RCE Loan REMIC definition
Examples of RCE Loan REMIC in a sentence
An election will be made by the Paying Agent to treat the segregated pool of assets consisting of the Regal Cinema Eagan Loan, such amounts with respe▇▇ ▇▇ereto as shall from time to time be held in the related Certificate Account, the Interest Reserve Account, the RCE Loan REMIC Distribution Account and the Reserve Account, the Insurance Policies and any related amounts REO Account and any related REO Properties as a REMIC (the "RCE Loan REMIC") under the Code.
For purposes of such election, the RCE Loan REMIC Regular Interest shall be designated as a separate class of "regular interests" in the RCE Loan REMIC and the RCE Loan REMIC Residual Interest (represented by the Class R-I Certificates) shall be designated as the sole class of "residual interests" in the RCE Loan REMIC.
The Trustee and the Paying Agent shall not permit the creation of any "interests" (within the meaning of Section 860G of the Code) in any of the REMIC Pools other than the REMIC I Regular Interests, the RCE Loan REMIC Regular Interest, the REMIC II Regular Interests, the REMIC Regular Certificates and the Residual Certificates.
Any amount retained by REMIC I or the RCE Loan REMIC, as applicable, as a result of a reduction of the Master Servicing Fee shall be treated as interest collected with respect to the prepaid Mortgage Loans with respect to which the Master Servicing Fee adjustment occurs.
On each Distribution Date, all Realized Losses and Expense Losses on the REMIC I Regular Interests and the RCE Loan REMIC Regular Interest for such Distribution Date (or for prior Distribution Dates, to the extent not previously allocated) shall be allocated to the REMIC II Regular Interests in the amounts and in the manner as will be allocated to the Corresponding Certificates relating thereto pursuant to Section 6.6(f).
The Trustee and the Paying Agent shall be deemed to hold and shall account for the Class EI Grantor Trust separate and apart from the assets of the REMIC I, the RCE Loan REMIC, REMIC II and REMIC III created hereunder.
Section 6.2 REMIC I and the RCE Loan REMIC...............................
An election will be made by the Paying Agent to treat the segregated pool of assets consisting of the REMIC I Regular Interests and the RCE Loan REMIC Regular Interest as a REMIC ("REMIC II") under the Code.