REMIC A Clause Examples for Any Agreement

REMIC A. On each Distribution Date, the REMIC A Regular Interests shall receive distributions of interest and principal equal in the aggregate to amounts distributable pursuant to Sections 4.01 and 4.02 (other than to the Class R Certificates in respect of the Class R-4 Interest) from amounts on deposit in the Distribution Account. Such amounts with respect to interest shall accrue at the Weighted Average Net Mortgage Rate on each REMIC A Regular Interest. Any shortfalls of interest will be allocated, first, to the Class TA-4 Interest, second, to the Class TA-1 Interest, and third, to Class TA-2 Interest. Amounts in reduction of principal balance of the REMIC A Regular Interests shall be allocated to the Class TA-1 and Class TA-2 Interests in the aggregate in an amount equal to the Principal Remittance Amount less the lesser of Overcollateralization Release Amount and the Remaining Initial Overcollateralization Amount. Such aggregate amount shall be allocated first to Class TA-1, until such Class is reduced to zero, and second to Class TA-2 , until such Class is reduced to zero. Amounts in reduction of principal balance of the REMIC A Regular Interests shall be allocated to the Class TA-4 Interest such that (taking into consideration any Realized Losses allocated to the Class TA-4 Interest pursuant to the following sentence) the principal balance of the Class TA-4 Interest is equal to the Remaining Initial Overcollateralization Amount. Realized Losses shall be allocated first to the Class TA-4 Interest, until such Class is reduced to zero, second to Class TA-1, until such Class is reduced to zero, and third to Class TA-2 , until such Class is reduced to zero. Such amounts with respect to principal and any Realized Losses with respect to principal shall reduce the principal balances of the REMIC A Regular Interests so that, in the aggregate, such balances correspond to the Pool Balance of the Mortgage Loans as of the last day of the related Due Period. Amounts in the Distribution Account deemed distributed in respect of the REMIC A Regular Interests shall be treated as held by REMIC B for distribution in accordance with Section 4.08(e)(2). Any amounts remaining in REMIC A on a Distribution Date shall be distributed to the Class R Certificates in respect of the Class R-A Interest.
Source 1
REMIC A. On each Distribution Date, the REMIC A Regular Interests shall receive distributions of interest and principal equal in the aggregate to amounts distributable pursuant to Sections 4.01 and 4.02 (other than to the Class R Certificates in respect of the Class R-4 Interest) from amounts on deposit in the Distribution Account. Such amounts with respect to interest shall accrue at the rate specified in the definition of each REMIC A Regular Interest. Any shortfalls of interest on the Group I Mortgage Loans will be allocated, first, to the Class TA-1 Interest, and then to the remaining REMIC A Regular Interests beginning with the numeral "1," in numerical order. Any shortfalls of interest on the Group II Mortgage Loans will be allocated, first, to the Class TA-2 Interest, and then to the remaining REMIC A Regular Interests beginning with the numeral "2," in numerical order. Amounts in reduction of principal balance of the REMIC A Regular Interests in respect of Loan Group I shall be allocated first, to the Class TA-1 Interest and then to the remaining REMIC A Regular Interests beginning with the numeral "1," in numerical order. Amounts in reduction of principal balance of the REMIC A Regular Interests in respect of Loan Group II shall be allocated first, to the Class TA-2 Interest and then to the remaining REMIC A Regular Interests beginning with the numeral "2," in numerical order. Realized Losses shall be allocated in the same manner as amounts in reduction of principal balance. Such amounts with respect to principal and any Realized Losses with respect to principal shall reduce the principal balances of the REMIC A Regular Interests so that, in the aggregate, such balances correspond to the Pool Balance of the Mortgage Loans as of the last day of the related Due Period. Amounts in the Distribution Account deemed distributed in respect of the REMIC A Regular Interests shall be treated as held by REMIC B for distribution in accordance with Section 4.08(e)(2). Any amounts remaining in REMIC A on a Distribution Date shall be distributed to the Class R Certificates in respect of the Class R-A Interest.
Source 1
REMIC A. As provided herein, the Trustee shall make an election to treat the segregated pool of assets consisting of the REMIC 3 Class CE-1 Interest as a REMIC for federal income tax purposes, and such segregated pool of assets will be designated as “REMIC A.” The REMIC A Class CE-1 Interest represents the sole class of regular interests and the Class R-A Interest represents the sole class of “residual interests” in REMIC A for purposes of the REMIC Provisions. The REMIC A Class CE-1 Interest shall have a principal balance equal to the REMIC 3 Class CE-1 Interest and shall bear interest at the same rate as the REMIC 3 Class CE-1 Interest.
Source 1

