Common use of REMIC Elections Clause in Contracts

REMIC Elections. (a) The Depositor hereby instructs and authorizes the Paying Agent to make appropriate elections to treat the Trust Fund as comprising three REMICs (the Lower-Tier REMIC, the Middle-Tier REMIC and the Upper-Tier REMIC). This Agreement shall be construed so as to carry out the intention of the parties that each REMIC created hereunder be treated as a REMIC at all times prior to the date on which the Trust Fund is terminated. The Closing Date is hereby designated as the "startup day" of each REMIC created hereunder within the meaning of Section 860G(a)(9) of the Code. The Lower-Tier REMIC shall hold as assets all property of the Trust Fund other than (i) the Lower-Tier REMIC Interests and the Middle-Tier REMIC Interests and (ii) the Yield Maintenance Agreements and the Reserve Fund. Each of the Lower-Tier REMIC Regular Interests is hereby designated a "regular interest" (within the meaning of Section 860G(a)(1) of the Code) in the Lower-Tier REMIC. The Middle-Tier REMIC shall hold as assets the several classes of uncertificated Lower-Tier REMIC Regular Interests. Each of the Middle-Tier REMIC Regular Interests is hereby designated a "regular interest" (within the meaning of Section 860G(a)(1) of the Code) in the Middle-Tier REMIC. The Upper-Tier REMIC shall hold as assets the several classes of uncertificated Middle-Tier REMIC Regular Interests. Each of the Upper-Tier REMIC Regular Interests is hereby designated as a "regular interest" (within the meaning of Section 860G(a)(1) of the Code) in the Upper-Tier REMIC. The Class LT-R Interest is hereby designated as the sole residual interest (within the meaning of Section 860G(a)(2) of the Code) in the Lower-Tier REMIC. The Class MT-R Interest is hereby designated as the sole residual interest (within the meaning of Section 860G(a)(2) of the Code) in the Middle-Tier REMIC. The Residual Interest is hereby designated as the sole residual interest (within the meaning of Section 860G(a)(2) of the Code) in the Upper-Tier REMIC. The Class A-R Certificate evidences ownership of the Class LT-R Interest, the Class MT-R Interest and the Residual Interest. All interests described in this Section 2.04(a) shall be designated as such on the Startup Day. LOWER-TIER REMIC The following table specifies the class designation, initial principal amount, pass-through rate and related Mortgage Group for each class of Lower-Tier REMIC Interest. Lower-Tier REMIC Interest Initial Principal Amount Pass-Through Rate Related Mortgage Group ------------------------- ------------------------ ----------------- ---------------------- LT-R (1) (1) N/A LTA-P Component One $932,875.43 0.00% N/A LTA-P Component Two $315,848.81 0.00% N/A LT1-AX (2) 6.25% N/A LT2-AX (3) 6.00% N/A LT1-A (4) 6.25% Mortgage Group One LT1-B (5) 6.25% Mortgage Group One LT2-A (6) 6.00% Mortgage Group Two LT2-B (5) 6.00% Mortgage Group Two

REMIC Elections. (a) The Depositor hereby instructs and authorizes the Paying Agent to make appropriate elections to treat the Trust Fund as comprising three REMICs (the Lower-Tier REMIC, the Middle-Tier REMIC and the Upper-Tier REMIC). This Agreement shall be construed so as to carry out the intention of the parties that each REMIC created hereunder be treated as a REMIC at all times prior to the date on which the Trust Fund is terminated. The Closing Date is hereby designated as the "startup day" of each REMIC created hereunder within the meaning of Section 860G(a)(9) of the Code. The Lower-Tier REMIC shall hold as assets all property of the Trust Fund other than (i) the Lower-Tier REMIC Interests and the Middle-Tier REMIC Interests and (ii) the Yield Maintenance Agreements and the Reserve Fund. Each of the Lower-Tier REMIC Regular Interests is hereby designated a "regular interest" (within the meaning of Section 860G(a)(1) of the Code) in the Lower-Tier REMIC. The Middle-Tier REMIC shall hold as assets the several classes of uncertificated Lower-Tier REMIC Regular Interests. Each of the Middle-Tier REMIC Regular Interests is hereby designated a "regular interest" (within the meaning of Section 860G(a)(1) of the Code) in the Middle-Tier REMIC. The Upper-Tier REMIC shall hold as assets the several classes of uncertificated Middle-Tier REMIC