Lower REMIC definition

Lower REMIC. The segregated pool of assets consisting of the Trust Fund but excluding the Lower REMIC Interests, the RL Interest and the RU Interest.
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Lower REMIC. The segregated pool of assets consisting of the Trust Fund and the Rounding Account but excluding the Retained Yield and the Lower REMIC Interests. The Lower REMIC shall not include the Reserve Fund.
Sample 1Sample 2Sample 3
Lower REMIC. Not applicable.
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Examples of Lower REMIC in a sentence

  • The assets of the Lower REMIC shall be as set forth in the definition thereof.

  • The Lower REMIC Interests shall be uncertificated and shall be held by the Trustee as assets of the Upper REMIC.

  • The Lower REMIC Interests shall be uncertificated and shall be held by the Trustee as assets of the Middle REMIC.

  • Each interest identified in the first table below by a designation beginning with "L" shall be a "regular interest" in the Lower REMIC and a Lower REMIC Interest, and the RL Interests shall be the sole class of residual interest in the Lower REMIC.

  • Each interest identified in the first table below by a designation beginning with “L” shall be a “regular interest” in the Lower REMIC and a Lower REMIC Interest, and the RL Interest shall be the sole class of residual interest in the Lower REMIC.

  • The segregated pool of assets consisting of the Trust Fund but excluding the Lower REMIC Interests, the RL Interest and the RU Interest.

  • The Class I-A-R Certificates will represent the residual interests in the Lower REMIC, Middle REMIC and Upper REMIC, as described in Section 2.7. The "latest possible maturity date" for federal income tax purposes of all REMIC regular interests created hereby will be the Latest Possible Maturity Date.

  • The Class I-A-R Certificates will represent the residual interests in the Lower REMIC and Upper REMIC, as described in Section 2.7. The "latest possible maturity date" for federal income tax purposes of all REMIC regular interests created hereby will be the Latest Possible Maturity Date.

  • The Class I-A-R Certificates will represent the residual interests in the Lower REMIC, Middle REMIC and Upper REMIC, as described in Section 2.7. The “latest possible maturity date” for federal income tax purposes of each REMIC regular interest created hereby will be the Latest Possible Maturity Date.

  • Each interest identified in the first table below by a designation beginning with "L" shall be a "regular interest" in the Lower REMIC and a Lower REMIC Interest, and the RL Interest shall be the sole class of residual interest in the Lower REMIC.


More Definitions of Lower REMIC

Lower REMIC. As defined in the Series Supplement.
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Related to Lower REMIC

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

  • Adjusted Lower Tier WAC For any Distribution Date (and the related Accrual Period), an amount equal to (i) two, multiplied by (ii) the weighted average of the interest rates for such Distribution Date for the Class LT3-A1, Class LT3-A2, Class LT3-A3, Class LT3-A4, Class LT3-A5, Class LT3-M1, Class LT3-M2, Class LT3-M3, Class LT3-M4, Class LT3-M5, Class LT3-M6, Class LT3-M7, Class LT3-M8, Class LT3-M9, Class LT3-B1, Class LT3-B2 and Class LT3-Q Interests, weighted in proportion to their Class Principal Amounts as of the beginning of the related Accrual Period and computed by subjecting the rate on the Class LT3-Q Interest to a cap of 0.00%, and by subjecting the rate on each of the Class LT3-A1, Class LT3-A2, Class LT3-A3, Class LT3-A4, Class LT3-A5, Class LT3-M1, Class LT3-M2, Class LT3-M3, Class LT3-M4, Class LT3-M5, Class LT3-M6, Class LT3-M7, Class LT3-M8, Class LT3-M9, Class LT3-B1 and Class LT3-B2 Interests to a cap that corresponds to the Certificate Interest Rate (determined by substituting the REMIC 3 Net Funds Cap for the applicable Net Funds Cap) for the Corresponding Class of Certificates; provided, however, that for each Class of LIBOR Certificates, the Certificate Interest Rate shall be multiplied by an amount equal to (a) the actual number of days in the Accrual Period, divided by (b) 30.

  • Published Rate means the rate of interest published each Business Day in The Wall Street Journal “Money Rates” listing under the caption “London Interbank Offered Rates” for a one month period (or, if no such rate is published therein for any reason, then the Published Rate shall be the rate at which U.S. dollar deposits are offered by leading banks in the London interbank deposit market for a one month period as published in another publication selected by the Administrative Agent).

  • 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).

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

  • Mid-Swap Floating Leg Benchmark Rate means EURIBOR (if the Specified Currency is euro), LIBOR for the Specified Currency (if the Specified Currency is U.S. dollars, Pounds Sterling or Swiss Francs), CIBOR (if the Specified Currency is Danish Kroner), NIBOR (if the Specified Currency is Norwegian Kroner), STIBOR (if the Specified Currency is Swedish Kronor) or (in the case of any other Specified Currency) the benchmark rate most closely connected with such Specified Currency and selected by the Calculation Agent in its discretion after consultation with the Issuer;

  • Corresponding Lower-Tier Regular Interest As identified in the Preliminary Statement with respect to any Class of Principal Balance Certificates or Component.

