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Pooling and Servicing Agreement |
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2007 |
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MORGAN STANLEY ABS CAPITAL I INC.,
Depositor,
WELLS FARGO BANK, NATIONAL ASSOCIATION,
Master Servicer, Securities Administrator and Servicer,
SAXON MORTGAGE SERVICES, INC.,
Servicer,
COUNTRYWIDE HOME LOANS SERVICING LP,
Servicer,
FIRST NLC FINANCIAL SERVICES, LLC,
Responsible Party,
and
DEUTSCHE BANK NATIONAL TRUST COMPANY,
Trustee
----------------------
POOLING AND SERVICING AGREEMENT
Dated as of March 1, 2007
----------------------
MORGAN STANLEY HOME EQUITY LOAN TRUST 2007-2
MORTGAGE PASS THROUGH CERTIFICATES,
SERIES 2007-2
{PAGE}
TABLE OF CONTENTS
ARTICLE I
DEFINITIONS
ARTICLE II
CONVEYANCE OF MORTGAGE LOANS;
REPRESENTATIONS AND WARRANTIES
Section 2.01 Conveyance of Mortgage Loans.................................
Section 2.02 Acceptance by the Trustee of the Mortgage Loans..............
Section 2.03 Representations and Warranties; Remedies for Breaches of
Representations and Warranties with Respect to the
Mortgage Loans..............................................
Section 2.04 Execution and Delivery of Certificates.......................
Section 2.05 REMIC Matters................................................
Section 2.06 Representations and Warranties of the Depositor..............
Section 2.07 Enforcement of Obligations for Breach of Mortgage Loan
Representations.............................................
ARTICLE III
ADMINISTRATION AND SERVICING
OF MORTGAGE LOANS
Section 3.01 Servicers to Service Mortgage Loans..........................
Section 3.02 Subservicing Agreements between a Servicer and
Subservicers................................................
Section 3.03 Successor Subservicers.......................................
Section 3.04 Liability of the Servicers...................................
Section 3.05 No Contractual Relationship between Subservicers, the
Master Servicer and the Trustee.............................
Section 3.06 Assumption or Termination of Subservicing Agreements by
Master Servicer.............................................
Section 3.07 Collection of Certain Mortgage Loan Payments.................
Section 3.08 Subservicing Accounts........................................
Section 3.09 Collection of Taxes, Assessments and Similar Items;
Escrow Accounts.............................................
Section 3.10 Collection Accounts..........................................
Section 3.11 Withdrawals from the Collection Accounts.....................
Section 3.12 Investment of Funds in the Collection Accounts and the
Distribution Account........................................
Section 3.13 Maintenance of Hazard Insurance and Errors and Omissions
and Fidelity Coverage.......................................
Section 3.14 Enforcement of "Due-on-Sale" Clauses; Assumption
Agreements..................................................
Section 3.15 Realization upon Defaulted Mortgage Loans....................
Section 3.16 Release of Mortgage Files....................................
Section 3.17 Title, Conservation and Disposition of REO Property..........
Section 3.18 Notification of Adjustments..................................
Section 3.19 Access to Certain Documentation and Information Regarding
the Mortgage Loans..........................................
Section 3.20 Documents, Records and Funds in Possession of the
Servicers to Be Held for the Trustee........................
Section 3.21 Servicing Compensation.......................................
Section 3.22 Annual Statement as to Compliance............................
Section 3.23 Annual Reports on Assessment of Compliance with Servicing
Criteria; Annual Independent Public Accountants'
Attestation Report..........................................
Section 3.24 Master Servicer to Act as Servicer...........................
Section 3.25 Compensating Interest........................................
Section 3.26 Credit Reporting; Gramm-Leach-Bliley Act.....................
Section 3.27 Optional Purchase of Delinquent Mortgage Loans...............
ARTICLE IV
DISTRIBUTIONS AND
ADVANCES BY THE SERVICERS
Section 4.01 Advances.....................................................
Section 4.02 Priorities of Distribution...................................
Section 4.03 Monthly Statements to Certificateholders.....................
Section 4.04 Certain Matters Relating to the Determination of LIBOR.......
Section 4.05 Allocation of Applied Realized Loss Amounts..................
Section 4.06 Swap Account.................................................
