Class C Interest definition

Class C Interest. An uncertificated interest in the Trust Fund held by the Trustee on behalf of the Holders of the Class C Certificates, evidencing a Regular Interest in REMIC 3 for purposes of the REMIC Provisions.

Class C Interest. Each of the Class C-1 and Class C-2 Interests.

Class C Interest. Each regular interest in a Lower Tier REMIC with the letter "C" in its class designation.

Examples of 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 purposes of calculating the amount of the Monthly Interest Distributable Amount for the Class C Certificates for any Distribution Date, the aggregate amount of any Net Prepayment Interest Shortfalls and any Relief Act Interest Shortfalls allocated to the Class C Interest pursuant to the paragraph above shall be allocated among the Class C Certificates on a pro rata basis based on one month’s interest.

• Any Realized Losses that reduce the distributions in respect of and/or the Uncertificated Principal Balance of the Class C Interest, shall be allocated by the Trustee to reduce the distributions in respect of and/or the Certificate Principal Balance of the Class C Certificates.

• 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.

• Instead, the monthly interest due on the Class C Certificates will be 100% of the interest paid on the Class C Interest.

More Definitions of Class C Interest

Class C Interest. Each of the Class C-1, Class C-2, Class C-3, Class C-4 and Class C-5 Interests.

Class C Interest means, for any Tranche of Class C Notes for any Distribution Date, unless otherwise specified in the applicable Terms Document, the amount of interest accrued on the Outstanding Dollar Principal Amount of such Tranche, calculated at the Note Interest Rate and in accordance with the calculation basis specified in the Terms Document for such Tranche, for the Monthly Interest Accrual Period ending on such Distribution Date (or, if applicable, ending after such Distribution Date but prior to the next Distribution Date.)

Class C Interest means an Interest in the Company designated as Class C Interest and having such rights, preferences and obligations of Class C Interests as specified in this Agreement. Class C Interests are owned by Interest Holders as set forth on Schedule A hereto, as amended from time to time.

Class C Interest means the interest distributable in respect of the Class C Certificates as calculated in accordance with subsection 4.6(c) of the Agreement.

Class C Interest means the undivided Class C participation interest in the Joint Venture, which shall entitle the JV Partner holding such Class C interest to receive allocations and distributions from time to time as provided in this Agreement.

Class C Interest. An uncertificated interest in the Trust Fund representing the right to distributions as set forth herein and evidencing (i) a Regular Interest in REMIC II and (ii) the obligation to pay the Net WAC Cap Carryover Amount.

Class C Interest. Any of the Class I-C Interest or Class II-C Interest.