Common use of The Middle Tier REMIC Clause in Contracts

The Middle Tier REMIC. Xxxxxx Mae, acting in its corporate capacity, does hereby transfer, assign, set over and convey to Xxxxxx Xxx, acting in its capacity as Trustee of the Middle Tier REMIC, all of Xxxxxx Mae’s right, title and interest in and to the Lower Tier Regular Interests, including all payments of principal and interest thereon received after the month of the Issue Date. The beneficial ownership interest of the Middle Tier REMIC shall be evidenced by the interests having the designations, original Class Balances, Certificate Interest Rates and Final Distribution Dates set forth on the Middle Tier Schedule. The Middle Tier Regular Interests shall be issued as non-certificated interests and recorded on the records of the Middle Tier REMIC as being issued to and held by Xxxxxx Xxx in its capacity as the Trustee of the Upper Tier REMIC. The RM Class Certificate shall be issued as a single fully registered certificate substantially in the form of Exhibit B-2 hereto. The RM Class Certificate may be transferred and is otherwise subject to the provisions of Article V hereof. The aggregate amount of principal and interest distributable in respect of the Middle Tier Regular Interests during any calendar month shall equal the Middle Tier Distribution Amount for such calendar month. On each Distribution Date, the portion of the Middle Tier Distribution Amount distributable thereon shall be applied first to the distribution of interest accrued on each applicable Class of Middle Tier Regular Interests during the preceding Interest Accrual Period at the per annum rate specified on the Middle Tier Schedule and second to the principal thereof as described below. All computations of interest accrued on the Middle Tier Regular Interests (other than Middle Tier Interest 7) shall be made as if each year consisted of 12 months of 30 days each; and all computations of interest on Middle Tier Interest 7 shall be made on the basis of an assumed 360-day year and the actual number of days elapsed. On each Distribution Date, the Middle Tier Principal Distribution Amount shall be applied as principal of particular Middle Tier Regular Interests in amounts corresponding to the respective amounts required to be applied as principal of their related Companion Classes from the Principal Distribution Amount as provided herein. Distributions on the Middle Tier Regular Interests shall be made to the Trustee of the Upper Tier REMIC by transfer of immediately available funds to the Certificate-UT Account. No distribution will be made on the RM Class Certificate, except that any distribution of the proceeds of the final remaining assets of the Middle Tier REMIC shall be distributed to the Holder thereof upon presentation and surrender of the RM Class Certificate at the Corporate Trust Office or such other office or address as may be specified in the notice of such final distribution from Xxxxxx Xxx. Xxxxxx Xxx hereby initially appoints State Street Bank and Trust Company at its corporate trust office as Paying Agent for the purpose of making distributions on the RM Class Certificate as provided herein. Xxxxxx Xxx will distribute to the Holder of the RM Class Certificate the proceeds of the remaining assets of the Middle Tier REMIC, if any, after the Class Balances of the Middle Tier Interests have been reduced to zero. Interest accrued on each Class of Middle Tier Regular Interests for the related Interest Accrual Period at the applicable Certificate Interest Rate shall be distributed on each applicable Distribution Date. The total amount of interest to be distributed with respect to any Middle Tier Regular Interest on any Distribution Date shall be equal to interest at the applicable Certificate Interest Rate on the Class Balance of such Middle Tier Regular Interest prior to such Distribution Date.

