Common use of The Middle Tier REMIC Clause in Contracts

The Middle Tier REMIC. 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 Mae in its capacity as Trustee of the Upper Tier REMIC. The RM Class shall be issued as a single fully registered certificate either as part of a Combined Residual Certificate substantially in the form of Exhibit F hereto or as a Separate Residual Certificate substantially in the form of Exhibit H hereto. The RM Class may be transferred and is otherwise subject to the provisions of Article V hereof. The aggregate amount of 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, except as provided below with respect to the Middle Tier Accrual Interest, the Middle Tier Interest Distribution Amount shall be applied to the distribution of interest accrued on each 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 in an amount corresponding to the amount required to be applied as interest on its related Companion Class on such Distribution Date. All computations of interest accrued on the Middle Tier Interests shall be made as if each year consisted of 12 months of 30 days each. Interest accrued on the Middle Tier Accrual Interest during each Interest Accrual Period shall not be distributed thereon as interest but shall instead be added to the Class Balance thereof on the related Distribution Date. The aggregate amount of principal distributable in respect of the Middle 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, 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 Account. No distribution will be made on the RM Class, 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 U.S. Bank at its corporate trust office as Paying Agent for the purpose of making distributions on the RM Class as provided herein. Xxxxxx Xxx will distribute to the Holder of the RM Class 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.

The Middle Tier REMIC. 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 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 F G hereto or as a Separate Residual Certificate substantially in the form of Exhibit H I hereto. The RM Class Certificate may be transferred and is otherwise subject to the provisions of Article V hereof. The aggregate amount of 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, except as provided below with respect to the Middle Tier Accrual Interest, the Middle Tier Interest Distribution Amount shall be applied to the distribution of interest accrued on each 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 in an amount corresponding to the amount required to be applied as interest on its related Companion Class on such Distribution Date. All computations of interest accrued on the Middle Tier Regular Interests shall be made as if each year consisted of 12 months of 30 days each. Interest accrued on the Middle Tier Accrual Interest during each Interest Accrual Period shall not be distributed thereon as interest but shall instead be added to the Class Balance thereof on the related Distribution Date. The aggregate amount of principal distributable in respect of the Middle 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, 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 Account. No distribution will be made on the RM Class, 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 U.S. Bank at its corporate trust office Corporate Trust Office as Paying Agent for the purpose of making distributions on the RM Class as provided herein. Xxxxxx Xxx will distribute to the Holder of the RM Class 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.

The Middle Tier REMIC. 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 Mae in its capacity as Trustee of the Upper Tier REMIC. The RM Class shall be issued as a single fully registered certificate either as part of a Combined Residual Certificate substantially in the form of Exhibit F hereto or as a Separate Residual Certificate substantially in the form of Exhibit H hereto. The RM Class may be transferred and is otherwise subject to the provisions of Article V hereof. The aggregate amount of 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, except as provided below with respect to the Middle Tier Accrual Interest, the Middle Tier Interest Distribution Amount shall be applied to the distribution of interest accrued on each 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 in an amount corresponding to the amount required to be applied as interest on its related Companion Class on such Distribution Date. All computations of interest accrued on the Middle Tier Interests shall be made as if each year consisted of 12 months of 30 days each. Interest accrued on the Middle Tier Accrual Interest during each Interest Accrual Period shall not be distributed thereon as interest but shall instead be added to the Class Balance thereof on the related Distribution Date. The aggregate amount of principal distributable in respect of the Middle 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, 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 Account. No distribution will be made on the RM Class, 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 U.S. Bank at its corporate trust office Corporate Trust Office as Paying Agent for the purpose of making distributions on the RM Class as provided herein. Xxxxxx Xxx will distribute to the Holder of the RM Class 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.

The Middle Tier REMIC. 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 Mae in its capacity as Trustee of the Upper Tier REMIC. The RM Class shall be issued as a single fully registered certificate either as part of a Combined Residual Certificate substantially in the form of Exhibit F hereto or as a Separate Residual Certificate substantially in the form of Exhibit H hereto. The RM Class may be transferred and is otherwise subject to the provisions of Article V hereof. The aggregate amount of 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, except as provided below with respect to the Middle Tier Accrual Interest, the Middle Tier Interest Distribution Amount shall be applied to the distribution of interest accrued on each 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 in an amount corresponding to the amount required to be applied as interest on its related Companion Class on such Distribution Date. All computations of interest accrued on the Middle Tier Interests shall be made as if each year consisted of 12 months of 30 days each. Interest accrued on the Middle Tier Accrual Interest during each Interest Accrual Period shall not be distributed thereon as interest but shall instead be added to the Class Balance thereof on the related Distribution Date. The aggregate amount of principal distributable in respect of the Middle 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, 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 Account. No distribution will be made on the RM Class, 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 U.S. Bank at its corporate trust office as Paying Agent for the purpose of making distributions on the RM Class as provided herein. Xxxxxx Xxx will distribute to the Holder of the RM Class 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.

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 Mae 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 either as part of a Combined Residual Certificate substantially in the form of Exhibit F hereto or as a Separate Residual Certificate substantially in the form of Exhibit H 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 Interest Distribution Amount for such calendar month. On each Distribution Date, except as provided below with respect to the portion of 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 in an amount corresponding and second to the amount required to be applied principal thereof as interest on its related Companion Class on such Distribution Datedescribed 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 accrued 7 shall be made on the Middle Tier Accrual Interest during each Interest Accrual Period shall not be distributed thereon as interest but shall instead be added to basis of an assumed 360-day year and the Class Balance thereof on the related Distribution Date. The aggregate amount actual number of principal distributable in respect of the Middle Tier Regular Interests during any calendar month shall equal the Middle Tier Principal Distribution Amount for such calendar monthdays 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, or as described in the Middle Tier Schedule, 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 Certificate-UT Account. No distribution will be made on the RM ClassClass 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 (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 U.S. 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 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 Xxx, acting in its corporate capacity, does hereby transfer, assign, set over and convey to Xxxxxx Mae, 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 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 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 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, except as provided below with respect to the Middle Tier Accrual Interest, the Middle Tier Interest Distribution Amount shall be applied to the distribution of interest accrued on each 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 in an amount corresponding to the amount required to be applied as interest on its related Companion Class on such Distribution Date. All computations of interest accrued on the Middle Tier Regular Interests shall be made as if each year consisted of 12 twelve months of 30 thirty days each. Interest accrued on the Middle Tier Accrual Interest during each Interest Accrual Period shall not be distributed thereon as interest but shall instead be added to the Class Balance thereof on the related Distribution Date. The aggregate amount of principal distributable in respect of the Middle 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, or as described in the Middle Tier Schedule, 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 Account. No distribution will be made on the RM Class, 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 U.S. State Street Bank and Trust Company at its corporate trust office as Paying Agent for the purpose of making distributions on the RM Class as provided herein. Xxxxxx Xxx will distribute to the Holder of the RM Class 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.