Series Designation. The Series Designation establishing a Series may: (i) specify a name or names under which the business and affairs of such Series may be conducted; (ii) designate, fix and determine the relative rights, powers, authority, privileges, preferences, duties, responsibilities, liabilities and obligations in respect of Interests of such Series and the Members associated therewith (to the extent such terms differ from those set forth in this Agreement) and (iii) designate or authorize the designation of specific Officers to be associated with such Series. A Series Designation (or any resolution of the Managing Member amending any Series Designation) shall be effective when a duly executed original of the same is included by the Managing Member among the permanent records of the Company, and shall be annexed to, and constitute part of, this Agreement (it being understood and agreed that, upon such effective date, the Series described in such Series Designation shall be deemed to have been established and the Interests of such Series shall be deemed to have been authorized in accordance with the provisions thereof). The Series Designation establishing a Series may set forth specific provisions governing the rights of such Series against a Member associated with such Series who fails to comply with the applicable provisions of this Agreement (including, for the avoidance of doubt, the applicable provisions of such Series Designation). In the event of a conflict between the terms and conditions of this Agreement and a Series Designation, the terms and conditions of the Series Designation shall prevail.
Series Designation. Series 1997-4. ------------------ Terms of the Series 1997-4 Certificates: Structured Asset Securities --------------------------------------- Corporation, Series 1997-4 Mortgage Pass-Through Certificates, Class 1-A1, Class 1-A2, Class 1-AP, Class 1-AX, Class 2-A1, Class 2-A2, Class 2-A3, Class 2-A4, Class 2-A5, Class 2-A6, Class 2-A7, Class 2-A8, Class 2-A9, Class 2-AP, Class 2-AX, Class 1-B1, Class 2-B1, Class B2, Class B3, Class B4, Class B5, Class B6, Class R1 and Class R2 (the "Certificates") will evidence, in the aggregate, the entire beneficial ownership interest in a trust fund (the "Trust Fund"). The primary assets of the Trust Fund consist of two pools of adjustable rate, conventional, first lien residential mortgage loans (the "Mortgage Loans"). Only the Class 1-A1, Class 1-A2, Class 1-AP, Class 1-AX, Class 2-A1, Class 2-A2, Class 2-A3, Class 2-A4, Class 2-A5, Class 2-A6, Class 2-A7, Class 2-A8, Class 2-A9, Class 2-AP, Class 2-AX, Class R1 and Class R2 Certificates (collectively, the "Senior Certificates") and the Class 1-B1, Class 2-B1, Class B2 and Class B3 Certificates (together with the Senior Certificates, the "Offered Certificates") are being sold pursuant to the terms hereof. Registration Statement: File Number 33-99598. ---------------------- Certificate Ratings: It is a condition to the issuance of the Senior ------------------- Certificates (other than the Class 1-AP, Class 1-AX, Class 2-A5, Class 2-AP and Class 2-AX Certificates) that they be rated "AAA" by each of Duff & Xxxxxx Credit Rating Co. ("DCR") and Standard & Poor's Rating Services, a division of The XxXxxx-Xxxx Companies, Inc. ("S&P"). It is a condition to the issuance of the Class 1-AP, Class 1-AX, Class 2-A5, Class 2-AP and Class 2-AX Certificates that they be rated "AAA" by DCR and "AAAr" by S&P. It is a condition to the issuance of the Class 1-B1 and Class 2-B1 Certificates that they be rated "AA" by DCR and S&P; it is a condition to the issuance of the Class B2 Certificates that they be rated "A" by DCR; it is a condition to the issuance of the Class B3 Certificates that they be rated "BBB" by DCR.
Series Designation. 15 Section 5.3
Series Designation. The Trustees, in their discretion from time to time, may authorize the reclassification of Shares into one or more Series, each Series relating to a separate portfolio of investments and each of which Series shall be a separate and distinct subtrust of the Trust. Each Series so established hereunder shall be deemed to be a separate trust under the provisions of Delaware law. The Trustees shall have exclusive power without the requirement of Shareholder approval to establish and designate such separate and distinct Series and to fix and determine the relative rights and preferences as between the different Series. The establishment and designation of any Series shall be effective upon the execution or approval by a majority of the Trustees of an instrument or resolution setting forth the establishment and designation of such Series (or when authorized to do so, by any officer of the Trust pursuant to the vote of a majority of the Trustees of the Trust). Such instrument shall also set forth any rights and preferences of such Series which are in addition to the rights and preferences of Shares set forth in this Declaration. At any time that there are no Shares outstanding of any particular Series previously established and designated, the Trustees may by an instrument or resolution executed or approved by a majority of their number abolish or alter that Series and the establishment and designation thereof. Each instrument referred to in this paragraph shall have the status of an amendment to this Declaration.
