REMIC I. (a) On each Distribution Date, the Certificate Administrator shall be deemed to distribute to itself on behalf of the Trustee, as holder of the REMIC I Regular Interests, for the following purposes and in the following order of priority:
(i) from the portion of the Available Distribution Amount attributable to interest (other than Excess Interest) collected or advanced or deemed collected or advanced on or with respect to, and any Excess Liquidation Proceeds attributable to, each Mortgage Loan (including each REO Mortgage Loan), to pay any and all Distributable Interest with respect to the Corresponding REMIC I Regular Interest for such Distribution Date;
(ii) from the portion of the Available Distribution Amount attributable to principal collected or advanced or deemed collected or advanced on or with respect to each Mortgage Loan (including each REO Mortgage Loan), to pay such principal with respect to the Corresponding REMIC I Regular Interest, until the REMIC I Principal Amount thereof is reduced to zero; and
(iii) from any remaining amount of the Available Distribution Amount (other than Excess Interest) and any remaining Excess Liquidation Proceeds with respect to each Mortgage Loan (including each REO Mortgage Loan), to reimburse, first, any unreimbursed Collateral Support Deficits previously allocated to the Corresponding REMIC I Regular Interest, together with unpaid interest thereon at the related REMIC I Net Mortgage Rate (in each case from the date of allocation), and then, any unreimbursed Collateral Support Deficits allocated to any other REMIC I Regular Interest, together with unpaid interest thereon at the related REMIC I Net Mortgage Rate (in each case from the date of allocation).
(b) At such time as all Distributable Interest with respect to the REMIC I Regular Interests has been paid, the REMIC I Principal Amounts of all of the REMIC I Regular Interests have been reduced to zero, and all Collateral Support Deficits (including interest thereon) previously allocated thereto to the REMIC I Regular Interests have been reimbursed, the Certificate Administrator shall pay to the Holders of the Class R Certificates with respect to the REMIC I Residual Interest any amounts of the Available Distribution Amount (other than Excess Interest) remaining with respect to each Mortgage Loan or, to the extent of the Trust’s interest therein, the related REO Property.
(c) Any Prepayment Premium distributed with respect to any Class of REMIC III Regular Cer...
REMIC I. As provided herein, the Trustee will elect to treat the segregated pool of assets consisting of the Mortgage Loans and certain other related assets (other than the Net WAC Rate Carryover Reserve Account, the Servicer Prepayment Charge Payment Amount, the Swap Account and the Interest Rate Swap Agreement) subject to this Agreement as a REMIC for federal income tax purposes, and such segregated pool of assets will be designated as “REMIC I.” The Class R-I Interest will be the sole class of “residual interests” in REMIC I for purposes of the REMIC Provisions (as defined herein). The following table irrevocably sets forth the designation, the REMIC I Remittance Rate, the initial Uncertificated Balance and, for purposes of satisfying Treasury Regulation Section 1.860G-1(a)(4)(iii), the “latest possible maturity date” for each of the REMIC I Regular Interests (as defined herein). None of the REMIC I Regular Interests will be certificated. Designation REMIC I Remittance Rate Initial Uncertificated Balance Latest Possible Maturity Date(1) I Variable(2) $ 6,224,178.65 June 25, 2035 I-10-B Variable(2) $ 4,872,251.32 June 25, 2035 I-11-B Variable(2) $ 4,731,990.14 June 25, 2035 I-12-B Variable(2) $ 4,595,659.41 June 25, 2035 I-13-B Variable(2) $ 4,463,371.44 June 25, 2035 I-14-B Variable(2) $ 4,334,901.63 June 25, 2035 I-15-B Variable(2) $ 4,210,081.52 June 25, 2035 I-17-B Variable(2) $ 3,971,165.86 June 25, 2035 I-18-A Variable(2) $ 3,856,901.84 June 25, 2035 I-18-B Variable(2) $ 3,856,901.84 June 25, 2035 I-19-B Variable(2) $ 3,771,835.51 June 25, 2035 I-21-B Variable(2) $ 6,248,304.51 June 25, 2035 I-25-B Variable(2) $ 3,263,964.24 June 25, 2035 I-26-B Variable(2) $ 3,152,676.15 June 25, 2035 I-27-B Variable(2) $ 3,771,891.66 June 25, 2035 I-28-B Variable(2) $ 2,913,367.43 June 25, 2035 I-29-A Variable(2) $ 2,814,263.75 June 25, 2035 I-29-B Variable(2) $ 2,814,263.75 June 25, 2035 I-30-B Variable(2) $ 2,718,585.19 June 25, 2035 I-32-B Variable(2) $ 946,173.43 June 25, 2035 I-33-A Variable(2) $ 916,470.40 June 25, 2035 I-33-B Variable(2) $ 916,470.40 June 25, 2035 I-34-A Variable(2) $ 886,149.73 June 25, 2035 I-34-B Variable(2) $ 886,149.73 June 25, 2035 I-35-A Variable(2) $ 858,468.08 June 25, 2035 I-35-B Variable(2) $ 858,468.08 June 25, 2035 I-36-A Variable(2) $ 831,684.82 June 25, 2035 I-36-B Variable(2) $ 831,684.82 June 25, 2035 I-37-B Variable(2) $ 323,027.46 June 25, 2035 I-38-A Variable(2) $ 752,458.02 June 25, 2035 I-38-B Variable(2) $ 752,458.02 June 25,...
