Residual II Interest definition

Residual II Interest. An interest in REMIC II-2 that is entitled to all distributions on the Class R Certificate relating to Pool 3 other than distributions in respect of the Class LTII1-R Interest.
Sample 1
Residual II Interest. The interest represented by amounts relating to Mortgage Pool II, if any, remaining in the Collection Account following termination of the Trust Fund after payments to the Class II-A Certificateholders, the Class II-M Certificateholders and the Class II-B Certificateholders, other than amounts attributable to the Class LTII-R Interest.
Sample 1Sample 2
Residual II Interest. Not applicable.
Sample 1

Examples of Residual II Interest in a sentence

  • The Residual II Interest is hereby designated as the sole residual interest (within the meaning of Section 860G(a)(2) of the Code) in the Upper-Tier II REMIC.

  • The REMIC II-2 Regular Interests shall be designated as the regular interests in REMIC II-2 and the Residual II Interest shall be designated as the sole class of residual interest in REMIC II-2.

  • The Class A-R Certificate evidences ownership of the Class LTI-R Interest, the Residual I Interest, the Class LTII-R Interest and the Residual II Interest.

  • The beneficial ownership of the Class LTI1-R Interest, the Residual I Interest, the Class SW-R Interest, the Class LTII1-R Interest and the Residual II Interest shall be represented by the Class R Certificate.

  • The Class A-R Certificate evidences ownership of the Class LTII-R Interest, the Residual II Interest and the right to receive payments from the Class A-R Reserve Fund.

  • The beneficial ownership of the Class LTI1-R Interest, the Class LTII1-R Interest, the Residual I Interest and the Residual II Interest shall be represented by the Class R Certificate.

  • The Class A-R Certificate evidences ownership of the Class SW-R Interest, the Class LTII-R Interest and the Residual II Interest.

  • None of the Class LTI1-R Interest, the Class LTII1-R Interest, the Residual I Interest and the Residual II Interest shall have a principal balance or bear interest.


More Definitions of Residual II Interest

Residual II Interest. An interest in REMIC II-11 that is entitled to all distributions on the Class R Certificate relating to Pool 3 and Pool 4 other than distributions in respect of (i) the Class LTIIAX-R Interest, (ii) the Class LTII1-R Interest, (ii) the Class LTII2-R Interest, (ii) the Class LTII3-R Interest, (ii) the Class LTII4-R Interest, (ii) the Class LTII5-R Interest, (ii) the Class LTII6-R Interest, (ii) the Class LTII7-R Interest, (ii) the Class LTII8-R Interest, (ii) the Class LTII9-R Interest and (iii) the Class LTII10-R Interest.
Sample 1
Residual II Interest. The interest represented by (i) amounts with respect to the Pool 2 Mortgage Loans, if any, remaining in the Collection Account or Certificate Account following termination of the Trust Fund after payments to the Class 2-A Certificateholders (other than the Class A-R Certificateholders), the Class 2-M Certificateholders, the Class 2-B Certificateholders and the Class 2-CE Certificateholders and (ii) amounts, if any, paid in respect of principal and accrued interest on the Class A-R Certificates from collections or advances with respect to the Pool 2 Mortgage Loans, other than, in the case of both (i) and (ii), amounts attributable to the Class LTII-R Interest.
Sample 1

Related to Residual II Interest

  • 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.

  • 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.

  • 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.

  • 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.

  • 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.

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

  • 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).

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

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

  • REMIC II Interests means, collectively, the REMIC II Regular Interests and the Class R-II Certificates.

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

  • REMIC I Interests The REMIC I Regular Interests and the Class R-I Certificates.

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

  • 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.

  • REMIC III Certificateholder The Holder of any REMIC III Certificate.

  • Lower Tier REMIC Regular Interests Each of the Lower Tier REMIC Interests other than the Class LTR Interest.

  • Lower Tier REMIC Regular Interest As specified in the Preliminary Statement.

  • Class R-I Certificate Any one of the Class R-I Certificates executed by the Trustee and authenticated by the Certificate Registrar substantially in the form annexed hereto as Exhibit D and evidencing an interest designated as a "residual interest" in REMIC I for purposes of the REMIC Provisions.

  • REMIC I Regular Interest Any of the separate non-certificated beneficial ownership interests in REMIC I issued hereunder and designated as a "regular interest" in REMIC I. Each REMIC I Regular Interest shall accrue interest at the related REMIC I Remittance Rate in effect from time to time, and shall be entitled to distributions of principal, subject to the terms and conditions hereof, in an aggregate amount equal to its initial Uncertificated Balance as set forth in the Preliminary Statement hereto. The designations for the respective REMIC I Regular Interests are set forth in the Preliminary Statement hereto.

  • REMIC II Regular Interest Any of the separate non-certificated beneficial ownership interests in REMIC II issued hereunder and designated as a “regular interest” in REMIC II. Each REMIC II Regular Interest shall accrue interest at the related REMIC II Remittance Rate in effect from time to time, and shall be entitled to distributions of principal, subject to the terms and conditions hereof, in an aggregate amount equal to its initial Uncertificated Balance as set forth in the Preliminary Statement hereto. The designations for the respective REMIC II Regular Interests are set forth in the Preliminary Statement hereto.

  • Class R-II Certificate Any one of the Class R-II Certificates executed by the Trustee and authenticated by the Certificate Registrar substantially in the form annexed hereto as Exhibit D and evidencing an interest designated as a "residual interest" in REMIC II for purposes of the REMIC Provisions.

  • Uncertificated REMIC I Regular Interests The Uncertificated REMIC I Regular Interests Z together with the interests identified in the table below, each representing an undivided beneficial ownership interest in REMIC I, and having the following characteristics:

  • REMIC III Distribution Amount The REMIC III Available Distribution Amount for any Distribution Date shall be distributed to the Certificates and the Class R-3 Residual Interest in the following amounts and priority:

  • REMIC III Regular Interest The Class CE Interest, Class P Interest, Class IO Interest or any Regular Interest in REMIC III the ownership of which is represented by any of the Class A Certificates or Class M Certificates.