Class LTR Interest definition

Class LTR Interest. The sole class of "residual interest" in the Lower Tier REMIC.
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Class LTR Interest. The Class LT1 and Class LT2 Interests will be held as assets of the Upper Tier REMIC. The Class LT1 Interest shall have an initial principal balance equal to the Cut-off Date Aggregate Principal Balance of the Pool 1 Mortgage Loans and shall bear interest at a rate equal to the weighted average of the Net Mortgage Rates of the Pool 1 Mortgage Loans (the "Class LT1 Rate"). On any Distribution Date, the Class LT1 Interest shall be entitled to interest payments at the Class LT1 Rate and principal distributions to the extent of the Principal Distribution Amount for the Group 1 Certificates. Realized Losses and Net Prepayment Interest Shortfalls with respect to the Mortgage Loans in Pool 1 shall be allocated to the Class LT1 Interest. The Class LT2 Interest shall have an initial principal balance equal to the Cut-off Date Aggregate Principal Balance of the Pool 2 Mortgage Loans and shall bear interest at a rate equal to the weighted average of the Net Mortgage Rates of the Pool 2 Mortgage Loans (the "Class LT2 Rate"). On any Distribution Date, the Class LT2 Interest shall be entitled to interest payments at the Class LT2 Rate and principal distributions to the extent of the Principal Distribution Amount for the Group 2 Certificates. Realized Losses and Net Prepayment Interest Shortfalls with respect to the Mortgage Loans in Pool 2 shall be allocated to the Class LT2 Interest. The Class LTR Interest shall not have a principal balance and shall not bear interest. The Class R Certificate shall evidence ownership of the Class LTR Interest. The Lower Tier REMIC shall hold all assets included in the Trust Fund other than (a) the Class LT1, Class LT2, and Class LTR Interests, (b) the Class 2-A3 Reserve Fund, (c) the Rounding Account, and (d) the Class 2-A3 Certificate Insurance Policy. The following table sets forth (or describes) the Class designation, Certificate Interest Rate, initial Class Certificate Principal Amount (or Aggregate Notional Amount) and minimum denomination for each Class of Certificates comprising the interests in the Trust Fund created hereunder.
Sample 1
Class LTR Interest. As defined in the Preliminary Statement.
Sample 1

Examples of Class LTR Interest in a sentence

  • The Middle-Tier REMIC shall hold as assets the uncertificated Lower-Tier Interests, other than the Class LT-R Interest.


More Definitions of Class LTR Interest

Class LTR Interest. The sole residual interest in the Lower Tier REMIC. ------------------
Sample 1

Related to Class LTR Interest

  • Class LT-R Interest The residual interest in the Lower-Tier REMIC as described in the Preliminary Statement and the related footnote thereto.

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

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

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

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

  • Class IO Interest An uncertificated interest in the Trust Fund held by the Trustee, evidencing a REMIC Regular Interest in REMIC III for purposes of the REMIC Provisions.

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

  • Lower Tier Interest As described in the Preliminary Statement.

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

  • 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 C Interest An uncertificated interest in the Trust Fund held by the Trustee on behalf of the Holders of the Class C Certificates, evidencing a Regular Interest in REMIC 3 for purposes of the REMIC Provisions.

  • Class A Percentage Interest means, with respect to a Class A Member as of a given date, that percentage obtained by dividing the total number of Class A Units owned by such Member by the total number of Class A Units issued and outstanding.

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

  • Class R-5 Interest The uncertificated Residual Interest in REMIC 5.

  • Class A Interest Each of the Class A-1 and Class A-2 Interests.

  • Class CE Interest An uncertificated interest in the Trust Fund held by the Trustee on behalf of the Holders of the Class CE Certificates, evidencing a Regular Interest in REMIC III for purposes of the REMIC Provisions.

  • Class B Percentage Interest means, with respect to a Class B Member as of a given date, that percentage obtained by dividing the total number of Class B Units owned by such Member by the total number of Class B Units issued and outstanding.