PAYMENTS UNDER THE CREDIT ENHANCEMENT INSTRUMENT. (a) On any Payment Date, other than a Dissolution Payment Date, the Indenture Trustee on behalf of the Noteholders, and in its capacity as Certificate Paying Agent on behalf of the Certificateholders shall make a draw on the Credit Enhancement Instrument in an amount if any equal to the sum of (x) the amount by which the interest accrued at the Note Interest Rate on the Security Balance of the Notes exceeds the amount on deposit in the Payment Account available to be distributed therefor on such Payment Date and (y) the Guaranteed Principal Payment Amount (the "Credit Enhancement Draw Amount").
Appears in 27 contracts
Samples: Indenture (Opteum Mortgage Acceptance CORP), Material Definitive Agreement (Impac Secured Assets Corp), Indenture (DLJ Mortgage Acceptance Corp)
PAYMENTS UNDER THE CREDIT ENHANCEMENT INSTRUMENT. (a) On any Payment Date, other than a Dissolution Payment Date, the Indenture Trustee on behalf of the Noteholders, and in its capacity as Certificate Paying Agent on behalf of the Certificateholders shall make a draw on the Credit Enhancement Instrument in an amount if any equal to the sum of (x) the amount by which the sum of (i) interest accrued at the Note Interest Rate on the Security Balance of the Notes plus (ii) the Certificate Distribution Amount exceeds the amount on deposit in the Payment Account available to be distributed therefor on such Payment Date and (y) the Guaranteed Principal Payment Amount (the "Credit Enhancement Draw Amount").
Appears in 3 contracts
Samples: Chase Funding Inc, J P Morgan Acceptance Corp I, Chase Manhattan Acceptance Corp /De/
PAYMENTS UNDER THE CREDIT ENHANCEMENT INSTRUMENT. (a) On any Payment Date, other than a Dissolution Payment Date, the Indenture Trustee on behalf of the Noteholders, and in its capacity as Certificate Paying Agent on behalf of the Certificateholders shall make a draw on the Credit Enhancement Instrument in an amount if any equal to the sum of (x) the amount by which the interest accrued at the Note Interest Rate on the Security Balance of the Notes exceeds the amount on deposit in the Payment Account available to be distributed therefor on such Payment Date and (y) the Guaranteed Principal Payment Amount (the "“Credit Enhancement Draw Amount"”).
Appears in 2 contracts
Samples: Indenture (Impac Secured Assets Corp), Shellpoint Mortgage Acceptance LLC
PAYMENTS UNDER THE CREDIT ENHANCEMENT INSTRUMENT. (ah) On any Payment Date, other than a Dissolution Payment Date, the Indenture Trustee on behalf of the NoteholdersBondholders, and in its capacity as Certificate Paying Agent on behalf of the Certificateholders shall make a draw on the Credit Enhancement Instrument in an amount if any equal to the sum of (x) the amount by which the interest accrued at the Note Bond Interest Rate on the Security Balance of the Notes Bonds exceeds the amount on deposit in the Payment Account available to be distributed therefor on such Payment Date and (y) the Guaranteed Principal Payment Amount (the "“Credit Enhancement Draw Amount"”).
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Samples: Indenture (Imh Assets Corp)