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.

Appears in 2 contracts

Samples: Pooling and Servicing Agreement (Equivantage Acceptance Corp), Pooling and Servicing Agreement (Equivantage Acceptance Corp)

Appears in 2 contracts

Samples: Pooling and Servicing Agreement (Advanta Conduit Receivables Inc), Pooling and Servicing Agreement (Advanta Mortgage Loan Trust 2000-1)

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 (other than the Class A-5 Certificates), the Class A-5 Regular Interest 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. Each Beneficial Owner of a Class A-5 Certificate shall be deemed to own an undivided beneficial ownership interest in two assets: (i) the Class A-5 Regular Interest and (ii) the Cap Agreement. The Cap Agreement is not included as part of either the Lower-Tier REMIC or 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~~ LT-5L 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.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Equivantage Acceptance Corp)

Miscellaneous REMIC Provisions. (a) The Trustee shall elect that each of the ~~Upper~~Lower-Tier REMIC and the ~~Lower~~Upper-Tier REMIC shall be treated as ~~REMICs~~ 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~~ this Agreement shall be resolved in a manner that preserves the validity of such REMIC elections~~. (b)~~ . The ~~Class A Certificates and~~ assets of the ~~Class B Certificates are hereby designated as "regular interests" with respect to the Upper~~Lower-Tier REMIC shall include the Mortgage Loans, the Accounts (except for the Non-REMIC Estate), any REO Property, and any proceeds of the ~~Class RU Certificates are hereby designated~~ foregoing. The Lower-Tier REMIC Regular Interests (as defined below) shall constitute the ~~single Class~~ assets of ~~"residual interest" with respect to~~ the Upper-Tier REMIC. (cb) The Lower-Tier REMIC will be evidenced by (x) ~~the Class LT~~Lower-~~A Certificates~~Tier Interest 1, ~~Class LT-1 Certificates~~Lower-Tier Interest 2, ~~Class LT-2 Certificates~~Lower-Tier Interest 3, ~~Class LT-3 Certificates~~Lower-Tier Interest 4, ~~Class LT-4 Certificates, Class LT~~and Lower-~~M Certificates, Class LT-AL Certificates, Class LT-5L Certificates and Class LT-ML Certificates~~ Tier Interest 5 (the "Lower-Tier REMIC 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~~Lower-Tier REMIC Residual Interest, which ~~are~~ is hereby designated as the single "residual interest" in the Lower-Tier REMIC (the Lower-Tier REMIC Regular Interests, together with the ~~Class RL Certificates~~Lower-Tier REMIC Residual Interest, the "Lower-Tier REMIC Interests"). The Lower-Tier REMIC 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.. Lower-Tier Interest 1 shall have an initial principal balance equal to one percent of the sum of the initial principal balances of the Group I Certificates (that is, $4,115,000). Lower-Tier Interest 2 shall have an initial principal balance equal to one percent of the Group I Original Balance (that is, $4,115,000). Lower-Tier Interest 3 shall have an initial principal balance equal to one percent of the initial principal balance of the Class A-7 Certificates (that is, $1,048,000). Lower-Tier Interest 4 shall have an initial principal balance equal to one percent of the Group II Original Balance (that is, $1,048,000). Lower-Tier Interest 5 shall have an initial principal balance equal to the excess of (i) the sum of the Group I Original Balance and the Group II Original Balance over (ii) the sum of the initial principal balances of Lower-Tier Interest 1, Lower-Tier Interest 2, Lower-Tier Interest 3, and Lower-tier Interest 4 (that is, $507,156,000). On each Payment Date, principal payments on the Mortgage Loans shall be allocated 99% to Lower-Tier Interest 2, Lower-Tier Interest 4 and Lower-Tier Interest 5, and 1% to Lower-Tier Interest 1 and Lower-Tier Interest 3 until paid in full. The aggregate amount of principal allocated to the Lower-Tier Interest 1 and Lower-Tier Interest 3 shall be apportioned between such Interests in the same manner in which principal on the Mortgage Loans is payable with respect to the Group I Certificates and the Class A-7 Certificates, respectively. The aggregate amount of principal allocated to Lower-Tier Interest 2, Lower-Tier Interest 4 and Lower-Tier Interest 5 shall be allocated and apportioned among such Interests first, to Lower-Tier Interest 2 and Lower-Tier Interest 4 the least amount of principal necessary which when applied to such Interests can be applied so that the ratio of the principal balance of Lower-Tier Interest 2 to the principal balance of Lower-Tier Interest 4 equals the ratio of the sum of Loan Balances of the Mortgage Loans in Group I to the sum of the Loan Balances of the Mortgage Loans in Group II (the "Balance Ratio") and second, to Lower-Tier Interest 5. Any Overcollateralization Increase Amount will not be paid as interest to the Lower-Tier REMIC Regular Interests, but instead to the extent available, a portion of the interest payable with respect to Lower-Tier Interest 5 which equals 1% of the Overcollateralization Increase Amount (and, to the extent 1% of the Overcollateralization Increase Amount exceeds the interest payable on Lower-Tier Interest 5, a pro rata portion of the interest payable on the Lower-Tier Interest 2 and Lower-Tier Interest 4 equal to such excess) will be payable as a reduction of the principal balances of Lower-Tier Interest 1 and Lower-Tier Interest 3 in the same manner in which the Overcollateralization Increase Amount is allocated among the Class A-1, X-0, X-0, X-0, X-0, X-0 xxx Class A-7 Certificates, respectively (and will be accrued and added to principal on Lower-Tier Interest 2, Lower-Tier Interest 4 and Lower-Tier Interest 5 in the same proportion as interest payable on such Interests is used to reduce principal on other Interests as just described). Notwithstanding the above, principal payments on the Mortgage Loans that are attributable to the Overcollateralization Reduction Amount shall be allocated to Lower-Tier Interest 2, Lower-Tier Interest 4 and Lower-Tier Interest 5 (allocated first to Lower-Tier Interest

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Advanta Mortgage Conduit Services Inc)

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Residential Asset Funding Corp)

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Advanta Mortgage Loan Trust 2000 2)

