Residual Class definition

Residual Class. A Class of REMIC Certificates representing the Residual Interest in a REMIC Pool. A REMIC Certificate of a Residual Class may be denominated by a principal amount, by the percentage of the Residual Interest that it represents in the related REMIC Pool or by a notional principal amount. In the case of REMIC Certificates of a Residual Class that are denominated by percentage interest or notional principal amount, unless the context otherwise requires, references in Articles VI, VII and VIII and Section 9.05 of this Agreement to (i) principal amount shall be regarded as references to such percentage interest or notional principal amount, (ii) specified percentages of outstanding principal amount shall be deemed to refer to such percentages of the Residual Interest or notional principal amount, and (iii) payments of principal and interest shall be regarded as references to payments of the amounts payable, however designated, on such REMIC Certificates.
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Residual Class. A Class of REMIC Certificates representing the Residual Interest in a REMIC Pool. A REMIC Certificate of a Residual Class may be denominated by a principal amount, by the percentage of the Residual Interest that it represents in the related REMIC Pool or by a notional principal amount. In the case of REMIC Certificates of a Residual Class that are denominated by percentage interest or notional principal amount, unless the context otherwise requires, references in Articles VI, VII and VIII and Section
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Residual Class. The A-R Class.
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Examples of Residual Class in a sentence

  • Solely for purposes of this Section, if the principal amount of a Residual Class has been reduced to zero prior to the principal amounts of all the other Classes of the related REMIC Pool having been reduced to zero, such Residual Class shall be deemed to have an aggregate outstanding principal amount of $1,000.00.

  • If there are excess proceeds after such liquidation and payments to the Holders of each such Guaranteed Maturity Class (and any related MACR Classes), such excess proceeds shall be distributed to the Residual Class for the Guaranteed Maturity REMIC Pool that held the related Underlying REMIC Class.

  • Unless otherwise provided in the related Terms Supplement, Residual Classes shall not be issued in book-entry form but shall be issued only in fully registered, certificated form in minimum original principal amounts (or minimum original notional principal amounts) of $1,000 and additional increments of $1 or, in the case of a Residual Class without an Original Principal Amount, in minimum percentages of the Residual Interest of 1%.

  • Should such a transfer occur, however, the Administrator shall provide to the Internal Revenue Service and the Person(s) liable for the tax imposed on such transfer under Section 860E(e) of the Code a computation showing the present value of the total anticipated excess inclusions with respect to the Residual Class interest for periods after such transfer for purposes of computing the amount of tax due.

  • A beneficial or record interest in a Residual Class may not be sold or transferred to a “disqualified organization” (as defined below).

  • Moreover, the distribution of the proceeds of the liquidation to the Holders of each related Regular Class or Residual Class, including any amounts paid pursuant to the Guarantor’s guarantee, is also intended to be effected as part of a qualified liquidation.

  • With respect to each REMIC Pool, the Holders of the Residual Class shall be entitled to receive, on a pro rata basis and upon presentation and surrender of their Certificates to the Administrator, the proceeds of the remaining Assets, if any, after all required principal and interest payments on the related Classes have been made.

  • In addition, ownership of an interest in a Residual Class validly held by a non-U.S. person may not be transferred to any Person without the Administrator’s written consent.

  • Following any redemption, any remaining proceeds from the liquidation of the Assets in the REMIC Pool (or, in the case of a Double-Tier Series, in the applicable Lower-Tier REMIC Pool), net of liquidation expenses, shall be distributed pro rata to the Holders of the related Residual Class upon surrender of their Certificates to the Administrator.

  • If the Depositor is one of the Holders of a Residual Class issued in respect of any REMIC Pool, or if permitted by applicable law, the Depositor will file the annual federal income tax return for such REMIC Pool and will act as the partnership representative thereof.