Regular Interests. Each of the Upper-Tier REMIC Regular Interests is hereby designated as a "regular interest" (within the meaning of Section 860G(a)(1) of the Code) in the Upper-Tier REMIC. The Class LT-R Interest is hereby designated as the sole residual interest (within the meaning of Section 860G(a)(2) of the Code) in the Lower-Tier REMIC. The Class MT-R Interest is hereby designated as the sole residual interest (within the meaning of Section 860G(a)(2) of the Code) in the Middle-Tier REMIC. The Residual Interest is hereby designated as the sole residual interest (within the meaning of Section 860G(a)(2) of the Code) in the Upper-Tier REMIC. The Class A-R Certificate evidences ownership of the Class LT-R Interest, the Class MT-R Interest and the Residual Interest. All interests described in this Section 2.04(a) shall be designated as such on the Startup Day. LOWER-TIER REMIC The following table specifies the class designation, initial principal amount, pass-through rate and related Mortgage Group for each class of Lower-Tier REMIC Interest. Related Mortgage Lower-Tier REMIC Interest Initial Principal Amount Pass-Through Rate Related Mortgage Group ------------------------- ------------------------ ----------------- ---------------------- ----------------------- ------------------- ------------------ LT-R (1) (1) N/A LTA-P Component One $932,875.43 0.00% N/A LTA-P Component Two $315,848.81 (2) 0.00% N/A LT1-AX (2) 6.25% N/A LT2-AX (3) 6.00% N/A LT2-AX (4) 5.50% N/A LT1-A (45) 6.256.00% Mortgage Group One LT1-B (56) 6.256.00% Mortgage Group One LT2-A (67) 6.005.50% Mortgage Group Two LT2-B (56) 6.005.50% Mortgage Group TwoTwo -------------

REMIC Elections. (a) The Depositor hereby instructs and authorizes the Paying Agent to make appropriate elections to treat the Trust Fund as comprising three four REMICs (the Lower-Tier I REMIC, the MiddleUpper-Tier I REMIC, the Lower-Tier II REMIC and the Upper-Tier II REMIC). This Agreement shall be construed so as to carry out the intention of the parties that each REMIC created hereunder be treated as a REMIC at all times prior to the date on which the Trust Fund is terminated. The Closing Date is hereby designated as the "“startup day" ” of each REMIC created hereunder within the meaning of Section 860G(a)(9) of the Code. The Lower-Tier I REMIC shall hold as assets all property of the Trust Fund relating to Mortgage Pool I other than (i) the Lower-Tier I REMIC Interests and the Middle-Tier REMIC Interests and (ii) the Yield Maintenance Agreements and the Reserve FundInterests. Each of the Lower-Tier I REMIC Regular Interests is hereby designated a "“regular interest" ” (within the meaning of Section 860G(a)(1) of the Code) in the Lower-Tier I REMIC. The MiddleUpper-Tier I REMIC shall hold as assets the several classes of uncertificated Lower-Tier REMIC Regular Interests. Each of the Middle-Tier REMIC Regular Interests is hereby designated a "regular interest" (within the meaning of Section 860G(a)(1) of the Code) in the Middle-Tier REMIC. The Upper-Tier REMIC shall hold as assets the several classes of uncertificated Middle-Tier I REMIC Regular Interests. Each of the Upper-Tier I REMIC Regular Interests is hereby designated as a "“regular interest" ” (within the meaning of Section 860G(a)(1) of the Code) in the Upper-Tier I REMIC. The Class LTLTI-R Interest is hereby designated as the sole residual interest (within the meaning of Section 860G(a)(2) of the Code) in the Lower-Tier REMIC. The Class MT-R Interest is hereby designated as the sole residual interest (within the meaning of Section 860G(a)(2) of the Code) in the Middle-Tier I REMIC. The Residual I Interest is hereby designated as the sole residual interest (within the meaning of Section 860G(a)(2) of the Code) in the Upper-Tier I REMIC. The Lower-Tier II REMIC shall hold as assets all property of the Trust Fund relating to Mortgage Pool II other than the Lower-Tier II REMIC Interests. Each of the Lower-Tier II REMIC Regular Interests is hereby designated a “regular interest” (within the meaning of Section 860G(a)(1) of the Code) in the Lower-Tier II REMIC. The Upper-Tier II REMIC shall hold as assets the several classes of uncertificated Lower-Tier II REMIC Regular Interests. Each of the Upper-Tier II REMIC Regular Interests