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.

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

Examples of Class L Certificate in a sentence

• 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.

• Any such amendment shall be conclusive and binding upon the holder of this Class L Certificate and on all future holders of this Class L Certificate and of any Class L Certificate issued upon the transfer hereof or in exchange hereof or in lieu hereof whether or not notation of such consent is made upon this Class L Certificate.

• These Class L Certificates are issued under and are subject to the terms, provisions and conditions of the Trust Agreement, to which Trust Agreement the holder of this Class L Certificate by virtue of the acceptance hereof assents and by which such holder is bound.

• 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.

• In addition, each Class L Certificateholder, by acceptance of its Class L Certificate, hereby appoints the Depositor, as its agent to pledge a first priority perfected security interest in the Trust Estate and agrees to execute and deliver such instruments of conveyance, assignment, grant, confirmation, etc., as well as any financing statements, in each case as the Insurer shall consider reasonably necessary in order to perfect the Indenture Trustee’s security interest in the Trust Estate.

More Definitions of Class L Certificate

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.

Class L Certificate. Any one of the Certificates executed and authenticated by the Trustee or the Authenticating Agent on behalf of the Depositor in substantially the form set forth in Exhibit A-13 hereto.

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 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.

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. A Certificate designated as "Class L" on the face thereof, in the form of Exhibit A-15 hereto.