Common use of Designation of REMIC(s) Clause in Contracts

Designation of REMIC(s). The REMIC Administrator will make an election to treat the segregated pool of assets described in the definition of REMIC I (as defined herein) (including the Mortgage Loans but excluding the Yield Maintenance Agreements), and subject to this Agreement, as a REMIC (REMIC I) for federal income tax purposes. The REMIC Administrator will make an election to treat the segregated pool of assets consisting of the REMIC I Regular Interests as a REMIC (REMIC II) for federal income tax purposes. The REMIC Administrator will make an election to treat the pool of assets comprised of REMIC II Regular Interests SB-IO and SB-PO as a REMIC (REMIC III) for federal income tax purposes. The REMIC I Regular Interests will be "regular interests" in REMIC I and the Class R-I Certificates will be the sole class of "residual interests" in REMIC I for purposes of the REMIC Provisions (as defined herein) under the federal income tax law. The Class A-1 Certificates, Class A-2 Certificates, Class A-3 Certificates, Class M-1 Certificates, Class M-2 Certificates, Class M-3 Certificates, Class M-4 Certificates, Class M-5 Certificates and REMIC II Regular Interests SB-IO and SB-PO will be "regular interests" in REMIC II, and the Class R-II Certificates will represent the sole class of "residual interests" in REMIC II for purposes of the REMIC Provisions (as defined herein) under federal income tax law. The REMIC III Regular Interest will be the "regular interest" in REMIC III, ownership of which will be represented by the Class SB Certificates, and the Class R-X Certificates will represent the sole class of "residual interests" in REMIC III for purposes of the REMIC Provisions under federal income tax law.

Designation of REMIC(s). The REMIC Administrator will make an election to treat the entire segregated pool of assets described in the definition of REMIC I (as defined herein) Trust Fund, and subject to this Agreement (including the Mortgage Loans but excluding the Yield Maintenance Agreements), and subject to this Agreement, Initial Monthly Payment Fund) as a REMIC ("REMIC I") for federal income tax purposes. The REMIC Administrator will make an election to treat the segregated pool of assets consisting of the REMIC I Regular Interests as a REMIC (REMIC II) for federal income tax purposes. The REMIC Administrator and will make an election to treat the pool of assets comprised of the Uncertificated REMIC II I Regular Interests SB-IO and SB-PO as a REMIC ("REMIC IIIII") for federal income tax purposes. The Uncertificated REMIC I Regular Interests will be "regular interests" in REMIC I and the Class R-I Certificates will be the sole class of "residual interests" in REMIC I for purposes of the REMIC Provisions (as defined herein) under the federal income tax law. The Class A-1 CertificatesA-1, Class A-2 CertificatesA-2, Class A-3 CertificatesA-3, Class M-1 CertificatesA-4, Class M-2 CertificatesA-5, Class M-3 CertificatesA-6, Class M-4 CertificatesA-7, Class M-5 A-8, Class A-9, Class A-10, Class A-11, Class A-12, Class A-P, Class M-1, Class M-2, Class M-3, Class B-1, Class B-2 and Class B-3 Certificates and the Uncertificated REMIC II Regular Interests SBZ, the rights in and to which will be represented by the Class A-IO and SB-PO V Certificates, will be "regular interests" in REMIC II, and the Class R-II Certificates will represent be the sole class of "residual interests" in REMIC II therein for purposes of the REMIC Provisions (as defined herein) under federal income tax law. The REMIC III Regular Interest will be On and after the "regular interest" in REMIC IIIdate of issuance of any Subclass of Class A-V Certificates pursuant to Section 5.01(c), ownership of which will be represented by the Class SB Certificates, and the Class R-X Certificates any such Subclass will represent the sole class of "residual interests" in Uncertificated REMIC III for purposes II Regular Interest or Interests Z specified by the initial Holder of the REMIC Provisions under federal income tax lawClass A-V Certificates pursuant to said Section.

Designation of REMIC(s). The REMIC Administrator will make an election to treat the segregated pool of assets described in the definition of REMIC I (as defined herein) (including the Mortgage Loans but excluding the Yield Maintenance AgreementsSupplemental Interest Trust Account, the Swap Agreement and the SB-AM Swap Agreement), and subject to this Agreement, as a REMIC (REMIC I) for federal income tax purposes. The REMIC Administrator will make an election to treat the segregated pool of assets consisting of the REMIC I Regular Interests as a REMIC (REMIC II) for federal income tax purposes. The REMIC Administrator will make an election to treat the segregated pool of assets comprised consisting of the REMIC II Regular Interests SB-IO and SB-PO as a REMIC (REMIC III) for federal income tax purposes. The REMIC Administrator will make an election to treat the segregated pool of assets consisting of REMIC III Regular Interests SB-PO, SB-IO and IO as a REMIC (REMIC IV) for federal income tax purposes. The REMIC I Regular Interests will be "regular interests" in REMIC I and Component I of the Class R-I R-1 Certificates will be the sole class of "residual interests" in REMIC I for purposes of the REMIC Provisions (as defined herein) under the federal income tax law. The Class A-1 Certificates, Class A-2 Certificates, Class A-3 Certificates, Class M-1 Certificates, Class M-2 Certificates, Class M-3 Certificates, Class M-4 Certificates, Class M-5 Certificates and REMIC II Regular Interests SB-IO and SB-PO will be "regular interests" in REMIC II, II and Component II of the Class R-II R-1 Certificates will represent be the sole class of "residual interests" in REMIC II for purposes of the REMIC Provisions (as defined herein) under the federal income tax law. The REMIC III Regular Interest Interests will be the "regular interestinterests" in REMIC III, ownership of which, except in the case of REMIC III Regular Interests SB-IO, SB-PO and IO, will be represented by the Class A Certificates, Class M-1 Certificates, Class M-2 Certificates, Class M-3 Certificates, Class M-4 Certificates and Class M-5 Certificates, and Component III of the Class R-1 Certificates will represent the sole class of "residual interests" in REMIC III for purposes of the REMIC Provisions under federal income tax law. The REMIC IV Regular Interests will be the "regular interests" in REMIC IV, ownership of which will be represented by the Class SB Certificates, and the Class R-X Certificates will represent the sole class of "residual interests" in REMIC III IV for purposes of the REMIC Provisions under federal income tax law.

Designation of REMIC(s). The REMIC Administrator will make an election to treat the segregated pool of assets described in the definition of REMIC I (as defined herein) (including the Mortgage Loans but excluding the Basis Risk Shortfall Reserve Fund and the Yield Maintenance AgreementsAgreement), and subject to this Agreement, as a REMIC (REMIC I) for federal income tax purposes. The REMIC Administrator will make an election to treat the segregated pool of assets consisting of the REMIC I Regular Interests Interests, and subject to this Agreement, as a REMIC (REMIC II) for federal income tax purposes. The REMIC Administrator will make an election to treat the segregated pool of assets comprised consisting of REMIC II Regular Interests SB-IO and SB-PO PO, and subject to this Agreement, as a REMIC (REMIC III) for federal income tax purposes. The REMIC I Regular Interests will be "regular interests" in REMIC I and the Class R-I Certificates will be the sole class Class of "residual interests" in REMIC I for purposes of the REMIC Provisions (as defined herein) under the federal income tax law. The Class A-1 I-A Certificates, Class A-2 II-A Certificates, Class A-3 III-A Certificates, Class M-1 CertificatesM Certificates and Class X Certificates will represent ownership of, Class M-2 Certificates, Class M-3 Certificates, Class M-4 Certificates, Class M-5 Certificates and REMIC II Regular Interests SB-IO and SB-PO will be be, "regular interests" in REMIC II, II and the Class R-II Certificates will represent be the sole class Class of "residual interests" in REMIC II for purposes of the REMIC Provisions (as defined herein) under the federal income tax law. The Class SB Certificates will represent ownership of the REMIC III Regular Interest will be Interest, the single "regular interest" in REMIC III, ownership of which will be represented by the Class SB Certificates, and the Class R-X Certificates will represent be the sole class Class of "residual interests" in REMIC III therein for purposes of the REMIC Provisions under federal income tax law. The Class P Certificates will not represent ownership of an interest in any REMIC.

Designation of REMIC(s). The REMIC Administrator will make an election to treat the segregated pool of assets described in the definition of REMIC I (as defined herein) (including the Mortgage Loans but excluding the Yield Maintenance AgreementsSupplemental Interest Trust Account, the Swap Agreement and the SB-AM Swap Agreement), and subject to this Agreement, as a REMIC (REMIC I) for federal income tax purposes. The REMIC Administrator will make an election to treat the segregated pool of assets consisting of the REMIC I Regular Interests as a REMIC (REMIC II) for federal income tax purposes. The REMIC Administrator will make an election to treat the segregated pool of assets comprised consisting of the REMIC II Regular Interests SB-IO and SB-PO as a REMIC (REMIC III) for federal income tax purposes. The REMIC Administrator will make an election to treat the segregated pool of assets consisting of REMIC III Regular Interests SB-PO, SB-IO and IO as a REMIC (REMIC IV) for federal income tax purposes. The REMIC I Regular Interests will be "regular interests" in REMIC I and the Class R-I Certificates will be the sole class of "residual interests" in REMIC I for purposes of the REMIC Provisions (as defined herein) under the federal income tax law. The REMIC II Regular Interests will be "regular interests" in REMIC II and the Class A-1 CertificatesR-II Certificates will be the sole class of "residual interests" in REMIC II for purposes of the REMIC Provisions under the federal income tax law. The REMIC III Regular Interests will be the "regular interests" in REMIC III, ownership of which, except in the case of REMIC III Regular Interests SB-IO, SB-PO and IO, will be represented by the Class A-2 Certificates, Class A-3 A Certificates, Class M-1 Certificates, Class M-2 Certificates, Class M-3 Certificates, Class M-4 Certificates, Class M-5 Certificates, Class M-6 Certificates and REMIC II Regular Interests SB-IO and SB-PO will be "regular interests" in REMIC IIClass M-7 Certificates, and the Class R-II III Certificates will represent the sole class of "residual interests" in REMIC II III for purposes of the REMIC Provisions (as defined herein) under federal income tax law. The REMIC III IV Regular Interest Interests will be the "regular interestinterests" in REMIC IIIIV, ownership of which will be represented by the Class SB Certificates, and the Class R-X Certificates will represent the sole class of "residual interests" in REMIC III IV for purposes of the REMIC Provisions under federal income tax law.

Designation of REMIC(s). The REMIC Administrator will shall make an election to treat the segregated pool HELs in Loan Group I and the proceeds of assets described the HELs in Loan Group I on deposit in the definition of REMIC I (as defined herein) (including Distribution Account, the Mortgage Loans but excluding Custodial Account and the Yield Maintenance Agreements), and subject to this Agreement, Payment Account as a REMIC ("REMIC I") for federal income tax purposes. The REMIC Administrator will make an election to treat the segregated pool of assets consisting of the REMIC I Regular Interests as a REMIC (REMIC II) for federal income tax purposes. The REMIC Administrator and will make an election to treat the pool of assets comprised of the REMIC I Regular Interests as a REMIC ("REMIC II") for federal income tax purposes. Further, the REMIC Administrator shall make an election to treat the pool of assets comprised of the REMIC II Regular Interests SB-IO and SB-PO as a REMIC ("REMIC III") for federal income tax purposes. The REMIC I Regular Interests will be "regular interests" in REMIC I and the Class R-I Certificates will be the sole class of "residual interests" in REMIC I for purposes of the REMIC Provisions (as defined herein) under the federal income tax law. The Class A-1 Certificates, Class A-2 Certificates, Class A-3 Certificates, Class M-1 Certificates, Class M-2 Certificates, Class M-3 Certificates, Class M-4 Certificates, Class M-5 Certificates and REMIC II Regular Interests SB-IO and SB-PO will be "regular interests" in REMIC II, II and the Class R-II Certificates will represent be the sole class of "residual interests" in REMIC II for purposes of the REMIC Provisions (as defined herein) under the federal income tax law. The REMIC III Regular Interest Interests will be the "regular interestinterests" in REMIC III, ownership of which will be represented by the Class SB Certificates, III and the Class R-X III Certificates will represent be the sole class of "residual interests" in REMIC III for purposes of the REMIC Provisions under the federal income tax law.

Designation of REMIC(s). The REMIC Administrator will make an election to treat the segregated pool of assets described in the definition of REMIC I (as defined herein) (including the Mortgage Loans but excluding the Yield Maintenance AgreementsSupplemental Interest Trust Account, the Swap Agreement and the SB-AMB Swap Agreement), and subject to this Agreement, as a REMIC (REMIC I) for federal income tax purposes. The REMIC Administrator will make an election to treat the segregated pool of assets consisting of the REMIC I Regular Interests as a REMIC (REMIC II) for federal income tax purposes. The REMIC Administrator will make an election to treat the segregated pool of assets comprised consisting of the REMIC II Regular Interests SB-IO and SB-PO as a REMIC (REMIC III) for federal income tax purposes. The REMIC Administrator will make an election to treat the segregated pool of assets consisting of REMIC III Regular Interests SB-PO, SB-IO and IO as a REMIC (REMIC IV) for federal income tax purposes. The REMIC I Regular Interests will be "regular interests" in REMIC I and the Class R-I Certificates will be the sole class of "residual interests" in REMIC I for purposes of the REMIC Provisions (as defined herein) under the federal income tax law. The Class A-1 Certificates, Class A-2 Certificates, Class A-3 Certificates, Class M-1 Certificates, Class M-2 Certificates, Class M-3 Certificates, Class M-4 Certificates, Class M-5 Certificates and REMIC II Regular Interests SB-IO and SB-PO will be "regular interests" in REMIC II, II and the Class R-II Certificates will represent be the sole class of "residual interests" in REMIC II for purposes of the REMIC Provisions (as defined herein) under the federal income tax law. The REMIC III Regular Interest Interests will be the "regular interestinterests" in REMIC III, ownership of which, except in the case of REMIC III Regular Interests SB-IO, SB-PO and IO, will be represented by the Class A, Class M-1, Class M-2, Class M-3, Class M-4, Class M-5, Class M-6, Class M-7, Class M-8, Class B Certificates and the Class R-III Certificates will represent the sole class of "residual interests" in REMIC III for purposes of the REMIC Provisions under federal income tax law. The REMIC IV Regular Interests will be the "regular interests" in REMIC IV, ownership of which will be represented by the Class SB Certificates, and the Class R-X Certificates will represent the sole class of "residual interests" in REMIC III IV for purposes of the REMIC Provisions under federal income tax law.

Designation of REMIC(s). The REMIC Administrator will make an election to treat the segregated pool of assets described in the definition of REMIC I (as defined herein) (including the Mortgage Loans but excluding the Yield Maintenance Agreements), and subject to this Agreement, as a REMIC (REMIC I) for federal income tax purposes. The REMIC Administrator will make an election to treat the segregated pool of assets consisting of the REMIC I Regular Interests as a REMIC (REMIC II) for federal income tax purposes. The REMIC Administrator will make an election to treat the pool of assets comprised of REMIC II Regular Interests SB-IO and SB-PO as a REMIC (REMIC III) for federal income tax purposes. The REMIC I Regular Interests will be "regular interests" in REMIC I and the Class R-I Certificates will be the sole class of "residual interests" in REMIC I for purposes of the REMIC Provisions (as defined herein) under the federal income tax law. The Class A-1 Certificates, Class A-2 Certificates, Class A-3 CertificatesA, Class M-1 Certificates, Class M-2 Certificates, Class M-3 Certificates, Class M-4 Certificates and Class M-5 Certificates, Class M-5 Certificates and REMIC II Regular Interests SB-IO PO and SB-PO IO will be "regular interests" in REMIC II, and the Class R-II Certificates will represent the sole class of "residual interests" in REMIC II for purposes of the REMIC Provisions (as defined herein) under federal income tax law. The REMIC III Regular Interest will be the single "regular interest" in REMIC III, ownership of which will be represented by the Class SB Certificates, Certificates and the Class R-X Certificates will represent the sole class of "residual interests" in REMIC III for purposes of the REMIC Provisions under federal income tax law.

Designation of REMIC(s). The REMIC Administrator will shall make an election to treat the entire segregated pool of assets described in the definition of REMIC I (as defined herein) (including the Mortgage Loans but excluding the Yield Maintenance Agreements)Trust Fund, and subject to this Agreement, Agreement (including the Mortgage Loans) as a REMIC (“REMIC I) for federal income tax purposes. The REMIC Administrator will make an election to treat the segregated pool of assets consisting of the REMIC I Regular Interests as a REMIC (REMIC II) for federal income tax purposes. The REMIC Administrator will ”), shall make an election to treat the pool of assets comprised of the uncertificated REMIC I Regular Interests as a REMIC (“REMIC II”) for federal income tax purposes and shall make an election to treat the pool of assets comprised of the uncertificated REMIC II Regular Interests SB-IO and SB-PO as a REMIC (“REMIC III”) for federal income tax purposes. The REMIC I Regular Interests will be "“regular interests" ” in REMIC I and the Class R-I Certificates will be the sole class of "“residual interests" ” in REMIC I for purposes of the REMIC Provisions (as defined herein) under the federal income tax law. The Class A-1 Certificates, Class A-2 Certificates, Class A-3 Certificates, Class M-1 Certificates, Class M-2 Certificates, Class M-3 Certificates, Class M-4 Certificates, Class M-5 Certificates and REMIC II Regular Interests SB-IO and SB-PO will be "“regular interests" ” in REMIC II, and the Class R-II Certificates will represent be the sole class of "“residual interests" in REMIC II ” therein for purposes of the REMIC Provisions (as defined herein) under federal income tax law. The REMIC III Regular Interest Class A-1, Class A-2, Class A-3, Class A-4, Class A-5, Class A-6, Class A-7, Class A-8, Class PO, Class IO, Class M-1, Class M-2, Class M-3, Class B-1, Class B-2 and Class B-3 Certificates, will be the "“regular interest" interests” in REMIC III, ownership of which will be represented by the Class SB Certificates, and the Class R-X III Certificates will represent be the sole class of "“residual interests" in REMIC III ” therein for purposes of the REMIC Provisions (as defined herein) under federal income tax law.

Designation of REMIC(s). The REMIC Administrator will make an election to treat the segregated pool of assets described in the definition of REMIC I (as defined herein) (including the Mortgage Loans but excluding the Yield Maintenance AgreementsSupplemental Interest Trust Account, the Swap Agreement and the SB-AM Swap Agreement), and subject to this Agreement, as a REMIC (REMIC I) for federal income tax purposes. The REMIC Administrator will make an election to treat the segregated pool of assets consisting of the REMIC I Regular Interests as a REMIC (REMIC II) for federal income tax purposes. The REMIC Administrator will make an election to treat the segregated pool of assets comprised consisting of the REMIC II Regular Interests SB-IO and SB-PO as a REMIC (REMIC III) for federal income tax purposes. The REMIC Administrator will make an election to treat the segregated pool of assets consisting of REMIC III Regular Interests SB-PO, SB-IO and IO as a REMIC (REMIC IV) for federal income tax purposes. The REMIC I Regular Interests will be "regular interests" in REMIC I and Component I of the Class R-I R-1 Certificates will be the sole class of "residual interests" in REMIC I for purposes of the REMIC Provisions (as defined herein) under the federal income tax law. The REMIC II Regular Interests will be "regular interests" in REMIC II and Component II of the Class A-1 CertificatesR-1 Certificates will be the sole class of "residual interests" in REMIC II for purposes of the REMIC Provisions under the federal income tax law. The REMIC III Regular Interests will be the "regular interests" in REMIC III, ownership of which, except in the case of REMIC III Regular Interests SB-IO, SB-PO and IO, will be represented by the Class A-2 Certificates, Class A-3 A Certificates, Class M-1 Certificates, Class M-2 Certificates, Class M-3 Certificates, Class M-4 Certificates, Class M-5 Certificates and REMIC II Regular Interests SB-IO and SB-PO will be "regular interests" in REMIC IIClass M-6 Certificates, and Component III of the Class R-II R-1 Certificates will represent the sole class of "residual interests" in REMIC II III for purposes of the REMIC Provisions (as defined herein) under federal income tax law. The REMIC III IV Regular Interest Interests will be the "regular interestinterests" in REMIC IIIIV, ownership of which will be represented by the Class SB Certificates, and the Class R-X Certificates will represent the sole class of "residual interests" in REMIC III IV for purposes of the REMIC Provisions under federal income tax law.

