REMIC Election for REMIC I Sample Clauses

REMIC Election for REMIC I. The Tax Matters Person, shall, on behalf of REMIC I, elect to treat REMIC I as a REMIC within the meaning of Section 860D of the Code and, if necessary, under applicable state laws. Such election shall be included in the Form 1066 and any appropriate state return to be filed on behalf of REMIC I for its first taxable year. The Closing Date is hereby designated as the “startup day” of REMIC I within the meaning of Section 860G(a)(9) of the Code. The regular interests (as set forth in the table contained in the Preliminary Statement hereto) relating to REMIC I are hereby designated as “regular interests” in REMIC I for purposes of Section 860G(a)(1) of the Code. The Class R-1 Residual Interest is hereby designated as the sole class of “residual interest” in REMIC I for purposes of Section 860G(a)(2) of the Code. The REMIC I Regular Interests and the Class R-1 Residual Interest shall together be deemed to be a separate series of beneficial interests in the assets of the Trust consisting of the REMIC I Assets pursuant to Section 3806(b)(2) of the Statutory Trust Statute. The parties intend that the affairs of REMIC I shall constitute, and that the affairs of REMIC I shall be conducted so as to qualify REMIC I as a REMIC. In furtherance of such intention, the Tax Matters Person shall, on behalf of REMIC I: (a) prepare and file, or cause to be prepared and filed, a federal tax return using a calendar year as the taxable year and using an accrual method of accounting for REMIC I when and as required by the REMIC Provisions and other applicable federal income tax laws; (b) make an election, on behalf of the trust, for REMIC I to be treated as a REMIC on the federal tax return of REMIC I for its first taxable year, in accordance with the REMIC Provisions; (c) prepare and forward, or cause to be prepared and forwarded, to the Holders of the REMIC I Regular Interests and the Class R-1 Residual Interest and the Trustee, all information reports as and when required to be provided to them in accordance with the REMIC Provisions, and make available the information necessary for the application of Section 860E(e) of the Code; (d) conduct the affairs of REMIC I at all times that any REMIC I Regular Interests are outstanding so as to maintain the status of REMIC I as a REMIC under the REMIC Provisions; (e) not knowingly or intentionally take any action or omit to take any action that would cause the termination of the REMIC status of REMIC I; and (f) pay the amount of any f...
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REMIC Election for REMIC I. The Tax Matters Person, shall, on behalf of REMIC I, elect to treat REMIC I as a REMIC within the meaning of Section 860D of the Code and, if necessary, under applicable state laws. Such election shall be included in the Form 1066 and any appropriate state return to be filed on behalf of REMIC I for its first taxable year. The Closing Date is hereby designated as the "startup day" of REMIC I within the meaning of Section 860G(a)(9) of the Code. The regular interests (as set forth in the table contained in the Preliminary Statement hereto) relating to REMIC I are hereby designated as "regular interests" in REMIC I for
Sample 1
REMIC Election for REMIC I. The Tax Matters Person, shall, on behalf of REMIC I, elect to treat REMIC I as a REMIC within the meaning of Section 860D of the Code and, if necessary, under applicable state laws. Such election shall be included in the Form 1066 and any appropriate state return to be filed on behalf of REMIC I for its first taxable year. The Closing Date is hereby designated as the "startup day" of REMIC I within the meaning of Section 860G(a)(9) of the Code. The regular interests (as set forth in the table contained in the Preliminary Statement hereto) relating to REMIC I are hereby designated as "regular interests" in REMIC I for purposes of Section 860G(a)(1) of the Code. The Class R-1 Residual Interest is hereby designated as the sole class of "residual interest" in REMIC I for purposes of Section 860G(a)(2) of the Code. The REMIC I Regular Interests and the Class R-1 Residual Interest shall together be deemed to be a separate series of beneficial interests in the assets of the Trust consisting of the REMIC I Assets pursuant to Section 3806(b)(2) of the Business Trust Statute. The parties intend that the affairs of REMIC I shall constitute, and that the affairs of REMIC I shall be conducted so as to qualify REMIC I as a REMIC. In furtherance of such
Sample 1
REMIC Election for REMIC I. The Tax Matters Person, shall, on behalf of REMIC I, elect to treat REMIC I as a REMIC within the meaning of Section 860D of the Code and, if necessary, under applicable state laws. Such election shall be included in the Form 1066 and any appropriate state return to be filed on behalf of REMIC I for its first taxable year. The Closing Date is hereby designated as the "startup day" of REMIC I within the meaning of Section 860G(a)(9) of the Code.
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Related to REMIC Election for REMIC I

