REMIC Certificate Sample Clauses
A REMIC Certificate clause defines the rights and obligations associated with certificates issued by a Real Estate Mortgage Investment Conduit (REMIC). This clause typically outlines the characteristics of the certificate, such as its entitlement to payments from a pool of mortgage loans, and may specify the procedures for transfer, registration, and payment distributions. By clearly delineating the terms governing REMIC Certificates, the clause ensures that investors understand their interests and the mechanisms for receiving income, thereby promoting transparency and legal certainty in mortgage-backed securities transactions.
REMIC Certificate. The Trust Agreement also permits the amendment thereof, in certain limited circumstances, without the consent of the Holders of any of the REMIC Certificates. This Class 8- REMIC Certificate is issuable only as a registered Class 8- REMIC Certificate. As provided in the Trust Agreement and subject to certain limitations set forth therein, the transfer of this Class 8- REMIC Certificate is registrable in the Certificate Register of ▇▇▇▇▇▇ Mae upon surrender of this Class 8- REMIC Certificate for registration of transfer at the office or agency maintained by ▇▇▇▇▇▇ ▇▇▇ for such purpose, duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to ▇▇▇▇▇▇ Mae and the Certificate Registrar duly executed by, the Holder hereof or such Holder’s attorney duly authorized in writing, and such other documents as ▇▇▇▇▇▇ ▇▇▇, the Trustee or the Certificate Registrar may require, and thereupon a new Class 8- REMIC Certificate for the same initial Certificate Balance will be issued to the designated transferee. A service charge in an amount determined by ▇▇▇▇▇▇ Mae shall be imposed for any registration of transfer or exchange of this Class 8- REMIC Certificate and ▇▇▇▇▇▇ ▇▇▇ may require payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in connection therewith. ▇▇▇▇▇▇ Mae, the Trustee, the Certificate Registrar and any agent of ▇▇▇▇▇▇ ▇▇▇ or the Trustee may treat the Person in whose name this Class 8- REMIC Certificate is registered as the owner hereof for all purposes, and neither ▇▇▇▇▇▇ Mae nor the Trustee, the Certificate Registrar or any agent of ▇▇▇▇▇▇ ▇▇▇ or the Trustee shall be affected by notice to the contrary. This Class 8- REMIC Certificate and Trust Agreement shall be construed in accordance with, and governed by, the substantive laws of the District of Columbia applicable to agreements made and to be performed therein. This Class 8- REMIC Certificate is issued under and is subject to the terms, provisions and conditions of the Trust Agreement, to which Trust Agreement the Holder of this Class 8- REMIC Certificate by virtue of the acceptance hereof assents and by which such Holder is bound. Unless the certificate of authentication hereon has been executed by or on behalf of the Certificate Registrar by manual or facsimile signature, this Class 8- REMIC Certificate shall not be entitled to any benefit under the Trust Agreement or be valid for any purpose.