The Master REMIC Clause Samples

The Master REMIC clause defines the structure and role of the primary Real Estate Mortgage Investment Conduit (REMIC) within a securitization transaction. It typically outlines how the Master REMIC will hold and manage the underlying mortgage assets, issue various classes of securities, and allocate cash flows among investors. For example, it may specify the rules for distributing principal and interest payments or the procedures for handling losses. The core function of this clause is to establish a clear framework for the operation and administration of the REMIC, ensuring compliance with tax regulations and providing transparency for all parties involved.
The Master REMIC. The Class AV-1, Class AV-2, Class AV-3, Class AV-4, Class M-1, Class M-2, Class M-3, Class M-4, Class M-5, Class M-6, Class M-7, Class M-8, Class M-9, Class M-10 and Class X-IO Certificates are hereby designated as “regular interests” with respect to the Master REMIC (the “Master REMIC Regular Certificates”) and the R-III Interest is hereby designated as the single “residual interest” with respect to the Master REMIC. The beneficial ownership interest in the Master REMIC created hereunder shall be evidenced by the interests having the following characteristics and terms: Class AV-1 $291,546,000 (1) March 2037 Class AV-2 $68,400,000 (2) March 2037 Class AV-3 $131,949,000 (3) March 2037 Class AV-4 $119,730,000 (4) March 2037 Class M-1 $24,750,000 (5) March 2037 Class M-2 $21,000,000 (6) March 2037 Class M-3 $13,125,000 (7) March 2037 Class M-4 $11,625,000 (8) March 2037 Class M-5 $11,250,000 (9) March 2037 Class M-6 $10,125,000 (10) March 2037 Class M-7 $5,625,000 (11) March 2037 Class M-8 $6,000,000 (12) March 2037 Class M-9 $7,500,000 (13) March 2037 Class M-10 $10,125,000 (14) March 2037 Class X-IO (15) (16) March 2037 Class P (17) (17) April 2010 Class R (18) (18) March 2037 (1) For each Interest Period, this Class shall bear interest at the lesser of (i) LIBOR plus 0.060% per annum (or plus 0.120% per annum for each Interest Period occurring after the Clean-Up Call Date) and (ii) the Net WAC Cap. Any entitlement to Net WAC Rate Carryovers shall not be an obligation of any REMIC created hereunder. For purposes of the REMIC Provisions, the reference to “Net WAC Cap” in the Certificate Rate shall be deemed to be a reference to the REMIC II Net WAC; therefore, on any Distribution Date on which the Certificate Rate for any Certificate exceeds the REMIC II Net WAC Rate, interest accruals based on such excess shall be treated as having been paid from the Net WAC Cap Carryover Reserve Fund or the Swap Account, as applicable; on any Distribution Date on which the Certificate Rate on a Class of Certificates is based on the Net WAC Cap, the amount of interest that would have accrued on such Class of Certificates if the REMIC II Net WAC Rate were substituted for the Net WAC Rate shall be treated as having been paid by the holder of such Certificate to the Swap Account, all pursuant to and as further provided in Section 7.12(e) hereof. (2) For each Interest Period, this Class shall bear interest at the lesser of (i) LIBOR plus 0.120% per annum (or plus 0.100% per an...
