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Strip REMIC Interest definition

Strip REMIC Interest has a principal balance that is initially equal to 100% of the Overcollateralized Amount. Principal payments, both scheduled and prepaid, Realized Losses and Subsequent Recoveries attributable to the Swap-IO REMIC Interests held by the Strip REMIC will be allocated to this class to maintain its size relative to the Overcollateralized Amount.
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Strip REMIC Interest. Any one of the Strip REMIC Interests or the SR-A-R Interest. Subcontractor: Any vendor, subcontractor or other Person that is not responsible for the overall servicing (as "servicing" is commonly understood by participants in the mortgage-backed securities market) of Mortgage Loans but performs one or more discrete functions identified in Item 1122(d) of Regulation AB with respect to the Mortgage Loans under the direction or authority of the Master Servicer or a Subservicer or the Trustee, as the case may be.
Sample 1
Strip REMIC 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 Swap-IO REMIC Interests held by the Strip REMIC (other than the Class SWR-1F, Class SWR-PF and SWR-PV Interests) will be allocated to this class to maintain its size relative to its Corresponding Certificate Class.
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Examples of Strip REMIC Interest in a sentence

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

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

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

  • For federal income tax purposes, each Sub-WAC REMIC Interest, Strip REMIC Interest and Master REMIC Interest (except the SW-A-LR Interest, the ST-A-UR Interest and the A-UR Interest) is hereby designated as a regular interest in its issuing REMIC.

  • For federal income tax purposes, each Sub-WAC REMIC Interest, Strip REMIC Interest and Master REMIC Interest (except the SW-A-R Interest, the SR-A-R Interest and the A-R Interest) is hereby designated as a regular interest in its issuing REMIC.

  • The interest rate with respect to any Distribution Date (and the related Interest Accrual Period) for this Strip REMIC Interest is a per annum rate equal to the Weighted Average Adjusted Net Mortgage Rate of the Group 1 Mortgage Loans.

  • The Class STR-A-R Interest is hereby designated as the residual interest in the Strip REMIC and each other Strip REMIC Interest is hereby designated as a regular interest in the Strip REMIC.

  • Each Strip REMIC Interest (other than the Class SR-A-R Interest) is hereby designated as a regular interest in the Strip REMIC and each Sub-WAC REMIC Interest (other than the Class SW-A-R Interest) is hereby designated as a regular interest in the Sub-WAC REMIC.

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

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


More Definitions of Strip REMIC Interest

Strip REMIC Interest. (the "Accrual Class") has an Original Class Principal Balance equal to the sum of (1) 25% of the aggregate initial stated principal balances of the Mortgage Loans in the Related Loan Group (2) 25% of the amount of overcollateralization of the Reltaed Loan Group and (3) 25% of the Net Deferred Interest of the Related Loan Group, for such Distribution Date.
Sample 1

Related to Strip REMIC Interest

  • Lower Tier REMIC Interests Each of the Class LTA-1 Interest, the Class LTA-2A Interest, the Class LTA-2B Interest, the Class LTA-2C Interest, the Class LTA-2D Interest, the Class LTM-1 Interest, the Class LTM-2 Interest, the Class LTM-3 Interest, the Class LTM-4 Interest, the Class LTM-5 Interest, the Class LTM-6 Interest, the Class LTB-1 Interest, the Class LTB-2 Interest, the Class LTB-3 Interest, the Class LTIX Interest, the Class LTIIX Interest, the Class LTII1A Interest, the Class LTII1B Interest, the Class LTII2A Interest, the Class LTII2B Interest, the Class LT-IO Interest and the Class LTR Interest.

  • Subsidiary REMIC Interest Any one of the Subsidiary REMIC Interests or the SR-A-R Interest.

  • Subsidiary REMIC Regular Interest Any one of the "regular interests" in the Subsidiary REMIC described in the Preliminary Statement.

  • REMIC I Assets All of the Mortgage Pool Assets.

