{"component": "clause", "props": {"groups": [{"snippet_links": [{"key": "an-election", "type": "clause", "offset": [4, 15]}, {"key": "on-behalf-of", "type": "definition", "offset": [62, 74]}, {"key": "pool-of-assets", "type": "clause", "offset": [111, 125]}, {"key": "of-the-mortgage-loans", "type": "clause", "offset": [137, 158]}, {"key": "interest-payable", "type": "definition", "offset": [178, 194]}, {"key": "from-time-to-time", "type": "clause", "offset": [248, 265]}, {"key": "the-collection-account", "type": "clause", "offset": [277, 299]}, {"key": "reserve-accounts", "type": "clause", "offset": [305, 321]}, {"key": "the-distribution-account", "type": "definition", "offset": [326, 350]}, {"key": "the-excess", "type": "clause", "offset": [365, 375]}, {"key": "the-insurance-policies", "type": "clause", "offset": [399, 421]}, {"key": "reo-account", "type": "definition", "offset": [453, 464]}, {"key": "to-the-extent", "type": "clause", "offset": [470, 483]}, {"key": "of-the-trust", "type": "clause", "offset": [484, 496]}, {"key": "reo-properties", "type": "definition", "offset": [529, 543]}, {"key": "the-code", "type": "clause", "offset": [561, 569]}, {"key": "the-foregoing", "type": "definition", "offset": [647, 660]}, {"key": "b-note", "type": "definition", "offset": [684, 690]}, {"key": "serviced-companion-loan", "type": "definition", "offset": [694, 717]}, {"key": "federal-tax", "type": "definition", "offset": [781, 792]}, {"key": "information-return", "type": "clause", "offset": [796, 814]}, {"key": "state-return", "type": "definition", "offset": [834, 846]}, {"key": "taxable-year", "type": "clause", "offset": [855, 867]}, {"key": "day-of", "type": "clause", "offset": [887, 893]}, {"key": "calendar-year", "type": "definition", "offset": [898, 911]}, {"key": "remic-i-interests", "type": "definition", "offset": [925, 942]}, {"key": "for-purposes-of", "type": "clause", "offset": [955, 970]}, {"key": "remic-i-regular-interests", "type": "definition", "offset": [990, 1015]}, {"key": "remic-i-residual-interest", "type": "definition", "offset": [1083, 1108]}, {"key": "class-r-certificates", "type": "definition", "offset": [1142, 1162]}, {"key": "class-of", "type": "definition", "offset": [1196, 1204]}, {"key": "residual-interests", "type": "clause", "offset": [1206, 1224]}, {"key": "remic-ii-interests", "type": "clause", "offset": [1662, 1680]}, {"key": "for-the-purposes-of", "type": "clause", "offset": [1693, 1712]}, {"key": "remic-ii-regular-interests", "type": "clause", "offset": [1732, 1758]}, {"key": "remic-ii-residual-interest", "type": "definition", "offset": [1827, 1853]}, {"key": "remic-iii-interests", "type": "definition", "offset": [2410, 2429]}, {"key": "the-class-a", "type": "definition", "offset": [2473, 2485]}, {"key": "class-d", "type": "definition", "offset": [2533, 2540]}, {"key": "class-e", "type": "clause", "offset": [2542, 2549]}, {"key": "class-f", "type": "clause", "offset": [2551, 2558]}, {"key": "class-g-certificates", "type": "definition", "offset": [2563, 2583]}, {"key": "class-h-remic-iii-regular-interest", "type": "definition", "offset": [2625, 2659]}, {"key": "remic-iii-regular-interests", "type": "definition", "offset": [2676, 2703]}, {"key": "remic-iii-residual-interest", "type": "definition", "offset": [2773, 2800]}, {"key": "the-trustee-and-the-certificate-administrator", "type": "clause", "offset": [2932, 2977]}, {"key": "the-creation-of-any", "type": "clause", "offset": [2995, 3014]}, {"key": "meaning-of", "type": "clause", "offset": [3039, 3049]}, {"key": "the-closing-date", "type": "clause", "offset": [3192, 3208]}, {"key": "startup-day", "type": "clause", "offset": [3238, 3249]}, {"key": "remic-pool", "type": "definition", "offset": [3259, 3269]}], "snippet": "(a) An election will be made by the Certificate Administrator on behalf of the Trustee to treat the segregated pool of assets consisting of the Mortgage Loans (other than Excess Interest payable thereon), such amounts with respect thereto as shall from time to time be held in the Collection Account, the Reserve Accounts and the Distribution Account (exclusive of the Excess Interest Sub-account), the Insurance Policies and any related amounts in the REO Account and, to the extent of the Trust\u2019s interest therein, any related REO Properties as a REMIC under the Code (such REMIC being herein designated as \u201cREMIC I\u201d), other than any portion of the foregoing amounts allocable to a B Note or Serviced Companion Loan. Such elections will be made 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 REMIC I Interests are issued. For purposes of such election, the REMIC I Regular Interests shall be designated as the \u201cregular interests\u201d in REMIC I, and the REMIC I Residual Interest (which shall be evidenced by the Class R Certificates) shall be designated as the sole class of \u201cresidual interests\u201d in REMIC I. An election will be made by the Certificate Administrator to treat the segregated pool of assets consisting of the REMIC I Regular Interests as a REMIC under the Code (such REMIC being herein designated as \u201cREMIC II\u201d). Such election will be made 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 REMIC II Interests are issued. For the purposes of such election, the REMIC II Regular Interests shall be designated as the \u201cregular interests\u201d in REMIC II, and the REMIC II Residual Interest (which shall be evidenced by the Class R Certificates) shall be designated as the sole class of \u201cresidual interests\u201d in REMIC II. An election will be made by the Certificate Administrator to treat the segregated pool of assets consisting of the REMIC II Regular Interests as a REMIC under the Code (such REMIC being herein designated as \u201cREMIC III\u201d). Such election will be made 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 REMIC III Interests are issued. For purposes of such election, the Class A-\u2587, \u2587\u2587\u2587\u2587\u2587 \u2587-\u2587, Class A-SB, Class A-\u2587, \u2587\u2587\u2587\u2587\u2587 \u2587-\u2587, Class D, Class E, Class F and Class G Certificates, the E\u2587 \u2587\u2587\u2587\u2587\u2587 III Regular Interests, the Class H REMIC III Regular Interest and the Class X REMIC III Regular Interests shall be designated as the \u201cregular interests\u201d in REMIC III, and the REMIC III Residual Interest (which shall be evidenced by the Class R Certificates) shall be designated as the sole class of \u201cresidual interests\u201d in REMIC III. The Trustee and the Certificate Administrator shall not permit the creation of any \u201cinterests\u201d (within the meaning of Section 860G of the Code) in any of the REMIC Pools other than the REMIC I Interests, the REMIC II Interests and the REMIC III Interests.\n(b) The Closing Date is hereby designated as the \u201cStartup Day\u201d of each REMIC Pool within the meaning of Section 860G(a)(9) of the Code.", "samples": [{"hash": "4rtIH69UFUR", "uri": "/contracts/4rtIH69UFUR#remic-administration", "label": "Pooling and Servicing Agreement (Morgan Stanley Bank of America Merrill Lynch Trust 2014-C14)", "score": 26.2292957306, "published": true}, {"hash": "bFCz5obzPyM", "uri": "/contracts/bFCz5obzPyM#remic-administration", "label": "Pooling and Servicing Agreement (Morgan Stanley Bank of America Merrill Lynch Trust 2013-C11)", "score": 25.1916503906, "published": true}, {"hash": "6lLoYpLJvZr", "uri": "/contracts/6lLoYpLJvZr#remic-administration", "label": "Pooling and Servicing Agreement (Morgan Stanley Bank of America Merrill Lynch Trust 2013-C12)", "score": 25.1505813599, "published": true}], "size": 473, "hash": "6397fff9ae31883f58bc0ad3626fe39d", "id": 2}, {"snippet_links": [{"key": "remic-administrator", "type": "definition", "offset": [8, 27]}, {"key": "an-election", "type": "clause", "offset": [39, 50]}, {"key": "the-code", "type": "clause", "offset": [103, 111]}, {"key": "applicable-state-law", "type": "clause", "offset": [137, 157]}, {"key": "the-series-supplement", "type": "definition", "offset": [210, 231]}, {"key": "federal-tax", "type": "definition", "offset": [294, 305]}, {"key": "information-return", "type": "clause", "offset": [309, 327]}, {"key": "state-return", "type": "definition", "offset": [369, 381]}, {"key": "taxable-year", "type": "clause", "offset": [390, 402]}, {"key": "day-of", "type": "clause", "offset": [422, 428]}, {"key": "calendar-year", "type": "definition", "offset": [433, 446]}, {"key": "the-certificates", "type": "definition", "offset": [456, 472]}, {"key": "for-the-purposes-of", "type": "clause", "offset": [485, 504]}, {"key": "remic-election", "type": "definition", "offset": [510, 524]}, {"key": "in-respect-of", "type": "clause", "offset": [525, 538]}, {"key": "regular-interests", "type": "definition", "offset": [607, 624]}, {"key": "residual-interests", "type": "clause", "offset": [649, 667]}, {"key": "trustee-shall", "type": "definition", "offset": [775, 788]}, {"key": "the-creation-of-any", "type": "clause", "offset": [800, 819]}, {"key": "meaning-of", "type": "clause", "offset": [844, 854]}, {"key": "a-class", "type": "definition", "offset": [1180, 1187]}, {"key": "percentage-interest", "type": "definition", "offset": [1223, 