Interest Rate Cap Payment definition

Interest Rate Cap Payment. (a) With respect to the Class A-2 Certificates and the first 36 Distribution Dates, the amount, if any, equal to the product, determined on an "actual/360" basis, of (i) the excess, if any, of the lesser of (A) the one-month LIBOR rate as of the related reset date under the Class A-2 Cap Agreement and (B) the applicable cap ceiling rate set forth on Schedule A to such 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; (ii) the applicable Class A-2 notional amount set forth on Schedule A to the Class A-2 Cap Agreement for such Distribution Date and (iii) the multiplier set forth on Schedule A to such Interest Rate Cap Agreement; (b) with respect to the Class M Certificates and the first 44 Distribution Dates, the amount, if any, equal to the product, determined on an "actual/360" basis, of (i) the excess, if any, of the lesser of (A) the one-month LIBOR rate as of the related reset date under the Class M Cap Agreement and (B) the applicable cap ceiling rate set forth on Schedule A to such 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; (ii) the applicable Class M notional amount set forth on Schedule A to the Class M Cap Agreement for such Distribution Date and (iii) the multiplier set forth on Schedule A to such Interest Rate Cap Agreement; and (c) with respect to the Class B Certificates, and the first 44 Distribution Dates, the amount, if any, equal to the product, determined on an "actual/360" basis, of (i) the excess, if any, of the lesser of (A) the one-month LIBOR rate as of the related reset date under the Class B Cap Agreement and (B) the applicable cap ceiling rate set forth on Schedule A to such 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; (ii) the applicable Class B notional amount set forth on Schedule A to the Class B Cap Agreement for such Distribution Date and (iii) the multiplier set forth on Schedule A to such Interest Rate Cap Agreement.

Interest Rate Cap Payment. With respect to each Distribution Date, any payment required to be made by the Cap Counterparty to the Supplemental Interest Trust pursuant to the terms of the Interest Rate Cap Agreement.

Interest Rate Cap Payment. With respect to each Cap Agreement and for any Distribution Date, the amount, if any, required to be paid by the Cap Provider on such Distribution Date under such Cap Agreement.

Examples of Interest Rate Cap Payment in a sentence

• Any Class Interest Rate Cap Payment shall be deposited into the Series Interest Funding Account.

• All such investments must be payable on demand or mature on a Interest Rate Cap Payment Date, a Distribution Date or such other date as directed by the Certificateholders.

• On each Distribution Date, the Trustee shall deposit the amount of any Basis Risk Payment and any Interest Rate Cap Payment for such date into the Excess Reserve Fund Account.

• For its duration, the Class A-2 Interest Rate Cap pays the Trust the product of (i) the excess, if any, of the then current 1-month LIBOR rate (not to exceed the cap ceiling) over the cap strike (on an Actual/360 day count basis) and (ii) the Class A-2 Interest Rate Cap Notional Balance ("the Class A-2 Interest Rate Cap Payment") as described on the schedule herein.

• The Interest Rate Cap pays the Trust the difference between the then current 1-month LIBOR rate and 6.90% (on an Actual/360 day count basis) if the 1-month LIBOR rate exceeds 6.90% ("the Interest Rate Cap Payment") as described herein.

More Definitions of Interest Rate Cap Payment

Interest Rate Cap Payment means, with respect to any Distribution ------------------------- Date, any payment required to be made by the Interest Rate Cap Provider to the Trust pursuant to an Interest Rate Cap with respect to such Distribution Date.

Interest Rate Cap Payment means, with respect to any Payment Date, the amount payable on such Payment Date by the Qualified Interest Rate Cap Provider to the Series 2007-1 Collection Account with the Trustee pursuant to the Series 2007-1 Interest Rate Cap.

Interest Rate Cap Payment. The Class A Certificates Interest Rate Cap Payment, the Class M Certificates Interest Rate Cap Payment and/or the Class B Certificates Interest Rate Cap Payment, as applicable.

Interest Rate Cap Payment means any payment made to the Collection Account pursuant to an Interest Rate Cap.

Interest Rate Cap Payment. For the first 57 Distribution Dates following the Closing Date, the amount, if any, equal to the product of (a) the excess, if any, of the lesser of (i) one-month LIBOR (as determined pursuant to the Cap Agreement) as of the related reset date and (ii) 10.00% over a cap strike rate set forth on the interest rate cap agreement schedule attached to the Cap Agreement, and (b) the interest rate cap notional amount for such date set forth on such schedule.

Interest Rate Cap Payment. Beginning on the first Distribution Date and continuing through the immediately succeeding 26 Distribution Dates thereafter, an amount, if any, equal to the product of (a) the lesser of (i) (A) prior to the reset date under the Cap Agreement occurring in May 2005, the percentage by which one-month LIBOR (as defined in the Cap Agreement) as of the related reset date under the Cap Agreement exceeds 6.50% or (B) on and after the reset date under the Cap Agreement occurring in May 2005 until the reset date under the Cap Agreement occurring in November 2005, the percentage by which one-month LIBOR (as defined in the Cap Agreement) as of the related reset date under the Cap Agreement exceeds 7.50% and (ii) (A) prior to the reset date under the Cap Agreement occurring in May 2005, 2.00% or (B) on and after the reset date under the Cap Agreement occurring in May 2005 until the reset date under the Cap Agreement occurring in November 2005, 1.00%, as applicable, and (b) the product of the notional balance and multiplier for such reset date as set forth on the schedule attached to the Cap Agreement, calculated on an "actual/360" basis.

Interest Rate Cap Payment means, with respect to any Distribution Date, any payment required to be made on the preceding Business Day by an Interest Rate Cap Provider to the Trustee for deposit in the Collection Account as Series 1999-3 Allocable Finance Charge Collections.