Common use of Designation of Interests in REMICs Clause in Contracts

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, 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, LIBOR Carryover Fund, 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, 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 accounts (other than the Pre-Funding Account, the Net Rate Cap Fund and the Initial Interest Coverage AccountWAC Fund), 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, 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 AccountLIBOR Carryover Fund, the Net Rate Class B 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, 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, LIBOR Carryover Fund, 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 (as defined below) shall constitute the assets of REMIC III.

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, LIBOR Carryover Fund and the Net Rate Cap Fund and the Initial Interest Coverage AccountFund), 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, 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) ), other than the Class P Certificates, 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, REMIC II and REMIC III (which together with 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 REMIC I III shall include the Mortgage Home Equity Loans, the Accounts (other than the Pre-Funding Account, the Net Rate Cap Fund and the Initial Supplemental Interest Coverage AccountReserve Fund), any REO Property, Property and any proceeds of the foregoing. The REMIC I III Regular Interests (as defined below) shall constitute the assets of REMIC II. The REMIC II Regular Interests shall constitute the assets of REMIC III.I.

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 Account 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, 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 LIBOR Carryover Fund, the Class B Carryover 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.