52 0.250
5085217 1-Sep-29 $ 241,849.58 90.00 33 0.250
5085575 1-Aug-29 $ 299,575.15 61.22 0.250
5085608 1-Sep-29 $ 269,836.43 90.00 11 0.250
5085687 1-Sep-29 $ 399,757.67 80.00 0.250
5085735 1-Jul-29 $ 312,016.67 74.45 0.250
5086003 1-Aug-29 $ 284,396.66 80.00 0.250
5086017 1-Aug-29 $ 276,607.71 82.69 33 0.250
5086106 1-Aug-29 $ 287,581.78 80.00 0.250
5086158 1-May-29 $ 348,004.40 73.86 0.250
5086181 1-Jul-29 $ 281,269.56 79.99 0.250
5086206 1-Oct-29 $ 288,000.00 90.00 33 0.250
5086299 1-Sep-29 $ 464,752.54 72.66 0.250
5086442 1-Aug-29 $ 283,053.60 88.04 33 0.250
5086464 1-Oct-29 $ 502,400.00 80.00 0.250
5086726 1-Oct-29 $ 130,000.00 63.41 0.250
5087108 1-Sep-29 $ 287,816.35 80.00 0.250
5087228 1-Jun-29 $ 318,992.37 73.90 0.250
5087693 1-Sep-29 $ 309,802.32 71.26 0.250
5088498 1-Oct-29 $ 472,000.00 80.00 0.250
5088731 1-Sep-29 $ 299,018.74 74.99 0.250
5089006 1-Jul-29 $ 359,109.56 62.61 0.250
5089012 1-Sep-29 $ 432,602.08 69.99 0.250
5089017 1-Jun-29 $ 286,716.51 80.00 0.250
5089021 1-Jul-29 $ 363,163.96 80.00 0.250
5089030 1-Jun-29 $ 263,966.18 80.00 0.250
5089041 1-Jul-29 $ 254,359.43 71.83 0.250
5089048 1-Jun-19 $ 297,349.11 78.92 0.250
5089058 1-Jul-29 $ 289,366.32 74.36 0.250
5089067 1-Jul-29 $ 310,530.56 80.00 0.250
5089137 1-Jul-29 $ 266,984.79 80.00 0.250
5089150 1-Jun-29 $ 404,623.85 67.67 0.250
5089178 1-Jul-29 $ 324,289.83 70.81 0.250
5089187 1-Jul-29 $ 278,259.40 90.00 17 0.250
5089209 1-Jun-29 $ 548,180.86 47.83 0.250
5089238 1-Jun-29 $ 592,335.59 80.00 0.250
5089258 1-May-29 $ 373,406.60 58.59 0.250
5089273 1-May-28 $ 335,702.66 69.39 0.250
5089276 1-Sep-29 $ 124,918.22 71.43 0.250
5089287 1-Jul-29 $ 284,241.47 74.03 0.250
5089576 1-Jun-29 $ 454,454.39 80.00 0.250
5089582 1-Dec-28 $ 431,960.99 67.08 0.250
5089591 1-Jul-29 $ 513,595.73 68.67 0.250
5089762 1-Sep-29 $ 291,836.30 80.00 0.250
5090152 1-Jun-29 $ 375,254.68 79.99 0.250
5090163 1-Jul-29 $ 332,949.58 90.00 06 0.250
5090172 1-Jun-29 $ 512,932.34 79.39 0.250
5090177 1-Jul-19 $ 263,555.27 63.10 0.250
5090181 1-Jul-29 $ 299,181.96 75.00 0.250
5090187 1-Jul-29 $ 403,696.22 80.00 0.250
5090195 1-Jul-29 $ 598,479.09 80.00 0.250
5090198 1-Jul-29 $ 269,763.38 80.00 0.250
5090205 1-Sep-29 $ 255,823.82 87.43 13 0.250
5090208 1-Jul-29 $ 291,640.50 90.00 01 0.250
5090211 1-Jul-29 $ 319,300.76 62.14 0.250
5090217 1-May-29 $ 323,716.90 65.00 0.250
5090218 1-Jun-29 $ 309,223.80 85.00 06 0.250
5090229 1-Aug-29 $ 331,480.45 80.00 0.250
5090232 1-Jul-29 $ 299,275.99 77.92 0.250
5090245 1-Jul-29 $ 259,387.84 80.00 0.250
5090252 1-Jun-29 $ 513,092.76 66.58 0.250
5090297 1-Jul-29 $ 438,884.67 80.00 0.250
5090298 1-Aug-29 $ 454,371.68 70.00 0.250
5090304 1-Aug-29 $ 367,478.86 80.00 0.250
5090316 1-Jul-29 $ 295,336.84 80.00 0.250
5090372 1-Jul-29 $ 327,246.63 79.42 0.250
5090384 1-Jul-29 $ 384,199.90 61.60 0.250
5090387 1-Jul-29 $ 283,444.67 79.99 0.250
5090392 1-Jul-29 $ 331,018.78 79.99 0.250
5090404 1-Jul-29 $ 349,254.12 74.47 0.250
5090436 1-Jul-29 $ 359,109.56 75.79 0.250
5090469 1-Jul-29 $ 423,896.06 77.27 0.250
5090472 1-Jun-29 $ 274,090.39 70.52 0.250
5090479 1-Jun-29 $ 546,096.74 80.00 0.250
5090494 1-Jun-29 $ 318,143.83 79.99 0.250
5090504 1-Jul-29 $ 284,422.48 67.06 0.250
5090507 1-Jun-29 $ 374,518.58 80.00 0.250
5090516 1-Jun-29 $ 251,166.47 80.00 0.250
5090517 1-Jun-29 $ 298,983.15 71.43 0.250
5090528 1-Jul-29 $ 299,392.07 71.45 0.250
5090534 1-Jul-29 $ 384,270.38 85.60 12 0.250
5090536 1-May-29 $ 298,815.63 68.97 0.250
5090548 1-Jul-29 $ 299,157.00 80.00 0.250
5090551 1-Jul-29 $ 618,610.94 77.99 0.250
5090557 1-Apr-29 $ 373,261.36 79.92 0.250
5090559 1-Jul-29 $ 293,357.56 68.37 0.250
5090565 1-Apr-29 $ 297,433.51 70.35 0.250
5090569 1-Jul-29 $ 428,883.05 58.90 0.250
5090572 1-Jul-29 $ 287,287.63 80.00 0.250
5090577 1-Jul-29 $ 253,462.38 80.00 0.250
5090578 1-Jun-29 $ 284,931.95 74.09 0.250
5090580 1-Jul-29 $ 339,072.89 80.00 0.250
5090584 1-Jul-29 $ 248,797.52 73.75 0.250
5090585 1-Jul-29 $ 302,468.30 80.00 0.250
5090586 1-Jul-29 $ 510,807.57 80.00 0.250
5090588 1-Jul-29 $ 283,379.40 80.00 0.250
5090604 1-Apr-29 $ 363,087.70 62.93 0.250
5090615 1-Jul-29 $ 299,327.90 56.60 0.250
5090620 1-Jul-29 $ 289,699.17 80.00 0.250
5090624 1-Nov-28 $ 644,250.68 78.79 0.250
5090628 1-May-29 $ 410,206.29 80.00 0.250
5090638 1-Oct-29 $ 465,000.00 80.00 0.250
5090670 1-Sep-29 $ 386,759.46 90.00 24 0.250
5090731 1-Jul-29 $ 520,644.12 80.00 0.250
5090735 1-Jul-29 $ 287,323.39 80.00 0.250
5090739 1-Jul-29 $ 294,885.88 79.91 0.250
5090745 1-May-29 $ 279,116.03 95.00 12 0.250
5090750 1-Jul-29 $ 423,723.19 80.00 0.250
5090764 1-Jul-29 $ 249,350.61 57.60 0.250
5090773 1-Jun-29 $ 380,911.09 74.90 0.250
5090795 1-Jul-29 $ 548,997.76 80.00 0.250
5090803 1-Jul-29 $ 343,248.29 80.00 0.250
5090817 1-Jul-29 $ 358,383.04 75.00 0.250
5090822 1-Jul-29 $ 344,207.60 72.63 0.250
5090828 1-Jun-29 $ 398,644.20 72.73 0.250
5090841 1-Jul-29 $ 321,163.60 80.00 0.250
5090858 1-Jul-29 $ 301,205.04 78.44 0.250
5090862 1-Jun-29 $ 548,180.82 64.97 0.250
5090872 1-Jul-29 $ 335,208.88 80.00 0.250
5090877 1-Jul-29 $ 548,672.66 51.40 0.250
5090879 1-Jun-29 $ 426,584.39 80.00 0.250
5090882 1-Oct-29 $ 350,100.00 90.00 06 0.250
5090886 1-Jun-29 $ 347,596.46 79.99 0.250
5090894 1-Jul-29 $ 289,200.38 74.35 0.250
5090898 1-Jul-29 $ 269,036.27 84.38 11 0.250
5090922 1-Aug-29 $ 99,861.91 68.26 0.250
5090960 1-Jun-29 $ 483,395.82 65.72 0.250
5090988 1-Sep-29 $ 294,721.16 90.00 06 0.250
5091008 1-Jul-29 $ 246,432.68 79.68 0.250
5091013 1-Jul-29 $ 387,713.30 80.00 0.250
5091016 1-Jul-29 $ 351,150.51 80.00 0.250
5091021 1-Jul-29 $ 485,603.95 75.00 0.250
5091024 1-Jul-29 $ 443,453.43 80.00 0.250
5091038 1-Jul-29 $ 292,873.77 80.00 0.250
5091041 1-Jul-29 $ 291,241.52 80.00 0.250
5091073 1-Jul-29 $ 319,246.59 80.00 0.250
5091100 1-Jul-29 $ 287,321.92 80.00 0.250
5091117 1-Jul-29 $ 310,485.20 80.00 0.250
5091198 1-Jul-29 $ 386,894.74 72.12 0.250
5091208 1-Jul-29 $ 275,317.35 80.00 0.250
5091217 1-Jul-29 $ 263,143.83 80.00 0.250
5091223 1-Jun-29 $ 285,897.66 80.00 0.250
5091236 1-Jul-29 $ 359,109.56 80.00 0.250
5091248 1-Jul-29 $ 347,160.14 80.00 0.250
5091255 1-Jul-29 $ 279,823.07 85.00 01 0.250
5091266 1-Jul-29 $ 498,960.92 77.52 0.250
5091273 1-Jul-29 $ 282,571.17 77.37 0.250
5091274 1-Jul-29 $ 287,321.92 80.00 0.250
5091278 1-Jun-29 $ 346,283.97 90.00 12 0.250
5091280 1-Jun-29 $ 378,733.25 80.00 0.250
5091283 1-Jul-29 $ 299,310.95 80.00 0.250
5091293 1-Jul-29 $ 383,160.91 80.00 0.250
5091294 1-Jul-29 $ 319,265.00 80.00 0.250
5091297 1-Jul-29 $ 399,103.85 32.65 0.250
5091303 1-Jun-29 $ 386,747.79 80.00 0.250
5091305 1-Jul-29 $ 373,140.98 75.33 0.250
5091313 1-Jul-29 $ 499,036.89 78.25 0.250
5091315 1-Jul-29 $ 282,881.09 80.00 0.250
5091320 1-Aug-29 $ 399,404.42 64.67 0.250
5091326 1-Jul-29 $ 294,305.44 72.84 0.250
5091328 1-Jul-29 $ 305,713.53 80.00 0.250
5091334 1-Jul-29 $ 269,156.63 89.97 17 0.250
5091336 1-Jul-29 $ 453,818.13 72.80 0.250
5091337 1-Jun-29 $ 347,197.83 42.22 0.250
5091338 1-Jul-29 $ 260,105.87 80.00 0.250
5091344 1-Jul-29 $ 399,034.69 80.00 0.250
5091356 1-Aug-29 $ 299,596.06 75.95 0.250
5091362 1-Jul-29 $ 335,192.57 75.55 0.250
5091372 1-Jul-29 $ 393,575.56 80.00 0.250
5091377 1-Jul-29 $ 570,651.27 80.00 0.250
5091378 1-Jul-29 $ 251,421.19 80.00 0.250
5091387 1-Jun-29 $ 340,313.92 80.00 0.250
5091391 1-Jul-29 $ 574,677.04 80.00 0.250
5091397 1-Jul-29 $ 339,199.49 80.00 0.250
5091398 1-Jul-29 $ 316,752.47 79.97 0.250
5091404 1-Apr-29 $ 527,289.82 57.30 0.250
5091408 1-Jul-29 $ 318,914.05 80.00 0.250
5091409 1-Jul-29 $ 259,291.04 66.24 0.250
5091411 1-Jul-29 $ 333,792.31 74.44 0.250
5091422 1-Jun-29 $ 560,048.10 74.44 0.250
5091425 1-Jun-29 $ 305,060.01 85.00 13 0.250
5091432 1-Jun-29 $ 373,697.57 60.10 0.250
5091443 1-Jun-29 $ 292,978.91 65.33 0.250
5091448 1-Jun-29 $ 328,014.12 70.00 0.250
5091457 1-Jun-29 $ 340,121.31 75.00 0.250
5091842 1-Sep-29 $ 255,441.13 90.00 01 0.250
5091973 1-Oct-29 $ 330,000.00 64.45 0.250
5092148 1-Sep-29 $ 399,769.87 88.89 11 0.250
5092350 1-Aug-29 $ 158,596.78 80.00 0.250
5092356 1-Sep-29 $ 341,143.21 90.00 11 0.250
5092368 1-Aug-29 $ 299,575.15 80.00 0.250
5092379 1-Aug-29 $ 285,574.17 77.30 0.250
5092412 1-Aug-29 $ 284,653.07 80.00 0.250
5092421 1-Sep-29 $ 283,328.25 90.00 11 0.250
5092617 1-Oct-29 $ 260,300.00 95.00 01 0.250
5092764 1-Oct-29 $ 288,750.00 75.00 0.250
5092870 1-Oct-29 $ 310,000.00 86.11 01 0.250
5092880 1-Aug-29 $ 279,033.23 89.98 06 0.250
5092967 1-Oct-29 $ 300,000.00 60.00 0.250
5092988 1-Sep-29 $ 399,751.38 87.91 24 0.250
5093179 1-Oct-29 $ 525,000.00 63.64 0.250
5093270 1-Oct-29 $ 350,000.00 68.36 0.250
5093388 1-Sep-29 $ 343,051.75 80.00 0.250
5093528 1-Aug-29 $ 385,493.30 80.00 0.250
5093544 1-Sep-29 $ 287,791.55 80.00 0.250
5093552 1-Sep-29 $ 189,722.67 55.88 0.250
5093581 1-Aug-29 $ 471,321.09 76.13 0.250
5093650 1-Oct-29 $ 395,000.00 87.78 11 0.250
5093806 1-Sep-29 $ 314,804.21 75.00 0.250
5093862 1-Oct-29 $ 399,000.00 64.35 0.250
5093896 1-Jul-29 $ 291,295.30 80.00 0.250
5093923 1-Jul-29 $ 285,873.96 60.32 0.250
5094015 1-Oct-29 $ 295,000.00 85.51 06 0.250
5094062 1-Oct-29 $ 490,000.00 70.00 0.250
5094096 1-Oct-29 $ 250,400.00 69.99 0.250
5094246 1-Oct-29 $ 578,000.00 85.00 01 0.250
5094702 1-Sep-29 $ 296,829.13 90.00 12 0.250
5094862 1-Oct-29 $ 247,000.00 55.51 0.250
5095000 1-Aug-29 $ 389,500.91 74.29 0.250
5095288 1-Aug-29 $ 335,547.60 80.00 0.250
5095294 1-Sep-29 $ 382,465.95 69.94 0.250
5095325 1-Aug-29 $ 401,800.88 79.99 0.250
5095390 1-Oct-29 $ 261,100.00 70.00 0.250
5095497 1-Oct-29 $ 314,800.00 79.99 0.250
5096016 1-Oct-29 $ 350,000.00 66.67 0.250
5096186 1-Sep-29 $ 367,571.39 80.00 0.250
5096191 1-Sep-29 $ 405,960.18 80.00 0.250
5096192 1-Sep-29 $ 265,012.82 73.16 0.250
5096335 1-Aug-29 $ 331,753.65 80.00 0.250
5096338 1-Aug-29 $ 384,397.51 65.81 0.250
5096343 1-Oct-29 $ 256,500.00 95.00 12 0.250
5096344 1-Aug-29 $ 293,079.11 79.99 0.250
5096357 1-Sep-29 $ 601,980.04 79.66 0.250
5096361 1-Aug-29 $ 349,424.55 66.67 0.250
5096744 1-Aug-29 $ 309,549.84 80.00 0.250
