Common use of REMIC Administration Clause in Contracts

REMIC Administration. (a) The Securities Administrator shall elect to treat each Trust REMIC as a REMIC under the Code and, if necessary, under applicable state law. Each such election will be made by the Securities Administrator on Form 1066 or other appropriate federal tax or information return or any appropriate state return for the taxable year ending on the last day of the calendar year in which the Certificates are issued. For the purposes of the REMIC election in respect of REMIC I, the REMIC I Regular Interests shall be designated as the Regular Interests in REMIC I and the Class R-I Interest shall be designated as the “residual interests” in REMIC I. For the purposes of the REMIC election in respect of REMIC II, the REMIC II Regular Interests shall be designated as the Regular Interests in REMIC II and the Class R-II Interest shall be designated as the “residual interests” in REMIC II. The Class A Certificates, the Mezzanine Certificates, the Class P Certificates, the Class IO Interest and the Class CE Certificates (exclusive of any right to receive payments from or obligation to make payments to the Reserve Fund or the Supplemental Interest Trust) shall be designated as the Regular Interests in REMIC III and the Class R-III Interest shall be designated as the Residual Interests in REMIC III. The Trustee shall not permit the creation of any “interests” in each Trust REMIC (within the meaning of Section 860G of the Code) other than the REMIC I Regular Interests, the REMIC II Regular Interests, the Class IO Interest and the interests represented by the Certificates.

REMIC Administration. (a) The Securities Administrator Trustee shall elect to treat each Trust REMIC as a REMIC under the Code and, if necessary, under applicable state law. Each such election will be made by the Securities Administrator Trustee on Form 1066 or other appropriate federal tax or information return or any appropriate state return for the taxable year ending on the last day of the calendar year in which the Certificates are issued. For the purposes of the REMIC election in respect of REMIC I, the REMIC I Regular Interests shall be designated as the Regular Interests in REMIC I and the Class R-I Interest shall be designated as the “residual interests” Residual Interest in REMIC I. For the purposes of the REMIC election in respect of REMIC II, the REMIC II Regular Interests shall be designated as the Regular Interests in REMIC II and the Class R-II Interest shall be designated as the “residual interests” Residual Interest in REMIC II. The Class A Certificates, the Mezzanine Certificates, the Class P CertificatesCE Interest, the Class IO P Interest and the Class CE Certificates (exclusive of any right to receive payments from or obligation to make payments to the Reserve Fund or the Supplemental Swap-IO Interest Trust) shall be designated as the Regular Interests in REMIC III and the Class R-III Interest shall be designated as the Residual Interest in REMIC III. The CE Certificates shall be designated as the Regular Interests in REMIC IIIIV and the Class R-IV Interest shall be designated as the Residual Interest in REMIC IV. The P Certificates shall be designated as the Regular Interests in REMIC V and the Class R-V Interest shall be designated as the Residual Interest in REMIC V. REMIC VI Regular Interest SWAP-IO shall be designated as the Regular Interests in REMIC VI and the Class R-VI Interest shall be designated as the Residual Interest in REMIC VI. The Trustee shall not permit the creation of any “interests” in each any Trust REMIC (within the meaning of Section 860G of the Code) other than the interests identified above as Regular Interests or Residual Interests in REMIC I Regular InterestsI, the REMIC II Regular InterestsII, the Class IO Interest and the interests represented by the CertificatesREMIC III, REMIC IV, REMIC V or REMIC VI.

REMIC Administration. (a) The Securities REMIC Administrator shall elect make an election to treat each Trust of REMIC I, REMIC II, REMIC III and REMIC IV as a REMIC under the Code and, if necessary, under applicable state law. Each such Such election will be made by the Securities Administrator on Form 1066 or other appropriate federal tax or information return (including Form 8811) or any appropriate state return for the taxable year ending on the last day of the calendar year in which the Certificates are issued. For the purposes of the REMIC election in respect of REMIC I, the The REMIC I Regular Interest shall be designated as the "regular interests" and the Class R-I Certificates shall be designated as the sole class of "residual interests" in REMIC I. The REMIC II Regular Interest shall be designated as the "regular interests" and the Class R-II Certificates shall be designated as the sole class of "residual interests" in REMIC II. The REMIC III Regular Interests shall be designated as the Regular Interests in REMIC I and the Class R-I Interest shall be designated as the “residual "regular interests” in REMIC I. For the purposes of the REMIC election in respect of REMIC II, the REMIC II Regular Interests shall be designated as the Regular Interests in REMIC II and the Class R-II Interest shall be designated as the “residual interests” in REMIC II. The Class A Certificates, the Mezzanine Certificates, the Class P Certificates, the Class IO Interest and the Class CE Certificates (exclusive of any right to receive payments from or obligation to make payments to the Reserve Fund or the Supplemental Interest Trust) shall be designated as the Regular Interests in REMIC III " and the Class R-III Interest Certificates shall be designated as the Residual Interests sole class of "residual interests" in REMIC III. The Class A-I, Class A-II, Class M-I, Class M-II, Class SB-I and Class SB-II Certificates shall be designated as the "regular interests" in REMIC IV and the Class R-IV Certificates shall be designated the sole class of "residual interests" in REMIC IV. The REMIC Administrator and the Trustee shall not permit the creation of any “"interests” in each Trust REMIC " (within the meaning of Section 860G of the Code) in the REMIC other than the REMIC I Regular Interests, the REMIC II Regular Interests, the Class IO Interest and the interests represented by the Certificates.

REMIC Administration. (a) The Securities Trust Administrator shall elect to treat each Trust REMIC created hereunder as a REMIC under the Code and, if necessary, under applicable state law. Each such Such election will be made by the Securities Trust Administrator on behalf of the Trustee on Form 1066 or other appropriate federal tax or information return or any appropriate state return for the taxable year ending on the last day of the calendar year in which the Certificates are issued. For the purposes of the REMIC election in respect of REMIC I, the REMIC I Regular Interests shall be designated as the Regular Interests in REMIC I and the Class R-I Interest shall be designated as the “residual interests” Residual Interest in REMIC I. For the purposes of the REMIC election in respect of REMIC IIThe Floating Rate Certificates, the REMIC II Regular Interests Class CE Interest and the Class P Interest shall be designated as the Regular Interests in REMIC II and the Class R-II Interest shall be designated as the “residual interests” Residual Interest in REMIC II. The Class A Certificates, the Mezzanine Certificates, the Class P Certificates, the Class IO Interest and the Class CE Certificates (exclusive of any right to receive payments from or obligation to make payments to the Reserve Fund or the Supplemental Interest Trust) shall be designated as the Regular Interests in REMIC III and the Class R-III Interest shall be designated as the Residual Interests Interest in REMIC III. The Class P Certificates shall be designated as the Regular Interests in REMIC IV and the Class R-IV Interest shall be designated as the Residual Interest in REMIC IV. Neither the Trustee nor the Trust Administrator shall not permit the creation of any “interests” in each any Trust REMIC (within the meaning of Section 860G of the Code) other than the REMIC I Regular Interests, the REMIC II Regular Interests, the Class IO Interest Interests and the interests represented by the Certificates.

REMIC Administration. (a) The Securities Administrator Trustee shall elect to treat each Trust of REMIC I, REMIC II and REMIC III as a REMIC under the Code and, if necessary, under applicable state law. Each such election will be made by the Securities Administrator on Form 1066 or other appropriate federal tax or information return or any appropriate state return for the taxable year ending on the last day of the calendar year in which the Certificates are issued. For the purposes of the REMIC election in respect of REMIC I, the REMIC I Regular Interests shall be designated as the Regular Interests in REMIC I and the Class R-I Interest Certificates shall be designated as the “residual interests” Residual Interests in REMIC I. For the purposes of the REMIC election in respect of REMIC II, the The REMIC II Regular Interests shall be designated as the Regular Interests in REMIC II and the Class R-II Interest Certificates shall be designated as the “residual interests” Residual Interests in REMIC II. The Class A Certificates, the Mezzanine Certificates, the Class P Certificates, the Class IO Interest CE Certificates and the Class CE P Certificates (exclusive of any right to receive payments from or obligation to make payments to the Reserve Fund or the Supplemental Interest Trust) shall be designated as the Regular Interests in REMIC III and the Class R-III Interest Certificates shall be designated as the Residual Interests in REMIC III. The Trustee shall not permit the creation of any “"interests” " in each Trust REMIC I, REMIC II or REMIC III (within the meaning of Section 860G of the Code) other than the REMIC I Regular Interests, the REMIC II Regular Interests, the Class IO Interest Interests and the interests represented by the Certificates.

REMIC Administration. (a) The Securities Administrator Trustee shall elect to treat each Trust REMIC as a REMIC under the Code and, if necessary, under applicable state law. Each such election will shall be made by the Securities Administrator Trustee on Form 1066 or other appropriate federal tax or information return or any appropriate state return for the taxable year ending on the last day of the calendar year in which the Certificates are issued. For the purposes of the REMIC election in respect of REMIC I, the REMIC I Regular Interests shall be designated as the Regular Interests in REMIC I and the Class R-I Interest shall be designated as the “residual interests” Residual Interest in REMIC I. For the purposes of the REMIC election in respect of REMIC IIThe Class A Certificates, the REMIC II Regular Interests Mezzanine Certificates, the Class CE Interest and the Class P Interest shall be designated as the Regular Interests in REMIC II and the Class R-II Interest shall be designated as the “residual interests” Residual Interest in REMIC II. The Class A Certificates, the Mezzanine Certificates, the Class P Certificates, the Class IO Interest and the Class CE Certificates (exclusive of any right to receive payments from or obligation to make payments to the Reserve Fund or the Supplemental Interest Trust) shall be designated as the Regular Interests in REMIC III and the Class R-III Interest shall be designated as the Residual Interest in REMIC III. The P Certificates shall be designated as the Regular Interests in REMIC IIIIV and the Class R-IV Interest shall be designated as the Residual Interest in REMIC IV. The Trustee shall not permit the creation of any “"interests” " in each any Trust REMIC (within the meaning of Section 860G of the Code) other than the REMIC I Regular Interests, the REMIC II Regular InterestsClass CE Interest, the Class IO P Interest and the interests represented by the Certificates.

REMIC Administration. (a) The Securities Administrator Trustee shall elect to treat each Trust of REMIC I, REMIC II and REMIC III as a REMIC under the Code and, if necessary, under applicable state law. Each such election will be made by the Securities Administrator Master Servicer on behalf of the Trustee on Form 1066 or other appropriate federal tax or information return or any appropriate state return for the taxable year ending on the last day of the calendar year in which the Certificates are issued. For the purposes of the REMIC election in respect of REMIC I, the REMIC I Regular Interests shall be designated as the Regular Interests in REMIC I and the Class R-I Interest Certificates shall be designated as the “residual interests” Residual Interests in REMIC I. For the purposes of the REMIC election in respect of REMIC II, the The REMIC II Regular Interests shall be designated as the Regular Interests in REMIC II and the Class R-II Interest Certificates shall be designated as the “residual interests” Residual Interests in REMIC II. The Class A Certificates, the Mezzanine Certificates, Class CE Certificates and the Class P Certificates, the Class IO Interest and the Class CE Certificates (exclusive of any right to receive payments from or obligation to make payments to the Reserve Fund or the Supplemental Interest Trust) shall be designated as the Regular Interests in REMIC III and the Class R-III Interest Certificates shall be designated as the Residual Interests in REMIC III. The Neither the Trustee nor the Trust Administrator shall not permit the creation of any “"interests” " in each Trust REMIC I, REMIC II or REMIC III (within the meaning of Section 860G of the Code) other than the REMIC I Regular Interests, the REMIC II Regular Interests, the Class IO Interest Interests and the interests represented by the Certificates.

REMIC Administration. (a) The Securities Administrator Trustee shall elect to treat each Trust REMIC as a REMIC under the Code and, if necessary, under applicable state law. Each such election will be made by the Securities Administrator on Form 1066 or other appropriate federal tax or information return (including Form 8811) or any appropriate state return for the taxable year ending on the last day of the calendar year in which the Certificates are issued, copies of which forms and returns shall promptly be furnished by the Trustee to the NIMS Insurer. For the purposes of the REMIC election in respect of REMIC I1, the REMIC I 1 Regular Interests shall be designated as the Regular Interests in REMIC I 1 and the Class R-I R‑1 Interest shall be designated as the “residual interests” Residual Interest in REMIC I. 1. For the purposes of the REMIC election in respect of REMIC II2, the REMIC II 2 Regular Interests shall be designated as the Regular Interests in REMIC II 2 and the Class R-II R-2 Interest shall be designated as the “residual interests” Residual Interest in REMIC II2. The Class A Certificates, the Mezzanine Certificates, the Class P Certificates, the Class IO Interest and the Class CE Certificates (exclusive of any right to receive payments from or obligation to make payments to the Reserve Fund or the Supplemental Interest Trust) REMIC 3 Regular Interests shall be designated as the Regular Interests in REMIC III 3 and the Class R-III R-3 Interest shall be designated as the Residual Interest in REMIC 3. For the purposes of the REMIC election in respect of REMIC CX, the Class C Certificates shall be designated as the Regular Interests in REMIC IIICX and the Class R‑CX Interest shall be designated as the Residual Interest in REMIC CX. For the purposes of the REMIC election in respect of REMIC PX, the Class P Certificates shall be designated as the Regular Interests in REMIC PX and the Class R‑PX Interest shall be designated as the Residual Interest in REMIC PX. For the purposes of the REMIC election in respect of REMIC SwapX, the Class Swap IO Upper-Tier Interest shall be designated as the Regular Interests in REMIC SwapX and the Class R-SwapX Interest shall be designated as the Residual Interest in REMIC SwapX. The Trustee shall not permit the creation of any “interests” in each Trust REMIC 1, REMIC 2, REMIC 3, REMIC CX, REMIC SwapX or REMIC PX (within the meaning of Section 860G of the Code) other than the REMIC I 1 Regular Interests, the REMIC II 2 Regular Interests, the Class IO Interest REMIC 3 Regular Interests and the interests represented by the Certificates.

REMIC Administration. (a) The Securities Certificate Administrator shall elect make elections or cause elections to be made to treat each Trust of the Lower-Tier REMIC and the Upper-Tier REMIC as a REMIC under the Code and, if necessary, under applicable state lawApplicable State and Local Tax Law. Each such election will be made by the Securities Administrator on Form 1066 or other appropriate federal tax or information return or any appropriate state return for the taxable year ending on the last day of the calendar year in which the Uncertificated Lower-Tier Interests and the Certificates are issued. For the purposes of the REMIC election in respect of REMIC Ithe Upper-Tier REMIC, (i) each Class of the REMIC I Regular Interests Certificates (exclusive of the portion of the Class NR Certificates representing an interest in the Grantor Trust) shall be designated as the Regular Interests in REMIC I “regular interests” and the Class R-I UR Interest shall be designated as the sole class of “residual interests” in REMIC I. the Upper-Tier REMIC. For the purposes of the REMIC election in respect of REMIC IIthe Lower-Tier REMIC, the REMIC II Regular each Class of Uncertificated Lower-Tier Interests shall be designated as the Regular Interests in REMIC II a class of “regular interests” and the Class R-II LR Interest shall be designated as the sole class of “residual interests” in REMIC IIthe Lower-Tier REMIC. The Class A CertificatesNone of the Special Servicer, the Mezzanine Certificates, Master Servicer nor the Class P Certificates, the Class IO Interest and the Class CE Certificates (exclusive of any right to receive payments from or obligation to make payments to the Reserve Fund or the Supplemental Interest Trust) shall be designated as the Regular Interests in REMIC III and the Class R-III Interest shall be designated as the Residual Interests in REMIC III. The Trustee shall not permit the creation of any “interests” in each Trust REMIC (within the meaning of Section 860G of the Code) in the Lower-Tier REMIC or the Upper-Tier REMIC other than the REMIC I Regular Interests, the REMIC II Regular Interests, the Class IO Interest and the interests represented by the Certificatesforegoing interests.

REMIC Administration. (a) The Securities Administrator Trustee shall elect to treat each Trust REMIC created hereunder as a REMIC under the Code and, if necessary, under applicable state law. Each such election will be made by the Securities Administrator on Form 1066 or other appropriate federal tax or information return or any appropriate state return for the taxable year ending on the last day of the calendar year in which the Certificates are issued. For the purposes of the REMIC election in respect of REMIC I, the REMIC I Regular Interests shall be designated as the Regular Interests in REMIC I and the Class R-I Interest interest shall be designated as the “residual interests” Residual Interest in REMIC I. For the purposes of the REMIC election in respect of REMIC II, the The REMIC II Regular Interests shall be designated as the Regular Interests in REMIC II and the Class R-II Interest interest shall be designated as the “residual interests” Residual Interest in REMIC II. The Class A Certificates, the Mezzanine Certificates, the Class P Certificates, the Class IO Interest and the Class CE Certificates (exclusive of any right to receive payments from or obligation to make payments to the Reserve Fund or the Supplemental Interest Trust) REMIC III Regular Interests shall be designated as the Regular Interests in REMIC III and the Class R-III Interest interest shall be designated as the Residual Interests Interest in REMIC III. The Trustee shall not permit the creation of any “interests” in each Trust any REMIC created hereunder (within the meaning of Section 860G of the Code) other than the REMIC I Regular Interests, Interests and the REMIC II Regular Interests, the Class IO Interest Interests and the interests represented by the Certificates.

REMIC Administration. (a) The Securities REMIC Administrator shall elect make an election to treat each Trust REMIC all REMICs created hereunder as a REMIC under the Code and, if necessary, under applicable state law. Each such election will be made by the Securities Administrator on Form 1066 or other appropriate federal tax or information return (including Form 8811) or any appropriate state return for the taxable year ending on the last day of the calendar year in which the Certificates are issued. For the purposes of the REMIC election in respect of REMIC I, the The REMIC I Regular Interests shall be designated as the Regular Interests in REMIC I "regular interests" and the Class R-I Interest Certificates shall be designated as the “sole Class of "residual interests” " in the REMIC I. For the purposes of the REMIC election in respect of REMIC II, the The REMIC II Regular Interests shall be designated as the Regular Interests in REMIC II "regular interests" and the Class R-II Interest Certificates shall be designated as the “sole Class of "residual interests” " in the REMIC II. The Class A Certificates, the Mezzanine Certificates, the Class P Certificates, the Class IO Interest and the Class CE Certificates (exclusive of any right to receive payments from or obligation to make payments to the Reserve Fund or the Supplemental Interest Trust) REMIC III Regular Interests shall be designated as the Regular Interests in REMIC III "regular interests" and the Class R-III Interest Certificates shall be designated as the Residual Interests sole Class of "residual interests" in the REMIC III. The REMIC Administrator and the Trustee shall not permit the creation of any “"interests” in each Trust REMIC " (within the meaning of Section 860G of the Code) in REMIC I, REMIC II or REMIC III other than the REMIC I Regular Interests, the REMIC II Regular Interests, the Class REMIC III Regular Interest IO Interest and the interests represented by the Certificates.

REMIC Administration. (a) The Securities Administrator Trustee shall elect to treat each Trust REMIC as a REMIC under the Code and, if necessary, under applicable state law. Each such election will be made by the Securities Administrator on Form 1066 or other appropriate federal tax or information return (including Form 8811) or any appropriate state return for the taxable year ending on the last day of the calendar year in which the Certificates are issued, copies of which forms and returns shall promptly be furnished by the Trustee to the NIMS Insurer. For the purposes of the REMIC election in respect of REMIC I1, the REMIC I 1 Regular Interests shall be designated as the Regular Interests in REMIC I 1 and the Class R-I R-1 Interest shall be designated as the “residual interests” Residual Interest in REMIC I. 1. For the purposes of the REMIC election in respect of REMIC II2, the REMIC II 2 Regular Interests shall be designated as the Regular Interests in REMIC II 2 and the Class R-II R-2 Interest shall be designated as the “residual interests” Residual Interest in REMIC II2. The Class A Certificates, the Mezzanine Certificates, the Class P Certificates, the Class IO Interest and the Class CE Certificates (exclusive of any right to receive payments from or obligation to make payments to the Reserve Fund or the Supplemental Interest Trust) REMIC 3 Regular Interests shall be designated as the Regular Interests in REMIC III 3 and the Class R-III R-3 Interest shall be designated as the Residual Interest in REMIC 3. For the purposes of the REMIC election in respect of REMIC CX, the Class C Certificates shall be designated as the Regular Interests in REMIC IIICX and the Class R-CX Interest shall be designated as the Residual Interest in REMIC CX. For the purposes of the REMIC election in respect of REMIC PX, the Class P Certificates shall be designated as the Regular Interests in REMIC PX and the Class R-PX Interest shall be designated as the Residual Interest in REMIC PX. For the purposes of the REMIC election in respect of REMIC SwapX, the Class Swap IO Upper-Tier Interest shall be designated as the Regular Interests in REMIC SwapX and the Class R-SwapX Interest shall be designated as the Residual Interest in REMIC SwapX. The Trustee shall not permit the creation of any “interests” in each Trust REMIC 1, REMIC 2, REMIC 3, REMIC CX, REMIC SwapX or REMIC PX (within the meaning of Section 860G of the Code) other than the REMIC I 1 Regular Interests, the REMIC II 2 Regular Interests, the Class IO Interest REMIC 3 Regular Interests and the interests represented by the Certificates.

REMIC Administration. (a) The Securities REMIC Administrator shall elect make an election to treat each Trust of REMIC I, REMIC II, REMIC III and REMIC IV as a REMIC under the Code and, if necessary, under applicable state law. Each such Such election will be made by the Securities Administrator on Form 1066 or other appropriate federal tax or information return (including Form 8811) or any appropriate state return for the taxable year ending on the last day of the calendar year in which the Certificates are issued. For the purposes of the REMIC election in respect of REMIC I, the The REMIC I Regular Interests shall be designated as the Regular Interests in REMIC I "regular interests" and the Class R-I Interest Certificates shall be designated as the “sole class of "residual interests” " in REMIC I. For the purposes of the REMIC election in respect of REMIC II, the The REMIC II Regular Interests shall be designated as the Regular Interests in REMIC II "regular interests" and the Class R-II Interest Certificates shall be designated as the “sole class of "residual interests” " in REMIC II. The Class A Certificates, the Mezzanine Certificates, the Class P Certificates, the Class IO Interest and the Class CE Certificates (exclusive of any right to receive payments from or obligation to make payments to the Reserve Fund or the Supplemental Interest Trust) REMIC III Regular Interests shall be designated as the Regular Interests in REMIC III "regular interests" and the Class R-III Interest Certificates shall be designated as the Residual Interests sole class of "residual interests" in REMIC III. The Class A-I, Class A-II, Class SB-I and Class SB-II Certificates shall be designated as the "regular interests" in REMIC IV and the Class R-IV Certificates shall be designated the sole class of "residual interests" in REMIC IV. The REMIC Administrator and the Trustee shall not permit the creation of any “"interests” in each Trust REMIC " (within the meaning of Section 860G of the Code) in the REMIC other than the REMIC I Regular Interests, the REMIC II Regular Interests, the Class IO Interest and the interests represented by the Certificates.

