Common use of REMIC Election Clause in Contracts

REMIC Election. (a) The Depositor hereby instructs and authorizes the Trustee to make appropriate elections to treat each of the Subsidiary REMIC and the Master REMIC as a REMIC. This Agreement shall be construed so as to carry out the intention of the parties that each REMIC Pool be treated as a REMIC at all times prior to the date on which the Trust Fund is terminated. The Closing Date is hereby designated as the "startup day" of each REMIC Pool within the meaning of Section 860G(a)(9) of the Code. The "regular interests" (within the meaning of Section 860G(a)(1) of the Code) in the Master REMIC shall consist of the Class A Certificates (other than the Class A-R Certificate), the Class M Certificates and the Class B Certificates, and the "residual interest" (within the meaning of Section 860G(a)(2) of the Code) in the Master REMIC shall consist of the Master Residual Interest, and all such interests shall be designated as such on the Startup Day. The "regular interests" (within the meaning of Section 860G(a)(1) of the Code) in the Subsidiary REMIC shall consist of the Subsidiary Regular Interests and the "residual interest" (within the meaning of Section 860G(a)(2) of the Code) in the Subsidiary REMIC shall consist of the Subsidiary Residual Interest and all such interests shall be designated as such on the Startup Date. The regular interests in the Subsidiary REMIC shall be held by the Master REMIC at all times and shall not be transferable under any circumstances.

REMIC Election. (a) The Depositor hereby instructs and authorizes the Trustee to make appropriate elections to treat each of the Subsidiary REMIC and the Master REMIC as a REMIC. This Agreement shall be construed so as to carry out the intention of the parties that each REMIC Pool be treated as a REMIC at all times prior to the date on which the Trust Fund is terminated. The Closing Date is hereby designated as the "startup day" of each REMIC Pool within the meaning of Section 860G(a)(9) of the Code. The "regular interests" (within the meaning of Section 860G(a)(1) of the Code) in the Master REMIC shall consist of the Class A Certificates (other than the Class A-R Certificate), the Class M Certificates and the Class B Certificates, and the "residual interest" (within the meaning of Section 860G(a)(2) of the Code) in the Master REMIC shall consist of the Master Residual Interest, and all such interests shall be designated as such on the Startup Day. The "regular interests" (within the meaning of Section 860G(a)(1860(G)(a)(1) of the Code) in the Subsidiary REMIC shall consist of the Subsidiary Regular Interests and the "residual interest" (within the meaning of Section 860G(a)(2860(G)(a)(2) of the Code) in the Subsidiary REMIC shall consist of the Subsidiary Residual Interest and all such interests shall be designated as such on the Startup Date. The regular interests in the Subsidiary REMIC shall be held by the Master REMIC at all times and shall not be transferable under any circumstances.

REMIC Election. (a) The Depositor hereby instructs and authorizes the Trustee to make an appropriate elections election to treat each of the Subsidiary REMIC and the Master REMIC as a REMIC. This Agreement shall be construed so as to carry out the intention of the parties that each REMIC Pool be treated as a REMIC at all times prior to the date on which the Trust Fund is terminated. The Closing Date is hereby designated as the "startup day" of each REMIC Pool within the meaning of Section 860G(a)(9) of the Code. The "regular interests" (within the meaning of Section 860G(a)(1) of the Code) in the Master REMIC shall consist of the Class A Certificates (other than the Class A-R Certificate), the Class M Certificates and the Class B Certificates, and the "residual interest" (within the meaning of Section 860G(a)(2) of the Code) in the Master REMIC shall consist of the Master Residual Interest, and all such interests shall be designated as such on the Startup Day. The "regular interests" (within the meaning of Section 860G(a)(1) of the Code) in the Subsidiary REMIC shall consist of the Subsidiary Regular Interests Interests, and the "residual interest" (within the meaning of Section 860G(a)(2) of the Code) in the Subsidiary REMIC shall consist of the Subsidiary Residual Interest Interest, and all such interests shall be designated as such on the Startup DateDay. The regular interests in the Subsidiary REMIC Regular Interests shall be held by the Master REMIC at all times and shall not be transferable under any circumstances. Solely for the purposes of Section 1.860G-1(a)(4)(iii) of the Treasury regulations, the "latest possible maturity date" by which the Outstanding Certificate Principal Balance of each Class of Certificates representing a regular interest in the Master REMIC and each Subsidiary Regular Interest would be reduced to zero is the Distribution Date immediately following the latest scheduled maturity of any Mortgage Loan.