Subsidiary REMIC 2 Clause Samples
The "Subsidiary REMIC 2" clause establishes the creation or designation of a secondary Real Estate Mortgage Investment Conduit (REMIC) within a securitization structure. This clause typically outlines the specific assets, such as mortgage loans or interests, that will be allocated to this subsidiary REMIC, and details how its income, expenses, and tax attributes are to be managed separately from the primary REMIC. By defining a distinct subsidiary REMIC, the clause enables more flexible structuring of securities, facilitates compliance with tax regulations, and allows for tailored allocation of cash flows and risk among different classes of investors.
Subsidiary REMIC 2. The Subsidiary REMIC 2 Regular Interests, each of which is hereby designated a REMIC regular interest for federal income tax purposes, shall have the following principal balances, pass-through rates and Corresponding Classes of Certificates in the manner set forth in the following table: LT–Accrual Interest 1/2 Loan Group IV Mortgage Pool balance plus 1/2 Overcollateralization Amount on Closing Date (1) ▇/▇ ▇-▇ ▇/▇ ▇/▇ ▇/▇ _______________
Subsidiary REMIC 2. The Subsidiary REMIC 2 Regular Interests, each of which is hereby designated a REMIC regular interest for federal income tax purposes, shall have the following principal balances, pass-through rates and corresponding classes of Middle REMIC 2 interests in the manner set forth in the following table: REMIC Interests Initial Balance Pass- Through Rate Corresponding Class in Middle REMIC 2 LT-11-M-1 1/4 Corresponding Master Class balance (1) MT 11-M-1 LT-11-M-2 1/4 Corresponding Master Class balance (1) MT 11-M-2 LT-11-M-3 1/4 Corresponding Master Class balance (1) MT 11-M-3 LT-Group A GSA 1% of the Subordinate Group 11A Balance (2) N/A LT-Group A 1/4 Group 11A Mortgage Pool Balance less the LT-Group A GSA initial balance (2) N/A LT-Group B GSA 1% of the Subordinate Group 11B Balance (3) N/A LT-Group B 1/4 Group 11B Mortgage Pool Balance less the LT-Group B GSA initial balance (3) N/A LT–Accrual Interest Loan Group 11 Mortgage Pool balance less the initial balance of each remaining Subsidiary REMIC 2 Regular Interest (1) ▇/▇ ▇▇-▇ ▇/▇ ▇/▇ ▇/▇ _______________
Subsidiary REMIC 2. The Subsidiary REMIC 2 Regular Interests, each of which is hereby designated a REMIC regular interest for federal income tax purposes, shall have the following principal balances, pass-through rates and Corresponding Classes of Certificates in the manner set forth in the following table: LT-VI-M-1 1/2 Corresponding Master Class balance (1) VI-M-1 LT-VI-M-2 1/2 Corresponding Master Class balance (1) VI-M-2 LT-VI-M-3 1/2 Corresponding Master Class balance (1) VI-M-3 LT–Accrual Interest 1/2 Loan Group IV Mortgage Pool balance plus 1/2 Overcollateralization Amount on Closing Date (1) ▇/▇ ▇-▇ ▇/▇ ▇/▇ ▇/▇ _______________
Subsidiary REMIC 2. The Subsidiary REMIC 2 Regular Interests, each of which is hereby designated a REMIC regular interest for federal income tax purposes, shall have the following principal balances and pass-through rates in the manner set forth in the following table: MT-1-A-1 $203,956,000 5.000% ▇-▇-▇ ▇▇-▇-▇-▇ $60,000,000 5.500% ▇-▇-▇ ▇▇-▇-▇-▇ $7,475,000 5.500% ▇-▇-▇ ▇▇-▇-▇-▇ $5,230,000 5.500% ▇-▇-▇ ▇▇-▇-▇-▇ $10,000,000 5.500% ▇-▇-▇ ▇▇-▇-▇-▇ $2,224,000 5.500% ▇-▇-▇ ▇▇-▇-▇-▇ $746,000 5.500% ▇-▇-▇ ▇▇-▇-▇-▇ $100,503,000 5.500% ▇-▇-▇ ▇▇-▇-▇-▇ $10,350,000 5.500% ▇-▇-▇ ▇▇-▇-▇-▇ $1,150,000 5.500% ▇-▇-▇ ▇▇-▇-▇-▇▇ $1,135,000 5.500% 2-A-10 MT-2-A-11 $10,000,000 5.500% 2-A-11 MT-2-A-12 $500,000 5.500% 2-A-12 MT-3-A-1 $19,000,000 4.750% ▇-▇-▇ ▇▇-▇-▇-▇ $24,000,000 5.500% ▇-▇-▇ ▇▇-▇-▇-▇ $1,500,000 5.500% ▇-▇-▇ ▇▇-▇-▇-▇ $35,000,000 4.750% ▇-▇-▇ ▇▇-▇-▇-▇ $103,000,000 4.750% ▇-▇-▇ ▇▇-▇-▇-▇ $2,300,000 4.750% 5-A-3 MT-15-PO $11,884,481 0.000% 15-PO MT-30-PO $7,211,290 0.000% 30-PO MT-A-R $100.00 5.000% A-R MT-B-1 $5,660,000 (3) B-1 MT-B-2 $2,201,000 (3) B-2 MT-B-3 $1,572,000 (3) B-3 MT-B-4 $943,000 (3) B-4 MT-B-5 $629,000 (3) B-5 MT-B-6 $628,882 (3) B-6 _______________
