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” and the assets of the Trust Estate described in the definition of the term “REMIC II” as two separate REMICs for federal income tax purposes. The REMIC I Regular Interests shall constitute the regular interests in REMIC I and the REMIC II Regular Interests shall constitute the regular interests in REMIC II. 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 R Certificates, which shall constitute the sole class of residual interests in REMIC II. 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 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” and the assets of the Trust Estate described in the definition of the term “REMIC II” as two separate REMICs for federal income tax purposes. The REMIC I Regular Interests shall constitute the regular interests in REMIC I and the REMIC II Regular Interests Certificates (other than the Residual Certificates) shall constitute the regular interests in REMIC II. REMIC I shall issue the Class RC R2 Certificates, which shall constitute the sole class of residual interests in REMIC I and REMIC II shall issue the Class R R1 Certificates, which shall constitute the sole class of residual interests in REMIC II. 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 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” and the assets of the Trust Estate described in the definition of the term “REMIC II” as two separate REMICs for federal income tax purposes. The REMIC I Regular Interests shall constitute the regular interests in REMIC I and the REMIC II Regular Interests Certificates (other than the Residual Certificates) shall constitute the regular interests in REMIC II. 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 R Certificates, which shall constitute the sole class of residual interests in REMIC II. 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 and REMIC II referred to herein, as modified by this Trust Agreement.