Regular Certificates; Residual Certificates Sample Clauses

Regular Certificates; Residual Certificates. Section 3.01. Certificates Issuable in Series and Classes; General Provisions with Respect to Principal and Interest Distributions. Each Series of Certificates shall be divided into two or more Classes and shall be designated generally as Guaranteed REMIC Agricultural Mortgage-Backed Securities, with such particular designations added or incorporated in such title for the Certificates of any particular Series or Class as shall be specified in the related Issue Supplement. One Class of each such Series shall be designated in the applicable Issue Supplement as the "Residual Interest" in the related Trust Fund for purposes of the REMIC Provisions. The aggregate amount of principal of and interest distributable on the Certificates of any Series on any Distribution Date shall be equal to the Certificate Distribution Amount for such Series on such Distribution Date with the principal component of such amount being equal to the related Principal Distribution Amount. Distributions of any such Principal Distribution Amount shall be made in such amounts as among Classes of Certificates, and subject to such other conditions, as are provided in the Issue Supplement with respect to such Series. All distributions of such Principal Distribution Amount for any such Distribution Date which are made with respect to a particular Class of Certificates shall be made pro rata among all Certificates of such Class in proportion to their respective principal denominations, with no preference or priority of any kind. All distributions made with respect to any Certificate on any Distribution Date shall be applied first to the interest, if any, distributable thereon on such Distribution Date and then to the principal, if any, thereof. All computations of interest accrued on any Certificate shall be made as if each year consisted of twelve months of thirty days each. Interest accrued on any Certificate of a Series during any Interest Accrual Period shall be distributable on the following Distribution Date for such Series at the Certificate Interest Rate applicable to such Certificate applied to the Certificate Principal Balance or, in the case of an Interest Only Certificate, the Notional Principal Balance thereof.