REMIC Administration. (a) The Securities REMIC Administrator shall elect make an election to treat each Trust REMIC all REMICs created hereunder as a REMIC under the Code and, if necessary, under applicable state law. Each such election will be made by the Securities Administrator on Form 1066 or other appropriate federal tax or information return (including Form 8811) or any appropriate state return for the taxable year ending on the last day of the calendar year in which the Certificates are issued. For the purposes of the REMIC election in respect of REMIC I, the The REMIC I Regular Interests shall be designated as the Regular Interests in REMIC "regular interests" and Component I and of the Class R-I Interest R Certificates shall be designated as the “sole Class of "residual interests” " in REMIC I. For the purposes of the REMIC election in respect of REMIC II, the The REMIC II Regular Interests shall be designated as the Regular Interests in REMIC "regular interests" and Component II and of the Class R-II Interest R Certificates shall be designated as the “sole Class of "residual interests” " in REMIC II. The Class A Certificates, the Mezzanine Certificates, the Class P Certificates, the Class IO Interest and the Class CE Certificates (exclusive of any right to receive payments from or obligation to make payments to the Reserve Fund or the Supplemental Interest Trust) REMIC III Regular Interests shall be designated as the Regular Interests in REMIC "regular interests" and Component III and of the Class R-III Interest R Certificates shall be designated as the Residual Interests sole Class of "residual interests" in REMIC III. The REMIC IV Regular Interests shall be designated as the "regular interests" and Component IV of the Class R Certificates shall be designated as the sole Class of "residual interests" in REMIC IV. The REMIC Administrator and the Trustee shall not permit the creation of any “"interests” in each Trust REMIC " (within the meaning of Section 860G of the Code) in REMIC I, REMIC II, REMIC III or REMIC IV other than the REMIC I Regular Interests, the REMIC II Regular Interests, the Class REMIC III Regular Interests, REMIC IV Regular Interest IO Interest and the interests represented by the Certificates.

REMIC Administration. (a) The Securities Certificate Administrator shall elect make elections or cause elections to be made to treat each Trust of the Lower-Tier REMIC and the Upper-Tier REMIC as a REMIC under the Code and, if necessary, under applicable state lawApplicable State and Local Tax Law. Each such election will be made by the Securities Administrator on Form 1066 or other appropriate federal tax or information return or any appropriate state return for the taxable year ending on the last day of the calendar year in which the Uncertificated Lower-Tier Interests and the Certificates are issued. For the purposes of the REMIC election in respect of REMIC Ithe Upper-Tier REMIC, (i) each Class of the REMIC I Regular Interests Certificates (exclusive of the portion of the Class NR Certificates representing an interest in the Grantor Trust) shall be designated as the Regular Interests “regular interests” (or in REMIC I the case of an exchange and conversion of Class A-S, Class B and Class C Certificates for Class EC Certificates, such “regular interests” shall be deemed to be held by the Trustee in uncertificated form unless reconverted to Class A-S, Class B and Class C Certificates) and the Class R-I UR Interest shall be designated as the sole class of “residual interests” in REMIC I. the Upper-Tier REMIC. For the purposes of the REMIC election in respect of REMIC IIthe Lower-Tier REMIC, the REMIC II Regular each Class of Uncertificated Lower-Tier Interests shall be designated as the Regular Interests in REMIC II a class of “regular interests” and the Class R-II LR Interest shall be designated as the sole class of “residual interests” in REMIC IIthe Lower-Tier REMIC. The Class A CertificatesNone of the Special Servicer, the Mezzanine Certificates, Master Servicer nor the Class P Certificates, the Class IO Interest and the Class CE Certificates (exclusive of any right to receive payments from or obligation to make payments to the Reserve Fund or the Supplemental Interest Trust) shall be designated as the Regular Interests in REMIC III and the Class R-III Interest shall be designated as the Residual Interests in REMIC III. The Trustee shall not permit the creation of any “interests” in each Trust REMIC (within the meaning of Section 860G of the Code) in the Lower-Tier REMIC or the Upper-Tier REMIC other than the REMIC I Regular Interests, the REMIC II Regular Interests, the Class IO Interest and the interests represented by the Certificatesforegoing interests.

REMIC Administration. (a) The Securities Administrator Trustee shall elect to treat each Trust of REMIC I, REMIC II and REMIC III as a REMIC under the Code and, if necessary, under applicable state law. Each such election will be made by the Securities Administrator Master Servicer on behalf of the Trustee on Form 1066 or other appropriate federal tax or information return or any appropriate state return for the taxable year ending on the last day of the calendar year in which the Certificates are issued. For the purposes of the REMIC election in respect of REMIC I, the REMIC I Regular Interests shall be designated as the Regular Interests in REMIC I and the Class R-I Interest Certificates shall be designated as the “residual interests” Residual Interests in REMIC I. For the purposes of the REMIC election in respect of REMIC II, the The REMIC II Regular Interests shall be designated as the Regular Interests in REMIC II and the Class R-II Interest Certificates shall be designated as the “residual interests” Residual Interests in REMIC II. The Class A Certificates, the Mezzanine Certificates, the Class P Certificates, the Class IO Interest CE Certificates and the Class CE P Certificates (exclusive of any right to receive payments from or obligation to make payments to the Reserve Fund or the Supplemental Interest Trust) shall be designated as the Regular Interests in REMIC III and the Class R-III Interest Certificates shall be designated as the Residual Interests in REMIC III. The Trustee shall not permit the creation of any “"interests” " in each Trust REMIC I, REMIC II or REMIC III (within the meaning of Section 860G of the Code) other than the REMIC I Regular Interests, the REMIC II Regular Interests, the Class IO Interest Interests and the interests represented by the Certificates.

REMIC Administration. (a) The Securities Administrator Trustee shall elect make an election to treat each the Trust REMIC Fund as a REMIC three REMICs under the Code and, if necessary, under applicable state law. Each such election will be made by the Securities Administrator on Form 1066 or other appropriate federal tax or information return (including Form 8811) or any appropriate state return for the taxable year ending on the last day of the calendar year in which the Certificates are issued. For the purposes of the REMIC election elections in respect of the Trust Fund, (i) the Class R-1 Interest will constitute the sole class of Residual Interests in REMIC I1, the REMIC I 1 Regular Interests shall be designated as the Regular Interests in REMIC I and 1 (ii) the Class R-I R-2 Interest shall be designated as will constitute the “residual interests” sole class of Residual Interests in REMIC I. For the purposes of the REMIC election in respect of REMIC II2, the REMIC II 2 Regular Interests shall be designated as the Regular Interests in REMIC II 2, and (iii) the Class R-3 Interest will constitute the sole class of Residual Interests in REMIC 3, and the Class R-II Interest shall be designated as the “residual interests” in REMIC II. The Class A Certificates, the Mezzanine Certificates, the Class P Certificates, the Class IO Interest and the Class CE Certificates (exclusive of any right to receive payments from or obligation to make payments to the Reserve Fund or the Supplemental Interest Trust) 3 Regular Interests shall be designated as the Regular Interests in REMIC III 3. The Master Servicer and the Class R-III Interest shall be designated as the Residual Interests in REMIC III. The Trustee shall not permit the creation of any “interests” in each Trust REMIC (within the meaning of Section 860G of the Code) in REMIC 1, REMIC 2 or REMIC 3 other than the REMIC I 1 Regular Interests, the REMIC II 2 Regular Interests, REMIC 3 Regular Interests, the Class IO R-1 Interest, the Class R-2 Interest and the interests represented by Class R-3 Interest. The Trustee will apply for an Employee Identification Number from the CertificatesInternal Revenue Service via Form SS-4 or any other acceptable method for each of REMIC 1, REMIC 2 and REMIC 3.

REMIC Administration. (a) The Securities Administrator Trustee shall elect to treat each Trust REMIC as a REMIC under the Code and, if necessary, under applicable state law. Each such election will be made by the Securities Administrator Trustee on Form 1066 or other appropriate federal tax or information return or any appropriate state return for the taxable year ending on the last day of the calendar year in which the Certificates are issued. For the purposes of the REMIC election in respect of REMIC I, the REMIC I Regular Interests shall be designated as the Regular Interests in REMIC I and the Class R-I Interest shall be designated as the “residual interests” Residual Interest in REMIC I. For the purposes of the REMIC election in respect of REMIC IIThe Class A Certificates, the REMIC II Regular Interests Mezzanine Certificates, the Class CE Interest and the Class P Interest shall be designated as the Regular Interests in REMIC II and the Class R-II Interest shall be designated as the “residual interests” Residual Interest in REMIC II. The Class A Certificates, the Mezzanine Certificates, the Class P Certificates, the Class IO Interest and the Class CE Certificates (exclusive of any right to receive payments from or obligation to make payments to the Reserve Fund or the Supplemental Interest Trust) shall be designated as the Regular Interests in REMIC III and the Class R-III Interest shall be designated as the Residual Interest in REMIC III. The P Certificates shall be designated as the Regular Interests in REMIC IIIIV and the Class R-IV Interest shall be designated as the Residual Interest in REMIC IV. The Trustee shall not permit the creation of any “"interests” " in each any Trust REMIC (within the meaning of Section 860G of the Code) other than the REMIC I Regular Interests, the REMIC II Regular InterestsClass CE Interest, the Class IO P Interest and the interests represented by the Certificates.

REMIC Administration. (a) The Securities Administrator Trustee shall elect to treat each Trust REMIC created hereunder as a REMIC under the Code and, if necessary, under applicable state law. Each such election will be made by the Securities Administrator on Form 1066 or other appropriate federal tax or information return or any appropriate state return for the taxable year ending on the last day of the calendar year in which the Certificates are issued. For the purposes of the REMIC election in respect of REMIC I, the REMIC I Regular Interests shall be designated as the Regular Interests in REMIC I and the Class R-I Interest interest shall be designated as the “residual interests” Residual Interest in REMIC I. For the purposes of the REMIC election in respect of REMIC II, the The REMIC II Regular Interests shall be designated as the Regular Interests in REMIC II and the Class R-II Interest interest shall be designated as the “residual interests” Residual Interest in REMIC II. The Class A Certificates, the Mezzanine Certificates, the Class P Certificates, the Class IO Interest and the Class CE Certificates (exclusive of any right to receive payments from or obligation to make payments to the Reserve Fund or the Supplemental Interest Trust) REMIC III Regular Interests shall be designated as the Regular Interests in REMIC III and the Class R-III Interest interest shall be designated as the Residual Interests Interest in REMIC III. The REMIC IV Regular Interests shall be designated as the Regular Interests in REMIC IV and the R-IV interest shall be designated as the Residual Interest in REMIC IV. The Certificates (other than the Residual Certificates) shall be designated as the Regular Interests in REMIC V and the R-V interest shall be designated as the Residual Interest in REMIC V. The Trustee shall not permit the creation of any “interests” in each Trust any REMIC created hereunder (within the meaning of Section 860G of the Code) other than the REMIC I Regular Interests, the REMIC II Regular Interests, the Class IO Interest REMIC III Regular Interests and the REMIC IV Regular Interests, and the interests represented by the Certificates.

REMIC Administration. (a) The Securities Administrator Trustee shall elect to treat each Trust of REMIC I, REMIC II and REMIC III as a REMIC under the Code and, if necessary, under applicable state law. Each such election will be made by the Securities Administrator Master Servicer on behalf of the Trustee on Form 1066 or other appropriate federal tax or information return or any appropriate state return for the taxable year ending on the last day of the calendar year in which the Certificates are issued. For the purposes of the REMIC election in respect of REMIC I, the REMIC I Regular Interests shall be designated as the Regular Interests in REMIC I and the Class R-I Interest Certificates shall be designated as the “residual interests” Residual Interests in REMIC I. For the purposes of the REMIC election in respect of REMIC II, the The REMIC II Regular Interests shall be designated as the Regular Interests in REMIC II and the Class R-II Interest Certificates shall be designated as the “residual interests” Residual Interests in REMIC II. The Class A Certificates, the Mezzanine Certificates, the Class P Certificates, the Class IO Interest CE Certificates and the Class CE P Certificates (exclusive of any right to receive payments from or obligation to make payments to the Reserve Fund or the Supplemental Interest Trust) shall be designated as the Regular Interests in REMIC III and the Class R-III Interest Certificates shall be designated as the Residual Interests in REMIC III. The Neither the Trustee nor the Trust Administrator shall not permit the creation of any “"interests” " in each Trust REMIC I, REMIC II or REMIC III (within the meaning of Section 860G of the Code) other than the REMIC I Regular Interests, the REMIC II Regular Interests, the Class IO Interest Interests and the interests represented by the Certificates.

REMIC Administration. (a) The Securities Administrator Trustee shall elect to treat each Trust REMIC created hereunder as a REMIC under the Code and, if necessary, under applicable state lawlaw and as instructed by the Securities Administrator. Each such election will shall be made by the Securities Administrator on Form 1066 or other appropriate federal tax or information return or any appropriate state return for the taxable year ending on the last day of the calendar year in which the Certificates are issued. For the purposes of the REMIC election in respect of REMIC I, the REMIC I Regular Interests shall be designated as the Regular Interests in REMIC I and the Class R-I Interest interest shall be designated as the “residual interests” Residual Interest in REMIC I. For the purposes of the REMIC election in respect of REMIC II, the The REMIC II Regular Interests shall be designated as the Regular Interests in REMIC II and the Class R-II Interest interest shall be designated as the “residual interests” Residual Interest in REMIC II. The Class A Certificates, the Mezzanine Certificates, the Class P Certificates, the Class IO Interest and the Class CE Certificates (exclusive of any right to receive payments from or obligation to make payments to the Reserve Fund or the Supplemental Interest Trust) REMIC III Regular Interests shall be designated as the Regular Interests in REMIC III and the Class R-III Interest interest shall be designated as the Residual Interest in REMIC III. The REMIC IV Regular Interests shall be designated as the Regular Interests in REMIC IIIIV and the R-IV interest shall be designated as the Residual Interest in REMIC IV. The Trustee shall not permit the creation of any “interests” in each Trust any REMIC formed hereby (within the meaning of Section 860G of the Code) other than the REMIC I Regular Interests, the REMIC II Regular Interests, the Class IO Interest REMIC III Regular Interests and the interests represented by the REMIC IV Regular Interests and Class R Certificates.

REMIC Administration. (a) The Securities Administrator Trustee shall elect to treat each Trust REMIC as a REMIC under the Code and, if necessary, under applicable state law. Each such election will be made by the Securities Administrator Trustee on Form 1066 or other appropriate federal tax or information return or any appropriate state return for the taxable year ending on the last day of the calendar year in which the Certificates are issued. For the purposes of the REMIC election in respect of REMIC I, the REMIC I Regular Interests shall be designated as the Regular Interests in REMIC I and the Class R-I Interest shall be designated as the “residual interests” Residual Interest in REMIC I. For the purposes of the REMIC election in respect of REMIC II, the The REMIC II Regular Interests shall be designated as the Regular Interests in REMIC II and the Class R-II Interest shall be designated as the “residual interests” Residual Interest in REMIC II. The Class A Certificates, the Mezzanine Certificates, the Class P Certificates, the Class IO Interest CE Certificates and the Class CE P Certificates (exclusive of any right to receive payments from or obligation to make payments to the Reserve Fund or the Supplemental Interest Trust) shall be designated as the Regular Interests in REMIC III and the Class R-III Interest shall be designated as the Residual Interests Interest in REMIC III. The Trustee shall not permit the creation of any “"interests” " in each any Trust REMIC (within the meaning of Section 860G of the Code) other than the REMIC I Regular Interests, the REMIC II Regular Interests, the Class IO Interest Interests and the interests represented by the Certificates.

REMIC Administration. (a) The Securities Administrator Trustee shall elect to treat each Trust REMIC as a REMIC under the Code and, if necessary, under applicable state law. Each such election will shall be made by the Securities Administrator Trustee on Form 1066 or other appropriate federal tax or information return or any appropriate state return for the taxable year ending on the last day of the calendar year in which the Certificates are issued. For the purposes of the REMIC election in respect of REMIC I, (i) the REMIC I Regular Interests shall be designated as the Regular Interests in REMIC I and the Class R-I Interest shall be designated as the “residual interests” Residual Interest in REMIC I. For the purposes of the REMIC election in respect of REMIC III, (ii) the REMIC II Regular Interests shall be designated as the Regular Interests in REMIC II and the Class R-II Interest shall be designated as the “residual interests” Residual Interest in REMIC II. The , (iii) the Class A Certificates, the Mezzanine Certificates, the Class P Certificates, the Class IO Interest and the Class CE Certificates (exclusive of any the right to receive payments from the Net WAC Carryover Reserve Account or the Swap Account or the obligation to make payments to the Reserve Fund or Swap Account), the Supplemental Class SWAP-IO Interest, the Class CE Interest Trust) and the Class P Interest shall be designated as the Regular Interests in REMIC III and the Class R-III Interest shall be designated as the Residual Interest in REMIC III, (v) the Class CE Certificates shall be designated as the Regular Interests in REMIC IIIIV and the Class R-IV Interest shall be designated as the Residual Interest in REMIC IV, (vi) the Class P Certificates shall be designated as the Regular Interests in REMIC V and the Class R-V Interest shall be designated as the Residual Interest in REMIC V and (vii) REMIC VI Regular Interest SWAP-IO shall be designated as the Regular Interests in REMIC VI and the Class R-VI Interest shall be designated as the Residual Interest in REMIC VI. The Trustee shall not permit the creation of any “"interests” " in each any Trust REMIC (within the meaning of Section 860G of the Code) other than the REMIC I Regular Interests, the REMIC II Regular Interests, the Class CE Interest, the Class P Interest, the Class SWAP-IO Interest and the interests represented by the Certificates.

REMIC Administration. (a) The Securities Certificate Administrator shall elect make elections or cause elections to be made to treat each Trust of the Lower-Tier REMIC and the Upper-Tier REMIC as a REMIC under the Code and, if necessary, under applicable state lawApplicable State and Local Tax Law. Each such election will be made by the Securities Administrator on Form 1066 or other appropriate federal tax or information return or any appropriate state return for the taxable year ending on the last day of the calendar year in which the Uncertificated Lower-Tier Interests and the Certificates are issued. For the purposes of the REMIC election in respect of REMIC Ithe Upper-Tier REMIC, each Class of the REMIC I Regular Interests Certificates (exclusive of the portion of the Class NR Certificates representing an interest in the Grantor Trust) shall be designated as the Regular Interests “regular interests” (or in REMIC I the case of an exchange and conversion of Class A-S, Class B and Class C Certificates for Class EC Certificates, such “regular interests” shall be deemed to be held by the Trustee in uncertificated form unless reconverted to Class A-S, Class B and Class C Certificates) and the Class R-I UR Interest shall be designated as the sole class of “residual interests” in REMIC I. the Upper-Tier REMIC. For the purposes of the REMIC election in respect of REMIC IIthe Lower-Tier REMIC, the REMIC II Regular each Class of Uncertificated Lower-Tier Interests shall be designated as the Regular Interests in REMIC II a class of “regular interests” and the Class R-II LR Interest shall be designated as the sole class of “residual interests” in REMIC IIthe Lower-Tier REMIC. The Class A CertificatesNone of the Special Servicer, the Mezzanine Certificates, Master Servicer nor the Class P Certificates, the Class IO Interest and the Class CE Certificates (exclusive of any right to receive payments from or obligation to make payments to the Reserve Fund or the Supplemental Interest Trust) shall be designated as the Regular Interests in REMIC III and the Class R-III Interest shall be designated as the Residual Interests in REMIC III. The Trustee shall not permit the creation of any “interests” in each Trust REMIC (within the meaning of Section 860G of the Code) in the Lower-Tier REMIC or the Upper-Tier REMIC other than the REMIC I Regular Interests, the REMIC II Regular Interests, the Class IO Interest and the interests represented by the Certificatesforegoing interests.

REMIC Administration. (a) The Securities Trust Administrator shall elect to treat each Trust REMIC created hereunder as a REMIC under the Code and, if necessary, under applicable state law. Each such Such election will be made by the Securities Trust Administrator on behalf of the Trustee on Form 1066 or other appropriate federal tax or information return or any appropriate state return for the taxable year ending on the last day of the calendar year in which the Certificates are issued. For the purposes of the REMIC election in respect of REMIC I, the REMIC I Regular Interests shall be designated as the Regular Interests in REMIC I and the Class R-I Interest shall be designated as the “residual interests” Residual Interest in REMIC I. For the purposes of the REMIC election in respect of REMIC II, the The REMIC II Regular Interests shall be designated as the Regular Interests in REMIC II and the Class R-II Interest shall be designated as the “residual interests” Residual Interest in REMIC II. The Class A Certificates, the Mezzanine Floating Rate Certificates, the Class P CertificatesCE Interest, the Class IO Interest and the Class CE Certificates (exclusive of any right to receive payments from or obligation to make payments to the Reserve Fund or the Supplemental P Interest Trust) shall be designated as the Regular Interests in REMIC III and the Class R-III Interest shall be designated as the Residual Interests Interest in REMIC III. The Class CE Certificates shall be designated as the Regular Interests in REMIC IV and the Class R-IV Interest shall be designated as the Residual Interest in REMIC IV. The Class P Certificates shall be designated as the Regular Interests in REMIC V and the Class R-V Interest shall be designated as the Residual Interest in REMIC V. REMIC VI Regular Interest SWAP IO shall be designated as the Regular Interests in REMIC VI and the Class R-VI Interest shall be designated as the Residual Interest in REMIC VI. Neither the Trustee nor the Trust Administrator shall not permit the creation of any “interests” in each any Trust REMIC (within the meaning of Section 860G of the Code) other than the REMIC I Regular Interests, the REMIC II Regular Interests, the Class IO Interest Interests and the interests represented by the Certificates.