Designation of REMIC(s). The REMIC Administrator will shall make an election to treat the entire segregated pool of assets described in the definition of REMIC I (as defined herein) (including the Mortgage Loans but excluding the Yield Maintenance Agreements)I, and subject to this Agreement, Agreement (including the Mortgage Loans) as a REMIC ("REMIC I") for federal income tax purposes. The REMIC Administrator will make an election to treat the segregated pool of assets consisting of the REMIC I Regular Interests as a REMIC (REMIC II) for federal income tax purposes. The REMIC Administrator will and shall make an election to treat the pool of assets comprised of the Uncertificated REMIC II I Regular Interests SB-IO and SB-PO as a REMIC ("REMIC IIIII") for federal income tax purposes. The Uncertificated REMIC I Regular Interests will be "regular interests" in REMIC I and the Class R-I Certificates will be the sole class of "residual interests" in REMIC I for purposes of the REMIC Provisions (as defined herein) under the federal income tax law. The Class A-1 CertificatesA-1, Class A-2 CertificatesA-2, Class A-3 CertificatesA-3, Class M-1 CertificatesA-4 (exclusive of any rights to payment of amounts received pursuant to the Yield Maintenance Agreement), Class M-2 CertificatesA-5, Class M-3 CertificatesA-P, Class M-4 CertificatesM-1, Class M-5 M-2, Class M-3, Class B-1, Class B-2 and Class B-3 Certificates and the Uncertificated REMIC II Regular Interests SBZ, the rights in and to which will be represented by the Class A-IO and SB-PO V Certificates, will be "regular interests" in REMIC II, and the Class R-II Certificates will represent be the sole class of "residual interests" in REMIC II therein for purposes of the REMIC Provisions (as defined herein) under federal income tax law. The REMIC III Regular Interest will be On and after the "regular interest" in REMIC IIIdate of issuance of any Subclass of Class A-V Certificates pursuant to Section 5.01(c) of the Standard Terms, ownership of which will be represented by the Class SB Certificates, and the Class R-X Certificates any such Subclass will represent the sole class of "residual interests" in Uncertificated REMIC III for purposes II Regular Interest or Interests Z specified by the initial Holder of the REMIC Provisions under federal income tax lawClass A-V Certificates pursuant to said Section.

Designation of REMIC(s). The REMIC Administrator will make an election to treat the segregated pool of assets described in the definition of REMIC I (as defined herein) (including the Mortgage Loans but excluding the Yield Maintenance AgreementsBasis Risk Shortfall Reserve Fund and the Final Maturity Reserve Account), and subject to this Agreement, as a REMIC (REMIC I) for federal income tax purposes. The REMIC Administrator will make an election to treat the segregated pool of assets consisting of the REMIC I Regular Interests as a REMIC (REMIC II) for federal income tax purposes. The REMIC Administrator will make an election to treat the pool of assets comprised of REMIC II Regular Interests SB-IO and SB-PO as a REMIC (REMIC III) for federal income tax purposes. The REMIC I Regular Interests will be "regular interests" in REMIC I and the Class R-I Certificates will be the sole class of "residual interests" in REMIC I for purposes of the REMIC Provisions (as defined herein) under the federal income tax law. The Class A-1 Certificates, Class A-2 Certificates, Class A-3 Certificates, Class M-1 Certificates, Class M-2 Certificates, Class M-3 Certificates, Class M-4 Certificates, Class M-5 Certificates, Class M-6 Certificates, Class M-7 Certificates, Class M-8 Certificates, Class M-9 Certificates and REMIC II Regular Interests SB-IO PO and SB-PO IO will be "regular interests" in REMIC II, and the Class R-II Certificates will represent the sole class of "residual interests" in REMIC II for purposes of the REMIC Provisions (as defined herein) under federal income tax law. The REMIC III Regular Interest will be the "regular interest" in REMIC III, ownership of which will be represented by the Class SB Certificates, and the Class R-X Certificates will represent the sole class of "residual interests" in REMIC III for purposes of the REMIC Provisions under federal income tax law.

Designation of REMIC(s). The REMIC Administrator will make an election to treat the segregated pool of assets described in the definition of REMIC I (as defined herein) (including the Mortgage Loans but excluding the Initial Monthly Payment Fund, the Yield Maintenance AgreementsAgreement Reserve Fund, the Class P Reserve Account and the Carryover Shortfall Reserve Fund), and subject to this Agreement, as a REMIC (REMIC I) for federal income tax purposes. The REMIC Administrator will make an election to treat the segregated pool of assets consisting of the Uncertificated REMIC I Regular Interests (and excluding the Initial Monthly Payment Fund, the Yield Maintenance Agreement Reserve Fund, the Class P Reserve Account and the Carryover Shortfall Reserve Fund), as a REMIC (REMIC II) for federal income tax purposes. The REMIC Administrator will make an election to treat the pool of assets comprised of REMIC II Regular Interests SB-IO and SB-PO as a REMIC (REMIC III) for federal income tax purposes. The Uncertificated REMIC I Regular Interests will be represent "regular interests" in REMIC I and the Class R-I Certificates will be represent ownership of the sole class of "residual interestsinterest" in REMIC I for purposes of the REMIC Provisions (as defined hereinin the Standard Terms) under the federal income tax law. The Class A-1 CertificatesA-1, Class A-2 CertificatesA-2, Class A-3 CertificatesX-0, Xxxxx X-0, Class M-1 CertificatesX, Class M-2 CertificatesM-1, Class M-3 CertificatesM-2, Class M-4 CertificatesM-3, Class M-5 B-1, Class B-2 and Class B-3 Certificates and REMIC II Regular Interests SB-IO and SB-PO will be represent "regular interests" in REMIC II, and the Class R-II Certificates will represent ownership of the sole class of "residual interestsinterest" in REMIC II for purposes of the REMIC Provisions (as defined herein) under federal income tax law. The REMIC III Regular Interest will be the "regular interest" in REMIC III, ownership of which will be represented by the Class SB Certificates, and the Class R-X Certificates will represent the sole class of "residual interests" in REMIC III for purposes of the REMIC Provisions under federal income tax law.

Designation of REMIC(s). The REMIC Administrator will make an election to treat the entire segregated pool of assets described in the definition of REMIC I Trust Estate (as defined herein) (including the Mortgage Loans but excluding the Yield Maintenance AgreementsPre-Funding Account and the Capitalized Interest Account), and subject to this AgreementAgreement (including the Mortgage Loans, as set forth in Section 2.06 of the Trust Agreement ) as a REMIC ("REMIC I") for federal income tax purposes. The REMIC Administrator will make an election to treat the segregated pool of assets consisting of the REMIC I Regular Interests as a REMIC (REMIC II) for federal income tax purposes. The REMIC Administrator and will make an election to treat the pool of assets comprised of the REMIC II I Regular Interests SB-IO and SB-PO as a REMIC ("REMIC IIIII") for federal income tax purposes. The REMIC I Regular Interests will be "regular interests" in REMIC I and the Class R-I Certificates will be the sole class of "residual interests" in REMIC I for purposes of the REMIC Provisions (as defined herein) under the federal income tax law. The Class A-1 Certificates, Class A-2 Certificates, Class A-3 Certificates, Class M-1 Certificates, Class M-2 Certificates, Class M-3 Certificates, Class M-4 Certificates, Class M-5 Certificates and REMIC II Regular Interests SB-IO and SB-PO will be "regular interests" in REMIC II, II and the Class R-II Certificates will represent be the sole class of "residual interests" in REMIC II for purposes of the REMIC Provisions under the federal income tax law. The REMIC III Regular Interests will be "regular interests" in REMIC III and the Class R-III Certificates will be the sole class of "residual interests" therein for purposes of the REMIC Provisions (as defined herein) under federal income tax law. The REMIC III Regular Interest will be the "regular interest" in REMIC III, ownership of which will be represented by the Class SB Certificates, and the Class R-X Certificates will represent the sole class of "residual interests" in REMIC III for purposes of the REMIC Provisions under federal income tax law.[Signature Page Follows]

Designation of REMIC(s). The REMIC Administrator will make an election to treat the entire segregated pool of assets described in the definition of REMIC I (as defined herein) (including the Mortgage Loans but excluding the Yield Maintenance Agreements)Trust Fund, and subject to this Agreement, Agreement (including the Mortgage Loans) as a REMIC ("REMIC I") for federal income tax purposes. The REMIC Administrator will make an election to treat the segregated pool of assets consisting of the REMIC I Regular Interests as a REMIC (REMIC II) for federal income tax purposes. The REMIC Administrator and will make an election to treat the pool of assets comprised of the Uncertificated REMIC II I Regular Interests SB-IO and SB-PO as a REMIC ("REMIC IIIII") for federal income tax purposes. The Uncertificated REMIC I Regular Interests will be "regular interests" in REMIC I and the Class R-I Certificates will be the sole class of "residual interests" in REMIC I for purposes of the REMIC Provisions (as defined herein) under the federal income tax law. The Class A-1 CertificatesA-1, Class A-2 CertificatesA-2, Class A-3 CertificatesA-3, Class M-1 CertificatesA-4, Class M-2 CertificatesA-5, Class M-3 CertificatesA-6, Class M-4 CertificatesA-7, Class M-5 A-P, Class M-1, Class M-2, Class M-3, Class B-1, Class B-2 and Class B-3 Certificates and the Uncertificated REMIC II Regular Interests SBZ, the rights in and to which will be represented by the Class A-IO and SB-PO V Certificates, will be "regular interests" in REMIC II, and the Class R-II Certificates will represent be the sole class of "residual interests" in REMIC II therein for purposes of the REMIC Provisions (as defined herein) under federal income tax law. The REMIC III Regular Interest will be On and after the "regular interest" in REMIC IIIdate of issuance of any Subclass of Class A-V Certificates pursuant to Section 5.01(c), ownership of which will be represented by the Class SB Certificates, and the Class R-X Certificates any such Subclass will represent the sole class of "residual interests" in Uncertificated REMIC III for purposes II Regular Interest or Interests Z specified by the initial Holder of the REMIC Provisions under federal income tax lawClass A-V Certificates pursuant to said Section.

Designation of REMIC(s). The REMIC Administrator will make an election to treat the entire segregated pool of assets described in the definition of REMIC I (as defined herein) (including the Mortgage Loans but excluding the Yield Maintenance Agreements)Trust Fund, and subject to this Agreement, Agreement (including the Mortgage Loans) as a REMIC ("REMIC I") for federal income tax purposes. The REMIC Administrator will make an election to treat the segregated pool of assets consisting of the REMIC I Regular Interests as a REMIC (REMIC II) for federal income tax purposes. The REMIC Administrator and will make an election to treat the pool of assets comprised of the Uncertificated REMIC II I Regular Interests SB-IO and SB-PO as a REMIC ("REMIC IIIII") for federal income tax purposes. The Uncertificated REMIC I Regular Interests will be "regular interests" in REMIC I and the Class R-I Certificates will be the sole class of "residual interests" in REMIC I for purposes of the REMIC Provisions (as defined herein) under the federal income tax law. The Class A-1 CertificatesA-0, Xxxxx X-0, Class A-2 CertificatesA-2A, Class A-3 CertificatesA-3, Class M-1 CertificatesA-4, Class M-2 CertificatesA-5, Class M-3 CertificatesA-P, Class M-4 CertificatesM-1, Class M-5 M-2, Class M-3, Class B-1, Class B-2 and Class B-3 Certificates and the Uncertificated REMIC II Regular Interests SBZ, the rights in and to which will be represented by the Class A-IO and SB-PO V Certificates, will be "regular interests" in REMIC II, and the Class R-II Certificates will represent be the sole class of "residual interests" in REMIC II therein for purposes of the REMIC Provisions (as defined herein) under federal income tax law. The REMIC III Regular Interest will be On and after the "regular interest" in REMIC IIIdate of issuance of any Subclass of Class A-V Certificates pursuant to Section 5.01(c), ownership of which will be represented by the Class SB Certificates, and the Class R-X Certificates any such Subclass will represent the sole class of "residual interests" in Uncertificated REMIC III for purposes II Regular Interest or Interests Z specified by the initial Holder of the REMIC Provisions under federal income tax lawClass A-V Certificates pursuant to said Section.

Designation of REMIC(s). The REMIC Administrator will make an election to treat the segregated pool of assets described in the definition of REMIC I (as defined herein) (including the Mortgage Loans but excluding the Yield Maintenance AgreementsSupplemental Interest Trust Account, the Swap Agreement and the SB-AM Swap Agreement), and subject to this Agreement, as a REMIC (REMIC I) for federal income tax purposes. The REMIC Administrator will make an election to treat the segregated pool of assets consisting of the REMIC I Regular Interests as a REMIC (REMIC II) for federal income tax purposes. The REMIC Administrator will make an election to treat the segregated pool of assets comprised consisting of the REMIC II Regular Interests SB-IO and SB-PO as a REMIC (REMIC III) for federal income tax purposes. The REMIC Administrator will make an election to treat the segregated pool of assets consisting of REMIC III Regular Interests SB-PO, SB-IO and IO as a REMIC (REMIC IV) for federal income tax purposes. The REMIC I Regular Interests will be "regular interests" in REMIC I and the Class R-I Certificates will be the sole class of "residual interests" in REMIC I for purposes of the REMIC Provisions (as defined herein) under the federal income tax law. The REMIC II Regular Interests will be "regular interests" in REMIC II and the Class A-1 CertificatesR-II Certificates will be the sole class of "residual interests" in REMIC II for purposes of the REMIC Provisions under the federal income tax law. The REMIC III Regular Interests will be the "regular interests" in REMIC III, ownership of which, except in the case of REMIC III Regular Interests SB-IO, SB-PO and IO, will be represented by the Class A-2 Certificates, Class A-3 A Certificates, Class M-1 Certificates, Class M-2 Certificates, Class M-3 Certificates, Class M-4 Certificates, Class M-5 Certificates, Class M-6 Certificates, Class M-7 Certificates, Class M-8 Certificates and REMIC II Regular Interests SB-IO and SB-PO will be "regular interests" in REMIC IIClass M-9 Certificates, and the Class R-II III Certificates will represent the sole class of "residual interests" in REMIC II III for purposes of the REMIC Provisions (as defined herein) under federal income tax law. The REMIC III IV Regular Interest Interests will be the "regular interestinterests" in REMIC IIIIV, ownership of which will be represented by the Class SB Certificates, and the Class R-X Certificates will represent the sole class of "residual interests" in REMIC III IV for purposes of the REMIC Provisions under federal income tax law.

Designation of REMIC(s). The REMIC Administrator will make an election to treat the segregated pool of assets described in the definition of REMIC I (as defined herein) (including the Mortgage Loans but excluding the Supplemental Interest Trust Account, the Swap Agreement, the SB-AMB Swap Agreement and the Yield Maintenance AgreementsAgreement), and subject to this Agreement, as a REMIC (REMIC I) for federal income tax purposes. The REMIC Administrator will make an election to treat the segregated pool of assets consisting of the REMIC I Regular Interests as a REMIC (REMIC II) for federal income tax purposes. The REMIC Administrator will make an election to treat the segregated pool of assets comprised consisting of the REMIC II Regular Interests SB-IO and SB-PO as a REMIC (REMIC III) for federal income tax purposes. The REMIC Administrator will make an election to treat the segregated pool of assets consisting of REMIC III Regular Interests SB-PO, SB-IO, IO and P as a REMIC (REMIC IV) for federal income tax purposes. The REMIC I Regular Interests will be "regular interests" in REMIC I and the Class R-I Certificates will be the sole class of "residual interests" in REMIC I for purposes of the REMIC Provisions (as defined herein) under the federal income tax law. The REMIC II Regular Interests will be "regular interests" in REMIC II and the Class A-1 CertificatesR-II Certificates will be the sole class of "residual interests" in REMIC II for purposes of the REMIC Provisions under the federal income tax law. The REMIC III Regular Interests will be the "regular interests" in REMIC III, ownership of which, except in the case of REMIC III Regular Interests SB-IO, SB-PO, IO and P, will be represented by the Class A-2 Certificates, Class A-3 A Certificates, Class M-1 Certificates, Class M-2 Certificates, Class M-3 Certificates, Class M-4 Certificates, Class M-5 Certificates Certificates, Class M-6 Certificates, Class M-7 Certificates, Class M-8 Certificates, Class M-9 and REMIC II Regular Interests SB-IO and SB-PO will be "regular interests" in REMIC II, and the Class R-II Certificates will represent the sole class of "residual interests" in REMIC II for purposes of the REMIC Provisions (as defined herein) under federal income tax law. The REMIC III Regular Interest will be the "regular interest" in REMIC III, ownership of which will be represented by the Class SB B Certificates, and the Class R-X III Certificates will represent the sole class of "residual interests" in REMIC III for purposes of the REMIC Provisions under federal income tax law. The REMIC IV Regular Interests will be the "regular interests" in REMIC IV, ownership of which will be represented by the Class SB Certificates and Class P Certificates, and the Class R-X Certificates will represent the sole class of "residual interests" in REMIC IV for purposes of the REMIC Provisions under federal income tax law.

Designation of REMIC(s). The REMIC Administrator will make an election to treat the segregated pool of assets described in the definition of REMIC I (as defined herein) (including the Mortgage Loans but excluding Swap Account, Swap Agreement and the Yield Maintenance AgreementsClass P Reserve Account), and subject to this Agreement, as a REMIC (REMIC I) for federal income tax purposes. The REMIC Administrator will make an election to treat the segregated pool of assets consisting of the REMIC I Regular Interests as a REMIC (REMIC II) for federal income tax purposes. The REMIC Administrator will make an election to treat the segregated pool of assets comprised consisting of the REMIC II Regular Interests SB-IO and SB-PO as a REMIC (REMIC III) for federal income tax purposes. The REMIC I Regular Interests will be "regular interests" in REMIC I and the Class R-I Certificates will be the sole class of "residual interests" in REMIC I for purposes of the REMIC Provisions (as defined herein) under the federal income tax law. The REMIC II Regular Interests will be "regular interests" in REMIC II and the Class R-II Certificates will be the sole class of "residual interests" in REMIC II for purposes of the REMIC Provisions (as defined herein) under the federal income tax law. The REMIC III Regular Interests will be the "regular interests" in REMIC III, ownership of which will be represented by the Class A-1 Certificates, Class A-2 Certificates, Class A-3 Certificates, Class M-1 Certificates, Class M-2 Certificates, Class M-3 Certificates, Class M-4 Certificates, Class M-5 Certificates, Class M-6 Certificates, Class M-7 Certificates, Class M-8 Certificates, Class M-9 Certificates, Class M-10 Certificates and REMIC II Regular Interests SB-IO and SB-PO will be "regular interests" in REMIC II, and the Class R-II Certificates will represent the sole class of "residual interests" in REMIC II for purposes of the REMIC Provisions (as defined herein) under federal income tax law. The REMIC III Regular Interest will be the "regular interest" in REMIC III, ownership of which will be represented by the Class SB Certificates, and the Class R-X III Certificates will represent the sole class of "residual interests" in REMIC III for purposes of the REMIC Provisions (as defined herein) under federal income tax law. The Class P Certificates will not represent ownership of an interest in any REMIC.

Designation of REMIC(s). The REMIC Administrator will make an election to treat the segregated pool of assets described in the definition of REMIC I (as defined herein) (including the Mortgage Loans but excluding the Yield Maintenance AgreementsSupplemental Interest Trust Account, the Swap Agreement, the SB-AM Swap Agreement and the Corridor Agreement), and subject to this Agreement, as a REMIC (REMIC I) for federal income tax purposes. The REMIC Administrator will make an election to treat the segregated pool of assets consisting of the REMIC I Regular Interests as a REMIC (REMIC II) for federal income tax purposes. The REMIC Administrator will make an election to treat the segregated pool of assets comprised consisting of the REMIC II Regular Interests SB-IO and SB-PO as a REMIC (REMIC III) for federal income tax purposes. The REMIC Administrator will make an election to treat the segregated pool of assets consisting of the REMIC III Regular Interests as a REMIC (REMIC IV) for federal income tax purposes. The REMIC Administrator will make an election to treat the segregated pool of assets consisting of REMIC IV Regular Interests SB-PO, SB-IO and IO as a REMIC (REMIC V) for federal income tax purposes. The REMIC I Regular Interests will be "regular interests" in REMIC I and the Class R-I Certificates will be the sole class of "residual interests" in REMIC I for purposes of the REMIC Provisions (as defined herein) under the federal income tax law. The Class A-1 Certificates, Class A-2 Certificates, Class A-3 Certificates, Class M-1 Certificates, Class M-2 Certificates, Class M-3 Certificates, Class M-4 Certificates, Class M-5 Certificates and REMIC II Regular Interests SB-IO and SB-PO will be "regular interests" in REMIC II, II and the Class R-II Certificates will represent be the sole class of "residual interests" in REMIC II for purposes of the REMIC Provisions (as defined herein) under the federal income tax law. The REMIC III Regular Interest Interests will be "regular interests" in REMIC III and the Class R-III Certificates will be the sole class of "residual interests" in REMIC III for purposes of the REMIC Provisions under the federal income tax law. The REMIC IV Regular Interests will be the "regular interestinterests" in REMIC IIIIV, ownership of which, except in the case of REMIC IV Regular Interests SB-IO, SB-PO and IO, will be represented by the Class A, Class M-1, Class M-2, Class M-3, Class M-4, Class M-5, Class M-6, Class M-7, Class M-8, Class M-9 and the Class R-IV Certificates will represent the sole class of "residual interests" in REMIC IV for purposes of the REMIC Provisions under federal income tax law. The REMIC V Regular Interests will be the "regular interests" in REMIC V, ownership of which will be represented by the Class SB Certificates, and the Class R-X Certificates will represent the sole class of "residual interests" in REMIC III V for purposes of the REMIC Provisions under federal income tax law.

