REMIC 3 definition

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.
Sample 1Sample 2Sample 3
REMIC 3. As described in the Preliminary Statement.
Sample 1Sample 2Sample 3
REMIC 3. The segregated pool of assets consisting of all of the REMIC 2 Regular Interests conveyed to the Trust, for the benefit of the Holders of the Regular Certificates (other than the Class P Certificates and the Class Swap IO Upper-Tier Interest), REMIC CX, as the holder of the Class C Interest, REMIC PX, as the holder of the Class P Interest, REMIC SwapX as holder of the Class Swap IO Interest, and the Class R Certificateholders, as holders 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.
Sample 1Sample 2Sample 3

Examples of REMIC 3 in a sentence

  • The interests evidenced by the Class R-3 Interest, together with the Regular Certificates, constitute the entire beneficial ownership interest in REMIC 3.

  • The Upper Tier REMIC shall hold as its assets the uncertificated Lower Tier Interests in REMIC 3, other than the Class LT3-R interest, and each such Lower Tier Interest is hereby designated as a regular interest in REMIC 3 for purposes of the REMIC Provisions.

  • REMIC 3 shall hold as its assets the uncertificated Lower Tier Interests in REMIC 2, other than the Class LT2-R interest, and each such Lower Tier Interest is hereby designated as a regular interest in REMIC 2.

  • The Class R Certificate represents ownership of the sole Class of residual interest in each of REMIC 2, REMIC 3, and the Upper Tier REMIC for purposes of the REMIC Provisions.

  • The Class R Certificate represents ownership of the sole Class of residual interest in each of REMIC 1, REMIC 2, REMIC 3 and the Upper Tier REMIC for purposes of the REMIC Provisions.