is hereby designated as a “regular interest” (within the meaning of Section 860G(a)(1) of the Code) in the Upper-Tier II REMIC. The Class LTII-R Interest is hereby designated as the sole residual interest (within the meaning of Section 860G(a)(2) of the Code) in the Lower-Tier II REMIC. The Residual II Interest is hereby designated as the sole residual interest (within the meaning of Section 860G(a)(2) of the Code) in the Upper-Tier II REMIC. The Class A-R Certificate evidences ownership of the Class LTLTI-R Interest, the Residual I Interest, the Class MTLTII-R Interest and the Residual II Interest. All interests described in this Section 2.04(a) shall be designated as such on the Startup Day. LOWER-TIER REMIC The following table specifies the class designation, initial principal amount, pass-through rate and related Mortgage Group for each class of Lower-Tier REMIC Interest. Lower-Tier REMIC Interest Initial Principal Amount Pass-Through Rate Related Mortgage Group ------------------------- ------------------------ ----------------- ---------------------- LT-R (1) (1) N/A LTA-P Component One $932,875.43 0.00% N/A LTA-P Component Two $315,848.81 0.00% N/A LT1-AX (2) 6.25% N/A LT2-AX (3) 6.00% N/A LT1-A (4) 6.25% Mortgage Group One LT1-B (5) 6.25% Mortgage Group One LT2-A (6) 6.00% Mortgage Group Two LT2-B (5) 6.00% Mortgage Group Two.

REMIC Elections. (a) The Depositor hereby instructs and authorizes the Paying Agent Servicer, on behalf of the Trust Fund, to make appropriate elections to treat the Trust Fund as comprising three two REMICs (the Lower-Tier REMIC, the Middle-Tier REMIC and the Upper-Tier REMIC). This Agreement shall be construed so as to carry out the intention of the parties that each REMIC created hereunder be treated as a REMIC at all times prior to the date on which the Trust Fund is terminated. The Closing Date is hereby designated as the "startup day" of each REMIC created hereunder within the meaning of Section 860G(a)(9) of the Code. The Lower-Tier REMIC shall hold as assets all property of the Trust Fund other than (i) the Lower-Tier REMIC Interests and the Middle-Tier REMIC Interests and (ii) the Yield Maintenance Agreements and the Reserve FundInterests. Each of the Lower-Tier REMIC Regular Interests is hereby designated a "regular interest" (within the meaning of Section 860G(a)(1) of the Code) in the Lower-Tier REMIC. The MiddleUpper-Tier REMIC shall hold as assets the several classes of uncertificated Lower-Tier REMIC Regular Interests. Each of the Middle-Tier REMIC Regular Interests is hereby designated a "regular interest" (within the meaning of Section 860G(a)(1) of the Code) in the Middle-Tier REMIC. The Upper-Tier REMIC shall hold as assets the several classes of uncertificated Middle-Tier REMIC Regular Interests. Each of the Upper-Tier REMIC Regular Interests is hereby designated as a "regular interest" (within the meaning of Section 860G(a)(1) of the Code) in the Upper-Tier REMIC. The Class LT-R Interest is hereby designated as the sole residual interest (within the meaning of Section 860G(a)(2) of the Code) in the Lower-Tier REMIC. The Class MT-R Interest is hereby designated as the sole residual interest (within the meaning of Section 860G(a)(2) of the Code) in the Middle-Tier REMIC. The Residual Interest is hereby designated as the sole residual interest (within the meaning of Section 860G(a)(2) of the Code) in the Upper-Tier REMIC. The Class A-R Certificate evidences ownership of the Class LT-R Interest, the Class MT-R Interest and the Residual Interest. All interests described in this Section 2.04(a) shall be designated as such on the Startup Day. LOWER-TIER REMIC The following table specifies the class designation, initial principal amount, pass-through rate and related Mortgage Group for each class of Lower-Tier REMIC Interest. Lower-Tier REMIC Interest Initial Principal Amount Pass-Through Rate Related Mortgage Group ------------------------- ------------------------ ----------------- ---------------------- LT-R (1) (1) N/A LTA-P Component One $932,875.43 0.00% N/A LTA-P Component Two $315,848.81 0.00% N/A LT1-AX (2) 6.25% N/A LT2-AX (3) 6.00% N/A LT1-A (4) 6.25% Mortgage Group One LT1-B (5) 6.25% Mortgage Group One LT2-A (6) 6.00% Mortgage Group Two LT2-B (5) 6.00% Mortgage Group Two.

