Class II Notes definition
Examples of Class II Notes in a sentence
If the Master Servicer exercises this right to purchase the outstanding Class I Notes or Class II Notes, the Master Servicer will promptly purchase the related Home Equity Loans pursuant to this Section 8.08.
All calculations of interest on the Class A-I-1 and the Class II Notes shall be made on the basis of the actual number of days in an Interest Period and a year assumed to consist of 360 days.
It is the intention of the parties hereto that, solely for federal, state and local income and franchise tax purposes, the Trust shall be treated as a disregarded entity while it is wholly owned by a single person or entity, with the Group II Loans being treated as assets of the single person or entity, and the Class II Notes being debt of the entity and the provisions of this Trust Agreement shall be interpreted to further this intention.
On the second LIBOR Business Day immediately preceding (i) the Closing Date in the case of the first Interest Period and (ii) the first day of each succeeding Interest Period, the Indenture Trustee shall determine LIBOR and the Note Rates for the Class A-I-1 Notes and the Class II Notes for such Interest Period and shall inform the Issuer, the Master Servicer and the Depositor at their respective facsimile numbers given to the Indenture Trustee in writing.
On the Final Scheduled Payment Date or other final Payment Date for the Class II Notes, the amount to be paid pursuant to clause (iii) above shall be equal to the Security Balances of the Class II Notes immediately prior to such Payment Date.
The Indenture Trustee, as trustee on behalf of the Holders of the Notes, (i) acknowledges such Grant, (ii) accepts the trust under this Indenture in accordance with the provisions hereof, (iii) agrees to perform its duties as Indenture Trustee as required herein and (iv) acknowledges receipt of the Group I Policy and the Group II Policy and shall hold such Policies in accordance with the terms of this Indenture for the benefit of the Holders of the Class I Notes and Class II Notes.
Interest will accrue on the Notes during an Interest Period, on the basis of the actual number of days in such Interest Period and a year assumed to consist of 360 days, in the case of the Class A-I-1 Notes and the Class II Notes, and on the basis of a 360-day year consisting of twelve 30-day months, in the case of the remaining Classes of Notes.
Within 90 days after ascertaining the occurrence of an Event of Default which shall not have been cured or waived, unless authorized by the Securities and Exchange Commission, the Indenture Trustee shall resign with respect to the Class I Notes or the Class II Notes in accordance with Section 6.08 of this Indenture, and the Issuer shall appoint a successor Indenture Trustee for such Classes.
If the Master Servicer exercises this right to purchase the outstanding Class I or Class II Notes, the Master Servicer will promptly purchase the related Home Equity Loans pursuant to this Section 8.08.
From and after the date on which the Class II Notes are no longer outstanding and no amounts are owed to the Credit Enhancer pursuant to the terms of the Insurance Agreement, including but not limited to, amounts owed to the Credit Enhancer in respect of draws made on the Policy and for unpaid premiums, the Credit Enhancer shall have no rights or benefits hereunder and all references to the Credit Enhancer in this Indenture shall be disregarded.