Common use of REMIC Administration Clause in Contracts

REMIC Administration. (a) An election will be made by the Certificate Administrator on behalf of the Trustee to treat the segregated pool of assets consisting of the Mortgage Loans (other than Excess Interest payable thereon), such amounts with respect thereto as shall from time to time be held in the Collection Account, the Reserve Accounts and the Distribution Account (exclusive of the Excess Interest Sub-account), the Insurance Policies and any related amounts in the REO Account and, to the extent of the Trust’s interest therein, any related REO Properties as a REMIC under the Code (such REMIC being herein designated as “REMIC I”), other than any portion of the foregoing amounts allocable to a B Note or Serviced Companion Loan. Such elections will be made on Form 1066 or other appropriate federal tax or information return or any appropriate state return for the taxable year ending on the last day of the calendar year in which the REMIC I Interests are issued. For purposes of such election, the REMIC I Regular Interests shall be designated as the “regular interests” in REMIC I, and the REMIC I Residual Interest (which shall be evidenced by the Class R Certificates) shall be designated as the sole class of “residual interests” in REMIC I. An election will be made by the Certificate Administrator to treat the segregated pool of assets consisting of the REMIC I Regular Interests as a REMIC under the Code (such REMIC being herein designated as “REMIC II”). Such election will be made on Form 1066 or other appropriate federal tax or information return or any appropriate state return for the taxable year ending on the last day of the calendar year in which the REMIC II Interests are issued. For the purposes of such election, the REMIC II Regular Interests shall be designated as the “regular interests” in REMIC II, and the REMIC II Residual Interest (which shall be evidenced by the Class R Certificates) shall be designated as the sole class of “residual interests” in REMIC II. An election will be made by the Certificate Administrator to treat the segregated pool of assets consisting of the REMIC II Regular Interests as a REMIC under the Code (such REMIC being herein designated as “REMIC III”). Such election will be made on Form 1066 or other appropriate federal tax or information return or any appropriate state return for the taxable year ending on the last day of the calendar year in which the REMIC III Interests are issued. For purposes of such election, the Class X-0, Xxxxx X-0, Class A-AB, Class X-0, Xxxxx X-0, Class D, Class E, Class F and Class G Certificates, the EC Trust REMIC III Regular Interests, the Class H REMIC III Regular Interest and the Class X REMIC III Regular Interests shall be designated as the “regular interests” in REMIC III, and the REMIC III Residual Interest (which shall be evidenced by the Class R Certificates) shall be designated as the sole class of “residual interests” in REMIC III. The Trustee and the Certificate Administrator shall not permit the creation of any “interests” (within the meaning of Section 860G of the Code) in any of the REMIC Pools other than the REMIC I Interests, the REMIC II Interests and the REMIC III Interests.

REMIC Administration. (a) An The Trustee shall elect to treat each Trust REMIC as a REMIC under the Code and, if necessary, under applicable state law. Each such election will be made by the Certificate Administrator on behalf of the Trustee to treat the segregated pool of assets consisting of the Mortgage Loans (other than Excess Interest payable thereon), such amounts with respect thereto as shall from time to time be held in the Collection Account, the Reserve Accounts and the Distribution Account (exclusive of the Excess Interest Sub-account), the Insurance Policies and any related amounts in the REO Account and, to the extent of the Trust’s interest therein, any related REO Properties as a REMIC under the Code (such REMIC being herein designated as “REMIC I”), other than any portion of the foregoing amounts allocable to a B Note or Serviced Companion Loan. Such elections will be made on Form 1066 or other appropriate federal tax or information return or any appropriate state return for the taxable year ending on the last day of the calendar year in which the REMIC I Interests Certificates are issued. For the purposes of such electionthe REMIC election in respect of REMIC I, the REMIC I Regular Interests shall be designated as the “regular interests” Regular Interests in REMIC I, I and the REMIC Class R-I Residual Interest (which shall be evidenced by the Class R Certificates) shall be designated as the sole class of “residual interests” Residual Interest in REMIC I. An election will be made by the Certificate Administrator to treat the segregated pool of assets consisting of the REMIC I Regular Interests as a REMIC under the Code (such REMIC being herein designated as “REMIC II”). Such election will be made on Form 1066 or other appropriate federal tax or information return or any appropriate state return for the taxable year ending on the last day of the calendar year in which the REMIC II Interests are issued. For the purposes of such election, the The REMIC II Regular Interests shall be designated as the “regular interests” Regular Interests in REMIC II, II and the REMIC Class R-II Residual Interest (which shall be evidenced by the Class R Certificates) shall be designated as the sole class of “residual interests” Residual Interest in REMIC II. An election will be made by The Class A Certificates, the Certificate Administrator to treat Mezzanine Certificates, the segregated pool of assets consisting of the REMIC II Regular Interests as a REMIC under the Code (such REMIC being herein designated as “REMIC III”). Such election will be made on Form 1066 or other appropriate federal tax or information return or any appropriate state return for the taxable year ending on the last day of the calendar year in which the REMIC III Interests are issued. For purposes of such electionSwap-IO Interest, the Class X-0, Xxxxx X-0, Class A-AB, Class X-0, Xxxxx X-0, Class D, Class E, Class F and Class G Certificates, the EC Trust REMIC III Regular Interests, the Class H REMIC III Regular CE Interest and the Class X REMIC III Regular Interests P Interest shall be designated as the “regular interests” Regular Interests in REMIC III, III and the REMIC Class R-III Residual Interest (which shall be evidenced by the Class R Certificates) shall be designated as the sole class of “residual interests” Residual Interest in REMIC III. The Trustee CE Certificates shall be designated as the Regular Interests in REMIC IV and the Certificate Administrator Class R-IV Interest shall be designated as the Residual Interest in REMIC IV. The P Certificates shall be designated as the Regular Interests in REMIC V and the Class R-V Interest shall be designated as the Residual Interest in REMIC V. REMIC VI Regular Interest SWAP-IO shall be designated as the Regular Interest in REMIC VI and the Class R-VI Interest shall be designated as the Residual Interest in REMIC VI. The Trustee shall not permit the creation of any “interests” in any Trust REMIC (within the meaning of Section 860G of the Code) in any of the REMIC Pools other than the REMIC I Regular Interests, the REMIC II Interests Regular Interests, the Class CE Interest, the Class P Interest, the Swap-IO Interest and the REMIC III Interestsinterests represented by the Certificates.

REMIC Administration. (a) An election will be made by the Certificate Administrator on behalf of the Trustee to treat the segregated pool of assets consisting of the Mortgage Loans (other than Excess Interest payable thereon), such amounts with respect thereto as shall from time to time be held in the Collection Account, the Reserve Accounts and the Distribution Account (exclusive of the Excess Interest Sub-account), the Insurance Policies and any related amounts in the REO Account and, to the extent of the Trust’s interest therein, any related REO Properties as a REMIC under the Code (such REMIC being herein designated as “REMIC I”), other than any portion of the foregoing amounts allocable to a B Note or Serviced Companion Loan. Such elections will be made on Form 1066 or other appropriate federal tax or information return or any appropriate state return for the taxable year ending on the last day of the calendar year in which the REMIC I Interests are issued. For purposes of such election, the REMIC I Regular Interests shall be designated as the “regular interests” in REMIC I, and the REMIC I Residual Interest (which shall be evidenced by the Class R Certificates) shall be designated as the sole class of “residual interests” in REMIC I. An election will be made by the Certificate Administrator to treat the segregated pool of assets consisting of the REMIC I Regular Interests as a REMIC under the Code (such REMIC being herein designated as “REMIC II”). Such election will be made on Form 1066 or other appropriate federal tax or information return or any appropriate state return for the taxable year ending on the last day of the calendar year in which the REMIC II Interests are issued. For the purposes of such election, the REMIC II Regular Interests shall be designated as the “regular interests” in REMIC II, and the REMIC II Residual Interest (which shall be evidenced by the Class R Certificates) shall be designated as the sole class of “residual interests” in REMIC II. An election will be made by the Certificate Administrator to treat the segregated pool of assets consisting of the REMIC II Regular Interests as a REMIC under the Code (such REMIC being herein designated as “REMIC III”). Such election will be made on Form 1066 or other appropriate federal tax or information return or any appropriate state return for the taxable year ending on the last day of the calendar year in which the REMIC III Interests are issued. For purposes of such election, the Class X-0A-0, Xxxxx X-0, Class A-ABSB, Class X-0A-3, Class A-0, Xxxxx X-0, Class D, Class E, Class F F, Class G and Class G H Certificates, the EC Trust EX XXXXX III Regular Interests, the Swap REMIC III Regular Interests, the Class H J REMIC III Regular Interest and the Class X REMIC III Regular Interests shall be designated as the “regular interests” in REMIC III, and the REMIC III Residual Interest (which shall be evidenced by the Class R Certificates) shall be designated as the sole class of “residual interests” in REMIC III. The Trustee and the Certificate Administrator shall not permit the creation of any “interests” (within the meaning of Section 860G of the Code) in any of the REMIC Pools other than the REMIC I Interests, the REMIC II Interests and the REMIC III Interests.

REMIC Administration. (a) An The Trustee shall elect to treat each Trust REMIC as a REMIC under the Code and, if necessary, under applicable state law. Each such election will be made by the Certificate Administrator on behalf of the Trustee to treat the segregated pool of assets consisting of the Mortgage Loans (other than Excess Interest payable thereon), such amounts with respect thereto as shall from time to time be held in the Collection Account, the Reserve Accounts and the Distribution Account (exclusive of the Excess Interest Sub-account), the Insurance Policies and any related amounts in the REO Account and, to the extent of the Trust’s interest therein, any related REO Properties as a REMIC under the Code (such REMIC being herein designated as “REMIC I”), other than any portion of the foregoing amounts allocable to a B Note or Serviced Companion Loan. Such elections will be made on Form 1066 or other appropriate federal tax or information return or any appropriate state return for the taxable year ending on the last day of the calendar year in which the REMIC I Interests Certificates are issued. For the purposes of such electionthe REMIC election in respect of REMIC I, the REMIC I Regular Interests shall be designated as the “regular interests” Regular Interests in REMIC I, I and the REMIC Class R-I Residual Interest (which shall be evidenced by the Class R Certificates) shall be designated as the sole class of “residual interests” Residual Interest in REMIC I. An election will be made by the Certificate Administrator to treat the segregated pool of assets consisting of the REMIC I Regular Interests as a REMIC under the Code (such REMIC being herein designated as “REMIC II”). Such election will be made on Form 1066 or other appropriate federal tax or information return or any appropriate state return for the taxable year ending on the last day of the calendar year in which the REMIC II Interests are issued. For the purposes of such electionThe Class A Certificates, the REMIC II Regular Interests Class M-1 Certificates and the Class M-2 Certificates shall be designated as the “regular interests” Regular Interests in REMIC II, II and the REMIC Class R-II Residual Interest (which shall be evidenced by the Class R Certificates) shall be designated as the sole class of “residual interests” Residual Interest in REMIC II. An election will The Class M-3 Certificates shall be made by the Certificate Administrator to treat the segregated pool of assets consisting of the REMIC II designated as Regular Interests as a REMIC under the Code (such REMIC being herein designated as “REMIC III”). Such election will be made on Form 1066 or other appropriate federal tax or information return or any appropriate state return for the taxable year ending on the last day of the calendar year in which the REMIC III Interests are issued. For purposes of such election, the Class X-0, Xxxxx X-0, Class A-AB, Class X-0, Xxxxx X-0, Class D, Class E, Class F and Class G Certificates, the EC Trust REMIC III Regular Interests, the Class H REMIC III Regular Interest and the Class X REMIC R-III Regular Interests Interest shall be designated as the “regular interests” Residual Interest in REMIC III, . The Class M-4 Certificates shall be designated as Regular Interests in REMIC IV and the REMIC III Residual Class R-IV Interest (which shall be evidenced by the Class R Certificates) shall be designated as the sole class of “residual interests” Residual Interest in REMIC IIIIV. The Class M-5 Certificates shall be designated as Regular Interests in REMIC V and the Class R-V Interest shall be designated as the Residual Interest in REMIC V. The Class CE Certificates shall be designated as Regular Interests in REMIC VI and the Class R-VI Interest shall be designated as the Residual Interest in REMIC VI. The Class P Certificates shall be designated as Regular Interests in REMIC VII and the Class R-VII Interest shall be designated as the Residual Interest in REMIC VII. The Trustee and the Certificate Administrator shall not permit the creation of any “"interests” " in any Trust REMIC (within the meaning of Section 860G of the Code) in any of the REMIC Pools other than the REMIC I Interests, the REMIC II Regular Interests and the REMIC III Interestsinterests represented by the Certificates.

REMIC Administration. (a) An election will be made by the Certificate Administrator on behalf of the Trustee to treat the segregated pool of assets consisting of the Mortgage Loans (other than Excess Interest payable thereon), such amounts with respect thereto as shall from time to time be held in the Collection Account, the Reserve Accounts and the Distribution Account (exclusive of the Excess Interest Sub-account), the Insurance Policies and any related amounts in the REO Account and, to the extent of the Trust’s interest therein, any related REO Properties as a REMIC under the Code (such REMIC being herein designated as “REMIC I”), other than any portion of the foregoing amounts allocable to a B Note or Serviced Companion Loan. Such elections will be made on Form 1066 or other appropriate federal tax or information return or any appropriate state return for the taxable year ending on the last day of the calendar year in which the REMIC I Interests are issued. For purposes of such election, the REMIC I Regular Interests shall be designated as the “regular interests” in REMIC I, and the REMIC I Residual Interest (which shall be evidenced by the Class R Certificates) shall be designated as the sole class of “residual interests” in REMIC I. An election will be made by the Certificate Administrator to treat the segregated pool of assets consisting of the REMIC I Regular Interests as a REMIC under the Code (such REMIC being herein designated as “REMIC II”). Such election will be made on Form 1066 or other appropriate federal tax or information return or any appropriate state return for the taxable year ending on the last day of the calendar year in which the REMIC II Interests are issued. For the purposes of such election, the REMIC II Regular Interests shall be designated as the “regular interests” in REMIC II, and the REMIC II Residual Interest (which shall be evidenced by the Class R Certificates) shall be designated as the sole class of “residual interests” in REMIC II. An election will be made by the Certificate Administrator to treat the segregated pool of assets consisting of the REMIC II Regular Interests as a REMIC under the Code (such REMIC being herein designated as “REMIC III”). Such election will be made on Form 1066 or other appropriate federal tax or information return or any appropriate state return for the taxable year ending on the last day of the calendar year in which the REMIC III Interests are issued. For purposes of such election, the Class X-0A-0, Xxxxx X-0, Class A-ABSB, Class X-0A-0, Xxxxx X-0, Class D, Class E, Class F and Class G Certificates, the EC Trust REMIC EX XXXXX III Regular Interests, the Class H REMIC III Regular Interest and the Class X REMIC III Regular Interests shall be designated as the “regular interests” in REMIC III, and the REMIC III Residual Interest (which shall be evidenced by the Class R Certificates) shall be designated as the sole class of “residual interests” in REMIC III. The Trustee and the Certificate Administrator shall not permit the creation of any “interests” (within the meaning of Section 860G of the Code) in any of the REMIC Pools other than the REMIC I Interests, the REMIC II Interests and the REMIC III Interests.

REMIC Administration. (a) An election will be made by the Certificate Administrator Paying Agent on behalf of the Trustee to treat the segregated pool of assets consisting of the Mortgage Loans (other than Excess Interest payable thereon), such amounts with respect thereto as shall from time to time be held in the Collection Certificate Account, the Interest Reserve Accounts and Account, the Distribution Account (exclusive of and the Excess Interest Sub-account)Reserve Account, the Insurance Policies and any related amounts in the REO Account and, to the extent of the Trust’s interest therein, and any related REO Properties as a REMIC ("REMIC I") under the Code (such REMIC being herein designated as “REMIC I”)Code, other than any portion of the foregoing amounts allocable to a B Note or the Serviced Companion Loan. Such elections election will be made on Form 1066 or other appropriate federal tax or information return or any appropriate state return for the taxable year ending on the last day of the calendar year in which the REMIC I Interests are issued. For purposes of such election, the REMIC I Regular Interests shall each be designated as the “a separate class of "regular interests” " in REMIC I, I and the REMIC Class R-I Residual Interest (which shall be evidenced by the Class R Certificates) Certificates shall be designated as the sole class of “"residual interests” " in REMIC I. An election will be made by the Certificate Administrator Paying Agent to treat the segregated pool of assets consisting of the REMIC I Regular Interests as a REMIC ("REMIC II") under the Code (such REMIC being herein designated as “REMIC II”)Code. Such election will be made on Form 1066 or other appropriate federal tax or information return or any appropriate state return for the taxable year ending on the last day of the calendar year in which the REMIC II Interests are issued. For the purposes of such election, the REMIC II Regular Interests shall be designated as the “"regular interests” " in REMIC II, II and the REMIC Class R-II Residual Interest (which shall be evidenced by the Class R Certificates) Certificates shall be designated as the sole class of “the "residual interests” " in REMIC II. An election will be made by the Certificate Administrator Paying Agent to treat the segregated pool of assets consisting of the REMIC II Regular Interests as a REMIC ("REMIC III") under the Code (such REMIC being herein designated as “REMIC III”)Code. Such election will be made on Form 1066 or other appropriate federal tax or information return or any appropriate state return for the taxable year ending on the last day of the calendar year in which the REMIC III Interests Certificates are issued. For purposes of such election, the Class X-0, Xxxxx X-0A-1, Class A-ABA-2, Class X-0A-3, Xxxxx X-0Class A-4, Class A-5, Class B, Class C, Class D, Class E, Class F F, Class G, Class H, Class J, Class K, Class L, Class M, Class N, Class O, Class X-1 and Class G X-2 Certificates, the EC Trust REMIC III Regular Interests, the Class H REMIC III Regular Interest and the Class X REMIC III Regular Interests shall be designated as the “"regular interests” " in REMIC III, III and the REMIC Class R-III Residual Interest (which shall be evidenced by the Class R Certificates) Certificates shall be designated as the sole class of “"residual interests” " in REMIC III. The Trustee and the Certificate Administrator Paying Agent shall not permit the creation of any “"interests” " (within the meaning of Section 860G of the Code) in any of the REMIC Pools other than the REMIC I Regular Interests, the REMIC II Interests and Regular Interests, the REMIC III InterestsRegular Certificates and the Residual Certificates.

REMIC Administration. (a) An election will REMIC elections as set forth in the Preliminary Statement shall be made by the Certificate Administrator on behalf of the Trustee to treat the segregated pool of assets consisting of the Mortgage Loans (other than Excess Interest payable thereon), such amounts with respect thereto as shall from time to time be held in the Collection Account, the Reserve Accounts and the Distribution Account (exclusive of the Excess Interest Sub-account), the Insurance Policies and any related amounts in the REO Account and, to the extent of the Trust’s interest therein, any related REO Properties as a REMIC under the Code (such REMIC being herein designated as “REMIC I”), other than any portion of the foregoing amounts allocable to a B Note or Serviced Companion Loan. Such elections will be made on Form 1066 or other appropriate federal tax or information return or any appropriate state return for the taxable year ending on the last day of the calendar year in which the REMIC I Interests Certificates are issued. The regular interests and residual interest in each REMIC shall be as designated in the Preliminary Statement. For the purposes of such electionthe REMIC elections in respect of the Trust Fund, (i) the REMIC 1 Regular Interests will represent the “regular interests” in REMIC 1, the Class R-1 Interest will constitute the sole class of “residual interests” in REMIC I 1, (ii) the REMIC 2 Regular Interests will represent the “regular interests” in REMIC 2, the Class R-2 Interest will constitute the sole class of “residual interests” in REMIC 2, (iii) the Class A Certificates, the Class M Certificates and the Class C Certificates (exclusive of any right to receive distributions from the Net WAC Rate Carryover Reserve Account in respect of the Net WAC Rate Carryover Amount or the Swap Account or any obligation to make payments to the Swap Account), the Class IO Interest and the Class P Interest shall be designated as the “regular interests” in REMIC I, 3 and the REMIC I Residual Class R-3 Interest (which shall be evidenced by the Class R Certificates) shall be designated as will constitute the sole class of “residual interests” in REMIC I. An election 3, (iv) the Class C Certificates will be made by the Certificate Administrator to treat the segregated pool represent ownership of assets consisting of the REMIC I Regular Interests as a REMIC under the Code (such REMIC being herein designated as “REMIC II”). Such election will be made on Form 1066 or other appropriate federal tax or information return or any appropriate state return for the taxable year ending on the last day of the calendar year in which the REMIC II Interests are issued. For the purposes of such election, the REMIC II Regular Interests shall be designated as the “regular interests” in REMIC II, 4 and the REMIC II Residual Class R-4 Interest (which shall be evidenced by the Class R Certificates) shall be designated as will constitute the sole class of “residual interests” in REMIC II. An election will be made by the Certificate Administrator to treat the segregated pool of assets consisting of the REMIC II Regular Interests as a REMIC under the Code 4, (such REMIC being herein designated as “REMIC III”). Such election will be made on Form 1066 or other appropriate federal tax or information return or any appropriate state return for the taxable year ending on the last day of the calendar year in which the REMIC III Interests are issued. For purposes of such election, v) the Class X-0, Xxxxx X-0, Class A-AB, Class X-0, Xxxxx X-0, Class D, Class E, Class F and Class G Certificates, the EC Trust REMIC III Regular Interests, the Class H REMIC III Regular Interest and the Class X REMIC III Regular Interests shall be designated as the P Certificates will represent ownership of “regular interests” in REMIC III, 5 and the REMIC III Residual Class R-5 Interest (which shall be evidenced by the Class R Certificates) shall be designated as will constitute the sole class of “residual interests” in REMIC III5, (vi) the REMIC 6 Regular Interest SWAP IO will represent ownership of “regular interests” in REMIC 6 and the Class R-6 Interest will constitute the sole class of “residual interests” in REMIC 6, (vii) the Class R Certificates will evidence ownership of the Class R-1 Interest, Class R-2 Interest and Class R-3 Interest and (viii) the Class R-X Certificates will evidence ownership of the Class R-4 Interest, the Class R-5 Interest and the Class R-6 Interest. The Trustee Securities Administrator and the Certificate Administrator Trustee shall not permit the creation of any “interests” (within the meaning of Section 860G of the Code) in any of REMIC created hereunder other than (a) the REMIC Pools other than the REMIC I 1 Regular Interests, the REMIC II 2 Regular Interests, the REMIC 3 Regular Interests, the REMIC 4 Regular Interests, the REMIC 5 Regular Interests or the REMIC 6 Regular Interests, the ownership of which is represented by the Class A and Class M Certificates, the SWAP IO, the Class C Certificates and the REMIC III Interests.Class P Certificates and (b) the Class R-1 Interest, the Class R-2 Interest, the Class R-3 Interest, the Class R-4 Interest, the Class R-5 Interest and the Class R-6 Interest. The Securities Administrator will apply for an Employee Identification Number from the IRS via form SS-4 or any other acceptable method for each Trust REMIC

REMIC Administration. (a) An election will The Certificate Administrator shall make elections or cause elections to be made by the Certificate Administrator on behalf to treat each of the Trustee to treat the segregated pool of assets consisting of the Mortgage Loans (other than Excess Interest payable thereon), such amounts with respect thereto as shall from time to time be held in the Collection Account, the Reserve Accounts and the Distribution Account (exclusive of the Excess Interest Sub-account), the Insurance Policies and any related amounts in the REO Account and, to the extent of the Trust’s interest therein, any related REO Properties Trust REMICs as a REMIC under the Code (and, if necessary, under Applicable State and Local Tax Law. Each such REMIC being herein designated as “REMIC I”), other than any portion of the foregoing amounts allocable to a B Note or Serviced Companion Loan. Such elections election will be made on Form 1066 or other appropriate federal tax or information return or any appropriate state return for the taxable year ending on the last day of the calendar year in which the REMIC I Uncertificated Regular Interests and the Certificates are issued. For the purposes of such election, the REMIC I election in respect of the Upper-Tier REMIC, each Class of the Regular Interests Certificates (exclusive of the portion of the Class NR Certificates representing an interest in the Grantor Trust) and the Class CSQ Certificates shall be designated as the “regular interests” (or in REMIC Ithe case of an exchange and conversion of Class A-S, Class B and Class C Certificates for Class EC Certificates, such “regular interests” shall be deemed to be held by the Trustee in uncertificated form unless reconverted to Class A-S, Class B and Class C Certificates) and the REMIC I Residual Class UR Interest (which shall be evidenced by the Class R Certificates) shall be designated as the sole class of “residual interests” in REMIC I. An election will be made by the Certificate Administrator to treat the segregated pool of assets consisting Upper-Tier REMIC. For purposes of the REMIC I Regular Interests as a REMIC under the Code (such REMIC being herein designated as “REMIC II”). Such election will be made on Form 1066 or other appropriate federal tax or information return or any appropriate state return for the taxable year ending on the last day in respect of the calendar year in which the REMIC II Interests are issued. For the purposes Lower-Tier REMIC, each Class of such election, the REMIC II Regular Uncertificated Lower-Tier Interests shall be designated as the a class of “regular interests” in REMIC II, and the REMIC II Residual Class LR Interest (which shall be evidenced by the Class R Certificates) shall be designated as the sole class of “residual interests” in REMIC II. An election will be made by the Certificate Administrator to treat the segregated pool of assets consisting of the REMIC II Regular Interests as a REMIC under the Code (such REMIC being herein designated as “REMIC III”). Such election will be made on Form 1066 or other appropriate federal tax or information return or any appropriate state return for the taxable year ending on the last day of the calendar year in which the REMIC III Interests are issuedLower-Tier REMIC. For purposes of such electionthe REMIC election in respect of the Centreville Square Mortgage Loan REMIC, the each Class X-0, Xxxxx X-0, Class A-AB, Class X-0, Xxxxx X-0, Class D, Class E, Class F and Class G Certificates, the EC Trust REMIC III Regular Interests, the Class H REMIC III Regular Interest and the Class X REMIC III Regular of Uncertificated Centreville Square Interests shall be designated as the a class of “regular interests” in REMIC III, and the REMIC III Residual Class CS-R Interest (which shall be evidenced by the Class R Certificates) shall be designated as the sole class of “residual interests” in REMIC IIIthe Centreville Square Mortgage Loan REMIC. The None of the Special Servicer, the Master Servicer nor the Trustee and the Certificate Administrator shall not permit the creation of any “interests” (within the meaning of Section 860G of the Code) in any of the Trust REMIC Pools other than the REMIC I Interests, the REMIC II Interests and the REMIC III Interestsforegoing interests.

REMIC Administration. (a) An Pursuant to the 000 Xxxxxx Xxxxxx Pari Passu REMIC Declaration, an election will be made by the Certificate Administrator on behalf of the Trustee to treat the segregated pool of assets consisting of the Mortgage Loans (other than Excess Interest payable thereon), such amounts 000 Xxxxxx Xxxxxx Pari Passu Loan and all proceeds thereof or any real or personal property acquired with respect thereto as shall from time to time be held in the Collection Account, the Reserve Accounts and the Distribution Account (exclusive of the Excess Interest Sub-account), the Insurance Policies and any related amounts in the REO Account and, to the extent of the Trust’s interest therein, any related REO Properties as a REMIC (the "111 Eighth Avenue Pari Passu Loan REMIC") under the Code (such REMIC being herein designated as “REMIC I”)Code, other than any portion of the foregoing amounts allocable to a B Note or Serviced Companion Mortgage Loan. Such elections will be made on Form 1066 or other appropriate federal tax or information return or any appropriate state return for the taxable year ending on December 31, 2005. For purposes of such election, the 000 Xxxxxx Xxxxxx Pari Passu Loan REMIC Regular Interests shall each be designated as the Class of "regular interests" in the 000 Xxxxxx Xxxxxx Pari Passu Loan REMIC and the Class R-EA Certificates shall be designated as the sole Class of "residual interests" in the 000 Xxxxxx Xxxxxx Pari Passu Loan REMIC. An election will be made by the Trustee to treat the segregated pool of assets consisting of the Majority Mortgage Loans, the 000 Xxxxxx Xxxxxx Pari Passu Loan REMIC Regular Interest, such amounts related to the Majority Mortgage Loans as shall from time to time be held in the Certificate Account and the Interest Reserve Account, such amounts related to the Majority Mortgage Loans and the 000 Xxxxxx Xxxxxx Pari Passu Loan REMIC Regular Interest as shall from time to time be held in the Distribution Account, the related Insurance Policies and any related REO Properties as a REMIC ("REMIC I") under the Code, other than any portion of the foregoing amounts allocable to a B Note or Serviced Companion Mortgage Loan. Such elections will be made on Form 1066 or other appropriate federal tax or information return or any appropriate state return for the taxable year ending on the last day of the calendar year in which the REMIC I Interests are issued. For purposes of such election, the REMIC I Regular Interests shall each be designated as the “a separate Class of "regular interests” " in REMIC I, I and the REMIC I Residual Interest (which shall be evidenced by the Class R Certificates) shall be designated as the sole class Class of “"residual interests” " in REMIC I. An election will be made by the Certificate Administrator Trustee to treat the segregated pool of assets consisting of the REMIC I Regular Interests as a REMIC ("REMIC II") under the Code (such REMIC being herein designated as “REMIC II”)Code. Such election will be made on Form 1066 or other appropriate federal tax or information return or any appropriate state return for the taxable year ending on the last day of the calendar year in which the REMIC II Interests are issued. For the purposes of such election, the REMIC II Regular Interests shall be designated as the “"regular interests” " in REMIC II, II and the REMIC Class R-II Residual Interest (which shall be evidenced by the Class R Certificates) Certificates shall be designated as the sole class Class of “the "residual interests” " in REMIC II. An election will be made by the Certificate Administrator Trustee to treat the segregated pool of assets consisting of the REMIC II Regular Interests as a REMIC ("REMIC III") under the Code (such REMIC being herein designated as “REMIC III”)Code. Such election will be made on Form 1066 or other appropriate federal tax or information return or any appropriate state return for the taxable year ending on the last day of the calendar year in which the REMIC III Interests Certificates are issued. For purposes of such election, the Class A-1, Class X-0, Xxxxx X-0, Class A-AB, Class X-0A-4, Xxxxx X-0Class A-J, Class X-1, Class X-2, Class B, Class C, Class D, Class E, Class F F, Class G, Class H, Class J, Class K, Class L, Class M, Class N, Class O, Class P and Class G Certificates, the EC Trust REMIC III Regular Interests, the Class H REMIC III Regular Interest and the Class X REMIC III Regular Interests Q Certificates shall be designated as the “"regular interests” " in REMIC III, III and the REMIC Class R-III Residual Interest (which shall be evidenced by the Class R Certificates) Certificates shall be designated as the sole class Class of “"residual interests” " in REMIC III. The Trustee and the Certificate Administrator shall not permit the creation of any “"interests” " (within the meaning of Section 860G of the Code) in any of the REMIC Pools other than the 000 Xxxxxx Xxxxxx Pari Passu Loan REMIC Regular Interest, REMIC I Regular Interests, the REMIC II Regular Interests, the REMIC III Regular Interests and the REMIC III InterestsResidual Certificates.

REMIC Administration. (a) An election will be made by the Certificate Administrator on behalf of the Trustee to treat the segregated pool of assets consisting of the Mortgage Loans (other than Excess Interest payable thereon), such amounts with respect thereto as shall from time to time be held in the Collection Account, the Reserve Accounts and the Distribution Account (exclusive of the Excess Interest Sub-account), the Insurance Policies and any related amounts in the REO Account and, to the extent of the Trust’s interest therein, any related REO Properties as a REMIC under the Code (such REMIC being herein designated as “REMIC I”), other than any portion of the foregoing amounts allocable to a B Note or Serviced Companion Loan. Such elections will be made on Form 1066 or other appropriate federal tax or information return or any appropriate state return for the taxable year ending on the last day of the calendar year in which the REMIC I Interests are issued. For purposes of such election, the REMIC I Regular Interests shall be designated as the “regular interests” in REMIC I, and the REMIC I Residual Interest (which shall be evidenced by the Class R Certificates) shall be designated as the sole class of “residual interests” in REMIC I. An election will be made by the Certificate Administrator to treat the segregated pool of assets consisting of the REMIC I Regular Interests as a REMIC under the Code (such REMIC being herein designated as “REMIC II”). Such election will be made on Form 1066 or other appropriate federal tax or information return or any appropriate state return for the taxable year ending on the last day of the calendar year in which the REMIC II Interests are issued. For the purposes of such election, the REMIC II Regular Interests shall be designated as the “regular interests” in REMIC II, and the REMIC II Residual Interest (which shall be evidenced by the Class R Certificates) shall be designated as the sole class of “residual interests” in REMIC II. An election will be made by the Certificate Administrator to treat the segregated pool of assets consisting of the REMIC II Regular Interests as a REMIC under the Code (such 369 REMIC being herein designated as “REMIC III”). Such election will be made on Form 1066 or other appropriate federal tax or information return or any appropriate state return for the taxable year ending on the last day of the calendar year in which the REMIC III Interests are issued. For purposes of such election, the Class X-0, Xxxxx X-0, Class A-ABSB, Class A-3, Class X-0, Xxxxx X-0, Class D, Class E, Class F F, Class G and Class G H Certificates, the EC Trust REMIC XX XXXXX III Regular Interests, the Class H REMIC III Regular Interest Interests and the Class X REMIC III Regular Interests shall be designated as the “regular interests” in REMIC III, and the REMIC III Residual Interest (which shall be evidenced by the Class R Certificates) shall be designated as the sole class of “residual interests” in REMIC III. The Trustee and the Certificate Administrator shall not permit the creation of any “interests” (within the meaning of Section 860G of the Code) in any of the REMIC Pools other than the REMIC I Interests, the REMIC II Interests and the REMIC III Interests.

REMIC Administration. (a) An election will be made by the Certificate Administrator on behalf of the The Trustee shall elect to treat the segregated pool of assets consisting of the Mortgage Loans (other than Excess Interest payable thereon), such amounts with respect thereto as shall from time to time be held in the Collection Account, the Reserve Accounts and the Distribution Account (exclusive of the Excess Interest Sub-account), the Insurance Policies and any related amounts in the REO Account and, to the extent of the Trust’s interest therein, any related REO Properties each REMIC created hereunder as a REMIC under the Code (and, if necessary, under applicable state law. Each such REMIC being herein designated as “REMIC I”), other than any portion of the foregoing amounts allocable to a B Note or Serviced Companion Loan. Such elections will be made on Form 1066 or other appropriate federal tax or information return or any appropriate state return for the taxable year ending on the last day of the calendar year in which the REMIC I Interests are issued. For purposes of such election, the REMIC I Regular Interests shall be designated as the “regular interests” in REMIC I, and the REMIC I Residual Interest (which shall be evidenced by the Class R Certificates) shall be designated as the sole class of “residual interests” in REMIC I. An election will be made by the Certificate Administrator to treat the segregated pool of assets consisting of the REMIC I Regular Interests as a REMIC under the Code (such REMIC being herein designated as “REMIC II”). Such election will be made on Form 1066 or other appropriate federal tax or information return or any appropriate state return for the taxable year ending on the last day of the calendar year in which the REMIC II Interests Certificates are issued. For the purposes of such electionthe REMIC election in respect of REMIC I, the REMIC I Regular Interests shall be designated as the Regular Interests in REMIC I and the R-I interest shall be designated as the Residual Interest in REMIC I. The REMIC II Regular Interests shall be designated as the “regular interests” Regular Interests in REMIC II, II and the REMIC R-II Residual Interest (which shall be evidenced by the Class R Certificates) interest shall be designated as the sole class of “residual interests” Residual Interest in REMIC II. An election will be made by the Certificate Administrator to treat the segregated pool of assets consisting of the REMIC II Regular Interests as a REMIC under the Code (such REMIC being herein designated as “REMIC III”). Such election will be made on Form 1066 or other appropriate federal tax or information return or any appropriate state return for the taxable year ending on the last day of the calendar year in which the REMIC III Interests are issued. For purposes of such election, the Class X-0, Xxxxx X-0, Class A-AB, Class X-0, Xxxxx X-0, Class D, Class E, Class F and Class G Certificates, the EC Trust REMIC III Regular Interests, the Class H REMIC III Regular Interest and the Class X The REMIC III Regular Interests shall be designated as the “regular interests” Regular Interests in REMIC III and the R-III interest shall be designated as the Residual Interest in REMIC III, . The REMIC IV Regular Interests shall be designated as the Regular Interests in REMIC IV and the REMIC III R-IV interest shall be designated as the Residual Interest (which in REMIC IV. The REMIC V Regular Interests shall be evidenced by designated as the Class R Regular Interests in REMIC V and the R-V interest shall be designated as the Residual Interest in REMIC V. The REMIC VI Regular Interests shall be designated as the Regular Interests in REMIC VI and the R-VI interest shall be designated as the Residual Interest in REMIC VI. The Certificates (other than the Residual Certificates) shall be designated as the sole class of “residual interests” Regular Interests in REMIC IIIVII and the R-VII interest shall be designated as the Residual Interest in REMIC VII. The Trustee and the Certificate Administrator shall not permit the creation of any “interests” in any REMIC created hereunder (within the meaning of Section 860G of the Code) in any of the REMIC Pools other than the REMIC I Regular Interests, the REMIC II Regular Interests, REMIC III Regular Interests, REMIC IV Regular Interests, REMIC V Regular Interests, REMIC VI Regular Interests and REMIC VII Regular Interests and the REMIC III Interestsinterests represented by the Certificates.

REMIC Administration. (a) An election will be made by the Certificate Administrator on behalf of the Trustee to treat the segregated pool of assets consisting of the Mortgage Loans (other than 367 Excess Interest payable thereon), such amounts with respect thereto as shall from time to time be held in the Collection Account, the Reserve Accounts and the Distribution Account (exclusive of the Excess Interest Sub-account), the Insurance Policies and any related amounts in the REO Account and, to the extent of the Trust’s interest therein, any related REO Properties as a REMIC under the Code (such REMIC being herein designated as “REMIC I”), other than any portion of the foregoing amounts allocable to a B Note or Serviced Companion Loan. Such elections will be made on Form 1066 or other appropriate federal tax or information return or any appropriate state return for the taxable year ending on the last day of the calendar year in which the REMIC I Interests are issued. For purposes of such election, the REMIC I Regular Interests shall be designated as the “regular interests” in REMIC I, and the REMIC I Residual Interest (which shall be evidenced by the Class R Certificates) shall be designated as the sole class of “residual interests” in REMIC I. An election will be made by the Certificate Administrator to treat the segregated pool of assets consisting of the REMIC I Regular Interests as a REMIC under the Code (such REMIC being herein designated as “REMIC II”). Such election will be made on Form 1066 or other appropriate federal tax or information return or any appropriate state return for the taxable year ending on the last day of the calendar year in which the REMIC II Interests are issued. For the purposes of such election, the REMIC II Regular Interests shall be designated as the “regular interests” in REMIC II, and the REMIC II Residual Interest (which shall be evidenced by the Class R Certificates) shall be designated as the sole class of “residual interests” in REMIC II. An election will be made by the Certificate Administrator to treat the segregated pool of assets consisting of the REMIC II Regular Interests as a REMIC under the Code (such REMIC being herein designated as “REMIC III”). Such election will be made on Form 1066 or other appropriate federal tax or information return or any appropriate state return for the taxable year ending on the last day of the calendar year in which the REMIC III Interests are issued. For purposes of such election, the Class X-0A-0, Xxxxx X-0, Class A-ABSB, Class X-0A-0, Xxxxx X-0, Class D, Class E, Class F and Class G Certificates, the EC Trust REMIC EX XXXXX III Regular Interests, the Class H REMIC III Regular Interest and the Class X REMIC III Regular Interests shall be designated as the “regular interests” in REMIC III, and the REMIC III Residual Interest (which shall be evidenced by the Class R Certificates) shall be designated as the sole class of “residual interests” in REMIC III. The Trustee and the Certificate Administrator shall not permit the creation of any “interests” (within the meaning of Section 860G of the Code) in any of the REMIC Pools other than the REMIC I Interests, the REMIC II Interests and the REMIC III Interests.

REMIC Administration. (a) An election will be made by the Certificate Administrator on behalf of the Trustee to treat the segregated pool of assets consisting of the Mortgage Loans (other than Excess Interest payable thereon), such amounts with respect thereto as shall from time to time be held in the Collection Account, the Reserve Accounts and the Distribution Account (exclusive of the Excess Interest Sub-account), the Insurance Policies and any related amounts in the REO Account and, to the extent of the Trust’s interest therein, any related REO Properties as a REMIC under the Code (such REMIC being herein designated as “REMIC I”), other than any portion of the foregoing amounts allocable to a B Note or Serviced Companion Loan. Such elections will be made on Form 1066 or other appropriate federal tax or information return or any appropriate state return for the taxable year ending on the last day of the calendar year in which the REMIC I Interests are issued. For purposes of such election, the REMIC I Regular Interests shall be designated as the “regular interests” in REMIC I, and the REMIC I Residual Interest (which shall be evidenced by the Class R Certificates) shall be designated as the sole class of “residual interests” in REMIC I. An election will be made by the Certificate Administrator to treat the segregated pool of assets consisting of the REMIC I Regular Interests as a REMIC under the Code (such REMIC being herein designated as “REMIC II”). Such election will be made on Form 1066 or other appropriate federal tax or information return or any appropriate state return for the taxable year ending on the last day of the calendar year in which the REMIC II Interests are issued. For the purposes of such election, the REMIC II Regular Interests shall be designated as the “regular interests” in REMIC II, and the REMIC II Residual Interest (which shall be evidenced by the Class R Certificates) shall be designated as the sole class of “residual interests” in REMIC II. An election will be made by the Certificate Administrator to treat the segregated pool of assets consisting of the REMIC II Regular Interests as a REMIC under the Code (such REMIC being herein designated as “REMIC III”). Such election will be made on Form 1066 or other appropriate federal tax or information return or any appropriate state return for the taxable year ending on the last day of the calendar year in which the REMIC III Interests are issued. For purposes of such election, the Class X-0, Xxxxx X-0, Class A-ABSB, Class A-3, Class X-0, Xxxxx X-0, Class D, Class E, Class F F, Class G and Class G H Certificates, the EC Trust REMIC XX XXXXX III Regular Interests, the Class H REMIC III Regular Interest Interests and the Class X REMIC III Regular Interests shall be designated as the “regular interests” in REMIC III, and the REMIC III Residual Interest (which shall be evidenced by the Class R Certificates) shall be designated as the sole class of “residual interests” in REMIC III. The Trustee and the Certificate Administrator shall not permit the creation of any “interests” (within the meaning of Section 860G of the Code) in any of the REMIC Pools other than the REMIC I Interests, the REMIC II Interests and the REMIC III Interests.

