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.
(b) The Preliminary Statement sets forth the designations and "latest possible maturity date" for federal income tax purposes of all interests created hereby. The "Startup Day" for purposes of the REMIC Provisions shall be the Closing Date. Each REMIC's fiscal year shall be the calendar year. The SWAP REMIC shall consist of all of the assets of the Trust Fund, other than (i) amounts distributable to the Class P Certificates pursuant to Section 4.04(b)(i) hereof, (ii) the interests issued by the SWAP REMIC and the interests issued by the Lower Tier REMIC, (iii) the grantor trusts described in Section 2.07 hereof, (iv) each Cap Contract and the Cap Contract Account and (v) the Swap Agreement and the Supplemental Interest Trust. The SWAP REMIC shall issue the SWAP REMIC Regular Interests, which shall be designated as regular interests of such REMIC, and shall issue the Class SWR Interest, which shall be designated as the sole class of residual interest in the SWAP REMIC. Each of the SWAP REMIC Regular Interests shall have the characteristics set forth in the Preliminary Statement and this Section 2.07. The Lower Tier REMIC shall consist of the SWAP REMIC Regular Interests. The Lower Tier REMIC shall issue the Lower Tier REMIC Regular Interests, which shall be designated as regular interests of such REMIC and shall issue the Class LTR Interest, which shall be designated as the sole class of residual interest in the Lower Tier REMIC. Each of the Lower Tier REMIC Regular Interests shall have the characteristics set forth in its definition and the Preliminary Statement. The assets of the Upper Tier REMIC shall be the Lower Tier REMIC Regular Interests. The REMIC Regular Interests shall be designated as the regular interests in the Upper Tier REMIC and the Residual Interest shall be designated as the sole class of residual interest in the Upper Tier REMIC. For federal...
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 Paying Agent to make appropriate elections to treat the Trust Fund as comprising two REMICs (the Lower-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 Trust Fund, for federal income tax purposes will consist of (i) the REMIC Pools, (ii) the grantor trust described in Section 2.04(c), (iii) the Yield Maintenance Agreements and (iv) the Reserve Fund. The Lower-Tier REMIC shall hold as assets all property of the Trust Fund, other than the Lower-Tier REMIC Interests and the assets described in clauses (ii), (iii) and (iv) above. 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 Upper-Tier REMIC shall hold as assets the several classes of uncertificated Lower-Tier REMIC Regular Interests. Each of the 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 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 and the Residual Interest. All interests described in this Section 2.04(a) shall be designated as such on the Startup Day.
REMIC Elections. 58 SECTION 2.08. Covenants of the Servicer................................................ 62 SECTION 2.09. [RESERVED]............................................................... 62 SECTION 2.10. [RESERVED]............................................................... 63 SECTION 2.11. Permitted Activities of the Issuing Entity............................... 63 SECTION 2.12. Qualification of Special Purpose Entity.................................. 63 SECTION 2.13. Depositor Notification of NIM Notes...................................... 63
REMIC Elections. 87 SECTION 2.08. [RESERVED].......................................................... 93 SECTION 2.09. Covenants of the Servicer........................................... 93 SECTION 2.10. [RESERVED].......................................................... 93 SECTION 2.11. Permitted Activities of the Issuing Entity.......................... 93 SECTION 2.12. Qualifying Special Purpose Entity................................... 94 SECTION 2.13. Depositor Notification of NIM Notes................................. 94 ARTICLE III ADMINISTRATION AND SERVICING OF MORTGAGE LOANS........................... 94 SECTION 3.01. Servicer to Service Mortgage Loans.................................. 94 SECTION 3.02. Servicing and Subservicing; Enforcement of the Obligations of Servicer............................................................ 96
REMIC Elections. Elections shall be made by the Trustee to treat the assets of the Trust Estate described in the definition of the term “REMIC I-1,” the assets of the Trust Estate described in the definition of the term “REMIC I-2,” and the assets of the Trust Estate described in the definition of the term “REMIC I-3” as separate REMICs for federal income tax purposes. The REMIC I-1 Regular Interests will constitute the regular interests in REMIC I-1; the REMIC I-2 Regular Interests will constitute the REMIC regular interests in REMIC I-2; and the REMIC I-3 Certificates will constitute the regular interests in REMIC I-3. The Class R Certificates will represent ownership of the sole class of residual interest in REMIC I-1, REMIC I-2 and REMIC I-3. REMIC I-1 Interests. REMIC I-1 shall issue each of the following Classes of Interests in book-entry form, each of which shall be a Class of REMIC I-1 Interests, having the following Certificate Rates and initial principal balances: 1-Pool $1,135,199,929.50 (1) N/A(4) 1-Sub-A $11,583,672.75 (1) N/A 1-Sub-B $11,583,672.75 (1) N/A 1-AX (2) 6.50% A-X 1-AX (3) 6.50% A-X _______________
REMIC Elections. 42 Section 2.05 Permitted Activities of Trust....................................................46 Section 2.06 Qualifying Special Purpose Entity................................................46
REMIC Elections. (a) The Depositor hereby instructs and authorizes the Securities Administrator on behalf of the Trustee to make an appropriate election to treat each of REMIC 1 and REMIC 2 as a REMIC for federal income tax purposes. The Trustee, upon the written direction of 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 REMIC 1 and REMIC 2 be treated as a REMIC at all times prior to the date on which the Trust Fund is terminated.
(b) The Preliminary Statement sets forth the designations and "latest possible maturity date" for federal income tax purposes of all interests created hereby. The "Startup Day" for purposes of the REMIC Provisions shall be the Closing Date. Each REMIC's fiscal year shall be the calendar year.
REMIC Elections. (a) The Depositor hereby instructs and authorizes the Trustee to make an appropriate election to treat each of REMIC 1, REMIC 2 and the Upper 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 REMIC l, REMIC 2 and the Upper Tier REMIC be treated as a REMIC at all times prior to the date on which the Trust Fund is terminated.
(b) The Preliminary Statement sets forth the designations and "latest possible maturity date" for federal income tax purposes of all interests created hereby. The "Startup Date" for purposes of the REMIC Provisions shall be the Closing Date. Each REMIC's fiscal year shall be the calendar year.
REMIC Elections. Elections shall be made by the Trustee to treat the assets of the Trust described in the definition of the term "REMIC I," the assets of the Trust described in the definition of the term "REMIC II" and the assets of the Trust described in the definition of the term "REMIC III" as separate REMICs for federal income tax purposes. The REMIC I Regular Interests will constitute the regular interests in REMIC I, and the Class R1 Interest will constitute the residual interest in such REMIC. The REMIC II Regular Interests will constitute the regular interests in REMIC II, and the Class R2 Interest will constitute the residual interest in REMIC II. The REMIC III Regular Interests will constitute the regular interests in REMIC III and the Class R3 Certificates will constitute the residual interest in REMIC III.