Common use of REMIC Matters; The Servicer Clause in Contracts

REMIC Matters; The Servicer. (a) The parties intend that the Trust Fund formed hereunder shall, except for the Capitalized Interest Account, Supplemental Interest Payment Account and the Pre-Funding Account, constitute, and that the affairs of the Trust Fund shall be conducted and this Agreement shall be construed so as to qualify the Trust Fund as, three separate "real estate mortgage investment conduits" as defined in and in accordance with the REMIC Provisions. In furtherance of such intention, the Servicer covenants and agrees that it shall, to the extent permitted by applicable law, act as agent (and the Servicer is hereby appointed to act as agent) on behalf of the Trust Fund and that in such capacity it shall: (a) prepare and file, or cause to be prepared and filed, all required federal, state and local tax returns for each REMIC using a calendar year as the taxable year for the Trust Fund when and as required by the REMIC Provisions and other applicable federal, state and local income tax laws; (b) maintain or cause the maintenance of the books of each REMIC on the accrual method of accounting; (c) make elections, on behalf of each REMIC, to be treated as a REMIC on the federal tax return of the Trust Fund for its first taxable year, in accordance with the REMIC Provisions; provided, however, that such election shall not be made with respect to the Capitalized Interest Account, the Supplemental Interest Payment Account and the Pre-Funding Account and shall specifically exclude the Capitalized Interest Account, the Supplemental Interest Payment Account and the Pre-Funding Account from the assets for which a REMIC election is made; (d) prepare and forward, or cause to be prepared and forwarded, to the Certificateholders all information reports as and when required to be provided to them in accordance with the REMIC Provisions; (e) conduct the affairs of each REMIC at all times that any Certificates are outstanding so as to maintain the status thereof as a REMIC under the REMIC Provisions; and (f) not knowingly or intentionally take any action or omit to take any action that would cause the termination of the REMIC status of any REMIC created hereunder.

REMIC Matters; The Servicer. (a) The parties intend that the Trust Fund formed hereunder shall, except for the Capitalized Interest Account, Supplemental Interest Payment Account and the Pre-Funding Account, constitute, and that the affairs of the Trust Fund shall be conducted and this Agreement shall be construed so as to qualify the Trust Fund as, three separate a "real estate mortgage investment conduitsconduit" as defined in and in accordance with the REMIC Provisions. In furtherance of such intention, the Servicer Trustee covenants and agrees that it shall, to the extent permitted by applicable law, act as agent (and the Servicer Trustee is hereby appointed to act as agent) on behalf of the Trust Fund and that in such capacity it shall: (a) prepare and file, or cause to be prepared and filed, all required federal, state and local tax returns for each the REMIC using a calendar year as the taxable year for the Trust Fund when and as required by the REMIC Provisions and other applicable federal, state and local income tax laws; (b) maintain or cause the maintenance of the books of each REMIC the Trust Fund on the accrual method of accounting; (c) make electionsan election, on behalf of each REMICthe Trust Fund, to be treated as a REMIC on the federal tax return of the Trust Fund for its first taxable year, in accordance with the REMIC Provisions; provided, however, that such election shall not be made with respect to the Capitalized Interest Account, the Supplemental Interest Payment Account and the Pre-Funding Account and shall specifically exclude the Capitalized Interest Account, the Supplemental Interest Payment Account and the Pre-Funding Account from the assets for which a REMIC election is made; (d) prepare and forward, or cause to be prepared and forwarded, to the Certificateholders all information reports as and when required to be provided to them in accordance with the REMIC Provisions; (e) conduct the affairs of each REMIC the Trust Fund at all times that any Certificates are outstanding so as to maintain the status thereof as a REMIC under the REMIC Provisions; and (f) not knowingly or intentionally take any action or omit to take any action that would cause the termination of the REMIC status of the Trust Fund. The Capitalized Interest Account is an "outside reserve fund" within the meaning of Treasury Regulations Section 1.860G-2(h) and is not an asset of the REMIC. The Seller is the owner of the Capitalized Interest Account for purposes of Treasury Regulations Section 1.860G-2(h). For all federal income tax purposes, amounts transferred by the REMIC to the Capitalized Interest Account, if any, will be treated as amounts distributed by the REMIC to the Seller. In the event that any REMIC created hereunderincome tax (including any tax with regard to "prohibited transactions" of the Trust Fund as defined in Section 860F of the Code) is imposed on the Trust Fund, such tax shall be charged against amounts otherwise distributable to the Holders of the Class R Certificates on a pro rata basis to the extent hereinafter provided. In the event that any such tax shall be due and owing at a time when amounts otherwise distributable to the Holders of the Class R Certificates are not available, the Trustee shall pay such tax from its own funds. In such event, the Trustee is hereby authorized to retain from amounts otherwise distributable to the Holders of the Class R Certificates on any Distribution Date sufficient funds to reimburse the Trustee for the payment of such tax (to the extent that the Trustee has not been previously reimbursed or indemnified therefor) (but such obligation shall not prevent the Trustee or any other appropriate Person from contesting any such tax in appropriate proceedings and shall prevent the Trustee from withholding payment of such tax, if permitted by law, pending the outcome of such proceedings).