Designation of REMIC(s). The REMIC Administrator will shall make an election to treat the entire segregated pool of assets described in the definition of REMIC I Trust Fund (as defined herein) (including exclusive of the Mortgage Loans but excluding Hedge Agreement and the Yield Maintenance AgreementsSwap Agreement), and subject to this Agreement, Agreement (including the Mortgage Loans) as a REMIC ("REMIC I") for federal income tax purposes. The REMIC Administrator will make an election to treat the segregated pool of assets consisting of the REMIC I Regular Interests as a REMIC (REMIC II) for federal income tax purposes. The REMIC Administrator will and shall make an election to treat the pool of assets comprised of the uncertificated REMIC I Regular Interests as a REMIC ("REMIC II") and shall make an election to treat the pool of assets comprised of the underlying REMIC II Regular Interests SB-IO and SB-PO as a REMIC ("REMIC III") for federal income tax purposes. The REMIC I Regular Interests will be "regular interests" in REMIC I and Component 1 of the Class R-I Certificates will be the sole class of "residual interests" in REMIC I for purposes of the REMIC Provisions (as defined herein) under the federal income tax law. The Class A-1 Certificates, Class A-2 Certificates, Class A-3 Certificates, Class M-1 Certificates, Class M-2 Certificates, Class M-3 Certificates, Class M-4 Certificates, Class M-5 Certificates and REMIC II Regular Interests SB-IO and SB-PO will be "regular interests" in REMIC II, II and Component 2 of the Class R-II I Certificates will represent be the sole class of "residual interests" in REMIC II for purposes of the REMIC Provisions (as defined herein) under the federal income tax law. The REMIC III Regular Interest Class A-1, Class A-2, Class A-3, Class A-4, Class A-5, Class A-6, Class X, Class M-0, Xxxxx X-0, Class M-3, Class B-1, Class B-2 and Class B-3 Certificates, will be the "regular interestinterests" in REMIC III, ownership of which will be represented by the Class SB Certificates, and the Class R-X II Certificates will represent be the sole class of "residual interests" in REMIC III therein for purposes of the REMIC Provisions (as defined herein) under federal income tax law.. 107

Designation of REMIC(s). The REMIC Administrator will make an election to treat the entire segregated pool of assets described in the definition of REMIC I (as defined herein) (including the Mortgage Loans but excluding the Yield Maintenance Agreements)Trust Fund, and subject to this Agreement, Agreement (including the Mortgage Loans) as a REMIC ("REMIC I") for federal income tax purposes. The REMIC Administrator will make an election to treat the segregated pool of assets consisting of the REMIC I Regular Interests as a REMIC (REMIC II) for federal income tax purposes. The REMIC Administrator and will make an election to treat the pool of assets comprised of the Uncertificated REMIC II I Regular Interests SB-IO and SB-PO as a REMIC ("REMIC IIIII") for federal income tax purposes. The Uncertificated REMIC I Regular Interests will be "regular interests" in REMIC I and the Class R-I Certificates will be the sole class of "residual interests" in REMIC I for purposes of the REMIC Provisions (as defined herein) under the federal income tax law. The Class A-1 CertificatesA-1, Class A-2 CertificatesA-2, Class A-3 CertificatesA-3, Class M-1 CertificatesA-4, Class M-2 CertificatesA-5, Class M-3 CertificatesA-P, Class M-4 CertificatesM-1, Class M-5 M-2, Class M-3, Class B-1, Class B-2 and Class B-3 Certificates and the Uncertificated REMIC II Regular Interests SBZ, the rights in and to which will be represented by the Class A-IO and SB-PO V Certificates, will be "regular interests" in REMIC II, and the Class R-II Certificates will represent be the sole class of "residual interests" in REMIC II therein for purposes of the REMIC Provisions (as defined herein) under federal income tax law. The REMIC III Regular Interest will be On and after the "regular interest" in REMIC IIIdate of issuance of any Subclass of Class A-V Certificates pursuant to Section 5.01(c), ownership of which will be represented by the Class SB Certificates, and the Class R-X Certificates any such Subclass will represent the sole class of "residual interests" in Uncertificated REMIC III for purposes II Regular Interest or Interests Z specified by the initial Holder of the REMIC Provisions under federal income tax lawClass A-V Certificates pursuant to said Section.

Designation of REMIC(s). The REMIC Administrator will make an election to treat the segregated pool of assets described in the definition of REMIC I (as defined herein) (including the Mortgage Loans but excluding the Yield Maintenance AgreementsSupplemental Interest Trust Account, the Swap Agreement and the SB-AM Swap Agreement), and subject to this Agreement, as a REMIC (REMIC I) for federal income tax purposes. The REMIC Administrator will make an election to treat the segregated pool of assets consisting of the REMIC I Regular Interests as a REMIC (REMIC II) for federal income tax purposes. The REMIC Administrator will make an election to treat the segregated pool of assets comprised consisting of the REMIC II Regular Interests SB-IO and SB-PO as a REMIC (REMIC III) for federal income tax purposes. The REMIC Administrator will make an election to treat the segregated pool of assets consisting of REMIC III Regular Interests SB-PO, SB-IO and IO as a REMIC (REMIC IV) for federal income tax purposes. The REMIC I Regular Interests will be "regular interests" in REMIC I and the Class R-I Certificates will be the sole class of "residual interests" in REMIC I for purposes of the REMIC Provisions (as defined herein) under the federal income tax law. The Class A-1 Certificates, Class A-2 Certificates, Class A-3 Certificates, Class M-1 Certificates, Class M-2 Certificates, Class M-3 Certificates, Class M-4 Certificates, Class M-5 Certificates and REMIC II Regular Interests SB-IO and SB-PO will be "regular interests" in REMIC II, II and the Class R-II Certificates will represent be the sole class of "residual interests" in REMIC II for purposes of the REMIC Provisions (as defined herein) under the federal income tax law. The REMIC III Regular Interest Interests will be the "regular interestinterests" in REMIC III, ownership of which, except in the case of REMIC III Regular Interests SB-IO, SB-PO and IO, will be represented by the Class A, Class M-1, Class M-2, Class M-3, Class M-4, Class M-5, Class M-6, Class M-7, Class M-8, Class M-9 Certificates and the Class R-III Certificates will represent the sole class of "residual interests" in REMIC III for purposes of the REMIC Provisions under federal income tax law. The REMIC IV Regular Interests will be the "regular interests" in REMIC IV, ownership of which will be represented by the Class SB Certificates, and the Class R-X Certificates will represent the sole class of "residual interests" in REMIC III IV for purposes of the REMIC Provisions under federal income tax law.

Designation of REMIC(s). The REMIC Administrator will make an election elections to treat the segregated pool of assets described in the definition each of REMIC I (as defined herein) I, REMIC II and REMIC III and subject to this Agreement (including the Mortgage Loans but excluding the Yield Maintenance Agreements), Auction Proceeds Account and subject to this Agreement, the Swap Proceeds Account) as a REMIC (REMIC I) for federal income tax purposes. The REMIC Administrator will make an election to treat the segregated pool of assets consisting of the Uncertificated REMIC I Regular Interests shall be designated as a the "regular interests" and the Class R-I Interest shall be designated as the sole class of "residual interests" in REMIC (REMIC II) for federal income tax purposes. I.. The REMIC Administrator will make an election to treat the pool of assets comprised of Uncertificated REMIC II Regular Interests SBshall be designated as the "regular interests" and the Class R-IO and SB-PO II Interest shall be designated as a the sole class of "residual interests" in REMIC (REMIC III) for federal income tax purposesII. The REMIC I Regular Interests Class A-1, Class A-2, Class A-3, Class M-1, Class M-2, Class M-3, Class B-1, Class B-2 and Class B-3 Certificates and the rights in and to which will be represented by the Class S Certificates, will represent ownership of "regular interests" in REMIC I III and will generally be treated as debt instruments of REMIC III, the Class A, Class M and Class B Certificates will also represent the right to receive payments in respect of the Adjusted Net WAC Shortfall Amount, which will not be an entitlement from any REMIC, and the Class S-1 certificates will also represent an obligation to make payments in respect of the Adjusted Net WAC Shortfall Amount. The Class A Certificates will also represent the right to receive payments in respect of the swap agreement, which will not be an entitlement from any REMIC; and the Class R-I Certificates III Interest will be the sole class of "residual interests" in REMIC I for purposes of the REMIC Provisions (as defined herein) under the federal income tax law. The Class A-1 Certificates, Class A-2 Certificates, Class A-3 Certificates, Class M-1 Certificates, Class M-2 Certificates, Class M-3 Certificates, Class M-4 Certificates, Class M-5 Certificates and REMIC II Regular Interests SB-IO and SB-PO will be "regular interests" in REMIC II, and the Class R-II Certificates will represent the sole class of "residual interests" in REMIC II for purposes of the REMIC Provisions (as defined herein) under federal income tax law. The REMIC III Regular Interest will be the "regular interest" in REMIC III, ownership of which will be represented by the Class SB Certificates, and the Class R-X Certificates will represent the sole class of "residual interests" in REMIC III for purposes of the REMIC Provisions under federal income tax law.

Designation of REMIC(s). The REMIC Administrator will make an election to treat the segregated pool of assets described in the definition of REMIC I (as defined herein) (including the Mortgage Loans but excluding the Yield Maintenance Agreements), and subject to this Agreement, as a REMIC (REMIC I) for federal income tax purposes. The REMIC Administrator will make an election to treat the segregated pool of assets consisting of the REMIC I Regular Interests as a REMIC (REMIC II) for federal income tax purposes. The REMIC Administrator will make an election to treat the pool of assets comprised of REMIC II Regular Interests SB-IO and SB-PO as a REMIC (REMIC III) for federal income tax purposes. The REMIC I Regular Interests will be "regular interests" in REMIC I and the Class R-I Certificates will be the sole class of "residual interests" in REMIC I for purposes of the REMIC Provisions (as defined herein) under the federal income tax law. The Class A-1 Certificates, Class A-2 Certificates, Class A-3 Certificates, Class M-1 Certificates, Class M-2 Certificates, Class M-3 Certificates, Class M-4 Certificates, Class M-5 Certificates Certificates, Class M-6 Certificates, Class M-7 Certificates, Class M-8 Certificates, Class M-9 Certificates, and REMIC II Regular Interests SB-IO PO and SB-PO IO will be "regular interests" in REMIC II, and the Class R-II Certificates will represent the sole class of "residual interests" in REMIC II for purposes of the REMIC Provisions (as defined herein) under federal income tax law. The REMIC III Regular Interest will be the single "regular interest" in REMIC III, ownership of which will be represented by the Class SB Certificates, Certificates and the Class R-X Certificates will represent the sole class of "residual interests" in REMIC III for purposes of the REMIC Provisions under federal income tax law.

Designation of REMIC(s). The REMIC Administrator will shall make an election to treat the entire segregated pool of assets described in the definition of REMIC I (as defined herein) (including the Mortgage Loans but excluding the Yield Maintenance Agreements)Trust Fund, and subject to this Agreement, Agreement (including the Mortgage Loans) as a REMIC ("REMIC I") for federal income tax purposes. The REMIC Administrator will make an election to treat the segregated pool of assets consisting of the REMIC I Regular Interests as a REMIC (REMIC II) for federal income tax purposes. The REMIC Administrator will and shall make an election to treat the pool of assets comprised of the uncertificated REMIC I Regular Interests as a REMIC ("REMIC II") and shall make an election to treat the pool of assets comprised of the underlying REMIC II Regular Interests SB-IO and SB-PO as a REMIC ("REMIC III") for federal income tax purposes. The REMIC I Regular Interests will be "regular interests" in REMIC I and Component I of the Class R-I R Certificates will be the sole class of "residual interests" in REMIC I for purposes of the REMIC Provisions (as defined herein) under the federal income tax law. The Class A-1 Certificates, Class A-2 Certificates, Class A-3 Certificates, Class M-1 Certificates, Class M-2 Certificates, Class M-3 Certificates, Class M-4 Certificates, Class M-5 Certificates and REMIC II Regular Interests SB-IO and SB-PO will be "regular interests" in REMIC II, II and Component II of the Class R-II R Certificates will represent be the sole class of "residual interests" in REMIC II for purposes of the REMIC Provisions (as defined herein) under the federal income tax law. The REMIC III Regular Interest 119 Each Class of Class A, Class M and Class B Certificates will be the "regular interestinterests" in REMIC III, ownership and Component III of which the Class R Certificates will be represented by the Class SB Certificates, and the Class R-X Certificates will represent the sole class of "residual interests" in REMIC III therein for purposes of the REMIC Provisions (as defined herein) under federal income tax law.

Designation of REMIC(s). The REMIC Administrator will shall make an election to treat the entire segregated pool of assets described in the definition of REMIC I (as defined herein) (including the Mortgage Loans but excluding the Yield Maintenance Agreements)I, and subject to this Agreement, Agreement (including the Mortgage Loans) as a REMIC ("REMIC I") for federal income tax purposes. The REMIC Administrator will make an election to treat the segregated pool of assets consisting of the REMIC I Regular Interests as a REMIC (REMIC II) for federal income tax purposes. The REMIC Administrator will and shall make an election to treat the pool of assets comprised of the Uncertificated REMIC II I Regular Interests SB-IO and SB-PO as a REMIC ("REMIC IIIII") for federal income tax purposes. The Uncertificated REMIC I Regular Interests will be "regular interests" in REMIC I and the Class R-I Certificates will be the sole class of "residual interests" in REMIC I for purposes of the REMIC Provisions (as defined herein) under the federal income tax law. The Class A-1 CertificatesA-1, Class A-2 Certificates(exclusive of any rights to payment of amounts received pursuant to the Yield Maintenance Agreement), Class A-3 CertificatesA-3, Class M-1 CertificatesA-4, Class M-2 CertificatesA-5, Class M-3 CertificatesA-6, Class M-4 CertificatesA-7, Class M-5 A-8, Class A-9 ,Class A-10, Class 11, Class A-P, Class M-1, Class M-2, Class M-3, Class B-1, Class B-2 and Class B-3 Certificates and the Uncertificated REMIC II Regular Interests SBZ, the rights in and to which will be represented by the Class A-IO and SB-PO V Certificates, will be "regular interests" in REMIC II, and the Class R-II Certificates will represent be the sole class of "residual interests" in REMIC II therein for purposes of the REMIC Provisions (as defined herein) under federal income tax law. The REMIC III Regular Interest will be On and after the "regular interest" in REMIC IIIdate of issuance of any Subclass of Class A-V Certificates pursuant to Section 5.01(c) of the Standard Terms, ownership of which will be represented by the Class SB Certificates, and the Class R-X Certificates any such Subclass will represent the sole class of "residual interests" in Uncertificated REMIC III for purposes II Regular Interest or Interests Z specified by the initial Holder of the REMIC Provisions under federal income tax lawClass A-V Certificates pursuant to said Section.

Designation of REMIC(s). The REMIC Administrator will make an election to treat the segregated pool of assets described in the definition of REMIC I (as defined herein) (including the Mortgage Loans but excluding the Yield Maintenance Certificate Supplemental Interest Trust Account, the Class A-1-A Supplemental Interest Trust Account and the Swap Agreements), and subject to this Agreement, as a REMIC (REMIC I) for federal income tax purposes. The REMIC Administrator will make an election to treat the segregated pool of assets consisting of the REMIC I Regular Interests as a REMIC (REMIC II) for federal income tax purposes. The REMIC Administrator will make an election to treat the segregated pool of assets comprised consisting of the REMIC II Regular Interests SB-IO and SB-PO as a REMIC (REMIC III) for federal income tax purposes. The REMIC Administrator will make an election to treat the segregated pool of assets consisting of REMIC III Regular Interests SB-PO, SB-IO and IO as a REMIC (REMIC IV) for federal income tax purposes. The REMIC I Regular Interests will be "regular interests" in REMIC I and Component I of the Class R-I R-1 Certificates will be the sole class of "residual interests" in REMIC I for purposes of the REMIC Provisions (as defined herein) under the federal income tax law. The Class A-1 Certificates, Class A-2 Certificates, Class A-3 Certificates, Class M-1 Certificates, Class M-2 Certificates, Class M-3 Certificates, Class M-4 Certificates, Class M-5 Certificates and REMIC II Regular Interests SB-IO and SB-PO will be "regular interests" in REMIC II, II and Component II of the Class R-II R-1 Certificates will represent be the sole class of "residual interests" in REMIC II for purposes of the REMIC Provisions (as defined herein) under the federal income tax law. The REMIC III Regular Interest Interests will be the "regular interestinterests" in REMIC III, ownership of which, except in the case of REMIC III Regular Interests SB-IO, SB-PO and IO, will be represented by the Class A Certificates, Class M-1 Certificates, Class M-2 Certificates, Class M-3 Certificates and Class M-4 Certificates, and Component III of the Class R-1 Certificates will represent the sole class of "residual interests" in REMIC III for purposes of the REMIC Provisions under federal income tax law. The REMIC IV Regular Interests will be the "regular interests" in REMIC IV, ownership of which will be represented by the Class SB Certificates, and the Class R-X Certificates will represent the sole class of "residual interests" in REMIC III IV for purposes of the REMIC Provisions under federal income tax law.

Designation of REMIC(s). The REMIC Securities Administrator will shall make an election to treat the entire segregated pool of assets described in the definition of REMIC I (as defined herein) (including the Mortgage Loans but excluding the Yield Maintenance Agreements)1, and subject to this Agreement, Agreement (including the Mortgage Loans) as a REMIC (“REMIC I) for federal income tax purposes. The REMIC Administrator will make an election to treat the segregated pool of assets consisting of the REMIC I Regular Interests as a REMIC (REMIC II) for federal income tax purposes. The REMIC Administrator will 1 ”), shall make an election to treat the pool of assets comprised of the uncertificated REMIC II 1 Regular Interests SB-IO and SB-PO as a REMIC (“REMIC III2 ”) for federal income tax purposes and shall make an election to treat the pool of assets comprised of the uncertificated REMIC 2 Regular Interests as a REMIC (“REMIC 3 ”) for federal income tax purposes. The REMIC I 1 Regular Interests will be "“regular interests" ” in REMIC I 1 and Component R-1 of the Class R-I R Certificates will be the sole class of "“residual interests" ” in REMIC I 1 for purposes of the REMIC Provisions (as defined herein) under the federal income tax law. The Class A-1 Certificates, Class A-2 Certificates, Class A-3 Certificates, Class M-1 Certificates, Class M-2 Certificates, Class M-3 Certificates, Class M-4 Certificates, Class M-5 Certificates and REMIC II 2 Regular Interests SB-IO and SB-PO will be "“regular interests" ” in REMIC II2 , and Component R-2 of the Class R-II R Certificates will represent be the sole class of "“residual interests" in REMIC II ” therein for purposes of the REMIC Provisions (as defined herein) under federal income tax law. The Uncertificated REMIC III 3 Regular Interest will be Interest, the "regular interest" in REMIC III, ownership of which is evidenced by the Exchangeable and Exchanged Certificates, as the case may be, the Class I-A-I, Class A-PO, Class B-1, Class B-2, Class B-3, Class B-4, Class B-5, Class B-6 and Class P Certificates, will be represented by “regular interests” in REMIC 3 and Component R-3 of the Class SB Certificates, and the Class R-X R Certificates will represent be the sole class of "“residual interests" in REMIC III ” therein for purposes of the REMIC Provisions (as defined herein) under federal income tax law.

Designation of REMIC(s). The REMIC Administrator will make an election to treat the segregated pool of assets described in the definition of REMIC I (as defined herein) (including the Mortgage Loans but excluding the Yield Maintenance AgreementsCertificate Supplemental Interest Trust Account, the Certificate Swap Agreement, the Class A-1 Supplemental Interest Trust Account, the Class A-1 Swap Agreement and the SB-AM Swap Agreement), and subject to this Agreement, as a REMIC (REMIC I) for federal income tax purposes. The REMIC Administrator will make an election to treat the segregated pool of assets consisting of the REMIC I Regular Interests as a REMIC (REMIC II) for federal income tax purposes. The REMIC Administrator will make an election to treat the segregated pool of assets comprised consisting of the REMIC II Regular Interests SB-IO and SB-PO as a REMIC (REMIC III) for federal income tax purposes. The REMIC Administrator will make an election to treat the segregated pool of assets consisting of REMIC III Regular Interests SB-PO, SB-IO and IO as a REMIC (REMIC IV) for federal income tax purposes. The REMIC I Regular Interests will be "regular interests" in REMIC I and Component I of the Class R-I R-1 Certificates will be the sole class of "residual interests" in REMIC I for purposes of the REMIC Provisions (as defined herein) under the federal income tax law. The Class A-1 Certificates, Class A-2 Certificates, Class A-3 Certificates, Class M-1 Certificates, Class M-2 Certificates, Class M-3 Certificates, Class M-4 Certificates, Class M-5 Certificates and REMIC II Regular Interests SB-IO and SB-PO will be "regular interests" in REMIC II, II and Component II of the Class R-II R-1 Certificates will represent be the sole class of "residual interests" in REMIC II for purposes of the REMIC Provisions (as defined herein) under the federal income tax law. The REMIC III Regular Interest Interests will be the "regular interestinterests" in REMIC III, ownership of which, except in the case of REMIC III Regular Interests SB-IO, SB-PO and IO, will be represented by the Class A Certificates, Class M-1 Certificates, Class M-2 Certificates, Class M-3 Certificates, Class M-4 Certificates and Class M-5 Certificates, and Component III of the Class R-1 Certificates will represent the sole class of "residual interests" in REMIC III for purposes of the REMIC Provisions under federal income tax law. The REMIC IV Regular Interests will be the "regular interests" in REMIC IV, ownership of which will be represented by the Class SB Certificates, and the Class R-X Certificates will represent the sole class of "residual interests" in REMIC III IV for purposes of the REMIC Provisions under federal income tax law.

