REMIC Elections and REMIC Interests Designations Clause Samples
REMIC Elections and REMIC Interests Designations. (a) REMIC Elections. Elections shall be made by the Securities Administrator to treat the assets of the Trust Estate described in the definition of the term “REMIC LT1,” the assets of the Trust Estate described in the definition of the term “REMIC MT,” and the assets of the Trust Estate described in the definition of the term “REMIC UT” as separate REMICs for federal income tax purposes. The REMIC LT1 Regular Interests shall constitute the regular interests in REMIC LT1; the REMIC MT Regular Interests shall constitute the REMIC regular interests in REMIC MT; and the REMIC UT Regular Interests shall constitute the regular interests in REMIC UT. The Class RC Certificates shall represent ownership of the sole Class of residual interest in REMIC LT1. The Class R Certificates shall represent ownership of the sole Class of residual interests in REMIC MT and REMIC UT. References in the Standard Terms to REMIC I and REMIC II shall be deemed, for purposes of this Trust Agreement, to refer to REMIC LT1, REMIC MT and REMIC UT referred to herein, as modified by this Trust Agreement.
REMIC Elections and REMIC Interests Designations. REMIC Elections. Elections shall be made by the Securities Administrator to treat the assets of the Trust Estate described in the definition of the term “REMIC I-1,” the assets of the Trust Estate described in the definition of the term “REMIC I-2,” and the assets of the Trust Estate described in the definition of the term “REMIC I-3” as separate REMICs for federal income tax purposes. The REMIC I-1 Regular Interests shall constitute the regular interests in REMIC I-1; the REMIC I-2 Regular Interests shall constitute the REMIC regular interests in REMIC I-2; and the REMIC I-3 Certificates shall constitute the regular interests in REMIC I-3. The Class R Certificates shall represent ownership of the sole class of residual interest in REMIC I-1, REMIC I-2 and REMIC I-3. REMIC I-1 Interests. REMIC I-1 shall issue each of the following Classes of Interests in book-entry form, each of which shall be a Class of REMIC I-1 Interests, having the following Certificate Rates and initial principal balances: _______________
(1) This Interest shall bear interest for any Accrual Period equal to (i) the weighted average of the Net Rates of all the Mortgage Loans as of the beginning of the related Accrual Period, weighted on the principal balance of each such Mortgage Loan and determined by subjecting the Net Rate of each such Mortgage Loan to a cap equal to the Designated Rate for the related Group over (ii) (x) the sum of any expenses payable to the Securities Administrator or to the Trustee (to the extent such expenses were not taken into account in computing the Net Rate of any Mortgage Loan and do not constitute “unanticipated expenses” of a REMIC within the meaning of Treasury Regulation Section 1.860G-1(b)(3)(ii)) divided by (y) the aggregate principal balance of the Mortgage Loans as of the beginning of such Accrual Period.
(2) A notional amount, which for any Distribution Date shall equal the Class A-X Notional Amount.
(3) The Class I-R Interests will not be entitled to payments of principal or interest.
(4) N/A means Not Applicable. REMIC I-2 Interests. REMIC I-2 shall issue each of the following Classes of Interests in book-entry form, each of which shall be a Class of REMIC I-2 Interests, having the following Certificate Rates and initial principal balances: II1A-1 $50,000,000 4.50% 1A-1 II1A-2 $2,027,000 4.50% 1A-2 II1A-3 $28,475,000 4.50% 1A-3 II1A-4 $14,051,000 4.50% 1A-4 II1A-5 $64,617,000 4.50% 1A-5 II1A-6 $50,000,000 4.50% 1A-6 II1A-7 $647,000 4.50% 1A-7 I...
REMIC Elections and REMIC Interests Designations. (a) REMIC Elections. Elections shall be made by the Securities Administrator to treat the assets of the Trust Estate described in the definition of the term “REMIC LT1,” the assets of the Trust Estate described in the definition of the term “REMIC LT2,” the assets of the Trust Estate described in the definition of the term “REMIC LT3,” the assets of the Trust Estate described in the definition of the term “REMIC MT,” and the assets of the Trust Estate described in the definition of the term “REMIC UT” as separate REMICs for federal income tax purposes. The REMIC LT1 Regular Interests shall constitute the regular interests in REMIC LT1; the REMIC LT2 Regular Interests shall constitute the REMIC regular interests in REMIC LT2; the REMIC LT3 Regular Interests shall constitute the REMIC regular interests in REMIC LT3, the REMIC MT Regular Interests shall constitute the REMIC regular interests in REMIC MT; and the REMIC UT Regular Interests shall constitute the regular interests in REMIC UT. The Class 1-R1 Certificates shall represent ownership of the sole Class of residual interest in REMIC LT1, the Class 2-R1 Certificates shall represent ownership of the sole Class of residual interest in REMIC LT2, and the Class 3-R1 Certificates shall represent ownership of the sole Class of residual interest in REMIC LT3. The Class UT-R Certificates shall represent ownership of the sole Class of residual interests in REMIC MT and REMIC UT. References in the Standard Terms to REMIC I and REMIC II shall be deemed, for purposes of this Trust Agreement, to refer to REMIC LT1, REMIC LT2, REMIC LT3, REMIC MT and REMIC UT referred to herein, as modified by this Trust Agreement.
REMIC Elections and REMIC Interests Designations. (a) REMIC Elections. Elections shall be made by the Securities Administrator to treat the assets of the Trust Estate described in the definition of the term “REMIC I” and the assets of the Trust Estate described in the definition of the term “REMIC II” as separate REMICs for federal income tax purposes. The REMIC I Regular Interests shall constitute the regular interests in REMIC I and the REMIC II Regular Interests shall constitute the regular interests in REMIC II. The Class RC Certificates shall represent ownership of the sole Class of residual interest in REMIC I. The Class R Certificates shall represent ownership of the sole Class of residual interests in REMIC II.
REMIC Elections and REMIC Interests Designations