Common use of REMIC STRUCTURE Clause in Contracts

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 designated as a regular interest in REMIC 2 for purposes of the REMIC Provisions. REMIC 2 shall hold as its assets the several classes of uncertificated Lower Tier Interests in REMIC 1, other than the Class LT1-R Interest, and each such Lower Tier Interest is hereby designated as a regular interest in REMIC 1 for purposes of the REMIC Provisions. REMIC 1 shall hold as its assets the property of the Trust Fund other than the (i) Lower Tier Interests in REMIC 1, REMIC 2, REMIC 3, REMIC 4, REMIC 5 and REMIC 6, (ii) the Pre-Funding Account, (iii) the Basis Risk Reserve Fund and (iv) the prepayment penalties received on the mortgage loans other than the Pledged Prepayment Penalties. The startup day for each REMIC created hereby for purposes of the REMIC Provisions is the Closing Date. In addition, for purposes of the REMIC Provisions, the latest possible maturity date for each regular interest in each REMIC created hereby is the Latest Possible Maturity Date.

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,” ”, and “REMIC 5,” “REMIC 6” and “REMIC 7,” REMIC 7 5 also being referred to as the “Upper-Tier REMIC”). The Certificates, other than the Class R Certificate Certificate, the Class S Certificate, and the Class P Certificate, represent ownership of the regular interests in the Upper-Tier REMIC for purposes of the REMIC Provisions. In addition, the Offered Certificates, other than the Class AF-IO, Class AV-IO, and Class S Certificates, represent the right to receive payments from the Basis Risk Reserve Fund. Moreover, the Group II Certificates, the Group III Certificates and the Subordinate Certificates represent the right to receive payments from the Cap Agreement Reserve Fund. The Class R Certificates represents ownership of the sole class of residual interest in each of REMIC 1, REMIC 2, REMIC 3, REMIC 4 and the Upper-Tier REMIC for purposes of the REMIC Provisions. The Class P Certificate represents an interest and the Class S Certificates represent interests in the Trust Fund but does do not represent an interest interests 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 Class S Certificate shall be treated for federal income tax purposes as an interest rate floor contract written by the Offered Certificates, other than owner of 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 ProvisionsC Certificate. 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 Provisions4. 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 Provisions3. 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 designated as a regular interest in REMIC 2 for purposes of the REMIC Provisions2. REMIC 2 shall hold as its assets the several classes of uncertificated Lower Tier Interests in REMIC 1, other than the Class LT1-R Interest, and each such Lower Tier Interest is hereby designated as a regular interest in REMIC 1 for purposes of the REMIC Provisions1. REMIC 1 shall hold as its assets the property of the Trust Fund other than the (i) Lower Tier Interests in REMIC 1, REMIC 2, REMIC 3, and REMIC 4, REMIC 5 and REMIC 6, (ii) the Pre-Funding Account, (iii) the Basis Risk Reserve Fund and Fund, (iv) the prepayment penalties Cap Agreement Reserve Fund, and (v) the Prepayment Penalties received on the mortgage loans Mortgage Loans other than the Pledged Prepayment Penalties. The startup day for each REMIC created hereby for purposes of the REMIC Provisions is the Closing Date. In addition, for purposes of the REMIC Provisions, the latest possible maturity date for each regular interest in each REMIC created hereby is the Latest Possible Maturity Date.

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,” “", and "REMIC 4,” “", REMIC 5,” “REMIC 6” and “REMIC 7,” REMIC 7 4 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, Class S, and Class X-IO Certificates, represent the right to receive payments from the Basis Risk Reserve Fund. The Class R Certificates represent represents ownership of the sole class of residual interest in each of REMIC 1, REMIC 2, REMIC 3, REMIC 4, REMIC 5, REMIC 6 3 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 Provisions3. 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 designated as a regular interest in REMIC 2 for purposes of the REMIC Provisions2. REMIC 2 shall hold as its assets the several classes of uncertificated Lower Tier Interests in REMIC 1, other than the Class LT1-R Interest, and each such Lower Tier Interest is hereby designated as a regular interest in REMIC 1 for purposes of the REMIC Provisions1. REMIC 1 shall hold as its assets the property of the Trust Fund other than the (i) Lower Tier Interests in REMIC 1, REMIC 2, and REMIC 3, REMIC 4, REMIC 5 and REMIC 6, (ii) the Pre-Funding Account, (iii) the Basis Risk Reserve Fund and (iv) the prepayment penalties Prepayment Penalties received on the mortgage loans Mortgage Loans other than the Pledged Prepayment Penalties. The startup day for each REMIC created hereby for purposes of the REMIC Provisions is the Closing Date. In addition, for purposes of the REMIC Provisions, the latest possible maturity date for each regular interest in each REMIC created hereby is the Latest Possible Maturity Date.