1242]}, {"key": "class-r-certificates", "type": "definition", "offset": [1261, 1281]}, {"key": "tax-matters-person", "type": "definition", "offset": [1314, 1332]}, {"key": "with-respect-to", "type": "clause", "offset": [1334, 1349]}, {"key": "treasury-regulations", "type": "clause", "offset": [1390, 1410]}, {"key": "on-behalf-of", "type": "definition", "offset": [1544, 1556]}, {"key": "in-relation-to", "type": "clause", "offset": [1568, 1582]}, {"key": "judicial-proceeding", "type": "clause", "offset": [1697, 1716]}, {"key": "relating-to", "type": "definition", "offset": [1717, 1728]}, {"key": "taxing-authority", "type": "clause", "offset": [1773, 1789]}, {"key": "legal-expenses", "type": "definition", "offset": [1816, 1830]}, {"key": "including-without-limitation", "type": "clause", "offset": [1832, 1860]}, {"key": "costs-of", "type": "definition", "offset": [1898, 1906]}, {"key": "expenses-of-the-trust-fund", "type": "clause", "offset": [1974, 2000]}, {"key": "on-deposit", "type": "definition", "offset": [2123, 2133]}, {"key": "the-custodial-account", "type": "clause", "offset": [2137, 2158]}, {"key": "expenses-and-costs", "type": "clause", "offset": [2205, 2223]}, {"key": "bad-faith", "type": "definition", "offset": [2297, 2306]}, {"key": "gross-negligence", "type": "clause", "offset": [2310, 2326]}, {"key": "master-servicer-hereunder", "type": "clause", "offset": [2372, 2397]}, {"key": "reasonable-compensation", "type": "definition", "offset": [2502, 2525]}, {"key": "not-to-exceed", "type": "definition", "offset": [2526, 2539]}, {"key": "per-year", "type": "definition", "offset": [2547, 2555]}, {"key": "successor-master-servicer", "type": "clause", "offset": [2563, 2588]}, {"key": "be-prepared", "type": "clause", "offset": [2695, 2706]}, {"key": "in-a-timely-manner", "type": "definition", "offset": [2836, 2854]}, {"key": "to-the-trustee", "type": "clause", "offset": [2855, 2869]}, {"key": "right-of-reimbursement", "type": "clause", "offset": [3036, 3058]}, {"key": "indemnify-and-hold-harmless", "type": "clause", "offset": [3103, 3130]}, {"key": "signing-of", "type": "clause", "offset": [3207, 3217]}, {"key": "errors-or-omissions", "type": "clause", "offset": [3243, 3262]}, {"key": "provide-the", "type": "clause", "offset": [3311, 3322]}, {"key": "such-information", "type": "definition", "offset": [3348, 3364]}, {"key": "from-time-to-time", "type": "clause", "offset": [3396, 3413]}, {"key": "for-the-purpose-of", "type": "definition", "offset": [3422, 3440]}, {"key": "prepare-tax-returns", "type": "clause", "offset": [3477, 3496]}, {"key": "necessary-for", "type": "definition", "offset": [3610, 3623]}, {"key": "application-of", "type": "clause", "offset": [3628, 3642]}, {"key": "transfer-of-a", "type": "clause", "offset": [3667, 3680]}, {"key": "any-person", "type": "clause", "offset": [3704, 3714]}, {"key": "permitted-transferee", "type": "clause", "offset": [3728, 3748]}, {"key": "required-by", "type": "definition", "offset": [3863, 3874]}, {"key": "remic-provisions", "type": "definition", "offset": [3891, 3907]}, {"key": "original-issue-discount", "type": "definition", "offset": [3948, 3971]}, {"key": "market-discount", "type": "clause", "offset": [3976, 3991]}, {"key": "prepayment-assumption", "type": "definition", "offset": [4014, 4035]}, {"key": "the-internal-revenue-service", "type": "definition", "offset": [4050, 4078]}, {"key": "number-of", "type": "definition", "offset": [4118, 4127]}, {"key": "will-serve", "type": "definition", "offset": [4143, 4153]}, {"key": "the-representative", "type": "clause", "offset": [4157, 4175]}, {"key": "scope-of", "type": "definition", "offset": [4425, 4433]}, {"key": "more-specifically", "type": "clause", "offset": [4445, 4462]}, {"key": "to-maintain", "type": "clause", "offset": [4515, 4526]}, {"key": "status-of", "type": "clause", "offset": [4531, 4540]}, {"key": "assist-the", "type": "clause", "offset": [4613, 4623]}, {"key": "to-the-extent", "type": "clause", "offset": [4669, 4682]}, {"key": "requested-by", "type": "clause", "offset": [4694, 4706]}, {"key": "any-action", "type": "definition", "offset": [4856, 4866]}, {"key": "the-case", "type": "definition", "offset": [5069, 5077]}, {"key": "not-limited", "type": "clause", "offset": [5267, 5278]}, {"key": "prohibited-transactions", "type": "clause", "offset": [5293, 5316]}, {"key": "defined-in-section", "type": "clause", "offset": [5320, 5338]}, {"key": "contributions-to", "type": "clause", "offset": [5377, 5393]}, {"key": "an-opinion-of-counsel", "type": "clause", "offset": [5482, 5503]}, {"key": "the-indemnification", "type": "definition", "offset": [5507, 5526]}, {"key": "adverse-remic-event", "type": "clause", "offset": [5561, 5580]}, {"key": "the-party", "type": "clause", "offset": [5707, 5716]}, {"key": "such-party", "type": "clause", "offset": [5752, 5762]}, {"key": "fails-to-pay", "type": "clause", "offset": [5763, 5775]}, {"key": "best-interest", "type": "clause", "offset": [5902, 5915]}, {"key": "in-no-event", "type": "clause", "offset": [6000, 6011]}, {"key": "contemplated-action", "type": "definition", "offset": [6114, 6133]}, {"key": "sole-discretion", "type": "clause", "offset": [6317, 6332]}, {"key": "in-this-agreement", "type": "definition", "offset": [6448, 6465]}, {"key": "timing-of", "type": "clause", "offset": [6517, 6526]}, {"key": "provided-that", "type": "clause", "offset": [6749, 6762]}, {"key": "the-indemnity", "type": "clause", "offset": [6763, 6776]}, {"key": "in-writing", "type": "clause", "offset": [7155, 7165]}, {"key": "opinion-of-counsel-to-the", "type": "clause", "offset": [7190, 7215]}, {"key": "in-addition", "type": "clause", "offset": [7292, 7303]}, {"key": "prior-to", "type": "clause", "offset": [7305, 7313]}, {"key": "related-assets", "type": "clause", "offset": [7383, 7397]}, {"key": "terms-of-this-agreement", "type": "clause", "offset": [7496, 7519]}, {"key": "written-advice", "type": "clause", "offset": [8093, 8107]}, {"key": "cost-of", "type": "definition", "offset": [8117, 8124]}, {"key": "the-action", "type": "definition", "offset": [8174, 8184]}, {"key": "by-this-agreement", "type": "clause", "offset": [8209, 8226]}, {"key": "at-all-times", "type": "definition", "offset": [8310, 8322]}, {"key": "substantially-all-of-the-assets", "type": "definition", "offset": [8486, 8517]}, {"key": "qualified-mortgages", "type": "clause", "offset": [8554, 8573]}, {"key": "permitted-investments", "type": "clause", "offset": [8625, 8646]}, {"key": "in-the-event", "type": "clause", "offset": [8698, 8710]}, {"key": "net-income", "type": "definition", "offset": [8845, 8855]}, {"key": "foreclosure-property", "type": "definition", "offset": [8861, 8881]}, {"key": "pursuant-to-section", "type": "definition", "offset": [9014, 9033]}, {"key": "other-tax", "type": "definition", "offset": [9062, 9071]}, {"key": "provisions-of", "type": "clause", "offset": [9113, 9126]}, {"key": "tax-laws", "type": "definition", "offset": [9142, 9150]}, {"key": "breach-by", "type": "clause", "offset": [9250, 9259]}, {"key": "agreement-or", "type": "definition", "offset": [9317, 9329]}, {"key": "by-the-trustee", "type": "clause", "offset": [9506, 9520]}, {"key": "article-x", "type": "definition", "offset": [9558, 9567]}, {"key": "the-distribution", "type": "clause", "offset": [9675, 9691]}, {"key": "reduction-of", "type": "clause", "offset": [9779, 9791]}, {"key": "interest-on-each", "type": "clause", "offset": [9816, 9832]}, {"key": "in-the-same-manner", "type": "definition", "offset": [9856, 9874]}, {"key": "prepayment-interest-shortfall", "type": "definition", "offset": [9906, 9935]}, {"key": "federal-income-tax-purposes", "type": "clause", "offset": [9988, 10015]}, {"key": "maintain-books-and-records", "type": "clause", "offset": [10017, 10043]}, {"key": "accrual-basis", "type": "definition", "offset": [10118, 10131]}, {"key": "following-the-startup-day", "type": "clause", "offset": [10193, 10218]}, {"key": "contributions-of-assets", "type": "clause", "offset": [10281, 10304]}, {"key": "subject-to-section", "type": "clause", "offset": [10344, 10362]}, {"key": "inclusion-of", "type": "clause", "offset": [10538, 10550]}, {"key": "to-qualify", "type": "clause", "offset": [10610, 10620]}, {"key": "at-any-time", "type": "clause", "offset": [10632, 10643]}, {"key": "other-applicable-provisions", "type": "clause", "offset": [10744, 10771]}, {"key": "local-law", "type": "clause", "offset": [10794, 10803]}, {"key": "other-compensation-for-services", "type": "clause", "offset": [10989, 11020]}, {"key": "to-receive", "type": "definition", "offset": [11047, 11057]}, {"key": "income-from-assets", "type": "definition", "offset": [11062, 11080]}, {"key": "latest-possible-maturity-date", "type": "clause", "offset": [11325, 11354]}, {"key": "certificate-principal-balance", "type": "clause", "offset": [11369, 11398]}, {"key": "class-of-certificates", "type": "definition", "offset": [11407, 11428]}, {"key": "interest-only-certificates", "type": "definition", "offset": [11445, 11471]}, {"key": "the-applicable", "type": "clause", "offset": [11508, 11522]}, {"key": "uncertificated-principal-balance", "type": "definition", "offset": [11537, 