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 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 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 AccountsAccounts (other than the Supplemental Interest Reserve Fund), 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 and REMIC II (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 II shall include the Home Equity Mortgage Loans, the AccountsAccounts (other than the Supplemental Interest Reserve Fund), any REO Property and any proceeds of the foregoing. The REMIC II Regular Interests shall constitute the assets of REMIC I.