  • REMIC Election for REMIC II The Tax Matters Person shall, on behalf of REMIC II, elect to treat REMIC II as a REMIC within the meaning of Section 860D of the Code and, if necessary, under applicable state laws. Such election shall be included in the Form 1066 and any appropriate state return to be filed on behalf of REMIC II for its first taxable year. The Closing Date is hereby designated as the “startup day” of REMIC II within the meaning of Section 860G(a)(9) of the Code. The regular interests (as set forth in the table contained in the Preliminary Statement hereto) relating to REMIC II are hereby designated as “regular interests” in REMIC II for purposes of Section 860G(a)(1) of the Code. The Class R-2 Residual Interest is hereby designated as the sole class of “residual interest” in REMIC II for purposes of Section 860G(a)(2) of the Code. The REMIC II Regular Interests and the Class R-2 Residual Interest shall together be deemed to be a separate series of beneficial interests in the assets of the Trust consisting of the REMIC II Assets pursuant to Section 3806(b)(2) of the Statutory Trust Statute. The parties intend that the affairs of REMIC II shall constitute, and that the affairs of REMIC II shall be conducted so as to qualify it as, a REMIC. In furtherance of such intention, the Tax Matters Person shall, on behalf of REMIC II: (a) prepare and file, or cause to be prepared and filed, a federal tax return using a calendar year as the taxable year for REMIC II when and as required by the REMIC provisions and other applicable federal income tax laws; (b) make an election, on behalf of REMIC II, to be treated as a REMIC on the federal tax return of REMIC II for its first taxable year, in accordance with the REMIC provisions; (c) prepare and forward, or cause to be prepared and forwarded, to the Certificateholders and the Holders of the Class R-2 Residual Interest all information reports as and when required to be provided to them in accordance with the REMIC provisions; (d) conduct the affairs of REMIC II at all times that any of the Certificates are outstanding so as to maintain the status of REMIC II as a REMIC under the REMIC provisions; (e) not knowingly or intentionally take any action or omit to take any action that would cause the termination of the REMIC status of REMIC II; and (f) pay the amount of any federal prohibited transaction penalty taxes imposed on REMIC II when and as the same shall be due and payable (but such obligation shall not prevent the Company or any other appropriate person from contesting any such tax in appropriate proceedings and shall not prevent the Company from withholding payment of such tax, if permitted by law, pending the outcome of such proceedings); provided, that the Company shall be entitled to be indemnified from REMIC II for any such prohibited transaction penalty taxes if the Company’s failure to exercise reasonable care was not the primary cause of the imposition of such prohibited transaction penalty taxes.

  • REMIC Election Yes. Cut-Off Date: ___________ 1, 20___ Final Structure Due Date: ___________ ___, 20___ Distributions: Distributions will be made monthly on the 25th day of each month or the next succeeding Business Day (the "Distribution Date"). Servicing Fee (Monthly fee payable to [___] % per annum (or as described in the Servicer): the prospectus supplement). Master Servicing Fee (Monthly fee [_]% per annum. payable to the Master Servicer):

  • REMIC Elections (a) The Depositor hereby instructs and authorizes the Trustee to make an appropriate election to treat each of the Upper Tier REMIC, the Lower Tier REMIC and the SWAP REMIC as a REMIC. The Trustee shall sign the returns providing for such elections and such other tax or information returns that are required to be signed by the Trustee under applicable law. This Agreement shall be construed so as to carry out the intention of the parties that each of the Upper Tier REMIC, the Lower Tier REMIC and the SWAP REMIC be treated as a REMIC at all times prior to the date on which the Trust Fund is terminated.

  • REMIC Designations and REMIC Distributions (a) The Trustee shall elect that each of REMIC I, REMIC II, REMIC III, REMIC IV, REMIC V and REMIC VI 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 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, any Prepayment Charge Waiver Amounts and, for the avoidance of doubt, the Supplemental Interest Trust, the Swap Agreement, the Yield Maintenance Agreement, the Derivative Account and any rights or obligations in respect of the Derivative Administration Agreement). 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 CE Interest shall constitute the assets of REMIC IV. The Class P Interest shall constitute the assets of REMIC V. The Class IO Interest shall constitute the assets of REMIC VI.

