Pool 3 Net Funds Cap definition
Pool 3 Net Funds Cap. With respect to any Distribution Date and the Class A3 Certificates, a per annum rate equal to (a) a fraction, expressed as a percentage, the numerator of which is the product of (i) the Pool 3 Optimal Interest Remittance Amount for such date and (ii) 12, and the denominator of which is the Pool Balance for Pool 3 for the immediately preceding Distribution Date multiplied by (b) a fraction, the numerator of which is 30 and the denominator of which is the actual number of days in the Accrual Period related to such Distribution Date.
Pool 3 Net Funds Cap. With respect to any Distribution Date and the Group 3 Senior Certificates, a per annum rate equal to (a) a fraction, expressed as a percentage, the numerator of which is the product of (1)(i) the Pool 3 Optimal Interest Remittance Amount for such date minus (ii) the lesser of (x) any Net Swap Payment or Swap Termination Payment owed to the Swap Counterparty for such Distribution Date allocable to Pool 3 (based on the applicable Pool Percentage) and (y) the Pool 3 Optimal Interest Remittance Amount and (2) 12, and the denominator of which is the Pool Balance for Pool 3 as of the first day of the related Collection Period (excluding for this purpose any Mortgage Loans in Pool 3 for which any Principal Prepayments in full have been deposited into the Collection Account and distributed therefrom in accordance with Section 5.02 during the month prior to such Distribution Date), multiplied by (b) a fraction, the numerator of which is 30 and the denominator of which is the actual number of days in the Accrual Period related to such Distribution Date.
Pool 3 Net Funds Cap. With respect to any Distribution Date, an annual rate equal to (a) a fraction, expressed as a percentage, the numerator of which is the product of (x) the Optimal Interest Remittance Amount for Pool 3 for such Distribution Date and (y) 12, and the denominator of which is the Pool Balance for Pool 3 as of the first day of the related Collection Period (not including for this purpose Mortgage Loans for which prepayments in full have been received and distributed in the month prior to that Distribution Date), multiplied by (b) a fraction, the numerator of which is 30 and the denominator of which is the actual number of days in the Accrual Period related to such Distribution Date.
Examples of Pool 3 Net Funds Cap in a sentence
The Pool 1 Net Funds Cap, the Pool 2 Net Funds Cap, the Pool 3 Net Funds Cap or the Subordinate Net Funds Cap, as the context requires.
The Pool 1 Net Funds Cap, the Pool 2 Net Funds Cap, the Pool 3 Net Funds Cap, the Pool 4 Net Funds Cap or the Subordinate Net Funds Cap, as the context requires.
The Pool 1 Net Funds Cap, the Pool 2 Net Funds Cap, the Pool 3 Net Funds Cap, or the Subordinate Net Funds Cap, as the context requires.
A Class I Shortfall shall be allocated to each Class of Group II Certificates to the extent that interest accrued on such Class for the related Accrual Period at the Certificate Interest Rate for a Class, computed by substituting “REMIC Pass-Through Rate” for the Pool 3 Net Funds Cap set forth in the definition thereof, exceeds the amount of interest payable on such Certificate for the related Accrual Period.
Any of the Pool 1 Net Funds Cap, the Pool 2 Net Funds Cap, the Pool 3 Net Funds Cap or the Subordinate Net Funds Cap.
More Definitions of Pool 3 Net Funds Cap
Pool 3 Net Funds Cap. With respect to each Distribution Date and the Group 3 Senior Certificates, a per annum rate equal to the product of (a) the weighted average of the Net Mortgage Rates of the Pool 3 Mortgage Loans as of the first day of the related Collection Period (adjusted for any Mortgage Loans which prepay in full on the first day of the related Prepayment Period) and (b) a fraction, the numerator of which is 30 and the denominator of which is the actual number of days in the Accrual Period relating to such Distribution Date.
Pool 3 Net Funds Cap. With respect to any Distribution Date and the Class 3-A1 and Class 3-A2 Certificates, a per annum rate equal to (a) a fraction, expressed as a percentage, the numerator of which is the product of (i) the Pool 3 Optimal Interest Remittance Amount for such date and (ii) 12, and the denominator of which is the Pool Balance for Pool 3 for the immediately preceding Distribution Date multiplied by (b) a fraction, the numerator of which is 30 and the denominator of which is the actual number of days in the Accrual Period related to such Distribution Date; provided, however, that with respect to the Class 3-A2 Certificates, clause (b) shall equal one.
