Exchangeable Classes definition
Examples of Exchangeable Classes in a sentence
On each Distribution Date, the Realized Loss Allocation Amount for each Class Complex shall be applied pro rata, based on Class Principal Balance, among the Exchangeable Certificates in such Class Complex, other than the Interest Only Exchangeable Classes, in reduction of their respective Class Principal Balances.
On each Distribution Date, the Securities Administrator shall withdraw from the Trust Account the Class Principal Distribution Amount for each Class Complex and shall distribute such Class Principal Distribution Amount, pro rata based on Class Principal Balance, among the Exchangeable Certificates in such Class Complex, other than the Interest Only Exchangeable Classes, until the respective Class Principal Balances are reduced to zero.
Exchangeable Classes or Exchangeable Certificates: The Classes of Certificates identified as such, and issued under, the Exchange Trust Agreement.
Correspondingly, Exchanged Certificates related to a Combination Group may be further designated for exchange for Certificates of the Exchangeable Classes in such Combination Group in respective denominations determined based on the proportion that the initial principal or notional amounts of such Exchangeable Certificates bear to the original principal or notional amounts of the related Exchanged Certificates, as set forth in Appendix 1.
The Partnership Certificates may not be exchanged for Certificates of the related Exchangeable Classes in the related Combination Group.
Correspondingly, except with respect to the Partnership Certificates, Exchanged Certificates related to a Combination Group may be further designated for exchange for Certificates of the Exchangeable Classes in such Combination Group in respective denominations determined based on the proportion that the initial principal amounts of such Exchangeable Certificates bear to the original principal or notional amounts of the related Exchanged Certificates, as set forth in Schedule B.
This type of Sukūkis generally considered to be non-tradable, since the subject matter is considered to be a financial asset, i.e. a receivable.The gross return to the Sukūk holders consists of the margin/spread between the purchase price of the subject matter and its selling price following delivery.
As among any Outstanding Exchangeable Classes, distributions shall be made to such Certificates, pro rata, in proportion to the Class Certificate Balance of each such Class.
On each Distribution Date, the Realized Loss Allocation Amount for each Exchange Class and Exchangeable Class shall be applied to such Class in reduction of the Class Principal Amount (or Class Notional Amount, in the case of Notional Exchangeable Classes) thereof.
The passthrough rate of the Exchanged Class will equal the sum of the pass-through rates of the related Exchangeable Classes.