Adverse REMIC Event definition

Adverse REMIC Event. Either (i) loss of status as a REMIC, within the meaning of Section 860D of the Code, for any group of assets identified as a REMIC in the Preliminary Statement to this Agreement, or (ii) imposition of any tax, including the tax imposed under Section 860F(a)(1) on prohibited transactions, and the tax imposed under Section 860G(d) on certain contributions to a REMIC, on any REMIC created hereunder to the extent such tax would be payable from assets held as part of the Trust Fund.
Adverse REMIC Event. As defined in Section 9.01(f) hereof.
Adverse REMIC Event. As defined in Section 10.01(f).

Examples of Adverse REMIC Event in a sentence

  • The Delaware Trustee will not take any action (a) that is inconsistent with the purposes of the Issuer set forth in Section 2.05 or (b) that, to the actual knowledge of a Responsible Officer of the Delaware Trustee, would result in an Adverse REMIC Event or would violate the terms of this Agreement or applicable law.

  • No person acting on behalf of the Trust will have the authority to consummate any act that would result in an Adverse REMIC Event.


More Definitions of Adverse REMIC Event

Adverse REMIC Event means any action that, under the REMIC Provisions, if taken or not taken, as the case may be, would either (i) endanger the status of any REMIC Pool as a REMIC or (ii) subject to Section 9.14(e), result in the imposition of a tax upon the income of any REMIC Pool or any of their respective assets or transactions, including (without limitation) the tax on prohibited transactions as defined in Section 860F(a)(2) of the Code and the tax on prohibited contributions set forth in Section 860G(d) of the Code.
Adverse REMIC Event. As defined in Section 2.07(f).
Adverse REMIC Event. As defined in Section 10.01(f) hereof.
Adverse REMIC Event. Either: (i) any impairment of the status of any REMIC Pool as a REMIC, including (insofar as it relates to a proposed modification, waiver or amendment of any term of a Mortgage Loan) any impairment that could result by virtue of the exercise of a “unilateral option” (within the meaning of Treasury Regulations Section 1.1001-3(c)(3)) of the Borrower; or (ii) except as permitted by Section 3.17(a), the imposition of a tax upon any REMIC Pool or any of its assets or transactions (including the tax on prohibited transactions as defined in Section 860F(a)(2) of the Code, the tax on contributions under Section 860G(d) of the Code and the tax on income from foreclosure property under Section 860G(c) of the Code).
Adverse REMIC Event. As defined in Section 12.1(j).
Adverse REMIC Event. As defined in Section 10.1(f).
Adverse REMIC Event. As defined in Article X of the Trust Agreement.