REMIC Declarations; Other REMIC Matters Clause Samples

REMIC Declarations; Other REMIC Matters. ▇▇▇▇▇▇ ▇▇▇ hereby declares its intent that each Trust formed hereunder shall constitute, and the affairs of each Trust shall be conducted so as to qualify as, a REMIC pursuant to Section 860D of Subchapter M of Chapter 1 of the Code. The Class 40-RL Certificate is hereby designated as the sole “residual interest” in the REMIC constituted by the Lower Tier REMIC within the meaning of Section 860G(a)(2) of the Code, and the Lower Tier Regular Classes are hereby designated as “regular interests” in such REMIC within the meaning of Section 860G(a)(1) of the Code. The Class 40-R Certificate is hereby designated as the sole “residual interest” in the REMIC constituted by the Trust Fund within the meaning of Section 860G(a)(2) of the Code, and each remaining Class of Trust Fund Certificates is hereby designated as a “regular interest” in such REMIC within the meaning of Section 860G(a)(1) of the Code. The date designated as the “startup day” of each REMIC within the meaning of Section 860G(a)(9) of the Code shall be the Settlement Date. In furtherance of the intentions expressed in the foregoing paragraph, ▇▇▇▇▇▇ ▇▇▇ covenants and agrees that it shall: (a) prepare, sign and file, or arrange to be prepared, signed and filed, a federal income tax return using a calendar year as the taxable year for each Trust when and as required by the Code, on which a REMIC election shall be made with respect to each Trust, (b) conduct the affairs of each Trust so as to maintain the status thereof as a REMIC under the Code, (c) not knowingly or intentionally take any action or omit to take any action that would cause the termination of the REMIC status of either Trust, and (d) hold harmless and indemnify the Holder of any Residual Certificate against any liability on account of any federal income tax (including interest and penalties) imposed on the related Trust to the extent that any such tax shall be paid or payable by it. ▇▇▇▇▇▇ Mae, as Trustee of each Trust, will prepare, sign and file each annual federal income tax return for the related Trust and such information returns as are required by Treasury regulations. In addition, ▇▇▇▇▇▇ ▇▇▇ will act as the tax matters person for each Trust in a fiduciary capacity, in the case of the Trust Fund, for the Holder of the Class 40-R Certificate, and, in the case of the Lower Tier REMIC, for the Holder of the Class 40-RL Certificate. In addition, ▇▇▇▇▇▇ ▇▇▇ will provide to each Holder of a Certificate any information or reports regardi...
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REMIC Declarations; Other REMIC Matters. ▇▇▇▇▇▇ ▇▇▇ hereby declares its intent that each Trust formed hereunder shall constitute, and the affairs of each Trust shall be conducted so as to qualify as, a REMIC pursuant to Section 860D of Subchapter M of Chapter 1 of the Code. The Class 66-RL Certificate is hereby designated as the sole “residual interest” in the REMIC constituted by the Lower Tier REMIC within the meaning of Section 860G(a)(2) of the Code, and the Lower Tier Regular Classes are hereby designated as “regular interests” in such REMIC within the meaning of Section 860G(a)(1) of the Code. The Class 66- RM Certificate is hereby designated as the sole “residual interest” in the REMIC constituted by the Middle Tier REMIC within the meaning of Section 860G(a)(2) of the Code, and the Middle Tier Regular Classes are hereby designated as “regular interests” in such REMIC within the meaning of Section 860G(a)(1) of the Code. The Class 66-R Certificate is hereby designated as the sole “residual interest” in the REMIC constituted by the Trust Fund within the meaning of Section 860G(a)(2) of the Code, and each remaining Class of Trust Fund Certificates is hereby designated as a “regular interest” in such REMIC within the meaning of Section 860G(a)(1) of the Code. The date designated as the “startup day” of each REMIC within the meaning of Section 860G(a)(9) of the Code shall be the Settlement Date. In furtherance of the intentions expressed in the foregoing paragraph, ▇▇▇▇▇▇ ▇▇▇ covenants and agrees that it shall: (a) prepare, sign and file, or arrange to be prepared, signed and filed, a federal income tax return using a calendar year as the taxable year for each Trust when and as required by the Code, on which a REMIC election shall be made with respect to each Trust, (b) conduct the affairs of each Trust so as to maintain the status thereof as a REMIC under the Code, (c) not knowingly or intentionally take any action or omit to take any action that would cause the termination of the REMIC status of any Trust, and (d) hold harmless and indemnify the Holder of any Residual Certificate against any liability on account of any federal income tax (including interest and penalties) imposed on the related Trust to the extent that any such tax shall be paid or payable by it. ▇▇▇▇▇▇ Mae, as Trustee of each Trust, will prepare, sign and file each annual federal income tax return for the related Trust and such information returns as are required by Treasury regulations. In addition, ▇▇▇▇▇▇ ▇▇▇ will act as ...
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REMIC Declarations; Other REMIC Matters. 17 Section 2.10. Transfer of Cap Contracts to the Trust Fund. 18
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Related to REMIC Declarations; Other REMIC Matters

