Net Rate Carryover definition
Net Rate Carryover. With respect to any Class of Interest-Bearing Certificates and any Distribution Date, the sum of (A) the excess of (i) the amount of interest that such Class would otherwise have accrued for such Distribution Date had the Pass-Through Rate for such Class and the related Accrual Period not been determined based on the applicable Net Rate Cap, over (ii) the amount of interest accrued on such Class at the applicable Net Rate Cap for such Distribution Date and (B) the Net Rate Carryover for such Class for all previous Distribution Dates not previously paid pursuant to Section 4.04, together with interest thereon at the then-applicable Pass-Through Rate for such Class, without giving effect to the applicable Net Rate Cap.
Net Rate Carryover. For any Class of LIBOR Certificates and any Distribution Date, the sum of (A) the excess of (i) the amount of interest that such Class would otherwise have accrued for such Distribution Date had the Pass-Through Rate for such Class not been determined based on the applicable Net Rate Cap, over (ii) the amount of interest accrued on such Class at the applicable Net Rate Cap for such Distribution Date and (B) the Net Rate Carryover for such Class for all previous Distribution Dates not previously paid pursuant to Section 4.02, together with interest thereon at the then applicable Pass-Through Rate for such Class, without giving effect to the applicable Net Rate Cap.
Net Rate Carryover. For a Class of LIBOR Certificates on any Distribution Date, the excess of:
Examples of Net Rate Carryover in a sentence
The Trustee shall make withdrawals from the Carryover Reserve Fund to make distributions in respect of Net Rate Carryover as to the extent required by Section 4.04.
Pursuant to each such notional principal contract, the Holder of the Class C Certificates shall be treated as having agreed to pay any interest on a Carryover Certificate to the extent such interest reflects an interest rate greater than the REMIC Maximum Rate, including any Net Rate Carryover, in accordance with the terms of this Agreement.
Any monies payable on the STR-C-40 Year IO in excess of the Final Maturity Required Deposit shall be the "Excess Deposit." For income tax purposes, to the extent the amount of any Excess Deposit is payable to Holders of Certificates other than the Class C Certificates, such amount shall be treated as payable to such Holders as Net Rate Carryover and any remaining amount of Excess Deposit shall be treated as payable to the Holders of the Class C Certificates.
Any amounts received by the Supplemental Interest Trust Trustee in respect of such termination shall be deposited and held in the Cap Account to pay Unpaid Realized Loss Amounts and Net Rate Carryover Amounts on the Classes of Offered Certificates as provided in Section 4.07 hereof on the Distribution Dates following such termination to and including the Cap Contract Scheduled Termination Date.
Any payments of Net Rate Carryover Amount shall be treated as first distributed with respect to the Class R Certificate and then as paid into the Carryover Reserve Fund for payment to the holders of the REMIC regular interests.
More Definitions of Net Rate Carryover
Net Rate Carryover. With respect to any Distribution Date, an amount equal to the sum of (i) the Class A Interest Carryover Amount for such Distribution Date (if any), (ii) the Class A-R Interest Carryover Amount for such Distribution Date (if any), (iii) the Class M-1 Interest Carryover Amount for such Distribution Date (if any), (iv) the Class M-2 Interest Carryover Amount for such Distribution Date (if any), (v) the Class B-1 Interest Carryover Amount for such Distribution Date (if any) and (vi) the Class B-2 Interest Carryover Amount for such Distribution Date (if any); provided that when the term Net Rate Carryover is used with respect to one Class of Certificates (other than the Class A-IO Certificates), it shall mean such carryover amount listed in clauses (i), (ii), (iii), (iv) or (v) as applicable, with the same Class designation. The Class A-IO Certificates shall not accrue any Net Rate Carryover.
Net Rate Carryover. With respect to any Distribution Date, an amount equal to the sum of (i) the Class 1-A Interest Carryover Amount for such Distribution Date (if any), (ii) the Class 2-A Interest Carryover Amount for such Distribution Date (if any), (iii) the Class M-1 Interest Carryover Amount for such Distribution Date (if any), (iv) the Class M-2 Interest Carryover Amount for such Distribution Date (if any), (v) the Class M-3 Interest Carryover Amount for such Distribution Date (if any), (vi) the Class M-4 Interest Carryover Amount for such Distribution Date (if any), (vii) the Class M-5 Interest Carryover Amount for such Distribution Date (if any), (viii) the Class M-6 Interest Carryover Amount for such Distribution Date (if any), (ix) the Class M-7 Interest Carryover Amount for such Distribution Date (if any), (x) the Class M-8 Interest Carryover Amount for such Distribution Date (if any), and (xi) the Class B Interest Carryover Amount for such Distribution Date (if any); provided that when the term Net Rate Carryover is used with respect to one Class of Certificates (other than the Class A-R, Class C and Class P Certificates), it shall mean such carryover amount listed in clauses (i), (ii), (iii) (iv), (v), (vi), (vii), (viii), (ix), (x) or (xi) as applicable, with the same Class designation. The Class A-R, Class C and Class P Certificates shall not accrue any Net Rate Carryover.
Net Rate Carryover. For each Class of Group I Senior Certificates and Group I Mezzanine Certificates on any Distribution Date is equal to the sum of:
Net Rate Carryover. With respect to any Class of interest bearing Notes and any Payment Date, the sum of (A) the excess of (i) the amount of interest that such Class would otherwise have accrued for such Payment Date had the Note Interest Rate for such Class and the related Accrual Period not been determined based on the applicable Net Funds Cap, over (ii) the amount of interest accrued on such Class at the applicable Net Funds Cap for such Payment Date and (B) the Net Rate Carryover for such Class for all previous Payment Dates not previously paid pursuant to Section 6.02, together with interest thereon at the then-applicable Note Interest Rate for such Class, without giving effect to the applicable Net Funds Cap.
Net Rate Carryover. For each class of Offered Certificates (other than the Interest Only Certificates) on any Distribution Date is equal to the sum of:
Net Rate Carryover. For any Class of Certificates (other than the Class C-P Certificates) and any Distribution Date, the sum of (A) the excess, if any, of (i) the amount of interest that such Class would otherwise have accrued for such Distribution Date had the applicable Pass-Through Rate for such Class not been determined based on the related Net Rate Cap (provided that such Pass-Through Rate shall still be subject to the Maximum Rate), over (ii) the amount of interest accrued on such Class at the related Net Rate Cap for such Distribution Date and (B) the Net Rate Carryover for such Class for all previous Distribution Dates not previously paid pursuant to Section 4.02, together with interest thereon at the then applicable Pass-Through Rate for such Class, without giving effect to the related Net Rate Cap but subject to the Maximum Rate.
Net Rate Carryover. For any Class of Offered Certificates (other than the Class X and Class A-R Certificates) and any Distribution Date, the excess of: (1) the amount of interest that such Class would have accrued for such Distribution Date had the Pass-Through Rate for that Class and the related Interest Accrual Period not been calculated based on the applicable Net Rate Cap, over (2) the amount of interest such Class accrued on such Distribution Date based on the applicable Net Rate Cap, plus 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 Net Rate Cap).