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Document Preview Pooling and Servicing Agreement |
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Title: |
Pooling and Servicing Agreement |
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Entities: |
Cede & Co.; Citigroup Global Markets Inc.; Citigroup Global Markets Realty Corp.; Depository Trust Co.; Freddie Mac; Lehman Brothers Inc.; Lennar Partners, Inc.; McGraw-Hill Companies Inc.; Midland Loan Services, Inc.; Wachovia Bank, NA; Wachovia Capital Markets, LLC; Wells Fargo Bank Minnesota, NA; Federal National Mortgage Association |
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Date: |
2003 |
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Size: |
Preview shows 38KB of 1645KB total |
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Price: |
$99 |
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ID: |
#126131 |
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Start of Preview |
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================================================================================
WACHOVIA COMMERCIAL MORTGAGE SECURITIES, INC.
Depositor
and
WACHOVIA BANK, NATIONAL ASSOCIATION
Master Servicer
and
LENNAR PARTNERS, INC.
Special Servicer
and
WELLS FARGO BANK MINNESOTA, N.A.
Trustee
POOLING AND SERVICING AGREEMENT
Dated as of July 1, 2003
------------------------------
$1,200,914,923
Commercial Mortgage Pass-Through Certificates
Series 2003-C5
================================================================================
{PAGE}
TABLE OF CONTENTS
ARTICLE I
DEFINITIONS
Section 1.01 Defined Terms................................................
ARTICLE II
CONVEYANCE OF MORTGAGE LOANS; REPRESENTATIONS
AND WARRANTIES; ORIGINAL ISSUANCE OF CERTIFICATES
Section 2.01 Conveyance of Mortgage Loans and ED Loan REMIC
Interests...................................................
Section 2.02 Acceptance of the Trust Fund by Trustee......................
Section 2.03 Mortgage Loan Seller's Repurchase or
Substitution of Mortgage Loans for Document
Defects and Breaches of Representations and
Warranties..................................................
Section 2.04 Representations and Warranties of Depositor..................
Section 2.05 Conveyance of Mortgage Loans and ED Loan REMIC;
Acceptance of REMIC I and Grantor Trust by
Trustee.....................................................
Section 2.06 Issuance of REMIC I Regular Interests;
Execution, Authentication and Delivery of
Class R-I Certificates......................................
Section 2.07 Conveyance of REMIC I Regular Interests;
Acceptance of REMIC II by Trustee...........................
Section 2.08 Execution, Authentication and Delivery of REMIC
II Certificates.............................................
Section 2.09 Execution, Authentication and Delivery of Class
Z Certificates..............................................
ARTICLE III
ADMINISTRATION AND SERVICING OF THE TRUST FUND
Section 3.01 Administration of the Mortgage Loans.........................
Section 3.02 Collection of Mortgage Loan Payments.........................
Section 3.03 Collection of Taxes, Assessments and Similar
Items; Servicing Accounts; Reserve Accounts.................
Section 3.04 Certificate Account, Interest Reserve Account,
the Gain-on-Sale Reserve Account, Additional
Interest Account, Distribution Account and
Companion Distribution Account..............................
Section 3.05 Permitted Withdrawals from the Certificate
Account, Interest Reserve Account, the
Additional Interest Account and the
Distribution Account........................................
Section 3.06 Investment of Funds in the Servicing Accounts,
the Reserve Accounts, the Certificate Account,
the Interest Reserve Account, the Distribution
Account, the Companion Distribution Account,
the Additional Interest Account and the REO
Account.....................................................
Section 3.07 Maintenance of Insurance Policies; Errors and
Omissions and Fidelity Coverage.............................
Section 3.08 Enforcement of Alienation Clauses............................
Section 3.09 Realization Upon Defaulted Mortgage Loans;
Required Appraisals.........................................
Section 3.10 Trustee and Custodian to Cooperate; Release of
Mortgage Files..............................................
Section 3.11 Servicing Compensation.......................................
Section 3.12 Property Inspections; Collection of Financial
Statements; Delivery of Certain Reports.....................
Section 3.13 Annual Statement as to Compliance............................
Section 3.14 Reports by Independent Public Accountants....................
Section 3.15 Access to Certain Information................................
Section 3.16 Title to REO Property; REO Account...........................
Section 3.17 Management of REO Property...................................
