Base Interest Fraction. With respect to any Principal Prepayment on any Mortgage Loan and with respect to any Class of the Class A-1, Class A-2, Class A-3, Class A-4, Class A-5, Class A-AB, Class A-S, Class B, Class C, Class D and Class E Certificates, a fraction (a) whose numerator is the amount, if any, by which (i) the Pass-Through Rate on such Class of Certificates exceeds (ii) the discount rate used in accordance with the related Loan Documents in calculating the Yield Maintenance Charge with respect to such Principal Prepayment (or, if the Yield Maintenance Charge is a fixed percentage of the principal balance of the related Mortgage Loan, the yield rate applicable to any related yield maintenance charge or that is otherwise described in the related Loan Documents) and (b) whose denominator is the amount, if any, by which (i) the Mortgage Rate on such Mortgage Loan exceeds (ii) the discount rate used in accordance with the related Loan Documents in calculating the Yield Maintenance Charge with respect to such Principal Prepayment (or, if the Yield Maintenance Charge is a fixed percentage of the principal balance of the related Mortgage Loan, the yield rate applicable to any related yield maintenance charge or that is otherwise described in the related Loan Documents); provided, however, that under no circumstances shall the Base Interest Fraction be greater than one. If the discount rate referred to in the preceding sentence is greater than or equal to both of (x) the Mortgage Rate on the related Mortgage Loan and (y) the Pass-Through Rate described in the preceding sentence, then the Base Interest Fraction shall equal zero, and if such discount rate is greater than or equal to the Mortgage Rate on such Mortgage Loan, but less than the Pass-Through Rate described in the preceding sentence, then the Base Interest Fraction shall equal one.
Base Interest Fraction. As defined in Section 4.01(c).
Base Interest Fraction means, with respect to any Principal Prepayment of any Mortgage Loan that provides for payment of a Prepayment Premium, and with respect to any Class of Certificates, a fraction (A) whose numerator is the greater of (x) zero and (y) the difference between (i) the Pass-Through Rate on that Class of Certificates and (ii) the Discount Rate used in calculating the Prepayment Premium with respect to the Principal Prepayment (or the current Discount Rate if not used in such calculation) and (B) whose denominator is the difference between (i) the Mortgage Rate on the related Mortgage Loan and (ii) the Discount Rate used in calculating the Prepayment Premium with respect to that Principal Prepayment (or the current Discount Rate if not used in such calculation), provided, however, that under no circumstances will the Base Interest Fraction be greater than one. If the Discount Rate referred to above is greater than the Mortgage Rate on the related Mortgage Loan, then the Base Interest Fraction will equal zero.
Examples of Base Interest Fraction in a sentence
Yield Maintenance Prepayment Premiums Yield Maintenance Charges (exclusive of any Yield Maintenance Charges allocated to the Class A-Y) will generally be distributed on any Distribution Date as follows: A portion (based on the product of the Base Interest Fraction and the Principal Entitlement Fraction as described below) will be delivered to one or more of the following Classes: A-1, A-2, A-3, A-4, B, C, D, E, F, G and H (the “Yield Maintenance Classes”).
Static Prepayment Premiums: Static Prepayment Premium Charges (exclusive of any Static Prepayment Premium Charges allocated to the Class A-Y) will generally be distributed on any Distribution Date as follows: A portion (based on the product of the Base Interest Fraction and the Principal Entitlement Fraction as described above) will be delivered to one or more of the following Classes: A-1, A-2, A-3, A-4, B, C, D, E, F, G and H (the “Static Prepayment Premium Classes”).
The Servicer shall provide to the Paying Agent the discount rate references above for purposes of calculating the Base Interest Fraction.
However, under no circumstances shall the Base Interest Fraction be greater than one.
The product of the Base Interest Fraction and the aggregate amount of such Yield Maintenance Charges will be allocated for distribution to Classes then entitled to receive principal distributions on the related Distribution Date (other than the Class H, J, K, L, M and N Certificates).
