Carryover Interest Sample Clauses

Carryover Interest. 42 SECTION 2.03.3 Additional Provisions Regarding Series Interest Rate...........................43 SECTION 2.04 Forms of Notes and Instructions for Payment...............................................44
Sample 1
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Carryover Interest. The Calculation Agent shall announce the Formula Rate and the Net Loan Rate to the Indenture Trustee and the Issuer. If, with respect to any Series of Notes for any Interest Accrual Period, interest at the Formula Rate exceeds interest at the Net Loan Rate with respect to such Series of Notes for such Interest Accrual Period, the Series Interest Rate for such Interest Accrual Period shall be the Net Loan Rate, and the Indenture Trustee, on the Distribution Date for such Interest Accrual Period, shall pay to the Holders of such Series of Notes interest at the Net Loan Rate. With respect to such Series of Notes, the Indenture Trustee shall also calculate the amount by which interest at the Formula Rate exceeds interest at the Net Loan Rate for such Interest Accrual Period, and such excess, together with interest thereon (compounded on each Distribution Date for the related Series when such interest is not paid on the first Distribution Date for such Series when such interest was otherwise payable) at the applicable Formula Rate from the Distribution Date for the related Series on which such excess was calculated until paid, if at all, shall constitute Carryover Interest. Such Carryover Interest shall be paid on each Distribution Date for the related Series subsequent to the Distribution Date on which such excess was calculated to the extent funds are available therefor in the Note Payment Account of the Collection Fund after making the other required payments from the Note Payment Account in accordance with the provisions of Section 5.5.2 of the Base Indenture and Section 4.02 hereof. Carryover Interest shall continue to be so payable notwithstanding that the principal amount of the applicable Series of Notes has been reduced to zero until (i) no Notes remain outstanding and (ii) the balances in the Funds and Accounts have been reduced to zero. For purpose of the Indenture any reference herein to "principal or "interest" shall not include within the meaning of such words Carryover Interest. Carryover Interest shall be separately calculated for each Series of Notes by the Indenture Trustee in sufficient time for the Indenture Trustee to give notice to each Holder of such Carryover Interest as required in this paragraph. On the Distribution Date for an Interest Accrual Period with respect to which Carryover Interest has been calculated by the Indenture Trustee, the Indenture Trustee shall, in accordance with Section 7.10 of the Base Indenture, give written not...
Sample 1
Carryover Interest. The Calculation Agent and Auction Agent, as appropriate, shall announce the Formula Rate and the Net Loan Rate to the Indenture Trustee and the Issuer. If, with respect to any Series of Notes for any Interest Accrual Period, interest at the Formula Rate exceeds interest at the Net Loan Rate with respect to such Series of Notes for such Interest Accrual Period, the Series Interest Rate for such Interest Accrual Period shall be the Net Loan Rate, and the Indenture Trustee, on the Distribution Date for such Interest Accrual Period, shall pay to the Holders of such Series of Notes interest at the Net Loan Rate. With respect to such Series of Notes, the Indenture Trustee shall also calculate the amount by which interest at the Formula Rate exceeds interest at the Net Loan Rate for such Interest Accrual Period, and such excess, together with interest thereon (compounded on each Distribution Date for the related Series when such interest is not paid on the first Distribution Date for such Series when such interest was otherwise payable) at the applicable Formula Rate from the Distribution Date for the related Series on which such excess was calculated until paid, if at all, shall
Sample 1

Related to Carryover Interest

  • Carryover Notwithstanding any other provision of this Section 6, no adjustment shall be made to the number of shares of Common Stock to be delivered to the Warrantholder (or to the Exercise Price) if such adjustment represents less than 1% of the number of shares to be so delivered, but any lesser adjustment shall be carried forward and shall be made at the time and together with the next subsequent adjustment which together with any adjustments so carried forward shall amount to 1% or more of the number of shares to be so delivered.

