Senior Ceiling definition

Senior Ceiling means the maximum total Salary permitted to be paid directly or indirectly by or on behalf of each Club during or in respect of a Salary Cap Year in connection with all of its Senior Players. Subject to paragraphs 2(j) ), (l) or (q) of Schedule 1, all Salary paid during a Salary Cap Year by a Club to a Senior Player will count for the purposes of the Senior Ceiling and must be accounted for in the Club's Certification for that Salary Cap Year;
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Examples of Senior Ceiling in a sentence

  • Any breach of the Regulations in relation to Salary exceeding the Senior Ceiling by £350,000 or more or the Academy Ceiling by £5,000 or more shall be dealt with in accordance with the procedures set out in Regulation 12.

  • Whereas any breach of the Regulations in relation to Salary exceeding the Senior Ceiling in excess of the Overrun, shall be dealt with in accordance with Regulation 12.

  • Any breach of the Regulations in relation to Salary exceeding the Senior Ceiling or Academy Ceiling above the 5% threshold (in 2016/17 £325,000) shall be dealt with in accordance with the procedures set out in Regulation 12.

  • In respect of the Senior Ceiling for the 2016-17 Salary Cap Year, a Club shall be entitled to Home Grown Senior Player Credits of up to £500,000, subject to 3.2(b)(ii) below, at a maximum rate of £50,000 for each of its Home Grown Senior Players, and in each case, excluding any Players to whom paragraphs 2 (j), (l) or (q) of Schedule 1 apply during the 2016-17 Salary Cap Year.

Related to Senior Ceiling

  • Group 2 Senior Certificates As specified in the Preliminary Statement.

  • Senior Certificates As specified in the Preliminary Statement.

  • Super Senior Certificates As specified in the Preliminary Statement.

  • Group 3 Senior Certificates As specified in the Preliminary Statement.

  • Group 1 Senior Certificates As specified in the Preliminary Statement.

  • Senior Certificate Group As specified in the Preliminary Statement.

  • Group II Senior Certificates As specified in the Preliminary Statement.

  • Group I Senior Certificates As specified in the Preliminary Statement.

  • Loan Group 4 The Group 4 Mortgage Loans.

  • Subordinate Certificates As specified in the Preliminary Statement.

  • Loan Group 3 The Group 3 Mortgage Loans.

  • Loan Group 5 The Group 5 Mortgage Loans.

  • Senior Certificate As defined in the Series Supplement.

  • Undercollateralized Group As defined in Section 4.03.

  • Subordinate Net Funds Cap With respect to any Distribution Date, an amount equal to the weighted average of the Pool 1 Net Funds Cap and the Pool 2 Net Funds Cap, weighted on the basis of the Pool Subordinate Amount for each Mortgage Pool; provided, however, that on any Distribution Date after which the aggregate Class Principal Amount of the Senior Certificates relating to any Mortgage Pool has been reduced to zero, such weighting shall be on the basis of the Pool Balance of each Mortgage Pool.

  • Senior Class Debt has the meaning assigned to such term in Section 8.09.

  • Loan Group I Cap With respect to the Group I Mortgage Loans as of any Distribution Date, the product of (i) the weighted average of the Adjusted Net Mortgage Rates then in effect on the beginning of the related Due Period on the Group I Mortgage Loans and (ii) a fraction, the numerator of which is 30 and the denominator of which is the actual number of days in the Interest Accrual Period related to such Distribution Date.

  • Basis Risk Carry Forward Amount With respect to each Class of LIBOR Certificates, as of any Distribution Date, the sum of (A) if on such Distribution Date the Pass-Through Rate for any Class of LIBOR Certificates is based upon a Loan Group Cap or the WAC Cap, the excess, if any, of (i) the Accrued Certificate Interest Distribution Amount on such Class of LIBOR Certificates would otherwise be entitled to receive on such Distribution Date had such Pass-Through Rate not been subject to the Loan Group Cap or the WAC Cap, over (ii) the Accrued Certificate Interest Distribution Amount on such Class of Certificates on such Distribution Date taking into account (a) with respect to the Class A-1 Certificates at the lesser of the WAC Cap and the Loan Group I Cap, (b) with respect to the Class A-2 Certificates at the lesser of the WAC Cap and the Loan Group II Cap, and (c) with respect to each other Class of LIBOR Certificates, the WAC Cap, and (B) the Basis Risk Carry Forward Amount for such Class of LIBOR Certificates for all previous Distribution Dates not previously paid, together with interest thereon at a rate equal to the applicable Pass-Through Rate for such Class of LIBOR Certificates for such Distribution Date (without giving effect to the WAC Cap, Loan Group I Cap or Loan Group II Cap, as applicable).

  • Basis Risk Shortfall Carry Forward Amount With respect to any Distribution Date and any Class of Class A Certificates and Class M Certificates, an amount equal to the sum of (A) the excess, if any, of (a) the amount of Current Interest that such Class would have been entitled to receive on such Distribution Date had the Pass-Though Rate applicable to such Class been calculated at a per annum rate equal to One-Month LIBOR plus the related Certificate Margin, over (b) the amount of Current Interest that such Class received on such Distribution Date if the Pass-Through Rate is limited to the related Net Rate Cap and (B) the amount in clause (A) for all previous Distribution Dates not previously paid, together with interest thereon at a rate equal to the related Pass-Through Rate for such Distribution Date. Bankruptcy Code: Title 11 of the United States Code.

  • Loan Group II Cap With respect to the Group II Mortgage Loans as of any Distribution Date, the product of (i) the weighted average of the Adjusted Net Mortgage Rates then in effect on the beginning of the related Due Period on the Group II Mortgage Loans and (ii) a fraction, the numerator of which is 30 and the denominator of which is the actual number of days in the Interest Accrual Period related to such Distribution Date.

  • Undercollateralization Distribution As defined in Section 4.2(g).

  • Available Funds Cap Any of the Class A-1 Available Funds Cap, the Class A-2 Available Funds Cap or the Weighted Average Available Funds Cap.

  • Subordinate Prepayment Percentage As to any Distribution Date, 100% minus the Senior Prepayment Percentage for such Distribution Date.

  • Senior Subordinate Certificates The Class B1, Class B2 and Class B3 Certificates.

  • Subordinate Class Percentage With respect to any Distribution Date and any Class of Subordinate Certificates, a fraction, expressed as a percentage, the numerator of which is the aggregate Certificate Principal Balance of such Class of Subordinate Certificates immediately prior to such date and the denominator of which is the aggregate Stated Principal Balance of all of the Mortgage Loans (or related REO Properties) (other than the related Discount Fraction of each Discount Mortgage Loan) immediately prior to such Distribution Date.

  • Group II Interest Remittance Amount With respect to any Distribution Date, that portion of the Available Funds for such Distribution Date attributable to interest received or advanced with respect to the Group II Mortgage Loans.