REMIC Administration. (a) The Securities Administrator Trustee shall elect to treat each Trust REMIC as a REMIC under the Code and, if necessary, under applicable state lawlaw and as instructed by the Securities Administrator. Each such election will be made by the Securities Administrator on Form 1066 or other appropriate federal tax or information return or any appropriate state return for the taxable year ending on the last day of the calendar year in which the Certificates are issued. For the purposes of the REMIC election in respect of REMIC I, the REMIC I Regular Interests shall be designated as the Regular Interests in REMIC I and the Class R-I Interest Certificates shall be designated as the “residual interests” Residual Interests in REMIC I. For the purposes of the REMIC election in respect of REMIC II, the The REMIC II Regular Interests shall be designated as the Regular Interests in REMIC II and the Class R-II Interest Certificates shall be designated as the “residual interests” Residual Interests in REMIC II. The Class A Certificates, the Class A-IO Certificates, the Mezzanine Certificates, the Class P Certificates, the Class IO Interest Certificates and the Class CE Certificates (exclusive of any right to receive payments from or obligation to make payments to the Reserve Fund or the Supplemental Interest Trust) shall be designated as the Regular Interests in REMIC III and the Class R-III Interest Certificates shall be designated as the Residual Interests in REMIC III. The Trustee shall not permit the creation of any “"interests” " in each Trust REMIC (within the meaning of Section 860G of the Code) other than the REMIC I Regular Interests, the REMIC II Regular Interests, the Class IO Interest Interests and the interests represented by the Certificates.

REMIC Administration. (a) The Securities REMIC Administrator shall elect make an election to treat each Trust of REMIC I, REMIC II, REMIC III, REMIC IV and REMIC V as a REMIC under the Code and, if necessary, under applicable state law. Each such Such election will be made by the Securities Administrator on Form 1066 or other appropriate federal tax or information return (including Form 8811) or any appropriate state return for the taxable year ending on the last day of the calendar year in which the Certificates are issued. For the purposes of the REMIC election in respect of REMIC I, the The REMIC I Regular Interests shall be designated as the Regular Interests in REMIC I "regular interests" and the Class R-I Interest Certificates shall be designated as the “sole class of "residual interests” " in REMIC I. For the purposes of the REMIC election in respect of REMIC II, the The REMIC II Regular Interests shall be designated as the Regular Interests in REMIC II "regular interests" and the Class R-II Interest Certificates shall be designated as the “sole class of "residual interests” " in REMIC II. The Class A CertificatesA, the Mezzanine Certificates, the Class P Certificates, the M and Class B Certificates and Class IO Interest and the Class CE Certificates (exclusive of any right to receive payments from or obligation to make payments to the Reserve Fund or the Supplemental Interest Trust) SB Interests shall be designated as the Regular Interests "regular interests" in REMIC III III. The Class SB Certificate shall be designated as the "regular interest" and the Class R-III Interest IV Certificates shall be designated as the Residual Interests sole class of "residual interests" in REMIC IIIIV. The REMIC V Regular Interest IO shall be designated as the "regular interest" and the Class R-V Certificates shall be designated as the sole class of "residual interests" in REMIC V. The REMIC Administrator and the Trustee shall not permit the creation of any “"interests” in each Trust REMIC " (within the meaning of Section 860G of the Code) in the REMIC other than the REMIC I Regular Interests, the REMIC II Regular Interests, the Class IO Interest and the interests represented by the Certificates.

REMIC Administration. (a) The Securities Administrator shall elect make an election to treat each the Trust REMIC Fund as a REMIC three REMICs under the Code and, if necessary, under applicable state law. Each such election will be made by the Securities Administrator on Form 1066 or other appropriate federal tax or information return (including Form 8811) or any appropriate state return for the taxable year ending on the last day of the calendar year in which the Certificates are issued. For the purposes of the REMIC election elections in respect of the Trust Fund, (i) the REMIC I1 Regular Interests will represent the “regular interests” in REMIC 1, the REMIC I Regular Interests shall be designated as Class R-1 Interest will constitute the Regular Interests in REMIC I and the Class R-I Interest shall be designated as the sole class of “residual interests” in REMIC I. For the purposes of 1, (ii) the REMIC election 2 Regular Interests will represent the “regular interests” in respect of REMIC II2, the REMIC II Regular Interests shall be designated as Class R-2 Interest will constitute the Regular Interests in REMIC II and the Class R-II Interest shall be designated as the sole class of “residual interests” in REMIC II. The 2 and (iii) the Class A Certificates, the Mezzanine Certificates, the and Class P Certificates, the Class IO Interest and the Class CE M Certificates (exclusive of any right to receive payments from or in respect of the Basis Risk Shortfall Carry-Forward Amounts and the obligation to make payments to pay any Class IO Distribution Amount), the Reserve Fund or Class IO Interest, the Supplemental Interest Trust) Class C Certificates and the Class P Certificates shall be designated as the Regular Interests “regular interests” in REMIC III 3 and the Class R-III R-3 Interest shall be designated as will constitute the Residual Interests sole class of “residual interests” in REMIC III3. The Securities Administrator and the Trustee shall not permit the creation of any “interests” in each Trust REMIC (within the meaning of Section 860G of the Code) in any REMIC created hereunder other than the REMIC I 1 Regular Interests, the REMIC II 2 Regular Interests, the REMIC 3 Regular Interests the ownership of which is represented by the Class A and Class M Certificates, the Class IO Interest, the Class C Certificates, the Class P Certificates, the Class R-1 Interest, the Class R-2 Interest and the interests represented by Class R-3 Interest. The Securities Administrator will apply for an Employee Identification Number from the CertificatesIRS via form SS-4 or any other acceptable method for each Trust REMIC.

REMIC Administration. (a) The Securities Administrator Trustee shall elect make an election to treat each the Trust REMIC Fund as a REMIC four REMICs under the Code and, if necessary, under applicable state law. Each such election will be made by the Securities Administrator on Form 1066 or other appropriate federal tax or information return (including Form 8811) or any appropriate state return for the taxable year ending on the last day of the calendar year in which the Certificates are issued. For the purposes of the REMIC election elections in respect of the Trust Fund, (i) the Class R-1 Interest will constitute the sole class of Residual Interests in REMIC I1, the REMIC I 1 Regular Interests shall be designated as the Regular Interests in REMIC I and 1 (ii) the Class R-I R-2 Interest shall be designated as will constitute the “residual interests” sole class of Residual Interests in REMIC I. For the purposes of the REMIC election in respect of REMIC II2, the REMIC II 2 Regular Interests shall be designated as the Regular Interests in REMIC II and 2, (iii) the Class R-II R-3 Interest shall be designated as will constitute the “residual interests” sole class of Residual Interests in REMIC II. The Class A Certificates3, the Mezzanine Certificates, the Class P Certificates, the Class IO Interest and the Class CE Certificates (exclusive of any right to receive payments from or obligation to make payments to the Reserve Fund or the Supplemental Interest Trust) REMIC 3 Regular Interests shall be designated as the Regular Interests in REMIC III 3, (iv) the Class R-4 Interest will constitute the sole class of Residual Interests in REMIC 4, and the Class R-III Interest REMIC 4 Regular Interests shall be designated as the Residual Regular Interests in REMIC III4. The Master Servicer and the Trustee shall not permit the creation of any “interests” in each Trust REMIC (within the meaning of Section 860G of the Code) in REMIC 1, REMIC 2, REMIC 3 or REMIC 4 other than the REMIC I 1 Regular Interests, the REMIC II 2 Regular Interests, REMIC 3 Regular Interests, REMIC 4 Regular Interests, the Class IO R-1 Interest, the Class R-2 Interest, the Class R-3 Interest and the interests represented by Class R-4 Interest. The Trustee will apply for an Employee Identification Number from the CertificatesInternal Revenue Service via Form SS-4 or any other acceptable method for each of REMIC 1, REMIC 2, REMIC 3 or REMIC 4.

REMIC Administration. (a) The Securities Trust Administrator shall elect to treat each Trust REMIC created hereunder as a REMIC under the Code and, if necessary, under applicable state law. Each such Such election will be made by the Securities Trust Administrator on behalf of the Trustee on Form 1066 or other appropriate federal tax or information return or any appropriate state return for the taxable year ending on the last day of the calendar year in which the Certificates are issued. For the purposes of the REMIC election in respect of REMIC I, the REMIC I Regular Interests shall be designated as the Regular Interests in REMIC I and the Class R-I Interest shall be designated as the “residual interests” Residual Interest in REMIC I. For the purposes of the REMIC election in respect of REMIC IIThe Floating Rate Certificates, the REMIC II Regular Interests Class CE Interest and the Class P Interest shall be designated as the Regular Interests in REMIC II and the Class R-II Interest shall be designated as the “residual interests” Residual Interest in REMIC II. The Class A Certificates, the Mezzanine Certificates, the Class P Certificates, the Class IO Interest and the Class CE Certificates (exclusive of any right to receive payments from or obligation to make payments to the Reserve Fund or the Supplemental Interest Trust) shall be designated as the Regular Interests in REMIC III and the Class R-III Interest shall be designated as the Residual Interests Interest in REMIC III. The Class P Certificates shall be designated as the Regular Interests in REMIC IV and the Class R-IV Interest shall be designated as the Residual Interest in REMIC IV. Neither the Trustee nor the Trust Administrator shall not permit the creation of any “"interests” " in each any Trust REMIC (within the meaning of Section 860G of the Code) other than the REMIC I Regular Interests, the REMIC II Regular Interests, the Class IO Interest Interests and the interests represented by the Certificates.

REMIC Administration. (a) The Securities Administrator Trustee shall elect to treat each Trust REMIC as a REMIC under the Code and, if necessary, under applicable state law. Each such election will be made by the Securities Administrator Trustee on Form 1066 or other appropriate federal tax or information return or any appropriate state return for the taxable year ending on the last day of the calendar year in which the Certificates are issued. For the purposes of the REMIC election in respect of REMIC I, the REMIC I Regular Interests shall be designated as the Regular Interests in REMIC I and the Class R-I Interest shall be designated as the “residual interests” Residual Interest in REMIC I. For the purposes of the REMIC election in respect of REMIC II, the REMIC II Regular Interests shall be designated as the Regular Interests in REMIC II and the Class R-II Interest shall be designated as the “residual interests” Residual Interest in REMIC II. The Class A Certificates, the Mezzanine Certificates, the Class P CertificatesCE Interest, the Class IO P Interest and the Class CE Certificates (exclusive of any right to receive payments from or obligation to make payments to the Reserve Fund or the Supplemental Swap-IO Interest Trust) shall be designated as the Regular Interests in REMIC III and the Class R-III Interest shall be designated as the Residual Interest in REMIC III. The CE Certificates shall be designated as the Regular Interests in REMIC IIIIV and the Class R-IV Interest shall be designated as the Residual Interest in REMIC IV. The Class P Certificates shall be designated as the Regular Interests in REMIC V and the Class R-V Interest shall be designated as the Residual Interest in REMIC V. REMIC VI Regular Interest SWAP-IO shall be designated as the Regular Interests in REMIC VI and the Class R-VI Interest shall be designated as the Residual Interest in REMIC VI. The Trustee shall not permit the creation of any “interests” in each any Trust REMIC (within the meaning of Section 860G of the Code) other than the interests identified above as Regular Interests or Residual Interests in REMIC I Regular InterestsI, the REMIC II Regular InterestsII, the Class IO Interest REMIC III, REMIC IV, REMIC V and the interests represented by the CertificatesREMIC VI.

REMIC Administration. (a) The Securities Administrator Trustee shall elect to treat each Trust REMIC as a REMIC under the Code and, if necessary, under applicable state law. Each such election will shall be made by the Securities Administrator Trustee on Form 1066 or other appropriate federal tax or information return or any appropriate state return for the taxable year ending on the last day of the calendar year in which the Certificates are issued. For the purposes of the REMIC election in respect of REMIC I, (i) the REMIC I Regular Interests shall be designated as the Regular Interests in REMIC I and the Class R-I Interest shall be designated as the “residual interests” Residual Interest in REMIC I. For the purposes of the REMIC election in respect of REMIC III, (ii) the REMIC II Regular Interests shall be designated as the Regular Interests in REMIC II and the Class R-II Interest shall be designated as the “residual interests” Residual Interest in REMIC II. The , (iii) the Class A Certificates, the Mezzanine Certificates, the Class P Certificates, the Class IO CE Interest and the Class CE Certificates (exclusive of any right to receive payments from or obligation to make payments to the Reserve Fund or the Supplemental P Interest Trust) shall be designated as the Regular Interests in REMIC III and the Class R-III Interest shall be designated as the Residual Interest in REMIC III, (iii) the Class CE Certificates shall be designated as the Regular Interests in REMIC III. IV and the Class R-IV Interest shall be designated as the Residual Interest in REMIC IV and (iv) the Class P Certificates shall be designated as the Regular Interests in REMIC V and the Class R-V Interest shall be designated as the Residual Interest in REMIC V. The Trustee shall not permit the creation of any “"interests” " in each any Trust REMIC (within the meaning of Section 860G of the Code) other than the REMIC I Regular Interests, the REMIC II Regular Interests, the Class IO CE Interest, the Class P Interest and the interests represented by the Certificates.

REMIC Administration. (a) The Securities Administrator Trustee shall elect to treat each Trust REMIC as a REMIC under the Code and, if necessary, under applicable state law. Each such election will shall be made by the Securities Administrator Trustee on Form 1066 or other appropriate federal tax or information return or any appropriate state return for the taxable year ending on the last day of the calendar year in which the Certificates are issued. For the purposes of the REMIC election in respect of REMIC I, (i) the REMIC I Regular Interests shall be designated as the Regular Interests in REMIC I and the Class R-I Interest shall be designated as the “residual interests” Residual Interest in REMIC I. For the purposes of the REMIC election in respect of REMIC III, (ii) the REMIC II Regular Interests shall be designated as the Regular Interests in REMIC II and the Class R-II Interest shall be designated as the “residual interests” Residual Interest in REMIC II. The , (iii) the Class A Certificates, the Mezzanine Certificates, the Class P CertificatesSWAP-IO Interest, the Class IO CE Interest and the Class CE Certificates (exclusive of any right to receive payments from or obligation to make payments to the Reserve Fund or the Supplemental P Interest Trust) shall be designated as the Regular Interests in REMIC III and the Class R-III Interest shall be designated as the Residual Interest in REMIC III, (v) the Class CE Certificates shall be designated as the Regular Interests in REMIC IIIIV and the Class R-IV Interest shall be designated as the Residual Interest in REMIC IV, (vi) the Class P Certificates shall be designated as the Regular Interests in REMIC V and the Class R-V Interest shall be designated as the Residual Interest in REMIC V, (vii) ) REMIC VI Regular Interest IO shall be designated as the Regular Interests in REMIC VI and the Class R-VI Interest shall be designated as the Residual Interest in REMIC VI. The Trustee shall not permit the creation of any “"interests” " in each any Trust REMIC (within the meaning of Section 860G of the Code) other than the REMIC I Regular Interests, the REMIC II Regular Interests, the Class CE Interest, the Class P Interest, REMIC VI Regular Interest IO Interest and the interests represented by the Certificates.

REMIC Administration. (a) The Securities Administrator Trustee shall elect to treat each Trust REMIC as a REMIC under the Code and, if necessary, under applicable state law. Each such election will be made by the Securities Administrator Trustee on Form 1066 or other appropriate federal tax or information return or any appropriate state return for the taxable year ending on the last day of the calendar year in which the Certificates are issued. For the purposes of the REMIC election in respect of REMIC I, the REMIC I Regular Interests shall be designated as the Regular Interests in REMIC I and the Class R-I Interest shall be designated as the “residual interests” Residual Interest in REMIC I. For the purposes of the REMIC election in respect of REMIC II, the The REMIC II Regular Interests shall be designated as the Regular Interests in REMIC II and the Class R-II Interest shall be designated as the “residual interests” Residual Interest in REMIC II. The Class A Certificates, the Class S Certificates the Mezzanine Certificates, the Class P Certificates, the Class IO Interest CE Certificates and the Class CE P Certificates (exclusive of any right to receive payments from or obligation to make payments to the Reserve Fund or the Supplemental Interest Trust) shall be designated as the Regular Interests in REMIC III and the Class R-III Interest shall be designated as the Residual Interests Interest in REMIC III. The Trustee shall not permit the creation of any “"interests” " in each any Trust REMIC (within the meaning of Section 860G of the Code) other than the REMIC I Regular Interests, the REMIC II Regular Interests, the Class IO Interest Interests and the interests represented by the Certificates.

REMIC Administration. (a) The Securities Administrator Trustee shall elect to treat each Trust of REMIC I, REMIC II and REMIC III as a REMIC under the Code and, if necessary, under applicable state law. Each such election will be made by the Securities Administrator on Form 1066 or other appropriate federal tax or information return or any appropriate state return for the taxable year ending on the last day of the calendar year in which the Certificates are issued. For the purposes of the REMIC election in respect of REMIC I, the REMIC I Regular Interests shall be designated as the Regular Interests in REMIC I and the Class R-I Interest Certificates shall be designated as the “residual interests” Residual Interests in REMIC I. For the purposes of the REMIC election in respect of REMIC II, the The REMIC II Regular Interests shall be designated as the Regular Interests in REMIC II and the Class R-II Interest Certificates shall be designated as the “residual interests” Residual Interests in REMIC II. The Class A Certificates, the Mezzanine Certificates, the Class P Certificates, the Class IO Interest Certificates and the Class CE Certificates (exclusive of any right to receive payments from or obligation to make payments to the Reserve Fund or the Supplemental Interest Trust) shall be designated as the Regular Interests in REMIC III and the Class R-III Interest Certificates shall be designated as the Residual Interests in REMIC III. The Trustee shall not permit the creation of any “"interests” " in each Trust REMIC I, REMIC II or REMIC III (within the meaning of Section 860G of the Code) other than the REMIC I Regular Interests, the REMIC II Regular Interests, the Class IO Interest Interests and the interests represented by the Certificates.

REMIC Administration. (a) The Securities Administrator Trustee shall elect to treat each Trust REMIC as a REMIC under the Code and, if necessary, under applicable state law. Each such election will be made by the Securities Administrator on Form 1066 or other appropriate federal tax or information return or any appropriate state return for the taxable year ending on the last day of the calendar year in which the Certificates are issued. For the purposes of the REMIC election in respect of REMIC I, the REMIC I Regular Interests shall be designated as the Regular Interests “regular interests” in REMIC I and the Class R-I Interest shall be designated as the “residual interestsinterest” in REMIC I. For the purposes of the REMIC election in respect of REMIC II, the REMIC II Regular Interests shall be designated as the Regular Interests “regular interests” in REMIC II and the Class R-II Interest shall be designated as the “residual interestsinterest” in REMIC II. The Class A Certificates, the Mezzanine Certificates, the Class P Certificates, the Class IO Interest and the Class CE Certificates (exclusive of any right to receive payments from or obligation to make payments to the Reserve Fund or the Supplemental Interest TrustFund) shall be designated as the Regular Interests “regular interests” in REMIC III and the Class R-III Interest shall be designated as the Residual Interests “residual interest” in REMIC III. The Trustee shall not permit the creation of any “interests” in each Trust REMIC (within the meaning of Section 860G of the Code) other than the REMIC I Regular Interests, the REMIC II Regular Interests, the Class IO Interest and the interests represented by the Certificates.

REMIC Administration. (a) The Securities REMIC Administrator shall elect make an election to treat each Trust of REMIC I, REMIC II, REMIC III and REMIC IV as a REMIC under the Code and, if necessary, under applicable state law. Each such Such election will be made by the Securities Administrator on Form 1066 or other appropriate federal tax or information return (including Form 8811) or any appropriate state return for the taxable year ending on the last day of the calendar year in which the Certificates are issued. For the purposes of the REMIC election in respect of REMIC I, the The REMIC I Regular Interests shall be designated as the Regular Interests in REMIC I "regular interests" and the Class R-I Interest Certificates shall be designated as the “sole class of "residual interests” " in REMIC I. For the purposes of the REMIC election in respect of REMIC II, the The REMIC II Regular Interests shall be designated as the Regular Interests in REMIC II "regular interests" and the Class R-II Interest Certificates shall be designated as the “sole class of "residual interests” " in REMIC II. The Class A Certificates, the Mezzanine Certificates, the Class P Certificates, the Class IO Interest and the Class CE Certificates (exclusive of any right to receive payments from or obligation to make payments to the Reserve Fund or the Supplemental Interest Trust) REMIC III Regular Interests shall be designated as the Regular Interests in REMIC III "regular interests" and the Class R-III Interest Certificates shall be designated as the Residual Interests sole class of "residual interests" in REMIC III. The Class A-I, Class A-II, Class M-I, Class M-II, Class SB-I and Class SB-II Certificates shall be designated as the "regular interests" in REMIC IV and the Class R-IV Certificates shall be designated the sole class of "residual interests" in REMIC IV. The REMIC Administrator and the Trustee shall not permit the creation of any “"interests” in each Trust REMIC " (within the meaning of Section 860G of the Code) in the REMIC other than the REMIC I Regular Interests, the REMIC II Regular Interests, the Class IO Interest and the interests represented by the Certificates.

REMIC Administration. (a) The Securities Administrator shall elect to treat each Trust REMIC as a REMIC under the Code and, if necessary, under applicable state law. Each such election will be made by the Securities Administrator on Form 1066 or other appropriate federal tax or information return or any appropriate state return for the taxable year ending on the last day of the calendar year in which the Certificates are issued. For the purposes of the REMIC election in respect of REMIC I, the REMIC I Regular Interests shall be designated as the Regular Interests “regular interests” in REMIC I and the Class R-I Interest shall be designated as the “residual interestsinterest” in REMIC I. For the purposes of the REMIC election in respect of REMIC II, the REMIC II Regular Interests shall be designated as the Regular Interests “regular interests” in REMIC II and the Class R-II Interest shall be designated as the “residual interestsinterest” in REMIC II. The Class A Certificates, the Mezzanine Certificates, the Class P Certificates, the Class IO Interest and the Class CE Certificates (exclusive of any right to receive payments from or obligation to make payments to the Reserve Fund or the Supplemental Supplement Interest Trust) shall be designated as the Regular Interests “regular interests” in REMIC III and the Class R-III Interest shall be designated as the Residual Interests “residual interest” in REMIC III. The Trustee shall not permit the creation of any “interests” in each Trust REMIC (within the meaning of Section 860G of the Code) other than the REMIC I Regular Interests, the REMIC II Regular Interests, the Class IO Interest and the interests represented by the Certificates.

