Common use of Miscellaneous REMIC Provisions Clause in Contracts

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.

Appears in 6 contracts

Samples: Pooling and Servicing Agreement (First Alliance Mortgage Loan Trust 1997 2), Pooling and Servicing Agreement (First Alliance Mortgage Loan Trust 1997-01), Pooling and Servicing Agreement (First Alliance Mortgage Loan Trust 1997-4)

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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.

Appears in 2 contracts

Samples: Pooling and Servicing Agreement (First Alliance Mortgage Loan Trust 1996-3), Pooling and Servicing Agreement (First Alliance Mortgage Loan Trust 1996-4)

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