REMIC Matters; The Servicer. (a) The parties intend that the Trust Fund formed hereunder shall, except for the Capitalized Interest Account, Supplemental Interest Payment Account and the Pre-Funding Account, constitute, and that the affairs of the Trust Fund shall be conducted and this Agreement shall be construed so as to qualify the Trust Fund as, three separate "real estate mortgage investment conduits" as defined in and in accordance with the REMIC Provisions. In furtherance of such intention, the Servicer covenants and agrees that it shall, to the extent permitted by applicable law, act as agent (and the Servicer is hereby appointed to act as agent) on behalf of the Trust Fund and that in such capacity it shall: (a) prepare and file, or cause to be prepared and filed, all required federal, state and local tax returns for each REMIC using a calendar year as the taxable year for the Trust Fund when and as required by the REMIC Provisions and other applicable federal, state and local income tax laws; (b) maintain or cause the maintenance of the books of each REMIC on the accrual method of accounting; (c) make elections, on behalf of each REMIC, to be treated as a REMIC on the federal tax return of the Trust Fund for its first taxable year, in accordance with the REMIC Provisions; provided, however, that such election shall not be made with respect to the Capitalized Interest Account, the Supplemental Interest Payment Account and the Pre-Funding Account and shall specifically exclude the Capitalized Interest Account, the Supplemental Interest Payment Account and the Pre-Funding Account from the assets for which a REMIC election is made; (d) prepare and forward, or cause to be prepared and forwarded, to the Certificateholders all information reports as and when required to be provided to them in accordance with the REMIC Provisions; (e) conduct the affairs of each REMIC at all times that any Certificates are outstanding so as to maintain the status thereof as a REMIC under the REMIC Provisions; and (f) not knowingly or intentionally take any action or omit to take any action that would cause the termination of the REMIC status of any REMIC created hereunder.

REMIC Matters; The Servicer. (a) The parties intend that the Trust Fund formed hereunder shall, except for the Capitalized Interest Account, Supplemental Interest Payment Account and the Pre-Funding Account, constitute, and that the affairs of the Trust Fund shall be conducted and this Agreement shall be construed so as to qualify the Trust Fund as, three four separate "real estate mortgage investment conduits" as defined in and in accordance with the REMIC Provisions. In furtherance of such intention, the Servicer covenants and agrees that it shall, to the extent permitted by applicable law, act as agent (and the Servicer is hereby appointed to act as agent) on behalf of the Trust Fund and that in such capacity it shall: (a) prepare and file, or cause to be prepared and filed, all required federal, state and local tax returns for each REMIC using a calendar year as the taxable year for the Trust Fund when and as required by the REMIC Provisions and other applicable federal, state and local income tax laws; (b) maintain or cause the maintenance of the books of each REMIC on the accrual method of accounting; (c) make elections, on behalf of each REMIC, to be treated as a REMIC on the federal tax return of the Trust Fund for its first taxable year, in accordance with the REMIC Provisions; provided, however, that such election shall not be made with respect to the Capitalized Interest Account, the Supplemental Interest Payment Account and the Pre-Funding Account and shall specifically exclude the Capitalized Interest Account, the Supplemental Interest Payment Account and the Pre-Funding Account from the assets for which a REMIC election is made; (d) prepare and forward, or cause to be prepared and forwarded, to the Certificateholders all information reports as and when required to be provided to them in accordance with the REMIC Provisions; (e) conduct the affairs of each REMIC at all times that any Certificates are outstanding so as to maintain the status thereof as a REMIC under the REMIC Provisions; and (f) not knowingly or intentionally take any action or omit to take any action that would cause the termination of the REMIC status of any REMIC created hereunder.

