Miscellaneous REMIC Provisions. (a) The Trustee shall elect that each of the Lower-Tier REMIC and the Upper-Tier REMIC 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 the Lower-Tier REMIC shall include the Mortgage Loans, the Accounts (except for the Non-REMIC Estate), any REO Property, and any proceeds of the foregoing. The Lower-Tier REMIC Regular Interests (as defined below) shall constitute the assets of the Upper-Tier REMIC.
Appears in 6 contracts
Samples: Pooling and Servicing Agreement (Advanta Mortgage Conduit Services Inc), Pooling and Servicing Agreement (Advanta Conduit Receivables Inc), 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 Lower-Tier REMIC and the Upper-Tier REMIC 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 the Lower-Tier REMIC shall include the Mortgage Loans, the Accounts (except for other than the Non-REMIC EstateAccounts), any REO Property, and any proceeds of the foregoing. The Lower-Tier REMIC Regular Interests (as defined below) shall constitute the assets of the Upper-Tier REMIC.
Appears in 5 contracts
Samples: Pooling and Servicing Agreement (Residential Asset Funding Corp), Pooling and Servicing Agreement (Novastar Mortgage Funding Trust Series 2001-1), Pooling and Servicing Agreement (Novastar Mortgage Funding Corp)
Miscellaneous REMIC Provisions. (a) The Trustee Indenture Trustee, as agent of the REMIC Trust, shall elect that each of the Lower-Tier REMIC and the Upper-Tier REMIC 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 the Lower-Tier REMIC shall include the Mortgage Loans, the Accounts (except for other than the Non-REMIC EstateAccounts), any REO Property, and any proceeds of the foregoing. The Lower-Tier REMIC Regular Interests (as defined below) shall constitute the assets of the Upper-Tier REMIC.
Appears in 1 contract
Samples: Sale and Servicing Agreement (Morgan Stanley Abs Capital I Inc)
Miscellaneous REMIC Provisions. (a) The Trustee shall elect that each of the Lower-Tier REMIC and the Upper-Tier REMIC 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 the Lower-Tier REMIC shall include the Mortgage Loans, the Accounts (except for the Non-REMIC Estate)Accounts, any REO Property, and any proceeds of the foregoing. The Lower-Tier REMIC Regular Interests (as defined below) shall constitute the assets of the Upper-Tier REMIC.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Advanta Mortgage Loan Trust 1998-3)