REMIC Elections. (a) The Depositor hereby instructs and authorizes the Paying Agent to make appropriate elections to treat the Trust Fund as comprising three REMICs (the Lower-Tier REMIC, the Middle-Tier REMIC and the Upper-Tier REMIC). This Agreement shall be construed so as to carry out the intention of the parties that each REMIC created hereunder be treated as a REMIC at all times prior to the date on which the Trust Fund is terminated. The Closing Date is hereby designated as the "“startup day" ” of each REMIC created hereunder within the meaning of Section 860G(a)(9) of the Code. The Lower-Tier REMIC shall hold as assets all property of the Trust Fund other than (i) the Lower-Tier REMIC Interests and the Middle-Tier REMIC Interests and (ii) the Yield Maintenance Agreements and the Reserve Fund. Each of the Lower-Tier REMIC Regular Interests is hereby designated a "“regular interest" ” (within the meaning of Section 860G(a)(1) of the Code) in the Lower-Tier REMIC. The Middle-Tier REMIC shall hold as assets the several classes of uncertificated Lower-Tier REMIC Regular Interests. Each of the Middle-Tier REMIC Regular Interests is hereby designated a "“regular interest" ” (within the meaning of Section 860G(a)(1) of the Code) in the Middle-Tier REMIC. The Upper-Tier REMIC shall hold as assets the several classes of uncertificated Middle-Tier REMIC Regular Interests. Each of the Upper-Tier REMIC Regular Interests is hereby designated as a "“regular interest" ” (within the meaning of Section 860G(a)(1) of the Code) in the Upper-Tier REMIC. The Class LT-R Interest is hereby designated as the sole residual interest (within the meaning of Section 860G(a)(2) of the Code) in the Lower-Tier REMIC. The Class MT-R Interest is hereby designated as the sole residual interest (within the meaning of Section 860G(a)(2) of the Code) in the Middle-Tier REMIC. The Residual Interest is hereby designated as the sole residual interest (within the meaning of Section 860G(a)(2) of the Code) in the Upper-Tier REMIC. The Class A-R Certificate evidences ownership of the Class LT-R Interest, the Class MT-R Interest and the Residual Interest. All interests described in this Section 2.04(a) shall be designated as such on the Startup Day. LOWER-TIER REMIC The following table specifies the class designation, initial principal amount, pass-through rate and related Mortgage Group for each class of Lower-Tier REMIC Interest. Lower-Tier REMIC Interest Initial Principal Amount Pass-Through Rate Related Mortgage Group ------------------------- ------------------------ ----------------- ---------------------- LT-R (1) (1) N/A LTA-P Component One $932,875.43 0.00% N/A LTA-P Component Two $315,848.81 0.00% N/A LT1-AX (2) 6.25% N/A LT2-AX (3) 6.00% N/A LT1-A (4) 6.25% Mortgage Group One LT1-B (5) 6.25% Mortgage Group One LT2-A (6) 6.00% Mortgage Group Two LT2-B (5) 6.00% Mortgage Group Two50

REMIC Elections. (a) The Depositor hereby instructs and authorizes the Paying Agent to make appropriate elections to treat the Trust Fund as comprising three REMICs (the Lower-Tier REMIC, the Middle-Tier REMIC and the Upper-Tier REMIC). This Agreement shall be construed so as to carry out the intention of the parties that each REMIC created hereunder be treated as a REMIC at all times prior to the date on which the Trust Fund is terminated. The Closing Date is hereby designated as the "“startup day" ” of each REMIC created hereunder within the meaning of Section 860G(a)(9) of the Code. The Lower-Tier REMIC shall hold as assets all property of the Trust Fund other than (i) the Lower-Tier REMIC Interests and the Middle-Tier REMIC Interests and (ii) the Yield Maintenance Agreements and the Reserve FundInterests. Each of the Lower-Tier REMIC Regular Interests is hereby designated 71 a "“regular interest" ” (within the meaning of Section 860G(a)(1) of the Code) in the Lower-Tier REMIC. The Middle-Tier REMIC shall hold as assets the several classes of