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 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 1See All (13)
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Upper division Exception: The Utah Board of Higher Education, after consulting with the state board, may annually approve additional upper division courses for concurrent enrollment.
Sample 1Sample 2Sample 3See All (7)
Upper division math, social science and speech courses should be taken at Oregon Tech in order to meet the upper-division credit requirements.
Sample 1Sample 2
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
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

Related to Upper

  • UPPER-TIER REMIC REMIC 4.

  • 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 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:

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