TIER REMIC Sample Clauses
The TIER REMIC clause defines the structure and operation of a multi-tiered Real Estate Mortgage Investment Conduit (REMIC) within a securitization transaction. It outlines how mortgage loans or related assets are pooled and divided into different classes or tiers, each with distinct payment priorities and risk profiles. For example, senior and subordinate tranches may be created, with cash flows distributed according to the tier structure. This clause is essential for allocating cash flows and losses among investors, ensuring compliance with tax regulations, and providing clarity on the rights and obligations of each class of security holders.
TIER REMIC. The Lower-Tier REMIC will hold the Mortgage Loans and will issue the Class LA1, Class LA2, Class LA3, Class LA4, Class LAAB, Class LABP, Class LAS, Class LB, Class LC, Class LD, Class LE, Class LF, Class LG and Class LH Uncertificated Interests (the “Lower-Tier Regular Interests”), which will evidence the “regular interests” in the Lower-Tier REMIC created hereunder. The Lower-Tier REMIC will also issue the uncertificated Class LR Interest, which is the sole Class of “residual interests” in the Lower-Tier REMIC and is represented by the Class R Certificates. The following table sets forth the Original Lower-Tier Principal Amounts and per annum rates of interest for the Lower-Tier Regular Interests and the Class LR Interest: Class LA1 (1) $ 14,278,000 Class LA2 (1) $ 72,424,000 Class LA3 (1) $ 270,000,000 Class LA4 (1) $ 311,927,000 Class LAAB (1) $ 35,645,000 Class LABP (1) $ 10,000,000 Class LAS (1) $ 70,152,000 Class LB (1) $ 44,642,000 Class LC (1) $ 56,122,000 Class LD (1) $ 28,979,000 Class LE (1) $ 27,142,000 Class LF (1) $ 26,786,000 Class LG (1) $ 10,204,000 Class LH (1) $ 42,091,386 Class LR N/A(2) N/A
TIER REMIC. The respective Uncertificated Lower-Tier Interests will evidence “regular interests” in the Lower-Tier REMIC created hereunder. The Class LT-R Interest will constitute the sole class of “residual interests” in the Lower-Tier REMIC created hereunder and will be evidenced by the Class R Certificates. The following table sets forth the class designations, Pass-Through Rates and initial Lower-Tier Principal Amounts for the Uncertificated Lower-Tier Interests and the Class LT-R Interest, which comprise the interests in the Lower-Tier REMIC created hereunder: Class LA (1) $423,100,000 Class LB (1) $47,800,000 Class LC (1) $51,300,000 Class LD (1) $96,800,000 Class LE (1) $165,100,000 Class LF (1) $104,150,000 Class LHRR (1) $46,750,000 Class LT-R(2) N/A(2) N/A(2)
TIER REMIC. [The Class LA-1-1, Class LA-1-2, Class LA-1-3, Class LA-1-4, Class LA-1A-1, Class LA-1A-2, Class LA-1A-3, Class LA-1A-4, Class LA-1A-5, Class LA-1A-6, Class LA-1A-7, Class LA-1A-8, Class LA-1A-9, Class LA-1A-10, Class LA-1A-11, Class LA-1A-12, Class LA-1A-13, Class LA-1A-14, Class LA-1A-15, Class LA-2-1, Class LA-2-2, Class LA-2-3, Class LA-2-4, Class LA-2-5, Class LA-2-6, Class LA-2FL-1, Class LA-2FL-2, Class LA-2FL-3, Class LA-2FL-4, Class LA-2FL-5, Class LA-2FL-6, Class LA-3-1, Class LA-3-2, Class LA-4-1, Class LA-4-2, Class LA-4-3, Class LA-4-4, Class LA-4-5, Class LA-4-6, Class LA-SB-1, Class LA-SB-2, Class LA-SB-3, Class LA-SB-4, Class LA-SB-5, Class LA-SB-6, Class LA-M, Class LA-J, Class LB, Class LC, Class LD-1, Class LD-2, Class LD-3, Class LE-1, Class LE-2, Class LE-3, Class LF-1, Class LF-2, Class LF-3, Class LG-1, Class LG-2, Class LH-1, Class LH-2, Class LH-3, Class LJ, Class LK-1, Class LK-2, Class LL, Class LM, Class LN, Class LP and Class LNR Uncertificated Interests will evidence "regular interests" in the Lower-Tier REMIC created hereunder. The sole Class of "residual interests" in the Lower-Tier REMIC will be evidenced by the Class LR Certificates.] The following table sets forth the Original Lower-Tier Principal Amounts and per annum rates of interest for the Uncertificated Lower-Tier Interests and the Class LR Certificates:
TIER REMIC. The Class SI-MR Interest will represent the sole class of "residual interests" in the Shifting Interest Middle-Tier REMIC for purposes of the REMIC Provisions. The following table irrevocably sets forth the designation, the Uncertificated Shifting Interest Middle-Tier REMIC Pass-Through Rate, the initial Uncertificated Balance, and solely for purposes of satisfying Treasury Regulations Section 1.860G-1(a)(4)(iii), the "latest possible maturity date" for each of the Uncertificated Shifting Interest Middle-Tier Interests. None of the Uncertificated Shifting Interest Middle-Tier Interests will be certificated. ------------------------ ----------------------------- -------------------------------- -------------------------- Uncertificated Shifting Initial Uncertificated Interest Middle-Tier REMIC Latest Possible Maturity Designation Balance Pass-Through Rate Date(1) ------------------------ ----------------------------- -------------------------------- -------------------------- MRI-1-A-1 $80,043,000 7.00% September 25, 2036 ------------------------ ----------------------------- -------------------------------- -------------------------- MRI-1-A-R $100 6.25% September 25, 2036 ------------------------ ----------------------------- -------------------------------- -------------------------- MRI-1-A-2 $1,000 6.00% September 25, 2036 ------------------------ ----------------------------- -------------------------------- -------------------------- MRI-1-A-3 $1,000 6.00% September 25, 2036 ------------------------ ----------------------------- -------------------------------- -------------------------- MRI-1-A-4 $240,127,000 6.00% September 25, 2036 ------------------------ ----------------------------- -------------------------------- -------------------------- MRI-IO $13,805,701(2) (3) September 25, 2036 ------------------------ ----------------------------- -------------------------------- -------------------------- MRI-PO $1,687,199 0.00% September 25, 2036 ------------------------ ----------------------------- -------------------------------- -------------------------- MRI-1-B-1 $8,026,000 6.25% September 25, 2036 ------------------------ ----------------------------- -------------------------------- -------------------------- MRI-1-B-2 $1,839,000 6.25% September 25, 2036 ------------------------ ----------------------------- -------------------------------- -------------------------- MRI-1-B-3 $1,003,000 6.25% September 25, 2036 ------------------------ -----...