5096933 1-Sep-29 $ 245,417.73 80.00 0.250
5096967 1-Oct-29 $ 650,000.00 76.02 0.250
5097193 1-Sep-29 $ 459,474.23 80.00 0.250
5097587 1-Sep-29 $ 307,798.53 70.00 0.250
5097619 1-Sep-29 $ 449,713.05 45.82 0.250
5097645 1-Sep-29 $ 374,728.58 88.24 01 0.250
5097672 1-Aug-29 $ 258,490.79 72.93 0.250
5097695 1-Aug-29 $ 299,564.36 54.69 0.250
5097697 1-Sep-29 $ 305,879.78 80.00 0.250
5097716 1-Sep-29 $ 419,732.18 80.00 0.250
5097724 1-Sep-29 $ 450,569.71 80.00 0.250
5097735 1-Aug-29 $ 283,607.82 80.00 0.250
5097748 1-Sep-29 $ 368,758.63 90.00 01 0.250
5097828 1-Sep-29 $ 479,661.22 66.02 0.250
5097840 1-Jun-29 $ 602,234.65 80.00 0.250
5097849 1-Aug-29 $ 623,180.88 79.38 0.250
5097873 1-Jul-29 $ 447,021.04 80.00 0.250
5097886 1-Jul-29 $ 443,029.80 80.00 0.250
5097887 1-Sep-29 $ 649,574.81 44.44 0.250
5097907 1-Jun-29 $ 328,437.24 89.31 12 0.250
5097917 1-Aug-29 $ 302,831.25 79.99 0.250
5097953 1-Aug-29 $ 349,354.57 79.99 0.250
5097955 1-Aug-29 $ 289,745.88 80.00 0.250
5097963 1-Aug-29 $ 280,711.83 80.00 0.250
5097970 1-Aug-29 $ 368,800.09 77.47 0.250
5097993 1-Oct-29 $ 620,000.00 67.39 0.250
5098104 1-Aug-29 $ 248,101.38 80.00 0.250
5098130 1-Aug-29 $ 389,283.89 79.99 0.250
5098136 1-Aug-29 $ 466,055.56 74.86 0.250
5098152 1-Aug-29 $ 329,430.17 56.60 0.250
5098177 1-Aug-29 $ 311,600.72 78.00 0.250
5098186 1-Aug-29 $ 299,553.33 54.14 0.250
5098335 1-Sep-29 $ 267,815.56 80.00 0.250
5098353 1-Sep-29 $ 291,513.10 80.00 0.250
5098370 1-Jul-29 $ 343,223.09 80.00 0.250
5098378 1-Jul-29 $ 648,779.49 60.47 0.250
5098398 1-Sep-29 $ 256,323.48 95.00 17 0.250
5098408 1-Aug-29 $ 256,171.75 95.00 06 0.250
5098411 1-Aug-29 $ 311,546.93 79.59 0.250
5098438 1-Aug-29 $ 325,050.51 68.53 0.250
5098440 1-Jul-29 $ 356,095.09 79.99 0.250
5098447 1-Jul-29 $ 279,372.69 70.00 0.250
5098457 1-Aug-29 $ 499,291.93 59.52 0.250
5098468 1-Aug-29 $ 349,491.75 48.95 0.250
5098478 1-Jul-29 $ 324,289.83 50.86 0.250
5098492 1-Mar-29 $ 393,002.37 80.00 0.250
5098493 1-Dec-28 $ 392,076.36 65.00 0.250
5098507 1-Sep-29 $ 427,182.74 75.00 0.250
5098508 1-Jul-29 $ 386,532.07 79.71 0.250
5098511 1-Jan-29 $ 373,228.62 80.00 0.250
5098513 1-Mar-29 $ 301,920.74 69.89 0.250
5098517 1-Mar-29 $ 86,733.70 65.56 0.250
5098520 1-Jul-29 $ 279,460.66 80.00 0.250
5098525 1-May-29 $ 87,366.49 74.36 0.250
5098528 1-Jun-28 $ 330,402.39 77.86 0.250
5098529 1-Aug-29 $ 271,584.79 80.00 0.250
5098531 1-Jul-24 $ 84,828.58 78.98 0.250
5098532 1-May-29 $ 278,838.96 80.00 0.250
5098536 1-Jun-29 $ 525,854.92 80.00 0.250
5098540 1-Jan-29 $ 396,979.22 80.00 0.250
5098541 1-Aug-29 $ 649,124.82 72.22 0.250
5098545 1-Jan-28 $ 236,203.40 73.85 0.250
5098551 1-Apr-29 $ 273,870.47 73.60 0.250
5098558 1-Oct-28 $ 344,791.97 80.00 0.250
5098677 1-Oct-28 $ 276,224.39 80.00 0.250
5098682 1-Jan-29 $ 379,473.03 79.96 0.250
5098685 1-Mar-29 $ 70,167.26 79.33 0.250
5098699 1-May-29 $ 376,700.11 72.38 0.250
5098714 1-Apr-29 $ 388,191.83 65.00 0.250
5098745 1-Mar-29 $ 974,682.85 65.33 0.250
5098750 1-Feb-29 $ 91,305.43 80.00 0.250
5098759 1-Jun-29 $ 285,099.47 71.50 0.250
5098765 1-Jul-29 $ 477,017.19 79.97 0.250
5098787 1-Jul-29 $ 351,171.23 80.00 0.250
5098796 1-Aug-29 $ 379,405.34 78.35 0.250
5098822 1-Jan-29 $ 263,788.23 80.00 0.250
5098832 1-May-29 $ 306,691.26 80.00 0.250
5098837 1-Jul-28 $ 177,396.41 80.00 0.250
5098846 1-May-29 $ 318,705.22 74.42 0.250
5098851 1-Jun-29 $ 482,359.44 74.29 0.250
5098861 1-Aug-28 $ 493,760.28 71.94 0.250
5098912 1-Jun-29 $ 330,384.28 43.68 0.250
5098920 1-May-29 $ 248,459.47 71.31 0.250
5098941 1-Jul-29 $ 246,473.62 95.00 17 0.250
5098970 1-Aug-29 $ 267,139.81 88.28 13 0.250
5098976 1-Jun-29 $ 288,044.10 83.53 13 0.250
5098978 1-Jul-29 $ 289,397.31 89.24 13 0.250
5098987 1-Apr-29 $ 67,692.42 66.67 0.250
5098993 1-Jul-29 $ 274,399.10 53.09 0.250
5099007 1-Jul-29 $ 355,134.38 69.20 0.250
5099008 1-Jul-29 $ 255,506.88 80.00 0.250
5099009 1-Jun-29 $ 336,383.69 77.14 0.250
5099029 1-May-29 $ 115,431.00 95.00 13 0.250
5099036 1-Jun-28 $ 261,620.63 78.40 0.250
5099052 1-Jul-29 $ 356,239.18 86.02 13 0.250
5099053 1-Jul-29 $ 259,402.82 54.17 0.250
5099056 1-Jul-29 $ 275,350.17 80.00 0.250
5099063 1-Feb-29 $ 397,511.96 72.73 0.250
5099066 1-Aug-29 $ 274,610.55 72.37 0.250
5099073 1-Jul-29 $ 359,173.13 80.00 0.250
5099075 1-May-29 $ 298,815.63 65.22 0.250
5099088 1-Jul-29 $ 339,098.28 80.00 0.250
5099097 1-Jun-29 $ 398,771.27 72.07 0.250
5099110 1-Jul-29 $ 42,667.66 95.00 17 0.250
5099373 1-Aug-29 $ 359,450.45 80.00 0.250
5099378 1-Jul-29 $ 324,271.87 70.65 0.250
5099384 1-Jul-29 $ 323,255.82 80.00 0.250
5099393 1-Aug-29 $ 339,374.15 61.82 0.250
5099402 1-Aug-29 $ 324,466.17 56.52 0.250
5099409 1-Jul-29 $ 441,483.65 74.37 0.250
5099415 1-Jul-29 $ 252,418.90 89.72 06 0.250
5099436 1-Aug-29 $ 264,595.48 53.54 0.250
5099447 1-Jul-29 $ 458,969.42 80.00 0.250
5099449 1-Aug-29 $ 424,367.21 68.00 0.250
5099461 1-Jul-29 $ 370,397.32 75.00 0.250
5099472 1-Aug-29 $ 319,511.52 80.00 0.250
5099474 1-Jul-29 $ 390,757.11 80.00 0.250
5099484 1-Jul-29 $ 329,242.05 89.92 06 0.250
5099489 1-Sep-29 $ 309,786.66 49.60 0.250
5099508 1-Sep-29 $ 524,665.22 70.00 0.250
5099535 1-Jun-29 $ 285,683.26 75.00 0.250
5099544 1-Jul-29 $ 429,036.62 74.14 0.250
5099549 1-Jul-29 $ 339,256.51 80.00 0.250
5099561 1-Aug-29 $ 269,627.16 90.00 13 0.250
5099570 1-Jul-29 $ 394,168.10 80.00 0.250
5099575 1-Aug-29 $ 514,233.21 60.95 0.250
5099587 1-Jul-29 $ 271,359.59 80.00 0.250
5099603 1-Jun-29 $ 334,861.15 80.00 0.250
5099619 1-Feb-29 $ 179,320.91 95.00 17 0.250
5099624 1-Apr-29 $ 470,780.29 79.99 0.250
5099636 1-Mar-29 $ 104,416.11 75.00 0.250
5099647 1-Jul-29 $ 259,402.82 80.00 0.250
5099662 1-Jul-29 $ 330,300.93 79.78 0.250
5099671 1-Aug-29 $ 158,906.54 94.99 17 0.250
5099673 1-Aug-29 $ 289,297.13 61.31 0.250
5099679 1-Jul-29 $ 267,109.53 70.00 0.250
5099683 1-Feb-29 $ 357,143.50 90.00 17 0.250
5099695 1-Sep-29 $ 299,782.87 65.11 0.250
5099704 1-Jul-29 $ 443,977.93 50.86 0.250
5099733 1-Aug-29 $ 299,553.32 74.07 0.250
5099758 1-Aug-29 $ 396,908.15 74.30 0.250
5099773 1-Sep-29 $ 349,740.25 66.67 0.250
5099785 1-Aug-29 $ 255,528.27 80.00 0.250
5099901 1-Oct-29 $ 311,250.00 75.00 0.250
5099991 1-Sep-29 $ 318,163.70 80.00 0.250
5100066 1-Nov-28 $ 570,652.19 77.32 0.250
5100077 1-Jul-29 $ 273,915.00 90.00 17 0.250
5100085 1-Jan-29 $ 840,757.17 70.00 0.250
5100106 1-Jun-29 $ 273,569.01 79.71 0.250
5100129 1-Sep-29 $ 267,703.69 93.65 11 0.250
5100146 1-Sep-29 $ 269,814.19 61.11 0.250
5100154 1-Aug-29 $ 302,737.16 80.00 0.250
5100168 1-Sep-29 $ 454,612.36 79.96 0.250
5100173 1-Sep-29 $ 408,618.60 70.00 0.250
5100178 1-Aug-29 $ 194,730.72 47.56 0.250
5100191 1-Sep-29 $ 262,836.54 45.34 0.250
5100212 1-Sep-29 $ 314,316.56 64.33 0.250
5100223 1-Aug-29 $ 299,596.08 43.53 0.250
5100229 1-Sep-29 $ 391,466.45 79.99 0.250
5100230 1-Sep-29 $ 300,912.85 79.99 0.250
5100248 1-Sep-29 $ 367,826.82 90.00 11 0.250
5100259 1-Aug-29 $ 311,447.07 79.99 0.250
5100330 1-Sep-29 $ 358,453.14 80.00 0.250
5100336 1-Sep-29 $ 421,894.42 80.00 0.250
5100341 1-Jul-29 $ 299,293.66 52.45 0.250
5100345 1-Aug-29 $ 289,399.16 79.99 0.250
5100359 1-Aug-29 $ 509,277.76 76.59 0.250
5100365 1-Sep-29 $ 287,786.26 80.00 0.250
5100371 1-Jul-29 $ 374,117.08 75.00 0.250
5100378 1-Aug-29 $ 374,441.66 50.07 0.250
5100380 1-Sep-29 $ 218,380.64 95.00 11 0.250
5100385 1-Sep-29 $ 357,747.32 80.00 0.250
5100388 1-Sep-29 $ 268,315.21 71.70 0.250
5100393 1-Aug-29 $ 439,361.04 80.00 0.250
5100394 1-Sep-29 $ 399,710.49 38.28 0.250
5100398 1-Aug-29 $ 315,552.18 73.49 0.250
5100406 1-Sep-29 $ 359,719.16 80.00 0.250
5100410 1-Sep-29 $ 289,800.42 76.32 0.250
5100416 1-Aug-29 $ 259,391.90 63.41 0.250
5100431 1-Aug-29 $ 497,543.36 74.51 0.250
5100439 1-Sep-29 $ 366,947.29 80.00 0.250
5100462 1-Sep-29 $ 448,483.24 80.00 0.250
5100468 1-Sep-29 $ 429,223.14 79.95 0.250
5100472 1-Sep-29 $ 358,933.42 80.00 0.250
5100476 1-Sep-29 $ 321,267.30 34.89 0.250
5100480 1-Sep-29 $ 307,759.72 80.00 0.250
5100481 1-Sep-29 $ 399,703.14 54.79 0.250
5100483 1-Jul-29 $ 462,960.45 77.33 0.250
5100488 1-Aug-29 $ 313,566.40 80.00 0.250
5100491 1-Sep-29 $ 326,763.32 62.05 0.250
5100498 1-Aug-29 $ 263,626.14 80.00 0.250
5100500 1-Aug-29 $ 453,034.15 80.00 0.250
5100502 1-Aug-29 $ 307,517.99 80.00 0.250
5100505 1-Aug-29 $ 269,597.99 90.00 06 0.250
5100506 1-Aug-29 $ 399,389.37 31.37 0.250
5100511 1-Sep-29 $ 323,777.02 80.00 0.250
5100512 1-Sep-29 $ 251,743.42 94.99 11 0.250
5100515 1-Aug-29 $ 399,389.39 44.44 0.250
5100528 1-Aug-29 $ 267,580.59 80.00 0.250
5100537 1-Mar-29 $ 188,917.25 95.00 06 0.250
5100539 1-Sep-29 $ 282,190.41 80.00 0.250
5100540 1-Sep-29 $ 349,752.97 63.64 0.250
5100545 1-Sep-29 $ 347,754.38 80.00 0.250
5100550 1-Aug-29 $ 343,146.84 80.00 0.250
5100570 1-Sep-29 $ 206,021.87 95.00 17 0.250
5100585 1-May-29 $ 299,073.75 73.61 0.250
5100590 1-Sep-29 $ 283,314.55 90.00 13 0.250
5100594 1-Sep-29 $ 269,789.37 80.00 0.250
5100601 1-Dec-28 $ 309,556.92 70.95 0.250
5100605 1-Sep-29 $ 398,945.44 80.00 0.250
5100610 1-Oct-29 $ 404,000.00 80.00 0.250
5100617 1-Sep-29 $ 649,085.83 79.79 0.250
5100619 1-May-29 $ 398,420.82 55.56 0.250
5100626 1-Sep-29 $ 300,617.77 80.00 0.250
5100634 1-Aug-29 $ 420,923.70 80.00 0.250
5100636 1-Aug-29 $ 359,562.28 60.50 0.250
5100641 1-Sep-29 $ 255,823.82 73.14 0.250
5100647 1-Sep-29 $ 268,300.73 84.30 06 0.250
5100650 1-Aug-29 $ 358,637.88 80.00 0.250
5100655 1-Aug-29 $ 299,564.34 80.00 0.250
5100659 1-Sep-29 $ 321,078.88 70.00 0.250
5100661 1-Aug-29 $ 315,605.81 80.00 0.250
5100662 1-Sep-29 $ 370,931.33 80.00 0.250
5100682 1-Sep-29 $ 499,681.16 80.00 0.250
5100686 1-Sep-29 $ 443,678.64 55.92 0.250
5100690 1-Sep-29 $ 269,409.72 80.00 0.250
5100697 1-Sep-29 $ 399,622.16 66.66 0.250
5100705 1-Aug-29 $ 149,808.02 69.12 0.250
5100712 1-Sep-29 $ 279,816.83 73.68 0.250
5100716 1-Sep-29 $ 330,272.55 50.85 0.250
5100720 1-Sep-29 $ 299,782.86 63.16 0.250
5100724 1-Sep-29 $ 387,205.14 41.33 0.250
5100725 1-Sep-29 $ 285,393.29 79.99 0.250
5100732 1-Sep-29 $ 119,923.47 64.86 0.250
