REMIC Elections. (a) The Depositor hereby instructs and authorizes the Trustee to make an appropriate election to treat each of the Upper Tier REMIC, the Lower Tier REMIC and the SWAP REMIC as a REMIC. The Trustee shall sign the returns providing for such elections and such other tax or information returns that are required to be signed by the Trustee under applicable law. This Agreement shall be construed so as to carry out the intention of the parties that each of the Upper Tier REMIC, the Lower Tier REMIC and the SWAP REMIC be treated as a REMIC at all times prior to the date on which the Trust Fund is terminated.
REMIC Elections. 57 SECTION 2.08. Covenants of the Servicer...................................................60 SECTION 2.09. [RESERVED]..................................................................60 SECTION 2.10. [RESERVED]..................................................................60 SECTION 2.11. Permitted Activities of the Trust...........................................60
REMIC Elections. (a) The Depositor hereby instructs and authorizes the Trustee to make appropriate elections to treat each of the Subsidiary REMIC and the Master REMIC as a REMIC. This Agreement shall be construed so as to carry out the intention of the parties that each REMIC Pool be treated as a REMIC at all times prior to the date on which the Trust Fund is terminated. The Closing Date is hereby designated as the "startup day" of each REMIC Pool within the meaning of Section 860G(a)(9) of the Code. The "regular interests" (within the meaning of Section 860G(a)(1) of the Code) in the Master REMIC shall consist of the Class A Certificates (other than the Class A-R Certificate), the Class M Certificates and the Class B Certificates, and the "residual interest" (within the meaning of Section 860G(a)(2) of the Code) in the Master REMIC shall consist of the Master Residual Interest, and all such interests shall be designated as such on the Startup Day. The "regular interests" (within the meaning of Section 860G(a)(1) of the Code) in the Subsidiary REMIC shall consist of the Subsidiary Regular Interests, and the "residual interest" (within the meaning of Section 860G(a)(2) of the Code) in the Subsidiary REMIC shall consist of the Subsidiary Residual Interest, and all such interests shall be designated as such on the Startup Day. The Subsidiary Regular Interests shall be held by the Master REMIC at all times and shall not be transferable under any circumstances. Solely for the purposes of Section 1.860G-1(a)(4)(iii) of the Treasury regulations, the "latest possible maturity date" by which the Outstanding Certificate Principal Balance of each Class of Certificates representing a regular interest in the Master REMIC and each Subsidiary Regular Interest would be reduced to zero is the Distribution Date immediately following the latest scheduled maturity of any Mortgage Loan. The Class A-R Certificate will represent both the Master Residual Interest and the Subsidiary Residual Interest.
REMIC Elections. 76 SECTION 2.08. Covenants of the Servicer.............................. 81 SECTION 2.09. Permitted Activities of the Trust...................... 81 SECTION 2.10. Qualifying Special Purpose Entity...................... 81 SECTION 2.11. Depositor Notification of NIM Notes.................... 81
REMIC Elections. (a) The Depositor hereby instructs and authorizes the Trustee to make an appropriate election to treat each of the Upper-Tier REMIC, the Middle-Tier REMIC and the Lower-Tier REMIC as a REMIC. This Agreement shall be construed so as to carry out the intention of the parties that each of the Upper-Tier REMIC, the Middle-Tier REMIC and the Lower-Tier REMIC be treated as a REMIC at all times prior to the date on which the Trust Fund is terminated.
REMIC Elections. (a) The Depositor hereby instructs and authorizes the Paying Agent to make appropriate elections to treat the Trust Fund as comprising three REMICs (the Lower-Tier REMIC, the Middle-Tier REMIC and the Upper-Tier REMIC). This Agreement shall be construed so as to carry out the intention of the parties that each REMIC created hereunder be treated as a REMIC at all times prior to the date on which the Trust Fund is terminated. 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 Lower-Tier REMIC shall hold as assets all property of the Trust Fund other than (i) the Lower-Tier REMIC Interests and the Middle-Tier REMIC Interests and (ii) the Yield Maintenance Agreements and the Reserve Fund. Each of the Lower-Tier REMIC Regular Interests is hereby designated a "regular interest" (within the meaning of Section 860G(a)(1) of the Code) in the Lower-Tier REMIC. The Middle-Tier REMIC shall hold as assets the several classes of uncertificated Lower-Tier REMIC Regular Interests. Each of the Middle-Tier REMIC Regular Interests is hereby designated a "regular interest" (within the meaning of Section 860G(a)(1) of the Code) in the Middle-Tier REMIC. The Upper-Tier REMIC shall hold as assets the several classes of uncertificated Middle-Tier REMIC Regular Interests. Each of the Upper-Tier REMIC Regular Interests is hereby designated as a "regular interest" (within the meaning of Section 860G(a)(1) of the Code) in the Upper-Tier REMIC. The Class LT-R Interest is hereby designated as the sole residual interest (within the meaning of Section 860G(a)(2) of the Code) in the Lower-Tier REMIC. The Class MT-R Interest is hereby designated as the sole residual interest (within the meaning of Section 860G(a)(2) of the Code) in the Middle-Tier REMIC. The Residual Interest is hereby designated as the sole residual interest (within the meaning of Section 860G(a)(2) of the Code) in the Upper-Tier REMIC. The Class A-R Certificate evidences ownership of the Class LT-R Interest, the Class MT-R Interest and the Residual Interest. All interests described in this Section 2.04(a) shall be designated as such on the Startup Day. LOWER-TIER REMIC The following table specifies the class designation, initial principal amount, pass-through rate and related Mortgage Group for each class of Lower-Tier REMIC Interest. Lower-Tier REMIC Interest Initial Principal Amount Pass-Through Rate Related Mortgage Group...
REMIC Elections. (a) The Depositor hereby instructs and authorizes the Trustee to make an appropriate election to treat each of the Master REMIC and the Subsidiary REMIC as a REMIC. This Agreement shall be construed so as to carry out the intention of the parties that the Master REMIC and the Subsidiary REMIC each be treated as a REMIC at all times prior to the date on which the Trust Fund is terminated.
REMIC Elections. (a) The Depositor hereby instructs and authorizes the Trustee to make an appropriate election to treat each of the Upper-Tier REMIC and the Lower-Tier REMIC as a REMIC. The Trustee shall sign the returns providing for such elections and such other tax or information returns which are required to be signed by the Trustee under applicable law. This Agreement shall be construed so as to carry out the intention of the parties that each of the Upper-Tier REMIC and the Lower-Tier REMIC be treated as a REMIC at all times prior to the date on which the Trust Fund is terminated.
REMIC Elections. (a) The Depositor hereby instructs and authorizes the Securities Administrator to make an appropriate election to treat each of the Upper Tier REMIC and the Lower Tier REMIC as a REMIC. The Trustee, upon written direction of, and submission of such returns to the Trustee by the Securities Administrator, shall sign the returns providing for such elections and such other tax or information returns which are required to be signed by the Trustee under applicable law. This Agreement shall be construed so as to carry out the intention of the parties that each of the Upper Tier REMIC and the Lower Tier REMIC be treated as a REMIC at all times prior to the date on which the Trust Fund is terminated.
REMIC Elections. 42 Section 2.05 Permitted Activities of Trust....................................................46 Section 2.06 Qualifying Special Purpose Entity................................................46
