Class C Interest. On each Business Day, the Trustee, acting in accordance with instructions from the Servicer, shall withdraw from the Collection Account and pay to the Class C Certificateholders to the extent of Total Finance Charge Collections for such Business Day (after giving effect to the withdrawals pursuant to subsections 4.6(a)(i) through (x) of the Agreement), an amount equal to (x) the amount of interest which has accrued with respect to the outstanding aggregate principal amount of the Class C Certificates at the Class C Certificate Rate but which has not been paid to the Class C Certificateholders PLUS (y) additional interest at the Class C Certificate Rate for interest that has accrued on interest that was due pursuant to this subsection but was not previously paid to the Class C Certificateholders.
Class C Interest. On each Business Day during a Monthly Period, the Trustee, acting in accordance with instructions from the Servicer, shall withdraw from the Collection Account and deposit into the Interest Funding Account for distribution on the next Distribution Date to the Class C Certificateholders, to the extent of any Available Series 1997-2 Finance Charge Collections remaining after giving effect to the withdrawal pursuant to subsections 4.9(a)(i) and (ii) of the Agreement, an amount equal to the lesser of (x) any such remaining Available Series 1997-2 Finance Charge Collections and (y) the excess of (1) the sum of Class C Interest and Carryover Class C Interest OVER (2) any amounts with respect thereto previously deposited into the Interest Funding Account on any prior Business Day during such Monthly Period. Notwithstanding anything to the contrary herein, the portion of Carryover Class C Monthly Interest that constitutes Class C Additional Interest shall be payable or distributable to Class C Certificateholders only to the extent permitted by applicable law.
Class C Interest. 11 Class M-1 Certificate......................................................................................11 Class M-1 Principal Distribution Amount....................................................................11 Class M-2 Certificate......................................................................................11 Class M-2 Principal Distribution Amount....................................................................11 Class M-3 Certificate......................................................................................12 Class M-3 Principal Distribution Amount....................................................................12 Class M-4 Certificate......................................................................................13 Class M-4 Principal Distribution Amount....................................................................13 Class M-5 Certificate......................................................................................14 Class M-5 Principal Distribution Amount....................................................................14
Class C Interest. On the Closing Date, there shall be created an interest in the Trust (the “Class C Interest”) that will confer to its holder the right to cause the Trust to redeem or repurchase the Bonds in the manner and under the circumstances set forth in Section 10.1 of the Indenture and Section 7.01 of the Master Servicing Agreement. Such right shall be the sole right conferred upon the holder of the Class C Interest. Other than as set forth in this Section 4.12, the holder of the Class C Interest shall have no duties, rights or powers with respect to the Trust and no economic interest in the Trust. The Class C Interest shall not be evidenced by a physical certificate and shall be duly authorized, validly issued and entitled to the benefits of this Agreement upon entry of such interest and the holder thereof in the Certificate Register. The Certificate Registrar is hereby authorized and directed to cause an entry to be made in the Certificate Register registering the Class C Interest in the name of Redwood Trust, Inc. The Class C Interest may not be transferred except to an Affiliate of the initial holder thereof and following receipt of an Opinion of Counsel by the Trust and the Owner Trustee reasonably satisfactory to the Owner Trustee providing that such transfer will not (a) violate any provisions of ERISA or any Similar Law, (b) result in a violation of the Securities Act or require the Trust to register any securities under the Securities Act or the Trust under the Investment Company Act of 1940, as amended or (c) cause the Trust to be treated for federal income tax purposes as an association taxable as a corporation, a taxable mortgage pool, or a publicly traded partnership taxable as a corporation.
Class C Interest. The Class C Interest shall have an initial Capital Account equal to the amount set forth on Exhibit B. The Class C Interest shall have, in the aggregate, a Percentage Interest of twenty percent (20%), which shall be owned by the Class C Members as set forth in Exhibit B. The Capital Account and Percentage Interest of a Class C Interest Member relating to its Class C Interest shall be based on its percentage ownership interest of the Class C Interest.
