Class L Certificate definition

Class L Certificate means any of the Certificates with a "Class L" designation on the face thereof, substantially in the form of Exhibit A-4 attached hereto, and evidencing a portion of a class of "regular interests" in REMIC III for purposes of the REMIC Provisions.

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Class L Certificate. A Certificate designated as "Class L" on the face thereof, in the form of Exhibit A-17 hereto, and evidencing a "regular interest" in the Upper-Tier REMIC for purposes of the REMIC Provisions.

Class L Certificate. Any one of the Class IL Certificates or Class IIL Certificates executed by the Depositor and authenticated by the Authenticating Agent in substantially the form set forth in Exhibit E.

Examples of Class L Certificate in a sentence

• The Trustee shall file or cause to be filed with the Internal Revenue Service, Form 1041 or such other form as may be applicable, and shall furnish or cause to be furnished to the Holders of the Class L Certificate the Late Payment Fees that are received, in the time or times and in the manner required by the Code.

• The preceding provisions of this Section notwithstanding, the Owner Trustee shall not make and the Certificate Registrar shall not register any transfer or exchange of a Class L Certificate or a Class R Certificate for a period of 15 days preceding the due date for any payment with respect to such Residual Certificates.

• Upon receipt of such notice and in any event no later than two Business Days prior to the following Payment Date, the Holder of the Class L Certificate shall make an advance to the Trust in the amount specified in such Advance Notice by depositing such amount into the Reserve Account.

• During the Rapid Amortization Period, first, to the LT-Q Lower-Tier Interest until the its principal balance equals the sum of (A) 50% of the Note Principal Amount of the Notes immediately after such Payment Date plus (B) the excess of (I) the Overcollateralization Amount immediately after such Payment Date over (II) the Additional Balance Advance Amount immediately after such Payment Date, and then, to the Class L Certificate, any remaining amount.

• Except as otherwise provided in the Trust Agreement and notwithstanding the above, the final distribution on this Class L Certificate will be made after due notice by the Owner Trustee of the pendency of such distribution and only upon presentation and surrender of this Class L Certificate at the office or agency maintained for the purpose by the Owner Trustee in the Corporate Trust Office.

More Definitions of Class L Certificate

Class L Certificate. Any one of the Certificates executed and authenticated by the Trustee or the Authenticating Agent in substantially the form set forth in Exhibit A-19 hereto.

Class L Certificate. A Residual Certificate, substantially in the form of Exhibit A-2 hereto.

Class L Certificate. A Certificate, substantially in the form of Exhibit A-2 to the Trust Agreement.

Class L Certificate means any of the Certificates that collectively constitute the Class bearing the alphabetic class designation "L".

Class L Certificate. Any of the Certificates issued hereunder and designated as such.

Class L Certificate. Any Certificate designated as a Class L Certificate on the face thereof, executed by the Depositor and authenticated by the Authenticating Agent in substantially the form set forth in Exhibit E, representing the right to distributions as set forth herein.

Class L Certificate. Any of the Certificates with a "Class L" designation on the face thereof, substantially in the form of Exhibit A-13 attached hereto, and evidencing the right to receive Additional Interest, which portion of the Trust Fund will be treated as a grantor trust (and not as part of REMIC I, REMIC II or REMIC III) for federal income tax purposes.