ARTICLE V
THE CERTIFICATES
Section 5.01 The Certificates.............................................
Section 5.02 Certificate Register; Registration of Transfer and
Exchange of Certificates....................................
Section 5.03 Mutilated, Destroyed, Lost or Stolen Certificates............
Section 5.04 Persons Deemed Owners........................................
Section 5.05 Access to List of Certificateholders' Names and Addresses....
Section 5.06 Maintenance of Office or Agency..............................
ARTICLE VI
THE DEPOSITOR AND THE SERVICERS
Section 6.01 Respective Liabilities of the Depositor and the Servicers....
Section 6.02 Merger or Consolidation of the Depositor or a Servicer.......
Section 6.03 Limitation on Liability of the Depositor, the Servicers
and Others..................................................
Section 6.04 Limitation on Resignation of a Servicer......................
Section 6.05 Additional Indemnification by the Servicers; Third Party
Claims......................................................
ARTICLE VII
DEFAULT
Section 7.01 Events of Default............................................
Section 7.02 Master Servicer to Act; Appointment of Successor.............
Section 7.03 Notification to Certificateholders...........................
ARTICLE VIII
CONCERNING THE TRUSTEE
Section 8.01 Duties of the Trustee........................................
Section 8.02 Certain Matters Affecting the Trustee........................
Section 8.03 Trustee Not Liable for Certificates or Mortgage Loans........
Section 8.04 Trustee May Own Certificates.................................
Section 8.05 Trustee's Fees and Expenses..................................
Section 8.06 Eligibility Requirements for the Trustee.....................
Section 8.07 Resignation and Removal of the Trustee.......................
Section 8.08 Successor Trustee............................................
Section 8.09 Merger or Consolidation of the Trustee.......................
Section 8.10 Appointment of Co-Trustee or Separate Trustee................
Section 8.11 Tax Matters..................................................
Section 8.12 Periodic Filings.............................................
Section 8.13 Tax Treatment of Upper-Tier CarryForward Amounts, Basis
Risk CarryForward Amounts and Class IO Shortfalls; Tax
Classification of the Excess Reserve Fund Account, Swap
Account and the Interest Rate Swap Agreement................
Section 8.14 Custodial Responsibilities...................................
ARTICLE IX
ADMINISTRATION OF THE MORTGAGE LOANS BY THE MASTER SERVICER
Section 9.01 Duties of the Master Servicer; Enforcement of Servicer's
Obligations.................................................
Section 9.02 Maintenance of Fidelity Bond and Errors and Omissions
Insurance...................................................
Section 9.03 Representations and Warranties of the Master Servicer........
Section 9.04 Master Servicer Events of Default............................
Section 9.05 Waiver of Default............................................
Section 9.06 Successor to the Master Servicer.............................
Section 9.07 Compensation of the Master Servicer..........................
Section 9.08 Merger or Consolidation......................................
Section 9.09 Resignation of the Master Servicer...........................
Section 9.10 Assignment or Delegation of Duties by the Master Servicer....
Section 9.11 Limitation on Liability of the Master Servicer...............
Section 9.12 Indemnification; Third Party Claims..........................
ARTICLE X
CONCERNING THE SECURITIES ADMINISTRATOR
Section 10.01 Duties of Securities Administrator...........................
Section 10.02 Certain Matters Affecting the Securities Administrator.......
Section 10.03 Securities Administrator Not Liable for Certificates or
Mortgage Loans..............................................
Section 10.04 Securities Administrator May Own Certificates................
Section 10.05 Securities Administrator's Fees and Expenses.................
Section 10.06 Eligibility Requirements for Securities Administrator........
Section 10.07 Resignation and Removal of Securities Administrator..........
Section 10.08 Successor Securities Administrator...........................
Section 10.09 Merger or Consolidation of Securities Administrator..........
Section 10.10 Assignment or Delegation of Duties by the Securities
Administrator...............................................
ARTICLE XI
TERMINATION
Section 11.01 Termination upon Liquidation or Purchase of the Mortgage
Loans.......................................................
Section 11.02 Final Distribution on the Certificates.......................
Section 11.03 Additional Termination Requirements..........................
ARTICLE XII
MISCELLANEOUS PROVISIONS
Section 12.01 Amendment....................................................
