Class HE definition

Class HE. B," or "Class C" means pertaining to Class HI: A Certificates, Class HI: M Certificates, Class HI: B Certificates, Class HE: A Certificates, Class HE: M Certificates, Class HE: B Certificates, and/or the Class C Certificate, as the case may be.

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Class HE. A-2 Principal Balance" means, as to any Payment Date, the Original Class HE: A-2 Principal Balance less all amounts previously distributed to Holders of Class HE: A-2 Certificates in respect of principal.

Class HE. M-1 Liquidation Loss Interest Shortfall" means, as to any Payment Date, the amount, if any, by which (a) the Class HE: M-1 Formula Liquidation Loss Interest Distribution Amount exceeds (b) any amount distributed to Class HE: M-1 Certificateholders on such Payment Date pursuant to Section 8.04(d)(8)(i).

Examples of Class HE in a sentence

• Within 75 days after the end of each calendar year, the Certificate Registrar shall furnish or cause to be furnished to each Person who at any time during the calendar year was the Holder of a Class HE: M-1 Certificate a statement containing the applicable distribution information provided pursuant to this Section aggregated for such calendar year or applicable portion thereof during which such Person was the Holder of a Class HE: M-1 Certificate.

• The Servicer shall prepare and furnish to the Trustee the statements specified below relating to the Class HI: A Certificates, the Class HI: M Certificates, the Class HI: B Certificates, the Class HE: A Certificates, the Class HE: M Certificates and the Class HE: B Certificates on or before the third Business Day next preceding each Payment Date.

• If the Servicer determines that the total amount of funds in the Certificate Account so reported by the Trustee (after giving effect to the withdrawal of the Sub-Pool HE Amount Available and any Class HE: B-2 Guaranty Payment for the related Payment Date) will be sufficient to pay in full any Class HE: M-1 Interest Deficiency Amount, Class HE: M-2 Interest Deficiency Amount and Class HE: B-1 Interest Deficiency Amount, the Servicer shall so indicate on the Monthly Report.

• If the applicable Monthly Report indicates that there is a Class HE: M-1 Interest Deficiency Amount, a Class HE: M-2 Interest Deficiency Amount and/or a Class HE: B-1 Interest Deficiency Amount, the Servicer shall promptly notify the Trustee, by telephone, of the aggregate amount of such Class HE: M-1 Interest Deficiency Amount, Class HE: M-2 Interest Deficiency Amount and Class HE: B-1 Interest Deficiency Amount.

• Distributions of interest and principal on the Class HE: B-[1][2] Certificates will be made primarily from amounts available in respect of the Home Equity Contracts.

More Definitions of Class HE

Class HE. B-1 Liquidation Loss Principal Amount" means, as to any Payment Date, the lesser of (a) the excess, if any, of the Sub-Pool HE Aggregate Liquidation Loss Principal Amount over the Class HE: B-2 Principal Balance, and (b) the Class HE: B-1 Principal Balance.

Class HE. M-1 Formula Interest Distribution Amount" means, as to any Payment Date, the sum of (a) the amount specified in clause (a) of the definition of the term "Class HE: M-1 Formula Distribution Amount" and (b) the Unpaid Class HE: M-1 Interest Shortfall, if any.

Class HE. M-2 Cross-over Date" means the Payment Date on which the Class HE: M-2 Principal Balance (after giving effect to the distributions of principal on the Class HE: M-2 Certificates on such Payment Date) is reduced to zero.

Class HE. M-1 Interest Deficiency Amount" means, as to any Payment Date, the amount, if any, by which (a) the Class HE: M-1 Formula Interest Distribution Amount exceeds (b) the amount available for distribution to the Class HE: M-1 Certificateholders pursuant to Sections 8.04(d)(4)(i) and (ii) on such Payment Date.

Class HE. B-2 Formula Distribution Amount" means, as to any Payment Date, ----------------------------------------- an amount equal to the sum of (a) one month's interest (or, as to the first Payment Date, interest from and including the Closing Date to but excluding April 15, 1997) at the Class HE: B-2 Pass-Through Rate on the excess of the Class HE: B-2 Principal Balance over the Class HE: B-2 Liquidation Loss Principal Amount, to be calculated immediately prior to such Payment Date on the basis of a 360-day year of twelve 30-day months, (b) any Unpaid Class HE: B-2 Interest Shortfall, and (c) if such Payment Date is after the Ninth Cross-over date, the Class HE: B Percentage of the Sub-Pool HE Formula Principal Distribution Amount; provided, however, that on the Ninth Cross-over date, the -------- ------- balance of any amounts that would have been distributable on such date pursuant to clause (c) of the definition of the term "Class HE: B-1 Formula Distribution Amount" (assuming a sufficient Sub-Pool HE Amount Available) but for the operation of the second proviso in such definition shall instead be included in clause (c) of this definition; and provided, further, that the aggregate of all -------- ------- amounts distributed pursuant to clause (c) of this definition shall not exceed the Original Class HE: B-2 Principal Balance.

Class HE. M-1 Formula Liquidation Loss Interest Distribution Amount" means, as to any Payment Date, the sum of (a) one month's interest (or, as to the first Payment Date, interest from and including the Closing Date to but excluding October 15, 1996) at the Class HE: M-1 Pass-Through Rate on the Class HE: M-1 Liquidation Loss Principal Amount, to be calculated immediately prior to such Payment Date on the basis of a 360-day year of twelve 30-day months, and (b) the Unpaid Class HE: M-1 Liquidation Loss Interest Shortfall, if any.

Class HE. B-2 Certificate" means any one of the Class HE: B-2 Certificates executed and delivered by the Trustee and authenticated by the Certificate Registrar substantially in the form set forth in Exhibit F and evidencing an interest designated as a "regular interest" in the Trust for purposes of the REMIC Provisions.