REMIC Administration. (a) An election will be made by the Certificate Administrator on behalf of the Trustee to treat the segregated pool of assets consisting of the Mortgage Loans (other than Excess Interest payable thereon), such amounts with respect thereto as shall from time to time be held in the Collection Account, the Reserve Accounts and the Distribution Account (exclusive of the Excess Interest Sub-account), the Insurance Policies and any related amounts in the REO Account and, to the extent of the Trust’s interest therein, any related REO Properties as a REMIC under the Code (such REMIC being herein designated as “REMIC I”), other than any portion of the foregoing amounts allocable to a B Note or Serviced Companion Loan. Such elections will be made on Form 1066 or other appropriate federal tax or information return or any appropriate state return for the taxable year ending on the last day of the calendar year in which the REMIC I Interests are issued. For purposes of such election, the REMIC I Regular Interests shall be designated as the “regular interests” in REMIC I, and the REMIC I Residual Interest (which shall be evidenced by the Class R Certificates) shall be designated as the sole class of “residual interests” in REMIC I. An election will be made by the Certificate Administrator to treat the segregated pool of assets consisting of the REMIC I Regular Interests as a REMIC under the Code (such REMIC being herein designated as “REMIC II”). Such election will be made on Form 1066 or other appropriate federal tax or information return or any appropriate state return for the taxable year ending on the last day of the calendar year in which the REMIC II Interests are issued. For the purposes of such election, the REMIC II Regular Interests shall be designated as the “regular interests” in REMIC II, and the REMIC II Residual Interest (which shall be evidenced by the Class R Certificates) shall be designated as the sole class of “residual interests” in REMIC II. An election will be made by the Certificate Administrator to treat the segregated pool of assets consisting of the REMIC II Regular Interests as a REMIC under the Code (such REMIC being herein designated as “REMIC III”). Such election will be made on Form 1066 or other appropriate federal tax or information return or any appropriate state return for the taxable year ending on the last day of the calendar year in which the REMIC III Interests are issued. For purposes of such election, the Class X-0A-1, Xxxxx X-0Class A-2, Class A-3, Class A-4, Class A-ABS, Class X-0B, Xxxxx X-0Class C, Class D, Class E, Class F and Class G Certificates, the EC Trust REMIC III Regular Interests, the Class H REMIC III Regular Interest and the Class X REMIC III Regular Interests shall be designated as the “regular interests” in REMIC III, and the REMIC III Residual Interest (which shall be evidenced by the Class R Certificates) shall be designated as the sole class of “residual interests” in REMIC III. The Trustee and the Certificate Administrator shall not permit the creation of any “interests” (within the meaning of Section 860G of the Code) in any of the REMIC Pools other than the REMIC I Interests, the REMIC II Interests and the REMIC III Interests.

REMIC Administration. (a) An election will be made by the Certificate Administrator on behalf of the Trustee to treat the segregated pool of assets consisting of the Mortgage Loans (other than Excess Interest payable thereon), such amounts with respect thereto as shall from time to time be held in the Collection Certificate Accounts, the Interest Reserve Account, the Reserve Accounts Distribution Account and the Distribution Account (exclusive of the Excess Interest Sub-account)Reserve Account, the Insurance Policies and any related amounts in the REO Account and, to the extent of the Trust’s interest therein, and any related REO Properties as a REMIC ("REMIC I") under the Code (such REMIC being herein designated as “REMIC I”), other than any portion of the foregoing amounts allocable to a B Note or Serviced Companion LoanCode. Such elections election will be made on Form 1066 or other appropriate federal tax or information return or any appropriate state return for the taxable year ending on the last day of the calendar year in which the REMIC I Interests are issued. For purposes of such election, the REMIC I Regular Interests shall each be designated as the “a separate class of "regular interests” " in REMIC I, I and the REMIC Class R-I Residual Interest (which shall be evidenced by the Class R Certificates) Certificates shall be designated as the sole class of “"residual interests” " in REMIC I. An election will be made by the Certificate Administrator Trustee to treat the segregated pool of assets consisting of the REMIC I Regular Interests as a REMIC ("REMIC II") under the Code (such REMIC being herein designated as “REMIC II”)Code. Such election will be made on Form 1066 or other appropriate federal tax or information return or any appropriate state return for the taxable year ending on the last day of the calendar year in which the REMIC II Interests are issued. For the purposes of such election, the REMIC II Regular Interests shall be designated as the “"regular interests” " in REMIC II, II and the REMIC Class R-II Residual Interest (which shall be evidenced by the Class R Certificates) Certificates shall be designated as the sole class of “the "residual interests” " in REMIC II. An election will be made by the Certificate Administrator Trustee to treat the segregated pool of assets consisting of the REMIC II Regular Interests as a REMIC ("REMIC III") under the Code (such REMIC being herein designated as “REMIC III”)Code. Such election will be made on Form 1066 or other appropriate federal tax or information return or any appropriate state return for the taxable year ending on the last day of the calendar year in which the REMIC III Interests Certificates are issued. For purposes of such election, the Class X-0A-1, Xxxxx X-0Class A-1A, Class A-2, Class A-3, Class A-4, Class A-1A, Class A-ABM, Class X-0A-J, Xxxxx X-0Class B, Class C, Class D, Class E, Class F F, Class G, Class H, Class J, Class K, Class L, Class M, Class N, Class O, Class P, Class X and Class G Certificates, the EC Trust REMIC III Regular Interests, the Class H REMIC III Regular Interest and the Class X REMIC III Regular Interests X-Y Certificates shall be designated as the “"regular interests” " in REMIC III, III and the REMIC Class R-III Residual Interest (which shall be evidenced by the Class R Certificates) Certificates shall be designated as the sole class of “"residual interests” " in REMIC III. The Trustee and the Certificate Administrator shall not permit the creation of any “"interests” " (within the meaning of Section 860G of the Code) in any of the REMIC Pools other than the REMIC I Regular Interests, the REMIC II Interests Regular Interests, the REMIC Regular Certificates and the REMIC III InterestsResidual Certificates.

REMIC Administration. (a) An election will be made by the Certificate Administrator on behalf of the Trustee to treat the segregated pool of assets consisting of the Mortgage Loans (other than any Excess Interest payable thereon), such amounts with respect thereto as shall from time to time be held in the Collection Account, the Reserve Accounts and the Distribution Account (exclusive of the Excess Interest Sub-account), the Insurance Policies and any related amounts in the REO Account and, to the extent of the Trust’s interest therein, any related REO Properties as a REMIC under the Code (such REMIC being herein designated as “REMIC I”), other than any portion of the foregoing amounts allocable to a B Note or Serviced Companion Loan. Such elections will be made on Form 1066 or other appropriate federal tax or information return or any appropriate state return for the taxable year ending on the last day of the calendar year in which the REMIC I Interests are issued. For purposes of such election, the REMIC I Regular Interests shall be designated as the “regular interests” in REMIC I, and the REMIC I Residual Interest (which shall be evidenced by the Class R Certificates) shall be designated as the sole class of “residual interests” in REMIC I. An election will be made by the Certificate Administrator to treat the segregated pool of assets consisting of the REMIC I Regular Interests as a REMIC under the Code (such REMIC being herein designated as “REMIC II”). Such election will be made on Form 1066 or other appropriate federal tax or information return or any appropriate state return for the taxable year ending on the last day of the calendar year in which the REMIC II Interests are issued. For the purposes of such election, the REMIC II Regular Interests shall be designated as the “regular interests” in REMIC II, and the REMIC II Residual Interest (which shall be evidenced by the Class R Certificates) shall be designated as the sole class of “residual interests” in REMIC II. An election will be made by the Certificate Administrator to treat the segregated pool of assets consisting of the REMIC II Regular Interests as a REMIC under the Code (such REMIC being herein designated as “REMIC III”). Such election will be made on Form 1066 or other appropriate federal tax or information return or any appropriate state return for the taxable year ending on the last day of the calendar year in which the REMIC III Interests are issued. For purposes of such election, the Class X-0A-0, Xxxxx X-0, Class A-AB, Class X-0A-0, Xxxxx X-0, Class D, Class E, Class F F, Class G and Class G H Certificates, the EC Trust REMIC EX XXXXX III Regular Interests, the Class H J REMIC III Regular Interest and the Class X REMIC III Regular Interests shall be designated as the “regular interests” in REMIC III, and the REMIC III Residual Interest (which shall be evidenced by the Class R Certificates) shall be designated as the sole class of “residual interests” in REMIC III. The Trustee and the Certificate Administrator shall not permit the creation of any “interests” (within the meaning of Section 860G of the Code) in any of the REMIC Pools other than the REMIC I Interests, the REMIC II Interests and the REMIC III Interests.

REMIC Administration. (a) An election will be made by the Certificate Administrator on behalf of the The Trustee shall elect to treat the segregated pool of assets consisting of the Mortgage Loans (other than Excess Interest payable thereon), such amounts with respect thereto as shall from time to time be held in the Collection Account, the Reserve Accounts and the Distribution Account (exclusive of the Excess Interest Sub-account), the Insurance Policies and any related amounts in the REO Account and, to the extent of the Trust’s interest therein, any related REO Properties each Trust REMIC as a REMIC under the Code (and, if necessary, under applicable state law. Each such REMIC being herein designated as “REMIC I”), other than any portion of the foregoing amounts allocable to a B Note or Serviced Companion Loan. Such elections will election shall be made by the Trustee on Form 1066 or other appropriate federal tax or information return or any appropriate state return for the taxable year ending on the last day of the calendar year in which the REMIC I Interests Certificates are issued. For the purposes of such electionthe REMIC election in respect of REMIC I, (i) the REMIC I Regular Interests shall be designated as the “regular interests” Regular Interests in REMIC I, I and the REMIC Class R-I Residual Interest (which shall be evidenced by the Class R Certificates) shall be designated as the sole class of “residual interests” Residual Interest in REMIC I. An election will be made by the Certificate Administrator to treat the segregated pool of assets consisting of the REMIC I Regular Interests as a REMIC under the Code I, (such REMIC being herein designated as “REMIC II”). Such election will be made on Form 1066 or other appropriate federal tax or information return or any appropriate state return for the taxable year ending on the last day of the calendar year in which the REMIC II Interests are issued. For the purposes of such election, ii) the REMIC II Regular Interests shall be designated as the “regular interests” Regular Interests in REMIC II, II and the REMIC Class R-II Residual Interest (which shall be evidenced by the Class R Certificates) shall be designated as the sole class of “residual interests” Residual Interest in REMIC II. An election will be made by , (iii) the Certificate Administrator to treat the segregated pool of assets consisting of the REMIC II Regular Interests as a REMIC under the Code (such REMIC being herein designated as “REMIC III”). Such election will be made on Form 1066 or other appropriate federal tax or information return or any appropriate state return for the taxable year ending on the last day of the calendar year in which the REMIC III Interests are issued. For purposes of such election, the Class X-0, Xxxxx X-0, Class A-AB, Class X-0, Xxxxx X-0, Class D, Class E, Class F and Class G Certificates, the EC Trust REMIC III Regular Interests, the Class H REMIC III Regular Interest and the Class X REMIC III Regular Interests shall be designated as the “regular interests” Regular Interests in REMIC III and the Class R-III Interest shall be designated as the Residual Interest in REMIC III, (iv) the Class A Certificates, the Mezzanine Certificates (exclusive of the right to receive payments from the Net WAC Carryover Reserve Account or the Swap Account or the obligation to make payments to the Swap Account), the Class SWAP-IO Interest, the Class CE Interest and the Class P Interest shall be designated as the Regular Interests in REMIC III IV and the Class R-IV Interest shall be designated as the Residual Interest in REMIC IV, (which shall be evidenced by v) the Class R CertificatesCE Certificates (exclusive of any obligation to make payments to the Net WAC Rate Carryover Reserve Account or the Swap Account) shall be designated as the sole class of “residual interests” Regular Interests in REMIC IIIV and the Class R-V Interest shall be designated as the Residual Interest in REMIC V, (vi) the Class P Certificates shall be designated as the Regular Interests in REMIC VI and the Class R-VI Interest shall be designated as the Residual Interest in REMIC VI and (vii) REMIC VII Regular Interest SWAP-IO shall be designated as the Regular Interests in REMIC VII and the Class R-VII Interest shall be designated as the Residual Interest in REMIC VII. The Trustee and the Certificate Administrator shall not permit the creation of any “interests” in any Trust REMIC (within the meaning of Section 860G of the Code) in any of the REMIC Pools other than the REMIC I Regular Interests, the REMIC II Interests and Regular Interests, the REMIC III Regular Interests, the Class CE Interest, the Class P Interest, the Class SWAP-IO Interest and the interests represented by the Certificates.

REMIC Administration. (a) An The Trustee shall elect to treat each Trust REMIC as a REMIC under the Code and, if necessary, under applicable state law. Each such election will be made by the Certificate Administrator on behalf of the Trustee to treat the segregated pool of assets consisting of the Mortgage Loans (other than Excess Interest payable thereon), such amounts with respect thereto as shall from time to time be held in the Collection Account, the Reserve Accounts and the Distribution Account (exclusive of the Excess Interest Sub-account), the Insurance Policies and any related amounts in the REO Account and, to the extent of the Trust’s interest therein, any related REO Properties as a REMIC under the Code (such REMIC being herein designated as “REMIC I”), other than any portion of the foregoing amounts allocable to a B Note or Serviced Companion Loan. Such elections will be made on Form 1066 or other appropriate federal tax or information return or any appropriate state return for the taxable year ending on the last day of the calendar year in which the REMIC I Interests Certificates are issued. For the purposes of such electionthe REMIC election in respect of REMIC I, the REMIC I Regular Interests shall be designated as the “regular interests” Regular Interests in REMIC I, I and the REMIC Class R-I Residual Interest (which shall be evidenced by the Class R Certificates) shall be designated as the sole class of “residual interests” Residual Interest in REMIC I. An election will be made by the Certificate Administrator to treat the segregated pool of assets consisting of the REMIC I Regular Interests as a REMIC under the Code (such REMIC being herein designated as “REMIC II”). Such election will be made on Form 1066 or other appropriate federal tax or information return or any appropriate state return for the taxable year ending on the last day of the calendar year in which the REMIC II Interests are issued. For the purposes of such electionthe REMIC election in respect of REMIC II, the REMIC II Regular Interests shall be designated as the “regular interests” Regular Interests in REMIC II, II and the REMIC Class R-II Residual Interest (which shall be evidenced by the Class R Certificates) shall be designated as the sole class of “residual interests” Residual Interest in REMIC II. An election will be made by The Class A Certificates and the Certificate Administrator Mezzanine Certificates (other than the right to treat receive amounts from the segregated pool of assets consisting of Net WAC Rate Carryover Reserve Account or the REMIC II Regular Interests as a REMIC under Swap Account or the Code (such REMIC being herein designated as “REMIC III”obligation to make payments to the Swap Account). Such election will be made on Form 1066 or other appropriate federal tax or information return or any appropriate state return for the taxable year ending on the last day of the calendar year in which the REMIC III Interests are issued. For purposes of such election, the Class X-0, Xxxxx X-0, Class A-AB, Class X-0, Xxxxx X-0, Class D, Class E, Class F and Class G Certificates, the EC Trust REMIC III Regular InterestsCE-1 Interest, the Class H REMIC III Regular CE-2 Interest, the Class P Interest and the Class X REMIC III Regular Interests Swap-IO Interest shall be designated as the “regular interests” Regular Interests in REMIC III, III and the REMIC Class R-III Residual Interest (which shall be evidenced by the Class R Certificates) shall be designated as the sole class of “residual interests” Residual Interest in REMIC III. The Trustee Class CE-1 Certificates shall be designated as the Regular Interest in REMIC IV and the Certificate Administrator Class R-IV Interest shall be designated as the Residual Interest in REMIC IV. The Class P Certificates shall be designated as the Regular Interest in REMIC V and the Class R-V Interest shall be designated as the Residual Interest in REMIC V. REMIC VI Regular Interest Swap-IO shall be designated as the Regular Interest in REMIC VI and the Class R-VI Interest shall be designated as the Residual Interest in REMIC VI. The Class CE-2 Certificates shall be designated as the Regular Interest in REMIC VII and the Class R-VII Interest shall be designated as the Residual Interest in REMIC VII. The Trustee shall not permit the creation of any “interests” in any Trust REMIC (within the meaning of Section 860G of the Code) in any of the REMIC Pools other than the REMIC I Interests, the REMIC II Regular Interests and the REMIC III Interestsinterests represented by the Certificates.

REMIC Administration. (a) An election will The Certificate Administrator shall make elections or cause elections to be made by the Certificate Administrator on behalf of the Trustee to treat the segregated pool of assets consisting of the Mortgage Loans (other than Excess Interest payable thereon), such amounts with respect thereto as shall from time to time be held in the Collection Account, the Reserve Accounts and the Distribution Account (exclusive of the Excess Interest Sub-account), the Insurance Policies and any related amounts in the REO Account and, to the extent of the Trust’s interest therein, any related REO Properties each Trust REMIC as a REMIC under the Code (and, if necessary, under Applicable State and Local Tax Law. Each such REMIC being herein designated as “REMIC I”), other than any portion of the foregoing amounts allocable to a B Note or Serviced Companion Loan. Such elections election will be made on Form 1066 or other appropriate federal tax or information return or any appropriate state return for the taxable year ending on the last day of the calendar year in which the REMIC I Uncertificated Lower-Tier Interests and the Certificates are issued. For the purposes of such election, the REMIC I election in respect of the Upper-Tier REMIC, each Class of the Regular Interests Certificates shall be designated as the “regular interests” (or in REMIC Ithe case of an exchange and conversion of Class A-S, Class B and Class C Certificates for Class EC Certificates, such “regular interests” shall be deemed to be held by the Trustee in uncertificated form unless reconverted to Class A-S, Class B and Class C Certificates) and the REMIC I Residual Class UR Interest (which shall be evidenced by the Class R Certificates) shall be designated as the sole class of “residual interests” in REMIC I. An election will be made by the Certificate Administrator to treat the segregated pool of assets consisting Upper-Tier REMIC. For purposes of the REMIC I Regular Interests as a REMIC under the Code (such REMIC being herein designated as “REMIC II”). Such election will be made on Form 1066 or other appropriate federal tax or information return or any appropriate state return for the taxable year ending on the last day in respect of the calendar year in which Lower-Tier REMIC, each Class of Uncertificated Lower-Tier Interests and the REMIC II Interests are issued. For the purposes of such election, the REMIC II Regular Interests Subordinate Loan-Specific Certificates shall be designated as the a class of “regular interests” in REMIC II, and the REMIC II Residual Class LR Interest (which shall be evidenced by the Class R Certificates) shall be designated as the sole class of “residual interests” in REMIC II. An election will be made by the Certificate Administrator to treat the segregated pool of assets consisting of the REMIC II Regular Interests as a REMIC under the Code (such REMIC being herein designated as “REMIC III”). Such election will be made on Form 1066 or other appropriate federal tax or information return or any appropriate state return for the taxable year ending on the last day of the calendar year in which the REMIC III Interests are issuedLower-Tier REMIC. For purposes of such electionthe REMIC election in respect of the U-Haul Self Storage Pool 5 Trust Pari Passu Companion Loan REMIC, the Class X-0, Xxxxx X-0, Class A-AB, Class X-0, Xxxxx X-0, Class D, Class E, Class F and Class G Certificates, the EC Trust REMIC III Regular Interests, the Class H REMIC III Regular Interest and the Class X REMIC III Regular Interests UH5 Certificates shall be designated as the “regular interests” in REMIC III, and the REMIC III Residual Interest (which shall be evidenced an uncertificated interest represented by the Class R Certificates) Certificates shall be designated as the sole class of “residual interests” in REMIC IIIthe U-Haul Self Storage Pool 5 Trust Pari Passu Companion Loan REMIC. The None of the Special Servicer, the Master Servicer nor the Trustee and the Certificate Administrator shall not permit the creation of any “interests” (within the meaning of Section 860G of the Code) in any of the Trust REMIC Pools other than the REMIC I Interests, the REMIC II Interests and the REMIC III Interestsforegoing interests.

REMIC Administration. (a) An election will The Trustee shall make elections or cause elections to be made by the Certificate Administrator on behalf to treat each of the Trustee to treat the segregated pool of assets consisting of the Mortgage Loans (other than Excess Interest payable thereon), such amounts with respect thereto as shall from time to time be held in the Collection AccountLower-Tier REMIC, the Reserve Accounts Middle-Tier REMIC and the Distribution Account (exclusive of the Excess Interest SubUpper-account), the Insurance Policies and any related amounts in the REO Account and, to the extent of the Trust’s interest therein, any related REO Properties Tier REMIC as a REMIC under the Code (and, if necessary, under Applicable State and Local Tax Law. Each such REMIC being herein designated as “REMIC I”), other than any portion of the foregoing amounts allocable to a B Note or Serviced Companion Loan. Such elections election will be made on Form 1066 or other appropriate federal tax or information return or any appropriate state return for the taxable year ending on the last day of the calendar year in which the REMIC I Uncertificated Lower-Tier Interests, Uncertificated Middle-Tier Interests and the Certificates are issued. For the purposes of such election, the REMIC I election in respect of the Upper-Tier REMIC, each Class of the Regular Interests Certificates (other than the Class A-2SFL Certificates and the Class A-JFL Certificates) and the Class A-2SFL Regular Interest and the Class A-JFL Regular Interest shall be designated as the “"regular interests” in REMIC I, " and the REMIC I Residual Interest (which shall be evidenced by the Class R Certificates) Certificates shall be designated as the sole class of “"residual interests” " in REMIC I. An election will be made by the Certificate Administrator to treat the segregated pool of assets consisting Upper-Tier REMIC. For purposes of the REMIC I Regular Interests as a REMIC under the Code (such REMIC being herein designated as “REMIC II”). Such election will be made on Form 1066 or other appropriate federal tax or information return or any appropriate state return for the taxable year ending on the last day in respect of the calendar year in which the REMIC II Interests are issued. For the purposes Middle-Tier REMIC, each Class of such election, the REMIC II Regular Uncertificated Middle-Tier Interests shall be designated as the “"regular interests” in REMIC II, " and the REMIC II Residual Interest (which shall be evidenced by the Class R Certificates) MR Certificates shall be designated as the sole class of “"residual interests” " in REMIC II. An election will be made by the Certificate Administrator to treat the segregated pool of assets consisting of the REMIC II Regular Interests as a REMIC under the Code (such REMIC being herein designated as “REMIC III”). Such election will be made on Form 1066 or other appropriate federal tax or information return or any appropriate state return for the taxable year ending on the last day of the calendar year in which the REMIC III Interests are issuedMiddle-Tier REMIC. For purposes of such electionthe REMIC election in respect of the Lower-Tier REMIC, the each Class X-0, Xxxxx X-0, Class Aof Uncertificated Lower-AB, Class X-0, Xxxxx X-0, Class D, Class E, Class F and Class G Certificates, the EC Trust REMIC III Regular Interests, the Class H REMIC III Regular Interest and the Class X REMIC III Regular Tier Interests shall be designated as the “"regular interests” in REMIC III, " and the REMIC III Residual Interest (which shall be evidenced by the Class R Certificates) LR Certificates shall be designated as the sole class of “"residual interests” " in REMIC IIIthe Lower-Tier REMIC. The None of the Special Servicer, the Master Servicers nor the Trustee and the Certificate Administrator shall not permit the creation of any “"interests” " (within the meaning of Section 860G of the Code) in any of the Lower-Tier REMIC, the Middle-Tier REMIC Pools or the Upper-Tier REMIC other than the REMIC I Interests, the REMIC II Interests and the REMIC III Interestsforegoing interests.

REMIC Administration. (a) An election will be made by the Certificate Administrator on behalf of the The Trustee shall elect to treat the segregated pool of assets consisting of the Mortgage Loans (other than Excess Interest payable thereon), such amounts with respect thereto as shall from time to time be held in the Collection Account, the Reserve Accounts and the Distribution Account (exclusive of the Excess Interest Sub-account), the Insurance Policies and any related amounts in the REO Account and, to the extent of the Trust’s interest therein, any related REO Properties each Trust REMIC as a REMIC under the Code (and, if necessary, under applicable state law. Each such REMIC being herein designated as “REMIC I”), other than any portion of the foregoing amounts allocable to a B Note or Serviced Companion Loan. Such elections will election shall be made by the Trustee on Form 1066 or other appropriate federal tax or information return or any appropriate state return for the taxable year ending on the last day of the calendar year in which the REMIC I Interests Certificates are issued. For the purposes of such electionthe REMIC election in respect of REMIC I, (i) the REMIC I Regular Interests shall be designated as the “regular interests” Regular Interests in REMIC I, I and the REMIC Class R-I Residual Interest (which shall be evidenced by the Class R Certificates) shall be designated as the sole class of “residual interests” Residual Interest in REMIC I. An election will be made by the Certificate Administrator to treat the segregated pool of assets consisting of the REMIC I Regular Interests as a REMIC under the Code I, (such REMIC being herein designated as “REMIC II”). Such election will be made on Form 1066 or other appropriate federal tax or information return or any appropriate state return for the taxable year ending on the last day of the calendar year in which the REMIC II Interests are issued. For the purposes of such election, ii) the REMIC II Regular Interests shall be designated as the “regular interests” Regular Interests in REMIC II, II and the REMIC Class R-II Residual Interest (which shall be evidenced by the Class R Certificates) shall be designated as the sole class of “residual interests” Residual Interest in REMIC II. An election will be made by , (iii) the Certificate Administrator to treat the segregated pool of assets consisting of the REMIC II Regular Interests as a REMIC under the Code (such REMIC being herein designated as “REMIC III”). Such election will be made on Form 1066 or other appropriate federal tax or information return or any appropriate state return for the taxable year ending on the last day of the calendar year in which the REMIC III Interests are issued. For purposes of such election, the Class X-0, Xxxxx X-0, Class A-AB, Class X-0, Xxxxx X-0, Class D, Class E, Class F and Class G Certificates, the EC Trust REMIC III Regular Interests, the Class H REMIC III Regular Interest and the Class X REMIC III Regular Interests shall be designated as the “regular interests” Regular Interests in REMIC III, III and the REMIC Class R-III Residual Interest (which shall be evidenced by the Class R Certificates) shall be designated as the sole class of “residual interests” Residual Interest in REMIC III, (iv) the REMIC IV Regular Interests shall be designated as the Regular Interests in REMIC IV and the Class R-IV Interest shall be designated as the Residual Interest in REMIC IV, (v) the Class A Certificates, the Mezzanine Certificates (exclusive of the right to receive payments from the Net WAC Carryover Reserve Account or the Swap Account or the obligation to make payments to the Swap Account), the Class SWAP-IO Interest, the Class A-2B1 Swap-IO Interest, the Class CE Interest and the Class P Interest shall be designated as the Regular Interests in REMIC V and the Class R-V Interest shall be designated as the Residual Interest in REMIC IV, (vi) the Class CE Certificates shall be designated as the Regular Interests in REMIC VI and the Class R-VI Interest shall be designated as the Residual Interest in REMIC VI, (vii) the Class P Certificates shall be designated as the Regular Interests in REMIC VII and the Class R-VII Interest shall be designated as the Residual Interest in REMIC VII, (viii) REMIC VIII Regular Interest SWAP-IO shall be designated as the Regular Interests in REMIC VIII and the Class R-VIII Interest shall be designated as the Residual Interest in REMIC VIII and (ix) REMIC IX Regular Interest Class A-2B1 Swap-IO shall be designated as the Regular Interests in REMIC IX and the Class R-IX Interest shall be designated as the Residual Interest in REMIC IX. The Trustee and the Certificate Administrator shall not permit the creation of any “interests” in any Trust REMIC (within the meaning of Section 860G of the Code) in any of the REMIC Pools other than the REMIC I Regular Interests, the REMIC II Interests and Regular Interests, the REMIC III Regular Interests, the REMIC IV Regular Interests, the Class CE Interest, the Class P Interest, the Class SWAP-IO Interest, the Class A-2B1 Swap-IO Interest and the interests represented by the Certificates.

REMIC Administration. (a) An election will be made by the Certificate Administrator Paying Agent on behalf of the Trustee to treat the segregated pool of assets consisting of the Mortgage Loans (other than Excess Interest payable thereon)Loans, such amounts with respect thereto as shall from time to time be held in the Collection Account, the Reserve Accounts Certificate Account and the Distribution Account (exclusive of the Excess Interest Sub-accountAccount), the Insurance Policies and any related amounts in the REO Account and, to the extent of the Trust’s interest therein, any related REO Properties as a REMIC ("REMIC I") under the Code (such REMIC being herein designated as “REMIC I”)Code, other than any portion of the foregoing amounts allocable to a B Note or Serviced Companion Mortgage Loan. Such elections will be made on Form 1066 or other appropriate federal tax or information return or any appropriate state return for the taxable year ending on the last day of the calendar year in which the REMIC I Interests are issued. For purposes of such election, the REMIC I Regular Interests shall each be designated as the “a separate Class of "regular interests” " in REMIC I, I and the REMIC Class R-I Residual Interest (which shall be evidenced by the Class R Certificates) Certificates shall be designated as the sole class Class of “"residual interests” " in REMIC I. The Trustee and the Paying Agent shall not permit the creation of any "interests" (within the meaning of Section 860G of the Code) in any of the REMICs other than the REMIC I Regular Interests, the REMIC II Regular Interests, the REMIC III Regular Interests and the Residual Certificates. An election will be made by the Certificate Administrator Paying Agent to treat the segregated pool of assets consisting of the REMIC I Regular Interests as a REMIC ("REMIC II") under the Code (such REMIC being herein designated as “REMIC II”)Code. Such election will be made on Form 1066 or other appropriate federal tax or information return or any appropriate state return for the taxable year ending on the last day of the calendar year in which the REMIC II Interests are issued. For the purposes of such election, the REMIC II Regular Interests shall be designated as the “"regular interests” " in REMIC II, II and the REMIC Class R-II Residual Interest (which shall be evidenced by the Class R Certificates) Certificates shall be designated as the sole class Class of “the "residual interests” " in REMIC II. An election will be made by the Certificate Administrator Paying Agent to treat the segregated pool of assets consisting of the REMIC II Regular Interests as a REMIC ("REMIC III") under the Code (such REMIC being herein designated as “REMIC III”)Code. Such election will be made on Form 1066 or other appropriate federal tax or information return or any appropriate state return for the taxable year ending on the last day of the calendar year in which the REMIC III Interests Certificates are issued. For purposes of such election, the Class X-0, Xxxxx X-0A-1, Class A-ABA-2, Class X-0A-3, Xxxxx X-0Class A-4, Class X-1 (each Class X-1 Certificate representing multiple "regular interests" in REMIC III, as set forth in the Preliminary Statement), Class X-2 (each Class X-2 Certificate representing multiple "regular interests" in REMIC III, as set forth in the Preliminary Statement), Class B, Class C, Class D, Class E, Class F F, Class G, Class H, Class J, Class K, Class L, Class M, Class N, Class O and Class G Certificates, the EC Trust REMIC III Regular Interests, P Certificates (but other than the Class H REMIC III Regular Interest and the Class X REMIC III Regular Interests shall be designated as the “regular interests” in REMIC III, and the REMIC III Residual Interest (which shall be evidenced by the Class R CertificatesP Grantor Trust Interest) shall be designated as the "regular interests" in REMIC III and the Class R-III Certificates shall be designated as the sole class Class of “"residual interests” " in REMIC III. The Trustee and the Certificate Administrator shall not permit the creation of any “interests” (within the meaning of Section 860G of the Code) in any of the REMIC Pools other than the REMIC I Interests, the REMIC II Interests and the REMIC III Interests.

REMIC Administration. (a) An The Trust Administrator shall elect to treat each REMIC created hereunder as a REMIC under the Code and, if necessary, under applicable state law. Such election will be made by the Certificate Trust Administrator on behalf of the Trustee to treat the segregated pool of assets consisting of the Mortgage Loans (other than Excess Interest payable thereon), such amounts with respect thereto as shall from time to time be held in the Collection Account, the Reserve Accounts and the Distribution Account (exclusive of the Excess Interest Sub-account), the Insurance Policies and any related amounts in the REO Account and, to the extent of the Trust’s interest therein, any related REO Properties as a REMIC under the Code (such REMIC being herein designated as “REMIC I”), other than any portion of the foregoing amounts allocable to a B Note or Serviced Companion Loan. Such elections will be made on Form 1066 or other appropriate federal tax or information return or any appropriate state return for the taxable year ending on the last day of the calendar year in which the REMIC I Interests Certificates are issued. For the purposes of such electionthe REMIC election in respect of REMIC I, the REMIC I Regular Interests shall be designated as the “regular interests” Regular Interests in REMIC I, I and the REMIC Class R-I Residual Interest (which shall be evidenced by the Class R Certificates) shall be designated as the sole class of “residual interests” Residual Interest in REMIC I. An election will be made by the Certificate Administrator to treat the segregated pool of assets consisting of the REMIC I Regular Interests as a REMIC under the Code (such REMIC being herein designated as “REMIC II”). Such election will be made on Form 1066 or other appropriate federal tax or information return or any appropriate state return for the taxable year ending on the last day of the calendar year in which the REMIC II Interests are issued. For the purposes of such election, the The REMIC II Regular Interests shall be designated as the “regular interests” Regular Interests in REMIC II and the Class R-II Interest shall be designated as the Residual Interest in REMIC II. The Floating Rate Certificates (exclusive of any right to receive distributions from or obligation to make payments to the Net WAC Rate Carryover Reserve Account in respect of the Net WAC Rate Carryover Amount or the Swap Account), the Class CE Interest, the Class IO Interest and the Class P Interest shall be designated as the Regular Interests in REMIC II III and the Class R-III Interest shall be designated as the Residual Interest in REMIC III. The Class CE Certificates (which shall be evidenced by exclusive of any right to receive distributions from or obligation to make payments to the Class R CertificatesNet WAC Rate Carryover Reserve Account in respect of the Net WAC Rate Carryover Amount or the Swap Account) shall be designated as the sole class of “residual interests” Regular Interests in REMIC II. An election will be made by the Certificate Administrator to treat the segregated pool of assets consisting of the REMIC II Regular Interests as a REMIC under the Code (such REMIC being herein designated as “REMIC III”). Such election will be made on Form 1066 or other appropriate federal tax or information return or any appropriate state return for the taxable year ending on the last day of the calendar year in which the REMIC III Interests are issued. For purposes of such election, the Class X-0, Xxxxx X-0, Class A-AB, Class X-0, Xxxxx X-0, Class D, Class E, Class F and Class G Certificates, the EC Trust REMIC III Regular Interests, the Class H REMIC III Regular Interest IV and the Class X REMIC III Regular Interests R-IV Interest shall be designated as the “regular interests” Residual Interest in REMIC III, and the REMIC III Residual Interest (which shall be evidenced by the IV. The Class R Certificates) P Certificates shall be designated as the sole class of “residual interests” Regular Interests in REMIC III. The Trustee V and the Certificate Class R-V Interest shall be designated as the Residual Interest in REMIC V. REMIC VI Regular Interest SWAP IO shall be designated as the Regular Interests in REMIC VI and the Class R-VI Interest shall be designated as the Residual Interest in REMIC VI. Neither the Trustee nor the Trust Administrator shall not permit the creation of any “interests” in any Trust REMIC (within the meaning of Section 860G of the Code) in any of the REMIC Pools other than the REMIC I Interests, the REMIC II Regular Interests and the REMIC III Interestsinterests represented by the Certificates.

REMIC Administration. (a) An election will REMIC elections as set forth in the Preliminary Statement shall be made by the Certificate Administrator on behalf of the Trustee to treat the segregated pool of assets consisting of the Mortgage Loans (other than Excess Interest payable thereon), such amounts with respect thereto as shall from time to time be held in the Collection Account, the Reserve Accounts and the Distribution Account (exclusive of the Excess Interest Sub-account), the Insurance Policies and any related amounts in the REO Account and, to the extent of the Trust’s interest therein, any related REO Properties as a REMIC under the Code (such REMIC being herein designated as “REMIC I”), other than any portion of the foregoing amounts allocable to a B Note or Serviced Companion Loan. Such elections will be made on Form 1066 or other appropriate federal tax or information return or any appropriate state return for the taxable year ending on the last day of the calendar year in which the REMIC I Interests Certificates are issued. The regular interests and residual interest in each REMIC shall be as designated in the Preliminary Statement. For the purposes of such electionthe REMIC elections in respect of the Trust Fund, (i) the REMIC 1 Regular Interests will represent the “regular interests” in REMIC 1, the Class R-1 Interest will constitute the sole class of “residual interests” in REMIC I 1, (ii) the REMIC 2 Regular Interests will represent the “regular interests” in REMIC 2, the Class R-2 Interest will constitute the sole class of “residual interests” in REMIC 2, (iii) the REMIC 3 Regular Interests will represent the “regular interests” in REMIC 3, the Class R-3 Interest will constitute the sole class of “residual interests” in REMIC 3, (iv) the Class A Certificates, the Class M Certificates (exclusive of any right to receive distributions from the Net WAC Rate Carryover Reserve Account in respect of the Net WAC Rate Carryover Amount or the Swap Account or any obligation to make payments to the Swap Account), the Class C Interest, the Class IO Interest and the Class P Interest shall be designated as the “regular interests” in REMIC I, 4 and the REMIC I Residual Class R-4 Interest (which shall be evidenced by the Class R Certificates) shall be designated as will constitute the sole class of “residual interests” in REMIC I. An election will be made by 4, (v) the Certificate Administrator Class C Certificates (exclusive of any obligation to treat make payments to the segregated pool of assets consisting Net WAC Rate Carryover Reserve Account in respect of the REMIC I Regular Interests as a REMIC under the Code (such REMIC being herein designated as “REMIC II”). Such election Net WAC Rate Carryover Amount) will be made on Form 1066 or other appropriate federal tax or information return or any appropriate state return for the taxable year ending on the last day represent ownership of the calendar year in which the REMIC II Interests are issued. For the purposes of such election, the REMIC II Regular Interests shall be designated as the “regular interests” in REMIC II, 5 and the REMIC II Residual Class R-5 Interest (which shall be evidenced by the Class R Certificates) shall be designated as will constitute the sole class of “residual interests” in REMIC II. An election will be made by the Certificate Administrator to treat the segregated pool of assets consisting of the REMIC II Regular Interests as a REMIC under the Code 5, (such REMIC being herein designated as “REMIC III”). Such election will be made on Form 1066 or other appropriate federal tax or information return or any appropriate state return for the taxable year ending on the last day of the calendar year in which the REMIC III Interests are issued. For purposes of such election, vi) the Class X-0, Xxxxx X-0, Class A-AB, Class X-0, Xxxxx X-0, Class D, Class E, Class F and Class G Certificates, the EC Trust REMIC III Regular Interests, the Class H REMIC III Regular Interest and the Class X REMIC III Regular Interests shall be designated as the P Certificates will represent ownership of “regular interests” in REMIC III, 6 and the REMIC III Residual Class R-6 Interest (which shall be evidenced by the Class R Certificates) shall be designated as will constitute the sole class of “residual interests” in REMIC III6, (vii) the REMIC 7 Regular Interest SWAP IO will represent ownership of “regular interests” in REMIC 7 and the Class R-7 Interest will constitute the sole class of “residual interests” in REMIC 7, (viii) the Class R Certificates will evidence ownership of the Class R-2 Interest, Class R-3 Interest and Class R-4 Interest and (ix) the Class R-X Certificates will evidence ownership of the Class R-5 Interest, the Class R-6 Interest and the Class R-7 Interest. The Trustee Securities Administrator and the Certificate Administrator Trustee shall not permit the creation of any “interests” (within the meaning of Section 860G of the Code) in any of REMIC created hereunder other than (a) the REMIC Pools other than the REMIC I 1 Regular Interests, the REMIC II 2 Regular Interests, the REMIC 3 Regular Interests, the REMIC 4 Regular Interests, the REMIC 5 Regular Interests, the REMIC 6 Regular Interests or the REMIC 7 Regular Interests, the ownership of which is represented by the Class A Certificates, the Class M Certificates, the REMIC 7 Regular Interest SWAP IO, the Class C Certificates and the REMIC III Interests.Class P Certificates and (b) the Class R-2 Interest, the Class R-3 Interest, the Class R-4 Interest, the Class R-5 Interest, the Class R-6 Interest and the Class R-7 Interest. The Securities Administrator will apply for an Employee Identification Number from the IRS via form SS-4 or any other acceptable method for each Trust REMIC

REMIC Administration. (a) An election will be made by the Certificate Administrator on behalf of the Trustee to treat the segregated pool of assets consisting of the Mortgage Loans (other than any Excess Interest payable thereon), such amounts with respect thereto as shall from time to time be held in the Collection Account, the Reserve Accounts and the Distribution Account (exclusive of the Excess Interest Sub-account), the Insurance Policies and any related amounts in the REO Account and, to the extent of the Trust’s interest therein, any related REO Properties as a REMIC under the Code (such REMIC being herein designated as “REMIC I”), other than any portion of the foregoing amounts allocable to a B Note or Serviced Companion Loan. Such elections will be made on Form 1066 or other appropriate federal tax or information return or any appropriate state return for the taxable year ending on the last day of the calendar year in which the REMIC I Interests are issued. For purposes of such election, the REMIC I Regular Interests shall be designated as the “regular interests” in REMIC I, and the REMIC I Residual Interest (which shall be evidenced by the Class R Certificates) shall be designated as the sole class of “residual interests” in REMIC I. An election will be made by the Certificate Administrator to treat the segregated pool of assets consisting of the REMIC I Regular Interests as a REMIC under the Code (such REMIC being herein designated as “REMIC II”). Such election will be made on Form 1066 or other appropriate federal tax or information return or any appropriate state return for the taxable year ending on the last day of the calendar year in which the REMIC II Interests are issued. For the purposes of such election, the REMIC II Regular Interests shall be designated as the “regular interests” in REMIC II, and the REMIC II Residual Interest (which shall be evidenced by the Class R Certificates) shall be designated as the sole class of “residual interests” in REMIC II. An election will be made by the Certificate Administrator to treat the segregated pool of assets consisting of the REMIC II Regular Interests as a REMIC under the Code (such REMIC being herein designated as “REMIC III”). Such election will be made on Form 1066 or other appropriate federal tax or information return or any appropriate state return for the taxable year ending on the last day of the calendar year in which the REMIC III Interests are issued. For purposes of such election, the Class X-0A-1, Xxxxx X-0Class A-2, Class A-ABSB, Class X-0A-3, Xxxxx X-0Class A-4, Class D, Class E, Class F F, Class G and Class G H Certificates, the EC Trust REMIC III Regular Interests, the Class H REMIC III Regular Interest Interests and the Class X REMIC III Regular Interests shall be designated as the “regular interests” in REMIC III, and the REMIC III Residual Interest (which shall be evidenced by the Class R Certificates) shall be designated as the sole class of “residual interests” in REMIC III. The Trustee and the Certificate Administrator shall not permit the creation of any “interests” (within the meaning of Section 860G of the Code) in any of the REMIC Pools other than the REMIC I Interests, the REMIC II Interests and the REMIC III Interests.

