Common use of Constituent REMICs Clause in Contracts

Constituent REMICs. (a) CMSI and the Trustee will make the appropriate elections to treat the Trust Fund, and the affairs of the Trust Fund will be conducted so as to qualify the Trust Fund, for federal income tax purposes as three separate constituent REMICs - the pooling REMIC, the lower-tier REMIC, and the upper-tier REMIC. The pooling REMIC will be the applicable constituent REMIC for purposes of section 3.21. The assets of the pooling REMIC will consist of the mortgage loans, such amounts as may from time to time be held in the certificate account, any insurance policies relating to a mortgage loan, and property that secured a mortgage loan and that has been acquired by foreclosure or deed in lieu of foreclosure and all proceeds thereof. Classes IA-PO, IA-IO, IIA-PO, IIA-IO, and the class P regular interests described below, are designated as the regular interests in the pooling REMIC within the meaning of Internal Revenue Code Section 860G(a)(1). Class PR is designated as the residual interest in the pooling REMIC within the meaning of Internal Revenue Code Section 860G(a)(2). The assets of the lower-tier REMIC will consist of the class P regular interests described below, the Trustee’s rights under any certificate insurance policy and reserve fund, any retail reserve fund, and any assets in the lower-tier REMIC account described below. Classes IX-0, XX-0, XX-0 through IA-10, IIA-1, and B-1 through B-6, and any class L regular interests described below, are designated as the regular interests in the lower-tier REMIC. Class LR is designated as the residual interest in the lower-tier REMIC. The assets of the upper-tier REMIC will consist of any class L regular interests described below, and any assets in the upper-tier REMIC account described below. Classes IA-3 through IA-7 and IA-11 are designated as the regular interests in the upper-tier REMIC. Class R is designated as the residual interest in the upper-tier REMIC.

Constituent REMICs. (a) CMSI and the Trustee will make the appropriate elections to treat the Trust Fund, and the affairs of the Trust Fund will be conducted so as to qualify the Trust Fund, for federal income tax purposes as three [***] separate constituent REMICs - REMICs– [the pooling REMIC, ,] the lower-tier REMIC, [and the upper-tier REMIC]. The pooling [pooling] [lower-tier] REMIC will be the applicable constituent REMIC for purposes of section 3.21. [The assets of the pooling REMIC will consist of the mortgage loans, such amounts as may from time to time be held in the certificate account, any insurance policies relating to a mortgage loan, and property that secured a mortgage loan and that has been acquired by foreclosure or deed in lieu of foreclosure and all proceeds thereof. Classes IA-PO, IA-IO, IIA-IO, …, A-PO, IIA-IO, and the class P regular interests described below, are designated as the regular interests in the pooling REMIC within the meaning of Internal Revenue Code Section 860G(a)(1). Class PR is designated as the residual interest in the pooling REMIC within the meaning of Internal Revenue Code Section 860G(a)(2). .] The assets of the lower-tier REMIC will consist of the class P regular interests described below, the Trustee’s rights under any certificate insurance policy and reserve fund, any retail reserve fund, and any assets in the lower-tier REMIC account described below. Classes IX-0[***] through [***] through IA-11, XX-0, XX-0 through IA-10, IIA-1, and B-1 through B-6, and any class L regular interests described below, are designated as the regular interests in the lower-tier REMIC. Class LR is designated as the residual interest in the lower-tier REMIC. [The assets of the upper-tier REMIC will consist of any class L regular interests described below, and any assets in the upper-tier REMIC account described below. Classes IA-3 through IA-7 [***] and IA-11 [***] are designated as the regular interests in the upper-tier REMIC. Class R is designated as the residual interest in the upper-tier REMIC.]

