Residual Class definition

Residual Class. A Class of REMIC Certificates representing the Residual Interest in a REMIC Pool. A REMIC Certificate of a Residual Class may be denominated by a principal amount, by the percentage of the Residual Interest that it represents in the related REMIC Pool or by a notional principal amount. In the case of REMIC Certificates of a Residual Class that are denominated by percentage interest or notional principal amount, unless the context otherwise requires, references in Articles VI, VII and VIII and Section 9.05 of this Agreement to (i) principal amount shall be regarded as references to such percentage interest or notional principal amount, (ii) specified percentages of outstanding principal amount shall be deemed to refer to such percentages of the Residual Interest or notional principal amount, and (iii) payments of principal and interest shall be regarded as references to payments of the amounts payable, however designated, on such REMIC Certificates.
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Residual Class. A Class of REMIC Certificates representing the Residual Interest in a REMIC Pool. A REMIC Certificate of a Residual Class may be denominated by a principal amount, by the percentage of the Residual Interest that it represents in the related REMIC Pool or by a notional principal amount. In the case of REMIC Certificates of a Residual Class that are denominated by percentage interest or notional principal amount, unless the context otherwise requires, references in Articles VI, VII and VIII and Section
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Residual Class. The A-R Class.
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Examples of Residual Class in a sentence

  • Regular and Residual Classes: Class RR is a Residual Class and represents the Residual Interest of the Issuing REMIC and the Pooling REMIC.

  • Therefore, if you own a Residual Class, you may have certain tax administrative obligations, for which we will act as your attorney-in-fact and agent.

  • Pursuant to the Trust Agreement, we will be obligated to provide to the Holder of a Residual Certificate (i) information necessary to enable it to prepare its federal income tax returns and (ii) any reports regarding the Residual Class that may be required under the Code.

  • Accordingly, the Agreement prohibits the transfer of an interest in a Residual Class to or from a foreign investor without our written consent.See Certain Federal Income Tax Consequences Ì Transfers of Interests in a Residual Class Ì Additional Transfer Restrictions in the OÅering Circular.

  • Accordingly, the Agreement prohibits the transfer of an interest in a Residual Class to or from a foreign investor without our written consent.See Certain Federal Income Tax Consequences Ì Transfers of Interests in a Residual Class Ì Additional Transfer Restrictions in the Offering Circular.

  • If you receive consideration for a Residual Class, you should consult your tax advisor.

  • Solely for purposes of this Section, if the principal amount of a Residual Class has been reduced to zero prior to the principal amounts of all the other Classes of the related REMIC Pool having been reduced to zero, such Residual Class shall be deemed to have an aggregate outstanding principal amount of $1,000.00.

  • If there are excess proceeds after such liquidation and payments to the Holders of each such Guaranteed Maturity Class (and any related MACR Classes), such excess proceeds shall be distributed to the Residual Class for the Guaranteed Maturity REMIC Pool that held the related Underlying REMIC Class.

  • Unless otherwise provided in the related Terms Supplement, Residual Classes shall not be issued in book-entry form but shall be issued only in fully registered, certificated form in minimum original principal amounts (or minimum original notional principal amounts) of $1,000 and additional increments of $1 or, in the case of a Residual Class without an Original Principal Amount, in minimum percentages of the Residual Interest of 1%.

  • R will be the ""Residual Class'' and the other Classes shown on the front cover will be ""Regular Classes.'' The Residual Class will be subject to transfer restrictions.


More Definitions of Residual Class

Residual Class. With respect to the REMIC, the interest therein designated as the "residual interest" for the purposes of the REMIC Provisions. The REMIC Residual Class shall be uncertificated, and shall be issuable only in Percentage Interests of 99.999% to FGRHC, Inc. and 0.001% to The Chase Manhattan Bank, as Tax Matters Person. Such interests shall be non-transferable, except that The Chase Manhattan Bank may assign such interest to another person who accepts such assignment and the designation as Tax Matters Person pursuant to Section 11.18 hereof.
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Residual Class. The R Class.
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Related to Residual Class

  • Residual Certificates As specified in the Preliminary Statement.

  • Class R-4 Interest The uncertificated Residual Interest in REMIC 4.

