Base Offering Circular Multifamily
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Regular Interest ......................... An interest in a Trust REMIC that is designated as a regular
interest under the REMIC Provisions. In the case of a Double
REMIC Series, the Regular Interests in the Pooling REMIC will
be the Pooling REMIC Subaccounts.
Regular Security........................ Any Security that is a Regular Interest in a Trust REMIC.
REMIC ...................................... A real estate mortgage investment conduit within the meaning of
section 860D(a) of the Code.
REMIC Provisions .................... Provisions of the federal income tax law relating to REMICs,
which appear at section 860A through 860G of Subchapter M of
Chapter 1 of Subtitle A of the Code, and related sections, and
regulations and administrative pronouncements promulgated
thereunder, as the foregoing may be in effect from time to time.
REMIC Security........................ A Ginnie Mae REMIC Security.
REMIC Series ........................... A series of Ginnie Mae REMIC Securities issued pursuant to a
Trust Agreement and having the numerical or other designation
specified in the related Trust Agreement.
REMIC Standard Trust
Provisions..................................
With respect to each Trust, the standard trust provisions in effect
as of the date of the Trust Agreement and which are incorporated
therein by reference.
Reserve Interest Rate................. With respect to each Trust, the rate per annum that the related
Trustee determines to be either (a) the arithmetic mean
(rounding such arithmetic mean upwards, if necessary, to the
nearest whole multiple of 1/16%) of the Eurodollar lending rates
of the applicable maturity that the New York City banks selected
by the Trustee are quoting, on the relevant Floating Rate
Adjustment Date, to the principal London offices of leading
banks in the London interbank market or (b) in the event that the
Trustee can determine no such arithmetic mean, the lowest
Eurodollar lending rate of the applicable maturity that the New
York City banks selected by the Trustee are quoting on that
Floating Rate Adjustment Date to leading European banks.
Residual Class ........................... A Class representing the entire Residual Interest in one or more
Trust REMICs.
Residual Holder......................... A Holder of a Residual Security.
Residual Interest........................ An interest in a Trust REMIC that is designated in the Trust
Agreement as a residual interest under the REMIC Provisions.