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