Common use of Reference Pool Removal Clause in Contracts

Reference Pool Removal. A Reference Obligation removed from the Reference Pool because (i) the Reference Obligation becomes a Credit Event Reference Obligation; (ii) the Reference Obligation is paid in full; (iii) of the identification and final determination, through ▇▇▇▇▇▇▇ Mac’s quality control process, of an Underwriting Defect or Major Servicing Defect relating to the Reference Obligation; (iv) of the discovery of a violation of the Eligibility Criteria for such Reference Obligation; or (v) the Reference Obligation is seized pursuant to any special eminent domain proceeding brought by any federal, state or local government instrumentality with the intent to provide relief to financially-distressed borrowers with negative equity in the underlying mortgage loan; or (vi) the related Mortgaged Property is located within a county declared by the Federal Emergency Management Agency (“FEMA”) at any time from and after September 14, 2017 and through and including November 2, 2017, to be a major disaster area and in which FEMA has authorized individual assistance to homeowners in such county as a result of Hurricane ▇▇▇▇▇▇ or Hurricane ▇▇▇▇. Reference Obligations will not be removed from the Reference Pool if they undergo a temporary or permanent modification and they do not meet any other criteria in the prior sentence to be removed. Reference Tranches: Ten (10) classes of “hypothetical” tranches deemed to be backed by the Reference Pool, referred to as Class A-H, Class ▇-▇, ▇▇▇▇▇ ▇-▇▇, Class ▇-▇▇, ▇▇▇▇▇ ▇-▇▇▇, Class M-2B, Class M-2BH, Class B-1, Class B-1H and Class B-2H Reference Tranches, with the following initial Class Notional Amounts: Classes of Reference Tranches Initial Class Notional Amount Class A-H $54,186,025,511 Class M-1 and Class M-1H(1) $561,513,218 Class M-2A and Class M-2AH(2) $421,134,913 Class M-2B and Class M-2BH(3) $421,134,913 Class B-1 and Class B-1H(4) $280,756,609 Class B-2H $280,756,609