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The Master REMIC. The Master REMIC Interests, each of which (except for the Class R2 Interests) is hereby designated as a REMIC regular interest for federal income tax purposes, will have the principal balances and Pass-Through Rates as set forth in the following table: Class MR-A-1-1 $60,061,667.00 (1) Class MR-A-1-2 $30,030, 833.00 (1) Class MR-A-1-3 $82,092,500.00 (1) Class MR-A-1-4 $8,000,000.00 (1) Class MR-A-1-5 $60,061,667.00(2) (1) Class MR-A-1-6 $30,030, 933.00(2) (1) Class MR-A-1-7 $82,092,500.00(2) (1) Class MR-A-1-8 $8,000,000.00(2) (1) Class MR-A-1-9 $60,061,667.00(2) (1) Class MR-A-1-10 $30,030, 933.00(2) (1) Class MR-A-1-11 $82,092,500.00(2) (1) Class MR-A-1-12 $8,000,000.00(2) (1) Class MR-A-1-W $8,000,000.00 (2) Class MR-A-2-1 $51,159,000.00 (3) Class MR-A-2-2 $51,159,000.00 (3) Class MR-A-2-3 $51,159,000.00 (3) Class MR-A-3-W $52,151,000.00 (4) Class MR-A-4-1 $230,006,000.00 (5) Class MR-A-4-2 $230,006,000.00 (5) Class MR-A-4-3 $230,006,000.00 (5) Class MR-A-4-4 $230,006,000.00 (5) Class MR-A-4-5 $230,006,000.00 (5) Class MR-A-4-6 $230,006,000.00 (5) Class MR-M-1 $8,640,000.00 (6) Class MR-M-2 $4,460,000.00 (7) Class MR-M-3 $3,623,000.00 (8) Class MR-M-4 $2,230,000.00 (9) Class MR-M-5 $1,951,000.00 (10) Class MR-M-6 $1,951,000.00 (11) Class MR-B-1 $1,951,000.00 (12) Class MR-B-2 $1,952,000.00 (13) Class MR-B-3 $2,787,000.00 (14) Class MR-P $1,000.00 (15) Class MR-L-IO (16) (16) Class MR-OC (17) (17) Class A-R $100.00(18) 6.69690% __________________________________________
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The Master REMIC. The following table sets forth characteristics of the Master REMIC Certificates, together with the minimum denominations and integral multiples in excess thereof in which such Classes shall be issuable (except that one Certificate of each Class of Certificates may be issued in a different amount and, in addition, one Residual Certificate representing the Tax Matters Person Certificate may be issued in a different amount):
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The Master REMIC. The Master REMIC Interests will have the initial class principal balances and pass-through rates as set forth in the following table: ------------------------- ---------------------- ----------------------- ---------------------- ---------------------- Initial Class Pass-Through Rate Minimum Denomination Integral Multiples Class Designation Principal Balance (per annum) in Excess of Minimum ------------------------- ---------------------- ----------------------- ---------------------- ---------------------- A-1 $ 391,786,000 (1) $25,000 $1,000 ------------------------- ---------------------- ----------------------- ---------------------- ---------------------- A-2 $ 163,244,000 (1) $25,000 $1,000 ------------------------- ---------------------- ----------------------- ---------------------- ---------------------- A-3 $ 97,947,000 (1) $25,000 $1,000 ------------------------- ---------------------- ----------------------- ---------------------- ---------------------- M-1 $ 16,343,000 (1) $100,000 $1,000 ------------------------- ---------------------- ----------------------- ---------------------- ---------------------- M-2 $ 13,800,000 (1) $100,000 $1,000 ------------------------- ---------------------- ----------------------- ---------------------- ---------------------- M-3 $ 4,722,000 (1) $100,000 $1,000 ------------------------- ---------------------- ----------------------- ---------------------- ---------------------- M-4 $ 10,531,000 (1) $100,000 $1,000 ------------------------- ---------------------- ----------------------- ---------------------- ---------------------- M-5 $ 4,359,000 (1) $100,000 $1,000 ------------------------- ---------------------- ----------------------- ---------------------- ---------------------- M-6 $ 3,631,000 (1) $100,000 $1,000 ------------------------- ---------------------- ----------------------- ---------------------- ---------------------- M-7 $ 3,632,000 (1) $100,000 $1,000 ------------------------- ---------------------- ----------------------- ---------------------- ---------------------- M-8 $ 3,632,000 (1) $100,000 $1,000 ------------------------- ---------------------- ----------------------- ---------------------- ---------------------- M-9 $ 3,631,000 (1) $100,000 $1,000 ------------------------- ---------------------- ----------------------- ---------------------- ---------------------- M-10 $ 4,721,000 (1) $100,000 $1,000 ------------------------- ---------------------- ----------------------- ------------...
