Designation of Interests in REMICs. (a) The Trustee shall elect that each of REMIC I, REMIC II and REMIC III (which together constitute the Trust) shall be treated as a REMIC under Section 860D of the Code. Any inconsistencies or ambiguities in this Agreement or in the administration of this Agreement shall be resolved in a manner that preserves the validity of such REMIC elections. The assets of REMIC I shall include the Mortgage Loans, the Accounts (other than the Pre-Funding Account, LIBOR Carryover Fund, the Net Rate Cap Fund and the Initial Interest Coverage Account), any REO Property, and any proceeds of the foregoing. The REMIC I Regular Interests (as defined below) shall constitute the assets of REMIC II. The REMIC II Regular Interests shall constitute the assets of REMIC III.
Designation of Interests in REMICs. (a) As provided herein, the Trustee shall elect that the Trust Estate (exclusive of the assets held in the Supplemental Interest Reserve Fund and the Cap Agreement Reserve Fund) be treated for federal income tax purposes as comprising two real estate mortgage investment conduits (each a “REMIC” or, in the alternative, the “Subsidiary REMIC” and the “Master REMIC”). Each Certificate, other than the Class R Certificate, represents ownership of a regular interest in the Master REMIC for purposes of the REMIC Provisions. Each Certificate, other than the Class X-IO Certificates, also represents rights with respect to payments to be made from the Supplemental Interest Reserve Fund as further described in Section 7.04 of this Agreement. The Class X-IO Certificates also evidence ownership of the assets held from time to time in the Supplemental Interest Reserve Fund, as further described in Section 7.04 hereof. The Class R Certificate represents ownership of the sole class of residual interest in each of the Subsidiary REMIC, and the Master REMIC for purposes of the REMIC Provisions.
Designation of Interests in REMICs. (a) The Trustee shall elect that each of REMIC I and REMIC II (which together constitute the Trust) shall be treated as a REMIC under Section 860D of the Code. Any inconsistencies or ambiguities in this Agreement or in the administration of this Agreement shall be resolved in a manner that preserves the validity of such REMIC elections. The assets of REMIC II shall include the Home Equity Loans, the Accounts, any REO Property and any proceeds of the foregoing. The REMIC II Regular Interests shall constitute the assets of REMIC I.
Designation of Interests in REMICs. (a) The Trustee shall elect that each of REMIC I, REMIC II, REMIC III, REMIC IV and REMIC V (which, together with the Net Rate Cap Fund, the Pre-Funding Account, the First Payment Loan Account, the Prepayment Charges and the Interest Rate Cap Agreements constitute the Trust) shall be treated as a REMIC under Section 860D of the Code. Any inconsistencies or ambiguities in this Agreement or in the administration of this Agreement shall be resolved in a manner that preserves the validity of such REMIC elections. The assets of REMIC V shall include the Mortgage Loans (net of the Prepayment Charges), the Accounts (other than the Net Rate Cap Fund, the Pre-Funding Account, the First Payment Loan Account and the Interest Rate Cap Agreements), any REO Property, and any proceeds of the foregoing. The REMIC V Regular Interests (as defined below) shall constitute the assets of REMIC IV, the REMIC IV Regular Interests (as defined below) shall constitute the assets of REMIC III, the REMIC III Regular Interests (as defined below) shall constitute the assets of REMIC II, and the REMIC II Regular Interests (as defined below) shall constitute the assets of REMIC I. The Interest Rate Cap Agreements, the Pre-Funding Account, the First Payment Loan Account, the Prepayment Charges and the Net Rate Cap Fund shall not be assets of any REMIC.
Designation of Interests in REMICs. (a) As provided herein, the Trustee shall elect that the Trust Estate (exclusive of the assets held in the Net WAC Cap Carryover Reserve Fund and the Swap Account) be treated for federal income tax purposes as comprising three real estate mortgage investment conduits (each a “REMIC” or, in the alternative, “REMIC I,” “REMIC II” and the “Master REMIC”). Each Certificate, other than the Class R Certificates, represents ownership of a regular interest in the Master REMIC for purposes of the REMIC Provisions. Each Certificate, other than the Class X-IO, Class R and Class P Certificates, also represents rights with respect to payments to be made from the Net WAC Cap Carryover Reserve Fund as further described in Section 7.04 of this Agreement and from the Swap Account as further described in Section 7.12 of this Agreement. The Class X-IO Certificates also evidence ownership of the assets held from time to time in the Net WAC Cap Carryover Reserve Fund, as further described in Section 7.04 hereof. The Class R Certificate represents ownership of the sole class of residual interest in each REMIC for purposes of the REMIC Provisions.
