Upper Sample Clauses

Upper. Tier REMIC 1 shall hold the uncertificated interests issued by Middle-Tier REMIC 1, other than the Class MT1-R Interest. Each of the Offered Certificates represent ownership of regular interests in Upper-Tier REMIC 1. Each of the Offered Certificates also represent (i) the right to receive Basis Risk Shortfalls or Unpaid Basis Risk Shortfalls and (ii) the obligation to pay Class I Shortfalls. For federal income tax purposes, the Class X Certificates represent ownership of regular interests in Upper-Tier REMIC 1 and also represent the obligation to make payments in respect of Basis Risk Shortfalls or Unpaid Basis Risk Shortfalls to the Offered Certificates to the extent payable from Monthly Excess Cashflow. The Class C-X and Class S-X Certificates shall not represent an interest in any REMIC formed hereby. The Class P Certificates represent ownership of regular interests in Upper-Tier REMIC 1. The Class R Certificate represents ownership of the sole class of residual interest in Upper-Tier REMIC 1 as well as ownership of the LT1-R and Class MT1-R Interests. Pooling REMIC 1 Pooling REMIC 1 shall issue one uncertificated interest in respect of each Mortgage Loan held by the Trust on the Closing Date, each of which is hereby designated as a regular interest in Pooling REMIC 1 (the “Pooling REMIC 1 Regular Interests”). Pooling REMIC 1 shall also issue the Class LT-R Certificate, which shall represent the sole class of residual interest in Pooling REMIC 1. Each Pooling REMIC 1 Regular Interest shall have an initial principal balance equal to the Scheduled Principal Balance of the Mortgage Loan to which it relates and shall bear interest at a per annum rate equal to the Net Mortgage Rate of such Mortgage Loan. In the event a Qualified Substitute Mortgage Loan is substituted for such Mortgage Loan (the “Original Mortgage Loan”), no amount of interest payable on such Qualified Mortgage Loan shall be distributed on such Pooling REMIC 1 Regular Interest at a rate in excess of the Net Mortgage Rate of the Original Mortgage Loan. On each Distribution Date, the Trustee shall first pay or charge as an expense of Pooling REMIC 1 all expenses of the Trust Fund (other than any expenses with respect to the Swap Agreement) that are deducted in computing the Interest Remittance Amount for such Distribution Date. On each Distribution Date the Trustee shall distribute the aggregate Interest Remittance Amount (net of expenses described in the preceding paragraph) with respect to ...
Sample 1See All (7)
Upper. Tier REMIC 1 shall hold the uncertificated interests issued by Middle-Tier REMIC 1, other than the Class MT1-R Interest. Each of the Offered Certificates related to Pool 1A and Pool 1B represent ownership of regular interests in Upper-Tier REMIC 1. Each of the Offered Certificates related to Pool 1A and Pool 1B also represents (i) the right to receive Basis Risk Shortfalls or Unpaid Basis Risk Shortfalls and (ii) the obligation to pay Class I Shortfalls. For federal income tax purposes, the Class 1-XS Component of the Class 1-X Certificates represents ownership of regular interests in Upper-Tier REMIC 1 and also represent the obligation to make payments in respect of Basis Risk Shortfalls or Unpaid Basis Risk Shortfalls to the Offered Certificates related to Pool 1A and Pool 1B to the extent payable from Pool 1A-1B Monthly Excess Cashflow. The Class 1-CX and Class 1-SX Components of the Class 1-X Certificates shall not represent an interest in any REMIC formed hereby. The Class 1-P Certificates represent ownership of regular interests in Upper-Tier REMIC 1. The Class 1-R Certificate represents ownership of the sole class of residual interest in Upper-Tier REMIC 1 as well as ownership of the LT1-R and Class MT1-R Interests. Pooling REMIC 2 shall hold the assets of the Trust Fund related to Pool 2, other than any Excluded Trust Assets, and shall issue several uncertificated interests and shall also issue the Class 2-LT-R Certificate, which is hereby designated as the sole residual interest in Pooling REMIC 2. Each uncertificated interest in Pooling REMIC 2 is hereby designated as a REMIC regular interest. Lower-Tier REMIC 2 shall hold the uncertificated interests issued by Pooling REMIC 2 and shall issue several uncertificated interests. Each such interest, other than the LT2-R Interest, is hereby designated as a REMIC regular interest. The LT2-R Interest is hereby designated as the sole residual interest in Lower-Tier REMIC 2. Middle-Tier REMIC 2 shall hold the uncertificated interests issued by Lower-Tier REMIC 2, other than the LT2-R Interest, and shall issue several uncertificated interests. Each such interest, other than the Class MT2-R Interest, is hereby designated as a REMIC regular interest. The Class MT2-R Interest is hereby designated as the sole residual interest in Middle-Tier REMIC 2. Upper-Tier REMIC 2 shall hold the uncertificated interests issued by Middle-Tier REMIC 2, other than the Class MT2-R Interest. Each of the Offered Certificates re...
Sample 1See All (4)