Designation of REMIC(s). The REMIC Administrator will make an election to treat the entire segregated pool of assets (including the Mortgage Loans) described in the definition of REMIC I (as defined herein) Trust Fund, and subject to this Agreement (including the Mortgage Loans but excluding the Yield Maintenance Agreements)Initial Monthly Payment Fund, the Rounding Account and subject to this Agreement, the Reserve Fund) as a REMIC ("REMIC I") for federal income tax purposes. The REMIC Administrator will make an election to treat the segregated pool of assets consisting of the REMIC I Regular Interests as a REMIC (REMIC II) for federal income tax purposes. The REMIC Administrator will and shall make an election to treat the pool of assets comprised composed of the Uncertificated REMIC II I Regular Interests SB-IO and SB-PO as a REMIC ("REMIC IIIII") for federal income tax purposes. The Uncertificated REMIC I Regular Interests will be "regular interests" in REMIC I and the Class R-I Certificates will be the sole class of "residual residential interests" in REMIC I for purposes of the REMIC Provisions (as defined hereinin the Standard Terms) under the federal income tax law. The Class A-1 A-1, Class A-2, Class A-3, Class A-4, Class A-5, Class A-6, Class A-7, Class A-8, Class A-P, Class M-1, Class M-2, Class M-3, Class B-1, Class B-2 and Class B-3 Certificates and the Uncertificated Class A-V REMIC Regular Interests, the rights in and to which will be represented by the Class A-V Certificates, Class A-2 Certificates, Class A-3 Certificates, Class M-1 Certificates, Class M-2 Certificates, Class M-3 Certificates, Class M-4 Certificates, Class M-5 Certificates and REMIC II Regular Interests SB-IO and SB-PO will be "regular interests" in REMIC IIthe REMIC, and the Class R-II R Certificates will represent be the sole class of "residual interests" in REMIC II therein for purposes of the REMIC Provisions (as defined hereinabove) under federal income tax law. The REMIC III Regular Interest will be On and after the "regular interest" in REMIC IIIdate of issuance of any Subclass of Class A-V Certificates pursuant to Section 5.01(c) of the Standard Terms, ownership of which will be represented by the Class SB Certificates, and the Class R-X Certificates any such Subclass will represent the sole class of "residual interests" in Uncertificated Class A-V REMIC III for purposes Regular Interest or Interests specified by the initial Holder of the REMIC Provisions under federal income tax lawClass A-V Certificates pursuant to said Section.

Designation of REMIC(s). The REMIC Administrator will make an election to treat the segregated pool of assets described in the definition of REMIC I (as defined herein) (including the Mortgage Loans but excluding the Yield Maintenance AgreementsInitial Monthly Payment Fund), and subject to this Agreement, as a REMIC (REMIC I) for federal income tax purposes. The REMIC Administrator will make an election to treat the segregated pool of assets consisting of the Uncertificated REMIC I Regular Interests (and excluding the Initial Monthly Payment Fund), as a REMIC for federal income tax purposes, and will make an election to treat the segregated pool of assets consisting of the Uncertificated REMIC II Regular Interests (and excluding the Initial Monthly Payment Fund), and subject to this Agreement, as a REMIC II) for federal income tax purposes. The REMIC Administrator will make an election to treat the pool of assets comprised of REMIC II Regular Interests SB-IO and SB-PO as a REMIC (REMIC III) for federal income tax purposes. The Uncertificated REMIC I Regular Interests will be "regular interests" in REMIC I and the Class R-I Certificates will be the sole class of "residual interestsinterest" in REMIC I for purposes of the REMIC Provisions (as defined hereinin the Standard Terms) under the federal income tax law. The Class A-1 Certificates, Class A-2 Certificates, Class A-3 Certificates, Class M-1 Certificates, Class M-2 Certificates, Class M-3 Certificates, Class M-4 Certificates, Class M-5 Certificates and Uncertificated REMIC II Regular Interests SB-IO and SB-PO will be "regular interests" in REMIC II and the Class R-II Certificates will represent ownership of the sole "residual interest" in REMIC II for purposes of the REMIC Provisions. The Class CB I, Class CB-II, Class NB-I-1, Class NB-II-1, Class NB-II-2, Class M-1, Class M-2, Class M-3, Class B-1, Class B-2 and Class B-3 Certificates and the REMIC III Regular Interest NB-I-2A and the REMIC III Regular Interest NB-I-2B, will be "regular interests" in REMIC III, and the Class R-II Certificates will represent ownership of the sole class of "residual interestsinterest" in REMIC II therein for purposes of the REMIC Provisions (as defined herein) under federal income tax law. The REMIC III Regular Interest will be the "regular interest" in REMIC III, ownership of which will be represented by the Class SB Certificates, and the Class R-X Certificates will represent the sole class of "residual interests" in REMIC III for purposes of the REMIC Provisions under federal income tax lawProvisions.

Designation of REMIC(s). The REMIC Administrator will make an election to treat the segregated pool of assets described in the definition of REMIC I (as defined herein) (including the Mortgage Loans but excluding the Initial Monthly Payment Fund, the Yield Maintenance AgreementsAgreement Reserve Fund, the Class P Reserve Account and the Carryover Shortfall Reserve Fund), and subject to this Agreement, as a REMIC (REMIC I) for federal income tax purposes. The REMIC Administrator will make an election to treat the segregated pool of assets consisting of the Uncertificated REMIC I Regular Interests (and excluding the Initial Monthly Payment Fund, the Yield Maintenance Agreement Reserve Fund, the Class P Reserve Account and the Carryover Shortfall Reserve Fund), as a REMIC (REMIC II) for federal income tax purposes. The REMIC Administrator will make an election to treat the pool of assets comprised of REMIC II Regular Interests SB-IO and SB-PO as a REMIC (REMIC III) for federal income tax purposes. The Uncertificated REMIC I Regular Interests will be represent "regular interests" in REMIC I and the Class R-I Certificates will be represent ownership of the sole class of "residual interestsinterest" in REMIC I for purposes of the REMIC Provisions (as defined hereinin the Standard Terms) under the federal income tax law. The Class A-1 CertificatesA-1, Class A-2 CertificatesA-2, Class A-3 CertificatesA-3, Class M-1 CertificatesX, Class M-2 CertificatesX-0, Xxxxx X-0, Class M-3 CertificatesM-3, Class M-4 CertificatesB-1, Class M-5 B-2 and Class B-3 Certificates and REMIC II Regular Interests SB-IO and SB-PO will be represent "regular interests" in REMIC II, and the Class R-II Certificates will represent ownership of the sole class of "residual interestsinterest" in REMIC II for purposes of the REMIC Provisions (as defined herein) under federal income tax law. The REMIC III Regular Interest will be the "regular interest" in REMIC III, ownership of which will be represented by the Class SB Certificates, and the Class R-X Certificates will represent the sole class of "residual interests" in REMIC III for purposes of the REMIC Provisions under federal income tax law.

Designation of REMIC(s). The REMIC Administrator will make an election to treat the segregated pool of assets described in the definition of REMIC I (as defined herein) (including the Mortgage Loans but excluding the Interest Shortfall Reserve Fund, the Yield Maintenance AgreementsAgreement Reserve Fund, the Yield Maintenance Floor Agreement Reserve Fund, the Yield Maintenance Agreement and the Yield Maintenance Floor Agreement), and subject to this Agreement, as a REMIC (REMIC I) for federal income tax purposes. The REMIC Administrator will make an election to treat the segregated pool of assets consisting of the REMIC I Regular Interests Interests, and subject to this Agreement, as a REMIC (REMIC II) for federal income tax purposes. The REMIC Administrator will make an election to treat the segregated pool of assets comprised consisting of the REMIC II Regular Interests, and subject to this Agreement, as a REMIC (REMIC III) for federal income tax purposes. The REMIC Administrator will make an election to treat the segregated pool of assets consisting of REMIC II III Regular Interests SB-IO and SB-PO PO, and subject to this Agreement, as a REMIC (REMIC IIIIV) for federal income tax purposes. The REMIC I Regular Interests will be "regular interests" in REMIC I and the Class R-I Certificates will be the sole class Class of "residual interests" in REMIC I for purposes of the REMIC Provisions (as defined herein) under the federal income tax law. The Class A-1 Certificates, Class A-2 Certificates, Class A-3 Certificates, Class M-1 Certificates, Class M-2 Certificates, Class M-3 Certificates, Class M-4 Certificates, Class M-5 Certificates and REMIC II Regular Interests SB-IO and SB-PO will be "regular interests" in REMIC II, II and the Class R-II Certificates will represent be the sole class Class of "residual interests" in REMIC II for purposes of the REMIC Provisions (as defined herein) under the federal income tax law. The Class I-A Certificates, Class II-A Certificates, Class III-A Certificates, Class M Certificates and Class X Certificates will represent ownership of, and REMIC III Regular Interest Interests SB-IO and SB-PO will be the be, "regular interestinterests" in REMIC III, ownership of which will be represented by the Class SB Certificates, III and the Class R-X III Certificates will represent be the sole class Class of "residual interests" in REMIC III for purposes of the REMIC Provisions under the federal income tax law. The Class SB Certificates will represent ownership of the REMIC IV Regular Interest, the single "regular interest" in REMIC IV, and the Class R-X Certificates will be the sole Class of "residual interests" therein for purposes of the REMIC Provisions under federal income tax law. The Class P Certificates will not represent ownership of an interest in any REMIC.

Designation of REMIC(s). The REMIC Administrator will make an election to treat the entire segregated pool of assets described in the definition of REMIC I (as defined herein) (including the Mortgage Loans but excluding the Yield Maintenance Agreements)Trust Fund, and subject to this Agreement, Agreement (including the Mortgage Loans) as a REMIC ("REMIC I") for federal income tax purposes. The REMIC Administrator will make an election to treat the segregated pool of assets consisting of the REMIC I Regular Interests as a REMIC (REMIC II) for federal income tax purposes. The REMIC Administrator and will make an election to treat the pool of assets comprised of the Uncertificated REMIC II I Regular Interests SB-IO and SB-PO as a REMIC ("REMIC IIIII") for federal income tax purposes. The Uncertificated REMIC I Regular Interests will be "regular interests" in REMIC I and the Class R-I Certificates will be the sole class of "residual interests" in REMIC I for purposes of the REMIC Provisions (as defined herein) under the federal income tax law. The Class A-1 CertificatesA-I, Class A-2 CertificatesCB, Class A-3 CertificatesA-P, Class M-1 CertificatesM-1, Class M-2 CertificatesM-2, Class M-3 CertificatesM-3, Class M-4 CertificatesB-1, Class M-5 B-2 and Class B-3 Certificates and the Uncertificated Class A-V REMIC II Regular Interests SBZ, the rights in and to which will be represented by the Class A-IO and SB-PO V Certificates, will be "regular interests" in REMIC II, and the Class R-II Certificates will represent be the sole class of "residual interests" in REMIC II therein for purposes of the REMIC Provisions (as defined herein) under federal income tax law. The REMIC III Regular Interest will be On and after the "regular interest" in REMIC IIIdate of issuance of any Subclass of Class A-V Certificates pursuant to Section 5.01(c), ownership of which will be represented by the Class SB Certificates, and the Class R-X Certificates any such Subclass will represent the sole class of "residual interests" in Uncertificated REMIC III for purposes II Regular Interest or Interests Z specified by the initial Holder of the REMIC Provisions under federal income tax lawClass A-V Certificates pursuant to said Section.

Designation of REMIC(s). The REMIC Administrator will make an election to treat the segregated pool of assets described in the definition of REMIC I (as defined herein) (including the Mortgage Loans but excluding the Yield Maintenance AgreementsInitial Monthly Payment Fund, the Class P Reserve Account and the Carryover Shortfall Reserve Fund), and subject to this Agreement, as a REMIC (REMIC I) for federal income tax purposes. The REMIC Administrator will make an election to treat the segregated pool of assets consisting of the Uncertificated REMIC I Regular Interests (and excluding the Initial Monthly Payment Fund, the Class P Reserve Account and the Carryover Shortfall Reserve Fund), as a REMIC (REMIC II) for federal income tax purposes. The REMIC Administrator will make an election to treat the pool of assets comprised of REMIC II Regular Interests SB-IO and SB-PO as a REMIC (REMIC III) for federal income tax purposes. The Uncertificated REMIC I Regular Interests will be represent "regular interests" in REMIC I and the Class R-I Certificates will be represent ownership of the sole class of "residual interestsinterest" in REMIC I for purposes of the REMIC Provisions (as defined hereinin the Standard Terms) under the federal income tax law. The Class A-1 CertificatesA-1, Class A-2 CertificatesA-2, Class A-3 CertificatesA-3, Class M-1 CertificatesX, Class M-2 CertificatesX-0, Xxxxx X-0, Class M-3 CertificatesM-3, Class M-4 CertificatesM-4, Class M-5 M-5, Class M-6, Class M-7, Class M-8, Class M-9, Class B-1, Class B-2, Class B-3 and Class P Certificates and REMIC II Regular Interests SB-IO and SB-PO will be represent "regular interests" in REMIC II, and the Class R-II Certificates will represent ownership of the sole class of "residual interestsinterest" in REMIC II for purposes of the REMIC Provisions (as defined herein) under federal income tax law. The REMIC III Regular Interest will be the "regular interest" in REMIC III, ownership of which will be represented by the Class SB Certificates, and the Class R-X Certificates will represent the sole class of "residual interests" in REMIC III for purposes of the REMIC Provisions under federal income tax law.

Designation of REMIC(s). The REMIC Administrator will shall make an election to treat the entire segregated pool of assets described in the definition of REMIC I (as defined herein) (including the Mortgage Loans but excluding the Yield Maintenance Agreements)Trust Fund, and subject to this Agreement, Agreement (including the Mortgage Loans) as a REMIC ("REMIC I) for federal income tax purposes. The REMIC Administrator will make an election to treat the segregated pool of assets consisting of the REMIC I Regular Interests as a REMIC (REMIC II) for federal income tax purposes. The REMIC Administrator will "), shall make an election to treat the pool of assets comprised of the uncertificated REMIC I Regular Interests as a REMIC ("REMIC II") for federal income tax purposes and shall make an election to treat the pool of assets comprised of the uncertificated REMIC II Regular Interests SB-IO and SB-PO as a REMIC ("REMIC III") for federal income tax purposes. The REMIC I Regular Interests will be "regular interests" in REMIC I and the Class R-I Certificates will be the sole class of "residual interests" in REMIC I for purposes of the REMIC Provisions (as defined herein) under the federal income tax law. The Class A-1 Certificates, Class A-2 Certificates, Class A-3 Certificates, Class M-1 Certificates, Class M-2 Certificates, Class M-3 Certificates, Class M-4 Certificates, Class M-5 Certificates and REMIC II Regular Interests SB-IO and SB-PO will be "regular interests" in REMIC II, and the Class R-II Certificates will represent be the sole class of "residual interests" in REMIC II therein for purposes of the REMIC Provisions (as defined herein) under federal income tax law. The REMIC III Regular Interest Class 1-A-1, Class 2-A-1, Class 2-A-2, Class 2-A-3, Class 2-A-4, Class 2-A-5, Class 2-A-6, Class 2-A-7, Class PO, Class IO, Class M-1, Class M-2, Class M-3, Class B-1, Class B-2 and Class B-3 Certificates, will be the "regular interestinterests" in REMIC III, ownership of which will be represented by the Class SB Certificates, and the Class R-X III Certificates will represent be the sole class of "residual interests" in REMIC III therein for purposes of the REMIC Provisions (as defined herein) under federal income tax law.

Designation of REMIC(s). The REMIC Administrator will make an election to treat the entire segregated pool of assets described in the definition of REMIC I (as defined herein) Trust Fund, and subject to this Agreement (including the Mortgage Loans but excluding the Yield Maintenance Agreements), and subject to this Agreement, Initial Monthly Payment Fund) as a REMIC ("REMIC I") for federal income tax purposes. The REMIC Administrator and will make an election to treat the segregated pool of assets consisting of the REMIC I Regular Interests as a REMIC (REMIC II) for federal income tax purposes. The REMIC Administrator will make an and election to treat the pool of assets comprised of the Uncertificated REMIC II I Regular Interests SB-IO and SB-PO as a REMIC ("REMIC IIIII") for federal income tax purposes. The Uncertificated REMIC I Regular Interests will be "regular interests" in REMIC I and the Class R-I Certificates will be the sole class of "residual interests" in REMIC I for purposes of the REMIC Provisions (as defined herein) under the federal income tax law. The Class A-1 CertificatesA-1, Class A-2 CertificatesA-2, Class A-3 CertificatesA-3, Class M-1 CertificatesA-4, Class M-2 CertificatesA-5, Class M-3 CertificatesA-6, Class M-4 CertificatesA-7, Class M-5 A-8, Class A-9, Class A-10, Class A-11, Class A-11A, Class A-12, Class A-P, Class M-1, Class M-2, Class M-3, Class B-1, Class B-2 and Class B-3 Certificates and the Uncertificated REMIC II Regular Interests SBZ, the rights in and to which will be represented by the Class A-IO and SB-PO V Certificates, will be "regular interests" in REMIC II, and the Class R-II Certificates will represent be the sole class of "residual interests" in REMIC II therein for purposes of the REMIC Provisions (as defined herein) under federal income tax law. The REMIC III Regular Interest will be On and after the "regular interest" in REMIC IIIdate of issuance of any Subclass of Class A-V Certificates pursuant to Section 5.01(c), ownership of which will be represented by the Class SB Certificates, and the Class R-X Certificates any such Subclass will represent the sole class of "residual interests" in Uncertificated REMIC III for purposes II Regular Interest or Interests Z specified by the initial Holder of the REMIC Provisions under federal income tax lawClass A-V Certificates pursuant to said Section.

Designation of REMIC(s). The REMIC Administrator will make an election to treat the segregated pool of assets described in the definition of REMIC I (as defined herein) (including the Mortgage Loans but excluding the Yield Maintenance Agreements), and subject to this Agreement, as a REMIC (REMIC I) for federal income tax purposes. The REMIC Administrator will make an election to treat the segregated pool of assets consisting of the REMIC I Regular Interests as a REMIC (REMIC II) for federal income tax purposes. The REMIC Administrator will make an election to treat the pool of assets comprised of REMIC II Regular Interests SB-IO and SB-PO as a REMIC (REMIC III) for federal income tax purposes. The REMIC I Regular Interests will be "regular interests" in REMIC I and the Class R-I Certificates will be the sole class of "residual interests" in REMIC I for purposes of the REMIC Provisions (as defined herein) under the federal income tax law. The Class A-1 Certificates, Class A-1-a Certificates, Class A-2 Certificates, Class A-3 Certificates, Class M-1 Certificates, Class M-2 Certificates, Class M-3 Certificates, Class M-4 Certificates, Class M-5 Certificates Certificates, Class M-6 Certificates, Class M-7 Certificates, Class M-8 Certificates, Class M-9 Certificates, and REMIC II Regular Interests SB-IO PO and SB-PO IO will be "regular interests" in REMIC II, and the Class R-II Certificates will represent the sole class of "residual interests" in REMIC II for purposes of the REMIC Provisions (as defined herein) under federal income tax law. The REMIC III Regular Interest will be the single "regular interest" in REMIC III, ownership of which will be represented by the Class SB Certificates, Certificates and the Class R-X Certificates will represent the sole class of "residual interests" in REMIC III for purposes of the REMIC Provisions under federal income tax law.

