Class LT3 Interest definition

Class LT3 Interest. A regular interest in REMIC I that is held as an asset of REMIC II that has a principal balance as of any date equal to 1% of the sum of (i) the Group I Loan Balance (ii) the Group I Overcollateralized Amount and bears interest at the Group I Weighted Average Net Loan Rate.
Sample 1
Class LT3 Interest. A regular interest in the Lower-Tier REMIC that is held as an asset of the Middle-Tier REMIC that has an initial principal balance equal to 1% of the Original Aggregate Scheduled Principal Balance and bears interest at the Modified Weighted Average Expense Adjusted Mortgage Rate and has such other terms as are described in Section 6.11.
Sample 1

Examples of Class LT3 Interest in a sentence

  • The amount of interest accrued and deferred on the Class LT3 Interest under the preceding sentence shall be distributed as principal to the Class LT2 Interest.

  • The remaining 2% of Realized Losses will be allocated to the Class LT3 Interest to the extent that the principal balance of the Class LT3 Interest exceeds 1% of the aggregate Stated Principal Balance of the Mortgage Loans and then equally between the Class LT2 Interest and the Class LT3 Interest.

  • Interest will not be paid currently to the Class LT3 Interest to the extent of 1% of any increase in the Group I Overcollateralized Amount (such amount, the "Class LT3 Accrual Amount").

  • Interest accruing on the Class LT3 Interest in an amount equal to 1% of the increase in the Subordinated Amount from the prior Distribution Date will be deferred and added to the principal balance of the Class LT3 Interest.

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  • The Class LT3 Accrual Amount will be added to the principal balance of the Class LT3 Interest and will be used to reduce the principal balance of the Class LT2 Interest.

  • The remaining principal payments included in (a)(i)-(v) of the definition of Required Principal Distribution Amount will be allocated first to the Class LT3 Interest up to an amount equal to 2% of any reduction (other than a reduction due to Realized Losses) in the Subordinated Amount from the prior Distribution Date then equally to the Class LT2 and Class LT3 Interests.

  • Interest accruing on the Class LT3 Interest in an amount equal to 1% of the increase in the Subordinated Adjusted Amount from the prior Distribution Date will be deferred and added to the principal balance of the Class LT3 Interest.

  • The remaining principal payments will be allocated first to the Class LT3 Interest up to an amount equal to 2% of any reduction (other than a reduction due to Realized Losses) in the Subordinated Adjusted Amount from the prior Distribution Date and then equally to the Class LT2 and Class LT3 Interests.

Related to Class LT3 Interest

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

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

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

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

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

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

  • Class X Interest The regular interest in the Class X REMIC represented by the Class X Certificates as specified and described in the Preliminary Statement and the related footnote thereto.

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

  • 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.

  • Lower Tier Interest As described in the Preliminary Statement.

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

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

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

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

  • 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 P designation on the face thereof, substantially in the form of Exhibit A-5 attached hereto, and evidencing a portion of a class of "regular interests" in REMIC III for purposes of the REMIC Provisions.

  • Lower Tier REMIC Interests Each of the Class LTA-1 Interest, the Class LTA-2A Interest, the Class LTA-2B Interest, the Class LTA-2C Interest, the Class LTA-2D Interest, the Class LTM-1 Interest, the Class LTM-2 Interest, the Class LTM-3 Interest, the Class LTM-4 Interest, the Class LTM-5 Interest, the Class LTM-6 Interest, the Class LTB-1 Interest, the Class LTB-2 Interest, the Class LTB-3 Interest, the Class LTIX Interest, the Class LTIIX Interest, the Class LTII1A Interest, the Class LTII1B Interest, the Class LTII2A Interest, the Class LTII2B Interest, the Class LT-IO Interest and the Class LTR Interest.

  • Class C Percentage Interest As of any date of determination, with respect to the Class C Certificates, a percentage interest equal to a fraction, the numerator of which is the Class Principal Balance of the Class C Certificates on such date, and the denominator of which is the Class Principal Balance of the Class C Regular Interest on such date.

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

  • Class LE Uncertificated Interest An uncertificated regular interest in the Lower-Tier REMIC which is held as an asset of the Upper-Tier REMIC and having the Original Lower-Tier Principal Amount and per annum rate of interest set forth in the Preliminary Statement hereto.

  • Class LB Uncertificated Interest An uncertificated regular interest in the Lower-Tier REMIC which is held as an asset of the Upper-Tier REMIC and having the Original Lower-Tier Principal Amount and per annum rate of interest set forth in the Preliminary Statement hereto.

  • Class LD Uncertificated Interest An uncertificated regular interest in the Lower-Tier REMIC which is held as an asset of the Upper-Tier REMIC and having the Original Lower-Tier Principal Amount and per annum rate of interest set forth in the Preliminary Statement hereto.