Miscellaneous REMIC Provisions. (a) The ~~Trustee~~ Trust shall elect that ~~the Upper-Tier~~ REMIC I and ~~the Lower-Tier~~ REMIC II 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~~ A-I, Class A-II, Class A-III, Class IO, Class PO, Class M-1, Class M-2, Class M-3, Class B-1, Class B-2, and ~~the~~ Class B B-3 Certificates are hereby designated as "regular interests" with respect to ~~the Upper-Tier~~ REMIC II and the Class RU R-II Certificates are hereby designated as the single ~~Class~~ class of "residual interest" with respect to ~~the Upper-Tier REMIC. (c)~~ REMIC II. The ~~Lower-Tier~~ Uncertificated REMIC ~~will be evidenced by (x) the Class LT-A Certificates~~I Regular Interest A, ~~Class LT-1 Certificates~~Uncertificated REMIC I Regular Interest B, ~~Class LT-2 Certificates~~Uncertificated REMIC I Regular Interest C, ~~Class LT-3 Certificates~~Uncertificated REMIC I Regular Interest D, ~~Class LT-4 Certificates~~Uncertificated REMIC I Regular Interest E, ~~Class LT-M Certificates~~Uncertificated REMIC I Regular Interest F, ~~Class LT-AL Certificates~~Uncertificated REMIC I Regular Interest G, ~~Class LT-5L Certificates~~ Uncertificated REMIC I Regular Interest H, Uncertificated REMIC I Regular Interest I and ~~Class LT-ML Certificates (the "Lower-Tier~~ Uncertificated REMIC I Regular ~~Interests"), which will be uncertificated and non-transferable and~~ Interest J are hereby designated as ~~the~~ "regular interests" ~~in the Lower-Tier~~ with respect to REMIC I and ~~(y)~~ the Class ~~RL Certificates, which~~ R-I Certificates are hereby designated as the single class of "residual interest" ~~in the Lower-Tier~~ with respect to REMIC I. (~~the Lower-Tier Regular Interests, together with the Class RL Certificates, the "Lower-Tier Interests").~~ c) The ~~Lower-Tier~~ Uncertificated REMIC I Regular Interests shall ~~be recorded on~~ have the ~~records~~ following characteristics and terms: (1) August 25, 2027 Regular Interest A Uncertificated REMIC I M-1, IO $ 8,807,123.00 (2) August 25, 2027 Regular Interest B Uncertificated REMIC I M-2, IO $ 6,605,342.00 (3) August 25, 2027 Regular Interest C Uncertificated REMIC I M-3, IO $ 5,137,489.00 (4) August 25, 2027 Regular Interest D Uncertificated REMIC I A-II 35,584,475.00 (5) August 25, 2027 Regular Interest E Uncertificated REMIC I A-III $26,166,367.00 (6) August 25, 2027 Regular Interest F Uncertificated REMIC I PO $ 1,682,950.00 (7) August 25, 2027 Regular Interest G Uncertificated REMIC I B-1 $ 9,908,014.00 (8) August 25, 2027 Regular Interest H Uncertificated REMIC I B-2 $ 1,834,817.00 (9) August 25, 2027 Regular Interest I Uncertificated REMIC I B-3 $ 4,403,561.76 (10) August 25, 2027 Regular Interest J (1) Sum of ~~the Lower~~Class A-~~Tier REMIC as being issued to~~ I Pass-Through Rate and ~~held by the Trustee on behalf~~ Class IO Pass-Through Rate. (2) Sum of ~~the Upper~~Class M-1 Pass-~~Tier REMIC~~Through Rate and Class IO Pass-Through Rate (3) Sum of Class M-2 Pass-Through Rate and Class IO Pass-Through Rate (4) Sum of Class M-3 Pass-Through Rate and Class IO Pass-Through Rate.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Credit Suisse First Boston Mortgage Securities Corp)

Miscellaneous REMIC Provisions. (a) The Certificate Administrator as agent of the Trustee shall elect that each of the ~~Upper~~Lower-Tier REMIC and the ~~Lower~~Upper-Tier REMIC shall be treated as ~~REMICs~~ 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~~ this Agreement shall be resolved in a manner that preserves the validity of such REMIC elections~~. (b)~~ . The ~~Class A Certificates and~~ assets of the ~~Class B Certificates are hereby designated as "regular interests" with respect to the Upper~~Lower-Tier REMIC shall include the Mortgage Loans, the Accounts (other than the Non-REMIC Accounts), any REO Property, and any proceeds of the ~~Class RU Certificates are hereby designated~~ foregoing. The Lower-Tier REMIC Regular Interests (as defined below) shall constitute the ~~single Class~~ assets of ~~"residual interest" with respect to~~ the Upper-Tier REMIC. (cb) The Lower-Tier REMIC will be evidenced by (x) ~~the Class LT~~Lower-~~A Certificates~~Tier Interest 1, ~~Class LT-1 Certificates~~Lower-Tier Interest 2, ~~Class LT-2 Certificates~~Lower-Tier Interest 3, ~~Class LT-3 Certificates~~Lower-Tier Interest 4, ~~Class LT-4 Certificates~~Lower-Tier Interest 5, ~~Class LT~~Lower Tier Interest 6, Lower Tier Interest 7 and Lower-~~M Certificates, Class LT-AL Certificates, Class LT-5L Certificates and Class LT-ML Certificates~~ Tier Interest 8 (the "Lower-Tier REMIC 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~~Certificate, which ~~are~~ is hereby designated as the single "residual interest" in the Lower-Tier REMIC (the Lower-Tier REMIC Regular Interests, together with the Class RL ~~Certificates~~Certificate, the "Lower-Tier REMIC ---------------- Interests"). The Lower-Tier REMIC 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. The Lower-Tier REMIC Interests will have the following designations and Lower-Tier Pass-Through Rates, and distributions of principal, interest and Realized Losses thereon shall be allocated to the Certificates in the following manner: Lower-Tier Pass-Through Allocation of Allocation of Interests Initial Balance Rate Principal (3) Interest (4) --------- --------------- ---- ------------- ------------ 1 $200,000,000 (1) A1 A1, AIO 2 $200,000,000 (1) A2 A2, AIO 3 $344,000,000 (1) A3 A3, AIO 4 $16,000,000 (1) M1 M1, AIO 5 $16,000,000 (1) M2 M2, AIO 6 $12,000,000 (1) M3 M3, AIO 7 (6) (1) O AIO 8 $100 (2) P P Class RL (5) (5) (5) (5) (1) The Lower-Tier Pass-Through Rate on these Lower-Tier REMIC Regular Interests shall at any time of determination equal the Weighted Average Mortgage Rate of the Mortgage Loans. (2) Lower-Tier REMIC Interest 8 is entitled to distributions of all Prepayment Charges. (3) Distributions of principal and Realized Losses from the Lower-Tier REMIC Interests will be allocated to the related Upper-Tier REMIC Interests in the amounts and priorities provided for such Upper-Tier REMIC Interests in Section 4.1. (4) Distributions of interest from the Lower-Tier REMIC Interests will be allocated to the related Upper-Tier REMIC Interests in the amounts and priorities provided for such Upper-Tier REMIC Interests in Section 4.1. (5) On each Distribution Date, available funds, if any, remaining in the Lower-Tier REMIC after payments of interest and principal, as designated above, will be distributed to the Class RL Certificate. It is expected that there shall not be any distributions on the Class RL Certificate. (6) The initial overcollateralization amount. (c) The Class A-1, Class A-2, Class A-3, Class AIO, Class M-1, Class M-2, Class M-3, Class O and Class P Certificates are hereby designated as "regular interests" with respect to the Upper-Tier REMIC (the "Upper-Tier REMIC Regular ------------------------ Interests") and the Class RU Certificate is hereby designated as the single --------- "residual interest" with respect to the Upper-Tier REMIC. On each Distribution Date, available funds, if any, remaining in the Upper-Tier REMIC after payments of interest and principal as designated herein shall be distributed to the Class RU Certificates. (d) For federal income tax purposes, the "latest possible maturity date" for each of the Lower-Tier REMIC Regular Interests and Upper-Tier REMIC Regular Interests is hereby set to be the Distribution Date of September, 2031.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Novastar Mortgage Funding Corp)

