Designation of Interests in REMIC. The Securities Administrator shall elect that each of REMIC I, REMIC II, and REMIC III be treated as a REMIC under Section 860D of the Code. Any inconsistencies or ambiguities in this Agreement or in the administration of this Agreement shall be resolved in a manner that preserves the validity of such REMIC elections. The assets of REMIC I shall include the Mortgage Loans, the accounts (other than the Net WAC Reserve Fund and the Swap Account), any REO Property, and any proceeds of the foregoing. The Supplemental Interest Trust and any assets thereof shall not be an asset of any REMIC formed hereby. The REMIC I Regular Interests shall constitute the assets of REMIC II. The REMIC II Regular Interests shall constitute the assets of REMIC III (the “Master REMIC”). The Class R Certificate represents ownership of the sole class of residual interest in each of the REMIC II and the Master REMIC. REMIC I: The following table sets forth the designations, principal balances, and interest rates for each interest in REMIC I, each of which (other than the R-I interest) is hereby designated as a regular interest in REMIC I (the “REMIC I Regular Interests”): Class Designation Initial Principal Balance Interest Rate T1-A $ 62,447,506.18 (1) T1-F1 $ 5,622,589.50 (2) T1-V1 $ 5,622,589.50 (3) T1-F2 $ 6,534,617.50 (2) T1-V2 $ 6,534,617.50 (3) T1-F3 $ 7,431,478.00 (2) T1-V3 $ 7,431,478.00 (3) T1-F4 $ 8,308,131.50 (2) T1-V4 $ 8,308,131.50 (3) T1-F5 $ 8,246,271.00 (2) T1-V5 $ 8,246,271.00 (3) T1-F6 $ 912,864.00 (2) T1-V6 $ 912,864.00 (3) T1-F7 $ 11,285,927.00 (2) T1-V7 $ 11,285,927.00 (3) T1-F8 $ 11,464,524.50 (2) T1-V8 $ 11,464,524.50 (3) T1-F9 $ 12,155,207.50 (2) T1-V9 $ 12,155,207.50 (3) T1-F10 $ 12,511,001.00 (2) T1-V10 $ 12,511,001.00 (3) T1-F11 $ 12,824,432.50 (2) T1-V11 $ 12,824,432.50 (3) T1-F12 $ 13,102,562.00 (2) T1-V12 $ 13,102,562.00 (3) T1-F13 $ 13,342,662.00 (2) T1-V13 $ 13,342,662.00 (3) T1-F14 $ 13,542,414.50 (2) T1-V14 $ 13,542,414.50 (3) T1-F15 $ 13,699,771.50 (2) T1-V15 $ 13,699,771.50 (3) T1-F16 $ 13,813,056.00 (2) T1-V16 $ 13,813,056.00 (3) T1-F17 $ 13,880,806.50 (2) T1-V17 $ 13,880,806.50 (3) T1-F18 $ 13,902,067.50 (2) T1-V18 $ 13,902,067.50 (3) T1-F19 $ 13,876,234.00 (2) T1-V19 $ 13,876,234.00 (3) T1-F20 $ 13,803,025.00 (2) T1-V20 $ 13,803,025.00 (3) T1-F21 $ 13,680,456.50 (2) T1-V21 $ 13,680,456.50 (3) T1-F22 $ 12,938,139.00 (2) T1-V22 $ 12,938,139.00 (3) T1-F23 $ 12,208,034.00 (2) T1-V23 $ 12,208,034.00 (3) T1-F24 $ 11,522,999.50 (2) T1-V24 $ 11,522,999....
