REMIC 4 Regular Interests definition
Examples of REMIC 4 Regular Interests in a sentence
The Master Servicer and the Trustee shall not permit the creation of any “interests” (within the meaning of Section 860G of the Code) in REMIC 1, REMIC 2, REMIC 3 or REMIC 4 other than the REMIC 1 Regular Interests, REMIC 2 Regular Interests, REMIC 3 Regular Interests, REMIC 4 Regular Interests, the Class R-1 Interest, the Class R-2 Interest, the Class R-3 Interest and the Class R-4 Interest.
On each Distribution Date, the timing and amounts of principal and interest distributions and allocations of Applied Realized Loss Amounts and Realized Loss Amortization Amounts on the Classes of REMIC 3 Regular Interests identified as Corresponding Classes shall be identical to the timing, amounts and allocations in respect of Corresponding Classes of REMIC 4 Regular Interests pursuant to Section 4.08(a).
REMIC 4 shall be terminated on the earlier of (i) the date on which the last distribution due on each of the REMIC 4 Regular Interests and Class R Certificates (in respect of the Class R-4 Interest) is made and (ii) the date on which it is terminated pursuant to an optional repurchase of all of the Mortgage Loans in accordance with Section 9.03.
REMIC 1 shall hold as assets all property of the Trust Fund other than the REMIC 2 Regular Interests, the REMIC 3 Regular Interests, the REMIC 4 Regular Interests, the REMIC 5 Regular Interests and the rights to Prepayment Penalty Amounts.
Thus each Class AV-1, Class MV-1, Class MV-2, and Class BV Certificate shall be treated as representing ownership of not only REMIC 4 Regular Interests, but also ownership of an interest in an interest rate cap contract.