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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Related to REMIC 4

  • REMIC The Mortgage Loan is a “qualified mortgage” within the meaning of Section 860G(a)(3) of the Code (but determined without regard to the rule in Treasury Regulations Section 1.860G-2(f)(2) that treats certain defective mortgage loans as qualified mortgages), and, accordingly, (A) the issue price of the Mortgage Loan to the related Mortgagor at origination did not exceed the non-contingent principal amount of the Mortgage Loan and (B) either: (a) such Mortgage Loan is secured by an interest in real property (including permanently affixed buildings and distinct structural components, such as wiring, plumbing systems and central heating and air-conditioning systems, that are integrated into such buildings, serve such buildings in their passive functions and do not produce or contribute to the production of income other than consideration for the use or occupancy of space, but excluding personal property) having a fair market value (i) at the date the Mortgage Loan was originated at least equal to 80% of the adjusted issue price of the Mortgage Loan (together with any related Pari Passu Companion Loans) on such date or (ii) at the Closing Date at least equal to 80% of the adjusted issue price of the Mortgage Loan (together with any related Pari Passu Companion Loans) on such date, provided that for purposes hereof, the fair market value of the real property interest must first be reduced by (A) the amount of any lien on the real property interest that is senior to the Mortgage Loan and (B) a proportionate amount of any lien that is in parity with the Mortgage Loan; or (b) substantially all of the proceeds of such Mortgage Loan were used to acquire, improve or protect the real property which served as the only security for such Mortgage Loan (other than a recourse feature or other third-party credit enhancement within the meaning of Treasury Regulations Section 1.860G-2(a)(1)(ii)). If the Mortgage Loan was “significantly modified” prior to the Closing Date so as to result in a taxable exchange under Section 1001 of the Code, it either (x) was modified as a result of the default or reasonably foreseeable default of such Mortgage Loan or (y) satisfies the provisions of either sub-clause (B)(a)(i) above (substituting the date of the last such modification for the date the Mortgage Loan was originated) or sub-clause (B)(a)(ii), including the proviso thereto. Any Prepayment Premiums and Yield Maintenance Charges applicable to the Mortgage Loan constitute “customary prepayment penalties” within the meaning of Treasury Regulations Section 1.860G-1(b)(2). All terms used in this paragraph shall have the same meanings as set forth in the related Treasury Regulations.

  • REMIC III On each Distribution Date, following the distributions with respect to the Principal Balance Certificates on such Distribution Date pursuant to Section 6.5, any Collateral Support Deficits with respect to the Principal Balance Certificates on such Distribution Date will be allocated to the respective Classes of Principal Balance Certificates (other than the Exchangeable Certificates) and the respective E▇ ▇▇▇▇▇ III Regular Interests (and correspondingly, the applicable Exchangeable Certificates) as follows: (i) first, to the Class H Certificates, the Class G Certificates, the Class F Certificates, the Class E Certificates and the Class D Certificates, in that order, in each case in reduction of the Aggregate Certificate Balance of the subject Class of Principal Balance Certificates until such Aggregate Certificate Balance is reduced to zero; (ii) second, to the Class C REMIC III Regular Interest (and correspondingly, the Class C Certificates and the Class PST Certificates, pro rata, based on the Class C Percentage Interest and the Class C-PST Percentage Interest, respectively, in the Class C REMIC III Regular Interest); (iii) third, to the Class B REMIC III Regular Interest (and correspondingly, the Class B Certificates and the Class PST Certificates, pro rata, based on the Class B Percentage Interest and the Class B-PST Percentage Interest, respectively, in the Class B REMIC III Regular Interest); (iv) fourth, to the Class A-S REMIC III Regular Interest (and correspondingly, the Class A-S Certificates and the Class PST Certificates, pro rata, based on the Class A-S Percentage Interest and the Class A-S-PST Percentage Interest, respectively, in the Class A-S REMIC III Regular Interest); and (v) fifth, to the Class A-1 Certificates, the Class A-2 Certificates, Class A-SB Certificates, Class A-3 Certificates and Class A-4 Certificates, on a pro rata basis in accordance with, and in reduction of, the respective Aggregate Certificate Balances of such Classes of Principal Balance Certificates until such Aggregate Certificate Balances are reduced to zero.

