Interest Only Classes definition
Examples of Interest Only Classes in a sentence
On each Distribution Date, distributions in reduction of the Certificate Balances of the Certificates of any Class (other than the Interest Only Classes) 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.
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.
In addition, in the event that on any Distribution Date that is a Final Distribution Date for a Class of Upper Tier REMIC Certificates, the applicable portion of the REMIC Trust Account will not be sufficient to reduce the Class Balance of such Class (other than the Interest Only Classes) to zero on such Final Distribution Date, then ▇▇▇▇▇▇ Mae shall apply its own funds to remedy the same.
On each Distribution Date, distributions in reduction of the Certificate Balances of the Trust Fund Certificates of any Class (other than the Interest Only Classes) 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.
Such Regular Certificates shall be in the authorized denominations specified in the Prospectus Supplement (in the case of Interest Only Classes, which have no principal balances, such denominations will represent the original notional principal balances thereof).
On each Distribution Date, distributions in reduction of the Certificate Balances of the Certificates of any Class (other than the Interest Only Classes) shall be applied as specified in the Prospectus.
If the Outstanding Certificates for any Series include Certificates of one or more Interest Only Classes and one or more Classes that are not Interest Only Classes, the Voting Rights will be allocated as 75% to the principal only Class of Outstanding Certificates and 25% to the Interest Only Class or Classes of Outstanding Certificates (to be further allocated among Interest Only Classes, pro rata, based on their respective Aggregate Certificate Balances, as applicable).
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 Classes 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.
The voting rights allocated to each Class of Certificates (other than the Interest Only Classes) shall be allocated among all Holders of each such Class in proportion to the outstanding Class Balance of such Certificates.
In addition, in the event that on any Distribution Date that is the Final Distribution Date for a Class of Upper Tier REMIC Certificates, the applicable portion of the REMIC Trust Account will not be sufficient to reduce the Class Balance of such Class (other than the Interest Only Classes) to zero on the Final Distribution Date, then ▇▇▇▇▇▇ Mae shall apply its own funds to remedy the same.