11569]}, {"key": "uncertificated-remic-regular-interest", "type": "definition", "offset": [11578, 11615]}, {"key": "represented-by", "type": "definition", "offset": [11671, 11685]}, {"key": "class-a", "type": "clause", "offset": [11688, 11695]}, {"key": "the-rights", "type": "clause", "offset": [11723, 11733]}, {"key": "to-zero", "type": "definition", "offset": [11866, 11873]}, {"key": "and-interest", "type": "clause", "offset": [11921, 11933]}, {"key": "after-the-closing-date", "type": "clause", "offset": [11954, 11976]}, {"key": "service-form", "type": "definition", "offset": [12051, 12063]}, {"key": "mortgage-investment", "type": "definition", "offset": [12106, 12125]}, {"key": "debt-obligations", "type": "definition", "offset": [12173, 12189]}, {"key": "dispose-of", "type": "definition", "offset": [12285, 12295]}, {"key": "of-the-mortgage-loans", "type": "clause", "offset": [12318, 12339]}, {"key": "in-connection-with", "type": "clause", "offset": [12348, 12366]}, {"key": "imminent-default", "type": "definition", "offset": [12384, 12400]}, {"key": "a-mortgage-loan", "type": "definition", "offset": [12419, 12434]}, {"key": "the-acquisition", "type": "clause", "offset": [12466, 12481]}, {"key": "sale-of", "type": "clause", "offset": [12485, 12492]}, {"key": "mortgaged-property", "type": "clause", "offset": [12495, 12513]}, {"key": "deed-in-lieu-of-foreclosure", "type": "clause", "offset": [12526, 12553]}, {"key": "termination-of", "type": "definition", "offset": [12617, 12631]}, {"key": "pursuant-to-article-ix", "type": "clause", "offset": [12647, 12669]}, {"key": "purchase-of-mortgage-loans", "type": "clause", "offset": [12698, 12724]}, {"key": "article-ii", "type": "clause", "offset": [12737, 12747]}, {"key": "investments-in", "type": "clause", "offset": [12844, 12858]}, {"key": "the-certificate-account", "type": "clause", "offset": [12884, 12907]}, {"key": "pursuant-to-the", "type": "definition", "offset": [13361, 13376]}], "snippet": "(a) The REMIC Administrator shall make an election to treat the Trust Fund as one or more REMICs under the Code and, if necessary, under applicable state law. The assets of each such REMIC will be set forth in the Series Supplement. Such election will be made 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 each REMIC election in respect of the Trust Fund, Certificates and interests to be designated as the \"regular interests\" and the sole class of \"residual interests\" in the REMIC will be set forth in Section 10.03 of the Series Supplement. The REMIC Administrator and the Trustee shall not permit the creation of any \"interests\" (within the meaning of Section 860G of the Code) in any REMIC elected in respect of the Trust Fund other than the \"regular interests\" and \"residual interests\" so designated.\n(b) The Closing Date is hereby designated as the \"startup day\" of the Trust Fund within the meaning of Section 860G(a)(9) of the Code.\n(c) The REMIC Administrator shall hold a Class R Certificate representing a 0.01% Percentage Interest each Class of the Class R Certificates and shall be designated as \"the tax matters person\" with respect to each REMIC in the manner provided under Treasury regulations section 1.860F-4(d) and Treasury regulations section 301.6231(a)(7)-1. The REMIC Administrator, as tax matters person, shall (i) act on behalf of each REMIC in relation to any tax matter or controversy involving the Trust Fund and (ii) represent the Trust Fund in any administrative or judicial proceeding relating to an examination or audit by any governmental taxing authority with respect thereto. The legal expenses, including without limitation attorneys' or accountants' fees, and costs of any such proceeding and any liability resulting therefrom shall be expenses of the Trust Fund and the REMIC Administrator shall be entitled to reimbursement therefor out of amounts attributable to the Mortgage Loans on deposit in the Custodial Account as provided by Section 3.10 unless such legal expenses and costs are incurred by reason of the REMIC Administrator's willful misfeasance, bad faith or gross negligence. If the REMIC Administrator is no longer the Master Servicer hereunder, at its option the REMIC Administrator may continue its duties as REMIC Administrator and shall be paid reasonable compensation not to exceed $3,000 per year by any successor Master Servicer hereunder for so acting as the REMIC Administrator.\n(d) The REMIC Administrator shall prepare or cause to be prepared all of the Tax Returns that it determines are required with respect to each REMIC created hereunder and deliver such Tax Returns in a timely manner to the Trustee and the Trustee shall sign and file such Tax Returns in a timely manner. The expenses of preparing such returns shall be borne by the REMIC Administrator without any right of reimbursement therefor. The REMIC Administrator agrees to indemnify and hold harmless the Trustee with respect to any tax or liability arising from the Trustee's signing of Tax Returns that contain errors or omissions. The Trustee and Master Servicer shall promptly provide the REMIC Administrator with such information as the REMIC Administrator may from time to time request for the purpose of enabling the REMIC Administrator to prepare Tax Returns.\n(e) The REMIC Administrator shall provide (i) to any Transferor of a Class R Certificate such information as is necessary for the application of any tax relating to the transfer of a Class R Certificate to any Person who is not a Permitted Transferee, (ii) to the Trustee, and the Trustee shall forward to the Certificateholders, such information or reports as are required by the Code or the REMIC Provisions including reports relating to interest, original issue discount and market discount or premium (using the Prepayment Assumption) and (iii) to the Internal Revenue Service the name, title, address and telephone number of the person who will serve as the representative of each REMIC.\n(f) The Master Servicer and the REMIC Administrator shall take such actions and shall cause each REMIC created hereunder to take such actions as are reasonably within the Master Servicer's or the REMIC Administrator's control and the scope of its duties more specifically set forth herein as shall be necessary or desirable to maintain the status of each REMIC as a REMIC under the REMIC Provisions (and the Trustee shall assist the Master Servicer and the REMIC Administrator, to the extent reasonably requested by the Master Servicer and the REMIC Administrator to do so). The Master Servicer and the REMIC Administrator shall not knowingly or intentionally take any action, cause the Trust Fund to take any action or fail to take (or fail to cause to be taken) any action reasonably within their respective control that, under the REMIC Provisions, if taken or not taken, as the case may be, could (i) endanger the status of any portion of any REMIC formed under the Series Supplement as a REMIC or (ii) result in the imposition of a tax upon any such REMIC (including but not limited to the tax on prohibited transactions as defined in Section 860F(a)(2) of the Code and the tax on contributions to a REMIC set forth in Section 860G(d) of the Code) (either such event, in the absence of an Opinion of Counsel or the indemnification referred to in this sentence, an \"Adverse REMIC Event\") unless the Master Servicer or the REMIC Administrator, as applicable, has received an Opinion of Counsel (at the expense of the party seeking to take such action or, if such party fails to pay such expense, and the Master Servicer or the REMIC Administrator, as applicable, determines that taking such action is in the best interest of the Trust Fund and the Certificateholders, at the expense of the Trust Fund, but in no event at the expense of the Master Servicer, the REMIC Administrator or the Trustee) to the effect that the contemplated action will not, with respect to each REMIC created hereunder, endanger such status or, unless the Master Servicer, the REMIC Administrator or both, as applicable, determine in its or their sole discretion to indemnify the Trust Fund against the imposition of such a tax, result in the imposition of such a tax. Wherever in this Agreement a contemplated action may not be taken because the timing of such action might result in the imposition of a tax on the Trust Fund, or may only be taken pursuant to an Opinion of Counsel that such action would not impose a tax on the Trust Fund, such action may nonetheless be taken provided that the indemnity given in the preceding sentence with respect to any taxes that might be imposed on the Trust Fund has been given and that all other preconditions to the taking of such action have been satisfied. The Trustee shall not take or fail to take any action (whether or not authorized hereunder) as to which the Master Servicer or the REMIC Administrator, as applicable, has advised it in writing that it has received an Opinion of Counsel to the effect that an Adverse REMIC Event could occur with respect to such action. In addition, prior to taking any action with respect to any REMIC created hereunder or any related assets thereof, or causing any such REMIC to take any action, which is not expressly permitted under the terms of this Agreement, the Trustee will consult with the Master Servicer or the REMIC Administrator, as applicable, or its designee, in writing, with respect to whether such action could cause an Adverse REMIC Event to occur with respect to any such REMIC, and the Trustee shall not take any such action or cause any such REMIC to take any such action as to which the Master Servicer or the REMIC Administrator, as applicable, has advised it in writing that an Adverse REMIC Event could occur. The Master Servicer or the REMIC Administrator, as applicable, may consult with counsel to make such written advice, and the cost of same shall be borne by the party seeking to take the action not expressly permitted by this Agreement, but in no event at the expense of the Master Servicer or the REMIC Administrator. At all times as may be required by the Code, the Master Servicer will to the extent within its control and the scope of its duties more specifically set forth herein, maintain substantially all of the assets of each REMIC created hereunder as \"qualified mortgages\" as defined in Section 860G(a)(3) of the Code and \"permitted investments\" as defined in Section 860G(a)(5) of the Code.