Subsidiary REMIC Interest I definition

Subsidiary REMIC Interest I shall have an initial principal balance equal to the principal balance of the Group I Mortgage Loans, plus the Pre-Funded Amount allocable to Loan Group I, in each case 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 I for such period shall equal the scheduled interest payable on the Group I Mortgage Loans during the related Due Period (net of the Servicing Fee Rate)) and the weighted average Mortgage Rate of the Group I Mortgage Loans (net of the Servicing Fee Rate) for subsequent periods, and pay on each Distribution Date. All Realized Losses from the Group I Mortgage Loans shall be allocated to Subsidiary REMIC Interest I and all payments of principal and interest (net of fees and expenses) received from the Group I Mortgage Loans shall be paid to Subsidiary REMIC Interest I 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 I Mortgage Loans shall first be applied to reimburse prior losses on the Group II Mortgage Loans and then distributed to the SR Interest.
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Subsidiary REMIC Interest I shall have an initial principal balance equal to the principal balance of the Group I Mortgage Loans as of the Cut-off Date, an interest rate equal to the weighted average Mortgage Rate of the Group I Mortgage Loans (net of the Servicing Fee Rate and Master Servicer Fee Rate), and pay on each Distribution Date. All Realized Losses from the Group I Mortgage Loans shall be allocated to Subsidiary Interest I and all payments of principal and interest (net of fees and expenses) received from the Group I Mortgage Loans shall be paid to Subsidiary REMIC Interest I 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 II Mortgage Loans and then distributed to the SR Interest.
Sample 1Sample 2
Subsidiary REMIC Interest I shall have an initial principal balance equal to the principal balance of the Group I Mortgage Loans, plus the Pre-Funded Amount allocable to Loan Group I, in each case as of the Cut-off Date, an interest rate equal to the weighted average Mortgage Rate of the Group I Mortgage Loans (net of the Servicing Fee Rate and Master Servicer Fee Rate), and pay on each Distribution Date. All Realized Losses from the Group I Mortgage Loans shall be allocated to Subsidiary Interest I and all payments of principal and interest (net of fees and expenses) received from the Group I Mortgage Loans shall be paid to Subsidiary REMIC Interest I 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 II Mortgage Loans and then distributed to the SR Interest.
Sample 1

Related to Subsidiary REMIC Interest I

  • 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.

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

  • REMIC I Assets All of the Mortgage Pool Assets.

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

  • 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 account or accounts created and maintained as a separate account (or separate sub-account within the same account as another 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 “Citibank, N.A., as Certificate Administrator, on behalf of Wilmington Trust, National Association, as Trustee, for the benefit of the registered Holders of Benchmark 2019-B12 Mortgage Trust, Commercial Mortgage Pass-Through Certificates, Series 2019-B12, Lower-Tier REMIC Distribution Account” and which must be an Eligible Account. The Lower-Tier REMIC Distribution Account shall be an asset of the Lower-Tier REMIC.

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

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

  • 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.

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

  • 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.

  • 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.

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

  • 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.

  • Corresponding REMIC I Regular Interest means the REMIC I Regular Interest that relates to any particular Mortgage Loan (including an REO Mortgage Loan) or Qualifying Substitute Mortgage Loan that replaces such Mortgage Loan, which REMIC I Regular Interest has the characteristics described in the Preliminary Statement.

  • REMIC II Assets The REMIC I Regular Interests.

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

  • REMIC II Interests means, collectively, the REMIC II Regular Interests and the Class R-II Certificates.

  • Corresponding REMIC II Regular Interest means the REMIC II Regular Interest as defined in the Preliminary Statement with respect to any Class of Corresponding Certificates or any Corresponding Component.

  • Lower Tier Interest As described in the Preliminary Statement.

  • Lower Tier REMIC Regular Interest As specified in the Preliminary Statement.