Residual Interest definition

Residual Interest. The sole class of "residual interests" in a REMIC within the meaning of Section 860G(a)(2) of the Code.

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Residual Interest means a beneficial ownership interest in the Issuer, as recorded on the Trust Register.

Residual Interest. An interest in the Upper Tier REMIC that is entitled to all distributions of principal and interest on the Class R Certificate other than distributions in respect of the Class SWR Interest and Class LTR Interest and distributions on the Class R Certificate in respect of Excess Interest.

Examples of Residual Interest in a sentence

Before the satisfaction and discharge of the Indenture, all distributions of Trust Property, including any distributions to the holder of the Residual Interest, will be made according to Article VIII of the Indenture.
The Issuer appoints the Owner Trustee to be the "Trust Registrar" and to keep a register (the "Trust Register") of the holders of the Residual Interest and transfers of the Residual Interest.
If the Owner Trustee does not receive instruction before ten days after it has notified the Administrator (or sooner if reasonably requested in the notice or necessary under the circumstances) it may, but is not obligated to, take or not take the action that it considers to be in the best interests of the holder of the Residual Interest, and will not be liable for the action or inaction.
On dissolution of the Issuer, any remaining Trust Property will be distributed to the holder of the Residual Interest, and on completion of the windup, the Owner Trustee will cause the Certificate of Trust to be cancelled by executing a certificate of cancellation prepared and to be filed by the Administrator as required by the Delaware Statutory Trust Act.
The Owner Trustee will hold the Trust Property in trust under this Agreement for the use and benefit of the holder of the Residual Interest and subject to the obligations of the Issuer under the Transaction Documents.

More Definitions of Residual Interest

Residual Interest. An interest in a REMIC that is designated as a “residual interest” under the REMIC Provisions.

Residual Interest means the residual interest in the Trust, which represents the right to the amount remaining, if any, after all prior distributions have been made under this Agreement, the Indenture and the Trust Agreement on each Distribution Date and certain other rights to receive amounts hereunder and under the Trust Agreement.

Residual Interest means the beneficial interest in the Issuer, as evidenced by the Certificate.

Residual Interest. The interest in the Trust Fund represented by amounts, if any, remaining in the Collection Account following termination of the Trust Fund after payments to the Class A Certificateholders (other than the Class A-R Certificateholder), the Class M Certificateholders and the Class B Certificateholders.

Residual Interest. As specified in the Preliminary Statement.

Residual Interest means the remainder cash flows from collateralized mortgage obligations/real estate mortgage investment conduits (CMOs/REMICs), or other mortgage-backed security transaction, after payments due bondholders and trust administrative expenses have been satisfied.

Residual Interest means any on-balance sheet asset that represents an interest (including a beneficial interest) created by a transfer that qualifies as a sale (in accordance with generally accepted accounting principles) of financial assets, whether through a securitization or otherwise, and that exposes a bank to credit risk directly or indirectly associated with the transferred asset that exceeds a pro rata share of the bank's claim on the asset, whether through subordination provisions or other credit enhancement techniques. In general, residual interests include credit-enhancing interest- only strips (both retained and purchased), spread accounts, cash collateral accounts,