Miscellaneous REMIC Provisions. (a) The Class A, Class X, Class B, Class C, Class D and Class E Certificates and the RR Interest are hereby designated as the “regular interests” in the Upper-Tier REMIC within the meaning of Section 860G(a)(1) of the Code and the Class UT-R Interest, represented by the Class R Certificates, is hereby designated as the sole class of “residual interests” in the Upper-Tier REMIC within the meaning of Section 860G(a)(2) of the Code. The Class LA, Class LB, Class LC, Class LD, Class LE, and Class LRRI Uncertificated Interests are hereby designated as the “regular interests” in the Lower-Tier REMIC within the meaning of Section 860G(a)(1) of the Code, and the Class LT-R Interest, represented by the Class R Certificates, is hereby designated as the sole class of “residual interests” in the Lower-Tier REMIC within the meaning of Section 860G(a)(2) of the Code.
Miscellaneous REMIC Provisions. (a) The Startup Day is hereby designated as the “startup day” of each REMIC created hereunder within the meaning of Section 860G(a)(9) of the Code.
(b) The Owner of the Tax Matters Person Residual Interest in each REMIC created hereunder is hereby designated as “tax matters person” as defined in the REMIC Provisions with respect to the REMIC.
(c) The Trust and each REMIC created hereunder shall, for federal income tax purposes, maintain books on a calendar year basis and report income on an accrual basis.
(d) The Trustee shall cause each REMIC created hereunder to elect to be treated as a REMIC under Section 860D of the Code. 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 such election to be treated as a REMIC. The Trustee shall report all expenses of the Trust Estate to each REMIC created hereunder.
(e) For all federal tax law purposes, amounts transferred by the Trustee to the Owners of the Class R Certificates shall be treated as distributions by each respective REMIC created hereunder.
(f) The Trustee shall provide to the Internal Revenue Service and to the person described in Section 860E(e)(3) and (6) of the Code the information described in Treasury Regulation Section 1.860D-1(b)(5)(ii), or any successor regulation thereto with respect to each REMIC created hereunder. Such information will be provided in the manner described in Treasury Regulation Section 1.860E-2(a)(5), or any successor regulation thereto.
Miscellaneous REMIC Provisions. (a) The Class XX-0, Xxxxx XX-0, Class LA-3, Class LA-4, Class LA-SB, Class LA-S, Class LB, Class LC, Class LD, Class LE, Class LF and Class LNR Interests are hereby designated as “regular interests” in the Lower-Tier REMIC within the meaning of Code Section 860G(a)(1), and the Lower-Tier Residual Interest (evidenced by the Class R Certificates) is hereby designated as the sole class of “residual interests” in the Lower-Tier REMIC within the meaning of Code Section 860G(a)(2).
(b) The Regular Certificates are hereby designated as “regular interests” in the Upper-Tier REMIC within the meaning of Code Section 860G(a)(1), and the Upper-Tier Residual Interest (evidenced by the Class R Certificates) is hereby designated as the sole class of “residual interests” in the Upper-Tier REMIC within the meaning of Code Section 860G(a)(2).
(c) The Closing Date is hereby designated as the “Startup Day” of the Lower-Tier REMIC and the Upper-Tier REMIC. The “latest possible maturity date” for purposes of Code Section 860G(a)(1) of the Lower-Tier Regular Interests and the Regular Certificates is the Rated Final Distribution Date.
(d) None of the Depositor, the Trustee, the Master Servicer, the Special Servicer, the Operating Advisor or the Certificate Administrator shall enter into any arrangement by which the Trust Fund will receive a fee or other compensation for services other than as specifically contemplated herein.
Miscellaneous REMIC Provisions. (a) The Class A, Class B and Class VRR Certificates and the Uncertificated VRR Interest are hereby designated as the “regular interests” in the Upper-Tier REMIC within the meaning of Section 860G(a)(1) of the Code, and the Class UT-R Interest is hereby designated as the sole class of “residual interests” in the Upper-Tier REMIC within the meaning of Section 860G(a)(2) of the Code.
