Subsidiary REMIC 1 definition

Subsidiary REMIC 1. As described in the Preliminary Statement.
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Subsidiary REMIC 1. The segregated group of assets consisting of all of the assets of the Trust Estate other than the Supplemental Interest Reserve Fund and the REMIC interests issued by Subsidiary REMIC 1, Subsidiary REMIC 2 and the Master REMIC as defined in Section 2.08 hereof, and constituting a REMIC created hereunder.
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Subsidiary REMIC 1. Subsidiary REMIC 2" and the " Master REMIC"). Subsidiary REMIC 1 will consist of all of the assets constituting the Trust Fund corresponding to Loan Group I, Loan Group II, Loan Group III and Loan Group IV and will be evidenced by the LT-I Interest, LT-I-Excess Interest, LT-II Interest, LT-II-Excess Interest, LT-III-A Interest, LT-III-B Interest, and LT-IV Interest (the "Subsidiary REMIC 1 Interests") which will be uncertificated and will represent the "regular interests" in Subsidiary REMIC 1 and the R-1 Interest as the single "residual interest" in Subsidiary REMIC 1. Subsidiary REMIC 2 will consist of the Loan Group V Mortgage Loans (exclusive of any entitlement to Dividend Returned Interest) and will be evidenced by the LT-V-A Interest, LT-V-M-1 Interest, LT-V-M-2 Interest, LT-V-B Interest, and LT-Accrual Interest, (collectively, the LT-V-A Interest, LT-V-M-1 Interest, LT-V-M-2 Interest, and LT-V-B Interest, are referred to herein as the "Subsidiary REMIC 2 Accretion Directed Classes" and together with the LT-Accrual Interest, the "Subsidiary REMIC 2 Regular Interests") and the R-2 Interest as the single "residual interest" in Subsidiary REMIC 2. The Master REMIC will consist of the Subsidiary REMIC 1 and REMIC 2 Regular Interests and will be evidenced by the Class I-A Interest, Class I-AS Interest, Class II-A Interest, Class II-AS Interest, Class III-A Interest, Class III-X Interest, Class IV-A Interest, Class C-B-1 Interest, Class C-B-2 Interest, Class C-B-3 Interest, Class C-B-4 Interest, Class C-B-5 Interest, Class C-B-6 Interest, Class V-A Interest, Class V-M-1 Interest, Class V-M-2 Interest, Class V-B Interest, and Class V-X (which will represent the "regular interests" in the Master REMIC) and the R-3 Interest as the single "residual interest" in the Master REMIC. The Class AR Certificates will represent beneficial ownership of the R-1 Interest, R-2 Interest and the R-3 Interest. The "latest posxxxxx xxxxxxxx xxte" for federal income tax purposes of all interests created hereby will be the Latest Possible Maturity Date.
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Examples of Subsidiary REMIC 1 in a sentence

  • The Class AR-L Certificates represent ownership of the sole class of residual interest in Subsidiary REMIC 1 and Subsidiary REMIC 2 for purposes of the REMIC Provisions.

  • Subsidiary REMIC 2 shall hold as its assets the uncertificated REMIC regular interests issued by Subsidiary REMIC 1.

  • Subsidiary REMIC 1 shall hold as its assets the Mortgage Loans in Loan Group 1, and all collections and accounts related thereto.

  • Middle REMIC 1 shall hold as its assets the several classes of uncertificated Lower Tier Interests in Subsidiary REMIC 1 and Subsidiary REMIC 2, other than the Class LT1-R and LT2-R Interests, and each such Lower Tier Interest is hereby designated as a regular interest in the applicable Subsidiary REMIC.

  • In addition, Subsidiary REMIC 1 shall issue the R-1 interest and shall designate such interest as its sole class of residual interest.

  • Middle REMIC 1 shall hold as its assets the several classes of uncertificated Lower Tier Interests in Subsidiary REMIC 1 and Subsidiary REMIC 2, other than the Class LT1-R and Class LT2-R Interests, and each such Lower Tier Interest is hereby designated as a regular interest in a Subsidiary REMIC.

  • The Class AR-L Certificates represent ownership of the sole class of residual interest in Subsidiary REMIC 1 for purposes of the REMIC Provisions.

  • Middle REMIC 1 shall hold as its assets the several classes of uncertificated Lower Tier Interests in Subsidiary REMIC 1, other than the Class LT1-R Interest, and each such Lower Tier Interest is hereby designated as a regular interest in Subsidiary REMIC 1.

  • Subsidiary REMIC 1 shall hold as its assets the Mortgage Loans and all collections and accounts related thereto.

  • The Class AR-L Certificates shall represent the beneficial ownership of the “residual interest” in Subsidiary REMIC 1.


More Definitions of Subsidiary REMIC 1

Subsidiary REMIC 1. As described in Section 2.05.
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Related to Subsidiary REMIC 1

  • Subsidiary REMIC As described in the Preliminary Statement.

