REMIC 4 Sample Clauses

The REMIC 4 clause establishes requirements and restrictions to ensure that a trust or entity maintains its status as a Real Estate Mortgage Investment Conduit (REMIC) under U.S. tax law. Typically, this clause outlines actions that parties must avoid—such as certain types of asset transfers or prohibited transactions—that could jeopardize the REMIC’s tax-advantaged status. By clearly defining these limitations, the clause helps prevent inadvertent violations that could result in severe tax consequences, thereby protecting the interests of investors and maintaining the intended tax treatment of the trust.
REMIC 4. On each Distribution Date, the timing and amounts of principal and interest distributions and allocations of Applied Realized Loss Amounts and Realized Loss Amortization Amounts on each Class of REMIC 4 Regular Interests (other than the REMIC 4 Components) and the Class A-IO Certificates shall be identical to the timing, amounts and allocations on the corresponding Classes of Certificates (other than the Class CE, Class P and Class R Certificates), except that the Pass-Through Rate of any P&I Regular Interest shall not exceed the pass-through rate as set forth in the definition thereof, and any amount paid in respect of a Class of Offered P&I Certificates as a Cap Carryover Amount, whether with respect to the Distribution Date on which such amount is paid or a prior Distribution Date, shall be treated as a distribution by REMIC 4 in respect of the REMIC 4 Components, beneficially owned by the Class CE Certificates, then as paid by the Class CE Certificates to the applicable Class of Offered P&I Certificates as a payment from the Grantor Trust outside of the REMICs. Interest (and in the case of the Class T4-4 Interest, principal) shall be deemed distributed to each Class of REMIC 4 Components as follows: (i) the Class T4-4, Class T4-11, Class T4-12 and Class T4-13 Interests shall be entitled to all distributions on the Class T3-4, Class T3-11, Class T3-12 and Class T3-13 Interests, respectively; and (ii) the Class T4-A1IO, Class T4-A2IO, Class T4-M1IO, Class T4-M2-IO, Class T4-M3IO, Class T4-M4IO and Class T4-BIO Interests shall be entitled to a specified portion of interest payments consisting of the excess of interest distributable on each of the Class T3-A1, Class T3-A2, Class T3-M1, Class T3-M2, Class T3-M3, Class T3-M4 and Class T3-B Interests over interest distributable on the Class T4-A1, Class T4-A2, Class T4-M1, Class T4-M2, Class T4-M3, Class T4-M4 and Class T4-B Interests, respectively. Any shortfalls of interest, including any Realized Losses allocated to reduce the Subsequent Overcollateralization Amount, shall be borne, first, by the REMIC 4 Components, pro rata based on interest accrued, before being allocated to the applicable P&I Regular Interests. Realized Losses allocated to the Class T4-4 Interest shall equal Realized Losses allocated to the Class T3-4 Interest pursuant to Section 4.08(b). The Class CE Certificates shall be deemed to receive the aggregate of the amounts distributable in respect of the REMIC 4 Components, notwithstanding ...
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REMIC 4. As provided herein, the Trustee shall make an election to treat the segregated pool of assets consisting of the Class C Interest as a REMIC for federal income tax purposes, and such segregated pool of assets will be designated as “REMIC 4.” The Class R-4 Interest represents the sole class of “residual interests” in REMIC 4 for purposes of the REMIC Provisions. The following table sets forth (or describes) the designation, Pass-Through Rate , the Original Class Certificate Principal Balance and, for purposes of satisfying Treasury Regulation Section 1.860G-1(a)(4)(iii), the “latest possible maturity date” for the indicated Class of Certificates that represents a “regular interest” in REMIC 4 created hereunder: Designation Original Class Certificate Principal Balance Pass-Through Rate Latest Possible Maturity Date(1) Class C $ 30,999,925.97 Variable(2) June 25, 2036 ________________
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REMIC 4. On each Distribution Date, the timing and amounts of principal and interest distributions and allocations of Applied Realized Loss Amounts and Realized Loss Amortization Amounts on the Classes of REMIC 4 Regular Interests identified as Corresponding Classes shall be identical to the timing, amounts and allocations in respect of Corresponding Classes of REMIC 5 Regular Interests pursuant to Section 4.09(a). The Class T4-4 Interest shall be entitled to all distributions on the Class T3-4
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REMIC 4. As described in the Preliminary Statement.
