Uncertificated VRR Interest definition
Uncertificated VRR Interest. An uncertificated interest in the Trust representing the right to receive or be allocated a pro rata portion (based on the Uncertificated VRR Interest Balance relative to the sum of the Certificate Balance of the Class VRR Certificates and the Uncertificated VRR Interest Balance) of any Combined VRR Available Funds, any Appraisal Reduction Amounts, Prepayment Fees, Prepayment Interest Shortfalls, applicable Realized Losses and reimbursements of Applied Realized Loss Amounts allocated to the Combined VRR Interest pursuant to Section 4.1(b). The Uncertificated VRR Interest constitutes a class of “regular interests” in the Upper-Tier REMIC within the meaning of Code Section 860G(a)(1). For the avoidance of doubt, the parties hereto agree not to treat the Uncertificated VRR Interest as a security under applicable law. For tax reporting purposes, the Uncertificated VRR Interest will accrue interest at the Adjusted Net Mortgage Rate in effect from time to time.
Uncertificated VRR Interest. An uncertificated interest in the Trust representing the right to receive or be allocated a pro rata portion (based on the Uncertificated VRR Interest Balance relative to the sum of the Certificate Balance of the Class VRR Certificates and the Uncertificated VRR Interest Balance) of any Combined VRR Available Funds and any Appraisal Reduction Amounts, Yield Maintenance Charges, Prepayment Interest Shortfalls, and Excess Interest allocated to the Combined VRR Interest pursuant to Section 4.01(c). The Uncertificated VRR Interest constitutes a class of “regular interests” in the Upper-Tier REMIC within the meaning of Code Section 860G(a)(1). If there had been any VRR Specific Grantor Trust Assets, the Uncertificated VRR Interest would have evidenced beneficial ownership of a portion of such VRR Specific Grantor Trust Assets. For the avoidance of doubt, the parties hereto agree not to treat the Uncertificated VRR Interest as a security under applicable law. For tax reporting purposes, the Uncertificated VRR Interest will accrue interest at the WAC Rate in effect from time to time.
Uncertificated VRR Interest. An uncertificated interest in the Trust representing the right to receive or be allocated pursuant to Section 4.01(c) a pro rata portion (based on the Uncertificated VRR Interest Balance relative to the sum of the Certificate Balance of the Class VRR Certificates and the Uncertificated VRR Interest Balance) of any Combined VRR Available Funds and any Appraisal Reduction Amounts, Yield Maintenance Charges, Prepayment Interest Shortfalls, and Excess Interest allocated to the Combined VRR Interest. The Uncertificated VRR Interest evidences beneficial ownership of a portion of the Class VRR Specific Grantor Trust Assets. For the avoidance of doubt, the parties hereto agree not to treat the Uncertificated VRR Interest as a security under applicable law. For tax reporting purposes, the Uncertificated VRR Interest will accrue interest at the WAC Rate in effect from time to time.
Examples of Uncertificated VRR Interest in a sentence
For the avoidance of doubt, no Uncertificated VRR Interest, Class VRR Certificates or Class S Certificates will be issued under this Agreement, and there are no VRR Specific Grantor Trust Assets and no Class S Specific Grantor Trust Assets, and no Grantor Trust shall be established hereunder.
In furtherance of such intention, none of the Depositor, the Master Servicer, the Special Servicer, the Trustee or the Certificate Administrator shall vary the assets of the Grantor Trust so as to take advantage of market fluctuations or so as to improve the rate of return of the Grantor Trust Certificates or the Uncertificated VRR Interest, and shall otherwise comply with Treasury Regulations Section 301.7701-4(c).
The Certificate Administrator shall make available (via the Certificate Administrator’s Website) WHFIT information to Certificateholders and the Uncertificated VRR Interest Owner annually.
In addition, the Certificate Administrator shall not be responsible or liable for providing subsequently amended, revised or updated information to any Certificateholder or Uncertificated VRR Interest Owner, unless requested by such Certificateholder or such Uncertificated VRR Interest Owner.
The Class VRR Certificates and the Uncertificated VRR Interest shall each represent undivided beneficial interests in the portion of the Trust Fund consisting of any VRR Specific Grantor Trust Assets, distributions thereon and proceeds thereof, which portion will be treated as part of a “grantor trust” within the meaning of subpart E, part I of subchapter J of the Code.