REMIC Administration. (a) The Securities Administrator Trustee shall elect to treat each Trust REMIC created hereunder as a REMIC under the Code and, if necessary, under applicable state law. Each such election will be made by the Securities Administrator on Form 1066 or other appropriate federal tax or information return or any appropriate state return for the taxable year ending on the last day of the calendar year in which the Certificates are issued. For the purposes of the REMIC election in respect of REMIC I, the REMIC I Regular Interests shall be designated as the Regular Interests in REMIC I and the Class R-I Interest interest shall be designated as the “residual interests” Residual Interest in REMIC I. For the purposes of the REMIC election in respect of REMIC II, the The REMIC II Regular Interests shall be designated as the Regular Interests in REMIC II and the Class R-II Interest interest shall be designated as the “residual interests” Residual Interest in REMIC II. The Class A Certificates, the Mezzanine Certificates, the Class P Certificates, the Class IO Interest and the Class CE Certificates (exclusive of any right to receive payments from or obligation to make payments to the Reserve Fund or the Supplemental Interest Trust) REMIC III Regular Interests shall be designated as the Regular Interests in REMIC III and the Class R-III Interest interest shall be designated as the Residual Interests Interest in REMIC III. The REMIC IV Regular Interests shall be designated as the Regular Interests in REMIC IV and the R-IV interest shall be designated as the Residual Interest in REMIC IV. The Certificates (other than the Residual Certificates) shall be designated as the Regular Interests in REMIC V and the R-V interest shall be designated as the Residual Interest in REMIC V. The Trustee shall not permit the creation of any “interests” in each Trust any REMIC created hereunder (within the meaning of Section 860G of the Code) other than the REMIC I Regular Interests, the REMIC II Regular Interests, the Class IO Interest REMIC III Regular Interests and REMIC IV Regular Interests and the interests represented by the Certificates.

REMIC Administration. (a) The Securities Administrator Master Servicer shall elect to treat each Trust REMIC created hereunder as a REMIC under the Code and, if necessary, under applicable state law. Each such election will be made by the Securities Administrator on Form 1066 or other appropriate federal tax or information return or any appropriate state return for the taxable year ending on the last day of the calendar year in which the Certificates are issued. For the purposes of the REMIC election in respect of REMIC I, the REMIC I Regular Interests shall be designated as the Regular Interests in REMIC I and the Class R-I Interest interest shall be designated as the “residual interests” Residual Interest in REMIC I. For the purposes of the REMIC election in respect of REMIC II, the The REMIC II Regular Interests shall be designated as the Regular Interests in REMIC II and the Class R-II Interest interest shall be designated as the “residual interests” Residual Interest in REMIC II. The Class A Certificates, the Mezzanine Certificates, the Class P Certificates, the Class IO Interest and the Class CE Certificates (exclusive of any right to receive payments from or obligation to make payments to the Reserve Fund or the Supplemental Interest Trust) REMIC III Regular Interests shall be designated as the Regular Interests in REMIC III and the Class R-III Interest interest shall be designated as the Residual Interests Interest in REMIC III. The Trustee REMIC IV Regular Interests shall be designated as the Regular Interests in REMIC IV and the R-IV interest shall be designated as the Residual Interest in REMIC IV. The Certificates (other than the Residual Certificates) shall be designated as the Regular Interests in REMIC V and the R-V interest shall be designated as the Residual Interest in REMIC V. The Master Servicer shall not permit the creation of any “interests” in each Trust any REMIC created hereunder (within the meaning of Section 860G of the Code) other than the REMIC I Regular Interests, the REMIC II Regular Interests, the Class IO Interest REMIC III Regular Interests and the REMIC IV Regular Interests, and the interests represented by the Certificates.

REMIC Administration. (a) The Securities Administrator Trustee shall elect to treat each Trust REMIC as a REMIC under the Code and, if necessary, under applicable state law. Each such election will be made by the Securities Administrator Trustee on Form 1066 or other appropriate federal tax or information return or any appropriate state return for the taxable year ending on the last day of the calendar year in which the Certificates are issued. For the purposes of the REMIC election in respect of REMIC I, the REMIC I Regular Interests shall be designated as the Regular Interests in REMIC I and the Class R-I Interest shall be designated as the “residual interests” Residual Interest in REMIC I. For the purposes of the REMIC election in respect of REMIC II, the The REMIC II Regular Interests shall be designated as the Regular Interests in REMIC II and the Class R-II Interest shall be designated as the “residual interests” Residual Interest in REMIC II. The Class A Certificates, the Mezzanine Certificates, the Class P S Certificates, the Class IO Interest CE Certificates and the Class CE P Certificates (exclusive of any right to receive payments from or obligation to make payments to the Reserve Fund or the Supplemental Interest Trust) shall be designated as the Regular Interests in REMIC III and the Class R-III Interest shall be designated as the Residual Interests Interest in REMIC III. The Neither the Trustee nor the Trust Administrator shall not permit the creation of any “"interests” " in each any Trust REMIC (within the meaning of Section 860G of the Code) other than the REMIC I Regular Interests, the REMIC II Regular Interests, the Class IO Interest Interests and the interests represented by the Certificates.

REMIC Administration. (a) The Securities Administrator Trustee shall elect to treat each Trust REMIC as a REMIC under the Code and, if necessary, under applicable state law. Each such election will shall be made by the Securities Administrator Trustee on Form 1066 or other appropriate federal tax or information return or any appropriate state return for the taxable year ending on the last day of the calendar year in which the Certificates are issued. For the purposes of the REMIC election in respect of REMIC I, (i) the REMIC I Regular Interests shall be designated as the Regular Interests in REMIC I and the Class R-I Interest shall be designated as the “residual interests” Residual Interest in REMIC I. For the purposes of the REMIC election in respect of REMIC III, (ii) the REMIC II Regular Interests shall be designated as the Regular Interests in REMIC II and the Class R-II Interest shall be designated as the “residual interests” Residual Interest in REMIC II. The , (iii) the Class A Certificates, the Mezzanine Certificates, the Class P CertificatesSWAP-IO Interest, the Class IO CE Interest and the Class CE Certificates (exclusive of any right to receive payments from or obligation to make payments to the Reserve Fund or the Supplemental P Interest Trust) shall be designated as the Regular Interests in REMIC III and the Class R-III Interest shall be designated as the Residual Interest in REMIC III, (v) the Class CE Certificates shall be designated as the Regular Interests in REMIC IIIIV and the Class R-IV Interest shall be designated as the Residual Interest in REMIC IV, (vi) the Class P Certificates shall be designated as the Regular Interests in REMIC V and the Class R-V Interest shall be designated as the Residual Interest in REMIC V, (vii) ) REMIC VI Regular Interest IO shall be designated as the Regular Interests in REMIC VI and the Class R-VI Interest shall be designated as the Residual Interest in REMIC VI. The Trustee shall not permit the creation of any “interests” in each any Trust REMIC (within the meaning of Section 860G of the Code) other than the REMIC I Regular Interests, the REMIC II Regular Interests, the Class CE Interest, the Class P Interest, REMIC VI Regular Interest IO Interest and the interests represented by the Certificates.

REMIC Administration. (a) The Securities Administrator Master Servicer shall elect to treat each Trust REMIC created hereunder as a REMIC under the Code and, if necessary, under applicable state law. Each such election will be made by the Securities Administrator on Form 1066 or other appropriate federal tax or information return or any appropriate state return for the taxable year ending on the last day of the calendar year in which the Certificates are issued. For the purposes of the REMIC election in respect of REMIC I, the REMIC I Regular Interests shall be designated as the Regular Interests in REMIC I and the Class R-I Interest interest shall be designated as the “residual interests” Residual Interest in REMIC I. For the purposes of the REMIC election in respect of REMIC II, the The REMIC II Regular Interests shall be designated as the Regular Interests in REMIC II and the Class R-II Interest interest shall be designated as the “residual interests” Residual Interest in REMIC II. The Class A Certificates, the Mezzanine Certificates, the Class P Certificates, the Class IO Interest and the Class CE Certificates (exclusive of any right to receive payments from or obligation to make payments to the Reserve Fund or the Supplemental Interest Trust) REMIC III Regular Interests shall be designated as the Regular Interests in REMIC III and the Class R-III Interest interest shall be designated as the Residual Interests Interest in REMIC III. The Trustee Master Servicer shall not permit the creation of any “interests” in each Trust any REMIC created hereunder (within the meaning of Section 860G of the Code) other than the REMIC I Regular Interests, Interests and the REMIC II Regular Interests, the Class IO Interest Interests and the interests represented by the Certificates.

REMIC Administration. (a) The Securities Certificate Administrator shall elect make elections or cause elections to be made to treat each Trust of the Lower-Tier REMIC and the Upper-Tier REMIC as a REMIC under the Code and, if necessary, under applicable state lawApplicable State and Local Tax Law. Each such election will be made by the Securities Administrator on Form 1066 or other appropriate federal tax or information return or any appropriate state return for the taxable year ending on the last day of the calendar year in which the Uncertificated Lower-Tier Interests and the Certificates are issued. For the purposes of the REMIC election in respect of REMIC Ithe Upper-Tier REMIC, each Class of the REMIC I Regular Interests Certificates shall be designated as the Regular Interests “regular interests” (or in REMIC I the case of an exchange and conversion of Class A-S, Class B and Class C Certificates for Class EC Certificates, such “regular interests” shall be deemed to be held by the Trustee in uncertificated form unless reconverted to Class A-S, Class B and Class C Certificates) and the Class R-I UR Interest shall be designated as the sole class of “residual interests” in REMIC I. the Upper-Tier REMIC. For the purposes of the REMIC election in respect of REMIC IIthe Lower-Tier REMIC, the REMIC II Regular each Class of Uncertificated Lower-Tier Interests shall be designated as the Regular Interests in REMIC II a class of “regular interests” and the Class R-II LR Interest shall be designated as the sole class of “residual interests” in REMIC IIthe Lower-Tier REMIC. The Class A CertificatesNone of the Special Servicer, the Mezzanine Certificates, Master Servicer nor the Class P Certificates, the Class IO Interest and the Class CE Certificates (exclusive of any right to receive payments from or obligation to make payments to the Reserve Fund or the Supplemental Interest Trust) shall be designated as the Regular Interests in REMIC III and the Class R-III Interest shall be designated as the Residual Interests in REMIC III. The Trustee shall not permit the creation of any “interests” in each Trust REMIC (within the meaning of Section 860G of the Code) in the Lower-Tier REMIC or the Upper-Tier REMIC other than the REMIC I Regular Interests, the REMIC II Regular Interests, the Class IO Interest and the interests represented by the Certificatesforegoing interests.

REMIC Administration. (a) The Securities Administrator Trustee shall elect to treat each Trust REMIC as a REMIC under the Code and, if necessary, under applicable state lawlaw and as instructed by the Securities Administrator. Each such election will shall be made by the Securities Administrator on Form 1066 or other appropriate federal tax or information return or any appropriate state return for the taxable year ending on the last day of the calendar year in which the Certificates are issued. For the purposes of the REMIC election in respect of REMIC I, the REMIC I Regular Interests shall be designated as the Regular Interests in REMIC I and the Class R-I Interest Component R-1 shall be designated as the “residual interests” Residual Interest in REMIC I. For the purposes of the REMIC election in respect of REMIC II, the The REMIC II Regular Interests Interest shall be designated as the Regular Interests in REMIC II and the Class R-II Interest Component R-2 shall be designated as the “residual interests” Residual Interest in REMIC II. The Class A Certificates, the Mezzanine Certificates, Certificates (other than the Class P R Certificates, the Class IO Interest and the Class CE Certificates (exclusive of any right to receive payments from or obligation to make payments to the Reserve Fund or the Supplemental Interest Trust) shall be designated as the Regular Interests in REMIC III and the Class R-III Interest Component R-3 shall be designated as the Residual Interests Interest in REMIC III. The Trustee shall not permit the creation of any “"interests” " in each Trust REMIC (within the meaning of Section 860G of the Code) other than the REMIC I Regular Interests, the REMIC II Regular Interests, the Class IO Interest Interests and the interests represented by the Certificates.

REMIC Administration. (a) The Securities Administrator Trustee shall elect to treat each Trust REMIC as a REMIC under the Code and, if necessary, under applicable state law. Each such election will be made by the Securities Administrator on Form 1066 or other appropriate federal tax or information return or any appropriate state return for the taxable year ending on the last day of the calendar year in which the Certificates are issued. For the purposes of the REMIC election in respect of REMIC I, the REMIC I Regular Interests shall be designated as the Regular Interests in REMIC I and the Class R-I Interest shall be designated as the “residual interests” Residual Interests in REMIC I. For the purposes of the REMIC election in respect of REMIC II, the REMIC Class R-II Regular Interests Interest shall be designated as the Regular Interests in REMIC II and the Class R-II Interest shall be designated as the “residual interests” Residual Interest in REMIC II. The Class A Certificates, the Mezzanine Certificates, the Class B-1 Certificates, the Class P Certificates, the Class IO Interest CE-1 Certificates and the Class CE CE-2 Certificates (exclusive of any right to receive payments from or obligation to make payments to the Reserve Fund or the Supplemental Interest TrustFund) shall be designated as the Regular Interests in REMIC III and the Class R-III Interest shall be designated as the Residual Interests in REMIC III. The Trustee shall not permit the creation of any “interests” in each Trust REMIC (within the meaning of Section 860G of the Code) other than the REMIC I Regular Interests, the REMIC II Regular Interests, the Class IO Interest Interests and the interests represented by the Certificates.

REMIC Administration. (a) The Securities Administrator Trustee shall elect to treat each Trust REMIC created hereunder as a REMIC under the Code and, if necessary, under applicable state lawlaw and as instructed by the Securities Administrator. Each such election will shall be made by the Securities Administrator on Form 1066 or other appropriate federal tax or information return or any appropriate state return for the taxable year ending on the last day of the calendar year in which the Certificates are issued. For the purposes of the REMIC election in respect of REMIC I, the REMIC I Regular Interests shall be designated as the Regular Interests in REMIC I and the Class R-I Interest interest shall be designated as the “residual interests” Residual Interest in REMIC I. For the purposes of the REMIC election in respect of REMIC II, the The REMIC II Regular Interests shall be designated as the Regular Interests in REMIC II and the Class R-II Interest interest shall be designated as the “residual interests” Residual Interest in REMIC II. The Class A Certificates, the Mezzanine Certificates, the Class P Certificates, the Class IO Interest and the Class CE Certificates (exclusive of any right to receive payments from or obligation to make payments to the Reserve Fund or the Supplemental Interest Trust) REMIC III Regular Interests shall be designated as the Regular Interests in REMIC III and the Class R-III Interest interest shall be designated as the Residual Interests Interest in REMIC III. The REMIC IV Regular Interests shall be designated as the Regular Interests in REMIC IV and the R-IV interest shall be designated as the Residual Interest in REMIC IV. Neither the Trustee nor the Securities Administrator shall not permit the creation of any “interests” in each Trust any REMIC formed hereby (within the meaning of Section 860G of the Code) other than the REMIC I Regular Interests, the REMIC II Regular Interests, the Interests and Class IO Interest and the interests represented by the R Certificates.

REMIC Administration. (a) The Securities Administrator Trustee shall elect to treat each Trust REMIC created hereunder as a REMIC under the Code and, if necessary, under applicable state law. Each such Such election will be made by the Securities Administrator Trustee on Form 1066 or other appropriate federal tax or information return or any appropriate state return for the taxable year ending on the last day of the calendar year in which the Certificates are issued. For the purposes of the REMIC election in respect of REMIC I, the REMIC I Regular Interests shall be designated as the Regular Interests in REMIC I and the Class R-I Interest shall be designated as the “residual interests” Residual Interest in REMIC I. For the purposes of the REMIC election in respect of REMIC IIThe Floating Rate Certificates, the REMIC II Regular Interests Class CE-1 Interest and the Class P Interest shall be designated as the Regular Interests in REMIC II and the Class R-II Interest shall be designated as the “residual interests” Residual Interest in REMIC II. The Class A Certificates, the Mezzanine Certificates, the Class P Certificates, the Class IO Interest and the Class CE CE-1 Certificates (exclusive of any right to receive payments from or obligation to make payments to the Reserve Fund or the Supplemental Interest Trust) shall be designated as the Regular Interests in REMIC III and the Class R-III Interest shall be designated as the Residual Interests Interest in REMIC III. The Class P Certificates shall be designated as the Regular Interests in REMIC V and the Class R-V Interest shall be designated as the Residual Interest in REMIC V. Neither the Trustee nor the Trust Administrator shall not permit the creation of any “interests” in each any Trust REMIC (within the meaning of Section 860G of the Code) other than the REMIC I Regular Interests, the REMIC II Regular Interests, the Class IO Interest Interests and the interests represented by the Certificates.

REMIC Administration. (a) The Securities Trust Administrator shall elect to treat each Trust REMIC created hereunder as a REMIC under the Code and, if necessary, under applicable state law. Each such Such election will be made by the Securities Trust Administrator on behalf of the Trustee on Form 1066 or other appropriate federal tax or information return or any appropriate state return for the taxable year ending on the last day of the calendar year in which the Certificates are issued. For the purposes of the REMIC election in respect of REMIC I, the REMIC I Regular Interests shall be designated as the Regular Interests in REMIC I and the Class R-I Interest shall be designated as the “residual interests” Residual Interest in REMIC I. For the purposes of the REMIC election in respect of REMIC IIThe Fixed Rate Certificates, the REMIC II Regular Interests Class CE Interest and the Class P Interest shall be designated as the Regular Interests in REMIC II and the Class R-II Interest shall be designated as the “residual interests” Residual Interest in REMIC II. The Class A Certificates, the Mezzanine Certificates, the Class P Certificates, the Class IO Interest and the Class CE Certificates (exclusive of any right to receive payments from or obligation to make payments to the Reserve Fund or the Supplemental Interest Trust) shall be designated as the Regular Interests in REMIC III and the Class R-III Interest shall be designated as the Residual Interests Interest in REMIC III. The Class P Certificates shall be designated as the Regular Interests in REMIC IV and the Class R-IV Interest shall be designated as the Residual Interest in REMIC IV. Neither the Trustee nor the Trust Administrator shall not permit the creation of any “interests” in each any Trust REMIC (within the meaning of Section 860G of the Code) other than the REMIC I Regular Interests, the REMIC II Regular Interests, the Class IO Interest Interests and the interests represented by the Certificates.

REMIC Administration. (a) The Securities Administrator Trustee shall elect to treat each Trust REMIC as a REMIC under the Code and, if necessary, under applicable state law. Each such election will be made by the Securities Administrator Trustee on Form 1066 or other appropriate federal tax or information return or any appropriate state return for the taxable year ending on the last day of the calendar year in which the Certificates are issued. For the purposes of the REMIC election in respect of REMIC I, the REMIC I Regular Interests shall be designated as the Regular Interests in REMIC I and the Class R-I Interest shall be designated as the “residual interests” Residual Interest in REMIC I. For the purposes The Class A Certificates, each of the REMIC election in respect of REMIC IIMezzanine Certificates, the REMIC II Regular Interests Class B Certificates, the Class CE Interest and the Class P Interest (other than the right to receive amounts from the Net WAC Rate Carryover Reserve Account, if any) shall be designated as the Regular Interests in REMIC II and the Class R-II Interest shall be designated as the “residual interests” Residual Interest in REMIC II. The Class A Certificates, the Mezzanine Certificates, the Class P Certificates, the Class IO Interest and the Class CE Certificates (exclusive of any right to receive payments from or obligation to make payments to the Reserve Fund or the Supplemental Interest Trust) shall be designated as the Regular Interests Interest in REMIC III and the Class R-III Interest shall be designated as the Residual Interests Interest in REMIC IIIIII The Class P Certificates shall be designated as the Regular Interest in REMIC IV and the Class R-IV Interest shall be designated as the Residual Interest in REMIC IV. The Trustee shall not permit the creation of any “interests” in each any Trust REMIC (within the meaning of Section 860G of the Code) other than the REMIC I Regular Interests, the REMIC II Regular Interests, the Class IO Interest Interests and the interests represented by the Certificates.

REMIC Administration. (a) The Securities Certificate Administrator shall elect make elections or cause elections to be made to treat each of the Trust REMIC REMICs as a REMIC under the Code and, if necessary, under applicable state lawApplicable State and Local Tax Law. Each such election will be made by the Securities Administrator on Form 1066 or other appropriate federal tax or information return or any appropriate state return for the taxable year ending on the last day of the calendar year in which the Uncertificated Lower-Tier Interests and the Certificates are issued. For the purposes of the REMIC election in respect of REMIC Ithe Upper-Tier REMIC, each Class of the REMIC I Regular Interests Certificates shall be designated as the Regular Interests “regular interests” (or in REMIC I the case of an exchange and conversion of Class A-S, Class B and Class C Certificates for Class EC Certificates, such “regular interests” shall be deemed to be held by the Trustee in uncertificated form unless reconverted to Class A-S, Class B and Class C Certificates) and the Class R-I UR Interest shall be designated as the sole class of “residual interests” in REMIC I. the Upper-Tier REMIC. For the purposes of the REMIC election in respect of REMIC IIthe Lower-Tier REMIC, the REMIC II Regular each Class of Uncertificated Lower-Tier Interests shall be designated as the Regular Interests in REMIC II a class of “regular interests” and the Class R-II LR Interest shall be designated as the sole class of “residual interests” in REMIC IIthe Lower-Tier REMIC. The Class A CertificatesNone of the Special Servicer, the Mezzanine Certificates, Master Servicer nor the Class P Certificates, the Class IO Interest and the Class CE Certificates (exclusive of any right to receive payments from or obligation to make payments to the Reserve Fund or the Supplemental Interest Trust) shall be designated as the Regular Interests in REMIC III and the Class R-III Interest shall be designated as the Residual Interests in REMIC III. The Trustee shall not permit the creation of any “interests” in each Trust REMIC (within the meaning of Section 860G of the Code) in either Trust REMIC other than the REMIC I Regular Interests, the REMIC II Regular Interests, the Class IO Interest and the interests represented by the Certificatesforegoing interests.

REMIC Administration. (a) The Securities Administrator Trustee shall elect to treat each Trust REMIC as a REMIC under the Code and, if necessary, under applicable state law. Each such election will be made by the Securities Administrator Trustee on Form 1066 or other appropriate federal tax or information return or any appropriate state return for the taxable year ending on the last day of the calendar year in which the Certificates are issued. For the purposes of the REMIC election in respect of REMIC I, the REMIC I Regular Interests shall be designated as the Regular Interests in REMIC I and the Class R-I Interest shall be designated as the “residual interests” Residual Interest in REMIC I. For the purposes of the REMIC election in respect of REMIC IIThe Class A Certificates, the REMIC II Regular Interests Mezzanine Certificates, the Class CE Interest and the Class P Interest shall be designated as the Regular Interests in REMIC II and the Class R-II Interest shall be designated as the “residual interests” Residual Interest in REMIC II. The Class A Certificates, the Mezzanine Certificates, the Class P Certificates, the Class IO Interest and the Class CE Certificates (exclusive of any right to receive payments from or obligation to make payments to the Reserve Fund or the Supplemental Interest Trust) shall be designated as the Regular Interests in REMIC III and the Class R-III Interest shall be designated as the Residual Interests Interest in REMIC III. The P Certificates shall be designated as the Regular Interests in REMIC IV and the Class R-IV Interest shall be designated as the Residual Interest in REMIC IV. Neither the Trustee nor the Trust Administrator shall not permit the creation of any “"interests” " in each any Trust REMIC (within the meaning of Section 860G of the Code) other than the REMIC I Regular Interests, the REMIC II Regular InterestsClass CE Interest, the Class IO P Interest and the interests represented by the Certificates.

