Class S Rate definition
Class S Rate. With respect to REMIC II Regular Interest II-LTS and the Class S Certificates;
Class S Rate. An interest rate per annum equal to 7.29%.
Class S Rate. With respect to the Class S Certificates, (A) in the case of the 1st Distribution Date through the 30th Distribution Date, a per annum rate equal to the excess of (i) the REMIC II Remittance Rate for REMIC II Regular Interest II-LTSE over (ii) the excess (but not less than zero) of (x) the REMIC II Remittance Rate for REMIC II Regular Interest II-LTSE over (y) 5.00% per annum; and (B) in the case of each Distribution Date thereafter, 0.00% per annum.
More Definitions of Class S Rate
Class S Rate. With respect to REMIC II Regular Interest II-LTS1, (A) in the case of the 1st Distribution Date through the 30th Distribution Date, a per annum rate equal to the excess of (i) the REMIC I Remittance Rate for REMIC I Regular Interest I-LT1 over (ii) the excess (but not less than zero) of (x) the REMIC I Remittance Rate for REMIC I Regular Interest I-LT1 over (y) 6.00% per annum; and (B) in the case of each Distribution Date thereafter, 0.00% per annum. With respect to REMIC II Regular Interest II-LTS2, (A) in the case of the 1st Distribution Date through the 30th Distribution Date, a per annum rate equal to the excess of (i) the REMIC I Remittance Rate for REMIC I Regular Interest I-LT2 over (ii) the excess (but not less than zero) of (x) the REMIC I Remittance Rate for REMIC I Regular Interest I-LT2 over (y) 6.00% per annum; and (B) in the case of each Distribution Date thereafter, 0.00% per annum.