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The Master REMIC. The following table sets forth characteristics of the Certificates, together with the minimum denominations and integral multiples in excess thereof in which such Classes shall be issuable (except that one Certificate of each Class of Certificates may be issued in a different amount): Class A-1 $ 158,770,000 6.25 % $ 1,000 $ 1 Class A-2 $ 11,601,900 6.25 % $ 25,000 $ 1 Class PO $ 733,508 N/A (3) $ 100,000 $ 1 Class A-X $ 18,464,687 (1) 6.50 % $ 100,000 (2) $ 1 (2) Class A-R $ 100 6.25 % $ 100 N/A Class B-1 $ 7,491,000 6.25 % $ 100,000 $ 1 Class B-2 $ 1,370,000 6.25 % $ 100,000 $ 1 Class B-3 $ 913,000 6.25 % $ 100,000 $ 1 Class B-4 $ 731,000 6.25 % $ 100,000 $ 1 Class B-5 $ 640,000 6.25 % $ 100,000 $ 1 Class B-6 $ 457,064.47 6.25 % $ 100,000 $ 1 Class P $ 100 N/A (4) $ 100 N/A Class L N/A N/A (5) (5 ) (5 ) (1) This Class of Certificates will be Notional Amount Certificates, will have no Class Certificate Balance and will bear interest on its Notional Amount.
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The Master REMIC. The Class AF-1, Class AF-2, Class AF-3, Class AF-4, Class AF-5, Class AF-6, Class AV, Class A-IO, Class M-1, Class M-2, Class B-1, Class B-2 and Class X-IO Certificates are hereby designated as “regular interests” with respect to the Master REMIC (the “Master REMIC Regular Certificates”) and the R-1 Interest is hereby designated as the single “residual interest” with respect to the Master REMIC. The beneficial ownership interest in the Master REMIC created hereunder shall be evidenced by the interests having the following characteristics and terms: Class AF-1 $69,000,000 (1) February 25, 2017 Class AF-2 $18,000,000 (2) August 25, 2018 Class AF-3 $40,000,000 (3) June 25, 2025 Class AF-4 $60,800,000 (4) June 25, 2031 Class AF-5 $5,800,000 (5) September 25, 2032 Class AF-6 $21,000,000 (6) September 25, 2032 Class AV $263,900,000 (7) September 25, 2032 Class M-1 $42,050,000 (8) September 25, 2032 Class M-2 $26,100,000 (9) September 25, 2032 Class B1 $26,100,000 (10) September 25, 2032 Class B2 $7,250,000 (11) September 25, 2032 Class A-IO (12) 6.00% August 25, 2004 Class X-IO (14) (15) September 25, 2032 Class R-1 (13) (13) (1) For each Interest Period, this Class shall bear interest at the least of (i) 2.39% per annum, (ii) the weighted average of the Net Coupon Rates of the Group I Home Equity Loans, weighted on the principal balances of such Home Equity Loans, reduced by a fraction the numerator of which is 6.00% multiplied by the Notional Amount of the Group I A-IO Component and the denominator of which is the principal balance of the Group I Home Equity Loans and (iii) the weighted average of the Net Coupon Rates of the Home Equity Loans, weighted on the principal balances of such Home Equity Loans, reduced by a fraction the numerator of which is 6.00% multiplied by the Notional Amount and the denominator of which is the principal balance of the Home Equity Loans. (2) For each Interest Period, this Class shall bear interest at the least of (i) 2.87% per annum, (ii) the weighted average of the Net Coupon Rates of the Group I Home Equity Loans, weighted on the principal balances of such Home Equity Loans, reduced by a fraction the numerator of which is 6.00% multiplied by the Group I A-IO Component Notional Amount and the denominator of which is the principal balance of the Group I Home Equity Loans and (iii) the weighted average of the Net Coupon Rates of the Home Equity Loans, weighted on the principal balance of such Home Equity Loans, reduced by a fract...
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Related to The Master REMIC

  • UPPER-TIER REMIC REMIC 4.

  • The Trust Fund ▇▇▇▇▇▇ Mae, acting in its capacity as Trustee for the Lower Tier REMIC, does hereby transfer, assign, set over and otherwise convey to ▇▇▇▇▇▇ ▇▇▇, acting in its capacity as Trustee for the Trust Fund established hereby, all of ▇▇▇▇▇▇ Mae’s right, title and interest in and to the Lower Tier Regular Classes, including all payments of principal and interest thereon received after the month of the Issue Date.

  • 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 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 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.