CR Certificate definition
Examples of CR Certificate in a sentence
Each owner of record of a Class CR Certificate will be entitled to certain distributions, as described under Article IV of the Pooling and Servicing Agreement.
The Trust Agreement pursuant to which this Class C-R Certificate is issued also provides for the issuance of other Classes and Series of Certificates from time to time.
The Class C-R Certificates of the 1998-1 Series and all other Series of Class C-R Certificates issued under the Trust Agreement are payable out of the Trust Estate pari passu among such Class C-R Certificateholders equally and ratably without prejudice, priority or distinction between any Class C-R Certificate by reason of time of issue or otherwise.
Notwithstanding the definition of Certificate Interest Rate set forth above, if any Class A-R, Class B-R or Class C-R Certificate in this Series is not repaid by its Scheduled Maturity, then, for any Accrual Period commencing on or after such Scheduled Maturity, the Certificate Interest Rate on such Certificate shall be increased by 1.00%.
This Class C-R Certificate is issued under and is subject to the terms, provisions and conditions of the Trust Agreement, to which Trust Agreement the holder of this Class C-R Certificate by virtue of such Holder's acceptance hereof assents and by which such Holder is bound.
This Class C-R Certificate and the Trust Agreement shall be governed by and construed in accordance with the internal laws of the State of New York, without regard to conflicts of laws principles.
Subject to the terms of the Trust Agreement, the principal payable on this Class C-R Certificate shall be paid on each Payment Date during the term of the Trust Agreement, beginning on the Initial Payment Date.
This Class C-R Certificate bears interest during each Accrual Period on the Outstanding Principal Amount hereof (as of the first day of the Accrual Period) at the Certificate Interest Rate, until and including the last day preceding the Payment Date on which the Outstanding Principal Amount hereof has been reduced to zero.
All payments of principal with respect to all of the Class C-R Certificates of a Series shall be made on a pro rata basis based upon the ratio that the Outstanding Principal Amount of a Class C-R Certificate bears to the Outstanding Principal Amount of all Class C-R Certificates of such Series; provided that, if as a result of such proration a -------- portion of such principal would be less than $0.01, then such payment shall be reduced to the nearest whole cent.
Thus, each Class 1-A-2, Class 1-M, Class 1-B and Class C-R Certificate shall be treated as representing not only ownership of a Regular Interest in REMIC 4, but also ownership of an interest in, and obligations with respect to, a notional principal contract.