VRR Interest Transfer Restriction Period. With respect to the Combined VRR Interest, the period from the Closing Date to the earlier of: (i) the date that is latest of (A) the date on which the aggregate unpaid principal balance of all outstanding Mortgage Loans has been reduced to 33% of the aggregate Cut-off Date Balance of the Mortgage Loans, (B) the date on which the sum of the aggregate outstanding Certificate Balance of the Principal Balance Certificates and the Uncertificated VRR Interest Balance of the Uncertificated VRR Interest has been reduced to 33% of the sum of the aggregate outstanding Certificate Balance of the Principal Balance Certificates and the Uncertificated VRR Interest Balance of the Uncertificated VRR Interest as of the Closing Date, or (C) two (2) years after the Closing Date; or (ii) in the sole discretion of the Retaining Sponsor and the Depositor, the date on which the provisions of Regulation RR applicable to the Retaining Sponsor, the Retaining Parties and the securitization transaction contemplated by this Agreement are repealed in their entirety or are otherwise eliminated and the Retaining Sponsor and the Depositor have determined that such repeal or elimination renders Regulation RR in its entirety inapplicable (and that there are no other risk retention requirements under the Xxxx-Xxxxx Act that would be applicable) to the securitization transaction contemplated by this Agreement.
VRR Interest Transfer Restriction Period. With respect to the VRR Interest, the period from the Closing Date to the earlier of: (i) the date that is latest of (A) the date on which the aggregate unpaid principal balance of all outstanding Mortgage Loans has been reduced to 33% of the aggregate Cut-off Date Balance of the Mortgage Loans, (B) the date on which the aggregate outstanding Certificate Balance of the Principal Balance Certificates has been reduced to 33% of the aggregate outstanding Certificate Balance of the Principal Balance Certificates as of the Closing Date, or (C) two (2) years after the Closing Date; or (ii) in the sole discretion of the Retaining Sponsor and the Depositor, the date on which the provisions of Regulation RR applicable to the Retaining Sponsor, the Retaining Parties and the securitization transaction contemplated by this Agreement are repealed in their entirety or are otherwise eliminated and the Retaining Sponsor and the Depositor have determined that such repeal or elimination renders Regulation RR in its entirety inapplicable (and that there are no other risk retention requirements under the Xxxx-Xxxxx Act that would be applicable) to the securitization transaction contemplated by this Agreement.
VRR Interest Transfer Restriction Period. With respect to the Combined VRR Interest, the period from the Closing Date to the earlier of (i) the date that is latest of: (A) the date on which the unpaid principal balance of the Trust Loan has been reduced to 33% of the unpaid principal balance of the Trust Loan as of the Cut-off Date; (B) the date on which the sum of the aggregate outstanding Certificate Balance of the Principal Balance Certificates and the Uncertificated VRR Interest Balance of the Uncertificated VRR Interest has been reduced to 33% of the sum of the aggregate outstanding Certificate Balance of the Principal Balance Certificates and the Uncertificated VRR Interest Balance of the Uncertificated VRR Interest as of the Closing Date; and (C) two years after the Closing Date, and (ii) in the sole discretion of the Retaining Sponsor and the Depositor, the date on which the provisions of the Credit Risk Retention Rules applicable to the Retaining Sponsor, the Retaining Parties and the securitization transaction contemplated by this Agreement are repealed in their entirety or are otherwise eliminated and the Retaining Sponsor and the Depositor have determined that such repeal or elimination renders the Credit Risk Retention Rules in its entirety inapplicable (and that there are no other risk retention requirements under the Dxxx-Xxxxx Act that would be applicable) to the securitization transaction contemplated by this Agreement.
Examples of VRR Interest Transfer Restriction Period in a sentence
In no event shall a Credit Risk Retention Certificate be held as a Global Certificate during the VRR Interest Transfer Restriction Period and the Transfer Restriction Period (EU).
After the termination of the VRR Interest Transfer Restriction Period and the Transfer Restriction Period (EU), if a transfer of a Credit Risk Retention Certificate is to be made and such Credit Risk Retention Certificate is in the Credit Risk Retention Certificate Safekeeping Account, the Certificate Registrar shall not register a Transfer of such Credit Risk Retention Certificate unless it is so instructed by the Certificate Administrator.