REMIC 4 Sample Clauses

REMIC 4. On each Distribution Date, the timing and amounts of principal and interest distributions and allocations of Applied Realized Loss Amounts and Realized Loss Amortization Amounts on the Classes of REMIC 4 Regular Interests identified as Corresponding Classes shall be identical to the timing, amounts and allocations in respect of Corresponding Classes of REMIC 5 Regular Interests pursuant to Section 4.08(a). The Class T4-5, Class T4-6 and Class T4-7 Interests shall be entitled to all distributions on the Class T3-5, Class T3-6 and Class T3-7 Interests, respectively. Interest shortfalls and losses allocable to interest will reduce interest payable, first on the Class T4-4 Interest (if then receiving interest), second, on the Class T4-5, Class T4-6 and Class T4-7 Interests, pro rata, third, on the Class T4-B, Class T4-M2 and Class T4-M1 Interests, in that order, and fourth, on the Class T4-A1, Class T4-A2, Class T4-A3, Class T4-A4 and Class T4-A5 Interests, pro rata; provided, that the portion of the interest payable on the Class T4-B, Class T4-M2, Class T4-M1, Class T4-A1, Class T4-A2, Class T4-A2F, Class T4-A4 and Class T4-A5 Interests attributable to the Class T5-A1-IO, Class T5-A2-IO, Class T5-A3-IO, Class T5-A4-IO, Class T5-A5-IO, Class T5-M1-IO, Class T5-M2-IO, Class T5-B-IO Interests shall bear interest shortfalls and losses allocable to interest pro rata and prior to the allocation of any remaining shortfalls to such Interests. Amounts of principal and interest distributed in respect of the Class T4-4 Interest shall equal such amounts distributed to the Class T3-4 Interest, reduced by any allocation of interest shortfalls to the Class T4-4 Interest pursuant to the preceding sentence. Realized Losses allocated to the Class T4-4 Interest will equal Realized Losses allocated to the Class T3-4 Interest pursuant to Section 4.08(c). Amounts in the Distribution Account deemed distributed in respect of the REMIC 4 Regular Interests shall be treated as held by REMIC 5 for distribution in accordance with Sections 4.01 and 4.02. Any portion of Available Funds remaining in REMIC 4 on a Distribution Date shall be distributed to the Class R Certificates in respect of the Class R-4 Interest.
Sample 1See All (8)
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REMIC 4. As provided herein, the Trustee shall make an election to treat the segregated pool of assets consisting of the Class C Interest as a REMIC for federal income tax purposes, and such segregated pool of assets will be designated as “REMIC 4.” The Class R-4 Interest represents the sole class of “residual interests” in REMIC 4 for purposes of the REMIC Provisions. The following table sets forth (or describes) the designation, Pass-Through Rate , the Original Class Certificate Principal Balance and, for purposes of satisfying Treasury Regulation Section 1.860G-1(a)(4)(iii), the “latest possible maturity date” for the indicated Class of Certificates that represents a “regular interest” in REMIC 4 created hereunder: Designation Original Class Certificate Principal Balance Pass-Through Rate Latest Possible Maturity Date(1) Class C Certificates $31,600,725.00 Variable(2) December 25, 2036 _______________
Sample 1See All (4)
