Examples of Exchangeable Certificates in a sentence
The Depositor hereby designates the Classes of Senior Certificates (other than the Class 1-A-R, Class 3-A-1, Class 30-IO and Exchangeable Certificates), the IO Components, the Class 3-A-1 Interest and the Classes of Subordinate Certificates as "regular interests" and the Class UR Interest as the single class of "residual interest" in the Upper-Tier REMIC for the purposes of Code Sections 860G(a)(1) and 860G(a)(2), respectively.
As provided herein, the Securities Administrator shall make elections to treat the Trust Estate (exclusive of the Yield Maintenance Agreement, the Reserve Fund and the Exchangeable Certificates Grantor Trust Account) as three real estate mortgage investment conduits (the "Upper-Tier REMIC," the "Intermediate Lower-Tier REMIC" and the "Lower-Tier REMIC," respectively, and each a "REMIC").
The Senior Certificates (other than the Class 1-A-R, Class 30-IO, Class 3-A-1 and Exchangeable Certificates), the Class 3-A-1 Interest, the Components, the Class M Certificates and the Class B Certificates are referred to collectively as the "Upper-Tier Regular Interests" and shall constitute "regular interests" in the Upper-Tier REMIC for purposes of the REMIC Provisions.