<PAGE>
SECURITIES AND EXCHANGE COMMISSION
450 FIFTH STREET, NW
WASHINGTON, DC 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(D) OF THE
SECURITIES EXCHANGE ACT OF 1934
MAY 30, 1996
(DATE OF EARLIEST EVENT REPORTED)
PNC MORTGAGE SECURITIES CORP.
AS DEPOSITOR AND MASTER SERVICER UNDER A
POOLING AND SERVICING AGREEMENT
DATED AS OF MAY 1, 1996
PROVIDING FOR THE ISSUANCE OF
$326,100,820.00
MORTGAGE PASS-THROUGH CERTIFICATES
SERIES 1996-1
Delaware 33-84896 36-4080773
(State or other (Commission (IRS Employer
jurisdiction of File Number) Identification Number)
Incorporation)
75 NORTH FAIRWAY DRIVE
VERNON HILLS, ILLINOIS 60061
(Address of principal executive offices)
Registrant's telephone number, including area code:
(847) 549-6500
1
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Item 5. OTHER EVENTS
DESCRIPTION OF THE CERTIFICATES AND THE MORTGAGE POOL.*
On May 30, 1996 (the "Closing Date"), PNC Mortgage Securities Corp. (the
"Company"), pursuant to a pooling and servicing agreement dated as of May 1,
1996 between the Company and State Street Bank and Trust Company, as Trustee,
caused the Mortgage Pass-Through Certificates, Series 1996-1 to be issued (the
"Certificates") which consist of the following twenty-seven classes: (i) Class
A-1, Class A-2, Class A-3, Class A-4, Class A-6, Class A-7, Class A-8, Class A-
9, Class A-10, Class A-11, Class A-12, Class A-13, Class A-14, Class A-15, Class
A-16, Class A-17, Class A-18 (with the Class A-5 Certificates, the "Class A
Certificates"), (ii) Class A-5 (the "Senior Support Certificates"), (iii) Class
X and Class P (with the Class A and Class R Certificates, the "Senior
Certificates"), (iv) Class B-1, Class B-2 and Class B-3 (the "Senior Subordinate
Certificates"), (v) Class B-4, Class B-5 and Class B-6 (the "Junior Subordinate
Certificates" and, with the Senior Subordinate Certificates, the "Class B
Certificates") and (vi) Class R. The Class A-4, Class A-8, Class A-9, Class A-
12, Class A-15, Class A-16 and Class A-18 Certificates collectively are referred
to herein as the "Insured Certificates". Only the Senior Certificates and the
Senior Subordinate Certificates (collectively, the "Offered Certificates") were
offered to the public pursuant to the Company's Prospectus, dated May 28, 1996,
and Prospectus Supplement dated May 28, 1996. The Certificates evidence all the
beneficial ownership interest in a trust (the "Trust") established by the
Company, the assets of which consist of a pool of conventional fixed-rate one-
to-four family residential mortgage loans with original terms to maturity of
generally not more than 30 years (the "Mortgage Loans") packaged and master
serviced by the Company, a certificate insurance policy with respect to each
Class of Insured Certificates issued by Financial Security Assurance Inc. which
insures the timely receipt of 100% of the interest distributions to be made with
respect to each Class of Insured Certificates and will cover losses of principal
allocated to such Certificates with respect to each Distribution Date, and
certain other assets, as described in the Prospectus Supplement. The Company
has caused an election to be made to treat the Trust as a "real estate mortgage
investment conduit" (a "REMIC") for federal income tax purposes. The
Certificates, other than the Class R Certificates, represent ownership of the
REMIC "regular interests" in the Trust. The Certificates evidence interests in
the Trust only and are payable solely from amounts received with respect
thereto.
The initial Class Principal Balance and Initial Remittance Rate for each
Class of Offered Certificates is set forth in the table below:
INITIAL CLASS INITIAL LAST SCHEDULED
CLASS PRINCIPAL BALANCE REMITTANCE RATE (1)* DISTRIBUTION DATE
----- ----------------- -------------------- -----------------
Class A-1 $ 104,124,138 7.500% June 25, 2026
Class A-2 11,975,000 7.500% June 25, 2026
Class A-3 5,107,000 7.500% June 25, 2026
Class A-4 2,041,000 7.500% June 25, 2026
Class A-5 30,990,000 7.500% June 25, 2026
2
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Class A-6 31,152,146 7.500% June 25, 2026
Class A-7 11,288,556 7.500% June 25, 2026
Class A-8 1,087,000 6.000% June 25, 2026
Class A-9 6,522,000 7.750% June 25, 2026
Class A-10 3,517,834 7.500% September 25, 2009
Class A-11 2,077,864 7.500% June 25, 2026
Class A-12 2,043,000 7.500% June 25, 2026
Class A-13 67,441,870 7.500% June 25, 2026
Class A-14 7,882,052 7.500% June 25, 2026
Class A-15 1,735,000 7.400% June 25, 2026
Class A-16 2,041,000 7.375% June 25, 2026
Class A-17 10,652,000 7.440% June 25, 2026
Class A-18 2,707,000 7.375% June 25, 2026
Class X 0 (2) June 25, 2026
Class P 7,365,844 (3) June 25, 2026
Class B-1 6,597,892 7.500% June 25, 2026
Class B-2 4,948,419 7.500% June 25, 2026
Class B-3 2,804,105 7.500% June 25, 2026
Class R 100 7.500% June 25, 2026
(1) Interest distributed to the Offered Certificates (other than the Class P
Certificates, which are not entitled to interest) on each Distribution Date
will have accrued during the preceding calendar month.
(2) The initial Remittance Rate on the Class X Certificates will be
approximately 0.385% per annum. Thereafter, the Class X Certificates will
accrue interest at a variable rate on the Class X Notional Amount.
(3) The Class P Certificates will not be entitled to distributions of interest.
The Mortgage Pool consists of Mortgage Loans having an aggregate principal
balance outstanding as of May 1, 1996 (the "Cut-Off Date"), after deducting
payments due on or before that date, of approximately $329,894,608.04.
* Capitalized terms used herein and not otherwise defined shall have the
meanings assigned to them in the Prospectus dated May 28, 1996, and Prospectus
Supplement dated May 28, 1996, of PNC Mortgage Securities Corp., relating to its
Mortgage Pass-Through Certificates, Series 1996-1.
Each Mortgage Loan has a first payment date during the period from
September 1, 1988 through June 1, 1996, inclusive, and has an original term to
maturity of not more than 30 years. As of the Cut-Off Date, the Mortgage
Interest Rate on each Mortgage Loan was not less than 6.500% and not more than
10.125% per annum. As of the Cut-Off Date, the weighted average of the Mortgage
Interest Rates on the Mortgage Loans was approximately 7.784% per annum.
Each Mortgage Loan has a pass-through rate (the "Pass-Through Rate") equal
to the excess, if any, of the Mortgage Interest Rate for such Mortgage Loan over
the sum of the Servicing Fee and the Master Servicing Fee for such Mortgage
Loan. As of the Cut-Off Date, the Pass-Through Rate for each Mortgage Loan was
not less than 6.215% and not more than 9.825% per annum. As of the Cut-Off
Date, the weighted average of the Pass-Through Rates for the Mortgage Loans was
approximately 7.490% per annum.
3
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All of the Mortgage Loans have principal and interest payable on the first
day of each month (the "Due Date"). Two of the Mortgage Loans, constituting
approximately 0.2% of the Mortgage Pool, are Buydown Loans. The latest original
scheduled maturity of any Mortgage Loan is May, 2026. Except for 15 Mortgage
Loans, with an aggregate outstanding principal balance as of the Cut-Off Date of
$3,976,079, each of the Mortgage Loans has an original term to maturity of 30
years, and the remaining Mortgage Loans will have original terms to maturity
ranging from 20 to 30 years, and as of the Cut-Off Date, the weighted average
remaining term to maturity (adjusted for Curtailments) of the Mortgage Loans was
approximately 355.1 months. At origination, based upon an appraisal of the
Mortgaged Property securing each Mortgage Loan, approximately 79.9% of the
Mortgage Loans had Loan-to-Value Ratios less than or equal to 80%, and
approximately 20.1% of the Mortgage Loans had Loan-to-Value Ratios greater than
80% but less than or equal to 95%. No Mortgage Loan had a Loan-to-Value Ratio
at origination greater than 95%. At origination, the weighted average of the
Loan-to-Value Ratios of the Mortgage Loans was approximately 75.7%. As of the
Cut-Off Date, the weighted average of the Loan-to-Value Ratios was approximately
75.5%. As of the Cut-Off Date, approximately 20.3% of the Mortgage Loans were
covered by Primary Insurance Policies. All of the Mortgage Loans with Loan-to-
Value Ratios as of the Cut-Off Date in excess of 80% were covered by Primary
Insurance Policies. With respect to 1.3% of the Mortgage Loans as of the Cut-
Off Date, the premiums for the related Primary Insurance Policies will be paid
by the applicable Servicers out of such Servicer's funds. At origination, each
Mortgage Loan had a principal balance of not less than $22,400 nor more than
$1,200,000, and the average principal balance of the Mortgage Loans as of the
Cut-Off Date was approximately $296,135. Approximately 98.1% of the Mortgage
Loans were secured by owner-occupied Mortgage Properties which were the primary
residences of the related Mortgagors, based solely on representations of the
Mortgagors obtained at the origination of the related Mortgage Loans, and
approximately 1.9% of the Mortgage Loans were secured by owner-occupied Mortgage
Properties which were second or vacation homes of the related Mortgagors, based
solely on such representations. None of the Mortgage Loans have been secured by
Mortgaged Properties which were investor properties of the related Mortgagors,
based solely on such representation. The aggregate principal balance of the
Mortgage Loans in the Mortgage Pool originated under a reduced documentation
program, which generally limits the original Loan-to-Value Ratio of the Mortgage
Loans, was approximately $10,843,994, which was approximately 3.3% of the
Mortgage Pool. As of the Cut-Off Date, the weighted average of the Loan-to-
Value Ratios at origination of such Mortgage Loans originated under a reduced
documentation program was approximately 64.5%.
Approximately 31.8% of the Mortgage Loans were secured by Mortgage
Properties located in California; 7.0%, in Texas; 5.3%, in Colorado; 5.1%, in
Maryland; and no other single state contains Mortgage Properties securing more
than 5% of the Mortgage Loans. No more than 0.7% of the Mortgage Loans were
secured by Mortgage Properties located in any one California zip code area, and
no more than
4
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1.0% of the Mortgage Loans were secured by Mortgage Properties located in any
other single zip code area. Approximately 45.4% of the Mortgage Loans were
originated for the purpose of refinancing existing mortgage debt, including
cash-out refinancings. Approximately 54.6% of the Mortgage Loans were
originated for the purpose of purchasing the Mortgage Property. The original
Mortgage Notes with respect to Mortgage Loans, which constitute approximately
1.6% of the Mortgage Pool, have been lost and with respect to such Mortgage
Loans the mortgage file will contain a copy or duplicate original of the
Mortgage Note, together with an affidavit certifying that the original thereof
has been lost or destroyed. See "Description of Certificate-Assignment of
Mortgage Loans" and "-Representations and Warranties" in the Prospectus for a
description of such Mortgage Loans and the Company's obligation to purchase or
substitute for any such Mortgage Loan in certain circumstances.
The Servicing Fee with respect to each Mortgage Loan ranges from a minimum
of 0.150% to a maximum of 1.125%, with a weighted average of approximately
0.251%. The Master Servicing Fee ranges from a minimum of 0.035% to a maximum
of 0.100%, with a weighted average of approximately 0.042%.
The following tables describe additional characteristics of the Mortgage
Loans as of the Cut-Off Date. All percentages set forth below have been
calculated based on the principal balance of the Mortgage Loans as of the
Cut-Off Date. Note that the sum of the percentages set forth under the heading
"% of Aggregate Balance of Pool" in each of the tables that follow may not equal
100% due to rounding.
5
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a) Number of loans: 1,114
b) Mortgage Interest Rates:
AGGREGATE PERCENTAGE
MORTGAGE NUMBER BALANCES AS OF AGGREGATE
INTEREST OF OF THE CUT- BALANCE OF
RATE (MIR) LOANS OFF DATE THE POOL
---------- ------ ---------------- ------------
6.500% 1 $ 247,400.67 0.07 %
6.750% 4 $ 1,226,924.94 0.37 %
6.875% 7 $ 2,495,827.74 0.76 %
7.000% 17 $ 5,113,992.57 1.55 %
7.125% 30 $ 9,570,572.77 2.90 %
7.250% 69 $ 20,709,035.09 6.28 %
7.375% 78 $ 24,213,497.20 7.34 %
7.475% 1 $ 182,496.21 0.06 %
7.500% 148 $ 44,724,273.18 13.56 %
7.625% 110 $ 34,965,881.55 10.60 %
7.725% 1 $ 62,404.45 0.02 %
7.750% 172 $ 49,959,774.83 15.14 %
7.875% 121 $ 39,084,710.07 11.85 %
8.000% 79 $ 22,654,035.52 6.87 %
8.125% 54 $ 14,654,267.54 4.44 %
8.250% 67 $ 18,981,543.12 5.75 %
8.375% 54 $ 15,086,718.19 4.57 %
8.500% 42 $ 10,863,845.61 3.29 %
8.575% 1 $ 52,584.58 0.02 %
8.625% 14 $ 3,782,251.31 1.15 %
8.750% 20 $ 5,008,884.81 1.52 %
8.875% 8 $ 2,116,315.19 0.64 %
9.000% 7 $ 1,854,639.67 0.56 %
9.125% 5 $ 1,351,110.56 0.41 %
9.250% 1 $ 273,911.56 0.08 %
9.500% 2 $ 550,587.13 0.17 %
10.125% 1 $ 107,121.98 0.03 %
----- ---------------- -----------
TOTAL 1114 $ 329,894,608.04 100.00 %
----- ----------------
----- ----------------
6
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c) Pass-Through Rates:
AGGREGATE WEIGHTED AVERAGE
BALANCES AS WEIGHTED SCHEDULED
RANGE OF OF THE CUT- AVERAGE REMAINING TERM
PASS-THROUGH RATES OFF DATE MIRS (in months)
------------------ -------------- ----------- ----------------
6.001 - 6.250% $ 247,400.67 6.500% 358
6.251 - 6.500% $ 1,226,924.94 6.750% 358
6.501 - 6.750% $ 7,609,820.31 6.959% 357
6.751 - 7.000% $ 30,558,607.86 7.217% 355
7.001 - 7.250% $ 69,350,515.88 7.458% 355
7.251 - 7.500% $ 85,515,207.34 7.703% 356
7.501 - 7.750% $ 62,913,231.17 7.938% 357
7.751 - 8.000% $ 33,841,905.95 8.208% 357
8.001 - 8.250% $ 26,450,262.91 8.452% 355
8.251 - 8.500% $ 7,475,142.74 8.718% 354
8.501 - 8.750% $ 3,638,944.17 8.966% 325
8.751 - 9.000% $ 959,522.12 9.161% 340
9.751 - 10.000% $ 107,121.98 10.125% 343
--------------- ------ ------
$329,894,608.04 7.784% * 356 *
---------------
---------------
* Represents a weighted average (by principal balance) of all the
Mortgage Loans.
7
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d) Original Principal Balances:
AGGREGATE PERCENTAGE
NUMBER BALANCES AS OF AGGREGATE
ORIGINAL OF OF THE CUT- BALANCE OF
BALANCES LOANS OFF DATE POOL
------------------- ------ ---------------- ------------
$ 50,000 OR LESS 3 $ 116,169.20 0.04 %
$ 50,001 - 75,000 7 $ 466,832.90 0.14 %
$ 75,001 - 100,000 11 $ 994,568.38 0.30 %
$100,001 - 150,000 24 $ 2,909,550.86 0.88 %
$150,001 - 200,000 12 $ 2,069,117.56 0.63 %
$200,001 - 250,000 352 $ 81,683,811.69 24.76 %
$250,001 - 300,000 318 $ 87,334,018.43 26.47 %
$300,001 - 350,000 170 $ 54,866,980.34 16.63 %
$350,001 - 400,000 96 $ 35,679,237.59 10.82 %
$400,001 - 450,000 47 $ 19,934,620.40 6.04 %
$450,001 - 500,000 25 $ 11,938,762.75 3.62 %
OVER $500,000 49 $ 31,900,937.94 9.67 %
------ ---------------- ------------
TOTAL 1,114 $ 329,894,608.04 100.00 %
------ ----------------
------ ----------------
Outstanding principal balance of the smallest Mortgage Loan
at the Cut-Off Date: $22,400.00
Outstanding principal balance of the largest Mortgage Loan
at the Cut-Off Date: $1,195,816.30
8
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e) Years of initial Monthly Payment:
AGGREGATE PERCENTAGE
YEAR NUMBER BALANCES AS OF AGGREGATE
OF OF OF THE CUT- BALANCE OF
PAYMENT LOANS OFF DATE POOL
------- ------ ---------------- ------------
1988 1 $ 52,584.58 0.02 %
1989 1 $ 383,453.24 0.12 %
1991 3 $ 812,006.39 0.25 %
1992 8 $ 2,107,081.94 0.64 %
1993 7 $ 1,476,690.68 0.45 %
1994 19 $ 3,319,012.86 1.01 %
1995 84 $ 24,470,445.34 7.42 %
1996 991 $ 297,273,333.01 90.11 %
------ ---------------- ------------
TOTAL 1114 $ 329,894,608.04 100.00 %
------ ----------------
------ ----------------
9
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f) Current Loan-to-Value Ratios:
AGGREGATE PERCENTAGE
CURRENT NUMBER BALANCES AS OF AGGREGATE
LOAN-TO-VALUE OF OF THE CUT- BALANCE OF
RATIOS LOANS OFF DATE POOL
-------------- ------ ---------------- ------------
60.00% OR LESS 113 $ 33,409,248.23 10.13 %
60.01-70.00% 163 $ 49,628,914.74 15.04 %
70.01-75.00% 157 $ 49,662,387.71 15.05 %
75.01-80.00% 427 $ 130,777,591.62 39.64 %
80.01-85.00% 20 $ 5,386,519.70 1.63 %
85.01-90.00% 178 $ 47,387,865.02 14.36 %
90.01-95.00% 56 $ 13,642,081.02 4.14 %
------ ---------------- ------------
TOTAL 1114 $ 329,894,608.04 100.00 %
------ ----------------
------ ----------------
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g) Types of Mortgaged Properties:
AGGREGATE PERCENTAGE
NUMBER BALANCES AS OF AGGREGATE
PROPERTY OF OF THE CUT- BALANCE OF
TYPES LOANS OFF DATE POOL
----------- ------ ----------------- ------------
SINGLE FAMILY DETACHED 928 $ 276,375,513.79 83.78 %
DUPLEX 4 $ 1,128,348.25 0.34 %
TOWNHOUSE 2 $ 534,679.93 0.16 %
CONDOMINIUM 20 $ 5,409,838.56 1.64 %
PLANNED UNIT DEVELOPMENT 160 $ 46,446,227.51 14.08 %
------ ----------------- ------------
TOTAL 1114 $ 329,894,608.04 100.00 %
------ -----------------
------ -----------------
11
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h) Geographic Distribution by state:
AGGREGATE PERCENTAGE
NUMBER BALANCES AS OF AGGREGATE
OF OF THE CUT- BALANCE OF
STATE LOANS OFF DATE POOL
-------------------- ------ ----------------- ------------
ALABAMA 5 $ 1,616,588.31 0.49 %
ARIZONA 25 $ 7,206,567.53 2.18 %
ARKANSAS 3 $ 857,359.18 0.26 %
CALIFORNIA 333 $ 104,909,729.49 31.80 %
COLORADO 62 $ 17,391,206.07 5.27 %
CONNECTICUT 17 $ 5,705,202.03 1.73 %
DELAWARE 3 $ 779,578.95 0.24 %
DISTRICT OF COLUMBIA 9 $ 2,621,584.85 0.79 %
FLORIDA 48 $ 12,815,545.59 3.88 %
GEORGIA 32 $ 9,541,313.41 2.89 %
HAWAII 13 $ 5,575,060.82 1.69 %
IDAHO 4 $ 1,395,221.05 0.42 %
ILLINOIS 33 $ 9,590,848.97 2.91 %
INDIANA 4 $ 1,132,042.06 0.34 %
IOWA 2 $ 616,741.56 0.19 %
KANSAS 1 $ 359,745.91 0.11 %
KENTUCKY 5 $ 1,296,190.93 0.39 %
LOUISIANA 5 $ 1,605,617.96 0.49 %
MAINE 1 $ 306,576.05 0.09 %
MARYLAND 59 $ 16,877,572.67 5.12 %
MASSACHUSETTS 39 $ 12,160,117.07 3.69 %
MICHIGAN 16 $ 3,914,232.78 1.19 %
MINNESOTA 9 $ 2,620,881.37 0.79 %
MISSISSIPPI 1 $ 251,543.28 0.08 %
MISSOURI 4 $ 1,178,368.41 0.36 %
NEBRASKA 2 $ 720,630.17 0.22 %
NEVADA 17 $ 4,559,268.83 1.38 %
NEW HAMPSHIRE 3 $ 890,585.62 0.27 %
NEW JERSEY 41 $ 12,079,371.95 3.66 %
NEW MEXICO 5 $ 1,282,067.33 0.39 %
NEW YORK 23 $ 5,778,196.43 1.75 %
NORTH CAROLINA 23 $ 7,779,641.58 2.36 %
NORTH DAKOTA 1 $ 314,772.01 0.10 %
OHIO 8 $ 2,140,687.71 0.65 %
OKLAHOMA 11 $ 3,223,518.92 0.98 %
OREGON 11 $ 2,485,305.59 0.75 %
PENNSYLVANIA 24 $ 6,098,265.78 1.85 %
RHODE ISLAND 2 $ 635,536.26 0.19 %
SOUTH CAROLINA 18 $ 4,991,426.43 1.51 %
TENNESSEE 16 $ 4,638,248.13 1.41 %
TEXAS 85 $ 23,097,834.02 7.00 %
UTAH 13 $ 3,502,308.46 1.06 %
VERMONT 1 $ 171,937.45 0.05 %
VIRGINIA 47 $ 14,626,564.53 4.43 %
12
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Geographic Distribution by state:
AGGREGATE PERCENTAGE
NUMBER BALANCES AS OF AGGREGATE
OF OF THE CUT- BALANCE OF
STATE LOANS OFF DATE POOL
-------------------- ------ ----------------- ------------
WASHINGTON 24 $ 6,902,301.64 2.09 %
WISCONSIN 3 $ 792,663.20 0.24 %
WYOMING 3 $ 858,039.70 0.26 %
------ ----------------- ------------
TOTAL 1114 $ 329,894,608.04 100.00 %
------ ---------------
------ ---------------
13
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i) Scheduled maturity years:
AGGREGATE PERCENTAGE
YEAR NUMBER BALANCES AS OF AGGREGATE
OF OF OF THE CUT- BALANCE OF
MATURITY LOANS OFF DATE POOL
-------- ------ ------------------ ------------
2013 1 $ 52,584.58 0.02 %
2015 2 $ 717,717.39 0.22 %
2016 11 $ 2,971,547.87 0.90 %
2019 1 $ 383,453.24 0.12 %
2021 3 $ 812,006.39 0.25 %
2022 8 $ 2,107,081.94 0.64 %
2023 10 $ 1,852,270.34 0.56 %
2024 18 $ 3,182,002.97 0.96 %
2025 112 $ 35,051,559.23 10.63 %
2026 948 $ 282,764,384.09 85.71 %
------ ------------------ ------------
TOTAL 1114 $ 329,894,608.04 100.00 %
------ ------------------
------ ------------------
Weighted average (by principal balance) remaining term
(adjusted for curtailments) of the Mortgage Loans
calculated as of the Cut-Off Date: 355.1
Latest scheduled maturity of any Mortgage Loan: May, 2026
14
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j) Original Terms:
AGGREGATE PERCENTAGE
NUMBER BALANCES AS OF AGGREGATE
LOAN TERM OF OF THE CUT- BALANCE OF
(IN MONTHS) LOANS OFF DATE POOL
--------------- ------ ---------------- ------------
240 13 $ 3,689,265.26 1.12 %
300 1 $ 52,584.58 0.02 %
354 1 $ 234,229.14 0.07 %
360 1099 $ 325,918,529.06 98.79 %
------ ---------------- ------------
TOTAL 1114 $ 329,894,608.04 100.00 %
------ ----------------
------ ----------------
15
<PAGE>
k) Documentation Program Types:
AGGREGATE PERCENTAGE
NUMBER BALANCES AS OF AGGREGATE
OF OF THE CUT- BALANCE OF
LOAN TYPE LOANS OFF DATE POOL
------------------------- ------ ---------------- ------------
FULL DOCUMENTATION 1059 $ 319,050,613.82 96.71 %
LIMITED DOCUMENTATION 55 $ 10,843,994.22 3.29 %
------ ---------------- ------------
TOTAL 1114 $ 329,894,608.04 100.00 %
------ ----------------
------ ----------------
16
<PAGE>
SIGNATURES
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 thereunto duly authorized.
Dated: May 30, 1996
PNC MORTGAGE SECURITIES CORP.
(Registrant)
By: (Thomas G. Lehmann)
--------------------------------
Thomas G. Lehmann
Vice President
(Authorized Officer)
<PAGE>
[Execution Copy]
PNC MORTGAGE SECURITIES CORP.,
as Depositor and Master Servicer
and
STATE STREET BANK
AND TRUST COMPANY,
as Trustee
POOLING AND SERVICING AGREEMENT
$329,894,608.04
PNC Mortgage Securities Corp.
Mortgage Pass-Through Certificates
Series 1996-1
Cut-Off Date: May 1, 1996
<PAGE>
TABLE OF CONTENTS
PAGE
Preliminary Statement. . . . . . . . . . . . . . . . . . . . . . . . . . . . 1
ARTICLE I
Section 1.01. DEFINITIONS . . . . . . . . . . . . . . . . . . . . . . . . . 3
Accretion Termination Date. . . . . . . . . . . . . . . . . . 3
Accrual Distribution Amount . . . . . . . . . . . . . . . . . 4
Aggregate Certificate Principal Balance . . . . . . . . . . . 4
Aggregate FSA Premium . . . . . . . . . . . . . . . . . . . . 4
Appraised Value . . . . . . . . . . . . . . . . . . . . . . . 4
Authenticating Agent. . . . . . . . . . . . . . . . . . . . . 4
Authorized Denomination . . . . . . . . . . . . . . . . . . . 4
Available Distribution Amount . . . . . . . . . . . . . . . . 4
Bankruptcy Coverage . . . . . . . . . . . . . . . . . . . . . 5
Bankruptcy Coverage Initial Amount. . . . . . . . . . . . . . 6
Bankruptcy Loss . . . . . . . . . . . . . . . . . . . . . . . 6
Beneficial Holder:. . . . . . . . . . . . . . . . . . . . . . 6
Book-Entry Certificates . . . . . . . . . . . . . . . . . . . 6
Business Day. . . . . . . . . . . . . . . . . . . . . . . . . 6
Buydown Agreement . . . . . . . . . . . . . . . . . . . . . . 6
Buydown Fund. . . . . . . . . . . . . . . . . . . . . . . . . 6
Buydown Fund Account. . . . . . . . . . . . . . . . . . . . . 6
Buydown Loan. . . . . . . . . . . . . . . . . . . . . . . . . 7
Certificate . . . . . . . . . . . . . . . . . . . . . . . . . 7
Certificate Account . . . . . . . . . . . . . . . . . . . . . 7
Certificate Distribution Amount . . . . . . . . . . . . . . . 7
Certificate Insurer . . . . . . . . . . . . . . . . . . . . . 12
Certificate Insurance Policy. . . . . . . . . . . . . . . . . 12
Certificate Insurance Policy Proceeds . . . . . . . . . . . . 12
Certificate Principal Balance . . . . . . . . . . . . . . . . 13
Certificate Register and Certificate Registrar. . . . . . . . 13
Certificateholder or Holder . . . . . . . . . . . . . . . . . 13
Class . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13
Class A Certificates. . . . . . . . . . . . . . . . . . . . . 13
Class A-1 Certificates. . . . . . . . . . . . . . . . . . . . 13
Class A-2 Certificates. . . . . . . . . . . . . . . . . . . . 13
Class A-3 Certificates. . . . . . . . . . . . . . . . . . . . 13
Class A-4 Certificates. . . . . . . . . . . . . . . . . . . . 13
Class A-5 Certificates. . . . . . . . . . . . . . . . . . . . 14
Class A-6 Certificates. . . . . . . . . . . . . . . . . . . . 14
Class A-7 Certificates. . . . . . . . . . . . . . . . . . . . 14
Class A-8 Certificates. . . . . . . . . . . . . . . . . . . . 14
Class A-9 Certificates. . . . . . . . . . . . . . . . . . . . 14
i
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PAGE
Class A-10 Certificates . . . . . . . . . . . . . . . . . . . 14
Class A-11 Certificates . . . . . . . . . . . . . . . . . . . 14
Class A-12 Certificates . . . . . . . . . . . . . . . . . . . 14
Class A-13 Certificates . . . . . . . . . . . . . . . . . . . 14
Class A-14 Certificates . . . . . . . . . . . . . . . . . . . 14
Class A-15 Certificates . . . . . . . . . . . . . . . . . . . 14
Class A-16 Certificates . . . . . . . . . . . . . . . . . . . 14
Class A-17 Certificates . . . . . . . . . . . . . . . . . . . 14
Class A-18 Certificates . . . . . . . . . . . . . . . . . . . 14
Class B Certificates. . . . . . . . . . . . . . . . . . . . . 14
Class B-1 Certificates. . . . . . . . . . . . . . . . . . . . 14
Class B-2 Certificates. . . . . . . . . . . . . . . . . . . . 15
Class B-3 Certificates. . . . . . . . . . . . . . . . . . . . 15
Class B-4 Certificates. . . . . . . . . . . . . . . . . . . . 15
Class B-5 Certificates. . . . . . . . . . . . . . . . . . . . 15
Class B-6 Certificates. . . . . . . . . . . . . . . . . . . . 15
Class P Certificates. . . . . . . . . . . . . . . . . . . . . 15
Class P Fraction. . . . . . . . . . . . . . . . . . . . . . . 15
Class P Mortgage Loan . . . . . . . . . . . . . . . . . . . . 15
Class Principal Balance . . . . . . . . . . . . . . . . . . . 15
Class R Certificates. . . . . . . . . . . . . . . . . . . . . 16
Class X Certificates. . . . . . . . . . . . . . . . . . . . . 16
Class X Notional Amount . . . . . . . . . . . . . . . . . . . 16
Clearing Agency . . . . . . . . . . . . . . . . . . . . . . . 16
Closing Date. . . . . . . . . . . . . . . . . . . . . . . . . 16
Code. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16
Combined Prepayment Percentage. . . . . . . . . . . . . . . . 16
Company . . . . . . . . . . . . . . . . . . . . . . . . . . . 16
Compensating Interest . . . . . . . . . . . . . . . . . . . . 16
Corporate Trust Office. . . . . . . . . . . . . . . . . . . . 16
Credit Support Depletion Date . . . . . . . . . . . . . . . . 16
Curtailment . . . . . . . . . . . . . . . . . . . . . . . . . 16
Curtailment Shortfall . . . . . . . . . . . . . . . . . . . . 17
Custodial Account for P&I . . . . . . . . . . . . . . . . . . 17
Custodial Account for Reserves. . . . . . . . . . . . . . . . 17
Custodial Agreement . . . . . . . . . . . . . . . . . . . . . 17
Custodian . . . . . . . . . . . . . . . . . . . . . . . . . . 17
Cut-Off Date. . . . . . . . . . . . . . . . . . . . . . . . . 17
Definitive Certificates . . . . . . . . . . . . . . . . . . . 17
Depositary Agreement. . . . . . . . . . . . . . . . . . . . . 17
Destroyed Mortgage Note . . . . . . . . . . . . . . . . . . . 17
Determination Date. . . . . . . . . . . . . . . . . . . . . . 18
Disqualified Organization . . . . . . . . . . . . . . . . . . 18
Distribution Date . . . . . . . . . . . . . . . . . . . . . . 18
DTC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18
DTC Participant . . . . . . . . . . . . . . . . . . . . . . . 18
Due Date. . . . . . . . . . . . . . . . . . . . . . . . . . . 18
Eligible Institution. . . . . . . . . . . . . . . . . . . . . 18
ii
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PAGE
Eligible Investments. . . . . . . . . . . . . . . . . . . . . 18
ERISA . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20
Event of Default. . . . . . . . . . . . . . . . . . . . . . . 20
Excess Liquidation Proceeds . . . . . . . . . . . . . . . . . 20
FDIC. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20
FHA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20
FHLB. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20
FHLMC . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20
Final Maturity Date . . . . . . . . . . . . . . . . . . . . . 20
Fitch . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20
FNMA. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20
Fraud Coverage. . . . . . . . . . . . . . . . . . . . . . . . 20
Fraud Coverage Initial Amount . . . . . . . . . . . . . . . . 20
Fraud Loss. . . . . . . . . . . . . . . . . . . . . . . . . . 20
FSA Premium . . . . . . . . . . . . . . . . . . . . . . . . . 21
Guaranteed Distributions. . . . . . . . . . . . . . . . . . . 21
Indirect DTC Participants . . . . . . . . . . . . . . . . . . 21
Insurance Proceeds. . . . . . . . . . . . . . . . . . . . . . 21
Insured Certificates. . . . . . . . . . . . . . . . . . . . . 21
Interest Distribution Amount. . . . . . . . . . . . . . . . . 21
Investment Account. . . . . . . . . . . . . . . . . . . . . . 22
Investment Depository . . . . . . . . . . . . . . . . . . . . 22
Junior Subordinate Certificates . . . . . . . . . . . . . . . 22
Lender. . . . . . . . . . . . . . . . . . . . . . . . . . . . 22
Liquidated Mortgage Loan. . . . . . . . . . . . . . . . . . . 22
Liquidation Principal . . . . . . . . . . . . . . . . . . . . 22
Liquidation Proceeds. . . . . . . . . . . . . . . . . . . . . 22
Loan-to-Value Ratio . . . . . . . . . . . . . . . . . . . . . 22
Master Servicer . . . . . . . . . . . . . . . . . . . . . . . 22
Master Servicing Fee. . . . . . . . . . . . . . . . . . . . . 22
Monthly P&I Advance . . . . . . . . . . . . . . . . . . . . . 23
Monthly Payment . . . . . . . . . . . . . . . . . . . . . . . 23
Mortgage. . . . . . . . . . . . . . . . . . . . . . . . . . . 23
Mortgage File . . . . . . . . . . . . . . . . . . . . . . . . 23
Mortgage Interest Rate. . . . . . . . . . . . . . . . . . . . 24
Mortgage Loan Schedule. . . . . . . . . . . . . . . . . . . . 24
Mortgage Loans. . . . . . . . . . . . . . . . . . . . . . . . 25
Mortgage Note . . . . . . . . . . . . . . . . . . . . . . . . 25
Mortgage Pool . . . . . . . . . . . . . . . . . . . . . . . . 25
Mortgaged Property. . . . . . . . . . . . . . . . . . . . . . 25
Mortgagor . . . . . . . . . . . . . . . . . . . . . . . . . . 25
Nonrecoverable Advance. . . . . . . . . . . . . . . . . . . . 25
Notice of Claim . . . . . . . . . . . . . . . . . . . . . . . 25
Non-U.S. Person . . . . . . . . . . . . . . . . . . . . . . . 25
OTS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25
Officer"s Certificate . . . . . . . . . . . . . . . . . . . . 25
Opinion of Counsel. . . . . . . . . . . . . . . . . . . . . . 25
iii
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Original Value. . . . . . . . . . . . . . . . . . . . . . . . 25
Ownership Interest. . . . . . . . . . . . . . . . . . . . . . 25
Pass-Through Entity . . . . . . . . . . . . . . . . . . . . . 25
Pass-Through Rate . . . . . . . . . . . . . . . . . . . . . . 26
Paying Agent. . . . . . . . . . . . . . . . . . . . . . . . . 26
Payoff. . . . . . . . . . . . . . . . . . . . . . . . . . . . 26
Payoff Earnings . . . . . . . . . . . . . . . . . . . . . . . 26
Payoff Interest . . . . . . . . . . . . . . . . . . . . . . . 26
Payoff Period . . . . . . . . . . . . . . . . . . . . . . . . 26
Percentage Interest or Undivided Interest . . . . . . . . . . 26
Permitted Transferee. . . . . . . . . . . . . . . . . . . . . 27
Person. . . . . . . . . . . . . . . . . . . . . . . . . . . . 27
Prepaid Monthly Payment . . . . . . . . . . . . . . . . . . . 27
Primary Insurance Policy. . . . . . . . . . . . . . . . . . . 27
Principal Balance . . . . . . . . . . . . . . . . . . . . . . 28
Principal Payment . . . . . . . . . . . . . . . . . . . . . . 28
Principal Payment Amount. . . . . . . . . . . . . . . . . . . 28
Principal Prepayment. . . . . . . . . . . . . . . . . . . . . 28
Principal Prepayment Amount . . . . . . . . . . . . . . . . . 28
Prior Period. . . . . . . . . . . . . . . . . . . . . . . . . 28
Pro Rata Allocation . . . . . . . . . . . . . . . . . . . . . 28
Purchase Obligation . . . . . . . . . . . . . . . . . . . . . 29
Purchase Price. . . . . . . . . . . . . . . . . . . . . . . . 29
Qualified Insurer . . . . . . . . . . . . . . . . . . . . . . 29
Rating Agency . . . . . . . . . . . . . . . . . . . . . . . . 29
Ratings . . . . . . . . . . . . . . . . . . . . . . . . . . . 29
Realized Loss . . . . . . . . . . . . . . . . . . . . . . . . 29
Record Date . . . . . . . . . . . . . . . . . . . . . . . . . 30
Regular Interest Certificates . . . . . . . . . . . . . . . . 30
REMIC . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30
REMIC Provisions. . . . . . . . . . . . . . . . . . . . . . . 30
Remittance Rate . . . . . . . . . . . . . . . . . . . . . . . 30
Reserve Fund. . . . . . . . . . . . . . . . . . . . . . . . . 30
Reserve Fund Initial Amount . . . . . . . . . . . . . . . . . 31
Residual Certificates . . . . . . . . . . . . . . . . . . . . 31
Residual Distribution Amount. . . . . . . . . . . . . . . . . 31
Responsible Officer . . . . . . . . . . . . . . . . . . . . . 31
Securities Act. . . . . . . . . . . . . . . . . . . . . . . . 31
Selling and Servicing Contract. . . . . . . . . . . . . . . . 31
Senior Certificates . . . . . . . . . . . . . . . . . . . . . 31
Senior Liquidation Amount . . . . . . . . . . . . . . . . . . 31
Senior Percentage . . . . . . . . . . . . . . . . . . . . . . 31
Senior Prepayment Percentage. . . . . . . . . . . . . . . . . 31
Senior Principal Distribution Amount. . . . . . . . . . . . . 33
Senior Subordinate Certificates . . . . . . . . . . . . . . . 33
Senior Support Certificates . . . . . . . . . . . . . . . . . 33
Senior Support Liquidation Amount . . . . . . . . . . . . . . 33
iv
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Senior Support Percentage . . . . . . . . . . . . . . . . . . 33
Senior Support Prepayment Percentage. . . . . . . . . . . . . 33
Senior Support Principal Distribution Amount. . . . . . . . . 34
Senior Support Trigger Date . . . . . . . . . . . . . . . . . 34
Servicer. . . . . . . . . . . . . . . . . . . . . . . . . . . 34
Servicing Fee . . . . . . . . . . . . . . . . . . . . . . . . 34
Servicing Officer . . . . . . . . . . . . . . . . . . . . . . 34
Shortfall . . . . . . . . . . . . . . . . . . . . . . . . . . 35
Special Hazard Coverage . . . . . . . . . . . . . . . . . . . 35
Special Hazard Coverage Initial Amount. . . . . . . . . . . . 35
Special Hazard Loss . . . . . . . . . . . . . . . . . . . . . 35
Standard & Poor"s . . . . . . . . . . . . . . . . . . . . . . 36
Stepdown Percentage . . . . . . . . . . . . . . . . . . . . . 36
Stripped Interest Rate. . . . . . . . . . . . . . . . . . . . 36
Subordinate Certificates. . . . . . . . . . . . . . . . . . . 36
Subordinate Liquidation Amount. . . . . . . . . . . . . . . . 36
Subordinate Percentage. . . . . . . . . . . . . . . . . . . . 36
Subordinate Prepayment Percentage . . . . . . . . . . . . . . 36
Subordinate Principal Distribution Amount . . . . . . . . . . 36
Subordination Level . . . . . . . . . . . . . . . . . . . . . 37
Substitute Mortgage Loan. . . . . . . . . . . . . . . . . . . 37
Tax Matters Person. . . . . . . . . . . . . . . . . . . . . . 37
Termination Date. . . . . . . . . . . . . . . . . . . . . . . 37
Termination Payment . . . . . . . . . . . . . . . . . . . . . 37
Transfer. . . . . . . . . . . . . . . . . . . . . . . . . . . 37
Transferee. . . . . . . . . . . . . . . . . . . . . . . . . . 37
Transferee Affidavit and Agreement. . . . . . . . . . . . . . 37
Trust Fund. . . . . . . . . . . . . . . . . . . . . . . . . . 37
Trustee . . . . . . . . . . . . . . . . . . . . . . . . . . . 37
Uncollected Interest. . . . . . . . . . . . . . . . . . . . . 37
Uncompensated Interest Shortfall. . . . . . . . . . . . . . . 38
Uncovered Shortfall . . . . . . . . . . . . . . . . . . . . . 38
Underwriter . . . . . . . . . . . . . . . . . . . . . . . . . 38
Underwriting Standards. . . . . . . . . . . . . . . . . . . . 38
Uninsured Cause . . . . . . . . . . . . . . . . . . . . . . . 38
U.S. Person . . . . . . . . . . . . . . . . . . . . . . . . . 38
VA. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 38
Withdrawal. . . . . . . . . . . . . . . . . . . . . . . . . . 38
Withdrawal Date . . . . . . . . . . . . . . . . . . . . . . . 38
ARTICLE II
CONVEYANCE OF THE TRUST FUND; REMIC ELECTION AND DESIGNATIONS;
ORIGINAL ISSUANCE OF CERTIFICATES
Section 2.01. CONVEYANCE OF THE TRUST FUND; REMIC ELECTION AND
DESIGNATIONS. . . . . . . . . . . . . . . . . . . . 38
v
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Section 2.02. ACCEPTANCE BY TRUSTEE . . . . . . . . . . . . . . . 42
Section 2.03. REPRESENTATIONS AND WARRANTIES OF THE COMPANY
CONCERNING THE MORTGAGE LOANS. . . . . . . . . . . . . . . . . . . 44
Section 2.04. AUTHENTICATION OF THE CERTIFICATES. . . . . . . . . 47
ARTICLE III
ADMINISTRATION AND SERVICING OF MORTGAGE LOANS
Section 3.01. THE COMPANY TO ACT AS MASTER SERVICER . . . . . . . 47
Section 3.02. CUSTODIAL ACCOUNTS. . . . . . . . . . . . . . . . . 48
Section 3.03. THE INVESTMENT ACCOUNT; ELIGIBLE INVESTMENTS. . . . 49
Section 3.04. THE CERTIFICATE ACCOUNT . . . . . . . . . . . . . . 50
Section 3.05. PERMITTED WITHDRAWALS FROM THE CERTIFICATE ACCOUNT
AND CUSTODIAL ACCOUNTS FOR P&I AND OF BUYDOWN
FUNDS FROM THE BUYDOWN FUND ACCOUNTS. . . . . . . . 50
Section 3.06. MAINTENANCE OF PRIMARY INSURANCE POLICIES;
COLLECTIONS THEREUNDER. . . . . . . . . . . . 52
Section 3.07. MAINTENANCE OF HAZARD INSURANCE . . . . . . . . . . 52
Section 3.08. ENFORCEMENT OF DUE-ON-SALE CLAUSES; ASSUMPTION
AGREEMENTS. . . . . . . . . . . . . . . . . . . . . 52
Section 3.09. REALIZATION UPON DEFAULTED MORTGAGE LOANS . . . . . 53
Section 3.10. TRUSTEE TO COOPERATE; RELEASE OF MORTGAGE FILES . . 54
Section 3.11. COMPENSATION TO THE MASTER SERVICER AND THE
SERVICERS . . . . . . . . . . . . . . . . . . . . . 55
Section 3.12. REPORTS TO THE TRUSTEE; CERTIFICATE ACCOUNT
STATEMENT . . . . . . . . . . . . . . . . . . . . . 55
Section 3.13. ANNUAL STATEMENT AS TO COMPLIANCE . . . . . . . . . 56
Section 3.14. ACCESS TO CERTAIN DOCUMENTATION AND INFORMATION
REGARDING THE MORTGAGE LOANS. . . . . . . . . . . . 56
Section 3.15. ANNUAL INDEPENDENT PUBLIC ACCOUNTANTS" SERVICING
REPORT. . . . . . . . . . . . . . . . . . . . . . . 56
Section 3.16. MAINTENANCE OF THE CERTIFICATE INSURANCE POLICY;
COLLECTIONS THEREUNDER . . . . . . . . . . . . 56
Section 3.17. MAINTENANCE OF THE RESERVE FUND; COLLECTIONS
THEREUNDER. . . . . . . . . . . . . . . . . . . . . 60
Section 3.18. [RESERVED.] . . . . . . . . . . . . . . . . . . . . 60
Section 3.19. [RESERVED.] . . . . . . . . . . . . . . . . . . . . 60
Section 3.20. [RESERVED.] . . . . . . . . . . . . . . . . . . . . 60
Section 3.21. ASSUMPTION OR TERMINATION OF SELLING AND SERVICING
CONTRACTS BY TRUSTEE. . . . . . . . . . . . . . . . 60
ARTICLE IV
PAYMENTS TO CERTIFICATEHOLDERS; PAYMENT OF EXPENSES
Section 4.01. DISTRIBUTIONS TO CERTIFICATEHOLDERS . . . . . . . . 61
Section 4.02. STATEMENTS TO CERTIFICATEHOLDERS. . . . . . . . . . 62
Section 4.03. ADVANCES BY THE MASTER SERVICER; DISTRIBUTION
REPORTS TO THE TRUSTEE. . . . . . . . . . . . . . . 63
Section 4.04. NONRECOVERABLE ADVANCES.. . . . . . . . . . . . . . 64
vi
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ARTICLE V
THE CERTIFICATES
Section 5.01. THE CERTIFICATES. . . . . . . . . . . . . . . . . . 65
Section 5.02. CERTIFICATES ISSUABLE IN CLASSES; DISTRIBUTIONS OF
PRINCIPAL AND INTEREST; AUTHORIZED DENOMINATIONS. . 70
Section 5.03. REGISTRATION OF TRANSFER AND EXCHANGE OF
CERTIFICATES. . . . . . . . . . . . . . . . . . . . 70
Section 5.04. MUTILATED, DESTROYED, LOST OR STOLEN CERTIFICATES . 71
Section 5.05. PERSONS DEEMED OWNERS . . . . . . . . . . . . . . . 71
Section 5.06. TEMPORARY CERTIFICATES. . . . . . . . . . . . . . . 71
Section 5.07. BOOK-ENTRY FOR BOOK-ENTRY CERTIFICATES. . . . . . . 72
Section 5.08. NOTICES TO CLEARING AGENCY. . . . . . . . . . . . . 73
Section 5.09. DEFINITIVE CERTIFICATES . . . . . . . . . . . . . . 73
ARTICLE VI
THE COMPANY AND THE MASTER SERVICER
Section 6.01. LIABILITY OF THE COMPANY AND THE MASTER SERVICER. . 74
Section 6.02. MERGER OR CONSOLIDATION OF THE COMPANY OR THE
MASTER SERVICER . . . . . . . . . . . . . . . . . . 74
Section 6.03. LIMITATION ON LIABILITY OF THE COMPANY, THE MASTER
SERVICER AND OTHERS . . . . . . . . . . . . . . . . 74
Section 6.04. THE COMPANY AND MASTER SERVICER NOT TO RESIGN . . . 75
Section 6.05. MAINTENANCE OF OFFICE OR AGENCY . . . . . . . . . . 75
ARTICLE VII
DEFAULT
Section 7.01. EVENTS OF DEFAULT . . . . . . . . . . . . . . . . . 75
Section 7.02. TRUSTEE TO ACT; APPOINTMENT OF SUCCESSOR. . . . . . 78
Section 7.03. NOTIFICATION TO CERTIFICATEHOLDERS. . . . . . . . . 78
ARTICLE VIII
CONCERNING THE TRUSTEE
Section 8.01. DUTIES OF TRUSTEE . . . . . . . . . . . . . . . . . 78
Section 8.02. CERTAIN MATTERS AFFECTING THE TRUSTEE . . . . . . . 80
Section 8.03. TRUSTEE NOT LIABLE FOR CERTIFICATES OR MORTGAGE
LOANS . . . . . . . . . . . . . . . . . . . . . . . 81
Section 8.04. TRUSTEE MAY OWN CERTIFICATES. . . . . . . . . . . . 81
Section 8.05. THE MASTER SERVICER TO PAY TRUSTEE"S FEES AND
EXPENSES. . . . . . . . . . . . . . . . . . . . . . 81
Section 8.06. ELIGIBILITY REQUIREMENTS FOR TRUSTEE. . . . . . . . 81
Section 8.07. RESIGNATION AND REMOVAL OF TRUSTEE. . . . . . . . . 82
Section 8.08. SUCCESSOR TRUSTEE . . . . . . . . . . . . . . . . . 82
Section 8.09. MERGER OR CONSOLIDATION OF TRUSTEE. . . . . . . . . 83
vii
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Section 8.10. APPOINTMENT OF CO-TRUSTEE OR SEPARATE TRUSTEE . . . 83
Section 8.11. AUTHENTICATING AGENTS . . . . . . . . . . . . . . . 84
Section 8.12. PAYING AGENTS . . . . . . . . . . . . . . . . . . . 84
ARTICLE IX
TERMINATION
Section 9.01. TERMINATION UPON REPURCHASE BY THE COMPANY OR
LIQUIDATION OF ALL MORTGAGE LOANS . . . . . . . . . 85
Section 9.02. ADDITIONAL TERMINATION REQUIREMENTS . . . . . . . . 87
Section 9.03. TRUST IRREVOCABLE . . . . . . . . . . . . . . . . . 87
ARTICLE X
MISCELLANEOUS PROVISIONS
Section 10.01. AMENDMENT . . . . . . . . . . . . . . . . . . . . . 88
Section 10.02. RECORDATION OF AGREEMENT. . . . . . . . . . . . . . 88
Section 10.03. LIMITATION ON RIGHTS OF CERTIFICATEHOLDERS. . . . . 89
Section 10.04. ACCESS TO LIST OF CERTIFICATEHOLDERS. . . . . . . . 90
Section 10.05. GOVERNING LAW . . . . . . . . . . . . . . . . . . . 90
Section 10.06. NOTICES . . . . . . . . . . . . . . . . . . . . . . 90
Section 10.07. SEVERABILITY OF PROVISIONS. . . . . . . . . . . . . 91
Section 10.08. COUNTERPART SIGNATURES. . . . . . . . . . . . . . . 91
Section 10.09. BENEFITS OF AGREEMENT . . . . . . . . . . . . . . . 91
Section 10.10. NOTICES AND COPIES TO RATING AGENCY.. . . . . . . . 91
viii
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EXHIBITS
Exhibit A -- Forms of Certificates
Exhibit B -- Form of Residual Certificates
Exhibit C -- Schedule of Certain Mortgage Loans With Group Primary Insurance
Policies
Exhibit D -- Schedule of Mortgage Loans
Exhibit E -- Form of Selling and Servicing Contract
Exhibit F -- Form of Transferor Certificate for Class B-4, Class B-5 and Class
B-6 Certificates
Exhibit G -- Form of Transferee"s Certificate for Class B-4, Class B-5 and
Class B-6 Certificates
Exhibit H -- Form of Certificate Insurance Policy
Exhibit I -- Form of Transferor Certificate
Exhibit J -- Form of Transferee Affidavit and Agreement
Exhibit K -- Form of Additional Matter Incorporated into the Form of the
Certificates
Exhibit L -- Form of Rule 144A Investment Representation
Exhibit M -- Form of Trustee"s Certificate of Review of Mortgage Loans
ix
<PAGE>
This Pooling and Servicing Agreement, dated and effective as of May 1, 1996
(this "Agreement"), is executed between PNC Mortgage Securities Corp., as
Depositor and Master Servicer (the "Company"), and State Street Bank and Trust
Company, as Trustee (the "Trustee"). Capitalized terms used in this Agreement
and not otherwise defined have the meanings ascribed to such terms in Article I
hereof.
PRELIMINARY STATEMENT
The Company at the Closing Date is the owner of the Mortgage Loans and the
other property being conveyed by it to the Trustee for inclusion in the Trust
Fund. On the Closing Date, the Company will acquire the Certificates from the
Trust Fund as consideration for its transfer to the Trust Fund of the Mortgage
Loans and certain other assets and will be the owner of the Certificates. The
Company has duly authorized the execution and delivery of this Agreement to
provide for the conveyance to the Trustee of the Mortgage Loans and the issuance
to the Company of the Certificates representing in the aggregate the entire
beneficial ownership of the Trust Fund. All covenants and agreements made by the
Company and the Trustee herein with respect to the Mortgage Loans and the other
property constituting the Trust Fund are for the benefit of the Holders from
time to time of the Certificates. The Company is entering into this Agreement,
and the Trustee is accepting the trust created hereby, for good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged.
The Certificates issued hereunder, other than the Class B-4, Class B-5 and
Class B-6 Certificates, have been offered for sale pursuant to a Prospectus
dated May 28, 1996 and a Prospectus Supplement dated May 28, 1996 of the Company
(together, the "Prospectus"). The Class B-4, Class B-5 and Class B-6
Certificates have been offered for sale pursuant to a Private Placement
Memorandum dated May 30, 1996. The Trust Fund created hereunder is intended to
be the "Trust" as described in the Prospectus and the Private Placement
Memorandum. The following table sets forth the designation, type of interest,
initial Remittance Rate, initial Class Principal Balance and last scheduled
Distribution Date for each Class of Certificates comprising the interests in the
Trust Fund created hereunder:
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<PAGE>
<TABLE>
<CAPTION>
Type of Remittance Initial Class Last Scheduled
Designation Interest Rate(1) Principal Balance Distribution Date*
<S> <C> <C> <C> <C>
Class A-1 Regular 7.500% $104,124,138.00 June 25, 2026
Class A-2 Regular 7.500% 11,975,000.00 June 25, 2026
Class A-3 Regular 7.500% 5,107,000.00 June 25, 2026
Class A-4 Regular 7.500% 2,041,000.00 June 25, 2026
Class A-5 Regular 7.500% 30,990,000.00 June 25, 2026
Class A-6 Regular 7.500% 31,152,146.00 June 25, 2026
Class A-7 Regular 7.500% 11,288,556.00 June 25, 2026
Class A-8 Regular 6.000% 1,087,000.00 June 25, 2026
Class A-9 Regular 7.750% 6,522,000.00 June 25, 2026
Class A-10 Regular 7.500% 3,517,834.00 September 25, 2009
Class A-11 Regular 7.500% 2,077,864.00 June 25, 2026
Class A-12 Regular 7.500% 2,043,000.00 June 25, 2026
Class A-13 Regular 7.500% 67,441,870.00 June 25, 2026
Class A-14 Regular 7.500% 7,882,052.00 June 25, 2026
Class A-15 Regular 7.400% 1,735,000.00 June 25, 2026
Class A-16 Regular 7.375% 2,041,000.00 June 25, 2026
Class A-17 Regular 7.440% 10,652,000.00 June 25, 2026
Class A-18 Regular 7.375% 2,707,000.00 June 25, 2026
Class P Regular (2) 7,365,844.05 June 25, 2026
Class X Regular (3) 0.00 June 25, 2026
Class B-1 Regular 7.500% 6,597,892.00 June 25, 2026
Class B-2 Regular 7.500% 4,948,419.00 June 25, 2026
Class B-3 Regular 7.500% 2,804,105.00 June 25, 2026
Class B-4 Regular 7.500% 1,814,420.00 June 25, 2026
Class B-5 Regular 7.500% 659,789.00 June 25, 2026
Class B-6 Regular 7.500% 1,319,578.99 June 25, 2026
Class R+ Residual 7.500% 100.00 June 25, 2026
</TABLE>
_________________
* Assuming the assumptions set forth on page S-40 of the Prospectus
Supplement.
+ The Class R Certificates are entitled to receive the applicable Residual
Distribution Amount and Excess Liquidation Proceeds.
(1) Interest distributed to the Certificates (other than the Class P
Certificates, which are not entitled to interest) on each Distribution Date
will have accrued during the Prior Period.
(2) The Class P Certificates will not have a Remittance Rate and will not be
entitled to distributions of interest.
(3) The Remittance Rate applicable to the Class X Certificates shall equal the
weighted average (by Mortgage Loan Principal Balance) of the Stripped
Interest Rates for the Mortgage Loans having Pass-Through Rates in excess
of 7.500%. The initial Remittance Rate on the Class X Certificates will be
approximately 0.3847% per annum. Thereafter, the Class X Certificates will
accrue interest at a variable rate (as described herein) on the Class X
Notional Amount.
2
<PAGE>
As provided herein, with respect to the Trust Fund, the Company will cause
an election to be made on behalf of the Trust Fund to be treated for federal
income tax purposes as a REMIC. The Certificates (other than the Class R
Certificates) will be designated regular interests in the Trust Fund and the
Class R Certificates will be designated residual interests in the Trust Fund,
for purposes of the REMIC Provisions. As of the Cut-Off Date, the Mortgage Loans
have an aggregate Principal Balance of $329,894,608.04. As of the Cut-Off Date,
the Certificates have an Aggregate Certificate Principal Balance of
$329,894,608.04. The Certificates are entitled to receive distributions based on
the Mortgage Loans and Compensating Interest and, additionally, the Insured
Certificates are entitled to receive amounts available under the Certificate
Insurance Policy and the Reserve Fund to the extent described herein.
WITNESSETH:
WHEREAS, the Company is a corporation duly organized and existing under and
by virtue of the laws of the State of Delaware and has full corporate power and
authority to enter into this Agreement and to undertake the obligations
undertaken by it herein;
WHEREAS, the Company is the owner of the Mortgage Loans identified in the
Mortgage Loan Schedule hereto having unpaid Principal Balances on the Cut-Off
Date as stated therein;
WHEREAS, the Company has been duly authorized to create the Trust Fund,
consisting of the Mortgage Loans and certain other property and to sell
beneficial ownership interests in such Trust Fund and in order to do so is
issuing and selling the Certificates as hereinafter provided; and
WHEREAS, the Trustee is a banking corporation duly organized and existing
under the laws of the Commonwealth of Massachusetts and has full power and
authority to enter into this Agreement.
NOW, THEREFORE, in order to declare the terms and conditions upon which the
Certificates are, and are to be, authenticated, issued and delivered, and in
consideration of the premises and of the purchase and acceptance of the
Certificates by the Holders thereof, the Company covenants and agrees with the
Trustee, for the equal and proportionate benefit of the respective Holders from
time to time of the Certificates, as follows:
ARTICLE I
Section 1.01. DEFINITIONS.
Whenever used in this Agreement, the following words and phrases, unless
the context otherwise requires, shall have the following meanings:
ACCRETION TERMINATION DATE: The earlier to occur of (i) the Distribution
Date on which the Class Principal Balance of the Class A-10 Certificates has
been reduced to zero and (ii) the Credit Support Depletion Date.
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<PAGE>
ACCRUAL DISTRIBUTION AMOUNT: On any Distribution Date on or before the
Accretion Termination Date, an amount equal to the lesser of (i) the amount
allocable to the Class A-11 Certificates on such Distribution Date pursuant to
the definition of "Interest Distribution Amount" herein, without regard to the
proviso at the end of the first sentence of such definition, and (ii) the
Class A-10 Principal Balance. On any Distribution Date after the Accretion
Termination Date, the Accrual Distribution Amount shall be zero.
AGGREGATE CERTIFICATE PRINCIPAL BALANCE: At any given time, the sum of the
then current Class Principal Balances of all Classes of Certificates.
AGGREGATE FSA PREMIUM: On any Distribution Date, the sum of (a) the FSA
Premium for such Distribution Date and (b) the amount of any FSA Premium which
was not distributed to the Certificate Insurer on any prior Distribution Date.
APPRAISED VALUE: The amount set forth in an appraisal made by or for the
mortgage originator in connection with its origination of each Mortgage Loan.
AUTHENTICATING AGENT: Any authenticating agent appointed by the Trustee
pursuant to Section 8.11.
AUTHORIZED DENOMINATION: With respect to the Residual Certificates, one
Certificate with an Undivided Interest equal to 0.01% and one Certificate with
an Undivided Interest equal to 99.99%. With respect to the Class A Certificates
(other than the Insured and Senior Support Certificates) and Class P
Certificates, an initial Certificate Principal Balance equal to $100,000 and
integral multiples of $1 in excess thereof, except that one Certificate of each
Class of such Certificates may be issued in a different amount that is not a
multiple of $1. With respect to the Insured Certificates, an initial
Certificate Principal Balance equal to $1,000 and integral multiples of $1 in
excess thereof, except that one Certificate of each Class of Insured
Certificates may be issued in a different amount that is not a multiple of $1.
With respect to the Senior Support and Senior Subordinate Certificates, an
initial Certificate Principal Balance equal to $25,000 and integral multiples of
$1 in excess thereof, except that one Certificate of each Class of such
Certificates may be issued in a different amount that is not a multiple of $1.
With respect to the Class X Certificates, an Undivided Interest of 10% in the
payments allocated to such Class, and in multiples of 10% in excess thereof.
With respect to the Junior Subordinate Certificates, an initial Certificate
Principal Balance equal to $100,000 and integral multiples of $1 in excess
thereof, except that one Certificate of each Class of Junior Subordinate
Certificates may be issued in a different amount that is not a multiple of $1.
AVAILABLE DISTRIBUTION AMOUNT: On any Distribution Date, the sum of the
following amounts:
(1) the total amount of all cash received by or on behalf of the
Master Servicer with respect to the Mortgage Loans by the
Determination Date for such Distribution Date and not previously
distributed (including Monthly P&I Advances made by Servicers,
proceeds of Liquidated Mortgage Loans and scheduled amounts of
distributions from Buydown Funds respecting Buydown Loans, if any),
except:
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<PAGE>
(a) all scheduled payments of principal and interest
collected but due on a date subsequent to the related Due
Date;
(b) all Curtailments received after the Prior Period
(together with any interest payment received with such
prepayments to the extent that it represents the payment of
interest accrued on a related Mortgage Loan subsequent to
the Prior Period);
(c) all Payoffs received on or after the 15th day of
the month of any such Determination Date (together with any
interest payment received with such Payoffs to the extent
that it represents the payment of interest accrued on a
related Mortgage Loan subsequent to the Prior Period), and
interest accrued during the period from the 1st to the 14th
day of the month of such Determination Date and received
with Payoffs received during such period, which interest
shall not be included in the calculation of the Available
Distribution Amount for any Distribution Date;
(d) Insurance Proceeds and Liquidation Proceeds
received after the Prior Period;
(e) all amounts in the Certificate Account which are
due and reimbursable to a Servicer or the Master Servicer
pursuant to the terms of this Agreement;
(f) the sum of the Master Servicing Fee and the
Servicing Fee for each Mortgage Loan; and
(g) Excess Liquidation Proceeds;
(2) the sum, to the extent not previously distributed, of the
following amounts, to the extent advanced or received, as applicable,
by the Master Servicer by the Distribution Date:
(a) any Monthly P&I Advance made by the Master Servicer to
the Trustee with respect to such Distribution Date; and
(b) Compensating Interest; and
(3) the total amount, to the extent not previously distributed, of all
cash received by the Distribution Date by the Trustee, in respect of a
Purchase Obligation under Section 2.02 and Section 2.03.
BANKRUPTCY COVERAGE: The Bankruptcy Coverage Initial Amount less (a) any
scheduled or permissible reduction in the amount of Bankruptcy Coverage pursuant
to this definition and (b) Bankruptcy Losses allocated to the Certificates.
Bankruptcy Coverage may be reduced upon written confirmation from the Rating
Agency that such reduction will not adversely affect the then current
5
<PAGE>
ratings assigned to the Certificates by the Rating Agency (determined in the
case of the Insured Certificates, without regard to the effect of the applicable
Certificate Insurance Policy).
BANKRUPTCY COVERAGE INITIAL AMOUNT: $119,559.
BANKRUPTCY LOSS: A loss on a Mortgage Loan arising out of (i) a reduction
in the scheduled Monthly Payment for such Mortgage Loan by a court of competent
jurisdiction in a case under the United States Bankruptcy Code, other than any
such reduction that arises out of clause (ii) of this definition of "Bankruptcy
Loss," including, without limitation, any such reduction that results in a
permanent forgiveness of principal, or (ii) with respect to any Mortgage Loan, a
valuation, by a court of competent jurisdiction in a case under such Bankruptcy
Code, of the related Mortgaged Property in an amount less than the then
outstanding Principal Balance of such Mortgage Loan.
BENEFICIAL HOLDER: A Person holding a beneficial interest in any Book-Entry
Certificate as or through a DTC Participant or an Indirect DTC Participant or a
Person holding a beneficial interest in any Definitive Certificate.
BOOK-ENTRY CERTIFICATES: The Class A Certificates (other than the Class A-5
Certificates) and Class X Certificates, beneficial ownership and transfers of
which shall be made through book entries as described in Section 5.07.
BUSINESS DAY: Any day other than a Saturday, a Sunday, or a day on which
banking institutions in Chicago, Illinois, Boston, Massachusetts or New York,
New York are authorized or obligated by law or executive order to be closed.
BUYDOWN AGREEMENT: An agreement between a Person and a Mortgagor pursuant
to which such Person has provided a Buydown Fund.
BUYDOWN FUND: A fund provided by the originator of a Mortgage Loan or
another Person to the Master Servicer with respect to a Buydown Loan which
provides an amount sufficient to subsidize regularly scheduled principal and
interest payments due on such Buydown Loan for a period. Buydown Funds may be
(i) funded at the par values of future payment subsidies, or (ii) funded in an
amount less than the par values of future payment subsidies, and determined by
discounting such par values in accordance with interest accruing on such
amounts, in which event they will be deposited in an account bearing interest.
Buydown Funds may be held in a separate Buydown Fund Account or may be held in a
Custodial Account for P&I or a Custodial Account for Reserves and monitored by a
Servicer.
BUYDOWN FUND ACCOUNT: A separate account or accounts created and maintained
pursuant to Section 3.02 (a) with the corporate trust department of the Trustee
or another financial institution approved by the Master Servicer, (b) within
FDIC insured accounts (or other accounts with comparable insurance coverage
acceptable to the Rating Agency) created, maintained and monitored by a Servicer
or (c) in a separate non-trust account without FDIC or other insurance in an
Eligible Institution. Such account or accounts may be non-interest bearing or
may bear interest. In the event that a Buydown Fund Account is established
pursuant to clause (b) of the preceding sentence, amounts held in such Buydown
Fund Account shall not exceed the level of deposit insurance coverage on such
account; accordingly, more than one Buydown Fund Account may be established.
6
<PAGE>
BUYDOWN LOAN: A Mortgage Loan for which the Mortgage Interest Rate has been
subsidized through a Buydown Fund provided at the time of origination of such
Mortgage Loan.
CERTIFICATE: Any one of the Certificates issued pursuant to this Agreement,
executed by the Company and authenticated by or on behalf of the Trustee
hereunder in substantially one of the forms set forth in Exhibits A and B
hereto. The additional matter appearing in Exhibit K shall be deemed
incorporated into Exhibits A and B as though set forth at the end of Exhibit A
and at the end of Exhibit B, as applicable.
CERTIFICATE ACCOUNT: The separate trust account created and maintained with
the Trustee, the Investment Depository or any other bank or trust company
acceptable to the Rating Agency which is incorporated under the laws of the
United States or any state thereof pursuant to Section 3.04, which account shall
bear a designation clearly indicating that the funds deposited therein are held
in trust for the benefit of the Trustee on behalf of the Certificateholders or
any other account serving a similar function acceptable to the Rating Agency.
Funds in the Certificate Account may be invested in Eligible Investments and
reinvestment earnings thereon (net of investment losses and Payoff Earnings
applied to Compensating Interest) shall be paid to the Master Servicer as
additional servicing compensation, in the same manner and subject to the same
terms and conditions that apply to the Investment Account under this Agreement.
Funds deposited in the Certificate Account (exclusive of the Master Servicing
Fee) shall be held in trust for the Certificateholders and for the uses and
purposes set forth in Section 3.04, Section 3.05 and Section 4.01.
CERTIFICATE DISTRIBUTION AMOUNT: (I) For any Distribution Date prior to the
Credit Support Depletion Date, the Available Distribution Amount shall be
distributed to the Certificates, and the Aggregate FSA Premium paid to the
Certificate Insurer, in the following amounts and priority and to the extent of
the Available Distribution Amount:
(i) First, as long as no Certificate Insurer Default exists, to
the Certificate Insurer, the Aggregate FSA Premium;
(ii) Second, to the Class P Certificates, the aggregate for all
Class P Mortgage Loans of the product for each Class P Mortgage Loan
of the applicable Class P Fraction and the sum of (x) scheduled
payments of principal on such Class P Mortgage Loan due on or before
the related Due Date in respect of which no distribution has been made
on any previous Distribution Date and which were received by the
Determination Date, or which have been advanced as part of a Monthly
P&I Advance with respect to such Distribution Date, (y) the principal
portion received in respect of such Class P Mortgage Loan during the
Prior Period of (1) Curtailments, (2) Insurance Proceeds, (3) the
amount, if any, of the Purchase Price pursuant to a Purchase
Obligation and (4) Liquidation Proceeds and (z) the principal portion
received in respect of such Class P Mortgage Loan during the Payoff
Period of Payoffs;
(iii) Third, to the Senior Certificates, concurrently, the sum of
the Interest Distribution Amounts for such Classes of Certificates
remaining unpaid from previous Distribution Dates, pro rata according
to their respective shares of such unpaid amounts;
7
<PAGE>
(iv) Fourth, (a) to the Senior Certificates, concurrently, the
sum of the Interest Distribution Amounts for such Classes of
Certificates for the current Distribution Date, pro rata according to
their respective Interest Distribution Amounts and (b) to the Class
A-10 Certificates, the Accrual Distribution Amount, as principal, to
the extent of the Class A-10 Principal Balance until the Class A-10
Principal Balance has been reduced to zero;
(v) Fifth, concurrently
(a) to the Senior Certificates (other than the Senior Support and
the Class P Certificates), the Senior Principal Distribution
Amount as follows:
(1) first, to the Class R Certificates until the
Class R Principal Balance has been reduced to zero;
(2) second, 54.5480510082%, 5.0549736355% and
40.3969753563% of such amount concurrently to the Class
A-1 Certificates, Class A-7 Certificates and Class A-13
Certificates, respectively, until the Class Principal
Balance of the Class A-1 Certificates has been reduced
to $29,849,182;
(3) third, concurrently
(A) 43.7143474830%, 17.5374759385% and
6.4518697117% of such amount concurrently to
the Class A-1 Certificates, Class A-2
Certificates and Class A-7 Certificates,
respectively, until the Class Principal
Balances of the Class A-1 Certificates, Class
A-2 Certificates and Class A-7 Certificates
have been reduced to zero; and
(B) 32.2963068668% of such amount
sequentially as follows:
(I) to the Class A-13 Certificates until
the Class A-13 Principal Balance has been
reduced to zero;
(II) to the Class A-14 Certificates
until the Class A-14 Principal Balance has
been reduced to zero; and
(III) to the Class A-15 Certificates
until the Class A-15 Principal Balance has
been reduced to zero;
(4) fourth, concurrently, until the Class A-6
Principal Balance has been reduced to $7,846,459;
(A) 45.2965202006% of such amount to the
Class A-6 Certificates; and
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<PAGE>
(B) 54.7034797994% of such amount
sequentially as follows:
(I) to the Class A-3 Certificates and
Class A-18 Certificates pro rata in
proportion to their respective Class
Principal Balances until the Class Principal
Balances of the Class A-3 Certificates and
Class A-18 Certificates have been reduced to
zero;
(II) to the Class A-12 Certificates,
Class A-16 Certificates and Class A-17
Certificates pro rata in proportion to their
respective Class Principal Balances until the
Class Principal Balances of the Class A-12
Certificates, Class A-16 Certificates and
Class A-17 Certificates have been reduced to
zero;
(III) to the Class A-10 Certificates, if
the Class A-10 Principal Balance has not
previously been reduced to zero, until the
Class A-10 Principal Balance has been reduced
to zero;
(IV) to the Class A-11 Certificates
until the Class A-11 Principal Balance has
been reduced to zero;
(5) fifth, 11.6652175163%, 44.8459828357%,
6.2126856640% and 37.2761139840% of such amount
concurrently to the Class A-4 Certificates, Class A-6
Certificates, Class A-8 Certificates and Class A-9
Certificates until the Class Principal Balances of the
Class A-4 Certificates, Class A-6 Certificates, Class
A-8 Certificates and Class A-9 Certificates have been
reduced to zero; and
(b) to the Senior Support Certificates, the Senior Support
Principal Distribution Amount,
with the amounts described in clauses (v)(a) and (v)(b) of this
definition of "Certificate Distribution Amount" to be distributed pro
rata in proportion to the Senior Principal Distribution Amount and the
Senior Support Distribution Amount in the event the Available
Distribution Amount is insufficient to pay such amounts;
(vi) Sixth, to the Class P Certificates, the amount payable to
the Class P Certificates on previous Distribution Dates pursuant to
clause (I)(vii) of this definition of "Certificate Distribution
Amount" and remaining unpaid from such previous Distribution Dates, to
the extent of amounts otherwise available to pay the Subordinate
Principal Distribution Amount (without regard to clause (B) thereof)
on such Distribution Date;
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<PAGE>
(vii) Seventh, for so long as the Class B Certificates are
outstanding, to the Class P Certificates as principal, an amount equal
to the Class P Fraction of any Realized Loss on a Class P Mortgage
Loan, to the extent of amounts otherwise available to pay the
Subordinate Principal Distribution Amount (without regard to clause
(B) thereof) on such Distribution Date, other than a Special Hazard
Loss, Fraud Loss or Bankruptcy Loss in excess of the Special Hazard
Coverage, Fraud Coverage or Bankruptcy Coverage, as applicable;
(viii) Eighth, to the Class B-1 Certificates, the Interest
Distribution Amount for such Class of Certificates remaining unpaid
from previous Distribution Dates;
(ix) Ninth, to the Class B-1 Certificates, the Interest
Distribution Amount for such Class of Certificates for the current
Distribution Date;
(x) Tenth, to the Class B-1 Certificates, the portion of the
Subordinate Principal Distribution Amount allocable to such Class of
Certificates pursuant to the definition of "Subordinate Principal
Distribution Amount" herein, until the Class B-1 Principal Balance has
been reduced to zero;
(xi) Eleventh, to the Class B-2 Certificates, the Interest
Distribution Amount for such Class of Certificates remaining unpaid
from previous Distribution Dates;
(xii) Twelfth, to the Class B-2 Certificates, the Interest
Distribution Amount for such Class of Certificates for the current
Distribution Date;
(xiii) Thirteenth, to the Class B-2 Certificates, the portion of
the Subordinate Principal Distribution Amount allocable to such Class
of Certificates pursuant to the definition of "Subordinate Principal
Distribution Amount" herein, until the Class B-2 Principal Balance has
been reduced to zero;
(xiv) Fourteenth, to the Class B-3 Certificates, the Interest
Distribution Amount for such Class of Certificates remaining unpaid
from previous Distribution Dates;
(xv) Fifteenth, to the Class B-3 Certificates, the Interest
Distribution Amount for such Class of Certificates for the current
Distribution Date;
(xvi) Sixteenth, to the Class B-3 Certificates, the portion of
the Subordinate Principal Distribution Amount allocable to such Class
of Certificates pursuant to the definition of "Subordinate Principal
Distribution Amount" herein, until the Class B-3 Principal Balance has
been reduced to zero;
(xvii) Seventeenth, to the Class B-4 Certificates, the Interest
Distribution Amount for such Class of Certificates remaining unpaid
from previous Distribution Dates;
(xviii) Eighteenth, to the Class B-4 Certificates, the Interest
Distribution Amount for such Class of Certificates for the current
Distribution Date;
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<PAGE>
(xix) Nineteenth, to the Class B-4 Certificates, the portion of
the Subordinate Principal Distribution Amount allocable to such Class
of Certificates pursuant to the definition of "Subordinate Principal
Distribution Amount" herein, until the Class B-4 Principal Balance has
been reduced to zero;
(xx) Twentieth, to the Class B-5 Certificates, the Interest
Distribution Amount for such Class of Certificates remaining unpaid
from previous Distribution Dates;
(xxi) Twenty-first, to the Class B-5 Certificates, the Interest
Distribution Amount for such Class of Certificates for the current
Distribution Date;
(xxii) Twenty-second, to the Class B-5 Certificates, the portion
of the Subordinate Principal Distribution Amount allocable to such
Class of Certificates pursuant to the definition of "Subordinate
Principal Distribution Amount" herein, until the Class B-5 Principal
Balance has been reduced to zero;
(xxiii) Twenty-third, to the Class B-6 Certificates, the Interest
Distribution Amount for such Class of Certificates remaining unpaid
from previous Distribution Dates;
(xxiv) Twenty-fourth, to the Class B-6 Certificates, the Interest
Distribution Amount for such Class of Certificates for the current
Distribution Date;
(xxv) Twenty-fifth, to the Class B-6 Certificates, the portion of
the Subordinate Principal Distribution Amount allocable to such Class
of Certificates pursuant to the definition of "Subordinate Principal
Distribution Amount" herein, until the Class B-6 Principal Balance has
been reduced to zero; and
(xxvi) Twenty-sixth, to the Class R Certificates, the Residual
Distribution Amount for such Distribution Date.
(II) For any Distribution Date on or after the Credit Support Depletion
Date, the Available Distribution Amount shall be distributed to the outstanding
Classes of Certificates, and the Aggregate FSA Premium paid to the Certificate
Insurer, in the following amounts and priority and to the extent of the
Available Distribution Amount:
(i) First, as long as no Certificate Insurer Default exists, to
the Certificate Insurer, the Aggregate FSA Premium;
(ii) Second, to the Class P Certificates, principal in the amount
that would otherwise be distributed to such Class on such Distribution
Date pursuant to clause (I)(ii) of this definition of "Certificate
Distribution Amount";
(iii) Third, to the Senior Certificates, the amount payable to
each such Class of Certificates on prior Distribution Dates pursuant
to clause (I)(iv) or (II)(iv) of this definition of "Certificate
Distribution Amount," and remaining unpaid, pro rata according to such
amount payable to the extent of amounts available;
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(iv) Fourth, to the Senior Certificates, concurrently, the sum of
the Interest Distribution Amounts for such Classes of Certificates for
the current Distribution Date, pro rata according to their respective
Interest Distribution Amounts;
(v) Fifth, to the Senior Certificates, the Available Distribution
Amount remaining after the distributions pursuant to clauses (II)(i),
(II)(ii), (II)(iii) and (II)(iv) above, allocated pro rata according
to their respective Class Principal Balances until such Class
Principal Balances have been reduced to zero; and
(vi) Sixth, to the Class R Certificates, the Residual
Distribution Amount.
CERTIFICATE INSURER: Financial Security Assurance Inc., a New York stock
insurance company, its successors and assigns.
CERTIFICATE INSURER DEFAULT: The existence and continuance of any of the
following:
(a) The Certificate Insurer fails to make a payment required under a
Certificate Insurance Policy in accordance with its terms;
(b) The Certificate Insurer (A) files any petition or commences any
case or proceeding under any provision or similar federal or state law
relating to insolvency, bankruptcy, rehabilitation, liquidation or
reorganization, (B) makes a general assignment for the benefit of its
creditors, or (C) has an order for relief entered against it under the
United States Bankruptcy Code or any other similar federal or state law
relating to insolvency, bankruptcy, rehabilitation, liquidation or
reorganization which is final and nonappealable; or
(c) a court of competent jurisdiction, the New York Department of
Insurance or other competent regulatory authority enters a final and
nonappealable order, judgment or decree (1) appointing a custodian,
trustee, agent or receiver for the Certificate Insurer or for all or any
material portion of its property or (2) authorizing the taking of
possession by a custodian, trustee, agent or receiver of the Certificate
Insurer (or the taking of possession of all or any material portion of the
property of the Certificate Insurer.
CERTIFICATE INSURANCE POLICY: With respect to each Class of Insured
Certificates, the Financial Guaranty Insurance Policy required pursuant to
Section 3.16 hereto, including all endorsements thereto, issued by the
Certificate Insurer, a form of which is attached hereto as Exhibit H. Under each
Certificate Insurance Policy, the Certificate Insurer shall irrevocably guaranty
the payment of Guaranteed Distributions on the related Class of Insured
Certificates, subject to the conditions and limitations set forth in such
policy.
CERTIFICATE INSURANCE POLICY PROCEEDS: With respect to a Class of Insured
Certificates, any proceeds of the related Certificate Insurance Policy, subject
to the terms of such Certificate Insurance Policy, which, assuming no default by
the Certificate Insurer under the terms of such Certificate Insurance Policy, on
any Distribution Date shall equal the Shortfall for such Class for such
Distribution Date.
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CERTIFICATE PRINCIPAL BALANCE: For each Certificate of any Class, the
portion of the related Class Principal Balance, if any, represented by such
Certificate.
CERTIFICATE REGISTER AND CERTIFICATE REGISTRAR: The register maintained and
the registrar appointed, respectively, pursuant to Section 5.03.
CERTIFICATEHOLDER OR HOLDER: The person in whose name a Certificate is
registered in the Certificate Register, except that, solely for the purposes of
giving any consent pursuant to this Agreement, any Certificate registered in the
name of the Company, the Master Servicer or any affiliate thereof shall be
deemed not to be outstanding and the Undivided Interest evidenced thereby shall
not be taken into account in determining whether the requisite percentage of
Undivided Interests necessary to effect any such consent has been obtained;
provided, that the Trustee may conclusively rely upon an Officer"s Certificate
to determine whether any Person is an affiliate of the Company or the Master
Servicer. For so long as no Certificate Insurer Default exists, the Certificate
Insurer shall be deemed to be the sole holder of all outstanding Insured
Certificates, subject to Section 3.16; provided, that the Certificate Insurer
shall have no power without the consent of the Holder of each Certificate
affected thereby to: (i) reduce in any manner the amount of, or delay the timing
of, distributions of principal or interest required to be made hereunder or
reduce the Insured Certificateholder"s Undivided Interest, the Remittance Rate
or the Termination Payment with respect to any of the Insured Certificates, (ii)
reduce the percentage of Undivided Interests specified in Section 10.01 which
are required to amend this Agreement, (iii) create or permit the creation of any
lien against any part of the Trust Fund, (iv) modify any provision in any way
which would permit an earlier retirement of the Certificates, or (v) amend this
definition of "Certificateholder or Holder."
CLASS: All Certificates having the same priority and rights to payments
from the Available Distribution Amount, designated as a separate Class, as set
forth in the forms of Certificates attached hereto as Exhibits A and B. Each
Class shall be entitled to receive the amounts allocated to such Class pursuant
to the definition of "Certificate Distribution Amount" only to the extent of the
Available Distribution Amount for such Distribution Date remaining after
distributions in accordance with prior clauses of the definition of "Certificate
Distribution Amount."
CLASS A CERTIFICATES: The Class A-1, Class A-2, Class A-3, Class A-4, Class
A-5, Class A-6, Class A-7, Class A-8, Class A-9, Class A-10, Class A-11, Class
A-12, Class A-13, Class A-14, Class A-15, Class A-16, Class A-17 and Class A-18
Certificates, collectively.
CLASS A-1 CERTIFICATES: The Certificates designated as "Class A-1" on the
face thereof in substantially the form attached hereto as Exhibit A-1.
CLASS A-2 CERTIFICATES: The Certificates designated as "Class A-2" on the
face thereof in substantially the form attached hereto as Exhibit A-2.
CLASS A-3 CERTIFICATES: The Certificates designated as "Class A-3" on the
face thereof in substantially the form attached hereto as Exhibit A-3.
CLASS A-4 CERTIFICATES: The Certificates designated as "Class A-4" on the
face thereof in substantially the form attached hereto as Exhibit A-4.
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CLASS A-5 CERTIFICATES: The Certificates designated as "Class A-5" on the
face thereof in substantially the form attached hereto as Exhibit A-5.
CLASS A-6 CERTIFICATES: The Certificates designated as "Class A-6" on the
face thereof in substantially the form attached hereto as Exhibit A-6.
CLASS A-7 CERTIFICATES: The Certificates designated as "Class A-7" on the
face thereof in substantially the form attached hereto as Exhibit A-7.
CLASS A-8 CERTIFICATES: The Certificates designated as "Class A-8" on the
face thereof in substantially the form attached hereto as Exhibit A-8.
CLASS A-9 CERTIFICATES: The Certificates designated as "Class A-9" on the
face thereof in substantially the form attached hereto as Exhibit A-9.
CLASS A-10 CERTIFICATES: The Certificates designated as "Class A-10" on the
face thereof in substantially the form attached hereto as Exhibit A-10.
CLASS A-11 CERTIFICATES: The Certificates designated as "Class A-11" on the
face thereof in substantially the form attached hereto as Exhibit A-11.
CLASS A-12 CERTIFICATES: The Certificates designated as "Class A-12" on the
face thereof in substantially the form attached hereto as Exhibit A-12.
CLASS A-13 CERTIFICATES: The Certificates designated as "Class A-13" on the
face thereof in substantially the form attached hereto as Exhibit A-13.
CLASS A-14 CERTIFICATES: The Certificates designated as "Class A-14" on the
face thereof in substantially the form attached hereto as Exhibit A-14.
CLASS A-15 CERTIFICATES: The Certificates designated as "Class A-15" on the
face thereof in substantially the form attached hereto as Exhibit A-15.
CLASS A-16 CERTIFICATES: The Certificates designated as "Class A-16" on the
face thereof in substantially the form attached hereto as Exhibit A-16.
CLASS A-17 CERTIFICATES: The Certificates designated as "Class A-17" on the
face thereof in substantially the form attached hereto as Exhibit A-17.
CLASS A-18 CERTIFICATES: The Certificates designated as "Class A-18" on the
face thereof in substantially the form attached hereto as Exhibit A-18.
CLASS B CERTIFICATES: The Class B-1, Class B-2, Class B-3, Class B-4, Class
B-5 and Class B-6 Certificates, collectively.
CLASS B-1 CERTIFICATES: The Certificates designated as "Class B-1" on the
face thereof in substantially the form attached hereto as Exhibit A-21.
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CLASS B-2 CERTIFICATES: The Certificates designated as "Class B-2" on the
face thereof in substantially the form attached hereto as Exhibit A-22.
CLASS B-3 CERTIFICATES: The Certificates designated as "Class B-3" on the
face thereof in substantially the form attached hereto as Exhibit A-23.
CLASS B-4 CERTIFICATES: The Certificates designated as "Class B-4" on the
face thereof in substantially the form attached hereto as Exhibit A-24.
CLASS B-5 CERTIFICATES: The Certificates designated as "Class B-5" on the
face thereof in substantially the form attached hereto as Exhibit A-25.
CLASS B-6 CERTIFICATES: The Certificates designated as "Class B-6" on the
face thereof in substantially the form attached hereto as Exhibit A-26.
CLASS P CERTIFICATES: The Certificates designated as "Class P" on the face
thereof in substantially the form attached hereto as Exhibit A-19.
CLASS P FRACTION: For each Class P Mortgage Loan, a fraction, the numerator
of which is 7.500% less the Pass-Through Rate on such Class P Mortgage Loan and
the denominator of which is 7.500%.
CLASS P MORTGAGE LOAN: Any Mortgage Loan with a Pass-Through Rate of less
than 7.500% per annum.
CLASS PRINCIPAL BALANCE: For any Class of Certificates, the applicable
Initial Class Principal Balance therefor set forth in the Preliminary Statement
hereto, corresponding to the rights of such Class in payments of principal due
to be passed through to Certificateholders from principal payments on the
Mortgage Loans, as reduced from time to time by (x) distributions of principal
to Certificateholders of such Class (including, with respect to the Class A-10
Certificates, the portion of the Accrual Distribution Amount distributed to such
Class A-10 Certificates) and (y) the portion of Realized Losses allocated to the
Class Principal Balance of such Class pursuant to the definition of "Realized
Loss" with respect to a given Distribution Date; provided, that no Class
Principal Balance shall be reduced below zero. In addition to the foregoing, on
each Distribution Date on or before the Accretion Termination Date, the Class A-
11 Principal Balance will be increased by the Accrual Distribution Amount for
such Distribution Date. For any Distribution Date, the reduction of the Class
Principal Balance of any Class of Certificates pursuant to the definition of
"Realized Loss" shall be deemed effective prior to the determination and
distribution of principal on such Class pursuant to the definition of
"Certificate Distribution Amount." The Class Principal Balance for the Class
A-1 Certificates shall be referred to as the "Class A-1 Principal Balance," the
Class Principal Balance for the Class A-2 Certificates shall be referred to as
the "Class A-2 Principal Balance" and so on. The Class X Principal Balance shall
be zero. Exclusively for the purpose of determining any subrogation rights of
the Certificate Insurer arising under Section 3.16 hereof, "Class Principal
Balance" of any Class of Insured Certificates shall not be reduced by the amount
of any payments made by the Certificate Insurer in respect of principal on such
Class of Certificates under the Certificate Insurance Policy related to such
Class, except to the extent such payments have been reimbursed to the
Certificate Insurer pursuant to the provisions of this Agreement.
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CLASS R CERTIFICATES: The Certificates designated as "Class R" on the face
thereof in substantially the form attached hereto as Exhibit B, which has been
designated as the class of "residual interests" in the Trust Fund pursuant to
Section 2.01.
CLASS X CERTIFICATES: The Certificates designated as "Class X" on the face
thereof in substantially the form attached hereto as Exhibit A-20.
CLASS X NOTIONAL AMOUNT: With respect to the first Distribution Date, the
aggregate Principal Balance, as of the Cut-Off Date, of the Mortgage Loans
having Pass-Through Rates in excess of 7.500%, and, with respect to each
subsequent Distribution Date, the aggregate Principal Balance, as of the second
preceding Due Date, of the Mortgage Loans having Pass-Through Rates in excess of
7.500%, after giving effect to payments scheduled to be received as of such Due
Date, whether or not received.
CLEARING AGENCY: An organization registered as a "clearing agency" pursuant
to Section 17A of the Securities Exchange Act of 1934, as amended, which
initially shall be DTC.
CLOSING DATE: May 30, 1996, which is the date of settlement of the sale of
the Certificates to the original purchasers thereof.
CODE: The Internal Revenue Code of 1986, as amended.
COMBINED PREPAYMENT PERCENTAGE: As of any Distribution Date, the excess of
100% over the Senior Prepayment Percentage for such Distribution Date.
COMPANY: PNC Mortgage Securities Corp., a Delaware corporation, or its
successor-in-interest.
COMPENSATING INTEREST: For any Distribution Date, the lesser of (i) the sum
of (a) the aggregate Master Servicing Fee, (b) Payoff Earnings and (c) aggregate
Payoff Interest and (ii) aggregate Uncollected Interest.
CORPORATE TRUST OFFICE: The corporate trust office of the Trustee in the
Commonwealth of Massachusetts, at which at any particular time its corporate
trust business with respect to this Agreement shall be administered, which
office at the date of the execution of this Agreement is located at 225 Franklin
Street, Boston, Massachusetts 02110, Attention: Corporate Trust Department.
CREDIT SUPPORT DEPLETION DATE: The first Distribution Date on which the
aggregate Class Principal Balance of the Class B and Senior Support Certificates
has been or will be reduced to zero as a result of principal distributions
thereon and the allocation of Realized Losses on such Distribution Date.
CURTAILMENT: Any payment of principal on a Mortgage Loan, made by or on
behalf of the related Mortgagor, other than a Monthly Payment, a Prepaid Monthly
Payment or a Payoff, which is applied to reduce the outstanding Principal
Balance of the Mortgage Loan.
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CURTAILMENT SHORTFALL: With respect to any Curtailment applied with a
Monthly Payment other than a Prepaid Monthly Payment, an amount equal to one
month"s interest on such Curtailment at the applicable Pass-Through Rate on such
Mortgage Loan.
CUSTODIAL ACCOUNT FOR P&I: The Custodial Account for Principal and Interest
established and maintained by each Servicer pursuant to its Selling and
Servicing Contract and caused by the Master Servicer to be established and
maintained pursuant to Section 3.02 (a) with the corporate trust department of
the Trustee or another financial institution approved by the Master Servicer
such that the rights of the Master Servicer, the Trustee and the
Certificateholders thereto shall be fully protected against the claims of any
creditors of the applicable Servicer and of any creditors or depositors of the
institution in which such account is maintained, (b) within FDIC insured
accounts (or other accounts with comparable insurance coverage acceptable to the
Rating Agency) created, maintained and monitored by a Servicer or (c) in a
separate non-trust account without FDIC or other insurance in an Eligible
Institution. Any amount that is at any time not so protected or insured shall
promptly be withdrawn from such Custodial Account for P&I and be remitted to the
Investment Account.
CUSTODIAL ACCOUNT FOR RESERVES: The Custodial Account for Reserves
established and maintained by each Servicer pursuant to its Selling and
Servicing Contract and caused by the Master Servicer to be established and
maintained pursuant to Section 3.02 (a) with the corporate trust department of
the Trustee or another financial institution approved by the Master Servicer
such that the rights of the Master Servicer, the Trustee and the
Certificateholders thereto shall be fully protected against the claims of any
creditors of the applicable Servicer and of any creditors or depositors of the
institution in which such account is maintained, (b) within FDIC insured
accounts (or other accounts with comparable insurance coverage acceptable to the
Rating Agency) created, maintained and monitored by a Servicer or (c) in a
separate non-trust account without FDIC or other insurance in an Eligible
Institution.
CUSTODIAL AGREEMENT: The agreement, if any, among the Master Servicer, the
Trustee and a Custodian providing for the safekeeping of the Mortgage Files on
behalf of the Certificateholders.
CUSTODIAN: A custodian which is not an affiliate of the Master Servicer and
which is appointed pursuant to a Custodial Agreement. Any Custodian so appointed
shall act as agent on behalf of the Trustee, and shall be compensated by the
Trustee at no additional charge to the Master Servicer. The Trustee shall remain
at all times responsible under the terms of this Agreement, notwithstanding the
fact that certain duties have been assigned to a Custodian.
CUT-OFF DATE: May 1, 1996.
DEFINITIVE CERTIFICATES: As defined in Section 5.07.
DEPOSITARY AGREEMENT: The Letter of Representations, dated May 30, 1995 by
and among DTC, the Company and the Trustee.
DESTROYED MORTGAGE NOTE: A Mortgage Note the original of which was
permanently lost or destroyed and has not been replaced.
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DETERMINATION DATE: A day not later than the 10th day preceding a related
Distribution Date.
DISQUALIFIED ORGANIZATION: As defined in Section 5.01(b).
DISTRIBUTION DATE: With respect to distributions on the Certificates, the
25th day (or, if such 25th day is not a Business Day, the Business Day
immediately succeeding such 25th day) of each month, with the first such date
being June 25, 1996.
DTC: The Depository Trust Company.
DTC PARTICIPANT: A broker, dealer, bank, other financial institution or
other Person for whom DTC effects book-entry transfers and pledges of securities
deposited with DTC.
DUE DATE: The first day of each calendar month, which is the day on which
the Monthly Payment for each Mortgage Loan is due.
ELIGIBLE INSTITUTION: An institution having (i) the highest short-term debt
rating, and one of the two highest long-term debt ratings of the Rating Agency,
(ii) with respect to any Custodial Account for P&I and special Custodial Account
for Reserves, an unsecured long-term debt rating of at least one of the two
highest unsecured long-term debt ratings of each of Standard & Poor"s and Fitch,
(iii) with respect to any Buydown Fund Account or Custodial Account which also
serves as a Buydown Fund Account, the highest unsecured long-term debt rating by
the Rating Agency, or (iv) the approval of the Rating Agency. Such institution
may be the Servicer if the applicable Selling and Servicing Contract requires
the Servicer to provide the Master Servicer with written notice on the Business
Day following the date on which the Servicer determines that such Servicer"s
short-term debt and unsecured long-term debt ratings fail to meet the
requirements of the prior sentence.
ELIGIBLE INVESTMENTS: Any one or more of the obligations or securities
listed below in which funds deposited in the Reserve Fund, if any, the
Investment Account, the Certificate Account, the Custodial Account for P&I and
the Custodial Account for Reserves may be invested:
(i) Obligations of, or guaranteed as to principal and interest
by, the United States or any agency or instrumentality thereof when
such obligations are backed by the full faith and credit of the United
States maturing not more than three months after the date of issuance
thereof;
(ii) Repurchase agreements on obligations described in clause (i)
of this definition of "Eligible Investments," provided that the
unsecured obligations of the party agreeing to repurchase such
obligations have at the time the highest short term debt rating of the
Rating Agency and provided that such repurchaser"s unsecured long term
debt have one of the two highest unsecured long term debt ratings of
each of Standard & Poor"s and Fitch;
(iii) Federal funds, certificates of deposit, time deposits and
bankers" acceptances of any U.S. bank or trust company incorporated
under the laws of the United States or any state, provided that the
debt obligations of such bank or trust
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company (or, in the case of the principal bank in a bank holding company
system, debt obligations of the bank holding company) at the date of
acquisition thereof have the highest short term debt rating of the Rating
Agency and unsecured long term debt have one of the two highest unsecured
long term debt ratings of each of Standard and Poor"s and Fitch;
(iv) Obligations of, or obligations guaranteed by, any state of
the United States or the District of Columbia, provided that such
obligations at the date of acquisition thereof shall have the highest
long-term debt ratings available for such securities from each of
Standard & Poor"s and Fitch;
(v) Commercial paper of any corporation incorporated under the
laws of the United States or any state thereof, which on the date of
acquisition has the highest commercial paper rating of each of
Standard & Poor"s and Fitch;
(vi) Securities (other than stripped bonds or stripped coupons)
bearing interest or sold at a discount that are issued by any corporation
incorporated under the laws of the United States or any state thereof and
have the highest long-term unsecured rating available for such securities
from each of Standard & Poor"s and Fitch; provided, however, that
securities issued by any such corporation will not be investments to the
extent that investment therein would cause the outstanding principal amount
of securities issued by such corporation that are then held as part of the
Investment Account or the Certificate Account to exceed 20% of the
aggregate principal amount of all Eligible Investments then held in the
Investment Account and the Certificate Account;
(vii) Units of taxable money market funds or mutual funds, which funds
have the highest rating available for such securities from each of Standard
& Poor"s and Fitch or which have been designated in writing by each such
Rating Agency as Eligible Investments; and
(viii) Such other instruments as shall not affect the Ratings
(determined in the case of the Insured Certificates, without regard to
the effect of the applicable Certificate Insurance Policy).
With respect to funds deposited in the Custodial Account for P&I or the
Custodial Account for Reserves maintained by Nationsbanc Mortgage Corporation,
as Servicer, such funds may be invested in obligations or securities listed
above in this definition of "Eligible Investments" or in any one or more of the
obligations or securities listed below:
(i) Repurchase agreements on obligations described in clause (i)
above of this definition of "Eligible Investments;"
(ii) Federal funds, certificates of deposit, time deposits and
bankers" acceptances of any U.S. bank or trust company incorporated
under the laws of the United States or any state; and
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(iii) Commercial paper of any corporation incorporated under the
laws of the United States or any state thereof, which on the date of
acquisition is rated not lower than A-1 by Standard & Poor"s.
ERISA: The Employee Retirement Income Security Act of 1974, as amended.
EVENT OF DEFAULT: Any event of default as specified in Section 7.01.
EXCESS LIQUIDATION PROCEEDS: With respect to any Distribution Date, the
excess, if any, of aggregate Liquidation Proceeds in the preceding month over
the amount that would have been received if a Payoff had been made on the last
day of such month with respect to each Mortgage Loan which became a Liquidated
Mortgage Loan during such month.
FDIC: Federal Deposit Insurance Corporation, or any successor thereto.
FHA: Federal Housing Administration, or any successor thereto.
FHLB: Federal Home Loan Bank of San Francisco, or any successor thereto.
FHLMC: Federal Home Loan Mortgage Corporation, or any successor thereto.
FINAL MATURITY DATE: June 25, 2026.
FITCH: Fitch Investors Service, L.P., provided that at any time it be a
Rating Agency.
FNMA: Federal National Mortgage Association, or any successor thereto.
FRAUD COVERAGE: The Fraud Coverage Initial Amount less the amount of (a)
any scheduled reduction in the amount of Fraud Coverage pursuant to this
definition and (b) Fraud Losses allocated to the Certificates. On each
anniversary of the Cut-Off Date, Fraud Coverage shall be reduced to the lesser
of (i) on the first, second, third, and fourth anniversaries of the Cut-Off
Date, 1.0% of the aggregate principal balance of the Mortgage Loans as of the
Due Date in the preceding month and (ii) the excess of the Fraud Coverage
Initial Amount over cumulative Fraud Losses allocated to the Certificates to
date. On the fifth anniversary of the Cut-Off Date, Fraud Coverage will be
reduced to zero. Fraud Coverage may be reduced upon written confirmation from
the Rating Agency that such reduction will not adversely affect the then current
ratings assigned to the Certificates by the Rating Agency (determined in the
case of the Insured Certificates, without regard to the effect of the applicable
Certificate Insurance Policy).
FRAUD COVERAGE INITIAL AMOUNT: $6,597,892.
FRAUD LOSS: The occurrence of a loss on a Mortgage Loan arising from any
action, event or state of facts with respect to such Mortgage Loan which,
because it involved or arose out of any dishonest, fraudulent, criminal,
negligent or knowingly wrongful act, error or omission by the Mortgagor,
originator of such Mortgage Loan, Lender, a Servicer or the Master Servicer,
would result in an exclusion from, denial of, or defense to coverage which
otherwise would be provided by a Primary Insurance Policy.
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FSA PREMIUM: With respect to any Distribution Date, with respect to the
Certificate Insurance Policies, an amount equal to 1/12th of the sum of:
(i) the product of (a) the aggregate of the Class Principal Balances of the
Class A-16 and Class A-18 Certificates as of such Distribution Date (prior to
giving effect to any distributions thereon on such Distribution Date) and (b)
0.125%; (ii) the product of (a) the Class A-15 Principal Balance as of such
Distribution Date (prior to giving effect to any distributions thereon for such
Distribution Date) and (b) 0.10%; and (iii) the product of (a) the Class A-17
Principal Balance as of such Distribution Date (prior to giving effect to any
distributions thereon for such Distribution Date) and (b) 0.06%.
GUARANTEED DISTRIBUTIONS: With respect to any Distribution Date, the
distribution to be made to Holders of a Class of Insured Certificates equal to
(i) an amount attributable to interest equal to the product of (a) 1/12 of the
Remittance Rate applicable to such Class and (b) the Class Principal Balance of
such Class as of such Distribution Date (net of (x) Compensating Interest paid
to such Class of Certificates on such Distribution Date, (y) Withdrawals from
the Reserve Fund for such Distribution Date in respect of such Class of
Certificates and (z) interest shortfalls allocable to such Class of Certificates
on such Distribution Date which are attributable to application of the Soldiers"
and Sailors" Civil Relief Act of 1940, as amended, and (ii) any losses of
principal allocated to such Class with respect to such Distribution Date.
Notwithstanding the foregoing, "Guaranteed Distributions" shall include an
amount equal to interest shortfalls allocable to such Class of Insured
Certificates (i) otherwise covered by Compensating Interest payable by the
Master Servicer if (a) the Master Servicer fails to make such Compensating
Interest payment in accordance with the terms of this Agreement and such failure
gives rise to an Event of Default and (b) the Trustee fails to make such
Compensating Interest payment in accordance with the terms of this Agreement and
(ii) to the extent not actually paid from the Reserve Fund.
INDIRECT DTC PARTICIPANTS: Entities such as banks, brokers, dealers or
trust companies, that clear through or maintain a custodial relationship with a
DTC Participant, either directly or indirectly.
INSURANCE PROCEEDS: Amounts paid or payable by the insurer under any
Primary Insurance Policy or any other insurance policy (including any
replacement policy permitted under this Agreement), other than the Certificate
Insurance Policies, covering any Mortgage Loan or Mortgaged Property, including,
without limitation, any hazard insurance policy required pursuant to Section
3.07, any title insurance policy required pursuant to Section 2.03, and any FHA
insurance policy or VA guaranty.
INSURED CERTIFICATES: The Class A-4, Class A-8, Class A-9, Class A-12,
Class A-15, Class A-16 and Class A-18 Certificates, collectively.
INTEREST DISTRIBUTION AMOUNT: On any Distribution Date, for any Class of
Certificates, the amount of interest accrued on the respective Class Principal
Balance or, with respect to the Class X Certificates, the Class X Notional
Amount, at 1/12th of the related Remittance Rate for such Class during the Prior
Period, before giving effect to allocations of Realized Losses for the Prior
Period or distributions to be made on such Distribution Date, reduced by
Uncompensated Interest Shortfall and the interest portion of Realized Losses
allocated to such Class pursuant to the definitions of "Uncompensated Interest
Shortfall" and "Realized Loss," respectively; provided, however, that in the
case of the Class A-11 Certificates, such amount shall be reduced by the
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Accrual Distribution Amount. The Interest Distribution Amount for the Class P
Certificates on any Distribution Date shall equal zero.
INVESTMENT ACCOUNT: The commingled account (which shall be commingled only
with investment accounts related to series of pass-through certificates with a
class of certificates which has a rating equal to the highest of the Ratings of
the Certificates) maintained by the Master Servicer in the trust department of
the Investment Depository pursuant to Section 3.03 and which bears a designation
acceptable to the Rating Agency.
INVESTMENT DEPOSITORY: Chemical Bank, New York, New York or another bank or
trust company designated from time to time by the Master Servicer. The
Investment Depository shall at all times be an Eligible Institution.
JUNIOR SUBORDINATE CERTIFICATES: The Class B-4, Class B-5 and Class B-6
Certificates, collectively.
LENDER: An institution from which the Company purchased any Mortgage Loan
pursuant to a Selling and Servicing Contract.
LIQUIDATED MORTGAGE LOAN: A Mortgage Loan as to which the Master Servicer
or the applicable Servicer has determined in accordance with its customary
servicing practices that all amounts which it expects to recover from or on
account of such Mortgage Loan, whether from Insurance Proceeds, Liquidation
Proceeds or otherwise, following final liquidation of such Mortgage Loan and the
related Mortgaged Property by sale to a third party pursuant to Section 3.09
hereof have been recovered. For purposes of this definition, acquisition of a
Mortgaged Property by the Trust Fund shall not constitute final liquidation of
the related Mortgage Loan.
LIQUIDATION PRINCIPAL: The principal portion of Liquidation Proceeds
received (exclusive of the portion thereof attributable to distributions to the
Class P Certificates pursuant to clause (I)(ii) of the definition of
"Certificate Distribution Amount" herein) with respect to each Mortgage Loan
which became a Liquidated Mortgage Loan (but not in excess of the principal
balance thereof) during the Prior Period.
LIQUIDATION PROCEEDS: Amounts after deduction of amounts reimbursable under
Section 3.05(a)(i) and (ii) received and retained in connection with the
liquidation of defaulted Mortgage Loans, whether through foreclosure or
otherwise, other than Insurance Proceeds.
LOAN-TO-VALUE RATIO: The original principal amount of a Mortgage Loan
divided by the Original Value; however, references to "current Loan-to-Value
Ratio" shall mean the then current Principal Balance of a Mortgage Loan divided
by the Original Value.
MASTER SERVICER: The Company, or any successor Master Servicer appointed as
provided pursuant to Section 7.02, acting to service and administer the Mortgage
Loans pursuant to Section 3.01.
MASTER SERVICING FEE: The fee charged by the Master Servicer for
supervising the mortgage servicing and advancing certain expenses, equal to a
per annum rate set forth for each Mortgage
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Loan in Exhibit D on the outstanding Principal Balance of such Mortgage Loan,
payable monthly from the Certificate Account.
MONTHLY P&I ADVANCE: An advance of funds by the Master Servicer pursuant to
Section 4.03 or a Servicer pursuant to its Selling and Servicing Contract to
cover delinquent principal and interest installments.
MONTHLY PAYMENT: The scheduled payment of principal and interest on a
Mortgage Loan (including any amounts due from a Buydown Fund, if any) which is
due on the related Due Date for such Mortgage Loan.
MORTGAGE: The mortgage, deed of trust or other instrument securing a
Mortgage Note.
MORTGAGE FILE: The following documents or instruments with respect to each
Mortgage Loan transferred and assigned pursuant to Section 2.01:
(i) The original Mortgage Note endorsed to "State Street Bank and
Trust Company, as Custodian/Trustee, without recourse" or to "State
Street Bank and Trust Company, as trustee for the benefit of the
Holders from time to time of PNC Mortgage Securities Corp. Mortgage
Pass-Through Certificates, Series 1996-1, without recourse" and all
intervening endorsements evidencing a complete chain of endorsements
from the originator to the Trustee, or, in the event of any Destroyed
Mortgage Note, a copy or a duplicate original of the Mortgage Note,
together with an original lost note affidavit from the originator of
the related Mortgage Loan or the Company stating that the original
Mortgage Note was lost, misplaced or destroyed, together with a copy
of the related Mortgage Note; in the event the Mortgage Notes or the
assignments referred to in Section (iii)(2) of this definition of
"Mortgage File" are endorsed in blank as of the Closing Date, the
Company shall, within 45 days of the Closing Date, cause such Mortgage
Notes or assignments to be endorsed or executed pursuant to the terms
set forth herein;
(ii) The Buydown Agreement, if applicable;
(iii) A Mortgage that is either
(1) the original recorded Mortgage with recording
information thereon for the jurisdiction in which the
Mortgaged Property is located (or in the case of a Mortgage
recorded electronically, written confirmation of recordation
from such jurisdiction), together with a Mortgage assignment
thereof in recordable form to "State Street Bank and Trust
Company, as Custodian/Trustee" or to "State Street Bank and
Trust Company, as Trustee for the Holders of PNC Mortgage
Securities Corp. Mortgage Pass-Through Certificates, Series
1996-1" and all intervening assignments evidencing a
complete chain of assignment, from the originator to the
name holder or the payee endorsing the related Mortgage
Note; or
(2) a copy of the Mortgage which represents a true and
correct reproduction of the original Mortgage and which has
either (i) been
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certified on the face thereof by the public recording office in the
appropriate jurisdiction in which the Mortgaged Property is located,
or (ii) by the Lender as a true and correct copy the original of which
has been sent for recordation and an original Mortgage assignment
thereof duly executed and acknowledged in recordable form endorsed to
"State Street Bank and Trust Company, as Custodian/Trustee" or to
"State Street Bank and Trust Company, as Trustee for the Holders of
PNC Mortgage Securities Corp. Mortgage Pass-Through Certificates,
Series 1996-1" and all intervening assignments evidencing a complete
chain of assignment from the originator to the name holder or the
payee endorsing the related Mortgage Note;
(iv) A copy of (a) the title insurance policy, or (b) in lieu
thereof, a title insurance binder, a copy of an attorney"s title
opinion, certificate or other evidence of title acceptable to the
Company;
(v) For any Mortgage Loan for which a Primary Insurance Policy is
in effect as of the Cut-Off Date, as shown on the Mortgage Loan
Schedule, and except for those Mortgage Loans identified on Exhibit C
hereto, an original commitment for, or certificate of, primary
insurance issued by the applicable insurer; and
(vi) For any Mortgage Loan that has been modified or amended, the
original instrument or instruments effecting such modification or
amendment.
MORTGAGE INTEREST RATE: For any Mortgage Loan, the per annum rate at which
interest accrues on such Mortgage Loan pursuant to the terms of the related
Mortgage Note.
MORTGAGE LOAN SCHEDULE: The schedule, as amended from time to time, of
Mortgage Loans attached hereto as Exhibit D, which shall set forth as to each
Mortgage Loan the following, among other things:
(i) its loan number,
(ii) the address of the Mortgaged Property,
(iii) the name of the Mortgagor,
(iv) the Original Value of the property subject to the Mortgage,
(v) the Principal Balance as of the Cut-Off Date,
(vi) the Mortgage Interest Rate borne by the Mortgage Note,
(vii) whether a Primary Insurance Policy is in effect as of the
Cut-Off Date,
(viii) the maturity of the Mortgage Note, and
(ix) the Servicing Fee and Master Servicing Fee.
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MORTGAGE LOANS: The Mortgages and the related Mortgage Notes transferred
and assigned to the Trustee pursuant to the provisions hereof as from time to
time are held as part of the Trust Fund, the Mortgage Loans so held being
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.
MORTGAGE POOL: All of the Mortgage Loans.
MORTGAGED PROPERTY: The real property, together with improvements thereto,
securing the indebtedness of the Mortgagor under the related Mortgage Loan.
MORTGAGOR: The obligor on a Mortgage Note.
NONRECOVERABLE ADVANCE: Any advance which the Master Servicer shall
determine to be a Nonrecoverable Advance pursuant to Section 4.04 and which was,
or is proposed to be, made by (i) the Master Servicer or (ii) a Servicer
pursuant to its Selling and Servicing Contract.
NOTICE OF CLAIM: The notice to be delivered by the Trustee, on behalf of
the related Class of Insured Certificates, to the Certificate Insurer with
respect to any Distribution Date as to which there is a Shortfall with respect
to such Class, which notice shall be in the form attached to the applicable
Certificate Insurance Policy.
NON-U.S. PERSON: A Person that is not a U.S. Person.
OTS: The Office of Thrift Supervision, or any successor thereto.
OFFICER"S CERTIFICATE: A certificate signed by the Chairman of the Board,
the President, a Vice President, or the Treasurer of the Master Servicer and
delivered to the Trustee.
OPINION OF COUNSEL: A written opinion of counsel, who shall be reasonably
acceptable to the Trustee and who may be counsel for the Company or the Master
Servicer.
ORIGINAL VALUE: With respect to any Mortgage Loan other than a Mortgage
Loan originated for the purpose of refinancing an existing mortgage debt, the
lesser of (a) the Appraised Value of the Mortgaged Property at the time the
Mortgage Loan was originated or (b) the purchase price paid for the Mortgaged
Property by the Mortgagor. With respect to a Mortgage Loan originated for the
purpose of refinancing existing mortgage debt, the Original Value shall be equal
to the Appraised Value of the Mortgaged Property at the time the Mortgage Loan
was originated.
OWNERSHIP INTEREST: As defined in Section 5.01(b).
PASS-THROUGH ENTITY: As defined in Section 5.01(b).
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PASS-THROUGH RATE: For each Mortgage Loan, a rate equal to the Mortgage
Interest Rate for such Mortgage Loan less the applicable per annum percentage
rates related to each of the Servicing Fee and the Master Servicing Fee. For
each Mortgage Loan, any calculation of monthly interest at such rate shall be
based upon annual interest at such rate (computed on the basis of a 360-day year
of twelve 30-day months) on the unpaid Principal Balance of the related Mortgage
Loan divided by twelve, and any calculation of interest at such rate by reason
of a Payoff shall be based upon annual interest at such rate on the outstanding
Principal Balance of the related Mortgage Loan multiplied by a fraction, the
numerator of which is the number of days elapsed from the Due Date of the last
scheduled payment of principal and interest to, but not including, the date of
such Payoff, and the denominator of which is (a) for Payoffs received on a Due
Date, 360, and (b) for all other Payoffs, 365.
PAYING AGENT: Any paying agent appointed by the Trustee pursuant to Section
8.12.
PAYOFF: Any Mortgagor payment of principal on a Mortgage Loan equal to the
entire outstanding Principal Balance of such Mortgage Loan, if received in
advance of the last scheduled Due Date for such Mortgage Loan and accompanied by
an amount of interest equal to accrued unpaid interest on the Mortgage Loan to
the date of such payment-in-full.
PAYOFF EARNINGS: For any Distribution Date with respect to each Mortgage
Loan on which a Payoff was received by the Master Servicer during the Payoff
Period, the aggregate of the interest earned by the Master Servicer from
investment of each such Payoff from the date of receipt of such Payoff until the
Business Day immediately preceding the related Distribution Date (net of
investment losses).
PAYOFF INTEREST: For any Distribution Date with respect to a Mortgage Loan
for which a Payoff was received on or after the first calendar day of the month
of such Distribution Date and before the 15th calendar day of such month, an
amount of interest thereon at the applicable Pass-Through Rate from the first
day of the month of distribution through the day of receipt thereof; to the
extent (together with Payoff Earnings and the aggregate Master Servicing Fee)
not required to be distributed as Compensating Interest on such Distribution
Date, Payoff Interest shall be payable to the Master Servicer as additional
servicing compensation.
PAYOFF PERIOD: With respect to the first Distribution Date, the period from
the Cut-Off Date through June 14, 1996, inclusive; and with respect to any
Distribution Date thereafter, the period from the 15th day of the Prior Period
through the 14th day of the month of such Distribution Date, inclusive.
PERCENTAGE INTEREST OR UNDIVIDED INTEREST: (a) With respect to the right of
each Certificate of a particular Class in the distributions allocated to such
Class, "Percentage Interest" or "Undivided Interest" shall mean the percentage
undivided beneficial ownership interest evidenced by such Certificate of such
Class, which percentage shall equal:
(i) with respect to any Regular Interest Certificate (other than the
Class X Certificates), its Certificate Principal Balance divided by the
applicable Class Principal Balance;
(ii) with respect to the Class X Certificates, the percentage set
forth on the face of such Certificate; and
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(iii) with respect to the Class R Certificates, the percentage set
forth on the face of such Certificate.
(b) With respect to the rights of each Certificate in connection with
Sections 5.09, 7.01, 8.01(c), 8.02, 8.07, 10.01 and 10.03, "Percentage Interest"
or "Undivided Interest" shall mean the percentage undivided beneficial interest
evidenced by such Certificate in the Trust Fund, which for purposes of such
rights only shall equal:
(i) with respect to any Regular Interest Certificate (other than the
Class X Certificates), the product of ninety-nine percent (99%) and the
percentage calculated by dividing its Certificate Principal Balance by the
Aggregate Certificate Principal Balance;
(ii) with respect to any Class X Certificate, one percent (1%) of such
Certificate"s Percentage Interest or Undivided Interest as calculated by
paragraph (a)(ii) of this definition; and
(iii) with respect to the Class R Certificates, zero.
PERMITTED TRANSFEREE: With respect to the holding or ownership of any
Residual Certificate, any Person other than (i) the United States, a State or
any political subdivision thereof, or any agency or instrumentality of any of
the foregoing, (ii) a foreign government, International Organization or any
agency or instrumentality of either of the foregoing, (iii) an organization
(except certain farmers" cooperatives described in Code Section 521) which is
exempt from the taxes imposed by Chapter 1 of the Code (unless such organization
is subject to the tax imposed by Section 511 of the Code on unrelated business
taxable income), (iv) rural electric and telephone cooperatives described in
Code Section 1381(a)(2)(C), (v) any Person from whom the Trustee has not
received an affidavit to the effect that it is not a "disqualified organization"
within the meaning of Section 860E(e)(5) of the Code, and (vi) any other Person
so designated by the Company based upon an Opinion of Counsel that the transfer
of an Ownership Interest in a Residual Certificate to such Person may cause the
Trust Fund to fail to qualify as a REMIC at any time that the Certificates are
outstanding. The terms "United States," "State" and "International Organization"
shall have the meanings set forth in Code Section 7701 or successor provisions.
A corporation shall not be treated as an instrumentality of the United States or
of any State or political subdivision thereof if all of its activities are
subject to tax, and, with the exception of the FHLMC, a majority of its board of
directors is not selected by such governmental unit.
PERSON: Any individual, corporation, limited liability company,
partnership, joint venture, association, joint-stock company, trust,
unincorporated organization or government or any agency or political subdivision
thereof.
PREPAID MONTHLY PAYMENT: Any Monthly Payment received prior to its
scheduled Due Date, which is intended to be applied to a Mortgage Loan on its
scheduled Due Date and held in the related Custodial Account for P&I until the
Withdrawal Date following its scheduled Due Date.
PRIMARY INSURANCE POLICY: A policy of mortgage guaranty insurance, if any,
on an individual Mortgage Loan, providing coverage as required by Section
2.03(xi).
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PRINCIPAL BALANCE: At the time of any determination, the principal balance
of a Mortgage Loan remaining to be paid at the close of business on the Cut-Off
Date, after deduction of all principal payments due on or before the Cut-Off
Date and not paid, reduced by all amounts distributed or to be distributed to
Certificateholders through the Distribution Date in the month of determination
that are reported as allocable to principal of such Mortgage Loan.
In the case of a Substitute Mortgage Loan, "Principal Balance" shall mean,
at the time of any determination, the principal balance of such Substitute
Mortgage Loan transferred to the Trust Fund on the date of substitution, reduced
by all amounts distributed or to be distributed to Certificateholders through
the Distribution Date in the month of determination that are reported as
allocable to principal of such Substitute Mortgage Loan.
The Principal Balance of a Mortgage Loan (including a Substitute Mortgage
Loan) shall not be adjusted solely by reason of any bankruptcy or similar
proceeding or any moratorium or similar waiver or grace period. Whenever a
Realized Loss has been incurred with respect to a Mortgage Loan during a
calendar month, the Principal Balance of such Mortgage Loan shall be reduced by
the amount of such Realized Loss as of the Distribution Date next following the
end of such calendar month after giving effect to the allocation of Realized
Losses and distributions of principal to the Certificates.
PRINCIPAL PAYMENT: Any payment of principal on a Mortgage Loan other than a
Principal Prepayment.
PRINCIPAL PAYMENT AMOUNT: On any Distribution Date, the sum of (i) the
scheduled principal payments on the Mortgage Loans due on the related Due Date,
(ii) the principal portion of the proceeds of each Mortgage Loan, which, during
the Prior Period, was repurchased by the Company pursuant to a Purchase
Obligation and (iii) any other unscheduled payments of principal, other than
Principal Prepayments or Liquidation Principal, which were received during the
Prior Period.
PRINCIPAL PREPAYMENT: Any payment of principal on a Mortgage Loan which
constitutes a Payoff or a Curtailment.
PRINCIPAL PREPAYMENT AMOUNT: On any Distribution Date, the sum of (i)
Curtailments received during the Prior Period and (ii) Payoffs received during
the Payoff Period.
PRIOR PERIOD: The calendar month immediately preceding any Distribution
Date.
