REMIC 3 definition
REMIC 3. The segregated pool of assets consisting of all of the REMIC 2 Regular Interests conveyed in trust to the Trustee, for the benefit of the Holders of the Regular Certificates and the Class R Certificate (in respect of the Class R-3 Interest), pursuant to Article II hereunder, and all amounts deposited therein, with respect to which a separate REMIC election is to be made.
REMIC 3. As described in the Preliminary Statement.
REMIC 3. The segregated pool of assets consisting of all of the REMIC 2 Regular Interests conveyed to the Trust, for the benefit of the Holders of the Regular Certificates (other than the Class P Certificates and the Class Swap IO Upper-Tier Interest), REMIC CX, as the holder of the Class C Interest, REMIC PX, as the holder of the Class P Interest, REMIC SwapX as holder of the Class Swap IO Interest, and the Class R Certificateholders, as holders of the Class R‑3 Interest, pursuant to Article II hereunder, and all amounts deposited therein, with respect to which a separate REMIC election is to be made.
Examples of REMIC 3 in a sentence
The interests evidenced by the Class R-3 Interest, together with the Regular Certificates, constitute the entire beneficial ownership interest in REMIC 3.
The Upper Tier REMIC shall hold as its assets the uncertificated Lower Tier Interests in REMIC 3, other than the Class LT3-R interest, and each such Lower Tier Interest is hereby designated as a regular interest in REMIC 3 for purposes of the REMIC Provisions.
REMIC 3 shall hold as its assets the uncertificated Lower Tier Interests in REMIC 2, other than the Class LT2-R interest, and each such Lower Tier Interest is hereby designated as a regular interest in REMIC 2.
The Class R Certificate represents ownership of the sole Class of residual interest in each of REMIC 2, REMIC 3, and the Upper Tier REMIC for purposes of the REMIC Provisions.
The Class R Certificate represents ownership of the sole Class of residual interest in each of REMIC 1, REMIC 2, REMIC 3 and the Upper Tier REMIC for purposes of the REMIC Provisions.
More Definitions of REMIC 3
REMIC 3. As described in the Preliminary Statement to this Agreement.
REMIC 3. The segregated pool of assets consisting of all of the REMIC 2 Regular Interests, with respect to which a separate REMIC election is to be made.
REMIC 3. The Class R-3 Interest represents the sole class of "residual interests" in REMIC 3 for purposes of the REMIC Provisions. The following table irrevocably sets forth the designation, the Uncertificated REMIC 3 Pass-Through Rate, the initial Uncertificated Principal Balance, and solely for purposes of satisfying Treasury regulation Section 1.860G-1(a)(4)(iii), the "latest possible maturity date" for each of the REMIC 3 Regular Interests. None of the REMIC 3 Regular Interests will be certificated. Uncertificated REMIC 3 Rate Pass-Through Initial Uncertificated Change Assumed Final Designation Rate Principal Balance Date Maturity Date(1) ----------- ----------------- ---------------------- -------------- ------------------ LT3A-1 Variable(2) $587,769,802.06 N/A November 2032 LT3B-1 Variable(2) 5,997,650.00 N/A November 2032 LT3C-1 Variable(2) 5,997,652.08 N/A November 2032 LT3IS2-1 Variable(3) N/A(7) April 2005 November 2032 LT3IS2-2 Variable(3) N/A(7) October 2004 November 2032 LT3IS1 Variable(4) N/A(8) N/A November 2032 LT3A-2 Variable(2) 392,230,344.76 N/A November 2032 LT3B-2 Variable(2) 4,002,350.00 N/A November 2032 LT3C-2 Variable(2) 4,002,350.91 N/A November 2032 LT3IIS2-1 Variable(5) N/A(9) April 2005 November 2032 LT3IIS2-2 Variable(5) N/A(9) October 2004 November 2032 LT3IIS1 Variable(6) N/A10 N/A November 2032 LT3A-P Variable(2) 100.00 N/A November 2032 LT3B-P Variable(2) 100.00 N/A November 2032 ___________________ 1 Solely for purposes of Section 1.860G-1(a)(4)(iii) of the Treasury regulations, the Distribution Date in the month following the maturity date for the Mortgage Loan with the latest maturity date has been designated as the "latest possible maturity date" for each REMIC 3 Regular Interest. 2 Calculated in accordance with the definition of "Uncertificated REMIC 3 Pass-Through Rate" herein. 3 Each REMIC 3 IS2 Interest will have a Pass-Through Rate of 4.25% per annum for each Distribution Date Starting in November 2002 and ending with the Rate Change Date for such Regular Interest, and 0.00% per annum thereafter. 4 REMIC 3 Regular Interest LT3IS1 will have a Pass-Through Rate of 5.25% per annum for each Distribution Date starting November 2002 and ending April 2005. For federal income tax purposes, REMIC 3 Regular Interest LT3IS1 will not have a Pass-Through Rate but will be entitled to receive all of the interest paid to REMIC 3 on the REMIC 2 IS1 Interests. 5 Each REMIC 3 IIS2 Interest will have a Pass-Through Rate of 4.25% per annum for...
