Subordinated Beneficial Interest definition

Subordinated Beneficial Interest means the Beneficial Interest to be created under the First Trust Agreement other than the Senior Beneficial Interest.
Sample 1Sample 2Sample 3

Examples of Subordinated Beneficial Interest in a sentence

  • The principal amount of Initial Subordinated Beneficial Interest will be increased by the entrustment of the Initial Cash Collateral Amount on the Cash Entrustment Date.

  • The Initial Senior Beneficial Interests and the Initial Subordinated Beneficial Interest will be created with respect to the entrustment of the Initial Auto Loan Receivables.

  • VWFSJ holds the Subordinated Beneficial Interest as the Subordinated Beneficiary and the Subordinated Beneficiary is prohibited from assigning, entrusting (including by declaration of trust), pledging or creating any other security interest over the Subordinated Beneficial Interest under the First Trust Agreement.

  • However, VWFSJ’s breach in the covenants to undertake credit risks of the Subordinated Beneficial Interest will not trigger re-purchase obligation of VWFSJ and the VWFSJ’s obligation in such a situation is to make an effort to correct such violation and to have a good faith discussion with relevant parties.

  • In addition, VWFSJ covenants that VWFSJ shall not make the situation under which VWFSJ does not substantially undertake credit risks of the Subordinated Beneficial Interest in whole or in part by hedging or any other ways.

  • The principal amount of any Additional Subordinated Beneficial Interest will be equal to the aggregate Discounted Principal Balance of such Additional Auto Loan Receivables as of the Additional Cut- off Date minus the amount of the relevant Additional Senior Beneficial Interest, plus any amount, if any, on the Trust Calculation Date, which is the same date of the relevant Additional Entrustment Date credited to the Cash Collateral Ledger and carried over on the immediately preceding Trust Calculation Date.

  • The principal amount of any Additional Subordinated Beneficial Interest will be equal to the aggregate Discounted Principal Balance of such Additional Auto Loan Receivables as of the Additional Cut-off Date minus the amount of the relevant Additional Senior Beneficial Interest, plus any amount, if any, on the Trust Calculation Date, which is the same date of the relevant Additional Entrustment Date credited to the Cash Collateral Ledger and carried over on the immediately preceding Trust Calculation Date.

  • Since the amount of additional trust receivables is determined so that the Additional Senior Beneficial Interest is always redeemed in full, there will never be any Additional Senior Beneficial Interest outstanding.3． Trustee 1 makes principal payments on the Subordinated Beneficial Interest, to the extent that a certain level of credit enhancement stipulated in the Trust Agreement is satisfied.

  • Any remaining funds in the trust collection account are distributed as interest on the Subordinated Beneficial Interest.

  • If there are no principal distributions on the Subordinated Beneficial Interest, such interest distributions will not be made.

Related to Subordinated Beneficial Interest

  • Beneficial Interest means the opportunity, directly or indirectly, through any contract, arrangement, understanding, relationship or otherwise, to profit, or share in any profit derived from, a transaction in the subject Securities. A Covered Person is deemed to have a Beneficial Interest in Securities owned by members of his or her Immediate Family. Common examples of Beneficial Interest include joint accounts, spousal accounts, UTMA accounts, partnerships, trusts and controlling interests in corporations. Any uncertainty as to whether a Covered Person has a Beneficial Interest in a Security should be brought to the attention of the Compliance Officer. Such questions will be resolved in accordance with, and this definition shall be subject to, the definition of “beneficial owner” found in Rules 16a-1(a)(2) and (5) promulgated under the Securities Exchange Act of 1934.

  • Preferred Security Beneficial Owner means, with respect to a Book Entry Interest, a Person who is the beneficial owner of such Book Entry Interest, as reflected on the books of the Clearing Agency, or on the books of a Person maintaining an account with such Clearing Agency (directly as a Clearing Agency Participant or as an indirect participant, in each case in accordance with the rules of such Clearing Agency).

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

  • Capital Security Beneficial Owner means, with respect to a Book Entry Interest, a Person who is the beneficial owner of such Book Entry Interest, as reflected on the books of the Clearing Agency, or on the books of a Person maintaining an account with such Clearing Agency (directly as a Clearing Agency Participant or as an indirect participant, in each case in accordance with the rules of such Clearing Agency).

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

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

  • registered interest means an international interest, a registrable non-consensual right or interest or a national interest specified in a notice of a national interest registered pursuant to Chapter V;

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

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

  • Deferred Interest shall have the meaning set forth in Section 4.1.

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

  • Beneficial Ownership Interest means the right to receive payments and notices with respect to the Bonds held in a Book Entry System.

  • 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 C Additional Interest is defined in Section 4.1(c).

  • Capital Security means an undivided beneficial interest in the assets of the Issuer Trust, having a Liquidation Amount of $1,000 and having the rights provided therefor in this Trust Agreement, including the right to receive Distributions and a Liquidation Distribution as provided herein.