Designation of REMIC(s). The REMIC Administrator will shall make an election to treat the entire segregated pool of assets described in the definition of REMIC I (as defined herein) (including the Mortgage Loans but excluding the Yield Maintenance Agreements)I, and subject to this Agreement, Agreement (including the Mortgage Loans) as a REMIC ("REMIC I") for federal income tax purposes. The REMIC Administrator will make an election to treat the segregated pool of assets consisting of the REMIC I Regular Interests as a REMIC (REMIC II) for federal income tax purposes. The REMIC Administrator will and shall make an election to treat the pool of assets comprised of the Uncertificated REMIC II I Regular Interests SB-IO and SB-PO as a REMIC ("REMIC IIIII") for federal income tax purposes. The Uncertificated REMIC I Regular Interests will be "regular interests" in REMIC I and the Class R-I Certificates will be the sole class of "residual interests" in REMIC I for purposes of the REMIC Provisions (as defined herein) under the federal income tax law. The Class A-1 CertificatesA-1, Class A-2 Certificates(exclusive of any rights to payment of amounts received pursuant to the Yield Maintenance Agreement), Class A-3 CertificatesA-3, Class M-1 CertificatesA-4, Class M-2 CertificatesA-5, Class M-3 CertificatesA-P, Class M-4 CertificatesM-1, Class M-5 M-2, Class M-3, Clxxx X-0, Xxxxx B-2 and Class B-3 Certificates and the Uncertificated REMIC II Regular Interests SBZ, the rights in and to which will be represented by the Class A-IO and SB-PO V Certificates, will be "regular interests" in REMIC II, and the Class R-II Certificates will represent be the sole class of "residual interests" in REMIC II therein for purposes of the REMIC Provisions (as defined herein) under federal income tax law. The REMIC III Regular Interest will be On and after the "regular interest" in REMIC IIIdate of issuance of any Subclass of Class A-V Certificates pursuant to Section 5.01(c) of the Standard Terms, ownership of which will be represented by the Class SB Certificates, and the Class R-X Certificates any such Subclass will represent the sole class of "residual interests" in Uncertificated REMIC III for purposes II Regular Interest or Interests Z specified by the initial Holder of the REMIC Provisions under federal income tax lawClass A-V Certificates pursuant to said Section.

Designation of REMIC(s). The REMIC Administrator will shall make an election to treat the entire segregated pool of assets described in the definition of REMIC I (as defined herein) (including the Mortgage Loans but excluding the Yield Maintenance Agreements)Trust Fund, and subject to this Agreement, Agreement (including the Mortgage Loans) as a REMIC ("REMIC I") for federal income tax purposes. The REMIC Administrator will make an election to treat the segregated pool of assets consisting of the REMIC I Regular Interests as a REMIC (REMIC II) for federal income tax purposes. The REMIC Administrator will and shall make an election to treat the pool of assets comprised of the Uncertificated REMIC II I Regular Interests SB-IO and SB-PO as a REMIC ("REMIC IIIII") for federal income tax purposes. The Uncertificated REMIC I Regular Interests will be "regular interests" in REMIC I and the Class R-I Certificates will be the sole class of "residual interests" in REMIC I for purposes of the REMIC Provisions (as defined herein) under the federal income tax law. The Class A-1 CertificatesA-1, Class A-2 CertificatesA-2, Class A-3 CertificatesA-3, Class M-1 CertificatesA-4, Class M-2 CertificatesA-5, Class M-3 CertificatesA-6, Class M-4 CertificatesA-P, Class M-5 M-1, Class M-2, Class M-3, Class B-1, Class B-2 and Class B-3 Certificates and the Uncertificated REMIC II Regular Interests SBZ, the rights in and to which will be represented by the Class A-IO and SB-PO V Certificates, will be "regular interests" in REMIC II, and the Class R-II Certificates will represent be the sole class of "residual interests" in REMIC II therein for purposes of the REMIC Provisions (as defined herein) under federal income tax law. The REMIC III Regular Interest will be On and after the "regular interest" in REMIC IIIdate of issuance of any Subclass of Class A-V Certificates pursuant to Section 5.01(c), ownership of which will be represented by the Class SB Certificates, and the Class R-X Certificates any such Subclass will represent the sole class of "residual interests" in Uncertificated REMIC III for purposes II Regular Interest or Interests Z specified by the initial Holder of the REMIC Provisions under federal income tax lawClass A-V Certificates pursuant to said Section.

Designation of REMIC(s). The REMIC Administrator will make an election to treat the segregated pool of assets described in the definition of REMIC I (as defined herein) (including the Mortgage Loans but excluding the Yield Maintenance AgreementsBasis Risk Shortfall Reserve Fund), and subject to this Agreement, as a REMIC (REMIC I) for federal income tax purposes. The REMIC Administrator will make an election to treat the segregated pool of assets consisting of the REMIC I Regular Interests as a REMIC (REMIC II) for federal income tax purposes. The REMIC Administrator will make an election to treat the segregated pool of assets consisting of the REMIC II Regular Interests as a REMIC (REMIC III) for federal income tax purposes. The REMIC Administrator will make an election to treat the pool of assets comprised of the REMIC III Regular Interests as a REMIC (REMIC IV) for federal income tax purposes. The REMIC Administrator will make an election to treat the pool of assets comprised of REMIC II IV Regular Interests SB-IO and SB-PO as a REMIC (REMIC IIIV) for federal income tax purposes. The REMIC I Regular Interests will be "regular interests" in REMIC I and the Class R-I Certificates will be the sole class of "residual interests" in REMIC I for purposes of the REMIC Provisions (as defined herein) under the federal income tax law. The REMIC II Regular Interests will be "regular interests" in REMIC II and the Class R-II Certificates will be the sole class of "residual interests" in REMIC II for purposes of the REMIC Provisions under the federal income tax law. The REMIC III Regular Interests will be "regular interests" in REMIC III and the Class R-III Certificates will be the sole class of "residual interests" in REMIC III for purposes of the REMIC Provisions under the federal income tax law. The Class A-1 CertificatesI-A, Class A-2 CertificatesII-A, Class A-3 CertificatesM, Class M-1 CertificatesB, Class M-2 Certificates, Class M-3 Certificates, Class M-4 Certificates, Class M-5 SB Certificates and REMIC II IV Regular Interests SB-IO and SB-PO will be "regular interests" in REMIC IIIV, and the Class R-II IV Certificates will represent be the sole class of "residual interests" in REMIC II therein for purposes of the REMIC Provisions (as defined herein) under federal income tax law. The REMIC III V Regular Interest will be the "regular interest" in REMIC IIIV, ownership of which will be represented by the Class SB Certificates, and the Class R-X Certificates will represent the sole class of "residual interests" in REMIC III V for purposes of the REMIC Provisions under federal income tax law.

Designation of REMIC(s). The REMIC Administrator will make an election to treat the segregated pool of assets described in the definition of REMIC I (as defined herein) (including the Mortgage Loans but excluding the Yield Maintenance AgreementsSupplemental Interest Trust Account, the Swap Agreement and the SB-AM Swap Agreement), and subject to this Agreement, as a REMIC (REMIC I) for federal income tax purposes. The REMIC Administrator will make an election to treat the segregated pool of assets consisting of the REMIC I Regular Interests as a REMIC (REMIC II) for federal income tax purposes. The REMIC Administrator will make an election to treat the segregated pool of assets comprised consisting of the REMIC II Regular Interests SB-IO and SB-PO as a REMIC (REMIC III) for federal income tax purposes. The REMIC Administrator will make an election to treat the segregated pool of assets consisting of the REMIC III Regular Interests as a REMIC (REMIC IV) for federal income tax purposes. The REMIC Administrator will make an election to treat the segregated pool of assets consisting of REMIC IV Regular Interests SB-PO, SB-IO and IO as a REMIC (REMIC V) for federal income tax purposes. The REMIC I Regular Interests will be "regular interests" in REMIC I and the Class R-I Certificates will be the sole class of "residual interests" in REMIC I for purposes of the REMIC Provisions (as defined herein) under the federal income tax law. The Class A-1 Certificates, Class A-2 Certificates, Class A-3 Certificates, Class M-1 Certificates, Class M-2 Certificates, Class M-3 Certificates, Class M-4 Certificates, Class M-5 Certificates and REMIC II Regular Interests SB-IO and SB-PO will be "regular interests" in REMIC II, II and the Class R-II Certificates will represent be the sole class of "residual interests" in REMIC II for purposes of the REMIC Provisions (as defined herein) under the federal income tax law. The REMIC III Regular Interest Interests will be "regular interests" in REMIC III and the Class R-III Certificates will be the sole class of "residual interests" in REMIC III for purposes of the REMIC Provisions under the federal income tax law. The REMIC IV Regular Interests will be the "regular interestinterests" in REMIC IIIIV, ownership of which, except in the case of REMIC IV Regular Interests SB-IO, SB-PO and IO, will be represented by the Class A, Class M-1, Class M-2, Class M-3, Class M-4, Class M-5, Class M-6, Class M-7, Class M-8 and the Class R-IV Certificates will represent the sole class of "residual interests" in REMIC IV for purposes of the REMIC Provisions under federal income tax law. The REMIC V Regular Interests will be the "regular interests" in REMIC V, ownership of which will be represented by the Class SB Certificates, and the Class R-X Certificates will represent the sole class of "residual interests" in REMIC III V for purposes of the REMIC Provisions under federal income tax law.

Designation of REMIC(s). The REMIC Administrator will make an election to treat the segregated pool of assets described in the definition of REMIC I (as defined herein) (including the Mortgage Loans but excluding the Yield Maintenance AgreementsSwap Account, the Swap Agreement and the SB-AM Swap Agreement), and subject to this Agreement, as a REMIC (REMIC I) for federal income tax purposes. The REMIC Administrator will make an election to treat the segregated pool of assets consisting of the REMIC I Regular Interests as a REMIC (REMIC II) for federal income tax purposes. The REMIC Administrator will make an election to treat the segregated pool of assets comprised consisting of the REMIC II Regular Interests SB-IO and SB-PO as a REMIC (REMIC III) for federal income tax purposes. The REMIC I Regular Interests will be "regular interests" in REMIC I and the Class R-I Certificates will be the sole class of "residual interests" in REMIC I for purposes of the REMIC Provisions (as defined herein) under the federal income tax law. The Class A-1 Certificates, Class A-2 Certificates, Class A-3 Certificates, Class M-1 Certificates, Class M-2 Certificates, Class M-3 Certificates, Class M-4 Certificates, Class M-5 Certificates and REMIC II Regular Interests SB-IO and SB-PO will be "regular interests" in REMIC II, II and the Class R-II Certificates will represent be the sole class of "residual interests" in REMIC II for purposes of the REMIC Provisions (as defined herein) under the federal income tax law. The REMIC III Regular Interest Interests will be the "regular interestinterests" in REMIC III, ownership of which will be represented by the Class A Certificates, Class M-1 Certificates, Class M-2 Certificates, Class M-3 Certificates, Class M-4 Certificates, Class M-5 Certificates, Class M-6 Certificates, Class M-7 Certificates, Class M-8 Certificates, Class M-9 Certificates, Class M-10 Certificates and Class SB Certificates, and the Class R-X III Certificates will represent the sole class of "residual interests" in REMIC III for purposes of the REMIC Provisions (as defined herein) under federal income tax law.

Designation of REMIC(s). The REMIC Administrator will make an election to treat the segregated pool of assets described in the definition of REMIC I (as defined herein) (including the Mortgage Loans but excluding the Yield Maintenance AgreementsInitial Monthly Payment Fund and the Carryover Shortfall Reserve Fund), and subject to this Agreement, as a REMIC (REMIC I) for federal income tax purposes. The REMIC Administrator will make an election to treat the segregated pool of assets consisting of the Uncertificated REMIC I Regular Interests (and excluding the Initial Monthly Payment Fund and the Carryover Shortfall Reserve Fund), and subject to this Agreement, as a REMIC for federal income tax purposes, and will make an election to treat the segregated pool of assets consisting of the Uncertificated REMIC II Regular Interests (and excluding the Initial Monthly Payment Fund and the Carryover Shortfall Reserve Fund), and subject to this Agreement, as a REMIC II) for federal income tax purposes. The REMIC Administrator will make an election to treat the pool of assets comprised of REMIC II Regular Interests SB-IO and SB-PO as a REMIC (REMIC III) for federal income tax purposes. The Uncertificated REMIC I Regular Interests will be represent "regular interests" in REMIC I and Component 1 of the Class R-I Certificates will be represent ownership of the sole class of "residual interestsinterest" in REMIC I for purposes of the REMIC Provisions (as defined hereinin the Standard Terms) under the federal income tax law. The Class A-1 Certificates, Class A-2 Certificates, Class A-3 Certificates, Class M-1 Certificates, Class M-2 Certificates, Class M-3 Certificates, Class M-4 Certificates, Class M-5 Certificates and Uncertificated REMIC II Regular Interests SB-IO and SB-PO will be represent "regular interests" in REMIC IIII and Component 2 of the Class R-I Certificates will represent ownership of the sole "residual interest" in REMIC II for purposes of the REMIC Provisions. The Class 1-A-1, Class 1-A-2, Class 2-A-1, Class 2-A-2, Class 2-A-3, Class 3-A-1, Class 3-A-2, Class 3-A-3, Class X-1, Class X-2, Class X-3, Class M-1, Class M-2, Class M-3, Class M-4, Class M-5, Class M-6, Class B-1, Class B-2 and Class B-3 Certificates will represent "regular interests" in REMIC III, and the Class R-II Certificates will represent ownership of the sole class of "residual interests" in REMIC II for purposes of the REMIC Provisions (as defined herein) under federal income tax law. The REMIC III Regular Interest will be the "regular interest" in REMIC III, ownership of which will be represented by the Class SB Certificates, and the Class R-X Certificates will represent the sole class of "residual interests" in REMIC III for purposes of the REMIC Provisions under federal income tax law.

Designation of REMIC(s). The REMIC Administrator will make an election to treat the segregated pool of assets described in the definition of REMIC I (as defined herein) ), and subject to this Agreement (including the Mortgage Loans but excluding the Yield Maintenance AgreementsInitial Monthly Payment Fund and amounts, including the prepayment charges, to which the Class P Certificates are entitled), and subject to this Agreement, as a REMIC ("REMIC I") for federal income tax purposes. The REMIC Administrator will make an election to treat the segregated pool of assets consisting of the Uncertificated REMIC I Regular Interests Interests, and subject to this Agreement, as a REMIC ("REMIC II") for federal income tax purposes. The REMIC Administrator will make an election to treat the pool of assets comprised of REMIC II Regular Interests SB-IO and SB-PO as a REMIC (REMIC III) for federal income tax purposes. The Uncertificated REMIC I Regular Interests will be "regular interests" in REMIC I and the Class R-I Certificates will be the sole class of "residual interests" in REMIC I for purposes of the REMIC Provisions (as defined herein) under in the federal income tax lawStandard Terms). The Class A-1 I-A-1, Class I-A-2, Class II-A-1, Class II-A-2, Class I-A-V, Class I-A-P, Class II-A-V, Class II-A-P, Class M-1, Class M-2, Class M-3, Class B-1, Class B-2 and Class B-3 Certificates, Class A-2 Certificates, Class A-3 Certificates, Class M-1 Certificates, Class M-2 Certificates, Class M-3 Certificates, Class M-4 Certificates, Class M-5 Certificates and the Uncertificated REMIC II Regular Interests SBZ1 and Uncertificated REMIC II Regular Interest Z2, the rights in and to which will be represented by the related Class A-IO and SB-PO V Certificates, will be "regular interests" in the REMIC II, and the Class R-II Certificates will represent be the sole class of "residual interests" in REMIC II therein for purposes of the REMIC Provisions (as defined hereinin the Standard Terms) under federal income tax law. The REMIC III Regular Interest will be On and after the "regular interest" in REMIC IIIdate of issuance of any Subclass of related Class A-V Certificates pursuant to SECTION 5.01(c) of the Standard Terms, ownership of which will be represented by the Class SB Certificates, and the Class R-X Certificates any such Subclass will represent the sole class of "residual interests" in related Uncertificated REMIC III for purposes II Regular Interests Z1 or Uncertificated REMIC II Regular Interests Z2, as applicable, specified by the initial Holder of the REMIC Provisions under federal income tax lawrelated Class A-V Certificates pursuant to said Section. The Class P Certificates will not represent ownership of an interest in any REMIC.

Designation of REMIC(s). The REMIC Administrator will make an election to treat the entire segregated pool of assets described in the definition of REMIC I (as defined herein) Trust Fund, and subject to this Agreement (including the Mortgage Loans but excluding the Yield Maintenance Agreements), and subject to this Agreement, Initial Monthly Payment Fund) as a REMIC ("REMIC I") for federal income tax purposes. The REMIC Administrator and will make an election to treat the segregated pool of assets consisting of the REMIC I Regular Interests as a REMIC (REMIC II) for federal income tax purposes. The REMIC Administrator will make an and election to treat the pool of assets comprised of the Uncertificated REMIC II I Regular Interests SB-IO and SB-PO as a REMIC ("REMIC IIIII") for federal income tax purposes. The Uncertificated REMIC I Regular Interests will be "regular interests" in REMIC I and the Class R-I Certificates will be the sole class of "residual interests" in REMIC I for purposes of the REMIC Provisions (as defined herein) under the federal income tax law. The Class A-1 CertificatesA-1, Class A-2 CertificatesA-2, Class A-3 CertificatesA-2A, Class M-1 CertificatesA-3, Class M-2 CertificatesA-3A, Class M-3 CertificatesA-4, Xxxxx X-0, Xxass A-6, Class M-4 CertificatesA-6A, Class M-5 A-7, Class A-8, Class A-9, Class A-9A, Class A-P, Class M-1, Class M-2, Class M-3, Class B-1, Class B-2 and Class B-3 Certificates and the Uncertificated REMIC II Regular Interests SBZ, the rights in and to which will be represented by the Class A-IO and SB-PO V Certificates, will be "regular interests" in REMIC II, and the Class R-II Certificates will represent be the sole class of "residual interests" in REMIC II therein for purposes of the REMIC Provisions (as defined herein) under federal income tax law. The REMIC III Regular Interest will be On and after the "regular interest" in REMIC IIIdate of issuance of any Subclass of Class A-V Certificates pursuant to Section 5.01(c), ownership of which will be represented by the Class SB Certificates, and the Class R-X Certificates any such Subclass will represent the sole class of "residual interests" in Uncertificated REMIC III for purposes II Regular Interest or Interests Z specified by the initial Holder of the REMIC Provisions under federal income tax lawClass A-V Certificates pursuant to said Section.

Designation of REMIC(s). The REMIC Administrator will shall make an election to treat the entire segregated pool of assets described in the definition of REMIC I (as defined herein) (including the Mortgage Loans but excluding the Yield Maintenance Agreements)I, and subject to this Agreement, Agreement (including the Mortgage Loans) as a REMIC ("REMIC I") for federal income tax purposes. The REMIC Administrator will make an election to treat the segregated pool of assets consisting of the REMIC I Regular Interests as a REMIC (REMIC II) for federal income tax purposes. The REMIC Administrator will and shall make an election to treat the pool of assets comprised of the Uncertificated REMIC II I Regular Interests SB-IO and SB-PO as a REMIC ("REMIC IIIII") for federal income tax purposes. The Uncertificated REMIC I Regular Interests will be "regular interests" in REMIC I and the Class R-I Certificates will be the sole class of "residual interests" in REMIC I for purposes of the REMIC Provisions (as defined herein) under the federal income tax law. The Class A-1 CertificatesA-1, Class A-2 CertificatesA-2, Class A-3 CertificatesA-3, Class M-1 CertificatesA-4, Class M-2 CertificatesA-5, Class M-3 CertificatesA-6, Class M-4 CertificatesA-7 (exclusive of any rights to payment of amounts received pursuant to the Yield Maintenance Agreement), Class M-5 A-8, Class A-9, Class A-P, Class M-1, Class M-2, Class M-3, Class B-1, Class B-2 and Class B-3 Certificates and the Uncertificated REMIC II Regular Interests SBZ, the rights in and to which will be represented by the Class A-IO and SB-PO V Certificates, will be "regular interests" in REMIC II, and the Class R-II Certificates will represent be the sole class of "residual interests" in REMIC II therein for purposes of the REMIC Provisions (as defined herein) under federal income tax law. The REMIC III Regular Interest will be On and after the "regular interest" in REMIC IIIdate of issuance of any Subclass of Class A-V Certificates pursuant to Section 5.01(c) of the Standard Terms, ownership of which will be represented by the Class SB Certificates, and the Class R-X Certificates any such Subclass will represent the sole class of "residual interests" in Uncertificated REMIC III for purposes II Regular Interest or Interests Z specified by the initial Holder of the REMIC Provisions under federal income tax lawClass A-V Certificates pursuant to said Section.