(b) The Class LA, Class LB, Class LVRR and LUVRR Uncertificated Interests are hereby designated as the “regular interests” in the Lower-Tier REMIC within the meaning of Section 860G(a)(1) of the Code, and the Class LT-R Interest is hereby designated as the sole class of “residual interests” in the Lower-Tier REMIC within the meaning of Section 860G(a)(2) of the Code.
Miscellaneous REMIC Provisions. (a) The Trustee shall elect that the Upper-Tier REMIC and the Lower-Tier REMIC shall be treated as REMICs under Section 860D of the Code, as described in Section 11.15. 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 such REMIC elections.
(b) The Class A Certificates and the Class B Certificates are hereby designated as "regular interests" with respect to the Upper-Tier REMIC and the Class RU Certificates are hereby designated as the single Class of "residual interest" with respect to the Upper-Tier REMIC.
(c) The Lower-Tier REMIC will be evidenced by (x) the Class LT-A Certificates, Class LT-1 Certificates, Class LT-2 Certificates, Class LT-3 Certificates, Class LT-4 Certificates, Class LT-M Certificates, Class LT-AL Certificates, Class LT-5L Certificates and Class LT-ML Certificates (the "Lower-Tier Regular Interests"), which will be uncertificated and non-transferable and are hereby designated as the "regular interests" in the Lower-Tier REMIC and (y) the Class RL Certificates, which are hereby designated as the single "residual interest" in the Lower-Tier REMIC (the Lower-Tier Regular Interests, together with the Class RL Certificates, the "Lower-Tier Interests"). The Lower-Tier Regular Interests shall be recorded on the records of the Lower-Tier REMIC as being issued to and held by the Trustee on behalf of the Upper-Tier REMIC.
Miscellaneous REMIC Provisions. (a) The Trustee shall elect that each of REMIC I, REMIC II and REMIC III shall be treated as a REMIC under Section 860D of the Code. Any inconsistencies or ambiguities in this Agreement or in the administration of this Agreement shall be resolved in a manner that preserves the validity of such REMIC elections. The assets of REMIC I shall include the Home Equity Loans, the Accounts, any REO Property, and any proceeds of the foregoing. The REMIC I Regular Interests (as defined below) shall constitute the assets of REMIC II. The REMIC II Regular Interests shall constitute the assets of REMIC III.
(b) The REMIC I will be evidenced by (x) the Class IA, Class IB, and Class IC Certificates (the "REMIC I Regular Interests"), which will be uncertificated and non-transferable and are hereby designated as the "regular interests" in the REMIC I and (y) the Class R-I Certificates, which are hereby designated as the single "residual interest" in the REMIC I (the REMIC I Regular Interests, together with the Class R-I Certificates, the "REMIC I Certificates"). The REMIC I Regular Interests shall be recorded on the records of the REMIC I as being issued to and held by the Trustee on behalf of REMIC II. The Class IA Certificates shall have an initial principal balance equal to the sum of the initial principal balances of the Class A-6 and A-7 Certificates (that is, $197,600,000.00). The Class IB Certificates shall have an initial principal balance equal to the excess of the Original Group I Loan Balance over the initial principal balance of the Class IA Certificate (that is, $1,387,400,000.00). The Class IC Certificates shall have an initial principal balance equal to the Original Group II Loan Balance (that is, $165,000,000.00). On each Payment Date, principal collections on the Group I Home Equity Loans shall be allocated as follows: an amount equal to the principal payable on the Class A-6 and A-7 Certificates shall be payable on the Class IA Certificates and the remaining principal collections shall be payable to the Class IB Certificates. On each Payment Date, to the extent that any of the Aggregate Extra Principal Distribution Amount is paid to the Class A-6 and A-7 Certificates pursuant to Section 7.03(d)(i), an amount of interest otherwise payable on the Class IB Certificates shall instead be paid as principal on the Class IA Certificates (and will be accrued and added to principal on the Class IB Certificates). Realized Losses on the Group I Home Equity Loans shall...