Related to REMIC A

  • REMIC III On each Distribution Date, following the distributions with respect to the Principal Balance Certificates on such Distribution Date pursuant to Section 6.5, any Collateral Support Deficits with respect to the Principal Balance Certificates on such Distribution Date will be allocated to the respective Classes of Principal Balance Certificates (other than the Exchangeable Certificates) and the respective EX XXXXX III Regular Interests (and correspondingly, the applicable Exchangeable Certificates) as follows: (i) first, to the Class H Certificates, the Class G Certificates, the Class F Certificates, the Class E Certificates and the Class D Certificates, in that order, in each case in reduction of the Aggregate Certificate Balance of the subject Class of Principal Balance Certificates until such Aggregate Certificate Balance is reduced to zero; (ii) second, to the Class C REMIC III Regular Interest (and correspondingly, the Class C Certificates and the Class PST Certificates, pro rata, based on the Class C Percentage Interest and the Class C-PST Percentage Interest, respectively, in the Class C REMIC III Regular Interest); (iii) third, to the Class B REMIC III Regular Interest (and correspondingly, the Class B Certificates and the Class PST Certificates, pro rata, based on the Class B Percentage Interest and the Class B-PST Percentage Interest, respectively, in the Class B REMIC III Regular Interest); (iv) fourth, to the Class A-S REMIC III Regular Interest (and correspondingly, the Class A-S Certificates and the Class PST Certificates, pro rata, based on the Class A-S Percentage Interest and the Class A-S-PST Percentage Interest, respectively, in the Class A-S REMIC III Regular Interest); and (v) fifth, to the Class A-1 Certificates, the Class A-2 Certificates, Class A-SB Certificates, Class A-3 Certificates and Class A-4 Certificates, on a pro rata basis in accordance with, and in reduction of, the respective Aggregate Certificate Balances of such Classes of Principal Balance Certificates until such Aggregate Certificate Balances are reduced to zero.

  • 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 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 was originated at least equal to 80% of the adjusted issue price of the Mortgage Loan (together with any related Pari Passu Companion Loans) on such date or (ii) at the Closing Date at least equal to 80% of the adjusted issue price of the Mortgage Loan (together with any related Pari Passu Companion Loans) 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 Treasury Regulations Section 1.860G-2(a)(1)(ii)). 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 Premiums and Yield Maintenance Charges applicable to the Mortgage Loan constitute “customary prepayment penalties” within the meaning of Treasury Regulations Section 1.860G-1(b)(2). All terms used in this paragraph shall have the same meanings as set forth in the related Treasury Regulations.

