Common use of REMIC Elections and REMIC Interests Designations Clause in Contracts

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 will constitute the regular interests in REMIC I-1; the REMIC I-2 Regular Interests will constitute the REMIC regular interests in REMIC I-2; and the REMIC I-3 Certificates will constitute the regular interests in REMIC I-3. The Class R Certificates will 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: Class Initial Certificate Balance Or Notional Amount Certificate Rate Corresponding Class I-V Pool $531,406,459.22 (1) N/A(5) I-V-Sub-A $5,422,514.89 (1) N/A I-V-Sub-B $5,422,514.89 (1) N/A 1-AX(1) (2) 7.00% A-X 1-AX(2) (3) 7.00% A-X Residual _______________

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 will constitute the regular interests in REMIC I-1; the REMIC I-2 Regular Interests will constitute the REMIC regular interests in REMIC I-2; and the REMIC I-3 Certificates will constitute the regular interests in REMIC I-3. The Class R Certificates will 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: Class Initial Certificate Balance Or Notional Amount Certificate Rate Corresponding Class I-V Pool $531,406,459.22 (1) N/A(5Class(4) I-V-Sub-A Pool $5,422,514.89 428,806,356.86 (1) N/A I-VSub-A 4,375,575.07 (1) N/A I-Sub-B $5,422,514.89 4,375,575.07 (1) N/A 1-AX(1) AX (2) 7.008.00% A-X 1-AX(2) (3) 7.00% A-X Residual _______________Residual

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 will shall constitute the regular interests in REMIC I-1; the REMIC I-2 Regular Interests will shall constitute the REMIC regular interests in REMIC I-2; and the REMIC I-3 Certificates will shall constitute the regular interests in REMIC I-3. The Class R Certificates will 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: Class Initial Certificate Balance Or Notional Amount Certificate Rate Corresponding Class I-V Pool $531,406,459.22 1,184,872,891.58 (1) N/A(5A(4) I-V-Sub-A $5,422,514.89 12,090,539.71 (1) N/A I-V-Sub-B $5,422,514.89 12,090,539.71 (1) N/A 1-AX(1) AX (2) 7.0011.00% A-X 1-AX(2) (3) 7.00% A-X Residual _______________

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 will constitute the regular interests in REMIC I-1; the REMIC I-2 Regular Interests will constitute the REMIC regular interests in REMIC I-2; and the REMIC I-3 Certificates (other than the Class R Certificates) will constitute the regular interests in REMIC I-3. The Class R Certificates will 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: Class Initial Certificate Balance Class Or Notional Amount Certificate Rate Corresponding Class I-V Pool $531,406,459.22 501,941,697.84 (1) N/A(5A(4) I-V-Sub-A $5,422,514.89 2,535,059.08 (1) N/A I-V-Sub-B $5,422,514.89 2,535,059.08 (1) N/A 1-AX(1) AX (2) 7.00% A-X 1-AX(2) (3) 7.006.50% A-X Residual I-R (3) (3) N/A _______________