REMIC II Clause Samples
The REMIC II clause defines the rules and requirements for a second-tier Real Estate Mortgage Investment Conduit (REMIC) structure within a securitization transaction. It typically outlines how certain mortgage assets or interests are transferred from the primary REMIC (REMIC I) into REMIC II, specifying the treatment of these assets for tax and legal purposes. For example, it may detail the types of interests that can be issued by REMIC II and the timing of such transfers. The core function of this clause is to ensure compliance with tax regulations and to facilitate the structuring of mortgage-backed securities in a way that optimizes tax efficiency and investor preferences.
POPULAR SAMPLE Copied 1 times
REMIC II. As provided herein, the Securities 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-II Interest will evidence the sole class of “residual interests” in REMIC II for purposes of the REMIC Provisions. The following table irrevocably sets forth the designation, the REMIC II Remittance Rate, the initial aggregate Uncertificated Balance and, for purposes of satisfying Treasury regulation Section 1.860G-1(a)(4)(iii), the “latest possible maturity date” for each of the REMIC II Regular Interests. None of the REMIC II Regular Interests will be certificated. AA Variable(2) $ 413,480,336.39 July 25, 2036 A-2A Variable(2) $ 764,675.00 July 25, 2036 A-2B Variable(2) $ 237,845.00 July 25, 2036 A-2C Variable(2) $ 377,650.00 July 25, 2036 A-2D Variable(2) $ 210,570.00 July 25, 2036 M-1 Variable(2) $ 149,780.00 July 25, 2036 M-2 Variable(2) $ 137,125.00 July 25, 2036 M-3 Variable(2) $ 80,165.00 July 25, 2036 M-4 Variable(2) $ 69,615.00 July 25, 2036 M-5 Variable(2) $ 69,615.00 July 25, 2036 M-6 Variable(2) $ 61,180.00 July 25, 2036 M-7 Variable(2) $ 59,070.00 July 25, 2036 M-8 Variable(2) $ 48,520.00 July 25, 2036 M-9 Variable(2) $ 37,975.00 July 25, 2036 M-10 Variable(2) $ 23,205.00 July 25, 2036 M-11 Variable(2) $ 42,190.00 July 25, 2036 ZZ Variable(2) $ 4,326,779.21 July 25, 2036 P Variable(2) $ 100.00 July 25, 2036 IO Variable(2) (3 ) July 25, 2036 I-SUB Variable(2) $ 9,263.49 July 25, 2036 I-GRP Variable(2) $ 44,111.80 July 25, 2036 II-SUB Variable(2) $ 8,457.15 July 25, 2036 II-GRP Variable(2) $ 40,271.95 July 25, 2036 XX Variable(2) $ 421,816,606.21 July 25, 2036
REMIC II. Section 6.4 [Reserved]................................................... Section 6.5 REMIC III.................................................
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.
REMIC II. On each Distribution Date, following the deemed distributions with respect to the REMIC II Regular Interests on such Distribution Date pursuant to Section 6.4, any Collateral Support Deficits with respect to the REMIC II Regular Interests on such Distribution Date will be allocated to the respective REMIC II Regular Interests as follows:
(i) first, to REMIC II Regular Interest H, REMIC II Regular Interest G, REMIC II Regular Interest F, REMIC II Regular Interest E, REMIC II Regular Interest D, REMIC II Regular Interest C, REMIC II Regular Interest B and REMIC II Regular Interest A-S, in that order, in each case in reduction of the REMIC II Principal Amount of the subject REMIC II Regular Interest until such REMIC II Principal Amount is reduced to zero; and
(ii) then, to REMIC II Regular Interest A-1, REMIC II Regular Interest A-2, REMIC II Regular Interest A-SB, REMIC II Regular Interest A-3 and REMIC II Regular Interest A-4, on a pro rata basis in accordance with, and in reduction of, the respective REMIC II Principal Amounts of such REMIC II Regular Interests until such REMIC II Principal Amounts are reduced to zero.
