Group I Policy definition
Examples of Group I Policy in a sentence
The Depositor will also provide the Trust with the Group I Policy and the Group II Policy.
It is the intention of the parties hereto that, an election to be treated as a REMIC ("REMIC I") for federal income tax purposes be made with respect to the Home Equity Loans in Loan Group I together with the proceeds of the Home Equity Loans in Loan Group I and the proceeds of the Group I Policy on deposit in the Certificate Distribution Account, the Custodial Account and the Payment Account, for purposes of the REMIC Provisions.
The foregoing Grant shall inure to the benefit of the Credit Enhancer in respect of draws made on the Group I Policy and Group II Policy and amounts owing to the Credit Enhancer from time to time pursuant to the Insurance Agreement and payable to the Credit Enhancer pursuant to this Indenture, and such Grant shall continue in full force and effect for the benefit of the Credit Enhancer until all such amounts owing to it have been repaid in full.
The Indenture Trustee, as trustee on behalf of the Holders of the Notes, (i) acknowledges such Grant, (ii) accepts the trust under this Indenture in accordance with the provisions hereof, (iii) agrees to perform its duties as Indenture Trustee as required herein and (iv) acknowledges receipt of the Group I Policy and the Group II Policy and shall hold such Policies in accordance with the terms of this Indenture for the benefit of the Holders of the Class I Notes and Class II Notes.
The Trust Agreement, the Indenture, the Purchase Agreement, the Insurance Agreement, the Group I Policy, the Group II Policy, the Servicing Agreement, the Custodial Agreement, the Indemnification Agreement and the other documents and certificates delivered in connection with any of the above.
It is the intention of the parties hereto that an election to be treated as a REMIC ("REMIC I") for federal income tax purposes be made with respect to the Home Equity Loans in Loan Group I together with the proceeds of the Home Equity Loans in Loan Group I and the proceeds of the Group I Policy on deposit in the Certificate Distribution Account, the Custodial Account and the Payment Account, for purposes of the REMIC Provisions.
The Trustee understands that different Certificate Insurer Premiums are payable for the Group I Policy and the Group II Policy, and shall indicate with each such payment to which Policy the payment relates.
The REMIC Administrator shall make an election to treat the HELs in Loan Group I and the proceeds of the HELs in Loan Group I and the proceeds of the Group I Policy on deposit in the Distribution Account, the Custodial Account and the Payment Account as a REMIC ("REMIC I") and will make an election to treat the pool of assets comprised of the REMIC I Regular Interests as a REMIC ("REMIC II") for federal income tax purposes.
On or prior to 12:00 p.m. on the second Business Day before any Dissolution Payment Date, the Indenture Trustee shall make a draw on the Group I Policy and the Group II Policy in an amount, if any, equal to the Dissolution Draw.
In addition, on the Final Scheduled Payment Date for the Class I Notes or Class II Notes, the Indenture Trustee shall make a draw on the Group I Policy or Group II Policy, as applicable, in the amount by which the Security Balances on the Class I Notes or Class II Notes, as applicable, exceeds the payments otherwise available to be made to the Holders thereof on the Final Scheduled Payment Date.