Tier Series definition
Examples of Tier Series in a sentence
In a Series in which the Assets include a Callable Class of CPCs, the Administrator shall not exercise its right to redeem the Classes of REMIC Certificates (or, in a Double- Tier Series, the Lower-Tier Classes) if it has received notice that such Callable Class is to be redeemed.
As to any Three Tier Series, the portion of the Trust Fund as to which a REMIC election is made that consists of (i) the Lower Tier Regular Interests of such Trust and all proceeds thereof and (ii) any other assets specified in the related Issue Supplement.
As to any Two Tier Series or Three Tier Series, the schedule designated as such and attached as an exhibit to the related Issue Supplement.
As to any Two Tier Series, the portion of the Trust Fund as to which a REMIC election is made that consists of (i) the related Lower Tier Regular Interests and all proceeds thereof, (ii) any Retail Cash Deposit Account for such Trust and all amounts held therein or credited thereto and (iii) any other assets specified in the related Issue Supplement.
As to any Two Tier Series or Three Tier Series, the interests issued hereunder and specified in the related Lower Tier Schedule other than the RL Class Certificate.
The RL Class Certificate of each Two Tier Series or Three Tier Series is hereby designated as the sole “residual interest” in the related Lower Tier REMIC within the meaning of Section 860G(a)(2) of the Internal Revenue Code, and the Lower Tier Regular Interests of each such Two Tier Series or Three Tier Series are hereby designated as “regular interests” in such REMIC within the meaning of Section 860G(a)(1) of the Internal Revenue Code.
As to any Three Tier Series, the schedule designated as such and attached as an exhibit to the related Issue Supplement.
Two Tier Series: Any Series with only a Lower Tier REMIC and an Upper Tier REMIC.
As to any Three Tier Series, the Middle Tier Regular Interests and the RM Class Certificate of such Series.
Any Lower Tier Regular Interests will be non-certificated interests and will be held in the related Upper Tier REMIC (in the case of a Two Tier Series) or in the related Middle Tier REMIC (in the case of a Three Tier Series).