REMIC Administration. (a) An The Trustee shall elect to treat each REMIC created hereunder as a REMIC under the Code and, if necessary, under applicable state law. Such election will be made by the Certificate Trust Administrator on behalf of the Trustee to treat the segregated pool of assets consisting of the Mortgage Loans (other than Excess Interest payable thereon), such amounts with respect thereto as shall from time to time be held in the Collection Account, the Reserve Accounts and the Distribution Account (exclusive of the Excess Interest Sub-account), the Insurance Policies and any related amounts in the REO Account and, to the extent of the Trust’s interest therein, any related REO Properties as a REMIC under the Code (such REMIC being herein designated as “REMIC I”), other than any portion of the foregoing amounts allocable to a B Note or Serviced Companion Loan. Such elections will be made on Form 1066 or other appropriate federal tax or information return or any appropriate state return for the taxable year ending on the last day of the calendar year in which the REMIC I Interests Certificates are issued. For the purposes of such electionthe REMIC election in respect of REMIC I-A, the REMIC I I-A Regular Interests shall be designated as the Regular Interests in REMIC I-A and the Class R-IA Residual Interest shall be designated as the Residual Interests in REMIC I-A. For the purposes of the REMIC election in respect of REMIC I-B, the REMIC I-B Regular Interests shall be designated as the Regular Interests in REMIC I-B and the Class R-IB Residual Interest shall be designated as the Residual Interests in REMIC I-B. For the purposes of the REMIC election in respect of REMIC I-C, the Group 1 Certificates or Components thereof (other than the Class 1-R Certificates), shall be designated as the Regular Interests in REMIC I-C and the Class R-IC Residual Interest shall be designated as the Residual Interest in REMIC I-C. Neither the Trustee nor the Trust Administrator shall permit the creation of any “regular interests” in REMIC I-A, REMIC I-B or REMIC I-C (within the meaning of Section 860G of the Code) other than the REMIC I-A Regular Interests, REMIC I-B Regular Interests and the Group 1 Certificates. For the purposes of the REMIC I Residual Interest (which shall be evidenced by election in respect of REMIC II-A, the Class R Certificates) REMIC II-A Regular Interests shall be designated as the sole class Regular Interests in REMIC II-A and the Class R-IIA Residual Interest shall be designated as the Residual Interests in REMIC II-A. For the purposes of the REMIC election in respect of REMIC II-B, the REMIC II-B Regular Interests shall be designated as the Regular Interests in REMIC II-B and the Class R-IIB Residual Interest shall be designated as the Residual Interests in REMIC II-B. For the purposes of the REMIC election in respect of REMIC II-C, the Group 1 Certificates or Components thereof (other than the Class 2-R Certificates), shall be designated as the Regular Interests in REMIC II-C and the Class R-IIC Residual Interest shall be designated as the Residual Interest in REMIC II-C. Neither the Trustee nor the Trust Administrator shall permit the creation of any “residual interests” in REMIC I. An II-A, REMIC II-B or REMIC II-C (within the meaning of Section 860G of the Code) other than the REMIC II-A Regular Interests, the REMIC II-B Regular Interests and the Group 2 Certificates. The Trustee shall elect to treat each REMIC created hereunder as a REMIC under the Code and, if necessary, under applicable state law. Such election will be made by the Certificate Trust Administrator to treat the segregated pool of assets consisting on behalf of the REMIC I Regular Interests as a REMIC under the Code (such REMIC being herein designated as “REMIC II”). Such election will be made Trustee on Form 1066 or other appropriate federal tax or information return or any appropriate state return for the taxable year ending on the last day of the calendar year in which the REMIC II Interests Certificates are issued. For the purposes of such election, the REMIC II Regular Interests shall be designated as the “regular interests” in REMIC II, and the REMIC II Residual Interest (which shall be evidenced by the Class R Certificates) shall be designated as the sole class of “residual interests” in REMIC II. An election will be made by the Certificate Administrator to treat the segregated pool of assets consisting of the REMIC II Regular Interests as a REMIC under the Code (such REMIC being herein designated as “REMIC III”). Such election will be made on Form 1066 or other appropriate federal tax or information return or any appropriate state return for the taxable year ending on the last day of the calendar year in which the REMIC III Interests are issued. For purposes of such election, the Class X-0, Xxxxx X-0, Class A-AB, Class X-0, Xxxxx X-0, Class D, Class E, Class F and Class G Certificates, the EC Trust REMIC III Regular Interests, the Class H REMIC III Regular Interest and the Class X REMIC III Regular Interests shall be designated as the “regular interests” in REMIC III, and the REMIC III Residual Interest (which shall be evidenced by the Class R Certificates) shall be designated as the sole class of “residual interests” in REMIC III. The Trustee and the Certificate Administrator shall not permit the creation of any “interests” (within the meaning of Section 860G of the Code) in any of the REMIC Pools other than the REMIC I Interests, the REMIC II Interests and the REMIC III Interests.

REMIC Administration. (a) An election will be made by the Certificate Administrator Paying Agent on behalf of the Trustee to treat the segregated pool of assets consisting of the Mortgage Loans (other than Excess Interest payable thereon), such amounts with respect thereto as shall from time to time be held in the Collection Certificate Accounts, the Interest Reserve Account, the Reserve Accounts Distribution Account and the Distribution Account (exclusive of the Excess Interest Sub-account)Reserve Account, the Insurance Policies and any related amounts in the REO Account and, to the extent of the Trust’s interest therein, and any related REO Properties as a REMIC ("REMIC I") under the Code (such REMIC being herein designated as “REMIC I”)Code, other than any portion of the foregoing amounts allocable to a B Note or Serviced Companion Loan. Such elections election will be made on Form 1066 or other appropriate federal tax or information return or any appropriate state return for the taxable year ending on the last day of the calendar year in which the REMIC I Interests are issued. For purposes of such election, the REMIC I Regular Interests shall each be designated as the “a separate class of "regular interests” " in REMIC I, I and the REMIC Class R-I Residual Interest (which shall be evidenced by the Class R Certificates) Certificates shall be designated as the sole class of “"residual interests” " in REMIC I. An election will be made by the Certificate Administrator Paying Agent to treat the segregated pool of assets consisting of the REMIC I Regular Interests as a REMIC ("REMIC II") under the Code (such REMIC being herein designated as “REMIC II”)Code. Such election will be made on Form 1066 or other appropriate federal tax or information return or any appropriate state return for the taxable year ending on the last day of the calendar year in which the REMIC II Interests are issued. For the purposes of such election, the REMIC II Regular Interests shall be designated as the “"regular interests” " in REMIC II, II and the REMIC Class R-II Residual Interest (which shall be evidenced by the Class R Certificates) Certificates shall be designated as the sole class of “the "residual interests” " in REMIC II. An election will be made by the Certificate Administrator Paying Agent to treat the segregated pool of assets consisting of the REMIC II Regular Interests as a REMIC ("REMIC III") under the Code (such REMIC being herein designated as “REMIC III”)Code. Such election will be made on Form 1066 or other appropriate federal tax or information return or any appropriate state return for the taxable year ending on the last day of the calendar year in which the REMIC III Interests Certificates and the Class A-MFL Regular Interest are issued. For purposes of such election, the Class X-0A-1, Xxxxx X-0Class A-1A, Class A-2, Class A-NM, Class A-3, Class A-AB, Class X-0A-4, Xxxxx X-0Class A-1A, Class A-M, Class A-J, Class B, Class C, Class D, Class E, Class F F, Class G, Class H, Class J, Class K, Class L, Class M, Class N, Class O, Class P, Class Q, Class S, Class X-1, Class X-2 and Class G Certificates, the EC Trust REMIC III Regular Interests, the Class H REMIC III Regular Interest X-W Certificates and the Class X REMIC III A-MFL Regular Interests Interest shall be designated as the “"regular interests” " in REMIC III, III and the REMIC Class R-III Residual Interest (which shall be evidenced by the Class R Certificates) Certificates shall be designated as the sole class of “"residual interests” " in REMIC III. The Trustee and the Certificate Administrator Paying Agent shall not permit the creation of any “"interests” " (within the meaning of Section 860G of the Code) in any of the REMIC Pools other than the REMIC I Regular Interests, the REMIC II Interests Regular Interests, the REMIC Regular Certificates, the Class A-MFL Regular Interest and the REMIC III InterestsResidual Certificates.

REMIC Administration. (a) An election will be made by the Certificate Administrator Paying Agent on behalf of the Trustee to treat the segregated pool of assets consisting of the Mortgage Loans (other than Excess Interest payable thereon)Loans, such amounts with respect thereto as shall from time to time be held in the Collection Account, the Reserve Accounts Certificate Account and the Distribution Account (exclusive of the Excess Interest Sub-account)Account, the Insurance Policies and any related amounts in the REO Account and, to the extent of the Trust’s interest therein, any related REO Properties as a REMIC under the Code (such REMIC being herein designated as “REMIC I”)Code, other than any portion of the foregoing amounts allocable to a B Note or Serviced Companion Loan. Such elections election will be made on Form 1066 or other appropriate federal tax or information return or any appropriate state return for the taxable year ending on the last day of the calendar year in which the REMIC I Interests are issued. For purposes of such election, the REMIC I Regular Interests shall each be designated as the “a separate class of "regular interests” " in REMIC I, I and the REMIC Class R-I Residual Interest (which shall be evidenced by the Class R Certificates) Certificates shall be designated as the sole class of “"residual interests” " in REMIC I. The Trustee and the Paying Agent shall not permit the creation of any "interests" (within the meaning of Section 860G of the Code) in any of the REMICs other than the REMIC I Regular Interests, the REMIC II Regular Interests, the REMIC Regular Certificates and the Residual Certificates. An election will be made by the Certificate Administrator Paying Agent to treat the segregated pool of assets consisting of the REMIC I Regular Interests as a REMIC under the Code (such REMIC being herein designated as “REMIC II”)Code. Such election will be made on Form 1066 or other appropriate federal tax or information return or any appropriate state return for the taxable year ending on the last day of the calendar year in which the REMIC II Interests are Interest is issued. For the purposes of such election, the REMIC II Regular Interests shall be designated as the “"regular interests” " in REMIC II, II and the REMIC Class R-II Residual Interest (which shall be evidenced by the Class R Certificates) Certificates shall be designated as the sole class of “the "residual interests” " in REMIC II. An election will be made by the Certificate Administrator Paying Agent to treat the segregated pool of assets consisting of the REMIC II Regular Interests as a REMIC under the Code (such REMIC being herein designated as “REMIC III”)Code. Such election will be made on Form 1066 or other appropriate federal tax or information return or any appropriate state return for the taxable year ending on the last day of the calendar year in which the REMIC III Interests Certificates are issued. For purposes of such election, the Class X-0, Xxxxx X-0A-1, Class A-ABA-2, Class X-0A-3, Xxxxx X-0Class A-4, Class X-1, Class X-2, Class B, Class C, Class D, Class E, Class F F, Class G, Class H, Class J, Class K, Class L, Class M and Class G Certificates, the EC Trust REMIC III Regular Interests, the Class H REMIC III Regular Interest and the Class X REMIC III Regular Interests N Certificates shall be designated as the “"regular interests” " in REMIC III, III and the REMIC Class R-III Residual Interest (which shall be evidenced by the Class R Certificates) Certificates shall be designated as the sole class of “"residual interests” " in REMIC III. The Trustee and the Certificate Administrator shall not permit the creation of any “interests” (within the meaning of Section 860G of the Code) in any of the REMIC Pools other than the REMIC I Interests, the REMIC II Interests and the REMIC III Interests.

REMIC Administration. (a) An election will The Paying Agent shall make elections or cause elections to be made by the Certificate Administrator on behalf to treat each of the Trustee to treat the segregated pool of assets consisting of the Mortgage Loans (other than Excess Interest payable thereon), such amounts with respect thereto as shall from time to time be held in the Collection AccountLower-Tier REMIC, the Reserve Accounts Middle-Tier REMIC and the Distribution Account (exclusive of the Excess Interest SubUpper-account), the Insurance Policies and any related amounts in the REO Account and, to the extent of the Trust’s interest therein, any related REO Properties Tier REMIC as a REMIC under the Code (and, if necessary, under Applicable State and Local Tax Law. Each such REMIC being herein designated as “REMIC I”), other than any portion of the foregoing amounts allocable to a B Note or Serviced Companion Loan. Such elections election will be made on Form 1066 or other appropriate federal tax or information return or any appropriate state return for the taxable year ending on the last day of the calendar year in which the REMIC I Uncertificated Lower-Tier Interests, Uncertificated Middle-Tier Interests and the Certificates are issued. For the purposes of such election, the REMIC I election in respect of the Upper-Tier REMIC, each Class of the Regular Interests Certificates (other than the Class A-2SFL Certificates and the Class A-3SFL Certificates) and the Class A-2SFL Regular Interest and the Class A-3SFL Regular Interest shall be designated as the “"regular interests” in REMIC I, " and the REMIC I Residual Interest (which shall be evidenced by the Class R Certificates) Certificates shall be designated as the sole class of “"residual interests” " in REMIC I. An election will be made by the Certificate Administrator to treat the segregated pool of assets consisting Upper-Tier REMIC. For purposes of the REMIC I Regular Interests as a REMIC under the Code (such REMIC being herein designated as “REMIC II”). Such election will be made on Form 1066 or other appropriate federal tax or information return or any appropriate state return for the taxable year ending on the last day in respect of the calendar year in which the REMIC II Interests are issued. For the purposes Middle-Tier REMIC, each Class of such election, the REMIC II Regular Uncertificated Middle-Tier Interests shall be designated as the “"regular interests” in REMIC II, " and the REMIC II Residual Interest (which shall be evidenced by the Class R Certificates) MR Certificates shall be designated as the sole class of “"residual interests” " in REMIC II. An election will be made by the Certificate Administrator to treat the segregated pool of assets consisting of the REMIC II Regular Interests as a REMIC under the Code (such REMIC being herein designated as “REMIC III”). Such election will be made on Form 1066 or other appropriate federal tax or information return or any appropriate state return for the taxable year ending on the last day of the calendar year in which the REMIC III Interests are issuedMiddle-Tier REMIC. For purposes of such electionthe REMIC election in respect of the Lower-Tier REMIC, the each Class X-0, Xxxxx X-0, Class Aof Uncertificated Lower-AB, Class X-0, Xxxxx X-0, Class D, Class E, Class F and Class G Certificates, the EC Trust REMIC III Regular Interests, the Class H REMIC III Regular Interest and the Class X REMIC III Regular Tier Interests shall be designated as the “"regular interests” in REMIC III, " and the REMIC III Residual Interest (which shall be evidenced by the Class R Certificates) LR Certificates shall be designated as the sole class of “"residual interests” " in REMIC IIIthe Lower-Tier REMIC. The None of the Special Servicer, the Master Servicers, the Paying Agent nor the Trustee and the Certificate Administrator shall not permit the creation of any “"interests” " (within the meaning of Section 860G of the Code) in any of the Lower-Tier REMIC, the Middle-Tier REMIC Pools or the Upper-Tier REMIC other than the REMIC I Interests, the REMIC II Interests and the REMIC III Interestsforegoing interests.

REMIC Administration. (a) An election will be made by the Certificate Administrator on behalf of the Trustee to treat the segregated pool of assets consisting of the Mortgage Loans (other than Excess Interest payable thereon), such amounts with respect thereto as shall from time to time be held in the Collection Account, the Reserve Accounts and the Distribution Account (exclusive of the Excess Interest Sub-account), the Insurance Policies and any related amounts in the REO Account and, to the extent of the Trust’s interest therein, any related REO Properties as a REMIC under the Code (such REMIC being herein designated as “REMIC I”), other than any portion of the foregoing amounts allocable to a B Note or Serviced Companion Loan. Such elections will be made on Form 1066 or other appropriate federal tax or information return or any appropriate state return for the taxable year ending on the last day of the calendar year in which the REMIC I Interests are issued. For purposes of such election, the REMIC I Regular Interests shall be designated as the “regular interests” in REMIC I, and the REMIC I Residual Interest (which shall be evidenced by the Class R Certificates) shall be designated as the sole class of “residual interests” in REMIC I. An election will be made by the Certificate Administrator to treat the segregated pool of assets consisting of the REMIC I Regular Interests as a REMIC under the Code (such REMIC being herein designated as “REMIC II”). Such election will be made on Form 1066 or other appropriate federal tax or information return or any appropriate state return for the taxable year ending on the last day of the calendar year in which the REMIC II Interests are issued. For the purposes of such election, the REMIC II Regular Interests shall be designated as the “regular interests” in REMIC II, and the REMIC II Residual Interest (which shall be evidenced by the Class R Certificates) shall be designated as the sole class of “residual interests” in REMIC II. An election will be made by the Certificate Administrator to treat the segregated pool of assets consisting of the REMIC II Regular Interests as a REMIC under the Code (such REMIC being herein designated as “REMIC III”). Such election will be made on Form 1066 or other appropriate federal tax or information return or any appropriate state return for the taxable year ending on the last day of the calendar year in which the REMIC III Interests are issued. For purposes of such election, the Class X-0, Xxxxx X-0A-1, Class A-ABA-2, Class X-0A-0, Xxxxx X-0, Class D, Class E, Class F F, Class G and Class G H Certificates, the EC Trust Class J REMIC III Regular InterestsInterest, the Class H PST REMIC III Regular Interest Interests and the Class X REMIC III Regular Interests shall be designated as the “regular interests” in REMIC III, and the REMIC III Residual Interest (which shall be evidenced by the Class R Certificates) shall be designated as the sole class of “residual interests” in REMIC III. The Trustee and the Certificate Administrator shall not permit the creation of any “interests” (within the meaning of Section 860G of the Code) in any of the REMIC Pools other than the REMIC I Interests, the REMIC II Interests and the REMIC III Interests.

REMIC Administration. (a) An election will The Certificate Administrator shall make elections or cause elections to be made by the Certificate Administrator on behalf of the Trustee to treat the segregated pool of assets consisting of the Mortgage Loans (other than Excess Interest payable thereon), such amounts with respect thereto as shall from time to time be held in the Collection Account, the Reserve Accounts and the Distribution Account (exclusive of the Excess Interest Sub-account), the Insurance Policies and any related amounts in the REO Account and, to the extent of the Trust’s interest therein, any related REO Properties each Trust REMIC as a REMIC under the Code (and, if necessary, under Applicable State and Local Tax Law. Each such REMIC being herein designated as “REMIC I”), other than any portion of the foregoing amounts allocable to a B Note or Serviced Companion Loan. Such elections election will be made on Form 1066 or other appropriate federal tax or information return or any appropriate state return for the taxable year ending on the last day of the calendar year in which the REMIC I Uncertificated Lower-Tier Interests and the Certificates are issued. For the purposes of such election, the REMIC I election in respect of the Upper-Tier REMIC, each Class of the Regular Interests Certificates shall be designated as the “regular interests” (or in REMIC Ithe case of an exchange and conversion of Class A-S, Class B and Class C Certificates for Class EC Certificates, such “regular interests” shall be deemed to be held by the Trustee in uncertificated form unless reconverted to Class A-S, Class B and Class C Certificates) and the REMIC I Residual Class UR Interest (which shall be evidenced by the Class R Certificates) shall be designated as the sole class of “residual interests” in REMIC I. An election will be made by the Certificate Administrator to treat the segregated pool of assets consisting Upper-Tier REMIC. For purposes of the REMIC I Regular Interests as a REMIC under the Code (such REMIC being herein designated as “REMIC II”). Such election will be made on Form 1066 or other appropriate federal tax or information return or any appropriate state return for the taxable year ending on the last day in respect of the calendar year in which the REMIC II Interests are issued. For the purposes Lower-Tier REMIC, each Class of such election, the REMIC II Regular Uncertificated Lower-Tier Interests shall be designated as the a class of “regular interests” in REMIC II, and the REMIC II Residual Class LR Interest (which shall be evidenced by the Class R Certificates) shall be designated as the sole class of “residual interests” in REMIC II. An election will be made by the Certificate Administrator to treat the segregated pool of assets consisting of the REMIC II Regular Interests as a REMIC under the Code (such REMIC being herein designated as “REMIC III”). Such election will be made on Form 1066 or other appropriate federal tax or information return or any appropriate state return for the taxable year ending on the last day of the calendar year in which the REMIC III Interests are issuedLower-Tier REMIC. For purposes of such electionthe REMIC election in respect of the U-Haul Self Storage Trust Companion Loan REMIC, the Class X-0, Xxxxx X-0, Class A-AB, Class X-0, Xxxxx X-0, Class D, Class E, Class F and Class G Certificates, the EC Trust REMIC III Regular Interests, the Class H REMIC III Regular Interest and the Class X REMIC III Regular Interests UHP Certificates shall be designated as the “regular interests” in REMIC III, and the REMIC III Residual Interest (which shall be evidenced an uncertificated interest represented by the Class R Certificates) Certificates shall be designated as the sole class of “residual interests” in REMIC IIIthe U-Haul Self Storage Trust Companion Loan REMIC. The None of the Special Servicer, the Master Servicer nor the Trustee and the Certificate Administrator shall not permit the creation of any “interests” (within the meaning of Section 860G of the Code) in any of the Trust REMIC Pools other than the REMIC I Interests, the REMIC II Interests and the REMIC III Interestsforegoing interests.

REMIC Administration. (a) An election will be made by the Certificate Administrator Paying Agent on behalf of the Trustee to treat the segregated pool of assets consisting of the Mortgage Loans (other than Excess Interest payable thereon)Loans, such amounts with respect thereto as shall from time to time be held in the Collection Account, the Reserve Accounts Certificate Account and the Distribution Account (exclusive of the Excess Interest Sub-account)Account, the Insurance Policies and any related amounts in the REO Account and, to the extent of the Trust’s interest therein, any related REO Properties as a REMIC ("REMIC I") under the Code (such REMIC being herein designated as “REMIC I”)Code, other than any portion of the foregoing amounts allocable to a B Note or Serviced and Companion Loan. Such elections will be made on Form 1066 or other appropriate federal tax or information return or any appropriate state return for the taxable year ending on the last day of the calendar year in which the REMIC I Interests are issued. For purposes of such election, the REMIC I Regular Interests shall each be designated as the “a separate Class of "regular interests” " in REMIC I, I and the REMIC Class R-I Residual Interest (which shall be evidenced by the Class R Certificates) Certificates shall be designated as the sole class Class of “"residual interests” " in REMIC I. The Trustee and the Paying Agent shall not permit the creation of any "interests" (within the meaning of Section 860G of the Code) in any of the REMICs other than the REMIC I Regular Interests, the REMIC II Regular Interests, the REMIC III Regular Interests and the Residual Certificates. An election will be made by the Certificate Administrator Paying Agent to treat the segregated pool of assets consisting of the REMIC I Regular Interests as a REMIC ("REMIC II") under the Code (such REMIC being herein designated as “REMIC II”)Code. Such election will be made on Form 1066 or other appropriate federal tax or information return or any appropriate state return for the taxable year ending on the last day of the calendar year in which the REMIC II Interests are issued. For the purposes of such election, the REMIC II Regular Interests shall be designated as the “"regular interests” " in REMIC II, II and the REMIC Class R-II Residual Interest (which shall be evidenced by the Class R Certificates) Certificates shall be designated as the sole class Class of “the "residual interests” " in REMIC II. An election will be made by the Certificate Administrator Paying Agent to treat the segregated pool of assets consisting of the REMIC II Regular Interests as a REMIC ("REMIC III") under the Code (such REMIC being herein designated as “REMIC III”)Code. Such election will be made on Form 1066 or other appropriate federal tax or information return or any appropriate state return for the taxable year ending on the last day of the calendar year in which the REMIC III Interests Certificates are issued. For purposes of such election, the Class X-0, Xxxxx X-0A-1, Class A-ABA-2, Class X-0X-1 (each Class X-1 Certificate representing multiple "regular interests" in REMIC III, Xxxxx X-0as set forth in the Preliminary Statement), Class X-2 (each Class X-2 Certificate representing multiple "regular interests" in REMIC III, as set forth in the Preliminary Statement), Class B, Class C, Class D, Class E, Class F F, Class G, Class H, Class J, Class K, Class L, Class M, Class N and Class G Certificates, the EC Trust REMIC III Regular Interests, the Class H REMIC III Regular Interest and the Class X REMIC III Regular Interests O Certificates shall be designated as the “"regular interests” " in REMIC III, III and the REMIC Class R-III Residual Interest (which shall be evidenced by the Class R Certificates) Certificates shall be designated as the sole class Class of “"residual interests” " in REMIC III. The Trustee and the Certificate Administrator shall not permit the creation of any “interests” (within the meaning of Section 860G of the Code) in any of the REMIC Pools other than the REMIC I Interests, the REMIC II Interests and the REMIC III Interests.

REMIC Administration. (a) An election will be made by the Certificate Administrator on behalf of the Trustee to treat the segregated pool of assets consisting of the Mortgage Loans (other than Excess Interest payable thereon), such amounts with respect thereto as shall from time to time be held in the Collection Account, the Reserve Accounts and the Distribution Account (exclusive of the Excess Interest Sub-account), the Insurance Policies and any related amounts in the REO Account and, to the extent of the Trust’s interest therein, any related REO Properties as a REMIC under the Code (such REMIC being herein designated as “REMIC I”), other than any portion of the foregoing amounts allocable to a B Note or Serviced Companion Loan. Such elections will be made on Form 1066 or other appropriate federal tax or information return or any appropriate state return for the taxable year ending on the last day of the calendar year in which the REMIC I Interests are issued. For purposes of such election, the REMIC I Regular Interests shall be designated as the “regular interests” in REMIC I, and the REMIC I Residual Interest (which shall be evidenced by the Class R Certificates) shall be designated as the sole class of “residual interests” in REMIC I. An election will be made by the Certificate Administrator to treat the segregated pool of assets consisting of the REMIC I Regular Interests as a REMIC under the Code (such REMIC being herein designated as “REMIC II”). Such election will be made on Form 1066 or other appropriate federal tax or information return or any appropriate state return for the taxable year ending on the last day of the calendar year in which the REMIC II Interests are issued. For the purposes of such election, the REMIC II Regular Interests shall be designated as the “regular interests” in REMIC II, and the REMIC II Residual Interest (which shall be evidenced by the Class R Certificates) shall be designated as the sole class of “residual interests” in REMIC II. An election will be made by the Certificate Administrator to treat the segregated pool of assets consisting of the REMIC II Regular Interests as a REMIC under the Code (such REMIC being herein designated as “REMIC III”). Such election will be made on Form 1066 or other appropriate federal tax or information return or any appropriate state return for the taxable year ending on the last day of the calendar year in which the REMIC III Interests are issued. For purposes of such election, the Class X-0A-1, Class A-2, Class A-3, Xxxxx X-0, Class A-AB, Class X-0, Xxxxx X-0, Class Xlass D, Class E, Class F F, Class G and Class G H Certificates, the EC Trust REMIC III Regular Interests, the Class H J REMIC III Regular Interest and the Class X REMIC III Regular Interests shall be designated as the “regular interests” in REMIC III, and the REMIC III Residual Interest (which shall be evidenced by the Class R Certificates) shall be designated as the sole class of “residual interests” in REMIC III. The Trustee and the Certificate Administrator shall not permit the creation of any “interests” (within the meaning of Section 860G of the Code) in any of the REMIC Pools other than the REMIC I Interests, the REMIC II Interests and the REMIC III Interests.

REMIC Administration. (a) An election will be made by the Certificate Administrator Paying Agent on behalf of the Trustee to treat the segregated pool of assets consisting of the Majority Mortgage Loans (other than Excess Interest payable thereon)Loans, the Mall at Millenia Pari Passu Loan REMIC Regular Interest, such amounts with respect thereto related to the Majority Mortgage Loans as shall from time to time be held in the Collection Certificate Account and the Interest Reserve Account, such amounts related to the Majority Mortgage Loans and the Mall at Millenia Pari Passu Loan REMIC Regular Interest as shall from time to time be held in the Distribution Account, the Reserve Accounts and the Distribution Account (exclusive of the Excess Interest Sub-account), the related Insurance Policies and any related amounts in the REO Account and, to the extent of the Trust’s interest therein, any related REO Properties as a REMIC ("REMIC I") under the Code (such REMIC being herein designated as “REMIC I”)Code, other than any portion of the foregoing amounts allocable to a B Note or Serviced Companion Mortgage Loan. Such elections will be made on Form 1066 or other appropriate federal tax or information return or any appropriate state return for the taxable year ending on the last day of the calendar year in which the REMIC I Interests are issued. For purposes of such election, the REMIC I Regular Interests shall each be designated as the “a separate Class of "regular interests” " in REMIC I, I and the REMIC I Residual Interest (which shall be evidenced by the Class R Certificates) shall be designated as the sole class Class of “"residual interests” " in REMIC I. The Trustee shall not permit the creation of any "interests" (within the meaning of Section 860G of the Code) in any of the REMICs other than the REMIC I Regular Interests, the REMIC II Regular Interests, the REMIC III Regular Interests and the Residual Certificates. An election will be made by the Certificate Administrator Paying Agent to treat the segregated pool of assets consisting of the REMIC I Regular Interests as a REMIC ("REMIC II") under the Code (such REMIC being herein designated as “REMIC II”)Code. Such election will be made on Form 1066 or other appropriate federal tax or information return or any appropriate state return for the taxable year ending on the last day of the calendar year in which the REMIC II Interests are issued. For the purposes of such election, the REMIC II Regular Interests shall be designated as the “"regular interests” " in REMIC II, II and the REMIC Class R-II Residual Interest (which shall be evidenced by the Class R Certificates) Certificates shall be designated as the sole class Class of “the "residual interests” " in REMIC II. An election will be made by the Certificate Administrator Paying Agent to treat the segregated pool of assets consisting of the REMIC II Regular Interests as a REMIC ("REMIC III") under the Code (such REMIC being herein designated as “REMIC III”)Code. Such election will be made on Form 1066 or other appropriate federal tax or information return or any appropriate state return for the taxable year ending on the last day of the calendar year in which the REMIC III Interests Certificates are issued. For purposes of such election, the Class X-0, Xxxxx X-0A-1, Class A-ABA-2, Class X-0A-3, Xxxxx X-0Class A-4, Class A-5, Class A-6, Class A-7, Class X-1, Class X-2, Class B, Class C, Class D, Class E, Class F F, Class G, Class H, Class J, Class K, Class L, Class M, Class N, Class O, Class P and Class G Certificates, the EC Trust REMIC III Regular Interests, the Class H REMIC III Regular Interest and the Class X REMIC III Regular Interests Q Certificates shall be designated as the “"regular interests” " in REMIC III, III and the REMIC Class R-III Residual Interest (which shall be evidenced by the Class R Certificates) Certificates shall be designated as the sole class Class of “"residual interests” " in REMIC III. The Trustee and the Certificate Administrator Paying Agent shall not permit the creation of any “"interests” " (within the meaning of Section 860G of the Code) in any of the REMIC Pools other than the Mall at Millenia Pari Passu Loan REMIC Regular Interest, REMIC I Regular Interests, the REMIC II Regular Interests, the REMIC III Regular Interests and the REMIC III InterestsResidual Certificates.

REMIC Administration. (a) An The Trustee shall elect to treat each Trust REMIC as a REMIC under the Code and, if necessary, under applicable state law. Each such election will be made by the Certificate Administrator on behalf of the Trustee to treat the segregated pool of assets consisting of the Mortgage Loans (other than Excess Interest payable thereon), such amounts with respect thereto as shall from time to time be held in the Collection Account, the Reserve Accounts and the Distribution Account (exclusive of the Excess Interest Sub-account), the Insurance Policies and any related amounts in the REO Account and, to the extent of the Trust’s interest therein, any related REO Properties as a REMIC under the Code (such REMIC being herein designated as “REMIC I”), other than any portion of the foregoing amounts allocable to a B Note or Serviced Companion Loan. Such elections will be made on Form 1066 or other appropriate federal tax or information return or any appropriate state return for the taxable year ending on the last day of the calendar year in which the REMIC I Interests Certificates are issued. For the purposes of such electionthe REMIC election in respect of REMIC I, the REMIC I Regular Interests shall be designated as the “regular interests” Regular Interests in REMIC I, I and the REMIC Class R-I Residual Interest (which shall be evidenced by the Class R Certificates) shall be designated as the sole class of “residual interests” Residual Interest in REMIC I. An election will be made by the Certificate Administrator to treat the segregated pool of assets consisting of the REMIC I Regular Interests as a REMIC under the Code (such REMIC being herein designated as “REMIC II”). Such election will be made on Form 1066 or other appropriate federal tax or information return or any appropriate state return for the taxable year ending on the last day of the calendar year in which the REMIC II Interests are issued. For the purposes of such electionthe REMIC election in respect of REMIC II, the REMIC II Regular Interests shall be designated as the “regular interests” Regular Interests in REMIC II, II and the REMIC Class R-II Residual Interest (which shall be evidenced by the Class R Certificates) shall be designated as the sole class of “residual interests” Residual Interest in REMIC II. An election will be made by The Class A Certificates and the Certificate Administrator Mezzanine Certificates (other than the right to treat receive amounts from the segregated pool of assets consisting of Net WAC Rate Carryover Reserve Account or the REMIC II Regular Interests as a REMIC under Swap Account or the Code (such REMIC being herein designated as “REMIC III”obligation to make payments to the Swap Account). Such election will be made on Form 1066 or other appropriate federal tax or information return or any appropriate state return for the taxable year ending on the last day of the calendar year in which the REMIC III Interests are issued. For purposes of such election, the Class X-0, Xxxxx X-0, Class A-AB, Class X-0, Xxxxx X-0, Class D, Class E, Class F and Class G Certificates, the EC Trust REMIC III Regular InterestsCE-1 Interest, the Class H REMIC III Regular CE-2 Interest, the Class P Interest and the Class X REMIC III Regular Interests Swap-IO Interest shall be designated as the “regular interests” Regular Interests in REMIC III, III and the REMIC Class R-III Residual Interest (which shall be evidenced by the Class R Certificates) shall be designated as the sole class of “residual interests” Residual Interest in REMIC III. The Trustee Class CE-1 Certificates shall be designated as the Regular Interest in REMIC IV and the Certificate Administrator Class R-IV Interest shall be designated as the Residual Interest in REMIC IV. The Class P Certificates shall be designated as the Regular Interest in REMIC V and the Class R-V Interest shall be designated as the Residual Interest in REMIC V. REMIC VI Regular Interest Swap-IO shall be designated as the Regular Interest in REMIC VI and the Class R-VI Interest shall be designated as the Residual Interest in REMIC VI. The Class CE-2 Certificates shall be designated as the Regular Interest in REMIC VII and the Class R-VII Interest shall be designated as the Residual Interest in REMIC VII. The Trustee shall not permit the creation of any “"interests” " in any Trust REMIC (within the meaning of Section 860G of the Code) in any of the REMIC Pools other than the REMIC I Interests, the REMIC II Regular Interests and the REMIC III Interestsinterests represented by the Certificates.

REMIC Administration. (a) An election will be made by the Certificate Administrator on behalf of the Trustee to treat the segregated pool of assets consisting of the Mortgage Loans (other than Excess Interest payable thereon), such amounts with respect thereto as shall from time to time be held in the Collection Account, the Reserve Accounts and the Distribution Account (exclusive of the Excess Interest Sub-account), the Insurance Policies and any related amounts in the REO Account and, to the extent of the Trust’s interest therein, any related REO Properties as a REMIC under the Code (such REMIC being herein designated as “REMIC I”), other than any portion of the foregoing amounts allocable to a B Note or Serviced Companion Loan. Such elections will be made on Form 1066 or other appropriate federal tax or information return or any appropriate state return for the taxable year ending on the last day of the calendar year in which the REMIC I Interests are issued. For purposes of such election, the REMIC I Regular Interests shall be designated as the “regular interests” in REMIC I, and the REMIC I Residual Interest (which shall be evidenced by the Class R Certificates) shall be designated as the sole class of “residual interests” in REMIC I. An election will be made by the Certificate Administrator to treat the segregated pool of assets consisting of the REMIC I Regular Interests as a REMIC under the Code (such REMIC being herein designated as “REMIC II”). Such election will be made on Form 1066 or other appropriate federal tax or information return or any appropriate state return for the taxable year ending on the last day of the calendar year in which the REMIC II Interests are issued. For the purposes of such election, the REMIC II Regular Interests shall be designated as the “regular interests” in REMIC II, and the REMIC II Residual Interest (which shall be evidenced by the Class R Certificates) shall be designated as the sole class of “residual interests” in REMIC II. An election will be made by the Certificate Administrator to treat the segregated pool of assets consisting of the REMIC II Regular Interests as a REMIC under the Code (such REMIC being herein designated as “REMIC III”). Such election will be made on Form 1066 or other appropriate federal tax or information return or any appropriate state return for the taxable year ending on the last day of the calendar year in which the REMIC III Interests are issued. For purposes of such election, the Class X-0A-1, Xxxxx X-0Class A-2, Class A-3, Class A-4, Class A-ABJ, Class X-0B, Xxxxx X-0Class C, Class D, Class E, Class F and Class G Certificates, the EC Trust REMIC III Regular Interests, the Class H REMIC III Regular Interest and the Class X REMIC III Regular Interests shall be designated as the “regular interests” in REMIC III, and the REMIC III Residual Interest (which shall be evidenced by the Class R Certificates) shall be designated as the sole class of “residual interests” in REMIC III. The Trustee and the Certificate Administrator shall not permit the creation of any “interests” (within the meaning of Section 860G of the Code) in any of the REMIC Pools other than the REMIC I Interests, the REMIC II Interests and the REMIC III Interests.

REMIC Administration. (a) An election will be made by the Certificate Administrator Paying Agent on behalf of the Trustee to treat the segregated pool of assets consisting of the Mortgage Loans (other than Excess Interest payable thereon), such amounts with respect thereto as shall from time to time be held in the Collection a Certificate Account, the Reserve Accounts Account, the Interest Reserve Account and the Distribution Account (exclusive of the Excess Interest Sub-account), the Insurance Policies and any related amounts in the REO Account and, to the extent of the Trust’s interest therein, and any related REO Properties as a REMIC ("REMIC I") under the Code (such REMIC being herein designated as “REMIC I”)Code, other than any portion of the foregoing amounts allocable to a B Note or Serviced Companion Mortgage Loan. Such elections will be made on Form 1066 or other appropriate federal tax or information return or any appropriate state return for the taxable year ending on the last day of the calendar year in which the REMIC I Interests are issued. For purposes of such election, the REMIC I Regular Interests shall each be designated as the “a separate Class of "regular interests” " in REMIC I, I and the REMIC Class R-I Residual Interest (which shall be evidenced by the Class R Certificates) Certificates shall be designated as the sole class Class of “"residual interests” " in REMIC I. An election will be made by the Certificate Administrator Paying Agent to treat the segregated pool of assets consisting of the REMIC I Regular Interests as a REMIC ("REMIC II") under the Code (such REMIC being herein designated as “REMIC II”)Code. Such election will be made on Form 1066 or other appropriate federal tax or information return or any appropriate state return for the taxable year ending on the last day of the calendar year in which the REMIC II Interests are issued. For the purposes of such election, the REMIC II Regular Interests shall be designated as the “"regular interests” " in REMIC II, II and the REMIC Class R-II Residual Interest (which shall be evidenced by the Class R Certificates) Certificates shall be designated as the sole class Class of “the "residual interests” " in REMIC II. An election will be made by the Certificate Administrator Paying Agent to treat the segregated pool of assets consisting of the REMIC II Regular Interests as a REMIC ("REMIC III") under the Code (such REMIC being herein designated as “REMIC III”)Code. Such election will be made on Form 1066 or other appropriate federal tax or information return or any appropriate state return for the taxable year ending on the last day of the calendar year in which the REMIC III Interests Certificates are issued. For purposes of such election, the Class X-0A-1, Class X-0X, Xxxxx X-0X-0X, Xxxxx X-0X, Class A-AB, Class X-0A-3, Class X-0X, Xxxxx X-0X-0X, Xxxxx X-X, Class X-1, Class X-2, Class B, Class C, Class D, Class E, Class F F, Class G, Class H, Class J, Class K, Class L, Class M, Class N, Class O, Class P, Class Q and Class G Certificates, the EC Trust REMIC III Regular Interests, the Class H REMIC III Regular Interest and the Class X REMIC III Regular Interests S Certificates shall be designated as the “"regular interests” " in REMIC III, III and the REMIC Class R-III Residual Interest (which shall be evidenced by the Class R Certificates) Certificates shall be designated as the sole class Class of “"residual interests” " in REMIC III. The Trustee and the Certificate Administrator Paying Agent shall not permit the creation of any “"interests” " (within the meaning of Section 860G of the Code) in any of the REMIC Pools other than the REMIC I Regular Interests, the REMIC II Regular Interests, the REMIC III Regular Interests and the REMIC III InterestsResidual Certificates.