REMIC 4. On each Distribution Date, the timing and amounts of principal and interest distributions and allocations of Applied Realized Loss Amounts and Realized Loss Amortization Amounts on the Classes of REMIC 4 Regular Interests identified as Corresponding Classes shall be identical to the timing, amounts and allocations in respect of Corresponding Classes of REMIC 5 Regular Interests pursuant to Section 4.09(a). The Class T4-4 Interest shall be entitled to all distributions on the Class T3-4
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REMIC 4. On each Distribution Date, REMIC 4 shall be deemed to have received the amounts deemed distributed in respect of the REMIC 3 Regular Interests and the REMIC 2 IO Interests. Principal, interest, shortfalls and Realized Losses shall be deemed paid to and allocated among the REMIC 4 Regular Interests in the same manner as such items (other than payments to the Cap Carryover Certificates in respect of LIBOR Carryover Amounts, which shall be deemed paid in respect of the REMIC 4 X/N Interest if made pursuant to Section 4.02(b)(xxvii) or (xxviii)) are paid or allocated in respect of the related Certificates (the REMIC 4 AV-1 Interest being related to the Class AV-1 Certificates, the REMIC 4 AV-2 Interest being related to the Class AV-2 Certificates, the REMIC 4 AV-3 Interest being related to the Class AV-3 Certificates, the REMIC 4 M-1 Interest being related to the Class M-1 Certificates, the REMIC 4 M-2 Interest being related to the Class M-2 Certificates, the REMIC 4 M-3 Interest being related to the Class M-3 Certificates, the REMIC 4 B-1 Interest being related to the Class B-1 Certificates, the REMIC 4 B-2 Interest being related to the Class B-2 Certificates, the REMIC 4 B-3 Interest being related to the Class B-3 Certificates and the REMIC 4 B-4 Interest being related to the Class B-4 Certificates). On each Distribution Date, principal shall be paid to, Realized Losses shall be allocated to and accrued but unpaid interest shall be added to the principal amount of the REMIC 4 X/N Interest so that such principal amount shall equal the excess of (i) the Pool Balance as of the close of the related Collection Period over (ii) the aggregate Certificate Principal Balance of each Class of Certificates on such Distribution Date after all principal payments have been made and Realized Losses have been allocated to such Certificates (other than the Class X or Class N Certificates). The portion of Available Funds remaining in REMIC 4 on a Distribution Date after all distributions have been made to the REMIC 4 Regular Interests shall be distributed to the Class R Certificates in respect of the Class R-4
Sample 1
REMIC 4. Interest (and in the case of the Class T4-4 Interest, principal) shall be deemed distributed to each Class of REMIC 4 Components as follows: (i) the Class T4-4, Class T4-11, Class T4-12 and Class T4-13 Interests shall be entitled to all distributions on the Class T3-4, Class T3-11, Class T3-12 and Class T3-13 Interests, respectively; and (ii) the Class T4-A1IO, Class T4-A2IO, Class T4-M1IO, Class T4-M2IO, Class T4-M3IO and Class T4-M4IO Interests shall be entitled to a specified portion of interest payments consisting of the excess of interest distributable on each of the Class T3-A1, Class T3-A2, Class T3-M1, Class T3-M2, Class T3-M3 and Class T3-M4 Interests over interest distributable on the Class X-0, Xxxxx X-0, Class M-1, Class M-2, Class M-3 and Class M-4 Certificates, respectively. Any shortfalls of interest, including any Realized Losses allocated to reduce the Subsequent Overcollateralization Amount, shall be borne, first, by the REMIC 4 Components, pro rata based on interest accrued, before being allocated to the Class T4 P&I Certificates (in reverse order of seniority). Realized Losses allocated to the Class T4-4 Interest shall equal Realized Losses allocated to the Class T3-4 Interest pursuant to Section 4.09(b). The Class CE Interest shall be deemed to receive the aggregate of the amounts distributable in respect of the REMIC 4 Components. Any portion of the Available Funds remaining in REMIC 4 on a Distribution Date shall be distributed to the Class R Certificates in respect of the Class R-4 Interest.
