Common use of REMIC PX Clause in Contracts

REMIC PX. As provided herein, the Trustee shall make an election to treat the segregated pool of assets consisting of the Class P Interest as a REMIC for federal income tax purposes, and such segregated pool of assets will be designated as “REMIC PX.” The Class R-PX Interest shall represent the sole class of “residual interests” in REMIC PX for purposes of the REMIC Provisions (as defined herein) under federal income tax law. The following table irrevocably sets forth the designation, the Pass‑Through Rate, initial Uncertificated Principal Balance, and solely for purposes of satisfying Treasury regulation Section 1.860G‑1(a)(4)(iii), the “latest possible maturity date” for each of the REMIC PX Regular Interests. Designation Uncertificated REMIC PX Pass-Through Rate Initial Uncertificated Principal Balance Assumed Final Maturity Date1 Class P N/A2 $100.00 February 25, 2047 1 Solely for purposes of Section 1.860G‑1(a)(4)(iii) of the Treasury regulations, the Distribution Date in the month following the month of the maturity date for the Mortgage Loan with the latest maturity date has been designated as the “latest possible maturity date” for each REMIC PX Regular Interest. 2 The Class P Certificates will not accrue interest. As provided herein, the Trustee shall make an election to treat the segregated pool of assets consisting of the Class Swap IO Interest as a REMIC for federal income tax purposes, and such segregated pool of assets will be designated as “REMIC SwapX.” The Class R‑SwapX Interest shall represent the sole class of “residual interests” in REMIC SwapX for purposes of the REMIC Provisions (as defined herein) under federal income tax law. The following table irrevocably sets forth the designation, the Pass-Through Rate, initial Uncertificated Principal Balance, and solely for purposes of satisfying Treasury regulation Section 1.860G-1(a)(4)(iii), the “latest possible maturity date” for each of the REMIC SwapX Regular Interests. Designation Uncertificated REMIC SwapX Pass-Through Rate Initial Uncertificated Principal Balance Assumed Final Maturity Date1 Class Swap IO N/A2 N/A2 February 25, 2047 1 Solely for purposes of Section 1.860G-1(a)(4)(iii) of the Treasury regulations, the Distribution Date in the month following the month of the maturity date for the Mortgage Loan with the latest maturity date has been designated as the “latest possible maturity date” for each REMIC SwapX Regular Interest. 2 The Class Swap IO Upper-Tier Interest will not have an Uncertificated REMIC SwapX Pass-Through Rate or an Uncertificated Principal Balance, but will be entitled to 100% of the interest paid on the Class Swap IO Interest.

REMIC PX. As provided herein, the Trustee shall make an election to treat the segregated pool of assets consisting of the Class P Interest as a REMIC for federal income tax purposes, and such segregated pool of assets will be designated as “REMIC PX.” The Class R-PX Interest shall represent the sole class of “residual interests” in REMIC PX for purposes of the REMIC Provisions (as defined herein) under federal income tax law. The following table irrevocably sets forth the designation, the Pass‑Through Pass-Through Rate, initial Uncertificated Principal Balance, and solely for purposes of satisfying Treasury regulation Section 1.860G‑1(a)(4)(iii1.860G-1(a)(4)(iii), the “latest possible maturity date” for each of the REMIC PX Regular Interests. Designation Uncertificated REMIC PX Pass-Through Rate Initial Uncertificated Principal Balance Assumed Final Maturity Date1 Class P N/A2 $100.00 February 25, 2047 1 Solely for purposes of Section 1.860G‑1(a)(4)(iii1.860G-1(a)(4)(iii) of the Treasury regulations, the Distribution Date in the month following the month of the maturity date for the Mortgage Loan with the latest maturity date has been designated as the “latest possible maturity date” for each REMIC PX Regular Interest. 2 The Class P Certificates will not accrue interest. As provided herein, the Trustee shall make an election to treat the segregated pool of assets consisting of the Class REMIC Swap IO Interest as a REMIC for federal income tax purposes, and such segregated pool of assets will be designated as “REMIC SwapX.” The Class R‑SwapX R-SwapX Interest shall represent the sole class of “residual interests” in REMIC SwapX for purposes of the REMIC Provisions (as defined herein) under federal income tax law. The following table irrevocably sets forth the designation, the Pass-Through Rate, initial Uncertificated Principal Balance, and solely for purposes of satisfying Treasury regulation Section 1.860G-1(a)(4)(iii), the “latest possible maturity date” for each of the REMIC SwapX Regular Interests. Designation Uncertificated REMIC SwapX Pass-Through Rate Initial Uncertificated Principal Balance Assumed Final Maturity Date1 Class Swap IO N/A2 N/A2 February 25, 2047 1 Solely for purposes of Section 1.860G-1(a)(4)(iii) of the Treasury regulations, the Distribution Date in the month following the month of the maturity date for the Mortgage Loan with the latest maturity date has been designated as the “latest possible maturity date” for each REMIC SwapX Regular Interest. 2 The Class Swap IO Upper-Tier Interest will not have an Uncertificated REMIC SwapX Pass-Through Rate or an Uncertificated Principal Balance, but will be entitled to 100% of the interest paid on the Class REMIC 2 Regular Interest Swap IO Interest.

