REMIC 1B. As specified in the Preliminary Statement.
REMIC 1B. The segregated pool of assets subject hereto, constituting a primary trust created hereby and to be administered hereunder, with respect to which a REMIC election is to be made consisting of: (i) such Group II Mortgage Loans as from time to time are subject to this Agreement, together with the Mortgage Files relating thereto, and together with all collections thereon and proceeds thereof, (ii) any REO Property acquired with respect to a Group II Mortgage Loan, together with all collections thereon and proceeds thereof, (iii) the Trustee's rights with respect to the Group II Mortgage Loans under all insurance policies, including the PMI Policy, required to be maintained pursuant to this Agreement and any proceeds thereof, (iv) the Depositor's rights with respect to the Group II Mortgage Loans under the Mortgage Loan Purchase Agreement (including any security interest created thereby), and (v) solely to the extent that they relate to the Group II Mortgage Loans or payments or property received on or with respect to the Group II Mortgage Loans, the Collection Account, the Distribution Account (subject to the last sentence of this definition) and any REO Account and such assets that are deposited therein from time to time and any investments thereof, together with any and all income, proceeds and payments with respect thereto. Notwithstanding the foregoing, however, a REMIC election will not be made with respect to the Reserve Funds and Master Servicer Prepayment Charge Payment Amounts.
REMIC 1B in trust for the exclusive use and benefit of all present and future Certificateholders. The Trust Administrator agrees, for the benefit of the Certificateholders, to review each Mortgage File on or before the Closing Date, with respect to each Mortgage Loan and to certify to the Trustee, the Guarantor, the NIMS Insurer, the Depositor and the Master Servicer in substantially the form attached hereto as Exhibit F-1 that, as to each Closing Date Mortgage Loan listed in the Mortgage Loan Schedule (other than any Mortgage Loan paid in full or any Mortgage Loan specifically identified in the exception report annexed thereto as not being covered by such certification), (i) all documents constituting part of such Mortgage File (other than such documents described in Section 2.01(e)) required to be delivered to it pursuant to this Agreement are in its possession, (ii) such documents have been reviewed by the Trust Administrator and are not mutilated, torn or defaced unless initialed by the related borrower and relate to such Mortgage Loan and (iii) based on the Trust Administrator's examination and only as to the foregoing, the information set forth in the Mortgage Loan Schedule that corresponds to items (i), (ii), (ix), (xii), (xiv) (to the extent of the Periodic Rate Cap for the first Adjustment 101
Examples of REMIC 1B in a sentence
The following table irrevocably sets forth the designation, the Uncertificated REMIC 1B Pass-Through Rate, the initial Uncertificated Principal Balance, and solely for purposes of satisfying Treasury regulation Section 1.860G-1(a)(4)(iii), the "latest possible maturity date" for each of the REMIC 1B Regular Interests.
REMIC 1A and REMIC 1B will issue uncertificated REMIC regular interests (collectively, the "REMIC 1 Regular Interests").
The Class R-1A Interest will represent the single Class of "residual interest" in REMIC 1A and the Class R-1B Interest will represent the single Class of "residual interest" in REMIC 1B.
The REMIC 1B Regular Interests will represent the “regular interests” in REMIC 1B, and the Class R1B Interest will represent the single Class of “residual interest” in REMIC 1B.
About Masoomwww.masoomeducation.org Founded as a society Functioning since 2008MasoomPartner since 2009Partnership Outcomes2010-201113 outcomes2011-201217 outcomesLegendMarketing Finance Fundraising Human ResourcesOrganisational Dev.Governance Program Dev.
More Definitions of REMIC 1B
REMIC 1B. The segregated pool of assets consisting of all of the REMIC 1A Regular Interests conveyed in trust to the Trustee, for the benefit of the REMIC 1B Regular Interests pursuant to Section 2.05, and all amounts deposited therein, with respect to which a separate REMIC election is to be made.