5100735 1-Jul-29 $ 371,356.92 90.00 11 0.250
5100741 1-Sep-29 $ 374,766.91 52.08 0.250
5100743 1-Sep-29 $ 269,759.47 79.99 0.250
5100744 1-Aug-29 $ 287,551.54 80.00 0.250
5100751 1-Aug-29 $ 331,505.66 79.88 0.250
5100753 1-Sep-29 $ 299,793.54 61.32 0.250
5100757 1-Sep-29 $ 273,151.11 66.02 0.250
5100759 1-Jul-29 $ 273,343.97 67.65 0.250
5100767 1-Aug-29 $ 309,560.99 65.85 0.250
5100769 1-Sep-29 $ 484,640.05 79.84 0.250
5100774 1-Aug-29 $ 344,440.53 58.67 0.250
5100778 1-Sep-29 $ 109,933.36 55.58 0.250
5100783 1-Aug-29 $ 485,170.47 73.63 0.250
5100784 1-Sep-29 $ 359,764.50 80.00 0.250
5100790 1-Aug-29 $ 369,875.45 80.00 0.250
5100796 1-Aug-29 $ 267,100.20 80.00 0.250
5100798 1-Sep-29 $ 276,809.36 72.89 0.250
5100799 1-Sep-29 $ 280,211.85 80.00 0.250
5100801 1-Sep-29 $ 320,586.99 79.99 0.250
5100802 1-Sep-29 $ 89,934.57 90.00 06 0.250
5100811 1-Sep-29 $ 115,924.12 80.00 0.250
5100815 1-Aug-29 $ 289,647.39 84.80 17 0.250
5100817 1-Aug-29 $ 343,512.85 80.00 0.250
5100821 1-Sep-29 $ 264,613.11 80.00 0.250
5100823 1-Sep-29 $ 499,628.92 64.52 0.250
5100825 1-Aug-29 $ 436,365.41 68.60 0.250
5100827 1-Aug-29 $ 74,906.43 59.52 0.250
5100828 1-Sep-29 $ 311,785.28 80.00 0.250
5100832 1-Sep-29 $ 101,585.17 95.00 01 0.250
5100833 1-Sep-29 $ 300,959.14 80.00 0.250
5100837 1-Sep-29 $ 269,914.11 88.56 11 0.250
5100840 1-Sep-29 $ 308,758.95 61.80 0.250
5100844 1-Aug-29 $ 319,546.84 80.00 0.250
5100845 1-Sep-29 $ 474,673.11 65.67 0.250
5100848 1-Jun-29 $ 368,945.25 79.23 0.250
5100851 1-Sep-29 $ 326,919.09 74.99 0.250
5100855 1-Sep-29 $ 294,786.48 74.84 0.250
5100858 1-Sep-29 $ 268,115.35 80.00 0.250
5100862 1-Aug-29 $ 110,665.27 69.98 0.250
5100863 1-Sep-29 $ 264,643.39 72.60 0.250
5100867 1-Sep-29 $ 119,932.72 94.49 11 0.250
5100871 1-Sep-29 $ 503,606.83 80.00 0.250
5100875 1-Aug-29 $ 417,263.44 80.00 0.250
5100878 1-Sep-29 $ 248,891.27 79.97 0.250
5101005 1-Sep-29 $ 92,947.86 69.92 0.250
5101012 1-Sep-29 $ 261,832.93 63.13 0.250
5101022 1-Aug-29 $ 304,577.84 79.98 0.250
5101025 1-Sep-29 $ 374,735.32 75.76 0.250
5101031 1-Sep-29 $ 290,100.21 79.99 0.250
5101035 1-Aug-29 $ 305,100.29 80.00 0.250
5101039 1-Sep-29 $ 318,896.51 79.99 0.250
5101042 1-Aug-29 $ 310,770.67 80.00 0.250
5101047 1-Sep-29 $ 317,781.15 90.00 06 0.250
5101054 1-Aug-29 $ 196,454.61 77.14 0.250
5101065 1-Sep-29 $ 423,815.43 77.25 0.250
5101100 1-Sep-29 $ 255,828.23 80.00 0.250
5101103 1-Sep-29 $ 299,782.86 70.59 0.250
5101109 1-Sep-29 $ 382,929.53 80.00 0.250
5101110 1-Sep-29 $ 378,989.00 80.00 0.250
5101117 1-Sep-29 $ 321,766.94 80.00 0.250
5101120 1-Sep-28 $ 321,244.16 83.33 01 0.250
5101125 1-Aug-29 $ 367,122.24 79.99 0.250
5101127 1-Jul-29 $ 299,275.99 37.50 0.250
5101132 1-Sep-29 $ 263,798.36 53.54 0.250
5101137 1-Sep-29 $ 372,323.47 90.00 11 0.250
5101141 1-Sep-29 $ 415,698.90 80.00 0.250
5101142 1-Aug-29 $ 484,946.17 80.00 0.250
5101146 1-Aug-29 $ 371,085.27 80.00 0.250
5101149 1-Sep-24 $ 480,512.54 49.34 0.250
5101151 1-Sep-29 $ 295,806.37 80.00 0.250
5101158 1-Sep-29 $ 293,435.40 80.00 0.250
5101162 1-Sep-29 $ 299,765.97 52.95 0.250
5101170 1-Jul-29 $ 609,874.61 79.99 0.250
5101229 1-Jun-29 $ 288,909.16 74.36 0.250
5101236 1-Sep-29 $ 349,787.97 56.45 0.250
5101244 1-Aug-29 $ 324,539.74 73.01 0.250
5101251 1-Sep-29 $ 367,753.07 80.00 0.250
5101273 1-Sep-29 $ 336,168.49 79.99 0.250
5101278 1-Sep-29 $ 469,659.82 74.13 0.250
5101281 1-Sep-29 $ 359,732.82 66.67 0.250
5101284 1-Aug-29 $ 268,289.49 80.00 0.250
5101293 1-Aug-29 $ 359,490.18 80.00 0.250
5101295 1-Sep-29 $ 435,692.27 80.00 0.250
5101300 1-Sep-29 $ 350,570.52 70.01 0.250
5101310 1-Aug-29 $ 258,467.18 69.07 0.250
5101328 1-Aug-29 $ 296,474.49 46.99 0.250
5101342 1-Sep-29 $ 331,771.51 80.00 0.250
5101344 1-Sep-29 $ 281,610.92 79.98 0.250
5101348 1-Sep-29 $ 251,803.41 70.00 0.250
5101349 1-Sep-29 $ 291,793.90 80.00 0.250
5101351 1-Aug-29 $ 269,217.93 64.24 0.250
5101356 1-Sep-29 $ 335,744.33 80.00 0.250
5101359 1-Sep-29 $ 376,334.20 80.00 0.250
5101361 1-Sep-29 $ 272,626.04 79.99 0.250
5101363 1-Sep-29 $ 339,741.28 80.00 0.250
5101367 1-Sep-29 $ 278,626.70 80.00 0.250
5101371 1-Sep-29 $ 283,804.55 80.00 0.250
5101374 1-Aug-29 $ 287,571.18 80.00 0.250
5101376 1-Sep-29 $ 90,938.94 91.00 06 0.250
5101380 1-Aug-29 $ 299,575.15 68.18 0.250
5101381 1-Aug-29 $ 370,687.40 79.98 0.250
5101385 1-Sep-29 $ 340,859.25 90.00 06 0.250
5101389 1-Sep-29 $ 298,019.34 70.00 0.250
5101392 1-Sep-29 $ 399,738.34 71.11 0.250
5101461 1-Sep-29 $ 299,818.26 83.33 11 0.250
5101783 1-Sep-29 $ 261,715.16 90.00 06 0.250
5101875 1-Aug-29 $ 308,516.45 75.00 0.250
5102440 1-Jun-29 $ 304,661.26 80.00 0.250
5102514 1-Oct-29 $ 349,900.00 79.99 0.250
5102709 1-Jun-29 $ 598,156.91 48.00 0.250
5102731 1-Sep-29 $ 499,619.54 78.74 0.250
5103134 1-Sep-29 $ 283,309.78 90.00 11 0.250
5103484 1-Oct-29 $ 95,000.00 65.52 0.250
5104411 1-Jul-29 $ 253,430.96 80.00 0.250
5105102 1-Oct-29 $ 320,000.00 68.03 0.250
5106782 1-Oct-29 $ 263,900.00 79.99 0.250
6447253 1-Aug-27 $ 522,378.36 76.00 0.250
6667920 1-May-28 $ 575,450.17 79.97 0.250
6827925 1-May-28 $ 267,601.47 89.84 17 0.250
6881054 1-Aug-29 $ 349,504.36 79.11 0.250
6915215 1-Aug-29 $ 291,575.97 83.43 17 0.250
6930080 1-Aug-29 $ 286,103.41 79.58 0.250
7070825 1-Jun-29 $ 277,067.26 65.39 0.250
7073286 1-Sep-29 $ 322,283.61 88.36 01 0.250
7124636 1-Sep-29 $ 434,692.98 77.68 0.250
7167759 1-Aug-29 $ 531,167.47 79.77 0.250
7193118 1-Sep-29 $ 291,813.80 80.00 0.250
7257063 1-Sep-29 $ 329,784.13 70.21 0.250
7292685 1-Sep-29 $ 505,395.67 80.00 0.250
7322944 1-Jan-29 $ 315,071.26 79.99 0.250
7361650 1-Sep-29 $ 471,613.10 80.00 0.250
7364746 1-Sep-29 $ 295,763.29 67.27 0.250
7393083 1-Aug-29 $ 291,068.51 80.00 0.250
7402387 1-Sep-29 $ 333,675.65 79.99 0.250
7407301 1-Oct-29 $ 298,800.00 89.73 01 0.250
7448004 1-Jul-29 $ 313,341.98 90.00 11 0.250
7498424 1-Jul-29 $ 364,087.21 80.00 0.250
7509296 1-Apr-29 $ 420,289.33 80.00 0.250
7524687 1-Aug-29 $ 277,653.21 80.00 0.250
7527758 1-Sep-29 $ 323,761.68 80.00 0.250
7543855 1-Aug-29 $ 343,536.82 79.23 0.250
7545361 1-Aug-29 $ 279,593.41 80.00 0.250
7547728 1-Sep-29 $ 474,631.00 79.17 0.250
7556045 1-Sep-29 $ 335,735.38 80.00 0.250
7560504 1-Jul-29 $ 413,859.66 79.99 0.250
7564177 1-Mar-29 $ 288,376.28 74.18 0.250
7570692 1-Sep-29 $ 283,794.45 80.00 0.250
7575744 1-Apr-29 $ 358,113.95 80.00 0.250
7576368 1-Aug-29 $ 289,510.57 76.92 0.250
7585654 1-Jul-29 $ 293,114.35 94.99 17 0.250
7600807 1-Sep-29 $ 304,843.91 80.00 0.250
7604444 1-Sep-29 $ 293,232.22 80.00 0.250
7614866 1-Aug-29 $ 314,442.63 78.32 0.250
7617226 1-Aug-29 $ 262,563.56 80.00 0.250
7628999 1-Sep-29 $ 299,808.70 91.76 01 0.250
7632588 1-Sep-29 $ 410,381.38 75.25 0.250
7642149 1-Apr-29 $ 404,667.90 80.00 0.250
7648261 1-Aug-29 $ 323,755.04 79.99 0.250
7648451 1-Sep-29 $ 291,289.02 47.02 0.250
7649247 1-Aug-29 $ 373,465.64 80.00 0.250
7665403 1-Jun-29 $ 480,781.43 80.00 0.250
7666935 1-Aug-29 $ 370,404.86 79.27 0.250
7670066 1-Sep-29 $ 319,785.28 80.00 0.250
7673955 1-Aug-29 $ 278,828.34 80.00 0.250
7674844 1-Oct-29 $ 383,042.00 76.61 0.250
7676883 1-Aug-29 $ 445,607.58 70.00 0.250
7678903 1-Oct-29 $ 283,600.00 80.00 0.250
7682569 1-Sep-29 $ 365,328.67 80.00 0.250
7683228 1-Sep-29 $ 330,155.12 90.00 17 0.250
7686905 1-Sep-29 $ 431,571.36 80.00 0.250
7687598 1-Aug-29 $ 299,616.08 90.93 11 0.250
7688136 1-Sep-29 $ 649,517.61 54.17 0.250
7700348 1-Jul-29 $ 285,708.82 80.00 0.250
7707134 1-Aug-29 $ 998,653.56 34.78 0.250
7708495 1-Apr-29 $ 272,646.74 80.00 0.250
7709732 1-Aug-29 $ 267,810.54 90.00 17 0.250
7710403 1-Aug-29 $ 748,883.30 75.00 0.250
7721283 1-Sep-29 $ 299,788.26 94.01 11 0.250
7723157 1-Aug-29 $ 406,796.39 80.00 0.250
7727221 1-Aug-29 $ 377,879.12 90.00 33 0.250
7731551 1-Jul-29 $ 280,245.11 90.00 17 0.250
7731555 1-Jun-29 $ 381,093.18 90.00 01 0.250
7732629 1-Sep-29 $ 624,500.20 55.56 0.250
7733080 1-Sep-29 $ 627,545.48 80.00 0.250
7733333 1-Jul-29 $ 399,285.57 79.99 0.250
7734474 1-Sep-29 $ 313,909.71 90.00 11 0.250
7735542 1-Oct-29 $ 590,000.00 78.67 0.250
7739168 1-Aug-29 $ 268,456.02 79.98 0.250
7740825 1-Jun-29 $ 406,169.15 70.00 0.250
7743169 1-Aug-29 $ 260,221.58 94.99 17 0.250
7744321 1-Sep-29 $ 309,802.32 79.49 0.250
7745666 1-Jul-29 $ 350,073.81 89.97 01 0.250
7746122 1-Jul-29 $ 280,999.88 80.00 0.250
7746950 1-Aug-29 $ 310,748.11 80.00 0.250
7747309 1-Aug-29 $ 353,011.85 79.94 0.250
7747876 1-Sep-29 $ 275,805.20 80.00 0.250
7749757 1-Sep-29 $ 317,472.37 80.00 0.250
7752374 1-Jun-29 $ 299,078.44 68.97 0.250
7752568 1-Jul-29 $ 471,282.34 80.00 0.250
7753235 1-Jul-29 $ 342,093.68 80.00 0.250
7753305 1-Jul-29 $ 273,501.07 94.99 11 0.250
7756830 1-Aug-29 $ 359,436.64 80.00 0.250
7761524 1-Sep-29 $ 388,558.34 90.00 11 0.250
7763751 1-Jun-29 $ 433,331.22 79.99 0.250
7765189 1-Aug-29 $ 279,114.79 80.00 0.250
7766574 1-Jul-29 $ 310,766.58 71.20 0.250
7771798 1-Jul-29 $ 358,827.90 89.59 01 0.250
7773662 1-Sep-29 $ 139,890.78 50.29 0.250
7775887 1-Aug-29 $ 253,919.96 90.40 17 0.250
7777035 1-Aug-29 $ 335,499.72 70.00 0.250
7778328 1-Jul-29 $ 314,995.17 70.00 0.250
7779402 1-Aug-29 $ 469,877.92 84.92 17 0.250
7780706 1-Aug-29 $ 424,550.93 80.00 0.250
7781255 1-Aug-29 $ 155,805.40 56.73 0.250
7782362 1-Sep-29 $ 304,805.52 79.43 0.250
7782866 1-Jul-29 $ 375,114.73 80.00 0.250
7782959 1-Aug-29 $ 277,975.02 80.00 0.250
7784516 1-Sep-29 $ 359,732.83 80.00 0.250
7785309 1-Aug-29 $ 315,457.93 68.25 0.250
7789708 1-Sep-29 $ 524,610.37 76.09 0.250
7792524 1-Sep-29 $ 258,193.36 95.00 17 0.250
7792544 1-Jul-29 $ 310,520.01 80.00 0.250
7793307 1-Aug-29 $ 246,499.92 95.00 01 0.250
7795016 1-Aug-29 $ 260,924.10 95.00 01 0.250
7796695 1-Sep-29 $ 327,721.35 80.00 0.250
7796913 1-Jul-29 $ 290,231.86 79.99 0.250
7797019 1-Aug-29 $ 263,762.02 95.00 11 0.250
7798033 1-Aug-29 $ 547,319.99 80.00 0.250
7798377 1-Jul-29 $ 429,036.65 67.58 0.250
7798962 1-Sep-29 $ 609,946.99 80.00 0.250
7799946 1-Aug-29 $ 276,048.55 57.59 0.250
7800560 1-Sep-29 $ 439,673.46 40.00 0.250
7802266 1-Sep-29 $ 299,813.53 77.53 0.250
7805481 1-Aug-29 $ 342,771.87 80.00 0.250
