REMIC Declaration; Other REMIC Matters Sample Clauses

REMIC Declaration; Other REMIC Matters. Xxxxxx Xxx hereby declares its intent that the Trust formed hereunder shall constitute, and the affairs of the Trust shall be conducted so as to qualify as, a REMIC pursuant to Section 860D of Subchapter M of Chapter 1 of the Code. The Class 103-R Certificate is hereby designated as the sole “residual interest” in the REMIC constituted by the Trust Fund within the meaning of Section 860G(a)(2) of the Code, and each remaining Class of Certificates is hereby designated as a “regular interest” in such REMIC within the meaning of Section 860G(a)(1) of the Code. The date designated as the “startup day” of the REMIC within the meaning of Section 860G(a)(9) of the Code shall be the Settlement Date. In furtherance of the intentions expressed in the foregoing paragraph, Xxxxxx Mae covenants and agrees that it shall: (a) prepare, sign and file, or arrange to be prepared, signed and filed, a federal income tax return using a calendar year as the taxable year for the Trust when and as required by the Code, on which a REMIC election shall be made with respect to the Trust,
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REMIC Declaration; Other REMIC Matters. Xxxxxx Xxx hereby declares its intent that the Trust formed hereunder shall constitute, and the affairs of the Trust shall be conducted so as to qualify as, a REMIC pursuant to Section 860D of Subchapter M of Chapter 1 of the Code. The Class 36-R Certificate is hereby designated as the sole “residual interest” in the REMIC constituted by the Trust Fund within the meaning of Section 860G(a)(2) of the Code, and each remaining Class of Certificates is hereby designated as a “regular interest” in such REMIC within the meaning of Section 860G(a)(1) of the Code. The date designated as the “startup day” of the REMIC within the meaning of Section 860G(a)(9) of the Code shall be the Settlement Date. In furtherance of the intentions expressed in the foregoing paragraph, Xxxxxx Mae covenants and agrees that it shall: (a) prepare, sign and file, or arrange to be prepared, signed and filed, a federal income tax return using a calendar year as the taxable year for the Trust when and as required by the Code, (b) conduct the affairs of the Trust so as to maintain the status thereof as a REMIC under the Code, (c) not knowingly or intentionally take any action or omit to take any action that would cause the termination of the REMIC status of the Trust, and (d) hold harmless and indemnify the Holder of the Residual Certificate against any liability on account of any federal income tax (including interest and penalties) imposed on the Trust to the extent that any such tax shall be paid or payable by it. Xxxxxx Xxx, as Trustee of the Trust, will prepare, sign and file each annual federal income tax return for the Trust and such information returns as are required by Treasury regulations. In addition, Xxxxxx Mae will act as the tax matters person for the Trust in a fiduciary capacity, for the Holder of the Class 36-R Certificate. In addition, Xxxxxx Xxx will provide to each Holder of a Certificate any information or reports regarding the Certificates that may be required under the Code. In addition, Xxxxxx Mae will provide to the Internal Revenue Service and to persons described in section 860E(e)(3) and (6) of the Code the information described in section 1.860D-1(b)(5)(ii) of the Regulations, or any successor regulation thereto. Such information will be provided in the manner described in section 1.860E-2(a)(5) of the Regulations, or any successor regulation thereto.
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REMIC Declaration; Other REMIC Matters. (a) Xxxxxx Mae hereby declares its intent that the Trust shall constitute, and the affairs of each shall be conducted so as to qualify each as, a REMIC pursuant to Section 860D of Subchapter M of Chapter 1 of the Code. Each Class of the Regular Certificates is hereby designated as a "regular interest" (within the meaning of Section 860G(a)(1) of the Code), and the R Class is hereby designated as the single Class of "residual interest" (within the meaning of Section 860G(a)(2) of the Code), in the Trust.
Sample 1
REMIC Declaration; Other REMIC Matters. (a) Xxxxxx Mae hereby declares its intent that each of the Lower Tier REMIC and the Trust shall constitute, and the affairs of each shall be conducted so as to qualify each as, a REMIC pursuant to Section 860D of Subchapter M of Chapter 1 of the Code. Each Class of the REMIC Regular Certificates is hereby designated as a “regular interest” (within the meaning of Section 860G(a)(1) of the Code), and the Class R Certificate is hereby designated as the single class of “residual interest” within the meaning of Section 860G(a)(2) of the Code), in the Trust. Each Class of Lower Tier Regular Interests is hereby designated as a “regular interest” (within the meaning of Section 860G(a)(1) of the Code), and the Class RL Certificate is hereby designated as the single class of “residual interest” (within the meaning of Section 860G(a)(2) of the Code), in the Lower Tier REMIC. The date designated as the “startup day” of each such REMIC within the meaning of Section 860G(a)(9) of the Code shall be the Settlement Date.
Sample 1

