Strip REMIC definition

Strip REMIC. As defined in the Preliminary Statement.
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Strip REMIC. As defined in the Preliminary Statement. Subcontractor: Any vendor, subcontractor or other Person that is not responsible for the overall servicing (as "servicing" is commonly understood by participants in the mortgage-backed securities market) of Mortgage Loans but performs one or more discrete functions identified in Item 1122(d) of Regulation AB with respect to the Mortgage Loans under the direction or authority of the Master Servicer or a Subservicer or the Trustee, as the case may be.
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Strip REMIC. The following table specifies the Class designation, interest rate, and principal amount for each Class of Strip REMIC Interests: Corresponding Initial Pass-Through Class of The Strip REMIC Interests Balance Rate Certificates SR-1-A (1) (2) Class 1-A SR-2-A-1 (1) (3) Class 2-A-1 SR-2-A-2A (1) (3) Class 2-A-2A SR-2-A-2B (1) (3) Class 2-A-2 SR-2-A-3 (1) (3) Class 2-A-3 SR-$100 $100 (4) Class A-R SR-M-1 (1) (5) Class M-1 SR-M-2 (1) (5) Class M-2 SR-M-3 (1) (5) Class M-3 SR-M-4 (1) (5) Class M-4 SR-M-5 (1) (5) Class M-5 SR-M-6 (1) (5) Class M-6 SR-M-7 (1) (5) Class M-7 SR-M-8 (1) (5) Class M-8 SR-M-9 (1) (5) Class M-9 SR-B (1) (5) Class B SR-P $100 (4) Class P SR-C (1) (5) Class C SR-A-R (6) (6) N/A
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Examples of Strip REMIC in a sentence

  • The Strip REMIC will hold as assets the several classes of uncertificated Swap-IO REMIC Interests (other than the SWR-A-R Interest).

  • The Master REMIC will hold as assets the several classes of uncertificated Strip REMIC Interests (other than the STR-A-R Interest).

  • Each Strip REMIC Interest (other than the STR-A-R Interest) is hereby designated as a regular interest in the Strip REMIC.

  • Interest is to be distributed with respect to each Strip REMIC Interest at the rate, or according to the formulas, described above.

  • The Class A-R Certificate represents ownership of the sole class of residual interest in the Swap-IO REMIC, the Strip REMIC and the Master REMIC.

  • Solely for income tax purposes, any differences in the distributions to a Certificateholder (positive or negative) that would result from the application of the Strip REMIC Cap rather than the applicable Net Rate Cap shall be treated by the Trustee as reconciled among the Certificates by swap payments made pursuant to notional principal contracts entered into among the Certificateholders.

  • Any differences in the distributions to a Certificateholder (positive or negative) that would result from the application of the Strip REMIC Cap rather than the applicable Net Rate Cap shall be treated by the Trustee as reconciled among the Certificates by swap payments made pursuant to notional principal contracts entered into among the Certificateholders.

  • The Class A-R Certificate will represent ownership of the sole class of residual interest in each of the Swap-IO REMIC, the Strip REMIC and the Master REMIC.

  • The Trust Fund (excluding the Credit Comeback Excess Account, the Carryover Reserve Fund and the assets held in the Pre-Funding Account) for federal income tax purposes will consist of three REMICs (the "Swap-IO REMIC," the "Strip REMIC" and the "Master REMIC").

  • The Trust Fund (excluding the Carryover Reserve Fund) for federal income tax purposes will consist of three REMICs (the "Swap-IO REMIC," the " Strip REMIC" and the "Master REMIC").


More Definitions of Strip REMIC

Strip REMIC. The Strip REMIC Regular Interests will have the principal balances, pass-through rates and Corresponding Classes of Certificates as set forth in the following table:
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