REMIC PX. As provided herein, the Trustee shall make an election to treat the segregated pool of assets consisting of the Class P Interest as a REMIC for federal income tax purposes, and such segregated pool of assets will be designated as “REMIC PX.” The Class R-PX R‑PX Interest shall will represent the sole class of “residual interests” in REMIC PX for purposes of the REMIC Provisions (as defined herein) under federal income tax law. The following table irrevocably sets forth the designation, the Pass‑Through Rate, initial Uncertificated Principal Balance, and solely for purposes of satisfying Treasury regulation Section 1.860G‑1(a)(4)(iii), the “latest possible maturity date” for each of the REMIC PX Regular Interests. Designation Uncertificated REMIC PX Pass-Through Pass‑Through Rate Initial Uncertificated Principal Balance Assumed Final Maturity Date1 Class P N/A2 $100.00 February 25, 2047 October 2045 1 Solely for purposes of Section 1.860G‑1(a)(4)(iii) of the Treasury regulations, the Distribution Date in the month following the month of the maturity date for the Mortgage Loan with the latest maturity date has been designated as the “latest possible maturity date” for each REMIC PX Regular Interest. 2 The Class P Certificates will not accrue interest. As provided herein, the Trustee shall make an election to treat the segregated pool of assets consisting of the Class Swap IO P Interest as a REMIC for federal income tax purposes, and such segregated pool of assets will be designated as “REMIC SwapX.” The Class R‑SwapX Interest shall will represent the sole class of “residual interests” in REMIC SwapX for purposes of the REMIC Provisions (as defined herein) under federal income tax law. The following table irrevocably sets forth the designation, the Pass-Through Rate, initial Uncertificated Principal Balance, and solely for purposes of satisfying Treasury regulation Section 1.860G-1(a)(4)(iii), the “latest possible maturity date” for each of the REMIC SwapX Regular Interests. Designation Uncertificated REMIC SwapX PX Pass-Through Rate Initial Uncertificated Principal Balance Assumed Final Maturity Date1 Class Swap IO N/A2 N/A2 February 25, 2047 $0.00 October 2045 1 Solely for purposes of Section 1.860G-1(a)(4)(iii) of the Treasury regulations, the Distribution Date in the month following the month of the maturity date for the Mortgage Loan with the latest maturity date has been designated as the “latest possible maturity date” for each REMIC SwapX Regular Interest. 2 The Class Swap IO Upper-Tier Interest will not have an Uncertificated REMIC SwapX Pass-Through Rate or an Uncertificated accrue interest on its Certificate Principal Balance. Instead, but the monthly interest due on the Class Swap IO Upper-Tier Interest will be entitled to 100% of the interest paid on the Class Swap IO Interest.

REMIC PX. As provided herein, the Trustee shall make an election to treat the segregated pool of assets consisting of the Class P Interest as a REMIC for federal income tax purposes, and such segregated pool of assets will be designated as “REMIC PX.” The Class R-PX Interest shall represent the sole class of “residual interests” in REMIC PX for purposes of the REMIC Provisions (as defined herein) under federal income tax law. The following table irrevocably sets forth the designation, the Pass‑Through Pass-Through Rate, initial Uncertificated Principal Balance, and solely for purposes of satisfying Treasury regulation Section 1.860G‑1(a)(4)(iii1.860G-1(a)(4)(iii), the “latest possible maturity date” for each of the REMIC PX Regular Interests. Designation Uncertificated REMIC PX Pass-Through Rate Initial Uncertificated Principal Balance Assumed Final Maturity Date1 Class P N/A2 $100.00 February May 25, 2047 1 Solely for purposes of Section 1.860G‑1(a)(4)(iii1.860G-1(a)(4)(iii) of the Treasury regulations, the Distribution Date in the month following the month of the maturity date for the Mortgage Loan with the latest maturity date has been designated as the “latest possible maturity date” for each REMIC PX Regular Interest. 2 The Class P Certificates will not accrue interest. As provided herein, the Trustee shall make an election to treat the segregated pool of assets consisting of the Class REMIC Swap IO Interest as a REMIC for federal income tax purposes, and such segregated pool of assets will be designated as “REMIC SwapX.” The Class R‑SwapX R-SwapX Interest shall represent the sole class of “residual interests” in REMIC SwapX for purposes of the REMIC Provisions (as defined herein) under federal income tax law. The following table irrevocably sets forth the designation, the Pass-Through Rate, initial Uncertificated Principal Balance, and solely for purposes of satisfying Treasury regulation Section 1.860G-1(a)(4)(iii), the “latest possible maturity date” for each of the REMIC SwapX Regular Interests. Designation Uncertificated REMIC SwapX Pass-Through Rate Initial Uncertificated Principal Balance Assumed Final Maturity Date1 Class Swap IO N/A2 N/A2 February May 25, 2047 1 Solely for purposes of Section 1.860G-1(a)(4)(iii) of the Treasury regulations, the Distribution Date in the month following the month of the maturity date for the Mortgage Loan with the latest maturity date has been designated as the “latest possible maturity date” for each REMIC SwapX Regular Interest. 2 The Class Swap IO Upper-Tier Interest will not have an Uncertificated REMIC SwapX Pass-Through Rate or an Uncertificated Principal Balance, but will be entitled to 100% of the interest paid on the Class REMIC 2 Regular Interest Swap IO Interest.