REMIC Matters; The Servicer. (a) The parties intend that the Trust Fund formed hereunder shall, except for the Capitalized Interest Account, the Supplemental Interest Payment Account and the Pre-Funding Account, constitute, and that the affairs of the Trust Fund shall be conducted and this Agreement shall be construed so as to qualify the Trust Fund as, three separate "real estate mortgage investment conduits" as defined in and in accordance with the REMIC Provisions. In furtherance of such intention, the Servicer covenants and agrees that it shall, to the extent permitted by applicable law, act as agent (and the Servicer is hereby appointed to act as agent) on behalf of the Trust Fund and that in such capacity it shall: (a) prepare and file, or cause to be prepared and filed, all required federal, state and local tax returns for each REMIC using a calendar year as the taxable year for the Trust Fund when and as required by the REMIC Provisions and other applicable federal, state and local income tax laws; (b) maintain or cause the maintenance of the books of each REMIC on the accrual method of accounting; (c) make elections, on behalf of each REMIC, to be treated as a REMIC on the federal tax return of the Trust Fund for its first taxable year, in accordance with the REMIC Provisions; provided, however, that such election shall not be made with respect to the Capitalized Interest Account, the Supplemental Interest Payment Account Account, and the Pre-Funding Account and shall specifically exclude the Capitalized Interest Account, the Supplemental Interest Payment Account Account, and the Pre-Funding Account from the assets for which a REMIC election is made; (d) prepare and forward, or cause to be prepared and forwarded, to the Certificateholders all information reports as and when required to be provided to them in accordance with the REMIC Provisions; (e) conduct the affairs of each REMIC at all times that any Certificates are outstanding so as to maintain the status thereof as a REMIC under the REMIC Provisions; and (f) not knowingly or intentionally take any action or omit to take any action that would cause the termination of the REMIC status of any REMIC created hereunder.

REMIC Matters; The Servicer. (a) The parties intend that the Trust Fund formed hereunder shall, except for the Pre-Funding Account, if any, the Capitalized Interest Account, Supplemental if any, the Net WAC Cap Carryover Fund, the Special Reserve Account, the Interest Payment Account Rate Hedge Agreement and the Pre-Funding AccountInterest Rate Hedge Payment Fund, constitute, and that the affairs of the Trust Fund shall be conducted and this Agreement shall be construed so as to qualify the Trust Fund as, three four separate "real estate mortgage investment conduits" as defined in and in accordance with the REMIC Provisions. In furtherance of such intention, the Servicer covenants and agrees that it shall, to the extent permitted by applicable law, act as agent (and the Servicer is hereby appointed to act as agent) on behalf of the Trust Fund and that in such capacity it shall: (a) prepare and file, or cause to be prepared and filed, all required federal, state and local tax returns for each REMIC using a calendar year as the taxable year for the Trust Fund when and as required by the REMIC Provisions and other applicable federal, state and local income tax laws; (b) maintain or cause the maintenance of the books of each REMIC on the accrual method of accounting; (c) make elections, on behalf of each REMIC, to be treated as a REMIC on the federal tax return of the Trust Fund for its first taxable year, in accordance with the REMIC Provisions; provided, however, that such election shall not be made with respect to the Pre-Funding Account, if any, the Capitalized Interest Account, if any, the Supplemental Net WAC Cap Carryover Fund, the Special Reserve Account, the Interest Rate Hedge Payment Account Fund and the Pre-Funding Account Interest Rate Hedge Agreement and shall specifically exclude the Pre-Funding Account, if any, the Capitalized Interest Account, if any, the Supplemental Net WAC Cap Carryover Fund, the Special Reserve Account, the Interest Rate Hedge Payment Account Fund and the Pre-Funding Account Interest Rate Hedge Payment Agreement from the assets for which a REMIC election is made; (d) prepare and forward, or cause to be prepared and forwarded, to the Certificateholders all information reports as and when required to be provided to them in accordance with the REMIC Provisions; (e) conduct the affairs of each REMIC at all times that any Certificates are outstanding so as to maintain the status thereof as a REMIC under the REMIC Provisions; and (f) not knowingly or intentionally take any action or omit to take any action that would cause the termination of the REMIC status of any REMIC created hereunder.