7806052 1-Sep-29 $ 359,752.25 73.47 0.250
7806062 1-Sep-29 $ 518,651.76 74.68 0.250
7806903 1-Sep-29 $ 316,552.43 80.00 0.250
7808899 1-Aug-29 $ 534,242.36 69.93 0.250
7813049 1-Aug-29 $ 243,837.55 95.00 17 0.250
7813824 1-Sep-29 $ 319,668.47 70.00 0.250
7816064 1-Aug-29 $ 263,262.66 80.00 0.250
7816767 1-Sep-29 $ 378,739.18 88.34 11 0.250
7819900 1-Sep-29 $ 439,630.34 68.75 0.250
7820750 1-Sep-29 $ 262,832.30 87.67 11 0.250
7820908 1-Aug-29 $ 444,385.49 72.36 0.250
7821468 1-Sep-29 $ 255,819.31 80.00 0.250
7823406 1-Sep-29 $ 379,751.43 95.00 01 0.250
7823782 1-Sep-29 $ 374,446.53 80.00 0.250
7824446 1-Aug-29 $ 559,318.10 70.00 0.250
7826895 1-Jul-29 $ 379,012.96 80.00 0.250
7829556 1-Sep-29 $ 375,427.87 62.67 0.250
7829626 1-Sep-29 $ 359,776.24 80.00 0.250
7830232 1-Sep-29 $ 376,534.06 80.00 0.250
7830914 1-Sep-29 $ 273,688.96 95.00 11 0.250
7832201 1-Sep-29 $ 324,770.62 79.08 0.250
7832455 1-Aug-29 $ 314,553.91 79.55 0.250
7832632 1-Jul-29 $ 305,710.01 79.99 0.250
7834786 1-Sep-29 $ 300,905.04 80.00 0.250
7836493 1-Sep-29 $ 319,779.78 80.00 0.250
7837429 1-Aug-29 $ 411,186.42 74.87 0.250
7838041 1-Sep-29 $ 275,245.43 80.00 0.250
7838133 1-Aug-29 $ 317,053.06 79.99 0.250
7838448 1-Sep-29 $ 333,797.66 80.00 0.250
7840463 1-Aug-29 $ 257,020.67 90.00 11 0.250
7840665 1-Sep-29 $ 399,744.93 68.97 0.250
7841372 1-Sep-29 $ 287,012.13 80.00 0.250
7844363 1-Sep-29 $ 179,885.22 70.59 0.250
7844401 1-Aug-29 $ 314,596.89 87.50 17 0.250
7844936 1-Aug-29 $ 374,507.74 61.48 0.250
7848651 1-Sep-29 $ 279,830.37 85.63 06 0.250
7848871 1-Oct-29 $ 269,600.00 80.00 0.250
7849320 1-Aug-29 $ 284,625.88 75.00 0.250
7852805 1-Aug-29 $ 349,585.25 47.30 0.250
7854955 1-Sep-29 $ 314,818.77 31.50 0.250
7855547 1-Aug-29 $ 294,032.76 80.00 0.250
7856062 1-Sep-29 $ 153,654.44 75.00 0.250
7856409 1-Aug-29 $ 357,741.60 90.00 11 0.250
7856719 1-Aug-29 $ 459,411.32 80.00 0.250
7857312 1-Sep-29 $ 299,798.71 80.00 0.250
7858603 1-Sep-29 $ 59,965.48 47.43 0.250
7859304 1-Aug-29 $ 349,540.55 48.28 0.250
7859459 1-Aug-29 $ 666,667.33 75.00 0.250
7859690 1-Aug-29 $ 343,559.77 80.00 0.250
7861762 1-Sep-29 $ 431,731.49 80.00 0.250
7862029 1-Sep-29 $ 339,794.02 80.00 0.250
7864645 1-Aug-29 $ 263,635.45 78.81 0.250
7865152 1-Aug-29 $ 258,660.01 69.07 0.250
7865521 1-Aug-29 $ 351,549.54 79.64 0.250
7867797 1-Oct-29 $ 276,000.00 80.00 0.250
7867840 1-Sep-29 $ 399,325.00 90.00 06 0.250
7868044 1-Aug-29 $ 282,609.20 77.53 0.250
7868928 1-Sep-29 $ 349,759.14 74.38 0.250
7869148 1-Sep-29 $ 252,688.76 89.99 01 0.250
7870492 1-Sep-29 $ 369,751.74 69.81 0.250
7871504 1-Sep-29 $ 406,113.17 78.46 0.250
7871795 1-Oct-29 $ 360,000.00 80.00 0.250
7871820 1-Sep-29 $ 267,824.69 63.51 0.250
7872565 1-Aug-29 $ 913,768.01 75.00 0.250
7873189 1-Sep-29 $ 378,964.31 80.00 0.250
7873849 1-Aug-29 $ 414,541.09 70.00 0.250
7874673 1-Sep-29 $ 428,247.54 80.00 0.250
7876719 1-Aug-29 $ 429,582.90 80.00 0.250
7877716 1-Sep-29 $ 293,797.68 70.00 0.250
7878255 1-Sep-29 $ 339,760.03 80.00 0.250
7878400 1-Sep-29 $ 299,793.54 73.35 0.250
7878826 1-Sep-29 $ 279,454.69 73.30 0.250
7879138 1-Sep-29 $ 409,717.85 65.60 0.250
7879484 1-Sep-29 $ 374,735.32 66.73 0.250
7879807 1-Sep-29 $ 259,821.07 80.00 0.250
7880063 1-Oct-29 $ 266,000.00 59.83 0.250
7880273 1-Sep-29 $ 105,935.78 80.00 0.250
7881448 1-Sep-29 $ 249,832.26 65.96 0.250
7881935 1-Sep-29 $ 149,826.93 75.00 0.250
7882053 1-Sep-29 $ 547,622.87 80.00 0.250
7883672 1-Sep-29 $ 281,066.03 75.00 0.250
7889187 1-Sep-29 $ 482,659.10 70.00 0.250
7891056 1-Sep-29 $ 282,809.44 80.00 0.250
7893014 1-Sep-29 $ 342,957.77 80.00 0.250
7893202 1-Sep-29 $ 343,763.26 80.00 0.250
7894151 1-Sep-29 $ 287,811.61 80.00 0.250
7895068 1-Sep-29 $ 435,707.46 80.00 0.250
7897477 1-Sep-29 $ 329,395.13 80.00 0.250
7897566 1-Sep-29 $ 283,823.47 94.98 17 0.250
7903633 1-Sep-29 $ 523,682.56 80.00 0.250
7913061 1-Sep-29 $ 305,778.53 80.00 0.250
7913819 1-Sep-29 $ 315,808.56 80.00 0.250
7924853 1-Oct-29 $ 500,000.00 37.74 0.250
$ 335,280,618.68
(i) (xv) (xvI)
- ----- ----------- --------
MORTGAGE MASTER FIXED
LOAN SERVICE RETAINE
NUMBER FEE YIELD
- -------- ----------- --------
<S>
4721988 0.017 0.583
4790607 0.017 0.358
4842602 0.017 0.000
4862755 0.017 0.000
4863365 0.017 0.000
4866334 0.017 0.108
4883761 0.017 1.108
4887519 0.017 0.858
4914951 0.017 1.108
4933914 0.017 1.233
4946332 0.017 0.858
4951278 0.017 1.108
4998583 0.017 0.000
5000698 0.017 0.000
5000945 0.017 0.000
5001008 0.017 0.358
5001918 0.017 1.483
5006391 0.017 0.608
5006909 0.017 0.483
5009293 0.017 0.608
5012370 0.017 1.608
5015914 0.017 0.983
5016668 0.017 2.108
5017365 0.017 0.983
5020943 0.017 0.108
5024747 0.017 0.983
5029106 0.017 0.608
5029489 0.017 0.983
5031404 0.017 0.000
5031647 0.017 0.358
5032123 0.017 0.000
5032549 0.017 0.108
5040185 0.017 0.108
5040331 0.017 0.608
5041093 0.017 0.000
5041519 0.017 0.233
5041813 0.017 0.000
5042655 0.017 0.358
5042760 0.017 0.608
5042813 0.017 0.000
5043089 0.017 0.000
5044174 0.017 0.000
5045007 0.017 0.483
5045985 0.017 1.233
5045990 0.017 0.000
5048234 0.017 0.358
5048900 0.017 0.358
5051400 0.017 0.483
5052226 0.017 0.733
5053243 0.017 0.000
5053955 0.017 0.733
5054707 0.017 0.983
5055319 0.017 0.608
5055330 0.017 0.108
5055811 0.017 0.608
5056337 0.017 0.358
5056698 0.017 1.733
5057454 0.017 0.358
5057633 0.017 0.608
5057655 0.017 0.608
5058187 0.017 0.000
5059103 0.017 0.358
5059246 0.017 0.483
5059660 0.017 0.983
5060957 0.017 0.000
5061416 0.017 0.000
5062075 0.017 0.233
5062563 0.017 1.108
5062572 0.017 0.608
5063869 0.017 0.483
5064150 0.017 0.608
5064181 0.017 0.108
5064326 0.017 0.858
5064697 0.017 0.733
5064714 0.017 0.733
5065149 0.017 1.108
5066483 0.017 0.358
5066835 0.017 0.608
5066900 0.017 0.000
5066959 0.017 1.233
5067195 0.017 0.983
5068041 0.017 0.733
5068257 0.017 0.983
5068864 0.017 0.733
5069479 0.017 0.858
5069798 0.017 0.483
5069973 0.017 0.000
5070137 0.017 1.108
5070338 0.017 0.733
5070470 0.017 1.983
5070959 0.017 0.483
5071013 0.017 0.608
5071177 0.017 0.000
5071198 0.017 0.733
5071294 0.017 0.983
5071413 0.017 0.358
5071928 0.017 0.358
5071984 0.017 0.983
5072096 0.017 0.358
5072373 0.017 0.733
5072993 0.017 0.983
5073428 0.017 0.983
5073594 0.017 1.233
5073816 0.017 0.000
5073977 0.017 0.000
5074249 0.017 0.000
5074346 0.017 0.000
5074354 0.017 0.000
5074435 0.017 0.000
5074445 0.017 0.000
5074501 0.017 0.000
5074561 0.017 0.000
5074887 0.017 0.483
5074926 0.017 0.233
5074945 0.017 0.608
5075537 0.017 0.733
5076004 0.017 0.483
5076057 0.017 0.608
5076066 0.017 0.000
5076143 0.017 0.483
5076182 0.017 0.000
5076185 0.017 0.000
5076297 0.017 0.000
5076347 0.017 0.233
5076415 0.017 0.000
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7780706 0.017 0.108
7781255 0.017 1.108
7782362 0.017 0.983
7782866 0.017 0.000
7782959 0.017 0.108
7784516 0.017 0.233
7785309 0.017 0.608
7789708 0.017 0.233
7792524 0.017 0.000
7792544 0.017 0.358
7793307 0.017 1.233
7795016 0.017 1.108
7796695 0.017 1.233
7796913 0.017 0.108
7797019 0.017 0.983
7798033 0.017 0.858
7798377 0.017 0.233
7798962 0.017 0.233
7799946 0.017 0.358
7800560 0.017 0.233
7802266 0.017 1.108
7805481 0.017 1.108
7806052 0.017 0.608
7806062 0.017 0.733
7806903 0.017 1.608
7808899 0.017 0.483
7813049 0.017 0.983
7813824 0.017 0.358
7816064 0.017 0.983
7816767 0.017 0.608
7819900 0.017 0.000
7820750 0.017 0.983
7820908 0.017 0.608
7821468 0.017 0.483
7823406 0.017 0.858
7823782 0.017 0.483
7824446 0.017 1.233
7826895 0.017 0.000
7829556 0.017 0.358
7829626 0.017 1.108
7830232 0.017 0.483
7830914 0.017 1.233
7832201 0.017 0.483
7832455 0.017 0.483
7832632 0.017 0.983
7834786 0.017 1.358
7836493 0.017 0.608
7837429 0.017 1.108
7838041 0.017 0.233
7838133 0.017 0.000
7838448 0.017 1.233
7840463 0.017 0.983
7840665 0.017 0.983
7841372 0.017 0.858
7844363 0.017 0.983
7844401 0.017 0.983
7844936 0.017 0.858
7848651 0.017 1.233
7848871 0.017 0.733
7849320 0.017 0.858
7852805 0.017 1.358
7854955 0.017 1.483
7855547 0.017 1.108
7856062 0.017 1.108
7856409 0.017 0.983
7856719 0.017 0.983
7857312 0.017 0.733
7858603 0.017 1.483
7859304 0.017 0.858
7859459 0.017 1.108
7859690 0.017 0.983
7861762 0.017 1.108
7862029 0.017 1.233
7864645 0.017 0.608
7865152 0.017 0.858
7865521 0.017 0.983
7867797 0.017 0.858
7867840 0.017 0.608
7868044 0.017 0.608
7868928 0.017 0.608
7869148 0.017 0.983
7870492 0.017 0.733
7871504 0.017 0.483
7871795 0.017 0.983
7871820 0.017 0.858
7872565 0.017 0.733
7873189 0.017 1.108
7873849 0.017 0.733
7874673 0.017 0.483
7876719 0.017 0.483
7877716 0.017 0.608
7878255 0.017 0.483
7878400 0.017 0.608
7878826 0.017 1.608
7879138 0.017 0.608
7879484 0.017 0.483
7879807 0.017 0.608
7880063 0.017 0.233
7880273 0.017 1.233
7881448 0.017 0.733
7881935 0.017 0.858
7882053 0.017 0.608
7883672 0.017 0.858
7889187 0.017 0.483
7891056 0.017 0.733
7893014 0.017 0.483
7893202 0.017 0.608
7894151 0.017 0.858
7895068 0.017 0.733
7897477 0.017 1.108
7897566 0.017 1.108
7903633 0.017 1.233
7913061 0.017 0.358
7913819 0.017 1.233
7924853 0.017 0.733
COUNT: 976
WAC: 7.657043945
WAM: 357.0990327
WALTV: 75.13600598
</TABLE>
<PAGE>
EXHIBIT F-3
[Schedule of Mortgage Loans Serviced by Other Servicers]
<TABLE>
NASCOR
NMI / 1999-24 Exhibit F-3
30 YEAR FIXED RATE NON RELOCATION LOANS
<CAPTION>
(i) (ii) (iii) (iv) (v) (vi) (vii)
- ----- --------------------- ----- ----- -------- -------- -------- ---------- --------
NET
MORTGAGE MORTGAGE MORTGAGE CURRENT ORIGINAL
LOAN ZIP PROPERTY INTEREST INTEREST MONTHLY TERM TO
NUMBER CITY STATE CODE TYPE RATE RATE PAYMENT MATURITY
- -------- --------------------- ------- -------- --------- -------- -------- ---------- ---------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
4847866 VENTURA CA 93004 SFD 7.375 7.000 $1,795.76 360
4847889 DIAMOND BAR CA 91765 SFD 7.875 7.000 $3,364.32 360
4876925 COSTA MESA CA 92627 SFD 7.500 7.000 $1,982.97 360
4931639 FLAGSTAFF AZ 86004 SFD 7.500 7.000 $1,966.37 360
4997416 MACON GA 31204 SFD 7.000 6.733 $1,716.48 360