REMIC PX. As provided herein, the Trustee shall make an election to treat the segregated pool of assets consisting of the Class P Interest as a REMIC for federal income tax purposes, and such segregated pool of assets will be designated as “REMIC PX.” The Class R-PX R‑PX Interest shall represent the sole class of “residual interests” in REMIC PX for purposes of the REMIC Provisions (as defined herein) under federal income tax law. The following table irrevocably sets forth the designation, the Pass‑Through Rate, initial Uncertificated Principal Balance, and solely for purposes of satisfying Treasury regulation Section 1.860G‑1(a)(4)(iii), the “latest possible maturity date” for each of the REMIC PX Regular Interests. Designation Uncertificated REMIC PX Pass-Through Pass‑Through Rate Initial Uncertificated Principal Balance Assumed Final Maturity Date1 Class P N/A2 $100.00 February 25, 2047 October 2046 1 Solely for purposes of Section 1.860G‑1(a)(4)(iii) of the Treasury regulations, the Distribution Date in the month following the month of the maturity date for the Mortgage Loan with the latest maturity date has been designated as the “latest possible maturity date” for each REMIC PX Regular Interest. 2 The Class P Certificates will not accrue interest. As provided herein, the Trustee shall make an election to treat the segregated pool of assets consisting of the Class Swap IO Interest as a REMIC for federal income tax purposes, and such segregated pool of assets will be designated as “REMIC SwapX.” The Class R‑SwapX Interest shall represent the sole class of “residual interests” in REMIC SwapX for purposes of the REMIC Provisions (as defined herein) under federal income tax law. The following table irrevocably sets forth the designation, the Pass-Through Rate, initial Uncertificated Principal Balance, and solely for purposes of satisfying Treasury regulation Section 1.860G-1(a)(4)(iii), the “latest possible maturity date” for each of the REMIC SwapX Regular Interests. Designation Uncertificated REMIC SwapX PX Pass-Through Rate Initial Uncertificated Principal Balance Assumed Final Maturity Date1 Class Swap IO N/A2 N/A2 February 25, 2047 $0.00 October 2046 1 Solely for purposes of Section 1.860G-1(a)(4)(iii) of the Treasury regulations, the Distribution Date in the month following the month of the maturity date for the Mortgage Loan with the latest maturity date has been designated as the “latest possible maturity date” for each REMIC SwapX Regular Interest. 2 The Class Swap IO Upper-Tier Interest will not have an Uncertificated REMIC SwapX Pass-Through Rate or an Uncertificated accrue interest on its Certificate Principal Balance. Instead, but the monthly interest due on the Class Swap IO Upper-Tier Interest will be entitled to 100% of the interest paid on the Class Swap IO Interest.