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REMIC 4. As described in the Preliminary Statement.
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REMIC 4. The following table sets forth the designations, principal balances, and interest rates for each interest in REMIC 4, each of which (other than the R-4 Interest) is hereby designated as a regular interest in REMIC 4 (the “REMIC 4 Regular Interests”): REMIC Interests Initial Balance Interest Rate Corresponding Class of Certificates T4-A-IO (1) (1) A-IO T4-IO-Swap (2) (2) N/A T4-1-A1 $ 91,428,000.00 (3) 1-A1 T4-1-A2 $ 35,257,000.00 (3) 1-A2 T4-1-A3 $ 13,886,000.00 (3) 1-A3 T4-1-A4 $ 17,571,000.00 (3) 1-A4 T4-1-A5 $ 17,571,000.00 (3) 1-A5 T4-2-A1 $ 64,529,000.00 (3) 2-A1 T4-2-A2 $ 24,712,000.00 (3) 2-A2 T4-2-A3 $ 34,065,000.00 (3) 2-A3 T4-2-A4 $ 123,306,000.00 (3) 2-A4 T4-M-1 $ 24,843,000.00 (3) M-1 T4-M-2 $ 7,063,000.00 (3) M-2 T4-M-3 $ 12,178,000.00 (3) M-3 T4-M-4 $ 4,871,000.00 (3) M-0 X0-X-0 $ 4,871,000.00 (3) B-1 T4-X (4) (4) X T4-P $ 100.00 (5) P R-4 (6) (6) R
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REMIC 4. As provided herein, the Trustee shall make an election to treat the segregated pool of assets consisting of the REMIC 3 Regular Interests as a REMIC for federal income tax purposes, and such segregated pool of assets will be designated as “REMIC 4.” The Class R-4 Interest represents the sole class of “residual interests” in REMIC 4 for purposes of the REMIC Provisions. The following table sets forth (or describes) the Class designation, Pass-Through Rate and Original Class Certificate Principal Balance for each Class of Certificates that represents one or more of the “regular interests” in REMIC 4 and each class of uncertificated “regular interests” in REMIC 4: Class Designation Original Class Certificate Principal Balance Pass-Through Rate Assumed Final Maturity Date(1) I-A1 $ 443,200,000.00 Variable(2) November, 2045 I-A2 $ 296,147,000.00 Variable(2) November, 2045 I-A3 $ 53,138,000.00 Variable(2) November, 2045 I-A4 $ 139,850,000.00 Variable(2) November, 2045 II-A1 $ 393,848,000.00 Variable(2) November, 2045 II-A2A $ 208,958,000.00 Variable(2) November, 2045 II-A2B $ 52,240,000.00 Variable(2) November, 2045 II-A3 $ 48,392,000.00 Variable(2) November, 2045 M-1 $ 108,467,000.00 Variable(2) November, 2045 M-2 $ 106,276,000.00 Variable(2) November, 2045 M-3 $ 35,060,000.00 Variable(2) November, 2045 M-4 $ 52,590,000.00 Variable(2) November, 2045 M-5 $ 33,964,000.00 Variable(2) November, 2045 M-6 $ 26,295,000.00 Variable(2) November, 2045 M-7 $ 33,964,000.00 Variable(2) November, 2045 M-8 $ 25,199,000.00 Variable(2) November, 2045 M-9 $ 24,104,000.00 Variable(2) November, 2045 B-1 $ 21,913,000.00 Variable(2) November, 2045 B-2 $ 21,913,000.00 Variable(2) November, 2045 Swap IO N/A (5) Variable(5) November, 0000 XX Xxxxxxx IO N/A (5) Variable(5) November, 2045 Class C Interest(3) $ 65,738,907.17 Variable(2) November, 2045 Class P Interest $ 100.00 N/A(4) November, 2045
Sample 1

