Examples of Class 2A-1C Certificates in a sentence
Distributions on the Class 2-A1A1, Class 2-A1A2, Class 2-A1B and Class 2-A1C Certificates, will be derived primarily from a pool of non-conforming adjustable rate mortgage loans (“Group 2 Mortgage Loans”).
The Carryover Shortfall Amount will be paid only to the extent of interest otherwise distributable to the Class X Certificates (after the reduction due to Net Deferred Interest allocable to the Class X Certificates) and additionally in the case of the Class 1-A1A, Class 1-A1B, Class 2-A1A, Class 2-A1B and Class 2-A1C Certificates amounts available from the related Yield Maintenance Agreement, on such Distribution Date or future Distribution Dates.
The Net WAC Cap for the Class 2-A1A, Class 2-A1B and Class 2-A1C Certificates (the “Group 2 Net WAC Cap”) for any Distribution Date equals the product of (i) weighted average of the Net Mortgage Rates of the Group 2 Mortgage Loans (and in the case of the Class 2-A1C Certificate only, reduced by the rate at which the surety fee payable to the Insurer is calculated) in each case adjusted for the related accrual period.
Distributions on the Class 2-A1A1, Class 2-A1A2, Class 2-A1B and Class 2A1C Certificates, will be derived primarily from a pool of non-conforming adjustable rate mortgage loans (“Group 2 Mortgage Loans”).
The Basis Risk Reserve Fund X-2 Subaccount will be held in trust by the Trustee on behalf of the holders of the Class 2-A1A, Class 2-A1B and Class 2-A1C Certificates.
The Net WAC Cap for the Subordinate Certificates (the “Subordinate Net WAC Cap”) for any Distribution Date equals the weighted average of the Group 1 Net WAC Cap and the Group 2 Net WAC Cap (computed without regard to the adjustments applicable to the Class 1-A1B and Class 2-A1C Certificates) weighted on the basis of the Group Subordinate Amounts for each loan group.
If the Seller or its affiliate is the Holder of a Class 2-A-1A, Class 2-A-1B or Class 2-A-1C Certificates, the Seller or its affiliate shall remit to the Trustee the portion of Yield Maintenance Distributable Amounts received by the Holder of such Certificate on any Distribution Date, and the Trustee will remit such amounts to the Yield Maintenance Provider.
Each of the Class 1-A-1A, Class 1-A-1B, Class 2-A-1A, Class 2-A-1B and Class 2-A-1C Certificates will only receive payment from amounts received from the related Yield Maintenance Agreement.
Adjusted Cap Rate: The “Adjusted Cap Rate” for the Class 1-A1A, Class 1-A1B, Class 2-A1A, Class 2-A1B and Class 2A1C Certificates and for any Distribution Date equals (x) the related Net WAC Cap less (y) a per annum rate equal to: (i) the product of (a) the related Net Deferred Interest for such Distribution Date and (b) 12, divided by (ii) the aggregate principal balance as of related Mortgage Loans as of the first day of the related collection period, adjusted for the related Interest Accrual Period.
Distributions on the Class 2-A-1A, Class 2-A-1B1, Class 2-A-1B2, and Class 2-A-1C Certificates will be derived primarily from a pool of conforming and non-conforming balance adjustable-rate mortgage loans ("Group II Mortgage Loans").