SUBSIDIARY RESIDUAL INTEREST definition

SUBSIDIARY RESIDUAL INTEREST. The interest in the Subsidiary REMIC consisting of Excess Proceeds and Substitute Excess Interest, and with respect to each Mortgage Loan, any amounts payable or received with respect to such Mortgage Loan after payment in full of the Subsidiary Regular Interests.
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SUBSIDIARY RESIDUAL INTEREST. Holder shall give notice to the Master Servicer and the Master Servicer shall give notice to the Rating Agency of the Subsidiary Residual Interest Holder's election to purchase the Mortgage Loans pursuant to this Section 15.01
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SUBSIDIARY RESIDUAL INTEREST. The interest in the Subsidiary REMIC represented by any amounts in the Collection Account in respect of the Available Distribution Amount after payments required to make distributions in respect of the Subsidiary Regular Interests.
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Examples of SUBSIDIARY RESIDUAL INTEREST in a sentence

  • SUBSIDIARY RESIDUAL INTEREST CERTIFICATE Evidencing an undivided interest in a trust fund consisting of certain adjustable rate first mortgage loans transferred by [ ] THIS CERTIFICATE HAS NO STATED PRINCIPAL AMOUNT.

Related to SUBSIDIARY RESIDUAL INTEREST

  • Class R-1 Residual Interest The uncertificated undivided beneficial interest in REMIC I which has been designated as the single class of “residual interest” in REMIC I pursuant to Section 2.06.

  • Class R-2 Residual Interest The uncertificated undivided beneficial interest in REMIC II which has been designated as the single class of “residual interest” in REMIC II pursuant to Section 2.11. The Class R-2 Residual Interest, together with the REMIC II Regular Interests, shall be deemed to be a separate series of beneficial interests in the assets of the Trust consisting of the REMIC II Assets pursuant to Section 3806(b)(2) of the Statutory Trust Statute.

  • Subsidiary REMIC Interest Any one of the Subsidiary REMIC Interests or the SR-A-R Interest.

  • Class R Residual Interests The Class R-1 and Class R-2 Residual Interests (which shall be transferable only as a unit evidenced by the Class R Certificates, in accordance with the applicable provisions of Section 5.01).

  • Upper-Tier Residual Interest The sole class of “residual interests”, within the meaning of Code Section 860G(a)(2), in the Upper-Tier REMIC and evidenced by the Class R Certificates.

  • Lower-Tier Residual Interest The sole class of “residual interests”, within the meaning of Code Section 860G(a)(2), in the Lower-Tier REMIC and evidenced by the Class R Certificates.

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

  • Residual Interests As specified in the Preliminary Statement.

  • Subsidiary REMIC Regular Interest Any one of the "regular interests" in the Subsidiary REMIC described in the Preliminary Statement.

  • Subsidiary REMIC As described in the Preliminary Statement.

  • Class R-IV Interest The uncertificated Residual Interest in REMIC IV.

  • Residual Interest Certificate means any of the Class R-I Certificates, the Class R-II Certificates, the Class R-III Certificates or, if issued in accordance with Section 2.06, the Class R-LR Certificates.

  • Class R-I Interest The uncertificated Residual Interest in REMIC I.

  • Class R-3 Interest The uncertificated Residual Interest in REMIC 3.

  • Class R-4 Interest The uncertificated Residual Interest in REMIC 4.

  • Class R-II Interest The uncertificated Residual Interest in REMIC II.

  • Middle-Tier REMIC As described in the Preliminary Statement.

  • Class R-III Interest The uncertificated Residual Interest in REMIC III.

  • Lower Tier REMIC Interests Each of the Class LTA-1 Interest, the Class LTA-2A Interest, the Class LTA-2B Interest, the Class LTA-2C Interest, the Class LTA-2D Interest, the Class LTM-1 Interest, the Class LTM-2 Interest, the Class LTM-3 Interest, the Class LTM-4 Interest, the Class LTM-5 Interest, the Class LTM-6 Interest, the Class LTB-1 Interest, the Class LTB-2 Interest, the Class LTB-3 Interest, the Class LTIX Interest, the Class LTIIX Interest, the Class LTII1A Interest, the Class LTII1B Interest, the Class LTII2A Interest, the Class LTII2B Interest, the Class LT-IO Interest and the Class LTR Interest.

  • Residual Ownership Interest Any record or beneficial interest in the Class R Certificates.

  • Class P Interest An uncertificated interest in the Trust Fund held by the Trustee on behalf of the Holders of the Class P Certificates, evidencing a Regular Interest in REMIC III for purposes of the REMIC Provisions.

  • Class UT-R Interest The residual interest in the Upper-Tier REMIC as described in the Preliminary Statement and the related footnote thereto.

  • Uncertificated Distributable Interest As defined in Section 2.11(g) with respect to any REMIC I Regular Interest for any Distribution Date and in Section 2.13(g) with respect to any REMIC II Regular Interest for any Distribution Date.

  • Member Interest means an equity interest of a Member in the Company and includes any and all benefits to which such Member is entitled as provided in this Agreement, together with all obligations of such Member pursuant to the terms and provisions of this Agreement.

  • Class R-1 Interest The uncertificated Residual Interest in REMIC 1.

  • Class B Interest Each of the Class B-1 and Class B-2 Interests.