VRR Interest definition

VRR Interest. All of the Class VRR Certificates collectively. The VRR Interest represents undivided beneficial interests in a portion of the VRR Specific Grantor Trust Assets.
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VRR Interest. All of the Class VRR Certificates collectively.
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VRR Interest. As defined in the Preliminary Statement.
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Examples of VRR Interest in a sentence

  • The right to payment of Holders of the Class VRR Certificates is pro rata and pari passu with the right to payment of the Uncertificated VRR Interest Owner.

  • To the extent of any such assignment, the Trustee, for the benefit of the registered holders and beneficial owners of the Certificates and the VRR Interest Owners, shall be the Purchaser hereunder.

  • In connection with its transfer of the Mortgage Loans to the Trust as contemplated by the recitals hereto, the Purchaser is expressly authorized to assign its rights under this Agreement, in whole or in part, to the Trustee for the benefit of the registered holders and beneficial owners of the Certificates and the VRR Interest Owners.

  • The Certificate Administrator shall calculate the Principal Distribution Amount, the VRR Principal Distribution Amount, the Aggregate Principal Distribution Amount, the Interest Distribution Amounts, the VRR Interest Distribution Amount and the VRR Realized Loss Interest Distribution Amount for each Distribution Date and shall allocate such amounts among Certificateholders in accordance with this Agreement.

  • 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).

  • If an Asset Review Trigger is determined to have occurred, the Certificate Administrator shall promptly provide notice to the Asset Representations Reviewer, the Master Servicer, the Special Servicer, all Certificateholders and the Uncertificated VRR Interest Owner.

  • Beneficial ownership of the assets of the Trust (such assets collectively, the “Trust Fund”) will be evidenced by a series of mortgage pass-through certificates (the “Certificates”) and the VRR Interest.

  • No owner of a Certificate issued pursuant to the Pooling and Servicing Agreement or VRR Interest Owner shall be deemed a successor or permitted assign because of such ownership.

  • Notwithstanding the fact that such Assignments shall name the Trustee on behalf of the Certificateholders and the VRR Interest Owners as the assignee, the parties hereto acknowledge and agree that the Mortgage Loans shall for all purposes be deemed to have been transferred from Seller to Purchaser and from Purchaser to the Trustee on behalf of the Certificateholders and the VRR Interest Owners.

  • To avoid the unnecessary expense and administrative inconvenience associated with the execution and recording or filing of multiple Assignments, Seller shall execute the Assignments relating to the Mortgage Loans naming the Trustee on behalf of the Certificateholders and the VRR Interest Owners as assignee.


More Definitions of VRR Interest

VRR Interest. The Class V-1 Certificates, the respective Classes of the Class V-2 Certificates, and the respective Classes of the Class V-3 Certificates, collectively.
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VRR Interest. The “single vertical security” (within the meaning of the U.S. Credit Risk Retention Rules) issued under this Agreement as a regular interest in the Upper- Tier REMIC with the Initial Certificate Balance set forth in the Introductory Statement and representing the right to receive the VRR Percentage of all Yield Maintenance Premiums available for distribution and distributions of interest, principal and VRR Realized Loss reimbursements equal to the VRR Allocation Percentage of all interest, principal and Realized Loss reimbursements distributable on the Non-Vertically Retained Regular Certificates. The VRR Interest is collectively evidenced by the Class VRR Certificates.
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Related to VRR Interest

  • Class UT-R Interest The residual interest in the Upper-Tier REMIC as described in the Preliminary Statement and the related footnote thereto.

  • Class LT-R Interest The residual interest in the Lower-Tier REMIC as described in the Preliminary Statement and the related footnote thereto.

  • Lower Tier Interest As described in the Preliminary Statement.

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

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

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

  • Class IO Interest An uncertificated interest in the Trust Fund held by the Trustee, evidencing a REMIC Regular Interest in REMIC III for purposes of the REMIC Provisions.

  • Class P Interest An uncertificated interest in the Trust Fund held by the Trustee on behalf of the Holders of the Class P Certificates, evidencing a Regular Interest in REMIC III for purposes of the REMIC Provisions.

  • Class X Interest The regular interest in the Class X REMIC represented by the Class X Certificates as specified and described in the Preliminary Statement and the related footnote thereto.

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

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

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

  • Member Interest means an equity interest of a Member in the Company and includes any and all benefits to which such Member is entitled as provided in this Agreement, together with all obligations of such Member pursuant to the terms and provisions of this Agreement.

  • L/C Interest shall have the meaning ascribed to such term in Section 3.6 hereof.

  • Class CE Interest An uncertificated interest in the Trust Fund held by the Trustee on behalf of the Holders of the Class CE Certificates, evidencing a Regular Interest in REMIC III for purposes of the REMIC Provisions.

  • Class C Percentage Interest As of any date of determination, with respect to the Class C Certificates, a percentage interest equal to a fraction, the numerator of which is the Class Principal Balance of the Class C Certificates on such date, and the denominator of which is the Class Principal Balance of the Class C Regular Interest on such date.

  • Class A Membership Interest means a Class A Membership Interest in Holdings.

  • Uncertificated Lower-Tier Interest A regular interest in the Lower-Tier REMIC which is held as an asset of the Upper-Tier REMIC and is entitled to monthly distributions as provided in Section 5.02(a) hereof. Any of the Class 1-L Interest, Class 1-LS Interest, Class 2-L Interest, Class 2-LS Interest, Class 3-L Interest, Class 3-LS Interest, Class 4-L Interest and Class 4-LS Interest are Uncertificated Lower-Tier Interests.

  • Water interest means any right to the beneficial use of water, including:

  • Subsidiary REMIC Regular Interest Any one of the "regular interests" in the Subsidiary REMIC described in the Preliminary Statement.

  • Class C Interest An uncertificated interest in the Trust Fund held by the Trustee on behalf of the Holders of the Class C Certificates, evidencing a Regular Interest in REMIC 3 for purposes of the REMIC Provisions.

  • Class LB Uncertificated Interest An uncertificated regular interest in the Lower-Tier REMIC which is held as an asset of the Upper-Tier REMIC and having the Original Lower-Tier Principal Amount and per annum rate of interest set forth in the Preliminary Statement hereto.

  • Class B Membership Interest means a Class B Membership Interest in Holdings.

  • Class A Interest Each of the Class A-1 and Class A-2 Interests.

  • Class R-1 Interest The uncertificated Residual Interest in REMIC 1.

  • Class A Percentage Interest means, with respect to a Class A Member as of a given date, that percentage obtained by dividing the total number of Class A Units owned by such Member by the total number of Class A Units issued and outstanding.