Common use of The REMICs Clause in Contracts

The REMICs. (a) For federal income tax purposes, the Trust Fund shall consist of two REMICs, the Lower Tier REMIC and the Upper Tier REMIC. The Certificates, other than the Class R1 Certificate, shall be issued by the Upper Tier REMIC, and the Class R1 Certificate shall be issued by the Lower Tier REMIC. The Lower Tier REMIC shall be evidenced by the Class R1 Certificate and the regular interests having the characteristics and terms set forth in the following table, which interests (other than the Class R1 Certificate) shall be issued by the Lower Tier REMIC to the Trustee. The Lower Tier Interests and the proceeds thereof shall be assets of the Upper Tier REMIC. Principal of and interest on the Lower Tier Interests shall be allocated to the Corresponding Classes of Certificates in the manner set forth in the following table. Corresponding Class of Certificates(1) ---------------------- Lower Tier Allocation Allocation Lower Tier Initial Lower Interest of of Interest Tier Balance Rate Principal Interest --------- ------------- ----------- ---------- --------- A1 $44,600,000.00 (2) A1 (3) A2 19,700,000.00 (2) A2 (3) A3 22,200,000.00 (2) A3 (3) A4 10,600,000.00 (2) A4 (3) A5 12,900,000.00 (2) A5 (3) A6 17,870,000.00 (2) A6 (3) A7 14,207,000.00 (2) A7 (3) M 3,872,000.00 (2) M (3) B1 3,485,000.00 (2) B1 (3) B2 1,549,000.00 (2) B2 (3) B3 1,549,000.00 (2) B3 (3) B4 1,162,000.00 (2) B4 (3) B5 1,162,894.46 (2) B5 (3) R2 500.00 (4) R2 (4) (1) Unless otherwise indicated, the amount of interest and principal allocable from a Lower Tier Interest to its Corresponding Class or Classes of Certificates on any Distribution Date shall be 100%. (2) Each of Lower Tier Interests A1, A2, A3, A4, A5, A6, A7, M, B1, B2, B3, B4 and B5 shall bear interest at a rate equal to the Weighted Average Net Mortgage Rate. (3) For each Interest Accrual Period, the interest accrued on each of Lower Tier Interests A1, A2, A3, A4, A5, A6, A7, M, B1, B2, B3, B4 and B5 will be allocated as follows: (i) an amount equal to the Accrued Certificate Interest for such Interest Accrual Period for the Class of Certificates having an identical alphabetical and numerical designation shall be allocable to such Class, and (ii) an amount equal to the excess of the interest accrued on such Lower Tier Interest over the amount allocated in clause (i) above shall be allocated to the Class S Certificates.

The REMICs. (a) For federal income tax purposes, the Trust Fund shall consist of two REMICs, the Lower Tier REMIC and the Upper Tier REMIC. The Certificates, other than the Class R1 RL Certificate, shall be issued by the Upper Tier REMIC, and the Class R1 RL Certificate shall be issued by the Lower Tier REMIC. The Lower Tier REMIC shall be evidenced by the Class R1 RL Certificate and the regular interests having the characteristics and terms set forth in the following table, which interests (other than the Class R1 RL Certificate) shall be issued by the Lower Tier REMIC to the Trustee. The Lower Tier Interests and the proceeds thereof shall be assets of the Upper Tier REMIC. Principal of and interest on the Lower Tier Interests shall be allocated to the Corresponding Classes of Certificates (or Components) in the manner set forth in the following table. Corresponding Class of Certificates(1Certificates (and/or Components)(1) ---------------------- Lower Lower-Tier Allocation Allocation Lower Lower-Tier Initial Lower Interest of of Interest Tier Balance Rate Principal Interest --------- ------------- ----------- ---------- --------- A1 $44,600,000.00 (2) 27,430,000.00 7.6165238 A1 (3) A2 19,700,000.00 (2) 38,884,000.00 7.6452326 A2 (3) A3 22,200,000.00 (2) 6,188,000.00 9.0000000 A3 (3) A4 10,600,000.00 A4A 26,900,000.00 7.7500000 A4A (4) A4B 6,810,000.00 7.7500000 A4B (3) A5A 27,428,000.00 7.7500000 A5A (4) A5B 2,862,000.00 7.7500000 A5B (3) A5E 29,207,000.00 7.7500000 A5E (4) A6 15,035,000.00 (5) A6 A6 A7 2,425,000.00 (5) A7 A7 A8 7,004,800.00 7.7500000 A8 A8 PO 204,611.76 0.0000000 PO N/A M 3,525,000.00 7.7500000 M M B1 2,519,000.00 7.7500000 B1 B1 B2 2,518,000.00 7.7500000 B2 B2 B3 1,007,000.00 7.7500000 ▇▇ ▇▇ B4 605,000.00 7.7500000 ▇▇ ▇▇ B5 906,698.71 7.7500000 ▇▇ ▇▇ RL 100.00 7.7500000 RL RL R 100.00 7.7500000 R R S (2) A4 (3) A5 12,900,000.00 (2) A5 (3) A6 17,870,000.00 (2) A6 (3) A7 14,207,000.00 (2) A7 (3) M 3,872,000.00 (2) M (3) B1 3,485,000.00 (2) B1 (3) B2 1,549,000.00 (2) B2 (3) B3 1,549,000.00 (2) B3 (3) B4 1,162,000.00 (2) B4 (3) B5 1,162,894.46 (2) B5 (3) R2 500.00 (4) R2 (4)N/A S (1) Unless otherwise indicated, the amount of interest and principal allocable from a Lower Tier Interest to its Corresponding Class or Classes of Certificates (and/or Components) on any Distribution Date shall be 100%. (2) Each of Lower Tier Interests A1, A2, A3, A4, A5, A6, A7, M, B1, B2, B3, B4 and B5 shall bear interest at a rate equal to the Weighted Average Net Mortgage Rate. (3) For each Interest Accrual Period, the interest accrued on each of Lower Tier Interests A1, A2, A3, A4, A5, A6, A7, M, B1, B2, B3, B4 and B5 will be allocated as follows: (i) an amount equal to the Accrued Certificate Interest for such Interest Accrual Period for the Class of Certificates having an identical alphabetical and numerical designation shall be allocable to such Class, and (ii) an amount equal to the excess of the interest accrued on such Lower Tier Interest over the amount allocated in clause (i) above shall be allocated to the Class S Certificates.