Pool 1 REMIC Companion Component definition

Pool 1 REMIC Companion Component. An uncertificated "interest-only" regular interest in the Upper Tier REMIC that, on each Distribution Date, has a notional principal amount equal to the Class Principal Amount of the Class A-1 Certificates immediately prior to such Distribution Date and bears interest at a rate equal to the excess of the Pool 1 Adjusted Net WAC over the Certificate Interest Rate on the Class A-1 Certificates on such Distribution Date. For federal income tax purposes, the Pool 1 REMIC Companion Component is represented by the Class X-A-2 Certificates.
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Pool 1 REMIC Companion Component. An uncertificated "interest-only" regular interest in the Upper Tier REMIC that, on each Distribution Date, has a notional principal amount equal to the Class Principal Amount of the Class A-1 Certificates immediately prior to such Distribution Date and bears interest at a rate equal to the excess of the Pool 1 Adjusted Net WAC over the Certificate Interest Rate on the Class A-1 Certificates on such Distribution Date. For purposes of determining the interest rate on the Pool 1 REMIC Companion Component for the first Distribution Date only, the Class A-1 Certificates shall be treated as having a Certificate Interest Rate equal to the product of (i) the initial Certificate Interest Rate of the Class A-1 Certificates (as determined without regard to this sentence) and (ii) a fraction, the numerator of which is the number of days in the initial Accrual Period for the Class A-1 Certificates and the denominator of which is 30. For federal income tax purposes, the Pool 1 REMIC Companion Component is represented by the Class X-A-2 Certificates.
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Examples of Pool 1 REMIC Companion Component in a sentence

  • Amounts otherwise payable with respect to the Pool 1 REMIC Companion Component will be treated as used to make payments in respect of the interest rate cap contracts written in favor of the holders of the Class A-1 Certificates before amounts payable with respect to the Pool 1 REMIC NAS Component are so treated.

Related to Pool 1 REMIC Companion Component

  • Serviced Pari Passu Companion Loan A Pari Passu Companion Loan that is part of a Serviced Loan Combination. With respect to each Servicing Shift Mortgage Loan and the related Servicing Shift Loan Combination, each related Pari Passu Companion Loan will cease to be a Serviced Pari Passu Companion Loan on and after the related Servicing Shift Date.

  • Serviced Companion Loan A Companion Loan that is part of a Serviced Loan Combination. With respect to each Servicing Shift Mortgage Loan and the related Servicing Shift Loan Combination, each related Companion Loan will no longer be a Serviced Companion Loan on and after the related Servicing Shift Date.

  • Serviced Pari Passu Companion Loan Holder A holder of a Serviced Pari Passu Companion Loan.

  • Pool 1 Mortgage Loans Any Mortgage Loan in Pool 1.

  • Serviced Companion Loan Holder The holder of a Serviced Companion Loan.

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

  • Group 1 Mortgage Loan Each Mortgage Loan listed on Exhibit D-1 hereto.

  • REO Companion Loan Any Serviced Companion Loan if the related Mortgaged Property has become an REO Property.

  • Pari Passu Companion Loan A Companion Loan that, pursuant to the related Loan Documents and/or the related Co-Lender Agreement, is pari passu in right of payment to the related Split Mortgage Loan. The only Pari Passu Companion Loans related to the Trust as of the Closing Date are evidenced by the Notes identified in the Loan Combination Table under the column heading “Pari Passu Companion Loan(s),” each of which Notes evidences a separate Pari Passu Companion Loan.

  • Group 1 Mortgage Loans Those Mortgage Loans identified on the Mortgage Loan Schedule as Group 1 Mortgage Loans.

  • Companion Loan As defined in the Introductory Statement.

  • 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).

  • Group 2 Mortgage Loan Each Mortgage Loan listed on Exhibit D-2 hereto.

  • Debt Service Reduction Mortgage Loan Any Mortgage Loan that became the subject of a Debt Service Reduction.

  • Group 3 Mortgage Loan Each Mortgage Loan listed on Exhibit D-3 hereto.

  • Mortgage Loan Remittance Rate With respect to each Mortgage Loan, the annual rate of interest remitted to the Purchaser, which shall be equal to the Mortgage Interest Rate minus the Servicing Fee Rate.

  • Subordinate Companion Loan A Companion Loan that, to the extent provided in the related Loan Documents and/or the related Co-Lender Agreement, is generally subordinate in right of payment to the related Split Mortgage Loan. The only Subordinate Companion Loans related to the Trust as of the Closing Date are evidenced by the Notes identified in the Loan Combination Table under the column heading “Subordinate Companion Loan(s),” each of which Notes evidences a separate Subordinate Companion Loan.

  • Group 1 Senior Certificates As specified in the Preliminary Statement.

  • Group 2 Mortgage Loans Those Mortgage Loans identified on the Mortgage Loan Schedule as Group 2 Mortgage Loans.

  • Group 3 Mortgage Loans Those Mortgage Loans identified on the Mortgage Loan Schedule as Group 3 Mortgage Loans.

  • Serviced Loan Combination A Loan Combination that is being serviced pursuant to this Agreement. The only Serviced Loan Combinations related to the Trust as of the Closing Date are the Loan Combinations as to which “Serviced” is set forth in the Loan Combination Table under the column heading “Servicing Type,” together with any Servicing Shift Loan Combinations. A Servicing Shift Loan Combination will no longer be a Serviced Loan Combination on and after the related Servicing Shift Date.

  • Class P Mortgage Loan Any of the Class I-P, Class II-P or Class III-P Mortgage Loans.

  • Super Senior Certificates As specified in the Preliminary Statement.

  • Group I Senior Certificates As specified in the Preliminary Statement.