REMIC Administration. (a) The Securities Administrator Trustee shall elect to treat each Trust REMIC as a REMIC under the Code and, if necessary, under applicable state law. Each such election will shall be made by the Securities Administrator Trustee on Form 1066 or other appropriate federal tax or information return or any appropriate state return for the taxable year ending on the last day of the calendar year in which the Certificates are issued. For the purposes of the REMIC election in respect of REMIC I, (i) the REMIC I Regular Interests shall be designated as the Regular Interests in REMIC I and the Class R-I Interest shall be designated as the “residual interests” Residual Interest in REMIC I. For the purposes of the REMIC election in respect of REMIC III, (ii) the REMIC II Regular Interests shall be designated as the Regular Interests in REMIC II and the Class R-II Interest shall be designated as the “residual interests” Residual Interest in REMIC II. The , (iii) the Class A Certificates, the Mezzanine Certificates, the Class P CertificatesSWAP-IO Interests, the Class IO CE Interest and the Class CE Certificates (exclusive of any right to receive payments from or obligation to make payments to the Reserve Fund or the Supplemental P Interest Trust) shall be designated as the Regular Interests in REMIC III and the Class R-III Interest shall be designated as the Residual Interest in REMIC III, (v) the Class CE Certificates shall be designated as the Regular Interests in REMIC III. IV and the Class R-IV Interest shall be designated as the Residual Interest in REMIC IV and (vi) the Class P Certificates shall be designated as the Regular Interests in REMIC V and the Class R-V Interest shall be designated as the Residual Interest in REMIC V. The Trustee shall not permit the creation of any “"interests” " in each any Trust REMIC (within the meaning of Section 860G of the Code) other than the REMIC I Regular Interests, the REMIC II Regular Interests, the Class IO CE Interest, the Class P Interest and the interests represented by the Certificates.

REMIC Administration. (a) The Securities REMIC Administrator shall elect make an election to treat each Trust of REMIC I, REMIC II and REMIC III as a REMIC under the Code and, if necessary, under applicable state law. Each such election will be made by the Securities Administrator on Form 1066 or other appropriate federal tax or information return (including Form 8811) or any appropriate state return for the taxable year ending on the last day of the calendar year in which the Certificates are issued. For the purposes of the REMIC I election in respect of REMIC Ithe Trust Fund, the REMIC I Regular Interests shall be designated as the Regular Interests in REMIC I "regular interests" and the Class R-I Interest Certificates shall be designated as the “sole class of "residual interests” " in REMIC I. For the purposes of the REMIC II election in respect of REMIC IIthe Trust Fund, the REMIC II Regular Interests shall be designated as the Regular Interests in REMIC II "regular interests" and the Class R-II Interest Certificates shall be designated as the “sole class of "residual interests” " in REMIC II. The Class A CertificatesFor the purposes of the REMIC III election in respect of the Trust Fund, the Mezzanine Certificates, the Class P Certificates, the Class IO Interest and the Class CE Certificates (exclusive of any right to receive payments from or obligation to make payments to other than the Reserve Fund or the Supplemental Interest TrustResidual Certificates) shall be designated as the Regular Interests in REMIC III "regular interests" and the Class R-III Interest certificates shall be designated as the Residual Interests sole class of "residual interests in REMIC III. ." The REMIC Administrator and the Trustee shall not permit the creation of any “"interests” in each Trust REMIC " (within the meaning of Section 860G of the Code) in REMIC I, REMIC II or REMIC III other than the REMIC I Regular InterestsInterests and the Class R-I Certificates, the REMIC II Regular Interests, Interests and the Class IO Interest R-II Certificates and the interests represented by Certificates (other than the Residual Certificates) and the Class R-III Certificates, respectively.

REMIC Administration. (a) The Securities Administrator Trustee shall elect to treat each Trust REMIC as a REMIC under the Code and, if necessary, under applicable state lawlaw and as instructed by the Securities Administrator. Each such election will shall be made by the Securities Administrator on Form 1066 or other appropriate federal tax or information return or any appropriate state return for the taxable year ending on the last day of the calendar year in which the Certificates are issued. For the purposes of the REMIC election in respect of REMIC I, the REMIC I Regular Interests shall be designated as the Regular Interests in REMIC I and the Class R-I Interest interest shall be designated as the “residual interests” Residual Interest in REMIC I. For the purposes of the REMIC election in respect of REMIC II, the The REMIC II Regular Interests shall be designated as the Regular Interests in REMIC II and the Class R-II Interest interest shall be designated as the “residual interests” Residual Interest in REMIC II. The Class A Certificates, the Mezzanine Certificates, the Class P Certificates, the Class IO Interest and the Class CE Certificates (exclusive of any right to receive payments from or obligation to make payments to the Reserve Fund or the Supplemental Interest Trust) REMIC III Regular Interests shall be designated as the Regular Interests in REMIC III and the Class R-III Interest interest shall be designated as the Residual Interest in REMIC III. The REMIC IV Regular Interests shall be designated as the Regular Interests in REMIC IIIIV and the R-IV interest shall be designated as the Residual Interest in REMIC IV. The Trustee shall not permit the creation of any “interests” in each Trust any REMIC formed hereby (within the meaning of Section 860G of the Code) other than the REMIC I Regular Interests, the REMIC II Regular Interests, the Class IO Interest REMIC III Regular Interests and the interests represented by the REMIC IV Regular Interests and Class R Certificates.

REMIC Administration. (a) The Securities Administrator Trustee shall elect to treat each Trust REMIC created hereunder as a REMIC under the Code and, if necessary, under applicable state law. Each such election will be made by the Securities Administrator on Form 1066 or other appropriate federal tax or information return or any appropriate state return for the taxable year ending on the last day of the calendar year in which the Certificates are issued. For the purposes of the REMIC election in respect of REMIC I, the REMIC I Regular Interests shall be designated as the Regular Interests in REMIC I and the Class R-I Interest interest shall be designated as the “residual interests” Residual Interest in REMIC I. For the purposes of the REMIC election in respect of REMIC II, the The REMIC II Regular Interests shall be designated as the Regular Interests in REMIC II and the Class R-II Interest interest shall be designated as the “residual interests” Residual Interest in REMIC II. The Class A Certificates, the Mezzanine Certificates, the Class P Certificates, the Class IO Interest and the Class CE Certificates (exclusive of any right to receive payments from or obligation to make payments to the Reserve Fund or the Supplemental Interest Trust) REMIC III Regular Interests shall be designated as the Regular Interests in REMIC III and the Class R-III Interest interest shall be designated as the Residual Interest in REMIC III. The REMIC IV Regular Interests shall be designated as the Regular Interests in REMIC IIIIV and the R-IV interest shall be designated as the Residual Interest in REMIC IV. The Certificates (other than the Residual Certificates) shall be designated as the Regular Interests in REMIC V and the R-V interest shall be designated as the Residual Interest in REMIC VII. The Trustee shall not permit the creation of any “interests” in each Trust any REMIC created hereunder (within the meaning of Section 860G of the Code) other than the REMIC I Regular Interests, the REMIC II Regular Interests, the Class IO Interest REMIC III Regular Interests, REMIC IV Regular Interests and the interests represented by the Certificates.

REMIC Administration. (a) [The Securities REMIC Administrator shall elect make an election to treat each Trust REMIC all REMICs created hereunder as a REMIC under the Code and, if necessary, under applicable state law. Each such election will be made by the Securities Administrator on Form 1066 or other appropriate federal tax or information return (including Form 8811) or any appropriate state return for the taxable year ending on the last day of the calendar year in which the Certificates are issued. For the purposes of the REMIC election in respect of REMIC I, the The REMIC I Regular Interests shall be designated as the Regular Interests in REMIC I "regular interests" and the Class R-I Interest Certificates shall be designated as the “sole Class of "residual interests” " in the REMIC I. For the purposes of the REMIC election in respect of REMIC II, the The REMIC II Regular Interests shall be designated as the Regular Interests in REMIC II "regular interests" and the Class R-II Interest Certificates shall be designated as the “sole Class of "residual interests” " in the REMIC II. The Class A Certificates, the Mezzanine Certificates, the Class P Certificates, the Class IO Interest and the Class CE Certificates (exclusive of any right to receive payments from or obligation to make payments to the Reserve Fund or the Supplemental Interest Trust) REMIC III Regular Interests shall be designated as the Regular Interests in REMIC III "regular interests" and the Class R-III Interest Certificates shall be designated as the Residual Interests sole Class of "residual interests" in the REMIC III. The REMIC Administrator and the Trustee shall not permit the creation of any “"interests” in each Trust REMIC " (within the meaning of Section 860G of the Code) in REMIC I, REMIC II or REMIC III other than the REMIC I Regular Interests, the REMIC II Regular Interests, the Class REMIC III Regular Interest IO Interest and the interests represented by the Certificates.]

REMIC Administration. (a) The Securities REMIC Administrator shall elect make elections to treat each Trust of REMIC I, REMIC II and REMIC III as a REMIC under the Code and, if necessary, under applicable state law. Each such election will be made by the Securities Administrator on Form 1066 or other appropriate federal tax or information return (including Form 8811) or any appropriate state return for the taxable year ending on the last day of the calendar year in which the Certificates are issued. For the purposes of the REMIC I election in respect of REMIC Ithe Trust Fund, the Uncertificated REMIC I Regular Interests shall be designated as the Regular Interests in REMIC I "regular interests" and the Class R-I Interest Certificates shall be designated as the “sole class of "residual interests” interest" in REMIC I. For the purposes of the REMIC II election in respect of REMIC II, the Trust Fund and the Uncertificated REMIC II Regular Interests shall be designated as the Regular Interests in REMIC II "regular interests" and the Class R-II Interest Certificates shall be designated as the “sole class of "residual interests” interest" in REMIC II. The Class A CertificatesFor purposes of the REMIC III election in respect of the Trust Fund, the Mezzanine Certificates, the Class P Certificates, the Class IO Interest and the Class CE Regular Certificates (exclusive of any right to receive payments from or obligation to make payments to the Reserve Fund or the Supplemental Interest Trust) shall be designated as the Regular Interests in REMIC III "regular interests" and the Class R-III Interest Certificates shall be designated as the Residual Interests sole class of "residual interests" in REMIC III. The REMIC Administrator and the Trustee shall not permit the creation of any “"interests” in each Trust REMIC " (within the meaning of Section 860G of the Code) in REMIC I, REMIC II or REMIC III other than the Uncertificated REMIC I Regular InterestsInterests and the Class R-I Certificates, the Uncertificated REMIC II Regular Interests, Interests and the Class IO Interest R-II Certificates and the interests represented by Regular Certificates and the Class R-III Certificates, respectively.

REMIC Administration. (a) The Securities Administrator Trustee shall elect to treat each Trust REMIC as a REMIC under the Code and, if necessary, under applicable state law. Each such election will be made by the Securities Administrator Trustee on Form 1066 or other appropriate federal tax or information return or any appropriate state return for the taxable year ending on the last day of the calendar year in which the Certificates are issued. For the purposes of the REMIC election in respect of REMIC I, the REMIC I Regular Interests shall be designated as the Regular Interests in REMIC I and the Class R-I Interest shall be designated as the “residual interests” Residual Interest in REMIC I. For the purposes of the REMIC election in respect of REMIC II, the The REMIC II Regular Interests shall be designated as the Regular Interests in REMIC II and the Class R-II Interest shall be designated as the “residual interests” Residual Interest in REMIC II. The Class A Certificates, the Mezzanine Certificates (other than the Class M-4 Certificates), the Class P CertificatesM-4 Interest, the Class IO CE Interest and the Class CE Certificates (exclusive of any right to receive payments from or obligation to make payments to the Reserve Fund or the Supplemental P Interest Trust) shall be designated as the Regular Interests in REMIC III and the Class R-III Interest shall be designated as the Residual Interests Interest in REMIC III. The Class M-4 Certificates shall be designated as the Regular Interests in REMIC IV and the Class R-IV Interest shall be designated as the Residual Interest in REMIC IV. The Class CE Certificates shall be designated as the Regular Interests in REMIC V and the Class R-V Interest shall be designated as the Residual Interest in REMIC V. The Class P Certificates shall be designated as the Regular Interests in REMIC VI and the Class R-VI Interest shall be designated as the Residual Interest in REMIC VI. The Trustee shall not permit the creation of any “"interests” " in each any Trust REMIC (within the meaning of Section 860G of the Code) other than the REMIC I Regular Interests, the REMIC II Regular Interests, the Class IO Interest REMIC III Regular Interests and the interests represented by the Certificates.

REMIC Administration. (a) The Securities Administrator Trustee shall elect to treat each Trust REMIC created hereunder as a REMIC under the Code and, if necessary, under applicable state law. Each such Such election will be made by the Securities Trust Administrator on behalf of the Trustee on Form 1066 or other appropriate federal tax or information return or any appropriate state return for the taxable year ending on the last day of the calendar year in which the Certificates are issued. For the purposes of the REMIC election in respect of REMIC I-A, the REMIC I I-A Regular Interests shall be designated as the Regular Interests in REMIC I I-A and the Class R-I IA Interest shall be designated as the “residual interests” Residual Interests in REMIC I. I-A. For the purposes of the REMIC election in respect of REMIC III-B, the REMIC II I-B Regular Interests shall be designated as the Regular Interests in REMIC II I-B and the Class R-II IB Interest shall be designated as the “residual interests” Residual Interest in REMIC II. The Class A CertificatesI-B. For the purposes of the REMIC election in respect of REMIC I-C, the Mezzanine Certificates, Group I Certificates (other than the Class P I-R Certificates, the Class IO Interest and the Class CE Certificates (exclusive of any right to receive payments from or obligation to make payments to the Reserve Fund or the Supplemental Interest Trust) shall be designated as the Regular Interests in REMIC III I-C and the Class R-III IC Interest shall be designated as the Residual Interests Interest in REMIC III. The I-C. Neither the Trustee nor the Trust Administrator shall not permit the creation of any “interests” in each Trust REMIC I-A, REMIC I-B or REMIC I-C (within the meaning of Section 860G of the Code) other than the REMIC I I-A Regular Interests, the REMIC I-B Regular Interests and the Group I Certificates. For the purposes of the REMIC election in respect of REMIC II-A, the REMIC II-A Regular Interests shall be designated as the Regular Interests in REMIC II-A and the Class R-IIA Interest shall be designated as the Residual Interests in REMIC II-A. For the purposes of the REMIC election in respect of REMIC II-B, the REMIC II-B Regular Interests shall be designated as the Regular Interests in REMIC II-B and the Class R-IIB Interest shall be designated as the Residual Interests in REMIC II-B. For the purposes of the REMIC election in respect of REMIC II-C, the REMIC II-C Regular Interests shall be designated as the Regular Interests in REMIC II-C and the Class R-IIC Interest shall be designated as the Residual Interests in REMIC II-C. For the purposes of the REMIC election in respect of REMIC II-D, the Group II Certificates (other than the Class II-R Certificates) shall be designated as the Regular Interests in REMIC II-D and the Class R-IID Interest shall be designated as the Residual Interest in REMIC II-D. Neither the Trustee nor the Trust Administrator shall permit the creation of any “interests” in REMIC II-A, REMIC II-B, REMIC II-C or REMIC II-D (within the meaning of Section 860G of the Code) other than the REMIC II-A Regular Interests, the Class IO Interest REMIC II-B Regular Interests, the REMIC I-C Regular Interests and the interests represented Group II Certificates. The Trustee shall elect to treat each REMIC created hereunder as a REMIC under the Code and, if necessary, under applicable state law. Such election will be made by the Trust Administrator on behalf of the Trustee on Form 1066 or other appropriate federal tax or information return or any appropriate state return for the taxable year ending on the last day of the calendar year in which the Certificates are issued. For the purposes of the REMIC election in respect of REMIC III-A, the REMIC III-A Regular Interests shall be designated as the Regular Interests in REMIC III-A and the Class R-IIIA Interest shall be designated as the Residual Interests in REMIC III-A. For the purposes of the REMIC election in respect of REMIC III-B, the Group III Certificates (other than the Class III-R Certificates) shall be designated as the Regular Interests in REMIC III-B and the Class R-IIIB Interest shall be designated as the Residual Interest in REMIC III-B. Neither the Trustee nor the Trust Administrator shall permit the creation of any “interests” in REMIC III-A or REMIC III-B (within the meaning of Section 860G of the Code) other than the REMIC III-A Regular Interests and the Group III Certificates.

REMIC Administration. (a) The Securities Administrator Trustee shall elect to treat each Trust REMIC created hereunder as a REMIC under the Code and, if necessary, under applicable state law. Each such Such election will be made by the Securities Administrator Trustee on Form 1066 or other appropriate federal tax or information return or any appropriate state return for the taxable year ending on the last day of the calendar year in which the Certificates are issued. For the purposes of the REMIC election in respect of REMIC I, the REMIC I Regular Interests shall be designated as the Regular Interests in REMIC I and the Class R-I Interest shall be designated as the “residual interests” Residual Interest in REMIC I. For the purposes of the REMIC election in respect of REMIC IIThe Floating Rate Certificates, the REMIC II Regular Interests Fixed Rate Certificates, the Class CE Interest and the Class P Interest shall be designated as the Regular Interests in REMIC II and the Class R-II Interest shall be designated as the “residual interests” Residual Interest in REMIC II. The Class A Certificates, the Mezzanine Certificates, the Class P Certificates, the Class IO Interest and the Class CE Certificates (exclusive of any right to receive payments from or obligation to make payments to the Reserve Fund or the Supplemental Interest Trust) shall be designated as the Regular Interests in REMIC III and the Class R-III Interest shall be designated as the Residual Interests Interest in REMIC III. The Class P Certificates shall be designated as the Regular Interests in REMIC IV and the Class R-IV Interest shall be designated as the Residual Interest in REMIC IV. Neither the Trustee nor the Trust Administrator shall not permit the creation of any “interests” in each any Trust REMIC (within the meaning of Section 860G of the Code) other than the REMIC I Regular Interests, the REMIC II Regular Interests, the Class IO Interest Interests and the interests represented by the Certificates.

REMIC Administration. (a) The Securities Administrator Trustee shall elect to treat each Trust REMIC as a REMIC under the Code and, if necessary, under applicable state law. Each such election will be made by the Securities Administrator Trustee on Form 1066 or other appropriate federal tax or information return or any appropriate state return for the taxable year ending on the last day of the calendar year in which the Certificates are issued. For the purposes of the REMIC election in respect of REMIC I, the REMIC I Regular Interests shall be designated as the Regular Interests in REMIC I and the Class R-I Interest shall be designated as the “residual interests” Residual Interest in REMIC I. For the purposes of the REMIC election in respect of REMIC II, the REMIC II Regular Interests shall be designated as the Regular Interests in REMIC II and the Class R-II Interest shall be designated as the “residual interests” Residual Interest in REMIC II. The Class A Certificates, the Mezzanine Certificates, the Class P Certificates, the Class IO CE Interest and the Class CE Certificates (exclusive of any right to receive payments from or obligation to make payments to the Reserve Fund or the Supplemental P Interest Trust) shall be designated as the Regular Interests in REMIC III and the Class R-III Interest shall be designated as the Residual Interests Interest in REMIC III. The Class CE Certificates shall be designated as the Regular Interests in REMIC IV and the Class R-IV Interest shall be designated as the Residual Interest in REMIC IV. The Class P Certificates shall be designated as the Regular Interests in REMIC V and the Class R-V Interest shall be designated as the Residual Interest in REMIC V. The Trustee shall not permit the creation of any “"interests” " in each any Trust REMIC (within the meaning of Section 860G of the Code) other than the REMIC I Regular Interests, the REMIC II Regular Interests, the Class IO Interest Interests and the interests represented by the Certificates.

REMIC Administration. (a) The Securities Administrator Trustee shall elect to treat each Trust REMIC as a REMIC under the Code and, if necessary, under applicable state law. Each such election will shall be made by the Securities Administrator Trustee on Form 1066 or other appropriate federal tax or information return or any appropriate state return for the taxable year ending on the last day of the calendar year in which the Certificates are issued. For the purposes of the REMIC election in respect of REMIC I, (i) the REMIC I Regular Interests shall be designated as the Regular Interests in REMIC I and the Class R-I Interest shall be designated as the “residual interests” Residual Interest in REMIC I. For the purposes of the REMIC election in respect of REMIC III, (ii) the REMIC II Regular Interests shall be designated as the Regular Interests in REMIC II and the Class R-II Interest shall be designated as the “residual interests” Residual Interest in REMIC II. The Class A Certificates, (iii) the Mezzanine Certificates, the Class P Certificates, the Class IO Interest and the Class CE Certificates (exclusive of any right to receive payments from or obligation to make payments to the Reserve Fund or the Supplemental Interest Trust) REMIC III Regular Interests shall be designated as the Regular Interests in REMIC III and the Class R-III Interest shall be designated as the Residual Interest in REMIC III, (iv) the Class A Certificates, the Mezzanine Certificates, the Class SWAP-IO Interests, the Class CE Interest and the Class P Interest shall be designated as the Regular Interests in REMIC IIIIV and the Class R-IV Interest shall be designated as the Residual Interest in REMIC IV, (v) the Class CE Certificates shall be designated as the Regular Interests in REMIC V and the Class R-V Interest shall be designated as the Residual Interest in REMIC V and (vi) the Class P Certificates shall be designated as the Regular Interests in REMIC VI and the Class R-VI Interest shall be designated as the Residual Interest in REMIC VI. The Trustee shall not permit the creation of any “"interests” " in each any Trust REMIC (within the meaning of Section 860G of the Code) other than the REMIC I Regular Interests, the REMIC II Regular Interests, the REMIC III Regular Interests, the Class IO CE Interest, the Class P Interest and the interests represented by the Certificates.

