Uncertificated Lower-Tier Interest definition

Uncertificated Lower-Tier Interest. A regular interest in the Lower-Tier REMIC which is held as an asset of the Upper-Tier REMIC and is entitled to monthly distributions as provided in Section 5.02(a) hereof. Any of the Class 1-L Interest, Class 1-LS Interest, Class 2-L Interest, Class 2-LS Interest, Class 3-L Interest, Class 3-LS Interest, Class 4-L Interest and Class 4-LS Interest are Uncertificated Lower-Tier Interests.

Uncertificated Lower-Tier Interest. Any of the Class A-L1 Interest, Class A-L2 Interest, Class A-LUR Interest, Class B-L1 Interest, Class B-L2 Interest, Class B-L3 Interest, Class B-L4 Interest, Class B-L5 Interest and Class B-L6 Interest.

Uncertificated Lower-Tier Interest. A regular interest in the Lower-Tier REMIC which is held as an asset of the Middle-Tier REMIC and is entitled to monthly distributions as provided in Section 5.02(a) hereof. Any of the Class 1-L Interest, Class 1-LIO Interest, Class 1-LPO Interest, Class 1-LS Interest, Class 1-LSES Interest, Class 2-L Interest, Class 2-LIO Interest, Class 2-LPO Interest, Class 2-LS Interest, Class 2-LSES Interest, Class 3-L Interest, Class 3-LIO Interest, Class 3-LPO Interest, Class 3-LS Interest, Class 3-LSES Interest, Class 4-L Interest, Class 4-LIO Interest, Class 4-LPO Interest, Class 4-LS Interest and Class 4-LSES Interest are Uncertificated Lower-Tier Interests.

Examples of Uncertificated Lower-Tier Interest in a sentence

• Any Non-Supported Interest Shortfalls will be allocated to each Uncertificated Lower-Tier Interest in the same relative proportions as interest is allocated to such Uncertificated Lower-Tier Interest.

• Such amounts distributed to the Uncertificated Lower-Tier Interests in respect of principal and interest with respect to any Distribution Date are referred to herein collectively as the "Lower-Tier Distribution Amount." As of any date, the principal balance of each Uncertificated Lower-Tier Interest equals the Principal Balances of the respective Corresponding Upper-Tier Class or Classes.

• The initial principal balance of each Uncertificated Lower-Tier Interest equals the Original Principal Balances of the respective Corresponding Upper-Tier Class or Classes.

• Any Non-Supported Interest Shortfalls and Relief Act Reductions will be allocated to each Uncertificated Lower-Tier Interest in the same relative proportions as interest is allocated to such Uncertificated Lower-Tier Interest.

• Each Uncertificated Lower-Tier Interest shall receive distributions in respect of principal in an amount equal to the amount of principal distributed to its respective Corresponding Upper-Tier Class or Classes as provided herein.

More Definitions of Uncertificated Lower-Tier Interest

Uncertificated Lower-Tier Interest. Any of the Class LA, Class LB, Class LVRR and LUVRR Uncertificated Interests.

Uncertificated Lower-Tier Interest. Any of the Class I-L Interest, the Class I-LS Interest, the Class II-L Interest and the Class II-LS Interest.

Uncertificated Lower-Tier Interest. A regular interest in the Lower-Tier REMIC which is held as an asset of the Upper-Tier REMIC and is entitled to monthly distributions as provided in Section 5.02(a) hereof. Any of the Class 1-A-L1, Class 1-A-L3, Class 1-A-LPO, Class 1-A-LUR, Class 2-A-L1, Class 2-A-L3, Class 2-A-L4, Class 2-A-L6, Class 2-A-LPO, Class 1-B-L1, Class 1-B-L2, Class 1-B-L3, Class 1-B-L4, Class 1-B-L5, Class 1-B-L6, Class 2-B-L1, Class 2-B-L2, Class 2-B-L3, Class 2-B-L4, Class 2-B-L5, Class 2-B-L6 Interests are Uncertificated Lower-Tier Interests.

Uncertificated Lower-Tier Interest. Any of the Class A-L1 Interest, the Class A-L2 Interest, the Class A-L3 Interest, the Class A-L4 Interest, the Class A-L5 Interest, the Class A-L6 Interest, the Class A-L8 Interest, the Class A-L10 Interest, the Class A-L12 Interest, the Class A-L14 Interest, the Class A-L16 Interest, the Class A-L20 Interest, the Class A-LPO Interest, the Class A-LUR Interest, the Class B-LI Interest, the Class B-L2 Interest, the Class B-L3 Interest, the Class B-L4 Interest, the Class B-L5 Interest and the Class B-L6 Interest.

Uncertificated Lower-Tier Interest. A regular interest in the Lower-Tier REMIC which is held as an asset of the Upper-Tier REMIC and is entitled to monthly distributions as provided in Section 5.02(a) hereof. Any of the Class 1-A-L1 Interest, Class 1-A-L2 Interest, Class 1-A-L4 Interest, Class 1-A-L8 Interest, Class 1-A-L9 Interest, Class 1-A-L13 Interest, Class 1-A-LUR Interest, Class 30-LIO Interest, Class 30-LPO Interest, Class 30-B-L1 Interest, Class 30-B-L2 Interest, Class 30-B-L3 Interest, Class 30-B-L4 Interest, Class 30-B-L5 Interest, Class 30-B-L6 Interest Class 15-B-L1 Interest, Class 15-B-L2 Interest, Class 15-B-L3 Interest, Class 15-B-L4 Interest, Class 15-B-L5 Interest, Class 15-B-L6 Interest are Uncertificated Lower-Tier Interests.

Uncertificated Lower-Tier Interest. A regular interest in the Lower-Tier REMIC which is held as an asset of the Upper-Tier REMIC and is entitled to monthly distributions as provided in Section 5.02(a) hereof. Any of the Class A-L1 Interest, Class A-L3 Interest, Class A-L5 Interest, Class A-L6 Interest, Class A-L7 Interest, Class A-L10 Interest, Class A-LUR Interest, Class LIO Interest, Class LPO Interest, Class M-L1 Interest, Class M-L2 Interest, Class B-L1 Interest, Class B-L2 Interest, Class B-L3 Interest, Class B-L4 Interest, Class B-L5 Interest and Class B-L6 Interest are Uncertificated Lower-Tier Interests.

Uncertificated Lower-Tier Interest means each separate non-certificated beneficial ownership interest in the Lower-Tier REMIC issued hereunder and designated as a "regular interest" in the Lower-Tier REMIC. Each Uncertificated Lower-Tier Interest shall accrue interest at the Weighted Average Net Mortgage Rate, and shall be entitled to distributions of principal, subject to the terms and conditions hereof, in an aggregate amount equal to its initial Uncertificated Principal Balance as set forth in the Preliminary Statement hereto. The designations for the respective Uncertificated Lower-Tier Interests are set forth in the Preliminary Statement hereto.