Common use of Lower-Tier REMIC Clause in Contracts

Lower-Tier REMIC. As provided herein, the Securities Administrator will make an election to treat the segregated pool of assets consisting of the Mortgage Loans and certain other related assets subject to this Agreement as a real estate mortgage investment conduit ("REMIC") for federal income tax purposes, and such segregated pool of assets will be designated as the "Lower-Tier REMIC."

Lower-Tier REMIC. As provided herein, the Securities Administrator will make an election to treat the segregated pool of assets consisting of the Mortgage Loans and certain other related assets subject to this Agreement (but exclusive of the Cap Carryover Reserve Account) as a real estate mortgage investment conduit ("“REMIC"”) for federal income tax purposes, and such segregated pool of assets will be designated as the "Lower-Tier REMIC."“

Lower-Tier REMIC. As provided herein, the Securities Administrator will make an election to treat the segregated pool of assets consisting of the Mortgage Loans and certain other related assets subject to this Agreement (but exclusive of the Supplemental Interest Trust, the Interest Rate Swap Agreement, the Interest Rate Cap Agreement, the Swap Account and the Rate Cap Carryover Reserve Account) as a real estate mortgage investment conduit ("REMIC") for federal income tax purposes, and such segregated pool of assets will be designated as the "Lower-Tier REMIC."

Lower-Tier REMIC. As provided herein, the Securities Administrator will make an election to treat the segregated pool of assets consisting of the Mortgage Loans and certain other related assets subject to this Agreement as a real estate mortgage investment conduit ("“REMIC"”) for federal income tax purposes, and such segregated pool of assets will be designated as the "Lower-Tier REMIC."“