Class R Preferred Share. The Class R Preferred Shares issued by the Issuer pursuant to the Memorandum and Articles.
Class R Preferred Share. The Class R Preferred Shares issued by the Issuer pursuant to the Memorandum and Articles. “Class X Preferred Share”: The Class X Preferred Shares issued by the Issuer pursuant to the Memorandum and Articles. “Class X Preferred Rate”: With respect to any Payment Date, a per annum rate (greater than or equal to zero) equal to: (a)(i) the total amount of Interest Proceeds available for actual payment to the holders of the Notes and the Preferred Shares on such Payment Date less (ii) the total amount of Interest Proceeds distributed on such Payment Date to the holders of the Notes and the Class P Preferred Shares, divided by (b) the outstanding Class X Preferred Share Notional Amount, expressed as a percentage and as an annualized rate on an actual/360 basis in order to produce the aggregate amount of interest described in clause (a) to accrue on the outstanding Class X Preferred Share Notional Amount during the related Interest Accrual Period. “Class X Preferred Share Notional Amount”: The meaning set forth in Section 3.1(b) hereof. “Closing Date”: February 28, 2019. “Co-Issuer”: GPMT 2019-FL2 LLC, a Delaware limited liability company. “Code”: The United States Internal Revenue Code of 1986, as amended. “Credit Risk Retention Rules”: Regulation RR (17 C.F.R. Part 244), as such rule may be amended from time to time, and subject to such clarification and interpretation as have been provided by the Department of Treasury, the Federal Reserve System, the Federal Deposit Insurance Corporation, the Federal Housing Finance Agency, the Securities and Exchange Commission and the Department of Housing and Urban Development in the adopting release (79 F.R. 77601 et seq.) or by the staff of any such agency, or as may be provided by any such agency or its staff from time to time, in each case, as effective from time to time. “EHRI”: The Preferred Shares, which are retained by the Retention Holder on the Closing Date. “EHRI Transfer Restriction Period”: The period from the Closing Date to the latest of (i) the date on which the total unpaid Principal Balance of the Mortgage Loans has been reduced to 33% of the Aggregate Collateral Interest Cut-off Date Balance; (ii) the date on which the total outstanding principal amount or notional amount, as applicable, of the Securities has been reduced to 33% of the total outstanding principal amount or notional amount, as applicable, of the Securities as of the Closing Date; or (iii) two years after the Closing Date. However, if the...