Common use of REMIC Designations and REMIC Distributions Clause in Contracts

REMIC Designations and REMIC Distributions. (a) The Trustee shall elect that each of REMIC I and REMIC II 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 REMIC I shall include the Mortgage Loans (other than the Prepayment Charges) and all interest owing in respect of and principal due thereon, the Distribution Account, the Protected Account, any REO Property, any proceeds of the foregoing and any other assets subject to this Agreement (other than the Reserve Fund). The REMIC I Regular Interests shall constitute the assets of REMIC II.

REMIC Designations and REMIC Distributions. (a) The Trustee shall elect that each of REMIC I I, REMIC II and REMIC II III 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 REMIC I shall include the Mortgage Loans (other than the Prepayment Charges) and all interest owing in respect of and principal due thereon, the Distribution Account, the Protected AccountAccounts, any REO Property, any proceeds of the foregoing and any other assets subject to this Agreement (other than the Reserve Fundany Prepayment Charge Waiver Amounts). The REMIC I Regular Interests shall constitute the assets of REMIC II. The REMIC II Regular Interests shall constitute the assets of REMIC III.

REMIC Designations and REMIC Distributions. (a) The Trustee shall elect that each of REMIC I I, REMIC II and REMIC II III 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 REMIC I shall include the Mortgage Loans (other than the Prepayment Charges) and all interest owing in respect of and principal due thereon, the Distribution Account, the Protected Account, any REO Property, any proceeds of the foregoing and any other assets subject to this Agreement (other than the Reserve FundFund and the Yield Maintenance Agreements). The REMIC I Regular Interests shall constitute the assets of REMIC II. The REMIC II Regular Interests shall constitute the assets of REMIC III.

REMIC Designations and REMIC Distributions. (a) The Trustee shall elect that each of REMIC I I, REMIC II, REMIC III and REMIC II IV 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 REMIC I shall include the Mortgage Loans (other than the Prepayment Charges) and all interest owing in respect of and principal due thereon, the Distribution Account, the Protected AccountAccounts, any REO Property, any proceeds of the foregoing and any other assets subject to this Agreement (other than the Reserve Fund, the Class A-1/A-2 Net WAC Reserve Account and the Class A-1 Interest Rate Corridor Contract). The REMIC I Regular Interests shall constitute the assets of REMIC II. The REMIC II Regular Interests shall constitute the assets of REMIC III. The Class B-IO Interest shall constitute assets of REMIC IV.