REMIC Administration. (a) An election will be made by the Certificate Administrator on behalf of the The Trustee shall elect to treat the segregated pool of assets consisting of the Mortgage Loans (other than Excess Interest payable thereon), such amounts with respect thereto as shall from time to time be held in the Collection Account, the Reserve Accounts and the Distribution Account (exclusive of the Excess Interest Sub-account), the Insurance Policies and any related amounts in the REO Account and, to the extent of the Trust’s interest therein, any related REO Properties each Trust REMIC as a REMIC under the Code (and, if necessary, under applicable state law. Each such REMIC being herein designated as “REMIC I”), other than any portion of the foregoing amounts allocable to a B Note or Serviced Companion Loan. Such elections will election shall be made by the Trustee on Form 1066 or other appropriate federal tax or information return or any appropriate state return for the taxable year ending on the last day of the calendar year in which the REMIC I Interests Certificates are issued. For the purposes of such electionthe REMIC election in respect of REMIC I, (i) the REMIC I Regular Interests shall be designated as the “regular interests” Regular Interests in REMIC I, I and the REMIC Class R-I Residual Interest (which shall be evidenced by the Class R Certificates) shall be designated as the sole class of “residual interests” Residual Interest in REMIC I. An election will be made by the Certificate Administrator to treat the segregated pool of assets consisting of the REMIC I Regular Interests as a REMIC under the Code I, (such REMIC being herein designated as “REMIC II”). Such election will be made on Form 1066 or other appropriate federal tax or information return or any appropriate state return for the taxable year ending on the last day of the calendar year in which the REMIC II Interests are issued. For the purposes of such election, ii) the REMIC II Regular Interests shall be designated as the “regular interests” Regular Interests in REMIC II, II and the REMIC Class R-II Residual Interest (which shall be evidenced by the Class R Certificates) shall be designated as the sole class of “residual interests” Residual Interest in REMIC II. An election will be made by , (iii) the Certificate Administrator to treat Class A Certificates, the segregated pool of assets consisting Mezzanine Certificates (exclusive of the REMIC II Regular Interests as a REMIC under right to receive payments from the Code (such REMIC being herein designated as “REMIC III”Net WAC Carryover Reserve Account or the Swap Account or the obligation to make payments to the Swap Account). Such election will be made on Form 1066 or other appropriate federal tax or information return or any appropriate state return for the taxable year ending on the last day of the calendar year in which the REMIC III Interests are issued. For purposes of such election, the Class X-0, Xxxxx X-0, Class ASWAP-AB, Class X-0, Xxxxx X-0, Class D, Class E, Class F and Class G Certificates, the EC Trust REMIC III Regular InterestsIO Interest, the Class H REMIC III Regular CE Interest and the Class X REMIC III Regular Interests P Interest shall be designated as the “regular interests” Regular Interests in REMIC III, III and the REMIC Class R-III Residual Interest (which shall be evidenced by the Class R Certificates) shall be designated as the sole class of “residual interests” Residual Interest in REMIC III, (v) the Class CE Certificates shall be designated as the Regular Interests in REMIC IV and the Class R-IV Interest shall be designated as the Residual Interest in REMIC IV, (vi) the Class P Certificates shall be designated as the Regular Interests in REMIC V and the Class R-V Interest shall be designated as the Residual Interest in REMIC V and (vii) REMIC VI Regular Interest SWAP-IO shall be designated as the Regular Interests in REMIC VI and the Class R-VI Interest shall be designated as the Residual Interest in REMIC VI. The Trustee and the Certificate Administrator shall not permit the creation of any “interests” in any Trust REMIC (within the meaning of Section 860G of the Code) in any of the REMIC Pools other than the REMIC I Regular Interests, the REMIC II Interests Regular Interests, the Class CE Interest, the Class P Interest, the Class SWAP-IO Interest and the REMIC III Interestsinterests represented by the Certificates.

REMIC Administration. (a) An The Trustee shall elect to treat each Trust REMIC as a REMIC under the Code and, if necessary, under applicable state law. Each such election will be made by the Certificate Administrator on behalf of the Trustee to treat the segregated pool of assets consisting of the Mortgage Loans (other than Excess Interest payable thereon), such amounts with respect thereto as shall from time to time be held in the Collection Account, the Reserve Accounts and the Distribution Account (exclusive of the Excess Interest Sub-account), the Insurance Policies and any related amounts in the REO Account and, to the extent of the Trust’s interest therein, any related REO Properties as a REMIC under the Code (such REMIC being herein designated as “REMIC I”), other than any portion of the foregoing amounts allocable to a B Note or Serviced Companion Loan. Such elections will be made on Form 1066 or other appropriate federal tax or information return or any appropriate state return for the taxable year ending on the last day of the calendar year in which the REMIC I Interests Certificates are issued. For the purposes of such electionthe REMIC election in respect of REMIC I, the REMIC I Regular Interests shall be designated as the “regular interests” Regular Interests in REMIC I, I and the REMIC Class R-I Residual Interest (which shall be evidenced by the Class R Certificates) shall be designated as the sole class of “residual interests” Residual Interest in REMIC I. An election will be made by the Certificate Administrator to treat the segregated pool of assets consisting of the REMIC I Regular Interests as a REMIC under the Code (such REMIC being herein designated as “REMIC II”). Such election will be made on Form 1066 or other appropriate federal tax or information return or any appropriate state return for the taxable year ending on the last day of the calendar year in which the REMIC II Interests are issued. For the purposes of such electionThe Class A Certificates, the REMIC II Regular Interests Class M-1 Certificates, the Class M-2 Interest, the Class M-3 Interest, the Class M-4 Interest, the Class M-5 Interest, the Class CE Interest and the Class P Interest shall be designated as the “regular interests” Regular Interests in REMIC II, II and the REMIC Class R-II Residual Interest (which shall be evidenced by the Class R Certificates) shall be designated as the sole class of “residual interests” Residual Interest in REMIC II. An election will be made by the Certificate Administrator to treat the segregated pool of assets consisting of the REMIC II Regular Interests as a REMIC under the Code (such REMIC being herein designated as “REMIC III”). Such election will be made on Form 1066 or other appropriate federal tax or information return or any appropriate state return for the taxable year ending on the last day of the calendar year in which the REMIC III Interests are issued. For purposes of such election, the The Class X-0, Xxxxx X-0, Class A-AB, Class X-0, Xxxxx X-0, Class D, Class E, Class F and Class G Certificates, the EC Trust REMIC III Regular Interests, the Class H REMIC III Regular Interest and the Class X REMIC III Regular Interests M-2 Certificates shall be designated as the “regular interests” Regular Interests in REMIC III, III and the REMIC Class R-III Residual Interest (which shall be evidenced by the Class R Certificates) shall be designated as the sole class of “residual interests” Residual Interest in REMIC III. The Trustee Class M-3 Certificates shall be designated as the Regular Interests in REMIC VI and the Certificate Administrator Class R-VI Interest shall not be designated as the Residual Interest in REMIC VI. The Class M-4 Certificates shall be designated as the Regular Interests in REMIC V and the Class R-V Interest shall be designated as the Residual Interest in REMIC V. The Class M-5 Certificates shall be designated as the Regular Interests in REMIC VI and the Class R-VI Interest shall be designated as the Residual Interest in REMIC VI. The Class CE Certificates shall be designated as the Regular Interests in REMIC VII and the Class R-VII Interest shall be designated as the Residual Interest in REMIC VII. The Class P Certificates shall be designated as the Regular Interests in REMIC VIII and the Class R-VIII Interest shall be designated as the Residual Interest in REMIC VIII. The Trustee shall permit the creation of any “"interests” " in any Trust REMIC (within the meaning of Section 860G of the Code) in any of the REMIC Pools other than the REMIC I Interests, the REMIC II Regular Interests and the REMIC III Interestsinterests represented by the Certificates.

REMIC Administration. (a) An election will The Paying Agent shall make elections or cause elections to be made by the Certificate Administrator on behalf to treat each of the Trustee to treat the segregated pool of assets consisting of the Mortgage Loans (other than Excess Interest payable thereon), such amounts with respect thereto as shall from time to time be held in the Collection AccountLoan REMIC, the Reserve Accounts Lower-Tier REMIC and the Distribution Account (exclusive of the Excess Interest SubUpper-account), the Insurance Policies and any related amounts in the REO Account and, to the extent of the Trust’s interest therein, any related REO Properties Tier REMIC as a REMIC under the Code (and, if necessary, under Applicable State and Local Tax Law. Each such REMIC being herein designated as “REMIC I”), other than any portion of the foregoing amounts allocable to a B Note or Serviced Companion Loan. Such elections election will be made on Form 1066 or other appropriate federal tax or information return or any appropriate state return for the taxable year ending on the last day of the calendar year in which the REMIC I Uncertificated Lower-Tier Interests and the Certificates are issued. For the purposes of such election, the REMIC I election in respect of the Upper-Tier REMIC, each Class of the Regular Interests Certificates and the Class PS Certificates shall be designated as the “"regular interests” " (in REMIC Ithe case of the Class NR Certificates, exclusive of the portion thereof, representing the right to Excess Interest and Amounts in the REMIC I Residual Excess Interest (which shall be evidenced by Distribution Account) and the Class R Certificates) Certificates shall be designated as the sole class of “"residual interests” " in REMIC I. An election will be made by the Certificate Administrator to treat the segregated pool of assets consisting Upper-Tier REMIC. For purposes of the REMIC I Regular Interests as a REMIC under the Code (such REMIC being herein designated as “REMIC II”). Such election will be made on Form 1066 or other appropriate federal tax or information return or any appropriate state return for the taxable year ending on the last day in respect of the calendar year in which the REMIC II Interests are issued. For the purposes Lower-Tier REMIC, each Class of such election, the REMIC II Regular Uncertificated Lower-Tier Interests shall be designated as the “"regular interests” in REMIC II, " and the REMIC II Residual Interest (which shall be evidenced by the Class R Certificates) LR Certificates shall be designated as the sole class of “"residual interests” " in REMIC II. An election will be made by the Certificate Administrator to treat the segregated pool of assets consisting of the REMIC II Regular Interests as a REMIC under the Code (such REMIC being herein designated as “REMIC III”). Such election will be made on Form 1066 or other appropriate federal tax or information return or any appropriate state return for the taxable year ending on the last day of the calendar year in which the REMIC III Interests are issuedLower-Tier REMIC. For purposes of such electionthe REMIC election in respect of the Loan REMIC, the each Class X-0, Xxxxx X-0, Class A-AB, Class X-0, Xxxxx X-0, Class D, Class E, Class F and Class G Certificates, the EC Trust of Loan REMIC III Regular Interests, the Class H REMIC III Regular Interest and the Class X REMIC III Regular Interests shall be designated as the “"regular interests” in REMIC III, " and the Loan REMIC III Residual Interest (which shall be evidenced Interest, represented by the Class R LR Certificates) , shall be designated as the sole class of “"residual interests” " in REMIC IIIthe Loan REMIC. The None of the Special Servicer, the Servicer, the Paying Agent nor the Trustee and the Certificate Administrator shall not permit the creation of any “"interests” " (within the meaning of Section 860G of the Code) in any of the Loan REMIC, the Lower-Tier REMIC Pools or the Upper-Tier REMIC other than the REMIC I Interests, the REMIC II Interests and the REMIC III Interestsforegoing interests.

REMIC Administration. (a) An election will be made by the Certificate Administrator on behalf of the Trustee to treat the segregated pool of assets consisting of the Mortgage Loans (other than Excess Interest payable thereon), such amounts with respect thereto REMIC elections as shall from time to time be held set forth in the Collection Account, the Reserve Accounts and the Distribution Account (exclusive of the Excess Interest Sub-account), the Insurance Policies and any related amounts in the REO Account and, to the extent of the Trust’s interest therein, any related REO Properties as a REMIC under the Code (such REMIC being herein designated as “REMIC I”), other than any portion of the foregoing amounts allocable to a B Note or Serviced Companion Loan. Such elections will Preliminary Statement shall be made on Form Forms 1066 or other appropriate federal tax or information return or any appropriate state return for the taxable year ending on the last day of the calendar year in which the REMIC I Interests Certificates are issued. The regular interests and residual interest in each REMIC shall be as designated in the Preliminary Statement. For purposes of such electiondesignations, the REMIC I Regular Interests interest rate of any regular interest that is computed by taking into account the weighted average of the Net Mortgage Rates of the Mortgage Loans shall be reduced by the amount of any expense paid by the Trust to the extent that (i) such expense was not taken into account in computing the Net Mortgage Rate of any Mortgage Loan, (ii) such expense does not constitute an “unanticipated expense” of a REMIC within the meaning of Treasury Regulation Section 1.860G-1(b)(3)(ii) and (iii) the amount of such expense was not taken into account in computing the interest rate of a more junior Class of regular interests. The Closing Date is hereby designated as the “regular interestsStartup Day” of each REMIC within the meaning of section 860G(a)(9) of the Code. The latest possible maturity date for purposes of Treasury Regulation 1.860G-1(a)(4) will be the Latest Possible Maturity Date. The Securities Administrator shall pay any and all tax related expenses (not including taxes) of each REMIC, including but not limited to any professional fees or expenses related to audits or any administrative or judicial proceedings with respect to such REMIC that involve the Internal Revenue Service or state tax authorities, but only to the extent that (i) such expenses are ordinary or routine expenses, including expenses of a routine audit but not expenses of litigation (except as described in REMIC I(ii)); or (ii) such expenses or liabilities (including taxes and penalties) are attributable to the negligence or willful misconduct of the Securities Administrator in fulfilling its duties hereunder (including its duties as tax return preparer). The Securities Administrator shall be entitled to reimbursement of expenses to the extent provided in clause (i) above from the Securities Administration Account, provided, however, the Securities Administrator shall not be entitled to reimbursement for expenses incurred in connection with the preparation of tax returns and other reports as required by this Agreement. The Securities Administrator shall prepare, the Trustee shall sign and the REMIC I Residual Interest (which Securities Administrator shall file, all of each REMIC’s federal and appropriate state tax and information returns as such REMIC’s direct representative. The expenses of preparing and filing such returns shall be evidenced borne by the Class R Certificates) Securities Administrator. The Securities Administrator or its designee shall be designated as perform on behalf of each REMIC all reporting and other tax compliance duties that are the sole class responsibility of “residual interests” in such REMIC I. An election will be made under the Code, the REMIC Provisions, or other compliance guidance issued by the Internal Revenue Service or any state or local taxing authority. Among its other duties, if required by the Code, the REMIC Provisions, or other such guidance, the Securities Administrator shall provide (i) to the Treasury or other governmental authority such information as is necessary for the application of any tax relating to the transfer of a Residual Certificate Administrator to treat the segregated pool of assets consisting any disqualified person or organization pursuant to Treasury Regulation 1.860E-2(a)(5) and any person designated in Section 860E(e)(3) of the Code and (ii) to the Trustee such information as is necessary for the Trustee to provide to the Certificateholders such information or reports as are required by the Code or REMIC I Regular Interests Provisions. The Trustee, the Securities Administrator, the Master Servicer and the Holders of Certificates shall take any action or cause any REMIC to take any action necessary to create or maintain the status of any REMIC as a REMIC under the Code REMIC Provisions and shall assist each other as necessary to create or maintain such status. None of the Trustee, the Securities Administrator, the Master Servicer and the Holder of any Residual Certificate shall knowingly take any action, cause any REMIC to take any action or fail to take (or fail to cause to be taken) any action that, under the REMIC Provisions, if taken or not taken, as the case may be, could result in an Adverse REMIC Event unless the Trustee, the Securities Administrator and the Master Servicer have received an Opinion of Counsel addressed to the Trustee (at the expense of the party seeking to take such action) to the effect that the contemplated action will not result in an Adverse REMIC Event. In addition, prior to taking any action with respect to any REMIC or the assets therein, or causing any REMIC to take any action, which is not expressly permitted under the terms of this Agreement, any Holder of a Residual Certificate will consult with the Trustee, the Securities Administrator, the Master Servicer or their respective designees, in writing, with respect to whether such action could cause an Adverse REMIC Event to occur with respect to any REMIC, and no such Person shall take any such action or cause any REMIC to take any such action as to which the Trustee, the Securities Administrator or the Master Servicer has advised it in writing that an Adverse REMIC Event could occur. Each Holder of a Residual Certificate shall pay when due any and all taxes imposed on the related REMIC by federal or state governmental authorities. To the extent that such taxes are not paid by a Residual Certificateholder, the Trustee shall pay any remaining REMIC taxes out of current or future amounts otherwise distributable to the Holder of the Residual Certificate in any such REMIC being herein designated or, if no such amounts are available, out of other amounts held in the Collection Account, and shall reduce amounts otherwise payable to holders of regular interests in any such REMIC, as “the case may be. The Securities Administrator shall, for federal income tax purposes, maintain books and records with respect to each REMIC II”)on a calendar year and on an accrual basis. Such election will No additional contributions of assets after the Startup Day shall be made on Form 1066 to any REMIC, except as expressly provided in this Agreement. Neither the Securities Administrator nor the Master Servicer shall enter into any arrangement by which any REMIC will receive a fee or other appropriate federal tax compensation for services. On or information return or any appropriate state return for the taxable year ending on the last day before October 15 of the each calendar year beginning in which the REMIC II Interests are issued. For the purposes of such election2006, the REMIC II Regular Interests shall be designated as the “regular interests” in REMIC II, and the REMIC II Residual Interest (which shall be evidenced by the Class R Certificates) shall be designated as the sole class of “residual interests” in REMIC II. An election will be made by the Certificate Administrator to treat the segregated pool of assets consisting of the REMIC II Regular Interests as a REMIC under the Code (such REMIC being herein designated as “REMIC III”). Such election will be made on Form 1066 or other appropriate federal tax or information return or any appropriate state return for the taxable year ending on the last day of the calendar year in which the REMIC III Interests are issued. For purposes of such election, the Class X-0, Xxxxx X-0, Class A-AB, Class X-0, Xxxxx X-0, Class D, Class E, Class F and Class G Certificates, the EC Trust REMIC III Regular Interests, the Class H REMIC III Regular Interest and the Class X REMIC III Regular Interests shall be designated as the “regular interests” in REMIC III, and the REMIC III Residual Interest (which shall be evidenced by the Class R Certificates) shall be designated as the sole class of “residual interests” in REMIC III. The Trustee and the Certificate Securities Administrator shall not permit deliver to the creation of Trustee an Officer’s Certificate stating, without regard to any “interests” (within the meaning of Section 860G of the Code) in actions taken by any of the REMIC Pools party other than the REMIC I InterestsSecurities Administrator, the REMIC II Interests Securities Administrator’s compliance with provisions of this Section 11.01. Notwithstanding the priority and sources of payments set forth in Article VI hereof or otherwise, the REMIC III InterestsSecurities Administrator shall account for all distributions on the Certificates as set forth in this Section 11.01.

REMIC Administration. (a) An election will be made by the Certificate Administrator Paying Agent on behalf of the Trustee to treat the segregated pool of assets consisting of the Mortgage Loans (other than Excess Interest payable thereon)Loans, such amounts with respect thereto as shall from time to time be held in the Collection Account, the Reserve Accounts Certificate Account and the Distribution Account (exclusive of the Excess Interest Sub-account)Account, the Insurance Policies and any related amounts in the REO Account and, to the extent of the Trust’s interest therein, any related REO Properties as a REMIC ("REMIC I") under the Code (such REMIC being herein designated as “REMIC I”)Code, other than any portion of the foregoing amounts allocable to a B Note or Serviced Companion Mortgage Loan. Such elections will be made on Form 1066 or other appropriate federal tax or information return or any appropriate state return for the taxable year ending on the last day of the calendar year in which the REMIC I Interests are issued. For purposes of such election, the REMIC I Regular Interests shall each be designated as the “a separate Class of "regular interests” " in REMIC I, I and the REMIC Class R-I Residual Interest (which shall be evidenced by the Class R Certificates) Certificates shall be designated as the sole class Class of “"residual interests” " in REMIC I. The Trustee and the Paying Agent shall not permit the creation of any "interests" (within the meaning of Section 860G of the Code) in any of the REMIC Pools other than the REMIC I Regular Interests, the REMIC II Regular Interests, the REMIC III Regular Interests and the Residual Certificates. An election will be made by the Certificate Administrator Paying Agent to treat the segregated pool of assets consisting of the REMIC I Regular Interests as a REMIC ("REMIC II") under the Code (such REMIC being herein designated as “REMIC II”)Code. Such election will be made on Form 1066 or other appropriate federal tax or information return or any appropriate state return for the taxable year ending on the last day of the calendar year in which the REMIC II Interests are issued. For the purposes of such election, the REMIC II Regular Interests shall be designated as the “"regular interests” " in REMIC II, II and the REMIC Class R-II Residual Interest (which shall be evidenced by the Class R Certificates) Certificates shall be designated as the sole class Class of “the "residual interests” " in REMIC II. An election will be made by the Certificate Administrator Paying Agent to treat the segregated pool of assets consisting of the REMIC II Regular Interests as a REMIC ("REMIC III") under the Code (such REMIC being herein designated as “REMIC III”)Code. Such election will be made on Form 1066 or other appropriate federal tax or information return or any appropriate state return for the taxable year ending on the last day of the calendar year in which the REMIC III Interests Certificates are issued. For purposes of such election, the Class X-0, Xxxxx X-0A-1, Class A-ABA-2, Class X-0A-3, Xxxxx X-0Class A-4, Class X-1 (each Class X-1 Certificate representing multiple "regular interests" in REMIC III, as set forth in the Preliminary Statement), Class X-2 (each Class X-2 Certificate representing multiple "regular interests" in REMIC III, as set forth in the Preliminary Statement), Class B, Class C, Class D, Class E, Class F F, Class G, Class H, Class J, Class K, Class L, Class M, Class N and Class G Certificates, the EC Trust REMIC III Regular Interests, the Class H REMIC III Regular Interest and the Class X REMIC III Regular Interests O Certificates shall be designated as the “"regular interests” " in REMIC III, III and the REMIC Class R-III Residual Interest (which shall be evidenced by the Class R Certificates) Certificates shall be designated as the sole class Class of “"residual interests” " in REMIC III. The Trustee and the Certificate Administrator shall not permit the creation of any “interests” (within the meaning of Section 860G of the Code) in any of the REMIC Pools other than the REMIC I Interests, the REMIC II Interests and the REMIC III Interests.

REMIC Administration. (a) An The Trustee shall elect to treat each REMIC created hereunder as a REMIC under the Code and, if necessary, under applicable state law. Such election will be made by the Certificate Trust Administrator on behalf of the Trustee to treat the segregated pool of assets consisting of the Mortgage Loans (other than Excess Interest payable thereon), such amounts with respect thereto as shall from time to time be held in the Collection Account, the Reserve Accounts and the Distribution Account (exclusive of the Excess Interest Sub-account), the Insurance Policies and any related amounts in the REO Account and, to the extent of the Trust’s interest therein, any related REO Properties as a REMIC under the Code (such REMIC being herein designated as “REMIC I”), other than any portion of the foregoing amounts allocable to a B Note or Serviced Companion Loan. Such elections will be made on Form 1066 or other appropriate federal tax or information return or any appropriate state return for the taxable year ending on the last day of the calendar year in which the REMIC I Interests Certificates are issued. For the purposes of such electionthe REMIC election in respect of REMIC I-A, the REMIC I I-A Regular Interests shall be designated as the “regular interests” Regular Interests in REMIC I, -A and the REMIC I Residual Class R-IA Interest (which shall be evidenced by designated as the Residual Interests in REMIC I-A. For the purposes of the REMIC election in respect of REMIC I-B, the Group I Certificates (other than the Class I-R Certificates) shall be designated as the sole class Regular Interests in REMIC I-B and the Class R-IB Interest shall be designated as the Residual Interest in REMIC I-B. Neither the Trustee nor the Trust Administrator shall permit the creation of any “residual interests” in REMIC I. An I-A or REMIC I-B (within the meaning of Section 860G of the Code) other than the REMIC I-A Regular Interests and the Group I Certificates. For the purposes of the REMIC election in respect of REMIC II, the REMIC II Regular Interests shall be designated as the Regular Interests in REMIC II and the Class II-R Certificates shall be designated as the Residual Interests in REMIC II. Neither the Trustee nor the Trust Administrator shall permit the creation of any “interests” in REMIC II (within the meaning of Section 860G of the Code) other than the REMIC II Regular Interests and the Group II Certificates. The Trustee shall elect to treat each REMIC created hereunder as a REMIC under the Code and, if necessary, under applicable state law. Such election will be made by the Certificate Trust Administrator to treat the segregated pool of assets consisting on behalf of the REMIC I Regular Interests as a REMIC under the Code (such REMIC being herein designated as “REMIC II”). Such election will be made Trustee on Form 1066 or other appropriate federal tax or information return or any appropriate state return for the taxable year ending on the last day of the calendar year in which the REMIC II Interests Certificates are issued. For the purposes of such election, the REMIC II Regular Interests shall be designated as the “regular interests” in REMIC II, and the REMIC II Residual Interest (which shall be evidenced by the Class R Certificates) shall be designated as the sole class of “residual interests” in REMIC II. An election will be made by the Certificate Administrator to treat the segregated pool of assets consisting of the REMIC II Regular Interests as a REMIC under the Code (such REMIC being herein designated as “REMIC III”). Such election will be made on Form 1066 or other appropriate federal tax or information return or any appropriate state return for the taxable year ending on the last day of the calendar year in which the REMIC III Interests are issued. For purposes of such election, the Class X-0, Xxxxx X-0, Class A-AB, Class X-0, Xxxxx X-0, Class D, Class E, Class F and Class G Certificates, the EC Trust REMIC III Regular Interests, the Class H REMIC III Regular Interest and the Class X REMIC III Regular Interests shall be designated as the “regular interests” in REMIC III, and the REMIC III Residual Interest (which shall be evidenced by the Class R Certificates) shall be designated as the sole class of “residual interests” in REMIC III. The Trustee and the Certificate Administrator shall not permit the creation of any “interests” (within the meaning of Section 860G of the Code) in any of the REMIC Pools other than the REMIC I Interests, the REMIC II Interests and the REMIC III Interests.

REMIC Administration. (a) An election will be made by the Certificate Administrator on behalf of the Trustee to treat the segregated pool of assets consisting of the Mortgage Loans (other than Excess Interest payable thereon), such amounts with respect thereto as shall from time to time be held in the Collection Account, the Reserve Accounts and the Distribution Account (exclusive of the Excess Interest Sub-account), the Insurance Policies and any related amounts in the REO Account and, to the extent of the Trust’s interest therein, any related REO Properties as a REMIC under the Code (such REMIC being herein designated as “REMIC I”), other than any portion of the foregoing amounts allocable to a B Note or Serviced Companion Loan. Such elections will be made on Form 1066 or other appropriate federal tax or information return or any appropriate state return for the taxable year ending on the last day of the calendar year in which the REMIC I Interests are issued. For purposes of such election, the REMIC I Regular Interests shall be designated as the “regular interests” in REMIC I, and the REMIC I Residual Interest (which shall be evidenced by the Class R Certificates) shall be designated as the sole class of “residual interests” in REMIC I. An election will be made by the Certificate Administrator to treat the segregated pool of assets consisting of the REMIC I Regular Interests as a REMIC under the Code (such REMIC being herein designated as “REMIC II”). Such election will be made on Form 1066 or other appropriate federal tax or information return or any appropriate state return for the taxable year ending on the last day of the calendar year in which the REMIC II Interests are issued. For the purposes of such election, the REMIC II Regular Interests shall be designated as the “regular interests” in REMIC II, and the REMIC II Residual Interest (which shall be evidenced by the Class R Certificates) shall be designated as the sole class of “residual interests” in REMIC II. An election will be made by the Certificate Administrator to treat the segregated pool of assets consisting of the REMIC II Regular Interests as a REMIC under the Code (such REMIC being herein designated as “REMIC III”). Such election will be made on Form 1066 or other appropriate federal tax or information return or any appropriate state return for the taxable year ending on the last day of the calendar year in which the REMIC III Interests are issued. For purposes of such election, the Class X-0, Xxxxx X-0, Class A-ABSB, Class X-0, Xxxxx X-0, Class D, Class E, Class F F, Class G, Class H and Class G J Certificates, the EC Trust REMIC XX XXXXX III Regular Interests, the Class H REMIC III Regular Interest Interests and the Class X REMIC III Regular Interests shall be designated as the “regular interests” in REMIC III, and the REMIC III Residual Interest (which shall be evidenced by the Class R Certificates) shall be designated as the sole class of “residual interests” in REMIC III. The Trustee and the Certificate Administrator shall not permit the creation of any “interests” (within the meaning of Section 860G of the Code) in any of the REMIC Pools other than the REMIC I Interests, the REMIC II Interests and the REMIC III Interests.

REMIC Administration. (a) An election will be made by the Certificate Administrator Paying Agent on behalf of the Trustee to treat the segregated pool of assets consisting of the Mortgage Loans (other than Excess Interest payable thereon), such amounts with respect thereto as shall from time to time be held in the Collection Certificate Account, the Interest Reserve Account, the Reserve Accounts Account and the Distribution Account (exclusive of the Excess Interest Sub-account), the Insurance Policies and any related amounts in the REO Account and, to the extent of the Trust’s interest therein, and any related REO Properties as a REMIC ("REMIC I") under the Code (such REMIC being herein designated as “REMIC I”)Code, other than any portion of the foregoing amounts allocable to a B Note or Serviced Companion Mortgage Loan. Such elections will be made on Form 1066 or other appropriate federal tax or information return or any appropriate state return for the taxable year ending on the last day of the calendar year in which the REMIC I Interests are issued. For purposes of such election, the REMIC I Regular Interests shall each be designated as the “a separate Class of "regular interests” " in REMIC I, I and the REMIC Class R-I Residual Interest (which shall be evidenced by the Class R Certificates) Certificates shall be designated as the sole class Class of “"residual interests” " in REMIC I. An election will be made by the Certificate Administrator Paying Agent to treat the segregated pool of assets consisting of the REMIC I Regular Interests as a REMIC ("REMIC II") under the Code (such REMIC being herein designated as “REMIC II”)Code. Such election will be made on Form 1066 or other appropriate federal tax or information return or any appropriate state return for the taxable year ending on the last day of the calendar year in which the REMIC II Interests are issued. For the purposes of such election, the REMIC II Regular Interests shall be designated as the “"regular interests” " in REMIC II, II and the REMIC Class R-II Residual Interest (which shall be evidenced by the Class R Certificates) Certificates shall be designated as the sole class Class of “the "residual interests” " in REMIC II. An election will be made by the Certificate Administrator Paying Agent to treat the segregated pool of assets consisting of the REMIC II Regular Interests as a REMIC ("REMIC III") under the Code (such REMIC being herein designated as “REMIC III”)Code. Such election will be made on Form 1066 or other appropriate federal tax or information return or any appropriate state return for the taxable year ending on the last day of the calendar year in which the REMIC III Interests Certificates and Class A-4FL Certificates are issued. For purposes of such election, the Class X-0A-1, Xxxxx X-0Class A-2, Class A-3, Class A-AB, Class X-0A-4, Class A-J, Class X, Class B, Claxx X, Xxxxx X-0, Class DX, Class E, Class F F, Class G, Class H, Class J, Class K, Class L, Class M, Class N, Class O and Class G Certificates, the EC Trust REMIC III Regular Interests, P Certificates (but other than the Class H REMIC III Regular Interest P Grantor Trust Interest) and the Class X REMIC III A-4FL Regular Interests Interest shall be designated as the “"regular interests” " in REMIC III, III and the REMIC Class R-III Residual Interest (which shall be evidenced by the Class R Certificates) Certificates shall be designated as the sole class Class of “"residual interests” " in REMIC III. The Trustee and the Certificate Administrator Paying Agent shall not permit the creation of any “"interests” " (within the meaning of Section 860G of the Code) in any of the REMIC Pools other than the REMIC I Regular Interests, the REMIC II Regular Interests, the REMIC III Regular Interests and the REMIC III InterestsResidual Certificates.

REMIC Administration. (a) An The Trustee shall elect to treat each REMIC created hereunder as a REMIC under the Code and, if necessary, under applicable state law. Such election will be made by the Certificate Trust Administrator on behalf of the Trustee to treat the segregated pool of assets consisting of the Mortgage Loans (other than Excess Interest payable thereon), such amounts with respect thereto as shall from time to time be held in the Collection Account, the Reserve Accounts and the Distribution Account (exclusive of the Excess Interest Sub-account), the Insurance Policies and any related amounts in the REO Account and, to the extent of the Trust’s interest therein, any related REO Properties as a REMIC under the Code (such REMIC being herein designated as “REMIC I”), other than any portion of the foregoing amounts allocable to a B Note or Serviced Companion Loan. Such elections will be made on Form 1066 or other appropriate federal tax or information return or any appropriate state return for the taxable year ending on the last day of the calendar year in which the REMIC I Interests Certificates are issued. For the purposes of such electionthe REMIC election in respect of REMIC I-A, the REMIC I I-A Regular Interests shall be designated as the “regular interests” Regular Interests in REMIC I, -A and the REMIC I Class R-IA Residual Interest (which shall be evidenced by designated as the Residual Interests in REMIC I-A. For the purposes of the REMIC election in respect of REMIC I-B, the REMIC I-B Regular Interests shall be designated as the Regular Interests in REMIC I-B and the Class R-IIB Residual Interest shall be designated as the Residual Interests in REMIC I-B. For the purposes of the REMIC election in respect of REMIC I-C, the Group 1 Certificates (other than the Class 1-R Certificates) shall be designated as the sole class Regular Interests in REMIC I-C and the Class R-IC Residual Interest shall be designated as the Residual Interest in REMIC I-C. Neither the Trustee nor the Trust Administrator shall permit the creation of any “residual interests” in REMIC I. An I-A, REMIC I-B or REMIC I-C (within the meaning of Section 860G of the Code) other than the REMIC I-A Regular Interests, REMIC I-B Regular Interests and the Group 1 Certificates. For the purposes of the REMIC election in respect of REMIC II, the Group 2 Certificates (other than the Class 2-R Certificates) shall be designated as the Regular Interests in REMIC II. Neither the Trustee nor the Trust Administrator shall permit the creation of any “interests” other than the Group 2 Certificates. The Trustee shall elect to treat each REMIC created hereunder as a REMIC under the Code and, if necessary, under applicable state law. Such election will be made by the Certificate Trust Administrator to treat the segregated pool of assets consisting on behalf of the REMIC I Regular Interests as a REMIC under the Code (such REMIC being herein designated as “REMIC II”). Such election will be made Trustee on Form 1066 or other appropriate federal tax or information return or any appropriate state return for the taxable year ending on the last day of the calendar year in which the REMIC II Interests Certificates are issued. For the purposes of such election, the REMIC II Regular Interests shall be designated as the “regular interests” in REMIC II, and the REMIC II Residual Interest (which shall be evidenced by the Class R Certificates) shall be designated as the sole class of “residual interests” in REMIC II. An election will be made by the Certificate Administrator to treat the segregated pool of assets consisting of the REMIC II Regular Interests as a REMIC under the Code (such REMIC being herein designated as “REMIC III”). Such election will be made on Form 1066 or other appropriate federal tax or information return or any appropriate state return for the taxable year ending on the last day of the calendar year in which the REMIC III Interests are issued. For purposes of such election, the Class X-0, Xxxxx X-0, Class A-AB, Class X-0, Xxxxx X-0, Class D, Class E, Class F and Class G Certificates, the EC Trust REMIC III Regular Interests, the Class H REMIC III Regular Interest and the Class X REMIC III Regular Interests shall be designated as the “regular interests” in REMIC III, and the REMIC III Residual Interest (which shall be evidenced by the Class R Certificates) shall be designated as the sole class of “residual interests” in REMIC III. The Trustee and the Certificate Administrator shall not permit the creation of any “interests” (within the meaning of Section 860G of the Code) in any of the REMIC Pools other than the REMIC I Interests, the REMIC II Interests and the REMIC III Interests.

REMIC Administration. (a) An election will be made by the Certificate Administrator Paying Agent on behalf of the Trustee to treat the segregated pool of assets consisting of the Mortgage Loans (other than Excess Interest payable thereon), such amounts with respect thereto as shall from time to time be held in the Collection Certificate Account, the Interest Reserve Account, the Reserve Accounts Account and the Distribution Account (exclusive of the Excess Interest Sub-account), the Insurance Policies and any related amounts in the REO Account and, to the extent of the Trust’s interest therein, and any related REO Properties as a REMIC ("REMIC I") under the Code (such REMIC being herein designated as “REMIC I”)Code, other than any portion of the foregoing amounts allocable to a B Note or Serviced Companion Mortgage Loan. Such elections will be made on Form 1066 or other appropriate federal tax or information return or any appropriate state return for the taxable year ending on the last day of the calendar year in which the REMIC I Interests are issued. For purposes of such election, the REMIC I Regular Interests shall each be designated as the “a separate Class of "regular interests” " in REMIC I, I and the REMIC Class R-I Residual Interest (which shall be evidenced by the Class R Certificates) Certificates shall be designated as the sole class Class of “"residual interests” " in REMIC I. An election will be made by the Certificate Administrator Paying Agent to treat the segregated pool of assets consisting of the REMIC I Regular Interests as a REMIC ("REMIC II") under the Code (such REMIC being herein designated as “REMIC II”)Code. Such election will be made on Form 1066 or other appropriate federal tax or information return or any appropriate state return for the taxable year ending on the last day of the calendar year in which the REMIC II Interests are issued. For the purposes of such election, the REMIC II Regular Interests shall be designated as the “"regular interests” " in REMIC II, II and the REMIC Class R-II Residual Interest (which shall be evidenced by the Class R Certificates) Certificates shall be designated as the sole class Class of “the "residual interests” " in REMIC II. An election will be made by the Certificate Administrator Paying Agent to treat the segregated pool of assets consisting of the REMIC II Regular Interests as a REMIC ("REMIC III") under the Code (such REMIC being herein designated as “REMIC III”)Code. Such election will be made on Form 1066 or other appropriate federal tax or information return or any appropriate state return for the taxable year ending on the last day of the calendar year in which the REMIC III Interests Certificates are issued. For purposes of such election, the Class X-0A-1, Xxxxx X-0Class A-1A, Class A-2, Class A-3, Class A-AB, Class X-0A-4, Xxxxx X-0Class A-M, Class A-J, Class X, Class B, Class C, Class D, Class E, Class F F, Class G, Class H, Class J, Class K, Class L, Class M, Class N, Class O, Class P, Class Q and Class G Certificates, the EC Trust REMIC III Regular Interests, S Certificates (but other than the Class H REMIC III Regular Interest and the Class X REMIC III Regular Interests shall be designated as the “regular interests” in REMIC III, and the REMIC III Residual Interest (which shall be evidenced by the Class R CertificatesS Grantor Trust Interest) shall be designated as the "regular interests" in REMIC III and the Class R-III Certificates shall be designated as the sole class Class of “"residual interests” " in REMIC III. The Trustee and the Certificate Administrator Paying Agent shall not permit the creation of any “"interests” " (within the meaning of Section 860G of the Code) in any of the REMIC Pools other than the REMIC I Regular Interests, the REMIC II Regular Interests, the REMIC III Regular Interests and the REMIC III InterestsResidual Certificates.

REMIC Administration. (a) An election will be made by the Certificate The Trust Administrator on behalf of the Trustee shall elect to treat the segregated pool of assets consisting of the Mortgage Loans (other than Excess Interest payable thereon), such amounts with respect thereto as shall from time to time be held in the Collection Account, the Reserve Accounts and the Distribution Account (exclusive of the Excess Interest Sub-account), the Insurance Policies and any related amounts in the REO Account and, to the extent of the Trust’s interest therein, any related REO Properties each Trust REMIC as a REMIC under the Code (and, if necessary, under applicable state law. Each such REMIC being herein designated as “REMIC I”), other than any portion of the foregoing amounts allocable to a B Note or Serviced Companion Loan. Such elections election will be made on Form 1066 or other appropriate federal tax or information return (including Form 8811) or any appropriate state return for the taxable year ending on the last day of the calendar year in which the REMIC I Interests Certificates are issued, copies of which forms and returns shall promptly be furnished by the Trust Administrator to the NIMS Insurer. For the purposes of such electionthe REMIC election in respect of REMIC 0A, the REMIC I 0A Regular Interests shall be designated as the “regular interests” Regular Interests in REMIC I, 0A and the REMIC I Residual Class R-0A Interest (which shall be evidenced by the Class R Certificates) shall be designated as the sole class of “residual interests” Residual Interest in REMIC I. An election will be made by the Certificate Administrator to treat the segregated pool of assets consisting of the REMIC I Regular Interests as a REMIC under the Code (such REMIC being herein designated as “REMIC II”). Such election will be made on Form 1066 or other appropriate federal tax or information return or any appropriate state return for the taxable year ending on the last day of the calendar year in which the REMIC II Interests are issued. 0A. For the purposes of such electionthe REMIC election in respect of REMIC 0B, the REMIC II 0B Regular Interests shall be designated as the “regular interests” Regular Interests in REMIC II0B, and the REMIC II Residual Class R-0B Interest (which shall be evidenced by the Class R Certificates) shall be designated as the sole class of “residual interests” Residual Interest in REMIC II. An election will be made by 0B. For the Certificate Administrator to treat the segregated pool of assets consisting purposes of the REMIC II Regular Interests as a election in respect of REMIC under the Code (such REMIC being herein designated as “REMIC III”). Such election will be made on Form 1066 or other appropriate federal tax or information return or any appropriate state return for the taxable year ending on the last day of the calendar year in which 1A, the REMIC III Interests are issued. For purposes of such election, the Class X-0, Xxxxx X-0, Class A-AB, Class X-0, Xxxxx X-0, Class D, Class E, Class F and Class G Certificates, the EC Trust REMIC III Regular Interests, the Class H REMIC III Regular Interest and the Class X REMIC III 1A Regular Interests shall be designated as the “regular interests” Regular Interests in REMIC III, 1A and the REMIC III Residual Class R-1A Interest (which shall be evidenced by the Class R Certificates) shall be designated as the sole class of “residual interests” Residual Interest in REMIC III. The Trustee 1A. For the purposes of the REMIC election in respect of REMIC 1B, the REMIC 1B Regular Interests shall be designated as the Regular Interests in REMIC 1B, and the Certificate Class R-1B Interest shall be designated as the Residual Interest in REMIC 1B. For the purposes of the REMIC election in respect of REMIC 2, the REMIC 2 Regular Interests shall be designated as the Regular Interest in REMIC 2 and the Class R-2 Interest shall be designated as the Residual Interests in REMIC 2. For the purposes of the REMIC election in respect of REMIC 3, (i) the Regular Certificates (other than the Class C Certificates and the Class P Certificates) and the REMIC 3 Uncertificated Regular Interests shall be designated as the Regular Interests in REMIC 3 and (ii) the Class R-3 Interest shall be designated as the Residual Interest in REMIC 3. For the purposes of the REMIC election in respect of REMIC X, the Class C Certificates and the Class P Certificates shall be designated as the Regular Interests in REMIC X and the Class R-X Interest shall be designated as the Residual Interest in REMIC X. Neither the Trustee nor the Trust Administrator shall not permit the creation of any “"interests” " in REMIC 0A, REMIC 0B, REMIC 1A, REMIC 1B, REMIC 2, REMIC 3 or REMIC X (within the meaning of Section 860G of the Code) in any of the REMIC Pools other than the REMIC I 0A Regular Interests, REMIC 0B Regular Interests, REMIC 1A Regular Interests, the REMIC II 1B Regular Interests, the REMIC 2 Regular Interests, REMIC 3 Uncertificated Regular Interests and the REMIC III Interestsinterests represented by the Certificates.

