Common use of Lower Tier Regular Interests Clause in Contracts

Lower Tier Regular Interests. (a) For each Trust created under this Trust Agreement, the Trustee will make one REMIC election with respect to the assets held in the Trust, with such REMIC to be designated as a Lower Tier I-REMIC. (b) Except as otherwise provided in the applicable Issue Supplement: (i) Each Lower Tier I-REMIC will designate an I-REMIC Interest as a Regular Interest in respect of each Mortgage Loan held in the MBS Trusts identified on Schedule 1 to the related Issue Supplement (each such Regular Interest, a “Lower Tier I- REMIC Mirror Interest”). (ii) None of the I-REMIC Interests issued by the Lower Tier I-REMIC will benefit from any guaranty. (iii) Each Lower Tier I-REMIC will designate an I-REMIC Interest (an “LT-R Interest”) as the sole Residual Interest in the Lower Tier I-REMIC. (iv) Solely for purposes of satisfying Section 1.860G-1(a)(4)(iii) of the Treasury Regulations, the “latest possible maturity date” of each I-REMIC Interest in each Lower Tier I-REMIC will be the Final I-REMIC Distribution Date of such Lower Tier I-REMIC.