Upper-Tier REMIC definition

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

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Upper-Tier REMIC. A segregated asset pool within the Trust Fund consisting of the Lower-Tier Regular Interests and amounts held from time to time in the Upper-Tier Distribution Account.

Upper-Tier REMIC. One of the two separate REMICs comprising the Trust Estate, the assets of which consist of the Uncertificated Lower-Tier Interests and such amounts as shall from time to time be held in the Upper-Tier Certificate Account.

Examples of Upper-Tier REMIC in a sentence

• In addition, no amendment may be made under the Trust and Servicing Agreement without the Trustee and Certificate Administrator first receiving in writing an Opinion of Counsel, at the expense of the party requesting the amendment, that the amendment will not result in the imposition of federal income tax on the Trust or cause either the Lower-Tier REMIC or the Upper-Tier REMIC to fail to qualify as a REMIC.

• The Upper-Tier REMIC will also issue the uncertificated Class UR Interest, which is the sole class of “residual interests” in the Upper-Tier REMIC for purposes of the REMIC Provisions and is represented by the Class R Certificates.

• The Upper-Tier REMIC will hold the Lower-Tier Regular Interests and will issue the Class A-1, Class A-4, Class A-5, Class A-SB, Class X-B, Class A-S, Class B, Class C, Class X-A, Class X-D, Class X-E, Class X-F, Class D, Class E, Class F and Class G-RR Certificates, which will evidence the “regular interests” in the Upper-Tier REMIC created hereunder.

• The Certificate Administrator shall prepare or cause to be prepared, and file or cause to be filed with the IRS, on behalf of each of the Lower-Tier REMIC and the Upper-Tier REMIC, an application for a taxpayer identification number for such Trust REMIC on IRS Form SS-4 or obtain such number by other permissible means.

• Any Available Funds remaining in the Upper-Tier REMIC Distribution Account after all required distributions under this Agreement have been made to each Class of Regular Certificates will be deemed distributed to the Class UR Interest and shall be payable to the Holders of the Class R Certificates.

More Definitions of Upper-Tier REMIC

Upper-Tier REMIC. As defined in the Preliminary Statement, the assets of which consist of the Uncertificated Lower-Tier Interests and such amounts as shall from time to time be deemed to be held in the Upper-Tier Certificate Sub-Account.

Upper-Tier REMIC. One of the two separate REMICs comprising the Trust Fund, the assets of which consist of the Uncertificated Lower-Tier Interests and such amounts as shall from time to time be held in the Upper-Tier REMIC Distribution Account.

Upper-Tier REMIC. As described in the Preliminary Statement to this Agreement.

Upper-Tier REMIC. One of the REMICs comprising the Trust, the assets of which consist of the Lower-Tier Regular Interests and such amounts as shall from time to time be held in the Upper-Tier REMIC Distribution Account.

Upper-Tier REMIC. One of the separate REMICs as described in the Preliminary Statement hereto.

Upper-Tier REMIC. The Upper-Tier REMIC as described in Section 2.04.

Upper-Tier REMIC. The REMIC established pursuant to Section 2.08 hereof with respect to the Certificates. The assets of the Upper-Tier REMIC shall include the Upper-Tier Distribution Account and the right to receive the distributions deposited therein with respect to each Lower-Tier Interest.