# Available Funds Cap definition

Available Funds Cap. As of any Distribution Date with respect to the Certificates, a per annum rate equal to 12 times the quotient of (i) the total scheduled interest on the Mortgage Loans based on the Net Mortgage Rates in effect on the related Due Date, divided by (ii) the Aggregate Certificate Principal Balance for such Distribution Date with such rate being multiplied by 30 and divided by the actual number of days in the related Accrual Period.
Available Funds Cap. With respect to a Distribution Date, the per annum rate equal to the product of (i) 12, (ii) the quotient of (x) the total scheduled interest on the Mortgage Loans based on the Net Mortgage Rates in effect on the related Due Date divided by (y) the Aggregate Certificate Principal Balance for such Distribution Date and (iii) a fraction, the numerator of which is 30, and the denominator of which is the actual number of days in the related Accrual Period.

## Examples of Available Funds Cap in a sentence

• The Certificates will accrue interest at a rate based on LIBOR plus a margin, subject to the related Available Funds Cap.

• The Certificate Rate for the Adjustable Rate Certificates shall be calculated on the basis of a 360-day year and the actual number of days elapsed except that if an Available Funds Cap is used to calculate the Certificate Rate for any Class of Certificates, interest thereon shall be calculated on the basis of a 360-day year consisting of twelve 30 day months.

• Excess interest to pay Carryover resulting from imposition of the Available Funds Cap.

• The Available Funds Cap Reserve Fund shall not be an asset of any REMIC established hereby.

• Calculated as (a) the Available Funds Cap plus (b) the result of the proceeds from the related Cap Contract divided by the aggregate certificate principal balance of the classes of applicable certificates for such Distribution Date, annualized based on the actual number of days in the accrual period.

## More Definitions of Available Funds Cap

Available Funds Cap. With respect to any Payment Date, a per annum rate equal to the product of (x) the weighted average of the Net Loan Rates of each Home Equity Loan, in each case outstanding as of the first day of the related Collection Period, and (y) a fraction, the numerator of which is 30 and the denominator of which is the number of days in the related Accrual Period.
Available Funds Cap. With respect to any Distribution Date on or before the Distribution Date in January 2009 and the Class II-A-1 Certificates, 6.25% per annum plus the Yield Maintenance Payment with respect to the Class II-A-1 Certificates, if any, for such Distribution Date, expressed as a per annum rate. With respect to any Distribution Date after January 2009, 6.25% per annum. With respect to any Distribution Date on or before the Distribution Date in April 2018 and the Class II-A-5 Certificates, 6.25% per annum plus the Yield Maintenance Payment with respect to the Class II-A-5 Certificates, if any, for such Distribution Date, expressed as a per annum rate. With respect to any Distribution Date after April 2018, 6.25% per annum. With respect to any Distribution Date on or before the Distribution Date in January 2009 and the Class II-A-7 Certificates, 6.50% per annum plus the Yield Maintenance Payment with respect to the Class II-A-7 Certificates, if any, for such Distribution Date, expressed as a per annum rate. With respect to any Distribution Date after January 2009, 6.50% per annum.
Available Funds Cap. A per annum rate equal to (i) the weighted average Net Loan Rate of the Mortgage Loans minus (ii) the product of (x) the Pass-Through Rate on the Class A-IO Certificates and (y) a fraction, the numerator of which is the Notional Amount of such Class A-IO Certificates immediately prior to such Distribution Date, and the denominator of which is the Pool Balance as of the end of the second preceding Collection Period.
Available Funds Cap. With respect to any Interest Period and any Distribution Date, a rate per annum equal to the fraction, expressed as a percentage, the numerator of which is an amount equal to (i) the product of (A) the weighted average of the Net Coupon Rates (net of the Minimum Spread) of the Home Equity Loans in Group III (by outstanding principal balance) at the beginning of the related Remittance Period, and (B) the aggregate Principal Balance of the Home Equity Loans in Group III as of the beginning of the Remittance Period), minus (ii) the product of (A) the Class A-3 Note Rate and (B) the Outstanding Note Principal Balance before giving effect to payments of principal on such Distribution Date, and the denominator of which is the outstanding Outstanding Note Principal Balance before giving effect to payments of principal on such Distribution Date such rate, as calculated on the basis of a 360 day year and the actual number of days elapsed in the related Interest Period.
Available Funds Cap. With respect to each Distribution Date and (a) the Group I Certificates, the Group I Available Funds Cap, (b) the Group II Certificates, the Group II Available Funds Cap and (c) the Class M Certificates, the Subordinate Available Funds Cap, each for such Distribution Date. If the aggregate Principal Balance of any Group of Mortgage Loans has been reduced to zero on a prior Distribution Date, the Available Funds Cap for the related Classes of Class A Certificates will be equal to the Available Funds Cap of the Group of Mortgage Loans with an aggregate Principal Balance greater than zero.
Available Funds Cap. For any Payment Date and any class of notes, a per annum rate equal to, the quotient of (i) the product of (a) the aggregate Distributable Interest Amount for such Payment Date multiplied by (b) the quotient of (I) 360 divided by (II) the actual number of days in the Interest Accrual Period, divided by (ii) the aggregate Adjusted Class Note Balance of all classes of notes on the first day of the Interest Accrual Period (after taking into account payments of principal received or advanced on the Mortgage Loans on such day).