REMIC B Sample Clauses

The REMIC B clause defines the terms and conditions related to a specific class or tranche of interests in a Real Estate Mortgage Investment Conduit (REMIC) structure, typically referred to as the "B" class. This clause outlines the rights, payment priorities, and obligations associated with REMIC B interests, such as how and when holders receive distributions, their position in the payment waterfall, and any restrictions or special provisions that apply. By clearly delineating the treatment of REMIC B interests, the clause ensures transparency for investors and helps allocate risk and returns among different classes within the REMIC.
REMIC B. On each Distribution Date, the timing and amounts of principal distributions and allocations of Realized Losses on each Class of REMIC B Regular Interests shall be identical to the timing, amounts and allocations in respect of the corresponding Classes of REMIC A Regular Interests pursuant to Section 4.08(e)(1). For these purposes, the Class TB-1 Interest corresponds to the Class TA-1 Interest, the Class TB-2 and Class TB-AIO Interests correspond to the Class TA-2 Interest, and the Class TB-4 Interest corresponds to the Class TA-4
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REMIC B. On each Distribution Date, the timing and amounts of principal distributions and allocations of Realized Losses on each Class of REMIC B Regular Interests shall be identical to the timing, amounts and allocations in respect of the Corresponding A/B Class of REMIC A Regular Interests pursuant to Section 4.08(e)(1). In cases where there are two Classes of REMIC B Regular Interests that in the aggregate correspond to a single Class of REMIC A Regular Interest, interest shortfalls shall be allocated between such two REMIC B Regular Interests first, to the REMIC B Regular Interest ending in a 3-digit number (e.g., TB-101) and then to the REMIC B Regular Interest ending in a 4-digit number (e.g., TB-1010). Amounts in the Distribution Account deemed distributed in respect of the REMIC B Regular Interests shall be treated as held by REMIC 1 for distribution in accordance with Section 4.08(d). Any portion of Available Funds remaining in REMIC B on a Distribution Date shall be distributed to the Class R Certificates in respect of the Class R-B Interest.
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REMIC B. As provided herein, the Trustee shall make an election to treat the segregated pool of assets consisting of the REMIC 3 Class P Interest as a REMIC for federal income tax purposes, and such segregated pool of assets will be designated as “REMIC B.” The REMIC B Class P Interest represents the sole class of regular interests and the Class R-B Interest represents the sole class of “residual interests” in REMIC B for purposes of the REMIC Provisions. The REMIC B Class P Interest shall have a principal balance equal to the REMIC 3 Class P Interest and shall bear interest at the same rate as the REMIC 3 Class P Interest.
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REMIC B. On each Distribution Date, the timing and amounts of principal distributions and allocations of Realized Losses on each Class of REMIC B Regular Interests shall be identical to the timing, amounts and allocations in respect of the corresponding Classes of REMIC A Regular Interests pursuant to Section 4.08(e)(1). For these purposes, the Class TB-1 Interest corresponds to the Class TA-1 Interest, the Class TB-101 Interest corresponds to the Class TA-101 Interest, the Class TB-102 Interest corresponds to the Class TA-102 Interest, the Class TB-2 and Class TB-AIO Interests in the aggregate correspond to the Class TA-2 Interest, and the Class TB-4 Interest corresponds to the Class TA-4
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Related to REMIC B

  • REMIC The Mortgage Loan is a “qualified mortgage” within the meaning of Section 860G(a)(3) of the Code (but determined without regard to the rule in Treasury Regulations Section 1.860G-2(f)(2) that treats certain defective mortgage loans as qualified mortgages), and, accordingly, (A) the issue price of the Mortgage Loan to the related Mortgagor at origination did not exceed the non-contingent principal amount of the Mortgage Loan and (B) either: (a) such Mortgage Loan is secured by an interest in real property (including permanently affixed buildings and distinct structural components, such as wiring, plumbing systems and central heating and air-conditioning systems, that are integrated into such buildings, serve such buildings in their passive functions and do not produce or contribute to the production of income other than consideration for the use or occupancy of space, but excluding personal property) having a fair market value (i) at the date the Mortgage Loan was originated at least equal to 80% of the adjusted issue price of the Mortgage Loan (together with any related Pari Passu Companion Loans) on such date or (ii) at the Closing Date at least equal to 80% of the adjusted issue price of the Mortgage Loan (together with any related Pari Passu Companion Loans) on such date, provided that for purposes hereof, the fair market value of the real property interest must first be reduced by (A) the amount of any lien on the real property interest that is senior to the Mortgage Loan and (B) a proportionate amount of any lien that is in parity with the Mortgage Loan; or (b) substantially all of the proceeds of such Mortgage Loan were used to acquire, improve or protect the real property which served as the only security for such Mortgage Loan (other than a recourse feature or other third-party credit enhancement within the meaning of Treasury Regulations Section 1.860G-2(a)(1)(ii)). If the Mortgage Loan was “significantly modified” prior to the Closing Date so as to result in a taxable exchange under Section 1001 of the Code, it either (x) was modified as a result of the default or reasonably foreseeable default of such Mortgage Loan or (y) satisfies the provisions of either sub-clause (B)(a)(i) above (substituting the date of the last such modification for the date the Mortgage Loan was originated) or sub-clause (B)(a)(ii), including the proviso thereto. Any Prepayment Premiums and Yield Maintenance Charges applicable to the Mortgage Loan constitute “customary prepayment penalties” within the meaning of Treasury Regulations Section 1.860G-1(b)(2). All terms used in this paragraph shall have the same meanings as set forth in the related Treasury Regulations.