  • REMIC Matters The Preliminary Statement sets forth the designations and "latest possible maturity date" for federal income tax purposes of all interests created hereby. The "

  • Distributions on the REMIC Regular Interests (a) On each Distribution Date, the Trustee shall cause the Available Distribution Amount, in the following order of priority, to be distributed by REMIC 1 to REMIC 2 on account of the REMIC 1 Regular Interests or withdrawn from the Certificate Account and distributed to the Holders of the Class R Certificates (in respect of the Class R-1 Interest), as the case may be: (i) to Holders of REMIC 1 Regular Interest I-1-A through I-59-B, REMIC 1 Regular Interest P and REMIC 1 Regular Interest A-I, pro rata, in an amount equal to (A) Uncertificated Accrued Interest for such REMIC 1 Regular Interests for such Distribution Date, plus (B) any amounts payable in respect thereof remaining unpaid from previous Distribution Dates; and (ii) to the extent of amounts remaining after the distributions made pursuant to clause (i) above, payments of principal shall be allocated as follows: first, to REMIC 1 Regular Interests I-1-A through I-59-B starting with the lowest numerical denomination until the Uncertificated Principal Balance of each such REMIC 1 Regular Interest is reduced to zero, provided that, for REMIC 1 Regular Interests with the same numerical denomination, such payments of principal shall be allocated pro rata between such REMIC 1 Regular Interests, and second to the extent of any Overcollateralization Release to REMIC 1 Regular Interest A-I until the Uncertificated Principal Balance of such REMIC 1 Regular Interest is reduced to zero. (iii) to the Holders of REMIC 1 Regular Interest P, (A) on each Distribution Date, 100% of the amount paid in respect of Prepayment Charges and (B) on the Distribution Date immediately following the expiration of the latest Prepayment Charge as identified on the Prepayment Charge Schedule or any Distribution Date thereafter until $100 has been distributed pursuant to this clause; (b) On each Distribution Date, the Trustee shall cause the Available Distribution Amount, in the following order of priority, to be distributed by REMIC 2 to REMIC 3 on account of the REMIC 2 Regular Interests or withdrawn from the Certificate Account and distributed to the Holders of the Class R Certificates (in respect of the Class R-2 Interest), as the case may be: (i) first, to the Holders of REMIC 2 Regular Interest IO, in an amount equal to (A) Uncertificated Accrued Interest for such REMIC 2 Regular Interest for such Distribution Date, plus (B) any amounts in respect thereof remaining unpaid from previous Distribution Dates and second, to the Holders of REMIC 2 Regular Interest AA, REMIC 2 Regular Interest A-1, REMIC 2 Regular Interest A-1M, REMIC 2 Regular Interest A-1W, REMIC 2 Regular Interest A-2A, REMIC 2 Regular Interest A-2B, REMIC 2 Regular Interest A-2C, REMIC 2 Regular Interest A-2D, REMIC 2 Regular Interest M-1, REMIC 2 Regular Interest M-2, REMIC 2 Regular Interest M-3, REMIC 2 Regular Interest M-4, REMIC 2 Regular Interest M-5, REMIC 2 Regular Interest M-6, REMIC 2 Regular Interest M-7, REMIC 2 Regular Interest M-8, REMIC 2 Regular Interest B, REMIC 2 Regular Interest ZZ, and REMIC 2 Regular Interest P, pro rata, in an amount equal to (A) the related Uncertificated Accrued Interest for such Distribution Date, plus (B) any amounts in respect thereof remaining unpaid from the previous Distribution Dates. Amounts payable as Uncertificated Accrued Interest in respect of REMIC 2 Regular Interest ZZ shall be reduced when the REMIC 2 Overcollateralized Amount is less than the REMIC 2 Overcollateralization Target Amount, by the lesser of (x) the amount of such difference and (y) the Maximum Uncertificated Accrued Interest Deferral Amount, and such amount will be payable to the Holders of REMIC 2 Regular Interest A-1, REMIC 2 Regular Interest A-1M, REMIC 2 Regular Interest A-1W, REMIC 2 Regular Interest A-2A, REMIC 2 Regular Interest A-2B, REMIC 2 Regular Interest A-2C, REMIC 2 Regular Interest A-2D, REMIC 2 Regular Interest M-1, REMIC 2 Regular Interest M-2, REMIC 2 Regular Interest M-3, REMIC 2 Regular Interest M-4, REMIC 2 Regular Interest M-5, REMIC 2 Regular Interest M-6, REMIC 2 Regular Interest M-7, REMIC 2 Regular Interest M-8, REMIC 2 Regular Interest B in the same proportion as the Overcollateralization Deficiency Amount is allocated to the Corresponding Certificates and the Uncertificated Principal Balance of REMIC 2 Regular Interest ZZ shall be increased by such amount; (ii) to the Holders of REMIC 2 Regular Interest P, (A) on each Distribution Date, 100% of the amount paid in respect of Prepayment Charges on the Corresponding Certificate and (B) on the Distribution Date immediately following the expiration of the latest Prepayment Charge as identified on the Prepayment Charge Schedule or any Distribution Date thereafter until $100 has been distributed pursuant to this clause; (iii) to the Holders of the REMIC 2 Regular Interests, in an amount equal to the remainder of the Available Funds for such Distribution Date after the distributions made pursuant to clauses (i) and (ii) above, allocated as follows: (A) 98% of such remainder to the Holders of REMIC 2 Regular Interest AA, until the Uncertificated Principal Balance of such REMIC 2 Regular Interest is reduced to zero; (B) 2.00% of such remainder, first, to the Holders of REMIC 2 Regular Interest A-1, REMIC 2 Regular Interest A-1M, REMIC 2 Regular Interest A-1W, REMIC 2 Regular Interest A-2A, REMIC 2 Regular Interest A-2B, REMIC 2 Regular Interest A-2C, REMIC 2 Regular Interest A-2D, REMIC 2 Regular Interest M-1, REMIC 2 Regular Interest M-2, REMIC 2 Regular Interest M-3, REMIC 2 Regular Interest M-4, REMIC 2 Regular Interest M-5, REMIC 2 Regular Interest M-6, REMIC 2 Regular Interest M-7, REMIC 2 Regular Interest M-8, REMIC 2 Regular Interest B, 1% in the same proportion as principal payments are allocated to the Corresponding Certificates, until the Uncertificated Principal Balances of such REMIC 2 Regular Interests are reduced to zero, and second, to the Holders of REMIC 2 Regular Interest ZZ, until the Uncertificated Principal Balance of such REMIC 2 Regular Interest is reduced to zero; provided, however, that 98% and 2% of any principal payments that are attributable to an Overcollateralization Release Amount shall be allocated to Holders of REMIC 2 Regular Interest AA and REMIC 2 Regular Interest ZZ, respectively; and (C) any remaining amount to the Holders of the Class R Certificates (in respect of the Class R-2 Interest);

