Certificate Interest Distribution Amount definition

Certificate Interest Distribution Amount. For each Distribution Date with respect to a Trust, one month’s interest calculated as (a)the product of (x) the Pass-Through Rate and (y) the aggregate Certificate Principal Balance for all outstanding Certificates of that Trust as of the immediately preceding Distribution Date (or in the case of the initial Distribution Date, the original aggregate Certificate Principal Balance) minus (b) in the case of a Trust that holds a Pool of Negative Amortization Mortgage Loans, the aggregate amount of Deferred Interest for all Negative Amortization Mortgage Loans in that Pool that was added to the outstanding principal balances of such Mortgage Loans during the Due Period related to the current Distribution Date; provided, however, that the Master Servicer in calculating or causing to be calculated the amount to be distributed on any Distribution Date will make any adjustments as are necessary to reconcile prior payments made in error.

Certificate Interest Distribution Amount. For each Distribution Date with respect to a Trust, one month’s interest (based on a 360-day year consisting of twelve 30-day months) calculated as (a) the product of (x) the Pass-Through Rate and (y) the aggregate Certificate Principal Balance for all outstanding Certificates of that Trust as of the immediately preceding Distribution Date (or in the case of the initial Distribution Date, the original aggregate Certificate Principal Balance); provided, however, that the Master Servicer in calculating or causing to be calculated the amount to be distributed on any Distribution Date will make any adjustments as are necessary to reconcile prior payments made in error.

Certificate Interest Distribution Amount. For each Distribution Date with respect to a Trust, one month’s interest (based on a 360-day year consisting of twelve 30-day months) calculated as (a) the product of (x) the Pass-Through Rate and (y) the aggregate Certificate Principal Balance for all outstanding Certificates of that Trust as of the immediately preceding Distribution Date (or in the case of the initial Distribution Date, the original aggregate Certificate Principal Balance) minus (b) in the case of a Trust that holds a Pool of Negative Amortization Mortgage Loans, the aggregate amount of Deferred Interest for all Negative Amortization Mortgage Loans in that Pool that was added to the outstanding principal balances of such Mortgage Loans during the Due Period related to the current Distribution Date; provided, however, that the Master Servicer in calculating or causing to be calculated the amount to be distributed on any Distribution Date will make any adjustments as are necessary to reconcile prior payments made in error.

Examples of Certificate Interest Distribution Amount in a sentence

• Adjustments may be made in subsequent payments as provided in the definitions of Certificate Interest Distribution Amount and Certificate Principal Distribution Amount.

• The Administrator may, but need not, make Administrator Advances to Holders of Class A Certificates on a Payment Date in an amount up to the Required Class A Certificate Interest Distribution Amount for the prior Accrual Period.

• For each Distribution Date with respect to a Trust, the sum of the Certificate Interest Distribution Amount (determined without giving effect to any Loss Mitigation Alternative or other loan modification) and the Certificate Principal Distribution Amount for that Trust.

• However, if interest on any Bond is calculated as if each year consisted of twelve 30-day months, and if the computation of any Required Class A Certificate Interest Distribution Amount on the basis of the actual number of days elapsed would result in an amount in excess of the interest due on the related Bonds for the applicable period, then the Required Class A Certificate Interest Distribution Amount will be reduced by the amount of such excess.

• For each Distribution Date with respect to a Trust, the sum of the Certificate Interest Distribution Amount and the Certificate Principal Distribution Amount for that Trust.

• If on any Distribution Date, as a result of the foregoing allocation rules, any Class of Class A Certificates does not receive the related Accrued Certificate Interest Distribution Amount or the related Unpaid Interest Amount, if any, then that unpaid amount will be recoverable by the holders of those Classes, with interest thereon, on future Distribution Dates, as an Unpaid Interest Amount, subject to the priorities described above.

• However, if interest on any Asset is calculated as if each year consisted of twelve 30-day months, and if the computation of any Required Class A Certificate Interest Distribution Amount on the basis of the actual number of days elapsed would result in an amount in excess of the interest due on the related Assets for the applicable period, then the Required Class A Certificate Interest Distribution Amount will be reduced by the amount of such excess.

• If on any Distribution Date, as a result of the foregoing allocation rules, any Class of Senior Certificates does not receive the related Accrued Certificate Interest Distribution Amount or the related Unpaid Interest Amounts, if any, then that unpaid amount will be recoverable by the holders of those Classes, with interest thereon, on future Distribution Dates, as Unpaid Interest Amounts, subject to the priorities described above.

• If on any Distribution Date, as a result of the foregoing allocation rules, any Class of Principal Certificates does not receive the related Accrued Certificate Interest Distribution Amount or the related Unpaid Interest Amount, if any, then that unpaid amount will be recoverable by the holders of those Classes, with interest thereon, on future Distribution Dates, as an Unpaid Interest Amount, subject to the priorities described above.

• If on any Distribution Date, as a result of the foregoing allocation rules, any Class of Class A Certificates does not receive the related Accrued Certificate Interest Distribution Amount or the related Unpaid Interest Amounts, if any, then that unpaid amount will be recoverable by the holders of those Classes, with interest thereon, on future Distribution Dates, as Unpaid Interest Amounts, subject to the priorities described above.

More Definitions of Certificate Interest Distribution Amount

Certificate Interest Distribution Amount means the amount of interest payable on a Distribution Date to the Holders of the Certificates. Such amount will equal (i) one-twelfth of the product of the Pass-Through Rate and the Certificate Balance as of the preceding Distribution Date, after giving effect to any distributions of principal and interest to be made on the Certificates on such preceding Distribution Date and other reductions in the Certificate Balance on such preceding Distribution Date or (ii) in the case of the first Distribution Date, one-twelfth of the product of the Pass-Through Rate and the original Certificate Balance.

Certificate Interest Distribution Amount means the amount of interest payable on a Distribution Date to the Holders of the Certificates. Such amount will equal one-twelfth of the product of the Pass-Through Rate and the Certificate Balance as of the preceding Distribution Date, after giving effect to any distributions of principal on the Certificates on such preceding Distribution Date and other reductions in the Certificate Balance on such preceding Distribution Date (or, in the case of the first Distribution Date, on the basis of the original Certificate Balance), for the applicable Interest Accrual Period.

Certificate Interest Distribution Amount means, for any Distribution Date, the sum of the Certificate Monthly Interest Amount for such Distribution Date and the Certificate Interest Carryover Shortfall for such Distribution Date.