Miscellaneous REMIC Provisions. (a) The Trustee shall elect that each of the ~~Upper~~Lower-Tier REMIC and the ~~Lower~~Upper-Tier REMIC shall be treated as ~~REMICs~~ 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~~ this Agreement shall be resolved in a manner that preserves the validity of such REMIC elections~~. (b)~~ . The ~~Class A Certificates and~~ assets of the ~~Class B Certificates are hereby designated as "regular interests" with respect to the Upper~~Lower-Tier REMIC shall include the Mortgage Loans, the Accounts, any REO Property, and any proceeds of the ~~Class RU Certificates are hereby designated~~ foregoing. The Lower-Tier REMIC Regular Interests (as defined below) shall constitute the ~~single Class~~ assets of ~~"residual interest" with respect to~~ the Upper-Tier REMIC. (cb) The Lower-Tier REMIC will be evidenced by (x) ~~the Class LT~~Lower-~~A Certificates~~Tier Interest 1, ~~Class LT-1 Certificates~~Lower-Tier Interest 2, ~~Class LT-2 Certificates~~Lower-Tier Interest 3, ~~Class LT-3 Certificates~~Lower-tier Interest 4, ~~Class LT-4 Certificates, Class LT~~and Lower-~~M Certificates, Class LT-AL Certificates, Class LT-5L Certificates and Class LT-ML Certificates~~ Tier Interest 5 (the "Lower-Tier REMIC 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~~Lower-Tier REMIC Residual Class, which ~~are~~ is hereby designated as the single "residual interest" in the Lower-Tier REMIC (the Lower-Tier REMIC Regular Interests, together with the ~~Class RL Certificates~~Lower-Tier REMIC Residual Class, the "Lower-Tier ~~Interests~~REMIC Certificates"). The Lower-Tier REMIC 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.. Lower-Tier Interest 1 shall have an initial principal balance equal to one percent of the initial principal balance of the Class A-1 Certificates (that is, $5,000,000). Lower-Tier Interest 2 shall have an initial principal balance equal to one percent of the Group I Original Pool Balance (that is, $5,000,000). Lower-Tier Interest 3 shall have an initial principal balance equal to one percent of the initial principal balance of the Class A-2 Certificates (that is, $5,000,000) Lower-Tier Interest 4 shall have an initial principal balance equal to one percent of the Group II Original Pool Balance (that is, $5,000,000). Lower-Tier Interest 5 shall have an initial principal 32 40 balance equal to the excess of (i) the sum of the Group I Original Pool Balance and the Group II Original Pool Balance over (ii) the sum of the initial principal balances of Lower-Tier Interest 1, Lower-Tier Interest 2, Lower-Tier Interest 3, and Lower-Tier Interest 4 (that is, $980,000,000). On each Payment Date, principal payments on the Mortgage Loans shall be allocated 99% to Lower-Tier Interest 2, Lower-Tier Interest 4 and Lower-Tier Interest 5, and 1% to Lower-Tier Interest 1 and Lower-Tier Interest 3 until paid in full. The aggregate amount of principal allocated to the Lower-Tier Interest 1 and Lower-Tier Interest 3 shall be apportioned between such Interests in the same manner in which principal on the Mortgage Loans is payable with respect to the Class A-1 and Class A-2 Certificates, respectively. The aggregate amount of principal allocated to Lower-Tier Interest 2, Lower-Tier Interest 4 and Lower-Tier Interest 5 shall be allocated and apportioned among such Interests first, to Lower-Tier Interest 2 and Lower-Tier Interest 4 the least amount of principal necessary which when applied to such Interests can be applied so that the ratio of the principal balance of Lower-Tier Interest 2 to the principal balance of Lower-Tier Interest 4 equals the ratio of the sum of Loan Balances of the Mortgage Loans in Group I to the sum of the Loan Balances of the Mortgage Loans in Group II (the "Balance Ratio") and second, to Lower-Tier Interest 5. Any Subordination Increase Amount will not be paid as interest to the Lower-Tier REMIC Regular Interests, but instead to the extent available, a portion of the interest payable with respect to Lower-Tier Interest 5 which equals 1% of the Subordination Increase Amount (and, to the extent 1% of the Subordination Increase Amount exceeds the interest payable on Lower-Tier Interest 5, a pro rata portion of the interest payable on the Lower-Tier Interest 2 and Lower-Tier Interest 4 equal to such excess) will be payable as a reduction of the principal balances of Lower-Tier Interest 1 and Lower-Tier Interest 3 in the same manner in which the Subordination Increase Amount is allocated among the Class A-1 and Class A-2 Certificates, respectively (and will be accrued and added to principal on Lower-Tier Interest 2 and Lower-Tier Interest 4 in the same proportion as interest payable on such Interests is used to reduce principal on other Interests as just described). Notwithstanding the above, principal payments on the Mortgage Loans that are attributable to the Overcollateralization Release Amount shall be allocated to Lower-Tier Interest 2, Lower-Tier Interest 4 and Lower-Tier Interest 5 (allocated first to Lower-Tier Interest 5 until such certificates are paid in full, and second to Lower-Tier Interest 2 and Lower-Tier Interest 4 and apportioned between Lower-Tier Interest 2 and Lower-Tier Interest 4 in such a manner that the Balance Ratio is maintained until paid in full). Realized Losses shall be applied such that after all distributions have been made on such Payment Date the principal balances Lower-Tier Interest 1 and Lower-Tier Interest 3 are each 1% of the principal balances of the Class A-1 and Class A-2 Certificates, respectively, and the aggregate principal balance of Lower-Tier Interest 2, Lower-Tier Interest 4 and Lower-Tier Interest 5 is equal to the sum of the Loan Balances of the Mortgage Loans less an amount equal to the sum of the principal balances of Lower-Tier Interest 1 and Lower-Tier Interest 3 and is allocated and apportioned first, to Lower-Tier Interest 2 and Lower-Tier Interest 4 the least amount of Realized Losses necessary which when applied to such Interests can be applied in such a manner that the Balance Ratio is maintained, and second, to Lower-Tier Interest 5. Lower-Tier Interest 1 and Lower-Tier Interest 2 shall each have Pass-Through Rates equal to the Group I Net Weighted Average Coupon Rate (the sum expressed as a per annum rate on the sum of the Loan Balances for Mortgage Loans in Group I). Lower-Tier Interest 3 and Lower-Tier Interest 4 shall each have a Pass-Through Rate equal to the Group II Net

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Advanta Mortgage Loan Trust 1998-3)

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Advanta Mortgage Loan Trust 1999-3)

Miscellaneous REMIC Provisions. (a) The Certificate Administrator as agent of the Trustee shall elect that each of the ~~Upper~~Lower-Tier REMIC and the ~~Lower~~Upper-Tier REMIC shall be treated as ~~REMICs~~ 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~~ this Agreement shall be resolved in a manner that preserves the validity of such REMIC elections~~. (b)~~ . The ~~Class A Certificates and~~ assets of the ~~Class B Certificates are hereby designated as "regular interests" with respect to the Upper~~Lower-Tier REMIC shall include the Mortgage Loans, the Accounts (other than the Non-REMIC Accounts), any REO Property, and any proceeds of the ~~Class RU Certificates are hereby designated~~ foregoing. The Lower-Tier REMIC Regular Interests (as defined below) shall constitute the ~~single Class~~ assets of ~~"residual interest" with respect to~~ the Upper-Tier REMIC. (cb) The Lower-Tier REMIC will be evidenced by (x) ~~the Class LT~~Lower-~~A Certificates~~Tier Interest 1, ~~Class LT-1 Certificates~~Lower-Tier Interest 2, ~~Class LT-2 Certificates~~Lower-Tier Interest 3, ~~Class LT-3 Certificates~~Lower-Tier Interest 4, ~~Class LT-4 Certificates~~Lower- Tier Interest 5, ~~Class LT~~and Lower-~~M Certificates, Class LT-AL Certificates, Class LT-5L Certificates and Class LT-ML Certificates~~ Tier Interest 6 (the "Lower-Tier REMIC 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~~Certificate, which ~~are~~ is hereby designated as the single "residual interest" in the Lower-Tier REMIC (the Lower-Tier REMIC Regular Interests, together with the Class RL ~~Certificates~~Certificate, the "Lower-Tier REMIC Interests"). The Lower-Tier REMIC -------------------------- 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. The Lower-Tier REMIC Interests will have the following designations and Lower-Tier Pass-Through Rates, and distributions of principal, interest and Realized Losses thereon shall be allocated to the Certificates in the following manner: Lower-Tier Initial Pass-Through Allocation of Allocation of Interests Balance Rate Principal (3) Interest (4) --------- ------- ---- ------------- ------------ 1 $_________ (1) A1 A1, AIO 2 $_________ (1) M1 M1, AIO (1) M2 M2, AIO 4 $_________ (1) M3 M3, AIO 5 $_________ (6) (1) O AIO 6 (2) (2) (2) P Class RL (5) (5) (5) (5) (2) Lower-Tier REMIC Interest 6 is entitled to distributions of all Prepayment Charges. It is not entitled to any other distributions of principal or interest. (3) Distributions of principal and Realized Losses from the Lower-Tier REMIC Interests will be allocated to the related Upper-Tier REMIC Interests in the amounts and priorities provided for such Upper-Tier REMIC Interests in Section 4.1. (4) Distributions of interest from the Lower-Tier REMIC Interests will be allocated to the related Upper-Tier REMIC Interests in the amounts and priorities provided for such Upper-Tier REMIC Interests in Section 4.1. (5) On each Distribution Date, available funds, if any, remaining in the Lower- Tier REMIC after payments of interest and principal, as designated above, will be distributed to the Class RL Certificate. It is expected that there shall not be any distributions on the Class RL Certificate.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Novastar Mortgage Funding Corp)

