CMBS Re-REMIC Securities definition
CMBS Re-REMIC Securities means any security that is secured directly by, referenced to or representing ownership of, a pool at least 85% of which consists of CMBS Conduit Securities, other CMBS Securities or certificates representing a beneficial interest therein, but not including any Synthetic Security. For the avoidance of doubt, a CMBS Re-REMIC Security shall include any security backed by more than one credit default swap or referencing more than one Reference Obligation or a synthetic collateralized debt obligation or a synthetic resecuritization that (in each case) primarily references more than one CMBS Conduit Security or other CMBS Security or certificates representing a beneficial interest therein.
CMBS Re-REMIC Securities means any security that entitles a holder thereof to receive payments that depend upon the cash flow from a pool of CMBS Conduit Securities, other CMBS Securities or certificates representing a beneficial interest therein.