Common use of REMIC Designations and REMIC Distributions Clause in Contracts

REMIC Designations and REMIC Distributions. (a) The Securities Administrator on behalf of the Trustee shall elect that each of REMIC I and REMIC II shall be treated as a REMIC under Section 860D of the Code. Any inconsistencies or ambiguities in this Agreement or in the administration of this Agreement shall be resolved in a manner that preserves the validity of such REMIC elections. The assets of REMIC I shall include the Mortgage Loans and all interest owing in respect of and principal due thereon, the Distribution Account, the Master Servicer Collection Account, the Protected Accounts maintained by the Company and the Servicer, any REO Property, any proceeds of the foregoing and any other assets subject to this Agreement (other than the Reserve Fund, the Pre-Funding Account and the Interest Coverage Account). The REMIC I Regular Interests shall constitute the assets of REMIC II.

REMIC Designations and REMIC Distributions. (a) The Securities Administrator on behalf of the Trustee shall elect that each of REMIC I I, REMIC II and REMIC II III shall be treated as a REMIC under Section 860D of the Code. Any inconsistencies or ambiguities in this Agreement or in the administration of this Agreement shall be resolved in a manner that preserves the validity of such REMIC elections. The assets of REMIC I shall include the Mortgage Loans and all interest owing in respect of and principal due thereon, the funds in the Distribution Account, the Master Servicer Collection Account, the Class P Certificate Account and the Protected Accounts maintained by the Company and the ServicerServicers, any REO Property, any proceeds of the foregoing and any other assets related to the Mortgage Loans subject to this Agreement (other than the Reserve Fund, the Pre-Funding Account and Account, the Interest Coverage Account, the Corridor Contract and the Corridor Contract Reserve Fund). The REMIC I Regular Interests shall constitute the assets of REMIC II. The REMIC II Regular Interests shall constitute the assets of REMIC III.

REMIC Designations and REMIC Distributions. (a) The Securities Administrator on behalf of the Trustee shall elect that each of REMIC I I, REMIC II and REMIC II III shall be treated as a REMIC under Section 860D of the Code. Any inconsistencies or ambiguities in this Agreement or in the administration of this Agreement shall be resolved in a manner that preserves the validity of such REMIC elections. The assets of REMIC I shall include the Mortgage Loans and all interest owing in respect of and principal due thereon, the Distribution Account, the Master Servicer Collection Account, the Protected Accounts maintained by the Company and the Servicer, any REO Property, any proceeds of the foregoing and any other assets subject to this Agreement (other than the Reserve Fund, the Pre-Funding Account and the Interest Coverage Account). The REMIC I Regular Interests shall constitute the assets of REMIC II. The Class C Interest shall constitute the assets of REMIC III.