Residual Security definition

Residual Security. Any security sold to the Trust hereunder and pledged to the Indenture Trustee, which security must be (i) a mortgage-backed security issued by Option One Mortgage Acceptance Corp. and evidencing an interest in a securitization trust backed by residential mortgage loans, which mortgage loans are serviced by Option One Mortgage Corporation (in such capacity, "Option One") (including, without limitation, securities designated as class C certificates and class P certificates that meet the foregoing criteria) or (ii) a net interest margin security issued by a trust sponsored by Option One and backed by class C certificates and/or Class P certificates, which certificates are in turn backed by residential mortgage loans serviced by Option One."

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Residual Security means a non-rated mortgage-backed security that receives cash flows consisting of excess interest, and/or release of over-collateralization or reserve funds, or any other type of cash flow including mortgage principal and interest payments, prepayment charges and liquidiation proceeds.

Residual Security. Any security sold to the Trust hereunder and pledged to the Indenture Trustee, which security must be (i) a mortgage-backed security issued by Option One Mortgage Acceptance Corp. and evidencing an interest in a securitization trust backed by residential mortgage loans, which mortgage loans are serviced by Option One (including, without limitation, securities designated as class C certificates and class P certificates that meet the foregoing criteria) or (ii) net interest margin security issued by a trust sponsored by Option One and backed by class C certificates and/or class P certificates, which certificates are in turn backed by residential mortgage loans serviced by Option One.

Examples of Residual Security in a sentence

• Buyer acknowledges that, as set forth in Section 3.2.1, at Delivery, the Residual Security will have been released but not yet discharged due to the fact that court proceedings are necessary to finally accomplish such discharge.

• Among its other duties, if required by the REMIC Provisions, the Master Servicer, acting as agent of each REMIC, shall provide (i) to the Treasury or other governmental authority such information as is necessary for the application of any tax relating to the transfer of a Residual Security to any Disqualified Organization and (ii) to the Trustee such information as is necessary for the Trustee to discharge its obligations under the REMIC Provisions to report tax information to the Securityholders.

• In addition, on each Determination Date, the Purchaser hereby covenants to give notice to the Indenture Trustee, the Issuer and the Depositor of (i) the Issuer/Depositor Indemnities (as defined in the Trust Agreement), (ii) Due Diligence Fees and (iii) the Collateral Value for each Loan and each Residual Security for the related Payment Date.

• Written confirmation from Selih & Partners that it possesses all signed documents necessary to release the Residual Security at the Effective Time (with a complete list of such documents) and that the only remaining action to affect such release is the filing of the court proceeding to release the Residual Security.

• No Residual Security (including any beneficial ------------------- interest therein) may be transferred to a Disqualified Organization.

• The Servicer shall promptly deliver to the Issuer, the Loan Originator, the Indenture Trustee and Initial Noteholder, a copy of the amended Loan Schedule and/or a copy of the amended Residual Security Schedule.

• The Servicer shall deposit in the Collection Account all payments received in connection with each Qualified Substitute Loan or Qualified Substitute Residual Security after the date of such substitution.

• On or before the initial Transfer Date with respect to Residual Securities, the Issuer shall, at its expense, cause to be filed UCC-1 Financing Statements naming the Issuer as "secured party" and describing each Residual Security being sold by the Advance Trust to the Issuer with the appropriate governmental office in the state of Delaware and such other jurisdictions as shall be necessary to perfect a security interest in the Trust Estate.

• As to any Deleted Residual Security for which the Loan Originator substitutes a Qualified Substitute Residual Security or Residual Securities, the Loan Originator shall effect such substitution by delivering to the Trustee the Loan Documents for such Qualified Substitute Residual Security or Residual Securities.

• A signed confirmation letter by Bayerische Landesbank confirming that they shall, in accordance with the terms contained therein, instruct Selih & Partners (their Slovenian legal counsel) to submit the release and deletion notice in respect of the Residual Security on the Effective Time.

More Definitions of Residual Security

Residual Security. Any one of the Securities designated as such in the Pooling and Master Servicing Agreement.

Residual Security. Any of the Class R Securities or Class RP Securities.

Residual Security means the security created by the Slovenian aircraft mortgage over the Aircraft granted by the Seller in favor of Bayerische Landesbank, entered into the Slovenian Aircraft register over the Aircraft on 23 December 2008 under entry no. 815, on the basis of Resolution of County Court in Ljubljana no. 0865 Z 149/2008 in connection with directly enforceable notarial deed no. SV-2775/2008 of 22 December 2008;

Residual Security means the security created by the Slovenian aircraft mortgage over the Aircraft granted by the Seller in favor of Bayerische Landesbank, entered into the Slovenian Aircraft register over the Aircraft on 23 December 2008 under entry no. 815, on the basis of Resolution of County Court in Ljubljana no. 0865 Z 149/2008 in connection with directly enforceable notarial deed no. SV-2775/2008 of 22 December 2008; "Security Interest" means any mortgage, charge, pledge, lien, assignment, hypothecation, right of set-off or any agreement or arrangement having the effect of creating a security interest; "Seller Indemnitee" shall mean the entities identified as "Indemnitees" under the Lease as in effect immediately prior to the Effective Time; "Seller's Lien" means a Security Interest created over or in respect of the Aircraft by or through the Seller or its affiliates (other than (i) the Lease and the rights of the Lessee under the Lease and (ii) the Residual Security); "Tax" or "Taxes" includes all present and future taxes, levies, imposts, duties, fees or charges of whatever nature and howsoever described, including any value added or similar tax, imposed, levied, collected or assessed by any Government Entity or taxing authority anywhere in the world together with interest payable in respect of any of the same and penalties imposed or levied in respect of any of the same; and "Total Loss" has the meaning given to the term "Event of Loss" in the Lease.