Floating Rate Certificate Carryover. With respect to a Distribution Date, in the event that the Pass-Through Rate for a class of Class A, Class M or Class B Certificates is based upon the related Available Funds Cap, the excess of (1) the amount of interest that such Class would have been entitled to receive on such Distribution Date had the Pass-Through Rate for that Class not been calculated based on the related Available Funds Cap, up to but not exceeding greater of (x) the related Maximum Rate Cap or (y) the sum of (i) the related Available Funds Cap and (ii) the product of (A) a fraction, the numerator of which is 360 and the denominator of which is the actual number of days in the related Accrual Period and (B) the quotient obtained by dividing (I) an amount equal to the proceeds, if any, payable under the related Cap Contract with respect to such Distribution Date by (II) the aggregate Certificate Principal Balance of each of the Classes of Certificates to which such Cap Contract relates for such Distribution Date over (2) the amount of interest such class was entitled to receive on such Distribution Date based on the related Available Funds Cap, together with (i) the unpaid portion of any such excess from prior Distribution Dates (and interest accrued thereon at the then applicable Pass-Through Rate, without giving effect to the applicable Available Funds Cap) and (ii) any amount previously distributed with respect to Floating Rate Certificate Carryover for such class that is recovered as a voidable preference by a trustee in bankruptcy.
Floating Rate Certificate Carryover. With respect to a Distribution Date, in the event that the Pass-Through Rate for a class of Class A, Class M or Class B Certificates is based upon the related Available Funds Cap, the excess of (1) the amount of interest that such Class would have been entitled to receive on such Distribution Date had the Pass-Through Rate for that Class not been calculated based on the related Available Funds Cap, up to but not exceeding greater of (x) the related Maximum Rate Cap or (y) the sum of (i) the related Available Funds Cap and (ii) the product of (A) a fraction, the numerator of which is 360 and the denominator of which is the actual number of days in the related Accrual Period and (B) the quotient obtained by dividing (I) an amount equal to the proceeds, if any, payable under the related Cap Contract with respect to such Distribution Date by (II) the aggregate Certificate Principal Balance of each of the Classes of Certificates to which such Cap Contract relates for such Distribution Date over (2) the amount of interest such class was entitled to receive on such Distribution Date based on the related Available Funds Cap, together with (i) the unpaid portion of any such excess from prior Distribution Dates (and interest accrued thereon at the then applicable Pass-Through Rate, without giving effect to the applicable Available Funds Cap) and (ii) any amount previously distributed with respect to Floating Rate Certificate Carryover for such class that is recovered as a voidable preference by a trustee in bankruptcy. Floating Rate Subordinate Certificates: The Class M and Class B-4 Certificates. Floating Rate Subordinate Certificates Cap Contract: The confirmation and agreement between the Trust Fund or the Trustee and the Cap Contract Counterparty (in the form of Exhibit N-4 hereto). Floating Rate Subordinate Certificates Cap Contract Notional Balance: With respect to any Distribution Date, the Floating Rate Subordinate Certificates Cap Contract Notional Balance set forth for such Distribution Date in the Floating Rate Subordinate Certificates One-Month LIBOR Cap Table attached hereto as Exhibit O-4. Floating Rate Subordinate Certificates Cap Contract Termination Date: The Distribution Date in September 2006.
Floating Rate Certificate Carryover. With respect of a Distribution Date, in the event that the Pass-Through Rate for a Class of the Class A, Class M or Class B Certificates is based upon the Available Funds Cap or the Maximum Rate Cap, the excess of (x) the amount of interest that such Class would have been entitled to receive on such Distribution Date had the Pass-Through Rate for that Class not been calculated based on the Available Funds Cap or the Maximum Rate Cap, up to but not exceeding the greater of (a) the Maximum Rate Cap or (b) the Upper Collar over (y) the amount of interest payable on such Class on such Distribution Date based on the lesser of (i) the Available Funds Cap and (ii) the Maximum Rate Cap, together with (i) the unpaid portion of any such excess from prior Distribution Dates (and interest accrued thereon at the then applicable Pass-Through Rate for such Class, without giving effect to the Available Funds Cap) and (ii) any amount previously distributed with respect to Floating Rate Certificate Carryover for such Class that is recovered as a voidable preference by a trustee in bankruptcy.