REMIC Matters; The Servicer. (a) The parties intend that the Trust Fund formed hereunder shall, except for the Capitalized Interest Account, Supplemental Interest Payment Pre-Funded Account and the Pre-Funding Capitalized Interest Account, constitute, and that the affairs of the Trust Fund shall be conducted and this Agreement shall be construed so as to qualify the Trust Fund as, three separate a "real estate mortgage investment conduitsconduit" as defined in and in accordance with the REMIC Provisions. In furtherance of such intention, the Servicer Trustee covenants and agrees that it shall, to the extent permitted by applicable law, act as agent (and the Servicer Trustee is hereby appointed to act as agent) on behalf of the Trust Fund and that in such capacity it shall: (a) prepare and file, or cause to be prepared and filed, all required federal, state and local tax returns for each the REMIC using a calendar year as the taxable year for the Trust Fund when and as required by the REMIC Provisions and other applicable federal, state and local income tax laws; (b) maintain or cause the maintenance of the books of each REMIC the Trust Fund on the accrual method of accounting; (c) make electionsan election, on behalf of each REMICthe Trust Fund, to be treated as a REMIC on the federal tax return of the Trust Fund for its first taxable year, in accordance with the REMIC Provisions; provided, however, that such election shall not be made with respect to the Pre-Funding Account and the Capitalized Interest Account, the Supplemental Interest Payment Account and shall specifically exclude the Pre-Funding Account and shall specifically exclude the Capitalized Interest Account, the Supplemental Interest Payment Account and the Pre-Funding Account from the assets for which a REMIC election is made; (d) prepare and forward, or cause to be prepared and forwarded, to the Certificateholders all information reports as and when required to be provided to them in accordance with the REMIC Provisions; (e) conduct the affairs of each REMIC the Trust Fund at all times that any Certificates are outstanding so as to maintain the status thereof as a REMIC under the REMIC Provisions; and (f) not knowingly or intentionally take any action or omit to take any action that would cause the termination of the REMIC status of the Trust Fund. The Capitalized Interest Account is an "outside reserve fund" within the meaning of Treasury Regulations Section 1.860G-2(h) and is not an asset of the REMIC. The Seller is the owner of the Capitalized Interest Account for purposes of Treasury Regulations Section 1.860G-2(h). For all federal income tax purposes, amounts transferred by the REMIC to the Capitalized Interest Account, if any, will be treated as amounts distributed by the REMIC to the Seller. In the event that any REMIC created hereunderincome tax (including any tax with regard to "prohibited transactions" of the Trust Fund as defined in Section 860F of the Code) is imposed on the Trust Fund, such tax shall be charged against amounts otherwise distributable to the Holders of the Class R Certificates on a PRO rata basis to the extent hereinafter provided. In the event that any such tax shall be due and owing at a time when amounts otherwise distributable to the Holders of the Class R Certificates are not available, the Trustee shall pay such tax from its own funds. In such event, the Trustee is hereby authorized to retain from amounts otherwise distributable to the Holders of the Class R Certificates on any Distribution Date sufficient funds to reimburse the Trustee for the payment of such tax (to the extent that the Trustee has not been previously reimbursed or indemnified therefor) (but such obligation shall not prevent the Trustee or any other appropriate Person from contesting any such tax in appropriate proceedings and shall prevent the Trustee from withholding payment of such tax, if permitted by law, pending the outcome of such proceedings).

REMIC Matters; The Servicer. (a) The parties intend that the Trust Fund formed hereunder shall, except for the Capitalized Interest Account, Supplemental Interest Payment Pre-Funded Account and the Pre-Funding Capitalized Interest Account, constitute, and that the affairs of the Trust Fund shall be conducted and this Agreement shall be construed so as to qualify the Trust Fund as, three separate a "real estate mortgage investment conduitsconduit" as defined in and in accordance with the REMIC Provisions. In furtherance of such intention, the Servicer Trustee covenants and agrees that it shall, to the extent permitted by applicable law, act as agent (and the Servicer Trustee is hereby appointed to act as agent) on behalf of the Trust Fund and that in such capacity it shall: (a) prepare and file, or cause to be prepared and filed, all required federal, state and local tax returns for each the REMIC using a calendar year as the taxable year for the Trust Fund when and as required by the REMIC Provisions and other applicable federal, state and local income tax laws; (b) maintain or cause the maintenance of the books of each REMIC the Trust Fund on the accrual method of accounting; (c) make electionsan election, on behalf of each REMICthe Trust Fund, to be treated as a REMIC on the federal tax return of the Trust Fund for its first taxable year, in accordance with the REMIC Provisions; provided, however, that such election shall not be made with respect to the Pre-Funding Account and the Capitalized Interest Account, the Supplemental Interest Payment Account and shall specifically exclude the