REMIC 5. The segregated pool of assets consisting of the Class P Interest conveyed in trust to the Trustee, for the benefit of the Holders of the Class P Certificates and the Class R-X Certificates (in respect of the Class R-5 Interest), pursuant to Article II hereunder, and all amounts deposited therein, with respect to which a separate REMIC election is to be made.
REMIC 5. The segregated pool of assets consisting of the Class B-1 Interest conveyed in trust to the Trustee, for the benefit of the Holders of the Class B-1 Certificates and the Class R-X Certificates (in respect of the Class R-5 Interest), pursuant to Article II hereunder, and all amounts deposited therein, with respect to which a separate REMIC election is to be made.
REMIC 5. As described in the Preliminary Statement.
Examples of REMIC 5 in a sentence
The Holder of the Class R-X Certificate at any time holding the largest Percentage Interest thereof shall be the Tax Matters Person with respect to REMIC 4 and REMIC 5 and shall act as Tax Matters Person for REMIC 4 and REMIC 5.
The Holder of the Class R-X Certificate at any time holding the largest Percentage Interest thereof shall be the Tax Matters Person with respect to REMIC 4, REMIC 5 and REMIC 6, and shall act as Tax Matters Person for each such REMIC.
Each REMIC 5 Regular Interest is hereby designated as a regular interest in the Upper Tier REMIC.
However, any payment from the LIBOR Certificates of an AFC Shortfall shall be treated for tax purposes as having been received by the holders of such Certificates in respect of their Interests in REMIC 5 and as having been paid by such holders to the Reserve Fund pursuant to the notional principal contract.
The REMIC 5 Residual Interest is hereby designated as the sole residual interest in the Upper Tier REMIC.
More Definitions of REMIC 5
REMIC 5. As described in the Preliminary Statement to this Agreement.
REMIC 5. The following table sets forth the designations, principal balances, and interest rates for each interest in REMIC 5, each of which (other than the R-5 Interest) is hereby designated as a regular interest in REMIC 5 (the “REMIC 5 Regular Interests”): T5-A-IO (1) (1) A-IO T5-F (2) (2) F T5-A $ 389,250,000.00 (3) A T5-M1 $ 27,000,000.00 (3) M-1 T5-M2 $ 4,500,000.00 (3) M-2 T5-M3 $ 10,500,000.00 (3) M-3 T5-M4 $ 4,500,000.00 (3) M-4 T5-B1 $ 4,125,000.00 (3) B-1 T5-X $ 1,125,119.64 (4) X T5-P $ 100.00 (5) P R-5 (6) (6) R
REMIC 5. The segregated pool of assets consisting of the Class X/N Interest conveyed in trust to the Trustee, for the benefit of the Holders of the Class N Certificates and the Class X Certificates and the Class R-X Certificate (in respect of the Class R-5 Interest), pursuant to Article II hereunder, and all amounts deposited therein, with respect to which a separate REMIC election is to be made.
REMIC 5. The Class R-5 Interest represents the sole class of "residual interests" in The Class B-4 REMIC for purposes of the REMIC Provisions. The following table sets forth the Class designation, Pass-Through Rate and Original Class Certificate Principal Balance for the Class of Certificates that represent the "regular interest" in The Class B-4 REMIC created hereunder: Original Class Pass-Through Certificate Principal Class Designation Rate Balance ------------------------- ------------------ ---------------------
REMIC 5 and "REMIC 6," respectively). The Class T4-A1AIO, Class T4-A2AIO, Class T4-A2BIO, Class T4-M1IO, Class T4-M2IO, Class T4-B1IO, Class T4-B2IO, Class T4-4, Class T4-11, Class T4-12 and Class T4-13 Interests (such interests, the "REMIC 4 Components"), the Class T4-A1A, Class T4-A2A, Class T4-A2B, Class T4-M1, Class T4-M2, Class T4-B1 and Class T4-B2 Interests and the Class A-IO Certificates represent all of the "regular interests" in REMIC 4. Each Class of Offered P&I Certificates, other than the Class B-2 Certificates, represents beneficial ownership of the corresponding REMIC 4 Regular Interest and the right to receive LIBOR Carryover Amounts. The Class B-2 Certificates represent beneficial ownership of the REMIC 5 Regular Interest and the right to receive LIBOR Carryover Amounts. The Class N and Class X Certificates represent beneficial ownership of the Class X/N