4997472 GREENSBORO GA 30642 PUD 6.875 6.608 $2,108.74 360
5003893 GAINESVILLE GA 30506 SFD 7.250 6.983 $1,823.46 360
5003938 STREET MD 21154 SFD 7.500 7.000 $1,986.12 360
5009672 WEST NEW YORK NJ 07093 MF3 8.000 7.000 $880.51 360
5026564 BAYVILLE NY 11709 SFD 7.250 6.983 $1,841.88 360
5060554 POWDER SPRINGS GA 30127 SFD 7.125 6.858 $3,671.77 360
5071280 WEST LAFAYETTE IN 47906 SFD 8.250 7.000 $2,681.28 360
5073665 COLLEGE STATION TX 77845 SFD 7.875 7.000 $1,993.58 360
5077063 ARNOLD MD 21012 SFD 6.875 6.608 $1,997.06 360
5078264 NORCROSS GA 30092 SFD 7.000 6.733 $2,485.57 360
5078459 WAYCROSS GA 31501 SFD 7.250 6.983 $2,122.47 360
5084035 LINCOLN NE 68516 SFD 8.125 7.000 $2,041.87 360
5089921 WATERFORD MI 48329 SFD 7.125 6.858 $1,768.51 360
5089952 SEA ISLAND GA 31561 SFD 7.000 6.733 $5,287.06 360
5089968 WRIGHTSVILLE BEACH NC 28480 LCO 7.000 6.733 $1,975.95 360
5090164 NASHVILLE TN 37215 SFD 7.125 6.858 $2,945.49 240
5095093 LOOKOUT MOUNTAIN TN 37350 SFD 7.250 6.983 $2,114.75 360
5095101 ST. SIMONS ISLAND GA 31522 SFD 7.250 6.983 $2,199.00 333
5095113 FORT MYERS FL 33908 SFD 6.625 6.358 $1,789.67 360
5095123 HOLLYWOOD FL 33019 SFD 7.375 7.000 $1,945.79 360
5095132 LAKELAND FL 33813 PUD 7.125 6.858 $1,987.47 360
5095156 MASON OH 45040 SFD 7.500 7.000 $2,070.03 360
5095194 NEW HILL NC 27562 SFD 7.500 7.000 $2,074.22 360
5095210 SUWANEE GA 30024 SFD 7.500 7.000 $1,952.91 360
5095232 KNOXVILLE TN 37922 SFD 7.500 7.000 $3,635.92 360
5095236 BOCA RATON FL 33433 SFD 7.500 7.000 $2,796.86 360
5095241 JACKSONVILLE FL 32224 SFD 6.875 6.608 $1,765.82 360
5095246 ATLANTA GA 30319 SFD 7.125 6.858 $2,299.06 360
5095255 ATLANTA GA 30350 SFD 7.000 6.733 $4,224.67 360
5095263 PINECREST FL 33156 SFD 7.250 6.983 $1,725.91 360
5095265 DUNWOODY GA 30338 SFD 7.000 6.733 $2,029.17 360
5095271 MARIETTA GA 30062 SFD 7.000 6.733 $1,729.79 360
5095286 ATLANTA GA 30307 SFD 7.000 6.733 $2,741.05 360
5095293 DULUTH GA 30097 SFD 7.375 7.000 $1,962.55 360
5095295 WATKINSVILLE GA 30677 SFD 7.000 6.733 $2,201.89 360
5095305 DUNWOODY GA 30338 PUD 6.875 6.608 $1,734.29 360
5095447 DENVER CO 80231 SFD 7.250 6.983 $1,734.74 300
5095448 SAN CARLOS CA 94070 SFD 7.125 6.858 $2,484.67 360
5095449 PORTOLA VALLEY CA 94028 SFD 7.625 7.000 $5,278.02 360
5095455 PALO ALTO CA 94303 SFD 7.500 7.000 $2,272.45 360
5095459 SALEM OR 97302 SFD 7.375 7.000 $2,223.97 360
5095463 SAN RAFAEL CA 94901 SFD 7.250 6.983 $2,637.29 360
5095464 NAMBE NM 87501 SFD 7.125 6.858 $1,158.80 360
5095466 SAN RAFAEL CA 94901 SFD 7.250 6.983 $2,469.48 360
5095471 ENCINITAS CA 92024 SFD 7.250 6.983 $2,564.98 360
5095472 SAN MATEO CA 94402 SFD 7.125 6.858 $5,005.73 360
5095474 SAN RAFAEL CA 94901 SFD 7.375 7.000 $2,783.42 360
5095478 SAN RAFAEL CA 94901 SFD 7.000 6.733 $4,939.87 360
5095479 FREMONT CA 94539 SFD 7.250 6.983 $1,807.77 360
5095482 ARCADIA CA 91007 SFD 7.000 6.733 $2,341.86 360
5095483 MASPETH NY 11378 MF2 8.125 7.000 $2,706.41 360
5095485 WESTPORT CT 06880 SFD 7.625 7.000 $2,242.30 360
5095486 NASHUA NH 03060 SFD 6.875 6.608 $873.72 360
5095488 SCOTTSDALE AZ 85251 SFD 7.500 7.000 $3,111.51 360
5095489 SAN FRANCISCO CA 94118 SFD 7.125 6.858 $3,132.79 360
5095493 FOSTER CITY CA 94404 SFD 7.125 6.858 $2,789.19 360
5095494 MESA AZ 85205 SFD 7.625 7.000 $883.33 360
5095496 REDWOOD CITY CA 94062 SFD 6.750 6.483 $2,536.02 360
5095498 SAN ANSELMO CA 94960 SFD 7.500 7.000 $2,020.73 360
5095500 LOWER MERION TOWNSHIP PA 19041 SFD 6.750 6.483 $6,080.61 360
5095502 BOLINAS CA 94924 SFD 7.375 7.000 $1,982.24 360
5095506 MILL VALLEY CA 94941 SFD 7.000 6.733 $3,526.10 360
5095508 PASADENA CA 91103 SFD 7.125 6.858 $2,795.93 360
5095509 SAN MATEO CA 94403 SFD 7.125 6.858 $2,337.80 360
5095511 POWAY CA 92064 SFD 7.125 6.858 $1,515.87 360
5095512 STONE HARBOUR MANOR NJ 08247 SFD 7.875 7.000 $3,648.55 360
5095513 SAN RAMON CA 94583 SFD 7.250 6.983 $2,099.06 360
5095514 PARKER CO 80134 SFD 7.375 7.000 $1,210.07 360
5095516 SAN RAFAEL CA 94901 SFD 7.125 6.858 $1,886.41 360
5095523 SUGAR LAND TX 77479 SFD 7.250 6.983 $2,243.68 360
5095524 ENCINITAS CA 92007 LCO 7.125 6.858 $2,307.49 360
5095527 FREMONT CA 94539 SFD 7.125 6.858 $2,688.14 360
5095528 MESA AZ 85215 SFD 7.375 7.000 $2,203.26 360
5095539 LOS ALTOS CA 94024 SFD 7.125 6.858 $2,678.03 360
5095543 HOUSTON TX 77005 SFD 6.750 6.483 $2,262.31 360
5095544 PEORIA AZ 85381 SFD 6.875 6.608 $868.46 360
5095547 HEATH TX 75032 SFD 7.000 6.733 $1,995.91 360
5095548 SAN RAFAEL CA 94901 SFD 7.250 6.983 $3,492.74 360
5095551 AURORA CO 80015 SFD 7.500 7.000 $957.93 360
5095552 THIELLS NY 10984 SFD 7.750 7.000 $1,217.90 360
5095554 DEL MAR CA 92014 SFD 7.125 6.858 $4,918.15 360
5095560 LA JOLLA CA 92037 SFD 7.375 7.000 $1,712.87 360
5095564 NOVATO CA 94949 SFD 7.250 6.983 $1,637.22 360
5095565 PORTLAND OR 97225 SFD 7.375 7.000 $1,103.35 360
5095566 PALO ALTO CA 94301 SFD 7.250 6.983 $2,899.25 360
5095568 RANCHO SANTA FE CA 92091 SFD 7.250 6.983 $2,401.26 360
5095570 KENTFIELD CA 94904 SFD 7.125 6.858 $5,490.81 360
5095571 AURORA OR 97002 SFD 7.500 7.000 $1,468.35 360
5095572 MENLO PARK CA 94025 SFD 7.125 6.858 $2,171.39 360
5095576 POWAY CA 92064 SFD 7.250 6.983 $2,302.34 360
5095577 PLATTEVILLE CO 80651 SFD 7.500 7.000 $1,373.96 360
5095579 SAN RAFAEL CA 94903 SFD 7.125 6.858 $2,280.54 360
5095581 MILL VALLEY CA 94941 SFD 7.250 6.983 $5,320.97 360
5095582 PETALUMA CA 94952 SFD 7.250 6.983 $1,875.99 360
5095586 PALO ALTO CA 94303 SFD 7.250 6.983 $2,319.40 360
5095588 SANTA FE NM 87501 LCO 7.000 6.733 $1,244.12 360
5095589 BOERNE TX 78006 SFD 7.125 6.858 $1,886.41 360
5095590 ORINDA CA 94563 SFD 7.375 7.000 $2,037.49 360
5095592 COMMERCE MI 48382 SFD 7.875 7.000 $1,775.70 360
5095596 WALNUT CREEK CA 94598 SFD 7.250 6.983 $3,765.61 360
5095599 FREMONT CA 94539 SFD 7.125 6.858 $4,106.31 360
5095602 DANVILLE CA 94526 SFD 6.875 6.608 $1,773.71 360
5095605 SARATOGA CA 95070 SFD 7.625 7.000 $5,173.97 360
5095608 SAN FRANCISCO CA 94109 SFD 7.500 7.000 $2,992.64 360
5095609 MILPITAS CA 95035 SFD 7.375 7.000 $2,097.93 360
5095615 SAN MATEO CA 94403 SFD 7.125 6.858 $2,577.65 360
5095616 DEEPHAVEN MN 55391 SFD 7.750 7.000 $5,957.33 360
5095620 BURLINGAME CA 94010 SFD 7.125 6.858 $3,368.59 360
5095623 SUGAR LAND TX 77479 SFD 7.125 6.858 $1,226.84 360
5095625 JAMUL CA 91935 SFD 6.875 6.608 $2,233.56 360
5095627 SANATA MONICA CA 90402 SFD 7.250 6.983 $4,911.67 360
5095630 SAN ANSELMO CA 94960 SFD 7.250 6.983 $2,421.73 360
5095631 MILLBRAE CA 94030 SFD 7.750 7.000 $2,844.16 360
5095634 LOS ALTOS CA 94024 SFD 7.125 6.858 $3,382.07 360
5095635 LOS ANGELES CA 90049 SFD 7.625 7.000 $6,724.04 360
5095639 KENTFIELD CA 94904 SFD 7.125 6.858 $6,730.45 360
5095642 HOUSTON TX 77056 SFD 7.125 6.858 $3,112.58 360
5095648 ONSTED MI 49265 SFD 7.500 7.000 $769.14 360
5095649 TUCSON AZ 85711 SFD 7.500 7.000 $384.57 360
5095652 SAN JOSE CA 95129 SFD 7.125 6.858 $1,920.10 360
5095660 MASPETH NY 11378 MF2 8.125 7.000 $2,739.82 360
5095668 MAGNOLIA TX 77355 SFD 6.750 6.483 $1,945.79 360
5095671 SCOTTSDALE AZ 85254 SFD 7.500 7.000 $1,048.82 360
5095683 TEMPE AZ 85284 SFD 7.625 7.000 $865.64 360
5095687 PARK CITY UT 84060 SFD 7.125 6.858 $3,767.44 360
5095701 LIVERMORE CA 94550 SFD 7.750 7.000 $2,507.44 360
5095703 SEABROOK TX 77586 SFD 7.625 7.000 $1,031.21 240
5095711 AUSTIN TX 78735 SFD 6.875 6.608 $2,824.79 360
5095713 LOS ALTOS CA 94024 SFD 7.375 7.000 $2,762.70 360
5095718 WOODSIDE CA 94062 SFD 7.375 7.000 $4,081.89 360
5095723 NOVATO CA 94949 SFD 7.250 6.983 $1,831.64 360
5095725 MILL VALLEY CA 94941 SFD 7.125 6.858 $3,739.14 360
5095728 STINSON BEACH CA 94970 SFD 7.125 6.858 $2,021.16 360
5095730 MANHATTAN BEACH CA 90266 LCO 7.125 6.858 $4,594.76 360
5095735 PLEASANTON CA 94566 SFD 7.125 6.858 $3,907.57 360
5095736 HOUSTON TX 77024 SFD 7.250 6.983 $3,270.02 360
5095739 PALO ALTO CA 94301 SFD 7.125 6.858 $4,018.73 360
5095744 BELLAIRE TX 77401 SFD 6.750 6.483 $1,718.78 360
5095748 SAN CARLOS CA 94070 SFD 7.250 6.983 $2,046.53 360
5095750 PLEASANTON CA 94566 SFD 7.375 7.000 $2,244.69 360
5095754 SAN BRUNO CA 94066 SFD 7.125 6.858 $1,761.77 360
5095756 BURLINGAME CA 94010 SFD 7.125 6.858 $3,557.23 360
5095759 BURLINGAME CA 94010 SFD 7.125 6.858 $2,470.53 360
5095775 ORINDA CA 94563 SFD 7.375 7.000 $2,279.23 360
5095778 HILLSBOROUGH CA 94010 SFD 7.500 7.000 $6,642.54 360
5095806 TIBURON CA 94920 SFD 7.125 6.858 $4,158.19 360
5095810 SAN FRANCISCO CA 94127 SFD 7.125 6.858 $2,324.33 360
5095815 SANTA BARBARA CA 93108 SFD 7.125 6.858 $6,737.12 360
5095816 LAGUNA NIGUEL CA 92677 SFD 6.875 6.608 $1,169.33 360
5095820 FREMONT CA 94539 SFD 7.500 7.000 $2,352.86 360
5095825 LOS GATOS CA 95030 SFD 7.125 6.858 $2,977.16 360
5095830 LOS ALTOS CA 94022 SFD 7.125 6.858 $3,233.85 360
5095833 SANTA BARBARA CA 93108 SFD 7.250 6.983 $3,588.25 360
5095837 LAS VEGAS NV 89107 SFD 7.875 7.000 $942.60 360
5095842 PLEASANTON CA 94566 SFD 7.125 6.858 $3,099.11 360
5095845 EXETER RI 02822 SFD 7.750 7.000 $1,146.26 360
5100693 RICHMOND VA 23226 SFD 7.250 6.983 $2,524.06 360
5100761 RICHMOND VA 23233 SFD 7.125 6.858 $2,047.77 360
5100781 ALEXANDRIA VA 22314 SFD 7.000 6.733 $1,905.43 360
5100824 ROCK HILL SC 29732 SFD 7.125 6.858 $2,191.95 360
5100838 BALLWIN MO 63021 SFD 7.000 6.733 $1,764.05 360
5100861 STERLING VA 20165 SFD 7.250 6.983 $1,882.81 360
5100886 ATLANTA GA 30331 SFD 7.250 6.983 $1,670.65 360
5101016 LEESBURG VA 20175 SFD 6.875 6.608 $1,740.87 360
5101028 VIENNA VA 22182 PUD 6.875 6.608 $1,786.85 360
5101070 CONCORD CA 94518 SFD 6.500 6.233 $1,703.43 360
5101108 WARRENTON VA 20187 SFD 6.750 6.483 $2,594.40 360
5101781 MORGAN UT 84050 SFD 8.625 7.000 $ 2,165.37 360
5102203 RICHMOND VA 23221 SFD 7.750 7.000 $ 2,243.09 360
</TABLE>
<TABLE>
NASCOR
NMI / 1999-24 Exhibit F-3
30 YEAR FIXED RATE NON RELOCATION LOANS
(CONTINUED)
<CAPTION>
(i) (viii) (ix) (x) (xi) (xii) (xiii) (xIv) (xv) (xvI)
- ----- ---------- -------------- ------ --------- ---------- -------- ----------- ----------- --------
CUT-OFF
MORTGAGE SCHEDULED DATE MORTGAGE T.O.P. MASTER FIXED