More Definitions of Base Interest Fraction
Base Interest Fraction means, with respect to any Principal Prepayment of any Mortgage Loan that provides for payment of a Prepayment Premium, and with respect to any Class of Principal Balance Certificates (other than the Exchangeable Certificates, the Class E Certificates and the Control Eligible Certificates) or any EX XXXXX III Regular Interest, a fraction (A) whose numerator is the greater of (x) zero and (y) the difference between (i) the Pass-Through Rate on that Class of Certificates or EX XXXXX III Regular Interest and (ii) the applicable Discount Rate and (B) whose denominator is the difference between (i) the Mortgage Rate on the related Mortgage Loan and (ii) the applicable Discount Rate, provided that under no circumstances will the Base Interest Fraction be greater than one. If the Discount Rate referred to above is greater than or equal to the Mortgage Rate on the related Mortgage Loan, then the Base Interest Fraction will equal zero; provided that if the Discount Rate referred to above is greater than or equal to the Mortgage Rate on the related Mortgage Loan, but is less than the Pass-Through Rate on the subject Class of Principal Balance Certificates or EX XXXXX III Regular Interest, then the Base Interest Fraction shall be equal to 1.0.
Base Interest Fraction. With respect to any Principal Prepayment on any Mortgage Loan and with respect to any Class A-1, Class A-2, Class A-3, Class A-4, Class A-SB, Class A-1A, Class A-M, Class A-J, Class B, Xxxxx X, Xxxss D, Class E, Class F, Class G and Class H Certificate and the Class A-2FL Regular Interest, a fraction (a) whose numerator is the greater of (x) zero and (y) the amount by which (i) the Pass-Through Rate on such Class of Certificates or the Class A-2FL Regular Interest, as applicable, exceeds (ii) the discount rate used in accordance with the related Mortgage Loan documents in calculating the Yield Maintenance Charge with respect to such Principal Prepayment and (b) whose denominator is the amount by which (i) the Mortgage Rate on such Mortgage Loan exceeds (ii) the discount rate used in accordance with the related Mortgage Loan documents in calculating the Yield Maintenance Charge with respect to such Principal Prepayment. However, under no circumstances shall the Base Interest Fraction be greater than one. If such discount rate is greater than the Mortgage Rate on such Mortgage Loan, then the Base Interest Fraction will equal zero. The Master Servicer shall provide to the Paying Agent the discount rate references above for purposes of calculating the Base Interest Fraction.
Base Interest Fraction. With respect to the Trust Loan and any principal prepayment on the Trust Loan and with respect to any Class of Certificates, a fraction (A) whose numerator is the greater of (x) zero and (y) the positive difference between (i) the Pass-Through Rate on such Class of Certificates, and (ii) the Treasury Note Rate used in calculating the Yield Maintenance Premium with respect to such principal prepayment and (B) whose denominator is the positive difference between (i) the Note Rate on the Trust Loan and (ii) the Treasury Note Rate used in calculating the Yield Maintenance Premium with respect to such principal prepayment; provided, however, that (1) under no circumstances shall the Base Interest Fraction be greater than one or less than zero, (2) if the Treasury Note Rate is greater than or equal to the Note Rate of the Trust Loan and is greater than or equal to the Pass-Through Rate on such Class of Certificates, then the Base Interest Fraction shall be equal to zero, and (3) if the Treasury Note Rate is greater or equal to the Note Rate on the Trust Loan and is less than the Pass-Through Rate on such Class of Certificates, then the Base Interest Fraction shall equal one.
Base Interest Fraction. With respect to any principal prepayment of the Trust Loan and the Class A Certificates, a fraction (A) whose numerator is the greater of (x) zero and (y) the excess of (i) the Pass-Through Rate on such Class of Sequential Pay Certificates over (ii) the Treasury Constant Yield as provided by the Servicer used in calculating the Prepayment Charges, as applicable, with respect to such principal prepayment and (B) whose denominator is the excess of (i) the Mortgage Loan Rate over (ii) the Treasury Constant Yield used in calculating the Prepayment Charges, as applicable with respect to such principal prepayment; provided, however, that under no circumstances shall the Base Interest Fraction be greater than one or less than zero. If the Treasury Constant Yield is greater than the Mortgage Loan Rate, then the Base Interest Fraction shall equal zero.
