Residual Certificate definition

Residual Certificate. The Class R Certificate.

Residual Certificate. Any Class LT-R or Class R Certificate.

Residual Certificate. Any one of the Class R Certificates and the Class R-X Certificates.

Examples of Residual Certificate in a sentence

• Each Holder of a Residual Certificate will pay when due any and all taxes imposed on the related REMIC by federal or state governmental authorities.

• For each such REMIC, the Trustor, as partnership representative, is authorized and directed to utilize any exceptions available under Sections 6221 through 6241 of the Code (including changes) so that holders of the Residual Certificate in such REMIC, to the fullest extent possible, rather than the REMIC itself, will be liable for any taxes arising from audit adjustments to the REMIC's taxable income.

• Any purported transfer of record or beneficial ownership, direct or indirect (whether pursuant to a purchase, a default under a secured lending agreement or otherwise), to a Disqualified Organization of any Residual Certificate, or any beneficial interest therein, will be void and of no effect.

More Definitions of Residual Certificate

Residual Certificate. The Class 1-A-R Certificate.

Residual Certificate. The Class R Certificate, which is being issued in a single class. Components R-1 and R-2 of the Class R Certificate is hereby each designated the sole Class of "residual interests" in REMIC I and REMIC II, respectively, for purposes of Section 860G(a)(2) of the Code.

Residual Certificate. Each of the Class A-R and Class LT-R Certificates.

Residual Certificate. Any Class R Certificate or Class LR Certificate issued, authenticated and delivered hereunder.

Residual Certificate. The Class R Certificates designated as such in the Trust Agreement.

Residual Certificate. Any residual certificate or "Class R" Certificate issued under any Trust Agreement.

Residual Certificate. Any Class LT-R or Class R Certificate. Responsible Officer or responsible officer: When used with respect to the Trustee, any Vice President, Assistant Vice President, the Secretary, any assistant secretary, any Trust Officer, the Treasurer, or any assistant treasurer, working in its Corporate Trust Office and having direct responsibility for the administration of this Agreement.