Designation of Interests in REMIC. The Trustee shall elect that each of REMIC I, REMIC II, REMIC III, REMIC IV and REMIC V be treated as a REMIC under Section 860D of the Code. Any inconsistencies or ambiguities in this Agreement or in the administration of this Agreement shall be resolved in a manner that preserves the validity of such REMIC elections. The assets of REMIC I shall include the Group 1 Mortgage Loans, the accounts relating to Group 1 (other than the Group 1 Net WAC Reserve Fund and the Class AF-1A Reserve Fund), any REO Property relating to Group 1, and any proceeds of the foregoing. The assets of REMIC III shall include the Group 2 Mortgage Loans, the accounts relating to Group 2 (other than the Group 2 Net WAC Reserve Fund), any REO Property relating to Group 2, and any proceeds of the foregoing. The Supplemental Interest Trust and any assets thereof shall not be an asset of any REMIC formed hereby. The REMIC I Regular Interests shall constitute the assets of REMIC II (the “Master REMIC 1”). The REMIC III Regular Interests shall constitute the assets of REMIC IV. The REMIC IV Regular Interests shall constitute the assets of REMIC V (the “Master REMIC 2”). The Class R-1 Certificate represents ownership of the sole class of residual interest in REMIC II. The Class R-2 Certificate represents ownership of the sole class of residual interest in each of the REMIC IV and the REMIC V. REMIC I: The following table sets forth the designations, principal balances, and interest rates for each interest in REMIC I, each of which (other than the R-I interest) is hereby designated as a regular interest in REMIC I (the “REMIC I Regular Interests”): REMIC I Class Designation REMIC I Interest Rate Initial Class Principal Amount Corresponding Class of Certificate(s) T1-AF1A (1) ½ Corresponding Class balance AF-1A T1-AF1B (1) ½ Corresponding Class balance AF-1B T1-AF2 (1) ½ Corresponding Class balance AF-2 T1-AF3 (1) ½ Corresponding Class balance AF-3 T1-AF4 (1) ½ Corresponding Class balance AF-4 T1-AF5 (1) ½ Corresponding Class balance AF-5 T1-AF6 (1) ½ Corresponding Class balance AF-6 T1-MF1 (1) ½ Corresponding Class balance MF-1 T1-MF2 (1) ½ Corresponding Class balance MF-2 T1-MF3 (1) ½ Corresponding Class balance MF-3 T1-MF4 (1) ½ Corresponding Class balance MF-4 T1-MF5 (1) ½ Corresponding Class balance MF-5 T1-MF6 (1) ½ Corresponding Class balance MF-6 T1-MF7 (1) ½ Corresponding Class balance MF-7 T1-MF8 (1) ½ Corresponding Class balance MF-8 T1-MF9 (1) ½ Corresponding Class balance MF-9 T...
Designation of Interests in REMIC. The Trustee shall elect that each of REMIC I, REMIC II, and REMIC III be treated as a REMIC under Section 860D of the Code. Any inconsistencies or ambiguities in this Agreement or in the administration of this Agreement shall be resolved in a manner that preserves the validity of such REMIC elections. The assets of REMIC I shall include the Mortgage Loans, the accounts (other than the Group 1 Net WAC Reserve Fund, the Group 2 Net WAC Reserve Fund, the Class AF-1A Cap Account and the Supplemental Interest Account), any REO Property, and any proceeds of the foregoing. The Supplemental Interest Trust and any assets thereof shall not be an asset of any REMIC formed hereby. The REMIC I Regular Interests shall constitute the assets of REMIC II. The REMIC II Regular Interests shall constitute the assets of REMIC III (the “Master REMIC”). The Class R Certificate represents ownership of the sole class of residual interest in each of the REMIC II and the Master REMIC. REMIC I: The following table sets forth the designations, principal balances, and interest rates for each interest in REMIC I, each of which (other than the R-I interest) is hereby designated as a regular interest in REMIC I (the “REMIC I Regular Interests”):
Designation of Interests in REMIC. (a) For Federal tax purposes, the Trust will consist of REMIC I and REMIC II. REMIC I will be evidenced by (x) uncertificated and non-transferable interests described below (the "REMIC I Regular Interests") which are hereby designated as the "regular interests" in REMIC I, and (y) the Class R-1 Certificates, which shall have a principal balance of zero and an interest rate of 0% and which are hereby designated as the single "residual interest" in REMIC I. The Basic Principal Amount and Excess Funding Amount from Loan Group F will be used to pay principal on the Class 1 described below in an amount equal to 132% of such amounts distributed to the Class A-6F Certificates pursuant to Section 5.01(b) herein, and any remaining Basic Principal Amount and Excess Funding Amount from Loan Group F will be used to pay principal on the Class 2 described below. The Basic Principal Amount and Excess Funding Amount from Loan Group A will be used to pay principal on the Class 3 described below. The Interest Remittance Amount for Loan Group F will be used, first, to pay principal on the Class 1 in amount equal to 132% of the amount allocated to the Class A-6F Certificates pursuant to Section 5.01(a)A.(iv) (the "A-6F Turbo"), second, to pay interest to Class 1 and third, to pay any remaining Interest Remittance Amount from Loan Group F as interest to Class 2. An amount equal to 132% of the A-6F Turbo will be added (as accrued interest) to the principal balance of Class 2. The Interest Remittance Amount from Loan Group A will be used to pay interest on the Class 3. All Realized Losses on Loan Group F will be allocated first, to Class 2 and second, to Class 1, and all Realized Losses on Loan Group A will be allocated to Class 3. The REMIC I Regular Interests will have the following designations and pass-through rates, and distributions of principal and interest thereon shall be allocated to the corresponding Classes of Certificates (the "Corresponding Classes") in the following manner: Corresponding Class of Certificates(1) -------------------------------- REMIC I Allocation Allocation Regular Interests Initial Balance Pass-Through of of Rate Principal Interest 1 $ 47,520,000 (2) (3) (4) 2 $312,480,000 (2) (3) (5) 3 $ 85,000,000 (6) (3) (5)
Designation of Interests in REMIC. The Preliminary Statement sets forth the designations for federal income tax purposes of all interests created hereby.
