PRELIMINARY STATEMENT. The Depositor is the owner of the Trust Fund that is hereby conveyed to the Trustee in return for the Certificates. The Trust Fund is being conveyed to the Trustee to create a trust for the benefit of the Certificateholders. The Trust Fund for federal income tax purposes shall consist of three REMICs (the “Subsidiary REMIC”, the “Middle REMIC” and the “Master REMIC”). The “latest possible maturity date” for federal income tax purposes of all interests created hereby shall be the Latest Possible Maturity Date. The Subsidiary REMIC shall consist of all of the assets constituting the Trust Fund corresponding to Collateral Group 1 and Collateral Group 2, (exclusive of the Class P Prepayment Charges) and shall be evidenced by the uncertificated interests set forth below that shall be designated as REMIC regular interests (the “Subsidiary REMIC Regular Interests”). In addition, the Subsidiary REMIC shall issue the Class A-LR Certificate and shall designate such interest as its sole class of residual interest. The Middle REMIC shall hold as its assets the uncertificated REMIC regular interests issued by the Subsidiary REMIC. The Middle REMIC shall issue the Class R-2 interest and shall designate such interest as its sole class of residual interest. In addition, the Middle REMIC shall issue the uncertificated REMIC regular interests set forth below for the Middle REMIC (the “Middle REMIC Regular Interests”). The Master REMIC shall consist of the Middle REMIC Regular Interests and shall be evidenced by the Classes of Certificates set forth below for the Master REMIC (which, except for the Class P, Class A-LR and Class A-UR Certificates, shall represent the “regular interests” in the Master REMIC) and the Class R-3 Interest as the single “residual interest” in the Master REMIC. The Class A-UR Certificate shall not be considered a Certificate issued by the Master REMIC, but instead shall represent beneficial ownership of the Class R-2 and Class R-3 interests.
Appears in 4 contracts
Sources: Pooling and Servicing Agreement (MASTR Alternative Loan Trust 2006-2), Pooling and Servicing Agreement (MASTR Alternative Loan Trust 2006-2), Pooling and Servicing Agreement (MASTR Alternative Loan Trust 2006-2)
PRELIMINARY STATEMENT. The Depositor is the owner Securities Administrator on behalf of the Trust Fund (exclusive of (i) the Swap Agreement, (ii) the Cap Agreement (iii) the right to receive and the obligation to pay Basis Risk Carryover Amounts, (iv) the Supplemental Interest Trust and the Supplemental Interest Trust Account and (v) the obligation to pay Class I Shortfalls (collectively, the “Excluded Trust Assets”) shall elect that is hereby conveyed to two segregated asset pools within the Trustee in return for the Certificates. The Trust Fund is being conveyed to the Trustee to create a trust for the benefit of the Certificateholders. The Trust Fund be treated for federal income tax purposes shall consist as comprising four real estate mortgage investment conduits under Section 860D of three REMICs the Code (each a “REMIC” or, in the alternative, “REMIC 1,” REMIC 2,” “REMIC 3” and “REMIC 4,”; REMIC 4 also being referred to herein as the “Subsidiary Upper Tier REMIC.”) Any inconsistencies or ambiguities in this Agreement or in the administration of this Agreement shall be resolved in a manner that preserves the validity of such REMIC election. Each Certificate, other than the “Middle REMIC” and Class R Certificates, represents ownership of a regular interest in the “Master REMIC”). The “latest possible maturity date” Upper Tier REMIC for federal income tax purposes of all interests created hereby shall be the Latest Possible Maturity Date. The Subsidiary REMIC shall consist of all of the assets constituting the Trust Fund corresponding to Collateral Group 1 and Collateral Group 2, (exclusive of the Class P Prepayment Charges) and shall be evidenced by the uncertificated interests set forth below that shall be designated as REMIC regular interests (the “Subsidiary REMIC Regular Interests”)Provisions. In addition, the Subsidiary REMIC shall issue each Certificate, other than the Class A-LR R, Class X and Class P Certificates, represents (i) the right to receive payments with respect to any Basis Risk Carryover Amounts and (ii) the obligation to pay Class I Shortfalls. The Class R Certificate and shall designate such interest as its represents ownership of the sole class Class of residual interestinterest in each of REMIC 1, REMIC 2, REMIC 3 and the Upper Tier REMIC for purposes of the REMIC Provisions. The Middle Upper Tier REMIC shall hold as its assets the uncertificated Lower Tier Interests in REMIC regular interests issued by the Subsidiary REMIC. The Middle REMIC shall issue 3, other than the Class R-2 LT3-R interest, and each such Lower Tier Interest is hereby designated as a regular interest and in REMIC 3 for purposes of the REMIC Provisions. REMIC 3 shall designate such interest hold as its sole class of residual interest. In addition, the Middle REMIC shall issue assets the uncertificated Lower Tier Interests in REMIC 2, and each such Lower Tier Interest is hereby designated as a regular interests set forth below for interest in REMIC 2. REMIC 2 shall hold as its assets the Middle uncertificated Lower Tier Interests in REMIC (1, and each such Lower Tier Interest is hereby designated as a regular interest in REMIC 1. REMIC 1 shall hold as its assets the “Middle REMIC Regular Interests”). The Master REMIC shall consist property of the Middle Trust Fund other than the Lower Tier Interests in REMIC Regular Interests 1, REMIC 2 and shall be evidenced by the Classes of Certificates set forth below for the Master REMIC (which, except for the Class P, Class A-LR and Class A-UR Certificates, shall represent the “regular interests” in the Master REMIC) 3 and the Class R-3 Interest as the single “residual interest” in the Master REMIC. The Class A-UR Certificate shall not be considered a Certificate issued by the Master REMIC, but instead shall represent beneficial ownership of the Class R-2 and Class R-3 interestsExcluded Trust Assets.
Appears in 4 contracts
Sources: Pooling and Servicing Agreement (First Franklin Mortgage Loan Trust 2006-Ff5), Pooling and Servicing Agreement (First Franklin Mortgage Loan Trust 2006-Ff5), Pooling and Servicing Agreement (Hasco 2006-Opt-4)
PRELIMINARY STATEMENT. The On the Closing Date, the Depositor is will acquire the Mortgage Loans from M▇▇▇▇▇ S▇▇▇▇▇▇ Mortgage Capital Holdings LLC, as seller (“MSMCH”), Bank of America, National Association, as seller (“BANA”), and CIBC Inc., as seller (“CIBC”), and will be the owner of the Trust Fund that is hereby Mortgage Loans and the other property being conveyed by it to the Trustee for inclusion in return the Trust which is hereby created. On the Closing Date, the Depositor will acquire: (i) the REMIC I Regular Interests and, to the extent they represent the REMIC I Residual Interest, the Class R Certificates as consideration for its transfer to the Trust of the Mortgage Loans (other than any Excess Interest payable thereon) and the other property constituting REMIC I; (ii) the REMIC II Regular Interests and, to the extent they represent the REMIC II Residual Interest, the Class R Certificates as consideration for its transfer of the REMIC I Regular Interests to the Trust; (iii) the REMIC III Regular Certificates (other than the portion of the Class J Certificates representing the right to receive Excess Interest), the E▇ ▇▇▇▇▇ III Regular Interests, the Swap REMIC III Regular Interests and, to the extent they represent the REMIC III Residual Interest, the Class R Certificates as consideration for its transfer of the REMIC II Regular Interests to the Trust; (iv) the Exchangeable Certificates as consideration for its transfer of the E▇ ▇▇▇▇▇ III Regular Interests to the Trust; (v) the Swap Certificates as consideration for its transfer of the Swap REMIC III Regular Interests to the Trust; and (vi) the portion of the Class J Certificates representing the right to receive Excess Interest as consideration for its transfer to the Trust of such right. The Depositor has duly authorized the execution and delivery of this Agreement to provide for the Certificates. The Trust Fund is being conveyed foregoing and the issuance of (A) the REMIC I Regular Interests and, to the Trustee extent they represent the REMIC I Residual Interest, the Class R Certificates, representing in the aggregate the entire beneficial ownership of REMIC I, (B) the REMIC II Regular Interests and, to create a trust the extent they represent the REMIC II Residual Interest, the Class R Certificates, representing in the aggregate the entire beneficial ownership of REMIC II, (C) the REMIC III Regular Certificates, the E▇ ▇▇▇▇▇ III Regular Interests, the Swap REMIC III Regular Interests and, to the extent they represent the REMIC III Residual Interest, the Class R Certificates, representing in the aggregate the entire beneficial ownership of REMIC III, (D) the Class A-S Certificates, representing in the aggregate the entire beneficial ownership of the Class A-S Specific Grantor Trust Assets, (E) the Class B Certificates, representing in the aggregate the entire beneficial ownership of the Class B Specific Grantor Trust Assets, (F) the Class C Certificates, representing in the aggregate the entire beneficial ownership of the Class C Specific Grantor Trust Assets, (G) the Class PST Certificates, representing in the aggregate the entire beneficial ownership of the Class PST Specific Grantor Trust Assets, (H) the Swap Floating Rate Certificates, representing in the aggregate the entire beneficial ownership of the related Swap Floating Rate Grantor Trust Assets, (I) the Swap Fixed Rate Certificates, representing in the aggregate the entire beneficial ownership of the related Swap Fixed Rate Grantor Trust Assets, and (F) in the case of the Class J Certificates, representing in the aggregate the entire beneficial ownership of the Class J Specific Grantor Trust Assets. Excess Interest received on the Mortgage Loans shall be held in the Grantor Trust for the benefit of the CertificateholdersHolders of the Class J Certificates. All covenants and agreements made by the Depositor herein with respect to the Mortgage Loans and the other property constituting the Trust are for the benefit of the holders of the REMIC I Regular Interests, the holders of the REMIC II Regular Interests, the Holders of the REMIC III Regular Certificates, the holders of the E▇ ▇▇▇▇▇ III Regular Interests, the Holders of the Exchangeable Certificates, the holders of the Swap REMIC III Regular Interests, the Holders of the Swap Certificates and the Holders of the Class R Certificates. The Trust Fund parties hereto are entering into this Agreement, and the Trustee is accepting the trusts created hereby, for federal income tax purposes shall consist good and valuable consideration, the receipt and sufficiency of three REMICs which are hereby acknowledged. The Class A Senior Certificates (other than the Class A-3FL and Class A-3FX Certificates), the Exchangeable Certificates and the Class X-A Certificates (collectively, the “Registered Certificates”) were offered for sale pursuant to the Depositor’s prospectus dated December 31, 2012 (the “Subsidiary REMICProspectus”), as supplemented by a free writing prospectus dated June 13, 2013, as further supplemented by the free writing prospectus dated June 20, 2013, the free writing prospectus dated June 20, 2013, the free writing prospectus dated June 24, 2013 and the free writing prospectus dated June 24, 2013 (collectively, the “Middle REMIC” Free Writing Prospectus”, and together with the Prospectus, the “Master REMICPreliminary Prospectus”), and as further supplemented by the final prospectus supplement dated the Pricing Date (the “Prospectus Supplement”, and together with the Prospectus, the “Final Prospectus”). The “latest possible maturity date” Class A-3FL, Class A-3FX, Class D, Class E, Class F, Class G, Class H, Class J and Class R Certificates will be offered for federal income tax purposes of all interests created hereby shall be the Latest Possible Maturity Date. The Subsidiary REMIC shall consist of all of the assets constituting the Trust Fund corresponding sale pursuant to Collateral Group 1 and Collateral Group 2a Preliminary Private Placement Memorandum dated June 13, (exclusive of the Class P Prepayment Charges) and shall be evidenced by the uncertificated interests set forth below that shall be designated as REMIC regular interests 2013 (the “Subsidiary REMIC Regular InterestsPreliminary Private Placement Memorandum”). In addition, ) and a final Private Placement Memorandum dated the Subsidiary REMIC shall issue the Class A-LR Certificate and shall designate such interest as its sole class of residual interest. The Middle REMIC shall hold as its assets the uncertificated REMIC regular interests issued by the Subsidiary REMIC. The Middle REMIC shall issue the Class R-2 interest and shall designate such interest as its sole class of residual interest. In addition, the Middle REMIC shall issue the uncertificated REMIC regular interests set forth below for the Middle REMIC Pricing Date (the “Middle REMIC Regular InterestsPrivate Placement Memorandum”). The Master REMIC shall consist of the Middle REMIC Regular Interests and shall be evidenced by the Classes of Certificates set forth below for the Master REMIC (which, except for the Class P, Class A-LR and Class A-UR Certificates, shall represent the “regular interests” in the Master REMIC) and the Class R-3 Interest as the single “residual interest” in the Master REMIC. The Class A-UR Certificate shall not be considered a Certificate issued by the Master REMIC, but instead shall represent beneficial ownership of the Class R-2 and Class R-3 interests.
Appears in 3 contracts
Sources: Pooling and Servicing Agreement (Morgan Stanley Bank of America Merrill Lynch Trust 2013-C12), Pooling and Servicing Agreement (Morgan Stanley Bank of America Merrill Lynch Trust 2013-C11), Pooling and Servicing Agreement (Morgan Stanley Bank of America Merrill Lynch Trust 2013-C10)
PRELIMINARY STATEMENT. The Depositor is the owner of the Trust Fund that is hereby conveyed to the Trustee in return for the Certificates. The Trust Fund is being conveyed to the Trustee to create a trust for the benefit of the Certificateholders. The Trust Fund for federal income tax purposes shall consist of three REMICs (the “Subsidiary REMIC”, the “Middle REMIC” and the “Master REMIC”). The “latest possible maturity date” for federal income tax purposes of all interests created hereby shall be the Latest Possible Maturity Date. The Subsidiary REMIC shall consist of all of the assets constituting the Trust Fund corresponding to Collateral Group 1 and 1, Collateral Group 2, Collateral Group 3, and Collateral Group 4 (exclusive of the Class P Prepayment Charges) and shall be evidenced by the uncertificated interests set forth below that shall be designated as REMIC regular interests (the “Subsidiary REMIC Regular Interests”). In addition, the Subsidiary REMIC shall issue the Class A-LR Certificate and shall designate such interest as its sole class of residual interest. The Middle REMIC shall hold as its assets the uncertificated REMIC regular interests issued by the Subsidiary REMIC. The Middle REMIC shall issue the Class R-2 interest and shall designate such interest as its sole class of residual interest. In addition, the Middle REMIC shall issue the uncertificated REMIC regular interests set forth below for the Middle REMIC (the “Middle REMIC Regular Interests”). The Master REMIC shall consist of the Middle REMIC Regular Interests and shall be evidenced by the Classes of Certificates set forth below for the Master REMIC (which, except for the Class P, Class A-LR and Class A-UR Certificates, shall represent the “regular interests” in the Master REMIC) and the Class R-3 Interest as the single “residual interest” in the Master REMIC. The Class A-UR Certificate shall not be considered a Certificate issued by the Master REMIC, but instead shall represent beneficial ownership of the Class R-2 and Class R-3 interests.
Appears in 3 contracts
Sources: Pooling and Servicing Agreement (MASTR Asset Securitization Trust 2006-1), Pooling and Servicing Agreement (MASTR Asset Securitization Trust 2006-1), Pooling and Servicing Agreement (MASTR Asset Securitization Trust 2005-2)
PRELIMINARY STATEMENT. The On the Closing Date, the Depositor is will acquire the Mortgage Loans from M▇▇▇▇▇ S▇▇▇▇▇▇ Mortgage Capital Holdings LLC, as seller (“MSMCH”), Bank of America, National Association, as seller (“BANA”), and CIBC Inc., as seller (“CIBC”), and will be the owner of the Trust Fund that is hereby Mortgage Loans and the other property being conveyed by it to the Trustee for inclusion in return the Trust which is hereby created. On the Closing Date, the Depositor will acquire: (i) the REMIC I Regular Interests and, to the extent they represent the REMIC I Residual Interest, the Class R Certificates as consideration for its transfer to the Trust of the Mortgage Loans (other than any Excess Interest payable thereon) and the other property constituting REMIC I; (ii) the REMIC II Regular Interests and, to the extent they represent the REMIC II Residual Interest, the Class R Certificates as consideration for its transfer of the REMIC I Regular Interests to the Trust; (iii) the REMIC III Regular Certificates (other than the portion of the Class H Certificates representing the right to receive Excess Interest), the E▇ ▇▇▇▇▇ III Regular Interests and, to the extent they represent the REMIC III Residual Interest, the Class R Certificates as consideration for its transfer of the REMIC II Regular Interests to the Trust; (iv) the Exchangeable Certificates as consideration for its transfer of the E▇ ▇▇▇▇▇ III Regular Interests to the Trust; and (v) the portion of the Class H Certificates representing the right to receive Excess Interest as consideration for its transfer to the Trust of such right. The Depositor has duly authorized the execution and delivery of this Agreement to provide for the Certificates. The Trust Fund is being conveyed foregoing and the issuance of (A) the REMIC I Regular Interests and, to the Trustee extent they represent the REMIC I Residual Interest, the Class R Certificates, representing in the aggregate the entire beneficial ownership of REMIC I, (B) the REMIC II Regular Interests and, to create a trust the extent they represent the REMIC II Residual Interest, the Class R Certificates, representing in the aggregate the entire beneficial ownership of REMIC II, (C) the REMIC III Regular Certificates, the E▇ ▇▇▇▇▇ III Regular Interests and, to the extent they represent the REMIC III Residual Interest, the Class R Certificates, representing in the aggregate the entire beneficial ownership of REMIC III, (D) the Class A-S Certificates, representing in the aggregate the entire beneficial ownership of the Class A-S Specific Grantor Trust Assets, (E) the Class B Certificates, representing in the aggregate the entire beneficial ownership of the Class B Specific Grantor Trust Assets, (F) the Class C Certificates, representing in the aggregate the entire beneficial ownership of the Class C Specific Grantor Trust Assets, (G) the Class PST Certificates, representing in the aggregate the entire beneficial ownership of the Class PST Specific Grantor Trust Assets and (H) in the case of the Class H Certificates, representing in the aggregate the entire beneficial ownership of the Class H Specific Grantor Trust Assets. Excess Interest received on the Mortgage Loans shall be held in the Grantor Trust for the benefit of the CertificateholdersHolders of the Class H Certificates. All covenants and agreements made by the Depositor herein with respect to the Mortgage Loans and the other property constituting the Trust are for the benefit of the holders of the REMIC I Regular Interests, the holders of the REMIC II Regular Interests, the Holders of the REMIC III Regular Certificates, the holders of the E▇ ▇▇▇▇▇ III Regular Interests, the Holders of the Exchangeable Certificates and the Holders of the Class R Certificates. The Trust Fund parties hereto are entering into this Agreement, and the Trustee is accepting the trusts created hereby, for federal income tax purposes shall consist good and valuable consideration, the receipt and sufficiency of three REMICs which are hereby acknowledged. The Class A Senior Certificates, the Exchangeable Certificates and the Class X-A Certificates (collectively, the “Registered Certificates”) were offered for sale pursuant to the Depositor’s prospectus dated October 1, 2013 (the “Subsidiary REMICProspectus”), as supplemented by a free writing prospectus dated November 18, 2013, as further supplemented by the free writing prospectus dated November 25, 2013 (collectively, the “Middle REMIC” Free Writing Prospectus”, and together with the Prospectus, the “Master REMICPreliminary Prospectus”), and as further supplemented by the final prospectus supplement dated the Pricing Date (the “Prospectus Supplement”, and together with the Prospectus, the “Final Prospectus”). The Class X-B, Class X-C, Class D, Class E, Class F, Class G, Class H and Class R Certificates will be offered for sale pursuant to a Preliminary Private Placement Memorandum dated November 18, 2013 (as supplemented by the preliminary private placement memorandum supplement, dated November 25, 2013, the “latest possible maturity date” for federal income tax purposes of all interests created hereby shall be the Latest Possible Maturity Date. The Subsidiary REMIC shall consist of all of the assets constituting the Trust Fund corresponding to Collateral Group 1 and Collateral Group 2, (exclusive of the Class P Prepayment ChargesPreliminary Private Placement Memorandum”) and shall be evidenced by a final Private Placement Memorandum dated the uncertificated interests set forth below that shall be designated as REMIC regular interests Pricing Date (the “Subsidiary REMIC Regular InterestsPrivate Placement Memorandum”). In addition, the Subsidiary REMIC shall issue the Class A-LR Certificate and shall designate such interest as its sole class of residual interest. The Middle REMIC shall hold as its assets the uncertificated REMIC regular interests issued by the Subsidiary REMIC. The Middle REMIC shall issue the Class R-2 interest and shall designate such interest as its sole class of residual interest. In addition, the Middle REMIC shall issue the uncertificated REMIC regular interests set forth below for the Middle REMIC (the “Middle REMIC Regular Interests”). The Master REMIC shall consist of the Middle REMIC Regular Interests and shall be evidenced by the Classes of Certificates set forth below for the Master REMIC (which, except for the Class P, Class A-LR and Class A-UR Certificates, shall represent the “regular interests” in the Master REMIC) and the Class R-3 Interest as the single “residual interest” in the Master REMIC. The Class A-UR Certificate shall not be considered a Certificate issued by the Master REMIC, but instead shall represent beneficial ownership of the Class R-2 and Class R-3 interests.
Appears in 3 contracts
Sources: Pooling and Servicing Agreement (Morgan Stanley Bank of America Merrill Lynch Trust 2014-C14), Pooling and Servicing Agreement (Morgan Stanley Bank of America Merrill Lynch Trust 2013-C13), Pooling and Servicing Agreement (Morgan Stanley Bank of America Merrill Lynch Trust 2013-C13)
PRELIMINARY STATEMENT. The On the Closing Date, the Depositor is will acquire the Mortgage Loans from ▇▇▇▇▇▇ ▇▇▇▇▇▇▇ Mortgage Capital Holdings LLC, as seller (“MSMCH”), Bank of America, National Association, as seller (“BANA”), and CIBC Inc., as seller (“CIBC”), and will be the owner of the Trust Fund that is hereby Mortgage Loans and the other property being conveyed by it to the Trustee for inclusion in return the Trust which is hereby created. On the Closing Date, the Depositor will acquire: (i) the REMIC I Regular Interests and, to the extent they represent the REMIC I Residual Interest, the Class R Certificates as consideration for its transfer to the Trust of the Mortgage Loans (other than any Excess Interest payable thereon) and the other property constituting REMIC I; (ii) the REMIC II Regular Interests and, to the extent they represent the REMIC II Residual Interest, the Class R Certificates as consideration for its transfer of the REMIC I Regular Interests to the Trust; (iii) the REMIC III Regular Certificates, the ▇▇ ▇▇▇▇▇ III Regular Interests and, to the extent they represent the REMIC III Residual Interest, the Class R Certificates as consideration for its transfer of the REMIC II Regular Interests to the Trust; (iv) the Exchangeable Certificates as consideration for its transfer of the ▇▇ ▇▇▇▇▇ III Regular Interests to the Trust; and (v) the Class V Certificates as consideration for its transfer to the Trust of the right to receive Excess Interest. The Depositor has duly authorized the execution and delivery of this Agreement to provide for the Certificates. The Trust Fund is being conveyed foregoing and the issuance of (A) the REMIC I Regular Interests and, to the Trustee extent they represent the REMIC I Residual Interest, the Class R Certificates, representing in the aggregate the entire beneficial ownership of REMIC I, (B) the REMIC II Regular Interests and, to create a trust the extent they represent the REMIC II Residual Interest, the Class R Certificates, representing in the aggregate the entire beneficial ownership of REMIC II, (C) the REMIC III Regular Certificates, the ▇▇ ▇▇▇▇▇ III Regular Interests and, to the extent they represent the REMIC III Residual Interest, the Class R Certificates, representing in the aggregate the entire beneficial ownership of REMIC III, (D) the Class A-S Certificates, representing in the aggregate the entire beneficial ownership of the Class A-S Specific Grantor Trust Assets, (E) the Class B Certificates, representing in the aggregate the entire beneficial ownership of the Class B Specific Grantor Trust Assets, (F) the Class C Certificates, representing in the aggregate the entire beneficial ownership of the Class C Specific Grantor Trust Assets, (G) the Class PST Certificates, representing in the aggregate the entire beneficial ownership of the Class PST Specific Grantor Trust Assets and (H) the Class V Certificates, representing in the aggregate the entire beneficial ownership of the Class V Specific Grantor Trust Assets. Excess Interest received on the Mortgage Loans shall be held in the Grantor Trust for the benefit of the CertificateholdersHolders of the Class V Certificates. All covenants and agreements made by the Depositor herein with respect to the Mortgage Loans and the other property constituting the Trust are for the benefit of the holders of the REMIC I Regular Interests, the holders of the REMIC II Regular Interests, the Holders of the REMIC III Regular Certificates, the holders of the ▇▇ ▇▇▇▇▇ III Regular Interests, the Holders of the Exchangeable Certificates and the Holders of the Class V and Class R Certificates. The Trust Fund parties hereto are entering into this Agreement, and the Trustee is accepting the trusts created hereby, for federal income tax purposes shall consist good and valuable consideration, the receipt and sufficiency of three REMICs which are hereby acknowledged. The Class A Senior Certificates, the Exchangeable Certificates and the Class X-A Certificates (collectively, the “Registered Certificates”) were offered for sale pursuant to the Depositor’s prospectus dated October 1, 2013 (the “Subsidiary REMICProspectus”), as supplemented by a free writing prospectus dated January 23, 2014, as further supplemented by the free writing prospectus dated January 29, 2014 (collectively, the “Middle REMIC” Free Writing Prospectus”, and together with the Prospectus, the “Master REMICPreliminary Prospectus”), and as further supplemented by the final prospectus supplement dated the Pricing Date (the “Prospectus Supplement”, and together with the Prospectus, the “Final Prospectus”). The Class X-B, Class X-C, Class D, Class E, Class F, Class G, Class H, Class V and Class R Certificates will be offered for sale pursuant to a Preliminary Private Placement Memorandum dated January 23, 2014 (as supplemented by the preliminary private placement memorandum supplement, dated January 29, 2014, the “latest possible maturity date” for federal income tax purposes of all interests created hereby shall be the Latest Possible Maturity Date. The Subsidiary REMIC shall consist of all of the assets constituting the Trust Fund corresponding to Collateral Group 1 and Collateral Group 2, (exclusive of the Class P Prepayment ChargesPreliminary Private Placement Memorandum”) and shall be evidenced by a final Private Placement Memorandum dated the uncertificated interests set forth below that shall be designated as REMIC regular interests Pricing Date (the “Subsidiary REMIC Regular InterestsPrivate Placement Memorandum”). In addition, the Subsidiary REMIC shall issue the Class A-LR Certificate and shall designate such interest as its sole class of residual interest. The Middle REMIC shall hold as its assets the uncertificated REMIC regular interests issued by the Subsidiary REMIC. The Middle REMIC shall issue the Class R-2 interest and shall designate such interest as its sole class of residual interest. In addition, the Middle REMIC shall issue the uncertificated REMIC regular interests set forth below for the Middle REMIC (the “Middle REMIC Regular Interests”). The Master REMIC shall consist of the Middle REMIC Regular Interests and shall be evidenced by the Classes of Certificates set forth below for the Master REMIC (which, except for the Class P, Class A-LR and Class A-UR Certificates, shall represent the “regular interests” in the Master REMIC) and the Class R-3 Interest as the single “residual interest” in the Master REMIC. The Class A-UR Certificate shall not be considered a Certificate issued by the Master REMIC, but instead shall represent beneficial ownership of the Class R-2 and Class R-3 interests.
Appears in 3 contracts
Sources: Pooling and Servicing Agreement (Morgan Stanley Bank of America Merrill Lynch Trust 2014-C14), Pooling and Servicing Agreement (Morgan Stanley Bank of America Merrill Lynch Trust 2014-C15), Pooling and Servicing Agreement (Morgan Stanley Bank of America Merrill Lynch Trust 2014-C14)
PRELIMINARY STATEMENT. The Depositor is the owner of the Trust Fund that is hereby conveyed to the Trustee in return for the Certificates. The Trust Fund is being conveyed to the Trustee to create a trust for the benefit of the Certificateholders. The As provided herein, an election shall be made that the Trust Fund (exclusive of (i) the right to receive and the obligation to pay Net Rate Carryover Amounts to the extent such amounts would result in the payment of interest reflecting an interest rate exceeding the REMIC Maximum Rate, (ii) the Carryover Reserve Fund, (iii) the Cap Contract (iv) the Cap Account, and (v) the Supplemental Interest Trust (collectively, the “Excluded Trust Assets”)) be treated for federal income tax purposes shall consist as comprising five real estate mortgage investment conduits under Section 860D of three REMICs the Code (each a “REMIC” or, in the alternative the “Subsidiary REMIC,” the “Middle REMIC,” the “Master REMIC”, the “Middle Class C REMIC,” and the “Master Class P REMIC”). The “latest possible maturity date” Any inconsistencies or ambiguities in this Agreement or in the administration of this Agreement shall be resolved in a manner that preserves the validity of such REMIC elections. Each Certificate, other than the Class R, Class R-X, Class P, and Class C Certificates, represents ownership of a regular interest in the Master REMIC for federal income tax purposes of all interests created hereby shall be the Latest Possible Maturity Date. The Subsidiary REMIC shall consist of all of the assets constituting the Trust Fund corresponding to Collateral Group 1 and Collateral Group 2, (exclusive of the Class P Prepayment Charges) and shall be evidenced by the uncertificated interests set forth below that shall be designated as REMIC regular interests (the “Subsidiary REMIC Regular Interests”)Provisions. In addition, each Certificate, other than the Class R, Class R-X, Class P, and Class C Certificates, represents the right to receive payments with respect to any Net Rate Carryover Amounts to the extent such amounts reflect an interest rate greater than the REMIC Maximum Rate. The Class R Certificate represents ownership of the sole Class of residual interest in each of the Subsidiary REMIC, the Middle REMIC, and the Master REMIC for purposes of the REMIC Provisions. The Class R-X Certificate represents ownership of the sole Class of residual interest in each of the Class C REMIC and the Class P REMIC. The Class C REMIC shall issue hold as its assets the uncertificated Class C interest in the Master REMIC and the Class A-LR Certificate and P REMIC shall designate hold as its assets the uncertificated Class P interest in the Master REMIC. Each such interest is hereby designated as a regular interest in the Master REMIC, for purposes of the REMIC Provisions. The Master REMIC shall hold as its sole class assets the uncertificated interests in the Middle REMIC, other than the MT-R interest, and each such interest is hereby designated as a regular interest in the Middle REMIC for purposes of residual interestthe REMIC Provisions. The Middle REMIC shall hold as its assets the uncertificated REMIC interests in the Subsidiary REMIC, other than the LT-R interest, and each such interest is hereby designated as a regular interests issued by interest in the Subsidiary REMIC. The Subsidiary REMIC shall hold as its assets the property of the Trust Fund other than the interests in the Subsidiary REMIC and the Middle REMIC shall issue and the uncertificated Class R-2 C interest and shall designate such interest as its sole class the uncertificated Class P interest, and the Excluded Trust Assets. The startup day for each REMIC created hereby for purposes of residual interestthe REMIC Provisions is the Closing Date. In addition, the Middle REMIC shall issue the uncertificated REMIC regular interests set forth below for the Middle REMIC (the “Middle REMIC Regular Interests”). The Master REMIC shall consist purposes of the Middle REMIC Regular Interests and shall be evidenced by Provisions, the Classes of Certificates set forth below latest possible maturity date for each regular interest in each REMIC created hereby is the Master REMIC (which, except for the Class P, Class A-LR and Class A-UR Certificates, shall represent the “regular interests” in the Master REMIC) and the Class R-3 Interest as the single “residual interest” in the Master REMIC. The Class A-UR Certificate shall not be considered a Certificate issued by the Master REMIC, but instead shall represent beneficial ownership of the Class R-2 and Class R-3 interestsLatest Possible Maturity Date.
Appears in 3 contracts
Sources: Pooling and Servicing Agreement (MASTR Adjustable Rate Mortgages Trust 2006-1), Pooling and Servicing Agreement (MASTR Adjustable Rate Mortgages Trust 2006-Oa1), Pooling and Servicing Agreement (MASTR Adjustable Rate Mortgages Trust 2006-Oa1)
PRELIMINARY STATEMENT. The Depositor is the owner Securities Administrator on behalf of the Trust Fund (exclusive of (i) the Swap Agreement, (u) the Cap Agreement (iii) the right to receive and the obligation to pay Basis Risk Carryover Amounts, (iv) the Excess Reserve Fund Account, (v) the Supplemental Interest Trust and the Supplemental Interest Trust Account and (vi) the obligations to pay Class I Shortfalls (collectively, the “Excluded Trust Assets”) shall elect that is hereby conveyed to two segregated asset pools within the Trustee in return for the Certificates. The Trust Fund is being conveyed to the Trustee to create a trust for the benefit of the Certificateholders. The Trust Fund be treated for federal income tax purposes shall consist as comprising three real estate mortgage investment conduits under Section 860D of three REMICs the Code (each a “REMIC” or, in the alternative, “REMIC 1,” REMIC 2” and “REMIC 3,”; REMIC 3 also being referred to herein as the “Subsidiary Upper Tier REMIC.”) Any inconsistencies or ambiguities in this Agreement or in the administration of this Agreement shall be resolved in a manner that preserves the validity of such REMIC election. Each Certificate, other than the “Middle REMIC” and Class R Certificates, represents ownership of a regular interest in the “Master REMIC”). The “latest possible maturity date” Upper Tier REMIC for federal income tax purposes of all interests created hereby shall be the Latest Possible Maturity Date. The Subsidiary REMIC shall consist of all of the assets constituting the Trust Fund corresponding to Collateral Group 1 and Collateral Group 2, (exclusive of the Class P Prepayment Charges) and shall be evidenced by the uncertificated interests set forth below that shall be designated as REMIC regular interests (the “Subsidiary REMIC Regular Interests”)Provisions. In addition, the Subsidiary REMIC shall issue each Certificate, other than the Class A-LR R, Class X and Class P Certificates, represents (i) the right to receive payments with respect to any Basis Risk Carryover Amounts and (ii) the obligation to pay Class I Shortfalls. The Class R Certificate and shall designate such interest as its represents ownership of the sole class Class of residual interestinterest in each of REMIC 1, REMIC 2 and the Upper Tier REMIC for purposes of the REMIC Provisions. The Middle Upper Tier REMIC shall hold as its assets the uncertificated Lower Tier Interests in REMIC regular interests issued by the Subsidiary REMIC. The Middle REMIC shall issue 2, other than the Class R-2 LT2-R interest, and each such Lower Tier Interest is hereby designated as a regular interest and in REMIC 2 for purposes of the REMIC Provisions. REMIC 2 shall designate such interest hold as its sole class of residual interest. In addition, the Middle REMIC shall issue assets the uncertificated Lower Tier Interests in REMIC 1, and each such Lower Tier Interest is hereby designated as a regular interests set forth below for interest in REMIC 1. REMIC 1 shall hold as its assets the Middle REMIC (the “Middle REMIC Regular Interests”). The Master REMIC shall consist property of the Middle Trust Fund other than the Lower Tier Interests in REMIC Regular Interests 1 and shall be evidenced by the Classes of Certificates set forth below for the Master REMIC (which, except for the Class P, Class A-LR and Class A-UR Certificates, shall represent the “regular interests” in the Master REMIC) 2 and the Class R-3 Interest as the single “residual interest” in the Master REMIC. The Class A-UR Certificate shall not be considered a Certificate issued by the Master REMIC, but instead shall represent beneficial ownership of the Class R-2 and Class R-3 interestsExcluded Trust Assets.
Appears in 3 contracts
Sources: Pooling and Servicing Agreement (HSI Asset Securitization CORP Trust 2006-Opt2), Pooling and Servicing Agreement (HSI Asset Securitization Corp Pass-Through Certs Series 2006-Opt1), Pooling and Servicing Agreement (Hasco 2006-Opt3)
PRELIMINARY STATEMENT. The Depositor is the owner of the Trust Fund that is hereby conveyed to the Trustee in return for the Certificates. The Trust Fund is being conveyed to the Trustee to create a trust for the benefit of the Certificateholders. The As provided herein, an election shall be made that the Trust Fund (exclusive of (i) the Interest Rate Swap Agreement, (ii) the Swap Account, (iii) the right to receive and the obligation to pay Net WAC Rate Carryover Amounts, (iv) the Net WAC Rate Carryover Reserve Account, (v) the Supplemental Interest Trust, (vi) any prepayment charges other than the Class P Prepayment Charges and (vii) the obligation to pay Class IO Distribution Amounts (collectively, the “Excluded Trust Assets”)) be treated for federal income tax purposes shall consist as comprising three real estate mortgage investment conduits under Section 860D of three REMICs the Code (each a “REMIC” or, in the alternative the “Subsidiary REMIC”, ,” the “Middle REMIC,” and the “Master REMIC”). The “latest possible maturity date” Any inconsistencies or ambiguities in this Agreement or in the administration of this Agreement shall be resolved in a manner that preserves the validity of such REMIC elections. Each Certificate, other than the Class R Certificate, represents ownership of a regular interest in the Master REMIC for federal income tax purposes of all interests created hereby shall be the Latest Possible Maturity Date. The Subsidiary REMIC shall consist of all of the assets constituting the Trust Fund corresponding to Collateral Group 1 and Collateral Group 2, (exclusive of the Class P Prepayment Charges) and shall be evidenced by the uncertificated interests set forth below that shall be designated as REMIC regular interests (the “Subsidiary REMIC Regular Interests”)Provisions. In addition, each Certificate, other than the Class R, Class CE and Class P Certificates, represents (i) the right to receive payments with respect to any Net WAC Rate Carryover Amounts and (ii) the obligation to pay Class IO Distribution Amounts. The Class R Certificate represents ownership of the sole Class of residual interest in each of the Subsidiary REMIC, the Middle REMIC, and the Master REMIC for purposes of the REMIC Provisions. The Master REMIC shall issue hold as its assets the Class Auncertificated interests in the Middle REMIC, other than the MT-LR Certificate R interest, and shall designate each such interest is hereby designated as its sole class a regular interest in the Middle REMIC for purposes of residual interestthe REMIC Provisions. The Middle REMIC shall hold as its assets the uncertificated REMIC interests in the Subsidiary REMIC, other than the LT-R interest, and each such interest is hereby designated as a regular interests issued by interest in the Subsidiary REMIC. The Middle Subsidiary REMIC shall issue the Class R-2 interest and shall designate such interest hold as its sole class assets the property of residual interestthe Trust Fund other than the interests in the Subsidiary REMIC and the Middle REMIC, and the Excluded Trust Assets. The startup day for each REMIC created hereby for purposes of the REMIC Provisions is the Closing Date. In addition, the Middle REMIC shall issue the uncertificated REMIC regular interests set forth below for the Middle REMIC (the “Middle REMIC Regular Interests”). The Master REMIC shall consist purposes of the Middle REMIC Regular Interests and shall be evidenced by Provisions, the Classes of Certificates set forth below latest possible maturity date for each regular interest in each REMIC created hereby is the Master REMIC (which, except for the Class P, Class A-LR and Class A-UR Certificates, shall represent the “regular interests” in the Master REMIC) and the Class R-3 Interest as the single “residual interest” in the Master REMIC. The Class A-UR Certificate shall not be considered a Certificate issued by the Master REMIC, but instead shall represent beneficial ownership of the Class R-2 and Class R-3 interestsLatest Possible Maturity Date.
Appears in 3 contracts
Sources: Pooling and Servicing Agreement (MASTR Second Lien Trust 2006-1), Pooling and Servicing Agreement (MASTR Second Lien Trust 2006-1), Pooling and Servicing Agreement (MASTR Second Lien Trust 2006-1)
PRELIMINARY STATEMENT. The Depositor is the owner of the Trust Fund that is hereby conveyed to the Trustee in return for the Certificates. The Trust Fund is being conveyed to the Trustee to create a trust for the benefit of the Certificateholders. The Trust Fund for federal income tax purposes shall consist of three REMICs (the “Subsidiary REMIC”, the “Middle REMIC” and the “Master REMIC”). The “latest possible maturity date” for federal income tax purposes of all interests created hereby shall be the Latest Possible Maturity Date. The Subsidiary REMIC shall consist of all of the assets constituting the Trust Fund corresponding to Collateral Group 1 1, Collateral Group 2 and Collateral Group 2, 3 (exclusive of the Class P Prepayment Charges) and shall be evidenced by the uncertificated interests set forth below that shall be designated as REMIC regular interests (the “Subsidiary REMIC Regular Interests”). In addition, the Subsidiary REMIC shall issue the Class A-LR Certificate and shall designate such interest as its sole class of residual interest. The Middle REMIC shall hold as its assets the uncertificated REMIC regular interests issued by the Subsidiary REMIC. The Middle REMIC shall issue the Class R-2 interest and shall designate such interest as its sole class of residual interest. In addition, the Middle REMIC shall issue the uncertificated REMIC regular interests set forth below for the Middle REMIC (the “Middle REMIC Regular Interests”). The Master REMIC shall consist of the Middle REMIC Regular Interests and shall be evidenced by the Classes of Certificates set forth below for the Master REMIC (which, except for the Exchangeable Certificates and the Class P, Class A-LR and Class A-UR Certificates, shall represent the “regular interests” in the Master REMIC) and the Class R-3 Interest as the single “residual interest” in the Master REMIC. The Class A-UR Certificate shall not be considered a Certificate issued by the Master REMIC, but instead shall represent beneficial ownership of the Class R-2 and Class R-3 interests.
Appears in 3 contracts
Sources: Pooling and Servicing Agreement (MASTR Alternative Loan Trust 2006-3), Pooling and Servicing Agreement (MASTR Asset Securitization Trust 2006-3), Pooling and Servicing Agreement (MASTR Alternative Loan Trust 2006-3)
PRELIMINARY STATEMENT. The On the Closing Date, the Depositor is will acquire the Mortgage Loans from ▇▇▇▇▇▇ ▇▇▇▇▇▇▇ Mortgage Capital Holdings LLC, as seller (“MSMCH”), Bank of America, National Association, as seller (“BANA”), and CIBC Inc., as seller (“CIBC”), and will be the owner of the Trust Fund that is hereby Mortgage Loans and the other property being conveyed by it to the Trustee for inclusion in return the Trust which is hereby created. On the Closing Date, the Depositor will acquire: (i) the REMIC I Regular Interests and, to the extent they represent the REMIC I Residual Interest, the Class R Certificates as consideration for its transfer to the Trust of the Mortgage Loans (other than any Excess Interest payable thereon) and the other property constituting REMIC I; (ii) the REMIC II Regular Interests and, to the extent they represent the REMIC II Residual Interest, the Class R Certificates as consideration for its transfer of the REMIC I Regular Interests to the Trust; (iii) the REMIC III Regular Certificates, the ▇▇ ▇▇▇▇▇ III Regular Interests and, to the extent they represent the REMIC III Residual Interest, the Class R Certificates as consideration for its transfer of the REMIC II Regular Interests to the Trust; (iv) the Exchangeable Certificates as consideration for its transfer of the ▇▇ ▇▇▇▇▇ III Regular Interests to the Trust; and (v) the Class V Certificates as consideration for its transfer to the Trust of the right to receive Excess Interest. The Depositor has duly authorized the execution and delivery of this Agreement to provide for the Certificates. The Trust Fund is being conveyed foregoing and the issuance of (A) the REMIC I Regular Interests and, to the Trustee extent they represent the REMIC I Residual Interest, the Class R Certificates, representing in the aggregate the entire beneficial ownership of REMIC I, (B) the REMIC II Regular Interests and, to create a trust the extent they represent the REMIC II Residual Interest, the Class R Certificates, representing in the aggregate the entire beneficial ownership of REMIC II, (C) the REMIC III Regular Certificates, the ▇▇ ▇▇▇▇▇ III Regular Interests and, to the extent they represent the REMIC III Residual Interest, the Class R Certificates, representing in the aggregate the entire beneficial ownership of REMIC III, (D) the Class A-S Certificates, representing in the aggregate the entire beneficial ownership of the Class A-S Specific Grantor Trust Assets, (E) the Class B Certificates, representing in the aggregate the entire beneficial ownership of the Class B Specific Grantor Trust Assets, (F) the Class C Certificates, representing in the aggregate the entire beneficial ownership of the Class C Specific Grantor Trust Assets, (G) the Class PST Certificates, representing in the aggregate the entire beneficial ownership of the Class PST Specific Grantor Trust Assets and (H) the Class V Certificates, representing in the aggregate the entire beneficial ownership of the Class V Specific Grantor Trust Assets. Excess Interest received on the Mortgage Loans shall be held in the Grantor Trust for the benefit of the CertificateholdersHolders of the Class V Certificates. All covenants and agreements made by the Depositor herein with respect to the Mortgage Loans and the other property constituting the Trust are for the benefit of the holders of the REMIC I Regular Interests, the holders of the REMIC II Regular Interests, the Holders of the REMIC III Regular Certificates, the holders of the ▇▇ ▇▇▇▇▇ III Regular Interests, the Holders of the Exchangeable Certificates and the Holders of the Class V and Class R Certificates. The Trust Fund parties hereto are entering into this Agreement, and the Trustee is accepting the trusts created hereby, for federal income tax purposes shall consist good and valuable consideration, the receipt and sufficiency of three REMICs which are hereby acknowledged. The Class A Senior Certificates, the Exchangeable Certificates and the Class X-A Certificates (collectively, the “Registered Certificates”) were offered for sale pursuant to the Depositor’s prospectus dated October 1, 2013 (the “Subsidiary REMICProspectus”), as supplemented by a free writing prospectus dated May 29, 2014, as further supplemented by the free writing prospectus dated June 4, 2014 (collectively, the “Middle REMIC” Free Writing Prospectus”, and together with the Prospectus, the “Master REMICPreliminary Prospectus”), and as further supplemented by the final prospectus supplement dated the Pricing Date (the “Prospectus Supplement”, and together with the Prospectus, the “Final Prospectus”). The Class X-B, Class X-C, Class D, Class E, Class F, Class G, Class H, Class V and Class R Certificates will be offered for sale pursuant to a Preliminary Private Placement Memorandum dated May 29, 2014 (as supplemented by the preliminary private placement memorandum supplement, dated June 4, 2014, the “latest possible maturity date” for federal income tax purposes of all interests created hereby shall be the Latest Possible Maturity Date. The Subsidiary REMIC shall consist of all of the assets constituting the Trust Fund corresponding to Collateral Group 1 and Collateral Group 2, (exclusive of the Class P Prepayment ChargesPreliminary Private Placement Memorandum”) and shall be evidenced by a final Private Placement Memorandum dated the uncertificated interests set forth below that shall be designated as REMIC regular interests Pricing Date (the “Subsidiary REMIC Regular InterestsPrivate Placement Memorandum”). In addition, the Subsidiary REMIC shall issue the Class A-LR Certificate and shall designate such interest as its sole class of residual interest. The Middle REMIC shall hold as its assets the uncertificated REMIC regular interests issued by the Subsidiary REMIC. The Middle REMIC shall issue the Class R-2 interest and shall designate such interest as its sole class of residual interest. In addition, the Middle REMIC shall issue the uncertificated REMIC regular interests set forth below for the Middle REMIC (the “Middle REMIC Regular Interests”). The Master REMIC shall consist of the Middle REMIC Regular Interests and shall be evidenced by the Classes of Certificates set forth below for the Master REMIC (which, except for the Class P, Class A-LR and Class A-UR Certificates, shall represent the “regular interests” in the Master REMIC) and the Class R-3 Interest as the single “residual interest” in the Master REMIC. The Class A-UR Certificate shall not be considered a Certificate issued by the Master REMIC, but instead shall represent beneficial ownership of the Class R-2 and Class R-3 interests.
Appears in 3 contracts
Sources: Pooling and Servicing Agreement (Morgan Stanley Bank of America Merrill Lynch Trust 2014-C14), Pooling and Servicing Agreement (Morgan Stanley Bank of America Merrill Lynch Trust 2014-C16), Pooling and Servicing Agreement (Morgan Stanley Bank of America Merrill Lynch Trust 2014-C16)
PRELIMINARY STATEMENT. The Depositor is As provided herein, the owner of Trust Administrator shall elect that the Trust Fund that is hereby conveyed to the Trustee in return for the Certificates. The Trust Fund is being conveyed to the Trustee to create a trust for the benefit of the Certificateholders. The Trust Fund be treated for federal income tax purposes shall consist of three REMICs as comprising five real estate mortgage investment conduits (each a “REMIC” or, in the alternative, “Subsidiary REMIC”, the REMIC 1,” “Subsidiary REMIC 2,” “Middle REMICREMIC 1,” “Middle REMIC 2,” and the “Master REMIC”). The “latest possible maturity date” Each Class of Certificates (other than the Class AR and Class AR-L Certificates, the Exchangeable Certificates and the Exchangeable REMIC Certificates, and exclusive of any right to interest payable to the Class 1-X, Class 2-X or Class 3-X Certificates to the extent such interest is payable at an interest rate exceeding the REMIC Maximum Rate) and each Class of Uncertificated REMIC Interests represents ownership of a regular interest in the Master REMIC for federal income tax purposes of all interests created hereby shall be the Latest Possible Maturity DateREMIC Provisions. The Subsidiary REMIC shall consist of all Class AR Certificates represent ownership of the assets constituting the Trust Fund corresponding to Collateral Group 1 and Collateral Group 2, (exclusive of the Class P Prepayment Charges) and shall be evidenced by the uncertificated interests set forth below that shall be designated as REMIC regular interests (the “Subsidiary REMIC Regular Interests”). In addition, the Subsidiary REMIC shall issue the Class A-LR Certificate and shall designate such interest as its sole class of residual interestinterest in each of Middle REMIC 1, Middle REMIC 2, and the Master REMIC for purposes of the REMIC Provisions. The Class AR-L Certificates represent ownership of the sole class of residual interest in each of Subsidiary REMIC 1 and Subsidiary REMIC 2 for purposes of the REMIC Provisions. The Master REMIC shall hold as its assets, the Class PP Reserve Fund and the several classes of uncertificated Middle Tier Interests in Middle REMIC 2 other than the Class MT2-R Interest, and each such Middle Tier Interest is hereby designated as a regular interest in Middle REMIC 2. Middle REMIC 2 shall hold as its assets the several classes of uncertificated Middle Tier Interests in Middle REMIC 1 other than the Class MT1-R Interest, and each such Middle Tier Interest is hereby designated as a regular interests issued by interest in Middle REMIC 1. Middle REMIC 1 shall hold as its assets the several classes of uncertificated Lower Tier Interests in Subsidiary REMIC 1 and Subsidiary REMIC 2, other than the Class LT1-R and LT2-R Interests, and each such Lower Tier Interest is hereby designated as a regular interest in the applicable Subsidiary REMIC. The Middle Subsidiary REMIC 1 shall issue the Class R-2 interest and shall designate such interest hold as its sole class assets the Mortgage Loans in Loan Group 1, and all collections and accounts related thereto. Subsidiary REMIC 2 shall hold as its assets the Mortgage Loans in Loan Groups 2 or 3, and all collections and accounts related thereto. The startup day for each REMIC created hereby for purposes of residual interestthe REMIC Provisions is the Closing Date. In addition, for purposes of the Middle REMIC Provisions, the latest possible maturity date for each regular interest in each REMIC created hereby is the Distribution Date following the third anniversary of the scheduled maturity date of the Mortgage Loan having the latest scheduled maturity date as of the Cut-off Date. Neither the Prefunding Account nor the Capitalized Interest Account shall issue be an asset of any REMIC formed hereby. The following table sets forth (or describes) the class designation, interest rate, and initial principal amount for each uncertificated REMIC regular interests set forth below for the Middle interest in Subsidiary REMIC 1: LT1-Grp 1 (the “Middle REMIC Regular Interests”). The Master REMIC shall consist of the Middle REMIC Regular Interests and shall be evidenced by the Classes of Certificates set forth below for the Master REMIC 1) 6.10% N/A LT1-1-X (which, except for the Class P, Class A2) 6.50% 1-LR and Class AX LT1-UR Certificates, shall represent the “regular interests” in the Master REMICPrefunding (3) and the Class R-3 Interest as the single “residual interest” in the Master REMIC. The Class A6.10% N/A LT1-UR Certificate shall not be considered a Certificate issued by the Master REMIC, but instead shall represent beneficial ownership of the Class R-2 and Class R-3 interests.PO (4) 0.00% 1-P LT1-R (5) $50.00 6.10% AR-L ________________
Appears in 2 contracts
Sources: Pooling and Servicing Agreement (CSMC Mortgage-Backed Trust 2007-7), Pooling and Servicing Agreement (CSMC Mortgage-Backed Trust 2007-7)
PRELIMINARY STATEMENT. The Depositor is As provided herein, the owner of Trust Administrator shall elect that the Trust Fund that is hereby conveyed to the Trustee in return for the Certificates. The Trust Fund is being conveyed to the Trustee to create a trust for the benefit of the Certificateholders. The Trust Fund be treated for federal income tax purposes shall consist of three REMICs as comprising four real estate mortgage investment conduits (each a “REMIC” or, in the alternative, “Subsidiary REMIC”, the ,” “Middle REMICREMIC 1,” “Middle REMIC 2,” and the “Master REMIC”). The “latest possible maturity date” Each Class of Certificates, other than the Class AR Certificates, represents ownership of a regular interest in the Master REMIC for federal income tax purposes of all interests created hereby shall be the Latest Possible Maturity DateREMIC Provisions. The Subsidiary REMIC shall consist of all Class AR Certificates represent ownership of the assets constituting the Trust Fund corresponding to Collateral Group 1 and Collateral Group 2, (exclusive of the Class P Prepayment Charges) and shall be evidenced by the uncertificated interests set forth below that shall be designated as REMIC regular interests (the “Subsidiary REMIC Regular Interests”). In addition, the Subsidiary REMIC shall issue the Class A-LR Certificate and shall designate such interest as its sole class of residual interestinterest in each REMIC for purposes of the REMIC Provisions. The Middle Master REMIC shall hold as its assets the several classes of uncertificated Middle Tier Interests in Middle REMIC 2 other than the Class MT2-R Interest, and each such Middle Tier Interest is hereby designated as a regular interests issued by interest in Middle REMIC 2. Middle REMIC 2 shall hold as its assets the several classes of uncertificated Middle Tier Interests in Middle REMIC 1 other than the Class MT1-R Interest, and each such Middle Tier Interest is hereby designated as a regular interest in Middle REMIC 1. Middle REMIC 1 shall hold as its assets the several classes of uncertificated Lower Tier Interests in the Subsidiary REMIC, other than the Class LT1-R Interest, and each such Lower Tier Interest is hereby designated as a regular interest in the Subsidiary REMIC. The Middle Subsidiary REMIC shall issue the Class R-2 interest and shall designate such interest hold as its sole class assets the Mortgage Loans in each Loan Group, and all collections and accounts related thereto. The startup day for each REMIC created hereby for purposes of residual interestthe REMIC Provisions is the Closing Date. In addition, the Middle REMIC shall issue the uncertificated REMIC regular interests set forth below for the Middle REMIC (the “Middle REMIC Regular Interests”). The Master REMIC shall consist purposes of the Middle REMIC Regular Interests and shall be evidenced by Provisions, the Classes of Certificates set forth below latest possible maturity date for each regular interest in each REMIC created hereby is the Master REMIC (which, except for Distribution Date following the Class P, Class A-LR and Class A-UR Certificates, shall represent the “regular interests” in the Master REMIC) and the Class R-3 Interest as the single “residual interest” in the Master REMIC. The Class A-UR Certificate shall not be considered a Certificate issued by the Master REMIC, but instead shall represent beneficial ownership third anniversary of the Class R-2 and Class R-3 interestsscheduled maturity date of the Mortgage Loan having the latest scheduled maturity date as of the Cut-off Date.