Examples of Floating Rate Certificate Carryover in a sentence
Any payments received under the terms of the Cap Contract will be available to pay the holders of the Offered Certificates up to the amount of any Floating Rate Certificate Carryover remaining after the application of Section 4.04(f)(viii) on such Distribution Date; provided, however, that payments received on the Cap Contract will not be used to pay any Floating Rate Certificate Carryover that results from a failure to allocate Applied Realized Loss Amounts to the Class A Certificates.
Payments from the Cap Contract Account in respect of such Floating Rate Certificate Carryovers shall be paid to the Offered Certificates and Class B Certificates in accordance with the provisions of Section 5.05(f)(viii) hereof (and taking into account only Floating Rate Certificate Carryovers other than Floating Rate Certificate Carryover attributable to the fact that Applied Realized Loss Amounts are not allocated to the Class A and Class R Certificates).
Any payments received under the terms of the Cap Contract will be available to pay the holders of the Offered Certificates up to the amount of any Floating Rate Certificate Carryover remaining after the application of Section 4.04(f)(ix) on such Distribution Date; provided, however, that payments received on the Cap Contract will not be used to pay any Floating Rate Certificate Carryover that results from a failure to allocate Applied Realized Loss Amounts to the Class A Certificates.
Any payments received under the terms of the Cap Contracts will be available to pay the holders of the Offered Certificates up to the amount of any Floating Rate Certificate Carryover remaining after the application of Section 4.04(f)(xii) on such Distribution Date; provided, however, that payments received on the Cap Contracts will not be used to pay any Floating Rate Certificate Carryover that results from a failure to allocate Applied Realized Loss Amounts to the Class A Certificates.
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More Definitions of Floating Rate Certificate Carryover
Floating Rate Certificate Carryover. With respect to a Distribution Date, in the event that the Pass-Through Rate for a Class of the Class A, Class R, Class M or Class B Certificates is based upon the Available Funds Cap, the excess of (x) the amount of interest that such Class would have been entitled to receive on such Distribution Date had the Pass-Through Rate for that Class not been calculated based on the Available Funds Cap over (y) the amount of interest payable on such Class on such Distribution Date based on the Available Funds Cap, together with (i) the unpaid portion of any such excess from prior Distribution Dates (and interest accrued thereon at the then applicable Pass-Through Rate for such Class, without giving effect to the Available Funds Cap) and (ii) any amount previously distributed with respect to Floating Rate Certificate Carryover for such Class that is recovered as a voidable preference by a trustee in bankruptcy.
Floating Rate Certificate Carryover. With respect to a Distribution Date, in the event that the Pass-Through Rate for a class of Class A, Class M or Class B Certificates is based upon the related Available Funds Cap, the excess of (1) the amount of interest that such Class would have been entitled to receive on such Distribution Date had the Pass-Through Rate for that Class not been calculated based on the related Available Funds Cap, over (2) the amount of interest such class was entitled to receive on such Distribution Date based on the related Available Funds Cap, together with (i) the unpaid portion of any such excess from prior Distribution Dates (and interest accrued thereon at the then applicable Pass-Through Rate, without giving effect to the applicable Available Funds Cap) and (ii) any amount previously distributed with respect to Floating Rate Certificate Carryover for such class that is recovered as a voidable preference by a trustee in bankruptcy. Form 10-K Certification: The certification required pursuant to Rule 13a-14 under the Exchange Act, including any certification that may be required by any rules or regulations promulgated pursuant to the Sarbanes-Oxley Act of 2002 (as such may be amended from time to time).
Floating Rate Certificate Carryover. With respect to a Distribution Date, in the event that the Pass-Through Rate for a class of Offered Certificates is based upon the related Available Funds Cap or the related Maximum Rate Cap, the excess of (1) the amount of interest that such Class would have been entitled to receive on such Distribution Date had the Pass-Through Rate for that Class not been calculated based on the related Available Funds Cap or the related Maximum Rate Cap, up to but not exceeding greater of (x) the related Maximum Rate Cap or (y) the related Upper Collar, over (2) the amount of interest such class was entitled to receive on such Distribution Date based on the lesser of (a) the related Available Funds Cap or (b) the related Maximum Rate Cap, together with (i) the unpaid portion of any such excess from prior Distribution Dates (and interest accrued thereon at the then applicable Pass-Through Rate, without giving effect to the applicable Available Funds Cap) and (ii) any amount previously distributed with respect to Floating Rate Certificate Carryover for such class that is recovered as a voidable preference by a trustee in bankruptcy.
