REMIC II Remittance Rate definition
REMIC II Remittance Rate. The per annum rate at which interest accrues in respect of any REMIC II Regular Interest during any Interest Accrual Period, as set forth in or otherwise calculated in accordance with Section 2.13(f).
REMIC II Remittance Rate. With respect to REMIC II Regular Interest II-LT1 and REMIC II Regular Interest II-LT9, the weighted average of the Expense Adjusted Mortgage Rates on the then outstanding Mortgage Loans and REO Properties minus, with respect to REMIC II Regular Interest II-LT1, the product of (A) two times the sum of the Uncertificated Balances of REMIC II Regular Interest II-LT2, REMIC II Regular Interest II-LT3, REMIC II Regular Interest II-LT4, REMIC II Regular II-LT5, REMIC II Regular Interest II-LT6, REMIC II Regular Interest II-LT7 and REMIC II Regular Interest II- LT8 divided by the sum of the Uncertificated Balances of REMIC II Regular Interest II-LT2, REMIC II Regular Interest II-LT3, REMIC II Regular Interest II-LT4, REMIC II Regular II-LT5, REMIC II Regular Interest II-LT6, REMIC II Regular Interest II-LT7, REMIC II Regular Interest II-LT8 and REMIC II Regular Interest II-LT9 and (B) the Certificate Insurer Premium Rate. With respect to each of REMIC II Regular Interest II-LT2, REMIC II Regular Interest II-LT3, REMIC II Regular Interest II-LT4, REMIC II Regular Interest II-LT5, REMIC II Regular Interest II-LT6 and REMIC II Regular Interest II-LT8, a fixed rate per annum equal to the related REMIC II Remittance Rate as set forth in the Preliminary Statement hereto. With respect to REMIC II Regular Interest II-LT7, the lesser of (i) the related fixed rate per annum equal to the related REMIC II Remittance Rate as set forth in the Preliminary Statement hereto and (ii) the Net WAC Pass-Through Rate. With respect to REMIC II Regular Interest II-LT2S, REMIC II Regular Interest II-LT3S, REMIC II Regular Interest II-LT4S, REMIC II Regular Interest II-LT5S, REMIC II Regular Interest II-LT6S, REMIC II Regular Interest II-LT7S and REMIC II Regular Interest II-LT8S, a rate per annum equal to excess of the REMIC I Remittance Rate for the related Uncertificated Corresponding Component over the REMIC II Remittance Rate for REMIC II Regular Interest II-LT2, REMIC II Regular Interest II-LT3, REMIC II Regular Interest II-LT4, REMIC II Regular Interest II-LT5, REMIC II Regular Interest II-LT6, REMIC II Regular Interest II-LT7 and REMIC II Regular Interest II- LT8, respectively.
REMIC II Remittance Rate. With respect to each REMIC II Regular Interest, for any Distribution Date, the weighted average of the respective REMIC I Remittance Rates for all REMIC I Regular Interests for such Distribution Date (weighted on the basis of the respective Uncertificated Principal Balances of the related REMIC I Regular Interests immediately prior to such Distribution Date).
Examples of REMIC II Remittance Rate in a sentence
The following table sets forth the designation, the REMIC II Remittance Rate and the initial Uncertificated Principal Balance for each of the REMIC II Regular Interests.
The following table irrevocably sets forth the designation, the REMIC II Remittance Rate, the initial aggregate Uncertificated Balance and, for purposes of satisfying Treasury regulation Section 1.860G-1(a)(4)(iii), the “latest possible maturity date” for each of the REMIC II Regular Interests.
The following table irrevocably sets forth the designation, REMIC II Remittance Rate and the initial Uncertificated Principal Balance for each of the REMIC II Regular Interests.
If, however, a member is still receiving temporary disability payments under the Workers’ Compensation laws of this state at the time of the exhaustion of benefits under this section, he/she shall be entitled to use only so much of his/her accumulated and available normal sick leave and vacation leave, which, when added to the Workers’ Compensation award, provides for a day's pay at the regular rate of pay.
The following table sets forth the designation, the REMIC II Remittance Rate and the initial Uncertificated Principal Balance for each of the REMIC II Regular Interests (except in the case of the Class X-Y REMIC II Regular Interest, with respect to which the initial Uncertificated Notional Amount is set forth).
More Definitions of REMIC II Remittance Rate
REMIC II Remittance Rate. With respect to REMIC II Regular Interest II-LT1 and REMIC II Regular Interest II-LT6, the weighted average of the Expense Adjusted Mortgage Rates on the then outstanding Mortgage Loans and REO Properties. With respect to REMIC II Regular Interest II-LT2, REMIC II Regular Interest II-LT3, REMIC II Regular Interest II-LT4 and REMIC II Regular Interest II-LT5, the lesser of (i) the related One-Month LIBOR Pass- Through Rate (based on the actual number of days elapsed in the applicable Interest Accrual Period and a 360-day year) and (ii) the Net WAC Pass-Through Rate, multiplied by the actual number of days elapsed in the related Interest Accrual Period divided by 360. With respect to REMIC II Regular Interest II-LT2S, REMIC II Regular Interest II-LT3S, REMIC II Regular Interest II-LT4S and REMIC II Regular Interest II-LT5S, a rate per annum equal to excess of the REMIC I Remittance Rate for the related Uncertificated Corresponding Component over the REMIC II Remittance Rate for REMIC II Regular Interest II-LT2, REMIC II Regular Interest II- LT3, REMIC II Regular Interest II-LT4 and REMIC II Regular Interest II-LT5, respectively.
