Class 1R Certificates definition
Examples of Class 1R Certificates in a sentence
The Trust Administrator on behalf of the Holders of the Class 1-R Certificates, shall act as agent for the Class 1-R Certificateholder as the “tax matters person” (within the meaning of the REMIC Provisions) for Subsidiary REMIC 1, in the manner provided under Treasury regulations section 1.860F-4(d) and temporary Treasury regulations section 301.6231(a)(7)-1T.
Amounts on deposit in the Basis Risk Reserve Fund shall be withdrawn by the Trust Administrator in connection with any Distribution Date to fund the amounts required to be distributed to holders of the Group 1 Certificates (other than the Class 1-X, Class 1-P and Class 1-R Certificates) in respect of Basis Risk Shortfalls.
The Class 1-R Certificates shall represent beneficial ownership of the “residual interest” in Subsidiary REMIC 1.
A Holder of the Class 1-R Certificates, by the purchase of such Certificates, shall be deemed to have agreed to timely pay, upon demand by the Trust Administrator, the amount of any minimum California state franchise taxes due with respect to the applicable Subsidiary REMIC under Sections 23151(a) and 23153(a) of the California Revenue and Taxation Code.
The Class 1-R Certificates represent ownership of the sole class of residual interest in Subsidiary REMIC 1 for purposes of the REMIC Provisions.
For the purposes of the REMIC election in respect of REMIC I-C, the Group 1 Certificates (other than the Class 1-R Certificates) shall be designated as the Regular Interests in REMIC I-C and the Class R-IC Residual Interest shall be designated as the Residual Interest in REMIC I-C.
For the purposes of the REMIC election in respect of REMIC I-C, the Group 1 Certificates or Components thereof (other than the Class 1-R Certificates), shall be designated as the Regular Interests in REMIC I-C and the Class R-IC Residual Interest shall be designated as the Residual Interest in REMIC I-C.
By acceptance of the Group 1 Residual Certificates, the Holder of the Group 1 Residual Certificates agrees for so long as any notes insured by the NIMS Insurer and secured by all or a portion of the Class 1-C, Class 1-P, Class 1-RX or Class 1-R Certificates are outstanding, in connection with any termination hereunder, to assign and transfer any amounts in excess of par, and to the extent received in respect of such termination, to pay any such amounts to the Holders of the Class 1-C Certificates.
Series 2007-6 Pass-Through Rate: Variable Cut-off Date and date of Pooling and Servicing Agreement: April 1, 2007 First Distribution Date: May 25, 2007 No.1 Aggregate Certificate Principal Balance of the Class 1-R Certificates as of the Issue Date: $100.[_] Denomination: $100.[_] Master Servicer: CitiMortgage, Inc.
Series 2▇▇▇-▇▇▇ ▇▇▇▇▇▇▇▇▇ Percentage Interest of the Class 1-R Certificates as of the Issue Date: 100% Cut-off Date and date of Pooling and Servicing Agreement: November 1, 2006 Master Servicer and Trust Administrator: CitiMortgage, Inc.