Related to REMIC 4

  • REMIC The Mortgage Loan is a “qualified mortgage” within the meaning of Section 860G(a)(3) of the Code (but determined without regard to the rule in the U.S. Department of Treasury regulations (the “Treasury Regulations”) Section 1.860G-2(f)(2) that treats certain defective mortgage loans as qualified mortgages), and, accordingly, (A) the issue price of the Mortgage Loan to the related Mortgagor at origination did not exceed the non-contingent principal amount of the Mortgage Loan and (B) either: (a) such Mortgage Loan is secured by an interest in real property (including permanently affixed buildings and distinct structural components, such as wiring, plumbing systems and central heating and air-conditioning systems, that are integrated into such buildings, serve such buildings in their passive functions and do not produce or contribute to the production of income other than consideration for the use or occupancy of space, but excluding personal property) having a fair market value (i) at the date the Mortgage Loan (or related Whole Loan) was originated at least equal to 80% of the adjusted issue price of the Mortgage Loan (or related Whole Loan) on such date or (ii) at the Closing Date at least equal to 80% of the adjusted issue price of the Mortgage Loan (or related Whole Loan) on such date, provided that for purposes hereof, the fair market value of the real property interest must first be reduced by (A) the amount of any lien on the real property interest that is senior to the Mortgage Loan and (B) a proportionate amount of any lien that is in parity with the Mortgage Loan; or (b) substantially all of the proceeds of such Mortgage Loan were used to acquire, improve or protect the real property which served as the only security for such Mortgage Loan (other than a recourse feature or other third-party credit enhancement within the meaning of Section 1.860G-2(a)(1)(ii) of the Treasury Regulations). If the Mortgage Loan was “significantly modified” prior to the Closing Date so as to result in a taxable exchange under Section 1001 of the Code, it either (x) was modified as a result of the default or reasonably foreseeable default of such Mortgage Loan or (y) satisfies the provisions of either sub-clause (B)(a)(i) above (substituting the date of the last such modification for the date the Mortgage Loan was originated) or sub-clause (B)(a)(ii), including the proviso thereto. Any prepayment premium and yield maintenance charges applicable to the Mortgage Loan constitute “customary prepayment penalties” within the meaning of Section 1.860G-1(b)(2) of the Treasury Regulations. All terms used in this paragraph shall have the same meanings as set forth in the related Treasury Regulations.

  • REMIC III As provided herein, the Tax Administrator will elect to treat the segregated pool of assets consisting of the REMIC II Regular Interests as a REMIC for federal income tax purposes, and such segregated pool of assets will be designated as “REMIC III”. The Class A-1, Class A-2, Class A-3, Class X-0, Xxxxx X-0, Class A-SB, Class A-S, Class B, Class C, Class D, Class E, Class F and Class G Certificates will evidence ownership of a class of “regular interests” in REMIC III and the Class X-A, Class X-B, Class X-C, Class X-D, Class X-E and Class X-Y Certificates will evidence ownership of seven (7), three (3), one (1), one (1), one (1) and one (1) classes of “regular interests” in REMIC III, respectively, all as described herein. The Class R Certificates will evidence ownership of (among other things) the sole class of “residual interests” in REMIC III for purposes of the REMIC Provisions. The Latest Possible Maturity Date for each Class of Regular Certificates (other than the Interest Only Certificates) and the REMIC III Components is the date that is the Rated Final Distribution Date. Designations of the REMIC III Components The REMIC III Components