Tier REMIC I definition

Tier REMIC I. As described in the Preliminary Statement.
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Tier REMIC I. As defined in the Prospectus Supplement.
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Examples of Tier REMIC I in a sentence

  • Xxxxxx Xxx shall deposit in Certificate Account I all Security Distributions received by it as Trustee hereunder with respect to Lower Tier REMIC I.

  • Any manner or manners in which the Certificate Account is maintained may at any time be changed without notice to, or the approval of, Holders of the Lower Tier Classes so long as funds held in Lower Tier REMIC I by, or for the account of, the Trustee shall at all times be identified.

  • Any amount so withdrawn shall no longer be a part of Lower Tier REMIC I.

  • All Security Distributions deposited from time to time in Certificate Account I, all investments made with such moneys, including all income or other gain from such investments, shall be held by the Trustee in Certificate Account I as part of Lower Tier REMIC I as herein provided, subject to withdrawal by Xxxxxx Mae for the purposes set forth in Section 4.05.

  • Any duplicate Residual Certificate issued pursuant to this Section 5.03 shall constitute complete and indefeasible evidence of ownership in Lower Tier REMIC I, Lower Tier REMIC II or the Trust Fund, as the case may be, as if originally issued, whether or not the lost or stolen Residual Certificate shall be found at any time.

  • The beneficial ownership interest of Lower Tier REMIC I shall be evidenced by the interests having the designations, original Class Balances, Interest Rates and Final Distribution Dates set forth on the Lower Tier Schedule.

  • Xxxxxx Xxx hereby declares its intent that each of Lower Tier REMIC I, Upper Tier REMIC I and REMIC II formed hereunder shall constitute, and the affairs of each of Lower Tier REMIC I, Upper Tier REMIC I and REMIC II shall be conducted so as to qualify as, a REMIC pursuant to Section 860D of Subchapter M of Chapter 1 of the Code.

  • The Lower Tier Regular Classes shall be issued as non-certificated interests and recorded on the records of Lower Tier REMIC I as being issued to and held by the Trustee of Upper Tier REMIC I.

  • Trust Fund Certificates: The Upper Tier REMIC I Certificates and REMIC II Certificates.

  • Any manner or manners in which Certificate Account I is maintained may at any time be changed without notice to, or the approval of, Holders of the Lower Tier I Classes so long as funds held in Lower Tier REMIC I by, or for the account of, the Trustee shall at all times be identified.

Related to Tier REMIC I

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

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

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

  • Master 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.

  • REMIC I The segregated pool of assets subject hereto, constituting the primary trust created hereby and to be administered hereunder, with respect to which a REMIC election is to be made, consisting of (i) such Mortgage Loans as from time to time are subject to this Agreement, together with the Mortgage Files relating thereto, and together with all collections thereon and proceeds thereof, (ii) any REO Property, together with all collections thereon and proceeds thereof, (iii) the Trustee’s rights with respect to the Mortgage Loans under all insurance policies required to be maintained pursuant to this Agreement and any proceeds thereof, (iv) the Depositor’s rights under each of the Mortgage Loan Purchase Agreement and the Assignment and Assumption Agreement (including any security interest created thereby) and (v) the Collection Account (other than any amounts representing any Servicer Prepayment Premium Payment Amount), the Distribution Account (other than any amounts representing any Servicer Prepayment Premium Payment Amount) and any REO Account and such assets that are deposited therein from time to time and any investments thereof, together with any and all income, proceeds and payments with respect thereto. Notwithstanding the foregoing, however, REMIC I specifically excludes all payments and other collections of principal and interest due on the Mortgage Loans on or before the Cut-off Date and all Prepayment Premiums payable in connection with Principal Prepayments made on or before the Cut-off Date, the Net WAC Reserve Fund, the Supplemental Interest Trust, the Supplemental Interest Account and the Swap Agreement.

  • REMIC II Remittance Rate The per annum rate at which interest accrues in respect of any REMIC II Regular Interest during any Interest Accrual Period, as set forth in or otherwise calculated in accordance with Section 2.13(f).

  • 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).

  • 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 Remittance Rate The REMIC I Remittance Rate or the REMIC II Remittance Rate.

  • 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.

  • REMIC III The segregated pool of assets consisting of all of the REMIC II Regular Interests conveyed in trust to the Trustee, for the benefit of the REMIC III Certificateholders pursuant to Section 2.07, and all amounts deposited therein, with respect to which a separate REMIC election is to be made.

  • REMIC II Regular Interest Any of the separate non-certificated beneficial ownership interests in REMIC II issued hereunder and designated as a “regular interest” in REMIC II. Each REMIC II Regular Interest shall accrue interest at the related REMIC II 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 II Regular Interests are set forth in the Preliminary Statement hereto.

  • REMIC III Regular Interest The Class CE Interest, Class P Interest, Class IO Interest or any Regular Interest in REMIC III the ownership of which is represented by any of the Class A Certificates or Class M Certificates.

  • 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.

  • Upper-Tier Regular Interest As described in the Preliminary Statement.

  • REMIC I Assets All of the Mortgage Pool Assets.