REMIC Administration. (a) An election will It is intended that the Trust Fund shall constitute and that the affairs of the Trust Fund shall be made by conducted so that each Trust REMIC shall qualify as a REMIC. The Trustee shall act as agent and the Certificate Administrator Trustee is hereby appointed to act as agent on behalf of the Trustee Trust Fund and in such capacity it shall elect to treat the segregated pool of assets consisting of the Mortgage Loans (other than Excess Interest payable thereon), such amounts with respect thereto as shall from time to time be held in the Collection Account, the Reserve Accounts and the Distribution Account (exclusive of the Excess Interest Sub-account), the Insurance Policies and any related amounts in the REO Account and, to the extent of the Trust’s interest therein, any related REO Properties each Trust REMIC as a REMIC under the Code (and, if necessary, under applicable state law. Each such REMIC being herein designated as “REMIC I”), other than any portion of the foregoing amounts allocable to a B Note or Serviced Companion Loan. Such elections will election shall be made by the Trustee on Form 1066 or other appropriate federal tax or information return or any appropriate state return for the taxable year ending on the last day of the calendar year in which the REMIC I Interests Certificates are issued. For the purposes of such electionthe REMIC election in respect of each Trust REMIC, (i) the REMIC I Regular Interests shall be designated as the “regular interests” Regular Interests in REMIC I, I and the REMIC Class R-I Residual Interest (which shall be evidenced by the Class R Certificates) shall be designated as the sole class of “residual interests” Residual Interest in REMIC I. An election will be made by the Certificate Administrator to treat the segregated pool of assets consisting of the REMIC I Regular Interests as a REMIC under the Code I, (such REMIC being herein designated as “REMIC II”). Such election will be made on Form 1066 or other appropriate federal tax or information return or any appropriate state return for the taxable year ending on the last day of the calendar year in which the REMIC II Interests are issued. For the purposes of such election, ii) the REMIC II Regular Interests shall be designated as the “regular interests” Regular Interests in REMIC II, II and the REMIC Class R-II Residual Interest (which shall be evidenced by the Class R Certificates) shall be designated as the sole class of “residual interests” Residual Interest in REMIC II. An election will be made by , (iii) the Certificate Administrator to treat the segregated pool of assets consisting of the REMIC II Regular Interests as a REMIC under the Code (such REMIC being herein designated as “REMIC III”). Such election will be made on Form 1066 or other appropriate federal tax or information return or any appropriate state return for the taxable year ending on the last day of the calendar year in which the REMIC III Interests are issued. For purposes of such election, the Class X-0, Xxxxx X-0, Class A-AB, Class X-0, Xxxxx X-0, Class D, Class E, Class F and Class G Certificates, the EC Trust REMIC III Regular Interests, the Class H REMIC III Regular Interest and the Class X REMIC III Regular Interests shall be designated as the “regular interests” Regular Interests in REMIC III, III and the REMIC Class R-III Residual Interest (which shall be evidenced by the Class R Certificates) shall be designated as the sole class of “residual interests” Residual Interest in REMIC III, (iv) the Class C Interest shall be designated as the Regular Interest in REMIC IV and the Class R-IV Interest shall be designated as the sole class of Residual Interest in REMIC IV, (v) the Class P Interest shall be designated as the Regular Interest in REMIC V and the Class R-V Interest shall be designated as the sole class of Residual Interest in REMIC V, and (vi) the REMIC VI Regular Interest IO shall be designated as the Regular Interest in REMIC VI and the Class R-VI Interest shall be designated as the sole class of Residual Interest in REMIC VI. The Trustee and the Certificate Administrator shall not permit the creation of any “interests” in any Trust REMIC (within the meaning of Section 860G of the Code) in any of the REMIC Pools other than the REMIC I Interests, the REMIC II Regular Interests and the REMIC III InterestsRegular Interests represented by the Certificates.

REMIC Administration. (a) An election will be made by the Certificate Administrator Paying Agent on behalf of the Trustee to treat the segregated pool of assets consisting of the Mortgage Loans (other than Excess Interest payable thereon), such amounts with respect thereto as shall from time to time be held in the Collection Certificate Account, the Interest Reserve Account, the Reserve Accounts Account and the Distribution Account (exclusive of the Excess Interest Sub-account), the Insurance Policies and any related amounts in the REO Account and, to the extent of the Trust’s interest therein, and any related REO Properties as a REMIC ("REMIC I") under the Code (such REMIC being herein designated as “REMIC I”)Code, other than any portion of the foregoing amounts allocable to a B Note or Serviced Companion Mortgage Loan. Such elections will be made on Form 1066 or other appropriate federal tax or information return or any appropriate state return for the taxable year ending on the last day of the calendar year in which the REMIC I Interests are issued. For purposes of such election, the REMIC I Regular Interests shall each be designated as the “a separate Class of "regular interests” " in REMIC I, I and the REMIC Class R-I Residual Interest (which shall be evidenced by the Class R Certificates) Certificates shall be designated as the sole class Class of “"residual interests” " in REMIC I. An election will be made by the Certificate Administrator Paying Agent to treat the segregated pool of assets consisting of the REMIC I Regular Interests as a REMIC ("REMIC II") under the Code (such REMIC being herein designated as “REMIC II”)Code. Such election will be made on Form 1066 or other appropriate federal tax or information return or any appropriate state return for the taxable year ending on the last day of the calendar year in which the REMIC II Interests are issued. For the purposes of such election, the REMIC II Regular Interests shall be designated as the “"regular interests” " in REMIC II, II and the REMIC Class R-II Residual Interest (which shall be evidenced by the Class R Certificates) Certificates shall be designated as the sole class Class of “the "residual interests” " in REMIC II. An election will be made by the Certificate Administrator Paying Agent to treat the segregated pool of assets consisting of the REMIC II Regular Interests as a REMIC ("REMIC III") under the Code (such REMIC being herein designated as “REMIC III”)Code. Such election will be made on Form 1066 or other appropriate federal tax or information return or any appropriate state return for the taxable year ending on the last day of the calendar year in which the REMIC III Interests Certificates are issued. For purposes of such election, the Class A-1, Class X-0, Xxxxx X-0, Class A-AB, Class X-0A-4, Xxxxx X-0Class A-M, Class A-J, Class X, Class B, Class C, Class D, Class E, Class F F, Class G, Class H, Class J, Class K, Class L, Class M, Class N, Class O, Class MMA-NA, Class MMB-NA and Class G Certificates, the EC Trust REMIC III Regular Interests, P Certificates (but other than the Class H REMIC III Regular Interest and the Class X REMIC III Regular Interests shall be designated as the “regular interests” in REMIC III, and the REMIC III Residual Interest (which shall be evidenced by the Class R CertificatesP Grantor Trust Interest) shall be designated as the "regular interests" in REMIC III and the Class R-III Certificates shall be designated as the sole class Class of “"residual interests” " in REMIC III. The Trustee and the Certificate Administrator Paying Agent shall not permit the creation of any “"interests” " (within the meaning of Section 860G of the Code) in any of the REMIC Pools other than the REMIC I Regular Interests, the REMIC II Regular Interests, the REMIC III Regular Interests and the REMIC III InterestsResidual Certificates.

REMIC Administration. (a) An The Trustee shall elect to treat each REMIC created hereunder as a REMIC under the Code and, if necessary, under applicable state law. Such election will be made by the Certificate Trust Administrator on behalf of the Trustee to treat the segregated pool of assets consisting of the Mortgage Loans (other than Excess Interest payable thereon), such amounts with respect thereto as shall from time to time be held in the Collection Account, the Reserve Accounts and the Distribution Account (exclusive of the Excess Interest Sub-account), the Insurance Policies and any related amounts in the REO Account and, to the extent of the Trust’s interest therein, any related REO Properties as a REMIC under the Code (such REMIC being herein designated as “REMIC I”), other than any portion of the foregoing amounts allocable to a B Note or Serviced Companion Loan. Such elections will be made on Form 1066 or other appropriate federal tax or information return or any appropriate state return for the taxable year ending on the last day of the calendar year in which the REMIC I Interests Certificates are issued. For the purposes of such electionthe REMIC election in respect of REMIC I-A, the REMIC I I-A Regular Interests shall be designated as the “regular interests” Regular Interests in REMIC I, -A and the REMIC I Class R-IA Residual Interest (which shall be evidenced by designated as the Residual Interests in REMIC I-A. For the purposes of the REMIC election in respect of REMIC I-B, the REMIC I-B Regular Interests shall be designated as the Regular Interests in REMIC I-B and the Class R-IB Residual Interest shall be designated as the Residual Interests in REMIC I-B. For the purposes of the REMIC election in respect of REMIC I-C, the Group 1 Certificates (other than the Class 1-R Certificates) shall be designated as the sole class Regular Interests in REMIC I-C and the Class R-IC Residual Interest shall be designated as the Residual Interest in REMIC I-C. Neither the Trustee nor the Trust Administrator shall permit the creation of any “residual interests” in REMIC I. An I-A, REMIC I-B or REMIC I-C (within the meaning of Section 860G of the Code) other than the REMIC I-A Regular Interests, REMIC I-B Regular Interests and the Group 1 Certificates. For the purposes of the REMIC election in respect of REMIC II-A, the REMIC II-A Regular Interests shall be designated as the Regular Interests in REMIC II-A and the Class R-IIA Residual Interest shall be designated as the Residual Interests in REMIC II-A. For the purposes of the REMIC election in respect of REMIC II-B, the REMIC II-B Regular Interests shall be designated as the Regular Interests in REMIC II-B and the Class R-IIB Residual Interest shall be designated as the Residual Interests in REMIC II-B. For the purposes of the REMIC election in respect of REMIC II-C, the Group 2 Certificates (other than the Class 2-R Certificates) shall be designated as the Regular Interests in REMIC II-C and the Class R-IIC Residual Interest shall be designated as the Residual Interest in REMIC II-C. Neither the Trustee nor the Trust Administrator shall permit the creation of any “interests” in REMIC II-A, REMIC II-B or REMIC II-C (within the meaning of Section 860G of the Code) other than the REMIC II-A Regular Interests, REMIC II-B Regular Interests and the Group 2 Certificates. The Trustee shall elect to treat each REMIC created hereunder as a REMIC under the Code and, if necessary, under applicable state law. Such election will be made by the Certificate Trust Administrator to treat the segregated pool of assets consisting on behalf of the REMIC I Regular Interests as a REMIC under the Code (such REMIC being herein designated as “REMIC II”). Such election will be made Trustee on Form 1066 or other appropriate federal tax or information return or any appropriate state return for the taxable year ending on the last day of the calendar year in which the REMIC II Interests Certificates are issued. For the purposes of such election, the REMIC II Regular Interests shall be designated as the “regular interests” in REMIC II, and the REMIC II Residual Interest (which shall be evidenced by the Class R Certificates) shall be designated as the sole class of “residual interests” in REMIC II. An election will be made by the Certificate Administrator to treat the segregated pool of assets consisting of the REMIC II Regular Interests as a REMIC under the Code (such REMIC being herein designated as “REMIC III”). Such election will be made on Form 1066 or other appropriate federal tax or information return or any appropriate state return for the taxable year ending on the last day of the calendar year in which the REMIC III Interests are issued. For purposes of such election, the Class X-0, Xxxxx X-0, Class A-AB, Class X-0, Xxxxx X-0, Class D, Class E, Class F and Class G Certificates, the EC Trust REMIC III Regular Interests, the Class H REMIC III Regular Interest and the Class X REMIC III Regular Interests shall be designated as the “regular interests” in REMIC III, and the REMIC III Residual Interest (which shall be evidenced by the Class R Certificates) shall be designated as the sole class of “residual interests” in REMIC III. The Trustee and the Certificate Administrator shall not permit the creation of any “interests” (within the meaning of Section 860G of the Code) in any of the REMIC Pools other than the REMIC I Interests, the REMIC II Interests and the REMIC III Interests.

REMIC Administration. (a) An election will be made by the Certificate Administrator Paying Agent on behalf of the Trustee to treat the segregated pool of assets consisting of the Mortgage Loans (other than Excess Interest and Additional L-3 Interest payable thereon), such amounts with respect thereto as shall from time to time be held in the Collection AccountCertificate Accounts, the Interest Reserve Accounts and Accounts, the Distribution Account (exclusive of and the Excess Interest Sub-account)Reserve Account, the Insurance Policies and any related amounts in the REO Account and, to the extent of the Trust’s interest therein, and any related REO Properties as a REMIC ("REMIC I") under the Code (such REMIC being herein designated as “REMIC I”), other than any portion of the foregoing amounts allocable to a B Note or Serviced Companion LoanCode. Such elections election will be made on Form 1066 or other appropriate federal tax or information return or any appropriate state return for the taxable year ending on the last day of the calendar year in which the REMIC I Interests are issued. For purposes of such election, the REMIC I Regular Interests shall each be designated as the “a separate class of "regular interests” " in REMIC I, I and the REMIC Class R-I Residual Interest (which shall be evidenced by the Class R Certificates) Certificates shall be designated as the sole class of “"residual interests” " in REMIC I. An election will be made by the Certificate Administrator Paying Agent to treat the segregated pool of assets consisting of the REMIC I Regular Interests as a REMIC ("REMIC II") under the Code (such REMIC being herein designated as “REMIC II”)Code. Such election will be made on Form 1066 or other appropriate federal tax or information return or any appropriate state return for the taxable year ending on the last day of the calendar year in which the REMIC II Interests are issued. For the purposes of such election, the REMIC II Regular Interests shall be designated as the “"regular interests” " in REMIC II, II and the REMIC Class R-II Residual Interest (which shall be evidenced by the Class R Certificates) Certificates shall be designated as the sole class of “the "residual interests” " in REMIC II. An election will be made by the Certificate Administrator Paying Agent to treat the segregated pool of assets consisting of the REMIC II Regular Interests as a REMIC ("REMIC III") under the Code (such REMIC being herein designated as “REMIC III”)Code. Such election will be made on Form 1066 or other appropriate federal tax or information return or any appropriate state return for the taxable year ending on the last day of the calendar year in which the REMIC III Interests Certificates are issued. For purposes of such election, the Class X-0A-1, Xxxxx X-0Class A-1A, Class A-2, Class A-3-1, Class A-3-2, Class A-AB, Class X-0A-4A, Xxxxx X-0Class A-4B, Class A-1A, Class A-J, Class B, Class C, Class D, Class E, Clasx X, Xxxxx X, Xxxxx X, Xxxxs J, Class F K, Class L, Class M, Class N, Class O, Class P, Class X-1, Class X-2 and Class G Certificates, the EC Trust REMIC III Regular Interests, the Class H REMIC III Regular Interest X-Y Certificates and the Class X REMIC III A-3-1FL Regular Interests Interest, shall be designated as the “"regular interests” " in REMIC III, III and the REMIC Class R-III Residual Interest (which shall be evidenced by the Class R Certificates) Certificates shall be designated as the sole class of “"residual interests” " in REMIC III. The Trustee and the Certificate Administrator Paying Agent shall not permit the creation of any “"interests” " (within the meaning of Section 860G of the Code) in any of the REMIC Pools other than the REMIC I Regular Interests, the REMIC II Regular Interests, the REMIC III Regular Interests and the REMIC III InterestsResidual Certificates.

REMIC Administration. (a) An The Trust Administrator shall elect to treat each REMIC created hereunder as a REMIC under the Code and, if necessary, under applicable state law. Such election will be made by the Certificate Trust Administrator on behalf of the Trustee to treat the segregated pool of assets consisting of the Mortgage Loans (other than Excess Interest payable thereon), such amounts with respect thereto as shall from time to time be held in the Collection Account, the Reserve Accounts and the Distribution Account (exclusive of the Excess Interest Sub-account), the Insurance Policies and any related amounts in the REO Account and, to the extent of the Trust’s interest therein, any related REO Properties as a REMIC under the Code (such REMIC being herein designated as “REMIC I”), other than any portion of the foregoing amounts allocable to a B Note or Serviced Companion Loan. Such elections will be made on Form 1066 or other appropriate federal tax or information return or any appropriate state return for the taxable year ending on the last day of the calendar year in which the REMIC I Interests Certificates are issued. For the purposes of such electionthe REMIC election in respect of REMIC I, the REMIC I Regular Interests shall be designated as the “regular interests” Regular Interests in REMIC I, I and the REMIC Class R-I Residual Interest (which shall be evidenced by the Class R Certificates) shall be designated as the sole class of “residual interests” Residual Interest in REMIC I. An election will be made by the Certificate Administrator to treat the segregated pool of assets consisting of the REMIC I Regular Interests as a REMIC under the Code (such REMIC being herein designated as “REMIC II”). Such election will be made on Form 1066 or other appropriate federal tax or information return or any appropriate state return for the taxable year ending on the last day of the calendar year in which the REMIC II Interests are issued. For the purposes of such election, the The REMIC II Regular Interests shall be designated as the “regular interests” Regular Interests in REMIC II and the Class R-II Interest shall be designated as the Residual Interest in REMIC II. The Floating Rate Certificates (exclusive of any right to receive distributions from or obligation to make payments to the Net WAC Rate Carryover Reserve Account in respect of the Net WAC Rate Carryover Amount, the Reserve Fund, the Cap Account or the Swap Account), the Class CE Interest, the Class IO Interest and the Class P Interest shall be designated as the Regular Interests in REMIC II III and the Class R-III Interest shall be designated as the Residual Interest in REMIC III. The Class CE Certificates (which shall be evidenced by exclusive of any right to receive distributions from or obligation to make payments to the Class R CertificatesNet WAC Rate Carryover Reserve Account in respect of the Net WAC Rate Carryover Amount or the Swap Account) shall be designated as the sole class of “residual interests” Regular Interests in REMIC II. An election will be made by the Certificate Administrator to treat the segregated pool of assets consisting of the REMIC II Regular Interests as a REMIC under the Code (such REMIC being herein designated as “REMIC III”). Such election will be made on Form 1066 or other appropriate federal tax or information return or any appropriate state return for the taxable year ending on the last day of the calendar year in which the REMIC III Interests are issued. For purposes of such election, the Class X-0, Xxxxx X-0, Class A-AB, Class X-0, Xxxxx X-0, Class D, Class E, Class F and Class G Certificates, the EC Trust REMIC III Regular Interests, the Class H REMIC III Regular Interest IV and the Class X REMIC III Regular Interests R-IV Interest shall be designated as the “regular interests” Residual Interest in REMIC III, and the REMIC III Residual Interest (which shall be evidenced by the IV. The Class R Certificates) P Certificates shall be designated as the sole class of “residual interests” Regular Interests in REMIC III. The Trustee V and the Certificate Class R-V Interest shall be designated as the Residual Interest in REMIC V. The SWAP IO Interest shall be designated as the Regular Interests in REMIC VI and the Class R-VI Interest shall be designated as the Residual Interest in REMIC VI. Neither the Trustee nor the Trust Administrator shall not permit the creation of any “interests” in any Trust REMIC (within the meaning of Section 860G of the Code) in any of the REMIC Pools other than the REMIC I Interests, the REMIC II Regular Interests and the REMIC III Interestsinterests represented by the Certificates.

REMIC Administration. (a) An election will be made by the Certificate Administrator on behalf of the The Trustee shall elect to treat the segregated pool of assets consisting of the Mortgage Loans (other than Excess Interest payable thereon), such amounts with respect thereto as shall from time to time be held in the Collection Account, the Reserve Accounts and the Distribution Account (exclusive of the Excess Interest Sub-account), the Insurance Policies and any related amounts in the REO Account and, to the extent of the Trust’s interest therein, any related REO Properties each Trust REMIC as a REMIC under the Code (and, if necessary, under applicable state law. Each such REMIC being herein designated as “REMIC I”), other than any portion of the foregoing amounts allocable to a B Note or Serviced Companion Loan. Such elections election will be made on Form 1066 or other appropriate federal tax or information return (including Form 8811) or any appropriate state return for the taxable year ending on the last day of the calendar year in which the REMIC I Interests Certificates are issued, copies of which forms and returns shall promptly be furnished by the Trustee to the NIMS Insurer and the Class II-A3 Insurer. For the purposes of such electionthe REMIC election in respect of REMIC 1, the REMIC I 1 Regular Interests shall be designated as the “regular interests” Regular Interests in REMIC I, 1 and the REMIC I Residual Class R-1 Interest (which shall be evidenced by the Class R Certificates) shall be designated as the sole class of “residual interests” Residual Interest in REMIC I. An election will be made by the Certificate Administrator to treat the segregated pool of assets consisting of the REMIC I Regular Interests as a REMIC under the Code (such REMIC being herein designated as “REMIC II”). Such election will be made on Form 1066 or other appropriate federal tax or information return or any appropriate state return for the taxable year ending on the last day of the calendar year in which the REMIC II Interests are issued1. For the purposes of such election, the REMIC II election in respect of REMIC 2, (i) the Regular Certificates (other than the Class C Certificates and the Class P Certificates) and the REMIC 2 Regular Interests shall be designated as the “regular interests” Regular Interests in REMIC II, 2 and the REMIC II Residual Interest (which shall be evidenced by ii) the Class R Certificates) R-2 Interest shall be designated as the sole class of “residual interests” Residual Interest in REMIC II2. An election will be made by For the Certificate Administrator to treat the segregated pool of assets consisting purposes of the REMIC II Regular Interests as a election in respect of REMIC under the Code (such REMIC being herein designated as “REMIC III”). Such election will be made on Form 1066 or other appropriate federal tax or information return or any appropriate state return for the taxable year ending on the last day of the calendar year in which the REMIC III Interests are issued. For purposes of such electionCX, the Class X-0, Xxxxx X-0, Class A-AB, Class X-0, Xxxxx X-0, Class D, Class E, Class F and Class G Certificates, the EC Trust REMIC III Regular Interests, the Class H REMIC III Regular Interest and the Class X REMIC III Regular Interests C Certificates shall be designated as the “regular interests” Regular Interests in REMIC III, CX and the REMIC III Residual Class R-CX Interest (which shall be evidenced by the Class R Certificates) shall be designated as the sole class of “residual interests” Residual Interest in REMIC IIICX. For the purposes of the REMIC election in respect of REMIC PX, the Class P Certificates shall be designated as the Regular Interests in REMIC PX and the Class R-PX Interest shall be designated as the Residual Interest in REMIC PX. For the purposes of the REMIC election in respect of REMIC SwapX, the Class Swap IO Upper-Tier Interest shall be designated as the Regular Interests in REMIC SwapX and the Class R-SwapX Interest shall be designated as the Residual Interest in REMIC SwapX. The Trustee and the Certificate Administrator shall not permit the creation of any “interests” in REMIC 1, REMIC 2, REMIC CX, REMIC SwapX or REMIC PX (within the meaning of Section 860G of the Code) in any of the REMIC Pools other than the REMIC I 1 Regular Interests, the REMIC II 2 Regular Interests and the REMIC III Interestsinterests represented by the Certificates.

REMIC Administration. (a) An election will be made by the Certificate Administrator on behalf of the The Trustee shall elect to treat the segregated pool of assets consisting of the Mortgage Loans (other than Excess Interest payable thereon), such amounts with respect thereto as shall from time to time be held in the Collection Account, the Reserve Accounts and the Distribution Account (exclusive of the Excess Interest Sub-account), the Insurance Policies and any related amounts in the REO Account and, to the extent of the Trust’s interest therein, any related REO Properties each Trust REMIC as a REMIC under the Code (and, if necessary, under applicable state law. Each such REMIC being herein designated as “REMIC I”), other than any portion of the foregoing amounts allocable to a B Note or Serviced Companion Loan. Such elections election will be made on Form 1066 or other appropriate federal tax or information return (including Form 8811) or any appropriate state return for the taxable year ending on the last day of the calendar year in which the REMIC I Interests Certificates are issued, copies of which forms and returns shall promptly be furnished by the Trustee to the NIMS Insurer. For the purposes of such electionthe REMIC election in respect of REMIC 1, the REMIC I 1 Regular Interests shall be designated as the “regular interests” Regular Interests in REMIC I, 1 and the REMIC I Residual Class R-1 Interest (which shall be evidenced by the Class R Certificates) shall be designated as the sole class of “residual interests” Residual Interest in REMIC I. An election will be made by the Certificate Administrator to treat the segregated pool of assets consisting of the REMIC I Regular Interests as a REMIC under the Code (such REMIC being herein designated as “REMIC II”). Such election will be made on Form 1066 or other appropriate federal tax or information return or any appropriate state return for the taxable year ending on the last day of the calendar year in which the REMIC II Interests are issued1. For the purposes of such electionthe REMIC election in respect of REMIC 2, the REMIC II 2 Regular Interests shall be designated as the “regular interests” Regular Interests in REMIC II, 2 and the REMIC II Residual Class R-2 Interest (which shall be evidenced by the Class R Certificates) shall be designated as the sole class of “residual interests” Residual Interest in REMIC II2. An election will be made by For the Certificate Administrator to treat the segregated pool of assets consisting purposes of the REMIC II Regular Interests as a election in respect of REMIC under the Code (such REMIC being herein designated as “REMIC III”). Such election will be made on Form 1066 or other appropriate federal tax or information return or any appropriate state return for the taxable year ending on the last day of the calendar year in which 3, the REMIC III Interests are issued. For purposes of such election, the Class X-0, Xxxxx X-0, Class A-AB, Class X-0, Xxxxx X-0, Class D, Class E, Class F and Class G Certificates, the EC Trust REMIC III Regular Interests, the Class H REMIC III Regular Interest and the Class X REMIC III 3 Regular Interests shall be designated as the “regular interests” Regular Interests in REMIC III, 3 and the REMIC III Residual Class R-3 Interest (which shall be evidenced by the Class R Certificates) shall be designated as the sole class of “residual interests” Residual Interest in REMIC III3. For the purposes of the REMIC election in respect of REMIC 4, (i) the Regular Certificates (other than the Class C Certificates and the Class P Certificates) and the REMIC 4 Regular Interests shall be designated as the Regular Interests in REMIC 4 and (ii) the Class R-4 Interest shall be designated as the Residual Interest in REMIC 4. For the purposes of the REMIC election in respect of REMIC CX, the Class C Certificates shall be designated as the Regular Interests in REMIC CX and the Class R-CX Interest shall be designated as the Residual Interest in REMIC CX. For purposes of the REMIC election in respect of REMIC PX, the Class P Certificates shall be designated as the Regular Interests in REMIC PX and the Class R-PX Interest shall be designated as the Residual Interest in REMIC PX. The Trustee and the Certificate Administrator shall not permit the creation of any “"interests” " in REMIC 1, REMIC 2, REMIC 3, REMIC 4, REMIC CX or REMIC PX (within the meaning of Section 860G of the Code) in any of the REMIC Pools other than the REMIC I 1 Regular Interests, the REMIC II 2 Regular Interests, the REMIC 3 Regular Interests, the REMIC 4 Regular Interests and the REMIC III Interestsinterests represented by the Certificates.

REMIC Administration. (a) An The Trustee shall elect to treat each REMIC created hereunder as a REMIC under the Code and, if necessary, under applicable state law. Such election will be made by the Certificate Trust Administrator on behalf of the Trustee to treat the segregated pool of assets consisting of the Mortgage Loans (other than Excess Interest payable thereon), such amounts with respect thereto as shall from time to time be held in the Collection Account, the Reserve Accounts and the Distribution Account (exclusive of the Excess Interest Sub-account), the Insurance Policies and any related amounts in the REO Account and, to the extent of the Trust’s interest therein, any related REO Properties as a REMIC under the Code (such REMIC being herein designated as “REMIC I”), other than any portion of the foregoing amounts allocable to a B Note or Serviced Companion Loan. Such elections will be made on Form 1066 or other appropriate federal tax or information return or any appropriate state return for the taxable year ending on the last day of the calendar year in which the REMIC I Interests Certificates are issued. For the purposes of such electionthe REMIC election in respect of REMIC I-A, the REMIC I I-A Regular Interests shall be designated as the “regular interests” Regular Interests in REMIC I, -A and the REMIC I Class R-IA Residual Interest (which shall be evidenced by designated as the Residual Interests in REMIC I-A. For the purposes of the REMIC election in respect of REMIC I-B, the Group 1 Certificates (other than the Class 1-R Certificates) shall be designated as the sole class Regular Interests in REMIC I-B and the Class R-IB Residual Interest shall be designated as the Residual Interest in REMIC I-B. Neither the Trustee nor the Trust Administrator shall permit the creation of any “residual interests” in REMIC I. An I-A or REMIC I-B (within the meaning of Section 860G of the Code) other than the REMIC I-A Regular Interests and the Group 1 Certificates. For the purposes of the REMIC election in respect of REMIC II-A, the REMIC II-A Regular Interests shall be designated as the Regular Interests in REMIC II-A and the Class R-IIA Residual Interest shall be designated as the Residual Interests in REMIC II-A. For the purposes of the REMIC election in respect of REMIC II-B, the Group 2 Certificates (other than the Class 2-R Certificates) shall be designated as the Regular Interests in REMIC II-B and the Class R-IIB Residual Interest shall be designated as the Residual Interest in REMIC II-B. Neither the Trustee nor the Trust Administrator shall permit the creation of any “interests” in REMIC II-A or REMIC II-B (within the meaning of Section 860G of the Code) other than the REMIC II-A Regular Interests and the Group 2 Certificates. For the purposes of the REMIC election in respect of REMIC II-C, the Group 2 Certificates (other than the Class 2-R Certificates) shall be designated as the Regular Interests in REMIC II-C and the Class R-IIC Residual Interest shall be designated as the Residual Interest in REMIC II-C. The Trustee shall elect to treat each REMIC created hereunder as a REMIC under the Code and, if necessary, under applicable state law. Such election will be made by the Certificate Trust Administrator to treat the segregated pool of assets consisting on behalf of the REMIC I Regular Interests as a REMIC under the Code (such REMIC being herein designated as “REMIC II”). Such election will be made Trustee on Form 1066 or other appropriate federal tax or information return or any appropriate state return for the taxable year ending on the last day of the calendar year in which the REMIC II Interests Certificates are issued. For the purposes of such election, the REMIC II Regular Interests shall be designated as the “regular interests” in REMIC II, and the REMIC II Residual Interest (which shall be evidenced by the Class R Certificates) shall be designated as the sole class of “residual interests” in REMIC II. An election will be made by the Certificate Administrator to treat the segregated pool of assets consisting of the REMIC II Regular Interests as a REMIC under the Code (such REMIC being herein designated as “REMIC III”). Such election will be made on Form 1066 or other appropriate federal tax or information return or any appropriate state return for the taxable year ending on the last day of the calendar year in which the REMIC III Interests are issued. For purposes of such election, the Class X-0, Xxxxx X-0, Class A-AB, Class X-0, Xxxxx X-0, Class D, Class E, Class F and Class G Certificates, the EC Trust REMIC III Regular Interests, the Class H REMIC III Regular Interest and the Class X REMIC III Regular Interests shall be designated as the “regular interests” in REMIC III, and the REMIC III Residual Interest (which shall be evidenced by the Class R Certificates) shall be designated as the sole class of “residual interests” in REMIC III. The Trustee and the Certificate Administrator shall not permit the creation of any “interests” (within the meaning of Section 860G of the Code) in any of the REMIC Pools other than the REMIC I Interests, the REMIC II Interests and the REMIC III Interests.

REMIC Administration. (a) An election will be made by the Certificate Administrator on behalf of the The Trustee shall elect to treat the segregated pool of assets consisting of the Mortgage Loans (other than Excess Interest payable thereon), such amounts with respect thereto as shall from time to time be held in the Collection Account, the Reserve Accounts and the Distribution Account (exclusive of the Excess Interest Sub-account), the Insurance Policies and any related amounts in the REO Account and, to the extent of the Trust’s interest therein, any related REO Properties each Trust REMIC as a REMIC under the Code (and, if necessary, under applicable state law. Each such REMIC being herein designated as “REMIC I”), other than any portion of the foregoing amounts allocable to a B Note or Serviced Companion Loan. Such elections election will be made on Form 1066 or other appropriate federal tax or information return (including Form 8811) or any appropriate state return for the taxable year ending on the last day of the calendar year in which the REMIC I Interests Certificates are issued, copies of which forms and returns shall promptly be furnished by the Trustee to the NIMS Insurer and the Certificate Insurer. For the purposes of such electionthe REMIC election in respect of REMIC 1, the REMIC I 1 Regular Interests shall be designated as the “regular interests” Regular Interests in REMIC I, 1 and the REMIC I Residual Class R-1 Interest (which shall be evidenced by the Class R Certificates) shall be designated as the sole class of “residual interests” Residual Interest in REMIC I. An election will be made by the Certificate Administrator to treat the segregated pool of assets consisting of the REMIC I Regular Interests as a REMIC under the Code (such REMIC being herein designated as “REMIC II”). Such election will be made on Form 1066 or other appropriate federal tax or information return or any appropriate state return for the taxable year ending on the last day of the calendar year in which the REMIC II Interests are issued1. For the purposes of such electionthe REMIC election in respect of REMIC 2, the REMIC II 2 Regular Interests shall be designated as the “regular interests” Regular Interests in REMIC II, 2 and the REMIC II Residual Class R-2 Interest (which shall be evidenced by the Class R Certificates) shall be designated as the sole class of “residual interests” Residual Interest in REMIC II2. An election will be made by For the Certificate Administrator to treat the segregated pool of assets consisting purposes of the REMIC II Regular Interests as a election in respect of REMIC under the Code (such REMIC being herein designated as “REMIC III”). Such election will be made on Form 1066 or other appropriate federal tax or information return or any appropriate state return for the taxable year ending on the last day of the calendar year in which 3, the REMIC III Interests are issued. For purposes of such election, the Class X-0, Xxxxx X-0, Class A-AB, Class X-0, Xxxxx X-0, Class D, Class E, Class F and Class G Certificates, the EC Trust REMIC III Regular Interests, the Class H REMIC III Regular Interest and the Class X REMIC III 3 Regular Interests shall be designated as the “regular interests” Regular Interests in REMIC III, 3 and the REMIC III Residual Class R-3 Interest (which shall be evidenced by the Class R Certificates) shall be designated as the sole class of “residual interests” Residual Interest in REMIC III3. For the purposes of the REMIC election in respect of REMIC 4, (i) the Regular Certificates (other than the 178 Class C Certificates and the Class P Certificates) and the REMIC 4 Regular Interests shall be designated as the Regular Interests in REMIC 4 and (ii) the Class R-4 Interest shall be designated as the Residual Interest in REMIC 4. For the purposes of the REMIC election in respect of REMIC CX, the Class C Certificates shall be designated as the Regular Interests in REMIC CX and the Class R-CX Interest shall be designated as the Residual Interest in REMIC CX. For purposes of the REMIC election in respect of REMIC PX, the Class P Certificates shall be designated as the Regular Interests in REMIC PX and the Class R-PX Interest shall be designated as the Residual Interest in REMIC PX. The Trustee and the Certificate Administrator shall not permit the creation of any “"interests” " in REMIC 1, REMIC 2, REMIC 3, REMIC 4, REMIC CX or REMIC PX (within the meaning of Section 860G of the Code) in any of the REMIC Pools other than the REMIC I 1 Regular Interests, the REMIC 2 Regular Interests, the REMIC 3 Regular Interests, the REMIC 4 Group I Regular Interests, the REMIC 4 Group II Regular Interests, the REMIC 4 Regular Interests and the REMIC III Interestsinterests represented by the Certificates.

REMIC Administration. (a) An election will be made by the Certificate Administrator Paying Agent on behalf of the Trustee to treat the segregated pool of assets consisting of the Mortgage Loans (other than Excess Interest payable thereon), such amounts with respect thereto as shall from time to time be held in the Collection Certificate Account, the Class A-2FL Floating Rate Account, the Class A-MFL Floating Rate Account, the Class A-JFL Floating Rate Account and the Interest Reserve Account, the Reserve Accounts Account and the Distribution Account (exclusive of the Excess Interest Sub-account), the Insurance Policies and any related amounts in the REO Account and, to the extent of the Trust’s interest therein, and any related REO Properties as a REMIC ("REMIC I") under the Code (such REMIC being herein designated as “REMIC I”)Code, other than any portion of the foregoing amounts allocable to a B Note or Serviced Companion Mortgage Loan. Such elections will be made on Form 1066 or other appropriate federal tax or information return or any appropriate state return for the taxable year ending on the last day of the calendar year in which the REMIC I Interests are issued. For purposes of such election, the REMIC I Regular Interests shall each be designated as the “a separate Class of "regular interests” " in REMIC I, I and the REMIC Class R-I Residual Interest (which shall be evidenced by the Class R Certificates) Certificates shall be designated as the sole class Class of “"residual interests” " in REMIC I. An election will be made by the Certificate Administrator Paying Agent to treat the segregated pool of assets consisting of the REMIC I Regular Interests as a REMIC ("REMIC II") under the Code (such REMIC being herein designated as “REMIC II”)Code. Such election will be made on Form 1066 or other appropriate federal tax or information return or any appropriate state return for the taxable year ending on the last day of the calendar year in which the REMIC II Interests are issued. For the purposes of such election, the REMIC II Regular Interests shall be designated as the “"regular interests” " in REMIC II, II and the REMIC Class R-II Residual Interest (which shall be evidenced by the Class R Certificates) Certificates shall be designated as the sole class Class of “the "residual interests” " in REMIC II. An election will be made by the Certificate Administrator Paying Agent to treat the segregated pool of assets consisting of the REMIC II Regular Interests as a REMIC ("REMIC III") under the Code (such REMIC being herein designated as “REMIC III”)Code. Such election will be made on Form 1066 or other appropriate federal tax or information return or any appropriate state return for the taxable year ending on the last day of the calendar year in which the REMIC III Interests Certificates, the Class A-2FL Regular Interest, the Class A-MFL Regular Interest and the Class A-JFL Regular Interest are issued. For purposes of such election, the Class X-0A-1, Xxxxx X-0Class A-1A, Class A-2, Class A-3, Class A-4, Class A-5, Class A-ABM, Class X-0A-J, Xxxxx X-0Class X, Class B, Class C, Class D, Class E, Class F F, Class G, Class H, Class J, Class K, Class L, Class M, Class N, Class O, Class P, Class Q and Class G Certificates, S Certificates and the EC Trust REMIC III Class A-2FL Regular InterestsInterest, the Class H REMIC III A-MFL Regular Interest and the Class X REMIC III A-JFL Regular Interests Interest shall be designated as the “"regular interests” " in REMIC III, III and the REMIC Class R-III Residual Interest (which shall be evidenced by the Class R Certificates) Certificates shall be designated as the sole class Class of “"residual interests” " in REMIC III. The Trustee and the Certificate Administrator Paying Agent shall not permit the creation of any “"interests” " (within the meaning of Section 860G of the Code) in any of the REMIC Pools other than the 288 REMIC I Regular Interests, the REMIC II Interests Regular Interests, the REMIC Regular Certificates, the Class A-2FL Regular Interest, the Class A-MFL Regular Interest, the Class A-JFL Regular Interest and the REMIC III InterestsResidual Certificates.

REMIC Administration. (a) An The Securities Administrator shall make an election will be made by the Certificate Administrator on behalf of the Trustee to treat portions the segregated pool of assets consisting of the Mortgage Loans (other than Excess Interest payable thereon), such amounts with respect thereto Issuing Entity as shall from time to time be held in the Collection Account, the Reserve Accounts and the Distribution Account (exclusive of the Excess Interest Sub-account), the Insurance Policies and any related amounts in the REO Account and, to the extent of the Trust’s interest therein, any related REO Properties as a REMIC four REMICs under the Code (and, if necessary, under applicable state law. Each such REMIC being herein designated as “REMIC I”), other than any portion of the foregoing amounts allocable to a B Note or Serviced Companion Loan. Such elections election will be made on Form 1066 or other appropriate federal tax or information return (including Form 8811) or any appropriate state return for the taxable year ending on the last day of the calendar year in which the REMIC I Interests Certificates are issued. For the purposes of such election, the REMIC I elections in respect of the Trust Fund, (i) the REMIC 1 Regular Interests shall be designated as will represent the “regular interests” in REMIC I1, and the REMIC I Residual Interest (which shall be evidenced by the Class R Certificates) shall be designated as R-1 Interest will constitute the sole class of “residual interests” in REMIC I. An election will be made by the Certificate Administrator to treat the segregated pool of assets consisting of 1, (ii) the REMIC I 2 Regular Interests as a REMIC under the Code (such REMIC being herein designated as “REMIC II”). Such election will be made on Form 1066 or other appropriate federal tax or information return or any appropriate state return for the taxable year ending on the last day of the calendar year in which the REMIC II Interests are issued. For the purposes of such election, the REMIC II Regular Interests shall be designated as represent the “regular interests” in REMIC II2, and the REMIC II Residual Interest (which shall be evidenced by the Class R Certificates) shall be designated as R-2 Interest will constitute the sole class of “residual interests” in REMIC II. An election will be made by 2, (iii) the Certificate Administrator to treat the segregated pool of assets consisting Class A Certificates and Class M Certificates (exclusive of the REMIC II Regular Interests as a REMIC under right to receive Net Rate Carryover and the Code (such REMIC being herein designated as “REMIC III”obligation to make payments to the Swap Supplemental Interest Trust). Such election will be made on Form 1066 or other appropriate federal tax or information return or any appropriate state return for the taxable year ending on the last day of the calendar year in which the REMIC III Interests are issued. For purposes of such election, the Class X-0, Xxxxx X-0C Interest, Class A-AB, Class X-0, Xxxxx X-0, Class D, Class E, Class F P Interest and Class G Certificates, the EC Trust REMIC III Regular Interests, the Class H REMIC III Regular IO Interest and the Class X REMIC III Regular Interests shall be designated as will represent the “regular interests” in REMIC III3, and the REMIC III Residual Interest (which shall be evidenced by the Class R Certificates) shall be designated as R-3 Interest will constitute the sole class Class of “residual interests” in REMIC III. The Trustee 3, (iv) the Class C Certificates (exclusive of the obligation to pay Net Rate Carryover and the Certificate obligation to make payments to the Swap Supplemental Interest Trust) will represent the “regular interests” in REMIC 4, the Class R-4 Interest will constitute the sole Class of “residual interests” in REMIC 4, (v) the Class P Certificates will represent the “regular interests” in REMIC 5, the Class R-5 Interest will constitute the sole Class of “residual interests” in REMIC 5, (vi) REMIC 6 Regular Interest IO will represent the “regular interests” in REMIC 6, the Class R-6 Interest will constitute the sole Class of “residual interests” in REMIC 6, and (vii) the Class R Certificates will evidence ownership of the Class R-1 Interest, the Class R-2 Interest and the Class R-3 Interest and the Class R-X Certificates will evidence ownership of the Class R-4 Interest, the Class R-5 Interest and the Class R-6 Interest. Neither the Securities Administrator nor the Trustee shall not permit the creation of any “interests” (within the meaning of Section 860G of the Code) in any of the REMIC Pools created hereunder other than the REMIC I 1 Regular Interests, the REMIC II Interests 2 Regular Interests, the Class C Interest, the Class P Interest, the Class IO Interest and the REMIC III InterestsCertificates. The Securities Administrator will apply for an Employee Identification Number from the IRS via form SS-4 or any other acceptable method for each Trust REMIC.