Section 12.02 Recordation of Agreement; Counterparts.......................
Section 12.03 Governing Law................................................
Section 12.04 Intention of Parties.........................................
Section 12.05 Notices......................................................
Section 12.06 Severability of Provisions...................................
Section 12.07 Assignment; Sales; Advance Facilities........................
Section 12.08 Limitation on Rights of Certificateholders...................
Section 12.09 Inspection and Audit Rights..................................
Section 12.10 Certificates Nonassessable and Fully Paid....................
Section 12.11 Rule of Construction.........................................
Section 12.12 Waiver of Jury Trial.........................................
Section 12.13 Rights of the Third Parties..................................
Section 12.14 Regulation AB Compliance; Intent of the Parties;
Reasonableness..............................................
SCHEDULES
Schedule I Mortgage Loan Schedule
Schedule II Representations and Warranties of Saxon Mortgage Services,
Inc., as Servicer
Schedule II-A Further Representations and Warranties of Saxon
Schedule III Representations and Warranties of Morgan Stanley ABS
Capital I Inc. as to the Mortgage Loans
Schedule IV Representations and Warranties of First NLC as to the First
NLC Mortgage Loans
Schedule V Representations and Warranties of Wells Fargo Bank, National
Association, as Servicer
Schedule VI Representations and Warranties of Countrywide Home Loans
Servicing LP, as Servicer
EXHIBITS
Exhibit A Form of Class A, Class M and Class B Certificate
Exhibit B Form of Class P Certificate
Exhibit C-1 Form of Class R Certificate
Exhibit C-2 Form of Class RX Certificate
Exhibit D Form of Class X Certificate
Exhibit E Form of Initial Certification of Trustee
Exhibit F Form of Document Certification and Exception Report of Trustee
Exhibit G Form of Residual Transfer Affidavit
Exhibit H Form of Transferor Certificate
Exhibit I Form of Rule 144A Letter
Exhibit J Form of Request for Release
Exhibit K Form of Contents for Each Mortgage File
Exhibit L Form of Certification to be provided with Form 10-K
Exhibit M Form of Annual Certification to be provided to the Master
Servicer
Exhibit N [Reserved]
Exhibit O First NLC Purchase Agreement
Exhibit P [Reserved]
Exhibit Q Accredited Agreements
Exhibit R Wilmington Agreements
Exhibit S [Reserved]
Exhibit T Form of Servicer Power of Attorney
Exhibit U Servicing Criteria - To Be Addressed in Assessment of
Compliance
Exhibit V Additional Form 10-D Disclosure
Exhibit W Additional Form 10-K Disclosure
Exhibit X Form 8-K Disclosure Information
Exhibit Y Interest Rate Swap Agreement
Exhibit Z Form of Additional Disclosure Notification
Exhibit AA-1 Form of Saxon Servicer Reports
Exhibit AA-2 Form of Countrywide Servicing Servicer Reports
Exhibit AA-3 Form of Wells Fargo Servicer Reports
Exhibit BB-1 Saxon Standard File Layout - Delinquency Reporting
Exhibit BB-2 Wells Fargo Standard File Layout - Delinquency Reporting
Exhibit BB-3 Countrywide Servicing Standard File Layout - Delinquency
Reporting
Exhibit CC Countrywide Amendment Regulation AB
Exhibit DD Representations and Warranties Agreement
Exhibit EE Interest Rate Cap Agreement
{PAGE}
THIS POOLING AND SERVICING AGREEMENT, dated as of March 1, 2007,
among MORGAN STANLEY ABS CAPITAL I INC., a Delaware corporation, as depositor
(the "Depositor"), SAXON MORTGAGE SERVICES, INC., a Texas corporation, as a
servicer ("Saxon"), WELLS FARGO BANK, NATIONAL ASSOCIATION, a national banking
association, as a servicer ("Wells Fargo"), as master servicer (in such
capacity, the "Master Servicer") and securities administrator (in such capacity,
the "Securities Administrator"), COUNTRYWIDE HOME LOANS SERVICING LP, a Texas
limited partnership, as a servicer ("Countrywide Servicing" and together with
Saxon and Wells Fargo, as a servicer, the "Servicers"), FIRST NLC FINANCIAL
SERVICES, LLC, a Florida limited liability company, as the responsible party
("First NLC" or the "Responsible Party") and DEUTSCHE BANK NATIONAL TRUST
COMPANY, a national banking association, as trustee (the "Trustee").
