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 two separate constituent REMICs - the pooling REMIC and the lower-tier REMIC. There is no 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, 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, XXX-0, and B-1 through B-6 are designated as the regular interests in the lower-tier REMIC. Class LR is designated as the residual interest in the lower-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 two separate constituent REMICs - the pooling REMIC lower-tier REMIC, and the lowerupper-tier REMIC. There is no upper-tier pooling REMIC. The pooling lower-tier REMIC will be the applicable constituent REMIC for purposes of section 3.21. The assets of the pooling lower-tier 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 IAA-1 through X-0, X-0, X-0, X-POXX, IAX-IOXX, IIA-IOX-0 through B-6, and the class P L regular interests interest described below, are designated as the regular interests in the pooling lower-tier REMIC within the meaning of Internal Revenue Code Section 860G(a)(1). Class PR LR is designated as the residual interest in the pooling lower-tier REMIC within the meaning of Internal Revenue Code Section 860G(a)(2). The assets of the lowerupper-tier REMIC will consist of the class P L regular interests interest described below, the Trustee’s rights under any certificate insurance policy and reserve fund, any retail reserve fund, below and any assets in the lowerupper-tier REMIC account described below. Classes IA-1 through IX-0, XXX-0, A-5 and B-1 through B-6 A-6 are designated as the regular interests in the lowerupper-tier REMIC. Class LR R is designated as the residual interest in the lowerupper-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 two separate constituent REMICs - REMICs– the pooling REMIC and the lower-tier REMIC. There is no 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, IIIA-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 IA-1 through IX-0IA-8, XXX-0IIA-1 through IXX-0, XXXX-0, XXXX-0, and B-1 through B-6 are designated as the regular interests in the lower-tier REMIC. Class LR is designated as the residual interest in the lower-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 two separate constituent REMICs - – the pooling REMIC and the lower-tier REMIC. There is no 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 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, XXX-0, and B-1 through B-6 are designated as the regular interests in the lower-tier REMIC. Class LR is designated as the residual interest in the lower-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 two separate constituent REMICs - REMICs– the pooling REMIC and the lower-tier REMIC. There is no 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, IIIA-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 IA-1 through IX-0IX-00, XXX-0, XXXX-0, and B-1 through B-6 are designated as the regular interests in the lower-tier REMIC. Class LR is designated as the residual interest in the lower-tier REMIC.