uncertificated Lower-Tier REMIC Regular Interests. Each of the Middle-Tier REMIC Regular Interests is hereby designated a "“regular interest" ” (within the meaning of Section 860G(a)(1) of the Code) in the Middle-Tier REMIC. The Upper-Tier REMIC shall hold as assets the several classes of uncertificated Middle-Tier REMIC Regular Interests. Each of the Upper-Tier REMIC Regular Interests is hereby designated as a "“regular interest" ” (within the meaning of Section 860G(a)(1) of the Code) in the Upper-Tier REMIC. The Class LT-R Interest is hereby designated as the sole residual interest (within the meaning of Section 860G(a)(2) of the Code) in the Lower-Tier REMIC. The Class MT-R Interest is hereby designated as the sole residual interest (within the meaning of Section 860G(a)(2) of the Code) in the Middle-Tier REMIC. The Residual Interest is hereby designated as the sole residual interest (within the meaning of Section 860G(a)(2) of the Code) in the Upper-Tier REMIC. The Class A-R Certificate evidences ownership of the Class LT-R Interest, the Class MT-R Interest and the Residual Interest. All interests described in this Section 2.04(a) shall be designated as such on the Startup Day. LOWER-TIER REMIC The following table specifies the class designation, initial principal amount, pass-through rate and related Mortgage Group for each class of Lower-Tier REMIC Interest. Lower-Tier REMIC Interest Initial Principal Amount Pass-Through Rate Related Mortgage Group ------------------------- ------------------------ ----------------- ---------------------- LT-R (1) (1) N/A LTA-P Component One $932,875.43 0.00% N/A LTA-P Component Two $315,848.81 0.00% N/A LT1-AX (2) 6.25% N/A LT2-AX (3) 6.00% N/A LT1-A (4) 6.25% Mortgage Group One LT1-B (5) 6.25% Mortgage Group One LT2-A (6) 6.00% Mortgage Group Two LT2-B (5) 6.00% Mortgage Group Two72

REMIC Elections. (a) The Depositor hereby instructs and authorizes the Paying Agent to make appropriate elections to treat the Trust Fund as comprising three two REMICs (the Lower-Tier REMIC, the Middle-Tier REMIC and the Upper-Tier REMIC). This Agreement shall be construed so as to carry out the intention of the parties that each REMIC created hereunder be treated as a REMIC at all times prior to the date on which the Trust Fund is terminated. The Closing Date is hereby designated as the "startup day" of each REMIC created hereunder within the meaning of Section 860G(a)(9) of the Code. The Lower-Tier REMIC shall hold as assets all property of the Trust Fund other than (i) the Lower-Tier REMIC Interests and the Middle-Tier REMIC Interests and (ii) the Yield Maintenance Agreements Agreement and the Reserve Fund. Each of the Lower-Tier REMIC Regular Interests is hereby designated a "regular interest" (within the meaning of Section 860G(a)(1) of the Code) in the Lower-Tier REMIC. The MiddleUpper-Tier REMIC shall hold as assets the several classes of uncertificated Lower-Tier REMIC Regular Interests. Each of the Middle-Tier REMIC Regular Interests is hereby designated a "regular interest" (within the meaning of Section 860G(a)(1) of the Code) in the Middle-Tier REMIC. The Upper-Tier REMIC shall hold as assets the several classes of uncertificated Middle-Tier REMIC Regular Interests. Each of the Upper-Tier REMIC Regular Interests is hereby designated as a "regular interest" (within the meaning of Section 860G(a)(1) of the Code) in the Upper-Tier REMIC. The Class LT-R Interest is hereby designated as the sole residual interest (within the meaning of Section 860G(a)(2) of the Code) in the Lower-Tier REMIC. The Class MT-R Interest is hereby designated as the sole residual interest (within the meaning of Section 860G(a)(2) of the Code) in the Middle-Tier REMIC. The Residual Interest is hereby designated as the sole residual interest (within the meaning of Section 860G(a)(2) of the Code) in the Upper-Tier REMIC. The Class A-R Certificate evidences ownership of the Class LT-R Interest, the Class