Series Designation. The Trustees, in their discretion from time to time, may authorize the division of Shares into two or more Series, each Series relating to a separate portfolio of investments and each of which Series shall be a separate and distinct subtrust of the Trust. Each Series so established hereunder shall be deemed to be a separate trust under the provisions of Delaware law. The Trustees shall have exclusive power without the requirement of Shareholder approval to establish and designate such separate and distinct Series and to fix and determine the relative rights and preferences as between the different Series. The establishment and designation of any Series shall be effective upon the execution by a majority of the Trustees of an instrument setting forth the establishment and designation of such Series. Such instrument shall also set forth any rights and preferences of such Series which are in addition to the rights and preferences of Shares set forth in this Declaration. At any time that there are no Shares outstanding of any particular Series previously established and designated, the Trustees may by an instrument executed by a majority of their number abolish or alter that Series and the establishment and designation thereof. Each instrument referred to in this paragraph shall have the status of an amendment to this Declaration.
Series Designation. Series 1998-3. ------------------ Terms of the Series 1998-3 Certificates: Structured Asset Securities --------------------------------------- Corporation Series 1998-3 Mortgage Pass-Through Certificates, Class A-1, Class A-2, Class M-1, Class M-2, Class B, Class X and Class R (the "Certificates") will evidence, in the aggregate, the entire beneficial ownership interest in a trust fund (the "Trust Fund"). The primary assets of the Trust Fund will consist of fixed and adjustable rate, fully amortizing and balloon, conventional, first lien residential mortgage loans (the "Mortgage Loans"). Only the Class A-1, Class A-2, Class M-1, Class M-2 and Class B Certificates (the "Offered Certificates") are being sold pursuant to the terms hereof. Registration Statement: File Number 333-47499 ---------------------- Certificate Ratings: It is a condition to the issuance of the Class A ------------------- Certificates that they be rated "AAA" by each of Fitch IBCA, Inc. ("Fitch") and Standard & Poor's Rating Services, a division of The McGraw-Hill Companies, Inc. ("S&P"). It is a condition to the issuanxx xx xxx Class M-1 Certificates that they be rated "AA" by Fitch; it is a condition to the issuance of the Class M-2 Certificates that they be rated "A" by Fitch; and it is a condition to the issuance of the Class B Certificates that they be rated "BBB" by Fitch.
Series Designation. ABN AMRO Mortgage Corporation Multi-Class Mortgage Pass-Through Certificates, Series 2002-7 Terms of the Certificates and Underwriting Compensation: -------------------------------------------------------- Original Principal or Price to Class Notional Amount* Certificate Rate Public ----- ---------------- ---------------- ------ IA-1 $14,580,000 6.25% ** IA-2 $15,836,000 6.25% ** IA-3 $149,850,000 5.50% ** IA-4 $16,650,000 8.00% ** IA-5 $37,000,000 (1) ** IA-6 $37,000,000 (1) ** IA-7 $28,380,000 6.25% ** IA-8 $15,100,000 6.25% ** IA-9 $200,000 6.25% ** IA-10 $370,000 6.25% ** IA-P $224,507 *** ** IA-X $18,112,632 6.25% ** IIA-1 $60,500,000 5.75% ** IIA-2 $13,154,000 5.75% ** IIA-P $68,936 *** ** IIA-X $6,813,598 5.75% ** M $4,807,000 (2) ** B-1 $1,989,000 (2) ** B-2 $1,085,000 (2) ** R $100 5.75% ** _________________________ * Approximate. Subject in the case of each Class to a permitted variance of plus or minus 5%. ** The Certificates are being offered by the Underwriters from time to time in negotiated transactions or otherwise at varying prices to be determined, in each case, at the time of sale. *** The Class IA-P and Class IIA-P Certificates are principal-only certificates and are not entitled to payments of interest.
Series Designation. Terms of the Certificates and Underwriting Compensation: ------------------------------------------------------- Original Principal Remittance Price to Classes Amount* Rate Public ------- --------- ---------- -------- ** * Approximate. Subject to permitted variance in each case of plus or minus 5%. ** The Class __ Certificates are being offered by the Underwriter from time to time in negotiated transactions or otherwise at varying prices to be determined, in each case, at the time of sale.
Series Designation. Series may be established from time to time in accordance with this Agreement and the separate agreements establishing each Series described therein (each separate agreement, a “Series Designation”). No Series may be established except as expressly permitted by this Agreement. The terms of each Series will be as generally set forth in this Agreement and as specifically set forth in the applicable Series Designation. However, and notwithstanding any other provision of this Agreement, the terms and provisions of any Series Designation may only alter or amend the terms and provisions of this Agreement as specifically provided herein; and in no case will alter or amend any terms and provisions of any other Series Designation. For all purposes of the Act, this Agreement together with each Series Designation entered into from time to time constitute the “limited liability company agreement” of the Company within the meaning of the Act. With respect to each Series and as further described in Section 6 hereof, each Series Designation must be executed by the applicable parties thereto upon the creation of such new Series (subject to Section 11 hereof). Notwithstanding any other provision of this Agreement, the establishment of a new Series and the execution of any Series Designation will not be deemed an amendment of this Agreement for purposes of Section 16(a).
Series Designation. The Notes shall be designated as the Issuer's Franchise Loan Backed Notes, Series 1998-1.