Class C Interest. On each Business Day during a Monthly Period, the Trustee, acting in accordance with instructions from the Servicer, shall withdraw from the Collection Account and deposit into the Interest Funding Account for dis- tribution on the next Distribution Date to the Class C Certificateholders, to the extent of any Available Series 1997-1 Finance Charge Collections remaining after giving effect to the withdrawal pursuant to subsections 4.9(a)(i) and (ii) of the Agreement, an amount equal to the lesser of (x) any such remaining Available Series 1997-1 Finance Charge Collections and (y) the excess of (1) the sum of Class C Inter- est and Carryover Class C Interest over (2) any amounts with respect thereto previously deposited into the Interest Funding Account on any prior Business Day during such Monthly Period. Notwith- standing anything to the contrary herein, the por- tion of Carryover Class C Monthly Interest that constitutes Class C Additional Interest shall be payable or distributable to Class C Certificatehold- ers only to the extent permitted by applicable law.
Class C Interest. On each Business Day during a Monthly Period, the Trustee, acting in accordance with instructions from the Servicer, shall withdraw from the Collection Account and deposit into the Interest Funding Account for distribution on the next Distribution Date to the Class C Certificateholders, to the extent of any Available Series 1997-2 Finance Charge Collections remaining after giving effect to the withdrawal pursuant to subsections 4.9(a)(i) and (ii) of the Agreement, an amount equal to the lesser of (x) any such remaining Available Series 1997-2 Finance Charge Collections and (y) the excess of (1) the sum of Class C Inter-
Class C Interest. 7 Class C Regular Interest Realized Loss Amount...........................7
Class C Interest. On each Business Day during a Monthly Period, the Trustee, acting in accordance with instructions from the Servicer, shall withdraw first from the Cap Proceeds Account, to the extent of the Daily Cap Proceeds Amount for such Business Day (after giving effect to withdrawals pursuant to subsection 4.9(a)(i) and (ii) of the Agreement), and then from the Collection Account and deposit into the Interest Funding Account for distribution on the next Distribution Date to the Class C Certificateholders, to the extent of any Available Series 1995-1 Finance Charge Collections remaining after giving - 21 - effect to the withdrawal pursuant to subsections 4.9(a)(i) and (ii), an amount equal to the lesser of (x) any such remaining Available Series 1995-1 Finance Charge Collections and (y) the excess of (1) the sum of Class C Interest and Carryover Class C Interest OVER (2) any amounts with respect thereto previously deposited into the Interest Funding Account on any prior Business Day during such Monthly Period. Notwithstanding anything to the contrary herein, Carryover Class C Monthly Interest shall be payable or distributable to Class C Certificateholders only to the extent permitted by applicable law.
Class C Interest. On each Business Day during a Monthly Period, the Trustee, acting in accordance with instructions from the Servicer, shall allocate to the Class C Certificates and withdraw first from the Cap Proceeds Account, to the extent of the remaining Cap Receipt Amount for such Business Day and then from the Collection Account and then from the Payment Reserve Account and then, on each Reserve Application Date, from the Investor Reserve Account and deposit into the Interest Fund- ing Account, to the extent of the Available Series 1995-1 Finance Charge Collections remaining after giving effect to the withdrawal pursuant to subsec- tions 4.9(a)(i) and (ii), an amount equal to the lesser of (x) any such remaining Available Series 1995-1 Finance Charge Collections and (y) the sum of (A) the Daily Portion of Class C Interest to be distributed on the Distribution Date following such Monthly Period plus (B) the excess, if any, of the amount required to be deposited pursuant to clause (A) above on each prior Business Day over the amount on deposit in the Interest Funding Account with respect thereto on such Business Day plus (C) an amount equal to the portion of Carryover Class C Interest attributable to amounts required to be deposited pursuant to clause (A) above that were not so deposited prior to such Business Day minus the amounts required to be deposited pursuant to clause (B) above.