The Middle Tier REMIC. Xxxxxx Mae, acting in its corporate capacity, does hereby transfer, assign, set over and convey to Xxxxxx Xxx, acting in its capacity as Trustee of the Middle Tier REMIC, all of Xxxxxx Mae’s right, title and interest in and to the Lower Tier Regular Interests, including all payments of principal and interest thereon received after the month of the Issue Date. The beneficial ownership interest of the Middle Tier REMIC shall be evidenced by the interests having the designations, original Class Balances, Certificate Interest Rates and Final Distribution Dates set forth on the Middle Tier Schedule. The Middle Tier Regular Interests shall be issued as non-certificated interests and recorded on the records of the Middle Tier REMIC as being issued to and held by Xxxxxx Xxx Mae in its capacity as the Trustee of the Upper Tier REMIC. The RM Class Certificate shall be issued as a single fully registered certificate either as part of a Combined Residual Certificate substantially in the form of Exhibit B-2 F hereto or as a Separate Residual Certificate substantially in the form of Exhibit H hereto. The RM Class Certificate may be transferred and is otherwise subject to the provisions of Article V hereof. The aggregate amount of principal and interest distributable in respect of the Middle Tier Regular Interests during any calendar month shall equal the Middle Tier Interest Distribution Amount for such calendar month. On each Distribution Date, the portion of except as provided below with respect to the Middle Tier Accrual Interest, the Middle Tier Interest Distribution Amount distributable thereon shall be applied first to the distribution of interest accrued on each applicable Class of the Middle Tier Regular Interests during the preceding Interest Accrual Period at the per annum rate specified or described on the Middle Tier Schedule and second in an amount corresponding to the principal thereof amount required to be applied as described belowinterest on its related Companion Class on such Distribution Date. All computations of interest accrued on the Middle Tier Regular Interests (other than Middle Tier Interest 7) shall be made as if each year consisted of 12 months of 30 days each; and all computations of interest . Interest accrued on the Middle Tier Accrual Interest 7 during each Interest Accrual Period shall not be made distributed thereon as interest but shall instead be added to the Class Balance thereof on the basis related Distribution Date. The aggregate amount of an assumed 360-day year and principal distributable in respect of the actual number of days elapsedMiddle Tier Regular Interests during any calendar month shall equal the Middle Tier Principal Distribution Amount for such calendar month. On each Distribution Date, the Middle Tier Principal Distribution Amount shall be applied as principal of particular Middle Tier Regular Interests in amounts corresponding to the respective amounts required to be applied as principal of their related Companion Classes Classes, or as described in the Middle Tier Schedule, from the Middle Tier Principal Distribution Amount as provided herein. Distributions on the Middle Tier Regular Interests shall be made to the Trustee of the Upper Tier REMIC by transfer of immediately available funds to the Certificate-UT Certificate Account. No distribution will be made on the RM Class CertificateClass, except that any distribution of the proceeds of the final remaining assets of the Middle Tier REMIC shall be distributed to the Holder thereof upon presentation and surrender of the RM Class (in the form of a Separate Residual Certificate for such Class or as part of a Combined Residual Certificate) at the Corporate Trust Office or such other office or address as may be specified in the notice of such final distribution from Xxxxxx Xxx. Xxxxxx Xxx hereby initially appoints State Street U.S. Bank and Trust Company at its corporate trust office as Paying Agent for the purpose of making distributions on the RM Class Certificate as provided herein. Xxxxxx Xxx will distribute to the Holder of the RM Class Certificate the proceeds of the remaining assets of the Middle Tier REMIC, if any, after the Class Balances of the Middle Tier Regular Interests have been reduced to zero. Interest accrued on each Class of Middle Tier Regular Interests for the related Interest Accrual Period at the applicable Certificate Interest Rate shall be distributed on each applicable Distribution Date. The total amount of interest to be distributed with respect to any Middle Tier Regular Interest on any Distribution Date shall be equal to interest at the applicable Certificate Interest Rate on the Class Balance of such Middle Tier Regular Interest prior to such Distribution Date.

The Middle Tier REMIC. Xxxxxx Mae, acting in its corporate capacity, does hereby transfer, assign, set over and convey to Xxxxxx Xxx, acting in its capacity as Trustee of the Middle Tier REMIC, all of Xxxxxx Mae’s right, title and interest in and to the Lower Tier Regular Interests, including all payments of principal and interest thereon received after the month of the Issue Date. The beneficial ownership interest of the Middle Tier REMIC shall be evidenced by the interests having the designations, original Class Balances, Certificate Interest Rates and Final Distribution Dates set forth on the Middle Tier Schedule. The Middle Tier Regular Interests shall be issued as non-certificated interests and recorded on the records of the Middle Tier REMIC as being issued to and held by Xxxxxx Xxx Mae in its capacity as the Trustee of the Upper Tier REMIC. The RM Class Certificate shall be issued as a single fully registered certificate either as part of a Combined Residual Certificate substantially in the form of Exhibit B-2 G hereto or as a Separate Residual Certificate substantially in the form of Exhibit I hereto. The RM Class Certificate may be transferred and is otherwise subject to the provisions of Article V hereof. The aggregate amount of principal and interest distributable in respect of the Middle Tier Regular Interests during any calendar month shall equal the Middle Tier