  • Net WAC Rate Carryover Reserve Account No later than the Closing Date, the Trust Administrator shall establish and maintain with itself a separate, segregated trust account titled, “Xxxxx Fargo Bank, N.A. as Trust Administrator, in trust for the registered holders of MASTR Asset Backed Securities Trust 2006-WMC1, Mortgage Pass-Through Certificates, Series 2006-WMC1—Net WAC Rate Carryover Reserve Account.” All amounts deposited in the Net WAC Rate Carryover Reserve Account shall be distributed to the Holders of the Class A Certificates and/or the Mezzanine Certificates in the manner set forth in Section 4.01. On each Distribution Date as to which there is a Net WAC Rate Carryover Amount payable to the Class A Certificates and/or the Mezzanine Certificates, the Trust Administrator has been directed by the Class CE Certificateholders to, and therefore will, deposit into the Net WAC Rate Carryover Reserve Account the amounts described in Section 4.01(e)(v), rather than distributing such amounts to the Class CE Certificateholders. On each such Distribution Date, the Trust Administrator shall hold all such amounts for the benefit of the Holders of the Class A Certificates and the Mezzanine Certificates, and will distribute such amounts to the Holders of the Class A Certificates and/or the Mezzanine Certificates in the amounts and priorities set forth in Section 4.01(a). It is the intention of the parties hereto that, for federal and state income and state and local franchise tax purposes, the Net WAC Rate Carryover Reserve Account be disregarded as an entity separate from the Holder of the Class CE Certificates unless and until the date when either (a) there is more than one Class CE Certificateholder or (b) any Class of Certificates in addition to the Class CE Certificates is recharacterized as an equity interest in the Net WAC Rate Carryover Reserve Account for federal income tax purposes, in which case it is the intention of the parties hereto that, for federal and state income and state and local franchise tax purposes, the Supplemental Interest Trust be treated as a grantor trust. All amounts deposited into the Net WAC Rate Carryover Reserve Account shall be treated as amounts distributed by REMIC III to the Holder of the Class CE Interest and by REMIC IV to the Holder of the Class CE Certificates. The Net WAC Rate Carryover Reserve Account will be an “outside reserve fund” within the meaning of Treasury Regulation Section 1.860G-2(h). Upon the termination of the Trust, or the payment in full of the Class A and the Mezzanine Certificates, all amounts remaining on deposit in the Net WAC Rate Carryover Reserve Account will be released by the Trust and distributed to the Seller or its designee. The Net WAC Rate Carryover Reserve Account will be part of the Trust but not part of any REMIC and any payments to the Holders of the Class A and the Mezzanine Certificates of Net WAC Rate Carryover Amounts will not be payments with respect to a “regular interest” in a REMIC within the meaning of Code Section 860(G)(a)(1). By accepting a Class CE Certificate, each Class CE Certificateholder hereby agrees to direct the Trust Administrator, and the Trust Administrator hereby is directed, to deposit into the Net WAC Rate Carryover Reserve Account the amounts described above on each Distribution Date as to which there is any Net WAC Rate Carryover Amount rather than distributing such amounts to the Class CE Certificateholders. By accepting a Class CE Certificate, each Class CE Certificateholder further agrees that such direction is given for good and valuable consideration, the receipt and sufficiency of which is acknowledged by such acceptance. Amounts on deposit in the Net WAC Rate Carryover Reserve Account shall remain uninvested.

  • Distribution Date 13 DTC...........................................................................................13

  • Interest Amount Unless otherwise specified in Paragraph 13 and subject to Paragraph 4(a), in lieu of any interest, dividends or other amounts paid or deemed to have been paid with respect to Posted Collateral in the form of Cash (all of which may be retained by the Secured Party), the Secured Party will Transfer to the Pledgor at the times specified in Paragraph 13 the Interest Amount to the extent that a Delivery Amount would not be created or increased by that Transfer, as calculated by the Valuation Agent (and the date of calculation will be deemed to be a Valuation Date for this purpose). The Interest Amount or portion thereof not Transferred pursuant to this Paragraph will constitute Posted Collateral in the form of Cash and will be subject to the security interest granted under Paragraph 2.

  • Vacation Carryover (a) A regular employee may carry over up to 10 days' vacation leave per year. Vacation carryover will not exceed 10 days at any time. An employee will not receive pay in lieu of vacation time, except upon retirement or termination, or as requested by the employee in Clause 18.13 (Vacation Payout).

  • Original Class B Principal Balance The Original Class B Principal Balance is $12,006,549.92.

  • Carry Forward and Transfer Employees will be allowed to carry forward, from year to year of service, any unused sick leave allowed under this provision, and will retain and carry forward any unused sick leave accumulated prior to the effective date of this Agreement. When an employee moves from one state of Washington employer to another, without a break in service, the employee’s accrued sick leave will be transferred to the new employer for the employee’s use.

  • Class PO Certificates Private Certificates..................................... Class P, Class B-4, Class B-5 and Class B-6 Certificates. Rating Agencies.......................................... Fitch and S&P. Regular Certificates..................................... All Classes of Certificates other than the Class A-R Certificates. Residual Certificate..................................... Class A-R Certificates.

  • Original Class A Percentage Section 11.05 Original Principal Balances of the Classes of Class A Certificates............................................ Section 11.06 Original Class A Non-PO Principal Balance................ Section 11.07

  • Distributions on the REMIC Regular Interests (a) On each Distribution Date, the Trustee shall cause in the following order of priority, the following amounts to be distributed by REMIC 1 to REMIC 2 on account of the REMIC 1 Regular Interests or withdrawn from the Distribution Account and distributed to the holders of the Class R Certificates (in respect of the Class R-1 Interest), as the case may be:

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