  • UPPER-TIER REMIC REMIC 4.

  • REMIC Provisions Section 10.01

  • REMIC III On each Distribution Date, following the distributions with respect to the Principal Balance Certificates on such Distribution Date pursuant to Section 6.5, any Collateral Support Deficits with respect to the Principal Balance Certificates on such Distribution Date will be allocated to the respective Classes of Principal Balance Certificates (other than the Exchangeable Certificates) and the respective E▇ ▇▇▇▇▇ III Regular Interests (and correspondingly, the applicable Exchangeable Certificates) as follows: (i) first, to the Class H Certificates, the Class G Certificates, the Class F Certificates, the Class E Certificates and the Class D Certificates, in that order, in each case in reduction of the Aggregate Certificate Balance of the subject Class of Principal Balance Certificates until such Aggregate Certificate Balance is reduced to zero; (ii) second, to the Class C REMIC III Regular Interest (and correspondingly, the Class C Certificates and the Class PST Certificates, pro rata, based on the Class C Percentage Interest and the Class C-PST Percentage Interest, respectively, in the Class C REMIC III Regular Interest); (iii) third, to the Class B REMIC III Regular Interest (and correspondingly, the Class B Certificates and the Class PST Certificates, pro rata, based on the Class B Percentage Interest and the Class B-PST Percentage Interest, respectively, in the Class B REMIC III Regular Interest); (iv) fourth, to the Class A-S REMIC III Regular Interest (and correspondingly, the Class A-S Certificates and the Class PST Certificates, pro rata, based on the Class A-S Percentage Interest and the Class A-S-PST Percentage Interest, respectively, in the Class A-S REMIC III Regular Interest); and (v) fifth, to the Class A-1 Certificates, the Class A-2 Certificates, Class A-SB Certificates, Class A-3 Certificates and Class A-4 Certificates, on a pro rata basis in accordance with, and in reduction of, the respective Aggregate Certificate Balances of such Classes of Principal Balance Certificates until such Aggregate Certificate Balances are reduced to zero.