W I T N E S S E T H:
- - - - - - - - - -
In consideration of the mutual agreements herein contained, the
parties hereto agree as follows:
PRELIMINARY STATEMENT
The Securities Administrator, on behalf of the Trustee, shall elect
that five segregated asset pools within the Trust Fund (exclusive of (i) the
Prepayment Premiums, (ii) the Swap Assets and the Interest Rate Cap Agreement,
(iii) the Excess Reserve Fund Account, and (iv) the right of the Offered
Certificates to receive Basis Risk CarryForward Amounts and, without
duplication, Upper-Tier CarryForward Amounts and the obligation to pay Class IO
Shortfalls) be treated for federal income tax purposes as comprising five REMICs
(Pooling-Tier REMIC-1, Pooling-Tier REMIC-2, the Lower-Tier REMIC, the
Upper-Tier REMIC and the Class X REMIC, respectively, and each, a "Trust
REMIC"). The Class X Interest, the Class IO Interest and each Class of Offered
Certificates (other than the right of each Class of Offered Certificates to
receive Basis Risk CarryForward Amounts and, without duplication, Upper-Tier
CarryForward Amounts and the obligation to pay Class IO Shortfalls) represents
ownership of a regular interest in a REMIC for purposes of the REMIC Provisions.
The Class R Certificates represent ownership of the sole class of residual
interest in each of Pooling-Tier REMIC-1, Pooling-Tier REMIC-2, the Lower-Tier
REMIC and the Upper-Tier REMIC for purposes of the REMIC Provisions. The Class
RX Certificates represent ownership of the sole class of residual interest in
the Class X REMIC for purposes of the REMIC provisions. The Startup Day for each
Trust REMIC described herein is the date referenced in Section 2.05. The latest
possible maturity date for each regular interest is the latest date referenced
in Section 2.05. The Class X REMIC shall hold as assets the Class UT-X Interest
and the Class UT-IO Interest as set out below. The Upper-Tier REMIC shall hold
as assets the several classes of uncertificated Lower-Tier Regular Interests,
set out below. The Lower-Tier REMIC shall hold as assets the several classes of
uncertificated Pooling-Tier REMIC-2 Regular Interests. Pooling-Tier REMIC-2
shall hold as assets the several classes of uncertificated Pooling-Tier REMIC-1
Regular Interests. Pooling-Tier REMIC-1 shall hold as assets the assets of the
Trust Fund (exclusive of (i) the Prepayment Premiums, (ii) the Swap Assets and
the Interest Rate Cap Agreement, (iii) the Excess Reserve Fund Account, and (iv)
the right of the Offered Certificates to receive Basis Risk CarryForward Amounts
and, without duplication, Upper-Tier CarryForward Amounts and the obligation to
pay Class IO Shortfalls).
For federal income tax purposes, each Class of Offered Certificates
represents a beneficial ownership of a regular interest in the Upper-Tier REMIC,
the right to receive Basis Risk CarryForward Amounts and without duplication,
Upper-Tier CarryForward Amounts, and the obligation to pay Class IO Shortfalls;
the Class X Certificates represent beneficial ownership of the Class X Interest,
the Class IO Interest, the Interest Rate Swap Agreement, the Swap Account, the
Interest Rate Cap Agreement, the Excess Reserve Fund Account and the right to
receive Class IO Shortfalls, subject to the obligation to pay Basis Risk
CarryForward Amounts and, without duplication, Upper-Tier CarryForward Amounts;
and the Class P Certificates represent beneficial ownership of the Prepayment
Premiums, which portions of the Trust Fund shall be treated as a grantor trust
under subpart E, Part I of subchapter J of the Code (the "Grantor Trust").
Pooling-Tier REMIC-1
Pooling-Tier REMIC-1 shall issue the following interests in
Pooling-Tier REMIC-1, and each such interest, other than the Class PT1-R
Interest is hereby designated as a regular interest in the Pooling-Tier REMIC-1.
