REMIC Cap definition

REMIC Cap. As defined in the Preliminary Statement.
Sample 1Sample 2Sample 3
REMIC Cap. For each of the Class LT3-A1, Class LT3-A2, Class LT3-A3, Class LT3-M1, Class LT3-M2, Class LT3-M3, Class LT3-M4, Class LT3-M5 and Class LT3-M6 Interests, the REMIC Net Rate (multiplied, in the case of any such interest the Class of Related Certificates of which accrues interest on a “30/360” basis, by a fraction the numerator of which is the actual number of days in the related Accrual Period and the denominator of which is 30).
Sample 1
REMIC Cap as used herein, will equal: (i) the lesser of the Tax Collateral Group I Cap and the Tax WAC Cap in the case of the Class 1A1A, Class 1A1B and Class 1A2 Certificates; (ii) the lesser of the Tax Collateral Group II Cap and the Tax WAC Cap in the case of the Class 2A1A and Class 2A1B Certificates; and (iii) the Tax WAC Cap in the case of the Components and the Class M and Class B Certificates. Each of these Certificates will represent not only the ownership of the Corresponding Class of Upper-Tier Regular Interest but also the right to receive payments from the Excess Reserve Fund Account and the Supplemental Interest Trust in respect of any Basis Risk Carry Forward Amounts, excluding for this purpose, any amount attributable to the excess of the REMIC Cap over the Pass-Through Rate of the related Class of Certificates ("Tax Basis Risk Carry Forward Amounts"). For federal income tax purposes, the Securities Administrator will treat a Certificateholder's right to receive payments from the Excess Reserve Fund Account and the Supplemental Interest Trust as payments made pursuant to an interest rate cap contract written by the Class X Certificateholders.
Sample 1

Examples of REMIC Cap in a sentence

  • For U.S. federal tax return and information reporting purposes, the value of the right to Class Coupon in excess of the REMIC Cap will be assumed to be nominal.

  • Solely for income tax purposes, any differences in the distributions to a Certificateholder (positive or negative) that would result from the application of the Strip REMIC Cap rather than the applicable Net Rate Cap shall be treated by the Trustee as reconciled among the Certificates by swap payments made pursuant to notional principal contracts entered into among the Certificateholders.

  • For each Payment Date, the "REMIC Cap" will be a per annum rate equal to (i) 1,000, multiplied by (ii) the weighted average of the interest rates for such Payment Date of the LT-IOA Regular Interest and LT-IOB Regular Interest, weighted based on the principal balances of such Lower- Tier Regular Interests and computed by first subjecting the interest rate on the LT-IOB Regular Interest to a cap of zero.

  • Any differences in the distributions to a Certificateholder (positive or negative) that would result from the application of the Strip REMIC Cap rather than the applicable Net Rate Cap shall be treated by the Trustee as reconciled among the Certificates by swap payments made pursuant to notional principal contracts entered into among the Certificateholders.

  • The first component will have an initial notional balance equal to the principal balance of the principal bearing Lower-Tier Regular Interests and an interest rate equal to the REMIC Cap in excess of (a) for any Payment Date prior to the X-IO Maturity Date, the REMIC Aggregate Note Rate and (b) for any Payment Date on or after the X-IO Maturity Date, the REMIC Cap.

  • Any Basis Risk Carry Forward Amounts (defined solely for this purpose as any excess of monies received for such Distribution Date over the REMIC Cap) distributed by the Securities Administrator to the LIBOR Certificateholders shall be accounted for by the Securities Administrator, for federal income tax purposes, as amounts paid first to the Holders of the Class X Certificates and (to the extent remaining after payments to the Swap Provider) then to the respective Class or Classes of LIBOR Certificates.

  • For U.S. federal income tax purposes, the Class 1M-1, Class 1M-2A, Class 1M- 2B, Class 1M-2C, Class 1B-1A, Class 1B-1B and Class 1B-2 Notes will be treated as representing both an Upper-Tier Regular Interest and the right to Class Coupon in excess of the REMIC Cap.

  • The first component will have an initial notional balance equal to the principal balance of the principal bearing Lower-Tier Regular Interests and an interest rate equal to the REMIC Cap in excess of the REMIC Aggregate Note Rate.

  • Any differences in the distributions to a Holder of a LIBOR Certificate (positive or negative) that would result from the application of the REMIC Cap rather than the applicable Available Funds Rate shall be treated by the Trustee as reconciled among the LIBOR Certificates by swap payments made pursuant to notional principal contracts entered into among the Holders of the LIBOR Certificates.

  • The Securities Administrator shall treat the rights that each Class of LIBOR Certificates has to receive payments of Basis Risk Carry Forward Amounts (excluding any such Amounts attributable to any excess of the REMIC Cap over the WAC Cap) from the Excess Reserve Fund Account as rights to receive payments under an interest rate cap contract written by the Class X Certificateholders in favor of each Class.