Pre-Funding Account and shall specifically exclude the Capitalized Interest Account, the Supplemental Interest Payment Account and the Pre-Funding Account from the assets for which a REMIC election is made; (d) prepare and forward, or cause to be prepared and forwarded, to the Certificateholders all information reports as and when required to be provided to them in accordance with the REMIC Provisions; (e) conduct the affairs of each REMIC the Trust Fund at all times that any Certificates are outstanding so as to maintain the status thereof as a REMIC under the REMIC Provisions; and (f) not knowingly or intentionally take any action or omit to take any action that would cause the termination of the REMIC status of the Trust Fund. The Capitalized Interest Account is an "outside reserve fund" within the meaning of Treasury Regulations Section 1.860G-2(h) and is not an asset of the REMIC. The Seller is the owner of the Capitalized Interest Account for purposes of Treasury Regulations Section 1.860G-2(h). For all federal income tax purposes, amounts transferred by the REMIC to the Capitalized Interest Account, if any, will be treated as amounts distributed by the REMIC to the Seller. In the event that any REMIC created income tax (including any tax with regard to "prohibited transactions" of the Trust Fund as defined in Section 860F of the Code) is imposed on the Trust Fund, such tax shall be charged against amounts otherwise distributable to the Holders of the Class R Certificates on a pro rata basis to the extent hereinafter provided. In the event that any such tax shall be due and owing at a time when amounts otherwise distributable to the Holders of the Class R Certificates are not available, the Trustee shall pay such tax from its own funds. In such event, the Trustee is hereby authorized to retain from amounts otherwise distributable to the Holders of the Class R Certificates on any Distribution Date sufficient funds to reimburse the Trustee for the payment of such tax (to the extent that the Trustee has not been previously reimbursed or indemnified therefor) (but such obligation shall not prevent the Trustee or any other appropriate Person from contesting any such tax in appropriate proceedings and shall prevent the Trustee from withholding payment of such tax, if permitted by law, pending the outcome of such proceedings). The Servicer shall service and administer the Mortgage Loans in accordance with the Accepted Servicing Practices and shall have full power and authority to do any and all things not inconsistent therewith in connection with such servicing and administration which it may deem necessary or desirable subject to the limitations set forth in this Agreement. The Trustee shall furnish the Servicer with any powers of attorney and other documents necessary or appropriate to enable the Servicer to carry out its servicing and administrative duties hereunder. Without limiting the generality of the foregoing, the Servicer shall continue, and is hereby authorized and empowered by the Trustee, to execute and deliver, on behalf of itself, the Certificateholders and the Trustee or any of them, any and all instruments of satisfaction or cancellation, or of partial or full release or discharge and all other comparable instruments, and to effect such modifications, waivers, indulgences and other like matters as are in its judgment necessary or desirable, with respect to the Mortgage Loans and the Mortgaged Properties and the servicing and administration thereof. The Servicer shall notify the Trustee of any such waiver, release, discharge, modification, indulgence or other such matter by delivering to the Trustee an Officer's Certificate certifying that such agreement is in compliance with this Section 5.01(b) together with the original copy of any written agreement or other document executed in connection therewith, all of which written agreements or documents shall, for all purposes, be considered a part of the related Mortgage File to the same extent as all other documents and instruments constituting a part thereof. Notwithstanding anything in this Agreement to the contrary, the Servicer shall not permit any modification with respect to any Mortgage Loan that would change the Mortgage Interest Rate, reduce or increase the principal balance, change the lien priority, or change the final maturity date on or of such Mortgage Loan unless (i) the Mortgagor is in default with respect to the Mortgage Loan or such default is, in the judgment of the Servicer, imminent and (ii) the Certificate Insurer consents to such modifications in writing; provided, however, that the Servicer shall be permitted to extend the final maturity date on a Mortgage Loan by 180 days or less without the consent of the Certificate Insurer. The relationship of the Servicer (and of any successor to the Servicer as servicer under this Agreement) to the Trustee under this Agreement is intended by the parties to be that of an independent contractor and not that of a joint venturer, partner or agent.

