Common use of Remic Provisions Clause in Contracts

Remic Provisions. (a) The Depositor hereby elects and authorizes the Trust Administrator to treat the Trust Fund as the number of separate REMICs specified in the Preliminary Statement (each, a “REMIC”) under the Code and, if necessary, under applicable state law. Each such election will be made on Form 1066 or other appropriate federal tax or information return (including Form 8811) or any appropriate state return (x) for the taxable year ending on the last day of the calendar year in which the Certificates are issued and (y) for the taxable year ending on the last day of the calendar year in which Certificates are first sold to a third party. The Closing Date is hereby designated as the “startup day” of each REMIC created hereunder within the meaning of Section 860G(a)(9) of the Code. The “regular interests” (within the meaning of Section 860G of the Code) in the Master REMIC shall consist of the Certificates other than the Class AR Certificates, and the Class AR Certificates shall represent the beneficial ownership of the “residual interest” in each REMIC created hereunder. Neither the Depositor nor the Trust Administrator nor the Trustee shall permit the creation of any “interests” (within the meaning of Section 860G of the Code) in any REMIC other than the Certificates.

Remic Provisions. (a) The Depositor hereby elects and authorizes the Trust Administrator to treat the Trust Fund as the number of four separate REMICs specified in (the Preliminary Statement (each, a “"REMIC”") under the Code and, if necessary, under applicable state law. Each such election will be made on Form 1066 or other appropriate federal tax or information return (including Form 8811) or any appropriate state return (x) for the taxable year ending on the last day of the calendar year in which the Certificates are issued and (y) for the taxable year ending on the last day of the calendar year in which Certificates are first sold to a third party. The Closing Date is hereby designated as the “"startup day” " of each REMIC created hereunder within the meaning of Section 860G(a)(9) of the Code. The “"regular interests” " (within the meaning of Section 860G of the Code) in the Master REMIC shall consist of the Regular Certificates other than the Class AR Certificates, and the "Class AR Certificates shall represent the beneficial ownership of the “"residual interest” " in each REMIC created hereunderREMIC. Neither the Depositor nor the Trust Administrator nor the Trustee shall permit the creation of any “"interests” " (within the meaning of Section 860G of the Code) in any REMIC other than the Certificates.

Remic Provisions. (a) The Depositor hereby elects and authorizes the Trust Administrator to treat the Trust Fund as the number of separate REMICs specified in the Preliminary Statement (each, a “REMIC”) under the Code and, if necessary, under applicable state law. Each such election will be made on Form 1066 or other appropriate federal tax or information return (including Form 8811) or any appropriate state return (x) for the taxable year ending on the last day of the calendar year in which the Certificates are issued and (y) for the taxable year ending on the last day of the calendar year in which Certificates are first sold to a third party. The Closing Date is hereby designated as the “startup day” of each REMIC created hereunder within the meaning of Section 860G(a)(9) of the Code. The “regular interests” (within the meaning of Section 860G of the Code) in the Master REMIC shall consist of (i) the Certificates other than the Class AR CertificatesCertificates and (ii) the Master REMIC Rounding Account Regular Interest, and the Class AR Certificates shall represent the beneficial ownership of the “residual interest” in each REMIC created hereunder. Neither the Depositor nor the Trust Administrator nor the Trustee shall permit the creation of any “interests” (within the meaning of Section 860G of the Code) in any REMIC other than the CertificatesCertificates and the Master REMIC Rounding Account Regular Interest.

