Pooling REMIC Clause Samples
The Pooling REMIC clause defines the rules and structure for pooling mortgage loans into a Real Estate Mortgage Investment Conduit (REMIC) for securitization purposes. It typically outlines how individual mortgage loans are selected, transferred, and aggregated into a trust, and specifies the rights and obligations of the parties involved in the pooling process. For example, it may detail the criteria for eligible loans, the timing of transfers, and the treatment of cash flows from the underlying mortgages. The core function of this clause is to ensure the proper formation and operation of the REMIC, thereby facilitating the issuance of mortgage-backed securities and compliance with tax and regulatory requirements.
Pooling REMIC. (i) The beneficial ownership of the Pooling REMIC shall be evidenced by interests having the following terms:
Pooling REMIC. The following table sets forth (or describes) the class designation, interest rate, and principal amount for each class of the POOLING REMIC Lower Tier Interests.
Pooling REMIC. (i) The beneficial ownership of the Pooling REMIC shall be evidenced by interests having the following terms: Type of Interest Pooling Interest Initial Subaccount Pass-Through For Purposes of Designation Balance Rate REMIC Provisions Group I Subaccount AF-1 $100,000,000 (1) Regular Subaccount AF-2 $ 42,000,000 (1) Regular Subaccount AF-3 $ 40,000,000 (1) Regular Subaccount AF-4 $ 30,000,000 (1) Regular Subaccount AF-5 $ 21,914,000 (1) Regular Subaccount AF-6 $ 26,000,000 (1) Regular Subaccount MF-1 $ 15,386,000 (1) Regular Subaccount MF-2 $ 10,457,000 (1) Regular Subaccount BF-1 $ 8,964,000 (1) Regular Subaccount BF-1A $ 4,034,000 (1) Regular Group II Subaccount AV-1 $128,000,000 (2) Regular Subaccount MV-1 $ 13,600,000 (2) Regular Subaccount MV-2 $ 10,000,000 (2) Regular Subaccount BV-1 $ 5,200,000 (2) Regular Subaccount BV-1A $ 3,200,000 (2) Regular Subaccount R (3) (3) Residual
(1) On any Distribution Date, the Group I Net Rate.
(2) On any Distribution Date, the Group II Net Rate.
(3) Subaccount R is not issued with a Balance or a Pass-Through Rate.
(ii) Subaccount R is the residual interest in the Pooling REMIC and shall be issued in fully registered certificate form as part of the Class R Certificate. All other Subaccounts shall be deemed issued as non- certificated interests and shall constitute assets of the Issuing REMIC.
(iii) The assets of the Pooling REMIC are the Mortgage Loans and the Asset Proceeds Account.
(iv) On each Distribution Date, amounts in the Asset Proceeds Account will be distributed as provided in Section 3.01 hereof.
Pooling REMIC. (i) The beneficial ownership of the Pooling REMIC shall be evidenced by interests having the following terms: Type of Interest Pooling Interest Initial Subaccount Pass-Through For Purposes of Designation Balance Rate REMIC Provisions Group I Subaccount AF-1 $74,000,000 (1) Regular Subaccount AF-2 $53,000,000 (1) Regular Subaccount AF-3 $22,000,000 (1) Regular Subaccount AF-4 $34,000,000 (1) Regular Subaccount AF-5 $12,920,000 (1) Regular Subaccount AF-6 $25,950,000 (1) Regular Subaccount MF-1 $12,975,000 (1) Regular Subaccount MF-2 $9,731,000 (1) Regular Subaccount BF-1 $9,083,000 (1) Regular Subaccount BF-2 $3,244,000 (1) Regular Subaccount BF-3 $2,595,000 (1) Regular Group II Subaccount AV-1 $190,909,000 (2) Regular Subaccount MV-1 $17,677,000 (2) Regular Subaccount MV-2 $13,552,000 (2) Regular Subaccount BV-1 $7,071,000 (2) Regular Subaccount BV-2 $4,125,000 (2) Regular Subaccount BV-3 $2,357,000 (2) Regular
Pooling REMIC. (i) The beneficial ownership of the Pooling REMIC shall be evidenced by interests having the following terms: Type of Interest Pooling Interest Initial Subaccount Pass-Through For Purposes of Designation Balance Rate REMIC Provisions Group I
Pooling REMIC. (i) The beneficial ownership of the Pooling REMIC shall be evidenced by interests having the following terms: Type of Interest Pooling Interest Initial Subaccount Pass-Through For Purposes of Designation Balance Rate REMIC Provisions Group I Subaccount AF-1 $15,000,000 (1) Regular Subaccount AF-2 $10,000,000 (1) Regular Subaccount AF-3 $31,000,000 (1) Regular Subaccount AF-4 $9,000,000 (1) Regular Subaccount AF-5 $16,000,000 (1) Regular Subaccount AF-6 $10,000,000 (1) Regular Subaccount AF-7 $15,552,000 (1) Regular Subaccount MF-1 $2,090,000 (1) Regular Subaccount MF-2 $7,167,000 (1) Regular Subaccount BF $3,643,000 (1) Regular Group II
Pooling REMIC. As specified in the Preliminary Statement.
Pooling REMIC. 1 Lower-Tier REMIC 1
Pooling REMIC. (i) The beneficial ownership of the Pooling REMIC shall be evidenced by interests having the following terms: Type of Interest Pooling Interest Initial Subaccount Pass-Through For Purposes of Designation Balance Rate REMIC Provisions Subaccount AF $264,000,000 (1) Regular Subaccount MF-1 $ 15,750,000 (1) Regular Subaccount MF-2 $ 11,250,000 (1) Regular Subaccount BF $ 9,000,000 (1) Regular