Interest Only Class definition
Examples of Interest Only Class in a sentence
For this purpose, each Holder of an affected Certificate issued in respect of a Series shall be deemed to be the holder of a percentage of each such affected Asset equal to the percentage obtained by dividing the then outstanding principal amount of such Holder’s Certificate (which shall be zero in the case of an Interest Only Class without a principal amount) by the then aggregate outstanding principal amount of all affected REMIC Certificates and MACR Certificates of the same Series.
During each calendar month, distribution in reduction of the Certificate Balances of the Certificates of any Class (other than the Interest Only Class) shall be made in an amount equal to the Principal Distribution Amount and shall be distributed in the amounts and in the priorities specified in the Prospectus.
In connection with actions specified in this Trust Agreement that may be taken by Holders of Certificates evidencing specified percentages, such percentages are hereby deemed to represent percentages of the Certificates of all Classes in the aggregate; provided, however, that the percentage allocated to Holders of Certificates of the Interest Only Class shall be 1.5% in the aggregate, with the remaining 98.5% being allocated among all other Classes in the aggregate on a pro rata basis.
In addition, in the event that the Class Balance of any Class (other than the Interest Only Class) is greater than zero on the Final Distribution Date after giving effect to all distributions of principal on that date from Available Funds, then ▇▇▇▇▇▇ Mae shall apply its own funds in respective amounts sufficient to reduce the Class Balance of each such Class to zero on such date.
In addition, in the event that the Class Balance of any Class (other than the Interest Only Class) is greater than zero on the Final Distribution Date after giving effect to all distributions of principal on that date from Available Funds, then ▇▇▇▇▇▇ ▇▇▇ shall apply its own funds in respective amounts sufficient to reduce the Class Balance of each such Class to zero on such date.
In addition, in the event that on any Distribution Date that is a Final Distribution Date for a Class of REMIC Certificates (other than an Interest Only Class), the applicable portion of the Certificate Account will not be sufficient to reduce the Class Balance of such Class to zero on such Final Distribution Date, then ▇▇▇▇▇▇ Mae shall apply its own funds to remedy the same.
In addition, in the event that on any Distribution Date that is a Final Distribution Date for a Class of Trust Fund Certificates (other than an Interest Only Class), the applicable portion of the Certificate Account will not be sufficient to reduce the Class Balance of such Class to zero on such Final Distribution Date, then ▇▇▇▇▇▇ Mae shall apply its own funds to remedy the same.
If the Outstanding Certificates for any Trust do not include any Certificates of an Interest Only Class or include only Certificates of one or more Interest Only Classes, 100% of the Voting Rights will be allocated to the related Classes in proportion to their Aggregate Certificate Balances.
On each Distribution Date, distributions in reduction of the Certificate Balances of the Certificates of any Class (other than the Interest Only Class) shall be applied as specified in the Prospectus.
The percentage of the voting rights allocated among Holders of the Interest Only Class Certificates shall be 1.5%; the percentage of the voting rights allocated among Holders of all other Classes of Certificates [(including the [ ] Class Certificates)] in the aggregate shall be 98.5%.