REMIC Administration. (a) The Securities Administrator Trustee shall elect to treat each Trust of REMIC I, REMIC II and REMIC III, as a REMIC under the Code and, if necessary, under applicable state law. Each such election will be made by the Securities Administrator Trustee on Form 1066 or other appropriate federal tax or information return or any appropriate state return for the taxable year ending on the last day of the calendar year in which the Certificates are issued. For the purposes of the REMIC election in respect of REMIC I, the REMIC I Regular Interests shall be designated as the Regular Interests in REMIC I and the Class R-I Interest Certificates shall be designated as the “residual interests” Residual Interests in REMIC I. For the purposes of the REMIC election in respect of REMIC II, the The REMIC II Regular Interests shall be designated as the Regular Interests in REMIC II and the Class R-II Interest Certificates shall be designated as the “residual interests” Residual Interests in REMIC II. The Class A Certificates, the Mezzanine Certificates, the Class P A-IO Certificates, the Class IO Interest CE Certificates and the Class CE P Certificates (exclusive of any right to receive payments from or obligation to make payments to the Reserve Fund or the Supplemental Interest Trust) shall be designated as the Regular Interests in REMIC III and the Class R-III Interest Certificates shall be designated as the Residual Interests in REMIC III. The Trustee shall not permit the creation of any “"interests” " in each Trust REMIC I, REMIC II or REMIC III (within the meaning of Section 860G of the Code) other than the REMIC I Regular Interests, the REMIC II Regular Interests, the Class IO Interest Interests and the interests represented by the Certificates.

REMIC Administration. (a) The Securities Administrator Trustee shall elect to treat each Trust REMIC as a REMIC under the Code and, if necessary, under applicable state law. Each such election will be made by the Securities Administrator Trustee on Form 1066 or other appropriate federal tax or information return or any appropriate state return for the taxable year ending on the last day of the calendar year in which the Certificates are issued. For the purposes of the REMIC election in respect of REMIC I, the REMIC I Regular Interests shall be designated as the Regular Interests in REMIC I and the Class R-I Interest shall be designated as the “residual interests” Residual Interest in REMIC I. For The Class A Certificates, the purposes Mezzanine Certificates (exclusive of the REMIC election in respect of REMIC IIright to receive payments from the Net WAC Rate Carryover Reserve Account), the REMIC II Regular Interests Class CE Interest and the Class P Interest shall be designated as the Regular Interests in REMIC II and the Class R-II Interest shall be designated as the “residual interests” Residual Interest in REMIC II. The Class A Certificates, the Mezzanine Certificates, the Class P Certificates, the Class IO Interest and the Class CE Certificates (exclusive of any right to receive payments from or obligation to make payments to the Reserve Fund or the Supplemental Interest Trust) shall be designated as the Regular Interests in REMIC III and the Class R-III Interest shall be designated as the Residual Interests Interest in REMIC III. The P Certificates shall be designated as the Regular Interests in REMIC IV and the Class R-IV Interest shall be designated as the Residual Interest in REMIC IV. Neither the Trustee nor the Trust Administrator shall not permit the creation of any “"interests” " in each any Trust REMIC (within the meaning of Section 860G of the Code) other than the REMIC I Regular Interests, the REMIC II Regular InterestsClass CE Interest, the Class IO P Interest and the interests represented by the Certificates.

REMIC Administration. (a) The Securities Administrator Trustee shall elect to treat each Trust REMIC as a REMIC under the Code and, if necessary, under applicable state lawlaw and as instructed by the Securities Administrator. Each such election will shall be made by the Securities Administrator on Form 1066 or other appropriate federal tax or information return or any appropriate state return for the taxable year ending on the last day of the calendar year in which the Certificates are issued. For the purposes of the REMIC election in respect of REMIC I, the REMIC I Regular Interests shall be designated as the Regular Interests in REMIC I and the Class R-I Interest Component R-1 shall be designated as the “residual interests” Residual Interest in REMIC I. For The Class I-A-1, Class I-A-X, Class I-A-PO, Class II-A-1, Class II-A-2, Class II-A-3, Class II-A-X, Class II-A-PO, Class M, Class B-1, Class B-2, Class B-3, Class B-4 and Class B-5 Certificates shall be designated as the purposes of Regular Interests in REMIC II and Component R-2 shall be designated as the REMIC election Residual Interest in respect of REMIC II, the . The REMIC II III Regular Interests shall be designated as the Regular Interests in REMIC II III and the Class R-II Interest Component R-3 shall be designated as the “residual interests” Residual Interest in REMIC IIIII. The Class A Certificates, the Mezzanine Certificates, the Class P Certificates, the Class IO Interest and the Class CE Certificates (exclusive of any right to receive payments from or obligation to make payments to the Reserve Fund or the Supplemental Interest Trust) REMIC IV Regular Interests shall be designated as the Regular Interests in REMIC III IV and the Class R-III Interest Component R-4 shall be designated as the Residual Interest in REMIC IV. The Group III Senior and the Group III Mezzanine Certificates (exclusive of any right of the Group III Senior and Group III Mezzanine Certificates to receive payment from the Reserve Fund), and the Class III-CE and the Class III-P Certificates shall be designated as the Regular Interests in REMIC III. V and Component R-5 shall be designated as the Residual Interest in REMIC V. The Trustee shall not permit the creation of any “"interests” " in each Trust REMIC (within the meaning of Section 860G of the Code) other than the REMIC I Regular Interests, the REMIC II III Regular Interests, the Class IO Interest REMIC IV Regular Interests and the interests represented by the Certificates.

REMIC Administration. (a) The Securities Trust Administrator shall elect to treat each Trust REMIC created hereunder as a REMIC under the Code and, if necessary, under applicable state law. Each such election will be made by the Securities Administrator on Form 1066 or other appropriate federal tax or information return or any appropriate state return for the taxable year ending on the last day of the calendar year in which the Certificates are issued. For the purposes of the REMIC election in respect of REMIC I, the REMIC I Regular Interests shall be designated as the Regular Interests in REMIC I and the Class R-I Interest interest shall be designated as the “residual interests” Residual Interest in REMIC I. For the purposes of the REMIC election in respect of REMIC II, the The REMIC II Regular Interests shall be designated as the Regular Interests in REMIC II and the Class R-II Interest interest shall be designated as the “residual interests” Residual Interest in REMIC II. The Class A Certificates, the Mezzanine Certificates, the Class P Certificates, the Class IO Interest and the Class CE Certificates (exclusive of any right to receive payments from or obligation to make payments to the Reserve Fund or the Supplemental Interest Trust) REMIC III Regular Interests shall be designated as the Regular Interests in REMIC III and the Class R-III Interest interest shall be designated as the Residual Interests Interest in REMIC III. The Trustee shall not permit the creation of any “interests” in each Trust any REMIC created hereunder (within the meaning of Section 860G of the Code) other than the REMIC I Regular Interests, Interests and the REMIC II Regular Interests, the Class IO Interest Interests and the interests represented by the Certificates.

REMIC Administration. (a) The Securities REMIC Administrator shall elect make an election to treat each Trust REMIC all REMICs created hereunder as a REMIC under the Code and, if necessary, under applicable state law. Each such election will be made by the Securities Administrator on Form 1066 or other appropriate federal tax or information return (including Form 8811) or any appropriate state return for the taxable year ending on the last day of the calendar year in which the Certificates are issued. For the purposes of the REMIC election in respect of REMIC I, the The REMIC I Regular Interests shall be designated as the Regular Interests in REMIC I "regular interests" and the Class R-I Interest Certificates shall be designated as the “sole Class of "residual interests” " in the REMIC I. For the purposes of the REMIC election in respect of REMIC II, the The REMIC II Regular Interests shall be designated as the Regular Interests in REMIC II "regular interests" and the Class R-II Interest Certificates shall be designated as the “sole Class of "residual interests” " in the REMIC II. The Class A Certificates, the Mezzanine Certificates, the Class P Certificates, the Class IO Interest and the Class CE Certificates (exclusive of any right to receive payments from or obligation to make payments to the Reserve Fund or the Supplemental Interest Trust) REMIC III Regular Interests shall be designated as the Regular Interests in REMIC III "regular interests" and the Class R-III Interest Certificates shall be designated as the Residual Interests sole Class of "residual interests" in the REMIC III. The REMIC IV Regular Interests shall be designated as the "regular interests" and the Class R-IV Certificates shall be designated as the sole Class of "residual interests" in the REMIC IV. The Class A and Class SB Certificates shall be designated as the "regular interests" in REMIC V and the Class R-V Certificates shall be designated the sole Class of "residual interests" in REMIC V. The REMIC Administrator and the Trustee shall not permit the creation of any “"interests” in each Trust REMIC " (within the meaning of Section 860G of the Code) in REMIC I, REMIC II, REMIC III, REMIC IV or REMIC V other than the REMIC I I, REMIC II, REMIC III, REMIC IV and REMIC V Regular Interests, the REMIC II Regular Interests, the Class IO Interest Interests and the interests represented by the Certificates.

REMIC Administration. (a) The Securities Administrator shall elect make an election to treat each Trust REMIC portions the Issuing Entity as a REMIC four REMICs under the Code and, if necessary, under applicable state law. Each such election will be made by the Securities Administrator on Form 1066 or other appropriate federal tax or information return (including Form 8811) or any appropriate state return for the taxable year ending on the last day of the calendar year in which the Certificates are issued. For the purposes of the REMIC election elections in respect of the Trust Fund, (i) the REMIC I1 Regular Interests will represent the “regular interests” in REMIC 1, the REMIC I Regular Interests shall be designated as Class R-1 Interest will constitute the Regular Interests in REMIC I and the Class R-I Interest shall be designated as the sole class of “residual interests” in REMIC I. For 1, (ii) the purposes Class A Certificates and Class M Certificates (exclusive of the REMIC election in respect of REMIC II, right to receive payments from the REMIC II Regular Interests shall be designated as the Regular Interests in REMIC II Cap Contract Reserve Fund) and the Class R-II C Interest shall be designated as and Class P Interest will represent the “regular interests” in REMIC 2, the Class R-2 Interest will constitute the sole Class of “residual interests” in REMIC II. The 2, (iv) the Class A Certificates, C Certificates will represent the Mezzanine Certificates“regular interests” in REMIC 3, the Class R-3 Interest will constitute the sole Class of “residual interests” in REMIC 3, (v) the Class P CertificatesCertificates will represent the “regular interests” in REMIC 4, the Class IO R-4 Interest will constitute the sole Class of “residual interests” in REMIC 4 and (vi) the Class R Certificates will evidence ownership of the Class R-1 Interest and Class R-2 Interest and the Class CE RX Certificates (exclusive will evidence ownership of any right to receive payments from or obligation to make payments to the Reserve Fund or the Supplemental Class R-3 Interest Trust) shall be designated as the Regular Interests in REMIC III and the Class R-III Interest shall be designated as R-4 Interest. Neither the Residual Interests in REMIC III. The Securities Adminitrator nor the Trustee shall not permit the creation of any “interests” in each Trust REMIC (within the meaning of Section 860G of the Code) in any REMIC created hereunder other than the REMIC I 1 Regular Interests, the REMIC II Regular InterestsClass C Interest, the Class IO P Interest and the interests represented by Certificates. The Securities Administrator will apply for an Employee Identification Number from the CertificatesIRS via form SS-4 or any other acceptable method for each Trust REMIC.

REMIC Administration. (a) The Securities Administrator Trustee shall elect to treat each Trust REMIC created hereunder as a REMIC under the Code and, if necessary, under applicable state law. Each such election will be made by the Securities Administrator on Form 1066 or other appropriate federal tax or information return or any appropriate state return for the taxable year ending on the last day of the calendar year in which the Certificates are issued. For the purposes of the REMIC election in respect of REMIC I, the REMIC I Regular Interests shall be designated as the Regular Interests in REMIC I and the Class R-I Interest Certificates shall be designated as the “residual interests” Residual Interests in REMIC I. For the purposes of the REMIC election in respect of REMIC II, the Trust Fund. The REMIC II Regular Interests shall be designated as the Regular Interests in REMIC II and the Class R-II Interest Certificates shall be designated as the “residual interests” Residual Interests in REMIC II. The Class A Certificates, the Mezzanine Certificates, the Class P Certificates, the Class IO Interest and the Class CE Certificates (exclusive of any right to receive payments from or obligation to make payments to the Reserve Fund or the Supplemental Interest Trust) REMIC III Regular Interests shall be designated as the Regular Interests in REMIC III and the Class R-III Interest Certificates shall be designated as the Residual Interests in REMIC III. The REMIC IV Regular Interests shall be designated as the Regular Interests in REMIC IV and the Class R-IV Certificates shall be designated as the Residual Interests in REMIC IV. The Certificates (other than the Residual Certificates) shall be designated as the Regular Interests in REMIC V and the Class R-V Certificates shall be designated as the Residual Interests in REMIC V. The Trustee shall not permit the creation of any “"interests” " in each Trust any REMIC created hereunder (within the meaning of Section 860G of the Code) other than the REMIC I Regular Interests, the REMIC II Regular Interests, the Class IO REMIC III Regular Interest and REMIC IV Regular Interest and the interests represented by the Certificates.

REMIC Administration. (a) The Securities Administrator Trustee shall elect to treat each Trust REMIC as a REMIC under the Code and, if necessary, under applicable state law. Each such election will shall be made by the Securities Administrator Trustee on Form 1066 or other appropriate federal tax or information return or any appropriate state return for the taxable year ending on the last day of the calendar year in which the Certificates are issued. For the purposes of the REMIC election in respect of REMIC I, (i) the REMIC I Regular Interests shall be designated as the Regular Interests in REMIC I and the Class R-I Interest shall be designated as the “residual interests” Residual Interest in REMIC I. For the purposes of the REMIC election in respect of REMIC III, (ii) the REMIC II Regular Interests shall be designated as the Regular Interests in REMIC II and the Class R-II Interest shall be designated as the “residual interests” Residual Interest in REMIC II. The II and (iii) the Class A Certificates, the Mezzanine Certificates, the Class P CertificatesSWAP-IO Interest, the Class IO Interest and the Class CE Certificates (exclusive of any right to receive payments from or obligation to make payments to and the Reserve Fund or the Supplemental Interest Trust) Class P Certificates shall be designated as the Regular Interests in REMIC III and the Class R-III Interest shall be designated as the Residual Interests Interest in REMIC III. The Trustee shall not permit the creation of any “"interests” " in each any Trust REMIC (within the meaning of Section 860G of the Code) other than the REMIC I Regular Interests, the REMIC II Regular Interests, the Class IO Interest Interests and the interests represented by the Certificates.

REMIC Administration. (a) The Securities Administrator Trustee shall elect to treat each Trust REMIC as a REMIC under the Code and, if necessary, under applicable state law. Each such election will be made by the Securities Administrator Master Servicer on Form 1066 or other appropriate federal tax or information return or any appropriate state return for the taxable year ending on the last day of the calendar year in which the Certificates are issued. For the purposes of the REMIC election in respect of REMIC I, the REMIC I Regular Interests shall be designated as the Regular Interests in REMIC I and the Class R-I Interest Certificates shall be designated as the “residual interests” Residual Interests in REMIC I. For the purposes of the REMIC election in respect of REMIC II, the The REMIC II Regular Interests shall be designated as the Regular Interests in REMIC II and the Class R-II Interest Certificates shall be designated as the “residual interests” Residual Interests in REMIC II. The Class A Certificates, the Class A-IO Certificates, the Mezzanine Certificates, the Class P Certificates, the Class IO Interest Certificates and the Class CE Certificates (exclusive of any right to receive payments from or obligation to make payments to the Reserve Fund or the Supplemental Interest Trust) shall be designated as the Regular Interests in REMIC III and the Class R-III Interest Certificates shall be designated as the Residual Interests in REMIC III. The Trustee shall not permit the creation of any “"interests” " in each Trust REMIC (within the meaning of Section 860G of the Code) other than the REMIC I Regular Interests, the REMIC II Regular Interests, the Class IO Interest Interests and the interests represented by the Certificates.

REMIC Administration. (a) The Securities REMIC Administrator shall elect make an election to treat each Trust of REMIC I and REMIC II as a REMIC under the Code and, if necessary, under applicable state law. Each such election will be made by the Securities Administrator on Form 1066 or other appropriate federal tax or information return (including Form 8811) or any appropriate state return for the taxable year ending on the last day of the calendar year in which the Certificates are issued. For the purposes of the REMIC I election in respect of REMIC Ithe Trust Fund, the REMIC I Regular Interests shall be designated as the Regular Interests in REMIC I "regular interests" and the Class R-I Interest Certificates shall be designated as the “sole class of "residual interests” " in REMIC I. For the purposes of the REMIC II election in respect of REMIC IIthe Trust Fund, the REMIC II Regular Interests Certificates shall be designated as the Regular Interests in REMIC II "regular interests" and the Class R-II Interest Certificates shall be designated as the “sole class of "residual interests” " in REMIC II. The Class A Certificates, the Mezzanine Certificates, the Class P Certificates, the Class IO Interest REMIC Administrator and the Class CE Certificates (exclusive of any right to receive payments from or obligation to make payments to the Reserve Fund or the Supplemental Interest Trust) shall be designated as the Regular Interests in REMIC III and the Class R-III Interest shall be designated as the Residual Interests in REMIC III. The Trustee shall not permit the creation of any “"interests” in each Trust REMIC " (within the meaning of Section 860G of the Code) in REMIC I or REMIC II other than the REMIC I Regular Interests, the REMIC II Regular Interests, Interests and the Class IO Interest R-I Certificates, and the interests represented by Regular Certificates and the Class R-II Certificates, respectively.

REMIC Administration. (a) The Securities Administrator Trustee shall elect to treat each Trust REMIC as a REMIC under the Code and, if necessary, under applicable state law. Each such election will be made by the Securities Administrator Trustee on Form 1066 or other appropriate federal tax or information return or any appropriate state return for the taxable year ending on the last day of the calendar year in which the Certificates are issued. For the purposes of the REMIC election in respect of REMIC I, the REMIC I Regular Interests shall be designated as the Regular Interests in REMIC I and the Class R-I Interest shall be designated as the “residual interests” Residual Interest in REMIC I. For the purposes of the REMIC election in respect of REMIC II, the REMIC II Regular Interests shall be designated as the Regular Interests in REMIC II and the Class R-II Interest shall be designated as the “residual interests” Residual Interest in REMIC II. The Class A Certificates, the Mezzanine Certificates, the Class P CertificatesCE Interest, the Class IO P Interest and the Class CE Certificates (exclusive of any right to receive payments from or obligation to make payments to the Reserve Fund or the Supplemental Interest Trust) Swap-IO shall be designated as the Regular Interests in REMIC III and the Class R-III Interest shall be designated as the Residual Interest in REMIC III. The CE Certificates shall be designated as the Regular Interests in REMIC IIIIV and the Class R-IV Interest shall be designated as the Residual Interest in REMIC IV. The Class P Certificates shall be designated as the Regular Interests in REMIC V and the Class R-V Interest shall be designated as the Residual Interest in REMIC V. REMIC VI Regular Interest SWAP-IO shall be designated as the Regular Interests in REMIC VI and the Class R-VI Interest shall be designated as the Residual Interest in REMIC VI. The Trustee shall not permit the creation of any “interests” in each any Trust REMIC (within the meaning of Section 860G of the Code) other than the interests identified above as Regular Interests or Residual Interests in REMIC I Regular InterestsI, the REMIC II Regular InterestsII, the Class IO Interest REMIC III, REMIC IV, REMIC V and the interests represented by the CertificatesREMIC VI.

REMIC Administration. (a) The Securities Administrator Trustee shall elect to treat each Trust REMIC created hereunder as a REMIC under the Code and, if necessary, under applicable state law. Each such Such election will be made by the Securities Trust Administrator on behalf of the Trustee on Form 1066 or other appropriate federal tax or information return or any appropriate state return for the taxable year ending on the last day of the calendar year in which the Certificates are issued. For the purposes of the REMIC election in respect of REMIC I-A, the REMIC I I-A Regular Interests shall be designated as the Regular Interests in REMIC I I-A and the Class R-I IA Interest shall be designated as the “residual interests” Residual Interest in REMIC I. I-A. For the purposes of the REMIC election in respect of REMIC II-A, the REMIC II Regular Interests shall be designated as the Regular Interests in REMIC II and Group A Certificates (other than the Class RA-II Interest shall be designated as the “residual interests” in REMIC II. The Class A R Certificates, the Mezzanine Certificates, the Class P Certificates, the Class IO Interest and the Class CE Certificates (exclusive of any right to receive payments from or obligation to make payments to the Reserve Fund or the Supplemental Interest Trust) shall be designated as the Regular Interests in REMIC III II-A and the Class R-III IIA Interest shall be designated as the Residual Interests in REMIC III. The II-A. Neither the Trustee nor the Trust Administrator shall not permit the creation of any “"interests” " in each Trust REMIC I-A or REMIC II-A (within the meaning of Section 860G of the Code) other than the REMIC I I-A Regular Interests, the REMIC II Regular Interests, the Class IO Interest Group A Certificates and the interests represented by the Group A Certificates.. For the purposes of the REMIC election in respect of REMIC I-H, the REMIC I-H Regular Interests shall be designated as the Regular Interests in REMIC I-H and the Class R-IH Interest shall be designated as the Residual Interests in REMIC I-H. For the purposes of the REMIC election in respect of REMIC II-H, the Group H Certificates (other than the Class H-R Certificates) shall be designated as the Regular Interests in REMIC II-H and the Class R-IIH Interest shall be designated as the Residual Interest in REMIC

REMIC Administration. (a) The Securities Administrator Trustee shall elect to treat each Trust REMIC as a REMIC under the Code and, if necessary, under applicable state law. Each such election will be made by the Securities Administrator on Form 1066 or other appropriate federal tax or information return or any appropriate state return for the taxable year ending on the last day of the calendar year in which the Certificates are issued. For the purposes of the REMIC election in respect of REMIC I, the REMIC I Regular Interests shall be designated as the Regular Interests “regular interests” in REMIC I and the Class R-I [____] Interest shall be designated as the “residual interestsinterest” in REMIC I. For the purposes of the REMIC election in respect of REMIC II, the REMIC II Regular Interests shall be designated as the Regular Interests “regular interests” in REMIC II and the Class R-II [____] Interest shall be designated as the “residual interestsinterest” in REMIC II. The Class A [____] Certificates, the Mezzanine [ ] Certificates, the Class P [____] Certificates, the Class IO [____] Certificates, Class [____] Interest and the Class CE [____] Certificates (exclusive of any right to receive payments from or obligation to make payments to the Reserve Fund or the Supplemental Interest TrustFund) shall be designated as the Regular Interests “regular interests” in REMIC III and the Class R-III [____] Interest shall be designated as the Residual Interests “residual interest” in REMIC III. The Trustee shall not permit the creation of any “interests” in each Trust REMIC (within the meaning of Section 860G of the Code) other than the REMIC I Regular Interests, the REMIC II Regular Interests, the Class IO [____] Interest and the interests represented by the Certificates.

