Common use of Designation of Interests in REMICs Clause in Contracts

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.

Appears in 3 contracts

Samples: Custodial Agreement (Delta Fund Hm Equ Ln 2000-2 Hm Equ Ln Ass BKD CRT Ser 2000-2), Custodial Agreement (Delta Funding Corp /De/), Custodial Agreement (Delta Funding Home Equity Loan Tr 1999-2 Home Equ Loan Ass B)

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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.

Appears in 3 contracts

Samples: Pooling and Servicing Agreement (Renaissance Mortgage Acceptance Corp), Custodial Agreement (Delta Funding Corp /De/), Custodial Agreement (Delta Funding Corp /De/)

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 accounts (other than the Pre-Funding Account, LIBOR Carryover Net WAC 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.

Appears in 2 contracts

Samples: Pooling and Servicing Agreement (Asset Backed Securities Corp), Pooling and Servicing Agreement (Asset Backed Securities Corp Home Equity Ln Tr Ser 2001-He2)

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) ), other than the Class P Certificates, shall constitute the assets of REMIC II. The REMIC II Regular Interests shall constitute the assets of REMIC III.

Appears in 1 contract

Samples: Custodial Agreement (Delta Funding Home Equity Loan Trust 2000-4)

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, Fund and the Net Rate Cap Fund and the Initial Interest Coverage AccountFund), 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.

Appears in 1 contract

Samples: Custodial Agreement (Delta Funding Corp /De/)

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 (as defined below) shall constitute the assets of REMIC III.

Appears in 1 contract

Samples: Custodial Agreement (Delta Funding Home Equity Loan Tr 99-3 Home Eq as Bk Se 99-3)

Designation of Interests in REMICs. (a) The Trustee shall elect that each of REMIC I, REMIC II and each of the Fifty REMIC III IIIs described in subsection (b) (which together with the assets of the Supplemental Interest Reserve 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 the Fifty REMIC I IIIs shall include the Mortgage Home Equity Loans, the Accounts (other than the Pre-Funding Account, LIBOR Carryover Fund, the Net Rate Cap Fund and the Initial Interest Coverage Account)Accounts, any REO Property, Property allocable to each of such Fifty REMIC IIIs and any proceeds of the foregoing. The separate assets of each of the Fifty REMIC I IIIs are separately identified on Schedule I-F attached hereto. The Fifty REMIC III Regular Interests (as defined below) shall constitute the assets of REMIC IIII Regular Interests. The REMIC II Regular Interests shall constitute the assets of REMIC III.I.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Chec Funding LLC)

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 Account 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.

Appears in 1 contract

Samples: Custodial Agreement (Delta Funding Corp /De/)

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Designation of Interests in REMICs. (a) The Trustee shall elect that each of REMIC I, REMIC II II, REMIC III and REMIC III IV (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 Home Equity Loans, the Accounts (other than the Pre-Funding Account, LIBOR Carryover FundFunds, the Net Rate Cap Fund Reserve Funds, the Prepaid Home Equity Loan Account and the Initial Capitalized Interest Coverage Account), any REO Mortgaged Property, and any proceeds of the foregoing. The REMIC I Regular Interests (as defined below) shall constitute the assets of REMIC II. The ; the REMIC II Regular Interests shall constitute the assets of REMIC IIIIII and the REMIC III Regular Interests shall constitute the assets of REMIC IV.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Asset Backed Sec Corp Home Equity Loan Tr 1999-Lb1)

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, the LIBOR Carryover Fund, the Net Rate Cap Class B Carryover 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.

Appears in 1 contract

Samples: Custodial Agreement (Delta Funding Corp /De/)

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 Class B 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.

Appears in 1 contract

Samples: Custodial Agreement (Delta Funding Corp /De/)

Designation of Interests in REMICs. (a) The Trustee shall elect that each of REMIC I, REMIC II and REMIC III (which together with the Supplemental Interest Reserve 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 I III shall include the Mortgage Home Equity Loans, the Accounts (other than the Pre-Funding Account, LIBOR Carryover Supplemental Interest Reserve Fund, the Net Rate Cap Fund and the Initial Interest Coverage Account), any REO Property, Property and any proceeds of the foregoing. The REMIC I III Regular Interests (as defined below) shall constitute the assets of REMIC II. The REMIC II Regular Interests shall constitute the assets of REMIC III.I.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Centex Home Equity Loan Trust 2002 B)

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