Related to REMIC Declaration; Other REMIC Matters

  • REMIC Declarations; Other REMIC Matters (a) The Issuer hereby declares its intent that the Trust (or the applicable portion thereof) formed pursuant to the related Trust Documents will constitute, and the affairs of such Trust (or the applicable portion thereof) will be conducted so as to qualify as, one or more REMICs pursuant to Section 860D of Subchapter M of Chapter 1 of the Internal Revenue Code; provided, however, that such portions of any Trust as are expressly excluded from any applicable REMIC in the related Issue Supplement will not constitute a part of any REMIC. The RL Class Certificate of each Two Tier Series or Three Tier Series is hereby designated as the sole “residual interest” in the related Lower Tier REMIC within the meaning of Section 860G(a)(2) of the Internal Revenue Code, and the Lower Tier Regular Interests of each such Two Tier Series or Three Tier Series are hereby designated as “regular interests” in such REMIC within the meaning of Section 860G(a)(1) of the Internal Revenue Code. The RM Class Certificate of each Three Tier Series is hereby designated as the sole “residual interest” in the related Middle Tier REMIC within the meaning of Section 860G(a)(2) of the Internal Revenue Code, and the Middle Tier Regular Interests of each such Three Tier Series are hereby designated as “regular interests” in such REMIC within the meaning of Section 860G(a)(1) of the Internal Revenue Code. The R Class Certificate of each Series is hereby designated as the sole “residual interest” in the Single Tier REMIC or Upper Tier REMIC of such Series, as applicable, within the meaning of Section 860G(a)(2) of the Internal Revenue Code, and each remaining Class of Certificates of such Series (other than the RL Class Certificate and the RM Class Certificate, if any) is hereby designated as a “regular interest” in such REMIC within the meaning of Section 860G(a)(1) of the Internal Revenue Code. The date designated as the “startup day” of each REMIC within the meaning of Section 860G(a)(9) of the Internal Revenue Code will be the Settlement Date specified in the related Issue Supplement.

  • Permissible Without Action by Certificateholders Xxxxxx Xxx and the Trustee, from time to time and at any time, may, without the consent of or notice (other than in the case of any instrument supplemental hereto pursuant to clause (b) below) to any Holder of a Certificate or a Lower Tier Regular Class, enter into an agreement or other instrument supplemental hereto and which thereafter shall form a part hereof, for any one or more of the following purposes:

  • Classes of Trust Fund Certificates The Trust Fund Certificates authorized by this Trust Agreement shall be divided into the Classes listed on the cover of the Prospectus Supplement (other than the Class 46-RL Certificate), which Classes shall have the Class designations, original Class Balances, Interest Rates and Final Distribution Dates specified in the Prospectus Supplement.

  • The Lower Tier REMIC The beneficial ownership interest of the Lower Tier REMIC shall be evidenced by the interests having the designations, original Class Balances, Interest Rates and Final Distribution Dates set forth on the Lower Tier Schedule. 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 Xxxxxx Mae in its capacity as Trustee of the Trust Fund. The RL Class Certificate shall be issued as a single fully registered certificate substantially in the form of Exhibit B-2 hereto. The RL Class Certificate may be transferred and is otherwise subject to the provisions of Article V hereof. The aggregate amount of principal and interest distributable in respect of the Lower Tier Regular Interests during any calendar month shall equal the Lower Tier Distribution Amount for such calendar month. On each Distribution Date, the portion of the Lower Tier Distribution Amount distributable thereon shall be applied first to the distribution of interest accrued on each applicable Class of Lower Tier Regular Interests during the preceding Interest Accrual Period at the per annum rate specified on the Lower Tier Schedule and second to the principal thereof as described below. All computations of interest accrued on the Lower Tier Regular Interests shall be made as if each year consisted of 12 months of 30 days each. On each Distribution Date, the Lower Tier Principal Distribution Amount shall be applied as principal of particular Lower Tier Regular Interests in amounts corresponding to the respective amounts required to be applied as principal of their related Companion Classes from the Principal Distribution Amount as provided herein. Distributions on the Lower Tier Regular Interests shall be made to the Trustee of the Trust Fund by transfer of immediately available funds to the Certificate Account. No distribution will be made on the RL Class 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 RL Class Certificate at the Corporate Trust Office or such other office or address as may be specified in the notice of such final distribution from Xxxxxx Xxx. Xxxxxx Xxx hereby initially appoints US Bank at its corporate trust office as Paying Agent for the purpose of making distributions on the RL Class Certificate as provided herein. Xxxxxx Xxx will distribute to the Holder of the RL Class Certificate the proceeds of the remaining assets of the Lower Tier REMIC, if any, after the Class Balances of the Lower Tier Regular Interests have been reduced to zero. Interest accrued on each Class of Lower Tier Regular Interests for the related Interest Accrual Period at the applicable Interest Rate shall be distributed on each applicable Distribution Date. The total amount of interest to be distributed with respect to each Lower Tier Regular Interest on any Distribution Date shall be equal to interest at the applicable Interest Rate on the Class Balance of such Lower Tier Regular Interest prior to such Distribution Date.

  • Allocation of Profits and Losses Distributions Profits/Losses. For financial accounting and tax purposes, the Company's net profits or net losses shall be determined on an annual basis and shall be allocated to the Members in proportion to each Member's relative capital interest in the Company as set forth in Schedule 2 as amended from time to time in accordance with U.S. Department of the Treasury Regulation 1.704-1.

  • Capital Accounts The Company will maintain a Capital Account for each Member on a cumulative basis in accordance with federal income tax accounting principles.

  • Lower Tier Agreements The Performer shall include this Article, suitably modified to identify the Parties, in all subcontracts or lower tier agreements, regardless of tier, for experimental, developmental, or research work.

  • Negative Capital Accounts No Member shall be required to pay to any other Member or the Company any deficit or negative balance which may exist from time to time in such Member’s Capital Account (including upon and after dissolution of the Company).

  • Class Voting Rights as to Particular Matters So long as any shares of Designated Preferred Stock are outstanding, in addition to any other vote or consent of stockholders required by law or by the Charter, the vote or consent of the holders of at least 66 2/3% of the shares of Designated Preferred Stock at the time outstanding, voting as a separate class, given in person or by proxy, either in writing without a meeting or by vote at any meeting called for the purpose, shall be necessary for effecting or validating:

  • Allocation of Profits and Losses The Company’s profits and losses shall be allocated to the Member.

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