Pooling-Tier REMIC-1 shall also issue the Class PT1-R Interest, which is hereby
designated as the sole class of residual interest in Pooling-Tier REMIC-1. The
Class PT1-R Interest shall be represented by the Class R Certificates, shall not
have a principal balance and shall have no interest rate.
Pooling-Tier Initial Pooling
Pooling-Tier REMIC-1 Tier REMIC-1
REMIC-1 Interest Interest Rate Principal Amount
---------------- ------------- ----------------
Class PT1-1 (1) $363,828,487.98
Class PT1-2A (2) $10,636,089.31
Class PT1-2B (3) $10,636,089.31
Class PT1-3A (2) $10,370,230.57
Class PT1-3B (3) $10,370,230.57
Class PT1-4A (2) $10,045,338.60
Class PT1-4B (3) $10,045,338.60
Class PT1-5A (2) $9,626,916.35
Class PT1-5B (3) $9,626,916.35
Class PT1-6A (2) $9,221,536.42
Class PT1-6B (3) $9,221,536.42
Class PT1-7A (2) $8,833,376.55
Class PT1-7B (3) $8,833,376.55
Class PT1-8A (2) $8,472,833.99
Class PT1-8B (3) $8,472,833.99
Class PT1-9A (2) $8,225,280.13
Class PT1-9B (3) $8,225,280.13
Class PT1-10A (2) $7,825,282.71
Class PT1-10B (3) $7,825,282.71
Class PT1-11A (2) $16,395,113.27
Class PT1-11B (3) $16,395,113.27
Class PT1-12A (2) $11,494,275.80
Class PT1-12B (3) $11,494,275.80
Class PT1-13A (2) $6,389,374.50
Class PT1-13B (3) $6,389,374.50
Class PT1-14A (2) $5,963,235.21
Class PT1-14B (3) $5,963,235.21
Class PT1-15A (2) $5,825,256.06
Class PT1-15B (3) $5,825,256.06
Class PT1-16A (2) $5,527,424.08
Class PT1-16B (3) $5,527,424.08
Class PT1-17A (2) $14,319,164.13
Class PT1-17B (3) $14,319,164.13
Class PT1-18A (2) $9,458,300.50
Class PT1-18B (3) $9,458,300.50
Class PT1-19A (2) $4,373,527.13
Class PT1-19B (3) $4,373,527.13
Class PT1-20A (2) $4,026,258.31
Class PT1-20B (3) $4,026,258.31
Class PT1-21A (2) $3,945,210.54
Class PT1-21B (3) $3,945,210.54
Class PT1-22A (2) $4,061,299.49
Class PT1-22B (3) $4,061,299.49
Class PT1-23A (2) $17,907,760.49
Class PT1-23B (3) $17,907,760.49
Class PT1-24A (2) $8,797,265.18
Class PT1-24B (3) $8,797,265.18
Class PT1-25A (2) $2,637,884.04
Class PT1-25B (3) $2,637,884.04
Class PT1-26A (2) $2,251,990.64
Class PT1-26B (3) $2,251,990.64
Class PT1-27A (2) $2,178,587.48
Class PT1-27B (3) $2,178,587.48
Class PT1-28A (2) $2,406,627.05
Class PT1-28B (3) $2,406,627.05
Class PT1-29A (2) $11,296,605.50
Class PT1-29B (3) $11,296,605.50
Class PT1-30A (2) $4,823,991.21
Class PT1-30B (3) $4,823,991.21
Class PT1-31A (2) $1,464,355.13
Class PT1-31B (3) $1,464,355.13
Class PT1-32A (2) $1,224,658.22
Class PT1-32B (3) $1,224,658.22
Class PT1-33A (2) $1,185,435.43
Class PT1-33B (3) $1,185,435.43
Class PT1-34A (2) $1,320,602.13
Class PT1-34B (3) $1,320,602.13
Class PT1-35A (2) $6,393,735.71
Class PT1-35B (3) $6,393,735.71
Class PT1-36A (2) $2,711,178.64
Class PT1-36B (3) $2,711,178.64
Class PT1-37A (2) $797,192.38
Class PT1-37B (3) $797,192.38
Class PT1-38A (2) $664,262.20
Class PT1-38B (3) $664,262.20
Class PT1-39A (2) $638,484.18
Class PT1-39B (3) $638,484.18
Class PT1-40A (2) $617,117.24
Class PT1-40B (3) $617,117.24
Class PT1-41A (2) $596,449.77
Class PT1-41B (3) $596,449.77
Class PT1-42A (2) $576,459.58
Class PT1-42B (3) $576,459.58
Class PT1-43A (2) $563,869.31