Remic Provisions. (a) The Depositor hereby elects and authorizes the Trust Administrator to treat the Trust Fund as the number of three separate REMICs specified in (the Preliminary Statement (each, a “"REMIC”") under the Code and, if necessary, under applicable state law. Each such election will be made on Form 1066 or other appropriate federal tax or information return (including Form 8811) or any appropriate state return (x) for the taxable year ending on the last day of the calendar year in which the Certificates are issued and (y) for the taxable year ending on the last day of the calendar year in which Certificates are first sold to a third party. The Closing Date is hereby designated as the “"startup day” " of each REMIC created hereunder within the meaning of Section 860G(a)(9) of the Code. The “"regular interests” " (within the meaning of Section 860G of the Code) in the Master REMIC shall consist of the Regular Certificates other than (including any rights attributed to the Class AR Certificates, II-X Certificates through the Class II-X Regular Interest and the Class II-A-S Regular Interest, but excluding any rights to Basis Risk Shortfall) and the "Class AR Certificates shall represent the beneficial ownership of the “"residual interest” " in each REMIC created hereunder. Neither the Depositor nor the Trust Administrator nor the Trustee shall permit the creation of any “"interests” " (within the meaning of Section 860G of the Code) in any REMIC other than the Certificates.

Remic Provisions. (a) The Depositor hereby elects and authorizes the Trust Administrator to treat the Trust Fund as the number of separate REMICs specified in the Preliminary Statement (each, a “the "REMIC”") under the Code and, if necessary, under applicable state law. Each such election will be made on Form 1066 or other appropriate federal tax or information return (including Form 8811) or any appropriate state return (x) for the taxable year ending on the last day of the calendar year in which the Certificates are issued and (y) for the taxable year ending on the last day of the calendar year in which Certificates are first sold to a third party. The Closing Date is hereby designated as the “"startup day” " of each REMIC created hereunder within the meaning of Section 860G(a)(9) of the Code. The “"regular interests” " (within the meaning of Section 860G of the Code) in the Master REMIC shall consist of the Certificates other than the Class AR Certificates, and the Class AR Certificates (but excluding any rights to Basis Risk Shortfall) shall represent the beneficial ownership of the “"residual interest” " in each REMIC created hereunder. Neither the Depositor nor the Trust Administrator nor the Trustee shall permit the creation of any “"interests” " (within the meaning of Section 860G of the Code) in any REMIC other than the Certificates.

Remic Provisions. (a) The Depositor hereby elects and authorizes the Trust Administrator to treat the Trust Fund as the number of separate REMICs specified in the Preliminary Statement (each, a “the "REMIC”") under the Code and, if necessary, under applicable state law. Each such election will be made on Form 1066 or other appropriate federal tax or information return (including Form 8811) or any appropriate state return (x) for the taxable year ending on the last day of the calendar year in which the Certificates are issued and (y) for the taxable year ending on the last day of the calendar year in which Certificates are first sold to a third party. The Closing Date is hereby designated as the “"startup day” " of each REMIC created hereunder within the meaning of Section 860G(a)(9) of the Code. The “"regular interests” " (within the meaning of Section 860G of the Code) in the Master REMIC shall consist of the Certificates (but excluding any rights to Basis Risk Shortfall) other than the Class AR Certificates, and the Class AR Certificates shall represent the beneficial ownership of the “"residual interest” " in each REMIC created hereunder. Neither the Depositor nor the Trust Administrator nor the Trustee shall permit the creation of any “"interests” " (within the meaning of Section 860G of the Code) in any REMIC other than the Certificates.

Remic Provisions. (a) The Depositor hereby elects and authorizes the Trust Administrator to treat the Trust Fund as the number of separate REMICs specified in the Preliminary Statement (each, a “REMIC”) under the Code and, if necessary, under applicable state law. Each such election will be made on Form 1066 or other appropriate federal tax or information return (including Form 8811) or any appropriate state return (x) for the taxable year ending on the last day of the calendar year in which the Certificates are issued and (y) for the taxable year ending on the last day of the calendar year in which Certificates are first sold to a third party. The Closing Date is hereby designated as the “startup day” of each REMIC created hereunder within the meaning of Section 860G(a)(9) of the Code. The Except as provided in Section 2.07(n), the “regular interests” (within the meaning of Section 860G of the Code) in the Master REMIC shall consist of the Certificates (other than the Class ES, Class AR and Class AR-L Certificates) and the Rounding Account Regular Interest, and the Class AR Certificates shall represent the beneficial ownership of the “residual interest” in Middle REMIC 1, Middle REMIC 2 and the Master REMIC. The Class AR-L Certificates shall represent the beneficial ownership of the “residual interest” in each REMIC created hereunderSubsidiary REMIC. Neither the Depositor nor the Trust Administrator nor the Trustee shall permit the creation of any “interests” (within the meaning of Section 860G of the Code) in any REMIC other than the Certificates, the Subsidiary REMIC Regular Interests and the Middle Tier Interests.