REMIC I. The Depositor is the owner of the Trust Fund that is hereby conveyed to the Trustee in return for the Certificates. As provided herein, the Trustee will elect to treat the segregated pool of assets consisting of the Group I Mortgage Loans and certain other related assets subject to this Agreement (other than the Group I Reserve Fund, any related Prepayment Charge Waiver Amounts and, for the avoidance of doubt, the Group I Supplemental Interest Trust, the Group I Swap Agreement, the Group I Swap Account and any rights or obligations in respect of the Swap Administration Agreement) as a REMIC (as defined herein) for federal income tax purposes, and such segregated pool of assets will be designated as “REMIC I”. The Class I-R-1 Certificates will be the sole class of Residual Interests (as defined herein) in REMIC I for purposes of the REMIC Provisions (as defined herein). The following table irrevocably sets forth the designation, the Uncertificated REMIC I Pass-Through Rate, the initial Uncertificated Principal Balance and, for purposes of satisfying Treasury Regulation Section 1.860G-1(a)(4)(iii), the “latest possible maturity date” for each of the REMIC I Regular Interests (as defined herein). None of the REMIC I Regular Interests will be certificated. Designation Uncertificated REMIC I Pass-Through Rate Initial Uncertificated Principal Balance Latest Possible Maturity Date (1) I-1-A Variable(2) $ 1,093,659.04 September 25, 2036 I-1-B Variable(2) $ 1,093,659.04 September 25, 2036 I-2-A Variable(2) $ 1,380,302.56 September 25, 2036 I-2-B Variable(2) $ 1,380,302.56 September 25, 2036 I-3-A Variable(2) $ 1,665,750.76 September 25, 2036 I-3-B Variable(2) $ 1,665,750.76 September 25, 2036 I-4-A Variable(2) $ 1,947,494.94 September 25, 2036 I-4-B Variable(2) $ 1,947,494.94 September 25, 2036 I-5-A Variable(2) $ 2,222,929.79 September 25, 2036 I-5-B Variable(2) $ 2,222,929.79 September 25, 2036 I-6-A Variable(2) $ 2,489,383.09 September 25, 2036 I-6-B Variable(2) $ 2,489,383.09 September 25, 2036 I-7-A Variable(2) $ 2,744,149.03 September 25, 2036 I-7-B Variable(2) $ 2,744,149.03 September 25, 2036 I-8-A Variable(2) $ 2,974,438.68 September 25, 2036 I-8-B Variable(2) $ 2,974,438.68 September 25, 2036 I-9-A Variable(2) $ 3,187,097.36 September 25, 2036 I-9-B Variable(2) $ 3,187,097.36 September 25, 2036 I-10-A Variable(2) $ 3,297,419.05 September 25, 2036 I-10-B Variable(2) $ 3,297,419.05 September 25, 2036 I-11-A Variable(2) $ 3,155,673.33 September 25, 2036 I-11...
REMIC I. As provided herein, the Tax Administrator will elect to treat the segregated pool of assets consisting of the Mortgage Loans (exclusive of certain amounts payable thereon) and certain other assets as a REMIC for federal income tax purposes, and such segregated pool of assets will be designated as “REMIC I”. The Class R Certificates will evidence ownership of (among other things) the sole class of “residual interests” in REMIC I for purposes of the REMIC Provisions. The Latest Possible Maturity Date for each REMIC I Regular Interest is the date that is the Rated Final Distribution Date. None of the REMIC I Regular Interests will be certificated.
