Centre REMIC definition

Centre REMIC. One of four separate REMICs comprising a portion of the Trust Fund, which consists of the Centre Trust Subordinate Companion Loan and the proceeds thereof, any allocable portion of any REO Property with respect thereto, the related REO Account (to the extent of amounts therein allocable to The Centre Trust Subordinate Companion Loan), the Centre REMIC Distribution Account and the Interest Reserve Account (to the extent of amounts therein allocable to The Centre Trust Subordinate Companion Loan).
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Examples of Centre REMIC in a sentence

  • For federal income tax purposes, the Centre Remaining Certificateholder shall be deemed to have purchased the assets of the Centre REMIC for an amount equal to the remaining Certificate Balance of its remaining Centre Loan-Specific Certificates, plus accrued and unpaid interest with respect thereto, and the Certificate Administrator shall credit such amounts against amounts distributed in respect of the Centre Regular Interests and such Centre Loan-Specific Certificates.

  • On each Distribution Date, Holders of the Class R Certificates shall receive distributions of any amounts remaining in the Centre REMIC Distribution Account in respect of the Centre Residual Interest after all payments have been made to the Certificate Administrator as the holder of the Centre Regular Interests in accordance with Section 4.01(a)(iv) and the last paragraph of Section 4.01(d).

  • Any portion of a Yield Maintenance Charge that is distributed to Holders of any Class of Centre Loan-Specific Certificates on any Distribution Date shall be deemed to have first been distributed from the Centre REMIC to the Upper-Tier REMIC in respect of its Corresponding Centre Regular Interest set forth in the Preliminary Statement hereto.

  • All distributions made in respect of principal of any Class of Centre Loan-Specific Certificates on each Distribution Date pursuant to Section 4.01(o) or Section 9.01 shall be deemed to have first been distributed from the Centre REMIC to the Upper-Tier REMIC in respect of principal of its Corresponding Centre Regular Interest set forth in the Preliminary Statement hereto.

  • The Centre Trust Subordinate Companion Loan and any other assets of the Centre REMIC are deemed distributed to the Centre Remaining Certificateholder in liquidation of the Centre REMIC pursuant to this Section 9.01.

  • The Class LTC-A, Class LTC-B, Class LTC-C, Class LTC-D, Class LTC-E and Class LTCRR Centre Regular Interests are hereby designated as “regular interests” in the Centre REMIC within the meaning of Code Section 860G(a)(1), and the Centre Residual Interest (evidenced by the Class R Certificates) is hereby designated as the sole class of “residual interests” in the Centre REMIC within the meaning of Code Section 860G(a)(2).

  • All reimbursements (with interest, if applicable) of applicable Realized Losses made in respect of any Class of Centre Loan-Specific Certificates on each Distribution Date pursuant to Section 4.01(o) or Section 9.01 shall be deemed to have first been distributed from the Centre REMIC to the Upper-Tier REMIC as reimbursements (with interest, if applicable) of applicable Realized Losses in respect of its Corresponding Centre Regular Interest.

  • The Certificate Administrator shall establish and maintain the Centre REMIC Distribution Account in the name of the Certificate Administrator on behalf of the Trustee, for the benefit of the Holders of the Centre Loan-Specific Certificates.

  • On each Distribution Date, the amounts that have been transferred to the Centre REMIC Distribution Account from the Collection Account or as P&I Advances or Compensating Interest Payments or as otherwise contemplated by the preceding sentences of this Section 4.01(a) shall be deemed distributed on the Centre Regular Interests to the Upper-Tier REMIC, in accordance with Section 4.01(a)(iv) and the last paragraph of Section 4.01(d).

Related to Centre REMIC

  • Master REMIC As described in the Preliminary Statement.

  • a REMIC means any of (or, as the context requires, all of) the SWAP REMIC, the Lower Tier REMIC and the Upper Tier REMIC.

  • Middle-Tier REMIC As described in the Preliminary Statement.

  • Upper-Tier REMIC As described in the Preliminary Statement.

  • REMIC I Remittance Rate The per annum rate at which interest accrues in respect of any REMIC I Regular Interest during any Interest Accrual Period, as set forth in or otherwise calculated in accordance with Section 2.11(f).

  • REMIC II Remittance Rate The per annum rate at which interest accrues in respect of any REMIC II Regular Interest during any Interest Accrual Period, as set forth in or otherwise calculated in accordance with Section 2.13(f).

  • The REMIC means the REMIC constituted by the Trust Estate.

  • Lower-Tier REMIC As described in the Preliminary Statement.

  • REMIC Remittance Rate The REMIC I Remittance Rate or the REMIC II Remittance Rate.

  • Upper-Tier REMIC Distribution Account The trust account or accounts created and maintained as a separate trust account (or separate sub-account within the same account as the Lower-Tier REMIC Distribution Account) or accounts by the Certificate Administrator pursuant to Section 3.05(b) of this Agreement, which (subject to any changes in the identities of the Trustee and/or the Certificate Administrator) shall be entitled “Citibank, N.A., as Certificate Administrator, on behalf of Wilmington Trust, National Association, as Trustee, for the benefit of the registered Holders of Citigroup Commercial Mortgage Securities Inc., Commercial Mortgage Pass-Through Certificates, Series 2016-P3, Upper-Tier REMIC Distribution Account” and which must be an Eligible Account.