Appears in 2 contracts
Sources: Pooling and Servicing Agreement (TBW 2006-1), Pooling and Servicing Agreement (TBW 2006-2)
PRELIMINARY STATEMENT. The Depositor is the owner of the Trust Fund that is hereby conveyed to the Trustee in return for the Certificates. The As provided herein, the Trustee shall elect that the Trust Fund is being conveyed (exclusive of (i) the Cap Agreement, (ii) the Reserve Fund, (iii) the right to receive and the Trustee obligation to create a trust for pay Basis Risk Shortfalls and Unpaid Basis Risk Shortfalls, (iv) the benefit of right to receive and the Certificateholders. The obligation to pay AFC Shortfalls, (v) the right to receive and the obligation to pay Class F Shortfalls and Unpaid Class F Shortfalls, (vi) the right to receive and the obligation to pay the Class A-IO Termination Amount, and (vii) any Additional Collateral (collectively, the “Excluded Trust Fund Assets”)) be treated for federal income tax purposes shall consist as comprising five real estate mortgage investment conduits under Section 860D of three REMICs the Code (each a “REMIC” or, in the alternative “REMIC 1,” “REMIC 2,” “REMIC 3,” “REMIC 4,” and “REMIC 5;” REMIC 5 also being referred to as the “Subsidiary REMIC”, the “Middle REMIC” and the “Master Upper Tier REMIC”). The “latest possible maturity date” Any inconsistencies or ambiguities in this Agreement or in the administration of this Agreement shall be resolved in a manner that preserves the validity of such REMIC elections. Each Certificate, other than the Class R Certificate, represents ownership of a regular interest in the Upper Tier REMIC for federal income tax purposes of all interests created hereby shall be the Latest Possible Maturity Date. The Subsidiary REMIC shall consist of all of the assets constituting the Trust Fund corresponding to Collateral Group 1 and Collateral Group 2, (exclusive of the Class P Prepayment Charges) and shall be evidenced by the uncertificated interests set forth below that shall be designated as REMIC regular interests (the “Subsidiary REMIC Regular Interests”)Provisions. In addition, each Certificate, other than the Subsidiary REMIC shall issue the Class R, Class F, Class A-LR IO, Class X and Class P Certificates, represents (i) the right to receive payments with respect to any Basis Risk Shortfalls and Unpaid Basis Risk Shortfalls and (ii) the right to receive and the obligation to pay AFC Shortfalls. The Class F Certificates also represent the right to receive payments with respect to Class F Shortfalls and Unpaid Class F Shortfalls. The Class R Certificate and shall designate such interest as its represents ownership of the sole class Class of residual interestinterest in each of REMIC 1, REMIC 2, REMIC 3, REMIC 4 and the Upper Tier REMIC for purposes of the REMIC Provisions. The Middle Upper Tier REMIC shall hold as its assets the uncertificated Interests in REMIC 4, other than the R-4 Interest, and each such Interest is hereby designated as a regular interests issued by interest in REMIC 4 for purposes of the Subsidiary REMICREMIC Provisions. REMIC 4 shall hold as its assets the uncertificated Interests in REMIC 3, other than the R-3 Interest, and each such Interest is hereby designated as a regular interest in REMIC 3 for purposes of the REMIC Provisions. REMIC 3 shall hold as its assets the uncertificated Interests in REMIC 2, other than the R-2 Interest, and each such Interest is hereby designated as a regular interest in REMIC 2 for purposes of the REMIC Provisions. REMIC 2 shall hold as its assets the uncertificated Interests in REMIC 1, other than the R-1 Interest, and each such Interest is hereby designated as a regular interest in REMIC 1. REMIC 1 shall hold as its assets the property of the Trust Fund other than the Interests in REMIC 1, REMIC 2, REMIC 3 and REMIC 4 and the Excluded Trust Assets. The Middle startup day for each REMIC shall issue created hereby for purposes of the Class R-2 interest and shall designate such interest as its sole class of residual interestREMIC Provisions is the Closing Date. In addition, the Middle REMIC shall issue the uncertificated REMIC regular interests set forth below for the Middle REMIC (the “Middle REMIC Regular Interests”). The Master REMIC shall consist purposes of the Middle REMIC Regular Interests and shall be evidenced by Provisions, the Classes of Certificates set forth below latest possible maturity date for each regular interest in each REMIC created hereby is the Master REMIC (which, except for the Class P, Class A-LR and Class A-UR Certificates, shall represent the “regular interests” in the Master REMIC) and the Class R-3 Interest as the single “residual interest” in the Master REMIC. The Class A-UR Certificate shall not be considered a Certificate issued by the Master REMIC, but instead shall represent beneficial ownership of the Class R-2 and Class R-3 interestsLatest Possible Maturity Date.
Appears in 2 contracts
Sources: Pooling and Servicing Agreement (Bayview Financial Mortgage Pass-Through Certificates, Series 2005-B), Pooling and Servicing Agreement (Bayview Financial Securties Company, LLC Mortgage Pass-Through Certificates, Series2004-D)
PRELIMINARY STATEMENT. The Depositor is the owner of the Trust Fund that is hereby conveyed to the Trustee in return In exchange for the Certificates. The , the Depositor hereby conveys the Trust Fund is being conveyed Estate to the Trustee to create a trust for the benefit of the CertificateholdersTrust. The Trust Fund Estate for federal income tax purposes shall consist of three REMICs will be treated as two separate real estate mortgage investment conduits (the “Subsidiary "Upper-Tier REMIC”, the “Middle REMIC” " and the “Master "Lower-Tier REMIC”," respectively, and each, a "REMIC"). The “Class A Certificates (other than the Class 1-A-R, Class 1-A-LR and Class A-P Certificates) and the Class B Certificates are referred to collectively as the "Regular Certificates" and shall constitute "regular interests" in the Upper-Tier REMIC. The Class 1-A-P Component, Class 2-A-P Component, Class 3-A-P Component, Class 1-SES Component, Class 2-SES Component, Class 3-SES Component, Class 1-WIO Component, Class 2-WIO Component and Class 3-WIO Component (collectively, the "Components") shall also constitute "regular interests" in the Upper-Tier REMIC. The Uncertificated Lower-Tier Interests shall constitute the "regular interests" in the Lower-Tier REMIC. The Class 1-A-R Certificate shall be the "residual interest" in the Upper-Tier REMIC and the Class 1-A-LR Certificate shall be the "residual interest" in the Lower-Tier REMIC. The Certificates and the Uncertificated Lower-Tier Interests will represent the entire beneficial ownership interest in the Trust. The "latest possible maturity date” " for federal income tax purposes of all interests created hereby shall will be the Latest Possible REMIC Certificate Maturity Date. The Subsidiary REMIC shall consist of all following table sets forth characteristics of the assets constituting Certificates and the Trust Fund corresponding to Collateral Group 1 Components, together with the minimum denominations and Collateral Group 2, (exclusive of the Class P Prepayment Charges) and shall be evidenced by the uncertificated interests set forth below that shall be designated as REMIC regular interests (the “Subsidiary REMIC Regular Interests”). In addition, the Subsidiary REMIC shall issue the Class A-LR Certificate and shall designate such interest as its sole class of residual interest. The Middle REMIC shall hold as its assets the uncertificated REMIC regular interests issued by the Subsidiary REMIC. The Middle REMIC shall issue the Class R-2 interest and shall designate such interest as its sole class of residual interest. In addition, the Middle REMIC shall issue the uncertificated REMIC regular interests set forth below for the Middle REMIC (the “Middle REMIC Regular Interests”). The Master REMIC shall consist of the Middle REMIC Regular Interests and shall be evidenced by integral multiples in excess thereof in which the Classes of Certificates set forth below for the Master REMIC shall be issuable (which, except for the that one Certificate of each Class P, Class A-LR and Class A-UR Certificates, shall represent the “regular interests” of Certificates may be issued in the Master REMIC) and the Class R-3 Interest as the single “residual interest” any amount in the Master REMIC. The Class A-UR Certificate shall not be considered a Certificate issued by the Master REMIC, but instead shall represent beneficial ownership excess of the Class R-2 and Class R-3 interests.minimum denomination):
Appears in 2 contracts
Sources: Pooling and Servicing Agreement (Bank of America Mort Sec Inc Mort Pass-THR Cert Ser 2002-L), Pooling and Servicing Agreement (Banc of America Mort Sec Inc Mort Pasthr Certs Ser 2003 F)
PRELIMINARY STATEMENT. The Depositor is the owner of the Trust Fund that is hereby conveyed to the Trustee in return for the Certificates. The As provided herein, the Trustee shall elect that the Trust Fund is being conveyed (exclusive of (i) the Cap Agreement, (ii) the Reserve Fund, (iii) the right to receive and the Trustee obligation to create a trust for pay Basis Risk Shortfalls and Unpaid Basis Risk Shortfalls, (iv) the benefit of right to receive and the Certificateholders. The obligation to pay AFC Shortfalls, (v) the right to receive and the obligation to pay Class F Shortfalls and Unpaid Class F Shortfalls, (vi) the right to receive and the obligation to pay the Class A-IO Termination Amount, and (vii) any Additional Collateral (collectively, the “Excluded Trust Fund Assets”)) be treated for federal income tax purposes shall consist as comprising five real estate mortgage investment conduits under Section 860D of three REMICs the Code (each a “REMIC” or, in the alternative “REMIC 1,” “REMIC 2,” “REMIC 3,” “REMIC 4,” and “REMIC 5;” REMIC 5 also being referred to as the “Subsidiary REMIC”, the “Middle REMIC” and the “Master Upper Tier REMIC”). The “latest possible maturity date” Any inconsistencies or ambiguities in this Agreement or in the administration of this Agreement shall be resolved in a manner that preserves the validity of such REMIC elections. Each Certificate, other than the Class R Certificate, represents ownership of a regular interest in the Upper Tier REMIC for federal income tax purposes of all interests created hereby shall be the Latest Possible Maturity Date. The Subsidiary REMIC shall consist of all of the assets constituting the Trust Fund corresponding to Collateral Group 1 and Collateral Group 2, (exclusive of the Class P Prepayment Charges) and shall be evidenced by the uncertificated interests set forth below that shall be designated as REMIC regular interests (the “Subsidiary REMIC Regular Interests”)Provisions. In addition, each Certificate, other than the Subsidiary REMIC shall issue the Class R, Class F, Class A-LR IO, Class X and Class P Certificates, represents (i) the right to receive payments with respect to any Basis Risk Shortfalls and Unpaid Basis Risk Shortfalls and (ii) the right to receive and the obligation to pay AFC Shortfalls. The Class F Certificates also represent the right to receive payments with respect to Class F Shortfalls and Unpaid Class F Shortfalls. The Class R Certificate and shall designate such interest as its represents ownership of the sole class Class of residual interestinterest in each of REMIC 1, REMIC 2, REMIC 3, REMIC 4 and the Upper Tier REMIC for purposes of the REMIC Provisions. The Middle Upper Tier REMIC shall hold as its assets the uncertificated Interests in REMIC 4, other than the R-4 Interest, and each such Interest is hereby designated as a regular interests issued by interest in REMIC 4 for purposes of the Subsidiary REMICREMIC Provisions. REMIC 4 shall hold as its assets the uncertificated Interests in REMIC 3, other than the R-3 Interest, and each such Interest is hereby designated as a regular interest in REMIC 3 for purposes of the REMIC Provisions. REMIC 3 shall hold as its assets the uncertificated Interests in REMIC 2, other than the R-2 Interest, and each such Interest is hereby designated as a regular interest in REMIC 2 for purposes of the REMIC Provisions. REMIC 2 shall hold as its assets the uncertificated Interests in REMIC 1, other than the R-1 Interest, and each such Interest is hereby designated as a regular interest in REMIC 1. REMIC 1 shall hold as its assets the property of the Trust Fund other than the Interests in REMIC 1, REMIC 2, REMIC 3 and REMIC 4 and the Excluded Trust Assets. The Middle startup day for each REMIC shall issue created hereby for purposes of the Class R-2 interest and shall designate such interest as its sole class of residual interestREMIC Provisions is the Closing Date. In addition, for purposes of the Middle REMIC shall issue Provisions, the uncertificated latest possible maturity date for each regular interest in each REMIC created hereby is the Latest Possible Maturity Date. The following table sets forth the designations, principal balances, and interest rates for each interest in REMIC 1, each of which (other than the R-1 Interest) is hereby designated as a regular interests set forth below for the Middle interest in REMIC 1 (the “Middle REMIC 1 Regular Interests”): T1-ARM-A (1) (2) T1-ARM-B (1) (2) T1-Fixed-A-1 (3) (5) T1-Fixed-A-2 (3) (5) T1-Fixed-B (4) (6) R-1 (7) (7). The Master REMIC shall consist of the Middle REMIC Regular Interests and shall be evidenced by the Classes of Certificates set forth below for the Master REMIC (which, except for the Class P, Class A-LR and Class A-UR Certificates, shall represent the “regular interests” in the Master REMIC) and the Class R-3 Interest as the single “residual interest” in the Master REMIC. The Class A-UR Certificate shall not be considered a Certificate issued by the Master REMIC, but instead shall represent beneficial ownership of the Class R-2 and Class R-3 interests.
Appears in 2 contracts
Sources: Pooling and Servicing Agreement (Bayview Financial Sec Co LLC Mort Pas THR Certs Ser 2004 C), Pooling and Servicing Agreement (Bayview Financial Sec Co LLC Mort Pas THR Certs Ser 2004 A)
PRELIMINARY STATEMENT. The Depositor is the owner of the Trust Fund that is hereby conveyed to the Trustee in return In exchange for the Certificates. The , the Depositor hereby conveys the Trust Fund is being conveyed Estate to the Trustee to create a trust for the benefit of the CertificateholdersTrust. The Trust Fund Estate for federal income tax purposes shall consist of will be treated as three REMICs separate real estate mortgage investment conduits (the “Subsidiary "Upper-Tier REMIC”, ," the “Middle "Middle-Tier REMIC” " and the “Master "Lower-Tier REMIC”," respectively, and each, a "REMIC"). The “Senior Certificates (other than the Class 1-A-R, Class 15-IO and Class 15-PO Certificates and the right of the Class 1-A-2 Certificates to receive amounts from the Reserve Fund) and the Class B Certificates are referred to collectively as the "Regular Certificates" and shall constitute "regular interests" in the Upper-Tier REMIC. The Class 2-15-IO Component, Class 4-15-IO Component, Class 2-15-PO Component, Class 3-15-PO Component and Class 4-15-PO Component (each, a "Component" and collectively, the "Components") shall also constitute "regular interests" in the Upper-Tier REMIC. The Uncertificated Middle-Tier Interests shall constitute the "regular interests" in the Middle-Tier REMIC, as detailed in the definition of "Uncertificated Middle-Tier Interest." The Uncertificated Lower-Tier Interests shall constitute the "regular interests" in the Lower-Tier REMIC, as detailed in the definition of "Uncertificated Lower-Tier Interest." The Class R-U Interest shall be the sole "residual interest" in the Upper-Tier REMIC. The Class R-M Interest shall be the sole "residual interest" in the Middle-Tier REMIC. The Class R-L Interest shall be the sole "residual interest" in the Lower-Tier RE▇▇▇. The Class 1-A-R Certificate shall represent ownership of the Class R-U Interest, the Class R-M Interest and the Class R-L Interest. The portion of the Trust Estate consisting of the Reserve ▇▇nd and the Yield Maintenance Agreement and the right of the Class 1-A-2 Certificates to receive amounts from the Reserve Fund shall not be assets of any REMIC created hereunder, but rather shall be assets of the Grantor Trust. The assets of the Grantor Trust, the Certificates, the Uncertificated Middle-Tier Interests and the Uncertificated Lower-Tier Interests will represent the entire beneficial ownership interest in the Trust. The "latest possible maturity date” " for federal income tax purposes of all interests created hereby shall will be the Latest Possible REMIC Certificate Maturity Date. The Subsidiary REMIC shall consist of all following table sets forth characteristics of the assets constituting Certificates and the Trust Fund corresponding to Collateral Group 1 Components, together with the minimum denominations and Collateral Group 2, (exclusive of the Class P Prepayment Charges) and shall be evidenced by the uncertificated interests set forth below that shall be designated as REMIC regular interests (the “Subsidiary REMIC Regular Interests”). In addition, the Subsidiary REMIC shall issue the Class A-LR Certificate and shall designate such interest as its sole class of residual interest. The Middle REMIC shall hold as its assets the uncertificated REMIC regular interests issued by the Subsidiary REMIC. The Middle REMIC shall issue the Class R-2 interest and shall designate such interest as its sole class of residual interest. In addition, the Middle REMIC shall issue the uncertificated REMIC regular interests set forth below for the Middle REMIC (the “Middle REMIC Regular Interests”). The Master REMIC shall consist of the Middle REMIC Regular Interests and shall be evidenced by integral multiples in excess thereof in which the Classes of Certificates set forth below for the Master REMIC shall be issuable: Integral Initial Class Multiples in Certificate Balance Pass-Through Minimum Excess of Classes or Notional Amount Rate Denomination Minimum ---------------------- ------------------- ------------------ ------------------- --------------- Class 1-A-1 $56,619,000.00 5.500% $1,000 $1 Class 1-A-2 $30,000,000.00 (which, except for the 1) $1,000 $1 Class P, 1-A-3 $30,000,000.00 (2) $1,000,000 $1 Class 1-A-4 $27,402,000.00 5.500% $1,000 $1 Class 1-A-5 $144,691,000.00 5.500% $1,000 $1 Class 1-A-6 $1,782,000.00 5.500% $1,000 $1 Class 1-A-7 $18,116,000.00 5.500% $1,000 $1 Class 1-A-8 $2,980,000.00 5.500% $1,000 $1 Class 1-A-9 $5,951,000.00 5.500% $1,000 $1 Class 1-A-10 $10,000,000.00 5.125% $1,000 $1 Class 1-A-11 $681,818.00 5.500% $681,818 N/A Class 1-A-12 $452,000.00 5.500% $1,000 $1 Class 1-A-LR and R $100.00 5.500% $100 N/A Class A30-UR Certificates, shall represent the “regular interests” in the Master REMICIO $4,272,772.00 5.500% $1,000,000 $1 Class 30-PO $3,207,636.00 (3) and the $25,000 $1 Class R-3 Interest as the single “residual interest” in the Master REMIC. The 2-A-1 $35,943,000.00 4.750% $1,000 $1 Class A3-UR Certificate shall not be considered a Certificate issued by the Master REMIC, but instead shall represent beneficial ownership of the A-1 $30,000,000.00 5.000% $1,000 $1 Class R-2 and 3-A-2 $1,169,000.00 5.000% $1,000 $1 Class R-3 interests.3-A-3 $38,844,000.00 5.000% $1,000 $1 Class 4-A-1 $30,000,000.00 5.250% $1,000 $1 Class 4-A-2 $1,169,000.00 5.250% $1,000 $1 Class 4-A-3 $64,899,000.00 5.250% $1,000 $1 Class 15-IO (4) (4) $1,408,049 N/A Class 15-PO (5) (5) $25,000 $1 Class B-1 $5,937,000.00 (6) $25,000 $1 Class B-2 $2,064,000.00 (6) $25,000 $1 Class B-3 $1,290,000.00 (6) $25,000 $1 Class B-4 $1,032,000.00 (6) $25,000 $1 Class B-5 $775,000.00 (6) $25,000 $1 Class B-6 $516,127.00 (6) $25,000 $1 Integral Initial Component Multiples Balance or In Excess Component Pass-Through Minimum Of Components Notional Amount Rate Denomination Minimum ---------------------- ------------------- ------------------ ------------------- --------------- Class 2-15-IO $636,081.00 5.000% N/A N/A Class 4-15-IO $771,968.00 5.000% N/A N/A Class 2-15-PO $104,531.00 (7) N/A N/A Class 3-15-PO $50,173.00 (7) N/A N/A Class 4-15-PO $1,107,099.00 (3) N/A N/A ------------
Appears in 2 contracts
Sources: Pooling and Servicing Agreement (Banc of America Mortgage Securities Mortgage Pass-Through Certificates Series 2005-9 Trust), Pooling and Servicing Agreement (Banc of America Mortgage Securities Mortgage Pass-Through Certificates Series 2005-9 Trust)
PRELIMINARY STATEMENT. The Depositor is the owner Securities Administrator on behalf of the Trust Fund (exclusive of (i) the Swap Agreement, (ii) the Cap Agreement, (iii) the right to receive and the obligation to pay Basis Risk Carryover Amounts, (iv) the Excess Reserve Fund Account, (v) the Supplemental Interest Trust and the Supplemental Interest Trust Account and (vi) the obligations to pay Class I Shortfalls (collectively, the “Excluded Trust Assets”) shall elect that is hereby conveyed to two segregated asset pools within the Trustee in return for the Certificates. The Trust Fund is being conveyed to the Trustee to create a trust for the benefit of the Certificateholders. The Trust Fund be treated for federal income tax purposes shall consist as comprising three real estate mortgage investment conduits under Section 860D of three REMICs the Code (each a “REMIC” or, in the alternative, “REMIC 1,” REMIC 2” and “REMIC 3,” REMIC 3 also being referred to herein as the “Subsidiary Upper Tier REMIC.”) Any inconsistencies or ambiguities in this Agreement or in the administration of this Agreement shall be resolved in a manner that preserves the validity of such REMIC election. Each Certificate, other than the “Middle REMIC” and Class R Certificates, represents ownership of a regular interest in the “Master REMIC”). The “latest possible maturity date” Upper Tier REMIC for federal income tax purposes of all interests created hereby shall be the Latest Possible Maturity Date. The Subsidiary REMIC shall consist of all of the assets constituting the Trust Fund corresponding to Collateral Group 1 and Collateral Group 2, (exclusive of the Class P Prepayment Charges) and shall be evidenced by the uncertificated interests set forth below that shall be designated as REMIC regular interests (the “Subsidiary REMIC Regular Interests”)Provisions. In addition, the Subsidiary REMIC shall issue each Certificate, other than the Class A-LR R, Class X and Class P Certificates, represents (i) the right to receive payments with respect to any Basis Risk Carryover Amounts and (ii) the obligation to pay Class I Shortfalls. The Class R Certificate and shall designate such interest as its represents ownership of the sole class Class of residual interestinterest in each of REMIC 1, REMIC 2 and the Upper Tier REMIC for purposes of the REMIC Provisions. The Middle Upper Tier REMIC shall hold as its assets the uncertificated Lower Tier Interests in REMIC 2, other than the Class LT2-R interest, and each such Lower Tier Interest is hereby designated as a regular interests issued by interest in REMIC 2 for purposes of the Subsidiary REMICREMIC Provisions. REMIC 2 shall hold as its assets the uncertificated Lower Tier Interests in REMIC 1, other than the Class LT1-R interest, and each such Lower Tier Interest is hereby designated as a regular interest in REMIC 1. REMIC 1 shall hold as its assets the property of the Trust Fund other than the Lower Tier Interests in REMIC 1 and REMIC 2 and the Excluded Trust Assets. The Middle following table sets forth the designations, principal balances and interest rates for each interest in REMIC shall issue 1, each of which (other than the Class R-2 LT1-R Lower Tier Interest) is hereby designated as a regular interest and shall designate such interest as its sole class of residual interest. In addition, the Middle in REMIC shall issue the uncertificated REMIC regular interests set forth below for the Middle REMIC 1 (the “Middle REMIC 1 Regular Interests”): LT1-A $ 55,610,779.65 (1) LT1-F1 $ 12,176,096.50 (2) LT1-V1 $ 12,176,096.50 (3) LT1-F2 $ 15,286,754.00 (2) LT1-V2 $ 15,286,754.00 (3) LT1-F3 $ 18,381,829.50 (2) LT1-V3 $ 18,381,829.50 (3) LT1-F4 $ 21,431,563.00 (2) LT1-V4 $ 21,431,563.00 (3) LT1-F5 $ 24,404,919.00 (2) LT1-V5 $ 24,404,919.00 (3) LT1-F6 $ 27,270,082.50 (2) LT1-V6 $ 27,270,082.50 (3) LT1-F7 $ 29,994,815.00 (2) LT1-V7 $ 29,994,815.00 (3) LT1-F8 $ 32,546,960.50 (2) LT1-V8 $ 32,546,960.50 (3) LT1-F9 $ 34,882,913.50 (2) LT1-V9 $ 34,882,913.50 (3) LT1-F10 $ 33,207,493.50 (2) LT1-V10 $ 33,207,493.50 (3) LT1-F11 $ 31,612,764.00 (2) LT1-V11 $ 31,612,764.00 (3) LT1-F12 $ 30,094,697.00 (2) LT1-V12 $ 30,094,697.00 (3) LT1-F13 $ 28,649,603.50 (2) LT1-V13 $ 28,649,603.50 (3) LT1-F14 $ 27,273,972.00 (2) LT1-V14 $ 27,273,972.00 (3) LT1-F15 $ 25,964,425.00 (2) LT1-V15 $ 25,964,425.00 (3) LT1-F16 $ 24,717,819.00 (2) LT1-V16 $ 24,717,819.00 (3) LT1-F17 $ 23,531,162.00 (2) LT1-V17 $ 23,531,162.00 (3) LT1-F18 $ 22,401,534.50 (2) LT1-V18 $ 22,401,534.50 (3) LT1-F19 $ 21,392,021.00 (2) LT1-V19 $ 21,392,021.00 (3) LT1-F20 $ 36,387,031.50 (2) LT1-V20 $ 36,387,031.50 (3) LT1-F21 $ 32,866,223.00 (2) LT1-V21 $ 32,866,223.00 (3) LT1-F22 $ 29,681,993.00 (2) LT1-V22 $ 29,681,993.00 (3) LT1-F23 $ 26,855,815.00 (2) LT1-V23 $ 26,855,815.00 (3) LT1-F24 $ 24,289,196.00 (2) LT1-V24 $ 24,289,196.00 (3) LT1-F25 $ 14,745,241.50 (2) LT1-V25 $ 14,745,241.50 (3) LT1-F26 $ 13,935,865.50 (2) LT1-V26 $ 13,935,865.50 (3) LT1-F27 $ 13,176,868.00 (2) LT1-V27 $ 13,176,868.00 (3) LT1-F28 $ 16,049,019.00 (2) LT1-V28 $ 16,049,019.00 (3) LT1-F29 $ 14,797,345.00 (2) LT1-V29 $ 14,797,345.00 (3) LT1-F30 $ 13,654,579.00 (2) LT1-V30 $ 13,654,579.00 (3) LT1-F31 $ 12,610,396.50 (2) LT1-V31 $ 12,610,396.50 (3) LT1-F32 $ 11,655,507.50 (2) LT1-V32 $ 11,655,507.50 (3) LT1-F33 $ 10,781,553.00 (2) LT1-V33 $ 10,781,553.00 (3) LT1-F34 $ 9,974,904.50 (2) LT1-V34 $ 9,974,904.50 (3) LT1-F35 $ 7,949,746.50 (2) LT1-V35 $ 7,949,746.50 (3) LT1-F36 $ 7,496,725.50 (2) LT1-V36 $ 7,496,725.50 (3) LT1-F37 $ 7,069,875.50 (2) LT1-V37 $ 7,069,875.50 (3) LT1-F38 $ 6,667,669.50 (2) LT1-V38 $ 6,667,669.50 (3) LT1-F39 $ 6,288,669.50 (2) LT1-V39 $ 6,288,669.50 (3) LT1-F40 $ 5,931,439.00 (2) LT1-V40 $ 5,931,439.00 (3) LT1-F41 $ 5,594,876.50 (2) LT1-V41 $ 5,594,876.50 (3) LT1-F42 $ 94,877,606.00 (2) LT1-V42 $ 94,877,606.00 (3) LT1-R (4) (4). The Master REMIC shall consist of the Middle REMIC Regular Interests and shall be evidenced by the Classes of Certificates set forth below for the Master REMIC (which, except for the Class P, Class A-LR and Class A-UR Certificates, shall represent the “regular interests” in the Master REMIC) and the Class R-3 Interest as the single “residual interest” in the Master REMIC. The Class A-UR Certificate shall not be considered a Certificate issued by the Master REMIC, but instead shall represent beneficial ownership of the Class R-2 and Class R-3 interests.
Appears in 2 contracts
Sources: Pooling and Servicing Agreement (First Franklin Mortgage Loan Trust 2006-Ff11), Pooling and Servicing Agreement (First Franklin Mortgage Loan Trust 2006-Ff11)
PRELIMINARY STATEMENT. The Depositor is As provided herein, the owner of Trust Administrator shall elect that the Trust Fund that is hereby conveyed to the Trustee in return for the Certificates. The Trust Fund is being conveyed to the Trustee to create a trust for the benefit (exclusive of the Certificateholders. The Trust Fund Supplemental Interest Trust) be treated for federal income tax purposes shall consist of three REMICs as comprising four real estate mortgage investment conduits (each a “REMIC” or, in the alternative, “Subsidiary REMIC”, the REMIC 1,” “Middle REMICREMIC 1,” “Middle REMIC 2,” and the “Master REMIC”). The “latest possible maturity date” Each Class of Certificates (other than the Class AR and Class AR-L Certificates, the Exchangeable Certificates and the Exchangeable REMIC Certificates) and each Class of Uncertificated REMIC Interests represents ownership of a regular interest in the Master REMIC for federal income tax purposes of all interests created hereby shall be the Latest Possible Maturity DateREMIC Provisions. The Subsidiary REMIC shall consist of all Class AR Certificates represent ownership of the assets constituting the Trust Fund corresponding to Collateral Group 1 and Collateral Group 2, (exclusive of the Class P Prepayment Charges) and shall be evidenced by the uncertificated interests set forth below that shall be designated as REMIC regular interests (the “Subsidiary REMIC Regular Interests”). In addition, the Subsidiary REMIC shall issue the Class A-LR Certificate and shall designate such interest as its sole class of residual interestinterest in each of Middle REMIC 1, Middle REMIC 2, and the Master REMIC for purposes of the REMIC Provisions. The Middle Class AR-L Certificates represent ownership of the sole class of residual interest in Subsidiary REMIC 1 for purposes of the REMIC Provisions. The Master REMIC shall hold as its assets the Class PP Reserve Fund and the several classes of uncertificated Middle Tier Interests in Middle REMIC 2 other than the Class MT2-R Interest, and each such Middle Tier Interest is hereby designated as a regular interests issued by interest in Middle REMIC 2. Middle REMIC 2 shall hold as its assets the several classes of uncertificated Middle Tier Interests in Middle REMIC 1 other than the Class MT1-R Interest, and each such Middle Tier Interest is hereby designated as a regular interest in Middle REMIC 1. Middle REMIC 1 shall hold as its assets the several classes of uncertificated Lower Tier Interests in Subsidiary REMICREMIC 1, other than the Class LT1-R Interest, and each such Lower Tier Interest is hereby designated as a regular interest in Subsidiary REMIC 1. Subsidiary REMIC 1 shall hold as its assets the Mortgage Loans in Loan Groups 1, 2, 3, 4 and 5, and all collections and accounts related thereto. The Middle startup day for each REMIC shall issue created hereby for purposes of the Class R-2 interest and shall designate such interest as its sole class of residual interestREMIC Provisions is the Closing Date. In addition, for purposes of the Middle REMIC shall issue Provisions, the latest possible maturity date for each regular interest in each REMIC created hereby is the Distribution Date following the third anniversary of the scheduled maturity date of the Mortgage Loan having the latest scheduled maturity date as of the Cut-off Date. The following table sets forth (or describes) the class designation, interest rate, and initial principal amount for each uncertificated REMIC regular interests set forth below for the Middle interest in Subsidiary REMIC 1: LT1-Grp 1 (the “Middle REMIC Regular Interests”). The Master REMIC shall consist of the Middle REMIC Regular Interests and shall be evidenced by the Classes of Certificates set forth below for the Master REMIC 1) 5.500% N/A LT1-Grp 2 (which, except for the Class P, Class 2) 6.000% N/A LT1-2-X (3) (3) A-LR and Class X LT1-Grp 3 (4) 7.000% N/A LT1-3-X (5) (5) A-UR Certificates, shall represent the “regular interests” in the Master REMICX LT1-Grp 4 (6) and the Class R-3 Interest as the single “residual interest” in the Master REMIC. The Class A5.500% N/A LT1-UR Certificate shall not be considered a Certificate issued by the Master REMIC, but instead shall represent beneficial ownership of the Class R-2 and Class R-3 interests.Grp 5 (7) 6.000% N/A LT1-5-X (8) (8) C-X LT1-R(9) $50.00 5.500% AR-L ________________
Appears in 2 contracts
Sources: Pooling and Servicing Agreement (CSMC Trust 2007-4), Pooling and Servicing Agreement (CSMC Trust 2007-4)
PRELIMINARY STATEMENT. but not defined in this Preliminary Statement shall have the meanings specified in Article I) The Depositor is intends to sell pass-through certificates to be issued hereunder in multiple classes which in the owner of aggregate will evidence the entire beneficial ownership interest in the Trust Fund that is hereby conveyed to consisting primarily of the Mortgage Loans. As provided herein, the Trustee in return for will elect that the Certificates. The Trust Fund is being conveyed to the Trustee to create a trust for the benefit of the Certificateholders. The Trust Fund be treated for federal income tax purposes shall consist of as three REMICs separate real estate mortgage investment conduits (each a "REMIC" or, in the “Subsidiary REMIC”alternative, the “Middle REMIC” "REMIC I", "REMIC II" and the “Master REMIC”"REMIC III," respectively). The “REMIC I Interests constitute "regular interests" in REMIC I and the Class R-I Certificates are the sole class of "residual interests" in REMIC I. Each REMIC I Interest relates to a specific Mortgage Loan or Separate Loan Advance or to the Transferable Servicing Interest. Each corresponding REMIC I Interest (other than the Transferable Servicing Interest) has a Pass-Through Rate equal to the REMIC I Net Mortgage Rate of the related Mortgage Loan or Separate Loan Advance, an initial principal amount equal to the Scheduled Principal Amount as of the Cut-off Date of the related Mortgage Loan or Separate Loan Advance, and a latest possible maturity date” for federal income tax purposes date on the Maturity Date of all interests created hereby shall be the Latest Possible Maturity Daterelated Mortgage Loan or Separate Loan Advance. The Subsidiary Class R-I Certificates will have no Certificate Balance and no Pass-Through Rate, but will be entitled to receive the proceeds of any assets remaining in REMIC shall consist I after all classes of all of the assets constituting the Trust Fund corresponding to Collateral Group 1 REMIC I Interests have been paid in full. The Class A-1-II, Class A-2-II, Class A-3-II, Class A-4-II, Class BII, Class C-II, Class D-II, Class E-II, Class F-1-II, Class F-2-II and Collateral Group 2, (exclusive of Class G-II Interests constitute "regular interests" in REMIC II and the Class P Prepayment Charges) and shall be evidenced by R-II Certificates are the uncertificated interests set forth below that shall be designated as REMIC regular interests (the “Subsidiary REMIC Regular Interests”). In addition, the Subsidiary REMIC shall issue the Class A-LR Certificate and shall designate such interest as its sole class of "residual interestinterests" in REMIC II. The Middle REMIC shall hold as its assets the uncertificated REMIC regular interests issued by the Subsidiary REMIC. The Middle REMIC shall issue following table sets forth the Class R-2 interest designation, Pass-Through Rate, initial aggregate Certificate Balance and shall designate such interest as its sole class Rated Final Distribution Date for each Class of residual interestInterests comprising the interests in REMIC II. In additionPass-Through Initial Aggregate Rated Designation Rate(1) Certificate Balance Final Distribution Date ----------- ------------ ------------------- ----------------------- Class A-1-II (2) $142,191,000.00 December 15, the Middle REMIC shall issue the uncertificated REMIC regular interests set forth below for the Middle REMIC 2030 Class A-2-II (the “Middle REMIC Regular Interests”2) $117,378,000.00 December 15, 2030 Class A-3-II (2) $220,490,334.00 December 15, 2030 Class A-4-II (3) $ 96,908,666.00 December 15, 2030 Class B-II (2) $ 59,394,000.00 December 15, 2030 Class C-II (2) $ 46,666,000.00 December 15, 2030 Class D-II (2) $ 46,667,000.00 December 15, 2030 Class E-II (2) $ 16,969,000.00 December 15, 2030 Class F-1-II (2) $ 10,000,000.00 December 15, 2030 Class F-2-II (2) $ 40,909,000.00 December 15, 2030 Class G-II (2) $ 50,909,929.14 December 15, 2030 Class R-II (4) December 15, 2030 (4). The Master REMIC shall consist of the Middle REMIC Regular Interests and shall be evidenced by the Classes of Certificates set forth below for the Master REMIC (which, except for the Class P, Class A-LR and Class A-UR Certificates, shall represent the “regular interests” in the Master REMIC) and the Class R-3 Interest as the single “residual interest” in the Master REMIC. The Class A-UR Certificate shall not be considered a Certificate issued by the Master REMIC, but instead shall represent beneficial ownership of the Class R-2 and Class R-3 interests.
Appears in 2 contracts
Sources: Pooling and Servicing Agreement (Commercial Mortgage Acceptance Corp), Pooling and Servicing Agreement (Commercial Mortgage Acceptance Corp)
PRELIMINARY STATEMENT. The Depositor is the owner of the Trust Fund that is hereby conveyed to the Trustee in return In exchange for the Certificates. The , the Depositor hereby conveys the Trust Fund is being conveyed Estate to the Trustee to create a trust for the benefit of the CertificateholdersTrust. The Trust Fund Estate for federal income tax purposes shall consist of three REMICs will be treated as two separate real estate mortgage investment conduits (the “Subsidiary "Upper-Tier REMIC”, the “Middle REMIC” " and the “Master "Lower-Tier REMIC”," respectively, and each, a "REMIC"). The “Senior Certificates (other than the Class CB-IO, Class SES, Class 1-A-R, Class 1-A-LR and Class PO Certificates), the Class 30-B Certificates and the Class 4-B Certificates are referred to collectively as the "Regular Certificates" and shall constitute "regular interests" in the Upper-Tier REMIC. The Class 1-PO Component, Class 1-IO Component, Class 1-SES Component, Class 2-PO Component, Class 2-IO Component, Class 2-SES Component, Class 3-PO Component, Class 3-SES Component, Class 4-PO Component, and Class 4-SES Component (collectively, the "Components") shall also constitute "regular interests" in the Upper-Tier REMIC. The Uncertificated Lower-Tier Interests shall constitute the "regular interests" in the Lower-Tier REMIC. The Class 1-A-R Certificate shall be the "residual interest" in the Upper-Tier REMIC and the Class 1-A-LR Certificate shall be the "residual interest" in the Lower-Tier REMIC. The Certificates and the Uncertificated Lower-Tier Interests will represent the entire beneficial ownership interest in the Trust. The "latest possible maturity date” " for federal income tax purposes of all interests created hereby shall will be the Latest Possible REMIC Certificate Maturity Date. The Subsidiary REMIC shall consist of all following table sets forth characteristics of the assets constituting Certificates and the Trust Fund corresponding to Collateral Group 1 Components, together with the minimum denominations and Collateral Group 2, (exclusive of the Class P Prepayment Charges) and shall be evidenced by the uncertificated interests set forth below that shall be designated as REMIC regular interests (the “Subsidiary REMIC Regular Interests”). In addition, the Subsidiary REMIC shall issue the Class A-LR Certificate and shall designate such interest as its sole class of residual interest. The Middle REMIC shall hold as its assets the uncertificated REMIC regular interests issued by the Subsidiary REMIC. The Middle REMIC shall issue the Class R-2 interest and shall designate such interest as its sole class of residual interest. In addition, the Middle REMIC shall issue the uncertificated REMIC regular interests set forth below for the Middle REMIC (the “Middle REMIC Regular Interests”). The Master REMIC shall consist of the Middle REMIC Regular Interests and shall be evidenced by integral multiples in excess thereof in which the Classes of Certificates set forth below for the Master REMIC shall be issuable (which, except for the that one Certificate of each Class P, Class A-LR and Class A-UR Certificates, shall represent the “regular interests” of Certificates may be issued in the Master REMIC) and the Class R-3 Interest as the single “residual interest” any amount in the Master REMIC. The Class A-UR Certificate shall not be considered a Certificate issued by the Master REMIC, but instead shall represent beneficial ownership excess of the Class R-2 and Class R-3 interests.minimum denomination):
Appears in 2 contracts
Sources: Pooling and Servicing Agreement (Banc of America Mort Sec Inc Mort Pas THR Cert Series 2004 3), Pooling and Servicing Agreement (Banc of America Alternative Loan Trust Mortgage Pass-Through Certificates Series 2004-5)
PRELIMINARY STATEMENT. The Depositor is As provided herein, the owner of Trust Administrator shall elect that the Trust Fund that is hereby conveyed to the Trustee in return for the Certificates. The Trust Fund is being conveyed to the Trustee to create a trust for the benefit of the Certificateholders. The Trust Fund be treated for federal income tax purposes shall consist of three REMICs as comprising five real estate mortgage investment conduits (each a “REMIC” or, in the alternative, “Subsidiary REMIC”, the REMIC 1,” “Subsidiary REMIC 2,” “Middle REMICREMIC 1,” “Middle REMIC 2,” and the “Master REMIC”). The “latest possible maturity date” Each Class of Certificates (other than the Class AR and Class AR-L Certificates, the Exchangeable Certificates and the Exchangeable REMIC Certificates, and exclusive of any right to interest payable to the Class 1-A-2, Class 1-A-3, Class 1-A-4, Class 1-A-5, Class 5-A-2, Class 5-A-3, Class 6-A-2 or Class 6-A-3 Certificates to the extent such interest is payable at an interest rate exceeding the REMIC Maximum Rate) and each Class of Uncertificated REMIC Interests represents ownership of a regular interest in the Master REMIC for federal income tax purposes of all interests created hereby shall be the Latest Possible Maturity DateREMIC Provisions. The Subsidiary REMIC shall consist of all Class AR Certificates represent ownership of the assets constituting the Trust Fund corresponding to Collateral Group 1 and Collateral Group 2, (exclusive of the Class P Prepayment Charges) and shall be evidenced by the uncertificated interests set forth below that shall be designated as REMIC regular interests (the “Subsidiary REMIC Regular Interests”). In addition, the Subsidiary REMIC shall issue the Class A-LR Certificate and shall designate such interest as its sole class of residual interestinterest in each of Middle REMIC 1, Middle REMIC 2, and the Master REMIC for purposes of the REMIC Provisions. The Class AR-L Certificates represent ownership of the sole class of residual interest in each of Subsidiary REMIC 1 and Subsidiary REMIC 2 for purposes of the REMIC Provisions. The Master REMIC shall hold as its assets, the Class PP Reserve Fund and the several classes of uncertificated Middle Tier Interests in Middle REMIC 2 other than the Class MT2-R Interest, and each such Middle Tier Interest is hereby designated as a regular interest in Middle REMIC 2. Middle REMIC 2 shall hold as its assets the several classes of uncertificated Middle Tier Interests in Middle REMIC 1 other than the Class MT1-R Interest, and each such Middle Tier Interest is hereby designated as a regular interests issued by interest in Middle REMIC 1. Middle REMIC 1 shall hold as its assets the several classes of uncertificated Lower Tier Interests in Subsidiary REMIC 1 and Subsidiary REMIC 2, other than the Class LT1-R and LT2-R Interests, and each such Lower Tier Interest is hereby designated as a regular interest in the applicable Subsidiary REMIC. The Middle Subsidiary REMIC 1 shall issue the Class R-2 interest and shall designate such interest hold as its sole class assets the Mortgage Loans in Loan Group 1, and all collections and accounts related thereto. Subsidiary REMIC 2 shall hold as its assets the Mortgage Loans in Loan Groups 2, 3, 4, 5, 6, 7, 8, 9 and 10, and all collections and accounts related thereto. The startup day for each REMIC created hereby for purposes of residual interestthe REMIC Provisions is the Closing Date. In addition, for purposes of the Middle REMIC shall issue Provisions, the latest possible maturity date for each regular interest in each REMIC created hereby is the Distribution Date following the third anniversary of the scheduled maturity date of the Mortgage Loan having the latest scheduled maturity date as of the Cut-off Date. The following table sets forth (or describes) the class designation, interest rate, and initial principal amount for each uncertificated REMIC regular interests set forth below for the Middle interest in Subsidiary REMIC 1: LT1-Grp 1 (the “Middle REMIC Regular Interests”). The Master REMIC shall consist of the Middle REMIC Regular Interests and shall be evidenced by the Classes of Certificates set forth below for the Master REMIC 1) (which, except for the Class P, Class A2) N/A LT1-LR and Class AR (3) (3) AR-UR Certificates, shall represent the “regular interests” in the Master REMIC) and the Class R-3 Interest as the single “residual interest” in the Master REMIC. The Class A-UR Certificate shall not be considered a Certificate issued by the Master REMIC, but instead shall represent beneficial ownership of the Class R-2 and Class R-3 interests.L ________________
Appears in 2 contracts
Sources: Pooling and Servicing Agreement (CSMC Mortgage-Backed Trust 2007-5), Pooling and Servicing Agreement (CSMC Mortgage-Backed Trust 2007-5)
PRELIMINARY STATEMENT. The On the Closing Date, the Depositor is will acquire the Mortgage Loans from ▇▇▇▇▇▇ ▇▇▇▇▇▇▇ Mortgage Capital Holdings LLC, as seller (“MSMCH”), Bank of America, National Association, as seller (“BANA”), and CIBC Inc., as seller (“CIBC”), and will be the owner of the Trust Fund that is hereby Mortgage Loans and the other property being conveyed by it to the Trustee for inclusion in return the Trust which is hereby created. On the Closing Date, the Depositor will acquire: (i) the REMIC I Regular Interests and, to the extent they represent the REMIC I Residual Interest, the Class R Certificates as consideration for its transfer to the Trust of the Mortgage Loans (other than any Excess Interest payable thereon) and the other property constituting REMIC I; (ii) the REMIC II Regular Interests and, to the extent they represent the REMIC II Residual Interest, the Class R Certificates as consideration for its transfer of the REMIC I Regular Interests to the Trust; (iii) the REMIC III Regular Certificates, the ▇▇ ▇▇▇▇▇ III Regular Interests and, to the extent they represent the REMIC III Residual Interest, the Class R Certificates as consideration for its transfer of the REMIC II Regular Interests to the Trust; (iv) the Exchangeable Certificates as consideration for its transfer of the ▇▇ ▇▇▇▇▇ III Regular Interests to the Trust; and (v) the Class V Certificates as consideration for its transfer to the Trust of the right to receive Excess Interest. The Depositor has duly authorized the execution and delivery of this Agreement to provide for the Certificates. The Trust Fund is being conveyed foregoing and the issuance of (A) the REMIC I Regular Interests and, to the Trustee extent they represent the REMIC I Residual Interest, the Class R Certificates, representing in the aggregate the entire beneficial ownership of REMIC I, (B) the REMIC II Regular Interests and, to create a trust the extent they represent the REMIC II Residual Interest, the Class R Certificates, representing in the aggregate the entire beneficial ownership of REMIC II, (C) the REMIC III Regular Certificates, the ▇▇ ▇▇▇▇▇ III Regular Interests and, to the extent they represent the REMIC III Residual Interest, the Class R Certificates, representing in the aggregate the entire beneficial ownership of REMIC III, (D) the Class A-S Certificates, representing in the aggregate the entire beneficial ownership of the Class A-S Specific Grantor Trust Assets, (E) the Class B Certificates, representing in the aggregate the entire beneficial ownership of the Class B Specific Grantor Trust Assets, (F) the Class C Certificates, representing in the aggregate the entire beneficial ownership of the Class C Specific Grantor Trust Assets, (G) the Class PST Certificates, representing in the aggregate the entire beneficial ownership of the Class PST Specific Grantor Trust Assets and (H) the Class V Certificates, representing in the aggregate the entire beneficial ownership of the Class V Specific Grantor Trust Assets. Excess Interest received on the Mortgage Loans shall be held in the Grantor Trust for the benefit of the CertificateholdersHolders of the Class V Certificates. All covenants and agreements made by the Depositor herein with respect to the Mortgage Loans and the other property constituting the Trust are for the benefit of the holders of the REMIC I Regular Interests, the holders of the REMIC II Regular Interests, the Holders of the REMIC III Regular Certificates, the holders of the ▇▇ ▇▇▇▇▇ III Regular Interests, the Holders of the Exchangeable Certificates and the Holders of the Class V and Class R Certificates. The Trust Fund parties hereto are entering into this Agreement, and the Trustee is accepting the trusts created hereby, for federal income tax purposes shall consist good and valuable consideration, the receipt and sufficiency of three REMICs which are hereby acknowledged. The Class A Senior Certificates, the Exchangeable Certificates and the Class X-A Certificates (collectively, the “Registered Certificates”) were offered for sale pursuant to the Depositor’s prospectus dated October 1, 2013 (the “Subsidiary REMICProspectus”), as supplemented by a free writing prospectus dated March 19, 2014, as further supplemented by the free writing prospectus dated March 25, 2014 (collectively, the “Middle REMIC” Free Writing Prospectus”, and together with the Prospectus, the “Master REMICPreliminary Prospectus”), and as further supplemented by the final prospectus supplement dated the Pricing Date (the “Prospectus Supplement”, and together with the Prospectus, the “Final Prospectus”). The Class X-B, Class X-C, Class D, Class E, Class F, Class G, Class H, Class J, Class V and Class R Certificates will be offered for sale pursuant to a Preliminary Private Placement Memorandum dated March 19, 2014 (as supplemented by the preliminary private placement memorandum supplement, dated March 25, 2014, the “latest possible maturity date” for federal income tax purposes of all interests created hereby shall be the Latest Possible Maturity Date. The Subsidiary REMIC shall consist of all of the assets constituting the Trust Fund corresponding to Collateral Group 1 and Collateral Group 2, (exclusive of the Class P Prepayment ChargesPreliminary Private Placement Memorandum”) and shall be evidenced by a final Private Placement Memorandum dated the uncertificated interests set forth below that shall be designated as REMIC regular interests Pricing Date (the “Subsidiary REMIC Regular InterestsPrivate Placement Memorandum”). In addition, the Subsidiary REMIC shall issue the Class A-LR Certificate and shall designate such interest as its sole class of residual interest. The Middle REMIC shall hold as its assets the uncertificated REMIC regular interests issued by the Subsidiary REMIC. The Middle REMIC shall issue the Class R-2 interest and shall designate such interest as its sole class of residual interest. In addition, the Middle REMIC shall issue the uncertificated REMIC regular interests set forth below for the Middle REMIC (the “Middle REMIC Regular Interests”). The Master REMIC shall consist of the Middle REMIC Regular Interests and shall be evidenced by the Classes of Certificates set forth below for the Master REMIC (which, except for the Class P, Class A-LR and Class A-UR Certificates, shall represent the “regular interests” in the Master REMIC) and the Class R-3 Interest as the single “residual interest” in the Master REMIC. The Class A-UR Certificate shall not be considered a Certificate issued by the Master REMIC, but instead shall represent beneficial ownership of the Class R-2 and Class R-3 interests.
Appears in 2 contracts
Sources: Pooling and Servicing Agreement (Morgan Stanley Bank of America Merrill Lynch Trust 2014-C15), Pooling and Servicing Agreement (Morgan Stanley Bank of America Merrill Lynch Trust 2014-C15)
PRELIMINARY STATEMENT. The Depositor is the owner Securities Administrator on behalf of the Trust Fund (exclusive of (i) the Swap Agreement, (ii) the Cap Agreement (iii) the right to receive and the obligation to pay Basis Risk Carryover Amounts, (iv) the Excess Reserve Fund Account, (v) the Supplemental Interest Trust and the Supplemental Interest Trust Account and (vi) the obligation to pay Class I Shortfalls (collectively, the “Excluded Trust Assets”) shall elect that is hereby conveyed to the Trustee in return for segregated asset pool within the Certificates. The Trust Fund is being conveyed to the Trustee to create a trust for the benefit of the Certificateholders. The Trust Fund be treated for federal income tax purposes shall consist as comprising four real estate mortgage investment conduits under Section 860D of three REMICs the Code (each a “REMIC” or, in the alternative, “REMIC 1,” REMIC 2,” “REMIC 3” and “REMIC 4,”; REMIC 4 also being referred to herein as the “Subsidiary Upper Tier REMIC.”) Any inconsistencies or ambiguities in this Agreement or in the administration of this Agreement shall be resolved in a manner that preserves the validity of such REMIC election. Each Certificate, other than the “Middle REMIC” and Class R Certificates, represents ownership of a regular interest in the “Master REMIC”). The “latest possible maturity date” Upper Tier REMIC for federal income tax purposes of all interests created hereby shall be the Latest Possible Maturity Date. The Subsidiary REMIC shall consist of all of the assets constituting the Trust Fund corresponding to Collateral Group 1 and Collateral Group 2, (exclusive of the Class P Prepayment Charges) and shall be evidenced by the uncertificated interests set forth below that shall be designated as REMIC regular interests (the “Subsidiary REMIC Regular Interests”)Provisions. In addition, the Subsidiary REMIC shall issue each Certificate, other than the Class A-LR R, Class X and Class P Certificates, represents (i) the right to receive payments with respect to any Basis Risk Carryover Amounts and (ii) the obligation to pay Class I Shortfalls. The Class R Certificate and shall designate such interest as its represents ownership of the sole class Class of residual interestinterest in each of REMIC 1, REMIC 2, REMIC 3 and the Upper Tier REMIC for purposes of the REMIC Provisions. The Middle Upper Tier REMIC shall hold as its assets the uncertificated Lower Tier Interests in REMIC regular interests issued by the Subsidiary REMIC. The Middle REMIC shall issue 3, other than the Class R-2 LT3-R interest, and each such Lower Tier Interest is hereby designated as a regular interest and in REMIC 3 for purposes of the REMIC Provisions. REMIC 3 shall designate such interest hold as its sole class of residual interest. In addition, the Middle REMIC shall issue assets the uncertificated Lower Tier Interests in REMIC 2, and each such Lower Tier Interest is hereby designated as a regular interests set forth below for interest in REMIC 2. REMIC 2 shall hold as its assets the Middle uncertificated Lower Tier Interests in REMIC (1, and each such Lower Tier Interest is hereby designated as a regular interest in REMIC 1. REMIC 1 shall hold as its assets the “Middle REMIC Regular Interests”). The Master REMIC shall consist property of the Middle Trust Fund other than the Lower Tier Interests in REMIC Regular Interests 1, REMIC 2 and shall be evidenced by the Classes of Certificates set forth below for the Master REMIC (which, except for the Class P, Class A-LR and Class A-UR Certificates, shall represent the “regular interests” in the Master REMIC) 3 and the Class R-3 Interest as the single “residual interest” in the Master REMIC. The Class A-UR Certificate shall not be considered a Certificate issued by the Master REMIC, but instead shall represent beneficial ownership of the Class R-2 and Class R-3 interestsExcluded Trust Assets.
Appears in 2 contracts
Sources: Pooling and Servicing Agreement (HSI Asset Securitization CORP Trust 2006-Wmc1), Pooling and Servicing Agreement (HSI Asset Securitization CORP Trust 2006-Wmc1)
PRELIMINARY STATEMENT. The Depositor is the owner of the Trust Fund that is hereby conveyed to the Trustee in return In exchange for the Certificates. The , the Depositor hereby conveys the Trust Fund is being conveyed Estate to the Trustee to create a trust for the benefit of the CertificateholdersTrust. The Trust Fund Estate for federal income tax purposes shall consist of three REMICs will be treated as two separate real estate mortgage investment conduits (the “Subsidiary "Upper-Tier REMIC”" and "Lower-Tier REMIC," respectively, the “Middle and each, a "REMIC” and the “Master REMIC”"). The “Certificates (other than the Class SES, Class 1-A-R and Class 1-A-LR Certificates) are referred to collectively as the "Regular Certificates" and shall constitute "regular interests" in the Upper-Tier REMIC. The Class 1-SES Component, Class 2-SES Component and Class 3-SES Component (collectively, the "Components") shall also constitute "regular interests" in the Upper-Tier REMIC. The Uncertificated Lower-Tier Interests shall constitute the "regular interests" in the Lower-Tier REMIC. The Class 1-A-R Certificate shall be the "residual interest" in the Upper-Tier REMIC and the Class 1-A-LR Certificate shall be the "residual interest" in the Lower-Tier REMIC. The Certificates and the Uncertificated Lower-Tier Interests will represent the entire beneficial ownership interest in the Trust. The "latest possible maturity date” " for federal income tax purposes of all interests created hereby shall will be the Latest Possible REMIC Certificate Maturity Date. The Subsidiary REMIC shall consist of all following table sets forth characteristics of the assets constituting Certificates and the Trust Fund corresponding to Collateral Group 1 Components, together with the minimum denominations and Collateral Group 2, (exclusive of the Class P Prepayment Charges) and shall be evidenced by the uncertificated interests set forth below that shall be designated as REMIC regular interests (the “Subsidiary REMIC Regular Interests”). In addition, the Subsidiary REMIC shall issue the Class A-LR Certificate and shall designate such interest as its sole class of residual interest. The Middle REMIC shall hold as its assets the uncertificated REMIC regular interests issued by the Subsidiary REMIC. The Middle REMIC shall issue the Class R-2 interest and shall designate such interest as its sole class of residual interest. In addition, the Middle REMIC shall issue the uncertificated REMIC regular interests set forth below for the Middle REMIC (the “Middle REMIC Regular Interests”). The Master REMIC shall consist of the Middle REMIC Regular Interests and shall be evidenced by integral multiples in excess thereof in which the Classes of Certificates set forth below for the Master REMIC shall be issuable (which, except for the that one Certificate of each Class P, Class A-LR and Class A-UR Certificates, shall represent the “regular interests” of Certificates may be issued in the Master REMIC) and the Class R-3 Interest as the single “residual interest” any amount in the Master REMIC. The Class A-UR Certificate shall not be considered a Certificate issued by the Master REMIC, but instead shall represent beneficial ownership excess of the Class R-2 and Class R-3 interests.minimum denomination):
Appears in 2 contracts
Sources: Pooling and Servicing Agreement (Banc of America Mort Sec Inc Mort Pas THR Cert Series 2004 C), Pooling and Servicing Agreement (Banc of America Mortgage Securities Series 2004 A)
PRELIMINARY STATEMENT. The Depositor is the owner Trustee shall elect to treat each of the Trust Fund that is hereby conveyed segregated pools of assets described below as a real estate mortgage investment conduit (each a "REMIC" or, in the alternative, REMIC 1, and REMIC 2, and REMIC 3, REMIC 3 also being referred to as the Trustee in return for the Certificates. The Trust Fund is being conveyed to the Trustee to create a trust for the benefit of the Certificateholders. The Trust Fund for federal income tax purposes shall consist of three REMICs (the “Subsidiary "Upper Tier REMIC”, the “Middle REMIC” and the “Master REMIC”"). The “latest possible maturity date” for federal income tax purposes of all interests created hereby shall be Each Certificate, other than the Latest Possible Maturity Date. The Subsidiary REMIC shall consist of all of the assets constituting the Trust Fund corresponding to Collateral Group 1 Class R and Collateral Group 2, (exclusive of the Class P Prepayment Charges) and shall be evidenced by Certificates, represents ownership of a regular interest in the uncertificated interests set forth below that shall be designated as Upper Tier REMIC regular interests (for purposes of the “Subsidiary REMIC Regular Interests”)Provisions. In addition, the Subsidiary REMIC shall issue each Certificate, other than the Class A-LR R and the Class P Certificates, represents an entitlement to receive payments from the Excess Reserve Fund Account maintained by the Trustee pursuant to Section 3.06(d). The Class R Certificate and shall designate such interest as its represents ownership of the sole class of residual interestinterest in each of REMIC 1, REMIC 2, and the Upper Tier REMIC for purposes of the REMIC Provisions. Although the Class P Certificate represents an interest in the Trust Fund, it does not represent an interest in any of the REMICs created under this Agreement. The Middle Upper Tier REMIC shall hold as its assets the several classes of uncertificated Lower Tier Interests in REMIC 2, other than the Class LT2-R Interest, and each such Lower Tier Interest is hereby designated as regular interests issued by in REMIC 2 for purposes of the Subsidiary REMICREMIC Provisions. REMIC 2 shall hold as its assets the several classes of uncertificated Lower Tier Interests in REMIC 1, other than the Class LT1-R Interest, and each such Lower Tier Interest is hereby designated as a regular interest in REMIC 1. REMIC 1 shall hold as its assets the property of the Trust Fund other than the Lower Tier Interests in REMIC 1 and REMIC 2, the Group 1 Pre-Funding Account, the Group 2 Pre-Funding Account, the Group 1 Capitalized Interest Account, the Group 2 Capitalized Interest Account, and the Excess Reserve Fund Account. The Middle startup day for each REMIC shall issue created hereby for purposes of the Class R-2 interest and shall designate such interest as its sole class of residual interestREMIC Provisions is the Closing Date. In addition, the Middle REMIC shall issue the uncertificated REMIC regular interests set forth below for the Middle REMIC (the “Middle REMIC Regular Interests”). The Master REMIC shall consist purposes of the Middle REMIC Regular Interests and shall be evidenced by Provisions, the Classes of Certificates set forth below latest possible maturity date for the Master each regular interest in each REMIC (whichcreated hereby is December 25, except for the Class P, Class A-LR and Class A-UR Certificates, shall represent the “regular interests” in the Master REMIC) and the Class R-3 Interest as the single “residual interest” in the Master REMIC. The Class A-UR Certificate shall not be considered a Certificate issued by the Master REMIC, but instead shall represent beneficial ownership of the Class R-2 and Class R-3 interests2033.
