PRELIMINARY STATEMENT PRELIMINARY STATEMENT Sample Clauses
PRELIMINARY STATEMENT PRELIMINARY STATEMENT. The Board of Directors of the Depositor has duly authorized the formation of a trust (the "Trust") to issue a series of asset backed certificates with an aggregate initial Certificate Principal Balance of $490,000,000 to be known as the Saxon Asset Securities Trust 2001-1, Mortgage Loan Asset Backed Certificates, Series 2001-1 (the "Certificates"). The Certificates in the aggregate evidence the entire beneficial ownership in the Trust. The Certificates consist of the following: the Class AF-1, Class AF-2, Class AF-3, Class AF-4, Class AF-5, Class AF-6, Class MF-1, Class MF-2, Class BF-1, Class AV-1, Class MV-1, Class MV-2, Class BV-1, Class A-IO, Class PF-1, Class PV-1, Class C and Class R Certificates. In accordance with Section 10.01 of the Standard Terms, the Trustee will make elections to treat each of the segregated pools of assets described below as a real estate mortgage investment conduit (each a "REMIC" or, in the alternative, the POOLING REMIC, the SECOND-TIER REMIC, and the ISSUING REMIC). The Certificates, other than the Class R Certificates, represent ownership of the regular interests in the ISSUING REMIC for purposes of the REMIC Provisions. The Class R Certificates represents ownership of the sole class of residual interest in each of the POOLING REMIC, the SECOND-TIER REMIC, and the ISSUING REMIC for purposes of the REMIC Provisions. The ISSUING REMIC shall hold as its assets the several classes of uncertificated Lower Tier Interests in the SECOND-TIER REMIC, other than the Class LT2-R Interest, and each such Lower Tier Interest is hereby designated as a regular interest in the SECOND-TIER REMIC for purposes of the REMIC Provisions. The SECOND-TIER REMIC shall hold as its assets the several classes of uncertificated Lower Tier Interests in the POOLING REMIC, other than the Class LT1-R Interest, and each such Lower Tier Interest is hereby designated as a regular interest in the POOLING REMIC. The POOLING REMIC shall hold as its assets the property of the Trust Estate other than the Lower Tier Interests in the POOLING REMIC and the SECOND-TIER REMIC, the Prefunding Account and the Capitalized Interest Account. The startup day for each REMIC created hereby for purposes of the REMIC Provisions is the Closing Date. In addition, for purposes of the REMIC Provisions, the latest possible maturity date for each regular interest in each REMIC created hereby is the Distribution Date in March 2033. POOLING REMIC The following table sets forth (or desc...
PRELIMINARY STATEMENT PRELIMINARY STATEMENT. The Board of Directors of the Depositor has duly authorized the formation of a trust (the "Trust") to issue a series of asset backed certificates with an aggregate initial Certificate Principal Balance of $___________ to be known as the Saxon Securities Asset Trust 1997-__, Mortgage Loan Asset Backed Certificates, Series 1997-__ (the "Certificates"). The Certificates in the aggregate evidence the entire beneficial ownership in the Trust. The Certificates consist of the following: the Class A-1, Class A-2, Class A-3, Class A-4, Class A-5, Class A-6 and Class R Certificates. In accordance with Section 10.01 of the Standard Terms, the Trustee will make an election to treat certain assets of the Trust as a real estate mortgage investment conduit (the "REMIC") for federal income tax purposes. The assets of the REMIC will consist of the Mortgage Loans listed on Schedule I hereto and the Asset Proceeds Account. The "startup day" of the REMIC for purposes of the REMIC Provisions will be the Closing Date.