Class X-1 Strip Rate definition
Class X-1 Strip Rate. With respect to any Distribution Date, the amount, if any, by which (i) the Weighted Average Net Mortgage Rate for such Distribution Date exceeds (ii) the sum of the Class LA-1-2-A Component Class X-2 Strip Rate and the Class A-1 Pass-Through Rate for such Distribution Date.
Class X-1 Strip Rate means, with respect to any Class of Components (other than Components that are also Class X-2 Components) for any Distribution Date, a rate per annum equal to (i) the Weighted Average REMIC I Net Mortgage Rate for such Distribution Date, minus (ii) the Pass-Through Rate for the Corresponding Certificates. In the case of any Class of Components that are also Class X-2 Components, (i) for any Distribution Date occurring on or before the related Class X-2 Component Crossover Date, a rate per annum equal to, (x) the Weighted Average REMIC I Net Mortgage Rate for such Distribution Date, minus (y) the greater of (1) the rate per annum corresponding to such Distribution Date as set forth in Schedule IX attached hereto and (2) the Pass Through Rate for the Class of Corresponding Certificates, and (ii) for any Distribution Date occurring after the related Class X-2 Component Crossover Date, a rate per annum equal to (x) the Weighted Average REMIC I Net Mortgage Rate for such Distribution Date, minus (y) the Pass-Through Rate for the Corresponding Certificates (provided that in no event shall any Class X-1 Strip Rate be less than zero).
Class X-1 Strip Rate means, with respect to any Class of Certificates (other than the Class A-1, Class A-2, Class B, Class C, Class D, Class E, Class X and the Residual Certificates), the Class A-1A Component, the Class A-1B Component, the Class A-1C Component, the Class A-1D Component, the Class A-1E Component, the Class A-1F Component, the Class A-2A Component, the Class A-2B Component, the Class A-2C Component, the Class B-1 Component, the Class B-2 Component, the Class C-1 Component, the Class C-2 Component, the Class C-3 Component, the Class D-1 Component, the Class D-2 Component, the Class E-1 Component and the Class E-2 Component:
Examples of Class X-1 Strip Rate in a sentence
Realized Interest Losses allocated to the Class X-1 and Class X-2 Certificates shall reduce the amount of interest payable on each REMIC II Regular Interest, which reduction shall be allocated pro rata based on the product of the Certificate Balance of such REMIC II Regular Interest and the sum of the Class X-1 Strip Rate and the Class X-2 Strip Rate (if any) applicable to the Class of Certificates relating to such REMIC II Regular Interest.
Realized Losses allocated to the Class X Certificates shall reduce the amount of interest payable on the REMIC II Regular Interests, which reduction shall be allocated pro rata based on the product of the Certificate Balance of such REMIC II Regular Interest and the sum of the Class X-1 Strip Rate and the Class X-2 Strip Rate (if any) applicable to the Class of Certificates relating to such REMIC II Regular Interest.
Under no circumstances will the Class X-1 Strip Rate be less than zero.
More Definitions of Class X-1 Strip Rate
Class X-1 Strip Rate. (A) With respect to any Class of the Components (other than those Components that are Class X-2 Components which are included for purposes of calculating the Class X-2 Notional Amount for such Distribution Date) for any Distribution Date, a rate per annum equal to (i) the Weighted Average Net Mortgage Rate for such Distribution Date, minus (ii) the Pass-Through Rate for the Related Certificates and (B) with respect to any Components that are Class X-2 Components which are included for purposes of calculating the Class X-2 Notional Amount for such Distribution Date (i) for any Distribution Date occurring on or before the Class X-2 Termination Date, (x) the Weighted Average Net Mortgage Rate for such Distribution Date minus (y) the sum of the Pass-Through Rate for the Related Certificate and the Class X-2 Strip Rate for such Component for such Distribution Date, and (ii) for any Distribution Date occurring after the Class X-2 Termination Date, a rate per annum equal to (x) the Weighted Average Net Mortgage Rate for such Distribution Date, minus (y) the Pass-Through Rate for the Related Certificates; provided that in no event shall any Class X-1 Strip Rate be less than zero.
Class X-1 Strip Rate. (A) With respect to any Class of the Components (other than those Components that are Class X-2 Components which are included for purposes of calculating the Class X-2 Notional Amount for such Distribution Date) for any Distribution Date, a rate per annum equal to (i) the Weighted Average Net Mortgage Rate for such Distribution Date, minus (ii) the Pass-Through Rate for the Related Certificates and (B) with respect to any Components that are Class X-2 Components which are included for purposes of calculating the Class X-2 Notional Amount for such Distribution Date (i) for any Distribution Date occurring on or before the Class X-2 Termination Date, (x) the Weighted Average Net Mortgage Rate for such Distribution Date minus (y)
Class X-1 Strip Rate. As defined in Section 2.17(f).
Class X-1 Strip Rate means, with respect to any Distribution Date and any Class of Class X-1 Interest Components, the excess, if any, of (i) the Weighted Average REMIC I Net Mortgage Rate for such Distribution Date, over (ii) (x) in the case of any Class of Class X-1 Interest Components that is not a Class X-2 Interest Component on such Distribution Date, the Pass-Through Rate for such Class, and (y) in the case of any Class of Class X-2 Interest Components for such Distribution Date, the greater of (1) the rate per annum corresponding to such Distribution Date as set forth in the Rate Schedule for such Distribution Date. In no event will any Class X-1 Strip Rate be less than zero.