\n(g) In the event that any tax is imposed on \"prohibited transactions\" of any REMIC created hereunder as defined in Section 860F(a)(2) of the Code, on \"net income from foreclosure property\" of any such REMIC as defined in Section 860G(c) of the Code, on any contributions to any such REMIC after the Startup Day therefor pursuant to Section 860G(d) of the Code, or any other tax is imposed by the Code or any applicable provisions of state or local tax laws, such tax shall be charged (i) to the Master Servicer, if such tax arises out of or results from a breach by the Master Servicer of any of its obligations under this Agreement or the Master Servicer has in its sole discretion determined to indemnify the Trust Fund against such tax, (ii) to the Trustee, if such tax arises out of or results from a breach by the Trustee of any of its obligations under this Article X, or (iii) otherwise against amounts on deposit in the Custodial Account as provided by Section 3.10 and on the Distribution Date(s) following such reimbursement the aggregate of such taxes shall be allocated in reduction of the Accrued Certificate Interest on each Class entitled thereto in the same manner as if such taxes constituted a Prepayment Interest Shortfall.\n(h) The Trustee and the Master Servicer shall, for federal income tax purposes, maintain books and records with respect to each REMIC created hereunder on a calendar year and on an accrual basis or as otherwise may be required by the REMIC Provisions.\n(i) Following the Startup Day, neither the Master Servicer nor the Trustee shall accept any contributions of assets to any REMIC created hereunder unless (subject to Section 10.01(f)) the Master Servicer and the Trustee shall have received an Opinion of Counsel (at the expense of the party seeking to make such contribution) to the effect that the inclusion of such assets in such REMIC will not cause the REMIC to fail to qualify as a REMIC at any time that any Certificates are outstanding or subject the REMIC to any tax under the REMIC Provisions or other applicable provisions of federal, state and local law or ordinances.\n(j) Neither the Master Servicer nor the Trustee shall (subject to Section 10.01(f)) enter into any arrangement by which any REMIC created hereunder will receive a fee or other compensation for services nor permit any such REMIC to receive any income from assets other than \"qualified mortgages\" as defined in Section 860G(a)(3) of the Code or \"permitted investments\" as defined in Section 860G(a)(5) of the Code.\n(k) Solely for the purposes of Section 1.860G-1(a)(4)(iii) of the Treasury Regulations, the \"latest possible maturity date\" by which the Certificate Principal Balance of each Class of Certificates (other than the Interest Only Certificates) representing a regular interest in the applicable REMIC and the Uncertificated Principal Balance of each Uncertificated REMIC Regular Interest (other than each Uncertificated REMIC Regular Interest represented by a Class A-V Certificate, if any) and the rights to the Interest Only Certificates and Uncertificated REMIC Regular Interest represented by a Class A-V Certificate would be reduced to zero is the Maturity Date for each such Certificate and Interest.\n(l) Within 30 days after the Closing Date, the REMIC Administrator shall prepare and file with the Internal Revenue Service Form 8811, \"Information Return for Real Estate Mortgage Investment Conduits (REMIC) and Issuers of Collateralized Debt Obligations\" for each REMIC created hereunder.\n(m) Neither the Trustee nor the Master Servicer shall sell, dispose of or substitute for any of the Mortgage Loans (except in connection with (i) the default, imminent default or foreclosure of a Mortgage Loan, including but not limited to, the acquisition or sale of a Mortgaged Property acquired by deed in lieu of foreclosure, (ii) the bankruptcy of any REMIC created hereunder, (iii) the termination of any such REMIC pursuant to Article IX of this Agreement or (iv) a purchase of Mortgage Loans pursuant to Article II or III of this Agreement) nor acquire any assets for any such REMIC, nor sell or dispose of any investments in the Custodial Account or the Certificate Account for gain nor accept any contributions to any such REMIC after the Closing Date unless it has received an Opinion of Counsel that such sale, disposition, substitution or acquisition will not (a) affect adversely the status of such REMIC as a REMIC or (b) unless the Master Servicer has determined in its sole discretion to indemnify the Trust Fund against 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2236]}, {"key": "responsibility-of", "type": "clause", "offset": [2250, 2267]}, {"key": "remic-provisions", "type": "definition", "offset": [2299, 2315]}, {"key": "other-compliance", "type": "clause", "offset": [2320, 2336]}, {"key": "issued-by", "type": "definition", "offset": [2346, 2355]}, {"key": "any-state", "type": "definition", "offset": [2388, 2397]}, {"key": "local-taxing-authority", "type": "definition", "offset": [2401, 2423]}, {"key": "other-duties", "type": "definition", "offset": [2435, 2447]}, {"key": "if-required", "type": "definition", "offset": [2449, 2460]}, {"key": "upon-receipt-of", "type": "clause", "offset": [2547, 2562]}, {"key": "reasonable-compensation", "type": "definition", "offset": [2574, 2597]}, {"key": "governmental-authority", "type": "definition", "offset": [2624, 2646]}, {"key": "such-information", "type": "definition", "offset": [2647, 2663]}, {"key": "necessary-for", "type": "definition", "offset": [2670, 2683]}, {"key": "application-of", "type": 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"an-opinion-of-counsel", "type": "clause", "offset": [3831, 3852]}, {"key": "the-party", "type": "clause", "offset": [3872, 3881]}, {"key": "contemplated-action", "type": "definition", "offset": [3934, 3953]}, {"key": "in-addition", "type": "clause", "offset": [4027, 4038]}, {"key": "prior-to", "type": "clause", "offset": [4040, 4048]}, {"key": "the-assets", "type": "clause", "offset": [4096, 4106]}, {"key": "terms-of-this-agreement", "type": "clause", "offset": [4200, 4223]}, {"key": "certificate-will", "type": "definition", "offset": [4250, 4266]}, {"key": "in-writing", "type": "clause", "offset": [4293, 4303]}, {"key": "no-adverse", "type": "clause", "offset": [4619, 4629]}, {"key": "additional-taxes", "type": "definition", "offset": [4704, 4720]}, {"key": "residual-certificateholders", "type": "definition", "offset": [4728, 4755]}, {"key": "consent-of-the", "type": "clause", "offset": [4863, 4877]}, {"key": "pay-when-due", "type": "clause", "offset": [4955, 4967]}, {"key": "all-taxes", "type": "clause", "offset": [4976, 4985]}, {"key": "governmental-authorities", "type": "clause", "offset": [5035, 5059]}, {"key": "agent-shall", "type": "definition", "offset": [5163, 5174]}, {"key": "amounts-held", "type": "definition", "offset": [5373, 5385]}, {"key": "the-collection-account", "type": "clause", "offset": [5389, 5411]}, {"key": "to-holders", "type": "clause", "offset": [5456, 5466]}, {"key": "federal-income-tax-purposes", "type": "clause", "offset": [5554, 5581]}, {"key": "maintain-books-and-records", "type": "clause", "offset": [5583, 5609]}, {"key": "accrual-basis", "type": "definition", "offset": [5666, 5679]}, {"key": "contributions-of-assets", "type": "clause", "offset": [5699, 5722]}, {"key": "except-as-expressly-provided", "type": "clause", "offset": [5751, 5779]}, {"key": "in-this-agreement", "type": "definition", "offset": [5780, 5797]}, {"key": "other-compensation-for-services", "type": "clause", "offset": [5893, 5924]}, {"key": "class-a-1-certificates", "type": "definition", "offset": [5958, 5980]}, {"key": "grantor-trust", "type": "definition", "offset": [6018, 6031]}, {"key": "remic-class", "type": "clause", "offset": [6051, 6062]}], "snippet": "(a) REMIC elections as set forth in the Preliminary Statement shall be made on Forms 1066 or other appropriate federal tax or information return for the taxable year ending on the last day of the calendar year in which the Certificates are issued. The regular interests and residual interest in each REMIC shall be as designated in the Preliminary Statement and Section 1.01.