REMIC II Remittance Rate. With respect to REMIC II Regular Interest I and REMIC II Regular Interest P, a per annum rate equal to the weighted average of the Expense Adjusted Net Mortgage Rates of the Group I Mortgage Loans. With respect to each REMIC II Group I Regular Interest ending with the designation “A”, a per annum rate equal to the weighted average of the Expense Adjusted Net Mortgage Rates of the Group I Mortgage Loans multiplied by 2, subject to a maximum rate of 10.360%. With respect to each REMIC II Group I Regular Interest ending with the designation “B”, the greater of (x) a per annum rate equal to the excess, if any, of (i) 2 multiplied by the weighted average of the Expense Adjusted Net Mortgage Rates of the Group I Mortgage Loans over (ii) 10.360% and (y) 0.00%. With respect to REMIC II Regular Interest II, a per annum rate equal to the weighted average of the Expense Adjusted Net Mortgage Rates of the Group II Mortgage Loans With respect to each REMIC II Group II Regular Interest ending with the designation “A”, a per annum rate equal to the weighted average of the Expense Adjusted Net Mortgage Rates of the Group II Mortgage Loans multiplied by 2, subject to a maximum rate of 10.360%. With respect to each REMIC II Group II Regular Interest ending with the designation “B”, the greater of (x) a per annum rate equal to the excess, if any, of (i) 2 multiplied by the weighted average of the Expense Adjusted Net Mortgage Rates of the Group II Mortgage Loans over (ii) 10.360% and (y) 0.00%.
REMIC II Remittance Rate. With respect to the Class LT1 and LT2 REMIC II Regular Interests, the Group I Net WAC Rate. With respect to Class LT3 REMIC II Regular Interest, zero (0.00%) per annum. With respect to the Class LT4 REMIC II Regular Interest, twice the Group I Net WAC Rate. With respect to each REMIC II Regular Interest LTA-IO, the rate defined in footnote (2) of the definition of REMIC II Regular Interest.
REMIC II Remittance Rate. With respect to each Class of Class I Notes, the Note Rate for such Class, limited to the Group I Net WAC Rate, if applicable. With respect to REMIC II Regular Interest SB-PO, 0% per annum. With respect to REMIC II Regular Interest SB-IO the Certificate Rate therefor.
REMIC II Remittance Rate. With respect to REMIC II Regular Interest AA, REMIC II Regular Interest A-1, REMIC II Regular Interest A-2A, REMIC II Regular Interest A-2B, REMIC II Regular Interest A-2C, REMIC II Regular Interest A-2D, REMIC II Regular Interest M-1, REMIC II Regular Interest M-2, REMIC II Regular Interest M-3, REMIC II Regular Interest M-4, REMIC II Regular Interest M-5, REMIC II Regular Interest M-6, REMIC II Regular Interest M-7, REMIC II Regular Interest M-8, REMIC II Regular Interest M-9, REMIC II Regular Interest M-10, REMIC II Regular Interest M-11, REMIC II Regular Interest P, REMIC II Regular Interest ZZ, REMIC II Regular Interest I-SUB, REMIC II Regular Interest II-SUB and REMIC II Regular Interest XX, a per annum rate (but not less than zero) equal to the weighted average of: (w) with respect to REMIC I Regular Interest I and REMIC I Regular Interest II, the REMIC I Remittance Rate for each such REMIC I Regular Interest for each such Distribution Date, (x) with respect to each REMIC I Regular Interest ending with the designation “B”, the weighted average of the REMIC I Remittance Rates for such REMIC I Regular Interests, weighted on the basis of the Uncertificated Balances of such REMIC I Regular Interests for each such Distribution Date and (y) with respect to REMIC I Regular Interests ending with the designation “A”, for each Distribution Date listed below, the weighted average of the rates listed below for each such REMIC I Regular Interest listed below, weighted on the basis of the Uncertificated Balances of each such REMIC I Regular Interest for each such Distribution Date:
REMIC II Remittance Rate. With respect to each of the REMIC II Regular Interests, the respective rate set forth in the definition of REMIC II Regular Interests.
REMIC II Remittance Rate. With respect to the REMIC II Regular Interests (other than REMIC II Regular Interest II-LTIO), a per annum rate equal to the Net WAC Pass-Through Rate. With respect to REMIC II Regular Interest II-LTIO, a per annum rate equal to 6.00% for each Distribution Date through the Distribution Date in August 2004, and 0.00% per annum thereafter.