L2 Interests definition

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
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
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 L2 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 L2 Interests

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

  • 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.

  • 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.

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

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

  • Ownership Interests means, with respect to any entity, any ownership interests in the entity and any economic rights (such as a right to distributions, net cash flow or net income) to which the owner of such ownership interests is entitled.

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

  • 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.

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

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

  • 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.

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

  • Allocated interests means the following interests allocated to each unit:

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

  • Residual Interests As specified in the Preliminary Statement.

  • Other Interests means the legal or equitable estates or interests and other rights in relation to the Determination Area described in Schedule Six and referred to in paragraph 10;

  • Subsidiary Interests means, collectively, the issued and outstanding shares of stock of the Subsidiary Debtors as of the Petition Date and any options, warrants or other contractual rights to acquire any shares of stock of the Subsidiary Debtors as of the Petition Date.

  • Class R Residual Interests The Class R-1 and Class R-2 Residual Interests (which shall be transferable only as a unit evidenced by the Class R Certificates, in accordance with the applicable provisions of Section 5.01).

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

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

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

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

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

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