LOAN MATURITY PRINCIPAL INSURANCE SERVICE MORTGAGE SERVICE RETAIN
NUMBER DATE BALANCE LTV SUBSIDY CODE FEE LOAN FEE YIELD
- -------- ----------- -------------- ------ --------- ---------- -------- ----------- ----------- -------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
4847866 1-Aug-28 $ 256,742.39 80.00 0.250 0.017 0.108
4847889 1-Aug-28 $ 459,333.73 80.00 0.250 0.017 0.608
4876925 1-Sep-28 $ 280,541.94 79.89 0.250 0.017 0.233
4931639 1-Nov-28 $ 278,855.02 78.12 0.250 0.017 0.233
4997416 1-Mar-29 $ 256,493.49 80.00 0.250 0.017 0.000
4997472 1-Mar-29 $ 319,079.50 34.15 0.250 0.017 0.000
5003893 1-Mar-29 $ 265,813.62 90.00 06 0.250 0.017 0.000
5003938 1-Mar-29 $ 282,546.38 95.00 06 0.250 0.017 0.233
5009672 1-Dec-28 $ 119,170.32 75.00 0.250 0.017 0.733
5026564 1-Mar-29 $ 268,498.60 89.70 06 0.250 0.017 0.000
5060554 1-Mar-29 $ 540,699.59 79.56 0.250 0.017 0.000
5071280 1-Aug-29 $ 356,443.25 89.99 24 0.250 0.017 0.983
5073665 1-Aug-29 $ 274,570.32 88.69 11 0.250 0.017 0.608
5077063 1-Jun-29 $ 302,969.61 78.35 0.250 0.017 0.000
5078264 1-Jun-29 $ 372,364.29 80.00 0.250 0.017 0.000
5078459 1-Feb-29 $ 308,564.39 77.78 0.250 0.017 0.000
5084035 1-Sep-29 $ 274,820.11 69.62 0.250 0.017 0.858
5089921 1-Jun-29 $ 261,652.82 74.36 0.250 0.017 0.000
5089952 1-May-29 $ 791,390.37 24.83 0.250 0.017 0.000
5089968 1-Jul-29 $ 296,265.38 90.00 01 0.250 0.017 0.000
5090164 1-Jan-19 $ 365,906.67 50.17 0.250 0.017 0.000
5095093 1-Jun-29 $ 308,416.59 70.45 0.250 0.017 0.000
5095101 1-Aug-26 $ 311,645.27 75.00 0.250 0.017 0.000
5095113 1-Apr-29 $ 277,999.84 63.52 0.250 0.017 0.000
5095123 1-Aug-28 $ 278,599.32 79.36 0.250 0.017 0.108
5095132 1-Jun-29 $ 294,047.93 74.68 0.250 0.017 0.000
5095156 1-Jul-29 $ 295,386.72 89.99 13 0.250 0.017 0.233
5095194 1-Jul-29 $ 295,985.39 85.00 01 0.250 0.017 0.233
5095210 1-Aug-29 $ 278,884.14 95.00 11 0.250 0.017 0.233
5095232 1-Jul-29 $ 514,797.41 80.00 0.250 0.017 0.233
5095236 1-Jun-29 $ 398,801.38 56.39 0.250 0.017 0.233
5095241 1-Jun-29 $ 266,877.44 80.00 0.250 0.017 0.000
5095246 1-Jul-29 $ 340,426.46 75.00 0.250 0.017 0.000
5095255 1-Apr-29 $ 631,831.08 79.87 0.250 0.017 0.000
5095263 1-Jul-29 $ 252,404.31 73.76 0.250 0.017 0.000
5095265 1-Jun-29 $ 303,991.21 73.09 0.250 0.017 0.000
5095271 1-May-29 $ 258,921.88 63.80 0.250 0.017 0.000
5095286 1-Apr-29 $ 409,943.91 81.92 11 0.250 0.017 0.000
5095293 1-Jul-29 $ 283,497.37 89.99 11 0.250 0.017 0.108
5095295 1-Jun-29 $ 329,763.54 80.00 0.250 0.017 0.000
5095305 1-Jun-29 $ 263,105.19 80.00 0.250 0.017 0.000
5095447 1-Jun-24 $ 238,850.68 65.22 0.250 0.017 0.000
5095448 1-Jun-29 $ 367,609.78 54.24 0.250 0.017 0.000
5095449 1-Jun-29 $ 743,520.46 37.76 0.250 0.017 0.358
5095455 1-May-29 $ 323,778.83 40.12 0.250 0.017 0.233
5095459 1-May-29 $ 320,646.54 80.00 0.250 0.017 0.108
5095463 1-Jun-29 $ 385,382.70 66.66 0.250 0.017 0.000
5095464 1-Jun-29 $ 171,444.88 80.00 0.250 0.017 0.000
5095466 1-May-29 $ 360,570.85 67.04 0.250 0.017 0.000
5095471 1-Jun-29 $ 374,816.07 80.00 0.250 0.017 0.000
5095472 1-Jun-29 $ 740,602.08 55.04 0.250 0.017 0.000
5095474 1-Jun-29 $ 401,762.05 66.61 0.250 0.017 0.108
5095478 1-Jun-29 $ 736,916.38 53.61 0.250 0.017 0.000
5095479 1-May-29 $ 263,953.79 58.89 0.250 0.017 0.000
5095482 1-May-29 $ 350,540.43 76.52 0.250 0.017 0.000
5095483 1-Jun-29 $ 363,536.50 90.00 11 0.250 0.017 0.858
5095485 1-Jun-29 $ 315,874.03 80.00 0.250 0.017 0.358
5095486 1-Jun-29 $ 132,549.19 66.17 0.250 0.017 0.000
5095488 1-May-29 $ 443,327.94 46.84 0.250 0.017 0.233
5095489 1-Jun-29 $ 463,401.37 69.92 0.250 0.017 0.000
5095493 1-Jun-29 $ 412,663.90 57.50 0.250 0.017 0.000
5095494 1-Jun-29 $ 124,435.23 75.00 0.250 0.017 0.358
5095496 1-Jun-29 $ 389,642.02 69.82 0.250 0.017 0.000
5095498 1-Jun-29 $ 288,134.00 24.60 0.250 0.017 0.233
5095500 1-Jun-29 $ 934,243.97 75.00 0.250 0.017 0.000
5095502 1-Jun-29 $ 286,118.36 57.40 0.250 0.017 0.108
5095506 1-Jun-29 $ 528,247.00 58.89 0.250 0.017 0.000
5095508 1-Jun-29 $ 413,660.66 69.17 0.250 0.017 0.000
5095509 1-Jun-29 $ 345,880.12 54.22 0.250 0.017 0.000
5095511 1-Jun-29 $ 224,043.30 69.23 0.250 0.017 0.000
5095512 1-Jun-29 $ 501,755.10 80.00 0.250 0.017 0.608
5095513 1-Jun-29 $ 306,731.10 64.78 0.250 0.017 0.000
5095514 1-Jun-29 $ 174,661.79 79.64 0.250 0.017 0.108
5095516 1-Jun-29 $ 279,096.35 66.67 0.250 0.017 0.000
5095523 1-Jun-29 $ 326,346.16 63.25 0.250 0.017 0.000
5095524 1-May-29 $ 338,883.57 61.16 0.250 0.017 0.000
5095527 1-Jun-29 $ 397,712.28 46.94 0.250 0.017 0.000
5095528 1-Jun-29 $ 312,546.49 67.51 0.250 0.017 0.108
5095539 1-Jun-29 $ 396,217.14 54.45 0.250 0.017 0.000
5095543 1-May-29 $ 347,281.46 69.90 0.250 0.017 0.000
5095544 1-Jun-29 $ 130,385.78 71.85 0.250 0.017 0.000
5095547 1-Jun-29 $ 298,397.77 73.89 0.250 0.017 0.000
5095548 1-Jun-29 $ 510,387.83 67.37 0.250 0.017 0.000
5095551 1-Jun-29 $ 136,589.45 73.66 0.250 0.017 0.233
5095552 1-Jun-29 $ 169,515.40 72.37 0.250 0.017 0.483
5095554 1-May-29 $ 726,795.47 47.56 0.250 0.017 0.000
5095560 1-Jun-29 $ 247,238.21 57.27 0.250 0.017 0.108
5095564 1-Jun-29 $ 239,043.10 53.33 0.250 0.017 0.000
5095565 1-May-29 $ 158,733.18 73.31 0.250 0.017 0.108
5095566 1-Jun-29 $ 423,661.77 32.69 0.250 0.017 0.000
5095568 1-Jun-29 $ 350,891.64 67.69 0.250 0.017 0.000
5095570 1-Jun-29 $ 812,369.69 65.99 0.250 0.017 0.000
5095571 1-Jun-29 $ 209,295.45 51.85 0.250 0.017 0.233
5095572 1-May-29 $ 320,995.95 37.70 0.250 0.017 0.000
5095576 1-May-29 $ 336,167.60 69.59 0.250 0.017 0.000
5095577 1-May-29 $ 195,761.65 67.76 0.250 0.017 0.233
5095579 1-Jun-29 $ 337,407.53 66.37 0.250 0.017 0.000
5095581 1-Jun-29 $ 777,543.97 65.00 0.250 0.017 0.000
5095582 1-Jun-29 $ 274,134.11 68.24 0.250 0.017 0.000
5095586 1-Jun-29 $ 338,929.41 44.74 0.250 0.017 0.000
5095588 1-Jun-29 $ 186,381.47 69.00 0.250 0.017 0.000
5095589 1-May-29 $ 278,867.07 80.00 0.250 0.017 0.000
5095590 1-Jun-29 $ 293,967.26 66.29 0.250 0.017 0.108
5095592 1-Jun-29 $ 244,219.17 69.97 0.250 0.017 0.608
5095596 1-Jun-29 $ 550,261.89 69.87 0.250 0.017 0.000
5095599 1-May-29 $ 607,033.87 69.99 0.250 0.017 0.000
5095602 1-May-29 $ 268,603.24 56.25 0.250 0.017 0.000
5095605 1-Sep-28 $ 723,853.61 48.73 0.250 0.017 0.358
5095608 1-Jun-29 $ 426,717.48 61.58 0.250 0.017 0.233
5095609 1-Jun-29 $ 302,816.92 75.00 0.250 0.017 0.108
5095615 1-Jun-29 $ 381,365.21 64.30 0.250 0.017 0.000
5095616 1-Aug-28 $ 822,979.36 51.17 0.250 0.017 0.483
5095620 1-Jun-29 $ 498,386.35 62.50 0.250 0.017 0.000
5095623 1-Jun-29 $ 181,475.90 79.95 0.250 0.017 0.000
5095625 1-Jun-29 $ 338,847.57 45.95 0.250 0.017 0.000
5095627 1-Jun-29 $ 717,732.88 49.66 0.250 0.017 0.000
5095630 1-Jun-29 $ 353,882.17 64.55 0.250 0.017 0.000
5095631 1-Jun-29 $ 395,817.81 58.81 0.250 0.017 0.483
5095634 1-May-29 $ 499,680.05 55.38 0.250 0.017 0.000
5095635 1-Jun-29 $ 947,223.35 74.98 0.250 0.017 0.358
5095639 1-Jun-29 $ 995,775.88 51.23 0.250 0.017 0.000
5095642 1-May-29 $ 460,130.65 80.00 0.250 0.017 0.000
5095648 1-May-29 $ 109,513.05 58.51 0.250 0.017 0.233
5095649 1-Jun-29 $ 54,835.18 55.00 0.250 0.017 0.233
5095652 1-Jun-29 $ 283,534.06 51.82 0.250 0.017 0.000
5095660 1-Jun-29 $ 368,024.62 90.00 17 0.250 0.017 0.858
5095668 1-Jun-29 $ 298,958.10 66.67 0.250 0.017 0.000
5095671 1-May-29 $ 149,436.39 62.50 0.250 0.017 0.233
5095683 1-Jun-29 $ 121,942.51 79.99 0.250 0.017 0.358
5095687 1-May-29 $ 556,937.33 79.99 0.250 0.017 0.000
5095701 1-Jun-29 $ 349,002.30 66.67 0.250 0.017 0.483
5095703 1-Jun-19 $ 125,869.40 80.00 0.250 0.017 0.358
5095711 1-May-29 $ 428,172.94 66.15 0.250 0.017 0.000
5095713 1-Jun-29 $ 398,771.26 55.56 0.250 0.017 0.108
5095718 1-Jun-29 $ 589,184.53 52.53 0.250 0.017 0.108
5095723 1-Jun-29 $ 266,975.00 59.01 0.250 0.017 0.000
5095725 1-Jun-29 $ 553,208.82 68.94 0.250 0.017 0.000
5095728 1-May-29 $ 297,738.44 54.55 0.250 0.017 0.000
5095730 1-Jun-29 $ 676,948.80 68.54 0.250 0.017 0.000
5095735 1-Jun-29 $ 578,128.14 76.52 0.250 0.017 0.000
5095736 1-Aug-28 $ 468,386.90 69.98 0.250 0.017 0.000
5095739 1-May-29 $ 593,279.31 62.79 0.250 0.017 0.000
5095744 1-May-29 $ 263,846.32 56.99 0.250 0.017 0.000
5095748 1-Jun-29 $ 298,893.02 68.97 0.250 0.017 0.000
5095750 1-Jun-29 $ 324,001.68 70.65 0.250 0.017 0.108
5095754 1-Jun-29 $ 260,540.69 67.05 0.250 0.017 0.000
5095756 1-Jun-29 $ 526,295.97 60.00 0.250 0.017 0.000
5095759 1-Jun-29 $ 365,516.52 59.53 0.250 0.017 0.000
5095775 1-May-29 $ 328,728.94 66.00 0.250 0.017 0.108
5095778 1-May-29 $ 940,367.76 59.38 0.250 0.017 0.233
5095806 1-May-29 $ 614,281.91 60.21 0.250 0.017 0.000
5095810 1-Jun-29 $ 343,082.40 65.09 0.250 0.017 0.000
5095815 1-Jun-29 $ 995,461.67 31.25 0.250 0.017 0.000
5095816 1-May-29 $ 177,243.69 53.13 0.250 0.017 0.000
5095820 1-Jun-29 $ 335,491.65 56.08 0.250 0.017 0.233
5095825 1-Jun-29 $ 291,699.92 40.17 0.250 0.017 0.000
5095830 1-May-29 $ 478,057.82 57.14 0.250 0.017 0.000
5095833 1-May-29 $ 523,923.39 38.96 0.250 0.017 0.000
5095837 1-Jun-29 $ 129,638.57 80.00 0.250 0.017 0.608
5095842 1-Jun-29 $ 456,997.52 66.67 0.250 0.017 0.000
5095845 1-Jun-29 $ 159,543.89 66.67 0.250 0.017 0.483
5100693 1-Jun-29 $ 368,834.92 57.81 0.250 0.017 0.000
5100761 1-Aug-29 $ 303,462.42 80.00 0.250 0.017 0.000
5100781 1-Jul-29 $ 285,691.60 77.83 0.250 0.017 0.000
5100824 1-Jul-29 $ 324,522.99 79.94 0.250 0.017 0.000
5100838 1-Jan-29 $ 263,139.61 81.58 0.250 0.017 0.000
5100861 1-May-29 $ 274,910.36 79.31 0.250 0.017 0.000
5100886 1-Jan-29 $ 243,138.44 79.77 0.250 0.017 0.000
5101016 1-Apr-29 $ 263,644.87 49.07 0.250 0.017 0.000
5101028 1-May-29 $ 270,844.24 80.00 0.250 0.017 0.000
5101070 1-May-29 $ 268,268.54 70.00 0.250 0.017 0.000
5101108 1-Apr-29 $ 397,904.32 74.77 0.250 0.017 0.000
5101781 1-Sep-29 $ 278,235.63 80.00 0.250 0.017 1.358
5102203 1-Mar-28 $ 303,861.08 76.37 0.250 0.017 0.483
$ 64,754,616.27
COUNT: 174
WAC: 7.251347371
WAM: 353.7549866
WALTV: 65.08093836
</TABLE>
NASCOR
NMI / 1999-24 Exhibit F-3
30 YEAR FIXED RATE NON RELOCATION LOANS
(i) (xvii) (xviii)
