REMIC 2. As described in the Preliminary Statement.
REMIC 2. The segregated pool of assets consisting of all of the REMIC 1 Regular Interests and conveyed in trust to the Trustee, for the benefit of REMIC 3, as holder of the REMIC 2 Regular Interests, and the Class R Certificateholders, as Holders of the Class R-2 Interest, pursuant to Article II hereunder, and all amounts deposited therein, with respect to which a separate REMIC election is to be made.
REMIC 2 and the "Upper Tier REMIC," respectively) in a tiered structure. The Certificates, other than the Class A-R Certificate, shall represent ownership of regular interests in the Upper Tier REMIC. For federal income tax purposes, in addition to representing ownership of a REMIC regular interest, (i) each of the Class A-1 and Class A-2 Certificates represents the right to receive payments in respect of Basis Risk Shortfalls and Unpaid Basis Risk Shortfalls, and (ii) each of the Class B-1, Class B-2 and Class B-3 Certificates represents the right to receive payments in respect of Basis Risk Shortfalls and Unpaid Basis Risk Shortfalls as provided in Section 5.02. For federal income tax purposes, (i) each Class X-A Certificate will represent two REMIC regular interests and the obligation to make certain non-REMIC payments to the holders of the Class A-1 and Class A-2 Certificates and (ii) each Class X-B Certificate will represent three REMIC regular interests and the obligation to make certain non-REMIC payments to the holders of the Class B-1, Class B-2 and Class B-3 Certificates in respect of Basis Risk Shortfalls and Unpaid Basis Risk Shortfalls. The Class A-R Certificate represents the sole class of residual interest in each of REMIC 1, REMIC 2 and the Upper Tier REMIC. The Upper Tier REMIC shall hold as its assets the several classes of uncertificated REMIC 2 Regular Interests. REMIC 2 shall hold as its assets the several uncertificated classes of REMIC 1 Regular Interests. REMIC 1 shall hold as its assets the property of the Trust Fund other than the REMIC 1 Interests, the REMIC 2 Interests and the interests in the grantor trusts described herein. Each Upper Tier REMIC Regular Interest is hereby designated as a regular interest in the Upper Tier REMIC for purposes of the REMIC Provisions. Each REMIC 2 Regular Interest is hereby designated as a regular interest in REMIC 2 for purposes of the REMIC provisions. Each REMIC 1 Regular Interest is hereby designated as a regular interest in REMIC 1 for purposes of the REMIC Provisions. The Class LT1-R Interest is hereby designated as the sole class of residual interest in REMIC 1 for purposes of the REMIC Provisions. The Class LT2-R Interest is hereby designated as the sole class of residual interest in REMIC 2 for purposes of the REMIC provisions. The Class A-R Certificate, other than the portion thereof representing the right to receive payments in respect of the Class LT1-R Interest or the Class LT2-R Interest is...
Examples of REMIC 2 in a sentence
To the extent that the Initial Monthly Payment Fund constitutes a reserve fund for federal income tax purposes, (1) it shall be an outside reserve fund and not an asset of any REMIC, (2) it shall be owned by the Seller and (3) amounts transferred by any REMIC to the Initial Monthly Payment Fund shall be treated as transferred to the Seller or any successor, all within the meaning of Section 1.860G-2(h) of the Treasury Regulations.
The interests evidenced by the Class R-2 Interest, together with the REMIC 2 Regular Interests, constitute the entire beneficial ownership interest in REMIC 2.
Middle REMIC 2 shall hold as its assets the several classes of uncertificated Middle Tier Interests in Middle REMIC 1 other than the Class MT1-R Interest, and each such Middle Tier Interest is hereby designated as a regular interest in Middle REMIC 1.
REMIC 2 shall hold as its assets the uncertificated Lower Tier Interests in REMIC 1, and each such Lower Tier Interest is hereby designated as a regular interest in REMIC 1.
REMIC 2 shall hold as its assets the several classes of uncertificated Lower Tier Interests in REMIC 1, other than the Class LT1-R Interest, and each such Lower Tier Interest is hereby designated as a regular interest in REMIC 1.
More Definitions of REMIC 2
REMIC 2. As described in the Preliminary Statement to this Agreement.
REMIC 2. The Class R-2 Interest represents the sole class of "residual interests" in REMIC 2 for purposes of the REMIC Provisions. The following table irrevocably sets forth the designation, the Uncertificated REMIC 2 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 2 Regular Interests. None of the REMIC 2 Regular Interests will be certificated. Uncertificated REMIC 2 Initial Uncertificated Assumed Final Designation Pass-through Rate Principal Balance Maturity Date (1) ----------- -------------------------------- ----------------------------- ----------------- LT2A Variable(2) $97,999,902.00 September 25, 2030 LT2B Variable(2) $790,000.00 September 25, 2030 LT2C Variable(2) $72,500.00 September 25, 2030 LT2D Variable(2) $55,000.00 September 25, 2030 LT2E Variable(2) $47,500.00 September 25, 2030 LT2F Variable(2) $1,034,998.00 September 25, 2030 LT2SA Variable(3) N/A(6) September 25, 2030 LT2SB Variable(4) N/A(6) September 25, 2030 LT2SC Variable(5) N/A(6) September 25, 2030 LT2P Variable(2) $100.00 September 25, 2030
REMIC 2. Not applicable.