PRO RATA ALLOCATION: The allocation of the interest and principal portions
of Realized Losses among or between specified Classes of Certificates as
follows: the principal portion of Realized Losses to the outstanding Classes of
Certificates pro rata according to their respective Class Principal Balances,
except that if the loss is recognized with respect to a Class P Mortgage Loan,
the Class P Fraction of such loss will first be allocated to the Class P
Certificates and then the remainder of such loss will be allocated as described
above to the other outstanding Classes of Certificates; and for the interest
portion of Realized Losses, pro rata according to the amount of interest accrued
on each such Class of Certificates (other than the Class P Certificates), in
reduction thereof and then pro rata according to the respective Class Principal
Balances of each such Class of Certificates, in reduction thereof.
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PURCHASE OBLIGATION: An obligation of the Company to repurchase Mortgage
Loans under the circumstances and in the manner provided in Section 2.02 or
Section 2.03.
PURCHASE PRICE: With respect to any Mortgage Loan to be purchased pursuant
to a Purchase Obligation, an amount equal to the sum of the Principal Balance
thereof, and unpaid accrued interest thereon, if any, to the last day of the
calendar month in which the date of repurchase occurs at a rate equal to the
applicable Pass-Through Rate; provided, however, that no Mortgage Loan shall be
purchased or required to be purchased pursuant to Section 2.03, or more than two
years after the Closing Date under Section 2.02, unless (a) the Mortgage Loan to
be purchased is in default, or default is in the judgment of the Company
reasonably imminent, or (b) the Company, at its expense, delivers to the Trustee
an Opinion of Counsel to the effect that the purchase of such Mortgage Loan will
not give rise to a tax on a prohibited transaction, as defined in Section
860F(a) of the Code; provided, further, that in the case of clause (b) above,
the Company will use its reasonable efforts to obtain such Opinion of Counsel if
such opinion is obtainable.
QUALIFIED INSURER: A mortgage guaranty insurance company duly qualified as
such under the laws of the states in which the Mortgaged Properties are located
if such qualification is necessary to issue the applicable insurance policy or
bond, duly authorized and licensed in such states to transact the applicable
insurance business and to write the insurance provided by the Primary Insurance
Policies approved as an insurer by FHLMC or FNMA and the Master Servicer. A
Qualified Insurer must have the rating required by the Rating Agency.
RATING AGENCY: Initially, each of Standard & Poor"s and Fitch, thereafter,
each nationally recognized statistical rating organization that has rated the
Certificates at the request of the Company, or their respective successors in
interest.
RATINGS: As of any date of determination, the ratings, if any, of the
Certificates as assigned by the Rating Agency.
REALIZED LOSS: For any Distribution Date, with respect to any Mortgage Loan
which became a Liquidated Mortgage Loan during the related Prior Period, the sum
of (i) the principal balance of such Mortgage Loan remaining outstanding and the
principal portion of Nonrecoverable Advances actually reimbursed with respect to
such Mortgage Loan (the principal portion of such Realized Loss), and (ii) the
accrued interest on such Mortgage Loan remaining unpaid and the interest portion
of Nonrecoverable Advances actually reimbursed with respect to such Mortgage
Loan (the interest portion of such Realized Loss). For any Distribution Date,
with respect to any Mortgage Loan which is not a Liquidated Mortgage Loan, the
amount of the Bankruptcy Loss incurred with respect to such Mortgage Loan as of
the related Due Date.
Except for Special Hazard Losses in excess of Special Hazard Coverage,
Fraud Losses in excess of Fraud Coverage and Bankruptcy Losses in excess of
Bankruptcy Coverage, Realized Losses shall be allocated among the Certificates
(i) for Realized Losses allocable to principal (a) first, to the Class B-6
Certificates, until the Class B-6 Principal Balance has been reduced to zero,
(b) second, to the Class B-5 Certificates, until the Class B-5 Principal Balance
has been reduced to zero, (c) third, to the Class B-4 Certificates, until the
Class B-4 Principal Balance has been reduced to zero, (d) fourth, to the Class
B-3 Certificates, until the Class B-3 Principal Balance has been reduced to
zero, (e) fifth, to the Class B-2 Certificates, until the Class B-2 Principal
Balance has been reduced to zero, (f) sixth, to the Class B-1 Certificates,
until the Class
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B-1 Principal Balance has been reduced to zero, and (g) seventh, to the Senior
Certificates as follows: first, to the Senior Support Certificates, until their
Class Principal Balance has be reduced to zero, and then pro rata to the other
Classes of Senior Certificates (other than the Class P Certificates) according
to their Class Principal Balances in reduction of their respective Class
Principal Balances, except if the loss is recognized with respect to a Class P
Mortgage Loan, the Class P Fraction of such loss will first be allocated to the
Class P Certificates and the remainder of such loss will be allocated as
described above in this clause (g), and (ii) for Realized Losses allocable to
interest (a) first, to the Class B-6 Certificates, in reduction of accrued but
unpaid interest thereon and then in reduction of the Class B-6 Principal
Balance, (b) second, to the Class B-5 Certificates, in reduction of accrued but
unpaid interest thereon and then in reduction of the Class B-5 Principal
Balance, (c) third, to the Class B-4 Certificates, in reduction of accrued but
unpaid interest thereon and then in reduction of the Class B-4 Principal
Balance, (d) fourth, to the Class B-3 Certificates, in reduction of accrued but
unpaid interest thereon and then in reduction of the Class B-3 Principal
Balance, (e) fifth, to the Class B-2 Certificates, in reduction of accrued but
unpaid interest thereon and then in reduction of the Class B-2 Principal
Balance, (f) sixth, to the Class B-1 Certificates, in reduction of accrued but
unpaid interest thereon and then in reduction of the Class B-1 Principal
Balance, and (g) seventh, to the Senior Certificates as follows: first, to the
Senior Support Certificates in reduction of accrued but unpaid interest thereon
and then in reduction of its Class Principal Balance, and then to the other
Classes of Senior Certificates by Pro Rata Allocation.
Special Hazard Losses in excess of the Special Hazard Coverage, Fraud
Losses in excess of the Fraud Coverage, and Bankruptcy Losses in excess of the
Bankruptcy Coverage shall be allocated among all Classes of Certificates by Pro
Rata Allocation.
RECORD DATE: The last Business Day of the month immediately preceding the
month of the related Distribution Date.
REGULAR INTEREST CERTIFICATES: The Certificates, other than the Class R
Certificates.
REMIC: A real estate mortgage investment conduit, as such term is defined
in the Code.
REMIC PROVISIONS: Sections 860A through 860G of the Code, related Code
provisions and regulations promulgated thereunder, as the foregoing may be in
effect from time to time.
REMITTANCE RATE: For each Class of Certificates, the per annum rate set
forth as the Remittance Rate for such Class in the Preliminary Statement hereto.
RESERVE FUND: The separate trust account created and maintained by the
Master Servicer, the Investment Depository or any other bank or trust company
acceptable to the Rating Agency which is incorporated under the laws of the
United States or any state thereof pursuant to Section 3.17, which account shall
bear a designation clearly indicating that the funds deposited therein are held
in trust for the benefit of the Trustee on behalf of the Insured
Certificateholders or any other account serving a similar function acceptable to
the Rating Agency, and which account provides that the Trustee may make, or
cause to be made, Withdrawals, with respect to Uncompensated Interest Shortfall
allocable to the Insured Certificates on the respective Distribution Date, to
the extent of the amount then remaining in the Reserve Fund.
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RESERVE FUND INITIAL AMOUNT: $20,291.
RESIDUAL CERTIFICATES: The Class R Certificates, which are being issued in
a single class. The Class R Certificates are hereby designated the sole Class of
"residual interests" in the REMIC related to the Trust Fund for purposes of
Section 860G(a)(2) of the Code.
RESIDUAL DISTRIBUTION AMOUNT: On any Distribution Date, any portion of the
Available Distribution Amount remaining after all distributions to the
Certificates. Upon termination of the obligations created by the Trust Fund
created hereby, the amounts which remain on deposit in the Certificate Account
after payment to the Certificateholders of the amounts set forth in Section 9.01
of this Agreement, and subject to the conditions set forth therein.
RESPONSIBLE OFFICER: When used with respect to the Trustee, any officer
assigned to and working in its Corporate Trust Department or similar group 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.
SECURITIES ACT: The Securities Act of 1933, as amended.
SELLING AND SERVICING CONTRACT: (a) The contract (including the PNC
Mortgage Securities Corp. Selling Guide and PNC Mortgage Securities Corp.
Servicing Guide to the extent incorporated by reference therein) between the
Master Servicer and a Person relating to the sale of the Mortgage Loans to the
Company and the servicing of such Mortgage Loans, on behalf of the Master
Servicer for the benefit of the Certificateholders, which contract is
substantially in the form of Exhibit E hereto, as such contract may be amended
or modified; provided, however, that any such amendment or modification shall
not materially adversely affect the interests and rights of Certificateholders;
and (b) any other similar contract providing substantially similar rights and
benefits as those provided by the form of contract attached as Exhibit E hereto.
SENIOR CERTIFICATES: The Class A, Class P, Class R and Class X
Certificates, collectively.
SENIOR LIQUIDATION AMOUNT: The aggregate of, for each Mortgage Loan which
became a Liquidated Mortgage Loan during the Prior Period, the lesser of: (i)
the Senior Percentage of the Principal Balance of such Mortgage Loan (exclusive
of the Class P Fraction thereof with respect to any Class P Mortgage Loan), and
(ii) the product of (x) the Senior Prepayment Percentage if the Senior
Prepayment Percentage is less than 100%, or if the Senior Prepayment Percentage
equals 100%, the percentage obtained by dividing the Senior Percentage by the
sum of the Senior Percentage and the Senior Support Percentage and (y)
Liquidation Principal with respect to such Mortgage Loan.
SENIOR PERCENTAGE: With respect to any Distribution Date, the sum of the
Class Principal Balances of the Senior Certificates (reduced by the Class P
Principal Balance and Senior Support Principal Balance) divided by the aggregate
Class Principal Balance of all Classes of Certificates (reduced by the Class P
Principal Balance), in each case, immediately prior to such Distribution Date.
SENIOR PREPAYMENT PERCENTAGE: (i) On any Distribution Date occurring before
the Distribution Date in the month of the fifth anniversary of the first
Distribution Date, 100%; (ii) on any other
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Distribution Date on which the Subordinate Percentage for such Distribution Date
is less than the Subordinate Percentage as of the Cut-Off Date, the sum of the
Senior Percentage, the Subordinate Percentage and the applicable Stepdown
Percentage of the Senior Support Percentage, in each case as in effect for such
Distribution Date; and (iii) on any other Distribution Date in each of the
months of the fifth anniversary of the first Distribution Date and thereafter,
the sum of the Senior Percentage, the Subordinate Percentage and the applicable
Stepdown Percentage of the Senior Support Percentage, in each case as in effect
for such Distribution Date unless:
(a) the mean aggregate Principal Balance of Mortgage Loans which are 60 or
more days delinquent (including loans in foreclosure and property held
by the Trust Fund) for each of the immediately preceding six calendar
months is less than or equal to 50% of the mean aggregate Class
Principal Balance of the Class B Certificates, or
(b) cumulative Realized Losses on the Mortgage Loans allocated to the
Class B Certificates are less than or equal to (1) for any
Distribution Date before the month of the sixth anniversary of the
month of the first Distribution Date, 30% of the sum of the
Class Principal Balances of the Class B Certificates as of the Cut-Off
Date, (2) for any Distribution Date in or after the month of the sixth
anniversary of the month of the first Distribution Date but before the
seventh anniversary of the month of the first Distribution Date, 35%
of the sum of the Class Principal Balances of the Class B Certificates
as of the Cut-Off Date, (3) for any Distribution Date in or after the
month of the seventh anniversary of the month of the first
Distribution Date but before the eighth anniversary of the month of
the first Distribution Date, 40% of the sum of the Class Principal
Balances of the Class B Certificates as of the Cut-Off Date, (4) for
any Distribution Date in or after the month of the eighth anniversary
of the month of the first Distribution Date but before the ninth
anniversary of the month of the first Distribution Date, 45% of the
sum of the Class Principal Balances of the Class B Certificates as of
the Cut-Off Date, and (5) for any Distribution Date in or after the
month of the ninth anniversary of the month of the first Distribution
Date, 50% of the sum of the Class Principal Balances of the Class B
Certificates as of the Cut-Off Date,
in which case, as follows: (1) for any such Distribution Date in or after the
month of the fifth anniversary of the month of the first Distribution Date but
before the sixth anniversary of the month of the first Distribution Date, the
Senior Percentage for such Distribution Date plus 70% of the sum of the Senior
Support Percentage and Subordinate Percentage for such Distribution Date; (2)
for any such Distribution Date in or after the month of the sixth anniversary of
the month of the first Distribution Date but before the seventh anniversary of
the month of the first Distribution Date, the Senior Percentage of such
Distribution Date plus 60% of the sum of the Senior Support Percentage and
Subordinate Percentage for such Distribution Date; (3) for any such Distribution
Date in or after the month of the seventh anniversary of the month of the first
Distribution Date but before the eighth anniversary of the month of the first
Distribution Date, the Senior Percentage for such Distribution Date plus 40% of
the sum of the Senior Support Percentage and Subordinate Percentage for such
Distribution Date; (4) for any such Distribution Date in or after the month of
the eighth anniversary of the month of the first Distribution Date but before
the ninth anniversary of the month of the first Distribution Date, the Senior
Percentage for such Distribution Date plus 20% of the sum of the Senior Support
Percentage and Subordinate Percentage for such Distribution Date; and (5) for
any such Distribution Date thereafter, the Senior Percentage for such
Distribution Date. If on any Distribution Date the allocation to the Senior
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Certificates (other than the Senior Support and Class P Certificates) of
Principal Prepayments in the percentage required would reduce the sum of the
Class Principal Balances of the Senior Certificates (other than the Senior
Support and Class P Certificates) below zero, the Senior Prepayment Percentage
for such Distribution Date shall be limited to the percentage necessary to
reduce such sum to zero. Notwithstanding the foregoing, however, on each
Distribution Date, the Class P Certificates will receive the Class P Fraction of
all principal payments, including, without limitation, Principal Prepayments,
received in respect of each Class P Mortgage Loan.
SENIOR PRINCIPAL DISTRIBUTION AMOUNT: For any Distribution Date, an amount
equal to the sum of (a) the Senior Percentage of the Principal Payment Amount
(exclusive of the portion thereof attributable to principal distributions to the
Class P Certificates pursuant to clause (I)(ii) of the definition of
"Certificate Distribution Amount"), (b) the Senior Prepayment Percentage of the
Principal Prepayment Amount (exclusive of the portion thereof attributable to
principal distributions to the Class P Certificates pursuant to clause (I)(ii)
of the definition of "Certificate Distribution Amount") and (c) the Senior
Liquidation Amount.
SENIOR SUBORDINATE CERTIFICATES: The Class B-1, Class B-2 and Class B-3
Certificates, collectively.
SENIOR SUPPORT CERTIFICATES: The Class A-5 Certificates.
SENIOR SUPPORT LIQUIDATION AMOUNT: For any Distribution Date, an amount
equal to the aggregate of, for each Mortgage Loan which became a Liquidated
Mortgage Loan during the Prior Period, the lesser of (i) the Senior Support
Percentage of the Principal Balance of such Mortgage Loan (exclusive of the
Class P Fraction thereof with respect to any Class P Mortgage Loan) and (ii) the
product of (x) the Senior Support Prepayment Percentage if the Senior Support
Prepayment Percentage is greater than 0%, or if the Senior Support Prepayment
Percentage equals 0%, the percentage obtained by dividing the Senior Support
Percentage by the sum of the Senior Percentage and the Senior Support Percentage
and (y) Liquidation Principal with respect to such Mortgage Loan.
SENIOR SUPPORT PERCENTAGE: With respect to any Distribution Date, the sum
of the Class Principal Balance of the Senior Support Certificates divided by the
aggregate Class Principal Balance of all Classes of Certificates (reduced by the
Class P Principal Balance), in each case, immediately prior to such Distribution
Date.
SENIOR SUPPORT PREPAYMENT PERCENTAGE: With respect to any Distribution Date
occurring before the Senior Support Trigger Date, the product of (i) a fraction,
expressed as a percentage, the numerator of which is the Class Principal Balance
of the Senior Support Certificates and the denominator of which is the aggregate
of the Class Principal Balances of the Senior Support Certificates and the Class
B Certificates, in each case immediately prior to such Distribution Date, and
(ii) the Combined Prepayment Percentage; with respect to any Distribution Date
occurring on or after the Senior Support Trigger Date, (i) on any Distribution
Date prior to the Distribution Date occurring in June 2001 on which the
Subordinate Percentage is equal to or greater than twice the initial Subordinate
Percentage before giving effect to distributions on such Distribution Date, and
the loss and delinquency tests set forth in the definition "Senior Prepayment
Percentage" for such Distribution Date are satisfied, (A) which also occurs
prior to the Distribution Date occurring in June 1999, the Senior Support
Prepayment Percentage will equal the sum of the Senior Support
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Percentage and 50% of the Subordinate Percentage, in each case as in effect on
such Distribution Date, or (B) which also occurs on or following the
Distribution Date occurring in June 1999, the Senior Support Prepayment
Percentage will equal the Senior Support Percentage in effect on such
Distribution Date and (ii) on any Distribution Date (A) occurring prior to the
Distribution Date occurring in June 2001 on which the Subordinate Percentage is
less than twice the initial Subordinate Percentage before giving effect to
distributions on such Distribution Date or the loss and delinquency tests set
forth in the definition "Senior Prepayment Percentage" for such Distribution
Date are not satisfied, or (B) occurring on or after June 2001 and prior to the
Distribution Date occurring in June 2005 on which (1) the aggregate of the Class
Principal Balances of the Class B Certificates is less than 50% of the Class
Principal Balance of the Senior Support Certificates or (2) the outstanding
Principal Balance of Mortgage Loans delinquent 60 days or more is greater than
one-half of the aggregate of the Class Principal Balances of the Class B
Certificates immediately prior to such Distribution Date, or (C) occurring on or
after the Distribution Date occurring in June 2005 on which the Subordinate
Percentage is less than the initial Subordinate Percentage, the Senior Support
Prepayment Percentage will equal 100%. On any Distribution Date on which the
conditions set forth in clauses (ii)(B) and (ii)(C) of this definition are not
satisfied, the Senior Support Prepayment Percentage will equal the Senior
Support Percentage in effect on such Distribution Date.
SENIOR SUPPORT PRINCIPAL DISTRIBUTION AMOUNT: For any Distribution Date, an
amount equal to the sum of (i) the Senior Support Percentage of the Principal
Payment Amount (exclusive of the portion thereof attributable to principal
distributions to the Class P Certificates pursuant to clause (I)(ii) of the
definition of "Certificate Distribution Amount,"), (ii) the Senior Support
Prepayment Percentage of the Principal Prepayment Amount (exclusive of the
portion thereof attributable to principal distributions to the Class P
Certificates pursuant to clause (I)(ii) of the definition of "Certificate
Distribution Amount" and the portion thereof distributed to the Senior
Certificates (other than the Senior Support Certificates) pursuant to the
definition of "Certificate Distribution Amount" on the Distribution Date such
Senior Certificate are reduced to zero), and (iii) the Senior Support
Liquidation Amount.
SENIOR SUPPORT TRIGGER DATE: The Distribution Date on which the Senior
Certificates (other than the Senior Support, Class P and Class X Certificates)
are reduced to zero.
SERVICER: A mortgage loan servicing institution to which the Master
Servicer has assigned servicing duties with respect to any Mortgage Loan under a
Selling and Servicing Contract; provided, however, the Master Servicer may
designate itself or one or more other mortgage loan servicing institutions as
Servicer upon termination of an initial Servicer"s servicing duties.
SERVICING FEE: For each Mortgage Loan, the fee paid to the Servicer thereof
to perform primary servicing functions for the Master Servicer with respect to
such Mortgage Loan, equal to the per annum rate set forth for each Mortgage Loan
in the Mortgage Loan Schedule on the outstanding Principal Balance of such
Mortgage Loan.
SERVICING OFFICER: Any officer of the Master Servicer involved in, or
responsible for, the administration and servicing of the Mortgage Loans whose
name and specimen signature appear on a list of servicing officers furnished to
the Trustee by the Master Servicer, as such list may from time to time be
amended.
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SHORTFALL: With respect to any Distribution Date and any Class of Insured
Certificates, the sum of (i) the excess, if any, of (a) the amounts described in
clause (i) and the last sentence of the definition of "Guaranteed Distributions"
with respect to such Class for such Distribution Date, over (b) sum of (x) the
Available Distribution Amount distributable to such Class of Insured
Certificates in respect of interest on such Distribution Date pursuant to the
definition of "Certificate Distribution Amount" herein and (y) Withdrawals, if
any, from the Reserve Account for such Distribution Date distributable to such
Class of Insured Certificates on such Distribution Date, and (ii) any amount
described in clause (ii) of the definition of "Guaranteed Distributions" with
respect to such Class of Insured Certificates on such Distribution Date.
SPECIAL HAZARD COVERAGE: The Special Hazard Coverage Initial Amount less
the amount of any scheduled reduction in the amount of Special Hazard Coverage
as follows: on each anniversary of the Cut-Off Date, the Special Hazard Coverage
shall be reduced, but not increased, to an amount equal to the lesser of (1) the
greatest of (a) the aggregate principal balance of the Mortgage Loans located in
the single California zip code area containing the largest aggregate principal
balance of the Mortgage Loans, (b) 1% of the aggregate unpaid principal balance
of the Mortgage Loans and (c) twice the unpaid principal balance of the largest
single Mortgage Loan, in each case calculated as of the immediately preceding
April 1, and (2) the Special Hazard Coverage Initial Amount as reduced by the
Special Hazard Losses allocated to the Certificates since the Cut-Off Date.
Special Hazard Coverage may be reduced upon written confirmation from the Rating
Agency that such reduction will not adversely affect the then current ratings
assigned to the Certificates by the Rating Agency (determined in the case of the
Insured Certificates, without regard to the effect of the applicable Certificate
Insurance Policy).
SPECIAL HAZARD COVERAGE INITIAL AMOUNT: $3,298,946.
SPECIAL HAZARD LOSS: The occurrence of any direct physical loss or damage
to a Mortgaged Property not covered by a standard hazard maintenance policy with
extended coverage which is caused by or results from any cause except: (i) fire,
lightning, windstorm, hail, explosion, riot, riot attending a strike, civil
commotion, vandalism, aircraft, vehicles, smoke, sprinkler leakage, except to
the extent of that portion of the loss which was uninsured because of the
application of a co-insurance clause of any insurance policy covering these
perils; (ii) normal wear and tear, gradual deterioration, inherent vice or
inadequate maintenance of all or part thereof; (iii) errors in design, faulty
workmanship or materials, unless the collapse of the property or a part thereof
ensues and then only for the ensuing loss; (iv) nuclear reaction or nuclear
radiation or radioactive contamination, all whether controlled or uncontrolled
and whether such loss be direct or indirect, proximate or remote or be in whole
or in part caused by, contributed to or aggravated by a peril covered by this
definition of Special Hazard Loss; (v) hostile or warlike action in time of
peace or war, including action in hindering, combating or defending against an
actual, impending or expected attack (a) by any government of sovereign power
(DE JURE or DE FACTO), or by an authority maintaining or using military, naval
or air forces, (b) by military, naval or air forces, or (c) by an agent of any
such government, power, authority or forces; (vi) any weapon of war employing
atomic fission or radioactive force whether in time of peace or war;
(vii) insurrection, rebellion, revolution, civil war, usurped power or action
taken by governmental authority in hindering, combating or defending against
such occurrence; (viii) seizure or destruction under quarantine or customs
regulations, confiscation by order of any government or public authority.
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STANDARD & POOR"S: Standard & Poor"s, a division of The McGraw-Hill
Companies, Inc., provided that at any time it be a Rating Agency.
STEPDOWN PERCENTAGE: With respect to any Distribution Date, the percentage
referred to in the definition "Senior Prepayment Percentage" (i.e., 70%, 60%,
40% and 20%) as otherwise in effect for such Distribution Date without giving
effect to the loss and delinquency tests described in such definition.
STRIPPED INTEREST RATE: For each Mortgage Loan, the excess, if any, of the
Pass-Through Rate on such Mortgage Loan over 7.500%.
SUBORDINATE CERTIFICATES: The Class B-1, Class B-2, Class B-3, Class B-4,
Class B-5 and Class B-6 Certificates, collectively.
SUBORDINATE LIQUIDATION AMOUNT: The excess, if any, of the aggregate of
Liquidation Principal for all Mortgage Loans which became Liquidated Mortgage
Loans during the Prior Period, over the sum of the related Senior Liquidation
Amount and the Senior Support Liquidation Amount.
SUBORDINATE PERCENTAGE: On any Distribution Date, the excess of 100% over
the sum of the Senior Percentage and the Senior Support Percentage.
SUBORDINATE PREPAYMENT PERCENTAGE: On any Distribution Date, the excess of
the Combined Prepayment Percentage over the Senior Support Prepayment
Percentage.
SUBORDINATE PRINCIPAL DISTRIBUTION AMOUNT: On any Distribution Date, the
excess of (A) the sum of (a) the Subordinate Percentage of the Principal Payment
Amount (exclusive of the portion thereof attributable to principal distributions
to the Class P Certificates pursuant to clause (I)(ii) of the definition of
"Certificate Distribution Amount"), (b) the Subordinate Prepayment Percentage of
the Principal Prepayment Amount (exclusive of the portion thereof attributable
to principal distributions to the Class P Certificates pursuant to clause
(I)(ii) of the definition of "Certificate Distribution Amount" and the portion
thereof distributed to the Senior Certificates (other than the Senior Support
Certificates) on the Distribution Date such Senior Certificates are reduced to
zero) and (c) the Subordinate Liquidation Amount over (B) the amounts required
to be distributed to the Class P Certificates pursuant to clauses (I)(vi) and
(I)(vii) of the definition of "Certificate Distribution Amount" on such
Distribution Date. On any Distribution Date, the Subordinate Principal
Distribution Amount shall be allocated pro rata, by Class Principal Balance,
among the Classes of Subordinate Certificates and paid in the order of
distribution to such Classes pursuant to clause (I) in the definition of
"Certificate Distribution Amount" herein. Notwithstanding the foregoing, on any
Distribution Date prior to distributions on such date, if the Subordination
Level for any Class of Subordinate Certificates is less than such percentage as
of the Cut-Off Date, the pro rata portion of the Subordinate Principal
Distribution Amount otherwise allocable to the Class or Classes junior to such
Class will be distributed to the most senior Class of the Subordinate
Certificates for which the Subordination Level is less than such percentage as
of the Cut-Off Date, and to the Classes of Subordinate Certificates senior
thereto, pro rata according to the Class Principal Balances of such Classes. For
purposes of this definition and the definition of "Subordination Level," the
relative seniority, from highest to lowest, of the Classes of Subordinate
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Certificates shall be as follows: Class B-1, Class B-2, Class B-3, Class B-4,
Class B-5 and Class B-6.
SUBORDINATION LEVEL: On any specified date, with respect to any of the
Class B Certificates, the percentage obtained by dividing the sum of the Class
Principal Balances of the Classes of Certificates which are subordinate in right
of payment to such Class (provided that no Class of Certificates shall be
subordinate in right of payment to the Class B-6 Certificates) by the aggregate
of the Class Principal Balances of all Classes of Certificates as of such date
prior to giving effect to distributions of principal or interest or allocations
of Realized Losses on the Mortgage Loans on such date.
SUBSTITUTE MORTGAGE LOAN: As defined in Section 2.02.
TAX MATTERS PERSON: The Holder of the Class R Certificate issued hereunder
having an Authorized Denomination of 0.01% or the Permitted Transferee of such
Class R Certificateholder. If a Tax Matters Person becomes a Disqualified
Organization, the last preceding Holder of such Class R Certificate that is not
a Disqualified Organization shall be Tax Matters Person pursuant to Section
5.01(c). If any Person is appointed as tax matters person by the Internal
Revenue Service pursuant to the Code, such Person shall be Tax Matters Person.
TERMINATION DATE: As defined in Section 9.01(b).
TERMINATION PAYMENT: As defined in Section 9.01(b).
TRANSFER: As defined in Section 5.01(b).
TRANSFEREE: As defined in Section 5.01(b).
TRANSFEREE AFFIDAVIT AND AGREEMENT: As defined in Section 5.01(c)(i)(B).
TRUST FUND: The corpus of the trust created pursuant to Section 2.01 of
this Agreement. The Trust Fund consists of (i) the Mortgage Loans and all rights
pertaining thereto; (ii) such assets as from time to time may be held by the
Master Servicer in the Certificate Account or the Investment Account (except
amounts representing the Master Servicing Fee); (iii) such assets as from time
to time may be held by the applicable Servicer in a Custodial Account for P&I
related to the Mortgage Loans (except amounts representing the Master Servicing
Fee or Servicing Fee); (iv) property which secured a Mortgage Loan and which has
been acquired by foreclosure or deed in lieu of foreclosure after the Cut-Off
Date; (v) amounts paid or payable by the insurer under any FHA insurance policy
or any Primary Insurance Policy, and proceeds of any VA guaranty and any other
insurance policy related to any Mortgage Loan or the Mortgage Pool; and (vi) the
Certificate Insurance Policies and the proceeds thereof. The Reserve Fund shall
not be a part of the Trust Fund.
TRUSTEE: State Street Bank and Trust Company, or its successor-in-interest
as provided in Section 8.09, or any successor trustee appointed as herein
provided.
UNCOLLECTED INTEREST: With respect to any Distribution Date for any
Mortgage Loan on which a Payoff was made by a Mortgagor during the related
Payoff Period, except for Payoffs received
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during the period from the first through the 14th day of the month of such
Distribution Date, an amount equal to one month"s interest at the applicable
Pass-Through Rate on such Mortgage Loan less the amount of interest actually
paid by the Mortgagor with respect to such Payoff.
UNCOMPENSATED INTEREST SHORTFALL: For any Distribution Date, the excess, if
any, of (i) the sum of (a) aggregate Uncollected Interest and (b) aggregate
Curtailment Shortfall over (ii) Compensating Interest, which excess shall be
allocated to each Class of Certificates pro rata according to the amount of
interest accrued thereon in reduction thereof.
UNCOVERED SHORTFALL: As defined in Section 3.17.
UNDERWRITER: Donaldson, Lufkin & Jenrette Securities Corporation.
UNDERWRITING STANDARDS: The underwriting standards of Nationsbanc Mortgage
Corporation, Countrywide Funding Corporation or the Company, as applicable.
UNINSURED CAUSE: Any cause of damage to a Mortgaged Property, the cost of
the complete restoration of which is not fully reimbursable under the hazard
insurance policies required to be maintained pursuant to Section 3.07.
U.S. PERSON: A citizen or resident of the United States, a corporation,
partnership or other entity created or organized in or under the laws of the
United States or any political subdivision thereof, or an estate or trust that
is subject to U.S. federal income tax regardless of the source of its income.
VA: The Department of Veterans Affairs, formerly known as the Veterans
Administration, or any successor thereto.
WITHDRAWAL: Any withdrawal from the Reserve Fund by the Trustee or any
duly authorized Paying Agent.
WITHDRAWAL DATE: The last Business Day prior to the 21st day of the month
of the related Distribution Date.
ARTICLE II
CONVEYANCE OF THE TRUST FUND; REMIC ELECTION AND DESIGNATIONS;
ORIGINAL ISSUANCE OF CERTIFICATES
Section 2.01. CONVEYANCE OF THE TRUST FUND; REMIC ELECTION AND
DESIGNATIONS.
Concurrently with the execution and delivery hereof, the Company does
hereby irrevocably sell, transfer, assign, set over and otherwise convey to the
Trustee, in trust for the benefit of the Certificateholders, without recourse,
all the Company"s right, title and interest in and to the Trust Fund, including
but not limited to all scheduled payments of principal and interest due after
the Cut-Off Date and received by the Company with respect to the Mortgage Loans
at any time, and all Principal Prepayments received by the Company after the
Cut-Off Date (such transfer and
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assignment by the Company to be referred to herein as the "Conveyance"). The
Trustee hereby accepts the trust created hereby and acknowledges that it holds
the Mortgage Loans for the benefit of the Holders of the Certificates issued
pursuant to this Agreement. It is the express intent of the parties hereto that
the Conveyance of the Trust Fund to the Trustee by the Company as provided in
this Section 2.01 be, and be construed as, an absolute sale of the Trust Fund.
It is, further, not the intention of the parties that such Conveyance be deemed
a pledge of the Trust Fund by the Company to the Trustee to secure a debt or
other obligation of the Company. However, in the event that, notwithstanding the
intent of the parties, the Trust Fund is held to be the property of the Company,
or if for any other reason this Agreement is held or deemed to create a security
interest in the Trust Fund, then
(a) this Agreement shall be deemed to be a security agreement;
(b) the Conveyance provided for in this Section 2.01 shall be deemed
to be a grant by the Company to the Trustee of a security interest in all
of the Company"s right, title, and interest, whether now owned or hereafter
acquired, in and to:
(I) All accounts, contract rights, general intangibles, chattel
paper, instruments, documents, money, deposit accounts, certificates
of deposit, goods, letters of credit, advices of credit and
uncertificated securities consisting of, arising from or relating to
any of the property described in (x) and (y) below: (x) the Mortgage
Loans including the Mortgage Notes, related Mortgages and title,
hazard and primary mortgage insurance policies identified on the
Mortgage Loan Schedule as defined herein, including all Substitute
Mortgage Loans, and all distributions with respect thereto payable on
and after the Cut-Off Date; and (y) the Certificate Account, the
Investment Account, the Reserve Fund, the Custodial Account for P&I
and the Custodial Account for Reserves, including all property therein
and all income from the investment of funds therein (including any
accrued discount realized on liquidation of any investment purchased
at a discount);
(II) All accounts, contract rights, general intangibles, chattel
paper, instruments, documents, money, deposit accounts, certificates
of deposit, goods, letters of credit, advices of credit,
uncertificated securities, and other rights arising from or by virtue
of the disposition of, or collections with respect to, or insurance
proceeds payable with respect to, or claims against other persons with
respect to, all or any part of the collateral described in (I) above
(including any accrued discount realized on liquidation of any
investment purchased at a discount); and
(III) All cash and non-cash proceeds of the collateral described
in (I) and (II) above;
(c) the possession by the Trustee of the Mortgage Notes, the Mortgages
and such other goods, letters of credit, advices of credit, instruments,
money, documents, chattel paper or certificated securities shall be deemed
to be "possession by the secured party," or possession by a purchaser or a
person designated by him or her, for purposes of perfecting the security
interest pursuant to the Uniform Commercial Code (including, without
limitation, Sections 9-305, 8-313 or 8-321 thereof) as in force in the
relevant jurisdiction; and
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(d) notifications to persons holding such property, and
acknowledgments, receipts or confirmations from persons holding such
property, shall be deemed to be notifications to, or acknowledgments,
receipts or confirmations from, financial intermediaries, bailees or agents
(as applicable) of the Trustee for the purpose of perfecting such security
interest under applicable law.
The Company and the Trustee at the direction of the Company shall, to the
extent consistent with this Agreement, take such actions as may be necessary to
ensure that, if this Agreement were deemed to create a security interest in the
Trust Fund, such security interest would be deemed to be a perfected security
interest of first priority under applicable law and will be maintained as such
throughout the term of the Agreement. In connection herewith, the Trustee shall
have all of the rights and remedies of a secured party and creditor under the
Uniform Commercial Code as in force in the relevant jurisdiction.
In connection with the sale, transfer and assignment referred to in the
first paragraph of this Section 2.01, the Company, concurrently with the
execution and delivery hereof, does deliver to, and deposit with, or cause to be
delivered to and deposited with, the Trustee or Custodian the Mortgage Files.
Concurrently with the execution and delivery hereof, the Company shall
cause assignments of the Mortgage Loans to the Trustee to be recorded or filed,
except in states where, in the opinion of counsel admitted to practice in such
state acceptable to the Company, the Trustee and the Rating Agency submitted in
lieu of such recording or filing, such recording or filing is not required to
protect the Trustee"s interest in the Mortgage Loans against sale, further
assignments, satisfaction or discharge by the Lender, a Servicer, the Company or
the Master Servicer.
In instances where the original recorded Mortgage or any intervening
assignment thereof (recorded or in recordable form) cannot be delivered by the
Company to the Trustee prior to or concurrently with the execution and delivery
hereof (due to a delay on the part of the recording office), the Company may, in
lieu of delivering such original documents, deliver to the Trustee a fully
legible reproduction of the original Mortgage or intervening assignment provided
that the related Lender certifies on the face of such reproduction(s) or copy as
follows: "Certified true and correct copy of original which has been transmitted
for recordation." For purposes hereof, transmitted for recordation means having
been mailed or otherwise delivered for recordation to the appropriate authority.
In all such instances, the Company shall transmit the original recorded Mortgage
and any intervening assignments with evidence of recording thereon (or a copy of
such original Mortgage or intervening assignment certified by the applicable
recording office)(collectively, "Recording Documents") to the Trustee within 270
days after the execution and delivery hereof. In instances where, due to a
delay on the part of the recording office where any such Recording Documents
have been delivered for recordation, the Recording Documents cannot be delivered
to the Trustee within 270 days after execution and delivery hereof, the Company
shall deliver to the Trustee within such time period a certificate (a "Company
Officer"s Certificate") signed by the Chairman of the Board, President, any Vice
President or Treasurer of the Company stating the date by which the Company
expects to receive such Recording Documents from the applicable recording
office. In the event that Recording Documents have still not been received by
the Company and delivered to the Trustee by the date specified in its previous
Company Officer"s Certificate delivered to the Trustee, the Company shall
deliver to the Trustee by such date an additional Company Officer"s Certificate
stating a revised date by which the
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Company expects to receive the applicable Recording Documents. This procedure
shall be repeated until the Recording Documents have been received by the
Company and delivered to the Trustee.
In instances where, due to a delay on the part of the title insurer, a copy
of the title insurance policy for a particular Mortgage Loan cannot be delivered
to the Trustee prior to or concurrently with the execution and delivery hereof,
the Company shall provide a copy of such title insurance policy to the Trustee
within 270 days after the execution and delivery hereof. In addition, the
Company shall provide to the Trustee upon request therefor a duplicate title
insurance policy for any Mortgage Loan.
For Mortgage Loans for which the Company has received a Payoff after the
Cut-Off Date and prior to the date of execution and delivery hereof, the
Company, in lieu of delivering the above documents, herewith delivers to the
Trustee a certification of a Servicing Officer of the nature set forth in
Section 3.10.
The Trustee is authorized, with the Master Servicer"s consent, to appoint
any bank or trust company approved by and unaffiliated with each of the Company
and the Master Servicer as Custodian of the documents or instruments referred to
above in this Section 2.01, and to enter into a Custodial Agreement for such
purpose, provided, however, that the Trustee shall be and remain liable for the
acts of any such Custodian only to the extent that it is responsible for its own
acts hereunder.
The Company and the Trustee agree that the Company, as agent for the Tax
Matters Person, shall, on behalf of the Trust Fund, elect to treat the Trust
Fund as a REMIC within the meaning of Section 860D of the Code and, if
necessary, under applicable state laws. Such election shall be included in the
Form 1066 and any appropriate state return to be filed on behalf of the REMIC
for its first taxable year.
The Closing Date is hereby designated as the "startup day" of the REMIC
constituted by the Trust Fund within the meaning of Section 860G(a)(9) of the
Code.
The regular interests (as set forth in the table contained in the
Preliminary Statement hereto) relating to the Mortgage Loans are hereby
designated as "regular interests" for purposes of Section 860G(a)(1) of the
Code. The Class R Certificates are being issued in a single Class, which is
hereby designated as the sole class of "residual interests" for purposes of
Section 860G(a)(2) of the Code.
The parties intend that the affairs of the Trust Fund formed hereunder
shall constitute, and that the affairs of the Trust Fund shall be conducted so
as to qualify the Trust Fund as a REMIC. In furtherance of such intention, the
Company covenants and agrees that it shall act as agent for the Tax Matters
Person (and the Company is hereby appointed to act as agent for such Tax Matters
Person) on behalf of the Trust Fund and that in such capacity it shall:
(a) prepare and file, or cause to be prepared and filed, a federal tax return
using a calendar year as the taxable year for the Trust Fund when and as
required by the REMIC Provisions and other applicable federal income tax laws;
(b) make an election, on behalf of the trust, for the Trust Fund to be treated
as a REMIC on the federal tax return of the Trust Fund for its first taxable
year, in accordance with the REMIC Provisions; (c) prepare and forward, or cause
to be prepared and forwarded, to the
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Certificateholders and the Trustee all information reports as and when required
to be provided to them in accordance with the REMIC Provisions, and make
available the information necessary for the application of Section 860E(e) of
the Code; (d) conduct the affairs of the Trust Fund at all times that any
Certificates are outstanding so as to maintain the status of the Trust Fund as a
REMIC under the REMIC Provisions; (e) not knowingly or intentionally take any
action or omit to take any action that would cause the termination of the REMIC
status of the Trust Fund; and (f) pay the amount of any federal prohibited
transaction penalty taxes imposed on the Trust Fund when and as the same shall
be due and payable (but such obligation shall not prevent the Company or any
other appropriate person from contesting any such tax in appropriate proceedings
and shall not prevent the Company from withholding payment of such tax, if
permitted by law, pending the outcome of such proceedings); provided, that the
Company shall be entitled to be indemnified by the Trust Fund for any such
prohibited transaction penalty taxes if the Company"s failure to exercise
reasonable care was not the primary cause of the imposition of such prohibited
transaction penalty taxes.
In the event that a Mortgage Loan is discovered to have a defect which, had
such defect been discovered before the startup day, would have prevented the
Mortgage Loan from being a "qualified mortgage" within the meaning of Section
860G(a)(3) of the Code, and the Company does not repurchase such Mortgage Loan
within 90 days of such date, the Master Servicer, on behalf of the Trustee,
shall within 90 days of the date such defect is discovered sell such Mortgage
Loan at such price as the Master Servicer in its sole discretion, determines to
be the greatest price that will result in the purchase thereof within 90 days of
such date, unless the Master Servicer delivers to the Trustee an Opinion of
Counsel to the effect that continuing to hold such Mortgage Loan will not
adversely affect the status of the electing portion of the Trust Fund as a REMIC
for federal income tax purposes.
In the event that any tax is imposed on "prohibited transactions" of the
Trust Fund as defined in Section 860F of the Code and not paid by the Company
pursuant to clause (f) of the second preceding paragraph, such tax shall be
charged against amounts otherwise distributable to the Class R
Certificateholders. Notwithstanding anything to the contrary contained herein,
the Trustee is hereby authorized to retain from amounts otherwise distributable
to the Class R Certificateholders on any Distribution Date sufficient funds to
reimburse the Company in its capacity as agent for the Tax Matters Person for
the payment of such tax (upon the written request of the Company, to the extent
reimbursable, and to the extent that the Company has not been previously
reimbursed therefor).
Section 2.02. ACCEPTANCE BY TRUSTEE. The Trustee acknowledges receipt (or
with respect to any Mortgage Loan subject to a Custodial Agreement, receipt by
the Custodian thereunder) of the documents (or certified copies thereof as
specified in Section 2.01) referred to in Section 2.01 above, but without having
made the review required to be made within 45 days pursuant to this
Section 2.02, and declares that as of the Closing Date it holds and will hold
such documents and the other documents constituting a part of the Mortgage Files
delivered to it, and the Trust Fund, as Trustee in trust, upon the trust herein
set forth, for the use and benefit of the Holders from time to time of the
Certificates. The Trustee agrees, for the benefit of the Certificateholders, to
review or cause the Custodian to review each Mortgage File within 45 days after
the Closing Date and deliver to the Company a certification in the form attached
as Exhibit M hereto, to the effect that all documents required (in the case of
instruments described in clause (vi) of the definition of "Mortgage File," known
by the Trustee to be required) pursuant to the third paragraph of Section
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2.01 have been executed and received, and that such documents relate to the
Mortgage Loans identified in the Mortgage Loan Schedule. In performing such
review, the Trustee may rely upon the purported genuineness and due execution of
any such document, and on the purported genuineness of any signature thereon.
The Trustee shall not be required to make any independent examination of any
documents contained in each Mortgage File beyond the review specifically
required herein. The Trustee makes no representations as to: (i) the validity,
legality, enforceability or genuineness of any of the Mortgage Loans identified
on the Mortgage Loan Schedule, or (ii) the collectability, insurability,
effectiveness or suitability of any Mortgage Loan. If the Trustee finds any
document or documents constituting a part of a Mortgage File not to have been
executed or received, or to be unrelated to the Mortgage Loans identified in the
Mortgage Loan Schedule, the Trustee shall promptly so notify the Company. The
Company hereby covenants and agrees that, if any such defect cannot be corrected
or cured, the Company shall, not later than 60 days after the Trustee"s notice
to it respecting such defect, within the three-month period commencing on the
Closing Date (or within the two-year period commencing on the Closing Date if
the related Mortgage Loan is a "defective obligation" within the meaning of
Section 860G(a)(4)(B)(ii) of the Code and Treasury Regulation Section
1.860G-2(f)), either (i) repurchase the related Mortgage Loan from the Trustee
at the Purchase Price, or (ii) substitute for any Mortgage Loan to which such
defect relates a different mortgage loan (a "Substitute Mortgage Loan") which is
a "qualified replacement mortgage" (as defined in the Code) and, (iii) after
such three-month or two-year period, as applicable, the Company shall repurchase
the Mortgage Loan from the Trustee at the Purchase Price but only if the
Mortgage Loan is in default or default is, in the judgment of the Company,
reasonably imminent. If such defect would cause the Mortgage Loan to be other
than a "qualified mortgage" (as defined in the Code), then notwithstanding the
previous sentence, repurchase or substitution must occur within the sooner of
(i) 90 days from the date the Company was notified of the defect or (ii) two
years from the Closing Date.
Such Substitute Mortgage Loan shall mature no later than, and not more than
two years earlier than, have a principal balance and Loan-to-Value Ratio equal
to or less than, and have a Pass-Through Rate on the date of substitution equal
to or no more than 1% greater than the Mortgage Loan being substituted for. If
the aggregate of the principal balances of the Substitute Mortgage Loans
substituted for a Mortgage Loan is less than the Principal Balance of such
Mortgage Loan, the Company shall pay the difference in cash to the Trustee for
deposit into the Certificate Account, and such payment by the Company shall be
treated in the same manner as proceeds of the repurchase by the Company of a
Mortgage Loan pursuant to this Section 2.02. Furthermore, such Substitute
Mortgage Loan shall otherwise have such characteristics so that the
representations and warranties of the Company set forth in Section 2.03 hereof
would not have been incorrect had such Substitute Mortgage Loan originally been
a Mortgage Loan. A Substitute Mortgage Loan may be substituted for a defective
Mortgage Loan whether or not such defective Mortgage Loan is itself a Substitute
Mortgage Loan.
The Purchase Price for each repurchased Mortgage Loan shall be deposited by
the Company in the Certificate Account and, upon receipt by the Trustee of
written notification of such deposit signed by a Servicing Officer, the Trustee
shall release to the Company the related Mortgage 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 Company or its designee or
assignee title to any Mortgage Loan released pursuant hereto. The obligation of
the Company to repurchase or substitute any Mortgage Loan as to which such a
defect in a constituent document exists shall
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constitute the sole remedy respecting such defect available to the
Certificateholders or the Trustee on behalf of the Certificateholders.
Section 2.03. REPRESENTATIONS AND WARRANTIES OF THE COMPANY CONCERNING THE
MORTGAGE LOANS. The Company hereby represents and warrants to the Trustee that:
(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;
(ii) As of the Closing Date, each Mortgage is a valid and
enforceable (subject to Section 2.03(xvi)) first lien on an
unencumbered estate in fee simple in the related Mortgaged Property
subject only to (a) liens for current real property taxes and special
assessments; (b) covenants, conditions and restrictions, rights of
way, easements and other matters of public record as of the date of
recording such Mortgage, such exceptions appearing of record being
acceptable to mortgage lending institutions generally or specifically
reflected in the appraisal obtained in connection with the origination
of the Mortgage Loan; (c) exceptions set forth in the title insurance
policy relating to such Mortgage, such exceptions being acceptable to
mortgage lending institutions generally; and (d) other matters to
which like properties are commonly subject which do not materially
interfere with the benefits of the security intended to be provided by
the Mortgage;
(iii) As of the Closing Date, the Company had good title to, and
was the sole owner of, each Mortgage Loan free and clear of any
encumbrance or lien, and immediately upon the transfer and assignment
herein contemplated, the Trustee shall have good title to, and will be
the sole legal owner of, each Mortgage Loan, free and clear of any
encumbrance or lien (other than any lien under this Agreement);
(iv) As of the day prior to the Cut-Off Date, all payments due on
each Mortgage Loan had been made and no Mortgage Loan had been
delinquent (I.E., was more than 30 days past due) more than once in
the preceding 12 months and any such delinquency lasted for no more
than 30 days;
(v) As of the Closing Date, there is no late assessment for
delinquent taxes outstanding against any Mortgaged Property;
(vi) As of the Closing Date, there is no offset, defense or
counterclaim to any Mortgage Note, including the obligation of the
Mortgagor to pay the unpaid principal or interest on such Mortgage
Note except to the extent that the Buydown Agreement for a Buydown
Loan forgives certain indebtedness of a Mortgagor;
(vii) As of the Closing Date, each Mortgaged Property is free of
damage and in good repair, ordinary wear and tear excepted;
(viii) Each Mortgage Loan at the time it was made complied with
all applicable state and federal laws, including, without limitation,
usury, equal credit opportunity, disclosure and recording laws;
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(ix) Each Mortgage Loan was originated by a savings association,
savings bank, credit union, insurance company, or similar institution
which is supervised and examined by a federal or state authority or by
a mortgagee approved by the FHA and will be serviced by an institution
which meets the servicer eligibility requirements established by the
Company;
(x) As of the Closing Date, each Mortgage Loan is covered by an
ALTA form or CLTA form of mortgagee title insurance policy or other
form of policy of insurance which, as of the Closing Date, is
acceptable to FNMA or FHLMC, and has been issued by, and is the valid
and binding obligation of, a title insurer acceptable to FNMA or FHLMC
and qualified to do business in the state in which the related
Mortgaged Property is located. Such policy insures the originator of
the Mortgage Loan, its successors and assigns as to the first priority
lien of the Mortgage in the original principal amount of the Mortgage
Loan subject to the exceptions set forth in such policy. Such policy
is in full force and effect and will be in full force and effect and
inure to the benefit of the Certificateholders upon the consummation
of the transactions contemplated by this Agreement and no claims have
been made under such policy, and no prior holder of the related
Mortgage, including the Company, has done, by act or omission,
anything which would impair the coverage of such policy;
(xi) As of the Closing Date, each Mortgage Loan which had a
Loan-to-Value Ratio at the time of the origination of the Mortgage
Loan in excess of 80% was covered by a Primary Insurance Policy or an
FHA insurance policy or a VA guaranty, and such policy or guaranty is
valid and remains in full force and effect, except for any Mortgage
Loan for which the outstanding Principal Balance thereof at any time
subsequent to origination was 80% or less of the then current value of
the related Mortgaged Property (as determined by an appraisal obtained
subsequent to origination);
(xii) As of the Closing Date, all policies of insurance covering
any originator, Lender or Servicer or the Company and required by this
Agreement or by a Selling and Servicing Contract have been validly
issued and remain in full force and effect;
(xiii) As of the Closing Date, each insurer issuing a Primary
Insurance Policy holds a rating acceptable to the Rating Agency;
(xiv) Each Mortgage was documented by appropriate FNMA/FHLMC
mortgage instruments in effect at the time of origination, or other
instruments approved by the Company;
(xv) As of the Closing Date, the Mortgaged Property securing each
Mortgage is improved with a one- to four-family dwelling unit,
including units in a duplex, condominium project, townhouse, a planned
unit development or a de minimis planned unit development;
(xvi) As of the Closing Date, each Mortgage and Mortgage Note is
the legal, valid and binding obligation of the maker thereof and is
enforceable in accordance
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with its terms, except only as such enforcement may be limited by laws
affecting the enforcement of creditors" rights generally and principles of
equity;
(xvii) As of the date of origination, as to Mortgaged Properties
which are units in condominiums or planned unit developments, all of
such units met FNMA requirements, are located in a condominium or
planned unit development projects which have received FNMA approval,
or are approvable by FNMA;
(xviii) Two of the Mortgage Loans, constituting approximately
0.2% of the Mortgage Pool as of the Cut-Off Date, are Buydown Loans;
(xix) As of the Cut-Off Date, all but approximately 1.9% (by
Principal Balance) of the Mortgage Loans will be secured by
owner-occupied Mortgaged Properties which are the primary residences
of the related Mortgagors, based solely on representations of the
Mortgagors obtained at the origination of the related Mortgage Loans
and approximately 1.9% (by Principal Balance) of the Mortgage Loans
will be secured by owner-occupied Mortgaged Properties which were
second or vacation homes of the Mortgagors, based solely on such
representations, and none of the Mortgage Loans will be secured by
Mortgaged Properties which were investor properties of the related
Mortgagors, based solely on such representations;
(xx) Prior to origination or refinancing, an appraisal of each
Mortgaged Property was made by an appraiser on a form satisfactory to
FNMA or FHLMC;
(xxi) The Mortgage Loans have been underwritten substantially in
accordance with the applicable Underwriting Standards;
(xxii) The information in the Current Report on Form 8-K prepared
by the Company in connection with the Mortgage Loans is correct in
every material respect;
(xxiii) All of the Mortgage Loans have due-on-sale clauses; by
the terms of the Mortgage Notes, however, the due on sale provisions
may not be exercised at the time of a transfer if prohibited by law;
(xxiv) The Company used no adverse selection procedures in
selecting the Mortgage Loans from among the outstanding fixed-rate
conventional mortgage loans purchased by it which were available for
inclusion in the Mortgage Pool and as to which the representations and
warranties in this Section 2.03 could be made; and
(xxv) With respect to any Mortgage Loan as to which an affidavit
has been delivered to the Trustee certifying that the original
Mortgage Note is a Destroyed Mortgage Note, if such Mortgage Loan is
subsequently in default, the enforcement of such Mortgage Loan or of
the related Mortgage will not be materially adversely affected by the
absence of the original Mortgage Note.
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It is understood and agreed that the representations and warranties set
forth in this Section 2.03 shall survive delivery of the respective Mortgage
Files to the Trustee or the Custodian, as the case may be, and shall continue
throughout the term of this Agreement. Upon discovery by any of the Company, the
Master Servicer, the Trustee or the Custodian of a breach of any of the
foregoing representations and warranties which materially and adversely affects
the interests of the Certificateholders in the related Mortgage Loans, the
Company, the Master Servicer, the Trustee or the Custodian, as the case may be,
discovering such breach shall give prompt written notice to the others. Within
90 days of its discovery or its receipt of notice of breach, the Company shall
repurchase, subject to the limitations set forth in the definition of "Purchase
Price," or substitute for the affected Mortgage Loan or Mortgage Loans or any
property acquired in respect thereof from the Trustee, unless it has cured such
breach in all material respects. After the end of the three-month period
beginning on the "start-up day," any such substitution shall be made only if the
Company provides to the Trustee an Opinion of Counsel reasonably satisfactory to
the Trustee that each Substitute Mortgage Loan will be a "qualified replacement
mortgage" within the meaning of Section 860G(a)(4) of the Code. Such
substitution shall be made in the manner and within the time limits set forth in
Section 2.02. Any such repurchase by the Company shall be accomplished in the
manner and at the Purchase Price, if applicable, but shall not be subject to the
time limits, set forth in Section 2.02. It is understood and agreed that the
obligation of the Company to provide such substitution or to make such
repurchase of any affected Mortgage Loan or Mortgage Loans or any property
acquired in respect thereof as to which a breach has occurred and is continuing
shall constitute the sole remedy respecting such breach available to the
Certificateholders or the Trustee on behalf of the Certificateholders.
Section 2.04. AUTHENTICATION OF THE CERTIFICATES. The Trustee acknowledges
the transfer and assignment to it of the property constituting the Trust Fund,
but without having made the review required to be made within 45 days pursuant
to Section 2.02, and, as of the Closing Date, shall cause to be authenticated
and delivered to or upon the order of the Company, in exchange for the property
constituting the Trust Fund, the Certificates in Authorized Denominations
evidencing the entire beneficial ownership interest in the Trust Fund and
relating to the Mortgage Loans.
ARTICLE III
ADMINISTRATION AND SERVICING OF MORTGAGE LOANS
Section 3.01. THE COMPANY TO ACT AS MASTER SERVICER. The Company shall act
as Master Servicer to service and administer the Mortgage Loans on behalf of the
Trustee and for the benefit of the Certificateholders in accordance with the
terms hereof and shall have full power and authority to do or cause to be done
any and all things in connection with such servicing and administration which it
may deem necessary or desirable, including, without limitation, the power and
authority to bring actions and defend the Trust Fund on behalf of the Trustee in
order to enforce the terms of the Mortgage Notes. The Master Servicer may
perform its master servicing responsibilities through agents or independent
contractors, but shall not thereby be released from any of its responsibilities
hereunder and the Master Servicer shall diligently pursue all of its rights
against such agents or independent contractors.
The Master Servicer shall make reasonable efforts to collect or cause to be
collected all payments called for under the terms and provisions of the Mortgage
Loans and shall, to the extent
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such procedures shall be consistent with this Agreement and the terms and
provisions of any Primary Insurance Policy, any FHA insurance policy or VA
guaranty, any hazard insurance policy, and federal flood insurance, cause to be
followed such collection procedures as are followed with respect to mortgage
loans comparable to the Mortgage Loans and held in portfolios of responsible
mortgage lenders in the local areas where each Mortgaged Property is located.
The Master Servicer shall enforce "due-on-sale" clauses with respect to the
Mortgage Loans, to the extent permitted by law, subject to the provisions set
forth in Section 3.08.
Consistent with the foregoing, the Master Servicer may in its discretion
(i) waive or cause to be waived any assumption fee or late payment charge in
connection with the prepayment of any Mortgage Loan and (ii) only upon
determining that the coverage of any applicable insurance policy or guaranty
related to a Mortgage Loan will not be materially adversely affected, arrange a
schedule, running for no more than 180 days after the first delinquent Due Date,
for payment of any delinquent installment on any Mortgage Note or for the
liquidation of delinquent items. The Master Servicer shall have the right, but
not the obligation, to repurchase any delinquent Mortgage Loan 90 days after the
first delinquent Due Date for an amount equal to its Purchase Price; provided,
however, that the aggregate Purchase Price of Mortgage Loans so repurchased
shall not exceed one-half of one percent (0.50%) of the aggregate Principal
Balance of all Mortgage Loans as of the Cut-Off Date.
The Master Servicer is hereby authorized and empowered by the Trustee to
execute and deliver or cause to be executed and delivered on behalf of the
Certificateholders and the Trustee or any of them, any and all instruments of
satisfaction or cancellation, or of partial or full release, discharge or
modification, assignments of Mortgages and endorsements of Mortgage Notes in
connection with refinancings (in jurisdictions where such assignments are the
customary and usual standard of practice of mortgage lenders) and all other
comparable instruments, with respect to the Mortgage Loans and with respect to
the Mortgaged Properties. The Trustee shall furnish the Master Servicer, at the
Master Servicer"s direction, with any powers of attorney and other documents
necessary or appropriate to enable the Master Servicer to carry out its
supervisory, servicing and administrative duties under this Agreement.
The Master Servicer and each Servicer shall obtain (to the extent generally
commercially available from time to time) and maintain fidelity bond and errors
and omissions coverage acceptable to FNMA or FHLMC with respect to their
obligations under this Agreement and the applicable Selling and Servicing
Contract, respectively. The Master Servicer or each Servicer, as applicable,
shall establish escrow accounts for, or pay when due (by means of an advance),
any tax liens in connection with the Mortgaged Properties that are not paid by
the Mortgagors when due to the extent that any such payment would not constitute
a Nonrecoverable Advance when made.
Section 3.02. CUSTODIAL ACCOUNTS. The Master Servicer shall cause to be
established and maintained Custodial Accounts for P&I, Buydown Fund Accounts (if
any) and special Custodial Accounts for Reserves and shall deposit or cause to
be deposited therein daily the amounts related to the Mortgage Loans required by
the Selling and Servicing Contracts to be so deposited. Proceeds received with
respect to individual Mortgage Loans from any title, hazard, or FHA insurance
policy, VA guaranty, Primary Insurance Policy, or other insurance policy
covering such Mortgage Loans shall be deposited first in the Custodial Account
for Reserves if required for the restoration or repair of the related Mortgaged
Property. Proceeds from such insurance policies not
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so deposited in the Custodial Account for Reserves shall be deposited in the
Custodial Account for P&I, and shall be applied to the balances of the related
Mortgage Loans as payments of interest and principal.
The Master Servicer is hereby authorized to make withdrawals from and to
draft the Custodial Accounts for P&I and the Custodial Account for Reserves for
the purposes required or permitted by this Agreement. The Custodial Accounts for
P&I and the Custodial Account for Reserves shall each bear a designation clearly
showing the respective interests of the applicable Servicer, as trustee, and of
the Master Servicer, in substantially one of the following forms:
(a) With respect to the Custodial Account for P&I: (i) [Servicer"s
Name], as agent, trustee and/or bailee of principal and interest custodial
account for PNC Mortgage Securities Corp., its successors and assigns, for
various owners of interests in PNC Mortgage Securities Corp.
mortgage-backed pools or (ii) [Servicer"s Name] in trust for PNC Mortgage
Securities Corp. and various Mortgagors;
(b) With respect to the Custodial Account for Reserves: (i)
[Servicer"s Name], as agent, trustee and/or bailee of taxes and insurance
custodial account for PNC Mortgage Securities Corp., its successors and
assigns for various mortgagors and/or various owners of interests in PNC
Mortgage Securities Corp. mortgage-backed pools or (ii) [Servicer"s Name]
in trust for PNC Mortgage Securities Corp. and various Mortgagors.
Section 3.03. THE INVESTMENT ACCOUNT; ELIGIBLE INVESTMENTS.
(a) Not later than the Withdrawal Date, the Master Servicer shall withdraw
or direct the withdrawal of funds in the Custodial Accounts for P&I, for deposit
in the Certificate Account or Investment Account at the Master Servicer"s
option, in an amount representing:
(i) Scheduled installments of principal and interest on the Mortgage
Loans received or advanced by the applicable Servicer which were due on the
Due Date prior to such Withdrawal Date, net of Servicing Fees due the
applicable Servicer and less any amounts to be withdrawn later by the
applicable Servicer from the applicable Buydown Fund Accounts;
(ii) Payoffs and the proceeds of other types of liquidations of
Mortgage Loans received by the applicable Servicer for such Mortgage Loans
during the applicable period, with interest to the date of Payoff or
liquidation less any amounts to be withdrawn later by the applicable
Servicer from the applicable Buydown Fund Accounts; and
(iii) Curtailments received by the applicable Servicer in the Prior
Period.
In addition, the Master Servicer may, at its option, withdraw or direct the
withdrawal, for deposit in the Investment Account, of any funds in the
Certificate Account to be distributed on the related Distribution Date.
At its option, the Master Servicer may invest funds withdrawn from the
Custodial Accounts for P&I, as well as any Buydown Funds, Insurance Proceeds and
Liquidation Proceeds previously received by the Master Servicer (including
amounts paid by the Company in respect of
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any Purchase Obligation or its substitution obligations set forth in Section
2.02 or Section 2.03 or in connection with the exercise of the option to
terminate this Agreement pursuant to Section 9.01) for its own account and at
its own risk, during any period prior to their deposit in the Certificate
Account. Such funds, as well as any funds which were withdrawn from the
Custodial Accounts for P&I on or before the Withdrawal Date, but not yet
deposited into the Certificate Account, shall immediately be deposited by the
Master Servicer with the Investment Depository in an Investment Account in the
name of the Master Servicer and the Trustee for investment only as set forth in
this Section 3.03. The Master Servicer shall bear any and all losses incurred on
any investments made with such funds and shall be entitled to retain all gains
realized on such investments as additional servicing compensation. Not later
than the Business Day prior to the Distribution Date, the Master Servicer shall
deposit such funds, net of any gains (except Payoff Earnings) earned thereon, in
the Certificate Account.
(b) Funds held in the Investment Account shall be invested in (i) one or
more Eligible Investments maturing not more than three months after the date of
issuance thereof and which shall in no event mature later than the Business Day
prior to the related Distribution Date (except if such Eligible Investments are
obligations of the Trustee, such Eligible Investments may mature on the
Distribution Date), or (ii) such other instruments as shall be required to
maintain the Ratings (determined in the case of the Insured Certificates,
without regard to the effect of the applicable Certificate Insurance Policy).
Section 3.04. THE CERTIFICATE ACCOUNT. Not later than the Business Day
prior to the related Distribution Date, the Master Servicer shall deposit the
amounts previously deposited into the Investment Account (which may include a
deposit of Eligible Investments) to which Certificateholders are entitled into
the Certificate Account. In addition, not later than the Business Day prior to
the Distribution Date, the Master Servicer shall deposit into the Certificate
Account any Monthly P&I Advances or other payments required to be made by the
Master Servicer pursuant to Section 4.03 of this Agreement and any Insurance
Proceeds or Liquidation Proceeds (including amounts paid by the Company in
respect of any Purchase Obligation or in connection with the exercise of its
option to terminate this Agreement pursuant to Section 9.01) not previously
deposited in the Custodial Accounts for P&I or the Investment Account. The
Trustee shall immediately deposit into the Certificate Account any Certificate
Insurance Policy Proceeds upon receipt thereof.
Section 3.05. PERMITTED WITHDRAWALS FROM THE CERTIFICATE ACCOUNT AND
CUSTODIAL ACCOUNTS FOR P&I AND OF BUYDOWN FUNDS FROM THE BUYDOWN FUND ACCOUNTS.
(a) The Master Servicer is authorized to make withdrawals, from time to
time, from the Certificate Account of amounts deposited therein in respect of
the Certificates, as follows:
(i) To reimburse itself or the applicable Servicer for Monthly P&I
Advances made pursuant to Section 4.03 or a Selling and Servicing Contract,
the Master Servicer"s right to reimburse itself or such Servicer pursuant
to this paragraph (i) being limited to amounts received on particular
Mortgage Loans (including, for this purpose, Insurance Proceeds and
Liquidation Proceeds) which represent late recoveries of principal and/or
interest respecting which any such Monthly P&I Advance was made;
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(ii) To reimburse itself or the applicable Servicer for amounts
expended by or for the account of the Master Servicer pursuant to Section
3.09 or amounts expended by such Servicer pursuant to the Selling and
Servicing Contracts in connection with the restoration of property damaged
by an Uninsured Cause or in connection with the liquidation of a Mortgage
Loan;
(iii) To pay to itself the Master Servicing Fee (net of Compensating
Interest reduced by Payoff Earnings and Payoff Interest) as to which no
prior withdrawals from funds deposited by the Master Servicer have been
made;
(iv) To reimburse itself or the applicable Servicer for advances which
the Master Servicer has determined to be Nonrecoverable Advances;
(v) To pay to itself reinvestment earnings deposited or earned in the
Certificate Account (net of reinvestment losses) to which it is entitled
and to reimburse itself for expenses incurred by and reimbursable to it
pursuant to Section 6.03;
(vi) To deposit amounts in the Investment Account representing amounts
in the Certificate Account not required to be on deposit therein at the
time of such withdrawal; and
after making or providing for the above withdrawals
(vii) To make payments to Certificateholders and the Certificate
Insurer on behalf of the Trustee in the amounts and in the manner provided
for in Section 4.01 and as otherwise required or permitted by this
Agreement;
(viii) To make payments to the Certificate Insurer in respect of the
Certificate Insurer"s subrogation of certain rights to payments due to the
Insured Certificateholders, as described in Section 3.16; and
(ix) To clear and terminate the Certificate Account pursuant to
Section 9.01.
Since, in connection with withdrawals pursuant to paragraphs (i) and (ii),
the Master Servicer"s entitlement thereto is limited to collections or other
recoveries on the related Mortgage Loan, the Master Servicer or the applicable
Servicer shall keep and maintain separate accounting for each Mortgage Loan, for
the purpose of justifying any such withdrawals.
(b) The Master Servicer (or the applicable Servicer, if such Servicer holds
and maintains a Buydown Fund Account) is authorized to make withdrawals, from
time to time, from the Buydown Fund Account or Custodial Account for P&I of the
following amounts of Buydown Funds:
(i) to deposit each month in the Investment Account the amount
necessary to supplement payments received on Buydown Loans;
(ii) in the event of a Payoff of any Mortgage Loan having a related
Buydown Fund, to apply amounts remaining in Buydown Fund Accounts to reduce
the required amount of
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such principal Payoff (or, if the Mortgagor has made a Payoff, to refund
such remaining Buydown Fund amounts to the Person entitled thereto);
(iii) in the event of foreclosure or liquidation of any Mortgage Loan
having a Buydown Fund, to deposit remaining Buydown Fund amounts in the
Investment Account as Liquidation Proceeds; and
(iv) to clear and terminate the portion of any account representing
Buydown Funds pursuant to Section 9.01.
Section 3.06. MAINTENANCE OF PRIMARY INSURANCE POLICIES; COLLECTIONS
THEREUNDER. The Master Servicer and the applicable Servicer shall use their best
reasonable efforts to keep in full force and effect each Primary Insurance
Policy required with respect to a Mortgage Loan, in the manner set forth in the
Servicing Guide (the "Servicing Guide") which is incorporated by reference into
each Selling and Servicing Contract, until no longer required. Notwithstanding
the foregoing, the Master Servicer shall have no obligation to maintain such
Primary Insurance Policy for a Mortgage Loan for which the outstanding Principal
Balance thereof at any time subsequent to origination was 80% or less of the
value of the related Mortgaged Property (as determined by the appraisal obtained
at the time of origination).
Unless required by applicable law, neither the Master Servicer nor any
Servicer shall cancel or refuse to renew any such Primary Insurance Policy in
effect at the date of the initial issuance of the Certificates that is required
to be kept in force hereunder; provided, however, that neither the Master
Servicer nor any Servicer shall advance funds for the payment of any premium due
under any Primary Insurance Policy if it shall determine that such an advance
would be a Nonrecoverable Advance.
Section 3.07. MAINTENANCE OF HAZARD INSURANCE. The Master Servicer shall
cause to be maintained for each Mortgage Loan fire insurance with extended
coverage in an amount which is not less than the original principal balance of
such Mortgage Loan, except in cases approved by the Master Servicer in which
such amount exceeds the value of the improvements to the Mortgaged Property. The
Master Servicer shall also require fire insurance with extended coverage in a
comparable amount on property acquired upon foreclosure, or deed in lieu of
foreclosure, of any Mortgage Loan. Any amounts collected under any such policies
(other than amounts to be applied to the restoration or repair of the related
Mortgaged Property) shall be deposited into the Custodial Account for P&I,
subject to withdrawal pursuant to the applicable Selling and Servicing Contract
and pursuant to Section 3.03 and Section 3.05. Any unreimbursed costs incurred
in maintaining any insurance described in this Section 3.07 shall be recoverable
as an advance by the Master Servicer from the Certificate Account. Such
insurance shall be with insurers approved by the Master Servicer and FNMA and
FHLMC. Other additional insurance may be required of a Mortgagor, in addition to
that required pursuant to such applicable laws and regulations as shall at any
time be in force and as shall require such additional insurance. Where any part
of any improvement to the Mortgaged Property is located in a federally
designated special flood hazard area and in a community which participates in
the National Flood Insurance Program at the time of origination of the related
Mortgage Loan, the Master Servicer shall cause flood insurance to be provided.
The hazard insurance coverage required by this Section 3.07 may be met with
blanket policies providing protection equivalent to individual policies
otherwise required. The Master Servicer or the applicable Servicer shall be
responsible for paying any deductible amount on any
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such blanket policy. The Master Servicer agrees to present, or cause to be
presented, on behalf of and for the benefit of the Trustee and
Certificateholders, claims under the hazard insurance policy respecting any
Mortgage Loan, and in this regard to take such reasonable actions as shall be
necessary to permit recovery under such policy.
Section 3.08. ENFORCEMENT OF DUE-ON-SALE CLAUSES; ASSUMPTION AGREEMENTS.
When any property subject to a Mortgage is about to be conveyed by the
Mortgagor, the Master Servicer shall, to the extent it has knowledge of such
prospective conveyance and prior to the time of the consummation of such
conveyance, exercise on behalf of the Trustee the Trustee"s rights to accelerate
the maturity of such Mortgage Loan, to the extent that such acceleration is
permitted by the terms of the related Mortgage Note, under any "due-on-sale"
clause applicable thereto; provided, however, that the Master Servicer shall not
exercise any such right if the due-on-sale clause, in the reasonable belief of
the Master Servicer, is not enforceable under applicable law or if such exercise
would result in non-coverage of any resulting loss that would otherwise be
covered under any insurance policy. In the event the Master Servicer is
prohibited from exercising such right, the Master Servicer is authorized to take
or enter into an assumption and modification agreement from or with the Person
to whom a Mortgaged Property has been or is about to be conveyed, pursuant to
which such Person becomes liable under the Mortgage Note and, unless prohibited
by applicable state law or unless the Mortgage Note contains a provision
allowing a qualified borrower to assume the Mortgage Note, the Mortgagor remains
liable thereon; provided that the Mortgage Loan shall continue to be covered (if
so covered before the Master Servicer enters such agreement) by any related
Primary Insurance Policy. The Master Servicer is also authorized to enter into a
substitution of liability agreement with such Person, pursuant to which the
original Mortgagor is released from liability and such Person is substituted as
Mortgagor and becomes liable under the Mortgage Note. The Master Servicer shall
notify the Trustee that any such substitution or assumption agreement has been
completed by forwarding to the Trustee the original copy of such substitution or
assumption agreement and other documents and instruments constituting a part
thereof. In connection with any such assumption or substitution agreement, the
terms of the related Mortgage Note shall not be changed. Any fee collected by
the applicable Servicer for entering into an assumption or substitution of
liability agreement shall be retained by such Servicer as additional servicing
compensation.
Notwithstanding the foregoing paragraph or any other provision of this
Agreement, the Master Servicer shall not be deemed to be in default, breach or
any other violation of its obligations hereunder by reason of any assumption of
a Mortgage Loan by operation of law or any assumption which the Master Servicer
may be restricted by law from preventing, for any reason whatsoever.
Section 3.09. REALIZATION UPON DEFAULTED MORTGAGE LOANS. The Master
Servicer shall foreclose upon or otherwise comparably convert, or cause to be
foreclosed upon or comparably converted, the ownership of any Mortgaged Property
securing a Mortgage Loan which comes into and continues in default and as to
which no satisfactory arrangements can be made for collection of delinquent
payments pursuant to Section 3.01. In lieu of such foreclosure, and taking into
consideration the desirability of maximizing net Liquidation Proceeds after
taking into account the effect of Insurance Proceeds upon Liquidation Proceeds,
the Master Servicer may, to the extent consistent with prudent mortgage loan
servicing practices, accept a payment of less than the outstanding Principal
Balance of a delinquent Mortgage Loan in full satisfaction of the indebtedness
evidenced by the related Mortgage Note and release the lien of the related
Mortgage upon receipt
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of such payment. The Master Servicer shall not foreclose upon or otherwise
comparably convert a Mortgaged Property if there is evidence of toxic waste,
other hazardous substances or other evidence of environmental contamination
thereon and the Master Servicer determines that it would be imprudent to do so.
In connection with such foreclosure or other conversion, the Master Servicer
shall cause to be followed such practices and procedures as it shall deem
necessary or advisable and as shall be normal and usual in general mortgage
servicing activities. The foregoing is subject to the provision that, in the
case of damage to a Mortgaged Property from an Uninsured Cause, the Master
Servicer shall not be required to advance its own funds towards the restoration
of the property unless it shall be determined in the sole judgment of the Master
Servicer, (i) that such restoration will increase the proceeds of liquidation of
the Mortgage Loan to Certificateholders after reimbursement to itself for such
expenses, and (ii) that such expenses will be recoverable to it through
Liquidation Proceeds. The Master Servicer shall be responsible for all other
costs and expenses incurred by it in any such proceedings; provided, however,
that it shall be entitled to reimbursement thereof (as well as its normal
servicing compensation) as an advance. The Master Servicer shall maintain
information required for tax reporting purposes regarding any Mortgaged Property
which is abandoned or which has been foreclosed. The Master Servicer shall
report such information to the Internal Revenue Service and the Mortgagor in the
manner required by applicable law.
The Trust Fund shall not acquire any real property (or personal property
incident to such real property) except in connection with a default or imminent
default of a Mortgage Loan. In the event that the Trust Fund acquires any real
property (or personal property incident to such real property) in connection
with a default or imminent default of a Mortgage Loan, such property shall be
disposed of by the Master Servicer within two years after its acquisition by the
Master Servicer for the Trust Fund, unless the Master Servicer provides to the
Trustee an Opinion of Counsel to the effect that the holding by the Trust Fund
of such Mortgaged Property subsequent to two years after its acquisition will
not result in the imposition of taxes on "prohibited transactions" of the Trust
Fund as defined in Section 860F of the Code or cause the Trust Fund to fail to
qualify as a REMIC at any time that any Certificates are outstanding. The Master
Servicer shall manage, conserve, protect and operate each such property for the
Certificateholders solely for the purpose of its prompt disposition and sale in
a manner which does not cause such property to fail to qualify as "foreclosure
property" within the meaning of Section 860G(a)(8) or result in the receipt by
the REMIC of any "income from non-permitted assets" within the meaning of
Section 860F(a)(2)(B) of the Code or any "net income from foreclosure property"
which is subject to taxation under the REMIC Provisions. Pursuant to its efforts
to sell such property, the Master Servicer shall either itself or through an
agent selected by the Master Servicer protect and conserve such property in the
same manner and to such extent as is customary in the locality where such
property is located and may, incident to its conservation and protection of the
interests of the Certificateholders, rent the same, or any part thereof, as the
Master Servicer deems to be in the best interest of the Master Servicer and the
Certificateholders for the period prior to the sale of such property.
Additionally, the Master Servicer shall perform the tax withholding and
reporting related to Sections 1445 and 6050J of the Code.
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Section 3.10. TRUSTEE TO COOPERATE; RELEASE OF MORTGAGE FILES. Upon the
Payoff or scheduled maturity of any Mortgage Loan, the Master Servicer shall
cause such final payment to be immediately deposited in the related Custodial
Account for P&I or the Investment Account. Upon notice thereof, the Master
Servicer shall promptly notify the Trustee by a certification (which
certification shall include a statement to the effect that all amounts received
in connection with such payment which are required to be deposited in either
such account have been so deposited) of a Servicing Officer and shall request
delivery to it of the Mortgage File. Upon receipt of such certification and
request, the Trustee shall, not later than the fifth succeeding Business Day,
release the related Mortgage File to the Master Servicer or the applicable
Servicer indicated in such request. With any such Payoff or other final payment,
the Master Servicer is authorized to prepare for and procure from the trustee or
mortgagee under the Mortgage which secured the Mortgage Note a deed of full
reconveyance or other form of satisfaction or assignment of Mortgage and
endorsement of Mortgage Note in connection with a refinancing covering the
Mortgaged Property, which satisfaction, endorsed Mortgage Note or assigning
document shall be delivered by the Master Servicer to the person or persons
entitled thereto. No expenses incurred in connection with such satisfaction or
assignment shall be payable to the Master Servicer by the Trustee or from the
Certificate Account, the Investment Account or the related Custodial Account for
P&I. From time to time as appropriate for the servicing or foreclosure of any
Mortgage Loan, including, for this purpose, collection under any Primary
Insurance Policy, the Trustee shall, upon request of the Master Servicer and
delivery to it of a trust receipt signed by a Servicing Officer, release not
later than the fifth Business Day following the date of receipt of such request
the related Mortgage File to the Master Servicer or the related Servicer as
indicated by the Master Servicer and shall execute such documents as shall be
necessary to the prosecution of any such proceedings. Such trust receipt shall
obligate the Master Servicer to return the Mortgage File to the Trustee when the
need therefor by the Master Servicer no longer exists, unless the Mortgage Loan
shall be liquidated, in which case, upon receipt of a certificate of a Servicing
Officer similar to that herein above specified, the trust receipt shall be
released by the Trustee to the Master Servicer.
Section 3.11. COMPENSATION TO THE MASTER SERVICER AND THE SERVICERS. As
compensation for its activities hereunder, the Master Servicer shall be entitled
to withdraw from the Certificate Account the amounts provided for by
Section 3.05(a)(iii). The Master Servicer shall be required to pay all expenses
incurred by it in connection with its activities hereunder, including the
Trustee"s fees and shall not be entitled to reimbursement therefor, except as
specifically provided herein.
As compensation for its activities under the applicable Selling and
Servicing Contract, the applicable Servicer shall be entitled to withhold or
withdraw from the Custodial Account for P&I the amounts provided for in such
Selling and Servicing Contract. Each Servicer is required to pay all expenses
incurred by it in connection with its servicing activities under its Selling and
Servicing Contract (including payment of premiums for Primary Insurance
Policies, if required) and shall not be entitled to reimbursement therefor
except as specifically provided in such Selling and Servicing Contract and not
inconsistent with this Agreement.
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Section 3.12. REPORTS TO THE TRUSTEE; CERTIFICATE ACCOUNT STATEMENT. Not
later than 15 days after each Distribution Date, the Master Servicer shall
forward to the Trustee a statement, certified by a Servicing Officer, setting
forth the status of the Certificate Account as of the close of business on such
Distribution Date and showing, for the period covered by such statement, the
aggregate of deposits into and withdrawals from the Certificate Account for each
category of deposit specified in Section 3.04 and each category of withdrawal
specified in Section 3.05, and stating that all distributions required by this
Agreement have been made (or if any required distribution has not been made,
specifying the nature and amount thereof). Such statement shall be provided to
any Certificateholder upon request or by the Trustee to any Certificateholder at
the expense of the Master Servicer and shall also, to the extent available,
include information regarding delinquencies on the Mortgage Loans, indicating
the number and aggregate Principal Balance of Mortgage Loans which are one, two,
three or more months delinquent, the number and aggregate Principal Balance of
Mortgage Loans with respect to which foreclosure proceedings have been initiated
and the book value of any Mortgaged Property acquired by the Trust Fund through
foreclosure, deed in lieu of foreclosure or other exercise of the Trust Fund"s
security interest in the Mortgaged Property.
Section 3.13. ANNUAL STATEMENT AS TO COMPLIANCE. The Master Servicer shall
deliver to the Trustee, on or before April 30 of each year, beginning with the
first April 30 succeeding the Cut-Off Date by at least six months, an Officer"s
Certificate stating as to the signer thereof, that (i) a review of the
activities of the Master Servicer during the preceding calendar year and
performance under this Agreement has been made under such officer"s supervision,
and (ii) to the best of such officer"s knowledge, based on such review, the
Master Servicer has fulfilled all its obligations under this Agreement
throughout such year, or, if there has been a default in the fulfillment of any
such obligation, specifying each such default known to such officer and the
nature and status thereof. Copies of such statement shall be provided by the
Master Servicer to Certificateholders upon request or by the Trustee (solely to
the extent that such copies are available to the Trustee) at the expense of the
Master Servicer, should the Master Servicer fail to so provide such copies.
Section 3.14. ACCESS TO CERTAIN DOCUMENTATION AND INFORMATION REGARDING
THE MORTGAGE LOANS. In the event that the Certificates are legal for investment
by federally-insured savings associations, the Master Servicer shall provide to
the OTS, the FDIC and the supervisory agents and examiners of the OTS and the
FDIC access to the documentation regarding the Mortgage Loans required by
applicable regulations of the OTS or the FDIC, as applicable, and shall in any
event provide such access to the documentation regarding the Mortgage Loans to
the Trustee and its representatives, such access being afforded without charge,
but only upon reasonable request and during normal business hours at the offices
of the Master Servicer designated by it.
Section 3.15. ANNUAL INDEPENDENT PUBLIC ACCOUNTANTS" SERVICING REPORT. On
or before April 30 of each year, beginning with the first April 30 succeeding
the Cut-Off Date by at least six months, the Master Servicer, at its expense,
shall cause a firm of independent public accountants to furnish a statement to
the Trustee to the effect that, in connection with the firm"s examination of the
Master Servicer"s financial statements as of the previous December 31, nothing
came to their attention that indicated that the Master Servicer was not in
compliance with Section 3.02, Section 3.03, Section 3.04, Section 3.05, Section
3.11, Section 3.12 and Section 3.13 of this Agreement, except for (i) such
exceptions as such firm believes to be immaterial, and (ii) such other
exceptions as are set forth in such statement.
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Section 3.16. MAINTENANCE OF THE CERTIFICATE INSURANCE POLICY; COLLECTIONS
THEREUNDER.
(a) Simultaneously with the issuance of the Certificates, the Master
Servicer shall cause to be issued a separate Certificate Insurance Policy in
respect of each Class of Insured Certificates in favor of the Trustee for the
benefit of the related Class of Insured Certificateholders, in substantially the
form attached hereto as Exhibit H. The Master Servicer agrees to exercise its
best reasonable efforts to maintain and keep each Certificate Insurance Policy
in full force and effect throughout the term of this Agreement as set forth in
the definition of "Certificate Insurance Policy" in Article I of this Agreement.
The FSA Premium on the Certificate Insurance Policies will be paid monthly in
accordance with Section 4.01.
In connection with its obligations under this Section 3.16, the Trustee
shall monitor the amount deposited in the Certificate Account prior to each
Distribution Date. If, on the second Business Day before any Distribution Date,
the Trustee determines, based on the statement delivered by the Master Servicer
pursuant to Section 4.03(c) hereof, that a Shortfall exists or is expected to
exist for such Distribution Date with respect to any Class of Insured
Certificates, the Trustee shall determine the amount of any such Shortfall and
shall give notice to the Certificate Insurer and the appropriate Fiscal Agent
(as defined in the related Certificate Insurance Policy), if any, by telephone
or telecopy of the amount of such Shortfall, confirmed in writing by the Notice
of Claim by 12:00 noon, New York city time on such second Business Day. The
Trustee"s responsibility for delivering the notice to the Certificate Insurer as
provided in the preceding sentence is limited to the availability, timeliness
and accuracy of the information provided by the Master Servicer. The Master
Servicer shall prepare the related claims and notices under the applicable
Certificate Insurance Policy on behalf of the Trustee and Certificateholders,
provided that the Trustee shall submit such claims and notice to the Certificate
Insurer in accordance with the terms of the applicable Certificate Insurance
Policy.
(b) In the event the Trustee receives a certified copy of an order of the
appropriate court that any distribution made to an Insured Certificateholder has
been voided in whole or in part as a preference payment under applicable
bankruptcy law, the Trustee shall (i) promptly notify the Certificate Insurer
and the Fiscal Agent, if any, and (ii) comply with the provisions of the
applicable Certificate Insurance Policy to obtain payment by the Certificate
Insurer of such voided distribution. In addition, the Trustee shall mail notice
to all Holders of the Insured Certificates so affected that, in the event that
any such Holder"s distribution is so recovered, such Holder will be entitled to
payment pursuant to the terms of the applicable Certificate Insurance Policy, a
copy of which shall be made available to such Holders by the Trustee. The
Trustee shall furnish to the Certificate Insurer and the appropriate Fiscal
Agent, if any, its records and the records of any Person who made such
distributions on its behalf, listing the payments on the affected Insured
Certificates, if any, that have been made by or on behalf of the Trustee and
subsequently recovered from the affected Holders, and the dates on which such
payments were made by or on behalf of the Trustee. Any payment made under a
Certificate Insurance Policy in respect of a preference claim shall be disbursed
to the receiver, conservator, debtor-in-possession or trustee in bankruptcy
named in the order and not to the Trustee, Master Servicer or any Insured
Certificateholder directly (unless an Insured Certificateholder has previously
paid such amount to the receiver, conservator, debtor-in-possession or trustee
in bankruptcy named in the order, in which case such payment shall be disbursed
to the Trustee for distribution to such Insured Certificateholder upon proof of
such payment reasonably satisfactory to the Certificate Insurer).
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(c) The Trustee shall receive, as attorney-in-fact of each Holder of an
Insured Certificate, any Certificate Insurance Policy Proceeds from the
Certificate Insurer with respect to the related Certificate Insurance Policy,
and shall hold such amounts in trust in accordance with this Section 3.16. The
Trustee shall deposit any such Certificate Insurance Policy Proceeds into the
Certificate Account, and distribute such Certificate Insurance Policy Proceeds
only for the purposes of making the payments to the related Class of Insured
Certificates, in respect of Shortfalls (or other amounts payable on the Insured
Certificates by the Certificate Insurer pursuant to the related Certificate
Insurance Policy) for which the related claim was made under the applicable
Certificate Insurance Policy. Such Certificate Insurance Policy Proceeds shall
be allocated by the Trustee to the Insured Certificates affected by such
Shortfall in the same manner as principal and interest payments are to be
allocated with respect to such Certificates pursuant to Section 4.01(a)(i). Any
payments made on the Insured Certificates from Certificate Insurance Policy
Proceeds in the Certificate Account shall be noted as provided in subsection (e)
below.
(d) Any funds received from the Certificate Insurer for deposit into the
Certificate Account pursuant to a Certificate Insurance Policy in respect of a
Distribution Date or otherwise as a result of any claim under such Certificate
Insurance Policy shall be applied by the Trustee directly to the payment in full
(i) of the Guaranteed Distributions due on such Distribution Date on the
applicable Class of Insured Certificates, or (ii) of other amounts payable under
such Certificate Insurance Policy. Funds received by the Trustee as a result of
any claim under a Certificate Insurance Policy shall be used solely for payment
to the Holders of the respective Class of Insured Certificates, and may not be
applied for any other purpose, including, without limitation, satisfaction of
any costs, expenses or liabilities of the Trustee, the Master Servicer or the
Trust Fund.
(e) The Trustee shall keep complete and accurate records in respect of
(i) all funds remitted to it by the Certificate Insurer and deposited into the
Certificate Account and (ii) the distribution of such funds to (A) payments of
interest on and principal in respect of any Insured Certificates, (B) Realized
Losses allocated to the Insured Certificates and (C) Uncompensated Interest
Shortfall allocated to the Insured Certificates. The Certificate Insurer shall
have the right to inspect such records at reasonable times during normal
business hours upon three Business Days" prior notice to the Trustee.
(f) The Trustee acknowledges, and each Holder of an Insured Certificate by
its acceptance of an Insured Certificate agrees, that, without the need for any
further action on the part of the Certificate Insurer or the Trustee, to the
extent the Certificate Insurer makes payments, directly or indirectly, on
account of principal of or interest on any Insured Certificates, the Certificate
Insurer will be fully subrogated to the rights of the Holders of such Insured
Certificates to receive such principal and interest from the Trust Fund. The
Insured Certificateholders, by acceptance of the Insured Certificates, assign
their rights as Holders of the Insured Certificates to the extent of the
Certificate Insurer"s interest with respect to amounts paid under the applicable
Certificate Insurance Policy, including, without limitation, any amounts due to
the Insured Certificateholder in respect of (i) securities law violations
arising from the offer and sale of the Trust Fund and (ii) any breach by the
Master Servicer or the Trustee of this Agreement in regard to the establishment
or maintenance of the Reserve Fund. Anything herein to the contrary
notwithstanding, solely for purposes of determining the Certificate Insurer"s
rights, as subrogee for payments distributable pursuant to Section 4.01(a) to
the Insured Certificates, any payment with respect to distributions to the
Insured Certificates which is made with funds received pursuant to the terms of
a Certificate Insurance Policy shall not be considered payment of the Insured
Certificates from the Trust Fund.
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(g) Upon its becoming aware of the occurrence of an Event of Default, the
Trustee shall promptly notify the Certificate Insurer of such Event of Default.
(h) The Trustee shall promptly notify the Certificate Insurer of either of
the following as to which it has actual knowledge: (A) the commencement of any
proceeding by or against the Company commenced under the United States
bankruptcy code or any other applicable bankruptcy, insolvency, receivership,
rehabilitation or similar law (an "Insolvency Proceeding") and (B) the making of
any claim in connection with any Insolvency Proceeding seeking the avoidance as
a preferential transfer (a "Preference Claim") of any distribution made with
respect to the Insured Certificates. Each Holder of an Insured Certificate, by
its purchase of Insured Certificates, and the Trustee hereby agrees that the
Certificate Insurer (so long as no Certificate Insurer Default exists) may at
any time during the continuation of any proceeding relating to a Preference
Claim direct all matters relating to such Preference Claim, including, without
limitation, (i) the direction of any appeal of any order relating to any
Preference Claim and (ii) the posting of any surety, supersedeas or performance
bond pending any such appeal. In addition and without limitation of the
foregoing, the Certificate Insurer shall be subrogated to the rights of the
Trustee and each Holder of an Insured Certificate in the conduct of any
Preference Claim, including, without limitation, all rights of any party to an
adversary proceeding action with respect to any court order issued in connection
with any such Preference Claim.
(i) The Master Servicer shall designate a contact person (the "Master
Servicer Contact Person") who shall be available to the Certificate Insurer to
provide reasonable access to information regarding the Mortgage Loans. The
initial Master Servicer Contact Person is Ritchie Moore, Assistant Vice
President of Master Servicing.
(j) The Trustee shall surrender each Certificate Insurance Policy to the
Certificate Insurer for cancellation upon the expiration of the term of each
such Certificate Insurance Policy as provided therein.
(k) So long as a Certificate Insurance Policy is in effect, the Trustee,
or the Master Servicer on behalf of the Trustee, shall send to the Certificate
Insurer and the Fiscal Agent, if any, the statements prepared pursuant to
Sections 3.12, 3.13, 3.15, 4.01(c), 4.02, 4.03(c), 7.01, 7.03, 8.01, 8.07, 8.08,
9.01(b) and 10.01, as well as any other statements or communications sent to
Holders of the Insured Certificates or sent by the Master Servicer to the
Trustee, in each case at the same time such reports, statements and
communications are otherwise sent.
(l) For so long as no Certificate Insurer Default exists, the Certificate
Insurer shall be deemed to be the sole Holder of all outstanding Insured
Certificates with respect to any rights hereunder (other than the right to
receive distributions on such Certificates, except as provided in this Section
3.16); provided, however, that such rights may not be used to (i) reduce in any
manner the amount of, or delay the timing of, distributions of principal or
interest required to be made hereunder or reduce any Insured Certificateholder"s
Undivided Interest, the Remittance Rate or the Termination Payment with respect
to any of the Insured Certificates, (ii) reduce the percentage of Undivided
Interests specified in Section 10.01 which are required to amend this Agreement,
(iii) create or permit the creation of any lien against any part of the Trust
Fund, (iv) modify any provision hereof in any way which would permit an earlier
retirement of the Certificates, or (v) amend the definition of
"Certificateholder or Holder" or this paragraph.
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(m) The Trustee shall be entitled to enforce on behalf of the
Certificateholders the obligations of the Certificate Insurer under each
Certificate Insurance Policy.
If any notice or certificate given under a Certificate Insurance Policy by
the Trustee is not in proper form or is not to have been Received, the
Certificate Insurer or its Fiscal Agent, if any, shall promptly so advise the
Trustee and the Trustee may submit an amended notice. With respect to this
Section 3.16, (i) the term "Received" shall mean actual delivery to the
Certificate Insurer and the Certificate Insurer"s Fiscal Agent, if any, prior to
12:00 noon, New York City time, on a Business Day; delivery either on a day that
is not a Business Day or after 12:00 noon, New York City time, shall be deemed
to be Received on the next succeeding Business Day and (ii) the term "Business
Day" shall mean any day other than (A) a Saturday or Sunday or (B) a day on
which banking institutions in the City of New York, New York are authorized or
obligated by law or executive order to be closed.
Section 3.17. MAINTENANCE OF THE RESERVE FUND; COLLECTIONS THEREUNDER. On
or prior to the Closing Date, the Master Servicer shall cause to be established
and maintained the Reserve Fund in the Reserve Fund Initial Amount to provide
coverage to the Insured Certificates for Uncompensated Interest Shortfall
allocable to such Certificates. With respect to any Distribution Date where the
Master Servicer determines that an Uncompensated Interest Shortfall exists, the
Master Servicer shall determine the amount of the Uncompensated Interest
Shortfall allocable to the Insured Certificates on such Distribution Date and
shall notify the Trustee by the related Withdrawal Date of such amount. In
accordance with Section 4.03(b), the Trustee shall then withdraw from the
Reserve Fund, to the extent funds are available therein, any amounts needed to
cover such amount of Uncompensated Interest Shortfall allocable to the Insured
Certificates. Withdrawals from the Reserve Account made pursuant to this Section
3.17 for such Distribution Date shall be distributed pursuant to Section 4.01 to
the Insured Certificates as interest thereon pro rata according to the amount of
Uncompensated Interest Shortfall otherwise allocable to each such Class of
Insured Certificates. Upon depletion of the Reserve Fund, an amount equal to the
Uncompensated Interest Shortfall allocable to the Insured Certificates, or any
portions thereof not covered by the Reserve Fund ("Uncovered Shortfall"), will
be paid from Certificate Insurance Policy Proceeds to the related Insured
Certificates on the related Distribution Date. Any amounts of Uncovered
Shortfall allocable to a Class of Insured Certificates not paid by the
Certificate Insurer due to a default of the Certificate Insurer under the
Certificate Insurance Policy of such Class will be passed through to the
Certificateholders of such Class.
Any amounts withdrawn by the Trustee from the Reserve Fund shall be
deposited in the Certificate Account for distribution to the Insured
Certificateholders as described in the immediately preceding paragraph.
Upon termination of the Trust Fund, the Master Servicer shall promptly
remit to the Underwriter any amounts at the time remaining in the Reserve Fund.
Amounts on deposit in the Reserve Fund shall not be invested.
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The Reserve Fund established hereunder, to the extent that it constitutes a
"reserve fund" for purposes of the REMIC Provisions, shall be an "outside
reserve fund" as defined in Treasury Regulation 1.860G-2(h), and in that regard
(i) such fund shall be an outside reserve fund and not an asset of the REMIC,
(ii) such fund shall be owned for federal tax purposes by the Underwriter and
the Underwriter shall report all amounts of income, deduction, gain or loss
accruing therefrom, and (iii) amounts transferred by the REMIC to the Reserve
Fund shall be treated as distributed by the REMIC to the Underwriter.
Section 3.18. [RESERVED.]
Section 3.19. [RESERVED.]
Section 3.20. [RESERVED.]
Section 3.21. ASSUMPTION OR TERMINATION OF SELLING AND SERVICING CONTRACTS
BY TRUSTEE. In the event the Company or any successor Master Servicer shall for
any reason no longer be the Master Servicer (including by reason of an Event of
Default), the Trustee as trustee hereunder or its designee shall thereupon
assume all of the rights and obligations of the Master Servicer under the
Selling and Servicing Contracts with respect to the Mortgage Loans in the
Mortgage Pool unless the Trustee elects to terminate the Selling and Servicing
Contracts with respect to the Mortgage Loans in the Mortgage Pool in accordance
with the terms thereof. The Trustee, its designee or the successor servicer for
the Trustee shall be deemed to have assumed all of the Master Servicer"s
interest therein with respect to the Mortgage Loans and to have replaced the
Master Servicer as a party to the Selling and Servicing Contracts to the same
extent as if the rights and duties under the Selling and Servicing Contracts
relating to the Mortgage Loans had been assigned to the assuming party, except
that the Master Servicer shall not thereby be relieved of any liability or
obligations under the Selling and Servicing Contracts with respect to the Master
Servicer"s duties to be performed prior to its termination hereunder.
The Master Servicer at its expense shall, upon request of the Trustee,
deliver to the assuming party all documents and records relating to the Selling
and Servicing Contracts and the Mortgage Loans then being serviced and an
accounting of amounts collected and held by it and otherwise use its best
efforts to effect the orderly and efficient transfer of the rights and duties
under the Selling and Servicing Contracts relating to the Mortgage Loans to the
assuming party.
ARTICLE IV
PAYMENTS TO CERTIFICATEHOLDERS; PAYMENT OF EXPENSES
Section 4.01. DISTRIBUTIONS TO CERTIFICATEHOLDERS.
(a) On each Distribution Date, the Trustee (or any duly appointed Paying
Agent) shall (i) withdraw from the Certificate Account the Available
Distribution Amount for such Distribution Date and shall, from the amount so
withdrawn, distribute the Certificate Distribution Amount and make payments to
the Certificate Insurer (as described in Section 3.16) in respect of the
Certificate Insurer"s subrogation of certain rights to payments due to the
Insured Certificateholders, (ii) distribute Excess Liquidation Proceeds to the
Class R Certificateholders, (iii) withdraw from the Reserve Account the amounts
specified in Section 3.17 and distribute the amounts so withdrawn to the Insured
Certificates in accordance with such Section 3.17 and (iv) withdraw Certificate
Insurance Policy Proceeds related to each Certificate Insurance Policy from the
Certificate Account and distribute such amounts to the applicable Classes of
Insured Certificates in accordance with Section 3.16, all (except payment to the
Certificate Insurer) in accordance with written statements received from the
Master Servicer pursuant to Section 4.03(c), by wire transfer in immediately
available funds for the account of each Certificateholder, or by any other means
of payment acceptable to each Certificateholder of record on the immediately
preceding Record Date (other than as provided in Section 9.01 respecting the
final distribution), as specified by each such Certificateholder and at the
address of such Holder appearing in the Certificate Register and, with respect
to payments to the Certificate Insurer, by means of payment acceptable to the
Certificate Insurer.
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(b) All reductions in the Certificate Principal Balance of a Certificate
effected by distributions of principal or allocations of Realized Losses with
respect to Mortgage Loans made on any Distribution Date shall be binding upon
all Holders of such Certificate and of any Certificate issued upon the
registration of transfer or exchange therefor or in lieu thereof, whether or not
such distribution is noted on such Certificate. The final distribution of
principal of each Certificate (and the final distribution with respect to the
Class R Certificates upon termination of the Fund) shall be payable in the
manner provided above only upon presentation and surrender thereof on or after
the Distribution Date therefor at the office or agency of the Certificate
Registrar specified in the notice delivered pursuant to Section 4.01(c)(ii) or
Section 9.01(b).
(c) Whenever, on the basis of Curtailments, Payoffs and Monthly Payments on
the Mortgage Loans and Insurance Proceeds, Certificate Insurance Policy Proceeds
and Liquidation Proceeds received and expected to be received during the
previous calendar month, the Master Servicer has notified the Trustee that it
believes that the entire remaining unpaid Class Principal Balance of any Class
of Certificates will become distributable on the next Distribution Date, the
Trustee shall, as soon as practicable after the Trustee receives such notice
from the Master Servicer, mail or cause to be mailed to each Person in whose
name a Certificate to be so retired is registered at the close of business on
the Record Date and to the Rating Agency a notice to the effect that:
(i) it is expected that funds sufficient to make such final
distribution will be available in the Certificate Account on such
Distribution Date, and
(ii) if such funds are available, (A) such final distribution
will be payable on such Distribution Date, but only upon presentation
and surrender of such Certificate at the office or agency of the
Certificate Registrar maintained for such purpose (the address of
which shall be set forth in such notice), and (B) no interest shall
accrue on such Certificate after such Distribution Date.
Section 4.02. STATEMENTS TO CERTIFICATEHOLDERS. With each distribution
from the Certificate Account on a Distribution Date, the Master Servicer shall
prepare and forward to the Trustee (and to the Company if the Company is no
longer acting as Master Servicer), and the Trustee shall forward to each
Certificateholder a statement setting forth, to the extent applicable, the
amount of such distribution that represents principal, if any, and the amount
that represents interest, and such
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Certificateholder's current Certificate Principal Balance, if any, after giving
effect to the distribution of principal made on such Distribution Date.
Upon request by any Certificateholder or the Trustee, the Master Servicer
shall forward to such Certificateholder, the Trustee, and the Company (if the
Company is no longer acting as Master Servicer), an additional report which sets
forth with respect to the Mortgage Loans:
(a) The number and aggregate Principal Balance of the Mortgage
Loans delinquent one, two and three months or more;
(b) The (i) number and aggregate Principal Balance of Mortgage
Loans with respect to which foreclosure proceedings have been
initiated, and (ii) number and aggregate book value of Mortgaged
Properties acquired through foreclosure, deed in lieu of foreclosure
or other exercise of rights respecting the Trustee"s security interest
in the Mortgage Loans;
(c) The amount of Special Hazard Coverage available to the Senior
Certificates remaining as of the close of business on the applicable
Determination Date;
(d) The amount of Bankruptcy Coverage available to the Senior
Certificates remaining as of the close of business on the applicable
Determination Date;
(e) The amount of Fraud Coverage available to the Senior
Certificates remaining as of the close of business on the applicable
Determination Date;
(f) The amount of coverage available to the Insured Certificates under
the Reserve Fund as of the close of business on the applicable
Determination Date; and
(g) the sum of the Master Servicing Fee and the aggregate Servicing
Fees for the related month.
Upon request by any Certificateholder, the Master Servicer, as soon as
reasonably practicable, shall provide the requesting Certificateholder with such
information as is necessary and appropriate, in the Master Servicer"s sole
discretion, for purposes of satisfying applicable reporting requirements under
Rule 144A of the Securities Act.
Section 4.03. ADVANCES BY THE MASTER SERVICER; DISTRIBUTION REPORTS TO THE
TRUSTEE.
(a) To the extent described below, the Master Servicer is obligated to
advance its own funds to the Certificate Account to cover any shortfall between
(i) payments scheduled to be received in respect of the Mortgage Loans, and
(ii) the amounts actually deposited in the Certificate Account on account of
such payments. The Master Servicer"s obligation to make any advance or advances
described in this Section 4.03 is effective only to the extent that such advance
is, in the good faith judgment of the Master Servicer made on or before the
Business Day immediately following the Withdrawal Date, reimbursable from
Insurance Proceeds or Liquidation Proceeds of the related Mortgage Loans or
recoverable as late Monthly Payments with respect to the related Mortgage Loans
or otherwise.
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Prior to the close of business on the Business Day immediately following
each Withdrawal Date, the Master Servicer shall determine whether or not it will
make a Monthly P&I Advance on the next succeeding Distribution Date (in the
event that the applicable Servicer fails to make such advances) and shall
furnish a statement to the Trustee, the Paying Agent, if any, and to any
Certificateholder requesting the same, setting forth the aggregate amount to be
distributed on the next succeeding Distribution Date on account of principal and
interest, stated separately. In the event that full scheduled amounts of
principal and interest shall not have been received by or on behalf of the
Master Servicer prior to such Determination Date and the Master Servicer shall
have determined that a Monthly P&I Advance shall be made in accordance with this
Section 4.03, the Master Servicer shall so specify and shall specify the
aggregate amount of such advance.
In the event that the Master Servicer shall be required to make a Monthly
P&I Advance, it shall on the Business Day prior to the related Distribution Date
either (i) deposit in the Certificate Account an amount equal to such Monthly
P&I Advance, (ii) make an appropriate entry in the records of the Certificate
Account that funds in such account being held for future distribution or
withdrawal have been, as permitted by this Section 4.03, used by the Master
Servicer to make such Monthly P&I Advance, or (iii) make advances in the form of
any combination of (i) and (ii) aggregating the amount of such Monthly P&I
Advance. Any funds being held for future distribution to Certificateholders and
so used shall be replaced by the Master Servicer by deposit in the Certificate
Account on the Business Day immediately preceding any future Distribution Date
to the extent that funds in the Certificate Account on such Distribution Date
shall be less than payments to Certificateholders required to be made on such
date. Under each Selling and Servicing Contract, the Master Servicer is
authorized to withdraw on a daily basis from the Custodial Accounts for P&I
amounts received by the applicable Servicer on particular Mortgage Loans as late
payments of principal and interest or as Liquidation or Insurance Proceeds and
respecting which the Master Servicer has made an unreimbursed advance of
principal and interest. The Master Servicer is also authorized to withdraw other
amounts on a daily basis from the Custodial Accounts for P&I to reimburse itself
for prior Nonrecoverable Advances respecting Mortgage Loans serviced by the
applicable Servicer. The Master Servicer shall deposit these amounts in the
Certificate Account prior to withdrawal pursuant to Section 3.05.
In accordance with Section 3.05, Monthly P&I Advances are reimbursable to
the Master Servicer from cash in the Certificate Account to the extent that the
Master Servicer shall determine that any such advances previously made are
Nonrecoverable Advances pursuant to Section 4.04.
(b) If, for any Determination Date, the Master Servicer determines that
there will be an Uncompensated Interest Shortfall, upon notice from the Master
Servicer to the Trustee on the applicable Withdrawal Date, the Trustee shall
make, or cause to be made, as applicable, a Withdrawal from the Reserve Account
and deposit in the Certificate Account the amount of such Uncompensated Interest
Shortfall allocable to the Insured Certificates, to the extent of the amounts
remaining in the Reserve Account after applicable Withdrawals.
(c) At least three Business Days prior to each Distribution Date, the
Master Servicer shall provide the Trustee with a statement regarding the amount
of the Shortfall, if any, to be paid by the Certificate Insurer and the amount
of principal and interest, the Residual Distribution Amount and the Excess
Liquidation Proceeds to be distributed to each Class of Certificates on such
Distribution Date (such amounts to be determined in accordance with the
definition of "Certificate Distribution Amount" and other related definitions
set forth in Article I hereof).
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Section 4.04. NONRECOVERABLE ADVANCES. Any advance previously made by the
applicable Servicer pursuant to its Selling and Servicing Contract or by the
Master Servicer that the Master Servicer shall determine in its good faith
judgment not to be ultimately recoverable from Insurance Proceeds or Liquidation
Proceeds or otherwise of related Mortgage Loans or recoverable as late Monthly
Payments with respect to related Mortgage Loans shall be a Nonrecoverable
Advance. The determination by the Master Servicer that it or the applicable
Servicer has made a Nonrecoverable Advance or that any advance would constitute
a Nonrecoverable Advance, shall be evidenced by an Officer"s Certificate of the
Master Servicer delivered to the Trustee on the Determination Date and detailing
the reasons for such determination. Notwithstanding any other provision of this
Agreement, any Certificate Insurance Policy, any insurance policy relating to
the Mortgage Loans, or any other agreement relating to the Mortgage Loans to
which the Company or the Master Servicer is a party, (a) the Company, the Master
Servicer, and each Servicer shall not be obligated to, and shall not, make any
advance that, after reasonable inquiry and in its sole discretion, the Company,
the Master Servicer, or such Servicer shall determine would be a Nonrecoverable
Advance, and (b) the Company, the Master Servicer, and each Servicer shall be
entitled to reimbursement for any advance as provided in Section 3.05(a)(i),
(ii) and (iv) of this Agreement.
ARTICLE V
THE CERTIFICATES
Section 5.01. THE CERTIFICATES.
(a) The Regular Interest Certificates and the Residual Certificates shall
be substantially in the forms set forth in Exhibits A and B attached hereto, and
shall be executed and delivered by the Company to the Trustee (or any duly
appointed Authenticating Agent) for authentication and redelivery to or upon the
order of the Company upon receipt by the Trustee of the documents specified in
Section 2.01. The Certificates shall be issuable in Authorized Denominations
evidencing Undivided Interests. Certificates shall be executed by manual or
facsimile signature on behalf of the Company by its Chairman of the Board, its
President or one of its Vice Presidents and attested by the manual or facsimile
signature of its Secretary or one of its Assistant Secretaries. Certificates
bearing the manual or facsimile signatures of individuals who were at the time
of execution the proper officers of the Company shall bind the Company,
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 there appears on such Certificate a certificate of authentication
substantially in the form provided for herein executed by the Trustee or any
Authenticating Agent by manual signature, and such certificate upon any
Certificate shall be conclusive evidence, and the only evidence, that such
Certificate has been duly authenticated and delivered hereunder. All
Certificates shall be dated the date of their authentication.
(b) The following definitions apply for purposes of this Section 5.01:
"Disqualified Organization" means any Person which is not a Permitted
Transferee, but does not include any "Pass-Through Entity" which owns or holds a
Residual Certificate and of which a Disqualified Organization, directly or
indirectly, may be a stockholder, partner or beneficiary; "Pass-Through
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Entity" means any regulated investment company, real estate investment trust,
common trust fund, partnership, trust or estate, and any organization to which
Section 1381 of the Code applies; "Ownership Interest" means, with respect to
any Residual Certificate, any ownership or security interest in such Residual
Certificate, including any interest in a Residual Certificate as the Holder
thereof and any other interest therein whether direct or indirect, legal or
beneficial, as owner or as pledgee; "Transfer" means any direct or indirect
transfer or sale of, or directly or indirectly transferring or selling any
Ownership Interest in a Residual Certificate; and "Transferee" means any Person
who is acquiring by Transfer any Ownership Interest in a Residual Certificate.
(c) Restrictions on Transfers of the Residual Certificates to Disqualified
Organizations are set forth in this Section 5.01(c).
(i) Each Person who has or who acquires any Ownership Interest in a
Residual Certificate shall be deemed by the acceptance or acquisition of
such Ownership Interest to have agreed to be bound by the following
provisions and to have irrevocably authorized the Trustee or its designee
under clause (iii)(A) below to deliver payments to a Person other than such
Person and to negotiate the terms of any mandatory sale under clause
(iii)(B) below and to execute all instruments of transfer and to do all
other things necessary in connection with any such sale. The rights of each
Person acquiring any Ownership Interest in a Residual Certificate are
expressly subject to the following provisions:
(A) Each Person holding or acquiring any Ownership Interest in a
Residual Certificate shall be a Permitted Transferee and shall promptly
notify the Trustee of any change or impending change in its status as a
Permitted Transferee.
(B) In connection with any proposed Transfer of any Ownership Interest
in a Residual Certificate to a U.S. Person, the Trustee shall require
delivery to it, and shall not register the Transfer of any Residual
Certificate until its receipt of (1) an affidavit and agreement (a
"Transferee Affidavit and Agreement") attached hereto as Exhibit J from the
proposed Transferee, in form and substance satisfactory to the Company,
representing and warranting, among other things, that it is not a Non-U.S.
Person, that such transferee is a Permitted Transferee, that it is not
acquiring its Ownership Interest in the Residual Certificate that is the
subject of the proposed Transfer as a nominee, trustee or agent for any
Person who is not a Permitted Transferee, that for so long as it retains
its Ownership Interest in a Residual Certificate, it will endeavor to
remain a Permitted Transferee, and that it has reviewed the provisions of
this Section 5.01(c) and agrees to be bound by them, and (2) a certificate,
attached hereto as Exhibit I, from the Holder wishing to transfer the
Residual Certificate, in form and substance satisfactory to the Company,
representing and warranting, among other things, that no purpose of the
proposed Transfer is to allow such Holder to impede the assessment or
collection of tax.
(C) Notwithstanding the delivery of a Transferee Affidavit and
Agreement by a proposed Transferee under clause (B) above, if the Trustee
has actual knowledge that the proposed Transferee is not a Permitted
Transferee, no Transfer of an Ownership Interest in a Residual Certificate
to such proposed Transferee shall be effected.
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(D) Each Person holding or acquiring any Ownership Interest in a
Residual Certificate agrees by holding or acquiring such Ownership Interest
(i) to require a Transferee Affidavit and Agreement from any other Person
to whom such Person attempts to transfer its Ownership Interest and to
provide a certificate to the Trustee in the form attached hereto as
Exhibit J; (ii) to obtain the express written consent of the Company prior
to any transfer of such Ownership Interest, which consent may be withheld
in the Company"s sole discretion; and (iii) to provide a certificate to the
Trustee in the form attached hereto as Exhibit I.
(ii) The Trustee shall register the Transfer of any Residual
Certificate only if it shall have received the Transferee Affidavit and
Agreement, a certificate of the Holder requesting such transfer in the form
attached hereto as Exhibit J and all of such other documents as shall have
been reasonably required by the Trustee as a condition to such
registration.
(iii) (A) If any "disqualified organization" (as defined in
Section 860E(e)(5) of the Code) shall become a holder of a Residual
Certificate, then the last preceding Permitted Transferee shall be
restored, to the extent permitted by law, to all rights and obligations as
Holder thereof retroactive to the date of registration of such Transfer of
such Residual Certificate. If any Non-U.S. Person shall become a holder of
a Residual Certificate, then the last preceding holder which is a U.S.
Person shall be restored, to the extent permitted by law, to all rights and
obligations as Holder thereof retroactive to the date of registration of
the Transfer to such Non-U.S. Person of such Residual Certificate. If a
transfer of a Residual Certificate is disregarded pursuant to the
provisions of Treasury Regulations Section 1.860E-1 or Section 1.860G-3,
then the last preceding Permitted Transferee shall be restored, to the
extent permitted by law, to all rights and obligations as Holder thereof
retroactive to the date of registration of such Transfer of such Residual
Certificate. The Trustee shall be under no liability to any Person for any
registration of Transfer of a Residual Certificate that is in fact not
permitted by this Section 5.01(c) or for making any payments due on such
Certificate to the holder thereof or for taking any other action with
respect to such holder under the provisions of this Agreement.
(B) If any purported Transferee shall become a Holder of a Residual
Certificate in violation of the restrictions in this Section 5.01(c) and to
the extent that the retroactive restoration of the rights of the Holder of
such Residual Certificate as described in clause (iii)(A) above shall be
invalid, illegal or unenforceable, then the Company shall have the right,
without notice to the Holder or any prior Holder of such Residual
Certificate, to sell such Residual Certificate to a purchaser selected by
the Company on such terms as the Company may choose. Such purported
Transferee shall promptly endorse and deliver each Residual Certificate in
accordance with the instructions of the Company. Such purchaser may be the
Company itself or any affiliate of the Company. The proceeds of such sale,
net of the commissions (which may include commissions payable to the
Company or its affiliates), expenses and taxes due, if any, shall be
remitted by the Company to such purported Transferee. The terms and
conditions of any sale under this clause (iii)(B) shall be determined in
the sole discretion of the Company, and the Company shall not be liable to
any Person having an Ownership Interest in a Residual Certificate as a
result of its exercise of such discretion.
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(iv) The Company, on behalf of the Trustee, shall make available, upon
written request from the Trustee, all information necessary to compute any
tax imposed (A) as a result of the Transfer of an Ownership Interest in a
Residual Certificate to any Person who is not a Permitted Transferee,
including the information regarding "excess inclusions" of such Residual
Certificates required to be provided to the Internal Revenue Service and
certain Persons as described in Treasury Regulation Section 1.860D-1(b)(5),
and (B) as a result of any regulated investment company, real estate
investment trust, common trust fund, partnership, trust, estate or
organizations described in Section 1381 of the Code having as among its
record holders at any time any Person who is not a Permitted Transferee.
Reasonable compensation for providing such information may be required by
the Company from such Person.
(v) The provisions of this Section 5.01 set forth prior to this
Section (v) may be modified, added to or eliminated, provided that there
shall have been delivered to the Trustee the following:
(A) written notification from each Rating Agency to the effect
that the modification, addition to or elimination of such provisions
will not cause such Rating Agency to downgrade its then-current
Ratings of the Certificates (determined in the case of the Insured
Certificates, without regard to the effect of the applicable
Certificate Insurance Policy); and
(B) an Opinion of Counsel, in form and substance satisfactory to
the Company (as evidenced by a certificate of the Company), to the
effect that such modification, addition to or absence of such
provisions will not cause the Trust Fund to cease to qualify as a
REMIC and will not create a risk that (1) the Trust Fund may be
subject to an entity-level tax caused by the Transfer of any Residual
Certificate to a Person which is not a Permitted Transferee or (2) a
Certificateholder or another Person will be subject to a REMIC-related
tax caused by the Transfer of a Residual Certificate to a Person which
is not a Permitted Transferee.
(vi) The following legend shall appear on all Residual Certificates:
ANY RESALE, TRANSFER OR OTHER DISPOSITION OF THIS CERTIFICATE MAY BE
MADE ONLY IF THE PROPOSED TRANSFEREE PROVIDES A TRANSFER AFFIDAVIT TO
THE COMPANY AND THE TRUSTEE THAT (1) SUCH TRANSFEREE IS NOT EITHER
(A) THE UNITED STATES, ANY STATE OR POLITICAL SUBDIVISION THEREOF, ANY
FOREIGN GOVERNMENT, ANY INTERNATIONAL ORGANIZATION, OR ANY AGENCY OR
INSTRUMENTALITY OF ANY OF THE FOREGOING, (B) ANY ORGANIZATION (OTHER
THAN A COOPERATIVE DESCRIBED IN SECTION 521 OF THE CODE) WHICH IS
EXEMPT FROM THE TAX IMPOSED BY CHAPTER 1 OF THE CODE UNLESS SUCH
ORGANIZATION IS SUBJECT TO THE TAX IMPOSED BY SECTION 511 OF THE CODE,
(C) ANY ORGANIZATION DESCRIBED IN SECTION 1381(a)(2)(C) OF THE CODE
(ANY SUCH PERSON DESCRIBED IN THE FOREGOING CLAUSES (A), (B), OR (C)
BEING HEREINAFTER REFERRED TO AS A "DISQUALIFIED ORGANIZATION"), OR
(D) AN AGENT OF A DISQUALIFIED
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ORGANIZATION AND (2) NO PURPOSE OF SUCH TRANSFER IS TO ENABLE THE
TRANSFEROR TO IMPEDE THE ASSESSMENT OR COLLECTION OF TAX. SUCH
AFFIDAVIT SHALL INCLUDE CERTAIN REPRESENTATIONS AS TO THE FINANCIAL
CONDITION OF THE PROPOSED TRANSFEREE. NOTWITHSTANDING THE REGISTRATION
IN THE CERTIFICATE REGISTER OF ANY TRANSFER, SALE OR OTHER DISPOSITION
OF THIS CLASS R CERTIFICATE TO A DISQUALIFIED ORGANIZATION OR AN AGENT
OF A DISQUALIFIED ORGANIZATION, SUCH REGISTRATION SHALL BE DEEMED TO
BE OF NO LEGAL FORCE OR EFFECT WHATSOEVER AND SUCH PERSON SHALL NOT BE
DEEMED TO BE A CERTIFICATEHOLDER FOR ANY PURPOSE HEREUNDER, INCLUDING,
BUT NOT LIMITED TO, THE RECEIPT OF DISTRIBUTIONS ON THIS CERTIFICATE.
EACH HOLDER OF THE CLASS R CERTIFICATE BY ACCEPTANCE OF THIS
CERTIFICATE SHALL BE DEEMED TO HAVE CONSENTED TO THE PROVISIONS OF
THIS PARAGRAPH.
(vii) The Holder of the Class R Certificate issued hereunder having
an Authorized Denomination of 0.01%, while not a Disqualified Organization,
is the Tax Matters Person for the REMIC.