  • 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.

  • Subsidiary Redesignation shall have the meaning provided in the definition of “Unrestricted Subsidiary” contained in this Section 1.01.

  • 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.

  • Restricted Foreign Subsidiary means a Foreign Subsidiary that is a Restricted Subsidiary.

  • Uncertificated REMIC I Pass-Through Rate With respect to any Distribution Date, a per annum rate equal to the weighted average of the Net Mortgage Rates of the Mortgage Loans in effect for the scheduled Monthly Payments due on such Mortgage Loans during the related Due Period.

  • Uncertificated REMIC II Pass-Through Rate With respect to any Distribution Date and each REMIC II Regular Interest other than REMIC II Regular Interest C, REMIC II Regular Interest P and REMIC II Regular Interest A-1, a rate per annum equal to the Pass-Through Rate for the Class of Corresponding Certificates for such Distribution Date; provided, however, that for this purpose the Net Rate Cap with respect to each such Class of Corresponding Certificates shall be equal to the weighted average of the Uncertificated REMIC I Pass-Through Rates for the REMIC I Regular Interests (other than REMIC I Regular Interest P), weighted on the basis of the Uncertificated Principal Balances of each such REMIC I Regular Interest, for such Distribution Date. With respect to REMIC II Regular Interest A-1 and (i) any Distribution Date which occurs on or prior to the Optional Termination Date, the lesser of (a) 6.50% per annum and (b) the weighted average of the Uncertificated REMIC I Pass-Through Rates for the REMIC I Regular Interests (other than REMIC I Regular Interest P), weighted on the basis of the Uncertificated Principal Balances of each such REMIC I Regular Interest, for such Distribution Date, and (ii) any Distribution Date thereafter, the lesser of (a) 7.00% per annum and (b) the weighted average of the Uncertificated REMIC I Pass-Through Rates for the REMIC I Regular Interests (other than REMIC I Regular Interest P), weighted on the basis of the Uncertificated Principal Balances of each such REMIC I Regular Interest, for such Distribution Date. With respect to REMIC II Regular Interest C, a rate per annum equal to the percentage equivalent of a fraction, the numerator of which is the sum of the amount determined for each REMIC I Regular Interest (other than REMIC I Regular Interest P) equal to the product of (x) the excess, if any, of the Uncertificated REMIC I Pass-Through Rate for such REMIC I Regular Interest over the Marker Rate and (y) a notional amount equal to the Uncertificated Principal Balance of such REMIC I Regular Interest, and the denominator of which is the aggregate Uncertificated Principal Balance of such REMIC I Regular Interests. With respect to REMIC II Regular Interest P, 0.00% per annum.

  • REMIC I Assets All of the Mortgage Pool Assets.

  • Subsidiary Interests means, collectively, the issued and outstanding shares of stock of the Subsidiary Debtors as of the Petition Date and any options, warrants or other contractual rights to acquire any shares of stock of the Subsidiary Debtors as of the Petition Date.

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

  • Uncertificated REMIC 1 Pass-Through Rate With respect to each REMIC 1 Regular Interest and any Distribution Date, a per annum rate equal to the average of the Net Mortgage Rates of the Mortgage Loans, weighted on the basis of the Stated Principal Balances thereof as of the close of business on the last day of the calendar month preceding the month in which such Distribution Date occurs.

  • Foreign Subsidiary Voting Stock the voting Capital Stock of any Foreign Subsidiary.

  • Designated Foreign Subsidiaries means all members of the Company Group that are organized under the laws of any jurisdiction or country other than the United States of America that may be designated by the Board or the Committee from time to time.

  • Foreign Subsidiary Total Assets means the total assets of the Foreign Subsidiaries, as determined on a consolidated basis in accordance with GAAP in good faith by a Responsible Officer.

  • Wholly-Owned Foreign Subsidiary means, as to any Person, any Wholly-Owned Subsidiary of such Person which is a Foreign Subsidiary.

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

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

  • Unrestricted Subsidiary Indebtedness of any Unrestricted Subsidiary means Indebtedness of such Unrestricted Subsidiary

  • 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).

  • Foreign Subsidiary Holdco means any Restricted Subsidiary which is organized under the laws of the United States (as defined for purposes of Section 956 of the Code) that has no material assets other than the Capital Stock and, if any, Indebtedness of (1) one or more Foreign Subsidiaries that are “controlled foreign corporations” as defined by Section 957 of the Code or (2) any other Foreign Subsidiary Holdco.

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

  • REMIC II Assets The REMIC I Regular Interests.

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

  • Disregarded Domestic Subsidiary means any direct or indirect (other than through a Foreign Subsidiary) Domestic Subsidiary of which substantially all of its assets consist of Equity Interests of one or more indirect Foreign Subsidiaries.

  • 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 another 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 Benchmark 2019-B12 Mortgage Trust, Commercial Mortgage Pass-Through Certificates, Series 2019-B12, 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.