REMIC Administration. (a) An The Trustee shall elect to treat each REMIC created hereunder as a REMIC under the Code and, if necessary, under applicable state law. Such election will be made by the Certificate Trust Administrator on behalf of the Trustee to treat the segregated pool of assets consisting of the Mortgage Loans (other than Excess Interest payable thereon), such amounts with respect thereto as shall from time to time be held in the Collection Account, the Reserve Accounts and the Distribution Account (exclusive of the Excess Interest Sub-account), the Insurance Policies and any related amounts in the REO Account and, to the extent of the Trust’s interest therein, any related REO Properties as a REMIC under the Code (such REMIC being herein designated as “REMIC I”), other than any portion of the foregoing amounts allocable to a B Note or Serviced Companion Loan. Such elections will be made on Form 1066 or other appropriate federal tax or information return or any appropriate state return for the taxable year ending on the last day of the calendar year in which the REMIC I Interests Certificates are issued. For the purposes of such electionthe REMIC election in respect of REMIC A, the REMIC I A Regular Interests shall be designated as the “regular interests” Regular Interests in REMIC I, A and the REMIC I Class R-A Residual Interest (which shall be evidenced by the Class R Certificates) shall be designated as the sole class Residual Interests in REMIC A. For the purposes of the REMIC election in respect of REMIC B, the REMIC B Regular Interests shall be designated as the Regular Interests in REMIC B and the Class R-B Residual Interest shall be designated as the Residual Interests in REMIC B. For the purposes of the REMIC election in respect of REMIC C, the Certificates or Components thereof (other than the Class R Certificates), shall be designated as the Regular Interests in REMIC C and the Class R-C Residual Interest shall be designated as the Residual Interest in REMIC C. Neither the Trustee nor the Trust Administrator shall permit the creation of any “residual interests” in REMIC I. An A, REMIC B or REMIC C (within the meaning of Section 860G of the Code) other than the REMIC A Regular Interests, REMIC B Regular Interests and the Certificates. The Trustee shall elect to treat each REMIC created hereunder as a REMIC under the Code and, if necessary, under applicable state law. Such election will be made by the Certificate Trust Administrator to treat the segregated pool of assets consisting on behalf of the REMIC I Regular Interests as a REMIC under the Code (such REMIC being herein designated as “REMIC II”). Such election will be made Trustee on Form 1066 or other appropriate federal tax or information return or any appropriate state return for the taxable year ending on the last day of the calendar year in which the REMIC II Interests Certificates are issued. For the purposes of such election, the REMIC II Regular Interests shall be designated as the “regular interests” in REMIC II, and the REMIC II Residual Interest (which shall be evidenced by the Class R Certificates) shall be designated as the sole class of “residual interests” in REMIC II. An election will be made by the Certificate Administrator to treat the segregated pool of assets consisting of the REMIC II Regular Interests as a REMIC under the Code (such REMIC being herein designated as “REMIC III”). Such election will be made on Form 1066 or other appropriate federal tax or information return or any appropriate state return for the taxable year ending on the last day of the calendar year in which the REMIC III Interests are issued. For purposes of such election, the Class X-0, Xxxxx X-0, Class A-AB, Class X-0, Xxxxx X-0, Class D, Class E, Class F and Class G Certificates, the EC Trust REMIC III Regular Interests, the Class H REMIC III Regular Interest and the Class X REMIC III Regular Interests shall be designated as the “regular interests” in REMIC III, and the REMIC III Residual Interest (which shall be evidenced by the Class R Certificates) shall be designated as the sole class of “residual interests” in REMIC III. The Trustee and the Certificate Administrator shall not permit the creation of any “interests” (within the meaning of Section 860G of the Code) in any of the REMIC Pools other than the REMIC I Interests, the REMIC II Interests and the REMIC III Interests.

REMIC Administration. (a) An election will be made by the Certificate Administrator on behalf of the Trustee to treat the segregated pool of assets consisting of the Mortgage Loans (other than Excess Interest payable thereon)Loans, such amounts with respect thereto as shall from time to time be held in the Collection Account, the Reserve Accounts Certificate Account and the Distribution Account (exclusive of the Excess Interest Sub-account)Account, the Insurance Policies and any related amounts in the REO Account and, to the extent of the Trust’s interest therein, any related REO Properties as a REMIC under the Code (such REMIC being herein designated as “REMIC I”), other than any portion of the foregoing amounts allocable to a B Note or Serviced Companion LoanCode. Such elections election will be made on Form 1066 or other appropriate federal tax or information return or any appropriate state return for the taxable year ending on the last day of the calendar year in which the REMIC I Interests are issued. For purposes of such election, the Corresponding REMIC I Regular Interests shall each be designated as the “a separate class of "regular interests” " in REMIC I, and the REMIC I Residual Interest (which shall be evidenced by and the Class R Certificates) R-I Certificates shall be designated as the sole class of “"residual interests” " in the REMIC I. The Trustee shall not permit the creation of any "interests" (within the meaning of Section 860G of the Code) in any of the REMICs other than the REMIC I, REMIC II and REMIC III Regular Interests and the Residual Certificates. An election will be made by the Certificate Administrator Trustee to treat the segregated pool of assets consisting of the REMIC I Regular Interests as a REMIC under the Code (such REMIC being herein designated as “REMIC II”)Code. Such election will be made on Form 1066 or other appropriate federal tax or information return or any appropriate state return for the taxable year ending on the last day of the calendar year in which the REMIC II Interests are Interest is issued. For the purposes of such election, the REMIC II Regular Interests shall be designated as the “"regular interests” " in REMIC II, II and the REMIC Class R-II Residual Interest (which shall be evidenced by the Class R Certificates) Certificates shall be designated as the sole class of “the "residual interests” " in REMIC II. An election will be made by the Certificate Administrator Trustee to treat the segregated pool of assets consisting of the REMIC II Regular Interests as a REMIC under the Code (such REMIC being herein designated as “REMIC III”)Code. Such election will be made on Form 1066 or other appropriate federal tax or information return or any appropriate state return for the taxable year ending on the last day of the calendar year in which the REMIC III Interests Certificates are issued. For purposes of such election, the Class X-0, Xxxxx X-0A-1, Class A-ABA-2, Class X-0X-1, Xxxxx X-0Class X-2, Class B, Class C, Class D, Class E, Class F F, Class G, Class H, Class J and Class G Certificates, the EC Trust REMIC III Regular Interests, the Class H REMIC III Regular Interest and the Class X REMIC III Regular Interests K Certificates shall be designated as the “"regular interests” " in REMIC III, III and the REMIC Class R-III Residual Interest (which shall be evidenced by the Class R Certificates) Certificates shall be designated as the sole class of “"residual interests” " in REMIC III. The Trustee and the Certificate Administrator shall not permit the creation of any “interests” (within the meaning of Section 860G of the Code) in any of the REMIC Pools other than the REMIC I Interests, the REMIC II Interests and the REMIC III Interests.

REMIC Administration. (a) An election will be made by the Certificate Administrator on behalf of the Trustee Paying Agent to treat the segregated pool of assets consisting of the Mortgage Loans (other than Excess Interest payable thereon)Loans, such amounts with respect thereto as shall from time to time be held in the Collection Account, the Reserve Accounts Certificate Account and the Distribution Account (exclusive of the Excess Interest Sub-account)Account, the Insurance Policies and any related amounts in the REO Account and, to the extent of the Trust’s interest therein, any related REO Properties as a REMIC under the Code (such REMIC being herein designated as “REMIC I”), other than any portion of the foregoing amounts allocable to a B Note or Serviced Companion LoanCode. Such elections election will be made on Form 1066 or other appropriate federal tax or information return or any appropriate state return for the taxable year ending on the last day of the calendar year in which the REMIC I Interests are issued. For purposes of such election, the REMIC I Regular Interests shall each be designated as the “a separate class of "regular interests” " in REMIC I, and the REMIC I Residual Interest (which shall be evidenced by and the Class R Certificates) R-I Certificates shall be designated as the sole class of “"residual interests” " in the REMIC I. Neither the Trustee nor the Paying Agent shall permit the creation of any "interests" (within the meaning of Section 860G of the Code) in any of the REMICs other than the REMIC I, REMIC II and REMIC III Regular Interests and the Residual Certificates. An election will be made by the Certificate Administrator Paying Agent to treat the segregated pool of assets consisting of the REMIC I Regular Interests as a REMIC under the Code (such REMIC being herein designated as “REMIC II”)Code. Such election will be made on Form 1066 or other appropriate federal tax or information return or any appropriate state return for the taxable year ending on the last day of the calendar year in which the REMIC II Interests are Interest is issued. For the purposes of such election, the REMIC II Regular Interests shall be designated as the “"regular interests” " in REMIC II, II and the REMIC Class R-II Residual Interest (which shall be evidenced by the Class R Certificates) Certificates shall be designated as the sole class of “the "residual interests” " in REMIC II. An election will be made by the Certificate Administrator Paying Agent to treat the segregated pool of assets consisting of the REMIC II Regular Interests as a REMIC under the Code (such REMIC being herein designated as “REMIC III”)Code. Such election will be made on Form 1066 or other appropriate federal tax or information return or any appropriate state return for the taxable year ending on the last day of the calendar year in which the REMIC III Interests Certificates are issued. For purposes of such election, the Class X-0A-1, Xxxxx X-0, Class A-ABXxass X, Class X-0B, Xxxxx X-0Class C, Class D, Class E, Class F F, Class G, Class H, Class J, Class K, Class L, Class M, and Class G N Certificates, together with the EC Trust REMIC III Regular Interests, the Class H REMIC III O Regular Interest and the Class X REMIC III Regular Interests Excess Interest, shall be designated as the “"regular interests” " in REMIC III, III and the REMIC Class R-III Residual Interest (which shall be evidenced by the Class R Certificates) Certificates shall be designated as the sole class of “"residual interests” " in REMIC III. The Trustee and the Certificate Administrator shall not permit the creation of any “interests” (within the meaning of Section 860G of the Code) in any of the REMIC Pools other than the REMIC I Interests, the REMIC II Interests and the REMIC III Interests.

REMIC Administration. (a) An election will be made by the Certificate Administrator on behalf of the Trustee to treat the segregated pool of assets consisting of the Mortgage Loans (other than Excess Interest payable thereon)Loans, such amounts with respect thereto as shall from time to time be held in the Collection Account, the Reserve Accounts Account and the Distribution Account (exclusive of the Excess Interest Sub-account)Account, the Insurance Policies and any related amounts in the REO Account and, to the extent of the Trust’s interest therein, any related REO Properties as a REMIC under the Code (such REMIC being herein designated as “REMIC I”), other than any portion of the foregoing amounts allocable to a B Note or Serviced Companion LoanCode. Such elections election will be made on Form 1066 or other appropriate federal tax or information return or any appropriate state return for the taxable year ending on the last day of the calendar year in which the REMIC I Interests are issued. For purposes of such election, the REMIC I Regular Interests shall each be designated as the “a separate class of "regular interests” " in REMIC I, I and the REMIC Class R-I Residual Interest (which shall be evidenced by the Class R Certificates) Certificates shall be designated as the sole class of “"residual interests” " in REMIC I. An election will be made by the Certificate Administrator Trustee to treat the segregated pool of assets consisting of the REMIC I Regular Interests as a REMIC under the Code (such REMIC being herein designated as “REMIC II”)Code. Such election will be made on Form 1066 or other appropriate federal tax or information return or any appropriate state return for the taxable year ending on the last day of the calendar year in which the REMIC II Interests are issued. For the purposes of such election, the REMIC II Regular Interests shall be designated as the “"regular interests” " in REMIC II, II and the REMIC Class R-II Residual Interest (which shall be evidenced by the Class R Certificates) Certificates shall be designated as the sole class of “"residual interests” " in REMIC II. An election will be made by the Certificate Administrator Trustee to treat the segregated pool of assets consisting of the REMIC II Regular Interests as a REMIC under the Code (such REMIC being herein designated as “REMIC III”)Code. Such election will be made on Form 1066 or other appropriate federal tax or information return or any appropriate state return for the taxable year ending on the last day of the calendar year in which the REMIC III Interests Certificates are issued. For purposes of such election, the Class X-0, Xxxxx X-0A-1A, Class A-ABA-1B, Class X-0A-1C, Xxxxx X-0Class A-2, Class IO-1, Class IO-2, Class B, Class C, Class D, Class E, Class F F, Class G, Class H and Class G Certificates, the EC Trust REMIC III Regular Interests, the Class H REMIC III Regular Interest and the Class X REMIC III Regular Interests J Certificates shall be designated as the “"regular interests” " in REMIC III, III and the REMIC Class R-III Residual Interest (which shall be evidenced by the Class R Certificates) Certificates shall be designated as the sole class of “"residual interests” " in REMIC III. The Trustee and the Certificate Administrator shall not permit the creation of any “"interests” " (within the meaning of Section 860G of the Code) in any of the REMIC Pools other than the REMIC I Regular Interests, the REMIC II Regular Interests and the REMIC III Interestsinterests evidenced by the Certificates.

REMIC Administration. (a) An election will be made by the Certificate Administrator on behalf of the Trustee Paying Agent to treat the segregated pool of assets consisting of the Mortgage Loans (other than Excess Interest payable thereon), such amounts with respect thereto as shall from time to time be held in the Collection Certificate Accounts, the Interest Reserve Account, the Reserve Accounts Distribution Account and the Distribution Account (exclusive of the Excess Interest Sub-account)Reserve Account, the Insurance Policies and any related amounts in the REO Account and, to the extent of the Trust’s interest therein, and any related REO Properties as a REMIC ("REMIC I") under the Code (such REMIC being herein designated as “REMIC I”)Code, other than any portion of the foregoing amounts allocable to a B Note or Serviced Companion Loan. Such elections election will be made on Form 1066 or other appropriate federal tax or information return or any appropriate state return for the taxable year ending on the last day of the calendar year in which the REMIC I Interests are issued. For purposes of such election, the REMIC I Regular Interests shall each be designated as the “a separate class of "regular interests” " in REMIC I, I and the REMIC Class R-I Residual Interest (which shall be evidenced by the Class R Certificates) Certificates shall be designated as the sole class of “"residual interests” " in REMIC I. An election will be made by the Certificate Administrator Paying Agent to treat the segregated pool of assets consisting of the REMIC I Regular Interests as a REMIC ("REMIC II") under the Code (such REMIC being herein designated as “REMIC II”)Code. Such election will be made on Form 1066 or other appropriate federal tax or information return or any appropriate state return for the taxable year ending on the last day of the calendar year in which the REMIC II Interests are issued. For the purposes of such election, the REMIC II Regular Interests shall be designated as the “"regular interests” " in REMIC II, II and the REMIC Class R-II Residual Interest (which shall be evidenced by the Class R Certificates) Certificates shall be designated as the sole class of “the "residual interests” " in REMIC II. An election will be made by the Certificate Administrator Paying Agent to treat the segregated pool of assets consisting of the REMIC II Regular Interests as a REMIC ("REMIC III") under the Code (such REMIC being herein designated as “REMIC III”)Code. Such election will be made on Form 1066 or other appropriate federal tax or information return or any appropriate state return for the taxable year ending on the last day of the calendar year in which the REMIC III Regular Certificates and the Floating Rate Regular Interests are issued. For purposes of such election, the Class X-0A-1, Xxxxx X-0Class A-1A, Class A-2, Class A-3, Class A-4, Class A-ABM, Class X-0A-MA, Xxxxx X-0Class A-J, Class A-JA, Class B, Class C, Class D, Class E, Class F F, Class G, Class H, Class J, Class K, Class L, Class M, Class N, Class O, Class P, Class Q, Class S, Class X-1 and Class G Certificates, the EC Trust REMIC III Regular Interests, the Class H REMIC III Regular Interest X-2 Certificates and the Class X REMIC III A-MFL and Class A-JFL Regular Interests shall be designated as the “"regular interests” " in REMIC III, III and the REMIC Class R-III Residual Interest (which shall be evidenced by the Class R Certificates) Certificates shall be designated as the sole class of “"residual interests” " in REMIC III. The Trustee and the Certificate Administrator Paying Agent shall not permit the creation of any “"interests” " (within the meaning of Section 860G of the Code) in any of the REMIC Pools other than the REMIC I Regular Interests, the REMIC II Regular Interests, the REMIC Regular Certificates, the Floating Rate Regular Interests and the REMIC III InterestsResidual Certificates.

REMIC Administration. (a) An election will be made by the Certificate Administrator Trustee on behalf of the Trustee Trust to treat the segregated pool of assets consisting of the Mortgage Loans (other than Excess Interest payable thereon)Loans, such amounts with respect thereto as shall from time to time be held in the Collection Account, the Reserve Accounts Account and the Distribution Account (exclusive of the Excess Interest Sub-account)Account, the Insurance Policies and any related amounts in the REO Account and, to the extent of the Trust’s interest therein, any related REO Properties and any other assets constituting REMIC I (as set forth on the definition of REMIC I) as a REMIC under the Code (such REMIC being herein designated as “REMIC I”), other than any portion of the foregoing amounts allocable to a B Note or Serviced Companion LoanCode. Such elections election will be made on Form 1066 or other appropriate federal tax or information return or any appropriate state return for the taxable year ending on the last day of the calendar year in which the REMIC I Interests are issued. For purposes of such election, the REMIC I 156 Regular Interests shall each be designated as the “a separate class of "regular interests” " in REMIC I, I and the REMIC Class R-I Residual Interest (which shall be evidenced by the Class R Certificates) Certificates shall be designated as the sole class of “"residual interests” " in REMIC I. An election will be made by the Certificate Administrator Trustee on behalf of REMIC II to treat the segregated pool of assets consisting of the REMIC I Regular Interests as a REMIC under the Code (such REMIC being herein designated as “REMIC II”)Code. Such election will be made on Form 1066 or other appropriate federal tax or information return or any appropriate state return for the taxable year ending on the last day of the calendar year in which the REMIC II Interests are issued. For the purposes of such election, the REMIC II Regular Interests shall be designated as the “"regular interests” " in REMIC II, II and the REMIC Class R-II Residual Interest (which shall be evidenced by the Class R Certificates) Certificates shall be designated as the sole class of “"residual interests” " in REMIC II. An election will be made by the Certificate Administrator Trustee on behalf of REMIC III to treat the segregated pool of assets consisting of the REMIC II Regular Interests as a REMIC under the Code (such REMIC being herein designated as “REMIC III”)Code. Such election will be made on Form 1066 or other appropriate federal tax or information return or any appropriate state return for the taxable year ending on the last day of the calendar year in which the REMIC III Interests Certificates are issued. For purposes of such election, the Class X-0, Xxxxx X-0A1, Class A-ABA2, Class X-0B, Xxxxx X-0Class C, Class D, Class E, Class F F, Class G, Class H, Class J, Class K and Class G Certificates, the EC Trust REMIC III Regular Interests, the Class H REMIC III Regular L Certificates and each Component Interest and of the Class X REMIC III Regular Interests Certificates shall be designated as the “"regular interests” " in REMIC III, III and the REMIC Class R-III Residual Interest (which shall be evidenced by the Class R Certificates) Certificates shall be designated as the sole class of “"residual interests” " in REMIC III. The Trustee and the Certificate Administrator shall not permit the creation of any “"interests” " (within the meaning of Treasury regulation Section 860G of the Code1.860D-1(b)(1)) in any of the REMIC Pools other than the REMIC I Regular Interests, the REMIC II Regular Interests and the REMIC III Interestsinterests evidenced by the Certificates.

REMIC Administration. (a) An election will be made by the Certificate Administrator on behalf of the Trustee to treat the segregated pool of assets consisting of the Majority Mortgage Loans (other than Excess Interest payable thereon)Loans, the International Plaza Pari Passu Loan REMIC Regular Interest, such amounts with respect thereto related to the Majority Mortgage Loans as shall from time to time be held in the Collection Certificate Account and the Interest Reserve Account, such amounts related to the Majority Mortgage Loans and the International Plaza Pari Passu Loan REMIC Regular Interest as shall from time to time be held in the Distribution Account, the Reserve Accounts and the Distribution Account (exclusive of the Excess Interest Sub-account), the related Insurance Policies and any related amounts in the REO Account and, to the extent of the Trust’s interest therein, any related REO Properties as a REMIC ("REMIC I") under the Code (such REMIC being herein designated as “REMIC I”)Code, other than any portion of the foregoing amounts allocable to a B Note or Serviced Companion Mortgage Loan. Such elections will be made on Form 1066 or other appropriate federal tax or information return or any appropriate state return for the taxable year ending on the last day of the calendar year in which the REMIC I Interests are issued. For purposes of such election, the REMIC I Regular Interests shall each be designated as the “a separate Class of "regular interests” " in REMIC I, I and the REMIC I Residual Interest (which shall be evidenced by the Class R Certificates) shall be designated as the sole class Class of “"residual interests” " in REMIC I. The Trustee shall not permit the creation of any "interests" (within the meaning of Section 860G of the Code) in any of the REMICs other than the REMIC I Regular Interests, the REMIC II Regular Interests, the REMIC III Regular Interests and the Residual Certificates. An election will be made by the Certificate Administrator Trustee to treat the segregated pool of assets consisting of the REMIC I Regular Interests as a REMIC ("REMIC II") under the Code (such REMIC being herein designated as “REMIC II”)Code. Such election will be made on Form 1066 or other appropriate federal tax or information return or any appropriate state return for the taxable year ending on the last day of the calendar year in which the REMIC II Interests are issued. For the purposes of such election, the REMIC II Regular Interests shall be designated as the “"regular interests” " in REMIC II, II and the REMIC Class R-II Residual Interest (which shall be evidenced by the Class R Certificates) Certificates shall be designated as the sole class Class of “the "residual interests” " in REMIC II. An election will be made by the Certificate Administrator Trustee to treat the segregated pool of assets consisting of the REMIC II Regular Interests as a REMIC ("REMIC III") under the Code (such REMIC being herein designated as “REMIC III”)Code. Such election will be made on Form 1066 or other appropriate federal tax or information return or any appropriate state return for the taxable year ending on the last day of the calendar year in which the REMIC III Interests Certificates are issued. For purposes of such election, the Class X-0, Xxxxx X-0A-1, Class A-ABA-2, Class X-0A-3, Xxxxx X-0Class A-4, Class X-1 (each Class X-1 Certificate representing multiple "regular interests" in REMIC III, as set forth in the Preliminary Statement), Class X-2 (each Class X-2 Certificate representing multiple "regular interests" in REMIC III, as set forth in the Preliminary Statement), Class B, Class C, Class D, Class E, Class F F, Class G, Class H, Class J, Class K, Class L, Class M, Class N, Class O, Class P, Class Q and Class G Certificates, the EC Trust REMIC III Regular Interests, S Certificates (but other than the Class H REMIC III Regular Interest and the Class X REMIC III Regular Interests shall be designated as the “regular interests” in REMIC III, and the REMIC III Residual Interest (which shall be evidenced by the Class R CertificatesS Grantor Trust Interest) shall be designated as the "regular interests" in REMIC III and the Class R-III Certificates shall be designated as the sole class Class of “"residual interests” " in REMIC III. The Trustee and the Certificate Administrator shall not permit the creation of any “"interests” " (within the meaning of Section 860G of the Code) in any of the REMIC Pools REMICs other than the International Plaza Pari Passu Loan REMIC Regular Interest, REMIC I Regular Interests, the REMIC II Regular Interests, the REMIC III Regular Interests and the REMIC III InterestsResidual Certificates.

REMIC Administration. (a) An election will be made by the Certificate Administrator on behalf of the The Trustee shall elect to treat the segregated pool of assets consisting of the Mortgage Loans (other than Excess Interest payable thereon), such amounts with respect thereto as shall from time to time be held in the Collection Account, the Reserve Accounts and the Distribution Account (exclusive of the Excess Interest Sub-account), the Insurance Policies and any related amounts in the REO Account and, to the extent of the Trust’s interest therein, any related REO Properties each Trust REMIC as a REMIC under the Code (and, if necessary, under applicable state law. Each such REMIC being herein designated as “REMIC I”), other than any portion of the foregoing amounts allocable to a B Note or Serviced Companion Loan. Such elections election will be made on Form 1066 or other appropriate federal tax or information return (including Form 8811) or any appropriate state return for the taxable year ending on the last day of the calendar year in which the REMIC I Interests Certificates are issued, copies of which forms and returns shall promptly be furnished by the Trustee to the NIMS Insurer and the Class I-A4 Insurer. For the purposes of such electionthe REMIC election in respect of REMIC 1, the REMIC I 1 Regular Interests shall be designated as the “regular interests” Regular Interests in REMIC I, 1 and the REMIC I Residual Class R-1 Interest (which shall be evidenced by the Class R Certificates) shall be designated as the sole class of “residual interests” Residual Interest in REMIC I. An election will be made by the Certificate Administrator to treat the segregated pool of assets consisting of the REMIC I Regular Interests as a REMIC under the Code (such REMIC being herein designated as “REMIC II”). Such election will be made on Form 1066 or other appropriate federal tax or information return or any appropriate state return for the taxable year ending on the last day of the calendar year in which the REMIC II Interests are issued1. For the purposes of such electionthe REMIC election in respect of REMIC 2, the REMIC II 2 Regular Interests shall be designated as the “regular interests” Regular Interests in REMIC II, 2 and the REMIC II Residual Class R-2 Interest (which shall be evidenced by the Class R Certificates) shall be designated as the sole class of “residual interests” Residual Interest in REMIC II2. An election will be made by the Certificate Administrator to treat the segregated pool of assets consisting of the The REMIC II Regular Interests as a REMIC under the Code (such REMIC being herein designated as “REMIC III”). Such election will be made on Form 1066 or other appropriate federal tax or information return or any appropriate state return for the taxable year ending on the last day of the calendar year in which the REMIC III Interests are issued. For purposes of such election, the Class X-0, Xxxxx X-0, Class A-AB, Class X-0, Xxxxx X-0, Class D, Class E, Class F and Class G Certificates, the EC Trust REMIC III Regular Interests, the Class H REMIC III Regular Interest and the Class X REMIC III 3 Regular Interests shall be designated as the “regular interests” Regular Interests in REMIC III, 3 and the REMIC III Residual Class R-3 Interest (which shall be evidenced by the Class R Certificates) shall be designated as the sole class of “residual interests” Residual Interest in REMIC III3. For the purposes of the REMIC election in respect of REMIC 4, (i) the Regular Certificates (other than the Class C Certificates, the Class Swap IO Certificates and the Class P Certificates) and the REMIC 4 Regular Interests shall be designated as the Regular Interests in REMIC 4 and (ii) the Class R-4 Interest shall be designated as the Residual Interest in REMIC 4. For the purposes of the REMIC election in respect of REMIC CX, the Class C Certificates shall be designated as the Regular Interests in REMIC CX and the Class R-CX Interest shall be designated as the Residual Interest in REMIC CX. For the purposes of the REMIC election in respect of REMIC PX, the Class P Certificates shall be designated as the Regular Interests in REMIC PX and the Class R-PX Interest shall be designated as the Residual Interest in REMIC PX. For the purposes of the REMIC election in respect of REMIC SwapX, the Class Swap IO Upper-Tier Interest shall be designated as the Regular Interests in REMIC SwapX and the Class R-SwapX Interest shall be designated as the Residual Interest in REMIC SwapX. The Trustee and the Certificate Administrator shall not permit the creation of any “interests” in REMIC 1, REMIC 2, REMIC 3, REMIC 4, REMIC CX, REMIC SwapX or REMIC PX (within the meaning of Section 860G of the Code) in any of the REMIC Pools other than the REMIC I 1 Regular Interests, the REMIC II 2 Regular Interests, the REMIC 3 Regular Interests, the REMIC 4 Regular Interests and the REMIC III Interestsinterests represented by the Certificates.

REMIC Administration. (a) An election will be made by the Certificate Administrator Paying Agent on behalf of the Trustee to treat the segregated pool of assets consisting of the Mortgage Loans (other than Excess Interest payable thereon)Loans, such amounts with respect thereto as shall from time to time be held in the Collection Account, the Reserve Accounts Certificate Account and the Distribution Account (exclusive of the Excess Interest Sub-account)Account, the Insurance Policies and any related amounts in the REO Account and, to the extent of the Trust’s interest therein, any related REO Properties as a REMIC ("REMIC I") under the Code (such REMIC being herein designated as “REMIC I”)Code, other than any portion of the foregoing amounts allocable to a B Note or Serviced Companion LoanNote. Such elections will be made on Form 1066 or other appropriate federal tax or information return or any appropriate state return for the taxable year ending on the last day of the calendar year in which the REMIC I Interests are issued. For purposes of such election, the REMIC I Regular Interests shall each be designated as the “a separate Class of "regular interests” " in REMIC I, I and the REMIC Class R-I Residual Interest (which shall be evidenced by the Class R Certificates) Certificates shall be designated as the sole class Class of “"residual interests” " in REMIC I. The Trustee and the Paying Agent shall not permit the creation of any "interests" (within the meaning of Section 860G of the Code) in any of the REMICs other than the REMIC I Regular Interests, the REMIC II Regular Interests, the REMIC Regular Certificates and the Residual Certificates. An election will be made by the Certificate Administrator Paying Agent to treat the segregated pool of assets consisting of the REMIC I Regular Interests as a REMIC ("REMIC II") under the Code (such REMIC being herein designated as “REMIC II”)Code. Such election will be made on Form 1066 or other appropriate federal tax or information return or any appropriate state return for the taxable year ending on the last day of the calendar year in which the REMIC II Interests are issued. For the purposes of such election, the REMIC II Regular Interests shall be designated as the “"regular interests” " in REMIC II, II and the REMIC Class R-II Residual Interest (which shall be evidenced by the Class R Certificates) Certificates shall be designated as the sole class Class of “the "residual interests” " in REMIC II. An election will be made by the Certificate Administrator Paying Agent to treat the segregated pool of assets consisting of the REMIC II Regular Interests as a REMIC ("REMIC III") under the Code (such REMIC being herein designated as “REMIC III”)Code. Such election will be made on Form 1066 or other appropriate federal tax or information return or any appropriate state return for the taxable year ending on the last day of the calendar year in which the REMIC III Interests Certificates are issued. For purposes of such election, the Class X-0, Xxxxx X-0A-1, Class A-ABA-2, Class X-0A-3, Xxxxx X-0Class A-4, Class X-1 (each Class X-1 Certificate representing multiple "regular interests" in REMIC III, as set forth in the Preliminary Statement), Class X-2 (each Class X-2 Certificate representing multiple "regular interests" in REMIC III, as set forth in the Preliminary Statement), Class B, Class C, Class D, Class E, Class F F, Class G, Class H, Class J, Class K, Class L, Class M and Class G Certificates, the EC Trust REMIC III Regular Interests, the Class H REMIC III Regular Interest and the Class X REMIC III Regular Interests N Certificates shall be designated as the “"regular interests” " in REMIC III, III and the REMIC Class R-III Residual Interest (which shall be evidenced by the Class R Certificates) Certificates shall be designated as the sole class Class of “"residual interests” " in REMIC III. The Trustee and the Certificate Administrator shall not permit the creation of any “interests” (within the meaning of Section 860G of the Code) in any of the REMIC Pools other than the REMIC I Interests, the REMIC II Interests and the REMIC III Interests.

REMIC Administration. (a) An The Trustee shall elect to treat each REMIC created hereunder as a REMIC under the Code and, if necessary, under applicable state law. Such election will be made by the Certificate Trust Administrator on behalf of the Trustee to treat the segregated pool of assets consisting of the Mortgage Loans (other than Excess Interest payable thereon), such amounts with respect thereto as shall from time to time be held in the Collection Account, the Reserve Accounts and the Distribution Account (exclusive of the Excess Interest Sub-account), the Insurance Policies and any related amounts in the REO Account and, to the extent of the Trust’s interest therein, any related REO Properties as a REMIC under the Code (such REMIC being herein designated as “REMIC I”), other than any portion of the foregoing amounts allocable to a B Note or Serviced Companion Loan. Such elections will be made on Form 1066 or other appropriate federal tax or information return or any appropriate state return for the taxable year ending on the last day of the calendar year in which the REMIC I Interests Certificates are issued. For the purposes of such electionthe REMIC election in respect of REMIC I-A, the REMIC I I-A Regular Interests shall be designated as the “regular interests” Regular Interests in REMIC I, -A and the REMIC I Class R-IA Residual Interest (which shall be evidenced by designated as the Residual Interests in REMIC I-A. For the purposes of the REMIC election in respect of REMIC I-B, the REMIC I-B Regular Interests shall be designated as the Regular Interests in REMIC I-B and the Class R-IB Residual Interest shall be designated as the Residual Interests in REMIC I-B. For the purposes of the REMIC election in respect of REMIC I-C, the Group 1 Certificates (other than the Class 1-R Certificates) shall be designated as the sole class Regular Interests in REMIC I-C and the Class R-IC Residual Interest shall be designated as the Residual Interest in REMIC I-C. Neither the Trustee nor the Trust Administrator shall permit the creation of any “residual interests” in REMIC I. An I-A, REMIC I-B or REMIC I-C (within the meaning of Section 860G of the Code) other than the REMIC I-A Regular Interests, REMIC I-B Regular Interests and the Group 1 Certificates. For the purposes of the REMIC election in respect of REMIC II-A, the REMIC II-A Regular Interests shall be designated as the Regular Interests in REMIC II-A and the Class R-IIA Residual Interest shall be designated as the Residual Interests in REMIC II-A. For the purposes of the REMIC election in respect of REMIC II-B, the Group 2 Certificates (other than the Class 2-R Certificates) shall be designated as the Regular Interests in REMIC II-B and the Class R-IIB Residual Interest shall be designated as the Residual Interest in REMIC II-B. Neither the Trustee nor the Trust Administrator shall permit the creation of any “interests” in REMIC II-A or REMIC II-B (within the meaning of Section 860G of the Code) other than the REMIC II-A Regular Interests and the Group 2 Certificates. The Trustee shall elect to treat each REMIC created hereunder as a REMIC under the Code and, if necessary, under applicable state law. Such election will be made by the Certificate Trust Administrator to treat the segregated pool of assets consisting on behalf of the REMIC I Regular Interests as a REMIC under the Code (such REMIC being herein designated as “REMIC II”). Such election will be made Trustee on Form 1066 or other appropriate federal tax or information return or any appropriate state return for the taxable year ending on the last day of the calendar year in which the REMIC II Interests Certificates are issued. For the purposes of such election, the REMIC II Regular Interests shall be designated as the “regular interests” in REMIC II, and the REMIC II Residual Interest (which shall be evidenced by the Class R Certificates) shall be designated as the sole class of “residual interests” in REMIC II. An election will be made by the Certificate Administrator to treat the segregated pool of assets consisting of the REMIC II Regular Interests as a REMIC under the Code (such REMIC being herein designated as “REMIC III”). Such election will be made on Form 1066 or other appropriate federal tax or information return or any appropriate state return for the taxable year ending on the last day of the calendar year in which the REMIC III Interests are issued. For purposes of such election, the Class X-0, Xxxxx X-0, Class A-AB, Class X-0, Xxxxx X-0, Class D, Class E, Class F and Class G Certificates, the EC Trust REMIC III Regular Interests, the Class H REMIC III Regular Interest and the Class X REMIC III Regular Interests shall be designated as the “regular interests” in REMIC III, and the REMIC III Residual Interest (which shall be evidenced by the Class R Certificates) shall be designated as the sole class of “residual interests” in REMIC III. The Trustee and the Certificate Administrator shall not permit the creation of any “interests” (within the meaning of Section 860G of the Code) in any of the REMIC Pools other than the REMIC I Interests, the REMIC II Interests and the REMIC III Interests.

REMIC Administration. (a) An election The Trustee shall elect that the Trust Fund be treated as two separate REMICs for federal and any applicable state and local income tax purposes. The Class R Certificates will be made by the Certificate Administrator on behalf represent beneficial ownership of the Class R1 Interest and Class R2 Interest. The Owner of the Class R Certificate representing the largest Percentage Interest of the Residual Certificates is hereby designated as the "tax matters person" as defined in the REMIC Provisions (the "Tax Matters Person") with respect to each of REMIC 1 and REMIC 2. The Trustee shall treat each Class of Offered Certificates as a regular interest with a principal balance equal to the applicable Class Certificate Principal Balance for such Distribution Date plus Basis Risk Shortfalls for such Distribution Date and, in the case of the Class A Certificates, the right to receive Supplemental Interest Payments. The Trustee shall treat the segregated pool Certificateholder's right to receive payments of assets consisting Basis Risk Shortfall and in the case of the Mortgage Loans (other than Excess Interest payable thereon), such amounts with respect thereto as shall from time to time be held in the Collection AccountClass A Certificates, the Reserve Accounts right to receive Supplemental Interest Payments as an interest rate cap agreement (the "Cap Agreement") that the Trustee holds separate and apart from the Distribution Account (exclusive portion of the Excess Interest Sub-account), the Insurance Policies and any related amounts in the REO Account and, to the extent of the Trust’s interest therein, any related REO Properties Offered Certificates treated as a REMIC under regular interest and shall treat each Offered Certificateholder as owning the Code (such REMIC being herein designated as “REMIC I”), other than any portion of the foregoing amounts allocable to a B Note or Serviced Companion Loan. Such elections will be made on Form 1066 or other appropriate federal tax or information return or any appropriate state return for the taxable year ending on the last day of the calendar year in which the REMIC I Interests are issued. For purposes of such election, the REMIC I Regular Interests shall be designated as the “regular interests” in REMIC I, and the REMIC I Residual Interest (which shall be evidenced by the Class R Certificates) shall be designated as the sole class of “residual interests” in REMIC I. An election will be made by the Offered Certificate Administrator to treat the segregated pool of assets consisting of the REMIC I Regular Interests treated as a REMIC regular interest issued by REMIC 2 and the Cap Agreement through a trust treated as a grantor trust under the Code (such REMIC being herein designated as “REMIC II”). Such election will be made on Form 1066 or other appropriate federal tax or information return or any appropriate state return for the taxable year ending on the last day subpart E of part I of subchapter J of Chapter 1 of subtitle A of the calendar year in which the REMIC II Interests are issuedCode. For the purposes Notwithstanding any other provision of such electionthis Agreement, the REMIC II Regular Interests Basis Risk Reserve Fund shall be designated treated as the “regular interests” in REMIC II, and the REMIC II Residual Interest (which shall be evidenced by the Class R Certificates) shall be designated as the sole class of “residual interests” in REMIC II. An election will be made by the Certificate Administrator to treat the segregated pool of assets consisting of the REMIC II Regular Interests as a REMIC under the Code (such REMIC being herein designated as “REMIC III”). Such election will be made on Form 1066 or other appropriate federal tax or information return or any appropriate state return for the taxable year ending on the last day of the calendar year in which the REMIC III Interests are issued. For purposes of such election, the Class X-0, Xxxxx X-0, Class A-AB, Class X-0, Xxxxx X-0, Class D, Class E, Class F and Class G Certificates, the EC Trust REMIC III Regular Interests, the Class H REMIC III Regular Interest and the Class X REMIC III Regular Interests shall be designated as the “regular interests” in REMIC III, and the REMIC III Residual Interest (which shall be evidenced by the Class R Certificates) shall be designated as the sole class of “residual interests” in REMIC III. The Trustee and the Certificate Administrator shall not permit the creation of any “interests” (an outside reserve fund within the meaning of Treasury Regulation Section 860G 1.860G-2(h) and not an asset of any REMIC created pursuant to this Agreement, the owners of the CodeBasis Risk Reserve Fund shall be the owner(s) in any of the Class X Certificates, and for all federal tax purposes, amounts transferred by REMIC Pools other than 2 to the Basis Risk Reserve Fund shall be treated as distributed by REMIC I Interests2 to the owner(s) of the Class X Certificates and owners of the Class X Certificates, shall include as income their pro rata share of the REMIC II Interests and income of such fund including income from the REMIC III Interestsregular interests ownership of which is represented by the Class X Certificates.

