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 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) The Trustee shall elect that each of REMIC I, REMIC II, REMIC III, REMIC IV and REMIC III V (which, together with the Net Rate Cap Fund, the Pre-Funding Account, the First Payment Loan Account Account, the Prepayment Charges and the Interest Rate Cap Agreement 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 III V shall include the Mortgage LoansLoans (net of the Prepayment Charges), the Accounts (other than the Net Rate Cap Fund, the Pre-Funding Account, the First Payment Loan Account and the Interest Rate Cap AgreementAgreements), any REO Property, and any proceeds of the foregoing. The REMIC V Regular Interests (as defined below) shall constitute the assets of REMIC IV, the REMIC IV Regular Interests (as defined below) shall constitute the assets of REMIC III, 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 AgreementAgreements, the Pre-Funding Account Account, the Prepayment Charges and the Net Rate Cap Fund shall not be assets of any REMIC.

Designation of Interests in REMICs. (a) The Trustee shall elect that each of REMIC I, REMIC II, REMIC III, REMIC IV and REMIC III V (which, together with the Net Rate Cap Fund, the Pre-Funding Account, the First Payment Loan Account Account, the Prepayment Charges and the Interest Rate Cap Agreement 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 III V shall include the Mortgage LoansLoans (net of the Prepayment Charges), the Accounts (other than the Net Rate Cap Fund, the Pre-Funding Account, the First Payment Loan Account and the Interest Rate Cap AgreementAgreements), any REO Property, and any proceeds of the foregoing. The REMIC V Regular Interests (as defined below) shall constitute the assets of REMIC IV, the REMIC IV Regular Interests (as defined below) shall constitute the assets of REMIC III, 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 AgreementAgreements, the Pre-Funding Account Account, the First Payment Loan Account, the Prepayment Charges and the Net Rate Cap Fund shall not be assets of any REMIC.

Designation of Interests in REMICs. (a) The Trustee shall elect that each of REMIC I, REMIC II, REMIC III and REMIC III IV (which, together with the Net Rate Cap Fund, the Pre-Funding Account, the First Payment Loan Account Account, the Prepayment Charges and the Interest Rate Cap Agreement 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 III IV shall include the Mortgage LoansLoans (net of the Prepayment Charges), the Accounts (other than the Net Rate Cap Fund, the Pre-Funding Account, the First Payment Loan Account and the Interest Rate Cap AgreementAgreements), any REO Property, and any proceeds of the foregoing. The REMIC IV Regular Interests (as defined below) shall constitute the assets of REMIC III, 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 AgreementAgreements, the Pre-Funding Account Account, the First Payment Loan Account, the Prepayment Charges and the Net Rate Cap Fund shall not be assets of any REMIC.