Class LR Interest definition

Class LR Interest. The uncertificated residual interest in the Lower-Tier REMIC, represented by the Class R Certificates.

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Class LR Interest. The sole class of "residual interest" in the Lower-Tier REMIC.

Class LR Interest. The residual interest in the Lower Tier REMIC for purposes of the REMIC Provisions.

Examples of Class LR Interest in a sentence

• Amounts transferred from the Lower-Tier REMIC Distribution Account to the Upper-Tier REMIC Distribution Account as of the final Distribution Date, shall be distributed in termination and liquidation of the Lower-Tier Regular Interests and the Class LR Interest in accordance with Section 4.01(a), Section 4.01(c), Section 4.01(f) and Section 4.01(g).

• None of the Special Servicer, the Master Servicer or the Trustee shall permit the creation of any “interests” (within the meaning of Section 860G of the Code) (i) in the Upper-Tier REMIC other than the Regular Certificates and the Class UR Interest and (ii) in the Lower-Tier REMIC other than the Lower-Tier Regular Interests and the Class LR Interest.

• The Lower-Tier REMIC will also issue the uncertificated Class LR Interest, which is the sole class of “residual interests” in the Lower-Tier REMIC for purposes of the REMIC Provisions and is represented by the Class R Certificates.

• For purposes of the REMIC election in respect of the Lower-Tier REMIC, each Class of Lower-Tier Regular Interests shall be designated as a class of “regular interests” and the Class LR Interest shall be designated as the sole class of “residual interests” in the Lower-Tier REMIC.

More Definitions of Class LR Interest

Class LR Interest shall be the "residual interest" in the Lower-Tier REMIC. The "Class UR Interest" shall be the "residual interest" in the Upper-Tier REMIC. The portion of the Trust Estate consisting of the Reserve Account, the Yield Maintenance Agreements, the Class P Certificates, the rights of the Offered Certificates to receive Cap Carryover Amounts and the obligation of the Class CE Certificates to pay Cap Carryover Amounts shall not be assets of either REMIC created hereunder, but rather shall be assets of the Grantor Trust. The assets of the Grantor Trust, the Certificates and the Uncertificated Lower-Tier Interests will represent the entire beneficial ownership interest in the Trust. The "latest possible maturity date" for federal income tax purposes of all interests created hereby will be the REMIC Certificate Maturity Date. The following table sets forth characteristics of the Certificates and Components, together with the minimum denominations and integral multiples in excess thereof in which the Classes of Certificates shall be issuable: ================================================================================================================== Integral Pass- Minimum Multiples Initial Class Through Denomination/ in Excess Classes Certificate Balance Rate Percentage Interest of Minimum ------------------------------------------------------------------------------------------------------------------ Class A-1 $295,302,000.00 (1) $1,000 $1 ------------------------------------------------------------------------------------------------------------------ Class A-2 $111,958,000.00 (2) $1,000 $1 ------------------------------------------------------------------------------------------------------------------ Class A-3 (3) (3) $1,000 $1 ------------------------------------------------------------------------------------------------------------------ Class M-1 $14,365,000.00 (4) $25,000 $1 ------------------------------------------------------------------------------------------------------------------ Class M-2 $10,898,000.00 (4) $25,000 $1 ------------------------------------------------------------------------------------------------------------------ Class B-1 $7,926,000.00 (4) $25,000 $1 ------------------------------------------------------------------------------------------------------------------ Class B-2 $2,477,000.00 (4) $25,000 $1 ------------------------------------------------------------------------------------------------------------------ Class B...

Class LR Interest. As defined in the Preliminary Statement.