REMIC Administration. (a) An election will be made by the Certificate The Trust Administrator on behalf of the Trustee shall elect to treat the segregated pool of assets consisting of the Mortgage Loans (other than Excess Interest payable thereon), such amounts with respect thereto as shall from time to time be held in the Collection Account, the Reserve Accounts and the Distribution Account (exclusive of the Excess Interest Sub-account), the Insurance Policies and any related amounts in the REO Account and, to the extent of the Trust’s interest therein, any related REO Properties each Trust REMIC as a REMIC under the Code (and, if necessary, under applicable state law. Each such REMIC being herein designated as “REMIC I”), other than any portion of the foregoing amounts allocable to a B Note or Serviced Companion Loan. Such elections election will be made on Form 1066 or other appropriate federal tax or information return (including Form 8811) or any appropriate state return for the taxable year ending on the last day of the calendar year in which the REMIC I Interests Certificates are issued, copies of which forms and returns shall promptly be furnished by the Trust Administrator to the NIMS Insurer. For the purposes of such electionthe REMIC election in respect of REMIC 1A, the REMIC I 1A Regular Interests shall be designated as the “regular interests” Regular Interests in REMIC I, 1A and the REMIC I Residual Class R-1A Interest (which shall be evidenced by the Class R Certificates) shall be designated as the sole class of “residual interests” Residual Interest in REMIC I. An election will be made by 1A. For the Certificate Administrator to treat the segregated pool of assets consisting purposes of the REMIC I election in respect of REMIC 1B, the REMIC 1B Regular Interests as a REMIC under the Code (such REMIC being herein shall be designated as “the Regular Interests in REMIC II”). Such election will 1B, and the Class R-1B Interest shall be made on Form 1066 or other appropriate federal tax or information return or any appropriate state return for designated as the taxable year ending on Residual Interest in REMIC 1B. For the last day purposes of the calendar year REMIC election in which respect of REMIC 2, the REMIC II 2 Regular Interests are issuedshall be designated as the Regular Interests in REMIC 2 and the Class R-2 Interest shall be designated as the Residual Interest in REMIC 2. For the purposes of such electionthe REMIC election in respect of REMIC 3, the REMIC 3 Regular Interests shall be designated as the Regular Interests in REMIC 3 and the Class R-3 Interest shall be designated as the Residual Interest in REMIC 3. For the purposes of the REMIC election in respect of REMIC 4, the REMIC 4 Group I Regular Interests and the REMIC 4 Group II Regular Interests shall be designated as the “regular interests” Regular Interests in REMIC II, 4 and the REMIC II Residual Class R-4 Interest (which shall be evidenced by the Class R Certificates) shall be designated as the sole class of “residual interests” Residual Interest in REMIC II4. An election will be made by For the Certificate Administrator to treat the segregated pool of assets consisting purposes of the REMIC II election in respect of REMIC 5, (i) the Regular Interests as a REMIC under the Code Certificates (such REMIC being herein designated as “REMIC III”). Such election will be made on Form 1066 or other appropriate federal tax or information return or any appropriate state return for the taxable year ending on the last day of the calendar year in which the REMIC III Interests are issued. For purposes of such election, than the Class X-0, Xxxxx X-0, Class A-AB, Class X-0, Xxxxx X-0, Class D, Class E, Class F and Class G Certificates, the EC Trust REMIC III Regular Interests, the Class H REMIC III Regular Interest C Certificates and the Class X P Certificates) and the REMIC III 5 Regular Interests shall be designated as the “regular interests” Regular Interests in REMIC III, 5 and the REMIC III Residual Interest (which shall be evidenced by ii) the Class R Certificates) R-5 Interest shall be designated as the sole class of “residual interests” Residual Interest in REMIC III5. The Trustee For the purposes of the REMIC election in respect of REMIC X, the Class C Certificates and the Certificate Class P Certificates shall be designated as the Regular Interests in REMIC X and the Class R-X Interest shall be designated as the Residual Interest in REMIC X. Neither the Trustee nor the Trust Administrator shall not permit the creation of any “"interests” " in REMIC 1A, REMIC 1B, REMIC 2, REMIC 3, REMIC 4, REMIC 5 or REMIC X (within the meaning of Section 860G of the Code) in any of the REMIC Pools other than the REMIC I 1A Regular Interests, the REMIC 1B Regular Interests, the REMIC 2 Regular Interests, the REMIC 3 Regular Interests, the REMIC 4 Group I Regular Interests, the REMIC 4 Group II Regular Interests, the REMIC 5 Regular Interests and the REMIC III Interestsinterests represented by the Certificates.

REMIC Administration. (a) An The Trustee shall elect to treat each REMIC created hereunder as a REMIC under the Code and, if necessary, under applicable state law. Such election will be made by the Certificate Trust Administrator on behalf of the Trustee to treat the segregated pool of assets consisting of the Mortgage Loans (other than Excess Interest payable thereon), such amounts with respect thereto as shall from time to time be held in the Collection Account, the Reserve Accounts and the Distribution Account (exclusive of the Excess Interest Sub-account), the Insurance Policies and any related amounts in the REO Account and, to the extent of the Trust’s interest therein, any related REO Properties as a REMIC under the Code (such REMIC being herein designated as “REMIC I”), other than any portion of the foregoing amounts allocable to a B Note or Serviced Companion Loan. Such elections will be made on Form 1066 or other appropriate federal tax or information return or any appropriate state return for the taxable year ending on the last day of the calendar year in which the REMIC I Interests Certificates are issued. For the purposes of such electionthe REMIC election in respect of REMIC I-A, the REMIC I I-A Regular Interests shall be designated as the “regular interests” Regular Interests in REMIC I, -A and the Class R-IA Interest shall be designated as the Residual Interests in REMIC I I-A. For the purposes of the REMIC election in respect of REMIC I-B, the REMIC I-B Regular Interests shall be designated as the Regular Interests in REMIC I-B and the Class R-IB Interest shall be designated as the Residual Interest in REMIC I-B. For the purposes of the REMIC election in respect of REMIC I-C, the Group 1 Certificates (which shall be evidenced by other than the Class 1-R Certificates) shall be designated as the sole class Regular Interests in REMIC I-C and the Class R-IC Interest shall be designated as the Residual Interest in REMIC I-C. Neither the Trustee nor the Trust Administrator shall permit the creation of any “residual interests” in REMIC I. An I-A, REMIC I-B or REMIC I-C (within the meaning of Section 860G of the Code) other than the REMIC I-A Regular Interests, the REMIC I-B Regular Interests and the Group 1 Certificates. For the purposes of the REMIC election in respect of REMIC II-A, the REMIC II-A Regular Interests shall be designated as the Regular Interests in REMIC II-A and the Class R-IIA Interest shall be designated as the Residual Interests in REMIC II-A. For the purposes of the REMIC election in respect of REMIC II-B, the Group 2 Certificates (other than the Class 2-R Certificates) shall be designated as the Regular Interests in REMIC II-B and the Class R-IID Interest shall be designated as the Residual Interest in REMIC II-B. Neither the Trustee nor the Trust Administrator shall permit the creation of any “interests” in REMIC II-A or REMIC II-B (within the meaning of Section 860G of the Code) other than the REMIC II-A Regular Interests and the Group 2 Certificates. The Trustee shall elect to treat each REMIC created hereunder as a REMIC under the Code and, if necessary, under applicable state law. Such election will be made by the Certificate Trust Administrator to treat the segregated pool of assets consisting on behalf of the REMIC I Regular Interests as a REMIC under the Code (such REMIC being herein designated as “REMIC II”). Such election will be made Trustee on Form 1066 or other appropriate federal tax or information return or any appropriate state return for the taxable year ending on the last day of the calendar year in which the REMIC II Interests Certificates are issued. For the purposes of such election, the REMIC II Regular Interests shall be designated as the “regular interests” in REMIC II, and the REMIC II Residual Interest (which shall be evidenced by the Class R Certificates) shall be designated as the sole class of “residual interests” in REMIC II. An election will be made by the Certificate Administrator to treat the segregated pool of assets consisting of the REMIC II Regular Interests as a REMIC under the Code (such REMIC being herein designated as “REMIC III”). Such election will be made on Form 1066 or other appropriate federal tax or information return or any appropriate state return for the taxable year ending on the last day of the calendar year in which the REMIC III Interests are issued. For purposes of such election, the Class X-0, Xxxxx X-0, Class A-AB, Class X-0, Xxxxx X-0, Class D, Class E, Class F and Class G Certificates, the EC Trust REMIC III Regular Interests, the Class H REMIC III Regular Interest and the Class X REMIC III Regular Interests shall be designated as the “regular interests” in REMIC III, and the REMIC III Residual Interest (which shall be evidenced by the Class R Certificates) shall be designated as the sole class of “residual interests” in REMIC III. The Trustee and the Certificate Administrator shall not permit the creation of any “interests” (within the meaning of Section 860G of the Code) in any of the REMIC Pools other than the REMIC I Interests, the REMIC II Interests and the REMIC III Interests.

REMIC Administration. (a) An The Trustee shall elect to treat each Trust REMIC as a REMIC under the Code and, if necessary, under applicable state law. Each such election will be made by the Certificate Administrator on behalf of the Trustee to treat the segregated pool of assets consisting of the Mortgage Loans (other than Excess Interest payable thereon), such amounts with respect thereto as shall from time to time be held in the Collection Account, the Reserve Accounts and the Distribution Account (exclusive of the Excess Interest Sub-account), the Insurance Policies and any related amounts in the REO Account and, to the extent of the Trust’s interest therein, any related REO Properties as a REMIC under the Code (such REMIC being herein designated as “REMIC I”), other than any portion of the foregoing amounts allocable to a B Note or Serviced Companion Loan. Such elections will be made on Form 1066 or other appropriate federal tax or information return or any appropriate state return for the taxable year ending on the last day of the calendar year in which the REMIC I Interests Certificates are issued. For the purposes of such electionthe REMIC election in respect of REMIC I-A, the REMIC I I-A Regular Interests shall be designated as the “regular interests” Regular Interests in REMIC I, -A and the REMIC Class R-I Residual Interest (which shall be evidenced by the Class R Certificates) Certificates shall be designated as the sole class of “residual interests” Residual Interest in REMIC I. An election will be made by the Certificate Administrator to treat the segregated pool of assets consisting of the REMIC I Regular Interests as a REMIC under the Code (such REMIC being herein designated as “REMIC II”). Such election will be made on Form 1066 or other appropriate federal tax or information return or any appropriate state return for the taxable year ending on the last day of the calendar year in which the REMIC II Interests are issued. I-A. For the purposes of such electionthe REMIC election in respect of REMIC I-B, the REMIC I-B Regular Interests shall be designated as the Regular Interests in REMIC I-B and the Class R-II Certificates shall be designated as the Residual Interest in REMIC I-B. For the purposes of the REMIC election in respect of REMIC I-C, the REMIC I-C Regular Interests shall be designated as the Regular Interests in REMIC I-C and the Class R-III Certificates Interest shall be designated as the Residual Interest in REMIC I-C. For the purposes of the REMIC election in respect of REMIC II, the REMIC II Regular Interests shall be designated as the “regular interests” Regular Interests in REMIC II and the Class R-II Interest shall be designated as the Residual Interest in REMIC II. The Group I Class A Certificates, the Group II Class A Certificates, the Group III Class A Certificates, each of the Mezzanine Certificates, the Class CE Certificates and the REMIC II Residual Interest Class P Certificates (which shall be evidenced by other than the Class R Certificatesright to receive amounts, if any, from the Net WAC Rate Carryover Reserve Accounts) shall be designated as the sole class of “residual interests” Regular Interests in REMIC II. An election will be made by the Certificate Administrator to treat the segregated pool of assets consisting of the REMIC II Regular Interests as a REMIC under the Code (such REMIC being herein designated as “REMIC III”). Such election will be made on Form 1066 or other appropriate federal tax or information return or any appropriate state return for the taxable year ending on the last day of the calendar year in which the REMIC III Interests are issued. For purposes of such election, the Class X-0, Xxxxx X-0, Class A-AB, Class X-0, Xxxxx X-0, Class D, Class E, Class F and Class G Certificates, the EC Trust REMIC III Regular Interests, the Class H REMIC III Regular Interest and the Class X REMIC R-III Regular Interests Interest shall be designated as the “regular interests” in REMIC III, and the REMIC III Residual Interest (which shall be evidenced by the Class R Certificates) shall be designated as the sole class of “residual interests” in REMIC III. The Trustee and the Certificate Administrator shall not permit the creation of any “"interests” " in any Trust REMIC (within the meaning of Section 860G of the Code) in any of the REMIC Pools other than the REMIC I I-A Regular Interests, the REMIC I-B Regular Interests, the REMIC I-C Regular Interests, the REMIC II Regular Interests and the REMIC III Interestsinterests represented by the Certificates.

REMIC Administration. (a) An election will be made by the Certificate Administrator Paying Agent on behalf of the Trustee to treat the segregated pool of assets consisting of the Mortgage Loans (other than Excess Interest payable thereon)Loans, such amounts with respect thereto as shall from time to time be held in the Collection Account, the Reserve Accounts Certificate Account and the Distribution Account (exclusive of the Excess Interest Sub-account)Account, the Insurance Policies and any related amounts in the REO Account and, to the extent of the Trust’s interest therein, any related REO Properties as a REMIC ("REMIC I") under the Code (such REMIC being herein designated as “REMIC I”)Code, other than any portion of the foregoing amounts allocable to a B Note or Serviced Companion LoanNote. Such elections will be made on Form 1066 or other appropriate federal tax or information return or any appropriate state return for the taxable year ending on the last day of the calendar year in which the REMIC I Interests are issued. For purposes of such election, the REMIC I Regular Interests shall each be designated as the “a separate Class of "regular interests” " in REMIC I, I and the REMIC Class R-I Residual Interest (which shall be evidenced by the Class R Certificates) Certificates shall be designated as the sole class Class of “"residual interests” " in REMIC I. The Trustee and the Paying Agent shall not permit the creation of any "interests" (within the meaning of Section 860G of the Code) in any of the REMICs other than the REMIC I Regular Interests, the REMIC II Regular Interests, the REMIC III Regular Interests and the Residual Certificates. An election will be made by the Certificate Administrator Paying Agent to treat the segregated pool of assets consisting of the REMIC I Regular Interests as a REMIC ("REMIC II") under the Code (such REMIC being herein designated as “REMIC II”)Code. Such election will be made on Form 1066 or other appropriate federal tax or information return or any appropriate state return for the taxable year ending on the last day of the calendar year in which the REMIC II Interests are issued. For the purposes of such election, the REMIC II Regular Interests shall be designated as the “"regular interests” " in REMIC II, II and the REMIC Class R-II Residual Interest (which shall be evidenced by the Class R Certificates) Certificates shall be designated as the sole class Class of “the "residual interests” " in REMIC II. An election will be made by the Certificate Administrator Paying Agent to treat the segregated pool of assets consisting of the REMIC II Regular Interests as a REMIC ("REMIC III") under the Code (such REMIC being herein designated as “REMIC III”)Code. Such election will be made on Form 1066 or other appropriate federal tax or information return or any appropriate state return for the taxable year ending on the last day of the calendar year in which the REMIC III Interests Certificates are issued. For purposes of such election, the Class X-0, Xxxxx X-0A-1, Class A-ABA-2, Class X-0X-1 (each Class X-1 Certificate representing multiple "regular interests" in REMIC III, Xxxxx X-0as set forth in the Preliminary Statement), Class X-2 (each Class X-2 Certificate representing multiple "regular interests" in REMIC III, as set forth in the Preliminary Statement), Class B, Class C, Class D, Class E, Class F F, Class G, Class H, Class J, Class K, Class L, Class M and Class G Certificates, the EC Trust REMIC III Regular Interests, the Class H REMIC III Regular Interest and the Class X REMIC III Regular Interests N Certificates shall be designated as the “"regular interests” " in REMIC III, III and the REMIC Class R-III Residual Interest (which shall be evidenced by the Class R Certificates) Certificates shall be designated as the sole class Class of “" residual interests” " in REMIC III. The Trustee and the Certificate Administrator shall not permit the creation of any “interests” (within the meaning of Section 860G of the Code) in any of the REMIC Pools other than the REMIC I Interests, the REMIC II Interests and the REMIC III Interests.

REMIC Administration. (a) An election will be made by the Certificate Administrator Paying Agent on behalf of the Trustee to treat the segregated pool of assets consisting of the Mortgage Loans (other than Excess Interest payable thereon), such amounts with respect thereto as shall from time to time be held in the Collection AccountCertificate Accounts, the Interest Reserve Accounts and Accounts, the Distribution Account (exclusive of and the Excess Interest Sub-account)Reserve Account, the Insurance Policies and any related amounts in the REO Account and, to the extent of the Trust’s interest therein, and any related REO Properties as a REMIC ("REMIC I") under the Code (such REMIC being herein designated as “REMIC I”), other than any portion of the foregoing amounts allocable to a B Note or Serviced Companion LoanCode. Such elections election will be made on Form 1066 or other appropriate federal tax or information return or any appropriate state return for the taxable year ending on the last day of the calendar year in which the REMIC I Interests are issued. For purposes of such election, the REMIC I Regular Interests shall each be designated as the “a separate class of "regular interests” " in REMIC I, I and the REMIC Class R-I Residual Interest (which shall be evidenced by the Class R Certificates) Certificates shall be designated as the sole class of “"residual interests” " in REMIC I. An election will be made by the Certificate Administrator Paying Agent to treat the segregated pool of assets consisting of the REMIC I Regular Interests as a REMIC ("REMIC II") under the Code (such REMIC being herein designated as “REMIC II”)Code. Such election will be made on Form 1066 or other appropriate federal tax or information return or any appropriate state return for the taxable year ending on the last day of the calendar year in which the REMIC II Interests are issued. For the purposes of such election, the REMIC II Regular Interests shall be designated as the “"regular interests” " in REMIC II, II and the REMIC Class R-II Residual Interest (which shall be evidenced by the Class R Certificates) Certificates shall be designated as the sole class of “the "residual interests” " in REMIC II. An election will be made by the Certificate Administrator Paying Agent to treat the segregated pool of assets consisting of the REMIC II Regular Interests as a REMIC ("REMIC III") under the Code (such REMIC being herein designated as “REMIC III”)Code. Such election will be made on Form 1066 or other appropriate federal tax or information return or any appropriate state return for the taxable year ending on the last day of the calendar year in which the REMIC III Interests Certificates are issued. For purposes of such election, the Class X-0A-1, Xxxxx X-0Class A-2, Class A-3, Class A-4, Class A-AB, Class X-0A-5, Xxxxx X-0Class A-1A, Class A-J, Class B, Class C, Class D, Class E, Class F F, Class G, Class H, Class J, Class K, Class L, Class M, Class N, Class O, Class P, Class X-1, Class X-2 and Class G X-Y Certificates, the EC Trust REMIC III Regular Interests, the Class H REMIC III Regular Interest and the Class X REMIC III Regular Interests shall be designated as the “"regular interests” " in REMIC III, III and the REMIC Class R-III Residual Interest (which shall be evidenced by the Class R Certificates) Certificates shall be designated as the sole class of “"residual interests” " in REMIC III. The Trustee and the Certificate Administrator Paying Agent shall not permit the creation of any “"interests” " (within the meaning of Section 860G of the Code) in any of the REMIC Pools other than the REMIC I Regular Interests, the REMIC II Interests and Regular Interests, the REMIC III InterestsRegular Certificates and the Residual Certificates.

REMIC Administration. (a) An The Securities Administrator shall make an election will be made by the Certificate Administrator on behalf of the Trustee to treat the segregated pool of assets consisting of the Mortgage Loans (other than Excess Interest payable thereon), such amounts with respect thereto Trust Fund as shall from time to time be held in the Collection Account, the Reserve Accounts and the Distribution Account (exclusive of the Excess Interest Sub-account), the Insurance Policies and any related amounts in the REO Account and, to the extent of the Trust’s interest therein, any related REO Properties as a REMIC six REMICs under the Code (and, if necessary, under applicable state law. Each such REMIC being herein designated as “REMIC I”), other than any portion of the foregoing amounts allocable to a B Note or Serviced Companion Loan. Such elections election will be made on Form 1066 or other appropriate federal tax or information return (including Form 8811) or any appropriate state return for the taxable year ending on the last day of the calendar year in which the REMIC I Interests are issued. For purposes of such election, the REMIC I Regular Interests shall be designated as the “regular interests” in REMIC I, and the REMIC I Residual Interest (which shall be evidenced by the Class R Certificates) shall be designated as the sole class of “residual interests” in REMIC I. An election will be made by the Certificate Administrator to treat the segregated pool of assets consisting of the REMIC I Regular Interests as a REMIC under the Code (such REMIC being herein designated as “REMIC II”). Such election will be made on Form 1066 or other appropriate federal tax or information return or any appropriate state return for the taxable year ending on the last day of the calendar year in which the REMIC II Interests Certificates are issued. For the purposes of such electionthe REMIC elections in respect of the Trust Fund, (i) the REMIC 1 Regular Interests will represent the "regular interests" in REMIC 1, the Class R-1 Interest will constitute the sole class of "residual interests" in REMIC II 1, (ii) the REMIC 2 Regular Interests will represent the "regular interests" in REMIC 2, the Class R-2 Interest will constitute the sole class of "residual interests" in REMIC 2, (iii) the Class A and Class M Certificates (exclusive of any right to receive payments in respect of the Basis Risk Shortfall Carry-Forward Amounts and the obligation to pay any Class IO Distribution Amount), the Class IO Interest, the Class C Interest and the Class P Interest shall be designated as the “"regular interests” " in REMIC II, 3 and the Class R-3 Interest will constitute the sole class of "residual interests" in REMIC II Residual Interest 3, (which shall be evidenced by iv) the Class R Certificates) C Certificates shall be designated as the "regular interests" in REMIC 4 and the Class R-4 Interest will constitute the sole class of “"residual interests” " in REMIC II. An election will be made by the Certificate Administrator to treat the segregated pool of assets consisting of the REMIC II Regular Interests as a REMIC under the Code 4, (such REMIC being herein designated as “REMIC III”). Such election will be made on Form 1066 or other appropriate federal tax or information return or any appropriate state return for the taxable year ending on the last day of the calendar year in which the REMIC III Interests are issued. For purposes of such election, v) the Class X-0, Xxxxx X-0, Class A-AB, Class X-0, Xxxxx X-0, Class D, Class E, Class F and Class G Certificates, the EC Trust REMIC III Regular Interests, the Class H REMIC III Regular Interest and the Class X REMIC III Regular Interests P Certificates shall be designated as the “"regular interests” " in REMIC III, 5 and the Class R-5 Interest will constitute the sole class of "residual interests" in REMIC III Residual 5 and (vi) REMIC 6 Regular Interest (which shall be evidenced by the Class R Certificates) IO shall be designated as the "regular interests" in REMIC 6 and the Class R-6 Interest will constitute the sole class of “"residual interests” " in REMIC III6. The Trustee Securities Administrator and the Certificate Administrator Trustee shall not permit the creation of any “"interests” " (within the meaning of Section 860G of the Code) in any of the REMIC Pools created hereunder other than the REMIC I 1 Regular Interests, the REMIC II 2 Regular Interests, the REMIC 3 Regular Interests the ownership of which is represented by the Class A and Class M Certificates, the Class IO Interest, the Class C Interest, the Class P Interest, the Class C Certificates, the Class P Certificates, REMIC 6 Regular Interest IO, the Class R-1 Interest, the Class R-2 Interest, the Class R-3 Interest, the Class R-4 Interest, the Class R-5 Interest and the REMIC III InterestsClass R-6 Interest. The Securities Administrator will apply for an Employee Identification Number from the IRS via form SS-4 or any other acceptable method for each Trust REMIC.

REMIC Administration. (a) An election will The Paying Agent shall make elections or cause elections to be made by the Certificate Administrator on behalf to treat each of the Trustee to treat the segregated pool of assets consisting of the Mortgage Loans (other than Excess Interest payable thereon), such amounts with respect thereto as shall from time to time be held in the Collection AccountLoan REMIC, the Reserve Accounts Lower-Tier REMIC and the Distribution Account (exclusive of the Excess Interest SubUpper-account), the Insurance Policies and any related amounts in the REO Account and, to the extent of the Trust’s interest therein, any related REO Properties Tier REMIC as a REMIC under the Code (and, if necessary, under Applicable State and Local Tax Law. Each such REMIC being herein designated as “REMIC I”), other than any portion of the foregoing amounts allocable to a B Note or Serviced Companion Loan. Such elections election will be made on Form 1066 or other appropriate federal tax or information return or any appropriate state return for the taxable year ending on the last day of the calendar year in which the REMIC I Uncertificated Lower-Tier Interests and the Certificates are issued. For the purposes of such election, the REMIC I election in respect of the Upper-Tier REMIC, each Class of the Regular Interests Certificates and the Class RP Certificates shall be designated as the “"regular interests” " (in REMIC Ithe case of the Class NR Certificates, exclusive of the portion thereof, representing the right to Excess Interest and amounts in the REMIC I Residual Excess Interest (which shall be evidenced by Distribution Account) and the Class R Certificates) Certificates shall be designated as the sole class of “"residual interests” " in REMIC I. An election will be made by the Certificate Administrator to treat the segregated pool of assets consisting Upper-Tier REMIC. For purposes of the REMIC I Regular Interests as a REMIC under the Code (such REMIC being herein designated as “REMIC II”). Such election will be made on Form 1066 or other appropriate federal tax or information return or any appropriate state return for the taxable year ending on the last day in respect of the calendar year in which the REMIC II Interests are issued. For the purposes Lower-Tier REMIC, each Class of such election, the REMIC II Regular Uncertificated Lower-Tier Interests shall be designated as the “"regular interests” in REMIC II, " and the REMIC II Residual Interest (which shall be evidenced by the Class R Certificates) LR Certificates shall be designated as the sole class of “"residual interests” " in REMIC II. An election will be made by the Certificate Administrator to treat the segregated pool of assets consisting of the REMIC II Regular Interests as a REMIC under the Code (such REMIC being herein designated as “REMIC III”). Such election will be made on Form 1066 or other appropriate federal tax or information return or any appropriate state return for the taxable year ending on the last day of the calendar year in which the REMIC III Interests are issuedLower-Tier REMIC. For purposes of such electionthe REMIC election in respect of the Loan REMIC, the each Class X-0, Xxxxx X-0, Class A-AB, Class X-0, Xxxxx X-0, Class D, Class E, Class F and Class G Certificates, the EC Trust of Loan REMIC III Regular Interests, the Class H REMIC III Regular Interest and the Class X REMIC III Regular Interests shall be designated as the “"regular interests” in REMIC III, " and the Loan REMIC III Residual Interest (which shall be evidenced Interest, represented by the Class R LR Certificates) , shall be designated as the sole class of “"residual interests” " in REMIC IIIthe Loan REMIC. The None of the Special Servicer, the Master Servicer, the Paying Agent nor the Trustee and the Certificate Administrator shall not permit the creation of any “"interests” " (within the meaning of Section 860G of the Code) in any of the Loan REMIC, the Lower-Tier REMIC Pools or the Upper-Tier REMIC other than the REMIC I Interests, the REMIC II Interests and the REMIC III Interestsforegoing interests.

REMIC Administration. (a) An election will be made by the Certificate Administrator on behalf of the The Trustee shall elect to treat the segregated pool of assets consisting of the Mortgage Loans (other than Excess Interest payable thereon), such amounts with respect thereto as shall from time to time be held in the Collection Account, the Reserve Accounts and the Distribution Account (exclusive of the Excess Interest Sub-account), the Insurance Policies and any related amounts in the REO Account and, to the extent of the Trust’s interest therein, any related REO Properties each Trust REMIC as a REMIC under the Code (and, if necessary, under applicable state law. Each such REMIC being herein designated as “REMIC I”), other than any portion of the foregoing amounts allocable to a B Note or Serviced Companion Loan. Such elections election will be made on Form 1066 or other appropriate federal tax or information return (including Form 8811) or any appropriate state return for the taxable year ending on the last day of the calendar year in which the REMIC I Interests Certificates are issued, copies of which forms and returns shall promptly be furnished by the Trustee to the NIMS Insurer. For the purposes of such electionthe REMIC election in respect of REMIC 1, the REMIC I 1 Regular Interests shall be designated as the “regular interests” Regular Interests in REMIC I, 1 and the REMIC I Residual Class R‑1 Interest (which shall be evidenced by the Class R Certificates) shall be designated as the sole class of “residual interests” Residual Interest in REMIC I. An election will be made by the Certificate Administrator to treat the segregated pool of assets consisting of the REMIC I Regular Interests as a REMIC under the Code (such REMIC being herein designated as “REMIC II”). Such election will be made on Form 1066 or other appropriate federal tax or information return or any appropriate state return for the taxable year ending on the last day of the calendar year in which the REMIC II Interests are issued1. For the purposes of such electionthe REMIC election in respect of REMIC 2, the REMIC II 2 Regular Interests shall be designated as the “regular interests” Regular Interests in REMIC II, 2 and the REMIC II Residual Class R-2 Interest (which shall be evidenced by the Class R Certificates) shall be designated as the sole class of “residual interests” Residual Interest in REMIC II2. An election will be made by the Certificate Administrator to treat the segregated pool of assets consisting of the The REMIC II Regular Interests as a REMIC under the Code (such REMIC being herein designated as “REMIC III”). Such election will be made on Form 1066 or other appropriate federal tax or information return or any appropriate state return for the taxable year ending on the last day of the calendar year in which the REMIC III Interests are issued. For purposes of such election, the Class X-0, Xxxxx X-0, Class A-AB, Class X-0, Xxxxx X-0, Class D, Class E, Class F and Class G Certificates, the EC Trust REMIC III Regular Interests, the Class H REMIC III Regular Interest and the Class X REMIC III 3 Regular Interests shall be designated as the “regular interests” Regular Interests in REMIC III, 3 and the REMIC III Residual Class R-3 Interest (which shall be evidenced by the Class R Certificates) shall be designated as the sole class of “residual interests” Residual Interest in REMIC III3. For the purposes of the REMIC election in respect of REMIC CX, the Class C Certificates shall be designated as the Regular Interests in REMIC CX and the Class R‑CX Interest shall be designated as the Residual Interest in REMIC CX. For the purposes of the REMIC election in respect of REMIC PX, the Class P Certificates shall be designated as the Regular Interests in REMIC PX and the Class R‑PX Interest shall be designated as the Residual Interest in REMIC PX. For the purposes of the REMIC election in respect of REMIC SwapX, the Class Swap IO Upper-Tier Interest shall be designated as the Regular Interests in REMIC SwapX and the Class R-SwapX Interest shall be designated as the Residual Interest in REMIC SwapX. The Trustee and the Certificate Administrator shall not permit the creation of any “"interests” " in REMIC 1, REMIC 2, REMIC 3, REMIC CX, REMIC SwapX or REMIC PX (within the meaning of Section 860G of the Code) in any of the REMIC Pools other than the REMIC I 1 Regular Interests, the REMIC II 2 Regular Interests, the REMIC 3 Regular Interests and the REMIC III Interestsinterests represented by the Certificates.

REMIC Administration. (a) An election will be made by the Certificate Administrator Trustee on behalf of the Trustee Trust to treat the segregated pool of assets consisting of the Mortgage Loans (other than the right to Excess Interest payable thereonin respect of the Hyper-Amortization Loans), such amounts with respect thereto as shall from time to time be held in the Collection Account, the Reserve Accounts Account and the Distribution Account (exclusive of the Excess Interest Sub-account)in respect thereof, the Insurance Policies and any related amounts in the REO Account and, to the extent of the Trust’s interest therein, any related REO Properties and any other assets constituting REMIC I (as set forth on the definition of REMIC I) as a REMIC under the Code (such REMIC being herein designated as “REMIC I”), other than any portion of the foregoing amounts allocable to a B Note or Serviced Companion LoanCode. Such elections election will be made on Form 1066 or other appropriate federal tax or information return or any appropriate state return for the taxable year ending on the last day of the calendar year in which the REMIC I Interests are issued. For purposes of such election, each of the REMIC I Regular Interests shall be designated as the “a separate class of "regular interests” " in REMIC I, I and the REMIC Class R-I Residual Interest (which shall be evidenced by the Class R Certificates) Certificates shall be designated as the sole class of “"residual interests” " in REMIC I. An election will be made by the Certificate Administrator Trustee on behalf of REMIC II to treat the segregated pool of assets consisting of the REMIC I Regular Interests as a REMIC under the Code (such REMIC being herein designated as “REMIC II”)Code. Such election will be made on Form 1066 or other appropriate federal tax or information return or any appropriate state return for the taxable year ending on the last day of the calendar year in which the REMIC II Interests are issued. For the purposes of such election, the REMIC II Regular Interests shall be designated as the “"regular interests” " in REMIC II, II and the REMIC Class R-II Residual Interest (which shall be evidenced by the Class R Certificates) Certificates shall be designated as the sole class of “"residual interests” " in REMIC II. An election will be made by the Certificate Administrator Trustee on behalf of REMIC III to treat the segregated pool of assets consisting of the REMIC II Regular Interests as a REMIC under the Code (such REMIC being herein designated as “REMIC III”)Code. Such election 158 will be made on Form 1066 or other appropriate federal tax or information return or any appropriate state return for the taxable year ending on the last day of the calendar year in which the REMIC III Interests Certificates are issued. For purposes of such election, the Class X-0, Xxxxx X-0A-1, Class A-ABA-2, Class X-0B, Xxxxx X-0Class C, Class D, Class E, Class F F, Class G, Class H, Class J, Class K, Class L, Class M, and Class G N Certificates, the EC Trust REMIC III Class O Regular Interests, Interest represented by the Class H REMIC III Regular O Certificates, and each Component Interest and of the Class X REMIC III Regular Interests Certificates shall be designated as the “"regular interests” " in REMIC III, III and the REMIC Class R-III Residual Interest (which shall be evidenced by the Class R Certificates) Certificates shall be designated as the sole class of “"residual interests” " in REMIC III. The Trustee and the Certificate Administrator shall not permit the creation of any “"interests” " (within the meaning of Treasury regulation Section 860G of the Code1.860D-1(b)(1)) in any of the REMIC Pools other than the REMIC I Regular Interests, the REMIC II Regular Interests and the REMIC III Interestsinterests evidenced by the Certificates.

REMIC Administration. (a) An election will be made by the Certificate Administrator Paying Agent on behalf of the Trustee to treat the segregated pool of assets consisting of the Mortgage Loans (other than Excess Interest payable thereon), such amounts with respect thereto as shall from time to time be held in the Collection Certificate Account, the Class A-4FL Floating Rate Account, the Class A-MFL Floating Rate Account and the Interest Reserve Account, the Reserve Accounts Account and the Distribution Account (exclusive of the Excess Interest Sub-account), the Insurance Policies and any related amounts in the REO Account and, to the extent of the Trust’s interest therein, and any related REO Properties as a REMIC ("REMIC I") under the Code (such REMIC being herein designated as “REMIC I”)Code, other than any portion of the foregoing amounts allocable to a B Note or Serviced Companion Mortgage Loan. Such elections will be made on Form 1066 or other appropriate federal tax or information return or any appropriate state return for the taxable year ending on the last day of the calendar year in which the REMIC I Interests are issued. For purposes of such election, the REMIC I Regular Interests shall each be designated as the “a separate Class of "regular interests” " in REMIC I, I and the REMIC Class R-I Residual Interest (which shall be evidenced by the Class R Certificates) Certificates shall be designated as the sole class Class of “"residual interests” " in REMIC I. An election will be made by the Certificate Administrator Paying Agent to treat the segregated pool of assets consisting of the REMIC I Regular Interests as a REMIC ("REMIC II") under the Code (such REMIC being herein designated as “REMIC II”)Code. Such election will be made on Form 1066 or other appropriate federal tax or information return or any appropriate state return for the taxable year ending on the last day of the calendar year in which the REMIC II Interests are issued. For the purposes of such election, the REMIC II Regular Interests shall be designated as the “"regular interests” " in REMIC II, II and the REMIC Class R-II Residual Interest (which shall be evidenced by the Class R Certificates) Certificates shall be designated as the sole class Class of “the "residual interests” " in REMIC II. An election will be made by the Certificate Administrator Paying Agent to treat the segregated pool of assets consisting of the REMIC II Regular Interests as a REMIC ("REMIC III") under the Code (such REMIC being herein designated as “REMIC III”)Code. Such election will be made on Form 1066 or other appropriate federal tax or information return or any appropriate state return for the taxable year ending on the last day of the calendar year in which the REMIC III Interests Certificates, the Class A-4FL Regular Interest and the Class A-MFL Regular Interest are issued. For purposes of such election, the Class X-0A-1, Xxxxx X-0Class A-1A, Class A-2, Class A-3, Class A-4, Class A-ABJ, Class X-0X-1, Xxxxx X-0Class X-2, Class B, Class C, Class D, Class E, Class F F, Class G, Class H, Class J, Class K, Class L, Class M, Class N, Class O and Class G Certificates, the EC Trust REMIC III Regular Interests, P Certificates and the Class H REMIC III A-4FL Regular Interest and the Class X REMIC III A-MFL Regular Interests Interest shall be designated as the “"regular interests” " in REMIC III, III and the REMIC Class R-III Residual Interest (which shall be evidenced by the Class R Certificates) Certificates shall be designated as the sole class Class of “"residual interests” " in REMIC III. The Trustee and the Certificate Administrator Paying Agent shall not permit the creation of any “"interests” " (within the meaning of Section 860G of the Code) in any of the REMIC Pools other than the cclxxxviii REMIC I Regular Interests, the REMIC II Interests and Regular Interests, the REMIC III InterestsRegular Certificates, the Class A-4FL Regular Interest, the Class A-MFL Regular Interest and the Residual Certificates.

REMIC Administration. (a) An election will be made by the Certificate Administrator Paying Agent on behalf of the Trustee to treat the segregated pool of assets consisting of the Mortgage Loans (other than Excess Interest payable thereon)Loans, such amounts with respect thereto as shall from time to time be held in the Collection Account, the Reserve Accounts Certificate Account and the Distribution Account (exclusive of the Excess Interest Sub-account)Account, the Insurance Policies and any related amounts in the REO Account and, to the extent of the Trust’s interest therein, any related REO Properties as a REMIC ("REMIC I") under the Code (such REMIC being herein designated as “REMIC I”)Code, other than any portion of the foregoing amounts allocable to a B Note or Serviced and the Xxxx Xxxxx Companion Loan. Such elections will be made on Form 1066 or other appropriate federal tax or information return or any appropriate state return for the taxable year ending on the last day of the calendar year in which the REMIC I Interests are issued. For purposes of such election, the REMIC I Regular Interests shall each be designated as the “a separate Class of "regular interests” " in REMIC I, I and the REMIC Class R-I Residual Interest (which shall be evidenced by the Class R Certificates) Certificates shall be designated as the sole class Class of “"residual interests” " in REMIC I. The Trustee and the Paying Agent shall not permit the creation of any "interests" (within the meaning of Section 860G of the Code) in any of the REMICs other than the REMIC I Regular Interests, the REMIC II Regular Interests, the REMIC III Regular Interests and the Residual Certificates. An election will be made by the Certificate Administrator Paying Agent to treat the segregated pool of assets consisting of the REMIC I Regular Interests as a REMIC ("REMIC II") under the Code (such REMIC being herein designated as “REMIC II”)Code. Such election will be made on Form 1066 or other appropriate federal tax or information return or any appropriate state return for the taxable year ending on the last day of the calendar year in which the REMIC II Interests are issued. For the purposes of such election, the REMIC II Regular Interests shall be designated as the “"regular interests” " in REMIC II, II and the REMIC Class R-II Residual Interest (which shall be evidenced by the Class R Certificates) Certificates shall be designated as the sole class Class of “the "residual interests” " in REMIC II. An election will be made by the Certificate Administrator Paying Agent to treat the segregated pool of assets consisting of the REMIC II Regular Interests as a REMIC ("REMIC III") under the Code (such REMIC being herein designated as “REMIC III”)Code. Such election will be made on Form 1066 or other appropriate federal tax or information return or any appropriate state return for the taxable year ending on the last day of the calendar year in which the REMIC III Interests Certificates are issued. For purposes of such election, the Class X-0, Xxxxx X-0A-1, Class A-ABA-2, Class X-0X-1 (each Class X-1 Certificate representing multiple "regular interests" in REMIC III, Xxxxx X-0as set forth in the Preliminary Statement), Class X-2 (each Class X-2 Certificate representing multiple "regular interests" in REMIC III, as set forth in the Preliminary Statement), Class B, Class C, Class D, Class E, Class F F, Class G, Class H, Class J, Class K, Class L, Class M, Class N and Class G Certificates, the EC Trust REMIC III Regular Interests, the Class H REMIC III Regular Interest and the Class X REMIC III Regular Interests O Certificates shall be designated as the “"regular interests” " in REMIC III, III and the REMIC Class R-III Residual Interest (which shall be evidenced by the Class R Certificates) Certificates shall be designated as the sole class Class of “"residual interests” " in REMIC III. The Trustee and the Certificate Administrator shall not permit the creation of any “interests” (within the meaning of Section 860G of the Code) in any of the REMIC Pools other than the REMIC I Interests, the REMIC II Interests and the REMIC III Interests.

