REMIC I Net Mortgage Rate definition

REMIC I Net Mortgage Rate means, with respect to any Distribution Date, as to any REMIC I Regular Interest, a rate per annum equal to: (a) if the related Mortgage Loan (including an REO Mortgage Loan) accrues interest on the basis of a 360-day year consisting of twelve (12) 30-day months (“30/360 basis”), the Net Mortgage Rate of such related Mortgage Loan as of the Cut-Off Date and without regard to any modification, waiver or amendment of the terms thereof following the Cut-Off Date; and (b) if the related Mortgage Loan (including an REO Mortgage Loan) accrues interest on a basis other than a 30/360 basis, the annualized rate at which interest would have to accrue in respect of the related Mortgage Loan on a 30/360 basis for the related Mortgage Loan Accrual Period, in order to produce the amount of net interest that would have accrued during the related Mortgage Loan Accrual Period assuming a net interest rate equal to the rate set forth in clause (a) above and assuming an interest accrual basis that is the same as the actual interest accrual basis of such Mortgage Loan, provided that for purposes of this clause (b), commencing in 2014, (i) except with respect to the final Distribution Date, the REMIC I Net Mortgage Rate with respect to the subject REMIC I Regular Interest for the Distribution Dates in both January and February in any year that is not a leap year and in February in any year that is a leap year, shall be determined net of any amounts transferred to the Interest Reserve Account, and (ii) the REMIC I Net Mortgage Rate with respect to the subject REMIC I Regular Interest for the Distribution Date in March and the final Distribution Date shall be determined taking into account the addition of any amounts withdrawn from the Interest Reserve Account.

REMIC I Net Mortgage Rate means, with respect to any Distribution Date and any REMIC I Regular Interest, a rate per annum equal to the Adjusted Mortgage Rate for the related Mortgage Loan for such Distribution Date (based on the Mortgage Rate thereof (without taking into account any increase therein after the Anticipated Repayment Date in respect of an ARD Loan or any default interest rate), as of the Cut-Off Date and without regard to any modification, waiver or amendment of the terms thereof following the Cut-Off Date) minus, with respect to each Specially Designated Co-op Mortgage Loan, the Class X-Y Strip Rate.

REMIC I Net Mortgage Rate means, with respect to any Distribution Date, as to any REMIC I Regular Interest, a rate per annum equal to the Adjusted Mortgage Rate for the related Mortgage Loan for such Distribution Date (based on the Mortgage Rate thereof, as of the Cut-Off Date and without regard to any modification, waiver or amendment of the terms thereof following the Cut-Off Date), minus the Administrative Cost Rate.

Examples of REMIC I Net Mortgage Rate in a sentence

• Each Corresponding REMIC I Regular Interest will have a pass-through rate equal to the REMIC I Net Mortgage Rate of the related Mortgage Loan, an initial principal amount (the initial "Certificate Balance") equal to the Scheduled Principal Balance as of the Cut-Off Date of the Mortgage Loan to which the Corresponding REMIC I Regular Interest relates, and a "latest possible maturity date" set to the Maturity Date of the Mortgage Loan to which the Corresponding REMIC I Regular Interest relates.

• Each corresponding REMIC I Interest (other than the Transferable Servicing Interest) has a Pass-Through Rate equal to the REMIC I Net Mortgage Rate of the related Mortgage Loan or Separate Loan Advance, an initial principal amount equal to the Scheduled Principal Amount as of the Cut-off Date of the related Mortgage Loan or Separate Loan Advance, and a latest possible maturity date on the Maturity Date of the related Mortgage Loan or Separate Loan Advance.

• Each of the REMIC I MP IO Component Regular Interest and the REMIC I MP Non-IO Component Regular Interest (each of which are Corresponding REMIC I Regular Interests with respect to the Millenium Portfolio Mortgage Loan) will have a pass-through rate equal to the REMIC I Net Mortgage Rate of, and a "latest possible maturity date" set to the Maturity Date of, the Millenium Portfolio Mortgage Loan.

• Each of the REMIC I Pooled Regular Interest and the REMIC I Non-Pooled Regular Interest (each of which are Corresponding REMIC I Regular Interests with respect to the Lakeforest Mall Mortgage Loan) will have a pass-through rate equal to its REMIC I Net Mortgage Rate and a "latest possible maturity date" set to the Maturity Date of the Lakeforest Mall Mortgage Loan.