Miscellaneous REMIC Provisions. (a) The beneficial ownership interest in the Lower-Tier REMIC shall be evidenced by the interests having the characteristics and terms as follows, including for federal income tax purposes the month in which the Final Scheduled Payment Dates occur:
(1) Lower-Tier Interest A-2 (1) Lower-Tier Interest A-3 (1) Lower-Tier Interest A-4
(1) Lower-Tier Interest A-5
(1) Lower-Tier Interest A-6
(1) Lower-Tier Interest A-7
(2) Lower-Tier Interest A-8
(2) Lower-Tier Interest M-1F (1) Lower-Tier Interest M-1A
(2) Lower-Tier Interest M-2F (1) Lower-Tier Interest M-2A (2) Lower-Tier Interest B-1F (1) Lower-Tier Interest B-1A (2) Lower-Tier REMIC Residual Class (3)
(1) On any Payment Date, the Group I Net Weighted Average Coupon Rate.
(2) On any Payment Date, the Group II Net Weighted Average Coupon Rate.
(3) The Lower-Tier REMIC Residual Class is not issued with a Lower-Tier Balance or a Lower-Tier Pass-Through Rate.
(b) The Lower-Tier Interests X-0, X-0, X-0, X-0, X-0, X-0, X-0, X-0, X-0X, X-0X, X-0X, M- 2A, B-1F and B-1A Certificates shall be issued as non-certificated interests. The Lower-Tier REMIC Residual Class shall be issued from the Lower-Tier REMIC as a non-certificated interest.
(c) The Depositor hereby designates Lower-Tier Interest X-0, Xxxxx-Xxxx Xxxxxxxx X-0, Xxxxx-Xxxx Interest X-0, Xxxxx-Xxxx Xxxxxxxx X-0, Xxxxx-Xxxx Interest A-5, Lower-Tier Interest X-0, Xxxxx-Xxxx Xxxxxxxx X-0, Xxxxx-Xxxx Interest X-0, Xxxxx-Xxxx Xxxxxxxx X-0X, Lower-Tier Interest M-1A, Lower-Tier Interest X-0X, Xxxxx-Xxxx Xxxxxxxx X-0X, Xxxxx-Xxxx Xxxxxxxx X-0X and Lower-Tier Interest B-2A as "regular interests" and the Lower-Tier REMIC Residual Class as the single class of "residual interests" in the Lower-Tier REMIC for purposes of the REMIC Provisions.
(d) The Depositor hereby designates the 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 M-1F, Class M-1A, Class M-2F, Class M-2A, Class B-1F, Class B- 1A, Class C-FIO, Class C-AIO, Class D and Class S as "regular interests," and the Class R Certificates as the single class of "residual interests" in the Upper-Tier REMIC for purposes of the REMIC Provisions. The Depositor hereby designates the Lower-Tier Interest A-1, the Lower-Tier Interest A-2, the Lower-Tier Interest A-3, the Lower-Tier Interest A-4, the Lower-Tier Interest A-5, the Lower-Tier Interest A-6, the Lower-Tier Interest X-0, Xxxxx-Xxxx Xxxxxxxx X-0, Xxxxx-Xxxx Interest M-1F, Lower-Tier Interest X-0X, Xxxxx-Xxxx Xxxxxxxx X-0X...
Miscellaneous REMIC Provisions. (a) The beneficial ownership interest in the REMIC created hereunder shall be evidenced by the interests having the following characteristics and terms as follows, including for federal income tax purposes the Final Scheduled Payment Dates occur: Initial Certificate Final Scheduled Class Designation Principal Balance Payment Date
(1) The Class R Certificates do not have a Certificate Principal Balance.
