on High Cost Home Loans, N.C. Gen. Stat. §§ 24-1.1E
et seq.
Effective July 1, 2000; amended October 1, 2003 (adding open-end lines of
credit)
Consumer Home Loan
South Carolina
South Carolina High Cost and Consumer Home Loans Act, S.C. Code Ann. §§ 37-23-10
et seq.
Effective for loans taken on or after January 1, 2004
Consumer Home Loan
J-36
SCHEDULE A
REQUIRED RATINGS FOR EACH CLASS OF CERTIFICATES
Certificates
Offered Certificates
S&P
Moody's
Class I-1A-1
AAA
Aaa
Class I-1A-2
AAA
Aaa
Class II-1A-1
AAA
Aaa
Class II-1A-2
AAA
Aa1
Class II-2A-1
AAA
Aaa
Class II-2A-2
AAA
Aaa
Class II-2X-1
AAA
Aaa
Class II-3A-1
AAA
Aaa
Class II-3A-2
AAA
Aaa
Class II-3X-1
AAA
Aaa
Class II-4A-1
AAA
Aaa
Class II-4A-2
AAA
Aaa
Class II-4X-1
AAA
Aaa
Class I-M-1
AA
Aa2
Class I-M-2
A
A2
Class I-B-1
BBB
Baa2
Class I-B-2
BBB-
Baa3
Class I-B-3
BB
Ba2
Class II-B-1
AA
Aa2
Class II-X-B1
AA
Aa2
Class II-B-2
A
A2
Class II-X-B2
A
A2
Class II-B-3
BBB
Baa2
II-B-4
BB
NA
II-B-5
B
NA
The Class R, Class R-X, Class B-IO, Class I-XP and Class II-XP Certificates have
not been rated.
None of the above ratings has been lowered, qualified or withdrawn since the
dates of issuance of such ratings by the Rating Agencies.
J-37
SCHEDULE B
MORTGAGE LOAN SCHEDULE
(Provided Upon Request)
J-38
EXHIBIT K
[Reserved]
L-1
EXHIBIT L
[Reserved]
L-2
EXHIBIT M
SERVICING CRITERIA TO BE ADDRESSED IN ASSESSMENT OF COMPLIANCE
Definitions
Primary Service - transaction party having borrower contact
Master Servicer - aggregator of pool assets
Securities Administrator - waterfall calculator
Back-up Servicer - named in the transaction (in the event a Back-up Servicer
becomes the Primary Servicer, follow Primary Servicer obligations)
Custodian - safe keeper of pool assets
Trustee - fiduciary of the transaction
Note: The definitions above describe the essential function that the party
performs, rather than the party's title. So, for example, in a particular
transaction, the trustee may perform the "paying agent" and "securities
administrator" functions, while in another transaction, the securities
administrator may perform these functions.
Where there are multiple checks for criteria the attesting party will identify
in their management assertion that they are attesting only to the portion of the
distribution chain they are responsible for in the related transaction
agreements.
Key:
X - obligation
Reg AB Reference
Servicing Criteria
Primary Servicer
Master Servicer
Securities Admin
Custodian
Trustee
(nominal)
General Servicing Considerations
1122(d)(1)(i)
Policies and procedures are instituted to monitor any performance or other
triggers and events of default in accordance with the transaction agreements.
X
X
X
1122(d)(1)(ii)
If any material servicing activities are outsourced to third parties, policies
and procedures are instituted to monitor the third party's performance and
compliance with such servicing activities.
X
X
1122(d)(1)(iii)
Any requirements in the transaction agreements to maintain a back-up servicer
for the Pool Assets are maintained.
1122(d)(1)(iv)
A fidelity bond and errors and omissions policy is in effect on the party
participating in the servicing function throughout