REMIC Election and Designation. (a) The Depositor agrees that it will, and is hereby authorized and directed to, elect to treat the Trust Fund as a REMIC within the meaning of section 860D of the Code. Such election shall be included in the partnership information return to be filed by the Depositor on behalf of the REMIC constituted by the Trust Fund for its first taxable year, which will be its first Fiscal Year.
Appears in 4 contracts
Samples: Trust Agreement (GNMAG Asset Backed Securitizations, LLC), Trust Agreement (GNMAG Asset Backed Securitizations, LLC), Deposit Trust Agreement (Commerce Street Pantheon Mortgage Asset Securitizations LLC)
