Designation of Interests in REMICs. (a) As provided herein, the Trustee shall elect that the Trust Estate (exclusive of the assets held in the Supplemental Interest Reserve Fund and the Cap Agreement Reserve Fund) be treated for federal income tax purposes as comprising two real estate mortgage investment conduits (each a “REMIC” or, in the alternative, the “Subsidiary REMIC” and the “Master REMIC”). Each Certificate, other than the Class R Certificate, represents ownership of a regular interest in the Master REMIC for purposes of the REMIC Provisions. Each Certificate, other than the Class X-IO Certificates, also represents rights with respect to payments to be made from the Supplemental Interest Reserve Fund as further described in Section 7.04 of this Agreement. The Class X-IO Certificates also evidence ownership of the assets held from time to time in the Supplemental Interest Reserve Fund, as further described in Section 7.04 hereof. The Class R Certificate represents ownership of the sole class of residual interest in each of the Subsidiary REMIC, and the Master REMIC for purposes of the REMIC Provisions.
Designation of Interests in REMICs. (a) The Trustee shall elect that each of REMIC I, REMIC II and REMIC III (which together constitute the Trust) 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 Pre-Funding Account, the Net Rate Cap Fund and the Initial Interest Coverage Account), any REO Property, and any proceeds of the foregoing. The REMIC I Regular Interests (as defined below) shall constitute the assets of REMIC II. The REMIC II Regular Interests shall constitute the assets of REMIC III.
Designation of Interests in REMICs. (a) The Trustee shall elect that each of REMIC I and REMIC II (which together constitute the Trust) 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 II shall include the Home Equity Loans, the Accounts, any REO Property and any proceeds of the foregoing. The REMIC II Regular Interests shall constitute the assets of REMIC I.
Designation of Interests in REMICs. (a) The Trustee shall elect that each of REMIC I, REMIC II, and REMIC III (which, together with the Net Rate Cap Fund, the Pre-Funding Account, the First Payment Loan Account and the Interest Rate Cap Agreement constitute the Trust) 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 III shall include the Mortgage Loans, the Accounts (other than the Net Rate Cap Fund, the Pre-Funding Account, the First Payment Loan Account and the Interest Rate Cap Agreement), any REO Property, and any proceeds of the foregoing. The REMIC III Regular Interests (as defined below), other than the Class P Certificates, shall constitute the assets of REMIC II, and the REMIC II Regular Interests (as defined below) shall constitute the assets of REMIC I. The Interest Rate Cap Agreement, the Pre-Funding Account and the Net Rate Cap Fund shall not be assets of any REMIC.
Designation of Interests in REMICs. (a) As provided herein, the Trustee shall elect that the Trust Estate (exclusive of the assets held in the Net WAC Cap Carryover Reserve Fund and the Swap Account) be treated for federal income tax purposes as comprising three real estate mortgage investment conduits (each a “REMIC” or, in the alternative, “REMIC I,” “REMIC II” and the “Master REMIC”). Each Certificate, other than the Class R Certificates, represents ownership of a regular interest in the Master REMIC for purposes of the REMIC Provisions. Each Certificate, other than the Class X-IO, Class R and Class P Certificates, also represents rights with respect to payments to be made from the Net WAC Cap Carryover Reserve Fund as further described in Section 7.04 of this Agreement and from the Swap Account as further described in Section 7.12 of this Agreement. The Class X-IO Certificates also evidence ownership of the assets held from time to time in the Net WAC Cap Carryover Reserve Fund, as further described in Section 7.04 hereof. The Class R Certificate represents ownership of the sole class of residual interest in each REMIC for purposes of the REMIC Provisions.
Designation of Interests in REMICs. (a) The Trustee shall elect that each of REMIC I and REMIC II (which, together with the Net Rate Cap Fund, Pre-Funding Account, First Payment Loan Account and Interest Rate Cap Agreements constitute the Trust) 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 II shall include the Mortgage Loans, the Accounts (other than the Net Rate Cap Fund, the Pre-Funding Account, First Payment Loan Account and the Interest Rate Cap Agreements), any REO Property, and any proceeds of the foregoing. The REMIC II Regular Interests (as defined below), other than the Class P Certificates, shall constitute the assets of REMIC I. The Interest Rate Cap Agreements, the Pre-Funding Account and the Net Rate Cap Fund shall not be assets of any REMIC.
Designation of Interests in REMICs. REMIC I ------- The Trustee shall make an election to treat the segregated pool of assets consisting of the Mortgage Loans and all other assets of the Trust other than the REMIC I Interests, REMIC II Interests and the Net Rate Cap Fund as a REMIC for federal income tax purposes, and such segregated pool of assets will be designated as "REMIC I." REMIC I will be evidenced by (x) REMIC I Regular Interests IA, IB, IC, ID, IE, IF, IG, IH, II, IJ, IK, IL and IN Interests and the Class P Certificates (together, the "REMIC I Regular Interests"), which (i) (except in the case of the Class P Certificates) will be uncertificated and non-transferable, and (ii) are hereby designated as the "regular interests" in REMIC I and (y) the Class R-1 Certificates, which are hereby designated as the sole class of "residual interests" in REMIC I (the REMIC I Regular Interests, together with the Class R-1 Certificates, the "REMIC I Interests"). The following table irrevocably sets forth the designation, the initial REMIC I Principal Balance, and the REMIC I Pass-Through Rate for each of the REMIC I Interests. Each of the REMIC I Interests (other than the Class P Certificates and the Class R-1 Certificates) shall accrue interest at the related REMIC I Pass-Through Rate in effect from time to time, and shall be entitled to distributions of principal, subject to the terms and conditions hereof, in an aggregate amount equal to its initial REMIC I Principal Balance as set forth below. The REMIC I Certificates will have the following designations, initial principal balances and pass-through rates:
Designation of Interests in REMICs. (a) The Trustee shall elect that each of REMIC I, REMIC II and each of the Fifty REMIC IIIs described in subsection (b) (which together with the assets of the Supplemental Interest Reserve Fund constitute the Trust) 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 the Fifty REMIC IIIs shall include the Home Equity Loans, the Accounts, any REO Property allocable to each of such Fifty REMIC IIIs and any proceeds of the foregoing. The separate assets of each of the Fifty REMIC IIIs are separately identified on Schedule I-F attached hereto. The Fifty REMIC III Regular Interests shall constitute the assets of REMIC II Regular Interests. The REMIC II Regular Interests shall constitute the assets of REMIC I.
Designation of Interests in REMICs. (a) The Trustee shall elect that each of REMIC I and REMIC II (which together constitute the Trust) 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 II shall include the Mortgage Loans, the Accounts (other than the Net Rate Cap Fund), any REO Property, and any proceeds of the foregoing. The REMIC II Regular Interests (as defined below), other than the Class P Certificates, shall constitute the assets of REMIC I.
Designation of Interests in REMICs. [The Trust Fund for federal income tax purposes will consist of four REMICs ("
