Residual Security definition

Residual Security. Any security sold to the Trust hereunder and pledged to the Indenture Trustee, which security must be (i) a mortgage-backed security issued by Option One Mortgage Acceptance Corp. and evidencing an interest in a securitization trust backed by residential mortgage loans, which mortgage loans are serviced by Option One Mortgage Corporation (in such capacity, "Option One") (including, without limitation, securities designated as class C certificates and class P certificates that meet the foregoing criteria) or (ii) a net interest margin security issued by a trust sponsored by Option One and backed by class C certificates and/or Class P certificates, which certificates are in turn backed by residential mortgage loans serviced by Option One."
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Residual Security means a non-rated mortgage-backed security that receives cash flows consisting of excess interest, and/or release of over-collateralization or reserve funds, or any other type of cash flow including mortgage principal and interest payments, prepayment charges and liquidiation proceeds.
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Residual Security. Any of the Class R Securities or Class RP Securities.
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Examples of Residual Security in a sentence

  • Buyer acknowledges that, as set forth in Section 3.2.1, at Delivery, the Residual Security will have been released but not yet discharged due to the fact that court proceedings are necessary to finally accomplish such discharge.

  • As to any Deleted Residual Security for which the Loan Originator substitutes a Qualified Substitute Residual Security or Residual Securities, the Loan Originator shall effect such substitution by delivering to the Trustee the Loan Documents for such Qualified Substitute Residual Security or Residual Securities.

  • Written confirmation from Selih & Partners that it possesses all signed documents necessary to release the Residual Security at the Effective Time (with a complete list of such documents) and that the only remaining action to affect such release is the filing of the court proceeding to release the Residual Security.

  • In the event that a Residual Security is transferred to a Disqualified Organization, the Master Servicer shall make, or cause to be made, available the information necessary for the computation of the excise tax imposed under Section 860E(e) of the Code.

  • Each of the Servicer and the Custodian shall be responsible for maintaining, and shall maintain, a complete set of books and records for each Loan and Residual Security which shall be clearly marked to reflect the ownership of each Loan or Residual Security, as of the related Transfer Date, by the Issuer and for the benefit of the Securityholders.

  • Among its other duties, if required by the REMIC Provisions, the Master Servicer, acting as agent of each REMIC, shall provide (i) to the Treasury or other governmental authority such information as is necessary for the application of any tax relating to the transfer of a Residual Security to any Disqualified Organization and (ii) to the Trustee such information as is necessary for the Trustee to discharge its obligations under the REMIC Provisions to report tax information to the Securityholders.

  • In any event, the Trustee shall not effect any transfer of a Residual Security except upon notification of such transfer to the Master Servicer.

  • The Servicer shall deposit in the Collection Account all payments received in connection with each Qualified Substitute Loan or Qualified Substitute Residual Security after the date of such substitution.

  • No Residual Security (including any beneficial ------------------- interest therein) may be transferred to a Disqualified Organization.

  • A signed confirmation letter by Bayerische Landesbank confirming that they shall, in accordance with the terms contained therein, instruct Selih & Partners (their Slovenian legal counsel) to submit the release and deletion notice in respect of the Residual Security on the Effective Time.


More Definitions of Residual Security

Residual Security. Any security sold to the Trust hereunder and pledged to the Indenture Trustee, which security must be (i) a mortgage-backed security issued by Option One Mortgage Acceptance Corp. and evidencing an interest in a securitization trust backed by residential mortgage loans, which mortgage loans are serviced by Option One (including, without limitation, securities designated as class C certificates and class P certificates that meet the foregoing criteria) or (ii) net interest margin security issued by a trust sponsored by Option One and backed by class C certificates and/or class P certificates, which certificates are in turn backed by residential mortgage loans serviced by Option One.
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Residual Security. Any one of the Securities designated as such in the Pooling and Master Servicing Agreement.
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Residual Security means the security created by the Slovenian aircraft mortgage over the Aircraft granted by the Seller in favor of Bayerische Landesbank, entered into the Slovenian Aircraft register over the Aircraft on 30 January 2009 under entry no. 818, on the basis of Resolution of County Court in Ljubljana no. 0865 Z 8/2009 in connection with directly enforceable notarial deed no. SV-159/09 of 28 January 2009;
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Residual Security means the security created by the Slovenian aircraft mortgage over the Aircraft granted by the Seller in favor of Bayerische Landesbank, entered into the Slovenian Aircraft register over the Aircraft on 23 December 2008 under entry no. 815, on the basis of Resolution of County Court in Ljubljana no. 0865 Z 149/2008 in connection with directly enforceable notarial deed no. SV-2775/2008 of 22 December 2008; "Security Interest" means any mortgage, charge, pledge, lien, assignment, hypothecation, right of set-off or any agreement or arrangement having the effect of creating a security interest; "Seller Indemnitee" shall mean the entities identified as "Indemnitees" under the Lease as in effect immediately prior to the Effective Time; "Seller's Lien" means a Security Interest created over or in respect of the Aircraft by or through the Seller or its affiliates (other than (i) the Lease and the rights of the Lessee under the Lease and (ii) the Residual Security); "Tax" or "Taxes" includes all present and future taxes, levies, imposts, duties, fees or charges of whatever nature and howsoever described, including any value added or similar tax, imposed, levied, collected or assessed by any Government Entity or taxing authority anywhere in the world together with interest payable in respect of any of the same and penalties imposed or levied in respect of any of the same; and "Total Loss" has the meaning given to the term "Event of Loss" in the Lease.
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Related to Residual Security