Appears in 2 contracts
Sources: Pooling and Servicing Agreement (Indymac Abs Inc), Pooling and Servicing Agreement (Indymac Abs Inc)
PRELIMINARY STATEMENT. The Depositor is As provided herein, the owner of Trust Administrator shall elect that the Trust Fund that is hereby conveyed to (exclusive of any Prepayment Penalties and the Trustee in return for the Certificates. The Trust Fund is being conveyed to the Trustee to create a trust for the benefit of the Certificateholders. The Trust Fund Class III-A-3 Reserve Fund) be treated for federal income tax purposes shall consist of three REMICs as comprising five real estate mortgage investment conduits (each a “REMIC” or, in the alternative, the “Subsidiary REMICREMIC 1”, the “Subsidiary REMIC 2”, “Middle REMICREMIC 1”, “Middle REMIC 2” and the “Master REMIC”). The “latest possible maturity date” Each Class of Certificates, other than the Class AR Certificates, represents ownership of a regular interest in the Master REMIC for federal income tax purposes of all interests created hereby shall be the Latest Possible Maturity DateREMIC Provisions. The Subsidiary REMIC shall consist of all Class AR Certificates represent ownership of the assets constituting the Trust Fund corresponding to Collateral Group 1 and Collateral Group 2, (exclusive of the Class P Prepayment Charges) and shall be evidenced by the uncertificated interests set forth below that shall be designated as REMIC regular interests (the “Subsidiary REMIC Regular Interests”). In addition, the Subsidiary REMIC shall issue the Class A-LR Certificate and shall designate such interest as its sole class of residual interestinterest in each of the Subsidiary REMIC 1, Subsidiary REMIC 2, Middle REMIC 1, Middle REMIC 2 and the Master REMIC for purposes of the REMIC Provisions. The Middle Master REMIC shall hold as its assets the several classes of uncertificated REMIC regular interests issued by the Subsidiary REMIC. The Middle Tier Interests in Middle REMIC shall issue 2 other than the Class R-2 MT2-R Interest, and each such Middle Tier Interest is hereby designated as a regular interest and shall designate such interest as its sole class of residual interestin Middle REMIC 2. In addition, the Middle REMIC shall issue the uncertificated REMIC regular interests set forth below for the Middle REMIC (the “Middle REMIC Regular Interests”). The Master REMIC shall consist hold the Class III-A-3 Rounding Account. Middle REMIC 2 shall hold as its assets the several classes of uncertificated Middle Tier Interests in Middle REMIC 1 other than the Class MT1-R Interest, and each such Middle Tier Interest is hereby designated as a regular interest in Middle REMIC 1. Middle REMIC 1 shall hold as its assets the several classes of uncertificated Lower Tier Interests in each of the Middle REMIC Regular Interests and shall be evidenced by the Classes of Certificates set forth below for the Master REMIC (whichSubsidiary REMICs, except for other than the Class PLT1-R and Class LT2-R Interests, Class and each such Lower Tier Interest is hereby designated as a regular interest in its respective Subsidiary REMIC. Subsidiary REMIC 1 shall hold as its assets the Group I Mortgage Loans, the Group II Mortgage Loans and all collections and accounts related thereto. Subsidiary REMIC 2 shall hold as its assets the Group III Mortgage Loans and all collections and accounts related thereto. The startup day for each REMIC created hereby for purposes of the REMIC Provisions is the Closing Date. In addition, for purposes of the REMIC Provisions, the latest possible maturity date for each regular interest in each REMIC created hereby is the Distribution Date following the third anniversary of the scheduled maturity date of the Mortgage Loan having the latest scheduled maturity date as of the Cut-off Date. The following table sets forth (or describes) the class designation, interest rate, and initial principal amount for each uncertificated REMIC interest in Subsidiary REMIC 1: LT1-Grp I 197,946,255.61 7.000% N/A(5) LT1-I-PO 2,219,474.00 (1) I-P LT1-IX (2) (2) I-X LT1-Grp II 154,726,261.03 6.000% N/A LT1-II-PO 87,310.00 (1) II-P LT1-A-LR and Class X (3) (3) A-UR Certificates, shall represent the “regular interests” in the Master REMICX LT1-R (4) and the Class R-3 Interest as the single “residual interest” in the Master REMIC. The Class A-UR Certificate shall not be considered a Certificate issued by the Master REMIC, but instead shall represent beneficial ownership of the Class R-2 and Class R-3 interests.(4) N/A ________________
Appears in 2 contracts
Sources: Pooling and Servicing Agreement (CSFB Mortgage Acceptance Corp Mort Back Cert Ser 2003-1), Pooling and Servicing Agreement (CSFB Mortgage Acceptance Corp Mort Back Cert Ser 2003-1)
PRELIMINARY STATEMENT. The Depositor is As provided herein, the owner of Trust Administrator shall elect that the Trust Fund that is hereby conveyed to the Trustee in return for the Certificates. The Trust Fund is being conveyed to the Trustee to create a trust for the benefit (exclusive of the Certificateholders. The Trust Fund Liquidation Reserve Fund) be treated for federal income tax purposes shall consist of three REMICs as comprising four real estate mortgage investment conduits (each a “REMIC” or, in the alternative, “Subsidiary REMIC”, the ,” “Middle REMICREMIC 1,” “Middle REMIC 2,” and the “Master REMIC”). The “latest possible maturity date” for federal income tax purposes Each Class of all interests created hereby shall be Certificates (other than the Latest Possible Maturity Date. The Subsidiary Class AR and Class AR-L Certificates, the Exchangeable Certificates and the Exchangeable REMIC shall consist of all of the assets constituting the Trust Fund corresponding to Collateral Group 1 Certificates and Collateral Group 2, (exclusive of the Class P Prepayment Chargesright to receive amounts from the Liquidation Reserve Fund) and shall be evidenced by each Class of Uncertificated REMIC Interests represents ownership of a regular interest in the uncertificated interests set forth below that shall be designated as Master REMIC regular interests (for purposes of the “Subsidiary REMIC Regular Interests”)Provisions. In addition, The Class AR Certificates represent ownership of the Subsidiary REMIC shall issue the Class A-LR Certificate and shall designate such interest as its sole class of residual interestinterest in each of Middle REMIC 1, Middle REMIC 2, and the Master REMIC for purposes of the REMIC Provisions. The Middle Class AR-L Certificates represent ownership of the sole class of residual interest in the Subsidiary REMIC for purposes of the REMIC Provisions. The Master REMIC shall hold as its assets the Class PP Reserve Fund and the several classes of uncertificated Middle Tier Interests in Middle REMIC 2 other than the Class MT2-R Interest, and each such Middle Tier Interest is hereby designated as a regular interests issued by interest in Middle REMIC 2. Middle REMIC 2 shall hold as its assets the several classes of uncertificated Middle Tier Interests in Middle REMIC 1 other than the Class MT1-R Interest, and each such Middle Tier Interest is hereby designated as a regular interest in Middle REMIC 1. Middle REMIC 1 shall hold as its assets the several classes of uncertificated Lower Tier Interests in the Subsidiary REMIC, other than the Class LT1-R Interests, and each such Lower Tier Interest is hereby designated as a regular interest in the Subsidiary REMIC. The Middle Subsidiary REMIC shall issue the Class R-2 interest and shall designate such interest hold as its sole class assets the Mortgage Loans and all collections and accounts related thereto. The startup day for each REMIC created hereby for purposes of residual interestthe REMIC Provisions is the Closing Date. In addition, the Middle REMIC shall issue the uncertificated REMIC regular interests set forth below for the Middle REMIC (the “Middle REMIC Regular Interests”). The Master REMIC shall consist purposes of the Middle REMIC Regular Interests and shall be evidenced by Provisions, the Classes of Certificates set forth below latest possible maturity date for each regular interest in each REMIC created hereby is the Master REMIC (which, except for Distribution Date following the Class P, Class A-LR and Class A-UR Certificates, shall represent the “regular interests” in the Master REMIC) and the Class R-3 Interest as the single “residual interest” in the Master REMIC. The Class A-UR Certificate shall not be considered a Certificate issued by the Master REMIC, but instead shall represent beneficial ownership third anniversary of the Class R-2 and Class R-3 interestsscheduled maturity date of the Mortgage Loan having the latest scheduled maturity date as of the Cut-off Date.
Appears in 2 contracts
Sources: Pooling and Servicing Agreement (CSMC 2006-8), Pooling and Servicing Agreement (CSMC 2006-8)
PRELIMINARY STATEMENT. The Depositor is the owner of the Trust Fund that is hereby conveyed to the Trustee in return for the Certificates. The Trust Fund is being conveyed to the Trustee to create a trust for the benefit of the Certificateholders. The As provided herein, an election shall be made that the Trust Fund (exclusive of (i) the right to receive or the obligation to pay Net Rate Carryover Amounts to the extent such amounts would result in the payment of interest reflecting an interest rate exceeding the Group I REMIC Maximum Rate, (ii) the obligation to pay Swap Termination Payments or any Class I Distribution Amounts, (iii) the Group I Cap 1 Account, (iv) the Group I Cap 1 Agreement (v) the Group I Cap 2 Account, (vi) the Group I Cap 2 Agreement, (vii) the Group I Swap Account, (viii) the Group I Swap Agreement, (ix) the Supplemental Interest Trust, (x) any Class II-P Prepayment Charges and (xi) the Carryover Reserve Fund (collectively, the “Excluded Trust Assets”)) be treated for federal income tax purposes shall consist as comprising ten real estate mortgage investment conduits under Section 860D of three REMICs the Code (the each a “Subsidiary REMIC”, the “Middle REMIC” and or, in the alternative “REMIC IA,” “REMIC IIA,” “REMIC IIIA,” “REMIC IVA,” “REMIC VA,” “Master REMIC I,” “Class I-C REMIC,” “Class I-P REMIC,” “REMIC IB,” and “Master REMIC II”). The “latest possible maturity date” for federal income tax For purposes of all interests created hereby shall be the Latest Possible Maturity Date. The Subsidiary REMIC shall consist of all of Provisions, each Group I Certificate, other than the assets constituting the Trust Fund corresponding to Collateral Group 1 Class I-R, Class R-X, Class I-P, and Collateral Group 2, (Class I-C Certificates and exclusive of the right receive or the obligation to pay any Net Carryover Amounts reflecting any interest rate in excess of the Group I REMIC Maximum Rate, represents ownership of a regular interest in Master REMIC I. For purposes of the REMIC Provisions, each Group II Certificate (other than the Class P Prepayment ChargesII-P, Class II-A-LR and Class II-A-UR Certificates, the Exchangeable Certificates and the Exchangeable REMIC Certificates) and shall be evidenced by the uncertificated interests set forth below that shall be designated as Uncertificated REMIC Intereststs represent ownership of a regular interests (interest in Master REMIC II. The Class I-R Certificate represents ownership of the “Subsidiary sole class of residual interest in each of REMIC Regular Interests”). In additionIA, the Subsidiary REMIC shall issue the IIA, REMIC IIIA, REMIC IVA, REMIC VA and Master REMIC I. The Class II-A-LR Certificate and shall designate such interest as its represents ownership of the sole class of residual interestinterest in REMIC IB and the Class II-A-UR Certificate represents ownership of the sole class of residual interest in Master REMIC II. The Middle Class R-X Certificate represents ownership of the sole class of residual interest in the Class I-C REMIC and the Class I-P REMIC. Any inconsistencies or ambiguities in this Agreement or in the administration of this Agreement shall be resolved in a manner that preserves the validity of such REMIC elections. The Class I-P REMIC shall hold as its assets the uncertificated REMIC regular interests Class I-P interest issued by the Subsidiary REMICMaster REMIC I, and such interest is hereby designated as a regular interest in the Class I-P REMIC for purposes of the REMIC Provisions. The Middle Class I-C REMIC shall issue hold as its assets the Class R-2 I-C interest issued by the Master REMIC I, and shall designate such interest is hereby designated as a regular interest in the Class I-C REMIC for purposes of the REMIC Provisions. Master REMIC I shall hold as its sole class assets the Class I-P Reserve Fund and the uncertificated interests in REMIC VA, other than the LT5-RA interest, and each such interest is hereby designated as a regular interest in REMIC VA for purposes of residual the REMIC Provisions. REMIC VA shall hold as its assets the uncertificated interests in REMIC IVA, other than the LT4-RA interest, and each such interest is hereby designated as a regular interest in REMIC IVA for purposes of the REMIC Provisions. REMIC IVA shall hold as its assets the uncertificated interests in REMIC IIIA, other than the LT3-RA interest, and each such interest is hereby designated as a regular interest in REMIC IIIA for purposes of the REMIC Provisions. REMIC IIIA shall hold as its assets the uncertificated interests in REMIC IIA, other than the LT2-RA interest, and each such interest is hereby designated as a regular interest in REMIC IIA for purposes of the REMIC Provisions. REMIC IIA shall hold as its assets the uncertificated interests in REMIC IA, other than the LT1-RA interest, and each such interest is hereby designated as a regular interest in REMIC IA for purposes of the REMIC Provisions. The REMIC IA shall hold as its assets the property of the Trust Fund relating to the Group I Mortgage Loans, other than the interests in REMIC IVA, REMIC IIIA, REMIC IIA and REMIC IA, and the Excluded Trust Assets. Master REMIC II shall hold as its assets the uncertificated interests in REMIC IB, other than the LT1-RB interest, and each such interest is hereby designated as a regular interest in REMIC IB for purposes of the REMIC Provisions. The REMIC IB shall hold as its assets the property of the Trust Fund relating to the Group II Mortgage Loans, other than the interests in REMIC IB and the Excluded Trust Assets. The startup day for each REMIC created hereby for purposes of the REMIC Provisions is the Closing Date. In addition, the Middle REMIC shall issue the uncertificated REMIC regular interests set forth below for the Middle REMIC (the “Middle REMIC Regular Interests”). The Master REMIC shall consist purposes of the Middle REMIC Regular Interests and shall be evidenced by Provisions, the Classes of Certificates set forth below latest possible maturity date for each regular interest in each REMIC created hereby is the Master REMIC (which, except for the Class P, Class A-LR and Class A-UR Certificates, shall represent the “regular interests” in the Master REMIC) and the Class R-3 Interest as the single “residual interest” in the Master REMIC. The Class A-UR Certificate shall not be considered a Certificate issued by the Master REMIC, but instead shall represent beneficial ownership of the Class R-2 and Class R-3 interestsLatest Possible Maturity Date.
Appears in 2 contracts
Sources: Pooling and Servicing Agreement (MASTR Adjustable Rate Mortgages Trust 2007-1), Pooling and Servicing Agreement (MASTR Adjustable Rate Mortgages Trust 2007-1)
PRELIMINARY STATEMENT. The Depositor is the owner of the Trust Fund that is hereby conveyed to the Trustee in return for the Certificates. The As provided herein, the Trustee shall elect that the Trust Fund is being conveyed (exclusive of (i) [the Cap Agreement], (ii) [the Reserve Fund], (iii) [the right to receive and the Trustee obligation to create a trust for pay Basis Risk Shortfalls and Unpaid Basis Risk Shortfalls], (iv) [the benefit of right to receive and the Certificateholders. The obligation to pay AFC Shortfalls], (v) the right to receive and the obligation to pay the Class [A-IO] Termination Amount, (vi) [the Pre-Funding Account], (vii) [the Capitalized Interest Account] and (viii) any Additional Collateral (collectively, the “Excluded Trust Fund Assets ] (collectively, the “Excluded Trust Assets”)) be treated for federal income tax purposes shall consist as comprising [three] real estate mortgage investment conduits under Section 860D of three REMICs the Code (each a “REMIC” or, in the alternative [“REMIC [1],” “REMIC [2]” and “REMIC [3]”; REMIC [3] also being referred to as the “Subsidiary Upper Tier REMIC”, the “Middle REMIC” and the “Master REMIC”]). The “latest possible maturity date” Any inconsistencies or ambiguities in this Agreement or in the administration of this Agreement shall be resolved in a manner that preserves the validity of such REMIC elections. Each Certificate, other than the Class [R] Certificate, represents ownership of a regular interest in the [Upper Tier] REMIC for federal income tax purposes of all interests created hereby shall be the Latest Possible Maturity Date. The Subsidiary REMIC shall consist of all of the assets constituting the Trust Fund corresponding to Collateral Group 1 and Collateral Group 2, (exclusive of the Class P Prepayment Charges) and shall be evidenced by the uncertificated interests set forth below that shall be designated as REMIC regular interests (the “Subsidiary REMIC Regular Interests”)Provisions. In addition, the Subsidiary REMIC shall issue each Certificate, other than the Class A-LR [R], Class [ ], Class [X] and Class [P] Certificates, represents (i) the right to receive payments with respect to any Basis Risk Shortfalls and Unpaid Basis Risk Shortfalls and (ii) the right to receive and the obligation to pay AFC Shortfalls. The Class [R] Certificate and shall designate such interest as its represents ownership of the sole class Class of residual interestinterest in each of [REMIC [1], REMIC [2] and the [Upper Tier] REMIC] for purposes of the REMIC Provisions. The Middle [Upper Tier] REMIC shall hold as its assets the uncertificated Interests in REMIC [2], other than the [R-2] Interest, and each such Interest is hereby designated as a regular interests issued by interest in REMIC [2] for purposes of the Subsidiary REMICREMIC Provisions. REMIC [2] shall hold as its assets the uncertificated Interests in REMIC [1], other than the [R-1] Interest, and each such Interest is hereby designated as a regular interest in REMIC [1] for purposes of the REMIC Provisions. REMIC [1] shall hold as its assets the property of the Trust Fund other than the Interests in REMIC [1] and REMIC [2] and the Excluded Trust Assets. The Middle startup day for each REMIC shall issue created hereby for purposes of the Class R-2 interest and shall designate such interest as its sole class of residual interestREMIC Provisions is the Closing Date. In addition, for purposes of the Middle REMIC shall issue Provisions, the uncertificated latest possible maturity date for each regular interest in each REMIC created hereby is the Latest Possible Maturity Date. The following table sets forth the designations, principal balances, and interest rates for each interest in REMIC [1], each of which (other than the [R-1] Interest) is hereby designated as a regular interests set forth below for the Middle interest in REMIC [1] (the “Middle REMIC [1] Regular Interests”). The Master REMIC shall consist of the Middle REMIC Regular Interests and shall be evidenced by the Classes of Certificates set forth below for the Master REMIC (which, except for the ): Class P, Class A-LR and Class A-UR Certificates, shall represent the “regular interests” in the Master REMIC) and the Class R-3 Designation Initial Principal Balance Interest as the single “residual interest” in the Master REMIC. The Class A-UR Certificate shall not be considered a Certificate issued by the Master REMIC, but instead shall represent beneficial ownership of the Class R-2 and Class R-3 interests.Rate
Appears in 2 contracts
Sources: Pooling and Servicing Agreement (BLG Securities Company, LLC), Pooling and Servicing Agreement (Bayview Financial Securities Co LLC)
PRELIMINARY STATEMENT. The Depositor is the owner Board of Directors of the Trust Fund that is hereby conveyed to Depositor has duly authorized the Trustee in return for the Certificates. The Trust Fund is being conveyed to the Trustee to create formation of a trust for the benefit of the Certificateholders. The Trust Fund for federal income tax purposes shall consist of three REMICs (the “Subsidiary REMIC”"Trust") to issue a series of asset backed certificates with an aggregate initial Certificate Principal Balance of $460,000,100 to be known as the Saxon Asset Securities Trust 2000-4, Mortgage Loan Asset Backed Certificates, Series 2000-4 (the “Middle REMIC” and the “Master REMIC”"Certificates"). The “latest possible maturity date” for federal income tax purposes of all interests created hereby shall be Certificates in the Latest Possible Maturity Dateaggregate evidence the entire beneficial ownership in the Trust. The Subsidiary REMIC shall Certificates consist of all of the assets constituting the Trust Fund corresponding to Collateral Group 1 and Collateral Group 2, (exclusive of following: the Class P Prepayment Charges) and shall be evidenced by the uncertificated interests set forth below that shall be designated as REMIC regular interests (the “Subsidiary REMIC Regular Interests”). In additionAF-1, the Subsidiary REMIC shall issue the 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 AV-1, Class MV-1, Class MV-2, Class BV-1, Class A-LR Certificate IO, Class PF-1, Class PV-1, Class C and shall designate such interest Class R Certificates. In accordance with Section 10.01 of the Standard Terms, the Trustee will make elections to treat each of the segregated pools of assets described below as its a real estate mortgage investment conduit (each a "REMIC" or, in the alternative, the POOLING REMIC, the SECOND-TIER REMIC, and the ISSUING REMIC). The Certificates, other than the Class R Certificates, represent ownership of the regular interests in the ISSUING REMIC for purposes of the REMIC Provisions. The Class R Certificates represents ownership of the sole class of residual interestinterest in each of the POOLING REMIC, the SECOND-TIER REMIC, and the ISSUING REMIC for purposes of the REMIC Provisions. The Middle ISSUING REMIC shall hold as its assets the several classes of uncertificated Lower Tier Interests in the SECOND-TIER REMIC, other than the Class LT2-R Interest, and each such Lower Tier Interest is hereby designated as a regular interest in the SECOND-TIER REMIC for purposes of the REMIC Provisions. The SECOND-TIER REMIC shall hold as its assets the several classes of uncertificated Lower Tier Interests in the POOLING REMIC, other than the Class LT1-R Interest, and each such Lower Tier Interest is hereby designated as a regular interests issued by interest in the Subsidiary POOLING REMIC. The Middle POOLING REMIC shall issue the Class R-2 interest and shall designate such interest hold as its sole class assets the property of residual interestthe Trust Estate other than the Lower Tier Interests in the POOLING REMIC and the SECOND-TIER REMIC, the Prefunding Account, the Capitalized Interest Account, the Cap Agreement and the Group II Reserve Fund. The startup day for each REMIC created hereby for purposes of the REMIC Provisions is the Closing Date. In addition, the Middle REMIC shall issue the uncertificated REMIC regular interests set forth below for the Middle REMIC (the “Middle REMIC Regular Interests”). The Master REMIC shall consist purposes of the Middle REMIC Regular Interests Provisions, the latest possible maturity date for each regular interest in each REMIC created hereby is the Distribution Date in January 2033. POOLING REMIC The following table sets forth (or describes) the class designation, interest rate, and shall be evidenced by the Classes of Certificates set forth below principal amount for the Master REMIC (which, except for the Class P, Class A-LR and Class A-UR Certificates, shall represent the “regular interests” in the Master REMIC) and the Class R-3 Interest as the single “residual interest” in the Master REMIC. The Class A-UR Certificate shall not be considered a Certificate issued by the Master REMIC, but instead shall represent beneficial ownership each class of the Class R-2 and Class R-3 interests.POOLING REMIC Lower Tier Interests. POOLING REMIC POOLING REMIC LOWER TIER LOWER TIER INITIAL CLASS CLASS DESIGNATION INTEREST RATE PRINCIPAL AMOUNT ----------------- ------------- ----------------
Appears in 1 contract
PRELIMINARY STATEMENT. The Depositor is the owner Securities Administrator on behalf of the Trust Fund (exclusive of (i) the Swap Agreement, (ii) the Cap Agreement, (iii) the right to receive and the obligation to pay Basis Risk Carryover Amounts, (iv) the Excess Reserve Fund Account, (v) the Supplemental Interest Trust and the Supplemental Interest Trust Account, and (vi) the obligations to pay Class I Shortfalls (collectively, the “Excluded Trust Assets”)) shall elect that is hereby conveyed to two segregated asset pools within the Trustee in return for the Certificates. The Trust Fund is being conveyed to the Trustee to create a trust for the benefit of the Certificateholders. The Trust Fund be treated for federal income tax purposes shall consist as comprising three real estate mortgage investment conduits under Section 860D of three REMICs the Code (each a “REMIC” or, in the alternative, “REMIC 1,” REMIC 2” and “REMIC 3,” REMIC 3 also being referred to herein as the “Subsidiary Upper Tier REMIC.”) Any inconsistencies or ambiguities in this Agreement or in the administration of this Agreement shall be resolved in a manner that preserves the validity of such REMIC election. Each Certificate, other than the “Middle REMIC” and Class R Certificates, represents ownership of a regular interest in the “Master REMIC”). The “latest possible maturity date” Upper Tier REMIC for federal income tax purposes of all interests created hereby shall be the Latest Possible Maturity Date. The Subsidiary REMIC shall consist of all of the assets constituting the Trust Fund corresponding to Collateral Group 1 and Collateral Group 2, (exclusive of the Class P Prepayment Charges) and shall be evidenced by the uncertificated interests set forth below that shall be designated as REMIC regular interests (the “Subsidiary REMIC Regular Interests”)Provisions. In addition, the Subsidiary REMIC shall issue each Certificate, other than the Class A-LR R, Class X and Class P Certificates, represents (i) the right to receive payments with respect to any Basis Risk Carryover Amounts and (ii) the obligation to pay Class I Shortfalls. The Class R Certificate and shall designate such interest as its represents ownership of the sole class Class of residual interestinterest in each of REMIC 1, REMIC 2 and the Upper Tier REMIC for purposes of the REMIC Provisions. The Middle Upper Tier REMIC shall hold as its assets the uncertificated Lower Tier Interests in REMIC regular interests issued by the Subsidiary REMIC. The Middle REMIC shall issue 2, other than the Class R-2 LT2-R interest, and each such Lower Tier Interest is hereby designated as a regular interest and in REMIC 2 for purposes of the REMIC Provisions. REMIC 2 shall designate such interest hold as its sole class of residual interest. In addition, the Middle REMIC shall issue assets the uncertificated Lower Tier Interests in REMIC 1, other than the Class LT1-R interest, and each such Lower Tier Interest is hereby designated as a regular interests set forth below for interest in REMIC 1. REMIC 1 shall hold as its assets the Middle REMIC (the “Middle REMIC Regular Interests”). The Master REMIC shall consist property of the Middle Trust Fund other than the Lower Tier Interests in REMIC Regular Interests 1 and shall be evidenced by the Classes of Certificates set forth below for the Master REMIC (which, except for the Class P, Class A-LR and Class A-UR Certificates, shall represent the “regular interests” in the Master REMIC) 2 and the Class R-3 Interest as the single “residual interest” in the Master REMIC. The Class A-UR Certificate shall not be considered a Certificate issued by the Master REMIC, but instead shall represent beneficial ownership of the Class R-2 and Class R-3 interestsExcluded Trust Assets.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (HASCO Trust 2007-He2)
PRELIMINARY STATEMENT. The Depositor is the owner Securities Administrator on behalf of the Trust Fund (exclusive of (i) the Swap Agreement, (ii) the Cap Agreement (iii) the right to receive and the obligation to pay Basis Risk Carryover Amounts, (iv) the Excess Reserve Fund Account, (v) the Supplemental Interest Trust and the Supplemental Interest Trust Account (vi) the Final Maturity Reserve Trust, and (vii) the obligation to pay Class I Shortfalls (collectively, the “Excluded Trust Assets”)) shall elect that is hereby conveyed to two segregated asset pools within the Trustee in return for the Certificates. The Trust Fund is being conveyed to the Trustee to create a trust for the benefit of the Certificateholders. The Trust Fund be treated for federal income tax purposes shall consist as comprising four real estate mortgage investment conduits under Section 860D of three REMICs the Code (each a “REMIC” or, in the alternative, “REMIC 1,” REMIC 2,” “REMIC 3” and “REMIC 4,”; REMIC 4 also being referred to herein as the “Subsidiary Upper Tier REMIC.”) Any inconsistencies or ambiguities in this Agreement or in the administration of this Agreement shall be resolved in a manner that preserves the validity of such REMIC election. Each Certificate, other than the “Middle REMIC” and Class R Certificates, represents ownership of a regular interest in the “Master REMIC”). The “latest possible maturity date” Upper Tier REMIC for federal income tax purposes of all interests created hereby shall be the Latest Possible Maturity Date. The Subsidiary REMIC shall consist of all of the assets constituting the Trust Fund corresponding to Collateral Group 1 and Collateral Group 2, (exclusive of the Class P Prepayment Charges) and shall be evidenced by the uncertificated interests set forth below that shall be designated as REMIC regular interests (the “Subsidiary REMIC Regular Interests”)Provisions. In addition, the Subsidiary REMIC shall issue each Certificate, other than the Class A-LR R, Class X and Class P Certificates, represents (i) the right to receive payments with respect to any Basis Risk Carryover Amounts and (ii) the obligation to pay Class I Shortfalls. The Class R Certificate and shall designate such interest as its represents ownership of the sole class Class of residual interestinterest in each of REMIC 1, REMIC 2, REMIC 3 and the Upper Tier REMIC for purposes of the REMIC Provisions. The Middle Upper Tier REMIC shall hold as its assets the uncertificated Lower Tier Interests in REMIC regular interests issued by the Subsidiary REMIC. The Middle REMIC shall issue 3, other than the Class R-2 LT3-R interest, and each such Lower Tier Interest is hereby designated as a regular interest and in REMIC 3 for purposes of the REMIC Provisions. REMIC 3 shall designate such interest hold as its sole class of residual interest. In addition, the Middle REMIC shall issue assets the uncertificated Lower Tier Interests in REMIC 2, other than the Class LT2-R interest, and each such Lower Tier Interest is hereby designated as a regular interests set forth below for interest in REMIC 2. REMIC 2 shall hold as its assets the Middle uncertificated Lower Tier Interests in REMIC (1, other than the “Middle Class LT1-R interest, and each such Lower Tier Interest is hereby designated as a regular interest in REMIC Regular Interests”)1. The Master REMIC 1 shall consist hold as its assets the property of the Middle Trust Fund other than the Lower Tier Interests in REMIC Regular Interests 1, REMIC 2 and shall be evidenced by the Classes of Certificates set forth below for the Master REMIC (which, except for the Class P, Class A-LR and Class A-UR Certificates, shall represent the “regular interests” in the Master REMIC) 3 and the Class R-3 Interest as the single “residual interest” in the Master REMIC. The Class A-UR Certificate shall not be considered a Certificate issued by the Master REMIC, but instead shall represent beneficial ownership of the Class R-2 and Class R-3 interestsExcluded Trust Assets.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (HSI Asset Securitization CORP Trust 2006-He2)
PRELIMINARY STATEMENT. The Depositor is As provided herein, the owner of Trust Administrator shall elect that the Trust Fund that is hereby conveyed to the Trustee in return for the Certificates. The Trust Fund is being conveyed to the Trustee to create a trust for the benefit of the Certificateholders. The Trust Fund be treated for federal income tax purposes shall consist of three REMICs as comprising four real estate mortgage investment conduits (each a “REMIC” or, in the alternative, “Subsidiary REMIC”, the REMIC 1,” “Middle REMICREMIC 1,” “Middle REMIC 2,” and the “Master REMIC”). The “latest possible maturity date” Each Class of Certificates, other than the Class AR and Class AR-L Certificates, represents ownership of a regular interest in the Master REMIC for federal income tax purposes of all interests created hereby shall be the Latest Possible Maturity DateREMIC Provisions. The Subsidiary REMIC shall consist of all Class AR Certificates represent ownership of the assets constituting the Trust Fund corresponding to Collateral Group 1 and Collateral Group 2, (exclusive of the Class P Prepayment Charges) and shall be evidenced by the uncertificated interests set forth below that shall be designated as REMIC regular interests (the “Subsidiary REMIC Regular Interests”). In addition, the Subsidiary REMIC shall issue the Class A-LR Certificate and shall designate such interest as its sole class of residual interestinterest in each of Middle REMIC 1, Middle REMIC 2, and the Master REMIC for purposes of the REMIC Provisions. The Middle Class AR-L Certificates represent ownership of the sole class of residual interest in Subsidiary REMIC 1 for purposes of the REMIC Provisions. The Master REMIC shall hold as its assets the several classes of uncertificated Middle Tier Interests in Middle REMIC 2 other than the Class MT2-R Interest, and each such Middle Tier Interest is hereby designated as a regular interests issued by interest in Middle REMIC 2. Middle REMIC 2 shall hold as its assets the several classes of uncertificated Middle Tier Interests in Middle REMIC 1 other than the Class MT1-R Interest, and each such Middle Tier Interest is hereby designated as a regular interest in Middle REMIC 1. Middle REMIC 1 shall hold as its assets the several classes of uncertificated Lower Tier Interests in Subsidiary REMICREMIC 1, other than the Class LT1-R Interest, and each such Lower Tier Interest is hereby designated as a regular interest in Subsidiary REMIC 1. Subsidiary REMIC 1 shall hold as its assets the Mortgage Loans and all collections and accounts related thereto. The Middle startup day for each REMIC shall issue created hereby for purposes of the Class R-2 interest and shall designate such interest as its sole class of residual interestREMIC Provisions is the Closing Date. In addition, for purposes of the Middle REMIC shall issue Provisions, the latest possible maturity date for each regular interest in each REMIC created hereby is the Distribution Date following the third anniversary of the scheduled maturity date of the Mortgage Loan having the latest scheduled maturity date as of the Cut-off Date. The following table sets forth (or describes) the class designation, interest rate, and initial principal amount for each uncertificated REMIC regular interests set forth below for the Middle interest in Subsidiary REMIC 1: LT1-Grp 1 (the “Middle REMIC Regular Interests”). The Master REMIC shall consist of the Middle REMIC Regular Interests and shall be evidenced by the Classes of Certificates set forth below for the Master REMIC 1) 6.000% N/A LT1-1-X (which, except for the Class P, Class A2) (2) D-LR and Class AX LT1-UR Certificates, shall represent the “regular interests” in the Master REMICGrp 2 (3) and the Class R-3 Interest as the single “residual interest” in the Master REMIC. The Class A6.500% N/A LT1-UR Certificate shall not be considered a Certificate issued by the Master REMIC, but instead shall represent beneficial ownership of the Class R-2 and Class R-3 interests.2-X (4) (4) D-X LT1-Grp 3 (5) 7.000% N/A LT1-3-X (6) (6) D-X LT1-3-PO (7) (8) D-P LT1-R (9) (9) N/A ________________
Appears in 1 contract
Sources: Pooling and Servicing Agreement (CSMC Mortgage-Backed Trust 2006-6)
PRELIMINARY STATEMENT. The Depositor is the owner of the Trust Fund that is hereby conveyed to the Trustee in return for the Certificates. The Trust Fund is being conveyed to As provided herein, the Securities Administrator, on behalf of the Trustee will make multiple elections to create a trust for the benefit treat segregated pools of the Certificateholders. The Trust Fund assets subject to this Agreement for federal income tax purposes shall consist (exclusive of three REMICs (the “Subsidiary REMIC”any Additional Collateral, the “Middle REMIC” Corridor Contract and the “assets held in the Reserve Fund) as the following four separate real estate mortgage investment conduits (each, a "REMIC"): REMIC 1, REMIC 2, REMIC 3 and the Master REMIC”). The “latest possible maturity date” for federal income tax purposes of all interests created hereby shall be the Latest Possible Maturity Date. The Subsidiary REMIC shall 1 will consist of all of the assets constituting the Trust Fund corresponding to Collateral Group 1 and Collateral Group 2, (exclusive of other than the Class P Prepayment Charges) and shall be evidenced regular interests issued by the REMICs created hereunder. REMIC 1 will issue uncertificated interests set forth below that shall be designated as REMIC regular interests (the “Subsidiary "REMIC 1 Regular Interests”"). In addition, The REMIC 1 Regular Interests will represent the Subsidiary "regular interests" in REMIC shall issue 1 and the R-1 Interest will represent the single Class A-LR Certificate and shall designate such interest as its sole class of "residual interest" in REMIC 1. The Middle Trustee will hold the REMIC shall hold as its assets 1 Regular Interests for the benefit of REMIC 2. REMIC 2 will consist of the REMIC 1 Interests and will issue uncertificated REMIC 2 regular interests, which will constitute the regular interests issued by in REMIC 2 (the Subsidiary REMIC. The Middle "REMIC shall issue 2 Regular Interests") and the Class R-2 interest and shall designate such interest as its sole class Interest, which will represent the single Class of "residual interest" in REMIC 2. In addition, The Trustee will hold the Middle REMIC shall issue the uncertificated REMIC regular interests set forth below 2 Regular Interests for the Middle benefit of REMIC (the “Middle 3. REMIC Regular Interests”). The Master REMIC shall 3 will consist of the Middle REMIC Regular 2 Interests and shall be evidenced by the Classes of Certificates set forth below for the Master will issue uncertificated REMIC (which, except for the Class P, Class A-LR and Class A-UR Certificates, shall represent the “3 regular interests” , which will constitute the regular interests in REMIC 3 (the Master REMIC"REMIC 3 Regular Interests") and the Class R-3 Interest as Interest, which will represent the single “Class of "residual interest” " in REMIC 3. The Trustee will hold the REMIC 3 Regular Interests for the benefit of the Master REMIC. The Master REMIC will consist of the REMIC 3 Interests and will be evidenced by the Certificates, which (other than the Class A-R Certificates) will constitute the regular interests in the Master REMIC (the "Regular Certificates") and the Class R-4 Interest, which will represent the single Class of "residual interest" in the Master REMIC. The Class A-UR Certificate shall not be considered a Certificate issued by R Certificates will represent the Master REMIC, but instead shall represent beneficial ownership of each of the Class R-2 R-1, Class R-2, Class R-3 and Class R-3 interestsR-4 Interests. The "latest possible maturity date" for federal income tax purposes of all regular and residual interests created hereunder will be the Latest Possible Maturity Date. REMIC 1 ------- Except as provided below, REMIC 1 will issue a single regular interest corresponding to each Mortgage Loan in Loan Group 1, Loan Group 2, Loan Group 3, Loan Group 4 and Loan Group 5 having a Net Mortgage Rate equal to that of its corresponding Mortgage Loan and allocated principal, interest and Realized Losses in the same manner as such items are allocated to their corresponding Mortgage Loans. REMIC 1 will issue a single regular interest corresponding to each Mortgage Loan in Loan Group 3 having a Net Mortgage Rate less than or equal to 5.50%, two regular interests (referred to collectively herein as the "Class 1-A Interests" and the "Class 1-B Interests") for each Mortgage Loan in Loan Group 3 having a Net Mortgage Rate greater than 5.50% and less than 6.00% and a single regular interest for each Mortgage Loan in Loan Group 3 having a Net Mortgage Rate greater than 6.00%. Each REMIC 1 Regular Interest corresponding to a Mortgage Loan in Loan Group 3 having a Net Mortgage Rate less than or equal to 5.50% will have a Pass Through Rate of 5.50% and a principal balance, following the allocation of scheduled principal, prepayments of principal and Realized Losses, equal to the product of: (i) the Non-A-P Percentage of the related Mortgage Loan and (ii) the related Mortgage Loan's principal balance. For purposes of the calculating the Calculation Rate, each of the foregoing REMIC 1 Regular Interest will be treated as part of Collateral Allocation Group 3. Each of the Class 1-A Interests relating to Loan Group 3 will have a Pass Through Rate of 5.50% and a principal balance, following the allocation of scheduled principal, prepayments of principal and Realized Losses, equal to the product of: (i) 6.00% minus the Net Mortgage Rate in respect of the related Mortgage Loan, divided by 0.50%, and (ii) the related Mortgage Loan's principal balance. For purposes of the calculating the Calculation Rate, each Class 1-A Interest will be treated as part of Collateral Allocation Group 3. Each of the Class 1-B Interests relating to Loan Group 3 will have a Pass Through Rate of 6.00% and a principal balance: (a) in the case of Mortgage Loans having a Net Mortgage Rate that is less than or equal to 6.00%, following the allocation of scheduled principal, prepayments of principal and Realized Losses, equal to the product of: (i) the Net Mortgage Rate in respect of the related Mortgage Loan minus 5.50%, divided by 0.50%, and (ii) the related Mortgage Loan's principal balance, and (b) in the case of Mortgage Loans having a Net Mortgage Rate that exceeds 6.00%, the related Mortgage Loan's principal balance. For purposes of the calculating the Calculation Rate, each Class 1-B Interest will be treated as part of Collateral Allocation Group 4. REMIC 1 will issue a single regular interest corresponding to each Mortgage Loan in Loan Group 4 having a Net Mortgage Rate less than or equal to 5.50%, the Class 1-A Interests and the Class 1-B Interests for each Mortgage Loan in Loan Group 4 having a Net Mortgage Rate greater than 5.50% and less than 6.50% and a single regular interest for each Mortgage Loan in Loan Group 4 having a Net Mortgage Rate greater than 6.50%. Each REMIC 1 Regular Interest corresponding to a Mortgage Loan in Loan Group 4 having a Net Mortgage Rate less than or equal to 5.50% will have a Pass Through Rate of 5.50% and a principal balance, following the allocation of scheduled principal, prepayments of principal and Realized Losses, equal to the product of: (i) the Non-A-P Percentage of the related Mortgage Loan and (ii) the related Mortgage Loan's principal balance. For purposes of the calculating the Calculation Rate, each of the foregoing REMIC 1 Regular Interest will be treated as part of Collateral Allocation Group 5. Each of the Class 1-A Interests relating to Loan Group 4 will have a Pass Through Rate of 5.50% and a principal balance, following the allocation of scheduled principal, prepayments of principal and Realized Losses, equal to the product of: (i) 6.50% minus the Net Mortgage Rate in respect of the related Mortgage Loan, divided by 1.00%, and (ii) the related Mortgage Loan's principal balance. For purposes of the calculating the Calculation Rate, each Class 1-A Interest will be treated as part of Collateral Allocation Group 6. Each of the Class 1-B Interests relating to Loan Group 4 will have a Pass Through Rate of 6.50% and a principal balance: (a) in the case of Mortgage Loans having a Net Mortgage Rate that is less than or equal to 6.50%, following the allocation of scheduled principal, prepayments of principal and Realized Losses, equal to the product of: (i) the Net Mortgage Rate in respect of the related Mortgage Loan minus 5.50%, divided by 1.00%, and (ii) the related Mortgage Loan's principal balance, and (b) in the case of Mortgage Loans having a Net Mortgage Rate that exceeds 6.50%, the related Mortgage Loan's principal balance. For purposes of the calculating the Calculation Rate, each Class 1-B Interest will be treated as part of Collateral Allocation Group 6.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Morgan Stanley Mortgage Loan Trust 2006-2)
PRELIMINARY STATEMENT. The Depositor is the owner of the Trust Fund that is hereby conveyed to the Trustee in return for the Certificates. The As provided herein, the Trustee shall elect that the Trust Fund is being conveyed (exclusive of (i) the Cap Agreement, (ii) the Reserve Fund, (iii) the right to receive and the Trustee obligation to create a trust for pay Basis Risk Shortfalls and Unpaid Basis Risk Shortfalls, (iv) the benefit of right to receive and the Certificateholders. The obligation to pay AFC Shortfalls, (v) the right to receive and the obligation to pay the Class A-IO Termination Amount and (vi) any Additional Collateral (collectively, the “Excluded Trust Fund Assets”)) be treated for federal income tax purposes shall consist as comprising three real estate mortgage investment conduits under Section 860D of three REMICs the Code (each a “REMIC” or, in the alternative “REMIC 1,” “REMIC 2” and “REMIC 3”; REMIC 3 also being referred to as the “Subsidiary REMIC”, the “Middle REMIC” and the “Master Upper Tier REMIC”). The “latest possible maturity date” Any inconsistencies or ambiguities in this Agreement or in the administration of this Agreement shall be resolved in a manner that preserves the validity of such REMIC elections. Each Certificate, other than the Class R Certificates, represents ownership of a regular interest in the Upper Tier REMIC for federal income tax purposes of all interests created hereby shall be the Latest Possible Maturity Date. The Subsidiary REMIC shall consist of all of the assets constituting the Trust Fund corresponding to Collateral Group 1 and Collateral Group 2, (exclusive of the Class P Prepayment Charges) and shall be evidenced by the uncertificated interests set forth below that shall be designated as REMIC regular interests (the “Subsidiary REMIC Regular Interests”)Provisions. In addition, the Subsidiary REMIC shall issue each Certificate, other than the Class AR Certificates, the Interest-LR Certificate Only Certificates and shall designate such interest as its the Class X and Class P Certificates, represents (i) the right to receive payments with respect to any Basis Risk Shortfalls and Unpaid Basis Risk Shortfalls and (ii) the right to receive and the obligation to pay AFC Shortfalls. The Class R Certificates represent ownership of the sole class Class of residual interestinterest in each of REMIC 1, REMIC 2 and the Upper Tier REMIC for purposes of the REMIC Provisions. The Middle Upper Tier REMIC shall hold as its assets the uncertificated Interests in REMIC 2, other than the R-2 Interest, and each such Interest is hereby designated as a regular interests issued by interest in REMIC 2 for purposes of the Subsidiary REMICREMIC Provisions. REMIC 2 shall hold as its assets the uncertificated Interests in REMIC 1, other than the R-1 Interest, and each such Interest is hereby designated as a regular interest in REMIC 1 for purposes of the REMIC Provisions. REMIC 1 shall hold as its assets the property of the Trust Fund other than the Interests in REMIC 1 and REMIC 2 and the Excluded Trust Assets. The Middle startup day for each REMIC shall issue created hereby for purposes of the Class R-2 interest and shall designate such interest as its sole class of residual interestREMIC Provisions is the Closing Date. In addition, for purposes of the Middle REMIC shall issue Provisions, the uncertificated latest possible maturity date for each regular interest in each REMIC created hereby is the Latest Possible Maturity Date. The following table sets forth the designations, principal balances, and interest rates for each interest in REMIC 1, each of which (other than the R-1 Interest) is hereby designated as a regular interests set forth below for the Middle interest in REMIC 1 (the “Middle REMIC 1 Regular Interests”): T1-1A-IO-1 $ 6,055,532.02 (1) T1-2A-IO-1 $ 5,749,834.21 (1) T1-3A-IO-1 $ 5,460,673.26 (1) T1-5A-IO-1 $ 4,924,021.81 (1) T1-6A-IO-1 $ 4,676,985.96 (1) T1-7A-IO-1 $ 4,444,283.44 (1) T1-8A-IO-1 $ 4,220,098.52 (1) T1-9A-IO-1 $ 4,007,294.53 (1) T1-10A-IO-1 $ 3,805,388.88 (1) T1-11A-IO-1 $ 3,613,621.82 (1) T1-12A-IO-1 $ 3,431,420.92 (1) T1-13A-IO-1 $ 3,678,176.27 (1) T1-14A-IO-1 $ 4,303,983.72 (1) T1-15A-IO-1 $ 3,999,104.69 (1) T1-16A-IO-1 $ 3,715,785.67 (1) T1-17A-IO-1 $ 3,452,504.24 (1) T1-18A-IO-1 $ 3,207,845.42 (1) T1-19A-IO-1 $ 2,980,493.94 (1) T1-20A-IO-1 $ 2,769,227.36 (1) T1-21A-IO-1 $ 2,572,909.46 (1) T1-22A-IO-1 $ 2,390,484.14 (1) T1-23A-IO-1 $ 2,220,969.83 (1) T1-24A-IO-1 $ 2,063,454.21 (1) T1-25A-IO-1 $ 1,917,089.35 (1) T1-26A-IO-1 $ 1,781,087.14 (1) T1-27A-IO-1 $ 1,654,715.11 (1) T1-28A-IO-1 $ 1,537,292.45 (1) T1-29A-IO-1 $ 1,428,186.49 (1) T1-30A-IO-1 $ 18,646,955.15 (1) T1-Pool-1 (2) (1) T1-1A-IO-2 $ 11,573,398.09 (3) T1-2A-IO-2 $ 10,989,145.13 (3) T1-3A-IO-2 $ 10,436,497.57 (3) T1-4A-IO-2 $ 9,910,413.94 (3) T1-5A-IO-2 $ 9,410,843.47 (3) T1-6A-IO-2 $ 8,938,706.07 (3) T1-7A-IO-2 $ 8,493,962.45 (3) T1-8A-IO-2 $ 8,065,497.80 (3) T1-9A-IO-2 $ 7,658,784.53 (3) T1-10A-IO-2 $ 7,272,900.26 (3) T1-11A-IO-2 $ 6,906,392.99 (3) T1-12A-IO-2 $ 6,558,168.68 (3) T1-13A-IO-2 $ 6,227,013.16 (3) T1-14A-IO-2 $ 5,912,894.54 (3) T1-15A-IO-2 $ 5,615,280.55 (3) T1-16A-IO-2 $ 5,331,625.13 (3) T1-17A-IO-2 $ 5,062,408.16 (3) T1-18A-IO-2 $ 4,807,098.22 (3) T1-20A-IO-2 $ 4,333,583.11 (3) T1-21A-IO-2 $ 4,114,837.50 (3) T1-22A-IO-2 $ 3,907,402.91 (3) T1-23A-IO-2 $ 3,709,751.27 (3) T1-24A-IO-2 $ 3,521,869.44 (3) T1-25A-IO-2 $ 3,344,241.50 (3) T1-26A-IO-2 $ 4,028,566.32 (3) T1-27A-IO-2 $ 4,168,927.64 (3) T1-28A-IO-2 $ 3,874,291.46 (3) T1-29A-IO-2 $ 3,600,582.44 (3) T1-30A-IO-2 $ 46,805,045.38 (3) T1-Pool-2 (4) (3) R-1 (5) (5). The Master REMIC shall consist of the Middle REMIC Regular Interests and shall be evidenced by the Classes of Certificates set forth below for the Master REMIC (which, except for the Class P, Class A-LR and Class A-UR Certificates, shall represent the “regular interests” in the Master REMIC) and the Class R-3 Interest as the single “residual interest” in the Master REMIC. The Class A-UR Certificate shall not be considered a Certificate issued by the Master REMIC, but instead shall represent beneficial ownership of the Class R-2 and Class R-3 interests.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Bayview Financial Mortgage Pass-Through Trust 2006-A)
PRELIMINARY STATEMENT. The Depositor is As provided herein, the owner of Trust Administrator shall elect that the Trust Fund that is hereby conveyed to the Trustee in return for the Certificates. The Trust Fund is being conveyed to the Trustee to create a trust for the benefit of the Certificateholders. The Trust Fund be treated for federal income tax purposes shall consist of three REMICs as comprising five real estate mortgage investment conduits (each a “REMIC” or, in the alternative, “Subsidiary REMIC”, the REMIC 1,” “Subsidiary REMIC 2,” “Middle REMICREMIC 1,” “Middle REMIC 2,” and the “Master REMIC”). The “latest possible maturity date” Each Class of Certificates, other than the Class AR and Class AR-L Certificates, represents ownership of a regular interest in the Master REMIC for federal income tax purposes of all interests created hereby shall be the Latest Possible Maturity DateREMIC Provisions. The Subsidiary REMIC shall consist of all Class AR Certificates represent ownership of the assets constituting the Trust Fund corresponding to Collateral Group 1 and Collateral Group 2, (exclusive of the Class P Prepayment Charges) and shall be evidenced by the uncertificated interests set forth below that shall be designated as REMIC regular interests (the “Subsidiary REMIC Regular Interests”). In addition, the Subsidiary REMIC shall issue the Class A-LR Certificate and shall designate such interest as its sole class of residual interestinterest in each of Middle REMIC 1, Middle REMIC 2, and the Master REMIC for purposes of the REMIC Provisions. The Middle Class AR-L Certificates represent ownership of the sole class of residual interest in Subsidiary REMIC 1 and Subsidiary REMIC 2 for purposes of the REMIC Provisions. The Master REMIC shall hold as its assets the several classes of uncertificated Middle Tier Interests in Middle REMIC 2 other than the Class MT2-R Interest, and each such Middle Tier Interest is hereby designated as a regular interests issued by interest in Middle REMIC 2. Middle REMIC 2 shall hold as its assets the several classes of uncertificated Middle Tier Interests in Middle REMIC 1 other than the Class MT1-R Interest, and each such Middle Tier Interest is hereby designated as a regular interest in Middle REMIC 1. Middle REMIC 1 shall hold as its assets the several classes of uncertificated Lower Tier Interests in Subsidiary REMIC 1 and Subsidiary REMIC 2, other than the Class LT1-R and LT2-R Interests, and each such Lower Tier Interest is hereby designated as a regular interest in a Subsidiary REMIC. The Middle Subsidiary REMIC 1 shall issue the Class R-2 interest and shall designate such interest hold as its sole class assets the Mortgage Loans in Loan Groups 3 and 4, and all collections and accounts related thereto. Subsidiary REMIC 2 shall hold as its assets the Mortgage Loans in Loan Groups 1, 2 and 5, and all collections and accounts related thereto. The startup day for each REMIC created hereby for purposes of residual interestthe REMIC Provisions is the Closing Date. In addition, for purposes of the Middle REMIC shall issue Provisions, the latest possible maturity date for each regular interest in each REMIC created hereby is the Distribution Date following the third anniversary of the scheduled maturity date of the Mortgage Loan having the latest scheduled maturity date as of the Cut-off Date. The following table sets forth (or describes) the class designation, interest rate, and initial principal amount for each uncertificated REMIC regular interests set forth below for the Middle interest in Subsidiary REMIC 1: LT1-Grp 3 (the “Middle REMIC Regular Interests”). The Master REMIC shall consist of the Middle REMIC Regular Interests and shall be evidenced by the Classes of Certificates set forth below for the Master REMIC 1) 5.750% N/A LT1-3-X (which, except for the Class P, Class 2) (2) A-LR and Class X LT1-Grp 4 (3) 5.500% N/A LT1-4-X (4) (4) A-UR Certificates, shall represent the “regular interests” in the Master REMICX LT1-R (5) and the Class R-3 Interest as the single “residual interest” in the Master REMIC. The Class A-UR Certificate shall not be considered a Certificate issued by the Master REMIC, but instead shall represent beneficial ownership of the Class R-2 and Class R-3 interests.(5) N/A ________________
Appears in 1 contract
Sources: Pooling and Servicing Agreement (CSMC Mortgage-Backed Pass-Through Certificates, Series 2006-1)