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,” and “REMIC 5,” “REMIC 6” and “REMIC 7,” REMIC 7 5 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 represents ownership of the sole class of residual interest in each of REMIC 1, REMIC 2, REMIC 3, REMIC 4, REMIC 5, REMIC 6 4 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 Provisionsprovisions. 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 designated as a regular interest in REMIC 2 for purposes of the REMIC Provisions2. REMIC 2 shall hold as its assets the several classes of uncertificated Lower Tier Interests in REMIC 1, other than the Class LT1-R Interest, and each such Lower Tier Interest is hereby designated as a regular interest in REMIC 1 for purposes of the REMIC Provisions1. REMIC 1 shall hold as its assets the property of the Trust Fund other than the (i) Lower Tier Interests in REMIC 1, REMIC 2, REMIC 3, 3 and REMIC 4, REMIC 5 and REMIC 6, (ii) the Pre-Funding Account, (iii) the Basis Risk Reserve Fund and (iv) the prepayment penalties received on the mortgage loans other than the Pledged Prepayment Penalties. The startup day for each REMIC created hereby for purposes of the REMIC Provisions is the Closing Date. In addition, for purposes of the REMIC Provisions, the latest possible maturity date for each regular interest in each REMIC created hereby is the Latest Possible Maturity Date.

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,” “", and "REMIC 3,” “", REMIC 4,” “REMIC 5,” “REMIC 6” and “REMIC 7,” REMIC 7 3 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 represents 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 designated as a regular interest in REMIC 2 for purposes of the REMIC Provisions. REMIC 2 shall hold as its assets the several classes of uncertificated Lower Tier Interests in REMIC 1, other than the Class LT1-R Interest, and each such Lower Tier Interest is hereby designated as a regular interest in REMIC 1 for purposes of the REMIC Provisions1. REMIC 1 shall hold as its assets the property of the Trust Fund other than the (i) Lower Tier Interests in REMIC 1, 1 and REMIC 2, REMIC 3, REMIC 4, REMIC 5 and REMIC 6, (ii) the Pre-Funding Prefunding Account, (iii) the Capitalized Interest Account, and the Basis Risk Reserve Fund and (iv) the prepayment penalties received on the mortgage loans other than the Pledged Prepayment PenaltiesFund. The startup day for each REMIC created hereby for purposes of the REMIC Provisions is the Closing Date. In addition, for purposes of the REMIC Provisions, the latest possible maturity date for each regular interest in each REMIC created hereby is the Latest Possible Maturity Date.

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,” ”, and “REMIC 5,” “REMIC 6” and “REMIC 7,” REMIC 7 5 also being referred to as the “Upper-Tier REMIC”). The Certificates, other than the Class R Certificate Certificate, the Class S Certificate, and the Class P Certificate, represent ownership of the regular interests in the Upper-Tier REMIC for purposes of the REMIC Provisions. In addition, the Offered Certificates, other than the Class A-IO and Class S Certificates, represent the right to receive payments from the Basis Risk Reserve Fund. Moreover, the Group II Certificates, the Group III Certificates and the Subordinate Certificates represent the right to receive payments from the Cap Agreement Reserve Fund. The Class R Certificates represents ownership of the sole class of residual interest in each of REMIC 1, REMIC 2, REMIC 3, REMIC 4 and the Upper-Tier REMIC for purposes of the REMIC Provisions. The Class P Certificate represents an interest and the Class S Certificates represent interests in the Trust Fund but does do not represent an interest interests 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 Class S Certificate shall be treated for federal income tax purposes as an interest rate floor contract written by the Offered Certificates, other than owner of 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 ProvisionsC Certificate. 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 Provisions4. 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 Provisions3. 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 designated as a regular interest in REMIC 2 for purposes of the REMIC Provisions2. REMIC 2 shall hold as its assets the several classes of uncertificated Lower Tier Interests in REMIC 1, other than the Class LT1-R Interest, and each such Lower Tier Interest is hereby designated as a regular interest in REMIC 1 for purposes of the REMIC Provisions1. REMIC 1 shall hold as its assets the property of the Trust Fund other than the (i) Lower Tier Interests in REMIC 1, REMIC 2, REMIC 3, and REMIC 4, REMIC 5 and REMIC 6, (ii) the Pre-Funding Account, (iii) the Basis Risk Reserve Fund and Fund, (iv) the prepayment penalties Cap Agreement Reserve Fund, (v) the Cap Agreement and (vi) the Prepayment Penalties received on the mortgage loans Mortgage Loans other than the Pledged Prepayment Penalties. The startup day for each REMIC created hereby for purposes of the REMIC Provisions is the Closing Date. In addition, for purposes of the REMIC Provisions, the latest possible maturity date for each regular interest in each REMIC created hereby is the Latest Possible Maturity Date.