Remic Provisions. (a) The Depositor hereby elects and authorizes the Trust Administrator to treat the Trust Fund as the number of separate REMICs specified in the Preliminary Statement (each, a “REMIC”) under the Code and, if necessary, under applicable state law. Each such election will be made on Form 1066 or other appropriate federal tax or information return (including Form 8811) or any appropriate state return (x) for the taxable year ending on the last day of the calendar year in which the Certificates are issued and (y) for the taxable year ending on the last day of the calendar year in which Certificates are first sold to a third party. The Closing Date is hereby designated as the “startup day” of each REMIC created hereunder within the meaning of Section 860G(a)(9) of the Code. The “regular interests” (within the meaning of Section 860G of the Code) in the Master REMIC shall consist of the Certificates other than the Class AR Residual Certificates, and the Class AR AR-L Certificates shall represent the beneficial ownership of the “residual interest” in each the Subsidiary REMIC created hereunder, and the Class AR Certificates shall represent beneficial ownership of the “residual interest” in the Master REMIC created hereunder. Neither the Depositor nor the Trust Administrator nor the Trustee shall permit the creation of any “interests” (within the meaning of Section 860G of the Code) in any REMIC other than the Certificates, the Subsidiary REMIC Regular Interests and the Master REMIC Rounding Account Regular Interests.

Remic Provisions. (a) The Depositor hereby elects and authorizes the Trust Administrator to treat the Trust Fund as the number of separate REMICs specified in the Preliminary Statement (each, a the “REMIC”) under the Code and, if necessary, under applicable state law. Each such election will be made on Form 1066 or other appropriate federal tax or information return (including Form 8811) or any appropriate state return (x) for the taxable year ending on the last day of the calendar year in which the Certificates are issued and (y) for the taxable year ending on the last day of the calendar year in which Certificates are first sold to a third party. The Closing Date is hereby designated as the “startup day” of each REMIC created hereunder within the meaning of Section 860G(a)(9) of the Code. The “regular interests” (within the meaning of Section 860G of the Code) in the Master REMIC shall consist of the Certificates (but excluding any rights to Basis Risk Shortfall) other than the Class AR Certificates, and the Class AR Certificates shall represent the beneficial ownership of the “residual interest” in each REMIC created hereunder. Neither the Depositor nor the Trust Administrator nor the Trustee shall permit the creation of any “interests” (within the meaning of Section 860G of the Code) in any REMIC other than the Certificates.

Remic Provisions. (a) The Depositor hereby elects and authorizes the Trust Administrator to treat the Trust Fund as the number of separate REMICs specified in the Preliminary Statement (each, a “REMIC”) under the Code and, if necessary, under applicable state law. Each such election will be made on Form 1066 or other appropriate federal tax or information return (including Form 8811) or any appropriate state return (x) for the taxable year ending on the last day of the calendar year in which the Certificates are issued and (y) for the taxable year ending on the last day of the calendar year in which Certificates are first sold to a third party. The Closing Date is hereby designated as the “startup day” of each REMIC created hereunder within the meaning of Section 860G(a)(9) of the Code. The Except as provided in Section 2.07(n), the “regular interests” (within the meaning of Section 860G of the Code) in the Master REMIC shall consist of the Certificates (other than the Class, ES, Class AR and Class AR-L Certificates) and the Rounding Account Regular Interest, and the Class AR Certificates shall represent the beneficial ownership of the “residual interest” in Middle REMIC 1 and the Master REMIC. The Class AR-L Certificates shall represent the beneficial ownership of the “residual interest” in each REMIC created hereunderSubsidiary REMIC. Neither the Depositor nor the Trust Administrator nor the Trustee shall permit the creation of any “interests” (within the meaning of Section 860G of the Code) in any REMIC other than the Certificates, the Subsidiary REMIC Regular Interests and the Middle Tier Interests.