(d) In the case of any Senior Support, Class B or Residual Certificate
presented for registration in the name of an employee benefit plan or other plan
or arrangement subject to the prohibited transaction provisions of ERISA or
Section 4975 of the Code (or comparable provisions of any subsequent enactments)
(a "Plan"), a trustee of any Plan, or any other Person who is using the "plan
assets" of any Plan to effect such acquisition, the Trustee shall require (i) an
Opinion of Counsel acceptable to and in form and substance satisfactory to the
Trustee and the Company to the effect that the purchase or holding of a Senior
Support, Class B or Residual Certificate is permissible under applicable law,
will not constitute or result in a non-exempt prohibited transaction under
Section 406 of ERISA or Section 4975 of the Code, and will not subject the
Trustee, the Master Servicer or the Company to any obligation or liability
(including obligations or liabilities under Section 406 of ERISA or Section 4975
of the Code) in addition to those undertaken in this Agreement, which Opinion of
Counsel shall not be an expense of the Trustee, the Master Servicer or the
Company or (ii) only in the case of a Senior Support or Class B Certificate, an
officer"s certificate acceptable to and in form and substance satisfactory to
the Trustee and the Company to the effect that the transferee is an insurance
company, the source of funds to be used by it to purchase the Senior Support or
Class B Certificates is an "insurance company general account" (within the
meaning of Department of Labor Prohibited Transaction Class Exemption ("PTCE")
95-60), and the purchase is being made in reliance upon the availability of the
exemptive relief afforded under Section III of PTCE 95-60, which officer"s
certificate shall not be an expense of the Trustee, the Master Servicer or the
Company.
(e) No transfer, sale, pledge or other disposition of a Junior Subordinate
Certificate shall be made unless such transfer, sale, pledge or other
disposition is made in accordance with this Section 5.01(e) or Section 5.01(f).
Each Person who, at any time, acquires any ownership interest in any Junior
Subordinate Certificate shall be deemed by the acceptance or acquisition of such
ownership interest to have agreed to be bound by the following provisions of
this Section 5.01(e) and Section 5.01(f), as applicable. No transfer of a Class
B Certificate shall be deemed to be made in accordance with this Section 5.01(e)
unless such transfer is made pursuant to an effective
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registration statement under the Securities Act or unless the Trustee is
provided with the certificates and an Opinion of Counsel, if required, on which
the Trustee may conclusively rely, which establishes or establish to the
Trustee"s satisfaction that such transfer is exempt from the registration
requirements under the Securities Act, as follows: In the event that a transfer
is to be made in reliance upon an exemption from the Securities Act, the Trustee
shall require, in order to assure compliance with the Securities Act, that the
Certificateholder desiring to effect such transfer certify to the Trustee in
writing, in substantially the form attached hereto as Exhibit F, the facts
surrounding the transfer, with such modifications to such Exhibit F as may be
appropriate to reflect the actual facts of the proposed transfer, and that the
Certificateholder"s proposed transferee certify to the Trustee in writing, in
substantially the form attached hereto as Exhibit G, the facts surrounding the
transfer, with such modifications to such Exhibit G as may be appropriate to
reflect the actual facts of the proposed transfer. If such certificate of the
proposed transferee does not contain substantially the substance of Exhibit G,
the Trustee shall require an Opinion of Counsel satisfactory to it that such
transfer may be made without registration, which Opinion of Counsel shall not be
obtained at the expense of the Trustee, the Trust Fund or the Company. Such
Opinion of Counsel shall allow for the forwarding, and the Trustee shall
forward, a copy thereof to the Rating Agency. Notwithstanding the foregoing, any
Junior Subordinate Certificate may be transferred, sold, pledged or otherwise
disposed of in accordance with the requirements set forth in Section 5.01(f).
(f) Transfers of Junior Subordinate Certificates may be made in accordance
with this Section 5.01(f) if the proposed transferee of such Certificate
provides the Trustee and the Company with an investment letter substantially in
the form of Exhibit L attached hereto, which investment letter shall not be an
expense of the Trustee or the Company, and which investment letter states that,
among other things, such transferee (i) is a "qualified institutional buyer" as
defined under Rule 144A, acting for its own account or the accounts of other
"qualified institutional buyers" as defined under Rule 144A, and (ii) is aware
that the proposed transferor intends to rely on the exemption from registration
requirements under the Securities Act provided by Rule 144A. Notwithstanding the
foregoing, the proposed transferee of such Certificate shall not be required to
provide the Trustee or the Company with Annex 1 or Annex 2 to the form of
Exhibit L attached hereto if the Company so consents prior to each such
transfer. The Holder of a Certificate desiring to effect such transfer does
hereby agree to indemnify the Trustee, the Company, and the Certificate
Registrar against any liability that may result if transfer is not made in
accordance with this Agreement.
Section 5.02. CERTIFICATES ISSUABLE IN CLASSES; DISTRIBUTIONS OF PRINCIPAL
AND INTEREST; AUTHORIZED DENOMINATIONS. The aggregate principal amount of
Certificates that may be authenticated and delivered under this Agreement is
limited to the aggregate Principal Balance of the Mortgage Loans as of the
Cut-Off Date, as specified in the Preliminary Statement to this Agreement,
except for Certificates authenticated and delivered upon registration of
transfer of, or in exchange for, or in lieu of, other Certificates pursuant to
Section 5.03. Such aggregate principal amount shall be allocated among one or
more Classes having designations, types of interests, initial per annum
Remittance Rates, initial Class Principal Balances and last scheduled
Distribution Dates as specified in the Preliminary Statement to this Agreement.
The aggregate Undivided Interest of each Class of Certificates of which the
Class Principal Balance equals zero as of the Cut-Off Date that may be
authenticated and delivered under this Agreement is limited to 100%.
Certificates shall be issued in Authorized Denominations.
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Section 5.03. REGISTRATION OF TRANSFER AND EXCHANGE OF CERTIFICATES. The
Master Servicer shall cause to be maintained at one of its offices or at its
designated agent, a Certificate Register in which there shall be recorded the
name and address of each Certificateholder. Subject to such reasonable rules and
regulations as the Master Servicer may prescribe, the Certificate Register shall
be amended from time to time by the Master Servicer or its agent to reflect
notice of any changes received by the Master Servicer or its agent pursuant to
Section 10.06. The Master Servicer appoints the Trustee as the initial
Certificate Registrar.
Upon surrender for registration of transfer of any Certificate at the
office or agency maintained for such purpose pursuant to Section 6.05, the
Master Servicer shall execute, and the Trustee or any Authenticating Agent shall
authenticate and deliver, in the name of the designated transferee or
transferees, one or more new Certificates of Authorized Denominations of like
Undivided Interest. At the option of the Certificateholders, Certificates may be
exchanged for other Certificates in Authorized Denominations of like Undivided
Interest, upon surrender of the Certificates to be exchanged at any such office
or agency. Whenever any Certificates are so surrendered for exchange, the Master
Servicer shall execute, and the Trustee, or any Authenticating Agent, shall
authenticate and deliver, the Certificates which the Certificateholder making
the exchange is entitled to receive. Every Certificate presented or surrendered
for transfer shall (if so required by the Trustee or any Authenticating Agent)
be duly endorsed by, or be accompanied by a written instrument of transfer in
form satisfactory to the Trustee or any Authenticating Agent and duly executed
by, the Holder thereof or such Holder"s attorney duly authorized in writing.
A reasonable service charge may be made for any such exchange or transfer
of Certificates, and the Master Servicer may require payment of a sum sufficient
to cover any tax or governmental charge that may be imposed in connection with
any exchange or transfer of Certificates.
All Certificates surrendered for exchange or transfer shall be cancelled by
the Trustee or any Authenticating Agent.
Section 5.04. MUTILATED, DESTROYED, LOST OR STOLEN CERTIFICATES. If (i)
any mutilated Certificate is surrendered to the Trustee or any Authenticating
Agent, or (ii) the Trustee or any Authenticating Agent receives evidence to
their satisfaction of the destruction, loss or theft of any Certificate, and
there is delivered to the Trustee or any Authenticating Agent such security or
indemnity as may be required by them to save each of them harmless, then, in the
absence of notice to the Trustee or any Authenticating Agent that such
Certificate has been acquired by a bona fide purchaser, the Master Servicer
shall execute and the Trustee or any Authenticating Agent shall authenticate and
deliver, in exchange for or in lieu of any such mutilated, destroyed, lost or
stolen Certificate, a new Certificate of like Undivided Interest. Upon the
issuance of any new Certificate under this Section 5.04, the Trustee or any
Authenticating Agent may require the payment of a sum sufficient to cover any
tax or other governmental charge that may be imposed in relation thereto and any
other expenses (including the fees and expenses of the Trustee or any
Authenticating Agent) connected therewith. Any replacement Certificate issued
pursuant to this Section 5.04 shall constitute complete and indefeasible
evidence of ownership in the Trust Fund as if originally issued, whether or not
the lost or stolen Certificate shall be found at any time.
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Section 5.05. PERSONS DEEMED OWNERS. The Company, the Master Servicer, the
Certificate Insurer, the Trustee and any agent of any of them 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 Company, the Master
Servicer, the Certificate Insurer, the Trustee, the Certificate Registrar nor
any agent of the Company, the Master Servicer, the Certificate Insurer or the
Trustee shall be affected by notice to the contrary.
Section 5.06. TEMPORARY CERTIFICATES. Upon the initial issuance of the
Certificates, the Master Servicer may execute, and the Trustee or any
Authenticating Agent shall authenticate and deliver, temporary Certificates
which are printed, lithographed, typewritten or otherwise produced, in any
Authorized Denomination, of the tenor of the definitive Certificates in lieu of
which they are issued and with such variations in form from the forms of the
Certificates set forth as Exhibits A and B hereto as the Master Servicer"s
officers executing such Certificates may determine, as evidenced by their
execution of the Certificates. Notwithstanding the foregoing, the Certificates
may remain in the form set forth in this definition of "Temporary Certificates."
If temporary Certificates are issued, the Master Servicer shall cause
definitive Certificates to be prepared within ten Business Days of the Closing
Date or as soon as practicable thereafter. After preparation of definitive
Certificates, the temporary Certificates shall be exchangeable for definitive
Certificates upon surrender of the temporary Certificates at the office or
agency of the Master Servicer to be maintained as provided in Section 6.05
hereof, without charge to the holder. Any tax or governmental charge that may be
imposed in connection with any such exchange shall be borne by the Master
Servicer. Upon surrender for cancellation of any one or more temporary
Certificates, the Master Servicer shall execute and the Trustee shall
authenticate and deliver in exchange therefor a like principal amount of
definitive Certificates of Authorized Denominations. Until so exchanged, the
temporary Certificates shall in all respects be entitled to the same benefits
under this Agreement as definitive Certificates.
Section 5.07. BOOK-ENTRY FOR BOOK-ENTRY CERTIFICATES. Notwithstanding the
foregoing, the Book-Entry Certificates, upon original issuance, shall be issued
in the form of one or more typewritten Certificates of Authorized Denomination
representing the Book-Entry Certificates, to be delivered to DTC, the initial
Clearing Agency, by, or on behalf of, the Company, except that one Book-Entry
Certificate of each Class of Book-Entry Certificates may be issued in a
denomination less than $1 and, if so issued, shall be held in physical
certificate form directly by the holder thereof. The Book-Entry Certificates
shall initially be registered on the Certificate Register in the name of Cede &
Co., the nominee of DTC, as the initial Clearing Agency, and no Beneficial
Holder shall receive a definitive certificate representing such Beneficial
Holder"s interest in any Class of Book-Entry Certificate, except as provided
above and in Section 5.09. Each Book-Entry Certificate shall bear the following
legend:
Unless this Certificate is presented by an authorized representative
of The Depository Trust Company, a New York corporation ("DTC"), to
the Trustee or its agent for registration of transfer, exchange, or
payment, and any Certificate issued is registered in the name of Cede
& Co. or such other name as is requested by an authorized
representative of DTC (and any payment is made to Cede & Co. or to
such other entity as is requested by an authorized representative of
DTC), ANY TRANSFER, PLEDGE OR OTHER USE
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HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL inasmuch as
the registered owner hereof, Cede & Co., has an interest herein.
Unless and until definitive, fully registered Book-Entry Certificates (the
"Definitive Certificates") have been issued to the Beneficial Holders pursuant
to Section 5.09:
(a) the provisions of this Section 5.07 shall be in full force and
effect with respect to the Book-Entry Certificates;
(b) the Master Servicer and the Trustee may deal with the Clearing
Agency for all purposes with respect to the Book-Entry Certificates
(including the making of distributions on the Book-Entry Certificates) as
the sole Certificateholder;
(c) to the extent that the provisions of this Section 5.07 conflict
with any other provisions of this Agreement, the provisions of this Section
5.07 shall control; and
(d) the rights of the Beneficial Holders shall be exercised only
through the Clearing Agency and the DTC Participants and shall be limited
to those established by law and agreements between such Beneficial Holders
and the Clearing Agency and/or the DTC Participants. Pursuant to the
Depository Agreement, unless and until Definitive Certificates are issued
pursuant to Section 5.09, the initial Clearing Agency will make book-entry
transfers among the DTC Participants and receive and transmit distributions
of principal and interest on the related Class of Book-Entry Certificates
to such DTC Participants.
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 a specified Undivided Interest, such direction or
consent may be given by the Clearing Agency at the direction of Beneficial
Holders owning Book-Entry Certificates evidencing the requisite Undivided
Interest represented by the Book-Entry Certificates. The Clearing Agency may
take conflicting actions with respect to the Book-Entry Certificates to the
extent that such actions are taken on behalf of the Beneficial Holders.
Section 5.08. NOTICES TO CLEARING AGENCY. Whenever notice or other
communication to the Certificateholders is required under this Agreement, unless
and until Definitive Certificates shall have been issued to the related
Certificateholders pursuant to Section 5.09, the Trustee shall give all such
notices and communications specified herein to be given to Holders of the
Book-Entry Certificates to the Clearing Agency which shall give such notices and
communications to the related DTC Participants in accordance with its applicable
rules, regulations and procedures.
Section 5.09. DEFINITIVE CERTIFICATES. If (a) the Master Servicer notifies
the Trustee in writing that the Clearing Agency is no longer willing or able to
discharge properly its responsibilities under the Depository Agreement with
respect to the Book-Entry Certificates and the Trustee or the Master Servicer is
unable to locate a qualified successor, (b) the Master Servicer, at its option,
advises the Trustee in writing that it elects to terminate the book-entry system
with respect to the Book-Entry Certificates through the Clearing Agency or (c)
after the occurrence of an Event of Default, Certificateholders holding
Book-Entry Certificates evidencing
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Undivided Interests aggregating not less than 66% of the aggregate Class
Principal Balance of such Certificates advise the Trustee and the Clearing
Agency through DTC Participants in writing that the continuation of a book-entry
system with respect to the Book-Entry Certificates through the Clearing Agency
is no longer in the best interests of the Certificateholders with respect to
such Certificates, the Trustee shall notify all Certificateholders of Book-Entry
Certificates of the occurrence of any such event and of the availability of
Definitive Certificates. Upon surrender to the Trustee of the Book-Entry
Certificates by the Clearing Agency, accompanied by registration instructions
from the Clearing Agency for registration, the Trustee shall authenticate and
deliver the Definitive Certificates. Neither the Company, the Master Servicer
nor the Trustee shall be liable for any delay in delivery of such instructions
and may conclusively rely on, and shall be protected in relying on, such
instructions. Upon the issuance of Definitive Certificates for all of the
Certificates all references herein to obligations imposed upon or to be
performed by the Clearing Agency shall be deemed to be imposed upon and
performed by the Trustee, to the extent applicable with respect to such
Definitive Certificates, and the Trustee shall recognize the Holders of
Definitive Certificates as Certificateholders hereunder.
ARTICLE VI
THE COMPANY AND THE MASTER SERVICER
Section 6.01. LIABILITY OF THE COMPANY AND THE MASTER SERVICER. The
Company and the Master Servicer shall be liable in accordance herewith only to
the extent of the obligations specifically imposed upon and undertaken by the
Company or the Master Servicer, as applicable, herein.
Section 6.02. MERGER OR CONSOLIDATION OF THE COMPANY OR THE MASTER
SERVICER. Any corporation into which the Company or the Master Servicer may be
merged or consolidated, or any corporation resulting from any merger, conversion
or consolidation to which the Company or the Master Servicer shall be a party,
or any corporation succeeding to the business of the Company or the Master
Servicer, shall be the successor of the Company or the 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.
Section 6.03. LIMITATION ON LIABILITY OF THE COMPANY, THE MASTER SERVICER
AND OTHERS. Neither the Company nor the Master Servicer nor any of the
directors, officers, employees or agents of the Company or the Master Servicer
shall be under any liability to the Trust Fund or the Certificateholders for any
action taken by such Person or by a Servicer or for such Person"s or Servicer"s
refraining from the taking of any action in good faith pursuant to this
Agreement, or for errors in judgment; provided, however, that this provision
shall not protect the Company, the Master Servicer or any such Person against
any 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 duties and obligations hereunder. The Company, the Master
Servicer and any director, officer, employee or agent of the Company or the
Master Servicer may rely in good faith on any document of any kind properly
executed and submitted by any Person respecting any matters arising hereunder.
The Company, the Master Servicer and any director, officer, employee or agent of
the Company or the Master Servicer shall be indemnified by the Trust Fund and
held harmless against any loss, liability or expense incurred in connection with
any
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legal action relating to this Agreement or the Certificates, other than any
loss, liability or expense relating to any Mortgage Loan (other than as
otherwise permitted in this Agreement) or incurred by reason of willful
misfeasance, bad faith or gross negligence in the performance of duties
hereunder or by reason of reckless disregard of obligations and duties
hereunder. The Company and the Master Servicer shall not be under any obligation
to appear in, prosecute or defend any legal action which is not incidental to
its duties to service the Mortgage Loans in accordance with this Agreement and
which in its opinion may involve it in any expense or liability; provided,
however, that the Company or the Master Servicer may in its discretion undertake
any such action which it may deem necessary or desirable with respect to the
Mortgage Loans, this Agreement, the Certificates or the rights and duties of the
parties hereto and the interests of the Certificateholders hereunder. In such
event, the legal expenses and costs of such action and any liability resulting
therefrom shall be expenses, costs and liabilities of the Trust Fund and the
Company and the Master Servicer shall be entitled to be reimbursed therefor out
of the Certificate Account, as provided by Section 3.05.
Section 6.04. THE COMPANY AND MASTER SERVICER NOT TO RESIGN. The Company
shall not resign from the obligations and duties (including, without limitation,
its obligations and duties as initial Master Servicer) hereby imposed on it
except upon determination that its duties hereunder are no longer permissible
under applicable law. Any successor 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. Any such
determination permitting the resignation of the Company or any successor 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 Master Servicer shall have assumed the Master Servicer"s
responsibilities and obligations in accordance with Section 7.02 hereof.
If the Company is no longer acting as Master Servicer, then the successor
Master Servicer shall give prompt written notice to the Company of any
information received by such successor Master Servicer which affects or relates
to an ongoing obligation or right of the Company under this Agreement.
Section 6.05. MAINTENANCE OF OFFICE OR AGENCY. The Master Servicer shall
maintain at its expense in New York, New York, an office or agency where
Certificates may be surrendered for registration of transfer or exchange and
where notices and demands to or upon the Master Servicer in respect of the
Certificates and this Agreement may be served. State Street Bank and Trust
Company, 61 Broadway, New York, New York 10006, is initially designated for said
purposes. The Master Servicer shall give prompt written notice to the Trustee of
any change in the location of any such office or agency or of the Certificate
Register. If at any time the Master Servicer shall fail to furnish the Trustee
with the address thereof, such surrenders, notices and demands may be made or
served at the Corporate Trust Office of the Trustee, and the Master Servicer
hereby appoints the Corporate Trust Office of the Trustee its agent to receive
all such surrenders, notices and demands.
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ARTICLE VII
DEFAULT
Section 7.01. EVENTS OF DEFAULT. (a) In case one or more of the following
Events of Default by the Company, both in its own capacity and in its capacity
as Master Servicer or by a successor Master Servicer shall occur and be
continuing, that is to say:
(i) Any failure by the Master Servicer to distribute to
Certificateholders any payment required to be made under the terms of
the Certificates and this Agreement which continues unremedied for a
period of ten 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 Undivided Interests
aggregating not less than 25% of the Trust Fund; or
(ii) 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 contained 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 Undivided Interests
aggregating not less than 25% of the Trust Fund; 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 in bankruptcy, conservator or receiver or liquidator in any
bankruptcy, insolvency, readjustment of debt, marshalling of assets
and liabilities or similar proceedings, or for the winding-up or
liquidation of its affairs, shall have been entered against the Master
Servicer and such decree or order shall have remained in force
undischarged or unstayed for a period of 60 days; or
(iv) The Master Servicer shall consent to the appointment of a
trustee in bankruptcy, conservator or receiver or liquidator in any
bankruptcy, insolvency, readjustment of debt, marshalling of assets
and liabilities or similar proceedings of or relating to the Master
Servicer or of or relating to all or substantially all of 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 bankruptcy, insolvency or reorganization
statute, make an assignment for the benefit of its creditors, or
voluntarily suspend payment of its obligations; or
(vi) Any failure of the Master Servicer to make any Monthly P&I
Advance (other than a Nonrecoverable Advance) which continues
unremedied at the opening of business on the Distribution Date in
respect of which such Monthly P&I Advance was to have been made;
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then, and in each and every such case, so long as an Event of Default shall not
have been remedied, either the Trustee, or the Holders of Certificates
evidencing Undivided Interests aggregating not less than 25% of the Trust Fund,
by notice in writing to the Company and the Master Servicer (and to the Trustee
if given by the Certificateholders, in which case such notice shall set forth
evidence reasonably satisfactory to the Trustee that such Event of Default has
occurred and shall not have been remedied) may terminate all of the rights
(other than its right to reimbursement for advances) and obligations of the
Master Servicer, including its right to the Master Servicing Fee, under this
Agreement and in and to the Mortgage Loans and the proceeds thereof, if any.
Such determination shall be final and binding. On or after the 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 7.01; and, without limitation, the Trustee is hereby
authorized and empowered to execute and deliver, on behalf of the Master
Servicer, as attorney-in-fact or otherwise, any and all documents and other
instruments, and to do or accomplish all other acts or things necessary or
appropriate to effect the purposes of such notice of termination, whether to
complete the transfer and endorsement or assignment of the Mortgage Loans and
related documents, or otherwise. The Master Servicer agrees to cooperate with
the Trustee in effecting the termination of the Master Servicer"s
responsibilities and rights hereunder, including, without limitation, the
transfer to the Trustee for administration by it of all cash amounts which shall
at the time be credited by the Master Servicer to the Certificate Account or
thereafter be received with respect to the Mortgage Loans.
Notwithstanding the foregoing, if an Event of Default described in clause
(vi) of this Section 7.01(a) shall occur, the Trustee shall, by notice in
writing to the Master Servicer, which may be delivered by telecopy, immediately
terminate all of the rights and obligations of the Master Servicer thereafter
arising under this Agreement, but without prejudice to any rights it may have as
a Certificateholder or to reimbursement of Monthly P&I Advances and other
advances of its own funds, and the Trustee shall act as provided in Section 7.02
to carry out the duties of the Master Servicer, including the obligation to make
any Monthly P&I Advance the nonpayment of which was an Event of Default
described in clause (vi) of this Section 7.01(a). Any such action taken by the
Trustee must be prior to the distribution on the relevant Distribution Date.
(b) In the event the Company is no longer acting as Master Servicer, in
case one or more of the following Events of Default by the Company shall occur
and be continuing, that is to say:
(i) Failure on the part of the Company duly to observe or perform in
any material respect any of the covenants or agreements on the part of the
Company contained 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 Company by the Trustee, or to the Company and the Trustee by the
Holders of Certificates evidencing Undivided Interests aggregating not less
than 25% of the Trust Fund; or
(ii) A decree or order of a court or agency or supervisory authority
having jurisdiction in the premises for the appointment of a trustee in
bankruptcy, conservator or receiver or liquidator in any bankruptcy,
insolvency, readjustment of debt, marshalling of assets and liabilities or
similar proceedings, or for the winding-up or liquidation of its affairs,
shall
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have been entered against the Company and such decree or order shall have
remained in force undischarged or unstayed for a period of 60 days; or
(iii) The Company shall consent to the appointment of a trustee in
bankruptcy, conservator or receiver or liquidator in any bankruptcy,
insolvency, readjustment of debt, marshalling of assets and liabilities or
similar proceedings of or relating to the Company or of or relating to all
or substantially all of its property; or
(iv) The Company shall admit in writing its inability to pay its debts
generally as they become due, file a petition to take advantage of any
applicable bankruptcy, insolvency or reorganization statute, make an
assignment for the benefit of creditors, or voluntarily suspend payment of
its obligations;
then, and in each and every such case, so long as such Event of Default shall
not have been remedied, the Holders of Certificates evidencing Undivided
Interests aggregating not less than 25% of the Trust Fund, by notice in writing
to the Company and the Trustee, may direct the Trustee in accordance with
Section 10.03 to institute an action, suit or proceeding in its own name as
Trustee hereunder to enforce the Company"s obligations hereunder.
(c) In any circumstances in which this Agreement states that
Certificateholders owning Certificates evidencing a certain percentage Undivided
Interest in the Trust Fund may take certain action, such action shall be taken
by the Trustee, but only if the requisite percentage of Certificateholders
required under this Agreement for taking like action or giving like instruction
to the Trustee under this Agreement shall have so directed the Trustee in
writing.
Section 7.02. TRUSTEE TO ACT; APPOINTMENT OF SUCCESSOR. On and after the
time the Master Servicer receives a notice of termination pursuant to Section
7.01, the Trustee shall be the successor in all respects to the Master Servicer
under this Agreement and under the Selling and Servicing Contracts with respect
to the Mortgage Loans in the Mortgage Pool and with respect to the transactions
set forth or provided for herein and shall have all the rights and powers and be
subject to all the responsibilities, duties and liabilities relating thereto
arising after the Master Servicer receives such notice of termination placed on
the Master Servicer by the terms and provisions hereof and thereof, and shall
have the same limitations on liability herein granted to the Master Servicer;
provided, that the Trustee shall not under any circumstances be responsible for
any representations and warranties or any Purchase Obligation of the Company or
any liability incurred by the Master Servicer at or prior to the time the Master
Servicer was terminated as Master Servicer and the Trustee shall not be
obligated to make a Monthly P&I Advance if it is prohibited by law from so
doing. As compensation therefor, the Trustee shall be entitled to all funds
relating to the Mortgage Loans which the Master Servicer would have been
entitled to retain or to withdraw from the Certificate Account if the Master
Servicer had continued to act hereunder, except for those amounts due to the
Master Servicer as reimbursement for advances previously made or amounts
previously expended and are otherwise reimbursable hereunder. Notwithstanding
the above, the Trustee may, if it shall be unwilling to so act, or shall if it
is unable to so act, appoint, or petition a court of competent jurisdiction to
appoint, any established housing and home finance institution having a net worth
of not less than $10,000,000 as the successor to the Master Servicer hereunder
in the assumption of all or any part of the responsibilities, duties or
liabilities of the Master Servicer hereunder. Pending any such appointment, the
Trustee is obligated to act in such capacity. In connection with such
appointment and assumption, the Trustee may make such
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arrangements for the compensation of such successor out of payments on Mortgage
Loans as it and such successor shall agree; provided, however, that no such
compensation shall, together with the compensation to the Trustee, be in excess
of that permitted the Master Servicer hereunder. The Trustee and such successor
shall take such actions, consistent with this Agreement, as shall be necessary
to effectuate any such succession.
Section 7.03. NOTIFICATION TO CERTIFICATEHOLDERS. Upon any such
termination or appointment of a successor to the Master Servicer, the Trustee
shall give prompt written notice thereof to Certificateholders at their
respective addresses appearing in the Certificate Register.
ARTICLE VIII
CONCERNING THE TRUSTEE
Section 8.01. DUTIES OF TRUSTEE.
(a) The Trustee, prior to the occurrence of an Event of Default and after
the curing of all Events of Default which may have occurred, undertakes to
perform such duties and only such duties as are specifically set forth in this
Agreement. In case an Event of Default has occurred (which has not been cured or
waived) the Trustee shall exercise such of the rights and powers vested in it by
this Agreement, and use the same degree of care and skill in its exercise as a
prudent person would exercise or use under the circumstances in the conduct of
such person"s own affairs.
(b) The Trustee, upon receipt of all resolutions, certificates, statements,
opinions, reports, documents, orders or other instruments furnished to the
Trustee which are specifically required to be furnished pursuant to any
provision of this Agreement, shall examine them to determine whether they are in
the form required by this Agreement; provided, however, that the Trustee shall
not be responsible for the accuracy or content of any such certificate,
statement, opinion, report, or other order or instrument furnished by the
Company or Master Servicer to the Trustee pursuant to this Agreement.
(c) 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; and
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(ii) The Trustee shall not be personally liable with respect to
any action taken or omitted to be taken by it in good faith in
accordance with the direction of the Certificateholders holding
Certificates which evidence Undivided Interests aggregating not less
than 25% of the Trust Fund relating to the time, method and place of
conducting any proceeding for any remedy available to the Trustee, or
relating to the exercise of any trust or power conferred upon the
Trustee under this Agreement.
(d) Within ten days after the occurrence of any Event of Default known to
the Trustee, the Trustee shall transmit by mail to the Rating Agency notice of
each Event of Default. Within 90 days after the occurrence of any Event of
Default known to the Trustee, the Trustee shall transmit by mail to all
Certificateholders notice of each Event of Default, unless such Event of Default
shall have been cured or waived; provided, however, the Trustee shall be
protected in withholding such notice if and so long as a Responsible Officer of
the Trustee in good faith determines that the withholding of such notice is in
the best interests of the Certificateholders; and provided, further, that in the
case of any Event of Default of the character specified in Section 7.01(i) and
Section 7.01(ii) no such notice to Certificateholders or to the Rating Agency
or, so long as any Certificate Insurance Policy is in effect, the Certificate
Insurer, shall be given until at least 30 days after the occurrence thereof.
Section 8.02. CERTAIN MATTERS AFFECTING THE TRUSTEE. Except as otherwise
provided in Section 8.01:
(i) The Trustee may request and rely upon and shall be protected
in acting or refraining from acting upon any resolution, Officer"s
Certificate, certificate of auditors or any other certificate,
statement, instrument, opinion, report, notice, request, consent,
order, approval, bond or other paper or document believed by it to be
genuine and to have been signed or presented by the proper party or
parties;
(ii) The Trustee may consult with counsel and any Opinion of
Counsel shall be full and complete authorization and protection in
respect of any action taken or suffered or omitted by it hereunder in
good faith and in accordance with such Opinion of Counsel;
(iii) The Trustee shall not be personally liable for any action
taken or omitted by it in good faith and reasonably believed by it to
be authorized or within the discretion or rights or powers conferred
upon it by this Agreement;
(iv) 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, approval, bond or
other paper or document, unless requested in writing to do so by the
Holders of Certificates evidencing Undivided Interests aggregating not
less than 25% of the Trust Fund; 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
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opinion of the Trustee, not reasonably assured to the Trustee by the
security, if any, afforded to it by the terms of this Agreement, the
Trustee may require reasonable indemnity against such expense or liability
as a condition to proceeding;
(v) The Trustee may execute the trust or any of the powers
hereunder or perform any duties hereunder either directly or by or
through agents or attorneys; and
(vi) The Trustee shall not be deemed to have knowledge or notice
of any matter, including without limitation an Event of Default,
unless actually known by a Responsible Officer, or unless written
notice thereof referencing this Agreement or the Certificates is
received at the Corporate Trust Office at the address set forth in
Section 10.06.
Section 8.03. TRUSTEE NOT LIABLE FOR CERTIFICATES OR MORTGAGE LOANS. The
recitals contained herein (other than those relating to the due organization,
power and authority of the Trustee) and in the Certificates (other than the
certificate of authentication on the Certificates) shall be taken as the
statements of the Company and the Trustee assumes no responsibility for their
correctness. The Trustee makes no representations as to the validity or
sufficiency of this Agreement or of the Certificates or any Mortgage Loan. The
Trustee shall not be accountable for the use or application by the Company 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, the Servicers or the
Company in respect of the Mortgage Loans or deposited into the Custodial Account
for P&I, any Buydown Fund Account, or the Custodial Accounts for P&I by any
Servicer or into the Investment Account, or the Certificate Account by the
Master Servicer or the Company.
Section 8.04. TRUSTEE MAY OWN CERTIFICATES. The Trustee or any agent or
affiliate of the Trustee, in its individual or any other capacity, may become
the owner or pledgee of Certificates with the same rights it would have if it
were not Trustee.
Section 8.05. THE MASTER SERVICER TO PAY TRUSTEE"S FEES AND EXPENSES.
Subject to any separate written agreement with the Trustee, the Company, as
Master Servicer, covenants and agrees to, and the Master Servicer shall, pay the
Trustee from time to time, and the Trustee shall be entitled to payment, for all
services rendered by it in the execution of the trust hereby created and in the
exercise and performance of any of the powers and duties hereunder of the
Trustee. Except as otherwise expressly provided herein, the Master Servicer
shall pay or reimburse the Trustee upon its request for all reasonable expenses
and disbursements incurred or made by the Trustee in accordance with any of the
provisions of this Agreement and indemnify the Trustee from any loss, liability
or expense incurred by it hereunder (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 or disbursement as may arise from its
negligence or bad faith. Such obligation shall survive the termination of this
Agreement or resignation or removal of the Trustee. The Master Servicer shall,
at its expense, prepare or cause to be prepared all federal and state income tax
and franchise tax and information returns relating to the Trust Fund required to
be prepared or filed by the Trustee and shall indemnify the Trustee for any
liability of the Trustee arising from any error in such returns.
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Section 8.06. ELIGIBILITY REQUIREMENTS FOR TRUSTEE. The Trustee hereunder
shall at all times be (i) an institution insured by the FDIC, (ii) a corporation
or association organized and doing business under the laws of the United States
of America or of any state, authorized under such laws to exercise corporate
trust powers, having a combined capital and surplus of not less than $50,000,000
and subject to supervision or examination by federal or state authority and
(iii) acceptable to the Rating Agency. If such corporation or association
publishes reports of condition at least annually, pursuant to law or to the
requirements of any aforementioned supervising or examining authority, then for
the purposes of this Section 8.06, the combined capital and surplus of such
corporation shall be deemed to be its combined capital and surplus as set forth
in its most recent report of condition so published. In case at any time the
Trustee shall cease to be eligible in accordance with the provisions of this
Section 8.06, the Trustee shall resign immediately in the manner and with the
effect specified in Section 8.07.
Section 8.07. RESIGNATION AND REMOVAL OF TRUSTEE. The Trustee may at any
time resign and be discharged from the trust hereby created by giving written
notice thereof to the Master Servicer. 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 Trustee and one copy to the successor trustee. If no
successor trustee shall have been so appointed and shall 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 8.06 and shall fail to resign after written request
therefor by the Master Servicer, or if at any time the Trustee shall become
incapable of acting, or shall be adjudged bankrupt or insolvent, or a receiver
of the Trustee or of its property shall be appointed, or any public officer
shall take charge or control of the Trustee or of its property or affairs for
the purpose of rehabilitation, conservation or liquidation, then the Master
Servicer may remove the Trustee and appoint a successor trustee by written
instrument, in duplicate, one copy of which instrument shall be delivered to the
Trustee so removed and one copy to the successor.
The Holders of Certificates evidencing Undivided Interests aggregating more
than 50% of the Trust Fund may at any time remove the Trustee and appoint a
successor trustee by written instrument or instruments, in triplicate, signed by
such Holders or their attorneys in-fact duly authorized, one complete set of
which instruments shall be delivered to the Master Servicer, one complete set to
the Trustee so removed and one complete set to the successor so appointed.
Any resignation or removal of the Trustee and appointment of a successor
trustee pursuant to any of the provisions of this Section 8.07 shall become
effective upon acceptance of appointment by the successor trustee as provided in
Section 8.08. As long as any Certificate Insurance Policy is in effect, the
Master Servicer will send a written notice to the Certificate Insurer of any
such resignation, removal or appointment.
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Section 8.08. SUCCESSOR TRUSTEE. Any successor trustee appointed as
provided in Section 8.07 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 trustee, without any further act, deed
or conveyance, shall become fully vested with all the rights, powers, duties and
obligations of its predecessor hereunder, with like effect as if originally
named as Trustee herein. The predecessor shall deliver to the successor trustee
all Mortgage Files, related documents, statements and all other property held by
it hereunder, and the Master Servicer and the predecessor trustee shall execute
and deliver such instruments and do such other things as may reasonably be
required for more fully and certainly vesting and confirming in the successor
trustee all such rights, powers, duties and obligations.
No successor trustee shall accept appointment as provided in this Section
8.08 unless at the time of such appointment such successor trustee shall be
eligible under the provisions of Section 8.06.
Upon acceptance of appointment by a successor trustee as provided in this
Section 8.08, the Master Servicer shall mail notice of the succession of such
trustee hereunder to (i) all Certificateholders at their addresses as shown in
the Certificate Register and (ii) the Rating Agency. If the Master Servicer
fails to mail such notice within ten days after acceptance of appointment by the
successor trustee, the successor trustee shall cause such notice to be mailed.
Section 8.09. MERGER OR CONSOLIDATION OF TRUSTEE. Any corporation or
association into which the Trustee 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 Trustee shall be a party, or any corporation
succeeding to the corporate trust business of the Trustee, shall be the
successor of the Trustee hereunder, provided such resulting or successor
corporation shall be eligible under the provisions of Section 8.06, without the
execution or filing of any paper or any further act on the part of any of the
parties hereto, anything herein to the contrary notwithstanding.
Section 8.10. APPOINTMENT OF CO-TRUSTEE OR SEPARATE TRUSTEE.
Notwithstanding any other provisions hereof, at any time, for the purpose of
meeting any legal requirements of any jurisdiction in which any part of the
Trust Fund may at the time be located, the Master Servicer and the Trustee
acting jointly shall have the power and shall execute and deliver all
instruments to appoint one or more Persons approved by the Trustee to act as
co-trustee or co-trustees, jointly with the Trustee, or separate trustee or
separate trustees, of all or any part of the Trust Fund, and to vest in such
Person or Persons, in such capacity, such title to the Trust Fund, or any part
thereof, and, subject to the other provisions of this Section 8.10, such powers,
duties, obligations, rights and trusts as the Master Servicer and the Trustee
may consider necessary or desirable; provided, that the Trustee shall remain
liable for all of its obligations and duties under this Agreement. If the Master
Servicer shall not have joined in such appointment within 15 days after the
receipt by it of a request so to do, or in case an Event of Default shall have
occurred and be continuing, the Trustee alone shall have the power to make such
appointment; provided, that the Trustee shall remain liable for all of its
obligations and duties under this Agreement. No co-trustee or separate trustee
hereunder shall be required to meet the terms of eligibility as a successor
trustee under Section 8.06 hereunder and no notice to Certificateholders or the
Certificate Insurer of the appointment of co-trustee(s) or separate trustee(s)
shall be required under Section 8.08 hereof.
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In the case of any appointment of a co-trustee or separate trustee pursuant
to this Section 8.10, all rights, powers, duties and obligations conferred or
imposed upon the Trustee shall be conferred or imposed upon and exercised or
performed by the Trustee and such separate trustee or co-trustee jointly and
severally, except to the extent that under any law of any jurisdiction in which
any particular act or acts are to be performed by the Trustee (whether as
Trustee hereunder or as successor to the Master Servicer hereunder), the Trustee
shall be incompetent or unqualified to perform such act or acts, in which event
such rights, powers, duties and obligations (including the holding of title to
the Trust Fund or any portion thereof in any such jurisdiction) shall be
exercised and performed by such separate trustee or co-trustee at the direction
of the Trustee.
Any notice, request or other writing given to the Trustee shall be deemed
to have been given to each of the then separate trustee(s) and co-trustee(s), as
effectively as if given to each of them. Every instrument appointing any
separate trustee(s) or co-trustee(s) shall refer to this Agreement and the
conditions of this Article VIII. Each separate trustee and co-trustee, upon its
acceptance of the trust conferred, shall be vested with the estates or property
specified in its instrument of appointment, either jointly with the Trustee or
separately, as may be provided therein, subject to all the provisions of this
Agreement, specifically including every provision of this Agreement relating to
the conduct of, affecting the liability of, or affording protection to, the
Trustee. Every such instrument shall be filed with the Trustee.
Any separate trustee or co-trustee may, at any time, constitute the Trustee
its agent or attorney-in-fact, with full power and authority, to the extent not
prohibited by law, to do any lawful act under or in respect of this Agreement on
its behalf and in its name. If any separate trustee or co-trustee shall die,
become incapable of acting, resign or be removed, all of its estates,
properties, rights, remedies and the trust shall vest in and be exercised by the
Trustee, to the extent permitted by law, without the appointment of a new or
successor trustee.
Section 8.11. AUTHENTICATING AGENTS. The Trustee may appoint one or more
Authenticating Agents 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 certificate
of authentication, such reference shall be deemed to include authentication on
behalf of the Trustee by an Authenticating Agent and a certificate of
authentication executed on behalf of the Trustee by an Authenticating Agent.
Each Authenticating Agent must be acceptable to the Master Servicer and must be
a corporation or banking association 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 New York, New York, 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 any 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 any Authenticating Agent
shall be a party, or any corporation succeeding to the corporate agency business
of any Authenticating Agent, shall continue to be the Authenticating Agent so
long as it shall be eligible in accordance with the provisions of the first
paragraph of this Section 8.11 without the execution or filing of any paper or
any further act on the part of the Trustee or the Authenticating Agent.
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Any Authenticating Agent may at any time resign by giving written notice of
resignation to the Trustee and to the Master Servicer. The Trustee may, upon
prior written approval of the Master Servicer, at any time terminate the agency
of any Authenticating Agent by giving written notice of termination to such
Authenticating Agent and to the Master Servicer. Upon receiving a notice of
resignation or upon such a termination, or in case at any time any
Authenticating Agent shall cease to be eligible in accordance with the
provisions of the first paragraph of this Section 8.11, the Trustee may appoint,
upon prior written approval of the Master Servicer, a successor Authenticating
Agent, shall give written notice of such appointment to the Master Servicer 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. Any reasonable compensation paid to an Authenticating Agent shall be a
reimbursable expense pursuant to Section 8.05 if paid by the Trustee.
Section 8.12. PAYING AGENTS. The Trustee may appoint one or more Paying
Agents which shall be authorized to act on behalf of the Trustee in making
withdrawals from the Certificate Account, and distributions to
Certificateholders as provided in Section 4.01(a) and Section 9.01(b) to the
extent directed to do so by the Master Servicer. Wherever reference is made in
this Agreement to the withdrawal from the Certificate Account by the Trustee,
such reference shall be deemed to include such a withdrawal on behalf of the
Trustee by a Paying Agent. Whenever reference is made in this Agreement to a
distribution by the Trustee or the furnishing of a statement to
Certificateholders by the Trustee, such reference shall be deemed to include
such a distribution or furnishing on behalf of the Trustee by a Paying Agent.
Each Paying Agent shall provide to the Trustee such information concerning the
Certificate Account as the Trustee shall request from time to time. Each Paying
Agent must be reasonably acceptable to the Master Servicer and must be a
corporation or banking association 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 New York, New York, 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 any Paying 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 any Paying Agent shall be a party, or any
corporation succeeding to the corporate agency business of any Paying Agent,
shall continue to be the Paying Agent provided that such corporation after the
consummation of such merger, conversion, consolidation or succession meets the
eligibility requirements of this Section 8.12.
Any Paying Agent may at any time resign by giving written notice of
resignation to the Trustee and to the Master Servicer; provided, that the Paying
Agent has returned to the Certificate Account or otherwise accounted, to the
reasonable satisfaction of the Master Servicer, for all amounts it has withdrawn
from the Certificate Account. The Trustee may, upon prior written approval of
the Master Servicer, at any time terminate the agency of any Paying Agent by
giving written notice of termination to such Paying Agent and to the Master
Servicer. Upon receiving a notice of resignation or upon such a termination, or
in case at any time any Paying Agent shall cease to be eligible in accordance
with the provisions of the first paragraph of this Section 8.12, the Trustee may
appoint, upon prior written approval of the Master Servicer, a successor Paying
Agent, shall give written notice of such appointment to the Master Servicer and
shall mail notice
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of such appointment to all Certificateholders. Any successor Paying 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 Paying Agent. Any reasonable compensation paid
to any Paying Agent shall be a reimbursable expense pursuant to Section 8.05 if
paid by the Trustee.
ARTICLE IX
TERMINATION
Section 9.01. TERMINATION UPON REPURCHASE BY THE COMPANY OR LIQUIDATION OF
ALL MORTGAGE LOANS.
(a) Except as otherwise set forth in this Article IX, including, without
limitation, the obligation of the Master Servicer to make payments to
Certificateholders as hereafter set forth, the respective obligations and
responsibilities of the Company, the Master Servicer and the Trustee created
hereby shall terminate upon (i) the repurchase by the Company pursuant to the
following paragraph of this Section 9.01(a) of all Mortgage Loans and all
property acquired in respect of any Mortgage Loan remaining in the Trust Fund at
a price equal, after the deduction of related advances, to the sum of (x) the
excess of (A) 100% of the aggregate outstanding Principal Balance of such
Mortgage Loans (other than Liquidated Mortgage Loans) plus accrued interest at
the applicable Pass-Through Rate with respect to such Mortgage Loan (other than
a Liquidated Mortgage Loan) through the last day of the month of such
repurchase, over (B) with respect to any Mortgage Loan which is not a Liquidated
Mortgage Loan, the amount of the Bankruptcy Loss incurred with respect to such
Mortgage Loan as of the date of such repurchase by the Company to the extent
that the Principal Balance of such Mortgage Loan has not been previously reduced
by such Bankruptcy Loss, and (y) the appraised fair market value as of the
effective date of the termination of the trust created hereby of (A) all
property in the Trust Fund which secured a Mortgage Loan and which was acquired
by foreclosure or deed in lieu of foreclosure after the Cut-Off Date, including
related Insurance Proceeds, and (B) all other property in the Trust Fund, any
such appraisal to be conducted by an appraiser mutually agreed upon by the
Company and the Trustee, or (ii) the later of the final payment or other
liquidation (or any advance with respect thereto) of the last Mortgage Loan
remaining in the Trust Fund or the disposition of all property acquired upon
foreclosure in respect of any Mortgage Loan, and the payment to
Certificateholders of all amounts required to be paid to them hereunder;
provided, however, that in no event shall the trust created hereby continue
beyond the expiration of 21 years from the death of the survivor of the issue of
Joseph P. Kennedy, the late ambassador of the United States to the Court of St.
James, living on the date hereof.
The Company may repurchase the outstanding Mortgage Loans and any Mortgaged
Properties acquired by the Trust Fund at the price stated in clause (i) of the
preceding paragraph provided that the aggregate Principal Balance of the
Mortgage Loans at the time of any such repurchase aggregates less than ten
percent of the aggregate Principal Balance of the Mortgage Loans as of the
Cut-Off Date. If such right is exercised, the Company shall provide to the
Trustee (and to the Master Servicer, if the Company is no longer acting as
Master Servicer) the written certification of an officer of the Company (which
certification shall include a statement to the effect that all amounts required
to be paid in order to repurchase the Mortgage Loans have been
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deposited in the Certificate Account) and the Trustee shall promptly execute all
instruments as may be necessary to release and assign to the Company the
Mortgage Files and any foreclosed Mortgaged Property pertaining to the Trust
Fund.
(b) Notice of any termination, specifying the date upon which the
Certificateholders may surrender their Certificates to the Trustee for payment
and cancellation, shall be given promptly by letter from the Trustee to
Certificateholders mailed not less than 30 days prior to such final
distribution, specifying (i) the date upon which final payment of the
Certificates will be made upon presentation and surrender of Certificates at the
office of the Certificate Registrar therein designated (the "Termination Date"),
(ii) the amount of such final payment (the "Termination Payment") and (iii) that
the Record Date otherwise applicable to the Distribution Date upon which the
Termination Date occurs is not applicable, payments being made only upon
presentation and surrender of the Certificates at the office of the Certificate
Registrar therein specified. Upon any such notice, the Certificate Account shall
terminate subject to the Master Servicer"s obligation to hold all amounts
payable to Certificateholders in trust without interest pending such payment.
In the event that all of the Certificateholders shall not surrender their
Certificates for cancellation within six months after the Termination Date, the
Company shall give a second written notice to the remaining Certificateholders
to surrender their Certificates for cancellation and receive the Termination
Payment with respect thereto. If within one year after the second notice all the
Certificates shall not have been surrendered for cancellation, the Company may
take appropriate steps to contact the remaining Certificateholders concerning
surrender of their Certificates, and the cost thereof shall be paid out of the
funds and other assets which remain in trust hereunder.
Section 9.02. ADDITIONAL TERMINATION REQUIREMENTS.
(a) In the event the Company exercises its purchase option as provided in
Section 9.01, the Trust Fund shall be terminated in accordance with the
following additional requirements, unless the Trustee shall have received an
Opinion of Counsel to the effect that the failure of the Trust Fund to comply
with the requirements of this Section 9.02 will not (i) result in the imposition
of taxes on "prohibited transactions" of the Trust Fund as described in Section
860F of the Code, or (ii) cause the Trust Fund to fail to qualify as a REMIC at
any time that any Certificates are outstanding:
(i) Within 90 days prior to the final Distribution Date set forth
in the notice given by the Trustee under Section 9.01, the Company, in
its capacity as agent of the Tax Matters Person shall prepare the
documentation required and adopt a plan of complete liquidation
meeting the requirements of a qualified liquidation under Section 860F
of the Code and any regulations thereunder, as evidenced by an Opinion
of Counsel, on behalf of the Trust Fund; 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 Master
Servicer as agent of the Trustee shall sell all of the assets of the
Trust Fund to the Company for cash in the amount specified in Section
9.01; provided, however, that in the event that a calendar quarter
ends after the time of adoption of such a plan of complete liquidation
but prior to the final Distribution Date, the Master Servicer shall
not
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sell any of the assets of the Trust Fund prior to the close of that
calendar quarter.
(b) By its acceptance of any Residual Certificate, the Holder thereof
hereby agrees to authorize the Company to adopt such a plan of complete
liquidation upon the written request of the Company and to take such other
action in connection therewith as may be reasonably requested by the Company.
Section 9.03. TRUST IRREVOCABLE. Except as expressly provided herein, the
trust created hereby is irrevocable.
ARTICLE X
MISCELLANEOUS PROVISIONS
Section 10.01. AMENDMENT.
(a) This Agreement may be amended from time to time by the Company and the
Trustee, without the consent of any of the Certificateholders, (i) to cure any
ambiguity; (ii) to correct or supplement any provision herein which may be
defective or inconsistent with any other provisions herein; (iii) to comply with
any requirements imposed by the Code or any regulations thereunder; (iv) to
correct the description of any property at any time included in the Trust Fund,
or to assure the conveyance to the Trustee of any property included in the Trust
Fund; and (v) pursuant to Section 5.01(c)(v). No such amendment (other than one
entered into pursuant to clause (iii) of the preceding sentence) shall adversely
affect in any material respect the interest of any Certificateholder. Prior to
entering into any amendment without the consent of Certificateholders pursuant
to this paragraph, the Trustee may require an Opinion of Counsel to the effect
that such amendment is permitted under this paragraph.
(b) This Agreement may also be amended from time to time by the Company and
the Trustee with the consent of the Holders of Certificates evidencing Undivided
Interests aggregating not less than 66% of the Trust Fund for the purpose of
adding any provisions to, or changing in any manner or eliminating any of the
provisions of, this Agreement or of modifying in any manner the rights of the
Certificateholders; provided, however, that no such amendment shall, without the
consent of the Holder of each Certificate affected thereby (i) reduce in any
manner the amount of, or delay the timing of, distributions of principal or
interest required to be made hereunder or reduce the Certificateholder"s
Undivided Interest, the Remittance Rate or the Termination Payment with respect
to any of the Certificates, (ii) reduce the percentage of Undivided Interests
specified in this Section 10.01 which are required to amend this Agreement,
(iii) create or permit the creation of any lien against any part of the Trust
Fund, or (iv) modify any provision in any way which would permit an earlier
retirement of the Certificates; provided, further, that no amendment materially
affecting the rights and duties of the Certificate Insurer shall be valid
without the consent of the Certificate Insurer.
Promptly after the execution of any such amendment, the Trustee shall
furnish written notification of the substance of such amendment to each
Certificateholder. Any failure to provide such
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notice, or any defect therein, shall not, however, in any way impair or affect
the validity of any such amendment.
It shall not be necessary for the consent of Certificateholders under this
Section 10.01 to approve the particular form of any proposed amendment, but it
shall be sufficient if such consent shall approve the substance thereof. The
manner of obtaining such consents and of evidencing the authorization of the
execution thereof by Certificateholders shall be subject to such reasonable
regulations as the Trustee may prescribe.
Section 10.02. 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 the comparable
jurisdictions in which any Mortgaged Property is situated, and in any other
appropriate public recording office or elsewhere, such recordation to be
effected by the Company 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.
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 Fund, nor entitle such Certificateholder"s legal
representatives or heirs to claim an accounting or to take any action or
proceeding in any court for a partition or winding-up of the Trust Fund, nor
otherwise affect the rights, obligations and liabilities of the parties hereto
or any of them.
No Certificateholder shall have any right to vote or in any manner
otherwise to control the operation and management of the Trust Fund or the
obligations of the parties hereto (except as provided in Section 5.09, Section
7.01, Section 8.01, Section 8.02, Section 8.07, Section 10.01 and this Section
10.03), 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 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 Undivided Interests aggregating not less than
25% of the Trust Fund shall have made written request upon the Trustee to
institute such action, suit or proceeding in its own name as Trustee hereunder
and shall have offered to the Trustee such reasonable indemnity as it may
require against the costs, expenses and liabilities to be incurred therein 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. However, the Trustee is under no obligation to
exercise any of the extraordinary trusts or powers vested in it by this
Agreement or to make any investigation of matters arising hereunder or to
institute, conduct or defend any litigation hereunder or in relation hereto at
the request, order or direction of any of the Certificateholders unless such
Certificateholders have offered to the Trustee reasonable security or indemnity
against the costs, expenses and liabilities which may be incurred therein or
thereby. It is understood and intended, and expressly covenanted by each
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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 equal, ratable and common benefit of all
Certificateholders. For the protection and enforcement of the provisions of this
Section 10.03, each and every Certificateholder and the Trustee shall be
entitled to such relief as can be given either at law or in equity.
For so long as no Certificate Insurer Default exists, the Certificate
Insurer shall be deemed to be the sole Holder of all outstanding Insured
Certificates with respect to any rights hereunder (other than the right to
receive distributions on such Insured Certificates, except as provided in
Section 3.16); provided that such rights may not be used to reduce the rights of
the Insured Certificateholders to receive distributions or to otherwise impair
their rights under this Agreement as further described in Section 3.16(l).
Section 10.04. ACCESS TO LIST OF CERTIFICATEHOLDERS. The Master Servicer
shall furnish or cause to be furnished to the Trustee, within 30 days after
receipt 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 as of the most recent Record Date for payment of
distributions to such Certificateholders.
If three 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 after the receipt of
such list from the Master Servicer, 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 a date more than 90 days prior to the date of
receipt of such applicants" request, the Trustee shall promptly request from the
Master Servicer a current list as provided above, and shall afford such
applicants access to such list promptly upon receipt.
Every Certificateholder, by receiving and holding the same, agrees with the
Master Servicer and the Trustee that neither the Master Servicer nor the Trustee
shall be held accountable by reason of the disclosure of any such information as
to the names and addresses of the Certificateholders hereunder, regardless of
the source from which such information was derived.
Section 10.05. GOVERNING LAW. This Agreement shall be construed in
accordance with the laws of the State of Illinois and the obligations, rights
and remedies of the parties hereunder shall be determined in accordance with
such laws.
Section 10.06. 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 registered or certified mail to (a) in the case of the
Company, 75 North Fairway Drive, Vernon Hills, Illinois 60061, Attention:
General Counsel (with a copy directed to the attention of the Master Servicing
Department) or such other address as may hereafter be furnished to the Trustee
in writing by the Company, (b) in the case of the Master Servicer, 75 North
Fairway Drive,
90
<PAGE>
Vernon Hills, Illinois 60061, Attention: General Counsel (with a copy directed
to the attention of the Master Servicing Department) or such other address as
may hereafter be furnished to the Trustee in writing by the Master Servicer, (c)
in the case of the Trustee, at its Corporate Trust Office, or such other address
as may hereafter be furnished to the Master Servicer in writing by the Trustee,
(d) in the case of the Certificate Registrar, at its Corporate Trust Office, or
such other address as may hereafter be furnished to the Trustee in writing by
the Certificate Registrar and (e) in the case of the Certificate Insurer, to
Financial Security Assurance Inc., 350 Park Avenue, New York, New York 10022,
Attention: Senior Vice President--Surveillance Department; Telex: (212) 668-
3101, Confirmation: (212) 826-0100; Telecopy (212) 339-3518 (in each case in
which notice or other communication to the Certificate Insurer refers to an
Event of Default or a claim under a Certificate Insurance Policy or with respect
to which failure to respond shall be deemed to constitute consent or acceptance,
then a copy of such notice or other communication should also be sent to the
attention of the General Counsel and the Head--Financial Guaranty Group and
shall be marked to indicate "Urgent Material Enclosed." Any notice required or
permitted to be mailed to a Certificateholder shall be given by first class
mail, postage prepaid, at the address of such Holder as shown in the Certificate
Register. Any notice so mailed within the time prescribed in this Agreement
shall be conclusively presumed to have been duly given, whether or not the
Certificateholder receives such notice.
Section 10.07. SEVERABILITY OF PROVISIONS. If any one or more of the
covenants, agreements, provisions or terms of this Agreement shall be for any
reason whatsoever held invalid, then such covenants, agreements, provisions or
terms shall be deemed severable from the remaining covenants, agreements,
provisions or terms of this Agreement and shall in no way affect the validity or
enforceability of the other provisions of this Agreement or of the Certificates
or the rights of the Holders thereof.
Section 10.08. COUNTERPART SIGNATURES. 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 10.09. BENEFITS OF AGREEMENT. Nothing in this Agreement or in any
Certificate, expressed or implied, shall give to any Person, other than the
parties hereto and their respective successors hereunder, any separate trustee
or co-trustee appointed under Section 8.10, the Certificate Insurer and the
Certificateholders, any benefit or any legal or equitable right, remedy or claim
under this Agreement.
Section 10.10. NOTICES AND COPIES TO RATING AGENCY.
(a) The Trustee shall notify the Rating Agency of the occurrence of any of
the following events, in the manner provided in Section 10.06:
(i) the occurrence of an Event of Default pursuant to Section
7.01, subject to the provisions of Section 8.01(d);
(ii) the appointment of a successor Master Servicer pursuant to
Section 7.02;
91
<PAGE>
(b) The Master Servicer shall notify the Rating Agency of the occurrence of
any of the following events, in the manner provided in Section 10.06:
(i) any amendment of this Agreement pursuant to Section 10.01;
(ii) the appointment of a successor Trustee pursuant to Section
8.08;
(iii) the filing of any claim under or the cancellation or
modification of any fidelity bond and errors and omissions coverage
pursuant to Section 3.01 and Section 3.06 with respect to the Master
Servicer or any Servicer;
(iv) any change in the location of the Certificate Account, any
Custodial Account for P&I or any Custodial Account for Reserves;
(v) the repurchase of any Mortgage Loan pursuant to a Purchase
Obligation or the repurchase of the outstanding Mortgage Loans
pursuant to Section 9.01;
(vi) the occurrence of the final Distribution Date or the
termination of the trust pursuant to Section 9.01(a)(ii);
(vii) the failure of the Master Servicer to make a Monthly P&I
Advance following a determination on the Determination Date that the
Master Servicer would make such advance pursuant to Section 4.03; and
(viii) the failure of the Master Servicer to make a determination
on the Determination Date regarding whether it would make a Monthly
P&I Advance when a shortfall exists between (x) payments scheduled to
be received in respect of the Mortgage Loans and (y) the amounts
actually deposited in the Certificate Account on account of such
payments, pursuant to Section 4.03.
(c) The Master Servicer shall provide copies of the statements pursuant to
Section 4.02, Section 3.13 or Section 3.15 or any other statements to the Rating
Agency in such time and manner that such statements or determinations are
required to be provided to Certificateholders.
92
<PAGE>
IN WITNESS WHEREOF, the Company and the Trustee have caused their names to
be signed hereto by their respective officers, thereunto duly authorized, and
their respective seals, duly attested, to be hereunto affixed, all as of the day
and year first above written.
PNC MORTGAGE SECURITIES CORP.
(SEAL)
By:
-------------------------------------------
Attest:
Its:
STATE STREET BANK AND TRUST COMPANY, as TRUSTEE
(SEAL)
By:
-------------------------------------------
Attest:
Its:
<PAGE>
ACKNOWLEDGEMENT OF CORPORATION
STATE OF ILLINOIS )
) SS.
COUNTY OF LAKE )
On this ___ day of May, 1996 before me, a Notary Public in and for said
State, personally appeared _________________________________, known to me to be
the ______________________________ of PNC MORTGAGE SECURITIES CORP., one of the
corporations that executed the within interest, and also known to me to be the
person who executed it on behalf of said Corporation, and acknowledged to me
that such corporation executed the within instrument pursuant to its By-Laws or
a resolution of its Board of Directors.
IN WITNESS WHEREOF, I have hereunto set my hand and affixed my official
seal the day and year in the certificate first above written.
____________________________________
Notary Public
(SEAL)
<PAGE>
CERTIFICATE OF ACKNOWLEDGEMENT
STATE OF MASSACHUSETTS )
) SS.
COUNTY OF ___________ )
On this ____ day of May, 1996 before me, a Notary Public in and for said
State, personally appeared ___________________________, personally known to me
(or proved to me on the basis of satisfactory evidence) to be the person(s)
whose name(s) is/are subscribed to the within instrument and acknowledged to me
that he/she/they executed the same in his/her/their authorized capacity(ies),
and that by his/her/their signature(s) on the instrument the person(s), or the
entity upon behalf of which the person(s) acted, executed the instrument.
WITNESS my hand and official seal.
Signature __________________________________________________ (SEAL)
<PAGE>
Exhibit A
To Endorsement 1
NOTICE OF CLAIM AND CERTIFICATE
Financial Security Assurance Inc.
350 Park Avenue
New York, NY 10022
The undersigned, a duly authorized officer of State Street Bank and Trust
Company (the "Trustee"), hereby certifies to Financial Security Assurance Inc.
("Financial Security"), with reference to Financial Guaranty Insurance Policy
No. dated May 30, 1996 (the "Policy") issued by Financial Security in
respect of PNC Mortgage Securities Corp. Mortgage Pass-Through Certificates,
Series 1996-1 that:
(i) The Trustee is the Trustee under the Pooling and Servicing
Agreement and is authorized to act on behalf, and is acting on behalf, of
the Trustee and the Holders thereunder.
(ii) The Shortfall with respect to the Class Certificates for the
Distribution Date on [INSERT DATE] is $__________.
(iii) The Trustee is making a claim under the Policy for the
shortfall to be applied to distributions of principal or interest or both
with respect to the Guaranteed Certificates.
(iv) The Trustee agrees that, following receipt of funds from
Financial Security, it shall (a) hold such amounts in trust and apply the
same directly to the payment of Guaranteed Distributions on the Guaranteed
Certificates when due; (b) not apply such funds for any other purpose; (c)
not commingle such funds with other funds held by the Trustee and (d)
maintain an accurate record of such payments with respect to each
Guaranteed Certificate and the corresponding claim on the Policy and
proceeds thereof and, if the Guaranteed Certificate is required to be
surrendered for such payment, shall stamp on each such Guaranteed
Certificate the legend "$[INSERT APPLICABLE AMOUNT] paid by Financial
Security and the balance hereof has been cancelled and reissued" and then
shall deliver such Guaranteed Certificate to Financial Security.
(v) The Trustee, on behalf of the Guaranteed Certificateholders,
hereby assigns to Financial Security the rights of the Guaranteed
Certificateholders and the Trustee with respect to the Trust Fund to the
extent of any payments under the Policy, including, without limitation, any
amounts due to the Guaranteed Certificateholders in respect of (a)
securities law violations arising from the offer and sale of the Trust Fund
and (b) any breach by the Master Servicer or the Trustee of the Pooling and
Servicing
A-1
<PAGE>
Agreement in regard to the establishment or maintenance of the
Reserve Fund. The foregoing assignment is in addition to, and not in
limitation of, rights of subrogation otherwise available to Financial
Security in respect of such payments. The Trustee shall take such action
and deliver such instruments as may be reasonably requested or required by
Financial Security to effectuate the purpose or provisions of this clause
(v).
(vi) The Trustee, on its behalf and on behalf of the Guaranteed
Certificateholders, hereby appoints Financial Security as agent and
attorney-in-fact for the Trustee and each such Guaranteed Certificateholder
in any legal proceeding with respect to the Trust Fund. The Trust hereby
agrees that Financial Security may at any time during the continuation of
any proceeding by or against the Company under the United States Bankruptcy
Code or any other applicable bankruptcy, insolvency, receivership,
rehabilitation or similar law (an "Insolvency Proceeding") direct all
matters relating to such Insolvency Proceeding, including without
limitation, (A) all matters relating to any claim in connection with an
Insolvency Proceeding seeking the avoidance as a preferential transfer of
any payment with respect to the Trust Fund (a "Preference Claim"), (B) the
direction of any appeal of any order relating to any Preference Claim at
the expense of Financial Security but subject to reimbursement and (C) the
posting of any surety, supersedeas or performance bond pending any such
appeal. In addition, the Trustee hereby agrees that Financial Security
shall be subrogated to, and the Trustee on its behalf and on behalf of each
Guaranteed Certificateholder and the Trustee, hereby delegates and assigns,
to the fullest extent permitted by law, the rights of the Trustee and each
Guaranteed Certificateholder in the conduct of any Insolvency Proceeding,
including, without limitation, all rights of any party to an adversary
proceeding or action with respect to any court order issued in connection
with any such Insolvency Proceeding.
(vii) Payment should be made by wire transfer directed to the
Trustee.
Unless the context otherwise requires, capitalized terms used in this
Notice of Claim and Certificate and not defined herein shall have the meanings
provided in the Policy or the Pooling and Servicing Agreement.
A-2
<PAGE>
IN WITNESS WHEREOF, the Trustee has executed and delivered this Notice of
Claim and Certificate as of the __________ day of __________.
STATE STREET BANK AND
TRUST COMPANY
By:
Title:
- --------------------------------------------------------------------------------
For Financial Security or Fiscal Agent Use Only
Wire transfer sent __________ by __________
Confirmation Number ________________________________________
A-3
<PAGE>
Exhibit A-1
CUSIP 693 48L EL9
MORTGAGE PASS-THROUGH CERTIFICATE
Class A-1
Evidencing an Undivided Interest in certain distributions with respect to a pool
of conventional one- to four-family mortgage loans formed and administered by
PNC MORTGAGE SECURITIES CORP.
This Certificate represents ownership of a "regular interest" in a "real estate
mortgage investment conduit," as those terms are defined in Sections 860G and
860D, respectively, of the Internal Revenue Code of 1986, as amended. The issue
date (the "Issue Date") of this Certificate is May 30, 1996. The rate at which
interest is payable as of the Issue Date with respect to this Certificate is
7.500% per annum.
[Unless this Certificate is presented by an authorized representative of The
Depository Trust Company, a New York corporation ("DTC"), to the Trustee or its
agent for registration of transfer, exchange, or payment, and any Certificate
issued is registered in the name of Cede & Co. or such other name as is
requested by an authorized representative of DTC (and any payment is made to
Cede & Co. or to such other entity as is requested by an authorized
representative of DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR
OTHERWISE BY OR TO ANY PERSON IS WRONGFUL inasmuch as the registered owner
hereof, Cede & Co., has an interest herein.]
Series 1996-1
Class A-1 Remittance Rate: 7.500%
Portion of the Class A-1
Principal Balance as of the
Cut-Off Date evidenced by this
Certificate:
$____________________
Cut-Off Date: May 1, 1996
First Distribution Date: June 25, 1996
Last Scheduled Distribution Date: June 25, 2026
Class A-1 Principal Balance as of the Cut-Off Date:
$104,124,138.00
____________________
Registered Owner Certificate No. __
A-1-1
<PAGE>
Exhibit A-2
CUSIP 693 48L EM7
MORTGAGE PASS-THROUGH CERTIFICATE
Class A-2
Evidencing an Undivided Interest in certain distributions with respect to a pool
of conventional one- to four-family mortgage loans formed and administered by
PNC MORTGAGE SECURITIES CORP.
This Certificate represents ownership of a "regular interest" in a "real estate
mortgage investment conduit," as those terms are defined in Sections 860G and
860D, respectively, of the Internal Revenue Code of 1986, as amended. The issue
date (the "Issue Date") of this Certificate is May 30, 1996. The rate at which
interest is payable as of the Issue Date with respect to this Certificate is
7.500% per annum. [Assuming that the Mortgage Loans underlying the Certificates
prepay at the prepayment assumption used by the issuer in pricing this
Certificate (I.E., 225% of the Basic Prepayment Assumption as described in the
Prospectus Supplement), this Certificate has been issued with original issue
discount ("OID") of no more than $ per $100,000 of initial
Certificate Principal Balance, the yield to maturity is %, and the amount
of OID attributable to the short period is not more than $ per
$100,000 of initial Certificate Principal Balance, computed under the exact
method. No representation is made that the Mortgage Loans will prepay at a rate
based on the Basic Prepayment Rate or any other rate.]
[Unless this Certificate is presented by an authorized representative of The
Depository Trust Company, a New York corporation ("DTC"), to the Trustee or its
agent for registration of transfer, exchange, or payment, and any Certificate
issued is registered in the name of Cede & Co. or such other name as is
requested by an authorized representative of DTC (and any payment is made to
Cede & Co. or to such other entity as is requested by an authorized
representative of DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR
OTHERWISE BY OR TO ANY PERSON IS WRONGFUL inasmuch as the registered owner
hereof, Cede & Co., has an interest herein.]
Series 1996-1
Class A-2 Remittance Rate: 7.500%
Portion of the Class A-2
Principal Balance as of the
Cut-Off Date evidenced by this
Certificate
$_________________________
Cut-Off Date: May 1, 1996
First Distribution Date: June 25, 1996
Last Scheduled Distribution Date: June 25, 2026
Class A-2 Principal Balance as of the Cut-Off Date:
$11,975,000.00
____________________
Registered Owner Certificate No. __
A-2-1
<PAGE>
Exhibit A-3
CUSIP 693 48L EN5
MORTGAGE PASS-THROUGH CERTIFICATE
Class A-3
Evidencing an Undivided Interest in certain distributions with respect to a pool
of conventional one- to four-family mortgage loans formed and administered by
PNC MORTGAGE SECURITIES CORP.
This Certificate represents ownership of a "regular interest" in a "real estate
mortgage investment conduit," as those terms are defined in Sections 860G and
860D, respectively, of the Internal Revenue Code of 1986, as amended. The issue
date (the "Issue Date") of this Certificate is May 30, 1996. The rate at which
interest is payable as of the Issue Date with respect to this Certificate is
7.500% per annum. [Assuming that the Mortgage Loans underlying the Certificates
prepay at the prepayment assumption used by the issuer in pricing this
Certificate (I.E., 225% of the Basic Prepayment Assumption as described in the
Prospectus Supplement), this Certificate has been issued with original issue
discount ("OID") of no more than $ per $100,000 of initial
Certificate Principal Balance, the yield to maturity is %, and the amount
of OID attributable to the short period is not more than $ per
$100,000 of initial Certificate Principal Balance, computed under the exact
method. No representation is made that the Mortgage Loans will prepay at a rate
based on the Basic Prepayment Rate or any other rate.]
[Unless this Certificate is presented by an authorized representative of The
Depository Trust Company, a New York corporation ("DTC"), to the Trustee or its
agent for registration of transfer, exchange, or payment, and any Certificate
issued is registered in the name of Cede & Co. or such other name as is
requested by an authorized representative of DTC (and any payment is made to
Cede & Co. or to such other entity as is requested by an authorized
representative of DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR
OTHERWISE BY OR TO ANY PERSON IS WRONGFUL inasmuch as the registered owner
hereof, Cede & Co., has an interest herein.]
Series 1996-1
Class A-3 Remittance Rate: 7.500%
Portion of the Class A-3
Principal Balance as of the
Cut-Off Date evidenced by this
Certificate
$_________________________
Cut-Off Date: May 1, 1996
First Distribution Date: June 25, 1996
Last Scheduled Distribution Date: June 25, 2026
Class A-3 Principal Balance as of the Cut-Off Date:
$5,107,000.00
____________________
Registered Owner Certificate No. __
A-3-1
<PAGE>
Exhibit A-4
CUSIP 693 48L EP0
MORTGAGE PASS-THROUGH CERTIFICATE
Class A-4
Evidencing an Undivided Interest in certain distributions with respect to a pool
of conventional one- to four-family mortgage loans formed and administered by
PNC MORTGAGE SECURITIES CORP.
This Certificate represents ownership of a "regular interest" in a "real estate
mortgage investment conduit," as those terms are defined in Sections 860G and
860D, respectively, of the Internal Revenue Code of 1986, as amended. The issue
date (the "Issue Date") of this Certificate is May 30, 1996. The rate at which
interest is payable as of the Issue Date with respect to this Certificate is
7.500% per annum.
[Unless this Certificate is presented by an authorized representative of The
Depository Trust Company, a New York corporation ("DTC"), to the Trustee or its
agent for registration of transfer, exchange, or payment, and any Certificate
issued is registered in the name of Cede & Co. or such other name as is
requested by an authorized representative of DTC (and any payment is made to
Cede & Co. or to such other entity as is requested by an authorized
representative of DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR
OTHERWISE BY OR TO ANY PERSON IS WRONGFUL inasmuch as the registered owner
hereof, Cede & Co., has an interest herein.]
Series 1996-1
Class A-4 Remittance Rate: 7.500%
Portion of the Class A-4
Principal Balance as of the
Cut-Off Date evidenced by this
Certificate
$_________________________
Cut-Off Date: May 1, 1996
First Distribution Date: June 25, 1996
Last Scheduled Distribution Date: June 25, 2026
Class A-4 Principal Balance as of the Cut-Off Date:
$2,041,000.00
____________________
Registered Owner Certificate No. __
A-4-1
<PAGE>
Exhibit A-5
CUSIP 693 48L EQ8
MORTGAGE PASS-THROUGH CERTIFICATE
Class A-5
Evidencing an Undivided Interest in certain distributions with respect to a pool
of conventional one- to four-family mortgage loans formed and administered by
PNC MORTGAGE SECURITIES CORP.
This Certificate represents ownership of a "regular interest" in a "real estate
mortgage investment conduit," as those terms are defined in Sections 860G and
860D, respectively, of the Internal Revenue Code of 1986, as amended. The issue
date (the "Issue Date") of this Certificate is May 30, 1996. The rate at which
interest is payable as of the Issue Date with respect to this Certificate is
7.500% per annum.
IN THE CASE OF ANY CLASS A-5 CERTIFICATE PRESENTED FOR REGISTRATION IN THE
NAME OF AN EMPLOYEE BENEFIT OR OTHER PLAN SUBJECT TO THE PROHIBITED
TRANSACTION PROVISIONS OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF
1974, AS AMENDED ("ERISA"), OR SECTION 4975 OF THE CODE (OR COMPARABLE
PROVISIONS OF ANY SUBSEQUENT ENACTMENTS) (A "PLAN"), A TRUSTEE OF ANY SUCH
PLAN, OR ANY OTHER PERSON WHO IS USING "PLAN ASSETS" OF ANY SUCH PLAN TO
EFFECT SUCH ACQUISITION, THE TRUSTEE SHALL REQUIRE, EXCEPT AS OTHERWISE SET
FORTH IN THE POOLING AGREEMENT, AN OPINION OF COUNSEL ACCEPTABLE TO AND IN
FORM AND SUBSTANCE SATISFACTORY TO THE TRUSTEE AND THE COMPANY TO THE
EFFECT THAT THE PURCHASE OR HOLDING OF A CLASS A-5 CERTIFICATE IS
PERMISSIBLE UNDER APPLICABLE LAW, WILL NOT CONSTITUTE OR RESULT IN A
NON-EXEMPT PROHIBITED TRANSACTION UNDER SECTION 406 OF ERISA OR SECTION
4975 OF THE CODE AND WILL NOT SUBJECT THE TRUSTEE, THE MASTER SERVICER OR
THE COMPANY TO ANY OBLIGATION OR LIABILITY (INCLUDING OBLIGATIONS OR
LIABILITIES UNDER SECTION 406 OF ERISA OR SECTION 4975 OF THE CODE) IN
ADDITION TO THOSE UNDERTAKEN IN THE POOLING AGREEMENT, WHICH OPINION OF
COUNSEL SHALL NOT BE AN EXPENSE OF THE TRUSTEE, THE MASTER SERVICER OR THE
COMPANY.
The Class A-5 Certificates will be subordinate in right of payment to and
provide credit support to certain Classes of Certificates, as described in the
Pooling Agreement.
Series 1996-1
Class A-5 Remittance Rate: 7.500%
Portion of the Class A-5
Principal Balance as of the
Cut-Off Date evidenced by this
Certificate
$_________________________
Cut-Off Date: May 1, 1996
First Distribution Date: June 25, 1996
Last Scheduled Distribution Date: June 25, 2026
Class A-5 Principal Balance as of the Cut-Off Date:
$30,990,000.00
____________________
Registered Owner Certificate No. __
A-5-1
<PAGE>
Exhibit A-6
CUSIP 693 48L ER6
MORTGAGE PASS-THROUGH CERTIFICATE
Class A-6
Evidencing an Undivided Interest in certain distributions with respect to a pool
of conventional one- to four-family mortgage loans formed and administered by
PNC MORTGAGE SECURITIES CORP.
This Certificate represents ownership of a "regular interest" in a "real estate
mortgage investment conduit," as those terms are defined in Sections 860G and
860D, respectively, of the Internal Revenue Code of 1986, as amended. The issue
date (the "Issue Date") of this Certificate is May 30, 1996. The rate at which
interest is payable as of the Issue Date with respect to this Certificate is
7.500% per annum. [Assuming that the Mortgage Loans underlying the Certificates
prepay at the prepayment assumption used by the issuer in pricing this
Certificate (I.E., 225% of the Basic Prepayment Assumption as described in the
Prospectus Supplement), this Certificate has been issued with original issue
discount ("OID") of no more than $ per $100,000 of initial
Certificate Principal Balance, the yield to maturity is %, and the amount
of OID attributable to the short period is not more than $ per
$100,000 of initial Certificate Principal Balance, computed under the exact
method. No representation is made that the Mortgage Loans will prepay at a rate
based on the Basic Prepayment Rate or any other rate.]
[Unless this Certificate is presented by an authorized representative of The
Depository Trust Company, a New York corporation ("DTC"), to the Trustee or its
agent for registration of transfer, exchange, or payment, and any Certificate
issued is registered in the name of Cede & Co. or such other name as is
requested by an authorized representative of DTC (and any payment is made to
Cede & Co. or to such other entity as is requested by an authorized
representative of DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR
OTHERWISE BY OR TO ANY PERSON IS WRONGFUL inasmuch as the registered owner
hereof, Cede & Co., has an interest herein.]
Series 1996-1
Class A-6 Remittance Rate: 7.500%
Portion of the Class A-6
Principal Balance as of the
Cut-Off Date evidenced by this
Certificate
$_________________________
Cut-Off Date: May 1, 1996
First Distribution Date: June 25, 1996
Last Scheduled Distribution Date: June 25, 2026
Class A-6 Principal Balance as of the Cut-Off Date:
$31,152,146.00
____________________
Registered Owner Certificate No. __
A-6-1
<PAGE>
Exhibit A-7
CUSIP 693 48L ES4
MORTGAGE PASS-THROUGH CERTIFICATE
Class A-7
Evidencing an Undivided Interest in certain distributions with respect to a pool
of conventional one- to four-family mortgage loans formed and administered by
PNC MORTGAGE SECURITIES CORP.
This Certificate represents ownership of a "regular interest" in a "real estate
mortgage investment conduit," as those terms are defined in Sections 860G and
860D, respectively, of the Internal Revenue Code of 1986, as amended. The issue
date (the "Issue Date") of this Certificate is May 30, 1996. The rate at which
interest is payable as of the Issue Date with respect to this Certificate is
7.500% per annum.
[Unless this Certificate is presented by an authorized representative of The
Depository Trust Company, a New York corporation ("DTC"), to the Trustee or its
agent for registration of transfer, exchange, or payment, and any Certificate
issued is registered in the name of Cede & Co. or such other name as is
requested by an authorized representative of DTC (and any payment is made to
Cede & Co. or to such other entity as is requested by an authorized
representative of DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR
OTHERWISE BY OR TO ANY PERSON IS WRONGFUL inasmuch as the registered owner
hereof, Cede & Co., has an interest herein.]
Series 1996-1
Class A-7 Remittance Rate: 7.500%
Portion of the Class A-7
Principal Balance as of the
Cut-Off Date evidenced by this
Certificate
$_________________________
Cut-Off Date: May 1, 1996
First Distribution Date: June 25, 1996
Last Scheduled Distribution Date: June 25, 2026
Class A-7 Principal Balance as of the Cut-Off Date:
$11,288,556.00
____________________
Registered Owner Certificate No. __
A-7-1
<PAGE>
Exhibit A-8
CUSIP 693 48L ET2
MORTGAGE PASS-THROUGH CERTIFICATE
Class A-8
Evidencing an Undivided Interest in certain distributions with respect to a pool
of conventional one- to four-family mortgage loans formed and administered by
PNC MORTGAGE SECURITIES CORP.
This Certificate represents ownership of a "regular interest" in a "real estate
mortgage investment conduit," as those terms are defined in Sections 860G and
860D, respectively, of the Internal Revenue Code of 1986, as amended. The issue
date (the "Issue Date") of this Certificate is May 30, 1996. The rate at which
interest is payable as of the Issue Date with respect to this Certificate is
6.000% per annum.
[Unless this Certificate is presented by an authorized representative of The
Depository Trust Company, a New York corporation ("DTC"), to the Trustee or its
agent for registration of transfer, exchange, or payment, and any Certificate
issued is registered in the name of Cede & Co. or such other name as is
requested by an authorized representative of DTC (and any payment is made to
Cede & Co. or to such other entity as is requested by an authorized
representative of DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR
OTHERWISE BY OR TO ANY PERSON IS WRONGFUL inasmuch as the registered owner
hereof, Cede & Co., has an interest herein.]
Series 1996-1
Class A-8 Remittance Rate: 6.000%
Portion of the Class A-8
Principal Balance as of the
Cut-Off Date evidenced by this
Certificate
$_________________________
Cut-Off Date: May 1, 1996
First Distribution Date: June 25, 1996
Last Scheduled Distribution Date: June 25, 2026
Class A-8 Principal Balance as of the Cut-Off Date:
$1,087,000.00
____________________
Registered Owner Certificate No. __
A-8-1
<PAGE>
Exhibit A-9
CUSIP 693 48L EU9
MORTGAGE PASS-THROUGH CERTIFICATE
Class A-9
Evidencing an Undivided Interest in certain distributions with respect to a pool
of conventional one- to four-family mortgage loans formed and administered by
PNC MORTGAGE SECURITIES CORP.
This Certificate represents ownership of a "regular interest" in a "real estate
mortgage investment conduit," as those terms are defined in Sections 860G and
860D, respectively, of the Internal Revenue Code of 1986, as amended. The issue
date (the "Issue Date") of this Certificate is May 30, 1996. The rate at which
interest is payable as of the Issue Date with respect to this Certificate is
7.750% per annum.
[Unless this Certificate is presented by an authorized representative of The
Depository Trust Company, a New York corporation ("DTC"), to the Trustee or its
agent for registration of transfer, exchange, or payment, and any Certificate
issued is registered in the name of Cede & Co. or such other name as is
requested by an authorized representative of DTC (and any payment is made to
Cede & Co. or to such other entity as is requested by an authorized
representative of DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR
OTHERWISE BY OR TO ANY PERSON IS WRONGFUL inasmuch as the registered owner
hereof, Cede & Co., has an interest herein.]
Series 1996-1
Class A-9 Remittance Rate: 7.750%
Portion of the Class A-9
Principal Balance as of the
Cut-Off Date evidenced by this
Certificate
$_________________________
Cut-Off Date: May 1, 1996
First Distribution Date: June 25, 1996
Last Scheduled Distribution Date: June 25, 2026
Class A-9 Principal Balance as of the Cut-Off Date:
$6,522,000.00
____________________
Registered Owner Certificate No. __
A-9-1
<PAGE>
Exhibit A-10
CUSIP 693 48L EV7
MORTGAGE PASS-THROUGH CERTIFICATE
Class A-10
Evidencing an Undivided Interest in certain distributions with respect to a pool
of conventional one- to four-family mortgage loans formed and administered by
PNC MORTGAGE SECURITIES CORP.
This Certificate represents ownership of a "regular interest" in a "real estate
mortgage investment conduit," as those terms are defined in Sections 860G and
860D, respectively, of the Internal Revenue Code of 1986, as amended. The issue
date (the "Issue Date") of this Certificate is May 30, 1996. The rate at which
interest is payable as of the Issue Date with respect to this Certificate is
7.500% per annum. [Assuming that the Mortgage Loans underlying the Certificates
prepay at the prepayment assumption used by the issuer in pricing this
Certificate (I.E., 225% of the Basic Prepayment Assumption as described in the
Prospectus Supplement), this Certificate has been issued with original issue
discount ("OID") of no more than $ per $100,000 of initial
Certificate Principal Balance, the yield to maturity is %, and the amount
of OID attributable to the short period is not more than $ per
$100,000 of initial Certificate Principal Balance, computed under the exact
method. No representation is made that the Mortgage Loans will prepay at a rate
based on the Basic Prepayment Rate or any other rate.]
[Unless this Certificate is presented by an authorized representative of The
Depository Trust Company, a New York corporation ("DTC"), to the Trustee or its
agent for registration of transfer, exchange, or payment, and any Certificate
issued is registered in the name of Cede & Co. or such other name as is
requested by an authorized representative of DTC (and any payment is made to
Cede & Co. or to such other entity as is requested by an authorized
representative of DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR
OTHERWISE BY OR TO ANY PERSON IS WRONGFUL inasmuch as the registered owner
hereof, Cede & Co., has an interest herein.]
Series 1996-1
Class A-10 Remittance Rate:
7.500%
Portion of the Class A-10
Principal Balance as of the
Cut-Off Date evidenced by this
Certificate
$_________________________
Cut-Off Date: May 1, 1996
First Distribution Date: June 25, 1996
Last Scheduled Distribution Date: September 25, 2009
Class A-10 Principal Balance as of the Cut-Off Date:
$3,517,834.00
____________________
Registered Owner Certificate No. __
A-10-1
<PAGE>
Exhibit A-11
CUSIP 693 48L EW5
MORTGAGE PASS-THROUGH CERTIFICATE
Class A-11
Evidencing an Undivided Interest in certain distributions with respect to a pool
of conventional one- to four-family mortgage loans formed and administered by
PNC MORTGAGE SECURITIES CORP.
This Certificate represents ownership of a "regular interest" in a "real estate
mortgage investment conduit," as those terms are defined in Sections 860G and
860D, respectively, of the Internal Revenue Code of 1986, as amended. The issue
date (the "Issue Date") of this Certificate is May 30, 1996. The rate at which
interest is payable as of the Issue Date with respect to this Certificate is
7.500% per annum. [Assuming that the Mortgage Loans underlying the Certificates
prepay at the prepayment assumption used by the issuer in pricing this
Certificate (I.E., 225% of the Basic Prepayment Assumption as described in the
Prospectus Supplement), this Certificate has been issued with original issue
discount ("OID") of no more than $ per $100,000 of initial
Certificate Principal Balance, the yield to maturity is %, and the amount
of OID attributable to the short period is not more than $ per
$100,000 of initial Certificate Principal Balance, computed under the exact
method. No representation is made that the Mortgage Loans will prepay at a rate
based on the Basic Prepayment Rate or any other rate.]
[Unless this Certificate is presented by an authorized representative of The
Depository Trust Company, a New York corporation ("DTC"), to the Trustee or its
agent for registration of transfer, exchange, or payment, and any Certificate
issued is registered in the name of Cede & Co. or such other name as is
requested by an authorized representative of DTC (and any payment is made to
Cede & Co. or to such other entity as is requested by an authorized
representative of DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR
OTHERWISE BY OR TO ANY PERSON IS WRONGFUL inasmuch as the registered owner
hereof, Cede & Co., has an interest herein.]
The Class A-11 Certificates will not receive distributions of interest prior to
the Accretion Termination Date, as described in the Pooling Agreement.
Series 1996-1
Class A-11 Remittance Rate:
7.500%
Portion of the Class A-11
Principal Balance as of the
Cut-Off Date evidenced by this
Certificate
$_________________________
Cut-Off Date: May 1, 1996
First Distribution Date: June 25, 1996
Last Scheduled Distribution Date: June 25, 2026
Class A-11 Principal Balance as of the Cut-Off Date:
$2,077,864.00
____________________
Registered Owner Certificate No. __
A-11-1
<PAGE>
Exhibit A-12
CUSIP 693 48L EX3
MORTGAGE PASS-THROUGH CERTIFICATE
Class A-12
Evidencing an Undivided Interest in certain distributions with respect to a pool
of conventional one- to four-family mortgage loans formed and administered by
PNC MORTGAGE SECURITIES CORP.
This Certificate represents ownership of a "regular interest" in a "real estate
mortgage investment conduit," as those terms are defined in Sections 860G and
860D, respectively, of the Internal Revenue Code of 1986, as amended. The issue
date (the "Issue Date") of this Certificate is May 30, 1996. The rate at which
interest is payable as of the Issue Date with respect to this Certificate is
7.500% per annum.
[Unless this Certificate is presented by an authorized representative of The
Depository Trust Company, a New York corporation ("DTC"), to the Trustee or its
agent for registration of transfer, exchange, or payment, and any Certificate
issued is registered in the name of Cede & Co. or such other name as is
requested by an authorized representative of DTC (and any payment is made to
Cede & Co. or to such other entity as is requested by an authorized
representative of DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR
OTHERWISE BY OR TO ANY PERSON IS WRONGFUL inasmuch as the registered owner
hereof, Cede & Co., has an interest herein.]
Series 1996-1
Class A-12 Remittance Rate:
7.500%
Portion of the Class A-12
Principal Balance as of the
Cut-Off Date evidenced by this
Certificate
$_________________________
Cut-Off Date: May 1, 1996
First Distribution Date: June 25, 1996
Last Scheduled Distribution Date: June 25, 2026
Class A-12 Principal Balance as of the Cut-Off Date:
$2,043,000.00
____________________
Registered Owner Certificate No. __
A-12-1
<PAGE>
Exhibit A-13
CUSIP 693 48L EY1
MORTGAGE PASS-THROUGH CERTIFICATE
Class A-13
Evidencing an Undivided Interest in certain distributions with respect to a pool
of conventional one- to four-family mortgage loans formed and administered by
PNC MORTGAGE SECURITIES CORP.
This Certificate represents ownership of a "regular interest" in a "real estate
mortgage investment conduit," as those terms are defined in Sections 860G and
860D, respectively, of the Internal Revenue Code of 1986, as amended. The issue
date (the "Issue Date") of this Certificate is May 30, 1996. The rate at which
interest is payable as of the Issue Date with respect to this Certificate is
7.500% per annum.
[Unless this Certificate is presented by an authorized representative of The
Depository Trust Company, a New York corporation ("DTC"), to the Trustee or its
agent for registration of transfer, exchange, or payment, and any Certificate
issued is registered in the name of Cede & Co. or such other name as is
requested by an authorized representative of DTC (and any payment is made to
Cede & Co. or to such other entity as is requested by an authorized
representative of DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR
OTHERWISE BY OR TO ANY PERSON IS WRONGFUL inasmuch as the registered owner
hereof, Cede & Co., has an interest herein.]
Series 1996-1
Class A-13 Remittance Rate:
7.500%
Portion of the Class A-13
Principal Balance as of the
Cut-Off Date evidenced by this
Certificate
$_________________________
Cut-Off Date: May 1, 1996
First Distribution Date: June 25, 1996
Last Scheduled Distribution Date: June 25, 2026
Class A-13 Principal Balance as of the Cut-Off Date:
$67,441,870.00
____________________
Registered Owner Certificate No. __
A-13-1
<PAGE>
Exhibit A-14
CUSIP 693 48L EZ8
MORTGAGE PASS-THROUGH CERTIFICATE
Class A-14
Evidencing an Undivided Interest in certain distributions with respect to a pool
of conventional one- to four-family mortgage loans formed and administered by
PNC MORTGAGE SECURITIES CORP.
This Certificate represents ownership of a "regular interest" in a "real estate
mortgage investment conduit," as those terms are defined in Sections 860G and
860D, respectively, of the Internal Revenue Code of 1986, as amended. The issue
date (the "Issue Date") of this Certificate is May 30, 1996. The rate at which
interest is payable as of the Issue Date with respect to this Certificate is
7.500% per annum. [Assuming that the Mortgage Loans underlying the Certificates
prepay at the prepayment assumption used by the issuer in pricing this
Certificate (I.E., 225% of the Basic Prepayment Assumption as described in the
Prospectus Supplement), this Certificate has been issued with original issue
discount ("OID") of no more than $ per $100,000 of initial
Certificate Principal Balance, the yield to maturity is %, and the amount
of OID attributable to the short period is not more than $ per
$100,000 of initial Certificate Principal Balance, computed under the exact
method. No representation is made that the Mortgage Loans will prepay at a rate
based on the Basic Prepayment Rate or any other rate.]
[Unless this Certificate is presented by an authorized representative of The
Depository Trust Company, a New York corporation ("DTC"), to the Trustee or its
agent for registration of transfer, exchange, or payment, and any Certificate
issued is registered in the name of Cede & Co. or such other name as is
requested by an authorized representative of DTC (and any payment is made to
Cede & Co. or to such other entity as is requested by an authorized
representative of DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR
OTHERWISE BY OR TO ANY PERSON IS WRONGFUL inasmuch as the registered owner
hereof, Cede & Co., has an interest herein.]
Series 1996-1
Class A-14 Remittance Rate:
7.500%
Portion of the Class A-14
Principal Balance as of the
Cut-Off Date evidenced by this
Certificate
$_________________________
Cut-Off Date: May 1, 1996
First Distribution Date: June 25, 1996
Last Scheduled Distribution Date: June 25, 2026
Class A-14 Principal Balance as of the Cut-Off Date:
$7,882,052.00
____________________
Registered Owner Certificate No. __
A-14-1
<PAGE>
Exhibit A-15
CUSIP 693 48L FA2
MORTGAGE PASS-THROUGH CERTIFICATE
Class A-15
Evidencing an Undivided Interest in certain distributions with respect to a pool
of conventional one- to four-family mortgage loans formed and administered by
PNC MORTGAGE SECURITIES CORP.
This Certificate represents ownership of a "regular interest" in a "real estate
mortgage investment conduit," as those terms are defined in Sections 860G and
860D, respectively, of the Internal Revenue Code of 1986, as amended. The issue
date (the "Issue Date") of this Certificate is May 30, 1996. The rate at which
interest is payable as of the Issue Date with respect to this Certificate is
7.400% per annum.
[Unless this Certificate is presented by an authorized representative of The
Depository Trust Company, a New York corporation ("DTC"), to the Trustee or its
agent for registration of transfer, exchange, or payment, and any Certificate
issued is registered in the name of Cede & Co. or such other name as is
requested by an authorized representative of DTC (and any payment is made to
Cede & Co. or to such other entity as is requested by an authorized
representative of DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR
OTHERWISE BY OR TO ANY PERSON IS WRONGFUL inasmuch as the registered owner
hereof, Cede & Co., has an interest herein.]
Series 1996-1
Class A-15 Remittance Rate:
7.400%
Portion of the Class A-15
Principal Balance as of the
Cut-Off Date evidenced by this
Certificate
$_________________________
Cut-Off Date: May 1, 1996
First Distribution Date: June 25, 1996
Last Scheduled Distribution Date: June 25, 2026
Class A-15 Principal Balance as of the Cut-Off Date:
$1,735,000.00
____________________
Registered Owner Certificate No. __
A-15-1
<PAGE>
Exhibit A-16
CUSIP 693 48L FB0
MORTGAGE PASS-THROUGH CERTIFICATE
Class A-16
Evidencing an Undivided Interest in certain distributions with respect to a pool
of conventional one- to four-family mortgage loans formed and administered by
PNC MORTGAGE SECURITIES CORP.
This Certificate represents ownership of a "regular interest" in a "real estate
mortgage investment conduit," as those terms are defined in Sections 860G and
860D, respectively, of the Internal Revenue Code of 1986, as amended. The issue
date (the "Issue Date") of this Certificate is May 30, 1996. The rate at which
interest is payable as of the Issue Date with respect to this Certificate is
7.375% per annum.
[Unless this Certificate is presented by an authorized representative of The
Depository Trust Company, a New York corporation ("DTC"), to the Trustee or its
agent for registration of transfer, exchange, or payment, and any Certificate
issued is registered in the name of Cede & Co. or such other name as is
requested by an authorized representative of DTC (and any payment is made to
Cede & Co. or to such other entity as is requested by an authorized
representative of DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR
OTHERWISE BY OR TO ANY PERSON IS WRONGFUL inasmuch as the registered owner
hereof, Cede & Co., has an interest herein.]
Series 1996-1
Class A-16 Remittance Rate:
7.375%
Portion of the Class A-16
Principal Balance as of the
Cut-Off Date evidenced by this
Certificate
$_________________________
Cut-Off Date: May 1, 1996
First Distribution Date: June 25, 1996
Last Scheduled Distribution Date: June 25, 2026
Class A-16 Principal Balance as of the Cut-Off Date:
$2,041,000.00
____________________
Registered Owner Certificate No. __
A-16-1
<PAGE>
Exhibit A-17
CUSIP 693 48L FC8
MORTGAGE PASS-THROUGH CERTIFICATE
Class A-17
Evidencing an Undivided Interest in certain distributions with respect to a pool
of conventional one- to four-family mortgage loans formed and administered by
PNC MORTGAGE SECURITIES CORP.
This Certificate represents ownership of a "regular interest" in a "real estate
mortgage investment conduit," as those terms are defined in Sections 860G and
860D, respectively, of the Internal Revenue Code of 1986, as amended. The issue
date (the "Issue Date") of this Certificate is May 30, 1996. The rate at which
interest is payable as of the Issue Date with respect to this Certificate is
7.440% per annum. [Assuming that the Mortgage Loans underlying the Certificates
prepay at the prepayment assumption used by the issuer in pricing this
Certificate (I.E., 225% of the Basic Prepayment Assumption as described in the
Prospectus Supplement), this Certificate has been issued with original issue
discount ("OID") of no more than $ per $100,000 of initial
Certificate Principal Balance, the yield to maturity is %, and the amount
of OID attributable to the short period is not more than $ per
$100,000 of initial Certificate Principal Balance, computed under the exact
method. No representation is made that the Mortgage Loans will prepay at a rate
based on the Basic Prepayment Rate or any other rate.]
[Unless this Certificate is presented by an authorized representative of The
Depository Trust Company, a New York corporation ("DTC"), to the Trustee or its
agent for registration of transfer, exchange, or payment, and any Certificate
issued is registered in the name of Cede & Co. or such other name as is
requested by an authorized representative of DTC (and any payment is made to
Cede & Co. or to such other entity as is requested by an authorized
representative of DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR
OTHERWISE BY OR TO ANY PERSON IS WRONGFUL inasmuch as the registered owner
hereof, Cede & Co., has an interest herein.]
Series 1996-1
Class A-17 Remittance Rate:
7.440%
Portion of the Class A-17
Principal Balance as of the
Cut-Off Date evidenced by this
Certificate
$_________________________
Cut-Off Date: May 1, 1996
First Distribution Date: June 25, 1996
Last Scheduled Distribution Date: June 25, 2026
Class A-17 Principal Balance as of the Cut-Off Date:
$10,652,000.00
____________________
Registered Owner Certificate No. __
A-17-1
<PAGE>
Exhibit A-18
CUSIP 693 48L FD6
MORTGAGE PASS-THROUGH CERTIFICATE
Class A-18
Evidencing an Undivided Interest in certain distributions with respect to a pool
of conventional one- to four-family mortgage loans formed and administered by
PNC MORTGAGE SECURITIES CORP.
This Certificate represents ownership of a "regular interest" in a "real estate
mortgage investment conduit," as those terms are defined in Sections 860G and
860D, respectively, of the Internal Revenue Code of 1986, as amended. The issue
date (the "Issue Date") of this Certificate is May 30, 1996. The rate at which
interest is payable as of the Issue Date with respect to this Certificate is
7.375% per annum.
[Unless this Certificate is presented by an authorized representative of The
Depository Trust Company, a New York corporation ("DTC"), to the Trustee or its
agent for registration of transfer, exchange, or payment, and any Certificate
issued is registered in the name of Cede & Co. or such other name as is
requested by an authorized representative of DTC (and any payment is made to
Cede & Co. or to such other entity as is requested by an authorized
representative of DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR
OTHERWISE BY OR TO ANY PERSON IS WRONGFUL inasmuch as the registered owner
hereof, Cede & Co., has an interest herein.]
Series 1996-1
Class A-18 Remittance Rate:
7.375%
Portion of the Class A-18
Principal Balance as of the
Cut-Off Date evidenced by this
Certificate
$_________________________
Cut-Off Date: May 1, 1996
First Distribution Date: June 25, 1996
Last Scheduled Distribution Date: June 25, 2026
Class A-18 Principal Balance as of the Cut-Off Date:
$2,707,000.00
____________________
Registered Owner Certificate No. __
A-18-1
<PAGE>
Exhibit A-19
CUSIP 693 48L FF1
MORTGAGE PASS-THROUGH CERTIFICATE
Class P
Evidencing an Undivided Interest in certain distributions with respect to a pool
of conventional one- to four-family mortgage loans formed and administered by
PNC MORTGAGE SECURITIES CORP.
This Certificate represents ownership of a "regular interest" in a "real estate
mortgage investment conduit," as those terms are defined in Sections 860G and
860D, respectively, of the Internal Revenue Code of 1986, as amended. The issue
date (the "Issue Date") of this Certificate is May 30, 1996. Interest is not
payable with respect to this Certificate. [Assuming that the Mortgage Loans
underlying the Certificates prepay at the prepayment assumption used by the
issuer in pricing this Certificate (I.E., 225% of the Basic Prepayment
Assumption as described in the Prospectus Supplement), this Certificate has been
issued with original issue discount ("OID") of no more than $ per
$100,000 of initial Certificate Principal Balance, the yield to maturity is
%, and the amount of OID attributable to the short period is not more than $
per $100,000 of initial Certificate Principal Balance, computed under the
exact method. No representation is made that the Mortgage Loans will prepay at a
rate based on the Basic Prepayment Rate or any other rate.]
Series 1996-1
Class P Remittance Rate: 0.00%
Portion of the Class P Principal
Balance as of the Cut-Off Date
evidenced by this Certificate
$_________________________
Cut-Off Date: May 1, 1996
First Distribution Date: June 25, 1996
Last Scheduled Distribution Date: June 25, 2026
Class P Principal Balance as of the Cut-Off Date:
$7,365,844.05
____________________
Registered Owner Certificate No. __
A-19-1
<PAGE>
Exhibit A-20
CUSIP 693 48L FE4
MORTGAGE PASS-THROUGH CERTIFICATE
Class X
Evidencing an Undivided Interest in certain distributions with respect to a pool
of conventional one- to four-family mortgage loans formed and administered by
PNC MORTGAGE SECURITIES CORP.
This Certificate represents ownership of a "regular interest" in a "real estate
mortgage investment conduit," as those terms are defined in Sections 860G and
860D, respectively, of the Internal Revenue Code of 1986, as amended. The issue
date (the "Issue Date") of this Certificate is May 30, 1996. The rate at which
interest is payable as of the Issue Date with respect to this Certificate is
0.3847% per annum. [Assuming that the Mortgage Loans underlying the Certificates
prepay at the prepayment assumption used by the issuer in pricing this
Certificate (I.E., 225% of the Basic Prepayment Assumption as described in the
Prospectus Supplement), this Certificate has been issued with original issue
discount ("OID") of no more than $ per $100,000 of initial
Certificate Principal Balance, the yield to maturity is %, and the amount
of OID attributable to the short period is not more than $ per
$100,000 of initial Certificate Principal Balance, computed under the exact
method. No representation is made that the Mortgage Loans will prepay at a rate
based on the Basic Prepayment Rate or any other rate.]
[Unless this Certificate is presented by an authorized representative of The
Depository Trust Company, a New York corporation ("DTC"), to the Trustee or its
agent for registration of transfer, exchange, or payment, and any Certificate
issued is registered in the name of Cede & Co. or such other name as is
requested by an authorized representative of DTC (and any payment is made to
Cede & Co. or to such other entity as is requested by an authorized
representative of DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR
OTHERWISE BY OR TO ANY PERSON IS WRONGFUL inasmuch as the registered owner
hereof, Cede & Co., has an interest herein.]
Series 1996-1
Class X Remittance Rate: A per
annum rate equal to the weighted
average (by Mortgage Loan
Principal Balance) of the
Stripped Interest Rates for
Mortgage Loans having Pass-
Through Rates in excess of 7.500%
applied to the Class X Notional
Amount
Undivided Interest evidenced by
this Class X Certificate in the
distributions to be made with
respect to the Class X
Certificates: _____%
Portion of the Class X Notional
Amount as of the Cut-Off Date
evidenced by this Certificate
$_________________
Cut-Off Date: May 1, 1996
First Distribution Date: June 25, 1996
Last Scheduled Distribution Date: June 25, 2026
Class X Principal Balance as of the Cut-Off Date:
$0.00
Class X Notional Amount as of the Cut-Off Date:
$135,386,131.00
____________________
Registered Owner Certificate No. __
A-20-1
<PAGE>
Exhibit A-21
CUSIP 693 48L FG9
MORTGAGE PASS-THROUGH CERTIFICATE
Class B-1
Evidencing an Undivided Interest in certain distributions with respect to a pool
of conventional one- to four-family mortgage loans formed and administered by
PNC MORTGAGE SECURITIES CORP.
This Certificate represents ownership of a "regular interest" in a "real estate
mortgage investment conduit," as those terms are defined in Sections 860G and
860D, respectively, of the Internal Revenue Code of 1986, as amended (the
"Code"). The issue date (the "Issue Date") of this Certificate is May 30, 1996.
The rate at which interest is payable as of the Issue Date with respect to this
Certificate is 7.500% per annum.
IN THE CASE OF ANY CLASS B-1 CERTIFICATE PRESENTED FOR REGISTRATION IN THE
NAME OF AN EMPLOYEE BENEFIT OR OTHER PLAN SUBJECT TO THE PROHIBITED
TRANSACTION PROVISIONS OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF
1974, AS AMENDED ("ERISA"), OR SECTION 4975 OF THE CODE (OR COMPARABLE
PROVISIONS OF ANY SUBSEQUENT ENACTMENTS) (A "PLAN"), A TRUSTEE OF ANY SUCH
PLAN, OR ANY OTHER PERSON WHO IS USING "PLAN ASSETS" OF ANY SUCH PLAN TO
EFFECT SUCH ACQUISITION, THE TRUSTEE SHALL REQUIRE, EXCEPT AS OTHERWISE SET
FORTH IN THE POOLING AGREEMENT, AN OPINION OF COUNSEL ACCEPTABLE TO AND IN
FORM AND SUBSTANCE SATISFACTORY TO THE TRUSTEE AND THE COMPANY TO THE
EFFECT THAT THE PURCHASE OR HOLDING OF A CLASS B-1 CERTIFICATE IS
PERMISSIBLE UNDER APPLICABLE LAW, WILL NOT CONSTITUTE OR RESULT IN A
NON-EXEMPT PROHIBITED TRANSACTION UNDER SECTION 406 OF ERISA OR SECTION
4975 OF THE CODE AND WILL NOT SUBJECT THE TRUSTEE, THE MASTER SERVICER OR
THE COMPANY TO ANY OBLIGATION OR LIABILITY (INCLUDING OBLIGATIONS OR
LIABILITIES UNDER SECTION 406 OF ERISA OR SECTION 4975 OF THE CODE) IN
ADDITION TO THOSE UNDERTAKEN IN THE POOLING AGREEMENT, WHICH OPINION OF
COUNSEL SHALL NOT BE AN EXPENSE OF THE TRUSTEE, THE MASTER SERVICER OR THE
COMPANY.
The Class B-1 Certificates will be subordinate in right of payment to and
provide credit support to certain Classes of Certificates, as described in the
Pooling Agreement.
Series 1996-1
Class B-1 Remittance Rate: 7.500%
Portion of the Class B-1
Principal Balance as of the
Cut-Off Date evidenced by this
Certificate:
$____________________
Cut-Off Date: May 1, 1996
First Distribution Date: June 25,
1996
Last Scheduled Distribution Date:
June 25, 2026
Class B-1 Principal Balance as of
the Cut-Off Date:
$6,597,892.00
____________________
Registered Owner Certificate No. ___
A-21-1
<PAGE>
Exhibit A-22
CUSIP 693 48L FH7
MORTGAGE PASS-THROUGH CERTIFICATE
Class B-2
Evidencing an Undivided Interest in certain distributions with respect to a pool
of conventional one- to four-family mortgage loans formed and administered by
PNC MORTGAGE SECURITIES CORP.
This Certificate represents ownership of a "regular interest" in a "real estate
mortgage investment conduit," as those terms are defined in Sections 860G and
860D, respectively, of the Internal Revenue Code of 1986, as amended (the
"Code"). The issue date (the "Issue Date") of this Certificate is May 30, 1996.
The rate at which interest is payable as of the Issue Date with respect to this
Certificate is 7.500% per annum. [Assuming that the Mortgage Loans underlying
the Certificates prepay at the prepayment assumption used by the issuer in
pricing this Certificate (I.E., 225% of the Basic Prepayment Assumption as
described in the Prospectus Supplement), this Certificate has been issued with
original issue discount ("OID") of no more than $ per $100,000 of
initial Certificate Principal Balance, the yield to maturity is %, and the
amount of OID attributable to the short period is not more than $ per
$100,000 of initial Certificate Principal Balance, computed under the exact
method. No representation is made that the Mortgage Loans will prepay at a rate
based on the Basic Prepayment Rate or any other rate.]
IN THE CASE OF ANY CLASS B-2 CERTIFICATE PRESENTED FOR REGISTRATION IN THE
NAME OF AN EMPLOYEE BENEFIT OR OTHER PLAN SUBJECT TO THE PROHIBITED
TRANSACTION PROVISIONS OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF
1974, AS AMENDED ("ERISA"), OR SECTION 4975 OF THE CODE (OR COMPARABLE
PROVISIONS OF ANY SUBSEQUENT ENACTMENTS) (A "PLAN"), A TRUSTEE OF ANY SUCH
PLAN, OR ANY OTHER PERSON WHO IS USING "PLAN ASSETS" OF ANY SUCH PLAN TO
EFFECT SUCH ACQUISITION, THE TRUSTEE SHALL REQUIRE, EXCEPT AS OTHERWISE SET
FORTH IN THE POOLING AGREEMENT, AN OPINION OF COUNSEL ACCEPTABLE TO AND IN
FORM AND SUBSTANCE SATISFACTORY TO THE TRUSTEE AND THE COMPANY TO THE
EFFECT THAT THE PURCHASE OR HOLDING OF A CLASS B-2 CERTIFICATE IS
PERMISSIBLE UNDER APPLICABLE LAW, WILL NOT CONSTITUTE OR RESULT IN A
NON-EXEMPT PROHIBITED TRANSACTION UNDER SECTION 406 OF ERISA OR SECTION
4975 OF THE CODE AND WILL NOT SUBJECT THE TRUSTEE, THE MASTER SERVICER OR
THE COMPANY TO ANY OBLIGATION OR LIABILITY (INCLUDING OBLIGATIONS OR
LIABILITIES UNDER SECTION 406 OF ERISA OR SECTION 4975 OF THE CODE) IN
ADDITION TO THOSE UNDERTAKEN IN THE POOLING AGREEMENT, WHICH OPINION OF
COUNSEL SHALL NOT BE AN EXPENSE OF THE TRUSTEE, THE MASTER SERVICER OR THE
COMPANY.
The Class B-2 Certificates will be subordinate in right of payment to and
provide credit support to certain Classes of Certificates, as described in the
Pooling Agreement.
Series 1996-1
Class B-2 Remittance Rate: 7.500%
Portion of the Class B-2
Principal Balance as of the
Cut-Off Date evidenced by this
Certificate:
$____________________
Cut-Off Date: May 1, 1996
First Distribution Date: June 25, 1996
Last Scheduled Distribution Date: June 25, 2026
Class B-2 Principal Balance as of the Cut-Off Date:
$4,948,419.00
____________________
Registered Owner Certificate No. ___
A-22-1
<PAGE>
Exhibit A-23
CUSIP 693 48L FJ3
MORTGAGE PASS-THROUGH CERTIFICATE
Class B-3
Evidencing an Undivided Interest in certain distributions with respect to a pool
of conventional one- to four-family mortgage loans formed and administered by
PNC MORTGAGE SECURITIES CORP.
This Certificate represents ownership of a "regular interest" in a "real estate
mortgage investment conduit," as those terms are defined in Sections 860G and
860D, respectively, of the Internal Revenue Code of 1986, as amended (the
"Code"). The issue date (the "Issue Date") of this Certificate is May 30, 1996.
The rate at which interest is payable as of the Issue Date with respect to this
Certificate is 7.500% per annum. [Assuming that the Mortgage Loans underlying
the Certificates prepay at the prepayment assumption used by the issuer in
pricing this Certificate (I.E., 225% of the Basic Prepayment Assumption as
described in the Prospectus Supplement), this Certificate has been issued with
original issue discount ("OID") of no more than $ per $100,000 of
initial Certificate Principal Balance, the yield to maturity is %, and the
amount of OID attributable to the short period is not more than $ per
$100,000 of initial Certificate Principal Balance, computed under the exact
method. No representation is made that the Mortgage Loans will prepay at a rate
based on the Basic Prepayment Rate or any other rate.]
IN THE CASE OF ANY CLASS B-3 CERTIFICATE PRESENTED FOR REGISTRATION IN THE
NAME OF AN EMPLOYEE BENEFIT OR OTHER PLAN SUBJECT TO THE PROHIBITED
TRANSACTION PROVISIONS OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF
1974, AS AMENDED ("ERISA"), OR SECTION 4975 OF THE CODE (OR COMPARABLE
PROVISIONS OF ANY SUBSEQUENT ENACTMENTS) (A "PLAN"), A TRUSTEE OF ANY SUCH
PLAN, OR ANY OTHER PERSON WHO IS USING "PLAN ASSETS" OF ANY SUCH PLAN TO
EFFECT SUCH ACQUISITION, THE TRUSTEE SHALL REQUIRE, EXCEPT AS OTHERWISE SET
FORTH IN THE POOLING AGREEMENT, AN OPINION OF COUNSEL ACCEPTABLE TO AND IN
FORM AND SUBSTANCE SATISFACTORY TO THE TRUSTEE AND THE COMPANY TO THE
EFFECT THAT THE PURCHASE OR HOLDING OF A CLASS B-3 CERTIFICATE IS
PERMISSIBLE UNDER APPLICABLE LAW, WILL NOT CONSTITUTE OR RESULT IN A
NON-EXEMPT PROHIBITED TRANSACTION UNDER SECTION 406 OF ERISA OR SECTION
4975 OF THE CODE AND WILL NOT SUBJECT THE TRUSTEE, THE MASTER SERVICER OR
THE COMPANY TO ANY OBLIGATION OR LIABILITY (INCLUDING OBLIGATIONS OR
LIABILITIES UNDER SECTION 406 OF ERISA OR SECTION 4975 OF THE CODE) IN
ADDITION TO THOSE UNDERTAKEN IN THE POOLING AGREEMENT, WHICH OPINION OF
COUNSEL SHALL NOT BE AN EXPENSE OF THE TRUSTEE, THE MASTER SERVICER OR THE
COMPANY.
The Class B-3 Certificates will be subordinate in right of payment to and
provide credit support to certain Classes of Certificates, as described in the
Pooling Agreement.
Series 1996-1
Class B-3 Remittance Rate: 7.500%
Portion of the Class B-3
Principal Balance as of the
Cut-Off Date evidenced by this
Certificate:
$____________________
Cut-Off Date: May 1, 1996
First Distribution Date: June 25, 1996
Last Scheduled Distribution Date: June 25, 2026
Class B-3 Principal Balance as of the Cut-Off Date:
$2,804,105.00
____________________
Registered Owner Certificate No. ___
A-23-1
<PAGE>
Exhibit A-24
CUSIP 693 48L FL8
MORTGAGE PASS-THROUGH CERTIFICATE
Class B-4
Evidencing an Undivided Interest in certain distributions with respect to a pool
of conventional one- to four-family mortgage loans formed and administered by
PNC MORTGAGE SECURITIES CORP.
This Certificate represents ownership of a "regular interest" in a "real estate
mortgage investment conduit," as those terms are defined in Sections 860G and
860D, respectively, of the Internal Revenue Code of 1986, as amended (the
"Code"). The issue date (the "Date") of this Certificate is May 30, 1996. The
rate at which interest is payable as of the Issue Date with respect to this
Certificate is 7.500% per annum. [Assuming that the Mortgage Loans underlying
the Certificates prepay at the prepayment assumption used by the issuer in
pricing this Certificate (I.E., 225% of the Basic Prepayment Assumption as
described in the Prospectus Supplement), this Certificate has been issued with
original issue discount ("OID") of no more than $ per $100,000 of
initial Certificate Principal Balance, the yield to maturity is %, and the
amount of OID attributable to the short period is not more than $ per
$100,000 of initial Certificate Principal Balance, computed under the exact
method. No representation is made that the Mortgage Loans will prepay at a rate
based on the Basic Prepayment Rate or any other rate.]
THE SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER
THE SECURITIES ACT OF 1933. THESE SECURITIES MAY NOT BE OFFERED, SOLD,
TRANSFERRED, PLEDGED OR HYPOTHECATED IN THE ABSENCE OF REGISTRATION OR THE
AVAILABILITY OF AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT OF 1933
AND EXCEPT IN ACCORDANCE WITH SECTION 5.01(e) OR SECTION 5.01(f) OF THE POOLING
AGREEMENT. IN ADDITION, IN THE CASE OF ANY CLASS B-4 CERTIFICATE PRESENTED FOR
REGISTRATION IN THE NAME OF AN EMPLOYEE BENEFIT OR OTHER PLAN SUBJECT TO THE
PROHIBITED TRANSACTION PROVISIONS OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT
OF 1974, AS AMENDED ("ERISA"), OR SECTION 4975 OF THE CODE (OR COMPARABLE
PROVISIONS OF ANY SUBSEQUENT ENACTMENTS) (A "PLAN"), A TRUSTEE OF ANY SUCH PLAN,
OR ANY OTHER PERSON WHO IS USING "PLAN ASSETS" OF ANY SUCH PLAN TO EFFECT SUCH
ACQUISITION, THE TRUSTEE SHALL REQUIRE, EXCEPT AS OTHERWISE SET FORTH IN THE
POOLING AGREEMENT, AN OPINION OF COUNSEL ACCEPTABLE TO AND IN FORM AND SUBSTANCE
SATISFACTORY TO THE TRUSTEE AND THE COMPANY TO THE EFFECT THAT THE PURCHASE OR
HOLDING OF A CLASS B-4 CERTIFICATE IS PERMISSIBLE UNDER APPLICABLE LAW, WILL NOT
CONSTITUTE OR RESULT IN A NON-EXEMPT PROHIBITED TRANSACTION UNDER SECTION 406 OF
ERISA OR SECTION 4975 OF THE CODE AND WILL NOT SUBJECT THE TRUSTEE, THE MASTER
SERVICER OR THE COMPANY TO ANY OBLIGATION OR LIABILITY (INCLUDING OBLIGATIONS OR
LIABILITIES UNDER SECTION 406 OF ERISA OR SECTION 4975 OF THE CODE) IN ADDITION
TO THOSE UNDERTAKEN IN THE POOLING AGREEMENT, WHICH OPINION OF COUNSEL SHALL NOT
BE AN EXPENSE OF THE TRUSTEE, THE MASTER SERVICER OR THE COMPANY.
The Class B-4 Certificates will be subordinate in right of payment to and
provide credit support to certain Classes of Certificates, as described in the
Pooling Agreement.
Series 1996-1
Class B-4 Remittance Rate: 7.500%
Portion of the Class B-4
Principal Balance as of the
Cut-Off Date evidenced by this
Certificate:
$____________________
Cut-Off Date: May 1, 1996
First Distribution Date: June 25, 1996
Last Scheduled Distribution Date: June 25, 2026
Class B-4 Principal Balance as of the Cut-Off Date:
$1,814,420.00
____________________
Registered Owner Certificate No. ___
A-24-1
<PAGE>
Exhibit A-25
CUSIP 693 48L FM6
MORTGAGE PASS-THROUGH CERTIFICATE
Class B-5
Evidencing an Undivided Interest in certain distributions with respect to a pool
of conventional one- to four-family mortgage loans formed and administered by
PNC MORTGAGE SECURITIES CORP.
This Certificate represents ownership of a "regular interest" in a "real estate
mortgage investment conduit," as those terms are defined in Sections 860G and
860D, respectively, of the Internal Revenue Code of 1986, as amended (the
"Code"). The issue date (the "Issue Date") of this Certificate is May 30, 1996.
The rate at which interest is payable as of the Issue Date with respect to this
Certificate is 7.500% per annum. [Assuming that the Mortgage Loans underlying
the Certificates prepay at the prepayment assumption used by the issuer in
pricing this Certificate (I.E., 225% of the Basic Prepayment Assumption as
described in the Prospectus Supplement), this Certificate has been issued with
original issue discount ("OID") of no more than $ per $100,000 of
initial Certificate Principal Balance, the yield to maturity is %, and the
amount of OID attributable to the short period is not more than $ per
$100,000 of initial Certificate Principal Balance, computed under the exact
method. No representation is made that the Mortgage Loans will prepay at a rate
based on the Basic Prepayment Rate or any other rate.]
THE SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER
THE SECURITIES ACT OF 1933. THESE SECURITIES MAY NOT BE OFFERED, SOLD,
TRANSFERRED, PLEDGED OR HYPOTHECATED IN THE ABSENCE OF REGISTRATION OR THE
AVAILABILITY OF AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT OF 1933
AND EXCEPT IN ACCORDANCE WITH SECTION 5.01(e) OR SECTION 5.01(f) OF THE POOLING
AGREEMENT. IN ADDITION, IN THE CASE OF ANY CLASS B-5 CERTIFICATE PRESENTED FOR
REGISTRATION IN THE NAME OF AN EMPLOYEE BENEFIT OR OTHER PLAN SUBJECT TO THE
PROHIBITED TRANSACTION PROVISIONS OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT
OF 1974, AS AMENDED ("ERISA"), OR SECTION 4975 OF THE CODE (OR COMPARABLE
PROVISIONS OF ANY SUBSEQUENT ENACTMENTS) (A "PLAN"), A TRUSTEE OF ANY SUCH PLAN,
OR ANY OTHER PERSON WHO IS USING "PLAN ASSETS" OF ANY SUCH PLAN TO EFFECT SUCH
ACQUISITION, THE TRUSTEE SHALL REQUIRE, EXCEPT AS OTHERWISE SET FORTH IN THE
POOLING AGREEMENT, AN OPINION OF COUNSEL ACCEPTABLE TO AND IN FORM AND SUBSTANCE
SATISFACTORY TO THE TRUSTEE AND THE COMPANY TO THE EFFECT THAT THE PURCHASE OR
HOLDING OF A CLASS B-5 CERTIFICATE IS PERMISSIBLE UNDER APPLICABLE LAW, WILL NOT
CONSTITUTE OR RESULT IN A NON-EXEMPT PROHIBITED TRANSACTION UNDER SECTION 406 OF
ERISA OR SECTION 4975 OF THE CODE AND WILL NOT SUBJECT THE TRUSTEE, THE MASTER
SERVICER OR THE COMPANY TO ANY OBLIGATION OR LIABILITY (INCLUDING OBLIGATIONS OR
LIABILITIES UNDER SECTION 406 OF ERISA OR SECTION 4975 OF THE CODE) IN ADDITION
TO THOSE UNDERTAKEN IN THE POOLING AGREEMENT, WHICH OPINION OF COUNSEL SHALL NOT
BE AN EXPENSE OF THE TRUSTEE, THE MASTER SERVICER OR THE COMPANY.
The Class B-5 Certificates will be subordinate in right of payment to and
provide credit support to certain Classes of Certificates, as described in the
Pooling Agreement.
Series 1996-1
Class B-5 Remittance Rate: 7.500%
Portion of the Class B-5
Principal Balance as of the
Cut-Off Date evidenced by this
Certificate:
$____________________
Cut-Off Date: May 1, 1996
First Distribution Date: June 25, 1996
Last Scheduled Distribution Date: June 25, 2026
Class B-5 Principal Balance as of the Cut-Off Date:
$659,789.00
____________________
Registered Owner Certificate No. ___
A-25-1
<PAGE>
Exhibit A-26
CUSIP 693 48L FN4
MORTGAGE PASS-THROUGH CERTIFICATE
Class B-6
Evidencing an Undivided Interest in certain distributions with respect to a pool
of conventional one- to four-family mortgage loans formed and administered by
PNC MORTGAGE SECURITIES CORP.
This Certificate represents ownership of a "regular interest" in a "real estate
mortgage investment conduit," as those terms are defined in Sections 860G and
860D, respectively, of the Internal Revenue Code of 1986, as amended (the
"Code"). The issue date (the "Issue Date") of this Certificate is May 30, 1996.
The rate at which interest is payable as of the Issue Date with respect to this
Certificate is 7.500% per annum. [Assuming that the Mortgage Loans underlying
the Certificates prepay at the prepayment assumption used by the issuer in
pricing this Certificate (I.E., 225% of the Basic Prepayment Assumption as
described in the Prospectus Supplement), this Certificate has been issued with
original issue discount ("OID") of no more than $ per $100,000 of
initial Certificate Principal Balance, the yield to maturity is %, and the
amount of OID attributable to the short period is not more than $ per
$100,000 of initial Certificate Principal Balance, computed under the exact
method. No representation is made that the Mortgage Loans will prepay at a rate
based on the Basic Prepayment Rate or any other rate.]
THE SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER
THE SECURITIES ACT OF 1933. THESE SECURITIES MAY NOT BE OFFERED, SOLD,
TRANSFERRED, PLEDGED OR HYPOTHECATED IN THE ABSENCE OF REGISTRATION OR THE
AVAILABILITY OF AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT OF 1933
AND EXCEPT IN ACCORDANCE WITH SECTION 5.01(e) OR SECTION 5.01(f) OF THE POOLING
AGREEMENT. IN ADDITION, IN THE CASE OF ANY CLASS B-6 CERTIFICATE PRESENTED FOR
REGISTRATION IN THE NAME OF AN EMPLOYEE BENEFIT OR OTHER PLAN SUBJECT TO THE
PROHIBITED TRANSACTION PROVISIONS OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT
OF 1974, AS AMENDED ("ERISA"), OR SECTION 4975 OF THE CODE (OR COMPARABLE
PROVISIONS OF ANY SUBSEQUENT ENACTMENTS) (A "PLAN"), A TRUSTEE OF ANY SUCH PLAN,
OR ANY OTHER PERSON WHO IS USING "PLAN ASSETS" OF ANY SUCH PLAN TO EFFECT SUCH
ACQUISITION, THE TRUSTEE SHALL REQUIRE, EXCEPT AS OTHERWISE SET FORTH IN THE
POOLING AGREEMENT, AN OPINION OF COUNSEL ACCEPTABLE TO AND IN FORM AND SUBSTANCE
SATISFACTORY TO THE TRUSTEE AND THE COMPANY TO THE EFFECT THAT THE PURCHASE OR
HOLDING OF A CLASS B-6 CERTIFICATE IS PERMISSIBLE UNDER APPLICABLE LAW, WILL NOT
CONSTITUTE OR RESULT IN A NON-EXEMPT PROHIBITED TRANSACTION UNDER SECTION 406 OF
ERISA OR SECTION 4975 OF THE CODE AND WILL NOT SUBJECT THE TRUSTEE, THE MASTER
SERVICER OR THE COMPANY TO ANY OBLIGATION OR LIABILITY (INCLUDING OBLIGATIONS OR
LIABILITIES UNDER SECTION 406 OF ERISA OR SECTION 4975 OF THE CODE) IN ADDITION
TO THOSE UNDERTAKEN IN THE POOLING AGREEMENT, WHICH OPINION OF COUNSEL SHALL NOT
BE AN EXPENSE OF THE TRUSTEE, THE MASTER SERVICER OR THE COMPANY.
The Class B-6 Certificates will be subordinate in right of payment to and
provide credit support to certain Classes of Certificates, as described in the
Pooling Agreement.
Series 1996-1
Class B-6 Remittance Rate: 7.500%
Portion of the Class B-6
Principal Balance as of the
Cut-Off Date evidenced by this
Certificate:
$____________________
Cut-Off Date: May 1, 1996
First Distribution Date: June 25, 1996
Last Scheduled Distribution Date: June 25, 2026
Class B-6 Principal Balance as of the Cut-Off Date:
$1,319,578.99
____________________
Registered Owner Certificate No. ___
A-26-1
<PAGE>
Exhibit B
CUSIP 693 48L FK0
MORTGAGE PASS-THROUGH CERTIFICATE
Class R
Evidencing an Undivided Interest in certain distributions with respect to a pool
of conventional one- to four-family mortgage loans formed and administered by
PNC MORTGAGE SECURITIES CORP.
ANY RESALE, TRANSFER OR OTHER DISPOSITION OF THIS CERTIFICATE MAY BE MADE ONLY
IF THE PROPOSED TRANSFEREE PROVIDES A TRANSFER AFFIDAVIT TO THE COMPANY AND THE
CERTIFICATE REGISTRAR THAT (1) SUCH TRANSFEREE IS NOT EITHER (A) THE UNITED
STATES, ANY STATE OR POLITICAL SUBDIVISION THEREOF, ANY FOREIGN GOVERNMENT, ANY
INTERNATIONAL ORGANIZATION, OR ANY AGENCY OR INSTRUMENTALITY OF ANY OF THE
FOREGOING, (B) ANY ORGANIZATION (OTHER THAN A COOPERATIVE DESCRIBED IN SECTION
521 OF THE CODE) WHICH IS EXEMPT FROM THE TAX IMPOSED BY CHAPTER 1 OF THE CODE
UNLESS SUCH ORGANIZATION IS SUBJECT TO THE TAX IMPOSED BY SECTION 511 OF THE
CODE, (C) ANY ORGANIZATION DESCRIBED IN SECTION 1381(a)(2)(C) OF THE CODE (ANY
SUCH PERSON DESCRIBED IN THE FOREGOING CLAUSES (A), (B), OR (C) BEING
HEREINAFTER REFERRED TO AS A "DISQUALIFIED ORGANIZATION"), OR (D) AN AGENT OF A
DISQUALIFIED ORGANIZATION AND (2) NO PURPOSE OF SUCH TRANSFER IS TO ENABLE THE
TRANSFEROR TO IMPEDE THE ASSESSMENT OR COLLECTION OF TAX. SUCH AFFIDAVIT SHALL
INCLUDE CERTAIN REPRESENTATIONS AS TO THE FINANCIAL CONDITION OF THE PROPOSED
TRANSFEREE. NOTWITHSTANDING THE REGISTRATION IN THE CERTIFICATE REGISTER OF ANY
TRANSFER, SALE OR OTHER DISPOSITION OF THIS CLASS R CERTIFICATE TO A
DISQUALIFIED ORGANIZATION OR AN AGENT OF A DISQUALIFIED ORGANIZATION, SUCH
REGISTRATION SHALL BE DEEMED TO BE OF NO LEGAL FORCE OR EFFECT WHATSOEVER AND
SUCH PERSON SHALL NOT BE DEEMED TO BE A CERTIFICATEHOLDER FOR ANY PURPOSE
HEREUNDER, INCLUDING, BUT NOT LIMITED TO, THE RECEIPT OF DISTRIBUTIONS ON THIS
CERTIFICATE. EACH HOLDER OF THE CLASS R CERTIFICATE BY ACCEPTANCE OF THIS
CERTIFICATE SHALL BE DEEMED TO HAVE CONSENTED TO THE PROVISIONS OF THIS
PARAGRAPH.
IN THE CASE OF ANY CLASS R CERTIFICATE PRESENTED FOR REGISTRATION IN THE NAME OF
AN EMPLOYEE BENEFIT OR OTHER PLAN SUBJECT TO THE FIDUCIARY RESPONSIBILITY
PROVISIONS OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED
("ERISA"), OR SECTION 4975 OF THE CODE (OR COMPARABLE PROVISIONS OF ANY
SUBSEQUENT ENACTMENTS) (A "PLAN"), OR A TRUSTEE OF ANY SUCH PLAN, OR ANY OTHER
PERSON WHO IS USING "PLAN ASSETS" OF ANY SUCH PLAN TO EFFECT SUCH ACQUISITION,
THE TRUSTEE SHALL REQUIRE, EXCEPT AS OTHERWISE SET FORTH IN THE POOLING
AGREEMENT, AN OPINION OF COUNSEL ACCEPTABLE TO AND IN FORM AND SUBSTANCE
SATISFACTORY TO THE TRUSTEE AND THE COMPANY TO THE EFFECT THAT THE PURCHASE OR
HOLDING OF A CLASS R CERTIFICATE IS PERMISSIBLE UNDER APPLICABLE LAW, WILL NOT
CONSTITUTE OR RESULT IN A NON-EXEMPT PROHIBITED TRANSACTION WITHIN THE MEANING
OF SECTION 406 OF ERISA OR SECTION 4975 OF THE CODE AND WILL NOT SUBJECT THE
TRUSTEE, THE MASTER SERVICER OR THE COMPANY TO ANY OBLIGATION OR LIABILITY
(INCLUDING OBLIGATIONS OR LIABILITIES UNDER SECTION 406 OF ERISA OR SECTION 4975
OF THE CODE) IN ADDITION TO THOSE UNDERTAKEN IN THE POOLING AGREEMENT, WHICH
OPINION OF COUNSEL SHALL NOT BE AN EXPENSE OF THE TRUSTEE, THE MASTER SERVICER
OR THE COMPANY.
Solely for U.S. federal income tax purposes, this Certificate represents a
"residual interest" in a "real estate mortgage investment conduit," as those
terms are defined in Sections 860G and 860D, respectively, of the Internal
Revenue Code of 1986, as amended.
Series 1996-1
Class R Remittance Rate: 7.500%.
Additionally, the Class R
Certificates are entitled to the
Excess Liquidation Proceeds and
the Residual Distribution Amount
as defined in the Pooling
Agreement.
Cut-Off Date: May 1, 1996
First Distribution Date: June 25,
1996
Last Scheduled Distribution Date:
June 25, 2026
Class R Principal Balance as of
the Cut-Off Date: $100.00
Undivided Interest evidenced by
this Class R Certificate in the
distributions to be made with
respect to the Class R
Certificate: ____%
Registered Owner Certificate No. ___
B-1
<PAGE>
Exhibit C
SCHEDULE OF CERTAIN MORTGAGE LOANS WITH
GROUP PRIMARY INSURANCE POLICIES
The following 16 Mortgage Loans identified by the respective loan numbers
assigned thereto and stated in the Schedule of Mortgage Loans:
600051653
600051654
600051655
600051656
600051657
600051658
600051659
600051660
600051661
600051662
600051663
600051664
600051665
600051666
600051667
600051668
C-1
<PAGE>
(vlegal.ace v1.4) Page 1 EXHIBIT D
RUN DATE: 05/28/1996 PNC MORTGAGE SECURITIES CORP.
TIME: 17:15:32 LEGAL LOAN LISTING
REQUESTED STATUS AS OF 05/01/1996
POOL NUMBER: 1380 POOL NAME: 1996-1 DLJ
<TABLE>
<CAPTION>
SCHEDULED
LOAN # BORROWER STREET ADDRESS CITY STATE ZIP BALANCE
------ -------------------- -------------------- --------------- ----- ----- -----------
<S> <C> <C> <C> <C> <C> <C>
300095242 HINES, R 51 WOODHAVEN ST WATERBURY CT 06708 $52,584.58
500025193 NEALE,GEORGE & K&BURLIN, 452 HIGHLAND AVENUE SAN MATEO CA 94401 $383,453.24
500057722 NINO,ROBERT H 9018 MORRISON AVENUE PLYMOUTH MI 48170 $107,121.98
500057910 RENFROE,FRED H 3138 N. SHADOWBROOK LANE OAK HARBOR WA 98277 $221,788.87
500058291 RADICH,ALEX 3012 FRANKLIN CORNER LANEHERNDON VA 22071 $245,607.92
500058296 STRAW,JAMES B 112 SPRUCE STREET PHILADELPHIA PA 19106 $421,990.65
500058302 GIPSON,HAYWARD R JR 73 MORNINGSIDE DRIVE SOUTWESTPORT CT 06880 $992,176.56
500058369 LIBRACH,RONALD SCOTT 23 LYLE AVENUE WAYNE NJ 07470 $236,511.39
500058463 TURNER,PAUL G 42 OWENO ROAD MAHWAH TOWNSHIP NJ 07430 $314,023.45
500058489 BLACK,KEVIN J 303 MOUNTAIN AVENUE TOWN OF WESTFIE NJ 07090 $357,572.05
500058553 KOZLOWSKI,BEVERLY J 26033 CALHOUN AVE. ANTIOCH IL 60002 $235,949.35
500058844 ADELMANN,BARON 12748 NORTH 78TH STREET SCOTTSDALE AZ 85260 $231,128.44
500058893 PARK,PATSY J 505 3RD STREET PALISADES PARK NJ 07650 $294,339.70
500058899 TOWNS,FREDERICK K 21 NORTHWOODS ROAD OCEAN TWP. NJ 07712 $243,960.79
<CAPTION>
INTEREST LNDR NET MGMT PC SCHEDULED
LOAN # BORROWER RATE FEE RATE FEE RATE MATURITY
------ -------------------- -------- ----- ------ ----- ------ --------
<S> <C> <C> <C> <C> <C> <C> <C>
300095242 HINES, R 8.575 .375 8.200 .0500 8.150 08/01/2013
500025193 NEALE,GEORGE & K &BURLIN, 9.000 .750 8.250 .0500 8.200 11/01/2019
500057722 NINO,ROBERT H 10.125 .250 9.875 .0500 9.825 12/01/2024
500057910 RENFROE,FRED H 9.000 .150 8.850 .1000 8.750 03/01/2025
500058291 RADICH,ALEX 8.125 .150 7.975 .1000 7.875 06/01/2025
500058296 STRAW,JAMES B 8.375 .150 8.225 .1000 8.125 06/01/2025
500058302 GIPSON,HAYWARD R JR 7.875 .150 7.725 .1000 7.625 06/01/2025
500058369 LIBRACH,RONALD SCOTT 8.500 .150 8.350 .1000 8.250 07/01/2025
500058463 TURNER,PAUL G 8.500 .150 8.350 .1000 8.250 07/01/2025
500058489 BLACK,KEVIN J 8.125 .150 7.975 .1000 7.875 07/01/2025
500058553 KOZLOWSKI,BEVERLY J 8.375 .150 8.225 .1000 8.125 07/01/2025
500058844 ADELMANN,BARON 8.250 .150 8.100 .1000 8.000 08/01/2025
500058893 PARK,PATSY J 8.500 .150 8.350 .1000 8.250 08/01/2025
500058899 TOWNS,FREDERICK K 7.375 .150 7.225 .1000 7.125 08/01/2025
<CAPTION>
MI INTEREST LOAN
LOAN # BORROWER S/S LOAN # P & I PMT CO PAID-TO TERM
------ -------------------- ---------- --------- --- --------- ----
<S> <C> <C> <C> <C> <C> <C>
300095242 HINES, R 091113329 $487.38 05/01/1996 300
500025193 NEALE,GEORGE & K &BURLIN, 2240604 $3,273.98 1 05/01/1996 360
500057722 NINO,ROBERT H 525337833 $980.83 1 05/01/1996 360
500057910 RENFROE,FRED H 090376370 $1,802.35 05/01/1996 360
500058291 RADICH,ALEX 090370999 $1,837.31 05/01/1996 360
500058296 STRAW,JAMES B 091813324 $3,230.31 05/01/1996 360
500058302 GIPSON,HAYWARD R JR 091811059 $7,250.69 05/01/1996 360
500058369 LIBRACH,RONALD SCOTT 091810660 $1,830.01 2 05/01/1996 360
500058463 TURNER,PAUL G 091805984 $2,429.77 05/01/1996 360
500058489 BLACK,KEVIN J 091826254 $2,672.99 12 05/01/1996 360
500058553 KOZLOWSKI,BEVERLY J 091820194 $1,805.17 12 05/01/1996 360
500058844 ADELMANN,BARON 091821840 $1,746.69 05/01/1996 360
500058893 PARK,PATSY J 091825391 $2,275.98 05/01/1996 360
500058899 TOWNS,FREDERICK K 091829483 $1,699.06 12 05/01/1996 360
<CAPTION>
PER LIFE LIFE GROSS NET CERT. PROP BUYDOWN
LOAN # BORROWER CAP FLOOR CAP MARGIN MARGIN MARGIN VALUE TYPE
------ -------------------- ---- ----- ---- ------ ------ ------ ----- ------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
300095242 HINES, R .00 .00 .00 .000 .375 .425 $180,000.00 N
500025193 NEALE,GEORGE & K &BURLIN, .00 .00 .00 .000 .750 .800 $459,000.00 N
500057722 NINO,ROBERT H $122,900.00 N
500057910 RENFROE,FRED H .00 .00 .00 .000 .150 .250 $420,000.00 N
500058291 RADICH,ALEX .00 .00 .00 .000 .150 .250 $329,960.00 N
500058296 STRAW,JAMES B .00 .00 .00 .000 .150 .250 $734,000.00 N
500058302 GIPSON,HAYWARD R JR .00 .00 .00 .000 .150 .250 $1,550,000.00 N
500058369 LIBRACH,RONALD SCOTT .00 .00 .00 .000 .150 .250 $265,000.00 N
500058463 TURNER,PAUL G .00 .00 .00 .000 .150 .250 $395,000.00 N
500058489 BLACK,KEVIN J .00 .00 .00 .000 .150 .250 $400,000.00 N
500058553 KOZLOWSKI,BEVERLY J .00 .00 .00 .000 .150 .250 $250,000.00 N
500058844 ADELMANN,BARON .00 .00 .00 .000 .150 .250 $315,000.00 N
500058893 PARK,PATSY J .00 .00 .00 .000 .150 .250 $370,000.00 N
500058899 TOWNS,FREDERICK K .00 .00 .00 .000 .150 .250 $275,500.00 N
</TABLE>
<PAGE>
(vlegal.ace v1.4) Page 2
RUN DATE: 05/28/1996 PNC MORTGAGE SECURITIES CORP.
TIME: 17:15:32 LEGAL LOAN LISTING
REQUESTED STATUS AS OF 05/01/1996
POOL NUMBER: 1380 POOL NAME: 1996-1 DLJ
<TABLE>
<CAPTION>
SCHEDULED
LOAN # BORROWER STREET ADDRESS CITY STATE ZIP BALANCE
------ -------------------- -------------------- --------------- ----- ----- -----------
<S> <C> <C> <C> <C> <C> <C>
500059005 BRINK,NANCY 10960 RHODA WAY CULVER CITY CA 90230 $232,685.91
500059031 SCHUMACHER,MAX & SCARLETT 6809 IRIS CIRCLE LOS ANGELES CA 90068 $277,254.89
500059046 WILKINSON,NINALA 14300 HOLLYHOCK WAY BURTONSVILLE MO 20865 $259,851.11
500059142 WILKEY,WILLIAM H & KATHLE 7803 PREAKNESS LANE FAIRFAX STATION VA 22039 $353,480.07
500059183 FALK,WILLIAM R 14 GUINEVERE CIRCLE SHREWSBURY MA 01545 $266,236.45
500059190 KAPLAN,LAWRENCE C 8 BRYCEWOOD DRIVE DIX HILLS NY 11746 $216,866.93
500059191 DIFILIPPO,VINCENT&DEBRA 4 MONT AVENUE DIX HILLS NY 11746 $253,337.66
500059250 ELKORT,DONALD S & SHEILA 1793 SAINT ANDREWS PLACE THOUSAND OAKS CA 91362 $324,171.35
500059283 WORTHY,FRED L 27 KELSEY SPRINGS DRIVE MADISON CT 06443 $275,184.60
500059290 PAGONE,MARY E 913 CENTER STREET EL SEGUNDO CA 90245 $280,690.47
500059431 CHRONIS,PATRICK F 507 VAN BUREN STREET LOS ALTOS CA 94022 $740,581.00
500059466 D'ASTOUS,JACQUES L 12257 SOUTH GRAYSTONE LANDRAPER UT 84020 $348,161.58
500059484 LIPPMAN,MELVYN 945 STEINER STREET SAN FRANCISCO CA 94117 $397,909.66
500059489 ADLER,JOHN J 1609 TARTAN PLACE ANACORTES WA 98221 $231,152.29
<CAPTION>
INTEREST LNDR NET MGMT PC SCHEDULED
LOAN # BORROWER RATE FEE RATE FEE RATE MATURITY
------ -------------------- -------- ----- ------ ----- ------ --------
<S> <C> <C> <C> <C> <C> <C> <C>
500059005 BRINK,NANCY 8.500 .150 8.350 .1000 8.250 09/01/2025
500059031 SCHUMACHER,MAX & SCARLETT 8.500 .250 8.250 .0500 8.200 07/01/2025
500059046 WILKINSON,NINALA 7.375 .250 7.125 .0500 7.075 07/01/2025
500059142 WILKEY,WILLIAM H & KATHLE 8.250 .250 8.000 .0500 7.950 07/01/2025
500059183 FALK,WILLIAM R 8.375 .150 8.225 .1000 8.125 09/01/2025
500059190 KAPLAN,LAWRENCE C 8.875 .250 8.625 .0500 8.575 08/01/2025
500059191 DIFILIPPO,VINCENT&DEBRA 7.750 .250 7.500 .0500 7.450 08/01/2025
500059250 ELKORT,DONALD S & SHEILA 8.500 .250 8.250 .0500 8.200 08/01/2025
500059283 WORTHY,FRED L 7.250 .150 7.100 .1000 7.000 09/01/2025
500059290 PAGONE,MARY E 8.250 .150 8.100 .1000 8.000 09/01/2025
500059431 CHRONIS,PATRICK F 7.750 .150 7.600 .1000 7.500 09/01/2025
500059466 D'ASTOUS,JACQUES L 8.500 .250 8.250 .0500 8.200 09/01/2025
500059484 LIPPMAN,MELVYN 8.250 .150 8.100 .1000 8.000 09/01/2025
500059489 ADLER,JOHN J 7.750 .150 7.600 .1000 7.500 09/01/2025
<CAPTION>
MI INTEREST LOAN
LOAN # BORROWER S/S LOAN # P & I PMT CO PAID-TO TERM
------ -------------------- ---------- --------- --- --------- ----
<S> <C> <C> <C> <C> <C> <C>
500059005 BRINK,NANCY 091832266 $1,798.87 1 05/01/1996 360
500059031 SCHUMACHER,MAX & SCARLETT 3622305 $2,145.27 3 05/01/1996 360
500059046 WILKINSON,NINALA 3667987 $1,808.88 7 05/01/1996 360
500059142 WILKEY,WILLIAM H & KATHLE 3633633 $2,674.51 05/01/1996 360
500059183 FALK,WILLIAM R 091824498 $2,033.95 05/01/1996 360
500059190 KAPLAN,LAWRENCE C 9500002747 $1,734.51 05/01/1996 360
500059191 DIFILIPPO,VINCENT&DEBRA 9500001798 $1,826.86 05/01/1996 360
500059250 ELKORT,DONALD S & SHEILA 3689841 $2,506.66 05/01/1996 360
500059283 WORTHY,FRED L 091829115 $1,889.29 05/01/1996 360
500059290 PAGONE,MARY E 091835356 $2,119.81 1 05/01/1996 360
500059431 CHRONIS,PATRICK F 091832184 $5,340.85 05/01/1996 360
500059466 D'ASTOUS,JACQUES L 091837669 $2,690.43 05/01/1996 360
500059484 LIPPMAN,MELVYN 091828303 $3,005.07 05/01/1996 360
500059489 ADLER,JOHN J 091836601 $1,665.66 05/01/1996 360
<CAPTION>
PER LIFE LIFE GROSS NET CERT. PROP BUYDOWN
LOAN # BORROWER CAP FLOOR CAP MARGIN MARGIN MARGIN VALUE TYPE
------ -------------------- ---- ----- ---- ------ ------ ------ ----- ------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
500059005 BRINK,NANCY .00 .00 .00 .000 .150 .250 $260,000.00 N
500059031 SCHUMACHER,MAX & SCARLETT $310,000.00 N
500059046 WILKINSON,NINALA $291,000.00 N
500059142 WILKEY,WILLIAM H & KATHLE $450,000.00 N
500059183 FALK,WILLIAM R .00 .00 .00 .000 .150 .250 $334,500.00 N
500059190 KAPLAN,LAWRENCE C $274,000.00 N
500059191 DIFILIPPO,VINCENT&DEBRA $371,000.00 N
500059250 ELKORT,DONALD S & SHEILA .00 .00 .00 .000 .250 .300 $425,000.00 N
500059283 WORTHY,FRED L .00 .00 .00 .000 .150 .250 $346,231.00 N
500059290 PAGONE,MARY E .00 .00 .00 .000 .150 .250 $328,000.00 N
500059431 CHRONIS,PATRICK F .00 .00 .00 .000 .150 .250 $1,065,000.00 N
500059466 D'ASTOUS,JACQUES L .00 .00 .00 .000 .250 .300 $439,900.00 N
500059484 LIPPMAN,MELVYN .00 .00 .00 .000 .150 .250 $535,000.00 N
500059489 ADLER,JOHN J .00 .00 .00 .000 .150 .250 $310,000.00 N
</TABLE>
<PAGE>
(vlegal.ace v1.4) Page 3
RUN DATE: 05/28/1996 PNC MORTGAGE SECURITIES CORP.
TIME: 17:15:32 LEGAL LOAN LISTING
REQUESTED STATUS AS OF 05/01/1996
POOL NUMBER: 1380 POOL NAME: 1996-1 DLJ
POOL NUMBER: 1380 POOL NAME: 1996-1 DLJ
<TABLE>
<CAPTION>
SCHEDULED
LOAN # BORROWER STREET ADDRESS CITY STATE ZIP BALANCE
------ -------------------- -------------------- --------------- ----- ----- -----------
<S> <C> <C> <C> <C> <C> <C>
500059745 MAJOR,MARK A 40 HEMLOCK DRIVE GRAND ISLAND NY 14072 $242,943.03
500059749 HUTTON,JOHN E III 30 TILTON DRIVE FREEHOLD NJ 07728 $208,676.86
500059793 GIACIN,KENNETH J 6253 MEETINGHOUSE ROAD SOLEBURY PA 18938 $597,052.02
500059795 LERNER,DONALD N&KAREN A H40 GREENHAVEN TRAIL OLDSMAR FL 34677 $225,357.80
500059828 MAHON,JOHN R 21 O'MALLEY DRIVE MARLBOROUGH MA 01752 $222,158.39
500059879 ZELENKOPISCUSKAS,LINDA 15 PAINTER RIDGE ROAD WASHINGTON CT 06793 $461,695.88
500059927 CHA,HAN YEUL 1278 FLEMINGTON ROAD RIVERSIDE CA 92506 $294,788.31
500059955 CHRISTOS,NICHOLAS J 10606 CORINTHIAN PLACE STONE HARBOR NJ 08247 $308,597.89
500059979 MERRITT,ROSE B 2829 INVALE DRIVE GLENDALE CA 91214 $302,816.72
500060029 COX,LARRY A & MAYLEEN J 5432 MARICOPA DRIVE SIMI VALLEY CA 93063 $238,878.43
500060032 KEARNEY,JAMES T & MARY M 2241 THORNWOOD AVENUE WILMETTE IL 60091 $286,752.38
500060052 BOESSENECKER,MARK&JANET R848 VEGA CIRCLE FOSTER CITY CA 94404 $302,649.31
500060069 GARBER,GREGORY S 11297 BROOKHAVEN AVE LOS ANGELES CA 90064 $235,281.17
500060082 KYLE,SEAN MARTIN & DOROTHY 4559 GATETREE CIRCLE PLEASANTON CA 94566 $246,455.69
<CAPTION>
INTEREST LNDR NET MGMT PC SCHEDULED
LOAN # BORROWER RATE FEE RATE FEE RATE MATURITY
------ -------------------- -------- ----- ------ ----- ------ --------
<S> <C> <C> <C> <C> <C> <C> <C>
500059745 MAJOR,MARK A 8.500 .150 8.350 .1000 8.250 10/01/2025
500059749 HUTTON,JOHN E III 8.375 .150 8.225 .1000 8.125 10/01/2025
500059793 GIACIN,KENNETH J 7.875 .250 7.625 .0500 7.575 10/01/2025
500059795 LERNER,DONALD N&KAREN A 7.875 .250 7.625 .0500 7.575 08/01/2025
500059828 MAHON,JOHN R 8.250 .150 8.100 .1000 8.000 10/01/2025
500059879 ZELENKOPISCUSKAS,LINDA 8.250 .150 8.100 .1000 8.000 11/01/2025
500059927 CHA,HAN YEUL 8.000 .150 7.850 .1000 7.750 11/01/2025
500059955 CHRISTOS,NICHOLAS J 7.500 .150 7.350 .1000 7.250 11/01/2025
500059979 MERRITT,ROSE B 8.250 .150 8.100 .1000 8.000 11/01/2025
500060029 COX,LARRY A & MAYLEEN J 8.125 .250 7.875 .0500 7.825 10/01/2025
500060032 KEARNEY,JAMES T & MARY M 8.500 .250 8.250 .0500 8.200 10/01/2025
500060052 BOESSENECKER,MARK&JANET 8.375 .250 8.125 .0500 8.075 10/01/2025
500060069 GARBER,GREGORY S 7.750 .150 7.600 .1000 7.500 11/01/2025
500060082 KYLE,SEAN MARTIN & DOROTHY 8.375 .250 8.125 .0500 8.075 10/01/2025
<CAPTION>
MI INTEREST LOAN
LOAN # BORROWER S/S LOAN # P & I PMT CO PAID-TO TERM
------ -------------------- ---------- --------- --- --------- ----
<S> <C> <C> <C> <C> <C> <C>
500059745 MAJOR,MARK A 091813032 $1,876.15 05/01/1996 360
500059749 HUTTON,JOHN E III 091836145 $1,593.19 18 05/01/1996 360
500059793 GIACIN,KENNETH J 091838922 $4,350.42 05/01/1996 360
500059795 LERNER,DONALD N&KAREN A 2876332 $1,644.46 1 05/01/1996 360
500059828 MAHON,JOHN R 091840027 $1,682.84 05/01/1996 360
500059879 ZELENKOPISCUSKAS,LINDA 091846630 $3,482.12 2 05/01/1996 360
500059927 CHA,HAN YEUL 091841744 $2,171.94 05/01/1996 360
500059955 CHRISTOS,NICHOLAS J 091845378 $2,167.56 05/01/1996 360
500059979 MERRITT,ROSE B 091842797 $2,283.85 12 05/01/1996 360
500060029 COX,LARRY A & MAYLEEN J 3699576 $1,782.00 05/01/1996 360
500060032 KEARNEY,JAMES T & MARY M 3721636 $2,214.48 05/01/1996 360
500060052 BOESSENECKER,MARK&JANET 3744711 $2,310.62 05/01/1996 360
500060069 GARBER,GREGORY S 091844579 $1,726.55 05/01/1996 360
500060082 KYLE,SEAN MARTIN & DOROTHY 3719390 $1,881.94 05/01/1996 360
<CAPTION>
PER LIFE LIFE GROSS NET CERT. PROP BUYDOWN
LOAN # BORROWER CAP FLOOR CAP MARGIN MARGIN MARGIN VALUE TYPE
------ -------------------- ---- ----- ---- ------ ------ ------ ----- ------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
500059745 MAJOR,MARK A .00 .00 .00 .000 .150 .250 $305,000.00 N
500059749 HUTTON,JOHN E III .00 .00 .00 .000 .150 .250 $232,900.00 N
500059793 GIACIN,KENNETH J .00 .00 .00 .000 .250 .300 $852,200.00 N
500059795 LERNER,DONALD N&KAREN A $252,000.00 N
500059828 MAHON,JOHN R .00 .00 .00 .000 .150 .250 $280,000.00 N
500059879 ZELENKOPISCUSKAS,LINDA .00 .00 .00 .000 .150 .250 $515,000.00 N
500059927 CHA,HAN YEUL .00 .00 .00 .000 .150 .250 $370,000.00 N
500059955 CHRISTOS,NICHOLAS J .00 .00 .00 .000 .150 .250 $388,000.00 N
500059979 MERRITT,ROSE B .00 .00 .00 .000 .150 .250 $343,000.00 N
500060029 COX,LARRY A & MAYLEEN J $300,000.00 N
500060032 KEARNEY,JAMES T & MARY M $360,000.00 N
500060052 BOESSENECKER,MARK&JANET $380,000.00 N
500060069 GARBER,GREGORY S .000 .150 .250 $325,000.00 N
500060082 KYLE,SEAN MARTIN & DOROTHY $317,500.00 N
</TABLE>
<PAGE>
(vlegal.ace v1.4) Page 4
RUN DATE: 05/28/1996 PNC MORTGAGE SECURITIES CORP.
TIME: 17:15:32 LEGAL LOAN LISTING
REQUESTED STATUS AS OF 05/01/1996
POOL NUMBER: 1380 POOL NAME: 1996-1 DLJ
<TABLE>
<CAPTION>
SCHEDULED
LOAN # BORROWER STREET ADDRESS CITY STATE ZIP BALANCE
------ -------------------- -------------------- --------------- ----- ----- -----------
<S> <C> <C> <C> <C> <C> <C>
500060090 BRANDON,WILLIAM J & ANDRE 2309 WHISPRING PINES TOWNHIP MI 48169 $226,038.19
500060091 HUSSAIN,SHAKEELA F 3925 TIMBERRIDGE ROAD MOORPARK CA 93021 $253,269.66
500060103 PRINCE,ANNE A 108 SPENCER AVENUE SAUSALITO CA 94965 $268,838.02
500060106 HAYNES,KENNETH 11920 DUSTY ROSE ROAD NE ALBUQUERQUE NM 87122 $310,177.26
500060126 FRANKLIN,LEO N 45 WEST 14TH STREET CHICAGO IL 60605 $296,509.27
500060128 PARROTT,DOROTHY 3551 OVERLOOK TRAIL EVERGREEN CO 80439 $262,500.02
500060206 HORR,DAVID 10460 SW 122ND ST MIAMI FL 33176 $270,622.60
500060231 MORRISSEY,WENDY S 11080 CHALON ROAD LOS ANGELES CA 90077 $996,513.59
500060300 LINES,VIVIAN LAURENCE 66 QUEEN STREET #1605 HONOLULU HI 96813 $424,956.52
500060342 GILCHRIST,MALCOLM IAN 12 OLD LA HONDA ROAD WOODSIDE CA 94062 $1,195,816.30
500060351 DUDLEY,THEODORE JR 146 CORNWELL DRIVE BEAR DE 19701 $225,291.73
500060408 LOPEZ,JOSEPH R. 6725 BULKLEY ROAD LORTON VA 22079 $267,987.86
500060421 HAYES,STEVEN J & KAREN M 9081 CHRISTINE DRIVE HUNTINGTON BEAC CA 92646 $241,948.52
500060428 DAWSON,DAVID 15 MELROSE RD BOROUGH OF MOUN NJ 07046 $530,050.17
<CAPTION>
INTEREST LNDR NET MGMT PC SCHEDULED
LOAN # BORROWER RATE FEE RATE FEE RATE MATURITY
------ -------------------- -------- ----- ------ ----- ------ --------
<S> <C> <C> <C> <C> <C> <C> <C>
500060090 BRANDON,WILLIAM J & ANDRE 8.750 .250 8.500 .0500 8.450 10/01/2025
500060091 HUSSAIN,SHAKEELA F 8.375 .250 8.125 .0500 8.075 10/01/2025
500060103 PRINCE,ANNE A 7.750 .150 7.600 .1000 7.500 11/01/2025
500060106 HAYNES,KENNETH 8.625 .150 8.475 .1000 8.375 11/01/2025
500060126 FRANKLIN,LEO N 7.625 .150 7.475 .1000 7.375 12/01/2025
500060128 PARROTT,DOROTHY 8.375 .250 8.125 .0500 8.075 11/01/2025
500060206 HORR,DAVID 8.500 .250 8.250 .0500 8.200 10/01/2025
500060231 MORRISSEY,WENDY S 7.875 .150 7.725 .1000 7.625 12/01/2025
500060300 LINES,VIVIAN LAURENCE 8.375 .150 8.225 .1000 8.125 12/01/2025
500060342 GILCHRIST,MALCOLM IAN 7.875 .150 7.725 .1000 7.625 12/01/2025
500060351 DUDLEY,THEODORE JR 7.750 .150 7.600 .1000 7.500 12/01/2025
500060408 LOPEZ,JOSEPH R. 7.750 .250 7.500 .0500 7.450 12/01/2025
500060421 HAYES,STEVEN J & KAREN M 8.500 .250 8.250 .0500 8.200 11/01/2025
500060428 DAWSON,DAVID 7.625 .150 7.475 .1000 7.375 12/01/2025
<CAPTION>
MI INTEREST LOAN
LOAN # BORROWER S/S LOAN # P & I PMT CO PAID-TO TERM
------ -------------------- ---------- --------- --- --------- ----
<S> <C> <C> <C> <C> <C> <C>
500060090 BRANDON,WILLIAM J & ANDRE 3749025 $1,793.68 05/01/1996 360
500060091 HUSSAIN,SHAKEELA F 3753050 $1,933.63 05/01/1996 360
500060103 PRINCE,ANNE A 091842961 $1,934.31 05/01/1996 360
500060106 HAYNES,KENNETH 091846265 $2,421.26 12 05/01/1996 360
500060126 FRANKLIN,LEO N 091810222 $2,106.39 05/01/1996 360
500060128 PARROTT,DOROTHY 091845671 $2,002.79 05/01/1996 360
500060206 HORR,DAVID 091847781 $2,089.91 18 05/01/1996 360
500060231 MORRISSEY,WENDY S 091846400 $7,250.69 05/01/1996 360
500060300 LINES,VIVIAN LAURENCE 091849899 $3,240.19 05/01/1996 360
500060342 GILCHRIST,MALCOLM IAN 091841450 $8,700.83 05/01/1996 360
500060351 DUDLEY,THEODORE JR 091854459 $1,619.81 2 05/01/1996 360
500060408 LOPEZ,JOSEPH R. 091847021 $1,927.51 2 05/01/1996 360
500060421 HAYES,STEVEN J & KAREN M 3797099 $1,868.46 3 05/01/1996 360
500060428 DAWSON,DAVID 091846292 $3,765.46 05/01/1996 360
<CAPTION>
PER LIFE LIFE GROSS NET CERT. PROP BUYDOWN
LOAN # BORROWER CAP FLOOR CAP MARGIN MARGIN MARGIN VALUE TYPE
------ -------------------- ---- ----- ---- ------ ------ ------ ----- ------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
500060090 BRANDON,WILLIAM J & ANDRE $285,000.00 N
500060091 HUSSAIN,SHAKEELA F $318,000.00 N
500060103 PRINCE,ANNE A .00 .00 .00 .000 .150 .250 $900,000.00 N
500060106 HAYNES,KENNETH .00 .00 .00 .000 .150 .250 $345,921.00 N
500060126 FRANKLIN,LEO N .00 .00 .00 .000 .150 .250 $372,000.00 N
500060128 PARROTT,DOROTHY .00 .00 .00 .000 .250 .300 $435,000.00 N
500060206 HORR,DAVID .00 .00 .00 .000 .250 .300 $302,000.00 N
500060231 MORRISSEY,WENDY S .00 .00 .00 .000 .150 .250 $2,925,000.00 N
500060300 LINES,VIVIAN LAURENCE .00 .00 .00 .000 .150 .250 $532,900.00 N
500060342 GILCHRIST,MALCOLM IAN .00 .00 .00 .000 .150 .250 $1,600,000.00 N
500060351 DUDLEY,THEODORE JR .00 .00 .00 .000 .150 .250 $266,000.00 N
500060408 LOPEZ,JOSEPH R. .00 .00 .00 .000 .250 .300 $298,955.00 N
500060421 HAYES,STEVEN J & KAREN M $270,000.00 N
500060428 DAWSON,DAVID .00 .00 .00 .000 .150 .250 $665,000.00 N
</TABLE>
<PAGE>
(vlegal.ace v1.4) Page 5
RUN DATE: 05/28/1996 PNC MORTGAGE SECURITIES CORP.
TIME: 17:15:32 LEGAL LOAN LISTING
REQUESTED STATUS AS OF 05/01/1996
POOL NUMBER: 1380 POOL NAME: 1996-1 DLJ
<TABLE>
<CAPTION>
SCHEDULED
LOAN # BORROWER STREET ADDRESS CITY STATE ZIP BALANCE
------ -------------------- -------------------- --------------- ----- ----- -----------
<S> <C> <C> <C> <C> <C> <C>
500060429 LIGHTBURN,JAMES G 792 LOCUST CIRCLE ARNOLD MD 21012 $251,014.63
500060451 PELLETIER,GERARD L & BARB 2920 HOLIDAY COURT MORGAN HILL CA 95037 $257,998.26
500060452 WOODS,JACQUELINE D & RONA 25194 ABBEY GLENN HAWTHORN WOODS IL 60047 $398,570.06
500060454 MICHALOWICZ,ROBERT J & SH 43675 TRILLIUM STERLING HEIGHT MI 48310 $221,941.84
500060463 BRINKMANN,JEFFRY L 125 HIGHLAND OAKS COURT SOUTHLAKE TX 76092 $237,286.84
500060476 STIER,RONALD W & PATRICIA 418 PRESTWICK COURT HOUSTON TX 77057 $319,907.36
500060490 GUADAGNO,JOSEPH 34 RAMSEY DRIVE CITY OF SUMMIT NJ 07901 $373,876.32
500060491 PHILLIPS,JOHN R 86 MAPLE ROAD TOWN OF CORNWAL NY 12520 $244,971.02
500060500 RIVERO,JOSE A 8455 SW 2ND STREET MIAMI FL 33144 $308,792.30
500060501 TURNER,JOHN M 1860 HIGHGROVE CLUB DRIVE ALPHARETTA GA 30201 $275,360.57
500060502 REYES,REYNES & MARCEY 522 N NOBLE CHICAGO IL 60622 $224,020.66
500060560 FITZGIBBONS,LEONARD B & S 5652 SILVER BLUFF COURT PARKER CO 80134 $350,629.88
500060575 LUDLOW,GARY R & CHANTE 4394 KEAR SARGE COURT CONCORD CA 94518 $228,074.38
500060578 DUFFY,THOMAS KEVIN & LINDA 2021 HOLIDAY ROAD NEWPORT BEACH CA 92660 $300,729.21
<CAPTION>
INTEREST LNDR NET MGMT PC SCHEDULED
LOAN # BORROWER RATE FEE RATE FEE RATE MATURITY
------ -------------------- -------- ----- ------ ----- ------ --------
<S> <C> <C> <C> <C> <C> <C> <C>
500060429 LIGHTBURN,JAMES G 8.500 .250 8.250 .0500 8.200 12/01/2025
500060451 PELLETIER,GERARD L & BARB 8.500 .250 8.250 .0500 8.200 11/01/2025
500060452 WOODS,JACQUELINE D & RONA 7.750 .250 7.500 .0500 7.450 12/01/2025
500060454 MICHALOWICZ,ROBERT J & SH 7.375 .250 7.125 .0500 7.075 12/01/2025
500060463 BRINKMANN,JEFFRY L 7.500 .150 7.350 .1000 7.250 01/01/2026
500060476 STIER,RONALD W & PATRICIA 8.000 .250 7.750 .0500 7.700 12/01/2025
500060490 GUADAGNO,JOSEPH 7.500 .150 7.350 .1000 7.250 01/01/2026
500060491 PHILLIPS,JOHN R 7.750 .150 7.600 .1000 7.500 01/01/2026
500060500 RIVERO,JOSE A 8.250 .250 8.000 .0500 7.950 11/01/2025
500060501 TURNER,JOHN M 8.000 .250 7.750 .0500 7.700 12/01/2025
500060502 REYES,REYNES & MARCEY 8.250 .250 8.000 .0500 7.950 11/01/2025
500060560 FITZGIBBONS,LEONARD B & S 8.250 .250 8.000 .0500 7.950 11/01/2025
500060575 LUDLOW,GARY R & CHANTE 8.625 .250 8.375 .0500 8.325 11/01/2025
500060578 DUFFY,THOMAS KEVIN & LINDA 8.375 .250 8.125 .0500 8.075 11/01/2025
<CAPTION>
MI INTEREST LOAN
LOAN # BORROWER S/S LOAN # P & I PMT CO PAID-TO TERM
------ -------------------- ---------- --------- --- --------- ----
<S> <C> <C> <C> <C> <C> <C>
500060429 LIGHTBURN,JAMES G 091850969 $1,937.67 05/01/1996 360
500060451 PELLETIER,GERARD L & BARB 3786985 $1,991.49 05/01/1996 360
500060452 WOODS,JACQUELINE D & RONA 3735008 $2,865.65 3 05/01/1996 360
500060454 MICHALOWICZ,ROBERT J & SH 3625365 $1,538.83 05/01/1996 360
500060463 BRINKMANN,JEFFRY L 091854347 $1,664.13 05/01/1996 360
500060476 STIER,RONALD W & PATRICIA 3797925 $2,355.39 05/01/1996 360
500060490 GUADAGNO,JOSEPH 091852883 $2,622.05 05/01/1996 360
500060491 PHILLIPS,JOHN R 091853611 $1,776.70 05/01/1996 360
500060500 RIVERO,JOSE A 3799988 $2,328.93 05/01/1996 360
500060501 TURNER,JOHN M 3726932 $2,027.40 14 05/01/1996 360
500060502 REYES,REYNES & MARCEY 3769197 $1,690.36 14 05/01/1996 360
500060560 FITZGIBBONS,LEONARD B & S 3794112 $2,644.46 05/01/1996 360
500060575 LUDLOW,GARY R & CHANTE 3794815 $1,780.37 05/01/1996 360
500060578 DUFFY,THOMAS KEVIN & LINDA 3796646 $2,333.43 05/01/1996 360
<CAPTION>
PER LIFE LIFE GROSS NET CERT. PROP BUYDOWN
LOAN # BORROWER CAP FLOOR CAP MARGIN MARGIN MARGIN VALUE TYPE
------ -------------------- ---- ----- ---- ------ ------ ------ ----- ------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
500060429 LIGHTBURN,JAMES G .00 .00 .00 .000 .250 .300 $420,000.00 N
500060451 PELLETIER,GERARD L & BARB $325,000.00 N
500060452 WOODS,JACQUELINE D & RONA $451,200.00 N
500060454 MICHALOWICZ,ROBERT J & SH $278,588.75 N
500060463 BRINKMANN,JEFFRY L .00 .00 .00 .000 .150 .250 $328,395.00 N
500060476 STIER,RONALD W & PATRICIA $401,250.00 N
500060490 GUADAGNO,JOSEPH .00 .00 .00 .000 .150 .250 $522,250.00 N
500060491 PHILLIPS,JOHN R .00 .00 .00 .000 .150 .250 $310,000.00 N
500060500 RIVERO,JOSE A $435,000.00 N
500060501 TURNER,JOHN M $307,000.00 N
500060502 REYES,REYNES & MARCEY $250,000.00 N
500060560 FITZGIBBONS,LEONARD B & S $440,000.00 N
500060575 LUDLOW,GARY R & CHANTE $295,000.00 N
500060578 DUFFY,THOMAS KEVIN & LINDA $395,000.00 N
</TABLE>
<PAGE>
(vlegal.ace v1.4) Page 6
RUN DATE: 05/28/1996 PNC MORTGAGE SECURITIES CORP.
TIME: 17:15:32 LEGAL LOAN LISTING
REQUESTED STATUS AS OF 05/01/1996
POOL NUMBER: 1380 POOL NAME: 1996-1 DLJ
<TABLE>
<CAPTION>
SCHEDULED
LOAN # BORROWER STREET ADDRESS CITY STATE ZIP BALANCE
------ -------------------- -------------------- --------------- ----- ----- -----------
<S> <C> <C> <C> <C> <C> <C>
500060581 DONOVAN,JOHN F & JULIETTE 21111 BRUSH ROAD LOS GATOS CA 95032 $366,840.25
500060582 PORTER,SCOTT D & STARR A 601 WILLOWROCK DRIVE LOVELAND CO 80537 $218,273.94
500060583 CHOW,YUN & LISA L 2082 PRIMROSE COURT FREMONT CA 94539 $249,469.66
500060585 MAYNARD,PHILIP C & THERES 19572 SIERRA SOTO ROAD IRVINE CA 92715 $392,509.09
500060590 TULLIO,MATTHEW B & BAILEY 593 27TH STREET MANHATTEN BEACH CA 90266 $434,625.94
500060591 DAVIS,JOHN R & EDITH L 915 INTERLAKEN LAKE ZURICH IL 60047 $231,001.52
500060594 NEAL,DAVID D & NINA F 7052 N CAMINO SIN VACAS TUCSON AZ 85718 $318,590.45
500060600 FRY,KENNETH A & CORRINA L 7903 SOUTH CLAYTON CIRCLE LITTLETON CO 80122 $258,908.61
500060601 DRASCHER,ELLEN 881 MARKHAM TERRACE SUNNYVALE CA 94086 $267,155.37
500060603 LE PORT,PETER C & MARIA C 215 JASMINE AVENUE NEWPORT BEACH CA 92625 $411,232.69
500060604 WETTERLIND,LARRY M & KARE 19930 LABAO PLACE [CHATSW LOS ANGELES CA 91311 $227,813.59
500060605 WICKSTROM,GREGORY F & BET 301 AWINI PLACE HONOLULU HI 96825 $423,518.25
500060607 STALLINGS,STEVEN T & JULI 9844 BROADMOOR DRIVE SAN RAMON CA 94583 $237,498.83
500060609 HEIL,BRIAN C & TAMMY L 3736 WEST 100TH AVENUE WESTMINSTER CO 80030 $358,463.31
<CAPTION>
INTEREST LNDR NET MGMT PC SCHEDULED
LOAN # BORROWER RATE FEE RATE FEE RATE MATURITY
------ -------------------- -------- ----- ------ ----- ------ --------
<S> <C> <C> <C> <C> <C> <C> <C>
500060581 DONOVAN,JOHN F & JULIETTE 8.375 .250 8.125 .0500 8.075 12/01/2025
500060582 PORTER,SCOTT D & STARR A 8.125 .250 7.875 .0500 7.825 12/01/2025
500060583 CHOW,YUN & LISA L 8.750 .250 8.500 .0500 8.450 12/01/2025
500060585 MAYNARD,PHILIP C & THERES 8.375 .250 8.125 .0500 8.075 12/01/2025
500060590 TULLIO,MATTHEW B & BAILEY 8.375 .250 8.125 .0500 8.075 12/01/2025
500060591 DAVIS,JOHN R & EDITH L 7.750 .250 7.500 .0500 7.450 11/01/2025
500060594 NEAL,DAVID D & NINA F 8.000 .250 7.750 .0500 7.700 11/01/2025
500060600 FRY,KENNETH A & CORRINA L 7.875 .250 7.625 .0500 7.575 11/01/2025
500060601 DRASCHER,ELLEN 8.375 .250 8.125 .0500 8.075 12/01/2025
500060603 LE PORT,PETER C & MARIA C 8.500 .250 8.250 .0500 8.200 12/01/2025
500060604 WETTERLIND,LARRY M & KARE 8.000 .250 7.750 .0500 7.700 11/01/2025
500060605 WICKSTROM,GREGORY F & BET 7.875 .250 7.625 .0500 7.575 12/01/2025
500060607 STALLINGS,STEVEN T & JULI 7.875 .250 7.625 .0500 7.575 11/01/2025
500060609 HEIL,BRIAN C & TAMMY L 8.125 .250 7.875 .0500 7.825 11/01/2025
<CAPTION>
MI INTEREST LOAN
LOAN # BORROWER S/S LOAN # P & I PMT CO PAID-TO TERM
------ -------------------- ---------- --------- --- --------- ----
<S> <C> <C> <C> <C> <C> <C>
500060581 DONOVAN,JOHN F & JULIETTE 3790227 $2,797.07 05/01/1996 360
500060582 PORTER,SCOTT D & STARR A 3802675 $1,626.07 05/01/1996 360
500060583 CHOW,YUN & LISA L 3803533 $1,968.33 3 05/01/1996 360
500060585 MAYNARD,PHILIP C & THERES 380000 $2,992.79 05/01/1996 360
500060590 TULLIO,MATTHEW B & BAILEY 3792512 $3,313.92 05/01/1996 360
500060591 DAVIS,JOHN R & EDITH L 3792793 $1,662.08 05/01/1996 360
500060594 NEAL,DAVID D & NINA F 3791720 $2,347.32 05/01/1996 360
500060600 FRY,KENNETH A & CORRINA L 3791464 $1,885.19 05/01/1996 360
500060601 DRASCHER,ELLEN 3793684 $2,037.00 05/01/1996 360
500060603 LE PORT,PETER C & MARIA C 3794641 $3,171.77 05/01/1996 360
500060604 WETTERLIND,LARRY M & KARE 3797503 $1,678.49 05/01/1996 360
500060605 WICKSTROM,GREGORY F & BET 3789450 $3,081.55 05/01/1996 360
500060607 STALLINGS,STEVEN T & JULI 3786282 $1,729.30 3 05/01/1996 360
500060609 HEIL,BRIAN C & TAMMY L 3787595 $2,672.25 3 05/01/1996 360
<CAPTION>
PER LIFE LIFE GROSS NET CERT. PROP BUYDOWN
LOAN # BORROWER CAP FLOOR CAP MARGIN MARGIN MARGIN VALUE TYPE
------ -------------------- ---- ----- ---- ------ ------ ------ ----- ------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
500060581 DONOVAN,JOHN F & JULIETTE $460,000.00 N
500060582 PORTER,SCOTT D & STARR A $325,000.00 N
500060583 CHOW,YUN & LISA L $278,000.00 N
500060585 MAYNARD,PHILIP C & THERES $525,000.00 N
500060590 TULLIO,MATTHEW B & BAILEY $550,000.00 N
500060591 DAVIS,JOHN R & EDITH L $290,000.00 N
500060594 NEAL,DAVID D & NINA F $400,000.00 N
500060600 FRY,KENNETH A & CORRINA L $325,000.00 N
500060601 DRASCHER,ELLEN $339,000.00 N
500060603 LE PORT,PETER C & MARIA C $690,000.00 N
500060604 WETTERLIND,LARRY M & KARE $305,000.00 N
500060605 WICKSTROM,GREGORY F & BET $568,000.00 N
500060607 STALLINGS,STEVEN T & JULI $265,000.00 N
500060609 HEIL,BRIAN C & TAMMY L $405,000.00 N
</TABLE>
<PAGE>
(vlegal.ace v1.4) Page 7
RUN DATE: 05/28/1996 PNC MORTGAGE SECURITIES CORP.
TIME: 17:15:32 LEGAL LOAN LISTING
REQUESTED STATUS AS OF 05/01/1996
POOL NUMBER: 1380 POOL NAME: 1996-1 DLJ
<TABLE>
<CAPTION>
SCHEDULED
LOAN # BORROWER STREET ADDRESS CITY STATE ZIP BALANCE
------ -------------------- -------------------- --------------- ----- ----- -----------
<S> <C> <C> <C> <C> <C> <C>
500060635 GOLLOBER,BRADLEY J 926 FAIRVIEW DRIVE WOODLAND CA 95695 $299,302.01
500060636 NESBITT,HARRY J JR 805 NESBITT ROAD HORSHAM TOWNSHI PA 19002 $231,089.35
500060637 GROSS,CRAIG A 93 CROSS HIGHWAY REDDING CT 06896 $228,788.49
500060638 SPINELLI,ROCCO J 8120 DIETZ LANE TOWNSHIP OF LOW PA 18036 $259,220.89
500060640 LADNER,PAUL F 4412 TROPHY DRIVE NORMAN OK 73072 $233,247.84
500060642 ABERNATHY,WILLIAM M JR. 62 KOKOMO ROW DESTIN FL 32541 $244,885.43
500060644 NEWELL,ROBERT 198 FRENCH HILL ROAD WAYNE NJ 07470 $369,022.00
500060645 DILLON,THOMAS C 19 YEOMAN DRIVE UPPER SADDLE RV NJ 07458 $376,949.18
500060646 BAKER,MICHAEL E 13614 PERTHSHIRE HOUSTON TX 77079 $229,194.80
500060647 SURBEY,GORDON 63 FERNDALE DRIVE EASTON CT 06612 $286,046.66
500060664 DUNLEAVY,CHARLES F 3 WATERFORD PLACE TOWNSHIP OF NEW PA 18940 $338,981.18
500060666 ST.ONGE,VINCENT A. 24 CHOATE LANE IPSWICH MA 01938 $323,716.47
500060667 LEFGREN,JOHN CHARLES 675 COUNTRY CLUB ROAD BRIDGEWATER TOW NJ 08807 $219,372.85
500060668 WOOD,STANLEY IVAN 735 ACADEMY STREET RURAL HALL NC 27045 $314,102.05
<CAPTION>
INTEREST LNDR NET MGMT PC SCHEDULED
LOAN # BORROWER RATE FEE RATE FEE RATE MATURITY
------ -------------------- -------- ----- ------ ----- ------ --------
<S> <C> <C> <C> <C> <C> <C> <C>
500060635 GOLLOBER,BRADLEY J 8.750 .150 8.600 .1000 8.500 01/01/2026
500060636 NESBITT,HARRY J JR 7.750 .150 7.600 .1000 7.500 01/01/2026
500060637 GROSS,CRAIG A 7.500 .150 7.350 .1000 7.250 01/01/2026
500060638 SPINELLI,ROCCO J 7.500 .150 7.350 .1000 7.250 01/01/2026
500060640 LADNER,PAUL F 7.875 .150 7.725 .1000 7.625 01/01/2026
500060642 ABERNATHY,WILLIAM M JR. 8.125 .250 7.875 .0500 7.825 12/01/2025
500060644 NEWELL,ROBERT 8.125 .150 7.975 .1000 7.875 01/01/2026
500060645 DILLON,THOMAS C 7.875 .150 7.725 .1000 7.625 01/01/2026
500060646 BAKER,MICHAEL E 7.750 .150 7.600 .1000 7.500 01/01/2026
500060647 SURBEY,GORDON 7.375 .150 7.225 .1000 7.125 01/01/2026
500060664 DUNLEAVY,CHARLES F 7.500 .150 7.350 .1000 7.250 01/01/2026
500060666 ST.ONGE,VINCENT A. 7.500 .250 7.250 .0500 7.200 01/01/2026
500060667 LEFGREN,JOHN CHARLES 7.750 .150 7.600 .1000 7.500 01/01/2026
500060668 WOOD,STANLEY IVAN 7.750 .150 7.600 .1000 7.500 01/01/2026
<CAPTION>
MI INTEREST LOAN
LOAN # BORROWER S/S LOAN # P & I PMT CO PAID-TO TERM
------ -------------------- ---------- --------- --- --------- ----
<S> <C> <C> <C> <C> <C> <C>
500060635 GOLLOBER,BRADLEY J 091827244 $2,360.10 05/01/1996 360
500060636 NESBITT,HARRY J JR 091850317 $1,660.29 05/01/1996 360
500060637 GROSS,CRAIG A 091851525 $1,608.19 05/01/1996 360
500060638 SPINELLI,ROCCO J 091851861 $1,817.96 05/01/1996 360
500060640 LADNER,PAUL F 091852277 $1,701.38 2 05/01/1996 360
500060642 ABERNATHY,WILLIAM M JR. 091854266 $1,824.32 18 05/01/1996 360
500060644 NEWELL,ROBERT 091856117 $2,747.24 12 05/01/1996 360
500060645 DILLON,THOMAS C 091856457 $2,740.76 12 05/01/1996 360
500060646 BAKER,MICHAEL E 091857708 $1,646.67 05/01/1996 360
500060647 SURBEY,GORDON 091851556 $1,982.24 05/01/1996 360
500060664 DUNLEAVY,CHARLES F 091852803 $2,377.33 05/01/1996 360
500060666 ST.ONGE,VINCENT A. 091855597 $2,272.45 05/01/1996 360
500060667 LEFGREN,JOHN CHARLES 091857397 $1,576.11 12 05/01/1996 360
500060668 WOOD,STANLEY IVAN 091860032 $2,256.70 05/01/1996 360
<CAPTION>
PER LIFE LIFE GROSS NET CERT. PROP BUYDOWN
LOAN # BORROWER CAP FLOOR CAP MARGIN MARGIN MARGIN VALUE TYPE
------ -------------------- ---- ----- ---- ------ ------ ------ ----- ------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
500060635 GOLLOBER,BRADLEY J .00 .00 .00 .000 .150 .250 $375,000.00 N
500060636 NESBITT,HARRY J JR .00 .00 .00 .000 .150 .250 $309,000.00 N
500060637 GROSS,CRAIG A .00 .00 .00 .000 .150 .250 $355,000.00 N
500060638 SPINELLI,ROCCO J .00 .00 .00 .000 .150 .250 $355,000.00 N
500060640 LADNER,PAUL F .00 .00 .00 .000 .150 .250 $247,000.00 N
500060642 ABERNATHY,WILLIAM M JR. .00 .00 .00 .000 .250 .300 $273,000.00 N
500060644 NEWELL,ROBERT .00 .00 .00 .000 .150 .250 $445,000.00 N
500060645 DILLON,THOMAS C .00 .00 .00 .000 .150 .250 $420,000.00 N
500060646 BAKER,MICHAEL E .00 .00 .00 .000 .150 .250 $306,500.00 N
500060647 SURBEY,GORDON .00 .00 .00 .000 .150 .250 $430,000.00 N
500060664 DUNLEAVY,CHARLES F .00 .00 .00 .000 .150 .250 $499,900.00 N
500060666 ST.ONGE,VINCENT A. .00 .00 .00 .000 .250 .300 $760,000.00 N
500060667 LEFGREN,JOHN CHARLES .00 .00 .00 .000 .150 .250 $251,000.00 N
500060668 WOOD,STANLEY IVAN .00 .00 .00 .000 .150 .250 $420,000.00 N
</TABLE>
<PAGE>
(vlegal.ace v1.4) Page 8
RUN DATE: 05/28/1996 PNC MORTGAGE SECURITIES CORP.
TIME: 17:15:32 LEGAL LOAN LISTING
REQUESTED STATUS AS OF 05/01/1996
POOL NUMBER: 1380 POOL NAME: 1996-1 DLJ
<TABLE>
<CAPTION>
SCHEDULED
LOAN # BORROWER STREET ADDRESS CITY STATE ZIP BALANCE
------ -------------------- -------------------- --------------- ----- ----- -----------
<S> <C> <C> <C> <C> <C> <C>
500060687 LUGO,AARON 124 RENEE LANE BARDONIA NY 10954 $215,484.35
500060696 OURISHIAN,AVAK L & LILIAN 975 CRESTVIEW DRIVE PASADENA CA 91107 $298,980.00
500060787 RODRIGUEZ,RODNEY J 25444 DOYLE COURT STEVENSON RANCH CA 91381 $267,097.21
500060805 DECARLI,ALPHONSO P 8136 MAIN CREEK ROAD PASADENA MD 21122 $234,558.73
500060806 HOWE,FREDERICK A 9238 PINEY CREEK ROAD PARKER CO 80134 $250,649.95
500060807 ROBERTSON,IAN M 3767 MOORE STREET LOS ANGELES CA 90066 $213,144.80
500060815 PASSON,GARY L 797 LAS OLAS DRIVE APTOS CA 95003 $997,759.60
500060816 STEEN,CHARLIE R III 907 TRAMWAY LANE NE ALBUQUERQUE NM 87122 $223,534.48
500060844 PEARLSTEIN,STEVEN R 4715 FULTON STREET N.W. WASHINGTON DC 20007 $284,923.01
500060852 WEST,JAMES E & EDMUND A 31 JERNEE DRIVE EAST BRUNSWICK NJ 08816 $219,672.42
500060870 LEVIN,ALAN M 235 21ST STREET SANTA MONICA CA 90402 $748,441.39
500060871 WEBER,JAMES C 706 VIA SAN SIMON CLAREMONT CA 91711 $323,292.02
500060896 WALKER,JAN 801 BOARDWALK PLACE REDWOOD CITY CA 94065 $226,714.23
500060897 BARRY,JOHN & MARY 16123 SOUTH WOODSON DRIVER AMONA CA 92065 $305,231.18
<CAPTION>
INTEREST LNDR NET MGMT PC SCHEDULED
LOAN # BORROWER RATE FEE RATE FEE RATE MATURITY
------ -------------------- -------- ----- ------ ----- ------ --------
<S> <C> <C> <C> <C> <C> <C> <C>
500060687 LUGO,AARON 8.625 .150 8.475 .1000 8.375 01/01/2026
500060696 OURISHIAN,AVAK L & LILIAN 8.000 .250 7.750 .0500 7.700 12/01/2025
500060787 RODRIGUEZ,RODNEY J 7.500 .250 7.250 .0500 7.200 01/01/2026
500060805 DECARLI,ALPHONSO P 8.375 .150 8.225 .1000 8.125 02/01/2026
500060806 HOWE,FREDERICK A 7.250 .150 7.100 .1000 7.000 01/01/2026
500060807 ROBERTSON,IAN M 7.750 .150 7.600 .1000 7.500 02/01/2026
500060815 PASSON,GARY L 7.500 .150 7.350 .1000 7.250 02/01/2026
500060816 STEEN,CHARLIE R III 7.875 .150 7.725 .1000 7.625 02/01/2026
500060844 PEARLSTEIN,STEVEN R 7.250 .150 7.100 .1000 7.000 02/01/2026
500060852 WEST,JAMES E & EDMUND A 7.500 .250 7.250 .0500 7.200 03/01/2026
500060870 LEVIN,ALAN M 7.875 .150 7.725 .1000 7.625 02/01/2026
500060871 WEBER,JAMES C 7.625 .150 7.475 .1000 7.375 02/01/2026
500060896 WALKER,JAN 8.250 .250 8.000 .0500 7.950 01/01/2026
500060897 BARRY,JOHN & MARY 8.375 .250 8.125 .0500 8.075 01/01/2026
<CAPTION>
MI INTEREST LOAN
LOAN # BORROWER S/S LOAN # P & I PMT CO PAID-TO TERM
------ -------------------- ---------- --------- --- --------- ----
<S> <C> <C> <C> <C> <C> <C>
500060687 LUGO,AARON 091850872 $1,680.03 2 05/01/1996 360
500060696 OURISHIAN,AVAK L & LILIAN 3804986 $2,201.30 05/01/1996 360
500060787 RODRIGUEZ,RODNEY J 091856359 $1,873.20 14 05/01/1996 360
500060805 DECARLI,ALPHONSO P 091846605 $1,786.17 05/01/1996 360
500060806 HOWE,FREDERICK A 091854402 $1,719.08 05/01/1996 360
500060807 ROBERTSON,IAN M 091856190 $1,530.26 18 05/01/1996 360
500060815 PASSON,GARY L 091854327 $6,992.15 05/01/1996 360
500060816 STEEN,CHARLIE R III 091857222 $1,624.16 05/01/1996 360
500060844 PEARLSTEIN,STEVEN R 091848010 $1,951.02 05/01/1996 360
500060852 WEST,JAMES E & EDMUND A 950000802 $1,538.28 05/01/1996 360
500060870 LEVIN,ALAN M 091849475 $5,438.02 05/01/1996 360
500060871 WEBER,JAMES C 091858459 $2,293.25 05/01/1996 360
500060896 WALKER,JAN 3828621 $1,707.63 3 05/01/1996 360
500060897 BARRY,JOHN & MARY 3826245 $2,325.83 3 05/01/1996 360
<CAPTION>
PER LIFE LIFE GROSS NET CERT. PROP BUYDOWN
LOAN # BORROWER CAP FLOOR CAP MARGIN MARGIN MARGIN VALUE TYPE
------ -------------------- ---- ----- ---- ------ ------ ------ ----- ------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
500060687 LUGO,AARON .00 .00 .00 .000 .150 .250 $240,000.00 N
500060696 OURISHIAN,AVAK L & LILIAN $375,000.00 N
500060787 RODRIGUEZ,RODNEY J .00 .00 .00 .000 .250 .300 $298,000.00 N
500060805 DECARLI,ALPHONSO P .00 .00 .00 .000 .150 .250 $400,000.00 N
500060806 HOWE,FREDERICK A .00 .00 .00 .000 .150 .250 $355,000.00 N
500060807 ROBERTSON,IAN M .00 .00 .00 .000 .150 .250 $267,000.00 N
500060815 PASSON,GARY L .00 .00 .00 .000 .150 .250 $1,550,000.00 N
500060816 STEEN,CHARLIE R III .00 .00 .00 .000 .150 .250 $280,000.00 N
500060844 PEARLSTEIN,STEVEN R .00 .00 .00 .000 .150 .250 $800,000.00 N
500060852 WEST,JAMES E & EDMUND A $275,000.00 N
500060870 LEVIN,ALAN M .00 .00 .00 .000 .150 .250 $1,235,000.00 N
500060871 WEBER,JAMES C .00 .00 .00 .000 .150 .250 $405,000.00 N
500060896 WALKER,JAN $253,000.00 N
500060897 BARRY,JOHN & MARY $340,000.00 N
</TABLE>
<PAGE>
(vlegal.ace v1.4) Page 9
RUN DATE: 05/28/1996 PNC MORTGAGE SECURITIES CORP.
TIME: 17:15:32 LEGAL LOAN LISTING
REQUESTED STATUS AS OF 05/01/1996
POOL NUMBER: 1380 POOL NAME: 1996-1 DLJ
<TABLE>
<CAPTION>
SCHEDULED
LOAN # BORROWER STREET ADDRESS CITY STATE ZIP BALANCE
------ -------------------- -------------------- --------------- ----- ----- -----------
<S> <C> <C> <C> <C> <C> <C>
500060900 HAVER,DAVID M&STEVEN R 632 WEST 39TH AVENUE SAN MATEO CA 94403 $206,364.13
500060901 MACOMBER,JAMES FRANKLIN & 1519 RIVERSIDE DRIVE BURBANK CA 91506 $265,314.49
500060907 WOLF,PETER 10 WOODLAND TERRACE MERRICK NY 11566 $224,211.82
500060911 MARGOLIS,ROBERT 31 COPPER KETTLE ROAD TRUMBULL CT 06611 $279,207.25
500060913 LOFTUS,JOHN R 15 OLIVE AVENUE LARKSPUR CA 94939 $480,392.43
500060929 CASSEL,THOMAS AV 515 CHESTER AVENUE TOWNSHIP OF MOO NJ 08057 $383,413.82
500060930 LWATFORD,GERALD SR 133 BRODY ROAD CHAPIN SC 29036 $224,520.51
500060931 MILLER,JOHN 33 HILLSIDE DRIVE NORTH HALEDON NJ 07508 $219,586.90
500061006 SOARES,CARLOS 2 ALDEN STREET NEWTON MA 02159 $299,244.55
500061078 WILSON,WILLIAM L 8 BRIDGEWORTH LANE TOWN OF SHERMAN CT 06784 $276,377.46
500061098 ROBERTS,HERSCHEL J 1107 MANOR HILL DR. NORMAN OK 73072 $258,205.23
500061128 VIALE,JOHN DAVID JR 5293 SOUTH HANNIBAL WAY AURORA CO 80015 $387,965.42
500061136 CICIO,JOSEPH 41 GEER MOUNTAIN ROAD KENT CT 06757 $717,435.81
500061137 PURNELL,JOHN W 2908 CHISELFORD DRIVE SINKING SPRING PA 19608 $236,854.17
<CAPTION>
INTEREST LNDR NET MGMT PC SCHEDULED
LOAN # BORROWER RATE FEE RATE FEE RATE MATURITY
------ -------------------- -------- ----- ------ ----- ------ --------
<S> <C> <C> <C> <C> <C> <C> <C>
500060900 HAVER,DAVID M&STEVEN R 7.375 .250 7.125 .0500 7.075 01/01/2026
500060901 MACOMBER,JAMES FRANKLIN & 8.250 .250 8.000 .0500 7.950 01/01/2026
500060907 WOLF,PETER 7.875 .150 7.725 .1000 7.625 02/01/2026
500060911 MARGOLIS,ROBERT 7.375 .150 7.225 .1000 7.125 02/01/2026
500060913 LOFTUS,JOHN R 7.875 .150 7.725 .1000 7.625 02/01/2026
500060929 CASSEL,THOMAS AV 7.375 .150 7.225 .1000 7.125 03/01/2026
500060930 LWATFORD,GERALD SR 7.750 .150 7.600 .1000 7.500 02/01/2026
500060931 MILLER,JOHN 8.375 .250 8.125 .0500 8.075 02/01/2026
500061006 SOARES,CARLOS 7.750 .250 7.500 .0500 7.450 01/01/2026
500061078 WILSON,WILLIAM L 7.375 .150 7.225 .1000 7.125 03/01/2026
500061098 ROBERTS,HERSCHEL J 7.375 .150 7.225 .1000 7.125 03/01/2026
500061128 VIALE,JOHN DAVID JR 8.375 .250 8.125 .0500 8.075 03/01/2026
500061136 CICIO,JOSEPH 8.125 .150 7.975 .1000 7.875 03/01/2026
500061137 PURNELL,JOHN W 8.375 .250 8.125 .0500 8.075 03/01/2026
<CAPTION>
MI INTEREST LOAN
LOAN # BORROWER S/S LOAN # P & I PMT CO PAID-TO TERM
------ -------------------- ---------- --------- --- --------- ----
<S> <C> <C> <C> <C> <C> <C>
500060900 HAVER,DAVID M&STEVEN R 3830056 $1,429.70 05/01/1996 360
500060901 MACOMBER,JAMES FRANKLIN & 3834801 $1,998.37 3 05/01/1996 360
500060907 WOLF,PETER 091850515 $1,631.41 05/01/1996 360
500060911 MARGOLIS,ROBERT 091860417 $1,932.85 05/01/1996 360
500060913 LOFTUS,JOHN R 091861451 $3,494.83 05/01/1996 360
500060929 CASSEL,THOMAS AV 091858216 $2,652.19 05/01/1996 360
500060930 LWATFORD,GERALD SR 091859595 $1,611.93 05/01/1996 360
500060931 MILLER,JOHN 091860079 $1,672.16 05/01/1996 360
500061006 SOARES,CARLOS 091857941 $2,149.95 05/01/1996 360
500061078 WILSON,WILLIAM L 091852854 $1,911.79 05/01/1996 360
500061098 ROBERTS,HERSCHEL J 091862965 $1,786.09 05/01/1996 360
500061128 VIALE,JOHN DAVID JR 091864896 $2,952.51 05/01/1996 360
500061136 CICIO,JOSEPH 091853429 $5,345.98 05/01/1996 360
500061137 PURNELL,JOHN W 091858371 $1,802.51 05/01/1996 360
<CAPTION>
PER LIFE LIFE GROSS NET CERT. PROP BUYDOWN
LOAN # BORROWER CAP FLOOR CAP MARGIN MARGIN MARGIN VALUE TYPE
------ -------------------- ---- ----- ---- ------ ------ ------ ----- ------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
500060900 HAVER,DAVID M&STEVEN R $340,000.00 N
500060901 MACOMBER,JAMES FRANKLIN & $300,000.00 N
500060907 WOLF,PETER 00 .00 .00 .000 .150 .250 $300,000.00 N
500060911 MARGOLIS,ROBERT 00 .00 .00 .000 .150 .250 $350,000.00 N
500060913 LOFTUS,JOHN R 00 .00 .00 .000 .150 .250 $670,000.00 N
500060929 CASSEL,THOMAS AV 00 .00 .00 .000 .150 .250 $480,000.00 N
500060930 LWATFORD,GERALD SR 00 .00 .00 .000 .150 .250 $300,000.00 N
500060931 MILLER,JOHN 00 .00 .00 .000 .250 .300 $275,000.00 N
500061006 SOARES,CARLOS 00 .00 .00 .000 .250 .300 $415,000.00 N
500061078 WILSON,WILLIAM L 00 .00 .00 .000 .150 .250 $346,000.00 N
500061098 ROBERTS,HERSCHEL J 00 .00 .00 .000 .150 .250 $450,000.00 N
500061128 VIALE,JOHN DAVID JR 00 .00 .00 .000 .250 .300 $517,949.00 N
500061136 CICIO,JOSEPH 00 .00 .00 .000 .150 .250 $1,550,000.00 N
500061137 PURNELL,JOHN W 00 .00 .00 .000 .250 .300 $296,485.00 N
</TABLE>
<PAGE>
(vlegal.ace v1.4) Page 10
RUN DATE: 05/28/1996 PNC MORTGAGE SECURITIES CORP.
TIME: 17:15:32 LEGAL LOAN LISTING
REQUESTED STATUS AS OF 05/01/1996
POOL NUMBER: 1380 POOL NAME: 1996-1 DLJ
<TABLE>
<CAPTION>
SCHEDULED
LOAN # BORROWER STREET ADDRESS CITY STATE ZIP BALANCE
------ -------------------- -------------------- --------------- ----- ----- -----------
<S> <C> <C> <C> <C> <C> <C>
500061138 COOKE,RICHARD H 4313 HOLLY LANE ANNANDALE VA _____ $299,542.04
500061191 KOULOURIS,RICHARD R 850 LAKEVIEW DRIVE PADUCAH KY 42003 $236,655.85
500061226 COLINO,JOSEPH 629 24TH STREET BOROUGH OF AVAL NJ 08022 $218,599.46
500061231 UMMEL,VERNON D 46 LOCHINVAR ROAD SAN RAFAEL CA 94901 $264,803.33
500061232 BODE,SHAWNA 24602 CANELA MISSION VIEJO CA 92691 $224,495.40
500061243 RICHBURG,JOSEPH P 626 LOGGERHEAD ISLAND DRIVE SATELLITE BEACH FL 32937 $307,004.11
500061244 YEUNG,WING KWONG 170 22ND AVENUE SAN FRANCISCO CA 94121 $291,793.91
500061254 BELL,BARRY D 2986 FARMWALK RD. TOWN OF YORKTOW NY 10598 $226,835.71
500061255 ZABOLOTSKY,OLEG 206 TAMARACK COURT MORGANVILLE NJ 07751 $247,739.72
500061257 ROSALES,JULIO C 649 TULARE STREET PETALUMA CA 94954 $232,261.77
500061258 SEBASTIAN,ANTHONY 12800 CASTLEROCK COURT OKLAHOMA CITY OK 73142 $294,302.39
500061266 KING,RICHARD A 1695 E. LOMA ALTA DRIVE ALTADENA CA 91001 $284,798.86
500061271 GELMAN,MARK W 2301 FOX FIELD CIRCLE WALL NJ 07719 $223,900.00
500061272 DAVIDSON,R EDDIE 211 BUCHANAN CIRCLE HENDERSONVILLE TN 37075 $250,000.00
<CAPTION>
INTEREST LNDR NET MGMT PC SCHEDULED
LOAN # BORROWER RATE FEE RATE FEE RATE MATURITY
------ -------------------- -------- ----- ------ ----- ------ --------
<S> <C> <C> <C> <C> <C> <C> <C>
500061138 COOKE,RICHARD H 7.375 .150 7.225 .1000 7.125 03/01/2026
500061191 KOULOURIS,RICHARD R 7.625 .250 7.375 .0500 7.325 03/01/2026
500061226 COLINO,JOSEPH 7.875 .150 7.725 .1000 7.625 04/01/2026
500061231 UMMEL,VERNON D 7.500 .150 7.350 .1000 7.250 04/01/2026
500061232 BODE,SHAWNA 7.875 .150 7.725 .1000 7.625 04/01/2026
500061243 RICHBURG,JOSEPH P 8.250 .150 8.100 .1000 8.000 04/01/2026
500061244 YEUNG,WING KWONG 7.750 .150 7.600 .1000 7.500 04/01/2026
500061254 BELL,BARRY D 7.625 .150 7.475 .1000 7.375 04/01/2026
500061255 ZABOLOTSKY,OLEG 7.625 .250 7.375 .0500 7.325 03/01/2026
500061257 ROSALES,JULIO C 7.625 .150 7.475 .1000 7.375 04/01/2026
500061258 SEBASTIAN,ANTHONY 8.000 .150 7.850 .1000 7.750 04/01/2026
500061266 KING,RICHARD A 7.750 .150 7.600 .1000 7.500 04/01/2026
500061271 GELMAN,MARK W 7.875 .150 7.725 .1000 7.625 05/01/2026
500061272 DAVIDSON,R EDDIE 8.125 .150 7.975 .1000 7.875 05/01/2026
<CAPTION>
MI INTEREST LOAN
LOAN # BORROWER S/S LOAN # P & I PMT CO PAID-TO TERM
------ -------------------- ---------- --------- --- --------- ----
<S> <C> <C> <C> <C> <C> <C>
500061138 COOKE,RICHARD H 091866536 $2,072.03 05/01/1996 360
500061191 KOULOURIS,RICHARD R 091868684 $1,677.47 05/01/1996 360
500061226 COLINO,JOSEPH 091846112 $1,586.09 05/01/1996 360
500061231 UMMEL,VERNON D 091870960 $1,852.92 05/01/1996 360
500061232 BODE,SHAWNA 091871666 $1,628.87 18 05/01/1996 360
500061243 RICHBURG,JOSEPH P 091869649 $2,307.89 05/01/1996 360
500061244 YEUNG,WING KWONG 091874396 $2,091.92 05/01/1996 360
500061254 BELL,BARRY D 091855231 $1,606.69 05/01/1996 360
500061255 ZABOLOTSKY,OLEG 091862490 $1,756.04 12 05/01/1996 360
500061257 ROSALES,JULIO C 091869879 $1,645.13 1 05/01/1996 360
500061258 SEBASTIAN,ANTHONY 091871524 $2,160.94 18 05/01/1996 360
500061266 KING,RICHARD A 091873350 $2,041.77 05/01/1996 360
500061271 GELMAN,MARK W 091824997 $1,623.43 05/01/1996 360
500061272 DAVIDSON,R EDDIE 091873879 $1,856.24 18 05/01/1996 360
<CAPTION>
PER LIFE LIFE GROSS NET CERT. PROP BUYDOWN
LOAN # BORROWER CAP FLOOR CAP MARGIN MARGIN MARGIN VALUE TYPE
------ -------------------- ---- ----- ---- ------ ------ ------ ----- ------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
500061138 COOKE,RICHARD H .00 .00 .00 .000 .150 .250 $450,000.00 N
500061191 KOULOURIS,RICHARD R .00 .00 .00 .000 .250 .300 $325,000.00 N
500061226 COLINO,JOSEPH .00 .00 .00 .000 .150 .250 $450,000.00 N
500061231 UMMEL,VERNON D .00 .00 .00 .000 .150 .250 $437,500.00 N
500061232 BODE,SHAWNA .00 .00 .00 .000 .150 .250 $236,500.00 N
500061243 RICHBURG,JOSEPH P .00 .00 .00 .000 .150 .250 $384,000.00 N
500061244 YEUNG,WING KWONG .00 .00 .00 .000 .150 .250 $365,000.00 N
500061254 BELL,BARRY D .00 .00 .00 .000 .150 .250 $335,000.00 N
500061255 ZABOLOTSKY,OLEG .00 .00 .00 .000 .250 .300 $276,986.00 N
500061257 ROSALES,JULIO C .00 .00 .00 .000 .150 .250 $266,000.00 Y
500061258 SEBASTIAN,ANTHONY .00 .00 .00 .000 .150 .250 $310,000.00 N
500061266 KING,RICHARD A .00 .00 .00 .000 .150 .250 $380,000.00 N
500061271 GELMAN,MARK W .00 .00 .00 .000 .150 .250 $279,990.00 N
500061272 DAVIDSON,R EDDIE .00 .00 .00 .000 .150 .250 $299,900.00 N
</TABLE>
<PAGE>
(vlegal.ace v1.4) Page 11
RUN DATE: 05/28/1996 PNC MORTGAGE SECURITIES CORP.
TIME: 17:15:32 LEGAL LOAN LISTING
REQUESTED STATUS AS OF 05/01/1996
POOL NUMBER: 1380 POOL NAME: 1996-1 DLJ
<TABLE>
<CAPTION>
SCHEDULED
LOAN # BORROWER STREET ADDRESS CITY STATE ZIP BALANCE
------ -------------------- -------------------- --------------- ----- ----- -----------
<S> <C> <C> <C> <C> <C> <C>
500061286 COX,CHARLES W JR 500 BROOKS LANE SIMPSONVILLE KY 40067 $299,794.54
500061287 GUERRERO,DANIEL 1073 AMBER COURT W. CHICAGO IL 60185 $233,746.94
500061288 MELLING,MICHAEL J 171 OAK RIDGE AVENUE CITY OF SUMMIT NJ 07901 $400,000.00
500061289 GOSS,JOSEPH W 19255 OAKLAND GREEN ROAD LEESBURG VA 22075 $400,000.00
500061290 ZIMMERMAN,DONALD M 39W181 BAERT LANE ST. CHARLES IL 60175 $222,000.00
500061295 MARTIN,NELSON L 4256 LAKE MEADOW WAY LOUISVILLE TN 37777 $259,807.04
500061296 GERRITS,LINDA MICHELLE 1270 CALLE EL CAMARON THOUSAND OAKS CA 91360 $465,000.00
500061297 JORGENSEN,JAMES 5218 ROCKY MTN PL RANCHO CUCAMONG CA 91737 $258,300.00
500061299 KORN,SCOTT H 1260 GULPH CREEK DRIVE UPPER MERION TO PA 19087 $403,000.00
600042298 LESLIE CLYDE SMITH & 2539 PASEO DEL PALACIO CHINO HILLS CA 91709 $222,630.17
600042301 GARRY S & MINDY G ABEL 417 YORKSHIRE RD ROSEMONT PA 19010 $268,895.74
600042307 MARCUS H & TAMMY RAE ANDE 15505 SURREY LANE LA MIRADA CA 90638 $346,343.65
600042317 JAMES J & SAUNDRA G DAVIS 9712 POLING TERRACE FORT WASHINGTON MD 20744 $265,208.78
600042345 BRIAN ERIK HENRY 17846 WEST COLONY WAY BATON ROUGE LA 70810 $244,753.60
<CAPTION>
INTEREST LNDR NET MGMT PC SCHEDULED
LOAN # BORROWER RATE FEE RATE FEE RATE MATURITY
------ -------------------- -------- ----- ------ ----- ------ --------
<S> <C> <C> <C> <C> <C> <C> <C>
500061286 COX,CHARLES W JR 7.875 .250 7.625 .0500 7.575 04/01/2026
500061287 GUERRERO,DANIEL 8.125 .250 7.875 .0500 7.825 04/01/2026
500061288 MELLING,MICHAEL J 7.750 .150 7.600 .1000 7.500 05/01/2026
500061289 GOSS,JOSEPH W 7.500 .150 7.350 .1000 7.250 05/01/2026
500061290 ZIMMERMAN,DONALD M 7.625 .150 7.475 .1000 7.375 05/01/2026
500061295 MARTIN,NELSON L 7.500 .250 7.250 .0500 7.200 04/01/2026
500061296 GERRITS,LINDA MICHELLE 7.750 .150 7.600 .1000 7.500 05/01/2026
500061297 JORGENSEN,JAMES 7.750 .150 7.600 .1000 7.500 05/01/2026
500061299 KORN,SCOTT H 7.875 .150 7.725 .1000 7.625 05/01/2026
600042298 LESLIE CLYDE SMITH & 7.750 .250 7.500 .0500 7.450 08/01/2025
600042301 GARRY S & MINDY G ABEL 7.500 .250 7.250 .0500 7.200 08/01/2025
600042307 MARCUS H & TAMMY RAE ANDE 8.000 .250 7.750 .0500 7.700 08/01/2025
600042317 JAMES J & SAUNDRA G DAVIS 7.875 .250 7.625 .0500 7.575 06/01/2025
600042345 BRIAN ERIK HENRY 7.625 .250 7.375 .0500 7.325 08/01/2025
<CAPTION>
MI INTEREST LOAN
LOAN # BORROWER S/S LOAN # P & I PMT CO PAID-TO TERM
------ -------------------- ---------- --------- --- --------- ----
<S> <C> <C> <C> <C> <C> <C>
500061286 COX,CHARLES W JR 091863144 $2,175.22 05/01/1996 360
500061287 GUERRERO,DANIEL 091865889 $1,737.44 1 05/01/1996 360
500061288 MELLING,MICHAEL J 091869301 $2,865.65 05/01/1996 360
500061289 GOSS,JOSEPH W 091874125 $2,796.86 05/01/1996 360
500061290 ZIMMERMAN,DONALD M 091875641 $1,571.30 05/01/1996 360
500061295 MARTIN,NELSON L 091867772 $1,817.96 05/01/1996 360
500061296 GERRITS,LINDA MICHELLE 091869576 $3,331.32 05/01/1996 360
500061297 JORGENSEN,JAMES 091871305 $1,850.49 12 05/01/1996 360
500061299 KORN,SCOTT H 091873456 $2,922.03 05/01/1996 360
600042298 LESLIE CLYDE SMITH & 4092860 $1,605.42 18 05/01/1996 360
600042301 GARRY S & MINDY G ABEL 4176824 $1,893.12 18 05/01/1996 360
600042307 MARCUS H & TAMMY RAE ANDE 4339348 $2,568.18 18 05/01/1996 360
600042317 JAMES J & SAUNDRA G DAVIS 4422650 $1,938.11 2 05/01/1996 360
600042345 BRIAN ERIK HENRY 4678062 $1,744.00 2 05/01/1996 360
<CAPTION>
PER LIFE LIFE GROSS NET CERT. PROP BUYDOWN
LOAN # BORROWER CAP FLOOR CAP MARGIN MARGIN MARGIN VALUE TYPE
------ -------------------- ---- ----- ---- ------ ------ ------ ----- ------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
500061286 COX,CHARLES W JR .00 .00 .00 .000 .250 .300 $405,000.00 N
500061287 GUERRERO,DANIEL .00 .00 .00 .000 .250 .300 $260,000.00 N
500061288 MELLING,MICHAEL J .00 .00 .00 .000 .150 .250 $500,000.00 N
500061289 GOSS,JOSEPH W .00 .00 .00 .000 .150 .250 $605,000.00 N
500061290 ZIMMERMAN,DONALD M .00 .00 .00 .000 .150 .250 $277,500.00 N
500061295 MARTIN,NELSON L .00 .00 .00 .000 .250 .300 $540,000.00 N
500061296 GERRITS,LINDA MICHELLE .00 .00 .00 .000 .150 .250 $585,000.00 N
500061297 JORGENSEN,JAMES .00 .00 .00 .000 .150 .250 $287,000.00 N
500061299 KORN,SCOTT H .00 .00 .00 .000 .150 .250 $670,000.00 N
600042298 LESLIE CLYDE SMITH & $248,990.00 N
600042301 GARRY S & MINDY G ABEL $285,000.00 N
600042307 MARCUS H & TAMMY RAE ANDE $390,000.00 N
600042317 JAMES J & SAUNDRA G DAVIS $281,400.00 N
600042345 BRIAN ERIK HENRY $259,400.00 N
</TABLE>
<PAGE>
(vlegal.ace v1.4) Page 12
RUN DATE: 05/28/1996 PNC MORTGAGE SECURITIES CORP.
TIME: 17:15:32 LEGAL LOAN LISTING
REQUESTED STATUS AS OF 05/01/1996
POOL NUMBER: 1380 POOL NAME: 1996-1 DLJ
<TABLE>
<CAPTION>
SCHEDULED
LOAN # BORROWER STREET ADDRESS CITY STATE ZIP BALANCE
------ -------------------- -------------------- --------------- ----- ----- -----------
<S> <C> <C> <C> <C> <C> <C>
600042353 DAVID & ANN URBANI 4200 TIMBERWOOD WEST DES MOINES IA 50265 $372,939.36
600042366 AIREY S & JANICE R MOORE 111 CROSS FOXES DRIVE FORT WASHINGTON MD 20744 $224,749.11
600042368 PAUL R & CARRIE SCHEER BO 14 AQUEDUCT ROAD WAYLAND MA 01778 $246,656.44
600042376 NELSON HUGHES 8826 CREEK WAY DRIVE CLINTON MD 20735 $233,865.32
600042377 JAMES S & VICTORIA L PETE 1930 NORTH KENNETH ROAD BURBANK CA 91504 $214,591.96
600042382 JAMES A DUNLAP,JR 1250 MILLSTONE RUN BOGART GA 30622 $183,355.62
600042409 DANIEL E JOHNSON 2705 CARLARIS ROAD SAN MARINO CA 91108 $389,621.08
600042413 RONALD P & MARLANE A MIRI 1322 2ND STREET CORONADO CA 92118 $391,556.28
600042420 MARK P & ELIZABETH M MCCL 106 RIDGE RD RIVA MD 21140 $287,020.50
600042450 ALAN R & DIANE M TARP 205 PINE CANYON ROAD SALINAS CA 93908 $389,091.75
600042473 RANDY J & PAMELA A NEDROW 30103 WINGFOOT COVE GEORGETOWN TX 78628 $208,150.91
600042478 HO YONG & KUM SUK KIM 4531 HEPPNER LANE SAN JOSE CA 95136 $181,083.22
600042479 Steven L. & Melody A. Gra 714 Shorecrest Dr Southlake TX 76092 $278,480.83
600050720 NGUYEN BINH RENO NV 89511 $233,035.62
<CAPTION>
INTEREST LNDR NET MGMT PC SCHEDULED
LOAN # BORROWER RATE FEE RATE FEE RATE MATURITY
------ -------------------- -------- ----- ------ ----- ------ --------
<S> <C> <C> <C> <C> <C> <C> <C>
600042353 DAVID & ANN URBANI 8.000 .250 7.750 .0500 7.700 09/01/2025
600042366 AIREY S & JANICE R MOORE 7.750 .250 7.500 .0500 7.450 07/01/2025
600042368 PAUL R & CARRIE SCHEER BO 7.375 .250 7.125 .0500 7.075 08/01/2025
600042376 NELSON HUGHES 8.000 .250 7.750 .0500 7.700 07/01/2025
600042377 JAMES S & VICTORIA L PETER 7.750 .250 7.500 .0500 7.450 08/01/2025
600042382 JAMES A DUNLAP,JR 8.000 .250 7.750 .0500 7.700 08/01/2025
600042409 DANIEL E JOHNSON 7.500 .250 7.250 .0500 7.200 09/01/2025
600042413 RONALD P & MARLANE A MIRI 8.000 .250 7.750 .0500 7.700 08/01/2025
600042420 MARK P & ELIZABETH M MCCL 7.250 .250 7.000 .0500 6.950 08/01/2025
600042450 ALAN R & DIANE M TARP 7.875 .250 7.625 .0500 7.575 09/01/2025
600042473 RANDY J & PAMELA A NEDROW 8.000 .250 7.750 .0500 7.700 08/01/2025
600042478 HO YONG & KUM SUK KIM 7.750 .250 7.500 .0500 7.450 10/01/2025
600042479 Steven L. & Melody A. Gra 7.375 .250 7.125 .0500 7.075 10/01/2025
600050720 NGUYEN BINH 7.375 .250 7.125 .0350 7.090 02/01/2026
<CAPTION>
MI INTEREST LOAN
LOAN # BORROWER S/S LOAN # P & I PMT CO PAID-TO TERM
------ -------------------- ---------- --------- --- --------- ----
<S> <C> <C> <C> <C> <C> <C>
600042353 DAVID & ANN URBANI 4727216 $2,751.62 05/01/1996 360
600042366 AIREY S & JANICE R MOORE 4790799 $1,621.96 18 05/01/1996 360
600042368 PAUL R & CARRIE SCHEER BO 4799355 $1,715.64 2 05/01/1996 360
600042376 NELSON HUGHES 4823030 $1,728.02 2 05/01/1996 360
600042377 JAMES S & VICTORIA L PETE 4836334 $1,547.45 2 05/01/1996 360
600042382 JAMES A DUNLAP,JR 4844984 $1,353.80 05/01/1996 360
600042409 DANIEL E JOHNSON 4893822 $2,740.92 05/01/1996 360
600042413 RONALD P & MARLANE A MIRI 4900511 $2,891.03 05/01/1996 360
600042420 MARK P & ELIZABETH M MCCL 4923913 $1,972.17 18 05/01/1996 360
600042450 ALAN R & DIANE M TARP 5060167 $2,838.65 05/01/1996 360
600042473 RANDY J & PAMELA A NEDROW 5346540 $1,536.87 2 05/01/1996 360
600042478 HO YONG & KUM SUK KIM 5635048 $1,303.87 05/01/1996 360
600042479 Steven L. & Melody A. Gra 5789069 $1,933.89 05/01/1996 360
600050720 NGUYEN BINH 1527852 $1,614.46 05/01/1996 360
<CAPTION>
PER LIFE LIFE GROSS NET CERT. PROP BUYDOWN
LOAN # BORROWER CAP FLOOR CAP MARGIN MARGIN MARGIN VALUE TYPE
------ -------------------- ---- ----- ---- ------ ------ ------ ----- ------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
600042353 DAVID & ANN URBANI $477,778.00 N
600042366 AIREY S & JANICE R MOORE $256,440.00 N
600042368 PAUL R & CARRIE SCHEER BO $261,500.00 N
600042376 NELSON HUGHES $247,945.00 N
600042377 JAMES S & VICTORIA L PETE $240,000.00 N
600042382 JAMES A DUNLAP,JR $287,500.00 N
600042409 DANIEL E JOHNSON $560,000.00 N
600042413 RONALD P & MARLANE A MIRI $569,000.00 N
600042420 MARK P & ELIZABETH M MCCL $321,250.00 N
600042450 ALAN R & DIANE M TARP $580,000.00 N
600042473 RANDY J & PAMELA A NEDROW $220,507.00 N
600042478 HO YONG & KUM SUK KIM $260,000.00 N
600042479 Steven L. & Melody A. Gra $350,000.00 N
600050720 NGUYEN BINH $302,002.58 N
</TABLE>
<PAGE>
(vlegal.ace v1.4) Page 13
RUN DATE: 05/28/1996 PNC MORTGAGE SECURITIES CORP.
TIME: 17:15:32 LEGAL LOAN LISTING
REQUESTED STATUS AS OF 05/01/1996
POOL NUMBER: 1380 POOL NAME: 1996-1 DLJ
<TABLE>
<CAPTION>
SCHEDULED
LOAN # BORROWER STREET ADDRESS CITY STATE ZIP BALANCE
------ -------------------- -------------------- --------------- ----- ----- -----------
<S> <C> <C> <C> <C> <C> <C>
600050721 COBB DAVID RENO NV 89511 $329,167.34
600050722 DUPRE DANIEL NAPERVILLE IL 60563 $259,811.82
600050723 DAIGLE MICHAEL AURORA CO 80015 $217,422.37
600050724 ISAAK MARCELO NEW MARKET MD 21774 $244,755.72
600050725 FORD FRANCES RICHMOND VA 23226 $344,873.44
600050726 HUFF TIMOTHY LAGRANGE GA 30240 $299,798.70
600050727 SEDGASS DANA PLANO TX 75093 $226,911.63
600050728 TRAVAGLIONE LOUIS SAN JOSE CA 95135 $314,219.59
600050729 LAMPKIN ANDREW LONG BEACH CA 90807 $247,158.22
600050730 MACKINLAY PAUL LOS GATOS CA 95030 $247,122.19
600050731 COLLIER RICHARD SUWANEE GA 30174 $270,365.61
600050732 DUQUETTE RONALD LORTON VA 22079 $282,129.29
600050733 URBAN MICHAEL DARNESTOWN MD 20874 $405,089.83
600050734 QUERQUES FRANK WALNUT CREE CA 94598 $319,831.85
<CAPTION>
INTEREST LNDR NET MGMT PC SCHEDULED
LOAN # BORROWER RATE FEE RATE FEE RATE MATURITY
------ -------------------- -------- ----- ------ ----- ------ --------
<S> <C> <C> <C> <C> <C> <C> <C>
600050721 COBB DAVID 8.125 .250 7.875 .0350 7.840 03/01/2026
600050722 DUPRE DANIEL 7.625 .250 7.375 .0350 7.340 04/01/2026
600050723 DAIGLE MICHAEL 7.625 .250 7.375 .0350 7.340 02/01/2026
600050724 ISAAK MARCELO 7.625 .250 7.375 .0350 7.340 04/01/2026
600050725 FORD FRANCES 8.000 .250 7.750 .0350 7.715 04/01/2026
600050726 HUFF TIMOTHY 8.000 .250 7.750 .0350 7.715 04/01/2026
600050727 SEDGASS DANA 7.500 .250 7.250 .0350 7.215 03/01/2026
600050728 TRAVAGLIONE LOUIS 7.375 .250 7.125 .0350 7.090 03/01/2026
600050729 LAMPKIN ANDREW 7.875 .250 7.625 .0350 7.590 03/01/2026
600050730 MACKINLAY PAUL 7.375 .250 7.125 .0350 7.090 03/01/2026
600050731 COLLIER RICHARD 7.125 .250 6.875 .0350 6.840 03/01/2026
600050732 DUQUETTE RONALD 7.500 .250 7.250 .0350 7.215 03/01/2026
600050733 URBAN MICHAEL 7.875 .250 7.625 .0350 7.590 03/01/2026
600050734 QUERQUES FRANK 7.500 .250 7.250 .0350 7.215 02/01/2026
<CAPTION>
MI INTEREST LOAN
LOAN # BORROWER S/S LOAN # P & I PMT CO PAID-TO TERM
------ -------------------- ---------- --------- --- --------- ----
<S> <C> <C> <C> <C> <C> <C>
600050721 COBB DAVID 5238860 $2,447.27 05/01/1996 360
600050722 DUPRE DANIEL 5364195 $1,840.26 05/01/1996 360
600050723 DAIGLE MICHAEL 5395777 $1,542.99 05/01/1996 360
600050724 ISAAK MARCELO 5415641 $1,733.63 05/01/1996 360
600050725 FORD FRANCES 6051601 $2,532.26 05/01/1996 360
600050726 HUFF TIMOTHY 6115752 $2,201.30 05/01/1996 360
600050727 SEDGASS DANA 6280820 $1,588.97 05/01/1996 360
600050728 TRAVAGLIONE LOUIS 6283436 $2,173.56 05/01/1996 360
600050729 LAMPKIN ANDREW 7187198 $1,794.55 14 05/01/1996 360
600050730 MACKINLAY PAUL 20014999 $1,709.42 1 05/01/1996 360
600050731 COLLIER RICHARD 20038576 $1,824.43 1 05/01/1996 360
600050732 DUQUETTE RONALD 20049979 $1,975.64 05/01/1996 360
600050733 URBAN MICHAEL 20057840 $2,941.25 05/01/1996 360
600050734 QUERQUES FRANK 20080552 $2,241.33 05/01/1996 360
<CAPTION>
PER LIFE LIFE GROSS NET CERT. PROP BUYDOWN
LOAN # BORROWER CAP FLOOR CAP MARGIN MARGIN MARGIN VALUE TYPE
------ -------------------- ---- ----- ---- ------ ------ ------ ----- ------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
600050721 COBB DAVID $412,000.00 N
600050722 DUPRE DANIEL $329,949.23 N
600050723 DAIGLE MICHAEL $272,500.00 N
600050724 ISAAK MARCELO $306,166.25 N
600050725 FORD FRANCES $431,381.25 N
600050726 HUFF TIMOTHY $375,000.00 N
600050727 SEDGASS DANA $284,062.50 N
600050728 TRAVAGLIONE LOUIS $393,375.00 N
600050729 LAMPKIN ANDREW $275,000.00 N
600050730 MACKINLAY PAUL $275,000.00 N
600050731 COLLIER RICHARD $302,232.15 N
600050732 DUQUETTE RONALD $353,187.50 N
600050733 URBAN MICHAEL $507,062.50 N
600050734 QUERQUES FRANK $508,003.19 Y
</TABLE>
<PAGE>
(vlegal.ace v1.4) Page 14
RUN DATE: 05/28/1996 PNC MORTGAGE SECURITIES CORP.
TIME: 17:15:32 LEGAL LOAN LISTING
REQUESTED STATUS AS OF 05/01/1996
POOL NUMBER: 1380 POOL NAME: 1996-1 DLJ
<TABLE>
<CAPTION>
SCHEDULED
LOAN # BORROWER STREET ADDRESS CITY STATE ZIP BALANCE
------ -------------------- -------------------- --------------- ----- ----- -----------
<S> <C> <C> <C> <C> <C> <C>
600050735 VIKESLAND MICHAEL CHERHASSEN MN 55317 $213,439.60
600050736 WOLD CHARLES PHOENIX AZ 85044 $235,837.59
600050737 CIOTTI JOHN BALDWINSVIL NY 13027 $239,488.55
600050738 THOMAS GEORGE FREMONT CA 94536 $245,819.85
600050739 SCHUMPP MICHAEL WEST CHESTE OH 45069 $261,469.06
600050740 GAULIN DANIEL NEWTON MA 2160 $377,214.47
600050741 BUCHER II FREDERICK REDWOOD CIT CA 94065 $351,163.11
600050742 JEFFREY SCOTT WESTFIELD NJ 07090 $224,656.53
600050743 YOWELL TRAYNOLORI BROOKEVILLE MD 20833 $264,152.20
600050744 SUTTER CONRAD KALAMAZOO MI 49083 $234,229.14
600050745 BUCHHOLZ BELLE BOULDER CO 80302 $248,789.26
600050746 HANSEN JAMES CARLSBAD CA 92009 $277,885.62
600050747 WINTER DAVID MESA AZ 85204 $232,665.47
600050748 BILODEAU PAUL DES PLAINES IL 60018 $269,663.18
<CAPTION>
INTEREST LNDR NET MGMT PC SCHEDULED
LOAN # BORROWER RATE FEE RATE FEE RATE MATURITY
------ -------------------- -------- ----- ------ ----- ------ --------
<S> <C> <C> <C> <C> <C> <C> <C>
600050735 VIKESLAND MICHAEL 7.625 .250 7.375 .0350 7.340 03/01/2026
600050736 WOLD CHARLES 7.875 .250 7.625 .0350 7.590 04/01/2026
600050737 CIOTTI JOHN 7.750 .250 7.500 .0350 7.465 02/01/2026
600050738 THOMAS GEORGE 7.250 .250 7.000 .0350 6.965 02/01/2026
600050739 SCHUMPP MICHAEL 8.000 .250 7.750 .0350 7.715 02/01/2026
600050740 GAULIN DANIEL 7.875 .250 7.625 .0350 7.590 02/01/2026
600050741 BUCHER II FREDERICK 7.375 .250 7.125 .0350 7.090 03/01/2026
600050742 JEFFREY SCOTT 7.375 .250 7.125 .0350 7.090 03/01/2026
600050743 YOWELL TRAYNOLORI 7.500 .250 7.250 .0350 7.215 02/01/2026
600050744 SUTTER CONRAD 7.250 .250 7.000 .0350 6.965 07/01/2025
600050745 BUCHHOLZ BELLE 8.375 .250 8.125 .0350 8.090 03/01/2026
600050746 HANSEN JAMES 7.500 .250 7.250 .0350 7.215 03/01/2026
600050747 WINTER DAVID 7.875 .250 7.625 .0350 7.590 02/01/2026
600050748 BILODEAU PAUL 8.375 .250 8.125 .0350 8.090 03/01/2026
<CAPTION>
MI INTEREST LOAN
LOAN # BORROWER S/S LOAN # P & I PMT CO PAID-TO TERM
------ -------------------- ---------- --------- --- --------- ----
<S> <C> <C> <C> <C> <C> <C>
600050735 VIKESLAND MICHAEL 20127056 $1,512.91 2 05/01/1996 360
600050736 WOLD CHARLES 20131280 $1,711.16 05/01/1996 360
600050737 CIOTTI JOHN 20155396 $1,719.39 05/01/1996 360
600050738 THOMAS GEORGE 20163655 $1,680.89 05/01/1996 360
600050739 SCHUMPP MICHAEL 20165734 $1,922.47 05/01/1996 360
600050740 GAULIN DANIEL 20173977 $2,740.76 2 05/01/1996 360
600050741 BUCHER II FREDERICK 20174215 $2,429.11 05/01/1996 360
600050742 JEFFREY SCOTT 20177259 $1,554.02 14 05/01/1996 360
600050743 YOWELL TRAYNOLORI 20179057 $1,853.97 05/01/1996 360
600050744 SUTTER CONRAD 20182366 $1,610.77 05/01/1996 354
600050745 BUCHHOLZ BELLE 20182424 $1,893.34 05/01/1996 360
600050746 HANSEN JAMES 20183265 $1,945.92 05/01/1996 360
600050747 WINTER DAVID 20183737 $1,690.50 7 05/01/1996 360
600050748 BILODEAU PAUL 20187811 $2,052.20 05/01/1996 360
<CAPTION>
PER LIFE LIFE GROSS NET CERT. PROP BUYDOWN
LOAN # BORROWER CAP FLOOR CAP MARGIN MARGIN MARGIN VALUE TYPE
------ -------------------- ---- ----- ---- ------ ------ ------ ----- ------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
600050735 VIKESLAND MICHAEL $252,063.67 N
600050736 WOLD CHARLES $314,666.67 N
600050737 CIOTTI JOHN $310,077.51 N
600050738 THOMAS GEORGE $308,000.00 N
600050739 SCHUMPP MICHAEL $347,019.87 N
600050740 GAULIN DANIEL $420,000.00 N
600050741 BUCHER II FREDERICK $439,625.00 N
600050742 JEFFREY SCOTT $253,093.36 N
600050743 YOWELL TRAYNOLORI $331,437.50 N
600050744 SUTTER CONRAD $350,746.27 N
600050745 BUCHHOLZ BELLE $329,933.77 N
600050746 HANSEN JAMES $360,025.86 N
600050747 WINTER DAVID $259,055.56 N
600050748 BILODEAU PAUL $360,000.00 N
</TABLE>
<PAGE>
(vlegal.ace v1.4) Page 15
RUN DATE: 05/28/1996 PNC MORTGAGE SECURITIES CORP.
TIME: 17:15:32 LEGAL LOAN LISTING
REQUESTED STATUS AS OF 05/01/1996
POOL NUMBER: 1380 POOL NAME: 1996-1 DLJ
<TABLE>
<CAPTION>
SCHEDULED
LOAN # BORROWER STREET ADDRESS CITY STATE ZIP BALANCE
------ -------------------- -------------------- --------------- ----- ----- -----------
<S> <C> <C> <C> <C> <C> <C>
600050749 BROOKER RICHARD WILTON CT 6897 $323,309.52
600050750 HENDRIX WAYNE GREELEY CO 80634 $237,864.90
600050751 GREIN JOEL RENO NV 89509 $217,998.12
600050752 BURRUSS RICHARD FREDERICKSB VA 22407 $213,864.79
600050753 DOMINGUEZ HENRY VACAVILLE CA 95688 $225,929.61
600050754 LEVIE KENNETH HENDERSON NV 89014 $251,751.88
600050755 HARING DOUGLAS LAKE FOREST IL 60045 $383,700.66
600050756 LICON WILLIAM THE WOODLAN TX 77380 $267,977.69
600050757 JOHNSON THOMAS WEST CHESTE PA 19382 $249,467.23
600050758 KU ALBERT ALLEN TX 75002 $284,366.55
600050759 VALCIK JEFFERY SEATTLE WA 98019 $215,503.88
600050760 MILNE JOSEPH FORT WORTH TX 76109 $334,829.74
600050761 OMARTIAN ARTHUR ARLINGTON VA 22207 $264,574.92
600050762 LEE WON CASTRO VALL CA 94552 $275,168.70
<CAPTION>
INTEREST LNDR NET MGMT PC SCHEDULED
LOAN # BORROWER RATE FEE RATE FEE RATE MATURITY
------ -------------------- -------- ----- ------ ----- ------ --------
<S> <C> <C> <C> <C> <C> <C> <C>
600050749 BROOKER RICHARD 7.750 .250 7.500 .0350 7.465 02/01/2026
600050750 HENDRIX WAYNE 7.500 .250 7.250 .0350 7.215 02/01/2026
600050751 GREIN JOEL 7.375 .250 7.125 .0350 7.090 02/01/2026
600050752 BURRUSS RICHARD 7.250 .250 7.000 .0350 6.965 03/01/2026
600050753 DOMINGUEZ HENRY 7.750 .250 7.500 .0350 7.465 03/01/2026
600050754 LEVIE KENNETH 7.875 .250 7.625 .0350 7.590 03/01/2026
600050755 HARING DOUGLAS 7.750 .250 7.500 .0350 7.465 02/01/2026
600050756 LICON WILLIAM 7.750 .250 7.500 .0350 7.465 02/01/2026
600050757 JOHNSON THOMAS 7.750 .250 7.500 .0350 7.465 02/01/2026
600050758 KU ALBERT 7.500 .250 7.250 .0350 7.215 03/01/2026
600050759 VALCIK JEFFERY 7.375 .250 7.125 .0350 7.090 02/01/2026
600050760 MILNE JOSEPH 7.750 .250 7.500 .0350 7.465 02/01/2026
600050761 OMARTIAN ARTHUR 7.125 .250 6.875 .0350 6.840 03/01/2026
600050762 LEE WON 7.250 .250 7.000 .0350 6.965 03/01/2026
<CAPTION>
MI INTEREST LOAN
LOAN # BORROWER S/S LOAN # P & I PMT CO PAID-TO TERM
------ -------------------- ---------- --------- --- --------- ----
<S> <C> <C> <C> <C> <C> <C>
600050749 BROOKER RICHARD 20191102 $2,321.18 05/01/1996 360
600050750 HENDRIX WAYNE 20197463 $1,666.93 05/01/1996 360
600050751 GREIN JOEL 20198099 $1,509.13 05/01/1996 360
600050752 BURRUSS RICHARD 20199477 $1,461.23 12 05/01/1996 360
600050753 DOMINGUEZ HENRY 20200499 $1,620.88 1 05/01/1996 360
600050754 LEVIE KENNETH 20200622 $1,827.90 05/01/1996 360
600050755 HARING DOUGLAS 20201778 $2,758.19 05/01/1996 360
600050756 LICON WILLIAM 20202321 $1,923.93 05/01/1996 360
600050757 JOHNSON THOMAS 20203915 $1,791.03 05/01/1996 360
600050758 KU ALBERT 20205258 $1,998.36 05/01/1996 360
600050759 VALCIK JEFFERY 20205282 $1,491.86 2 05/01/1996 360
600050760 MILNE JOSEPH 20205928 $2,407.15 05/01/1996 360
600050761 OMARTIAN ARTHUR 20206074 $1,785.35 05/01/1996 360
600050762 LEE WON 20209185 $1,880.08 05/01/1996 360
<CAPTION>
PER LIFE LIFE GROSS NET CERT. PROP BUYDOWN
LOAN # BORROWER CAP FLOOR CAP MARGIN MARGIN MARGIN VALUE TYPE
------ -------------------- ---- ----- ---- ------ ------ ------ ----- ------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
600050749 BROOKER RICHARD $405,000.00 N
600050750 HENDRIX WAYNE $298,000.00 N
600050751 GREIN JOEL $278,343.95 N
600050752 BURRUSS RICHARD $238,000.00 N
600050753 DOMINGUEZ HENRY $259,461.02 N
600050754 LEVIE KENNETH $315,125.00 N
600050755 HARING DOUGLAS $567,846.58 N
600050756 LICON WILLIAM $410,000.00 N
600050757 JOHNSON THOMAS $724,637.68 N
600050758 KU ALBERT $357,697.11 N
600050759 VALCIK JEFFERY $240,000.00 N
600050760 MILNE JOSEPH $435,233.18 N
600050761 OMARTIAN ARTHUR $350,993.38 N
600050762 LEE WON $344,500.00 N
</TABLE>
<PAGE>
(vlegal.ace v1.4) Page 16
RUN DATE: 05/28/1996 PNC MORTGAGE SECURITIES CORP.
TIME: 15:28:11 LEGAL LOAN LISTING
REQUESTED STATUS AS OF 05/01/1996
POOL NUMBER: 1380 POOL NAME: 1996-1 DLJ
<TABLE>
<CAPTION>
SCHEDULED
LOAN # BORROWER STREET ADDRESS CITY STATE ZIP BALANCE
------ -------------------- -------------------- --------------- ----- ----- ------------
<S> <C> <C> <C> <C> <C> <C>
600050763 SENEVIRATNE ASITHA FREMONT CA 94536 $244,217.21
600050764 JOSEPH MOSES MINNETONKA MN 55345 $440,925.87
600050765 LULL JAMES CHANTILLY VA 22021 $246,993.23
600050766 MORGAN ROBERT SAN DIEGO CA 92131 $278,854.46
600050767 DUTTON RICHARD COLUMBIA MD 21045 $234,500.31
600050768 WISE JONATHAN GLENWOOD MD 21738 $269,364.29
600050769 SINGH RAJENDRA SAN JOSE CA 95135 $286,561.88
600050770 CHURCHILL PAUL KELLER TX 76248 $234,446.68
600050771 JACOBS BRADLEY REDWOOD CIT CA 94065 $357,040.37
600050772 PORTER SCOTT WESTPORT CT 6880 $516,666.86
600050773 LADRIGAN RICHARD SCOTTSDALE AZ 85255 $339,506.27
600050774 PAPPAS JR DENNIS IRONDALE AL 35223 $296,346.94
600050775 ROEHRENBECK WILLIAM LITTLEROCK AR 72212 $336,685.50
600050776 GYENES PETER BROOKLINE MA 2146 $353,653.62
<CAPTION>
INTEREST LNDR NET MGMT PC SCHEDULED
LOAN # BORROWER RATE FEE RATE FEE RATE MATURITY
------ -------------------- -------- ----- ------ ----- ------ -----------
<S> <C> <C> <C> <C> <C> <C> <C>
600050763 SENEVIRATNE ASITHA 7.250 .250 7.000 .0350 6.965 03/01/2026
600050764 JOSEPH MOSES 7.375 .250 7.125 .0350 7.090 03/01/2026
600050765 LULL JAMES 7.000 .250 6.750 .0350 6.715 03/01/2026
600050766 MORGAN ROBERT 7.750 .250 7.500 .0350 7.465 02/01/2026
600050767 DUTTON RICHARD 7.500 .250 7.250 .0350 7.215 03/01/2026
600050768 WISE JONATHAN 7.250 .250 7.000 .0350 6.965 02/01/2026
600050769 SINGH RAJENDRA 7.375 .250 7.125 .0350 7.090 03/01/2026
600050770 CHURCHILL PAUL 7.250 .250 7.000 .0350 6.965 02/01/2026
600050771 JACOBS BRADLEY 7.250 .250 7.000 .0350 6.965 03/01/2026
600050772 PORTER SCOTT 7.125 .250 6.875 .0350 6.840 03/01/2026
600050773 LADRIGAN RICHARD 7.625 .250 7.375 .0350 7.340 03/01/2026
600050774 PAPPAS JR DENNIS 7.375 .250 7.125 .0350 7.090 03/01/2026
600050775 ROEHRENBECK WILLIAM 7.125 .250 6.875 .0350 6.840 02/01/2026
600050776 GYENES PETER 7.125 .250 6.875 .0350 6.840 03/01/2016
<CAPTION>
MI INTEREST LOAN
LOAN # BORROWER S/S LOAN # P & I PMT CO PAID-TO TERM
------ -------------------- --------------- --------- -- -------- ----
<S> <C> <C> <C> <C> <C> <C>
600050763 SENEVIRATNE ASITHA 20210431 $1,668.61 05/01/1996 360
600050764 JOSEPH MOSES 20210605 $3,050.03 05/01/1996 360
600050765 LULL JAMES 20211850 $1,645.96 12 05/01/1996 360
600050766 MORGAN ROBERT 20212494 $2,002.02 05/01/1996 360
600050767 DUTTON RICHARD 20212601 $1,642.11 12 05/01/1996 360
600050768 WISE JONATHAN 20214961 $1,841.88 05/01/1996 360
600050769 SINGH RAJENDRA 20215406 $1,982.24 05/01/1996 360
600050770 CHURCHILL PAUL 20215869 $1,603.12 12 05/01/1996 360
600050771 JACOBS BRADLEY 20216362 $2,439.47 12 05/01/1996 360
600050772 PORTER SCOTT 20217782 $3,486.50 05/01/1996 360
600050773 LADRIGAN RICHARD 20218624 $2,406.50 05/01/1996 360
600050774 PAPPAS JR DENNIS 20219077 $2,049.92 05/01/1996 360
600050775 ROEHRENBECK WILLIAM 20221743 $2,273.80 05/01/1996 360
600050776 GYENES PETER 20223020 $2,779.01 05/01/1996 240
<CAPTION>
PER LIFE LIFE GROSS NET CERT. PROP BUYDOWN
LOAN # BORROWER CAP FLOOR CAP MARGIN MARGIN MARGIN VALUE TYPE
------ -------------------- ---- ----- ---- ------ ------ ------ ------------ ------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
600050763 SENEVIRATNE ASITHA $305,750.00 N
600050764 JOSEPH MOSES $552,000.00 N
600050765 LULL JAMES $274,888.89 N
600050766 MORGAN ROBERT $349,312.50 N
600050767 DUTTON RICHARD $279,916.56 N
600050768 WISE JONATHAN $382,436.27 N
600050769 SINGH RAJENDRA $358,750.00 N
600050770 CHURCHILL PAUL $267,045.45 N
600050771 JACOBS BRADLEY $397,333.33 N
600050772 PORTER SCOTT $674,706.68 N
600050773 LADRIGAN RICHARD $425,000.00 N
600050774 PAPPAS JR DENNIS $371,000.00 N
600050775 ROEHRENBECK WILLIAM $450,000.00 N
600050776 GYENES PETER $969,945.41 N
</TABLE>
<PAGE>
(vlegal.ace v1.4) Page 17
RUN DATE: 05/28/1996 PNC MORTGAGE SECURITIES CORP.
TIME: 15:28:11 LEGAL LOAN LISTING
REQUESTED STATUS AS OF 05/01/1996
POOL NUMBER: 1380 POOL NAME: 1996-1 DLJ
<TABLE>
Caption>
SCHEDULED
LOAN # BORROWER STREET ADDRESS CITY STATE ZIP BALANCE
------ -------------------- -------------------- --------------- ----- ----- ------------
<S> <C> <C> <C> <C> <C> <C>
600050777 BRADY JAMES NAPERVILLE IL 60565 $261,989.37
600050778 PETTLE KEITH LEANDER TX 78645 $599,013.49
600050779 DIXIT PRAVEEN CENTREVILLE VA 22020 $240,413.72
600050780 TESINSKY JACK ISLAMORADA FL 33036 $339,553.66
600050781 SIMPSON DIXON EDMOND OK 73013 $316,201.58
600050782 TUCKER ELIZABETH CHARLESTON SC 29401 $244,162.36
600050783 MARTINEZ IRMA MIAMI FL 33176 $262,109.16
600050784 QUINTERO RAUL MIAMI FL 33176 $282,910.85
600050785 CORN ROBERT ENGLEWOOD CO 80111 $424,382.83
600050786 BURKE MICHAEL COLLEYVILLE TX 76034 $339,199.48
600050787 HEIL MARK SAN DIEGO CA 92131 $283,905.02
600050788 LINDQUIST MICHAEL DENVER CO 80224 $311,334.96
600050789 SEEP JR ALBERT ENGLEWOOD CO 80111 $261,060.71
600050790 PAOLICELLI RICHARD GERMANTOWN MD 20874 $285,973.55
<CAPTION>
INTEREST LNDR NET MGMT PC SCHEDULED
LOAN # BORROWER RATE FEE RATE FEE RATE MATURITY
------ -------------------- -------- ----- ------ ----- ------ --------
<S> <C> <C> <C> <C> <C> <C> <C>
600050777 BRADY JAMES 7.250 .250 7.000 .0350 6.965 03/01/2026
600050778 PETTLE KEITH 7.000 .250 6.750 .0350 6.715 03/01/2026
600050779 DIXIT PRAVEEN 7.125 .250 6.875 .0350 6.840 03/01/2026
600050780 TESINSKY JACK 8.125 .250 7.875 .0350 7.840 03/01/2026
600050781 SIMPSON DIXON 7.750 .250 7.500 .0350 7.465 03/01/2026
600050782 TUCKER ELIZABETH 7.875 .250 7.625 .0350 7.590 03/01/2026
600050783 MARTINEZ IRMA 7.500 .250 7.250 .0350 7.215 03/01/2026
600050784 QUINTERO RAUL 7.875 .250 7.625 .0350 7.590 02/01/2026
600050785 CORN ROBERT 7.625 .250 7.375 .0350 7.340 03/01/2026
600050786 BURKE MICHAEL 7.250 .250 7.000 .0350 6.965 02/01/2026
600050787 HEIL MARK 7.250 .250 7.000 .0350 6.965 03/01/2026
600050788 LINDQUIST MICHAEL 7.500 .250 7.250 .0350 7.215 03/01/2026
600050789 SEEP JR ALBERT 7.500 .250 7.250 .0350 7.215 03/01/2026
600050790 PAOLICELLI RICHARD 7.500 .250 7.250 .0350 7.215 03/01/2026
<CAPTION>
MI INTEREST LOAN
LOAN # BORROWER S/S LOAN # P & I PMT CO PAID-TO TERM
------ -------------------- --------------- --------- -- -------- ----
<S> <C> <C> <C> <C> <C> <C>
600050777 BRADY JAMES 20224705 $1,790.03 05/01/1996 360
600050778 PETTLE KEITH 20224960 $3,991.82 05/01/1996 360
600050779 DIXIT PRAVEEN 20225280 $1,622.32 05/01/1996 360
600050780 TESINSKY JACK 20225454 $2,524.50 05/01/1996 360
600050781 SIMPSON DIXON 20227674 $2,268.52 05/01/1996 360
600050782 TUCKER ELIZABETH 20228235 $1,772.80 05/01/1996 360
600050783 MARTINEZ IRMA 20228458 $1,835.44 05/01/1996 360
600050784 QUINTERO RAUL 20228466 $2,055.57 12 05/01/1996 360
600050785 CORN ROBERT 20228896 $3,008.13 05/01/1996 360
600050786 BURKE MICHAEL 20228904 $2,319.40 05/01/1996 360
600050787 HEIL MARK 20229167 $1,939.77 1 05/01/1996 360
600050788 LINDQUIST MICHAEL 20229266 $2,180.86 05/01/1996 360
600050789 SEEP JR ALBERT 20229746 $1,828.10 05/01/1996 360
600050790 PAOLICELLI RICHARD 20229969 $2,002.56 05/01/1996 360
<CAPTION>
PER LIFE LIFE GROSS NET CERT. PROP BUYDOWN
LOAN # BORROWER CAP FLOOR CAP MARGIN MARGIN MARGIN VALUE TYPE
------ -------------------- ---- ----- ---- ------ ------ ------ ----------- ------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
600050777 BRADY JAMES $328,000.00 N
600050778 PETTLE KEITH $750,000.00 N
600050779 DIXIT PRAVEEN $301,000.00 N
600050780 TESINSKY JACK $539,682.54 N
600050781 SIMPSON DIXON $415,006.54 N
600050782 TUCKER ELIZABETH $326,000.00 N
600050783 MARTINEZ IRMA $350,000.00 N
600050784 QUINTERO RAUL $315,000.00 N
600050785 CORN ROBERT $735,294.13 N
600050786 BURKE MICHAEL $439,844.74 N
600050787 HEIL MARK $315,944.44 N
600050788 LINDQUIST MICHAEL $539,619.39 N
600050789 SEEP JR ALBERT $409,796.24 N
600050790 PAOLICELLI RICHARD $358,000.00 N
</TABLE>
<PAGE>
(vlegal.ace v1.4) Page 18
RUN DATE: 05/28/1996 PNC MORTGAGE SECURITIES CORP.
TIME: 15:28:11 LEGAL LOAN LISTING
REQUESTED STATUS AS OF 05/01/1996
POOL NUMBER: 1380 POOL NAME: 1996-1 DLJ
<TABLE>
<CAPTION>
SCHEDULED
LOAN # BORROWER STREET ADDRESS CITY STATE ZIP BALANCE
------ -------------------- -------------------- --------------- ----- ----- ------------
<S> <C> <C> <C> <C> <C> <C>
600050791 CARPENTER JOHN JOHNS ISLAN SC 29455 $329,508.65
600050792 MILLER WILLIAM LITTLETON CO 80127 $319,535.31
600050793 HALE WILLIAM CLAREMONT CA 91711 $247,630.73
600050794 RAMEY RICHARD WOODLAND WA 98674 $214,553.20
600050795 BAKER KENNETH HIGHLANDS R CO 80126 $315,773.54
600050796 MASON JESS HOUSTON TX 77024 $292,350.70
600050797 BIDDISON MARK NIWOT CO 80503 $271,420.36
600050798 TSUKUDA EIJI SAN JOSE CA 95127 $324,465.65
600050799 FARIN LAURENCE PLANO TX 75093 $231,609.08
600050800 FRIEDMAN WILLIAM MARBLEHEAD MA 1945 $292,803.40
600050801 MEILER STEFFEN WINCHESTER MA 1890 $243,827.78
600050802 SMITH HAROLD LUBBOCK TX 79424 $290,580.01
600050803 LAMAR JAYNA TRUSSVILLE AL 35173 $264,403.63
600050804 LEBEN MURRAY TEANECK NJ 7666 $347,754.38
<CAPTION>
INTEREST LNDR NET MGMT PC SCHEDULED
LOAN # BORROWER RATE FEE RATE FEE RATE MATURITY
------ -------------------- -------- ----- ------ ----- ------ --------
<S> <C> <C> <C> <C> <C> <C> <C>
600050791 CARPENTER JOHN 7.500 .250 7.250 .0350 7.215 03/01/2026
600050792 MILLER WILLIAM 7.625 .250 7.375 .0350 7.340 03/01/2026
600050793 HALE WILLIAM 7.500 .250 7.250 .0350 7.215 03/01/2026
600050794 RAMEY RICHARD 7.875 .250 7.625 .0350 7.590 02/01/2026
600050795 BAKER KENNETH 7.625 .250 7.375 .0350 7.340 03/01/2026
600050796 MASON JESS 7.375 .250 7.125 .0350 7.090 02/01/2026
600050797 BIDDISON MARK 7.750 .250 7.500 .0350 7.465 02/01/2026
600050798 TSUKUDA EIJI 7.000 .250 6.750 .0350 6.715 03/01/2026
600050799 FARIN LAURENCE 6.875 .250 6.625 .0350 6.590 03/01/2026
600050800 FRIEDMAN WILLIAM 8.000 .250 7.750 .0350 7.715 04/01/2026
600050801 MEILER STEFFEN 7.750 .250 7.500 .0350 7.465 04/01/2026
600050802 SMITH HAROLD 7.750 .250 7.500 .0350 7.465 03/01/2026
600050803 LAMAR JAYNA 7.500 .250 7.250 .0350 7.215 04/01/2026
600050804 LEBEN MURRAY 7.750 .250 7.500 .0350 7.465 04/01/2026
<CAPTION>
MI INTEREST LOAN
LOAN # BORROWER S/S LOAN # P & I PMT CO PAID-TO TERM
------ -------------------- --------------- --------- -- -------- ----
<S> <C> <C> <C> <C> <C> <C>
600050791 CARPENTER JOHN 20229985 $2,307.41 05/01/1996 360
600050792 MILLER WILLIAM 20229993 $2,264.94 05/01/1996 360
600050793 HALE WILLIAM 20230025 $1,734.06 05/01/1996 360
600050794 RAMEY RICHARD 20230454 $1,558.90 7 05/01/1996 360
600050795 BAKER KENNETH 20230728 $2,240.17 05/01/1996 360
600050796 MASON JESS 20231239 $2,024.37 05/01/1996 360
600050797 BIDDISON MARK 20231486 $1,948.64 05/01/1996 360
600050798 TSUKUDA EIJI 20233078 $2,162.23 05/01/1996 360
600050799 FARIN LAURENCE 20233896 $1,524.07 05/01/1996 360
600050800 FRIEDMAN WILLIAM 20234761 $2,149.93 05/01/1996 360
600050801 MEILER STEFFEN 20234811 $1,748.05 12 05/01/1996 360
600050802 SMITH HAROLD 20235040 $2,091.93 05/01/1996 360
600050803 LAMAR JAYNA 20235248 $1,850.12 2 05/01/1996 360
600050804 LEBEN MURRAY 20235818 $2,493.12 05/01/1996 360
<CAPTION>
PER LIFE LIFE GROSS NET CERT. PROP BUYDOWN
LOAN # BORROWER CAP FLOOR CAP MARGIN MARGIN MARGIN VALUE TYPE
------ -------------------- ---- ----- ---- ------ ------ ------ ----------- ------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
600050791 CARPENTER JOHN $660,000.00 N
600050792 MILLER WILLIAM $400,000.00 N
600050793 HALE WILLIAM $320,000.00 N
600050794 RAMEY RICHARD $238,888.89 N
600050795 BAKER KENNETH $423,128.33 N
600050796 MASON JESS $380,155.65 N
600050797 BIDDISON MARK $340,000.00 N
600050798 TSUKUDA EIJI $424,836.60 N
600050799 FARIN LAURENCE $290,000.00 N
600050800 FRIEDMAN WILLIAM $430,249.65 N
600050801 MEILER STEFFEN $288,075.57 N
600050802 SMITH HAROLD $365,000.00 N
600050803 LAMAR JAYNA $294,000.00 N
600050804 LEBEN MURRAY $528,875.36 N
</TABLE>
<PAGE>
(vlegal.ace v1.4) Page 19
RUN DATE: 05/28/1996 PNC MORTGAGE SECURITIES CORP.
TIME: 15:28:11 LEGAL LOAN LISTING
REQUESTED STATUS AS OF 05/01/1996
POOL NUMBER: 1380 POOL NAME: 1996-1 DLJ
<TABLE>
<CAPTION>
SCHEDULED
LOAN # BORROWER STREET ADDRESS CITY STATE ZIP BALANCE
------ -------------------- -------------------- --------------- ----- ----- ------------
<S> <C> <C> <C> <C> <C> <C>
600050805 CHABEN BERNARD W BLOOMFIEL MI 48323 $322,311.64
600050806 JAMES III THOMAS LOUISVILLE KY 40207 $305,778.53
600050807 JOHNSON DARRELL PADUCAH KY 42001 $233,317.85
600050808 SKARADOWSKI JOHN BOLTON MA 1740 $299,518.76
600050809 PAHIGIANNIS PETE CHEVY CHASE MD 20815 $319,473.87
600050810 BROWN STEPHEN OLYMPIA WA 98502 $335,699.42
600050811 KOWALSKI ROBERT POTOMAC MD 20854 $274,558.86
600050812 MARQUARDT JR WALTER WHEATON OH 60187 $242,672.81
600050813 HELMS STEVEN LITTLE CO 80127 $221,567.62
600050814 COTTER KENNETH SAN JOSE CA 95135 $259,243.66
600050815 SNELLING ROGER ARLINGTON VA 22207 $254,419.07
600050816 ROBINSON ALPHONSA ORLAND PARK IL 60462 $269,814.19
600050817 IVERSON DAVID MENDOTA HEI MN 55118 $240,858.42
600050818 TYSK DAVID EDEN PRAIRI MN 55344 $269,295.10
<CAPTION>
INTEREST LNDR NET MGMT PC SCHEDULED
LOAN # BORROWER RATE FEE RATE FEE RATE MATURITY
------ -------------------- -------- ----- ------ ----- ------ --------
<S> <C> <C> <C> <C> <C> <C> <C>
600050805 CHABEN BERNARD 7.750 .250 7.500 .0350 7.465 02/01/2026
600050806 JAMES III THOMAS 7.625 .250 7.375 .0350 7.340 04/01/2026
600050807 JOHNSON DARRELL 7.250 .250 7.000 .0350 6.965 04/01/2026
600050808 SKARADOWSKI JOHN 7.125 .250 6.875 .0350 6.840 03/01/2026
600050809 PAHIGIANNIS PETE 7.000 .250 6.750 .0350 6.715 03/01/2026
600050810 BROWN STEPHEN 7.500 .250 7.250 .0350 7.215 03/01/2026
600050811 KOWALSKI ROBERT 7.125 .250 6.875 .0350 6.840 03/01/2026
600050812 MARQUARDT JR WALTER 8.000 .250 7.750 .0350 7.715 03/01/2026
600050813 HELMS STEVEN 7.500 .250 7.250 .0350 7.215 03/01/2026
600050814 COTTER KENNETH 7.250 .250 7.000 .0350 6.965 03/01/2026
600050815 SNELLING ROGER 7.500 .250 7.250 .0350 7.215 03/01/2026
600050816 ROBINSON ALPHONSA 7.875 .250 7.625 .0350 7.590 04/01/2026
600050817 IVERSON DAVID 7.750 .250 7.500 .0350 7.465 03/01/2026
600050818 TYSK DAVID 7.500 .250 7.250 .0350 7.215 02/01/2026
<CAPTION>
MI INTEREST LOAN
LOAN # BORROWER S/S LOAN # P & I PMT CO PAID-TO TERM
------ -------------------- --------------- --------- -- -------- ----
<S> <C> <C> <C> <C> <C> <C>
600050805 CHABEN BERNARD 20237616 $2,314.02 18 05/01/1996 360
600050806 JAMES III THOMAS 20238119 $2,165.85 05/01/1996 360
600050807 JOHNSON DARRELL 20238200 $1,592.88 05/01/1996 360
600050808 SKARADOWSKI JOHN 20238945 $2,021.16 05/01/1996 360
600050809 PAHIGIANNIS PETE 20239281 $2,128.97 05/01/1996 360
600050810 BROWN STEPHEN 20239307 $2,350.76 05/01/1996 360
600050811 KOWALSKI ROBERT 20239737 $1,852.73 05/01/1996 360
600050812 MARQUARDT JR WALTER 20242616 $1,783.05 05/01/1996 360
600050813 HELMS STEVEN 20245106 $1,555.05 1 05/01/1996 360
600050814 COTTER KENNETH 20245338 $1,771.28 05/01/1996 360
600050815 SNELLING ROGER 20245361 $1,783.00 05/01/1996 360
600050816 ROBINSON ALPHONSA 20245460 $1,957.69 05/01/1996 360
600050817 IVERSON DAVID 20245536 $1,727.99 2 05/01/1996 360
600050818 TYSK DAVID 20245593 $1,887.88 05/01/1996 360
<CAPTION>
PER LIFE LIFE GROSS NET CERT. PROP BUYDOWN
LOAN # BORROWER CAP FLOOR CAP MARGIN MARGIN MARGIN VALUE TYPE
------ -------------------- ---- ----- ---- ------ ------ ------ ----------- ------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
600050805 CHABEN BERNARD $369,988.53 N
600050806 JAMES III THOMAS $415,196.76 N
600050807 JOHNSON DARRELL $315,114.72 N
600050808 SKARADOWSKI JOHN $460,122.72 N
600050809 PAHIGIANNIS PETE $400,000.00 N
600050810 BROWN STEPHEN $727,705.61 N
600050811 KOWALSKI ROBERT $406,804.75 N
600050812 MARQUARDT JR WALTER $324,000.00 N
600050813 HELMS STEVEN $253,014.78 N
600050814 COTTER KENNETH $377,947.61 N
600050815 SNELLING ROGER $340,000.00 N
600050816 ROBINSON ALPHONSA $409,711.67 N
600050817 IVERSON DAVID $268,000.00 N
600050818 TYSK DAVID $353,866.30 N
</TABLE>
<PAGE>
(vlegal.ace v1.4) Page 20
RUN DATE: 05/28/1996 PNC MORTGAGE SECURITIES CORP.
TIME: 15:28:11 LEGAL LOAN LISTING
REQUESTED STATUS AS OF 05/01/1996
POOL NUMBER: 1380 POOL NAME: 1996-1 DLJ
<TABLE>
<CAPTION>
SCHEDULED
LOAN # BORROWER STREET ADDRESS CITY STATE ZIP BALANCE
------ -------------------- -------------------- --------------- ----- ----- ------------
<S> <C> <C> <C> <C> <C> <C>
600050819 GARBISON DONALD CHARLOTTE NC 28277 $379,343.82
600050820 FOOSANER DAVID DEERFIELD IL 60015 $343,524.97
600050821 JOHNSON KENNETH SAVANNAH GA 31411 $373,414.72
600050822 MORELAND LARALD LITTLETON CO 80127 $235,484.32
600050823 BRADFORD STEVEN PLANO TX 75093 $224,630.04
600050824 MACDONALD ROBERT FRANKLIN MA 2038 $299,765.97
600050825 KUZMIAK MARTA WESTON MA 2193 $374,558.51
600050826 TERRY DOUGLAS SAN CARLOS CA 94070 $549,659.65
600050827 RICE JEFFERY MARTINEZ CA 94553 $225,072.67
600050828 REED RANDY HUDSON OH 44236 $322,275.72
600050829 HALL FREDERICK ADA MI 49301 $311,558.16
600050830 ZIMMERMAN JR GEORGE BULVERDE TX 78163 $252,641.10
600050831 STEINWURTZEL BARBARA WASHINGTON DC 20007 $361,034.13
600050832 SWANSON STEVEN BOULDER CO 80303 $408,518.66
<CAPTION>
INTEREST LNDR NET MGMT PC SCHEDULED
LOAN # BORROWER RATE FEE RATE FEE RATE MATURITY
------ -------------------- -------- ----- ------ ----- ------ --------
<S> <C> <C> <C> <C> <C> <C> <C>
600050819 GARBISON DONALD 6.750 .250 6.500 .0350 6.465 03/01/2026
600050820 FOOSANER DAVID 7.875 .250 7.625 .0350 7.590 03/01/2026
600050821 JOHNSON KENNETH 7.250 .250 7.000 .0350 6.965 03/01/2026
600050822 MORELAND LARALD 7.625 .250 7.375 .0350 7.340 02/01/2026
600050823 BRADFORD STEVEN 7.000 .250 6.750 .0350 6.715 03/01/2026
600050824 MACDONALD ROBERT 7.250 .250 7.000 .0350 6.965 04/01/2026
600050825 KUZMIAK MARTA 8.125 .250 7.875 .0350 7.840 02/01/2026
600050826 TERRY DOUGLAS 7.375 .250 7.125 .0350 7.090 03/01/2026
600050827 RICE JEFFERY 7.625 .250 7.375 .0350 7.340 03/01/2026
600050828 REED RANDY 7.750 .250 7.500 .0350 7.465 03/01/2026
600050829 HALL FREDERICK 7.750 .250 7.500 .0350 7.465 03/01/2026
600050830 ZIMMERMAN JR GEORGE 7.500 .250 7.250 .0350 7.215 03/01/2026
600050831 STEINWURTZEL BARBARA 7.250 .250 7.000 .0350 6.965 03/01/2026
600050832 SWANSON STEVEN 7.875 .250 7.625 .0350 7.590 04/01/2026
<CAPTION>
MI INTEREST LOAN
LOAN # BORROWER S/S LOAN # P & I PMT CO PAID-TO TERM
------ -------------------- --------------- --------- -- -------- ----
<S> <C> <C> <C> <C> <C> <C>
600050819 GARBISON DONALD 20246237 $2,464.67 05/01/1996 360
600050820 FOOSANER DAVID 20248555 $2,494.24 05/01/1996 360
600050821 JOHNSON KENNETH 20248738 $2,551.34 05/01/1996 360
600050822 MORELAND LARALD 20248928 $1,670.39 05/01/1996 360
600050823 BRADFORD STEVEN 20250676 $1,496.94 05/01/1996 360
600050824 MACDONALD ROBERT 20251781 $2,046.53 05/01/1996 360
600050825 KUZMIAK MARTA 20251997 $2,786.59 18 05/01/1996 360
600050826 TERRY DOUGLAS 20252037 $3,802.17 05/01/1996 360
600050827 RICE JEFFERY 20252169 $1,595.37 2 05/01/1996 360
600050828 REED RANDY 20252268 $2,326.19 05/01/1996 360
600050829 HALL FREDERICK 20252417 $2,235.21 05/01/1996 360
600050830 ZIMMERMAN JR GEORGE 20252698 $1,773.21 05/01/1996 360
600050831 STEINWURTZEL BARBARA 20253191 $2,466.75 05/01/1996 360
600050832 SWANSON STEVEN 20253670 $2,964.09 05/01/1996 360
<CAPTION>
PER LIFE LIFE GROSS NET CERT. PROP BUYDOWN
LOAN # BORROWER CAP FLOOR CAP MARGIN MARGIN MARGIN VALUE TYPE
------ -------------------- ---- ----- ---- ------ ------ ------ ----------- ------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
600050819 GARBISON DONALD $475,000.00 N
600050820 FOOSANER DAVID $430,000.00 N
600050821 JOHNSON KENNETH $670,250.91 N
600050822 MORELAND LARALD $295,000.00 N
600050823 BRADFORD STEVEN $352,664.58 N
600050824 MACDONALD ROBERT $409,276.93 N
600050825 KUZMIAK MARTA $417,000.00 N
600050826 TERRY DOUGLAS $734,000.00 N
600050827 RICE JEFFERY $250,444.44 N
600050828 REED RANDY $415,749.05 N
600050829 HALL FREDERICK $390,000.00 N
600050830 ZIMMERMAN JR GEORGE $317,000.00 N
600050831 STEINWURTZEL BARBARA $452,000.00 N
600050832 SWANSON STEVEN $584,000.00 N
</TABLE>
<PAGE>
(vlegal.ace v1.4) Page 21
RUN DATE: 05/28/1996 PNC MORTGAGE SECURITIES CORP.
TIME: 15:28:11 LEGAL LOAN LISTING
REQUESTED STATUS AS OF 05/01/1996
POOL NUMBER: 1380 POOL NAME: 1996-1 DLJ
<TABLE>
<CAPTION>
SCHEDULED
LOAN # BORROWER STREET ADDRESS CITY STATE ZIP BALANCE
------ -------------------- -------------------- --------------- ----- ----- ------------
<S> <C> <C> <C> <C> <C> <C>
600050833 MUNGER LOWELL GOLDEN CO 80401 $247,639.86
600050834 HOFBAUER JAMES AURORA CO 80016 $355,722.28
600050835 SHOOK JOAN BELLAIRE TX 77401 $250,309.39
600050836 RUBBO ERNEST HARRISBURG PA 17111 $313,720.47
600050837 HOOPER SIMON NEW BRIGHTO MI 55112 $223,549.62
600050838 DICKERSON MARTIN BETHESDA MD 20817 $299,564.34
600050839 EPSTEIN JONATHAN BETHESDA MD 20817 $239,651.48
600050840 NAVA JORGE ARLINGTON VA 22207 $235,356.36
600050841 SHORT DOUGLAS HOUSTON TX 77069 $283,594.35
600050842 MARQUART PETER FLOWER MOUN TX 75028 $224,656.53
600050843 CRIPPEN TIMOTHY FAIRFAX STA VA 22039 $304,806.05
600050844 SNOWDEN CALVIN WASHINGTON DC 20012 $249,527.14
600050845 BRIGGS JOHN NEWTOWN SQU PA 19073 $215,105.72
600050846 MURPHY KEVIN SILVER SPRI MD 20910 $299,542.04
<CAPTION>
INTEREST LNDR NET MGMT PC SCHEDULED
LOAN # BORROWER RATE FEE RATE FEE RATE MATURITY
------ -------------------- -------- ----- ------ ----- ------ --------
<S> <C> <C> <C> <C> <C> <C> <C>
600050833 MUNGER LOWELL 7.625 .250 7.375 .0350 7.340 03/01/2026
600050834 HOFBAUER JAMES 7.250 .250 7.000 .0350 6.965 04/01/2026
600050835 SHOOK JOAN 7.375 .250 7.125 .0350 7.090 04/01/2026
600050836 RUBBO ERNEST 6.875 .250 6.625 .0350 6.590 03/01/2026
600050837 HOOPER SIMON 7.250 .250 7.000 .0350 6.965 03/01/2026
600050838 DICKERSON MARTIN 7.625 .250 7.375 .0350 7.340 03/01/2026
600050839 EPSTEIN JONATHAN 7.625 .250 7.375 .0350 7.340 03/01/2026
600050840 NAVA JORGE 7.625 .250 7.375 .0350 7.340 03/01/2026
600050841 SHORT DOUGLAS 7.125 .250 6.875 .0350 6.840 03/01/2026
600050842 MARQUART PETER 7.375 .250 7.125 .0350 7.090 03/01/2026
600050843 CRIPPEN TIMOTHY 7.125 .250 6.875 .0350 6.840 04/01/2026
600050844 SNOWDEN CALVIN 7.500 .250 7.250 .0350 7.215 03/01/2026
600050845 BRIGGS JOHN 7.375 .250 7.125 .0350 7.090 03/01/2016
600050846 MURPHY KEVIN 7.375 .250 7.125 .0350 7.090 03/01/2026
<CAPTION>
MI INTEREST LOAN
LOAN # BORROWER S/S LOAN # P & I PMT CO PAID-TO TERM
------ -------------------- --------------- --------- -- -------- ----
<S> <C> <C> <C> <C> <C> <C>
600050833 MUNGER LOWELL 20253720 $1,755.33 05/01/1996 360
600050834 HOFBAUER JAMES 20254199 $2,428.55 05/01/1996 360
600050835 SHOOK JOAN 20254884 $1,730.14 05/01/1996 360
600050836 RUBBO ERNEST 20254892 $2,064.40 05/01/1996 360
600050837 HOOPER SIMON 20255329 $1,527.39 2 05/01/1996 360
600050838 DICKERSON MARTIN 20256608 $2,123.39 05/01/1996 360
600050839 EPSTEIN JONATHAN 20256616 $1,698.71 05/01/1996 360
600050840 NAVA JORGE 20256624 $1,670.40 05/01/1996 360
600050841 SHORT DOUGLAS 20256897 $1,913.70 18 05/01/1996 360
600050842 MARQUART PETER 20257036 $1,554.02 1 05/01/1996 360
600050843 CRIPPEN TIMOTHY 20257374 $2,055.18 05/01/1996 360
600050844 SNOWDEN CALVIN 20259149 $1,748.04 05/01/1996 360
600050845 BRIGGS JOHN 20260774 $1,722.81 05/01/1996 240
600050846 MURPHY KEVIN 20260998 $2,072.03 05/01/1996 360
<CAPTION>
PER LIFE LIFE GROSS NET CERT. PROP BUYDOWN
LOAN # BORROWER CAP FLOOR CAP MARGIN MARGIN MARGIN VALUE TYPE
------ -------------------- ---- ----- ---- ------ ------ ------ ----------- ------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
600050833 MUNGER LOWELL $310,000.00 N
600050834 HOFBAUER JAMES $445,000.00 N
600050835 SHOOK JOAN $315,094.34 N
600050836 RUBBO ERNEST $419,000.00 N
600050837 HOOPER SIMON $248,777.78 N
600050838 DICKERSON MARTIN $424,929.19 N
600050839 EPSTEIN JONATHAN $300,000.00 N
600050840 NAVA JORGE $299,872.95 N
600050841 SHORT DOUGLAS $299,000.00 N
600050842 MARQUART PETER $250,000.00 N
600050843 CRIPPEN TIMOTHY $381,312.50 N
600050844 SNOWDEN CALVIN $364,963.50 N
600050845 BRIGGS JOHN $269,875.00 N
600050846 MURPHY KEVIN $420,168.06 N
</TABLE>
<PAGE>
(vlegal.ace v1.4) Page 22
RUN DATE: 05/28/1996 PNC MORTGAGE SECURITIES CORP.
TIME: 15:28:11 LEGAL LOAN LISTING
REQUESTED STATUS AS OF 05/01/1996
POOL NUMBER: 1380 POOL NAME: 1996-1 DLJ
<TABLE>
<CAPTION>
SCHEDULED
LOAN # BORROWER STREET ADDRESS CITY STATE ZIP BALANCE
------ -------------------- -------------------- --------------- ----- ----- ------------
<S> <C> <C> <C> <C> <C> <C>
600050847 CHARFAUROS RAYMOND SAN DIEGO CA 92131 $244,741.05
600050848 GARAI LONNA GLENDALE AZ 85306 $229,183.09
600050849 PETERS GEOFFREY HAVERFORD PA 19041 $325,127.18
600050850 HASCALL PATRICK SAN JOSE CA 95117 $255,599.39
600050851 NYKAZA ROBERT COLORADO SP CO 80906 $329,532.66
600050852 PILKINGTON LOUIS WESTMINSTER CO 80030 $249,627.76
600050853 LIPPINCOTT LAWRENCE HOUSTON TX 77005 $299,530.53
600050854 MONTALBO JOSEPH MEMLO PARK CA 94024 $495,261.50
600050855 WEISS DANIEL LINCOLN WOO IL 60645 $269,607.91
600050856 NORRIS JAMES BURLESON TX 76028 $409,374.12
600050857 CHURCH GARY OLYMPIA WA 98516 $302,038.23
600050858 VAN BUSKIRK PAUL MANHATTAN B CA 90266 $329,260.67
600050859 KLEINSMITH DAVID SAN DEIGO CA 92121 $263,877.23
600050860 NUNEZ JR JOSEPH CHINO HILLS CA 91709 $242,668.55
<CAPTION>
INTEREST LNDR NET MGMT PC SCHEDULED
LOAN # BORROWER RATE FEE RATE FEE RATE MATURITY
------ -------------------- -------- ----- ------ ----- ------ --------
<S> <C> <C> <C> <C> <C> <C> <C>
600050847 CHARFAUROS RAYMOND 7.500 .250 7.250 .0350 7.215 03/01/2026
600050848 GARAI LONNA 7.875 .250 7.625 .0350 7.590 03/01/2026
600050849 PETERS GEOFFREY 7.625 .250 7.375 .0350 7.340 03/01/2026
600050850 HASCALL PATRICK 7.250 .250 7.000 .0350 6.965 03/01/2026
600050851 NYKAZA ROBERT 7.750 .250 7.500 .0350 7.465 03/01/2026
600050852 PILKINGTON LOUIS 7.500 .250 7.250 .0350 7.215 03/01/2026
600050853 LIPPINCOTT LAWRENCE 7.250 .250 7.000 .0350 6.965 03/01/2026
600050854 MONTALBO JOSEPH 7.500 .250 7.250 .0350 7.215 03/01/2026
600050855 WEISS DANIEL 7.625 .250 7.375 .0350 7.340 03/01/2026
600050856 NORRIS JAMES 7.375 .250 7.125 .0350 7.090 03/01/2026
600050857 CHURCH GARY 7.375 .250 7.125 .0350 7.090 03/01/2026
600050858 VAN BUSKIRK PAUL 7.500 .250 7.250 .0350 7.215 02/01/2026
600050859 KLEINSMITH DAVID 7.250 .250 7.000 .0350 6.965 02/01/2026
600050860 NUNEZ JR JOSEPH 7.625 .250 7.375 .0350 7.340 02/01/2026
<CAPTION>
MI INTEREST LOAN
LOAN # BORROWER S/S LOAN # P & I PMT CO PAID-TO TERM
------ -------------------- --------------- --------- -- -------- ----
<S> <C> <C> <C> <C> <C> <C>
600050847 CHARFAUROS RAYMOND 20261939 $1,713.82 05/01/1996 360
600050848 GARAI LONNA 20262309 $1,664.03 7 05/01/1996 360
600050849 PETERS GEOFFREY 20263257 $2,304.58 05/01/1996 360
600050850 HASCALL PATRICK 20263414 $1,746.37 05/01/1996 360
600050851 NYKAZA ROBERT 20263513 $2,364.17 05/01/1996 360
600050852 PILKINGTON LOUIS 20263539 $1,748.04 05/01/1996 360
600050853 LIPPINCOTT LAWRENCE 20263661 $2,046.53 05/01/1996 360
600050854 MONTALBO JOSEPH 20264131 $3,468.10 05/01/1996 360
600050855 WEISS DANIEL 20264438 $1,911.05 05/01/1996 360
600050856 NORRIS JAMES 20265005 $2,831.77 05/01/1996 360
600050857 CHURCH GARY 20265880 $2,089.29 05/01/1996 360
600050858 VAN BUSKIRK PAUL 20265971 $2,307.41 05/01/1996 360
600050859 KLEINSMITH DAVID 20266003 $1,804.36 18 05/01/1996 360
600050860 NUNEZ JR JOSEPH 20266037 $1,721.36 18 05/01/1996 360
<CAPTION>
PER LIFE LIFE GROSS NET CERT. PROP BUYDOWN
LOAN # BORROWER CAP FLOOR CAP MARGIN MARGIN MARGIN VALUE TYPE
------ -------------------- ---- ----- ---- ------ ------ ------ ----------- ------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
600050847 CHARFAUROS RAYMOND $306,382.50 N
600050848 GARAI LONNA $255,000.00 N
600050849 PETERS GEOFFREY $407,000.00 N
600050850 HASCALL PATRICK $320,000.00 N
600050851 NYKAZA ROBERT $440,000.00 N
600050852 PILKINGTON LOUIS $474,383.29 N
600050853 LIPPINCOTT LAWRENCE $375,000.00 N
600050854 MONTALBO JOSEPH $620,000.00 N
600050855 WEISS DANIEL $525,291.81 N
600050856 NORRIS JAMES $529,715.75 N
600050857 CHURCH GARY $413,251.38 N
600050858 VAN BUSKIRK PAUL $579,964.83 N
600050859 KLEINSMITH DAVID $293,888.89 N
600050860 NUNEZ JR JOSEPH $270,522.80 N
</TABLE>
<PAGE>
(vlegal.ace v1.4) Page 23
RUN DATE: 05/28/1996 PNC MORTGAGE SECURITIES CORP.
TIME: 15:28:11 LEGAL LOAN LISTING
REQUESTED STATUS AS OF 05/01/1996
POOL NUMBER: 1380 POOL NAME: 1996-1 DLJ
<TABLE>
<CAPTION>
SCHEDULED
LOAN # BORROWER STREET ADDRESS CITY STATE ZIP BALANCE
------ -------------------- -------------------- --------------- ----- ----- ------------
<S> <C> <C> <C> <C> <C> <C>
600050861 PAPWORTH MICHAEL MANHATTAN B CA 90266 $343,199.59
600050862 REYES ANTONIO WALNUT CA 91789 $220,005.99
600050863 TOGNAZZINI RANDALL SANTA ANA CA 92705 $344,207.60
600050864 KHANNA VIJAY COLLEYVILLE TX 76034 $242,655.86
600050865 STRAUTMAN ERIC GLENWOOD SP CO 81601 $238,861.25
600050866 CARMICHAEL BART WOODINVILLE WA 98072 $375,454.01
600050867 KOLITZ MARK PLANO TX 75093 $250,145.26
600050868 SPENCER EARL CHASKA MN 55318 $213,681.37
600050869 OWENS JERRY DOVE CANYON CA 92679 $267,709.75
600050870 WIXON RUSSELL WALNUT CREE CA 94598 $386,512.08
600050871 PASCOE JOHN DALLAS TX 75218 $257,434.92
600050872 SUMMERS RONALD POTOMAC MD 20854 $333,800.27
600050873 WALKER ROBERT SANTA CLARI CA 91351 $599,061.05
600050874 TOWERS GARY PALATINE IL 60067 $350,226.57
<CAPTION>
INTEREST LNDR NET MGMT PC SCHEDULED
LOAN # BORROWER RATE FEE RATE FEE RATE MATURITY
------ -------------------- -------- ----- ------ ----- ------ --------
<S> <C> <C> <C> <C> <C> <C> <C>
600050861 PAPWORTH MICHAEL 7.500 .250 7.250 .0350 7.215 02/01/2026
600050862 REYES ANTONIO 7.500 .250 7.250 .0350 7.215 02/01/2026
600050863 TOGNAZZINI RANDALL 7.375 .250 7.125 .0350 7.090 02/01/2026
600050864 KHANNA VIJAY 7.750 .250 7.500 .0350 7.465 03/01/2026
600050865 STRAUTMAN ERIC 7.750 .250 7.500 .0350 7.465 03/01/2026
600050866 CARMICHAEL BART 7.625 .250 7.375 .0350 7.340 03/01/2026
600050867 KOLITZ MARK 7.750 .250 7.500 .0350 7.465 03/01/2026
600050868 SPENCER EARL 7.500 .250 7.250 .0350 7.215 03/01/2026
600050869 OWENS JERRY 7.625 .250 7.375 .0350 7.340 03/01/2026
600050870 WIXON RUSSELL 7.750 .250 7.500 .0350 7.465 03/01/2026
600050871 PASCOE JOHN 7.750 .250 7.500 .0350 7.465 03/01/2026
600050872 SUMMERS RONALD 7.000 .250 6.750 .0350 6.715 03/01/2026
600050873 WALKER ROBERT 7.250 .250 7.000 .0350 6.965 03/01/2026
600050874 TOWERS GARY 7.250 .250 7.000 .0350 6.965 04/01/2026
<CAPTION>
MI INTEREST LOAN
LOAN # BORROWER S/S LOAN # P & I PMT CO PAID-TO TERM
------ -------------------- --------------- --------- -- -------- ----
<S> <C> <C> <C> <C> <C> <C>
600050861 PAPWORTH MICHAEL 20266102 $2,405.30 05/01/1996 360
600050862 REYES ANTONIO 20266144 $1,541.77 18 05/01/1996 360
600050863 TOGNAZZINI RANDALL 20266177 $2,382.83 05/01/1996 360
600050864 KHANNA VIJAY 20266839 $1,740.89 1 05/01/1996 360
600050865 STRAUTMAN ERIC 20266979 $1,713.66 05/01/1996 360
600050866 CARMICHAEL BART 20267522 $2,661.30 05/01/1996 360
600050867 KOLITZ MARK 20267548 $1,794.61 05/01/1996 360
600050868 SPENCER EARL 20268165 $1,496.32 05/01/1996 360
600050869 OWENS JERRY 20268983 $1,899.01 05/01/1996 360
600050870 WIXON RUSSELL 20268991 $2,773.95 05/01/1996 360
600050871 PASCOE JOHN 20269445 $1,846.91 05/01/1996 360
600050872 SUMMERS RONALD 20269718 $2,224.44 05/01/1996 360
600050873 WALKER ROBERT 20269767 $4,093.06 05/01/1996 360
600050874 TOWERS GARY 20270344 $2,391.03 05/01/1996 360
<CAPTION>
PER LIFE LIFE GROSS NET CERT. PROP BUYDOWN
LOAN # BORROWER CAP FLOOR CAP MARGIN MARGIN MARGIN VALUE TYPE
------ -------------------- ---- ----- ---- ------ ------ ------ ----------- ------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
600050861 PAPWORTH MICHAEL $430,000.00 N
600050862 REYES ANTONIO $245,000.00 N
600050863 TOGNAZZINI RANDALL $445,161.29 N
600050864 KHANNA VIJAY $270,000.00 N
600050865 STRAUTMAN ERIC $299,000.00 N
600050866 CARMICHAEL BART $470,000.00 N
600050867 KOLITZ MARK $313,909.76 N
600050868 SPENCER EARL $267,500.00 N
600050869 OWENS JERRY $344,858.60 N
600050870 WIXON RUSSELL $487,044.03 N
600050871 PASCOE JOHN $325,916.57 N
600050872 SUMMERS RONALD $417,937.50 N
600050873 WALKER ROBERT $854,700.89 N
600050874 TOWERS GARY $438,125.00 N
</TABLE>
<PAGE>
(vlegal.ace v1.4) Page 24
RUN DATE: 05/28/1996 PNC MORTGAGE SECURITIES CORP.
TIME: 15:28:11 LEGAL LOAN LISTING
REQUESTED STATUS AS OF 05/01/1996
POOL NUMBER: 1380 POOL NAME: 1996-1 DLJ
<TABLE>
<CAPTION>
SCHEDULED
LOAN # BORROWER STREET ADDRESS CITY STATE ZIP BALANCE
------ -------------------- -------------------- --------------- ----- ----- ------------
<S> <C> <C> <C> <C> <C> <C>
600050875 EDGAR TED NAPERVILLE IL 60564 $235,329.55
600050876 MILLIGAN DAVID THOUSAND OA CA 91361 $300,528.96
600050877 LAMBERT PAUL MOUNTAIN VI CA 94040 $305,121.76
600050878 MINTON STEVEN FT. COLLINS CO 80525 $294,286.84
600050879 STEINHOUR JAN COLORADO SP CO 80906 $318,525.02
600050880 TAPIA LOUIS BRENTWOOD TN 37027 $475,273.37
600050881 BIZZELL CHRISTOPHER GREENVILLE SC 29605 $239,642.65
600050882 DIBBLEY THOMAS DUMFRIES VA 22026 $239,522.29
600050883 KRONFI SAEDD POTOMAC MD 20854 $299,506.75
600050884 RICHESIN R BIRMINGHAM AL 35216 $245,412.81
600050885 KANG JONG ANAHEIM HIL CA 92807 $238,170.66
600050886 FARMER WILLIAM UNIVERSITY TX 75225 $307,802.36
600050887 KAPLAN ELLIOT STILWELL KS 66085 $359,745.91
600050888 ALLEN TODD TAMPA FL 33606 $347,956.55
<CAPTION>
INTEREST LNDR NET MGMT PC SCHEDULED
LOAN # BORROWER RATE FEE RATE FEE RATE MATURITY
------ -------------------- -------- ----- ------ ----- ------ --------
<S> <C> <C> <C> <C> <C> <C> <C>
600050875 EDGAR TED 7.625 .250 7.375 .0350 7.340 04/01/2026
600050876 MILLIGAN DAVID 7.250 .250 7.000 .0350 6.965 03/01/2026
600050877 LAMBERT PAUL 7.250 .250 7.000 .0350 6.965 03/01/2026
600050878 MINTON STEVEN 7.250 .250 7.000 .0350 6.965 03/01/2026
600050879 STEINHOUR JAN 7.500 .250 7.250 .0350 7.215 03/01/2026
600050880 TAPIA LOUIS 7.375 .250 7.125 .0350 7.090 03/01/2026
600050881 BIZZELL CHRISTOPHER 7.500 .250 7.250 .0350 7.215 03/01/2026
600050882 DIBBLEY THOMAS 7.250 .250 7.000 .0350 6.965 03/01/2026
600050883 KRONFI SAEDD 7.000 .250 6.750 .0350 6.715 03/01/2026
600050884 RICHESIN R 7.375 .250 7.125 .0350 7.090 04/01/2026
600050885 KANG JONG 7.875 .250 7.625 .0350 7.590 03/01/2026
600050886 FARMER WILLIAM 7.625 .250 7.375 .0350 7.340 03/01/2026
600050887 KAPLAN ELLIOT 7.750 .250 7.500 .0350 7.465 04/01/2026
600050888 ALLEN TODD 7.750 .250 7.500 .0350 7.465 03/01/2026
<CAPTION>
MI INTEREST LOAN
LOAN # BORROWER S/S LOAN # P & I PMT CO PAID-TO TERM
------ -------------------- --------------- --------- -- -------- ----
<S> <C> <C> <C> <C> <C> <C>
600050875 EDGAR TED 20270955 $1,666.86 05/01/1996 360
600050876 MILLIGAN DAVID 20271383 $2,053.35 1 05/01/1996 360
600050877 LAMBERT PAUL 20271433 $2,084.73 05/01/1996 360
600050878 MINTON STEVEN 20271490 $2,012.42 05/01/1996 360
600050879 STEINHOUR JAN 20271565 $2,230.50 05/01/1996 360
600050880 TAPIA LOUIS 20271755 $3,287.62 05/01/1996 360
600050881 BIZZELL CHRISTOPHER 20271888 $1,678.12 05/01/1996 360
600050882 DIBBLEY THOMAS 20272266 $1,638.59 1 05/01/1996 360
600050883 KRONFI SAEDD 20272282 $1,995.91 05/01/1996 360
600050884 RICHESIN R 20272472 $1,699.06 2 05/01/1996 360
600050885 KANG JONG 20272928 $1,729.29 12 05/01/1996 360
600050886 FARMER WILLIAM 20273397 $2,181.78 05/01/1996 360
600050887 KAPLAN ELLIOT 20274254 $2,579.09 05/01/1996 360
600050888 ALLEN TODD 20274304 $2,496.34 05/01/1996 360
<CAPTION>
PER LIFE LIFE GROSS NET CERT. PROP BUYDOWN
LOAN # BORROWER CAP FLOOR CAP MARGIN MARGIN MARGIN VALUE TYPE
------ -------------------- ---- ----- ---- ------ ------ ------ ----------- ------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
600050875 EDGAR TED $295,112.77 N
600050876 MILLIGAN DAVID $334,816.46 N
600050877 LAMBERT PAUL $382,000.00 N
600050878 MINTON STEVEN $430,029.17 N
600050879 STEINHOUR JAN $399,249.05 N
600050880 TAPIA LOUIS $595,000.00 N
600050881 BIZZELL CHRISTOPHER $300,000.00 N
600050882 DIBBLEY THOMAS $279,953.37 N
600050883 KRONFI SAEDD $480,000.00 N
600050884 RICHESIN R $274,860.34 N
600050885 KANG JONG $267,077.26 N
600050886 FARMER WILLIAM $425,172.41 N
600050887 KAPLAN ELLIOT $509,915.03 N
600050888 ALLEN TODD $442,757.32 N
</TABLE>
<PAGE>
(vlegal.ace v1.4) Page 25
RUN DATE: 05/28/1996 PNC MORTGAGE SECURITIES CORP.
TIME: 15:28:11 LEGAL LOAN LISTING
REQUESTED STATUS AS OF 05/01/1996
POOL NUMBER: 1380 POOL NAME: 1996-1 DLJ
<TABLE>
<CAPTION>
SCHEDULED
LOAN # BORROWER STREET ADDRESS CITY STATE ZIP BALANCE
------ -------------------- -------------------- --------------- ----- ----- ------------
<S> <C> <C> <C> <C> <C> <C>
600050889 HUTCHISON JOSEPH RALEIGH NC 27615 $319,499.22
600050890 SWENSON JEFFREY LUTZ FL 33549 $241,257.86
600050891 SPURRIER MARK ST LOUIS MO 63104 $320,773.43
600050892 HEATON JEFFREY CUPERTINO CA 95014 $495,279.74
600050893 BRYANT ALFRED SOUTHLAKE TX 76092 $269,566.87
600050894 GOLMAN ALAN DALLAS TX 75248 $233,651.57
600050895 SRULEVITCH DAVID WALNUT CA 91789 $282,706.90
600050896 MACDONALD KEVIN QUARTZ HILL CA 93536 $222,867.66
600050897 LANGBORG KURT SOLANA BEAC CA 92075 $304,621.76
600050898 HENNING THOMAS LOS ALAMITO CA 90720 $224,556.69
600050899 MCLAURIN MARK DRIPPING SP TX 78620 $223,833.75
600050900 MAIKOVICH RONALD SAN DIEGO CA 92131 $327,911.02
600050901 GREENBERG BARBARA RIDGEFIELD CT 6877 $292,585.07
600050902 PHILLIPS JONATHAN HOUSTON TX 77005 $345,957.76
<CAPTION>
INTEREST LNDR NET MGMT PC SCHEDULED
LOAN # BORROWER RATE FEE RATE FEE RATE MATURITY
------ -------------------- -------- ----- ------ ----- ------ --------
<S> <C> <C> <C> <C> <C> <C> <C>
600050889 HUTCHISON JOSEPH 7.250 .250 7.000 .0350 6.965 03/01/2026
600050890 SWENSON JEFFREY 7.750 .250 7.500 .0350 7.465 03/01/2026
600050891 SPURRIER MARK 7.750 .250 7.500 .0350 7.465 04/01/2026
600050892 HEATON JEFFREY 7.625 .250 7.375 .0350 7.340 03/01/2026
600050893 BRYANT ALFRED 7.125 .250 6.875 .0350 6.840 03/01/2026
600050894 GOLMAN ALAN 7.500 .250 7.250 .0350 7.215 03/01/2026
600050895 SRULEVITCH DAVID 7.250 .250 7.000 .0350 6.965 03/01/2026
600050896 MACDONALD KEVIN 7.500 .250 7.250 .0350 7.215 03/01/2026
600050897 LANGBORG KURT 7.250 .250 7.000 .0350 6.965 03/01/2026
600050898 HENNING THOMAS 7.375 .250 7.125 .0350 7.090 03/01/2026
600050899 MCLAURIN MARK 7.500 .250 7.250 .0350 7.215 04/01/2026
600050900 MAIKOVICH RONALD 7.500 .250 7.250 .0350 7.215 03/01/2026
600050901 GREENBERG BARBARA 7.750 .250 7.500 .0350 7.465 03/01/2026
600050902 PHILLIPS JONATHAN 7.250 .250 7.000 .0350 6.965 03/01/2026
<CAPTION>
MI INTEREST LOAN
LOAN # BORROWER S/S LOAN # P & I PMT CO PAID-TO TERM
------ -------------------- --------------- --------- -- -------- ----
<S> <C> <C> <C> <C> <C> <C>
600050889 HUTCHISON JOSEPH 20274320 $2,182.97 05/01/1996 360
600050890 SWENSON JEFFREY 20274338 $1,730.85 05/01/1996 360
600050891 SPURRIER MARK 20274346 $2,299.69 05/01/1996 360
600050892 HEATON JEFFREY 20274759 $3,510.66 05/01/1996 360
600050893 BRYANT ALFRED 20275491 $1,819.05 05/01/1996 360
600050894 GOLMAN ALAN 20275541 $1,636.17 05/01/1996 360
600050895 SRULEVITCH DAVID 20275830 $1,931.58 12 05/01/1996 360
600050896 MACDONALD KEVIN 20276663 $1,560.65 7 05/01/1996 360
600050897 LANGBORG KURT 20277232 $2,084.73 05/01/1996 360
600050898 HENNING THOMAS 20277380 $1,553.33 12 05/01/1996 360
600050899 MCLAURIN MARK 20277497 $1,566.25 05/01/1996 360
600050900 MAIKOVICH RONALD 20278891 $2,296.23 05/01/1996 360
600050901 GREENBERG BARBARA 20280368 $2,099.09 05/01/1996 360
600050902 PHILLIPS JONATHAN 20280426 $2,363.74 12 05/01/1996 360
<CAPTION>
PER LIFE LIFE GROSS NET CERT. PROP BUYDOWN
LOAN # BORROWER CAP FLOOR CAP MARGIN MARGIN MARGIN VALUE TYPE
------ -------------------- ---- ----- ---- ------ ------ ------ ----------- ------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
600050889 HUTCHISON JOSEPH $438,356.16 N
600050890 SWENSON JEFFREY $302,000.00 N
600050891 SPURRIER MARK $404,791.91 N
600050892 HEATON JEFFREY $620,000.00 N
600050893 BRYANT ALFRED $602,678.58 N
600050894 GOLMAN ALAN $295,081.96 N
600050895 SRULEVITCH DAVID $314,961.06 N
600050896 MACDONALD KEVIN $248,000.00 N
600050897 LANGBORG KURT $382,000.00 N
600050898 HENNING THOMAS $249,888.89 N
600050899 MCLAURIN MARK $295,125.16 N
600050900 MAIKOVICH RONALD $410,500.00 N
600050901 GREENBERG BARBARA $367,167.91 N
600050902 PHILLIPS JONATHAN $385,000.00 N
</TABLE>
<PAGE>
(vlegal.ace v1.4) Page 26
RUN DATE: 05/28/1996 PNC MORTGAGE SECURITIES CORP.
TIME: 15:28:11 LEGAL LOAN LISTING
REQUESTED STATUS AS OF 05/01/1996
POOL NUMBER: 1380 POOL NAME: 1996-1 DLJ
<TABLE>
<CAPTION>
SCHEDULED
LOAN # BORROWER STREET ADDRESS CITY STATE ZIP BALANCE
------ -------------------- -------------------- --------------- ----- ----- ------------
<S> <C> <C> <C> <C> <C> <C>
600050903 YURVATI ALBERT SOUTHLAKE TX 76092 $298,366.10
600050904 GROSSMAN ALAN AGOURA HILL CA 91301 $461,657.13
600050905 LOCKHART KENDALL LOS ANGLES CA 90068 $335,512.07
600050906 RAY TERRY LAKELAND TN 38002 $221,527.84
600050907 KINGSBURY STEVEN DALLAS TX 75214 $387,436.57
600050908 WIGGINS W CASHIERS NC 28717 $649,056.11
600050909 FRITZ THOMAS WEST CHESTE OH 45069 $258,127.76
600050910 CALDEVILLA DAVID TAMPA FL 33612 $233,651.57
600050911 BOWEN WILLIAM HOUSTON TX 77030 $249,804.98
600050912 BURNS JR LAURENCE HOUSTON TX 77019 $249,804.98
600050913 MENGLE KLINE SILVER SPRI MD 20910 $329,508.65
600050914 PISCIOTTA LARRY ENGLEWOOD CO 80111 $419,680.41
600050915 YOUNG STEVEN STEILACOOM WA 98388 $293,187.64
600050916 MACDONALD KIRK DENVER CO 80206 $426,267.21
<CAPTION>
INTEREST LNDR NET MGMT PC SCHEDULED
LOAN # BORROWER RATE FEE RATE FEE RATE MATURITY
------ -------------------- -------- ----- ------ ----- ------ --------
<S> <C> <C> <C> <C> <C> <C> <C>
600050903 YURVATI ALBERT 7.625 .250 7.375 .0350 7.340 03/01/2026
600050904 GROSSMAN ALAN 7.500 .250 7.250 .0350 7.215 04/01/2026
600050905 LOCKHART KENDALL 7.625 .250 7.375 .0350 7.340 03/01/2026
600050906 RAY TERRY 7.625 .250 7.375 .0350 7.340 03/01/2026
600050907 KINGSBURY STEVEN 7.625 .250 7.375 .0350 7.340 03/01/2026
600050908 WIGGINS W 7.625 .250 7.375 .0350 7.340 03/01/2026
600050909 FRITZ THOMAS 7.750 .250 7.500 .0350 7.465 03/01/2026
600050910 CALDEVILLA DAVID 7.500 .250 7.250 .0350 7.215 03/01/2026
600050911 BOWEN WILLIAM 7.250 .250 7.000 .0350 6.965 04/01/2026
600050912 BURNS JR LAURENCE 7.250 .250 7.000 .0350 6.965 04/01/2026
600050913 MENGLE KLINE 7.500 .250 7.250 .0350 7.215 03/01/2026
600050914 PISCIOTTA LARRY 7.375 .250 7.125 .0350 7.090 04/01/2026
600050915 YOUNG STEVEN 7.625 .250 7.375 .0350 7.340 04/01/2026
600050916 MACDONALD KIRK 7.250 .250 7.000 .0350 6.965 04/01/2026
MI INTEREST LOAN
LOAN # BORROWER S/S LOAN # P & I PMT CO PAID-TO TERM
------ -------------------- --------------- --------- -- -------- ----
<S> <C> <C> <C> <C> <C> <C>
600050903 YURVATI ALBERT 20280624 $2,114.89 12 05/01/1996 360
600050904 GROSSMAN ALAN 20280822 $3,230.37 05/01/1996 360
600050905 LOCKHART KENDALL 20280830 $2,378.19 05/01/1996 360
600050906 RAY TERRY 20280897 $1,570.24 14 05/01/1996 360
600050907 KINGSBURY STEVEN 20281572 $2,746.24 05/01/1996 360
600050908 WIGGINS W 20281838 $4,600.66 05/01/1996 360
600050909 FRITZ THOMAS 20281879 $1,851.93 05/01/1996 360
600050910 CALDEVILLA DAVID 20281911 $1,636.17 05/01/1996 360
600050911 BOWEN WILLIAM 20281945 $1,705.44 05/01/1996 360
600050912 BURNS JR LAURENCE 20282182 $1,705.44 05/01/1996 360
600050913 MENGLE KLINE 20283776 $2,307.41 12 05/01/1996 360
600050914 PISCIOTTA LARRY 20284972 $2,900.84 05/01/1996 360
600050915 YOUNG STEVEN 20285052 $2,076.67 18 05/01/1996 360
600050916 MACDONALD KIRK 20285573 $2,910.17 05/01/1996 360
<CAPTION>
PER LIFE LIFE GROSS NET CERT. PROP BUYDOWN
LOAN # BORROWER CAP FLOOR CAP MARGIN MARGIN MARGIN VALUE TYPE
------ -------------------- ---- ----- ---- ------ ------ ------ ----------- ------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
600050903 YURVATI ALBERT $332,000.00 N
600050904 GROSSMAN ALAN $600,000.00 N
600050905 LOCKHART KENDALL $420,000.00 N
600050906 RAY TERRY $246,500.00 N
600050907 KINGSBURY STEVEN $485,000.00 N
600050908 WIGGINS W $1,000,000.00 N
600050909 FRITZ THOMAS $325,157.23 N
600050910 CALDEVILLA DAVID $325,000.00 N
600050911 BOWEN WILLIAM $335,120.65 N
600050912 BURNS JR LAURENCE $574,712.64 N
600050913 MENGLE KLINE $369,955.17 N
600050914 PISCIOTTA LARRY $700,000.00 N
600050915 YOUNG STEVEN $326,000.00 N
600050916 MACDONALD KIRK $549,742.28 N
</TABLE>
<PAGE>
(vlegal.ace v1.4) Page 27
RUN DATE: 05/28/1996 PNC MORTGAGE SECURITIES CORP.
TIME: 15:28:11 LEGAL LOAN LISTING
REQUESTED STATUS AS OF 05/01/1996
POOL NUMBER: 1380 POOL NAME: 1996-1 DLJ
<TABLE>
<CAPTION>
LOAN # BORROWER STREET ADDRESS CITY STATE ZIP
------ -------------------- -------------------- --------------- ----- -----
<S> <C> <C> <C> <C> <C>
600050917 GODFREY JAMES BIRMINGHAM AL 35244
600050918 MACKIE ALEXANDER OLYMPIA WA 98506
600050919 A L HALLDEN WESTLAKE VI CA 91361
600050920 ALBER JERRY LITTLETON CO 80123
600050921 CARSON KEVIN GRANITE BAY CA 95746
600050922 KENT RICHARD GAITHERSBUR MD 20878
600050923 BAILEY DAVID ATLANTA GA 30319
600050924 HEJNA JR DONALD LOS ALTOS CA 94022
600050925 COREY JOSEPH ARLINGTON VA 22207
600050926 HINDMAN HELEN TUCSON AZ 85718
600050927 LEBOEUF JAMES MANSFIELD TX 76063
600050928 SIMPSON DENNIS SUPERIOR CO 80027
600050929 AGUILERA JOHN PUEBLO CO 81006
600050930 BEAVERSON ANTHONY MCKINNEY TX 75070
<CAPTION>
SCHEDULED INTEREST LNDR NET MGMT PC SCHEDULED
LOAN # BORROWER BALANCE RATE FEE RATE FEE RATE MATURITY
------ -------------------- ------------ -------- ----- ------ ----- ------ --------
S> <C> <C> <C> <C> <C> <C> <C> <C>
600050917 GODFREY JAMES $544,624.93 7.875 .250 7.625 .0350 7.590 04/01/2026
600050918 MACKIE ALEXANDER $264,803.33 7.500 .250 7.250 .0350 7.215 04/01/2026
600050919 A L HALLDEN $269,832.19 8.375 .250 8.125 .0350 8.090 04/01/2026
600050920 ALBER JERRY $230,356.50 7.500 .250 7.250 .0350 7.215 03/01/2026
600050921 CARSON KEVIN $296,568.71 7.625 .250 7.375 .0350 7.340 03/01/2026
600050922 KENT RICHARD $274,163.74 6.750 .250 6.500 .0350 6.465 04/01/2026
600050923 BAILEY DAVID $234,675.50 7.875 .250 7.625 .0350 7.590 03/01/2026
600050924 HEJNA JR DONALD $363,471.42 7.625 .250 7.375 .0350 7.340 03/01/2026
600050925 COREY JOSEPH $336,243.94 7.375 .250 7.125 .0350 7.090 04/01/2026
600050926 HINDMAN HELEN $247,175.11 8.125 .250 7.875 .0350 7.840 03/01/2026
600050927 LEBOEUF JAMES $349,504.34 7.750 .250 7.500 .0350 7.465 03/01/2026
600050928 SIMPSON DENNIS $219,445.91 7.125 .250 6.875 .0350 6.840 03/01/2026
600050929 AGUILERA JOHN $324,764.77 7.625 .250 7.375 .0350 7.340 04/01/2026
600050930 BEAVERSON ANTHONY $289,689.16 7.750 .250 7.500 .0350 7.465 03/01/2026
<CAPTION>
MI INTEREST LOAN
LOAN # BORROWER S/S LOAN # P & I PMT CO PAID-TO TERM
------ -------------------- --------------- --------- -- -------- ----
S> <C> <C> <C> <C> <C> <C>
600050917 GODFREY JAMES 20286233 $3,951.63 05/01/1996 360
600050918 MACKIE ALEXANDER 20286464 $1,852.92 05/01/1996 360
600050919 A L HALLDEN 20286571 $2,052.19 05/01/1996 360
600050920 ALBER JERRY 20286589 $1,613.09 05/01/1996 360
600050921 CARSON KEVIN 20286860 $2,102.15 05/01/1996 360
600050922 KENT RICHARD 20288825 $1,779.76 05/01/1996 360
600050923 BAILEY DAVID 20288932 $1,703.91 05/01/1996 360
600050924 HEJNA JR DONALD 20289120 $2,576.37 05/01/1996 360
600050925 COREY JOSEPH 20289328 $2,324.13 05/01/1996 360
600050926 HINDMAN HELEN 20289591 $1,837.68 05/01/1996 360
600050927 LEBOEUF JAMES 20290623 $2,507.45 05/01/1996 360
600050928 SIMPSON DENNIS 20293742 $1,482.18 05/01/1996 360
600050929 AGUILERA JOHN 20293809 $2,300.33 05/01/1996 360
600050930 BEAVERSON ANTHONY 20293999 $2,078.32 05/01/1996 360
<CAPTION>
PER LIFE LIFE GROSS NET CERT. PROP BUYDOWN
LOAN # BORROWER CAP FLOOR CAP MARGIN MARGIN MARGIN VALUE TYPE
------ -------------------- ---- ----- ---- ------ ------ ------ ----------- ------
S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
600050917 GODFREY JAMES $1,200,440.48 N
600050918 MACKIE ALEXANDER $523,715.44 N
600050919 A L HALLDEN $650,602.41 N
600050920 ALBER JERRY $341,777.78 N
600050921 CARSON KEVIN $375,000.01 N
600050922 KENT RICHARD $343,000.00 N
600050923 BAILEY DAVID $564,903.87 N
600050924 HEJNA JR DONALD $455,000.00 N
600050925 COREY JOSEPH $424,873.75 N
600050926 HINDMAN HELEN $330,000.00 N
600050927 LEBOEUF JAMES $437,500.00 N
600050928 SIMPSON DENNIS $360,655.74 N
600050929 AGUILERA JOHN $720,620.87 N
600050930 BEAVERSON ANTHONY $362,625.00 N
</TABLE>
<PAGE>
(vlegal.ace v1.4) Page 28
RUN DATE: 05/28/1996 PNC MORTGAGE SECURITIES CORP.
TIME: 15:28:11 LEGAL LOAN LISTING
REQUESTED STATUS AS OF 05/01/1996
POOL NUMBER: 1380 POOL NAME: 1996-1 DLJ
<TABLE>
<CAPTION>
SCHEDULED
LOAN # BORROWER STREET ADDRESS CITY STATE ZIP BALANCE
------ -------------------- -------------------- --------------- ----- ----- ------------
<S> <C> <C> <C> <C> <C> <C>
600050931 WELCH DAVID LITTLETON CO 80122 $227,235.77
600050932 BAER KAY SILVER SPRI MD 20910 $268,810.14
600050933 SOARES OSCAR SAN JOSE CA 95135 $317,352.59
600050934 GIBSON TODD MCHENRY IL 60050 $307,759.72
600050935 HOSKINS BRADLEY IRVING TX 75062 $231,028.41
600050936 RAHHAL JOHN EDMOND OK 73013 $320,595.44
600050937 PISANI MICHEL SAN JOSE CA 95135 $301,871.89
600050938 GUERRERO JR MICHAEL MORGAN HILL CA 95037 $267,620.48
600050939 ATKINSON DANIEL SAN JOSE CA 95128 $259,612.87
600050940 MELINE LEWIS GILROY CA 95020 $214,338.29
600050941 NEARY MELISSA PARADISE VA AZ 85253 $312,792.41
600050942 DUSTIN CHRIS HIGHLANDS R CO 80126 $219,345.07
600050943 KUNI DOUGLAS HOUSTON TX 77024 $309,400.05
600050944 FLEURY THOMAS HERNDON VA 22071 $298,658.13
<CAPTION>
INTEREST LNDR NET MGMT PC SCHEDULED
LOAN # BORROWER RATE FEE RATE FEE RATE MATURITY
------ -------------------- -------- ----- ------ ----- ------ --------
<S> <C> <C> <C> <C> <C> <C> <C>
600050931 WELCH DAVID 7.875 .250 7.625 .0350 7.590 03/01/2026
600050932 BAER KAY 7.750 .250 7.500 .0350 7.465 04/01/2026
600050933 SOARES OSCAR 7.250 .250 7.000 .0350 6.965 03/01/2026
600050934 GIBSON TODD 7.250 .250 7.000 .0350 6.965 04/01/2026
600050935 HOSKINS BRADLEY 7.500 .250 7.250 .0350 7.215 04/01/2026
600050936 RAHHAL JOHN 8.250 .250 8.000 .0350 7.965 04/01/2026
600050937 PISANI MICHEL 7.750 .250 7.500 .0350 7.465 03/01/2026
600050938 GUERRERO JR MICHAEL 7.750 .250 7.500 .0350 7.465 03/01/2026
600050939 ATKINSON DANIEL 7.500 .250 7.250 .0350 7.215 03/01/2026
600050940 MELINE LEWIS 7.625 .250 7.375 .0350 7.340 03/01/2026
600050941 NEARY MELISSA 7.750 .250 7.500 .0350 7.465 03/01/2026
600050942 DUSTIN CHRIS 7.750 .250 7.500 .0350 7.465 04/01/2026
600050943 KUNI DOUGLAS 7.625 .250 7.375 .0350 7.340 03/01/2026
600050944 FLEURY THOMAS 7.000 .250 6.750 .0350 6.715 03/01/2026
<CAPTION>
MI INTEREST LOAN
LOAN # BORROWER S/S LOAN # P & I PMT CO PAID-TO TERM
------ -------------------- --------------- --------- -- -------- ----
<S> <C> <C> <C> <C> <C> <C>
600050931 WELCH DAVID 20294948 $1,649.90 05/01/1996 360
600050932 BAER KAY 20295069 $1,927.15 05/01/1996 360
600050933 SOARES OSCAR 20295184 $2,168.30 05/01/1996 360
600050934 GIBSON TODD 20296745 $2,101.11 05/01/1996 360
600050935 HOSKINS BRADLEY 20300059 $1,616.59 7 05/01/1996 360
600050936 RAHHAL JOHN 20300257 $2,410.06 2 05/01/1996 360
600050937 PISANI MICHEL 20300984 $2,165.72 05/01/1996 360
600050938 GUERRERO JR MICHAEL 20301016 $1,919.98 05/01/1996 360
600050939 ATKINSON DANIEL 20301594 $1,817.96 05/01/1996 360
600050940 MELINE LEWIS 20302956 $1,519.28 1 05/01/1996 360
600050941 NEARY MELISSA 20304051 $2,244.06 1 05/01/1996 360
600050942 DUSTIN CHRIS 20305132 $1,572.53 05/01/1996 360
600050943 KUNI DOUGLAS 20305686 $2,193.10 05/01/1996 360
600050944 FLEURY THOMAS 20305694 $1,990.26 05/01/1996 360
<CAPTION>
PER LIFE LIFE GROSS NET CERT. PROP BUYDOWN
LOAN # BORROWER CAP FLOOR CAP MARGIN MARGIN MARGIN VALUE TYPE
------ -------------------- ---- ----- ---- ------ ------ ------ ----------- ------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
600050931 WELCH DAVID $284,437.50 N
600050932 BAER KAY $340,075.86 N
600050933 SOARES OSCAR $397,312.50 N
600050934 GIBSON TODD $424,827.59 N
600050935 HOSKINS BRADLEY $276,886.23 N
600050936 RAHHAL JOHN $360,044.90 N
600050937 PISANI MICHEL $377,875.00 N
600050938 GUERRERO JR MICHAEL $335,000.00 N
600050939 ATKINSON DANIEL $325,000.00 N
600050940 MELINE LEWIS $238,500.00 N
600050941 NEARY MELISSA $369,818.19 N
600050942 DUSTIN CHRIS $274,375.00 N
600050943 KUNI DOUGLAS $387,312.50 N
600050944 FLEURY THOMAS $373,937.50 N
</TABLE>
<PAGE>
(vlegal.ace v1.4) Page 29
RUN DATE: 05/28/1996 PNC MORTGAGE SECURITIES CORP.
TIME: 15:28:11 LEGAL LOAN LISTING
REQUESTED STATUS AS OF 05/01/1996
POOL NUMBER: 1380 POOL NAME: 1996-1 DLJ
<TABLE>
<CAPTION>
SCHEDULED
LOAN # BORROWER STREET ADDRESS CITY STATE ZIP BALANCE
------ -------------------- -------------------- --------------- ----- ----- ------------
<S> <C> <C> <C> <C> <C> <C>
600050945 PASQUE ANN PARKER CO 80134 $239,330.96
600050946 BECKNER CHARLES MONTGOMERY TX 77356 $298,194.64
600050947 BRAXTON MICHAEL FREDERICKSB VA 22406 $235,140.50
600050948 SHORTES PENN SUNNYVALE CA 94087 $241,449.84
600050949 PIERZINA RANDALL LITTLETON CO 80127 $287,806.75
600050950 NATIONS THOMAS REDMOND WA 98052 $305,739.45
600050951 BOUDREAU WILLIAM SOUTH BRUNS NJ 8540 $281,470.40
600050952 HUNT WESLEY VIRGINIA BE VA 23455 $435,714.79
600050953 MCDONALD BRIAN SAN JOSE CA 95118 $282,745.21
600050954 HAMONY MAURICE MORGAN HILL CA 95037 $262,305.19
600050955 WALLACE JOHN COLORADO SP CO 80906 $223,833.75
600050956 BOLLINGER GARY PLANO TX 75093 $215,655.20
600050957 MONKARSH DAVID IRVINE CA 92715 $409,695.72
600050958 WATSON JAMES FAIRFAX VA 22031 $327,756.58
<CAPTION>
INTEREST LNDR NET MGMT PC SCHEDULED
LOAN # BORROWER RATE FEE RATE FEE RATE MATURITY
------ -------------------- -------- ----- ------ ----- ------ --------
<S> <C> <C> <C> <C> <C> <C> <C>
600050945 PASQUE ANN 7.750 .250 7.500 .0350 7.465 04/01/2026
600050946 BECKNER CHARLES 7.875 .250 7.625 .0350 7.590 04/01/2026
600050947 BRAXTON MICHAEL 7.375 .250 7.125 .0350 7.090 03/01/2026
600050948 SHORTES PENN 8.375 .250 8.125 .0350 8.090 04/01/2026
600050949 PIERZINA RANDALL 8.000 .250 7.750 .0350 7.715 04/01/2026
600050950 NATIONS THOMAS 7.875 .250 7.625 .0350 7.590 04/01/2026
600050951 BOUDREAU WILLIAM 8.250 .250 8.000 .0350 7.965 04/01/2026
600050952 HUNT WESLEY 8.125 .250 7.875 .0350 7.840 04/01/2026
600050953 MCDONALD BRIAN 7.625 .250 7.375 .0350 7.340 04/01/2026
600050954 HAMONY MAURICE 7.500 .250 7.250 .0350 7.215 04/01/2026
600050955 WALLACE JOHN 7.500 .250 7.250 .0350 7.215 04/01/2026
600050956 BOLLINGER GARY 8.000 .250 7.750 .0350 7.715 04/01/2026
600050957 MONKARSH DAVID 7.500 .250 7.250 .0350 7.215 04/01/2026
600050958 WATSON JAMES 7.500 .250 7.250 .0350 7.215 04/01/2026
<CAPTION>
MI INTEREST LOAN
LOAN # BORROWER S/S LOAN # P & I PMT CO PAID-TO TERM
------ -------------------- --------------- --------- -- -------- ----
<S> <C> <C> <C> <C> <C> <C>
600050945 PASQUE ANN 20307302 $1,715.81 05/01/1996 360
600050946 BECKNER CHARLES 20307963 $2,163.61 05/01/1996 360
600050947 BRAXTON MICHAEL 20309571 $1,626.54 05/01/1996 360
600050948 SHORTES PENN 20310660 $1,836.33 05/01/1996 360
600050949 PIERZINA RANDALL 20312674 $2,113.25 05/01/1996 360
600050950 NATIONS THOMAS 20312732 $2,218.35 1 05/01/1996 360
600050951 BOUDREAU WILLIAM 20313524 $2,115.94 7 05/01/1996 360
600050952 HUNT WESLEY 20314290 $3,237.29 05/01/1996 360
600050953 MCDONALD BRIAN 20314548 $2,002.70 05/01/1996 360
600050954 HAMONY MAURICE 20314811 $1,835.44 05/01/1996 360
600050955 WALLACE JOHN 20316758 $1,566.25 05/01/1996 360
600050956 BOLLINGER GARY 20318820 $1,583.47 05/01/1996 360
600050957 MONKARSH DAVID 20319224 $2,866.78 05/01/1996 360
600050958 WATSON JAMES 20319489 $2,293.42 05/01/1996 360
<CAPTION>
PER LIFE LIFE GROSS NET CERT. PROP BUYDOWN
LOAN # BORROWER CAP FLOOR CAP MARGIN MARGIN MARGIN VALUE TYPE
------ -------------------- ---- ----- ---- ------ ------ ------ ----------- ------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
600050945 PASQUE ANN $307,840.61 N
600050946 BECKNER CHARLES $373,000.00 N
600050947 BRAXTON MICHAEL $305,051.83 N
600050948 SHORTES PENN $302,000.00 N
600050949 PIERZINA RANDALL $360,000.00 N
600050950 NATIONS THOMAS $339,944.44 N
600050951 BOUDREAU WILLIAM $312,944.44 N
600050952 HUNT WESLEY $545,000.00 N
600050953 MCDONALD BRIAN $353,687.50 N
600050954 HAMONY MAURICE $450,257.30 N
600050955 WALLACE JOHN $280,000.00 N
600050956 BOLLINGER GARY $274,904.46 N
600050957 MONKARSH DAVID $512,500.00 N
600050958 WATSON JAMES $419,437.36 N
</TABLE>
<PAGE>
(vlegal.ace v1.4) Page 30
RUN DATE: 05/28/1996 PNC MORTGAGE SECURITIES CORP.
TIME: 15:28:11 LEGAL LOAN LISTING
REQUESTED STATUS AS OF 05/01/1996
POOL NUMBER: 1380 POOL NAME: 1996-1 DLJ
<TABLE>
<CAPTION>
SCHEDULED
LOAN # BORROWER STREET ADDRESS CITY STATE ZIP BALANCE
------ -------------------- -------------------- --------------- ----- ----- ------------
<S> <C> <C> <C> <C> <C> <C>
600050959 PIVO CRAIG RANCHO CUCA CA 91737 $292,298.70
600050960 WILLOUGHBY PAUL LITTLETON CO 80125 $336,262.50
600050961 PEMBERTON JOSEPH FAIRFAX VA 22033 $308,803.83
600050962 VINEYARD BRADFORD RICHMOND TX 77469 $226,612.08
600050963 IANNOTTI GAIL BETHESDA MD 20817 $218,837.47
600050964 BEATY MARK CHINO HILLS CA 91709 $224,749.09
600050965 MERKERT JOSEPH CAMPBELL CA 95008 $374,766.92
600050966 HINTZ RONALD WHITE LAKE MI 48383 $267,610.82
600050967 HUFFMAN KENT DALLAS TX 75220 $215,775.78
600050968 PERSICHETTI PAOLO SHELBY MI 48315 $228,853.98
600050969 SENTELL JOHN HOUSTON TX 77007 $249,836.47
600050970 BEST LARRY FENTON MI 48430 $260,824.87
600050971 READ JAMES BOCA RATON FL 33431 $277,309.02
600050972 MARTINEZ SERGIO STERLING VA 22170 $311,344.58
<CAPTION>
INTEREST LNDR NET MGMT PC SCHEDULED
LOAN # BORROWER RATE FEE RATE FEE RATE MATURITY
------ -------------------- -------- ----- ------ ----- ------ --------
<S> <C> <C> <C> <C> <C> <C> <C>
600050959 PIVO CRAIG 7.875 .250 7.625 .0350 7.590 04/01/2026
600050960 WILLOUGHBY PAUL 7.750 .250 7.500 .0350 7.465 04/01/2026
600050961 PEMBERTON JOSEPH 7.125 .250 6.875 .0350 6.840 03/01/2026
600050962 VINEYARD BRADFORD 7.500 .250 7.250 .0350 7.215 03/01/2026
600050963 IANNOTTI GAIL 7.500 .250 7.250 .0350 7.215 04/01/2026
600050964 BEATY MARK 8.000 .250 7.750 .0350 7.715 04/01/2026
600050965 MERKERT JOSEPH 8.375 .250 8.125 .0350 8.090 04/01/2026
600050966 HINTZ RONALD 7.625 .250 7.375 .0350 7.340 03/01/2026
600050967 HUFFMAN KENT 8.750 .250 8.500 .0350 8.465 04/01/2026
600050968 PERSICHETTI PAOLO 8.250 .250 8.000 .0350 7.965 04/01/2026
600050969 SENTELL JOHN 8.125 .250 7.875 .0350 7.840 04/01/2026
600050970 BEST LARRY 8.000 .250 7.750 .0350 7.715 04/01/2026
600050971 READ JAMES 7.875 .250 7.625 .0350 7.590 04/01/2026
600050972 MARTINEZ SERGIO 7.000 .250 6.750 .0350 6.715 04/01/2026
<CAPTION>
MI INTEREST LOAN
LOAN # BORROWER S/S LOAN # P & I PMT CO PAID-TO TERM
------ -------------------- --------------- --------- -- -------- ----
<S> <C> <C> <C> <C> <C> <C>
600050959 PIVO CRAIG 20319679 $2,120.83 7 05/01/1996 360
600050960 WILLOUGHBY PAUL 20319778 $2,410.73 05/01/1996 360
600050961 PEMBERTON JOSEPH 20320321 $2,083.82 05/01/1996 360
600050962 VINEYARD BRADFORD 20320651 $1,586.87 2 05/01/1996 360
600050963 IANNOTTI GAIL 20320800 $1,531.28 05/01/1996 360
600050964 BEATY MARK 20321956 $1,650.24 12 05/01/1996 360
600050965 MERKERT JOSEPH 20322707 $2,850.27 05/01/1996 360
600050966 HINTZ RONALD 20324869 $1,896.89 05/01/1996 360
600050967 HUFFMAN KENT 20326401 $1,698.49 05/01/1996 360
600050968 PERSICHETTI PAOLO 20330056 $1,720.40 18 05/01/1996 360
600050969 SENTELL JOHN 20330783 $1,856.24 2 05/01/1996 360
600050970 BEST LARRY 20330981 $1,915.13 18 05/01/1996 360
600050971 READ JAMES 20331013 $2,012.07 05/01/1996 360
600050972 MARTINEZ SERGIO 20355764 $2,073.09 05/01/1996 360
<CAPTION>
PER LIFE LIFE GROSS NET CERT. PROP BUYDOWN
LOAN # BORROWER CAP FLOOR CAP MARGIN MARGIN MARGIN VALUE TYPE
------ -------------------- ---- ----- ---- ------ ------ ------ ----------- ------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
600050959 PIVO CRAIG $325,000.00 N
600050960 WILLOUGHBY PAUL $420,625.00 N
600050961 PEMBERTON JOSEPH $386,625.00 N
600050962 VINEYARD BRADFORD $267,000.00 N
600050963 IANNOTTI GAIL $292,000.00 N
600050964 BEATY MARK $249,888.89 N
600050965 MERKERT JOSEPH $539,568.35 N
600050966 HINTZ RONALD $335,000.00 N
600050967 HUFFMAN KENT $269,875.00 N
600050968 PERSICHETTI PAOLO $264,129.19 N
600050969 SENTELL JOHN $291,036.08 N
600050970 BEST LARRY $290,969.91 N
600050971 READ JAMES $370,000.00 N
600050972 MARTINEZ SERGIO $389,500.00 N
</TABLE>
<PAGE>
(vlegal.ace v1.4) Page 31
RUN DATE: 05/28/1996 PNC MORTGAGE SECURITIES CORP.
TIME: 15:28:11 LEGAL LOAN LISTING
REQUESTED STATUS AS OF 05/01/1996
POOL NUMBER: 1380 POOL NAME: 1996-1 DLJ
<TABLE>
<CAPTION>
SCHEDULED
LOAN # BORROWER STREET ADDRESS CITY STATE ZIP BALANCE
------ -------------------- -------------------- --------------- ----- ----- ------------
<S> <C> <C> <C> <C> <C> <C>
600050973 ROEHL JOHN VIENNA VA 22182 $214,836.39
600050974 CONCHA RICARDO POWAY CA 92064 $230,056.93
600050975 ZOLENGE PAUL BOCA RATON FL 33496 $449,378.58
600050976 BETTI JOSEPH INCLINE VIL NV 89451 $276,168.11
600050977 BIEHL ROBERT SANFORD FL 32771 $402,768.13
600050978 CORN JOSEPH PALO ALTO CA 94301 $224,665.00
600050979 WILDE RICHARD ATLANTA GA 30306 $284,608.90
600050980 YOUDALE JAMES POTOMAC MD 20854 $248,946.95
600050981 BOSSARD MICHAEL MOORPARK CA 93021 $271,839.41
600050982 SHULMAN BETH WASHINGTON DC 20015 $315,563.63
600050983 CALABIA FLORENTINE CHEVY CHASE MD 20815 $239,459.60
600050984 ROBERSON THOMAS POTOMAC MD 20854 $274,580.20
600050985 ADAMS J SIMPSONVILL SC 29681 $365,455.04
600050986 BRAMHALL SAMUEL REDONDO BEA CA 90277 $439,344.86
<CAPTION>
INTEREST LNDR NET MGMT PC SCHEDULED
LOAN # BORROWER RATE FEE RATE FEE RATE MATURITY
------ -------------------- -------- ----- ------ ----- ------ --------
<S> <C> <C> <C> <C> <C> <C> <C>
600050973 ROEHL JOHN 7.375 .250 7.125 .0350 7.090 04/01/2026
600050974 CONCHA RICARDO 7.500 .250 7.250 .0350 7.215 03/01/2026
600050975 ZOLENGE PAUL 7.875 .250 7.625 .0350 7.590 03/01/2026
600050976 BETTI JOSEPH 7.875 .250 7.625 .0350 7.590 03/01/2026
600050977 BIEHL ROBERT 8.750 .250 8.500 .0350 8.465 04/01/2026
600050978 CORN JOSEPH 7.500 .250 7.250 .0350 7.215 03/01/2026
600050979 WILDE RICHARD 8.000 .250 7.750 .0350 7.715 04/01/2026
600050980 YOUDALE JAMES 7.750 .250 7.500 .0350 7.465 03/01/2026
600050981 BOSSARD MICHAEL 8.625 .250 8.375 .0350 8.340 04/01/2026
600050982 SHULMAN BETH 7.875 .250 7.625 .0350 7.590 03/01/2026
600050983 CALABIA FLORENTINE 7.750 .250 7.500 .0350 7.465 03/01/2026
600050984 ROBERSON THOMAS 7.375 .250 7.125 .0350 7.090 03/01/2026
600050985 ADAMS J 7.500 .250 7.250 .0350 7.215 03/01/2026
600050986 BRAMHALL SAMUEL 7.500 .250 7.250 .0350 7.215 03/01/2026
<CAPTION>
MI INTEREST LOAN
LOAN # BORROWER S/S LOAN # P & I PMT CO PAID-TO TERM
------ -------------------- --------------- --------- -- -------- ----
<S> <C> <C> <C> <C> <C> <C>
600050973 ROEHL JOHN 20376919 $1,484.96 05/01/1996 360
600050974 CONCHA RICARDO 24024010 $1,611.00 05/01/1996 360
600050975 ZOLENGE PAUL 24034068 $3,262.82 05/01/1996 360
600050976 BETTI JOSEPH 24073561 $2,005.18 05/01/1996 360
600050977 BIEHL ROBERT 24084535 $3,170.41 05/01/1996 360
600050978 CORN JOSEPH 24085003 $1,573.23 05/01/1996 360
600050979 WILDE RICHARD 24117426 $2,089.77 05/01/1996 360
600050980 YOUDALE JAMES 24117756 $1,786.02 14 05/01/1996 360
600050981 BOSSARD MICHAEL 24131401 $2,115.59 05/01/1996 360
600050982 SHULMAN BETH 24131484 $2,291.22 05/01/1996 360
600050983 CALABIA FLORENTINE 24143893 $1,718.68 05/01/1996 360
600050984 ROBERSON THOMAS 24153264 $1,899.36 05/01/1996 360
600050985 ADAMS J 24154072 $2,559.13 05/01/1996 360
600050986 BRAMHALL SAMUEL 24170524 $3,076.55 05/01/1996 360
<CAPTION>
PER LIFE LIFE GROSS NET CERT. PROP BUYDOWN
LOAN # BORROWER CAP FLOOR CAP MARGIN MARGIN MARGIN VALUE TYPE
------ -------------------- ---- ----- ---- ------ ------ ------ ----------- ------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
600050973 ROEHL JOHN $424,901.20 N
600050974 CONCHA RICARDO $290,176.32 N
600050975 ZOLENGE PAUL $614,000.00 N
600050976 BETTI JOSEPH $424,808.00 N
600050977 BIEHL ROBERT $510,126.58 N
600050978 CORN JOSEPH $639,204.53 N
600050979 WILDE RICHARD $356,000.00 N
600050980 YOUDALE JAMES $277,000.00 N
600050981 BOSSARD MICHAEL $340,000.00 N
600050982 SHULMAN BETH $395,000.00 N
600050983 CALABIA FLORENTINE $299,875.00 N
600050984 ROBERSON THOMAS $399,709.28 N
600050985 ADAMS J $465,057.20 N
600050986 BRAMHALL SAMUEL $550,000.00 N
</TABLE>
<PAGE>
(vlegal.ace v1.4) Page 32
RUN DATE: 05/28/1996 PNC MORTGAGE SECURITIES CORP.
TIME: 15:28:11 LEGAL LOAN LISTING
REQUESTED STATUS AS OF 05/01/1996
POOL NUMBER: 1380 POOL NAME: 1996-1 DLJ
<TABLE>
<CAPTION>
SCHEDULED
LOAN # BORROWER STREET ADDRESS CITY STATE ZIP BALANCE
------ -------------------- -------------------- --------------- ----- ----- ------------
<S> <C> <C> <C> <C> <C> <C>
600050987 ROEHRIG KURT GREENSBORO NC 27455 $447,683.80
600050988 BELL DAVID CHARLOTTE NC 28226 $575,029.41
600050989 SNEIDERMAN RICHARD SUNNYVALE CA 94087 $249,636.95
600050990 LEE RICHARD GLENN DALE MD 20769 $231,618.53
600050991 NAFISI SAMI CHARLOTTE NC 28277 $548,022.80
600050992 GHADOOSHAHY FARHAD SANTA MONIC CA 90402 $479,285.31
600050993 ANDRAE CHARLES ALEXANDRIA VA 22314 $493,317.82
600050994 MACLEAN JOHN CHARLESTON SC 29414 $223,841.90
600050995 BORNMANN WILLIAM LAGUNA BEAC CA 92651 $391,444.87
600050996 GRAD MICHAEL CHARLOTTE NC 28277 $424,318.24
600050997 BUSH LARRY WELLINGTON FL 33414 $249,827.95
600050998 CLENDENINN NEIL CARLSBAD CA 92009 $630,103.35
600050999 CALHOUN JAMES GREENVILLE SC 29609 $259,582.93
600051000 COGHLAN JOHN KIAWAH ISLA SC 29455 $239,642.65
<CAPTION>
INTEREST LNDR NET MGMT PC SCHEDULED
LOAN # BORROWER RATE FEE RATE FEE RATE MATURITY
------ -------------------- -------- ----- ------ ----- ------ --------
<S> <C> <C> <C> <C> <C> <C> <C>
600050987 ROEHRIG KURT 7.750 .250 7.500 .0350 7.465 04/01/2026
600050988 BELL DAVID 6.875 .250 6.625 .0350 6.590 03/01/2026
600050989 SNEIDERMAN RICHARD 7.625 .250 7.375 .0350 7.340 03/01/2026
600050990 LEE RICHARD 7.000 .250 6.750 .0350 6.715 03/01/2026
600050991 NAFISI SAMI 7.750 .250 7.500 .0350 7.465 03/01/2026
600050992 GHADOOSHAHY FARHAD 7.500 .250 7.250 .0350 7.215 03/01/2026
600050993 ANDRAE CHARLES 7.875 .250 7.625 .0350 7.590 03/01/2026
600050994 MACLEAN JOHN 7.750 .250 7.500 .0350 7.465 04/01/2026
600050995 BORNMANN WILLIAM 7.750 .250 7.500 .0350 7.465 03/01/2026
600050996 GRAD MICHAEL 7.125 .250 6.875 .0350 6.840 03/01/2026
600050997 BUSH LARRY 7.875 .250 7.625 .0350 7.590 04/01/2026
600050998 CLENDENINN NEIL 7.875 .250 7.625 .0350 7.590 03/01/2026
600050999 CALHOUN JAMES 7.125 .250 6.875 .0350 6.840 03/01/2026
600051000 COGHLAN JOHN 7.500 .250 7.250 .0350 7.215 03/01/2026
<CAPTION>
MI INTEREST LOAN
LOAN # BORROWER S/S LOAN # P & I PMT CO PAID-TO TERM
------ -------------------- --------------- --------- -- -------- ----
<S> <C> <C> <C> <C> <C> <C>
600050987 ROEHRIG KURT 24176158 $3,209.53 05/01/1996 360
600050988 BELL DAVID 24190126 $3,783.91 05/01/1996 360
600050989 SNEIDERMAN RICHARD 24190746 $1,769.49 05/01/1996 360
600050990 LEE RICHARD 24192965 $1,543.51 05/01/1996 360
600050991 NAFISI SAMI 24194805 $3,931.68 05/01/1996 360
600050992 GHADOOSHAHY FARHAD 24195042 $3,356.23 05/01/1996 360
600050993 ANDRAE CHARLES 24199374 $3,581.85 05/01/1996 360
600050994 MACLEAN JOHN 24199960 $1,604.77 05/01/1996 360
600050995 BORNMANN WILLIAM 24204117 $2,808.34 05/01/1996 360
600050996 GRAD MICHAEL 24205270 $2,863.31 05/01/1996 360
600050997 BUSH LARRY 24205593 $1,812.68 05/01/1996 360
600050998 CLENDENINN NEIL 24208324 $4,578.82 05/01/1996 360
600050999 CALHOUN JAMES 24209322 $1,751.67 05/01/1996 360
600051000 COGHLAN JOHN 24210676 $1,678.12 05/01/1996 360
<CAPTION>
PER LIFE LIFE GROSS NET CERT. PROP BUYDOWN
LOAN # BORROWER CAP FLOOR CAP MARGIN MARGIN MARGIN VALUE TYPE
------ -------------------- ---- ----- ---- ------ ------ ------ ----------- ------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
600050987 ROEHRIG KURT $560,000.00 N
600050988 BELL DAVID $720,000.00 N
600050989 SNEIDERMAN RICHARD $425,170.08 N
600050990 LEE RICHARD $292,929.30 N
600050991 NAFISI SAMI $686,000.00 N
600050992 GHADOOSHAHY FARHAD $600,000.00 N
600050993 ANDRAE CHARLES $642,392.70 N
600050994 MACLEAN JOHN $280,000.00 N
600050995 BORNMANN WILLIAM $534,788.52 N
600050996 GRAD MICHAEL $588,642.68 N
600050997 BUSH LARRY $353,107.33 N
600050998 CLENDENINN NEIL $825,490.20 N
600050999 CALHOUN JAMES $325,000.00 N
600051000 COGHLAN JOHN $385,232.75 N
</TABLE>
<PAGE>
(vlegal.ace v1.4) Page 33
RUN DATE: 05/28/1996 PNC MORTGAGE SECURITIES CORP.
TIME: 15:28:11 LEGAL LOAN LISTING
REQUESTED STATUS AS OF 05/01/1996
POOL NUMBER: 1380 POOL NAME: 1996-1 DLJ
<TABLE>
<CAPTION>
SCHEDULED
LOAN # BORROWER STREET ADDRESS CITY STATE ZIP BALANCE
------ -------------------- -------------------- --------------- ----- ----- ------------
<S> <C> <C> <C> <C> <C> <C>
600051001 BOBEK ORVILLE AUSTIN TX 78734 $305,587.99
600051002 DANCY ALBERT SUPPLY NC 28462 $249,618.37
600051003 SHERMAN ANDREW ROCKVILLE MD 20852 $354,484.49
600051004 CHERNISS JASON SAN FRANCIS CA 94122 $219,672.44
600051005 TUNZAN CHRISTOPHER SAN MATEO CA 94402 $447,332.96
600051006 HERTZ PHILIP NORTH BETHE MD 20852 $359,422.51
600051007 FAULCONER JR JAMES CHARLOTTESV VA 22903 $409,404.61
600051008 REAGINS DENAE RIVERSIDE CA 92506 $243,687.73
600051009 GIRARD LAWRENCE SIMPSONVILL SC 29681 $517,547.34
600051010 OCHOA JAMES MISSION VIE CA 92692 $249,218.30
600051011 MERIWETHER ROBERT COLUMBIA SC 29205 $231,832.08
600051012 BOWSER HAROLD JACKSONVILL FL 32207 $212,143.14
600051013 CARROLL ALAN BETHESDA MD 20817 $277,165.57
600051014 BUTLER ANGELA DANVILLE CA 94506 $323,467.29
<CAPTION>
INTEREST LNDR NET MGMT PC SCHEDULED
LOAN # BORROWER RATE FEE RATE FEE RATE MATURITY
------ -------------------- -------- ----- ------ ----- ------ --------
<S> <C> <C> <C> <C> <C> <C> <C>
600051001 BOBEK ORVILLE 8.000 .250 7.750 .0350 7.715 03/01/2026
600051002 DANCY ALBERT 7.375 .250 7.125 .0350 7.090 03/01/2026
600051003 SHERMAN ANDREW 7.625 .250 7.375 .0350 7.340 03/01/2026
600051004 CHERNISS JASON 7.500 .250 7.250 .0350 7.215 03/01/2026
600051005 TUNZAN CHRISTOPHER 7.500 .250 7.250 .0350 7.215 03/01/2026
600051006 HERTZ PHILIP 7.125 .250 6.875 .0350 6.840 03/01/2026
600051007 FAULCONER JR JAMES 7.625 .250 7.375 .0350 7.340 03/01/2026
600051008 REAGINS DENAE 8.250 .250 8.000 .0350 7.965 03/01/2026
600051009 GIRARD LAWRENCE 7.625 .250 7.375 .0350 7.340 03/01/2026
600051010 OCHOA JAMES 7.500 .250 7.250 .0350 7.215 03/01/2026
600051011 MERIWETHER ROBERT 7.625 .250 7.375 .0350 7.340 04/01/2026
600051012 BOWSER HAROLD 7.750 .250 7.500 .0350 7.465 03/01/2026
600051013 CARROLL ALAN 7.250 .250 7.000 .0350 6.965 03/01/2026
600051014 BUTLER ANGELA 7.000 .250 6.750 .0350 6.715 03/01/2026
MI INTEREST LOAN
LOAN # BORROWER S/S LOAN # P & I PMT CO PAID-TO TERM
------ -------------------- --------------- --------- -- -------- ----
<S> <C> <C> <C> <C> <C> <C>
600051001 BOBEK ORVILLE 24212698 $2,245.32 05/01/1996 360
600051002 DANCY ALBERT 24214173 $1,726.69 05/01/1996 360
600051003 SHERMAN ANDREW 24215964 $2,512.67 05/01/1996 360
600051004 CHERNISS JASON 24216053 $1,538.27 05/01/1996 360
600051005 TUNZAN CHRISTOPHER 24221111 $3,132.48 05/01/1996 360
600051006 HERTZ PHILIP 24221194 $2,425.39 05/01/1996 360
600051007 FAULCONER JR JAMES 24221368 $2,901.96 05/01/1996 360
600051008 REAGINS DENAE 24223158 $1,833.10 05/01/1996 360
600051009 GIRARD LAWRENCE 24224156 $3,668.50 05/01/1996 360
600051010 OCHOA JAMES 24224271 $1,745.24 1 05/01/1996 360
600051011 MERIWETHER ROBERT 24227027 $1,642.09 05/01/1996 360
600051012 BOWSER HAROLD 24230922 $1,521.98 05/01/1996 360
600051013 CARROLL ALAN 24234197 $1,893.73 05/01/1996 360
600051014 BUTLER ANGELA 24235004 $2,155.58 05/01/1996 360
<CAPTION>
PER LIFE LIFE GROSS NET CERT. PROP BUYDOWN
LOAN # BORROWER CAP FLOOR CAP MARGIN MARGIN MARGIN VALUE TYPE
------ -------------------- ---- ----- ---- ------ ------ ------ ----------- ------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
600051001 BOBEK ORVILLE $619,433.17 N
600051002 DANCY ALBERT $325,945.25 N
600051003 SHERMAN ANDREW $504,978.64 N
600051004 CHERNISS JASON $275,000.00 N
600051005 TUNZAN CHRISTOPHER $560,000.00 N
600051006 HERTZ PHILIP $450,000.00 N
600051007 FAULCONER JR JAMES $724,381.65 N
600051008 REAGINS DENAE $305,000.00 N
600051009 GIRARD LAWRENCE $647,875.00 N
600051010 OCHOA JAMES $278,882.68 N
600051011 MERIWETHER ROBERT $290,000.00 N
600051012 BOWSER HAROLD $329,881.98 N
600051013 CARROLL ALAN $347,000.00 N
600051014 BUTLER ANGELA $450,000.00 N
</TABLE>
<PAGE>
(vlegal.ace v1.4) Page 34
RUN DATE: 05/28/1996 PNC MORTGAGE SECURITIES CORP.
TIME: 15:28:11 LEGAL LOAN LISTING
REQUESTED STATUS AS OF 05/01/1996
POOL NUMBER: 1380 POOL NAME: 1996-1 DLJ
<TABLE>
<CAPTION>
SCHEDULED
LOAN # BORROWER STREET ADDRESS CITY STATE ZIP BALANCE
------ -------------------- -------------------- --------------- ----- ----- ------------
<S> <C> <C> <C> <C> <C> <C>
600051015 PASCHKE JON GRANITE BAY CA 95746 $278,708.06
600051016 MCPHAIL ELIZABETH MOUNT AIRY NC 27030 $260,639.56
600051017 MCBAIN JOHN LOS GATOS CA 95030 $334,400.58
600051018 STROMBERG CLIFFORD POTOMAC MD 20854 $836,720.78
600051019 LOZANO JOSE MIAMI FL 33176 $291,793.90
600051020 RAZINSKI ALEXANDER VA BEACH VA 23451 $281,780.01
600051021 ZAYICEK RICHARD DAVIDSON NC 28036 $337,430.45
600051022 HOWE MARYANN BETHESDA MD 20817 $225,238.11
600051023 D'ANTONIO MICHAEL HUNTINGTON CA 92649 $243,529.90
600051024 ARBOLEDA JOSE HAYES VA 23072 $313,766.96
600051025 GERSON MARIANNE PORTOLA VAL CA 94028 $319,546.84
600051026 SLATER JONATHAN HUNTINGTON NY 11743 $231,844.33
600051027 MCFARLAND STEVEN SAN JOSE CA 95135 $241,657.29
600051028 MARKLEY JOHN FAIR OAKS CA 95628 $232,194.79
<CAPTION>
INTEREST LNDR NET MGMT PC SCHEDULED
LOAN # BORROWER RATE FEE RATE FEE RATE MATURITY
------ -------------------- -------- ----- ------ ----- ------ --------
<S> <C> <C> <C> <C> <C> <C> <C>
600051015 PASCHKE JON 7.875 .250 7.625 .0350 7.590 04/01/2026
600051016 MCPHAIL ELIZABETH 7.875 .250 7.625 .0350 7.590 03/01/2026
600051017 MCBAIN JOHN 7.500 .250 7.250 .0350 7.215 03/01/2026
600051018 STROMBERG CLIFFORD 7.375 .250 7.125 .0350 7.090 03/01/2026
600051019 LOZANO JOSE 7.750 .250 7.500 .0350 7.465 04/01/2026
600051020 RAZINSKI ALEXANDER 7.250 .250 7.000 .0350 6.965 04/01/2026
600051021 ZAYICEK RICHARD 6.875 .250 6.625 .0350 6.590 03/01/2026
600051022 HOWE MARYANN 7.125 .250 6.875 .0350 6.840 03/01/2026
600051023 D'ANTONIO MICHAEL 8.125 .250 7.875 .0350 7.840 03/01/2026
600051024 ARBOLEDA JOSE 7.500 .250 7.250 .0350 7.215 04/01/2026
600051025 GERSON MARIANNE 7.750 .250 7.500 .0350 7.465 03/01/2026
600051026 SLATER JONATHAN 8.000 .250 7.750 .0350 7.715 04/01/2026
600051027 MCFARLAND STEVEN 7.750 .250 7.500 .0350 7.465 03/01/2026
600051028 MARKLEY JOHN 8.125 .250 7.875 .0350 7.840 03/01/2026
<CAPTION>
MI INTEREST LOAN
LOAN # BORROWER S/S LOAN # P & I PMT CO PAID-TO TERM
------ -------------------- --------------- --------- -- -------- ----
<S> <C> <C> <C> <C> <C> <C>
600051015 PASCHKE JON 24237026 $2,022.22 05/01/1996 360
600051016 MCPHAIL ELIZABETH 24238289 $1,892.44 18 05/01/1996 360
600051017 MCBAIN JOHN 24238586 $2,342.37 05/01/1996 360
600051018 STROMBERG CLIFFORD 24238628 $5,787.86 05/01/1996 360
600051019 LOZANO JOSE 24239493 $2,091.93 05/01/1996 360
600051020 RAZINSKI ALEXANDER 24240723 $1,923.74 05/01/1996 360
600051021 ZAYICEK RICHARD 24242638 $2,220.42 05/01/1996 360
600051022 HOWE MARYANN 24244519 $1,519.91 05/01/1996 360
600051023 D'ANTONIO MICHAEL 24245151 $1,810.58 05/01/1996 360
600051024 ARBOLEDA JOSE 24247017 $2,195.54 12 05/01/1996 360
600051025 GERSON MARIANNE 24247611 $2,292.52 05/01/1996 360
600051026 SLATER JONATHAN 24249260 $1,702.34 05/01/1996 360
600051027 MCFARLAND STEVEN 24250920 $1,733.72 05/01/1996 360
600051028 MARKLEY JOHN 24251324 $1,726.31 12 05/01/1996 360
<CAPTION>
PER LIFE LIFE GROSS NET CERT. PROP BUYDOWN
LOAN # BORROWER CAP FLOOR CAP MARGIN MARGIN MARGIN VALUE TYPE
------ -------------------- ---- ----- ---- ------ ------ ------ ----------- ------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
600051015 PASCHKE JON $348,625.00 N
600051016 MCPHAIL ELIZABETH $290,000.00 N
600051017 MCBAIN JOHN $494,830.15 N
600051018 STROMBERG CLIFFORD $1,118,825.07 N
600051019 LOZANO JOSE $365,000.00 N
600051020 RAZINSKI ALEXANDER $435,857.83 N
600051021 ZAYICEK RICHARD $422,500.00 N
600051022 HOWE MARYANN $282,000.00 N
600051023 D'ANTONIO MICHAEL $349,856.54 N
600051024 ARBOLEDA JOSE $380,145.29 N
600051025 GERSON MARIANNE $839,895.06 N
600051026 SLATER JONATHAN $290,000.00 N
600051027 MCFARLAND STEVEN $404,682.28 N
600051028 MARKLEY JOHN $260,067.11 N
</TABLE>
<PAGE>
(vlegal.ace v1.4) Page 35
RUN DATE: 05/28/1996 PNC MORTGAGE SECURITIES CORP.
TIME: 15:28:11 LEGAL LOAN LISTING
REQUESTED STATUS AS OF 05/01/1996
POOL NUMBER: 1380 POOL NAME: 1996-1 DLJ
<TABLE>
<CAPTION>
SCHEDULED
LOAN # BORROWER STREET ADDRESS CITY STATE ZIP BALANCE
------ -------------------- -------------------- --------------- ----- ----- ------------
<S> <C> <C> <C> <C> <C> <C>
600051029 MEGOWAN GREG MOORPARK CA 93021 $294,582.23
600051030 SINGER ERIK HERMOSA BEA CA 90254 $697,060.18
600051031 HARVEY SR DONALD FAIRFAX VA 22033 $225,779.81
600051032 URBAN STEVEN RANCHO CUCA CA 91737 $219,688.44
600051033 RICH STEVEN PALOS VERDE CA 90274 $630,236.45
600051034 HUGHEY KENNETH MANHATTAN B CA 90266 $455,321.04
600051035 WOODS CLARK WESTLAKE VI CA 91362 $548,241.88
600051036 BEHARIE NEVILLE COROLLA NC 27927 $239,642.65
600051037 TOLEDO ANDREW ATLANTA GA 30327 $714,960.25
600051038 SCHMIDT THOMAS SANTA BARBA CA 93105 $319,499.22
600051039 KRUPP RICHARD GRANITE BAY CA 95746 $305,462.52
600051040 FLEMING PATRICK LOS ANGELES CA 90045 $329,520.80
600051041 LEHMAN CLIFFORD MORAGA CA 94556 $423,336.48
600051042 BISBEE ALLAN ZEPHYR COVE NV 89448 $364,495.97
<CAPTION>
INTEREST LNDR NET MGMT PC SCHEDULED
LOAN # BORROWER RATE FEE RATE FEE RATE MATURITY
------ -------------------- -------- ----- ------ ----- ------ --------
<S> <C> <C> <C> <C> <C> <C> <C>
600051029 MEGOWAN GREG 7.750 .250 7.500 .0350 7.465 03/01/2026
600051030 SINGER ERIK 8.000 .250 7.750 .0350 7.715 03/01/2026
600051031 HARVEY SR DONALD 7.750 .250 7.500 .0350 7.465 03/01/2026
600051032 URBAN STEVEN 7.750 .250 7.500 .0350 7.465 03/01/2026
600051033 RICH STEVEN 7.375 .250 7.125 .0350 7.090 03/01/2026
600051034 HUGHEY KENNETH 7.500 .250 7.250 .0350 7.215 03/01/2026
600051035 WOODS CLARK 7.875 .250 7.625 .0350 7.590 03/01/2026
600051036 BEHARIE NEVILLE 7.500 .250 7.250 .0350 7.215 03/01/2026
600051037 TOLEDO ANDREW 7.625 .250 7.375 .0350 7.340 03/01/2026
600051038 SCHMIDT THOMAS 7.250 .250 7.000 .0350 6.965 03/01/2026
600051039 KRUPP RICHARD 7.500 .250 7.250 .0350 7.215 03/01/2026
600051040 FLEMING PATRICK 7.625 .250 7.375 .0350 7.340 03/01/2026
600051041 LEHMAN CLIFFORD 7.250 .250 7.000 .0350 6.965 03/01/2026
600051042 BISBEE ALLAN 7.875 .250 7.625 .0350 7.590 03/01/2026
<CAPTION>
MI INTEREST LOAN
LOAN # BORROWER S/S LOAN # P & I PMT CO PAID-TO TERM
------ -------------------- --------------- --------- -- -------- ----
<S> <C> <C> <C> <C> <C> <C>
600051029 MEGOWAN GREG 24251340 $2,113.42 05/01/1996 360
600051030 SINGER ERIK 24251761 $5,121.68 05/01/1996 360
600051031 HARVEY SR DONALD 24252678 $1,619.81 18 05/01/1996 360
600051032 URBAN STEVEN 24252934 $1,576.11 1 05/01/1996 360
600051033 RICH STEVEN 24253221 $4,359.55 05/01/1996 360
600051034 HUGHEY KENNETH 24253528 $3,188.42 05/01/1996 360
600051035 WOODS CLARK 24254021 $3,980.63 05/01/1996 360
600051036 BEHARIE NEVILLE 24254245 $1,678.12 05/01/1996 360
600051037 TOLEDO ANDREW 24256653 $5,067.81 05/01/1996 360
600051038 SCHMIDT THOMAS 24257362 $2,182.97 05/01/1996 360
600051039 KRUPP RICHARD 24258279 $2,139.60 2 05/01/1996 360
600051040 FLEMING PATRICK 24258402 $2,335.72 05/01/1996 360
600051041 LEHMAN CLIFFORD 24258436 $2,892.43 05/01/1996 360
600051042 BISBEE ALLAN 24258774 $2,646.50 05/01/1996 360
<CAPTION>
PER LIFE LIFE GROSS NET CERT. PROP BUYDOWN
LOAN # BORROWER CAP FLOOR CAP MARGIN MARGIN MARGIN VALUE TYPE
------ -------------------- ---- ----- ---- ------ ------ ------ ----------- ------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
600051029 MEGOWAN GREG $440,298.51 N
600051030 SINGER ERIK $884,664.11 N
600051031 HARVEY SR DONALD $238,000.00 N
600051032 URBAN STEVEN $250,000.00 N
600051033 RICH STEVEN $789,000.00 N
600051034 HUGHEY KENNETH $570,000.00 N
600051035 WOODS CLARK $725,231.20 N
600051036 BEHARIE NEVILLE $300,000.00 N
600051037 TOLEDO ANDREW $1,040,697.63 N
600051038 SCHMIDT THOMAS $408,163.25 N
600051039 KRUPP RICHARD $340,000.00 N
600051040 FLEMING PATRICK $419,847.34 N
600051041 LEHMAN CLIFFORD $530,663.32 N
600051042 BISBEE ALLAN $805,739.53 N
</TABLE>
<PAGE>
(vlegal.ace v1.4) Page 36
RUN DATE: 05/28/1996 PNC MORTGAGE SECURITIES CORP.
TIME: 17:15:32 LEGAL LOAN LISTING
REQUESTED STATUS AS OF 05/01/1996
POOL NUMBER: 1380 POOL NAME: 1996-1 DLJ
<TABLE>
<CAPTION>
SCHEDULED
LOAN # BORROWER STREET ADDRESS CITY STATE ZIP BALANCE
------ -------------------- -------------------- --------------- ----- ----- ------------
<S> <C> <C> <C> <C> <C> <C>
600051043 NISHINAGA LINDEN REDONDO BEA CA 90277 $327,499.29
600051044 FIELD THOMAS RIVERSIDE CA 92506 $215,540.57
600051045 LANG WILLIAM MANHATTAN B CA 90266 $379,448.18
600051046 MERKLE GARY WESTLAKE VI CA 91361 $294,602.80
600051047 TWEED JOHN LAGUNA NIGU CA 92677 $304,035.17
600051048 BOROVICKA IIJOHN PASADENA CA 91105 $313,587.81
600051049 HAYAG ANNIE SAN DIEGO CA 92129 $242,638.17
600051050 SMITH TODD TRUCKEE CA 96161 $291,606.85
600051051 PAGE MURRY DALLAS TX 75230 $255,019.88
600051052 WARD JERRY POWDER SPRI GA 30073 $216,711.96
600051053 BRZEZINSKI WALTER ISLE OF PAL SC 29451 $256,817.05
600051054 FOREMAN RAWSON ATLANTA GA 30309 $335,512.07
600051055 KOEPKE DAVID WEST HILLS CA 91304 $298,134.29
600051056 COCHRANE DAVID EL DORADO CA 95623 $278,534.39
<CAPTION>
INTEREST LNDR NET MGMT PC SCHEDULED
LOAN # BORROWER RATE FEE RATE FEE RATE MATURITY
------ -------------------- -------- ----- ------ ----- ------ --------
<S> <C> <C> <C> <C> <C> <C> <C>
600051043 NISHINAGA LINDEN 7.375 .250 7.125 .0350 7.090 03/01/2026
600051044 FIELD THOMAS 7.750 .250 7.500 .0350 7.465 03/01/2026
600051045 LANG WILLIAM 7.625 .250 7.375 .0350 7.340 03/01/2026
600051046 MERKLE GARY 8.000 .250 7.750 .0350 7.715 03/01/2026
600051047 TWEED JOHN 7.375 .250 7.125 .0350 7.090 03/01/2026
600051048 BOROVICKA IIJOHN 8.125 .250 7.875 .0350 7.840 03/01/2026
600051049 HAYAG ANNIE 7.500 .250 7.250 .0350 7.215 03/01/2026
600051050 SMITH TODD 8.000 .250 7.750 .0350 7.715 03/01/2026
600051051 PAGE MURRY 7.750 .250 7.500 .0350 7.465 04/01/2026
600051052 WARD JERRY 7.500 .250 7.250 .0350 7.215 03/01/2016
600051053 BRZEZINSKI WALTER 7.500 .250 7.250 .0350 7.215 03/01/2026
600051054 FOREMAN RAWSON 7.625 .250 7.375 .0350 7.340 03/01/2026
600051055 KOEPKE DAVID 6.750 .250 6.500 .0350 6.465 03/01/2026
600051056 COCHRANE DAVID 7.500 .250 7.250 .0350 7.215 03/01/2026
<CAPTION>
MI INTEREST LOAN
LOAN # BORROWER S/S LOAN # P & I PMT CO PAID-TO TERM
------ -------------------- --------------- --------- -- -------- ----
<S> <C> <C> <C> <C> <C> <C>
600051043 NISHINAGA LINDEN 24259756 $2,265.42 05/01/1996 360
600051044 FIELD THOMAS 24259798 $1,547.46 05/01/1996 360
600051045 LANG WILLIAM 24259947 $2,689.62 05/01/1996 360
600051046 MERKLE GARY 24261380 $2,164.61 12 05/01/1996 360
600051047 TWEED JOHN 24262115 $2,103.11 05/01/1996 360
600051048 BOROVICKA IIJOHN 24264186 $2,331.44 05/01/1996 360
600051049 HAYAG ANNIE 24264269 $1,699.10 14 05/01/1996 360
600051050 SMITH TODD 24264533 $2,142.59 05/01/1996 360
600051051 PAGE MURRY 24265431 $1,828.29 05/01/1996 360
600051052 WARD JERRY 24265647 $1,752.17 05/01/1996 240
600051053 BRZEZINSKI WALTER 24265753 $1,798.38 05/01/1996 360
600051054 FOREMAN RAWSON 24265845 $2,378.19 05/01/1996 360
600051055 KOEPKE DAVID 24266298 $1,937.04 05/01/1996 360
600051056 COCHRANE DAVID 24268435 $1,957.80 05/01/1996 360
<CAPTION>
PER LIFE LIFE GROSS NET CERT. PROP BUYDOWN
LOAN # BORROWER CAP FLOOR CAP MARGIN MARGIN MARGIN VALUE TYPE
------ -------------------- ---- ----- ---- ------ ------ ------ ----------- ------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
600051043 NISHINAGA LINDEN $416,772.57 N
600051044 FIELD THOMAS $270,000.00 N
600051045 LANG WILLIAM $574,886.55 N
600051046 MERKLE GARY $334,846.77 N
600051047 TWEED JOHN $381,101.37 N
600051048 BOROVICKA IIJOHN $650,103.53 N
600051049 HAYAG ANNIE $270,000.00 N
600051050 SMITH TODD $365,000.00 N
600051051 PAGE MURRY $327,179.49 N
600051052 WARD JERRY $290,000.00 N
600051053 BRZEZINSKI WALTER $321,500.00 N
600051054 FOREMAN RAWSON $420,000.00 N
600051055 KOEPKE DAVID $386,852.35 N
600051056 COCHRANE DAVID $505,415.14 N
</TABLE>
<PAGE>
(vlegal.ace v1.4) Page 37
RUN DATE: 05/28/1996 PNC MORTGAGE SECURITIES CORP.
TIME: 17:15:32 LEGAL LOAN LISTING
REQUESTED STATUS AS OF 05/01/1996
POOL NUMBER: 1380 POOL NAME: 1996-1 DLJ
<TABLE>
<CAPTION>
SCHEDULED
LOAN # BORROWER STREET ADDRESS CITY STATE ZIP BALANCE
------ -------------------- -------------------- --------------- ----- ----- ------------
<S> <C> <C> <C> <C> <C> <C>
600051057 DAVIDSON ERIC CHARLESTON SC 29412 $321,459.08
600051058 MUNDELL THOMAS SIMPSONVILL SC 29681 $294,061.51
600051059 FLAKE DARRYL VALENCIA CA 91354 $275,618.85
600051060 LEWIS ANDREW NAPA CA 94558 $256,118.09
600051061 DONOVAN MICHAEL FULLERTON CA 92635 $341,028.40
600051062 WOOD JOHN NAPA CA 94558 $514,233.19
600051063 HAMMER JEFFREY COROLLA NC 27927 $276,584.06
600051064 WELLS SEAN SAN BRUNO CA 94066 $253,203.14
600051065 ANGER JON NOVATO CA 94947 $266,582.18
600051066 MATSUMOTO ERIKO SANTA MONIC CA 90405 $365,427.23
600051067 DAVIDSON JR DONALD FREMONT CA 94536 $218,681.98
600051068 KERPER KENNETH POWAY CA 92064 $648,979.64
600051069 BOWERS JOEL LIVERMORE CA 94550 $315,541.12
600051070 COOPER MICHAEL THOUSAND OA CA 91320 $262,037.65
<CAPTION>
INTEREST LNDR NET MGMT PC SCHEDULED
LOAN # BORROWER RATE FEE RATE FEE RATE MATURITY
------ -------------------- -------- ----- ------ ----- ------ --------
<S> <C> <C> <C> <C> <C> <C> <C>
600051057 DAVIDSON ERIC 7.500 .250 7.250 .0350 7.215 03/01/2026
600051058 MUNDELL THOMAS 7.500 .250 7.250 .0350 7.215 03/01/2026
600051059 FLAKE DARRYL 7.875 .250 7.625 .0350 7.590 03/01/2026
600051060 LEWIS ANDREW 7.500 .250 7.250 .0350 7.215 03/01/2026
600051061 DONOVAN MICHAEL 7.875 .250 7.625 .0350 7.590 03/01/2026
600051062 WOOD JOHN 7.500 .250 7.250 .0350 7.215 03/01/2026
600051063 HAMMER JEFFREY 7.250 .250 7.000 .0350 6.965 04/01/2026
600051064 WELLS SEAN 7.250 .250 7.000 .0350 6.965 03/01/2026
600051065 ANGER JON 7.250 .250 7.000 .0350 6.965 03/01/2026
600051066 MATSUMOTO ERIKO 7.250 .250 7.000 .0350 6.965 03/01/2026
600051067 DAVIDSON JR DONALD 7.625 .250 7.375 .0350 7.340 03/01/2026
600051068 KERPER KENNETH 7.750 .250 7.500 .0350 7.465 03/01/2026
600051069 BOWERS JOEL 7.625 .250 7.375 .0350 7.340 03/01/2026
600051070 COOPER MICHAEL 7.875 .250 7.625 .0350 7.590 03/01/2026
<CAPTION>
MI INTEREST LOAN
LOAN # BORROWER S/S LOAN # P & I PMT CO PAID-TO TERM
------ -------------------- --------------- --------- -- -------- ----
<S> <C> <C> <C> <C> <C> <C>
600051057 DAVIDSON ERIC 24269789 $2,251.48 05/01/1996 360
600051058 MUNDELL THOMAS 24270803 $2,059.19 2 05/01/1996 360
600051059 FLAKE DARRYL 24271017 $2,001.20 05/01/1996 360
600051060 LEWIS ANDREW 24271223 $1,793.49 1 05/01/1996 360
600051061 DONOVAN MICHAEL 24271645 $2,476.12 05/01/1996 360
600051062 WOOD JOHN 24271710 $3,600.96 05/01/1996 360
600051063 HAMMER JEFFREY 24274136 $1,888.27 05/01/1996 360
600051064 WELLS SEAN 24275240 $1,730.00 12 05/01/1996 360
600051065 ANGER JON 24275661 $1,821.41 05/01/1996 360
600051066 MATSUMOTO ERIKO 24275737 $2,496.77 05/01/1996 360
600051067 DAVIDSON JR DONALD 24276511 $1,550.07 18 05/01/1996 360
600051068 KERPER KENNETH 24278822 $4,655.97 05/01/1996 360
600051069 BOWERS JOEL 24280174 $2,236.63 05/01/1996 360
600051070 COOPER MICHAEL 24280190 $1,902.58 05/01/1996 360
<CAPTION>
PER LIFE LIFE GROSS NET CERT. PROP BUYDOWN
LOAN # BORROWER CAP FLOOR CAP MARGIN MARGIN MARGIN VALUE TYPE
------ -------------------- ---- ----- ---- ------ ------ ------ ----------- ------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
600051057 DAVIDSON ERIC $432,795.69 N
600051058 MUNDELL THOMAS $310,000.00 N
600051059 FLAKE DARRYL $345,000.00 N
600051060 LEWIS ANDREW $285,000.00 N
600051061 DONOVAN MICHAEL $431,186.89 N
600051062 WOOD JOHN $650,252.55 N
600051063 HAMMER JEFFREY $346,000.00 N
600051064 WELLS SEAN $284,943.82 N
600051065 ANGER JON $364,754.11 N
600051066 MATSUMOTO ERIKO $474,708.18 N
600051067 DAVIDSON JR DONALD $244,966.44 N
600051068 KERPER KENNETH $924,466.53 N
600051069 BOWERS JOEL $395,000.00 N
600051070 COOPER MICHAEL $328,000.00 N
</TABLE>
<PAGE>
(vlegal.ace v1.4) Page 38
RUN DATE: 05/28/1996 PNC MORTGAGE SECURITIES CORP.
TIME: 17:15:32 LEGAL LOAN LISTING
REQUESTED STATUS AS OF 05/01/1996
POOL NUMBER: 1380 POOL NAME: 1996-1 DLJ
<TABLE>
<CAPTION>
SCHEDULED
LOAN # BORROWER STREET ADDRESS CITY STATE ZIP BALANCE
------ -------------------- -------------------- --------------- ----- ----- ------------
<S> <C> <C> <C> <C> <C> <C>
600051071 DIAS JOSEPH DANVILLE CA 94506 $431,679.39
600051072 PONDER GERALD TALLAHASSEE FL 32308 $288,535.70
600051073 GRATTEN HUBERT SAN GABRIEL CA 91775 $249,636.95
600051074 LEE HUDSON SAN MATEO CA 94402 $403,882.51
600051075 RIVERA MICHAEL WASHINGTON DC 20007 $365,714.48
600051076 SWEAT PHILIP SAN JOSE CA 95126 $249,627.76
600051077 SKOGERSON KENT CARSON CITY NV 89703 $359,752.25
600051078 BAKER WILLIAM ORLANDO FL 32839 $321,772.73
600051079 CROWNE DAVID SAN DIEGO CA 92122 $282,010.02
600051080 PHAM FRANK SAN JOSE CA 95122 $227,677.12
600051081 COLLEY BRUCE LAFAYETTE CA 94549 $283,789.23
600051082 TIMBERMAN SCOTT ANTIOCH CA 94509 $249,463.79
600051083 ELKIN ELAINE OCCIDENTAL CA 95465 $237,608.69
600051084 GEARING JAMES SONORA CA 95370 $299,575.15
<CAPTION>
INTEREST LNDR NET MGMT PC SCHEDULED
LOAN # BORROWER RATE FEE RATE FEE RATE MATURITY
------ -------------------- -------- ----- ------ ----- ------ --------
<S> <C> <C> <C> <C> <C> <C> <C>
600051071 DIAS JOSEPH 7.500 .250 7.250 .0350 7.215 04/01/2026
600051072 PONDER GERALD 7.500 .250 7.250 .0350 7.215 04/01/2026
600051073 GRATTEN HUBERT 7.625 .250 7.375 .0350 7.340 03/01/2026
600051074 LEE HUDSON 7.375 .250 7.125 .0350 7.090 03/01/2026
600051075 RIVERA MICHAEL 7.250 .250 7.000 .0350 6.965 04/01/2026
600051076 SWEAT PHILIP 7.500 .250 7.250 .0350 7.215 03/01/2026
600051077 SKOGERSON KENT 7.875 .250 7.625 .0350 7.590 04/01/2026
600051078 BAKER WILLIAM 7.750 .250 7.500 .0350 7.465 04/01/2026
600051079 CROWNE DAVID 7.875 .250 7.625 .0350 7.590 03/01/2026
600051080 PHAM FRANK 7.750 .250 7.500 .0350 7.465 03/01/2026
600051081 COLLEY BRUCE 7.500 .250 7.250 .0350 7.215 04/01/2026
600051082 TIMBERMAN SCOTT 7.500 .250 7.250 .0350 7.215 03/01/2026
600051083 ELKIN ELAINE 7.000 .250 6.750 .0350 6.715 03/01/2026
600051084 GEARING JAMES 7.750 .250 7.500 .0350 7.465 03/01/2026
<CAPTION>
MI INTEREST LOAN
LOAN # BORROWER S/S LOAN # P & I PMT CO PAID-TO TERM
------ -------------------- --------------- --------- -- -------- ----
<S> <C> <C> <C> <C> <C> <C>
600051071 DIAS JOSEPH 24281388 $3,020.61 05/01/1996 360
600051072 PONDER GERALD 24281578 $2,018.99 05/01/1996 360
600051073 GRATTEN HUBERT 24281693 $1,769.49 05/01/1996 360
600051074 LEE HUDSON 24282139 $2,793.79 05/01/1996 360
600051075 RIVERA MICHAEL 24283459 $2,496.77 05/01/1996 360
600051076 SWEAT PHILIP 24285363 $1,748.04 05/01/1996 360
600051077 SKOGERSON KENT 24285611 $2,610.25 05/01/1996 360
600051078 BAKER WILLIAM 24285942 $2,306.85 05/01/1996 360
600051079 CROWNE DAVID 24286932 $2,047.60 05/01/1996 360
600051080 PHAM FRANK 24287831 $1,633.42 05/01/1996 360
600051081 COLLEY BRUCE 24289118 $1,985.77 05/01/1996 360
600051082 TIMBERMAN SCOTT 24289324 $1,748.04 1 05/01/1996 360
600051083 ELKIN ELAINE 24289738 $1,583.42 05/01/1996 360
600051084 GEARING JAMES 24289969 $2,149.24 05/01/1996 360
<CAPTION>
PER LIFE LIFE GROSS NET CERT. PROP BUYDOWN
LOAN # BORROWER CAP FLOOR CAP MARGIN MARGIN MARGIN VALUE TYPE
------ -------------------- ---- ----- ---- ------ ------ ------ ----------- ------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
600051071 DIAS JOSEPH $540,000.00 N
600051072 PONDER GERALD $385,000.00 N
600051073 GRATTEN HUBERT $400,000.00 N
600051074 LEE HUDSON $535,052.92 N
600051075 RIVERA MICHAEL $458,646.60 N
600051076 SWEAT PHILIP $447,227.18 N
600051077 SKOGERSON KENT $504,908.81 N
600051078 BAKER WILLIAM $799,007.46 N
600051079 CROWNE DAVID $353,000.00 N
600051080 PHAM FRANK $287,878.80 N
600051081 COLLEY BRUCE $355,000.00 N
600051082 TIMBERMAN SCOTT $279,955.20 N
600051083 ELKIN ELAINE $377,777.78 N
600051084 GEARING JAMES $375,000.00 N
</TABLE>
<PAGE>
(vlegal.ace v1.4) Page 39
RUN DATE: 05/28/1996 PNC MORTGAGE SECURITIES CORP.
TIME: 17:15:32 LEGAL LOAN LISTING
REQUESTED STATUS AS OF 05/01/1996
POOL NUMBER: 1380 POOL NAME: 1996-1 DLJ
<TABLE>
<CAPTION>
SCHEDULED
LOAN # BORROWER STREET ADDRESS CITY STATE ZIP BALANCE
------ -------------------- -------------------- --------------- ----- ----- ------------
<S> <C> <C> <C> <C> <C> <C>
600051085 KOMMER PAUL CLAYTON CA 94517 $287,581.78
600051086 MARLOW STEPHEN IRVINE CA 92720 $320,444.77
600051087 KRUSE NORMAN ORINDA CA 94563 $287,581.78
600051088 STICKLES DONALD OCEANSIDE CA 92003 $226,662.01
600051089 MAMUYAC CLARENCE PIEDMONT CA 94611 $351,462.66
600051090 SATO STANFORD TORRANCE CA 90503 $236,528.51
600051091 CARMODY JEANETTE SAN JOSE CA 95124 $278,781.01
600051092 DEBICCARI DANIEL CAMPBELL CA 95008 $239,624.41
600051093 SPURR STEPHEN COROLLA NC 27927 $405,940.87
600051094 APPEL RICHARD IRVINE CA 92714 $265,573.29
600051095 SCHNITZER MICHAEL BERKELEY CA 94708 $250,317.29
600051096 OGURKO LAWRENCE SAN PEDRO CA 90732 $215,469.66
600051097 MYERS MARK POWAY CA 92064 $349,452.27
600051098 RESSLER MICHAEL DUARTE CA 91010 $242,828.74
<CAPTION>
INTEREST LNDR NET MGMT PC SCHEDULED
LOAN # BORROWER RATE FEE RATE FEE RATE MATURITY
------ -------------------- -------- ----- ------ ----- ------ --------
<S> <C> <C> <C> <C> <C> <C> <C>
600051085 KOMMER PAUL 7.625 .250 7.375 .0350 7.340 03/01/2026
600051086 MARLOW STEPHEN 8.125 .250 7.875 .0350 7.840 03/01/2026
600051087 KRUSE NORMAN 7.625 .250 7.375 .0350 7.340 03/01/2026
600051088 STICKLES DONALD 7.500 .250 7.250 .0350 7.215 03/01/2026
600051089 MAMUYAC CLARENCE 7.375 .250 7.125 .0350 7.090 03/01/2026
600051090 SATO STANFORD 7.250 .250 7.000 .0350 6.965 03/01/2026
600051091 CARMODY JEANETTE 8.500 .250 8.250 .0350 8.215 04/01/2026
600051092 DEBICCARI DANIEL 7.250 .250 7.000 .0350 6.965 03/01/2026
600051093 SPURR STEPHEN 7.375 .250 7.125 .0350 7.090 04/01/2026
600051094 APPEL RICHARD 7.125 .250 6.875 .0350 6.840 03/01/2026
600051095 SCHNITZER MICHAEL 7.375 .250 7.125 .0350 7.090 03/01/2026
600051096 OGURKO LAWRENCE 7.375 .250 7.125 .0350 7.090 03/01/2026
600051097 MYERS MARK 7.250 .250 7.000 .0350 6.965 03/01/2026
600051098 RESSLER MICHAEL 7.375 .250 7.125 .0350 7.090 03/01/2026
<CAPTION>
MI INTEREST LOAN
LOAN # BORROWER S/S LOAN # P & I PMT CO PAID-TO TERM
------ -------------------- --------------- --------- -- -------- ----
<S> <C> <C> <C> <C> <C> <C>
600051085 KOMMER PAUL 24290751 $2,038.45 05/01/1996 360
600051086 MARLOW STEPHEN 24291015 $2,389.36 1 05/01/1996 360
600051087 KRUSE NORMAN 24291080 $2,038.45 05/01/1996 360
600051088 STICKLES DONALD 24291205 $1,587.22 05/01/1996 360
600051089 MAMUYAC CLARENCE 24291213 $2,431.18 05/01/1996 360
600051090 SATO STANFORD 24291247 $1,616.76 05/01/1996 360
600051091 CARMODY JEANETTE 24291288 $2,144.89 1 05/01/1996 360
600051092 DEBICCARI DANIEL 24292005 $1,637.23 05/01/1996 360
600051093 SPURR STEPHEN 24292468 $2,805.87 05/01/1996 360
600051094 APPEL RICHARD 24294654 $1,792.10 05/01/1996 360
600051095 SCHNITZER MICHAEL 24294886 $1,731.53 05/01/1996 360
600051096 OGURKO LAWRENCE 24294993 $1,491.86 14 05/01/1996 360
600051097 MYERS MARK 24295123 $2,387.62 05/01/1996 360
600051098 RESSLER MICHAEL 24295529 $1,679.73 05/01/1996 360
<CAPTION>
PER LIFE LIFE GROSS NET CERT. PROP BUYDOWN
LOAN # BORROWER CAP FLOOR CAP MARGIN MARGIN MARGIN VALUE TYPE
------ -------------------- ---- ----- ---- ------ ------ ------ ----------- ------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
600051085 KOMMER PAUL $360,000.00 N
600051086 MARLOW STEPHEN $359,955.25 N
600051087 KRUSE NORMAN $360,000.00 N
600051088 STICKLES DONALD $320,169.24 N
600051089 MAMUYAC CLARENCE $440,000.00 N
600051090 SATO STANFORD $326,896.55 N
600051091 CARMODY JEANETTE $309,944.44 N
600051092 DEBICCARI DANIEL $325,203.24 N
600051093 SPURR STEPHEN $625,000.00 N
600051094 APPEL RICHARD $332,500.00 N
600051095 SCHNITZER MICHAEL $325,162.14 N
600051096 OGURKO LAWRENCE $240,000.00 N
600051097 MYERS MARK $574,712.62 N
600051098 RESSLER MICHAEL $304,000.00 N
</TABLE>
<PAGE>
(vlegal.ace v1.4) Page 40
RUN DATE: 05/28/1996 PNC MORTGAGE SECURITIES CORP.
TIME: 17:15:32 LEGAL LOAN LISTING
REQUESTED STATUS AS OF 05/01/1996
POOL NUMBER: 1380 POOL NAME: 1996-1 DLJ
<TABLE>
<CAPTION>
SCHEDULED
LOAN # BORROWER STREET ADDRESS CITY STATE ZIP BALANCE
------ -------------------- -------------------- --------------- ----- ----- ------------
<S> <C> <C> <C> <C> <C> <C>
600051099 JACOBS GARY GRAYSON GA 30211 $249,636.95
600051100 LATHAM JR JOHN RICHMOND VA 23233 $374,741.19
600051101 HWANG YOUNG IRVINE CA 92720 $279,106.45
600051102 ARECHAEDERRA EMILIO PACIFIC PAL CA 90272 $341,490.77
600051103 BRIGGS IAIN BRENTWOOD TN 37027 $246,831.93
600051104 ROSENBLUM NATALIE LA CRESCENT CA 91214 $250,911.28
600051105 PARADIS PHILLIPPE WALNUT CREE CA 94596 $284,554.01
600051106 BUTLER MARK ALPHARETTA GA 30202 $248,574.43
600051107 DYER DEBORAH BERKELEY CA 94703 $274,580.20
600051108 FISHER GARY ENCINO CA 91316 $363,473.22
600051109 BLOOM JAMES BERKELEY CA 94708 $424,334.92
600051110 GOODSON RODNEY CARDIFF BY CA 92007 $323,517.58
600051111 MCSKIMMING STEVEN SOLANA BEAC CA 92075 $351,120.84
600051112 EDMISTON PAUL SAN RAMON CA 94583 $291,783.29
<CAPTION>
INTEREST LNDR NET MGMT PC SCHEDULED
LOAN # BORROWER RATE FEE RATE FEE RATE MATURITY
------ -------------------- -------- ----- ------ ----- ------ --------
<S> <C> <C> <C> <C> <C> <C> <C>
600051099 JACOBS GARY 7.625 .250 7.375 .0350 7.340 03/01/2026
600051100 LATHAM JR JOHN 7.500 .250 7.250 .0350 7.215 03/01/2026
600051101 HWANG YOUNG 7.375 .250 7.125 .0350 7.090 03/01/2026
600051102 ARECHAEDERRA EMILIO 7.500 .250 7.250 .0350 7.215 03/01/2026
600051103 BRIGGS IAIN 7.500 .250 7.250 .0350 7.215 03/01/2026
600051104 ROSENBLUM NATALIE 8.000 .250 7.750 .0350 7.715 03/01/2026
600051105 PARADIS PHILLIPPE 7.250 .250 7.000 .0350 6.965 03/01/2026
600051106 BUTLER MARK 7.750 .250 7.500 .0350 7.465 04/01/2026
600051107 DYER DEBORAH 7.375 .250 7.125 .0350 7.090 03/01/2026
600051108 FISHER GARY 7.375 .250 7.125 .0350 7.090 04/01/2026
600051109 BLOOM JAMES 7.250 .250 7.000 .0350 6.965 03/01/2026
600051110 GOODSON RODNEY 7.500 .250 7.250 .0350 7.215 03/01/2026
600051111 MCSKIMMING STEVEN 7.750 .250 7.500 .0350 7.465 03/01/2026
600051112 EDMISTON PAUL 7.500 .250 7.250 .0350 7.215 04/01/2026
<CAPTION>
MI INTEREST LOAN
LOAN # BORROWER S/S LOAN # P & I PMT CO PAID-TO TERM
------ -------------------- --------------- --------- -- -------- ----
<S> <C> <C> <C> <C> <C> <C>
600051099 JACOBS GARY 24298911 $1,769.49 05/01/1996 360
600051100 LATHAM JR JOHN 24299885 $2,624.16 05/01/1996 360
600051101 HWANG YOUNG 24300162 $1,933.90 05/01/1996 360
600051102 ARECHAEDERRA EMILIO 24301046 $2,391.32 05/01/1996 360
600051103 BRIGGS IAIN 24301210 $1,728.46 05/01/1996 360
600051104 ROSENBLUM NATALIE 24301509 $1,843.59 05/01/1996 360
600051105 PARADIS PHILLIPPE 24302382 $1,944.20 05/01/1996 360
600051106 BUTLER MARK 24302556 $1,782.08 05/01/1996 360
600051107 DYER DEBORAH 24302622 $1,899.36 05/01/1996 360
600051108 FISHER GARY 24302663 $2,512.33 05/01/1996 360
600051109 BLOOM JAMES 24302713 $2,899.25 05/01/1996 360
600051110 GOODSON RODNEY 24302770 $2,265.46 05/01/1996 360
600051111 MCSKIMMING STEVEN 24306169 $2,521.78 05/01/1996 360
600051112 EDMISTON PAUL 24306409 $2,041.71 05/01/1996 360
<CAPTION>
PER LIFE LIFE GROSS NET CERT. PROP BUYDOWN
LOAN # BORROWER CAP FLOOR CAP MARGIN MARGIN MARGIN VALUE TYPE
------ -------------------- ---- ----- ---- ------ ------ ------ ----------- ------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
600051099 JACOBS GARY $350,140.05 N
600051100 LATHAM JR JOHN $526,367.44 N
600051101 HWANG YOUNG $353,982.31 N
600051102 ARECHAEDERRA EMILIO $900,000.00 N
600051103 BRIGGS IAIN $309,000.00 N
600051104 ROSENBLUM NATALIE $335,000.00 N
600051105 PARADIS PHILLIPPE $356,250.00 N
600051106 BUTLER MARK $480,212.36 N
600051107 DYER DEBORAH $399,709.28 N
600051108 FISHER GARY $479,881.25 N
600051109 BLOOM JAMES $572,005.36 N
600051110 GOODSON RODNEY $418,064.52 N
600051111 MCSKIMMING STEVEN $450,127.89 N
600051112 EDMISTON PAUL $365,000.00 N
</TABLE>
<PAGE>
(vlegal.ace v1.4) Page 41
RUN DATE: 05/28/1996 PNC MORTGAGE SECURITIES CORP.
TIME: 17:15:32 LEGAL LOAN LISTING
REQUESTED STATUS AS OF 05/01/1996
POOL NUMBER: 1380 POOL NAME: 1996-1 DLJ
<TABLE>
<CAPTION>
SCHEDULED
LOAN # BORROWER STREET ADDRESS CITY STATE ZIP BALANCE
------ -------------------- -------------------- --------------- ----- ----- ------------
<S> <C> <C> <C> <C> <C> <C>
600051113 LA MARCA ANDREW BELL CANYON CA 91307 $469,300.20
600051114 TABATABAI ALAEDIN MANHATTAN B CA 90266 $353,337.57
600051115 GOODMAN JEFFERY ALEXANDRIA VA 22309 $629,038.28
600051116 SHANK HARRY MILLBRAE CA 94030 $351,462.66
600051117 BUCKLEY KEVIN OAKLAND CA 94611 $227,533.66
600051118 HERBERT MICHAEL PLEASANTON CA 94588 $324,752.70
600051119 XUE CHANGQIN MORAGA CA 94556 $337,459.22
600051120 MACAYA RICARDO THOUSAND OA CA 91362 $275,814.80
600051121 DACEY JOHN COTATI CA 94931 $222,826.03
600051122 PREDMORE DARIN HERMOSA BEA CA 90254 $279,797.35
600051123 PEREZ DAVID SAN RAMON CA 94538 $342,501.92
600051124 FOURNIER KEITH TORRANCE CA 90277 $299,547.03
600051125 TRIFOGLIO JOSEPH TRACY CA 95376 $238,153.66
600051126 CHAPMAN BRUCE PASADENA CA 91104 $300,705.25
<CAPTION>
INTEREST LNDR NET MGMT PC SCHEDULED
LOAN # BORROWER RATE FEE RATE FEE RATE MATURITY
------ -------------------- -------- ----- ------ ----- ------ --------
<S> <C> <C> <C> <C> <C> <C> <C>
600051113 LA MARCA ANDREW 7.500 .250 7.250 .0350 7.215 03/01/2026
600051114 TABATABAI ALAEDIN 7.500 .250 7.250 .0350 7.215 04/01/2026
600051115 GOODMAN JEFFERY 7.375 .250 7.125 .0350 7.090 03/01/2026
600051116 SHANK HARRY 7.375 .250 7.125 .0350 7.090 03/01/2026
600051117 BUCKLEY KEVIN 7.125 .250 6.875 .0350 6.840 03/01/2026
600051118 HERBERT MICHAEL 7.375 .250 7.125 .0350 7.090 04/01/2026
600051119 XUE CHANGQIN 7.875 .250 7.625 .0350 7.590 03/01/2026
600051120 MACAYA RICARDO 8.000 .250 7.750 .0350 7.715 04/01/2026
600051121 DACEY JOHN 7.250 .250 7.000 .0350 6.965 04/01/2026
600051122 PREDMORE DARIN 7.625 .250 7.375 .0350 7.340 04/01/2026
600051123 PEREZ DAVID 7.625 .250 7.375 .0350 7.340 03/01/2026
600051124 FOURNIER KEITH 8.000 .250 7.750 .0350 7.715 03/01/2026
600051125 TRIFOGLIO JOSEPH 7.625 .250 7.375 .0350 7.340 03/01/2026
600051126 CHAPMAN BRUCE 7.375 .250 7.125 .0350 7.090 03/01/2026
<CAPTION>
MI INTEREST LOAN
LOAN # BORROWER S/S LOAN # P & I PMT CO PAID-TO TERM
------ -------------------- --------------- --------- -- -------- ----
<S> <C> <C> <C> <C> <C> <C>
600051113 LA MARCA ANDREW 24306672 $3,286.31 05/01/1996 360
600051114 TABATABAI ALAEDIN 24308157 $2,472.43 05/01/1996 360
600051115 GOODMAN JEFFERY 24309304 $4,351.26 05/01/1996 360
600051116 SHANK HARRY 24310179 $2,431.18 05/01/1996 360
600051117 BUCKLEY KEVIN 24310245 $1,536.08 05/01/1996 360
600051118 HERBERT MICHAEL 24310757 $2,244.70 05/01/1996 360
600051119 XUE CHANGQIN 24311706 $2,453.64 05/01/1996 360
600051120 MACAYA RICARDO 24312621 $2,025.20 05/01/1996 360
600051121 DACEY JOHN 24312654 $1,521.26 05/01/1996 360
600051122 PREDMORE DARIN 24312688 $1,981.82 14 05/01/1996 360
600051123 PEREZ DAVID 24312878 $2,427.73 12 05/01/1996 360
600051124 FOURNIER KEITH 24315053 $2,201.30 05/01/1996 360
600051125 TRIFOGLIO JOSEPH 24315301 $1,688.09 18 05/01/1996 360
600051126 CHAPMAN BRUCE 24315699 $2,080.08 18 05/01/1996 360
<CAPTION>
PER LIFE LIFE GROSS NET CERT. PROP BUYDOWN
LOAN # BORROWER CAP FLOOR CAP MARGIN MARGIN MARGIN VALUE TYPE
------ -------------------- ---- ----- ---- ------ ------ ------ ----------- ------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
600051113 LA MARCA ANDREW $600,255.40 N
600051114 TABATABAI ALAEDIN $442,000.00 N
600051115 GOODMAN JEFFERY $900,000.00 N
600051116 SHANK HARRY $440,000.00 N
600051117 BUCKLEY KEVIN $285,000.00 N
600051118 HERBERT MICHAEL $608,614.21 N
600051119 XUE CHANGQIN $423,000.00 N
600051120 MACAYA RICARDO $345,000.00 N
600051121 DACEY JOHN $285,166.25 N
600051122 PREDMORE DARIN $320,000.00 N
600051123 PEREZ DAVID $392,000.00 N
600051124 FOURNIER KEITH $424,929.19 N
600051125 TRIFOGLIO JOSEPH $265,000.00 N
600051126 CHAPMAN BRUCE $334,999.99 N
</TABLE>
<PAGE>
(vlegal.ace v1.4) Page 42
RUN DATE: 05/28/1996 PNC MORTGAGE SECURITIES CORP.
TIME: 17:15:32 LEGAL LOAN LISTING
REQUESTED STATUS AS OF 05/01/1996
POOL NUMBER: 1380 POOL NAME: 1996-1 DLJ
<TABLE>
<CAPTION>
SCHEDULED
LOAN # BORROWER STREET ADDRESS CITY STATE ZIP BALANCE
------ -------------------- -------------------- --------------- ----- ----- ------------
<S> <C> <C> <C> <C> <C> <C>
600051127 BOYSAW STEPHEN SHERMAN OAK CA 91403 $372,884.37
600051128 ROSSY GERARD SANTA MONIC CA 90402 $396,683.20
600051129 GIL FRANCISCO CHULA VISTA CA 91902 $307,541.39
600051130 MANI NARAYANA SAN RAMON CA 94583 $382,257.90
600051131 GANDHI MANOHAR ENCINO CA 91436 $239,808.08
600051132 GERTZMAN RICHARD THOUSAND OA CA 91361 $567,088.84
600051133 PINSKER NEAL WOODLAND HI CA 91367 $263,644.54
600051134 JACY DAVID SAN JOSE CA 95148 $228,537.52
600051135 DOWNUM ROBERT SAN RAMON CA 94583 $254,910.27
600051136 LAMAR GERALDINE CAMARILLO CA 93010 $217,853.72
600051137 COOPER MYLES SAN DIEGO CA 92119 $218,952.99
600051138 ROGERS BRYAN IRVINE CA 92720 $327,511.62
600051139 HARGROVE JAMES LOS ANGELES CA 90045 $238,153.66
600051140 STONE PHILIP PLEASANTON CA 94566 $449,378.58
<CAPTION>
INTEREST LNDR NET MGMT PC SCHEDULED
LOAN # BORROWER RATE FEE RATE FEE RATE MATURITY
------ -------------------- -------- ----- ------ ----- ------ --------
<S> <C> <C> <C> <C> <C> <C> <C>
600051127 BOYSAW STEPHEN 7.875 .250 7.625 .0350 7.590 03/01/2026
600051128 ROSSY GERARD 6.875 .250 6.625 .0350 6.590 03/01/2026
600051129 GIL FRANCISCO 7.500 .250 7.250 .0350 7.215 03/01/2026
600051130 MANI NARAYANA 7.750 .250 7.500 .0350 7.465 03/01/2026
600051131 GANDHI MANOHAR 7.125 .250 6.875 .0350 6.840 04/01/2026
600051132 GERTZMAN RICHARD 7.125 .250 6.875 .0350 6.840 03/01/2026
600051133 PINSKER NEAL 8.000 .250 7.750 .0350 7.715 03/01/2026
600051134 JACY DAVID 7.375 .250 7.125 .0350 7.090 03/01/2026
600051135 DOWNUM ROBERT 7.375 .250 7.125 .0350 7.090 03/01/2026
600051136 LAMAR GERALDINE 8.000 .250 7.750 .0350 7.715 04/01/2026
600051137 COOPER MYLES 8.000 .250 7.750 .0350 7.715 04/01/2026
600051138 ROGERS BRYAN 7.500 .250 7.250 .0350 7.215 03/01/2026
600051139 HARGROVE JAMES 7.625 .250 7.375 .0350 7.340 03/01/2026
600051140 STONE PHILIP 7.875 .250 7.625 .0350 7.590 03/01/2026
<CAPTION>
MI INTEREST LOAN
LOAN # BORROWER S/S LOAN # P & I PMT CO PAID-TO TERM
------ -------------------- --------------- --------- -- -------- ----
<S> <C> <C> <C> <C> <C> <C>
600051127 BOYSAW STEPHEN 24315962 $2,707.41 12 05/01/1996 360
600051128 ROSSY GERARD 24316838 $2,627.72 05/01/1996 360
600051129 GIL FRANCISCO 24317117 $2,153.59 05/01/1996 360
600051130 MANI NARAYANA 24317380 $2,742.43 14 05/01/1996 360
600051131 GANDHI MANOHAR 24317422 $1,616.92 05/01/1996 360
600051132 GERTZMAN RICHARD 24318735 $3,826.73 05/01/1996 360
600051133 PINSKER NEAL 24319360 $1,937.14 05/01/1996 360
600051134 JACY DAVID 24319402 $1,602.37 14 05/01/1996 360
600051135 DOWNUM ROBERT 24320269 $1,763.30 05/01/1996 360
600051136 LAMAR GERALDINE 24320483 $1,599.61 14 05/01/1996 360
600051137 COOPER MYLES 24320616 $1,607.68 12 05/01/1996 360
600051138 ROGERS BRYAN 24321184 $2,293.43 1 05/01/1996 360
600051139 HARGROVE JAMES 24322729 $1,688.09 14 05/01/1996 360
600051140 STONE PHILIP 24322828 $3,262.82 05/01/1996 360
<CAPTION>
PER LIFE LIFE GROSS NET CERT. PROP BUYDOWN
LOAN # BORROWER CAP FLOOR CAP MARGIN MARGIN MARGIN VALUE TYPE
------ -------------------- ---- ----- ---- ------ ------ ------ ----------- ------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
600051127 BOYSAW STEPHEN $414,888.89 N
600051128 ROSSY GERARD $862,068.93 N
600051129 GIL FRANCISCO $385,000.00 N
600051130 MANI NARAYANA $425,333.33 N
600051131 GANDHI MANOHAR $450,281.43 N
600051132 GERTZMAN RICHARD $710,000.00 N
600051133 PINSKER NEAL $330,000.00 N
600051134 JACY DAVID $270,081.48 N
600051135 DOWNUM ROBERT $319,125.00 N
600051136 LAMAR GERALDINE $229,957.80 N
600051137 COOPER MYLES $243,444.44 N
600051138 ROGERS BRYAN $364,849.83 N
600051139 HARGROVE JAMES $265,000.00 N
600051140 STONE PHILIP $679,758.34 N
</TABLE>
<PAGE>
(vlegal.ace v1.4) Page 43
RUN DATE: 05/28/1996 PNC MORTGAGE SECURITIES CORP.
TIME: 17:15:32 LEGAL LOAN LISTING
REQUESTED STATUS AS OF 05/01/1996
POOL NUMBER: 1380 POOL NAME: 1996-1 DLJ
<TABLE>
<CAPTION>
SCHEDULED
LOAN # BORROWER STREET ADDRESS CITY STATE ZIP BALANCE
------ -------------------- -------------------- --------------- ----- ----- ------------
<S> <C> <C> <C> <C> <C> <C>
600051141 MCCARTHY MICHAEL MALIBU AREA CA 90265 $284,065.69
600051142 SCAPPA STEPHEN PACIFIC PAL CA 90272 $318,118.34
600051143 LAWSON JEFFREY GLENDALE CA 91201 $224,833.02
600051144 BOGGIE W PALO ALTO CA 94306 $236,655.83
600051145 HOUSER ERIC NEWPORT BEA CA 92663 $648,001.62
600051146 EDLEMAN SPENCER SAVANNAH GA 31404 $250,827.26
600051147 MAY STEVEN LOS ANGELES CA 90064 $259,921.00
600051148 CHANG SANG SAN FRANCIS CA 94127 $467,652.67
600051149 PINGREE JR KENNETH LOS ANGELES CA 90049 $259,315.72
600051150 SPITZER SAMUEL MILPITAS CA 95035 $224,849.02
600051151 NAUMCHIK CHRISTOPHER SALINAS CA 93907 $256,704.51
600051152 BARNETT DONALD GREAT FALLS VA 22066 $649,517.61
600051153 SCHNEIDER ERIC DANVILLE CA 94526 $470,883.83
600051154 OWENS EDWARD DANVILLE CA 94526 $279,593.40
<CAPTION>
INTEREST LNDR NET MGMT PC SCHEDULED
LOAN # BORROWER RATE FEE RATE FEE RATE MATURITY
------ -------------------- -------- ----- ------ ----- ------ --------
<S> <C> <C> <C> <C> <C> <C> <C>
600051141 MCCARTHY MICHAEL 7.375 .250 7.125 .0350 7.090 03/01/2026
600051142 SCAPPA STEPHEN 7.375 .250 7.125 .0350 7.090 03/01/2026
600051143 LAWSON JEFFREY 7.500 .250 7.250 .0350 7.215 04/01/2026
600051144 BOGGIE W 7.625 .250 7.375 .0350 7.340 03/01/2026
600051145 HOUSER ERIC 7.375 .250 7.125 .0350 7.090 03/01/2026
600051146 EDLEMAN SPENCER 7.875 .250 7.625 .0350 7.590 04/01/2026
600051147 MAY STEVEN 7.875 .250 7.625 .0350 7.590 04/01/2026
600051148 CHANG SANG 7.500 .250 7.250 .0350 7.215 04/01/2026
600051149 PINGREE JR KENNETH 7.750 .250 7.500 .0350 7.465 04/01/2026
600051150 SPITZER SAMUEL 8.000 .250 7.750 .0350 7.715 04/01/2026
600051151 NAUMCHIK CHRISTOPHER 7.375 .250 7.125 .0350 7.090 04/01/2026
600051152 BARNETT DONALD 7.500 .250 7.250 .0350 7.215 04/01/2026
600051153 SCHNEIDER ERIC 8.000 .250 7.750 .0350 7.715 04/01/2026
600051154 OWENS EDWARD 7.750 .250 7.500 .0350 7.465 03/01/2026
<CAPTION>
MI INTEREST LOAN
LOAN # BORROWER S/S LOAN # P & I PMT CO PAID-TO TERM
------ -------------------- --------------- --------- -- -------- ----
<S> <C> <C> <C> <C> <C> <C>
600051141 MCCARTHY MICHAEL 24322950 $1,964.98 05/01/1996 360
600051142 SCAPPA STEPHEN 24323115 $2,203.26 05/01/1996 360
600051143 LAWSON JEFFREY 24324519 $1,573.23 05/01/1996 360
600051144 BOGGIE W 24324568 $1,677.48 05/01/1996 360
600051145 HOUSER ERIC 24325003 $4,489.39 05/01/1996 360
600051146 EDLEMAN SPENCER 24325649 $1,819.93 2 05/01/1996 360
600051147 MAY STEVEN 24326381 $1,885.91 1 05/01/1996 360
600051148 CHANG SANG 24328262 $3,272.33 05/01/1996 360
600051149 PINGREE JR KENNETH 24328270 $1,877.01 05/01/1996 360
600051150 SPITZER SAMUEL 24328296 $1,650.98 1 05/01/1996 360
600051151 NAUMCHIK CHRISTOPHER 24329401 $1,774.35 05/01/1996 360
600051152 BARNETT DONALD 24329559 $4,544.89 05/01/1996 360
600051153 SCHNEIDER ERIC 24329914 $3,457.50 05/01/1996 360
600051154 OWENS EDWARD 24329963 $2,005.96 05/01/1996 360
<CAPTION>
PER LIFE LIFE GROSS NET CERT. PROP BUYDOWN
LOAN # BORROWER CAP FLOOR CAP MARGIN MARGIN MARGIN VALUE TYPE
------ -------------------- ---- ----- ---- ------ ------ ------ ----------- ------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
600051141 MCCARTHY MICHAEL $534,774.43 N
600051142 SCAPPA STEPHEN $490,015.38 N
600051143 LAWSON JEFFREY $299,600.54 N
600051144 BOGGIE W $579,462.07 N
600051145 HOUSER ERIC $830,140.45 N
600051146 EDLEMAN SPENCER $278,888.89 N
600051147 MAY STEVEN $289,000.00 N
600051148 CHANG SANG $594,663.30 N
600051149 PINGREE JR KENNETH $700,534.72 N
600051150 SPITZER SAMUEL $250,000.00 N
600051151 NAUMCHIK CHRISTOPHER $367,000.00 N
600051152 BARNETT DONALD $1,224,105.51 N
600051153 SCHNEIDER ERIC $589,000.00 N
600051154 OWENS EDWARD $350,000.00 N
</TABLE>
<PAGE>
(vlegal.ace v1.4) Page 44
RUN DATE: 05/28/1996 PNC MORTGAGE SECURITIES CORP.
TIME: 17:15:32 LEGAL LOAN LISTING
REQUESTED STATUS AS OF 05/01/1996
POOL NUMBER: 1380 POOL NAME: 1996-1 DLJ
<TABLE>
<CAPTION>
SCHEDULED
LOAN # BORROWER STREET ADDRESS CITY STATE ZIP BALANCE
------ -------------------- -------------------- --------------- ----- ----- ------------
<S> <C> <C> <C> <C> <C> <C>
600051155 BRUNSTEIN DAVID SAN MATEO CA 94403 $423,414.49
600051156 BRODSKY SUSAN WASHINGTON DC 20015 $287,619.81
600051157 MOORE PATRICK BRENTWOOD TN 37027 $479,693.92
600051158 JONES RICHARD ISLE OF PAL SC 29451 $342,312.17
600051159 JOHNSON JON SIMI VALLEY CA 93065 $354,094.70
600051160 GARDNER SCOTT SAN JOSE CA 95127 $383,715.01
600051161 GUINANE SR THOMAS MORGAN HILL CA 95037 $269,198.57
600051162 ZILBERGELD BERNARD OAKLAND CA 94602 $244,644.21
600051163 DOSHI KAMLESH RANCHO PALO CA 90274 $385,990.83
600051164 POOLE L PALO ALTO CA 94303 $459,675.33
600051165 SLUDER LEESA GREENSBORO NC 27408 $265,802.58
600051166 MACK DEXTER CHINO HILLS CA 91709 $259,891.99
600051167 REKHI UPENDER J LOS GATOS CA 95030 $499,628.92
600051168 BEDROSIAN BRIAN SAN CARLOS CA 94070 $339,760.02
<CAPTION>
INTEREST LNDR NET MGMT PC SCHEDULED
LOAN # BORROWER RATE FEE RATE FEE RATE MATURITY
------ -------------------- -------- ----- ------ ----- ------ --------
<S> <C> <C> <C> <C> <C> <C> <C>
600051155 BRUNSTEIN DAVID 7.875 .250 7.625 .0350 7.590 03/01/2026
600051156 BRODSKY SUSAN 7.125 .250 6.875 .0350 6.840 04/01/2026
600051157 MOORE PATRICK 8.250 .250 8.000 .0350 7.965 04/01/2026
600051158 JONES RICHARD 6.875 .250 6.625 .0350 6.590 04/01/2026
600051159 JOHNSON JON 7.625 .250 7.375 .0350 7.340 03/01/2026
600051160 GARDNER SCOTT 7.500 .250 7.250 .0350 7.215 04/01/2026
600051161 GUINANE SR THOMAS 7.500 .250 7.250 .0350 7.215 03/01/2026
600051162 ZILBERGELD BERNARD 7.625 .250 7.375 .0350 7.340 03/01/2026
600051163 DOSHI KAMLESH 8.000 .250 7.750 .0350 7.715 04/01/2026
600051164 POOLE L 7.750 .250 7.500 .0350 7.465 04/01/2026
600051165 SLUDER LEESA 7.500 .250 7.250 .0350 7.215 04/01/2026
600051166 MACK DEXTER 7.125 .250 6.875 .0350 6.840 04/01/2026
600051167 REKHI UPENDER J 7.500 .250 7.250 .0350 7.215 04/01/2026
600051168 BEDROSIAN BRIAN 7.750 .250 7.500 .0350 7.465 04/01/2026
<CAPTION>
MI INTEREST LOAN
LOAN # BORROWER S/S LOAN # P & I PMT CO PAID-TO TERM
------ -------------------- --------------- --------- -- -------- ----
<S> <C> <C> <C> <C> <C> <C>
600051155 BRUNSTEIN DAVID 24330482 $3,074.30 05/01/1996 360
600051156 BRODSKY SUSAN 24331100 $1,939.30 2 05/01/1996 360
600051157 MOORE PATRICK 24331423 $3,606.08 05/01/1996 360
600051158 JONES RICHARD 24333387 $2,250.64 05/01/1996 360
600051159 JOHNSON JON 24333890 $2,512.67 05/01/1996 360
600051160 GARDNER SCOTT 24333924 $2,684.99 05/01/1996 360
600051161 GUINANE SR THOMAS 24334005 $1,885.09 05/01/1996 360
600051162 ZILBERGELD BERNARD 24334567 $1,734.10 05/01/1996 360
600051163 DOSHI KAMLESH 24334856 $2,834.17 05/01/1996 360
600051164 POOLE L 24334906 $3,295.50 05/01/1996 360
600051165 SLUDER LEESA 24335184 $1,859.92 05/01/1996 360
600051166 MACK DEXTER 24336026 $1,752.35 12 05/01/1996 360
600051167 REKHI UPENDER J 24336455 $3,496.08 05/01/1996 360
600051168 BEDROSIAN BRIAN 24336562 $2,435.81 05/01/1996 360
<CAPTION>
PER LIFE LIFE GROSS NET CERT. PROP BUYDOWN
LOAN # BORROWER CAP FLOOR CAP MARGIN MARGIN MARGIN VALUE TYPE
------ -------------------- ---- ----- ---- ------ ------ ------ ----------- ------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
600051155 BRUNSTEIN DAVID $530,000.00 N
600051156 BRODSKY SUSAN $303,000.00 N
600051157 MOORE PATRICK $624,999.98 N
600051158 JONES RICHARD $464,857.55 N
600051159 JOHNSON JON $449,936.62 N
600051160 GARDNER SCOTT $480,000.00 N
600051161 GUINANE SR THOMAS $337,000.00 N
600051162 ZILBERGELD BERNARD $395,161.29 N
600051163 DOSHI KAMLESH $540,000.00 N
600051164 POOLE L $575,000.00 N
600051165 SLUDER LEESA $355,140.18 N
600051166 MACK DEXTER $289,321.46 N
600051167 REKHI UPENDER J $840,336.13 N
600051168 BEDROSIAN BRIAN $425,000.00 N
</TABLE>
<PAGE>
(vlegal.ace v1.4) Page 45
RUN DATE: 05/28/1996 PNC MORTGAGE SECURITIES CORP.
TIME: 17:15:32 LEGAL LOAN LISTING
REQUESTED STATUS AS OF 05/01/1996
POOL NUMBER: 1380 POOL NAME: 1996-1 DLJ
<TABLE>
<CAPTION>
SCHEDULED
LOAN # BORROWER STREET ADDRESS CITY STATE ZIP BALANCE
------ -------------------- -------------------- --------------- ----- ----- ------------
<S> <C> <C> <C> <C> <C> <C>
600051169 ROWLAND JAMES BERKELEY CA 94707 $316,552.86
600051170 MILLAR DONALD PASADENA CA 91105 $299,530.53
600051171 FERENBACH RICHARD GRAY TN 37601 $299,553.31
600051172 CHENIAE RICHARD VIRGINIA BE VA 23455 $366,228.00
600051173 FEEHAN HUBERT MCLEAN NC 22101 $599,587.08
600051174 MAHONEY ROBERT ANNANDALE VA 22003 $269,804.58
600051175 GAN LAWRENCE SAN FRANCIS CA 94111 $242,828.48
600051176 CECE SAVERIO SAN JOSE CA 95126 $332,501.71
600051177 JOHNSON PAUL BERKELEY CA 94707 $271,826.55
600051178 DAVIDSON JR J CASHIER NC 28717 $253,833.84
600051179 HLASNICK DANIEL HILLSBOROUG NC 27278 $227,759.13
600051180 LEWIS JUDY WASHINGTON DC 20007 $290,778.57
600051181 VORE JIM WASHINGTON DC 20003 $233,826.33
600051182 GIBBONS WILLIAM NORFOLK VA 23509 $393,707.59
<CAPTION>
INTEREST LNDR NET MGMT PC SCHEDULED
LOAN # BORROWER RATE FEE RATE FEE RATE MATURITY
------ -------------------- -------- ----- ------ ----- ------ --------
<S> <C> <C> <C> <C> <C> <C> <C>
600051169 ROWLAND JAMES 7.250 .250 7.000 .0350 6.965 04/01/2026
600051170 MILLAR DONALD 7.250 .250 7.000 .0350 6.965 03/01/2026
600051171 FERENBACH RICHARD 7.500 .250 7.250 .0350 7.215 03/01/2026
600051172 CHENIAE RICHARD 7.500 .250 7.250 .0350 7.215 04/01/2026
600051173 FEEHAN HUBERT 7.875 .250 7.625 .0350 7.590 04/01/2026
600051174 MAHONEY ROBERT 7.625 .250 7.375 .0350 7.340 04/01/2026
600051175 GAN LAWRENCE 7.750 .250 7.500 .0350 7.465 04/01/2026
600051176 CECE SAVERIO 8.000 .250 7.750 .0350 7.715 03/01/2026
600051177 JOHNSON PAUL 8.250 .250 8.000 .0350 7.965 04/01/2026
600051178 DAVIDSON JR J 8.125 .250 7.875 .0350 7.840 04/01/2026
600051179 HLASNICK DANIEL 7.750 .250 7.500 .0350 7.465 04/01/2026
600051180 LEWIS JUDY 7.375 .250 7.125 .0350 7.090 04/01/2026
600051181 VORE JIM 7.500 .250 7.250 .0350 7.215 04/01/2026
600051182 GIBBONS WILLIAM 7.500 .250 7.250 .0350 7.215 04/01/2026
<CAPTION>
MI INTEREST LOAN
LOAN # BORROWER S/S LOAN # P & I PMT CO PAID-TO TERM
------ -------------------- --------------- --------- -- -------- ----
<S> <C> <C> <C> <C> <C> <C>
600051169 ROWLAND JAMES 24336836 $2,161.14 05/01/1996 360
600051170 MILLAR DONALD 24337081 $2,046.53 05/01/1996 360
600051171 FERENBACH RICHARD 24339079 $2,097.65 05/01/1996 360
600051172 CHENIAE RICHARD 24339616 $2,562.63 05/01/1996 360
600051173 FEEHAN HUBERT 24340101 $4,350.42 05/01/1996 360
600051174 MAHONEY ROBERT 24342933 $1,911.05 05/01/1996 360
600051175 GAN LAWRENCE 24343394 $1,740.89 12 05/01/1996 360
600051176 CECE SAVERIO 24344533 $2,443.07 1 05/01/1996 360
600051177 JOHNSON PAUL 24345068 $2,043.45 05/01/1996 360
600051178 DAVIDSON JR J 24347395 $1,885.95 05/01/1996 360
600051179 HLASNICK DANIEL 24348955 $1,632.85 05/01/1996 360
600051180 LEWIS JUDY 24349615 $2,009.87 05/01/1996 360
600051181 VORE JIM 24349623 $1,636.17 14 05/01/1996 360
600051182 GIBBONS WILLIAM 24351496 $2,754.91 05/01/1996 360
<CAPTION>
PER LIFE LIFE GROSS NET CERT. PROP BUYDOWN
LOAN # BORROWER CAP FLOOR CAP MARGIN MARGIN MARGIN VALUE TYPE
------ -------------------- ---- ----- ---- ------ ------ ------ ----------- ------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
600051169 ROWLAND JAMES $396,000.00 N
600051170 MILLAR DONALD $449,775.13 N
600051171 FERENBACH RICHARD $400,000.00 N
600051172 CHENIAE RICHARD $514,747.21 N
600051173 FEEHAN HUBERT $1,500,000.00 N
600051174 MAHONEY ROBERT $361,930.30 N
600051175 GAN LAWRENCE $270,000.00 N
600051176 CECE SAVERIO $369,944.44 N
600051177 JOHNSON PAUL $340,000.00 N
600051178 DAVIDSON JR J $342,780.04 N
600051179 HLASNICK DANIEL $284,900.00 N
600051180 LEWIS JUDY $370,229.02 N
600051181 VORE JIM $262,921.35 N
600051182 GIBBONS WILLIAM $566,906.47 N
</TABLE>
<PAGE>
(vlegal.ace v1.4) Page 46
RUN DATE: 05/28/1996 PNC MORTGAGE SECURITIES CORP.
TIME: 17:15:32 LEGAL LOAN LISTING
REQUESTED STATUS AS OF 05/01/1996
POOL NUMBER: 1380 POOL NAME: 1996-1 DLJ
<TABLE>
<CAPTION>
SCHEDULED
LOAN # BORROWER STREET ADDRESS CITY STATE ZIP BALANCE
------ -------------------- -------------------- --------------- ----- ----- ------------
<S> <C> <C> <C> <C> <C> <C>
600051183 FREESE HARRY CUMMING GA 30131 $313,655.17
600051184 MOLITOR KENNETH PLANO TX 75093 $423,301.02
600051185 FRANKLIN BRUCE DANVILLE CA 94526 $534,641.02
600051186 REDDY DWARAKNATH CLAREMONT CA 91711 $579,092.36
600051187 MERCADO ANTONIO WALNUT CREE CA 94598 $233,447.19
600051188 SINES JR JOHN OOLTEWAH TN 37363 $299,788.26
600051189 PERETH HENRY FORT WORTH TX 76110 $378,901.83
600051190 WOLFE VIRGINIA BERKELEY CA 94707 $251,822.14
600051191 HYDON DEREK PACIFIC PAL CA 90272 $343,686.25
600051192 PRESTON MICHAEL GLENDORA CA 91741 $219,848.59
600051193 PETERSON CHRISTINA LONG BEACH CA 90803 $599,565.73
600051194 ASHWORTH PHILIP SAUGUS CA 91350 $366,927.48
600051195 BALDWIN PATRICIA LOS ALTOS CA 94022 $649,529.55
600051196 REYES VENICE GILROY CA 95020 $238,839.63
<CAPTION>
INTEREST LNDR NET MGMT PC SCHEDULED
LOAN # BORROWER RATE FEE RATE FEE RATE MATURITY
------ -------------------- -------- ----- ------ ----- ------ --------
<S> <C> <C> <C> <C> <C> <C> <C>
600051183 FREESE HARRY 7.750 .250 7.500 .0350 7.465 03/01/2026
600051184 MOLITOR KENNETH 7.750 .250 7.500 .0350 7.465 04/01/2026
600051185 FRANKLIN BRUCE 8.000 .250 7.750 .0350 7.715 04/01/2026
600051186 REDDY DWARAKNATH 7.250 .250 7.000 .0350 6.965 03/01/2026
600051187 MERCADO ANTONIO 8.125 .250 7.875 .0350 7.840 04/01/2026
600051188 SINES JR JOHN 7.750 .250 7.500 .0350 7.465 04/01/2026
600051189 PERETH HENRY 7.750 .250 7.500 .0350 7.465 04/01/2026
600051190 WOLFE VIRGINIA 7.750 .250 7.500 .0350 7.465 04/01/2026
600051191 HYDON DEREK 8.375 .250 8.125 .0350 8.090 04/01/2026
600051192 PRESTON MICHAEL 7.875 .250 7.625 .0350 7.590 04/01/2026
600051193 PETERSON CHRISTINA 7.625 .250 7.375 .0350 7.340 04/01/2026
600051194 ASHWORTH PHILIP 7.500 .250 7.250 .0350 7.215 04/01/2026
600051195 BALDWIN PATRICIA 7.625 .250 7.375 .0350 7.340 04/01/2026
600051196 REYES VENICE 8.000 .250 7.750 .0350 7.715 04/01/2026
<CAPTION>
MI INTEREST LOAN
LOAN # BORROWER S/S LOAN # P & I PMT CO PAID-TO TERM
------ -------------------- --------------- --------- -- -------- ----
<S> <C> <C> <C> <C> <C> <C>
600051183 FREESE HARRY 24353492 $2,250.26 18 05/01/1996 360
600051184 MOLITOR KENNETH 24354219 $3,034.73 05/01/1996 360
600051185 FRANKLIN BRUCE 24357725 $3,925.65 05/01/1996 360
600051186 REDDY DWARAKNATH 24360265 $3,956.62 05/01/1996 360
600051187 MERCADO ANTONIO 24360299 $1,734.48 05/01/1996 360
600051188 SINES JR JOHN 24361073 $2,149.24 05/01/1996 360
600051189 PERETH HENRY 24365892 $2,722.01 05/01/1996 360
600051190 WOLFE VIRGINIA 24366973 $1,805.36 05/01/1996 360
600051191 HYDON DEREK 24374456 $2,613.89 05/01/1996 360
600051192 PRESTON MICHAEL 24381105 $1,595.16 05/01/1996 360
600051193 PETERSON CHRISTINA 24384885 $4,246.77 05/01/1996 360
600051194 ASHWORTH PHILIP 24386997 $2,567.52 05/01/1996 360
600051195 BALDWIN PATRICIA 24387284 $4,600.66 05/01/1996 360
600051196 REYES VENICE 24391252 $1,753.70 05/01/1996 360
<CAPTION>
PER LIFE LIFE GROSS NET CERT. PROP BUYDOWN
LOAN # BORROWER CAP FLOOR CAP MARGIN MARGIN MARGIN VALUE TYPE
------ -------------------- ---- ----- ---- ------ ------ ------ ----------- ------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
600051183 FREESE HARRY $349,000.00 N
600051184 MOLITOR KENNETH $532,830.19 N
600051185 FRANKLIN BRUCE $679,796.72 N
600051186 REDDY DWARAKNATH $729,559.75 N
600051187 MERCADO ANTONIO $292,000.00 N
600051188 SINES JR JOHN $400,000.00 N
600051189 PERETH HENRY $505,252.68 N
600051190 WOLFE VIRGINIA $315,000.00 N
600051191 HYDON DEREK $429,875.00 N
600051192 PRESTON MICHAEL $309,859.15 N
600051193 PETERSON CHRISTINA $1,000,000.00 N
600051194 ASHWORTH PHILIP $459,000.00 N
600051195 BALDWIN PATRICIA $830,140.45 N
600051196 REYES VENICE $384,863.14 N
</TABLE>
<PAGE>
(vlegal.ace v1.4) Page 47
RUN DATE: 05/28/1996 PNC MORTGAGE SECURITIES CORP.
TIME: 17:15:32 LEGAL LOAN LISTING
REQUESTED STATUS AS OF 05/01/1996
POOL NUMBER: 1380 POOL NAME: 1996-1 DLJ
<TABLE>
<CAPTION>
SCHEDULED
LOAN # BORROWER STREET ADDRESS CITY STATE ZIP BALANCE
------ -------------------- -------------------- --------------- ----- ----- ------------
<S> <C> <C> <C> <C> <C> <C>
600051197 PARENT KRISTINA SAN ANTONIO TX 78212 $275,819.45
600051198 OCARROLL BRENDA SHERMAN OAK CA 91403 $371,774.64
600051199 ARMSTRONG JR EMANUEL SAN JOSE CA 95148 $236,352.99
600051200 PEDROIA JOHN TAHOE CITY CA 96145 $291,827.60
600051201 VILLALOBOS SERGIO WOODLAND CA 95695 $295,806.37
600051202 JOEL MORGENSTERN 881 GAPTER ROAD BOULDER, CO CO 80303 $349,793.37
600051203 RONALD CAPOCELLI 1031 GLACIER AVENUE PACIFICA, CA CA 94044 $93,000.00
600051204 CATHERINE C BROWN 2561 EAST BROAD STREET BEXLEY, OH OH 43209 $217,000.00
600051205 ALAN R & STEPHANIE R AMAT 17505 CRAWLEY ROAD ODESSA, FL FL 33556 $349,333.33
600051206 GLADA RAYE COMBS 5516 GULF BOULEVARD SOUTH PADRE ISL TX 78597 $319,296.26
600051207 ROBERT J & GERTRUD M SOUS 31210 SILVER SPUR TRAIL FAIR OAKS RANCH TX 78015 $233,650.92
600051208 JEFF & CARY P KAVY 210 BOX OAK SHAVANO PARK, T TX 78230 $325,000.00
600051209 NORMAN J & MARGARET M SCH 27485 NORTH HILLCREST PLA VALENCIA, CA CA 91354 $250,913.65
600051210 ROBERT M & CATHERINE M GR 13355 WILLIAM MYERS COURT PALM BEACH GARD FL 33418 $260,000.00
<CAPTION>
INTEREST LNDR NET MGMT PC SCHEDULED
LOAN # BORROWER RATE FEE RATE FEE RATE MATURITY
------ -------------------- -------- ----- ------ ----- ------ --------
<S> <C> <C> <C> <C> <C> <C> <C>
600051197 PARENT KRISTINA 8.125 .250 7.875 .0350 7.840 04/01/2026
600051198 OCARROLL BRENDA 8.500 .250 8.250 .0350 8.215 04/01/2026
600051199 ARMSTRONG JR EMANUEL 8.375 .250 8.125 .0350 8.090 04/01/2026
600051200 PEDROIA JOHN 8.625 .250 8.375 .0350 8.340 04/01/2026
600051201 VILLALOBOS SERGIO 8.125 .250 7.875 .0350 7.840 04/01/2026
600051202 JOEL MORGENSTERN 8.625 .250 8.375 .0350 8.340 04/01/2026
600051203 RONALD CAPOCELLI 8.375 .250 8.125 .0350 8.090 05/01/2026
600051204 CATHERINE C BROWN 8.250 .250 8.000 .0350 7.965 05/01/2026
600051205 ALAN R & STEPHANIE R AMAT 8.000 .250 7.750 .0350 7.715 04/01/2026
600051206 GLADA RAYE COMBS 8.250 .250 8.000 .0350 7.965 04/01/2026
600051207 ROBERT J & GERTRUD M SOUS 8.250 .250 8.000 .0350 7.965 04/01/2026
600051208 JEFF & CARY P KAVY 8.250 .250 8.000 .0350 7.965 05/01/2026
600051209 NORMAN J & MARGARET M SCH 7.500 .250 7.250 .0350 7.215 04/01/2026
600051210 ROBERT M & CATHERINE M GR 8.125 .250 7.875 .0350 7.840 05/01/2026
<CAPTION>
MI INTEREST LOAN
LOAN # BORROWER S/S LOAN # P & I PMT CO PAID-TO TERM
------ -------------------- --------------- --------- -- -------- ----
<S> <C> <C> <C> <C> <C> <C>
600051197 PARENT KRISTINA 24398034 $2,049.30 05/01/1996 360
600051198 OCARROLL BRENDA 24402240 $2,860.36 05/01/1996 360
600051199 ARMSTRONG JR EMANUEL 24403123 $1,797.58 05/01/1996 360
600051200 PEDROIA JOHN 24404949 $2,271.15 05/01/1996 360
600051201 VILLALOBOS SERGIO 24433906 $2,197.80 05/01/1996 360
600051202 JOEL MORGENSTERN 1000478 $2,722.26 05/01/1996 360
600051203 RONALD CAPOCELLI 1000523 $706.87 05/01/1996 360
600051204 CATHERINE C BROWN 1004091 $1,630.25 2 05/01/1996 360
600051205 ALAN R & STEPHANIE R AMAT 1015409 $2,568.18 05/01/1996 360
600051206 GLADA RAYE COMBS 1016351 $2,400.30 7 05/01/1996 360
600051207 ROBERT J & GERTRUD M SOUS 1016616 $1,756.46 05/01/1996 360
600051208 JEFF & CARY P KAVY 1017331 $2,441.62 05/01/1996 360
600051209 NORMAN J & MARGARET M SCH 1024323 $1,755.73 05/01/1996 360
600051210 ROBERT M & CATHERINE M GR 1025381 $1,930.49 05/01/1996 360
<CAPTION>
PER LIFE LIFE GROSS NET CERT. PROP BUYDOWN
LOAN # BORROWER CAP FLOOR CAP MARGIN MARGIN MARGIN VALUE TYPE
------ -------------------- ---- ----- ---- ------ ------ ------ ----------- ------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
600051197 PARENT KRISTINA $345,000.00 N
600051198 OCARROLL BRENDA $465,000.00 N
600051199 ARMSTRONG JR EMANUEL $309,150.33 N
600051200 PEDROIA JOHN $365,000.00 N
600051201 VILLALOBOS SERGIO $370,000.00 N
600051202 JOEL MORGENSTERN .00 $690,000.00 N
600051203 RONALD CAPOCELLI .00 $295,000.00 N
600051204 CATHERINE C BROWN .00 $252,000.00 N
600051205 ALAN R & STEPHANIE R AMAT .00 $472,000.00 N
600051206 GLADA RAYE COMBS .00 $355,000.00 N
600051207 ROBERT J & GERTRUD M SOUS .00 $335,000.00 N
600051208 JEFF & CARY P KAVY .00 $520,000.00 N
600051209 NORMAN J & MARGARET M SCH .00 $313,924.00 N
600051210 ROBERT M & CATHERINE M GR .00 $325,000.00 N
</TABLE>
<PAGE>
(vlegal.ace v1.4) Page 48
RUN DATE: 05/28/1996 PNC MORTGAGE SECURITIES CORP.
TIME: 17:15:32 LEGAL LOAN LISTING
REQUESTED STATUS AS OF 05/01/1996
POOL NUMBER: 1380 POOL NAME: 1996-1 DLJ
<TABLE>
<CAPTION>
SCHEDULED
LOAN # BORROWER STREET ADDRESS CITY STATE ZIP BALANCE
------ -------------------- -------------------- --------------- ----- ----- ------------
<S> <C> <C> <C> <C> <C> <C>
600051211 TERRENCE M & MICHELE R GI 4487 E. DESERT LANE GILBERT, AZ AZ 85236 $340,000.00
600051212 CARLOS L & HILDA D ARTEAG 9417 BROOKVIEW DRIVE BRENTWOOD, TN TN 37027 $271,798.14
600051213 HOANG LAN THI NGUYEN 10708 BEXLEY DRIVE HOUSTON, TX TX 77099 $22,400.00
600051214 SCOTT M & JEANNE ZALIBRA 1638 EAST AVENIDA MONTE V SAN DIMAS, CA CA 91773 $211,350.00
600051215 JAKOB MANS CARNEMARK 1597 REDDING ROAD FAIRFIELD, CT CT 6430 $458,000.00
600051216 RONALD R & MAUREEN A DIES 1100 GLEN ECHO LANE MILFORD, OH OH 45150 $286,726.13
600051217 WILLIAM A & RANDALL RASCE 6253 VIA DE ADRIANNA SAN JOSE, CA CA 95120 $263,504.28
600051218 SHERRIE SMITH SCOTT 790 BRANCHVIEW DRIVE ATLANTA, GA GA 30311 $271,500.00
600051219 RICHARD ROSENFELD 17 ROBERT CRESCENT OLD FIELD SOUTH NY 11790 $256,340.57
600051220 RICHARD ALAN & LYDIA A HO 8328 FORT HUNT RD ALEXANDRIA, VA VA 22308 $299,042.96
600051221 THOMAS P WELCH & JAMES A 9540 NW ENGLEMAN DRIVE PORTLAND, OR OR 97229 $303,270.85
600051222 BRUCE E & MAUREEN A HAMIL 9 NATHANIEL GUILD RD SHARON, MA MA 2067 $237,000.00
600051223 THERESA MARIE SANDERS 31620 NORTHEAST 129TH STR DUVALL, WA WA 98019 $359,950.00
600051224 STEVEN D & TAMMY A DURHAM 212 ROYAL OAKS DRIVE ANDERSON, SC SC 29625 $270,000.00
<CAPTION>
INTEREST LNDR NET MGMT PC SCHEDULED
LOAN # BORROWER RATE FEE RATE FEE RATE MATURITY
------ -------------------- -------- ----- ------ ----- ------ --------
<S> <C> <C> <C> <C> <C> <C> <C>
600051211 TERRENCE M & MICHELE R GI 8.375 .250 8.125 .0350 8.090 05/01/2026
600051212 CARLOS L & HILDA D ARTEAG 7.500 .250 7.250 .0350 7.215 04/01/2026
600051213 HOANG LAN THI NGUYEN 8.125 .250 7.875 .0350 7.840 05/01/2026
600051214 SCOTT M & JEANNE ZALIBRA 8.625 .250 8.375 .0350 8.340 05/01/2026
600051215 JAKOB MANS CARNEMARK 8.750 .250 8.500 .0350 8.465 05/01/2026
600051216 RONALD R & MAUREEN A DIES 8.500 .250 8.250 .0350 8.215 04/01/2026
600051217 WILLIAM A & RANDALL RASCE 8.375 .250 8.125 .0350 8.090 02/01/2026
600051218 SHERRIE SMITH SCOTT 8.625 .250 8.375 .0350 8.340 05/01/2026
600051219 RICHARD ROSENFELD 8.375 .250 8.125 .0350 8.090 04/01/2026
600051220 RICHARD ALAN & LYDIA A HO 6.875 .250 6.625 .0350 6.590 04/01/2026
600051221 THOMAS P WELCH & JAMES A 8.625 .250 8.375 .0350 8.340 04/01/2026
600051222 BRUCE E & MAUREEN A HAMIL 8.375 .250 8.125 .0350 8.090 05/01/2026
600051223 THERESA MARIE SANDERS 8.375 .250 8.125 .0350 8.090 05/01/2026
600051224 STEVEN D & TAMMY A DURHAM 8.125 .250 7.875 .0350 7.840 05/01/2026
<CAPTION>
MI INTEREST LOAN
LOAN # BORROWER S/S LOAN # P & I PMT CO PAID-TO TERM
------ -------------------- --------------- --------- -- -------- ----
<S> <C> <C> <C> <C> <C> <C>
600051211 TERRENCE M & MICHELE R GI 1035145 $2,584.25 05/01/1996 360
600051212 CARLOS L & HILDA D ARTEAG 1037043 $1,901.86 05/01/1996 360
600051213 HOANG LAN THI NGUYEN 1045143 $166.32 05/01/1996 360
600051214 SCOTT M & JEANNE ZALIBRA 1055818 $1,643.86 3 05/01/1996 360
600051215 JAKOB MANS CARNEMARK 1066225 $3,603.09 05/01/1996 360
600051216 RONALD R & MAUREEN A DIES 1080273 $2,206.79 19 05/01/1996 360
600051217 WILLIAM A & RANDALL RASCE 1082052 $2,006.59 05/01/1996 360
600051218 SHERRIE SMITH SCOTT 1089252 $2,111.70 19 05/01/1996 360
600051219 RICHARD ROSENFELD 1105500 $1,949.59 2 05/01/1996 360
600051220 RICHARD ALAN & LYDIA A HO 1106070 $1,970.79 05/01/1996 360
600051221 THOMAS P WELCH & JAMES A 1154082 $2,360.20 19 05/01/1996 360
600051222 BRUCE E & MAUREEN A HAMIL 1162055 $1,801.37 05/01/1996 360
600051223 THERESA MARIE SANDERS 1170281 $2,735.88 05/01/1996 360
600051224 STEVEN D & TAMMY A DURHAM 1202767 $2,004.74 19 05/01/1996 360
<CAPTION>
PER LIFE LIFE GROSS NET CERT. PROP BUYDOWN
LOAN # BORROWER CAP FLOOR CAP MARGIN MARGIN MARGIN VALUE TYPE
------ -------------------- ---- ----- ---- ------ ------ ------ ----------- ------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
600051211 TERRENCE M & MICHELE R GI .00 $455,000.00 N
600051212 CARLOS L & HILDA D ARTEAG .00 $370,000.00 N
600051213 HOANG LAN THI NGUYEN .00 $32,000.00 N
600051214 SCOTT M & JEANNE ZALIBRA .00 $222,500.00 N
600051215 JAKOB MANS CARNEMARK .00 $644,000.00 N
600051216 RONALD R & MAUREEN A DIES .00 $306,204.00 N
600051217 WILLIAM A & RANDALL RASCE .00 $330,000.00 N
600051218 SHERRIE SMITH SCOTT .00 $285,880.00 N
600051219 RICHARD ROSENFELD .00 $290,000.00 N
600051220 RICHARD ALAN & LYDIA A HO .00 $375,000.00 N
600051221 THOMAS P WELCH & JAMES A .00 $357,000.00 N
600051222 BRUCE E & MAUREEN A HAMIL .00 $316,000.00 N
600051223 THERESA MARIE SANDERS .00 $449,950.00 N
600051224 STEVEN D & TAMMY A DURHAM .00 $300,000.00 N
</TABLE>
<PAGE>
(vlegal.ace v1.4) Page 49
RUN DATE: 05/28/1996 PNC MORTGAGE SECURITIES CORP.
TIME: 17:15:32 LEGAL LOAN LISTING
REQUESTED STATUS AS OF 05/01/1996
POOL NUMBER: 1380 POOL NAME: 1996-1 DLJ
<TABLE>
<CAPTION>
SCHEDULED
LOAN # BORROWER STREET ADDRESS CITY STATE ZIP BALANCE
------ -------------------- -------------------- --------------- ----- ----- ------------
<S> <C> <C> <C> <C> <C> <C>
600051225 CHARLES M & LINDA C LEECH 1207 CHRUCHILL DRIVE GALLATIN, TN TN 37066 $282,924.03
600051226 PATRICK J & STACEY L MCGR 4532 FRANKLIN AVENUE WESTERN SPRINGS IL 60558 $281,800.96
600051227 GARY R & SHARON J ETCHEME 2835 SW DE ARMOND DR. CORVALLIS, OR OR 97333 $223,100.20
600051228 FLOYD KING & LIGAYA A MIT 44-279 KANEOHE BAY DR, # KANEOHE, HI HI 96744 $346,261.54
600051229 STEVEN N. DAVIS 51 DAVIS LANE PENNGROVE, CA CA 94951 $182,496.21
600051230 KENT ANDREWS 3048 MEADOWSTONE DRIVE SIMI VALLEY, CA CA 93063 $237,256.18
600051231 KENNETH M & LISA A KAHN 14825 HAWTHORNE AVE OMAHA, NE NE 68154 $126,000.00
600051232 DOLAN HEARD 1636 11TH FAIRWAY DR BELLEVILLE, IL IL 62220 $241,342.03
600051233 HEJEAN KIM & ANTHONY J HO 13316 SUNNY BROOKE PLACE POTOMAC, MD MD 20854 $239,830.61
600051234 ROBERT J RIEGER 13 HALIFAX COURT ROCKVILLE, MD MD 20850 $280,088.76
600051235 DENNIS A & JULIE G ADELSO 11620 SWAINS LOCK TERRACE POTOMAC, MD MD 20855 $444,700.00
600051236 CAROLYN G & PATRICK A HYD 6308 SWORDS WAY BETHESDA, MD MD 20817 $289,822.23
600051237 ROBERT S WOODRUFF 1990 SOUTH ST PAUL STREET DENVER, CO CO 80212 $237,500.00
600051238 BRENT J & TRACY D BARTA 9672 IRISHMAN'S RUN DRIVE ZIONSVILLE, IN IN 46077 $360,800.00
<CAPTION>
INTEREST LNDR NET MGMT PC SCHEDULED
LOAN # BORROWER RATE FEE RATE FEE RATE MATURITY
------ -------------------- -------- ----- ------ ----- ------ --------
<S> <C> <C> <C> <C> <C> <C> <C>
600051225 CHARLES M & LINDA C LEECH 8.375 .250 8.125 .0350 8.090 04/01/2026
600051226 PATRICK J & STACEY L MCGR 7.750 .250 7.500 .0350 7.465 04/01/2026
600051227 GARY R & SHARON J ETCHEME 8.000 .250 7.750 .0350 7.715 04/01/2026
600051228 FLOYD KING & LIGAYA A MIT 7.875 .250 7.625 .0350 7.590 04/01/2026
600051229 STEVEN N. DAVIS 7.475 .250 7.225 .0350 7.190 08/01/2023
600051230 KENT ANDREWS 8.500 .250 8.250 .0350 8.215 04/01/2026
600051231 KENNETH M & LISA A KAHN 8.375 .250 8.125 .0350 8.090 05/01/2026
600051232 DOLAN HEARD 8.125 .250 7.875 .0350 7.840 04/01/2026
600051233 HEJEAN KIM & ANTHONY J HO 7.750 .250 7.500 .0350 7.465 04/01/2026
600051234 ROBERT J RIEGER 8.750 .250 8.500 .0350 8.465 04/01/2026
600051235 DENNIS A & JULIE G ADELSO 8.500 .250 8.250 .0350 8.215 05/01/2026
600051236 CAROLYN G & PATRICK A HYD 8.500 .250 8.250 .0350 8.215 06/01/2024
600051237 ROBERT S WOODRUFF 8.750 .250 8.500 .0350 8.465 05/01/2026
600051238 BRENT J & TRACY D BARTA 8.375 .250 8.125 .0350 8.090 05/01/2026
<CAPTION>
MI INTEREST LOAN
LOAN # BORROWER S/S LOAN # P & I PMT CO PAID-TO TERM
------ -------------------- --------------- --------- -- -------- ----
<S> <C> <C> <C> <C> <C> <C>
600051225 CHARLES M & LINDA C LEECH 1226251 $2,151.77 12 05/01/1996 360
600051226 PATRICK J & STACEY L MCGR 1233944 $2,020.29 05/01/1996 360
600051227 GARY R & SHARON J ETCHEME 1250196 $1,638.13 19 05/01/1996 360
600051228 FLOYD KING & LIGAYA A MIT 1258591 $2,512.37 05/01/1996 360
600051229 STEVEN N. DAVIS 1262573 $1,308.97 05/01/1996 360
600051230 KENT ANDREWS 1264792 $1,825.40 19 05/01/1996 360
600051231 KENNETH M & LISA A KAHN 1306950 $957.69 05/01/1996 360
600051232 DOLAN HEARD 1312461 $1,793.13 3 05/01/1996 360
600051233 HEJEAN KIM & ANTHONY J HO 1321098 $1,719.39 3 05/01/1996 360
600051234 ROBERT J RIEGER 1321107 $2,204.73 19 05/01/1996 360
600051235 DENNIS A & JULIE G ADELSO 1321581 $3,419.36 05/01/1996 360
600051236 CAROLYN G & PATRICK A HYD 1333679 $2,262.59 05/01/1996 360
600051237 ROBERT S WOODRUFF 1354259 $1,868.41 19 05/01/1996 360
600051238 BRENT J & TRACY D BARTA 1360187 $2,742.34 05/01/1996 360
<CAPTION>
PER LIFE LIFE GROSS NET CERT. PROP BUYDOWN
LOAN # BORROWER CAP FLOOR CAP MARGIN MARGIN MARGIN VALUE TYPE
------ -------------------- ---- ----- ---- ------ ------ ------ ----------- ------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
600051225 CHARLES M & LINDA C LEECH .00 $298,000.00 N
600051226 PATRICK J & STACEY L MCGR .00 $385,000.00 N
600051227 GARY R & SHARON J ETCHEME .00 $235,000.00 N
600051228 FLOYD KING & LIGAYA A MIT .00 $462,000.00 N
600051229 STEVEN N. DAVIS .00 $252,000.00 N
600051230 KENT ANDREWS .00 $249,900.00 N
600051231 KENNETH M & LISA A KAHN .00 $180,000.00 N
600051232 DOLAN HEARD .00 $273,000.00 N
600051233 HEJEAN KIM & ANTHONY J HO .00 $267,275.00 N
600051234 ROBERT J RIEGER .00 $295,000.00 N
600051235 DENNIS A & JULIE G ADELSO .00 $622,000.00 N
600051236 CAROLYN G & PATRICK A HYD .00 $370,000.00 N
600051237 ROBERT S WOODRUFF .00 $250,000.00 N
600051238 BRENT J & TRACY D BARTA .00 $458,012.00 N
</TABLE>
<PAGE>
(vlegal.ace v1.4) Page 50
RUN DATE: 05/28/1996 PNC MORTGAGE SECURITIES CORP.
TIME: 17:15:32 LEGAL LOAN LISTING
REQUESTED STATUS AS OF 05/01/1996
POOL NUMBER: 1380 POOL NAME: 1996-1 DLJ
<TABLE>
<CAPTION>
SCHEDULED
LOAN # BORROWER STREET ADDRESS CITY STATE ZIP BALANCE
------ -------------------- -------------------- --------------- ----- ----- ------------
<S> <C> <C> <C> <C> <C> <C>
600051239 DANIEL RAY & CHOI HA LEWM 539 CINNABAR DRIVE LIVERMORE, CA CA 94550 $223,250.00
600051240 JOHN A & FRANCES E LE COU 355 CHANNING WAY PACIFICA, CA CA 94044 $223,000.00
600051241 SCOTT A & JANE A DEPPE 1326 COLUMBINE DR GILLETTE, WY WY 82718 $237,517.72
600051242 LOUIS MENJIVAR 20 HAMPDEN TERRACE ALHAMBRA, CA CA 91801 $160,177.08
600051243 RAMIRO CHAVEZ 761 E WILSON STREET POMONA, CA CA 91768 $81,827.04
600051244 GEORGINA HUNTER 500 CORONADO TRAIL SEDONA, AZ AZ 86336 $219,450.00
600051245 JAMES R & BETH BUSSIAN WI 8549 E. BRONCO TRAIL SCOTTSDALE, AZ AZ 85255 $270,000.00
600051246 HOWARD L & KAREN M ALBRIT 3641 BERGER ROAD LUTZ, FL FL 33549 $244,643.90
600051247 DONALD L & CATHY S HOAG 2701 SE 6 STREET POMPANO BEACH, FL 33062 $125,270.46
600051248 BARBARA K. MILNE 3505 STRAITWOOD CT. ANTIOCH, CA CA 94509 $123,142.14
600051249 JULIUS N. SUMODOBILA 193 JAMES RIVER RD. VALLEJO, CA CA 94591 $163,449.35
600051250 MARY L. NOBLE 45775 ROGUE RIVER RD. INDIO, CA CA 92201 $88,988.17
600051251 BARBARA E. BARTYZAL 20 ATTIX CIRCLE CENTRAL POINT, OR 97502 $62,404.45
600051252 TIMOTHY R. HART 57392 SOUTH MORSE ROAD WARREN, OR OR 97053 $97,956.41
<CAPTION>
INTEREST LNDR NET MGMT PC SCHEDULED
LOAN # BORROWER RATE FEE RATE FEE RATE MATURITY
------ -------------------- -------- ----- ------ ----- ------ --------
<S> <C> <C> <C> <C> <C> <C> <C>
600051239 DANIEL RAY & CHOI HA LEWM 8.250 .250 8.000 .0350 7.965 05/01/2026
600051240 JOHN A & FRANCES E LE COU 8.250 .250 8.000 .0350 7.965 05/01/2026
600051241 SCOTT A & JANE A DEPPE 8.000 .250 7.750 .0350 7.715 02/01/2026
600051242 LOUIS MENJIVAR 8.125 .250 7.875 .0350 7.840 01/01/2024
600051243 RAMIRO CHAVEZ 8.750 .250 8.500 .0350 8.465 03/01/2024
600051244 GEORGINA HUNTER 8.500 .250 8.250 .0350 8.215 05/01/2026
600051245 JAMES R & BETH BUSSIAN WI 8.500 .250 8.250 .0350 8.215 05/01/2026
600051246 HOWARD L & KAREN M ALBRIT 8.250 .250 8.000 .0350 7.965 04/01/2026
600051247 DONALD L & CATHY S HOAG 8.250 .250 8.000 .0350 7.965 10/01/2024
600051248 BARBARA K. MILNE 8.625 .250 8.375 .0350 8.340 12/01/2023
600051249 JULIUS N. SUMODOBILA 8.375 .250 8.125 .0350 8.090 12/01/2023
600051250 MARY L. NOBLE 7.875 .250 7.625 .0350 7.590 12/01/2023
600051251 BARBARA E. BARTYZAL 7.725 .250 7.475 .0350 7.440 01/01/2024
600051252 TIMOTHY R. HART 8.000 .250 7.750 .0350 7.715 11/01/2023
<CAPTION>
MI INTEREST LOAN
LOAN # BORROWER S/S LOAN # P & I PMT CO PAID-TO TERM
------ -------------------- --------------- --------- -- -------- ----
<S> <C> <C> <C> <C> <C> <C>
600051239 DANIEL RAY & CHOI HA LEWM 1364867 $1,677.20 19 05/01/1996 360
600051240 JOHN A & FRANCES E LE COU 1364894 $1,675.32 05/01/1996 360
600051241 SCOTT A & JANE A DEPPE 1405217 $1,746.36 05/01/1996 360
600051242 LOUIS MENJIVAR 1457077 $1,213.70 05/01/1996 360
600051243 RAMIRO CHAVEZ 1458330 $654.47 05/01/1996 360
600051244 GEORGINA HUNTER 1484731 $1,687.38 19 05/01/1996 360
600051245 JAMES R & BETH BUSSIAN WI 1484831 $2,076.07 05/01/1996 360
600051246 HOWARD L & KAREN M ALBRIT 1530967 $1,839.10 05/01/1996 360
600051247 DONALD L & CATHY S HOAG 1995258 $953.41 12 05/01/1996 360
600051248 BARBARA K. MILNE 2102607 $976.57 7 05/01/1996 360
600051249 JULIUS N. SUMODOBILA 2102938 $1,267.56 12 05/01/1996 360
600051250 MARY L. NOBLE 2105841 $659.68 05/01/1996 360
600051251 BARBARA E. BARTYZAL 2136198 $456.14 05/01/1996 360
600051252 TIMOTHY R. HART 2137788 $736.39 05/01/1996 360
<CAPTION>
PER LIFE LIFE GROSS NET CERT. PROP BUYDOWN
LOAN # BORROWER CAP FLOOR CAP MARGIN MARGIN MARGIN VALUE TYPE
------ -------------------- ---- ----- ---- ------ ------ ------ ----------- ------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
600051239 DANIEL RAY & CHOI HA LEWM .00 $235,000.00 N
600051240 JOHN A & FRANCES E LE COU .00 $310,000.00 N
600051241 SCOTT A & JANE A DEPPE .00 $297,500.00 N
600051242 LOUIS MENJIVAR .00 $206,000.00 N
600051243 RAMIRO CHAVEZ .00 $105,000.00 N
600051244 GEORGINA HUNTER .00 $231,000.00 N
600051245 JAMES R & BETH BUSSIAN WI .00 $500,000.00 N
600051246 HOWARD L & KAREN M ALBRIT .00 $306,000.00 N
600051247 DONALD L & CATHY S HOAG .00 $134,000.00 N
600051248 BARBARA K. MILNE .00 $153,000.00 N
600051249 JULIUS N. SUMODOBILA .00 $187,000.00 N
600051250 MARY L. NOBLE .00 $115,000.00 N
600051251 BARBARA E. BARTYZAL .00 $95,000.00 N
600051252 TIMOTHY R. HART .00 $145,000.00 N
</TABLE>
<PAGE>
(vlegal.ace v1.4) Page 51
RUN DATE: 05/28/1996 PNC MORTGAGE SECURITIES CORP.
TIME: 17:15:32 LEGAL LOAN LISTING
REQUESTED STATUS AS OF 05/01/1996
POOL NUMBER: 1380 POOL NAME: 1996-1 DLJ
<TABLE>
<CAPTION>
SCHEDULED
LOAN # BORROWER STREET ADDRESS CITY STATE ZIP BALANCE
------ -------------------- -------------------- --------------- ----- ----- ------------
<S> <C> <C> <C> <C> <C> <C>
600051253 DAVID L MCKELL 720 W 10 NORTH LINDON, UT UT 84042 $88,501.20
600051254 DON A NEWTON 40 TANAGER DR GLENWOOD SPRING CO 81601 $145,625.62
600051255 GEORGE W & DELORES A STEV 10176 GORDON AVE GORDONSVILLE, V VA 22942 $131,447.79
600051257 WILLIAM N GAULT 314 ELKHORN ROAD ELKHORN @ SUN V ID 83354 $536,639.68
600051258 CRAIG L WEINBERGER 7973 MACKLIN ST LAS VEGAS, NV NV 89128 $87,469.85
600051259 RICARDO M LISTELLA 857 WOODMANSEE ST S SALEM, OR OR 97302 $58,988.30
600051260 STEPHEN M & DIANE O BENEC 10 ALFRED COURT WILMINGTON, DE DE 19803 $263,594.21
600051262 KOK MUN SOO-THO 2869 EAST BANBURY RD. SALT LAKE CITY, UT 84121 $91,166.91
600051263 STEPHEN R COLUCCI 6753 OLEANDER COURT RIVERSIDE, CA CA 92506 $589,468.89
600051264 BRAD E & BONNIE F ORENSTE 70 FLORENCE DRIVE RICHBORO, PA PA 18966 $216,826.47
600051265 VERNON J & MARY E PONCE #1 OAK TREE DRIVE SLIDELL, LA LA 70458 $479,686.01
600051266 STACEY HERTZ 1829 FRANCISCO PEAK PLACE LAS VEGAS, NV NV 89128 $226,969.92
600051267 ROBERT & MONIKA P RECEK 1 HIDDEN COURT JACKSON, NJ NJ 8527 $205,352.69
600051268 GLADWIN D'COSTA 10625 PERSIMMON COURT LAUREL, MD MD 20723 $215,319.87
<CAPTION>
INTEREST LNDR NET MGMT PC SCHEDULED
LOAN # BORROWER RATE FEE RATE FEE RATE MATURITY
------ -------------------- -------- ----- ------ ----- ------ --------
<S> <C> <C> <C> <C> <C> <C> <C>
600051253 DAVID L MCKELL 8.750 .250 8.500 .0350 8.465 07/01/2024
600051254 DON A NEWTON 8.875 .250 8.625 .0350 8.590 07/01/2024
600051255 GEORGE W & DELORES A STEV 7.875 .250 7.625 .0350 7.590 12/01/2024
600051257 WILLIAM N GAULT 8.000 .250 7.750 .0350 7.715 04/01/2026
600051258 CRAIG L WEINBERGER 8.375 .250 8.125 .0350 8.090 09/01/2024
600051259 RICARDO M LISTELLA 8.500 .250 8.250 .0350 8.215 07/01/2024
600051260 STEPHEN M & DIANE O BENEC 7.250 .250 7.000 .0350 6.965 04/01/2026
600051262 KOK MUN SOO-THO 7.875 .250 7.625 .0350 7.590 09/01/2024
600051263 STEPHEN R COLUCCI 8.000 .250 7.750 .0350 7.715 09/01/2024
600051264 BRAD E & BONNIE F ORENSTE 7.125 .250 6.875 .0350 6.840 04/01/2026
600051265 VERNON J & MARY E PONCE 8.125 .250 7.875 .0350 7.840 04/01/2026
600051266 STACEY HERTZ 7.625 .250 7.375 .0350 7.340 03/01/2026
600051267 ROBERT & MONIKA P RECEK 8.000 .250 7.750 .0350 7.715 12/01/2025
600051268 GLADWIN D'COSTA 7.250 .250 7.000 .0350 6.965 01/01/2026
<CAPTION>
MI INTEREST LOAN
LOAN # BORROWER S/S LOAN # P & I PMT CO PAID-TO TERM
------ -------------------- --------------- --------- -- -------- ----
<S> <C> <C> <C> <C> <C> <C>
600051253 DAVID L MCKELL 2487038 $706.02 05/01/1996 360
600051254 DON A NEWTON 2490244 $1,174.33 05/01/1996 360
600051255 GEORGE W & DELORES A STEV 2940410 $964.99 05/01/1996 360
600051257 WILLIAM N GAULT 3285749 $3,940.32 05/01/1996 360
600051258 CRAIG L WEINBERGER 3381625 $673.79 05/01/1996 360
600051259 RICARDO M LISTELLA 3383812 $460.18 05/01/1996 360
600051260 STEPHEN M & DIANE O BENEC 3614015 $1,799.58 19 05/01/1996 360
600051262 KOK MUN SOO-THO 3931690 $670.86 05/01/1996 360
600051263 STEPHEN R COLUCCI 3958723 $4,388.08 05/01/1996 360
600051264 BRAD E & BONNIE F ORENSTE 4025871 $1,461.97 05/01/1996 360
600051265 VERNON J & MARY E PONCE 4199605 $3,563.99 05/01/1996 360
600051266 STACEY HERTZ 4383989 $1,608.82 05/01/1996 360
600051267 ROBERT & MONIKA P RECEK 4483762 $1,576.86 05/01/1996 360
600051268 GLADWIN D'COSTA 4507703 $1,473.50 05/01/1996 360
<CAPTION>
PER LIFE LIFE GROSS NET CERT. PROP BUYDOWN
LOAN # BORROWER CAP FLOOR CAP MARGIN MARGIN MARGIN VALUE TYPE
------ -------------------- ---- ----- ---- ------ ------ ------ ----------- ------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
600051253 DAVID L MCKELL .00 $145,000.00 N
600051254 DON A NEWTON .00 $190,000.00 N
600051255 GEORGE W & DELORES A STEV .00 $178,000.00 N
600051257 WILLIAM N GAULT .00 $765,000.00 N
600051258 CRAIG L WEINBERGER .00 $150,000.00 N
600051259 RICARDO M LISTELLA .00 $81,000.00 N
600051260 STEPHEN M & DIANE O BENEC .00 $293,144.00 N
600051262 KOK MUN SOO-THO .00 $115,500.00 N
600051263 STEPHEN R COLUCCI .00 $750,000.00 N
600051264 BRAD E & BONNIE F ORENSTE .00 $310,297.00 N
600051265 VERNON J & MARY E PONCE .00 $725,000.00 N
600051266 STACEY HERTZ .00 $284,434.00 N
600051267 ROBERT & MONIKA P RECEK .00 $284,900.00 N
600051268 GLADWIN D'COSTA .00 $270,065.00 N
</TABLE>
<PAGE>
(vlegal.ace v1.4) Page 52
RUN DATE: 05/28/1996 PNC MORTGAGE SECURITIES CORP.
TIME: 17:15:32 LEGAL LOAN LISTING
REQUESTED STATUS AS OF 05/01/1996
POOL NUMBER: 1380 POOL NAME: 1996-1 DLJ
<TABLE>
<CAPTION>
SCHEDULED
LOAN # BORROWER STREET ADDRESS CITY STATE ZIP BALANCE
------ -------------------- -------------------- --------------- ----- ----- ------------
<S> <C> <C> <C> <C> <C> <C>
600051269 RICHARD W TEETERS 87 COYOTE CIRCLE AVON, CO CO 81620 $219,519.26
600051270 SANDRA R & MARTIN L JONES 51 MILLER PLACE EDWARDS, CO CO 81632 $464,703.49
600051271 TAMMY A & EDWARD M SCHWAL 26 VALLEY VIEW #21 IRVINE, CA CA 92715 $259,255.88
600051272 SAMUEL P & JANET C FYE #4 MARYS COVE DRIVE NEW BRAUNFELS, TX 78130 $261,969.03
600051273 JAMES R & CANDICE D GHARA 9061 WREN AVE GILROY, CA CA 95020 $227,050.00
600051274 JOHN D & KATHERINE A UNGE 20 FARM HILL RD WRENTHAM, MA MA 2093 $216,900.00
600051275 G CARTER SULLIVAN 3224 GREEN CT PLANO, TX TX 75023 $127,937.33
600051276 MICHAEL A TIIMAN 561 RAINTREE CIRCLE COPPELL, TX TX 75019 $121,677.67
600051277 KATHRYN F WITZTUM 4111 PARKSIDE PL CARLSBAD, CA CA 92008 $282,807.06
600051278 MARCOS R & YOLANDA L SAEN 9685 SUNNYBROOK DR MORENO VALLEY, CA 92557 $203,226.78
600051279 LEWIS E & SUSAN P PAYNE HAWKINS GATE RD. LA PLATA, MD MD 20646 $248,158.79
600051280 ADRIAN E & LINDA J LORI 1334 DEER RUN ROAD OTTSVILLE, PA PA 18942 $149,798.03
600051281 CAROL LEHN DODSON 2391 RELA LANE YORKTOWN HEIGHT NY 10598 $249,814.46
600051282 DAVID HEE-DO & SUN SONG L 5362 BRIDGEWOOD DRIVE LA PALMA, CA CA 90623 $242,801.17
<CAPTION>
INTEREST LNDR NET MGMT PC SCHEDULED
LOAN # BORROWER RATE FEE RATE FEE RATE MATURITY
------ -------------------- -------- ----- ------ ----- ------ --------
<S> <C> <C> <C> <C> <C> <C> <C>
600051269 RICHARD W TEETERS 7.625 .250 7.375 .0350 7.340 02/01/2026
600051270 SANDRA R & MARTIN L JONES 8.250 .250 8.000 .0350 7.965 04/01/2026
600051271 TAMMY A & EDWARD M SCHWAL 7.625 .250 7.375 .0350 7.340 09/01/2025
600051272 SAMUEL P & JANET C FYE 7.625 .250 7.375 .0350 7.340 03/01/2026
600051273 JAMES R & CANDICE D GHARA 8.250 .250 8.000 .0350 7.965 05/01/2026
600051274 JOHN D & KATHERINE A UNGE 7.375 .250 7.125 .0350 7.090 05/01/2026
600051275 G CARTER SULLIVAN 8.000 .250 7.750 .0350 7.715 08/01/2024
600051276 MICHAEL A TIIMAN 7.875 .250 7.625 .0350 7.590 10/01/2024
600051277 KATHRYN F WITZTUM 9.000 .250 8.750 .0350 8.715 01/01/2021
600051278 MARCOS R & YOLANDA L SAEN 7.875 .250 7.625 .0350 7.590 03/01/2021
600051279 LEWIS E & SUSAN P PAYNE 8.250 .250 8.000 .0350 7.965 01/01/2026
600051280 ADRIAN E & LINDA J LORI 8.000 .250 7.750 .0350 7.715 03/01/2026
600051281 CAROL LEHN DODSON 7.500 .250 7.250 .0350 7.215 04/01/2026
600051282 DAVID HEE-DO & SUN SONG L 7.875 .250 7.625 .0350 7.590 10/01/2025
<CAPTION>
MI INTEREST LOAN
LOAN # BORROWER S/S LOAN # P & I PMT CO PAID-TO TERM
------ -------------------- --------------- --------- -- -------- ----
<S> <C> <C> <C> <C> <C> <C>
600051269 RICHARD W TEETERS 4554817 $1,557.15 05/01/1996 360
600051270 SANDRA R & MARTIN L JONES 4554840 $3,493.39 05/01/1996 360
600051271 TAMMY A & EDWARD M SCHWAL 4622198 $1,845.93 05/01/1996 360
600051272 SAMUEL P & JANET C FYE 5019642 $1,856.90 05/01/1996 360
600051273 JAMES R & CANDICE D GHARA 5063877 $1,705.75 3 05/01/1996 360
600051274 JOHN D & KATHERINE A UNGE 5206750 $1,498.07 1 05/01/1996 360
600051275 G CARTER SULLIVAN 5264723 $958.29 14 05/01/1996 360
600051276 MICHAEL A TIIMAN 5265045 $894.84 2 05/01/1996 360
600051277 KATHRYN F WITZTUM 5431370 $2,381.90 05/01/1996 360
600051278 MARCOS R & YOLANDA L SAEN 5431784 $1,555.09 05/01/1996 360
600051279 LEWIS E & SUSAN P PAYNE 5442347 $1,869.16 05/01/1996 360
600051280 ADRIAN E & LINDA J LORI 5532409 $1,100.65 05/01/1996 360
600051281 CAROL LEHN DODSON 5544750 $1,748.04 05/01/1996 360
600051282 DAVID HEE-DO & SUN SONG L 5552605 $1,769.17 05/01/1996 360
<CAPTION>
PER LIFE LIFE GROSS NET CERT. PROP BUYDOWN
LOAN # BORROWER CAP FLOOR CAP MARGIN MARGIN MARGIN VALUE TYPE
------ -------------------- ---- ----- ---- ------ ------ ------ ----------- ------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
600051269 RICHARD W TEETERS .00 $294,000.00 N
600051270 SANDRA R & MARTIN L JONES .00 $605,000.00 N
600051271 TAMMY A & EDWARD M SCHWAL .00 $326,000.00 N
600051272 SAMUEL P & JANET C FYE .00 $329,000.00 N
600051273 JAMES R & CANDICE D GHARA .00 $245,000.00 N
600051274 JOHN D & KATHERINE A UNGE .00 $241,000.00 N
600051275 G CARTER SULLIVAN .00 $138,485.00 N
600051276 MICHAEL A TIIMAN .00 $130,600.00 N
600051277 KATHRYN F WITZTUM .00 $375,000.00 N
600051278 MARCOS R & YOLANDA L SAEN .00 $269,740.00 N
600051279 LEWIS E & SUSAN P PAYNE .00 $311,000.00 N
600051280 ADRIAN E & LINDA J LORI .00 $285,000.00 N
600051281 CAROL LEHN DODSON .00 $373,000.00 N
600051282 DAVID HEE-DO & SUN SONG L .00 $305,000.00 N
</TABLE>
<PAGE>
(vlegal.ace v1.4) Page 53
RUN DATE: 05/28/1996 PNC MORTGAGE SECURITIES CORP.
TIME: 17:15:32 LEGAL LOAN LISTING
REQUESTED STATUS AS OF 05/01/1996
POOL NUMBER: 1380 POOL NAME: 1996-1 DLJ
<TABLE>
<CAPTION>
SCHEDULED
LOAN # BORROWER STREET ADDRESS CITY STATE ZIP BALANCE
------ -------------------- -------------------- --------------- ----- ----- ------------
<S> <C> <C> <C> <C> <C> <C>
600051283 KEITH O FLEISCHER 20924 SPRINGS TERRACE BOCA RATON, FL FL 33428 $76,108.29
600051284 FARZAD AHMAD 4 WAYNE DRIVE EVESHAM TWP, NJ NJ 8053 $119,927.30
600051285 ROBERT A & DIANA PICCOLA 5 ALFRED COURT HUNTINGTON,NY NY 11743 $248,860.77
600051286 GRANT A & SANDRA L WILLIA LOT 80 ARMY-NAVY DRIVE MECHANICSVILLE, MD 20659 $259,612.87
600051287 DANIEL R & TERRY S FOX 6275 PLEASANT TOP DRIVE ARLINGTON, TN TN 38002 $282,134.32
600051288 GORDON & HIND TAKETA 3850 KEANU STEET HONOLULU, HI HI 96816 $325,972.55
600051289 BRIAN L & DARLEEN O RAVER 39 JOHN OWINGS RD WESTMINSTER, MD MD 21158 $274,610.75
600051290 JAMES R WATKINS 7750 EXCELSIOR RD SACRAMENTO, CA CA 95829 $205,131.76
600051291 JOHN R EUGENE 5743 ALADDIN ST LOS ANGELES, CA CA 90008 $294,736.65
600051292 GLORIA LOPEZ 6611 & 6613 #A-C ADAMSON BELL GARDENS, C CA 90201 $358,866.34
600051293 C BRENT & DONNA LOUISE H A3041 GREENHILL DRIVE PLANO, TX TX 75093 $261,954.48
600051294 GUY V AND MARY ALLISON 4025 SOUTH YORKTOWN PLACE TULSA, OK OK 74105 $351,172.97
600051295 ROBERT L & DEBORAH S MCIL 733 TAFT HINSDALE, IL IL 60521 $573,750.00
600051296 NOUSHIG HAGOPIAN 241 WORTHEN ROAD EAST LEXINGTON, MA MA 2173 $274,526.01
<CAPTION>
INTEREST LNDR NET MGMT PC SCHEDULED
LOAN # BORROWER RATE FEE RATE FEE RATE MATURITY
------ -------------------- -------- ----- ------ ----- ------ --------
<S> <C> <C> <C> <C> <C> <C> <C>
600051283 KEITH O FLEISCHER 8.375 .250 8.125 .0350 8.090 01/01/2026
600051284 FARZAD AHMAD 8.500 .250 8.250 .0350 8.215 04/01/2026
600051285 ROBERT A & DIANA PICCOLA 8.250 .250 8.000 .0350 7.965 10/01/2025
600051286 GRANT A & SANDRA L WILLIA 7.500 .250 7.250 .0350 7.215 03/01/2026
600051287 DANIEL R & TERRY S FOX 8.125 .250 7.875 .0350 7.840 07/01/2025
600051288 GORDON & HIND TAKETA 8.875 .250 8.625 .0350 8.590 11/01/2021
600051289 BRIAN L & DARLEEN O RAVER 7.875 .250 7.625 .0350 7.590 04/01/2026
600051290 JAMES R WATKINS 7.875 .250 7.625 .0350 7.590 08/01/2022
600051291 JOHN R EUGENE 8.375 .250 8.125 .0350 8.090 10/01/2022
600051292 GLORIA LOPEZ 7.625 .250 7.375 .0350 7.340 06/01/2022
600051293 C BRENT & DONNA LOUISE H 7.875 .250 7.625 .0350 7.590 02/01/2026
600051294 GUY V AND MARY ALLISON 8.125 .250 7.875 .0350 7.840 02/01/2026
600051295 ROBERT L & DEBORAH S MCIL 8.000 .250 7.750 .0350 7.715 05/01/2026
600051296 NOUSHIG HAGOPIAN 8.500 .250 8.250 .0350 8.215 01/01/2026
<CAPTION>
MI INTEREST LOAN
LOAN # BORROWER S/S LOAN # P & I PMT CO PAID-TO TERM
------ -------------------- --------------- --------- -- -------- ----
<S> <C> <C> <C> <C> <C> <C>
600051283 KEITH O FLEISCHER 5554759 $579.94 05/01/1996 360
600051284 FARZAD AHMAD 5598582 $922.70 05/01/1996 360
600051285 ROBERT A & DIANA PICCOLA 5783634 $1,878.17 05/01/1996 360
600051286 GRANT A & SANDRA L WILLIA 5933190 $1,817.96 05/01/1996 360
600051287 DANIEL R & TERRY S FOX 5940844 $2,109.06 12 05/01/1996 360
600051288 GORDON & HIND TAKETA 6075725 $2,693.36 05/01/1996 360
600051289 BRIAN L & DARLEEN O RAVER 6370603 $1,993.94 05/01/1996 360
600051290 JAMES R WATKINS 6415973 $1,542.72 05/01/1996 360
600051291 JOHN R EUGENE 6423740 $2,311.99 05/01/1996 360
600051292 GLORIA LOPEZ 6433955 $2,645.09 05/01/1996 360
600051293 C BRENT & DONNA LOUISE H 6474855 $1,903.31 05/01/1996 360
600051294 GUY V AND MARY ALLISON 6515899 $2,613.59 05/01/1996 360
600051295 ROBERT L & DEBORAH S MCIL 6519973 $4,209.97 05/01/1996 360
600051296 NOUSHIG HAGOPIAN 6612937 $2,116.05 05/01/1996 360
<CAPTION>
PER LIFE LIFE GROSS NET CERT. PROP BUYDOWN
LOAN # BORROWER CAP FLOOR CAP MARGIN MARGIN MARGIN VALUE TYPE
------ -------------------- ---- ----- ---- ------ ------ ------ ----------- ------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
600051283 KEITH O FLEISCHER .00 $109,000.00 N
600051284 FARZAD AHMAD .00 $250,407.00 N
600051285 ROBERT A & DIANA PICCOLA .00 $380,000.00 N
600051286 GRANT A & SANDRA L WILLIA .00 $350,000.00 N
600051287 DANIEL R & TERRY S FOX .00 $299,000.00 N
600051288 GORDON & HIND TAKETA .00 $510,000.00 N
600051289 BRIAN L & DARLEEN O RAVER .00 $395,500.00 N
600051290 JAMES R WATKINS .00 $285,000.00 N
600051291 JOHN R EUGENE .00 $410,000.00 N
600051292 GLORIA LOPEZ .00 $500,000.00 N
600051293 C BRENT & DONNA LOUISE H .00 $328,125.00 N
600051294 GUY V AND MARY ALLISON .00 $440,000.00 N
600051295 ROBERT L & DEBORAH S MCIL .00 $765,000.00 N
600051296 NOUSHIG HAGOPIAN .00 $344,000.00 N
</TABLE>
<PAGE>
(vlegal.ace v1.4) Page 54
RUN DATE: 05/28/1996 PNC MORTGAGE SECURITIES CORP.
TIME: 17:15:32 LEGAL LOAN LISTING
REQUESTED STATUS AS OF 05/01/1996
POOL NUMBER: 1380 POOL NAME: 1996-1 DLJ
<TABLE>
<CAPTION>
SCHEDULED
LOAN # BORROWER STREET ADDRESS CITY STATE ZIP BALANCE
------ -------------------- -------------------- --------------- ----- ----- ------------
<S> <C> <C> <C> <C> <C> <C>
600051297 CLIFFORD W.M. & LYNN M. L 1620 ANCHOR WAY AZLE, TX TX 76020 $218,834.39
600051298 STEPHEN C & ADRIANE THORM 9911 SHADY COVE DRIVE FAIRFAX STATION VA 22039 $263,168.80
600051299 ERIC P & JONITA I WHITAKE 10068 MACLURA CT FAIRFAX, VA VA 22032 $259,880.22
600051300 JAIME GONZALEZ M.D. 5445 OCEAN DRIVE CORPUS CHRISTI, TX 78412 $260,019.75
600051301 RAYMOND & LINDA DE SIMONE 32 HIDDEN LEDGE ROAD ENGLEWOOD, NJ NJ 7631 $335,762.85
600051302 MARK G STAHL 424 BAKER AVENUE WESTFIELD, NJ NJ 7090 $230,736.97
600051303 HOWARD & ANDREA FELD 5706 OSTIN AVENUE LOS ANGELES, CA CA 91364 $326,197.30
600051304 RANDY R & LAURIE J POTTER 16363 E PEAK CT RIVERSIDE, CA CA 92503 $224,299.17
600051305 ROBBIN KEITH & JILL MARIE 28092 PASEO RINCON MISSION VIEJO, CA 92692 $223,208.07
600051306 J. C & HARRIET G RASH 8945 LAUREL WAY ALPHARETTA, GA GA 30202 $249,562.44
600051307 JOY C ELLIS 590 SCHNEBLY RD SEDONA, AZ AZ 86336 $225,080.21
600051308 B KEVIN & PAULA KNOWLES ROUTE 2, BOX 24CC BROOKFIELD, MO MO 64628 $249,506.05
600051309 JAMES W REID 2813 EAST STONE POINT DRI BOISE, ID ID 83712 $268,793.33
600051310 JOHN W & DOROTHEA SAUNDER 4908 FLOWER VALLEY DRIVE ROCKVILLE, MD MD 20853 $243,750.00
<CAPTION>
INTEREST LNDR NET MGMT PC SCHEDULED
LOAN # BORROWER RATE FEE RATE FEE RATE MATURITY
------ -------------------- -------- ----- ------ ----- ------ --------
<S> <C> <C> <C> <C> <C> <C> <C>
600051297 CLIFFORD W.M. & LYNN M. L 7.875 .250 7.625 .0350 7.590 12/01/2025
600051298 STEPHEN C & ADRIANE THORM 7.250 .250 7.000 .0350 6.965 02/01/2026
600051299 ERIC P & JONITA I WHITAKE 7.875 .250 7.625 .0350 7.590 11/01/2025
600051300 JAIME GONZALEZ M.D. 7.625 .250 7.375 .0350 7.340 02/01/2026
600051301 RAYMOND & LINDA DE SIMONE 7.750 .250 7.500 .0350 7.465 04/01/2026
600051302 MARK G STAHL 7.750 .250 7.500 .0350 7.465 04/01/2026
600051303 HOWARD & ANDREA FELD 8.875 .250 8.625 .0350 8.590 08/01/2022
600051304 RANDY R & LAURIE J POTTER 9.000 .250 8.750 .0350 8.715 08/01/2022
600051305 ROBBIN KEITH & JILL MARIE 7.750 .250 7.500 .0350 7.465 10/01/2022
600051306 J. C & HARRIET G RASH 9.000 .250 8.750 .0350 8.715 09/01/2022
600051307 JOY C ELLIS 8.875 .250 8.625 .0350 8.590 09/01/2022
600051308 B KEVIN & PAULA KNOWLES 8.125 .250 7.875 .0350 7.840 02/01/2026
600051309 JAMES W REID 8.000 .250 7.750 .0350 7.715 04/01/2026
600051310 JOHN W & DOROTHEA SAUNDER 7.875 .250 7.625 .0350 7.590 05/01/2026
<CAPTION>
MI INTEREST LOAN
LOAN # BORROWER S/S LOAN # P & I PMT CO PAID-TO TERM
------ -------------------- --------------- --------- -- -------- ----
<S> <C> <C> <C> <C> <C> <C>
600051297 CLIFFORD W.M. & LYNN M. L 6734073 $1,592.25 05/01/1996 360
600051298 STEPHEN C & ADRIANE THORM 6775212 $1,807.77 05/01/1996 360
600051299 ERIC P & JONITA I WHITAKE 6788883 $1,892.44 19 05/01/1996 360
600051300 JAIME GONZALEZ M.D. 6821059 $1,847.70 05/01/1996 360
600051301 RAYMOND & LINDA DE SIMONE 6829239 $2,407.15 05/01/1996 360
600051302 MARK G STAHL 6829323 $1,654.91 7 05/01/1996 360
600051303 HOWARD & ANDREA FELD 6911861 $2,675.10 05/01/1996 360
600051304 RANDY R & LAURIE J POTTER 6935840 $1,858.87 2 05/01/1996 360
600051305 ROBBIN KEITH & JILL MARIE 6992381 $1,663.51 2 05/01/1996 360
600051306 J. C & HARRIET G RASH 7009856 $2,066.62 05/01/1996 360
600051307 JOY C ELLIS 7027370 $1,844.38 2 05/01/1996 360
600051308 B KEVIN & PAULA KNOWLES 7030245 $1,856.25 05/01/1996 360
600051309 JAMES W REID 7064974 $1,973.83 05/01/1996 360
600051310 JOHN W & DOROTHEA SAUNDER 7160791 $1,767.36 05/01/1996 360
<CAPTION>
PER LIFE LIFE GROSS NET CERT. PROP BUYDOWN
LOAN # BORROWER CAP FLOOR CAP MARGIN MARGIN MARGIN VALUE TYPE
------ -------------------- ---- ----- ---- ------ ------ ------ ----------- ------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
600051297 CLIFFORD W.M. & LYNN M. L .00 $274,500.00 N
600051298 STEPHEN C & ADRIANE THORM .00 $413,000.00 N
600051299 ERIC P & JONITA I WHITAKE .00 $290,000.00 N
600051300 JAIME GONZALEZ M.D. .00 $450,000.00 N
600051301 RAYMOND & LINDA DE SIMONE .00 $420,000.00 N
600051302 MARK G STAHL .00 $276,000.00 N
600051303 HOWARD & ANDREA FELD .00 $425,000.00 N
600051304 RANDY R & LAURIE J POTTER .00 $259,729.00 N
600051305 ROBBIN KEITH & JILL MARIE .00 $258,000.00 N
600051306 J. C & HARRIET G RASH .00 $325,000.00 N
600051307 JOY C ELLIS .00 $261,500.00 N
600051308 B KEVIN & PAULA KNOWLES .00 $330,000.00 N
600051309 JAMES W REID .00 $419,000.00 N
600051310 JOHN W & DOROTHEA SAUNDER .00 $329,000.00 N
</TABLE>
<PAGE>
(vlegal.ace v1.4) Page 55
RUN DATE: 05/28/1996 PNC MORTGAGE SECURITIES CORP.
TIME: 17:15:32 LEGAL LOAN LISTING
REQUESTED STATUS AS OF 05/01/1996
POOL NUMBER: 1380 POOL NAME: 1996-1 DLJ
<TABLE>
<CAPTION>
SCHEDULED
LOAN # BORROWER STREET ADDRESS CITY STATE ZIP BALANCE
------ -------------------- -------------------- --------------- ----- ----- ------------
<S> <C> <C> <C> <C> <C> <C>
600051311 CYNTHIA A & TIMOTHY J EHL 3190 OLIVE LN NO PLYMOUTH, MN MN 55447 $255,403.45
600051312 STEVEN R. & MARY LEE MCCL 1369 BALLY BUNYON COURT GRAND RAPIDS, M MI 49546 $319,367.77
600051313 ANGELO S & CHRISTINE M SI 556 LINDEN STREET BOYLSTON, MA MA 1505 $228,438.66
600051314 SETH D CAGIN 180 N. PINION STREET TELLURIDE, CO CO 81435 $259,584.31
600051315 SEAN LAUGHLIN 1603 LEXINGTON AVENUE SAN MATEO, CA CA 94402 $295,569.55
600051316 STEPHEN B & MICHELLE N MA 442 INVERWAY INVERNESS, IL IL 60067 $319,087.80
600051317 DOUGLAS B & CYNTHIA STERL 1035 LOMA VISTA DRIVE NAPA, CA CA 94558 $310,969.04
600051318 WILLIAM R & MARGARET M DE 3186 E MARLETTE AVE PHOENIX, AZ AZ 85016 $299,793.54
600051319 JOSEPH & MARGRET KEENAN 7100 TAILEE DR EDINA, MN MN 55439 $367,234.02
600051320 JOHN & LISA BENTLEY 3321 E. SAN MIGUEL PLACE PARADISE VALLEY AZ 85253 $299,144.80
600051321 JAMES A RANNALLI 13485 FIELD CREEK RENO, NV NV 89511 $224,972.82
600051322 FRANK C & VALERIE A FRONZ 34 THOMPSON AVE. BABYLON, NY NY 11702 $390,989.76
600051323 CARLO & ROMY VERASTEGUI B 2000 ISALND BLVD 2806 NORTH MIAMI BEA FL 33160 $348,868.66
600051324 MARGARET W G CARR 50 HAVEN STREET DEDHAM, MA MA 2026 $953,209.60
<CAPTION>
INTEREST LNDR NET MGMT PC SCHEDULED
LOAN # BORROWER RATE FEE RATE FEE RATE MATURITY
------ -------------------- -------- ----- ------ ----- ------ --------
<S> <C> <C> <C> <C> <C> <C> <C>
600051311 CYNTHIA A & TIMOTHY J EHL 7.750 .250 7.500 .0350 7.465 02/01/2026
600051312 STEVEN R. & MARY LEE MCCL 8.125 .250 7.875 .0350 7.840 02/01/2026
600051313 ANGELO S & CHRISTINE M SI 7.750 .250 7.500 .0350 7.465 04/01/2026
600051314 SETH D CAGIN 9.000 .250 8.750 .0350 8.715 01/01/2023
600051315 SEAN LAUGHLIN 7.375 .250 7.125 .0350 7.090 02/01/2026
600051316 STEPHEN B & MICHELLE N MA 7.750 .250 7.500 .0350 7.465 01/01/2026
600051317 DOUGLAS B & CYNTHIA STERL 7.500 .250 7.250 .0350 7.215 04/01/2026
600051318 WILLIAM R & MARGARET M DE 7.875 .250 7.625 .0350 7.590 04/01/2026
600051319 JOSEPH & MARGRET KEENAN 7.625 .250 7.375 .0350 7.340 04/01/2026
600051320 JOHN & LISA BENTLEY 7.750 .250 7.500 .0350 7.465 01/01/2026
600051321 JAMES A RANNALLI 7.875 .250 7.625 .0350 7.590 01/01/2026
600051322 FRANK C & VALERIE A FRONZ 8.250 .250 8.000 .0350 7.965 01/01/2026
600051323 CARLO & ROMY VERASTEGUI B 8.250 .250 8.000 .0350 7.965 12/01/2025
600051324 MARGARET W G CARR 7.625 .250 7.375 .0350 7.340 04/01/2026
<CAPTION>
MI INTEREST LOAN
LOAN # BORROWER S/S LOAN # P & I PMT CO PAID-TO TERM
------ -------------------- --------------- --------- -- -------- ----
<S> <C> <C> <C> <C> <C> <C>
600051311 CYNTHIA A & TIMOTHY J EHL 7192678 $1,834.02 05/01/1996 360
600051312 STEVEN R. & MARY LEE MCCL 7214655 $2,375.99 05/01/1996 360
600051313 ANGELO S & CHRISTINE M SI 7320213 $1,637.72 05/01/1996 360
600051314 SETH D CAGIN 7347992 $2,143.04 05/01/1996 360
600051315 SEAN LAUGHLIN 7359414 $2,046.13 05/01/1996 360
600051316 STEPHEN B & MICHELLE N MA 7376086 $2,292.52 05/01/1996 360
600051317 DOUGLAS B & CYNTHIA STERL 7377874 $2,175.96 05/01/1996 360
600051318 WILLIAM R & MARGARET M DE 7391704 $2,175.21 05/01/1996 360
600051319 JOSEPH & MARGRET KEENAN 7433220 $2,601.14 05/01/1996 360
600051320 JOHN & LISA BENTLEY 7439370 $2,149.24 05/01/1996 360
600051321 JAMES A RANNALLI 7442370 $1,635.76 05/01/1996 360
600051322 FRANK C & VALERIE A FRONZ 7457487 $2,944.97 05/01/1996 360
600051323 CARLO & ROMY VERASTEGUI B 7468047 $2,629.43 05/01/1996 360
600051324 MARGARET W G CARR 7506748 $6,751.64 05/01/1996 360
<CAPTION>
PER LIFE LIFE GROSS NET CERT. PROP BUYDOWN
LOAN # BORROWER CAP FLOOR CAP MARGIN MARGIN MARGIN VALUE TYPE
------ -------------------- ---- ----- ---- ------ ------ ------ ----------- ------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
600051311 CYNTHIA A & TIMOTHY J EHL .00 $320,000.00 N
600051312 STEVEN R. & MARY LEE MCCL .00 $570,000.00 N
600051313 ANGELO S & CHRISTINE M SI .00 $293,000.00 N
600051314 SETH D CAGIN .00 $425,000.00 N
600051315 SEAN LAUGHLIN .00 $395,000.00 N
600051316 STEPHEN B & MICHELLE N MA .00 $412,000.00 N
600051317 DOUGLAS B & CYNTHIA STERL .00 $389,000.00 N
600051318 WILLIAM R & MARGARET M DE .00 $375,000.00 N
600051319 JOSEPH & MARGRET KEENAN .00 $490,000.00 N
600051320 JOHN & LISA BENTLEY .00 $440,000.00 N
600051321 JAMES A RANNALLI .00 $282,000.00 N
600051322 FRANK C & VALERIE A FRONZ .00 $510,000.00 N
600051323 CARLO & ROMY VERASTEGUI B .00 $439,410.00 N
600051324 MARGARET W G CARR .00 $1,600,000.00 N
</TABLE>
<PAGE>
(vlegal.ace v1.4) Page 56
RUN DATE: 05/28/1996 PNC MORTGAGE SECURITIES CORP.
TIME: 17:15:32 LEGAL LOAN LISTING
REQUESTED STATUS AS OF 05/01/1996
POOL NUMBER: 1380 POOL NAME: 1996-1 DLJ
<TABLE>
<CAPTION>
SCHEDULED
LOAN # BORROWER STREET ADDRESS CITY STATE ZIP BALANCE
------ -------------------- -------------------- --------------- ----- ----- ------------
<S> <C> <C> <C> <C> <C> <C>
600051325 RANDOLPH R & MERCY P RAMI 20715 MALDEN ST CANOGA PARK ARE CA 91306 $217,984.54
600051326 JAMES A & DIANE M DUNCAN 107 FRANKLIN STREET EAST ROCKAWAY, NY 11518 $221,706.95
600051327 MARK G & DEBRA TUFTE 4853 MEADOW CREEK DRIVES FARGO, ND ND 58104 $314,772.01
600051328 KHATCHATOOR PETROSIAN 2377 JUPITER DRIVE LOS ANGELES, CA CA 90046 $321,500.00
600051329 GEORGE COHEE,JR BOX 2280 KILMARNOCK, VA VA 22482 $340,731.25
600051330 SIDNEY G & RONA S KATZ 12312 WILLOW SPRING DR MOORPARK, CA CA 93021 $237,192.65
600051331 SALVATORE PERCIA LOT 15 PAMELA LANE STERLING, MA MA 1564 $300,000.00
600051332 JAMES BENDIAK 25 KIMBALL ROAD HOPKINTON, MA MA 1748 $259,486.33
600051333 JAMES L & KATHLEEN R ADAM RFD #1, BAY ROAD DURHAM, NH NH 3824 $418,772.44
600051334 JOHN T DEBETTENCOURT 43 FALCONE CIRCLE HAMPTON, NH NH 3842 $225,154.28
600051335 BENJAMIN & MARIA A HERNAN 1233 CALLE ESTRELLA SAN DIMAS, CA CA 91773 $273,911.56
600051336 JAMES M & MARY A GARRISON 104 SANDGATE COURT MILLERSVILLE, M MD 21108 $264,793.27
600051337 JAMES E & TRACEY L HOFF 501 PRIDE OF BALTIMORE DR ARNOLD, MD MD 21012 $247,400.67
600051338 JEFFREY D & CANDY L MAHLE 940 BURNETT AVENUE ARNOLD, MD MD 21012 $279,797.35
<CAPTION>
INTEREST LNDR NET MGMT PC SCHEDULED
LOAN # BORROWER RATE FEE RATE FEE RATE MATURITY
------ -------------------- -------- ----- ------ ----- ------ --------
<S> <C> <C> <C> <C> <C> <C> <C>
600051325 RANDOLPH R & MERCY P RAMI 9.125 .250 8.875 .0350 8.840 02/01/2023
600051326 JAMES A & DIANE M DUNCAN 9.125 .250 8.875 .0350 8.840 04/01/2026
600051327 MARK G & DEBRA TUFTE 7.625 .250 7.375 .0350 7.340 04/01/2026
600051328 KHATCHATOOR PETROSIAN 7.625 .250 7.375 .0350 7.340 05/01/2026
600051329 GEORGE COHEE,JR 7.500 .250 7.250 .0350 7.215 04/01/2026
600051330 SIDNEY G & RONA S KATZ 8.875 .250 8.625 .0350 8.590 03/01/2023
600051331 SALVATORE PERCIA 8.000 .250 7.750 .0350 7.715 05/01/2026
600051332 JAMES BENDIAK 8.125 .250 7.875 .0350 7.840 02/01/2026
600051333 JAMES L & KATHLEEN R ADAM 7.625 .250 7.375 .0350 7.340 01/01/2026
600051334 JOHN T DEBETTENCOURT 8.125 .250 7.875 .0350 7.840 02/01/2026
600051335 BENJAMIN & MARIA A HERNAN 9.250 .250 9.000 .0350 8.965 04/01/2023
600051336 JAMES M & MARY A GARRISON 7.250 .250 7.000 .0350 6.965 04/01/2026
600051337 JAMES E & TRACEY L HOFF 6.500 .250 6.250 .0350 6.215 03/01/2026
600051338 JEFFREY D & CANDY L MAHLE 7.625 .250 7.375 .0350 7.340 04/01/2026
<CAPTION>
MI INTEREST LOAN
LOAN # BORROWER S/S LOAN # P & I PMT CO PAID-TO TERM
------ -------------------- --------------- --------- -- -------- ----
<S> <C> <C> <C> <C> <C> <C>
600051325 RANDOLPH R & MERCY P RAMI 7558319 $1,817.31 05/01/1996 360
600051326 JAMES A & DIANE M DUNCAN 7575897 $1,804.84 19 05/01/1996 360
600051327 MARK G & DEBRA TUFTE 7579033 $2,229.55 3 05/01/1996 360
600051328 KHATCHATOOR PETROSIAN 7600689 $2,275.56 05/01/1996 360
600051329 GEORGE COHEE,JR 7605529 $2,384.32 05/01/1996 360
600051330 SIDNEY G & RONA S KATZ 7673249 $1,934.60 05/01/1996 360
600051331 SALVATORE PERCIA 7708191 $2,201.29 05/01/1996 360
600051332 JAMES BENDIAK 7708497 $1,930.49 05/01/1996 360
600051333 JAMES L & KATHLEEN R ADAM 7708803 $2,972.73 05/01/1996 360
600051334 JOHN T DEBETTENCOURT 7709293 $1,675.07 05/01/1996 360
600051335 BENJAMIN & MARIA A HERNAN 7728020 $2,304.33 05/01/1996 360
600051336 JAMES M & MARY A GARRISON 7851415 $1,807.77 05/01/1996 360
600051337 JAMES E & TRACEY L HOFF 7851427 $1,566.58 05/01/1996 360
600051338 JEFFREY D & CANDY L MAHLE 7851747 $1,981.82 05/01/1996 360
<CAPTION>
PER LIFE LIFE GROSS NET CERT. PROP BUYDOWN
LOAN # BORROWER CAP FLOOR CAP MARGIN MARGIN MARGIN VALUE TYPE
------ -------------------- ---- ----- ---- ------ ------ ------ ----------- ------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
600051325 RANDOLPH R & MERCY P RAMI .00 $290,000.00 N
600051326 JAMES A & DIANE M DUNCAN .00 $237,500.00 N
600051327 MARK G & DEBRA TUFTE .00 $357,412.00 N
600051328 KHATCHATOOR PETROSIAN .00 $500,000.00 N
600051329 GEORGE COHEE,JR .00 $450,000.00 N
600051330 SIDNEY G & RONA S KATZ .00 $310,000.00 N
600051331 SALVATORE PERCIA .00 $404,250.00 N
600051332 JAMES BENDIAK .00 $346,000.00 N
600051333 JAMES L & KATHLEEN R ADAM .00 $525,000.00 N
600051334 JOHN T DEBETTENCOURT .00 $282,000.00 N
600051335 BENJAMIN & MARIA A HERNAN .00 $355,000.00 N
600051336 JAMES M & MARY A GARRISON .00 $332,000.00 N
600051337 JAMES E & TRACEY L HOFF .00 $312,000.00 N
600051338 JEFFREY D & CANDY L MAHLE .00 $350,000.00 N
</TABLE>
<PAGE>
(vlegal.ace v1.4) Page 57
RUN DATE: 05/28/1996 PNC MORTGAGE SECURITIES CORP.
TIME: 17:15:32 LEGAL LOAN LISTING
REQUESTED STATUS AS OF 05/01/1996
POOL NUMBER: 1380 POOL NAME: 1996-1 DLJ
<TABLE>
<CAPTION>
SCHEDULED
LOAN # BORROWER STREET ADDRESS CITY STATE ZIP BALANCE
------ -------------------- -------------------- --------------- ----- ----- ------------
<S> <C> <C> <C> <C> <C> <C>
600051339 WILLIAM A & BRENDA G AUGE 901 TRUMPINGTON LANE ARNOLD, MD MD 21012 $250,000.00
600051340 THOMAS J VALERI 40 BRUSHY HILL ROAD DANBURY, CT CT 6810 $119,830.07
600051341 MYRNA R & OLIVER C THOMPS 4379 DEERWOOD LANE EVANS, GA GA 30809 $300,573.73
600051342 DANIEL L MARSEGLIA 651 BERGUNDY PLACE YARDLEY, PA PA 19067 $229,293.49
600051343 WILLIAM & DAWN R REAGAN NORTH 3500 HALEY HILL ROA COUER D'ALENE, ID 83814 $290,223.68
600051344 JAMES F MCGURN 1000 LIBERTY PARK #305 AUSTIN, TX TX 78746 $178,935.83
600051345 JEROME J & EILEEN A HENSO 2994 GREEN WOODS CT. WEST BLOOMFIELD MI 48322 $216,767.17
600051346 CARMINE & CATHY J GENOVES 27566 PRIMROSE LANE MUNDELEIN, IL IL 60060 $230,681.01
600051347 MICHAEL TANIOKA 3737 KEPA STREET HONOLULU, HI HI 96815 $436,259.75
600051348 ROBERT Z & BARBARA S HAAS 1442 RIDGE ROAD TEMPLETON, CA CA 93465 $259,473.13
600051349 MYRON & CELIA BAKST 5600 NW 38TH AVENUE BOCA RATON, FL FL 33496 $303,811.05
600051350 SAUL A BARSH 5 HUNTERS RUN BROOMAL, PA PA 19008 $202,662.57
600051351 G RICHARD BUZZ & ARLENE S 17059 WEST 68TH PLACE GOLDEN, CO CO 80403 $273,721.48
600051352 MICHAEL G & CANDACE L LIT 306 SPRING HOLLOW WOODSTOCK, VA VA 22664 $300,365.51
<CAPTION>
INTEREST LNDR NET MGMT PC SCHEDULED
LOAN # BORROWER RATE FEE RATE FEE RATE MATURITY
------ -------------------- -------- ----- ------ ----- ------ --------
<S> <C> <C> <C> <C> <C> <C> <C>
600051339 WILLIAM A & BRENDA G AUGE 7.625 .250 7.375 .0350 7.340 05/01/2026
600051340 THOMAS J VALERI 7.750 .250 7.500 .0350 7.465 03/01/2026
600051341 MYRNA R & OLIVER C THOMPS 7.750 .250 7.500 .0350 7.465 03/01/2026
600051342 DANIEL L MARSEGLIA 7.375 .250 7.125 .0350 7.090 01/01/2026
600051343 WILLIAM & DAWN R REAGAN 7.875 .250 7.625 .0350 7.590 03/01/2026
600051344 JAMES F MCGURN 8.250 .250 8.000 .0350 7.965 04/01/2026
600051345 JEROME J & EILEEN A HENSO 8.500 .250 8.250 .0350 8.215 04/01/2026
600051346 CARMINE & CATHY J GENOVES 7.875 .250 7.625 .0350 7.590 03/01/2026
600051347 MICHAEL TANIOKA 7.250 .250 7.000 .0350 6.965 03/01/2026
600051348 ROBERT Z & BARBARA S HAAS 8.000 .250 7.750 .0350 7.715 02/01/2026
600051349 MYRON & CELIA BAKST 8.375 .250 8.125 .0350 8.090 04/01/2026
600051350 SAUL A BARSH 8.250 .250 8.000 .0350 7.965 02/01/2026
600051351 G RICHARD BUZZ & ARLENE S 7.875 .250 7.625 .0350 7.590 03/01/2026
600051352 MICHAEL G & CANDACE L LIT 7.250 .250 7.000 .0350 6.965 04/01/2026
<CAPTION>
MI INTEREST LOAN
LOAN # BORROWER S/S LOAN # P & I PMT CO PAID-TO TERM
------ -------------------- --------------- --------- -- -------- ----
<S> <C> <C> <C> <C> <C> <C>
600051339 WILLIAM A & BRENDA G AUGE 7851808 $1,769.48 05/01/1996 360
600051340 THOMAS J VALERI 7871052 $859.69 05/01/1996 360
600051341 MYRNA R & OLIVER C THOMPS 7903000 $2,156.41 05/01/1996 360
600051342 DANIEL L MARSEGLIA 7915704 $1,588.55 05/01/1996 360
600051343 WILLIAM & DAWN R REAGAN 7929865 $2,107.23 05/01/1996 360
600051344 JAMES F MCGURN 7962633 $1,345.14 3 05/01/1996 360
600051345 JEROME J & EILEEN A HENSO 7984867 $1,667.77 3 05/01/1996 360
600051346 CARMINE & CATHY J GENOVES 7997251 $1,674.91 05/01/1996 360
600051347 MICHAEL TANIOKA 8003251 $3,042.51 05/01/1996 360
600051348 ROBERT Z & BARBARA S HAAS 8006412 $1,907.79 05/01/1996 360
600051349 MYRON & CELIA BAKST 8029491 $2,310.62 05/01/1996 360
600051350 SAUL A BARSH 8033953 $1,532.58 05/01/1996 360
600051351 G RICHARD BUZZ & ARLENE S 8042794 $1,987.42 19 05/01/1996 360
600051352 MICHAEL G & CANDACE L LIT 8059416 $2,050.62 19 05/01/1996 360
<CAPTION>
PER LIFE LIFE GROSS NET CERT. PROP BUYDOWN
LOAN # BORROWER CAP FLOOR CAP MARGIN MARGIN MARGIN VALUE TYPE
------ -------------------- ---- ----- ---- ------ ------ ------ ----------- ------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
600051339 WILLIAM A & BRENDA G AUGE .00 $425,000.00 N
600051340 THOMAS J VALERI .00 $172,000.00 N
600051341 MYRNA R & OLIVER C THOMPS .00 $380,000.00 N
600051342 DANIEL L MARSEGLIA .00 $333,900.00 N
600051343 WILLIAM & DAWN R REAGAN .00 $387,500.00 N
600051344 JAMES F MCGURN .00 $188,500.00 N
600051345 JEROME J & EILEEN A HENSO .00 $228,347.00 N
600051346 CARMINE & CATHY J GENOVES .00 $322,000.00 N
600051347 MICHAEL TANIOKA .00 $665,000.00 N
600051348 ROBERT Z & BARBARA S HAAS .00 $510,000.00 N
600051349 MYRON & CELIA BAKST .00 $427,000.00 N
600051350 SAUL A BARSH .00 $390,000.00 N
600051351 G RICHARD BUZZ & ARLENE S .00 $323,000.00 N
600051352 MICHAEL G & CANDACE L LIT .00 $334,000.00 N
</TABLE>
<PAGE>
(vlegal.ace v1.4) Page 58
RUN DATE: 05/28/1996 PNC MORTGAGE SECURITIES CORP.
TIME: 17:15:32 LEGAL LOAN LISTING
REQUESTED STATUS AS OF 05/01/1996
POOL NUMBER: 1380 POOL NAME: 1996-1 DLJ
<TABLE>
<CAPTION>
SCHEDULED
LOAN # BORROWER STREET ADDRESS CITY STATE ZIP BALANCE
------ -------------------- -------------------- --------------- ----- ----- ------------
<S> <C> <C> <C> <C> <C> <C>
600051353 RALPH D & BARBARA A WALKE 9306 OLD MANSION ROAD ALEXANDRIA, VA VA 22309 $259,797.17
600051354 MILO R & GEORGIA H ALEXAN 3230 PARKVIEW ROAD CHEVY CHASE, MD MD 20815 $231,019.64
600051355 DAVID L & LUCY W SKELTON 3554 KINGSBORO ROAD NE ATLANTA, GA GA 30319 $296,000.00
600051356 MANUEL F & ANALEYDA HAITO 768 ALHAMBRA CIRCLE CORAL GABLES, F FL 33134 $257,817.91
600051357 DOUGLAS E & LORI L ROSENC 7427 201ST STREET SE SNOHOMISH, WA WA 98290 $264,812.97
600051358 DELMAR G & CHRISTINE E MA 320 SUNSET AVENUE N EDMONDS, WA WA 98020 $362,730.60
600051359 RAY S & VICKI L FALKENRAT 2413 EAST OAKCREST LANE SALT LAKE CITY, UT 84121 $359,477.22
600051360 DIANE MATTHEW & THOMAS P 13950 TIMBERWICK SHELBY, MI MI 48315 $231,338.64
600051361 RICHARD M. BAIRD 127 RIVER PATH RD MCQUEENY, TX TX 78123 $219,597.33
600051362 MING GEE & HSVEH MEI LEE 19 CRAGMERE OVAL NEW CITY, NY NY 10956 $289,495.80
600051363 JACK L & JUDITH ROSENZWEI 6182 NICHOLAS WEST BLOOMFIELD MI 48322 $209,595.50
600051364 JAMES L & JANE WEAVER 25504 242ND PL S.E. MAPLE VALLEY, W WA 98038 $239,633.64
600051365 WILLIAM E & KATHLEEN E TI 4674 SHELLEY LANE ELLICOTT CITY, MD 21043 $246,830.02
600051366 JAMES LYONS 1649 S PEAKVIEW DRIVE CASTLE ROCK, CO CO 80104 $224,566.62
<CAPTION>
INTEREST LNDR NET MGMT PC SCHEDULED
LOAN # BORROWER RATE FEE RATE FEE RATE MATURITY
------ -------------------- -------- ----- ------ ----- ------ --------
<S> <C> <C> <C> <C> <C> <C> <C>
600051353 RALPH D & BARBARA A WALKE 7.250 .250 7.000 .0350 6.965 04/01/2026
600051354 MILO R & GEORGIA H ALEXAN 7.250 .250 7.000 .0350 6.965 04/01/2026
600051355 DAVID L & LUCY W SKELTON 7.500 .250 7.250 .0350 7.215 05/01/2026
600051356 MANUEL F & ANALEYDA HAITO 7.750 .250 7.500 .0350 7.465 04/01/2026
600051357 DOUGLAS E & LORI L ROSENC 7.750 .250 7.500 .0350 7.465 04/01/2026
600051358 DELMAR G & CHRISTINE E MA 7.500 .250 7.250 .0350 7.215 04/01/2026
600051359 RAY S & VICKI L FALKENRAT 7.625 .250 7.375 .0350 7.340 03/01/2026
600051360 DIANE MATTHEW & THOMAS P 7.750 .250 7.500 .0350 7.465 01/01/2026
600051361 RICHARD M. BAIRD 8.500 .250 8.250 .0350 8.215 02/01/2026
600051362 MING GEE & HSVEH MEI LEE 8.750 .250 8.500 .0350 8.465 02/01/2026
600051363 JACK L & JUDITH ROSENZWEI 8.250 .250 8.000 .0350 7.965 02/01/2026
600051364 JAMES L & JANE WEAVER 7.375 .250 7.125 .0350 7.090 03/01/2026
600051365 WILLIAM E & KATHLEEN E TI 7.875 .250 7.625 .0350 7.590 04/01/2026
600051366 JAMES LYONS 8.250 .250 8.000 .0350 7.965 02/01/2026
<CAPTION>
MI INTEREST LOAN
LOAN # BORROWER S/S LOAN # P & I PMT CO PAID-TO TERM
------ -------------------- --------------- --------- -- -------- ----
<S> <C> <C> <C> <C> <C> <C>
600051353 RALPH D & BARBARA A WALKE 8059510 $1,773.66 05/01/1996 360
600051354 MILO R & GEORGIA H ALEXAN 8059563 $1,577.19 05/01/1996 360
600051355 DAVID L & LUCY W SKELTON 8063269 $2,069.67 05/01/1996 360
600051356 MANUEL F & ANALEYDA HAITO 8102896 $1,848.34 05/01/1996 360
600051357 DOUGLAS E & LORI L ROSENC 8104083 $1,898.49 05/01/1996 360
600051358 DELMAR G & CHRISTINE E MA 8104629 $2,538.15 05/01/1996 360
600051359 RAY S & VICKI L FALKENRAT 8105626 $2,548.06 05/01/1996 360
600051360 DIANE MATTHEW & THOMAS P 8190078 $1,662.08 05/01/1996 360
600051361 RICHARD M. BAIRD 8211246 $1,691.61 05/01/1996 360
600051362 MING GEE & HSVEH MEI LEE 8221284 $2,281.43 05/01/1996 360
600051363 JACK L & JUDITH ROSENZWEI 8229516 $1,577.66 05/01/1996 360
600051364 JAMES L & JANE WEAVER 8231815 $1,657.62 05/01/1996 360
600051365 WILLIAM E & KATHLEEN E TI 8234335 $1,790.92 05/01/1996 360
600051366 JAMES LYONS 8242924 $1,690.35 05/01/1996 360
<CAPTION>
PER LIFE LIFE GROSS NET CERT. PROP BUYDOWN
LOAN # BORROWER CAP FLOOR CAP MARGIN MARGIN MARGIN VALUE TYPE
------ -------------------- ---- ----- ---- ------ ------ ------ ----------- ------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
600051353 RALPH D & BARBARA A WALKE .00 $415,000.00 N
600051354 MILO R & GEORGIA H ALEXAN .00 $289,000.00 N
600051355 DAVID L & LUCY W SKELTON .00 $370,000.00 N
600051356 MANUEL F & ANALEYDA HAITO .00 $462,000.00 N
600051357 DOUGLAS E & LORI L ROSENC .00 $354,990.00 N
600051358 DELMAR G & CHRISTINE E MA .00 $465,000.00 N
600051359 RAY S & VICKI L FALKENRAT .00 $529,900.00 N
600051360 DIANE MATTHEW & THOMAS P .00 $291,000.00 N
600051361 RICHARD M. BAIRD .00 $275,000.00 N
600051362 MING GEE & HSVEH MEI LEE .00 $420,000.00 N
600051363 JACK L & JUDITH ROSENZWEI .00 $370,000.00 N
600051364 JAMES L & JANE WEAVER .00 $300,000.00 N
600051365 WILLIAM E & KATHLEEN E TI .00 $370,000.00 N
600051366 JAMES LYONS .00 $315,000.00 N
</TABLE>
<PAGE>
(vlegal.ace v1.4) Page 59
RUN DATE: 05/28/1996 PNC MORTGAGE SECURITIES CORP.
TIME: 17:15:32 LEGAL LOAN LISTING
REQUESTED STATUS AS OF 05/01/1996
POOL NUMBER: 1380 POOL NAME: 1996-1 DLJ
<TABLE>
<CAPTION>
SCHEDULED
LOAN # BORROWER STREET ADDRESS CITY STATE ZIP BALANCE
------ -------------------- -------------------- --------------- ----- ----- ------------
<S> <C> <C> <C> <C> <C> <C>
600051367 EDWARD & MARCIA CHWALEK 1951 RIDGEVIEW DRIVE LONGMONT, CO CO 80501 $275,283.09
600051368 RICHARD E & LINDA C DICKE 6101 TROTTER RIDGE RD SUMMERFIELD, NC NC 27358 $254,400.00
600051369 FRED L & JOYCE O MORGAN 2196 EAST GAMBEL OAK DRI V SANDY, UT UT 84092 $227,560.82
600051370 MICHAEL R & SHIRLEY R KLE 4355 NORTH IMPERIAL WAY PROVO, UT UT 84604 $384,507.31
600051371 RAYMOND A MIRRA JR 2519 SEA ISLAND DRIVE FORT LAUDERDALE FL 33301 $255,531.43
600051372 ROBERTO MONCADA 8 SLEEPY HOLLOW SLIDELL, LA LA 70458 $250,688.82
600051373 BRUCE P JOHNSON 818 CHURCH STREET SAN FRANCISCO, CA 94114 $259,484.27
600051374 BASILIO A & ELSA SILVA,JR 1629 BILLY CASPER DR. EL PASO, TX TX 79936 $278,559.28
600051375 KEVIN F & PEGGY M CALCAGN 24 THORN OAK COTO DE CAZA AR CA 92679 $413,115.75
600051376 JAN H STAHL 625 EMPORIA ROAD BOULDER, CO CO 80303 $334,267.98
600051377 RONALD P & REGINA C MYSLI 530 3RD STREET BROOKLYN, NY NY 11215 $367,500.00
600051378 MICHAEL J & LISA L DILLON 3911 MAJESTIC TRAIL HOUSTON, TX TX 77059 $227,826.51
600051379 DANIEL B GIBSON 116 TEMBLON SANTA FE, NM NM 87501 $104,743.73
600051380 FRANCIS W & JOYCE L BROOK 3851 GOLDEN MEADOW CT OVIEDO, FL FL 32765 $296,000.00
<CAPTION>
INTEREST LNDR NET MGMT PC SCHEDULED
LOAN # BORROWER RATE FEE RATE FEE RATE MATURITY
------ -------------------- -------- ----- ------ ----- ------ --------
<S> <C> <C> <C> <C> <C> <C> <C>
600051367 EDWARD & MARCIA CHWALEK 6.750 .250 6.500 .0350 6.465 02/01/2026
600051368 RICHARD E & LINDA C DICKE 7.750 .250 7.500 .0350 7.465 05/01/2026
600051369 FRED L & JOYCE O MORGAN 8.250 .250 8.000 .0350 7.965 02/01/2026
600051370 MICHAEL R & SHIRLEY R KLE 8.250 .250 8.000 .0350 7.965 03/01/2026
600051371 RAYMOND A MIRRA JR 8.500 .250 8.250 .0350 8.215 02/01/2026
600051372 ROBERTO MONCADA 7.500 .250 7.250 .0350 7.215 04/01/2026
600051373 BRUCE P JOHNSON 8.125 .250 7.875 .0350 7.840 02/01/2026
600051374 BASILIO A & ELSA SILVA,JR 7.000 .250 6.750 .0350 6.715 02/01/2026
600051375 KEVIN F & PEGGY M CALCAGN 7.875 .250 7.625 .0350 7.590 02/01/2026
600051376 JAN H STAHL 7.625 .250 7.375 .0350 7.340 02/01/2026
600051377 RONALD P & REGINA C MYSLI 7.875 .250 7.625 .0350 7.590 05/01/2026
600051378 MICHAEL J & LISA L DILLON 7.375 .250 7.125 .0350 7.090 04/01/2026
600051379 DANIEL B GIBSON 7.875 .250 7.625 .0350 7.590 02/01/2026
600051380 FRANCIS W & JOYCE L BROOK 7.750 .250 7.500 .0350 7.465 05/01/2026
<CAPTION>
MI INTEREST LOAN
LOAN # BORROWER S/S LOAN # P & I PMT CO PAID-TO TERM
------ -------------------- --------------- --------- -- -------- ----
<S> <C> <C> <C> <C> <C> <C>
600051367 EDWARD & MARCIA CHWALEK 8244184 $1,790.13 05/01/1996 360
600051368 RICHARD E & LINDA C DICKE 8245444 $1,822.55 05/01/1996 360
600051369 FRED L & JOYCE O MORGAN 8254789 $1,712.89 05/01/1996 360
600051370 MICHAEL R & SHIRLEY R KLE 8255682 $2,892.38 05/01/1996 360
600051371 RAYMOND A MIRRA JR 8279391 $1,968.42 05/01/1996 360
600051372 ROBERTO MONCADA 8282299 $1,754.15 3 05/01/1996 360
600051373 BRUCE P JOHNSON 8290038 $1,930.49 05/01/1996 360
600051374 BASILIO A & ELSA SILVA,JR 8293240 $1,857.86 05/01/1996 360
600051375 KEVIN F & PEGGY M CALCAGN 8297650 $3,016.29 05/01/1996 360
600051376 JAN H STAHL 8308171 $2,371.11 05/01/1996 360
600051377 RONALD P & REGINA C MYSLI 8319826 $2,664.63 05/01/1996 360
600051378 MICHAEL J & LISA L DILLON 8324730 $1,574.74 05/01/1996 360
600051379 DANIEL B GIBSON 8349951 $761.32 05/01/1996 360
600051380 FRANCIS W & JOYCE L BROOK 8358477 $2,120.58 05/01/1996 360
<CAPTION>
PER LIFE LIFE GROSS NET CERT. PROP BUYDOWN
LOAN # BORROWER CAP FLOOR CAP MARGIN MARGIN MARGIN VALUE TYPE
------ -------------------- ---- ----- ---- ------ ------ ------ ----------- ------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
600051367 EDWARD & MARCIA CHWALEK .00 $345,000.00 N
600051368 RICHARD E & LINDA C DICKE .00 $318,000.00 N
600051369 FRED L & JOYCE O MORGAN .00 $300,000.00 N
600051370 MICHAEL R & SHIRLEY R KLE .00 $570,000.00 N
600051371 RAYMOND A MIRRA JR .00 $320,000.00 N
600051372 ROBERTO MONCADA .00 $278,750.00 N
600051373 BRUCE P JOHNSON .00 $335,000.00 N
600051374 BASILIO A & ELSA SILVA,JR .00 $410,000.00 N
600051375 KEVIN F & PEGGY M CALCAGN .00 $540,000.00 N
600051376 JAN H STAHL .00 $420,000.00 N
600051377 RONALD P & REGINA C MYSLI .00 $490,000.00 N
600051378 MICHAEL J & LISA L DILLON .00 $285,000.00 N
600051379 DANIEL B GIBSON .00 $157,000.00 N
600051380 FRANCIS W & JOYCE L BROOK .00 $370,000.00 N
</TABLE>
<PAGE>
(vlegal.ace v1.4) Page 60
RUN DATE: 05/28/1996 PNC MORTGAGE SECURITIES CORP.
TIME: 17:15:32 LEGAL LOAN LISTING
REQUESTED STATUS AS OF 05/01/1996
POOL NUMBER: 1380 POOL NAME: 1996-1 DLJ
POOL NUMBER: 1380 POOL NAME: 1996-1 DLJ
<TABLE>
<CAPTION>
SCHEDULED
LOAN # BORROWER STREET ADDRESS CITY STATE ZIP BALANCE
------ -------------------- -------------------- --------------- ----- ----- ------------
<S> <C> <C> <C> <C> <C> <C>
600051381 LYNN C & KARLA L DIERKING 3303 52ND PLACE SW EVERETT, WA WA 98203 $229,837.67
600051382 STEVEN C & MARYANN C TYLE 1250 PINE SHADOW LANE CONCORD, CA CA 94521 $270,000.00
600051383 LAWRENCE M & JOAN B BRANC 10210 ACKERLY TERRACE LANHAM, MD MD 20706 $235,674.11
600051384 FRED L & LISA W HARMS 8125 NORTH 2ND STREET MCALLEN, TX TX 78504 $252,821.44
600051385 STEVEN & SUZANNE MILLER 2760 NW CIRCLE A DR PORTLAND, OR OR 97229 $287,331.84
600051386 MELVIN G JONES 9101 SILVERUN COURT FAIRFAX STATION VA 22039 $271,808.03
600051387 ABRAHAM COHEN 1966 EAST 14TH STREET BROOKLYN, NY NY 11223 $279,487.50
600051388 RICHARD D GRIMALDI 386 GREEN HILL ROAD LONGMEADOW, MA MA 1106 $275,000.00
600051389 THOMAS J & GERALDINE CUMM 2 LONGFELLOW ROAD WELLESLEY, MA MA 2181 $312,784.59
600051390 ANTHONY & LISA MARIE MORS 11 FERN STREET BEVERLY, MA MA 1915 $230,688.97
600051391 YVONNE I & MARK M PYTLIK 192 WASHINGTON STREET WELLESLEY, MA MA 2181 $275,646.79
600051392 THOMAS & MELINDA GOODWIN 77 HARVARD AVENUE UNIT BROOKLINE, MA MA 2146 $245,919.07
600051393 CHESTER KEMP & ELIZABETH 2490 EAST 6200 SOUTH SALT LAKE CITY, UT 84121 $462,586.46
600051394 DAVID M & MARY ANN B ORTH 105 SURREY PLACE NORTH HALEDON, NJ 7508 $219,196.89
<CAPTION>
INTEREST LNDR NET MGMT PC SCHEDULED
LOAN # BORROWER RATE FEE RATE FEE RATE MATURITY
------ -------------------- -------- ----- ------ ----- ------ --------
<S> <C> <C> <C> <C> <C> <C> <C>
600051381 LYNN C & KARLA L DIERKING 7.750 .250 7.500 .0350 7.465 04/01/2026
600051382 STEVEN C & MARYANN C TYLE 7.375 .250 7.125 .0350 7.090 05/01/2026
600051383 LAWRENCE M & JOAN B BRANC 7.875 .250 7.625 .0350 7.590 03/01/2026
600051384 FRED L & LISA W HARMS 7.750 .250 7.500 .0350 7.465 04/01/2026
600051385 STEVEN & SUZANNE MILLER 8.250 .250 8.000 .0350 7.965 03/01/2026
600051386 MELVIN G JONES 7.750 .250 7.500 .0350 7.465 04/01/2026
600051387 ABRAHAM COHEN 8.500 .250 8.250 .0350 8.215 02/01/2026
600051388 RICHARD D GRIMALDI 8.250 .250 8.000 .0350 7.965 05/01/2026
600051389 THOMAS J & GERALDINE CUMM 7.875 .250 7.625 .0350 7.590 04/01/2026
600051390 ANTHONY & LISA MARIE MORS 8.000 .250 7.750 .0350 7.715 03/01/2026
600051391 YVONNE I & MARK M PYTLIK 8.250 .250 8.000 .0350 7.965 03/01/2026
600051392 THOMAS & MELINDA GOODWIN 9.125 .250 8.875 .0350 8.840 04/01/2026
600051393 CHESTER KEMP & ELIZABETH 7.875 .250 7.625 .0350 7.590 03/01/2026
600051394 DAVID M & MARY ANN B ORTH 7.875 .250 7.625 .0350 7.590 03/01/2026
<CAPTION>
MI INTEREST LOAN
LOAN # BORROWER S/S LOAN # P & I PMT CO PAID-TO TERM
------ -------------------- --------------- --------- -- -------- ----
<S> <C> <C> <C> <C> <C> <C>
600051381 LYNN C & KARLA L DIERKING 8358865 $1,647.75 05/01/1996 360
600051382 STEVEN C & MARYANN C TYLE 8359905 $1,864.82 3 05/01/1996 360
600051383 LAWRENCE M & JOAN B BRANC 8369985 $1,711.16 3 05/01/1996 360
600051384 FRED L & LISA W HARMS 8377965 $1,812.52 05/01/1996 360
600051385 STEVEN & SUZANNE MILLER 8391510 $2,161.39 05/01/1996 360
600051386 MELVIN G JONES 8391699 $1,948.64 05/01/1996 360
600051387 ABRAHAM COHEN 8409328 $2,152.96 05/01/1996 360
600051388 RICHARD D GRIMALDI 8412384 $2,065.98 05/01/1996 360
600051389 THOMAS J & GERALDINE CUMM 8412426 $2,269.47 05/01/1996 360
600051390 ANTHONY & LISA MARIE MORS 8413171 $1,695.00 05/01/1996 360
600051391 YVONNE I & MARK M PYTLIK 8413602 $2,073.50 05/01/1996 360
600051392 THOMAS & MELINDA GOODWIN 8413696 $2,001.94 3 05/01/1996 360
600051393 CHESTER KEMP & ELIZABETH 8416122 $3,380.64 05/01/1996 360
600051394 DAVID M & MARY ANN B ORTH 8431095 $1,591.53 05/01/1996 360
<CAPTION>
PER LIFE LIFE GROSS NET CERT. PROP BUYDOWN
LOAN # BORROWER CAP FLOOR CAP MARGIN MARGIN MARGIN VALUE TYPE
------ -------------------- ---- ----- ---- ------ ------ ------ ----------- ------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
600051381 LYNN C & KARLA L DIERKING .00 $315,000.00 N
600051382 STEVEN C & MARYANN C TYLE .00 $300,500.00 N
600051383 LAWRENCE M & JOAN B BRANC .00 $262,525.00 N
600051384 FRED L & LISA W HARMS .00 $377,611.94 N
600051385 STEVEN & SUZANNE MILLER .00 $430,000.00 N
600051386 MELVIN G JONES .00 $340,000.00 N
600051387 ABRAHAM COHEN .00 $355,000.00 N
600051388 RICHARD D GRIMALDI .00 $500,000.00 N
600051389 THOMAS J & GERALDINE CUMM .00 $436,000.00 N
600051390 ANTHONY & LISA MARIE MORS .00 $300,000.00 N
600051391 YVONNE I & MARK M PYTLIK .00 $430,000.00 N
600051392 THOMAS & MELINDA GOODWIN .00 $259,000.00 N
600051393 CHESTER KEMP & ELIZABETH .00 $700,000.00 N
600051394 DAVID M & MARY ANN B ORTH .00 $300,000.00 N
</TABLE>
<PAGE>
(vlegal.ace v1.4) Page 61
RUN DATE: 05/28/1996 PNC MORTGAGE SECURITIES CORP.
TIME: 17:15:32 LEGAL LOAN LISTING
REQUESTED STATUS AS OF 05/01/1996
POOL NUMBER: 1380 POOL NAME: 1996-1 DLJ
<TABLE>
<CAPTION>
SCHEDULED
LOAN # BORROWER STREET ADDRESS CITY STATE ZIP BALANCE
------ -------------------- -------------------- --------------- ----- ----- ------------
<S> <C> <C> <C> <C> <C> <C>
600051395 GARY ROBERTS & KRYSTAL AN 1223 1ST STREET KIRKLAND, WA WA 98033 $258,618.68
600051396 STEVEN W & BETH ANN SMITH 3702 SOUTH STAR LAKE ROAD AUBURN, WA WA 98001 $248,078.60
600051397 ROBERT L & CYNTHIA C COUT 17015 NORTHEAST 129TH COU REDMOND, WA WA 98052 $244,644.23
600051398 GREGORY P & MARY R MITCHE 47-40 GLENWOOD STREET LITTLE NECK, NY NY 11362 $239,488.55
600051399 NUNZIO & LEIGH MARTINO 162 AVA DRIVE EAST MEADOW, NY NY 11554 $117,457.02
600051400 DANIEL AND FRANCES DE MON 9 CARNEGIE PLACE BASKING RIDGE, NJ 7920 $317,088.06
600051401 RACHEL BOLAN SOUTHWORTH 3 HILTON ROAD ATLANTIC HIGHLA NJ 7716 $303,285.79
600051402 DAVID SABO 84 REIDS HILL ROAD MARLBORO, NJ NJ 7751 $283,799.56
600051403 SEBASTIAN BIERK 99 SWIMMING RIVER ROAD MIDDLETOWN TOWN NJ 7738 $249,832.26
600051404 ROGER PAUL & BETH ELAINE 13207 GEORGE STREET FARMERS BRANCH, TX 75234 $252,074.11
600051405 BRYAN W & PATRICIA LLOYD 4439 NORTH WEST SAWMILL D PARK CITY, UT UT 84060 $229,642.55
600051406 TIMOTHY P & JOY O'ROURKE 1957 MIDCHESTER WEST BLOOMFIELD MI 48322 $237,332.37
600051407 WALTER BARRY WILKINS 3113 81ST STREET LUBBOCK, TX TX 79423 $99,934.58
600051408 ROGER E BRODMAN 6030 EAST EXETER BOULEVAR PHOENIX, AZ AZ 85251 $436,396.55
<CAPTION>
INTEREST LNDR NET MGMT PC SCHEDULED
LOAN # BORROWER RATE FEE RATE FEE RATE MATURITY
------ -------------------- -------- ----- ------ ----- ------ --------
<S> <C> <C> <C> <C> <C> <C> <C>
600051395 GARY ROBERTS & KRYSTAL AN 7.500 .250 7.250 .0350 7.215 02/01/2026
600051396 STEVEN W & BETH ANN SMITH 7.875 .250 7.625 .0350 7.590 02/01/2026
600051397 ROBERT L & CYNTHIA C COUT 7.625 .250 7.375 .0350 7.340 03/01/2026
600051398 GREGORY P & MARY R MITCHE 7.750 .250 7.500 .0350 7.465 02/01/2026
600051399 NUNZIO & LEIGH MARTINO 8.500 .250 8.250 .0350 8.215 03/01/2026
600051400 DANIEL AND FRANCES DE MON 8.250 .250 8.000 .0350 7.965 02/01/2026
600051401 RACHEL BOLAN SOUTHWORTH 7.750 .250 7.500 .0350 7.465 04/01/2026
600051402 DAVID SABO 7.750 .250 7.500 .0350 7.465 04/01/2026
600051403 SEBASTIAN BIERK 8.000 .250 7.750 .0350 7.715 04/01/2026
600051404 ROGER PAUL & BETH ELAINE 7.500 .250 7.250 .0350 7.215 03/01/2026
600051405 BRYAN W & PATRICIA LLOYD 7.500 .250 7.250 .0350 7.215 03/01/2026
600051406 TIMOTHY P & JOY O'ROURKE 7.750 .250 7.500 .0350 7.465 04/01/2026
600051407 WALTER BARRY WILKINS 8.125 .250 7.875 .0350 7.840 04/01/2026
600051408 ROGER E BRODMAN 7.875 .250 7.625 .0350 7.590 03/01/2026
<CAPTION>
MI INTEREST LOAN
LOAN # BORROWER S/S LOAN # P & I PMT CO PAID-TO TERM
------ -------------------- --------------- --------- -- -------- ----
<S> <C> <C> <C> <C> <C> <C>
600051395 GARY ROBERTS & KRYSTAL AN 8441343 $1,812.36 05/01/1996 360
600051396 STEVEN W & BETH ANN SMITH 8441836 $1,805.42 05/01/1996 360
600051397 ROBERT L & CYNTHIA C COUT 8442330 $1,734.09 05/01/1996 360
600051398 GREGORY P & MARY R MITCHE 8443642 $1,719.39 05/01/1996 360
600051399 NUNZIO & LEIGH MARTINO 8444188 $904.24 05/01/1996 360
600051400 DANIEL AND FRANCES DE MON 8444367 $2,386.77 05/01/1996 360
600051401 RACHEL BOLAN SOUTHWORTH 8445469 $2,174.31 05/01/1996 360
600051402 DAVID SABO 8445490 $2,034.61 05/01/1996 360
600051403 SEBASTIAN BIERK 8445952 $1,834.41 05/01/1996 360
600051404 ROGER PAUL & BETH ELAINE 8447611 $1,765.17 05/01/1996 360
600051405 BRYAN W & PATRICIA LLOYD 8459098 $1,608.19 05/01/1996 360
600051406 TIMOTHY P & JOY O'ROURKE 8479132 $1,701.48 7 05/01/1996 360
600051407 WALTER BARRY WILKINS 8481757 $742.50 05/01/1996 360
600051408 ROGER E BRODMAN 8491984 $3,168.55 05/01/1996 360
<CAPTION>
PER LIFE LIFE GROSS NET CERT. PROP BUYDOWN
LOAN # BORROWER CAP FLOOR CAP MARGIN MARGIN MARGIN VALUE TYPE
------ -------------------- ---- ----- ---- ------ ------ ------ ----------- ------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
600051395 GARY ROBERTS & KRYSTAL AN .00 $324,000.00 N
600051396 STEVEN W & BETH ANN SMITH .00 $315,000.00 N
600051397 ROBERT L & CYNTHIA C COUT .00 $325,000.00 N
600051398 GREGORY P & MARY R MITCHE .00 $310,000.00 N
600051399 NUNZIO & LEIGH MARTINO .00 $168,000.00 N
600051400 DANIEL AND FRANCES DE MON .00 $397,128.00 N
600051401 RACHEL BOLAN SOUTHWORTH .00 $475,000.00 N
600051402 DAVID SABO .00 $430,000.00 N
600051403 SEBASTIAN BIERK .00 $515,000.00 N
600051404 ROGER PAUL & BETH ELAINE .00 $413,000.00 N
600051405 BRYAN W & PATRICIA LLOYD .00 $398,239.00 N
600051406 TIMOTHY P & JOY O'ROURKE .00 $250,000.00 N
600051407 WALTER BARRY WILKINS .00 $190,000.00 N
600051408 ROGER E BRODMAN .00 $680,000.00 N
</TABLE>
<PAGE>
(vlegal.ace v1.4) Page 62
RUN DATE: 05/28/1996 PNC MORTGAGE SECURITIES CORP.
TIME: 17:15:32 LEGAL LOAN LISTING
REQUESTED STATUS AS OF 05/01/1996
POOL NUMBER: 1380 POOL NAME: 1996-1 DLJ
<TABLE>
<CAPTION>
SCHEDULED
LOAN # BORROWER STREET ADDRESS CITY STATE ZIP BALANCE
------ -------------------- -------------------- --------------- ----- ----- ------------
<S> <C> <C> <C> <C> <C> <C>
600051409 JARROD W & LINDA J WILCOX 950 CENTRE STREET NEWTON, MA MA 2159 $249,636.97
600051410 DONNA L SCHULTZ 2650 DEER VALLEY DRIVE E, PARK CITY, UT UT 84060 $243,340.72
600051411 CLARENE DAVID 116 15TH STREET HUNTINGTON BEAC CA 92648 $271,777.05
600051412 JOEL P & SHARON G CHACK 5 GWEN COURT CHERRY HILL, NJ NJ 8003 $287,500.00
600051413 JEFFREY L & LINNEA L HOWE 3623 KREY AVENUE VADNAIS HEIGHTS MN 55127 $220,340.40
600051414 DANIEL H & DORIS N SCHYMA 3950 114TH LANE COON RAPIDS, MN MN 55433 $399,703.14
600051415 TERRY E WILLIAMS 261 MONTROSE DRIVE MCDONOUGH, GA GA 30253 $247,444.39
600051416 TIMOTHY J & MARY COLLEEN 3105 BYWATER TRAIL ROSWELL, GA GA 30075 $253,589.58
600051417 WARREN L & SUSAN M HAMILT 8745 RIVER BLUFF LANE ROSWELL, GA GA 30076 $349,079.48
600051418 JAMES R & THERESA JANE P 51 SUMMERWALK PLACE THE WOODLANDS, TX 77381 $319,662.59
600051419 RICHARD C & PENNY K HOOK 107 BEECHMONT ROAD HOUSTON, TX TX 77024 $261,006.15
600051420 VO X NGO 12329 ZELLER LANE AUSTIN, TX TX 78753 $107,673.96
600051421 VINCENT B & RUE ANN DIVIT 11915 DONCASTER ROAD HOUSTON, TX TX 77024 $276,554.67
600051422 JOSE A & DORA TOVAR 3 ALPINE STREET BELLAIRE, TX TX 77401 $434,550.00
<CAPTION>
INTEREST LNDR NET MGMT PC SCHEDULED
LOAN # BORROWER RATE FEE RATE FEE RATE MATURITY
------ -------------------- -------- ----- ------ ----- ------ --------
<S> <C> <C> <C> <C> <C> <C> <C>
600051409 JARROD W & LINDA J WILCOX 7.625 .250 7.375 .0350 7.340 03/01/2026
600051410 DONNA L SCHULTZ 8.125 .250 7.875 .0350 7.840 04/01/2026
600051411 CLARENE DAVID 7.000 .250 6.750 .0350 6.715 04/01/2026
600051412 JOEL P & SHARON G CHACK 8.250 .250 8.000 .0350 7.965 05/01/2026
600051413 JEFFREY L & LINNEA L HOWE 7.625 .250 7.375 .0350 7.340 04/01/2026
600051414 DANIEL H & DORIS N SCHYMA 7.500 .250 7.250 .0350 7.215 04/01/2026
600051415 TERRY E WILLIAMS 7.500 .250 7.250 .0350 7.215 02/01/2026
600051416 TIMOTHY J & MARY COLLEEN 7.750 .250 7.500 .0350 7.465 03/01/2026
600051417 WARREN L & SUSAN M HAMILT 7.500 .250 7.250 .0350 7.215 03/01/2026
600051418 JAMES R & THERESA JANE P 7.500 .250 7.250 .0350 7.215 04/01/2026
600051419 RICHARD C & PENNY K HOOK 7.500 .250 7.250 .0350 7.215 04/01/2026
600051420 VO X NGO 7.750 .250 7.500 .0350 7.465 04/01/2026
600051421 VINCENT B & RUE ANN DIVIT 7.750 .250 7.500 .0350 7.465 04/01/2026
600051422 JOSE A & DORA TOVAR 8.250 .250 8.000 .0350 7.965 05/01/2026
<CAPTION>
MI INTEREST LOAN
LOAN # BORROWER S/S LOAN # P & I PMT CO PAID-TO TERM
------ -------------------- --------------- --------- -- -------- ----
<S> <C> <C> <C> <C> <C> <C>
600051409 JARROD W & LINDA J WILCOX 8501235 $1,769.48 05/01/1996
600051410 DONNA L SCHULTZ 8503062 $1,807.98 05/01/1996
600051411 CLARENE DAVID 8506989 $1,809.62 05/01/1996
600051412 JOEL P & SHARON G CHACK 8509026 $2,159.89 05/01/1996
600051413 JEFFREY L & LINNEA L HOWE 8517741 $1,560.69 3 05/01/1996
600051414 DANIEL H & DORIS N SCHYMA 8517940 $2,796.86 05/01/1996
600051415 TERRY E WILLIAMS 8538415 $1,734.05 05/01/1996
600051416 TIMOTHY J & MARY COLLEEN 8538478 $1,820.05 05/01/1996
600051417 WARREN L & SUSAN M HAMILT 8539255 $2,444.45 05/01/1996
600051418 JAMES R & THERESA JANE P 8542216 $2,236.79 05/01/1996
600051419 RICHARD C & PENNY K HOOK 8542605 $1,826.35 05/01/1996
600051420 VO X NGO 8543466 $771.93 05/01/1996
600051421 VINCENT B & RUE ANN DIVIT 8543907 $1,982.67 19 05/01/1996
600051422 JOSE A & DORA TOVAR 8544096 $3,264.63 05/01/1996
<CAPTION>
PER LIFE LIFE GROSS NET CERT. PROP BUYDOWN
LOAN # BORROWER CAP FLOOR CAP MARGIN MARGIN MARGIN VALUE TYPE
------ -------------------- ---- ----- ---- ------ ------ ------ ----------- ------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
600051409 JARROD W & LINDA J WILCOX 360 .00 $472,500.00 N
600051410 DONNA L SCHULTZ 360 .00 $335,000.00 N
600051411 CLARENE DAVID 360 .00 $340,000.00 N
600051412 JOEL P & SHARON G CHACK 360 .00 $437,500.00 N
600051413 JEFFREY L & LINNEA L HOWE 360 .00 $245,000.00 N
600051414 DANIEL H & DORIS N SCHYMA 360 .00 $500,000.00 N
600051415 TERRY E WILLIAMS 360 .00 $310,000.00 N
600051416 TIMOTHY J & MARY COLLEEN 360 .00 $325,000.00 N
600051417 WARREN L & SUSAN M HAMILT 360 .00 $437,000.00 N
600051418 JAMES R & THERESA JANE P 360 .00 $454,900.00 N
600051419 RICHARD C & PENNY K HOOK 360 .00 $326,500.00 N
600051420 VO X NGO 360 .00 $153,990.00 N
600051421 VINCENT B & RUE ANN DIVIT 360 .00 $307,500.00 N
600051422 JOSE A & DORA TOVAR 360 .00 $625,000.00 N
</TABLE>
<PAGE>
(vlegal.ace v1.4) Page 63
RUN DATE: 05/28/1996 PNC MORTGAGE SECURITIES CORP.
TIME: 17:15:32 LEGAL LOAN LISTING
REQUESTED STATUS AS OF 05/01/1996
POOL NUMBER: 1380 POOL NAME: 1996-1 DLJ
<TABLE>
<CAPTION>
SCHEDULED
LOAN # BORROWER STREET ADDRESS CITY STATE ZIP BALANCE
------ -------------------- -------------------- --------------- ----- ----- ------------
<S> <C> <C> <C> <C> <C> <C>
600051423 BARRY J & SUSAN A SCHEER 64 PETTY RD CRANBURY, NJ NJ 8512 $378,732.51
600051424 ROBERT A & PENNY D GOTCH 20220 MARILLA COURT SARATOGA, CA CA 95070 $229,441.99
600051425 BARRY K & BARBARA A WESTM 1870 CLARKS CREEK ROAD VALLE CRUCIS, N NC 28691 $223,492.15
600051426 EDWARD J MCCONNELL III 3 COURTNEY RD WILMINGTON, DE DE 19807 $290,693.01
600051427 REX R & GAYELYN G ANDERSO 900 DONNA DRIVE INCLINE VILLAGE NV 89450 $328,500.00
600051428 CHIJIOKE & JOY OHAYIA 234 SUTPHIN LN HILLSBOROUGH, N NJ 8853 $207,565.00
600051429 MICHAEL C & FLORINE M MAR 477 SOUTH MIDDLETON PALATINE, IL IL 60067 $302,431.05
600051430 JOHN HERNANDO PARIS 137 N 8TH ST UNIT 25 ASPEN, CO CO 81611 $264,624.72
600051431 DENNIS J ACINAPURA 22 MELODY LANE CUMBERLAND, RI RI 02684 $111,279.72
600051432 JOSEPH E GRAY 875 WILDERNESS LANE GREENWOOD, IN IN 46142 $247,845.85
600051433 RICHARD W & JOANN P MARTI 1 COLUMBINE LANE LITTLETON, CO CO 80123 $234,653.93
600051434 DAVID N & CHERYL E BROTMA 106 STALLION CIRCLE HOLLAND, PA PA 18966 $292,453.64
600051435 LEROY E & TANYA M COCHRAN 8531 WINTER PASTURE WAY COLUMBIA, MD MD 21045 $215,839.70
600051436 BERNADETTE M EICHELBERGER 1934 37TH STREET NW WASHINGTON, DC DC 20007 $232,597.75
<CAPTION>
INTEREST LNDR NET MGMT PC SCHEDULED
LOAN # BORROWER RATE FEE RATE FEE RATE MATURITY
------ -------------------- -------- ----- ------ ----- ------ --------
<S> <C> <C> <C> <C> <C> <C> <C>
600051423 BARRY J & SUSAN A SCHEER 7.750 .250 7.500 .0350 7.465 04/01/2026
600051424 ROBERT A & PENNY D GOTCH 7.875 .250 7.625 .0350 7.590 04/01/2026
600051425 BARRY K & BARBARA A WESTM 7.750 .250 7.500 .0350 7.465 04/01/2026
600051426 EDWARD J MCCONNELL III 8.875 .250 8.625 .0350 8.590 01/01/2024
600051427 REX R & GAYELYN G ANDERSO 8.375 .250 8.125 .0350 8.090 05/01/2026
600051428 CHIJIOKE & JOY OHAYIA 8.750 .250 8.500 .0350 8.465 11/01/2023
600051429 MICHAEL C & FLORINE M MAR 8.375 .250 8.125 .0350 8.090 02/01/2026
600051430 JOHN HERNANDO PARIS 7.750 .250 7.500 .0350 7.465 03/01/2026
600051431 DENNIS J ACINAPURA 8.125 .250 7.875 .0350 7.840 02/01/2026
600051432 JOSEPH E GRAY 8.375 .250 8.125 .0350 8.090 04/01/2026
600051433 RICHARD W & JOANN P MARTI 8.375 .250 8.125 .0350 8.090 04/01/2026
600051434 DAVID N & CHERYL E BROTMA 8.000 .250 7.750 .0350 7.715 04/01/2026
600051435 LEROY E & TANYA M COCHRAN 7.500 .250 7.250 .0350 7.215 04/01/2026
600051436 BERNADETTE M EICHELBERGER 8.125 .250 7.875 .0350 7.840 04/01/2026
<CAPTION>
MI INTEREST LOAN
LOAN # BORROWER S/S LOAN # P & I PMT CO PAID-TO TERM
------ -------------------- --------------- --------- -- -------- ----
<S> <C> <C> <C> <C> <C> <C>
600051423 BARRY J & SUSAN A SCHEER 8545713 $2,715.20 05/01/1996
600051424 ROBERT A & PENNY D GOTCH 8546700 $1,664.76 05/01/1996
600051425 BARRY K & BARBARA A WESTM 8576604 $1,602.26 7 05/01/1996
600051426 EDWARD J MCCONNELL III 8583194 $2,354.39 05/01/1996
600051427 REX R & GAYELYN G ANDERSO 8584059 $2,496.84 19 05/01/1996
600051428 CHIJIOKE & JOY OHAYIA 8585108 $1,664.91 2 05/01/1996
600051429 MICHAEL C & FLORINE M MAR 8588227 $2,303.02 05/01/1996
600051430 JOHN HERNANDO PARIS 8591829 $1,898.49 05/01/1996
600051431 DENNIS J ACINAPURA 8601342 $827.88 05/01/1996
600051432 JOSEPH E GRAY 8617795 $1,884.98 3 05/01/1996
600051433 RICHARD W & JOANN P MARTI 8618478 $1,786.17 05/01/1996
600051434 DAVID N & CHERYL E BROTMA 8623056 $2,147.36 05/01/1996
600051435 LEROY E & TANYA M COCHRAN 8640738 $1,510.30 19 05/01/1996
600051436 BERNADETTE M EICHELBERGER 8640948 $1,728.16 19 05/01/1996
<CAPTION>
PER LIFE LIFE GROSS NET CERT. PROP BUYDOWN
LOAN # BORROWER CAP FLOOR CAP MARGIN MARGIN MARGIN VALUE TYPE
------ -------------------- ---- ----- ---- ------ ------ ------ ----------- ------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
600051423 BARRY J & SUSAN A SCHEER 360 .00 $570,000.00 N
600051424 ROBERT A & PENNY D GOTCH 360 .00 $507,000.00 N
600051425 BARRY K & BARBARA A WESTM 360 .00 $248,500.00 N
600051426 EDWARD J MCCONNELL III 360 .00 $375,000.00 N
600051427 REX R & GAYELYN G ANDERSO 360 .00 $365,000.00 N
600051428 CHIJIOKE & JOY OHAYIA 360 .00 $238,000.00 N
600051429 MICHAEL C & FLORINE M MAR 360 .00 $378,765.00 N
600051430 JOHN HERNANDO PARIS 360 .00 $445,000.00 N
600051431 DENNIS J ACINAPURA 360 .00 $161,000.00 N
600051432 JOSEPH E GRAY 360 .00 $278,000.00 N
600051433 RICHARD W & JOANN P MARTI 360 .00 $312,500.00 N
600051434 DAVID N & CHERYL E BROTMA 360 .00 $390,203.00 N
600051435 LEROY E & TANYA M COCHRAN 360 .00 $240,000.00 N
600051436 BERNADETTE M EICHELBERGER 360 .00 $245,000.00 N
</TABLE>
<PAGE>
(vlegal.ace v1.4) Page 64
RUN DATE: 05/28/1996 PNC MORTGAGE SECURITIES CORP.
TIME: 17:15:32 LEGAL LOAN LISTING
REQUESTED STATUS AS OF 05/01/1996
POOL NUMBER: 1380 POOL NAME: 1996-1 DLJ
<TABLE>
<CAPTION>
SCHEDULED
LOAN # BORROWER STREET ADDRESS CITY STATE ZIP BALANCE
------ -------------------- -------------------- --------------- ----- ----- ------------
<S> <C> <C> <C> <C> <C> <C>
600051437 AMARPREET & KULBEER DHILL 21975 PHILIP DRIVE LEONARDTOWN, MD MD 29650 $432,000.00
600051438 MADELINE ISAACSON MORITZ 67 SUGAR MAPLE LANE GLEN COVE, NY NY 11542 $217,346.49
600051439 JOHN K & LISA L PENTON 15300 STONY SPRING RD OKLAHOMA CITY, OK 73013 $379,210.31
600051440 RONALD J & SANDRA S DONEF 16242 EAST SAQUARO BLVD FOUNTAIN HILLS, AZ 85268 $244,653.04
600051441 PETER D CARNICELLI 6 WHITTIER RD MARBLEHEAD, MA MA 1945 $302,416.69
600051442 RONALD H & ELIZABETH T MC 2406 STRYKER AVE VIENNA, VA VA 22181 $259,499.20
600051443 FRANK E & JANIS E ASZMAN 25989 NE BUTTEVILLE ROAD AURORA, OR OR 97002 $159,691.80
600051444 CARL W & JOANNA B RUGGIER 2800 ERMINIA ROAD RENO, NV NV 89523 $257,463.84
600051445 STEVEN W & JEYVENNA F SMI 1104 HIDDEN HILL COURT LOUISVILLE KY KY 40245 $220,644.16
600051446 SHELDON E & TONI A GOLDBE 1800 BEN FRANKLIN DR. #B SARASOTA, FL FL 34236 $293,341.33
600051447 HENRY B SULLIVAN 1691 ASHEBARK COURT MARIETTA, GA GA 30068 $356,987.63
600051448 TIMOTHY G JONES 169 BOGLE RD PETERBOROUGH, N NH 3458 $246,658.90
600051449 MICHAEL D & CARLA J MURRA 802 CAL COVE DRIVE FORT MYERS, FL FL 33919 $240,000.00
600051450 PATRICK T MURPHY 11815 SOUTH TUZIGOOT COUR PHOENIX, AZ AZ 85044 $333,527.00
<CAPTION>
INTEREST LNDR NET MGMT PC SCHEDULED
LOAN # BORROWER RATE FEE RATE FEE RATE MATURITY
------ -------------------- -------- ----- ------ ----- ------ --------
<S> <C> <C> <C> <C> <C> <C> <C>
600051437 AMARPREET & KULBEER DHILL 8.625 .250 8.375 .0350 8.340 05/01/2026
600051438 MADELINE ISAACSON MORITZ 7.750 .250 7.500 .0350 7.465 04/01/2026
600051439 JOHN K & LISA L PENTON 7.875 .250 7.625 .0350 7.590 02/01/2026
600051440 RONALD J & SANDRA S DONEF 7.750 .250 7.500 .0350 7.465 03/01/2026
600051441 PETER D CARNICELLI 8.500 .250 8.250 .0350 8.215 04/01/2026
600051442 RONALD H & ELIZABETH T MC 8.250 .250 8.000 .0350 7.965 02/01/2026
600051443 FRANK E & JANIS E ASZMAN 8.250 .250 8.000 .0350 7.965 02/01/2026
600051444 CARL W & JOANNA B RUGGIER 7.875 .250 7.625 .0350 7.590 02/01/2026
600051445 STEVEN W & JEYVENNA F SMI 7.750 .250 7.500 .0350 7.465 04/01/2026
600051446 SHELDON E & TONI A GOLDBE 7.500 .250 7.250 .0350 7.215 02/01/2026
600051447 HENRY B SULLIVAN 7.750 .250 7.500 .0350 7.465 02/01/2026
600051448 TIMOTHY G JONES 7.875 .250 7.625 .0350 7.590 03/01/2026
600051449 MICHAEL D & CARLA J MURRA 8.000 .250 7.750 .0350 7.715 05/01/2026
600051450 PATRICK T MURPHY 7.750 .250 7.500 .0350 7.465 03/01/2026
<CAPTION>
MI INTEREST LOAN
LOAN # BORROWER S/S LOAN # P & I PMT CO PAID-TO TERM
------ -------------------- --------------- --------- -- -------- ----
<S> <C> <C> <C> <C> <C> <C>
600051437 AMARPREET & KULBEER DHILL 8641956 $3,360.05 05/01/1996
600051438 MADELINE ISAACSON MORITZ 8663953 $1,558.20 05/01/1996
600051439 JOHN K & LISA L PENTON 8687347 $2,755.26 05/01/1996
600051440 RONALD J & SANDRA S DONEF 8704987 $1,755.21 05/01/1996
600051441 PETER D CARNICELLI 8711634 $2,326.73 05/01/1996
600051442 RONALD H & ELIZABETH T MC 8711844 $1,953.29 05/01/1996
600051443 FRANK E & JANIS E ASZMAN 8721745 $1,202.03 05/01/1996
600051444 CARL W & JOANNA B RUGGIER 8742682 $1,870.68 05/01/1996
600051445 STEVEN W & JEYVENNA F SMI 8743753 $1,581.84 05/01/1996
600051446 SHELDON E & TONI A GOLDBE 8744152 $2,055.69 05/01/1996
600051447 HENRY B SULLIVAN 8745475 $2,562.96 19 05/01/1996
600051448 TIMOTHY G JONES 8755524 $1,790.93 19 05/01/1996
600051449 MICHAEL D & CARLA J MURRA 8764816 $1,761.03 05/01/1996
600051450 PATRICK T MURPHY 8775106 $2,392.82 05/01/1996
<CAPTION>
PER LIFE LIFE GROSS NET CERT. PROP BUYDOWN
LOAN # BORROWER CAP FLOOR CAP MARGIN MARGIN MARGIN VALUE TYPE
------ -------------------- ---- ----- ---- ------ ------ ------ ----------- ------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
600051437 AMARPREET & KULBEER DHILL 360 .00 $589,000.00 N
600051438 MADELINE ISAACSON MORITZ 360 .00 $290,000.00 N
600051439 JOHN K & LISA L PENTON 360 .00 $475,000.00 N
600051440 RONALD J & SANDRA S DONEF 360 .00 $365,000.00 N
600051441 PETER D CARNICELLI 360 .00 $436,000.00 N
600051442 RONALD H & ELIZABETH T MC 360 .00 $450,000.00 N
600051443 FRANK E & JANIS E ASZMAN 360 .00 $490,000.00 N
600051444 CARL W & JOANNA B RUGGIER 360 .00 $360,000.00 N
600051445 STEVEN W & JEYVENNA F SMI 360 .00 $294,545.00 N
600051446 SHELDON E & TONI A GOLDBE 360 .00 $420,000.00 N
600051447 HENRY B SULLIVAN 360 .00 $397,500.00 N
600051448 TIMOTHY G JONES 360 .00 $282,500.00 N
600051449 MICHAEL D & CARLA J MURRA 360 .00 $300,000.00 N
600051450 PATRICK T MURPHY 360 .00 $420,000.00 N
</TABLE>
<PAGE>
(vlegal.ace v1.4) Page 65
RUN DATE: 05/28/1996 PNC MORTGAGE SECURITIES CORP.
TIME: 17:15:32 LEGAL LOAN LISTING
REQUESTED STATUS AS OF 05/01/1996
POOL NUMBER: 1380 POOL NAME: 1996-1 DLJ
<TABLE>
<CAPTION>
SCHEDULED
LOAN # BORROWER STREET ADDRESS CITY STATE ZIP BALANCE
------ -------------------- -------------------- --------------- ----- ----- ------------
<S> <C> <C> <C> <C> <C> <C>
600051451 SHERYL J & HOWARD S KATZ 3417 E. MARLETTE AVENUE PARADISE VALLEY AZ 85253 $327,523.71
600051452 JEANNE M O'CRAIGHAN 4801 EAST MOONLIGHT WAY PARADISE VALLEY AZ 85253 $309,472.06
600051453 GEORGE J MICHAELS 1756 FRIAR TUCK ROAD ATLANTA, GA GA 30309 $266,810.42
600051454 HOANG VAN CANH 2187 STONE DRIVE LILBURN, GA GA 30247 $68,803.80
600051455 JIM D LOWERY 150 LAKE ALUMA DRIVE OKLAHOMA CITY, OK 73121 $378,421.45
600051456 BURTON N & HEATHER DUZE 17 RIVER RIDGE CIRCLE LITTLE ROCK, AR AR 72227 $254,673.68
600051457 TERRY L & NANCY C PHIPPS 9810 SOUTH JAMESTOWN AVEN TULSA, OK OK 74136 $232,255.55
600051458 BILL C & SANDRA HOWISON 6905 EAST FORT WORTH STRE BROKEN ARROW, O OK 74014 $225,763.37
600051459 DAVID & VIVIAN K SUTTER 618 COLONIAL PORTLAND, TX TX 78374 $219,291.17
600051460 MICHAEL R BOYLE 11841 S.E. GRAND VISTA DR CLACKAMAS, OR OR 97015 $234,675.50
600051461 TIMOTHY A & KARLA J MCGIL 1885 EAST 10225 SOUTH SANDY, UT UT 84092 $251,577.64
600051462 DWAIN A & JODI SKINNER 3038 WEST COUNTRY CLASSIC BLUFFDALE, UT UT 84065 $271,185.41
600051463 EDWIN B NEILL 121 HAWTHORNE ROAD BALTIMORE, MD MD 21210 $260,000.00
600051464 JEAN-PIERRE FILIPPI 9969 DURANT DRIVE BEVERLY HILLS, CA 90212 $249,836.47
<CAPTION>
INTEREST LNDR NET MGMT PC SCHEDULED
LOAN # BORROWER RATE FEE RATE FEE RATE MATURITY
------ -------------------- -------- ----- ------ ----- ------ --------
<S> <C> <C> <C> <C> <C> <C> <C>
600051451 SHERYL J & HOWARD S KATZ 7.625 .250 7.375 .0350 7.340 03/01/2026
600051452 JEANNE M O'CRAIGHAN 7.875 .250 7.625 .0350 7.590 03/01/2026
600051453 GEORGE J MICHAELS 7.625 .250 7.375 .0350 7.340 03/01/2026
600051454 HOANG VAN CANH 8.000 .250 7.750 .0350 7.715 04/01/2026
600051455 JIM D LOWERY 7.375 .250 7.125 .0350 7.090 03/01/2026
600051456 BURTON N & HEATHER DUZE 8.250 .250 8.000 .0350 7.965 03/01/2026
600051457 TERRY L & NANCY C PHIPPS 8.375 .250 8.125 .0350 8.090 04/01/2026
600051458 BILL C & SANDRA HOWISON 7.500 .250 7.250 .0350 7.215 03/01/2026
600051459 DAVID & VIVIAN K SUTTER 7.625 .250 7.375 .0350 7.340 04/01/2026
600051460 MICHAEL R BOYLE 7.875 .250 7.625 .0350 7.590 03/01/2026
600051461 TIMOTHY A & KARLA J MCGIL 8.250 .250 8.000 .0350 7.965 03/01/2026
600051462 DWAIN A & JODI SKINNER 7.375 .250 7.125 .0350 7.090 03/01/2026
600051463 EDWIN B NEILL 7.625 .250 7.375 .0350 7.340 05/01/2026
600051464 JEAN-PIERRE FILIPPI 8.125 .250 7.875 .0350 7.840 04/01/2026
<CAPTION>
MI INTEREST LOAN
LOAN # BORROWER S/S LOAN # P & I PMT CO PAID-TO TERM
------ -------------------- --------------- --------- -- -------- ----
<S> <C> <C> <C> <C> <C> <C>
600051451 SHERYL J & HOWARD S KATZ 8775169 $2,321.56 05/01/1996
600051452 JEANNE M O'CRAIGHAN 8775673 $2,246.99 05/01/1996
600051453 GEORGE J MICHAELS 8779957 $1,892.64 05/01/1996
600051454 HOANG VAN CANH 8782246 $505.20 05/01/1996
600051455 JIM D LOWERY 8784000 $2,617.66 05/01/1996
600051456 BURTON N & HEATHER DUZE 8784220 $1,915.73 05/01/1996
600051457 TERRY L & NANCY C PHIPPS 8784588 $1,766.41 05/01/1996
600051458 BILL C & SANDRA HOWISON 8785039 $1,580.92 3 05/01/1996
600051459 DAVID & VIVIAN K SUTTER 8792536 $1,553.25 19 05/01/1996
600051460 MICHAEL R BOYLE 8817768 $1,703.91 05/01/1996
600051461 TIMOTHY A & KARLA J MCGIL 8819059 $1,892.44 19 05/01/1996
600051462 DWAIN A & JODI SKINNER 8819563 $1,875.87 05/01/1996
600051463 EDWIN B NEILL 8824635 $1,840.26 19 05/01/1996
600051464 JEAN-PIERRE FILIPPI 8832480 $1,856.24 05/01/1996
<CAPTION>
PER LIFE LIFE GROSS NET CERT. PROP BUYDOWN
LOAN # BORROWER CAP FLOOR CAP MARGIN MARGIN MARGIN VALUE TYPE
------ -------------------- ---- ----- ---- ------ ------ ------ ----------- ------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
600051451 SHERYL J & HOWARD S KATZ 360 .00 $410,000.00 N
600051452 JEANNE M O'CRAIGHAN 360 .00 $750,000.00 N
600051453 GEORGE J MICHAELS 360 .00 $334,264.00 N
600051454 HOANG VAN CANH 360 .00 $137,700.00 N
600051455 JIM D LOWERY 360 .00 $575,000.00 N
600051456 BURTON N & HEATHER DUZE 360 .00 $342,000.00 N
600051457 TERRY L & NANCY C PHIPPS 360 .00 $332,000.00 N
600051458 BILL C & SANDRA HOWISON 360 .00 $238,500.00 N
600051459 DAVID & VIVIAN K SUTTER 360 .00 $231,000.00 N
600051460 MICHAEL R BOYLE 360 .00 $316,000.00 N
600051461 TIMOTHY A & KARLA J MCGIL 360 .00 $330,500.00 N
600051462 DWAIN A & JODI SKINNER 360 .00 $390,000.00 N
600051463 EDWIN B NEILL 360 .00 $295,300.00 N
600051464 JEAN-PIERRE FILIPPI 360 .00 $735,000.00 N
</TABLE>
<PAGE>
(vlegal.ace v1.4) Page 66
RUN DATE: 05/28/1996 PNC MORTGAGE SECURITIES CORP.
TIME: 17:15:32 LEGAL LOAN LISTING
REQUESTED STATUS AS OF 05/01/1996
POOL NUMBER: 1380 POOL NAME: 1996-1 DLJ
<TABLE>
<CAPTION>
SCHEDULED
LOAN # BORROWER STREET ADDRESS CITY STATE ZIP BALANCE
------ -------------------- -------------------- --------------- ----- ----- ------------
<S> <C> <C> <C> <C> <C> <C>
600051465 G JACK & MARY JANE CARTIE 149 MIRAMAR BLVD. N.E. ST. PETERSBURG, FL 33704 $252,650.62
600051466 KATHERINE B CUPPIA 7 PINEVIEW DRIVE BLUFFTON, SC SC 29910 $174,891.22
600051467 JAMES F & BETTY J RILEY 3800 BOUNTY COURT MATTHEWS, NC NC 28105 $242,750.00
600051468 AMERICO MIGUEL & LOURDES 817 WEST MOORE ROAD PHARR, TX TX 78577 $367,529.07
600051469 MIKE & DIANE JACKSON 24107 STATE HIGHWAY 71 WE SPICEWOOD, TX TX 78669 $374,748.38
600051470 BERNADETTE FEAZELL 2315 HARTFORD ROAD AUSTIN, TX TX 78703 $499,326.79
600051471 RONALD S & CYNTHIA T FOWL 12 THE FAIRWAY WOODSTOCK, GA GA 30188 $317,786.63
600051472 MARK D & SANDRA C HAMILTO 6835 POLO DRIVE CUMMING, GA GA 30130 $363,330.16
600051473 PETER & BARBARA CASTIGLIA 2225 VERSAILLES HENDERSON, NV NV 89014 $350,758.45
600051474 LOUIS R KELMANSON 611 ALMA WAY ZEPHYR COVE, NV NV 89448 $256,248.09
600051475 T GLEN & CATHY A MARSHALL 9175 EAST PARKER ROAD PARKER, CO CO 80134 $109,844.24
600051476 SCOTT C & BRIDGET E HELMH 3215 FALCON POINT SPRINGFIELD, IL IL 62707 $277,097.03
600051477 MARION A MORAWICZ 6 DOVER DRIVE OAK BROOK, IL IL 60521 $267,620.48
600051478 MORTEZA & BEHESHTEH KOUKL 21 SHEFFIELD LANE OAK BROOK, IL IL 60521 $265,632.69
<CAPTION>
INTEREST LNDR NET MGMT PC SCHEDULED
LOAN # BORROWER RATE FEE RATE FEE RATE MATURITY
------ -------------------- -------- ----- ------ ----- ------ --------
<S> <C> <C> <C> <C> <C> <C> <C>
600051465 G JACK & MARY JANE CARTIE 7.875 .250 7.625 .0350 7.590 03/01/2026
600051466 KATHERINE B CUPPIA 8.375 .250 8.125 .0350 8.090 04/01/2026
600051467 JAMES F & BETTY J RILEY 8.500 .250 8.250 .0350 8.215 05/01/2026
600051468 AMERICO MIGUEL & LOURDES 8.250 .250 8.000 .0350 7.965 03/01/2026
600051469 MIKE & DIANE JACKSON 8.000 .250 7.750 .0350 7.715 04/01/2026
600051470 BERNADETTE FEAZELL 8.000 .250 7.750 .0350 7.715 03/01/2026
600051471 RONALD S & CYNTHIA T FOWL 8.000 .250 7.750 .0350 7.715 04/01/2026
600051472 MARK D & SANDRA C HAMILTO 7.500 .250 7.250 .0350 7.215 04/01/2026
600051473 PETER & BARBARA CASTIGLIA 7.875 .250 7.625 .0350 7.590 04/01/2026
600051474 LOUIS R KELMANSON 8.000 .250 7.750 .0350 7.715 04/01/2026
600051475 T GLEN & CATHY A MARSHALL 7.750 .250 7.500 .0350 7.465 03/01/2026
600051476 SCOTT C & BRIDGET E HELMH 7.625 .250 7.375 .0350 7.340 03/01/2026
600051477 MARION A MORAWICZ 7.750 .250 7.500 .0350 7.465 03/01/2026
600051478 MORTEZA & BEHESHTEH KOUKL 7.875 .250 7.625 .0350 7.590 03/01/2026
<CAPTION>
MI INTEREST LOAN
LOAN # BORROWER S/S LOAN # P & I PMT CO PAID-TO TERM
------ -------------------- --------------- --------- -- -------- ----
<S> <C> <C> <C> <C> <C> <C>
600051465 G JACK & MARY JANE CARTIE 8836008 $1,834.43 05/01/1996
600051466 KATHERINE B CUPPIA 8838643 $1,330.13 05/01/1996
600051467 JAMES F & BETTY J RILEY 8839410 $1,866.54 05/01/1996
600051468 AMERICO MIGUEL & LOURDES 8841205 $2,764.66 05/01/1996
600051469 MIKE & DIANE JACKSON 8842780 $2,751.62 05/01/1996
600051470 BERNADETTE FEAZELL 8843253 $3,668.82 05/01/1996
600051471 RONALD S & CYNTHIA T FOWL 8843988 $2,333.37 05/01/1996
600051472 MARK D & SANDRA C HAMILTO 8844208 $2,542.34 19 05/01/1996
600051473 PETER & BARBARA CASTIGLIA 8846046 $2,544.99 19 05/01/1996
600051474 LOUIS R KELMANSON 8856577 $1,882.11 3 05/01/1996
600051475 T GLEN & CATHY A MARSHALL 8860389 $788.05 05/01/1996
600051476 SCOTT C & BRIDGET E HELMH 8869912 $1,964.13 05/01/1996
600051477 MARION A MORAWICZ 8870658 $1,919.98 05/01/1996
600051478 MORTEZA & BEHESHTEH KOUKL 8871225 $1,928.68 05/01/1996
<CAPTION>
PER LIFE LIFE GROSS NET CERT. PROP BUYDOWN
LOAN # BORROWER CAP FLOOR CAP MARGIN MARGIN MARGIN VALUE TYPE
------ -------------------- ---- ----- ---- ------ ------ ------ ----------- ------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
600051465 G JACK & MARY JANE CARTIE 360 .00 $330,000.00 N
600051466 KATHERINE B CUPPIA 360 .00 $450,000.00 N
600051467 JAMES F & BETTY J RILEY 360 .00 $350,000.00 N
600051468 AMERICO MIGUEL & LOURDES 360 .00 $565,000.00 N
600051469 MIKE & DIANE JACKSON 360 .00 $580,000.00 N
600051470 BERNADETTE FEAZELL 360 .00 $785,000.00 N
600051471 RONALD S & CYNTHIA T FOWL 360 .00 $464,000.00 N
600051472 MARK D & SANDRA C HAMILTO 360 .00 $404,000.00 N
600051473 PETER & BARBARA CASTIGLIA 360 .00 $390,000.00 N
600051474 LOUIS R KELMANSON 360 .00 $275,000.00 N
600051475 T GLEN & CATHY A MARSHALL 360 .00 $295,000.00 N
600051476 SCOTT C & BRIDGET E HELMH 360 .00 $350,000.00 N
600051477 MARION A MORAWICZ 360 .00 $600,000.00 N
600051478 MORTEZA & BEHESHTEH KOUKL 360 .00 $360,000.00 N
</TABLE>
<PAGE>
(vlegal.ace v1.4) Page 67
RUN DATE: 05/28/1996 PNC MORTGAGE SECURITIES CORP.
TIME: 17:15:32 LEGAL LOAN LISTING
REQUESTED STATUS AS OF 05/01/1996
POOL NUMBER: 1380 POOL NAME: 1996-1 DLJ
<TABLE>
<CAPTION>
SCHEDULED
LOAN # BORROWER STREET ADDRESS CITY STATE ZIP BALANCE
------ -------------------- -------------------- --------------- ----- ----- ------------
<S> <C> <C> <C> <C> <C> <C>
600051479 ROBERT & FLORENCE MAURO 822 HIGHVIEW TERRACE LAKE FOREST, IL IL 60045 $386,733.67
600051480 BRETT & CORINNE TREMAINE 4 ALICANTE COTO DE CAZA, C CA 92679 $374,700.12
600051481 JERRY W & KAREN K DAUGHER 5591 S CRESTBROOK DR MORRISION, CO CO 80465 $249,682.36
600051482 JEFFREY S BEAHM 5264 SELL ROAD NEW TRIPOLI, PA PA 18066 $48,269.20
600051483 MARVIN L & CLAUDIA D MOYE 363 VILLAGE WALK DRIVE BORO OF MACUNGI PA 18062 $75,000.00
600051484 VINCENT J & BRIDGET M SAL 61 NOE AVENUE MADISON, NJ NJ 7940 $345,900.00
600051485 AQUILINO DELA CRUZ SORTIJ 3428 LIKINI STREET HONOLULU, HI HI 96818 $361,461.00
600051486 KHANG DINH & KIM TRAN NG 4443 AUKAI AVENUE HONOLULU, HI HI 96816 $649,056.11
600051487 DENNIS I K & DEBORAH L C 3110 KAHAKO PLACE KAILUA, HI HI 96734 $327,774.27
600051488 RICHARD T & ELEANOR YEATM 102 SPOTTSWOOD LANE KENNETT SQUARE, PA 19348 $115,622.36
600051489 PETER & JOANNE KAKOYIANNI 1413 SILO ROAD YARDLEY, PA PA 19067 $282,283.33
600051490 JOSEPH H MARGOLIS 1511 NORRISTOWN ROAD AMBLER, PA PA 19002 $152,000.00
600051491 STEPHEN P STARIN 1012 SPOONBILL CICLE FORT LAUDERDALE FL 33326 $219,680.52
600051492 JAMES A & CYNTHIA J BAUMH 5921 NW 61ST MANOR PARKLAND, FL FL 33067 $229,629.17
<CAPTION>
INTEREST LNDR NET MGMT PC SCHEDULED
LOAN # BORROWER RATE FEE RATE FEE RATE MATURITY
------ -------------------- -------- ----- ------ ----- ------ --------
<S> <C> <C> <C> <C> <C> <C> <C>
600051479 ROBERT & FLORENCE MAURO 7.875 .250 7.625 .0350 7.590 04/01/2026
600051480 BRETT & CORINNE TREMAINE 7.125 .250 6.875 .0350 6.840 04/01/2026
600051481 JERRY W & KAREN K DAUGHER 8.000 .250 7.750 .0350 7.715 04/01/2026
600051482 JEFFREY S BEAHM 8.250 .250 8.000 .0350 7.965 04/01/2026
600051483 MARVIN L & CLAUDIA D MOYE 7.250 .250 7.000 .0350 6.965 05/01/2026
600051484 VINCENT J & BRIDGET M SAL 7.875 .250 7.625 .0350 7.590 05/01/2026
600051485 AQUILINO DELA CRUZ SORTIJ 7.500 .250 7.250 .0350 7.215 03/01/2026
600051486 KHANG DINH & KIM TRAN NG 7.625 .250 7.375 .0350 7.340 03/01/2026
600051487 DENNIS I K & DEBORAH L C 7.875 .250 7.625 .0350 7.590 04/01/2026
600051488 RICHARD T & ELEANOR YEATM 8.000 .250 7.750 .0350 7.715 04/01/2026
600051489 PETER & JOANNE KAKOYIANNI 8.000 .250 7.750 .0350 7.715 04/01/2026
600051490 JOSEPH H MARGOLIS 7.750 .250 7.500 .0350 7.465 05/01/2026
600051491 STEPHEN P STARIN 7.625 .250 7.375 .0350 7.340 03/01/2026
600051492 JAMES A & CYNTHIA J BAUMH 8.500 .250 8.250 .0350 8.215 04/01/2026
<CAPTION>
MI INTEREST LOAN
LOAN # BORROWER S/S LOAN # P & I PMT CO PAID-TO TERM
------ -------------------- --------------- --------- -- -------- ----
<S> <C> <C> <C> <C> <C> <C>
600051479 ROBERT & FLORENCE MAURO 8871561 $2,806.02 05/01/1996
600051480 BRETT & CORINNE TREMAINE 8871760 $2,526.44 05/01/1996
600051481 JERRY W & KAREN K DAUGHER 8874994 $1,833.31 05/01/1996
600051482 JEFFREY S BEAHM 8877462 $362.86 05/01/1996
600051483 MARVIN L & CLAUDIA D MOYE 8877640 $511.63 05/01/1996
600051484 VINCENT J & BRIDGET M SAL 8881515 $2,508.02 2 05/01/1996
600051485 AQUILINO DELA CRUZ SORTIJ 8883426 $2,531.16 05/01/1996
600051486 KHANG DINH & KIM TRAN NG 8884528 $4,600.66 05/01/1996
600051487 DENNIS I K & DEBORAH L C 8885715 $2,378.23 05/01/1996
600051488 RICHARD T & ELEANOR YEATM 8886261 $848.97 05/01/1996
600051489 PETER & JOANNE KAKOYIANNI 8886744 $2,072.88 05/01/1996
600051490 JOSEPH H MARGOLIS 8887437 $1,088.95 05/01/1996
600051491 STEPHEN P STARIN 8888550 $1,557.15 05/01/1996
600051492 JAMES A & CYNTHIA J BAUMH 8889043 $1,768.50 05/01/1996
<CAPTION>
PER LIFE LIFE GROSS NET CERT. PROP BUYDOWN
LOAN # BORROWER CAP FLOOR CAP MARGIN MARGIN MARGIN VALUE TYPE
------ -------------------- ---- ----- ---- ------ ------ ------ ----------- ------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
600051479 ROBERT & FLORENCE MAURO 360 .00 $485,000.00 N
600051480 BRETT & CORINNE TREMAINE 360 .00 $525,000.00 N
600051481 JERRY W & KAREN K DAUGHER 360 .00 $350,000.00 N
600051482 JEFFREY S BEAHM 360 .00 $95,000.00 N
600051483 MARVIN L & CLAUDIA D MOYE 360 .00 $110,000.00 N
600051484 VINCENT J & BRIDGET M SAL 360 .00 $410,000.00 N
600051485 AQUILINO DELA CRUZ SORTIJ 360 .00 $520,000.00 N
600051486 KHANG DINH & KIM TRAN NG 360 .00 $965,000.00 N
600051487 DENNIS I K & DEBORAH L C 360 .00 $530,000.00 N
600051488 RICHARD T & ELEANOR YEATM 360 .00 $241,000.00 N
600051489 PETER & JOANNE KAKOYIANNI 360 .00 $355,000.00 N
600051490 JOSEPH H MARGOLIS 360 .00 $280,000.00 N
600051491 STEPHEN P STARIN 360 .00 $275,000.00 N
600051492 JAMES A & CYNTHIA J BAUMH 360 .00 $340,000.00 N
</TABLE>
<PAGE>
(vlegal.ace v1.4) Page 68
RUN DATE: 05/28/1996 PNC MORTGAGE SECURITIES CORP.
TIME: 17:15:32 LEGAL LOAN LISTING
REQUESTED STATUS AS OF 05/01/1996
POOL NUMBER: 1380 POOL NAME: 1996-1 DLJ
<TABLE>
<CAPTION>
SCHEDULED
LOAN # BORROWER STREET ADDRESS CITY STATE ZIP BALANCE
------ -------------------- -------------------- --------------- ----- ----- ------------
<S> <C> <C> <C> <C> <C> <C>
600051493 LEWIS E & ROBERTA W ANGWI 6102 NW 45TH AVENUE COCONUT CREEK, FL 33073 $114,852.83
600051494 JEFFREY & PAULA M FAVITTA 2550 NE 35 STREET LIGHTHOUSE POIN FL 33064 $226,327.65
600051495 GORDON A & JULIANNE M HAL 1348 EAST CORNICHE COURT BOISE, ID ID 83706 $299,564.36
600051496 DANIEL F HANEY 7100 S OLD FARM DRIVE LITTLETON, CO CO 80123 $298,571.92
600051497 FRANK W & CARLA J BLAKELY 2105 GROSVENOR COURT FORT COLLINS, C CO 80526 $227,293.55
600051498 JOHN S & AMY F SHLOFROCK 1422 VOLTZ NORTHBROOK, IL IL 60062 $398,434.98
600051499 ANNA LURKA 6051 WEST HIGGINS CHICAGO, IL IL 60630 $99,872.02
600051500 KI S & MYUNG C JOUNG 3165 BREHON COURT BROOKFIELD, WI WI 53005 $428,697.22
600051501 MEI MEI LIU 2601 WENSLEY COURT WAUKESHA, WI WI 53188 $132,819.49
600051502 JEFFREY W STEINBERG 18557 DORAL WAY TARZANA, CA CA 91356 $424,721.99
600051503 NATALIE L JOHNSON 3548 N DICKERSON ST ARLINGTON, VA VA 22207 $218,441.78
600051504 HOWARD M AND SUZANNE B RI 39 RIPPLING CREEK DRIVE SUGAR LAND, TX TX 77479 $273,716.24
600051505 DARELL E & NATALIE O LIND 323 STONEY FORD ROAD HOLLAND, PA PA 18966 $223,845.84
600051506 CHARLES A & LESLIE M BIST 1510 LYNGLEN DRIVE GLENDALE, CA CA 91206 $295,363.21
<CAPTION>
INTEREST LNDR NET MGMT PC SCHEDULED
LOAN # BORROWER RATE FEE RATE FEE RATE MATURITY
------ -------------------- -------- ----- ------ ----- ------ --------
<S> <C> <C> <C> <C> <C> <C> <C>
600051493 LEWIS E & ROBERTA W ANGWI 8.250 .250 8.000 .0350 7.965 03/01/2026
600051494 JEFFREY & PAULA M FAVITTA 7.375 .250 7.125 .0350 7.090 04/01/2026
600051495 GORDON A & JULIANNE M HAL 7.625 .250 7.375 .0350 7.340 03/01/2026
600051496 DANIEL F HANEY 7.750 .250 7.500 .0350 7.465 03/01/2026
600051497 FRANK W & CARLA J BLAKELY 8.000 .250 7.750 .0350 7.715 03/01/2026
600051498 JOHN S & AMY F SHLOFROCK 7.750 .250 7.500 .0350 7.465 03/01/2026
600051499 ANNA LURKA 8.250 .250 8.000 .0350 7.965 03/01/2026
600051500 KI S & MYUNG C JOUNG 7.750 .250 7.500 .0350 7.465 04/01/2026
600051501 MEI MEI LIU 8.500 .250 8.250 .0350 8.215 04/01/2026
600051502 JEFFREY W STEINBERG 8.125 .250 7.875 .0350 7.840 04/01/2026
600051503 NATALIE L JOHNSON 7.625 .250 7.375 .0350 7.340 04/01/2026
600051504 HOWARD M AND SUZANNE B RI 7.000 .250 6.750 .0350 6.715 01/01/2024
600051505 DARELL E & NATALIE O LIND 7.875 .250 7.625 .0350 7.590 04/01/2026
600051506 CHARLES A & LESLIE M BIST 7.125 .250 6.875 .0350 6.840 04/01/2026
<CAPTION>
MI INTEREST LOAN
LOAN # BORROWER S/S LOAN # P & I PMT CO PAID-TO TERM
------ -------------------- --------------- --------- -- -------- ----
<S> <C> <C> <C> <C> <C> <C>
600051493 LEWIS E & ROBERTA W ANGWI 8889757 $863.96 05/01/1996
600051494 JEFFREY & PAULA M FAVITTA 8890492 $1,564.38 05/01/1996
600051495 GORDON A & JULIANNE M HAL 8898000 $2,123.38 05/01/1996
600051496 DANIEL F HANEY 8905444 $2,149.24 05/01/1996
600051497 FRANK W & CARLA J BLAKELY 8906085 $1,670.05 05/01/1996
600051498 JOHN S & AMY F SHLOFROCK 8907964 $2,858.48 05/01/1996
600051499 ANNA LURKA 8908521 $751.27 05/01/1996
600051500 KI S & MYUNG C JOUNG 8911933 $3,073.41 05/01/1996
600051501 MEI MEI LIU 8920680 $1,021.89 05/01/1996
600051502 JEFFREY W STEINBERG 8937238 $3,155.61 05/01/1996
600051503 NATALIE L JOHNSON 8940147 $1,547.24 05/01/1996
600051504 HOWARD M AND SUZANNE B RI 8947507 $1,867.51 14 05/01/1996
600051505 DARELL E & NATALIE O LIND 8965021 $1,624.16 05/01/1996
600051506 CHARLES A & LESLIE M BIST 8977254 $1,994.88 05/01/1996
<CAPTION>
PER LIFE LIFE GROSS NET CERT. PROP BUYDOWN
LOAN # BORROWER CAP FLOOR CAP MARGIN MARGIN MARGIN VALUE TYPE
------ -------------------- ---- ----- ---- ------ ------ ------ ----------- ------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
600051493 LEWIS E & ROBERTA W ANGWI 360 .00 $184,500.00 N
600051494 JEFFREY & PAULA M FAVITTA 360 .00 $350,000.00 N
600051495 GORDON A & JULIANNE M HAL 360 .00 $585,000.00 N
600051496 DANIEL F HANEY 360 .00 $410,000.00 N
600051497 FRANK W & CARLA J BLAKELY 360 .00 $303,500.00 N
600051498 JOHN S & AMY F SHLOFROCK 360 .00 $625,000.00 N
600051499 ANNA LURKA 360 .00 $143,000.00 N
600051500 KI S & MYUNG C JOUNG 360 .00 $555,000.00 N
600051501 MEI MEI LIU 360 .00 $189,900.00 N
600051502 JEFFREY W STEINBERG 360 .00 $695,000.00 N
600051503 NATALIE L JOHNSON 360 .00 $276,000.00 N
600051504 HOWARD M AND SUZANNE B RI 360 .00 $325,000.00 N
600051505 DARELL E & NATALIE O LIND 360 .00 $280,000.00 N
600051506 CHARLES A & LESLIE M BIST 360 .00 $400,000.00 N
</TABLE>
<PAGE>
(vlegal.ace v1.4) Page 69
RUN DATE: 05/28/1996 PNC MORTGAGE SECURITIES CORP.
TIME: 17:15:32 LEGAL LOAN LISTING
REQUESTED STATUS AS OF 05/01/1996
POOL NUMBER: 1380 POOL NAME: 1996-1 DLJ
<TABLE>
<CAPTION>
SCHEDULED
LOAN # BORROWER STREET ADDRESS CITY STATE ZIP BALANCE
------ -------------------- -------------------- --------------- ----- ----- ------------
<S> <C> <C> <C> <C> <C> <C>
600051507 ALBERT F ROBINSON 701 MANATEE AVENUE W. UNI HOLMES BEACH, F FL 34218 $74,150.22
600051508 DONALD MALCOLM & PAULA C 1405 TUGALLO DR ATLANTA, GA GA 30319 $279,619.87
600051509 CHRISTINE W CHIMBLO 29 MAPLEWOOD DR COS COB, CT CT 6807 $224,520.51
600051510 TERRY M & CARIN W MARTINE 41 RAYMOND STREET MANCHESTER, MA MA 1944 $576,074.42
600051511 MARK & LINDA J LAKE 26 GREAT POND DRIVE BOXFORD, MA MA 1921 $335,469.61
600051512 SHELDON & ENE TEA BLOOM 4901 ALHAMBRA CIR CORAL COVES, FL FL 33146 $250,843.99
600051513 JOHN D WOODMARK 3415 ROCKY CREEK AVE DEPOE BAY, OR OR 97341 $357,028.18
600051514 KEVIN G LYNCH 5 RINGNECK RD REMSENBURG, NY NY 11960 $386,183.81
600051515 REGINA M ABELLI 21 CENTERBROOK RD. FAIRFIELD, CT CT 6430 $93,966.52
600051516 FRANK M & DOROTHY M CASPE 1800 BENJAMIN FRANKLIN DR SARASOTA, FL FL 34236 $274,600.67
600051517 BRADLEY A & ANN P YOUNT 3 HITCHCOCK FARM RD ANDOVER, MA MA 1810 $434,383.97
600051518 DENIS M & VALERIE FOX 250 SOUTH GREAT ROAD LINCOLN, MA MA 1773 $224,849.03
600051519 PASQUALE A & DARLENE B MI 104 SUNRISE CIRCLE MOORESVILLE,NC NC 28115 $239,605.39
600051520 DANIEL T & ELIZABETH A HE 10 HILLCREST ROAD READING, MA MA 1867 $249,823.54
<CAPTION>
INTEREST LNDR NET MGMT PC SCHEDULED
LOAN # BORROWER RATE FEE RATE FEE RATE MATURITY
------ -------------------- -------- ----- ------ ----- ------ --------
<S> <C> <C> <C> <C> <C> <C> <C>
600051507 ALBERT F ROBINSON 8.000 .250 7.750 .0350 7.715 04/01/2026
600051508 DONALD MALCOLM & PAULA C 8.125 .250 7.875 .0350 7.840 12/01/2025
600051509 CHRISTINE W CHIMBLO 7.750 .250 7.500 .0350 7.465 02/01/2026
600051510 TERRY M & CARIN W MARTINE 7.125 .250 6.875 .0350 6.840 03/01/2026
600051511 MARK & LINDA J LAKE 7.250 .250 7.000 .0350 6.965 03/01/2026
600051512 SHELDON & ENE TEA BLOOM 8.375 .250 8.125 .0350 8.090 04/01/2026
600051513 JOHN D WOODMARK 8.250 .250 8.000 .0350 7.965 03/01/2026
600051514 KEVIN G LYNCH 7.875 .250 7.625 .0350 7.590 02/01/2026
600051515 REGINA M ABELLI 8.125 .250 7.875 .0350 7.840 03/01/2026
600051516 FRANK M & DOROTHY M CASPE 7.625 .250 7.375 .0350 7.340 03/01/2026
600051517 BRADLEY A & ANN P YOUNT 7.750 .250 7.500 .0350 7.465 03/01/2026
600051518 DENIS M & VALERIE FOX 8.000 .250 7.750 .0350 7.715 04/01/2026
600051519 PASQUALE A & DARLENE B MI 7.000 .250 6.750 .0350 6.715 03/01/2026
600051520 DANIEL T & ELIZABETH A HE 7.750 .250 7.500 .0350 7.465 04/01/2026
<CAPTION>
MI INTEREST LOAN
LOAN # BORROWER S/S LOAN # P & I PMT CO PAID-TO TERM
------ -------------------- --------------- --------- -- -------- ----
<S> <C> <C> <C> <C> <C> <C>
600051507 ALBERT F ROBINSON 9001834 $544.45 05/01/1996
600051508 DONALD MALCOLM & PAULA C 9002790 $2,083.08 05/01/1996
600051509 CHRISTINE W CHIMBLO 9004932 $1,611.93 05/01/1996
600051510 TERRY M & CARIN W MARTINE 9006108 $3,887.36 05/01/1996
600051511 MARK & LINDA J LAKE 9006213 $2,298.93 05/01/1996
600051512 SHELDON & ENE TEA BLOOM 9009279 $1,907.78 05/01/1996
600051513 JOHN D WOODMARK 9015441 $2,685.78 05/01/1996
600051514 KEVIN G LYNCH 9020119 $2,813.27 05/01/1996
600051515 REGINA M ABELLI 9021625 $709.08 05/01/1996
600051516 FRANK M & DOROTHY M CASPE 9021703 $1,946.43 05/01/1996
600051517 BRADLEY A & ANN P YOUNT 9036141 $3,116.40 05/01/1996
600051518 DENIS M & VALERIE FOX 9042483 $1,650.97 05/01/1996
600051519 PASQUALE A & DARLENE B MI 9042819 $1,596.73 19 05/01/1996
600051520 DANIEL T & ELIZABETH A HE 9046746 $1,791.04 05/01/1996
<CAPTION>
PER LIFE LIFE GROSS NET CERT. PROP BUYDOWN
LOAN # BORROWER CAP FLOOR CAP MARGIN MARGIN MARGIN VALUE TYPE
------ -------------------- ---- ----- ---- ------ ------ ------ ----------- ------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
600051507 ALBERT F ROBINSON 360 .00 $106,000.00 N
600051508 DONALD MALCOLM & PAULA C 360 .00 $350,700.00 N
600051509 CHRISTINE W CHIMBLO 360 .00 $660,000.00 N
600051510 TERRY M & CARIN W MARTINE 360 .00 $900,000.00 N
600051511 MARK & LINDA J LAKE 360 .00 $629,000.00 N
600051512 SHELDON & ENE TEA BLOOM 360 .00 $520,000.00 N
600051513 JOHN D WOODMARK 360 .00 $465,000.00 N
600051514 KEVIN G LYNCH 360 .00 $485,000.00 N
600051515 REGINA M ABELLI 360 .00 $194,000.00 N
600051516 FRANK M & DOROTHY M CASPE 360 .00 $380,000.00 N
600051517 BRADLEY A & ANN P YOUNT 360 .00 $660,000.00 N
600051518 DENIS M & VALERIE FOX 360 .00 $307,000.00 N
600051519 PASQUALE A & DARLENE B MI 360 .00 $257,445.00 N
600051520 DANIEL T & ELIZABETH A HE 360 .00 $360,000.00 N
</TABLE>
<PAGE>
(vlegal.ace v1.4) Page 70
RUN DATE: 05/28/1996 PNC MORTGAGE SECURITIES CORP.
TIME: 17:15:32 LEGAL LOAN LISTING
REQUESTED STATUS AS OF 05/01/1996
POOL NUMBER: 1380 POOL NAME: 1996-1 DLJ
<TABLE>
<CAPTION>
SCHEDULED
LOAN # BORROWER STREET ADDRESS CITY STATE ZIP BALANCE
------ -------------------- -------------------- --------------- ----- ----- ------------
<S> <C> <C> <C> <C> <C> <C>
600051521 STEVEN LANE & JUDITH FRAN 135 VISTA MESA DR SEDONA, AZ AZ 86351 $242,681.01
600051522 SHAMIN & DORIS MAY BUTT 17508 SHANNONDOAH TRAIL A BATON ROUGE, LA LA 70817 $274,460.96
600051523 MICHAEL & LILY FUNG 150 PASSAIC AVE ROSELAND, NJ NJ 07068 $269,424.62
600051524 BOBBY E & JANICE A BROWN 433 LAKE CASTLE ROAD MADISON, MS MS 39110 $251,543.28
600051525 EMILIO RIVERA CASTILLO 1424 UILA STREET HONOLULU, HI HI 96818 $348,686.92
600051526 SAWAS & VICHUDA J CHUMPON 1830 N. MARBLE RIDGE DRIV TUCSON, AZ AZ 85715 $134,918.22
600051527 WILLIAM T & CANDACE L PAR 77255 OVERSEAS HIGHWAY ISLAMORADA, FL FL 33036 $310,810.16
600051528 ROBERT L JOHNSTON 2635 SCHOOLMASTER DRIVE PLAINFIELD, IN IN 46168 $232,601.59
600051529 JOHN D & JANET F RAFFAUF 5715 EAST 56TH STREET INDIANAPOLIS, I IN 46226 $290,794.62
600051530 ROBERT A & RAMONA T WOODS 400 ASHDOWNE WAY ATLANTA, GA GA 30350 $252,821.44
600051531 DON & DINA A FRY 23165 HANGING OAK SAN ANTONIO, TX TX 78266 $267,905.95
600051532 DAVID G WILLMAN 4518 HARLING LANE BETHESDA, MD MD 20814 $243,023.98
600051533 J MICHAEL & VALERIE MCCON 11212 WEST LAKE JOY DRIVE CARNATION, WA WA 98014 $235,000.00
600051534 DAVID BOGANSKI 134 HERTIGE BLVD MIDDLETOWN, CT CT 6457 $106,826.19
<CAPTION>
INTEREST LNDR NET MGMT PC SCHEDULED
LOAN # BORROWER RATE FEE RATE FEE RATE MATURITY
------ -------------------- -------- ----- ------ ----- ------ --------
<S> <C> <C> <C> <C> <C> <C> <C>
600051521 STEVEN LANE & JUDITH FRAN 8.125 .250 7.875 .0350 7.840 03/01/2026
600051522 SHAMIN & DORIS MAY BUTT 7.500 .250 7.250 .0350 7.215 03/01/2026
600051523 MICHAEL & LILY FUNG 7.750 .250 7.500 .0350 7.465 02/01/2026
600051524 BOBBY E & JANICE A BROWN 7.750 .250 7.500 .0350 7.465 03/01/2026
600051525 EMILIO RIVERA CASTILLO 8.875 .250 8.625 .0350 8.590 01/01/2024
600051526 SAWAS & VICHUDA J CHUMPON 8.500 .250 8.250 .0350 8.215 04/01/2026
600051527 WILLIAM T & CANDACE L PAR 7.750 .250 7.500 .0350 7.465 03/01/2026
600051528 ROBERT L JOHNSTON 8.250 .250 8.000 .0350 7.965 04/01/2026
600051529 JOHN D & JANET F RAFFAUF 7.750 .250 7.500 .0350 7.465 04/01/2026
600051530 ROBERT A & RAMONA T WOODS 7.750 .250 7.500 .0350 7.465 04/01/2026
600051531 DON & DINA A FRY 7.625 .250 7.375 .0350 7.340 04/01/2026
600051532 DAVID G WILLMAN 7.625 .250 7.375 .0350 7.340 04/01/2026
600051533 J MICHAEL & VALERIE MCCON 8.000 .250 7.750 .0350 7.715 05/01/2026
600051534 DAVID BOGANSKI 7.875 .250 7.625 .0350 7.590 04/01/2026
<CAPTION>
MI INTEREST LOAN
LOAN # BORROWER S/S LOAN # P & I PMT CO PAID-TO TERM
------ -------------------- --------------- --------- -- -------- ----
<S> <C> <C> <C> <C> <C> <C>
600051521 STEVEN LANE & JUDITH FRAN 9047743 $1,804.27 05/01/1996
600051522 SHAMIN & DORIS MAY BUTT 9049283 $1,922.84 05/01/1996
600051523 MICHAEL & LILY FUNG 9086957 $1,934.31 05/01/1996
600051524 BOBBY E & JANICE A BROWN 9090499 $1,804.64 19 05/01/1996
600051525 EMILIO RIVERA CASTILLO 9094474 $2,823.35 05/01/1996
600051526 SAWAS & VICHUDA J CHUMPON 9104905 $1,038.03 05/01/1996
600051527 WILLIAM T & CANDACE L PAR 9106515 $2,235.21 05/01/1996
600051528 ROBERT L JOHNSTON 9106669 $1,748.57 3 05/01/1996
600051529 JOHN D & JANET F RAFFAUF 9109091 $2,084.76 05/01/1996
600051530 ROBERT A & RAMONA T WOODS 9128775 $1,812.52 05/01/1996
600051531 DON & DINA A FRY 9129475 $1,897.60 05/01/1996
600051532 DAVID G WILLMAN 9140045 $1,721.35 05/01/1996
600051533 J MICHAEL & VALERIE MCCON 9158791 $1,724.35 05/01/1996
600051534 DAVID BOGANSKI 9160233 $775.82 05/01/1996
<CAPTION>
PER LIFE LIFE GROSS NET CERT. PROP BUYDOWN
LOAN # BORROWER CAP FLOOR CAP MARGIN MARGIN MARGIN VALUE TYPE
------ -------------------- ---- ----- ---- ------ ------ ------ ----------- ------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
600051521 STEVEN LANE & JUDITH FRAN 360 .00 $370,000.00 N
600051522 SHAMIN & DORIS MAY BUTT 360 .00 $490,000.00 N
600051523 MICHAEL & LILY FUNG 360 .00 $405,000.00 N
600051524 BOBBY E & JANICE A BROWN 360 .00 $279,900.00 N
600051525 EMILIO RIVERA CASTILLO 360 .00 $515,000.00 N
600051526 SAWAS & VICHUDA J CHUMPON 360 .00 $193,120.00 N
600051527 WILLIAM T & CANDACE L PAR 360 .00 $390,000.00 N
600051528 ROBERT L JOHNSTON 360 .00 $245,000.00 N
600051529 JOHN D & JANET F RAFFAUF 360 .00 $400,000.00 N
600051530 ROBERT A & RAMONA T WOODS 360 .00 $318,000.00 N
600051531 DON & DINA A FRY 360 .00 $380,000.00 N
600051532 DAVID G WILLMAN 360 .00 $305,000.00 N
600051533 J MICHAEL & VALERIE MCCON 360 .00 $310,200.00 N
600051534 DAVID BOGANSKI 360 .00 $195,000.00 N
</TABLE>
<PAGE>
(vlegal.ace v1.4) Page 71
RUN DATE: 05/28/1996 PNC MORTGAGE SECURITIES CORP.
TIME: 17:15:32 LEGAL LOAN LISTING
REQUESTED STATUS AS OF 05/01/1996
POOL NUMBER: 1380 POOL NAME: 1996-1 DLJ
<TABLE>
<CAPTION>
SCHEDULED
LOAN # BORROWER STREET ADDRESS CITY STATE ZIP BALANCE
------ -------------------- -------------------- --------------- ----- ----- ------------
<S> <C> <C> <C> <C> <C> <C>
600051535 JAMES GARY BURTON 2 DARTMOUTH PLACE BOSTON, MA MA 2116 $411,730.49
600051536 REGINALD K & MARTA M GRIG 10 SUNSET ROAD BARRE, VT VT 5641 $171,937.45
600051537 NORMAN J & FRANCES E GROH 54 SEARS ROAD WAYLAND, MA MA 1778 $449,452.85
600051538 DAVID GLASS 1350 NORTH EUCLID AVENUE UPLAND, CA CA 91786 $235,000.00
600051539 NEAL S & KAREN M POLAN 30444 CAMINO PORVENIR RANCHO PALOS VE CA 90275 $437,000.00
600051540 DAVID L & MARGARET C ROLA 1625 DALTON ROAD PALOS VERDES ES CA 90274 $315,000.00
600051541 BRADLEY J & LISA R THINNE 24417 NANTUCKET NOVI, MI MI 48374 $295,791.09
600051542 G THOMAS & SUSAN S FLEMIN 5111 ALTA CANYADA ROAD LA CANADA, CA CA 91011 $499,655.90
600051543 ROBERT T HART 3120 SOUTH QUAKER ROAD TULSA, OK OK 74105 $234,142.79
600051544 TOMIO SIKORA 3600 QUARTER HORSE RUN HOPE MILLS, NC NC 28348 $45,500.00
600051545 JOHN P & DONNA KANE 1814 CLARK LANE #B REDONDO BEACH, CA 90278 $248,955.74
600051546 KEVIN DAVID & CHARLOTTE E 422 HEATHERWOOD FOREST CI HOOVER, AL AL 35244 $265,800.00
600051547 JAMES V & JOANNE J CAPECE 1226 DETROIT STREET DENVER, CO CO 80206 $245,326.73
600051548 CHARLOTTE R NOLAN 7567 SOUTH COVE CIRCLE LITTLETON, CO CO 80122 $93,733.80
<CAPTION>
INTEREST LNDR NET MGMT PC SCHEDULED
LOAN # BORROWER RATE FEE RATE FEE RATE MATURITY
------ -------------------- -------- ----- ------ ----- ------ --------
<S> <C> <C> <C> <C> <C> <C> <C>
600051535 JAMES GARY BURTON 8.125 .250 7.875 .0350 7.840 04/01/2026
600051536 REGINALD K & MARTA M GRIG 8.125 .250 7.875 .0350 7.840 04/01/2026
600051537 NORMAN J & FRANCES E GROH 8.500 .250 8.250 .0350 8.215 03/01/2026
600051538 DAVID GLASS 8.750 .250 8.500 .0350 8.465 05/01/2026
600051539 NEAL S & KAREN M POLAN 7.750 .250 7.500 .0350 7.465 05/01/2026
600051540 DAVID L & MARGARET C ROLA 8.250 .250 8.000 .0350 7.965 05/01/2026
600051541 BRADLEY J & LISA R THINNE 7.750 .250 7.500 .0350 7.465 04/01/2026
600051542 G THOMAS & SUSAN S FLEMIN 7.875 .250 7.625 .0350 7.590 04/01/2026
600051543 ROBERT T HART 8.000 .250 7.750 .0350 7.715 04/01/2026
600051544 TOMIO SIKORA 8.500 .250 8.250 .0350 8.215 05/01/2026
600051545 JOHN P & DONNA KANE 7.875 .250 7.625 .0350 7.590 03/01/2026
600051546 KEVIN DAVID & CHARLOTTE E 7.750 .250 7.500 .0350 7.465 05/01/2026
600051547 JAMES V & JOANNE J CAPECE 7.750 .250 7.500 .0350 7.465 04/01/2026
600051548 CHARLOTTE R NOLAN 7.750 .250 7.500 .0350 7.465 04/01/2026
<CAPTION>
MI INTEREST LOAN
LOAN # BORROWER S/S LOAN # P & I PMT CO PAID-TO TERM
------ -------------------- --------------- --------- -- -------- ----
<S> <C> <C> <C> <C> <C> <C>
600051535 JAMES GARY BURTON 9163481 $3,059.09 05/01/1996
600051536 REGINALD K & MARTA M GRIG 9163803 $1,277.47 05/01/1996
600051537 NORMAN J & FRANCES E GROH 9164027 $3,460.11 05/01/1996
600051538 DAVID GLASS 9191579 $1,848.75 05/01/1996
600051539 NEAL S & KAREN M POLAN 9193791 $3,130.72 05/01/1996
600051540 DAVID L & MARGARET C ROLA 9194827 $2,366.49 05/01/1996
600051541 BRADLEY J & LISA R THINNE 9199377 $2,120.58 05/01/1996
600051542 G THOMAS & SUSAN S FLEMIN 9206979 $3,625.35 05/01/1996
600051543 ROBERT T HART 9211179 $1,719.21 05/01/1996
600051544 TOMIO SIKORA 9214399 $349.86 05/01/1996
600051545 JOHN P & DONNA KANE 9219789 $1,807.60 3 05/01/1996
600051546 KEVIN DAVID & CHARLOTTE E 9267795 $1,904.22 05/01/1996
600051547 JAMES V & JOANNE J CAPECE 9273885 $1,758.79 05/01/1996
600051548 CHARLOTTE R NOLAN 9274599 $671.99 05/01/1996
<CAPTION>
PER LIFE LIFE GROSS NET CERT. PROP BUYDOWN
LOAN # BORROWER CAP FLOOR CAP MARGIN MARGIN MARGIN VALUE TYPE
------ -------------------- ---- ----- ---- ------ ------ ------ ----------- ------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
600051535 JAMES GARY BURTON 360 .00 $549,000.00 N
600051536 REGINALD K & MARTA M GRIG 360 .00 $250,000.00 N
600051537 NORMAN J & FRANCES E GROH 360 .00 $665,000.00 N
600051538 DAVID GLASS 360 .00 $441,000.00 N
600051539 NEAL S & KAREN M POLAN 360 .00 $625,000.00 N
600051540 DAVID L & MARGARET C ROLA 360 .00 $640,000.00 N
600051541 BRADLEY J & LISA R THINNE 360 .00 $370,000.00 N
600051542 G THOMAS & SUSAN S FLEMIN 360 .00 $780,000.00 N
600051543 ROBERT T HART 360 .00 $305,000.00 N
600051544 TOMIO SIKORA 360 .00 $70,000.00 N
600051545 JOHN P & DONNA KANE 360 .00 $277,000.00 N
600051546 KEVIN DAVID & CHARLOTTE E 360 .00 $332,260.00 N
600051547 JAMES V & JOANNE J CAPECE 360 .00 $325,500.00 N
600051548 CHARLOTTE R NOLAN 360 .00 $135,900.00 N
</TABLE>
<PAGE>
(vlegal.ace v1.4) Page 72
RUN DATE: 05/28/1996 PNC MORTGAGE SECURITIES CORP.
TIME: 17:15:32 LEGAL LOAN LISTING
REQUESTED STATUS AS OF 05/01/1996
POOL NUMBER: 1380 POOL NAME: 1996-1 DLJ
<TABLE>
<CAPTION>
SCHEDULED
LOAN # BORROWER STREET ADDRESS CITY STATE ZIP BALANCE
------ -------------------- -------------------- --------------- ----- ----- ------------
<S> <C> <C> <C> <C> <C> <C>
600051549 DAVID MICHAEL & DONNA L E 12408 HANFORD COURT MONROVIA, MD MD 21770 $299,793.54
600051550 THOMAS LAMAR & PATRICIA A 836 LAKE ROYAL DR GROVETOWN, GA GA 30813 $217,176.15
600051551 JIM SCOTT & LIWAYWAY SARA 3044, 3044A, 3044B, 3044C SAN DIEGO, CA CA 92106 $318,320.59
600051552 SUZANNE STONE GRIFFITH 9444 FOOTHILLS DRIVE BRENTWOOD, TN TN 37027 $261,645.44
600051553 DEBORAH G GREENBERG 91 NEHOIDEN ROAD NEWTON, MA MA 2168 $585,575.86
600051554 GREGORY L & MARY K BRUCE 10937 AERO LANE SE YELM, WA WA 98597 $233,821.95
600051555 WILLIAM B & PAMELA R THOM 19250 39TH AVENUE SOUTH SEATTLE, WA WA 98188 $495,200.00
600051556 DAVID & JENNIFER CHAMBERS 148 LOIS LANE PALO ALTO, CA CA 94303 $328,773.58
600051557 DALE E GRANT 3062 EAST DIMPLE DELL CIR SANDY, UT UT 84092 $249,598.71
600051558 RUSSELL & ELIZABETH R PET 1412 NORTH TIMPANOGOS DRI PROVO, UT UT 84604 $295,001.93
600051559 ROLANDO D & LISA F RODRIG 4161 SALTWATER BLVD TAMPA, FL FL 33615 $292,405.77
600051560 JOSEPH R & SUSAN SCHWANIN 2408 SW 39TH TERRACE CAPE CORAL, FL FL 33914 $171,393.41
600051561 BERNADETTE BISAILLON 6614 CARRIAGE WAY LONG GROVE, IL IL 60047 $339,760.03
600051562 JAIME PERAIRE GUITART 20 PAGE RD BEDFORD,MA MA 1730 $240,000.00
<CAPTION>
INTEREST LNDR NET MGMT PC SCHEDULED
LOAN # BORROWER RATE FEE RATE FEE RATE MATURITY
------ -------------------- -------- ----- ------ ----- ------ --------
<S> <C> <C> <C> <C> <C> <C> <C>
600051549 DAVID MICHAEL & DONNA L E 7.875 .250 7.625 .0350 7.590 04/01/2026
600051550 THOMAS LAMAR & PATRICIA A 7.500 .250 7.250 .0350 7.215 03/01/2026
600051551 JIM SCOTT & LIWAYWAY SARA 8.250 .250 8.000 .0350 7.965 02/01/2026
600051552 SUZANNE STONE GRIFFITH 8.625 .250 8.375 .0350 8.340 04/01/2026
600051553 DEBORAH G GREENBERG 7.625 .250 7.375 .0350 7.340 04/01/2026
600051554 GREGORY L & MARY K BRUCE 7.375 .250 7.125 .0350 7.090 04/01/2026
600051555 WILLIAM B & PAMELA R THOM 7.500 .250 7.250 .0350 7.215 05/01/2026
600051556 DAVID & JENNIFER CHAMBERS 7.875 .250 7.625 .0350 7.590 04/01/2026
600051557 DALE E GRANT 7.750 .250 7.500 .0350 7.465 03/01/2026
600051558 RUSSELL & ELIZABETH R PET 8.000 .250 7.750 .0350 7.715 04/01/2026
600051559 ROLANDO D & LISA F RODRIG 8.000 .250 7.750 .0350 7.715 03/01/2026
600051560 JOSEPH R & SUSAN SCHWANIN 8.375 .250 8.125 .0350 8.090 04/01/2026
600051561 BERNADETTE BISAILLON 7.750 .250 7.500 .0350 7.465 04/01/2026
600051562 JAIME PERAIRE GUITART 8.000 .250 7.750 .0350 7.715 05/01/2026
<CAPTION>
MI INTEREST LOAN
LOAN # BORROWER S/S LOAN # P & I PMT CO PAID-TO TERM
------ -------------------- --------------- --------- -- -------- ----
<S> <C> <C> <C> <C> <C> <C>
600051549 DAVID MICHAEL & DONNA L E 9284427 $2,175.21 05/01/1996
600051550 THOMAS LAMAR & PATRICIA A 9288921 $1,520.80 05/01/1996
600051551 JIM SCOTT & LIWAYWAY SARA 9304951 $2,404.05 05/01/1996
600051552 SUZANNE STONE GRIFFITH 9305108 $2,036.25 2 05/01/1996
600051553 DEBORAH G GREENBERG 9318531 $4,147.68 05/01/1996
600051554 GREGORY L & MARY K BRUCE 9323599 $1,616.18 05/01/1996
600051555 WILLIAM B & PAMELA R THOM 9323921 $3,462.51 05/01/1996
600051556 DAVID & JENNIFER CHAMBERS 9333945 $2,385.48 05/01/1996
600051557 DALE E GRANT 9351445 $1,834.02 05/01/1996
600051558 RUSSELL & ELIZABETH R PET 9353111 $2,166.07 2 05/01/1996
600051559 ROLANDO D & LISA F RODRIG 9357521 $2,148.46 05/01/1996
600051560 JOSEPH R & SUSAN SCHWANIN 9357563 $1,303.52 05/01/1996
600051561 BERNADETTE BISAILLON 9360069 $2,435.81 05/01/1996
600051562 JAIME PERAIRE GUITART 9367601 $1,761.03 05/01/1996
<CAPTION>
PER LIFE LIFE GROSS NET CERT. PROP BUYDOWN
LOAN # BORROWER CAP FLOOR CAP MARGIN MARGIN MARGIN VALUE TYPE
------ -------------------- ---- ----- ---- ------ ------ ------ ----------- ------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
600051549 DAVID MICHAEL & DONNA L E 360 .00 $415,000.00 N
600051550 THOMAS LAMAR & PATRICIA A 360 .00 $274,900.00 N
600051551 JIM SCOTT & LIWAYWAY SARA 360 .00 $400,000.00 N
600051552 SUZANNE STONE GRIFFITH 360 .00 $301,300.00 N
600051553 DEBORAH G GREENBERG 360 .00 $832,000.00 N
600051554 GREGORY L & MARY K BRUCE 360 .00 $293,000.00 N
600051555 WILLIAM B & PAMELA R THOM 360 .00 $619,000.00 N
600051556 DAVID & JENNIFER CHAMBERS 360 .00 $529,000.00 N
600051557 DALE E GRANT 360 .00 $320,000.00 N
600051558 RUSSELL & ELIZABETH R PET 360 .00 $328,000.00 N
600051559 ROLANDO D & LISA F RODRIG 360 .00 $366,000.00 N
600051560 JOSEPH R & SUSAN SCHWANIN 360 .00 $245,000.00 N
600051561 BERNADETTE BISAILLON 360 .00 $650,000.00 N
600051562 JAIME PERAIRE GUITART 360 .00 $365,000.00 N
</TABLE>
<PAGE>
(vlegal.ace v1.4) Page 73
RUN DATE: 05/28/1996 PNC MORTGAGE SECURITIES CORP.