REMIC II. On each Distribution Date, all Realized Losses on the REMIC I Interests for such Distribution Date (or for prior Distribution Dates, to the extent not previously allocated) shall be allocated to the Corresponding REMIC II Regular Interests in the amounts and in the manner as will be allocated to the REMIC Regular Certificates relating thereto pursuant to Section 6.6(f); provided, however, that Realized Losses allocated to REMIC II Regular Interests that have Components shall be allocated among the Components of such REMIC II Regular Interests sequentially in alphabetical and numerical order. Realized Losses allocated to the Class X Certificates shall reduce the amount of interest payable on the REMIC II Regular Interest A-1A, REMIC II Regular Interest A-1B, REMIC II Regular Interest A-1C, REMIC II Regular Interest A-2A, REMIC II Regular Interest A-2B, REMIC II Regular Interest A-2C, REMIC II Regular Interest A-3A, REMIC II Regular Interest A-3B, REMIC II Regular Interest A-ABA, REMIC II Regular Interest A-ABB, REMIC II Regular Interest A-4A, REMIC II Regular Interest A-4B, REMIC II Regular Interest A-4C, REMIC II Regular Interest A-J, REMIC II Regular Interest B-1, REMIC II Regular Interest B-2, REMIC II Regular Interest C-1, REMIC II Regular Interest C-2, REMIC II Regular Interest D-1, REMIC II Regular Interest D-2, REMIC II Regular Interest E-1, REMIC II Regular Interest E-2, REMIC II Regular Interest F, REMIC II Regular Interest G-1, REMIC II Regular Interest G-2, REMIC II Regular Interest H, REMIC II Regular Interest J-1, REMIC II Regular Interest J-2, REMIC II Regular Interest K, REMIC II Regular Interest L, REMIC II Regular Interest M-1, REMIC II Regular Interest M-2, REMIC II Regular Interest N, REMIC II Regular Interest O, REMIC II Regular Interest P and REMIC II Regular Interest Q which reduction shall be allocated pro rata based on the product of the Certificate Balance of such REMIC II Regular Interest and the sum of the Class X-1 Strip Rate and the Class X-2 Strip Rate (if any) applicable to the Class of Certificates relating to such REMIC II Regular Interest.
REMIC II. (a) On each Distribution Date, the Paying Agent shall be deemed to distribute to itself on behalf of the Trustee, as holder of the REMIC II Regular Interests, for the following purposes and in the following order of priority:
(i) an amount equal to Distributable Certificate Interest for the Class A-1 Certificates, Class A-2 Certificates, Class A-3 Certificates, Class A-4 Certificates, Class X-1 Certificates and Class X-2 Certificates to REMIC II Regular Interest A-1, REMIC II Regular Interest A-2, REMIC II Regular Interest A-3, REMIC II Regular Interest A-4A, REMIC II Regular Interest A-4B, REMIC II Regular Interest B, REMIC II Regular Interest C, REMIC II Regular Interest D, REMIC II Regular Interest E, REMIC II Regular Interest F, REMIC II Regular Interest G, REMIC II Regular Interest H, REMIC II Regular Interest J, REMIC II Regular Interest K, REMIC II Regular Interest L, REMIC II Regular Interest M and REMIC II Regular Interest N, divided among such REMIC II Regular Interests in proportion to (A) in the case of the REMIC II Regular Interest A-1, REMIC II Regular Interest A-2, REMIC II Regular Interest A-3, REMIC II Regular Interest A-4A and REMIC II Regular Interest A-4B, the Accrued Certificate Interest for such Distribution Date and (B) in the case of REMIC II Regular Interest B, REMIC II Regular Interest C, REMIC II Regular Interest D, REMIC II Regular Interest E, REMIC II Regular Interest F, REMIC II Regular Interest G, REMIC II Regular Interest H, REMIC II Regular Interest J, REMIC II Regular Interest K, REMIC II Regular Interest L, REMIC II Regular Interest M and REMIC II Regular Interest N, the product of one-twelfth of the Certificate Balance of such Interest and the sum of the related Class X-1 Strip Rate and the related Class X-2 Strip Rate (if any);
(ii) to REMIC II Regular Interest A-1, REMIC II Regular Interest A-2 and REMIC II Regular Interest A-3, in reduction of the Certificate Balances thereof, in an amount up to the Principal Distribution Amount for such Distribution Date: (A) first, to the REMIC II Regular Interest A-1 and REMIC II Regular Interest A-2, pro rata (with the REMIC II Regular Interest A-1 allocation based upon the sum of the Certificate Balances of REMIC II Regular Interest A-1 and REMIC II Regular Interest A-3 divided by the sum of the Certificate Balances of REMIC II Regular Interest A-1, REMIC II Regular Interest A-2 and REMIC II Regular Interest A-3, and the REMIC II Regular Interest A-2 allocation based upon the REM...