Section 3.18 Resolution of Defaulted Mortgage Loans and REO
Properties..................................................
Section 3.19 Additional Obligations of Master Servicer and
Special Servicer............................................
Section 3.20 Modifications, Waivers, Amendments and Consents..............
Section 3.21 Transfer of Servicing Between Master Servicer
and Special Servicer; Record Keeping........................
Section 3.22 Sub-Servicing Agreements.....................................
Section 3.23 Representations and Warranties of Master
Servicer and Special Servicer...............................
Section 3.24 Sub-Servicing Agreement Representation and
Warranty....................................................
Section 3.25 Designation of Controlling Class Representative..............
Section 3.26 Companion Paying Agent.......................................
Section 3.27 Companion Register...........................................
ARTICLE IV
DISTRIBUTIONS TO CERTIFICATEHOLDERs
Section 4.01 Distributions................................................
Section 4.02 Statements to Certificateholders; CMSA Loan
Periodic Update File........................................
Section 4.03 P&I Advances.................................................
Section 4.04 Allocation of Realized Losses and Additional
Trust Fund Expenses; Allocation of Certificate
Deferred Interest; Allocation of Appraisal
Reduction Amounts...........................................
Section 4.05 Calculations.................................................
Section 4.06 Use of Agents................................................
ARTICLE V
THE CERTIFICATES
Section 5.01 The Certificates.............................................
Section 5.02 Registration of Transfer and Exchange of
Certificates................................................
Section 5.03 Book-Entry Certificates......................................
Section 5.04 Mutilated, Destroyed, Lost or Stolen
Certificates................................................
Section 5.05 Persons Deemed Owners........................................
ARTICLE VI
THE DEPOSITOR, THE MASTER SERVICER, THE SPECIAL
SERVICER AND THE CONTROLLING CLASS REPRESENTATIVE
Section 6.01 Liability of Depositor, Master Servicer and
Special Servicer............................................
Section 6.02 Merger, Consolidation or Conversion of
Depositor or Master Servicer or Special
Servicer....................................................
Section 6.03 Limitation on Liability of Depositor, Master
Servicer and Special Servicer...............................
Section 6.04 Resignation of Master Servicer and the Special
Servicer....................................................
Section 6.05 Rights of Depositor and Trustee in Respect of
Master Servicer and the Special Servicer....................
Section 6.06 Depositor, Master Servicer and Special Servicer
to Cooperate with Trustee...................................
Section 6.07 Depositor, Special Servicer and Trustee to
Cooperate with Master Servicer..............................
Section 6.08 Depositor, Master Servicer and Trustee to
Cooperate with Special Servicer.............................
Section 6.09 Designation of Special Servicer by the
Controlling Class...........................................
Section 6.10 Master Servicer or Special Servicer as Owner of
a Certificate...............................................
Section 6.11 The Controlling Class Representative.........................
ARTICLE VII
DEFAULT
Section 7.01 Events of Default............................................
Section 7.02 Trustee to Act; Appointment of Successor.....................
Section 7.03 Notification to Certificateholders...........................
Section 7.04 Waiver of Events of Default..................................
Section 7.05 Additional Remedies of Trustee Upon Event of
Default.....................................................
ARTICLE VIII
CONCERNING THE TRUSTEE
Section 8.01 Duties of Trustee............................................
Section 8.02 Certain Matters Affecting Trustee............................
Section 8.03 Trustee Not Liable for Validity or Sufficiency
of Certificates or Mortgage Loans...........................
Section 8.04 Trustee May Own Certificates.................................
Section 8.05 Fees and Expenses of Trustee; Indemnification
of Trustee..................................................
Section 8.06 Eligibility Requirements for Trustee.........................
Section 8.07 Resignation and Removal of Trustee...........................
Section 8.08 Successor Trustee............................................
Section 8.09 Merger or Consolidation of Trustee...........................
Section 8.10 Appointment of Co-Trustee or Separate Trustee................
Section 8.11 Appointment of Custodians....................................
Section 8.12 Appointment of Authenticating Agents.........................
Section 8.13 Access to Certain Information................................
Section 8.14 Appointment of REMIC Administrators..........................
Section 8.15 Representations, Warranties and Covenants of
Trustee.....................................................
Section 8.16 Appointment of Paying Agent..................................
Section 8.17 Reports to the Securities and Exchange
Commission; Available Information...........................