(b) The Depositor hereby designates the Class A-1, Class A-2 and Class A-3 Certificates as "regular interests," and the Class R Certificates as the single class of "residual interests" in the REMIC created hereunder for purposes of the REMIC Provisions.
(c) The Startup Day is hereby designated as the "startup day" of the REMIC created hereunder within the meaning of Section 860G(a)(9) of the Code.
(d) The Owner of the Tax Matters Person Residual Interest in the REMIC created hereunder is hereby designated as "Tax Matters Person" as defined in the REMIC Provisions with respect to the REMIC.
(e) The Trust and the REMIC created hereunder shall, for federal income tax purposes, maintain books on a calendar year basis and report income on an accrual basis.
(f) The Trustee shall cause the REMIC Estate created hereunder to elect to be treated as a REMIC under Section 860D of the Code. 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 such elections to be treated as a REMIC. The Trustee shall report all expenses of the Trust Estate to the REMIC created hereunder.
(g) For all federal tax law purposes, amounts transferred by the Trustee to the Owners of the Class R Certificates shall be treated as distributions by the REMIC created hereunder.
(h) The Trustee shall provide to the Internal Revenue Service and to the person described in Section 860E(e)(3) and (6) of the Code the information described in Treasury regulations Section 1.860D-1(b)(5)(ii), or any successor regulation thereto with respect to the REMIC created hereunder. Such information will be provided in the manner described in Treasury regulations Section 1.860E-2(a)(5), or any successor regulation thereto. END OF ARTICLE II
Miscellaneous REMIC Provisions. (a) The Trust (other than the Pre-Funding Account, the Group II Available Funds Cap Carry-Forward Amount Account and the Capitalized Interest Account) shall elect to be treated as a REMIC under Section 860D of the Code, as described in Section 11.15. 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 of the Trust (other than the Pre-Funding Account and the Capitalized Interest Account) to be treated as a REMIC.
(b) The Class A Certificates are hereby designated as "regular interests" in the REMIC and the Class R Certificates are hereby designated as the "residual interest" in the REMIC, as defined in Section 860G(a) of the Code.
(c) The Startup Day is hereby designated as the "startup day" of the REMIC within the meaning of Section 860G(a)(9) of the Code.
(d) The final scheduled Payment Date for any Class of Certificates is hereby set to be the Payment Date succeeding by one year the latest maturity date of any Mortgage Loan in the related Mortgage Loan Group, as follows:
Miscellaneous REMIC Provisions. (a) The Class LX-0, Xxxxx XX-0, Class LA-3, Class LA-4, Class LA-S, Class LB, Class LC, Class LD, Class LE, Class LF and Class LG Interests are hereby designated as “regular interests” in the Lower-Tier REMIC within the meaning of Code Section 860G(a)(1), and the Lower-Tier Residual Interest (evidenced by the Class R Certificates) is hereby designated as the sole class of “residual interests” in the Lower-Tier REMIC within the meaning of Code Section 860G(a)(2).
(b) The Class A-1, Class A-2, Class A-3, Class A-4, Class X-A, Class X-B, Class A-S, Class B, Class C, Class D, Class E, Class F and Class G Certificates are hereby designated as “regular interests” in the Upper-Tier REMIC within the meaning of Code Section 860G(a)(1), and the Upper-Tier Residual Interest (evidenced by the Class R Certificates) is hereby designated as the sole class of “residual interests” in the Upper-Tier REMIC within the meaning of Code Section 860G(a)(2).
(c) The Closing Date is hereby designated as the “Startup Day” of each Trust REMIC within the meaning of Code Section 860G(a)(9). The “latest possible maturity date” of the Lower-Tier Regular Interests and the Regular Certificates for purposes of Code Section 860G(a)(1) is the Rated Final Distribution Date.
(d) None of the Depositor, the Trustee, the Master Servicer, the Special Servicer, the Operating Advisor or the Certificate Administrator shall enter into any arrangement by which the Trust Fund will receive a fee or other compensation for services other than as specifically contemplated herein.
