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.

Subsidiary REMIC Interest. Not applicable.

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.
The Subsidiary REMIC will issue two interests, Subsidiary REMIC Interest I and Subsidiary REMIC Interest II, that shall be designated as regular interests of such REMIC and shall issue the SR Interest that shall be designated as the sole class of residual 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.
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 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.
The interest on each Subsidiary REMIC Interest (other than the SR Interest) equal to the Pass-Through Rate applicable to its Corresponding Class (for receipt of principal) will be allocated to such Corresponding Class; the excess of the interest on each such Subsidiary REMIC Interest will be allocated to the Class X Certificates.
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.

More Definitions of Subsidiary REMIC Interest

Subsidiary REMIC Interest. Any one of the Subsidiary REMIC Regular Interests.

Subsidiary REMIC Interest. Any one of the Subsidiary REMIC Regular Interest or the SR Interest.

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.

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.

Subsidiary REMIC Interest. Either of the Subsidiary REMIC Regular Interests as described in Section 2.08(f) hereof 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)

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.