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~~A, Class ~~LT-1 Certificates~~LT-1, Class ~~LT-2 Certificates~~LT-2, Class ~~LT-3 Certificates~~LT-3, Class ~~LT-4 Certificates~~LT-4, Class LT-~~M Certificates~~M, Class LT-~~AL Certificates~~AL, Class LT-5L ~~Certificates~~ and Class ~~LT-~~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.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Equivantage Acceptance Corp)

Miscellaneous REMIC Provisions. (a) The Trustee shall elect that ~~the Upper-Tier~~ each of REMIC I, REMIC II and ~~the Lower-Tier~~ REMIC III shall be treated as ~~REMICs~~ 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~~ 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 (as defined below) shall constitute the assets of REMIC III. (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~~ I will be evidenced by (x) the Class ~~LT-A Certificates~~IA, Class ~~LT-1 Certificates~~IB, ~~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~~ IC Certificates (the "~~Lower-Tier~~ REMIC I Regular Interests"), which will be uncertificated and non-transferable and are hereby designated as the "regular interests" in ~~the Lower-Tier~~ REMIC I and (y) the Class RL R-I Certificates, which are hereby designated as the single "residual interest" in ~~the Lower-Tier~~ REMIC I (the ~~Lower-Tier~~ REMIC I Regular Interests, together with the Class RL R-I Certificates, the "~~Lower-Tier Interests~~REMIC I Certificates"). The ~~Lower-Tier~~ REMIC I Regular Interests shall be recorded on the records of ~~the Lower-Tier~~ 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 ~~Upper~~initial principal balance of the Class A-7 Certificates (that is, $34,125,000). 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 Certificates (that is, $453,352,925). The Class IC Certificates shall have an initial principal balance equal to the Original Group II Loan Balance (that is, $162,522,163). 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-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-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 be allocated as follows: an amount equal to the Realized Losses allocable to the Class A-7 Certificates shall be allocable to the Class IA Certificates and the remaining Realized Losses shall be allocable to the Class IB Certificates. On each Payment Date, all principal collections and Realized Losses on the Group II Home Equity Loans shall be allocated to the Class IC Certificates. The Class IA and Class IB Certificates shall each have Pass-~~Tier REMIC~~Through Rates equal to the weighted average Coupon Rate of the Group I Home Equity Loans net of the sum of the Servicing Fee for Loan Group I, the Trustee Fee for Loan Group I, and the Premium Amount for Loan Group I (the sum expressed as a per annum rate on the Group Loan Balance for Loan Group I). The Class IC shall have a Pass-Through Rate equal to the weighted average Coupon Rate of the Group II Home Equity Loans net of the sum of the Servicing Fee for Loan Group II, the Trustee Fee for Loan Group II, and the Premium Amount for Loan Group II (the sum expressed as a per annum rate on the Group Loan Balance for Loan Group II). The Class R-I Certificates shall have no principal balance and no Pass-Through Rate and shall be entitled to only those distributable assets, if any, remaining in the REMIC I on each Payment Date after all amounts required to be distributed to the Class IA, Class IB and Class IC Certificates and applicable Trust expenses have been paid. (c) REMIC II will be evidenced by (x) the 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-7, Class II-A-8, Class II-A-9IO, Class II-B-1, Class II-B-2, Class II-M-1, Class II-M-2, and Class II-M-3 Certificates (the "REMIC II Regular Interests"), which will be uncertificated and non-transferable and are hereby designated as the "regular interests" in REMIC II and (y) the Class R-II Certificates, which are hereby designated as the single "residual interest" in REMIC II (the REMIC II Regular Interests, together with the Class R-II Certificates, the "REMIC II Certificates"). The REMIC II Regular Interests shall be recorded on the records of REMIC II as being issued to and held by the Trustee on behalf of REMIC III. Any Aggregate Extra Principal Distribution Amount will not be paid as interest to the REMIC II Regular Interests, but instead to the extent available, a portion of the interest payable with respect to the Class II-M-3 Certificates which equals 1% of the Extra Principal Distribution Amount (and, to the extent 1% of the Extra Principal Distribution Amount exceeds the interest payable on the Class II-M-3 Certificates, a pro rata portion of the interest payable on the Class II-M-1 and Class II-M-2 Certificates equal to such excess) will be payable as a reduction of the principal balances of the 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-7, Class II-A-8, Class II-B-1 and Class II-B-2 Certificates in the same manner in which the Extra Principal Distribution Amount is allocated among the Class X-0, Xxxxx X-0, Class A-3, Class A-4, Class A-5, Class A-6, Class A-7, Class A-8 and, with respect to both the Class II-B-1 and Class II-B-2 Certificates, to Class B Certificates, respectively (and will be accrued and added to principal on the Class II-M-1 and Class II-M-2 Certificates in the same proportion as interest payable on such Certificates is used to reduce principal on other Certificates as just described). Principal payments on the Home Equity Loans shall be allocated 99% to the Class II-M-1, Class II-M-2 and Class II-M-3 Certificates, and 1% to the 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-7, Class II-A-8, Class II-B-1 and Class II-B-2 Certificates until paid in full. The aggregate amount of principal allocated to the 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-7, Class II-A-8, Class II-B-1 and Class II-B-2 Certificates shall be apportioned among such Classes in the same manner in which principal on the Home Equity Loans is payable with respect to the Class X-0, Xxxxx X-0, Class A-3, Class A-4, Class A-5, Class A-6, Class A-7, Class A-8 and, with respect to both the Class II-B-1 and Class II-B-2 Certificates, to Class B Certificates, respectively. The aggregate amount of principal allocated to the Class II-M-1, Class II-M-2 and Class II-M-3 Certificates shall be allocated and apportioned among such Certificates first, to the Class II-M-1 and Class II-M-2 Certificates the least amount of principal necessary which when applied to such classes can be applied so that the ratio of the principal balance of the Class II-M-1 Certificates to the principal balance of the Class II-M-2 Certificates equals the ratio of the Group I Loan Balance to the Group II Loan Balance (the "Balance Ratio") and second, to the Class II-M-3 Certificates. Notwithstanding the above, principal payments on the Home Equity Loans that are attributable to the Aggregate Overcollateralization Release Amount shall be allocated to the Class II-M-1, Class II-M-2 and Class II-M-3 Certificates (allocated first to the Class II-M-3 Certificates until such certificates are paid in full, and second to the Class II-M-1 and Class II-M-2 Certificates and apportioned among the Class II-M-1 and Class II-M-2 Certificates in such a manner that the Balance Ratio is maintained until paid in full). Realized Losses shall be applied such that after all distributions have been made on such Payment Date the principal balances of the 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-7, Class II-A-8, and the sum of the Class II-B-1 and Class II-B-2 Certificates are each 1% of the principal balances of 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 and Class B Certificates, respectively, and the aggregate principal balance of the Class II-M-1, Class II-M-2 and Class II-M-3 Certificates is equal to the Total Loan Balances of the Home Equity Loans less an amount equal to the sum of the principal balances of the 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-7, Class II-A-8, Class II-B-1 and Class II-B-2 Certificates and is allocated and apportioned first, to the Class II-M-1 and Class II-M-2 Certificates the least amount of Realized Losses necessary which when applied to such Classes can be applied in such a manner that the Balance Ratio is maintained, and second, to the Class II-M-3 Certificates. The REMIC II Certificates will have the following designations and Pass-Through Rates, and distributions of principal and interest thereon shall be allocated to the Certificates in the following manner:

