Master REMIC 2 definition

Master REMIC 2. As defined in Section 1.03 of this Agreement.
Sample 1Sample 2Sample 3

Examples of Master REMIC 2 in a sentence

  • Thus, each Group 2 Certificate (other than a Class P-2 or Class R-2 Certificates and the Residual Interests) shall be treated as representing not only ownership of regular interests in Master REMIC 2, but also ownership of an interest in (and obligations with respect to) an interest rate cap contract.

  • Master REMIC 2 shall hold as its assets the uncertificated interests in Middle REMIC 2, other than the MT2-R interest, and each such interest is hereby designated as a regular interest in Middle REMIC 2 for purposes of the REMIC Provisions.

  • The Class 2-R Certificate represents ownership of the sole Class of residual interest in each of Subsidiary REMIC 2, Middle REMIC 2, and Master REMIC 2 for purposes of the REMIC Provisions.

  • As provided herein, the Trustee shall elect to treat the segregated pool of assets consisting of the Class 2-1P interest issued by Master REMIC 2 as a REMIC for federal income tax purposes, and such segregated pool of assets shall be designated as the “Class 2-1P REMIC.” The Class 2-1P REMIC shall also issue the Class RX-2-1P Interest, which shall evidence the sole class of “residual interests” in the Class 2-1P REMIC for purposes of the REMIC Provisions under federal income tax law.

  • The Class 2-2P REMIC shall hold as its assets the Class 2-2P interest issued by Master REMIC 2, and such interest is hereby designated as a regular interest in the Class 2-2P REMIC.

  • As provided herein, the Trustee shall elect to treat the segregated pool of assets consisting of the Class 2-2P interest issued by Master REMIC 2 as a REMIC for federal income tax purposes, and such segregated pool of assets shall be designated as the “Class 2-2P REMIC.” The Class 2-2P REMIC shall also issue the Class RX-2-2P Interest, which shall evidence the sole class of “residual interests” in the Class 2-2P REMIC for purposes of the REMIC Provisions under federal income tax law.

  • The Class 2-C REMIC shall hold as its assets the Class 2-C interest issued by Master REMIC 2 and such interest is hereby designated as a regular interest in the Class 2-C REMIC.

  • Each Certificate, other than the Class 1-R, Class 1-RX, Class 2-R, Class 2-RX, Class 1-1P, Class 1-2P, Class 2-1P, Class 2-2P, Class 1-C and Class 2-C Certificates, represents ownership of a regular interest in Master REMIC 1 or Master REMIC 2 (as specified below) for purposes of the REMIC Provisions.

  • Master REMIC 2 shall also hold as its assets the Class 2-1P Reserve Fund and the Class 2-2P Reserve Fund.

  • Each Certificate, other than the Class 1-R, Class 1-RX, Class 2-R, Class 2-RX, Class 1-1P, Class 1-2P, Class 2-1P, Class 2-2P, Class 1-C and Class 2-C Certificates, represents ownership of a regular interest in Master REMIC 1 or Master REMIC 2 for purposes of the REMIC Provisions.

Related to Master REMIC 2

  • Master REMIC As described in the Preliminary Statement.

  • REMIC 2 As described in the Preliminary Statement.

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

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

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

  • REMIC 1 As described in the Preliminary Statement.

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

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

  • 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).

  • 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.

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

  • REMIC 3 The segregated pool of assets consisting of all of the REMIC 2 Regular Interests conveyed in trust to the Trustee, for the benefit of the Holders of the Regular Certificates and the Class R Certificate (in respect of the Class R-3 Interest), pursuant to Article II hereunder, and all amounts deposited therein, with respect to which a separate REMIC election is to be made.

  • Upper-Tier Residual Interest The sole class of “residual interests”, within the meaning of Code Section 860G(a)(2), in the Upper-Tier REMIC and evidenced by the Class R Certificates.

  • 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.

  • Lower-Tier Residual Interest The sole class of “residual interests”, within the meaning of Code Section 860G(a)(2), in the Lower-Tier REMIC and evidenced by the Class R Certificates.

  • REMIC 4 The segregated pool of assets consisting of the Class C Interest conveyed in trust to the Trustee, for the benefit of the Holders of the Class C Certificates and the Class R-X Certificates (in respect of the Class R-4 Interest), pursuant to Article II hereunder, and all amounts deposited therein, with respect to which a separate REMIC election is to be made.

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

  • Uncertificated REMIC II Pass-Through Rate With respect to any Distribution Date and each REMIC II Regular Interest other than REMIC II Regular Interest C, REMIC II Regular Interest P and REMIC II Regular Interest A-1, a rate per annum equal to the Pass-Through Rate for the Class of Corresponding Certificates for such Distribution Date; provided, however, that for this purpose the Net Rate Cap with respect to each such Class of Corresponding Certificates shall be equal to the weighted average of the Uncertificated REMIC I Pass-Through Rates for the REMIC I Regular Interests (other than REMIC I Regular Interest P), weighted on the basis of the Uncertificated Principal Balances of each such REMIC I Regular Interest, for such Distribution Date. With respect to REMIC II Regular Interest A-1 and (i) any Distribution Date which occurs on or prior to the Optional Termination Date, the lesser of (a) 6.50% per annum and (b) the weighted average of the Uncertificated REMIC I Pass-Through Rates for the REMIC I Regular Interests (other than REMIC I Regular Interest P), weighted on the basis of the Uncertificated Principal Balances of each such REMIC I Regular Interest, for such Distribution Date, and (ii) any Distribution Date thereafter, the lesser of (a) 7.00% per annum and (b) the weighted average of the Uncertificated REMIC I Pass-Through Rates for the REMIC I Regular Interests (other than REMIC I Regular Interest P), weighted on the basis of the Uncertificated Principal Balances of each such REMIC I Regular Interest, for such Distribution Date. With respect to REMIC II Regular Interest C, a rate per annum equal to the percentage equivalent of a fraction, the numerator of which is the sum of the amount determined for each REMIC I Regular Interest (other than REMIC I Regular Interest P) equal to the product of (x) the excess, if any, of the Uncertificated REMIC I Pass-Through Rate for such REMIC I Regular Interest over the Marker Rate and (y) a notional amount equal to the Uncertificated Principal Balance of such REMIC I Regular Interest, and the denominator of which is the aggregate Uncertificated Principal Balance of such REMIC I Regular Interests. With respect to REMIC II Regular Interest P, 0.00% per annum.

  • REMIC V The segregated pool of assets consisting of the Class P Interest conveyed in trust to the Trustee, for the benefit of the Holders of the Class P Certificates and the Class RX Certificate (in respect of the Class R-5 Interest), with respect to which a separate REMIC election is to be made.

  • REMIC VI The segregated pool of assets consisting of the Class IO Interest conveyed in trust to the Trustee, for the benefit of the Holders of REMIC VI Regular Interest IO and the Class RX Certificate (in respect of the Class R-6 Interest), with respect to which a separate REMIC election is to be made.

  • 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 Deutsche Bank Trust Company Americas, as Trustee, for the benefit of the registered Holders of Citigroup Commercial Mortgage Trust 2017-P7, Commercial Mortgage Pass-Through Certificates, Series 2017-P7, Upper-Tier REMIC Distribution Account” and which must be an Eligible Account.

  • 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.

  • 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.

  • 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.

  • REMIC 2 Regular Interest Each of the REMIC 2 Interests other than the Class LT2-R Interest.