Floating Rate Certificate Carryover. With respect of a Distribution Date, in the event that the Pass-Through Rate for a Class of Offered Certificates (other than the Class S Certificates) is based upon the Available Funds Cap, the excess of (x) the amount of interest that such Class would have been entitled to receive on such Distribution Date had the Pass-Through Rate for that Class not been calculated based on the Available Funds Cap, up to but not exceeding the Weighted Maximum Rate Cap over (y) the amount of interest payable on such Class on such Distribution Date based on the Available Funds Cap, up to but not exceeding the Weighted Maximum Rate Cap, together with (i) the unpaid portion of any such excess from prior Distribution Dates (and interest accrued thereon at the then applicable Pass-Through Rate for such Class, without giving effect to the Available Funds Cap) and (ii) any amount previously distributed with respect to Floating Rate Certificate Carryover for such Class that is recovered as a voidable preference by a trustee in bankruptcy.
Floating Rate Certificate Carryover. For each of the Class A-1, Class A-2, Class A-3, Class M-1, Class M-2, Class B and Class R Certificaxxx, xx xx xxx Distribution Date, the sum of (1) if on such Distribution Date the Pass-Through Rate for the such Class is based upon the Available Funds Cap, the excess of (x) the amount of interest such Class would otherwise be entitled to receive on such Distribution Date had such rate been calculated as (I) in the case of the Class A-1, Class A-2, Class A-3, Class M-1 and Class M-2 Certificates, the sum of One-Month LIBOR and the applicable Margin for such Distribution Date, up to the Weighted Maximum Rate Cap and (II) in the case of the Class B Certificates, the lesser or 6.50% or the Weighted Maximum Rate Cap, over (y) the amount of interest payable on the Class at the Available Funds Cap, up to but not exceeding the Weighted Maximum Rate Cap for such Distribution Date and (2) the Floating Rate Certificate Carryover for all previous Distribution Dates not previously paid pursuant to Section 4.04(f)(v), together with (X) interest thereon at a rate equal to (I) in the case of the Class A-1, Class A-2, Class A-3, Class M-1 and Class M-2 Certificates, One-Month LIBOR and the applicable Margin for such Distribution Date, and (II) in the case of the Class B Certificates, 6.50% and (Y) any amount previously distributed with respect to Floating Rate Certificate Carryover for such Class that is recovered as a voidable preference by a trustee in bankruptcy which has not previously been reversed by a distribution pursuant to Section 4.04(f)(v). Freddie Mac: A corporate instrumentality of the United States creatxx xxx existing under Title III of the Emergency Home Finance Act of 1970, as amended, or any successor thereto.
Floating Rate Certificate Carryover. With respect to a Distribution Date, in the event that the Pass-Through Rate for a Class of the Class A, Class M or Class B Certificates is based upon the Available Funds Cap, the excess of (x) the amount of interest that such Class would have been entitled to receive on such Distribution Date had the Pass-Through Rate for that Class not been calculated based on the Available Funds Cap, up to but not exceeding the greater of (a) the Maximum Rate Cap or (b) the lesser of (i) the greater of (1) the applicable One-Month LIBOR strike Lower Collar set forth in the One-Month LIBOR Cap Table and (2) One-Month LIBOR and (ii) the Upper Collar over (y) the amount of interest payable on such Class on such Distribution Date based on the Available Funds Cap, together with (i) the unpaid portion of any such excess from prior Distribution Dates (and interest accrued thereon at the then applicable Pass-Through Rate for such Class, without giving effect to the Available Funds Cap) and (ii) any amount previously distributed with respect to Floating Rate Certificate Carryover for such Class that is recovered as a voidable preference by a trustee in bankruptcy.
Floating Rate Certificate Carryover. With respect of a Distribution Date, in the event that the Pass-Through Rate for a class of Offered Certificates is based upon the Available Funds Cap, the excess of (x) the amount of interest that such class would have been entitled to receive on such Distribution Date had the Pass-Through Rate for that class not been calculated based on the Available Funds Cap, up to but not exceeding the Maximum Rate Cap over (y) the amount of interest such class actually received on such Distribution Date based on the Available Funds Cap, up to but not exceeding the Maximum Rate Cap, together with (i) the unpaid portion of any such excess from prior Distribution Dates (and interest accrued thereon at the then applicable Pass-Through Rate for such class, without giving effect to the Available Funds Cap) and (ii) any amount previously distributed with respect to Floating Rate Certificate Carryover for such class that is recovered as a voidable preference by a trustee in bankruptcy.