REMIC PX. As provided herein, the Trustee shall make an election to treat the segregated pool of assets consisting of the Class P Interest as a REMIC for federal income tax purposes, and such segregated pool of assets will be designated as “REMIC PX.” The Class R-PX R‑PX Interest shall represent the sole class of “residual interests” in REMIC PX for purposes of the REMIC Provisions (as defined herein) under federal income tax law. The following table irrevocably sets forth the designation, the Pass‑Through Rate, initial Uncertificated Principal Balance, and solely for purposes of satisfying Treasury regulation Section 1.860G‑1(a)(4)(iii), the “latest possible maturity date” for each of the REMIC PX Regular Interests. Designation Uncertificated REMIC PX Pass-Through Pass‑Through Rate Initial Uncertificated Principal Balance Assumed Final Maturity Date1 Class P N/A2 $100.00 February 25, 2047 December 2046 1 Solely for purposes of Section 1.860G‑1(a)(4)(iii) of the Treasury regulations, the Distribution Date in the month following the month of the maturity date for the Mortgage Loan with the latest maturity date has been designated as the “latest possible maturity date” for each REMIC PX Regular Interest. 2 The Class P Certificates will not accrue interest. As provided herein, the Trustee shall make an election to treat the segregated pool of assets consisting of the Class Swap IO Interest as a REMIC for federal income tax purposes, and such segregated pool of assets will be designated as “REMIC SwapX.” The Class R‑SwapX Interest shall represent the sole class of “residual interests” in REMIC SwapX for purposes of the REMIC Provisions (as defined herein) under federal income tax law. The following table irrevocably sets forth the designation, the Pass-Through Rate, initial Uncertificated Principal Balance, and solely for purposes of satisfying Treasury regulation Section 1.860G-1(a)(4)(iii), the “latest possible maturity date” for each of the REMIC SwapX Regular Interests. Designation Uncertificated REMIC SwapX PX Pass-Through Rate Initial Uncertificated Principal Balance Assumed Final Maturity Date1 Class Swap IO N/A2 N/A2 February 25, 2047 $0.00 December 2046 1 Solely for purposes of Section 1.860G-1(a)(4)(iii) of the Treasury regulations, the Distribution Date in the month following the month of the maturity date for the Mortgage Loan with the latest maturity date has been designated as the “latest possible maturity date” for each REMIC SwapX Regular Interest. 2 The Class Swap IO Upper-Tier Interest will not have an Uncertificated REMIC SwapX Pass-Through Rate or an Uncertificated accrue interest on its Certificate Principal Balance. Instead, but the monthly interest due on the Class Swap IO Upper-Tier Interest will be entitled to 100% of the interest paid on the Class Swap IO Interest.

REMIC PX. As provided herein, the Trustee shall make an election to treat the segregated pool of assets consisting of the Class P Interest as a REMIC for federal income tax purposes, and such segregated pool of assets will be designated as “REMIC PX.” The Class R-PX Interest shall represent the sole class of “residual interests” in REMIC PX for purposes of the REMIC Provisions (as defined herein) under federal income tax law. The following table irrevocably sets forth the designation, the Pass‑Through Pass-Through Rate, initial Uncertificated Principal Balance, and solely for purposes of satisfying Treasury regulation Section 1.860G‑1(a)(4)(iii1.860G-1(a)(4)(iii), the “latest possible maturity date” for each of the REMIC PX Regular Interests. Designation Uncertificated REMIC PX Pass-Through Rate Initial Uncertificated Principal Balance Assumed Final Maturity Date1 Class P N/A2 $$ 100.00 February 25November, 2047 2045 1 Solely for purposes of Section 1.860G‑1(a)(4)(iii1.860G-1(a)(4)(iii) of the Treasury regulations, the Distribution Date in the month following the month of the maturity date for the Mortgage Loan with the latest maturity date has been designated as the “latest possible maturity date” for each REMIC PX Regular Interest. 2 The Class P Certificates will not accrue interest. As provided herein, the Trustee shall make an election to treat the segregated pool of assets consisting of the Class Swap IO P Interest as a REMIC for federal income tax purposes, and such segregated pool of assets will be designated as “REMIC SwapX.” The Class R‑SwapX R-SwapX Interest shall represent the sole class of “residual interests” in REMIC SwapX for purposes of the REMIC Provisions (as defined herein) under federal income tax law. The following table irrevocably sets forth the designation, the Pass-Through Rate, initial Uncertificated Principal Balance, and solely for purposes of satisfying Treasury regulation Section 1.860G-1(a)(4)(iii), the “latest possible maturity date” for each of the REMIC SwapX Regular Interests. Designation Uncertificated REMIC SwapX PX Pass-Through Rate Initial Uncertificated Principal Balance Assumed Final Maturity Date1 Class Swap IO N/A2 N/A2 February 25$ 0.00 November, 2047 2045 1 Solely for purposes of Section 1.860G-1(a)(4)(iii) of the Treasury regulations, the Distribution Date in the month following the month of the maturity date for the Mortgage Loan with the latest maturity date has been designated as the “latest possible maturity date” for each REMIC SwapX Regular Interest. 2 The Class Swap IO Upper-Tier Interest will not have an Uncertificated REMIC SwapX Pass-Through Rate or an Uncertificated accrue interest on its Certificate Principal Balance. Instead, but the monthly interest due on the Class Swap IO Upper-Tier Interest will be entitled to 100% of the interest paid on the Class Swap IO Interest.