Random Lot definition

Random Lot. With respect to any Distribution Date, the method by which the Depository will determine which Insured Certificates will be paid, using its established random lot procedures or, if the Insured Certificates are no longer represented by a Book-Entry Certificate, using the Trustee's procedures.

Random Lot. With respect to any Distribution Date prior to the Cross-Over Date, if the amount available for distribution in reduction of the Class Certificate Principal Balance of any Class of Designated Retail Certificates on such Distribution Date exceeds the amount needed to honor all Principal Distribution Requests with respect to such Class on such date, the method by which the Depository will determine which Depository Participants holding interests in such Class of Certificates will receive payments of amounts distributable in respect of principal on such Class on such Distribution Date, using its established random lot procedures or, if such Class of Certificates is no longer represented by Book-Entry Certificates, the method by which the Trustee will determine which Certificates of such Class will receive payments of amounts distributable in respect of principal on such Class on such Distribution Date, using its own random lot procedures comparable to those used by the Depository.

Random Lot. With respect to any Distribution Date on which a mandatory distribution is to be made on the Special Retail Certificates (as described in Section 4.07), the method by which DTC will determine which Special Retail Certificates will be paid principal, using its established random lot procedures or, if such Certificates are no longer represented by a Book-Entry Certificate, using the Trustee's procedures. Rating Agency: Initially, each of S&P and Fitch and thereafter, each nationally recognized statistical rating organization that has rated the Certificates at the request of the Company, or their respective successors in interest.

Examples of Random Lot in a sentence

• DTC shall then allocate such aggregate amount among the DTC Participants on a Random Lot basis.

• The Depository shall then allocate such aggregate amount among its Depository Participants on a Random Lot basis.

• On the earlier to occur of the Cross-Over Date and the next Distribution Date after the Distribution Date on which the principal portion of any Realized Loss is allocated to any Class of Designated Retail Certificates, and on each subsequent Distribution Date, the Trustee shall not, and the Depository is not authorized to, make distributions or payments in respect of any Class of Designated Retail Certificates in accordance with any Principal Distribution Request or by Random Lot.

• Such mandatory distributions on Individual Insured Certificates will be made by Random Lot in accordance with the then-applicable Random Lot procedures of the Depository, the Depository Participants and the Indirect Depository Participants representing the Certificate Owners.

• Distributions in reduction of the Current Principal Amount of the Insured Certificates will be made in integral multiples of $1,000 at the request of the appropriate representatives of Deceased Holders of such Insured Certificates and at the request of Living Owners of such Insured Certificates or by mandatory distributions by Random Lot, pursuant to clauses (a) and (d) below, or on a pro rata basis pursuant to clause (e) below.

More Definitions of Random Lot

Random Lot. With respect to any Distribution Date, the method by which the Depository will determine which Insured Retail Certificates will be paid, using its established random lot procedures or, if the Insured Retail Certificates are no longer represented by a Book-Entry Certificate, using the Trustee's procedures.

Random Lot. With respect to any Distribution Date on which a mandatory distribution is to be made on any Retail Lottery Certificate (as described in Section 4.1(e)), the method by which the Depository will determine which Retail Lottery Certificate will be paid principal, using its established random lot procedures or, if such Certificates are no longer represented by a Book-Entry Certificate, using the Paying Agent's, or if no Paying Agent has been appointed hereunder, the Trustee's procedures.

Random Lot. With respect to any Distribution Date on which a mandatory distribution is to be made on any Class A-3 Certificate (as described in Section 4.1(e)), the method by which the Depository will determine which Class A-3 Certificate will be paid principal, using its established random lot procedures or, if such Certificates are no longer represented by a Book- Entry Certificate, using the Paying Agent's, or if no Paying Agent has been appointed hereunder, the Trustee's procedures.

Random Lot. Not applicable.

Random Lot. With respect to any Distribution Date, the method by which the Depository will determine which Retail Certificates will be paid, using its established random lot procedures or, if the Retail Certificates are no longer represented by a Book-Entry Certificate, using the Trustee's procedures.

Random Lot. With respect to any Distribution Date and each of the Insured Certificates, the method by which the Depository will determine which Insured Certificates will be paid pursuant to Section 4.10(d), using its established random lot procedures or, if the Insured Certificates are no longer represented by a Book-Entry Certificate, using the Trustee's procedures.

Random Lot. With respect to any Distribution Date on which a mandatory distribution is to be made on any Class A-9 Certificates (as described in Section 6.07(e)), the method by which the Depository will determine which Class A-9 Certificates will be paid principal, using its established random lot procedures or, if such Certificates are no longer represented by a Book-Entry Certificate, using the Paying Agent's, or if no Paying Agent has been appointed hereunder, the Trustee's procedures.