Reference Pool Removal Sample Clauses
The Reference Pool Removal clause defines the process and conditions under which specific assets or items can be removed from a designated reference pool within an agreement. Typically, this clause outlines the criteria for removal, such as underperformance, default, or other triggering events, and may specify the procedures for notifying relevant parties and substituting removed assets. Its core practical function is to maintain the integrity and quality of the reference pool, ensuring that the pool continues to meet agreed standards and mitigating risks associated with problematic assets.
Reference Pool Removal. A Reference Obligation removed from the Reference Pool because (i) the Reference Obligation becomes a Credit Event Reference Obligation;
Reference Pool Removal. A Reference Obligation removed from the Reference Pool because (i) the Reference Obligation becomes a Credit Event Reference Obligation; (ii) the Reference Obligation is paid in full; (iii) of the identification and final determination, through ▇▇▇▇▇▇▇ Mac’s quality control process, of an Underwriting Defect or Major Servicing Defect relating to the Reference Obligation; (iv) of the discovery of a violation of the Eligibility Criteria for such Reference Obligation; or (v) the Reference Obligation is seized pursuant to any special eminent domain proceeding brought by any federal, state or local government instrumentality with the intent to provide relief to financially-distressed borrowers with negative equity in the underlying mortgage loan; or (vi) the related Mortgaged Property is located within a county declared by the Federal Emergency Management Agency (“FEMA”) at any time from and after September 14, 2017 and through and including November 2, 2017, to be a major disaster area and in which FEMA has authorized individual assistance to homeowners in such county as a result of Hurricane ▇▇▇▇▇▇ or Hurricane ▇▇▇▇. Reference Obligations will not be removed from the Reference Pool if they undergo a temporary or permanent modification and they do not meet any other criteria in the prior sentence to be removed. Reference Tranches: Ten (10) classes of “hypothetical” tranches deemed to be backed by the Reference Pool, referred to as Class A-H, Class ▇-▇, ▇▇▇▇▇ ▇-▇▇, Class ▇-▇▇, ▇▇▇▇▇ ▇-▇▇▇, Class M-2B, Class M-2BH, Class B-1, Class B-1H and Class B-2H Reference Tranches, with the following initial Class Notional Amounts: Classes of Reference Tranches Initial Class Notional Amount Class A-H $54,186,025,511 Class M-1 and Class M-1H(1) $561,513,218 Class M-2A and Class M-2AH(2) $421,134,913 Class M-2B and Class M-2BH(3) $421,134,913 Class B-1 and Class B-1H(4) $280,756,609 Class B-2H $280,756,609
Reference Pool Removal. A Reference Obligation removed from the Reference Pool because (i) the Reference Obligation becomes a Credit Event Reference Obligation; (ii) the Reference Obligation is paid in full; (iii) of the identification and final determination, through ▇▇▇▇▇▇▇ Mac’s quality control process, of an Underwriting Defect relating to the Reference Obligation; (iv) of the discovery of a violation of the Eligibility Criteria for such Reference Obligation or (v) the Reference Obligation is seized pursuant to any special eminent domain proceeding brought by any federal, state or local government instrumentality with the intent to provide relief to financially-distressed borrowers with negative equity in the underlying mortgage loan.
Reference Pool Removal. A Reference Obligation removed from the Reference Pool because (i) the Reference Obligation becomes a Credit Event Reference Obligation; (ii) the Reference Obligation is paid in full; (iii) of the identification and final determination, through ▇▇▇▇▇▇▇ Mac’s quality control process, of an Underwriting Defect or Major Servicing Defect relating to the Reference Obligation; (iv) of the discovery of a violation of the Eligibility Criteria for such Reference Obligation; or (v) the Reference Obligation is seized pursuant to any special eminent domain proceeding brought by any federal, state or local government instrumentality with the intent to provide relief to financially-distressed borrowers with negative equity in the underlying mortgage loan. Reference Obligations will not be removed from the Reference Pool if they undergo a temporary or permanent modification and they do not meet any other criteria in the prior sentence to be removed. Reference Tranches: Nine classes of “hypothetical” tranches deemed to be backed by the Reference Pool, referred to as Class A-H, Class ▇-▇, ▇▇▇▇▇ ▇-▇▇, Class ▇-▇, ▇▇▇▇▇ ▇-▇▇, Class ▇-▇, ▇▇▇▇▇ ▇-▇▇, Class B and Class B-H Reference Tranches, with the following initial Class Notional Amounts: Classes of Reference Tranches Initial Class Notional Amount