Designation of REMIC(s). The REMIC Administrator will make an election to treat the segregated pool of assets described in the definition of REMIC I (as defined herein) (including the Mortgage Loans but excluding the Yield Maintenance AgreementsInitial Monthly Payment Fund), and subject to this Agreement, as a REMIC (REMIC I) for federal income tax purposes. The REMIC Administrator will make an election to treat the segregated pool of assets consisting of the Uncertificated REMIC I Regular Interests (and excluding the Initial Monthly Payment Fund), as a REMIC for federal income tax purposes, and will make an election to treat the segregated pool of assets consisting of the Uncertificated REMIC II Regular Interests (and excluding the Initial Monthly Payment Fund), and subject to this Agreement, as a REMIC II) for federal income tax purposes. The REMIC Administrator will make an election to treat the pool of assets comprised of REMIC II Regular Interests SB-IO and SB-PO as a REMIC (REMIC III) for federal income tax purposes. The Uncertificated REMIC I Regular Interests will be "regular interests" in REMIC I and the Class R-I Certificates will be the sole class of "residual interestsinterest" in REMIC I for purposes of the REMIC Provisions (as defined hereinin the Standard Terms) under the federal income tax law. The Class A-1 Certificates, Class A-2 Certificates, Class A-3 Certificates, Class M-1 Certificates, Class M-2 Certificates, Class M-3 Certificates, Class M-4 Certificates, Class M-5 Certificates and Uncertificated REMIC II Regular Interests SB-IO and SB-PO will be "regular interests" in REMIC II, II and the Class R-II Certificates will represent ownership of the sole class of "residual interestsinterest" in REMIC II for purposes of the REMIC Provisions (as defined herein) under federal income tax lawProvisions. The REMIC III Regular Interest Class A-I, Class A-I-IO, Class A-II, Class A-III-1, Class A-III-IO-1, Class A-III-2, Class A-III-3, Class A-III-IO-2 Class M-1, Class M-2, Class M-3, Class B-1, Class B-2 and Class B-3 Certificates will be the "regular interestinterests" in REMIC III, ownership of which will be represented by the Class SB Certificates, and the Class R-X III Certificates will represent ownership of the sole class of "residual interestsinterest" in REMIC III for purposes of the REMIC Provisions under federal income tax lawProvisions.

Designation of REMIC(s). The REMIC Administrator will make an election to treat the entire segregated pool of assets described in the definition of REMIC I (as defined herein) (including the Mortgage Loans but excluding the Yield Maintenance Agreements)Trust Estate, and subject to this Agreement (including the Mortgage Loans, but excluding the Pre-Funding Account and the Capitalized Interest Account as set forth in Section 2.06 of the Trust Agreement, and disregarding the right of the Class A-IO Certificateholders to Interest Shortfalls) as a REMIC ("REMIC I) for federal income tax purposes"). The REMIC Administrator will make an election to treat the segregated pool of assets consisting comprised of the REMIC I Regular Interests as a REMIC ("REMIC II") for federal income tax purposes. The REMIC Administrator will make an election to treat the pool of assets comprised of the REMIC II Regular Interests SB-IO and SB-PO as a REMIC ("REMIC III") for federal income tax purposes. The REMIC I Regular Interests will be "regular interests" in REMIC I and the Class R-I Certificates will be the sole class of "residual interests" in REMIC I for purposes of the REMIC Provisions (as defined herein) under the federal income tax law. The Class A-1 Certificates, Class A-2 Certificates, Class A-3 Certificates, Class M-1 Certificates, Class M-2 Certificates, Class M-3 Certificates, Class M-4 Certificates, Class M-5 Certificates and REMIC II Regular Interests SB-IO and SB-PO will be "regular interests" in REMIC II, II and the Class R-II Certificates will represent be the sole class of "residual interests" in REMIC II for purposes of the REMIC Provisions under the federal income tax law. The REMIC III Regular Interests will be "regular interests" in REMIC III and the Class R-III Certificates will be the sole class of "residual interests" therein for purposes of the REMIC Provisions (as defined herein) under federal income tax law. The REMIC III Regular Interest will be the "regular interest" in REMIC III, ownership of which will be represented by the Class SB Certificates, and the Class R-X Certificates will represent the sole class of "residual interests" in REMIC III for purposes of the REMIC Provisions under federal income tax law.

Designation of REMIC(s). The REMIC Administrator will make an election to treat the entire segregated pool of assets described in the definition of REMIC I (as defined herein) (including the Mortgage Loans but excluding the Yield Maintenance Agreements)Trust Estate, and subject to this AgreementAgreement (including the Mortgage Loans, as set forth in Section 2.06 of the Trust Agreement ) as a REMIC ("REMIC I) for federal income tax purposes. The REMIC Administrator will make an election to treat the segregated pool of assets consisting of the REMIC I Regular Interests as a REMIC (REMIC II) for federal income tax purposes. The REMIC Administrator "), will make an election to treat the pool of assets comprised of the REMIC I Regular Interests as a REMIC ("REMIC II"), and will make an election to treat the pool of assets comprised of the REMIC II Regular Interests SB-IO and SB-PO as a REMIC ("REMIC III) "), for federal income tax purposes. The REMIC I Regular Interests will be "regular interests" in REMIC I and the Class R-I Certificates will be the sole class of "residual interests" in REMIC I for purposes of the REMIC Provisions (as defined herein) under the federal income tax law. The Class A-1 Certificates, Class A-2 Certificates, Class A-3 Certificates, Class M-1 Certificates, Class M-2 Certificates, Class M-3 Certificates, Class M-4 Certificates, Class M-5 Certificates and REMIC II Regular Interests SB-IO and SB-PO will be "regular interests" in REMIC II, II and the Class R-II Certificates will represent be the sole class of "residual interests" in REMIC II therein for purposes of the REMIC Provisions (as defined herein) under federal income tax law. The REMIC III Regular Interest Interests will be the "regular interestinterests" in REMIC III, ownership of which will be represented by the Class SB Certificates, III and the Class R-X III Certificates will represent be the sole class of "residual interests" in REMIC III therein for purposes of the REMIC Provisions under federal income tax law.

Designation of REMIC(s). The REMIC Administrator will make an election to treat the entire segregated pool of assets described in the definition of REMIC I Trust Fund (as defined herein) except for the Reserve Fund and the Initial Monthly Payment Fund), and subject to this Agreement (including the Mortgage Loans but excluding the Yield Maintenance Agreements), and subject to this Agreement, Initial Monthly Payment Fund) as a REMIC ("REMIC I") for federal income tax purposes. The REMIC Administrator will make an election to treat the segregated pool of assets consisting of the REMIC I Regular Interests as a REMIC (REMIC II) for federal income tax purposes. The REMIC Administrator and will make an election to treat the pool of assets comprised of the Uncertificated REMIC II I Regular Interests SB-IO and SB-PO as a REMIC ("REMIC IIIII") for federal income tax purposes. The Uncertificated REMIC I Regular Interests will be "regular interests" in REMIC I and the Class R-I Certificates will be the sole class of "residual interests" in REMIC I for purposes of the REMIC Provisions (as defined herein) under the federal income tax law. The Class A-1 CertificatesCB, Class A-2 CertificatesNB-1, Class A-3 CertificatesNB-2, Class M-1 CertificatesNB-3, Class M-2 CertificatesA-P, Class M-3 CertificatesM-1, Class M-4 CertificatesM-2, Class M-5 M-3, Class B-1, Class B-2 and Class B-3 Certificates and the Uncertificated REMIC II Regular Interests SBZ, the rights in and to which will be represented by the Class A-IO and SB-PO V Certificates, will be "regular interests" in REMIC II, and the Class R-II Certificates will represent be the sole class of "residual interests" in REMIC II therein for purposes of the REMIC Provisions (as defined herein) under federal income tax law. The REMIC III Regular Interest will be On and after the "regular interest" in REMIC IIIdate of issuance of any Subclass of Class A-V Certificates pursuant to Section 5.01(c), ownership of which will be represented by the Class SB Certificates, and the Class R-X Certificates any such Subclass will represent the sole class of "residual interests" in Uncertificated REMIC III for purposes II Regular Interest or Interests Z specified by the initial Holder of the REMIC Provisions under federal income tax lawClass A-V Certificates pursuant to said Section.

Designation of REMIC(s). The REMIC Administrator will shall make an election to treat the entire segregated pool of assets described in the definition of REMIC I (as defined herein) (including the Mortgage Loans but excluding the Yield Maintenance Agreements)I, and subject to this Agreement, Agreement (including the Mortgage Loans) as a REMIC ("REMIC I") for federal income tax purposes. The REMIC Administrator will make an election to treat the segregated pool of assets consisting of the REMIC I Regular Interests as a REMIC (REMIC II) for federal income tax purposes. The REMIC Administrator will and shall make an election to treat the pool of assets comprised of the Uncertificated REMIC II I Regular Interests SB-IO and SB-PO as a REMIC ("REMIC IIIII") for federal income tax purposes. The Uncertificated REMIC I Regular Interests will be "regular interests" in REMIC I and the Class R-I Certificates will be the sole class of "residual interests" in REMIC I for purposes of the REMIC Provisions (as defined herein) under the federal income tax law. The Class-17, Class A-1 A-P, Class M-1, Class M-2, Class M-3, Class B-1, Class B-2 and Class B-3 Certificates, Class A-2 Certificates, Class A-3 Certificates, Class M-1 Certificates, Class M-2 Certificates, Class M-3 Certificates, Class M-4 Certificates, Class M-5 Certificates and the Uncertificated REMIC II Regular Interests SBZ, the rights in and to which will be represented by the Class A-IO V Certificates, and SB-PO the other Uncertificated REMIC II Regular Interests, the rights in and to which will be represented by their Related Classes of Certificates, will be "regular interests" in REMIC II, and the Class R-II Certificates will represent be the sole class of "residual interests" in REMIC II for purposes of the REMIC Provisions (as defined herein) under federal income tax law. The REMIC III Regular Interest will be the "regular interest" in REMIC III, ownership of which will be represented by the Class SB Certificates, and the Class R-X Certificates will represent the sole class of "residual interests" in REMIC III therein for purposes of the REMIC Provisions under federal income tax law. On and after the date of issuance of any Subclass of Class A-V Certificates pursuant to Section 5.01(c) of the Standard Terms, any such Subclass will represent the Uncertificated REMIC II Regular Interest or Interests Z specified by the initial Holder of the Class A-V Certificates pursuant to said Section. The Class P Certificates will not represent ownership of an interest in any REMIC.

Designation of REMIC(s). The REMIC Administrator will make an election to treat the segregated pool of assets described in the definition of REMIC I (as defined herein) ), and subject to this Agreement (including the Mortgage Loans but excluding the Yield Maintenance AgreementsInitial Monthly Payment Fund), and subject to this Agreement, as a REMIC (REMIC I) for federal income tax purposes. The REMIC Administrator will make an election to treat the segregated pool of assets consisting of the Uncertificated REMIC I Regular Interests Interests, and subject to this Agreement (excluding the Initial Monthly Payment Fund), as a REMIC (REMIC II) for federal income tax purposes. The REMIC Administrator purposes and will make an election to treat the segregated pool of assets comprised consisting of the Uncertificated REMIC II Regular Interests SB-IO Interests, and SB-PO subject to this Agreement (excluding the Initial Monthly Payment Fund), as a REMIC (REMIC III) for federal income tax purposes. The Uncertificated REMIC I Regular Interests will be "regular interests" in REMIC I and the Class R-I Certificates will be the sole class of "residual interests" in REMIC I for purposes of the REMIC Provisions (as defined herein) under in the federal income tax lawStandard Terms). The Class A-1 Certificates, Class A-2 Certificates, Class A-3 Certificates, Class M-1 Certificates, Class M-2 Certificates, Class M-3 Certificates, Class M-4 Certificates, Class M-5 Certificates and Uncertificated REMIC II Regular Interests SB-IO and SB-PO will be "regular interests" in REMIC II, II and the Class R-II Certificates will represent be the sole class of "residual interests" in REMIC II for purposes of the REMIC Provisions (as defined herein) under federal income tax lawin the Standard Terms). The REMIC III Regular Interest Class I-A, Class II-A-1, Class II-A-2, Class II-A-3, Class III-A, Class IV-A, Class M-1, Class M-2, Class M-3, Class B-1, Class B-2 and Class B-3 Certificates will be the "regular interestinterests" in REMIC III, ownership of which will be represented by the Class SB Certificates, and the Class R-X III Certificates will represent be the sole class of "residual interests" in REMIC III therein for purposes of the REMIC Provisions (as defined in the Standard Terms) under federal income tax law.

Designation of REMIC(s). The REMIC Administrator will shall make an election to treat the entire segregated pool of assets described in the definition of REMIC I (as defined herein) (including the Mortgage Loans but excluding the Yield Maintenance Agreements)Trust Fund, and subject to this Agreement, Agreement (including the Mortgage Loans) as a REMIC ("REMIC I") for federal income tax purposes. The REMIC Administrator will make an election to treat the segregated pool of assets consisting of the REMIC I Regular Interests as a REMIC (REMIC II) for federal income tax purposes. The REMIC Administrator will and shall make an election to treat the pool of assets comprised of the Uncertificated REMIC II I Regular Interests SB-IO and SB-PO as a REMIC ("REMIC IIIII") for federal income tax purposes. The Uncertificated REMIC I Regular Interests will be "regular interests" in REMIC I and the Class R-I Certificates will be the sole class of "residual interests" in REMIC I for purposes of the REMIC Provisions (as defined herein) under the federal income tax law. The Class A-1 CertificatesA-1, Class A-2 CertificatesA-2, Class A-3 Certificates(exclusive of any rights to payment of amounts received pursuant to the Yield Maintenance Agreement), Class M-1 CertificatesA-4, Class M-2 CertificatesA-5, Class M-3 CertificatesA-6, Class M-4 CertificatesA-P, Clasx X-0, Xxxxx X-2, Class M-5 M-3, Class B-1, Class B-2 and Class B-3 Certificates and the Uncertificated REMIC II Regular Interests SBZ, the rights in and to which will be represented by the Class A-IO and SB-PO V Certificates, will be "regular interests" in REMIC II, and the Class R-II Certificates will represent be the sole class of "residual interests" in REMIC II therein for purposes of the REMIC Provisions (as defined herein) under federal income tax law. The REMIC III Regular Interest will be On and after the "regular interest" in REMIC IIIdate of issuance of any Subclass of Class A-V Certificates pursuant to Section 5.01(c) of the Standard Terms, ownership of which will be represented by the Class SB Certificates, and the Class R-X Certificates any such Subclass will represent the sole class of "residual interests" in Uncertificated REMIC III for purposes II Regular Interest or Interests Z specified by the initial Holder of the REMIC Provisions under federal income tax lawClass A-V Certificates pursuant to said Section.

Designation of REMIC(s). The REMIC Administrator will make an election to treat the segregated pool of assets described in the definition of REMIC I (as defined herein) (including the Mortgage Group I Loans but excluding the Yield Maintenance AgreementsSwap Account, the Swap Agreement, the SB-AM Swap Agreement and the Class P Reserve Account), and subject to this Agreement, as a REMIC (REMIC I) for federal income tax purposes. The REMIC Administrator will make an election to treat the segregated pool of assets consisting of the REMIC I Regular Interests as a REMIC (REMIC II) for federal income tax purposes. The REMIC Administrator will make an election to treat the segregated pool of assets comprised consisting of the REMIC II Regular Interests SB-IO and SB-PO as a REMIC (REMIC III) for federal income tax purposes. The REMIC Administrator will make an election to treat the segregated pool of assets described in the definition of REMIC II (as defined herein) (including the Group II Loans but excluding the Class P Reserve Account), and subject to this Agreement, as a REMIC (REMIC IV) for federal income tax purposes. The REMIC I Regular Interests will be "“regular interests" ” in REMIC I and the Class I-R-I Certificates will be the sole class of "“residual interests" ” in REMIC I for purposes of the REMIC Provisions (as defined herein) under the federal income tax law. The REMIC II Regular Interests will be “regular interests” in REMIC II and the Class A-1 I-R-II Certificates will be the sole class of “residual interests” in REMIC II for purposes of the REMIC Provisions (as defined herein) under the federal income tax law. The REMIC III Regular Interests will be the “regular interests” in REMIC III, ownership of which will be represented by the Class I-A Certificates, Class A-2 Certificates, Class A-3 Certificates, Class I-M-1 Certificates, Class I-M-2 Certificates, Class I-M-3 Certificates, Class I-M-4 Certificates, Class I-M-5 Certificates, Class I-M-6 Certificates, Class I-M-7 Certificates, Class I-M-8 Certificates, Class I-M-9 Certificates and REMIC II Regular Interests SBClass I-IO and SBSB Certificates, Class I-PO will be "regular interests" in REMIC II, P Certificates and the Class I-R-II III Certificates will represent the sole class of "“residual interests" ” in REMIC II III for purposes of the REMIC Provisions (as defined herein) under federal income tax law. The REMIC III IV Regular Interest Interests will be the "“regular interest" interests” in REMIC IIIIV, ownership of which will be represented by the Class SB II-A-1 Certificates, Class II-A-2 Certificates, Class II-M-1 Certificates, Class II-M-2 Certificates, Class II-M-3 Certificates, Class II-B-1 Certificates, Class II-B-2 Certificates, Class II-B-3 Certificates, Class II-P Certificates and the Class II-R-X I Certificates will represent be the sole class of "“residual interests" ” in REMIC III IV for purposes of the REMIC Provisions (as defined herein) under the federal income tax law. The Class P Certificates will not represent ownership of an interest in any REMIC.

Designation of REMIC(s). The REMIC Administrator will shall make an election to treat the entire segregated pool of assets described in the definition of REMIC I (as defined herein) (including the Mortgage Loans but excluding the Yield Maintenance Agreements)Trust Fund, and subject to this Agreement, Agreement (including the Mortgage Loans) as a REMIC ("REMIC I") for federal income tax purposes. The REMIC Administrator will make an election to treat the segregated pool of assets consisting of the REMIC I Regular Interests as a REMIC (REMIC II) for federal income tax purposes. The REMIC Administrator will and shall make an election to treat the pool of assets comprised of the Uncertificated REMIC II I Regular Interests SB-IO and SB-PO as a REMIC ("REMIC IIIII") for federal income tax purposes. The Uncertificated REMIC I Regular Interests will be "regular interests" in REMIC I and the Class R-I Certificates will be the sole class of "residual interests" in REMIC I for purposes of the REMIC Provisions (as defined herein) under the federal income tax law. The Class A-1 CertificatesA-1, Class A-2 CertificatesA-2, Class A-3 CertificatesA-3, Class M-1 CertificatesA-4, Class M-2 CertificatesA-5, Class M-3 CertificatesA-6, Class M-4 CertificatesA-P, Class M-5 M-1, Class M-2, Class M-3, Class B-1, Class B-2 and Class B-3 Certificates and the Uncertificated REMIC II Regular Interests SBZ, the rights in and to which will be represented by the Class A-IO and SB-PO V Certificates, will be "regular interests" in REMIC II, and the Class R-II Certificates will represent be the sole class of "residual interests" in REMIC II therein for purposes of the REMIC Provisions (as defined herein) under federal income tax law. The REMIC III Regular Interest will be On and after the "regular interest" in REMIC IIIdate of issuance of any Subclass of Class A-V Certificates pursuant to Section 5.01(c) of the Standard Terms, ownership of which will be represented by the Class SB Certificates, and the Class R-X Certificates any such Subclass will represent the sole class of "residual interests" in Uncertificated REMIC III for purposes II Regular Interest or Interests Z specified by the initial Holder of the REMIC Provisions under federal income tax lawClass A-V Certificates pursuant to said Section.

Designation of REMIC(s). The REMIC Administrator will make an election to treat the segregated pool of assets described in the definition of REMIC I (as defined herein) (including the Mortgage Loans but excluding the Initial Monthly Payment Fund, the Yield Maintenance AgreementsAgreement Reserve Fund and the Class P Reserve Account), and subject to this Agreement, as a REMIC for federal income tax purposes. The REMIC Administrator will make an election to treat the segregated pool of assets consisting of the Uncertificated REMIC I Regular Interests (excluding the Initial Monthly Payment Fund, the Yield Maintenance Agreement Reserve Fund and the Class P Reserve Account), as a REMIC (REMIC III) for federal income tax purposes. The REMIC Administrator will make an election to treat the segregated pool of assets consisting of the REMIC I Regular Interests as a REMIC (REMIC II) for federal income tax purposes. The REMIC Administrator will make an election to treat the pool of assets comprised of Uncertificated REMIC II Regular Interests SB-IO (excluding the Initial Monthly Payment Fund, the Yield Maintenance Agreement Reserve Fund and SB-PO the Class P Reserve Account), as a REMIC (REMIC III) for federal income tax purposes. The Uncertificated REMIC I Regular Interests will be "regular interests" in REMIC I and the Class R-I Certificates will be represent ownership of the sole class of "residual interests" in REMIC I for purposes of the REMIC Provisions (as defined hereinin the Standard Terms) under the federal income tax law. The Class A-1 Certificates, Class A-2 Certificates, Class A-3 Certificates, Class M-1 Certificates, Class M-2 Certificates, Class M-3 Certificates, Class M-4 Certificates, Class M-5 Certificates and Uncertificated REMIC II Regular Interests SB-IO and SB-PO will be "regular interests" in REMIC II, II and the Class R-II Certificates will represent ownership of the sole class of "residual interests" in REMIC II for purposes of the REMIC Provisions (as defined herein) under federal income tax law. The REMIC III Regular Interest Class I-A-1 (exclusive of rights to receive Carryover Shortfall Amounts, including such amounts payable under any Yield Maintenance Agreement), Class I-A-2 (exclusive of rights to receive Carryover Shortfall Amounts, including such amounts payable under any Yield Maintenance Agreement), Class I-A-IO, Class II-A-1, Class II-A-2, Class II-A-IO, Class III-A-1, Class III-A-2, Class III-A-IO, Class M-1, Class M-2, Class M-3, Class B-1, Class B-2 and Class B-3 Certificates, will be the represent ownership of "regular interestinterests" in REMIC III, ownership of which will be represented by the Class SB Certificates, III and the Class R-X III Certificates will represent ownership of the sole class of "residual interests" in REMIC III for purposes of the REMIC Provisions under federal income tax lawProvisions. The Class P Certificates will not represent ownership of an interest in any REMIC.