Pool 3 Net Funds Cap. With respect to any Distribution Date and the Group 3 Senior Certificates, a per annum rate equal to (a) a fraction, expressed as a percentage, the numerator of which is the product of (1) the excess, if any, of (i) the Pool 3 Optimal Interest Remittance Amount for such date over (ii) the sum of (x) any Net Swap Payment or Swap Termination Payment owed to the Swap Counterparty for such Distribution Date allocable to Pool 3 (based on the applicable Pool Percentage) and (y) any Final Maturity Reserve Amount for Pool 3 for such Distribution Date and (2) 12, and the denominator of which is the Pool Balance for Pool 3 as of the first day of the related Collection Period (excluding for this purpose any Mortgage Loans in Pool 3 for which any Principal Prepayments in full have been deposited into the Collection Account and distributed therefrom in accordance with Section 5.02 during the month prior to such Distribution Date), multiplied by (b) a fraction, the numerator of which is 30 and the denominator of which is the actual number of days in the Accrual Period related to such Distribution Date.
Pool 3 Net Funds Cap. With respect to any Distribution Date and the Group 3 Senior Certificates, an annual rate equal to (a) a fraction, expressed as a percentage, the numerator of which is the product of (1) the excess, if any, of (i) the Pool 3 Optimal Interest Remittance Amount for such Distribution Date over (ii) the product of (A) any Net Swap Payment or Swap Termination Payment owed to the Swap Counterparty on the related Swap Payment Date and (B) the Group 3 Swap Percentage and (2) 12, and (b) the denominator of which is the Pool Balance for Pool 3 as of the first day of the related Collection Period (not including for this purpose Mortgage Loans for which prepayments in full have been received and distributed in the month prior to that Distribution Date), and in the case of the Class 3-A1A Certificates, multiplied by a fraction, the numerator of which is 30 and the denominator of which is the actual number of days in the Accrual Period related to such Distribution Date.
Pool 3 Net Funds Cap. For any Distribution Date, an annual rate equal to (a) a fraction, expressed as a percentage, the numerator of which is the product of (x) the Optimal Interest Remittance Amount for Pool 3 for such Distribution Date less the amount of the interest due on the Class 3-AX Certificates for such Distribution Date and less the portion of the Coupon Strip related to Pool 3, if any, for such Distribution Date and (y) 12, and the denominator of which is the Pool Balance for Pool 3 as of the first day of the related Collection Period (not including for this purpose Mortgage Loans for which prepayments in full have been received and distributed in the month prior to that Distribution Date), multiplied by (b) a fraction, the numerator of which is 30 and the denominator of which is the actual number of days in the Accrual Period related to such Distribution Date, less (x) 0.021% on or prior to the Distribution Date in January 2009 or (y) 0.00% thereafter.
Pool 3 Net Funds Cap. For any Distribution Date, an annual rate equal to (a) a fraction, expressed as a percentage, the numerator of which is the product of (x) the Optimal Interest Remittance Amount for Pool 3 for such Distribution Date less the amount of the interest due on the Class 3-AX Certificates for such Distribution Date and (y) 12, and the denominator of which is the Pool Balance for Pool 3 as of the first day of the related Collection Period (not including for this purpose Mortgage Loans for which prepayments in full have been received and distributed in the month prior to that Distribution Date), multiplied by (b) a fraction, the numerator of which is 30 and the denominator of which is the actual number of days in the Accrual Period related to such Distribution Date; provided that for purposes of the MTA Certificates, clause (b) will always be 1.
Pool 3 Net Funds Cap. With respect to any Distribution Date and the Group 3 Certificates, an annual rate equal to (a) a fraction, expressed as a percentage, the numerator of which is the product of (1) the Pool 3 Optimal Interest Remittance Amount for such Distribution Date and (2) 12, and the denominator of which is the Pool Balance of Pool 3 as of the first day of the related Collection Period (not including for this purpose Mortgage Loans for which prepayments in full have been received and distributed in the month prior to that Distribution Date), multiplied, in the case of the Class 3-A1A and Class 3-A1B Certificates, by a fraction, the numerator of which is 30 and the denominator of which is the actual number of days in the Accrual Period related to such Distribution Date.