  • Subsidiary REMIC Regular Interest Any one of the "regular interests" in the Subsidiary REMIC described in the Preliminary Statement.

  • Lower-Tier REMIC Distribution Account The account or accounts created and maintained as a separate account (or separate sub-account within the same account as the Upper-Tier REMIC Distribution Account) or accounts by the Certificate Administrator pursuant to Section 3.05(b) of this Agreement, which (subject to any changes in the identities of the Trustee and/or the Certificate Administrator) shall be entitled “Citibank, N.A., as Certificate Administrator, on behalf of Wilmington Trust, National Association, as Trustee, for the benefit of the registered Holders of Citigroup Commercial Mortgage Trust 2020-GC46, Commercial Mortgage Pass-Through Certificates, Series 2020-GC46, and the Uncertificated VRR Interest Owner, Lower-Tier REMIC Distribution Account” and which must be an Eligible Account. The Lower-Tier REMIC Distribution Account shall be an asset of the Lower-Tier REMIC.

  • Optimal Interest Remittance Amount For each Distribution Date, the product of (A) (x) the weighted average of the Net Mortgage Rates for the Mortgage Loans as of the first day of the related Collection Period divided by (y) 12 and (B) the Aggregate Loan Balance as of the first day of the related Collection Period (not including for this purpose Mortgage Loans for which prepayments in full have been received and distributed in the month prior to that Distribution Date).

  • Subsidiary REMIC As described in the Preliminary Statement.

  • Subsidiary REMIC Interest Any one of the Subsidiary REMIC Interests or the SR-A-R Interest.

  • REMIC Pass-Through Rate In the case of a Class of the Class A, Class M and Class B Certificates, the Upper Tier REMIC Net WAC Cap for the Corresponding REMIC Regular Interest.

  • Lower Tier REMIC Interests Each of the Class LTA-1 Interest, the Class LTA-2A Interest, the Class LTA-2B Interest, the Class LTA-2C Interest, the Class LTA-2D Interest, the Class LTM-1 Interest, the Class LTM-2 Interest, the Class LTM-3 Interest, the Class LTM-4 Interest, the Class LTM-5 Interest, the Class LTM-6 Interest, the Class LTB-1 Interest, the Class LTB-2 Interest, the Class LTB-3 Interest, the Class LTIX Interest, the Class LTIIX Interest, the Class LTII1A Interest, the Class LTII1B Interest, the Class LTII2A Interest, the Class LTII2B Interest, the Class LT-IO Interest and the Class LTR Interest.

  • Uncertificated REMIC I Pass-Through Rate With respect to any Distribution Date, a per annum rate equal to the weighted average of the Net Mortgage Rates of the Mortgage Loans in effect for the scheduled Monthly Payments due on such Mortgage Loans during the related Due Period.

  • Uncertificated REMIC II Pass-Through Rate With respect to any Distribution Date and (i) REMIC II Regular Interests LT1 and LT2, the REMIC II Net WAC Rate, (ii) REMIC II Regular Interest LT3, zero (0.00%), (iii) REMIC II Regular Interest LT4, twice the REMIC II Net WAC Rate, and (iv) REMIC II Regular Interest LT-IO, the excess of (i) the weighted average of the Uncertificated REMIC I Pass-Through Rates for REMIC I Regular Interests ending with the designation "A", over (ii) 2 multiplied by Swap LIBOR. Underwriter: Residential Funding Securities, LLC.

  • Corresponding REMIC I Regular Interest means with respect to each Mortgage Loan, the REMIC I Regular Interest having an initial Certificate Balance equal to the Principal Balance of such Mortgage Loan outstanding as of the Cut-Off Date, after taking into account all principal and interest payments made or due prior to the Cut-Off Date.

  • Uncertificated REMIC 1 Pass-Through Rate With respect to each REMIC 1 Regular Interest and any Distribution Date, a per annum rate equal to the average of the Net Mortgage Rates of the Mortgage Loans, weighted on the basis of the Stated Principal Balances thereof as of the close of business on the last day of the calendar month preceding the month in which such Distribution Date occurs.

  • REMIC A "real estate mortgage investment conduit" within the meaning of Section 860D of the Code.

  • Lower Tier REMIC Regular Interest As specified in the Preliminary Statement.

  • the REMICs or "a REMIC" shall mean any of (or, as the context requires, all of) the SWAP REMIC, the Lower Tier REMIC and the Upper Tier REMIC.

  • Corresponding REMIC II Regular Interest means the REMIC II Regular Interest or one of the REMIC II Regular Interests, as applicable, designated as such in the Preliminary Statement with respect to any Class of Principal Balance Certificates, any EX XXXXX III Regular Interest, any Class of Class X Certificates or any Class X REMIC III Regular Interest.

  • REMIC Provisions means provisions of the federal income tax law relating to real estate mortgage investment conduits, which appear at Sections 860A through 860G of subchapter M of Chapter 1 of the Code, and related provisions, and regulations (including any applicable proposed regulations) and rulings promulgated thereunder, as the foregoing may be in effect from time to time.