  • Master 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).

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

  • SOFR Rate means the rate that will be obtained by the Paying Agent for each Interest Period on the SOFR Adjustment Date as of the SOFR Determination Time (or, if the Benchmark is not SOFR, the Reference Time) and, except following a determination by the Administrator that a Benchmark Transition Event and its related Benchmark Replacement Date have occurred, means, with respect to the Class A-2b Notes as of any SOFR Adjustment Date, a rate equal to Compounded SOFR; provided, that, the Administrator will have the right, in its sole discretion, to make applicable SOFR Adjustment Conforming Changes.

  • Certificate Rate means 0.00% per annum (computed on the basis of a 360-day year consisting of twelve 30-day months).

  • 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 another 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 Benchmark 2019-B12 Mortgage Trust, Commercial Mortgage Pass-Through Certificates, Series 2019-B12, 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.

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

  • Lower Tier REMIC Regular Interests Each of the Lower Tier REMIC Interests other than the Class LTR Interest.

  • Lower-Tier Regular Interest Each of the Class LT-A-1, Class LT-A-2, Class LT-M-1, Class LT-M-2, Class LT-B-1, Class LT-B-2, Class LT-Group I, Class LT-Group II and Class LT-Accrual Interests as described in the Preliminary Statement.

  • Class B Certificate Rate means, for any Interest Period with respect to the Class B Certificates, a per annum rate equal to LIBOR as of the LIBOR Determination Date for such Interest Period plus the Class B Certificate Rate Spread.

  • Corresponding REMIC II Regular Interest means the REMIC II Regular Interest as defined in the Preliminary Statement with respect to any Class of Corresponding Certificates or any Corresponding Component.

  • Class A Certificate Rate means, for any Interest Accrual Period with respect to the Class A Certificates, a per annum rate equal to LIBOR plus 0.11%.

  • Eurocurrency Base Rate means, with respect to a Eurocurrency Rate Advance for the relevant Interest Period:

  • Corresponding REMIC I Regular Interest means the REMIC I Regular Interest that relates to any particular Mortgage Loan (including an REO Mortgage Loan) or Qualifying Substitute Mortgage Loan that replaces such Mortgage Loan, which REMIC I Regular Interest has the characteristics described in the Preliminary Statement.

  • One Month LIBOR Rate means, with respect to any interest rate calculation for a Loan or other Obligation bearing interest at the Alternate Base Rate, a rate per annum equal to the quotient (rounded upward if necessary to the nearest 1/16th of one percent (0.0625%)) of (i) the rate per annum referred to as the BBA (British Bankers Association) LIBOR RATE as reported on Reuters LIBOR page 1, or if not reported by Reuters, as reported by any service selected by Administrative Agent on the applicable day (provided that if such day is not a Eurodollar Banking Day for which a Eurodollar Rate is quoted, the next preceding Eurodollar Banking Day for which a Eurodollar Rate is quoted) at or about 11:00 a.m., London time (or as soon thereafter as practicable), for Dollar deposits being delivered in the London interbank eurodollar currency market for a term of one month commencing on such date of determination, divided by (ii) one minus the Reserve Requirement in effect on such day. If for any reason rates are not available as provided in clause (i) of the preceding sentence, the rate to be used in clause (i) shall be, at Administrative Agent’s discretion (in each case, rounded upward if necessary to the nearest one-sixteenth (1/16) of one percent (0.0625%)), (1) the rate per annum at which Dollar deposits are offered to the Administrative Agent in the London interbank eurodollar currency market or (2) the rate at which Dollar deposits are offered to the Administrative Agent in, or by Xxxxx Fargo to major banks in, any offshore interbank eurodollar market selected by Administrative Agent, in each case on the applicable day (provided that if such day is not a Eurodollar Banking Day for which Dollar deposits are offered to Administrative Agent in the London interbank eurodollar currency market, the next preceding Eurodollar Banking Day for which Dollar deposits are offered to Administrative Agent in the London interbank eurodollar currency market) at or about 11:00 a.m., London time (or as soon thereafter as practicable) (for delivery on such date of determination) for a one month term. Each determination by Administrative Agent pursuant to this definition shall be conclusive absent manifest error.

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

  • CB Floating Rate means the Prime Rate; provided that the CB Floating Rate shall never be less than the Adjusted One Month LIBOR Rate on such day (or if such day is not a Business Day, the immediately preceding Business Day). Any change in the CB Floating Rate due to a change in the Prime Rate or the Adjusted One Month LIBOR Rate shall be effective from and including the effective date of such change in the Prime Rate or the Adjusted One Month LIBOR Rate, respectively.