REMIC Matters; The Servicer. (a) The parties intend that the Trust Fund formed hereunder shall, except for the Capitalized Interest Account, Supplemental Interest Payment Account and the Pre-Funding Account, constitute, and that the affairs of the Trust Fund shall be conducted and this Agreement shall be construed so as to qualify the Trust Fund as, three separate a "real estate mortgage investment conduitsconduit" as defined in and in accordance with the REMIC Provisions. In furtherance of such intention, the Servicer Trustee covenants and agrees that it shall, to the extent permitted by applicable law, act as agent (and the Servicer Trustee is hereby appointed to act as agent) on behalf of the Trust Fund and that in such capacity it shall: (a) prepare and file, or cause to be prepared and filed, all required federal, state and local tax returns for each the REMIC using a calendar year as the taxable year for the Trust Fund when and as required by the REMIC Provisions and other applicable federal, state and local income tax laws; (b) maintain or cause the maintenance of the books of each REMIC the Trust Fund on the accrual method of accounting; (c) make electionsan election, on behalf of each REMICthe Trust Fund, to be treated as a REMIC on the federal tax return of the Trust Fund for its first taxable year, in accordance with the REMIC Provisions; provided, however, that such election shall not be made with respect to the Capitalized Interest Account, the Supplemental Interest Payment Account and the Pre-Funding Account and shall specifically exclude the Capitalized Interest Account, the Supplemental Interest Payment Account and the Pre-Funding Account from the assets for which a REMIC election is made; (d) prepare and forward, or cause to be prepared and forwarded, to the Certificateholders all information reports as and when required to be provided to them in accordance with the REMIC Provisions; (e) conduct the affairs of each REMIC the Trust Fund at all times that any Certificates are outstanding so as to maintain the status thereof as a REMIC under the REMIC Provisions; and (f) not knowingly or intentionally take any action or omit to take any action that would cause the termination of the REMIC status of the Trust Fund. The Capitalized Interest Account is an "outside reserve fund" within the meaning of Treasury Regulations Section 1.860G-2(h) and is not an asset of the REMIC. The Unaffiliated Seller is the owner of the Capitalized Interest Account for purposes of Treasury Regulations Section 1.860G-2(h). For all federal income tax purposes, amounts transferred by the REMIC to the Capitalized Interest Account, if any, will be treated as amounts distributed by the REMIC to the Unaffiliated Seller. In the event that any REMIC created hereunderincome tax (including any tax with regard to "prohibited transactions" of the Trust Fund as defined in Section 860F of the Code) is imposed on the Trust Fund, such tax shall be charged against amounts otherwise distributable to the Holders of the Class R Certificates on a pro rata basis to the extent hereinafter provided. In the event that any such tax shall be due and owing at a time when amounts otherwise distributable to the Holders of the Class R Certificates are not available, the Trustee shall pay such tax from its own funds. In such event, the Trustee is hereby authorized to retain from amounts otherwise distributable to the Holders of the Class R Certificates on any Distribution Date sufficient funds to reimburse the Trustee for the payment of such tax (to the extent that the Trustee has not been previously reimbursed or indemnified therefor) (but such obligation shall not prevent the Trustee or any other appropriate Person from contesting any such tax in appropriate proceedings and shall prevent the Trustee from withholding payment of such tax, if permitted by law, pending the outcome of such proceedings).

REMIC Matters; The Servicer. (a) The parties intend that the Trust Fund formed hereunder shall, except for the Capitalized Interest Account, Supplemental Interest Payment Account and the Pre-Funding Account, constitute, and that the affairs of the Trust Fund shall be conducted and this Agreement shall be construed so as to qualify the Trust Fund as, three separate "real estate mortgage investment conduits" as defined in and in accordance with the REMIC Provisions. In furtherance of such intention, the Servicer Unaffiliated Seller covenants and agrees that it shall, to the extent permitted by applicable law, act as agent (and the Servicer Unaffiliated Seller is hereby appointed to act as agent) on behalf of the Trust Fund and that in such capacity it shall: (a) prepare and file, or cause to be prepared and filed, all required federal, state and local tax returns for each REMIC using a calendar year as the taxable year for the Trust Fund when and as required by the REMIC Provisions and other applicable federal, state and local income tax laws; (b) maintain or cause the maintenance of the books of each REMIC on the accrual method of accounting; (c) make elections, on behalf of each REMIC, to be treated as a REMIC on the federal tax return of the Trust Fund for its first taxable year, in accordance with the REMIC Provisions; provided, however, that such election shall not be made with respect to the Capitalized Interest Account, the Supplemental Interest Payment Account and the Pre-Funding Account and shall specifically exclude the Capitalized Interest Account, the Supplemental Interest Payment Account and the Pre-Funding Account from the assets for which a REMIC election is made; (d) prepare and forward, or cause to be prepared and forwarded, to the Certificateholders all information reports as and when required to be provided to them in accordance with the REMIC Provisions; (e) conduct the affairs of each REMIC at all times that any Certificates are outstanding so as to maintain the status thereof as a REMIC under the REMIC Provisions; and (f) not knowingly or intentionally take any action or omit to take any action that would cause the termination of the REMIC status of any REMIC created hereunder.