- ----- ----------- -----------
MORTGAGE NMI
LOAN LOAN
NUMBER SERVICER SELLER
- -------- -------------------------------------------------------------------
4847866 COUNTRYWIDE FUNDING CORP. COUNTRYWIDE FUNDING CORP.
4847889 COUNTRYWIDE FUNDING CORP. COUNTRYWIDE FUNDING CORP.
4876925 COUNTRYWIDE FUNDING CORP. COUNTRYWIDE FUNDING CORP.
4931639 COUNTRYWIDE FUNDING CORP. COUNTRYWIDE FUNDING CORP.
4997416 SUNTRUST MORTGAGE, INC. SUNTRUST MORTGAGE, INC.
4997472 SUNTRUST MORTGAGE, INC. SUNTRUST MORTGAGE, INC.
5003893 FT MORTGAGE COMPANIES FT MORTGAGE COMPANIES
5003938 FT MORTGAGE COMPANIES FT MORTGAGE COMPANIES
5009672 NOVUS FINANCIAL CORPORATIO NOVUS FINANCIAL CORPORATION
5026564 HOMESIDE LENDING HOMESIDE LENDING
5060554 SUNTRUST MORTGAGE, INC. SUNTRUST MORTGAGE, INC.
5071280 HUNTINGTON MORTGAGE COMPAN HUNTINGTON MORTGAGE COMPANY
5073665 HIBERNIA NATIONAL BANK HIBERNIA NATIONAL BANK
5077063 SUNTRUST MORTGAGE, INC. SUNTRUST MORTGAGE, INC.
5078264 SUNTRUST MORTGAGE, INC. SUNTRUST MORTGAGE, INC.
5078459 SUNTRUST MORTGAGE, INC. SUNTRUST MORTGAGE, INC.
5084035 FARMERS STATE BANK & TRUST FARMERS STATE BANK & TRUST
5089921 SUNTRUST MORTGAGE, INC. SUNTRUST MORTGAGE, INC.
5089952 SUNTRUST MORTGAGE, INC. SUNTRUST MORTGAGE, INC.
5089968 SUNTRUST MORTGAGE, INC. SUNTRUST MORTGAGE, INC.
5090164 SUNTRUST MORTGAGE, INC. SUNTRUST MORTGAGE, INC.
5095093 SUNTRUST MORTGAGE, INC. SUNTRUST MORTGAGE, INC.
5095101 SUNTRUST MORTGAGE, INC. SUNTRUST MORTGAGE, INC.
5095113 SUNTRUST MORTGAGE, INC. SUNTRUST MORTGAGE, INC.
5095123 SUNTRUST MORTGAGE, INC. SUNTRUST MORTGAGE, INC.
5095132 SUNTRUST MORTGAGE, INC. SUNTRUST MORTGAGE, INC.
5095156 SUNTRUST MORTGAGE, INC. SUNTRUST MORTGAGE, INC.
5095194 SUNTRUST MORTGAGE, INC. SUNTRUST MORTGAGE, INC.
5095210 SUNTRUST MORTGAGE, INC. SUNTRUST MORTGAGE, INC.
5095232 SUNTRUST MORTGAGE, INC. SUNTRUST MORTGAGE, INC.
5095236 SUNTRUST MORTGAGE, INC. SUNTRUST MORTGAGE, INC.
5095241 SUNTRUST MORTGAGE, INC. SUNTRUST MORTGAGE, INC.
5095246 SUNTRUST MORTGAGE, INC. SUNTRUST MORTGAGE, INC.
5095255 SUNTRUST MORTGAGE, INC. SUNTRUST MORTGAGE, INC.
5095263 SUNTRUST MORTGAGE, INC. SUNTRUST MORTGAGE, INC.
5095265 SUNTRUST MORTGAGE, INC. SUNTRUST MORTGAGE, INC.
5095271 SUNTRUST MORTGAGE, INC. SUNTRUST MORTGAGE, INC.
5095286 SUNTRUST MORTGAGE, INC. SUNTRUST MORTGAGE, INC.
5095293 SUNTRUST MORTGAGE, INC. SUNTRUST MORTGAGE, INC.
5095295 SUNTRUST MORTGAGE, INC. SUNTRUST MORTGAGE, INC.
5095305 SUNTRUST MORTGAGE, INC. SUNTRUST MORTGAGE, INC.
5095447 BANK UNITED BANK UNITED
5095448 BANK UNITED BANK UNITED
5095449 BANK UNITED BANK UNITED
5095455 BANK UNITED BANK UNITED
5095459 BANK UNITED BANK UNITED
5095463 BANK UNITED BANK UNITED
5095464 BANK UNITED BANK UNITED
5095466 BANK UNITED BANK UNITED
5095471 BANK UNITED BANK UNITED
5095472 BANK UNITED BANK UNITED
5095474 BANK UNITED BANK UNITED
5095478 BANK UNITED BANK UNITED
5095479 BANK UNITED BANK UNITED
5095482 BANK UNITED BANK UNITED
5095483 BANK UNITED BANK UNITED
5095485 BANK UNITED BANK UNITED
5095486 BANK UNITED BANK UNITED
5095488 BANK UNITED BANK UNITED
5095489 BANK UNITED BANK UNITED
5095493 BANK UNITED BANK UNITED
5095494 BANK UNITED BANK UNITED
5095496 BANK UNITED BANK UNITED
5095498 BANK UNITED BANK UNITED
5095500 BANK UNITED BANK UNITED
5095502 BANK UNITED BANK UNITED
5095506 BANK UNITED BANK UNITED
5095508 BANK UNITED BANK UNITED
5095509 BANK UNITED BANK UNITED
5095511 BANK UNITED BANK UNITED
5095512 BANK UNITED BANK UNITED
5095513 BANK UNITED BANK UNITED
5095514 BANK UNITED BANK UNITED
5095516 BANK UNITED BANK UNITED
5095523 BANK UNITED BANK UNITED
5095524 BANK UNITED BANK UNITED
5095527 BANK UNITED BANK UNITED
5095528 BANK UNITED BANK UNITED
5095539 BANK UNITED BANK UNITED
5095543 BANK UNITED BANK UNITED
5095544 BANK UNITED BANK UNITED
5095547 BANK UNITED BANK UNITED
5095548 BANK UNITED BANK UNITED
5095551 BANK UNITED BANK UNITED
5095552 BANK UNITED BANK UNITED
5095554 BANK UNITED BANK UNITED
5095560 BANK UNITED BANK UNITED
5095564 BANK UNITED BANK UNITED
5095565 BANK UNITED BANK UNITED
5095566 BANK UNITED BANK UNITED
5095568 BANK UNITED BANK UNITED
5095570 BANK UNITED BANK UNITED
5095571 BANK UNITED BANK UNITED
5095572 BANK UNITED BANK UNITED
5095576 BANK UNITED BANK UNITED
5095577 BANK UNITED BANK UNITED
5095579 BANK UNITED BANK UNITED
5095581 BANK UNITED BANK UNITED
5095582 BANK UNITED BANK UNITED
5095586 BANK UNITED BANK UNITED
5095588 BANK UNITED BANK UNITED
5095589 BANK UNITED BANK UNITED
5095590 BANK UNITED BANK UNITED
5095592 BANK UNITED BANK UNITED
5095596 BANK UNITED BANK UNITED
5095599 BANK UNITED BANK UNITED
5095602 BANK UNITED BANK UNITED
5095605 BANK UNITED BANK UNITED
5095608 BANK UNITED BANK UNITED
5095609 BANK UNITED BANK UNITED
5095615 BANK UNITED BANK UNITED
5095616 BANK UNITED BANK UNITED
5095620 BANK UNITED BANK UNITED
5095623 BANK UNITED BANK UNITED
5095625 BANK UNITED BANK UNITED
5095627 BANK UNITED BANK UNITED
5095630 BANK UNITED BANK UNITED
5095631 BANK UNITED BANK UNITED
5095634 BANK UNITED BANK UNITED
5095635 BANK UNITED BANK UNITED
5095639 BANK UNITED BANK UNITED
5095642 BANK UNITED BANK UNITED
5095648 BANK UNITED BANK UNITED
5095649 BANK UNITED BANK UNITED
5095652 BANK UNITED BANK UNITED
5095660 BANK UNITED BANK UNITED
5095668 BANK UNITED BANK UNITED
5095671 BANK UNITED BANK UNITED
5095683 BANK UNITED BANK UNITED
5095687 BANK UNITED BANK UNITED
5095701 BANK UNITED BANK UNITED
5095703 BANK UNITED BANK UNITED
5095711 BANK UNITED BANK UNITED
5095713 BANK UNITED BANK UNITED
5095718 BANK UNITED BANK UNITED
5095723 BANK UNITED BANK UNITED
5095725 BANK UNITED BANK UNITED
5095728 BANK UNITED BANK UNITED
5095730 BANK UNITED BANK UNITED
5095735 BANK UNITED BANK UNITED
5095736 BANK UNITED BANK UNITED
5095739 BANK UNITED BANK UNITED
5095744 BANK UNITED BANK UNITED
5095748 BANK UNITED BANK UNITED
5095750 BANK UNITED BANK UNITED
5095754 BANK UNITED BANK UNITED
5095756 BANK UNITED BANK UNITED
5095759 BANK UNITED BANK UNITED
5095775 BANK UNITED BANK UNITED
5095778 BANK UNITED BANK UNITED
5095806 BANK UNITED BANK UNITED
5095810 BANK UNITED BANK UNITED
5095815 BANK UNITED BANK UNITED
5095816 BANK UNITED BANK UNITED
5095820 BANK UNITED BANK UNITED
5095825 BANK UNITED BANK UNITED
5095830 BANK UNITED BANK UNITED
5095833 BANK UNITED BANK UNITED
5095837 BANK UNITED BANK UNITED
5095842 BANK UNITED BANK UNITED
5095845 BANK UNITED BANK UNITED
5100693 CRESTAR MORTGAGE CORPORATION CRESTAR MORTGAGE CORPORATION
5100761 CRESTAR MORTGAGE CORPORATION CRESTAR MORTGAGE CORPORATION
5100781 CRESTAR MORTGAGE CORPORATION CRESTAR MORTGAGE CORPORATION
5100824 CRESTAR MORTGAGE CORPORATION CRESTAR MORTGAGE CORPORATION
5100838 CRESTAR MORTGAGE CORPORATION CRESTAR MORTGAGE CORPORATION
5100861 CRESTAR MORTGAGE CORPORATION CRESTAR MORTGAGE CORPORATION
5100886 CRESTAR MORTGAGE CORPORATION CRESTAR MORTGAGE CORPORATION
5101016 CRESTAR MORTGAGE CORPORATION CRESTAR MORTGAGE CORPORATION
5101028 CRESTAR MORTGAGE CORPORATION CRESTAR MORTGAGE CORPORATION
5101070 CRESTAR MORTGAGE CORPORATION CRESTAR MORTGAGE CORPORATION
5101108 CRESTAR MORTGAGE CORPORATION CRESTAR MORTGAGE CORPORATION
5101781 AMERICA FIRST CREDIT UNION AMERICA FIRST CREDIT UNION
5102203 CRESTAR MORTGAGE CORPORA CRESTAR MORTGAGE CORPORATION
COUNT: 174
WAC: 7.251347371
WAM: 353.7549866
WALTV: 65.08093836
<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 1999-24
The undersigned Master Servicer hereby acknowledges that it
has received from First Union National Bank, as Trustee for the Holders of
Mortgage Pass-Through Certificates, Series 1999-24, 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 October 28, 1999 (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 1999-24, Class [A-R] [A-LR] Certificate (the
"Class [A-R] [A-LR] 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 or
other retirement arrangement subject to Title I of the Employee Retirement
Income Security Act of 1974, as amended ("ERISA"), or Code Section 4975 or a
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 acting on
behalf of or 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] [A-LR]
Certificate as they become due.
(5) That the Purchaser understands that it may incur tax liabilities
with respect to the Class [A-R] [A-LR] Certificate in excess of cash flows
generated by the Class [A-R] [A-LR] Certificate.
(6) That the Purchaser will not transfer the Class [A-R] [A-LR]
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 a U.S. Person or (ii) is a person other
than a U.S. Person (a "Non-U.S. Person") that holds the Class [A-R] [A-LR]
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] [A-LR] 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] [A-LR]
Certificate will not be disregarded for federal income tax purposes. "U.S.
Person" means a citizen or resident of the United States, a corporation, or
partnership (unless, in the case of a partnership, Treasury regulations are
adopted that provide otherwise) created or organized in or under the laws of the
United States any state thereof or the District of Columbia, including an entity
treated as a corporation or partnership for federal income tax purposes, an
estate whose income is subject to U.S. federal income tax regardless of its
source or a trust if a court within the United States is able to exercise
primary supervision over the administration of such trust, and one or more such
U.S. Persons have the authority to control all substantial decisions of such
trust (or, to the extent provided in applicable Treasury regulations, certain
trusts in existence on August 20, 1996 which are eligible to elect to be treated
as U.S. Persons).
(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 [Upper-Tier REMIC]
[Lower-Tier 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] [A-LR] Certificate]
[Date]
First Union National Bank
230 South Tryon Street
Charlotte, North Carolina 28288
Re: Norwest Asset Securities Corporation,
Series 1999-24, Class [A-R] [A-LR]
-------------------------------------
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 1999-24
CLASS [A-PO][B-4][B-5][B-6] CERTIFICATES
TRANSFEREE'S LETTER
_______________ __,____
First Union National Bank
230 South Tryon Street
Charlotte, North Carolina 28288
Norwest Asset Securities Corporation
7485 New Horizon Way
Frederick, Maryland 21703
The undersigned (the "Purchaser") proposes to purchase Norwest
Asset Securities Corporation Mortgage Pass-Through Certificates, Series 1999-24,
Class [A-PO][B-4][B-5][B-6] Certificates (the "Class [A-PO][B-4][B-5][B-6]
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 October 28, 1999 (the "Pooling and
Servicing Agreement") among Norwest Asset Securities Corporation, as seller (the
"Seller"), Norwest Bank Minnesota, National Association, as master servicer (the
"Master Servicer") and First Union National Bank, as trustee (the "Trustee"), of
Norwest Asset Securities Corporation Mortgage Pass-Through Certificates, Series
1999-24.
Section 2. Representations and Warranties of the Purchaser. In
connection with the proposed transfer, the Purchaser represents and warrants to
the Seller, 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 [A-PO][B-4][B-5][B-6]
Certificates, and to enter into this Agreement, and duly executed and delivered
this Agreement.
