REMIC III Sample Clauses

REMIC III. As provided herein, the Tax Administrator will elect to treat the segregated pool of assets consisting of the REMIC II Regular Interests as a REMIC for federal income tax purposes, and such segregated pool of assets will be designated as “REMIC III”. The Class A-1, Class A-2, Class A-3, Class X-0, Xxxxx X-0, Class A-SB, Class A-S, Class B, Class C, Class D, Class E, Class F and Class G Certificates will evidence ownership of a class of “regular interests” in REMIC III and the Class X-A, Class X-B, Class X-C, Class X-D, Class X-E and Class X-Y Certificates will evidence ownership of seven (7), three (3), one (1), one (1), one (1) and one (1) classes of “regular interests” in REMIC III, respectively, all as described herein. The Class R Certificates will evidence ownership of (among other things) the sole class of “residual interests” in REMIC III for purposes of the REMIC Provisions. The Latest Possible Maturity Date for each Class of Regular Certificates (other than the Interest Only Certificates) and the REMIC III Components is the date that is the Rated Final Distribution Date. The REMIC III Components of the Class X-A Certificates are hereby irrevocably assigned the alphanumeric designation under the column heading “REMIC III Component of Class X-A Certificates” in the table that appears under “Corresponding REMIC II Regular Interests”. The REMIC III Components of the Class X-B Certificates are hereby irrevocably assigned the alphanumeric designations under the column heading “REMIC III Component of Class X-B Certificates” in the table that appears under “Corresponding REMIC II Regular Interests”. The REMIC III Component of the Class X-C Certificates is hereby irrevocably assigned the alphanumeric designation under the column heading “REMIC III Component of Class X-C Certificates” in the table that appears under “Corresponding REMIC II Regular Interests”. The REMIC III Component of the Class X-D Certificates is hereby irrevocably assigned the alphanumeric designation under the column heading “REMIC III Component of Class X-D Certificates” in the table that appears under “Corresponding REMIC II Regular Interests”. The REMIC III Component of the Class X-E Certificates is hereby irrevocably assigned the alphanumeric designation under the column heading “REMIC III Component of Class X-E Certificates” in the table that appears under “Corresponding REMIC II Regular Interests”. The REMIC III Component of the Class X-Y Certificates is hereby irrevocably assigne...

REMIC III. As provided herein, the Securities Administrator will elect to treat the segregated pool of assets consisting of the REMIC II Regular Interests as a REMIC for federal income tax purposes, and such segregated pool of assets will be designated as “REMIC III.” The Class R-III Interest will evidence the sole class of “residual interests” in REMIC III for purposes of the REMIC Provisions. The following table irrevocably sets forth the designation, the Pass-Through Rate, the initial aggregate Certificate Principal Balance and, for purposes of satisfying Treasury regulation Section 1.860G-1(a)(4)(iii), the “latest possible maturity date” for the indicated Classes of Certificates. Designation Pass-Through Rate Initial Aggregate Certificate Principal Balance Latest Possible Maturity Date (1) Class A-1 Variable(2) $ 348,483,000.00 July 25, 2036 Class A-2A Variable(2) $ 152,935,000.00 July 25, 2036 Class A-2B Variable(2) $ 47,569,000.00 July 25, 2036 Class A-2C Variable(2) $ 75,530,000.00 July 25, 2036 Class A-2D Variable(2) $ 42,114,000.00 July 25, 2036 Class M-1 Variable(2) $ 29,956,000.00 July 25, 2036 Class M-2 Variable(2) $ 27,425,000.00 July 25, 2036 Class M-3 Variable(2) $ 16,033,000.00 July 25, 2036 Class M-4 Variable(2) $ 13,923,000.00 July 25, 2036 Class M-5 Variable(2) $ 13,923,000.00 July 25, 2036 Class M-6 Variable(2) $ 12,236,000.00 July 25, 2036 Class M-7 Variable(2) $ 11,814,000.00 July 25, 2036 Class M-8 Variable(2) $ 9,704,000.00 July 25, 2036 Class M-9 Variable(2) $ 7,595,000.00 July 25, 2036 Class M-10 Variable(2) $ 4,641,000.00 July 25, 2036 Class M-11 Variable(2) $ 8,438,000.00 July 25, 2036 Class P N/A(3) $ 100.00 July 25, 2036 Class CE N/A(4) $ 21,518,421.20 July 25, 2036 Class IO Interest N/A(5) (5 ) July 25, 2036

