Subsidiary REMIC Interest II definition

Subsidiary REMIC Interest II shall have an initial principal balance equal to the principal balance of the Group II Mortgage Loans as of the Cut-off Date, an interest rate equal to the weighted average Mortgage Rate (net of the Servicing Fee Rate and the Master Servicer Fee Rate) of the Group II Mortgage Loans, and pay on each Distribution Date. All Realized Losses from the Group II Mortgage Loans shall be allocated to Subsidiary REMIC Interest II and all payments of principal and interest (net of fees and expenses) received from the Group II Mortgage Loans shall be paid to Subsidiary REMIC Interest II in payment of accrued interest and principal until the principal balance of such interest is reduced to zero and any losses allocated to such interest have been reimbursed. Any excess funds shall first be applied to reimburse prior losses on the Group I Mortgage Loans and then distributed to the SR Interest. The SR Interest shall have no principal balance and shall not bear interest. The assets of the Master REMIC shall be Subsidiary REMIC Interest I and Subsidiary REMIC Interest II. Each Class of Group I Certificates and each Class of Group II Certificates shall be designated as regular interests in such REMIC and the MR Interest shall be designated as the sole class of residual interests in the Master REMIC. The beneficial ownership of the SR Interest and the MR Interest shall be represented by the Class R Certificate.
Sample 1Sample 2Sample 3
Subsidiary REMIC Interest II shall have an initial principal balance equal to the principal balance of the Group II Mortgage Loans, as of the Cut-off Date, an interest rate equal to a fixed rate for the first Accrual Period (such that the interest on the Subsidiary REMIC Interest II for such period shall equal the scheduled interest payable on the Group II Mortgage Loans during the related Due Period (net of the Servicing Fee Rate)) and the weighted average Mortgage Rate of the Group II Mortgage Loans (net of the Servicing Fee Rate) for subsequent periods, and pay on each Distribution Date. All Realized Losses from the Group II Mortgage Loans shall be allocated to Subsidiary REMIC Interest II and all payments of principal and interest (net of fees and expenses) received from the Group II Mortgage Loans shall be paid to Subsidiary REMIC Interest II in payment of accrued interest and principal until the principal balance of such interest is reduced to zero and any losses allocated to such interest have been reimbursed. Any excess funds attributable to the Group II Mortgage Loans shall first be applied to reimburse prior losses on the Group I Mortgage Loans and then distributed to the SR Interest.
Sample 1

Related to Subsidiary REMIC Interest II

  • Subsidiary REMIC Interest Any one of the Subsidiary REMIC Interests or the SR-A-R Interest.

  • Subsidiary REMIC As described in the Preliminary Statement.

  • Subsidiary REMIC Regular Interest Any one of the "regular interests" in the Subsidiary REMIC described in the Preliminary Statement.

  • Lower Tier REMIC Interests Each of the Class LTA-1 Interest, the Class LTA-2A Interest, the Class LTA-2B Interest, the Class LTA-2C Interest, the Class LTA-2D Interest, the Class LTM-1 Interest, the Class LTM-2 Interest, the Class LTM-3 Interest, the Class LTM-4 Interest, the Class LTM-5 Interest, the Class LTM-6 Interest, the Class LTB-1 Interest, the Class LTB-2 Interest, the Class LTB-3 Interest, the Class LTIX Interest, the Class LTIIX Interest, the Class LTII1A Interest, the Class LTII1B Interest, the Class LTII2A Interest, the Class LTII2B Interest, the Class LT-IO Interest and the Class LTR Interest.

  • Class R-IV Interest The uncertificated Residual Interest in REMIC IV.

  • REMIC I Interests The REMIC I Regular Interests and the Class R-I Certificates.

  • Deemed Partnership Interest Value means, as of any date with respect to any class of Partnership Interests, the Deemed Value of the Partnership Interests of such class multiplied by the applicable Partner's Percentage Interest of such class.

  • REMIC I Assets All of the Mortgage Pool Assets.

  • Upper-Tier REMIC Distribution Account The trust account or accounts created and maintained as a separate trust account (or separate sub-account within the same account as the Lower-Tier REMIC Distribution Account) or accounts by the Certificate Administrator pursuant to Section 3.05(b) of this Agreement, which (subject to any changes in the identities of the Trustee and/or the Certificate Administrator) shall be entitled “Computershare Trust Company, National Association, as Certificate Administrator, on behalf of Wilmington Trust, National Association, as Trustee, for the benefit of the registered Holders of BMO 2022-C1 Mortgage Trust, Commercial Mortgage Pass-Through Certificates, Series 2022-C1, and the Uncertificated Interest Owners, Upper-Tier REMIC Distribution Account” and which must be an Eligible Account. The Upper-Tier REMIC Distribution Account shall be an asset of the Upper-Tier REMIC.