Subsidiary REMIC 2. The Subsidiary REMIC 2 Regular Interests, each of which is hereby designated a REMIC regular interest for federal income tax purposes, shall have the following principal balances, pass-through rates and corresponding classes of Subsidiary REMIC 3 interests in the manner set forth in the following table: LT-VI-A-1 1/2 Corresponding Master Class balance (1) MT VI-A-1 LT-VI-M-1 1/2 Corresponding Master Class balance (1) MT VI-M-1 LT-VI-M-2 1/2 Corresponding Master Class balance (1) MT VI-M-2 LT-VI-M-3 1/2 Corresponding Master Class balance (1) MT VI-M-3 LT–Accrual Interest 1/2 Loan Group VI Mortgage Pool balance plus 1/2 Overcollateralization Amount on Closing Date (1) ▇/▇ ▇-▇ ▇/▇ ▇/▇ ▇/▇ _______________
Subsidiary REMIC 2. Subsidiary REMIC 2 shall be evidenced by (x) the Class F1, Class F2, Class F3, Class F4, Class F5, Class F6, Class F7, Class F8, Class F9, Class F10, Class F11, Class F12, Class F13, Class F14, Class F15, Class F16, Class F17, Class F18, Class F19, Class F20, Class F21, Class F22, Class F23, Class F24 and Class F25 Interests (the “Group I Subsidiary REMIC 2 Regular Interests”), the Class V1, Class V2, Class V3, Class V4, Class V5, Class V6, Class V7, Class V8, Class V9, Class V10, Class V11, Class V12, Class V13, Class V14, Class V15, Class V16 and Class V17 Interests (the “Group II Subsidiary REMIC 2 Regular Interests”) and the Class PO Interest (together, the “Subsidiary REMIC 2 Regular Interests”), which (i) shall be uncertificated and non-transferable, and (ii) are hereby designated as the “regular interests” in Subsidiary REMIC 2 and (y) the LT2-R Interest, which is hereby designated as the single “residual interest” in Subsidiary REMIC 2 (the Subsidiary REMIC 2 Regular Interests, together with the LT2-R Interest, the “Subsidiary REMIC 2 Interests”). The Subsidiary REMIC 2 Regular Interests shall be recorded on the records of Subsidiary REMIC 2 as being issued to and held by the Trustee on behalf of Subsidiary REMIC 3. The Subsidiary REMIC 2 Interests shall have the following designations, initial principal balances and interest rates: F1 (4) (1) V1 (5) (2) F2 $2,196,000 (1) V2 $5,935,000 (2) F3 $4,939,000 (1) V3 $23,910,000 (2) F4 $4,986,000 (1) V4 $18,399,000 (2) F5 $5,013,000 (1) V5 $2,510,000 (2) F6 $5,021,000 (1) V6 $9,968,000 (2) F7 $5,009,000 (1) V7 $3,217,000 (2) F8 $1,006,000 (1) V8 $2,604,000 (2) F9 $2,730,000 (1) V9 $12,757,000 (2) F10 $4,400,000 (1) V10 $3,000,000 (2) F11 $4,100,000 (1) V11 $2,800,000 (2) F12 $3,800,000 (1) V12 $8,200,000 (2) F13 $3,500,000 (1) V13 $2,000,000 (2) F14 $3,200,000 (1) V14 $1,800,000 (2) F15 $3,000,000 (1) V15 $6,000,000 (2) F16 $2,800,000 (1) V16 $1,200,000 (2) F17 $2,600,000 (1) V17 $15,700,000 (2) F18 $2,300,000 (1) F19 $2,200,000 (1) F20 $2,100,000 (1) F21 $1,800,000 (1) F22 $1,800,000 (1) F23 $1,600,000 (1) F24 $1,500,000 (1) F25 $18,400,000 (1) PO (3) (3) LT2-R (6) (6)
(1) The interest rate on these Subsidiary REMIC 2 Regular Interests shall at any time of determination equal the weighted average rate of the Class 2 and Class 3 Interests in Subsidiary REMIC 1, weighted on the principal balances of such Interests.
(2) The interest rate on these Subsidiary REMIC 2 Regular Interests shall at any time of det...
Subsidiary REMIC 2. The following table sets forth (or describes) the class designation, interest rate, and initial principal amount for each uncertificated REMIC interest in Subsidiary REMIC 2: Subsidiary REMIC 2 Interest Initial Principal Balance Interest Rate Corresponding Class of Master REMIC Certificates LT2-Grp III (1) 5.750% N/A (10) LT2-III-X (2) (2) III-X LT2-III-PO (3) (4) A-P LT2-Grp IV (5) 6.000% N/A LT2-IV-X (6) (6) IV-X LT2-IV-P (7) (8) IV-P LT2-R (9) (9) N/A