Designation of Interests in REMIC. (a) The Regular Certificates are hereby designated as the "regular interests" and the Residual Certificates are hereby designated as the single "residual interest" in the REMIC for purposes of the REMIC Provisions.
Designation of Interests in REMIC. The Class R Certificates are hereby designated as the single class of “residual interests” in the REMIC Trust for purposes of the REMIC Provisions. The Class A Certificates, exclusive of the rights of the Class A-2 Certificateholders to receive payments in respect of the Class A-2 Available Funds Cap Carryforward and payments from the Basis Risk Reserve Fund, are hereby designated as “regular interests” in the REMIC Trust for purposes of the REMIC Provisions.
Designation of Interests in REMIC. (a) Designation of Interests in REMIC The Trustee shall elect that each of REMIC I and REMIC II be treated as a REMIC under Section 860D of the Code. Any inconsistencies or ambiguities in this Agreement or in the administration of this Agreement shall be resolved in a manner that preserves the validity of such REMIC elections. The assets of REMIC I shall include the Mortgage Loans, the accounts (other than the Net WAC Reserve Fund), any REO Property, and any proceeds of the foregoing. The REMIC I Regular Interests shall constitute the assets of REMIC II (the “Master REMIC”). REMIC I: The following table sets forth the designations, principal balances, and interest rates for each interest in REMIC I, each of which (other than the R-I interest) is hereby designated as a regular interest in REMIC I (the “REMIC I Regular Interests”): REMIC Interests Initial Balance Interest Rate Corresponding Class of REMIC V Interest LT1-A1 (1) ½ Corresponding Class balance (4) A1 LT1-A2 (1) ½ Corresponding Class balance (4) A2 LT1-A3 (1) ½ Corresponding Class balance (4) A3 LT1-M1 (1) ½ Corresponding Class balance (4) M1 LT1-M2 (1) ½ Corresponding Class balance (4) M2 LT1-M3 (1) ½ Corresponding Class balance (4) M3 LT1-M4 (1) ½ Corresponding Class balance (4) M4 LT1-M5 (1) ½ Corresponding Class balance (4) M5 LT1-M6 (1) ½ Corresponding Class balance (4) M6 LT1-M7 (1) ½ Corresponding Class balance (4) M7 LT1-M8 (1) ½ Corresponding Class balance (4) M8 LT1-M9 (1) ½ Corresponding Class balance (4 M9 LT1-Accrual Interest (2) (3) (4) N/A (1) This interest is a REMIC I Accretion Directed Class.
Designation of Interests in REMIC. The Trustee shall elect that each of REMIC I, REMIC II, REMIC III, REMIC IV and REMIC V shall be treated as a REMIC under Section 860D of the Code. Any inconsistencies or ambiguities in this Agreement or in the administration of this Agreement shall be resolved in a manner that preserves the validity of such REMIC elections. The assets of REMIC I shall include the Mortgage Loans, the accounts (other than the Net WAC Fund and the Pre-Funding Account), any REO Property, and any proceeds of the foregoing. The REMIC I Regular Interests shall constitute the assets of REMIC II. The REMIC II Regular Interests shall constitute the assets of REMIC III. The REMIC III Regular Interests shall constitute the assets of REMIC IV. The REMIC IV Regular Interests shall constitute the assets of REMIC V.
Designation of Interests in REMIC. The Preliminary Statement sets forth the designations for federal income tax purposes of all interests created hereby. The "tax matters person" with respect to the REMIC hereunder shall be the Holder of the applicable Residual Certificate. The Tax Matters Person of the REMIC hereby appoints the Trustee as its agent to perform all acts required to be performed by the Tax Matters Person and to prepare and file all necessary tax forms and reports. The REMIC's fiscal year shall be the calendar year.
