Common use of Designation of Interests in REMICs Clause in Contracts

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) 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 three real estate mortgage investment conduits (each a “REMIC” or, in the alternative, the “Subsidiary REMICREMIC 1,” “Subsidiary REMIC 2,” 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 A-IO and 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 REMICREMIC 1, Subsidiary REMIC 2, and the Master REMIC for purposes of the REMIC Provisions.

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 three real estate mortgage investment conduits (each a “REMIC” or, in the alternative, the “Subsidiary REMICREMIC 1,” “Subsidiary REMIC 2,” 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 A-IO and 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 REMICREMIC 1, Subsidiary REMIC 2, and the Master REMIC for purposes of the REMIC Provisions.