REMIC Matters; The Servicer. (a) The parties intend that the Trust Fund formed hereunder shall, except for the Capitalized Interest Account, Supplemental Interest Payment Account and the Pre-Funding Account, constitute, and that the affairs of the Trust Fund shall be conducted and this Agreement shall be construed so as to qualify the Trust Fund as, three separate a "real estate mortgage investment conduitsconduit" as defined in and in accordance with the REMIC Provisions. In furtherance of such intention, the Servicer Trustee covenants and agrees that it shall, to the extent permitted by applicable law, act as agent (and the Servicer Trustee is hereby appointed to act as agent) on behalf of the Trust Fund and that in such capacity it shall: (a) prepare and file, or cause to be prepared and filed, all required federal, state and local tax returns for each the REMIC using a calendar year as the taxable year for the Trust Fund when and as required by the REMIC Provisions and other applicable federal, state and local income tax laws; (b) maintain or cause the maintenance of the books of each REMIC the Trust Fund on the accrual method of accounting; (c) make electionsan election, on behalf of each REMICthe Trust Fund, to be treated as a REMIC on the federal tax return of the Trust Fund for its first taxable year, in accordance with the REMIC Provisions; provided, however, that such election shall not be made with respect to the Capitalized Interest Account, the Supplemental Interest Payment Account and the Pre-Funding Account and shall specifically exclude the Capitalized Interest Account, the Supplemental Interest Payment Account and the Pre-Funding Account from the assets for which a REMIC election is made; (d) prepare and forward, or cause to be prepared and forwarded, to the Certificateholders all information reports as and when required to be provided to them in accordance with the REMIC Provisions; (e) conduct the affairs of each REMIC the Trust Fund at all times that any Certificates are outstanding so as to maintain the status thereof as a REMIC under the REMIC Provisions; and (f) not knowingly or intentionally take any action or omit to take any action that would cause the termination of the REMIC status of the Trust Fund. The Capitalized Interest Account is an "outside reserve fund" within the meaning of Treasury Regulations Section 1.860G-2(h) and is not an asset of the REMIC. The Seller is the owner of the Capitalized Interest Account for purposes of Treasury Regulations Section 1.860G-2(h). For all federal income tax purposes, amounts transferred by the REMIC to the Capitalized Interest Account, if any, will be treated as amounts distributed by the REMIC to the Seller. In the event that any REMIC created hereunderincome tax (including any tax with regard to "prohibited transactions" of the Trust Fund as defined in Section 860F of the Code) is imposed on the Trust Fund, such tax shall be charged against amounts otherwise distributable to the Holders of the Class R Certificates on a pro rata basis to the extent hereinafter provided. In the event that any such tax shall be due and owing at a time when amounts otherwise distributable to the Holders of the Class R Certificates are not available, the Trustee shall pay such tax from its own funds. In such event, the Trustee is hereby authorized to retain from amounts otherwise distributable to the Holders of the Class R Certificates on any Distribution Date sufficient funds to reimburse the Trustee for the payment of such tax (to the extent that the Trustee has not been previously reimbursed or indemnified therefor) (but such obligation shall not prevent the Trustee or any other appropriate Person from contesting any such tax in appropriate proceedings and shall prevent the Trustee from withholding payment of such tax, if permitted by law, pending the outcome of such proceedings).

REMIC Matters; The Servicer. (a). (a) The parties intend that the Trust Fund formed hereunder shall, except for the Capitalized Interest Account, Supplemental Interest Payment Account and the Pre-Funding Account, constitute, and that the affairs of the Trust Fund shall be conducted and this Agreement shall be construed so as to qualify the Trust Fund as, three separate "real estate mortgage investment conduits" as defined in and in accordance with the REMIC Provisions. In furtherance of such intention, the Servicer covenants and agrees that it shall, to the extent permitted by applicable law, act as agent (and the Servicer is hereby appointed to act as agent) on behalf of the Trust Fund and that in such capacity it shall: (a) prepare and file, or cause to be prepared and filed, all required federal, state and local tax returns for each REMIC using a calendar year as the taxable year for the Trust Fund when and as required by the REMIC Provisions and other applicable federal, state and local income tax laws; (b) maintain or cause the maintenance of the books of each REMIC on the accrual method of accounting; (c) make elections, on behalf of each REMIC, to be treated as a REMIC on the federal tax return of the Trust Fund for its first taxable year, in accordance with the REMIC Provisions; provided, however, that such election shall not be made with respect to the Capitalized Interest Account, the Supplemental Interest Payment Account and the Pre-Funding Account and shall specifically exclude the Capitalized Interest Account, the Supplemental Interest Payment Account and the Pre-Funding Account from the assets for which a REMIC election is made; (d) prepare and forward, or cause to be prepared and forwarded, to the Certificateholders all information reports as and when required to be provided to them in accordance with the REMIC Provisions; (e) conduct the affairs of each REMIC at all times that any Certificates are outstanding so as to maintain the status thereof as a REMIC under the REMIC Provisions; and (f) not knowingly or intentionally take any action or omit to take any action that would cause the termination of the REMIC status of any REMIC created hereunder.

