Designations under REMIC Provisions Clause Samples

Designations under REMIC Provisions. DESIGNATION OF STARTUP DAY; TAX MATTERS PERSON; TAX MATTERS PARTNER. (a) As described in Section 2.13(e) of the Trust Agreement, each Class of the Pool I Notes (exclusive of any rights to receive any amounts from the Carryover Interest Account and in the case of the Class AS-3 Notes, the Rounding Account) and the Class I Certificates are hereby designated as the "regular interests" in REMIC II and the Class R-II Interests are designated the single class of "residual interests" in REMIC II for the purposes of the REMIC Provisions. As described in Section 2.13(a)-(d) of the Trust Agreement, the REMIC I Regular Interests are hereby designated as the "regular interests" in REMIC I and the Class R-I Interests are designated the single class of "residual interests" in REMIC I for the purposes of the REMIC Provisions. The Class R Certificates represent beneficial ownership of both the Class R-I and Class R-II Interests. (b) The Closing Date is hereby designated as the "Startup Day" of each REMIC within the meaning of Section 860G(a)(9) of the Code. Solely for the purposes of satisfying Treasury Regulation Section 1.860G-1(a)(4)(iii), the latest possible maturity date of the "regular interests" in each of REMIC I and REMIC II is June 15, 2033. (c) With respect to Pool I, the holder of a majority of the Percentage Interests in the Class R Certificates shall act as Tax Matters Person of REMIC I and REMIC II. By acceptance of its Class R Certificate, the Tax Matters Person agrees to and hereby does appoint the Trust Administrator to act as its agent in all matters that are the responsibility of the Tax Matters Person under the Code (to the extent such agency is permitted by law), and the Trust Administrator hereby accepts such appointment. (d) With respect to Pool II, the Holder of the Special Interests shall act as Tax Matters Partner of the Trust. The Holder of the Special Interests, by acceptance of its Class II Certificates, agrees to and hereby does appoint the Trust Administrator to act as its agent in all matters that are the responsibility of the Tax Matters Partner under the Code, and the Trust Administrator hereby accepts such appointment. (e) Any inconsistencies or ambiguities in this Agreement or in the administration of the Trust shall be resolved in a manner that preserves the validity of the election that REMIC I and REMIC II each be treated as a REMIC.

Designations under REMIC Provisions. Principal of and interest on the REMIC I Regular Interests shall derive from receipts on the Mortgage Loans and be allocated to the classes of Certificates in the manner set forth in the following table. The REMIC I Residual Interest constituting a part of the Residual Interest Certificate shall be paid on each Distribution Date any amounts in the Certificate Accounts not payable on the REMIC I Regular Interests. The REMIC I Regular Interests are hereby designated as the "regular interests," and the REMIC I Residual Interest is hereby designated as the single class of "residual interests" in REMIC I for the purpose of the REMIC Provisions. The Class A Certificates and the Class IO Certificates are hereby designated as the "regular interests" and the REMIC II Residual Interest is hereby designated as the single class of "residual interests" in REMIC II for the purpose of the REMIC Provisions. The Closing Date will be the "startup day" of each of REMIC I and REMIC II within the meaning of Section 860G(a)(9) of the Code. ------------------------------------------------------------------------------------------------------------------------- REMIC I INITIAL REGULAR REMIC I INTEREST REGULAR PASS MORTGAGE CORRESPONDING CLASS OF REMIC I INTEREST THROUGH CORRESPONDING CLASS LOANS REGULAR INTEREST (3) BALANCE RATE OF CERTIFICATES ------------------------------------------------------------------------------------------------------------------------- INTEREST PRINCIPAL INTEREST PRINCIPAL ------------------------------------------------------------------------------------------------------------------------- Fixed Rate REMIC I Regular REMIC I Regular $23,477,000 (1) (4) (4) Pool Interest 1F Interest 1F REMIC I Regular REMIC I Regular $211,293,000 (1) Interest 2F Interest 2F ------------------------------------------------------------------------------------------------------------------------- Adjustable REMIC I Regular REMIC I Regular $28,915,600 (2) (4) (4) Rate Pool Interest 1A Interest 1A REMIC I Regular REMIC I Regular $12,392,400 (2) Interest 2A Interest 2A REMIC I Regular REMIC I Regular $123,922,000 (2) Interest 3A Interest 3A ------------------------------------------------------------------------------------------------------------------------- ------------------------------------------------------------------------------------------------------------------------- (1) The weighted average Net Mortgage Loan Interest Rate of the Fixed Rate Mortgage Loans as o...