REMIC STRUCTURE. The Trustee shall make elections to treat each of the segregated pools groups of assets described below as a real estate mortgage investment conduit (each a “REMIC” or, in the alternative, “REMIC 1,” ”, “REMIC 2,” ”, and “REMIC 3,” “REMIC 4,” “REMIC 5,” “REMIC 6” and “REMIC 7,” REMIC 7 3 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. In addition, the Offered Certificates represent the right to receive payments from the Basis Risk Reserve Fund. Moreover, the Offered Certificates represent the right to receive payments from the Cap Agreement Reserve Funds. The Class R Certificate represents ownership of the sole class of residual interest in each of REMIC 1, REMIC 2, and 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 ProvisionsLoans. 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 designated as a regular interest in REMIC 2 for purposes of the REMIC Provisions2. REMIC 2 shall hold as its assets the several classes of uncertificated Lower Tier Interests in REMIC 1, other than the Class LT1-R Interest, and each such Lower Tier Interest is hereby designated as a regular interest in REMIC 1 for purposes of the REMIC Provisions1. REMIC 1 shall hold as its assets the property of the Trust Fund other than the (i) Lower Tier Interests in REMIC 1, 1 and REMIC 2, REMIC 3, REMIC 4, REMIC 5 and REMIC 6, (ii) the Pre-Funding Account, (iii) the Basis Risk Reserve Fund and Fund, (iv) the prepayment penalties Cap Agreement Reserve Funds, (v) the Cap Agreements and (vi) the Prepayment Penalties received on the mortgage loans other than the Pledged Prepayment PenaltiesMortgage Loans. The startup day for each REMIC created hereby for purposes of the REMIC Provisions is the Closing Date. In addition, for purposes of the REMIC Provisions, the latest possible maturity date for each regular interest in each REMIC created hereby is the Latest Possible Maturity Date.

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,” “" and "REMIC 5,” “" REMIC 6” and “REMIC 7,” REMIC 7 5 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 represents ownership of the sole class of residual interest in each of REMIC 1, REMIC 2, REMIC 3, REMIC 4, REMIC 5, REMIC 6 4 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 Provisionsprovisions. 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 designated as a regular interest in REMIC 2 for purposes of the REMIC Provisions2. REMIC 2 shall hold as its assets the several classes of uncertificated Lower Tier Interests in REMIC 1, other than the Class LT1-R Interest, and each such Lower Tier Interest is hereby designated as a regular interest in REMIC 1 for purposes of the REMIC Provisions1. REMIC 1 shall hold as its assets the property of the Trust Fund other than the (i) Lower Tier Interests in REMIC 1, REMIC 2, REMIC 3, 3 and REMIC 4, REMIC 5 and REMIC 6, (ii) the Pre-Funding Account, (iii) the Basis Risk Reserve Fund and (iv) the prepayment penalties received on the mortgage loans other than the Pledged Prepayment Penalties. The startup day for each REMIC created hereby for purposes of the REMIC Provisions is the Closing Date. In addition, for purposes of the REMIC Provisions, the latest possible maturity date for each regular interest in each REMIC created hereby is the Latest Possible Maturity Date.