REMIC Matters; The Servicer. (a) The parties intend that the Trust Fund formed hereunder shall, except for the Capitalized Interest Account, Supplemental Interest Payment Account and the Pre-Funding Account, constitute, and that the affairs of the Trust Fund shall be conducted and this Agreement shall be construed so as to qualify the Trust Fund as, three separate a "real estate mortgage investment conduitsconduit" as defined in and in accordance with the REMIC Provisions. In furtherance of such intention, the Servicer Trustee covenants and agrees that it shall, to the extent permitted by applicable law, act as agent (and the Servicer Trustee is hereby appointed to act as agent) on behalf of the Trust Fund and that in such capacity it shall: (a) prepare and file, or cause to be prepared and filed, all required federal, state and local tax returns for each the REMIC using a calendar year as the taxable year for the Trust Fund when and as required by the REMIC Provisions and other applicable federal, state and local income tax laws; (b) maintain or cause the maintenance of the books of each REMIC the Trust Fund on the accrual method of accounting; (c) make electionsan election, on behalf of each REMICthe Trust Fund, to be treated as a REMIC on the federal tax return of the Trust Fund for its first taxable year, in accordance with the REMIC Provisions; provided, however, that such election shall not be made with respect to the Capitalized Interest Account, the Supplemental Interest Payment Account and the Pre-Funding Account and shall specifically exclude the Capitalized Interest Account, the Supplemental Interest Payment Account and the Pre-Funding Account from the assets for which a REMIC election is made; (d) prepare and forward, or cause to be prepared and forwarded, to the Certificateholders all information reports as and when required to be provided to them in accordance with the REMIC Provisions; (e) conduct the affairs of each REMIC the Trust Fund at all times that any Certificates are outstanding so as to maintain the status thereof as a REMIC under the REMIC Provisions; and (f) not knowingly or intentionally take any action or omit to take any action that would cause the termination of the REMIC status of the Trust Fund. The Capitalized Interest Account is an "outside reserve fund" within the meaning of Treasury Regulations Section 1.860G-2(h) and is not an asset of the REMIC. The Depositor is the owner of the Capitalized Interest Account for purposes of Treasury Regulations Section 1.860G-2(h). For all federal income tax purposes, amounts transferred by the REMIC to the Capitalized Interest Account, if any, will be treated as amounts distributed by the REMIC to the Depositor. In the event that any REMIC created hereunderincome tax (including any tax with regard to "prohibited transactions" of the Trust Fund as defined in Section 860F of the Code) is imposed on the Trust Fund, such tax shall be charged against amounts otherwise distributable to the Holders of the Class R Certificates on a pro rata basis to the extent hereinafter provided. In the event that any such tax shall be due and owing at a time when amounts otherwise distributable to the Holders of the Class R Certificates are not available, the Trustee shall pay such tax from its own funds. In such event, the Trustee is hereby authorized to retain from amounts otherwise distributable to the Holders of the Class R Certificates on any Distribution Date sufficient funds to reimburse the Trustee for the payment of such tax (to the extent that the Trustee has not been previously reimbursed or indemnified therefor) (but such obligation shall not prevent the Trustee or any other appropriate Person from contesting any such tax in appropriate proceedings and shall prevent the Trustee from withholding payment of such tax, if permitted by law, pending the outcome of such proceedings).

REMIC Matters; The Servicer. (a) The parties intend that the Trust Fund formed hereunder shall, except for the Capitalized Interest Account, Supplemental Interest Payment Account and the Pre-Funding Account, constitute, and that the affairs of the Trust Fund shall be conducted and this Agreement shall be construed so as to qualify the Trust Fund as, three separate "real estate mortgage investment conduits" as defined in and in accordance with the REMIC Provisions. In furtherance of such intention, the Servicer Trustee covenants and agrees that it shall, to the extent permitted by applicable law, act as agent (and the Servicer Trustee is hereby appointed to act as agent) on behalf of the Trust Fund and that in such capacity it shall: (a) prepare and file, or cause to be prepared and filed, all required federal, state and local tax returns for each REMIC using a calendar year as the taxable year for the Trust Fund when and as required by the REMIC Provisions and other applicable federal, state and local income tax laws; (b) maintain or cause the maintenance of the books of each REMIC on the accrual method of accounting; (c) make elections, on behalf of each REMIC, to be treated as a REMIC on the federal tax return of the Trust Fund for its first taxable year, in accordance with the REMIC Provisions; provided, however, that such election shall not be made with respect to the Capitalized Interest Account, the Supplemental Interest Payment Account and the Pre-Funding Account and shall specifically exclude the Capitalized Interest Account, the Supplemental Interest Payment Account and the Pre-Funding Account from the assets for which a REMIC election is made; (d) prepare and forward, or cause to be prepared and forwarded, to the Certificateholders all information reports as and when required to be provided to them in accordance with the REMIC Provisions; (e) conduct the affairs of each REMIC at all times that any Certificates are outstanding so as to maintain the status thereof as a REMIC under the REMIC Provisions; and (f) not knowingly or intentionally take any action or omit to take any action that would cause the termination of the REMIC status of any REMIC created hereunder.