Class LT1 Interest definition

Class LT1 Interest. A regular interest in REMIC 1 that is held as an asset of REMIC 2 that has an initial principal balance equal to 98% of the aggregate Stated Principal Balance of the Mortgage Loans as of the Cut-off Date and bears interest at the Net WAC Rate and has such other terms as are described in Section 4.06 hereof.
Sample 1
Class LT1 Interest. A regular interest in the Lower-Tier REMIC that is held as an asset of the Middle-Tier REMIC that has an initial principal balance equal to 98% of the Original Aggregate Scheduled Principal Balance of the Mortgage Loans and bears interest at the Modified Weighted Average Expense Adjusted Mortgage Rate and has such other terms as are described in Section 6.11.
Sample 1
Class LT1 Interest and the "Class LT2 Interest". The Lower Tier REMIC shall also issue a single uncertificated interest that shall be the sole residual interest in the Lower Tier REMIC within the meaning of the REMIC Provisions; the "Class LTR Interest". The Class LT1 and Class LT2 Interests will be held as assets of the Upper Tier REMIC. The Class LT1 Interest shall have an initial principal balance equal to the Cut-off Date Aggregate Principal Balance of the Pool 1 Mortgage Loans and shall bear interest at a rate equal to the weighted average of the Net Mortgage Rates of the Pool 1 Mortgage Loans (the "Class LT1 Rate"). On any Distribution Date, the Class LT1 Interest shall be entitled to interest payments at the Class LT1 Rate and principal distributions to the extent of the Principal Distribution Amount for the Group 1 Certificates. Realized Losses and Net Prepayment Interest Shortfalls with respect to the Mortgage Loans in Pool 1 shall be allocated to the Class LT1 Interest. The Class LT2 Interest shall have an initial principal balance equal to the Cut-off Date Aggregate Principal Balance of the Pool 2 Mortgage Loans and shall bear interest at a rate equal to the weighted average of the Net Mortgage Rates of the Pool 2 Mortgage Loans (the "Class LT2 Rate"). On any Distribution Date, the Class LT2 Interest shall be entitled to interest payments at the Class LT2 Rate and principal distributions to the extent of the Principal Distribution Amount for the Group 2 Certificates. Realized Losses and Net Prepayment Interest Shortfalls with respect to the Mortgage Loans in Pool 2 shall be allocated to the Class LT2 Interest. The Class LTR Interest shall not have a principal balance and shall not bear interest. The Class R Certificate shall evidence ownership of the Class LTR Interest. The Lower Tier REMIC shall hold all assets included in the Trust Fund other than (a) the Class LT1, Class LT2, and Class LTR Interests, (b) the Class 2-A3 Reserve Fund, (c) the Rounding Account, and (d) the Class 2-A3 Certificate Insurance Policy. The following table sets forth (or describes) the Class designation, Certificate Interest Rate, initial Class Certificate Principal Amount (or Aggregate Notional Amount) and minimum denomination for each Class of Certificates comprising the interests in the Trust Fund created hereunder.
Sample 1

Examples of Class LT1 Interest in a sentence

  • All principal payments will be allocated 98% to the Class LT1 Interest.

  • Financial instruments are fundamental to the Company's activities and, as a consequence the risks associated with financial instruments represents a significant component of the risks faced by the Company.


More Definitions of Class LT1 Interest

Class LT1 Interest. As defined in the Preliminary Statement.
Sample 1

Related to Class LT1 Interest

  • Class LT-R Interest The residual interest in the Lower-Tier REMIC as described in the Preliminary Statement and the related footnote thereto.

  • Class R-3 Interest The uncertificated Residual Interest in REMIC 3.

  • Class P Interest An uncertificated interest in the Trust Fund held by the Trustee on behalf of the Holders of the Class P Certificates, evidencing a Regular Interest in REMIC III for purposes of the REMIC Provisions.

  • Class R-4 Interest The uncertificated Residual Interest in REMIC 4.

  • Class X Interest The regular interest in the Class X REMIC represented by the Class X Certificates as specified and described in the Preliminary Statement and the related footnote thereto.

  • Class R-1 Interest The uncertificated Residual Interest in REMIC 1.

  • Class R-I Interest The uncertificated Residual Interest in REMIC I.

  • Class R-II Interest The uncertificated Residual Interest in REMIC II.

  • Class IO Interest An uncertificated interest in the Trust Fund held by the Trustee, evidencing a REMIC Regular Interest in REMIC III for purposes of the REMIC Provisions.

  • Class R-III Interest The uncertificated Residual Interest in REMIC III.

  • Class C Interest An uncertificated interest in the Trust Fund held by the Trustee on behalf of the Holders of the Class C Certificates, evidencing a Regular Interest in REMIC 3 for purposes of the REMIC Provisions.

  • Lower Tier Interest As described in the Preliminary Statement.

  • Class UT-R Interest The residual interest in the Upper-Tier REMIC as described in the Preliminary Statement and the related footnote thereto.

  • Class CE Interest An uncertificated interest in the Trust Fund held by the Trustee on behalf of the Holders of the Class CE Certificates, evidencing a Regular Interest in REMIC III for purposes of the REMIC Provisions.

  • Class R-IV Interest The uncertificated Residual Interest in REMIC IV.

  • Class R-5 Interest The uncertificated Residual Interest in REMIC 5.

  • Class B Interest Each of the Class B-1 and Class B-2 Interests.

  • Class A Interest Each of the Class A-1 and Class A-2 Interests.

  • Lower Tier REMIC Regular Interest As specified in the Preliminary Statement.

  • Lower Tier REMIC Interests Each of the Class LTA-1 Interest, the Class LTA-2A Interest, the Class LTA-2B Interest, the Class LTA-2C Interest, the Class LTA-2D Interest, the Class LTM-1 Interest, the Class LTM-2 Interest, the Class LTM-3 Interest, the Class LTM-4 Interest, the Class LTM-5 Interest, the Class LTM-6 Interest, the Class LTB-1 Interest, the Class LTB-2 Interest, the Class LTB-3 Interest, the Class LTIX Interest, the Class LTIIX Interest, the Class LTII1A Interest, the Class LTII1B Interest, the Class LTII2A Interest, the Class LTII2B Interest, the Class LT-IO Interest and the Class LTR Interest.

  • Class A Percentage Interest means, as of any date, the percentage determined by dividing the number of Class A Units then held by a holder of Class A Units by the total number of Class A Units then outstanding.

  • Class C Percentage Interest As of any date of determination, with respect to the Class C Certificates, a percentage interest equal to a fraction, the numerator of which is the Class Principal Balance of the Class C Certificates on such date, and the denominator of which is the Class Principal Balance of the Class C Regular Interest on such date.

  • Lower Tier REMIC Regular Interests Each of the Lower Tier REMIC Interests other than the Class LTR Interest.

  • Lower-Tier Regular Interest Each of the Class LT-A-1, Class LT-A-2A, Class LT-A-2B, Class LT-A-2C, Class LT-A-2D, Class LT-M-1, Class LT-M-2, Class LT-M-3, Class LT-M-4, Class LT-M-5, Class LT-M-6, Class LT-M-7, Class LT-M-8, Class LT-M-9, Class LT-B-1, Class LT-B-2, Class LT-IO, Class LT-3, Class LT-Group I, Class LT-Group II, and Class LT-Accrual Interests as described in the Preliminary Statement.

  • Certificate Interest means the allocable percentage interest of a Certificate held by a Certificateholder.

  • Class R-2 Interest The uncertificated Residual Interest in REMIC 2.