Common use of REMIC IV Clause in Contracts

REMIC IV. As provided herein, the Trustee will make an election to treat the segregated pool of assets consisting of the REMIC III Regular Interests as a REMIC for federal income tax purposes, and such segregated pool of assets will be designated as “REMIC IV.” The Class II-R-2 Certificates will represent the sole class of Residual Interests in REMIC IV for purposes of the REMIC Provisions under federal income tax law. The following table irrevocably sets forth the designation, the Uncertificated REMIC IV Pass-Through Rate, the initial Uncertificated Principal Balance and, for purposes of satisfying Treasury Regulation Section 1.860G-1(a)(4)(iii), the “latest possible maturity date” for each of the REMIC IV Regular Interests (as defined herein). None of the REMIC IV Regular Interests will be certificated. II-A-1 $ 57,710,426.00 (2) August 25, 2020 II-A-2 $ 24,733,039.00 (2) August 25, 2020 II-A-3 $ 22,914,426.00 (2) August 25, 2020 II-B-1 $ 4,286,868.00 (2) August 25, 2020 II-B-2 $ 1,015,310.00 (2) August 25, 2020 II-B-3 $ 564,061.00 (2) August 25, 2020 II-B-4 $ 564,061.00 (2) August 25, 2020 II-B-5 $ 394,843.00 (2) August 25, 2020 II-B-6 $ 282,035.03 (2) August 25, 2020 II-PO $ 347,260.46 0.00% August 25, 2020 II-R-3 $ 50.00 0.00% August 25, 2020 II-P $ 100.00 0.00% August 25, 2020 ___________________

REMIC IV. As provided herein, the Trustee will make an election to treat the segregated pool of assets consisting of the REMIC III Regular Interests as a REMIC for federal income tax purposes, and such segregated pool of assets will be designated as “REMIC IV.” The Class II-R-2 Certificates will represent the sole class of Residual Interests in REMIC IV for purposes of the REMIC Provisions under federal income tax law. The following table irrevocably sets forth the designation, the Uncertificated REMIC IV Pass-Through Rate, the initial Uncertificated Principal Balance and, for purposes of satisfying Treasury Regulation Section 1.860G-1(a)(4)(iii), the “latest possible maturity date” for each of the REMIC IV Regular Interests (as defined herein). None of the REMIC IV Regular Interests will be certificated. Designation Initial Uncertificated Principal Balance Uncertificated REMIC IV Pass-Through Rate Latest Possible Maturity Date(1) II-A-1 $ 57,710,426.00 (2) August 152,260,000.00 5.25% June 25, 2020 II-A-2 $ 24,733,039.00 (2) August 5,710,098.00 5.25% June 25, 2020 II-A-3 $ 22,914,426.00 (2) August 51,412,546.00 7.50% June 25, 2020 II-B-1 $ 4,286,868.00 8,422,000.00 Variable (2) August June 25, 2020 II-B-2 $ 1,015,310.00 2,021,000.00 Variable (2) August June 25, 2020 II-B-3 $ 564,061.00 1,123,000.00 Variable (2) August June 25, 2020 II-B-4 $ 564,061.00 1,123,000.00 Variable (2) August June 25, 2020 II-B-5 $ 394,843.00 786,000.00 Variable (2) August June 25, 2020 II-B-6 $ 282,035.03 562,232.84 Variable (2) August June 25, 2020 II-PO $ 347,260.46 1,171,356.00 0.00% August June 25, 2020 II-R-3 $ 50.00 0.00% August June 25, 2020 II-P $ 100.00 0.00% August June 25, 2020 ___________________

REMIC IV. As provided herein, the Trustee will make an election to treat the segregated pool of assets consisting of the REMIC III Regular Interests as a REMIC for federal income tax purposes, and such segregated pool of assets will be designated as “REMIC IV.” The Class II-R-2 Certificates will represent the sole class of Residual Interests in REMIC IV for purposes of the REMIC Provisions under federal income tax law. The following table irrevocably sets forth the designation, the Uncertificated REMIC IV Pass-Through Rate, the initial Uncertificated Principal Balance and, for purposes of satisfying Treasury Regulation Section 1.860G-1(a)(4)(iii), the “latest possible maturity date” for each of the REMIC IV Regular Interests (as defined herein). None of the REMIC IV Regular Interests will be certificated. Designation Initial Uncertificated Principal Balance Uncertificated REMIC IV Pass-Through Rate Latest Possible Maturity Date(1) II-A-1 $ 57,710,426.00 (2) August 25, 2020 II-A-2 $ 24,733,039.00 (2) August 25, 2020 II-A-3 $ 22,914,426.00 (2) August 25, 2020 II-B-1 $ 4,286,868.00 (2) August 25, 2020 II-B-2 $ 1,015,310.00 (2) August 25, 2020 II-B-3 $ 564,061.00 (2) August 25, 2020 II-B-4 $ 564,061.00 (2) August 25, 2020 II-B-5 $ 394,843.00 (2) August 25, 2020 II-B-6 $ 282,035.03 (2) August 25, 2020 II-PO $ 347,260.46 0.00% August 25, 2020 II-R-3 $ 50.00 0.00% August 25, 2020 II-P $ 100.00 0.00% August 25, 2020 ___________________

REMIC IV. As provided herein, the Trustee will make an election to treat the segregated pool of assets consisting of the REMIC III Regular Interests as a REMIC for federal income tax purposes, and such segregated pool of assets will be designated as “REMIC IV.” The Class IIII-1-R-2 Certificates will represent the sole class of Residual Interests in REMIC IV for purposes of the REMIC Provisions under federal income tax law. The following table irrevocably sets forth the designation, the Uncertificated REMIC IV Pass-Through Rate, the initial Uncertificated Principal Balance and, for purposes of satisfying Treasury Regulation Section 1.860G-1(a)(4)(iii), the “latest possible maturity date” for each of the REMIC IV Regular Interests (as defined herein). None of the REMIC IV Regular Interests will be certificated. IIDesignation Initial Uncertificated Principal Balance Uncertificated REMIC IV Pass-Through Rate Latest Possible Maturity Date(1) II-1-A-1 $ 57,710,426.00 92,576,000.00 (2) August September 25, 2020 IIII-1-A-2 $ 24,733,039.00 29,513,254.00 (2) August September 25, 2020 IIII-2-A-3 A $ 22,914,426.00 394,791,000.00 (2) August September 25, 2020 II-B-1 $ 4,286,868.00 18,181,000.00 (2) August September 25, 2020 II-B-2 $ 1,015,310.00 8,112,000.00 (2) August September 25, 2020 II-B-3 $ 564,061.00 4,476,000.00 (2) August September 25, 2020 II-B-4 $ 564,061.00 5,036,000.00 (2) August September 25, 2020 II-B-5 $ 394,843.00 3,357,000.00 (2) August September 25, 2020 II-B-6 $ 282,035.03 2,797,788.41 (2) August September 25, 2020 IIII-1-PO $ 347,260.46 536,221.52 0.00% August September 25, 2020 IIII-1-R-3 $ 50.00 0.00% August September 25, 2020 IIII-1-P $ 100.00 0.00% August September 25, 2020 II-2-P $ 100.00 0.00% September 25, 2020 ___________________