Securitization Residual Interests definition
Securitization Residual Interests means (a) any dividend or other distribution from a Securitization Subsidiary or Securitization Parent and any proceeds thereof, (b) Capital Stock or other investment property reflecting an ownership interest in (i) any Securitization Subsidiary (except to the extent that a grant of a security interest in the Capital Stock or other investment property of such Securitization Subsidiary is restricted by or would constitute a breach or default under or result in or give rise to the right of termination under any contract, agreement or instrument entered into by such Securitization Subsidiary and the provider of debt (or purchaser of Securitization Assets, as applicable) in connection with such Qualified Securitization Transaction) or (ii) any Securitization Parent, (c) any interest, certificate, general intangible, chattel paper, instrument or document issued in connection with a Securitization Transaction that evidences a residual interest in a Securitization Transaction and (d) any other residual interest in a Securitization Transaction, in each case, to the extent an asset of a Loan Party. “Securitization Subsidiary” means a trust, bankruptcy remote entity or other special purpose entity which is (A) a Domestic Subsidiary that is a Wholly Owned Subsidiary of the Borrower, (B) wholly owned directly by either (I) one or more Loan Parties or (II) a Securitization Parent and (C) which is formed for the purpose of and engages in no material business other than acting as an issuer or a depositor or borrower in a Qualified Securitization Transaction (and, in connection therewith, owning Securitization Assets and pledging or transferring any of the foregoing or interests therein and engaging in any business or activities incidental or related thereto), and:
Securitization Residual Interests means (a) any dividend or other distribution from a Securitization Subsidiary or Securitization Parent and any proceeds thereof, (b) Capital Stock or other investment property reflecting an ownership interest in (i) any Securitization Subsidiary (except to the extent that a grant of a security interest in the Capital Stock or other investment property of such Securitization Subsidiary is restricted by or would constitute a breach or default under or result in or give rise to the right of termination under any contract, agreement or instrument entered into by such Securitization Subsidiary and the provider of debt (or purchaser of Securitization Assets, as applicable) in connection with such Qualified Securitization Transaction) or (ii) any Securitization Parent, (c) any interest, certificate, general intangible, chattel paper, instrument or document issued in connection with a Securitization Transaction that evidences a residual interest in a Securitization Transaction and (d) any other residual interest in a Securitization Transaction, in each case, to the extent an asset of a Loan Party.