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Contisecurities Asset Funding Corp)

Miscellaneous REMIC Provisions. (a) The ~~Trustee~~ Indenture Trustee, as agent of the REMIC Trust, shall elect that each of the ~~Upper~~Lower-Tier REMIC and the ~~Lower~~Upper-Tier REMIC shall be treated as ~~REMICs~~ 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~~ this Agreement shall be resolved in a manner that preserves the validity of such REMIC elections~~. (b)~~ . The ~~Class A Certificates and~~ assets of the ~~Class B Certificates are hereby designated as "regular interests" with respect to the Upper~~Lower-Tier REMIC shall include the Mortgage Loans, the Accounts (other than the Non-REMIC Accounts), any REO Property, and any proceeds of the ~~Class RU Certificates are hereby designated~~ foregoing. The Lower-Tier REMIC Regular Interests (as defined below) shall constitute the ~~single Class~~ assets of ~~"residual interest" with respect to~~ the Upper-Tier REMIC. (cb) The Lower-Tier REMIC will be evidenced by (x) ~~the Class LT~~Lower-~~A Certificates~~Tier Interest 1, ~~Class LT-1 Certificates~~Lower-Tier Interest 2, ~~Class LT-2 Certificates~~Lower-Tier Interest 3, ~~Class LT-3 Certificates~~Lower-Tier Interest 4, ~~Class LT-4 Certificates~~Lower-Tier Interest 5, ~~Class LT~~and Lower-~~M Certificates, Class LT-AL Certificates, Class LT-5L Certificates and Class LT-ML Certificates~~ Tier Interest 6 (the "Lower-Tier REMIC 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~~R-1 Certificate, which ~~are~~ is hereby designated as the single "residual interest" in the Lower-Tier REMIC (the Lower-Tier REMIC Regular Interests, together with the Class ~~RL Certificates~~R-1 Certificate, the "Lower-Tier REMIC Interests"). The Lower-Tier REMIC Regular Interests shall be recorded on the records of the Lower-Tier REMIC as being issued to and held by the Indenture Trustee on behalf of the Upper-Tier REMIC.. Lower-Tier Interest 1 shall have an initial principal balance equal to one percent of the sum of the initial principal balances of the Class A Notes and the Mezzanine Notes (that is, $3,511,050.00). Lower-Tier Interest 2 shall have an initial principal balance equal to one percent of the original principal balance of the Mortgage Pool (that is, $3,511,050.00). Lower-Tier Interest 3 shall have an initial principal balance equal to the excess of (i) original principal balance of the Mortgage Pool over (ii) the sum of the initial principal balances of Lower-Tier Interest 1 and Lower-Tier Interest 2 (that is, $344,082,900.00). On each Payment Date, principal payments on the Mortgage Loans shall be allocated 99% to Lower-Tier Interest 2 and Lower-Tier Interest 3 and 1% to Lower-Tier Interest 1 until paid in full. Any Overcollateralization Increase Amount will not be paid as interest to the Lower-Tier REMIC Regular Interests, but instead to the extent available, a portion of the interest payable with respect to Lower-Tier Interest 3 which equals 1% of the Overcollateralization Increase Amount will be payable as a reduction of the principal balance of Lower-Tier Interest 1 in the same manner in which the Overcollateralization Increase Amount is allocated among the Class A Notes and the Mezzanine Notes, respectively (and will be accrued and added to principal on Lower-Tier Interest 3 in the same proportion as interest payable on such Interest is used to reduce principal on the other Interest as just described). Notwithstanding the above, principal payments on the Mortgage Loans that are attributable to the Overcollateralization Reduction Amount shall be allocated to Lower-Tier Interest 2 and Lower-Tier Interest 3 (allocated first to Lower-Tier Interest 3 until such certificates are paid in full, and second to Lower-Tier Interest 2). Realized Losses shall be applied such that after all distributions have been made on such Payment Date the principal balance of Lower-Tier Interest 1 is 1% of the principal balance of the Class A Notes and the Mezzanine Notes and the aggregate principal balance of Lower-Tier Interest 2 and Lower-Tier Interest 3 is equal to the sum of the principal balances of the Mortgage Loans less an amount equal to the principal balance of Lower-Tier Interest 1. Lower-Tier Interest 1, Lower-Tier Interest 2 and Lower-Tier Interest 3 shall each have Interest Rates equal to the Net WAC Rate. Lower-Tier Interest 4 shall have no principal balance and no Interest Rate and shall be entitled only to any Prepayment Charges. The Class R-1 Certificate shall have no principal balance and no Interest Rate and shall be entitled to only those distributable assets, if any, remaining in the Lower-Tier REMIC on each Payment Date after all amounts required to be distributed to Lower-Tier Interest 1, Lower-Tier Interest 2, Lower-Tier Interest 3 and Lower-Tier Interest 4 and applicable Trust expenses have been paid. The Lower-Tier REMIC Interests will have the following designations and Interest Rates, and distributions of principal and interest thereon shall be allocated to the Notes and the Certificates in the following manner:

Appears in 1 contract

Samples: Sale and Servicing Agreement (Morgan Stanley Abs Capital I Inc)

Miscellaneous REMIC Provisions. (a) The ~~Trustee~~ Trust shall elect that each of the Upper-Tier ~~REMIC and~~ REMIC, the Lower-Tier REMIC and REMIC I 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 A-1 Group I Certificates, the Class A-2 Group I Certificates, the Class A-3 Group I Certificates, the Class A-4 Group I Certificates, the Class A-5 Group I Certificates, the Class A-6 Group II Certificates and the ~~Class B Certificates~~ uncertificated right of the Supplemental Interest Account to receive the distributions described in Section 7.3(c) (the "Uncertificated Interest") 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~~ 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~~LT-1, ~~Class LT-1 Certificates~~LT-2, ~~Class LT-2 Certificates~~LT-3, ~~Class LT-3 Certificates~~LT-4, ~~Class LT-4 Certificates~~LT-5, ~~Class LT-M Certificates~~XX-0, ~~Class LT-AL Certificates~~XX-0, ~~Class LT-5L~~ LT-8 and LT-9 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 with respect to the Lower-Tier REMIC and ~~(y)~~ the Class RL ~~Certificates, which~~ Certificates are hereby designated as the single class of "residual interest" in with respect to the Lower-Tier REMIC. The beneficial ownership interest of the Lower-Tier REMIC shall be evidenced by the interests (~~the Lower-Tier Regular Interests, together with the Class RL Certificates,~~ the "Lower-Tier Interests"~~). The Lower-Tier Regular Interests shall be recorded on~~ ) having the ~~records of the Lower-Tier REMIC~~ characteristics and terms as ~~being issued to and held by the Trustee on behalf of the Upper-Tier REMIC.~~follows:

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Home Equity Securitization Corp)

