Remic Provisions Clause Samples

Remic Provisions. Provisions of the federal income tax law relating to real estate mortgage investment conduits, which appear at sections 860A through 860G of Subchapter M of Chapter 1 of the Code, and related provisions, and regulations promulgated thereunder, as the foregoing may be in effect from time to time.

Remic Provisions. (a) The Depositor hereby elects and authorizes the Trust Administrator to treat the Trust Fund as the number of separate REMICs specified in the Preliminary Statement (each, a “REMIC”) under the Code and, if necessary, under applicable state law and apply such Preliminary Statement in determining the rights of the Interests in REMICs thereby created. Each such election will be made on Form 1066 or other appropriate federal tax or information return (including Form 8811) or any appropriate state return (x) for the taxable year ending on the last day of the calendar year in which the Certificates are issued and (y) for the taxable year ending on the last day of the calendar year in which Certificates are first sold to a third party. The Closing Date is hereby designated as the “startup day” of each REMIC created hereunder within the meaning of Section 860G(a)(9) of the Code. The “regular interests” (within the meaning of Section 860G of the Code) in each REMIC shall consist of the regular interests with the terms set forth for each REMIC in the Preliminary Statement and the Class AR and Class AR-L Certificates shall represent the beneficial ownership of the “residual interest” in each REMIC created hereunder. Neither the Depositor nor the Trust Administrator nor the Trustee shall permit the creation of any “interests” (within the meaning of Section 860G of the Code) in any REMIC other than as set forth in the Preliminary Statement. (b) The Trust Administrator shall act as the “tax matters person” (within the meaning of the REMIC Provisions) for each REMIC created hereunder, in the manner provided under Treasury regulations section 1.860F 4(d) and temporary Treasury regulations section 301.6231(a)(7)1T. In the event that for any reason, the Trust Administrator is not recognized as the tax matters person then the Trust Administrator shall act as agent for the Class AR and the Class AR-L Certificateholder as tax matters person. By its acceptance of a Class AR or Class AR-L Certificate, each Holder thereof shall have agreed to such appointment and shall have consented to the appointment of the Trust Administrator as its agent to act on behalf of each REMIC created hereunder pursuant to the specific duties outlined herein. (c) A Holder of the Class AR or Class AR-L Certificates, by the purchase of such Certificates, shall be deemed to have agreed to timely pay, upon demand by the Trust Administrator, the amount of any minimum California state franchise taxes due ...

Remic Provisions. Provisions of the federal income tax law relating to REMICs which appear at Sections 860A through 860G of Part IV of Subchapter M of Chapter 1 of Subtitle A of the Code, and related provisions, and U.S. Department of the Treasury temporary, proposed or final regulations and rulings promulgated thereunder, as the foregoing are in effect (or with respect to proposed regulations, are proposed to be in effect) from time to time.

Remic Provisions. 65 SECTION 2.08 Covenants of the Master Servicer and each Servicer. 71

Remic Provisions. (i) The following definition of “REMIC Provisions” is hereby added to Section 1.01 of the Purchase and Servicing Agreement (capitalized terms not defined in the Purchase and Servicing Agreement to be as defined in the Pooling and Servicing Agreement):

Remic Provisions. The Owner Trustee will elect as provided in this Section that the Trust, other than the Basis Risk Carryforward Reserve Fund and the Additional Loan Accounts, be treated for federal income tax purposes as comprising three real estate mortgage investment conduits (each a "

Remic Provisions. 17 Section 3.12

Remic Provisions. 86 SECTION 2.08 Covenants of the Master Servicer and each Servicer. 92 ARTICLE III ADMINISTRATION AND SERVICING OF MORTGAGE LOANS SECTION 3.01 Master Servicing and Servicing of Mortgage Loans.

Remic Provisions a. The Originator, as Servicer, and the Class C Subsidiary Certificateholder, Class C Intermediate Certificateholder and Class C Master Certificateholder, by acceptance thereof, each agrees that, in accordance with the requirements of Section 860D(b)(1) of the Code, the federal tax return of each of the Subsidiary REMIC, Intermediate REMIC and Master REMIC for its first taxable year shall provide that the Subsidiary REMIC, Intermediate REMIC or Master REMIC, as the case may be elects to be treated as a REMIC for such taxable year and all subsequent taxable years. In furtherance of the foregoing, the Trustee (at the direction of the Originator, the Seller or the Servicer) and the Originator, the Seller and the Servicer shall take, or refrain from taking, all such action as is necessary to maintain the status of each of the Subsidiary REMIC, Intermediate REMIC or Master REMIC as a REMIC under the REMIC provisions of the Code, including, but not limited to, the taking of such action as is necessary to cure any inadvertent termination of REMIC status. b. The Regular Certificates are being issued in ten classes and are hereby designated by the Originator as constituting the "regular interests" in the Master REMIC for the purposes of Section 860G(a)(1) of the Code. The following terms of the Regular Certificates are irrevocably established as of the Closing Date: Original Principal Balance Remittance Rate Per (or Notional Principal Class ▇▇▇▇▇ ▇▇▇▇▇▇*) Maturity Date ------------ ---------------------------- ------------------------------ ----------------- Class A-1 A floating rate per annum $125,000,000 May 2033 equal to the lesser of (a) one-month LIBOR plus 0.13% and (b) the Adjusted Weighted Average Contract Rate Class A-2 5.16% 100,000,000 May 2033 Class A-3 5.79% 65,000,000 May 2033 Class A-4 6.91%/(1)/ 193,000,000 May 2033 Class A-IO 2.50%/(2)/ *120,000,000 May 2033 Class M-1 7.15%/(3)/ 37,500,000 May 2033 Class M-2 7.44%/(3)/ 30,900,000 May 2033 Class B-1 8.50%/(3)/ 30,600,000 May 2033 Class B-2 10.50%/(3)/ 18,000,000 May 2033 Class B-3I /(4)/ (1) A floating rate (determined each Due Period as of each Remittance Date) equal to the Adjusted Weighted Average Contract Rate, but in no event greater than (i) for each Remittance Date prior to and including the first Remittance Date on which the Pool Scheduled Principal Balance is equal to or less than 10% of the Cut-off Date Pool Principal Balance, 6.91% per annum, and (ii) for each Remittance Date after the fi...