PRELIMINARY STATEMENT. The Depositor is the owner of Securities Administrator shall elect that [ ] segregated asset pools within the Trust Fund that is hereby conveyed to (exclusive of (i) the Trustee in return for Prepayment Premiums, (ii) [the Certificates. The Trust Interest Rate Swap Agreement], (iii) [the Supplemental Interest Trust], (iv) the Excess Reserve Fund is being conveyed to Account and (v) the Trustee to create a trust for the benefit right of the Certificateholders. The Trust Fund LIBOR Certificates to receive Upper-Tier Carry Forward Amounts and, without duplication, Basis Risk Carry Forward Amounts and the obligation to pay Class [ ] Shortfalls) be treated for federal income tax purposes as comprising [ ] REMICs (each, a “Trust REMIC” or, in the alternative, Pooling-Tier REMIC-1, Pooling-Tier REMIC-2, the Lower-Tier REMIC, the Upper-Tier REMIC, the Class [ ] REMIC, the Class [ ] REMIC, the Class [ ] REMIC and the Class [X] REMIC, respectively). The Class [X] Interest, Class [ ] Interest and each Class of LIBOR Certificates (other than the right of each Class of LIBOR Certificates to receive (i) Upper-Tier Carry Forward Amounts and, without duplication, Basis Risk Carry Forward Amounts and (ii) the obligation to pay Class [ ] Shortfalls) represents ownership of a regular interest in a REMIC for purposes of the REMIC Provisions. The Class R Certificates represent ownership of the sole class of residual interest in each of Pooling-Tier REMIC-2, the Lower-Tier REMIC and the Upper-Tier REMIC for purposes of the REMIC Provisions. The Class RC Certificates represent ownership of the sole class of residual interest in the Pooling-Tier REMIC-1 for purposes of the REMIC Provisions. The Class RX Certificates represent ownership of the sole class of residual interest in the Class [ ] REMIC, the Class [ ] REMIC, the Class [ ] REMIC and the Class [X] REMIC for purposes of the REMIC Provisions. The Start-up Day for each REMIC described herein is the Closing Date. The latest possible maturity date for each regular interest is the latest date referenced in Section 2.05. The Class [X] REMIC shall consist hold as assets the Class UT-X Interest, the Class UT-IO Interest and the Class UT-3 Interest as set out below. The Upper-Tier REMIC shall hold as assets the several classes of three REMICs uncertificated Lower-Tier Regular Interests, set out below. The Lower-Tier REMIC shall hold as assets the several classes of uncertificated Pooling-Tier REMIC-2 Regular Interests. Pooling-Tier REMIC-2 shall hold as assets the several classes of uncertificated Pooling-Tier REMIC-1 Regular Interests. Pooling-Tier REMIC-1 shall hold as assets the assets of the Trust Fund (exclusive of (i) the Prepayment Premiums, (ii) the Interest Rate Swap Agreement, (iii) the Supplemental Interest Trust, (iv) the Excess Reserve Fund Account and (v) the right of the LIBOR Certificates to receive Upper-Tier Carry Forward Amounts and, without duplication, Basis Risk Carry Forward Amounts and the obligation to pay Class IO Shortfalls). Each such Lower Tier Regular Interest is hereby designated as a regular interest in the Lower Tier REMIC. The Class LT-[ ], Class LT-[ ], Class LT-[ ], Class LT-[ ], Class LT-[ ], Class LT-[ ], Class LT-[ ], Class LT-[ ], Class LT-[ ], Class LT-[ ], Class LT-[ ], Class LT-[ ], Class LT-[ ], Class LT-[ ], Class LT-[ ] and Class LT-[ ] Interests are hereby designated the LT-Accretion Directed Classes (the “Subsidiary REMIC”, the “Middle REMIC” and the “Master REMICLT-Accretion Directed Classes”). The “latest possible maturity date” for federal income tax purposes of all interests created hereby shall be the Latest Possible Maturity Date. The Subsidiary REMIC shall consist of all of the assets constituting the Trust Fund corresponding to Collateral Group 1 and Collateral Group 2, (exclusive of the Class P Prepayment Charges) and shall be evidenced by the uncertificated interests set forth below that shall be designated as REMIC regular interests (the “Subsidiary REMIC Regular Interests”). In addition, the Subsidiary REMIC shall issue the Class A-LR Certificate and shall designate such interest as its sole class of residual interest. The Middle [ ] REMIC shall hold as its assets an asset the uncertificated REMIC regular interests Class [ ] Interest issued by the Subsidiary Upper-Tier REMIC. The Middle REMIC shall issue , the Class R-2 interest and [ ] Certificates shall designate such interest as its sole class of residual interest. In addition, the Middle REMIC shall issue the uncertificated REMIC regular interests set forth below for the Middle REMIC (the “Middle REMIC Regular Interests”). The Master REMIC shall consist represent ownership of the Middle REMIC Regular Interests and shall be evidenced regular interest issued by the Classes of Certificates set forth below for the Master Class [ ] REMIC (which, except for and the Class P, Class A-LR and Class A-UR Certificates, [ ]-R Interest shall represent the “regular interests” sole class residual interest in the Master REMIC) and the Class R-3 Interest as the single “residual interest” in the Master [ ] REMIC. The Class A-UR Certificate [ ] REMIC shall not be considered a Certificate hold as an asset the Class [ ] Interest issued by the Master Upper-Tier REMIC, but instead the Class [ ] Certificates shall represent ownership of the regular interest issued by the Class [ ] REMIC and the Class [ ]-R Interest shall represent the sole class residual interest in the Class [ ] REMIC. The Class [ ] REMIC shall hold as an asset the Class [ ] Interest issued by the Upper-Tier REMIC, the Class [ ] Certificates shall represent ownership of the regular interest issued by the Class [ ] REMIC and the Class [ ]-R Interest shall represent the sole class residual interest in the Class [ ] REMIC. The Class [X] REMIC shall hold as an asset the Class UT-[X] Interest, the Class UT-[ ] Interest and the Class UT-3 Interest issued by the Upper-Tier REMIC, the Class [X] Interest shall represent the regular interest issued by the Class [X] REMIC and the Class [X]-R Interest shall represent the sole class residual interest in the Class [X] REMIC. The Class [X] Certificates represent beneficial ownership of the Class R-2 [X] Interest[, the Supplemental Interest Trust] and the Excess Reserve Fund Account. For federal income tax purposes, each Class R-3 interests.of LIBOR Certificates represents a beneficial ownership of a regular interest in the Upper-Tier REMIC, the right to receive Upper-Tier Carry Forward Amounts (and, without duplication, Basis Risk Carry Forward Amounts), the obligation to pay Class [ ] Shortfalls, the Class [X] Certificates represent beneficial ownership of the Class [X] Interest, the Class [ ] Interest, [the Interest Rate Swap Agreement,] [the Supplemental Interest Trust,] the Excess Reserve Fund Account, the right to receive Class [ ] Shortfalls, and the Class [P] Certificates represent beneficial ownership of the Prepayment Premiums, which portions of the Trust Fund shall be treated as a grantor trust. Pooling-Tier REMIC-1 shall issue the following interests in Pooling-Tier REMIC-1, and each such interest is hereby designated as a regular interest in the Pooling-Tier REMIC-1. Pooling-Tier REMIC-1 Interests with an “I” in their designation shall relate to Loan Group [ ] and Pooling Tier REMIC-1 Interests with a “II” in their designation shall relate to Loan Group [ ]. Pooling-Tier REMIC-1 shall also issue the Class RC Certificates. The Class RC Certificates are hereby designated as the sole class of residual interest in Pooling-Tier REMIC-1. The Class RC Certificates shall have a $[ ] Class Certificate Balance and shall have no interest rate. Class PT1-I-1 (1) $[ ] Class PT1-I-2A (2) $[ ] Class PT1-I-2B (3) $[ ] Class PT1-I-3A (2) $[ ] Class PT1-I-3B (3) $[ ] Class PT1-I-4A (2) $[ ] Class PT1-I-4B (3) $[ ] Class PT1-I-5A (2) $[ ] Class PT1-I-5B (3) $[ ] Class PT1-I-6A (2) $[ ] Class PT1-I-6B (3) $[ ] Class PT1-I-7A (2) $[ ] Class PT1-I-7B (3) $[ ] Class PT1-I-8A (2) $[ ] Class PT1-I-8B (3) $[ ] Class PT1-I-9A (2) $[ ] Class PT1-I-9B (3) $[ ] Class PT1-I-10A (2) $[ ] Class PT1-I-10B (3) $[ ] Class PT1-I-11A (2) $[ ] Class PT1-I-11B (3) $[ ] Class PT1-I-12A (2) $[ ] Class PT1-I-12B (3) $[ ] Class PT1-I-13A (2) $[ ] Class PT1-I-13B (3) $[ ] Class PT1-I-14A (2) $[ ] Class PT1-I-14B (3) $[ ] Class PT1-I-15A (2) $[ ] Class PT1-I-15B (3) $[ ] Class PT1-I-16A (2) $[ ] Class PT1-I-16B (3) $[ ] Class PT1-I-17A (2) $[ ] Class PT1-I-17B (3) $[ ] Class PT1-I-18A (2) $[ ] Class PT1-I-18B (3) $[ ] Class PT1-I-19A (2) $[ ] Class PT1-I-19B (3) $[ ] Class PT1-I-20A (2) $[ ] Class PT1-I-20B (3) $[ ] Class PT1-I-21A (2) $[ ] Class PT1-I-21B (3) $[ ] Class PT1-I-22A (2) $[ ] Class PT1-I-22B (3) $[ ] Class PT1-I-23A (2) $[ ] Class PT1-I-23B (3) $[ ] Class PT1-I-24A (2) $[ ] Class PT1-I-24B (3) $[ ] Class PT1-I-25A (2) $[ ] Class PT1-I-25B (3) $[ ] Class PT1-I-26A (2) $[ ] Class PT1-I-26B (3) $[ ] Class PT1-I-27A (2) $[ ] Class PT1-I-27B (3) $[ ] Class PT1-I-28A (2) $[ ] Class PT1-I-28B (3) $[ ] Class PT1-I-29A (2) $[ ] Class PT1-I-29B (3) $[ ] Class PT1-I-30A (2) $[ ] Class PT1-I-30B (3) $[ ] Class PT1-I-31A (2) $[ ] Class PT1-I-31B (3) $[ ] Class PT1-I-32A (2) $[ ] Class PT1-I-32B (3) $[ ] Class PT1-I-33A (2) $[ ] Class PT1-I-33B (3) $[ ] Class PT1-I-34A (2) $[ ] Class PT1-I-34B (3) $[ ] Class PT1-I-35A (2) $[ ] Class PT1-I-35B (3) $[ ] Class PT1-I-36A (2) $[ ] Class PT1-I-36B (3) $[ ] Class PT1-I-37A (2) $[ ] Class PT1-I-37B (3) $[ ] Class PT1-I-38A (2) $[ ] Class PT1-I-38B (3) $[ ] Class PT1-I-39A (2) $[ ] Class PT1-I-39B (3) $[ ] Class PT1-I-40A (2) $[ ] Class PT1-I-40B (3) $[ ] Class PT1-I-41A (2) $[ ] Class PT1-I-41B (3) $[ ] Class PT1-I-42A (2) $[ ] Class PT1-I-42B (3) $[ ] Class PT1-I-43A (2) $[ ] Class PT1-I-43B (3) $[ ] Class PT1-I-44A (2) $[ ] Class PT1-I-44B (3) $[ ] Class PT1-I-45A (2) $[ ] Class PT1-I-45B (3) $[ ] Class PT1-I-46A (2) $[ ] Class PT1-I-46B (3) $[ ] Class PT1-I-47A (2) $[ ] Class PT1-I-47B (3) $[ ] Class PT1-I-48A (2) $[ ] Class PT1-I-48B (3) $[ ] Class PT1-I-49A (2) $[ ] Class PT1-I-49B (3) $[ ] Class PT1-I-50A (2) $[ ] Class PT1-I-50B (3) $[ ] Class PT1-I-51A (2) $[ ] Class PT1-I-51B (3) $[ ] Class PT1-I-52A (2) $[ ] Class PT1-I-52B (3) $[ ] Class PT1-I-53A (2) $[ ] Class PT1-I-53B (3) $[ ] Class PT1-I-54A (2) $[ ] Class PT1-I-54B (3) $[ ] Class PT1-I-55A (2) $[ ] Class PT1-I-55B (3) $[ ] Class PT1-I-56A (2) $[ ] Class PT1-I-56B (3) $[ ] Class PT1-I-57A (2) $[ ] Class PT1-I-57B (3) $[ ] Class PT1-I-58A (2) $[ ] Class PT1-I-58B (3) $[ ] Class PT1-I-59A (2) $[ ] Class PT1-I-59B (3) $[ ] Class PT1-I-60A (2) $[ ] Class PT1-I-60B (3) $[ ] Class PT1-I-61A (2) $[ ] Class PT1-I-61B (3) $[ ] Class PT1-II-1 (4) $[ ] Class PT1-II-2A (5) $[ ] Class PT1-II-2B (6) $[ ] Class PT1-II-3A (5) $[ ] Class PT1-II-3B (6) $[ ] Class PT1-II-4A (5) $[ ] Class PT1-II-4B (6) $[ ] Class PT1-II-5A (5) $[ ] Class PT1-II-5B (6) $[ ] Class PT1-II-6A (5) $[ ] Class PT1-II-6B (6) $[ ] Class PT1-II-7A (5) $[ ] Class PT1-II-7B (6) $[ ] Class PT1-II-8A (5) $[ ] Class PT1-II-8B (6) $[ ] Class PT1-II-9A (5) $[ ] Class PT1-II-9B (6) $[ ] Class PT1-II-10A (5) $[ ] Class PT1-II-10B (6) $[ ] Class PT1-II-11A (5) $[ ] Class PT1-II-11B (6) $[ ] Class PT1-II-12A (5) $[ ] Class PT1-II-12B (6) $[ ] Class PT1-II-13A (5) $[ ] Class PT1-II-13B (6) $[ ] Class PT1-II-14A (5) $[ ] Class PT1-II-14B (6) $[ ] Class PT1-II-15A (5) $[ ] Class PT1-II-15B (6) $[ ] Class PT1-II-16A (5) $[ ] Class PT1-II-16B (6) $[ ] Class PT1-II-17A (5) $[ ] Class PT1-II-17B (6) $[ ] Class PT1-II-18A (5) $[ ] Class PT1-II-18B (6) $[ ] Class PT1-II-19A (5) $[ ] Class PT1-II-19B (6) $[ ] Class PT1-II-20A (5) $[ ] Class PT1-II-20B (6) $[ ] Class PT1-II-21A (5) $[ ] Class PT1-II-21B (6) $[ ] Class PT1-II-22A (5) $[ ] Class PT1-II-22B (6) $[ ] Class PT1-II-23A (5) $[ ] Class PT1-II-23B (6) $[ ] Class PT1-II-24A (5) $[ ] Class PT1-II-24B (6) $[ ] Class PT1-II-25A (5) $[ ] Class PT1-II-25B (6) $[ ] Class PT1-II-26A (5) $[ ] Class PT1-II-26B (6) $[ ] Class PT1-II-27A (5) $[ ] Class PT1-II-27B (6) $[ ] Class PT1-II-28A (5) $[ ] Class PT1-II-28B (6) $[ ] Class PT1-II-29A (5) $[ ] Class PT1-II-29B (6) $[ ] Class PT1-II-30A (5) $[ ] Class PT1-II-30B (6) $[ ] Class PT1-II-31A (5) $[ ] Class PT1-II-31B (6) $[ ] Class PT1-II-32A (5) $[ ] Class PT1-II-32B (6) $[ ] Class PT1-II-33A (5) $[ ] Class PT1-II-33B (6) $[ ] Class PT1-II-34A (5) $[ ] Class PT1-II-34B (6) $[ ] Class PT1-II-35A (5) $[ ] Class PT1-II-35B (6) $[ ] Class PT1-II-36A (5) $[ ] Class PT1-II-36B (6) $[ ] Class PT1-II-37A (5) $[ ] Class PT1-II-37B (6) $[ ] Class PT1-II-38A (5) $[ ] Class PT1-II-38B (6) $[ ] Class PT1-II-39A (5) $[ ] Class PT1-II-39B (6) $[ ] Class PT1-II-40A (5) $[ ] Class PT1-II-40B (6) $[ ] Class PT1-II-41A (5) $[ ] Class PT1-II-41B (6) $[ ] Class PT1-II-42A (5) $[ ] Class PT1-II-42B (6) $[ ] Class PT1-II-43A (5) $[ ] Class PT1-II-43B (6) $[ ] Class PT1-II-44A (5) $[ ] Class PT1-II-44B (6) $[ ] Class PT1-II-45A (5) $[ ] Class PT1-II-45B (6) $[ ] Class PT1-II-46A (5) $[ ] Class PT1-II-46B (6) $[ ] Class PT1-II-47A (5) $[ ] Class PT1-II-47B (6) $[ ] Class PT1-II-48A (5) $[ ] Class PT1-II-48B (6) $[ ] Class PT1-II-49A (5) $[ ] Class PT1-II-49B (6) $[ ] Class PT1-II-50A (5) $[ ] Class PT1-II-50B (6) $[ ] Class PT1-II-51A (5) $[ ] Class PT1-II-51B (6) $[ ] Class PT1-II-52A (5) $[ ] Class PT1-II-52B (6) $[ ] Class PT1-II-53A (5) $[ ] Class PT1-II-53B (6) $[ ] Class PT1-II-54A (5) $[ ] Class PT1-II-54B (6) $[ ] Class PT1-II-55A (5) $[ ] Class PT1-II-55B (6) $[ ] Class PT1-II-56A (5) $[ ] Class PT1-II-56B (6) $[ ] Class PT1-II-57A (5) $[ ] Class PT1-II-57B (6) $[ ] Class PT1-II-58A (5) $[ ] Class PT1-II-58B (6) $[ ] Class PT1-II-59A (5) $[ ] Class PT1-II-59B (6) $[ ] Class PT1-II-60A (5) $[ ] Class PT1-II-60B (6) $[ ] Class PT1-II-61A (5) $[ ] Class PT1-II-61B (6) $[ ] Class PT1-R (7) $[ ]
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Gs Mortgage Securities Corp)
PRELIMINARY STATEMENT. Through this Agreement, the Depositor intends to cause the issuance and sale of the Provident Funding Mortgage Loan Trust 2004-1, Provident Funding Mortgage Pass-Through Certificates, Series 2004-1 (the “Certificates”) representing in the aggregate the entire beneficial ownership of the Trust, the primary assets of which are the Mortgage Loans (as defined below). The Depositor is intends to sell the owner of Certificates to be issued hereunder in multiple classes, which in the aggregate will evidence the entire beneficial ownership interest in the Trust Fund that is hereby conveyed to created hereunder. The Certificates will consist of eleven classes of certificates, designated as (i) the Trustee in return for Class I-A-1 Certificates, (ii) the Class I-A-2 Certificates, (iii) the Class I-A-3 Certificates, (iv) the Class II-A-1 Certificates, (v) the Class A-R Certificate, (vi) the Class B-1 Certificates, (vii) the Class B-2 Certificates, (viii) the Class B-3 Certificates, (ix) the Class B-4 Certificates, (x) the Class B-5 Certificates and (xi) the Class B-6 Certificates. The As provided herein, the Securities Administrator shall elect that the Trust Fund is being conveyed to the Trustee to create a trust for the benefit of the Certificateholders. The Trust Fund be treated for federal income tax purposes shall consist of three REMICs as comprising two real estate mortgage investment conduits (each a “REMIC” or, in the “Subsidiary REMIC”alternative, the “Middle Lower Tier REMIC” and the “Master Upper Tier REMIC”). The “latest possible maturity date” Each Certificate, other than the Class A-R Certificate represents ownership of a regular interest in the Upper Tier REMIC for federal income tax purposes of all the REMIC Provisions. The Class A-R Certificate represents ownership of the sole class of residual interest in each of the Lower Tier REMIC and the Upper Tier REMIC for purposes of the REMIC Provisions. The Upper Tier REMIC shall hold as its assets the several classes of uncertificated Lower Tier Interests in the Lower Tier REMIC, other than the Class LT-A-R Interest, and each such Lower Tier Interest is hereby designated as a regular interest in the Lower Tier REMIC for purposes of the REMIC Provisions. The Lower Tier REMIC shall hold as its assets the property of the Trust Fund. For purposes of the REMIC Provisions, the startup day is the Closing Date. All REMIC regular and residual interests created hereby shall will be retired on or before the Latest Possible Maturity Date. The Subsidiary REMIC shall consist of all of the assets constituting the Trust Fund corresponding to Collateral Group 1 and Collateral Group 2, following table sets forth (exclusive of or describes) the Class P Prepayment Charges) designation, Pass-Through Rate and shall be evidenced by original class principal balance for each Class of interests in the uncertificated interests set forth below that shall be designated as REMIC regular interests (the “Subsidiary REMIC Regular Interests”). In addition, the Subsidiary REMIC shall issue the Class A-LR Certificate and shall designate such interest as its sole class of residual interest. The Middle REMIC shall hold as its assets the uncertificated REMIC regular interests issued by the Subsidiary REMIC. The Middle REMIC shall issue the Class R-2 interest and shall designate such interest as its sole class of residual interest. In addition, the Middle REMIC shall issue the uncertificated REMIC regular interests set forth below for the Middle Lower Tier REMIC (the “Middle REMIC Regular Interests”). The Master REMIC shall consist each of the Middle REMIC Regular Interests and shall be evidenced by the Classes of Certificates set forth below for the Master REMIC (which, except for the Class P, Class LT-A-LR and R Interest, is hereby designated a REMIC regular interest for purposes of the REMIC Provisions), each such Class a “Lower Tier Interest” comprising the interests in the Trust Fund created hereunder: LT-Group 1 $ 328,430,733.41 (1) Group 1 LT-SC1 $ 101,845.79 (1) Group 1 LT-Group 2 $ 68,778,661.59 (2) Group 2 LT-SC2 $ 21,329.92 (2) Group 2 LT-A-UR Certificates, shall represent the “regular interests” in the Master REMICR (3) and the Class R-3 Interest as the single “residual interest” in the Master REMIC. The Class (3) N/A-UR Certificate shall not be considered a Certificate issued by the Master REMIC, but instead shall represent beneficial ownership of the Class R-2 and Class R-3 interests.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Greenwich Capital Acc Inc Provident Fund Mort Loan Tr 2004 1)
PRELIMINARY STATEMENT. The Depositor is the owner of Trustee shall elect that seven segregated asset pools within the Trust Fund that is hereby conveyed (exclusive of (i) the Group I Interest Rate Swap Agreement, (ii) the Supplemental Interest Account, (iii) the Excess Reserve Fund Account and (iv) the right of the Group I LIBOR Certificates to receive Basis Risk Carry Forward Amounts and, without duplication, Group I Upper Tier Carry Forward Amounts, subject to the Trustee in return for the Certificates. The Trust Fund is being conveyed obligation to the Trustee to create a trust for the benefit of the Certificateholders. The Trust Fund pay Class I-IO Shortfalls) be treated for federal income tax purposes shall consist of three as comprising seven REMICs (each, with respect to Group I, a "Group I Trust REMIC" or, in the “Subsidiary REMIC”alternative, the “Middle Group I Pooling Tier REMIC” -A, the Group I Pooling Tier REMIC-B, the Group I Lower Tier REMIC and the “Master Group I Upper Tier REMIC”, respectively, and with respect to Group II, a "Group II Trust REMIC" or, in the alternative, the Group II Pooling Tier REMIC, the Group II Lower Tier REMIC and the Group II Upper Tier REMIC, respectively). Each Class of Group I Certificates (other than the Class I-R Certificates), other than the right of each Class of Group I LIBOR Certificates to receive Basis Risk Carry Forward Amounts and, without duplication, Group I Upper Tier Carry Forward Amounts and the obligation to pay Class I-IO Shortfalls and the right of the Class I-CE Certificates to receive payments from the Group I Interest Rate Swap Agreement, and the right to receive Class I-IO Shortfalls represents ownership of a regular interest (or in the case of the Class I-CE Certificates, two regular interests) in the Group I Upper Tier REMIC for purposes of the REMIC Provisions. The “Class I-R Certificates represent ownership of the sole Class of residual interest in each of the Group I Pooling Tier REMIC-A, the Group I Pooling Tier REMIC-B, the Group I Lower Tier REMIC and the Group I Upper Tier REMIC for purposes of the REMIC Provisions. Each Class of Group II Certificates (other than the Class II-AR Certificates) represents ownership of a regular interest in the Group II Upper Tier REMIC for purposes of the REMIC Provisions. The Class II-AR Certificates represent ownership of the sole Class of residual interest in each of the Group II Pooling Tier REMIC, the Group II Lower Tier REMIC and the Group II Upper Tier REMIC. The Startup Day for each Trust REMIC is the Closing Date. The latest possible maturity date” date for federal income tax purposes of all interests created hereby shall be each regular interest is the Latest Possible Maturity Datelatest date referenced in Section 2.04. The Subsidiary REMIC shall consist of all of the assets constituting the Trust Fund corresponding to Collateral Group 1 and Collateral Group 2, (exclusive of the Class P Prepayment Charges) and shall be evidenced by the uncertificated interests set forth below that shall be designated as REMIC regular interests (the “Subsidiary REMIC Regular Interests”). In addition, the Subsidiary REMIC shall issue the Class A-LR Certificate and shall designate such interest as its sole class of residual interest. The Middle I Upper Tier REMIC shall hold as its assets the several Classes of uncertificated REMIC regular interests issued by the Subsidiary REMICGroup I Lower Tier Regular Interests, set out below. The Middle Group I Lower Tier REMIC shall issue hold as assets the Class R-2 interest and shall designate such interest as its sole class several Classes of residual interest. In addition, uncertificated the Middle REMIC shall issue the uncertificated REMIC regular interests set forth below for the Middle REMIC (the “Middle REMIC Group I Pooling Tier REMIC-B Regular Interests”. The Group I Pooling Tier REMIC-B shall hold as assets the several Classes of uncertificated Group I Pooling Tier REMIC-A Regular Interests. The Group I Pooling Tier REMIC-A shall hold as assets the assets relating to Loan Group I (exclusive of (i) the Group I Interest Rate Swap Agreement, (ii) the Supplemental Interest Account, (iii) the Excess Reserve Fund Account, and (iv) the right of the Group I LIBOR Certificates to receive Basis Risk Carry Forward Amounts and, without duplication, Group I Upper Tier Carry Forward Amounts and the obligation to pay Class I-IO Shortfalls). The Master REMIC shall consist For federal income tax purposes, each Class of the Middle REMIC Regular Interests and shall be evidenced by the Classes Group I LIBOR Certificates represents beneficial ownership of Certificates set forth below for the Master REMIC (which, except for the Class P, Class A-LR and Class A-UR Certificates, shall represent the “a regular interests” interest in the Master REMIC) Group I Upper Tier REMIC and the right to receive Basis Risk Carry Forward Amounts and, without duplication, Group I Upper Tier Carry Forward Amounts, subject to the obligation to pay Class I-IO Shortfalls, and the Class R-3 Interest as the single “residual interest” in the Master REMIC. The Class AI-UR Certificate shall not be considered a Certificate issued by the Master REMIC, but instead shall CE Certificates represent beneficial ownership of two regular interests in the Class R-2 Group I Upper Tier REMIC, the Excess Reserve Fund Account, the Supplemental Interest Account and Class R-3 interests.the Group I Interest Rate Swap Agreement, which portions of the Trust Fund shall be treated as a grantor trust. Group I Pooling Tier REMIC-A
Appears in 1 contract
PRELIMINARY STATEMENT. The Depositor is As provided herein, the owner of Trust Administrator shall elect that the Trust Fund that is hereby conveyed to the Trustee in return for the Certificates. The Trust Fund is being conveyed to the Trustee to create a trust for the benefit (exclusive of the Certificateholders. The Trust Fund any Prepayment Penalties) be treated for federal income tax purposes shall consist of three REMICs as comprising five real estate mortgage investment conduits (each a “REMIC” or, in the alternative, “Subsidiary REMIC”, the REMIC 1,” “Subsidiary REMIC 2,” “Middle REMICREMIC 1,” “Middle REMIC 2,” and the “Master REMIC”). The “latest possible maturity date” Each Class of Certificates, other than the Class AR and Class AR-L Certificates, represents ownership of a regular interest in the Master REMIC for federal income tax purposes of all interests created hereby shall be the Latest Possible Maturity DateREMIC Provisions. The Subsidiary REMIC shall consist of all Class AR Certificates represent ownership of the assets constituting the Trust Fund corresponding to Collateral Group 1 and Collateral Group 2, (exclusive of the Class P Prepayment Charges) and shall be evidenced by the uncertificated interests set forth below that shall be designated as REMIC regular interests (the “Subsidiary REMIC Regular Interests”). In addition, the Subsidiary REMIC shall issue the Class A-LR Certificate and shall designate such interest as its sole class of residual interestinterest in each of Middle REMIC 1, Middle REMIC 2 and the Master REMIC for purposes of the REMIC Provisions. The Middle Class AR-L Certificates represent ownership of the sole class of residual interest in Subsidiary REMIC 1 and Subsidiary REMIC 2 for purposes of the REMIC Provisions. The Master REMIC shall hold as its assets the several classes of uncertificated Middle Tier Interests in Middle REMIC 2 other than the Class MT2-R Interest, and each such Middle Tier Interest is hereby designated as a regular interests issued by interest in Middle REMIC 2. Middle REMIC 2 shall hold as its assets the several classes of uncertificated Middle Tier Interests in Middle REMIC 1 other than the Class MT1-R Interest, and each such Middle Tier Interest is hereby designated as a regular interest in Middle REMIC 1. Middle REMIC 1 shall hold as its assets the several classes of uncertificated Lower Tier Interests in Subsidiary REMIC 1 and Subsidiary REMIC 2, other than the Class LT1-R and Class LT2-R Interests, and each such Lower Tier Interest is hereby designated as a regular interest in a Subsidiary REMIC. The Middle Subsidiary REMIC 1 shall issue the Class R-2 interest and shall designate such interest hold as its sole class assets the Mortgage Loans in Loan Group I and Loan Group III, and all collections and accounts related thereto. Subsidiary REMIC 2 shall hold as its assets the Mortgage Loans in Loan Group II and all collections and accounts related thereto. The startup day for each REMIC created hereby for purposes of residual interestthe REMIC Provisions is the Closing Date. In addition, for purposes of the Middle REMIC shall issue Provisions, the latest possible maturity date for each regular interest in each REMIC created hereby is the Distribution Date following the third anniversary of the scheduled maturity date of the Mortgage Loan having the latest scheduled maturity date as of the Cut-off Date. The following table sets forth (or describes) the class designation, interest rate, and initial principal amount for each uncertificated REMIC regular interests set forth below for the Middle interest in Subsidiary REMIC (the “Middle 1: Subsidiary REMIC Regular Interests”). The 1 Interest Initial Principal Balance Interest Rate Corresponding Class of Master REMIC shall consist of the Middle REMIC Regular Interests and shall be evidenced by the Classes of Certificates set forth below for the Master REMIC LT1-Grp I (which, except for the Class P, Class 1) 5.500% N/A LT1-I-X (2) (2) A-LR and Class X LT1-I-PO (3) (4) A-UR Certificates, shall represent the “regular interests” in the Master REMICP LT1-Grp III (5) and the Class R-3 Interest as the single “residual interest” in the Master REMIC. The Class 5.250% N/A LT1-III-X (6) (6) A-UR Certificate shall not be considered a Certificate issued by the Master REMIC, but instead shall represent beneficial ownership of the Class R-2 and Class R-3 interests.X LT1-III-PO (7) (4) A-P LT1-R (8) (8) N/A ________________
Appears in 1 contract
Sources: Pooling and Servicing Agreement (CSFB Mortgage-Backed Pass-Through Certificates, Series 2005-1)
PRELIMINARY STATEMENT. The Depositor is As provided herein, the owner of Trust Administrator shall elect that the Trust Fund that is hereby conveyed to the Trustee in return for the Certificates. The Trust Fund is being conveyed to the Trustee to create a trust for the benefit of the Certificateholders. The Trust Fund be treated for federal income tax purposes shall consist of three REMICs as comprising four real estate mortgage investment conduits (each a “REMIC” or, in the alternative, “Subsidiary REMIC”, the REMIC 1,” “Middle REMICREMIC 1,” “Middle REMIC 2,” and the “Master REMIC”). The “latest possible maturity date” Each Class of Certificates, other than the Class AR and Class AR-L Certificates, represents ownership of a regular interest in the Master REMIC for federal income tax purposes of all interests created hereby shall be the Latest Possible Maturity DateREMIC Provisions. The Subsidiary REMIC shall consist of all Class AR Certificates represent ownership of the assets constituting the Trust Fund corresponding to Collateral Group 1 and Collateral Group 2, (exclusive of the Class P Prepayment Charges) and shall be evidenced by the uncertificated interests set forth below that shall be designated as REMIC regular interests (the “Subsidiary REMIC Regular Interests”). In addition, the Subsidiary REMIC shall issue the Class A-LR Certificate and shall designate such interest as its sole class of residual interestinterest in each of Middle REMIC 1, Middle REMIC 2, and the Master REMIC for purposes of the REMIC Provisions. The Middle Class AR-L Certificates represent ownership of the sole class of residual interest in Subsidiary REMIC 1 for purposes of the REMIC Provisions. The Master REMIC shall hold as its assets the several classes of uncertificated Middle Tier Interests in Middle REMIC 2 other than the Class MT2-R Interest, and each such Middle Tier Interest is hereby designated as a regular interests issued by interest in Middle REMIC 2. Middle REMIC 2 shall hold as its assets the several classes of uncertificated Middle Tier Interests in Middle REMIC 1 other than the Class MT1-R Interest, and each such Middle Tier Interest is hereby designated as a regular interest in Middle REMIC 1. Middle REMIC 1 shall hold as its assets the several classes of uncertificated Lower Tier Interests in Subsidiary REMICREMIC 1, other than the Class LT1-R Interest, and each such Lower Tier Interest is hereby designated as a regular interest in Subsidiary REMIC 1. Subsidiary REMIC 1 shall hold as its assets the Mortgage Loans and all collections and accounts related thereto. The Middle startup day for each REMIC shall issue created hereby for purposes of the Class R-2 interest and shall designate such interest as its sole class of residual interestREMIC Provisions is the Closing Date. In addition, for purposes of the Middle REMIC shall issue Provisions, the latest possible maturity date for each regular interest in each REMIC created hereby is the Distribution Date following the third anniversary of the scheduled maturity date of the Mortgage Loan having the latest scheduled maturity date as of the Cut-off Date. The following table sets forth (or describes) the class designation, interest rate, and initial principal amount for each uncertificated REMIC regular interests set forth below for the Middle interest in Subsidiary REMIC 1: LT1-Grp 1 (the “Middle REMIC Regular Interests”). The Master REMIC shall consist of the Middle REMIC Regular Interests and shall be evidenced by the Classes of Certificates set forth below for the Master REMIC 1) 6.000% N/A LT1-1-X (which, except for the Class P, Class A2) (2) D-LR and Class AX LT1-UR Certificates, shall represent the “regular interests” in the Master REMIC1-PO (3) and the Class R-3 Interest as the single “residual interest” in the Master REMIC. The Class A(4) D-UR Certificate shall not be considered a Certificate issued by the Master REMIC, but instead shall represent beneficial ownership of the Class R-2 and Class R-3 interests.P LT1-Grp 2 (5) 6.250% N/A LT1-2-X (6) (6) D-X LT1-2-PO (7) (8) D-P LT1-Grp 3 (9) 6.500% N/A LT1-3-X (10) (10) D-X LT1-3-PO (11) (12) D-P LT1-R (13) (13) N/A ________________
Appears in 1 contract
Sources: Pooling and Servicing Agreement (CSMC Mortgage-Backed Trust Series 2006-5)
PRELIMINARY STATEMENT. The Depositor is As provided herein, the owner of Trust Administrator shall elect that the Trust Fund that is hereby conveyed (exclusive of the Interest Rate Cap Agreements, the Interest Rate Cap Accounts, the Basis Risk Reserve Fund and any amounts payable to the Trustee in return for the Class ES and Class PP Certificates. The Trust Fund is being conveyed to the Trustee to create a trust for the benefit of the Certificateholders. The Trust Fund ) be treated for federal income tax purposes shall consist of three REMICs as comprising five real estate mortgage investment conduits (each a “REMIC” or, in the alternative, “Subsidiary REMIC”, the REMIC 1,” “Subsidiary REMIC 2,” “Subsidiary REMIC 3,” “Middle REMICREMIC 1,” and the “Master REMIC”). The “latest possible maturity date” for federal income tax purposes Each Class of all interests created hereby shall be Certificates, other than the Latest Possible Maturity Date. The Subsidiary REMIC shall consist of all of the assets constituting the Trust Fund corresponding to Collateral Group 1 Class X, Class ES, Class PP, Class AR and Collateral Group 2Class AR-L Certificates, (and exclusive of the right to receive Basis Risk Shortfalls, represents ownership of a regular interest in the Master REMIC for purposes of the REMIC Provisions. The Class P Prepayment Charges) and shall be evidenced by AR Certificates represent ownership of the uncertificated interests set forth below that shall be designated as REMIC regular interests (the “Subsidiary REMIC Regular Interests”). In addition, the Subsidiary REMIC shall issue the Class A-LR Certificate and shall designate such interest as its sole class of residual interestinterest in each of Middle REMIC 1 and the Master REMIC for purposes of the REMIC Provisions. The Middle Class AR-L Certificates represent ownership of the sole class of residual interest in Subsidiary REMIC 1, Subsidiary REMIC 2, and Subsidiary REMIC 3 for purposes of the REMIC Provisions. The Master REMIC shall hold as its assets the several classes of uncertificated Middle Tier Interests in Middle REMIC 1 other than the Class MT1-R Interest, and each such Middle Tier Interest is hereby designated as a regular interests issued by interest in Middle REMIC 1. Middle REMIC 1 shall hold as its assets the several classes of uncertificated Lower Tier Interests in Subsidiary REMIC 1, Subsidiary REMIC 2, and Subsidiary REMIC 3, other than the Class LT1-R, Class LT2-R, and Class LT3-R Interests, and each such Lower Tier Interest is hereby designated as a regular interest in a Subsidiary REMIC. The Middle Subsidiary REMIC 1 shall issue the Class R-2 interest and shall designate such interest hold as its sole class assets the Mortgage Loans in Loan Group I and all collections and accounts related thereto. Subsidiary REMIC 2 shall hold as its assets the Mortgage Loans in Loan Group II, Loan Group III, Loan Group IV and Loan Group VIII, and all collections and accounts related thereto. Subsidiary REMIC 3 shall hold as its assets the Mortgage Loans in Loan Group V, Loan Group VI, Loan Group VII, and Loan Group IX and all collections and accounts related thereto. The startup day for each REMIC created hereby for purposes of residual interestthe REMIC Provisions is the Closing Date. In addition, for purposes of the Middle REMIC shall issue Provisions, the latest possible maturity date for each regular interest in each REMIC created hereby is the Distribution Date following the third anniversary of the scheduled maturity date of the Mortgage Loan having the latest scheduled maturity date as of the Cut-off Date. The following table sets forth (or describes) the class designation, interest rate, and initial principal amount for each uncertificated REMIC regular interests set forth below for the Middle interest in Subsidiary REMIC 1: LT1-I-A-1 (the “Middle REMIC Regular Interests”). The Master REMIC shall consist of the Middle REMIC Regular Interests and shall be evidenced by the Classes of Certificates set forth below for the Master REMIC 1) (which, except for the Class P, Class A3) I-LR and Class AA-1 LTI-UR Certificates, shall represent the “regular interests” in the Master REMICI-A-2 (1) and the Class R-3 Interest as the single “residual interest” in the Master REMIC. The Class A(3) I-UR Certificate shall not be considered a Certificate issued by the Master REMIC, but instead shall represent beneficial ownership of the Class R-2 and Class R-3 interests.A-2 LT1-I-A-3 (1) (3) I-A-3 LT1-I-A-4 (1) (3) I-A-4 LT1-I-M-1 (1) (3) I-M-1 LT1-I-M-2 (1) (3) I-M-2 LT1-I-M-3 (1) (3) I-M-3 LT1-I-M-4 (1) (3) I-M-4 LT1-Q (2) (3) N/A LT1-R (4) (4) N/A ________________
Appears in 1 contract
Sources: Pooling and Servicing Agreement (CSFB Mortgage-Backed Pass-Through Certificates, Series 2005-6)
PRELIMINARY STATEMENT. The Depositor is As provided herein, the owner of Trust Administrator shall elect that the Trust Fund that is hereby conveyed to the Trustee in return for the Certificates. The Trust Fund is being conveyed to the Trustee to create a trust for the benefit (exclusive of the Certificateholders. The Trust Fund Yield Maintenance Account, the Yield Maintenance Agreement and the Supplemental Interest Trust) be treated for federal income tax purposes shall consist of three REMICs as comprising five real estate mortgage investment conduits (each a “REMIC” or, in the alternative, “Subsidiary REMIC”, the REMIC 1,” “Subsidiary REMIC 2,” “Middle REMICREMIC 1,” “Middle REMIC 2,” and the “Master REMIC”). The “latest possible maturity date” for federal income tax purposes Each Class of all interests created hereby shall be Certificates, other than the Latest Possible Maturity Date. The Subsidiary REMIC shall consist of all of the assets constituting the Trust Fund corresponding to Collateral Group 1 Class AR and Collateral Group 2, (Class AR-L Certificates and exclusive of the Class P Prepayment Charges) and shall be evidenced by right to receive amounts from the uncertificated interests set forth below that shall be designated as REMIC regular interests (Supplemental Interest Trust in the “Subsidiary REMIC Regular Interests”). In addition, the Subsidiary REMIC shall issue case of the Class A5-LR Certificate and shall designate such A-1 Certificates, represents ownership of a regular interest as its in the Master REMIC for purposes of the REMIC Provisions. The Class AR Certificates represent ownership of the sole class of residual interestinterest in each of Middle REMIC 1, Middle REMIC 2, and the Master REMIC for purposes of the REMIC Provisions. The Middle Class AR-L Certificates represent ownership of the sole class of residual interest in Subsidiary REMIC 1 and Subsidiary REMIC 2 for purposes of the REMIC Provisions. The Master REMIC shall hold as its assets the several classes of uncertificated Middle Tier Interests in Middle REMIC 2 other than the Class MT2-R Interest, and each such Middle Tier Interest is hereby designated as a regular interests issued by interest in Middle REMIC 2. Middle REMIC 2 shall hold as its assets the several classes of uncertificated Middle Tier Interests in Middle REMIC 1 other than the Class MT1-R Interest, and each such Middle Tier Interest is hereby designated as a regular interest in Middle REMIC 1. Middle REMIC 1 shall hold as its assets the several classes of uncertificated Lower Tier Interests in Subsidiary REMIC 1 and Subsidiary REMIC 2, other than the Class LT1-R and LT2-R Interests, and each such Lower Tier Interest is hereby designated as a regular interest in a Subsidiary REMIC. The Middle Subsidiary REMIC 1 shall issue the Class R-2 interest and shall designate such interest hold as its sole class assets the Mortgage Loans in Loan Groups 2 and 6, and all collections and accounts related thereto. Subsidiary REMIC 2 shall hold as its assets the Mortgage Loans in Loan Groups 1, 3, 4 and 5, and all collections and accounts related thereto. The startup day for each REMIC created hereby for purposes of residual interestthe REMIC Provisions is the Closing Date. In addition, for purposes of the Middle REMIC shall issue Provisions, the latest possible maturity date for each regular interest in each REMIC created hereby is the Distribution Date following the third anniversary of the scheduled maturity date of the Mortgage Loan having the latest scheduled maturity date as of the Cut-off Date. The following table sets forth (or describes) the class designation, interest rate, and initial principal amount for each uncertificated REMIC regular interests set forth below for the Middle interest in Subsidiary REMIC 1: LT1-Grp 2 (the “Middle REMIC Regular Interests”). The Master REMIC shall consist of the Middle REMIC Regular Interests and shall be evidenced by the Classes of Certificates set forth below for the Master REMIC 1) 6.000% N/A LT1-2-X (which, except for the Class P, Class 2) (2) A-LR and Class X LT1-Grp (3) 5.75% N/A LT1-6-X (4) (4) A-UR Certificates, shall represent the “regular interests” in the Master REMICX LT1-R (9) and the Class R-3 Interest as the single “residual interest” in the Master REMIC. The Class A-UR Certificate shall not be considered a Certificate issued by the Master REMIC, but instead shall represent beneficial ownership of the Class R-2 and Class R-3 interests.(9) N/A ________________
Appears in 1 contract
Sources: Pooling and Servicing Agreement (CSMC Mortgage-Backed Pass-Through Certificates, Series 2006-2)
PRELIMINARY STATEMENT. The Depositor is the owner of the Trust Fund that is hereby conveyed to the Trustee in return for the Certificates. The Trust Fund is being conveyed to the Trustee to create a trust for the benefit (exclusive of the Certificateholders. The Trust Fund Class C-B-1, Class 8-A-5, and Class 8-M-4 Interest Rate Cap Agreements and assets held in the Basis Risk Reserve Funds and the Class 8-A-5 and Class 8-M-4 Interest Rate Cap Accounts) for federal income tax purposes shall consist of three five REMICs (the “Subsidiary REMIC 1,” “Subsidiary REMIC 2” (each, a “Subsidiary REMIC”), the “Middle REMIC 1,” “Middle REMIC 2,” (each, a “Middle REMIC” ”), and the “Master REMIC”). Subsidiary REMIC 1 shall consist of all of the assets constituting the Trust Fund corresponding to Loan Group 1, Loan Group 2, Loan Group 3, Loan Group 4, Loan Group 5, Loan Group 6 and Loan Group 7. Each Interest in Subsidiary REMIC 1, other than the SR-1 Interest (collectively, the “Subsidiary REMIC 1 Regular Interests”), shall be uncertificated and shall be designated as a REMIC regular interest. In addition, Subsidiary REMIC 1 shall issue the SR-1 interest and shall designate such interest as its sole class of residual interest. Middle REMIC 1 shall hold as its assets the uncertificated REMIC regular interests issued by Subsidiary REMIC 1. Each Interest in Middle REMIC 1, other than the MR-1 Interest (collectively, the “Middle REMIC 1 Regular Interests”), shall be uncertificated and shall be designated as a REMIC regular interest. In addition, Middle REMIC 1 shall issue the MR-1 Interest and shall designate such interest as its sole class of residual interest. Subsidiary REMIC 2 shall consist of the Loan Group 8 Mortgage Loans. Each Interest in Subsidiary REMIC 2, other than the SR-2 Interest (collectively, the “Subsidiary REMIC 2 Interests”), shall be uncertificated and shall be designated as a REMIC regular interest. In addition, Subsidiary REMIC 2 shall issue the SR-2 Interest and shall designate such interest as its sole class of residual interest. Middle REMIC 2 shall consist of the Middle REMIC 1 and Subsidiary REMIC 2 Regular Interests. Each interest in Middle REMIC 2, other than the MR-2 Interest (collectively, the “Middle REMIC 2 Regular Interests”), shall be uncertificated and shall be designated as a REMIC regular interest. In addition, Middle REMIC 2 shall issue the MR-2 Interest and shall designate such interest as its sole class of residual interest. The Master REMIC shall consist of the Middle REMIC 2 Regular Interests. Each interest in the Master REMIC, other than the AR Interest, shall be designated as a REMIC regular interest. In addition, the Master REMIC shall issue the AR Interest and shall designate such interest as its sole class of residual interest. The Class AR-L Certificates shall represent beneficial ownership of the SR-1 Interest and the SR-2 Interest. The Class AR Certificates shall represent beneficial ownership of the MR-1 Interest, the MR-2 Interest, and the AR Interest. The “latest possible maturity date” for federal income tax purposes of all interests created hereby shall be the Latest Possible Maturity Date. The Subsidiary REMIC shall consist of all of the assets constituting the Trust Fund corresponding to Collateral Group 1 and Collateral Group 2, Date (exclusive of the Class P Prepayment Charges) and shall be evidenced by the uncertificated interests set forth below that shall be designated as REMIC regular interests (the “Subsidiary REMIC Regular Interests”defined in Section 11.01 herein). In addition, the Subsidiary REMIC shall issue the Class A-LR Certificate and shall designate such interest as its sole class of residual interest. The Middle REMIC shall hold as its assets the uncertificated REMIC regular interests issued by the Subsidiary REMIC. The Middle REMIC shall issue the Class R-2 interest and shall designate such interest as its sole class of residual interest. In addition, the Middle REMIC shall issue the uncertificated REMIC regular interests set forth below for the Middle REMIC (the “Middle REMIC Regular Interests”). The Master REMIC shall consist of the Middle REMIC Regular Interests and shall be evidenced by the Classes of Certificates set forth below for the Master REMIC (which, except for the Class P, Class A-LR and Class A-UR Certificates, shall represent the “regular interests” in the Master REMIC) and the Class R-3 Interest as the single “residual interest” in the Master REMIC. The Class A-UR Certificate shall not be considered a Certificate issued by the Master REMIC, but instead shall represent beneficial ownership of the Class R-2 and Class R-3 interests.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (CSFB Mortgage-Backed Pass-Through Certificates, Series 2004-Ar8)
PRELIMINARY STATEMENT. The Depositor is the owner of the Trust Fund that is hereby conveyed to the Trustee in return for the Certificates. The Trust Fund is being conveyed to the Trustee to create a trust for the benefit of the Certificateholders. The Trust Fund for federal income tax purposes shall consist of three REMICs (the “Subsidiary REMIC”, the “Middle REMIC” and the “Master REMIC”). The “latest possible maturity date” for federal income tax purposes of all interests created hereby shall be the Latest Possible Maturity Date. The Subsidiary REMIC shall consist of all of the assets constituting the Trust Fund corresponding to Collateral Group 1 and 1, Collateral Group 2, Collateral Group 3, Collateral Group 4 and Collateral Group 5 (exclusive of the Class P Prepayment Charges) and shall be evidenced by the uncertificated interests set forth below that shall be designated as REMIC regular interests (the “Subsidiary REMIC Regular Interests”). In addition, the Subsidiary REMIC shall issue the Class A-LR Certificate and shall designate such interest as its sole class of residual interest. The Middle REMIC shall hold as its assets the uncertificated REMIC regular interests issued by the Subsidiary REMIC. The Middle REMIC shall issue the Class R-2 interest and shall designate such interest as its sole class of residual interest. In addition, the Middle REMIC shall issue the uncertificated REMIC regular interests set forth below for the Middle REMIC (the “Middle REMIC Regular Interests”). The Master REMIC shall consist of the Middle REMIC Regular Interests and shall be evidenced by the Classes of Certificates set forth below for the Master REMIC (which, except for the Class P, Class A-LR and Class A-UR Certificates, shall represent the “regular interests” in the Master REMIC) and the Class R-3 Interest as the single “residual interest” in the Master REMIC. The Class A-UR Certificate shall not be considered a Certificate issued by the Master REMIC, but instead shall represent beneficial ownership of the Class R-2 and Class R-3 interests.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Mastr Seasoned Securitization Trust 2005-2)
PRELIMINARY STATEMENT. The Depositor is As provided herein, the owner of Trustee shall elect that the Trust Fund that is hereby conveyed to the Trustee in return for the Certificates. The Trust Fund is being conveyed to the Trustee to create a trust for the benefit (exclusive of the Certificateholders. The assets held in the Excess Reserve Fund Account, the Swap Agreement, and the Supplemental Interest Trust Fund (collectively, the “Excluded Trust Property”)) be treated for federal income tax purposes shall consist of three REMICs as comprising seven real estate mortgage investment conduits (each, a “REMIC” or, in the “Subsidiary REMIC”alternative, the “Lower Tier REMIC 1, the Lower Tier REMIC 2, the Middle Tier REMIC” , the Upper Tier REMIC, the Class B-4 REMIC, the Class ▇▇ ▇▇▇▇▇, and the “Master Class P REMIC”). The “latest possible maturity date” Each Certificate, other than the Class B-4, Class CE-1, Class CE-2, Class P, Class R and Class R-X Certificates, represents ownership of a regular interest in the Upper Tier REMIC for federal income tax purposes of all interests created hereby shall be the Latest Possible Maturity Date. The Subsidiary REMIC shall consist of all of the assets constituting the Trust Fund corresponding to Collateral Group 1 and Collateral Group 2, (exclusive of the Class P Prepayment Charges) and shall be evidenced by the uncertificated interests set forth below that shall be designated as REMIC regular interests (the “Subsidiary REMIC Regular Interests”)Provisions. In addition, the Subsidiary REMIC shall issue each Class of Certificates (other than the Class ACE-1, Class CE-2, Class R, Class R-LR X, and Class P Certificates) represents the right to receive payments with respect to Basis Risk Carry Forward Amounts. The Class CE-1 Certificate represents ownership of a regular interest in the Class ▇▇ ▇▇▇▇▇ and shall designate such also represents ownership of the assets held from time to time in the Excess Reserve Fund Account and the Supplemental Interest Trust. Each of the Class B-4 and Class P Certificates represents ownership of a regular interest as its in the Class B-4 REMIC and Class P REMIC, respectively. The Class R Certificate represents ownership of the sole class of residual interestinterest in each of the Lower Tier REMIC 1, the Middle Tier REMIC and the Upper Tier REMIC. The Middle Class R-X Certificate represents ownership of the sole class of residual interest in each remaining REMIC. Lower Tier REMIC 2 will consist of all amounts distributable in respect of the Class CE-2 Certificates and the LT-R2 interest, which represents the sole class of residual interest in Lower Tier REMIC 2. The Class P REMIC shall hold as its assets the uncertificated REMIC regular interests issued by Class P interest in the Subsidiary Upper Tier REMIC. The Middle Class ▇▇ ▇▇▇▇▇ shall hold as its assets the uncertificated Class CE-1 interest in the Upper Tier REMIC. The Class B-4 REMIC shall issue hold as its assets the uncertificated Class B-4 interest in the Upper Tier REMIC. The Upper Tier REMIC shall hold as its assets the several classes of uncertificated Middle Tier Interests in the Middle Tier REMIC, other than the Class R-2 MT-R Interest, and each such Middle Tier Interest is hereby designated as a regular interest and in the Middle Tier REMIC for purposes of the REMIC Provisions. The Middle Tier REMIC shall designate such interest hold as its sole class assets the several classes of residual interestuncertificated Lower Tier Interests in the Lower Tier REMIC 1, other than the Class LT-R1 Interest, and each such Lower Tier Interest is hereby designated as a regular interest in the Lower Tier REMIC 1. The Lower Tier REMIC 1 shall hold as assets the property of the Trust Fund other than the interests in any other REMIC formed hereby. The startup day for each REMIC created hereby for purposes of the REMIC Provisions is the Closing Date. In addition, for purposes of the Middle REMIC shall issue Provisions, the uncertificated latest possible maturity date for each regular interest in each REMIC regular interests set forth below for created hereby is the Middle REMIC (Distribution Date in the “Middle REMIC Regular Interests”)thirty-sixth month following the month in which the Mortgage Loan held in the Trust Fund as of the Closing Date having the latest maturity date matures. The Master following table sets forth (or describes) the class designation, interest rate, and initial class principal amount for each class of Lower Tier Interests in Lower Tier REMIC shall consist of the Middle REMIC Regular Interests and shall be evidenced by the Classes of Certificates set forth below for the Master REMIC 1. Class LT-A (which, except for the 1) (5) Class P, LT-F1 (2) $ 2,556,071.00 Class ALT-LR and V1 (3) $ 2,556,071.00 Class ALT-UR Certificates, shall represent the “regular interests” in the Master REMICF2 (2) and the $ 3,025,016.00 Class R-3 Interest as the single “residual interest” in the Master REMIC. The LT-V2 (3) $ 3,025,016.00 Class ALT-UR Certificate shall not be considered a Certificate issued by the Master REMIC, but instead shall represent beneficial ownership of the F3 (2) $ 3,480,875.50 Class R-2 and LT-V3 (3) $ 3,480,875.50 Class R-3 interests.LT-F4 (2) $ 3,914,602.50 Class LT-V4 (3) $ 3,914,602.50 Class LT-F5 (2) $ 4,272,740.50 Class LT-V5 (3) $ 4,272,740.50 Class LT-F6 (2) $ 4,565,562.50 Class LT-V6 (3) $ 4,565,562.50 Class LT-F7 (2) $ 4,768,147.00 Class LT-V7 (3) $ 4,768,147.00 Class LT-F8 (2) $ 4,864,830.00 Class LT-V8 (3) $ 4,864,830.00 Class LT-F9 (2) $ 4,754,186.00 Class LT-V9 (3) $ 4,754,186.00 Class LT-F10 (2) $ 4,585,783.00 Class LT-V10 (3) $ 4,585,783.00 Class LT-F11 (2) $ 4,372,347.00 Class LT-V11 (3) $ 4,372,347.00 Class LT-F12 (2) $ 4,177,910.00 Class LT-V12 (3) $ 4,177,910.00 Class LT-F13 (2) $ 3,989,709.50 Class LT-V13 (3) $ 3,989,709.50 Class LT-F14 (2) $ 3,832,615.00 Class LT-V14 (3) $ 3,832,615.00 Class LT-F15 (2) $ 3,743,883.00 Class LT-V15 (3) $ 3,743,883.00 Class LT-F16 (2) $ 3,729,963.00 Class LT-V16 (3) $ 3,729,963.00 Class LT-F17 (2) $ 3,908,014.50 Class LT-V17 (3) $ 3,908,014.50 Class LT-F18 (2) $ 4,201,112.50 Class LT-V18 (3) $ 4,201,112.50 Class LT-F19 (2) $ 5,003,002.50 Class LT-V19 (3) $ 5,003,002.50 Class LT-F20 (2) $ 4,875,276.50 Class LT-V20 (3) $ 4,875,276.50 Class LT-F21 (2) $ 4,647,831.50 Class LT-V21 (3) $ 4,647,831.50 Class LT-F22 (2) $ 4,012,171.50 Class LT-V22 (3) $ 4,012,171.50 Class LT-F23 (2) $ 3,376,178.50 Class LT-V23 (3) $ 3,376,178.50 Class LT-F24 (2) $ 2,557,010.00 Class LT-V24 (3) $ 2,557,010.00 Class LT-F25 (2) $ 2,195,913.00 Class LT-V25 (3) $ 2,195,913.00 Class LT-F26 (2) $ 1,905,367.00 Class LT-V26 (3) $ 1,905,367.00 Class LT-F27 (2) $ 1,797,600.50 Class LT-V27 (3) $ 1,797,600.50 Class LT-F28 (2) $ 1,698,818.00 Class LT-V28 (3) $ 1,698,818.00 Class LT-F29 (2) $ 1,605,650.50 Class LT-V29 (3) $ 1,605,650.50 Class LT-F30 (2) $ 1,517,820.50 Class LT-V30 (3) $ 1,517,820.50 Class LT-F31 (2) $ 1,292,671.50 Class LT-V31 (3) $ 1,292,671.50 Class LT-F32 (2) $ 518,090.50 Class LT-V32 (3) $ 518,090.50 Class LT-F33 (2) $ 2,778,700.00 Class LT-V33 (3) $ 2,778,700.00 Class LT-F34 (2) $ 2,676,928.50 Class LT-V34 (3) $ 2,676,928.50 Class LT-F35 (2) $ 2,578,935.00 Class LT-V35 (3) $ 2,578,935.00 Class LT-F36 (2) $ 2,494,600.00 Class LT-V36 (3) $ 2,494,600.00 Class LT-F37 (2) $ 2,393,097.50 Class LT-V37 (3) $ 2,393,097.50 Class LT-F38 (2) $ 2,305,635.50 Class LT-V38 (3) $ 2,305,635.50 Class LT-F39 (2) $ 2,273,289.50 Class LT-V39 (3) $ 2,273,289.50 Class LT-F40 (2) $ 2,157,266.50 Class LT-V40 (3) $ 2,157,266.50 Class LT-F41 (2) $ 2,088,819.50 Class LT-V41 (3) $ 2,088,819.50 Class LT-F42 (2) $ 1,981,122.00 Class LT-V42 (3) $ 1,981,122.00 Class LT-F43 (2) $ 1,912,256.50 Class LT-V43 (3) $ 1,912,256.50 Class LT-F44 (2) $ 2,011,209.50 Class LT-V44 (3) $ 2,011,209.50 Class LT-F45 (2) $ 1,762,062.50 Class LT-V45 (3) $ 1,762,062.50 Class LT-F46 (2) $ 1,698,227.50 Class LT-V46 (3) $ 1,698,227.50 Class LT-F47 (2) $ 45,122,974.50 Class LT-V47 (3) $ 45,122,974.50 Class LT-R (4) (4)
Appears in 1 contract
Sources: Pooling and Servicing Agreement (C-Bass Mortgage Loan Trust 2007-Cb2)
PRELIMINARY STATEMENT. The Depositor is As provided herein, the owner of Trust Administrator shall elect that the Trust Fund that is hereby conveyed (exclusive of the Reserve Funds and the Yield Maintenance Agreements and the assets held in the Prefunding Account, the Capitalized Interest Account, and the Supplemental Interest Trust, and exclusive of any amounts payable to the Trustee in return for the Class ES Certificates. The Trust Fund is being conveyed to the Trustee to create a trust for the benefit of the Certificateholders. The Trust Fund ) be treated for federal income tax purposes shall consist of three REMICs as comprising five real estate mortgage investment conduits (each a “REMIC” or, in the alternative, “Subsidiary REMIC”, the REMIC 1,” “Subsidiary REMIC 2,” “Middle REMICREMIC 1,” “Middle REMIC 2,” and the “Master REMIC”). The “latest possible maturity date” Each Class of Certificates, other than the Class ES, Class AR and Class AR-L Certificates, represents ownership of a regular interest in the Master REMIC for federal income tax purposes of all interests created hereby shall be the Latest Possible Maturity DateREMIC Provisions. The Subsidiary REMIC shall consist of all Class AR Certificates represent ownership of the assets constituting the Trust Fund corresponding to Collateral Group 1 and Collateral Group 2, (exclusive of the Class P Prepayment Charges) and shall be evidenced by the uncertificated interests set forth below that shall be designated as REMIC regular interests (the “Subsidiary REMIC Regular Interests”). In addition, the Subsidiary REMIC shall issue the Class A-LR Certificate and shall designate such interest as its sole class of residual interestinterest in each of Middle REMIC 1, Middle REMIC 2, and the Master REMIC for purposes of the REMIC Provisions. The Middle Class AR-L Certificates represent ownership of the sole class of residual interest in Subsidiary REMIC 1 and Subsidiary REMIC 2 for purposes of the REMIC Provisions. The Master REMIC shall hold as its assets the several classes of uncertificated Middle Tier Interests in Middle REMIC 2 other than the Class MT2-R Interest, and each such Middle Tier Interest is hereby designated as a regular interests issued by interest in Middle REMIC 2. Middle REMIC 2 shall hold as its assets the several classes of uncertificated Middle Tier Interests in Middle REMIC 1 other than the Class MT1-R Interest, and each such Middle Tier Interest is hereby designated as a regular interest in Middle REMIC 1. Middle REMIC 1 shall hold as its assets the several classes of uncertificated Lower Tier Interests in Subsidiary REMIC 1 and Subsidiary REMIC 2, other than the Class LT1-R and Class LT2-R Interests, and each such Lower Tier Interest is hereby designated as a regular interest in a Subsidiary REMIC. The Middle Subsidiary REMIC 1 shall issue the Class R-2 interest and shall designate such interest hold as its sole class assets the Mortgage Loans in Loan Group I and Loan Group III, and all collections and accounts related thereto. Subsidiary REMIC 2 shall hold as its assets the Mortgage Loans in Loan Group II and all collections and accounts related thereto. The startup day for each REMIC created hereby for purposes of residual interestthe REMIC Provisions is the Closing Date. In addition, for purposes of the Middle REMIC shall issue Provisions, the latest possible maturity date for each regular interest in each REMIC created hereby is the Distribution Date following the third anniversary of the scheduled maturity date of the Mortgage Loan having the latest scheduled maturity date as of the Cut-off Date. The following table sets forth (or describes) the class designation, interest rate, and initial principal amount for each uncertificated REMIC regular interests set forth below for the Middle interest in Subsidiary REMIC 1: LT1-Grp I (the “Middle REMIC Regular Interests”). The Master REMIC shall consist of the Middle REMIC Regular Interests and shall be evidenced by the Classes of Certificates set forth below for the Master REMIC 1) 5.000% N/A LT1-I-X (which, except for the Class P, Class 2) (2) I-X LT1-I-PO (3) (4) A-LR and Class P LT1-Grp III (5) 5.500% N/A LT1-III-X (6) (6) III-X LT1-III-PO (7) (8) A-UR Certificates, shall represent the “regular interests” in the Master REMICP LT1-R (9) and the Class R-3 Interest as the single “residual interest” in the Master REMIC. The Class A-UR Certificate shall not be considered a Certificate issued by the Master REMIC, but instead shall represent beneficial ownership of the Class R-2 and Class R-3 interests.(9) N/A ________________
Appears in 1 contract
Sources: Pooling and Servicing Agreement (CSFB Mortgage-Backed Pass-Through Certificates Series 2005-4)
PRELIMINARY STATEMENT. The Depositor is As provided herein, the owner of Trust Administrator shall elect that the Trust Fund that is hereby conveyed to the Trustee in return for the Certificates. The Trust Fund is being conveyed to the Trustee to create a trust for the benefit (exclusive of the Certificateholders. The Trust Fund any Prepayment Penalties) be treated for federal income tax purposes shall consist of three REMICs as comprising six real estate mortgage investment conduits (each a “REMIC” or, in the alternative, the “Subsidiary REMICREMIC 1”, the “Subsidiary REMIC 2”, “Subsidiary REMIC 3”, “Middle REMICREMIC 1”, “Middle REMIC 2” and the “Master REMIC”). The “latest possible maturity date” Each Class of Certificates, other than the Class AR Certificates, represents ownership of a regular interest in the Master REMIC for federal income tax purposes of all interests created hereby shall be the Latest Possible Maturity DateREMIC Provisions. The Subsidiary REMIC shall consist of all Class AR Certificates represent ownership of the assets constituting the Trust Fund corresponding to Collateral Group 1 and Collateral Group 2, (exclusive of the Class P Prepayment Charges) and shall be evidenced by the uncertificated interests set forth below that shall be designated as REMIC regular interests (the “Subsidiary REMIC Regular Interests”). In addition, the Subsidiary REMIC shall issue the Class A-LR Certificate and shall designate such interest as its sole class of residual interestinterest in each of the Subsidiary REMIC 1, Subsidiary REMIC 2, Subsidiary REMIC 3, Middle REMIC 1, Middle REMIC 2 and the Master REMIC for purposes of the REMIC Provisions. The Middle Master REMIC shall hold as its assets the several classes of uncertificated REMIC regular interests issued by the Subsidiary REMIC. The Middle Tier Interests in Middle REMIC shall issue 2 other than the Class R-2 MT2-R Interest, and each such Middle Tier Interest is hereby designated as a regular interest and shall designate such interest as its sole class of residual interestin Middle REMIC 2. In addition, the Middle REMIC shall issue the uncertificated REMIC regular interests set forth below for the Middle REMIC (the “Middle REMIC Regular Interests”). The Master REMIC shall consist hold each Special Retail Rounding Account. Middle REMIC 2 shall hold as its assets the several classes of uncertificated Middle Tier Interests in Middle REMIC 1 other than the Class MT1-R Interest, and each such Middle Tier Interest is hereby designated as a regular interest in Middle REMIC 1. Middle REMIC 1 shall hold as its assets the several classes of uncertificated Lower Tier Interests in each of the Middle REMIC Regular Interests and shall be evidenced by the Classes of Certificates set forth below for the Master REMIC (whichSubsidiary REMICs, except for other than the Class PLT1-R, Class ALT2-LR R and Class ALT3-UR CertificatesR Interests, and each such Lower Tier Interest is hereby designated as a regular interest in its respective Subsidiary REMIC. Subsidiary REMIC 1 shall represent hold as its assets the “regular interests” in the Master REMIC) Group I Mortgage Loans and the Class R-3 Interest Group II Mortgage Loans and all collections and accounts related thereto. Subsidiary REMIC 2 shall hold as its assets the single “residual interest” in Group V Mortgage Loans and the Master REMICGroup VI Mortgage Loans and all collections and accounts related thereto. Subsidiary REMIC 3 shall hold as its asset the Group III Mortgage Loans, the Group IV Mortgage Loans, the Group VII Mortgage Loans and all collections and accounts related thereto. The Class A-UR Certificate shall not be considered a Certificate issued by the Master REMIC, but instead shall represent beneficial ownership startup day for each REMIC created hereby for purposes of the Class R-2 REMIC Provisions is the Closing Date. In addition, for purposes of the REMIC Provisions, the latest possible maturity date for each regular interest in each REMIC created hereby is the Distribution Date following the third anniversary of the scheduled maturity date of the Mortgage Loan having the latest scheduled maturity date as of the Cut-off Date. The following table sets forth (or describes) the class designation, interest rate, and Class R-3 interests.initial principal amount for each uncertificated REMIC interest in Subsidiary REMIC 1: LT1-Grp I $678,494,922.88 5.50% N/A(5) LT1-AX-I (1) (1) I-X LT1-I-PO $ 1,911,906.00 (2) I-P LT1-Grp II $194,096,665.12 5.00% N/A LT1-II-PO $ 402,171.29 (2) AP LT1-II-X (3) (3) II-X LT1-R (4) (4) N/A ________________