  • REMIC I The Depositor is the owner of the Trust Fund that is hereby conveyed to the Trustee in return for the Certificates. As provided herein, the Trustee will elect to treat the segregated pool of assets consisting of the Group I Mortgage Loans and certain other related assets subject to this Agreement (other than the Group I Reserve Fund, any related Prepayment Charge Waiver Amounts and, for the avoidance of doubt, the Group I Supplemental Interest Trust, the Group I Swap Agreement, the Group I Swap Account and any rights or obligations in respect of the Swap Administration Agreement) as a REMIC (as defined herein) for federal income tax purposes, and such segregated pool of assets will be designated as “REMIC I”. The Class I-R-1 Certificates will be the sole class of Residual Interests (as defined herein) in REMIC I for purposes of the REMIC Provisions (as defined herein). The following table irrevocably sets forth the designation, the Uncertificated REMIC I Pass-Through Rate, the initial Uncertificated Principal Balance and, for purposes of satisfying Treasury Regulation Section 1.860G-1(a)(4)(iii), the “latest possible maturity date” for each of the REMIC I Regular Interests (as defined herein). None of the REMIC I Regular Interests will be certificated. Designation Uncertificated REMIC I Pass-Through Rate Initial Uncertificated Principal Balance Latest Possible Maturity Date (1) I-1-A Variable(2) $ 1,093,659.04 September 25, 2036 I-1-B Variable(2) $ 1,093,659.04 September 25, 2036 I-2-A Variable(2) $ 1,380,302.56 September 25, 2036 I-2-B Variable(2) $ 1,380,302.56 September 25, 2036 I-3-A Variable(2) $ 1,665,750.76 September 25, 2036 I-3-B Variable(2) $ 1,665,750.76 September 25, 2036 I-4-A Variable(2) $ 1,947,494.94 September 25, 2036 I-4-B Variable(2) $ 1,947,494.94 September 25, 2036 I-5-A Variable(2) $ 2,222,929.79 September 25, 2036 I-5-B Variable(2) $ 2,222,929.79 September 25, 2036 I-6-A Variable(2) $ 2,489,383.09 September 25, 2036 I-6-B Variable(2) $ 2,489,383.09 September 25, 2036 I-7-A Variable(2) $ 2,744,149.03 September 25, 2036 I-7-B Variable(2) $ 2,744,149.03 September 25, 2036 I-8-A Variable(2) $ 2,974,438.68 September 25, 2036 I-8-B Variable(2) $ 2,974,438.68 September 25, 2036 I-9-A Variable(2) $ 3,187,097.36 September 25, 2036 I-9-B Variable(2) $ 3,187,097.36 September 25, 2036 I-10-A Variable(2) $ 3,297,419.05 September 25, 2036 I-10-B Variable(2) $ 3,297,419.05 September 25, 2036 I-11-A Variable(2) $ 3,155,673.33 September 25, 2036 I-11-B Variable(2) $ 3,155,673.33 September 25, 2036 I-12-A Variable(2) $ 3,012,167.42 September 25, 2036 I-12-B Variable(2) $ 3,012,167.42 September 25, 2036 I-13-A Variable(2) $ 2,875,253.91 September 25, 2036 I-13-B Variable(2) $ 2,875,253.91 September 25, 2036 I-14-A Variable(2) $ 2,744,627.80 September 25, 2036 I-14-B Variable(2) $ 2,744,627.80 September 25, 2036 I-15-A Variable(2) $ 2,619,998.35 September 25, 2036 I-15-B Variable(2) $ 2,619,998.35 September 25, 2036 I-16-A Variable(2) $ 2,501,088.25 September 25, 2036 I-16-B Variable(2) $ 2,501,088.25 September 25, 2036 I-17-A Variable(2) $ 2,387,633.09 September 25, 2036 I-17-B Variable(2) $ 2,387,633.09 September 25, 2036 I-18-A Variable(2) $ 2,279,380.79 September 25, 2036 I-18-B Variable(2) $ 2,279,380.79 September 25, 2036 I-19-A Variable(2) $ 2,176,090.92 September 25, 2036 I-19-B Variable(2) $ 2,176,090.92 September 25, 2036 I-20-A Variable(2) $ 2,077,792.42 September 25, 2036 I-20-B Variable(2) $ 2,077,792.42 September 25, 2036 I-21-A Variable(2) $ 1,983,740.00 September 25, 2036 I-21-B Variable(2) $ 1,983,740.00 September 25, 2036 I-22-A Variable(2) $ 1,893,369.67 September 25, 2036 I-22-B Variable(2) $ 1,893,369.67 September 25, 2036 I-23-A Variable(2) $ 1,803,569.09 September 25, 2036 I-23-B Variable(2) $ 1,803,569.09 September 25, 2036 I-24-A Variable(2) $ 