  • Class R Certificates All Certificates bearing the class designation of "Class R".

  • Class R-III Certificate Any one of the Class R-III Certificates executed by the Trustee and authenticated by the Certificate Registrar substantially in the form annexed hereto as Exhibit D and evidencing an interest designated as a "residual interest" in REMIC III for purposes of the REMIC Provisions.

  • Class R-3 Interest The uncertificated Residual Interest in REMIC 3.

  • Class R-II Certificate Any one of the Class R-II Certificates executed by the Trustee and authenticated by the Certificate Registrar substantially in the form annexed hereto as Exhibit D and evidencing an interest designated as a "residual interest" in REMIC II for purposes of the REMIC Provisions.

  • Class R-IV Interest The uncertificated Residual Interest in REMIC IV.

  • Class R-X Certificate Any one of the Class R-X Certificates executed by the Trustee and authenticated and delivered by the Certificate Registrar, substantially in the form annexed hereto as Exhibit A-R-X and evidencing the ownership of the Class R-IV Interest, the Class R-V Interest and the Class R-VI Interest.

  • Class R-II Interest The uncertificated Residual Interest in REMIC II.

  • Class R-I Certificate Any one of the Class R-I Certificates executed by the Trustee and authenticated by the Certificate Registrar substantially in the form annexed hereto as Exhibit D and evidencing an interest designated as a "residual interest" in REMIC I for purposes of the REMIC Provisions.

  • Class R-I Interest The uncertificated Residual Interest in REMIC I.

  • Class R-III Interest The uncertificated Residual Interest in REMIC III.

  • Class R-2 Certificate Any Certificate designated a “Class R-2 Certificate” on the face thereof, in the form set forth in Exhibit A-5 hereto, evidencing the Residual Interest in REMIC II and representing the right to the Percentage Interest of distributions provided for the Class R-2 Certificates as set forth herein.

  • Class R-1 Interest The uncertificated Residual Interest in REMIC 1.

  • Class X Certificates All Certificates bearing the class designation of "Class X".

  • Class X Certificate Any one of the Certificates with a "Class X" designation on the face thereof, substantially in the form of Exhibit A-1, and evidencing a "regular interest" in REMIC II for purposes of the REMIC Provisions.

  • Class R-1 Certificate Any Certificate designated a “Class R-1 Certificate” on the face thereof, in the form set forth in Exhibit A-5 hereto, evidencing the Residual Interest in REMIC I and representing the right to the Percentage Interest of distributions provided for the Class R-1 Certificates as set forth herein.

  • REMIC III CERTIFICATES has the meaning set forth in the final paragraph of the Preliminary Statement hereto.

  • Class R Certificate The Class R Certificate executed by the Trustee, and authenticated and delivered by the Certificate Registrar, substantially in the form annexed hereto as Exhibit A and evidencing the ownership of the Class LT-R Interest and the residual interest in the Upper Tier REMIC.

  • Class R-2 Residual Interest The uncertificated undivided beneficial interest in REMIC II which has been designated as the single class of “residual interest” in REMIC II pursuant to Section 2.11. The Class R-2 Residual Interest, together with the REMIC II Regular Interests, shall be deemed to be a separate series of beneficial interests in the assets of the Trust consisting of the REMIC II Assets pursuant to Section 3806(b)(2) of the Statutory Trust Statute.

  • REMIC III Certificate Any Regular Certificate or Class R Certificate.

  • REMIC III Certificateholder The Holder of any REMIC III Certificate.

  • Class R-1 Residual Interest The uncertificated undivided beneficial interest in REMIC I which has been designated as the single class of “residual interest” in REMIC I pursuant to Section 2.06.

  • Regular Certificates As specified in the Preliminary Statement.

  • Residual Certificate The Class R Certificate.

  • Subordinate Certificate Writedown Amount As to any Distribution Date, the amount by which (i) the sum of the Class Principal Amounts of all the Certificates (after giving effect to the distribution of principal and the application of Realized Losses in reduction of the Certificate Principal Amounts of the Certificates on such Distribution Date) exceeds (ii) the aggregate Scheduled Principal Balance of the Mortgage Loans for such Distribution Date.