Underlying REMIC Class definition

Underlying REMIC Class. A Regular Class included in a Guaranteed Maturity REMIC Pool related to one or more Guaranteed Maturity Classes. On each Payment Date on which Guaranteed Maturity Classes are outstanding, their Holders will receive the principal and interest payments made on the same Payment Date on the related Underlying REMIC Classes.

Examples of Underlying REMIC Class in a sentence

• With respect to any Guaranteed Maturity REMIC Pool, the Administrator shall conduct an auction on a date within the period specified in subsection (b) of this Section 2.07 of the Underlying REMIC Class in such Guaranteed Maturity REMIC Pool.

• The Administrator shall sell the Underlying REMIC Class to the highest bidder and shall deliver the Underlying REMIC Class to its purchaser in the purchaser’s name on or before the Business Day prior to the Final Payment Date for each related Guaranteed Maturity Class.

• A REMIC Pool that includes an Underlying REMIC Class or one or more Regular Interests in a separate Guaranteed Maturity REMIC Pool.

• Unless prohibited from bidding in the auction under the immediately preceding sentence, the Depositor may participate in the bidding process but shall not bid higher than the fair market value of any Underlying REMIC Class.

• 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.