REMIC STRUCTURE Clause Samples

REMIC STRUCTURE. The Trustee shall make elections to treat each of the segregated pools of assets described below as a real estate mortgage investment conduit (each a “REMIC” or, in the alternative, “REMIC 1,” “REMIC 2,” “REMIC 3,” “REMIC 4,” “REMIC 5,” “REMIC 6” and “REMIC 7,” REMIC 7 also being referred to as the “Upper-Tier REMIC”). The Certificates, other than the Class R Certificate and the Class P Certificate, represent ownership of the regular interests in the Upper-Tier REMIC for purposes of the REMIC Provisions. The Class P Certificate represents an interest in the Trust Fund but does not represent an interest in any REMIC created hereunder. The Class P Certificate shall be entitled to distributions of prepayment penalties received by the Trustee with respect to the Mortgage Loans to the extent such prepayment penalties do not represent Pledged Prepayment Penalties. In addition, the Offered Certificates, other than the Class A-IO Certificates, represent the right to receive payments from the Basis Risk Reserve Fund. The Class R Certificates represent ownership of the sole class of residual interest in each of REMIC 1, REMIC 2, REMIC 3, REMIC 4, REMIC 5, REMIC 6 and the Upper-Tier REMIC for purposes of the REMIC Provisions. The Upper-Tier REMIC shall hold as its assets the several classes of uncertificated Lower Tier Interests in REMIC 6, other than the Class LT6-R Interest, and each such Lower Tier Interest is hereby designated as a regular interest in REMIC 6 for purposes of the REMIC Provisions. REMIC 6 shall hold as its assets the several classes of uncertificated Lower Tier Interests in REMIC 5, other than the Class LT5-R Interest, and each such Lower Tier Interest is hereby designated as a regular interest in REMIC 5 for purposes of the REMIC Provisions. REMIC 5 shall hold as its assets the several classes of uncertificated Lower Tier Interests in REMIC 4, other than the Class LT4-R Interest, and each such Lower Tier Interest is hereby designated as a regular interest in REMIC 4 for purposes of the REMIC Provisions. REMIC 4 shall hold as its assets the several classes of uncertificated Lower Tier Interests in REMIC 3, other than the Class LT3-R Interest, and each such Lower Tier Interest is hereby designated as a regular interest in REMIC 3 for purposes of the REMIC Provisions. REMIC 3 shall hold as its assets the several classes of uncertificated Lower Tier Interests in REMIC 2, other than the Class LT2-R Interest, and each such Lower Tier Interest is hereby...