Constituent REMICs. (a) CMSI and the Trustee will make the appropriate elections to treat the Trust Fund, and the affairs of the Trust Fund will be conducted so as to qualify the Trust Fund, for federal income tax purposes as three separate constituent REMICs - the pooling REMIC, the lower-tier REMIC, and the upper-tier REMIC. The pooling REMIC will be the applicable constituent REMIC for purposes of section 3.21. The assets of the pooling REMIC will consist of the mortgage loans, such amounts as may from time to time be held in the certificate account, any insurance policies relating to a mortgage loan, and property that secured a mortgage loan and that has been acquired by foreclosure or deed in lieu of foreclosure and all proceeds thereof. Classes IA-PO, IA-IO, IIA-IO, A-PO, IIA-IO, and the class P regular interests described below, are designated as the regular interests in the pooling REMIC within the meaning of Internal Revenue Code Section 860G(a)(1). Class PR is designated as the residual interest in the pooling REMIC within the meaning of Internal Revenue Code Section 860G(a)(2). The assets of the lower-tier REMIC will consist of the class P regular interests described below, the Trustee’s rights under any certificate insurance policy and reserve fund, any retail reserve fund, and any assets in the lower-tier REMIC account described below. Classes IA-3 through IX-0, XX-0XX-00 through IA-12, XX-0 through IA-10IA-15, IIA-1, and B-1 through B-6, and any class L regular interests described below, are designated as the regular interests in the lower-tier REMIC. Class LR is designated as the residual interest in the lower-tier REMIC. The assets of the upper-tier REMIC will consist of any class L regular interests described below, and any assets in the upper-tier REMIC account described below. Classes IA-3 IX-0, XX-0, XX-0 through IA-7 IX-0, XX-00, XX-00, and IA-11 IA-16 are designated as the regular interests in the upper-tier REMIC. Class R is designated as the residual interest in the upper-tier REMIC.

Constituent REMICs. (a) CMSI and the Trustee will make the appropriate elections to treat the Trust Fund, and the affairs of the Trust Fund will be conducted so as to qualify the Trust Fund, for federal income tax purposes as three four separate constituent REMICs - the pooling REMIC, the lower-tier REMIC, the upper-tier REMIC-1. and the upper-tier REMICREMIC-2. The pooling REMIC will be the applicable constituent REMIC for purposes of section 3.21. The assets of the pooling REMIC will consist of the mortgage loans, such amounts as may from time to time be held in the certificate account, any insurance policies relating to a mortgage loan, and property that secured a mortgage loan and that has been acquired by foreclosure or deed in lieu of foreclosure and all proceeds thereof. Classes IA-PO, IA-IO, IIA-IO, A-PO, IIA-IO, and the class P regular interests described below, are designated as the regular interests in the pooling REMIC within the meaning of Internal Revenue Code Section 860G(a)(1). Class PR is designated as the residual interest in the pooling REMIC within the meaning of Internal Revenue Code Section 860G(a)(2). The assets of the lower-tier REMIC will consist of the class P regular interests described below, the Trustee’s rights under any certificate insurance policy and reserve fund, any retail reserve fund, and any assets in the lower-tier REMIC account described below. Classes IX-0, XX-0, XX-0 through IA-10IA-12, IA-13, IIA-1, and B-1 through B-6, and any class L regular interests described below, are designated as the regular interests in the lower-tier REMIC. Class LR is designated as the residual interest in the lower-tier REMIC. The assets of the upper-tier REMIC REMIC-1 will consist of any the class L regular interests described below, and any assets in the upper-tier REMIC REMIC-1 account described below. The class U regular interests described below are designated as the regular interests in the upper-tier REMIC-1. Class R1 is designated as the residual interest in the upper-tier REMIC-1. The assets of the upper-tier REMIC-2 will consist of the class U regular interests described below, and any assets in the upper-tier REMIC-2 account described below. Classes IA-3 IX-0, XX-0, XX-0, and IA-6 through IA-7 and IA-11 are designated as the regular interests in the upper-tier REMICREMIC-2. Class R R2 is designated as the residual interest in the upper-tier REMICREMIC-2.

