Examples of P&I Certificates in a sentence
The Trustee, by its execution and delivery hereof, acknowledges the assignment to it of the Grantor Trust I Assets and declares that it holds and will hold such assets in trust for the exclusive use and benefit of all present and future Holders of the Class P-I Certificates.
NIM Security shall mean any net interest margin security issued by an owner trust or special purpose entity that is holding all rights, title and interest in and to the Class X or Class P-I Certificates issued by the Trust Fund.
NIMS Transaction shall mean any transaction in which NIM Securities are secured, in part, by the payments on the Class X or Class P-I Certificates issued by the Trust Fund.
Och-Ziff’s key structural argument is that the IO Certificates, like many of the P&I Certificates held by the Investor Group, are labeled “senior” certificates in the Preliminary Statement of the PSAs.34 But of course, this label does not mean that Och-Ziff has a senior entitlement to all cash flows, for all purposes.
Thus, perversely, Och-Ziff’s proposed diversion of cash flows to the IO Certificates would actually increase the precise risk that subordination is intended to decrease by making it more likely that the Senior P&I Certificates will suffer Realized Losses.
This point is meaningless because the Prospectuses did not identify mass modifications as an itemized risk factor for any certificates—perhaps because few expected the magnitude of the foreclosure crisis—yet Och-Ziff would have the P&I Certificates bear it alone.
On any Distribution Date, the lesser of (i) 100% and (ii) the percentage (carried to six places rounded up) obtained by dividing the aggregate Current Principal Amounts of all Group 2 Senior P&I Certificates immediately preceding such Distribution Date by the aggregate Scheduled Principal Balance of the Group 2 Mortgage Loans (other than the applicable PO Percentage thereof) as of the beginning of the related Due Period.
On any Distribution Date, the lesser of (i) 100% and (ii) the percentage obtained by dividing the aggregate Current Principal Amounts of all Group 2 Senior P&I Certificates immediately preceding such Distribution Date by the aggregate Scheduled Principal Balance of the Mortgage Loans (other than the PO Percentage) in the related Mortgage Loan Group immediately preceding such Distribution Date.
On any Distribution Date, the lesser of (i) 100% and (ii) the percentage (carried to six places rounded up) obtained by dividing the aggregate Current Principal Amounts of all the Group 1 Senior P&I Certificates immediately preceding such Distribution Date by the aggregate Scheduled Principal Balance of the Group 1 Mortgage Loans (other than the applicable PO Percentage) as of the beginning of the related Due Period.
On any Distribution Date, the lesser of (i) 100% and (ii) the percentage (carried to six places rounded up) obtained by dividing the aggregate Current Principal Amounts of all the Group 1 Senior P&I Certificates immediately preceding such Distribution Date by the aggregate Scheduled Principal Balance of the Mortgage Loans (other than the PO Percentage) in the related Mortgage Loan Group immediately preceding such Distribution Date.