Remic Provisions. (a) The Depositor hereby elects and authorizes the Trust Administrator Trustee to treat the Trust Fund as a REMIC (the number of separate REMICs specified in the Preliminary Statement (each, a “"REMIC”") under the Code and, if necessary, under applicable state law. Each such election will be made on Form 1066 or other appropriate federal tax or information return (including Form 8811) or any appropriate state return (x) for the taxable year ending on the last day of the calendar year in which the Certificates are issued and (y) for the taxable year ending on the last day of the calendar year in which Certificates are first sold to a third party. The Closing Delivery Date is hereby designated as the “"startup day” " of each the REMIC created hereunder within the meaning of Section 860G(a)(9) of the Code. The “"regular interests” " (within the meaning of Section 860G of the Code) in the Master REMIC shall consist of the Class A, Class M, Class B, Class P and Class S Certificates other than and the "residual interest" in the REMIC shall consist of the Class AR R Certificates, . The Depositor and the Class AR Certificates shall represent the beneficial ownership of the “residual interest” in each REMIC created hereunder. Neither the Depositor nor the Trust Administrator nor the Trustee shall not permit the creation of any “"interests” " (within the meaning of Section 860G of the Code) in any the REMIC other than the Class A Certificates, Class P Certificates, Class S Certificates, Class M, Class B and Class R Certificates, respectively.

Remic Provisions. (a) The Depositor hereby elects and authorizes the Trust Administrator to treat the Trust Fund as the number of separate REMICs specified in the Preliminary Statement (each, a “REMIC”) under the Code and, if necessary, under applicable state law. Each such election will be made on Form 1066 or other appropriate federal tax or information return (including Form 8811) or any appropriate state return (x) for the taxable year ending on the last day of the calendar year in which the Certificates are issued and (y) for the taxable year ending on the last day of the calendar year in which Certificates are first sold to a third party. The Closing Date is hereby designated as the “startup day” of each REMIC created hereunder within the meaning of Section 860G(a)(9) of the Code. The “regular interests” (within the meaning of Section 860G of the Code) in the Master REMIC shall consist of the Certificates (other than the Class AR and Class AR-L Certificates) and the Master REMIC Rounding Account Regular Interests, and the Class AR Certificates shall represent the beneficial ownership of the “residual interest” in Middle REMIC 1, Middle REMIC 2 and the Master REMIC. The Class AR-L Certificates shall represent the beneficial ownership of the “residual interest” in each REMIC created hereunderSubsidiary REMIC. Neither the Depositor nor the Trust Administrator nor the Trustee shall permit the creation of any “interests” (within the meaning of Section 860G of the Code) in any REMIC other than the Certificates, the Subsidiary REMIC Regular Interests, the Middle Tier Interests and the Master REMIC Rounding Accounr Regular Interests.

Remic Provisions. (a) The Depositor hereby elects and authorizes the Trust Administrator to treat the Trust Fund as the number of separate REMICs specified in the Preliminary Statement (each, a “REMIC”) under the Code and, if necessary, under applicable state law. Each such election will shall be made on Form 1066 or other appropriate federal tax or information return (including Form 8811) or any appropriate state return (x) for the taxable year ending on the last day of the calendar year in which the Certificates are issued and (y) for the taxable year ending on the last day of the calendar year in which Certificates are first sold to a third party. The Closing Date is hereby designated as the “startup day” of each REMIC created hereunder within the meaning of Section 860G(a)(9) of the Code. The “regular interests” (within the meaning of Section 860G of the Code) in the Master REMIC shall consist of the Certificates (other than the Class AR Certificates, and the ). The Class AR Certificates shall represent the beneficial ownership of the “residual interest” in each REMIC created hereunderREMIC. Neither the Depositor nor the Trust Administrator nor the Trustee shall permit the creation of any “interests” (within the meaning of Section 860G of the Code) in any REMIC other than the Certificates, the Subsidiary REMIC Regular Interests and the Middle Tier Interests.