REMIC Administration. (a) The Securities Administrator Trustee shall elect to treat each Trust REMIC as a REMIC under the Code and, if necessary, under applicable state law. Each such election will be made by the Securities Administrator Trustee on Form 1066 or other appropriate federal tax or information return or any appropriate state return for the taxable year ending on the last day of the calendar year in which the Certificates are issued. For the purposes of the REMIC election in respect of REMIC I, the REMIC I Regular Interests shall be designated as the Regular Interests in REMIC I and the Class R-I Interest shall be designated as the “residual interests” Residual Interest in REMIC I. For the purposes of the REMIC election in respect of REMIC II, the The REMIC II Regular Interests shall be designated as the Regular Interests in REMIC II and the Class R-II Interest shall be designated as the “residual interests” Residual Interest in REMIC II. The Class A Certificates, the Mezzanine Certificates, the Class P Certificates, the Class IO Interest and the Class CE Certificates (exclusive of any right to receive payments from or obligation to make payments to the Reserve Fund or the Supplemental Interest Trust) REMIC III Regular Interests shall be designated as the Regular Interests in REMIC III and the Class R-III Interest shall be designated as the Residual Interests Interest in REMIC III. The Class A Certificates, the Class S Certificates the Mezzanine Certificates, the Class CE Certificates and the Class P Certificates shall be designated as the Regular Interests in REMIC IV and the Class R-IV Interest shall be designated as the Residual Interest in REMIC IV. The Trustee shall not permit the creation of any “"interests” " in each any Trust REMIC (within the meaning of Section 860G of the Code) other than the REMIC I Regular Interests, the REMIC II Regular Interests, the Class IO Interest REMIC III Regular Interests and the interests represented by the Certificates.

REMIC Administration. (a) The Securities Administrator shall elect to treat each Trust REMIC as a REMIC under the Code and, if necessary, under applicable state law. Each such election will be made by the Securities Administrator on Form 1066 or other appropriate federal tax or information return or any appropriate state return for the taxable year ending on the last day of the calendar year in which the Certificates are issued. For the purposes of the REMIC election in respect of REMIC I, the REMIC I Regular Interests shall be designated as the Regular Interests “regular interests” in REMIC I and the Class R-I Interest shall be designated as the “residual interestsinterest” in REMIC I. For the purposes of the REMIC election in respect of REMIC II, the REMIC II Regular Interests shall be designated as the Regular Interests “regular interests” in REMIC II and the Class R-II Interest shall be designated as the “residual interestsinterest” in REMIC II. The Class A Certificates, the Mezzanine Certificates, the Class P Certificates, the Class IO Interest and the Class CE Certificates (exclusive of any right to receive payments from or obligation to make payments to the Reserve Fund or the Supplemental Interest Trust) shall be designated as the Regular Interests “regular interests” in REMIC III and the Class R-III Interest shall be designated as the Residual Interests “residual interest” in REMIC III. The Trustee shall not permit the creation of any “interests” in each Trust REMIC (within the meaning of Section 860G of the Code) other than the REMIC I Regular Interests, the REMIC II Regular Interests, the Class IO Interest and the interests represented by the Certificates.

REMIC Administration. (a) The Securities Certificate Administrator shall elect make elections or cause elections to be made to treat each Trust REMIC as a REMIC under the Code and, if necessary, under applicable state lawApplicable State and Local Tax Law. Each such election will be made by the Securities Administrator on Form 1066 or other appropriate federal tax or information return or any appropriate state return for the taxable year ending on the last day of the calendar year in which the Uncertificated Lower-Tier Interests and the Certificates are issued. For the purposes of the REMIC election in respect of REMIC Ithe Upper-Tier REMIC, each Class of the REMIC I Regular Interests Certificates (exclusive of the portion of the Class NR Certificates representing an interest in the Grantor Trust) shall be designated as the Regular Interests “regular interests” (or in REMIC I the case of an exchange and conversion of Class A-S, Class B and Class C Certificates for Class EC Certificates, such “regular interests” shall be deemed to be held by the Trustee in uncertificated form unless reconverted to Class A-S, Class B and Class C Certificates) and the Class R-I UR Interest shall be designated as the sole class of “residual interests” in REMIC I. the Upper-Tier REMIC. For the purposes of the REMIC election in respect of REMIC IIthe Lower-Tier REMIC, each Class of Uncertificated Lower-Tier Interests and the REMIC II Regular Interests Class ESK Certificates shall be designated as the Regular Interests in REMIC II a class of “regular interests” and the Class R-II LR Interest shall be designated as the sole class of “residual interests” in REMIC IIthe Lower-Tier REMIC. The Class A CertificatesNone of the Special Servicer, the Mezzanine Certificates, Master Servicer nor the Class P Certificates, the Class IO Interest and the Class CE Certificates (exclusive of any right to receive payments from or obligation to make payments to the Reserve Fund or the Supplemental Interest Trust) shall be designated as the Regular Interests in REMIC III and the Class R-III Interest shall be designated as the Residual Interests in REMIC III. The Trustee shall not permit the creation of any “interests” in each Trust REMIC (within the meaning of Section 860G of the Code) in any Trust REMIC other than the REMIC I Regular Interests, the REMIC II Regular Interests, the Class IO Interest and the interests represented by the Certificatesforegoing interests.

REMIC Administration. (a) The Securities Administrator Trustee shall elect to treat each Trust REMIC as a REMIC under the Code and, if necessary, under applicable state law. Each such election will shall be made by the Securities Administrator Trustee on Form 1066 or other appropriate federal tax or information return or any appropriate state return for the taxable year ending on the last day of the calendar year in which the Certificates are issued. For the purposes of the REMIC election in respect of REMIC I, (i) the REMIC I Regular Interests shall be designated as the Regular Interests in REMIC I and the Class R-I Interest shall be designated as the “residual interests” Residual Interest in REMIC I. For the purposes of the REMIC election in respect of REMIC III, (ii) the REMIC II Regular Interests shall be designated as the Regular Interests in REMIC II and the Class R-II Interest shall be designated as the “residual interests” Residual Interest in REMIC II. The Class A Certificates, (iii) the Mezzanine Certificates, the Class P Certificates, the Class IO Interest and the Class CE Certificates (exclusive of any right to receive payments from or obligation to make payments to the Reserve Fund or the Supplemental Interest Trust) REMIC III Regular Interests shall be designated as the Regular Interests in REMIC III and the Class R-III Interest shall be designated as the Residual Interest in REMIC III and (iv) the Class A Certificates, the Mezzanine Certificates, the Class SWAP-IO Interest, the Class CE Certificates and the Class P Certificates shall be designated as the Regular Interests in REMIC IIIIV and the Class R-IV Interest shall be designated as the Residual Interest in REMIC IV. The Trustee shall not permit the creation of any “interests” in each any Trust REMIC (within the meaning of Section 860G of the Code) other than the REMIC I Regular Interests, the REMIC II Regular Interests, the Class IO Interest Interests and the interests represented by the Certificates.

REMIC Administration. (a) The Securities Administrator Trustee shall elect to treat each Trust REMIC as a REMIC under the Code and, if necessary, under applicable state law. Each such election will be made by the Securities Administrator on Form 1066 or other appropriate federal tax or information return (including Form 8811) or any appropriate state return for the taxable year ending on the last day of the calendar year in which the Certificates are issued, copies of which forms and returns shall promptly be furnished by the Trustee to the NIMS Insurer. For the purposes of the REMIC election in respect of REMIC I1, the REMIC I 1 Regular Interests shall be designated as the Regular Interests in REMIC I 1 and the Class R-I R‑1 Interest shall be designated as the “residual interests” Residual Interest in REMIC I. 1. For the purposes of the REMIC election in respect of REMIC II2, (i) the Regular Certificates (other than the Class C Certificates and the Class P Certificates) and the REMIC II 2 Regular Interests shall be designated as the Regular Interests in REMIC II 2 and (ii) the Class R-II R-2 Interest shall be designated as the “residual interests” Residual Interest in REMIC II2. The Class A Certificates, For the Mezzanine Certificatespurposes of the REMIC election in respect of REMIC CX, the Class P Certificates, the Class IO Interest and the Class CE C Certificates (exclusive of any right to receive payments from or obligation to make payments to the Reserve Fund or the Supplemental Interest Trust) shall be designated as the Regular Interests in REMIC III CX and the Class R-III R‑CX Interest shall be designated as the Residual Interest in REMIC CX. For the purposes of the REMIC election in respect of REMIC PX, the Class P Certificates shall be designated as the Regular Interests in REMIC IIIPX and the Class R‑PX Interest shall be designated as the Residual Interest in REMIC PX. The Trustee shall not permit the creation of any “interests” in each Trust REMIC 1, REMIC 2, REMIC CX or REMIC PX (within the meaning of Section 860G of the Code) other than the REMIC I 1 Regular Interests, the REMIC II 2 Regular Interests, the Class IO Interest Interests and the interests represented by the Certificates.

REMIC Administration. (a) The Securities Administrator Trustee shall elect make an election to treat each Trust of REMIC I, REMIC II and REMIC III (exclusive of the Interest Coverage Accounts and the Pre-Funding Accounts) as a REMIC under the Code andCode, and if necessary, under applicable state law. Each such Such election will be made by the Securities Administrator on Form 1066 or other appropriate federal tax or information return or any appropriate state return for the taxable year ending on the last day of the calendar year in which the Certificates are issued. For the purposes of the REMIC election in respect of REMIC I, (i) the Uncertificated REMIC I Regular Interests shall be designated as the Regular Interests "regular interests" in REMIC I and (ii) the Class R-I Certificates shall be designated as the sole Class of "residual interest" in REMIC I. For purposes of the REMIC election in REMIC II, (i) the Uncertificated REMIC II Regular Interest shall be designated at the "regular interests" in REMIC II and the Class R-I Interest III Certificates shall be designated as the “"sole" Class of residual interests” interest in REMIC I. II. For the purposes of the REMIC election in respect of REMIC IIIII, (i) the REMIC II Regular Interests Class A-1, Class A-2, Class A-3, Class A-4, Class A-5, Class M-1A, Class M-1F, Class M-2A, Class M-2F, Class B-1A, Class B-1F and each of the Class A-IO Components A, B, C and D and each of the Class S-1A and Class S-1F Components shall be designated as the Regular Interests "regular interests" in REMIC II III and (ii) the Class R-II Interest III Certificates shall be designated as the “sole Class of "residual interests” in REMIC II. The Class A Certificates, the Mezzanine Certificates, the Class P Certificates, the Class IO Interest and the Class CE Certificates (exclusive of any right to receive payments from or obligation to make payments to the Reserve Fund or the Supplemental Interest Trust) shall be designated as the Regular Interests in REMIC III and the Class R-III Interest shall be designated as the Residual Interests interest" in REMIC III. The Trustee shall not permit the creation of any “"interests” " in each the Trust REMIC Fund (within the meaning of Section 860G of the Code) other than the REMIC I Regular Interests, the REMIC II Regular Interests, the Class IO Interest regular interests and the interests represented by the Certificates.

REMIC Administration. (a) The Securities Administrator Trustee shall elect to treat each Trust REMIC created hereunder as a REMIC under the Code and, if necessary, under applicable state law. Each such Such election will be made by the Securities Trust Administrator on behalf of the Trustee on Form 1066 or other appropriate federal tax or information return or any appropriate state return for the taxable year ending on the last day of the calendar year in which the Certificates are issued. For the purposes of the REMIC election in respect of REMIC I, the REMIC Group I Regular Interests Certificates (other than the Class I-R Certificates) 152 shall be designated as the Regular Interests in REMIC I and the Class RI-I Interest R Certificates shall be designated as the “residual interests” Residual Interest in REMIC I. Neither the Trustee nor the Trust Administrator shall permit the creation of any "interests" in REMIC I (within the meaning of Section 860G of the Code) other than the Group I Certificates. For the purposes of the REMIC election in respect of REMIC II-A, the REMIC II II-A Regular Interests shall be designated as the Regular Interests in REMIC II II-A and the Class R-II IIA Interest shall be designated as the “residual interests” Residual Interests in REMIC II. The Class A Certificates-A. For the purposes of the REMIC election in respect of REMIC II-B, the Mezzanine Certificates, Group II Certificates (other than the Class P II-R Certificates, the Class IO Interest and the Class CE Certificates (exclusive of any right to receive payments from or obligation to make payments to the Reserve Fund or the Supplemental Interest Trust) shall be designated as the Regular Interests in REMIC III II-B and the Class R-III IIB Interest shall be designated as the Residual Interests Interest in REMIC III. The II-B. Neither the Trustee nor the Trust Administrator shall not permit the creation of any “"interests” " in each Trust REMIC II-A or REMIC II-B (within the meaning of Section 860G of the Code) other than the REMIC I II-A Regular InterestsInterests and the Group II Certificates. For the purposes of the REMIC election in respect of REMIC III-A, the REMIC II III-A Regular InterestsInterests shall be designated as the Regular Interests in REMIC III-A and the Class R-IIIA Interest shall be designated as the Residual Interests in REMIC III-A. For the purposes of the REMIC election in respect of REMIC III-B, the Group III Certificates (other than the Class IO Interest III-R Certificates) shall be designated as the Regular Interests in REMIC III-B and the interests represented by Class R-IIIB Interest shall be designated as the Residual Interest in REMIC III-B. Neither the Trustee nor the Trust Administrator shall permit the creation of any "interests" in REMIC III-A or REMIC III-B (within the meaning of Section 860G of the Code) other than the REMIC III-A Regular Interests and the Group III Certificates.

REMIC Administration. (a) The Securities Administrator Trustee shall elect to treat each Trust REMIC created hereunder as a REMIC under the Code and, if necessary, under applicable state law. Each such election will be made by the Securities Administrator on Form 1066 or other appropriate federal tax or information return or any appropriate state return for the taxable year ending on the last day of the calendar year in which the Certificates are issued. For the purposes of the REMIC election in respect of REMIC I, the REMIC I Regular Interests shall be designated as the Regular Interests in REMIC I and the Class R-I Interest Certificates shall be designated as the “residual interests” Residual Interests in REMIC I. For the purposes of the REMIC election in respect of REMIC II, the Trust Fund. The REMIC II Regular Interests shall be designated as the Regular Interests in REMIC II and the Class R-II Interest Certificates shall be designated as the “residual interests” Residual Interests in REMIC II. The Class A Certificates, the Mezzanine Certificates, the Class P Certificates, the Class IO Interest and the Class CE Certificates (exclusive of any right to receive payments from or obligation to make payments to the Reserve Fund or the Supplemental Interest Trust) REMIC III Regular Interests shall be designated as the Regular Interests in REMIC III and the Class R-III Interest Certificates shall be designated as the Residual Interests in REMIC III. The REMIC IV Regular Interests shall be designated as the Regular Interests in REMIC IV and the Class R-IV Certificates shall be designated as the Residual Interests in REMIC IV. The Certificates (other than the Residual Certificates) shall be designated as the Regular Interests in REMIC V and the Class R-V Certificates shall be designated as the Residual Interests in REMIC V. The Trustee shall not permit the creation of any “interests” in each Trust any REMIC created hereunder (within the meaning of Section 860G of the Code) other than the REMIC I Regular Interests, the REMIC II Regular Interests, the Class IO REMIC III Regular Interest and REMIC IV Regular Interest and the interests represented by the Certificates.

REMIC Administration. (a) The Securities Administrator Trustee shall elect to treat each Trust REMIC as a REMIC under the Code and, if necessary, under applicable state law. Each such election will shall be made by the Securities Administrator Trustee on Form 1066 or other appropriate federal tax or information return or any appropriate state return for the taxable year ending on the last day of the calendar year in which the Certificates are issued. For the purposes of the REMIC election in respect of REMIC I, (i) the REMIC I Regular Interests shall be designated as the Regular Interests in REMIC I and the Class R-I Interest shall be designated as the “residual interests” Residual Interest in REMIC I. For the purposes of the REMIC election in respect of REMIC III, (ii) the REMIC II Regular Interests shall be designated as the Regular Interests in REMIC II and the Class R-II Interest shall be designated as the “residual interests” Residual Interest in REMIC II. The II and (iii) the Class A Certificates, the Mezzanine Certificates, the Class P CertificatesSWAP-IO Interest, the Class IO Interest and the Class CE Certificates (exclusive of any right to receive payments from or obligation to make payments to and the Reserve Fund or the Supplemental Interest Trust) Class P Certificates shall be designated as the Regular Interests in REMIC III and the Class R-III Interest shall be designated as the Residual Interests Interest in REMIC III. The Trustee shall not permit the creation of any “interests” in each any Trust REMIC (within the meaning of Section 860G of the Code) other than the REMIC I Regular Interests, the REMIC II Regular Interests, the Class IO Interest Interests and the interests represented by the Certificates.

REMIC Administration. (a) The Securities Administrator Paying Agent shall elect make elections or cause elections to be made to treat each Trust of the Lower-Tier REMIC and the Upper-Tier REMIC as a REMIC under the Code and, if necessary, under applicable state lawApplicable State and Local Tax Law. Each such election will be made by the Securities Administrator on Form 1066 or other appropriate federal tax or information return or any appropriate state return for the taxable year ending on the last day of the calendar year in which the Uncertificated Lower-Tier Interests and the Certificates are issued. For the purposes of the REMIC election in respect of REMIC Ithe Upper-Tier REMIC, the REMIC I Regular Interests shall be designated as each Class of the Regular Interests in REMIC I Certificates (other than the Class A-2FL Certificates) and the Class R-I A-2FL Regular Interest shall be designated as the “"regular interests" and the Class R Certificates shall be designated as the sole class of "residual interests” " in REMIC I. the Upper-Tier REMIC. For the purposes of the REMIC election in respect of REMIC IIthe Lower-Tier REMIC, the REMIC II Regular each Class of Uncertificated Lower-Tier Interests shall be designated as the Regular Interests in REMIC II "regular interests" and the Class R-II Interest LR Certificates shall be designated as the “sole class of "residual interests” " in REMIC IIthe Lower-Tier REMIC. The Class A CertificatesNone of the Special Servicer, the Mezzanine CertificatesMaster Servicers, the Class P Certificates, Paying Agent nor the Class IO Interest and the Class CE Certificates (exclusive of any right to receive payments from or obligation to make payments to the Reserve Fund or the Supplemental Interest Trust) shall be designated as the Regular Interests in REMIC III and the Class R-III Interest shall be designated as the Residual Interests in REMIC III. The Trustee shall not permit the creation of any “"interests” in each Trust REMIC " (within the meaning of Section 860G of the Code) in the Lower-Tier REMIC or the Upper-Tier REMIC other than the REMIC I Regular Interests, the REMIC II Regular Interests, the Class IO Interest and the interests represented by the Certificatesforegoing interests.

REMIC Administration. (a) The Securities Administrator Trustee shall elect to treat each Trust REMIC as a REMIC under the Code and, if necessary, under applicable state lawlaw and as instructed by the Securities Administrator. Each such election will shall be made by the Securities Administrator on Form 1066 or other appropriate federal tax or information return or any appropriate state return for the taxable year ending on the last day of the calendar year in which the Certificates are issued. For the purposes of the REMIC election in respect of REMIC I, the REMIC I Regular Interests shall be designated as the Regular Interests in REMIC I and the Class R-I Interest Component R-1 shall be designated as the “residual interests” Residual Interest in REMIC I. For the purposes of the REMIC election in respect of REMIC II, the REMIC II Regular Interests shall be designated as the Regular Interests in REMIC II and the Class R-II Interest Component R-2 shall be designated as the “residual interests” Residual Interest in REMIC II. The Class A CertificatesI-A-1, the Mezzanine CertificatesClass I-A-2, the Class P CertificatesI-A-3, the Class IO Interest I-A-4, Class II-A-1, Class M, Class B-1, Class B-2, Class B-3, Class B-4 and the Class CE B-5 Certificates (exclusive of any right to receive payments from or obligation to make payments to the Reserve Fund or the Supplemental Interest Trust) shall be designated as the Regular Interests in REMIC III and the Class R-III Interest Component R-3 shall be designated as the Residual Interests Interest in REMIC III. The Trustee shall not permit the creation of any “"interests” " in each Trust REMIC (within the meaning of Section 860G of the Code) other than the REMIC I Regular Interests, the REMIC II Regular Interests, the Class IO Interest Interests and the interests represented by the Certificates.

REMIC Administration. (a) The Securities Administrator Trustee shall elect to treat each Trust REMIC as a REMIC under the Code and, if necessary, under applicable state law. Each such election will shall be made by the Securities Administrator Trustee on Form 1066 or other appropriate federal tax or information return or any appropriate state return for the taxable year ending on the last day of the calendar year in which the Certificates are issued. For the purposes of the REMIC election in respect of REMIC I, (i) the REMIC I Regular Interests shall be designated as the Regular Interests in REMIC I and the Class R-I Interest shall be designated as the “residual interests” Residual Interest in REMIC I. For the purposes of the REMIC election in respect of REMIC III, (ii) the REMIC II Regular Interests shall be designated as the Regular Interests in REMIC II and the Class R-II Interest shall be designated as the “residual interests” Residual Interest in REMIC II. The Class A Certificates, (iii) the Mezzanine Certificates, the Class P Certificates, the Class IO Interest and the Class CE Certificates (exclusive of any right to receive payments from or obligation to make payments to the Reserve Fund or the Supplemental Interest Trust) REMIC III Regular Interests shall be designated as the Regular Interests in REMIC III and the Class R-III Interest shall be designated as the Residual Interest in REMIC III, (iv) the Class A Certificates, the Mezzanine Certificates, the Class SWAP-IO Interest, the Class CE Interest and the Class P Interest shall be designated as the Regular Interests in REMIC IIIIV and the Class R-IV Interest shall be designated as the Residual Interest in REMIC IV, (v) the Class CE Certificates shall be designated as the Regular Interests in REMIC V and the Class R-V Interest shall be designated as the Residual Interest in REMIC V, (vi) the Class P Certificates shall be designated as the Regular Interests in REMIC VI and the Class R-VI Interest shall be designated as the Residual Interest in REMIC VI, (vii) REMIC VII Regular Interest IO shall be designated as the Regular Interests in REMIC VII and the Class R-VII Interest shall be designated as the Residual Interest in REMIC VII. The Trustee shall not permit the creation of any “interests” in each any Trust REMIC (within the meaning of Section 860G of the Code) other than the REMIC I Regular Interests, the REMIC II Regular Interests, the REMIC III Regular Interests, the Class CE Interest, the Class P Interest, REMIC VII Regular Interest IO Interest and the interests represented by the Certificates.

