SUBSIDIARY RESIDUAL INTEREST definition

SUBSIDIARY RESIDUAL INTEREST. The interest in the Subsidiary REMIC consisting of Excess Proceeds and Substitute Excess Interest, and with respect to each Mortgage Loan, any amounts payable or received with respect to such Mortgage Loan after payment in full of the Subsidiary Regular Interests.
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SUBSIDIARY RESIDUAL INTEREST. Holder shall give notice to the Master Servicer and the Master Servicer shall give notice to the Rating Agency of the Subsidiary Residual Interest Holder's election to purchase the Mortgage Loans pursuant to this Section 15.01
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SUBSIDIARY RESIDUAL INTEREST. The interest in the Subsidiary REMIC represented by any amounts in the Collection Account in respect of the Available Distribution Amount after payments required to make distributions in respect of the Subsidiary Regular Interests.
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Examples of SUBSIDIARY RESIDUAL INTEREST in a sentence

  • SUBSIDIARY RESIDUAL INTEREST CERTIFICATE Evidencing an undivided interest in a trust fund consisting of certain adjustable rate first mortgage loans transferred by [ ] THIS CERTIFICATE HAS NO STATED PRINCIPAL AMOUNT.

Related to SUBSIDIARY RESIDUAL INTEREST

  • 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.

  • 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.

  • Subsidiary REMIC Interest Any one of the Subsidiary REMIC Interests or the SR-A-R Interest.

  • 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).

  • Upper-Tier Residual Interest The sole class of “residual interests”, within the meaning of Code Section 860G(a)(2), in the Upper-Tier REMIC and evidenced by the Class R Certificates.