Common use of REMIC Expenses Clause in Contracts

REMIC Expenses. Anything herein or in the Servicing Agreement to the contrary notwithstanding, in the event that a Note is included in a REMIC and the other Notes are not, the other Noteholders shall not be required to reimburse such Noteholder that deposited its Note in the REMIC or any other Person for payment of (i) any taxes imposed on such REMIC (including but not limited to the tax on “prohibited transactions” as defined in Code Section 860F(a)(2), the tax on contributions to a REMIC set forth in Code Section 860G(d) and the tax on “net income from foreclosure property” under Code Section 860G(c)), (ii) any costs or expenses relating to the administration of such REMIC or to any determination respecting the amount, payment or avoidance of any tax under such REMIC or (iii) any advances for any of the foregoing or any interest thereon or for deficits in other items of disbursement or income resulting from the use of funds for payment of any such taxes, costs or expenses or advances, nor shall any disbursement or payment otherwise distributable to any such other Noteholder be reduced to offset or make-up any such payment or deficit.