Class AV-3 Certificates definition

Class AV-3 Certificates. Any Certificate designated as a "Class AV-3 Certificate" on the face thereof, in the form of Exhibit A hereto, representing the right to distributions as set forth herein.

Class AV-3 Certificates. Any one of the Class AV-3 Certificates executed by the Trustee, and authenticated and delivered by the Certificate Registrar, substantially in the form annexed hereto as Exhibit A-7 and evidencing a Regular Interest in REMIC IV for purposes of the REMIC Provisions.

Class AV-3 Certificates. The First NLC Trust 2005-2 Mortgage-Backed Certificates, Series 2005-2, Class AV-3 Certificates having an initial Certificate Principal Balance and Pass-Through Rate as set forth herein and representing a Regular Interest in REMIC III.

Examples of Class AV-3 Certificates in a sentence

• Each Owner of record of a Class AV-3 Certificate will be entitled to receive such Owner’s Percentage Interest in the amounts due on such Distribution Date to the Owners of the Class AV-3 Certificates.

• The Percentage Interest of each Class AV-3 Certificate as of any date of determination will be equal to the percentage obtained by dividing the original Certificate Principal Balance of such Class AV-3 Certificate on the Startup Day by the aggregate Certificate Principal Balance of the Class AV-3 Certificates on the Startup Day.

• As provided in the Pooling and Servicing Agreement and subject to certain limitations therein set forth, Class AV-3 Certificates are exchangeable for new Class AV-3 Certificates of authorized denominations evidencing the same aggregate principal amount.

• The Class AV-3 Certificates are issuable only as registered Certificates in minimum denominations of $25,000 original Certificate Principal Balance and in integral multiples of $1,000 in excess of $25,000.

• The Owner hereof is entitled to principal payments on each Distribution Date, as hereinafter described, which will fully amortize such original Certificate Principal Balance of the Class AV-3 Certificates over the period from the date of initial issuance of the Certificates to the Final Scheduled Distribution Date for the Class AV-3 Certificates.

• The Class AV-3 Certificates are limited in right of payment to certain collections and recoveries respecting the Mortgage Loans, all as more specifically set forth herein and in the Agreement.

• Therefore, the actual outstanding principal amount of this Certificate may, on any date subsequent to June 25, 2006 (the first Distribution Date), be less than the original Certificate Principal Balance of the Class AV-3 Certificates set forth above.

• This certifies that Cede & Co. is the registered owner of a Percentage Interest (obtained by dividing the denomination of this Certificate by the aggregate Certificate Principal Balance of the Class AV-3 Certificates as of the Issue Date) in that certain beneficial ownership interest evidenced by all the Class AV-3 Certificates in REMIC IV created pursuant to a Pooling and Servicing Agreement, dated as specified above (the "Agreement"), among Ameriquest Mortgage Securities Inc.

• This certifies that Cede & Co. is the registered owner of a Percentage Interest (obtained by dividing the denomination of this Certificate by the aggregate Certificate Principal Balance of the Class AV-3 Certificates as of the Issue Date) in that certain beneficial ownership interest evidenced by all the Class AV-3 Certificates created pursuant to a Pooling and Servicing Agreement, dated as specified above (the "Agreement"), among Argent Securities Inc.

• Interest will accrue on the Class AV-3 Certificates during each Interest Accrual Period at a rate equal to the lesser of: (i) the Class AV-3 Pass-Through Rate and (ii) the Group I Cap for such Distribution Date.