REMIC I. As provided herein, with respect to the Trust, the Certificate Administrator on behalf of the Trustee will make an election for the segregated pool of assets described in the first (1st) paragraph of Section 12.1(a) hereof (including the Mortgage Loans (other than any Excess Interest payable with respect to such Mortgage Loans)) to be treated for federal income tax purposes as a REMIC (“REMIC I”). The REMIC I Regular Interests will be designated as the “regular interests” in REMIC I and the Class R Certificates will evidence the sole class of “residual interests” in REMIC I for purposes of the REMIC Provisions.
REMIC I. On each Distribution Date, following the deemed distributions with respect to the REMIC I Regular Interests on such Distribution Date pursuant to Section 6.3, the Collateral Support Deficits, if any, with respect to each REMIC I Regular Interest on such Distribution Date will be allocated to such REMIC I Regular Interest in reduction of the REMIC I Principal Amount of such REMIC I Regular Interest.
REMIC I. On each Distribution Date, except as provided in subsection (b) below,
(i) Realized Principal Losses on each Mortgage Loan realized during the related Collection Period shall reduce the Certificate Balance of the Corresponding REMIC I Regular Interest;
(ii) Realized Interest Losses on each Mortgage Loan shall be allocated to reduce first, Distributable Certificate Interest for such Distribution Date, and then Unpaid Interest in each case owing on the Corresponding REMIC I Regular Interest; and to the extent that such Realized Interest Loss exceeds such amount, shall be treated as an Expense Loss;
(iii) Expense Losses (not otherwise applied above) realized during the related Collection Period shall be allocated among the REMIC I Regular Interests in proportion to their Certificate Balances after making all other allocations for such Distribution Date.
REMIC I. (a) On each Distribution Date, the Paying Agent shall be deemed to distribute to itself on behalf of the Trustee, as holder of the REMIC I Regular Interests, for the following purposes and in the following order of priority:
(i) from the portion of the Available Distribution Amount attributable to interest collected or deemed collected on or with respect to each Mortgage Loan or REO Property, Distributable Certificate Interest to each Corresponding REMIC I Regular Interest;
(ii) from the portion of the Available Distribution Amount attributable to principal collected or deemed collected on or with respect to each Mortgage Loan or REO Property, principal to the Corresponding REMIC I Regular Interest, until the Certificate Balance thereof is reduced to zero;
(iii) any remaining funds, to reimburse any Realized Losses previously allocated to the REMIC I Regular Interests, plus interest on such Realized Losses previously allocated thereto, at the applicable Pass-Through Rates; and
(iv) thereafter, to the Class R-I Certificateholders at such time as the Certificate Balance of all Classes of REMIC I Regular Interests have been reduced to zero, and Realized Losses previously allocated thereto have been reimbursed to the Holders of the REMIC I Regular Interests, any amounts remaining.
REMIC I. As provided herein, the Trust Administrator will make an election to treat the segregated pool of assets consisting of the Group 1, Group 2, Group 3, Group 4, Group 5 and Group 6 Mortgage Loans and certain other related assets (exclusive of any entitlement to Assigned Prepayment Premiums, the Group 7 Interest Rate Cap Agreement and the assets held in the Group 7 Interest Rate Cap Account, the Prefunding Account and the Capitalized Interest Account) subject to this Agreement as a real estate mortgage investment conduit (a “REMIC”) for federal income tax purposes, and such segregated pool of assets will be designated as “REMIC I.” Component I of the Class AR-L Certificates will represent the sole Class of “residual interests” in REMIC I for purposes of the REMIC Provisions (as defined herein) under federal income tax law. The following table irrevocably sets forth the designation, remittance rate (the “Uncertificated REMIC I Pass-Through Rate”) and initial Uncertificated Principal Balance for each of the “regular interests” in REMIC I (the “REMIC I Regular Interests”) and the Class Principal Balance of Component I of the Class AR-L Certificates. The “latest possible maturity date” (determined solely for purposes of satisfying Treasury regulation Section 1.860G-1(a)(4)(iii)) for each REMIC I Regular Interest shall be the Maturity Date. None of the REMIC I Regular Interests will be certificated. * The Distribution Date in the specified month, which is the month following the month the latest maturing Mortgage Loan in the related Loan Group matures. For federal income tax purposes, for each Class of REMIC I Regular and Residual Interests, the “latest possible maturity date” shall be the Final Maturity Date.
REMIC I. On each Distribution Date, except as provided in subsection (b) below,