Section 8.18 Maintenance of Mortgage File.................................
ARTICLE IX
TERMINATION
Section 9.01 Termination Upon Repurchase or Liquidation of
All Mortgage Loans..........................................
Section 9.02 Additional Termination Requirements..........................
ARTICLE X
ADDITIONAL TAX PROVISIONS
Section 10.01 REMIC Administration.........................................
Section 10.02 Grantor Trust Administration.................................
ARTICLE XI
MISCELLANEOUS PROVISIONS
Section 11.01 Amendment....................................................
Section 11.02 Recordation of Agreement; Counterparts.......................
Section 11.03 Limitation on Rights of Certificateholders...................
Section 11.04 Governing Law................................................
Section 11.05 Notices......................................................
Section 11.06 Severability of Provisions...................................
Section 11.07 Grant of a Security Interest.................................
Section 11.08 Streit Act...................................................
Section 11.09 Successors and Assigns; Beneficiaries........................
Section 11.10 Article and Section Headings.................................
Section 11.11 Notices to Rating Agencies...................................
Section 11.12 Complete Agreement...........................................
{PAGE}
{TABLE}
{CAPTION}
Exhibit Description Exhibit No. Section Reference
{S} {C} {C}
Form of Class A-1 Certificate A-1 Section 1.01 Definition of "Class
A-1 Certificate"
Form of Class A-2 Certificate A-2 Section 1.01 Definition of "Class
A-2 Certificate"
Form of Class A-1A Certificate A-3 Section 1.01 Definition of "Class
A-1A Certificate"
Form of Class X-C Certificate A-4 Section 1.01 Definition of "Class
X-C Certificate"
Form of Class X-P Certificate A-5 Section 1.01 Definition of "Class
X-P Certificate"
Form of Class B Certificate A-6 Section 1.01 Definition of "Class B
Certificate"
Form of Class C Certificate A-7 Section 1.01 Definition of "Class C
Certificate"
Form of Class D Certificate A-8 Section 1.01 Definition of "Class D
Certificate"
Form of Class E Certificate A-9 Section 1.01 Definition of "Class E
Certificate"
Form of Class F Certificate A-10 Section 1.01 Definition of "Class F
Certificate"
Form of Class G Certificate A-11 Section 1.01 Definition of "Class G
Certificate"
Form of Class H Certificate A-12 Section 1.01 Definition of "Class H
Certificate"
Form of Class J Certificate A-13 Section 1.01 Definition of "Class J
Certificate"
Form of Class K Certificate A-14 Section 1.01 Definition of "Class K
Certificate"
Form of Class L Certificate A-15 Section 1.01 Definition of "Class L
Certificate"
Form of Class M Certificate A-16 Section 1.01 Definition of "Class M
Certificate"
Form of Class N Certificate A-17 Section 1.01 Definition of "Class N
Certificate"
Form of Class O Certificate A-18 Section 1.01 Definition of "Class O
Certificate"
Form of Class P Certificate A-19 Section 1.01 Definition of "Class P
Certificate"
Form of Class R-I Certificate A-20 Section 1.01 Definition of "Class
R-I Certificate"
Form of Class R-II Certificate A-21 Section 1.01 Definition of "Class
R-II Certificate"
Form of Class Z Certificate A-22 Section 1.01 Definition of
"Class Z Certificate"
Mortgage Loan Schedule B Section 1.01 Definition of
"Mortgage Loan Schedule"
Schedule of Exceptions to Mortgage File C-1 Section 2.02(a)
Delivery
Form of Custodial Certification C-2 Section 2.02(b)
Form of Master Servicer Request for Release D-1 Section 1.01 Definition of "Request
for Release"; Section 2.03(b);
Section 3.10(a); and
Section 3.10(b)
Form of Special Servicer Request for Release D-2 Section 1.01 Definition of "Request
for Release"; Section 3.10(b)
Calculation of NOI/Debt Service Coverage E Section 1.01 Definition of "Net
Ratios Operating Income"
Form of Updated Collection Report F Section 1.01 Definition of "Updated
Collection Report"
Form of Transferor Certificate G-1 Section 5.02(b)