Constituent REMICs. (a) CMSI and the Trustee will make the appropriate elections to treat the Trust Fund, and the affairs of the Trust Fund will be conducted so as to qualify the Trust Fund, for federal income tax purposes as three separate constituent REMICs - the pooling REMIC, the lower-tier REMIC, and the upper-tier REMIC. The pooling REMIC will be the applicable constituent REMIC for purposes of section 3.21. The assets of the pooling REMIC will consist of the mortgage loans, such amounts as may from time to time be held in the certificate account, any insurance policies relating to a mortgage loan, and property that secured a mortgage loan and that has been acquired by foreclosure or deed in lieu of foreclosure and all proceeds thereof. Classes IA-PO, IA-IO, IIA-IO, A-PO, IIA-IO, and the class P regular interests described below, are designated as the regular interests in the pooling REMIC within the meaning of Internal Revenue Code Section 860G(a)(1). Class PR is designated as the residual interest in the pooling REMIC within the meaning of Internal Revenue Code Section 860G(a)(2). The assets of the lower-tier REMIC will consist of the class P regular interests described below, the Trustee’s rights under any certificate insurance policy and reserve fund, any retail reserve fund, and any assets in the lower-tier REMIC account described below. Classes IX-0, XX-0, XX-0 through IA-10XX-0, XX-0, IIA-1, and B-1 through B-6, and any class L regular interests described below, are designated as the regular interests in the lower-tier REMIC. Class LR is designated as the residual interest in the lower-tier REMIC. The assets of the upper-tier REMIC will consist of any class L regular interests described below, and any assets in the upper-tier REMIC account described below. Classes IA-3 IA-1 through IA-7 IX-0, XX-0, and IA-11 IA-10 through IA-12 are designated as the regular interests in the upper-tier REMIC. Class R is designated as the residual interest in the upper-tier REMIC.

Constituent REMICs. (a) CMSI and the Trustee will make the appropriate elections to treat the Trust Fund, and the affairs of the Trust Fund will be conducted so as to qualify the Trust Fund, for federal income tax purposes as three separate constituent REMICs - the pooling REMIC, the lower-tier REMIC, and the upper-tier REMIC. The pooling REMIC will be the applicable constituent REMIC for purposes of section 3.21. The assets of the pooling REMIC will consist of the mortgage loans, such amounts as may from time to time be held in the certificate accountaccount and any retail reserve fund, any insurance policies relating to a mortgage loan, the Trustee’s rights under any certificate insurance policy and reserve fund, and property that secured a mortgage loan and that has been acquired by foreclosure or deed in lieu of foreclosure and all proceeds thereof. Classes IA-PO, IA-IO, IIA-PO, IIAIO and A-IO, PO and the class P regular interests described below, are designated as the regular interests in the pooling REMIC within the meaning of Internal Revenue Code Section 860G(a)(1). Class PR is designated as the residual interest in the pooling REMIC within the meaning of Internal Revenue Code Section 860G(a)(2). The assets of the lower-tier REMIC will consist of the class P regular interests described below, the Trustee’s rights under any certificate insurance policy and reserve fund, any retail reserve fund, and any assets in the lower-tier REMIC account described below. Classes IX-0, XX-0, XX-0 IA-3 through IA-10IA-14, IIA-1, and B-1 through B-6, and any class L regular interests described below, are designated as the regular interests in the lower-tier REMIC. Class LR is designated as the residual interest in the lower-tier REMIC. The assets of the upper-tier REMIC will consist of any class L regular interests described below, and any assets in the upper-tier REMIC account described below. Classes IA-3 through IA-7 IA-1, and IA-11 IA-2 are designated as the regular interests in the upper-tier REMIC. Class R is designated as the residual interest in the upper-tier REMIC.

Constituent REMICs. (a) CMSI and the Trustee will make the appropriate elections to treat the Trust Fund, and the affairs of the Trust Fund will be conducted so as to qualify the Trust Fund, for federal income tax purposes as three separate constituent REMICs - the pooling REMIC, the lower-tier REMIC, and the upper-tier REMIC. The pooling REMIC will be the applicable constituent REMIC for purposes of section 3.21. The assets of the pooling REMIC will consist of the mortgage loans, such amounts as may from time to time be held in the certificate account, any insurance policies relating to a mortgage loan, and property that secured a mortgage loan and that has been acquired by foreclosure or deed in lieu of foreclosure and all proceeds thereof. Classes IA-PO, IA-IO, IIA-PO, IIA-IO, and the class P regular interests described below, are designated as the regular interests in the pooling REMIC within the meaning of Internal Revenue Code Section 860G(a)(1). Class PR is designated as the residual interest in the pooling REMIC within the meaning of Internal Revenue Code Section 860G(a)(2). The assets of the lower-tier REMIC will consist of the class P regular interests described below, the Trustee’s rights under any certificate insurance policy and reserve fund, any retail reserve fund, and any assets in the lower-tier REMIC account described below. Classes IA-1 through IX-0, XX-0, XX-0 through IA-10IA-12, IIA-1, and B-1 through B-6, and any class L regular interests described below, are designated as the regular interests in the lower-tier REMIC. Class LR is designated as the residual interest in the lower-tier REMIC. The assets of the upper-tier REMIC will consist of any class L regular interests described below, and any assets in the upper-tier REMIC account described below. Classes IA-3 through IA-5, and IA-7 and IA-11 are designated as the regular interests in the upper-tier REMIC. Class R is designated as the residual interest in the upper-tier REMIC.

