Class B Interest Rate Cap Payment definition

Class B Interest Rate Cap Payment. On the 24th day of each month (subject to adjustment in accordance with ISDA's "Preceding Business Day Convention"), with respect to the Class B Certificates, for the first 37 Distribution Dates, the amount, if any, equal to the product of (i) the excess, if any, of the lesser of (A) one-month LIBOR rate as of the related reset date under the Class B Interest Rate Cap Agreement for such Distribution Date over the applicable cap strike rate set forth on Schedule A to such Interest Rate Cap Agreement for such Distribution Date, calculated on an "actual/360" basis; (ii) the applicable Class B notional amount set forth on Schedule A to the Class B Interest Rate Cap Agreement for that Distribution Date and (iii) the multiplier set forth on Schedule A to such Interest Rate Cap Agreement.

AI-Powered Contracts

Draft, Review & Redline at the Speed of AI

Class B Interest Rate Cap Payment. On the 24th day of each month (subject to adjustment in accordance with ISDA's "Preceding Business Day Convention"), the product of (A)(i) commencing March 24, 2004 until and including November 24, 2005, the number of basis points by which one-month LIBOR exceeds 4.400% (up to a maximum excess of 235 basis points), (ii) commencing December 24, 2005 until and including May 24, 2006, the number of basis points by which one-month LIBOR exceeds 5.700% (up to a maximum excess of 180 basis points), (iii) commencing June 24, 2006 until and including November 24, 2006, the number of basis points by which one-month LIBOR exceeds 6.350% (up to a maximum excess of 140 basis points) or (iv) commencing December 24, 2006 until and including April, 24 2007, the number of basis points by which one-month LIBOR exceeds 7.150% (up to a maximum excess of 60 basis points), (B) the Class B notional balance and (C) the Class B notional balance multiplier, each as set forth on the notional balance and multiplier schedule attached to the Class B Cap Agreement as applicable to that Distribution Date, based on an "actual/360" accrual.

Class B Interest Rate Cap Payment. On the 24th day of each month (subject to adjustment in accordance with ISDA's "Preceding Business Day Convention"), the product of (A) the number of basis points by which one-month LIBOR exceeds the cap rate payable by "Party A" under the Class B Cap Agreement (up to a maximum excess of the difference between the cap rate payable by "Party B" under the Class B Cap Agreement over the cap rate payable by "Party A" under the Class B Cap Agreement), (B) the Class B notional balance and (C) the Class B notional balance multiplier, in each case as set forth on the schedule attached to the Class B Cap Agreement as applicable to that Distribution Date, based on an "actual/360" accrual.

Examples of Class B Interest Rate Cap Payment in a sentence

For its duration, the Class B Interest Rate Cap pays the Trust the product of (i) the difference between the then current 1-month LIBOR rate (not to exceed the cap ceiling) and the cap strike (on an actual/360 day count basis) and (ii) the Class B Interest Rate Cap Notional Balance ("the Class B Interest Rate Cap Payment") as described on the schedule herein.
This Agreement supersedes any prior or contemporaneous understandings, agreements, or representations by or between the parties, written or oral, with respect to the subject matter hereof.
For its duration, the Class B Interest Rate Cap pays the Trust the product of (i) the difference between the then current 1-month LIBOR rate (not to exceed the cap ceiling) and the cap strike (on an actual/360 day count basis) and (ii) the Class B Interest Rate Cap Notional Balance (the "Class B Interest Rate Cap Payment") as described on the schedule herein.
Class B Interest The Class B Interest Rate Cap Payment shall be Rate Cap Payment available to pay any Basis Risk Carry Forward Amount Allocation: due to the Class B-1, Class B-2 and Class B-3 Certificates on a pro rata basis.
For its duration, the Class B Interest Rate Cap pays the Trust the product of (i) the difference between the then current 1-month LIBOR rate (not to exceed the cap ceiling) and the cap strike (on an Actual/360 day count basis) and (ii) the Class B Interest Rate Cap Notional Balance ("the Class B Interest Rate Cap Payment") as described on the schedule herein.
Class B Certificates The Class B Interest Rate Cap Payment shall be Interest Rate Cap available to pay any Basis Risk Carry Forward Allocation: Amount due to the Class B-1, Class B-2 and Class B-3 Certificates on a pro rata basis.

More Definitions of Class B Interest Rate Cap Payment

Class B Interest Rate Cap Payment. For the first 52 Distribution Dates, the amount, if any, equal to the product of (a) the excess, if any, of one-month LIBOR (as determined pursuant to the Class B Cap Agreement) as of the related reset date over a cap strike rate set forth on the interest rate cap agreement schedule attached to the Class B Cap Agreement, up to 8.00% per annum, (b) the interest rate cap notional amount for such date set forth on such schedule and (c) the actual number of class in the applicable Interest Accrual Period divided by 360.