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REMIC 4. As provided herein, the Trustee shall make an election to treat the segregated pool of assets consisting of the REMIC 3 Regular Interests as a REMIC for federal income tax purposes, and such segregated pool of assets will be designated as “REMIC 4.” The Class R-4 Interest represents the sole class of “residual interests” in REMIC 4 for purposes of the REMIC Provisions. The following table sets forth (or describes) the Class designation, Pass-Through Rate and Original Class Certificate Principal Balance for each Class of Certificates that represents one or more of the “regular interests” in REMIC 4 and each class of uncertificated “regular interests” in REMIC 4: I-A1 $ 443,200,000.00 Variable(2) November, 2045 I-A2 $ 296,147,000.00 Variable(2) November, 2045 I-A3 $ 53,138,000.00 Variable(2) November, 2045 I-A4 $ 139,850,000.00 Variable(2) November, 2045 II-A1 $ 393,848,000.00 Variable(2) November, 2045 II-A2A $ 208,958,000.00 Variable(2) November, 2045 II-A2B $ 52,240,000.00 Variable(2) November, 2045 II-A3 $ 48,392,000.00 Variable(2) November, 2045 M-1 $ 108,467,000.00 Variable(2) November, 2045 M-2 $ 106,276,000.00 Variable(2) November, 2045 M-3 $ 35,060,000.00 Variable(2) November, 2045 M-4 $ 52,590,000.00 Variable(2) November, 2045 M-5 $ 33,964,000.00 Variable(2) November, 2045 M-6 $ 26,295,000.00 Variable(2) November, 2045 M-7 $ 33,964,000.00 Variable(2) November, 2045 M-8 $ 25,199,000.00 Variable(2) November, 2045 M-9 $ 24,104,000.00 Variable(2) November, 2045 B-1 $ 21,913,000.00 Variable(2) November, 2045 B-2 $ 21,913,000.00 Variable(2) November, 2045 Swap IO N/A (5) Variable(5) November, ▇▇▇▇ ▇▇ ▇▇▇▇▇▇▇ IO N/A (5) Variable(5) November, 2045 Class C Interest(3) $ 65,738,907.17 Variable(2) November, 2045 Class P Interest $ 100.00 N/A(4) November, 2045
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REMIC 4. Interest (and in the case of the Class T4-4 Interest, principal) shall be deemed distributed to each Class of REMIC 4 Components as follows: (i) the Class T4-4, Class T4-11, Class T4-12 and Class T4-13 Interests shall be entitled to all distributions on the Class T3-4, Class T3-11, Class T3-12 and Class T3-13 Interests, respectively; and (ii) the Class T4-A1IO, Class T4-A2IO, Class T4-M1IO, Class T4-M2IO, Class T4-M3IO and Class T4-M4IO Interests shall be entitled to a specified portion of interest payments consisting of the excess of interest distributable on each of the Class T3-A1, Class T3-A2, Class T3-M1, Class T3-M2, Class T3-M3 and Class T3-M4 Interests over interest distributable on the Class ▇-▇, ▇▇▇▇▇ ▇-▇, Class M-1, Class M-2, Class M-3 and Class M-4 Certificates, respectively. Any shortfalls of interest, including any Realized Losses allocated to reduce the Subsequent Overcollateralization Amount, shall be borne, first, by the REMIC 4 Components, pro rata based on interest accrued, before being allocated to the Class T4 P&I Certificates (in reverse order of seniority). Realized Losses allocated to the Class T4-4 Interest shall equal Realized Losses allocated to the Class T3-4 Interest pursuant to Section 4.09(b). The Class CE Interest shall be deemed to receive the aggregate of the amounts distributable in respect of the REMIC 4 Components. Any portion of the Available Funds remaining in REMIC 4 on a Distribution Date shall be distributed to the Class R Certificates in respect of the Class R-4 Interest.
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REMIC 4. The following table sets forth the designations, principal balances, and interest rates for each interest in REMIC 4, each of which (other than the R-4 Interest) is hereby designated as a regular interest in REMIC 4 (the “REMIC 4 Regular Interests”): T4-A-IO (1) (1) A-IO T4-IO-Swap (2) (2) N/A T4-1-A1 $ 91,428,000.00 (3) 1-A1 T4-1-A2 $ 35,257,000.00 (3) 1-A2 T4-1-A3 $ 13,886,000.00 (3) 1-A3 T4-1-A4 $ 17,571,000.00 (3) 1-A4 T4-1-A5 $ 17,571,000.00 (3) 1-A5 T4-2-A1 $ 64,529,000.00 (3) 2-A1 T4-2-A2 $ 24,712,000.00 (3) 2-A2 T4-2-A3 $ 34,065,000.00 (3) 2-A3 T4-2-A4 $ 123,306,000.00 (3) 2-A4 T4-M-1 $ 24,843,000.00 (3) M-1 T4-M-2 $ 7,063,000.00 (3) M-2 T4-M-3 $ 12,178,000.00 (3) M-3 T4-M-4 $ 4,871,000.00 (3) M-▇ ▇▇-▇-▇ $ 4,871,000.00 (3) B-1 T4-X (4) (4) X T4-P $ 100.00 (5) P R-4 (6) (6) R
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