Miscellaneous REMIC Provisions. (a) The Certificate Administrator as agent of the Trustee shall elect that each of the ~~Upper~~Lower-Tier REMIC and the ~~Lower~~Upper-Tier REMIC shall be treated as ~~REMICs~~ 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~~ this Agreement shall be resolved in a manner that preserves the validity of such REMIC elections~~. (b)~~ . The ~~Class A Certificates and~~ assets of the ~~Class B Certificates are hereby designated as "regular interests" with respect to the Upper~~Lower-Tier REMIC shall include the Mortgage Loans, the Accounts (other than the Non-REMIC Accounts), any REO Property, and any proceeds of the ~~Class RU Certificates are hereby designated~~ foregoing. The Lower-Tier REMIC Regular Interests (as defined below) shall constitute the ~~single Class~~ assets of ~~"residual interest" with respect to~~ the Upper-Tier REMIC. (cb) The Lower-Tier REMIC will be evidenced by (x) ~~the Class LT~~Lower-~~A Certificates~~Tier Interest 1, ~~Class LT-1 Certificates~~Lower-Tier Interest 2, ~~Class LT-2 Certificates~~Lower-Tier Interest 3, ~~Class LT-3 Certificates~~Lower-Tier Interest 4, ~~Class LT-4 Certificates~~Lower-Tier Interest 5, ~~Class LT~~and Lower-~~M Certificates, Class LT-AL Certificates, Class LT-5L Certificates and Class LT-ML Certificates~~ Tier Interest 6 (the "Lower-Tier REMIC 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~~Certificate, which ~~are~~ is hereby designated as the single "residual interest" in the Lower-Tier REMIC (the Lower-Tier REMIC Regular Interests, together with the Class RL ~~Certificates~~Certificate, the "Lower-Tier REMIC Interests"). The Lower-Tier REMIC 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. The Lower-Tier REMIC Interests will have the following designations and Lower-Tier Pass-Through Rates, and distributions of principal, interest and Realized Losses thereon shall be allocated to the Certificates in the following manner: Lower-Tier Pass-Through Allocation of Allocation of Interests Initial Balance Rate Principal (3) Interest (4) --------- --------------- ---- ------------- ------------ 1 $216,200,000 (1) A1 A1, AIO 2 $4,600,000 (1) M1 M1, AIO 3 $2,760,000 (1) M2 M2, AIO 4 $2,760,000 (1) M3 M3, AIO 5 $3,680,000 (1) O AIO 6 (2) (2) (2) P Class RL (5) (5) (5) (5) (1) The Lower-Tier Pass-Through Rate on these Lower-Tier REMIC Regular Interests shall at any time of determination equal the Weighted Average Mortgage Rate of the Mortgage Loans. (2) Lower-Tier REMIC Interest 6 is entitled to distributions of all Prepayment Charges. It is not entitled to any other distributions of principal or interest. (3) Distributions of principal and Realized Losses from the Lower-Tier REMIC Interests will be allocated to the related Upper-Tier REMIC Interests in the amounts and priorities provided for such Upper-Tier REMIC Interests in Section 4.1. (4) Distributions of interest from the Lower-Tier REMIC Interests will be allocated to the related Upper-Tier REMIC Interests in the amounts and priorities provided for such Upper-Tier REMIC Interests in Section 4.1.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Residential Asset Funding Corp)

Miscellaneous REMIC Provisions. (a) The Trustee shall elect that ~~the Upper-Tier~~ each of REMIC I, REMIC II and ~~the Lower-Tier~~ REMIC III shall be treated as ~~REMICs~~ 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~~ 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 (as defined below) shall constitute the assets of REMIC III. (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~~ I will be evidenced by (x) the Class ~~LT-A Certificates~~IA, Class ~~LT-1 Certificates~~IB, ~~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~~ IC Certificates (the "~~Lower-Tier~~ REMIC I Regular Interests"), which will be uncertificated and non-transferable and are hereby designated as the "regular interests" in ~~the Lower-Tier~~ REMIC I and (y) the Class RL R-I Certificates, which are hereby designated as the single "residual interest" in ~~the Lower-Tier~~ REMIC I (the ~~Lower-Tier~~ REMIC I Regular Interests, together with the Class RL R-I Certificates, the "~~Lower-Tier Interests~~REMIC I Certificates"). The ~~Lower-Tier~~ REMIC I Regular Interests shall be recorded on the records of ~~the Lower-Tier~~ 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 ~~Upper~~initial principal balance of the Class A-7 Certificates (that is, $26,950,000). 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 Certificates (that is, $358,167,000). The Class IC Certificates shall have an initial principal balance equal to the Original Group II Loan Balance (that is, $165,000,000). 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-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-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 be allocated as follows: an amount equal to the Realized Losses allocable to the Class A-7 Certificates shall be allocable to the Class IA Certificates and the remaining Realized Losses shall be allocable to the Class IB Certificates. On each Payment Date, all principal collections and Realized Losses on the Group II Home Equity Loans shall be allocated to the Class IC Certificates. The Class IA and Class IB Certificates shall each have Pass-~~Tier REMIC~~Through Rates equal to the weighted average Coupon Rate of the Group I Home Equity Loans net of the sum of the Servicing Fee for Loan Group I, the Trustee Fee for Loan Group I, and the Premium Amount for Loan Group I (the sum expressed as a per annum rate on the Group Loan Balance for Loan Group I). The Class IC shall have a Pass-Through Rate equal to the weighted average Coupon Rate of the Group II Home Equity Loans net of the sum of the Servicing Fee for Loan Group II, the Trustee Fee for Loan Group II, and the Premium Amount for Loan Group II (the sum expressed as a per annum rate on the Group Loan Balance for Loan Group II). The Class R-I Certificates shall have no principal balance and no Pass-Through Rate and shall be entitled to only those distributable assets, if any, remaining in the REMIC I on each Payment Date after all amounts required to be distributed to the Class IA, Class IB and Class IC Certificates and applicable Trust expenses have been paid. (c) REMIC II will be evidenced by (x) the 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-7, Class II-A-8, Class II-A-9IO, Class II-B-1, Class II-B-2, Class II-M-1, Class II-M-2, and Class II-M-3 Certificates (the "REMIC II Regular Interests"), which will be uncertificated and non-transferable and are hereby designated as the "regular interests" in REMIC II and (y) the Class R-II Certificates, which are hereby designated as the single "residual interest" in REMIC II (the REMIC II Regular Interests, together with the Class R-II Certificates, the "REMIC II Certificates"). The REMIC II Regular Interests shall be recorded on the records of REMIC II as being issued to and held by the Trustee on behalf of REMIC III. Any Aggregate Extra Principal Distribution Amount will not be paid as interest to the REMIC II Regular Interests, but instead to the extent available, a portion of the interest payable with respect to the Class II-M-3 Certificates which equals 1% of the Extra Principal Distribution Amount (and, to the extent 1% of the Extra Principal Distribution Amount exceeds the interest payable on the Class II-M-3 Certificates, a pro rata portion of the interest payable on the Class II-M-1 and Class II-M-2 Certificates equal to such excess) will be payable as a reduction of the principal balances of the 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-7, Class II-A-8, Class II-B-1 and Class II-B-2 Certificates in the same manner in which the Extra Principal Distribution Amount is allocated among 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 and, with respect to both the Class II-B-1 and Class II-B-2 Certificates, to Class B Certificates, respectively (and will be accrued and added to principal on the Class II-M-1 and Class II-M-2 Certificates in the same proportion as interest payable on such Certificates is used to reduce principal on other Certificates as just described). Principal payments on the Home Equity Loans shall be allocated 99% to the Class II-M-1, Class II-M-2 and Class II-M-3 Certificates, and 1% to the 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-7, Class II-A-8, Class II-B-1 and Class II-B-2 Certificates until paid in full. The aggregate amount of principal allocated to the 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-7, Class II-A-8, Class II-B-1 and Class II-B-2 Certificates shall be apportioned among such Classes in the same manner in which principal on the Home Equity Loans is payable with respect to the Class X-0, Xxxxx X-0, Class A-3, Class A-4, Class A-5, Class A-6, Class A-7, Class A-8 and, with respect to both the Class II-B-1 and Class II-B-2 Certificates, to Class B Certificates, respectively. The aggregate amount of principal allocated to the Class II-M-1, Class II-M-2 and Class II-M-3 Certificates shall be allocated and apportioned among such Certificates first, to the Class II-M-1 and Class II-M-2 Certificates the least amount of principal necessary which when applied to such classes can be applied so that the ratio of the principal balance of the Class II-M-1 Certificates to the principal balance of the Class II-M-2 Certificates equals the ratio of the Group I Loan Balance to the Group II Loan Balance (the "Balance Ratio") and second, to the Class II-M-3 Certificates. Notwithstanding the above, principal payments on the Home Equity Loans that are attributable to the Aggregate Overcollateralization Release Amount shall be allocated to the Class II-M-1, Class II-M-2 and Class II-M-3 Certificates (allocated first to the Class II-M-3 Certificates until such certificates are paid in full, and second to the Class II-M-1 and Class II-M-2 Certificates and apportioned among the Class II-M-1 and Class II-M-2 Certificates in such a manner that the Balance Ratio is maintained until paid in full). Realized Losses shall be applied such that after all distributions have been made on such Payment Date the principal balances of the 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-7, Class II-A-8, and the sum of the Class II-B-1 and Class II-B-2 Certificates are each 1% of the principal balances of 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 and Class B Certificates, respectively, and the aggregate principal balance of the Class II-M-1, Class II-M-2 and Class II-M-3 Certificates is equal to the Total Loan Balances of the Home Equity Loans less an amount equal to the sum of the principal balances of the 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-7, Class II-A-8, Class II-B-1 and Class II-B-2 Certificates and is allocated and apportioned first, to the Class II-M-1 and Class II-M-2 Certificates the least amount of Realized Losses necessary which when applied to such Classes can be applied in such a manner that the Balance Ratio is maintained, and second, to the Class II-M-3 Certificates. The REMIC II Certificates will have the following designations and Pass-Through Rates, and distributions of principal and interest thereon shall be allocated to the Certificates in the following manner: Pass- Allocation Allocation REMIC II Initial Through of of Certificates Balance Rate Principal Interest ------------ ------------ ------- ---------- ----------

