REMIC 3 Interest definition

REMIC 3 Interest. Each class of interest in REMIC 3 as described in the Preliminary Statement.

REMIC 3 Interest is entitled to all amounts payable with respect to the R-2-X Interest. On each Distribution Date, the Interest Funds and the Principal Distribution Amount payable with respect to the REMIC 2 Interests shall be payable with respect to the REMIC 3 Interests in the following manner:

REMIC 3 Interest is entitled to all amounts payable with respect to the R-2-XF Interest.

Examples of REMIC 3 Interest in a sentence

• Interest is to be distributed with respect to each REMIC 3 Interest at the rate, or according to the formulas, described above.

• Each REMIC 3 Interest (other than the R-3-R Interest) is hereby designated as a regular interest in REMIC 3.

• On each Distribution Date, interest shall be distributed in respect of each Uncertificated REMIC 3 Interest (other than the Class 3-LP Interest) at the pass-through rate thereon, as described in the third succeeding paragraph.

• Any Non-Supported Interest Shortfalls will be allocated to each Uncertificated REMIC 3 Interest in the same relative proportions as interest is allocated to such Uncertificated REMIC 3 Interest.

• Each REMIC 3 Interest shall be entitled to receive all amounts distributed to the Related Certificates in respect of unreimbursed amounts of Realized Losses or shortfalls (treating the Class S Certificates as Related Certificates with respect to each of the REMIC 3 S Components in proportion to their respective amounts of accrued interest and treating the Class X Certificates as related to the REMIC 3X Interest for this purpose).

More Definitions of REMIC 3 Interest

REMIC 3 Interest has a principal balance that is initially equal to 100% of the Overcollateralization Amount. Principal payments, both scheduled and prepaid, Realized Losses and Subsequent Recoveries attributable to the REMIC 2 Interests held by REMIC 3 will be allocated to this class to maintain its size relative to the Overcollateralization Amount.

REMIC 3 Interest has a principal balance that is initially equal to 50% of its Corresponding Certificate Class issued by the Master REMIC. Principal payments, both scheduled and prepaid, Realized Losses, Subsequent Recoveries and interest accruing on the R-3-V-Accrual Interest will be allocated to this class to maintain its size relative to its Corresponding Certificate Class (that is, 50%) with any excess payments of principal, Realized Losses and Subsequent Recoveries being allocated to the R-3-V-Accrual Interest in such manner as to cause the principal balance of the R-3-V-Accrual Interest to have a principal balance equal to (a) 50% of the Loan Group 2 and Loan Group 3 principal balances plus (b) 50% of the Adjustable Rate Overcollateralized Amount for such Distribution Date.

REMIC 3 Interest. Any one of the REMIC 3 Regular Interests.

REMIC 3 Interest. Each of the REMIC 3 Regular Interests and the Class R-3 Interest.

REMIC 3 Interest. Any one of the REMIC 3 Interests or the R-3 Interest.

REMIC 3 Interest. As specified in the Preliminary Statement.

REMIC 3 Interest has a principal balance that is initially equal to 100% of its Corresponding Certificate Class issued by the Master REMIC. Principal payments, both scheduled and prepaid, Realized Losses and Subsequent Recoveries attributable to the REMIC 2 Interests held by REMIC 3 will be allocated to this class to maintain its size relative to its Corresponding Certificate Class. (2) The pass-through rate with respect to any Distribution Date (and the related Accrual Period) for this REMIC 3 Interest is the weighted average of the Loan Group 1 Tax Net Rate Cap and the Loan Group 2 Tax Net Rate Cap (the "Pool Tax Net Rate Cap"). (3) This REMIC 3 Interest pays no interest.