Form of Transferee Certificate for QIBs G-2 Section 5.02(b)
Form of Transferee Certificate for Non-QIBs G-3 Section 5.02(b)
Form of Transferee Certificate H Section 5.02(c)
Form of Transfer Affidavit and Agreement I-1 Section 5.02(d)(i)(2)
Pursuant to Section 5.02(d)(i)(2)
Form of Transferor Certificate Pursuant to I-2 Section 5.02(d)(i)(4)
Section 5.02(d)(i)(4)
Form of Notice and Acknowledgment J-1 Section 6.09
Form of Acknowledgment of Proposed Special J-2 Section 6.09
Servicer
Form of Certificateholder Confirmation K-1 Section 3.15(a)
Certificate Request by Beneficial Holder
Form of Prospective Purchaser Certificate K-2 Section 3.15(a)
Initial Companion Holders L Section 3.27
Class X-P Reference Rate M Section 1.01 Definition of "Class
X-P Reference Rate"
Form of Purchase Option Notice N Section 3.18(e)
Form of Defeasance Certificate O Section 3.20(h)
Form of Depositor Certification P Section 8.17(b)
Form of Trustee Certification Q Section 8.17(c)
Form of Master Servicer Certification R-1 Section 8.17(c)
Form of Special Servicer Certification R-2 Section 8.17(c)
{/TABLE}
{PAGE}
POOLING AND SERVICING AGREEMENT
This Pooling and Servicing Agreement (this "Agreement")
is dated and effective as of July 1, 2003, among WACHOVIA
COMMERCIAL MORTGAGE SECURITIES, INC., as Depositor, WACHOVIA BANK,
NATIONAL ASSOCIATION, as Master Servicer, LENNAR PARTNERS, INC., as
Special Servicer and WELLS FARGO BANK MINNESOTA, N.A., as Trustee.
PRELIMINARY STATEMENT:
The Depositor intends to sell mortgage pass-through certificates
(collectively, the "Certificates"), to be issued hereunder in multiple classes
(each, a "Class"), which in the aggregate will evidence the entire beneficial
ownership interest in a trust fund (the "Trust Fund") to be created hereunder,
the primary assets of which will be the Mortgage Loans.
As provided herein, the Trustee will elect to treat the segregated
pool of assets consisting of the ED Loan and certain other related assets
subject to this Agreement as a REMIC for federal income tax purposes, and such
segregated pool of assets will be designated as the "ED Loan REMIC". The ED Loan
REMIC Regular Interest will be held as an asset of REMIC I, and the ED Loan
REMIC Residual Interest will represent the sole class of "residual interests" in
the ED Loan REMIC and will be represented by the Class R-I Certificates.
As provided herein, the Trustee will elect to treat the segregated
pool of assets consisting of all of the Majority Mortgage Loans (exclusive of
that portion of the interest payments thereon that constitutes Additional
Interest), the ED Loan REMIC Regular Interest and certain other related assets
subject to this Agreement as a REMIC for federal income tax purposes, and such
segregated pool of assets will be designated as "REMIC I." The Class R-I
Certificates will represent the sole class of "residual interest" in REMIC I for
purposes of the REMIC Provisions under federal income tax law, and will be
represented by the Class R-I Certificates.
As provided herein, the Trustee will elect to treat the segregated
pool of assets consisting of all of the REMIC I Regular Interests as a REMIC for
federal income tax purposes, and such segregated pool of assets will be
designated as "REMIC II." The Class R-II Certificates will evidence the sole
class of "residual interests" in REMIC II for purposes of the REMIC Provisions
under federal income tax law. For federal income tax purposes, each Class of the
Regular Certificates will be designated as a separate "regular interests" in
REMIC II for purposes of the REMIC Provisions under federal income tax law.
The following table sets forth the Class or Component designation,
the original REMIC I Principal Balance for each corresponding REMIC I Regular
Interest (the "Corresponding REMIC I Regular Interest"), the Corresponding
Components of the Class X Certificates (the "Correspondencing Components") and
the Original Class Principal Balance for each Class of Sequential Pay
Certificates (the "Corresponding Certificates").
