REMIC Election; Designation of Regular and Residual Interests; Tax Year. The Company will cause the Trust Fund to elect to be treated as a REMIC. The Group I and Group II 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 Mort & Finance Pass Through Cert Series 1999b), Pooling and Servicing Agreement (Vanderbilt Mort & Fi Inc Man Ho Co Se Su Pas Th Ce Se 2000a), Pooling and Servicing Agreement (Vanderbilt Mort & Fin Inc MFR HSG Sr Sub Pa Th Ce Sr 1998c)
REMIC Election; Designation of Regular and Residual Interests; Tax Year. The Company will cause the Trust Fund to elect to be treated as a REMIC. The Group I Class A Certificates, Class M-1 Certificates and Group II 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 & Fi in Ma Ho Co Sr Su Pa Th C Se 2001a)
