Lower Tier Interest definition

Lower Tier Interest. As described in the Preliminary Statement.

Lower Tier Interest. Any one of the interests in the Lower-Tier REMIC, as described in the Preliminary Statement.

Lower Tier Interest. Any one of the interests in the Lower-Tier REMIC as described in the Preliminary Statement to this Agreement.

Examples of Lower Tier Interest in a sentence

• Any manner or manners in which the Certificate Account is maintained may at any time be changed without notice to, or the approval of, Holders of the Lower Tier Interest so long as funds held in the Lower Tier REMIC by, or for the account of, the Trustee shall at all times be identified.

• The aggregate amount of interest distributable in respect of the Lower Tier Regular Interests during any calendar month shall equal the Lower Tier Interest Distribution Amount for such calendar month.

• On each Distribution Date, the Lower Tier Interest Distribution Amount shall be applied to the distribution of interest accrued on each Class of the Lower Tier Regular Interests during the preceding Interest Accrual Period at the per annum rate specified or described on the Lower Tier Schedule in an amount corresponding to the amount required to be applied as interest on its related Companion Class on such Distribution Date.

• Interest accrued on each Lower Tier Interest for the related Interest Accrual Period at the applicable Interest Rate shall be distributed on each applicable Distribution Date, except as specified below in the case of the Lower Tier Accrual Interest.

• In the event that the portion of such funds allocable to principal shall be less than the Lower Tier Principal Distribution Amount or, correspondingly, the portion of such funds allocable to interest shall be less than the Lower Tier Interest Distribution Amount, then Xxxxxx Xxx shall provide the related portion(s) from its own funds in respective amounts sufficient to remedy such shortfall.

More Definitions of Lower Tier Interest

Lower Tier Interest. An interest in either the Subsidiary REMIC or the Intermediate REMIC, as described in the Preliminary Statement, those interests having an LT1 designation being interests in the Subsidiary REMIC and those having an LT2 designation being interests in the Intermediate REMIC.

Lower Tier Interest. Any one of the interests in a Lower Tier REMIC, as described in the Preliminary Statement.

Lower Tier Interest. Any one of the interests in a Lower Tier REMIC, as described in the Preliminary Statement. Lower Tier REMIC: REMIC I, as described in the Preliminary Statement. Maintenance: With respect to any Cooperative Unit, the rent or fee paid by the Mortgagor to the Cooperative Corporation pursuant to the Proprietary Lease.

Lower Tier Interest. Any one of the classes of lower tier interests described in the Preliminary Statement hereto.

Lower Tier Interest. As provided in the Preliminary Statement.

Lower Tier Interest. An interest in any REMIC formed hereby other than the Upper Tier REMIC.

Lower Tier Interest. Any of the REMIC 1 Interests.