The REMICs Sample Clauses
The REMICs clause defines the rules and requirements related to Real Estate Mortgage Investment Conduits (REMICs) within the agreement. It typically outlines how the parties must structure, manage, or report on mortgage loans or securities to ensure compliance with REMIC regulations under the Internal Revenue Code. For example, it may specify restrictions on loan modifications or transfers to preserve REMIC status. The core function of this clause is to ensure that the financial instruments involved maintain their favorable tax treatment and legal status as REMICs, thereby protecting the interests of investors and parties to the agreement.
The REMICs. (a) For federal income tax purposes, the Trust Fund shall consist of two REMICs, the Lower Tier REMIC and the Upper Tier REMIC. The Certificates, other than the Class R1 Certificate, shall be issued by the Upper Tier REMIC, and the Class R1 Certificate shall be issued by the Lower Tier REMIC. The Lower Tier REMIC shall be evidenced by the Class R1 Certificate and the regular interests having the characteristics and terms set forth in the following table, which interests (other than the Class R1 Certificate) shall be issued by the Lower Tier REMIC to the Trustee. The Lower Tier Interests and the proceeds thereof shall be assets of the Upper Tier REMIC. Principal of and interest on the Lower Tier Interests shall be allocated to the Corresponding Classes of Certificates in the manner set forth in the following table. Corresponding Class of Certificates(1)
The REMICs. (a) For federal income tax purposes, the Trust Fund shall consist of two REMICs, the Lower Tier REMIC and the Upper Tier REMIC. The Certificates, other than the Class R1 Certificate, shall be issued by the Upper Tier REMIC, and the Class R1 Certificate shall be issued by the Lower Tier REMIC. The Lower Tier REMIC shall be evidenced by the Class R1 Certificate and the regular interests having the characteristics and terms set forth in the following table, which interests (other than the Class R1 Certificate) shall be issued by the Lower Tier REMIC to the Trustee. The Lower Tier Interests and the proceeds thereof shall be assets of the Upper Tier REMIC. Principal of and interest on the Lower Tier Interests shall be allocated to the Corresponding Classes of Certificates in the manner set forth in the following table. Corresponding Class of Certificates(1) ---------------------- Lower Tier Allocation Allocation Lower Tier Initial Lower Interest of of Interest Tier Balance Rate Principal Interest --------- ------------- ----------- ---------- --------- A1 $44,600,000.00 (2) A1 (3) A2 19,700,000.00 (2) A2 (3) A3 22,200,000.00 (2) A3 (3) A4 10,600,000.00 (2) A4 (3) A5 12,900,000.00 (2) A5 (3) A6 17,870,000.00 (2) A6 (3) A7 14,207,000.00 (2) A7 (3) M 3,872,000.00 (2) M (3) B1 3,485,000.00 (2) B1 (3) B2 1,549,000.00 (2) B2 (3) B3 1,549,000.00 (2) B3 (3) B4 1,162,000.00 (2) B4 (3) B5 1,162,894.46 (2) B5 (3) R2 500.00 (4) R2 (4)
(1) Unless otherwise indicated, the amount of interest and principal allocable from a Lower Tier Interest to its Corresponding Class or Classes of Certificates on any Distribution Date shall be 100%.
(2) Each of Lower Tier Interests A1, A2, A3, A4, A5, A6, A7, M, B1, B2, B3, B4 and B5 shall bear interest at a rate equal to the Weighted Average Net Mortgage Rate.
(3) For each Interest Accrual Period, the interest accrued on each of Lower Tier Interests A1, A2, A3, A4, A5, A6, A7, M, B1, B2, B3, B4 and B5 will be allocated as follows: (i) an amount equal to the Accrued Certificate Interest for such Interest Accrual Period for the Class of Certificates having an identical alphabetical and numerical designation shall be allocable to such Class, and (ii) an amount equal to the excess of the interest accrued on such Lower Tier Interest over the amount allocated in clause (i) above shall be allocated to the Class S Certificates.
The REMICs. (a) For federal income tax purposes, the Trust Fund shall consist of two REMICs, the Lower-Tier REMIC and the Upper-Tier REMIC. The Certificates, other than the Class RL Certificate, shall be issued by the Upper-Tier REMIC, and the Class RL Certificate shall be issued by the Lower-Tier REMIC. The Lower-Tier REMIC shall be evidenced by the Class RL Certificate and the regular interests having the characteristics and terms set forth in the following table, which interests (other than the Class RL Certificate) shall be issued by the Lower-Tier REMIC to the Trustee. The Lower-Tier Interests and the proceeds thereof shall be assets of the Upper-Tier REMIC. Principal of and interest on the Lower-Tier Interests shall be allocated to the Corresponding Classes of Certificates (or Components) in the manner set forth in the following table. Corresponding Class of Certificates(1) --------------------------------- Lower-Tier Allocation Allocation Lower-Tier Initial Lower Interest of of Interest Tier Balance Rate Principal Interest -------- ------------ ---- --------- -------- [ ] [ ] [ ] [ ] [ ] --------------------------
(1) Unless otherwise indicated, the amount of interest and principal allocable from a Lower-Tier Interest to its Corresponding Class or Classes of Certificates on any Distribution Date shall be 100%.
(2) On each Distribution Date, interest accrued on Lower-Tier Interest _____ for the applicable Interest Accrual Period shall be allocated as follows: (x) an amount equal to the Accrued Certificate Interest on the Corresponding Class shall be allocated to such Class; and (y) the excess of such amount shall be allocated to the Class _____ Certificates.
(3) The Certificate Interest Rates of Lower-Tier Interests _____ Certificates for each Interest Accrual Period shall equal such rates for the Class _____ Certificates, respectively.
(b) The Lower-Tier Interests shall be issued as non-certificated interests. The Class RL Certificate shall be issued in fully registered certificated form and shall be executed and countersigned as provided in Section 5.01 hereof.
(c) For purposes of further identifying the terms of the Lower-Tier Interests, distributions of principal and interest on each Class of Lower-Tier Interests shall be considered to correspond, in timing and aggregate amount, to the distributions of principal and interest, respectively, made under Section 4.01 on the Corresponding Classes of Certificates or Components, and allocations of losses on each Cl...
The REMICs. (a) For federal income tax purposes, the Trust Fund shall consist of two REMICs, the Lower Tier REMIC and the Upper Tier REMIC. The Certificates, other than the Class RL Certificate, shall be issued by the Upper Tier REMIC, and the Class RL Certificate shall be issued by the Lower Tier REMIC. The Lower Tier REMIC shall be evidenced by the Class RL Certificate and the regular interests having the characteristics and terms set forth in the following table, which interests (other than the Class RL Certificate) shall be issued by the Lower Tier REMIC to the Trustee. The Lower Tier Interests and the proceeds thereof shall be assets of the Upper Tier REMIC. Principal of and interest on the Lower Tier Interests shall be allocated to the Corresponding Classes of Certificates (or Components) in the manner set forth in the following table. Corresponding Class of Certificates and/or Components(1) ---------------------- Lower-Tier Allocation Allocation Lower-Tier Initial Lower Interest of of Interest Tier Balance Rate Principal Interest -------- ------------ ---- --------- --------