Designation of REMIC(s). The REMIC Administrator will shall make an election to treat the segregated pool HELs in Loan Group I and the proceeds of assets described the HELs in Loan Group I and the proceeds of the Group I Policy on deposit in the definition of REMIC I (as defined herein) (including Distribution Account, the Mortgage Loans but excluding Custodial Account and the Yield Maintenance Agreements), and subject to this Agreement, Payment Account as a REMIC ("REMIC I") for federal income tax purposes. The REMIC Administrator will make an election to treat the segregated pool of assets consisting of the REMIC I Regular Interests as a REMIC (REMIC II) for federal income tax purposes. The REMIC Administrator and will make an election to treat the pool of assets comprised of the REMIC I Regular Interests as a REMIC ("REMIC II") for federal income tax purposes. Further, the REMIC Administrator shall make an election to treat the pool of assets comprised of the REMIC II Regular Interests SB-IO and SB-PO as a REMIC ("REMIC III") for federal income tax purposes. The REMIC I Regular Interests will be "regular interests" in REMIC I and the Class R-I Certificates will be the sole class of "residual interests" in REMIC I for purposes of the REMIC Provisions (as defined herein) under the federal income tax law. The Class A-1 Certificates, Class A-2 Certificates, Class A-3 Certificates, Class M-1 Certificates, Class M-2 Certificates, Class M-3 Certificates, Class M-4 Certificates, Class M-5 Certificates and REMIC II Regular Interests SB-IO and SB-PO will be "regular interests" in REMIC II, II and the Class R-II Certificates will represent be the sole class of "residual interests" in REMIC II for purposes of the REMIC Provisions (as defined herein) under the federal income tax law. The REMIC III Regular Interest Interests will be the "regular interestinterests" in REMIC III, ownership of which will be represented by the Class SB Certificates, III and the Class R-X III Certificates will represent be the sole class of "residual interests" in REMIC III for purposes of the REMIC Provisions under the federal income tax law.

Designation of REMIC(s). The REMIC Administrator will make an election to treat the segregated pool of assets described in the definition of REMIC I (as defined herein) (including the Mortgage Loans but excluding the Yield Maintenance AgreementsBasis Risk Shortfall Reserve Fund), and subject to this Agreement, as a REMIC (REMIC I) for federal income tax purposes. The REMIC Administrator will make an election to treat the segregated pool of assets consisting of the REMIC I Regular Interests as a REMIC (REMIC II-A) for federal income tax purposes. The REMIC Administrator will make an election to treat the segregated pool of assets consisting of the REMIC II-A Regular Interests as a REMIC (REMIC II-B) for federal income tax purposes. The REMIC Administrator will make an election to treat the pool of assets comprised of the REMIC II-B Regular Interests as a REMIC (REMIC III) for federal income tax purposes. The REMIC Administrator will make an election to treat the pool of assets comprised of REMIC II III Regular Interests SB-IO and SB-PO as a REMIC (REMIC IIIIV) for federal income tax purposes. The REMIC I Regular Interests will be "regular interests" in REMIC I and the Class R-I Certificates will be the sole class of "residual interests" in REMIC I for purposes of the REMIC Provisions (as defined herein) under the federal income tax law. The REMIC II-A Regular Interests will be "regular interests" in REMIC II-A and Component I of the Class R-II Certificates will be the sole class of "residual interests" in REMIC II-A for purposes of the REMIC Provisions under the federal income tax law. The REMIC II-B Regular Interests will be "regular interests" in REMIC II-B and Component II of the Class R-II Certificates will be the sole class of "residual interests" in REMIC II-B for purposes of the REMIC Provisions under the federal income tax law. The Class A-1 I-A Certificates, Class A-2 II-A Certificates, Class A-3 M Certificates, Class M-1 Certificates, Class M-2 Certificates, Class M-3 Certificates, Class M-4 Certificates, Class M-5 SB Certificates and REMIC II III Regular Interests SB-IO and SB-PO will be "regular interests" in REMIC IIIII, and the Class R-II III Certificates will represent be the sole class of "residual interests" in REMIC II therein for purposes of the REMIC Provisions (as defined herein) under federal income tax law. The REMIC III IV Regular Interest will be the "regular interest" in REMIC IIIIV, ownership of which will be represented by the Class SB Certificates, and the Class R-X Certificates will represent the sole class of "residual interests" in REMIC III IV for purposes of the REMIC Provisions under federal income tax law.

Designation of REMIC(s). The REMIC Administrator will make an election to treat the entire segregated pool of assets described in the definition of REMIC I (as defined herein) (including the Mortgage Loans but excluding the Yield Maintenance Agreements)Trust Estate, and subject to this AgreementAgreement (including the Mortgage Loans, but excluding the Pre-funding Account and the Capitalized Interest Account as set forth in Section 2.06 of the Trust Agreement ) as a REMIC ("REMIC I") for federal income tax purposes. The REMIC Administrator and will make an and election to treat the segregated pool of assets consisting comprised of the REMIC I Regular Interests as a REMIC ("REMIC II) for federal income tax purposes. The REMIC Administrator will make an election to treat the pool of assets comprised of REMIC II Regular Interests SB-IO and SB-PO as a REMIC (REMIC III") for federal income tax purposes. The REMIC I Regular Interests will be "regular interests" in REMIC I and the Class R-I Certificates will be the sole class of "residual interests" in REMIC I for purposes of the REMIC Provisions (as defined herein) under the federal income tax law. The Class A-1 Certificates, Class A-2 Certificates, Class A-3 Certificates, Class M-1 Certificates, Class M-2 Certificates, Class M-3 Certificates, Class M-4 Certificates, Class M-5 Certificates and REMIC II Regular Interests SB-IO and SB-PO will be "regular interests" in REMIC II, II and the Class R-II Certificates will represent be the sole class of "residual interests" in REMIC II for purposes of the REMIC Provisions under the federal income tax law. The Class A-I, Class A-II-1, Class A-II-2, Class A-II-3, Class A-II-4, Class A-II-5, Class A-II-6, Class A-IO Notes and the Class SB Certificates will be "regular interests" in REMIC III, and the Class R-III Certificates will be the sole class of "residual interests" therein for purposes of the REMIC Provisions (as defined herein) under federal income tax law. The REMIC III Regular Interest will be the "regular interest" in REMIC III, ownership of which will be represented by the Class SB Certificates, and the Class R-X Certificates will represent the sole class of "residual interests" in REMIC III for purposes of the REMIC Provisions under federal income tax law.

Designation of REMIC(s). The REMIC Administrator will make an election to treat the segregated pool of assets described in the definition of REMIC I (as defined herein) (including the Mortgage Loans but excluding the Yield Maintenance AgreementsBasis Risk Shortfall Reserve Fund), and subject to this Agreement, as a REMIC (REMIC I) for federal income tax purposes. The REMIC Administrator will make an election to treat the segregated pool of assets consisting of the REMIC I Regular Interests as a REMIC (REMIC II) for federal income tax purposes. The REMIC Administrator purposes and will make an election to treat the pool of assets comprised of the Uncertificated REMIC II Regular Interests SB-IO and SB-PO as a REMIC ("REMIC III") for federal income tax purposes. The Uncertificated REMIC I Regular Interests will be "regular interests" in REMIC I and the Class R-I Certificates will be the sole class of "residual interests" in REMIC I for purposes of the REMIC Provisions (as defined herein) under the federal income tax law. The Class A-1 Certificates, Class A-2 Certificates, Class A-3 Certificates, Class M-1 Certificates, Class M-2 Certificates, Class M-3 Certificates, Class M-4 Certificates, Class M-5 Certificates and Uncertificated REMIC II Regular Interests SB-IO and SB-PO will be "regular interests" in REMIC II, II and the Class R-II Certificates will represent be the sole class of "residual interests" in REMIC II for purposes of the REMIC Provisions (as defined herein) under the federal income tax law. The Class I-A Certificates, Class II-A Certificates, Class M Certificates, Class SB Certificates and the Uncertificated REMIC III Regular Interest Interests, will be the "regular interestinterests" in REMIC III, ownership of which will be represented by the Class SB Certificates, and the Class R-X III Certificates will represent be the sole class of "residual interests" in REMIC III therein for purposes of the REMIC Provisions (as defined herein) under federal income tax law.

Designation of REMIC(s). The REMIC Administrator will make an election to treat the entire segregated pool of assets described in the definition of REMIC I Trust Fund (as defined herein) except for the Reserve Fund and the Initial Monthly Payment Fund), and subject to this Agreement (including the Mortgage Loans but excluding the Yield Maintenance Agreements), and subject to this Agreement, Initial Monthly Payment Fund) as a REMIC ("REMIC I") for federal income tax purposes. The REMIC Administrator and will make an election to treat the segregated pool of assets consisting of the REMIC I Regular Interests as a REMIC (REMIC II) for federal income tax purposes. The REMIC Administrator will make an and election to treat the pool of assets comprised of the Uncertificated REMIC II I Regular Interests SB-IO and SB-PO as a REMIC ("REMIC IIIII") for federal income tax purposes. The Uncertificated REMIC I Regular Interests will be "regular interests" in REMIC I and the Class R-I Certificates will be the sole class of "residual interests" in REMIC I for purposes of the REMIC Provisions (as defined herein) under the federal income tax law. The Class A-1 CertificatesA-1, Class A-2 CertificatesA-2, Class A-3 CertificatesA-2A, Class M-1 CertificatesA-3, Class M-2 CertificatesA-4, Cxxxx X-0, Xxxxs A-6, Class M-3 CertificatesA-P, Class M-4 CertificatesM-1, Class M-5 M-2, Class M-3, Class B-1, Class B-2 and Class B-3 Certificates and the Uncertificated REMIC II Regular Interests SBZ, the rights in and to which will be represented by the Class A-IO and SB-PO V Certificates, will be "regular interests" in REMIC II, and the Class R-II Certificates will represent be the sole class of "residual interests" in REMIC II therein for purposes of the REMIC Provisions (as defined herein) under federal income tax law. The REMIC III Regular Interest will be On and after the "regular interest" in REMIC IIIdate of issuance of any Subclass of Class A-V Certificates pursuant to Section 5.01(c), ownership of which will be represented by the Class SB Certificates, and the Class R-X Certificates any such Subclass will represent the sole class of "residual interests" in Uncertificated REMIC III for purposes II Regular Interest or Interests Z specified by the initial Holder of the REMIC Provisions under federal income tax lawClass A-V Certificates pursuant to said Section.

Designation of REMIC(s). The REMIC Administrator will make an election to treat the entire segregated pool of assets described in the definition of REMIC I (as defined herein) (including the Mortgage Loans but excluding the Yield Maintenance Agreements)Trust Estate, and subject to this AgreementAgreement (including the Mortgage Loans, as set forth in Section 2.06 of the Trust Agreement ) as a REMIC ("REMIC I") for federal income tax purposes. The REMIC Administrator will make an election to treat the segregated pool of assets consisting of the REMIC I Regular Interests as a REMIC (REMIC II) for federal income tax purposes. The REMIC Administrator and will make an election to treat the pool of assets comprised of the REMIC II I Regular Interests SB-IO and SB-PO as a REMIC ("REMIC IIIII") for federal income tax purposes. The REMIC I Regular Interests will be "regular interests" in REMIC I and the Class R-I Certificates will be the sole class of "residual interests" in REMIC I for purposes of the REMIC Provisions (as defined herein) under the federal income tax law. The Class A-1 Certificates, Class A-2 Certificates, Class A-3 Certificates, Class M-1 Certificates, Class M-2 Certificates, Class M-3 Certificates, Class M-4 Certificates, Class M-5 Certificates and REMIC II Regular Interests SB-IO and SB-PO will be "regular interests" in REMIC II, II and the Class R-II Certificates will represent be the sole class of "residual interests" in REMIC II for purposes of the REMIC Provisions under the federal income tax law. The REMIC III Regular Interests will be "regular interests" in REMIC III and the Class R-III Certificates will be the sole class of "residual interests" therein for purposes of the REMIC Provisions (as defined herein) under federal income tax law. The REMIC III Regular Interest will be the "regular interest" in REMIC III, ownership of which will be represented by the Class SB Certificates, and the Class R-X Certificates will represent the sole class of "residual interests" in REMIC III for purposes of the REMIC Provisions under federal income tax law.[Signature Page Follows]

Designation of REMIC(s). The REMIC Administrator will make an election to treat the segregated pool of assets described in the definition of REMIC I (as defined herein) (including the Mortgage Loans but excluding the Yield Maintenance AgreementsBasis Risk Shortfall Reserve Fund ), and subject to this Agreement, as a REMIC (REMIC I) for federal income tax purposes. The REMIC Administrator will make an election to treat the segregated pool of assets consisting of the REMIC I Regular Interests as a REMIC (REMIC II) for federal income tax purposes. The REMIC Administrator will make an election to treat the pool of assets comprised of REMIC II Regular Interests P, SB-IO and SB-PO as a REMIC (REMIC III) for federal income tax purposes. The REMIC I Regular Interests will be "regular interests" in REMIC I and the Class R-I Certificates will be the sole class of "residual interests" in REMIC I for purposes of the REMIC Provisions (as defined herein) under the federal income tax law. The Class A-1 Certificates, Class A-2 Certificates, Class A-3 Certificates, Class M-1 Certificates, Class M-2 Certificates, Class M-3 Certificates, Class M-4 Certificates, Class M-5 Certificates, Class M-6 Certificates, Class M-7 Certificates, Class M-8 Certificates, Class M-9 Certificates, Class B Certificates and REMIC II Regular Interests P, SB-PO and SB-IO and SB-PO will be "regular interests" in REMIC II, and the Class R-II Certificates will represent the sole class of "residual interests" in REMIC II for purposes of the REMIC Provisions (as defined herein) under federal income tax law. The REMIC III Regular Interest Interests will be the "regular interestinterests" in REMIC III, ownership of which will be represented by the Class SB Certificates, Certificates and Class P Certificates and the Class R-X Certificates will represent the sole class of "residual interests" in REMIC III for purposes of the REMIC Provisions under federal income tax law.

Designation of REMIC(s). The REMIC Administrator will make an election to treat the entire segregated pool of assets described in the definition of REMIC I (as defined herein) (including the Mortgage Loans but excluding the Yield Maintenance Agreements)Trust Estate, and subject to this Agreement, Agreement (including the Mortgage Loans) as a REMIC ("REMIC I") for federal income tax purposes. The REMIC Administrator will make an election to treat the segregated pool of assets consisting of the REMIC I Regular Interests as a REMIC (REMIC II) for federal income tax purposes. The REMIC Administrator and will make an election to treat the pool of assets comprised of the REMIC II I Regular Interests SB-IO and SB-PO as a REMIC ("REMIC IIIII") for federal income tax purposes. The REMIC I Regular Interests will be "regular interests" in REMIC I and the Class R-I Certificates will be the sole class of "residual interests" in REMIC I for purposes of the REMIC Provisions (as defined herein) under the federal income tax law. The Class A-1 Certificates, Class A-2 Certificates, Class A-3 Certificates, Class M-1 Certificates, Class M-2 Certificates, Class M-3 Certificates, Class M-4 Certificates, Class M-5 Certificates and REMIC II Regular Interests SB-IO and SB-PO will be "regular interests" in REMIC II, II and the Class R-II Certificates will represent be the sole class of "residual interests" in REMIC II for purposes of the REMIC Provisions under the federal income tax law. The REMIC III Regular Interests will be "regular interests" in REMIC III and the Class R-III Certificates will be the sole class of "residual interests" therein for purposes of the REMIC Provisions (as defined herein) under federal income tax law. The REMIC III Regular Interest will be the "regular interest" in REMIC III, ownership of which will be represented by the Class SB Certificates, and the Class R-X Certificates will represent the sole class of "residual interests" in REMIC III for purposes of the REMIC Provisions under federal income tax law.

Designation of REMIC(s). The REMIC Administrator will make an election to treat the segregated pool of assets described in the definition of REMIC I (as defined herein) (including the Mortgage Loans but excluding the Yield Maintenance AgreementsSwap Account, the Swap Agreement and the SB-AMB Swap Agreement), and subject to this Agreement, as a REMIC (REMIC I) for federal income tax purposes. The REMIC Administrator will make an election to treat the segregated pool of assets consisting of the REMIC I Regular Interests as a REMIC (REMIC II) for federal income tax purposes. The REMIC Administrator will make an election to treat the segregated pool of assets comprised consisting of the REMIC II Regular Interests SB-IO and SB-PO as a REMIC (REMIC III) for federal income tax purposes. The REMIC I Regular Interests will be "regular interests" in REMIC I and the Class R-I Certificates will be the sole class of "residual interests" in REMIC I for purposes of the REMIC Provisions (as defined herein) under the federal income tax law. The Class A-1 Certificates, Class A-2 Certificates, Class A-3 Certificates, Class M-1 Certificates, Class M-2 Certificates, Class M-3 Certificates, Class M-4 Certificates, Class M-5 Certificates and REMIC II Regular Interests SB-IO and SB-PO will be "regular interests" in REMIC II, II and the Class R-II Certificates will represent be the sole class of "residual interests" in REMIC II for purposes of the REMIC Provisions (as defined herein) under the federal income tax law. The REMIC III Regular Interest Interests will be the "regular interestinterests" in REMIC III, ownership of which will be represented by the Class A Certificates, Class M-1 Certificates, Class M-2 Certificates, Class M-3 Certificates, Class M-4 Certificates, Class M-5 Certificates, Class M-6 Certificates, Class M-7 Certificates, Class M-8 Certificates, Class M-9 Certificates, Class B Certificates and Class SB Certificates, and the Class R-X III Certificates will represent the sole class of "residual interests" in REMIC III for purposes of the REMIC Provisions (as defined herein) under federal income tax law.

Designation of REMIC(s). The REMIC Administrator will shall make an election to treat the entire segregated pool of assets described in the definition of REMIC I (as defined herein) (including the Mortgage Loans but excluding the Yield Maintenance Agreements)I, and subject to this Agreement, Agreement (including the Mortgage Loans) as a REMIC ("REMIC I") for federal income tax purposes. The REMIC Administrator will make an election to treat the segregated pool of assets consisting of the REMIC I Regular Interests as a REMIC (REMIC II) for federal income tax purposes. The REMIC Administrator will and shall make an election to treat the pool of assets comprised of the Uncertificated REMIC II I Regular Interests SB-IO and SB-PO as a REMIC ("REMIC IIIII") for federal income tax purposes. The Uncertificated REMIC I Regular Interests will be "regular interests" in REMIC I and the Class R-I Certificates will be the sole class of "residual interests" in REMIC I for purposes of the REMIC Provisions (as defined herein) under the federal income tax law. The Class A-1 Certificates, Class A-2 Certificates, Class A-3 Certificates, Class M-1 Certificates, Class M-2 Certificates, Class M-3 Certificates, Class M-4 Certificates, Class M-5 Certificates and Uncertificated REMIC II Regular Interests SBZ, the rights in and to which will be represented by the Class A-IO V Certificates, and SB-PO the other Uncertificated REMIC II Regular Interests, the rights in and to which will be represented by their Related Classes of Certificates, will be "regular interests" in REMIC II, and the Class R-II Certificates will represent be the sole class of "residual interests" in REMIC II for purposes of the REMIC Provisions (as defined herein) under federal income tax law. The REMIC III Regular Interest will be the "regular interest" in REMIC III, ownership of which will be represented by the Class SB Certificates, and the Class R-X Certificates will represent the sole class of "residual interests" in REMIC III therein for purposes of the REMIC Provisions under federal income tax law. On and after the date of issuance of any Subclass of Class A-V Certificates pursuant to Section 5.01(c) of the Standard Terms, any such Subclass will represent the Uncertificated REMIC II Regular Interest or Interests Z specified by the initial Holder of the Class A-V Certificates pursuant to said Section. The Class P Certificates will not represent ownership of an interest in any REMIC.

