Issuing REMIC Clause Samples
The Issuing REMIC clause defines the process and requirements for establishing a Real Estate Mortgage Investment Conduit (REMIC) as part of a securitization transaction. It typically outlines the steps for creating the REMIC entity, the transfer of mortgage loans or assets into the REMIC, and the issuance of interests or securities to investors. For example, it may specify the timing of the REMIC's formation and the roles of various parties involved. The core function of this clause is to ensure the proper legal and tax structuring of the REMIC, thereby enabling the transaction to qualify for favorable tax treatment and providing clarity on the issuance process.
Issuing REMIC. (i) The beneficial ownership of the Issuing REMIC shall be evidenced as set forth in Section 4.01 hereof; the Class AF-1, Class AF-2, Class AF-3, Class AF-4, Class AF-5, Class AF-6, Class MF-1, Class MF-2, Class BF-1, Class BF-2 and Class BF-3, Class AV-1, Class MV-1, Class MV-2, Class BV-1, Class BV-2 and Class BV-3 Certificates and each of the separate interest-only rights making up the Class C Distribution Amount are Regular Interests in the Issuing REMIC. The Class R Certificates are the residual interest in the Issuing REMIC.
(ii) The assets of the Issuing REMIC are the Subaccounts in the Pooling REMIC other than Subaccount R and the Distribution Account.
(iii) On each Distribution Date, amounts in the Distribution Account will be distributed as provided in Section 3.02 hereof.
Issuing REMIC. (i) The beneficial ownership of the Issuing REMIC shall be evidenced as set forth in Section 4.01 hereof; the Class AF-1, Class AF-2, Class AF-3, Class AF-4, Class AF-5, Class AF-6, Class AF-7, Class MF-1, Class MF-2, Class BF, Class AV-1, Class MV-1, Class MV-2 and Class BV Certificates and each of the separate interest-only rights making up the Class C Distribution Amount are Regular Interests in the Issuing REMIC. Class R is the residual interest in the Issuing REMIC.
(ii) The assets of the Issuing REMIC are the Subaccounts in the Pooling REMIC other than Subaccount R and the Distribution Account.
(iii) On each Distribution Date, amounts in the Distribution Account will be distributed as provided in Section 3.02 hereof.
Issuing REMIC. (i) The beneficial ownership of the Issuing REMIC shall be evidenced as set forth in Section 4.01 hereof; the Class AF, Class MF-1, Class MF-2 and Class BF Certificates and each of the separate interest-only rights making up the Class C Distribution Amount are Regular Interests in the Issuing REMIC. The Class R Certificates include the residual interest in the Issuing REMIC.
(ii) The assets of the Issuing REMIC are the Subaccounts in the Pooling REMIC other than Subaccount R and the Distribution Account.
(iii) On each Distribution Date, amounts in the Distribution Account will be distributed from the Pooling REMIC to the Issuing REMIC and then as provided in Section 3.02 hereof.