Remic Provisions. (a) The Depositor hereby elects and authorizes the Trust Administrator to treat the Trust Fund as the number of separate REMICs specified in the Preliminary Statement (each, a “REMIC”) under the Code and, if necessary, under applicable state law. Each such election will shall be made on Form 1066 or other appropriate federal tax or information return (including Form 8811) or any appropriate state return (x) for the taxable year ending on the last day of the calendar year in which the Certificates are issued and (y) for the taxable year ending on the last day of the calendar year in which Certificates are first sold to a third party. The Closing Date is hereby designated as the “startup day” of each REMIC created hereunder within the meaning of Section 860G(a)(9) of the Code. The “regular interests” (within the meaning of Section 860G of the Code) in the Master REMIC shall consist of the Certificates (other than the Class AR Certificates, and the ). The Class AR Certificates shall represent the beneficial ownership of the “residual interest” in each REMIC created hereunderREMIC. Neither the Depositor nor the Trust Administrator nor the Trustee shall permit the creation of any “interests” (within the meaning of Section 860G of the Code) in any REMIC other than the CertificatesCertificates and the Subsidiary REMIC Regular Interests.

Remic Provisions. (a) The Depositor hereby elects and authorizes the Trust Administrator to treat the Trust Fund as the number of separate REMICs specified in the Preliminary Statement (each, a “REMIC”) under the Code and, if necessary, under applicable state law. Each such election will be made on Form 1066 or other appropriate federal tax or information return (including Form 8811) or any appropriate state return (x) for the taxable year ending on the last day of the calendar year in which the Certificates are issued and (y) for the taxable year ending on the last day of the calendar year in which Certificates are first sold to a third party. The Closing Date is hereby designated as the “startup day” of each REMIC created hereunder within the meaning of Section 860G(a)(9) of the Code. The “regular interests” (within the meaning of Section 860G of the Code) in the Master REMIC shall consist of the Regular Certificates other than the Class AR Certificates, and the Class AR Certificates shall represent the beneficial ownership of the “residual interest” in each REMIC created hereunder. Neither the Depositor nor the Trust Administrator nor the Trustee shall permit the creation of any “interests” (within the meaning of Section 860G of the Code) in any REMIC other than the Certificates.

Remic Provisions. (a) The Depositor hereby elects and authorizes the Trust Administrator to treat the Trust Fund as the number of separate REMICs specified in the Preliminary Statement (each, a “REMIC”) under the Code and, if necessary, under applicable state law. Each such election will be made on Form 1066 or other appropriate federal tax or information return (including Form 8811) or any appropriate state return (x) for the taxable year ending on the last day of the calendar year in which the Certificates are issued and (y) for the taxable year ending on the last day of the calendar year in which Certificates are first sold to a third party. The Closing Date is hereby designated as the “startup day” of each REMIC created hereunder within the meaning of Section 860G(a)(9) of the Code. The Except as provided in Section 2.07(o), the “regular interests” (within the meaning of Section 860G of the Code) in the Master REMIC shall consist of the Class X Interest and the Certificates (other than the Class X, Class AR and Class AR-L Certificates, and the ). Class AR Certificates shall represent the beneficial ownership of the “residual interest” in Middle REMIC 1, Middle REMIC 2 and the Master REMIC. The Class AR-L Certificates shall represent the beneficial ownership of the “residual interest” in each REMIC created hereunderSubsidiary REMIC. Neither the Depositor nor the Trust Administrator nor the Trustee shall permit the creation of any “interests” (within the meaning of Section 860G of the Code) in any REMIC other than the Certificates, the Subsidiary REMIC Regular Interests and the Middle Tier Interests.