Interest Distribution Amount for such calendar month. On each Distribution Date, the portion of the Middle Tier Interest Distribution Amount distributable thereon shall be applied first to the distribution of interest accrued on each applicable Class of Middle Tier Regular Interests during the preceding Interest Accrual Period at the per annum rate specified on the Middle Tier Schedule and second in an amount corresponding to the principal thereof amount required to be applied as described belowinterest on its related Companion Class on such Distribution Date. All computations of interest accrued on the Middle Tier Regular Interests (other than Middle Tier Interest 7) shall be made as if each year consisted of 12 months of 30 days each; and all computations . The aggregate amount of interest on principal distributable in respect of the Middle Tier Interest 7 Regular Interests during any calendar month shall be made on equal the basis of an assumed 360-day year and the actual number of days elapsedMiddle Tier Principal Distribution Amount for such calendar month. On each Distribution Date, the Middle Tier Principal Distribution Amount shall be applied as principal of particular Middle Tier Regular Interests in amounts corresponding to the respective amounts required to be applied as principal of their related Companion Classes Classes, or as described in the Middle Tier Schedule, from the Principal Distribution Amount as provided herein. Distributions on the Middle Tier Regular Interests shall be made to the Trustee of the Upper Tier REMIC by transfer of immediately available funds to the Certificate-UT Certificate Account. No distribution will be made on the RM Class CertificateClass, except that any distribution of the proceeds of the final remaining assets of the Middle Tier REMIC shall be distributed to the Holder thereof upon presentation and surrender of the RM Class (in the form of a Separate Residual Certificate or as part of a Combined Residual Certificate) at the Corporate Trust Office or such other office or address as may be specified in the notice of such final distribution from Xxxxxx Xxx. Xxxxxx Xxx hereby initially appoints State Street U.S. Bank and Trust Company at its corporate trust office Corporate Trust Office as Paying Agent for the purpose of making distributions on the RM Class Certificate as provided herein. Xxxxxx Xxx will distribute to the Holder of the RM Class Certificate the proceeds of the remaining assets of the Middle Tier REMIC, if any, after the Class Balances of the Middle Tier Interests have been reduced to zero. Interest accrued on each Class of Middle Tier Regular Interests for the related Interest Accrual Period at the applicable Certificate Interest Rate shall be distributed on each applicable Distribution Date. The total amount of interest to be distributed with respect to any Middle Tier Regular Interest on any Distribution Date shall be equal to interest at the applicable Certificate Interest Rate on the Class Balance of such Middle Tier Regular Interest prior to such Distribution Date.

The Middle Tier REMIC. Xxxxxx Mae, acting in its corporate capacity, does hereby transfer, assign, set over and convey to Xxxxxx Xxx, acting in its capacity as Trustee of the Middle Tier REMIC, all of Xxxxxx Mae’s right, title and interest in and to the Lower Tier Regular Interests, including all payments of principal and interest thereon received after the month of the Issue Date. The beneficial ownership interest of the Middle Tier REMIC shall be evidenced by the interests having the designations, original Class Balances, Certificate Interest Rates and Final Distribution Dates set forth on the Middle Tier Schedule. The Middle Tier Regular Interests shall be issued as non-certificated interests and recorded on the records of the Middle Tier REMIC as being issued to and held by Xxxxxx Xxx Mae in its capacity as the Trustee of the Upper Tier REMIC. The RM Class Certificate shall be issued as a single fully registered certificate either as part of a Combined Residual Certificate substantially in the form of Exhibit B-2 F hereto or as a Separate Residual Certificate substantially in the form of Exhibit H hereto. The RM Class Certificate may be transferred and is otherwise subject to the provisions of Article V hereof. The aggregate amount of principal and interest distributable in respect of the Middle Tier Regular Interests during any calendar month shall equal the Middle Tier Interest Distribution Amount for such calendar month. On each Distribution Date, the portion of except as provided below with respect to the Middle Tier Accrual Interest, the Middle Tier Interest Distribution Amount distributable thereon shall be applied first to the distribution of interest accrued on each applicable Class of the Middle Tier Regular Interests during the preceding Interest Accrual Period at the per annum rate specified or described on the Middle Tier Schedule and second in an amount corresponding to the principal thereof amount required to be applied as described belowinterest on its related Companion Class on such Distribution Date. All computations of interest accrued on the Middle Tier Regular Interests (other than Middle Tier Interest 7) shall be made as if each year consisted of 12 months of 30 days each; and all computations of interest . Interest accrued on the Middle Tier Accrual Interest 7 during each Interest Accrual Period shall not be made distributed thereon as interest but shall instead be added to the Class Balance thereof on the basis related Distribution Date. The aggregate amount of an assumed 360-day year and principal distributable in respect of the actual number of days elapsedMiddle Tier Regular Interests during any calendar month shall equal the Middle Tier Principal Distribution Amount for such calendar month. On each Distribution Date, the Middle Tier Principal Distribution Amount shall be applied as principal of particular Middle Tier Regular Interests in amounts corresponding to the respective amounts required to be applied as principal of their related Companion Classes Classes, or as described in the Middle Tier Schedule, from the Principal