Corresponding
Original Components of
Original Class Corresponding REMIC I Class X
Corresponding Principal REMIC I Regular Principal Certificates
Certificates Balance Interests (1) Balance (1)
------------ -------------- --------------- --------- -------------
Class A-1 $226,000,000 LA-1-1 $3,967,000 X-A-1-1
LA-1-2 $5,041,000 X-A-1-2
LA-1-3 $19,786,000 X-A-1-3
LA-1-4 $22,465,000 X-A-1-4
LA-1-5 $21,883,000 X-A-1-5
LA-1-6 $21,493,000 X-A-1-6
LA-1-7 $20,927,000 X-A-1-7
LA-1-8 $20,445,000 X-A-1-8
LA-1-9 $25,360,000 X-A-1-9
LA-1-10 $27,207,000 X-A-1-10
LA-1-11 $18,360,000 X-A-1-11
LA-1-12 $19,066,000 X-A-1-12
Class A-2 $439,721,000 LA-2-1 $4,859,000 X-A-2-1
LA-2-2 $17,182,000 X-A-2-2
LA-2-3 $75,897,000 X-A-2-3
LA-2-4 $15,071,000 X-A-2-4
LA-2-5 $23,425,000 X-A-2-5
LA-2-6 $303,287,000 X-A-2-6
Class A-1A $301,015,000 LA-1A-1 $1,449,000 X-A-1A-1
LA-1A-2 $1,896,000 X-A-1A-2
LA-1A-3 $6,799,000 X-A-1A-3
LA-1A-4 $7,635,000 X-A-1A-4
LA-1A-5 $7,493,000 X-A-1A-5
LA-1A-6 $7,315,000 X-A-1A-6
LA-1A-7 $7,144,000 X-A-1A-7
LA-1A-8 $6,976,000 X-A-1A-8
LA-1A-9 $6,742,000 X-A-1A-9
LA-1A-10 $10,311,000 X-A-1A-10
LA-1A-11 $6,260,000 X-A-1A-11
LA-1A-12 $6,114,000 X-A-1A-12
LA-1A-13 $5,911,000 X-A-1A-13
LA-1A-14 $21,751,000 X-A-1A-14
LA-1A-15 $5,109,000 X-A-1A-15
LA-1A-16 $4,991,000 X-A-1A-16
LA-1A-17 $187,119,000 XA-1A-17
Class B $40,531,000 LB $40,531,000 X-B
Class C $15,011,000 LC $15,011,000 X-C
Class D $31,524,000 LD $31,524,000 X-D
Class E $10,508,000 LE-1 $797,000 X-E-1
LE-2 $9,711,000 X-E-2
Class F $16,513,000 LF-1 $3,094,000 X-F-1
LF-2 $7,286,000 X-F-2
LF-3 $6,133,000 X-F-3
Class G $19,515,000 LG-1 $5,940,000 X-G-1
LG-2 $8,525,000 X-G-2
LG-3 $5,050,000 X-G-3
Class H $19,515,000 LH-1 $7,234,000 X-H-1
LH-2 $9,302,000 X-H-2
LH-3 $2,979,000 X-H-3
Class J $22,517,000 LJ-1 $9,728,000 X-J-1
LJ-2 $10,262,000 X-J-2
LJ-3 $2,527,000 X-J-3
Class K $12,009,000 LK-1 $11,071,000 X-K-1
LK-2 $938,000 X-K-2
Class L $6,005,000 LL $6,005,000 X-L
Class M $6,004,000 LM $6,004,000 X-M
Class N $6,005,000 LN $6,005,000 X-N
Class O $4,503,000 LO $4,503,000 X-O
Class P $24,018,922 LP $24,018,922 X-P
(1) The REMIC I Regular Interests and the Components of the Class
X Certificates that correspond to any particular Class of Sequential Pay
Certificates also correspond to each other and, accordingly, constitute the
Corresponding REMIC I Regular Interest and the Corresponding Components,
respectively, with respect to each other.
The portion of the Trust Fund consisting of the Additional Interest
and amounts held from time to time in the Additional Interest Account that
represent Additional Interest shall be treated as a grantor trust (the "Grantor
Trust") for federal income tax purposes. As provided herein, the Trustee shall
take all actions necessary to ensure that the portion of the Trust Fund
consisting of the Grantor Trust Assets maintains its status as a "grantor trust"
under federal income tax law and not be treated as part of the ED Loan REMIC,
REMIC I or REMIC II. The Class Z Certificates represent undivided beneficial
interests in the portion of the Grantor Trust representing Additional Interest
and the Additional Interest Account as described herein.
