Pooling REMIC Interests. If an election has been made to treat certain assets of the Trust as a Pooling REMIC, the Pooling and Servicing Agreement will set forth the terms of the Regular Interests and Residual Interest of the Pooling REMIC. Unless otherwise specified in the Pooling and Servicing Agreement, (a) the Pooling REMIC Regular Interests will be "regular interests" for purposes of the REMIC Provisions but will not constitute securities or certificates of interest in the Trust; and (b) the Trustee will be the owner of any such Regular Interests, which may not be transferred to any person other than a successor trustee appointed pursuant to Section 8.08 hereof unless the party desiring the transfer obtains a Special Tax Opinion.
Appears in 16 contracts
Samples: Pooling and Servicing Agreement (Bombardier Capital Mortgage Securitization Corp), Pooling and Servicing Agreement (Bombardier Capital Mortgage Securitization Corp), Pooling and Servicing Agreement (Oakwood Mortgage Investors Inc)
Pooling REMIC Interests. If an election has been made to treat certain assets of the Trust as a Pooling REMIC, the Pooling and Servicing Trust Agreement will set forth the terms of the Regular Interests and the Residual Interest of the Pooling REMIC. Unless otherwise specified provided in the Trust Agreement, (i) the Subaccounts will be the Regular Interests in the Pooling and Servicing Agreement, (a) the Pooling REMIC Regular Interests will be "regular interests" for purposes of the REMIC Provisions but will not constitute securities or certificates of interest in the Trust; Trust and (bii) the Trustee will be the owner of any such Regular Intereststhe Subaccounts, which may not be transferred to any person other than a successor trustee appointed pursuant to Section 8.08 8.07 hereof unless the party desiring the transfer obtains a Special Tax Opinion.
Appears in 8 contracts
Samples: Trust Agreement (Saxon Asset Securities Co), Trust Agreement (Saxon Asset Securities Co), Trust Agreement (Saxon Asset Securities Co)
Pooling REMIC Interests. If an election has been made to treat certain assets of the Trust as a Pooling REMIC, the Pooling and Master Servicing Agreement will set forth the terms of the Regular Interests and Residual Interest of the Pooling REMIC. Unless otherwise specified in the Pooling and Master Servicing Agreement, (a) the Pooling REMIC Regular Interests will be "regular interests" for purposes of the REMIC Provisions but will not constitute securities or certificates of interest in the Trust; and (b) the Trustee will be the owner of any such the Pooling REMIC Regular Interests, which may not be transferred to any person other than a successor trustee appointed pursuant to Section 8.08 8.07 hereof unless the party desiring the transfer obtains a Special Tax Opinion; and (c) the Pooling REMIC Regular Interests will be represented by Pooling REMIC Subaccounts.
Appears in 2 contracts
Samples: Fremont Mortgage Securities Corp, Southpoint Residential Mortgage Securities Corp
Pooling REMIC Interests. If an election has been made to treat certain assets of the Trust as a Pooling REMIC, the Pooling and Servicing Agreement will set forth the terms of the Regular Interests and Residual Interest of the Pooling REMIC. Unless otherwise specified in the Pooling and Servicing Agreement, (a) the Pooling REMIC Regular Interests will be "βregular interests" β for purposes of the REMIC Provisions but will not constitute securities or certificates of interest in the Trust; and (b) the Trustee will be the owner of any such Regular Interests, which may not be transferred to any person other than a successor trustee appointed pursuant to Section 8.08 hereof unless the party desiring the transfer obtains a Special Tax Opinion.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Residential Resources Inc)