More Definitions of Residual Class

Residual Class. With respect to the REMIC, the interest therein designated as the "residual interest" for the purposes of the REMIC Provisions. The REMIC Residual Class shall be uncertificated, and shall be issuable only in Percentage Interests of 99.999% to FGRHC, Inc. and 0.001% to The Chase Manhattan Bank, as Tax Matters Person. Such interests shall be non-transferable, except that The Chase Manhattan Bank may assign such interest to another person who accepts such assignment and the designation as Tax Matters Person pursuant to Section 11.18 hereof.
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Residual Class. The R Class.
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Related to Residual Class

  • Residual Certificates As specified in the Preliminary Statement.

  • Class R-4 Interest The uncertificated Residual Interest in REMIC 4.

  • Class R Certificates All Certificates bearing the class designation of "Class R".

  • Class R-3 Interest The uncertificated Residual Interest in REMIC 3.

  • Class R-IV Interest The uncertificated Residual Interest in REMIC IV.

  • Class R-X Certificate Any one of the Class R-X Certificates executed by the Trustee and authenticated and delivered by the Certificate Registrar, substantially in the form annexed hereto as Exhibit A-R-X and evidencing the ownership of the Class R-IV Interest, the Class R-V Interest and the Class R-VI Interest.

  • Class R-II Interest The uncertificated Residual Interest in REMIC II.

  • Class R-I Interest The uncertificated Residual Interest in REMIC I.

  • Class R-III Interest The uncertificated Residual Interest in REMIC III.

  • Class R-2 Certificate Any Certificate designated a “Class R-2 Certificate” on the face thereof, in the form set forth in Exhibit A-5 hereto, evidencing the Residual Interest in REMIC II and representing the right to the Percentage Interest of distributions provided for the Class R-2 Certificates as set forth herein.

  • Class R-1 Interest The uncertificated Residual Interest in REMIC 1.

  • Class X Certificates All Certificates bearing the class designation of "Class X".

  • Class X Certificate Any one of the Certificates with a "Class X" designation on the face thereof, substantially in the form of Exhibit A-1, and evidencing a "regular interest" in REMIC II for purposes of the REMIC Provisions.

  • Class R-1 Certificate Any Certificate designated a “Class R-1 Certificate” on the face thereof, in the form set forth in Exhibit A-5 hereto, evidencing the Residual Interest in REMIC I and representing the right to the Percentage Interest of distributions provided for the Class R-1 Certificates as set forth herein.

  • Class R Certificate The Class R Certificate executed by the Trustee, and authenticated and delivered by the Certificate Registrar, substantially in the form annexed hereto as Exhibit A and evidencing the ownership of the Class LT-R Interest and the residual interest in the Upper Tier REMIC.

  • Class R-2 Residual Interest The uncertificated undivided beneficial interest in REMIC II which has been designated as the single class of “residual interest” in REMIC II pursuant to Section 2.11. The Class R-2 Residual Interest, together with the REMIC II Regular Interests, shall be deemed to be a separate series of beneficial interests in the assets of the Trust consisting of the REMIC II Assets pursuant to Section 3806(b)(2) of the Statutory Trust Statute.

  • REMIC III Certificate Any Regular Certificate or Class R Certificate.

  • REMIC III Certificateholder The Holder of any REMIC III Certificate.

  • Class R-1 Residual Interest The uncertificated undivided beneficial interest in REMIC I which has been designated as the single class of “residual interest” in REMIC I pursuant to Section 2.06.

  • Regular Certificates As specified in the Preliminary Statement.

  • Residual Certificate The Class R Certificate.

  • Subordinate Certificate Writedown Amount As to any Distribution Date, the amount by which (i) the sum of the Class Principal Amounts of all the Certificates (after giving effect to the distribution of principal and the application of Realized Losses in reduction of the Certificate Principal Amounts of the Certificates on such Distribution Date) exceeds (ii) the aggregate Scheduled Principal Balance of the Mortgage Loans for such Distribution Date.