Appears in 1 contract
Sources: Pooling and Servicing Agreement (CSFB Mortgage Backed Pass THR Certs Ser 2003-17)
PRELIMINARY STATEMENT. The Depositor is the owner of the Trust Fund that is hereby conveyed to the Trustee in return for the Certificates. The Trust Fund is being conveyed to the Trustee to create a trust for the benefit (exclusive of the Certificateholders. The Trust Fund assets held in the Basis Risk Reserve Fund) for federal income tax purposes shall will consist of three five REMICs (the “Subsidiary REMIC 1,” “Subsidiary REMIC 2” (each, a “Subsidiary REMIC”), the “Middle REMIC 1,” “Middle REMIC 2,” (each, a “Middle REMIC” ”), and the “Master REMIC”). Subsidiary REMIC 1 will consist of all of the assets constituting the Trust Fund corresponding to Loan Group 1, Loan Group 2, Loan Group 3, Loan Group 4, Loan Group 5, Loan Group 6, Loan Group 7, Loan Group 8, Loan Group 9, and Loan Group 10. Each Interest in Subsidiary REMIC 1, other than the SR-1 Interest (collectively, the “Subsidiary REMIC 1 Regular Interests”), shall be uncertificated and shall be designated as a REMIC regular interest. In addition, Subsidiary REMIC 1 shall issue the SR-1 interest and shall designate such interest as its sole class of residual interest. Middle REMIC 1 shall hold as its assets the uncertificated REMIC regular interests issued by Subsidiary REMIC 1. Each Interest in Middle REMIC 1, other than the MR-1 Interest (collectively, the “Middle REMIC 1 Regular Interests”), shall be uncertificated and shall be designated as a REMIC regular interest. In addition, Middle REMIC 1 shall issue the MR-1 Interest and shall designate such interest as its sole class of residual interest. Subsidiary REMIC 2 will consist of the Loan Group 11 Mortgage Loans. Each Interest in Subsidiary REMIC 2, other than the SR-2 Interest (collectively, the “Subsidiary REMIC 2 Interests”), shall be uncertificated and shall be designated as a REMIC regular interest. In addition, Subsidiary REMIC 2 shall issue the SR-2 Interest and shall designate such interest as its sole class of residual interest. Middle REMIC 2 will consist of the Middle REMIC 1 and Subsidiary REMIC 2 Regular Interests. Each interest in Middle REMIC 2, other than the MR-2 Interest (collectively, the “Middle REMIC 2 Regular Interests”), will be uncertificated and shall be designated as a REMIC regular interest. In addition, Middle REMIC 2 shall issue the MR-2 Interest and shall designate such interest as its sole class of residual interest. The Master REMIC will consist of the Middle REMIC 2 Regular Interests. Each interest in the Master REMIC, other then the AR Interest, shall be designated as a REMIC regular interest. In addition, the Master REMIC shall issue the AR Interest and shall desinate such interest as its sole class of residual interest. The Class AR-L Certificates shall represent beneficial ownership of the SR-1 Interest and the SR-2 Interest. The Class AR Certificates shall represent beneficial ownership of the MR-1 Interest, the MR-2 Interest, and the AR Interest. The “latest possible maturity date” for federal income tax purposes of all interests created hereby shall be the Latest Possible Maturity Date. The Subsidiary REMIC shall consist of all of the assets constituting the Trust Fund corresponding to Collateral Group 1 and Collateral Group 2, Date (exclusive of the Class P Prepayment Charges) and shall be evidenced by the uncertificated interests set forth below that shall be designated as REMIC regular interests (the “Subsidiary REMIC Regular Interests”defined in Section 11.01 herein). In addition, the Subsidiary REMIC shall issue the Class A-LR Certificate and shall designate such interest as its sole class of residual interest. The Middle REMIC shall hold as its assets the uncertificated REMIC regular interests issued by the Subsidiary REMIC. The Middle REMIC shall issue the Class R-2 interest and shall designate such interest as its sole class of residual interest. In addition, the Middle REMIC shall issue the uncertificated REMIC regular interests set forth below for the Middle REMIC (the “Middle REMIC Regular Interests”). The Master REMIC shall consist of the Middle REMIC Regular Interests and shall be evidenced by the Classes of Certificates set forth below for the Master REMIC (which, except for the Class P, Class A-LR and Class A-UR Certificates, shall represent the “regular interests” in the Master REMIC) and the Class R-3 Interest as the single “residual interest” in the Master REMIC. The Class A-UR Certificate shall not be considered a Certificate issued by the Master REMIC, but instead shall represent beneficial ownership of the Class R-2 and Class R-3 interests.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (CSFB Mort Sec Corp Mort Backed Pass THR Certs Ser 2003 Ar5)
PRELIMINARY STATEMENT. The Depositor is the owner of the Trust Fund that is hereby conveyed to the Trustee in return for the Certificates. The As provided herein, the Trustee shall elect that the Trust Fund is being conveyed (exclusive of (i) the Cap Agreement, (ii) the Reserve Fund, (iii) the right to receive and the Trustee obligation to create a trust for pay Basis Risk Shortfalls and Unpaid Basis Risk Shortfalls, (iv) the benefit of right to receive and the Certificateholders. The obligation to pay AFC Shortfalls, (v) the right to receive and the obligation to pay the Class A-IO Termination Amount, (vi) the Swap Agreement, (vii) the Supplemental Interest Trust Fund Account, (viii) the Supplemental Interest Trust and (ix) any Additional Collateral (collectively, the “Excluded Trust Assets”)) be treated for federal income tax purposes shall consist as comprising four real estate mortgage investment conduits under Section 860D of three REMICs the Code (each a “REMIC” or, in the alternative “REMIC 1,” “REMIC 2,” “REMIC 3” and “REMIC 4,” REMIC 4 also being referred to as the “Subsidiary REMIC”, the “Middle REMIC” and the “Master Upper Tier REMIC”). The “latest possible maturity date” Any inconsistencies or ambiguities in this Agreement or in the administration of this Agreement shall be resolved in a manner that preserves the validity of such REMIC elections. Each Certificate, other than the Class RL and Class R Certificates, represents ownership of a regular interest in the Upper Tier REMIC for federal income tax purposes of all interests created hereby shall be the Latest Possible Maturity Date. The Subsidiary REMIC shall consist of all of the assets constituting the Trust Fund corresponding to Collateral Group 1 and Collateral Group 2, (exclusive of the Class P Prepayment Charges) and shall be evidenced by the uncertificated interests set forth below that shall be designated as REMIC regular interests (the “Subsidiary REMIC Regular Interests”)Provisions. In addition, the Subsidiary REMIC shall issue each Certificate, other than the Class ARL and Class R Certificates, the Interest-LR Certificate Only Certificates and shall designate such the Class X and Class P Certificates, represents (i) the right to receive payments with respect to any Basis Risk Shortfalls and Unpaid Basis Risk Shortfalls and (ii) the right to receive and the obligation to pay AFC Shortfalls. The Class R Certificates represent ownership of the sole Class of residual interest as its in each of REMIC 2, REMIC 3 and the Upper Tier REMIC for purposes of the REMIC Provisions. The Class RL Certificates represent ownership of the sole class of residual interestinterest in REMIC 1. The Middle Upper Tier REMIC shall hold as its assets the uncertificated Interests in REMIC 3, other than the R-3 Interest, and each such Interest is hereby designated as a regular interests issued by interest in REMIC 3 for purposes of the Subsidiary REMICREMIC Provisions. REMIC 3 shall hold as its assets the uncertificated Interests in REMIC 2, other than the R-2 Interest, and each such Interest is hereby designated as a regular interest in REMIC 2 for purposes of the REMIC Provisions. REMIC 2 shall hold as its assets the uncertificated Interests in REMIC 1, other than the R-1 Interest, and each such Interest is hereby designated as a regular interest in REMIC 1 for purposes of the REMIC Provisions. REMIC 1 shall hold as its assets the property of the Trust Fund other than the Interests in REMIC 1, REMIC 2 and REMIC 3 and the Excluded Trust Assets. The Middle startup day for each REMIC shall issue created hereby for purposes of the Class R-2 interest and shall designate such interest as its sole class of residual interestREMIC Provisions is the Closing Date. In addition, for purposes of the Middle REMIC shall issue Provisions, the uncertificated latest possible maturity date for each regular interest in each REMIC created hereby is the Latest Possible Maturity Date. The following table sets forth the designations, principal balances, and interest rates for each interest in REMIC 1, each of which (other than the R-1 Interest) is hereby designated as a regular interests set forth below for the Middle interest in REMIC 1 (the “Middle REMIC 1 Regular Interests”): T1-Pool-1 (1) (1) T1-A (2) (3) T1-F $50,000,000.00 (4) T1-V $50,000,000.00 (5) R-1 (6) (6). The Master REMIC shall consist of the Middle REMIC Regular Interests and shall be evidenced by the Classes of Certificates set forth below for the Master REMIC (which, except for the Class P, Class A-LR and Class A-UR Certificates, shall represent the “regular interests” in the Master REMIC) and the Class R-3 Interest as the single “residual interest” in the Master REMIC. The Class A-UR Certificate shall not be considered a Certificate issued by the Master REMIC, but instead shall represent beneficial ownership of the Class R-2 and Class R-3 interests.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Bayview Financial Mortgage Pass-Through Trust 2007-A)
PRELIMINARY STATEMENT. The Depositor is As provided herein, the owner of Trust Administrator shall elect that the Trust Fund that is hereby conveyed to the Trustee in return for the Certificates. The Trust Fund is being conveyed to the Trustee to create a trust for the benefit (exclusive of the Certificateholders. The Trust Fund Supplemental Interest Trust, the Yield Maintenance Accounts and the Yield Maintenance Agreements) be treated for federal income tax purposes shall consist of three REMICs as comprising four real estate mortgage investment conduits (each a “REMIC” or, in the alternative, “Subsidiary REMIC”, the REMIC 1,” “Middle REMICREMIC 1,” “Middle REMIC 2,” and the “Master REMIC”). The “latest possible maturity date” for federal income tax purposes Each Class of all interests created hereby shall be Certificates (other than the Latest Possible Maturity Date. The Subsidiary Class AR and Class AR-L Certificates, the Exchangeable Certificates and the Exchangeable REMIC shall consist of all of the assets constituting the Trust Fund corresponding to Collateral Group 1 Certificates and Collateral Group 2, (exclusive of the right to receive amounts from the related Yield Maintenance Account in the case of the Class P Prepayment Charges1-A-1 and Class 3-A-1 Certificates) and shall be evidenced by each Class of Uncertificated REMIC Interests represents ownership of a regular interest in the uncertificated interests set forth below that shall be designated as Master REMIC regular interests (for purposes of the “Subsidiary REMIC Regular Interests”)Provisions. In addition, The Class AR Certificates represent ownership of the Subsidiary REMIC shall issue the Class A-LR Certificate and shall designate such interest as its sole class of residual interestinterest in each of Middle REMIC 1, Middle REMIC 2, and the Master REMIC for purposes of the REMIC Provisions. The Middle Class AR-L Certificates represent ownership of the sole class of residual interest in Subsidiary REMIC 1 for purposes of the REMIC Provisions. The Master REMIC shall hold as its assets the Class PP Reserve Fund and the several classes of uncertificated Middle Tier Interests in Middle REMIC 2 other than the Class MT2-R Interest, and each such Middle Tier Interest is hereby designated as a regular interests issued by interest in Middle REMIC 2. Middle REMIC 2 shall hold as its assets the several classes of uncertificated Middle Tier Interests in Middle REMIC 1 other than the Class MT1-R Interest, and each such Middle Tier Interest is hereby designated as a regular interest in Middle REMIC 1. Middle REMIC 1 shall hold as its assets the several classes of uncertificated Lower Tier Interests in Subsidiary REMICREMIC 1, other than the Class LT1-R Interest, and each such Lower Tier Interest is hereby designated as a regular interest in Subsidiary REMIC 1. Subsidiary REMIC 1 shall hold as its assets the Mortgage Loans in Loan Groups 1, 2 and 3, and all collections and accounts related thereto. The Middle startup day for each REMIC shall issue created hereby for purposes of the Class R-2 interest and shall designate such interest as its sole class of residual interestREMIC Provisions is the Closing Date. In addition, for purposes of the Middle REMIC shall issue Provisions, the latest possible maturity date for each regular interest in each REMIC created hereby is the Distribution Date following the third anniversary of the scheduled maturity date of the Mortgage Loan having the latest scheduled maturity date as of the Cut-off Date. The following table sets forth (or describes) the class designation, interest rate, and initial principal amount for each uncertificated REMIC regular interests set forth below for the Middle interest in Subsidiary REMIC 1: LT1-Grp 1 (the “Middle REMIC Regular Interests”). The Master REMIC shall consist of the Middle REMIC Regular Interests and shall be evidenced by the Classes of Certificates set forth below for the Master REMIC 1) 6.000% N/A LT1-1-X (which, except for the Class P, Class 2) (2) A-LR and Class X LT1-Grp 2 (3) 5.000% N/A LT1-2-PO (4) (5) A-UR Certificates, shall represent the “regular interests” in the Master REMICP LT1-Grp 3 (6) and the Class R-3 Interest as the single “residual interest” in the Master REMIC. The Class 5.500% N/A LT1-3-X (7) (7) A-UR Certificate shall not be considered a Certificate issued by the Master REMIC, but instead shall represent beneficial ownership of the Class R-2 and Class R-3 interests.X LT1-R (8) (8) N/A ________________
Appears in 1 contract
Sources: Pooling and Servicing Agreement (CSMC Mortgage-Backed Trust 2007-2)
PRELIMINARY STATEMENT. The Depositor is the owner Securities Administrator on behalf of the Trust Fund (exclusive of (i) the Swap Agreement, (ii) the right to receive and the obligation to pay Basis Risk Carryover Amounts, (iii) the Excess Reserve Fund Account, (iv) the Supplemental Interest Trust and the Supplemental Interest Trust Account and (v) the obligations to pay Class I Shortfalls (collectively, the “Excluded Trust Assets”) shall elect that is hereby conveyed to two segregated asset pools within the Trustee in return for the Certificates. The Trust Fund is being conveyed to the Trustee to create a trust for the benefit of the Certificateholders. The Trust Fund be treated for federal income tax purposes shall consist as comprising three real estate mortgage investment conduits under Section 860D of three REMICs the Code (each a “REMIC” or, in the alternative, “REMIC 1,” REMIC 2” and “REMIC 3,” REMIC 3 also being referred to herein as the “Subsidiary Upper Tier REMIC.”) Any inconsistencies or ambiguities in this Agreement or in the administration of this Agreement shall be resolved in a manner that preserves the validity of such REMIC election. Each Certificate, other than the “Middle REMIC” and Class R Certificates, represents ownership of a regular interest in the “Master REMIC”). The “latest possible maturity date” Upper Tier REMIC for federal income tax purposes of all interests created hereby shall be the Latest Possible Maturity Date. The Subsidiary REMIC shall consist of all of the assets constituting the Trust Fund corresponding to Collateral Group 1 and Collateral Group 2, (exclusive of the Class P Prepayment Charges) and shall be evidenced by the uncertificated interests set forth below that shall be designated as REMIC regular interests (the “Subsidiary REMIC Regular Interests”)Provisions. In addition, the Subsidiary REMIC shall issue each Certificate, other than the Class A-LR R, Class X and Class P Certificates, represents (i) the right to receive payments with respect to any Basis Risk Carryover Amounts and (ii) the obligation to pay Class I Shortfalls. The Class R Certificate and shall designate such interest as its represents ownership of the sole class Class of residual interestinterest in each of REMIC 1, REMIC 2 and the Upper Tier REMIC for purposes of the REMIC Provisions. The Middle Upper Tier REMIC shall hold as its assets the uncertificated Lower Tier Interests in REMIC regular interests issued by the Subsidiary REMIC. The Middle REMIC shall issue 2, other than the Class R-2 LT2-R interest, and each such Lower Tier Interest is hereby designated as a regular interest and in REMIC 2 for purposes of the REMIC Provisions. REMIC 2 shall designate such interest hold as its sole class of residual interest. In addition, the Middle REMIC shall issue assets the uncertificated Lower Tier Interests in REMIC 1, and each such Lower Tier Interest is hereby designated as a regular interests set forth below for interest in REMIC 1. REMIC 1 shall hold as its assets the Middle REMIC (the “Middle REMIC Regular Interests”). The Master REMIC shall consist property of the Middle Trust Fund other than the Lower Tier Interests in REMIC Regular Interests 1 and shall be evidenced by the Classes of Certificates set forth below for the Master REMIC (which, except for the Class P, Class A-LR and Class A-UR Certificates, shall represent the “regular interests” in the Master REMIC) 2 and the Class R-3 Interest as the single “residual interest” in the Master REMIC. The Class A-UR Certificate shall not be considered a Certificate issued by the Master REMIC, but instead shall represent beneficial ownership of the Class R-2 and Class R-3 interestsExcluded Trust Assets.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (HSI Asset Securitization CORP Trust 2005-I1)
PRELIMINARY STATEMENT. The Depositor is As provided herein, the owner of Trust Administrator shall elect that the Trust Fund that is hereby conveyed to the Trustee in return for the Certificates. The Trust Fund is being conveyed to the Trustee to create a trust for the benefit (exclusive of the Certificateholders. The Trust Fund Interest Rate Cap Accounts, the Interest Rate Cap Agreements and the Basis Risk Reserve Fund) be treated for federal income tax purposes shall consist of three REMICs as comprising five real estate mortgage investment conduits (each a “REMIC” or, in the alternative, “Subsidiary REMIC”, the REMIC 1,” “Subsidiary REMIC 2,” “Middle REMICREMIC 1,” “Middle REMIC 2,” and the “Master REMIC”). The “latest possible maturity date” for federal income tax purposes Each Class of all interests created hereby shall be Certificates, other than the Latest Possible Maturity Date. The Subsidiary REMIC shall consist of all of Class AR, the assets constituting Class AR-L Certificates and the Trust Fund corresponding to Collateral Group 1 Class X Certificates and Collateral Group 2, (exclusive of the right to receive amounts from the Basis Risk Reserve Fund in the case of each Group 1 Certificate, represents ownership of a regular interest in the Master REMIC for purposes of the REMIC Provisions. The Class P Prepayment Charges) and shall be evidenced by AR Certificates represent ownership of the uncertificated interests set forth below that shall be designated as REMIC regular interests (the “Subsidiary REMIC Regular Interests”). In addition, the Subsidiary REMIC shall issue the Class A-LR Certificate and shall designate such interest as its sole class of residual interestinterest in each of Middle REMIC 1, Middle REMIC 2, and the Master REMIC for purposes of the REMIC Provisions. The Middle Class AR-L Certificates represent ownership of the sole class of residual interest in Subsidiary REMIC 1 and Subsidiary REMIC 2 for purposes of the REMIC Provisions. The Master REMIC shall hold as its assets the several classes of uncertificated Middle Tier Interests in Middle REMIC 2 other than the Class MT2-R Interest, and each such Middle Tier Interest is hereby designated as a regular interests issued by interest in Middle REMIC 2. Middle REMIC 2 shall hold as its assets the several classes of uncertificated Middle Tier Interests in Middle REMIC 1 other than the Class MT1-R Interest, and each such Middle Tier Interest is hereby designated as a regular interest in Middle REMIC 1. Middle REMIC 1 shall hold as its assets the several classes of uncertificated Lower Tier Interests in Subsidiary REMIC 1 and Subsidiary REMIC 2, other than the Class LT1-R and LT2-R Interests, and each such Lower Tier Interest is hereby designated as a regular interest in a Subsidiary REMIC. The Middle Subsidiary REMIC 1 shall issue the Class R-2 interest and shall designate such interest hold as its sole class assets the Mortgage Loans in Loan Group 1, and all collections and accounts related thereto. Subsidiary REMIC 2 shall hold as its assets the Mortgage Loans in Loan Groups 2, 3, 4 and 5, and all collections and accounts related thereto. The startup day for each REMIC created hereby for purposes of residual interestthe REMIC Provisions is the Closing Date. In addition, for purposes of the Middle REMIC shall issue Provisions, the latest possible maturity date for each regular interest in each REMIC created hereby is the Distribution Date following the third anniversary of the scheduled maturity date of the Mortgage Loan having the latest scheduled maturity date as of the Cut-off Date. The following table sets forth (or describes) the class designation, interest rate, and initial principal amount for each uncertificated REMIC regular interests set forth below for the Middle interest in Subsidiary REMIC 1: LT1-1-A-1A (the “Middle REMIC Regular Interests”). The Master REMIC shall consist of the Middle REMIC Regular Interests and shall be evidenced by the Classes of Certificates set forth below for the Master REMIC 1) (which, except for the Class P, Class A3) 1-LR and Class AA-1A LT1-UR Certificates, shall represent the “regular interests” in the Master REMIC1-A-1B (1) and the Class R-3 Interest as the single “residual interest” in the Master REMIC. The Class A(3) 1-UR Certificate shall not be considered a Certificate issued by the Master REMIC, but instead shall represent beneficial ownership of the Class R-2 and Class R-3 interests.A-1B LT1-1-A-3 (1) (3) 1-A-3 LT1-1-A-4A (1) (3) 1-A-4A LT1-1-A-4B (1) (3) 1-A-4B LT1-1-M-1 (1) (3) 1-M-1 LT1-1-M-2 (1) (3) 1-M-2 LT1-1-M-3 (1) (3) 1-M-3 LT1-1-M-4 (1) (3) 1-M-4 LT1-Q (2) (3) N/A LT1-R (4) (4) N/A ________________
Appears in 1 contract
Sources: Pooling and Servicing Agreement (CSMC Mortgage-Backed Trust Series 2006-3)
PRELIMINARY STATEMENT. The Depositor is As provided herein, the owner of Trust Administrator shall elect that the Trust Fund that is hereby conveyed to the Trustee in return for the Certificates. The Trust Fund is being conveyed to the Trustee to create a trust for the benefit (exclusive of the Certificateholders. The Trust Fund Yield Maintenance Account, the Yield Maintenance Agreement and the Supplemental Interest Trust) be treated for federal income tax purposes shall consist of three REMICs as comprising five real estate mortgage investment conduits (each a “REMIC” or, in the alternative, “Subsidiary REMIC”, the REMIC 1,” “Subsidiary REMIC 2,” “Middle REMICREMIC 1,” “Middle REMIC 2,” and the “Master REMIC”). The “latest possible maturity date” for federal income tax purposes Each Class of all interests created hereby shall be Certificates, other than the Latest Possible Maturity Date. The Subsidiary REMIC shall consist of all Class AR and Class AR-L Certificates, and in the case of the assets constituting the Trust Fund corresponding to Collateral Group 1 and Collateral Group 2Class 3-A-1 Certificates, (exclusive of the Class P Prepayment Charges) right to receive amounts from the Supplemental Interest Trust, and shall be evidenced by in the uncertificated interests set forth below that shall be designated as REMIC regular interests (the “Subsidiary REMIC Regular Interests”). In addition, the Subsidiary REMIC shall issue case of the Class A5-LR Certificate A-1, Class 8-A-1 and shall designate such Class 8-A-9 Certificates, exclusive of the rights and obligations with respect to the Swap Agreement, represents ownership of a regular interest as its in the Master REMIC for purposes of the REMIC Provisions. The Class AR Certificates represent ownership of the sole class of residual interestinterest in each of Middle REMIC 1, Middle REMIC 2, and the Master REMIC for purposes of the REMIC Provisions. The Middle Class AR-L Certificates represent ownership of the sole class of residual interest in Subsidiary REMIC 1 and Subsidiary REMIC 2 for purposes of the REMIC Provisions. The Master REMIC shall hold as its assets the several classes of uncertificated Middle Tier Interests in Middle REMIC 2 other than the Class MT2-R Interest, and each such Middle Tier Interest is hereby designated as a regular interests issued by interest in Middle REMIC 2. Middle REMIC 2 shall hold as its assets the several classes of uncertificated Middle Tier Interests in Middle REMIC 1 other than the Class MT1-R Interest, and each such Middle Tier Interest is hereby designated as a regular interest in Middle REMIC 1. Middle REMIC 1 shall hold as its assets the several classes of uncertificated Lower Tier Interests in Subsidiary REMIC 1, and Subsidiary REMIC 2, other than the Class LT1-R and LT2-R Interests, and each such Lower Tier Interest is hereby designated as a regular interest in a Subsidiary REMIC. The Middle Subsidiary REMIC 1 shall issue the Class R-2 interest and shall designate such interest hold as its sole class assets the Mortgage Loans in Loan Groups 1, 2, 3, 4 and 7, and all collections and accounts related thereto. Subsidiary REMIC 2 shall hold as its assets the Mortgage Loans in Loan Groups 5, 6 and 8, and all collections and accounts related thereto. The startup day for each REMIC created hereby for purposes of residual interestthe REMIC Provisions is the Closing Date. In addition, for purposes of the Middle REMIC shall issue Provisions, the latest possible maturity date for each regular interest in each REMIC created hereby is the Distribution Date following the third anniversary of the scheduled maturity date of the Mortgage Loan having the latest scheduled maturity date as of the Cut-off Date. The following table sets forth (or describes) the class designation, interest rate, and initial principal amount for each uncertificated REMIC regular interests set forth below for the Middle interest in Subsidiary REMIC 1: LT1-Grp 1 (the “Middle REMIC Regular Interests”). The Master REMIC shall consist of the Middle REMIC Regular Interests and shall be evidenced by the Classes of Certificates set forth below for the Master REMIC 1) 6.500% N/A LT1-1-X (which, except for the Class P, Class 2) (2) D-X LT1-1-PO (3) (4) A-LR and Class P LT1-Grp 2 (5) 6.000% N/A LT1-2-X (6) (6) D-X LT1-2-PO (7) (8) A-UR Certificates, shall represent the “regular interests” in the Master REMICP LT1-Grp 3 (9) and the Class R-3 Interest as the single “residual interest” in the Master REMIC. The Class 5.500% N/A LT1-3-X (10) (10) D-X LT1-3-PO (11) (12) A-UR Certificate shall not be considered a Certificate issued by the Master REMIC, but instead shall represent beneficial ownership of the Class R-2 and Class R-3 interests.P LT1-Grp 4 (13) 7.000% N/A LT1-4-X (14) (14) D-X LT1-4-PO (15) (16) A-P LT1-Grp 7 (17) 6.000% N/A LT1-7-X (18) (18) D-X LT1-7-PO (19) (20) A-P LT1-R (21) (21) N/A ________________
Appears in 1 contract
Sources: Pooling and Servicing Agreement (CSFB Mortgage-Backed Pass-Through Certificates, Series 2005-11)
PRELIMINARY STATEMENT. The Depositor is the owner of the Trust Fund that is hereby conveyed to the Trustee in return for the Certificates. The Trust Fund is being conveyed to As provided herein, the Trustee to create a trust for the benefit of the Certificateholders. The Trust Fund Trustee, for federal income tax purposes purposes, shall consist treat the Trust Fund as consisting of three REMICs a trust (the “Subsidiary REMICES Trust”) beneath which are three real estate mortgage investment conduits (or in the alternative, “REMIC 1”, the “Middle REMICREMIC 2” and the “Master REMIC”) and the Securities Administrator, on behalf of the Trustee, shall make all elections as necessary for such treatment. REMIC 1 will consist of the Mortgage Loans, excluding any rights of the Trust Fund in respect of the Additional Collateral. REMIC 1 will issue uncertificated REMIC regular interests (the “REMIC 1 Regular Interests”). The REMIC 1 Regular Interests will represent the “regular interests” in REMIC 1, and the Class R1 Interest will represent the single Class of “residual interest” in REMIC 1. The Trustee will hold the REMIC 1 Regular Interests for the benefit of REMIC 2. REMIC 2 will consist of the REMIC 1 Interests and will be evidenced by the REMIC 2 Interests (other than the Class R2 Interests), which will constitute the regular interests in the Master REMIC and the Class R2 Interest, which will represent the single Class of “residual interest” in REMIC 2. The Trustee will hold the REMIC 2 Regular Interests for the benefit of the Master REMIC. The Master REMIC will consist of the REMIC 2 Interests and will be evidenced by the Master REMIC Interests (other than the Class R3 Interests), which will constitute the regular interests in the Master REMIC and the Class R3 Interest, which will represent the single Class of “residual interest” in the Master REMIC. The “latest possible maturity date” for federal income tax purposes of all regular and residual interests created hereby shall hereunder will be the Latest Possible Maturity Date. The Subsidiary ES Trust shall hold all Master REMIC regular interests, and shall consist issue the Certificates. Each Certificate, other than the Class A-R Certificate, will represent ownership of all one or more of the assets constituting the Trust Fund corresponding to Collateral Group 1 and Collateral Group 2, (exclusive of the Class P Prepayment Charges) and shall be evidenced by the uncertificated interests set forth below that shall be designated as Master REMIC regular interests (held by the “Subsidiary REMIC Regular Interests”)ES Trust. For federal income tax purposes the Trustee shall treat the ES Trust as a Grantor Trust and shall treat each Holder of an ES Trust Certificate as the owner of the individual, underlying assets represented by such ES Trust Certificate. In addition, to the Subsidiary REMIC shall issue the Class A-LR fullest extent possible, ownership of an ES Trust Certificate and shall designate such interest as its sole class of residual interest. The Middle REMIC shall hold as its assets the uncertificated REMIC regular interests issued by the Subsidiary REMIC. The Middle REMIC shall issue the Class R-2 interest and shall designate such interest as its sole class of residual interest. In addition, the Middle REMIC shall issue the uncertificated REMIC regular interests set forth below for the Middle REMIC (the “Middle REMIC Regular Interests”). The Master REMIC shall consist of the Middle REMIC Regular Interests and shall be evidenced by the Classes of Certificates set forth below for the Master REMIC (which, except for the Class P, Class A-LR and Class A-UR Certificates, shall represent the “regular interests” in the Master REMIC) and the Class R-3 Interest treated as the single “residual interest” in the Master REMIC. The Class A-UR Certificate shall not be considered a Certificate issued by the Master REMIC, but instead shall represent beneficial direct ownership of the Class R-2 and Class R-3 interestsindividual, underlying assets represented by such ES Trust Certificate for federal income tax reporting purposes.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Morgan Stanley Mortgage Loan Trust 2007-11ar)
PRELIMINARY STATEMENT. The Depositor is the owner of the Trust Fund that is hereby conveyed to the Trustee in return for the Certificates. The Trust Fund is being conveyed (exclusive of any amounts in respect of waived Prepayment Charges paid by the Servicer to the Trustee Class P Certificates pursuant to create a trust for Section 3.19(b) and any amounts in respect of waived Late Payment Fees paid by the benefit of Servicer to the Certificateholders. The Trust Fund Class L Certificates pursuant to Section 3.20(b)) for federal income tax purposes shall will consist of three REMICs (the “Subsidiary REMICREMIC 1”, the “Middle REMICREMIC 2” and the “Master REMIC”). Each Certificate, other than the Class A-R Certificate, will represent ownership of one or more regular interests in the Master REMIC for purposes of the REMIC Provisions. The “Class A-R Certificate represents ownership of the sole class of residual interest in each REMIC created hereunder. The Master REMIC will hold as assets the REMIC 2 Regular Interests. REMIC 2 will hold as assets the REMIC 1 Regular Interests. REMIC 1 will hold as assets all property of the Trust Fund (exclusive of any amounts in respect of waived Prepayment Charges paid by the Servicer to the Class P Certificates pursuant to Section 3.19(b) and any amounts in respect of waived Late Payment Fees paid by the Servicer to the Class L Certificates pursuant to Section 3.20(b)). For federal income tax purposes, each Certificate (other than the Class A-R Certificate) is hereby designated as a regular interest in the Master REMIC and each REMIC 1 Regular Interest and REMIC 2 Regular Interest, as defined below, is designated as a regular interest in the REMIC 1 and REMIC 2, respectively. The latest possible maturity date” for federal income tax purposes date of all REMIC regular interests created hereby in this Agreement shall be the Latest Possible Maturity Date. The Subsidiary REMIC shall consist All amounts in respect of all of waived Prepayment Charges paid by the assets constituting the Trust Fund corresponding Servicer to Collateral Group 1 and Collateral Group 2, (exclusive of the Class P Prepayment ChargesCertificates pursuant to Section 3.19(b) and shall hereof will be evidenced treated as paid directly by the uncertificated interests set forth below that shall be designated Servicer to the Class P Certificates and not as paid by or through any REMIC created hereunder. REMIC 1 will issue a single regular interest corresponding to each Mortgage Loan having an Adjusted Net Mortgage Rate less than or equal to 6.00%, two regular interests (referred to collectively herein as the “Subsidiary REMIC Regular Class 1-A Interests” and the “Class 1-B Interests”) for each Mortgage Loan having an Adjusted Net Mortgage Rate greater than 6.00% and less than 6.50%, two regular interests (referred to collectively herein as the “Class 1-C Interests” and the “Class 1-D Interests”) for each Mortgage Loan having an Adjusted Net Mortgage Rate greater than 6.50% and less than 7.00% and a single regular interest for each Mortgage Loan having an Adjusted Net Mortgage Rate equal to 6.50% (collectively the “Class 1-B Interests”) or greater than or equal to 7.00% (collectively the “Class 1-D Interests”). In additionEach REMIC 1 Regular Interest corresponding to a Mortgage Loan having an Adjusted Net Mortgage Rate less than or equal to 6.00% will have a Pass Through Rate of 6.00% and a principal balance, following the Subsidiary REMIC shall issue allocation of scheduled principal, prepayments of principal and Realized Losses, equal to the Class Aproduct of: (i) the Non-LR Certificate and shall designate such interest as its sole class of residual interest. The Middle REMIC shall hold as its assets the uncertificated REMIC regular interests issued by the Subsidiary REMIC. The Middle REMIC shall issue the Class R-2 interest and shall designate such interest as its sole class of residual interest. In addition, the Middle REMIC shall issue the uncertificated REMIC regular interests set forth below for the Middle REMIC (the “Middle REMIC Regular Interests”). The Master REMIC shall consist PO Percentage of the Middle related Mortgage Loan and (ii) the principal balance of the related Mortgage Loan. For purposes of calculating the Calculation Rate, each of the foregoing REMIC 1 Regular Interests and shall Interest will be evidenced by the Classes treated as part of Certificates set forth below for the Master REMIC (which, except for the Class P, Class A-LR and Class A-UR Certificates, shall represent the “regular interests” in the Master REMIC) and the Class R-3 Interest as the single “residual interest” in the Master REMICCollateral Allocation Group 1. The Class A-UR Certificate shall not be considered a Certificate issued by the Master REMIC, but instead shall represent beneficial ownership Each of the Class R-2 1-A Interests will have a Pass Through Rate of 6.00% and a principal balance, following the allocation of scheduled principal, prepayments of principal and Realized Losses, equal to the product of: (i) the Applicable Fraction with respect to Collateral Allocation Group 1 for such Mortgage Loan and (ii) the principal balance of the related Mortgage Loan. For purposes of calculating the Calculation Rate, each Class R-3 interests1-A Interest will be treated as part of Collateral Allocation Group 1. Each of the Class 1-B Interests will have a Pass Through Rate of 6.50% and a principal balance: (a) in the case of Mortgage Loans having an Adjusted Net Mortgage Rate that is less than 6.50%, following the allocation of scheduled principal, prepayments of principal and Realized Losses, equal to the product of: (i) the Applicable Fraction with respect to Collateral Allocation Group 2 for such Mortgage Loan and (ii) the principal balance of the related Mortgage Loan, and (b) in the case of Mortgage Loans having an Adjusted Net Mortgage Rate that is equal to 6.50%, the principal balance of the related Mortgage Loan. For purposes of calculating the Calculation Rate, each Class 1-B Interest will be treated as part of Collateral Allocation Group 2. Each of the Class 1-C Interests will have a Pass Through Rate of 6.50% and a principal balance, following the allocation of scheduled principal, prepayments of principal and Realized Losses, equal to the product of: (i) the Applicable Fraction with respect to Collateral Allocation Group 2 for such Mortgage Loan and (ii) the principal balance of the related Mortgage Loan. For purposes of calculating the Calculation Rate, each Class 1-C Interest will be treated as part of Collateral Allocation Group 2. Each of the Class 1-D Interests will have a Pass Through Rate of 7.00% and a principal balance: (a) in the case of Mortgage Loans having an Adjusted Net Mortgage Rate that is less than or equal to 7.00%, following the allocation of scheduled principal, prepayments of principal and Realized Losses, equal to the product of: (i) the Applicable Fraction with respect to Collateral Allocation Group 3 for such Mortgage Loan and (ii) the principal balance of the related Mortgage Loan, and (b) in the case of Mortgage Loans having an Adjusted Net Mortgage Rate that equals or exceeds 7.00%, the principal balance of the related Mortgage Loan. For purposes of calculating the Calculation Rate, each Class 1-D Interest will be treated as part of Collateral Allocation Group 3.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (IndyMac IMSC Mortgage Loan Trust 2007-F3)
PRELIMINARY STATEMENT. The Depositor is As provided herein, the owner of Trustee shall elect that the Trust Fund that is hereby conveyed to the Trustee in return for the Certificates. The Trust Fund is being conveyed to the Trustee to create a trust for the benefit (exclusive of the Certificateholders. The Trust assets held in the Basis Risk Reserve Fund and any entitlement to Prepayment Premiums) be treated for federal income tax purposes shall consist of three REMICs as comprising four real estate mortgage investment conduits (each a "REMIC" or, in the “alternative, the Pooling REMIC, the Subsidiary REMIC”, the “Middle Intermediate REMIC” , and the “Master REMIC”"). The “latest possible maturity date” Each Certificate, other than the Class R Certificate, represents ownership of a regular interest in the Master REMIC for federal income tax purposes of all interests created hereby shall be the Latest Possible Maturity Date. The Subsidiary REMIC shall consist of all of the assets constituting the Trust Fund corresponding to Collateral Group 1 and Collateral Group 2, (exclusive of the Class P Prepayment Charges) and shall be evidenced by the uncertificated interests set forth below that shall be designated as REMIC regular interests (the “Subsidiary REMIC Regular Interests”)Provisions. In addition, each Class of LIBOR Certificates represents the Subsidiary REMIC shall issue right to receive payments pursuant to contractual arrangements as described in Section 8.11 of this Agreement. The Class X Certificate also represents ownership of the assets held from time to time in the Basis Risk Reserve Fund and rights to receive certain payments from the holder of the Class A-LR R Certificate and shall designate such interest as its described in Section 8.11 of this Agreement. The Class R Certificate represents ownership of the sole class of residual interestinterest in each of the Subsidiary REMIC, the Intermediate REMIC, and the Master REMIC for purposes of the REMIC Provisions. The Middle Class R-II Certificate represents ownership of the sole class of residual interest in the Pooling REMIC. The Master REMIC shall hold as its assets the several classes of uncertificated Lower Tier Interests in the Intermediate REMIC, other than the Class LT2-R Interest, and each such Lower Tier Interest is hereby designated as a regular interest in the Intermediate REMIC for purposes of the REMIC Provisions. The Intermediate REMIC shall hold as its assets the several classes of uncertificated Lower Tier Interests in the Subsidiary REMIC, other than the Class LT1-R Interest, and each such Lower Tier Interest is hereby designated as a regular interests issued by interest in the Subsidiary REMIC. The Middle Subsidiary REMIC shall issue the Class R-2 interest and shall designate such interest hold as its sole class assets the several classes of residual interestuncertificated Lower Tier Interests in the Pooling REMIC. The Pooling REMIC shall hold as assets the property of the Trust Fund other than the Lower Tier Interests in the Pooling REMIC, the Subsidiary REMIC and the Intermediate REMIC, the Basis Risk Reserve Fund and any entitlement to Prepayment Premiums. The startup day for each REMIC created hereby for purposes of the REMIC Provisions is the Closing Date. In addition, for purposes of the Middle REMIC shall issue Provisions, the uncertificated latest possible maturity date for each regular interest in each REMIC regular interests set forth below for created hereby is the Middle REMIC (fourth month following month in which the “Middle REMIC Regular Interests”)Mortgage Loan having the latest maturity date matures. The Master following table sets forth (or describes) the class designation, interest rate, and initial class principal amount for each class of Pooling REMIC shall consist of the Middle REMIC Regular Interests and shall be evidenced by the Classes of Certificates set forth below for the Master REMIC (which, except for the Class P, Class A-LR and Class A-UR Certificates, shall represent the “regular interests” in the Master REMIC) and the Class R-3 Interest as the single “residual interest” in the Master REMIC. The Class A-UR Certificate shall not be considered a Certificate issued by the Master REMIC, but instead shall represent beneficial ownership of the Class R-2 and Class R-3 interestsLower Tier Interests.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (CSFB Home Equity Pass-Through Certificates, Series 2004-Fre1)
PRELIMINARY STATEMENT. The Depositor is the owner of the Trust Fund that is hereby conveyed to the Trustee in return for the Certificates. The Trust Fund is being conveyed to the Trustee to create a trust for the benefit of the Certificateholders. The Trust Fund for federal income tax purposes shall consist of three REMICs (the “Subsidiary REMIC”, the “Middle REMIC” and the “Master REMIC”). The “latest possible maturity date” for federal income tax purposes of all interests created hereby shall be the Latest Possible Maturity Date. The Subsidiary REMIC shall consist of all of the assets constituting the Trust Fund corresponding to Collateral Loan Group 1 and Collateral 1, Loan Group 2, Loan Group 3, Loan Group 4, Loan Group 5, Loan Group 6, and Loan Group 7 (exclusive of the Class P Prepayment Charges) and shall be evidenced by the uncertificated interests set forth below that shall be designated as REMIC regular interests (the “Subsidiary REMIC Regular Interests”). In addition, the Subsidiary REMIC shall issue the Class A-LR Certificate and shall designate such interest as its sole class of residual interest. The Middle REMIC shall hold as its assets the uncertificated REMIC regular interests issued by the Subsidiary REMIC. The Middle REMIC shall issue the Class R-2 interest and shall designate such interest as its sole class of residual interest. In addition, the Middle REMIC shall issue the uncertificated REMIC regular interests set forth below for the Middle REMIC (the “Middle REMIC Regular Interests”). The Master REMIC shall consist of the Middle REMIC Regular Interests and shall be evidenced by the Classes of Certificates set forth below for the Master REMIC (which, except for the Class P, Class A-LR and Class A-UR Certificates, shall represent the “regular interests” in the Master REMIC) and the Class R-3 Interest as the single “residual interest” in the Master REMIC. The Class A-UR Certificate shall not be considered a Certificate issued by the Master REMIC, but instead shall represent beneficial ownership of the Class R-2 and Class R-3 interests.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Mastr Alternative Loan Trust 2005-1)
PRELIMINARY STATEMENT. The Depositor is the owner of the Trust Fund that is hereby conveyed to the Trustee in return for the Certificates. The As provided herein, the Trustee will elect that the Trust Fund is being conveyed to (other than the Trustee to create a trust for Supplemental Loan Account, the benefit of Capitalized Interest Account, the Certificateholders. The Trust Fund Corridor Contracts and the Corridor Contract Reserve Fund) be treated for federal income tax purposes shall consist of as three REMICs real estate mortgage investment conduits (each a "REMIC," or, in the “Subsidiary REMIC”alternative, the “"Lower Tier REMIC," the "Middle Tier REMIC” ," and the “"Master REMIC”," respectively). Each Certificate, other than the Class A-R Certificate, will represent ownership of one or more regular interests in the Master REMIC for purposes of the REMIC Provisions. The Class A-R Certificate will represent ownership of the sole class of residual interest in the Lower Tier REMIC, the Middle Tier REMIC and the Master REMIC. The Master REMIC will hold as assets the several classes of uncertificated Middle Tier REMIC Interests (other than the Class MTR-A-R Interest). The “Middle Tier REMIC will hold as assets the several classes of uncertificated Lower Tier REMIC Interests (other than the Class LT-A-R Interest). The Lower Tier REMIC will hold as assets all property of the Trust Fund (other than the Supplemental Loan Account, the Capitalized Interest Account, the Corridor Contracts and the Corridor Contract Reserve Fund). Each Lower Tier REMIC Interest (other than the Class LT-A-R Interest) is hereby designated as a regular interest in the Lower Tier REMIC. Each Middle Tier REMIC Interest (other than the Class MTR-A-R Interest) is hereby designated as a regular interest in the Middle Tier REMIC. For federal income tax purposes, the "latest possible maturity date” for federal income tax purposes " of all REMIC regular interests created hereby shall will be the Latest Possible Maturity Date. The Subsidiary REMIC shall consist of all following table sets forth characteristics of the assets constituting Master REMIC Certificates, together with the Trust Fund corresponding to Collateral Group 1 minimum denominations and Collateral Group 2, (exclusive of the Class P Prepayment Charges) and integral multiples in excess thereof in which such Classes shall be evidenced by the uncertificated interests set forth below issuable (except that shall one Certificate of each Class of Certificates may be designated as REMIC regular interests (the “Subsidiary REMIC Regular Interests”). In issued in a different amount and, in addition, one Residual Certificate representing the Subsidiary REMIC shall issue the Tax Matters Person Certificate may be issued in a different amount): ================================================================================ Integral Initial Class Pass-Through Multiples in Class Certificate Rate Minimum Excess of Designation Balance (per annum) Denomination Minimum -------------------------------------------------------------------------------- Class 1-A-1 $292,232,000.00 (1) $25,000.00 $1,000.00 -------------------------------------------------------------------------------- Class 1-A-2 (2) (3) $25,000.00(4) $1,000.00 -------------------------------------------------------------------------------- Class 1-A-3 $49,300,000.00 (5) $25,000.00 $1,000.00 -------------------------------------------------------------------------------- Class 1-A-4 (6) (7) $25,000.00(4) $1,000.00 -------------------------------------------------------------------------------- Class 1-A-5 $138,040,000.00 (8) $25,000.00 $1,000.00 -------------------------------------------------------------------------------- Class 1-A-6 $730,000.00 5.50% $25,000.00 $1,000.00 -------------------------------------------------------------------------------- Class 1-A-7 $19,641,000.00 5.50% $25,000.00 $1,000.00 -------------------------------------------------------------------------------- Class 2-A-1 $23,627,000.00 6.00% $25,000.00 $1,000.00 -------------------------------------------------------------------------------- Class 2-A-2 $505,000.00 6.00% $25,000.00 $1,000.00 -------------------------------------------------------------------------------- Class 3-A-1 $71,364,000.00 6.00% $25,000.00 $1,000.00 -------------------------------------------------------------------------------- Class PO $2,389,603.00 (9) $25,000.00 $1,000.00 -------------------------------------------------------------------------------- Class A-LR Certificate and shall designate such interest as its sole class of residual interest. The Middle REMIC shall hold as its assets the uncertificated REMIC regular interests issued by the Subsidiary REMIC. The Middle REMIC shall issue the R(10) $100.00 5.50% $100.00(11) $100.00(11) -------------------------------------------------------------------------------- Class R-2 interest and shall designate such interest as its sole class of residual interest. In additionM $13, the Middle REMIC shall issue the uncertificated REMIC regular interests set forth below for the Middle REMIC 147,000.00 (the “Middle REMIC Regular Interests”). The Master REMIC shall consist of the Middle REMIC Regular Interests and shall be evidenced by the Classes of Certificates set forth below for the Master REMIC 12) $25,000.00 $1,000.00 -------------------------------------------------------------------------------- Class B-1 $5,008,000.00 (which, except for the 12) $25,000.00 $1,000.00 -------------------------------------------------------------------------------- Class P, B-2 $3,130,000.00 (12) $25,000.00 $1,000.00 -------------------------------------------------------------------------------- Class A-LR and B-3 $3,130,000.00 (12) $100,000.00 $1,000.00 -------------------------------------------------------------------------------- Class A-UR Certificates, shall represent the “regular interests” in the Master REMICB-4 $2,191,000.00 (12) and the $100,000.00 $1,000.00 -------------------------------------------------------------------------------- Class R-3 Interest as the single “residual interest” in the Master REMIC. The Class A-UR Certificate shall not be considered a Certificate issued by the Master REMIC, but instead shall represent beneficial ownership of the Class R-2 and Class R-3 interests.B-5 $1,565,296.62 (12) $100,000.00 $1,000.00 ================================================================================
Appears in 1 contract
PRELIMINARY STATEMENT. The Depositor is As provided herein, the owner of Trust Administrator shall elect that the Trust Fund that is hereby conveyed (exclusive of any amounts payable to the Trustee in return for the Class ES Certificates. The Trust Fund is being conveyed to the Trustee to create a trust for the benefit of the Certificateholders. The Trust Fund ) be treated for federal income tax purposes shall consist of three REMICs as comprising five real estate mortgage investment conduits (each a “REMIC” or, in the alternative, “Subsidiary REMIC”, the REMIC 1,” “Subsidiary REMIC 2,” “Middle REMICREMIC 1,” “Middle REMIC 2,” and the “Master REMIC”). The “latest possible maturity date” Each Class of Certificates, other than the Class ES, Class AR and Class AR-L Certificates, represents ownership of a regular interest in the Master REMIC for federal income tax purposes of all interests created hereby shall be the Latest Possible Maturity DateREMIC Provisions. The Subsidiary REMIC shall consist of all Class AR Certificates represent ownership of the assets constituting the Trust Fund corresponding to Collateral Group 1 and Collateral Group 2, (exclusive of the Class P Prepayment Charges) and shall be evidenced by the uncertificated interests set forth below that shall be designated as REMIC regular interests (the “Subsidiary REMIC Regular Interests”). In addition, the Subsidiary REMIC shall issue the Class A-LR Certificate and shall designate such interest as its sole class of residual interestinterest in each of Middle REMIC 1, Middle REMIC 2, and the Master REMIC for purposes of the REMIC Provisions. The Middle Class AR-L Certificates represent ownership of the sole class of residual interest in Subsidiary REMIC 1 and Subsidiary REMIC 2 for purposes of the REMIC Provisions. The Master REMIC shall hold as its assets the several classes of uncertificated Middle Tier Interests in Middle REMIC 2 other than the Class MT2-R Interest, and each such Middle Tier Interest is hereby designated as a regular interests issued by interest in Middle REMIC 2. Middle REMIC 2 shall hold as its assets the several classes of uncertificated Middle Tier Interests in Middle REMIC 1 other than the Class MT1-R Interest, and each such Middle Tier Interest is hereby designated as a regular interest in Middle REMIC 1. Middle REMIC 1 shall hold as its assets the several classes of uncertificated Lower Tier Interests in Subsidiary REMIC 1 and Subsidiary REMIC 2, other than the Class LT1-R and Class LT2-R Interests, and each such Lower Tier Interest is hereby designated as a regular interest in a Subsidiary REMIC. The Middle Subsidiary REMIC 1 shall issue the Class R-2 interest and shall designate such interest hold as its sole class assets the Mortgage Loans in Loan Group I, Loan Group II, Loan Group VI and Loan Group VII, and all collections and accounts related thereto. Subsidiary REMIC 2 shall hold as its assets the Mortgage Loans in Loan Group III, Loan Group IV and Loan Group V and all collections and accounts related thereto. The startup day for each REMIC created hereby for purposes of residual interestthe REMIC Provisions is the Closing Date. In addition, for purposes of the Middle REMIC shall issue Provisions, the latest possible maturity date for each regular interest in each REMIC created hereby is the Distribution Date following the third anniversary of the scheduled maturity date of the Mortgage Loan having the latest scheduled maturity date as of the Cut-off Date. The following table sets forth (or describes) the class designation, interest rate, and initial principal amount for each uncertificated REMIC regular interests set forth below for the Middle interest in Subsidiary REMIC 1: LT1-Grp I (the “Middle REMIC Regular Interests”). The Master REMIC shall consist of the Middle REMIC Regular Interests and shall be evidenced by the Classes of Certificates set forth below for the Master REMIC 1) 5.000% N/A LT1-I-X (which, except for the Class P, Class A2) (2) C-LR and Class AX LT1-UR Certificates, shall represent the “regular interests” in the Master REMICI-PO (3) and the Class R-3 Interest as the single “residual interest” in the Master REMIC. The Class A(4) C-UR Certificate shall not be considered a Certificate issued by the Master REMIC, but instead shall represent beneficial ownership of the Class R-2 and Class R-3 interests.P LT1-Grp II (5) 5.500% N/A LT1-II-X (6) (6) II-X LT1-II-PO (7) (8) D-P LT1-Grp VI (9) 5.00 % N/A LT1-VI-X (10) (10) D-X LT1-VI-PO (11) (12) D-P LT1-Grp VII (13) 6.000% N/A LT1-VII-X (14) (14) D-X LT1-VII-PO (15) (16) D-P LT1-R (17) (17) N/A ________________
Appears in 1 contract
Sources: Pooling and Servicing Agreement (CSFB Mortgage-Backed Pass-Through Certificates, Series 2005-5)
PRELIMINARY STATEMENT. In consideration of the mutual agreements herein contained, the parties hereto agree as follows: The Depositor is the owner of the Trust Fund that is hereby conveyed to the Trustee in return for the Certificates. The Trust Fund is being conveyed to the Trustee to create a trust for the benefit of the Certificateholders. The Trust Fund for federal income tax purposes shall consist of three REMICs (the “Subsidiary REMIC”, the “Middle REMIC” and the “Master REMIC”). The “latest possible maturity date” for federal income tax purposes of all interests created hereby shall be the Latest Possible Maturity Date. The Subsidiary REMIC shall consist of all of the assets constituting the Trust Fund corresponding to Collateral Group 1 and Collateral Group 2, 2 (exclusive of the Class P Prepayment Charges, the Cap Reserve Fund and the Cap Contracts) and shall be evidenced by the uncertificated interests set forth below that shall be designated as REMIC regular interests (the “Subsidiary REMIC Regular Interests”). In addition, the Subsidiary REMIC shall issue the Class A-LR Certificate and shall designate such interest as its sole class of residual interest. The Middle REMIC shall hold as its assets the uncertificated REMIC regular interests issued by the Subsidiary REMIC. The Middle REMIC shall issue the Class R-2 interest and shall designate such interest as its sole class of residual interest. In addition, the Middle REMIC shall issue the uncertificated REMIC regular interests set forth below for the Middle REMIC (the “Middle REMIC Regular Interests”). The Master REMIC shall consist of the Middle REMIC Regular Interests and shall be evidenced by the Classes of Certificates set forth below for the Master REMIC (which, except for the Class P, Class A-LR and Class A-UR Certificates and, in the case of the Class 1-A-10 and Class 1-A-11 Certificates, exclusive of the entitlement to receive payments from the Cap Reserve Fund, shall represent the “regular interests” in the Master REMIC) and the Class R-3 Interest as the single “residual interest” in the Master REMIC. The Class A-UR Certificate shall not be considered a Certificate issued by the Master REMIC, but instead shall represent beneficial ownership of the Class R-2 and Class R-3 interests.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (MASTR Asset Securitization Trust 2006-2)