REMIC 1B. REMIC 2," the "Master REMIC," "REMIC I-C," "REMIC II-C," "REMIC 1-P," "REMIC 2-P" and "REMIC 3-P," respectively). Each Certificate, other than the Class I-C, Class II-C, Class 1-P, Class 2-P, Class 3-P, Class R-X and Class A-R Certificates, will represent ownership of one or more regular interests in the Master REMIC for purposes of the REMIC Provisions. The Class I-C and Class II-C Certificates will represent, respectively, ownership of the sole regular interest in REMIC I-C and REMIC II-C and will be entitled to, respectively, all amounts payable on the assets held by REMIC I-C and REMIC II-C. The Class 1-P, Class 2-P and Class 3-P Certificates will represent, respectively, ownership of the sole regular interest in REMIC 1-P, REMIC 2-P and REMIC 3-P and will be entitled to, respectively, all amounts payable on the assets held by the REMIC 1-P, REMIC 2-P and REMIC 3-P. The Class A-R Certificate will represent ownership of the sole class of residual interest in each of the REMIC 1A, REMIC 1B, REMIC 2 and the Master REMIC and the Class R-X Certificates will represent ownership of the sole class of residual interest in each of REMIC I-C, REMIC II-C, REMIC 1-P, REMIC 2-P and REMIC 3-P. Except as described below, none of the residual interests will be entitled to any payments of interest or principal. REMIC I-C, REMIC II-C, REMIC 1-P, REMIC 2-P and REMIC 3-P will hold as assets, respectively, the Class I-C, Class II-C, Class 1-P, Class 2-P and Class 3-P interests in the Master REMIC. The Master REMIC will hold as assets the several classes of uncertificated REMIC 2 Interests (other than the Class R-2 Interests). REMIC 2 will hold as assets the several classes of uncertificated REMIC 1A and REMIC 1B Interests (other than the Class R-1A and R-1B Interests). REMIC 1A will hold all the assets of Aggregate Loan Group I (other than the Corridor Contract Reserve Fund, Final Maturity Reserve Fund and the Carryover Reserve Fund). REMIC 1A will hold all the assets of Loan Group 3 (other than the Corridor Contract Reserve Fund, Final Maturity Reserve Fund and the Carryover Reserve Fund). For federal income tax purposes, each REMIC Interest (other than the interests represented by the Class A-R and Class R-X Certificates) is hereby designated as a regular interest. The latest possible maturity date of all REMIC regular interests created hereby shall be the Latest Possible Maturity Date.
REMIC 1B. The following table sets forth the class designation, the initial notional balance balance, the pass-through rate, and the rate change date for each REMIC 1B regular interest.
REMIC 1B also will issue the Class 1B-2-A-P Interest, Class 1B-3-A-P Interest, Class 1B-P-2 Interest and the Class R-1B Interest. The Class 1B-2-A-P and 1B-3-A-P Interests will have principal balances, following the allocation of scheduled principal, prepayments of principal and Realized Losses, equal to the principal balances in respect of the Class 2-A-P and 3-A-P Certificates, respectively, and will not be entitled to receive distributions of interest. The Class 1B-P-2 Interest will not be entitled to any interest, but will be entitled to 100% of any prepayment premiums paid on the Collateral Allocation Group 2, Collateral Allocation Group 3, Collateral Allocation Group 4A and Collateral Allocation Group 4B Mortgage Loans. The Class R-1B Interest is the residual interest and will not be entitled to any distributions of interest or principal. REMIC 2 ------- The REMIC 2 Interests, each of which (except for the Class R2 Interests) is hereby designated as a REMIC regular interest for federal income tax purposes, will have the principal balances, Pass-Through Rates and Corresponding collateral allocation groups as set forth in the following table:
REMIC 1B. As provided herein, the Trust Administrator will make an election to treat the segregated pool of assets consisting of the Group II Mortgage Loans and certain other related assets subject to this Agreement (exclusive of the Group II Reserve Funds and the Master Servicer Prepayment Charge Payment Amounts with respect to Group II Mortgage Loans) as a REMIC for federal income tax purposes, and such segregated pool of assets will be designated as "REMIC 1B." The Class R-1B Interest will represent the sole class of "residual interests" in REMIC 1B for purposes of the REMIC Provisions (as defined herein) under federal income tax law. The following table irrevocably sets forth the designation, the Uncertificated REMIC 1B Pass-Through Rate, the initial Uncertificated Principal Balance, and solely for purposes of satisfying Treasury regulation Section 1.860G-1(a)(4)(iii), the "latest possible maturity date" for each of the REMIC 1B Regular Interests. None of the REMIC 1B Regular Interests will be certificated. Uncertificated REMIC 1B Initial Uncertificated Assumed Final Designation Pass-Through Rate Principal Balance Maturity Date(1) ----------- ----------------- ---------------------- ---------------- LT1B-A Variable(2) $326,767,836.93 July 2032 LT1BCF-1 Variable(2) 26,604,008.00 July 2032 LT1BCF-2 Variable(2) 1,097,336.00 July 2032 LT1BCF-3 Variable(2) 1,134,430.00 July 2032 LT1BCF-4 Variable(2) 1,174,491.00 July 2032 LT1BCF-5 Variable(2) 1,197,315.00 July 2032 LT1BCF-6 Variable(2) 1,239,869.00 July 2032 LT1BCF-7 Variable(2) 1,266,914.00 July 2032 LT1BCF-8 Variable(2) 2,029,117.00 July 2032 LT1BCF-9 Variable(2) 2,189,157.00 July 2032 LT1BCF-10 Variable(2) 2,326,933.00 July 2032 LT1BCF-11 Variable(2) 2,493,816.00 July 2032 LT1BCF-12 Variable(2) 2,652,593.00 July 2032 LT1BCF-13 Variable(2) 2,827,238.00 July 2032 LT1BCF-14 Variable(2) 1,834,393.00 July 2032 LT1BCF-15 Variable(2) 1,846,091.00 July 2032 LT1BCF-16 Variable(2) 1,905,533.00 July 2032 LT1BCF-17 Variable(2) 1,936,376.00 July 2032 LT1BCF-18 Variable(2) 2,001,953.00 July 2032 LT1BCF-19 Variable(2) 2,010,560.00 July 2032 LT1BCF-20 Variable(2) 2,193,354.00 July 2032 LT1BCF-21 Variable(2) 2,171,431.00 July 2032 LT1BCF-22 Variable(2) 2,133,648.00 July 2032 LT1BCF-23 Variable(2) 2,093,523.00 July 2032 LT1BCF-24 Variable(2) 2,025,842.00 July 2032 LT1BCF-25 Variable(2) 1,956,555.00 July 2032 LT1BCF-26 Variable(2) 1,861,198.00 July 2032 LT1BCF-27 Variable(2) 1,759,514.00 July 2032 LT1BCF-28 Variable(2) 1,650,688.00 ...
