LR Interest definition

LR Interest. The sole class of "residual interest" in the Lower-Tier REMIC.
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Examples of LR Interest in a sentence

  • For purposes of the REMIC election in respect of the Lower-Tier REMIC, each Class of Uncertificated Lower-Tier Interests shall be designated as a class of “regular interests” and the Class LR Interest shall be designated as the sole class of “residual interests” in the Lower-Tier REMIC.

  • The Lower-Tier REMIC will also issue the uncertificated Class LR Interest, which is the sole Class of “residual interest” in the Lower-Tier REMIC and is represented by the Class R Certificates.

  • Amounts transferred from the Lower-Tier REMIC Distribution Account to the Upper-Tier REMIC Distribution Account as of the final Distribution Date, shall be distributed in termination and liquidation of the Uncertificated Lower-Tier Interests and the Class LR Interest in accordance with Sections 4.01(a), 4.01(d), 4.01(e), 4.01(f) and 4.01(g).

  • For purposes of the REMIC election in respect of the Lower-Tier REMIC, each Class of Lower-Tier Regular Interests shall be designated as a class of “regular interests” and the Class LR Interest shall be designated as the sole class of “residual interests” in the Lower-Tier REMIC.

  • If, as evidenced by an Opinion of Counsel, it is necessary to preserve the REMIC status of any of the Lower-Tier REMIC, the Middle-Tier REMIC or the Upper-Tier REMIC, the LR Interest, the MR Interest and the UR Interest shall be severed and represented by separate Certificates.

  • Any excess funds attributable to the Group I Mortgage Loans shall first be applied to reimburse prior losses on the Group II Mortgage Loans and then distributed to the LR Interest.

  • Any excess funds attributable to the Group II Mortgage Loans shall first be applied to reimburse prior losses on the Group I Mortgage Loans and then distributed to the LR Interest.

  • DocuSign Envelope ID: 77D3E674-4629-4797-B5ED-57FEE824C3D4 Grantee shall ensure the amount of the funds expended for all eligible project-related engineering services, including preliminary and final design plans and specifications, all interim and final inspections, and all special services, does not exceed the amount specified for Engineering in the Budget.

  • None of the LR Interest, the MR Interest or the UR Interest shall have a principal balance or bear interest.

  • The Class R Certificate initially will represent beneficial ownership of the LR Interest, the MR Interest and the UR Interest.