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 REMIC III Regular Interests shall constitute the regular interests in REMIC III. REMIC I shall issue the Class RC Certificates, which shall constitute the sole class of residual interests in REMIC I and REMIC II shall issue the Class II-R interest, which shall constitute the sole class of residual interests in REMIC II. The Class R Certificates shall represent ownership of the sole class of residual interests in REMIC III and shall also represent ownership of the Class II-R interest. References in the Standard Terms to REMIC I shall be deemed, for purposes of this Trust Agreement, to refer to REMIC I and REMIC II 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 REMIC III Regular Interests Certificates (other than the Residual Certificates) shall constitute the regular interests in REMIC III. REMIC I shall issue the Class RC RT1 Certificates, which shall constitute the sole class of residual interests in REMIC I and I; REMIC II shall issue the Class II-R interestRT2 Certificates, which shall constitute the sole class of residual interests in REMIC II. The ; and REMIC III shall issue the Class R Certificates Certificates, which shall represent ownership of constitute the sole class of residual interests in REMIC III and shall also represent ownership of the Class II-R interestIII. 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, REMIC II and REMIC II 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 and II, the REMIC III Regular Interests shall constitute the regular interests in REMIC IIIIII 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 IV. REMIC I shall issue the Class RC RSR Certificates, which shall constitute the sole class of residual interests in REMIC I and I; REMIC II shall issue the Class II-R interestRH Certificates, which shall constitute the sole class of residual interests in REMIC II. The ; and the Trust shall issue the Class R Certificates Certificates, which shall represent ownership of constitute the sole class of residual interests in each of REMIC III and shall also represent ownership of the Class II-R interestREMIC 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 I, REMIC II, REMIC III and REMIC II 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 REMIC III Regular Interests shall Certificates will constitute the regular interests in REMIC III. The Class R-I Interest will constitute the residual interest in REMIC I shall issue I, the Class RC Certificates, which shall R-II Interest will constitute the sole class of residual interests interest in REMIC I II and REMIC II shall issue the Class IIR-R interest, which shall III Interest will constitute the sole class of residual interests interest in REMIC II. The III, each of which will be represented by the Class R Certificates shall represent ownership of the sole class of residual interests in REMIC III and shall also represent ownership of the Class II-R interestCertificates. 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, REMIC II and REMIC II 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 REMIC III Regular Interests Certificates (other than the Residual Certificates) shall constitute the regular interests in REMIC III. REMIC I shall issue the Class RC RH Certificates, which shall constitute the sole class of residual interests in REMIC I and I; REMIC II shall issue the Class II-R interestRS Certificates, which shall constitute the sole class of residual interests in REMIC II. The ; and REMIC III shall issue the Class R Certificates Certificates, which shall represent ownership of constitute the sole class of residual interests in REMIC III and shall also represent ownership of the Class II-R interestIII. 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, REMIC II and REMIC II 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 REMIC III Regular Interests shall constitute the regular interests in REMIC III. REMIC The Class R-I shall issue the Class RC Certificates, which Interest shall constitute the sole class of residual interests interest in REMIC I and REMIC II shall issue I, the Class IIR-R interest, which II Interest shall constitute the sole class of residual interests interest in REMIC II. The II and the Class R-III Interest shall constitute the residual interest in REMIC III, each of which shall be represented by the Class R Certificates shall represent ownership of the sole class of residual interests in REMIC III and shall also represent ownership of the Class II-R interestCertificates. 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, REMIC II and REMIC II 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 REMIC III Regular Interests shall constitute the regular interests in REMIC III. REMIC The Class R-I shall issue the Class RC Certificates, which Interest shall constitute the sole class of residual interests interest in REMIC I and REMIC II shall issue I, the Class IIR-R interest, which II Interest shall constitute the sole class of residual interests interest in REMIC II. The II and the Class R-III Interest shall constitute the residual interest in REMIC III, each of which will be represented by the Class R Certificates shall represent ownership of the sole class of residual interests in REMIC III and shall also represent ownership of the Class II-R interestCertificates. 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, REMIC II and REMIC II 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 REMIC III Regular Interests shall constitute the regular interests in REMIC III. REMIC The Class R-I shall issue the Class RC Certificates, which Interest shall constitute the sole class of residual interests interest in REMIC I and REMIC II shall issue I, the Class IIR-R interest, which II Interest shall constitute the sole class of residual interests interest in REMIC II. The II and the Class R-III Interest shall constitute the residual interest in REMIC III, each of which shall be represented by the Class R Certificates shall represent ownership of the sole class of residual interests in REMIC III and shall also represent ownership of the Class II-R interestCertificates. 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, REMIC II and REMIC II 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 REMIC III Regular Interests shall constitute the regular interests in REMIC III. REMIC I shall issue the Class RC 1RC Certificates, which shall constitute the sole class of residual interests in REMIC I and I; REMIC II shall issue the Class II-R interest2RC Certificates, which shall constitute the sole class of residual interests in REMIC II. The ; and REMIC III shall issue the Class R Certificates Certificates, which shall represent ownership of constitute the sole class of residual interests in REMIC III and shall also represent ownership of the Class II-R interestIII. 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, REMIC II and REMIC II III referred to herein, as modified by this Trust Agreement.