Uncertificated Class X Interest definition

Uncertificated Class X Interest. An uncertificated regular interest in REMIC 2 with an initial principal balance equal to the excess of (i) the Cut-off Date Balance over (ii) the aggregate initial principal amounts of the LIBOR Certificates and bearing interest on a each Distribution Date in an amount equal to the Class X Current Interest for such Distribution Date; provided, however, that such interest shall have no obligation or right to make or receive any payments treated as paid or received by the Class X Certificates pursuant to interest rate cap agreements or notional principal contracts under Section 10.01 and shall have no rights to receive payments in respect of Class X Shortfall Amounts from the Master Servicer as described in Section 10.01.

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Uncertificated Class X Interest. An uncertificated interest having (i) the same rights to payments as the Class X Certificates (excluding any such payments deemed received in respect of Excess Interest Obligations and disregarding any payments made or received pursuant to the Swap Agreement), and (ii) the rights to the payments treated as distributed to the Class X Certificates under Section 2.07(d), provided, however, that such interest shall have no obligation to make any payments treated as paid by, and no right to receive any payments treated as received by, the Class X Certificates pursuant to notional principal contracts under Section 2.07(d).

Uncertificated Class X Interest. Not applicable.

Examples of Uncertificated Class X Interest in a sentence

For federal income tax purposes, the interest rate on each REMIC 2 Regular Interest (other than the Uncertificated Class X Interest) shall be subject to a cap equal to the REMIC Pass-Through Rate.
On each Distribution Date, to the extent that any of the LIBOR Certificates receive payments in respect of Excess Interest, such amounts, to the extent not derived from payments in respect of Class X Shortfalls as set forth in Section 10.01(p), will be treated as distributed by REMIC 2 to the Class X Certificates in respect of the Uncertificated Class X Interest pro rata and then paid to the relevant Class of LIBOR Certificates pursuant to the related interest cap agreement.
On each Distribution Date, to the extent that any of the Offered Certificates receive payments in respect of Excess Interest, such amounts will be treated as distributed by REMIC 2 to the Class X Certificates in respect of the Uncertificated Class X Interest pro rata and then paid to the relevant Class of Offered Certificates pursuant to the related interest cap agreement.
For federal income tax purposes, the interest rate on each REMIC 2 Regular Interest (other than the Uncertificated Class X Interest, the Class AX Certificates and the Class LT2-Coupon Strip Interest) shall be subject to a cap equal to the REMIC Pass-Through Rate.
For federal income tax purposes, the interest rate on each REMIC 3 Regular Interest (other than the Uncertificated Class X Interest, the Class LT3-AX Interest and the Class LT3-IO Interest) shall be subject to a cap equal to the REMIC Cap.
For federal income tax purposes, the interest rate on each REMIC 2 Regular Interest (other than (i) the Uncertificated Class X Interest, (ii) the Class LT2-MTAIO Interest and (iii) the Class LT2-FIXIO Interest) shall be subject to a cap equal to the REMIC Pass-Through Rate.
For federal income tax purposes, the interest rate on each REMIC 3 Regular Interest (other than the Uncertificated Class X Interest, other than the Class LT3-AX Interest and other than the Class LT3-IO Interest) shall be subject to a cap equal to the REMIC Cap.
For federal income tax purposes, the interest rate on each REMIC I-2 Regular Interest (other than the Uncertificated Class X Interest and other than the Class LTI2-IO Interest) shall be subject to a cap equal to the REMIC Pass-Through Rate.
For federal income tax purposes, the interest rate on each REMIC 2 Regular Interest (other than the Uncertificated Class X Interest and other than the Class LT2-IO Interest) shall be subject to a cap equal to the REMIC Pass-Through Rate.
For federal income tax purposes, the interest rate on each REMIC 2 Regular Interest (other than the Uncertificated Class X Interest, the Notional Certificates and the Class LT2-Coupon Strip Interest) shall be subject to a cap equal to the REMIC Pass-Through Rate.

More Definitions of Uncertificated Class X Interest

Uncertificated Class X Interest. An uncertificated Upper Tier REMIC Regular Interest having the characteristics described in the Preliminary Statement.