Base Interest Fraction. With respect to any principal prepayment on the Trust Loan as to which a Yield Maintenance Default Premium is collected and applied to the Trust Loan and with respect to any Class of Class A, Class B, Class C, Class D and Class E Certificates, a fraction calculated by the Certificate Administrator (a) whose numerator is the excess, if any, of (i) the Pass-Through Rate on such Class of Certificates, over (ii) the Discount Rate (as defined as “Period Treasury Yield” in the Loan Agreement and provided by the Servicer) used in calculating the Yield Maintenance Default Premium with respect to such principal prepayment and (b) whose denominator is the excess, if any, of (i) the Note Rate on the Trust Loan over (ii) the Discount Rate used in calculating the Yield Maintenance Default Premium with respect to such principal prepayment; provided, however, that (1) under no circumstances shall the Base Interest Fraction be greater than one or less than zero, (2) if the Discount Rate is greater than or equal to the Note Rate on the Trust Loan and is also greater than or equal to the Pass-Through Rate on such Class of Certificates, then the Base Interest Fraction shall be equal to zero, and (3) if the Discount Rate is greater than or equal to the Note Rate on the Trust Loan and is less than the Pass-Through Rate on such Class of Certificates, then the Base Interest Fraction shall equal one.
Base Interest Fraction. With respect to any Principal Prepayment on any Mortgage Loan and with respect to any Class of Class A-1, Class A-0, Xxxxx X-0, Class A-SB, Class A-S, Class B, Class C, Class D, Class E and Class F Certificate, a fraction (a) whose numerator is the greater of (x) zero and (y) the difference between (i) Pass-Through Rate on such Class of Certificates and (ii) the discount rate used in accordance with the related Mortgage Loan documents in calculating the Yield Maintenance Charge with respect to such Principal Prepayment and (b) whose denominator is the greater of zero and the difference between (i) the Mortgage Rate on such Mortgage Loan, and (ii) the discount rate used in accordance with the related Mortgage Loan documents in calculating the Yield Maintenance Charge with respect to such Principal Prepayment. However, (1) under no circumstances shall the Base Interest Fraction be greater than one or less than zero, (2) if such discount rate is greater than or equal to the Mortgage Rate on such Mortgage Loan and is greater than or equal to the Pass-Through Rate on such Class of Certificates, then the Base Interest Fraction will equal zero and (3) if the discount rate is greater than or equal to the Mortgage Rate on such Mortgage Loan and is less than the Pass-Through Rate on such Class of Certificates, then the Base Interest Fraction will be one (1). The Master Servicer shall provide to the Certificate Administrator the discount rate referenced above for purposes of calculating the Base Interest Fraction.
Base Interest Fraction. With respect to any Principal Prepayment on any Mortgage Loan and with respect to any Class of Certificates (other than the Residual Certificates) is a fraction (a) whose numerator is the amount, if any, by which (i) the Pass-Through Rate on such Class of Certificates exceeds (ii) the discount rate used in accordance with the related Loan Documents in calculating the Yield Maintenance Charge with respect to such Principal Prepayment (or, if the Yield Maintenance Charge is a fixed percentage of the principal balance of the related Mortgage Loan, the yield rate applicable to any related yield maintenance charge) and (b) whose denominator is the amount, if any, by which (i) the Mortgage Rate on such Mortgage Loan exceeds (ii) the discount rate used in accordance with the related Loan Documents in calculating the Yield Maintenance Charge with respect to such Principal Prepayment (or, if the Yield Maintenance Charge is a fixed percentage of the principal balance of the related Mortgage Loan, the yield rate applicable to any related yield maintenance charge otherwise described in the related Loan Documents); provided, however, that under no circumstances shall the Base Interest Fraction be greater than one. If such discount rate is greater than or equal to the lesser of (x) the Mortgage Rate on the related Mortgage Loan and (y) the Pass-Through Rate described in the preceding sentence, then the Base Interest Fraction shall equal zero.