Class LTR Interest definition
Class LTR Interest. The sole class of "residual interest" in the Lower Tier REMIC.
Class LTR Interest. The sole residual interest in the Lower Tier REMIC.
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.
More Definitions of Class LTR Interest
Class LTR Interest. As defined in the Preliminary Statement.