of the Class X-A Certificates are hereby irrevocably assigned the alphanumeric designation under the column heading “REMIC III Component of Class X-A Certificates” in the table that appears under “Corresponding REMIC II Regular Interests”. The REMIC III Components of the Class X-B Certificates are hereby irrevocably assigned the alphanumeric designations under the column heading “REMIC III Component of Class X-B Certificates” in the table that appears under “Corresponding REMIC II Regular Interests”. The REMIC III Component of the Class X-C Certificates is hereby irrevocably assigned the alphanumeric designation under the column heading “REMIC III Component of Class X-C Certificates” in the table that appears under “Corresponding REMIC II Regular Interests”. The REMIC III Component of the Class X-D Certificates is hereby irrevocably assigned the alphanumeric designation under the column heading “REMIC III Component of Class X-D Certificates” in the table that appears under “Corresponding REMIC II Regular Interests”. The REMIC III Component of the Class X-E Certificates is hereby irrevocably assigned the alphanumeric designation under the column heading “REMIC III Component of Class X-E Certificates” in the table that appears under “Corresponding REMIC II Regular Interests”. The REMIC III Component of the Class X-Y Certificates is hereby irrevocably assigned the alphanumeric designation under the column heading “REMIC III Component of Class X-Y Certificates” in the table that appears under “Corresponding REMIC II Regular Interests”. Corresponding REMIC II Regular Interests The following table irrevocably sets forth, with respect to each REMIC II Regular Interest (i) the Class of Certificates and (ii) the REMIC III Component of the Class X-A, Class X-B, Class X-C, Class X-D, Class X-E or Class X-Y Certificates, in each case for which such REMIC II Regular Interest constitutes a Corresponding REMIC II Regular Interest: REMIC II Regular Interest Class of Certificates REMIC III Component of Class X-A Certificates REMIC III Component of Class X-B Certificates REMIC III Component of Class X-C Certificates REMIC III Component of Class X-D Certificates REMIC III Component of Class X-E Certificates REMIC III Component of Class X-Y Certificates X-0 X-0 X-0-X-X X/X X/X X/X X/X N/A X-XX A-SB A-SB-X-A N/A N/A N/A N/A N/A B B N/A B-X-B N/A N/A N/A N/A C C N/A C-X-B N/A N/A N/A N/A D D N/A D-X-B N/A X/X X/X X/X X X X/X X/X E-X-C X/X X/X X/X X X X/X X/X X/X F-X-D N/A N/A G G N/A N/A N/A N/A G-X-E N/A X-Y X/X X/X X/X X/X X/X X/X X-Y-X-Y Each of (i) the Cut-off Date Pool Balance, (ii) the initial aggregate Uncertificated Principal Balance of the REMIC I Regular Interests, (iii) the initial aggregate Uncertificated Principal Balance of the REMIC II Regular Interests and (iv) the initial aggregate Class Principal Balance of the respective Classes of Regular Certificates (other than the Interest Only Certificates) will be $1,487,599,793. Class Designations of the Certificates. The following table irrevocably sets forth the Class Designation, Pass-Through Rate and initial Class Principal Balance for each Class of Certificates. Class Designation Pass-Through Rate Initial Class Principal Balance Class A-1 1.4790% per annum $ 57,333,000 Class A-2 2.9760% per annum $ 75,863,000 Class A-3 3.5280% per annum $ 59,936,000 Class A-4 3.4880% per annum $ 360,000,000 Class A-5 3.7520% per annum $ 386,043,000 Class A-SB 3.4640% per annum $ 102,144,000 Class X-A Variable(1) (2) Class X-B Variable(1) (3) Class X-C Variable(1) (4) Class X-D Variable(1) (5) Class X-E Variable(1) (6) Class X-Y Variable(1) (7) Class A-S Variable(1) $ 104,132,000 Class B Variable(1) $ 68,802,000 Class C Variable(1) $ 52,066,000 Class D Variable(1) $ 111,570,000 Class E 3.4550% per annum $ 31,611,000 Class F 3.4550% per annum $ 14,876,000 Class G 3.4550% per annum $ 63,223,793 Class R None None Class V None (8)

