Common use of REMIC Election Clause in Contracts

REMIC Election. (a) The Depositor hereby instructs and authorizes the Trustee to make an appropriate election to treat each of the Master REMIC and the Subsidiary REMIC as a REMIC. This Agreement shall be construed so as to carry out the intention of the parties that the Master REMIC and the Subsidiary REMIC each be treated as a REMIC at all times prior to the date on which the Trust Fund is terminated. (b) The Preliminary Statement sets forth the designations and "latest possible maturity date" for federal income tax purposes of all interests created hereby. The "Startup Date" for purposes of the REMIC Provisions shall be the Closing Date. Each REMIC's fiscal year shall be the calendar year. The Subsidiary REMIC will consist of all of the assets of the Trust Fund (other than the uncertificated interests issued by such REMIC). The Subsidiary REMIC will issue two interests, Subsidiary REMIC Interest I and Subsidiary REMIC Interest II, that shall be designated as regular interests of such REMIC and shall issue the SR Interest that shall be designated as the sole class of residual interest in the Subsidiary REMIC.