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Contisecurities Asset Funding Corp)

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Advanta Mortgage Conduit Services Inc)

Miscellaneous REMIC Provisions. (a) The ~~Trustee~~ Trust 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~~ A-1 Group I Certificates, the Class ~~B Certificates~~ A-2 Group I Certificates, the Class A-3 Group I Certificates, the Class A-4 Group I Certificates, the Class A-5 Group II Certificates, the uncertificated right of the 42 Supplemental Interest Account to receive the distributions described in Section 7.3(c) (the "Uncertificated Interest") 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~~ class of "residual interest" with respect to the Upper-Tier REMIC. The Class LT-1, LT-2, LT-3, LT-4, XX-0, XX-0, LT-7 and LT-8 Certificates are hereby designated as "regular interests" with respect to the Lower-Tier REMIC and the Class RL Certificates are hereby designated as the single class of "residual interest" with respect to the Lower-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 beneficial ownership interest of the Lower-Tier REMIC ~~and~~ shall be evidenced by the interests (~~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~~ ) having the ~~records of the Lower-Tier REMIC~~ characteristics and terms as ~~being issued to and held by the Trustee on behalf of the Upper-Tier REMIC.~~follows: Original Final Class Companion Principal Interest Payment Designation Classes Balance Rate Date ----------- ------- ------- ---- ----

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Access Financial Lending Corp)

Miscellaneous REMIC Provisions. (a) The ~~Trustee~~ Trust shall elect that the Upper-Tier REMIC and the Lower-Tier REMIC shall be treated as ~~REMICs~~ 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. The Class LT Certificates are hereby designated as "regular interests" with respect to the Lower-Tier REMIC and the Class RL Certificates are hereby designated as the single class of "residual interest" with respect to the Lower-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 beneficial ownership interest of the Lower-Tier REMIC ~~and~~ shall be evidenced by the interests (~~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")) having the characteristics and terms as follows: Original Class Companion Principal Interest Final Scheduled Designation Classes Balance Rate Payment Date ------------ ------------ --------------- -------- ------------------- LT A, B $80,000,000 (1) January 25, 2028 RL N/A (2) (2) January 25, 2028 (1) The Net Weighted Average Coupon Rate of the Mortgage Loans. (2) The RL Certificate has no principal balance and does not bear interest. The Lower-Tier ~~Regular~~ Interests shall be issued as non-certificated interests and 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. On each Payment Date, the Lower Tier Distribution Amount shall be applied as principal and interest of particular Lower Tier Interests, other than the RL Certificate, in amounts corresponding to the aggregate respective amounts required to be applied as principal and interest of their related Companion Classes (as set forth above) pursuant to the priorities set forth in section 7.5 hereof. No distributions will be made on the Class RL Certificate, except that any distribution of the proceeds of the final remaining assets of the Lower Tier REMIC shall be distributed to the holder thereof upon presentation and surrender of the Class RL Certificate. (d) The Startup Day is hereby designated as the "startup day" of the Trust within the meaning of Section 860G(a)(9) of the Code.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Equivantage Acceptance Corp)