(b) The Purchaser is acquiring the Class [A-PO][B-4][B-5][B-6]
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 [A-PO][B-4][B-5][B-6] 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 [A-PO][B-4][B-5][B-6] 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 __________ __, 19__,
relating to the Class [A-PO][B-4][B-5][B-6] 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 the Seller concerning the Class [A-PO][B-4][B-5][B-6]
Certificates and all matters relating thereto, and obtain any additional
information (including documents) relevant to its decision to purchase the Class
[A-PO][B-4][B-5][B-6] Certificates that the Seller possesses or can possess
without unreasonable effort or expense and (c) it has undertaken its own
independent analysis of the investment in the Class [A-PO][B-4][B-5][B-6]
Certificates. The Purchaser will not use or disclose any information it receives
in connection with its purchase of the Class [A-PO][B-4][B-5][B-6] Certificates
other than in connection with a subsequent sale of Class [A-PO][B-4][B-5][B-6]
Certificates.
(e) Either (i) the Purchaser is not an employee benefit plan
or other retirement arrangement subject to Title I 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 a 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) [for Class
[B-4][B-5][B-6] Certificates only] if the Purchaser is an insurance company, (A)
the source of funds used to purchase the Class [B-4][B-5][B-6] 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), (B) 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 and (C) the purchase and holding of such
Class [B-4][B-5][B-6] Certificates are covered by Sections I and III of PTE
95-60 or (iii) the Purchaser has provided (a) a "Benefit Plan Opinion"
satisfactory to the Seller and the Trustee of the Trust Estate and (b) such
other opinions of counsel, officers' certificates and agreements as the Seller
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 cause the assets of
the Trust Estate to be regarded as "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 the Pooling and Servicing Agreement (including any liability
for civil penalties or excise taxes imposed pursuant to ERISA, Section 4975 of
the Code or Similar Law).
(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 April 29, 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 [A-PO][B-4][B-5][B-6] Certificates is in compliance
therewith.
Section 3. Transfer of Class [A-PO] [B-4] [B-5] [B-6]
Certificates.
(a) The Purchaser understands that the Class
[A-PO][B-4][B-5][B-6] 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 [A-PO][B-4][B-5][B-6] Certificates are registered under
the Act and applicable state law or unless an exemption from registration is
available. The Purchaser further understands that neither the Seller, the Master
Servicer nor the Trustee is under any obligation to register the Class
[A-PO][B-4][B-5][B-6] 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 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 the Seller may, if such transfer is made within three years from the
later of (a) the Closing Date or (b) the last date on which the Seller 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 the Seller. 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 the Seller 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 [A-PO][B-4][B-5][B-6] Certificate
shall be made unless the transferee provides the Seller and the Trustee with a
Transferee's Letter, substantially in the form of this Agreement.
(c) The Purchaser acknowledges that its Class
[A-PO][B-4][B-5][B-6] Certificates bear a legend setting forth the applicable
restrictions on transfer.
<PAGE>
IN WITNESS WHEREOF, the undersigned has caused this Agreement
to be 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 1999-24
CLASS [B-1] [B-2] [B-3] CERTIFICATES
TRANSFEREE'S LETTER
_______________ __,____
First Union National Bank
230 South Tryon Street
Charlotte, North Carolina 28288
Norwest Asset Securities Corporation
7485 New Horizon Way
Frederick, Maryland 21703
The undersigned (the "Purchaser") proposes to purchase Norwest
Asset Securities Corporation Mortgage Pass-Through Certificates, Series 1999-24,
Class [B-1] [B-2] [B-3] Certificates (the "Class [B-1] [B-2] [B-3]
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 October 28, 1999 (the "Pooling and
Servicing Agreement") among Norwest Asset Securities Corporation, as seller (the
"Seller"), Norwest Bank Minnesota, National Association, as master servicer (the
"Master Servicer") and First Union National Bank, as trustee (the "Trustee") of
Norwest Asset Securities Corporation Mortgage Pass-Through Certificates, Series
1999-24.
Section 2. Representations and Warranties of the Purchaser. In
connection with the proposed transfer, the Purchaser represents and warrants to
the Seller, the Master Servicer and the Trustee that:
Either (i) the Purchaser is not an employee benefit plan or
other retirement arrangement subject to Title I 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 a 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, (A) the source of funds used to purchase the
Class [B-1] [B-2] [B-3] 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), (B) 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, exceed 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 and (C) the purchase and holding of such Class [B-1][B-2][B-3]
Certificate are covered by Sections I and III of PTE 95-60 or (iii) the
Purchaser has provided (a) a "Benefit Plan Opinion" satisfactory to the Seller
and the Trustee of the Trust Estate and (b) such other opinions of counsel,
officers' certificates and agreements as the Seller 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 cause the assets of the Trust Estate to be
regarded as "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 the
Pooling and Servicing Agreement (including any liability for civil penalties or
excise taxes imposed pursuant to ERISA, Section 4975 of the Code or Similar
Law).
IN WITNESS WHEREOF, the undersigned has caused this Agreement
to be validly executed by its duly authorized representative as of the day and
the year first above written.
[PURCHASER]
By: ______________________________
Its: ______________________________
[Reserved]
<PAGE>
EXHIBIT L
SERVICING AGREEMENTS
Norwest Mortgage, Inc. Servicing Agreement
Bank United Servicing Agreement
SunTrust Mortgage, Inc. Servicing Agreement
Crestar Mortgage Corporation Servicing Agreement
Countrywide Home Loans, Inc. Servicing Agreement
FT Mortgage Companies Servicing Agreement
The Huntington Mortgage Company Servicing Agreement
HomeSide Lending Servicing Agreement
Farmers State Bank & Trust Company of Superior
America First Credit Union Servicing Agreement
Hibernia National Bank Servicing Agreement
NOVUS Financial Corporation 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
1999-24, Class ____ (the "Class B Certificates"). The Class B Certificates were
issued pursuant to a Pooling and Servicing Agreement dated as of October 28,
1999 among Norwest Asset Securities Corporation, as seller (the "Seller"),
Norwest Bank Minnesota, National Association, as Master Servicer and First Union
National Bank, 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 V
DEFINITIONS
Section 5.01 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 P-1 by Moody's Investors
Service, Inc. ("Moody's") or at least D-1 by Duff & Phelps Credit Rating Co.
("DCR") 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 AA by DCR or Aa2 by Moody's, (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 D-1 by DCR or P-1 by Moody's or (z) the
depository institution or trust company is one that is acceptable to either DCR
or Moody's 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 2.03(c)) and Section 3.02 to be reduced by all withdrawals therefrom
pursuant to Section 2.02(g) and Section 2.03(d).
Section 5.02 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 VI
SPECIAL SERVICING PROCEDURES
Section 6.01 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 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 the
Servicer (to the extent that the Company as Master Servicer is granted such
authority in the related Servicing Agreement) 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 the
Servicer (to the extent that the Company as Master Servicer is granted such
authority in the related Servicing Agreement) 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 6.02 Purchaser's Election to Delay Foreclosure
Proceedings.
(a) The Purchaser shall be deemed to direct the Company to
direct (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 the 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 be provided only
to the extent it (i) is not confidential in nature and (ii) is obtainable by the
related Servicer from existing reports, certificates or statements or is
otherwise 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 if 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, 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 of immediately available funds from the Purchaser to the Company for
deposit in the related Certificate Account; or (ii) the related Servicer shall
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 6.03 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 if 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, 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 6.04 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) upon 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 VII
COLLATERAL FUND; SECURITY INTEREST
Section 7.01 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 1999-24. 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 or cause to be distributed 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 7.02 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 7.03 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 and 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 7.04 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 VIII
MISCELLANEOUS PROVISIONS
Section 8.01 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 8.02 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 8.03 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 8.04 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
7485 New Horizon Way
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 8.05 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 8.06 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 8.07 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 8.08 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 8.09 Indemnification.
The Purchaser agrees to indemnify and hold harmless the
Company, the Seller, and each Servicer and each person who controls the Company,
the Seller, or a Servicer and each of their respective officers, directors,
affiliates and agents acting at the Company's, the Seller'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, the
Seller, or a Servicer, or on their behalf, in accordance with the provisions of
this Agreement and (i) which actions conflict with the Company's, the Seller'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: _____________________________________
