Holders of the Residual Interest Certificates. (a) Any sums to be distributed or otherwise paid hereunder or under the Owner Trust Agreement to the holders of the Residual Interest Certificates shall be paid to such holders pro rata based on their percentage holdings in the Residual Interest; (b) Where any act or event hereunder is expressed to be subject to the consent or approval of the holders of the Residual Interest Certificates, such consent or approval shall be capable of being given by the holder or holders of not less than 51% of the Residual Interest in aggregate.
Appears in 14 contracts
Sources: Sale and Servicing Agreement (Bcap LLC), Sale and Servicing Agreement (Hsi Asset Securitization Corp), Sale and Master Servicing Agreement (Painewebber Mort Acce Corp Iv Fremont Home Ln Own Tr 1999-2)
Holders of the Residual Interest Certificates. (a) Any sums to be distributed or otherwise paid hereunder or under the Owner Trust Agreement to the holders of the Residual Interest Certificates shall be paid to such holders pro rata based on their percentage holdings in the Residual Interest;
(b) Where any act or event hereunder is expressed to be subject to the consent or approval of the holders of the Residual Interest Certificates, such consent or approval shall be capable of being given by the holder or holders of not less than 51% of the Residual Interest in aggregate.
Appears in 2 contracts
Sources: Sale and Servicing Agreement (Empire Funding Home Loan Owner Trust 1997-4), Sale and Servicing Agreement (Ditech Funding Corp Home Loan Owner Trust 1997-1)