Available Funds Cap definition
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.
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 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.
Examples of Available Funds Cap in a sentence
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.
The Available Funds Cap Reserve Fund shall not be an asset of any REMIC established hereby.
For all Federal income tax purposes, amounts transferred by the Upper Tier REMIC to the Available Funds Cap Reserve Fund shall be treated as amounts distributed by the Upper Tier REMIC to the Class A-X Certificateholders.
Any earnings on amounts in the Available Funds Cap Reserve Fund shall be for the benefit of the Class A-X Certificateholders.
Amounts in each Yield Maintenance Account can only be used on each Payment Date to pay the related Available Funds Cap Carry-forward Amounts: any remaining amounts will be released on each Payment Date to the Certificateholders pursuant to Section 8.02(xv) hereof.
More Definitions of Available Funds Cap
Available Funds Cap. For any Payment Date, the Remittance Amount less all amounts used to pay Current Interest and Carryforward Interest on each Class of Notes other than the Class B-2 Notes, divided by the Class Principal Balance of the Class B-2 Notes immediately prior to such Payment Date, and multiplied by 12.
Available Funds Cap. With respect to any Distribution Date on or before the Distribution Date in October 2014 and the Class A-2 Certificates, 6.00% per annum, plus amounts, if any, paid pursuant to the Yield Maintenance Agreement, expressed as a per annum rate. With respect to any Distribution Date after October 2014 and the Class A-2 Certificates, 6.00% per annum.
Available Funds Cap. With respect to any Distribution Date on or before the Distribution Date in July 2018 and the Class A-1 Certificates, 6.25% per annum plus amounts, if any, paid pursuant to the Yield Maintenance Agreement (which shall not be part of any REMIC hereunder) and on deposit in the Reserve Fund (which shall not be part of any REMIC hereunder) up to an amount equal to the Yield Supplement Amount for such Distribution Date, expressed as a per annum rate. With respect to any Distribution Dates after July 2018, 6.25% per annum.
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. 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, less any Net Swap Payments or Swap Termination Payments (other than Defaulted Swap Termination Payments) owed to the Swap Counterparty for such Distribution Date and (y) the aggregate Stated Principal Balance of the Mortgage Loans as of the first day of the related Accrual Period (or, in the case of the first Distribution Date, as of the Cut-off 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.
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. For each Distribution Date, the percentage equivalent of a fraction, the numerator of which is (a) an amount equal to (i) the aggregate Interest Remittance Formula Amount for the Group I and Group II Mortgage Loans, less (ii) the Administrative Fees, less (iii) the Class I Monthly Interest Distributable Amount, and less (iv) any unpaid Hedge Termination Payments that are not Defaulted Hedge Termination Payments, and the denominator of which is (b) the product of (i) the actual number of days in the related Accrual Period divided by 360 and (ii) the aggregate Principal Balance of the Mortgage Loans.