Each of the five (5) mortgage loans referred to in this Agreement as
the Lloyd Center Companion Loan, the Shoppes of Parkland Companion Loan, the
Hilton Norfolk Companion Loan, the Laurel Pointe Apartments Companion Loan and
the Timberlake Apartments Companion Loan (each a "Companion Loan" and,
collectively the "Companion Loans") are not part of the Trust Fund but are
secured by corresponding Mortgages that secure certain related Mortgage Loans
that are identified on the Mortgage Loan Schedule as the Lloyd Center Mortgage
Loan (loan number 1), the Shoppes of Parkland Mortgage Loan (loan number 19),
the Hilton Norfolk Mortgage Loan (loan number 38), the Laurel Pointe Apartments
Mortgage Loan (loan number 38) and the Timberlake Apartments Mortgage Loan (loan
number 148) (each, a "Co-Lender Loan" and, collectively, the "Co-Lender Loans")
that are part of the Trust Fund. As and to the extent provided herein, the
Companion Loans will be serviced and administered in accordance with this
Agreement. Amounts attributable to the Companion Loans will not be assets of the
Trust Fund, and will be owned by the Companion Holders.
In consideration of the mutual agreements herein contained, the
Depositor, the Master Servicer, the Special Servicer and the Trustee agree as
follows:
ARTICLE I
DEFINITIONS
Section 1.01 Defined Terms.
Whenever used in this Agreement, including in the Preliminary
Statement, the following words and phrases, unless the context otherwise
requires, shall have the meanings specified in this Article.
"30/360 Basis": The accrual of interest calculated on the basis of a
360-day year consisting of twelve 30-day months.
"AB Apartments Companion Holders": The Laurel Pointe Apartments
Companion Holder and the Timberlake Apartments Companion Holder.
"AB Apartments Companion Loans": The Laurel Pointe Apartments
Companion Loan and the Timberlake Apartments Companion Loan.
"AB Apartments Intercreditor Agreement": Each of the Laurel Pointe
Apartments Intercreditor Agreement and the Timberlake Apartments Intercreditor
Agreement.
"AB Apartments Mortgage Loans": The Laurel Pointe Apartments
Mortgage Loan and the Timberlake Apartments Mortgage Loan.
"AB Companion Holder": Each of the Shoppes of Parkland Companion
Holder, the Hilton Norfolk Companion Holder, the Laurel Pointe Apartments
Companion Holder and the Timberlake Apartments Companion Holder.
"AB Companion Loan": Each of the Shoppes of Parkland Companion Loan,
the Hilton Norfolk Companion Loan, the Laurel Pointe Apartments Companion Loan
and the Timberlake Apartments Companion Loan.
"AB Mortgage Loan": Each of the Shoppes of Parkland Mortgage Loan,
the Hilton Norfolk Mortgage Loan, the Laurel Pointe Apartments Mortgage Loan and
the Timberlake Apartments Mortgage Loan.
"Accrued Certificate Interest": With respect to any Class of Regular
Certificates (other than the Class X Certificates) for any Distribution Date,
one month's interest at the Pass-Through Rate applicable to such Class of
Certificates for such Distribution Date, accrued for the related Interest
Accrual Period on the related Class Principal Balance outstanding immediately
prior to such Distribution Date; and, with respect to the Class X-C and Class
X-P Certificates for any Distribution Date, the sum of the Accrued Component
Interest for the related Interest Accrual Period for all of their respective
Components for such Distribution Date. Accrued Certificate Interest shall be
calculated on a 30/360 Basis and, with respect to any Class of Regular
Certificates for any Distribution Date, shall be deemed to accrue during the
calendar month preceding the month in which such Distribution Date occurs.
"Accrued Component Interest": With respect to each Component of the
Class X-C and Class X-P Certificates for any Distribution Date, one month's
interest at the Class X-C Strip Rate or Class X-P Strip Rate applicable to such
Component for such Distribution Date, accrued on the Component Notional Amount
of such Component outstanding immediately prior to such Distribution Date.
Accrued Component Interest shall be calculated on a 30/360 Basis and, with
respect to any Component and any Distribution Date, shall be deemed to accrue
during the calendar month preceding the month in which such Distribution Date
occurs.
"Acquisition Date": With respect to any REO Property, the first day
on which such REO Property is considered to be acquired by the Trust Fund within
the meaning of Treasury Regulations Section 1.856-6(b)(1), which is the first
day on which the Trust Fund is treated as the owner of such REO Property for
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