  • Upper-Tier REMIC Distribution Account The trust account or accounts created and maintained as a separate trust account (or separate sub-account within the same account as the Lower-Tier REMIC Distribution Account) or accounts by the Certificate Administrator pursuant to Section 3.05(b) of this Agreement, which (subject to any changes in the identities of the Trustee and/or the Certificate Administrator) shall be entitled “Citibank, N.A., as Certificate Administrator, on behalf of Wilmington Trust, National Association, as Trustee, for the benefit of the registered Holders of Citigroup Commercial Mortgage Securities Inc., Commercial Mortgage Pass-Through Certificates, Series 2016-P3, Upper-Tier REMIC Distribution Account” and which must be an Eligible Account.

  • Lower Tier REMIC Regular Interest As specified in the Preliminary Statement.

  • Class X Interest The regular interest in the Class X REMIC represented by the Class X Certificates as specified and described in the Preliminary Statement and the related footnote thereto.

  • Lower-Tier REMIC Distribution Account The account or accounts created and maintained as a separate account (or separate sub-account within the same account as the Upper-Tier REMIC Distribution Account) or accounts by the Certificate Administrator pursuant to Section 3.05(b) of this Agreement, which (subject to any changes in the identities of the Trustee and/or the Certificate Administrator) shall be entitled “Citibank, N.A., as Certificate Administrator, on behalf of Wilmington Trust, National Association, as Trustee, for the benefit of the registered Holders of Citigroup Commercial Mortgage Trust 2020-GC46, Commercial Mortgage Pass-Through Certificates, Series 2020-GC46, and the Uncertificated VRR Interest Owner, Lower-Tier REMIC Distribution Account” and which must be an Eligible Account. The Lower-Tier REMIC Distribution Account shall be an asset of the Lower-Tier REMIC.

  • REMIC I Interests The REMIC I Regular Interests and the Class R-I Certificates.

  • Upper-Tier REMIC As described in the Preliminary Statement.

  • Lower-Tier REMIC As described in the Preliminary Statement.

  • Lower Tier REMIC Regular Interests Each of the Lower Tier REMIC Interests other than the Class LTR Interest.

  • Class R-I Interest The uncertificated Residual Interest in REMIC I.

  • L/C Interest shall have the meaning ascribed to such term in Section 3.6 hereof.

  • Class R-3 Interest The uncertificated Residual Interest in REMIC 3.

  • Corresponding REMIC I Regular Interest means with respect to each Mortgage Loan, the REMIC I Regular Interest having an initial Certificate Balance equal to the Principal Balance of such Mortgage Loan outstanding as of the Cut-Off Date, after taking into account all principal and interest payments made or due prior to the Cut-Off Date.

  • Class CE Interest An uncertificated interest in the Trust Fund held by the Trustee on behalf of the Holders of the Class CE Certificates, evidencing a Regular Interest in REMIC III for purposes of the REMIC Provisions.

  • Middle-Tier REMIC As described in the Preliminary Statement.

  • Lower Tier Interest As described in the Preliminary Statement.

  • Corresponding REMIC II Regular Interest means the REMIC II Regular Interest or one of the REMIC II Regular Interests, as applicable, designated as such in the Preliminary Statement with respect to any Class of Principal Balance Certificates, any EX XXXXX III Regular Interest, any Class of Class X Certificates or any Class X REMIC III Regular Interest.

  • 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.

  • Class R-IV Interest The uncertificated Residual Interest in REMIC IV.

  • REMIC II Assets The REMIC I Regular Interests.

  • REMIC I Regular Interest Any of the separate non-certificated beneficial ownership interests in REMIC I issued hereunder and designated as a "regular interest" in REMIC I. Each REMIC I Regular Interest shall accrue interest at the related REMIC I Remittance Rate in effect from time to time, and shall be entitled to distributions of principal, subject to the terms and conditions hereof, in an aggregate amount equal to its initial Uncertificated Balance as set forth in the Preliminary Statement hereto. The designations for the respective REMIC I Regular Interests are set forth in the Preliminary Statement hereto.

  • Class R-1 Interest The uncertificated Residual Interest in REMIC 1.

  • Class R-4 Interest The uncertificated Residual Interest in REMIC 4.

Most Referenced Clauses

Most Referenced Definitions