L1 Interests definition

L1 Interests refers to the L-I-A-1 Lower REMIC Interest, the L-II-A-1 Lower REMIC Interests, L-III-A-1 Lower REMIC Interest, and the L-IV-A-1 Lower REMIC Interests. "L2 Interests" refers to the L-I-A-2 Lower REMIC Interest, L-II-A-2 Lower REMIC Interest, L-III-A-2 Lower REMIC Interest and the L-IV-A-2 Lower REMIC Interest. "LZZZ Interests" refers to L-I-A-ZZZ Lower REMIC Interest, L-II-A-ZZZ Lower REMIC Interest, L-III-A-ZZZ Lower REMIC Interest and L-IV-A-ZZZ Lower REMIC Interest. Each L1 Interest shall have a principal balance initially equal to 0.9% of the Group Subordinate Amount of its corresponding Mortgage Pool. Each L2 Interest shall have a principal balance initially equal to 0.1% of the Group Subordinate Amount of its corresponding Mortgage Pool. The initial principal balance of each LZZZ Interest shall equal the excess of the Pool Principal Balance of its corresponding Mortgage Pool over the sum of the initial principal balances of the L1 Interests and L2 Interests corresponding to such Mortgage Pool. Unless a Cross-over Situation (as defined below) exists, principal and Realized Losses arising with respect to each Mortgage Pool shall be allocated first to cause the L1 and L2 Interests corresponding to such Mortgage Pool to equal 0.9% and 0.1% of the Group Subordinate Amount of such Mortgage Pool as of such Distribution Date (after distributions of principal and allocation of Realized Losses are made) and all excess principal and Realized Losses shall be allocated to the LZZZ Interest corresponding to such Mortgage Pool. A L1, L2 or LZZZ Interest that is allocated principal on any Distribution Date shall receive such principal, and have its principal balance reduced by the amount of such principal, on such Distribution Date. Similarly, a L1, L2 or LZZZ Interest that is allocated a Realized Loss on any Distribution Date shall have its principal balance reduced by the amount of such Realized Loss on such Distribution Date.
Sample 1Sample 2Sample 3
L1 Interests refers to the L-I-A-1 Lower REMIC Interest and the L-II-A-1 Lower REMIC Interests. "L2 Interests" refers to the L-I-A-2 Lower REMIC Interest and the L-II-A-2 Lower REMIC Interest. "LZZZ Interests" refers to L-I-ZZZ Lower REMIC Interest and L-II-ZZZ Lower REMIC Interest. "LPO Interests" refer to the L-I-PO Lower REMIC Interest and the L-II-PO Lower REMIC Interest. Each L1 Interest shall have a principal balance initially equal to 0.9% of the Group Subordinate Amount of its corresponding Mortgage Pool. Each L2 Interest shall have a principal balance initially equal to 0.1% of the Group Subordinate Amount of its corresponding Mortgage Pool. The initial principal balance of each LZZZ Interest shall equal the excess of the Pool Principal Balance of its corresponding Mortgage Pool over the sum of (i) the initial principal balances of the L1 Interests and L2 Interests corresponding to such Mortgage Pool, and (ii) the portion of the LPO Interest attributable to the Discount Mortgage Loans in the Mortgage Pool corresponding to such LZZZ Interest.
Sample 1Sample 2
L1 Interests refers to the L-I-A-1 Lower REMIC Interest, L-II-A-1 Lower REMIC Interest and L-III-A-1 Lower REMIC Interest. "L2 Interests" refers to the L-I-A-2 Lower REMIC Interest, L-II-A-2 Lower REMIC Interest and L-III-A-2 Lower REMIC Interest. "LZZZ Interests" refers to L-I-A-ZZZ Lower REMIC Interest, L-II-A-ZZZ Lower REMIC Interest and L-III-A-ZZZ Lower REMIC Interest. "LPO Interests" refer to the L-I-PO Lower REMIC Interest, the L-II-PO Lower REMIC Interest and the L-III-PO Lower REMIC Interest. Each L1 Interest shall have a principal balance initially equal to 0.9% of the Group Subordinate Amount of its corresponding Mortgage Pool. Each L2 Interest shall have a principal balance initially equal to 0.1% of the Group Subordinate Amount of its corresponding Mortgage Pool. The initial principal balance of each LZZZ Interest shall equal the excess of the Pool Principal Balance of its corresponding Mortgage Pool over the sum of (i) the initial principal balances of the L1 Interests and L2 Interests corresponding to such Mortgage Pool, and (ii) the portion of the LPO Interest attributable to the Discount Mortgage Loans in the Mortgage Pool corresponding to such LLLZ Interest.
Sample 1

