REMICs definition
REMICs. If any Securitization-Eligible Note is included as an asset of a REMIC, any provision of this Agreement to the contrary notwithstanding: (i) the Mortgage Loan shall be administered such that the Notes shall each qualify at all times as (or as interests in) a “qualified mortgage” within the meaning of Section 860G(a)(3) of the Code, (ii) any real property (and related personal property) acquired by or on behalf of the Noteholders pursuant to a foreclosure, exercise of a power of sale or delivery of a deed in lieu of foreclosure of the Mortgage or lien on such property following a default on the Mortgage Loan shall be administered so that the interests of the Noteholders therein shall at all times qualify as “foreclosure property” within the meaning of Section 860G(a)(8) of the Code and (iii) no Servicer may modify, waive or amend any provision of the Mortgage Loan, consent to or withhold consent from any action of the Mortgagor, or exercise or refrain from exercising any powers or rights which the Noteholders may have under the Loan Documents, if any such action would constitute a “significant modification” of the Mortgage Loan, within the meaning of Section 1.860G-2(b) of the regulations of the United States Department of the Treasury, more than three months after the earliest startup day of any REMIC which includes all or a portion of any Note. The Noteholders agree that the provisions of this Section 4(d) shall be effected by compliance by the Lead Securitization Noteholder or its assignees with this Agreement or the Servicing Agreement or any other agreement which governs the administration of the Mortgage Loan or the Lead Securitization Noteholder’s interests therein. All costs and expenses of compliance with this Section 4(d), to the extent that such costs and expenses relate to administration of a REMIC or to any determination respecting the amount, payment or avoidance of any tax under the REMIC Provisions or the actual payment of any REMIC tax or expense, shall be borne (without reimbursement under Section 3(b) or Section 3(c)), with respect to the applicable REMIC, solely by the Securitization-Eligible Noteholder whose Securitization-Eligible Note (or an interest therein) is held by such REMIC.
REMICs means serially maturing debt securities secured by a pool of Mortgage Loans, the payments on which bear a relationship to the debt securities, and the issuer of which qualifies as a Real Estate Mortgage Investment Conduit under Section 860D of the Code.
REMICs means real estate mortgage investment conduits.
More Definitions of REMICs
REMICs. REMIC I, REMIC II and REMIC III.
REMICs means serially maturing debt securities secured by a pool of mortgage loans, the payments on which bear a relationship to the debt securities, and the issuer of which qualifies as a Real Estate Mortgage Investment Conduit under Section 860D of the Code.
REMICs means the Master REMIC, Intermediate REMIC, Subsidiary A REMIC and Subsidiary B REMIC.
REMICs means serially maturing debt securities secured by a pool of Mortgage Loans, the payments on which bear a relationship to the debt
REMICs is defined in Section 31.01 .
REMICs mean Real Estate Mortgage Investment Conduits.