MT-R Interest and the Residual Interest. All interests described in this Section 2.04(a) shall be designated as such on the Startup Day. LOWER-TIER REMIC The following table specifies the class designation, interest rate, initial principal amount, pass-through rate amount and related Mortgage Group Classes of corresponding certificates for each class of Lower-Tier REMIC Interest. Lower-Tier REMIC Interest Initial Principal Amount Pass-Through Rate Related Mortgage Group ------------------------- ------------------------ ----------------- ---------------------- LT-R (1) (1) N/A LTA-P Component One $932,875.43 0.00% N/A LTA-P Component Two $315,848.81 0.00% N/A LT1-AX (2) 6.25% N/A LT2-AX (3) 6.00% N/A LT1-A (4) 6.25% Mortgage Group One LT1-B (5) 6.25% Mortgage Group One LT2-A (6) 6.00% Mortgage Group Two LT2-B (5) 6.00% Mortgage Group Two:

REMIC Elections. (a) The Depositor hereby instructs and authorizes the Paying Agent Trustee to make appropriate elections to treat the Trust Fund as comprising three two REMICs (the Lower-Tier REMIC, the Middle-Tier REMIC and the Upper-Tier REMIC). This Agreement shall be construed so as to carry out the intention of the parties that each REMIC created hereunder be treated as a REMIC at all times prior to the date on which the Trust Fund is terminated. The Closing Date is hereby designated as the "startup day" of each REMIC created hereunder within the meaning of Section 860G(a)(9) of the Code. The Lower-Tier REMIC shall hold as assets all property of the Trust Fund other than (i) the Lower-Tier REMIC Interests and the Middle-Tier REMIC Interests and (ii) the Yield Maintenance Agreements and the Reserve FundInterests. Each of the Lower-Tier REMIC Regular Interests is hereby designated a "regular interest" (within the meaning of Section 860G(a)(1) of the Code) in the Lower-Tier REMIC. The MiddleUpper-Tier REMIC shall hold as assets the several classes of uncertificated Lower-Tier REMIC Regular Interests. Each Class of the Middle-Tier REMIC Regular Interests Certificates (other than the Class R Certificate) is hereby designated a "regular interest" (within the meaning of Section 860G(a)(1) of the Code) in the Middle-Tier REMIC. The Upper-Tier REMIC shall hold as assets the several classes of uncertificated Middle-Tier REMIC Regular Interests. Each of the Upper-Tier REMIC Regular Interests is hereby designated as a "regular interest" (within the meaning of Section 860G(a)(1) of the Code) in the Upper-Tier REMIC. The Class LT-R Interest is hereby designated as the sole residual interest (within the meaning of Section 860G(a)(2) of the Code) in the Lower-Tier REMIC. The Class MTUT-R Interest is hereby designated as the sole residual interest (within the meaning of Section 860G(a)(2) of the Code) in the Middle-Tier REMIC. The Residual Interest is hereby designated as the sole residual interest (within the meaning of Section 860G(a)(2) of the Code) in the Upper-Tier REMIC. The Class A-R Certificate evidences ownership of the Class LT-R Interest, the Class MT-R Interest and the Residual Class UT-R Interest. All interests described in this Section 2.04(a2.07(a) shall be designated as such on the Startup Day. LOWER-TIER REMIC The following table specifies Neither the class designation, initial principal amount, pass-through rate and related Mortgage Group for each class of LowerUpper-Tier REMIC Interest. Lower-nor the Lower Tier REMIC Interest Initial Principal Amount Pass-Through Rate Related Mortgage Group ------------------------- ------------------------ ----------------- ---------------------- LT-R (1) (1) N/A LTA-P Component One $932,875.43 0.00% N/A LTA-P Component Two $315,848.81 0.00% N/A LT1-AX (2) 6.25% N/A LT2-AX (3) 6.00% N/A LT1-A (4) 6.25% Mortgage Group One LT1-B (5) 6.25% Mortgage Group One LT2-A (6) 6.00% Mortgage Group Two LT2-B (5) 6.00% Mortgage Group Twoshall issue any interest other than the regular and residual interests designated in this paragraph.

