LA1 definition
Examples of LA1 in a sentence
The Lower-Tier REMIC will hold the Mortgage Loans and will issue the Class LA1, Class LA2, Class LA3, Class LA4, Class LAAB, Class LABP, Class LAS, Class LB, Class LC, Class LD, Class LE, Class LF, Class LG and Class LH Uncertificated Interests (the “Lower-Tier Regular Interests”), which will evidence the “regular interests” in the Lower-Tier REMIC created hereunder.
The Lower-Tier REMIC will hold the Mortgage Loans (exclusive of Excess Interest) and will issue the Class LA1, Class LA2, Class LASB, Class LA3, Class LA4, Class LAS, Class LB, Class LC, Class LD, Class LE, Class LF, Class LG and LRR Uncertificated Interests (the “Lower-Tier Regular Interests”), which will evidence the “regular interests” in the Lower-Tier REMIC created hereunder.
This Letter of Understanding applies only when a Caretaker (LA1) is replacing a Driver (LA2).
The Lower-Tier REMIC will hold the Mortgage Loans (exclusive of Excess Interest) and will issue the Class LA1, Class LA2, Class LA3, Class LA4, Class LASB, Class LAS, Class LB, Class LC, Class LD, Class LE, Class LF, Class LP and Class LNR Uncertificated Interests (the “Uncertificated Lower-Tier Interests”), which will evidence the “regular interests” in the Lower-Tier REMIC created hereunder.
Notwithstanding Clause 19.11, Acting Assignments, Caretakers (LA1) who temporarily replaces a Driver (LA2) will be paid at the LA2 classification for all hours worked at the LA2 level at equivalent step in their present classification.
This Letter of Understanding applies to Employees who hold the position of Caretaker (LA1) within the bargaining unit.
Any Yield Maintenance Charges received during the related Due Period with respect to such Mortgage Loans and remitted in respect of the Class [LA-1] Uncertificated Interest pursuant to Section 4.01(d) remaining after such distributions shall be distributed on the Class [X] Certificates.
The Lower-Tier REMIC will hold the Mortgage Loans (exclusive of Excess Interest) and will issue the Class LA1, Class LA2, Class LA3, Class LA4A1, Class LA4A2, Class LA5, Class LASB, Class LAS, Class LB, Class LC, Class LD, Class LE, Class LF, Class LP and Class LNR Uncertificated Interests (the “Uncertificated Lower-Tier Interests”), which will evidence the “regular interests” in the Lower-Tier REMIC created hereunder.
Following the reduction of the Certificate Balances of the Class [A-1], Class [A-2], Class [B], Class [C], Class [D] and Class [E] Certificates to zero, the Paying Agent shall distribute 100% of any Yield Maintenance Charges and Prepayment Premiums actually received during the related Due Period with respect to such Mortgage Loans and remitted in respect of the Class [LA-1] Uncertificated Interest pursuant to Section 4.01(d), to the Class [X] Certificates.
On each Distribution Date, the Class [LA-1] Uncertificated Interest shall receive distributions in respect of interest in an amount equal to the sum of (i) the amount of interest distributable on the Class [A-1] Certificates and (ii) an amount equal to the product of the Class [LA-1] Interest Fraction and the amount of interest distributable on the Class [X] Certificates.