TIME: 17:15:32 LEGAL LOAN LISTING
REQUESTED STATUS AS OF 05/01/1996
POOL NUMBER: 1380 POOL NAME: 1996-1 DLJ
<TABLE>
<CAPTION>
SCHEDULED
LOAN # BORROWER STREET ADDRESS CITY STATE ZIP BALANCE
------ -------------------- -------------------- --------------- ----- ----- ------------
<S> <C> <C> <C> <C> <C> <C>
600051563 KAREN LEE SCHARER 1150 S. PEAKVIEW DR. CASTLE ROCK, CO CO 80104 $374,468.95
600051564 STEVE R & WENDY W MEADOWS 935 CACHE CREEK DRIVE JACKSON, WY WY 83001 $310,000.00
600051565 MICHAEL E & DEBRA M RODRI 5121 CAPE ANN DR. CORPUS CHRISTI, TX 78412 $272,507.53
600051566 MARK & AMY E PEARSON 19225 AUTUMN GARDEN SAN ANTONIO, TX TX 78258 $283,394.76
600051567 JAMES L & ROSE MARIE BURK 930 PAYNE RD ROSSVILLE, TN TN 38066 $230,656.11
600051568 JOHN R & CAROLE C CARLISL 1701 MAPLE DRIVE GRIFFITH, GA GA 30223 $308,792.66
600051569 ABDOLREZA & FARIBA JAHANB 11101 FARM ROAD GREAT FALLS, VA VA 22066 $306,804.24
600051570 WILLIAM H H & VIRGINIA G 6221 NORTH 23RD ST ARLINGTON, VA VA 22205 $299,754.09
600051571 JAMES & JOY A DYER 11586 NORTH 120TH STREET SCOTTSDALE, AZ AZ 85259 $495,631.90
600051572 JEFFREY & DEBORAH LAMB 5425 SOUTHWEST 92ND STREE MIAMI, FL FL 33156 $599,520.19
600051573 JOHN J & MARY E ANDERSON 2091 MANHATAN DR. CARSON CITY, NV NV 89703 $329,772.90
600051574 GEORGE H & CLAIRE W FERGU 37 BAY VIEW DR. JAMESTOWN, RI RI 2835 $524,256.54
600051575 DAVID A & REBECCA A ARVIZ 8426 GREEN ISLAND CIRCLE LITTLETON, CO CO 80124 $305,918.82
600051576 PAUL ABEND 15 DOWNINGTON COURT TOWNSHIP OF WAR NJ 7060 $588,074.06
<CAPTION>
INTEREST LNDR NET MGMT PC SCHEDULED
LOAN # BORROWER RATE FEE RATE FEE RATE MATURITY
------ -------------------- -------- ----- ------ ----- ------ --------
<S> <C> <C> <C> <C> <C> <C> <C>
600051563 KAREN LEE SCHARER 7.750 .250 7.500 .0350 7.465 03/01/2026
600051564 STEVE R & WENDY W MEADOWS 7.625 .250 7.375 .0350 7.340 05/01/2026
600051565 MICHAEL E & DEBRA M RODRI 7.750 .250 7.500 .0350 7.465 04/01/2026
600051566 MARK & AMY E PEARSON 7.750 .250 7.500 .0350 7.465 02/01/2026
600051567 JAMES L & ROSE MARIE BURK 7.500 .250 7.250 .0350 7.215 04/01/2026
600051568 JOHN R & CAROLE C CARLISL 8.000 .250 7.750 .0350 7.715 04/01/2026
600051569 ABDOLREZA & FARIBA JAHANB 8.250 .250 8.000 .0350 7.965 04/01/2026
600051570 WILLIAM H H & VIRGINIA G 7.000 .250 6.750 .0350 6.715 04/01/2026
600051571 JAMES & JOY A DYER 7.500 .250 7.250 .0350 7.215 04/01/2026
600051572 JEFFREY & DEBORAH LAMB 7.125 .250 6.875 .0350 6.840 04/01/2026
600051573 JOHN J & MARY E ANDERSON 7.875 .250 7.625 .0350 7.590 04/01/2026
600051574 GEORGE H & CLAIRE W FERGU 7.750 .250 7.500 .0350 7.465 03/01/2026
600051575 DAVID A & REBECCA A ARVIZ 7.500 .250 7.250 .0350 7.215 03/01/2026
600051576 PAUL ABEND 7.625 .250 7.375 .0350 7.340 04/01/2026
<CAPTION>
MI INTEREST LOAN
LOAN # BORROWER S/S LOAN # P & I PMT CO PAID-TO TERM
------ -------------------- --------------- --------- -- -------- ----
<S> <C> <C> <C> <C> <C> <C>
600051563 KAREN LEE SCHARER 9377583 $2,686.55 05/01/1996
600051564 STEVE R & WENDY W MEADOWS 9379935 $2,194.16 05/01/1996
600051565 MICHAEL E & DEBRA M RODRI 9388643 $1,953.66 2 05/01/1996
600051566 MARK & AMY E PEARSON 9396651 $2,034.62 05/01/1996
600051567 JAMES L & ROSE MARIE BURK 9400011 $1,615.19 05/01/1996
600051568 JOHN R & CAROLE C CARLISL 9403511 $2,267.34 05/01/1996
600051569 ABDOLREZA & FARIBA JAHANB 9403637 $2,306.39 05/01/1996
600051570 WILLIAM H H & VIRGINIA G 9404939 $1,995.91 05/01/1996
600051571 JAMES & JOY A DYER 9406703 $3,468.10 05/01/1996
600051572 JEFFREY & DEBORAH LAMB 9424357 $4,042.31 05/01/1996
600051573 JOHN J & MARY E ANDERSON 9442039 $2,392.73 05/01/1996
600051574 GEORGE H & CLAIRE W FERGU 9450327 $3,761.16 05/01/1996
600051575 DAVID A & REBECCA A ARVIZ 9455563 $2,142.22 19 05/01/1996
600051576 PAUL ABEND 9475191 $4,165.37 05/01/1996
<CAPTION>
PER LIFE LIFE GROSS NET CERT. PROP BUYDOWN
LOAN # BORROWER CAP FLOOR CAP MARGIN MARGIN MARGIN VALUE TYPE
------ -------------------- ---- ----- ---- ------ ------ ------ ----------- ------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
600051563 KAREN LEE SCHARER 360 .00 $550,000.00 N
600051564 STEVE R & WENDY W MEADOWS 360 .00 $520,000.00 N
600051565 MICHAEL E & DEBRA M RODRI 360 .00 $303,000.00 N
600051566 MARK & AMY E PEARSON 360 .00 $361,500.00 N
600051567 JAMES L & ROSE MARIE BURK 360 .00 $310,000.00 N
600051568 JOHN R & CAROLE C CARLISL 360 .00 $435,000.00 N
600051569 ABDOLREZA & FARIBA JAHANB 360 .00 $420,000.00 N
600051570 WILLIAM H H & VIRGINIA G 360 .00 $400,000.00 N
600051571 JAMES & JOY A DYER 360 .00 $620,000.00 N
600051572 JEFFREY & DEBORAH LAMB 360 .00 $925,000.00 N
600051573 JOHN J & MARY E ANDERSON 360 .00 $650,000.00 N
600051574 GEORGE H & CLAIRE W FERGU 360 .00 $714,000.00 N
600051575 DAVID A & REBECCA A ARVIZ 360 .00 $322,500.00 N
600051576 PAUL ABEND 360 .00 $785,000.00 N
</TABLE>
<PAGE>
(vlegal.ace v1.4) Page 74
RUN DATE: 05/28/1996 PNC MORTGAGE SECURITIES CORP.
TIME: 17:15:32 LEGAL LOAN LISTING
REQUESTED STATUS AS OF 05/01/1996
POOL NUMBER: 1380 POOL NAME: 1996-1 DLJ
<TABLE>
<CAPTION>
SCHEDULED
LOAN # BORROWER STREET ADDRESS CITY STATE ZIP BALANCE
------ -------------------- -------------------- --------------- ----- ----- ------------
<S> <C> <C> <C> <C> <C> <C>
600051577 TERENCE & SUZANNE DURY 147 MIDLAND AVENUE PARK RIDGE, NJ NJ 7656 $219,459.97
600051578 ARTHUR H & BARBARA T MASA 754 PARSONS ROAD RIDGEWOOD, NJ NJ 7450 $259,825.54
600051579 DANIEL N & DENISE C SHAW 512 TIMBER LAKE DRIVE SOUTHLAKE, TX TX 76092 $242,356.04
600051580 GREGORY R & LAURA B SCHNA 3105 ARMBRUST DRIVE OMAHA, NE NE 68124 $594,630.17
600051581 CHARLES M & BETSEY D BURG 785 CLARK STREET WESTFIELD, NJ NJ 7090 $230,845.00
600051582 LEE PATRICK PETTIJOHN 7622 BOCAGE BOULEVARD BATON ROUGE, LA LA 70809 $356,028.57
600051583 ROSS W PAULSON 329 WEST KENNETH ROAD GLENDALE, CA CA 91202 $308,032.44
600051584 KRISHAN K & JEAN F KUMAR 1088 FREMONT AVENUE LOS ALTOS, CA CA 94024 $300,000.00
600051585 WILLIAM P DOBRICKY 8911 CHARRINGTON DRIVE FRANKFORT, IL IL 60423 $250,000.00
600051586 JOHN C & MARY J CORNUELLE 11 DE BELL DRIVE ATHERTON, CA CA 94027 $300,000.00
600051587 BARRY D COHEN 1960 COMSTOCK AVENUE LOS ANGELES, CA CA 90025 $243,428.07
600051588 ROBERTO L & THERESA L COR 80 KEARNEY STREET DENVER, CO CO 80220 $278,792.94
600051589 VAN R & PATTI MANKIN GRIF 1265 CYNDIE LANE ORCUTT, CA CA 93455 $249,836.47
600051590 RICHARD GAYLE & DENA RAE 13024 COPPERMINE RD UNION BRIDGE, M MD 21791 $207,349.81
<CAPTION>
INTEREST LNDR NET MGMT PC SCHEDULED
LOAN # BORROWER RATE FEE RATE FEE RATE MATURITY
------ -------------------- -------- ----- ------ ----- ------ --------
<S> <C> <C> <C> <C> <C> <C> <C>
600051577 TERENCE & SUZANNE DURY 8.250 .250 8.000 .0350 7.965 04/01/2026
600051578 ARTHUR H & BARBARA T MASA 8.000 .250 7.750 .0350 7.715 04/01/2026
600051579 DANIEL N & DENISE C SHAW 7.125 .250 6.875 .0350 6.840 04/01/2026
600051580 GREGORY R & LAURA B SCHNA 8.375 .250 8.125 .0350 8.090 04/01/2026
600051581 CHARLES M & BETSEY D BURG 8.000 .250 7.750 .0350 7.715 04/01/2026
600051582 LEE PATRICK PETTIJOHN 8.375 .250 8.125 .0350 8.090 04/01/2026
600051583 ROSS W PAULSON 7.750 .250 7.500 .0350 7.465 04/01/2026
600051584 KRISHAN K & JEAN F KUMAR 8.375 .250 8.125 .0350 8.090 05/01/2026
600051585 WILLIAM P DOBRICKY 8.750 .250 8.500 .0350 8.465 05/01/2026
600051586 JOHN C & MARY J CORNUELLE 7.750 .250 7.500 .0350 7.465 05/01/2026
600051587 BARRY D COHEN 7.750 .250 7.500 .0350 7.465 04/01/2026
600051588 ROBERTO L & THERESA L COR 7.500 .250 7.250 .0350 7.215 04/01/2026
600051589 VAN R & PATTI MANKIN GRIF 8.125 .250 7.875 .0350 7.840 04/01/2026
600051590 RICHARD GAYLE & DENA RAE 7.625 .250 7.375 .0350 7.340 04/01/2026
<CAPTION>
MI INTEREST LOAN
LOAN # BORROWER S/S LOAN # P & I PMT CO PAID-TO TERM
------ -------------------- --------------- --------- -- -------- ----
<S> <C> <C> <C> <C> <C> <C>
600051577 TERENCE & SUZANNE DURY 9475905 $1,649.78 19 05/01/1996
600051578 ARTHUR H & BARBARA T MASA 9477095 $1,907.79 05/01/1996
600051579 DANIEL N & DENISE C SHAW 9483545 $1,634.10 05/01/1996
600051580 GREGORY R & LAURA B SCHNA 9490717 $4,522.43 05/01/1996
600051581 CHARLES M & BETSEY D BURG 9536377 $1,695.00 05/01/1996
600051582 LEE PATRICK PETTIJOHN 9541711 $2,707.76 05/01/1996
600051583 ROSS W PAULSON 9557349 $2,208.34 3 05/01/1996
600051584 KRISHAN K & JEAN F KUMAR 9575505 $2,280.22 05/01/1996
600051585 WILLIAM P DOBRICKY 9585389 $1,966.75 3 05/01/1996
600051586 JOHN C & MARY J CORNUELLE 9586929 $2,149.24 05/01/1996
600051587 BARRY D COHEN 9588077 $1,745.18 05/01/1996
600051588 ROBERTO L & THERESA L COR 9589449 $1,950.81 19 05/01/1996
600051589 VAN R & PATTI MANKIN GRIF 9603871 $1,856.24 05/01/1996
600051590 RICHARD GAYLE & DENA RAE 9613125 $1,468.68 05/01/1996
<CAPTION>
PER LIFE LIFE GROSS NET CERT. PROP BUYDOWN
LOAN # BORROWER CAP FLOOR CAP MARGIN MARGIN MARGIN VALUE TYPE
------ -------------------- ---- ----- ---- ------ ------ ------ ----------- ------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
600051577 TERENCE & SUZANNE DURY 360 .00 $244,000.00 N
600051578 ARTHUR H & BARBARA T MASA 360 .00 $410,000.00 N
600051579 DANIEL N & DENISE C SHAW 360 .00 $320,000.00 N
600051580 GREGORY R & LAURA B SCHNA 360 .00 $800,000.00 N
600051581 CHARLES M & BETSEY D BURG 360 .00 $308,000.00 N
600051582 LEE PATRICK PETTIJOHN 360 .00 $475,000.00 N
600051583 ROSS W PAULSON 360 .00 $342,500.00 N
600051584 KRISHAN K & JEAN F KUMAR 360 .00 $525,000.00 N
600051585 WILLIAM P DOBRICKY 360 .00 $280,000.00 N
600051586 JOHN C & MARY J CORNUELLE 360 .00 $850,000.00 N
600051587 BARRY D COHEN 360 .00 $348,000.00 N
600051588 ROBERTO L & THERESA L COR 360 .00 $310,000.00 N
600051589 VAN R & PATTI MANKIN GRIF 360 .00 $435,000.00 N
600051590 RICHARD GAYLE & DENA RAE 360 .00 $330,000.00 N
</TABLE>
<PAGE>
(vlegal.ace v1.4) Page 75
RUN DATE: 05/28/1996 PNC MORTGAGE SECURITIES CORP.
TIME: 17:15:32 LEGAL LOAN LISTING
REQUESTED STATUS AS OF 05/01/1996
POOL NUMBER: 1380 POOL NAME: 1996-1 DLJ
<TABLE>
<CAPTION>
SCHEDULED
LOAN # BORROWER STREET ADDRESS CITY STATE ZIP BALANCE
------ -------------------- -------------------- --------------- ----- ----- ------------
<S> <C> <C> <C> <C> <C> <C>
600051591 WILLIAM MICHAEL CALDWELL 6315 HARROW TRACE NORCROSS, GA GA 30092 $599,576.53
600051592 EARLE C & KATHERINE M POW 924 FALLING LEAF DRIVE FRIENDSWOOD, TX TX 77546 $260,311.46
600051593 KEVIN P & KAREN DEVENEY 9 RIVER MEADOW DRIVE WEST NEWBURY, M MA 1985 $244,827.08
600051594 PETER J & SHERI S FISHER 79 WILLOWLEAF DRIVE LITTLETON, CO CO 80127 $231,036.82
600051595 BARBARA ANN MALLOUK 702 PUUIKENA DRIVE HONOLULU, HI HI 96821 $690,000.00
600051596 KIM ALLEN & SUZANNE M STO 342 GOLDEN OAKS DRIVE COUNCIL BLUFFS, IA 51503 $243,802.20
600051597 JERRY THIELEMIER 7509 CRYSTAL LAKE DR. CORDOVA, TN TN 38018 $239,759.98
600051598 ROBERT T GREGG 52 SOUTH STREET MEDFIELD, MA MA 2052 $74,901.55
600051599 ANA M LINDNER 7479 KOOLAU ROAD KILAUEA, HI HI 96754 $409,738.56
600051600 PHILLIP I & LAURIE M MENA 1010 NORTH 79TH AVENUE YAKIMA, WA WA 98908 $349,752.98
600051601 WILLIAM A & JOANNE L BIRC 155 N RIATA ST GILBERT, AZ AZ 85234 $327,774.27
600051602 DILBERT YEE & LINDA YANG 1246 COMMONWEALTH AVE LOT NEWTON, MA MA 2167 $254,241.88
600051603 JAMES A & DIANE MILLER 3527 E. AHWATUKEE COURT PHOENIX, AZ AZ 85044 $289,815.08
600051604 JOHN W & BILLIE J DALTON 24626 NORTH 84TH STREET SCOTTSDALE, AZ AZ 85255 $263,827.31
<CAPTION>
INTEREST LNDR NET MGMT PC SCHEDULED
LOAN # BORROWER RATE FEE RATE FEE RATE MATURITY
------ -------------------- -------- ----- ------ ----- ------ --------
<S> <C> <C> <C> <C> <C> <C> <C>
600051591 WILLIAM MICHAEL CALDWELL 7.750 .250 7.500 .0350 7.465 04/01/2026
600051592 EARLE C & KATHERINE M POW 7.625 .250 7.375 .0350 7.340 04/01/2026
600051593 KEVIN P & KAREN DEVENEY 7.750 .250 7.500 .0350 7.465 04/01/2026
600051594 PETER J & SHERI S FISHER 7.750 .250 7.500 .0350 7.465 04/01/2026
600051595 BARBARA ANN MALLOUK 8.250 .250 8.000 .0350 7.965 05/01/2026
600051596 KIM ALLEN & SUZANNE M STO 8.500 .250 8.250 .0350 8.215 04/01/2026
600051597 JERRY THIELEMIER 7.750 .250 7.500 .0350 7.465 03/01/2026
600051598 ROBERT T GREGG 8.125 .250 7.875 .0350 7.840 03/01/2026
600051599 ANA M LINDNER 8.250 .250 8.000 .0350 7.965 04/01/2026
600051600 PHILLIP I & LAURIE M MENA 7.750 .250 7.500 .0350 7.465 04/01/2026
600051601 WILLIAM A & JOANNE L BIRC 7.875 .250 7.625 .0350 7.590 04/01/2026
600051602 DILBERT YEE & LINDA YANG 8.375 .250 8.125 .0350 8.090 04/01/2026
600051603 JAMES A & DIANE MILLER 8.250 .250 8.000 .0350 7.965 04/01/2026
600051604 JOHN W & BILLIE J DALTON 8.125 .250 7.875 .0350 7.840 04/01/2026
<CAPTION>
MI INTEREST LOAN
LOAN # BORROWER S/S LOAN # P & I PMT CO PAID-TO TERM
------ -------------------- --------------- --------- -- -------- ----
<S> <C> <C> <C> <C> <C> <C>
600051591 WILLIAM MICHAEL CALDWELL 9621973 $4,298.47 05/01/1996
600051592 EARLE C & KATHERINE M POW 9627433 $1,843.80 05/01/1996
600051593 KEVIN P & KAREN DEVENEY 9628875 $1,755.21 05/01/1996
600051594 PETER J & SHERI S FISHER 9641644 $1,656.35 05/01/1996
600051595 BARBARA ANN MALLOUK 9644822 $5,183.74 05/01/1996
600051596 KIM ALLEN & SUZANNE M STO 9646829 $1,875.76 2 05/01/1996
600051597 JERRY THIELEMIER 9647445 $1,720.11 19 05/01/1996
600051598 ROBERT T GREGG 9650595 $556.87 05/01/1996
600051599 ANA M LINDNER 9653759 $3,080.19 05/01/1996
600051600 PHILLIP I & LAURIE M MENA 9656797 $2,507.44 05/01/1996
600051601 WILLIAM A & JOANNE L BIRC 9667633 $2,378.23 05/01/1996
600051602 DILBERT YEE & LINDA YANG 9668417 $1,933.62 05/01/1996
600051603 JAMES A & DIANE MILLER 9704266 $2,178.67 05/01/1996
600051604 JOHN W & BILLIE J DALTON 9704740 $1,960.19 05/01/1996
<CAPTION>
PER LIFE LIFE GROSS NET CERT. PROP BUYDOWN
LOAN # BORROWER CAP FLOOR CAP MARGIN MARGIN MARGIN VALUE TYPE
------ -------------------- ---- ----- ---- ------ ------ ------ ----------- ------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
600051591 WILLIAM MICHAEL CALDWELL 360 .00 $868,879.00 N
600051592 EARLE C & KATHERINE M POW 360 .00 $342,000.00 N
600051593 KEVIN P & KAREN DEVENEY 360 .00 $335,000.00 N
600051594 PETER J & SHERI S FISHER 360 .00 $289,000.00 N
600051595 BARBARA ANN MALLOUK 360 .00 $1,200,000.00 N
600051596 KIM ALLEN & SUZANNE M STO 360 .00 $257,900.00 N
600051597 JERRY THIELEMIER 360 .00 $282,500.00 N
600051598 ROBERT T GREGG 360 .00 $169,000.00 N
600051599 ANA M LINDNER 360 .00 $778,000.00 N
600051600 PHILLIP I & LAURIE M MENA 360 .00 $484,000.00 N
600051601 WILLIAM A & JOANNE L BIRC 360 .00 $410,000.00 N
600051602 DILBERT YEE & LINDA YANG 360 .00 $318,000.00 N
600051603 JAMES A & DIANE MILLER 360 .00 $390,000.00 N
600051604 JOHN W & BILLIE J DALTON 360 .00 $335,500.00 N
</TABLE>
<PAGE>
(vlegal.ace v1.4) Page 76
RUN DATE: 05/28/1996 PNC MORTGAGE SECURITIES CORP.
TIME: 17:15:32 LEGAL LOAN LISTING
REQUESTED STATUS AS OF 05/01/1996
POOL NUMBER: 1380 POOL NAME: 1996-1 DLJ
<TABLE>
<CAPTION>
SCHEDULED
LOAN # BORROWER STREET ADDRESS CITY STATE ZIP BALANCE
------ -------------------- -------------------- --------------- ----- ----- ------------
<S> <C> <C> <C> <C> <C> <C>
600051605 DAVID MIGUEL & DANI T CAS 106 MALAGA ROAD SANTA FE, NM NM 87501 $245,826.02
600051606 LUIS O & JUDITH A GARCIA 27130 GRAYSLAKE ROAD RANCHO PALOS VE CA 90274 $283,294.81
600051607 SCOTT & YOLANDA ELLIOTT 1904 ALCOR STREET LOMITA, CA CA 90717 $218,349.63
600051608 LARRY N NOLAN 4804 SANDERSTIN DRIVE DALLAS, TX TX 75287 $266,007.33
600051609 DOUGLAS W & JUDIANNE K MA 4122 RICE BLVD HOUSTON, TX TX 77005 $343,000.00
600051610 JAMES B & JANA L ANDREWS, 4409 ACACIA STREET BELLAIRE, TX TX 77401 $229,829.31
600051611 DAVID & LISA CALLAHAN 28241 DRIVER AVE. AGOURA HILLS, C CA 91301 $253,800.00
600051612 JAN W & KATHLEEN A JANSEN 165 PINE VALLEY RD LAKE OSWEGO, OR OR 97034 $293,000.00
600051613 LEONARD A & RONA KLEIN 7161 PROMENADE DRIVE #E10 BOCA RATON, FL FL 33433 $140,000.00
600051614 PATRICK J & MARY S MCCUE 5910 MENORCA LANE APOLLO BEACH, F FL 33572 $255,810.01
600051615 JAMES P & STACIE L O'NEIL 130 AMALFIE ROAD SARASOTA, FL FL 33333 $280,000.00
600051616 MICHAEL A & LAURA J OLERI 28632 BRECKENRIDGE DRIVE LAGUNA NIGUEL, CA 92677 $299,588.41
600051617 DAVID H HOLLADAY 13944 WHISPERING MEADOWS JAMUL, CA CA 91935 $207,000.00
600051618 ROBERT & MIGDALIA BERRIOS 500 SOUTH CAMARITAS DRIVE DIAMOND BAR, CA CA 91765 $215,939.63
<CAPTION>
INTEREST LNDR NET MGMT PC SCHEDULED
LOAN # BORROWER RATE FEE RATE FEE RATE MATURITY
------ -------------------- -------- ----- ------ ----- ------ --------
<S> <C> <C> <C> <C> <C> <C> <C>
600051605 DAVID MIGUEL & DANI T CAS 7.750 .250 7.500 .0350 7.465 04/01/2026
600051606 LUIS O & JUDITH A GARCIA 7.625 .250 7.375 .0350 7.340 04/01/2026
600051607 SCOTT & YOLANDA ELLIOTT 7.875 .250 7.625 .0350 7.590 04/01/2026
600051608 LARRY N NOLAN 7.625 .250 7.375 .0350 7.340 04/01/2026
600051609 DOUGLAS W & JUDIANNE K MA 7.875 .250 7.625 .0350 7.590 05/01/2026
600051610 JAMES B & JANA L ANDREWS, 7.500 .250 7.250 .0350 7.215 04/01/2026
600051611 DAVID & LISA CALLAHAN 7.750 .250 7.500 .0350 7.465 05/01/2026
600051612 JAN W & KATHLEEN A JANSEN 8.250 .250 8.000 .0350 7.965 05/01/2026
600051613 LEONARD A & RONA KLEIN 7.875 .250 7.625 .0350 7.590 05/01/2026
600051614 PATRICK J & MARY S MCCUE 7.500 .250 7.250 .0350 7.215 04/01/2026
600051615 JAMES P & STACIE L O'NEIL 8.250 .250 8.000 .0350 7.965 05/01/2026
600051616 MICHAEL A & LAURA J OLERI 7.750 .250 7.500 .0350 7.465 04/01/2026
600051617 DAVID H HOLLADAY 7.125 .250 6.875 .0350 6.840 05/01/2026
600051618 ROBERT & MIGDALIA BERRIOS 7.500 .250 7.250 .0350 7.215 04/01/2026
<CAPTION>
MI INTEREST LOAN
LOAN # BORROWER S/S LOAN # P & I PMT CO PAID-TO TERM
------ -------------------- --------------- --------- -- -------- ----
<S> <C> <C> <C> <C> <C> <C>
600051605 DAVID MIGUEL & DANI T CAS 9706234 $1,765.96 05/01/1996
600051606 LUIS O & JUDITH A GARCIA 9709133 $2,006.60 3 05/01/1996
600051607 SCOTT & YOLANDA ELLIOTT 9709215 $1,584.28 19 05/01/1996
600051608 LARRY N NOLAN 9710350 $1,884.15 05/01/1996
600051609 DOUGLAS W & JUDIANNE K MA 9713976 $2,486.99 05/01/1996
600051610 JAMES B & JANA L ANDREWS, 9714107 $1,608.19 05/01/1996
600051611 DAVID & LISA CALLAHAN 9718533 $1,818.25 19 05/01/1996
600051612 JAN W & KATHLEEN A JANSEN 9726169 $2,201.21 05/01/1996
600051613 LEONARD A & RONA KLEIN 9727958 $1,015.10 05/01/1996
600051614 PATRICK J & MARY S MCCUE 9770302 $1,789.99 05/01/1996
600051615 JAMES P & STACIE L O'NEIL 9771135 $2,103.55 05/01/1996
600051616 MICHAEL A & LAURA J OLERI 9793315 $2,147.80 3 05/01/1996
600051617 DAVID H HOLLADAY 9794099 $1,394.60 05/01/1996
600051618 ROBERT & MIGDALIA BERRIOS 9805276 $1,511.00 3 05/01/1996
<CAPTION>
PER LIFE LIFE GROSS NET CERT. PROP BUYDOWN
LOAN # BORROWER CAP FLOOR CAP MARGIN MARGIN MARGIN VALUE TYPE
------ -------------------- ---- ----- ---- ------ ------ ------ ----------- ------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
600051605 DAVID MIGUEL & DANI T CAS 360 .00 $340,000.00 N
600051606 LUIS O & JUDITH A GARCIA 360 .00 $315,000.00 N
600051607 SCOTT & YOLANDA ELLIOTT 360 .00 $230,000.00 N
600051608 LARRY N NOLAN 360 .00 $332,775.00 N
600051609 DOUGLAS W & JUDIANNE K MA 360 .00 $428,750.00 N
600051610 JAMES B & JANA L ANDREWS, 360 .00 $290,000.00 N
600051611 DAVID & LISA CALLAHAN 360 .00 $282,000.00 N
600051612 JAN W & KATHLEEN A JANSEN 360 .00 $528,000.00 N
600051613 LEONARD A & RONA KLEIN 360 .00 $200,000.00 N
600051614 PATRICK J & MARY S MCCUE 360 .00 $320,000.00 N
600051615 JAMES P & STACIE L O'NEIL 360 .00 $350,000.00 N
600051616 MICHAEL A & LAURA J OLERI 360 .00 $320,000.00 N
600051617 DAVID H HOLLADAY 360 .00 $390,000.00 N
600051618 ROBERT & MIGDALIA BERRIOS 360 .00 $227,500.00 N
</TABLE>
<PAGE>
(vlegal.ace v1.4) Page 77
RUN DATE: 05/28/1996 PNC MORTGAGE SECURITIES CORP.
TIME: 17:15:32 LEGAL LOAN LISTING
REQUESTED STATUS AS OF 05/01/1996
POOL NUMBER: 1380 POOL NAME: 1996-1 DLJ
<TABLE>
<CAPTION>
SCHEDULED
LOAN # BORROWER STREET ADDRESS CITY STATE ZIP BALANCE
------ -------------------- -------------------- --------------- ----- ----- ------------
<S> <C> <C> <C> <C> <C> <C>
600051619 EDWARD FRANK & DENISE MUR 3218 18TH STREET SANTA MONICA, C CA 90405 $346,000.00
600051620 BRIAN S & LAURIE A ARMENT 31061 WILDWOODS EVERGREEN, CO CO 80439 $279,812.13
600051621 ROBERT J & BARBARA J MATT 5361 MESA DR. CASTLE ROCK, CO CO 80104 $299,808.70
600051622 CHRISTOPHER & MARY GRACE 8405 GREEN ISLAND CIRCLE LITTLETON, CO CO 80124 $364,000.00
600051623 DONALD & CHRISTINE GROSS 1241 CANON WAY WESTMINSTER, MD MD 21157 $270,116.93
600051624 ROBERT D & M M ALBRING 4467 RIVER ROAD TOLEDO, OH OH 43614 $267,829.10
600051625 STEVEN & STACEY A PRINCIP 33 MERRY LANE JERICHO, NY NY 11753 $227,834.98
600051626 ALVIN H SATO,SR 244 PORTLOCK ROAD HONOLULU, HI HI 96825 $474,653.11
600051627 JOHN & HOLLY LEBEAU 4311 KLIPSTEIN ROAD CHEYENNE, WY WY 82009 $310,521.98
600051628 JAMES A & MARGARET F CUDN 11201 LONG PINE TRAIL PATOMAC, MD MD 20854 $245,339.41
600051629 EDWARD E & BETTY A JORDAN 2509 HARTLEPOOL LANE MIDLOTHIAN, VA VA 23113 $346,667.24
600051630 AUDREY LYNNE NEWMAN 59-753 ALAPIO RD HALEIWA, HI HI 96712 $356,722.24
600051631 ARTHUR R & HOLLY P LEBLAN 10 ALEWIVE FARM ROAD KENNEBUNK, ME ME 4043 $306,576.05
600051632 ALEXANDER P & MARY P KURI 13506 GULLIVER'S TRAIL BOWIE, MD MD 20720 $266,801.84
<CAPTION>
INTEREST LNDR NET MGMT PC SCHEDULED
LOAN # BORROWER RATE FEE RATE FEE RATE MATURITY
------ -------------------- -------- ----- ------ ----- ------ --------
<S> <C> <C> <C> <C> <C> <C> <C>
600051619 EDWARD FRANK & DENISE MUR 7.750 .250 7.500 .0350 7.465 05/01/2026
600051620 BRIAN S & LAURIE A ARMENT 8.000 .250 7.750 .0350 7.715 04/01/2026
600051621 ROBERT J & BARBARA J MATT 8.250 .250 8.000 .0350 7.965 04/01/2026
600051622 CHRISTOPHER & MARY GRACE 8.375 .250 8.125 .0350 8.090 05/01/2026
600051623 DONALD & CHRISTINE GROSS 7.750 .250 7.500 .0350 7.465 03/01/2026
600051624 ROBERT D & M M ALBRING 8.250 .250 8.000 .0350 7.965 04/01/2026
600051625 STEVEN & STACEY A PRINCIP 7.625 .250 7.375 .0350 7.340 04/01/2026
600051626 ALVIN H SATO,SR 7.875 .250 7.625 .0350 7.590 04/01/2026
600051627 JOHN & HOLLY LEBEAU 8.500 .250 8.250 .0350 8.215 03/01/2026
600051628 JAMES A & MARGARET F CUDN 8.125 .250 7.875 .0350 7.840 04/01/2026
600051629 EDWARD E & BETTY A JORDAN 8.000 .250 7.750 .0350 7.715 04/01/2026
600051630 AUDREY LYNNE NEWMAN 7.625 .250 7.375 .0350 7.340 03/01/2026
600051631 ARTHUR R & HOLLY P LEBLAN 7.875 .250 7.625 .0350 7.590 03/01/2026
600051632 ALEXANDER P & MARY P KURI 7.500 .250 7.250 .0350 7.215 04/01/2026
<CAPTION>
MI INTEREST LOAN
LOAN # BORROWER S/S LOAN # P & I PMT CO PAID-TO TERM
------ -------------------- --------------- --------- -- -------- ----
<S> <C> <C> <C> <C> <C> <C>
600051619 EDWARD FRANK & DENISE MUR 9814698 $2,478.79 3 05/01/1996
600051620 BRIAN S & LAURIE A ARMENT 9854150 $2,054.54 2 05/01/1996
600051621 ROBERT J & BARBARA J MATT 9854353 $2,253.80 05/01/1996
600051622 CHRISTOPHER & MARY GRACE 9855088 $2,766.66 19 05/01/1996
600051623 DONALD & CHRISTINE GROSS 9864846 $1,937.90 05/01/1996
600051624 ROBERT D & M M ALBRING 9865364 $2,013.40 05/01/1996
600051625 STEVEN & STACEY A PRINCIP 9870558 $1,613.77 05/01/1996
600051626 ALVIN H SATO,SR 9871342 $3,444.08 05/01/1996
600051627 JOHN & HOLLY LEBEAU 9874779 $2,390.55 19 05/01/1996
600051628 JAMES A & MARGARET F CUDN 9875640 $1,822.83 05/01/1996
600051629 EDWARD E & BETTY A JORDAN 9877908 $2,545.43 19 05/01/1996
600051630 AUDREY LYNNE NEWMAN 9878027 $2,528.53 1 05/01/1996
600051631 ARTHUR R & HOLLY P LEBLAN 9882605 $2,225.97 05/01/1996
600051632 ALEXANDER P & MARY P KURI 9883347 $1,866.91 05/01/1996
<CAPTION>
PER LIFE LIFE GROSS NET CERT. PROP BUYDOWN
LOAN # BORROWER CAP FLOOR CAP MARGIN MARGIN MARGIN VALUE TYPE
------ -------------------- ---- ----- ---- ------ ------ ------ ----------- ------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
600051619 EDWARD FRANK & DENISE MUR 360 .00 $385,000.00 N
600051620 BRIAN S & LAURIE A ARMENT 360 .00 $301,000.00 N
600051621 ROBERT J & BARBARA J MATT 360 .00 $410,000.00 N
600051622 CHRISTOPHER & MARY GRACE 360 .00 $434,868.00 N
600051623 DONALD & CHRISTINE GROSS 360 .00 $340,000.00 N
600051624 ROBERT D & M M ALBRING 360 .00 $390,000.00 N
600051625 STEVEN & STACEY A PRINCIP 360 .00 $285,000.00 N
600051626 ALVIN H SATO,SR 360 .00 $625,000.00 N
600051627 JOHN & HOLLY LEBEAU 360 .00 $345,435.00 N
600051628 JAMES A & MARGARET F CUDN 360 .00 $370,000.00 N
600051629 EDWARD E & BETTY A JORDAN 360 .00 $385,450.00 N
600051630 AUDREY LYNNE NEWMAN 360 .00 $385,000.00 N
600051631 ARTHUR R & HOLLY P LEBLAN 360 .00 $420,000.00 N
600051632 ALEXANDER P & MARY P KURI 360 .00 $335,000.00 N
</TABLE>
<PAGE>
(vlegal.ace v1.4) Page 78
RUN DATE: 05/28/1996 PNC MORTGAGE SECURITIES CORP.
TIME: 17:15:32 LEGAL LOAN LISTING
REQUESTED STATUS AS OF 05/01/1996
POOL NUMBER: 1380 POOL NAME: 1996-1 DLJ
<TABLE>
<CAPTION>
SCHEDULED
LOAN # BORROWER STREET ADDRESS CITY STATE ZIP BALANCE
------ -------------------- -------------------- --------------- ----- ----- ------------
<S> <C> <C> <C> <C> <C> <C>
600051633 JONATHAN & SARAH HANUKA 653 SEQUOIA LANE FROSSMORE, IL IL 60422 $276,627.10
600051634 PHILLIP R & BEVERLY H SHE 958 W TREE DR COLLIERVILLE, T TN 38017 $292,303.73
600051635 PAUL J & LORI A CALLAS 3385 MARTINI ROAD SPARKS, NV NV 89434 $239,743.67
600051636 J WILLIAM ILMANEN 1145 DOVE MEADOW ROAD SOLVANG, CA CA 93463 $270,000.00
600051637 LORNE C & DIANE L DYKE 5400 CANYON CREST DRIVE SAN RAMON, CA CA 94583 $226,500.00
600051638 DAVID D HENDERSON 28770 PARK WOODLAND PLACE SAUGUS, CA CA 91350 $246,500.00
600051639 JOHN H & CHERYL LACY FULF 8609 STIRRUP COURT POTOMAC, MD MD 20854 $550,000.00
600051640 VANISH CHHABRA 1848 EAST MOUNTAIN STREET PASADENA, CA CA 91104 $234,000.00
600051641 TED A & SALLY BROWN GRANT 2444 HIGHTEE COURT CROFTON, MD MD 21114 $230,591.20
600051642 DAVID M & CHRISTY G BRODT 17421 FORBES LANE HUNTINGTON BEAC CA 92647 $228,000.00
600051643 MARK A & KARIN E DILORENZ 55 MERRILL DRIVE MAHWAH, NJ NJ 7430 $427,316.60
600051644 EUGENE N WITKIN 4585 KINGS ABBOTT WAY NORCORSS, GA GA 30092 $290,400.79
600051645 J VEREEN & LESLIE W SMITH 2229 DEMERON RD TALLAHASSEE, FL FL 32312 $249,012.98
600051646 TIMOTHY C GISH 8 RAILROAD AVENUE WILMINGTON, MA MA 1887 $117,778.30
<CAPTION>
INTEREST LNDR NET MGMT PC SCHEDULED
LOAN # BORROWER RATE FEE RATE FEE RATE MATURITY
------ -------------------- -------- ----- ------ ----- ------ --------
<S> <C> <C> <C> <C> <C> <C> <C>
600051633 JONATHAN & SARAH HANUKA 8.375 .250 8.125 .0350 8.090 04/01/2026
600051634 PHILLIP R & BEVERLY H SHE 8.000 .250 7.750 .0350 7.715 04/01/2026
600051635 PAUL J & LORI A CALLAS 8.500 .250 8.250 .0350 8.215 04/01/2026
600051636 J WILLIAM ILMANEN 8.125 .250 7.875 .0350 7.840 05/01/2026
600051637 LORNE C & DIANE L DYKE 7.500 .250 7.250 .0350 7.215 05/01/2026
600051638 DAVID D HENDERSON 7.500 .250 7.250 .0350 7.215 05/01/2026
600051639 JOHN H & CHERYL LACY FULF 7.750 .250 7.500 .0350 7.465 05/01/2026
600051640 VANISH CHHABRA 7.500 .250 7.250 .0350 7.215 05/01/2026
600051641 TED A & SALLY BROWN GRANT 7.875 .250 7.625 .0350 7.590 04/01/2026
600051642 DAVID M & CHRISTY G BRODT 8.625 .250 8.375 .0350 8.340 05/01/2026
600051643 MARK A & KARIN E DILORENZ 7.625 .250 7.375 .0350 7.340 11/01/2015
600051644 EUGENE N WITKIN 7.750 .250 7.500 .0350 7.465 12/01/2015
600051645 J VEREEN & LESLIE W SMITH 7.750 .250 7.500 .0350 7.465 03/01/2016
600051646 TIMOTHY C GISH 7.500 .250 7.250 .0350 7.215 01/01/2016
<CAPTION>
MI INTEREST LOAN
LOAN # BORROWER S/S LOAN # P & I PMT CO PAID-TO TERM
------ -------------------- --------------- --------- -- -------- ----
<S> <C> <C> <C> <C> <C> <C>
600051633 JONATHAN & SARAH HANUKA 9887218 $2,103.88 19 05/01/1996
600051634 PHILLIP R & BEVERLY H SHE 9888303 $2,146.27 19 05/01/1996
600051635 PAUL J & LORI A CALLAS 9918011 $1,844.54 05/01/1996
600051636 J WILLIAM ILMANEN 9929869 $2,004.74 05/01/1996
600051637 LORNE C & DIANE L DYKE 9942364 $1,583.72 05/01/1996
600051638 DAVID D HENDERSON 9943652 $1,723.56 3 05/01/1996
600051639 JOHN H & CHERYL LACY FULF 9944849 $3,940.27 05/01/1996
600051640 VANISH CHHABRA 9945514 $1,636.16 19 05/01/1996
600051641 TED A & SALLY BROWN GRANT 9949392 $1,673.10 19 05/01/1996
600051642 DAVID M & CHRISTY G BRODT 9959899 $1,773.36 2 05/01/1996
600051643 MARK A & KARIN E DILORENZ 5830654 $3,513.26 05/01/1996
600051644 EUGENE N WITKIN 6101554 $2,405.38 05/01/1996
600051645 J VEREEN & LESLIE W SMITH 6950577 $2,052.37 05/01/1996
600051646 TIMOTHY C GISH 7058592 $957.85 05/01/1996
<CAPTION>
PER LIFE LIFE GROSS NET CERT. PROP BUYDOWN
LOAN # BORROWER CAP FLOOR CAP MARGIN MARGIN MARGIN VALUE TYPE
------ -------------------- ---- ----- ---- ------ ------ ------ ----------- ------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
600051633 JONATHAN & SARAH HANUKA 360 .00 $311,000.00 N
600051634 PHILLIP R & BEVERLY H SHE 360 .00 $325,000.00 N
600051635 PAUL J & LORI A CALLAS 360 .00 $335,000.00 N
600051636 J WILLIAM ILMANEN 360 .00 $570,000.00 N
600051637 LORNE C & DIANE L DYKE 360 .00 $351,500.00 N
600051638 DAVID D HENDERSON 360 .00 $273,900.00 N
600051639 JOHN H & CHERYL LACY FULF 360 .00 $1,150,000.00 N
600051640 VANISH CHHABRA 360 .00 $260,000.00 N
600051641 TED A & SALLY BROWN GRANT 360 .00 $242,910.00 N
600051642 DAVID M & CHRISTY G BRODT 360 .00 $240,000.00 N
600051643 MARK A & KARIN E DILORENZ 240 .00 $560,000.00 N
600051644 EUGENE N WITKIN 240 .00 $376,000.00 N
600051645 J VEREEN & LESLIE W SMITH 240 .00 $450,000.00 N
600051646 TIMOTHY C GISH 240 .00 $186,000.00 N
</TABLE>
<PAGE>
(vlegal.ace v1.4) Page 79
RUN DATE: 05/28/1996 PNC MORTGAGE SECURITIES CORP.
TIME: 17:15:32 LEGAL LOAN LISTING
REQUESTED STATUS AS OF 05/01/1996
POOL NUMBER: 1380 POOL NAME: 1996-1 DLJ
<TABLE>
<CAPTION>
SCHEDULED
LOAN # BORROWER STREET ADDRESS CITY STATE ZIP BALANCE
------ -------------------- -------------------- --------------- ----- ----- ------------
<S> <C> <C> <C> <C> <C> <C>
600051647 RALF A & MAI P LEOPOLD 12150 SE 143RD PL PORTLAND, OR OR 97236 $407,858.06
600051648 MARK P & PAMELA G JOHNSON 1000 W 57TH TERRACE KANSAS CITY, MO MO 64113 $348,237.82
600051649 JAN & KIM BEAR RR9 BOX 65 A SANTA FE, NM NM 87505 $397,785.84
600051650 LAURENCE L & PATTI S WEBB W299 N1848 WINDRIDGE COUR PEWAUKEE, WI WI 53072 $231,146.49
600051651 RONALD R & CHARLOTTE A JA 5114 HERSCHEL SPEARS CIRC BRENTWOOD, TN TN 37027 $244,550.71
600051652 ANTHONY MATTERA 13 EAST POINT LANE CANOE PLACE, NY NY 11946 $189,706.37
600051653 KENNETH I WRIGHT 1308 EAST 27TH AVENUE SPOKANE, WA WA 99203 $400,000.00
600051654 ERIK & MARY JO AMLIE 3329 NE 17TH STREET FORT LAUDERDALE FL 33305 $265,500.00
600051655 CHARLES C & HENRIETTA Q G 1992 MONTEMAR WAY SAN JOSE, CA CA 95125 $284,146.51
600051656 ROBERT J KILBY 23914 EAST SUMMIT ROAD LOS GATOS, CA CA 95030 $376,838.71
600051657 DARRELL & MALINDA A PERRY 18822 CYPRESS MOUNTAIN DR SPRING, TX TX 77388 $233,144.58
600051658 JAKE & JOHNNIE M SPIKES 6230 PENFIELD LANE SOLON, OH OH 44139 $284,587.13
600051659 JOHN E & ERICA DUDDY 509 MIRAMAR AVENUE SAN FRANCISCO, CA 94112 $303,112.64
600051660 MICHAEL T DEROSA 2207 BRIARMEAD DRIVE HOUSTON, TX TX 77057 $243,000.00
<CAPTION>
INTEREST LNDR NET MGMT PC SCHEDULED
LOAN # BORROWER RATE FEE RATE FEE RATE MATURITY
------ -------------------- -------- ----- ------ ----- ------ --------
<S> <C> <C> <C> <C> <C> <C> <C>
600051647 RALF A & MAI P LEOPOLD 7.250 .250 7.000 .0350 6.965 01/01/2016
600051648 MARK P & PAMELA G JOHNSON 7.375 .250 7.125 .0350 7.090 02/01/2016
600051649 JAN & KIM BEAR 7.375 .250 7.125 .0350 7.090 02/01/2016
600051650 LAURENCE L & PATTI S WEBB 7.375 .250 7.125 .0350 7.090 03/01/2016
600051651 RONALD R & CHARLOTTE A JA 7.375 .250 7.125 .0350 7.090 04/01/2016
600051652 ANTHONY MATTERA 8.750 .250 8.500 .0350 8.465 04/01/2016
600051653 KENNETH I WRIGHT 9.125 .875 8.250 .0350 8.215 05/01/2026
600051654 ERIK & MARY JO AMLIE 9.125 .875 8.250 .0350 8.215 05/01/2026
600051655 CHARLES C & HENRIETTA Q G 8.625 1.125 7.500 .0350 7.465 12/01/2025
600051656 ROBERT J KILBY 8.500 .875 7.625 .0350 7.590 12/01/2025
600051657 DARRELL & MALINDA A PERRY 9.000 1.125 7.875 .0350 7.840 04/01/2026
600051658 JAKE & JOHNNIE M SPIKES 9.500 .875 8.625 .0350 8.590 12/01/2025
600051659 JOHN E & ERICA DUDDY 8.750 1.125 7.625 .0350 7.590 12/01/2025
600051660 MICHAEL T DEROSA 8.250 .875 7.375 .0350 7.340 05/01/2026
<CAPTION>
MI INTEREST LOAN
LOAN # BORROWER S/S LOAN # P & I PMT CO PAID-TO TERM
------ -------------------- --------------- --------- -- -------- ----
<S> <C> <C> <C> <C> <C> <C>
600051647 RALF A & MAI P LEOPOLD 7858839 $3,250.82 05/01/1996
600051648 MARK P & PAMELA G JOHNSON 8022477 $2,815.63 05/01/1996
600051649 JAN & KIM BEAR 8196525 $3,191.87 05/01/1996
600051650 LAURENCE L & PATTI S WEBB 8789974 $1,851.28 05/01/1996
600051651 RONALD R & CHARLOTTE A JA 8948746 $1,955.02 05/01/1996
600051652 ANTHONY MATTERA 9017058 $1,679.05 05/01/1996
600051653 KENNETH I WRIGHT 1298594 $3,254.53 7 05/01/1996
600051654 ERIK & MARY JO AMLIE 1493942 $2,160.20 19 05/01/1996
600051655 CHARLES C & HENRIETTA Q G 6594744 $2,216.70 3 05/01/1996
600051656 ROBERT J KILBY 6635040 $2,906.49 3 05/01/1996
600051657 DARRELL & MALINDA A PERRY 7184128 $1,876.96 19 05/01/1996
600051658 JAKE & JOHNNIE M SPIKES 7192128 $2,398.96 19 05/01/1996
600051659 JOHN E & ERICA DUDDY 7309213 $2,391.57 3 05/01/1996
600051660 MICHAEL T DEROSA 8108860 $1,825.58 12 05/01/1996
<CAPTION>
PER LIFE LIFE GROSS NET CERT. PROP BUYDOWN
LOAN # BORROWER CAP FLOOR CAP MARGIN MARGIN MARGIN VALUE TYPE
------ -------------------- ---- ----- ---- ------ ------ ------ ----------- ------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
600051647 RALF A & MAI P LEOPOLD 240 .00 $602,000.00 N
600051648 MARK P & PAMELA G JOHNSON 240 .00 $535,000.00 N
600051649 JAN & KIM BEAR 240 .00 $650,000.00 N
600051650 LAURENCE L & PATTI S WEBB 240 .00 $355,000.00 N
600051651 RONALD R & CHARLOTTE A JA 240 .00 $500,000.00 N
600051652 ANTHONY MATTERA 240 .00 $300,000.00 N
600051653 KENNETH I WRIGHT 360 .00 $450,000.00 N
600051654 ERIK & MARY JO AMLIE 360 .00 $295,000.00 N
600051655 CHARLES C & HENRIETTA Q G 360 .00 $300,000.00 N
600051656 ROBERT J KILBY 360 .00 $420,000.00 N
600051657 DARRELL & MALINDA A PERRY 360 .00 $245,550.00 N
600051658 JAKE & JOHNNIE M SPIKES 360 .00 $317,000.00 N
600051659 JOHN E & ERICA DUDDY 360 .00 $320,000.00 N
600051660 MICHAEL T DEROSA 360 .00 $270,000.00 N
</TABLE>
<PAGE>
(vlegal.ace v1.4) Page 80
RUN DATE: 05/28/1996 PNC MORTGAGE SECURITIES CORP.
TIME: 17:15:32 LEGAL LOAN LISTING
REQUESTED STATUS AS OF 05/01/1996
POOL NUMBER: 1380 POOL NAME: 1996-1 DLJ
<TABLE>
<CAPTION>
SCHEDULED
LOAN # BORROWER STREET ADDRESS CITY STATE ZIP BALANCE
------ -------------------- -------------------- --------------- ----- ----- ------------
<S> <C> <C> <C> <C> <C> <C>
600051661 MARK C & STACY S ROLAND 221 RIVERLAKE ROAD FAIR PLAY, SC SC 29643 $225,900.00
600051662 DAVID & AUSTINE WOOD COMA 10561 HAVEN STREET LAS VEGAS, NV NV 89123 $225,000.00
600051663 DAVID & MARY SCHUYLER 909 NORTH CORDOVA STREET ALHAMBRA, CA CA 91801 $298,827.98
600051664 LAWRENCE O & SYLVIA S SON 330 CANTERHILL LANE MONCKS CORNER, SC 29461 $230,249.29
600051665 DIANE R ZARCONI 3131 HIGHLAND DRIVE PALMER TWP, PA PA 18042 $249,706.25
600051666 ERIC C & C RONDA SMITH 9512 TEXHOMA AVENUE NORTHRIDGE, CA CA 91325 $279,000.00
600051667 SCOTT M & LORRAINE M REID 28306 180TH AVENUE SE KENT, WA WA 98042 $220,300.00
600051668 JAMES A & RENE' OBRIEN 308 LAKE HAMILTON DRIVE HOT SPRINGS, AR AR 71913 $266,000.00
INTEREST LNDR NET MGMT PC SCHEDULED
LOAN # BORROWER RATE FEE RATE FEE RATE MATURITY
------ -------------------- -------- ----- ------ ----- ------ --------
<S> <C> <C> <C> <C> <C> <C> <C>
600051661 MARK C & STACY S ROLAND 8.750 .875 7.875 .0350 7.840 05/01/2026
600051662 DAVID & AUSTINE WOOD COMA 8.500 .875 7.625 .0350 7.590 05/01/2026
600051663 DAVID & MARY SCHUYLER 8.750 1.125 7.625 .0350 7.590 04/01/2026
600051664 LAWRENCE O & SYLVIA S SON 8.125 .875 7.250 .0350 7.215 04/01/2026
600051665 DIANE R ZARCONI 8.750 1.125 7.625 .0350 7.590 04/01/2026
600051666 ERIC C & C RONDA SMITH 7.875 .875 7.000 .0350 6.965 05/01/2026
600051667 SCOTT M & LORRAINE M REID 8.750 .875 7.875 .0350 7.840 05/01/2026
600051668 JAMES A & RENE' OBRIEN 9.500 1.125 8.375 .0350 8.340 05/01/2026
<CAPTION>
MI INTEREST LOAN
LOAN # BORROWER S/S LOAN # P & I PMT CO PAID-TO TERM
------ -------------------- --------------- --------- -- -------- ----
<S> <C> <C> <C> <C> <C> <C>
600051661 MARK C & STACY S ROLAND 8394880 $1,777.16 7 05/01/1996
600051662 DAVID & AUSTINE WOOD COMA 8401380 $1,730.06 12 05/01/1996
600051663 DAVID & MARY SCHUYLER 8438193 $2,352.23 12 05/01/1996
600051664 LAWRENCE O & SYLVIA S SON 8511420 $1,710.71 12 05/01/1996
600051665 DIANE R ZARCONI 8877735 $1,965.57 19 05/01/1996
600051666 ERIC C & C RONDA SMITH 9504396 $2,022.94 19 05/01/1996
600051667 SCOTT M & LORRAINE M REID 9587979 $1,733.10 3 05/01/1996
600051668 JAMES A & RENE' OBRIEN 9841970 $2,236.67 12 05/01/1996
<CAPTION>
PER LIFE LIFE GROSS NET CERT. PROP BUYDOWN
LOAN # BORROWER CAP FLOOR CAP MARGIN MARGIN MARGIN VALUE TYPE
------ -------------------- ---- ----- ---- ------ ------ ------ ----------- ------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
600051661 MARK C & STACY S ROLAND 360 .00 $251,000.00 N
600051662 DAVID & AUSTINE WOOD COMA 360 .00 $250,000.00 N
600051663 DAVID & MARY SCHUYLER 360 .00 $315,400.00 N
600051664 LAWRENCE O & SYLVIA S SON 360 .00 $256,000.00 N
600051665 DIANE R ZARCONI 360 .00 $263,000.00 N
600051666 ERIC C & C RONDA SMITH 360 .00 $310,000.00 N
600051667 SCOTT M & LORRAINE M REID 360 .00 $250,000.00 N
600051668 JAMES A & RENE' OBRIEN 360 .00 $280,000.00 N
</TABLE>
<PAGE>
(vlegal.ace v1.4) Page 81
RUN DATE: 05/28/1996 PNC MORTGAGE SECURITIES CORP.
TIME: 17:15:32 LEGAL LOAN LISTING
REQUESTED STATUS AS OF 05/01/1996
POOL NUMBER: 1380 POOL NAME: 1996-1 DLJ
<TABLE>
<CAPTION>
SCHEDULED
LOAN # BORROWER STREET ADDRESS CITY STATE ZIP BALANCE
------ -------------------- -------------------- --------------- ----- ----- ------------
<S> <C> <C> <C> <C> <C> <C>
INTEREST LNDR NET MGMT PC SCHEDULED
LOAN # BORROWER RATE FEE RATE FEE RATE MATURITY
------ -------------------- -------- ----- ------ ----- ------ --------
<S> <C> <C> <C> <C> <C> <C> <C>
MI INTEREST LOAN
LOAN # BORROWER S/S LOAN # P & I PMT CO PAID-TO TERM
------ -------------------- --------------- --------- -- -------- ----
<S> <C> <C> <C> <C> <C> <C>
PER LIFE LIFE GROSS NET CERT. PROP BUYDOWN
LOAN # BORROWER CAP FLOOR CAP MARGIN MARGIN MARGIN VALUE TYPE
------ -------------------- ---- ----- ---- ------ ------ ------ ----------- ------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
LOAN # OF CURRENT PROPERTY ORIG LOAN
COUNT BUYDOWN BALANCE VALUE AMOUNT P & I
** POOL ----- ------- -------------- -------------- -------------- ------------
<S> <C> <C> <C> <C> <C> <C>
** TOTAL 1114 2 329,894,608.04 451,451,800.08 330,834,258.00 2,382,055.96
</TABLE>
<PAGE>
Exhibit E
SELLING AND SERVICING
CONTRACT
This Selling and Servicing Contract (the "Contract") made and entered
into by PNC Mortgage Securities Corp. ("Buyer") and the Seller ("Seller")
identified below,
WITNESSETH:
WHEREAS, Seller has submitted a Seller Application to Buyer and has
otherwise been approved by Buyer; and
WHEREAS, Seller has received the Buyer's Selling Guide and the Buyer's
Servicing Guide (the "Guides");
NOW, THEREFORE, in consideration of the premises and of the mutual
agreements herein contained, Buyer and Seller hereto agree as follows:
1. GUIDES. The Guides, which set forth the terms and conditions
under which Seller is to sell and service mortgages, are supplements to this
Contract and such Guides, as may be amended or supplemented form time to time,
are incorporated into this Contract in full by reference and made a part hereof
as fully as if set forth at length herein. All capitalized terms used herein
and not defined herein have the meanings ascribed to them in Appendix A,
Glossary of Terms, to the Guides.
2. SELLERS' DUTIES. Seller shall diligently perform all duties
incident to the selling and servicing of all mortgages which may be sold by
Seller from time to time and such other mortgages as Buyer and Seller may
mutually agree upon. In the performance of such duties, Seller shall employ
procedures and exercise the same care that it would maintain for loans held in
its own portfolio and in accordance with standards of practice, diligence,
prudence and competence maintained by the mortgage banking industry. Seller
shall also comply with all of the provisions of the Guides and with all other
reasonable requirements and instructions of Buyer. Seller shall perform such
services at its sole expense except as otherwise expressly provide din the
Guides. Seller agrees to service each of such mortgages continuously beginning
with the Purchase Date for such mortgages or the date of designation of Seller
as replacement Servicer for mortgages previously purchased by Buyer from another
Seller, until all interest and principal on each mortgage has been paid in full,
the mortgage has been liquidated a provided in the Guides, or such servicing
duties are terminated by Buyer.
3. COMPENSATION. Seller shall be compensated for its services
hereunder as specified in the Guides.
4. DOCUMENTS AND RECORDS. Seller agrees to create, maintain and
transmit all mortgage records and documents including all permanent mortgage
account records in accordance with the Guides. With respect to such records and
documents, Seller shall have custody privileges and Buyer shall have ownership
of the mortgage records and documents. Buyer may inspect such records and
documents at reasonable times during Seller's normal business hours. Seller
shall maintain accurate records and books of account, an adequate system of
audit and internal control, and shall conduct its
Page 1 of 5
<PAGE>
origination and servicing activities in a responsible and businesslike
manner. Seller shall promptly notify Buyer in writing of any activity or
action, either internal or external, which could potentially affect adversely
the terms of any mortgage serviced hereunder or the ability of Seller to
service any mortgage.
5. WARRANTIES, OBLIGATIONS AND REPRESENTATIONS. The warranties,
obligations and representations stated in the Guides and hereby made or
undertaken by Seller with respect to each of the mortgages to be sold and
serviced by it on behalf of Buyer, unless expressly waived in writing by Buyer.
All warranties made by Seller shall survive (i) any investigation made by or on
behalf of Buyer, its assignee or designee, (ii) liquidation of the mortgage,
(iii) purchase of the mortgage by Buyer, its designee or assignee,
(iv) repurchase of the mortgage by Seller, and (v) termination of this Contract,
or similar event, and all such warranties shall inure to the benefit of Buyer,
its successors and assigns and any transferee of any mortgage. Upon specific
written request from Buyer, Seller shall supply evidence that is satisfactory to
Buyer of its compliance with any provisions of the Guides.
6. REPURCHASE OBLIGATION. If, after purchase of any mortgage by
Buyer, any of the representations or warranties of the Seller contained herein
or in the Selling Guide are untrue, Buyer may, at its option, without regard to
the Seller's actual or implied knowledge of the untruth of such warranty (except
to the extent the warranty is expressly conditioned upon the Seller's actual
knowledge), in addition to and without limitation as to any other remedy
accruing to Buyer, require the Seller to repurchase said mortgage pursuant to
the Guides. It is contemplated that a third party will purchase from Buyer the
mortgages purchased from Seller, and Seller agrees that Buyer may, in its own
name or in the name of the third party, exercise any rights or remedies at law
or in equity on behalf of itself or such third party.
7. CUSTODIANSHIP OF FUNDS. Seller shall fully account to Buyer for
the custodianship of funds received from, or on behalf of, a Borrower for
mortgages serviced hereunder. Seller shall establish and maintain custodial
accounts in accordance with the Guides for (i) the segregation of all principal
and interest received, and (ii) the administration of all amounts to be
deposited into escrow accounts, and such accounts shall be maintained free and
clear of any lien or encumbrance. Seller must be in control of the funds in its
custody at all times, and upon request from time to time of Buyer shall submit
complete and accurate analyses of cash balances on hand and of the receipt,
deposit and disposition of monies handled.
8. INDEMNIFICATION BY SELLER. Seller shall indemnify Buyer from and
hold Buyer harmless against all losses, damages, penalties, fines, forfeitures,
legal fees and related costs, judgments, and any other costs, fees, and expenses
heretofore or hereafter resulting from a material breach of any warranty,
obligation or representation contained in or made pursuant to this Contract or
from any claim, demand, defense or assertion against or involving Buyer or its
assignee or transferee of any mortgage based on or grounded upon, or resulting
from such breach or a breach of any representation, warranty or obligation made
by Buyer in reliance upon any warranty, obligation or representation made by
Seller contained in or made pursuant to this Contract. Seller hereby
acknowledges Buyer's intent to sell the mortgages to third parties in reliance
upon Seller's warranties, obligations and representations. The obligations of
Seller under this paragraph shall survive delivery and payment for the
mortgages, liquidation or repurchase of the mortgages and termination of this
Contract or the expiration hereof.
9. NO ASSIGNMENT. This Contract is of the nature of a personal
service agreement and accordingly may not be assigned by Seller. Except as
provided in paragraph 10 of this Contract, Seller may not assign or otherwise
transfer its responsibility for servicing individual mortgages to any
Page 2 of 5
<PAGE>
other entity, including affiliates. Any attempt to assign servicing rights
without the prior written consent of Buyer shall be null and void. Any such
assignment without the consent of Buyer shall be grounds for immediate
termination of the servicing rights with respect to the servicing purportedly
assigned.
10. SUBCONTRACTING OF SERVICING. Seller may not, without Buyer's
prior written approval, subcontract with any other entity, including affiliates,
its responsibility for servicing any mortgage it has contracted to service for
Buyer.
11. TERMINATION BY BUYER. Buyer may terminate the right of Seller
to continue to service mortgage loans for Buyer and/or revoke the status of
Seller as an approved Seller for any of the reasons set forth in the Guides,
including a change in Seller's form of organization, a transfer of 25% or
more of the equity interest in Seller or change in its principal executive or
financial officers. No such termination shall release Seller from any of its
obligations hereunder or under the Guides or from any liability arising
hereunder or thereunder. Any forbearance or delay by Buyer in exercising
such rights shall not be deemed a waiver of and shall not preclude the
exercise of any such right. Upon termination by Buyer of this Contract for
any reason other than a failure of Seller to meet the eligibility
requirements as set forth in the Guides as determined by Buyer, Seller shall
be compensated for such termination in the amount specified in the Servicing
Guide.
12. ATTORNEY'S FEES. In the event of a dispute arising from or
concerning an obligation of the Seller or Buyer under this Contract which
results in litigation of the issue, the prevailing party to such litigation
shall be indemnified by the other party for all costs and expenses in bringing
or defending such action.
13. OFFSET. Buyer shall have the right to offset amounts due from
Seller against the purchase price to be paid for the acquisition of mortgages.
Amounts due which may be offset include but are not limited to past due pair-off
fees and funds for the repurchase of mortgages which are subject to an
outstanding repurchase demand.
14. NOTICE. Any notice required or permitted hereunder shall be in
writing and shall be sent to Seller at its address shown under its signature
below or to such other address Seller may designate in writing or to Buyer at
440 North Fairway Drive, Vernon Hills, Illinois 60061 or to such other address
designated by Buyer in writing, by certified mail, return receipt requested,
postage prepaid.
15. PRIOR AGREEMENTS. This Contract supersedes any prior agreements
and understandings between Buyer and Seller governing the subject matter hereof;
provided, however, that Seller shall not be released from any responsibility or
liability that may have arisen under such agreements and understandings.
16. GOVERNING LAW. This Contract is made in the State of Illinois
and shall be governed by the law of such state.
17. USE OF TERM "SELLER". Wherever the term "Seller" is used in this
contract in a context involving loan administration, servicing, and accounting
obligations, such term shall be deemed to mean "Servicer" as is used in the
Buyer's Servicing Guide.
Page 3 of 5
<PAGE>
18. EFFECTIVE DATE OF CONTRACT. This contract is not effective until
it is accepted by Buyer. An executed copy of the Contract will be returned to
the Seller.
19. STATUS OF PARTIES. Seller and Buyer each represent, warrant and
agree that as of the date of this Contract: (i) each party is duly organized,
validly existing and in good legal standing under the laws of its jurisdiction
of organization, and has the requisite power and authority to enter into this
Contract and agreements to which both are parties as contemplated by this
Contract; (ii) this Contract has been duly authorized, executed and delivered to
both parties and constitutes a valid and legally binding agreement of each
party, enforceable in accordance with its terms; (iii) there is no action,
proceeding or investigation pending or threatened, nor any basis therefore known
to either party that questions the validity or prospective validity of this
Contract insofar as the Contract relates to either party, or any essential
element upon which this Contract depends, or any action to be taken by either
party pursuant to this Contract; and (iv) insofar as either party's capacity to
carry out any obligation under this Contract is concerned, neither party will be
in violation of any provision of any charter, certificate or incorporation, by-
law, mortgage, indenture, indebtedness, agreement, instrument, judgment, decree,
order, statute, rule, or regulation, and there is no such provision that
adversely affects either party's capacity to carry out any such obligation.
Seller's and Buyer's execution of, and performance pursuant to, this Contract
will not result in any such violation. At all times Seller shall act as an
independent contractor.
Page 4 of 5
<PAGE>
IN WITNESS WHEREOF, the parties have executed this Contract by proper
officials duly authorized on the dates hereinafter set forth. This Contract
shall take effect as of the date of its execution in original or facsimile
signature by a duly authorized officer of the Buyer.
________________________________________ _____________________________
Name of Seller Seller I.D. number
________________________________________ _____________________________
Type of Organization Organized under laws of
_________________________________________________________________________
Principal place of business: street address, city, state, zip code
_________________________________________________________________________
Typed name and title of Seller's authorized officer
________________________________________ _____________________________
Signature of Seller's authorized officer Date
Agreed to and accepted by PNC MORTGAGE SECURITIES CORP.
_________________________________________________________________________
Typed name and title of authorized representative
________________________________________ _____________________________
Signature of authorized representative Date
Page 5 of 5
<PAGE>
Exhibit F
FORM OF TRANSFEROR CERTIFICATE FOR
CLASS B-4, CLASS B-5 AND CLASS B-6 CERTIFICATES
[Date]
State Street Bank and Trust Company, as Trustee
Corporate Trust Department, 5th Floor
One Heritage Drive
North Quincy, MA 02171-2128
Re: PURCHASE OF PNC MORTGAGE SECURITIES CORP. MORTGAGE PASS-THROUGH
CERTIFICATES SERIES 1996-1, CLASS [B-4] [B-5] [B-6] (the
"Certificates")
Ladies and Gentlemen:
In connection with our disposition of the above Certificates we certify
that (a) we understand the Certificates have not been registered under the
Securities Act of 1933, as amended (the "Act") and are being disposed by us in a
transaction that is exempt from the registration requirements of the Act, and
(b) we have not offered or sold any certificates to, or solicited offers to buy
any Certificates from, any person, or otherwise approached or negotiated with
any person with respect thereto, or taken any other action which would result in
a violation of Section 5 of the Act.
Very truly yours,
[Name of Transferor]
By:
Authorized Officer
F-1
<PAGE>
Exhibit G
FORM OF TRANSFEREE"S AGREEMENT FOR
CLASS B-4, CLASS B-5 AND CLASS B-6 CERTIFICATES
[Date]
State Street Bank and Trust Company
Corporate Trust Department, 5th Floor
One Heritage Drive
North Quincy, MA 02171-2128
PNC Mortgage Securities Corp.
440 N. Fairway Drive
Vernon Hills, Illinois 60061
The undersigned (the "Purchaser") proposes to purchase [Class B-4]
[Class B-5] [Class B-6] Certificates evidencing an undivided interest in PNC
Mortgage Securities Corp. Mortgage Pass-Through Certificates, Series 1996-1 (the
"Purchased 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 May 1, 1996 (the "Pooling Agreement"),
between PNC Mortgage Securities Corp. ("PNC") and State Street Bank and Trust
Company, as trustee (the "Trustee"), of the PNC Mortgage Securities Corp.
Mortgage Pass-Through Certificates, Series 1996-1.
Section 2. Representations and Warranties of the Purchaser. In
connection with the proposed transfer, the Purchaser represents and warrants to
PNC 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 Purchased Certificates, and to enter into this
Agreement, and duly executed and delivered this Agreement;
(b) The Purchaser is acquiring the Purchased Certificates for its own
account as principal and not with a view to the distribution thereof, in whole
or in part;
(c) The Purchaser is an "accredited investor" as such term is defined
in paragraph (a)(1), (a)(2), (a)(3), (a)(7) or (a)(8) of Section 501 of
Regulation D under the Securities Act of 1933, as amended (the "Act"), has
knowledge of financial and business matters and is capable of evaluating the
merits and risks of an investment in the Purchased 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 Purchased Certificates and can afford a
complete loss of such investment;
(d) The Purchaser is not affiliated with the Trustee;
(e) The Purchaser confirms that PNC has made available to the
Purchaser the opportunity to ask questions of, and receive answers from PNC
concerning the Trust, the purchase by the Purchaser of the Purchased
Certificates and all matters relating thereto that PNC possesses or can acquire
without unreasonable effort or expense; and
G-1
<PAGE>
(f) If applicable, the Purchaser has complied, and will continue to
comply, with the guidelines established by Thrift Bulletin 12 issued December
13, 1988, by the Office of Regulatory Activities of the Federal Home Loan Bank
System; and
(g) The Purchaser will provide the Trustee and the Master Servicer
with affidavits substantially in the form of Exhibit A attached hereto.
Section 3. Transfer of Purchased Certificates.
(a) The Purchaser understands that the Purchased Certificates have
not been registered under the Act, or any state securities laws and that no
transfer may be made unless the Purchased Certificates are registered under the
Act and under applicable state law or unless an exemption from registration is
available. The Purchaser further understands that neither PNC nor the Trust is
under any obligation to register the Purchased Certificates or make an exemption
available. In the event that such a transfer is to be made within two years from
the Closing Date without registration under 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 each certify
to PNC and the Trustee as to the factual basis for the registration or
qualification exemption relied upon, and (ii) the Trustee or PNC may 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 or PNC. Any such Certificateholder desiring to effect
such transfer shall, and does hereby agree to, indemnify the Trustee and PNC
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 Purchased Certificate shall be made unless the
transferee provides PNC and the Trustee with (i) a Transferee"s Agreement,
substantially in the form of this Agreement, and (ii) either (a) an affidavit
substantially in the form of Exhibit A hereto that the proposed transferee is
not an employee benefit plan or other plan or arrangement subject to the
prohibited transaction provisions of ERISA or Section 4975 of the Internal
Revenue Code of 1986, as amended, or comparable provisions of any subsequent
enactments (a "Plan"), a trustee of any Plan, or any other Person who is using
the "plan assets" of any Plan to effect such acquisition, or (b) a Benefit Plan
Opinion (as defined in Exhibit A hereto).
(c) The Purchaser acknowledges that its Purchased Certificates bear a
legend setting forth the applicable restrictions on transfer.
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: ___________________________
G-2
<PAGE>
Exhibit A to Form of Transferee Agreement (Exhibit G)
PNC MORTGAGE SECURITIES CORP.
BENEFIT PLAN AFFIDAVIT
RE: PNC MORTGAGE SECURITIES CORP.
MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 1996-1
(THE "TRUST") [CLASS B-4] [CLASS B-5] [CLASS B-6]
CERTIFICATES (THE "PURCHASED CERTIFICATES")
Under penalties of perjury, I, _____________________, declare that, to
the best of my knowledge and belief, the following representations are true,
correct and complete; and
1. That I am the _______________ of __________________ (the
"Purchaser"), whose taxpayer identification number is ___________, and on
behalf of which I have the authority to make this affidavit.
2. That the Purchaser is acquiring a Purchased Certificate
representing an interest in the Trust.
3. That the Purchaser (i) is not an employee benefit plan or other
plan or arrangement subject to the prohibited transaction provisions of the
Employee Retirement Income Security Act of 1974, as amended ("ERISA") or Section
4975 of the Internal Revenue Code of 1986, as amended (the "Code"), or
comparable provisions of any subsequent enactments (a "Plan"), a trustee of any
Plan, or any other Person who is using the "plan assets" of any Plan to effect
such acquisition, (ii) has provided a "Benefit Plan Opinion" satisfactory to PNC
Mortgage Securities Corp. (the "Company") and the Trustee of the Trust or (iii)
is an insurance company, the source of funds to be used by it to purchase the
Purchased Certificates is an "insurance company general account" (within the
meaning of Department of Labor Prohibited Transaction Class Exemption ("PTCE")
95-60), and the purchase is being made in reliance upon the availability of the
exemptive relief afforded under Section III of PTCE 95-60. A Benefit Plan
Opinion is an opinion of counsel to the effect that the proposed transfer (a) is
permissible under applicable law, (b) will not constitute or result in a
non-exempt prohibited transaction under Section 406 of ERISA or Section 4975 of
the Code, and (c) will not subject the Trustee, the Master Servicer or the
Company to any obligation or liability (including obligations or liabilities
under Section 406 of ERISA or Section 4975 of the Code) in addition to those
undertaken in this Agreement, which Benefit Plan Opinion shall not be an expense
of the Trustee, the Master Servicer or the Company.
IN WITNESS WHEREOF, the Purchaser has caused this instrument to be
duly executed on its behalf, by its duly authorized officer this _____ day of
__________________, 199__.
[Purchaser]
By:
Its:
Personally appeared before me ______________________, known or proved
to me to be the same person who executed the foregoing instrument and to be a
________________ of the Purchaser, and acknowledged to me that (s)he executed
the same as his/her free act and deed and as the free act and deed of the
Purchaser.
SUBSCRIBED and SWORN to before me
this day of ____________, 19__.
G-3
<PAGE>
________________________________
Notary Public
G-4
<PAGE>
Exhibit H
FINANCIAL FINANCIAL GUARANTY
SECURITY INSURANCE POLICY
ASSURANCE
Trust: As described in Endorsement No. 1 Policy No.:
Certificates: $ PNC Mortgage Securities Date of Issuance:
Corp. Mortgage Pass-Through Certificates,
Series 1996-1, Class (the "Guaranteed
Certificates")
FINANCIAL SECURITY ASSURANCE INC. ("Financial Security"), for consideration
received, hereby UNCONDITIONALLY AND IRREVOCABLY GUARANTEES to the Trustee for
the benefit of each Holder, subject only to the terms of this Policy (which
includes each endorsement hereto), the full and complete payment of Guaranteed
Distributions with respect to the Certificates of the Trust referred to above.
For the further protection of each Holder, Financial Security irrevocably
and unconditionally guarantees payment of the amount of any distribution of
principal or interest with respect to the Certificates made during the Term of
this Policy to such Holder that is subsequently avoided in whole or in part as a
preference payment under applicable law.
Payment of any amount required to be paid under this Policy will be made
following receipt by Financial Security of notice as described in Endorsement
No. 1 hereto.
Financial Security shall be subrogated to the rights of each Holder to
receive distributions with respect to each Certificate held by such Holder to
the extent of any payment by Financial Security hereunder.
Except to the extent expressly modified by Endorsement No. 1 hereto, the
following terms shall have the meanings specified for all purposes of this
Policy. "Holder" means the registered owner of any Certificate as indicated on
the registration books maintained by or on behalf of the Trustee for such
purpose or, if the Certificate is in bearer form, the holder of the Certificate.
"Trustee", "Guaranteed Distributions" and "Term of this Policy" shall have the
meanings set forth in Endorsement No. 1 hereto.
This Policy sets forth in full the undertaking of Financial Security, and
shall not be modified, altered or affected by any other agreement or Instrument,
including any modification or amendment thereto. Except to the extent expressly
modified by an endorsement hereto, the premiums paid in respect of this Policy
are nonrefundable for any reason whatsoever. This Policy may not be canceled or
revoked during the Term of this Policy. An acceleration payment shall not be
due under this Policy unless such acceleration is at the sole option of
Financial Security. THIS POLICY IS NOT COVERED BY THE PROPERTY/CASUALTY
INSURANCE SECURITY FUND SPECIFIED IN ARTICLE 76 OF THE NEW YORK INSURANCE LAW.
In witness whereof, FINANCIAL SECURITY ASSURANCE INC. has caused this
Policy to be executed on its behalf by its Authorized Officer.
FINANCIAL SECURITY ASSURANCE INC.
By
AUTHORIZED OFFICER
A subsidiary of Financial Security Assurance Holdings Ltd.
350 Park Avenue, New York, N.Y. 10022-6022 (212) 826-0100
Form 101NY (5/89)
<PAGE>
ENDORSEMENT NO. 1 TO
FINANCIAL GUARANTY INSURANCE POLICY
FINANCIAL SECURITY ASSURANCE INC.
TRUST: Established pursuant to the Pooling and Servicing Agreement dated as
of May 1, 1996 between PNC Mortgage Securities Corp., as Depositor and
Master Servicer, and State Street Bank and Trust Company, as Trustee.
POLICY NO.:
CERTIFICATES: $ PNC Mortgage Securities Corp. Mortgage Pass-Through
Certificates, Series 1996-1, Class (the "Guaranteed
Certificates")
DATE OF ISSUANCE: May 30, 1996
1. DEFINITIONS. For all purposes of this Policy, the terms specified
below shall have the meanings or constructions provided below. Capitalized
terms used herein and not otherwise defined herein shall have the meanings
provided in the Pooling and Servicing Agreement unless the context shall
otherwise require.
"BUSINESS DAY" means any day other than (i) a Saturday or Sunday, or (ii) a
day on which banking institutions in the City of New York are authorized or
obligated by law or executive order to be closed.
"GUARANTEED CERTIFICATES" means the Class Certificates.
"GUARANTEED CERTIFICATEHOLDER" means a Holder of Guaranteed Certificates.
"GUARANTEED DISTRIBUTIONS" means, with respect to each Distribution Date,
the distribution to be made to the Holders of the Guaranteed Certificates in an
amount equal to the sum of (i) an amount attributable to interest equal to the
product of (a) 1/12 of the Remittance Rate applicable to the Guaranteed
Certificates and (b) the Class Principal Balance of such Guaranteed Certificates
as of such Distribution Date, net of (x) any prepayments interest shortfalls
covered by the Reserve Fund or paid as Compensating Interest by the Master
Servicer with respect to such Guaranteed Certificates and (y) interest
shortfalls allocable to such Guaranteed Certificates resulting from the
application of the Soldiers' and Sailors Relief Act of 1940, as amended, and
(ii) any losses of principal allocated to such Guaranteed Certificates with
respect to such Distribution Date, in each case in accordance with the original
terms of the Guaranteed Certificates when issued and without regard to any
amendment or modification of the Guaranteed Certificates or the Pooling and
Servicing Agreement which has not been consented to by Financial Security.
Notwithstanding the foregoing, Guaranteed Distributions shall include interest
shortfalls (i) otherwise covered by Compensating Interest payable by the Master
Servicer if (a) the Master Servicer fails to make such Compensating Interest
payment in accordance
<PAGE>
with the terms of the Pooling and Servicing Agreement and such failure gives
rise to an Event of Default and (b) the Trustee fails to make such
Compensating Interest payment in accordance with the terms of the Pooling and
Servicing Agreement and (ii) to the extent not actually paid from the Reserve
Fund. Guaranteed Distributions shall not include, nor shall coverage be
provided under this Policy in respect of any taxes, withholding or other
charge imposed by any governmental authority. "Guaranteed Distributions"
includes the Certificate Principal Balance with respect to the Guaranteed
Certificates to the extent unpaid on the last scheduled maturity date of the
Mortgage Loan that is last to mature.
"POLICY" means this Financial Guaranty Insurance Policy and includes each
endorsement thereto.
"POOLING AND SERVICING AGREEMENT" means the Pooling and Servicing Agreement
dated as of May 1, 1996 between PNC Mortgage Securities Corp., as Depositor and
Master Servicer, State Street Bank and Trust Company, as Trustee.
"RECEIPT" and "RECEIVED" mean actual delivery to Financial Security and to
the Fiscal Agent (as defined below), if any, at or prior to 12:00 noon, New York
City time, on a Business Day; delivery either on a day that is not a Business
Day, or after 12:00 noon, New York City time, shall be deemed to be Received on
the next succeeding Business Day. If any notice or certificate given hereunder
by the Trustee is not in proper form or is not properly completed, executed or
delivered, it shall be deemed not to have been Received, and Financial Security
or its Fiscal Agent shall promptly so advise the Trustee and the Trustee may
submit an amended notice.
"TERM OF THIS POLICY" means the period from and including the Date of
Issuance to and including the date on which the last of the following occurs (i)
the principal balance of all the Guaranteed Certificates is zero, (ii) any
period during which any payment on the Guaranteed Certificates could have been
avoided in whole or in part as a preference payment under applicable bankruptcy,
insolvency, receivership or similar law has expired, and (iii) if any
proceedings requisite to avoidance as a preference payment have been commenced
prior to the occurrence of (i) and (ii), a final and non-appealable order in
resolution of each such proceeding has been entered.
"TRUSTEE" means State Street Bank and Trust Company in its capacity as
Trustee under the Pooling and Servicing Agreement and any successor in such
capacity.
2. NOTICES AND CONDITIONS TO PAYMENT IN RESPECT OF GUARANTEED
DISTRIBUTIONS. Following Receipt by Financial Security of a notice and
certificate from the Trustee in the form attached as Exhibit A to this
Endorsement, Financial Security will pay any amount payable hereunder in respect
of Guaranteed Distributions out of the funds of Financial Security on the later
to occur of (a) 12:00 noon, New York City time, on the second Business Day
following such Receipt; and (b) 12:00 noon, New York City time, on the
Distribution Date to which such claim relates. Payments due hereunder in
respect of Guaranteed Distributions will be disbursed by wire transfer of
immediately available funds to the Trustee.
<PAGE>
Financial Security shall be entitled to pay any amount hereunder in respect
of Guaranteed Distributions, whether or not any notice and certificate shall
have been Received by Financial Security as provided above. Financial
Security's obligations hereunder in respect of Guaranteed Distributions shall be
discharged to the extent funds are disbursed by Financial Security as provided
herein whether or not such funds are properly applied by the Trustee.
3. NOTICES AND CONDITIONS TO PAYMENT IN RESPECT OF GUARANTEED
DISTRIBUTIONS AVOIDED AS PREFERENCE PAYMENTS. If any payment of principal or
interest to a Guaranteed Certificateholder of a Guaranteed Certificate is
avoided as a preference payment under applicable bankruptcy, insolvency,
receivership or similar law, Financial Security will pay such amount out of the
funds of Financial Security on the later of (a) the date when due to be paid
pursuant to the Order referred to below or (b) the first to occur of (i) the
fourth Business Day following Receipt by Financial Security from the Trustee of
(A) a certified copy of the order of the court or other governmental body which
exercised jurisdiction to the effect that the relevant Guaranteed
Certificateholder is required to return principal or interest distributed with
respect to the Guaranteed Certificate during the Term of this Policy because
such distributions were avoidable as preference payments under applicable
bankruptcy law (the "Order"), (B) a certificate of the relevant Guaranteed
Certificateholder that the Order has been entered and is not subject to any stay
and (C) an assignment duly executed and delivered by the relevant Guaranteed
Certificateholder, in such form as is reasonably required by Financial Security
and provided to the relevant Guaranteed Certificateholder by Financial Security,
irrevocably assigning to Financial Security all rights and claims of the
relevant Guaranteed Certificateholder relating to or arising under the
Guaranteed Certificate against the debtor which made such preference payment or
otherwise with respect to such preference payment or (ii) the date of Receipt by
Financial Security from the Trustee of the items referred to in clauses (A), (B)
and (C) above if, at least four Business Days prior to such date of Receipt,
Financial Security shall have Received written notice from the Trustee that such
items were to be delivered on such date and such date was specified in such
notice. Such payment shall be disbursed to the receiver, conservator, debtor-
in-possession or trustee in bankruptcy named in the Order and not to the Trustee
or any Guaranteed Certificateholder directly (unless a Guaranteed
Certificateholder has previously paid such amount to the receiver, conservator,
debtor-in-possession or trustee in bankruptcy named in the Order, in which case
such payment shall be disbursed to the Trustee for distribution to such
Guaranteed Certificateholder upon proof of such payment reasonably satisfactory
to Financial Security). In connection with the foregoing, Financial Security
shall have the rights provided pursuant to Section 3.16(f) of the Pooling and
Servicing Agreement.
4. GOVERNING LAW. This Policy shall be governed by and construed in
accordance with the laws of the State of New York, without giving effect to the
conflict of laws principles thereof.
5. FISCAL AGENT. At any time during the Term of this Policy, Financial
Security may appoint a fiscal agent (the "Fiscal Agent") for purposes of this
Policy by written notice to the Trustee at the notice address specified in the
Pooling and Servicing Agreement specifying the name and notice address of the
Fiscal Agent. From and after the date of receipt of such notice by the Trustee,
(i) copies of all notices and documents required to be delivered to Financial
Security pursuant to this Policy shall be simultaneously delivered to the Fiscal
Agent and to Financial
<PAGE>
Security and shall not be deemed Received until Received by both and (ii) all
payments required to be made by Financial Security under this Policy may be
made directly by Financial Security or by the Fiscal Agent on behalf of
Financial Security. The Fiscal Agent is the agent of Financial Security only
and the Fiscal Agent shall in no event be liable to any Holder for any acts
of the Fiscal Agent or any failure of Financial Security to deposit, or cause
to be deposited, sufficient funds to make payments due under this Policy.
6. WAIVER OF DEFENSES. To the fullest extent permitted by applicable
law, Financial Security agrees not to assert, and hereby waives, for the benefit
of each Holder, all rights (whether by counterclaim, setoff or otherwise) and
defenses (including, without limitation, the defense of fraud), whether acquired
by subrogation, assignment or otherwise, to the extent that such rights and
defenses may be available to Financial Security to avoid payment of its
obligations under this Policy in accordance with the express provisions of this
Policy.
7. NOTICES. All notices to be given hereunder shall be in writing
(except as otherwise specifically provided herein) and shall be mailed by
registered mail or personally delivered or telecopied to Financial Security as
follows:
Financial Security Assurance Inc.
350 Park Avenue
New York, NY 10022
Attention: Senior Vice President
Surveillance Department
Telecopy No.: (212) 339-3518
Confirmation: (212) 826-0100
Financial Security may specify a different address or addresses by writing
mailed or delivered to the Trustee.
8. PRIORITIES. In the event any term or provision on the face of this
Policy is inconsistent with the provisions of this Endorsement, the provisions
of this Endorsement shall take precedence and shall be binding.
9. EXCLUSIONS FROM INSURANCE GUARANTY FUNDS. This Policy is not covered
by the Property/Casualty Insurance Security Fund specified in Article 76 of the
New York Insurance Law. This Policy is not covered by the Florida Insurance
Guaranty Association created under Part II of Chapter 631 of the Florida
Insurance Code. In the event Financial Security were to become insolvent, any
claims arising under this Policy are excluded from coverage by the California
Insurance Guaranty Association, established pursuant to Article 14.2 of Chapter
1 of Part 2 of Division 1 of the California Insurance Code.
10. SURRENDER OF POLICY. The Holder shall surrender this Policy to
Financial Security for cancellation upon expiration of the Term of this Policy.
<PAGE>
IN WITNESS WHEREOF, FINANCIAL SECURITY ASSURANCE INC. has caused this
Endorsement No. 1 to be executed by its Authorized Officer.
FINANCIAL SECURITY ASSURANCE INC.
By:
Authorized Officer
<PAGE>
Exhibit I
TRANSFEROR CERTIFICATE
[Date]
State Street Bank and Trust Company, as Trustee
Corporate Trust Department, 5th Floor
One Heritage Drive
North Quincy, MA 02171-2128
Re: PNC Mortgage Securities Corp. Mortgage Pass-Through Certificates,
Series 1996-1, Class R
Ladies and Gentlemen:
This letter is delivered to you in connection with the sale by
(the "Seller") to (the
"Purchaser") of $____________________ initial Certificate Principal Balance of
Mortgage Pass-Through Certificates, Series 1996-1, Class R (the "Certificate"),
pursuant to Section 5.01 of the Pooling and Servicing Agreement (the "Pooling
Agreement"), dated as of May 1, 1996 among PNC Mortgage Securities Corp., as
packager and master servicer (the "Company"), and State Street Bank and Trust
Company, as trustee (the "Trustee"). All terms used herein and not otherwise
defined shall have the meanings set forth in the Pooling Agreement. The Seller
hereby certifies, represents and warrants to, and covenants with, the Company
and the Trustee that:
1. No purpose of the Seller relating to the sale of the Certificate by the
Seller to the Purchaser is or will be to enable the Seller to impede the
assessment or collection of tax.
2. The Seller understands that the Purchaser has delivered to the Trustee
and the Company a transferee affidavit and agreement in the form attached to the
Pooling Agreement as Exhibit J. The Seller does not know or believe that any
representation contained therein is false.
3. The Seller has no actual knowledge that the proposed Transferee is not a
Permitted Transferee.
4. The Seller has no actual knowledge that the Purchaser would be unwilling
or unable to pay taxes due on its share of the taxable income attributable to
the Certificates.
5. The Seller has conducted a reasonable investigation of the financial
condition of the Purchaser and, as a result of the investigation, found that the
Purchaser has historically paid its debts as they came due, and found no
significant evidence to indicate that the Purchaser will not continue to pay its
debts as they come due in the future.
I-1
<PAGE>
6. The Purchaser has represented to the Seller that, if the Certificates
constitute a noneconomic residual interest, it (i) understands that as holder of
a noneconomic residual interest it may incur tax liabilities in excess of any
cash flows generated by the interest, and (ii) intends to pay taxes associated
with its holding of the Certificates as they become due.
Very truly yours,
[Seller]
By: ____________________________________
Name: _________________________________
Title: ___________________________________
I-2
<PAGE>
Exhibit J
TRANSFEREE AFFIDAVIT AND AGREEMENT
STATE OF )
) ss:
COUNTY OF )
[NAME OF OFFICER], being first duly sworn, deposes and says:
1. That he is [Title of Officer] of [Name of Owner] (record or beneficial
owner of the Class R Certificate (the "Owner")), a [savings institution]
[corporation] duly organized and existing under the laws of [the State of
] [the United States], on behalf of which he makes
this affidavit and agreement.
2. That the Owner (i) is not and will not be a "disqualified organization"
as of [date of transfer] within the meaning of Section 860E(e)(5) of the
Internal Revenue Code of 1986, as amended (the "Code") and will endeavor to
remain other than a disqualified organization for so long as it retains its
ownership interest in the Class R Certificates, and (ii) is acquiring the Class
R Certificates for its own account or for the account of another Owner from
which it has received an affidavit and agreement in substantially the same form
as this affidavit and agreement. (For this purpose, a "disqualified
organization" means the United States, any state or political subdivision
thereof, or any agency or instrumentality of any of the foregoing (other than an
instrumentality all of the activities of which are subject to tax and, except
for the Federal Home Loan Mortgage Corporation, a majority of whose board of
directors is not selected by any such governmental entity, or any foreign
government or international organization, or any agency or instrumentality of
such foreign government or organization, any rural electric or telephone
cooperative, or any organization (other than certain farmers" cooperatives) that
is generally exempt from federal income tax unless such organization is subject
to the tax on unrelated business taxable income).
3. That the Owner is aware (i) of the tax that would be imposed on
transfers of the Class R Certificates after March 31, 1988; (ii) that such tax
would be on the transferor, or, if such transfer is through an agent (which
person includes a broker, nominee or middleman) for a disqualified organization,
on the agent; (iii) that the person otherwise liable for the tax shall be
relieved of liability for the tax if the transferee furnishes to such person an
affidavit that the transferee is not a disqualified organization and, at the
time of transfer, such person does not have actual knowledge that the affidavit
is false; and (iv) that the Class R Certificates may be a "noneconomic residual
interest" within the meaning of Treasury regulations promulgated pursuant to the
Code and that the transferor of a noneconomic residual interest will remain
liable for any taxes due with respect to the income on such residual interest,
if a significant purpose of the transfer was to enable the transferor to impede
the assessment or collection of tax.
4. That the Owner is aware of the tax imposed on a "pass-through entity"
holding the Class R Certificates if at any time during the taxable year of the
pass-through entity a disqualified organization is the record holder of an
interest in such entity. (For this purpose, a "pass through entity" includes a
regulated investment company, a real estate investment trust or common trust
fund, a partnership, trust or estate, and certain cooperatives.)
5. That the Owner is aware that the Trustee will not register the Transfer
of the Class R Certificates unless the transferee, or the transferees" agent,
delivers to it an affidavit and agreement, among other things, in substantially
the same form as this affidavit and agreement. The Owner expressly agrees that
it will not consummate any such transfer if it knows or believes that any of the
representations contained in such affidavit and agreement are false.
6. That the Owner has reviewed the restrictions set forth on the face of
the Class R Certificates and the provisions of Section 5.01 of the Pooling
Agreement under which the Class R Certificates were issued
J-1
<PAGE>
(in particular, clauses (iii)(A) and (iii)(B) of Section 5.01(c) which
authorize the Trustee to deliver payments to a person other than the Owner
and negotiate a mandatory sale by the Trustee in the event the Owner holds
such Certificates in violation of Section 5.01). The Owner expressly agrees
to be bound by and to comply with such restrictions and provisions.
7. That the Owner consents to any additional restrictions or arrangements
that shall be deemed necessary upon advice of counsel to constitute a reasonable
arrangement to ensure that the Class R Certificates will only be owned, directly
or indirectly, by an Owner that is not a disqualified organization.
8. The Owner"s Taxpayer Identification Number is .
9. That no purpose of the Owner relating to the purchase of the Class R
Certificates by the Owner is or will be to enable the transferor to impede the
assessment or collection of tax.
10. That the Owner has no present knowledge or expectation that it will be
unable to pay any United States taxes owed by it so long as any of the
Certificates remain outstanding.
11. That the Owner has no present knowledge or expectation that it will
become insolvent or subject to a bankruptcy proceeding for so long as any of the
Certificates remain outstanding.
12. That no purpose of the Owner relating to any sale of the Class R
Certificates by the Owner will be to impede the assessment or collection of tax.
13. The Owner is a citizen or resident of the United States, a corporation,
partnership or other entity created or organized in, or under the laws of, the
United States or any political subdivision thereof, or an estate or trust whose
income from sources without the United States is includible in gross income for
United States federal income tax purposes regardless of its connection with the
conduct of a trade or business within the United States.
14. The Owner hereby agrees to cooperate with the Company and to take any
action required of it by the Code or Treasury regulations thereunder (whether
now or hereafter promulgated) in order to create or maintain the REMIC status of
the Trust Fund.
15. The Owner hereby agrees that it will not take any action that could
endanger the REMIC status of the Trust Fund or result in the imposition of tax
on the Trust Fund unless counsel for, or acceptable to, the Company has provided
an opinion that such action will not result in the loss of such REMIC status or
the imposition of such tax, as applicable.
16. The Owner as transferee of the Class R Certificates has represented to
their transferor that, if the Class R Certificates constitute a noneconomic
residual interest, the Owner (i) understands that as holder of a noneconomic
residual interest it may incur tax liabilities in excess of any cash flows
generated by the interest, and (ii) intends to pay taxes associated with its
holding of the Class R Certificates as they become due.
J-2
<PAGE>
IN WITNESS WHEREOF, the Owner has caused this instrument to be executed on
its behalf, pursuant to the authority of its Board of Directors, by its [Title
of Officer] and its corporate seal to be hereunto attached, attested by its
[Assistant] Secretary, this day of , 19 .
[Name of Owner]
By:
[Name of Officer]
[Title of Officer]
[Corporate Seal]
ATTEST:
[Assistant] Secretary
Personally appeared before me the above-named [Name of Officer], known or
proved to me to be the same person who executed the foregoing instrument and to
be the [Title of Officer] of the Owner, and Acknowledged to me that he executed
the same as his free act and deed and the free act and deed of the Owner.
Subscribed and sworn before me this day of , 19 .
NOTARY PUBLIC
COUNTY OF
STATE OF
My Commission expires the day
of , 19
J-3
<PAGE>
Exhibit K
This Certificate does not represent an obligation of or interest in PNC
Mortgage Securities Corp. or any of its affiliates, including PNC Bank Corp.
Neither this Certificate nor the underlying Mortgage Loans are guaranteed by any
agency or instrumentality of the United States.
This certifies that the above-named Registered Owner is the registered
owner of certain interests in a trust fund (the "Trust Fund") whose assets
consist of, among other things, a pool (the "Mortgage Pool") of conventional
one- to four-family fixed-rate mortgage loans (the "Mortgage Loans"), formed and
administered by PNC Mortgage Securities Corp. (the "Company"), which term
includes any successor entity under the Pooling Agreement referred to below. The
Mortgage Pool was created pursuant to a Pooling and Servicing Agreement, dated
as of the Cut-Off Date stated above (the "Pooling Agreement"), between the
Company and State Street Bank and Trust Company, as Trustee (the "Trustee"), a
summary of certain of the pertinent provisions of which is set forth hereafter.
To the extent not defined herein, the capitalized terms used herein have the
meanings assigned in the Pooling Agreement. Nothing herein shall be deemed
inconsistent with such meanings, and in the event of any conflict between the
Pooling Agreement and the terms of this Certificate, the Pooling Agreement shall
control. This Certificate is issued under and is subject to the terms,
provisions and conditions of the Pooling Agreement, to which Pooling Agreement
the Holder of this Certificate, by virtue of the acceptance hereof, assents and
by which such Holder is bound.
The Company promises to distribute on the 25th day of each month or, if
such 25th day is not a Business Day, the Business Day immediately following (the
"Distribution Date"), commencing on the first Distribution Date specified above,
to the Person in whose name this Certificate is registered at the close of
business on the last day (or if such last day is not a Business Day, the
Business Day immediately preceding such last day) of the month immediately
preceding the month of such distribution (the "Record Date"), such
Certificateholder"s Undivided Interest represented by this Certificate in the
portion of the Available Distribution Amount for such Distribution Date then
distributable on the Certificates of this Class, as specified in Section 4.01 of
the Pooling Agreement.
Distributions on this Certificate will be made by the Trustee by wire
transfer or 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
by the Trustee of the pendency of such distribution and only upon presentation
and surrender of this Certificate to the Certificate Registrar.
Reference is hereby made to the further provisions of this Certificate set
forth on the reverse hereof, which further provisions shall for all purposes
have the same effect as if set forth at this place.
Unless the certificate of authentication hereon has been executed by or on
behalf of the Trustee, by manual signature, this Certificate shall not be
entitled to any benefit under the Pooling Agreement or be valid for any purpose.
K-1
<PAGE>
IN WITNESS WHEREOF, the Company has caused this Certificate to be duly
executed under its official seal.
PNC Mortgage Securities Corp. PNC MORTGAGE SECURITIES CORP.
Incorporated July 21, 1978
Corporate Seal, Delaware -----------------------------
By:
Its: Vice President
(SEAL)
Attest:
- ------------------------
By:
Its: Assistant Secretary
(TRUSTEE"S CERTIFICATE OF AUTHENTICATION)
This is one of the Certificates referred to in the within-mentioned
Pooling Agreement.
STATE STREET BANK AND TRUST
COMPANY, as Trustee
- ----------------------------------------
By:
Dated: _________________________________
K-2
<PAGE>
PNC MORTGAGE SECURITIES CORP.
MORTGAGE PASS-THROUGH CERTIFICATE
This Certificate is one of a duly authorized issue of Certificates
designated as Mortgage Pass-Through Certificates of the Series and Class
specified hereon (herein called the "Certificates") and representing certain
interests in the Trust Fund.
The Certificates do not represent an obligation of, or an interest in, the
Company or any of its affiliates and are not insured or guaranteed by any
governmental agency. The Certificates are limited in right of payment to certain
collections and recoveries respecting the Certificates, all as more specifically
set forth herein and in the Pooling Agreement. In the event Company funds are
advanced with respect to any Mortgage Loan, such advance is reimbursable to the
Company from the related recoveries on such Mortgage Loan or from other cash
deposited in the Certificate Account to the extent that such advance is not
otherwise recoverable.
As provided in the Pooling Agreement, withdrawals from the Certificate
Account may be made by the Company from time to time for purposes other than
distributions to Certificateholders, such purposes including reimbursement to
the Company of advances made, or certain expenses incurred, by it.
The Pooling Agreement permits, with certain exceptions therein provided,
the amendment thereof and the modification of the rights and obligations of the
Company and the rights of the Certificateholders under the Pooling Agreement at
any time by the Company and the Trustee with the consent of the Holders of each
Class of Certificates evidencing Undivided Interests aggregating not less than
66% of the Trust Fund. For the purposes of such provision and except as provided
below, voting rights relating to 100% of the Aggregate Certificate Principal
Balance will be allocated pro rata (by Certificate Principal Balance) among the
Certificates. Any such consent by the Holder of this Certificate shall be
conclusive and binding on such Holder and upon all future Holders of this
Certificate and of any Certificate issued upon the transfer hereof or in
exchange herefor or in lieu hereof whether or not notation of such consent is
made upon this Certificate. The Pooling Agreement also permits the amendment
thereof, in certain limited circumstances, without the consent of the Holders of
any of the Certificates.
As provided in the Pooling Agreement and subject to certain limitations
therein set forth, the transfer of this Certificate is registrable in the
Certificate Register of the Company upon surrender of this Certificate for
registration of transfer at the offices of the Certificate Registrar or the
office maintained by the Company in the City and State of New York, duly
endorsed by, or accompanied by an assignment in the form below or other written
instrument of transfer in form satisfactory to the Trustee or any Authenticating
Agent 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 Undivided Interest set forth hereinabove will
be issued to the designated transferee or transferees.
No transfer of a Certificate will be made unless such transfer is exempt
from or is made in accordance with the registration requirements of the
Securities Act of 1933, as amended (the "Securities Act") and any applicable
state securities laws. In the event that a transfer is to be made without
registration or qualification under applicable laws, (i) in the event such
transfer is made pursuant to Rule 144A under the Securities Act, the Company and
the Trustee shall require the transferee to execute an investment letter in
substantially the form attached as Exhibit L to the Pooling Agreement, which
investment letter shall not be an expense of the Company, the Master Servicer or
the Trustee and (ii) in the event that such a transfer is not made pursuant to
Rule 144A under the Securities Act, the Company may require an Opinion of
Counsel satisfactory to the Company that such transfer may be made without such
registration or qualification, which Opinion of Counsel shall not be an expense
of the Company, the Master Servicer or the Trustee. Neither the Company nor the
Trustee will register the Certificate under the Securities Act, qualify the
Certificate under any state securities law or provide registration rights to any
purchaser. Any Holder desiring to effect such transfer shall, and does hereby
agree to, indemnify the Trustee, the Company and the Master Servicer 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.
K-3
<PAGE>
The Certificates are issuable only as registered Certificates without
coupons in Authorized Denominations specified in the Pooling Agreement. As
provided in the Pooling Agreement and subject to certain limitations therein set
forth, Certificates are exchangeable for new Certificates of Authorized
Denominations evidencing the same aggregate interest in the portion of the
Available Distribution Amount distributable on this Class of Certificate, as
requested by the Holder surrendering the same.
A reasonable service charge may be made for any such registration of
transfer or exchange, and the Company may require payment of a sum sufficient to
cover any tax or other governmental charge payable in connection therewith.
The Company, the Trustee and the Certificate Registrar and any agent of the
Company, the Trustee or the Certificate Registrar may treat the Person in whose
name this Certificate is registered as the owner hereof for all purposes, and
neither the Company, the Trustee, the Certificate Registrar nor any such agent
shall be affected by notice to the contrary.
The obligations created by the Pooling Agreement and the Trust Fund created
thereby shall terminate upon (i) the later of the maturity or other liquidation
(including repurchase by the Company) of the last Mortgage Loan remaining in the
Trust Fund subject thereto or the disposition of all property acquired upon
foreclosure or deed in lieu of foreclosure of any Mortgage Loan, and (ii) the
payment to Certificateholders of all amounts held by the Company and required to
be paid to them pursuant to the Pooling Agreement. In the event that the Company
repurchases any Mortgage Loan pursuant to the Pooling Agreement, such Pooling
Agreement requires that the Company distribute to the Certificateholders in the
aggregate an amount equal to 100% of the unpaid Principal Balance of such
Mortgage Loan, plus accrued interest at the applicable Pass-Through Rate to the
next scheduled Due Date for the Mortgage Loan. The Pooling Agreement permits,
but does not require, the Company to repurchase from the Trust Fund all Mortgage
Loans at the time subject thereto and all property acquired in respect of any
Mortgage Loan upon payment to the Certificateholders of the amounts specified in
the Pooling Agreement. The exercise of such right will effect early retirement
of the Certificates, the Company"s right to repurchase being subject to the
aggregate unpaid Principal Balance of the Mortgage Loans at the time of
repurchase being less than ten percent (10%) of the aggregate unpaid Principal
Balance of the Mortgage Loans as of the Cut-Off Date.
K-4
<PAGE>
ASSIGNMENT
FOR VALUE RECEIVED the undersigned hereby sell(s) and assign(s) and
transfer(s) unto
- ---------------------------------------------------------------------------
- ---------------------------------------------------------------------------
(Please print or typewrite name and address, including postal zip code of
assignee. Please insert social security or other identifying number of
assignee.)
the within Mortgage Pass-Through Certificate of PNC MORTGAGE SECURITIES CORP.
and hereby irrevocably constitutes and appoints_____________________________
Attorney to transfer said Certificate on the books of said Corporation, with
full power of substitution in the premises.
Dated:____________ ________________________________________________________
Signature Guaranteed
___________________________________________________________________
NOTICE: The signature to this assignment must correspond with the
name as written upon the face of the within instrument in
every particular, without alteration or enlargement or any
change whatever.
K-5
<PAGE>
EXHIBIT L
[FORM OF RULE 144A INVESTMENT REPRESENTATION]
Description of Rule 144A Securities, including numbers:
_______________________________________________
_______________________________________________
_______________________________________________
_______________________________________________
The undersigned seller, as registered holder (the "Seller"), intends to
transfer the Rule 144A Securities described above to the undersigned buyer (the
"Buyer").
1. In connection with such transfer and in accordance with the agreements
pursuant to which the Rule 144A Securities were issued, the Seller hereby
certifies the following facts: Neither the Seller nor anyone acting on its
behalf has offered, transferred, pledged, sold or otherwise disposed of the Rule
144A Securities, any interest in the Rule 144A Securities or any other similar
security to, or solicited any offer to buy or accept a transfer, pledge or other
disposition of the Rule 144A Securities, any interest in the Rule 144A
Securities or any other similar security from, or otherwise approached or
negotiated with respect to the Rule 144A Securities, any interest in the
Rule 144A Securities or any other similar security with, any person in any
manner, or made any general solicitation by means of general advertising or in
any other manner, or taken any other action, that would constitute a
distribution of the Rule 144A Securities under the Securities Act of 1933, as
amended (the "1933 Act"), or that would render the disposition of the Rule 144A
Securities a violation of Section 5 of the 1933 Act or require registration
pursuant thereto, and that the Seller has not offered the Rule 144A Securities
to any person other than the Buyer or another "qualified institutional buyer" as
defined in Rule 144A under the 1933 Act.
2. The Buyer warrants and represents to, and covenants with, the Seller,
the Trustee and the Master Servicer (as defined in the Pooling and Servicing
Agreement (the "Agreement") dated as of May 1, 1996 between PNC Mortgage
Securities Corp., as Depositor and Master Servicer, and State Street Bank and
Trust Company, as Trustee) pursuant to Section 5.01(f) of the Agreement, as
follows:
a. The Buyer understands that the Rule 144A Securities have not been
registered under the 1933 Act or the securities laws of any state.
b. The Buyer considers itself a substantial, sophisticated
institutional investor having such knowledge and experience in financial
and business matters that it is capable of evaluating the merits and risks
of investment in the Rule 144A Securities.
c. The Buyer has received and reviewed the Private Placement
Memorandum dated as of May 30, 1996 relating to the Rule 144A Securities
and has been furnished with all information regarding the Rule 144A
Securities that it has requested from the Seller, the Trustee, the Company
or the Master Servicer.
d. Neither the Buyer nor anyone acting on its behalf has offered,
transferred, pledged, sold or otherwise disposed of the Rule 144A
Securities, any interest in the Rule 144A Securities or any other similar
security to, or solicited any offer to buy or accept a transfer, pledge or
other disposition of the Rule 144A Securities, any interest in the Rule
144A Securities or any other similar security from, or otherwise approached
or negotiated with respect to the Rule 144A Securities, any interest in the
Rule 144A Securities or any other similar security with, any person in any
manner, or made any general solicitation by means of general advertising or
in any other manner, or taken any other action, that would constitute a
distribution of the Rule 144A Securities under the 1933 Act or that would
render the
L-1
<PAGE>
disposition of the Rule 144A Securities a violation of Section 5
of the 1933 Act or require registration pursuant thereto, nor will it act,
nor has it authorized or will it authorize any person to act, in such
manner with respect to the Rule 144A Securities.
e. The Buyer is a "qualified institutional buyer" as that term is
defined in Rule 144A under the 1933 Act and has (1) completed either of the
forms of certification to that effect attached hereto as Annex 1 or Annex
2, or (2) obtained the waiver of the Company with respect to Annex 1 and
Annex 2 pursuant to Section 5.02(f) of the Agreement. The Buyer is aware
that the sale to it is being made in reliance on Rule 144A. The Buyer is
acquiring the Rule 144A Securities for its own account or the accounts of
other qualified institutional buyers, understands that such Rule 144A
Securities may be resold, pledged or transferred only (i) to a person
reasonably believed to be a qualified institutional buyer that purchases
for its own account or for the account of a qualified institutional buyer
to whom notice is given that the resale, pledge or transfer is being made
in reliance on Rule 144A, or (ii) pursuant to another exemption from
registration under the 1933 Act.
f. The Buyer is not affiliated with (i) the Trustee or (ii) any Rating
Agency that rated the Rule 144A Securities.
g. If applicable, the Buyer has complied, and will continue to comply,
with the guidelines established by Thrift Bulletin 12 issued December 13,
1988, by the Office of Regulatory Activities of the Federal Home Loan Bank
System.
3. The Buyer warrants and represents to, and covenants with, the Seller,
the Master Servicer and the Company that (1) the Buyer is not an employee
benefit plan (within the meaning of Section 3(3) of the Employee Retirement
Income Security Act of 1974, as amended ("ERISA")), subject to the prohibited
transaction provisions of ERISA ("Plan"), or a plan (within the meaning of
Section 4975(e)(1) of the Internal Revenue Code of 1986 ("Code")) subject to
Section 4975 of the Code (also a "Plan"), and the Buyer is not directly or
indirectly purchasing the Rule 144A Securities on behalf of, as investment
manager of, as named fiduciary of, as trustee of, or with "plan assets" of any
Plan, (2) the Buyer"s purchase of the Rule 144A Securities is permissible under
applicable law, will not constitute or result in a non-exempt prohibited
transaction under Section 406 of ERISA or Section 4975 of the Code and will not
subject the Trustee, the Master Servicer or the Company to any obligation or
liability (including obligations or liabilities under Section 406 of ERISA or
Section 4975 of the Code) in addition to those undertaken in this Agreement or
(iii) the Buyer is an insurance company, the source of funds to be used by it to
purchase the Rule 144A Securities is an "insurance company general account"
(within the meaning of Department of Labor Prohibited Transaction Class
Exemption ("PTCE") 95-60), and the purchase is being made in reliance upon the
availability of the exemptive relief afforded under Section III of PTCE 95-60.
4. This document may be executed in one or more counterparts and by the
different parties hereto on separate counterparts, each of which, when so
executed, shall be deemed to be an original; such counterparts, together, shall
constitute one and the same document.
IN WITNESS WHEREOF, each of the parties has executed this document as of
the date set forth below.
___________________________ _________________________________
Print Name of Seller Print Name of Buyer
By:________________________ By:_________________________________
Name: Name:
Title: Title:
Taxpayer Identification: Taxpayer Identification:
L-2
<PAGE>
No. No.
Date: Date:
L-3
<PAGE>
ANNEX 1 TO EXHIBIT L
QUALIFIED INSTITUTIONAL BUYER STATUS UNDER SEC RULE 144A
[For Buyers Other Than Registered Investment Companies]
The undersigned hereby certifies as follows in connection with the Rule 144A
Investment Representation to which this Certification is attached:
1. As indicated below, the undersigned is the President, Chief Financial
Officer, Senior Vice President or other executive officer of the Buyer.
2. In connection with purchases by the Buyer, the Buyer is a "qualified
institutional buyer" as that term is defined in Rule 144A under the Securities
Act of 1933 ("Rule 144A") because (i) the Buyer owned and/or invested on a
discretionary basis $______________________ in securities (except for the
excluded securities referred to below) as of the end of the Buyer"s most recent
fiscal year (such amount being calculated in accordance with Rule 144A) and (ii)
the Buyer satisfies the criteria in the category marked below.
___ CORPORATION, ETC. The Buyer is a corporation (other than a bank,
savings and loan association or similar institution), Massachusetts or
similar business trust, partnership, or charitable organization
described in Section 501(c)(3) of the Internal Revenue Code.
___ BANK. The Buyer (a) is a national bank or banking institution
organized under the laws of any State, territory or the District of
Columbia, the business of which is substantially confined to banking
and is supervised by the State or territorial banking commission or
similar official or is a foreign bank or equivalent institution, and
(b) has an audited net worth of at least $25,000,000 as demonstrated
in its latest annual financial statements, A COPY OF WHICH IS ATTACHED
HERETO.
___ SAVINGS AND LOAN. The Buyer (a) is a savings and loan association,
building and loan association, cooperative bank, homestead association
or similar institution, which is supervised and examined by a State or
Federal authority having supervision over any such institutions or is
a foreign savings and loan association or equivalent institution and
(b) has an audited net worth of at least $25,000,000 as demonstrated
in its latest annual financial statements.
___ BROKER-DEALER. The Buyer is a dealer registered pursuant to Section 15
of the Securities Exchange Act of 1934.
___ INSURANCE COMPANY. The Buyer is an insurance company whose primary and
predominant business activity is the writing of insurance or the
reinsuring of risks underwritten by insurance companies and which is
subject to supervision by the insurance commissioner or a similar
official or agency of a State or territory or the District of
Columbia.
___ STATE OR LOCAL PLAN. The Buyer is a plan established and maintained by
a State, its political subdivisions, or any agency or instrumentality
of the State or its political subdivisions, for the benefit of its
employees.
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___ ERISA PLAN. The Buyer is an employee benefit plan within the meaning
of Section 3(3) of the Employee Retirement Income Security Act of
1974, as amended ("ERISA") and is subject to the fiduciary
responsibility provisions of ERISA.
___ INVESTMENT ADVISER. The Buyer is an investment adviser registered
under the Investment Advisers Act of 1940.
___ SBIC. The Buyer is a Small Business Investment Company licensed by the
U.S. Small Business Administration under Section 301(c) or (d) of the
Small Business Investment Act of 1958.
___ BUSINESS DEVELOPMENT COMPANY. The Buyer is a business development
company as defined in Section 202(a)(22) of the Investment Advisers
Act of 1940.
___ TRUST FUND. The Buyer is a trust fund whose trustee is a bank or trust
company and whose participants are exclusively (a) plans established
and maintained by a State, its political subdivisions, or any agency
or instrumentality of the State or its political subdivisions, for the
benefit of its employees, or (b) employee benefit plans within the
meaning of Title I of the Employee Retirement Income Security Act of
1974, but is not a trust fund that includes as participants individual
retirement accounts or H.R. 10 plans.
3. The term "SECURITIES" as used herein DOES NOT INCLUDE (i) securities of
issuers that are affiliated with the Buyer, (ii) securities that are part of an
unsold allotment to or subscription by the Buyer, if the Buyer is a dealer,
(iii) bank deposit notes and certificates of deposit, (iv) loan participations,
(v) repurchase agreements, (vi) securities owned but subject to a repurchase
agreement and (vii) currency, interest rate and commodity swaps.
4. For purposes of determining the aggregate amount of securities owned
and/or invested on a discretionary basis by the Buyer, the Buyer used the cost
of such securities to the Buyer and did not include any of the securities
referred to in the preceding paragraph. Further, in determining such aggregate
amount, the Buyer may have included securities owned by subsidiaries of the
Buyer, but only if such subsidiaries are consolidated with the Buyer in its
financial statements prepared in accordance with generally accepted accounting
principles and if the investments of such subsidiaries are managed under the
Buyer"s direction. However, such securities were not included if the Buyer is a
majority-owned, consolidated subsidiary of another enterprise and the Buyer is
not itself a reporting company under the Securities Exchange Act of 1934.
5. The Buyer acknowledges that it is familiar with Rule 144A and
understands that the seller to it and other parties related to the Certificates
are relying and will continue to rely on the statements made herein because one
or more sales to the Buyer may be in reliance on Rule 144A.
___ ___ Will the Buyer be purchasing the Rule 144A
Yes No Securities only for the Buyer"s own account?
6. If the answer to the foregoing question is "no", the Buyer agrees that,
in connection with any purchase of securities sold to the Buyer for the account
of a third party (including any separate account) in reliance on Rule 144A, the
Buyer will only purchase for the account of a third party that at the time is a
"qualified institutional buyer" within the meaning of Rule 144A. In addition,
the Buyer agrees that the Buyer will not purchase securities for a third party
unless the Buyer has obtained a current representation letter from such third
party or taken other appropriate steps contemplated by Rule 144A to conclude
that such third party independently meets the definition of "qualified
institutional buyer" set forth in Rule 144A.
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7. The Buyer will notify each of the parties to which this certification is
made of any changes in the information and conclusions herein. Until such notice
is given, the Buyer"s purchase of Rule 144A Securities will constitute a
reaffirmation of this certification as of the date of such purchase.
Print Name of Buyer
By:
Name:
Title:
Date:
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ANNEX 2 TO EXHIBIT L
QUALIFIED INSTITUTIONAL BUYER STATUS UNDER SEC RULE 144A
[For Buyers That Are Registered Investment Companies]
The undersigned hereby certifies as follows in connection with the Rule
144A Investment Representation to which this Certification is attached:
1. As indicated below, the undersigned is the President, Chief Financial
Officer or Senior Vice President of the Buyer or, if the Buyer is a "qualified
institutional buyer" as that term is defined in Rule 144A under the Securities
Act of 1933 ("Rule 144A") because Buyer is part of a Family of Investment
Companies (as defined below), is such an officer of the Adviser.
2. In connection with purchases by Buyer, the Buyer is a "qualified
institutional buyer" as defined in SEC Rule 144A because (i) the Buyer is an
investment company registered under the Investment Company Act of 1940, and (ii)
as marked below, the Buyer alone, or the Buyer"s Family of Investment Companies,
owned at least $100,000,000 in securities (other than the excluded securities
referred to below) as of the end of the Buyer"s most recent fiscal year. For
purposes of determining the amount of securities owned by the Buyer or the
Buyer"s Family of Investment Companies, the cost of such securities was used.
____ The Buyer owned $___________________ in securities (other than the
excluded securities referred to below) as of the end of the Buyer"s
most recent fiscal year (such amount being calculated in accordance
with Rule 144A).
____ The Buyer is part of a Family of Investment Companies which owned in
the aggregate $______________ in securities (other than the excluded
securities referred to below) as of the end of the Buyer"s most recent
fiscal year (such amount being calculated in accordance with
Rule 144A).
3. The term "FAMILY OF INVESTMENT COMPANIES" as used herein means two or
more registered investment companies (or series thereof) that have the same
investment adviser or investment advisers that are affiliated (by virtue of
being majority owned subsidiaries of the same parent or because one investment
adviser is a majority owned subsidiary of the other).
4. The term "SECURITIES" as used herein does not include (i) securities of
issuers that are affiliated with the Buyer or are part of the Buyer"s Family of
Investment Companies, (ii) bank deposit notes and certificates of deposit, (iii)
loan participations, (iv) repurchase agreements, (v) securities owned but
subject to a repurchase agreement and (vi) currency, interest rate and commodity
swaps.
5. The Buyer is familiar with Rule 144A and understands that each of the
parties to which this certification is made are relying and will continue to
rely on the statements made herein because one or more sales to the Buyer will
be in reliance on Rule 144A. In addition, the Buyer will only purchase for the
Buyer"s own account.
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6. The undersigned will notify each of the parties to which this
certification is made of any changes in the information and conclusions herein.
Until such notice, the Buyer"s purchase of Rule 144A Securities will constitute
a reaffirmation of this certification by the undersigned as of the date of such
purchase.
____________________________________
Print Name of Buyer
By:_________________________________
Name:____________________________
Title:___________________________
IF AN ADVISER:
___________________________________
Print Name of Buyer
Date:_______________________________
Signature __________________________
(SEAL)
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EXHIBIT M
[Date]
[Company]
Re: Pooling and Servicing Agreement dated as of May 1, 1996 among PNC Mortgage
Securities Corp., as Depositor and Master Servicer, and State Street Bank
and Trust Company, as Trustee, relating to PNC Mortgage Securities Corp.
Mortgage Pass-Through Certificates, Series 1996-1
Ladies and Gentlemen:
In accordance with Section 2.02 of the above-captioned Pooling and
Servicing Agreement, the undersigned, as Trustee, hereby certifies that, except
as noted on the attachment hereto, as to each Mortgage Loan listed in the
Mortgage Loan Schedule (other than any Mortgage Loan paid in full or listed on
the attachment hereto) it or the Custodian on its behalf has reviewed the
documents delivered to it or to the Custodian on its behalf pursuant to Section
2.01 of the Pooling and Servicing Agreement and has determined that (i) all
documents required (in the case of instruments described in clause (vi) of the
definition of "Mortgage File," known by the Trustee to be required) pursuant to
the third paragraph of Section 2.01 of the Pooling and Servicing Agreement have
been executed and received as of the date hereof are in its possession or in the
possession of the Custodian on its behalf and (ii) all such documents have been
executed and relate to the Mortgage Loans identified in the Mortgage Loan
Schedule. The Trustee has made no independent examination of such documents
beyond the review specifically required in the above referenced Pooling and
Servicing Agreement and has relied upon the purported genuineness and due
execution of any such documents and upon the purported genuineness of any
signature thereon. The Trustee makes no representations as to: (i) the validity,
legality, enforceability or genuineness of any of the documents contained in
each Mortgage File or any of the Mortgage Loans identified on the Mortgage Loan
Schedule, or (ii) the collectability, insurability, effectiveness or suitability
of any such Mortgage Loan.
Capitalized words and phrases used herein shall have the respective
meanings assigned to them in the above-captioned Pooling and Servicing
Agreement.
____________________________
as Trustee
By:_________________________
Name:_______________________
Title:______________________
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