Subordinate Corridor Contract definition

Subordinate Corridor Contract. With respect to the Subordinate Certificates, the transaction evidenced by the related Confirmation (as assigned to the Corridor Contract Administrator pursuant to the Corridor Contract Assignment Agreement), a form of which is attached hereto as Exhibit Q-3.
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Subordinate Corridor Contract. The transaction evidenced by the related Confirmation (as assigned to the Trustee pursuant to the Corridor Contract Novation Agreement), a form of which is attached hereto as Exhibit Q-4.
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Examples of Subordinate Corridor Contract in a sentence

  • In the absence of such written direction, all funds in the Carryover Reserve Fund in respect of amounts received of under the Class 1-AV-1 Corridor Contract, the Class 2-AV Corridor Contract and the Adjustable Rate Subordinate Corridor Contract shall be invested by the Trustee in The Bank of New York cash reserves.

  • In the absence of such written direction, all funds in the Carryover Reserve Fund in respect of amounts received under the Class 2-AV Corridor Contract, Class 3-AV Corridor Contract and Adjustable Rate Subordinate Corridor Contract shall be invested by the Trustee in The Bank of New York cash reserves.

  • For purposes of determining the issue price of the Master REMIC regular interests, the Trustee shall assume that the Class AF-1A Corridor Contract, the Class 2-AV Corridor Contract, the Class 3-AV Corridor Contract and the Adjustable Rate Subordinate Corridor Contract have values of $10,000, $425,000, $410,000 and $660,000, respectively.

  • For purposes of determining the issue price of the Master REMIC regular interests, the Trustee shall assume that the Class AF-1 Corridor Contract, the Class 1-AV-1 Corridor Contract, the Class 2-AV Corridor Contract and the Adjustable Rate Subordinate Corridor Contract have values of $12,000, $658,000, $449,000 and $511,000, respectively.

  • For purposes of determining the issue price of the various Master REMIC regular interests, the Trustee shall assume that the Class 1-A Corridor Contract, the Class 2-A Corridor Contract and the Subordinate Corridor Contract have values of $15,000, $20,000 and $10,000, respectively.

  • For purposes of determining the issue price of the Master REMIC regular interests, the Trustee shall assume that the Class AF-1 Corridor Contract, the Class 1-AV-1 Corridor Contract, the Class 2-AV Corridor Contract and the Adjustable Rate Subordinate Corridor Contract have values of $10,000, $900,000, $245,000 and $450,000, respectively.

  • In the absence of such written direction, all funds in the Carryover Reserve Fund in respect of amounts received under the Class 1-AV Corridor Contract, Class 2-AV Corridor Contract, Class 3-AV Corridor Contract and Adjustable Rate Subordinate Corridor Contract shall be invested by the Trustee in The Bank of New York cash reserves.

  • For purposes of determining the issue price of the Master REMIC regular interests, the Trustee shall assume that the Trust Fund's rights in respect of the Class 1-A Corridor Contract, Class 2-A Corridor Contract and Subordinate Corridor Contract have values of $210,000 $220,000 and $200,000, respectively.

  • For purposes of determining the issue price of the Master REMIC regular interests, the Trustee shall assume that the Class 1-A-1 Corridor Contract, the Class 2-A Corridor Contract and the Subordinate Corridor Contract have values of $320,000, $270,000 and $260,000, respectively.

  • With respect to the Adjustable Rate Subordinate Corridor Contract, the Distribution Date in June 2009.

Related to Subordinate Corridor Contract

  • Subordinate Certificate Any one of the Class M Certificates or Class B Certificates, executed by the Trustee and authenticated by the Certificate Registrar substantially in the form annexed hereto as Exhibit B and Exhibit C, respectively.

  • Subordinate Certificates As specified in the Preliminary Statement.

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

  • Subordinate Companion Loan A Companion Loan that, to the extent provided in the related Loan Documents and/or the related Co-Lender Agreement, is generally subordinate in right of payment to the related Split Mortgage Loan. The only Subordinate Companion Loans related to the Trust as of the Closing Date are evidenced by the Notes identified in the Loan Combination Table under the column heading “Subordinate Companion Loan(s),” each of which Notes evidences a separate Subordinate Companion Loan.

  • Junior Subordinate Certificates The Class B-4, Class B-5 and Class B-6 Certificates.

  • Offered Subordinate Certificates As specified in the Preliminary Statement.

  • 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.

  • 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.

  • Subordinate Reduction Amount With respect to any Payment Date, the sum of the Scheduled Principal, Unscheduled Principal and Recovery Principal for such Payment Date, less the Senior Reduction Amount.

  • Subordinate Percentage As of any Distribution Date and, with respect to any Mortgage Pool comprised of two or more Loan Groups, any Loan Group, 100% minus the related Senior Percentage as of such Distribution Date.

  • Subordinate Certificate Writedown Amount As to any Distribution Date, the amount by which (i) the sum of the Class Principal Amounts of all the Certificates (after giving effect to the distribution of principal and the application of Realized Losses in reduction of the Certificate Principal Amounts of the Certificates on such Distribution Date) exceeds (ii) the aggregate Scheduled Principal Balance of the Mortgage Loans for such Distribution Date.

  • Lead Securitization Subordinate Class Representative means the “Controlling Class Representative” as defined in the Lead Securitization Servicing Agreement or such other analogous term used in the Lead Securitization Servicing Agreement.

  • Senior Certificate As defined in the Series Supplement.

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

  • Initial Subordinate Class Percentage As defined in the Series Supplement.

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

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

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

  • Senior Credit Support Depletion Date The date on which the Class Certificate Balance of each Class of Subordinated Certificates has been reduced to zero.

  • Non-Lead Securitization Subordinate Class Representative means the holders of the majority of the class of securities issued in a Non-Lead Securitization designated as the “controlling class” pursuant to the related Non-Lead Securitization Servicing Agreement or their duly appointed representative; provided that if 50% or more of the class of securities issued in any Non-Lead Securitization designated as the “controlling class” or such other class(es) otherwise assigned the rights to exercise the rights of the “Controlling Noteholder” is held by the Mortgage Loan Borrower or an Affiliate of the Mortgage Loan Borrower, no person shall be entitled to exercise the rights of the related Non-Lead Securitization Subordinate Class Representative.

  • Senior Certificates As specified in the Preliminary Statement.

  • Super Senior Certificates As specified in the Preliminary Statement.

  • Subordinate Component Balance For any of Loan Group I, Loan Group II, Loan Group III, Loan Group IV or Loan Group V, as of any date of determination, the then outstanding aggregate Stated Principal Balance of the Mortgage Loans in that Loan Group minus the sum of the then outstanding aggregate Class Principal Balance of the related Classes of Class A Certificates.

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

  • Cap Contract Any of the Class A-1 Cap Contract, the Class A-2 Cap Contract or the Subordinate Certificates Cap Contract.

  • Senior Certificate Group As specified in the Preliminary Statement.