PRELIMINARY STATEMENT. The Depositor is As provided herein, the owner of Trust Administrator shall elect that the Trust Fund that is hereby conveyed to the Trustee in return for the Certificates. The Trust Fund is being conveyed to the Trustee to create a trust for the benefit (exclusive of the Certificateholders. The Trust Fund any Prepayment Penalties) be treated for federal income tax purposes shall consist of three REMICs as comprising five real estate mortgage investment conduits (each a “REMIC” or, in the alternative, the “Subsidiary REMIC”, the REMIC 1,” “Subsidiary REMIC 2,” “Middle REMICREMIC 1,” “Middle REMIC 2,” and the “Master REMIC”). The “latest possible maturity date” Each Class of Certificates, other than the Class AR and Class AR-L Certificates, represents ownership of a regular interest in the Master REMIC for federal income tax purposes of all interests created hereby shall be the Latest Possible Maturity DateREMIC Provisions. The Subsidiary REMIC shall consist of all Class AR Certificates represent ownership of the assets constituting the Trust Fund corresponding to Collateral Group 1 and Collateral Group 2, (exclusive of the Class P Prepayment Charges) and shall be evidenced by the uncertificated interests set forth below that shall be designated as REMIC regular interests (the “Subsidiary REMIC Regular Interests”). In addition, the Subsidiary REMIC shall issue the Class A-LR Certificate and shall designate such interest as its sole class of residual interestinterest in each of Middle REMIC 1, Middle REMIC 2 and the Master REMIC for purposes of the REMIC Provisions. The Middle Class AR-L Certificates represent ownership of the sole class of residual interest in each of Subsidiary REMIC 1 and Subsidiary REMIC 2 for purposes of the REMIC Provisions. The Master REMIC shall hold as its assets the several classes of uncertificated REMIC regular interests issued by the Subsidiary REMIC. The Middle Tier Interests in Middle REMIC shall issue 2 other than the Class R-2 MT2-R Interest, and each such Middle Tier Interest is hereby designated as a regular interest and shall designate such interest as its sole class of residual interestin Middle REMIC 2. In addition, the Master REMIC shall hold each Special Retail Rounding Account. Middle REMIC 2 shall issue hold as its assets the several classes of uncertificated Middle Tier Interests in Middle REMIC 1 other than the Class MT1 R Interest, and each such Middle Tier Interest is hereby designated as a regular interests set forth below for interest in the Middle REMIC (the “1. Middle REMIC Regular 1 shall hold as its assets the several classes of uncertificated Lower Tier Interests in each of the Subsidiary REMICs, other than the Class LT1-R and Class LT2-R Interests”), and each such Lower Tier Interest is hereby designated as a regular interest in its respective Subsidiary REMIC. Subsidiary REMIC 1 shall hold as its assets the Group I Mortgage Loans, the Group II Mortgage Loans, the Group III Mortgage Loans, the Group V Mortgage Loans, and all collections and accounts related thereto. Subsidiary REMIC 2 shall hold as its asset the Group IV Mortgage Loans, the Group VI Mortgage Loans, the Group VII Mortgage Loans, the Group VIII Mortgage Loans, the Group IX Mortgage Loans, and all collections and accounts related thereto. The Master startup day for each REMIC shall consist created hereby for purposes of the Middle REMIC Regular Interests Provisions is the Closing Date. In addition, for purposes of the REMIC Provisions, the latest possible maturity date for each regular interest in each REMIC created hereby is the Distribution Date following the third anniversary of the scheduled maturity date of the Mortgage Loan having the latest scheduled maturity date as of the Cut-off Date. The following table sets forth (or describes) the class designation, interest rate, and shall be evidenced by the Classes of Certificates set forth below initial principal amount for the Master each uncertificated REMIC interest in Subsidiary REMIC 1: LT1-Grp I (which, except for the Class P, Class 1) 5.50% N/A(11) LT1-CX-1 (2) (2) C-X LT1-Grp II $122,132,591.71 4.75% N/A LT1-II-PO $2,154,724.00 (3) II-P LT1-II-X (4) (4) II-X LT1-Grp III (5) 5.00% N/A LT1-CX-III (6) (6) C-X LT1-Grp V (7) 5.25% N/A LT1-CX-V (8) (8) C-X LT1-AP (3) (9) A-LR and Class AP LT1-UR Certificates, shall represent the “regular interests” in the Master REMICR (10) and the Class R-3 Interest as the single “residual interest” in the Master REMIC. The Class A-UR Certificate shall not be considered a Certificate issued by the Master REMIC, but instead shall represent beneficial ownership of the Class R-2 and Class R-3 interests.(10) N/A ________________
Appears in 1 contract
Sources: Pooling and Servicing Agreement (CSFB Mortgage Backed Pass Thru Cert Ser 2003-27)
PRELIMINARY STATEMENT. The Depositor is the owner of the Trust Fund that is hereby conveyed to the Trustee in return for the Certificates. The Trust Fund is being conveyed to the Trustee to create a trust for the benefit of the Certificateholders. The As provided herein, an election shall be made that the Trust Fund (exclusive of (i) the right to receive and the obligation to pay Net Rate Carryover Amounts to the extent such amounts would result in the payment of interest reflecting an interest rate exceeding the REMIC Maximum Rate, (ii) the Carryover Reserve Fund, (iii) the Cap Contract (iv) the Cap Account, (v) the Mezzanine Cap Contract, (vi) the Mezzanine Cap Account and (vii) the Supplemental Interest Trust (collectively, the “Excluded Trust Assets”)) be treated for federal income tax purposes shall consist as comprising nine real estate mortgage investment conduits under Section 860D of three REMICs the Code (each a “REMIC” or, in the alternative the “Subsidiary REMIC”, ,” the “Middle REMIC 1,” the “Middle REMIC 2” the “Master REMIC,” the “Class C REMIC,” the “Class 1-P REMIC,” the “Class 2-P REMIC,” the “Class 3-P REMIC,” and the “Master Class 4-P REMIC.”). The “latest possible maturity date” Any inconsistencies or ambiguities in this Agreement or in the administration of this Agreement shall be resolved in a manner that preserves the validity of such REMIC elections. Each Certificate, other than the Class R, Class R-X, Class P, and Class C Certificates, represents ownership of a regular interest in the Master REMIC for federal income tax purposes of all interests created hereby shall be the Latest Possible Maturity Date. The Subsidiary REMIC shall consist of all of the assets constituting the Trust Fund corresponding to Collateral Group 1 and Collateral Group 2, (exclusive of the Class P Prepayment Charges) and shall be evidenced by the uncertificated interests set forth below that shall be designated as REMIC regular interests (the “Subsidiary REMIC Regular Interests”)Provisions. In addition, the Subsidiary REMIC shall issue each Certificate, other than the Class AX-1, Class X-2, Class R, Class R-LR X, Class P and Class C Certificates, represents the right to receive certain payments reflecting an interest rate greater than the REMIC Maximum Rate to the extent provided herein. The Class R Certificate and shall designate such interest as its represents ownership of the sole class Class of residual interest. The Middle REMIC shall hold as its assets the uncertificated REMIC regular interests issued by interest in each of the Subsidiary REMIC. The , Middle REMIC shall issue the Class R-2 interest and shall designate such interest as its sole class of residual interest. In addition1, the Middle REMIC shall issue the uncertificated REMIC regular interests set forth below for the Middle REMIC (the “Middle REMIC Regular Interests”). The Master REMIC shall consist of the Middle REMIC Regular Interests 2 and shall be evidenced by the Classes of Certificates set forth below for the Master REMIC (which, except for purposes of the REMIC Provisions. The Class R-X Certificate represents ownership of the sole Class of residual interest in each of the Class PC REMIC, the Class A1-LR and P REMIC, the Class A2-UR CertificatesP REMIC, shall represent the “regular interests” in the Master Class 3-P REMIC) , and the Class R-3 Interest as the single “residual interest” in the Master REMIC. The Class A4-UR Certificate shall not be considered a Certificate issued by the Master REMIC, but instead shall represent beneficial ownership P REMIC for purposes of the Class R-2 and Class R-3 interestsREMIC Provisions.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (MASTR Adjustable Rate Mortgages Trust 2006-Oa2)
PRELIMINARY STATEMENT. The Depositor is the owner of As provided herein, an election shall be made that the Trust Fund that is hereby conveyed to (exclusive of (i) the Trustee in return for Additional Collateral, (ii) the Certificates. The Trust Fund is being conveyed to Yield Maintenance Agreements, (iii) the Trustee to create a trust for Yield Maintenance Account, (iv) the benefit of Pre-Funding Accounts, (v) the Certificateholders. The Trust Fund Capitalized Interest Accounts, (vi) the Available Funds Cap Reserve Fund, (vii) the Final Maturity Reserve Trust, (viii) the Final Maturity Reserve Account, (ix) the Auction Swap Agreement and (x) the Auction Proceeds Account (collectively, the “Excluded Assets”)) be treated for federal income tax purposes shall consist of as comprising three REMICs real estate mortgage investment conduits (each a “REMIC” or, in the alternative, REMIC 1, REMIC 2 and REMIC 3; REMIC 3 also being referred to as the “Subsidiary REMIC”, the “Middle REMIC” and the “Master Upper Tier REMIC”). Each Certificate, other than the Class R Certificate represents ownership of a regular interest in the Upper Tier REMIC for purposes of the REMIC Provisions. In addition, each of the Class A Certificates, represents the right to receive payments with respect to Available Funds Cap Shortfalls pursuant to Sections 5.06 and 5.07 hereof. The “Class R Certificate represents ownership of the sole class of residual interest in each of REMIC 1, REMIC 2 and the Upper Tier REMIC for purposes of the REMIC Provisions. The Upper Tier REMIC shall hold as its assets the several classes of uncertificated Lower Tier Regular Interests in REMIC 2, and each such Lower Tier Regular Interest is hereby designated as a regular interest in REMIC 2 for purposes of the REMIC Provisions. REMIC 2 shall hold as its assets the several classes of uncertificated Lower Tier Regular Interests in REMIC 1, and each such Lower Tier Regular Interest is hereby designated as a regular interest in REMIC 1. REMIC 1 shall hold as its assets the property of the Trust other than the Lower Tier Regular Interests in REMIC 1, REMIC 2 and the Excluded Assets. The startup day for each REMIC created hereby for purposes of the REMIC Provisions is the Closing Date. In addition, for purposes of the REMIC Provisions, the latest possible maturity date” date for federal income tax purposes of all interests each regular interest in each REMIC created hereby shall be is the Latest Possible Maturity Date. The Subsidiary following table specifies the designation, interest rate, and initial principal amount for each Class of Lower Tier Interest in REMIC shall consist of all of the assets constituting the Trust Fund corresponding to Collateral Group 1: LT1-Pool 1 and Collateral Group (1) $ 150,879,515.96 Pool 1 LT1-GSA1 (1) $ 53,591.07 Pool 1 LT1-Pool 2 (1) $ 1,068,430,209.97 Pool 2 LT1-GSA2 (1) $ 379,436.46 Pool 2 LT1-Pool 3 (1) $ 710,322,082.72 Pool 3 LT1-GSA3 (1) $ 252,263.46 Pool 3 LT1-Pool 4 (1) $ 815,774,361.32 Pool 4 LT1-GSA4 (1) $ 289,710.72 Pool 4 LT1-IO (2) (3) Pools 1, 2, & 4 R-1 (exclusive of the Class P Prepayment Charges4) and shall be evidenced by the uncertificated interests set forth below that shall be designated as REMIC regular interests (the “Subsidiary REMIC Regular Interests”). In addition, the Subsidiary REMIC shall issue the Class A-LR Certificate and shall designate such interest as its sole class of residual interest. The Middle REMIC shall hold as its assets the uncertificated REMIC regular interests issued by the Subsidiary REMIC. The Middle REMIC shall issue the Class R-2 interest and shall designate such interest as its sole class of residual interest. In addition, the Middle REMIC shall issue the uncertificated REMIC regular interests set forth below for the Middle REMIC (the “Middle REMIC Regular Interests”). The Master REMIC shall consist of the Middle REMIC Regular Interests and shall be evidenced by the Classes of Certificates set forth below for the Master REMIC (which, except for the Class P, Class A-LR and Class A-UR Certificates, shall represent the “regular interests” in the Master REMIC4) and the Class R-3 Interest as the single “residual interest” in the Master REMIC. The Class A-UR Certificate shall not be considered a Certificate issued by the Master REMIC, but instead shall represent beneficial ownership of the Class R-2 and Class R-3 interests.N/A __________________
Appears in 1 contract
Sources: Trust Agreement (Thornburg Mortgage Securities Trust 2005-3)
PRELIMINARY STATEMENT. The Depositor is the owner of the Trust Fund that is hereby conveyed to the Trustee in return for the Certificates. The Trust Fund is being conveyed to the Trustee to create a trust for the benefit of the Certificateholders. The Trust Fund for federal income tax purposes shall will consist of three REMICs (the “Subsidiary REMICREMIC 1”, the “Middle REMICSubsidiary REMIC 2” and the “Master REMIC”). The “latest possible maturity date” for federal income tax purposes of all interests created hereby shall will be the Latest Possible Maturity Date. The Subsidiary REMIC shall 1 will consist of all of the assets constituting the Trust Fund corresponding to Collateral Loan Group 1 and Collateral 1, Loan Group 2, (exclusive of the Class P Prepayment Charges) Loan Group 3, Loan Group 4, Loan Group 5, Loan Group 6, Loan Group 7 and shall Loan Group 8 and will be evidenced by the following uncertificated 13 interests set forth below that shall be designated as REMIC regular interests interests: the LT1-I Interest, the LT2-I Interest, the LT3-I Interest, the LT1-II Interest, the LT2-II Interest, the LT3-II Interest, the LT1-III Interest, the LT2-III Interest, the LT3-III Interest, the LT-15-A-X Interest, the LT-30-A-X Interest, the LT-PO Interest and the LT-6 Interest (the “Subsidiary REMIC 1 Regular Interests”). In addition, the Subsidiary REMIC 1 shall issue the Class A-LR Certificate R-1 interest and shall designate such interest as its sole class of residual interest. The Middle Subsidiary REMIC 2 shall hold as its assets the uncertificated REMIC regular interests issued by the Subsidiary REMICREMIC 1. The Middle Subsidiary REMIC 2 shall issue the Class R-2 interest and shall designate such interest as its sole class of residual interest. In addition, the Middle Subsidiary REMIC 2 shall issue the uncertificated REMIC regular interests set forth below for the Middle Subsidiary REMIC (the “Middle REMIC Regular Interests”)2. The Master REMIC shall will consist of the Middle Subsidiary REMIC 2 Regular Interests and shall will be evidenced by the Classes of Certificates regular interests set forth below for the Master REMIC (which, except for the Class P, Class A-LR and Class A-UR Certificates, shall which each will represent the “regular interests” in the Master REMIC) and the Class R-3 Interest as the single “residual interest” in the Master REMIC. The Class A-UR Certificate R shall not be considered a Certificate issued by the Master REMIC, but instead shall represent beneficial ownership of the Class R-1, Class R-2 and Class R-3 interests.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Mortgage Pass-Through Certificates Series 2003-4)
PRELIMINARY STATEMENT. The Depositor is the owner of the Trust Fund that is hereby conveyed to the Trustee in return for the Certificates. The Trust Fund is being conveyed to the Trustee to create a trust for the benefit of the Certificateholders. The As provided herein, an election shall be made that the Trust Fund (exclusive of (i) the right to receive Net Rate Carryover amounts to the extent such amounts reflect an interest rate exceeding the REMIC Maximum Rate or the obligation to make any payments to the Supplemental Interest Trust, (ii) the Cap 1 Contract, (ii) the Cap 2 Contract, (iii) the Cap 3 Contract, (iv) the Cap 4 Contract, (v) the Cap Account, (vi) the Swap Agreement, (vii) the Swap Account and (viii) the Supplemental Interest Trust (collectively, the “Excluded Trust Assets”)) be treated for federal income tax purposes shall consist as comprising five real estate mortgage investment conduits under Section 860D of three REMICs the Code (each a “REMIC” or, in the alternative the “Subsidiary REMIC”, ,” the “Middle REMIC,” the “Master REMIC,” the “Class C REMIC,” and the “Master Class P REMIC.”). The “latest possible maturity date” Any inconsistencies or ambiguities in this Agreement or in the administration of this Agreement shall be resolved in a manner that preserves the validity of such REMIC elections. Each Certificate, other than the Class R, Class R-X, Class P, and Class C Certificates, represents ownership of a regular interest in the Master REMIC for federal income tax purposes of all interests created hereby shall be the Latest Possible Maturity Date. The Subsidiary REMIC shall consist of all of the assets constituting the Trust Fund corresponding to Collateral Group 1 and Collateral Group 2, (exclusive of the Class P Prepayment Charges) and shall be evidenced by the uncertificated interests set forth below that shall be designated as REMIC regular interests (the “Subsidiary REMIC Regular Interests”)Provisions. In addition, each Certificate, other than the Class R, Class R-X, Class P and Class C Certificates, represents the right to receive certain payments reflecting an interest rate greater than the REMIC Maximum Rate to the extent provided herein. The Class R Certificate represents ownership of the sole Class of residual interest in each of the Subsidiary REMIC, the Middle REMIC and the Master REMIC for purposes of the REMIC Provisions. The Class R-X Certificate represents ownership of the sole Class of residual interest in each of the Class C REMIC and the Class P REMIC (each, a “R-X REMIC”) for purposes of the REMIC Provisions. The Class C REMIC shall issue hold as its assets the Class A-LR Certificate C interest issued by the Master REMIC and shall designate such interest is hereby designated as a regular interest in the Class C REMIC. The Class P REMIC shall hold as its sole class of residual assets the Class P interest issued by the Master REMIC, and such interest is hereby designated as a regular interest in the Class P REMIC. The Master REMIC shall hold as its assets the uncertificated interests in the Middle REMIC, other than the MT1-R interest, and each such interest is hereby designated as a regular interest in the Middle REMIC. The Middle REMIC shall hold as its assets the uncertificated REMIC interests in the Subsidiary REMIC, other than the LT-R interest, and each such interest is hereby designated as a regular interests issued by interest in the Subsidiary REMIC. The Middle Subsidiary REMIC shall issue the Class R-2 interest and shall designate such interest hold as its sole class assets the property of residual interestthe Trust Fund other than the interests in any REMIC created hereby and the Excluded Trust Assets. The startup day with respect to each REMIC created hereby for purposes of the REMIC Provisions is the Closing Date. In addition, the Middle REMIC shall issue the uncertificated REMIC regular interests set forth below for the Middle REMIC (the “Middle REMIC Regular Interests”). The Master REMIC shall consist purposes of the Middle REMIC Regular Interests and shall be evidenced by Provisions, the Classes of Certificates set forth below latest possible maturity date for each regular interest in each REMIC created hereby is the Master REMIC (which, except for the Class P, Class A-LR and Class A-UR Certificates, shall represent the “regular interests” in the Master REMIC) and the Class R-3 Interest as the single “residual interest” in the Master REMIC. The Class A-UR Certificate shall not be considered a Certificate issued by the Master REMIC, but instead shall represent beneficial ownership of the Class R-2 and Class R-3 interestsLatest Possible Maturity Date.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (MASTR Adjustable Rate Mortgages Trust 2007-Hf1)
PRELIMINARY STATEMENT. The Depositor is As provided herein, the owner of Trust Administrator shall elect that the Trust Fund that is hereby conveyed to the Trustee in return for the Certificates. The Trust Fund is being conveyed to the Trustee to create a trust for the benefit (exclusive of the Certificateholders. The Trust Fund any Prepayment Penalties) be treated for federal income tax purposes shall consist of three REMICs as comprising five real estate mortgage investment conduits (each a “REMIC” or, in the alternative, the “Subsidiary REMIC”, the REMIC 1,” “Subsidiary REMIC 2,” “Middle REMICREMIC 1,” “Middle REMIC 2,” and the “Master REMIC”). The “latest possible maturity date” Each Class of Certificates, other than the Class AR and Class AR-L Certificates, represents ownership of a regular interest in the Master REMIC for federal income tax purposes of all interests created hereby shall be the Latest Possible Maturity DateREMIC Provisions. The Subsidiary REMIC shall consist of all Class AR Certificates represent ownership of the assets constituting the Trust Fund corresponding to Collateral Group 1 and Collateral Group 2, (exclusive of the Class P Prepayment Charges) and shall be evidenced by the uncertificated interests set forth below that shall be designated as REMIC regular interests (the “Subsidiary REMIC Regular Interests”). In addition, the Subsidiary REMIC shall issue the Class A-LR Certificate and shall designate such interest as its sole class of residual interestinterest in each of Middle REMIC 1, Middle REMIC 2 and the Master REMIC for purposes of the REMIC Provisions. The Middle Class AR-L Certificates represent ownership of the sole class of residual interest in each of Subsidiary REMIC 1 and Subsidiary REMIC 2 for purposes of the REMIC Provisions. The Master REMIC shall hold as its assets the several classes of uncertificated REMIC regular interests issued by the Subsidiary REMIC. The Middle Tier Interests in Middle REMIC shall issue 2 other than the Class R-2 MT2-R Interest, and each such Middle Tier Interest is hereby designated as a regular interest and shall designate such interest as its sole class of residual interestin Middle REMIC 2. In addition, the Master REMIC shall hold each Special Retail Rounding Account. Middle REMIC 2 shall issue hold as its assets the several classes of uncertificated Middle Tier Interests in Middle REMIC 1 other than the Class MT1-R Interest, and each such Middle Tier Interest is hereby designated as a regular interests set forth below for interest in the Middle REMIC (the “1. Middle REMIC Regular 1 shall hold as its assets the several classes of uncertificated Lower Tier Interests in each of the Subsidiary REMICs, other than the Class LT1-R and Class LT2-R Interests”), and each such Lower Tier Interest is hereby designated as a regular interest in its respective Subsidiary REMIC. Subsidiary REMIC 1 shall hold as its assets the Group I Mortgage Loans and the Group II Mortgage Loans and all collections and accounts related thereto. Subsidiary REMIC 2 shall hold as its asset the Group III Mortgage Loans, the Group IV Mortgage Loans, the Group V Mortgage Loans, the Group VI Mortgage Loans, the Group VII Mortgage Loans, the Group VIII Mortgage Loans and all collections and accounts related thereto. The Master startup day for each REMIC shall consist created hereby for purposes of the Middle REMIC Regular Interests Provisions is the Closing Date. In addition, for purposes of the REMIC Provisions, the latest possible maturity date for each regular interest in each REMIC created hereby is the Distribution Date following the third anniversary of the scheduled maturity date of the Mortgage Loan having the latest scheduled maturity date as of the Cut-off Date. The following table sets forth (or describes) the class designation, interest rate, and shall be evidenced by the Classes of Certificates set forth below initial principal amount for the Master each uncertificated REMIC interest in Subsidiary REMIC 1: LT1-Grp I $399,948,289.83 5.50% N/A(5) LT1-I-X (which, except for the Class P, Class 1) (1) I-X LT1-I-PO $10,132,718.00 (2) I-P LT1-Grp II $192,833,238.17 4.60% N/A LT1-II-PO $682,720.25 (2) A-LR and Class P LT1-II-X (3) (3) II-X LT1-R (4) (4) N/A-UR Certificates, shall represent the “regular interests” in the Master REMIC) and the Class R-3 Interest as the single “residual interest” in the Master REMIC. The Class A-UR Certificate shall not be considered a Certificate issued by the Master REMIC, but instead shall represent beneficial ownership of the Class R-2 and Class R-3 interests.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (CSFB Mortgage Backed Pass Through Certificates Ser 2003 23)
PRELIMINARY STATEMENT. The Depositor is the owner of the Trust Fund that is hereby conveyed to the Trustee in return for the Certificates. The Trust Fund is being conveyed to As provided herein, the Trustee to create a trust for the benefit of the Certificateholders. The Trust Fund Trustee, for federal income tax purposes purposes, shall consist treat the Trust Fund as consisting of three REMICs a trust (the “Subsidiary REMICES Trust”) beneath which are four real estate mortgage investment conduits (or in the alternative, “REMIC 1”, the “Middle REMICREMIC 2”, “REMIC 3” and the “Master REMIC”) and the Securities Administrator, on behalf of the Trustee, shall make all elections as necessary for such treatment. REMIC 1 will consist of the Mortgage Loans, excluding any rights of the Trust Fund in respect of the Additional Collateral. REMIC 1 will issue uncertificated REMIC regular interests (the “REMIC 1 Regular Interests”). The REMIC 1 Regular Interests will represent the “regular interests” in REMIC 1, and the Class R1 Interest will represent the single Class of “residual interest” in REMIC 1. The Trustee will hold the REMIC 1 Regular Interests for the benefit of REMIC 2. REMIC 2 will consist of the REMIC 1 Interests and will be evidenced by the REMIC 2 Interests (other than the Class R2 Interests), which will constitute the regular interests in REMIC 2 and the Class R2 Interest, which will represent the single Class of “residual interest” in REMIC 2. The Trustee will hold the REMIC 2 Regular Interests for the benefit of REMIC 3. REMIC 3 will consist of the REMIC 2 Interests and will be evidenced by the REMIC 3 Interests (other than the Class R3 Interests), which will constitute the regular interests in REMIC 3 and the Class R3 Interest, which will represent the single Class of “residual interest” in REMIC 3. The Trustee will hold the REMIC 3 Regular Interests for the benefit of the Master REMIC. The Master REMIC will consist of the REMIC 3 Interests and will be evidenced by the Master REMIC Interests (other than the Class R4 Interests), which will constitute the regular interests in the Master REMIC and the Class R4 Interest, which will represent the single Class of “residual interest” in the Master REMIC. The “latest possible maturity date” for federal income tax purposes of all regular and residual interests created hereby shall hereunder will be the Latest Possible Maturity Date. The Subsidiary ES Trust shall hold the R1 Interest, R2 Interest, the R3 Interest, the R4 Interest and all Master REMIC regular interests, and shall consist issue the Certificates. Each Certificate, other than the Class A-R Certificate, will represent ownership of all one or more of the assets constituting the Trust Fund corresponding to Collateral Group 1 and Collateral Group 2, (exclusive of the Class P Prepayment Charges) and shall be evidenced by the uncertificated interests set forth below that shall be designated as Master REMIC regular interests (held by the “Subsidiary REMIC Regular Interests”)ES Trust. For federal income tax purposes the Trustee shall treat the ES Trust as a Grantor Trust and shall treat each Holder of an ES Trust Certificate as the owner of the individual, underlying assets represented by such ES Trust Certificate. In addition, to the Subsidiary REMIC shall issue the Class A-LR fullest extent possible, ownership of an ES Trust Certificate and shall designate such interest as its sole class of residual interest. The Middle REMIC shall hold as its assets the uncertificated REMIC regular interests issued by the Subsidiary REMIC. The Middle REMIC shall issue the Class R-2 interest and shall designate such interest as its sole class of residual interest. In addition, the Middle REMIC shall issue the uncertificated REMIC regular interests set forth below for the Middle REMIC (the “Middle REMIC Regular Interests”). The Master REMIC shall consist of the Middle REMIC Regular Interests and shall be evidenced by the Classes of Certificates set forth below for the Master REMIC (which, except for the Class P, Class A-LR and Class A-UR Certificates, shall represent the “regular interests” in the Master REMIC) and the Class R-3 Interest treated as the single “residual interest” in the Master REMIC. The Class A-UR Certificate shall not be considered a Certificate issued by the Master REMIC, but instead shall represent beneficial direct ownership of the Class R-2 individual, underlying assets represented by such ES Trust Certificate for federal income tax reporting purposes. Except as provided below, REMIC 1 will issue a single regular interest corresponding to each Mortgage Loan in Collateral Allocation Group 1, Collateral Allocation Group 2, Collateral Allocation Group 3 and Class R-3 interestsCollateral Allocation Group 4 having a Net Mortgage Rate equal to that of its corresponding Mortgage Loan and allocated principal, interest and Realized Losses in the same manner as such items are allocated to their corresponding Mortgage Loans.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Morgan Stanley Mortgage Loan Trust 2007-12)
PRELIMINARY STATEMENT. The Depositor is the owner Securities Administrator on behalf of the Trust Fund (exclusive of (i) the Swap Agreement, (ii) the Cap Agreement, (iii) the right to receive and the obligation to pay Basis Risk Carryover Amounts, (iv) the Excess Reserve Fund Account, (v) the Supplemental Interest Trust and the Supplemental Interest Trust Account, and (vi) the obligations to pay Class I Shortfalls (collectively, the “Excluded Trust Assets”)) shall elect that is hereby conveyed to the Trustee in return for the Certificates. The Trust Fund is being conveyed to the Trustee to create a trust for the benefit of the Certificateholders. The Trust Fund be treated for federal income tax purposes shall consist as comprising three real estate mortgage investment conduits under Section 860D of three REMICs the Code (each a “REMIC” or, in the alternative, “REMIC 1,” REMIC 2” and “REMIC 3,” REMIC 3 also being referred to herein as the “Subsidiary Upper Tier REMIC.”) Any inconsistencies or ambiguities in this Agreement or in the administration of this Agreement shall be resolved in a manner that preserves the validity of such REMIC election. Each Certificate, other than the “Middle REMIC” and Class R Certificates, represents ownership of a regular interest in the “Master REMIC”). The “latest possible maturity date” Upper Tier REMIC for federal income tax purposes of all interests created hereby shall be the Latest Possible Maturity Date. The Subsidiary REMIC shall consist of all of the assets constituting the Trust Fund corresponding to Collateral Group 1 and Collateral Group 2, (exclusive of the Class P Prepayment Charges) and shall be evidenced by the uncertificated interests set forth below that shall be designated as REMIC regular interests (the “Subsidiary REMIC Regular Interests”)Provisions. In addition, the Subsidiary REMIC shall issue each Certificate, other than the Class A-LR R, Class X and Class P Certificates, represents (i) the right to receive payments with respect to any Basis Risk Carryover Amounts and (ii) the obligation to pay Class I Shortfalls. The Class R Certificate and shall designate such interest as its represents ownership of the sole class Class of residual interestinterest in each of REMIC 1, REMIC 2 and the Upper Tier REMIC for purposes of the REMIC Provisions. The Middle Upper Tier REMIC shall hold as its assets the uncertificated Lower Tier Interests in REMIC 2, other than the Class LT2-R interest, and each such Lower Tier Interest is hereby designated as a regular interests issued by interest in REMIC 2 for purposes of the Subsidiary REMICREMIC Provisions. REMIC 2 shall hold as its assets the uncertificated Lower Tier Interests in REMIC 1, other than the Class LT1-R interest, and each such Lower Tier Interest is hereby designated as a regular interest in REMIC 1. REMIC 1 shall hold as its assets the property of the Trust Fund other than the Lower Tier Interests in REMIC 1 and REMIC 2 and the Excluded Trust Assets. The Middle following table sets forth the designations, principal balances and interest rates for each interest in REMIC shall issue 1, each of which (other than the Class R-2 LT1-R Lower Tier Interest) is hereby designated as a regular interest and shall designate such interest as its sole class of residual interest. In addition, the Middle in REMIC shall issue the uncertificated REMIC regular interests set forth below for the Middle REMIC 1 (the “Middle REMIC 1 Regular Interests”). The Master REMIC shall consist of the Middle REMIC Regular Interests and shall be evidenced by the Classes of Certificates set forth below for the Master REMIC ): LT1-A (which, except for the Class P, Class A5) (1) LT1-LR and Class AF1 $ 17,884,093.50 (2) LT1-UR Certificates, shall represent the “regular interests” in the Master REMICV1 $ 17,884,093.50 (3) and the Class R-3 Interest as the single “residual interest” in the Master REMIC. The Class ALT1-UR Certificate shall not be considered a Certificate issued by the Master REMIC, but instead shall represent beneficial ownership of the Class R-2 and Class R-3 interests.F2 $ 18,895,270.50 (2) LT1-V2 $ 18,895,270.50 (3) LT1-F3 $ 18,026,659.00 (2) LT1-V3 $ 18,026,659.00 (3) LT1-F4 $ 17,159,828.50 (2) LT1-V4 $ 17,159,828.50 (3) LT1-F5 $ 16,334,718.00 (2) LT1-V5 $ 16,334,718.00 (3) LT1-F6 $ 15,549,317.50 (2) LT1-V6 $ 15,549,317.50 (3) LT1-F7 $ 14,801,714.00 (2) LT1-V7 $ 14,801,714.00 (3) LT1-F8 $ 14,090,087.00 (2) LT1-V8 $ 14,090,087.00 (3) LT1-F9 $ 13,412,704.50 (2) LT1-V9 $ 13,412,704.50 (3) LT1-F10 $ 12,767,916.00 (2) LT1-V10 $ 12,767,916.00 (3) LT1-F11 $ 12,161,578.00 (2) LT1-V11 $ 12,161,578.00 (3) LT1-F12 $ 11,788,273.00 (2) LT1-V12 $ 11,788,273.00 (3) LT1-F13 $ 21,215,900.00 (2) LT1-V13 $ 21,215,900.00 (3) LT1-F14 $ 19,145,782.00 (2) LT1-V14 $ 19,145,782.00 (3) LT1-F15 $ 17,202,283.00 (2) LT1-V15 $ 17,202,283.00 (3) LT1-F16 $ 15,474,947.00 (2) LT1-V16 $ 15,474,947.00 (3) LT1-F17 $ 13,836,716.00 (2) LT1-V17 $ 13,836,716.00 (3) LT1-F18 $ 7,928,347.00 (2) LT1-V18 $ 7,928,347.00 (3) LT1-F19 $ 7,442,993.50 (2) LT1-V19 $ 7,442,993.50 (3) LT1-F20 $ 7,563,704.00 (2) LT1-V20 $ 7,563,704.00 (3) LT1-F21 $ 7,143,774.00 (2) LT1-V21 $ 7,143,774.00 (3) LT1-F22 $ 6,725,906.50 (2) LT1-V22 $ 6,725,906.50 (3) LT1-F23 $ 6,294,153.50 (2) LT1-V23 $ 6,294,153.50 (3) LT1-F24 $ 5,892,645.00 (2) LT1-V24 $ 5,892,645.00 (3) LT1-F25 $ 5,519,037.50 (2) LT1-V25 $ 5,519,037.50 (3) LT1-F26 $ 5,170,424.50 (2) LT1-V26 $ 5,170,424.50 (3) LT1-F27 $ 4,652,550.50 (2) LT1-V27 $ 4,652,550.50 (3) LT1-F28 $ 4,360,430.50 (2) LT1-V28 $ 4,360,430.50 (3) LT1-F29 $ 4,097,192.50 (2) LT1-V29 $ 4,097,192.50 (3) LT1-F30 $ 3,865,125.00 (2) LT1-V30 $ 3,865,125.00 (3) LT1-F31 $ 3,646,384.00 (2) LT1-V31 $ 3,646,384.00 (3) LT1-F32 $ 3,439,931.00 (2) LT1-V32 $ 3,439,931.00 (3) LT1-F33 $ 3,245,590.00 (2) LT1-V33 $ 3,245,590.00 (3) LT1-F34 $ 3,062,394.00 (2) LT1-V34 $ 3,062,394.00 (3) LT1-F35 $ 2,889,691.50 (2) LT1-V35 $ 2,889,691.50 (3) LT1-F36 $ 49,302,542.00 (2) LT1-V36 $ 49,302,542.00 (3) LT1-R (4) (4) ___________________________
Appears in 1 contract
Sources: Pooling and Servicing Agreement (HSI Asset Securitization CORP Trust 2007-Nc1)
PRELIMINARY STATEMENT. The Depositor is the owner of Trustee shall elect that eight segregated asset pools within the Trust Fund that is hereby conveyed to (exclusive of (i) the Trustee in return for Interest Rate Swap Agreements, (ii) the Certificates. The Trust Supplemental Interest Accounts, (iii) the Excess Reserve Fund is being conveyed to Accounts, (iv) the Trustee to create a trust for the benefit right of the Certificateholders. The Trust Fund Group I Offered Certificates to receive Group I Basis Risk Carry Forward Amounts and, without duplication, Group I Upper Tier Carry Forward Amounts and the obligation to pay Class I-IO Shortfalls and (v) the right of the Group II Offered Certificates to receive Group II Basis Risk Carry Forward Amounts and, without duplication, Group II Upper Tier Carry Forward Amounts and the obligation to pay Class II-IO Shortfalls) be treated for federal income tax purposes shall consist of three as comprising eight REMICs (each, with respect to Group I, a "Group I Trust REMIC" or, in the “Subsidiary REMIC”alternative, the “Middle REMIC” Group I Pooling Tier REMIC-1, the Group I Pooling Tier REMIC-2, the Group I Lower Tier REMIC and the “Master Group I Upper Tier REMIC”, respectively, and with respect to Group II, a "Group II Trust REMIC" or, in the alternative, the Group II Pooling Tier REMIC-1, the Group II Pooling Tier REMIC-2, the Group II Lower Tier REMIC and the Group II Upper Tier REMIC, respectively). Each Class of Group I Certificates (other than the Class I-R Certificates), other than the right of each Class of Group I Offered Certificates to receive Group I Basis Risk Carry Forward Amounts and, without duplication, Group I Upper Tier Carry Forward Amounts and the obligation to pay Class I-IO Shortfalls and the right of the Class I-CE Certificates to receive payments from the Group I Interest Rate Swap Agreement, and the right to receive Class I-IO Shortfalls, represents ownership of a regular interest in the Group I Upper Tier REMIC for purposes of the REMIC Provisions. Each Class of Group II Certificates (other than the Class II-R Certificates), other than the right of each Class of Group II Offered Certificates to receive Group II Basis Risk Carry Forward Amounts and, without duplication, Group II Upper Tier Carry Forward Amounts and the obligation to pay Class II-IO Shortfalls and the right of the Class II-CE Certificates to receive payments from the Group II Interest Rate Swap Agreement, and the right to receive Class II-IO Shortfalls, represents ownership of a regular interest in the Group II Upper Tier REMIC for purposes of the REMIC Provisions. The “Class I-R Certificates represent ownership of the sole Class of residual interest in each of the Group I Pooling Tier REMIC-1, the Group I Pooling Tier REMIC-2, the Group I Lower Tier REMIC and the Group I Upper Tier REMIC for purposes of the REMIC Provisions and the Class II-R Certificates represent ownership of the sole Class of residual interest in each of the Group II Pooling Tier REMIC-1, the Group II Pooling Tier REMIC-2, the Group II Lower Tier REMIC and the Group II Upper Tier REMIC. The Startup Day for each Trust REMIC is the Closing Date. The latest possible maturity date” date for federal income tax purposes of all interests created hereby shall be each regular interest is the Latest Possible Maturity Date. The Subsidiary REMIC shall consist of all of the assets constituting the Trust Fund corresponding to Collateral Group 1 and Collateral Group 2, (exclusive of the Class P Prepayment Charges) and shall be evidenced by the uncertificated interests set forth below that shall be designated as REMIC regular interests (the “Subsidiary REMIC Regular Interests”). In addition, the Subsidiary REMIC shall issue the Class A-LR Certificate and shall designate such interest as its sole class of residual interest. The Middle REMIC shall hold as its assets the uncertificated REMIC regular interests issued by the Subsidiary REMIC. The Middle REMIC shall issue the Class R-2 interest and shall designate such interest as its sole class of residual interest. In addition, the Middle REMIC shall issue the uncertificated REMIC regular interests set forth below for the Middle REMIC (the “Middle REMIC Regular Interests”). The Master REMIC shall consist of the Middle REMIC Regular Interests and shall be evidenced by the Classes of Certificates set forth below for the Master REMIC (which, except for the Class P, Class A-LR and Class A-UR Certificates, shall represent the “regular interests” latest date referenced in the Master REMIC) and the Class R-3 Interest as the single “residual interest” in the Master REMIC. The Class A-UR Certificate shall not be considered a Certificate issued by the Master REMIC, but instead shall represent beneficial ownership of the Class R-2 and Class R-3 interestsSection 2.04.
Appears in 1 contract
PRELIMINARY STATEMENT. Through this Agreement, the Depositor intends to cause the issuance and sale of the ▇▇▇▇▇▇▇ ▇▇▇ Trust 2004-2, Mortgage Loan Pass-Through Certificates, Series 2004-2 (the “Certificates”) representing in the aggregate the entire beneficial ownership of the Trust, the primary assets of which are the Mortgage Loans (as defined below). The Depositor is intends to sell the owner of Certificates to be issued hereunder in multiple classes, which in the aggregate will evidence the entire beneficial ownership interest in the Trust Fund that is hereby conveyed to created hereunder. The Certificates will consist of eight classes of certificates, designated as (i) the Class A-1 Certificates, (ii) the Class A-2 Certificates, (iii) the Class A-3 Certificates, (iv) the Class A-R Certificates, (iii) the Class B-1 Certificates, (iv) the Class B-2 Certificates, (v) the Class B-3 Certificates and (vi) the Class L Certificates. As provided herein, the Trustee in return for shall elect that the Certificates. The Trust Fund is being conveyed to the Trustee to create a trust for the benefit of the Certificateholders. The Trust Fund be treated for federal income tax purposes shall consist of three REMICs as comprising two real estate mortgage investment conduits (each, a “REMIC” or, in the “Subsidiary REMIC”alternative, the “Middle Lower-Tier REMIC” and the “Master Upper-Tier REMIC”). The “latest possible maturity date” for federal income tax purposes of all interests created hereby shall be the Latest Possible Maturity Date. The Subsidiary REMIC shall consist of all of the assets constituting the Trust Fund corresponding to Collateral Group 1 and Collateral Group 2Each Certificate, (exclusive of the Class P Prepayment Charges) and shall be evidenced by the uncertificated interests set forth below that shall be designated as REMIC regular interests (the “Subsidiary REMIC Regular Interests”). In addition, the Subsidiary REMIC shall issue other than the Class A-LR R Certificate and shall designate such interest as its sole class of residual interest. The Middle REMIC shall hold as its assets the uncertificated REMIC regular interests issued by the Subsidiary REMIC. The Middle REMIC shall issue the Class R-2 interest and shall designate such interest as its sole class of residual interest. In addition, the Middle REMIC shall issue the uncertificated REMIC regular interests set forth below for the Middle REMIC (the “Middle REMIC Regular Interests”). The Master REMIC shall consist of the Middle REMIC Regular Interests and shall be evidenced by the Classes of Certificates set forth below for the Master REMIC (which, except for the Class P, Class A-LR and Class A-UR CertificatesA-3 Certificate, shall represent the “ownership of a regular interests” interest in the Master Upper-Tier REMIC) and the , as described herein. The Class R-3 Interest as the single “residual interest” A-3 Certificate shall represent ownership of four regular interests in the Master Upper-Tier REMIC, as described in footnote (2) of the Upper-Tier REMIC below. The Class A-UR R Certificate represents the sole class of residual interest in each REMIC. The Lower-Tier REMIC shall not be considered a Certificate issued by the Master REMIC, but instead shall represent beneficial ownership hold as assets all property of the Trust Fund and the interests in any REMIC formed hereby. The Upper Tier REMIC shall hold as assets the uncertificated Lower-Tier REMIC Interests, other than the Class R-2 LT-R Interest. Each such Lower-Tier Interest is hereby designated as a REMIC regular interest. The following table specifies the Class designation, interest rate, and initial Class R-3 interests.Principal Amount for each Class of Lower-Tier REMIC Interest: Class Designation Interest Rate Initial Principal Balance LT-Group 1 (1) $ 105,489,601.63 LT-GSA(1) (1) $ 32,056.58 LT-PO(1) 0.00% $ 1,318,563.00 LT-IO(1) (2) (2) LT-Group 2 (3) $ 45,583,856.28 LT-GSA(2) (3) $ 14,129.86 LT-PO(2) 0.00% $ 1,500,628.00 LT-IO(2) (4) (4) LT-R (5) (5) __________________________
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Charlie Mac Trust 2004-2)
PRELIMINARY STATEMENT. The Depositor is the owner of the Trust Fund that is hereby conveyed to the Trustee in return for the Certificates. The As provided herein, the Trustee will make multiple elections to treat segregated pools of assets subject to this Agreement for federal income tax purposes (other than the rights of the Class C Certificates in respect of any Auction Excess Proceeds, Corridor Contracts and the assets held in the Reserve Fund) as the following four separate real estate mortgage investment conduits (each, a "REMIC"): REMIC 1A, REMIC 1B, REMIC 2 and the Master REMIC. REMIC 1A will consist of Loan Group 1, excluding any rights of the Class C Certificates in respect of any Auction Excess Proceeds, any rights of the Trust Fund is being conveyed to in respect of the Corridor Contract Agreements and the Reserve Fund. REMIC 1B will consist of Loan Group 2, Loan Group 3, Loan Group 4 and Loan Group 5, excluding any rights of the Class C Certificates in respect of any Auction Excess Proceeds. REMIC 1A and REMIC 1B will issue uncertificated REMIC regular interests (collectively, the "REMIC 1 Regular Interests"). The REMIC 1 Regular Interests will represent the "regular interests" in each of REMIC 1A and REMIC 1B. The Class R-1A Interest will represent the single Class of "residual interest" in REMIC 1A and the Class R-1B Interest will represent the single Class of "residual interest" in REMIC 1B. The rights of the Class C Certificates in respect of any Auction Excess Proceeds will be treated as a grantor trust for federal income tax purposes. The Trustee to create a trust will hold the REMIC 1 Regular Interests for the benefit of REMIC 2. REMIC 2 will consist of the REMIC 1 Interests and will be evidenced by the REMIC 2 Interests, which (other than the Class R-2 Interests) will constitute the regular interests in REMIC 2 (the "REMIC 2 Regular Interests") and the Class R-2 Interest, which will represent the single Class of "residual interest" in REMIC 2. The Trustee will hold the REMIC 2 Regular Interests for the benefit of the CertificateholdersMaster REMIC. The Trust Fund for federal income tax purposes shall Master REMIC will consist of three REMICs (the “Subsidiary REMIC”, the “Middle REMIC” REMIC 2 Interests and the “Master REMIC”). The “latest possible maturity date” for federal income tax purposes of all interests created hereby shall be the Latest Possible Maturity Date. The Subsidiary REMIC shall consist of all of the assets constituting the Trust Fund corresponding to Collateral Group 1 and Collateral Group 2, (exclusive of the Class P Prepayment Charges) and shall will be evidenced by the uncertificated interests set forth below that shall be designated as REMIC regular interests Certificates, which (other than the “Subsidiary REMIC Regular Interests”). In addition, the Subsidiary REMIC shall issue the Class C and Class A-LR Certificate and shall designate such interest as its sole class of residual interest. The Middle REMIC shall hold as its assets R Certificates) will constitute the uncertificated REMIC regular interests issued by the Subsidiary REMIC. The Middle REMIC shall issue the Class R-2 interest and shall designate such interest as its sole class of residual interest. In addition, the Middle REMIC shall issue the uncertificated REMIC regular interests set forth below for the Middle REMIC (the “Middle REMIC Regular Interests”). The Master REMIC shall consist of the Middle REMIC Regular Interests and shall be evidenced by the Classes of Certificates set forth below for in the Master REMIC (which, except for the Class P, Class A-LR and Class A-UR "Regular Certificates, shall represent the “regular interests” in the Master REMIC") and the Class R-3 Interest as Interest, which will represent the single “Class of "residual interest” " in the Master REMIC. The Class A-UR Certificate shall not be considered a Certificate issued by R Certificates will represent the Master REMIC, but instead shall represent beneficial ownership of each of the Class R-1A, Class R-1B, Class R-2 and Class R-3 interestsInterests. The "latest possible maturity date" for federal income tax purposes of all regular and residual interests created hereunder will be the Latest Possible Maturity Date.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Morgan Stanley Mortgage Loan Trust 2005-9ar)
PRELIMINARY STATEMENT. The Depositor is As provided herein, the owner of Trust Administrator shall elect that the Trust Fund that is hereby conveyed to the Trustee in return for the Certificates. The Trust Fund is being conveyed to the Trustee to create a trust for the benefit (exclusive of the Certificateholders. The Trust Fund any Prepayment Penalties) be treated for federal income tax purposes shall consist of three REMICs as comprising six real estate mortgage investment conduits (each a “REMIC” or, in the alternative, “Subsidiary REMIC”, the REMIC 1,” “Subsidiary REMIC 2,” “Subsidiary REMIC 3,” “Middle REMICREMIC 1,” “Middle REMIC 2,” and the “Master REMIC”). The “latest possible maturity date” Each Class of Certificates, other than the Class AR and Class AR-L Certificates, represents ownership of a regular interest in the Master REMIC for federal income tax purposes of all interests created hereby shall be the Latest Possible Maturity DateREMIC Provisions. The Subsidiary REMIC shall consist of all Class AR Certificates represent ownership of the assets constituting the Trust Fund corresponding to Collateral Group 1 and Collateral Group 2, (exclusive of the Class P Prepayment Charges) and shall be evidenced by the uncertificated interests set forth below that shall be designated as REMIC regular interests (the “Subsidiary REMIC Regular Interests”). In addition, the Subsidiary REMIC shall issue the Class A-LR Certificate and shall designate such interest as its sole class of residual interestinterest in each of Middle REMIC 1, Middle REMIC 2 and the Master REMIC for purposes of the REMIC Provisions. The Middle Class AR-L Certificates represent ownership of the sole class of residual interest in Subsidiary REMIC 1, Subsidiary REMIC 2, and Subsidiary REMIC 3 for purposes of the REMIC Provisions. The Master REMIC shall hold as its assets the several classes of uncertificated Middle Tier Interests in Middle REMIC 2 other than the Class MT2-R Interest, and each such Middle Tier Interest is hereby designated as a regular interests issued by interest in Middle REMIC 2. Middle REMIC 2 shall hold as its assets the several classes of uncertificated Middle Tier Interests in Middle REMIC 1 other than the Class MT1-R Interest, and each such Middle Tier Interest is hereby designated as a regular interest in Middle REMIC 1. Middle REMIC 1 shall hold as its assets the several classes of uncertificated Lower Tier Interests in Subsidiary REMIC 1, Subsidiary REMIC 2, and Subsidiary REMIC 3, other than the Class LT1-R, Class LT2-R, and Class LT3-R Interests, and each such Lower Tier Interest is hereby designated as a regular interest in a Subsidiary REMIC. The Middle Subsidiary REMIC 1 shall issue the Class R-2 interest and shall designate such interest hold as its sole class assets the Mortgage Loans in Loan Group I and Loan Group VIII, and all collections and accounts related thereto. Subsidiary REMIC 2 shall hold as its assets the Mortgage Loans in Loan Group III and Loan Group VI, and all collections and accounts related thereto. Subsidiary REMIC 3 shall hold as its assets the Mortgage Loans in Loan Group II, Loan Group IV, Loan Group V, and Loan Group VII, and all collections and accounts related thereto. The startup day for each REMIC created hereby for purposes of residual interestthe REMIC Provisions is the Closing Date. In addition, for purposes of the Middle REMIC shall issue Provisions, the latest possible maturity date for each regular interest in each REMIC created hereby is the Distribution Date following the third anniversary of the scheduled maturity date of the Mortgage Loan having the latest scheduled maturity date as of the Cut-off Date. The following table sets forth (or describes) the class designation, interest rate, and initial principal amount for each uncertificated REMIC regular interests set forth below for the Middle interest in Subsidiary REMIC 1: LT1-Grp I (the “Middle REMIC Regular Interests”). The Master REMIC shall consist of the Middle REMIC Regular Interests and shall be evidenced by the Classes of Certificates set forth below for the Master REMIC 1) 5.500% N/A LT1-I-X (which, except for the Class P, Class 2) (2) A-LR and Class X LT1-I-PO (3) (4) A-UR Certificates, shall represent the “regular interests” in the Master REMICP LT1-Grp VIII (5) and the Class R-3 Interest as the single “residual interest” in the Master REMIC. The Class 5.750% N/A LT1-VIII-X (6) (6) A-UR Certificate shall not be considered a Certificate issued by the Master REMIC, but instead shall represent beneficial ownership of the Class R-2 and Class R-3 interests.X LT1-VIII-PO (7) (4) A-P LT1-R (8) (8) N/A ________________
Appears in 1 contract
Sources: Pooling and Servicing Agreement (CSFB Mortgage-Backed Pass-Through Certificates, Series 2004-8)
PRELIMINARY STATEMENT. The Depositor is the owner of the Trust Fund that is hereby conveyed to the Trustee in return for the Certificates. The As provided herein, an election shall be made that the Trust Fund is being conveyed to (exclusive of (i) the Trustee to create a trust for Swap Agreement, (ii) the benefit of Swap Account, (iii) the Certificateholders. The Net WAC Cap Account, (iv) the Cap Agreement, (v) the Cap Account, (vi) the Final Maturity Reserve Fund, and (vii) the External Trust Fund (collectively, the “Excluded Trust Assets”)) be treated for federal income tax purposes shall consist as comprising three real estate mortgage investment conduits under Section 860D of three REMICs the Code (the each a “Subsidiary REMIC”, the “Middle REMIC” or, in the alternative “REMIC 1,” “REMIC 2,” and the “Master REMICREMIC 3”). The “latest possible maturity date” Any inconsistencies or ambiguities in this Agreement or in the administration of this Agreement shall be resolved in a manner that preserves the validity of such REMIC elections. Each Offered Certificate represents ownership of a regular interest in the REMIC for federal income tax purposes of all interests created hereby shall be the Latest Possible Maturity Date. The Subsidiary REMIC shall consist of all of the assets constituting the Trust Fund corresponding to Collateral Group 1 and Collateral Group 2, (exclusive of the Class P Prepayment Charges) and shall be evidenced by the uncertificated interests set forth below that shall be designated as REMIC regular interests (the “Subsidiary REMIC Regular Interests”)Provisions. In addition, each Offered Certificate represents (i) the Subsidiary right to receive payments with respect to any Net WAC Cap Carryover and (ii) the obligation to pay Class I Shortfalls. The Class R Certificate represents ownership of the sole Class of residual interest in each of REMIC 1, REMIC 2, and REMIC 3. The Class X Certificate represents ownership of four regular interests in REMIC 3 as described in footnote (14) as well as ownership of the Excluded Trust Assets and the obligation to make Net Swap Payments to the Swap Counterparty and the obligation to make payments in respect of Net WAC Cap Carryover. REMIC 3 shall issue hold as assets the uncertificated lower tier interests in REMIC 2, other than the Class A-LR Certificate R-2 interest, and shall designate each such lower tier interest is hereby designated as its sole class of residual interesta regular interest in REMIC 2. The Middle REMIC 2 shall hold as its assets the uncertificated lower tier interests in REMIC 1, other than the Class R-1 interest, and each such lower tier interest is hereby designated as a regular interest in REMIC 1. REMIC 1 shall hold as its assets the property of the Trust Fund other than the lower tier interests issued by in REMIC 1 and REMIC 2 and the Subsidiary REMICExcluded Trust Assets. The Middle startup day for each REMIC shall issue created hereby for purposes of the Class R-2 interest and shall designate such interest as its sole class of residual interestREMIC Provisions is the Closing Date. In addition, the Middle REMIC shall issue the uncertificated REMIC regular interests set forth below for the Middle REMIC (the “Middle REMIC Regular Interests”). The Master REMIC shall consist purposes of the Middle REMIC Regular Interests and shall be evidenced by Provisions, the Classes of Certificates set forth below latest possible maturity date for each regular interest in each REMIC created hereby is the Master REMIC (which, except for the Class P, Class A-LR and Class A-UR Certificates, shall represent the “regular interests” in the Master REMIC) and the Class R-3 Interest as the single “residual interest” in the Master REMIC. The Class A-UR Certificate shall not be considered a Certificate issued by the Master REMIC, but instead shall represent beneficial ownership of the Class R-2 and Class R-3 interestsLatest Possible Maturity Date.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Popular ABS Mortgage Pass-Through Trust 2006-D)
PRELIMINARY STATEMENT. The Depositor is the owner Board of Directors of the Trust Fund that is hereby conveyed to Depositor has duly authorized the Trustee in return for the Certificates. The Trust Fund is being conveyed to the Trustee to create formation of a trust for the benefit of the Certificateholders. The Trust Fund for federal income tax purposes shall consist of three REMICs (the “Subsidiary REMIC”"Trust") to issue a series of asset backed certificates with an aggregate initial Certificate Principal Balance of $674,999,100 to be known as th e Saxon Asset Securities Trust 2000-3, Mortgage Loan Asset Backed Certificates, Series 2000-3 (the “Middle REMIC” and the “Master REMIC”"Certificates"). The “latest possible maturity date” for federal income tax purposes of all interests created hereby shall be Certificates in the Latest Possible Maturity Dateaggregate evidence the entire beneficial ownership in the Trust. The Subsidiary REMIC shall Certificates consist of all of the assets constituting the Trust Fund corresponding to Collateral Group 1 and Collateral Group 2, (exclusive of following: the Class P Prepayment Charges) and shall be evidenced by the uncertificated interests set forth below that shall be designated as REMIC regular interests (the “Subsidiary REMIC Regular Interests”). In additionAF-1, the Subsidiary REMIC shall issue the 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 AV-1, Class AV-2, Class MV-1, Class MV-2, Class BV-1, Class A-LR Certificate IO, Class PF-1, Class PV-1, Class C and shall designate such interest Class R Certificates. In accordance with Section 10.01 of the Standard Terms, the Trustee will make elections to treat each of the segregated pools of assets described below as its a real estate mortgage investment conduit (each a "REMIC" or, in the alternative, the POOLING REMIC, the SECOND-TIER REMIC, and the ISSUING REMIC. The Certificates, other than the Class R Certificates, represent ownership of the regular interests in the ISSUING REMIC for purposes of the REMIC Provisions. The Class R Certificates represents ownership of the sole class of residual interestinterest in each of the POOLING REMIC, the SECOND-TIER REMIC, and the ISSUING REMIC for purposes of the REMIC Provisions. The Middle ISSUING REMIC shall hold as its assets the several classes of uncertificated Lower Tier Interests in the SECOND- TIER REMIC, other than the Class LT2-R Interest, and each such Lower Tier Interest is hereby designated as a regular interest in the SECOND-TIER REMIC for purposes of the REMIC Provisions. The SECOND-TIER REMIC shall hold as its assets the several classes of uncertificated Lower Tier Interests in the POOLING REMIC, other than the Class LT1-R Interest, and each such Lower Tier Interest is hereby designated as a regular interests issued by interest in the Subsidiary POOLING REMIC. The Middle POOLING REMIC shall issue the Class R-2 interest and shall designate such interest hold as its sole class assets the property of residual interestthe Trust Estate other than the Lower Tier Interests in the POOLING REMIC and the SECOND-TIER REMIC, the Prefunding Account, and the Capitalized Interest Account. The startup day for each REMIC created hereby for purposes of the REMIC Provisions is the Closing Date. In addition, the Middle REMIC shall issue the uncertificated REMIC regular interests set forth below for the Middle REMIC (the “Middle REMIC Regular Interests”). The Master REMIC shall consist purposes of the Middle REMIC Regular Interests and shall be evidenced by Provisions, the Classes of Certificates set forth below latest possible maturity date for each regular interest in each REMIC created hereby is the Master REMIC (which, except for the Class P, Class A-LR and Class A-UR Certificates, shall represent the “regular interests” latest date specified in the Master REMIC) and the Class R-3 Interest as the single “residual interest” in the Master REMIC. The Class A-UR Certificate shall not be considered a Certificate issued by the Master REMIC, but instead shall represent beneficial ownership Section 9.01 of the Class R-2 and Class R-3 interestsStandard Terms.