TIER REMIC. The Class SI-MR Interest will represent the sole class of "residual interests" in the Shifting Interest Middle-Tier REMIC for purposes of the REMIC Provisions. The following table irrevocably sets forth the designation, the Uncertificated Shifting Interest Middle-Tier REMIC Pass-Through Rate, the initial Uncertificated Balance, and solely for purposes of satisfying Treasury Regulations Section 1.860G-1(a)(4)(iii), the "latest possible maturity date" for each of the Uncertificated Shifting Interest Middle-Tier Regular Interests. None of the Uncertificated Shifting Interest Middle-Tier Interests will be certificated.
TIER REMIC. The Class SI-UR Interest will represent the sole class of "residual interests" in the Shifting Interest Upper-Tier REMIC for purposes of the REMIC Provisions. The following table irrevocably sets forth (or describes) the designation, the Interest Rate, and Initial Uncertificated Balance or Notional Amount for each Shifting Interest Upper-Tier Regular Interest comprising the "regular interests" in the Shifting Interest Upper-Tier REMIC for purposes of the REMIC Provisions and solely for purposes of Satisfying Treasury Regulations Section 1.860G-1(a)(4)(iii), the "latest possible maturity date" for each class of Shifting Interest Upper-Tier Regular Interests.
TIER REMIC. The Upper-Tier REMIC shall issue the following interests, and each such interest, other than the Class UT-R Interest, is hereby designated as a regular interest in the Upper-Tier REMIC. The Class UT-R Interest is hereby designated as the sole class of residual interests in the Upper-Tier REMIC and shall be represented by the Class R-1 Certificates. Upper-Tier REMIC Upper-Tier Initial Principal Corresponding Class Interest Interest Rate Upper-Tier Amount of Certificates ------------------------ ----------------- ------------------------- ---------------------- Class A-1 (1) $297,636,000 Class A-1 Class A-2 (1) $169,463,000 Class A-2 Class A-3 (1) $ 79,117,000 Class A-3 Class M-1 (1) $ 49,720,000 Class M-1 Class M-2 (1) $ 40,265,000 Class M-2 Class M-3 (1) $ 11,555,000 Class M-3 Class B-1 (1) $ 10,154,000 Class B-1 Class B-2 (1) $ 8,403,000 Class B-2 Class B-3 (1) $ 8,754,000 Class B-3 Class B-4 (1) $ 9,804,000 Class B-4 Class IO (2) (2) N/A Class X (3) (3) Class X Class UT-R (4) (4) Class R -------------
TIER REMIC. REMIC 3.
TIER REMIC. The Lower-Tier REMIC shall issue the Lower-Tier REMIC Interests as designated below. The following table specifies the class designation, pass-through rate, initial principal amount and Corresponding Certificates (as applicable) for each class of Lower-Tier REMIC Interest. LTA-1 (1 ) (3 ) A-▇ ▇▇▇-▇ (1 ) (3 ) A-▇ ▇▇▇-▇ (1 ) (3 ) M-1 LTM-2 (1 ) (3 ) M-2 LTM-3 (1 ) (3 ) M-3 LTM-4 (1 ) (3 ) M-4 LTM-5 (1 ) (3 ) M-5 LTM-6 (1 ) (3 ) M-6 LTX (2 ) (3 ) N/A LT-IO (4 ) (4 ) N/A LT-R (5 ) (5 ) N/A
TIER REMIC. The Lower-Tier REMIC will hold the Mortgage Loans (exclusive of Excess Interest) and will issue the Class LA1, Class LA2, Class LA3, Class LA4, Class LA5, Class LASB, Class LAS, Class LB, Class LC, Class LD, Class LE, Class LF and Class LNR Uncertificated Interests (the “Uncertificated Lower-Tier Interests”), which will evidence the