More Definitions of REMIC Cap

REMIC Cap as used herein, will equal: (i) the lesser of the Tax Loan Group I Cap and the Tax WAC Cap in the case of the Class 1A Certificates; (ii) the lesser of the Tax Loan Group II Cap and the Tax WAC Cap in the case of the Class 2A Certificates; and (iii) the Tax WAC Cap in the clase of the Class M and Class B Certificates. Each of these Certificates will represent not only the ownership of the Corresponding Class of Upper-Tier Regular Interest but also the right to receive payments from the Excess Reserve Fund Account and the Supplemental Interest Trust in respect of any Basis Risk Carry Forward Amounts, excluding for this purpose, any amount attributable to the excess of the REMIC Cap over the Pass-Through Rate of the related Class of Certificates ("Tax Basis Risk Carry Forward Amounts"). For federal income tax purposes, the Securities Administrator will treat a Certificateholder's right to receive payments from the Excess Reserve Fund Account and the Supplemental Interest Trust as payments made pursuant to an interest rate cap contract written by the Class X Certificateholders.
Sample 1
REMIC Cap. For each of the Class LT3-1A1A, Class LT3-1A1B, Class LT3-1A2 and Class LT3-1A3 Interests, the Pool 1 Net Rate. For each of the Class LT3-2A1A, Class LT3-2A1B, Class LT3-2A2A and Class LT3-2A2B Interests, the Pool 2 Net Rate. For each of the Class LT3-M1, Class LT3-M2, Class LT3-M3, Class LT3-M4, Class LT3-M5, Class LT3-M6, Class LT3-M7 and Class LT3-M8 Interests, the Subordinate Net Rate.
Sample 1
REMIC Cap as used herein, will equal: (i) the lesser of the Tax Group I Cap and the Tax WAC Cap in the case of the Class 1A1 Certificates, Class 1A2 Certificates, 1A3 Component and 1AMZ Component; (ii) the lesser of the Tax Group II Cap and the Tax WAC Cap in the case of the Class 2A1 Certificates, 2A2 Component and 2AMZ Component; (iii) the lesser of the Tax Group III Cap and the Tax WAC Cap in the case of the Class 3A1A and Class 3A1B Certificates; and (iv) the Tax WAC Cap in the case of the Class M and Class B Certificates. Each of these Certificates will represent not only the ownership of the Corresponding Class of Upper-Tier Regular Interest but also the right to receive payments from the Excess Reserve Fund Account and the Supplemental Interest Trust in respect of any Basis Risk Carry Forward Amounts, excluding for this purpose, any amount attributable to the excess of the REMIC Cap over the Pass-Through Rate of the related Class of Certificates ("Tax Basis Risk Carry Forward Amounts"). For federal income tax purposes, the Securities Administrator will treat a Certificateholder's right to receive payments from the Excess Reserve Fund Account and the Supplemental Interest Trust as payments made pursuant to an interest rate cap contract written by the Class X Certificateholders.
Sample 1
REMIC Cap. For each Distribution Date and (i) with respect to the Group 1 Senior Certificates and the Group 2 Senior Certificates, the Weighted Average Adjusted Net Mortgage Rate on the Mortgage Loans in the related Loan Group as of the Due Date in the prior calendar month (after giving effect to Principal Prepayments in the Prepayment Period related to that prior Due Date) (ii) with respect to the Group 3 Senior Certificates, the product of (a) the Weighted Average Adjusted Net Mortgage Rate on the Mortgage Loans in Loan Group 3 and (b) a fraction, the numerator of which is 30, and the denominator of which is the actual number of days that elapsed in the related Accrual Period and (iii) with respect to the Subordinated Certificates, the product of (a) the sum of the following for Loan Group 1, Loan Group 2 and Loan Group 3: the product of: (A) the Weighted Average Adjusted Net Mortgage Rate on the Mortgage Loans in that Loan Group; and (B) a fraction, (i) the numerator of which is the related Subordinated Portion immediately prior to that Distribution Date; and (ii) the denominator of which is the greater of, (a) such Subordinated Portion and (b) the excess of (I) the aggregate Stated Principal Balance of the Mortgage Loans as of the Due Date in the prior month (after giving effect to Principal Prepayments in the Prepayment Period related to that prior Due Date), over (II) the aggregate Class Certificate Balance of the Senior Certificates (other than the Notional Amount Certificates) immediately prior to that Distribution Date, and (b) a fraction, the numerator of which is 30, and the denominator of which is the actual number of days that elapsed in the related Accrual Period.
Sample 1

Related to REMIC Cap

  • REMIC 4 The segregated pool of assets consisting of the Class C Interest conveyed in trust to the Trustee, for the benefit of the Holders of the Class C Certificates and the Class R-X Certificates (in respect of the Class R-4 Interest), pursuant to Article II hereunder, and all amounts deposited therein, with respect to which a separate REMIC election is to be made.

  • REMIC V 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 RX Certificate (in respect of the Class R-5 Interest), with respect to which a separate REMIC election is to be made.