\n(b) The Closing Date is hereby designated as the \"Startup Day\" of each REMIC within the meaning of section 860G(a)(9) of the Code. The latest possible maturity date for purposes of Treasury Regulation 1.860G-1(a)(4) will be the Latest Possible Maturity Date.\n(c) The Trustee shall represent the Trust Fund in any administrative or judicial proceeding relating to an examination or audit by any governmental taxing authority with respect thereto. The Trustee shall pay any and all tax-related expenses (not including taxes) of each REMIC, including but not limited to any professional fees or expenses related to audits or any administrative or judicial proceedings with respect to such REMIC that involve the Internal Revenue Service or state tax authorities, but only to the extent that (i) such expenses are ordinary or routine expenses, including expenses of a routine audit but not expenses of litigation (except as described in (ii)); or (ii) such expenses or liabilities (including taxes and penalties) are attributable to the negligence or willful misconduct of the Trustee in fulfilling its duties hereunder (including its duties as tax return preparer). The Trustee shall be entitled to reimbursement of expenses to the extent provided in clause (i) above from the Distribution Account, provided, however, the Trustee shall not be entitled to reimbursement for expenses incurred in connection with the preparation of tax returns and other reports as required by Section 6.19 and this Section.\n(d) The Trustee shall prepare, sign and file all of each REMIC's federal and appropriate state tax and information returns as such REMIC's direct representative. The expenses of preparing and filing such returns shall be borne by the Trustee.\n(e) The Trustee or its designee shall perform on behalf of each REMIC all reporting and other tax compliance duties that are the responsibility of such REMIC under the Code, the REMIC Provisions, or other compliance guidance issued by the Internal Revenue Service or any state or local taxing authority. Among its other duties, if required by the Code, the REMIC Provisions, or other such guidance, the Trustee shall provide, upon receipt of additional reasonable compensation, to the Treasury or other governmental authority such information as is necessary for the application of any tax relating to the transfer of a Residual Certificate to any disqualified person or organization pursuant to Treasury Regulation 1.860E-2(a)(5) and any person designated in Section 860E(e)(3) of the Code.\n(f) The Trustee and the Holders of Certificates shall take any action or cause any REMIC to take any action necessary to create or maintain the status of any REMIC as a REMIC under the REMIC Provisions and shall assist each other as necessary to create or maintain such status. Neither the Trustee nor the Holder of any Residual Certificate shall knowingly take any action, cause any REMIC to take any action or fail to take (or fail to cause to be taken) any action that, under the REMIC Provisions, if taken or not taken, as the case may be, could (i) endanger the status of any REMIC as a REMIC or (ii) result in the imposition of a tax upon any REMIC (including but not limited to the tax on prohibited transactions as defined in Code Section 860F(a)(2) and the tax on prohibited contributions set forth on Section 860G(d) of the Code) (either such event, an \"Adverse REMIC Event\") unless the Trustee has received an Opinion of Counsel (at the expense of the party seeking to take such action) to the effect that the contemplated action will not endanger such status or result in the imposition of such a tax. In addition, prior to taking any action with respect to any REMIC or the assets therein, or causing any REMIC to take any action, which is not expressly permitted under the terms of this Agreement, any Holder of a Residual Certificate will consult with the Trustee, in writing, with respect to whether such action could cause an Adverse REMIC Event to occur with respect to any REMIC, and no such Person shall take any such action or cause any REMIC to take any such action as to which the Trustee has advised it in writing that an Adverse REMIC Event could occur; provided, however, that if no Adverse REMIC Event would occur but such action could result in the imposition of additional taxes on the Residual Certificateholders, no such Person shall take any such action, or cause any REMIC to take any such action without the written consent of the Residual Certificateholders.\n(g) Each Holder of a Residual Certificate shall pay when due any and all taxes imposed on the related REMIC by federal or state governmental authorities. To the extent that such taxes are not paid by a Residual Certificateholder, the Trustee or the Paying Agent shall pay any remaining REMIC taxes out of current or future amounts otherwise distributable to the Holder of the Residual Certificate in any such REMIC or, if no such amounts are available, out of other amounts held in the Collection Account, and shall reduce amounts otherwise payable to holders of regular interests in any such REMIC, as the case may be.\n(h) The Trustee shall, for federal income tax purposes, maintain books and records with respect to each REMIC on a calendar year and on an accrual basis.\n(i) No additional contributions of assets shall be made to any REMIC, except as expressly provided in this Agreement.\n(j) The Trustee shall not enter into any arrangement by which any REMIC will receive a fee or other compensation for services.\n(i) The Trustee shall treat the Class A-1 Certificates as representing ownership, through a grantor trust, of the Upper Tier REMIC 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[846, 870]}, {"key": "mezzanine-certificates", "type": "definition", "offset": [876, 898]}, {"key": "class-ce-interest", "type": "definition", "offset": [904, 921]}, {"key": "class-p-interest", "type": "definition", "offset": [927, 943]}, {"key": "io-interest", "type": "definition", "offset": [963, 974]}, {"key": "remic-iii", "type": "clause", "offset": [1023, 1032]}, {"key": "remic-iv", "type": "definition", "offset": [1189, 1197]}, {"key": "interest-swap", "type": "definition", "offset": [1460, 1473]}, {"key": "the-creation-of-any", "type": "clause", "offset": [1649, 1668]}, {"key": "meaning-of", "type": "clause", "offset": [1712, 1722]}, {"key": "the-interests", "type": "clause", "offset": [1760, 1773]}, {"key": "residual-interests", "type": "clause", "offset": [1815, 1833]}, {"key": "the-closing-date", "type": "clause", "offset": [1902, 1918]}, {"key": "startup-day", "type": "clause", "offset": [1948, 1959]}, {"key": "trust-administrator", "type": "definition", "offset": [2043, 2062]}, {"key": "relating-to", "type": "definition", "offset": [2108, 2119]}, {"key": "tax-audit", "type": "definition", "offset": [2124, 2133]}, {"key": "the-trust-fund", "type": "clause", "offset": [2137, 2151]}, {"key": "not-limited", "type": "clause", "offset": [2168, 2179]}, {"key": "professional-fees", "type": "clause", "offset": [2188, 2205]}, {"key": "judicial-proceedings", "type": "clause", "offset": [2231, 2251]}, {"key": "with-respect-to", "type": "clause", "offset": [2252, 2267]}, {"key": "the-internal-revenue-service", "type": "definition", "offset": [2297, 2325]}, {"key": "tax-authorities", "type": "definition", "offset": [2335, 2350]}, {"key": "opinion-of-counsel", "type": "definition", "offset": [2404, 2422]}, {"key": "as-specified", "type": "clause", "offset": [2430, 2442]}, {"key": "tax-matters-person", "type": "definition", "offset": [2508, 2526]}, {"key": "on-behalf-of", "type": "definition", "offset": [2541, 2553]}, {"key": "in-relation-to", "type": "clause", "offset": [2569, 2583]}, {"key": "taxing-authority", "type": "clause", "offset": [2775, 2791]}, {"key": "the-holder", "type": "clause", "offset": [2814, 2824]}, {"key": "percentage-interest", "type": "definition", "offset": [2840, 2859]}, {"key": "the-residual-certificates", "type": "clause", "offset": [2863, 2888]}, {"key": "treasury-regulations", "type": "clause", "offset": [2939, 2959]}, {"key": "agrees-to", "type": "clause", "offset": [3208, 3217]}, {"key": "an-affiliate", "type": "clause", "offset": [3265, 3277]}, {"key": "duties-of-the", "type": "definition", "offset": [3313, 3326]}], "snippet": "(a) The 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 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 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 Interest in REMIC II. The Class A Certificates, the Mezzanine Certificates, the Class CE Interest, the Class P Interest and the Class Swap-IO 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. The 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 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 \u201cinterests\u201d in 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, REMIC II, REMIC III, REMIC IV, REMIC V or REMIC VI.