Lower-Tier REMIC Regular Interest Sample Clauses
The Lower-Tier REMIC Regular Interest clause defines the rights and obligations associated with a specific class of interests issued by a lower-tier Real Estate Mortgage Investment Conduit (REMIC) within a multi-tiered securitization structure. This clause typically outlines how these interests receive principal and interest payments, their priority relative to other classes, and any conditions or restrictions on their transfer or payment. For example, it may specify that these interests are subordinate to upper-tier interests or detail the payment waterfall. The core function of this clause is to clarify the treatment and payment structure for lower-tier regular interests, ensuring transparency and predictability for investors and administrators in complex securitization arrangements.
Lower-Tier REMIC Regular Interest. I shall have an initial principal balance equal to the principal balance of the Group I Mortgage Loans as of the Cut-Off Date, an interest rate equal to the Group I Net Rate and pay on each Distribution Date. All Realized Losses from the Group I Mortgage Loans shall be allocated to Lower-Tier REMIC Regular Interest I and all payments of principal and interest (net of fees and expenses) received from the Group I Mortgage Loans shall be paid to Lower-Tier REMIC Regular Interest I in payment of accrued interest and principal until the principal balance of such interest is reduced to zero and any losses allocated to Lower-Tier REMIC Regular Interest I have been reimbursed. Any excess funds attributable to the Group I Mortgage Loans shall first be applied to reimburse prior losses on the Group II Mortgage Loans and then distributed to the LR Interest. Lower-Tier REMIC Regular Interest II shall have an initial principal balance equal to the principal balance of the Group II Mortgage Loans as of the Cut-Off Date, an interest rate equal to the Group II Net Rate and pay on each Distribution Date. All Realized Losses from the Group II Mortgage Loans shall be allocated to Lower-Tier REMIC Regular Interest II and all payments of principal and interest (net of fees and expenses) received from the Group II Mortgage Loans shall be paid to Lower-Tier REMIC Regular Interest II in payment of accrued interest and principal until the principal balance of such interest is reduced to zero and any losses allocated to Lower-Tier REMIC Regular Interest II have been reimbursed. Any excess funds attributable to the Group II Mortgage Loans shall first be applied to reimburse prior losses on the Group I Mortgage Loans and then distributed to the LR Interest. Each of the Middle-Tier REMIC Group I Regular Interests (other than the Middle-Tier REMIC Group I Accrual Interest) shall have an initial principal balance equal to .001% of the principal balance of its Related Certificate (expressed to eight decimal places). Each of the Middle-Tier REMIC Group I Regular Interests (other than the Middle-Tier REMIC Group I Accrual Interest) shall have an interest rate equal to the Pass-Through Rate of its Related Certificate. The Middle-Tier REMIC Group I Accrual Interest shall have an initial principal balance equal to the excess of the principal balance of the Group I Mortgage Loans as of the Cut-Off Date over the aggregate initial principal balance of the Middle-Tier REMIC Group I Regular Intere...
Lower-Tier REMIC Regular Interest. Any one of the Lower-Tier REMIC Interests other than the Class LT-R Interest.
Lower-Tier REMIC Regular Interest. Each of the Class LT-I-A, Class LT-II-A-1, Class LT-II-A-2, Class ▇▇ ▇▇-A-3, Class ▇▇ ▇▇-A-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, Class M-11, Class M-12, Class LT-Group I (SUB), Class LT-Group I, Class LT-Group II (SUB), Class LT-Group II, Class LT-XX and Class LT-Accrual Interests as described in the Preliminary Statement.