1,722,266.22 September 25, 2036 I-24-B Variable(2) $ 1,722,266.22 September 25, 2036 I-25-A Variable(2) $ 1,644,673.14 September 25, 2036 I-25-B Variable(2) $ 1,644,673.14 September 25, 2036 I-26-A Variable(2) $ 1,570,582.96 September 25, 2036 I-26-B Variable(2) $ 1,570,582.96 September 25, 2036 I-27-A Variable(2) $ 1,499,906.52 September 25, 2036 I-27-B Variable(2) $ 1,499,906.52 September 25, 2036 I-28-A Variable(2) $ 1,432,452.79 September 25, 2036 I-28-B Variable(2) $ 1,432,452.79 September 25, 2036 I-29-A Variable(2) $ 1,368,032.84 September 25, 2036 I-29-B Variable(2) $ 1,368,032.84 September 25, 2036 I-30-A Variable(2) $ 1,306,586.45 September 25, 2036 I-30-B Variable(2) $ 1,306,586.45 September 25, 2036 I-31-A Variable(2) $ 1,247,936.47 September 25, 2036 I-31-B Variable(2) $ 1,247,936.47 September 25, 2036 I-32-A Variable(2) $ 1,191,949.20 September 25, 2036 I-32-B Variable(2) $ 1,191,949.20 September 25, 2036 I-33-A Variable(2) $ 1,138,513.08 September 25, 2036 I-33-B Variable(2) $ 1,138,513.08 September 25, 2036 I-34-A Variable(2) $ 1,087,397.57 September 25, 2036 I-34-B Variable(2) $ 1,087,397.57 September 25, 2036 I-35-A Variable(2) $ 1,038,650.20 September 25, 2036 I-35-B Variable(2) $ 1,038,650.20 September 25, 2036 I-36-A Variable(2) $ 992,185.48 September 25, 2036 I-36-B Variable(2) $ 992,185.48 September 25, 2036 I-37-A Variable(2) $ 947,829.12 September 25, 2036 I-37-B Variable(2) $ 947,829.12 September 25, 2036 I-38-A Variable(2) $ 905,484.47 September 25, 2036 I-38-B Variable(2) $ 905,484.47 September 25, 2036 I-39-A Variable(2) $ 865,059.32 September 25, 2036 I-39-B Variable(2) $ 865,059.32 September 25, 2036 I-40-A Variable(2) $ 826,458.40 September 25, 2036 I-40-B Variable(2) $ 826,458.40 September 25, 2036 I-41-A Variable(2) $ 789,613.20 September 25, 2036 I-41-B Variable(2) $ 789,613.20 September 25, 2036 I-42-A Variable(2) $ 754,435.65 September 25, 2036 I-42-B Variable(2) $ 754,435.65 September 25, 2036 I-43-A Variable(2) $ 720,849.45 September 25, 2036 I-43-B Variable(2) $ 720,849.45 September 25, 2036 I-44-A Variable(2) $ 688,781.79 September 25, 2036 I-44-B Variable(2) $ 688,781.79 September 25, 2036 I-45-A Variable(2) $ 658,163.24 September 25, 2036 I-45-B Variable(2) $ 658,163.24 September 25, 2036 I-46-A Variable(2) $ 628,927.57 September 25, 2036 I-46-B Variable(2) $ 628,927.57 September 25, 2036 I-47-A Variable(2) $ 601,011.57 September 25, 2036 I-47-B Variable(2) $ 601,011.57 September 25, 2036 I-48-A Variable(2) $ 10,190,521.39 September 25, 2036 I-48-B Variable(2) $ 10,190,521.39 September 25, 2036 I-49-A Variable(2) $ 96,029.84 September 25, 2036 I-49-B Variable(2) $ 96,029.84 September 25, 2036 I-50-A Variable(2) $ 93,024.89 September 25, 2036 I-50-B Variable(2) $ 93,024.89 September 25, 2036 I-51-A Variable(2) $ 90,113.56 September 25, 2036 I-51-B Variable(2) $ 90,113.56 September 25, 2036 I-52-A Variable(2) $ 87,292.93 September 25, 2036 I-52-B Variable(2) $ 87,292.93 September 25, 2036 I-53-A Variable(2) $ 84,560.21 September 25, 2036 I-53-B Variable(2) $ 84,560.21 September 25, 2036 I-54-A Variable(2) $ 81,912.63 September 25, 2036 I-54-B Variable(2) $ 81,912.63 September 25, 2036 I-55-A Variable(2) $ 79,347.57 September 25, 2036 I-55-B Variable(2) $ 79,347.57 September 25, 2036 I-56-A Variable(2) $ 76,862.47 September 25, 2036 I-56-B Variable(2) $ 76,862.47 September 25, 2036 I-57-A Variable(2) $ 74,454.83 September 25, 2036 I-57-B Variable(2) $ 74,454.83 September 25, 2036 I-58-A Variable(2) $ 72,122.26 September 25, 2036 I-58-B Variable(2) $ 72,122.26 September 25, 2036 I-59-A Variable(2) $ 69,894.25 September 25, 2036 I-59-B Variable(2) $ 69,894.25 September 25, 2036 I-60-A Variable(2) $ 2,144,578.05 September 25, 2036 I-60-B Variable(2) $ 2,144,578.05 September 25, 2036 P 0.00% $ 100.00 September 25, 2036 ___________________________

