Subsidiary REMIC Interest definition

Subsidiary REMIC Interest. Any one of the Subsidiary REMIC Interests or the SR-A-R Interest.
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Subsidiary REMIC Interest. As specified in the Preliminary Statement.
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Subsidiary REMIC Interest. Not applicable.
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Examples of Subsidiary REMIC Interest in a sentence

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

  • For federal income tax purposes, each Subsidiary REMIC Interest (other than the Class R-1 Interest) is hereby designated as a regular interest in the Subsidiary REMIC and each Certificate (other than the Class A-R Certificate) is hereby designated as a regular interest in the Master REMIC.

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

  • The SR-A-R Subsidiary REMIC Interest is designated as the sole Class of REMIC residual interest in the Subsidiary REMIC.

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

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

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

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

  • The Master REMIC will consist of the Subsidiary REMIC Interest and will be evidenced by the Certificates (other than the Class R Certificates), which will constitute the regular interest in the Master REMIC (the “Regular Certificates”) and the Class MR Interest, which will represent the single Class of “residual interest” in the Master REMIC.

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


More Definitions of Subsidiary REMIC Interest

Subsidiary REMIC Interest. Any one of the Subsidiary REMIC Regular Interests.
Sample 1Sample 2Sample 3
Subsidiary REMIC Interest. I shall have an initial principal balance equal to the principal balance of the Group I Mortgage Loans as of the Cut Off Date, an interest rate equal to the weighted average Mortgage Rate of the Group I Mortgage Loans (net of the Servicing Fee Rate and Master Servicer Fee Rate), and pay on each Distribution Date. All Realized Losses from the Group I Mortgage Loans shall be allocated to Subsidiary Interest I and all payments of principal and interest (net of fees and expenses) received from the Group I Mortgage Loans shall be paid to Subsidiary REMIC Interest I in payment of accrued interest and principal until the principal balance of such interest is reduced to zero and any losses allocated to such interest have been reimbursed. Any excess funds shall first be applied to reimburse prior losses on the Group II Mortgage Loans and then distributed to the SR Interest.
Sample 1Sample 2Sample 3
Subsidiary REMIC Interest. II shall have an initial principal balance equal to the principal balance of the Group II Mortgage Loans as of the Cut Off Date, an interest rate equal to the weighted average Mortgage Rate (net of the Servicing Fee Rate and the Master Servicing Fee Rate) of the Group II Mortgage Loans, and pay on each Distribution Date. All Realized Losses from the Group II Mortgage Loans shall be allocated to Subsidiary Interest II and all payments of principal and interest (net of fees and expenses) received from the Group II Mortgage Loans shall be paid to Subsidiary REMIC Interest II in payment of accrued interest and principal until the principal balance of such interest is reduced to zero and any losses allocated to such interest have been reimbursed. Any excess funds shall first be applied to reimburse prior losses on the Group I Mortgage Loans and then distributed to the SR Interest. The SR Interest shall have no principal balance and shall not bear interest. The assets of the Master REMIC shall be Subsidiary Interest I and Subsidiary Interest II. Each Class of Group I Certificates and each Class of Group II Certificates shall be designated as regular interests in such REMIC and the MR Interest shall be designated as the sole class of residual interests in the Master REMIC. The beneficial ownership of the SR Interest and the MR Interest shall be represented by the Class R Certificate.
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Subsidiary REMIC Interest. Any one of the Subsidiary REMIC Regular Interests or the SR Interest. Principal of and interest on the Subsidiary REMIC Regular Interests and the SR Interest shall be allocated to the Corresponding Classes of Certificates in the manner set forth in the following table: Corresponding Class of Certificates(1)
Sample 1
Subsidiary REMIC Interest has a principal balance that is initially equal to 50% of its Corresponding Certificate Class issued by the Master REMIC. Principal payments, both scheduled and prepaid, Realized Losses, Subsequent Recoveries and interest accruing on the SR-M-X-Accrual Interest will be allocated to this class to maintain its size relative to its Corresponding Certificate Class (that is, 50%) with any excess payments of principal, Realized Losses and Subsequent Recoveries being allocated to the SR-M-X-Accrual Interest in such manner as to cause the principal balance of the SR-M-X-Accrual Interest to have a principal balance equal to (a) 50% of the principal balance of the Class SR-M, Class SR-B-1, Class SR-B-2, Class SR-B-3, Class SR-B-4 and Class SR-B-5 Interests (the "SR-MB Interests" and together with the SR-M-X-Accrual Interest, the "SR-MBX Interests") plus (b) 100% of the net deferred interest allocated to the Class M-X P Component.
Sample 1

Related to Subsidiary REMIC Interest

  • Subsidiary REMIC As described in the Preliminary Statement.

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

  • 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.

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

  • REMIC I Assets All of the Mortgage Pool Assets.

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

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

  • REMIC II Assets The REMIC I Regular Interests.

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

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

  • 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 “Computershare Trust Company, National Association, as Certificate Administrator, on behalf of Wilmington Trust, National Association, as Trustee, for the benefit of the registered Holders of BMO 2022-C1 Mortgage Trust, Commercial Mortgage Pass-Through Certificates, Series 2022-C1, and the Uncertificated Interest Owners, Upper-Tier REMIC Distribution Account” and which must be an Eligible Account. The Upper-Tier REMIC Distribution Account shall be an asset of the Upper-Tier REMIC.

  • 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.

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

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

  • Class UT-R Interest The residual interest in the Upper-Tier REMIC as described in the Preliminary Statement and the related footnote thereto.

  • Lower Tier Interest As described in the Preliminary Statement.

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

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

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

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

  • Transferred Interest means, at any time of determination, an undivided percentage ownership interest in (i) each and every then outstanding Receivable, (ii) all Related Security with respect to each such Receivable, (iii) all Collections with respect thereto, and (iv) other Proceeds of the foregoing, which undivided ownership interest shall be equal to the Aggregate Percentage Factor at such time, and only at such time (without regard to prior calculations). The Transferred Interest in each Receivable, together with Related Security, Collections and Proceeds with respect thereto, shall at all times be equal to the Transferred Interest in each other Receivable, together with Related Security, Collections and Proceeds with respect thereto. To the extent that the Transferred Interest shall decrease as a result of a recalculation of the Aggregate Percentage Factor, the Administrative Agent on behalf of the applicable Class Investors shall be considered to have reconveyed to the Transferor an undivided percentage ownership interest in each Receivable, together with Related Security, Collections and Proceeds with respect thereto, in an amount equal to such decrease such that in each case the Transferred Interest in each Receivable shall be equal to the Transferred Interest in each other Receivable.

  • 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.

  • REMIC II Interests means, collectively, the REMIC II Regular Interests and the Class R-II Certificates.

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

  • 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.