REMIC Elections. (a) The Depositor hereby instructs and authorizes the Paying Agent to make appropriate elections to treat the Trust Fund as comprising three four REMICs (the Lower-Tier I REMIC, the MiddleUpper-Tier I REMIC, the Lower-Tier II REMIC and the Upper-Tier II REMIC). This Agreement shall be construed so as to carry out the intention of the parties that each REMIC created hereunder be treated as a REMIC at all times prior to the date on which the Trust Fund is terminated. The Closing Date is hereby designated as the "startup day" of each REMIC created hereunder within the meaning of Section 860G(a)(9) of the Code. The Lower-Tier I REMIC shall hold as assets all property of the Trust Fund relating to Mortgage Pool I other than (i) the Lower-Tier I REMIC Interests and the Middle-Tier REMIC Interests and (ii) the Yield Maintenance Agreements and the Reserve FundInterests. Each of the Lower-Tier I REMIC Regular Interests is hereby designated a "regular interest" (within the meaning of Section 860G(a)(1) of the Code) in the Lower-Tier I REMIC. The MiddleUpper-Tier I REMIC shall hold as assets the several classes of uncertificated Lower-Tier REMIC Regular Interests. Each of the Middle-Tier REMIC Regular Interests is hereby designated a "regular interest" (within the meaning of Section 860G(a)(1) of the Code) in the Middle-Tier REMIC. The Upper-Tier REMIC shall hold as assets the several classes of uncertificated Middle-Tier I REMIC Regular Interests. Each of the Upper-Tier I REMIC Regular Interests is hereby designated as a "regular interest" (within the meaning of Section 860G(a)(1) of the Code) in the Upper-Tier I REMIC. The Class LTLTI-R Interest is hereby designated as the sole residual interest (within the meaning of Section 860G(a)(2) of the Code) in the Lower-Tier REMIC. The Class MT-R Interest is hereby designated as the sole residual interest (within the meaning of Section 860G(a)(2) of the Code) in the Middle-Tier I REMIC. The Residual I Interest is hereby designated as the sole residual interest (within the meaning of Section 860G(a)(2) of the Code) in the Upper-Tier I REMIC. The Lower-Tier II REMIC shall hold as assets all property of the Trust Fund relating to Mortgage Pool II other than the Lower-Tier II REMIC Interests. Each of the Lower-Tier II REMIC Regular Interests is hereby designated a "regular interest" (within the meaning of Section 860G(a)(1) of the Code) in the Lower-Tier II REMIC. The Upper-Tier II REMIC shall hold as assets the several classes of uncertificated Lower-Tier II REMIC Regular Interests. Each of the Upper-Tier II REMIC Regular Interests is hereby designated as a "regular interest" (within the meaning of Section 860G(a)(1) of the Code) in the Upper-Tier II REMIC. The Class LTII-R Interest is hereby designated as the sole residual interest (within the meaning of Section 860G(a)(2) of the Code) in the Lower-Tier II REMIC. The Residual II Interest is hereby designated as the sole residual interest (within the meaning of Section 860G(a)(2) of the Code) in the Upper-Tier II REMIC. The Class A-R Certificate evidences ownership of the Class LTLTI-R Interest, the Residual I Interest, the Class MTLTII-R Interest and the Residual II Interest. All interests described in this Section 2.04(a) shall be designated as such on the Startup Day. 101 LOWER-TIER I REMIC The following table specifies the class designation, interest rate, initial principal amount, pass-through rate amount and related Mortgage Group for each class of Lower-Tier I REMIC Interest. Lower-Tier REMIC Interest Initial Principal Amount Pass-Through Rate Related Mortgage Group ------------------------- ------------------------ ----------------- ---------------------- LT-R (1) (1) N/A LTA-P Component One $932,875.43 0.00% N/A LTA-P Component Two $315,848.81 0.00% N/A LT1-AX (2) 6.25% N/A LT2-AX (3) 6.00% N/A LT1-A (4) 6.25% Mortgage Group One LT1-B (5) 6.25% Mortgage Group One LT2-A (6) 6.00% Mortgage Group Two LT2-B (5) 6.00% Mortgage Group Two.