REMIC III. 49 REMIC III Group I Diverted Excess Spread.....................................49 REMIC III Group II Diverted Excess Spread....................................49 REMIC III Group I Interest Loss Allocation Amount............................49 REMIC III Group II Interest Loss Allocation Amount...........................49 REMIC III Group I Overcollateralized Amount..................................49 REMIC III Group II Overcollateralized Amount.................................50 REMIC III Group I Principal Loss Allocation Amount...........................50 REMIC III Group II Principal Loss Allocation Amount..........................50 REMIC III Group I Regular Interests..........................................50 REMIC III Group II Regular Interests.........................................50 REMIC III Group I Required Overcollateralization Amount......................50 REMIC III Group II Required Overcollateralized Amount........................50 REMIC III Regular Interest LT3-AI-AA.........................................50 REMIC III Regular Interest LT3-AI-1..........................................50 REMIC III Regular Interest LT3-AI-2..........................................51 REMIC III Regular Interest LT3-AI-3..........................................51 REMIC III Regular Interest LT3-AI-4..........................................51 REMIC III Regular Interest LT3-AI-5..........................................51 REMIC III Regular Interest LT3-AI-6..........................................51 REMIC III Regular Interest LT3-AI-ZZ Maximum Interest Deferral Amount ............................................................................51 REMIC III Regular Interest LT3-IAIO..........................................51 REMIC III Regular Interest LT3-AII-AA........................................52 REMIC III Regular Interest LT3-AII-1.........................................52 REMIC III Regular Interest LT3-AII-ZZ........................................52 REMIC III Regular Interest LT3-AII-ZZ Maximum Interest Deferral Amount ............................................................................52

REMIC III. On each Distribution Date, the Paying Agent shall withdraw from the Distribution Account an amount equal to the Available Distribution Amount and shall distribute such amount (other than the amount attributable to any Excess Interest, which shall be distributed in accordance with Section 6.5(c)) and Excess Liquidation Proceeds) in the following amounts and order of priority:

REMIC III. 48 REMIC III Group I Diverted Excess Spread.....................................48 REMIC III Group II Diverted Excess Spread....................................48 REMIC III Group I Interest Loss Allocation Amount............................48 REMIC III Group II Interest Loss Allocation Amount...........................49 REMIC III Group I Overcollateralized Amount..................................49 REMIC III Group II Overcollateralized Amount.................................49 REMIC III Group I Principal Loss Allocation Amount...........................49 REMIC III Group II Principal Loss Allocation Amount..........................49 REMIC III Group I Regular Interests..........................................49

REMIC III. 47 REMIC III Group I Diverted Excess Spread............................................47 REMIC III Group II Diverted Excess Spread...........................................47 REMIC III Group I Interest Loss Allocation Amount...................................47 REMIC III Group II Interest Loss Allocation Amount..................................47 REMIC III Group I Overcollateralized Amount.........................................47 REMIC III Group II Overcollateralized Amount........................................47 REMIC III Group I Principal Loss Allocation Amount..................................47 REMIC III Group II Principal Loss Allocation Amount.................................47 REMIC III Group I Regular Interests.................................................48 REMIC III Group II Regular Interests................................................48 REMIC III Group I Required Overcollateralization Amount.............................48 REMIC III Group II Required Overcollateralized Amount...............................48 REMIC III Regular Interests.........................................................48 REMIC III Regular Interest I-AA.....................................................48 REMIC III Regular Interest A-I-1....................................................48 REMIC III Regular Interest A-I-2....................................................48