  • REMIC II (a) On each Distribution Date, following any allocations of Trust Advisor Expenses on such Distribution Date pursuant to Section 6.11, the Certificate Administrator shall be deemed to distribute to itself on behalf of the Trustee, as holder of the REMIC II Regular Interests, amounts distributable to any Class of Principal Balance Certificates (other than the Exchangeable Certificates) and the ▇▇ ▇▇▇▇▇ III Regular Interests, pursuant to Section 6.5, Section 6.10 or Section 11.1, with respect to such Class’s or ▇▇ ▇▇▇▇▇ III Regular Interest’s Corresponding REMIC II Regular Interest. (b) All distributions made in respect of a Class of Class X Certificates on any Distribution Date pursuant to Section 6.5, Section 6.10 or Section 11.1, and allocable to any particular Class X REMIC III Regular Interest, shall be deemed to have first been distributed from REMIC II to REMIC III in respect of such Class X REMIC III Regular Interest’s Corresponding REMIC II Regular Interest. (c) All distributions made in respect of the Exchangeable Certificates on any Distribution Date pursuant to Section 6.5, Section 6.10 or Section 11.1, and allocable to any particular ▇▇ ▇▇▇▇▇ III Regular Interest, shall be deemed to have first been distributed from REMIC II to REMIC III in respect of such ▇▇ ▇▇▇▇▇ III Regular Interest’s Corresponding REMIC II Regular Interest. (d) [Reserved] (e) For purposes of Section 6.4(a), Section 6.4(b), Section 6.4(c) and Section 6.4(d), if the subject distribution on or in respect of any Class of REMIC III Regular Certificates, Exchangeable Certificates or ▇▇ ▇▇▇▇▇ III Regular Interest was a distribution of interest, principal, Prepayment Premiums or in reimbursement of previously allocated Collateral Support Deficits or Trust Advisor Expenses, then the corresponding distribution deemed to be made on a REMIC II Regular Interest shall be deemed to also be, respectively, a distribution of interest, principal, Prepayment Premiums or in reimbursement of previously allocated Collateral Support Deficits or Trust Advisor Expenses with respect to such REMIC II Regular Interest. (f) Any amounts remaining in the Distribution Account with respect to REMIC II on any Distribution Date after the foregoing distributions shall be distributed to the Holders of the Class R Certificates with respect to the REMIC II Residual Interest.

  • UPPER-TIER REMIC REMIC 4.

  • REMIC I As provided herein, the Tax Administrator will elect to treat the segregated pool of assets consisting of the Mortgage Loans (exclusive of certain amounts payable thereon) and certain other assets as a REMIC for federal income tax purposes, and such segregated pool of assets will be designated as “REMIC I”. The Class R Certificates will evidence ownership of (among other things) the sole class of “residual interests” in REMIC I for purposes of the REMIC Provisions. The Latest Possible Maturity Date for each REMIC I Regular Interest is the Rated Final Distribution Date. None of the REMIC I Regular Interests will be certificated. As provided herein, the Tax Administrator will elect to treat the segregated pool of assets consisting of the REMIC I Regular Interests as a REMIC for federal income tax purposes, and such segregated pool of assets will be designated as “REMIC II”. The Class R Certificates will evidence ownership of (among other things) the sole class of “residual interests” in REMIC II for purposes of the REMIC Provisions. The following table sets forth the designation, the REMIC II Remittance Rate and the initial Uncertificated Principal Balance for each of the REMIC II Regular Interests. The Latest Possible Maturity Date for each REMIC II Regular Interest is the Rated Final Distribution Date. None of the REMIC II Regular Interests will be certificated. A-1 Variable(1) $189,518,000 A-FX Variable(1) $165,250,000 A-S Variable(1) $82,796,000 B Variable(1) $57,956,000 C Variable(1) $41,398,000 D Variable(1) $27,598,000 E Variable(1) $48,298,000 F Variable(1) $19,319,000 G Variable(1) $19,319,000 H Variable(1) $34,498,065