Class A-1 Bonds definition
Examples of Class A-1 Bonds in a sentence
In addition, to the extent the amounts payable pursuant to Section 3.05 or Section 5.02 exceed amounts available therefor, the Reserve Fund Release Amount shall be allocated to the Class A-1 Bonds and the Class A-2 Bonds pro rata based on the remaining shortfall after allocation of all other available funds.
The Class A-1 Bonds and the other Classes of Bonds issued by the Issuer are and will be equally and ratably secured by the collateral pledged as security therefor, as provided in the Indenture.
All principal payments on the Class A-1 Bonds shall be made pro rata to the Class A-1 Bondholders entitled thereto based on the respective principal amounts of the Class A-1 Bonds held by them.
The interest rate for the Class A-1 Bonds (the "Class A-1 Interest Rate") on each Payment Date after the first Payment Date and up to and including the Payment Date on which the Issuer is first permitted to exercise its option to redeem the Bonds will be equal to the lesser of (i) a per annum floating rate equal to LIBOR (as defined in the Master Servicing Agreement), for the related Interest Accrual Period plus 0.38% and (ii) 10% per annum.
As provided in the Indenture, the Class A-1 Bonds may be redeemed, in whole but not in part, at the option of the Issuer on any Payment Date at the Optional Redemption Price if, after giving effect to payments that would otherwise be made on such Payment Date, the Outstanding Amount of the Bonds has been reduced to less than five percent of the initial principal balance thereof.
In addition, as provided in the Indenture, if the Seller is required to repurchase the RRB Property pursuant to Section 5.01(b) of the Sale Agreement, the Issuer will be required to redeem all outstanding Bonds, including the Class A-1 Bonds, on or before the fifth Business Day following the Repurchase Date (as defined in the Sale Agreement).
The Indenture also contains provisions permitting (i) the Bond Insurer or (ii) if the Bond Insurer defaults, the Holders of Bonds representing specified percentages of the aggregate Bond Principal Balance of the Class A-1 Bonds and Class B Bonds and Notional Amount of the Class A-IO Bonds on behalf of the Holders of all the Bonds, to waive any past Default under the Indenture and its consequences.
Dated: February 26, 1999 IMPAC CMB TRUST SERIES 1999-1 BY: WILMINGTON TRUST COMPANY, not in its individual capacity but solely in its capacity as Owner Trustee By:_______________________________________ Authorized Signatory INDENTURE TRUSTEE'S CERTIFICATE OF AUTHENTICATION This is one of the Class A-1 Bonds referred to in the within-mentioned Indenture.
The Class A-1 Bonds shall be issued in an aggregate initial principal amount of $174,503,831, the Class M-1 Bonds shall be issued in an aggregate initial principal amount of $9,500,000, the Class M-2 Bonds shall be issued in an aggregate initial principal amount of $8,000,000 and the Class B Bonds shall be issued in an aggregate initial principal amount of $7,000,000.
The Bonds shall be issuable as registered Class A-1 Bonds or Class A-2 Bonds and shall be issuable in a minimum initial Class A-1 Bond Principal Balance or Class A-2 Bond Principal Balance, as the case may be, of $25,000 and in integral multiples of $1 in excess thereof.