REMIC Administration. (a) An election will be made by the Certificate Administrator on behalf of the Trustee to treat the segregated pool of assets consisting of the Mortgage Loans (other than Excess Interest payable thereon), such amounts with respect thereto REMIC elections as shall from time to time be held set forth in the Collection Account, the Reserve Accounts and the Distribution Account (exclusive of the Excess Interest Sub-account), the Insurance Policies and any related amounts in the REO Account and, to the extent of the Trust’s interest therein, any related REO Properties as a REMIC under the Code (such REMIC being herein designated as “REMIC I”), other than any portion of the foregoing amounts allocable to a B Note or Serviced Companion Loan. Such elections will Preliminary Statement shall be made on Form Forms 1066 or other appropriate federal tax or information return or any appropriate state return for the taxable year ending on the last day of the calendar year in which the REMIC I Interests Certificates are issued. The regular interests and residual interest in each REMIC shall be as designated in the Preliminary Statement. For purposes of such electiondesignations, the REMIC I Regular Interests interest rate of any regular interest that is computed by taking into account the weighted average of the Net Mortgage Rates of the Mortgage Loans shall be reduced by the amount of any expense paid by the Trust to the extent that (i) such expense was not taken into account in computing the Net Mortgage Rate of any Mortgage Loan, (ii) such expense does not constitute an “unanticipated expense” of a REMIC within the meaning of Treasury Regulation Section 1.860G-1(b)(3)(ii) and (iii) the amount of such expense was not taken into account in computing the interest rate of a more junior Class of regular interests. 158 The Closing Date is hereby designated as the “regular interestsStartup Day” of each REMIC within the meaning of section 860G(a)(9) of the Code. The latest possible maturity date for purposes of Treasury Regulation 1.860G-1(a)(4) will be the Latest Possible Maturity Date. The Securities Administrator shall pay any and all tax related expenses (not including taxes) of each REMIC, including but not limited to any professional fees or expenses related to audits or any administrative or judicial proceedings with respect to such REMIC that involve the Internal Revenue Service or state tax authorities, but only to the extent that (i) such expenses are ordinary or routine expenses, including expenses of a routine audit but not expenses of litigation (except as described in REMIC I(ii)); or (ii) such expenses or liabilities (including taxes and penalties) are attributable to the negligence or willful misconduct of the Securities Administrator in fulfilling its duties hereunder (including its duties as tax return preparer). The Securities Administrator shall be entitled to reimbursement of expenses to the extent provided in clause (i) above from the Securities Administration Account, provided, however, the Securities Administrator shall not be entitled to reimbursement for expenses incurred in connection with the preparation of tax returns and other reports as required by this Agreement. The Securities Administrator shall prepare, the Trustee shall sign and the REMIC I Residual Interest (which Securities Administrator shall file, all of each REMIC’s federal and appropriate state tax and information returns as such REMIC’s direct representative. The expenses of preparing and filing such returns shall be evidenced borne by the Class R Certificates) Securities Administrator. The Securities Administrator or its designee shall be designated as perform on behalf of each REMIC all reporting and other tax compliance duties that are the sole class responsibility of “residual interests” in such REMIC I. An election will be made under the Code, the REMIC Provisions, or other compliance guidance issued by the Internal Revenue Service or any state or local taxing authority. Among its other duties, if required by the Code, the REMIC Provisions, or other such guidance, the Securities Administrator shall provide (i) to the Treasury or other governmental authority such information as is necessary for the application of any tax relating to the transfer of a Residual Certificate Administrator to treat the segregated pool of assets consisting any disqualified person or organization pursuant to Treasury Regulation 1.860E-2(a)(5) and any person designated in Section 860E(e)(3) of the Code and (ii) to the Trustee such information as is necessary for the Trustee to provide to the Certificateholders such information or reports as are required by the Code or REMIC I Regular Interests Provisions. The Trustee, the Securities Administrator, the Master Servicer and the Holders of Certificates shall take any action or cause any REMIC to take any action necessary to create or maintain the status of any REMIC as a REMIC under the Code REMIC Provisions and shall assist each other as necessary to create or maintain such status. None of the Trustee, the Securities Administrator, the Master Servicer and the Holder of any Residual Certificate shall knowingly take any action, cause any REMIC to take any action or fail to take (or fail to cause to be taken) any action that, under the REMIC Provisions, if taken or not taken, as the case may be, could result in an Adverse REMIC Event unless the Trustee, the Securities Administrator and the Master Servicer have received an Opinion of Counsel addressed to the Trustee (at the expense of the party seeking to take such action) to the effect that the contemplated action will not result in an Adverse REMIC Event. In addition, prior to taking any action with respect to any REMIC or the assets therein, or causing any REMIC to take any action, which is not expressly permitted under the terms of this Agreement, any Holder of a Residual Certificate will consult with the Trustee, the Securities Administrator, the Master Servicer or their respective designees, in writing, with respect to whether such action could cause an Adverse REMIC Event to occur with respect to any REMIC, and no such Person shall take any such action or cause any REMIC to take any such action as to which the Trustee, the Securities Administrator or the Master Servicer has advised it in writing that an Adverse REMIC Event could occur. Each Holder of a Residual Certificate shall pay when due any and all taxes imposed on the related REMIC by federal or state governmental authorities. To the extent that such taxes are not paid by a Residual Certificateholder, the Trustee shall pay any remaining REMIC taxes out of current or future amounts otherwise distributable to the Holder of the Residual Certificate in any such REMIC being herein designated or, if no such amounts are available, out of other amounts held in the Collection Account, and shall reduce amounts otherwise payable to holders of regular interests in any such REMIC, as “the case may be. The Securities Administrator shall, for federal income tax purposes, maintain books and records with respect to each REMIC II”)on a calendar year and on an accrual basis. Such election will No additional contributions of assets after the Startup Day shall be made on Form 1066 to any REMIC, except as expressly provided in this Agreement. Neither the Securities Administrator nor the Master Servicer shall enter into any arrangement by which any REMIC will receive a fee or other appropriate federal tax compensation for services. On or information return or any appropriate state return for the taxable year ending on the last day before October 15 of the each calendar year beginning in which the REMIC II Interests are issued. For the purposes of such election2007, the REMIC II Regular Interests shall be designated as the “regular interests” in REMIC II, and the REMIC II Residual Interest (which shall be evidenced by the Class R Certificates) shall be designated as the sole class of “residual interests” in REMIC II. An election will be made by the Certificate Administrator to treat the segregated pool of assets consisting of the REMIC II Regular Interests as a REMIC under the Code (such REMIC being herein designated as “REMIC III”). Such election will be made on Form 1066 or other appropriate federal tax or information return or any appropriate state return for the taxable year ending on the last day of the calendar year in which the REMIC III Interests are issued. For purposes of such election, the Class X-0, Xxxxx X-0, Class A-AB, Class X-0, Xxxxx X-0, Class D, Class E, Class F and Class G Certificates, the EC Trust REMIC III Regular Interests, the Class H REMIC III Regular Interest and the Class X REMIC III Regular Interests shall be designated as the “regular interests” in REMIC III, and the REMIC III Residual Interest (which shall be evidenced by the Class R Certificates) shall be designated as the sole class of “residual interests” in REMIC III. The Trustee and the Certificate Securities Administrator shall not permit deliver to the creation of Trustee an Officer’s Certificate stating, without regard to any “interests” (within the meaning of Section 860G of the Code) in actions taken by any of the REMIC Pools party other than the REMIC I InterestsSecurities Administrator, the REMIC Securities Administrator’s compliance with provisions of this Section 11.01. Notwithstanding the priority and sources of payments set forth in Article VI hereof or otherwise, the Securities Administrator shall account for all distributions on the Certificates as set forth in this Section 11.01. For federal income tax purposes, any distributions made to the Group II Interests Certificates in respect of Group II Basis Risk Carryover Amounts shall be treated as having been first distributed to the Holders of the Class II-X Certificates and then paid by the REMIC III InterestsHolders of the Class II-X Certificates to the Holders of the other Classes of Group II Certificates pursuant to an interest rate cap contract. For tax information reporting purposes, it shall be assumed that the interest rate cap contract has only nominal value on the Closing Date.

REMIC Administration. (a) An election will be made by the Certificate Administrator Paying Agent on behalf of the Trustee to treat the segregated pool of assets consisting of the Mortgage Loans (other than Excess Interest payable thereon), such amounts with respect thereto as shall from time to time be held in the Collection Certificate Account, the Interest Reserve Account, the Reserve Accounts Account and the Distribution Account (exclusive of the Excess Interest Sub-account), the Insurance Policies and any related amounts in the REO Account and, to the extent of the Trust’s interest therein, and any related REO Properties as a REMIC ("REMIC I") under the Code (such REMIC being herein designated as “REMIC I”)Code, other than any portion of the foregoing amounts allocable to a B Note or Serviced Companion Mortgage Loan. Such elections will be made on Form 1066 or other appropriate federal tax or information return or any appropriate state return for the taxable year ending on the last day of the calendar year in which the REMIC I Interests are issued. For purposes of such election, the REMIC I Regular Interests shall each be designated as the “a separate Class of "regular interests” " in REMIC I, I and the REMIC Class R-I Residual Interest (which shall be evidenced by the Class R Certificates) Certificates shall be designated as the sole class Class of “"residual interests” " in REMIC I. An election will be made by the Certificate Administrator Paying Agent to treat the segregated pool of assets consisting of the REMIC I Regular Interests as a REMIC ("REMIC II") under the Code (such REMIC being herein designated as “REMIC II”)Code. Such election will be made on Form 1066 or other appropriate federal tax or information return or any appropriate state return for the taxable year ending on the last day of the calendar year in -258- which the REMIC II Interests are issued. For the purposes of such election, the REMIC II Regular Interests shall be designated as the “"regular interests” " in REMIC II, II and the REMIC Class R-II Residual Interest (which shall be evidenced by the Class R Certificates) Certificates shall be designated as the sole class Class of “the "residual interests” " in REMIC II. An election will be made by the Certificate Administrator Paying Agent to treat the segregated pool of assets consisting of the REMIC II Regular Interests as a REMIC ("REMIC III") under the Code (such REMIC being herein designated as “REMIC III”)Code. Such election will be made on Form 1066 or other appropriate federal tax or information return or any appropriate state return for the taxable year ending on the last day of the calendar year in which the REMIC III Interests Certificates are issued. For purposes of such election, the Class X-0A-1, Xxxxx X-0Class A-2, Class A-3, Class A-AB, Class X-0A-4, Class A-1A, Class A-M, Class A-J, Xxxxx X-0X, Xxxss B, Class C, Class D, Class E, Class F F, Class G, Class H, Class J, Class K, Class L, Class M, Class N, Class O and Class G Certificates, the EC Trust REMIC III Regular Interests, P Certificates (but other than the Class H REMIC III Regular Interest and the Class X REMIC III Regular Interests shall be designated as the “regular interests” in REMIC III, and the REMIC III Residual Interest (which shall be evidenced by the Class R CertificatesP Grantor Trust Interest) shall be designated as the "regular interests" in REMIC III and the Class R-III Certificates shall be designated as the sole class Class of “"residual interests” " in REMIC III. The Trustee and the Certificate Administrator Paying Agent shall not permit the creation of any “"interests” " (within the meaning of Section 860G of the Code) in any of the REMIC Pools other than the REMIC I Regular Interests, the REMIC II Regular Interests, the REMIC III Regular Interests and the REMIC III InterestsResidual Certificates.

REMIC Administration. (a) An election will be made by the Certificate Administrator Paying Agent on behalf of the Trustee to treat the segregated pool of assets consisting of the Mortgage Loans (other than Excess Interest payable thereon)Loans, such amounts with respect thereto as shall from time to time be held in the Collection Account, the Reserve Accounts Certificate Account and the Distribution Account (exclusive of the Excess Interest Sub-account)Account, the Insurance Policies and any related amounts in the REO Account and, to the extent of the Trust’s interest therein, any related REO Properties as a REMIC ("REMIC I") under the Code (such REMIC being herein designated as “REMIC I”)Code, other than any portion of the foregoing amounts allocable to a B Note or Serviced and Companion Loan. Such elections will be made on Form 1066 or other appropriate federal tax or information return or any appropriate state return for the taxable year ending on the last day of the calendar year in which the REMIC I Interests are issued. For purposes of such election, the REMIC I Regular Interests shall each be designated as the “a separate Class of "regular interests” " in REMIC I, I and the REMIC Class R-I Residual Interest (which shall be evidenced by the Class R Certificates) Certificates shall be designated as the sole class Class of “"residual interests” " in REMIC I. The Trustee and the Paying Agent shall not permit the creation of any "interests" (within the meaning of Section 860G of the Code) in any of the REMICs other than the REMIC I Regular Interests, the REMIC II Regular Interests, the REMIC III Regular Interests and the Residual Certificates. An election will be made by the Certificate Administrator Paying Agent to treat the segregated pool of assets consisting of the REMIC I Regular Interests as a REMIC ("REMIC II") under the Code (such REMIC being herein designated as “REMIC II”)Code. Such election will be made on Form 1066 or other appropriate federal tax or information return or any appropriate state return for the taxable year ending on the last day of the calendar year in which the REMIC II Interests are issued. For the purposes of such election, the REMIC II Regular Interests shall be designated as the “"regular interests” " in REMIC II, II and the REMIC Class R-II Residual Interest (which shall be evidenced by the Class R Certificates) Certificates shall be designated as the sole class Class of “the "residual interests” " in REMIC II. An election will be made by the Certificate Administrator Paying Agent to treat the segregated pool of assets consisting of the REMIC II Regular Interests as a REMIC ("REMIC III") under the Code (such REMIC being herein designated as “REMIC III”)Code. Such election will be made on Form 1066 or other appropriate federal tax or information return or any appropriate state return for the taxable year ending on the last day of the calendar year in which the REMIC III Interests Certificates are issued. For purposes of such election, the Class X-0, Xxxxx X-0A-1, Class A-ABA-2, Class X-0A-3, Xxxxx X-0Class X-1 (each Class X-1 Certificate representing multiple "regular interests" in REMIC III, as set forth in the Preliminary Statement), Class X-2 (each Class X-2 Certificate representing multiple "regular interests" in REMIC III, as set forth in the Preliminary Statement), Class B, Class C, Class D, Class E, Class F F, Class G, Class H, Class J, Class K, Class L, Class M, Class N and Class G Certificates, the EC Trust REMIC III Regular Interests, the Class H REMIC III Regular Interest and the Class X REMIC III Regular Interests O Certificates shall be designated as the “"regular interests” " in REMIC III, III and the REMIC Class R-III Residual Interest (which shall be evidenced by the Class R Certificates) Certificates shall be designated as the sole class Class of “"residual interests” " in REMIC III. The Trustee and the Certificate Administrator shall not permit the creation of any “interests” (within the meaning of Section 860G of the Code) in any of the REMIC Pools other than the REMIC I Interests, the REMIC II Interests and the REMIC III Interests.

REMIC Administration. (a) An election will be made by the Certificate Administrator Paying Agent on behalf of the Trustee to treat the segregated pool of assets consisting of the Mortgage Loans (other than Excess Interest payable thereon)Xxxxxxx Xxxx Loan, such amounts with respect thereto related to the Xxxxxxx Xxxx Loan as shall from time to time be held in the Collection Certificate Account, the Interest Reserve Accounts Account and the Distribution Account, the related Insurance Policies and any related REO Properties as a REMIC ("Xxxxxxx Xxxx Loan REMIC ") under the Code. Such election will be made on Form 1066 or other appropriate federal tax or information return or any appropriate state return for the taxable year ending on the last day of the calendar year in which the Xxxxxxx Xxxx Loan REMIC Interests are issued. For purposes of such election, the Xxxxxxx Xxxx Loan REMIC Regular Interests shall each be designated as a Class of "regular interests" in the Xxxxxxx Xxxx Loan REMIC and the Xxxxxxx Xxxx Loan REMIC Residual Interest shall be designated as the sole Class of "residual interests" in the Xxxxxxx Xxxx Loan REMIC. An election will be made by the Paying Agent on behalf of the Trustee to treat the segregated pool of assets consisting of the Majority Mortgage Loans, the Xxxxxxx Xxxx Loan REMIC Regular Interest, such amounts related to the Majority Mortgage Loans as shall from time to time be held in the Certificate Account and the Interest Reserve Account, such amounts related to the Majority Mortgage Loans and the Xxxxxxx Xxxx Loan REMIC Regular Interest as shall from time to time be held in the Distribution Account (exclusive of the Excess Interest Sub-account and the Xxxxxxx Xxxx Sub-account), the related Insurance Policies and any related amounts in the REO Account and, to the extent of the Trust’s interest therein, any related REO Properties as a REMIC ("REMIC I") under the Code (such REMIC being herein designated as “REMIC I”)Code, other than any portion of the foregoing amounts allocable to a B Note or Serviced the WestShore Plaza Companion Loan. Such elections election will be made on Form 1066 or other appropriate federal tax or information return or any appropriate state return for the taxable year ending on the last day of the calendar year in which the REMIC I Interests are issued. For purposes of such election, the REMIC I Regular Interests shall each be designated as the “a separate Class of "regular interests” " in REMIC I, I and the REMIC I Residual Interest (which shall be evidenced by the Class R Certificates) shall be designated as the sole class Class of “"residual interests” " in REMIC I. An election will be made by the Certificate Administrator Paying Agent to treat the segregated pool of assets consisting of the REMIC I Regular Interests as a REMIC ("REMIC II") under the Code (such REMIC being herein designated as “REMIC II”)Code. Such election will be made on Form 1066 or other appropriate federal tax or information return or any appropriate state return for the taxable year ending on the last day of the calendar year in which the REMIC II Interests are issued. For the purposes of such election, the REMIC II Regular Interests shall be designated as the “"regular interests” " in REMIC II, II and the REMIC Class R-II Residual Interest (which shall be evidenced by the Class R Certificates) Certificates shall be designated as the sole class Class of “the "residual interests” " in REMIC II. An election will be made by the Certificate Administrator Paying Agent to treat the segregated pool of assets consisting of the REMIC II Regular Interests as a REMIC ("REMIC III") under the Code (such REMIC being herein designated as “REMIC III”)Code. Such election will be made on Form 1066 or other appropriate federal tax or information return or any appropriate state return for the taxable year ending on the last day of the calendar year in which the REMIC III Interests Certificates are issued. For purposes of such election, the Class X-0, Xxxxx X-0A-1, Class A-ABA-2, Class X-0A-3, Xxxxx X-0Class A-4, Class X-1 (each Class X-1 Certificate representing multiple "regular interests" in REMIC III, as set forth in the Preliminary Statement), Class X-2 (each Class X-2 Certificate representing multiple "regular interests" in REMIC III, as set forth in the Preliminary Statement), Class B, Class C, Class D, Class E, Class F F, Class G, Class H, Class J, Class K, Class L, Class M, Class N and Class G Certificates, the EC Trust REMIC III Regular Interests, O Certificates (but other than the Class H REMIC III Regular Interest A-1, Class X-1, Class X-2 and the Class X REMIC III Regular Interests shall be designated as the “regular interests” in REMIC III, and the REMIC III Residual Interest (which shall be evidenced by the Class R CertificatesO Grantor Trust Interest) shall be designated as the "regular interests" in REMIC III and the Class R-III Certificates shall be designated as the sole class Class of “"residual interests” " in REMIC III. The Trustee and the Certificate Administrator Paying Agent shall not permit the creation of any “"interests” " (within the meaning of Section 860G of the Code) in any of the REMIC Pools REMICs other than the Xxxxxxx Xxxx Loan REMIC Regular Interest, REMIC I Regular Interests, the REMIC II Regular Interests, the REMIC III Regular Interests and the REMIC III InterestsResidual Certificates.

REMIC Administration. (a) An election will be made by the Certificate The Trust Administrator on behalf of the Trustee shall elect to treat the segregated pool of assets consisting of the Mortgage Loans (other than Excess Interest payable thereon), such amounts with respect thereto as shall from time to time be held in the Collection Account, the Reserve Accounts and the Distribution Account (exclusive of the Excess Interest Sub-account), the Insurance Policies and any related amounts in the REO Account and, to the extent of the Trust’s interest therein, any related REO Properties each Trust REMIC as a REMIC under the Code (and, if necessary, under applicable state law. Each such REMIC being herein designated as “REMIC I”), other than any portion of the foregoing amounts allocable to a B Note or Serviced Companion Loan. Such elections election will be made on Form 1066 or other appropriate federal tax or information return (including Form 8811) or any appropriate state return for the taxable year ending on the last day of the calendar year in which 178 the Certificates are issued, copies of which forms and returns shall promptly be furnished by the Trust Administrator to the NIMS Insurer. For the purposes of the REMIC I Interests are issued. For purposes election in respect of such electionREMIC 1A, the REMIC I 1A Regular Interests shall be designated as the “regular interests” Regular Interests in REMIC I, 1A and the REMIC I Residual Class R-1A Interest (which shall be evidenced by the Class R Certificates) shall be designated as the sole class of “residual interests” Residual Interest in REMIC I. An election will be made by the Certificate Administrator to treat the segregated pool of assets consisting of the REMIC I Regular Interests as a REMIC under the Code (such REMIC being herein designated as “REMIC II”). Such election will be made on Form 1066 or other appropriate federal tax or information return or any appropriate state return for the taxable year ending on the last day of the calendar year in which the REMIC II Interests are issued. 1A. For the purposes of such electionthe REMIC election in respect of REMIC 1B, the REMIC II 1B Regular Interests shall be designated as the “regular interests” Regular Interests in REMIC II1B, and the REMIC II Residual Class R-1B Interest (which shall be evidenced by the Class R Certificates) shall be designated as the sole class of “residual interests” Residual Interest in REMIC II. An election will be made by 1B. For the Certificate Administrator to treat the segregated pool of assets consisting purposes of the REMIC II Regular Interests as a election in respect of REMIC under the Code (such REMIC being herein designated as “REMIC III”). Such election will be made on Form 1066 or other appropriate federal tax or information return or any appropriate state return for the taxable year ending on the last day of the calendar year in which 2, the REMIC III Interests are issued. For purposes of such election, the Class X-0, Xxxxx X-0, Class A-AB, Class X-0, Xxxxx X-0, Class D, Class E, Class F and Class G Certificates, the EC Trust REMIC III Regular Interests, the Class H REMIC III Regular Interest and the Class X REMIC III 2 Regular Interests shall be designated as the “regular interests” Regular Interests in REMIC III, 2 and the REMIC III Residual Class R-2 Interest (which shall be evidenced by the Class R Certificates) shall be designated as the sole class of “residual interests” Residual Interest in REMIC III2. The Trustee For the purposes of the REMIC election in respect of REMIC 3, (i) the Regular Certificates (other than the Class C Certificates and the Certificate Class P Certificates) and the REMIC 3 Regular Interests shall be designated as the Regular Interests in REMIC 3 and (ii) the Class R-3 Interest shall be designated as the Residual Interest in REMIC 3. For the purposes of the REMIC election in respect of REMIC X, the Class C Certificates and the Class P Certificates shall be designated as the Regular Interests in REMIC X and the Class R-X Interest shall be designated as the Residual Interest in REMIC X. Neither the Trustee nor the Trust Administrator shall not permit the creation of any “"interests” " in REMIC 1A, REMIC 1B, REMIC 2, REMIC 3 or REMIC X (within the meaning of Section 860G of the Code) in any of the REMIC Pools other than the REMIC I 1A Regular Interests, the REMIC II 1B Regular Interests, the REMIC 2 Regular Interests, the REMIC 3 Regular Interests and the REMIC III Interestsinterests represented by the Certificates.

REMIC Administration. (a) An election will be made by the Certificate Administrator Paying Agent on behalf of the Trustee to treat the segregated pool of assets consisting of the Mortgage Loans (other than Excess Interest payable thereon)Loans, such amounts with respect thereto as shall from time to time be held in the Collection Account, the Reserve Accounts Certificate Account and the Distribution Account (exclusive of the Excess Interest Sub-account)Account, the Insurance Policies and any related amounts in the REO Account and, to the extent of the Trust’s interest therein, any related REO Properties as a REMIC ("REMIC I") under the Code (such REMIC being herein designated as “REMIC I”)Code, other than any portion of the foregoing amounts allocable to a B Note or Serviced Companion LoanNote. Such elections will be made on Form 1066 or other appropriate federal tax or information return or any appropriate state return for the taxable year ending on the last day of the calendar year in which the REMIC I Interests are issued. For purposes of such election, the REMIC I Regular Interests shall each be designated as the “a separate Class of "regular interests” " in REMIC I, I and the REMIC Class R-I Residual Interest (which shall be evidenced by the Class R Certificates) Certificates shall be designated as the sole class Class of “"residual interests” " in REMIC I. The Trustee and the Paying Agent shall not permit the creation of any "interests" (within the meaning of Section 860G of the Code) in any of the REMICs other than the REMIC I Regular Interests, the REMIC II Regular Interests, the REMIC III Regular Interests and the Residual Certificates. An election will be made by the Certificate Administrator Paying Agent to treat the segregated pool of assets consisting of the REMIC I Regular Interests as a REMIC ("REMIC II") under the Code (such REMIC being herein designated as “REMIC II”)Code. Such election will be made on Form 1066 or other appropriate federal tax or information return or any appropriate state return for the taxable year ending on the last day of the calendar year in which the REMIC II Interests are issued. For the purposes of such election, the REMIC II Regular Interests shall be designated as the “"regular interests” " in REMIC II, II and the REMIC Class R-II Residual Interest (which shall be evidenced by the Class R Certificates) Certificates shall be designated as the sole class Class of “the "residual interests” " in REMIC II. An election will be made by the Certificate Administrator Paying Agent to treat the segregated pool of assets consisting of the REMIC II Regular Interests as a REMIC ("REMIC III") under the Code (such REMIC being herein designated as “REMIC III”)Code. Such election will be made on Form 1066 or other appropriate federal tax or information return or any appropriate state return for the taxable year ending on the last day of the calendar year in which the REMIC III Interests Certificates are issued. For purposes of such election, the Class X-0, Xxxxx X-0A-1, Class A-ABA-2, Class X-0X-1 (each Class X-1 Certificate representing multiple "regular interests" in REMIC III, Xxxxx X-0as set forth in the Preliminary Statement), Class X-2 (each Class X-2 Certificate representing multiple "regular interests" in REMIC III, as set forth in the Preliminary Statement), Class B, Class C, Class D, Class E, Class F F, Class G, Class H, Class J, Class K, Class L, Class M, Class N and Class G Certificates, the EC Trust REMIC III Regular Interests, the Class H REMIC III Regular Interest and the Class X REMIC III Regular Interests O Certificates shall be designated as the “"regular interests” " in REMIC III, III and the REMIC Class R-III Residual Interest (which shall be evidenced by the Class R Certificates) Certificates shall be designated as the sole class Class of “"residual interests” " in REMIC III. The Trustee and the Certificate Administrator shall not permit the creation of any “interests” (within the meaning of Section 860G of the Code) in any of the REMIC Pools other than the REMIC I Interests, the REMIC II Interests and the REMIC III Interests.

REMIC Administration. (a) An election will be made by the Certificate Administrator on behalf of the Trustee Paying Agent to treat the segregated pool of assets consisting of the Mortgage Loans (other than Excess Interest payable thereon)Loans, such amounts with respect thereto as shall from time to time be held in the Collection Account, the Reserve Accounts Certificate Account and the Distribution Account (exclusive of the Excess Interest Sub-account)Account, the Insurance Policies and any related amounts in the REO Account and, to the extent of the Trust’s interest therein, any related REO Properties as a REMIC under the Code (such REMIC being herein designated as “REMIC I”), other than any portion of the foregoing amounts allocable to a B Note or Serviced Companion LoanCode. Such elections election will be made on Form 1066 or other appropriate federal tax or information return or any appropriate state return for the taxable year ending on the last day of the calendar year in which the REMIC I Interests are issued. For purposes of such election, the REMIC I Regular Interests shall each be designated as the “a separate class of "regular interests” " in REMIC I, and the REMIC I Residual Interest (which shall be evidenced by and the Class R Certificates) R-I Certificates shall be designated as the sole class of “"residual interests” " in the REMIC I. Neither the Trustee nor the Paying Agent shall permit the creation of any "interests" (within the meaning of Section 860G of the Code) in any of the REMICs other than the REMIC I, REMIC II and REMIC III Regular Interests and the Residual Certificates. An election will be made by the Certificate Administrator Paying Agent to treat the segregated pool of assets consisting of the REMIC I Regular Interests as a REMIC under the Code (such REMIC being herein designated as “REMIC II”)Code. Such election will be made on Form 1066 or other appropriate federal tax or information return or any appropriate state return for the taxable year ending on the last day of the calendar year in which the REMIC II Interests are Interest is issued. For the purposes of such election, the REMIC II Regular Interests shall be designated as the “"regular interests” " in REMIC II, II and the REMIC Class R-II Residual Interest (which shall be evidenced by the Class R Certificates) Certificates shall be designated as the sole class of “the "residual interests” " in REMIC II. An election will be made by the Certificate Administrator Paying Agent to treat the segregated pool of assets consisting of the REMIC II Regular Interests as a REMIC under the Code (such REMIC being herein designated as “REMIC III”)Code. Such election will be made on Form 1066 or other appropriate federal tax or information return or any appropriate state return for the taxable year ending on the last day of the calendar year in which the REMIC III Interests Certificates are issued. For purposes of such election, the Class X-0, Xxxxx X-0, Class A-ABX, Class X-0B, Xxxxx X-0Class C, Class D, Class E, Class F F, Class G, Class H, Class I, Class J, Class K, Class L and Class G M Certificates, together with the EC Trust REMIC III Class N Regular InterestsInterest, the Class H REMIC III Regular Interest and the Class X REMIC III Regular Interests shall be designated as the “"regular interests” " in REMIC III, III and the REMIC Class R-III Residual Interest (which shall be evidenced by the Class R Certificates) Certificates shall be designated as the sole class of “"residual interests” " in REMIC III. The Trustee and the Certificate Administrator shall not permit the creation of any “interests” (within the meaning of Section 860G of the Code) in any of the REMIC Pools other than the REMIC I Interests, the REMIC II Interests and the REMIC III Interests.

REMIC Administration. (a) An election will be made by the Certificate Administrator Paying Agent on behalf of the Trustee to treat the segregated pool of assets consisting of the Mortgage Loans (other than Excess Interest Interest, Exit Fees, Extension Fees or Extension Term Prepayment Premiums payable thereon), such amounts with respect thereto as shall from time to time be held in the Collection Certificate Account, the Interest Reserve Account, the Reserve Accounts Account and the Distribution Account (exclusive of the Excess Interest Class P Sub-account), the Insurance Policies and any related amounts in the REO Account and, to the extent of the Trust’s interest therein, and any related REO Properties as a REMIC ("REMIC I") under the Code (such REMIC being herein designated as “REMIC I”)Code, other than any portion of the foregoing amounts allocable to a B Note or Serviced Companion Mortgage Loan. Such elections will be made on Form 1066 or other appropriate federal tax or information return or any appropriate state return for the taxable year ending on the last day of the calendar year in which the REMIC I Interests are issued. For purposes of such election, the REMIC I Regular Interests shall each be designated as the “a separate Class of "regular interests” " in REMIC I, I and the REMIC Class R-I Residual Interest (which shall be evidenced by the Class R Certificates) Certificates shall be designated as the sole class Class of “"residual interests” " in REMIC I. An election will be made by the Certificate Administrator Paying Agent to treat the segregated pool of assets consisting of the REMIC I Regular Interests as a REMIC ("REMIC II") under the Code (such REMIC being herein designated as “REMIC II”)Code. Such election will be made on Form 1066 or other appropriate federal tax or information return or any appropriate state return for the taxable year ending on the last day of the calendar year in which the REMIC II Interests are issued. For the purposes of such election, the REMIC II Regular Interests shall be designated as the “"regular interests” " in REMIC II, II and the REMIC Class R-II Residual Interest (which shall be evidenced by the Class R Certificates) Certificates shall be designated as the sole class Class of “the "residual interests” " in REMIC II. An election will be made by the Certificate Administrator Paying Agent to treat the segregated pool of assets consisting of the REMIC II Regular Interests as a REMIC ("REMIC III") under the Code (such REMIC being herein designated as “REMIC III”)Code. Such election will be made on Form 1066 or other appropriate federal tax or information return or any appropriate state return for the taxable year ending on the last day of the calendar year in which the REMIC III Interests Certificates are issued. For purposes of such election, the Class X-0A-1, Xxxxx X-0Class A-1A, Class A-2, Class A-3, Class A-ABM, Class X-0A-J, Xxxxx X-0Class X, Class B, Class C, Class D, Class E, Class F F, Class G, Class H, Class J, Class K, Class L, Class M, Class N, Class O and Class G Certificates, the EC Trust REMIC III Regular Interests, P Certificates (but other than the Class H REMIC III Regular Interest and the Class X REMIC III Regular Interests shall be designated as the “regular interests” in REMIC III, and the REMIC III Residual Interest (which shall be evidenced by the Class R CertificatesP Grantor Trust Interest) shall be designated as the "regular interests" in REMIC III and the Class R-III Certificates shall be designated as the sole class Class of “"residual interests” " in REMIC III. The Trustee and the Certificate Administrator Paying Agent shall not permit the creation of any “"interests” " (within the meaning of Section 860G of the Code) in any of the REMIC Pools other than the REMIC I Regular Interests, the REMIC II Regular Interests, the REMIC III Regular Interests and the REMIC III InterestsResidual Certificates.

REMIC Administration. (a) An The Trustee shall elect to treat each REMIC created hereunder as a REMIC under the Code and, if necessary, under applicable state law. Such election will be made by the Certificate Trust Administrator on behalf of the Trustee to treat the segregated pool of assets consisting of the Mortgage Loans (other than Excess Interest payable thereon), such amounts with respect thereto as shall from time to time be held in the Collection Account, the Reserve Accounts and the Distribution Account (exclusive of the Excess Interest Sub-account), the Insurance Policies and any related amounts in the REO Account and, to the extent of the Trust’s interest therein, any related REO Properties as a REMIC under the Code (such REMIC being herein designated as “REMIC I”), other than any portion of the foregoing amounts allocable to a B Note or Serviced Companion Loan. Such elections will be made on Form 1066 or other appropriate federal tax or information return or any appropriate state return for the taxable year ending on the last day of the calendar year in which the REMIC I Interests Certificates are issued. For the purposes of such electionthe REMIC election in respect of REMIC I-A, the REMIC I I-A Regular Interests shall be designated as the “regular interests” Regular Interest in REMIC I, -A and the REMIC I Class R-IA Residual Interest (which shall be evidenced by designated as the Residual Interests in REMIC I-A. For the purposes of the REMIC election in respect of REMIC I-B, the Group 1 Certificates (other than the Class I-R Certificates) shall be designated as the sole class Regular Interests in REMIC I-B and the Class R-IB Residual Interest shall be designated as the Residual Interest in REMIC I-B. For the purposes of the REMIC election in respect of REMIC II-A, the REMIC II-A Regular Interests shall be designated as the Regular Interests in REMIC II-A and the Class R-IIA Residual Interest shall be designated as the Residual Interest in REMIC II-A. For the purposes of the REMIC election in respect of REMIC II-B, the Group 2 Certificates (other than the Class 2-R Certificates) shall be designated as the Regular Interests in REMIC II-B and the Class R-IIB Residual Interest shall be designated as the Residual Interest in REMIC II-B. Neither the Trustee nor the Trust Administrator shall permit the creation of any “residual interests” in REMIC I. An I-B or REMIC II-B (within the meaning of Section 860G of the Code) other than the Group 1 Certificates and the Group 2 Certificates. The Trustee shall elect to treat each REMIC created hereunder as a REMIC under the Code and, if necessary, under applicable state law. Such election will be made by the Certificate Trust Administrator to treat the segregated pool of assets consisting on behalf of the REMIC I Regular Interests as a REMIC under the Code (such REMIC being herein designated as “REMIC II”). Such election will be made Trustee on Form 1066 or other appropriate federal tax or information return or any appropriate state return for the taxable year ending on the last day of the calendar year in which the REMIC II Interests Certificates are issued. For the purposes of such election, the REMIC II Regular Interests shall be designated as the “regular interests” in REMIC II, and the REMIC II Residual Interest (which shall be evidenced by the Class R Certificates) shall be designated as the sole class of “residual interests” in REMIC II. An election will be made by the Certificate Administrator to treat the segregated pool of assets consisting of the REMIC II Regular Interests as a REMIC under the Code (such REMIC being herein designated as “REMIC III”). Such election will be made on Form 1066 or other appropriate federal tax or information return or any appropriate state return for the taxable year ending on the last day of the calendar year in which the REMIC III Interests are issued. For purposes of such election, the Class X-0, Xxxxx X-0, Class A-AB, Class X-0, Xxxxx X-0, Class D, Class E, Class F and Class G Certificates, the EC Trust REMIC III Regular Interests, the Class H REMIC III Regular Interest and the Class X REMIC III Regular Interests shall be designated as the “regular interests” in REMIC III, and the REMIC III Residual Interest (which shall be evidenced by the Class R Certificates) shall be designated as the sole class of “residual interests” in REMIC III. The Trustee and the Certificate Administrator shall not permit the creation of any “interests” (within the meaning of Section 860G of the Code) in any of the REMIC Pools other than the REMIC I Interests, the REMIC II Interests and the REMIC III Interests.

REMIC Administration. (a) An election will be made by the Certificate Administrator Paying Agent on behalf of the Trustee to treat the segregated pool of assets consisting of the Mortgage Loans (other than Excess Interest payable thereon), such amounts with respect thereto as shall from time to time be held in the Collection AccountCertificate Accounts, the Interest Reserve Accounts and Accounts, the Distribution Account (exclusive of and the Excess Interest Sub-account)Reserve Account, the Insurance Policies and any related amounts in the REO Account and, to the extent of the Trust’s interest therein, and any related REO Properties as a REMIC ("REMIC I") under the Code (such REMIC being herein designated as “REMIC I”), other than any portion of the foregoing amounts allocable to a B Note or Serviced Companion LoanCode. Such elections election will be made on Form 1066 or other appropriate federal tax or information return or any appropriate state return for the taxable year ending on the last day of the calendar year in which the REMIC I Interests are issued. For purposes of such election, the REMIC I Regular Interests shall each be designated as the “a separate class of "regular interests” " in REMIC I, I and the REMIC I Residual Interest (which shall be evidenced by the Class R Certificates) [R-I] Certificates shall be designated as the sole class of “"residual interests” " in REMIC I. An election will be made by the Certificate Administrator Paying Agent to treat the segregated pool of assets consisting of the REMIC I Regular Interests as a REMIC ("REMIC II") under the Code (such REMIC being herein designated as “REMIC II”)Code. Such election will be made on Form 1066 or other appropriate federal tax or information return or any appropriate state return for the taxable year ending on the last day of the calendar year in which the REMIC II Interests are issued. For the purposes of such election, the REMIC II Regular Interests shall be designated as the “"regular interests” " in REMIC II, II and the REMIC II Residual Interest (which shall be evidenced by the Class R Certificates) [R-II] Certificates shall be designated as the sole class of “the "residual interests” " in REMIC II. An election will be made by the Certificate Administrator Paying Agent to treat the segregated pool of assets consisting of the REMIC II Regular Interests as a REMIC ("REMIC III") under the Code (such REMIC being herein designated as “REMIC III”)Code. Such election will be made on Form 1066 or other appropriate federal tax or information return or any appropriate state return for the taxable year ending on the last day of the calendar year in which the REMIC III Interests Certificates are issued. For purposes of such election, the Class X-0, Xxxxx X-0[A-1], Class [A-1A], Class [A-2], Class [A-3-1], Class [A-3-2], Class [A-AB], Class X-0, Xxxxx X-0[A-4A], Class D[A-4B], Class E[A-1A], Class F [A-J], Class [B], Class [C], Class [D], Class [E], Class [F], Class [G], Class [H], Class [J], Class [K], Class [L], Class [M], Class [N], Class [O], Class [P], Class [X-1], Class [X-2] and Class G Certificates, the EC Trust REMIC III Regular Interests, the Class H REMIC III Regular Interest [X-Y] Certificates and the Class X REMIC III A-3-1FL Regular Interests Interest, shall be designated as the “"regular interests” " in REMIC III, III and the REMIC III Residual Interest (which shall be evidenced by the Class R Certificates) [R-III] Certificates shall be designated as the sole class of “"residual interests” " in REMIC III. The Trustee and the Certificate Administrator Paying Agent shall not permit the creation of any “"interests” " (within the meaning of Section 860G of the Code) in any of the REMIC Pools other than the REMIC I Regular Interests, the REMIC II Regular Interests, the REMIC III Regular Interests and the REMIC III InterestsResidual Certificates.

REMIC Administration. (a) An The Trustee shall elect to treat each Trust REMIC as a REMIC under the Code and, if necessary, under applicable state law. Each such election will be made by the Certificate Administrator on behalf of the Trustee to treat the segregated pool of assets consisting of the Mortgage Loans (other than Excess Interest payable thereon), such amounts with respect thereto as shall from time to time be held in the Collection Account, the Reserve Accounts and the Distribution Account (exclusive of the Excess Interest Sub-account), the Insurance Policies and any related amounts in the REO Account and, to the extent of the Trust’s interest therein, any related REO Properties as a REMIC under the Code (such REMIC being herein designated as “REMIC I”), other than any portion of the foregoing amounts allocable to a B Note or Serviced Companion Loan. Such elections will be made on Form 1066 or other appropriate federal tax or information return or any appropriate state return for the taxable year ending on the last day of the calendar year in which the REMIC I Interests Certificates are issued. For the purposes of such electionthe REMIC election in respect of REMIC I, the REMIC I Regular Interests shall be designated as the “regular interests” Regular Interests in REMIC I, I and the REMIC Class R-I Residual Interest (which shall be evidenced by the Class R Certificates) shall be designated as the sole class of “residual interests” Residual Interest in REMIC I. An election will be made by the Certificate Administrator to treat the segregated pool of assets consisting of the REMIC I Regular Interests as a REMIC under the Code (such REMIC being herein designated as “REMIC II”). Such election will be made on Form 1066 or other appropriate federal tax or information return or any appropriate state return for the taxable year ending on the last day of the calendar year in which the REMIC II Interests are issued. For the purposes of such electionThe Class A Certificates, the REMIC II Regular Interests Class M-1 Certificates and the Class M-2 Certificates shall be designated as the “regular interests” Regular Interests in REMIC II, II and the REMIC Class R-II Residual Interest (which shall be evidenced by the Class R Certificates) shall be designated as the sole class of “residual interests” Residual Interest in REMIC II. An election will The Class M-3 Certificates shall be made by the Certificate Administrator to treat the segregated pool of assets consisting of the REMIC II designated as Regular Interests as a REMIC under the Code (such REMIC being herein designated as “REMIC III”). Such election will be made on Form 1066 or other appropriate federal tax or information return or any appropriate state return for the taxable year ending on the last day of the calendar year in which the REMIC III Interests are issued. For purposes of such election, the Class X-0, Xxxxx X-0, Class A-AB, Class X-0, Xxxxx X-0, Class D, Class E, Class F and Class G Certificates, the EC Trust REMIC III Regular Interests, the Class H REMIC III Regular Interest and the Class X REMIC R-III Regular Interests Interest shall be designated as the “regular interests” Residual Interest in REMIC III, . The Class M-4 Certificates shall be designated as Regular Interests in REMIC IV and the REMIC III Residual Class R-IV Interest (which shall be evidenced by the Class R Certificates) shall be designated as the sole class of “residual interests” Residual Interest in REMIC IIIIV. The Class M-5 Certificates shall be designated as Regular Interests in REMIC V and the Class R-V Interest shall be designated as the Residual Interest in REMIC V. The Class CE Certificates shall be designated as Regular Interests in REMIC VI and the Class R-VI Interest shall be designated as the Residual Interest in REMIC VI. The Class P Certificates shall be designated as Regular Interests in REMIC VII and the Class R-VII Interest shall be designated as the Residual Interest in REMIC VII. The Trustee and the Certificate Administrator shall not permit the creation of any “interests” in any Trust REMIC (within the meaning of Section 860G of the Code) in any of the REMIC Pools other than the REMIC I Interests, the REMIC II Regular Interests and the REMIC III Interestsinterests represented by the Certificates.