Class PT1-43B (3) $563,869.31
Class PT1-44A (2) $538,116.22
Class PT1-44B (3) $538,116.22
Class PT1-45A (2) $523,350.84
Class PT1-45B (3) $523,350.84
Class PT1-46A (2) $527,921.98
Class PT1-46B (3) $527,921.98
Class PT1-47A (2) $631,450.48
Class PT1-47B (3) $631,450.48
Class PT1-48A (2) $473,024.76
Class PT1-48B (3) $473,024.76
Class PT1-49A (2) $453,255.02
Class PT1-49B (3) $453,255.02
Class PT1-50A (2) $431,151.04
Class PT1-50B (3) $431,151.04
Class PT1-51A (2) $420,024.22
Class PT1-51B (3) $420,024.22
Class PT1-52A (2) $428,316.01
Class PT1-52B (3) $428,316.01
Class PT1-53A (2) $536,403.39
Class PT1-53B (3) $536,403.39
Class PT1-54A (2) $378,781.62
Class PT1-54B (3) $378,781.62
Class PT1-55A (2) $359,164.06
Class PT1-55B (3) $359,164.06
Class PT1-56A (2) $343,232.08
Class PT1-56B (3) $343,232.08
Class PT1-57A (2) $333,654.43
Class PT1-57B (3) $333,654.43
Class PT1-58A (2) $335,222.10
Class PT1-58B (3) $335,222.10
Class PT1-59A (2) $393,648.49
Class PT1-59B (3) $393,648.49
Class PT1-60A (2) $301,066.75
Class PT1-60B (3) $301,066.75
Class PT1-61A (2) $284,838.71
Class PT1-61B (3) $284,838.71
Class PT1-62A (2) $8,062,991.30
Class PT1-62B (3) $8,062,991.30
Class PT1-R (4) (4)
------------
(1) For any Distribution Date (and the related Interest Accrual Period), this
Pooling-Tier REMIC-1 Regular Interest shall bear interest at a per-annum
rate (its "Pooling-Tier REMIC-1 Interest Rate") equal to the Pooling-Tier
REMIC-1 WAC Rate.
(2) For any Distribution Date (and the related Interest Accrual Period), this
Pooling-Tier REMIC-1 Regular Interest shall bear interest at a per-annum
rate (its "Pooling-Tier REMIC-1 Interest Rate") equal to the product of
(i) 2 and (ii) the Pooling-Tier REMIC-1 WAC Rate, subject to a maximum
rate of 9.50%.
(3) For any Distribution Date (and the related Interest Accrual Period), this
Pooling-Tier REMIC-1 Regular Interest shall bear interest at a per-annum
rate (its "Pooling-Tier REMIC-1 Interest Rate") equal to the excess, if
any, of (A) the product of (i) 2 and (ii) the Pooling-Tier REMIC-1 WAC
Rate over (B) 9.50%.
(4) The Class PT1-R Interest shall not have a principal balance and shall not
bear interest.
On each Distribution Date, the interest distributable in respect of
the Mortgage Loans for such Distribution Date shall be deemed to be distributed
to the Pooling-Tier REMIC-1 Regular Interests at the rates shown above.
On each Distribution Date, Realized Losses, Subsequent Recoveries
and payments of principal in respect of the Mortgage Loans (including, for the
first Distribution Date only, the Closing Date Deposit Amount) shall be
allocated to the outstanding Pooling-Tier REMIC-1 Regular Interest with the
lowest numerical denomination until the Pooling-Tier REMIC-1 Principal Amount of
such interest is reduced to zero, provided that, with respect to Pooling-Tier
REMIC-1 Regular Interests with the same numerical denomination, such Realized
Losses, Subsequent Recoveries and payments of principal shall be allocated pro
rata between such Pooling-Tier REMIC-1 Regular Interests, until the Pooling-Tier
REMIC-1 Principal Amount of such interests is reduced to zero.