Distribution Amount as provided herein. Distributions on the Middle Tier Regular Interests shall be made to the Trustee of the Upper Tier REMIC by transfer of immediately available funds to the Certificate-UT Certificate Account. No distribution will be made on the RM Class CertificateClass, except that any distribution of the proceeds of the final remaining assets of the Middle Tier REMIC shall be distributed to the Holder thereof upon presentation and surrender of the RM Class (in the form of a Separate Residual Certificate for such Class or as part of a Combined Residual Certificate) at the Corporate Trust Office or such other office or address as may be specified in the notice of such final distribution from Xxxxxx Xxx. Xxxxxx Xxx hereby initially appoints State Street U.S. Bank and Trust Company at its corporate trust office as Paying Agent for the purpose of making distributions on the RM Class Certificate as provided herein. Xxxxxx Xxx will distribute to the Holder of the RM Class Certificate the proceeds of the remaining assets of the Middle Tier REMIC, if any, after the Class Balances of the Middle Tier Regular Interests have been reduced to zero. Interest accrued on each Class of Middle Tier Regular Interests for the related Interest Accrual Period at the applicable Certificate Interest Rate shall be distributed on each applicable Distribution Date. The total amount of interest to be distributed with respect to any Middle Tier Regular Interest on any Distribution Date shall be equal to interest at the applicable Certificate Interest Rate on the Class Balance of such Middle Tier Regular Interest prior to such Distribution Date.

The Middle Tier REMIC. Xxxxxx Mae, acting in its corporate capacity, does hereby transfer, assign, set over and convey to Xxxxxx Xxx, acting in its capacity as Trustee of the Middle Tier REMIC, all of Xxxxxx Mae’s right, title and interest in and to the Lower Tier Regular Interests, including all payments of principal and interest thereon received after the month of the Issue Date. The beneficial ownership interest of the Middle Tier REMIC shall be evidenced by the interests having the designations, original Class Balances, Certificate Interest Rates and Final Distribution Dates set forth on the Middle Tier Schedule. The Middle Tier Regular Interests shall be issued as non-certificated interests and recorded on the records of the Middle Tier REMIC as being issued to and held by Xxxxxx Xxx Mae in its capacity as the Trustee of the Upper Tier REMIC. The RM Class Certificate shall be issued as a single fully registered certificate either as part of a Combined Residual Certificate substantially in the form of Exhibit B-2 F hereto or as a Separate Residual Certificate substantially in the form of Exhibit H hereto. The RM Class Certificate may be transferred and is otherwise subject to the provisions of Article V hereof. The aggregate amount of principal and interest distributable in respect of the Middle Tier Regular Interests during any calendar month shall equal the Middle Tier Interest Distribution Amount for such calendar month. On each Distribution Date, the portion of the Middle Tier Interest Distribution Amount distributable thereon shall be applied first to the distribution of interest accrued on each applicable Class of the Middle Tier Regular Interests during the preceding Interest Accrual Period at the per annum rate specified or described on the Middle Tier Schedule and second in an amount corresponding to the principal thereof amount required to be applied as described belowinterest on its related Companion Class on such Distribution Date. All computations of interest accrued on the Middle Tier Regular Interests (other than Middle Tier Interest 7) shall be made as if each year consisted of 12 months of 30 days each; and all computations . The aggregate amount of interest on principal distributable in respect of the Middle Tier Interest 7 Regular Interests during any calendar month shall be made on equal the basis of an assumed 360-day year and the actual number of days elapsedMiddle Tier Principal Distribution Amount for such calendar month. On each Distribution Date, the Middle Tier Principal Distribution Amount shall be applied as principal of particular Middle Tier Regular Interests in amounts corresponding to the respective amounts required to be applied as principal of their related Companion Classes Classes, or as described in the Middle Tier Schedule, from the Principal Distribution Amount as provided herein. Distributions on the Middle Tier Regular Interests shall be made to the Trustee of the Upper Tier REMIC by transfer of immediately available funds to the Certificate-UT Certificate Account. No distribution will be made on the RM Class CertificateClass, except that any distribution of the proceeds of the final remaining assets of the Middle Tier REMIC shall be distributed to the Holder thereof upon presentation and surrender of the RM Class (in the form of a Separate Residual Certificate for such Class or as part of a Combined Residual Certificate) at the Corporate Trust Office or such other office or address as may be specified in the notice of such final distribution from Xxxxxx Xxx. Xxxxxx Xxx hereby initially appoints State Street U.S. Bank and Trust Company at its corporate trust office Corporate Trust Office as Paying Agent for the purpose of making distributions on the RM Class Certificate as provided herein. Xxxxxx Xxx will distribute to the Holder of the RM Class Certificate the proceeds of the remaining assets of the Middle Tier REMIC, if any, after the Class Balances of the Middle Tier Regular Interests have been reduced to zero. Interest accrued on each Class of Middle Tier Regular Interests for the related Interest Accrual Period at the applicable Certificate Interest Rate shall be distributed on each applicable Distribution Date. The total amount of interest to be distributed with respect to any Middle Tier Regular Interest on any Distribution Date shall be equal to interest at the applicable Certificate Interest Rate on the Class Balance of such Middle Tier Regular Interest prior to such Distribution Date.