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 represents ownership of the sole class of residual interest in each REMIC created under this Agreement. The Master REMIC will hold as assets the several classes of uncertificated REMIC 2 Interests (other than the Class R-2 Interest). REMIC 2 will hold as assets the several classes of uncertificated REMIC 1 Interests (other than the Class R-1 Interest). REMIC 1 will hold as assets all property of the Trust Fund. Each REMIC 2 Interest (other than the Class R-2 Interest) is hereby designated as a regular interest in REMIC 2. Each REMIC 1 Interest (other than the Class R-1 Interest) is hereby designated as a regular interest in REMIC 1. The latest possible maturity date of all REMIC regular interests created in this Agreement shall be the Latest Possible Maturity Date.
REMIC 2. REMIC 3," 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 represents ownership of the sole class of residual interest in each REMIC created under this Agreement. The Master REMIC will hold as assets the several classes of uncertificated REMIC 3 Interests (other than the Class R-3 Interest). REMIC 3 will hold as assets the several classes of uncertificated REMIC 2 Interests (other than the Class R-2 Interest). REMIC 2 will hold as assets the several classes of uncertificated REMIC 1 Interests (other than the Class R-1 Interest). REMIC 1 will hold as assets all property of the Trust Fund other than the Yield Maintenance Agreements, the Yield Maintenance Reserve Funds and the Carryover Reserve Fund. Each REMIC 3 Interest (other than the Class R-3 Interest) is hereby designated as a regular interest in REMIC 3. Each REMIC 2 Interest (other than the Class R-2 Interest) is hereby designated as a regular interest in REMIC 2. Each REMIC 1 Interest (other than the Class R-1 Interest) is hereby designated as a regular interest in REMIC 1. The latest possible maturity date of all REMIC regular interests created in this Agreement shall be the Latest Possible Maturity Date. REMIC 1 The REMIC 1 Interests will have the initial principal balances, Pass-Through Rates and corresponding Loan Groups as set forth in the following table: Initial Principal Pass-Through Corresponding REMIC 1 Interests Balance Rate Loan Group ----------------- ------- ---- ---------- A-1 (0.9% of SP Loan Group 1) (1) (2) 1 B-1 (0.1% of SP Loan Group 1) (1) (2) 1 C-1 (Excess of Loan Group 1) (1) (2) 1 A-2 (0.9% of SP Loan Group 2) (1) (2) 2 B-2 (0.1% of SP Loan Group 2) (1) (2) 2 C-2 (Excess of Loan Group 2) (1) (2) 2 I-P $100 (3) N/A R-1 (4) (4) N/A ---------------
REMIC 2. REMIC 3" 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 REMIC 1, REMIC 2, REMIC 3 and the Master REMIC. The Master REMIC will hold as assets the several classes of uncertificated REMIC 3 Interests. Each REMIC 3 Interest (other than the R-3-R Interest) is hereby designated as a regular interest in REMIC 3. REMIC 3 will hold as assets the several classes of REMIC 2 Interests (other than the R-2-R Interest). Each REMIC 2 Interest (other than the R-2-R Interest) is hereby designated as a regular interest in REMIC 2. REMIC 2 will hold as assets the several classes of REMIC 1 Interests (other than the R-1-R Interest). Each REMIC 1 Interest (other than the R-1-R Interest) is hereby designated as a regular interest in REMIC 1. REMIC 1 will hold as assets all property of the Trust Fund (excluding the Credit Comeback Excess Account, the Carryover Reserve Fund, the assets held in the Pre-Funding Account and the Trust Fund's rights with respect to payments received under the Corridor Contracts). The latest possible maturity date of all REMIC regular interests created in this Agreement shall be the Latest Possible Maturity Date.
REMIC 2. The segregated pool of assets consisting of all of the REMIC 1 Regular Interests conveyed in trust to the Trustee, for the benefit of the Holders of the Regular Certificates (other than the Class C Certificates and the Class P Certificates), REMIC CX, as the holder of the Class C Interest, REMIC PX as holder of the Class P Interest, and the Class R Certificateholders, as holders of the Class R-2 Interest, pursuant to Article II hereunder, and all amounts deposited therein, with respect to which a separate REMIC election is to be made.