REMIC Election; Designation of Regular and Residual Interests; Tax Year. Vanderbilt will cause the Trust Fund to elect to be treated as a REMIC. The Class A Certificates, Class M-1 Certificates and Class B Certificates will constitute "regular interests" in the REMIC. The Class R Certificate will constitute the sole class of "residual interest" in the REMIC. The Holder of the Class R Certificate hereby agrees to pay any taxes assessed against it as holder of the "residual interest" in the REMIC. The tax year of the Trust Fund shall be the calendar year, and the Trust Fund shall use the accrual method of accounting.
Appears in 4 contracts
Samples: Pooling and Servicing Agreement (Vanderbilt Mortgage & Fin Inc Sen Sub Pa Th Cert Ser 2002-1), Pooling and Servicing Agreement (Vanderbilt Mort & Fin Inc Senior Sub Pas THR Cert Ser 2002-C), Pooling and Servicing Agreement (Senior Subordinate Pass Through Certificates Series 2001-C)
REMIC Election; Designation of Regular and Residual Interests; Tax Year. Vanderbilt will cause the Trust Fund (exclusive of the Yield Maintenance Agreement and the assets in the Yield Maintenance Account) to elect to be treated as a REMIC. The Class A Certificates, Class M-1 Certificates and Class B Certificates will constitute represent "regular interests" in the REMIC. The Class R Certificate will constitute the sole class of "residual interest" in the REMIC. The Holder of the Class R Certificate hereby agrees to pay any taxes assessed against it as holder of the "residual interest" in the REMIC. The tax year of the Trust Fund shall be the calendar year, and the Trust Fund shall use the accrual method of accounting.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Senior Subordinate Pass Through Cert Series 2003-A)
REMIC Election; Designation of Regular and Residual Interests; Tax Year. Vanderbilt will cause the Trust Fund (other than the Pre-Funding Account) to elect to be treated as a REMIC. The Class A Certificates, Class M-1 Certificates and Class B Certificates will constitute "regular interests" in the REMIC. The Class R Certificate will constitute the sole class of "residual interest" in the REMIC. The Holder of the Class R Certificate hereby agrees to pay any taxes assessed against it as holder of the "residual interest" in the REMIC. The tax year of the Trust Fund shall be the calendar year, and the Trust Fund shall use the accrual method of accounting.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Vanderbilt Mortgage & Finance Inc)