  • Lower-Tier REMIC Distribution Account The segregated account, accounts or sub-accounts created and maintained by the Certificate Administrator (on behalf of the Trustee) pursuant to Section 3.04(b) in trust for the Certificateholders, which shall initially be entitled “Xxxxx Fargo Bank, National Association, as Certificate Administrator, on behalf of Wilmington Trust, National Association, as Trustee, for the benefit of the registered holders of BANK 2017-BNK4, Commercial Mortgage Pass-Through Certificates, Series 0000-XXX0, Xxxxx-Xxxx REMIC Distribution Account”. Any such account, accounts or sub-accounts shall be an Eligible Account.

  • Middle-Tier REMIC As described in the Preliminary Statement.

  • Subsidiary Redesignation shall have the meaning provided in the definition of “Unrestricted Subsidiary” contained in this Section 1.01.

  • Class UT-R Interest The residual interest in the Upper-Tier REMIC as described in the Preliminary Statement and the related footnote thereto.

  • Class IO Interest An uncertificated interest in the Trust Fund held by the Trustee, evidencing a REMIC Regular Interest in REMIC III for purposes of the REMIC Provisions.

  • Class R-I Interest The uncertificated Residual Interest in REMIC I.

  • Lower-Tier REMIC As described in the Preliminary Statement.

  • Uncertificated REMIC I Pass-Through Rate With respect to any Distribution Date, a per annum rate equal to the weighted average of the Net Mortgage Rates of the Mortgage Loans in effect for the scheduled Monthly Payments due on such Mortgage Loans during the related Due Period.

  • Uncertificated REMIC II Pass-Through Rate With respect to any Distribution Date and each REMIC II Regular Interest other than REMIC II Regular Interest C, REMIC II Regular Interest P and REMIC II Regular Interest A-1, a rate per annum equal to the Pass-Through Rate for the Class of Corresponding Certificates for such Distribution Date; provided, however, that for this purpose the Net Rate Cap with respect to each such Class of Corresponding Certificates shall be equal to the weighted average of the Uncertificated REMIC I Pass-Through Rates for the REMIC I Regular Interests (other than REMIC I Regular Interest P), weighted on the basis of the Uncertificated Principal Balances of each such REMIC I Regular Interest, for such Distribution Date. With respect to REMIC II Regular Interest A-1 and (i) any Distribution Date which occurs on or prior to the Optional Termination Date, the lesser of (a) 6.50% per annum and (b) the weighted average of the Uncertificated REMIC I Pass-Through Rates for the REMIC I Regular Interests (other than REMIC I Regular Interest P), weighted on the basis of the Uncertificated Principal Balances of each such REMIC I Regular Interest, for such Distribution Date, and (ii) any Distribution Date thereafter, the lesser of (a) 7.00% per annum and (b) the weighted average of the Uncertificated REMIC I Pass-Through Rates for the REMIC I Regular Interests (other than REMIC I Regular Interest P), weighted on the basis of the Uncertificated Principal Balances of each such REMIC I Regular Interest, for such Distribution Date. With respect to REMIC II Regular Interest C, a rate per annum equal to the percentage equivalent of a fraction, the numerator of which is the sum of the amount determined for each REMIC I Regular Interest (other than REMIC I Regular Interest P) equal to the product of (x) the excess, if any, of the Uncertificated REMIC I Pass-Through Rate for such REMIC I Regular Interest over the Marker Rate and (y) a notional amount equal to the Uncertificated Principal Balance of such REMIC I Regular Interest, and the denominator of which is the aggregate Uncertificated Principal Balance of such REMIC I Regular Interests. With respect to REMIC II Regular Interest P, 0.00% per annum.

  • Upper-Tier REMIC As described in the Preliminary Statement.

  • Corresponding REMIC I Regular Interest means with respect to each Mortgage Loan, the REMIC I Regular Interest having an initial Certificate Balance equal to the Principal Balance of such Mortgage Loan outstanding as of the Cut-Off Date, after taking into account all principal and interest payments made or due prior to the Cut-Off Date.

  • L/C Interest shall have the meaning ascribed to such term in Section 3.6 hereof.

  • REMIC II Assets The REMIC I Regular Interests.

  • Class LT-R Interest The residual interest in the Lower-Tier REMIC as described in the Preliminary Statement and the related footnote thereto.

  • Lower Tier Interest As described in the Preliminary Statement.

  • Corresponding REMIC II Regular Interest means the REMIC II Regular Interest or one of the REMIC II Regular Interests, as applicable, designated as such in the Preliminary Statement with respect to any Class of Principal Balance Certificates, any EX XXXXX III Regular Interest, any Class of Class X Certificates or any Class X REMIC III Regular Interest.

  • Subsidiary Interests means, collectively, the issued and outstanding shares of stock of the Subsidiary Debtors as of the Petition Date and any options, warrants or other contractual rights to acquire any shares of stock of the Subsidiary Debtors as of the Petition Date.