REMIC 3 and the "Upper Tier REMIC," respectively) in a tiered structure. The Certificates, other than the Class A-R Certificate, shall represent ownership of regular interests in the Upper Tier REMIC. For federal income tax purposes, in addition to representing ownership of a REMIC regular interest, (i) each of the Class A Certificates represents the right to receive payments in respect of interest accruals on the Class A Certificates at rates in excess of the Adjusted Net WAC, including all payments in respect of Basis Risk Shortfalls and Unpaid Basis Risk Shortfalls, (ii) each of the Class B-1, Class B-2 and Class B-3 Certificates represents the right to receive payments in respect of Basis Risk Shortfalls and Unpaid Basis Risk Shortfalls as provided in Section 5.06, (iii) the Class X-A-1 Certificates will represent the obligation to make certain payments to the Class A Certificates and the right to receive certain payments from the Class X-A-2 Certificates and (iv) the Class X-A-2 Certificates will represent the obligation to make certain payments to the Class A Certificates and the Class X-A-1 Certificates. The Class A-R Certificate represents the sole class of residual interest in each of REMIC 1, REMIC 2, REMIC 3 and the Upper Tier REMIC. The Upper Tier REMIC shall hold as its assets the several classes of uncertificated REMIC 3 Regular Interests and the uncertificated REMIC 2 IO Classes. REMIC 3 shall hold as its assets the several classes of uncertificated REMIC 2 Regular Interests other than the REMIC 2 IO Classes. REMIC 2 shall hold as its assets the several classes of uncertificated REMIC 1 Regular Interests. REMIC 1 shall hold as its assets the property of the Trust Fund other than the REMIC 1 Interests, the REMIC 2 Interests and the REMIC 3 Interests. Each Upper Tier REMIC Regular Interest is hereby designated as a regular interest in the Upper Tier REMIC for purposes of the REMIC Provisions. Each REMIC 3 Regular Interest is hereby designated as a regular interest in REMIC 3 for purposes of the REMIC provisions. Each REMIC 2 Regular Interest is hereby designated as a regular interest in REMIC 2 for purposes of the REMIC provisions. Each REMIC 1 Regular Interest is hereby designated as a regular interest in REMIC 1 for purposes of the REMIC Provisions. The Class LT1-R Interest is hereby designated as the sole class of residual interest in REMIC 1 for purposes of the REMIC Provisions. The Class LT2-R Interest is hereby designated as the sole class of re...
REMIC 3 and "REMIC 4," respectively). The Class T4-A1A Interest, the Class A-1F, Class A-2F, Class M-1, Class M-2 and Class B Certificates and the Class T4-4, Class T4-5, Class T4-6, Class T4-7, Class T4-11, Class T4-12, Class T4-13, Class T4-14, Class T4-15 and Class T4-16 Interests) (such interests, the "REMIC 4 Components") represent all of the "regular interests" in REMIC 4. The Class A-1A Certificates represent beneficial ownership of the Class T4-A1A Interest and the right to receive LIBOR Carryover Amounts. The Class BB and Class X Certificates represent beneficial ownership of the Class X/BB Interest, which represents the REMIC 4 Components collectively. Each of the Class R-1, Class R-2, Class R-3 and Class R-4 Interests represents the sole class of "residual interest" in REMIC 1, REMIC 2, REMIC 3 and REMIC 4, respectively, for purposes of the REMIC Provisions. There are four classes of uncertificated REMIC 1 Regular Interests (the Class T1-1, Class T1-2, Class T1-3 and Class T1-4 Interests), seven classes of uncertificated REMIC 2 Regular Interests (the Class T2-1, Class T2-2, Class T2-3, Class T2-4, Class T2-5, Class T2-6 and Class T2-7 Interests), and ten classes of uncertificated REMIC 3 Regular Interests (the Class T3-A1A, Class T3-A1F, Class T3-A2F, Class T3-M1, Class T3-M2, Class T3-B, Class T3-4, Class T3-5, Class T3-6 and Class T3-7 Interests). Each of the foregoing interests (other than the Class BB and Class X Certificates and the Class X/BB Interest and the interest of the Class A-1A Certificates in the Class T4-A1A Interest) is a "REMIC Regular Interest." The REMIC 1 Regular Interests will be held as assets of REMIC 2, the REMIC 2 Regular Interests will be held as assets of REMIC 3 and the REMIC 3 Regular Interests will be held as assets of REMIC 4. If the Class BB and Class X Certificates are beneficially owned by different persons, they will be treated as interests in a partnership that holds the Class X/BB Interest for federal income tax purposes as described in Section 9.01(m). The "latest possible maturity date" for federal income tax purposes of all interests created hereby will be the Distribution Date in January 25, 2030. The following table sets forth (or describes) the Class designation, Pass-Through Rate and approximate Original Class Certificate Principal Balance or Original Notional Amount, for each Class of Certificates comprising the interests in the Trust Fund created hereunder: =================================================...
REMIC 3. The following table sets forth the designations, principal balances, and interest rates for each interest in REMIC 3, each of which (other than the R-3 Interest) is hereby designated as a regular interest in REMIC 3 (the “REMIC 3 Regular Interests”): T3-1A-IO $ 20,825,000.00 (1) T3-2A-IO $ 10,412,000.00 (1) T3-3A-IO $ 20,825,000.00 (1) T3-4A-IO $ 20,825,000.00 (1) T3-5A-IO $ 20,825,000.00 (1) T3-6A-IO $ 4,165,000.00 (1) T3-7A-IO $ 16,659,000.00 (1) T3-Pool $301,960,239.60 (1) T3-F (2) (2) T3-IO (3) (3) R-3 (4) (4)
REMIC 3. The segregated pool of assets consisting of all of the Class M-4 Interest conveyed in trust to the Trustee, for the benefit of the Holders of the Class M-4 Certificates and the Class R-X Certificates, pursuant to Article II hereunder, and all amounts deposited therein, with respect to which a separate REMIC election is to be made.