Pooling-Tier REMIC-2
Pooling-Tier REMIC-2 shall issue the following interests in
Pooling-Tier REMIC-2, and each such interest, other than the Class PT2-R
Interest, is hereby designated as a regular interest in Pooling-Tier REMIC-2.
The Class PT2-R Interest is hereby designated as the sole class of residual
interest in Pooling-Tier REMIC-2 and shall be represented by the Class R
Certificates.
{TABLE}
{CAPTION}
Corresponding Corresponding
Pooling-Tier Pooling-Tier Pooling-Tier Corresponding Pooling-Tier Scheduled
REMIC-2 REMIC-2 REMIC-2 Initial Pooling-Tier REMIC-1 Regular Crossover
Interest Interest Rate Principal Amount REMIC-2 IO Interest Interest Distribution Date
--------------- ------------- ---------------- ------------------- --------------- -----------------
{S} {C} {C} {C} {C} {C}
Class PT2-1 (1) $363,828,487.98 N/A N/A N/A
Class PT2-2A (2) $10,636,089.31 Class PT2-IO-2 N/A N/A
Class PT2-2B (3) $10,636,089.31 N/A N/A N/A
Class PT2-3A (2) $10,370,230.57 Class PT2-IO-3 N/A N/A
Class PT2-3B (3) $10,370,230.57 N/A N/A N/A
Class PT2-4A (2) $10,045,338.60 Class PT2-IO-4 N/A N/A
Class PT2-4B (3) $10,045,338.60 N/A N/A N/A
Class PT2-5A (2) $9,626,916.35 Class PT2-IO-5 N/A N/A
Class PT2-5B (3) $9,626,916.35 N/A N/A N/A
Class PT2-6A (2) $9,221,536.42 Class PT2-IO-6 N/A N/A
Class PT2-6B (3) $9,221,536.42 N/A N/A N/A
Class PT2-7A (2) $8,833,376.55 Class PT2-IO-7 N/A N/A
Class PT2-7B (3) $8,833,376.55 N/A N/A N/A
Class PT2-8A (2) $8,472,833.99 Class PT2-IO-8 N/A N/A
Class PT2-8B (3) $8,472,833.99 N/A N/A N/A
Class PT2-9A (2) $8,225,280.13 Class PT2-IO-9 N/A N/A
Class PT2-9B (3) $8,225,280.13 N/A N/A N/A
Class PT2-10A (2) $7,825,282.71 Class PT2-IO-10 N/A N/A
Class PT2-10B (3) $7,825,282.71 N/A N/A N/A
Class PT2-11A (2) $16,395,113.27 Class PT2-IO-11 N/A N/A
Class PT2-11B (3) $16,395,113.27 N/A N/A N/A
Class PT2-12A (2) $11,494,275.80 Class PT2-IO-12 N/A N/A
Class PT2-12B (3) $11,494,275.80 N/A N/A N/A
Class PT2-13A (2) $6,389,374.50 Class PT2-IO-13 N/A N/A
Class PT2-13B (3) $6,389,374.50 N/A N/A N/A
Class PT2-14A (2) $5,963,235.21 Class PT2-IO-14 N/A N/A
Class PT2-14B (3) $5,963,235.21 N/A N/A N/A
Class PT2-15A (2) $5,825,256.06 Class PT2-IO-15 N/A N/A
Class PT2-15B (3) $5,825,256.06 N/A N/A N/A
Class PT2-16A (2) $5,527,424.08 Class PT2-IO-16 N/A N/A
Class PT2-16B (3) $5,527,424.08 N/A N/A N/A
Class PT2-17A (2) $14,319,164.13 Class PT2-IO-17 N/A N/A
Class PT2-17B (3) $14,319,164.13 N/A N/A N/A
Class PT2-18A (2) $9,458,300.50 Class PT2-IO-18 N/A N/A
Class PT2-18B (3) $9,458,300.50 N/A N/A N/A
Class PT2-19A (2) $4,373,527.13 Class PT2-IO-19 N/A N/A
Class PT2-19B (3) $4,373,527.13 N/A N/A N/A
Class PT2-20A (2) $4,026,258.31 Class PT2-IO-20 N/A N/A
Class PT2-20B (3) $4,026,258.31 N/A N/A N/A
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