\n(b) The Closing Date is hereby designated as the \u201cStartup Day\u201d of each Trust REMIC within the meaning of Section 860G(a)(9) of the Code.\n(c) The Trust Administrator shall be reimbursed for any and all expenses relating to any tax audit of the Trust Fund (including, but not limited to, any professional fees or any administrative or judicial proceedings with respect to any Trust REMIC that involve the Internal Revenue Service or state tax authorities), including the expense of obtaining any tax related Opinion of Counsel except as specified herein. The Trust Administrator, as agent for each Trust REMIC\u2019s tax matters person shall (i) act on behalf of the Trust Fund in relation to any tax matter or controversy involving any Trust REMIC and (ii) represent the Trust Fund in any administrative or judicial proceeding relating to an examination or audit by any governmental taxing authority with respect thereto. The holder of the largest Percentage Interest of the Residual Certificates shall be designated, in the manner provided under Treasury Regulations Section 1.860F-4(d) and Treasury Regulations Section 301.6231(a)(7)-1, as the tax matters person of the related REMIC created hereunder. By their acceptance thereof, the holder of the largest Percentage Interest of the Residual Certificates hereby agrees to irrevocably appoint the Trust Administrator or an Affiliate as its agent to perform all of the duties of the tax matters person for the Trust Fund.", "samples": [{"hash": "bzQB8H2lKWW", "uri": "/contracts/bzQB8H2lKWW#remic-administration", "label": "Pooling and Servicing Agreement (MASTR Asset Backed Securities Trust 2006-Nc3)", "score": 21.0, "published": true}, {"hash": "lq1CDxsK4tc", "uri": "/contracts/lq1CDxsK4tc#remic-administration", "label": "Pooling and Servicing Agreement (MASTR Asset Backed Securities Trust 2006-Wmc3)", "score": 19.0, "published": true}, {"hash": "l0jbJYVHbs", "uri": "/contracts/l0jbJYVHbs#remic-administration", "label": "Pooling and Servicing Agreement (MASTR Asset Backed Securities Trust 2006-Wmc1)", "score": 19.0, "published": true}], "size": 268, "hash": "d40e488f5e7b918b7d7c20270a994cab", "id": 5}, {"snippet_links": [{"key": "remic-administrator", "type": "definition", "offset": [8, 27]}, {"key": "an-election", "type": "clause", "offset": [39, 50]}, {"key": "the-trust-fund", "type": "clause", "offset": [60, 74]}, {"key": "the-code", "type": "clause", "offset": [103, 111]}, {"key": "applicable-state-law", "type": "clause", "offset": [137, 157]}, {"key": "the-assets", "type": "clause", "offset": [159, 169]}, {"key": "the-series-supplement", "type": "definition", "offset": [210, 231]}, {"key": "federal-tax", "type": "definition", "offset": [294, 305]}, {"key": "information-return", "type": "clause", "offset": [309, 327]}, {"key": "state-return", "type": "definition", "offset": [369, 381]}, {"key": "taxable-year", "type": "clause", "offset": [390, 402]}, {"key": "day-of", "type": "clause", "offset": [422, 428]}, {"key": "calendar-year", "type": "definition", "offset": [433, 446]}, {"key": "the-certificates", "type": "definition", "offset": [456, 472]}, {"key": "for-the-purposes-of", "type": "clause", "offset": [485, 504]}, {"key": "remic-election", "type": "definition", "offset": [510, 524]}, {"key": "of-the-trust", "type": "clause", "offset": [536, 548]}, {"key": "regular-interests", "type": "definition", "offset": [607, 624]}, {"key": "class-of", "type": "definition", "offset": [639, 647]}, {"key": "residual-interests", "type": "clause", "offset": [649, 667]}], "snippet": "(a) The REMIC Administrator shall make an election to treat the Trust Fund as one or more REMICs under the Code and, if necessary, under applicable state law. The assets of each such REMIC will be set forth in the Series Supplement. Such election will be made 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 each REMIC election in respect of the Trust Fund, Certificates and interests to be designated as the \"regular interests\" and the sole class of \"residual interests\" in the REMIC will be set forth in Section 10.03", "samples": [{"hash": "h67JVjyz230", "uri": "/contracts/h67JVjyz230#remic-administration", "label": "Pooling and Servicing Agreement (Residential Funding Mortgage Securities I Inc)", "score": 19.0, "published": true}, {"hash": "v3HSqXaSqY", "uri": "/contracts/v3HSqXaSqY#remic-administration", "label": "Pooling and Servicing Agreement (RFMSI Series 2005-S2 Trust)", "score": 18.0, "published": true}, {"hash": "rItmoZrfYe", "uri": "/contracts/rItmoZrfYe#remic-administration", "label": "Pooling and Servicing Agreement (Residential Accredit Loans Inc)", "score": 18.0, "published": true}], "size": 240, "hash": "8002cb3ff340f96413e292b9629ee1cf", "id": 6}, {"snippet_links": [{"key": "prohibited-transactions-and-activities", "type": "clause", "offset": [19, 57]}, {"key": "master-servicer-and-trustee-indemnification", "type": "clause", "offset": [114, 157]}, {"key": "article-xi", "type": "definition", "offset": [194, 204]}, {"key": "miscellaneous-provisions", "type": "clause", "offset": [205, 229]}], "snippet": "149 SECTION 10.02. Prohibited Transactions and Activities......................................151 SECTION 10.03. Master Servicer and Trustee Indemnification.................................152 ARTICLE XI MISCELLANEOUS PROVISIONS", "samples": [{"hash": "cfSRs9urmmx", "uri": "/contracts/cfSRs9urmmx#remic-administration", "label": "Pooling and Servicing Agreement (Argent Securities Inc Asst Back Pass THR Certs Ser 20003-W10)", "score": 18.0, "published": true}, {"hash": "3o62iRN0mxJ", "uri": "/contracts/3o62iRN0mxJ#remic-administration", "label": "Pooling and Servicing Agreement (Asset-Backed Pass-Through Certificates Series 2004-W1)", "score": 18.0, "published": true}, {"hash": "2CccIMcu3jR", "uri": "/contracts/2CccIMcu3jR#remic-administration", "label": "Pooling and Servicing Agreement (Ameriquest Mort Sec Inc Asst Back Pas THR Certs Ser 2003-9)", "score": 18.0, "published": true}], "size": 226, "hash": "ffb94fbf638a4f8d41c3a0beeca50064", "id": 7}, {"snippet_links": [{"key": "remic-elections", "type": "clause", "offset": [4, 19]}, {"key": "preliminary-statement", "type": "definition", "offset": 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"routine-expenses", "type": "definition", "offset": [1332, 1348]}, {"key": "expenses-of-litigation", "type": "clause", "offset": [1396, 1418]}, {"key": "taxes-and-penalties", "type": "clause", "offset": [1498, 1517]}, {"key": "willful-misconduct", "type": "definition", "offset": [1557, 1575]}, {"key": "tax-return-preparer", "type": "definition", "offset": [1668, 1687]}, {"key": "reimbursement-of-expenses", "type": "definition", "offset": [1740, 1765]}, {"key": "in-clause", "type": "clause", "offset": [1789, 1798]}, {"key": "the-distribution-account", "type": "definition", "offset": [1814, 1838]}, {"key": "reimbursement-for-expenses-incurred", "type": "clause", "offset": [1913, 1948]}, {"key": "in-connection-with", "type": "clause", "offset": [1949, 1967]}, {"key": "reports-required", "type": "clause", "offset": [2009, 2025]}, {"key": "trustee-shall", "type": "definition", "offset": [2128, 2141]}, {"key": "tax-and-information-returns", "type": "clause", "offset": [2245, 2272]}, {"key": "direct-representative", "type": "definition", "offset": [2289, 2310]}, {"key": "tier-remic", "type": "definition", "offset": [2539, 2549]}, {"key": "accrual-period", "type": "definition", "offset": [2609, 2623]}, {"key": "calendar-month", "type": "clause", "offset": [2674, 2688]}, {"key": "first-day", "type": "definition", "offset": [2772, 2781]}, {"key": "income-and-expenses", "type": "clause", "offset": [2924, 2943]}, {"key": "excess-inclusion-income", "type": "clause", "offset": [3029, 3052]}, {"key": "the-residual-interest", "type": "clause", "offset": [3088, 3109]}, {"key": "on-behalf-of", "type": "definition", "offset": [3203, 3215]}, {"key": "compliance-duties", "type": "clause", "offset": [3255, 3272]}, {"key": "responsibility-of", "type": "clause", "offset": [3286, 3303]}, {"key": "remic-provisions", "type": "definition", "offset": [3335, 3351]}, {"key": "other-compliance", "type": "clause", "offset": [3356, 3372]}, {"key": "issued-by", "type": "definition", "offset": [3382, 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[3992, 4002]}, {"key": "the-master-servicer", "type": "clause", "offset": [4150, 4169]}, {"key": "holders-of-certificates", "type": "clause", "offset": [4178, 4201]}, {"key": "to-maintain", "type": "clause", "offset": [4297, 4308]}, {"key": "status-of", "type": "clause", "offset": [4313, 4322]}, {"key": "any-residual", "type": "clause", "offset": [4526, 4538]}, {"key": "any-action", "type": "definition", "offset": [4572, 4582]}, {"key": "the-case", "type": "definition", "offset": [4737, 4745]}, {"key": "adverse-remic-event", "type": "clause", "offset": [4773, 4792]}, {"key": "an-opinion-of-counsel", "type": "clause", "offset": [4880, 4901]}, {"key": "the-party", "type": "clause", "offset": [4921, 4930]}, {"key": "contemplated-action", "type": "definition", "offset": [5010, 5029]}, {"key": "in-addition", "type": "clause", "offset": [5103, 5114]}, {"key": "prior-to", "type": "clause", "offset": [5116, 