  • REMIC The Mortgage Loan is a “qualified mortgage” within the meaning of Section 860G(a)(3) of the Code (but determined without regard to the rule in the U.S. Department of Treasury regulations (the “Treasury Regulations”) Section 1.860G-2(f)(2) that treats certain defective mortgage loans as qualified mortgages), and, accordingly, (A) the issue price of the Mortgage Loan to the related Mortgagor at origination did not exceed the non-contingent principal amount of the Mortgage Loan and (B) either: (a) such Mortgage Loan is secured by an interest in real property (including permanently affixed buildings and distinct structural components, such as wiring, plumbing systems and central heating and air-conditioning systems, that are integrated into such buildings, serve such buildings in their passive functions and do not produce or contribute to the production of income other than consideration for the use or occupancy of space, but excluding personal property) having a fair market value (i) at the date the Mortgage Loan (or related Whole Loan) was originated at least equal to 80% of the adjusted issue price of the Mortgage Loan (or related Whole Loan) on such date or (ii) at the Closing Date at least equal to 80% of the adjusted issue price of the Mortgage Loan (or related Whole Loan) on such date, provided that for purposes hereof, the fair market value of the real property interest must first be reduced by (A) the amount of any lien on the real property interest that is senior to the Mortgage Loan and (B) a proportionate amount of any lien that is in parity with the Mortgage Loan; or (b) substantially all of the proceeds of such Mortgage Loan were used to acquire, improve or protect the real property which served as the only security for such Mortgage Loan (other than a recourse feature or other third-party credit enhancement within the meaning of Section 1.860G-2(a)(1)(ii) of the Treasury Regulations). If the Mortgage Loan was “significantly modified” prior to the Closing Date so as to result in a taxable exchange under Section 1001 of the Code, it either (x) was modified as a result of the default or reasonably foreseeable default of such Mortgage Loan or (y) satisfies the provisions of either sub-clause (B)(a)(i) above (substituting the date of the last such modification for the date the Mortgage Loan was originated) or sub-clause (B)(a)(ii), including the proviso thereto. Any prepayment premium and yield maintenance charges applicable to the Mortgage Loan constitute “customary prepayment penalties” within the meaning of Section 1.860G-1(b)(2) of the Treasury Regulations. All terms used in this paragraph shall have the same meanings as set forth in the related Treasury Regulations.

  • UPPER-TIER REMIC REMIC 4.

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