REMIC B Sample Clauses
The REMIC B clause defines the terms and conditions related to a specific class or tranche of interests in a Real Estate Mortgage Investment Conduit (REMIC) structure, typically referred to as the "B" class. This clause outlines the rights, payment priorities, and obligations associated with REMIC B interests, such as how and when holders receive distributions, their position in the payment waterfall, and any restrictions or special provisions that apply. By clearly delineating the treatment of REMIC B interests, the clause ensures transparency for investors and helps allocate risk and returns among different classes within the REMIC.
REMIC B. On each Distribution Date, the timing and amounts of principal distributions and allocations of Realized Losses on each Class of REMIC B Regular Interests shall be identical to the timing, amounts and allocations in respect of the corresponding Classes of REMIC A Regular Interests pursuant to Section 4.08(e)(1). For these purposes, the Class TB-1 Interest corresponds to the Class TA-1 Interest, the Class TB-2 and Class TB-AIO Interests correspond to the Class TA-2 Interest, and the Class TB-4 Interest corresponds to the Class TA-4
REMIC B. On each Distribution Date, the timing and amounts of principal distributions and allocations of Realized Losses on each Class of REMIC B Regular Interests shall be identical to the timing, amounts and allocations in respect of the Corresponding A/B Class of REMIC A Regular Interests pursuant to Section 4.08(e)(1). In cases where there are two Classes of REMIC B Regular Interests that in the aggregate correspond to a single Class of REMIC A Regular Interest, interest shortfalls shall be allocated between such two REMIC B Regular Interests first, to the REMIC B Regular Interest ending in a 3-digit number (e.g., TB-101) and then to the REMIC B Regular Interest ending in a 4-digit number (e.g., TB-1010). Amounts in the Distribution Account deemed distributed in respect of the REMIC B Regular Interests shall be treated as held by REMIC 1 for distribution in accordance with Section 4.08(d). Any portion of Available Funds remaining in REMIC B on a Distribution Date shall be distributed to the Class R Certificates in respect of the Class R-B Interest.
REMIC B. As provided herein, the Trustee shall make an election to treat the segregated pool of assets consisting of the REMIC 3 Class P Interest as a REMIC for federal income tax purposes, and such segregated pool of assets will be designated as “REMIC B.” The REMIC B Class P Interest represents the sole class of regular interests and the Class R-B Interest represents the sole class of “residual interests” in REMIC B for purposes of the REMIC Provisions. The REMIC B Class P Interest shall have a principal balance equal to the REMIC 3 Class P Interest and shall bear interest at the same rate as the REMIC 3 Class P Interest.
REMIC B. On each Distribution Date, the timing and amounts of principal distributions and allocations of Realized Losses on each Class of REMIC B Regular Interests shall be identical to the timing, amounts and allocations in respect of the corresponding Classes of REMIC A Regular Interests pursuant to Section 4.08(e)(1). For these purposes, the Class TB-1 Interest corresponds to the Class TA-1 Interest, the Class TB-101 Interest corresponds to the Class TA-101 Interest, the Class TB-102 Interest corresponds to the Class TA-102 Interest, the Class TB-2 and Class TB-AIO Interests in the aggregate correspond to the Class TA-2 Interest, and the Class TB-4 Interest corresponds to the Class TA-4