Residual Interest definition

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

Residual Interest means a beneficial ownership interest in the Issuer, as recorded on the Trust Register.

Residual Interest. An interest in the Upper Tier REMIC that is entitled to all distributions of principal and interest on the Class R Certificate other than distributions in respect of the Class SWR Interest and Class LTR Interest and distributions on the Class R Certificate in respect of Excess Interest.

Examples of Residual Interest in a sentence

• A REMIC Certificate issued pursuant to this Agreement, which is all or part of either a Regular Class or a Residual Class and which represents all or part of either a Regular Interest or a Residual Interest in a particular REMIC Pool.

• Upon surrender for registration of transfer of any Certificate in certificated form, the Registrar shall execute and deliver, in the name of the designated transferee or transferees, one or more new Certificates evidencing a like principal or notional principal amount (or, if applicable, a like percentage of the Residual Interest).

• All of the REMIC Certificates that together represent one of the Regular Interests in a REMIC Pool or all of the REMIC Certificates that together represent the Residual Interest in a REMIC Pool.

• Unless otherwise provided in the related Terms Supplement, Residual Classes shall not be issued in book-entry form but shall be issued only in fully registered, certificated form in minimum original principal amounts (or minimum original notional principal amounts) of $1,000 and additional increments of $1 or, in the case of a Residual Class without an Original Principal Amount, in minimum percentages of the Residual Interest of 1%.

• Any duplicate Certificate so issued shall constitute complete and indefeasible evidence of ownership of that portion of the Regular Interest or Residual Interest of the related REMIC Pool, or that portion of the related MACR Pool, represented thereby, whether or not the lost, stolen or destroyed Certificate shall be found at any time.

More Definitions of Residual Interest

Residual Interest. An interest in a REMIC that is designated as a “residual interest” under the REMIC Provisions.

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

Residual Interest means the residual interest in the Trust, which represents the right to the amount remaining, if any, after all prior distributions have been made under this Agreement, the Indenture and the Trust Agreement on each Distribution Date and certain other rights to receive amounts hereunder and under the Trust Agreement.

Residual Interest means the beneficial interest in the Issuer, as evidenced by the Certificate.

Residual Interest. The interest in the Trust Fund represented by amounts, if any, remaining in the Collection Account following termination of the Trust Fund after payments to the Class A Certificateholders (other than the Class A-R Certificateholder), the Class M Certificateholders and the Class B Certificateholders.

Residual Interest. As specified in the Preliminary Statement.

Residual Interest means any on-balance sheet asset that represents an interest (in- cluding a beneficial interest) created by a transfer that qualifies as a sale (in accord- ance with generally accepted accounting principles (GAAP)) of financial assets, whether through a securitization or other- wise, and that exposes a bank to credit risk directly or indirectly associated with the transferred assets that exceeds a pro rata share of the bank’s claim on the assets, whether through subordination provisions or other credit enhancement techniques. Resid- ual interests generally include credit-en- hancing I/Os, spread accounts, cash collat- eral accounts, retained subordinated inter- ests, other forms of over-collateralization, and similar assets that function as a credit enhancement. Residual interests further in- clude those exposures that, in substance, cause the bank to retain the credit risk of an asset or exposure that had qualified as a re- sidual interest before it was sold. Residual interests generally do not include interests purchased from a third party, except that purchased credit-enhancing I/Os are residual interests for purposes of the risk-based cap- ital treatment in this appendix.