More Definitions of L1 Interests

L1 Interests refers to the L-I-A-1 Lower REMIC Interest and the L-II-A-1 Lower REMIC Interests. "L2 Interests" refers to the L-I-A-2 Lower REMIC Interest and the L-II-A-2 Lower REMIC Interest. "LZZZ Interests" refers to L-I-ZZZ Lower REMIC Interest and L-II-ZZZ Lower REMIC Interest. "LPO Interests" refer to the Unless a Cross-over Situation (as defined below) exists, principal and Realized Losses arising with respect to each Mortgage Pool shall be allocated first to cause the L1 and L2 Interests corresponding to such Mortgage Pool to equal 0.9% and 0.1% of the Group Subordinate Amount of such Mortgage Pool as of such Distribution Date (after distributions of principal and allocation of Realized Losses are made) and all excess principal and Realized Losses shall be allocated to the LZZZ Interest corresponding to such Mortgage Pool. A L1, L2 or LZZZ Interest that is allocated principal on any Distribution Date shall receive such principal, and have its principal balance reduced by the amount of such principal, on such Distribution Date. Similarly, a L1, L2 or LZZZ Interest that is allocated a Realized Loss on any Distribution Date shall have its principal balance reduced by the amount of such Realized Loss on such Distribution Date.
Sample 1

Related to L1 Interests

  • REMIC I Interests The REMIC I Regular Interests and the Class R-I Certificates.

  • Class B Interests As set forth in the Trust Agreement.

  • REMIC II Interests means, collectively, the REMIC II Regular Interests and the Class R-II Certificates.

  • Ownership Interests means, with respect to any Person, all of the shares of Capital Stock of such Person and all debt securities of such Person that can be converted or exchanged for Capital Stock of such Person, whether voting or nonvoting, and whether or not such Capital Stock or debt securities are outstanding on any date of determination.

  • Class A Interests means the Units purchased by the Class A Members. The Class A Interests shall comprise sixty-five percent (65%) of the total Interests sold. Class A Percentage Interest shall be determined by calculating the ratio between each Class A Member’s Capital Account in relation to the total capitalization of the Company provided by the Class A Members.

  • 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.

  • Transferred Interests has the meaning set forth in the Recitals.

  • Partnership Interests shall have the meaning specified in Section 6.3 [Subsidiaries].

  • Preferred Interests means, with respect to any Person, Equity Interests issued by such Person that are entitled to a preference or priority over any other Equity Interests issued by such Person upon any distribution of such Person’s property and assets, whether by dividend or upon liquidation.

  • Uncertificated Lower-Tier Interests Any of the Class LA1, Class LA2, Class LA3, Class LA4, Class LA5, Class LASB, Class LAS, Class LB, Class LC, Class LD, Class LE, Class LF and Class LNR Uncertificated Interests.

  • Membership Interests has the meaning set forth in the recitals.

  • Other Interests means the legal or equitable estates or interests and other rights in relation to the determination area described in Schedule Five and referred to in paragraph 14;

  • Lower Tier Interest As described in the Preliminary Statement.

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

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

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

  • LLC Interests shall have the meaning given to such term in Section 5.1.3.

  • Derivative Partnership Interests means any options, rights, warrants, appreciation rights, tracking, profit and phantom interests and other derivative securities relating to, convertible into or exchangeable for Partnership Interests.

  • Related interests means the interests of a coastal State directly affected or threatened by a wreck, such as:

  • Purchased Interests has the meaning set forth in the Recitals.

  • Pledged Partnership Interests means all interests in any general partnership, limited partnership, limited liability partnership or other partnership including, without limitation, all partnership interests listed on Schedule 4.4(A) under the heading “Pledged Partnership Interests” (as such schedule may be amended or supplemented from time to time) and the certificates, if any, representing such partnership interests and any interest of such Grantor on the books and records of such partnership or on the books and records of any securities intermediary pertaining to such interest and all dividends, distributions, cash, warrants, rights, options, instruments, securities and other property or proceeds from time to time received, receivable or otherwise distributed in respect of or in exchange for any or all of such partnership interests.

  • Lower-Tier Regular Interests The respective classes of “regular interests”, within the meaning of Code Section 860G(a)(1), in the Lower-Tier REMIC, designated as the Class XX-0, Xxxxx XX-0, Class LA-3, Class LA-4, Class LA-AB, Class LA-S, Class LB, Class LC, Class LD, Class LE, Class LF, Class LG and Class LVRR Lower-Tier Regular Interests.

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

  • Residual Interests As specified in the Preliminary Statement.