  • Capital Security means a preferred undivided beneficial interest in the assets of the Issuer Trust, having a Liquidation Amount of $25 and having the rights provided therefor in this Trust Agreement, including the right to receive Distributions and a Liquidation Distribution as provided herein.

  • Residual Certificate The Class R Certificate.

  • Collateral Security means security, other than a security interest in a motor vehicle that is the subject of an installment sale contract, that is given to secure performance of an obligation of the buyer, or of any surety or guarantor for the buyer, under an installment sale contract. The term includes the undertakings of any surety or guarantor for the buyer and any interest in, encumbrance on, or pledge of real or personal property other than the motor vehicle that is the subject of the installment sale contract.

  • Residual Certificates As specified in the Preliminary Statement.

  • 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.

  • Physical Security means permanent certificated Securities in registered non-global form issued in denominations of $1,000 principal amount and integral multiples in excess thereof.

  • 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).

  • REMIC II Certificate Any Regular Certificate or Class R Certificate.

  • Residual Waste means low-level radioactive waste resulting from processing or decontamination activities that cannot be easily separated into distinct batches attributable to specific waste generators. This waste is attributable to the processor or decontamination facility, as applicable.

  • Residual Interests As specified in the Preliminary Statement.

  • 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).

  • Residual Receipts means for each calendar year, the amount by which Gross Revenue exceeds Annual Operating Expenses.

  • Individual Securities shall have the meaning specified in Section 3.01(p).

  • LCR Security means any commercial paper or security (other than equity securities issued to Parent or any Originator that is a consolidated subsidiary of Parent under GAAP) within the meaning of Paragraph __.32(e)(viii) of the final rules titled Liquidity Coverage Ratio: Liquidity Risk Measurement Standards, 79 Fed. Reg. 197, 61440 et seq. (October 10, 2014).

  • 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.

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

  • 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).

  • REMIC III Certificate Any Regular Certificate or Class R Certificate.

  • 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-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.

  • 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.

  • Rule 144A Global Security has the meaning specified in Section 2.1(a) of Appendix A.

  • Preferred Security means an undivided beneficial interest in the assets of the Trust, having a Liquidation Amount of $1,000 and having the rights provided therefor in this Trust Agreement.

  • Trust Certificate means a certificate evidencing the beneficial interest of a Person in the trust established by the Trust Agreement and substantially in the form attached as Exhibit A to such Trust Agreement.

  • Covered Security means a security as defined in Section 2(a)(36) of the Act, which includes: any note, stock, treasury stock, security future, bond, debenture, evidence of indebtedness, certificate of interest or participation in any profit-sharing agreement, collateral-trust certificate, pre-organization certificate or subscription, transferable share, investment contract, voting-trust certificate, certificate of deposit for a security, fractional undivided interest in oil, gas, or other mineral rights, any put, call, straddle, option, or privilege on any security (including a certificate of deposit) or on any group or index of securities (including any interest therein or based on the value thereof), or any put, call, straddle, option, or privilege entered into on a national securities exchange relating to foreign currency, or, in general, any interest or instrument commonly known as a “security,” or any certificate of interest or participation in, temporary or interim certificate for, receipt for, guarantee of, or warrant or right to subscribe to or purchase, any of the foregoing.

  • Class R-III Certificate Any one of the Class R-III 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 III for purposes of the REMIC Provisions.