More Definitions of REMIC 3

REMIC 3. As described in the Preliminary Statement to this Agreement.
Sample 1Sample 2Sample 3
REMIC 3. The Class R-3 Interest will represent the sole class of "residual interests" in REMIC 3 for purposes of the REMIC Provisions. The following table irrevocably sets forth the Class designation, Pass-Through Rate and Initial Certificate Principal Balance for each Class of Certificates that represents one or more of the "regular interests" in REMIC 3 created hereunder: Initial Certificate Assumed Final Class Designation Principal Balance Pass-Through Rate Maturity Date(1) ----------------- ----------------- ----------------- ---------------- Class A-1 $ 28,750,000.00 Variable(2) August 25, 2032 Class A-2 $ 31,750,000.00 Variable(2) August 25, 2032 Class A-3 $ 56,750,000.00 Variable(2) August 25, 2032 Class A-4 $ 22,250,000.00 Variable(2) August 25, 2032 Class A-IO $ 0.00(4) Variable(2) August 25, 2032 Class M-1 $ 4,125,000.00 Variable(2) August 25, 2032 Class M-2 $ 3,375,000.00 Variable(2) August 25, 2032 Class B $ 3,000,000.00 Variable(2) August 25, 2032 Class C $ 84.00(3) Variable(2) August 25, 2032 Class P $ 100.00 N/A(5) August 25, 2032
Sample 1Sample 2
REMIC 3. The segregated pool of assets consisting of all of the REMIC 2 Regular Interests, with respect to which a separate REMIC election is to be made.
Sample 1Sample 2
REMIC 3. REMIC 4" 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 Certificates represents the right to receive payments in respect of interest accruals on the Class A-1 Certificates at rates in excess of the Pool 1 Adjusted Net WAC, including all payments in respect of Basis Risk Shortfalls and Unpaid Basis Risk Shortfalls, (ii) each of the Class A-2 Certificates represents the right to receive payments in respect of interest accruals on the Class A-2 Certificates at rates in excess of the Pool 2 Adjusted Net WAC, including all payments in respect of Basis Risk Shortfalls and Unpaid Basis Risk Shortfalls and (iii) each of the Class B-1 and Class B-2 Certificates represents the right to receive payments in respect of Basis Risk Shortfalls and Unpaid Basis Risk Shortfalls as provided in Section 5.06. For federal income tax purposes, (i) each Class X-A-1 Certificate will represent two REMIC regular interests, the rights to receive certain non-REMIC payments from the holders of the Class X-A-2 Certificates and the obligation to make certain non-REMIC payments to the holders of the Class A-1 and Class A-2 Certificates, (ii) each Class X-A-2 Certificate will represent two REMIC regular interests and the obligation to make certain non-REMIC payments to the holders of the Class A-1, Class A-2 and Class X-A-1 Certificates and (iii) each Class X-B Certificate will represent two REMIC regular interests and the obligation to make certain payments to the holders of the Class B-1 and Class B-2 Certificates in respect of Basis Risk
Sample 1
REMIC 3 and "REMIC 4," respectively). The Class T4-A1AIO, Class T4-A1FIO, Class T4-A2FIO, Class T4-M1IO, Class T4-M2IO, Class T4-BIO, Class T4-4, Class T4-5, Class T4-6, Class T4-11, Class T4-12 and Class T4-13 Interests) (such interests, the "REMIC 4 Components") and the Class T4-A1A, Class T4-A1F, Class T4-A2F, Class T4-M1, Class T4-M2 and Class T4-B Interests represent all of the "regular interests" in REMIC 4. Each Class of Offered Certificates represents beneficial ownership of the corresponding REMIC 4 Regular Interest and the right to receive Rate Payments. In addition, the Class A-1F Certificates and the Class A-1A Certificates represent the right to receive their respective LIBOR Carryover Amounts. The Class N and Class X Certificates represent beneficial ownership of the Class X/N Interest, which represents the REMIC 4 Components collectively, subject to the obligation to pay Rate Payments and LIBOR Carryover Amounts. Each of the Class R-1, Class R-2, Class R-3 and Class R-4 Interests represents the sole Class of "residual interest" in REMIC 1, REMIC 2, REMIC 3 and REMIC 4, respectively, for purposes of the REMIC Provisions. There are six Classes of uncertificated REMIC 1 Regular Interests (the Class T1-1, Class T1-2, Class T1-3, Class T1-4, Class T1-5 and Class T1-6 Interests), nine Classes of uncertificated REMIC 2 Regular Interests (the Class T2-1, Class T2-2, Class T2-3, Class T2-4, Class T2-5, Class T2-6, Class T2-11, Class T2-12 and Class T2-13 Interests), and twelve Classes of uncertificated REMIC 3 Regular Interests (the Class T3-A1A, Class T3-A1F, Class T3-A2F, Class T3-M1, Class T3-M2, Class T3-B, Class T3-4, Class T3-5, Class T3-6, Class T3-11, Class T3-12 and Class T3-13 Interests). Each Class of REMIC 1 Regular Interest, REMIC 2 Regular Interest, REMIC 3 Regular Interest and REMIC 4 Regular Interest is a "REMIC Regular Interest." The REMIC 1 Regular Interests will be held as assets of REMIC 2, the REMIC 2 Regular Interests will be held as assets of REMIC 3, the REMIC 3 Regular Interests will be held as assets of REMIC 4, and the REMIC 4 Regular Interests will be held as assets of a grantor trust, which will also hold the Class N Reserve Fund and the rights of the Offered Certificates to receive their respective Rate Payments and LIBOR Carryover Amounts. If the Class N and Class X Certificates are beneficially owned by different Persons, they will be treated as interests in a partnership that holds the Class X/N Interest for federal income ta...
