Common use of REMIC Elections and REMIC Interests Designations Clause in Contracts

REMIC Elections and REMIC Interests Designations. (a) REMIC Elections. Elections shall be made by the Securities Administrator to treat the assets of the Trust Estate described in the definition of the term “REMIC LT1,” the assets of the Trust Estate described in the definition of the term “REMIC LT2,” the assets of the Trust Estate described in the definition of the term “REMIC LT3,” the assets of the Trust Estate described in the definition of the term “REMIC MT,” and the assets of the Trust Estate described in the definition of the term “REMIC UT” as separate REMICs for federal income tax purposes. The REMIC LT1 Regular Interests shall constitute the regular interests in REMIC LT1; the REMIC LT2 Regular Interests shall constitute the REMIC regular interests in REMIC LT2; the REMIC LT3 Regular Interests shall constitute the REMIC regular interests in REMIC LT3, the REMIC MT Regular Interests shall constitute the REMIC regular interests in REMIC MT; and the REMIC UT Regular Interests shall constitute the regular interests in REMIC UT. The Class 1-R1 Certificates shall represent ownership of the sole Class of residual interest in REMIC LT1, the Class 2-R1 Certificates shall represent ownership of the sole Class of residual interest in REMIC LT2, and the Class 3-R1 Certificates shall represent ownership of the sole Class of residual interest in REMIC LT3. The Class UT-R Certificates shall represent ownership of the sole Class of residual interests in REMIC MT and REMIC UT. References in the Standard Terms to REMIC I and REMIC II shall be deemed, for purposes of this Trust Agreement, to refer to REMIC LT1, REMIC LT2, REMIC LT3, REMIC MT and REMIC UT referred to herein, as modified by this Trust Agreement.

REMIC Elections and REMIC Interests Designations. (a) REMIC Elections. Elections shall be made by the Securities Administrator to treat the assets of the Trust Estate described in the definition of the term “REMIC LT1,” the assets of the Trust Estate described in the definition of the term “REMIC LT2,” the assets of the Trust Estate described in the definition of the term “REMIC LT3,” the assets of the Trust Estate described in the definition of the term “REMIC MT,” and the assets of the Trust Estate described in the definition of the term “REMIC UT” as separate REMICs for federal income tax purposes. The REMIC LT1 Regular Interests shall constitute the regular interests in REMIC LT1; the REMIC LT2 Regular Interests shall constitute the REMIC regular interests in REMIC LT2; the REMIC LT3 Regular Interests shall constitute the REMIC regular interests in REMIC LT3, the REMIC MT Regular Interests shall constitute the REMIC regular interests in REMIC MT; and the REMIC UT Regular Interests shall constitute the regular interests in REMIC UT. The Class 1-R1 RC Certificates shall represent ownership of the sole Class of residual interest in REMIC LT1, LT1 and the Class 2-R1 RC Certificates shall represent ownership of the sole Class of residual interest in REMIC LT2, and the Class 3-R1 Certificates shall represent ownership of the sole Class of residual interest in REMIC LT3. The Class UT-R Certificates shall represent ownership of the sole Class of residual interests in REMIC MT and REMIC UT. References in the Standard Terms to REMIC I and REMIC II shall be deemed, for purposes of this Trust Agreement, to refer to REMIC LT1, REMIC LT2, REMIC LT3, REMIC MT and REMIC UT referred to herein, as modified by this Trust Agreement.