  • REMIC II (a) On each Distribution Date, following any allocations of Trust Advisor Expenses on such Distribution Date pursuant to Section 6.11, the Certificate Administrator shall be deemed to distribute to itself on behalf of the Trustee, as holder of the REMIC II Regular Interests, amounts distributable to any Class of Principal Balance Certificates (other than the Exchangeable Certificates) and the XX XXXXX III Regular Interests, pursuant to Section 6.5, Section 6.10 or Section 11.1, with respect to such Class’s or XX XXXXX III Regular Interest’s Corresponding REMIC II Regular Interest. (b) All distributions made in respect of a Class of Class X Certificates on any Distribution Date pursuant to Section 6.5, Section 6.10 or Section 11.1, and allocable to any particular Class X REMIC III Regular Interest, shall be deemed to have first been distributed from REMIC II to REMIC III in respect of such Class X REMIC III Regular Interest’s Corresponding REMIC II Regular Interest. (c) All distributions made in respect of the Exchangeable Certificates on any Distribution Date pursuant to Section 6.5, Section 6.10 or Section 11.1, and allocable to any particular XX XXXXX III Regular Interest, shall be deemed to have first been distributed from REMIC II to REMIC III in respect of such XX XXXXX III Regular Interest’s Corresponding REMIC II Regular Interest. (d) [Reserved] (e) For purposes of Section 6.4(a), Section 6.4(b), Section 6.4(c) and Section 6.4(d), if the subject distribution on or in respect of any Class of REMIC III Regular Certificates, Exchangeable Certificates or XX XXXXX III Regular Interest was a distribution of interest, principal, Prepayment Premiums or in reimbursement of previously allocated Collateral Support Deficits or Trust Advisor Expenses, then the corresponding distribution deemed to be made on a REMIC II Regular Interest shall be deemed to also be, respectively, a distribution of interest, principal, Prepayment Premiums or in reimbursement of previously allocated Collateral Support Deficits or Trust Advisor Expenses with respect to such REMIC II Regular Interest. (f) Any amounts remaining in the Distribution Account with respect to REMIC II on any Distribution Date after the foregoing distributions shall be distributed to the Holders of the Class R Certificates with respect to the REMIC II Residual Interest.

  • REMIC I (a) On each Distribution Date, the Certificate Administrator shall be deemed to distribute to itself on behalf of the Trustee, as holder of the REMIC I Regular Interests, for the following purposes and in the following order of priority: (i) from the portion of the Available Distribution Amount attributable to interest (other than Excess Interest) collected or advanced or deemed collected or advanced on or with respect to, and any Excess Liquidation Proceeds attributable to, each Mortgage Loan (including each REO Mortgage Loan), to pay any and all Distributable Interest with respect to the Corresponding REMIC I Regular Interest for such Distribution Date; (ii) from the portion of the Available Distribution Amount attributable to principal collected or advanced or deemed collected or advanced on or with respect to each Mortgage Loan (including each REO Mortgage Loan), to pay such principal with respect to the Corresponding REMIC I Regular Interest, until the REMIC I Principal Amount thereof is reduced to zero; and (iii) from any remaining amount of the Available Distribution Amount (other than Excess Interest) and any remaining Excess Liquidation Proceeds with respect to each Mortgage Loan (including each REO Mortgage Loan), to reimburse, first, any unreimbursed Collateral Support Deficits previously allocated to the Corresponding REMIC I Regular Interest, together with unpaid interest thereon at the related REMIC I Net Mortgage Rate (in each case from the date of allocation), and then, any unreimbursed Collateral Support Deficits allocated to any other REMIC I Regular Interest, together with unpaid interest thereon at the related REMIC I Net Mortgage Rate (in each case from the date of allocation). (b) At such time as all Distributable Interest with respect to the REMIC I Regular Interests has been paid, the REMIC I Principal Amounts of all of the REMIC I Regular Interests have been reduced to zero, and all Collateral Support Deficits (including interest thereon) previously allocated thereto to the REMIC I Regular Interests have been reimbursed, the Certificate Administrator shall pay to the Holders of the Class R Certificates with respect to the REMIC I Residual Interest any amounts of the Available Distribution Amount (other than Excess Interest) remaining with respect to each Mortgage Loan or, to the extent of the Trust’s interest therein, the related REO Property. (c) Any Prepayment Premium distributed with respect to any Class of REMIC III Regular Certificates or XX XXXXX III Regular Interest (and correspondingly, to the applicable Exchangeable Certificates) on any Distribution Date pursuant to Section 6.10, shall be deemed to have first been distributed from REMIC I to REMIC II in respect of the Corresponding REMIC I Regular Interest for the Mortgage Loan (including an REO Mortgage Loan) as to which such Prepayment Premium was received.

  • Remic Provisions Section 10.01