Appears in 1 contract
PRELIMINARY STATEMENT. The Depositor is the owner Securities Administrator on behalf of the Trust Fund (exclusive of (i) the Swap Agreement, (ii) the Cap Agreement, (iii) the right to receive and the obligation to pay Basis Risk Carryover Amounts, (iv) the Excess Reserve Fund Account, (v) the Supplemental Interest Trust and the Supplemental Interest Trust Account, (vi) the Collateral Account, and (vi) the obligations to pay Class I Shortfalls (collectively, the “Excluded Trust Assets”) shall elect that is hereby conveyed to two segregated asset pools within the Trustee in return for the Certificates. The Trust Fund is being conveyed to the Trustee to create a trust for the benefit of the Certificateholders. The Trust Fund be treated for federal income tax purposes shall consist as comprising three real estate mortgage investment conduits under Section 860D of three REMICs the Code (each a “REMIC” or, in the alternative, “REMIC 1,” REMIC 2” and “REMIC 3,” REMIC 3 also being referred to herein as the “Subsidiary Upper Tier REMIC.”) Any inconsistencies or ambiguities in this Agreement or in the administration of this Agreement shall be resolved in a manner that preserves the validity of such REMIC election. Each Certificate, other than the “Middle REMIC” and Class R Certificates, represents ownership of a regular interest in the “Master REMIC”). The “latest possible maturity date” Upper Tier REMIC for federal income tax purposes of all interests created hereby shall be the Latest Possible Maturity Date. The Subsidiary REMIC shall consist of all of the assets constituting the Trust Fund corresponding to Collateral Group 1 and Collateral Group 2, (exclusive of the Class P Prepayment Charges) and shall be evidenced by the uncertificated interests set forth below that shall be designated as REMIC regular interests (the “Subsidiary REMIC Regular Interests”)Provisions. In addition, the Subsidiary REMIC shall issue each Certificate, other than the Class A-LR R, Class X and Class P Certificates, represents (i) the right to receive payments with respect to any Basis Risk Carryover Amounts and (ii) the obligation to pay Class I Shortfalls. The Class R Certificate and shall designate such interest as its represents ownership of the sole class Class of residual interestinterest in each of REMIC 1, REMIC 2 and the Upper Tier REMIC for purposes of the REMIC Provisions. The Middle Upper Tier REMIC shall hold as its assets the uncertificated Lower Tier Interests in REMIC regular interests issued by the Subsidiary REMIC. The Middle REMIC shall issue 2, other than the Class R-2 LT2-R interest, and each such Lower Tier Interest is hereby designated as a regular interest and in REMIC 2 for purposes of the REMIC Provisions. REMIC 2 shall designate such interest hold as its sole class of residual interest. In addition, the Middle REMIC shall issue assets the uncertificated Lower Tier Interests in REMIC 1, other than the Class LT1-R interest, and each such Lower Tier Interest is hereby designated as a regular interests set forth below for interest in REMIC 1. REMIC 1 shall hold as its assets the Middle REMIC (the “Middle REMIC Regular Interests”). The Master REMIC shall consist property of the Middle Trust Fund other than the Lower Tier Interests in REMIC Regular Interests 1 and shall be evidenced by the Classes of Certificates set forth below for the Master REMIC (which, except for the Class P, Class A-LR and Class A-UR Certificates, shall represent the “regular interests” in the Master REMIC) 2 and the Class R-3 Interest as the single “residual interest” in the Master REMIC. The Class A-UR Certificate shall not be considered a Certificate issued by the Master REMIC, but instead shall represent beneficial ownership of the Class R-2 and Class R-3 interestsExcluded Trust Assets.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Hsi Asset Securitization Corp Trust 2007-Opt1)
PRELIMINARY STATEMENT. The Depositor is intends to sell pass-through certificates (collectively, the owner "Certificates"), to be issued hereunder in multiple classes, which in the aggregate will evidence the entire beneficial ownership interest in the Trust Fund created hereunder. The Certificates will consist of four classes of certificates, designated as (i) the Class A-1 Certificates, (ii) the Class A-2 Certificates, (iii) the Class X Certificate and (iv) the Class R Certificates. As provided herein, the Trustee will make an election to treat the assets of the Trust Fund that is hereby conveyed other than the Pre-Funding Accounts, Capitalized Interest Accounts and the rights of Class A Certificateholders to the Trustee receive payments in return for the Certificates. The Trust Fund is being conveyed to the Trustee to create a trust for the benefit respect of the Certificateholders. The Trust Fund their related Interest Carryover, as three separate REMICs (as defined herein) for federal income tax purposes shall consist of three REMICs (the “Subsidiary REMIC”, the “Middle REMIC” and the “Master REMIC”)purposes. The “latest possible maturity date” for For federal income tax purposes the Class A Certificates and Class X Certificates represent beneficial interests in the "regular interests" in REMIC III and the Class R-III Component represents the sole class of all interests created hereby shall be "residual interest" in REMIC III for purposes of the Latest Possible Maturity DateREMIC Provisions. The Subsidiary Class R-I Component represents the sole class of "residual interest" in REMIC shall consist I and the Class R-II Component represents the sole class of all "residual interest" in REMIC II for purposes of the REMIC Provisions. There are also six classes of uncertificated REMIC I Regular Interests issued under this Agreement (the Class LT1, Class LT2, Class LT3, Class LT4, Class LT5 and Class LT6 Interests), each of which will constitute regular interests in REMIC I. There are also eight classes of uncertificated REMIC II Regular Interests issued under this Agreement (the Class MT1, Class MT2, Class MT3, Class MT4, Class MT5, Class MT6, Class MTN2 and Class MTN5 Interests), each of which will constitute regular interests in REMIC II. The REMIC I Regular Interests will be held as assets constituting of REMIC II and the REMIC II Regular Interests will be held as assets of REMIC III. In addition to representing beneficial interests in the corresponding REMIC III Regular Interests, the Class A Certificates represent the right to receive payments in respect of their related Interest Carryovers from amounts otherwise distributable to the Class X Certificateholders. The Class X Certificates also represent beneficial interests in the corresponding Class X Regular Interest, subject to the obligation to make payments to the Class A Certificates in respect of their related Interest Carryovers. The following table sets forth (or describes) the Class designation, Pass-Through Rate and Original Class Certificate Principal Balance for each Class of Certificates comprising the interests in the Trust Fund corresponding to Collateral Group 1 and Collateral Group 2, (exclusive of the created hereunder: Original Class P Prepayment Charges) and shall be evidenced by the uncertificated interests set forth below that shall be designated as REMIC regular interests (the “Subsidiary REMIC Regular Interests”). In addition, the Subsidiary REMIC shall issue the Certificate Initial Principal Pass-Through Assumed Final Class A-LR Certificate and shall designate such interest as its sole class of residual interest. The Middle REMIC shall hold as its assets the uncertificated REMIC regular interests issued by the Subsidiary REMIC. The Middle REMIC shall issue the Class R-2 interest and shall designate such interest as its sole class of residual interest. In addition, the Middle REMIC shall issue the uncertificated REMIC regular interests set forth below for the Middle REMIC (the “Middle REMIC Regular Interests”). The Master REMIC shall consist of the Middle REMIC Regular Interests and shall be evidenced by the Classes of Certificates set forth below for the Master REMIC (which, except for the Class P, Class A-LR and Class A-UR Certificates, shall represent the “regular interests” in the Master REMIC) and the Class R-3 Interest as the single “residual interest” in the Master REMIC. The Class A-UR Certificate shall not be considered a Certificate issued by the Master REMIC, but instead shall represent beneficial ownership of the Class R-2 and Class R-3 interests.Balance Rate Maturity Dates ----- ------- ---- --------------
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Asset Backed Funding Corp)
PRELIMINARY STATEMENT. The Depositor is the owner of the Trust Fund that is hereby conveyed to the Trustee in return for the Certificates. The As provided herein, the Trustee will make multiple elections to treat segregated pools of assets subject to this Agreement for federal income tax purposes (other than the Additional Collateral, the Corridor Contracts and the assets held in the Reserve Funds) as the following five separate real estate mortgage investment conduits (each, a "REMIC"): REMIC 1A, REMIC 1B, REMIC 2, REMIC 3 and the Master REMIC. REMIC 1A will consist of the Mortgage Loans comprising Loan Group 1, 2 and 3 excluding any rights of the Trust Fund is being conveyed to in respect of the Additional Collateral and the Corridor Contracts and the assets held in the Reserve Funds. REMIC 1B will consist of the Mortgage Loans comprising Loan Group 4, excluding any rights of the Trust Fund in respect of the Additional Collateral and the Corridor Contracts and the assets held in the Reserve Funds. Each of REMIC 1A and REMIC 1B will issue uncertificated REMIC regular interests (the "REMIC 1A Regular Interests" and the "REMIC 1B Regular Interests", respectively, and collectively, the "REMIC 1 Regular Interests"). The REMIC 1A Regular Interests and REMIC 1B Regular Interests will represent the "regular interests" in REMIC 1A and REMIC 1B, respectively, and the Class R1A Interest and Class R1B Interest will represent the single Class of "residual interest" in each of REMIC 1A and REMIC 1B. The Trustee to create a trust will hold the REMIC 1 Regular Interests for the benefit of REMIC 2. REMIC 2 will consist of the REMIC 1 Interests and will be evidenced by the REMIC 2 Regular Interests, which will constitute the regular interests in REMIC 2 (the "REMIC 2 Regular Interests") and the Class R2 Interest, which will represent the single Class of "residual interest" in REMIC 2. The Trustee will hold the REMIC 2 Regular Interests for the benefit of REMIC 3. REMIC 3 will consist of the REMIC 2 Interests and will be evidenced by the REMIC 3 Regular Interests, which will constitute the regular interests in REMIC 3 (the "REMIC 3 Regular Interests") and the Class R3 Interest, which will represent the single Class of "residual interest" in REMIC 3. The Trustee will hold the REMIC 3 Regular Interests for the benefit of the CertificateholdersMaster REMIC. The Trust Fund for federal income tax purposes shall Master REMIC will consist of three REMICs (the “Subsidiary REMIC”, the “Middle REMIC” REMIC 3 Interests and the “Master REMIC”). The “latest possible maturity date” for federal income tax purposes of all interests created hereby shall be the Latest Possible Maturity Date. The Subsidiary REMIC shall consist of all of the assets constituting the Trust Fund corresponding to Collateral Group 1 and Collateral Group 2, (exclusive of the Class P Prepayment Charges) and shall will be evidenced by the uncertificated interests set forth below that shall be designated as REMIC regular interests Certificates (the “Subsidiary REMIC Regular Interests”). In addition, the Subsidiary REMIC shall issue other than the Class A-LR Certificate and shall designate such interest as its sole class of residual interest. The Middle REMIC shall hold as its assets R Certificates), which will constitute the uncertificated REMIC regular interests issued by the Subsidiary REMIC. The Middle REMIC shall issue the Class R-2 interest and shall designate such interest as its sole class of residual interest. In addition, the Middle REMIC shall issue the uncertificated REMIC regular interests set forth below for the Middle REMIC (the “Middle REMIC Regular Interests”). The Master REMIC shall consist of the Middle REMIC Regular Interests and shall be evidenced by the Classes of Certificates set forth below for in the Master REMIC (which, except for the Class P, Class A-LR and Class A-UR "Regular Certificates, shall represent the “regular interests” in the Master REMIC") and the Class R-3 Interest as MR Interest, which will represent the single “Class of "residual interest” " in the Master REMIC. The Class A-UR Certificate shall not be considered a Certificate issued by R Certificates will represent the Master REMIC, but instead shall represent beneficial ownership of each of the Class R-2 R1A, Class R1B, Class R2, R3 and Class R-3 interestsMR Interests. The "latest possible maturity date" for federal income tax purposes of all regular and residual interests created hereunder will be the Latest Possible Maturity Date. REMIC 1A -------- Except as provided below, REMIC 1A will issue a single regular interest corresponding to each Mortgage Loan in Collateral Allocation Group 1, Collateral Allocation Group 2, Collateral Allocation Group 3 and Collateral Allocation Group 4 having a Net Mortgage Rate equal to that of its corresponding Mortgage Loan and allocated principal, interest and Realized Losses in the same manner as such items are allocated to their corresponding Mortgage Loans. REMIC 1A will issue a single regular interest corresponding to each Mortgage Loan in Loan Group 1 having a Net Mortgage Rate less than or equal to 5.00%, two regular interests (referred to collectively herein as the "Class 1-A Interests" and the "Class 1-B Interests") for each Mortgage Loan in Loan Group 1 having a Net Mortgage Rate greater than 5.00% and less than 6.00% and a single regular interest for each Mortgage Loan in Loan Group 1 having a Net Mortgage Rate greater than 6.00%.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Morgan Stanley Mortgage Loan Trust 2006-7)
PRELIMINARY STATEMENT. The Depositor is the owner of the Trust Fund that is hereby conveyed to the Trustee in return for the Certificates. The Trust Fund is being conveyed to the Trustee to create a trust for the benefit of the Certificateholders. The Trust Fund for federal income tax purposes shall will consist of three REMICs (the “Subsidiary REMICREMIC 1”, the “Middle REMICSubsidiary REMIC 2” and the “Master REMIC”). The “latest possible maturity date” for federal income tax purposes of all interests created hereby shall will be the Latest Possible Maturity Date. The Subsidiary REMIC shall 1 will consist of all of the assets constituting the Trust Fund corresponding to Collateral Loan Group 1 I, Loan Group II and Collateral Loan Group 2, (exclusive of the Class P Prepayment Charges) III and shall will be evidenced by the following uncertificated 8 interests set forth below that shall be designated as REMIC regular interests interests: the LT1-I Interest, the LT2-I Interest, the LT3-I Interest, the LT1-II Interest, the LT2-II Interest, the LT3-II Interest, the LT-AX Interest and the LT-PO Interest (the “Subsidiary REMIC 1 Regular Interests”). In addition, the Subsidiary REMIC 1 shall issue the Class A-LR Certificate R-1 interest and shall designate such interest as its sole class of residual interest. The Middle Subsidiary REMIC 2 shall hold as its assets the uncertificated REMIC regular interests issued by the Subsidiary REMICREMIC 1. The Middle Subsidiary REMIC 2 shall issue the Class R-2 interest and shall designate such interest as its sole class of residual interest. In addition, the Middle Subsidiary REMIC 2 shall issue the 18 uncertificated REMIC regular interests (the “Subsidiary REMIC 2 Regular Interests”) set forth below for the Middle Subsidiary REMIC (the “Middle REMIC Regular Interests”). 2 The Master REMIC shall will consist of the Middle Subsidiary REMIC 2 Regular Interests and shall will be evidenced by the 19 Classes of Certificates regular interests set forth below for the Master REMIC (which, except for the Class P, Class A-LR and Class A-UR Certificates, shall which each will represent the “regular interests” in the Master REMIC) and the Class R-3 Interest as the single “residual interest” in the Master REMIC. The Class A-UR Certificate R shall not be considered a Certificate issued by the Master REMIC, but instead shall represent beneficial ownership of the Class R-1, Class R-2 and Class R-3 interests.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Mastr Seasoned Securitization Trust 2003-1)
PRELIMINARY STATEMENT. The Depositor is the owner of the Trust Fund that is hereby conveyed to the Trustee in return for the Certificates. The As provided herein, the Trustee will make multiple elections to treat segregated pools of assets subject to this Agreement for federal income tax purposes (other than the rights of the Class C Certificates in respect of any Auction Excess Proceeds, any Additional Collateral, the Corridor Contracts and the assets held in the Reserve Fund) as the following four separate real estate mortgage investment conduits (each, a "REMIC"): REMIC 1A, REMIC 1B, REMIC 2 and the Master REMIC. REMIC 1A will consist of Loan Group 1, excluding any rights of the Class C Certificates in respect of any Auction Excess Proceeds, any rights of the Trust Fund is being conveyed to in respect of the Corridor Contract Agreements and the Reserve Fund. REMIC 1B will consist of Loan Group 2 and Loan Group 3, excluding any rights of the Class C Certificates in respect of any Auction Excess Proceeds. REMIC 1A and REMIC 1B will issue uncertificated REMIC regular interests (collectively, the "REMIC 1 Regular Interests"). The REMIC 1 Regular Interests will represent the "regular interests" in each of REMIC 1A and REMIC 1B. The Class R-1A Interest will represent the single Class of "residual interest" in REMIC 1A and the Class R-1B Interest will represent the single Class of "residual interest" in REMIC 1B. The rights of the Class C Certificates in respect of any Auction Excess Proceeds will be treated as a grantor trust for federal income tax purposes. The Trustee to create a trust will hold the REMIC 1 Regular Interests for the benefit of REMIC 2. REMIC 2 will consist of the REMIC 1 Interests and will be evidenced by the REMIC 2 Interests, which (other than the Class R-2 Interests) will constitute the regular interests in REMIC 2 (the "REMIC 2 Regular Interests") and the Class R-2 Interest, which will represent the single Class of "residual interest" in REMIC 2. The Trustee will hold the REMIC 2 Regular Interests for the benefit of the CertificateholdersMaster REMIC. The Trust Fund for federal income tax purposes shall Master REMIC will consist of three REMICs (the “Subsidiary REMIC”, the “Middle REMIC” REMIC 2 Interests and the “Master REMIC”). The “latest possible maturity date” for federal income tax purposes of all interests created hereby shall be the Latest Possible Maturity Date. The Subsidiary REMIC shall consist of all of the assets constituting the Trust Fund corresponding to Collateral Group 1 and Collateral Group 2, (exclusive of the Class P Prepayment Charges) and shall will be evidenced by the uncertificated interests set forth below that shall be designated as REMIC regular interests Certificates, which (other than the “Subsidiary REMIC Regular Interests”). In addition, the Subsidiary REMIC shall issue the Class C and Class A-LR Certificate and shall designate such interest as its sole class of residual interest. The Middle REMIC shall hold as its assets R Certificates) will constitute the uncertificated REMIC regular interests issued by the Subsidiary REMIC. The Middle REMIC shall issue the Class R-2 interest and shall designate such interest as its sole class of residual interest. In addition, the Middle REMIC shall issue the uncertificated REMIC regular interests set forth below for the Middle REMIC (the “Middle REMIC Regular Interests”). The Master REMIC shall consist of the Middle REMIC Regular Interests and shall be evidenced by the Classes of Certificates set forth below for in the Master REMIC (which, except for the Class P, Class A-LR and Class A-UR "Regular Certificates, shall represent the “regular interests” in the Master REMIC") and the Class R-3 Interest as Interest, which will represent the single “Class of "residual interest” " in the Master REMIC. The Class A-UR Certificate shall not be considered a Certificate issued by R Certificates will represent the Master REMIC, but instead shall represent beneficial ownership of each of the Class R-1A, Class R-1B, Class R-2 and Class R-3 interestsInterests. The "latest possible maturity date" for federal income tax purposes of all regular and residual interests created hereunder will be the Latest Possible Maturity Date.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Morgan Stanley Mortgage Loan Trust 2006-3ar)
PRELIMINARY STATEMENT. The Depositor is the owner of the Trust Fund that is hereby conveyed to the Trustee in return for the Certificates. The As provided herein, the Trustee shall elect that the Trust Fund is being conveyed (exclusive of (i) the Cap Agreement, (ii) the Reserve Fund, (iii) the right to receive and the Trustee obligation to create a trust for pay Basis Risk Shortfalls and Unpaid Basis Risk Shortfalls, (iv) the benefit of right to receive and the Certificateholders. The Trust Fund obligation to pay AFC Shortfalls, (v) the right to receive and the obligation to pay Class F Shortfalls and Unpaid Class F Shortfalls, (vi) the right to receive and the obligation to pay the Class A-IO Termination Amount, and (vii) any Additional Collateral) be treated for federal income tax purposes shall consist as comprising five real estate mortgage investment conduits under Section 860D of three REMICs the Code (each a “REMIC” or, in the alternative “REMIC 1,” “REMIC 2,” “REMIC 3,” “REMIC 4,” and “REMIC 5;” REMIC 5 also being referred to as the “Subsidiary REMIC”, the “Middle REMIC” and the “Master Upper Tier REMIC”). The “latest possible maturity date” Any inconsistencies or ambiguities in this Agreement or in the administration of this Agreement shall be resolved in a manner that preserves the validity of such REMIC elections. Each Certificate, other than the Class R Certificate, represents ownership of a regular interest in the Upper Tier REMIC for federal income tax purposes of all interests created hereby shall be the Latest Possible Maturity Date. The Subsidiary REMIC shall consist of all of the assets constituting the Trust Fund corresponding to Collateral Group 1 and Collateral Group 2, (exclusive of the Class P Prepayment Charges) and shall be evidenced by the uncertificated interests set forth below that shall be designated as REMIC regular interests (the “Subsidiary REMIC Regular Interests”)Provisions. In addition, each Certificate, other than the Subsidiary REMIC shall issue the Class R, Class F, Class IO, Class A-LR IO, Class X and Class P Certificates, represents (i) the right to receive payments with respect to any Basis Risk Shortfalls and Unpaid Basis Risk Shortfalls and (ii) the right to receive and the obligation to pay AFC Shortfalls. The Class F Certificates also represent the right to receive payments with respect to Class F Shortfalls and Unpaid Class F Shortfalls. The Class R Certificate and shall designate such interest as its represents ownership of the sole class Class of residual interestinterest in each of REMIC 1, REMIC 2, REMIC 3, REMIC 4 and the Upper Tier REMIC for purposes of the REMIC Provisions. The Middle Upper Tier REMIC shall hold as its assets the uncertificated Interests in REMIC 4, other than the R-4 Interest, and each such Interest is hereby designated as a regular interests issued by interest in REMIC 4 for purposes of the Subsidiary REMICREMIC Provisions. REMIC 4 shall hold as its assets the uncertificated Interests in REMIC 3, other than the R-3 Interest, and each such Interest is hereby designated as a regular interest in REMIC 3 for purposes of the REMIC Provisions. REMIC 3 shall hold as its assets the uncertificated Interests in REMIC 2, other than the R-2 Interest, and each such Interest is hereby designated as a regular interest in REMIC 2 for purposes of the REMIC Provisions. REMIC 2 shall hold as its assets the uncertificated Interests in REMIC 1, other than the R-1 Interest, and each such Interest is hereby designated as a regular interest in REMIC 1. REMIC 1 shall hold as its assets the property of the Trust Fund other than the Interests in REMIC 1, REMIC 2, REMIC 3 and REMIC 4; the Cap Agreement; the Reserve Fund; the rights and obligations with respect to the payment of Basis Risk Shortfalls, Unpaid Basis Risk Shortfalls, AFC Shortfalls, Class F Shortfalls, Unpaid Class F Shortfalls, the Class A-IO Termination Amount and any Additional Collateral. The Middle startup day for each REMIC shall issue created hereby for purposes of the Class R-2 interest and shall designate such interest as its sole class of residual interestREMIC Provisions is the Closing Date. In addition, for purposes of the Middle REMIC shall issue Provisions, the uncertificated latest possible maturity date for each regular interest in each REMIC created hereby is the Latest Possible Maturity Date. The following table sets forth the designations, principal balances, and interest rates for each interest in REMIC 1, each of which (other than the R-1 Interest) is hereby designated as a regular interests set forth below for the Middle interest in REMIC 1 (the “Middle REMIC 1 Regular Interests”). The Master REMIC shall consist of the Middle REMIC Regular Interests and shall be evidenced by the Classes of Certificates set forth below for the Master REMIC ): T1-ARM-A (which, except for the Class P, Class A1) (2) T1-LR and Class AARM-UR Certificates, shall represent the “regular interests” in the Master REMICB (1) and the Class R-3 Interest as the single “residual interest” in the Master REMIC. The Class A(2) T1-UR Certificate shall not be considered a Certificate issued by the Master REMIC, but instead shall represent beneficial ownership of the Class R-2 and Class R-3 interests.Fixed-A-1 (3) (5) T1-Fixed-A-2 (3) (5) T1-Fixed-B (4) (6) T1-IO (7) (7) R-1 (8) (8) _______________
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Bayview Financial Mort Pass THR Certs Ser 2003-F)
PRELIMINARY STATEMENT. The Depositor is the owner of the Trust Fund that is hereby conveyed to the Trustee in return for the Certificates. The Trust Fund is being conveyed to the Trustee to create a trust for the benefit of the Certificateholders. The Trust Fund for For federal income tax purposes shall consist purposes, the Trust Fund (other than the Pre-Funding Account and the Capitalized Interest Account) will consisting of three REMICs real estate mortgage investment conduits (or in the “Subsidiary REMIC”alternative, the “Middle Sub-WAC (SW) REMIC,” the “Strip (ST) REMIC” and the “Master REMIC”) and shall make all elections as necessary for such treatment. Each Certificate, other than the Class A-R Certificate, will represent ownership of one or more regular interests in the Master REMIC for purposes of the REMIC Provisions. The Class A-R Certificate will represent ownership of the sole class of residual interest in the Sub-WAC REMIC, the Strip REMIC and the Master REMIC. The Master REMIC will hold as assets the several classes of uncertificated Strip REMIC Interests (other than the Class ST-A-R Interest). The “Strip REMIC will hold as assets the several classes of uncertificated Sub-WAC REMIC Interests (other than the Class SW-A-R Interest). The Sub-WAC REMIC will hold as assets all property of the Trust Fund. Each Strip REMIC Interest (other than the Class ST-A-R Interest) is hereby designated as a regular interest in the Strip REMIC. Each Sub-WAC REMIC Interest (other than the Class SW-A-R Interest) is hereby designated as a regular interest in the Sub-WAC REMIC.The latest possible maturity date” for federal income tax purposes date of all REMIC regular interests created hereby herein shall be the Latest Possible Maturity Date. The Subsidiary REMIC shall consist Corridor Contract, the Supplemental Interest Trust and the Corridor Contract Reserve Fund will not form part of all any REMIC. The following table sets forth characteristics of the assets constituting Master REMIC Certificates, together with the Trust Fund corresponding to Collateral Group 1 minimum denominations and Collateral Group 2, (exclusive of the Class P Prepayment Charges) and integral multiples in excess thereof in which such Classes shall be evidenced by issuable (except that one Residual Certificate representing the uncertificated interests set forth below that shall Tax Matters Person Certificate may be designated as REMIC regular interests issued in a different amount): Class 1-A-1 $ 185,600,000 6.00% $ 25,000 $ 1 Class 1-A-2 $ 46,400,000 (the “Subsidiary REMIC Regular Interests”). In addition, the Subsidiary REMIC shall issue the 1) $ 25,000 $ 1 Class 1-A-3 $ 46,400,000 (2) (3) $ 25,000 (4) $ 1 (4) Class 1-A-4 $ 24,115,000 6.00% $ 25,000 $ 1 Class 1-A-5 $ 60,000,000 (1) $ 25,000 $ 1 Class 1-A-6 $ 60,000,000 (2) (3) $ 25,000 (4) $ 1 (4) Class 1-A-7 $ 124,293,000 6.00% $ 1,000 $ 1 Class 1-A-8 $ 464,000 6.00% $ 25,000 $ 1 Class 1-A-9 $ 24,186,000 6.00% $ 25,000 $ 1 Class 2-A-1 $ 244,014,000 (5) $ 25,000 $ 1 Class 2-A-2 $ 30,335,850 (6) $ 25,000 $ 1 Class 2-A-3 $ 8,784,750 (5) $ 25,000 $ 1 Class 3-A-1 $ 126,527,000 6.75% $ 25,000 $ 1 Class 3-A-2 $ 4,556,000 6.75% $ 25,000 $ 1 Class 4-A-1 $ 217,530,000 (7) $ 25,000 $ 1 Class 4-A-2 $ 36,255,000 (8) $ 25,000 $ 1 Class 4-A-3 $ 121,215,000 (9) $ 25,000 $ 1 Class 4-A-4 $ 121,215,000 (2) (10) $ 25,000 $ 1 Class 4-A-5 $ 48,000,000 (11) $ 25,000 $ 1 Class 4-A-6 $ 8,000,000 (12) $ 25,000 $ 1 Class 4-A-7 $ 84,872,000 6.00% $ 25,000 $ 1 Class 4-A-8 $ 4,371,000 6.00% $ 25,000 $ 1 Class 4-A-9 $ 17,150,000 6.00% $ 25,000 $ 1 Class 5-A-1 $ 75,000,000 6.25% $ 25,000 (4) $ 1 (4) Class 5-A-2 $ 5,000,000 6.25% $ 25,000 $ 1 Class 5-A-3 $ 54,508,000 6.25% $ 25,000 $ 1 Class 5-A-4 $ 13,177,000 6.25% $ 25,000 $ 1 Class 5-A-5 $ 349,000 6.25% $ 25,000 $ 1 Class 5-A-6 $ 2,438,000 6.25% $ 25,000 $ 1 Class X-1 $ 942,163,467 (2) (13) $ 25,000 (4) $ 1 (4) Class X-2 $ 329,289,415 (2) (14) $ 25,000 (4) $ 1 (4) Class X-3 $ 131,104,879 (2) (15) $ 25,000 (4) $ 1 (4) Class PO $ 1,271,199 (16) $ 25,000 $ 1 Class A-LR Certificate and shall designate such interest as its sole class of residual interest. The Middle REMIC shall hold as its assets the uncertificated REMIC regular interests issued by the Subsidiary REMIC. The Middle REMIC shall issue the R(17) $ 100 6.00% (17 ) (17 ) Class R-2 interest and shall designate such interest as its sole class of residual interest. In addition, the Middle REMIC shall issue the uncertificated REMIC regular interests set forth below for the Middle REMIC M-1 $ 22,779,500 (the “Middle REMIC Regular Interests”). The Master REMIC shall consist of the Middle REMIC Regular Interests and shall be evidenced by the Classes of Certificates set forth below for the Master REMIC 18) $ 25,000 $ 1 Class M-2 $ 9,762,000 (which, except for the 18) $ 25,000 $ 1 Class P, B-1 $ 9,762,000 (18) $ 25,000 $ 1 Class A-LR and B-2 $ 4,881,000 (18) $ 25,000 $ 1 Class A-UR Certificates, shall represent the “regular interests” in the Master REMICB-3 $ 4,881,000 (18) and the $ 100,000 $ 1 Class R-3 Interest as the single “residual interest” in the Master REMIC. The B-4 $ 4,067,000 (18) $ 100,000 $ 1 Class A-UR Certificate shall not be considered a Certificate issued by the Master REMIC, but instead shall represent beneficial ownership of the Class R-2 and Class R-3 interests.B-5 $ 2,440,943 (18) $ 100,000 $ 1 _________________________________________
Appears in 1 contract
PRELIMINARY STATEMENT. The Depositor is intends to sell pass-through certificates (collectively, the owner of "Certificates"), to be issued hereunder in multiple Classes, which in the aggregate will evidence the entire beneficial ownership interest in the Trust Fund that is hereby conveyed to created hereunder. The Certificates will consist of eight Classes of Certificates, designated as the Trustee in return for Class A-1, Class A-2, Class M-1, Class M-▇, ▇▇▇▇▇ ▇-▇, Class B-2, the Class X, the Class R-1 and Class R-2 Certificates. The Trust Fund is being conveyed Depositor hereby assigns to the Trustee to create a trust for the benefit Trustee, acting on behalf of the CertificateholdersCertificateholders its interests and rights in the Mortgage Loans. The Trust Fund As provided herein, the Trustee will make multiple elections to treat segregated pools of assets subject to this Agreement for federal income tax purposes shall consist of three REMICs as the following five separate real estate mortgage investment conduits (each, a "REMIC"): the “Subsidiary REMIC”, the “Middle Master REMIC” , the Class B-1 REMIC, the Class B-2 REMIC, and the “Master Class X REMIC”). The “latest possible maturity date” for federal income tax purposes of all interests created hereby shall be the Latest Possible Maturity Date. The Subsidiary REMIC shall will consist of all of the assets constituting the Trust Fund corresponding to Collateral Group 1 and Collateral Group 2, Mortgage Loans. The Subsidiary REMIC will issue (exclusive of the Class P Prepayment Charges1) and shall be evidenced by the uncertificated interests set forth below that shall be designated as REMIC regular interests designated with a "1-" and payable from the monies received from the Mortgage Loans (the “"Subsidiary REMIC Regular Interests”"). In addition, The Subsidiary REMIC Regular Interests will be uncertificated and will represent the "regular interests" in the Subsidiary REMIC shall issue and the Class A-LR Certificate and shall designate such interest as its sole class of SR Interest will represent the single "residual interest. The Middle REMIC shall hold as its assets the uncertificated REMIC regular interests issued by " in the Subsidiary REMIC. The Middle REMIC shall issue Trustee will hold the Class R-2 interest and shall designate such interest as its sole class of residual interest. In addition, the Middle REMIC shall issue the uncertificated REMIC regular interests set forth below for the Middle REMIC (the “Middle REMIC Regular Interests”). The Master REMIC shall consist of the Middle Subsidiary REMIC Regular Interests and shall be evidenced by the Classes of Certificates set forth below for the Master REMIC (which, except for the Class P, Class A-LR and Class A-UR Certificates, shall represent the “regular interests” in the Master REMIC) and the Class R-3 Interest as the single “residual interest” in benefit of the Master REMIC. The Master REMIC will consist of the Subsidiary REMIC Regular Interests and will be evidenced by (i) the Regular Certificates (other than the Class A-UR Certificate shall not be considered a Certificate issued by B-1, Class B-2 and Class X Certificates) and the Class B-1 Interest, Class B-2 Interest, and Class X Interest, which will represent the "regular interests" in the Master REMIC and (ii) the Class MR Interest, which will represent the single "residual interest" in the Master REMIC, but instead shall represent beneficial ownership of the Class R-2 and Class R-3 interests.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Bond Securitization LLC)
PRELIMINARY STATEMENT. The Depositor is As provided herein, the owner of Trust Administrator shall elect that the Trust Fund that is hereby conveyed to the Trustee in return for the Certificates. The Trust Fund is being conveyed to the Trustee to create a trust for the benefit (exclusive of the Certificateholders. The Trust Fund Yield Maintenance Account and the Yield Maintenance Agreement) be treated for federal income tax purposes shall consist of three REMICs as comprising five real estate mortgage investment conduits (each a “REMIC” or, in the alternative, “Subsidiary REMIC”, the REMIC 1,” “Subsidiary REMIC 2,” “Middle REMICREMIC 1,” “Middle REMIC 2,” and the “Master REMIC”). The “latest possible maturity date” Each Class of Certificates, other than the Class AR and Class AR-L Certificates, represents ownership of a regular interest in the Master REMIC for federal income tax purposes of all interests created hereby shall be the Latest Possible Maturity DateREMIC Provisions. The Subsidiary REMIC shall consist of all Class AR Certificates represent ownership of the assets constituting the Trust Fund corresponding to Collateral Group 1 and Collateral Group 2, (exclusive of the Class P Prepayment Charges) and shall be evidenced by the uncertificated interests set forth below that shall be designated as REMIC regular interests (the “Subsidiary REMIC Regular Interests”). In addition, the Subsidiary REMIC shall issue the Class A-LR Certificate and shall designate such interest as its sole class of residual interestinterest in each of Middle REMIC 1, Middle REMIC 2, and the Master REMIC for purposes of the REMIC Provisions. The Middle Class AR-L Certificates represent ownership of the sole class of residual interest in Subsidiary REMIC 1 and Subsidiary REMIC 2 for purposes of the REMIC Provisions. The Master REMIC shall hold as its assets the several classes of uncertificated Middle Tier Interests in Middle REMIC 2 other than the Class MT2-R Interest, and each such Middle Tier Interest is hereby designated as a regular interests issued by interest in Middle REMIC 2. Middle REMIC 2 shall hold as its assets the several classes of uncertificated Middle Tier Interests in Middle REMIC 1 other than the Class MT1-R Interest, and each such Middle Tier Interest is hereby designated as a regular interest in Middle REMIC 1. Middle REMIC 1 shall hold as its assets the several classes of uncertificated Lower Tier Interests in Subsidiary REMIC 1 and Subsidiary REMIC 2, other than the Class LT1-R and Class LT2-R Interests, and each such Lower Tier Interest is hereby designated as a regular interest in a Subsidiary REMIC. The Middle Subsidiary REMIC 1 shall issue the Class R-2 interest and shall designate such interest hold as its sole class assets the Mortgage Loans in Loan Groups I and II, and all collections and accounts related thereto. Subsidiary REMIC 2 shall hold as its assets the Mortgage Loans in Loan Groups III, IV, and V and all collections and accounts related thereto. The startup day for each REMIC created hereby for purposes of residual interestthe REMIC Provisions is the Closing Date. In addition, for purposes of the Middle REMIC shall issue Provisions, the latest possible maturity date for each regular interest in each REMIC created hereby is the Distribution Date following the third anniversary of the scheduled maturity date of the Mortgage Loan having the latest scheduled maturity date as of the Cut-off Date. The following table sets forth (or describes) the class designation, interest rate, and initial principal amount for each uncertificated REMIC regular interests set forth below for the Middle interest in Subsidiary REMIC 1: LT1-Grp I (the “Middle REMIC Regular Interests”). The Master REMIC shall consist of the Middle REMIC Regular Interests and shall be evidenced by the Classes of Certificates set forth below for the Master REMIC 1) 5.250% N/A LT1-I-X (which, except for the Class P, Class 2) (2) A-LR and Class X LT1-I-PO (3) (4) A-UR Certificates, shall represent the “regular interests” in the Master REMICP LT1-Grp II (5) and the Class R-3 Interest as the single “residual interest” in the Master REMIC. The Class 5.500% N/A LT1-II-X (6) (6) A-UR Certificate shall not be considered a Certificate issued by the Master REMIC, but instead shall represent beneficial ownership of the Class R-2 and Class R-3 interests.X LT1-R (7) (7) N/A ________________
Appears in 1 contract
Sources: Pooling and Servicing Agreement (CSFB Mortgage-Backed Pass-Through Certificates, Series 2005-9)
PRELIMINARY STATEMENT. The Depositor is As provided herein, the owner of Trust Administrator shall elect that the Trust Fund that is hereby conveyed (exclusive of the assets held in the Prefunding Account and the Capitalized Interest Account, and exclusive of any amounts payable to the Trustee in return for the Class ES Certificates. The Trust Fund is being conveyed to the Trustee to create a trust for the benefit of the Certificateholders. The Trust Fund ) be treated for federal income tax purposes shall consist of three REMICs as comprising four real estate mortgage investment conduits (each a “REMIC” or, in the alternative, “Subsidiary REMIC”, the REMIC 1,” “Subsidiary REMIC 2,” “Middle REMICREMIC 1” and the “Master REMIC”). The “latest possible maturity date” Each Class of Certificates, other than the Class ES, Class AR and Class AR-L Certificates, represents ownership of a regular interest in the Master REMIC for federal income tax purposes of all interests created hereby shall be the Latest Possible Maturity DateREMIC Provisions. The Subsidiary REMIC shall consist of all Class AR Certificates represent ownership of the assets constituting the Trust Fund corresponding to Collateral Group 1 and Collateral Group 2, (exclusive of the Class P Prepayment Charges) and shall be evidenced by the uncertificated interests set forth below that shall be designated as REMIC regular interests (the “Subsidiary REMIC Regular Interests”). In addition, the Subsidiary REMIC shall issue the Class A-LR Certificate and shall designate such interest as its sole class of residual interestinterest in each of Middle REMIC 1 and the Master REMIC for purposes of the REMIC Provisions. The Middle Class AR-L Certificates represent ownership of the sole class of residual interest in Subsidiary REMIC 1 and Subsidiary REMIC 2 for purposes of the REMIC Provisions. The Master REMIC shall hold as its assets the several classes of uncertificated Middle Tier Interests in Middle REMIC 1 other than the Class MT1-R Interest, and each such Middle Tier Interest is hereby designated as a regular interests issued by interest in Middle REMIC 1. Middle REMIC 1 shall hold as its assets the several classes of uncertificated Lower Tier Interests in Subsidiary REMIC 1 and Subsidiary REMIC 2, other than the Class LT1-R and Class LT2-R Interests, and each such Lower Tier Interest is hereby designated as a regular interest in a Subsidiary REMIC. The Middle Subsidiary REMIC 1 shall issue the Class R-2 interest and shall designate such interest hold as its sole class assets the Mortgage Loans in Loan Group I, Loan Group II, and Loan Group VI, and all collections and accounts related thereto. Subsidiary REMIC 2 shall hold as its assets the Mortgage Loans in Loan Group III, Loan Group IV, Loan Group V, and Loan Group VII and all collections and accounts related thereto. The startup day for each REMIC created hereby for purposes of residual interestthe REMIC Provisions is the Closing Date. In addition, for purposes of the Middle REMIC shall issue Provisions, the latest possible maturity date for each regular interest in each REMIC created hereby is the Distribution Date following the third anniversary of the scheduled maturity date of the Mortgage Loan having the latest scheduled maturity date as of the Cut-off Date. The following table sets forth (or describes) the class designation, interest rate, and initial principal amount for each uncertificated REMIC regular interests set forth below for the Middle interest in Subsidiary REMIC 1: LT1-Grp I (the “Middle REMIC Regular Interests”). The Master REMIC shall consist of the Middle REMIC Regular Interests and shall be evidenced by the Classes of Certificates set forth below for the Master REMIC 1) (which, except for the Class P, Class 2) N/A LT1-Grp II (3) (4) N/A LT1-Grp VI (5) 5.750% N/A LT1-VI-X (6) (6) VI-X LT1-VI-X-PF (10) (10) VI-X LT1-VI-X-Subs (11) (11) VI-X LT1-VI-PO (7) (8) A-LR and Class AP LT1-UR Certificates, shall represent the “regular interests” in the Master REMICR $50.00(9) and the Class R-3 Interest as the single “residual interest” in the Master REMIC. The Class A-UR Certificate shall not be considered a Certificate issued by the Master REMIC, but instead shall represent beneficial ownership of the Class R-2 and Class R-3 interests.5.750% N/A ________________
Appears in 1 contract
Sources: Pooling and Servicing Agreement (CSFB Mortgage-Backed Pass-Through Certificates, Series 2005-3)
PRELIMINARY STATEMENT. The Depositor is As provided herein, the owner of Trust Administrator shall elect that the Trust Fund that is hereby conveyed to the Trustee in return for the Certificates. The Trust Fund is being conveyed to the Trustee to create a trust for the benefit (exclusive of the Certificateholders. The Trust Fund any Prepayment Penalties) be treated for federal income tax purposes shall consist of three REMICs as comprising four real estate mortgage investment conduits (each a “REMIC” or, in the alternative, the “Subsidiary REMIC”, the ,” “Middle REMICREMIC 1,” “Middle REMIC 2,” and the “Master REMIC”). The “latest possible maturity date” Each Class of Certificates, other than the Class AR and Class AR-L Certificates, represents ownership of a regular interest in the Master REMIC for federal income tax purposes of all interests created hereby shall be the Latest Possible Maturity DateREMIC Provisions. The Subsidiary REMIC shall consist of all Class AR Certificates represent ownership of the assets constituting the Trust Fund corresponding to Collateral Group 1 and Collateral Group 2, (exclusive of the Class P Prepayment Charges) and shall be evidenced by the uncertificated interests set forth below that shall be designated as REMIC regular interests (the “Subsidiary REMIC Regular Interests”). In addition, the Subsidiary REMIC shall issue the Class A-LR Certificate and shall designate such interest as its sole class of residual interestinterest in each of Middle REMIC 1, Middle REMIC 2 and the Master REMIC for purposes of the REMIC Provisions. The Middle Class AR-L Certificates represent ownership of the sole class of residual interest in the Subsidiary REMIC for purposes of the REMIC Provisions. The Master REMIC shall hold as its assets the several classes of uncertificated Middle Tier Interests in Middle REMIC 2 other than the Class MT2-R Interest, and each such Middle Tier Interest is hereby designated as a regular interests issued by interest in Middle REMIC 2. Middle REMIC 2 shall hold as its assets the several classes of uncertificated Middle Tier Interests in Middle REMIC 1 other than the Class MT1-R Interest, and each such Middle Tier Interest is hereby designated as a regular interest in Middle REMIC 1. Middle REMIC 1 shall hold as its assets the several classes of uncertificated Lower Tier Interests in the Subsidiary REMIC, other than the Class LT1-R Interest, and each such Lower Tier Interest is hereby designated as a regular interest in the Subsidiary REMIC. The Middle Subsidiary REMIC shall issue the Class R-2 interest and shall designate such interest hold as its sole class assets the Mortgage Loans, and all collections and accounts related thereto. The startup day for each REMIC created hereby for purposes of residual interestthe REMIC Provisions is the Closing Date. In addition, for purposes of the Middle REMIC shall issue Provisions, the latest possible maturity date for each regular interest in each REMIC created hereby is the Distribution Date following the third anniversary of the scheduled maturity date of the Mortgage Loan having the latest scheduled maturity date as of the Cut-off Date. The following table sets forth (or describes) the class designation, interest rate, and initial principal amount for each uncertificated REMIC regular interests set forth below for the Middle interest in Subsidiary REMIC 1: LT1-Grp I (the “Middle REMIC Regular Interests”). The Master REMIC shall consist of the Middle REMIC Regular Interests and shall be evidenced by the Classes of Certificates set forth below for the Master REMIC 1) 5.750% N/A(22) LT1-I-X (which, except for the Class P, Class A2) (2) I-LR and Class AX LT1-UR Certificates, shall represent the “regular interests” in the Master REMICI-PO (3) and the Class R-3 Interest as the single “residual interest” in the Master REMIC. The Class A(4) I-UR Certificate shall not be considered a Certificate issued by the Master REMIC, but instead shall represent beneficial ownership of the Class R-2 and Class R-3 interests.P LT1-Grp II (5) 6.235% N/A LT1-II-X (6) (6) D-X-1 LT1-II-PO (7) (8) D-P-1 LT1-Grp III (9) 7.000% N/A LT1-III-X (10) (10) D-X-1 LT1-III-PO (11) (12) D-P-1 LT1-Grp IV (13) 5.000% N/A LT1-IV-X (14) (14) D-X-2 LT1-IV-P (15) (16) D-P-2 LT1-Grp V (17) 5.500% N/A LT1-V-X (18) (18) D-X-2 LT1-V-PO (19) (20) D-P-2 LT1-R (21) (21) N/A ________________
Appears in 1 contract
Sources: Pooling and Servicing Agreement (CSFB Mortgage Backed Pass Thru Cert Series 2004-1)
PRELIMINARY STATEMENT. The Depositor is As provided herein, the owner of Trustee shall elect that the Trust Fund that is hereby conveyed to the Trustee in return for the Certificates. The Trust Fund is being conveyed to the Trustee to create a trust for the benefit (exclusive of the Certificateholders. The Trust Fund rights to receive (and the obligations to pay) Net Funds Cap Shortfalls and Unpaid Net Funds Cap Shortfalls) be treated for federal income tax purposes shall consist of as comprising three REMICs real estate mortgage investment conduits (each a “REMIC” or, in the alternative, “REMIC 1,” “REMIC 2” and “REMIC 3”; REMIC 3 also being referred to as the “Subsidiary REMIC”, the “Middle REMIC” and the “Master Upper Tier REMIC”). The “latest possible maturity date” Each Certificate, other than the Class X Certificate and Class R Certificate, represents ownership of a regular interest in the Upper Tier REMIC for federal income tax purposes of all interests created hereby shall be the Latest Possible Maturity DateREMIC Provisions. The Subsidiary Class X Certificate represents ownership of two regular interests in the Upper Tier REMIC shall consist of all as described in note 14 of the assets constituting the Trust Fund corresponding to Collateral Group 1 and Collateral Group 2, (exclusive of the Class P Prepayment Charges) and shall be evidenced by the uncertificated interests set forth table below that shall be designated as REMIC regular interests (the “Subsidiary REMIC Regular Interests”)for such REMIC. In addition, each Certificate, other than the Subsidiary REMIC shall issue the Class R, Class A-LR IO, Class X, and Class P Certificates, represents the right to receive payments with respect to any Net Funds Cap Shortfalls and Unpaid Net Funds Cap Shortfalls. The Class R Certificate and shall designate such interest as its represents ownership of the sole class Class of residual interestinterest in each of REMIC 1, REMIC 2 and the Upper Tier REMIC for purposes of the REMIC Provisions. The Middle Upper Tier REMIC shall hold as its assets the several Classes of uncertificated Lower Tier Interests in REMIC 2, other than the Class LT2-R Interest, and each such Lower Tier Interest is hereby designated as a regular interests issued by interest in REMIC 2 for purposes of the Subsidiary REMICREMIC Provisions. REMIC 2 shall hold as its assets the several Classes of uncertificated Lower Tier Interests in REMIC 1, other than the Class LT1-R Interest, and each such Lower Tier Interest is hereby designated as a regular interest in REMIC 1. REMIC 1 shall hold as its assets the property of the Trust Fund other than the Lower Tier Interests in REMIC 1 and REMIC 2 and the rights and obligations with respect to the payment of Net Funds Cap Shortfalls and Unpaid Net Funds Cap Shortfalls. The Middle startup day for each REMIC shall issue created hereby for purposes of the Class R-2 interest and shall designate such interest as its sole class of residual interestREMIC Provisions is the Closing Date. In addition, the Middle REMIC shall issue the uncertificated REMIC regular interests set forth below for the Middle REMIC (the “Middle REMIC Regular Interests”). The Master REMIC shall consist purposes of the Middle REMIC Regular Interests and shall be evidenced by Provisions, the Classes of Certificates set forth below latest possible maturity date for each regular interest in each REMIC created hereby is the Master REMIC (which, except for the Class P, Class A-LR and Class A-UR Certificates, shall represent the “regular interests” in the Master REMIC) and the Class R-3 Interest as the single “residual interest” in the Master REMIC. The Class A-UR Certificate shall not be considered a Certificate issued by the Master REMIC, but instead shall represent beneficial ownership of the Class R-2 and Class R-3 interestsLatest Possible Maturity Date.