5124]}, {"key": "the-assets", "type": "clause", "offset": [5172, 5182]}, {"key": "terms-of-this-agreement", "type": "clause", "offset": [5276, 5299]}, {"key": "certificate-will", "type": "definition", "offset": [5326, 5342]}, {"key": "in-writing", "type": "clause", "offset": [5450, 5460]}, {"key": "no-adverse", "type": "clause", "offset": [5829, 5839]}, {"key": "additional-taxes", "type": "definition", "offset": [5914, 5930]}, {"key": "residual-certificateholders", "type": "definition", "offset": [5938, 5965]}, {"key": "consent-of-the", "type": "clause", "offset": [6073, 6087]}, {"key": "written-advice", "type": "clause", "offset": [6283, 6297]}, {"key": "cost-of", "type": "definition", "offset": [6307, 6314]}, {"key": "the-action", "type": "definition", "offset": [6368, 6378]}, {"key": "by-this-agreement", "type": "clause", "offset": [6403, 6420]}, {"key": "in-no-event-shall", "type": "clause", "offset": [6426, 6443]}, {"key": "pay-when-due", "type": "clause", "offset": [6581, 6593]}, {"key": "all-taxes", "type": "clause", "offset": [6602, 6611]}, {"key": "governmental-authorities", "type": "clause", "offset": [6661, 6685]}, {"key": "agent-shall", "type": "definition", "offset": [6806, 6817]}, {"key": "amounts-held", "type": "definition", "offset": [7016, 7028]}, {"key": "to-holders", "type": "clause", "offset": [7101, 7111]}, {"key": "federal-income-tax-purposes", "type": "clause", "offset": [7216, 7243]}, {"key": "maintain-books-and-records", "type": "clause", "offset": [7245, 7271]}, {"key": "accrual-basis", "type": "definition", "offset": [7328, 7341]}, {"key": "contributions-of-assets", "type": "clause", "offset": [7361, 7384]}, {"key": "except-as-expressly-provided", "type": "clause", "offset": [7413, 7441]}, {"key": "in-this-agreement", "type": "definition", "offset": [7442, 7459]}, {"key": "other-compensation-for-services", "type": "clause", "offset": [7613, 7644]}, {"key": "percentage-interest", "type": "definition", "offset": [7733, 7752]}, {"key": "tax-matters-person", "type": "definition", "offset": [7809, 7827]}, {"key": "the-class-r-certificate", "type": "definition", "offset": [7884, 7907]}, {"key": "acceptance-of", "type": "clause", "offset": [8127, 8140]}, {"key": "to-act", "type": "definition", "offset": [8204, 8210]}, {"key": "duties-of-the", "type": "definition", "offset": [8239, 8252]}], "snippet": "(a) REMIC elections as set forth in the Preliminary Statement to this Agreement shall be made by the Trustee at the direction of the Securities Administrator on Forms 1066 or other appropriate federal tax or information return for the taxable year ending on the last day of the calendar year in which the Certificates are issued. The regular interests and residual interest in each REMIC shall be as designated in the Preliminary Statement to this Agreement.\n(b) The Closing Date is hereby designated as the \u201cStartup Day\u201d of each REMIC within the meaning of section 86OG(a)(9) of the Code. The \u201clatest possible maturity date\u201d for each REMIC for purposes of Treasury Regulation 1.86OG-1(a)(4) will be the Latest Possible Maturity Date.\n(c) The Securities Administrator shall represent the Trust Fund in any administrative or judicial proceeding relating to an examination or audit by any governmental taxing authority with respect thereto. The Securities Administrator shall pay any and all tax-related expenses (not including taxes) of each REMIC, including but not limited to any professional fees or expenses related to audits or any administrative or judicial proceedings with respect to such REMIC that involve the Internal Revenue Service or state tax authorities, but only to the extent that (i) such expenses are ordinary or routine expenses, including expenses of a routine audit but not expenses of litigation (except as described in (ii)); or (ii) such expenses or liabilities (including taxes and penalties) are attributable to the negligence or willful misconduct of the Securities Administrator in fulfilling its duties hereunder (including its duties as tax return preparer). The Securities Administrator shall be entitled to reimbursement of expenses to the extent provided in clause (i) above from the Distribution Account; provided, however, the Securities Administrator shall not be entitled to reimbursement for expenses incurred in connection with the preparation of tax returns and other reports required under Section 6.20 and this Section.\n(d) The Securities Administrator shall prepare and file, and the Trustee shall sign, as instructed by the Securities Administrator, all of each REMIC\u2019s federal and appropriate state tax and information returns as such REMIC\u2019s direct representative. The expenses of preparing and filing such returns shall be borne by the Securities Administrator. In preparing such returns, the Securities Administrator shall, with respect to each REMIC created hereunder other than the Upper-Tier REMIC (each such REMIC, a \u201cNon-Upper-Tier REMIC\u201d): (i) treat the accrual period for interests in such Non-Upper-Tier REMIC as the calendar month; (ii) account for distributions made from such Non-Upper-Tier REMIC as made on the first day of each succeeding calendar month; (iii) use the aggregation method provided in Treasury Regulation section 1.1275-2(c); and (iv) account for income and expenses related to such Non-Upper-Tier REMIC in the manner resulting in the lowest amount of excess inclusion income possible accruing to the Holder of the residual interest in such Non-Upper-Tier REMIC.\n(e) The Securities Administrator or its designee shall perform on behalf of each REMIC all reporting and other tax compliance duties that are the responsibility of such REMIC under the Code, the REMIC Provisions, or other compliance guidance issued by the Internal Revenue Service or any state or local taxing authority. Among its other duties, if required by the Code, the REMIC Provisions, or other such guidance, the Securities Administrator shall provide (i) to the Treasury or other governmental authority such information as is necessary for the application of any tax relating to the transfer of a Residual Certificate to any disqualified person or organization pursuant to Treasury Regulation 1.860E-2(a)(5) and any person designated in Section 860E(e)(3) of the Code and (ii) to the Trustee such information as is necessary for the Trustee to provide to the Certificateholders such information or reports as are required by the Code or REMIC Provisions.\n(f) The Trustee, the Securities Administrator, the Master Servicer and the Holders of Certificates shall, to the extent within their knowledge and control, take such actions as may be necessary to maintain the status of each REMIC as a REMIC under the REMIC Provisions and shall assist each other as necessary to maintain such status. None of the Trustee, the Securities Administrator, the Master Servicer or the Holder of any Residual Certificate shall knowingly take any action, cause any REMIC to take any action or fail to take (or fail to cause to be taken) any action that, under the REMIC Provisions, if taken or not taken, as the case may be, could result in an Adverse REMIC Event unless the Trustee, the Securities Administrator and the Master Servicer have received an Opinion of Counsel (at the expense of the party seeking to take such action or not to take such action) to the effect that the contemplated action (or inaction, as the case may be) will not cause an Adverse REMIC Event. In addition, prior to taking any action with respect to any REMIC or the assets therein, or causing any REMIC to take any action, which is not expressly permitted under the terms of this Agreement, any Holder of a Residual Certificate will consult with the Trustee, the Securities Administrator, the Master Servicer or their respective designees, in writing, with respect to whether such action could cause an Adverse REMIC Event to occur with respect to any REMIC, and no such Person shall take any such action or cause any REMIC to take any such action as to which the Trustee, the Securities Administrator or the Master Servicer has advised it in writing that an Adverse REMIC Event could occur; provided, however, that if no Adverse REMIC Event would occur but such action could result in the imposition of additional taxes on the Residual Certificateholders, no such Person shall take any such action, or cause any REMIC to take any such action without the written consent of the other Residual Certificateholders. The Trustee, the Securities Administrator and the Master Servicer may consult with counsel (and conclusively rely upon the advice of such counsel) to make such written advice, and the cost of the same shall be borne by the party seeking to take the action not expressly permitted by this Agreement, but in no event shall such cost be an expense of the Trustee, Securities Administrator or the Master Servicer.\n(g) Each Holder of a Residual Certificate shall pay when due any and all taxes imposed on the related REMIC by federal or state governmental authorities. To the extent that such taxes are not paid by a Residual Certificateholder, the Securities Administrator or the Paying Agent shall pay any remaining REMIC taxes out of current or future amounts otherwise distributable to the Holder of the Residual Certificate in any such REMIC or, if no such amounts are available, out of other amounts held in the Distribution Account, and shall reduce amounts otherwise payable to holders of regular interests in any such REMIC, as the case may be.