REMIC: A definition

REMIC: A real estate mortgage investment conduit" as defined in Code Section 860D.

Split View

AI-Powered Contracts

Draft, Review & Redline at the Speed of AI

Get StartedSchedule a Demo

REMIC: A real estate mortgage investment conduit" as defined in Code Section 860D. "The REMIC" means the REMIC constituted by the Trust Estate.

REMIC: A real estate mortgage investment conduit" as defined in Code Section 860D. The Reserve Fund, the Policy and the Policy Payment Account are not part of either the Lower-Tier or Upper-Tier REMIC.

Examples of REMIC: A in a sentence

• REMIC: A “real estate mortgage investment conduit” within the meaning of Internal Revenue Code Section 860D.

• REMIC: A “real estate mortgage investment conduit” within the meaning of Section 860D of the Code.

• In the event that beneficial ownership of the Class N and the Class X Certificates is held by two or more Persons for tax purposes, the Trustee shall treat the Class N Certificateholders and the Class X Certificateholders as partners in a partnership that owns the REMIC A Class X/N Interest for federal income tax purposes and shall not treat the Class N and Class X Certificates as an interest in any REMIC created hereunder.

• 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).

• Amounts in the Distribution Account deemed distributed in respect of the REMIC A Regular Interests shall be treated as held by REMIC B for distribution in accordance with Section 4.08(e)(2).

• On each Distribution Date, the REMIC A Regular Interests shall receive distributions of interest and principal equal in the aggregate to amounts distributable pursuant to Sections 4.01 and 4.02 (other than to the Class R Certificates in respect of the Class R-4 Interest) from amounts on deposit in the Distribution Account.

• Such amounts with respect to interest shall accrue at the Weighted Average Net Mortgage Rate on each REMIC A Regular Interest.

• Such amounts with respect to principal and any Realized Losses with respect to principal shall reduce the principal balances of the REMIC A Regular Interests so that, in the aggregate, such balances correspond to the Pool Balance of the Mortgage Loans as of the last day of the related Due Period.

• Any amounts remaining in REMIC A on a Distribution Date shall be distributed to the Class R Certificates in respect of the Class R-A Interest.

• Any amounts remaining in REMIC A on a Distribution Date shall be distributed to the Class R Certificate in respect of the Class R-A Interest.

More Definitions of REMIC: A

REMIC: A. As provided herein, the Trustee shall make an election to treat the segregated pool of assets consisting of the REMIC 2 Class X/N Interest as a REMIC for federal income tax purposes, and such segregated pool of assets will be designated as "REMIC A."

REMIC: A. The corpus of the Trust Fund consisting of the Class ▇-▇, ▇▇▇▇▇ ▇-▇, Class A-7, Class A-8 and Class A-9 Certificates, as to which a REMIC election will be made pursuant to the provisions hereof, and having regular and residual interests as provided herein.

REMIC: A. As defined in the Preliminary Statement.

REMIC: A. The segregated pool of assets, with respect to which a REMIC election is to be made, consisting of: (i) the Group II-V Loans (exclusive of payments of principal and interest due on or before the Cut-off Date, if any, received by the Master Servicer which shall not constitute an asset of the Trust Fund) as from time to time are subject to this Agreement and all payments under and proceeds of such Loans (exclusive of any late payment charges received on the Loans), together with all documents included in the related Mortgage File, subject to Section 2.1; (ii) such funds or assets as from time to time are deposited in the related Distribution Account and belonging to the Trust Fund; (iii) any REO Property in respect of a Group II-V Loans; (iv) the primary hazard insurance policies, if any, the primary insurance policies, if any, and all other insurance policies with respect to the Group II-V Loans; and (v) the Depositor’s interest in respect of the representations and warranties made by the Sponsor in the Mortgage Loan Purchase Agreement as assigned to the Trustee pursuant to Section 2.1 hereof.

REMIC: A real estate mortgage investment conduit" within the meaning of section 860D of the Code. REMIC 1 ------- As defined in the Preliminary Statement. REMIC 2 ------- As defined in the Preliminary Statement. REMIC 1 Accretion Directed Classes ---------------------------------- As defined in the Preliminary Statement. REMIC 1 Accrual Class --------------------- As defined in the Preliminary Statement. REMIC Change of Law ------------------- Any proposed, temporary or final regulation, revenue ruling, revenue procedure or other official announcement or interpretation relating to REMICs and the REMIC Provisions issued after the Closing Date.