Appears in 1 contract
Sources: Trust Agreement (Structured Asset Sec Corp Mort Back Ps THR Cert Ser 2003-3xs)
PRELIMINARY STATEMENT. The Depositor is As provided herein, the owner of Trust Administrator shall elect that the Trust Fund that is hereby conveyed to the Trustee in return for the Certificates. The Trust Fund is being conveyed to the Trustee to create a trust for the benefit (exclusive of the Certificateholders. The Trust Fund Yield Maintenance Accounts and the Yield Maintenance Agreements) be treated for federal income tax purposes shall consist of three REMICs as comprising five real estate mortgage investment conduits (each a “REMIC” or, in the alternative, “Subsidiary REMIC”, the REMIC 1,” “Subsidiary REMIC 2,” “Middle REMICREMIC 1,” “Middle REMIC 2,” and the “Master REMIC”). The “latest possible maturity date” for federal income tax purposes Each Class of all interests created hereby shall be Certificates, other than the Latest Possible Maturity Date. The Subsidiary REMIC shall consist of all of the assets constituting the Trust Fund corresponding to Collateral Group 1 Class AR and Collateral Group 2, (Class AR-L Certificates and exclusive of the Class P Prepayment Charges) and shall be evidenced by right to receive amounts from the uncertificated interests set forth below that shall be designated as REMIC regular interests (related Yield Maintenance Account in the “Subsidiary REMIC Regular Interests”). In addition, the Subsidiary REMIC shall issue case of the Class A1-LR Certificate A-1, Class 1-A-8 and shall designate such Class 1-A-9 Certificates, represents ownership of a regular interest as its in the Master REMIC for purposes of the REMIC Provisions. The Class AR Certificates represent ownership of the sole class of residual interestinterest in each of Middle REMIC 1, Middle REMIC 2, and the Master REMIC for purposes of the REMIC Provisions. The Middle Class AR-L Certificates represent ownership of the sole class of residual interest in Subsidiary REMIC 1 and Subsidiary REMIC 2 for purposes of the REMIC Provisions. The Master REMIC shall hold as its assets the several classes of uncertificated Middle Tier Interests in Middle REMIC 2 other than the Class MT2-R Interest, and each such Middle Tier Interest is hereby designated as a regular interests issued by interest in Middle REMIC 2. Middle REMIC 2 shall hold as its assets the several classes of uncertificated Middle Tier Interests in Middle REMIC 1 other than the Class MT1-R Interest, and each such Middle Tier Interest is hereby designated as a regular interest in Middle REMIC 1. Middle REMIC 1 shall hold as its assets the several classes of uncertificated Lower Tier Interests in Subsidiary REMIC 1 and Subsidiary REMIC 2, other than the Class LT1-R and LT2-R Interests, and each such Lower Tier Interest is hereby designated as a regular interest in a Subsidiary REMIC. The Middle Subsidiary REMIC 1 shall issue the Class R-2 interest and shall designate such interest hold as its sole class assets the Mortgage Loans in Loan Groups 5, 6 and 7, and all collections and accounts related thereto. Subsidiary REMIC 2 shall hold as its assets the Mortgage Loans in Loan Groups 1, 2, 3, 4, 8, 9 and 10, and all collections and accounts related thereto. The startup day for each REMIC created hereby for purposes of residual interestthe REMIC Provisions is the Closing Date. In addition, for purposes of the Middle REMIC shall issue Provisions, the latest possible maturity date for each regular interest in each REMIC created hereby is the Distribution Date following the third anniversary of the scheduled maturity date of the Mortgage Loan having the latest scheduled maturity date as of the Cut-off Date. The following table sets forth (or describes) the class designation, interest rate, and initial principal amount for each uncertificated REMIC regular interests set forth below for the Middle interest in Subsidiary REMIC 1: LT1-Grp 5 (the “Middle REMIC Regular Interests”). The Master REMIC shall consist of the Middle REMIC Regular Interests and shall be evidenced by the Classes of Certificates set forth below for the Master REMIC 1) 5.250% N/A LT1-5-X (which, except for the Class P, Class 2) (2) A-LR and Class X LT1-5-PO (3) (4) C-P LT1-Grp 6 (5) 6.000% N/A LT1-6-X (6) (6) A-UR Certificates, shall represent the “regular interests” in the Master REMICX LT1-6-PO (7) and the Class R-3 Interest as the single “residual interest” in the Master REMIC. The Class (8) D-P LT1-Grp 7 (9) 5.500% N/A LT1-7-X (10) (10) A-UR Certificate shall not be considered a Certificate issued by the Master REMIC, but instead shall represent beneficial ownership of the Class R-2 and Class R-3 interests.X LT1-7-PO (11) (12) C-P LT1-R (13) (13) N/A ________________
Appears in 1 contract
Sources: Pooling and Servicing Agreement (CSMC Mortgage-Backed Trust Series 2006-4)
PRELIMINARY STATEMENT. The Depositor is the owner of the Trust Fund that is hereby conveyed to the Trustee in return for the Certificates. The As provided herein, the Trustee shall elect that the Trust Fund is being conveyed (exclusive of (i) the Basis Risk Reserve Fund, (ii) the right to receive and the Trustee obligation to create a trust for pay Basis Risk Shortfalls and Unpaid Basis Risk Shortfalls, (iii) the benefit of right to receive and the Certificateholders. The obligation to pay AFC Shortfalls, (iv) the right to receive and the obligation to pay the Class A-IO Termination Amount, and (v) any Additional Collateral (collectively, the “Excluded Trust Fund Assets”)) be treated for federal income tax purposes shall consist as comprising three real estate mortgage investment conduits under Section 860D of three REMICs the Code (each a “REMIC” or, in the alternative “REMIC 1,” “REMIC 2” and “REMIC 3”; REMIC 3 also being referred to as the “Subsidiary REMIC”, the “Middle REMIC” and the “Master Upper Tier REMIC”). The “latest possible maturity date” Any inconsistencies or ambiguities in this Agreement or in the administration of this Agreement shall be resolved in a manner that preserves the validity of such REMIC elections. Each Certificate, other than the Class R Certificates, represents ownership of a regular interest in the Upper Tier REMIC for federal income tax purposes of all interests created hereby shall be the Latest Possible Maturity Date. The Subsidiary REMIC shall consist of all of the assets constituting the Trust Fund corresponding to Collateral Group 1 and Collateral Group 2, (exclusive of the Class P Prepayment Charges) and shall be evidenced by the uncertificated interests set forth below that shall be designated as REMIC regular interests (the “Subsidiary REMIC Regular Interests”)Provisions. In addition, the Subsidiary REMIC shall issue each Certificate, other than the Class AR Certificates, the Interest-LR Certificate Only Certificates, the Principal-Only Certificates, and shall designate such interest as its the Class X and Class P Certificates, represents (i) the right to receive payments with respect to any Basis Risk Shortfalls and Unpaid Basis Risk Shortfalls and (ii) the right to receive and the obligation to pay AFC Shortfalls. The Class R Certificates represent ownership of the sole class Class of residual interestinterest in each of REMIC 1, REMIC 2 and the Upper Tier REMIC for purposes of the REMIC Provisions. The Middle Upper Tier REMIC shall hold as its assets the uncertificated Interests in REMIC 2, other than the R-2 Interest, and each such Interest is hereby designated as a regular interests issued by interest in REMIC 2 for purposes of the Subsidiary REMICREMIC Provisions. REMIC 2 shall hold as its assets the uncertificated Interests in REMIC 1, other than the R-1 Interest, and each such Interest is hereby designated as a regular interest in REMIC 1 for purposes of the REMIC Provisions. REMIC 1 shall hold as its assets the property of the Trust Fund other than the Interests in REMIC 1 and REMIC 2 and the Excluded Trust Assets. The Middle startup day for each REMIC shall issue created hereby for purposes of the Class R-2 interest and shall designate such interest as its sole class of residual interestREMIC Provisions is the Closing Date. In addition, for purposes of the Middle REMIC shall issue Provisions, the uncertificated latest possible maturity date for each regular interest in each REMIC created hereby is the Latest Possible Maturity Date. The following table sets forth the designations, principal balances, and interest rates for each interest in REMIC 1, each of which (other than the R-1 Interest) is hereby designated as a regular interests set forth below for the Middle interest in REMIC 1 (the “Middle REMIC 1 Regular Interests”): Class Designation Initial Principal Balance Interest Rate T1-PO (1) (2) T1-Pool (3) 16.218% (4) T1-1A-IO $4,253,849.61 16.218% (4) T1-2A-IO $1,244,788.46 16.218% (4) T1-3A-IO $ 289,960.44 16.218% (4) T1-4A-IO $ 93,297.84 16.218% (4) T1-5A-IO $ 252,682.86 16.218% (4) T1-6A-IO $ 287,578.36 16.218% (4) T1-7A-IO $ 558,056.37 16.218% (4) T1-8A-IO $ 98,803.34 16.218% (4) T1-9A-IO $ 225,850.99 16.218% (4) T1-10A-IO $ 559,486.21 16.218% (4) T1-11A-IO $ 9,158.66 16.218% (4) T1-12A-IO $ 154,766.44 16.218% (4) T1-13A-IO $ 453,784.67 16.218% (4) T1-14A-IO $ 518,159.92 16.218% (4) T1-15A-IO $ 464,308.61 16.218% (4) T1-16A-IO $ 90,081.44 16.218% (4) T1-17A-IO $ 369,091.96 16.218% (4) T1-18A-IO $ 395,485.85 16.218% (4) T1-19A-IO $1,028,263.15 16.218% (4) T1-20A-IO $ 401,639.27 16.218% (4) T1-21A-IO $ 179,261.69 16.218% (4) T1-22A-IO $ 632,311.59 16.218% (4) T1-23A-IO $ 698,929.71 16.218% (4) T1-24A-IO $ 195,676.67 16.218% (4) T1-25A-IO $ 228,474.26 16.218% (4) T1-26A-IO $1,725,456.37 16.218% (4) T1-27A-IO $ 213,079.74 16.218% (4) T1-28A-IO $2,059,951.43 16.218% (4) T1-29A-IO $ 32,864.76 16.218% (4) T1-30A-IO $4,750,589.81 16.218% (4) R-1 (5) (5). The Master REMIC shall consist of the Middle REMIC Regular Interests and shall be evidenced by the Classes of Certificates set forth below for the Master REMIC (which, except for the Class P, Class A-LR and Class A-UR Certificates, shall represent the “regular interests” in the Master REMIC) and the Class R-3 Interest as the single “residual interest” in the Master REMIC. The Class A-UR Certificate shall not be considered a Certificate issued by the Master REMIC, but instead shall represent beneficial ownership of the Class R-2 and Class R-3 interests.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Bayview Financial Mortage Pass-Through Trust 2005-D)
PRELIMINARY STATEMENT. The Depositor is the owner of the Trust Fund that is hereby conveyed to the Trustee in return for the Certificates. The Trust Fund is being conveyed to the Trustee to create a trust for the benefit of the Certificateholders. The As provided herein, an election shall be made that the Trust Fund (exclusive of (i) the Interest Rate Swap Agreement, (ii) the Swap Account, (iii) the right to receive and the obligation to pay Net WAC Rate Carryover Amounts, (iv) the Net WAC Rate Carryover Reserve Account, (v) the Supplemental Interest Trust, (vi) the obligation to pay Class IO Distribution Amounts, (vii) the Cap Contract and (viii) the Cap Account (collectively, the “Excluded Trust Assets”)) be treated for federal income tax purposes shall consist as comprising three real estate mortgage investment conduits under Section 860D of three REMICs the Code (each a “REMIC” or, in the alternative the “Subsidiary REMIC”, ,” the “Middle REMIC,” and the “Master REMIC”). The “latest possible maturity date” Any inconsistencies or ambiguities in this Agreement or in the administration of this Agreement shall be resolved in a manner that preserves the validity of such REMIC elections. Each Certificate, other than the Class R Certificate, represents ownership of a regular interest in the Master REMIC for federal income tax purposes of all interests created hereby shall be the Latest Possible Maturity Date. The Subsidiary REMIC shall consist of all of the assets constituting the Trust Fund corresponding to Collateral Group 1 and Collateral Group 2, (exclusive of the Class P Prepayment Charges) and shall be evidenced by the uncertificated interests set forth below that shall be designated as REMIC regular interests (the “Subsidiary REMIC Regular Interests”)Provisions. In addition, each Certificate, other than the Class R, Class P, and Class C Certificates, represents (i) the right to receive payments with respect to any Net WAC Rate Carryover Amounts and (ii) the obligation to pay Class IO Distribution Amounts. The Class R Certificate represents ownership of the sole Class of residual interest in each of the Subsidiary REMIC, the Middle REMIC, and the Master REMIC for purposes of the REMIC Provisions. The Master REMIC shall issue hold as its assets the Class Auncertificated interests in the Middle REMIC, other than the MT-LR Certificate R interest, and shall designate each such interest is hereby designated as its sole class a regular interest in the Middle REMIC for purposes of residual interestthe REMIC Provisions. The Middle REMIC shall hold as its assets the uncertificated REMIC interests in the Subsidiary REMIC, other than the LT-R interest, and each such interest is hereby designated as a regular interests issued by interest in the Subsidiary REMIC. The Middle Subsidiary REMIC shall issue the Class R-2 interest and shall designate such interest hold as its sole class assets the property of residual interestthe Trust Fund other than the interests in the Subsidiary REMIC and the Middle REMIC, and the Excluded Trust Assets. The startup day for each REMIC created hereby for purposes of the REMIC Provisions is the Closing Date. In addition, the Middle REMIC shall issue the uncertificated REMIC regular interests set forth below for the Middle REMIC (the “Middle REMIC Regular Interests”). The Master REMIC shall consist purposes of the Middle REMIC Regular Interests and shall be evidenced by Provisions, the Classes of Certificates set forth below latest possible maturity date for each regular interest in each REMIC created hereby is the Master REMIC (which, except for the Class P, Class A-LR and Class A-UR Certificates, shall represent the “regular interests” in the Master REMIC) and the Class R-3 Interest as the single “residual interest” in the Master REMIC. The Class A-UR Certificate shall not be considered a Certificate issued by the Master REMIC, but instead shall represent beneficial ownership of the Class R-2 and Class R-3 interestsLatest Possible Maturity Date.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (MASTR Adjustable Rate Mortgages Trust 2005-8)
PRELIMINARY STATEMENT. The Depositor is the owner of the Trust Fund that is hereby conveyed to the Trustee in return for the Certificates. The Trust Fund is being conveyed to the Trustee to create a trust for the benefit of the Certificateholders. The Trust Fund for federal income tax purposes shall consist of three REMICs two REMICs. The Subsidiary REMIC shall consist of all of the assets constituting the Trust Fund (other than the Subsidiary REMIC Regular Interests and amounts distributable with respect to the Class P Certificates) and proceeds thereof in the Distribution Account and shall be evidenced by the Subsidiary REMIC Regular Interests (which shall be uncertificated and shall represent the “regular interests” in the Subsidiary REMIC”, ) and the Class A-LR Certificates as the single “residual interest” in Subsidiary REMIC. The Trustee shall hold the Subsidiary REMIC Regular Interests. The Master REMIC shall consist of the Subsidiary REMIC Regular Interests and all proceeds thereof in the Distribution Account and shall be evidenced by the Regular Certificates (which shall represent the “Middle regular interests” in the Master REMIC” ) and the Class A-UR Interest as the single “residual interest” of the Master REMIC”). The “latest possible maturity date” for federal income tax purposes of all interests created hereby shall be the Latest Possible Maturity Date. The Subsidiary REMIC shall consist of all of the assets constituting the Trust Fund corresponding to Collateral Group 1 and Collateral Group 2, (exclusive Class P Certificates represent beneficial ownership of the Class P Prepayment Charges) and , which portions of the Trust Fund shall be evidenced by treated as a grantor trust under subpart E, Part I of subchapter J of the uncertificated interests Code. The Subsidiary REMIC Interests shall have the initial principal amounts, pass-through rates and Corresponding Loan Groups as set forth below that shall be designated as REMIC regular interests (in the “Subsidiary REMIC Regular Interests”). In additionfollowing table, the Subsidiary REMIC shall issue each of which, other than the Class A-LR Certificate and shall designate such interest Certificates is referred to herein as its sole class of residual interest. The Middle REMIC shall hold as its assets the uncertificated REMIC regular interests issued by the a “Subsidiary REMIC. The Middle REMIC shall issue the Class R-2 interest and shall designate such interest as its sole class of residual interest. In addition, the Middle REMIC shall issue the uncertificated REMIC regular interests set forth below for the Middle REMIC (the “Middle REMIC Regular Interests”). The Master Interest: Subsidiary REMIC shall consist Interests Initial Principal Amount Pass-Through Rate Corresponding Loan Group A-1 (0.9% of the Middle REMIC Regular Interests and shall be evidenced by the Classes Group 1 GSA) (1) (2) 1 B-1 (0.1% of Certificates set forth below for the Master REMIC Group 1 GSA) (which, except for the Class P, Class 1) (2) 1 C-1 (Excess of Group 1) (1) (2) 1 A-2 (0.9% of Group 2 GSA) (1) (2) 2 B-2 (0.1% of Group GSA) (1) (2) 2 C-2 (Excess of Group 2) (1) (2) 2 A-3 (0.9% of Group 3 GSA) (1) (2) 3 B-3 (0.1% of Group 3 GSA) (1) (2) 3 C-3 (Excess of Group 3) (1) (2) 3 A-LR and Certificate (3) (3) N/A _______________ (1) Each Class A-UR Certificates, A Interest shall represent have a principal balance initially equal to 0.9% of the Group Subordinate Amount (“regular interests” in GSA”) of its corresponding Loan Group. Each Class B Interest shall have a principal balance initially equal to 0.1% of the Master REMIC) and the Class R-3 Interest as the single “residual interest” in the Master REMICGroup Subordinate Amount of its corresponding Loan Group. The initial principal balance of each Class A-UR Certificate C Interest shall not be considered a Certificate issued by equal the Master REMIC, but instead shall represent beneficial ownership excess of the initial aggregate principal balance of its corresponding Loan Group over the initial aggregate principal balances of the Class R-2 A and Class R-3 interestsB Interests corresponding to such Loan Group.
Appears in 1 contract
PRELIMINARY STATEMENT. The Depositor is the owner Securities Administrator on behalf of the Trust Fund (exclusive of (i) the Swap Agreement, (ii) the Cap Agreement, (iii) the right to receive and the obligation to pay Basis Risk Carryover Amounts, (iv) the Excess Reserve Fund Account, (v) the Supplemental Interest Trust and the Supplemental Interest Trust Account (vi) the Final Maturity Reserve Trust, and (vii) the obligations to pay Class I Shortfalls (collectively, the “Excluded Trust Assets”)) shall elect that is hereby conveyed to two segregated asset pools within the Trustee in return for the Certificates. The Trust Fund is being conveyed to the Trustee to create a trust for the benefit of the Certificateholders. The Trust Fund be treated for federal income tax purposes shall consist as comprising three real estate mortgage investment conduits under Section 860D of three REMICs the Code (each a “REMIC” or, in the alternative, “REMIC 1,” REMIC 2” and “REMIC 3,” REMIC 3 also being referred to herein as the “Subsidiary Upper Tier REMIC.”) Any inconsistencies or ambiguities in this Agreement or in the administration of this Agreement shall be resolved in a manner that preserves the validity of such REMIC election. Each Certificate, other than the “Middle REMIC” and Class R Certificates, represents ownership of a regular interest in the “Master REMIC”). The “latest possible maturity date” Upper Tier REMIC for federal income tax purposes of all interests created hereby shall be the Latest Possible Maturity Date. The Subsidiary REMIC shall consist of all of the assets constituting the Trust Fund corresponding to Collateral Group 1 and Collateral Group 2, (exclusive of the Class P Prepayment Charges) and shall be evidenced by the uncertificated interests set forth below that shall be designated as REMIC regular interests (the “Subsidiary REMIC Regular Interests”)Provisions. In addition, the Subsidiary REMIC shall issue each Certificate, other than the Class A-LR R, Class X and Class P Certificates, represents (i) the right to receive payments with respect to any Basis Risk Carryover Amounts (ii) the obligation to pay Class I Shortfalls, and (iii) the right to receive payments from the Final Maturity Reserve Fund. The Class R Certificate and shall designate such interest as its represents ownership of the sole class Class of residual interestinterest in each of REMIC 1, REMIC 2 and the Upper Tier REMIC for purposes of the REMIC Provisions. The Middle Upper Tier REMIC shall hold as its assets the uncertificated Lower Tier Interests in REMIC 2, other than the Class LT2-R interest, and each such Lower Tier Interest is hereby designated as a regular interests issued by interest in REMIC 2 for purposes of the Subsidiary REMICREMIC Provisions. REMIC 2 shall hold as its assets the uncertificated Lower Tier Interests in REMIC 1, other than the Class LT1-R interest, and each such Lower Tier Interest is hereby designated as a regular interest in REMIC 1. REMIC 1 shall hold as its assets the property of the Trust Fund other than the Lower Tier Interests in REMIC 1 and REMIC 2 and the Excluded Trust Assets. The Middle following table sets forth the designations, principal balances and interest rates for each interest in REMIC shall issue 1, each of which (other than the Class R-2 LT1-R Lower Tier Interest) is hereby designated as a regular interest and shall designate such interest as its sole class of residual interest. In addition, the Middle in REMIC shall issue the uncertificated REMIC regular interests set forth below for the Middle REMIC 1 (the “Middle REMIC 1 Regular Interests”): LT1-A $ 48,780,613.14 (1) LT1-F1 $ 10,363,820.50 (2) LT1-V1 $ 10,363,820.50 (3) LT1-F2 $ 12,254,169.50 (2) LT1-V2 $ 12,254,169.50 (3) LT1-F3 $ 14,128,131.50 (2) LT1-V3 $ 14,128,131.50 (3) LT1-F4 $ 15,966,602.50 (2) LT1-V4 $ 15,966,602.50 (3) LT1-F5 $ 17,749,812.50 (2) LT1-V5 $ 17,749,812.50 (3) LT1-F6 $ 19,457,298.00 (2) LT1-V6 $ 19,457,298.00 (3) LT1-F7 $ 21,067,514.00 (2) LT1-V7 $ 21,067,514.00 (3) LT1-F8 $ 22,559,613.00 (2) LT1-V8 $ 22,559,613.00 (3) LT1-F9 $ 22,852,207.50 (2) LT1-V9 $ 22,852,207.50 (3) LT1-F10 $ 21,802,548.50 (2) LT1-V10 $ 21,802,548.50 (3) LT1-F11 $ 20,753,189.50 (2) LT1-V11 $ 20,753,189.50 (3) LT1-F12 $ 19,754,990.00 (2) LT1-V12 $ 19,754,990.00 (3) LT1-F13 $ 18,804,928.00 (2) LT1-V13 $ 18,804,928.00 (3) LT1-F14 $ 17,881,058.50 (2) LT1-V14 $ 17,881,058.50 (3) LT1-F15 $ 17,003,781.50 (2) LT1-V15 $ 17,003,781.50 (3) LT1-F16 $ 16,192,088.00 (2) LT1-V16 $ 16,192,088.00 (3) LT1-F17 $ 15,429,649.50 (2) LT1-V17 $ 15,429,649.50 (3) LT1-F18 $ 14,704,986.50 (2) LT1-V18 $ 14,704,986.50 (3) LT1-F19 $ 19,198,335.50 (2) LT1-V19 $ 19,198,335.50 (3) LT1-F20 $ 23,510,887.00 (2) LT1-V20 $ 23,510,887.00 (3) LT1-F21 $ 21,223,707.00 (2) LT1-V21 $ 21,223,707.00 (3) LT1-F22 $ 19,166,835.00 (2) LT1-V22 $ 19,166,835.00 (3) LT1-F23 $ 17,335,803.50 (2) LT1-V23 $ 17,335,803.50 (3) LT1-F24 $ 13,339,699.50 (2) LT1-V24 $ 13,339,699.50 (3) LT1-F25 $ 9,633,942.00 (2) LT1-V25 $ 9,633,942.00 (3) LT1-F26 $ 9,107,849.00 (2) LT1-V26 $ 9,107,849.00 (3) LT1-F27 $ 8,807,312.00 (2) LT1-V27 $ 8,807,312.00 (3) LT1-F28 $ 9,196,059.50 (2) LT1-V28 $ 9,196,059.50 (3) LT1-F29 $ 8,583,850.50 (2) LT1-V29 $ 8,583,850.50 (3) LT1-F30 $ 8,017,301.50 (2) LT1-V30 $ 8,017,301.50 (3) LT1-F31 $ 7,492,598.00 (2) LT1-V31 $ 7,492,598.00 (3) LT1-F32 $ 7,006,270.50 (2) LT1-V32 $ 7,006,270.50 (3) LT1-F33 $ 6,554,398.50 (2) LT1-V33 $ 6,554,398.50 (3) LT1-F34 $ 6,064,059.50 (2) LT1-V34 $ 6,064,059.50 (3) LT1-F35 $ 5,366,725.00 (2) LT1-V35 $ 5,366,725.00 (3) LT1-F36 $ 5,070,279.50 (2) LT1-V36 $ 5,070,279.50 (3) LT1-F37 $ 4,790,515.00 (2) LT1-V37 $ 4,790,515.00 (3) LT1-F38 $ 4,526,477.00 (2) LT1-V38 $ 4,526,477.00 (3) LT1-F39 $ 4,277,215.50 (2) LT1-V39 $ 4,277,215.50 (3) LT1-F40 $ 4,041,968.50 (2) LT1-V40 $ 4,041,968.50 (3) LT1-F41 $ 3,819,936.50 (2) LT1-V41 $ 3,819,936.50 (3) LT1-F42 $ 3,610,339.00 (2) LT1-V42 $ 3,610,339.00 (3) LT1-R (4) (4). The Master REMIC shall consist of the Middle REMIC Regular Interests and shall be evidenced by the Classes of Certificates set forth below for the Master REMIC (which, except for the Class P, Class A-LR and Class A-UR Certificates, shall represent the “regular interests” in the Master REMIC) and the Class R-3 Interest as the single “residual interest” in the Master REMIC. The Class A-UR Certificate shall not be considered a Certificate issued by the Master REMIC, but instead shall represent beneficial ownership of the Class R-2 and Class R-3 interests.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (HSI Asset Securitization CORP Trust 2006-He1)
PRELIMINARY STATEMENT. The Depositor is As provided herein, the owner of Trust Administrator shall elect that the Trust Fund that is hereby conveyed to the Trustee in return for the Certificates. The Trust Fund is being conveyed to the Trustee to create a trust for the benefit of the Certificateholders. The Trust Fund be treated for federal income tax purposes shall consist of three REMICs as comprising five real estate mortgage investment conduits (each a “REMIC” or, in the alternative, “Subsidiary REMIC”, the REMIC 1,” “Subsidiary REMIC 2,” “Middle REMICREMIC 1,” “Middle REMIC 2,” and the “Master REMIC”). The “latest possible maturity date” Each Class of Certificates, other than the Class AR and Class AR-L Certificates, represents ownership of a regular interest in the Master REMIC for federal income tax purposes of all interests created hereby shall be the Latest Possible Maturity DateREMIC Provisions. The Subsidiary REMIC shall consist of all Class AR Certificates represent ownership of the assets constituting the Trust Fund corresponding to Collateral Group 1 and Collateral Group 2, (exclusive of the Class P Prepayment Charges) and shall be evidenced by the uncertificated interests set forth below that shall be designated as REMIC regular interests (the “Subsidiary REMIC Regular Interests”). In addition, the Subsidiary REMIC shall issue the Class A-LR Certificate and shall designate such interest as its sole class of residual interestinterest in each of Middle REMIC 1, Middle REMIC 2, and the Master REMIC for purposes of the REMIC Provisions. The Middle Class AR-L Certificates represent ownership of the sole class of residual interest in Subsidiary REMIC 1 and Subsidiary REMIC 2 for purposes of the REMIC Provisions. The Master REMIC shall hold as its assets the several classes of uncertificated Middle Tier Interests in Middle REMIC 2 other than the Class MT2-R Interest, and each such Middle Tier Interest is hereby designated as a regular interests issued by interest in Middle REMIC 2. Middle REMIC 2 shall hold as its assets the several classes of uncertificated Middle Tier Interests in Middle REMIC 1 other than the Class MT1-R Interest, and each such Middle Tier Interest is hereby designated as a regular interest in Middle REMIC 1. Middle REMIC 1 shall hold as its assets the several classes of uncertificated Lower Tier Interests in Subsidiary REMIC 1, and Subsidiary REMIC 2, other than the Class LT1-R and LT2-R Interests, and each such Lower Tier Interest is hereby designated as a regular interest in a Subsidiary REMIC. The Middle Subsidiary REMIC 1 shall issue the Class R-2 interest and shall designate such interest hold as its sole class assets the Mortgage Loans in Loan Groups 1, 4 and 5, and all collections and accounts related thereto. Subsidiary REMIC 2 shall hold as its assets the Mortgage Loans in Loan Groups 2, 3, 6, 7, and 8, and all collections and accounts related thereto. The startup day for each REMIC created hereby for purposes of residual interestthe REMIC Provisions is the Closing Date. In addition, for purposes of the Middle REMIC shall issue Provisions, the latest possible maturity date for each regular interest in each REMIC created hereby is the Distribution Date following the third anniversary of the scheduled maturity date of the Mortgage Loan having the latest scheduled maturity date as of the Cut-off Date. The following table sets forth (or describes) the class designation, interest rate, and initial principal amount for each uncertificated REMIC regular interests set forth below for the Middle interest in Subsidiary REMIC 1: LT1-Grp 1 (the “Middle REMIC Regular Interests”). The Master REMIC shall consist of the Middle REMIC Regular Interests and shall be evidenced by the Classes of Certificates set forth below for the Master REMIC 1) 6.500% N/A LT1-1-X (which, except for the Class P, Class 2) (2) D-X-1 LT1-1-PO (3) (4) A-LR and Class P LT1-Grp 4 (5) 6.000% N/A LT1-4-X (6) (6) D-X-2 LT1-4-PO (7) (8) A-UR Certificates, shall represent the “regular interests” in the Master REMICP LT1-Grp 5 (9) and the Class R-3 Interest as the single “residual interest” in the Master REMIC. The Class 5.250% N/A LT1-5-X (10) (10) D-X-2 LT1-5-PO (11) (12) A-UR Certificate shall not be considered a Certificate issued by the Master REMIC, but instead shall represent beneficial ownership of the Class R-2 and Class R-3 interests.P LT1-R (13) (13) N/A ________________
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Credit Suisse First Boston Mortgage Securities Corp)
PRELIMINARY STATEMENT. The Depositor is the owner of the Trust Fund that is hereby conveyed to the Trustee in return for the Certificates. The As provided herein, the Trustee shall elect that the Trust Fund is being conveyed (exclusive of (i) the Cap Agreement, (ii) the Reserve Fund, (iii) the right to receive and the Trustee obligation to create a trust for pay Basis Risk Shortfalls and Unpaid Basis Risk Shortfalls, (iv) the benefit of right to receive and the Certificateholders. The obligation to pay AFC Shortfalls, (v) the right to receive and the obligation to pay the Class A-IO Termination Amount, (vi) the Swap Agreement, (vii) the Supplemental Interest Trust Fund Account, (viii) the Supplemental Interest Trust and (ix) any Additional Collateral (collectively, the “Excluded Trust Assets”)) be treated for federal income tax purposes shall consist as comprising four real estate mortgage investment conduits under Section 860D of three REMICs the Code (each a “REMIC” or, in the alternative “REMIC 1,” “REMIC 2,” “REMIC 3” and “REMIC 4,” REMIC 4 also being referred to as the “Subsidiary REMIC”, the “Middle REMIC” and the “Master Upper Tier REMIC”). The “latest possible maturity date” Any inconsistencies or ambiguities in this Agreement or in the administration of this Agreement shall be resolved in a manner that preserves the validity of such REMIC elections. Each Certificate, other than the Class RL and Class R Certificates, represents ownership of a regular interest in the Upper Tier REMIC for federal income tax purposes of all interests created hereby shall be the Latest Possible Maturity Date. The Subsidiary REMIC shall consist of all of the assets constituting the Trust Fund corresponding to Collateral Group 1 and Collateral Group 2, (exclusive of the Class P Prepayment Charges) and shall be evidenced by the uncertificated interests set forth below that shall be designated as REMIC regular interests (the “Subsidiary REMIC Regular Interests”)Provisions. In addition, the Subsidiary REMIC shall issue each Certificate, other than the Class ARL and Class R Certificates, the Interest-LR Certificate Only Certificates and shall designate such the Class X and Class P Certificates, represents (i) the right to receive payments with respect to any Basis Risk Shortfalls and Unpaid Basis Risk Shortfalls and (ii) the right to receive and the obligation to pay AFC Shortfalls. The Class R Certificates represent ownership of the sole Class of residual interest as its in each of REMIC 2, REMIC 3 and the Upper Tier REMIC for purposes of the REMIC Provisions. The Class RL Certificates represent ownership of the sole class of residual interestinterest in REMIC 1. The Middle Upper Tier REMIC shall hold as its assets the uncertificated Interests in REMIC 3, other than the R-3 Interest, and each such Interest is hereby designated as a regular interests issued by interest in REMIC 3 for purposes of the Subsidiary REMICREMIC Provisions. REMIC 3 shall hold as its assets the uncertificated Interests in REMIC 2, other than the R-2 Interest, and each such Interest is hereby designated as a regular interest in REMIC 2 for purposes of the REMIC Provisions. REMIC 2 shall hold as its assets the uncertificated Interests in REMIC 1, other than the R-1 Interest, and each such Interest is hereby designated as a regular interest in REMIC 1 for purposes of the REMIC Provisions. REMIC 1 shall hold as its assets the property of the Trust Fund other than the Interests in REMIC 1, REMIC 2 and REMIC 3 and the Excluded Trust Assets. The Middle startup day for each REMIC shall issue created hereby for purposes of the Class R-2 interest and shall designate such interest as its sole class of residual interestREMIC Provisions is the Closing Date. In addition, for purposes of the Middle REMIC shall issue Provisions, the uncertificated latest possible maturity date for each regular interest in each REMIC created hereby is the Latest Possible Maturity Date. The following table sets forth the designations, principal balances, and interest rates for each interest in REMIC 1, each of which (other than the R-1 Interest) is hereby designated as a regular interests set forth below for the Middle interest in REMIC 1 (the “Middle REMIC 1 Regular Interests”): T1-Pool-1 (1) (1) T1-A $ 232,565,674.00 (2) T1-F $ 25,981,500.00 (3) T1-V $ 25,981,500.00 (4) R-1 (5) (5). The Master REMIC shall consist of the Middle REMIC Regular Interests and shall be evidenced by the Classes of Certificates set forth below for the Master REMIC (which, except for the Class P, Class A-LR and Class A-UR Certificates, shall represent the “regular interests” in the Master REMIC) and the Class R-3 Interest as the single “residual interest” in the Master REMIC. The Class A-UR Certificate shall not be considered a Certificate issued by the Master REMIC, but instead shall represent beneficial ownership of the Class R-2 and Class R-3 interests.
Appears in 1 contract
PRELIMINARY STATEMENT. The Depositor is Securities Administrator on behalf of the owner of Trustee shall elect that two segregated asset pools within the Trust Fund that is hereby conveyed to (exclusive of (i) the Trustee in return for Prepayment Premiums, (ii) late payment fees, and (iii) the Certificates. The Trust Fund is being conveyed to the Trustee to create a trust for the benefit rights and obligations of the Certificateholders. The Trust Fund Class A-X Certificates under the Interest Rate Swap Agreement and the Class A-1/A-X NPC and the rights and obligations of the Class A-1 Certificates under the Class A-1/A-X NPC) be treated for federal income tax purposes shall consist of three as comprising two REMICs (each, a "Trust REMIC" or, in the “Subsidiary REMIC”alternative, the “Middle REMIC” Lower Tier REMIC and the “Master Upper Tier REMIC”, respectively). The “Startup Day for each Trust REMIC is the Closing Date. The latest possible maturity date” date for federal income tax purposes each Lower Tier REMIC Regular Interest and each Upper Tier REMIC Regular Interest is the latest date referenced in Section 2.04. Each Class of all interests created hereby shall be Principal Certificates (other than the Latest Possible Maturity Date. The Subsidiary REMIC shall consist of all of the assets constituting the Trust Fund corresponding to Collateral Group 1 rights and Collateral Group 2, (exclusive obligations of the Class P Prepayment ChargesA-1 Certificates under the Class A-1/A-X NPC) and shall be evidenced by the uncertificated interests set forth below that shall be designated as REMIC regular interests (the “Subsidiary REMIC Regular Interests”). In addition, the Subsidiary REMIC shall issue the Class A-LR Certificate X Certificates (other than the rights and shall designate such interest as its sole class of residual interest. The Middle REMIC shall hold as its assets obligations under the uncertificated REMIC regular interests issued by the Subsidiary REMIC. The Middle REMIC shall issue the Class R-2 interest and shall designate such interest as its sole class of residual interest. In addition, the Middle REMIC shall issue the uncertificated REMIC regular interests set forth below for the Middle REMIC (the “Middle REMIC Regular Interests”). The Master REMIC shall consist of the Middle REMIC Regular Interests and shall be evidenced by the Classes of Certificates set forth below for the Master REMIC (which, except for the Class P, Class A-LR and Class A-UR Certificates, shall represent the “regular interests” in the Master REMIC) Interest Rate Swap Agreement and the Class R-3 Interest as the single “residual interest” A-1/A-X NPC), represents ownership of a regular interest in the Master REMICUpper Tier REMIC for purposes of the REMIC Provisions. The Class A-UR Certificate shall not be considered a Certificate issued by R Certificates represent ownership of the Master sole Class of residual interest in each of the Lower Tier REMIC and the Upper Tier REMIC. For federal income tax purposes, but instead shall the Class A-1 Certificates, the Class A-X Certificates, the Class P Certificates and the Class L Certificates represent beneficial ownership of the Supplemental Interest Trust and portions of the Trust Fund, as described in this Agreement, which shall be treated as a grantor trust (the "Grantor Trust") as more fully described in this Preliminary Statement. Lower Tier REMIC The Lower Tier REMIC will hold as assets the Mortgage Loans. The Lower Tier REMIC shall issue the following interests, and each such interest, other than the Class R-2 LT-A-R Interest, is hereby designated as a regular interest in the Lower Tier REMIC (the "Lower Tier REMIC Regular Interests"). The Class LT-A-R Interest is hereby designated as the sole Class of residual interest in the Lower Tier REMIC and shall be represented by the Class R-3 interests.A-R Certificates. Corresponding Lower Tier Upper Tier REMIC Initial Lower REMIC Regular Class Designation Interest Rate Tier Principal Amount Interest(s) Class LT-A-1 (1) The Corresponding Upper Tier A-1 and A-X REMIC Interest initial Class Certificate Balance Class LT-A-2 (1) The Corresponding Upper Tier A-2 REMIC Interest initial Class Certificate Balance Class LT-B-1 (1) The Corresponding Upper Tier B-1 REMIC Interest initial Class Certificate Balance Class LT-B-2 (1) The Corresponding Upper Tier B-2 REMIC Interest initial Class Certificate Balance Class LT-B-3 (1) The Corresponding Upper Tier B-3 REMIC Interest initial Class Certificate Balance Class LT-B-4 (1) The Corresponding Upper Tier B-4 REMIC Interest initial Class Certificate Balance Class LT-B-5 (1) The Corresponding Upper Tier B-5 REMIC Interest initial Class Certificate Balance Class LT-B-6 (1) The Corresponding Upper Tier B-6 REMIC Interest initial Class Certificate Balance Class LT-UTAR (1) The Corresponding Upper Tier UT-A-R REMIC Interest initial Class Certificate Balance Class LT-A-R (2) (2) N/A
Appears in 1 contract
Sources: Pooling and Servicing Agreement (BCAP LLC Trust 2008-Ind2)
PRELIMINARY STATEMENT. The Depositor is the owner of the Trust Fund that is hereby conveyed to the Trustee in return for the Certificates. The As provided herein, the Trustee shall elect that the Trust Fund is being conveyed (exclusive of (i) the Cap Agreement, (ii) the Reserve Fund, (iii) the right to receive and the Trustee obligation to create a trust for pay Basis Risk Shortfalls and Unpaid Basis Risk Shortfalls, (iv) the benefit of right to receive and the Certificateholders. The obligation to pay AFC Shortfalls, (v) the right to receive and the obligation to pay the Class A-IO Termination Amount, (vi) the Swap Agreement, (vii) the Swap Account, (viii) the Supplemental Interest Trust Fund and (ix) any Additional Collateral (collectively, the “Excluded Trust Assets”)) be treated for federal income tax purposes shall consist as comprising four real estate mortgage investment conduits under Section 860D of three REMICs the Code (each a “REMIC” or, in the alternative “REMIC 1,” “REMIC 2,” “REMIC 3” and “REMIC 4,” REMIC 4 also being referred to as the “Subsidiary REMIC”, the “Middle REMIC” and the “Master Upper Tier REMIC”). The “latest possible maturity date” Any inconsistencies or ambiguities in this Agreement or in the administration of this Agreement shall be resolved in a manner that preserves the validity of such REMIC elections. Each Certificate, other than the Class RL and Class R Certificates, represents ownership of a regular interest in the Upper Tier REMIC for purposes of the REMIC Provisions. In addition, for federal income tax purposes, each Certificate, other than the Class RL and Class R Certificates and the Class X and Class P Certificates, represents (i) the right to receive payments with respect to any Basis Risk Shortfalls and Unpaid Basis Risk Shortfalls and (ii) the right to receive and the obligation to pay AFC Shortfalls. The Class R Certificates represent ownership of the sole Class of residual interest in each of REMIC 2, REMIC 3 and the Upper Tier REMIC for purposes of all interests created hereby shall be the Latest Possible Maturity DateREMIC Provisions. The Subsidiary REMIC shall consist of all Class RL Certificates represent ownership of the assets constituting the Trust Fund corresponding to Collateral Group 1 and Collateral Group 2, (exclusive of the Class P Prepayment Charges) and shall be evidenced by the uncertificated interests set forth below that shall be designated as REMIC regular interests (the “Subsidiary REMIC Regular Interests”). In addition, the Subsidiary REMIC shall issue the Class A-LR Certificate and shall designate such interest as its sole class of residual interestinterest in REMIC 1. The Middle Upper Tier REMIC shall hold as its assets the uncertificated Interests in REMIC 3, other than the R-3 Interest, and each such Interest is hereby designated as a regular interests issued by interest in REMIC 3 for purposes of the Subsidiary REMICREMIC Provisions. REMIC 3 shall hold as its assets the uncertificated Interests in REMIC 2, other than the R-2 Interest, and each such Interest is hereby designated as a regular interest in REMIC 2 for purposes of the REMIC Provisions. REMIC 2 shall hold as its assets the uncertificated Interests in REMIC 1, other than the R-1 Interest, and each such Interest is hereby designated as a regular interest in REMIC 1 for purposes of the REMIC Provisions. REMIC 1 shall hold as its assets the property of the Trust Fund other than the Interests in REMIC 1, REMIC 2 and REMIC 3 and the Excluded Trust Assets. The Middle startup day for each REMIC shall issue created hereby for purposes of the Class R-2 interest and shall designate such interest as its sole class of residual interestREMIC Provisions is the Closing Date. In addition, for purposes of the Middle REMIC shall issue Provisions, the uncertificated latest possible maturity date for each regular interest in each REMIC created hereby is the Latest Possible Maturity Date. REMIC 1: The following table sets forth the designations, principal balances, and interest rates for each interest in REMIC 1, each of which (other than the R-1 Interest) is hereby designated as a regular interests set forth below for the Middle interest in REMIC 1 (the “Middle REMIC 1 Regular Interests”). The Master REMIC shall consist of the Middle REMIC Regular Interests and shall be evidenced by the Classes of Certificates set forth below for the Master REMIC (which, except for the Class P, Class A-LR and Class A-UR Certificates, shall represent the “regular interests” in the Master REMIC) and the Class R-3 Interest as the single “residual interest” in the Master REMIC. The Class A-UR Certificate shall not be considered a Certificate issued by the Master REMIC, but instead shall represent beneficial ownership of the Class R-2 and Class R-3 interests.):
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Bayview Financial Mortgage Pass-Through Trust 2007-B)
PRELIMINARY STATEMENT. The Depositor is As provided herein, the owner of Trust Administrator shall elect that the Trust Fund that is hereby conveyed to the Trustee in return for the Certificates. The Trust Fund is being conveyed to the Trustee to create a trust for the benefit (exclusive of the Certificateholders. The Trust Fund any Prepayment Penalties) be treated for federal income tax purposes shall consist of three REMICs as comprising five real estate mortgage investment conduits (each a “REMIC” or, in the alternative, “Subsidiary REMIC”, the REMIC 1,” “Subsidiary REMIC 2,” “Middle REMICREMIC 1,” “Middle REMIC 2,” and the “Master REMIC”). The “latest possible maturity date” Each Class of Certificates, other than the Class AR and Class AR-L Certificates, represents ownership of a regular interest in the Master REMIC for federal income tax purposes of all interests created hereby shall be the Latest Possible Maturity DateREMIC Provisions. The Subsidiary REMIC shall consist of all Class AR Certificates represent ownership of the assets constituting the Trust Fund corresponding to Collateral Group 1 and Collateral Group 2, (exclusive of the Class P Prepayment Charges) and shall be evidenced by the uncertificated interests set forth below that shall be designated as REMIC regular interests (the “Subsidiary REMIC Regular Interests”). In addition, the Subsidiary REMIC shall issue the Class A-LR Certificate and shall designate such interest as its sole class of residual interestinterest in each of Middle REMIC 1, Middle REMIC 2 and the Master REMIC for purposes of the REMIC Provisions. The Middle Class AR-L Certificates represent ownership of the sole class of residual interest in Subsidiary REMIC 1 and Subsidiary REMIC 2 for purposes of the REMIC Provisions. The Master REMIC shall hold as its assets the several classes of uncertificated Middle Tier Interests in Middle REMIC 2 other than the Class MT2-R Interest, and each such Middle Tier Interest is hereby designated as a regular interests issued by interest in Middle REMIC 2. Middle REMIC 2 shall hold as its assets the several classes of uncertificated Middle Tier Interests in Middle REMIC 1 other than the Class MT1-R Interest, and each such Middle Tier Interest is hereby designated as a regular interest in Middle REMIC 1. Middle REMIC 1 shall hold as its assets the several classes of uncertificated Lower Tier Interests in Subsidiary REMIC 1 and Subsidiary REMIC 2, other than the Class LT1-R and Class LT2-R Interests, and each such Lower Tier Interest is hereby designated as a regular interest in a Subsidiary REMIC. The Middle Subsidiary REMIC 1 shall issue the Class R-2 interest and shall designate such interest hold as its sole class assets the Mortgage Loans in Loan Group I, Loan Group III, and Loan Group IV, and all collections and accounts related thereto. Subsidiary REMIC 2 shall hold as its assets the Mortgage Loans in Loan Group II, Loan Group V, and Loan Group VI and all collections and accounts related thereto. The startup day for each REMIC created hereby for purposes of residual interestthe REMIC Provisions is the Closing Date. In addition, for purposes of the Middle REMIC shall issue Provisions, the latest possible maturity date for each regular interest in each REMIC created hereby is the Distribution Date following the third anniversary of the scheduled maturity date of the Mortgage Loan having the latest scheduled maturity date as of the Cut-off Date. The following table sets forth (or describes) the class designation, interest rate, and initial principal amount for each uncertificated REMIC regular interests set forth below for the Middle interest in Subsidiary REMIC 1: LT1-Grp I (the “Middle REMIC Regular Interests”). The Master REMIC shall consist of the Middle REMIC Regular Interests and shall be evidenced by the Classes of Certificates set forth below for the Master REMIC 1) 5.250% N/A LT1-I-X (which, except for the Class P, Class 2) (2) I-X LT1-I-PO (3) (4) A-LR and Class P LT1-Grp III (5) 5.000% N/A LT1-III-X (6) (6) C-X LT1-III-PO (7) (4) A-UR Certificates, shall represent the “regular interests” in the Master REMICP LT1-Grp IV (8) 5.250% N/A LT1-IV-X (9) and the Class R-3 Interest as the single “residual interest” in the Master REMIC. The Class (9) C-X LT1-IV-PO (10) (4) A-UR Certificate shall not be considered a Certificate issued by the Master REMIC, but instead shall represent beneficial ownership of the Class R-2 and Class R-3 interests.P LT1-R (11) (11) N/A ________________
Appears in 1 contract
Sources: Pooling and Servicing Agreement (CSFB Mortgage-Backed Pass-Through Certificates, Series 2005-2)
PRELIMINARY STATEMENT. The Depositor is the owner of the Trust Fund that is hereby conveyed to the Trustee in return for the Certificates. The Trust Fund is being conveyed to the Trustee to create a trust for the benefit of the Certificateholders. The As provided herein, an election shall be made that the Trust Fund (exclusive of (i) the right to receive and the obligation to pay Net Rate Carryover Amounts to the extent such amounts would result in the payment of interest reflecting an interest rate exceeding the REMIC Maximum Rate, (ii) the Carryover Reserve Fund, (iii) the Cap Contract (iv) the Cap Account, (v) the Mezzanine Cap Contract, (vi) the Mezzanine Cap Account and (vii) the Supplemental Interest Trust (collectively, the “Excluded Trust Assets”)) be treated for federal income tax purposes shall consist as comprising four real estate mortgage investment conduits under Section 860D of three REMICs the Code (each a “REMIC” or, in the alternative the “Subsidiary REMIC”, ,” the “Middle REMICREMIC 1,” the “Middle REMIC 2” and the “Master REMIC”). The “latest possible maturity date” Any inconsistencies or ambiguities in this Agreement or in the administration of this Agreement shall be resolved in a manner that preserves the validity of such REMIC elections. Each Certificate, other than the Class R Certificates, represents ownership of a regular interest in the Master REMIC for federal income tax purposes of all interests created hereby shall be the Latest Possible Maturity Date. The Subsidiary REMIC shall consist of all of the assets constituting the Trust Fund corresponding to Collateral Group 1 and Collateral Group 2, (exclusive of the Class P Prepayment Charges) and shall be evidenced by the uncertificated interests set forth below that shall be designated as REMIC regular interests (the “Subsidiary REMIC Regular Interests”)Provisions. In addition, each Certificate, other than the Class X-1, Class X-2, Class R, Class P and Class C Certificates, represents the right to receive certain payments reflecting an interest rate greater than the REMIC Maximum Rate to the extent provided herein. The Class R Certificate represents ownership of the sole Class of residual interest in each of the Subsidiary REMIC, Middle REMIC shall issue 1, Middle REMIC 2 and the Class A-LR Certificate and shall designate such interest as its sole class Master REMIC for purposes of residual interestthe REMIC Provisions. The Middle Master REMIC shall hold as its assets the Class P Reserve Fund and the uncertificated interests in Middle REMIC 2, other than the MT2-R interest, and each such interest is hereby designated as a regular interest in Middle REMIC 2 for purposes of the REMIC Provisions. Middle REMIC 2 shall hold as its assets the uncertificated interests issued by in Middle REMIC 1, other than the MT1-R interest, and each such interest is hereby designated as a regular interest in Middle REMIC 1. Middle REMIC 1 shall hold as its assets the uncertificated interests in the Subsidiary REMIC, other than the LT-R interest, and each such interest is hereby designated as a regular interest in the Subsidiary REMIC. The Subsidiary REMIC shall hold as its assets the property of the Trust Fund other than the interests in the Subsidiary REMIC, Middle REMIC shall issue 1 and Middle REMIC 2, and the Class R-2 interest and shall designate such interest as its sole class Excluded Trust Assets. The startup day for each REMIC created hereby for purposes of residual interestthe REMIC Provisions is the Closing Date. In addition, the Middle REMIC shall issue the uncertificated REMIC regular interests set forth below for the Middle REMIC (the “Middle REMIC Regular Interests”). The Master REMIC shall consist purposes of the Middle REMIC Regular Interests and shall be evidenced by Provisions, the Classes of Certificates set forth below latest possible maturity date for each regular interest in each REMIC created hereby is the Master REMIC (which, except for the Class P, Class A-LR and Class A-UR Certificates, shall represent the “regular interests” in the Master REMIC) and the Class R-3 Interest as the single “residual interest” in the Master REMIC. The Class A-UR Certificate shall not be considered a Certificate issued by the Master REMIC, but instead shall represent beneficial ownership of the Class R-2 and Class R-3 interestsLatest Possible Maturity Date.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (MASTR Adjustable Rate Mortgages Trust 2006-Oa2)
PRELIMINARY STATEMENT. The Depositor is the owner Securities Administrator on behalf of the Trust Fund shall elect that is hereby conveyed to three segregated asset pools within the Trustee in return for the Certificates. The Trust Fund is being conveyed to the Trustee to create a trust for the benefit of the Certificateholders. The Trust Fund be treated for federal income tax purposes shall consist of as comprising three REMICs (each, a “Trust REMIC” or, in the alternative, “Subsidiary REMICREMIC 1”, the “Middle REMICREMIC 2” and the “Master Upper-Tier REMIC”, respectively). The “latest possible maturity date” Each Class of Certificates (other than the Class RC and Class R Certificates), represents ownership of a regular interest in the Upper Tier REMIC for federal income tax purposes of all interests created hereby shall be the Latest Possible Maturity DateREMIC Provisions. The Subsidiary REMIC shall consist of all Class R Certificates represent ownership of the assets constituting the Trust Fund corresponding to Collateral Group 1 and Collateral Group 2, (exclusive of the Class P Prepayment Charges) and shall be evidenced by the uncertificated interests set forth below that shall be designated as REMIC regular interests (the “Subsidiary REMIC Regular Interests”). In addition, the Subsidiary REMIC shall issue the Class A-LR Certificate and shall designate such interest as its sole class of residual interestinterest in the Upper Tier REMIC, and the Class RC Certificates represent ownership of the sole class of residual interest in each of REMIC 1 and REMIC 2 for purposes of the REMIC Provisions. The Middle Startup Day for each REMIC described herein is the Closing Date. The latest possible maturity date for each Certificate is August 25, 2047, which is the Distribution Date following the latest Mortgage Loan maturity date. The Upper-Tier REMIC shall hold as its assets the several classes of uncertificated REMIC 2 Regular Interests, set out below. REMIC 2 shall hold as assets the several classes of uncertificated REMIC 1 Regular Interests, set out below. REMIC 1 shall hold as assets the assets described in the definition of “Trust Fund” herein. Each REMIC 1 Regular Interest is hereby designated as a regular interest in REMIC 1. Each REMIC 2 Regular Interest is hereby designated as a regular interest in REMIC 2. Except as provided below, REMIC 1 will issue a single regular interest corresponding to each Mortgage Loan having a Net Rate less than or equal to 6.00%, and two regular interests issued by the Subsidiary REMIC. The Middle REMIC shall issue the Class R-2 interest and shall designate such interest (referred to collectively herein as its sole class of residual interest. In addition, the Middle REMIC shall issue the uncertificated REMIC regular interests set forth below for the Middle REMIC (the “Middle REMIC Regular Class 1-A Interests” and the “Class 1-B Interests”)) for each Mortgage Loan having a Net Rate greater than 6.00% and less than 6.50% , and a single regular interest corresponding to each Mortgage Loan having a Net Mortgage Rate greater than or equal to 6.50%. The Master Each REMIC shall consist 1 Regular Interest corresponding to a Mortgage Loan having a Net Rate less than or equal to 6.00% will have a Pass Through Rate of 6.00%. Each such Class will have a principal balance, following the allocation of scheduled principal, prepayments of principal and Realized Losses, equal to the product of: (i) the Applicable Fraction for Collateral Group 1 of the Middle related Mortgage Loan and (ii) the related Mortgage Loan’s principal balance. For purposes of calculating the Calculation Rate, each of the foregoing REMIC 1 Regular Interests and shall will be evidenced by the Classes treated as part of Certificates set forth below for the Master REMIC (which, except for the Class P, Class A-LR and Class A-UR Certificates, shall represent the “regular interests” in the Master REMIC) and the Class R-3 Interest as the single “residual interest” in the Master REMICCollateral Group 1. The Class A-UR Certificate shall not be considered a Certificate issued by the Master REMIC, but instead shall represent beneficial ownership Each of the Class R-2 1-A Interests will have a Pass Through Rate of 6.00% and a principal balance, following the allocation of scheduled principal, prepayments of principal and Realized Losses, equal to the product of: (i) the Applicable Fraction for Collateral Group 1 in respect of the related Mortgage Loan, and (ii) the related Mortgage Loan’s principal balance. For purposes of the calculating the Calculation Rate, each Class R-3 interests1-A Interest will be treated as part of Collateral Group 1. Each of the Class 1-B Interests will have a Pass Through Rate of 6.50% and a principal balance, following the allocation of scheduled principal, prepayments of principal and Realized Losses, equal to the product of: (i) the Applicable Fraction for Collateral Group 2 in respect of the related Mortgage Loan, and (ii) the related Mortgage Loan’s principal balance. For purposes of the calculating the Calculation Rate, each Class 1-B Interest will be treated as part of Collateral Group 2. Each REMIC 1 Regular Interest corresponding to a Mortgage Loan having a Net Rate greater than 6.50% will have a Pass Through Rate of 6.50%. Each such Class will have a principal balance, following the allocation of scheduled principal, prepayments of principal and Realized Losses, equal to the related Mortgage Loan’s principal balance. For purposes of calculating the Calculation Rate, each of the foregoing REMIC 1 Regular Interests will be treated as part of Collateral Group 2.
Appears in 1 contract