REMIC III. On each Distribution Date, following the distributions with respect to the Principal Balance Certificates on such Distribution Date pursuant to Section 6.5, any Collateral Support Deficits with respect to the Principal Balance Certificates on such Distribution Date will be allocated to the respective Classes of the Principal Balance Certificates as follows: (i) first, to the Class H Certificates, the Class G Certificates, the Class F Certificates, the Class E Certificates, the Class D Certificates, the Class C Certificates, the Class B Certificates and the Class A-S Certificates, in that order, in each case in reduction of the Aggregate Certificate Balance of the subject Class of Principal Balance Certificates until such Aggregate Certificate Balance is reduced to zero; and (ii) then, to the Class A-1 Certificates, the Class A-2 Certificates, Class A-3 Certificates and the Class A-4 Certificates, on a pro rata basis in accordance with, and in reduction of, the respective Aggregate Certificate Balances of such Classes of Principal Balance Certificates until such Aggregate Certificate Balances are reduced to zero.

REMIC III. On each Distribution Date, all Realized Losses on the REMIC II Regular Interests for such Distribution Date (or for prior Distribution Dates, to the extent not previously allocated) shall be allocated to the REMIC III Regular Certificates in Reverse Sequential Order, with such reductions being allocated among the Class A-1, Class A-2, Class A-3, Class A-4 and Class A-5 and, in the case ox xxxxxxxx, Xxass X-1 and Class X-2 Certificates, pro rata, in each case reducing (A) the Certificate Balance of such Class until such Certificate Balance is reduced to zero (in the case of the Class A Certificates); (B) Unpaid Interest owing to such Class to the extent thereof; and (C) Distributable Certificate Interest owing to such Class, provided that Realized Losses shall not reduce the Aggregate Certificate Balance of the REMIC III Regular Certificates below the sum of the Aggregate Certificate Balances of the REMIC II Regular Interests.

REMIC III. On each Distribution Date, all Realized Losses on the REMIC II Regular Interests for such Distribution Date (or for prior Distribution Dates, to the extent not previously allocated) shall be allocated to the REMIC III Regular Interests in Reverse Sequential Order, in each case reducing (A) first, the Certificate Balance of such Class until such Certificate Balance is reduced to zero (in the case of the REMIC III Regular Interests other than the Class X Certificates); (B) second, Unpaid Interest owing to such Class to the extent thereof and (C) third, Distributable Certificate Interest owing to such Class, provided, that such reductions shall be allocated among the Class A-1 Certificates, Class A-2 Certificates, Class A-3 Certificates, Class A-AB Certificates, Class A-4 Certificates, Class X-1 Certificates and Class X-2 Certificates, pro rata, based upon their outstanding Certificate Balances or accrued interest, as the case may be, and provided further, that Realized Losses shall not reduce the Aggregate Certificate Balance of the REMIC Regular Certificates below the sum of the Aggregate Certificate Balances of the REMIC II Regular Interests.

REMIC III. On each Distribution Date, all Realized Losses and Expense Losses on the REMIC II Regular Interests for such Distribution Date (or for prior Distribution Dates, to the extent not previously allocated) shall be allocated to the REMIC Regular Certificates in Reverse Sequential Order, with such reductions being allocated among the Class A-1, Class A-1A, Class A-2, Class A-3 and Class A-4 Certificates and, in the case of interest, Class X and Class X-Y Certificates, pro rata (treating principal and interest losses separately), in each case reducing (A) the Certificate Balance of such Class (excluding the Class X and the Class X-Y Certificates) until such Certificate Balance is reduced to zero; (B) Unpaid Interest owing to such Class to the extent thereof; and (C) Distributable Certificate Interest owing to such Class, provided that Realized Losses and Expense Losses shall not reduce the Aggregate Certificate Balance of the REMIC Regular Certificates below the sum of the Aggregate Certificate Balances of the REMIC II Regular Interests.