  • REMIC II On each Distribution Date, following the deemed distributions with respect to the REMIC II Regular Interests on such Distribution Date pursuant to Section 6.4, any Collateral Support Deficits with respect to the REMIC II Regular Interests on such Distribution Date will be allocated to the respective REMIC II Regular Interests as follows:

  • Upper Tier REMIC REMIC 4.

  • REMIC I On each Distribution Date, except as provided in subsection (b) below,

  • Distributions on the REMIC Regular Interests (a) On each Distribution Date, the Trustee shall cause in the following order of priority, the following amounts to be distributed by REMIC 1 to REMIC 2 on account of the REMIC 1 Regular Interests or withdrawn from the Distribution Account and distributed to the holders of the Class R Certificates (in respect of the Class R-1 Interest), as the case may be:

  • REMIC Election Yes. Cut-Off Date: ___________ 1, 20___ Final Structure Due Date: ___________ ___, 20___ Distributions: Distributions will be made monthly on the 25th day of each month or the next succeeding Business Day (the "Distribution Date"). Servicing Fee (Monthly fee payable to [___] % per annum (or as described in the Servicer): the prospectus supplement). Master Servicing Fee (Monthly fee [_]% per annum. payable to the Master Servicer):

  • REMIC Election for REMIC I The Tax Matters Person, shall, on behalf of REMIC I, elect to treat REMIC I as a REMIC within the meaning of Section 860D of the Code and, if necessary, under applicable state laws. Such election shall be included in the Form 1066 and any appropriate state return to be filed on behalf of REMIC I for its first taxable year. The Closing Date is hereby designated as the “startup day” of REMIC I within the meaning of Section 860G(a)(9) of the Code. The regular interests (as set forth in the table contained in the Preliminary Statement hereto) relating to REMIC I are hereby designated as “regular interests” in REMIC I for purposes of Section 860G(a)(1) of the Code. The Class R-1 Residual Interest is hereby designated as the sole class of “residual interest” in REMIC I for purposes of Section 860G(a)(2) of the Code. The REMIC I Regular Interests and the Class R-1 Residual Interest shall together be deemed to be a separate series of beneficial interests in the assets of the Trust consisting of the REMIC I Assets pursuant to Section 3806(b)(2) of the Statutory Trust Statute. The parties intend that the affairs of REMIC I shall constitute, and that the affairs of REMIC I shall be conducted so as to qualify REMIC I as a REMIC. In furtherance of such intention, the Tax Matters Person shall, on behalf of REMIC I: (a) prepare and file, or cause to be prepared and filed, a federal tax return using a calendar year as the taxable year and using an accrual method of accounting for REMIC I when and as required by the REMIC Provisions and other applicable federal income tax laws; (b) make an election, on behalf of the trust, for REMIC I to be treated as a REMIC on the federal tax return of REMIC I for its first taxable year, in accordance with the REMIC Provisions; (c) prepare and forward, or cause to be prepared and forwarded, to the Holders of the REMIC I Regular Interests and the Class R-1 Residual Interest and the Trustee, all information reports as and when required to be provided to them in accordance with the REMIC Provisions, and make available the information necessary for the application of Section 860E(e) of the Code; (d) conduct the affairs of REMIC I at all times that any REMIC I Regular Interests are outstanding so as to maintain the status of REMIC I as a REMIC under the REMIC Provisions; (e) not knowingly or intentionally take any action or omit to take any action that would cause the termination of the REMIC status of REMIC I; and (f) pay the amount of any federal prohibited transaction penalty taxes imposed on REMIC I when and as the same shall be due and payable (but such obligation shall not prevent the Company or any other appropriate person from contesting any such tax in appropriate proceedings and shall not prevent the Company from withholding payment of such tax, if permitted by law, pending the outcome of such proceedings); provided, that the Company shall be entitled to be indemnified by REMIC I for any such prohibited transaction penalty taxes if the Company’s failure to exercise reasonable care was not the primary cause of the imposition of such prohibited transaction penalty taxes. The Trustee and the Master Servicer shall promptly provide the Company with such information in the possession of the Trustee or the Master Servicer, respectively, as the Company may from time to time request for the purpose of enabling the Company to prepare tax returns. In the event that a Mortgage Loan is discovered to have a defect which, had such defect been discovered before the startup day, would have prevented such Mortgage Loan from being a “qualified mortgage” within the meaning of Section 860G(a)(3) of the Code, and the Company does not repurchase such Mortgage Loan within 90 days of such date, the Master Servicer, on behalf of the Trustee, shall within 90 days of the date such defect is discovered sell such Mortgage Loan at such price as the Master Servicer in its sole discretion, determines to be the greatest price that will result in the purchase thereof within 90 days of such date, unless the Master Servicer delivers to the Trustee an Opinion of Counsel to the effect that continuing to hold such Mortgage Loan will not adversely affect the status of the electing portion of REMIC I as a REMIC for federal income tax purposes.

  • Class R Certificates Subordinated Certificates.... Class M-1, Class M-2, Class M-3, Class B-1, Class B-2, Class B-3 and Class B-4 Certificates.

  • REMIC Elections (a) The Depositor hereby instructs and authorizes the Trustee to make an appropriate election to treat each of the Upper Tier REMIC, the Lower Tier REMIC and the SWAP REMIC as a REMIC. The Trustee shall sign the returns providing for such elections and such other tax or information returns that are required to be signed by the Trustee under applicable law. This Agreement shall be construed so as to carry out the intention of the parties that each of the Upper Tier REMIC, the Lower Tier REMIC and the SWAP REMIC be treated as a REMIC at all times prior to the date on which the Trust Fund is terminated.

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