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 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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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.


More Definitions of Residual Security

Residual Security. Any one of the Securities designated as such in the Pooling and Master Servicing Agreement.
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Residual Security. Any of the Class R Securities or Class RP Securities.
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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 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.

  • 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 has the meaning specified in Section 303.

  • 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).

  • 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).

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

  • 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.

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

  • Preferred Security means a preferred security of the Trust, denominated as such and representing an undivided beneficial interest in the assets of the Trust, having a Liquidation Amount of $1,000 and having the terms provided therefor in this Trust Agreement.

  • Trust Certificate means a certificate evidencing the beneficial interest of a Certificateholder in the Trust, substantially in the form of Exhibit A to the 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.