Constituent REMICs. (a) CMSI and the Trustee will make the appropriate elections to treat the Trust Fund, and the affairs of the Trust Fund will be conducted so as to qualify the Trust Fund, for federal income tax purposes as three separate constituent REMICs - the pooling REMIC, the lower-tier REMIC, and the upper-tier REMIC. The pooling REMIC will be the applicable constituent REMIC for purposes of section 3.21. The assets of the pooling REMIC will consist of the mortgage loans, such amounts as may from time to time be held in the certificate account, any insurance policies relating to a mortgage loan, and property that secured a mortgage loan and that has been acquired by foreclosure or deed in lieu of foreclosure and all proceeds thereof. Classes IA-PO, IA-IO, IIA-POIO, IIAIIIA-IO, A-PO, and the class P regular interests described below, are designated as the regular interests in the pooling REMIC within the meaning of Internal Revenue Code Section 860G(a)(1). Class PR is designated as the residual interest in the pooling REMIC within the meaning of Internal Revenue Code Section 860G(a)(2). The assets of the lower-tier REMIC will consist of the class P regular interests described below, the Trustee’s rights under any certificate insurance policy and reserve fund, any retail reserve fund, and any assets in the lower-tier REMIC account described below. Classes IX-0, XX-0, XX-0 through IA-10XX-0, XX-0, IIA-1, and IIIA-1and B-1 through B-6, and any class L regular interests described below, are designated as the regular interests in the lower-tier REMIC. Class LR is designated as the residual interest in the lower-tier REMIC. The assets of the upper-tier REMIC will consist of any class L regular interests described below, and any assets in the upper-tier REMIC account described below. Classes IA-3 through IA-7 IX-0, XX-0, XX-0 and IA-11 IA-6 are designated as the regular interests in the upper-tier REMIC. Class R is designated as the residual interest in the upper-tier REMIC.

Constituent REMICs. (a) CMSI and the Trustee will make the appropriate elections to treat the Trust Fund, and the affairs of the Trust Fund will be conducted so as to qualify the Trust Fund, for federal income tax purposes as three separate constituent REMICs - REMICs– the pooling REMIC, the lower-tier REMIC, and the upper-tier REMIC. The pooling REMIC will be the applicable constituent REMIC for purposes of section 3.21. The assets of the pooling REMIC will consist of the mortgage loans, such amounts as may from time to time be held in the certificate account, any insurance policies relating to a mortgage loan, and property that secured a mortgage loan and that has been acquired by foreclosure or deed in lieu of foreclosure and all proceeds thereof. Classes IA-PO, IA-IO, IIA-POIO, IIAIIIA-IO, A-PO, and the class P regular interests described below, are designated as the regular interests in the pooling REMIC within the meaning of Internal Revenue Code Section 860G(a)(1). Class PR is designated as the residual interest in the pooling REMIC within the meaning of Internal Revenue Code Section 860G(a)(2). The assets of the lower-tier REMIC will consist of the class P regular interests described below, the Trustee’s rights under any certificate insurance policy and reserve fund, any retail reserve fund, and any assets in the lower-tier REMIC account described below. Classes IX-0IA-3 through IA9, XX-0IA-12 through IA-16, XX-0 through IA-10, IIA-1, and B-1 through B-6, and any class L regular interests described below, are designated as the regular interests in the lower-tier REMIC. Class LR is designated as the residual interest in the lower-tier REMIC. The assets of the upper-tier REMIC will consist of any class L regular interests described below, and any assets in the upper-tier REMIC account described below. Classes IA-3 through IA-7 IX-0, XX-0, XX-00 and IA-11 are designated as the regular interests in the upper-tier REMIC. Class R is designated as the residual interest in the upper-tier REMIC.