  • REMIC II Overcollateralization Amount With respect to any date of determination, (i) 0.50% of the aggregate Uncertificated Balances of the REMIC II Regular Interests (other than REMIC II Regular Interest P) minus (ii) the aggregate of the Uncertificated Balances of REMIC II Regular Interest A-1, REMIC II Regular Interest A-2A, REMIC II Regular Interest A-2B, REMIC II Regular Interest A-2C, REMIC II Regular Interest A-2D, REMIC II Regular Interest M-1, REMIC II Regular Interest M-2, REMIC II Regular Interest M-3, REMIC II Regular Interest M-4, REMIC II Regular Interest M-5, REMIC II Regular Interest M-6, REMIC II Regular Interest M-7, REMIC II Regular Interest M-8, REMIC II Regular Interest M-9, REMIC II Regular Interest M-10 and REMIC II Regular Interest M-11, in each case as of such date of determination.

  • Certificate Interest Rate With respect to each Class of Certificates and any Distribution Date, the applicable per annum rate set forth or described in the Preliminary Statement hereto.

  • REMIC I Distribution Amount For any Distribution Date, the REMIC I Available Distribution Amount shall be distributed to the REMIC I Regular Interests and the Class R-1 Residual Interest in the following amounts and priority:

  • REMIC II Distribution Amount shall not cause a reduction in the Class Principal Balances of any of the REMIC II Regular Interests; and

  • REMIC IV Distribution Amount shall not cause a reduction in the Class Principal Balances of any of the Classes of REMIC IV Regular Interests; and

  • REMIC 2 As described in the Preliminary Statement.

  • REMIC III Distribution Amount The REMIC III Available Distribution Amount for any Distribution Date shall be distributed to the Certificates and the Class R-3 Residual Interest in the following amounts and priority:

  • Loan Group I Cap With respect to the Group I Mortgage Loans as of any Distribution Date, the product of (i) the weighted average of the Adjusted Net Mortgage Rates then in effect on the beginning of the related Due Period on the Group I Mortgage Loans and (ii) a fraction, the numerator of which is 30 and the denominator of which is the actual number of days in the Interest Accrual Period related to such Distribution Date.

  • REMIC Swap Rate For each Distribution Date (and the related Accrual Period), a per annum rate equal to the Fixed Rate under the Swap Agreement for such Distribution Date, as set forth in the Prospectus Supplement.

  • REMIC III Available Distribution Amount For any Distribution Date, the amount distributed from REMIC II to REMIC III on such Distribution Date in respect of the REMIC II Regular Interests.

  • REMIC VI The segregated pool of assets consisting of the Class IO Interest conveyed in trust to the Trustee, for the benefit of the Holders of REMIC VI Regular Interest IO and the Class RX Certificate (in respect of the Class R-6 Interest), with respect to which a separate REMIC election is to be made.

  • REMIC I Available Distribution Amount For each Loan Group for any Distribution Date, the sum of the following amounts with respect to the Mortgage Loans in such Loan Group:

  • REMIC II Available Distribution Amount For any Distribution Date, the amount distributed from REMIC I to REMIC II on such Distribution Date in respect of the REMIC I Regular Interests.

  • REMIC I Remittance Rate The per annum rate at which interest accrues in respect of any REMIC I Regular Interest during any Interest Accrual Period, as set forth in or otherwise calculated in accordance with Section 2.11(f).

  • Loan Group II Cap With respect to the Group II Mortgage Loans as of any Distribution Date, the product of (i) the weighted average of the Adjusted Net Mortgage Rates then in effect on the beginning of the related Due Period on the Group II Mortgage Loans and (ii) a fraction, the numerator of which is 30 and the denominator of which is the actual number of days in the Interest Accrual Period related to such Distribution Date.

  • 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.

  • REMIC I Overcollateralized Amount With respect to any date of determination, (i) 1% of the aggregate Uncertificated Balance of the REMIC I Regular Interests (other than REMIC I Regular Interest I-LTP) minus (ii) the aggregate Uncertificated Balance of REMIC I Regular Interest I-LTA1, REMIC I Regular Interest I-LTA2, REMIC I Regular Interest I-LTA3, REMIC I Regular Interest I-LTA4, REMIC I Regular Interest I-LTM1, REMIC I Regular Interest I-LTM2, REMIC I Regular Interest I-LTM3, REMIC I Regular Interest I-LTM4, REMIC I Regular Interest I-LTM5, REMIC I Regular Interest I-LTM6, REMIC I Regular Interest I-LTM7, REMIC I Regular Interest I-LTM8, REMIC I Regular Interest I-LTM9, REMIC I Regular Interest I-LTM10, in each case as of such date of determination.

  • REMIC A "real estate mortgage investment conduit" within the meaning of Section 860D of the Code.

  • Lower-Tier Interest Rate As described in the Preliminary Statement.

  • Class A-1 Interest Rate means 0.75000% per annum (computed on the basis of the actual number of days elapsed, but assuming a 360-day year).

  • Certificate Interest Distributable Amount means, with respect to any Payment Date, the sum of the Certificate Monthly Interest Distributable Amount for such Payment Date and the Certificate Interest Carryover Shortfall for such Payment Date.

  • REMIC 2 Overcollateralization Target Amount 1.00% of the Overcollateralization Target Amount.

  • REMIC 1 As described in the Preliminary Statement.

  • Class A-4 Interest Rate means [ ]% per annum (computed on the basis of a 360-day year of twelve 30-day months).