REMIC Elections. (a) The Depositor hereby instructs and authorizes the Paying Agent Trustee to make appropriate elections to treat the Trust Fund as comprising three REMICs (the Lower-Tier REMIC, the Middle-Tier REMIC and the Upper-Tier REMIC). This Agreement shall be construed so as to carry out the intention of the parties that each REMIC created hereunder be treated as a REMIC at all times prior to the date on which the Trust Fund is terminated. The Closing Date is hereby designated as the "startup day" of each REMIC created hereunder within the meaning of Section 860G(a)(9) of the Code. The Lower-Tier REMIC shall hold as assets all property of the Trust Fund other than (i) the Lower-Tier REMIC Interests and the Middle-Tier REMIC Interests and (ii) the Yield Maintenance Agreements and the Reserve FundInterests. Each of the Lower-Tier REMIC Regular Interests is hereby designated a "regular interest" (within the meaning of Section 860G(a)(1) of the Code) in the Lower-Tier REMIC. The Middle-Tier REMIC shall hold as assets the several classes of uncertificated Lower-Tier REMIC Regular InterestsInterests (other than the Class LTIA-X Interest and the LTIIA-X Interest). Each of the Middle-Tier REMIC Regular Interests is hereby designated a "regular interest" (within the meaning of Section 860G(a)(1) of the Code) in the Middle-Tier REMIC. The Upper-Tier REMIC shall hold as assets the several classes of uncertificated Middle-Tier REMIC Regular InterestsInterests and the Class LTIA-X Interest and the LTIIA-X Interest. Each Class of the UpperCertificates (other than the Class A-Tier REMIC Regular Interests R Certificate) is hereby designated as a "regular interest" (within the meaning of Section 860G(a)(1) of the Code) in the Upper-Tier REMIC. The Class LT-R Interest is hereby designated as the sole residual interest (within the meaning of Section 860G(a)(2) of the Code) in the Lower-Tier REMIC. The Class MT-R Interest is hereby designated as the sole residual interest (within the meaning of Section 860G(a)(2) of the Code) in the Middle-Tier REMIC. The Residual Class A-R Certificate evidences ownership of the Class LT-R Interest, the Class MT-R Interest and is also hereby designated as the sole residual interest (within the meaning of Section 860G(a)(2) of the Code) in the Upper-Tier REMIC. The Class A-R Certificate evidences ownership of the Class LT-R Interest, the Class MT-R Interest and the Residual Interest. All interests described in this Section 2.04(a) shall be designated as such on the Startup Day. LOWER-TIER REMIC The following table specifies the class designation, initial principal amount, pass-through rate and related Mortgage Group for each class of Lower-Tier REMIC Interest. Lower-Tier REMIC Interest Initial Principal Amount Pass-Through Rate Related Mortgage Group ------------------------- ------------------------ ----------------- ---------------------- LT-R (1) (1) N/A LTA-P Component One $932,875.43 0.00% N/A LTA-P Component Two $315,848.81 0.00% N/A LT1-AX (2) 6.25% N/A LT2-AX (3) 6.00% N/A LT1-A (4) 6.25% Mortgage Group One LT1-B (5) 6.25% Mortgage Group One LT2-A (6) 6.00% Mortgage Group Two LT2-B (5) 6.00% Mortgage Group Two.