REMIC II. 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 (except in the case of the Class X-Y REMIC II Regular Interest, with respect to which the initial Uncertificated Notional Amount is set forth). The Latest Possible Maturity Date for each REMIC II Regular Interest is the date that is the Rated Final Distribution Date. None of the REMIC II Regular Interests will be certificated. A-SB Variable(1) $ 102,144,000 X-Y Variable(1) $ 29,558,534 (2) B Variable(1) $ 68,802,000 C Variable(1) $ 52,066,000 D Variable(1) $ 111,570,000 E Variable(1) $ 31,611,000 F Variable(1) $ 14,876,000 G Variable(1) $ 63,223,793
REMIC II. 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.
REMIC II. On each Distribution Date, all Realized Losses on the REMIC I Interests for such Distribution Date (or for prior Distribution Dates, to the extent not previously allocated) shall be allocated to the Corresponding REMIC II Regular Interests in the amounts and in the manner as are allocated to the REMIC III Regular Interests related thereto pursuant to Section 6.6(f). Realized Losses allocated to the Class X Certificates shall reduce the amount of interest payable on the REMIC II Regular Interests, which reduction shall be allocated pro rata based on the product of the Certificate Balance of such REMIC II Regular Interest and the Class X Strip Rate applicable to the Class of REMIC III Regular Interest (other than the Class X Certificates) relating to such REMIC II Regular Interest.
REMIC II. On each Distribution Date, all Realized Losses and Expense Losses on the REMIC I Regular Interests for such Distribution Date (or for prior Distribution Dates, to the extent not previously allocated) shall be allocated to the REMIC II Regular Interests in the amounts and in the manner as will be allocated to the Corresponding Certificates relating thereto pursuant to Section 6.6(f)); provided, however, that Realized Losses and Expense Losses allocated to REMIC II Regular Interests shall be allocated among the Corresponding Components sequentially in alphabetical and numerical order. Realized Interest Losses allocated to the Class [X-1] and Class [X-2] Certificates shall reduce the amount of interest payable on the REMIC II Regular Interest A-1-1, REMIC II Regular Interest A-1-2, REMIC II Regular Interest A-1-3, REMIC II Regular Interest A-1A-1, REMIC II Regular Interest A-1A-2, REMIC II Regular Interest A-1A-3, REMIC II Regular Interest A-1A-4, REMIC II Regular Interest A-1A-5, REMIC II Regular Interest A-1A-6, REMIC II Regular Interest A-1A-7, REMIC II Regular Interest A-1A-8, REMIC II Regular Interest A-1A-9, REMIC II Regular Interest A-2, REMIC II Regular Interest A-3-1FL-1, REMIC II Regular Interest A-3-1FL-2, REMIC II Regular Interest A-3-1FL-3, REMIC II Regular Interest A-3-1FL-4, REMIC II Regular Interest A-3-1-1, REMIC II Regular Interest A-3-1-2, REMIC II Regular Interest A-3-1-3, REMIC II Regular Interest A-3-1-4, REMIC II Regular Interest A-3-2-1, REMIC II Regular Interest A-3-2-2, REMIC II Regular Interest A-AB-1, REMIC II Regular Interest A-AB-2, REMIC II Regular Interest A-4A-1, REMIC II Regular Interest A-4A-2, REMIC II Regular Interest A-4A-3, REMIC II Regular Interest A-4B, REMIC II Regular Interest A-J, REMIC II Regular Interest B-1, REMIC II Regular Interest B-2, REMIC II Regular Interest B-3, REMIC II Regular Interest C-1, REMIC II Regular Interest C-2, REMIC II Regular Interest D-1, REMIC II Regular Interest D-2, REMIC II Regular Interest E, REMIC II Regular Interest F-1, REMIC II Regular Interest F-2, REMIC II Regular Interest G, REMIC II Regular Interest H-1, REMIC II Regular Interest H-2, REMIC II Regular Interest J, REMIC II Regular Interest K, REMIC II Regular Interest L, REMIC II Regular Interest M, REMIC II Regular Interest N, REMIC II Regular Interest O and REMIC II Regular Interest P, which reduction shall be allocated pro rata based on the product of the Certificate Balance of such REMIC II Regular Interest and the sum of the...