  • REMIC III On each Distribution Date, following the distributions with respect to the Principal Balance Certificates on such Distribution Date pursuant to Section 6.5, any Collateral Support Deficits with respect to the Principal Balance Certificates on such Distribution Date will be allocated to the respective Classes of Principal Balance Certificates (other than the Exchangeable Certificates) and the respective E▇ ▇▇▇▇▇ III Regular Interests (and correspondingly, the applicable Exchangeable Certificates) as follows: (i) first, to the Class H Certificates, the Class G Certificates, the Class F Certificates, the Class E Certificates and the Class D Certificates, in that order, in each case in reduction of the Aggregate Certificate Balance of the subject Class of Principal Balance Certificates until such Aggregate Certificate Balance is reduced to zero; (ii) second, to the Class C REMIC III Regular Interest (and correspondingly, the Class C Certificates and the Class PST Certificates, pro rata, based on the Class C Percentage Interest and the Class C-PST Percentage Interest, respectively, in the Class C REMIC III Regular Interest); (iii) third, to the Class B REMIC III Regular Interest (and correspondingly, the Class B Certificates and the Class PST Certificates, pro rata, based on the Class B Percentage Interest and the Class B-PST Percentage Interest, respectively, in the Class B REMIC III Regular Interest); (iv) fourth, to the Class A-S REMIC III Regular Interest (and correspondingly, the Class A-S Certificates and the Class PST Certificates, pro rata, based on the Class A-S Percentage Interest and the Class A-S-PST Percentage Interest, respectively, in the Class A-S REMIC III Regular Interest); and (v) fifth, to the Class A-1 Certificates, the Class A-2 Certificates, Class A-SB Certificates, Class A-3 Certificates and Class A-4 Certificates, on a pro rata basis in accordance with, and in reduction of, the respective Aggregate Certificate Balances of such Classes of Principal Balance Certificates until such Aggregate Certificate Balances are reduced to zero.

  • REMIC II (a) On each Distribution Date, following any allocations of Trust Advisor Expenses on such Distribution Date pursuant to Section 6.11, the Certificate Administrator shall be deemed to distribute to itself on behalf of the Trustee, as holder of the REMIC II Regular Interests, amounts distributable to any Class of Principal Balance Certificates (other than the Exchangeable Certificates) and the ▇▇ ▇▇▇▇▇ III Regular Interests, pursuant to Section 6.5, Section 6.10 or Section 11.1, with respect to such Class’s or ▇▇ ▇▇▇▇▇ III Regular Interest’s Corresponding REMIC II Regular Interest. (b) All distributions made in respect of a Class of Class X Certificates on any Distribution Date pursuant to Section 6.5, Section 6.10 or Section 11.1, and allocable to any particular Class X REMIC III Regular Interest, shall be deemed to have first been distributed from REMIC II to REMIC III in respect of such Class X REMIC III Regular Interest’s Corresponding REMIC II Regular Interest. (c) All distributions made in respect of the Exchangeable Certificates on any Distribution Date pursuant to Section 6.5, Section 6.10 or Section 11.1, and allocable to any particular ▇▇ ▇▇▇▇▇ III Regular Interest, shall be deemed to have first been distributed from REMIC II to REMIC III in respect of such ▇▇ ▇▇▇▇▇ III Regular Interest’s Corresponding REMIC II Regular Interest. (d) [Reserved] (e) For purposes of Section 6.4(a), Section 6.4(b), Section 6.4(c) and Section 6.4(d), if the subject distribution on or in respect of any Class of REMIC III Regular Certificates, Exchangeable Certificates or ▇▇ ▇▇▇▇▇ III Regular Interest was a distribution of interest, principal, Prepayment Premiums or in reimbursement of previously allocated Collateral Support Deficits or Trust Advisor Expenses, then the corresponding distribution deemed to be made on a REMIC II Regular Interest shall be deemed to also be, respectively, a distribution of interest, principal, Prepayment Premiums or in reimbursement of previously allocated Collateral Support Deficits or Trust Advisor Expenses with respect to such REMIC II Regular Interest. (f) Any amounts remaining in the Distribution Account with respect to REMIC II on any Distribution Date after the foregoing distributions shall be distributed to the Holders of the Class R Certificates with respect to the REMIC II Residual Interest.

  • REMIC I As provided herein, the Tax Administrator will elect to treat the segregated pool of assets consisting of the Mortgage Loans (exclusive of certain amounts payable thereon) and certain other assets as a REMIC for federal income tax purposes, and such segregated pool of assets will be designated as “REMIC I”. The Class R Certificates will evidence ownership of (among other things) the sole class of “residual interests” in REMIC I for purposes of the REMIC Provisions. The Latest Possible Maturity Date for each REMIC I Regular Interest is the Rated Final Distribution Date. None of the REMIC I Regular Interests will be certificated. As provided herein, the Tax Administrator will elect to treat the segregated pool of assets consisting of the REMIC I Regular Interests as a REMIC for federal income tax purposes, and such segregated pool of assets will be designated as “REMIC II”. The Class R Certificates will evidence ownership of (among other things) the sole class of “residual interests” in REMIC II for purposes of the REMIC Provisions. The following table sets forth the designation, the REMIC II Remittance Rate and the initial Uncertificated Principal Balance for each of the REMIC II Regular Interests. The Latest Possible Maturity Date for each REMIC II Regular Interest is the Rated Final Distribution Date. None of the REMIC II Regular Interests will be certificated. A-1 Variable(1) $189,518,000 A-FX Variable(1) $165,250,000 A-S Variable(1) $82,796,000 B Variable(1) $57,956,000 C Variable(1) $41,398,000 D Variable(1) $27,598,000 E Variable(1) $48,298,000 F Variable(1) $19,319,000 G Variable(1) $19,319,000 H Variable(1) $34,498,065

  • UPPER-TIER REMIC REMIC 4.