Common use of Variable Rate Certificates Clause in Contracts

Variable Rate Certificates. Any of the Class AF-1, Class AV, Class M-1, Class M-2, Class B and Class S Certificates. Voting Rights: The voting rights of the trust will be allocated as follows: (i) 1% to each of the Class A-IO and Class S Certificates for so long as such Classes are outstanding; (ii) 0.50% to the Class P Certificates; (iii) The remainder to the Group I Certificates and Group II Certificates in proportion to their respective outstanding Certificate Principal Balances; and (iv) 1% to each of the Class C and Class R Certificates. With respect to any of the foregoing designations as to which the corresponding reference is “None,” all defined terms and provisions herein relating solely to such designations shall be of no force or effect, and any calculations herein incorporating references to such designations shall be interpreted without reference to such designations and amounts. Defined terms and provisions herein relating to statistical rating agencies not designated above as Rating Agencies shall be of no force or effect.

Appears in 2 contracts

Samples: Pooling and Servicing Agreement (Saxon Asset Securities Co), Pooling and Servicing Agreement (Saxon Asset Securities Co Mort Ln as Back Cert Se 2002 3)

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Variable Rate Certificates. Any of the Class AF-1, Class AV, Class M-1, Class M-2, M-2 and Class B and Class S Certificates. Voting Rights: The voting rights of the trust will be allocated as follows: (i) 1% to each of the Class A-IO and Class S Certificates for so long as such Classes are outstandingCertificates; (ii) 0.50% to the Class P Certificates; ; (iii) The remainder 96.50% to the Group I Certificates and Group II Certificates in proportion to their respective outstanding Certificate Principal Balances; and (iv) 1% to each of the Class C and Class R Certificates. With respect to any of the foregoing designations as to which the corresponding reference is "None," all defined terms and provisions herein relating solely to such designations shall be of no force or effect, and any calculations herein incorporating references to such designations shall be interpreted without reference to such designations and amounts. Defined terms and provisions herein relating to statistical rating agencies not designated above as Rating Agencies shall be of no force or effect.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Saxon Asset Securities Trust 2002-2)

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Variable Rate Certificates. Any of the Class AF-1, Class AV, Class M-1, Class M-2, M-2 and Class B and Class S Certificates. Voting Rights: The voting rights of the trust will be allocated as follows: (i) 1% to each of the Class A-IO and Class S Certificates for so long as such Classes are outstandingCertificates; (ii) 0.50% to the Class P Certificates; ; (iii) The remainder 96.50% to the Group I Certificates and Group II Certificates in proportion to their respective outstanding Certificate Principal Balances; and (iv) 1% to each of the Class C and Class R Certificates. With respect to any of the foregoing designations as to which the corresponding reference is “None,” all defined terms and provisions herein relating solely to such designations shall be of no force or effect, and any calculations herein incorporating references to such designations shall be interpreted without reference to such designations and amounts. Defined terms and provisions herein relating to statistical rating agencies not designated above as Rating Agencies shall be of no force or effect.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Saxon Asset Securities Trust 2002-2)

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