• Each of the REMIC I IO Component Regular Interest and the REMIC I Non-IO Component Regular Interest (each of which are Corresponding REMIC I Regular Interests with respect to the Ritz-Xxxxxxx Xxxx Passu Loan) will have a pass-through rate equal to the REMIC I Net Mortgage Rate of, and a "latest possible maturity date" set to the Maturity Date of, the Ritz-Xxxxxxx Xxxx Passu Loan.

More Definitions of REMIC I Net Mortgage Rate

REMIC I Net Mortgage Rate means, with respect to any Distribution Date and any REMIC I Regular Interest, a rate per annum equal to the Adjusted Mortgage Rate for the related Mortgage Loan for such Distribution Date (based on the Mortgage Rate thereof (without taking into account any increase therein after the Anticipated Repayment Date in respect of an ARD Loan or any default interest rate), as of the Cut-Off Date and without regard to any modification, waiver or amendment of the terms thereof following the Cut-Off Date).

REMIC I Net Mortgage Rate means with respect to any Distribution Date:

REMIC I Net Mortgage Rate means, with respect to any Distribution Date, as to any Group PB REMIC I Regular Interest, a rate per annum equal to the Adjusted Mortgage Rate for the related Mortgage Loan for such Distribution Date (based on the Mortgage Rate thereof (without taking into account any increase therein after the Anticipated Repayment Date in respect of an ARD Loan or any default interest rate), as of the Cut-Off Date and without regard to any modification, waiver or amendment of the terms thereof following the Cut-Off Date) less, with respect to each Specially Designated Co-op Mortgage Loan, the related Class X-Y Strip Rate.

REMIC I Net Mortgage Rate. As to each REMIC I Interest (other than the Transferable Servicing Interest), the Mortgage Rate for the related Mortgage Loan or Separate Loan Advance, as the case may be, as of the Cut-off Date less the applicable Servicing Fee Rate and Trustee Fee Rate (without taking into account any modification of the Mortgage Rate after the Cut-off Date or any increase in such Mortgage Rate, including any increase resulting from any Additional Interest Rate); provided, however, that, with respect to each REMIC I Interest for which interest is not computed based on a year of 360 days and consisting of twelve 30-day months, the interest rate on such REMIC I Interest shall be converted to an effective rate equal to (a) the amount of interest that would have accrued in respect of such REMIC I Interest at the Mortgage Rate for the related Mortgage Loan or Separate Loan Advance, as the case may be, as of the Cut-off Date (without giving effect to any modification of the Mortgage Rate after the Cut-off Date or any increase in such Mortgage Rate, including any increase resulting from any Additional Interest Rate), multiplied by twelve and expressed as a percentage of the principal balance of the REMIC I Interest as of the preceding Distribution Date (after giving effect to any distribution of principal made on such Distribution Date) minus (b) the sum of the applicable Servicing Fee Rate and the Trustee Fee Rate.

REMIC I Net Mortgage Rate means, as to any REMIC I Regular Interest, a per annum rate equal to the product of the following:

REMIC I Net Mortgage Rate means, as to any REMIC I Regular Interest, a rate per annum equal to the Mortgage Rate (exclusive of any increase in the Mortgage Rate of an ARD Loan resulting from its failure to repay on its Anticipated Repayment Date) for the related Mortgage Loan as of the Cut-Off Date (and, other than for purposes of calculating the Class X Strip Rate and the Class X Interest Amount, without regard to any modification, waiver or amendment of the terms thereof following the Cut-Off Date) minus the Administrative Cost Rate, in each case applied on the basis of a 360 day year containing twelve thirty day months regardless of whether such Mortgage Rate when applied to calculate the actual interest accruing on the related Mortgage Loan is applied on such basis.

REMIC I Net Mortgage Rate means, as to any REMIC I Regular Interest, a rate per annum equal to the Mortgage Rate for the related Mortgage Loan as of the Cut-Off Date (and without regard to any modification, waiver or amendment of the terms thereof following the Cut-Off Date) calculated on a 360 day year consisting of twelve 30-day months regardless of the actual terms of the related Mortgage Loan, minus the Administrative Cost Rate; provided that, for purposes of this definition, with respect to each Interest Reserve Loan, (i) the REMIC I Net Mortgage Rate for the one-month period preceding the Due Dates in both January and February in any year that is not a leap year and in February in any year that is a leap year, shall be determined net of any amounts transferred to the Interest Reserve Account and (ii) the REMIC I Net Mortgage Rate for the one-month period preceding the Due Date in March shall be determined taking into account the addition of any amounts withdrawn from the Interest Reserve Account.