Remic Provisions. Section 10.01
Remic Provisions. Provisions of the federal income tax law relating to real estate mortgage investment conduits, which appear at sections 860A through 860G of Subchapter M of Chapter 1 of the Code, and related provisions, and regulations promulgated thereunder, as the foregoing may be in effect from time to time.
Remic Provisions. Provisions of the federal income tax law relating to REMICs which appear at Sections 860A through 860G of Part IV of Subchapter M of Chapter 1 of Subtitle A of the Code, and related provisions, and U.S. Department of the Treasury temporary, proposed or final regulations and rulings promulgated thereunder, as the foregoing are in effect (or with respect to proposed regulations, are proposed to be in effect) from time to time.
Remic Provisions. (a) Unless the Mortgagor is in default with respect to the related Mortgage Loan or such default is, in the judgment of the Special Servicer, reasonably foreseeable, the Special Servicer shall not permit any modification of any material term of any Mortgage Loan, including any modification that would change the Mortgage Interest Rate, defer or forgive the payment of principal or interest, reduce or increase the outstanding principal balance (except for actual payments of principal), change the final maturity date on such Mortgage Loan, or permit any alteration, substitution or release of any collateral for such Mortgage Loan.
(b) The Special Servicer shall dispose of any REO Property as soon as possible and shall sell such REO Property in any event within three years after title has been taken to such REO Property, unless (i) the Owner shall have been supplied with an Opinion of Counsel to the effect that the holding by the Trust Fund of such Mortgaged Property subsequent to such three-year period (and specifying the period beyond such three-year period for which the Mortgaged Property may be held) will not result in the imposition of taxes on "prohibited transactions" of the Trust Fund as defined in section 860F of the Code, or cause the related REMIC to fail to qualify as a REMIC, in which case the Trust Fund may continue to hold such Mortgaged Property (subject to any conditions contained in such Opinion of Counsel), or (ii) the Owner (at the Special Servicer's expense) or the Special Servicer shall have applied for, not later than 61 days prior to the expiration of such three-year period, an extension of such three-year period in the manner contemplated by section 856(e)(3) of the Code, in which case the three-year period shall be extended by the applicable period. If a period longer than three years is permitted under the foregoing sentence and is necessary to sell any REO Property, (i) the Special Servicer shall report monthly to the Owner as to the progress being made in selling such REO Property and (ii) if, with the written consent of the Owner, a purchase money mortgage is taken in connection with such sale, such purchase money mortgage shall name the Special Servicer as mortgagee, and such purchase money mortgage shall not be held pursuant to this Agreement, but instead a separate participation agreement between the Special Servicer and the Owner shall be entered into with respect to such purchase money mortgage. Notwithstanding any other provis...
Remic Provisions. 60 SECTION 2.08 Covenants of the Master Servicer and each Servicer. 66
Remic Provisions. (i) The following definition of “REMIC Provisions” is hereby added to Section 1.01 of the Purchase and Servicing Agreement (capitalized terms not defined in the Purchase and Servicing Agreement to be as defined in the Pooling and Servicing Agreement):
Remic Provisions. 17 Section 3.12
Remic Provisions. The Owner Trustee will elect as provided in this Section that the Trust, other than the Basis Risk Carryforward Reserve Fund and the Additional Loan Accounts, be treated for federal income tax purposes as comprising three real estate mortgage investment conduits (each a "
Remic Provisions. 86 SECTION 2.08 Covenants of the Master Servicer and each Servicer. 92 ARTICLE III ADMINISTRATION AND SERVICING OF MORTGAGE LOANS SECTION 3.01 Master Servicing and Servicing of Mortgage Loans.
Remic Provisions a. The Company, as Servicer, and the Class C Subsidiary Certificateholder and the Class C Master Certificateholder, by acceptance thereof, each agrees that, in accordance with the requirements of Section 860D(b)(1) of the Code, the federal tax return of each of the Subsidiary REMIC and the Master REMIC for its first taxable year shall provide that the Subsidiary REMIC or the Master REMIC, as the case may be (excluding the Capitalized Interest Account, the obligation and related demand note of the Company pursuant to Section 3.05(c), the Staged-Funding Contract Reserve Account and the Pre-Funding Account) elects to be treated as a REMIC for such taxable year and all subsequent taxable years. In furtherance of the foregoing, the Trustee (at the direction of the Company) and the Company shall take, or refrain from taking, all such action as is necessary to maintain the status of each of the Subsidiary REMIC or the Master REMIC as a REMIC under the REMIC provisions of the Code, including, but not limited to, the taking of such action as is necessary to cure any inadvertent termination of REMIC status.
b. The Master Certificates are being issued in eleven classes and are hereby designated by the Company as constituting the "regular interests" in the Master REMIC for the purposes of Section 860G(a)(1) of the Code. The following terms of the Master Certificates are irrevocably established as of the Closing Date: PASS-THROUGH RATE ORIGINAL CLASS EXPECTED FINAL CLASS PER ANNUM PRINCIPAL BALANCE MATURITY DATE Class A-1 5.68% $ 21,400,000 June 1, 1999** Class A-2 6.00% $ 26,000,000 April 1, 2030 Class A-3 5.98% $ 62,000,000 April 1, 2030 Class A-4 6.09% $ 27,000,000 April 1, 2030 Class A-5 6.18% $ 108,400,000 April 1, 2030 Class A-6 6.53%* $ 72,700,000 April 1, 2030 Class A-7 6.87%* $ 105,000,000 April 1, 2030 Class M-1 6.83%* $ 35,000,000 April 1, 2030 Class B-1 7.26%* $ 22,500,000 April 1, 2030 Class B-2 8.11%* $ 20,000,000 April 1, 2030 Class B-3I *** *** April 1, 2030 ================ * A floating rate (determined monthly on each Remittance Date) equal to the Weighted Average Contract Rate, but in no event greater than the related Remittance Rate specified above. ** Final maturity date. *** Class B-3I Certificates are interest only Certificates entitled to the payment of Excess Interest. The expected final maturity of each Class of Master Certificates as set forth above is based on the assumptions that there are no defaults, prepayments or delinquencies with resp...
