Intermediate REMIC definition

Intermediate REMIC. As specified in the Preliminary Statement. ISDA: International Swaps and Derivatives Association, Inc.

AI-Powered Contracts

Draft, Review & Redline at the Speed of AI

Intermediate REMIC. As defined in the Preliminary Statement.

Intermediate REMIC means the segregated pool of assets consisting of the Uncertificated Subsidiary Interests, as to which assets a separate REMIC election is to be made.

Examples of Intermediate REMIC in a sentence

The Intermediate REMIC shall hold as its assets the several classes of uncertificated Lower Tier Interests in the Subsidiary REMIC, other than the Class LT1-R Interest, and each such Lower Tier Interest is hereby designated as a regular interest in the Subsidiary REMIC.
The Master REMIC shall hold as its assets the several classes of uncertificated Lower Tier Interests in the Intermediate REMIC, other than the Class LT2-R Interest, and each such Lower Tier Interest is hereby designated as a regular interest in the Intermediate REMIC for purposes of the REMIC Provisions.
The Class R Certificate represents ownership of the sole class of residual interest in each of the Subsidiary REMIC, the Intermediate REMIC, and the Master REMIC for purposes of the REMIC Provisions.
The Trustee will hold the Intermediate REMIC Regular Interests for the benefit of the Master REMIC.
The Trustee acknowledges receipt of the Subsidiary REMIC Regular Interests and Intermediate REMIC Regular Interests (both of which are uncertificated) and declares that it holds and will hold the same in trust for the exclusive use and ultimate benefit of the holders of the Certificates.
The Pooling REMIC shall hold as assets the property of the Trust Fund other than the Lower Tier Interests in the Pooling REMIC, the Subsidiary REMIC and the Intermediate REMIC, the Basis Risk Reserve Fund, the Prefunding Account, the Capitalized Interest Account, the Interest Rate Cap Account, the Interest Rate Cap Agreement and any entitlement to Prepayment Premiums.
The Trustee will hold the Subsidiary REMIC Regular Interests for the benefit of the Intermediate REMIC.
For all federal tax purposes, amounts transferred by any of the Pooling REMIC, the Intermediate REMIC, or the Issuing REMIC to the Capitalized Interest Account shall be treated as amounts distributed by the applicable REMIC to OMI.
The Trust Fund for federal income tax purposes will consist of three REMICs: the Subsidiary REMIC, the Intermediate REMIC, and the Master REMIC.
The Subaccounts will be designated as the "regular interests" in the Intermediate REMIC, and the Subsidiary Interests will be designated as the "regular interests" in the Pooling REMIC.

More Definitions of Intermediate REMIC

Intermediate REMIC. The Trust REMIC consisting of the Subsidiary Interests.

Intermediate REMIC. The REMIC identified as such in the Preliminary Statement.

Intermediate REMIC means the segregated pool of assets consisting of the ------------------ Uncertificated Subsidiary Interests, as to which assets a separate REMIC election is to be made. The Staged-Funding Contract Reserve Account, the obligation and related demand note of the Originator described in Section 3.06(c), the Capitalized Interest Account and the Pre-Funding Account are not assets of the Intermediate REMIC.

Intermediate REMIC means the segregated pool of assets consisting of the Uncertificated Subsidiary Interests, other than the Class P Certificate, as to which assets a separate REMIC election is to be made.