Class R-2B Interest definition

Class R-2B Interest. The sole residual interest in REMIC IIB.

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Class R-2B Interest. The uncertificated residual interest in REMIC II-B. Class II-A-1 Certificates: All Certificates bearing the class designation of “Class II-A” and evidencing (i) a REMIC Regular Interest in REMIC II-B and (ii) the right to receive the related Basis Risk Carry Forward Amounts.

Examples of Class R-2B Interest in a sentence

• In addition, the Class R-2A Interest is hereby designated as the sole residual interest in REMIC IIA, the Class R-2B Interest is hereby designated as the sole residual interest in REMIC IIB, and the Class R Certificate evidences ownership of the Class R-2A and Class R-2B Interests, and is also hereby designated as the sole residual interest in REMIC III.

• Each such REMIC IIB Interest, other than the Class R-2B Interest, is hereby designated as a regular interest in REMIC IIB.

• The Upper Tier REMIC shall hold as its assets the several Classes of uncertificated Lower Tier Interests in REMIC IIB, other than the Class R-2B Interest, and each such Lower Tier Interest is hereby designated as a regular interest in REMIC IIB for purposes of the REMIC Provisions.

• The rights of the Holder of the Class R-2B Interest and REMIC IIB (as holder of the REMIC IIA Regular Interests) to receive distributions from the proceeds of REMIC IIB in respect of the Class R-2B Interest and Regular Certificates, respectively, and all ownership interests evidenced or constituted by the Class R-2B Interest and the Regular Certificates, shall be as set forth in this Agreement.

• The Securities Administrator shall not permit the creation of any “interests” (within the meaning of Section 860G of the Code) in any REMIC created hereunder other than the REMIC 1-A Regular Interests, the REMIC 2-A Regular Interests, the Group I Certificates, the Group II Certificates, the Class CB Certificates, the Group III Certificates, the Class R-1A Interest, the Class R-1B Interest, the Class R-2A Interest and the Class R-2B Interest.

• The Upper Tier REMIC shall hold as its assets the several Classes of uncertificated Lower Tier Interests in REMIC IIB, other than the Class R-2B Interest, and each such Lower Tier Interest is hereby designated as a regular interest in REMIC IIB.

• REMIC 2-B shall be terminated on the earlier of the Final Distribution Date and the date on which it is deemed to receive the last deemed distributions on the REMIC 2-A Regular Interests and the last distribution due on the Group III Certificates and the Class R Certificates (in respect of the Class R-2B Interest).

• The interests evidenced by the Class R-2B Interest, together with the Group III Certificates constitute the entire beneficial ownership interest in REMIC 2-B.

• The Class R-2B Interest and the Regular Certificates shall constitute the entire beneficial ownership interest in REMIC IIB.

• The Class R-2B Interest will represent the sole Class of “residual interests” in REMIC 2B for purposes of the REMIC Provisions.