The Middle Tier REMIC. Xxxxxx MaeXxx, acting in its corporate capacity, does hereby transfer, assign, set over and convey to Xxxxxx XxxMae, acting in its capacity as Trustee of the Middle Tier REMIC, all of Xxxxxx Mae’s right, title and interest in and to the Lower Tier Regular Interests, including all payments of principal and interest thereon received after the month of the Issue Date. The beneficial ownership interest of the Middle Tier REMIC shall be evidenced by the interests having the designations, original Class Balances, Certificate Interest Rates and Final Distribution Dates set forth on the Middle Tier Schedule. The Middle Tier Regular Interests shall be issued as non-certificated interests and recorded on the records of the Middle Tier REMIC as being issued to and held by Xxxxxx Xxx Mae in its capacity as the Trustee of the Upper Tier REMIC. The RM Class Certificate shall be issued as a single fully registered certificate either as part of a Combined Residual Certificate substantially in the form of Exhibit B-2 F hereto or as a Separate Residual Certificate substantially in the form of Exhibit H hereto. The RM Class Certificate may be transferred and is otherwise subject to the provisions of Article V hereof. The aggregate amount of principal and interest distributable in respect of the Middle Tier Regular Interests during any calendar month shall equal the Middle Tier Interest Distribution Amount for such calendar month. On each Distribution Date, the portion of the Middle Tier Interest Distribution Amount distributable thereon shall be applied first to the distribution of interest accrued on each applicable Class of Middle Tier Regular Interests during the preceding Interest Accrual Period at the per annum rate specified on the Middle Tier Schedule and second in an amount corresponding to the principal thereof amount required to be applied as described belowinterest on its related Companion Class on such Distribution Date. All computations of interest accrued on the Middle Tier Regular Interests (other than Middle Tier Interest 7) shall be made as if each year consisted of 12 twelve months of 30 thirty days each; and all computations of interest on Middle Tier Interest 7 shall be made on the basis of an assumed 360-day year and the actual number of days elapsed. On each Distribution Date, the Middle Tier Principal Distribution Amount shall be applied as principal of particular Middle Tier Regular Interests in amounts corresponding to the respective amounts required to be applied as principal of their related Companion Classes from the Principal Distribution Amount as provided herein. Distributions on the Middle Tier Regular Interests shall be made to the Trustee of the Upper Tier REMIC Trust by transfer of immediately available funds to the Certificate-UT Certificate Account. No distribution will be made on the RM Class CertificateClass, except that any distribution of the proceeds of the final remaining assets of the Middle Tier REMIC shall be distributed to the Holder thereof upon presentation and surrender of the RM Class (in the form of a Separate Residual Certificate or as part of a Combined Residual Certificate) at the Corporate Trust Office or such other office or address as may be specified in the notice of such final distribution from Xxxxxx Xxx. Xxxxxx Xxx hereby initially appoints State Street Bank and Trust Company at its corporate trust office as Paying Agent for the purpose of making distributions on the RM Class Certificate as provided herein. Xxxxxx Xxx will distribute to the Holder of the RM Class Certificate the proceeds of the remaining assets of the Middle Tier REMIC, if any, after the Class Balances of the Middle Tier Interests have been reduced to zero. Interest accrued on each Class of Middle Tier Regular Interests for the related Interest Accrual Period at the applicable Certificate Interest Rate shall be distributed on each applicable Distribution Date. The total amount of interest to be distributed with respect to any Middle Tier Regular Interest on any Distribution Date shall be equal to interest at the applicable Certificate Interest Rate on the Class Balance of such Middle Tier Regular Interest prior to such Distribution Date.