Designation of Interests in REMICs. [The Trust Fund for federal income tax purposes will consist of four REMICs ("
Designation of Interests in REMICs. (a) The Trustee shall elect that each of REMIC I and REMIC II (which, together with the Net Rate Cap Fund, the Prepayment Charges and the Group I Interest Rate Cap Agreement constitute the Trust) be treated as a REMIC under Section 860D of the Code. Any inconsistencies or ambiguities in this Agreement or in the administration of this Agreement shall be resolved in a manner that preserves the validity of such REMIC elections. The assets of REMIC II shall include the Mortgage Loans (net of the Prepayment Charges), the Accounts (other than the Net Rate Cap Fund and the Group I Interest Rate Cap Agreement), any REO Property, and any proceeds of the foregoing. The REMIC II Regular Interests (as defined below) shall constitute the assets of REMIC I. The Prepayment Charges, the Net Rate Cap Fund and the Group I Interest Rate Cap Agreement shall not be assets of any REMIC.
Designation of Interests in REMICs. (a) The Trustee shall elect that each of REMIC I and REMIC II (which, together with the Net Rate Cap Fund, constitute the Trust) shall be treated as a REMIC under Section 860D of the Code. Any inconsistencies or ambiguities in this Agreement or in the administration of this Agreement shall be resolved in a manner that preserves the validity of such REMIC elections. The assets of REMIC II shall include the Mortgage Loans, the Accounts (other than the Net Rate Cap Fund), any REO Property, and any proceeds of the foregoing. The REMIC II Regular Interests (as defined below), other than the Class P Certificates, shall constitute the assets of REMIC I. The Interest Rate Cap Agreement and the Net Rate Cap Fund shall not be assets of any REMIC.
Designation of Interests in REMICs. (a) As provided herein, the Trustee shall elect that the Trust Estate (exclusive of the assets held in the Supplemental Interest Reserve Fund) be treated for federal income tax purposes as comprising three real estate mortgage investment conduits (each a “REMIC” or, in the alternative, REMIC I, REMIC II and REMIC III; REMIC I also being referred to as the “Upper Tier REMIC”). Each Certificate, other than the Class R Certificate and the Class X-IO Certificate, represents ownership of a regular interest in the Upper Tier REMIC for purposes of the REMIC Provisions. The Class X-IO Certificate represents ownership of three regular interests in the Upper Tier REMIC for purposes of the REMIC provisions. In addition, each Certificate, other than the Class X-IO and Class R Certificates, represents the right to receive payments with respect to any Group I Net WAC Cap Carryover, in the case of the Group I Certificates, or Group II Net WAC Cap Carryover, in the case of the Group II Certificates, from the Supplemental Interest Reserve Fund pursuant to Section 8.05. The Class R Certificate represents ownership of the sole class of residual interest in each of REMIC II, REMIC III and the Upper Tier REMIC for purposes of the REMIC Provisions. The Upper Tier REMIC shall hold as its assets the several classes of uncertificated Lower Tier Interests in REMIC II, other than the Class LT2-R Interest, and each such Lower Tier Interest is hereby designated as a regular interest in REMIC II for purposes of the REMIC Provisions. REMIC II shall hold as its assets the several classes of uncertificated Lower Tier Interests in REMIC III, other than the Class LT3-R Interest, and each such Lower Tier Interest is hereby designated as a regular interest in REMIC III. REMIC III shall hold as its assets the property constituting the Trust Estate other than the Lower Tier Interests in REMIC II and REMIC III and the Supplemental Interest Reserve Fund. The startup day for each REMIC created hereby for purposes of the REMIC Provisions is the Closing Date. The latest possible maturity date for each regular interest in each REMIC created hereby is the Distribution Date in July 2032.
Designation of Interests in REMICs. (a) As provided herein, the Trustee shall elect that the Trust Estate (exclusive of the assets held in the Supplemental Interest Reserve Fund) be treated for federal income tax purposes as comprising four real estate mortgage investment conduits (each a “REMIC” or, in the alternative, “Subsidiary REMIC 1,” “Subsidiary REMIC 2,” “Subsidiary REMIC 3,” and the “Master REMIC”). Each Certificate, other than the Class R Certificate, represents ownership of a regular interest in the Master REMIC for purposes of the REMIC Provisions. Each Certificate, other than the Class A-IO and Class X-IO Certificates, also represents rights with respect to payments to be made from the Supplemental Interest Reserve Fund as further described in Section 7.04 of this Agreement. The Class X-IO Certificates also evidence ownership of the assets held from time to time in the Supplemental Interest Reserve Fund, as further described in Section 7.04 hereof. The Class R Certificate represents ownership of the sole class of residual interest in each of Subsidiary REMIC 1, Subsidiary REMIC 2, Subsidiary REMIC 3, and the Master REMIC for purposes of the REMIC Provisions.
