Common use of REMIC Elections and REMIC Designation Clause in Contracts

REMIC Elections and REMIC Designation. Elections shall be made by the Securities Administrator to treat the assets of the Trust Estate described in the definition of the term “REMIC I,” the assets of the Trust Estate described in the definition of the term “REMIC II” and the assets of the Trust Estate described in the definition of the term “REMIC III” as three separate REMICs for federal income tax purposes. The REMIC I Regular Interests shall constitute the regular interests in REMIC I, the REMIC II Regular Interests shall constitute the regular interests in REMIC II and the Certificates (other than the Residual Certificates) shall constitute the regular interests in REMIC III. REMIC I shall issue the Class RT1 Certificates, which shall constitute the sole class of residual interests in REMIC I; REMIC II shall issue the Class RT2 Certificates, which shall constitute the sole class of residual interests in REMIC II; and REMIC III shall issue the Class R Certificates, which shall constitute the sole class of residual interests in REMIC III. References in the Standard Terms to REMIC I and REMIC II shall be deemed, for purposes of this Trust Agreement, to refer to REMIC I, REMIC II and REMIC III referred to herein, as modified by this Trust Agreement.

REMIC Elections and REMIC Designation. Elections shall be made by the Securities Administrator to treat the assets of the Trust Estate described in the definition of the term “REMIC I,” the assets of the Trust Estate described in the definition of the term “REMIC II” and the assets of the Trust Estate described in the definition of the term “REMIC III” as three separate REMICs for federal income tax purposes. The REMIC I Regular Interests shall constitute the regular interests in REMIC I, the REMIC II Regular Interests shall constitute the regular interests in REMIC II and the Certificates (other than the Residual Certificates) REMIC III Regular Interests shall constitute the regular interests in REMIC III. REMIC I shall issue the Class RT1 RC Certificates, which shall constitute the sole class of residual interests in REMIC I; I and REMIC II shall issue the Class RT2 CertificatesII-R interest, which shall constitute the sole class of residual interests in REMIC II; and REMIC III shall issue the . The Class R Certificates, which Certificates shall constitute represent ownership of the sole class of residual interests in REMIC IIIIII and shall also represent ownership of the Class II-R interest. References in the Standard Terms to REMIC I and REMIC II shall be deemed, for purposes of this Trust Agreement, to refer to REMIC I, I and REMIC II and REMIC III referred to herein, as modified by this Trust Agreement.

REMIC Elections and REMIC Designation. Elections shall be made by the Securities Administrator to treat the assets of the Trust Estate (other than the Reserve Fund, the Class 1AX Certificate Account, the Class 2AX Certificate Account and the Class 1BX Certificate Account) described in the definition of the term “REMIC I,” the assets of the Trust Estate described in the definition of the term “REMIC II,” and the assets of the Trust Estate described in the definition of the term “REMIC III” as three separate REMICs for federal income tax purposes. The REMIC I Regular Interests shall constitute the regular interests in REMIC I, the REMIC II Regular Interests shall constitute the regular interests in REMIC II II,` and the Certificates (other than the Residual Certificates) REMIC III Regular Interests shall constitute the regular interests in REMIC III. REMIC The Class R-I shall issue the Class RT1 Certificates, which Interest shall constitute the sole class of residual interests interest in REMIC I; REMIC II shall issue , the Class RT2 Certificates, which R-II Interest shall constitute the sole class of residual interests interest in REMIC II; II and the Class R-III Interest shall constitute the residual interest in REMIC III III, each of which shall issue be represented by the Class R Certificates, which shall constitute the sole class of residual interests in REMIC III. References in the Standard Terms to REMIC I and REMIC II shall be deemed, for purposes of this Trust Agreement, to refer to REMIC I, REMIC II and REMIC III referred to herein, as modified by this Trust Agreement.

REMIC Elections and REMIC Designation. Elections shall be made by the Securities Administrator to treat the assets of the Trust Estate (other than the Reserve Fund) described in the definition of the term “REMIC I,” the assets of the Trust Estate described in the definition of the term “REMIC II,” the assets of the Trust Estate described in the definition of the term “REMIC III” and the assets of the Trust Estate described in the definition of the term “REMIC IIIIV” as three four separate REMICs for federal income tax purposes. The REMIC I Regular Interests shall constitute the regular interests in REMIC I, the REMIC II Regular Interests shall constitute the regular interests in REMIC II II, the REMIC III Regular Interests shall constitute the regular interests in REMIC III and the Certificates (other than the Class X Certificates and the Residual Certificates) and the Class X Interest shall constitute the regular interests in REMIC IIIIV. REMIC I shall issue the Class RT1 RSR Certificates, which shall constitute the sole class of residual interests in REMIC I; REMIC II shall issue the Class RT2 RH Certificates, which shall constitute the sole class of residual interests in REMIC II; and REMIC III the Trust shall issue the Class R Certificates, which shall constitute the sole class of residual interests in each of REMIC IIIIII and REMIC IV. References in the Standard Terms to REMIC I and REMIC II shall be deemed, for purposes of this Trust Agreement, to refer to REMIC I, REMIC II II, REMIC III and REMIC III IV referred to herein, as modified by this Trust Agreement.