\n(h) The Securities Administrator shall, for federal income tax purposes, maintain books and records with respect to each REMIC on a calendar year and on an accrual basis.\n(i) No additional contributions of assets shall be made to any REMIC, except as expressly provided in this Agreement.\n(j) None of the Trustee, the Securities Administrator nor the Master Servicer shall enter into any arrangement by which any REMIC will receive a fee or other compensation for services.\n(k) The Holder (or, if there is more than one such Holder, the Holder with the largest Percentage Interest) of the Class LT-R Certificate is hereby designated as \u201ctax matters person\u201d with respect to the Lower-Tier REMIC and the Holder of the Class R Certificate (or, if there is more than one such Holder, the Holder with the largest Percentage Interest) is hereby designated as \u201ctax matters person\u201d with respect to the Upper-Tier REMIC and each such Holder shall be deemed by the acceptance of its Certificate to have appointed the Securities Administrator to act as its agent to perform the duties of the \u201ctax matters person\u201d for each such REMIC.", "samples": [{"hash": "jca9GZQnUWG", "uri": "/contracts/jca9GZQnUWG#remic-administration", "label": "Pooling and Servicing Agreement (Sequoia Residential Funding Inc)", "score": 27.3627643585, "published": true}, {"hash": "2YbYAaOkpMe", "uri": "/contracts/2YbYAaOkpMe#remic-administration", "label": "Pooling and Servicing Agreement (Sequoia Residential Funding Inc)", "score": 26.2607803345, "published": true}, {"hash": "lSkqzkhlsl4", "uri": "/contracts/lSkqzkhlsl4#remic-administration", "label": "Pooling and Servicing Agreement (Sequoia Mortgage Trust 2012-2)", "score": 25.0136890411, "published": true}], "size": 218, "hash": "6bc02ac205868839174cd41224b8609f", "id": 8}, {"snippet_links": [{"key": "trustee-shall", "type": "definition", "offset": [8, 21]}, {"key": "remic-elections", "type": "clause", "offset": [47, 62]}, {"key": "remic-1", "type": "clause", "offset": [75, 82]}, {"key": "remic-2", "type": "definition", "offset": [87, 94]}, {"key": "preliminary-statement", "type": "definition", "offset": [115, 136]}, {"key": "federal-tax", "type": "definition", "offset": [172, 183]}, {"key": "taxable-year", "type": "clause", "offset": [214, 226]}, {"key": "day-of", "type": "clause", "offset": [246, 252]}, {"key": "calendar-year", "type": "definition", "offset": [257, 270]}, {"key": "the-certificates", "type": "definition", "offset": [280, 296]}, {"key": "regular-interests", "type": "definition", "offset": [313, 330]}, {"key": "residual-interest", "type": "definition", "offset": [335, 352]}, {"key": "each-remic", "type": "definition", "offset": [356, 366]}, {"key": "as-designated", "type": "definition", "offset": [376, 389]}, {"key": "the-closing-date", "type": "clause", "offset": [424, 440]}, {"key": "startup-day", "type": "clause", "offset": [470, 481]}, {"key": "meaning-of", "type": "clause", "offset": [508, 518]}, {"key": "the-code", "type": "clause", "offset": [541, 549]}, {"key": "related-expenses", "type": "definition", "offset": [593, 609]}, {"key": "not-limited", "type": "clause", "offset": [661, 672]}, {"key": "professional-fees", "type": "clause", "offset": [680, 697]}, {"key": "related-to", "type": "clause", "offset": [710, 720]}, {"key": "judicial-proceedings", "type": "clause", "offset": [753, 773]}, {"key": "with-respect-to", "type": "clause", "offset": [774, 789]}, {"key": "the-internal-revenue-service", "type": "definition", "offset": [814, 842]}, {"key": "tax-authorities", "type": "definition", "offset": [852, 867]}, {"key": "to-the-extent", "type": "clause", "offset": [878, 891]}, {"key": "routine-expenses", "type": "definition", "offset": [931, 947]}, {"key": "expenses-of-litigation", "type": "clause", "offset": [995, 1017]}, {"key": "taxes-and-penalties", "type": "clause", "offset": [1097, 1116]}, {"key": "willful-misconduct", "type": "definition", "offset": [1156, 1174]}, {"key": "reimbursement-of-expenses", "type": "definition", "offset": [1259, 1284]}, {"key": "in-clause", "type": "clause", "offset": [1308, 1317]}, {"key": "be-prepared", "type": "clause", "offset": [1386, 1397]}, {"key": "tax-and-information-returns", "type": "clause", "offset": [1466, 1493]}, {"key": "direct-representative", "type": "definition", "offset": [1510, 1531]}, {"key": "by-the-trustee", "type": "clause", "offset": [1598, 1612]}, {"key": "the-holder", "type": "clause", "offset": [1618, 1628]}, {"key": "the-class-r-certificate", "type": "definition", "offset": [1632, 1655]}, {"key": "tax-matters-person", "type": "definition", "offset": [1670, 1688]}, {"key": "remic-provisions", "type": "definition", "offset": [1708, 1724]}, {"key": "on-behalf-of", "type": "definition", "offset": [1978, 1990]}, {"key": "compliance-duties", "type": "clause", "offset": [2031, 2048]}, {"key": "responsibility-of", "type": "clause", "offset": [2062, 2079]}, {"key": "other-compliance", "type": "clause", "offset": [2132, 2148]}, {"key": "issued-by", "type": "definition", "offset": [2158, 2167]}, {"key": "any-state", "type": "definition", "offset": [2200, 2209]}, {"key": "local-taxing-authority", "type": "definition", "offset": [2213, 2235]}, {"key": "other-duties", "type": "definition", "offset": [2247, 2259]}, {"key": "required-by", "type": "definition", "offset": [2264, 2275]}, {"key": "governmental-authority", "type": "definition", "offset": [2425, 2447]}, {"key": "such-information", "type": "definition", "offset": [2448, 2464]}, {"key": "necessary-for", "type": "definition", "offset": [2471, 2484]}, {"key": "application-of", "type": "clause", "offset": [2489, 2503]}, {"key": "relating-to", "type": "definition", "offset": [2512, 2523]}, {"key": "transfer-of-the", "type": "clause", "offset": [2528, 2543]}, {"key": "disqualified-person", "type": "definition", "offset": [2571, 2590]}, {"key": "organization-and", "type": "clause", "offset": [2594, 2610]}], "snippet": "(a) The Trustee shall make or cause to be made REMIC elections for each of REMIC 1 and REMIC 2 as set forth in the Preliminary Statement on Forms 1066 or other appropriate federal tax or information return for the taxable year ending on the last day of the calendar year in which the Certificates are issued. The regular interests and residual interest in each REMIC shall be as designated in the Preliminary Statement.\n(b) The Closing Date is hereby designated as the \"Startup Day\" of each REMIC within the meaning of section 860G(a)(9) of the Code.\n(c) The Trustee shall pay any and all tax related expenses (not including taxes) of each REMIC, including but not limited to any professional fees or expenses related to audits or any administrative or judicial proceedings with respect to such REMIC that involve the Internal Revenue Service or state tax authorities, but only to the extent that (i) such expenses are ordinary or routine expenses, including expenses of a routine audit but not expenses of litigation (except as described in (ii)); or (ii) such expenses or liabilities (including taxes and penalties) are attributable to the negligence or willful misconduct of the Trustee in fulfilling its duties hereunder. The Trustee shall be entitled to reimbursement of expenses to the extent provided in clause (i) above from the Trust.\n(d) The Trustee shall prepare or cause to be prepared, sign and file or cause to be filed, each REMIC's federal and state tax and information returns as such REMIC's direct representative. The expenses of preparing and filing such returns shall be borne by the Trustee.\n(e) The Holder of the Class R Certificate shall be the \"tax matters person\" as defined in the REMIC Provisions (the \"Tax Matters Person\") with respect to each REMIC, and the Trustee is irrevocably designated as and shall act as attorney-in-fact and agent for such Tax Matters Person for each REMIC. The Trustee, as agent for the Tax Matters Person, shall perform, on behalf of each REMIC, all reporting and other tax compliance duties that are the responsibility of such REMIC under the Code, the REMIC Provisions, or other compliance guidance issued by the Internal Revenue Service or any state or local taxing authority. Among its other duties, if required by the Code, the REMIC Provisions, or other such guidance, the Trustee, as agent for the Tax Matters Person, shall provide (i) to the Treasury or other governmental authority such information as is necessary for the application of any tax relating to the transfer of the Class R Certificate to any disqualified person or organization and (ii) to the Certificateholders such information or reports as are required by the Code or REMIC Provisions.", "samples": [{"hash": "hvo6KyjC2nx", "uri": "/contracts/hvo6KyjC2nx#remic-administration", "label": "Pooling and Servicing Agreement (Asset Backed Funding Corp. 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