Remic Provisions. (a) The Depositor hereby elects and authorizes the Trust Administrator to treat the Trust Fund as the number of separate REMICs specified in the Preliminary Statement (each, a “REMIC”) under the Code and, if necessary, under applicable state law. Each such election will be made on Form 1066 or other appropriate federal tax or information return (including Form 8811) or any appropriate state return (x) for the taxable year ending on the last day of the calendar year in which the Certificates are issued and (y) for the taxable year ending on the last day of the calendar year in which Certificates are first sold to a third party. The Closing Date is hereby designated as the “startup day” of each REMIC created hereunder within the meaning of Section 860G(a)(9) of the Code. The Except as provided in Section 2.07(n) and Section 2.07(o), the “regular interests” (within the meaning of Section 860G of the Code) in the Master REMIC shall consist of the Certificates (other than the Class AR and Class AR-L Certificates, ) and the Class AR Certificates shall represent the beneficial ownership of the “residual interest” in Middle REMIC 1, Middle REMIC 2 and the Master REMIC. The Class AR-L Certificates shall represent the beneficial ownership of the “residual interest” in each REMIC created hereunderSubsidiary REMIC. Neither the Depositor nor the Trust Administrator nor the Trustee shall permit the creation of any “interests” (within the meaning of Section 860G of the Code) in any REMIC other than the Certificates, the Subsidiary REMIC Regular Interests and the Middle Tier Interests.

Remic Provisions. (a) The Depositor hereby elects and authorizes the Trust Administrator Trustee to treat the Trust Fund as three separate REMICs, REMIC 1, REMIC 2 and the number of separate REMICs specified in the Preliminary Statement Master REMIC (each, a “"REMIC”) "), under the Code and, if necessary, under applicable state law. Each such election will be made on Form 1066 or other appropriate federal tax or information return (including Form 8811) or any appropriate state return (x) for the taxable year ending on the last day of the calendar year in which the Certificates are issued and (y) for the taxable year ending on the last day of the calendar year in which Certificates are first sold to a third party. The Closing Date is hereby designated as the “"startup day” " of each REMIC created hereunder within the meaning of Section 860G(a)(9) of the Code. The “"regular interests” " (within the meaning of Section 860G of the Code) in the Master REMIC shall consist of the Regular Certificates other than the Class AR Certificates, (excluding any rights to Basis Risk Shortfall) and the "Class AR Certificates shall represent the beneficial ownership of the “"residual interest” " in each REMIC created hereunder. Neither the Depositor nor the Trust Administrator nor the Trustee shall permit the creation of any “"interests” " (within the meaning of Section 860G of the Code) in any REMIC other than the Certificates.

Remic Provisions. (a) The Depositor hereby elects and authorizes the Trust Administrator to treat the Trust Fund as the number of separate REMICs specified in the Preliminary Statement (each, a “REMIC”) under the Code and, if necessary, under applicable state law. Each such election will be made on Form 1066 or other appropriate federal tax or information return (including Form 8811) or any appropriate state return (x) for the taxable year ending on the last day of the calendar year in which the Certificates are issued and (y) for the taxable year ending on the last day of the calendar year in which Certificates are first sold to a third party. The Closing Date is hereby designated as the “startup day” of each REMIC created hereunder within the meaning of Section 860G(a)(9) of the Code. The “regular interests” (within the meaning of Section 860G of the Code) in the Master REMIC shall consist of (i) the Certificates other than the Class AR Certificatesand Class AR-L Certificates and (ii) the Master REMIC Rounding Account Regular Interests, and the Class AR Certificates shall represent the beneficial ownership of the “residual interest” in Middle REMIC 1, Middle REMIC 2 and the Master REMIC. The Class AR-L Certificates shall represent the beneficial ownership of the “residual interest” in each REMIC created hereunderSubsidiary REMIC. Neither the Depositor nor the Trust Administrator nor the Trustee shall permit the creation of any “interests” (within the meaning of Section 860G of the Code) in any REMIC other than the Certificates, the Subsidiary REMIC Regular Interests, the Middle Tier Interests and the Master REMIC Rounding Account Regular Interests.