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...
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% __________________________________________
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):
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 ------------------------- ---------------------- ----------------------- ------------...
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.
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...