Remic Conversion Clause Samples
The REMIC Conversion clause outlines the process and conditions under which a mortgage loan or related asset may be converted into a Real Estate Mortgage Investment Conduit (REMIC) structure. This typically involves specifying the steps required for conversion, such as obtaining necessary approvals, making certain representations, and ensuring compliance with tax regulations. For example, the clause may require the borrower or servicer to cooperate in providing documentation or modifying the loan terms to meet REMIC requirements. The core function of this clause is to facilitate the securitization of mortgage assets in a tax-advantaged manner, thereby enabling efficient investment and risk management for parties involved.
Remic Conversion. Section 11.01 Discharge of Indenture and Transfer of Mortgage Loans Section 11.02 Conditions Precedent to a REMIC Conversion Exhibit B - Certificate of Trust Exhibit C - Form of Rule 144A Investment Representation Exhibit D - Form of Certificate of Non-Foreign Status Exhibit E - Form of Investment Letter Exhibit F - Form of Transferor Certificate Exhibit G - Form of ERISA Letter Exhibit H - Form of Transferee Certificate Exhibit I - Form of Lender Transferor Certificate This Amended and Restated Trust Agreement, dated as of April 20, 2007 (as amended from time to time, this “Trust Agreement”), among American Home Mortgage Securities LLC, a Delaware limited liability company, as depositor (the “Depositor”), Wilmington Trust Company, a Delaware banking corporation, as owner trustee (the “Owner Trustee”), and W▇▇▇▇ Fargo Bank, N.A., as securities administrator (in such capacity, the “Securities Administrator”).
Remic Conversion. Section 11.03 Acts in Furtherance of REMIC Conversion EXHIBITS Exhibit A-1 Form of Class A Notes Exhibit A-2 Form of Class X Notes Exhibit A-3 Form of Class B Notes Exhibit B Mortgage Loan Schedule Exhibit C Form of Rule 144A Investment Representation Letter Exhibit D Form of Transferee Letter Exhibit E Form of Transferor Certificate Exhibit F Form of Transferee Certificate Exhibit G Form of Lender Transferor Certificate Appendix A Definitions Act Section Indenture Section Trust Indenture Act Section Indenture Section 310(a)(1) 6.11 (a)(2) 6.11 (a)(3) 6.10 (a)(4) Not Applicable (a)(5) 6.11 (b) 6.08, 6.11 (c) Not Applicable 311(a) 6.12 (b) 6.12 (c) Not Applicable 312(a) 7.01, 7.02(a) (b) 7.02(b) (c) 7.02(c) 313(a) Not Applicable (b) Not Applicable (c) Not Applicable (d) Not Applicable 314(a) 3.10 (b) 3.07 (c)(1) 8.05(c), 10.01(a) (c)(2) 8.05(c), 10.01(a) (c)(3) Not Applicable (d)(1) 8.05(c), 10.01(b) (d)(2) 8.05(c), 10.01(b) (d)(3) 8.05(c), 10.01(b) (e) 10.01(a) 315(a) 6.01(b) (b) 6.05 (c) 6.01(a) (d) 6.01(c) (d)(1) 6.01(c) (d)(2) 6.01(c) (d)(3) 6.01(c) (e) 5.13 316(a)(1)(A) 5.11 316(a)(1)(B) 5.12 316(a)(2) Not Applicable 316(b) 5.07 317(a)(1) 5.04 317(a)(2) 5.03(d) 317(b) 3.03(a)(i) 318(a) 10.07 This Supplemental Indenture, dated as of September 11, 2007, is entered into among Bear S▇▇▇▇▇▇ ARM Trust 2007-2, a Delaware statutory trust, as Issuing Entity (the “Issuing Entity”), W▇▇▇▇ Fargo Bank, N.A., as Securities Administrator (the “Securities Administrator”) and Citibank, N.A., as Indenture Trustee (the “Indenture Trustee”).
Remic Conversion. Section 8.01. Consummation of REMIC Conversion. 54 Exhibit A - Mortgage Loan Schedule Exhibit B - Request for Release of Documents Exhibit C - ▇▇▇▇▇ Fargo Servicing Agreements and ▇▇▇▇▇ Fargo Assignment Agreements Exhibit D - Countrywide Servicing Agreements and Countrywide Assignment Agreements Exhibit E - Form of Mortgage Loan Purchase Agreement Exhibit F - Servicing Criteria to Be Addressed in Assessment of Compliance Exhibit G - Form 10-D, Form 8-K and Form 10-K Reporting Responsibility Exhibit H - Additional Disclosure Notification Exhibit I - Form of Back-Up Certification Exhibit J - Form of Securities Administrator Certification Exhibit K - Form of Alesco Financial Inc. Guarantee Sale and Servicing Agreement dated as of June 29, 2007 (the “Agreement”), among Structured Asset Mortgage Investments II Inc., a Delaware corporation, as depositor (the “Depositor”), Bear ▇▇▇▇▇▇▇ ARM Trust 2007-2, a Delaware statutory trust, as issuing entity (the “Issuing Entity”), Citibank, N.A., a national banking association, as indenture trustee (the “Indenture Trustee”), ▇▇▇▇▇ Fargo Bank, N.A. (“▇▇▇▇▇ Fargo”), as master servicer (in such capacity, the “Master Servicer”) and as securities administrator (in such capacity, the “Securities Administrator”) and Alesco Loan Holdings Trust, as mortgage loan seller (the “Mortgage Loan Seller”).
Remic Conversion. (a) Upon the satisfaction of each of the requirements set forth in Section 11.01 above, the following actions shall be promptly taken by the parties identified below to consummate the REMIC Conversion (each such action to be deemed to occur simultaneously):
(i) Each of the parties to the new documents relating to the REMIC Conversion and any REMIC created thereby, including, but not limited to, the REMIC Class A Indenture and the Underlying REMIC Trust Pooling and Servicing Agreement, shall execute and complete such documents;
Remic Conversion