More Definitions of Uncertificated VRR Interest
Uncertificated VRR Interest. An uncertificated interest in the Trust representing the right to receive or be allocated pursuant to Section 4.01(c) a pro rata portion (based on the Combined Uncertificated VRR Interest Balance of the Combined Uncertificated VRR Interest relative to the sum of the Certificate Balance of the Class VRR Certificates and the Combined Uncertificated VRR Interest Balance) of any Combined Uncertificated VRR Available Funds and any Appraisal Reduction Amounts, Yield Maintenance Charges, Prepayment Interest Shortfalls, and Excess Interest allocated to the Combined Uncertificated VRR Interest. The Combined Uncertificated VRR Interest evidences beneficial ownership of a portion of the Class VRR Specific Grantor Trust Assets. For the avoidance of doubt, the parties hereto agree not to treat the Combined Uncertificated VRR Interest as a security under applicable law. For tax reporting purposes, the Combined Uncertificated VRR Interest will accrue interest at the WAC Rate in effect from time to time. The Uncertificated VRR Interest represents undivided beneficial interests in the VRR Specific Grantor Trust Assets
Uncertificated VRR Interest. An uncertificated interest in the Trust representing the right to receive or be allocated pursuant to Section 4.01(c) a pro rata portion (based on the Uncertificated VRR Interest Balance of the Uncertificated VRR Interest relative to the sum of the Certificate Balance of the Class VRR Certificates and the Uncertificated VRR Interest Balance) of any Combined VRR Available Funds and any Appraisal Reduction Amounts, Yield Maintenance Charges, Prepayment Interest Shortfalls, and Excess Interest allocated to the Combined VRR Interest. For the avoidance of doubt, the parties hereto agree not to treat the Uncertificated VRR Interest as a security under applicable law. For tax reporting purposes, the Uncertificated VRR Interest will accrue interest at the WAC Rate in effect from time to time. For the avoidance of doubt, no Uncertificated VRR Interest shall be issued under this Agreement, and all references in this Agreement to “Uncertificated VRR Interest” shall be disregarded.
Uncertificated VRR Interest. If issued, an uncertificated interest in the Trust representing the right to receive or be allocated pursuant to Section 4.01(c) a pro rata portion (based on the Uncertificated VRR Interest Balance of the Uncertificated VRR Interest relative to the sum of the Certificate Balance of the Class VRR Certificates and the Uncertificated VRR Interest Balance) of any Combined VRR Available Funds and any Appraisal Reduction Amounts, Yield Maintenance Charges, Prepayment Interest Shortfalls, and Excess Interest allocated to the Combined VRR Interest. For the avoidance of doubt, the parties hereto agree not to treat the Uncertificated VRR Interest as a security under applicable law. For tax reporting purposes, the Uncertificated VRR Interest will accrue interest at the WAC Rate in effect from time to time. If issued, the Uncertificated VRR Interest will constitute a class of “regular interests”, within the meaning of Code Section 860G(a)(1), in the Upper-Tier REMIC. If there had been VRR Specific Grantor Trust Assets, the Uncertificated VRR Interest would have evidenced an undivided beneficial interest in a portion of such VRR Specific Grantor Trust Assets. For the avoidance of doubt, no Uncertificated VRR Interest will be issued, and all references in this Agreement to “Uncertificated VRR Interest” shall be disregarded.
Uncertificated VRR Interest. The Uncertificated VRR-GS Interest. “Uncertificated VRR Interest Balance”: For any date of determination, the Uncertificated VRR-GS Interest Balance.
Uncertificated VRR Interest. An uncertificated interest in the Trust representing the right to receive or be allocated a pro rata portion (based on the Uncertificated VRR Interest Balance relative to the sum of the Certificate Balance of the Class VRR Certificates and the Uncertificated VRR Interest Balance) of any Combined VRR Available Funds and any Appraisal Reduction Amounts, Yield Maintenance Charges, Prepayment Interest Shortfalls, and Excess Interest allocated to the Combined VRR Interest pursuant to Section 4.01(c). The Uncertificated VRR Interest evidences beneficial ownership of a portion of the Class VRR Specific Grantor Trust Assets. For the avoidance of doubt, the parties hereto agree not to treat the Uncertificated VRR Interest as a security under applicable law.
Uncertificated VRR Interest. Collectively, the Uncertificated VRR-GS Interest and the Uncertificated VRR-JP Interest.
Uncertificated VRR Interest. Any of the Uncertificated VRR-GS Interest or the Uncertificated VRR-JP Interest.