REMIC Elections and REMIC Designation. Elections shall be made by the Securities Administrator to treat the assets of the Trust Estate described in the definition of the term “REMIC I,” the assets of the Trust Estate described in the definition of the term “REMIC II,” and the assets of the Trust Estate described in the definition of the term “REMIC III” as three separate REMICs for federal income tax purposes. The REMIC I Regular Interests shall will constitute the regular interests in REMIC I, the REMIC II Regular Interests shall will constitute the regular interests in REMIC II and the Regular Certificates (other than the Residual Certificates) shall will constitute the regular interests in REMIC III. REMIC The Class R-I shall issue the Class RT1 Certificates, which shall Interest will constitute the sole class of residual interests interest in REMIC I; , the Class R-II Interest will constitute the residual interest in REMIC II shall issue and the Class RT2 Certificates, which shall R-III Interest will constitute the sole class of residual interests interest in REMIC II; and REMIC III shall issue III, each of which will be represented by the Class R Certificates, which shall constitute the sole class of residual interests in REMIC III. References in the Standard Terms to REMIC I and REMIC II shall be deemed, for purposes of this Trust Agreement, to refer to REMIC I, REMIC II and REMIC III referred to herein, as modified by this Trust Agreement.

REMIC Elections and REMIC Designation. Elections shall be made by the Securities Administrator to treat the assets of the Trust Estate described in the definition of the term “REMIC I,” the assets of the Trust Estate described in the definition of the term “REMIC II” and the assets of the Trust Estate described in the definition of the term “REMIC III” as three separate REMICs for federal income tax purposes. The REMIC I Regular Interests shall constitute the regular interests in REMIC I, the REMIC II Regular Interests shall constitute the regular interests in REMIC II and the Certificates (other than the Residual Certificates) REMIC III Regular Interests shall constitute the regular interests in REMIC III. REMIC I shall issue the Class RT1 1RC Certificates, which shall constitute the sole class of residual interests in REMIC I; REMIC II shall issue the Class RT2 2RC Certificates, which shall constitute the sole class of residual interests in REMIC II; and REMIC III shall issue the Class R Certificates, which shall constitute the sole class of residual interests in REMIC III. References in the Standard Terms to REMIC I and REMIC II shall be deemed, for purposes of this Trust Agreement, to refer to REMIC I, REMIC II and REMIC III referred to herein, as modified by this Trust Agreement.

REMIC Elections and REMIC Designation. Elections shall be made by the Securities Administrator to treat the assets of the Trust Estate (other than the Reserve Fund, the Class 1AX Certificate Account, the Class 2AX Certificate Account and the Class 1BX Certificate Account) described in the definition of the term “REMIC I,” the assets of the Trust Estate described in the definition of the term “REMIC II,” and the assets of the Trust Estate described in the definition of the term “REMIC III” as three separate REMICs for federal income tax purposes. The REMIC I Regular Interests shall constitute the regular interests in REMIC I, the REMIC II Regular Interests shall constitute the regular interests in REMIC II II, and the Certificates (other than the Residual Certificates) REMIC III Regular Interests shall constitute the regular interests in REMIC III. REMIC The Class R-I shall issue the Class RT1 Certificates, which Interest shall constitute the sole class of residual interests interest in REMIC I; REMIC II shall issue , the Class RT2 Certificates, which R-II Interest shall constitute the sole class of residual interests interest in REMIC II; II and the Class R-III Interest shall constitute the residual interest in REMIC III III, each of which shall issue be represented by the Class R Certificates, which shall constitute the sole class of residual interests in REMIC III. References in the Standard Terms to REMIC I and REMIC II shall be deemed, for purposes of this Trust Agreement, to refer to REMIC I, REMIC II and REMIC III referred to herein, as modified by this Trust Agreement.

REMIC Elections and REMIC Designation. Elections shall be made by the Securities Administrator to treat the assets of the Trust Estate (other than the Reserve Fund and the Class 1AX Certificate Account) described in the definition of the term “REMIC I,” the assets of the Trust Estate described in the definition of the term “REMIC II,” and the assets of the Trust Estate described in the definition of the term “REMIC III” as three separate REMICs for federal income tax purposes. The REMIC I Regular Interests shall constitute the regular interests in REMIC I, the REMIC II Regular Interests shall constitute the regular interests in REMIC II and the Certificates (other than the Residual Certificates) REMIC III Regular Interests shall constitute the regular interests in REMIC III. REMIC The Class R-I shall issue the Class RT1 Certificates, which Interest shall constitute the sole class of residual interests interest in REMIC I; REMIC II shall issue , the Class RT2 Certificates, which R-II Interest shall constitute the sole class of residual interests interest in REMIC II; II and the Class R-III Interest shall constitute the residual interest in REMIC III shall issue III, each of which will be represented by the Class R Certificates, which shall constitute the sole class of residual interests in REMIC III. References in the Standard Terms to REMIC I and REMIC II shall be deemed, for purposes of this Trust Agreement, to refer to REMIC I, REMIC II and REMIC III referred to herein, as modified by this Trust Agreement.

REMIC Elections and REMIC Designation. Elections shall be made by the Securities Administrator to treat the assets of the Trust Estate described in the definition of the term “REMIC I,” the assets of the Trust Estate described in the definition of the term “REMIC II” and the assets of the Trust Estate described in the definition of the term “REMIC III” as three separate REMICs for federal income tax purposes. The REMIC I Regular Interests shall constitute the regular interests in REMIC I, the REMIC II Regular Interests shall constitute the regular interests in REMIC II II, and the Certificates (other than the Residual Certificates) shall constitute the regular interests in REMIC III. REMIC I shall issue the Class RT1 RH Certificates, which shall constitute the sole class of residual interests in REMIC I; REMIC II shall issue the Class RT2 RS Certificates, which shall constitute the sole class of residual interests in REMIC II; and REMIC III shall issue the Class R Certificates, which shall constitute the sole class of residual interests in REMIC III. References in the Standard Terms to REMIC I and REMIC II shall be deemed, for purposes of this Trust Agreement, to refer to REMIC I, REMIC II and REMIC III referred to herein, as modified by this Trust Agreement.