REMIC 1B. REMIC 2" and the "Master REMIC"). Each Certificate, other than the Class A-R Certificate, will represent ownership of one or more regular interests in the Master REMIC for purposes of the REMIC Provisions. The Class A-R Certificate represents ownership of the sole class of residual interest in each REMIC created hereunder. The Master REMIC will hold as assets the REMIC 2 Regular Interests. The REMIC 2 will hold as assets the REMIC 1A Regular Interests and REMIC 1B Regular Interests. REMIC 1A will hold as assets all property of the Trust Fund relating to the Aggregate Loan Group I Mortgage Loans (excluding the Supplemental Interest Trust, Supplemental Interest Reserve Fund and the Corridor Contract). REMIC 1B will hold as assets all property of the Trust Fund relating to the Group 5 Mortgage Loans (excluding the Supplemental Interest Trust, Supplemental Interest Reserve Fund and the Corridor Contract). For federal income tax purposes, each Certificate (other than the Class A-R Certificate) is hereby designated as a regular interest in the Master REMIC and each REMIC 1A Regular Interest, REMIC 1B Regular Interest and REMIC 2 Regular Interest, as defined below, is designated as a regular interest in REMIC 1A, REMIC 1B and REMIC 2, respectively. The latest possible maturity date of all REMIC regular interests created in this Agreement shall be the Latest Possible Maturity Date. All amounts in respect of waived Prepayment Charges paid by the Servicer to the Class P Certificates pursuant to the second paragraph of Section 3.20 will be treated as paid directly by the Servicer to the Class P Certificates and not as paid by or through any REMIC created under this Agreement. The Supplemental Interest Trust, Supplemental Interest Reserve Fund and the Corridor Contract shall not constitute any part of any REMIC described in this Agreement. REMIC 1A The REMIC 1A Regular Interests will have the initial principal balance, Pass-Through Rates and corresponding Loan Groups as set forth in the following table:
REMIC 1B. Master REMIC A" and the "Master REMIC B"). Each Certificate, other than the Class I-A-R and II-A-R Certificate, will represent ownership of one or more regular interests in either Master REMIC A or Master REMIC B, as provided in the chart below, for purposes of the REMIC Provisions. The Class I-A-R Certificates represent ownership of the sole class of residual interest in REMIC 1A and Master REMIC A. The Class II-A-R Certificates represent ownership of the sole class of residual interest in REMIC 1B and Master REMIC B. Master REMIC A will hold as assets the several classes of uncertificated REMIC 1A Interests (other than the Class R-1A Interests). Master REMIC B will hold as assets the several classes of uncertificated REMIC 1B Interests (other than the Class R-1B Interests). REMIC 1A will hold as assets, the Group 1 Mortgage Loans, Group 2 Mortgage Loans, Group 3 Mortgage Loans and Group 4 Mortgage Loans. REMIC 1B will hold as assets, the Group 5 Mortgage Loans and Group 6 Mortgage Loans. Each REMIC 1A Interest (other than the Class R-1A Interest) is hereby designated as a regular interest in REMIC 1A ("REMIC 1A Regular Interests"). Each REMIC 1B Interest (other than the Class R-1B Interest) is hereby designated as a regular interest in REMIC 1B ("REMIC 1B Regular Interests"). The latest possible maturity date of all REMIC regular interests created in this Agreement shall be the Latest Possible Maturity Date.