Constituent REMICs. (a) CMSI and the Trustee will make the appropriate elections to treat the Trust Fund, and the affairs of the Trust Fund will be conducted so as to qualify the Trust Fund, for federal income tax purposes as three separate constituent REMICs - REMICs– the pooling REMIC, the lower-tier REMIC, and the upper-tier REMIC. The pooling REMIC will be the applicable constituent REMIC for purposes of section 3.21. The assets of the pooling REMIC will consist of the mortgage loans, such amounts as may from time to time be held in the certificate account, any insurance policies relating to a mortgage loan, and property that secured a mortgage loan and that has been acquired by foreclosure or deed in lieu of foreclosure and all proceeds thereof. Classes IA-PO, IA-IO, IIA-PO, IIA-IO, A-PO and the class P regular interests described below, are designated as the regular interests in the pooling REMIC within the meaning of Internal Revenue Code Section 860G(a)(1). Class PR is designated as the residual interest in the pooling REMIC within the meaning of Internal Revenue Code Section 860G(a)(2). The assets of the lower-tier REMIC will consist of the class P regular interests described below, the Trustee’s rights under any certificate insurance policy and reserve fund, any retail reserve fund, and any assets in the lower-tier REMIC account described below. Classes IX-0, XX-0, XX-0 XX-0, XX-0, XX-0, IA-9, IA-11 through IA-10IA-16, IIA-1, and B-1 through B-6, and any class L regular interests described below, are designated as the regular interests in the lower-tier REMIC. Class LR is designated as the residual interest in the lower-tier REMIC. The assets of the upper-tier REMIC will consist of any class L regular interests described below, and any assets in the upper-tier REMIC account described below. Classes IA-3 through IA-7 IX-0, XX-0, XX-0 and IA-11 IA-10 are designated as the regular interests in the upper-tier REMIC. Class R is designated as the residual interest in the upper-tier REMIC.

Constituent REMICs. (a) CMSI and the Trustee will make the appropriate elections to treat the Trust Fund, and the affairs of the Trust Fund will be conducted so as to qualify the Trust Fund, for federal income tax purposes as three separate constituent REMICs - the pooling REMIC, the lower-tier REMIC, and the upper-tier REMIC. The pooling REMIC will be the applicable constituent REMIC for purposes of section 3.21. The assets of the pooling REMIC will consist of the mortgage loans, such amounts as may from time to time be held in the certificate account, any insurance policies relating to a mortgage loan, and property that secured a mortgage loan and that has been acquired by foreclosure or deed in lieu of foreclosure and all proceeds thereof. Classes IA-PO, IA-IO, IIA-IO, A-PO, IIA-IO, and the class P regular interests described below, are designated as the regular interests in the pooling REMIC within the meaning of Internal Revenue Code Section 860G(a)(1). Class PR is designated as the residual interest in the pooling REMIC within the meaning of Internal Revenue Code Section 860G(a)(2). The assets of the lower-tier REMIC will consist of the class P regular interests described below, the Trustee’s rights under any certificate insurance policy and reserve fund, any retail reserve fund, and any assets in the lower-tier REMIC account described below. Classes IX-0IA-3 through IA-6, XX-0IA-10, XX-0 through IA-10IA-12, IA-15, IIA-1, and B-1 through B-6, and any class L regular interests described below, are designated as the regular interests in the lower-tier REMIC. Class LR is designated as the residual interest in the lower-tier REMIC. The assets of the upper-tier REMIC will consist of any class L regular interests described below, and any assets in the upper-tier REMIC account described below. Classes IA-3 IX-0, XX-0, XX-0 through IA-7 IX-0, XX-00, XX-00, and IA-11 IA-16 are designated as the regular interests in the upper-tier REMIC. Class R is designated as the residual interest in the upper-tier REMIC.