REMIC Administration. (a) The Securities Administrator Trustee shall elect to treat each Trust REMIC as a REMIC under the Code and, if necessary, under applicable state law. Each such election will be made by the Securities Administrator on Form 1066 or other appropriate federal tax or information return (including Form 8811) or any appropriate state return for the taxable year ending on the last day of the calendar year in which the Certificates are issued, copies of which forms and returns shall promptly be furnished by the Trustee to the NIMS Insurer. For the purposes of the REMIC election in respect of REMIC I/II-1, the REMIC I I/II-1 Regular Interests shall be designated as the Regular Interests in REMIC I I/II-1 and the Class RI/II-I R1 Interest shall be designated as the “residual interests” Residual Interest in REMIC I. I/II-1. For the purposes of the REMIC election in respect of REMIC III/II-2, (i) the Regular Certificates (other than the Class I/II B-2 Certificates, the Class I/II-B3 Certificates, the Class I/II-B4 Certificates, Class I/II-C Certificates and the Class I/II-P Certificates) and the REMIC II I/II-2 Regular Interests shall be designated as the Regular Interests in REMIC II I/II-2 and (ii) the Class RI/II-II R2 Interest shall be designated as the “residual interests” Residual Interest in REMIC I/II-2. For the purposes of the REMIC election in respect of REMIC I/II. The Class A Certificates, the Mezzanine Certificates-CX, the Class P Certificates, the Class IO Interest and the Class CE I/II-C Certificates (exclusive of any right to receive payments from or obligation to make payments to the Reserve Fund or the Supplemental Interest Trust) shall be designated as the Regular Interests in REMIC III I/II-CX and the Class RI/II-III CXR Interest shall be designated as the Residual Interest in REMIC I/II-CX. For the purposes of the REMIC election in respect of REMIC I/II-BX, the Class I/II-B2 Certificates, the Class I/II-B3 Certificates, and the Class I/II-B4 Certificates shall be designated as the Regular Interests in REMIC I/II-BX and the Class I/II-BXR Interest shall be designated as the Residual Interest in REMIC I/II-BX. For the purposes of the REMIC election in respect of REMIC I/II-PX, the Class I/II-P 202 SE 2124558 v1 2 Certificates shall be designated as the Regular Interests in REMIC I/II-PX and the Class I/II-PXR Interest shall be designated as the Residual Interest in REMIC I/II-PX. For the purposes of the REMIC election in respect of REMIC III-1, the REMIC III-1 Regular Interests shall be designated as the Regular Interests in REMIC III-1 and the Class III-R1 Interest shall be designated as the Residual Interest in REMIC III-1. For the purposes of the REMIC election in respect of REMIC III-2, (i) the Regular Certificates (other than the Class III-B Certificates, the Class III-C Certificates and the Class III-P Certificates) and the REMIC III-2 Regular Interests shall be designated as the Regular Interests in REMIC III-2 and (ii) the Class III-R2 Interest shall be designated as the Residual Interest in REMIC III-2. For the purposes of the REMIC election in respect of REMIC III-CX, the Class III-C Certificates shall be designated as the Regular Interests in REMIC III-CX and the Class III-CXR Interest shall be designated as the Residual Interest in REMIC III-CX. For the purposes of the REMIC election in respect of REMIC III-BX, the Class III-B Certificates shall be designated as the Regular Interests in REMIC III-BX and the Class III-BXR Interest shall be designated as the Residual Interest in REMIC III-BX. For the purposes of the REMIC election in respect of REMIC III-PX, the Class III-P Certificates shall be designated as the Regular Interests in REMIC III-PX and the Class III-PXR Interest shall be designated as the Residual Interest in REMIC III-PX. The Trustee shall not permit the creation of any “interests” in each Trust REMIC I/II-1, REMIC I/II-2, REMIC I/II-CX, REMIC I/II-BX, REMIC I/II-PX, REMIC III-1, REMIC III-2, REMIC III-CX, REMIC III-BX, or REMIC III-PX (within the meaning of Section 860G of the Code) other than the REMIC I I/II-1 Regular Interests, the REMIC II I/II-2 Regular Interests, REMIC III-1 Regular Interests, the Class IO Interest REMIC III-2 Regular Interests and the interests represented by the Certificates.

REMIC Administration. (a) The Securities Administrator shall elect to treat each Trust REMIC as a REMIC under the Code and, if necessary, under applicable state law. Each such election will be made by the Securities Administrator on Form 1066 or other appropriate federal tax or information return or any appropriate state return for the taxable year ending on the last day of the calendar year in which the Certificates are issued. For the purposes of the REMIC election in respect of REMIC I, the REMIC I Regular Interests shall be designated as the Regular Interests “regular interests” in REMIC I and the Class R-I Interest shall be designated as the “residual interestsinterest” in REMIC I. For the purposes of the REMIC election in respect of REMIC II, the REMIC II Regular Interests shall be designated as the Regular Interests “regular interests” in REMIC II and the Class R-II Interest shall be designated as the “residual interestsinterest” in REMIC II. The Class A Certificates, the Mezzanine Certificates, the Class P Certificates, Class IO Interest, the Class IO Interest CE-2 Certificates and the Class CE CE-1 Certificates (exclusive of any right to receive payments from or obligation to make payments to the Reserve Fund or the Supplemental Supplement Interest Trust) shall be designated as the Regular Interests “regular interests” in REMIC III and the Class R-III Interest shall be designated as the Residual Interests “residual interest” in REMIC III. The Trustee shall not permit the creation of any “interests” in each Trust REMIC (within the meaning of Section 860G of the Code) other than the REMIC I Regular Interests, the REMIC II Regular Interests, the Class IO Interest and the interests represented by the Certificates.

REMIC Administration. (a) The Securities REMIC Administrator shall elect make an election to treat each Trust of REMIC I, REMIC II and REMIC III as a REMIC under the Code and, if necessary, under applicable state law. Each such Such election will be made by the Securities Administrator on Form 1066 or other appropriate federal tax or information return (including Form 8811) or any appropriate state return for the taxable year ending on the last day of the calendar year in which the Certificates are issued. For the purposes of the REMIC election in respect of REMIC I, the The REMIC I Regular Interests shall be designated as the Regular Interests in REMIC I "regular interests" and the Class R-I Interest Certificates shall be designated as the “sole class of "residual interests” " in REMIC I. For the purposes of the REMIC election in respect of REMIC II, the The REMIC II Regular Interests shall be designated as the Regular Interests in REMIC II "regular interests" and the Class R-II Interest Certificates shall be designated as the “sole class of "residual interests” " in REMIC II. The Class A Certificates, the Mezzanine Certificates, the Class P Certificates, the Class IO Interest and the Class CE Certificates (exclusive of any right to receive payments from or obligation to make payments to the Reserve Fund or the Supplemental Interest Trust) REMIC III Regular Interests shall be designated as the Regular Interests in REMIC III "regular interests" and the Class R-III Interest Certificates shall be designated as the Residual Interests sole class of "residual interests" in REMIC III. The REMIC Administrator and the Trustee shall not permit the creation of any “"interests” in each Trust REMIC " (within the meaning of Section 860G of the Code) in REMIC I, REMIC II and REMIC III other than the REMIC I Regular Interests, the REMIC II Regular Interests, the Class IO Interest REMIC III Regular Interests and the interests represented by the Certificates.

REMIC Administration. (a) The Securities Administrator shall elect to treat each Trust REMIC as a REMIC under the Code and, if necessary, under applicable state law. Each such election will be made by the Securities Administrator on Form 1066 or other appropriate federal tax or information return or any appropriate state return for the taxable year ending on the last day of the calendar year in which the Certificates are issued. For the purposes of the REMIC election in respect of REMIC I, the REMIC I Regular Interests shall be designated as the Regular Interests “regular interests” in REMIC I and the Class R-I Interest shall be designated as the “residual interestsinterest” in REMIC I. For the purposes of the REMIC election in respect of REMIC II, the REMIC II Regular Interests shall be designated as the Regular Interests “regular interests” in REMIC II and the Class R-II Interest shall be designated as the “residual interest” in REMIC II. For the purposes of the REMIC election in respect of REMIC III, the REMIC III Regular Interests shall be designated as the “regular interests” in REMIC IIIII and the Class R-III Interest shall be designated as the “residual interest” in REMIC III. The Class A Certificates, the Mezzanine Certificates, the Class P Certificates, Class IO Interest, the Class IO Interest and the Class CE CE-1 Certificates (exclusive of any right to receive payments from or obligation to make payments to the Reserve Fund or the Supplemental Supplement Interest Trust) and the Class CE-2 Certificates shall be designated as the Regular Interests “regular interests” in REMIC III IV and the Class R-III IV Interest shall be designated as the Residual Interests “residual interest” in REMIC IIIIV. The Trustee shall not permit the creation of any “interests” in each Trust REMIC (within the meaning of Section 860G of the Code) other than the REMIC I Regular Interests, the REMIC II Regular Interests, the REMIC III Regular Interests, Class IO Interest and the interests represented by the Certificates.

REMIC Administration. (ab) The Securities REMIC Administrator shall elect make an election to treat each Trust of REMIC I, REMIC II, REMIC III and REMIC IV as a REMIC under the Code and, if necessary, under applicable state law. Each such Such election will be made by the Securities Administrator on Form 1066 or other appropriate federal tax or information return (including Form 8811) or any appropriate state return for the taxable year ending on the last day of the calendar year in which the Certificates are issued. For the purposes of the REMIC election in respect of REMIC I, the The REMIC I Regular Interests shall be designated as the Regular Interests in REMIC I "regular interests" and the Class R-I Interest Certificates shall be designated as the “sole class of "residual interests” " in REMIC I. For the purposes of the REMIC election in respect of REMIC II, the The REMIC II Regular Interests shall be designated as the Regular Interests in REMIC II "regular interests" and the Class R-II Interest Certificates shall be designated as the “sole class of "residual interests” " in REMIC II. The Class A Certificates, the Mezzanine Certificates, the Class P Certificates, the Class IO Interest and the Class CE Certificates (exclusive of any right to receive payments from or obligation to make payments to the Reserve Fund or the Supplemental Interest Trust) REMIC III Regular Interests shall be designated as the Regular Interests in REMIC III "regular interests" and the Class R-III Interest Certificates shall be designated as the Residual Interests sole class of "residual interests" in REMIC III. The Class A-I, Class A-II, Class SB-I and Class SB-II Certificates shall be designated as the "regular interests" in REMIC IV and the Class R-IV Certificates shall be designated the sole class of "residual interests" in REMIC IV. The REMIC Administrator and the Trustee shall not permit the creation of any “"interests” in each Trust REMIC " (within the meaning of Section 860G of the Code) in the REMIC other than the REMIC I Regular Interests, the REMIC II Regular Interests, the Class IO Interest and the interests represented by the Certificates.

REMIC Administration. (a) The Securities Administrator Trustee shall elect make elections or cause elections to be made to treat each Trust of the Loan REMIC, the Lower-Tier REMIC and the Upper-Tier REMIC as a REMIC under the Code and, if necessary, under applicable state lawApplicable State and Local Tax Law. Each such election will be made by the Securities Administrator on Form 1066 or other appropriate federal tax or information return or any appropriate state return for the taxable year ending on the last day of the calendar year in which the Uncertificated Lower-Tier Interests and the Certificates are issued. For the purposes of the REMIC election in respect of REMIC Ithe Upper-Tier REMIC, each Class of the REMIC I Regular Interests Certificates and the Class S Certificates shall be designated as the Regular Interests "regular interests" (in REMIC I and the case of the Class R-I NR Certificates, exclusive of the portion thereof, representing the right to Excess Interest and Amounts in the Excess Interest Distribution Account)and the Class R Certificates shall be designated as the “sole class of "residual interests” " in REMIC I. the Upper-Tier REMIC. For the purposes of the REMIC election in respect of REMIC IIthe Lower-Tier REMIC, each Class of Uncertificated Lower-Tier Interests shall be designated as the "regular interests" and the Class LR Certificates shall be designated as the sole class of "residual interests" in the Lower-Tier REMIC. For purposes of the REMIC II election in respect of the Loan REMIC, each Class of Loan REMIC Regular Interests shall be designated as the Regular Interests in REMIC II "regular interests" and the Class R-II Interest LR Certificates shall be designated as representing the “sole class of "residual interests” " in REMIC IIthe Loan REMIC. The Class A CertificatesNone of the Special Servicer, the Mezzanine Certificates, Servicer nor the Class P Certificates, the Class IO Interest and the Class CE Certificates (exclusive of any right to receive payments from or obligation to make payments to the Reserve Fund or the Supplemental Interest Trust) shall be designated as the Regular Interests in REMIC III and the Class R-III Interest shall be designated as the Residual Interests in REMIC III. The Trustee shall not permit the creation of any “"interests” in each Trust REMIC " (within the meaning of Section 860G of the Code) in the Loan REMIC, the Lower-Tier REMIC or the Upper-Tier REMIC other than the REMIC I Regular Interests, the REMIC II Regular Interests, the Class IO Interest and the interests represented by the Certificatesforegoing interests.

REMIC Administration. (a) The Securities Trust Administrator shall elect to treat each Trust REMIC as a REMIC under the Code and, if necessary, under applicable state law. Each such election will be made by the Securities Trust Administrator on Form 1066 or other appropriate federal tax or information return or any appropriate state return for the taxable year ending on the last day of the calendar year in which the Certificates are issued. For the purposes of the REMIC election in respect of REMIC I, the REMIC I Regular Interests shall be designated as the Regular Interests in REMIC I and the Class R-I Interest shall be designated as the “residual interests” Residual Interest in REMIC I. For the purposes of the REMIC election in respect of REMIC IIThe Class A Certificates, the REMIC II Regular Interests Class M-1 Certificates, the Class M-2 Certificates, the Class M-3 Certificates and the Class M-4 Certificates (exclusive of any right to receive payments from the Net WAC Rate Carryover Reserve Account), the Class CE Interest and the Class P Interest shall be designated as the Regular Interests in REMIC II and the Class R-II Interest shall be designated as the “residual interests” Residual Interest in REMIC II. The Class A Certificates, the Mezzanine Certificates, the Class P Certificates, the Class IO Interest and the Class CE Certificates (exclusive of any right to receive payments from or obligation to make payments to the Reserve Fund or the Supplemental Interest Trust) shall be designated as the Regular Interests in REMIC III and the Class R-III Interest shall be designated as the Residual Interests Interest in REMIC III. The Class P Certificates shall be designated as Regular Interests in REMIC IV and the Class R-IV Interest shall be designated as the Residual Interest in REMIC IV. Neither the Trustee nor the Trust Administrator shall not permit the creation of any “"interests” " in each any Trust REMIC (within the meaning of Section 860G of the Code) other than the REMIC I Regular Interests, the REMIC II Regular Interests, the Class IO Interest Interests and the interests represented by the CertificatesResidual Interests named above.

REMIC Administration. (a) The Securities Administrator Trustee shall elect to treat each Trust REMIC as a REMIC under the Code and, if necessary, under applicable state law. Each such election will be made by the Securities Administrator Trustee on Form 1066 or other appropriate federal tax or information return or any appropriate state return for the taxable year ending on the last day of the calendar year in which the Certificates are issued. For the purposes of the REMIC election in respect of REMIC I, the REMIC I Regular Interests shall be designated as the Regular Interests in REMIC I and the Class R-I Interest shall be designated as the “residual interests” Residual Interest in REMIC I. For the purposes of the REMIC election in respect of REMIC II, the REMIC II Regular Interests shall be designated as the Regular Interests in REMIC II and the Class R-II Interest shall be designated as the “residual interests” Residual Interest in REMIC II. The Class A Certificates, the Class A-IO Certificates, each of the Mezzanine Certificates, the Class P Certificates, the Class IO Interest CE Certificates and the Class CE P Certificates (exclusive of any other than the right to receive payments amounts from or obligation to make payments to the Net WAC Rate Carryover Reserve Fund or the Supplemental Interest TrustAccount, if any) shall be designated as the Regular Interests in REMIC III and the Class R-III Interest shall be designated as the Residual Interests Interest in REMIC III. The Trustee shall not permit the creation of any “"interests” " in each any Trust REMIC (within the meaning of Section 860G of the Code) other than the REMIC I Regular Interests, the REMIC II Regular Interests, the Class IO Interest Interests and the interests represented by the Certificates.

REMIC Administration. (a) The Securities Administrator Trustee shall elect to treat each Trust REMIC as a REMIC under the Code and, if necessary, under applicable state law. Each such election will shall be made by the Securities Administrator Trustee on Form 1066 or other appropriate federal tax or information return or any appropriate state return for the taxable year ending on the last day of the calendar year in which the Certificates are issued. For the purposes of the REMIC election in respect of REMIC I, (i) the REMIC I Regular Interests shall be designated as the Regular Interests in REMIC I and the Class R-I Interest shall be designated as the “residual interests” Residual Interest in REMIC I. For I, (ii) the purposes of the REMIC election in respect of REMIC IIClass A Certificates, the REMIC II Regular Interests Mezzanine Certificates, the Class CE Interest and the Class P Interest shall be designated as the Regular Interests in REMIC II and the Class R-II Interest shall be designated as the “residual interests” Residual Interest in REMIC II. The Class A Certificates, the Mezzanine Certificates, the Class P Certificates, the Class IO Interest and (iii) the Class CE Certificates (exclusive of any right to receive payments from or obligation to make payments to the Reserve Fund or the Supplemental Interest Trust) shall be designated as the Regular Interests in REMIC III and the Class R-III Interest shall be designated as the Residual Interest in REMIC III and (iv) the Class P Certificates shall be designated as the Regular Interests in REMIC IIIIV and the Class R-IV Interest shall be designated as the Residual Interest in REMIC IV. The Trustee shall not permit the creation of any “"interests” " in each any Trust REMIC (within the meaning of Section 860G of the Code) other than the REMIC I Regular Interests, the REMIC II Regular InterestsClass CE Interest, the Class IO P Interest and the interests represented by the Certificates.

REMIC Administration. (a) The Securities Administrator Trustee shall elect to treat each Trust REMIC as a REMIC under the Code and, if necessary, under applicable state law. Each such election will be made by the Securities Administrator on Form 1066 or other appropriate federal tax or information return (including Form 8811) or any appropriate state return for the taxable year ending on the last day of the calendar year in which the Certificates are issued, copies of which forms and returns shall promptly be furnished by the Trustee to the NIMS Insurer. For the purposes of the REMIC election in respect of REMIC I1, the REMIC I 1 Regular Interests shall be designated as the Regular Interests in REMIC I 1 and the Class R-I R-1 Interest shall be designated as the “residual interests” 130 Residual Interest in REMIC I. 1. For the purposes of the REMIC election in respect of REMIC II2, (i) the Regular Certificates (other than the Class C Certificates and the Class P Certificates) and the REMIC II 2 Regular Interests shall be designated as the Regular Interests in REMIC II 2 and (ii) the Class R-II R-2 Interest shall be designated as the “residual interests” Residual Interest in REMIC II2. The Class A Certificates, For the Mezzanine Certificatespurposes of the REMIC election in respect of REMIC CX, the Class P Certificates, the Class IO Interest and the Class CE C Certificates (exclusive of any right to receive payments from or obligation to make payments to the Reserve Fund or the Supplemental Interest Trust) shall be designated as the Regular Interests in REMIC III CX and the Class R-III CX Interest shall be designated as the Residual Interest in REMIC CX. For purposes of the REMIC election in respect of REMIC PX, the Class P Certificates shall be designated as the Regular Interests in REMIC IIIPX and the Class R-PX Interest shall be designated as the Residual Interest in REMIC PX. The Trustee shall not permit the creation of any “"interests” " in each Trust REMIC 1, REMIC 2, REMIC CX or REMIC PX (within the meaning of Section 860G of the Code) other than the REMIC I 1 Regular Interests, the REMIC II 2 Regular Interests, the Class IO Interest Interests and the interests represented by the Certificates.

REMIC Administration. (a) The Securities Administrator Trustee shall elect to treat each Trust REMIC created hereunder as a REMIC under the Code and, if necessary, under applicable state law. Each such election will be made by the Securities Administrator on Form 1066 or other appropriate federal tax or information return or any appropriate state return for the Fremont [200___-___] Pooling & Servicing Agreement 174 taxable year ending on the last day of the calendar year in which the Certificates are issued. For the purposes of the REMIC election in respect of REMIC I, the REMIC I Regular Interests shall be designated as the Regular Interests regular interests in REMIC I and the Class R-I Interest shall be designated as the “residual interests” interest in REMIC I. For The LIBOR Certificates (exclusive of any right to receive Net WAC Rate Carryover Amounts) and the purposes of Class C Interest and the REMIC election in respect of REMIC II, the REMIC II Regular Interests Class P Interest shall be designated as the Regular Interests regular interests in REMIC II and the Class R-II Interest shall be designated as the “residual interests” interest in REMIC II. The Class A Certificates, the Mezzanine Certificates, the Class P Certificates, the Class IO Interest and the Class CE C Certificates (exclusive of any right to receive payments from or obligation to make payments to the Reserve Fund or the Supplemental Interest Trust) shall be designated as the Regular Interests regular interests in REMIC III III, and the Class RRX-III Interest shall be designated as the Residual Interests residual interest in REMIC III. The Class P Certificates shall be designated as the regular interests in REMIC IV, and the Class RX-IV Interest shall be designated as the residual interest in REMIC IV. The Trustee shall not permit the creation of any “interests” in each Trust any REMIC created hereunder (within the meaning of Section 860G of the Code) other than the REMIC I Regular Interests, the REMIC II Regular Interests, the Class IO Interest and the interests represented by the Certificatesthose designated above.

REMIC Administration. (a) The Securities Administrator Trustee shall elect to treat each Trust REMIC as a REMIC under the Code and, if necessary, under applicable state law. Each such election will be made by the Securities Administrator on Form 1066 or other appropriate federal tax or information return or any appropriate state return for the taxable year ending on the last day of the calendar year in which the Certificates are issued. For the purposes of the REMIC election in respect of REMIC I, the REMIC I Regular Interests shall be designated as the Regular Interests “regular interests” in REMIC I and the Class R-I Interest shall be designated as the “residual interestsinterest” in REMIC I. For the purposes of the REMIC election in respect of REMIC II, the REMIC II Regular Interests shall be designated as the Regular Interests “regular interests” in REMIC II and the Class R-II Interest shall be designated as the “residual interestsinterest” in REMIC II. The Class A Certificates, the Mezzanine Certificates, the Class P B-1 Certificates, the Class IO Interest Interest, Class CE-1 Certificates and the Class CE CE-2 Certificates (exclusive of any right to receive payments from or obligation to make payments to the Reserve Fund or the Supplemental Interest TrustFund) shall be designated as the Regular Interests “regular interests” in REMIC III and the Class R-III Interest shall be designated as the Residual Interests “residual interest” in REMIC III. The Trustee shall not permit the creation of any “interests” in each Trust REMIC (within the meaning of Section 860G of the Code) other than the REMIC I Regular Interests, the REMIC II Regular Interests, the Class IO Interest and the interests represented by the Certificates.