Miscellaneous REMIC Provisions. (a) The ~~Trustee~~ Trust shall elect that each of the ~~Upper-~~Upper Tier REMIC and the ~~Lower-~~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 A-1 Certificates, the Class A-2 Certificates, the Class A-3 Certificates, the Class A-4 Certificates, the Class M-1 Certificates, the Class M-2 Certificates, the Class M-3 Certificate, the Class B Certificates and the Class B C 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~~LT1, ~~Class LT-1 Certificates~~LT2, ~~Class LT-2 Certificates~~LT3, ~~Class LT-3 Certificates~~LT4, ~~Class LT-4 Certificates~~LT5, ~~Class LT-M Certificates~~LT6, ~~Class LT-AL Certificates~~LT7, ~~Class LT-5L~~ LT8, LT9, LT10 and LT11 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 with respect to the Lower-Tier REMIC and ~~(y)~~ the Class RL ~~Certificates, which~~ Certificates are hereby designated as the single class of "residual interest" in with respect to the Lower-Tier ~~REMIC~~ REMIC. (c) Any Extra Principal Amount applies pursuant to Section 7.5(b) that is payable from interest on the Mortgage Loans will not be paid to the Lower Tier Interests as interest, but a portion of the interest payable with respect to the LT11 which equals 1% of the Extra Principal Amount will be payable as a reduction of the principal balances of the LT1, LT2, LT3, LT4, LT5, LT6, LT7 and LT8 Classes in the same manner in which the Extra Principal Amount is allocated among the Class A-1, Class A-2, Class A-3, Class A 4, Class M-1, Class M-2, Class M-3 and Class B Certificates, respectively (and will be accrued and added to principal on the LT11 Class). Principal payments on the Mortgage Loans shall be allocated 99% to the LT9, LT10 and LT11 and 1% to XX0, XX0, XX0, XX0, XX0, XX0, XX0 and LT8 Classes until paid in full. The aggregate amount of principal allocated to the XX0, XX0, XX0, XX0, XX0, XX0, XX0 and LT8, Classes shall be apportioned among such Classes in the same manner in which principal is payable with respect to the Class X-0, Xxxxx X-0, Class X-0, Xxxxx X-0, Class M-1, Class M-2, Class M-3 and Class B Certificates, respectively. The aggregate amount of principal allocated to the LT9, LT10 and LT11 Classes shall be allocated and apportioned among such Classes first, to the Class LT9 and LT10 Certificates the least amount of principal necessary which, when applied to such Classes, can be applied so that the ratio of the principal balance of the LT9 Class to the LT10 Class equals the ratio of the Fixed Rate Loan Group Balance to the Adjustable Rate Loan Group Balance (the ~~Lower-Tier Regular Interests~~"Balance Ratio") and second, ~~together with~~ to the Class RL LT11 Certificates. Notwithstanding the above, principal payments on the Mortgage Loans that are attributable to an Overcollateralization Reduction Amount shall be allocated to the Class LT9, LT10 and LT11 (allocated first to the Class LT11 Certificates until such certificates are paid in full, and second to the Class LT9 and LT10 Certificates and apportioned between the Class LT9 and LT10 Certificates in such a manner that the balance rates is maintained, until paid in full.) Realized Losses shall be applied such that after all distributions have been made on such Payment Date, the principal balances of the Class LT1, LT2, LT3, LT4, LT5, LT6, LT7 and LT8 Certificates are each 1% of the principal balances of the Class A-1, Class A-2, Class X-0, Xxxxx X-0, Class M-l, Class M-2, Class M-3 and Class B Certificates, respectively, and the ~~"Lower-Tier Interests")~~aggregate principal balance of the Class LT9, LT10 and LT11 Certificates is equal to the aggregate Loan Balances of the Mortgage Loans less an amount equal to the sum of the principal balances of the Class LTl, LT2, LT3, LT4, LT5, LT6, LT7 and LT8 Certificates and is allocated and apportioned first, to the Class LT9 and LT10 Certificates the least amount of realized losses necessary which, when applied to such Classes, can be applied in such a manner that the balance ratio is maintained, and second to the Class LT11 Certificates. The Lower-Tier ~~Regular~~ Interests will have the following designations and interest rates, and distributions of principal and interest thereon shall be allocated to the Certificates in the following manner: Original Pass- Allocation Class Principal Through of Allocation Final Scheduled Designation Balance Rate Principal of Interest Distribution Date ----------- ------- ---- --------- ----------- ----------------- LT1 $88,066 (1) (4) (5) June 2, 2019 LT2 25,517 (1) (4) (5) June 5, 2022 LT3 25,805 (1) (4) (5) October 5, 2029 LT4 17,013 (1) (4) (5) October 5, 2029 LT5 7,997 (1) (4) (5) October 5, 2029 LT6 6,221 (1) (4) (5) October 5, 2029 LT7 5,332 (1) (4) (5) October 5, 2029 LT8 1,729 (1) (4) (5) October 5, 2029 LT9 160,716 (2) (4) (5) October 5, 2029 LT10 17,013 (3) (4) (5) October 5, 2029 LT11 177,552,229 (1) (6) (6) October 5, 2029 RL (6) (6) (6) (6) October 5, 2029 (1) The interest rate on these Lower-Tier Interests shall at any time of determination equal the Net Weighted Average Mortgage Rate. (2) The interest rate on this Lower-Tier Interest shall equal at any time of determination the Net Weighted Average Mortgage Rate on the Fixed Rate Loan Group. (3) The interest rate on this Lower-Tier Interest shall equal at any time of determination the Net Weighted Average Mortgage Rate on the Adjustable Rate Loan Group. (4) Principal will be allocated to and apportioned among the Class A, Class M and Class B Certificates in the same proportion as principal is payable with respect to such Certificates, except that a portion of such principal in an amount equal to the Overcollateralization Reduction Amount shall first be allocated as a payment of interest to the Class C Certificates, and all principal will be allocated as a payment of interest to the Class C Certificates after the principal balance of the Class A, Class M and Class B Certificates have been reduced to zero. (5) Except as provided below, interest will be allocated among the Class A, Class M and Class B Certificates in the same proportion as interest is payable on such Certificates. (6) Any interest in excess of the product of (I) 100 times the weighted average coupon of the Class XX0, XX0, XX0, XX0, XX0, XX0, XX0, XX0, XX0, XX00 and LT11 Certificates where each of such Classes, other than the Class LT9, LT10 and LT11 Certificates, is first subject to a cap and floor equal to the Class A-1, Class A-2, Class X-0, Xxxxx X-0, Class M-1, Class M-2, Class M-3 and Class B Pass-Through Rate, respectively, and the Class LT9, LT10 and LT11 Certificates are each subject to a cap equal to 0%, and (ii) the principal of each such Lower-Tier Interest shall not be allocated to the Class A, Class M and Class B Certificates but will be allocated to the Class C Certificates as a separate component. However, the Class C Certificates shall be subordinated to the extent provided in Section 7.5. (7) The Class RL Certificate has no principal balance and does not bear interest. On each Distribution Date, available funds, if any, remaining in the Lower Tier REMIC after payments of interest and principal, as designated above, will be distributed to the Class RL Certificate. The Class LT1, LT2, LT3, LT4, LT5, LT6, LT7, LT8, LT9 LT10 and LT11 Certificates shall be issued as non-certificated interests and 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. (d) The Startup Day is hereby designated as the "startup day" of the Lower Tier REMIC and Upper Tier REMIC within the meaning of Section 860G(a)(9) of the Code.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Prudential Securities Secured Financing Corp)

Miscellaneous REMIC Provisions. (a) The Certificate Administrator as agent of the Trustee shall elect that each of the ~~Upper~~Lower-Tier REMIC and the ~~Lower~~Upper-Tier REMIC shall be treated as ~~REMICs~~ 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~~ this Agreement shall be resolved in a manner that preserves the validity of such REMIC elections~~. (b)~~ . The ~~Class A Certificates and~~ assets of the ~~Class B Certificates are hereby designated as "regular interests" with respect to the Upper~~Lower-Tier REMIC shall include the Mortgage Loans, the Accounts (other than the Non-REMIC Accounts), any REO Property, and any proceeds of the ~~Class RU Certificates are hereby designated~~ foregoing. The Lower-Tier REMIC Regular Interests (as defined below) shall constitute the ~~single Class~~ assets of ~~"residual interest" with respect to~~ the Upper-Tier REMIC. (cb) The Lower-Tier REMIC will be evidenced by (x) ~~the Class LT~~Lower-~~A Certificates~~Tier Interest 1, ~~Class LT-1 Certificates~~Lower- Tier Interest 2, ~~Class LT-2 Certificates~~Lower-Tier Interest 3, ~~Class LT-3 Certificates~~Lower-Tier Interest 4, ~~Class LT-4 Certificates~~Lower-Tier Interest 5, ~~Class LT~~and Lower-~~M Certificates, Class LT-AL Certificates, Class LT-5L Certificates and Class LT-ML Certificates~~ Tier Interest 6 (the "Lower-Tier REMIC 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~~Certificate, which ~~are~~ is hereby designated as the single "residual interest" in the Lower-Tier REMIC (the Lower-Tier REMIC Regular Interests, together with the Class RL ~~Certificates~~Certificate, the "Lower-Tier REMIC Interests"). The Lower-Tier REMIC -------------------------- 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. The Lower-Tier REMIC Interests will have the following designations and Lower-Tier Pass-Through Rates, and distributions of principal, interest and Realized Losses thereon shall be allocated to the Certificates in the following manner: Lower-Tier Pass-Through Allocation of Allocation of Interests Initial Balance Rate Principal (3) Interest (4) ------------------ ------------------- ---------------------- ---------------- -------------------- 1 $ 385,950,000 LIBOR + 0.28% (1) A1 A1, AIO 2 $ 8,300,000 LIBOR + 0.65% (1) M1 M1, AIO 3 $ 8,300,000 LIBOR + 1.35% (1) M2 M2, AIO 4 $ 6,225,000 LIBOR + 2.30% (1) M3 M3, AIO 5 $415,000,000 (6) (1) O AIO 6 $415,000,000 (6) (2) (2) P Class RL (5) (5) (5) (5) (1) The Lower-Tier Pass-Through Rate on these Lower-Tier REMIC Regular Interests shall at any time of determination equal the Weighted Average Mortgage Rate of the Mortgage Loans. (2) Lower-Tier REMIC Interest 6 is entitled to distributions of all Prepayment Charges. It is not entitled to any other distributions of principal or interest. (3) Distributions of principal and Realized Losses from the Lower-Tier REMIC Interests will be allocated to the related Upper-Tier REMIC Interests in the amounts and priorities provided for such Upper-Tier REMIC Interests in Section 4.1. (4) Distributions of interest from the Lower-Tier REMIC Interests will be allocated to the related Upper-Tier REMIC Interests in the amounts and priorities provided for such Upper-Tier REMIC Interests in Section 4.1. (5) On each Distribution Date, available funds, if any, remaining in the Lower- Tier REMIC after payments of interest and principal, as designated above, will be distributed to the Class RL Certificate. It is expected that there shall not be any distributions on the Class RL Certificate.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Novastar Mortgage Funding Trust Series 2001-1)

Common use of Miscellaneous REMIC Provisions Clause in Contracts