Sample 1
REMIC 3. As provided herein, the Securities Administrator will make an election to treat the segregated pool of assets consisting of the REMIC 2 Regular Interests as a REMIC for federal income tax purposes, and such segregated pool of assets will be designated as "REMIC 3." The Class R-3 Interest will represent the sole class of "residual interests" in REMIC 3 for purposes of the REMIC Provisions. The following table irrevocably sets forth the designation, the Uncertificated REMIC 3 Pass-Through Rate, the initial Uncertificated Balance, and solely for purposes of satisfying Section 1.860G-1(a)(4)(iii) of the Treasury regulations, the "latest possible maturity date" for each of the REMIC 3 Regular Interests. None of the REMIC 3 Regular Interests will be certificated. Uncertificated REMIC 3 Initial Uncertificated Latest Possible Maturity Designation Pass-Through Rate Balance Date(1) ----------- ---------------------- --------------------- ------------------------ LTAA Variable(2) $1,386,970,733.48 January 25, 2037 LTA1 Variable(2) $3,048,000.00 January 25, 2037 LTA2A Variable(2) $4,265,860.00 January 25, 2037 LTA2B Variable(2) $1,078,820.00 January 25, 2037 LTA2C Variable(2) $1,803,920.00 January 25, 2037 LTA2D Variable(2) $1,182,220.00 January 25, 2037 LTM1 Variable(2) $459,960.00 January 25, 2037 LTM2 Variable(2) $431,660.00 January 25, 2037 LTM3 Variable(2) $268,900.00 January 25, 2037 LTM4 Variable(2) $233,520.00 January 25, 2037 LTM5 Variable(2) $226,440.00 January 25, 2037 LTM6 Variable(2) $212,290.00 January 25, 2037 LTM7 Variable(2) $183,990.00 January 25, 2037 LTM8 Variable(2) $120,300.00 January 25, 2037 LTM9 Variable(2) $106,150.00 January 25, 2037 LTB Variable(2) $141,530.00 January 25, 2037 LTZZ Variable(2) $14,541,965.17 January 25, 2037 LTIO Variable(2) (3) January 25, 2037 LTP Variable(2) $100.00 January 25, 2037
Sample 1
REMIC 3. The Class R-3 Interest represents the sole class of "residual interests" in REMIC 3 for purposes of the REMIC Provisions. The following table irrevocably sets forth the designation, the Uncertificated REMIC 3 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 3 Regular Interests. None of the REMIC 3 Regular Interests will be certificated. Uncertificated REMIC 3 Rate Pass-Through Initial Uncertificated Change Assumed Final Designation Rate Principal Balance Date Maturity Date (1) ----------- -------------- ----------------------- ------------- ------------------ LT3A-1 Variable(2) $490,000,027.94 N/A September 2032 LT3B-1 Variable(2) 5,000,000.00 N/A September 2032 LT3C-1 Variable(2) 5,000,000.57 N/A September 2032 LT3IS2-1 Variable(3) N/A(7) February 2005 September 2032 LT3IS2-2 Variable(3) N/A(7) August 2004 September 2032 LT3IS1 Variable(4) N/A(8) N/A September 2032 LT3A-2 Variable(2) 490,000,953.79 N/A September 2032 LT3B-2 Variable(2) 5,000,000.00 N/A September 2032 LT3C-2 Variable(2) 5,000,019.47 N/A September 2032 LT3IIS2-1 Variable(5) N/A(9) February 2005 September 2032 LT3IIS2-2 Variable(5) N/A(9) August 2004 September 2032 LT3IIS1 Variable(6) N/A(10) N/A September 2032 LT3A-P Variable(2) $100.00 N/A September 2032 LT3B-P Variable(2) $100.00 N/A September 2032 ------------------- 1 Solely for purposes of Section 1.860G-1(a)(4)(iii) of the Treasury regulations, the Distribution Date in the month following the maturity date for the Mortgage Loan with the latest maturity date has been designated as the "latest possible maturity date" for each REMIC 3 Regular Interest. 2 Calculated in accordance with the definition of "Uncertificated REMIC 3 Pass-Through Rate" herein. 3 Each REMIC 3 IS2 Interest will have a Pass-Through Rate of 4.25% per annum for each Distribution Date Starting in September 2002 and ending with the Rate Change Date for such Regular Interest, and 0.00% per annum thereafter. 4 REMIC 3 Regular Interest LT3IS1 will have a Pass-Through Rate of 5.25% per annum for each Distribution Date starting September 2002 and ending July 2005. For federal income tax purposes, REMIC 3 Regular Interest LT3IS1 will not have a Pass-Through Rate but will be entitled to receive all of the interest paid to REMIC 3 on the REMIC 2 IS1 Interests. 5 Each REMIC 3 IIS2 Interest will have a Pass-Through Rate o...
Sample 1