Upper. Tier REMIC 1 shall hold the uncertificated interests issued by Middle-Tier REMIC 1, other than the Class MT1-R Interest. Each of the Offered Certificates related to Pool 1 and Pool 2 represent ownership of regular interests in Upper-Tier REMIC 1. Each of the Class 1-AIO, Class 2-A1, Class 2-A2, and Group I Subordinate Certificates also represents the right to receive Basis Risk Shortfalls or Unpaid Basis Risk Shortfalls. For federal income tax purposes, the Class I-X Certificates represents ownership of regular interests in Upper-Tier REMIC 1 and also represent the obligation to make payments in respect of Basis Risk Shortfalls or Unpaid Basis Risk Shortfalls to the Class 1-AIO, Class 2-A1, Class 2-A2, and Group I Subordinate Certificates to the extent payable from Pool 1-2 Monthly Excess Cashflow. The Class I-P Certificates represent ownership of regular interests in Upper-Tier REMIC 1. The Class I-R Certificate represents ownership of the sole class of residual interest in Upper-Tier REMIC 1 as well as ownership of the LT1-R and Class MT1-R Interests. Pooling REMIC 2 shall hold the assets of the Trust Fund related to Pool 3, other than any Excluded Trust Assets, and shall issue several uncertificated interests and shall also issue the Class II-LT-R Certificate, which is hereby designated as the sole residual interest in Pooling REMIC 2. Each uncertificated interest in Pooling REMIC 2 is hereby designated as a REMIC regular interest. Lower-Tier REMIC 2 shall hold the uncertificated interests issued by Pooling REMIC 2 and shall issue several uncertificated interests. Each such interest, other than the LT2-R Interest, is hereby designated as a REMIC regular interest. The LT2-R Interest is hereby designated as the sole residual interest in Lower-Tier REMIC 2. Upper-Tier REMIC 2 shall hold the uncertificated interests issued by Lower-Tier REMIC 2, other than the Class LT2-R Interest. Each of the Offered Certificates related to Pool 3 (other than the Exchangeable Certificates) represent ownership of regular interests in Upper-Tier REMIC 2. The Class II-P Certificates represent ownership of regular interests in Upper-Tier REMIC 2. The Class 2-R Certificate represents ownership of the sole class of residual interest in Upper-Tier REMIC 2 as well as ownership of the LT2-R Interest. Pooling REMIC 1 Pooling REMIC 1 shall issue one uncertificated interest in respect of each Pool 1 and Pool 2 Mortgage Loan held by the Trust on the Closing Date, each of which is hereb...
Sample 1
Upper. TIER REMIC ---------------- The following table sets forth characteristics of the Certificates and the Components, together with the minimum denominations and integral multiples in excess thereof in which the Classes of Certificates shall be issuable: ============================================================================================================= Integral Multiples Initial Class Certificate Pass-Through Minimum in Excess Classes Balance or Notional Amount Rate Denomination of Minimum ------------------------------------------------------------------------------------------------------------- Class 1-A-1 $24,405,000.00 5.50000% $1,000 $1 ------------------------------------------------------------------------------------------------------------- Class 1-A-2 $46,305,000.00 5.50000% $1,000 $1 ------------------------------------------------------------------------------------------------------------- Class 1-A-3 $2,017,000.00 5.50000% $1,000 $1 ------------------------------------------------------------------------------------------------------------- Class 1-A-4 $2,708,000.00 5.50000% $1,000 $1 ------------------------------------------------------------------------------------------------------------- Class 1-A-5 $2,014,000.00 5.50000% $1,000 $1 ------------------------------------------------------------------------------------------------------------- Class 1-A-6 $2,288,000.00 5.50000% $1,000 $1 ------------------------------------------------------------------------------------------------------------- Class 1-A-7 $2,444,000.00 5.50000% $1,000 $1 ------------------------------------------------------------------------------------------------------------- Class 1-A-8 $3,860,000.00 5.50000% $1,000 $1 ------------------------------------------------------------------------------------------------------------- Class 1-A-9 $3,206,000.00 5.50000% $1,000 $1 ------------------------------------------------------------------------------------------------------------- Class 1-A-10 $2,934,000.00 5.50000% $1,000 $1 ------------------------------------------------------------------------------------------------------------- Class 1-A-11 $10,000,000.00 5.50000% $1,000 $1 ------------------------------------------------------------------------------------------------------------- Class 1-A-12 $1,285,000.00 5.50000% $1,000 $1 ------------------------------------------------------------------------------------------------------------- Class 1-A-13 $583,863....
Sample 1
Upper. Tier Interests UT-A-6, UT-A-9 and UT-A-11 will each bear interest at 3.00% per annum, subject to a cap equal to the Net WAC Rate.
Sample 1

