Class RL Certificate definition

Class RL Certificate means the certificate substantially in the form attached hereto as Exhibit A-3.

Split View

AI-Powered Contracts

Draft, Review & Redline at the Speed of AI

Get StartedBook a Demo

Class RL Certificate has the meaning set forth in the Trust Agreement.

Class RL Certificate. Any one of the Class RL Certificates -------------------- executed, authenticated and delivered pursuant to Section 5.01, substantially in the form annexed hereto as Exhibit A-8, representing the right to distributions as set forth herein, and evidencing an interest designated as the "residual interest" in the Lower-Tier REMIC for the purposes of the REMIC Provisions.

Examples of Class RL Certificate in a sentence

• On the Closing Date, the Issuer will issue to the Trustor (and the Trustor will retain) those certain certificates designated the "Class R Certificate" and "Class RL Certificate" substantially in the forms set forth in Exhibits A- 2 and A-3 hereto, respectively.

• Each Certificateholder of a Class RL Certificate or Class R Certificate will pay when due any and all taxes imposed on the related REMIC or REMICs, as applicable, by federal or state governmental authorities.

• As set forth in Section 2.23 of the Indenture, the Class RL Certificate will represent the sole class of "residual interests" in the Lower-Tier REMIC, the Class R Certificate will represent the sole class of "residual interests" in the Upper-Tier REMIC, and an uncertificated interest in the Issuer, designated the "X-IO Interest," will represent beneficial ownership of a "regular interest" in the Upper-Tier REMIC.

More Definitions of Class RL Certificate

Class RL Certificate substantially in the forms set forth in Exhibits A-2 and A-3 hereto, respectively. The Class R and RL Certificates will constitute noneconomic residual interests under Treasury Regulations. Additionally, on the Closing Date, the Issuer will issue to the Trustor (and the Trustor will retain) the X-IO Interest, which will have no principal balance and will represent the entitlement on any Payment Date to the excess of (i) the amount payable in respect of the IO Q- REMIC Interest for such Payment Date over (ii) the Transfer Amount for such Payment Date. For federal income tax purposes, the X-IO Interest will represent ownership of the UT-XIO Regular Interest described in Section 2.22 of the Indenture.

Class RL Certificate. Any one of the Certificates designated on the face thereof as a Class RL Certificate, substantially in the form annexed hereto as Exhibit A-RL, authenticated and delivered by the Trustee, representing the right to receive distributions as set forth herein, and evidencing an interest designated as the "residual interest" in the Lower-Tier REMIC for the purposes of the REMIC Provisions.

Class RL Certificate. The uncertificated right to receive distributions as set forth herein, and evidencing an interest designated as the "residual interest" in the Lower-Tier REMIC for the purposes of the REMIC Provisions.