Class M Net WAC Cap Shortfall definition

Class M Net WAC Cap Shortfall. With respect to each Class of the Class M Certificates and any Distribution Date for which the Pass-Through Rate for any such Class of Certificates is equal to the Net WAC Cap Rate, the excess, if any, of (x) Accrued Certificate Interest on that Class of Certificates on such Distribution Date, using the lesser of (a) LIBOR plus the related Class M Margin, as calculated for such Distribution Date, and (b) the Maximum Mortgage Loan Rate, over (y) Accrued Certificate Interest on such Class of Class M Certificates for such Distribution Date calculated at the Net WAC Cap Rate. Class M Net WAC Cap Shortfall Carry-Forward Amount: With respect to each Class of the Class M Certificates and any Distribution Date, the sum of (a) the aggregate amount of Class M Net WAC Cap Shortfall for each such Class on such Distribution Date plus (b) any Class M Net WAC Cap Shortfall Carry-Forward Amount for such Classes remaining unpaid from the preceding Distribution Date, plus (c) one month's interest on the amount in clause (b) (based on the number of days in the preceding Interest Accrual Period), to the extent previously unreimbursed by the Excess Cash Flow pursuant to Section 4.02(c)(xviii), payments under the Basis Risk Cap Agreement pursuant to Section 4.08(c)(ii), payments under the Yield Maintenance Agreement pursuant to Section 4.09(c)(v) and Net Swap Payments pursuant to Section 4.10(c)(v), at a rate equal to the related Pass-Through Rate. Class M-1 Certificate: Any one of the Class M-1 Certificates executed by the Trustee and authenticated by the Certificate Registrar substantially in the form annexed hereto as Exhibit B, senior to the Class M-2, Class M-3, Class M-4, Class SB and Class R Certificates with respect to distributions and the allocation of Realized Losses as set forth in Section 4.05, and evidencing (i) an interest designated as a "regular interest" in REMIC II for purposes of the REMIC Provisions and (ii) the right to receive the Class M Net WAC Cap Shortfall Carry-Forward Amount from the Excess Cash Flow, the Yield Maintenance Agreement, the Basis Risk Cap Agreement and the Supplemental Interest Trust Account and the Swap Agreement to the extent described herein.

Class M Net WAC Cap Shortfall. With respect to each Class of the Class M Certificates and any Distribution Date for which the Pass-Through Rate for any such Class of Certificates is equal to the Net WAC Cap Rate, the excess, if any, of (x) Accrued Certificate Interest on that Class of Certificates on such Distribution Date, using the lesser of (a) LIBOR plus the related Class M Margin, as calculated for such Distribution Date, and (b) the Maximum Mortgage Loan Rate, over (y) Accrued Certificate Interest on such Class of Class M Certificates for such Distribution Date calculated at the Net WAC Cap Rate.

Class M Net WAC Cap Shortfall. With respect to the Class M-1, Class M-2, Class M-3, Xxxxx X-0 xxx Class M-5 Certificates and any Distribution Date for which the Pass-Through Rate for any such Class of Certificates is equal to the Class M Net WAC Cap Rate, the excess, if any, of (x) Accrued Certificate Interest on that Class of Class M Certificates calculated at a rate equal to the rate determined in clause (i) of the definition of Pass-Through Rate for such Class of Class M Certificates over (y) Accrued Certificate Interest on such Class of Class M Certificates for such Distribution Date calculated at the Class M Net WAC Cap Rate.

Examples of Class M Net WAC Cap Shortfall in a sentence

• Distribution of Class A-I Net WAC Cap Shortfall Carry-Forward Amounts, Class A-II Basis Risk Shortfall Carry-Forward Amounts and Class M Net WAC Cap Shortfall Carry-Forward Amounts; Reserve Fund.................92 Section 4.10.