Designation of REMIC(s). The REMIC Securities Administrator will shall make an election to treat the entire segregated pool of assets described in the definition of REMIC I (as defined herein) (including the Mortgage Loans but excluding the Yield Maintenance Agreements)1, and subject to this Agreement, Agreement (including the Mortgage Loans) as a REMIC (“REMIC I) for federal income tax purposes. The REMIC Administrator will make an election to treat the segregated pool of assets consisting of the REMIC I Regular Interests as a REMIC (REMIC II) for federal income tax purposes. The REMIC Administrator will 1”), shall make an election to treat the pool of assets comprised of the uncertificated REMIC II 1 Regular Interests SB-IO and SB-PO as a REMIC (“REMIC III2”) for federal income tax purposes and shall make an election to treat the pool of assets comprised of the uncertificated REMIC 2 Regular Interests as a REMIC (“REMIC 3”) for federal income tax purposes. The REMIC I 1 Regular Interests will be "“regular interests" ” in REMIC I 1 and the Class R-I R-1 Interest of the Class R Certificates will be the sole class of "“residual interests" ” in REMIC I 1 for purposes of the REMIC Provisions (as defined herein) under the federal income tax law. The Class A-1 Certificates, Class A-2 Certificates, Class A-3 Certificates, Class M-1 Certificates, Class M-2 Certificates, Class M-3 Certificates, Class M-4 Certificates, Class M-5 Certificates and REMIC II 2 Regular Interests SB-IO and SB-PO will be "“regular interests" ” in REMIC II2, and the Class R-II R-2 Interest of the Class R Certificates will represent be the sole class of "“residual interests" in REMIC II ” therein for purposes of the REMIC Provisions (as defined herein) under federal income tax law. The Uncertificated REMIC III 3 Regular Interest will be Interests, the "regular interest" in REMIC III, ownership of which is evidenced by the Exchangeable and Exchanged Certificates, as the case may be, the Class I-A-I, Class I-A-2, Class II-A-4, Class III-A-5, Class B-1, Class B-2, Class B-3, Class B-4, Class B-5 and Class B-6 Certificates, will be represented by “regular interests” in REMIC 3 and Class R-3 Interest of the Class SB Certificates, and the Class R-X R Certificates will represent be the sole class of "“residual interests" in REMIC III ” therein for purposes of the REMIC Provisions (as defined herein) under federal income tax law.

Designation of REMIC(s). The REMIC Administrator will make an election to treat the segregated pool of assets described in the definition of REMIC I (as defined herein) (including the Mortgage Loans but excluding the Yield Maintenance AgreementsInitial Monthly Payment Fund and the Carryover Shortfall Reserve Fund), and subject to this Agreement, as a REMIC (REMIC I) for federal income tax purposes. The REMIC Administrator will make an election to treat the segregated pool of assets consisting of the Uncertificated REMIC I Regular Interests (and excluding the Initial Monthly Payment Fund and the Carryover Shortfall Reserve Fund), as a REMIC (REMIC II) for federal income tax purposes. The REMIC Administrator will make an election to treat the pool of assets comprised of REMIC II Regular Interests SB-IO and SB-PO as a REMIC (REMIC III) for federal income tax purposes. The Uncertificated REMIC I Regular Interests will be represent "regular interests" in REMIC I and the Class R-I Certificates will be represent ownership of the sole class of "residual interestsinterest" in REMIC I for purposes of the REMIC Provisions (as defined hereinin the Standard Terms) under the federal income tax law. The Class A-1 CertificatesA-1, Class A-2 CertificatesA-2, Class A-3 CertificatesA-3, Class M-1 CertificatesX, Class M-2 CertificatesX-0, Xxxxx X-0, Class M-3 CertificatesM-3, Class M-4 CertificatesB-1, Class M-5 B-2 and Class B-3 Certificates and REMIC II Regular Interests SB-IO and SB-PO will be represent "regular interests" in REMIC II, and the Class R-II Certificates will represent ownership of the sole class of "residual interestsinterest" in REMIC II for purposes of the REMIC Provisions (as defined herein) under federal income tax law. The REMIC III Regular Interest will be the "regular interest" in REMIC III, ownership of which will be represented by the Class SB Certificates, and the Class R-X Certificates will represent the sole class of "residual interests" in REMIC III for purposes of the REMIC Provisions under federal income tax law.

Designation of REMIC(s). The REMIC Administrator will make an election to treat the segregated pool of assets described in the definition of REMIC I (as defined herein) (including the Mortgage Loans but excluding the Yield Maintenance AgreementsSupplemental Interest Trust Account, the Swap Agreement and the SB-AM Swap Agreement), and subject to this Agreement, as a REMIC (REMIC I) for federal income tax purposes. The REMIC Administrator will make an election to treat the segregated pool of assets consisting of the REMIC I Regular Interests as a REMIC (REMIC II) for federal income tax purposes. The REMIC Administrator will make an election to treat the segregated pool of assets comprised consisting of the REMIC II Regular Interests SB-IO and SB-PO as a REMIC (REMIC III) for federal income tax purposes. The REMIC Administrator will make an election to treat the segregated pool of assets consisting of the REMIC III Regular Interests as a REMIC (REMIC IV) for federal income tax purposes. The REMIC Administrator will make an election to treat the segregated pool of assets consisting of REMIC IV Regular Interests SB-PO, SB-IO and IO as a REMIC (REMIC V) for federal income tax purposes. The REMIC I Regular Interests will be "regular interests" in REMIC I and the Class R-I Certificates will be the sole class of "residual interests" in REMIC I for purposes of the REMIC Provisions (as defined herein) under the federal income tax law. The REMIC II Regular Interests will be "regular interests" in REMIC II and the Class A-1 CertificatesR-II Certificates will be the sole class of "residual interests" in REMIC II for purposes of the REMIC Provisions under the federal income tax law. The REMIC III Regular Interests will be "regular interests" in REMIC III and the Class R-III Certificates will be the sole class of "residual interests" in REMIC III for purposes of the REMIC Provisions under the federal income tax law. The REMIC IV Regular Interests will be the "regular interests" in REMIC IV, ownership of which, except in the case of REMIC IV Regular Interests SB-IO, SB-PO and IO, will be represented by the Class A-2 Certificates, Class A-3 A Certificates, Class M-1 Certificates, Class M-2 Certificates, Class M-3 Certificates, Class M-4 Certificates, Class M-5 Certificates and REMIC II Regular Interests SB-IO and SB-PO will be "regular interests" in REMIC IICertificates, Class M-6 Certificates, Class M-7 Certificates, Class M-8 Certificates, Class M-9 Certificates, Class M-10 Certificates, and the Class R-II IV Certificates will represent the sole class of "residual interests" in REMIC II IV for purposes of the REMIC Provisions (as defined herein) under federal income tax law. 118 The REMIC III V Regular Interest Interests will be the "regular interestinterests" in REMIC IIIV, ownership of which will be represented by the Class SB Certificates, and the Class R-X Certificates will represent the sole class of "residual interests" in REMIC III V for purposes of the REMIC Provisions under federal income tax law.

Designation of REMIC(s). The REMIC Administrator will shall make an election to treat the entire segregated pool of assets described in the definition of REMIC I (as defined herein) (including the Mortgage Loans but excluding the Yield Maintenance Agreements)I, and subject to this Agreement, Agreement (including the Group I Loans and Group II Loans) as a REMIC ("REMIC I") for federal income tax purposes. The REMIC Administrator will shall make an election to treat the entire segregated pool of assets consisting described in the definition of REMIC II, and subject to this Agreement (including the REMIC I Regular Interests Group III Loans) as a REMIC ("REMIC II") for federal income tax purposes. The REMIC Administrator will shall make an election to treat the entire segregated pool of assets comprised of the Uncertificated REMIC II I Regular Interests SB-IO and SB-PO as a REMIC ("REMIC III") for federal income tax purposes. The REMIC Administrator shall make an election to treat the entire segregated pool of assets comprised of the Uncertificated REMIC II Regular Interests and Uncertificated REMIC III Regular Interests as a REMIC ("REMIC IV") for federal income tax purposes. The Uncertificated REMIC I Regular Interests will be "regular interests" in REMIC I and the Class R-I Certificates will be the sole class of "residual interests" in REMIC I for purposes of the REMIC Provisions (as defined herein) under the federal income tax law. The Class A-1 Certificates, Class A-2 Certificates, Class A-3 Certificates, Class M-1 Certificates, Class M-2 Certificates, Class M-3 Certificates, Class M-4 Certificates, Class M-5 Certificates and Uncertificated REMIC II Regular Interests SB-IO and SB-PO will be "regular interests" in REMIC II, II and the Class R-II Certificates will represent be the sole class of "residual interests" in REMIC II for purposes of the REMIC Provisions (as defined herein) under the federal income tax law. The Uncertificated REMIC III Regular Interest Interests will be the "regular interestinterests" in REMIC III, ownership of which will be represented by the Class SB Certificates, III and the Class R-X III Certificates will represent be the sole class of "residual interests" in REMIC III for purposes of the REMIC Provisions (as defined herein) under the federal income tax law. The Class I-A-1 (exclusive of any rights to payment of amounts received pursuant to the Yield Maintenance Agreement), Class I-A-2, Class I-A-3, Class I-A-4, Class I-A-5, Class I-A-6, Class I-A-7, Class I-A-V, Class I-A-P, Class II-A-1, Class II-A-2, Class II-A-3, Class II-A-4, Class II-A-5, Class II-A-6, Class II-A-P, Class II-A-V, Class III-A-1, Class III-A-2, Class III-A-3, Class III-A-P, Class III-A-V, Class I-M-1, Class I-M-2, Class I-M-3, Class I-B-1, Class I-B-2, Class I-B-3, Class II-M-1, Class II-M-2, Class II-M-3, Class II-B-1, Class II-B-2 and Class II-B-3 Certificates and the Uncertificated REMIC IV Regular Interests Z the rights in and to which will be represented by the related Class A-V Certificates, will be "regular interests" in REMIC IV, and the Class R-IV Certificates will be the sole class of "residual interests" therein for purposes of the REMIC Provisions (as defined herein) under federal income tax law. On and after the date of issuance of any Subclass of related Class A-V Certificates pursuant to Section 5.01(c) of the Standard Terms, any such Subclass will represent the Uncertificated REMIC IV Regular Interest or Interests Z specified by the initial Holder of the related Class A-V Certificates pursuant to said Section.

Designation of REMIC(s). The REMIC Administrator will make an election to treat the segregated pool of assets described in the definition of REMIC I (as defined herein) (including the Mortgage Loans but excluding the Yield Maintenance AgreementsSupplemental Interest Trust Account, the Swap Agreement and the SB-AM Swap Agreement), and subject to this Agreement, as a REMIC (REMIC I) for federal income tax purposes. The REMIC Administrator will make an election to treat the segregated pool of assets consisting of the REMIC I Regular Interests as a REMIC (REMIC II) for federal income tax purposes. The REMIC Administrator will make an election to treat the segregated pool of assets comprised consisting of the REMIC II Regular Interests SB-IO and SB-PO as a REMIC (REMIC III) for federal income tax purposes. The REMIC Administrator will make an election to treat the segregated pool of assets consisting of the REMIC III Regular Interests as a REMIC (REMIC IV) for federal income tax purposes. The REMIC Administrator will make an election to treat the segregated pool of assets consisting of REMIC IV Regular Interests SB-PO, SB-IO and IO as a REMIC (REMIC V) for federal income tax purposes. The REMIC I Regular Interests will be "regular interests" in REMIC I and the Class R-I Certificates will be the sole class of "residual interests" in REMIC I for purposes of the REMIC Provisions (as defined herein) under the federal income tax law. The REMIC II Regular Interests will be "regular interests" in REMIC II and the Class A-1 CertificatesR-II Certificates will be the sole class of "residual interests" in REMIC II for purposes of the REMIC Provisions under the federal income tax law. The REMIC III Regular Interests will be "regular interests" in REMIC III and the Class R-III Certificates will be the sole class of "residual interests" in REMIC III for purposes of the REMIC Provisions under the federal income tax law. The REMIC IV Regular Interests will be the "regular interests" in REMIC IV, ownership of which, except in the case of REMIC IV Regular Interests SB-IO, SB-PO and IO, will be represented by the Class A-2 Certificates, Class A-3 A Certificates, Class M-1 Certificates, Class M-2 Certificates, Class M-3 Certificates, Class M-4 Certificates, Class M-5 Certificates and REMIC II Regular Interests SB-IO and SB-PO will be "regular interests" in REMIC IICertificates, Class M-6 Certificates, Class M-7 Certificates, Class M-8 Certificates, Class M-9 Certificates, Class M-10 Certificates, and the Class R-II IV Certificates will represent the sole class of "residual interests" in REMIC II IV for purposes of the REMIC Provisions (as defined herein) under federal income tax law. The REMIC III V Regular Interest Interests will be the "regular interestinterests" in REMIC IIIV, ownership of which will be represented by the Class SB Certificates, and the Class R-X Certificates will represent the sole class of "residual interests" in REMIC III V for purposes of the REMIC Provisions under federal income tax law. Section 10.04.

Designation of REMIC(s). The REMIC Administrator will shall make an election to treat the entire segregated pool of assets described in the definition of REMIC I (as defined herein) (including the Mortgage Loans but excluding the Yield Maintenance Agreements)Trust Fund, and subject to this Agreement, Agreement (including the Mortgage Loans) as a REMIC ("REMIC I") for federal income tax purposes. The REMIC Administrator will make an election to treat the segregated pool of assets consisting of the REMIC I Regular Interests as a REMIC (REMIC II) for federal income tax purposes. The REMIC Administrator will and shall make an election to treat the pool of assets comprised of the Uncertificated REMIC II I Regular Interests SB-IO and SB-PO as a REMIC ("REMIC IIIII") for federal income tax purposes. The Uncertificated REMIC I Regular Interests will be "regular interests" in REMIC I and the Class R-I Certificates will be the sole class of "residual interests" in REMIC I for purposes of the REMIC Provisions (as defined herein) under the federal income tax law. The Class A-1 CertificatesA-1, Class A-2 CertificatesA-2, Class A-3 CertificatesA-3, Class M-1 CertificatesA-4, Class M-2 CertificatesA-5, Class M-3 CertificatesA-6, Class M-4 CertificatesA-7, Class M-5 A-8, Class A-P, Class M-1, Class M-2, Class M-3, Class B-1, Class B-2 and Class B-3 Certificates and the Uncertificated REMIC II Regular Interests SBZ, the rights in and to which will be represented by the Class A-IO and SB-PO V Certificates, will be "regular interests" in REMIC II, and the Class R-II Certificates will represent be the sole class of "residual interests" in REMIC II therein for purposes of the REMIC Provisions (as defined herein) under federal income tax law. The REMIC III Regular Interest will be On and after the "regular interest" in REMIC IIIdate of issuance of any Subclass of Class A-V Certificates pursuant to Section 5.01(c) of the Standard Terms, ownership of which will be represented by the Class SB Certificates, and the Class R-X Certificates any such Subclass will represent the sole class of "residual interests" in Uncertificated REMIC III for purposes II Regular Interest or Interests Z specified by the initial Holder of the REMIC Provisions under federal income tax lawClass A-V Certificates pursuant to said Section.

Designation of REMIC(s). The REMIC Administrator will make an election to treat the segregated pool of assets described in the definition of REMIC I (as defined herein) (including the Mortgage Loans but excluding the Yield Maintenance AgreementsBasis Risk Shortfall Reserve Fund), and subject to this Agreement, as a REMIC (REMIC I) for federal income tax purposes. The REMIC Administrator will make an election to treat the segregated pool of assets consisting of the REMIC I Regular Interests as a REMIC (REMIC II) for federal income tax purposes. The REMIC Administrator will make an election to treat the pool of assets comprised of REMIC II Regular Interests SB-IO and SB-PO as a REMIC (REMIC III) for federal income tax purposes. The REMIC I Regular Interests will be "regular interests" in REMIC I and the Class R-I Certificates will be the sole class of "residual interests" in REMIC I for purposes of the REMIC Provisions (as defined herein) under the federal income tax law. The REMIC II Regular Interests will be the "regular interests" in REMIC II, ownership of which will be represented by the Class A-1 Certificates, Class A-2 Certificates, Class A-3 Certificates, Class M-1 Certificates, Class M-2 Certificates, Class M-3 Certificates, Class M-4 Certificates, Class M-5 Certificates, Class M-6 Certificates, Class M-7 Certificates, Class M-8 Certificates, Class M-9 Certificates and REMIC II Regular Interests SB-IO and SB-PO will be "regular interests" in REMIC IIClass SB Certificates, and the Class R-II Certificates will represent the sole class of "residual interests" in REMIC II for purposes of the REMIC Provisions (as defined herein) under federal income tax law. The REMIC III Regular Interest will be the "regular interest" in REMIC III, ownership of which will be represented by the Class SB Certificates, and the Class R-X Certificates will represent the sole class of "residual interests" in REMIC III for purposes of the REMIC Provisions under federal income tax law.

Designation of REMIC(s). The REMIC Administrator will make an election to treat the segregated pool of assets described in the definition of REMIC I (as defined herein) (including the Mortgage Loans but excluding the Yield Maintenance AgreementsInitial Monthly Payment Fund), and subject to this Agreement, as a REMIC for federal income tax purposes. The REMIC Administrator will make an election to treat the segregated pool of assets consisting of the Uncertificated REMIC I Regular Interests (and excluding the Initial Monthly Payment Fund), as a REMIC (REMIC III) for federal income tax purposes. The REMIC Administrator will make an election to treat the segregated pool of assets consisting of the REMIC I Regular Interests as a REMIC (REMIC II) for federal income tax purposes. The REMIC Administrator will make an election to treat the pool of assets comprised of Uncertificated REMIC II Regular Interests SB-IO (and SB-PO excluding the Initial Monthly Payment Fund), as a REMIC (REMIC III) for federal income tax purposes. The Uncertificated REMIC I Regular Interests will be "regular interests" in REMIC I and the Class R-I Certificates will be represent ownership of the sole class of "residual interests" in REMIC I for purposes of the REMIC Provisions (as defined hereinin the Standard Terms) under the federal income tax law. The Class A-1 Certificates, Class A-2 Certificates, Class A-3 Certificates, Class M-1 Certificates, Class M-2 Certificates, Class M-3 Certificates, Class M-4 Certificates, Class M-5 Certificates and Uncertificated REMIC II Regular Interests SB-IO and SB-PO will be "regular interests" in REMIC II, II and the Class R-II Certificates will represent ownership of the sole class of "residual interests" in REMIC II for purposes of the REMIC Provisions (as defined herein) under federal income tax law. The REMIC III Regular Interest Class I-A-1, Class I-A-IO, Class II-A-1, Class III-A-1, Class IV-A-1, Class IV-A-2, Class V-A-1, Class VI-A-1, Class M-1, Class M-2, Class M-3, Class B-1, Class B-2 and Class B-3 Certificates will be the represent ownership of "regular interestinterests" in REMIC III, ownership of which will be represented by the Class SB Certificates, and the Class R-X III Certificates will represent ownership of the sole class of "residual interests" in REMIC III for purposes of the REMIC Provisions under federal income tax law.

Designation of REMIC(s). The REMIC Administrator will make an election to treat the entire segregated pool of assets described in the definition of REMIC I (as defined herein) Trust Fund, and subject to this Agreement (including the Mortgage Loans but excluding the Yield Maintenance Agreements), and subject to this Agreement, Initial Monthly Payment Fund) as a REMIC ("REMIC I") for federal income tax purposes. The REMIC Administrator will make an election to treat the segregated pool of assets consisting of the REMIC I Regular Interests as a REMIC (REMIC II) for federal income tax purposes. The REMIC Administrator and will make an election to treat the pool of assets comprised of the Uncertificated REMIC II I Regular Interests SB-IO and SB-PO as a REMIC ("REMIC IIIII") for federal income tax purposes. The Uncertificated REMIC I Regular Interests will be "regular interests" in REMIC I and the Class R-I Certificates will be the sole class of "residual interests" in REMIC I for purposes of the REMIC Provisions (as defined herein) under the federal income tax law. The Class A-1 CertificatesA-1, Class A-2 CertificatesA-2, Class A-3 CertificatesA-3, Class M-1 CertificatesA-4, Class M-2 CertificatesA-5, Class M-3 CertificatesA-6, Class M-4 CertificatesA-7, Class M-5 A-8, Class A-9, Class A-10, Class A-11, Class A-12, Class A-13, Class A-P, Class M-1, Class M-2, Class M-3, Class B-1, Class B-2 and Class B-3 Certificates and the Uncertificated REMIC II Regular Interests SBZ, the rights in and to which will be represented by the Class A-IO and SB-PO V Certificates, will be "regular interests" in REMIC II, and the Class R-II Certificates will represent be the sole class of "residual interests" in REMIC II therein for purposes of the REMIC Provisions (as defined herein) under federal income tax law. The REMIC III Regular Interest will be On and after the "regular interest" in REMIC IIIdate of issuance of any Subclass of Class A-V Certificates pursuant to Section 5.01(c), ownership of which will be represented by the Class SB Certificates, and the Class R-X Certificates any such Subclass will represent the sole class of "residual interests" in Uncertificated REMIC III for purposes II Regular Interest or Interests Z specified by the initial Holder of the REMIC Provisions under federal income tax lawClass A-V Certificates pursuant to said Section.