Interest, which represents the REMIC 6 Regular Interest, subject to the obligation to pay LIBOR Carryover Amounts. Each of the Class R-A, Class R-B, Class R-1, Class R-2, Class R-3 and Class R-4 Interests, represented collectively by the Class R Certificate, represents the sole Class of "residual interest" in REMIC A, REMIC B, REMIC 1, REMIC 2, REMIC 3 and REMIC 4, respectively, for purposes of the REMIC Provisions. The Class R-5 Certificate and Class R-6 Certificate represent the sole Class of "residual interest" in REMIC 5 and REMIC 6, respectively. There are three Classes of uncertificated REMIC A Regular Interests (the Class TA-1, Class TA-2 and Class TA-4 Interests), four Classes of uncertificated REMIC B Regular Interests (the Class TB-1, Class TB-2, Class TB-AIO and Class TB-4 Interests), five Classes of uncertificated REMIC 1 Regular Interests (the Class T1-1, Class T1-2, Class T1-3, Class T1-4 and Class T1-AIO Interests), eight Classes of uncertificated REMIC 2 Regular Interests (the Class T2-1, Class T2-2, Class T2-3, Class T2-4, Class T2-AIO, 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-A2A, Class T3-A2B, Class T3-M1, Class T3-M2, Class T3-B1, Class T3-B2, Class T3-4, Class T3-AIO, Class T3-11, Class T3-12 and Class T3-13 Interests). The REMIC 5 Regular Interest, the REMIC 6 Regular Interest and each Class of REMIC A Regular Interest, REMIC B Regular Interest, REMIC 1 Regular Interest, REMIC 2 Regular Interest, REMIC 3 Regular Interest and REMIC 4 Regular Interest are "REMIC Regular Intere...
REMIC 5 and "REMIC 6" respectively). The REMIC 6 Regular Interests represent all of the "regular interests" in REMIC 6. The REMIC 5 Regular Interests represent all of the "regular interests" in REMIC 5. The REMIC 4 Regular Interests represent all of the "regular interests" in REMIC 4. Each Class of Cap Carryover Certificates (other than the Class B-4 Certificates) represents beneficial ownership of the Corresponding REMIC 4 Regular Interest and the right to receive LIBOR Carryover Amounts. The Class B-4 Certificates represent beneficial ownership of the REMIC 6 Regular Interest and the right to receive LIBOR Carryover Amounts. For federal income tax purposes, the Class N and Class X Certificates together represent beneficial ownership of the REMIC 5 X/N Interest, the Reserve Account and the Yield Maintenance Agreement subject to the obligation to pay LIBOR Carryover Amounts. Each of the Class R-1, Class R-2, Class R-3 and Class R-4 Interests, represented collectively by the Class R Certificates, represents the sole Class of "residual interest" in REMIC 1, REMIC 2, REMIC 3 and REMIC 4, respectively, for purposes of the REMIC Provisions. Each of the Class R-5 and Class R-6 Interests, represented collectively by the Class R-X Certificates, represent the sole Class of "residual interest" in REMIC 5 and REMIC 6, respectively, for purposes of the REMIC provisions. The REMIC 3 Regular Interests represent all of the "regular interests" in REMIC 3. The REMIC 2 Regular Interests represent all of the "regular interests" in REMIC 2. The REMIC 1 Regular Interests represent all of the "regular interests" in REMIC 1. The REMIC 1 Regular Interests will be held as assets of REMIC 2. The REMIC 2 Regular Interests, other than the REMIC 2 IO Interests, will be held as assets of REMIC 3. The REMIC 3 Regular Interests and the REMIC 2 IO Interests will be held as assets of REMIC 4. The REMIC 4 X/N Interest will be held as the sole asset of REMIC 5. For federal income tax purposes, the REMIC 5 X/N Interest, the Yield Maintenance Agreement and the Reserve Account will be held as assets of the Grantor Trust. The REMIC 4 B-4 Interest will be held as the sole asset of REMIC 6. The "latest possible maturity date" for federal income tax purposes of all interests created hereby will be the Distribution Date on December 25, 2033.
REMIC 5. All amounts deemed distributed in respect of the REMIC 4 X/N Interest shall be treated as received by REMIC 5 then distributed by REMIC 5 in respect of the REMIC 5 X/N Interest. All allocations of Applied Realized Loss Amounts and Realized Loss Amortization Amounts to the REMIC 4 X/N Interest shall result in similar allocations to the REMIC 5 X/N Interest. 107