Residual Class definition

Residual Class. A Class of REMIC Certificates representing the Residual Interest in a REMIC Pool. A REMIC Certificate of a Residual Class may be denominated by a principal amount, by the percentage of the Residual Interest that it represents in the related REMIC Pool or by a notional principal amount. In the case of REMIC Certificates of a Residual Class that are denominated by percentage interest or notional principal amount, unless the context otherwise requires, references in Articles VI, VII and VIII and Section 9.05 of this Agreement to (i) principal amount shall be regarded as references to such percentage interest or notional principal amount, (ii) specified percentages of outstanding principal amount shall be deemed to refer to such percentages of the Residual Interest or notional principal amount, and (iii) payments of principal and interest shall be regarded as references to payments of the amounts payable, however designated, on such REMIC Certificates.
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Residual Class. A Class of REMIC Certificates representing the Residual Interest in a REMIC Pool. A REMIC Certificate of a Residual Class may be denominated by a principal amount, by the percentage of the Residual Interest that it represents in the related REMIC Pool or by a notional principal amount. In the case of REMIC Certificates of a Residual Class that are denominated by percentage interest or notional principal amount, unless the context otherwise requires, references in Articles VI, VII and VIII and Section
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Residual Class. The R Class.
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Examples of Residual Class in a sentence

  • Solely for purposes of this Section, if the principal amount of a Residual Class has been reduced to zero prior to the principal amounts of all the other Classes of the related REMIC Pool having been reduced to zero, such Residual Class shall be deemed to have an aggregate outstanding principal amount of $1,000.00.

  • If there are excess proceeds after such liquidation and payments to the Holders of each such Guaranteed Maturity Class (and any related MACR Classes), such excess proceeds shall be distributed to the Residual Class for the Guaranteed Maturity REMIC Pool that held the related Underlying REMIC Class.

  • With respect to each REMIC Pool, the Holders of the Residual Class shall be entitled to receive, on a pro rata basis and upon presentation and surrender of their Certificates to the Administrator, the proceeds of the remaining Assets, if any, after all required principal and interest payments on the related Classes have been made.

  • Moreover, the distribution of the proceeds of the liquidation to the Holders of each related Regular Class or Residual Class, including any amounts paid pursuant to the Guarantor’s guarantee, is also intended to be effected as part of a qualified liquidation.

  • The Lower-Tier REMIC Residual Class is not transferable except that the Owner of the Tax Matters Person Residual Interest in the Lower-Tier REMIC may assign its interest to another Person who accepts such assignment and the designation as Tax Matters Person pursuant to Section 11.18 hereof.

  • It is expected that there shall not be any distributions to the Lower-Tier REMIC Residual Class.

  • The Lower-Tier REMIC Residual Class shall be issued from the Lower-Tier REMIC as a non-certificated interest.

  • The undersigned irrevocably undertakes to deliver to the Trustee on the Exchange Date specified below the specified amount of Amortizing Class Certificates and Residual Class Certificates held of record by the undersigned in exchange for Term Assets in the Specified Percentage (subject to rounding as described above).

  • If no Amortizing Class Certificates are still outstanding, all payments will be made to the Holders of the Residual Class Certificates.

  • The Lower-Tier REMIC Residual Class is not transferable except that the Owner of the Tax Matters Person Residual Interest in the Lower-Tier REMIC may assign its interest to another Person who accepts such assignment and the designation as Tax Matters Person pursuant to Section 11.17 hereof.


More Definitions of Residual Class

Residual Class. With respect to the REMIC, the interest therein designated as the "residual interest" for the purposes of the REMIC Provisions. The REMIC Residual Class shall be uncertificated, and shall be issuable only in Percentage Interests of 99.999% to FGRHC, Inc. and 0.001% to The Chase Manhattan Bank, as Tax Matters Person. Such interests shall be non-transferable, except that The Chase Manhattan Bank may assign such interest to another person who accepts such assignment and the designation as Tax Matters Person pursuant to Section 11.18 hereof.
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Residual Class. The A-R Class.
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Related to Residual Class

  • Residual Certificates As specified in the Preliminary Statement.

  • Class R-4 Interest The uncertificated Residual Interest in REMIC 4.

  • Class R Certificates All Certificates bearing the class designation of "Class R".

  • Class R-III Certificate Any one of the Class R-III Certificates executed by the Trustee and authenticated by the Certificate Registrar substantially in the form annexed hereto as Exhibit D and evidencing an interest designated as a "residual interest" in REMIC III for purposes of the REMIC Provisions.

  • Class R-3 Interest The uncertificated Residual Interest in REMIC 3.