Related to Upper

  • Upper Tier REMIC REMIC 4.

  • Rate Center Area The geographic area that has been identified by a given LEC as being associated with a particular NPA-NXX code assigned to the LEC for its provision of Telephone Exchange Services. The Rate Center Area is the exclusive geographic area that the LEC has identified as the area within which it will provide Telephone Exchange Services bearing the particular NPA-NXX designation associated with the specific Rate Center Area.

  • The Lower Tier REMIC The beneficial ownership interest of the Lower Tier REMIC shall be evidenced by the interests having the designations, original Class Balances, Interest Rates and Final Distribution Dates set forth on the Lower Tier Schedule. The Lower Tier Regular Interests shall be issued as non-certificated interests and recorded on the records of the Lower Tier REMIC as being issued to and held by Xxxxxx Xxx in its capacity as Trustee of the Upper Tier REMIC. The RL Class Certificate shall be issued as a single fully registered certificate substantially in the form of Exhibit B-2 hereto. The RL Class Certificate may be transferred and is otherwise subject to the provisions of Article V hereof. The aggregate amount of principal and interest distributable in respect of the Lower Tier Regular Interests during any calendar month shall equal the Lower Tier Distribution Amount for such calendar month. On each Distribution Date, the portion of the Lower Tier Distribution Amount distributable thereon shall be applied first to the distribution of interest accrued on each applicable Class of Lower Tier Regular Interests during the preceding Interest Accrual Period at the per annum rate specified on the Lower Tier Schedule and second to the principal thereof as described below. On each Distribution Date, the Lower Tier Principal Distribution Amount shall be applied as principal of particular Lower Tier Regular Interests in amounts corresponding to the respective amounts required to be applied as principal of their related Companion Classes from the Principal Distribution Amount as provided herein. All computations of interest accrued on the Lower Tier Regular Interests shall be made as if each year consisted of 12 months of 30 days each. Distributions on the Lower Tier Regular Interests shall be made to the Trustee of the Upper Tier REMIC by transfer of immediately available funds to the REMIC Trust Account. No distribution will be made on the RL Class Certificate, except that any distribution of the proceeds of the final remaining assets of the Lower Tier REMIC shall be distributed to the Holder thereof upon presentation and surrender of the RL Class Certificate at the Corporate Trust Office or such other office or address as may be specified in the notice of such final distribution from Xxxxxx Xxx. Xxxxxx Xxx hereby initially appoints US Bank at its corporate trust office as Paying Agent for the purpose of making distributions on the RL Class Certificate as provided herein. Xxxxxx Xxx will distribute to the Holder of the RL Class Certificate the proceeds of the remaining assets of the Lower Tier REMIC, if any, after the Class Balances of the Lower Tier Regular Interests have been reduced to zero. Interest accrued on each Class of Lower Tier Regular Interests for the related Interest Accrual Period at the applicable Interest Rate shall be distributed on each applicable Distribution Date. The total amount of interest to be distributed with respect to any Lower Tier Regular Interest on any Distribution Date shall be equal to interest at the applicable Interest Rate on the Class Balance of such Lower Tier Regular Interest prior to such Distribution Date.

  • Class Size The School shall be in compliance with Florida Constitutional Class Size Requirements, as applicable to charter schools.

  • Category 2 Funds On each purchase order for Class A shares and Class 529-A shares of Funds listed in Category 2 on the attached Schedule A that is accepted by us and for which you are responsible, you will be paid the same compensation indicated above except as follows: Compensation as Sales Charge Percentage of as Percentage Purchases Offering Price of Offering Price Less than $100,000 3.00% 3.75%

  • 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 the U.S. Department of Treasury regulations (the “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 (or related Whole Loan) was originated at least equal to 80% of the adjusted issue price of the Mortgage Loan (or related Whole Loan) on such date or (ii) at the Closing Date at least equal to 80% of the adjusted issue price of the Mortgage Loan (or related Whole Loan) 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 Section 1.860G-2(a)(1)(ii) of the Treasury Regulations). 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 premium and yield maintenance charges applicable to the Mortgage Loan constitute “customary prepayment penalties” within the meaning of Section 1.860G-1(b)(2) of the Treasury Regulations. All terms used in this paragraph shall have the same meanings as set forth in the related Treasury Regulations.

  • REMIC III (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 withdraw from the Distribution Account an amount equal to the Available Distribution Amount and shall distribute such amount (other than the amount attributable to any Excess Liquidation Proceeds, which shall be distributed in accordance with Section 6.5(b), and any Excess Interest, which shall be distributed in accordance with Section 6.5(c)), in the following amounts and order of priority:

  • REMIC Matters The Preliminary Statement sets forth the designations and "latest possible maturity date" for federal income tax purposes of all interests created hereby. The "

  • Individual Characteristics Each Receivable has the following individual characteristics as of the Cut-Off Date:

  • Pool Characteristics With respect to each Mortgage Loan Package, the Mortgage Loan characteristics set forth on Exhibit 2 to the related Assignment and Conveyance are true and complete.