Class X Strip Rate definition

Class X Strip Rate. With respect to each Component for any Distribution Date, a rate per annum equal to: (i) the WAC Rate for such Distribution Date, minus (ii) the Pass-Through Rate for the Corresponding Certificates.

Class X Strip Rate means, with respect to any REMIC II Regular Interest for any Distribution Date, the excess, if any, of the Weighted Average REMIC I Net Mortgage Rate for such Distribution Date over (i) if the Corresponding Certificates are not Exchangeable Certificates, the Pass-Through Rate for the Class of Corresponding Certificates and (ii) if the Corresponding Certificates are Exchangeable Certificates, the Pass-Through Rate on the EX XXXXX III Regular Interest bearing the same letter designation as such Class of Exchangeable Certificates.

Class X Strip Rate. As to the Class A and Class B Certificates for any Distribution Date, the excess, if any, of (a) the weighted average of the Net Trust Note Rates for such Distribution Date over (b) the Pass-Through Rate for such Class of Certificates for such Distribution Date.

Examples of Class X Strip Rate in a sentence

• 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 Class X Strip Rate applicable to the Class of REMIC III Regular Interest (other than the Class X Certificates) relating to such REMIC II Regular Interest.

• The Class X Pass-Through Rate for any Certificate Interest Accrual Period is a variable per annum rate and will equal the Class X Strip Rate for the Class A Certificates for such Distribution Date.

• Realized Interest Losses allocated to the Class X Certificates shall reduce the amount of interest payable on the REMIC II Regular Interests and shall be allocated pro rata based on the product of the Certificate Balance of each REMIC II Regular Interest and the Class X Strip Rate (if any) applicable to the Corresponding Component relating to such REMIC II Regular Interest.

• The Class X-A Pass-Through Rate for any Certificate Interest Accrual Period is a variable per annum rate and will equal the Class X Strip Rate for the Class A Certificates.

• Realized Losses allocated to the Class X Certificates shall reduce the amount of interest payable on the REMIC II Regular Interests other than the REMIC II Regular Interest X-RC, which reduction shall be allocated pro rata based on the product of the Certificate Balance of such REMIC II Regular Interest and the Class X Strip Rate applicable to the Class of REMIC III Regular Interest (other than the Class X Certificates) relating to such REMIC II Regular Interest.

More Definitions of Class X Strip Rate

Class X Strip Rate. With respect to each Component for any Distribution Date, a rate per annum equal to: (a) in the case of each of the Class X-A Components and the Class X-D Components, the excess, if any, of (i) the WAC Rate for such Distribution Date, over (ii) the Pass-Through Rate for the Corresponding Certificates; and (b) in the case of the Class X-F Component, the Class X-G Component, the Class X-H Component and the Class X-J Component, 1.0000%.

Class X Strip Rate means, for any Distribution Date, with respect to any Class of REMIC III Regular Interests (other than the Class X Certificates), the excess, if any, of the Weighted Average REMIC I Net Mortgage Rate for such Distribution Date over the Pass-Through Rate for such Class of REMIC III Regular Interests.

Class X Strip Rate. With respect to any Class X Component, for any Distribution Date, a rate per annum equal to (i) the Weighted Average Net Mortgage Pass-Through Rate for such Distribution Date, minus (ii) the Pass-Through Rate for the Corresponding Certificates (or, in the case of the Class A-2FL Certificates, for the Class A-2FL REMIC II Regular Interest and, in the case of the Class A-4FL Certificates, for the Class A-4FL REMIC II Regular Interest) for such Distribution Date. In no event, however, shall any Class X Strip Rate be less than zero.

Class X Strip Rate. A per annum rate equal to: (a) for each of the Class LA Uncertificated Interest and the Class A Certificates for any Distribution Date, the excess, if any, of (i) the Adjusted Net Component Rate with respect to the Trust Loan Component A for such Distribution Date over (ii) the Pass-Through Rate of the Class A Certificates; and (b) for each of the Class LB Uncertificated Interest and the Class B Certificates for any Distribution Date, the excess, if any, of (i) the Adjusted Net Component Rate with respect to the Trust Loan Component B for such Distribution Date over (ii) the Pass-Through Rate of the Class B Certificates.

Class X Strip Rate. With respect to any Class X Component for any Distribution Date, an annual rate equal to the excess, if any, of the REMIC I Remittance Rate over the Adjusted REMIC I Remittance Rate with respect to such Class X Component's Corresponding REMIC I Regular Interest for such Distribution Date.

Class X Strip Rate means, with respect to any REMIC II Regular Interest for any Distribution Date, the excess, if any, of the Weighted Average REMIC I Net Mortgage Rate for such Distribution Date over (i) if the Corresponding Certificates are not Exchangeable Certificates or Swap Floating Rate Certificates, the Pass-Through Rate for the Class of Corresponding Certificates, (ii) if the Corresponding Certificates are Exchangeable Certificates, the Pass-Through Rate on the EX XXXXX III Regular Interest bearing the same letter designation as such Class of Exchangeable Certificates and (iii) if the Corresponding Certificates are Swap Floating Rate Certificates, the Pass-Through Rate on the Swap REMIC III Regular Interest bearing the same letter designation as such Class of Swap Floating Rate Certificates.

Class X Strip Rate. With respect to any Class of the Components for any Distribution Date, a rate per annum calculated as follows: