Uncertificated Class C Interest definition

Uncertificated Class C Interest. An uncertificated interest having (i) the same rights to payments as the Class C Certificates, other than the rights to payments of amounts with respect to the Cap Contract, and (ii) the rights to the payments treated as distributed to the Class C Certificates under Section 2.07(d), provided, however, that such interest shall have no obligation to make any payments treated as paid by the Class C Certificates pursuant to interest rate cap agreements under Section 2.07(d).
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Uncertificated Class C Interest. An uncertificated REMIC Regular Interest having the characteristics described in the Preliminary Statement.
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Uncertificated Class C Interest. An uncertificated regular interest in the Upper Tier REMIC with an initial principal amount equal to the initial Overcollateralization Amount having (i) the same rights to payments as the Class C Certificates, other than the rights to payments of amounts with respect to the Cap Contracts, and (ii) the rights to the payments treated as distributed to the Class C Certificates under Section 9.12(w), provided, however, that such interest shall have no obligation to make any payments treated as paid by the Class C Certificates pursuant to interest rate cap agreements under Section 9.12(w).
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Examples of Uncertificated Class C Interest in a sentence

  • For federal income tax purposes, the pass-through rate on each REMIC Regular Interest (other than the Uncertificated Class C Interest and the Class UT-IO Interest) and on the sole class of residual interest in the Upper Tier REMIC shall be subject to a cap equal to the Upper Tier REMIC Net WAC Cap.

  • For federal income tax purposes, the pass-through rate on each REMIC Regular Interest (other than the Uncertificated Class C Interest) and on the sole class of residual interest in the Upper Tier REMIC shall be subject to a cap equal to the Net Rate.

  • For federal income tax purposes, the Pass-Through Rate on each REMIC Regular Interest (other than the UTS REMIC Components and the Uncertificated Class C Interest) and on the sole class of residual interest in the Upper Tier REMIC shall be subject to a cap equal to the Net Rate.

  • The Uncertificated Class C Interest shall be designated as the regular interest in the C REMIC and the Class CR Interest shall be designated as the sole class of residual interest in the C REMIC.

  • For federal income tax purposes, the Pass-Through Rate on each REMIC Regular Interest (other than the Uncertificated Class C Interest) and on the sole class of residual interest in the Upper Tier REMIC shall be subject to a cap equal to the Net Rate.

  • For federal income tax purposes, the pass-through rate on each REMIC Regular Interest (other than the Uncertificated Class C Interest) and on the sole class of residual interest in the Upper Tier REMIC shall be subject to a cap equal to the Upper Tier REMIC Net WAC Cap.

  • The C REMIC will consist of the Class UTC Interest and will be evidenced by the Uncertificated Class C Interest (which will represent the "regular interest" in the C REMIC) and the Class CR Interest as the single "residual interest" in the C REMIC.

  • On each Distribution Date, to the extent that amounts paid to the Swap Counterparty are deemed paid out of funds received in respect of the Uncertificated Class C Interest, such amounts will be treated as distributed by the Upper Tier REMIC to the Class C Certificates pro rata in payment of the amounts specified in Section 4.04(g) and then paid to the Swap Counterparty pursuant to the Swap Agreement.

  • For federal income tax purposes, the Pass-Through Rate on each REMIC Regular Interest (other than the Uncertificated Class C Interest and the Upper Tier REMIC Class C Components) and on the sole Class of residual interest in the Upper Tier REMIC shall be subject to a cap equal to the Net Rate.

  • For federal income tax purposes, the Pass-Through Rate on each REMIC Regular Interest (other than the UTS REMIC Components, the Uncertificated Class C Interest and the Class B-4 Certificates) and on the sole class of residual interest in the Upper Tier REMIC shall be subject to a cap equal to the Net Rate and the Pass-Through Rate on the Class B-4 Certificates shall be subject to a cap equal to the Net WAC.


More Definitions of Uncertificated Class C Interest

Uncertificated Class C Interest. An uncertificated interest having (i) the same rights to payments as the Class C Certificates, other than the rights to payments of amounts with respect to the Cap Contracts, to Prepayment Penalties received with respect to the Mortgage Loans, to amounts paid by the Servicer or the Seller in respect of prepayment charges pursuant to this Agreement and to amounts received in respect of any indemnification paid as a result of a prepayment charge being unenforceable in breach of representations and warranties set forth in the Transfer Agreement, and (ii) the rights to the payments treated as distributed to the Class C Certificates under Section 2.07(d), provided, however, that such interest shall have no obligation to make any payments treated as paid by the Class C Certificates pursuant to interest rate cap agreements under Section 2.07(d).
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Related to Uncertificated Class C Interest

  • Class LB Uncertificated Interest An uncertificated regular interest in the Lower-Tier REMIC which is held as an asset of the Upper-Tier REMIC and having the Original Lower-Tier Principal Amount and per annum rate of interest set forth in the Preliminary Statement hereto.

  • Class LE Uncertificated Interest An uncertificated regular interest in the Lower-Tier REMIC which is held as an asset of the Upper-Tier REMIC and having the Original Lower-Tier Principal Amount and per annum rate of interest set forth in the Preliminary Statement hereto.

  • Class LD Uncertificated Interest An uncertificated regular interest in the Lower-Tier REMIC which is held as an asset of the Upper-Tier REMIC and having the Original Lower-Tier Principal Amount and per annum rate of interest set forth in the Preliminary Statement hereto.

  • Class LC Uncertificated Interest An uncertificated regular interest in the Lower-Tier REMIC which is held as an asset of the Upper-Tier REMIC and having the Original Lower-Tier Principal Amount and per annum rate of interest set forth in the Preliminary Statement hereto.

  • Uncertificated Lower-Tier Interest A regular interest in the Lower-Tier REMIC which is held as an asset of the Upper-Tier REMIC and is entitled to monthly distributions as provided in Section 5.02(a) hereof. Any of the Class 1-L Interest, Class 1-LS Interest, Class 2-L Interest, Class 2-LS Interest, Class 3-L Interest, Class 3-LS Interest, Class 4-L Interest and Class 4-LS Interest are Uncertificated Lower-Tier Interests.