Class X-1 Strip Rate. (A) With respect to any Class of the Components (other than those Components that are Class X-2 Components which are included for purposes of calculating the Class X-2 Notional Amount for such Distribution Date) for any Distribution Date, a rate per annum equal to (i) the Weighted Average Net Mortgage Rate for such Distribution Date, minus (ii) the Pass-Through Rate for the Related Certificates and (B) with respect to any Components that are Class X-2 Components which are included for purposes of calculating the Class X-2 Notional Amount for such Distribution Date (i) for any Distribution Date occurring on or before the Class X-2 Termination Date, (x) the Weighted Average Net Mortgage Rate for such Distribution Date minus (y)(1) with respect to Component XA-3-1, Component XA-3-2, Component XA-4-1, Component XA-4-2, Compone▇▇ ▇▇-▇-▇, ▇▇▇▇▇▇▇▇▇ ▇▇-▇-▇, ▇▇▇▇▇▇▇▇▇ ▇▇-4-5, Component XA-4-6, Compone▇▇ ▇▇-▇▇-▇, ▇▇▇▇▇▇▇▇▇ ▇▇-▇▇-▇, ▇▇▇▇▇▇▇▇▇ ▇A-1A-3, Comp▇▇▇▇▇ ▇▇-▇▇-▇, ▇▇▇▇▇▇▇▇▇ ▇▇-▇▇-▇, ▇▇▇▇▇▇▇▇▇ ▇▇-▇▇-▇, ▇▇▇▇▇▇▇▇▇ XA-1A-7, Com▇▇▇▇▇▇ ▇▇-▇▇-▇, ▇▇▇▇▇▇▇▇▇ ▇▇-▇▇-▇, ▇▇▇▇▇▇▇▇▇ XA-1A-10, Co▇▇▇▇▇▇▇ ▇▇-▇▇-▇▇, ▇▇▇▇▇▇▇▇▇ ▇▇-▇▇-▇▇, ▇▇▇▇▇▇▇nt XA-1A-13, Component XA-1A-14, Component XA-1A-15 and Component XA-M, the sum of (I) the Class X-2 Strip Rate for the applicable Class X-2 Component and (II) the Pass-Through Rate for the Related Certificates for such Distribution Date and (2) for each other Class X-2 Component, the greater of (I) the Class X Reference Rate for such Distribution Date and (II) the Pass-Through Rate for the Related Certificate for such Distribution Date, and (ii) for any Distribution Date occurring after the Class X-2 Termination Date, a rate per annum equal to (x) the Weighted Average Net Mortgage Rate for such Distribution Date, minus (y) the Pass-Through Rate for the Related Certificates for such Distribution Date; provided, that in no event shall any Class X-1 Strip Rate be less than zero.
Class X-1 Strip Rate means, for any Distribution Date, with respect to any Class of Certificates (other than the Class A-4, Class X and the Residual Certificates), the Class A-4A Component and the Class A-4B Component, the excess, if any, of (i) the Weighted Average REMIC I Net Mortgage Rate for such Distribution Date over (ii) (x) in the case of the Class A-1 Certificates, Class A-2 Certificates, Class A-3 Certificates, Class A-4A Component, Class D Certificates, Class E Certificates, Class F Certificates, Class G Certificates, Class H Certificates, Class J Certificates, Class K Certificates, Class L Certificates, Class M Certificates and Class N Certificates, the Pass-Through Rate for such Class of Certificates or such Component and (y) in the case of the Class A-4B Component, Class B Certificates and Class C Certificates, (i) for any Distribution Date occurring on or before the Distribution Date in July 2008, the rate per annum corresponding to such Distribution Date as set forth in Schedule IX attached hereto and (ii) for any Distribution Date occurring after the Distribution Date in July 2008, the Pass-Through Rate for such Class of Certificates or such Component, but in no event shall the Class X-1 Strip Rate be less than zero.
Class X-1 Strip Rate means, with respect to any Class of Certificates (other than the Class A-2, Class A-3, Class X and the Residual Certificates), the Class A-2A Component, the Class A-2B Component, the Class A-3A Component and the Class A-3B Component, (A) for any Distribution Date occurring on or before July 2005 the excess, if any, of (i) the Weighted Average REMIC I Net Mortgage Rate for such Distribution Date over (ii) (x) in the case of the Class A-1 Certificates, Class G, Class H Certificates, Class J Certificates, Class K Certificates, Class L Certificates, Class M Certificates, Class N Certificates and Class O Certificates and the Class A-2A Component, the Pass-Through Rate for such Class of Certificates or such Component and (y) in the case of the Class A-2B Component, Class A-3A Component, Class A-3B Component, Class B Certificates, Class C Certificates, Class D Certificates, Class E Certificates and Class F Certificates, the rate per annum corresponding to such Distribution Date as set forth in Schedule VI attached hereto; (B) for any Distribution Date occurring after July 2005 and on or before March 2009, the excess, if any, of (i) the Weighted Average REMIC I Net Mortgage Rate for such Distribution Date over (ii) (x) in the case of the Class A-1 Certificates, Class A-2 Certificates, Class F Certificates, Class G Certificates, Class H Certificates, Class J Certificates, Class K Certificates, Class L Certificates, Class M Certificates, Class N Certificates and Class O Certificates and the Class A-3A Component, the Pass-Through Rate for such Class of Certificates or such Component and (y) in the case of the Class A-3B Component, Class B Certificates, Class C Certificates, Class D Certificates and Class E Certificates, the rate per annum corresponding to such Distribution Date as set forth on Schedule VII attached hereto; and (C) for any Distribution Date occurring after March 2009, the excess of (i) the Weighted Average REMIC I Net Mortgage Rate for such Distribution Date over (ii) the Pass-Through Rate for each such Class of Certificates or Component. In no event will any Class X-1 Strip Rate be less than zero.