Cap Carryover definition

Cap Carryover means for any Distribution Date, if the Class Coupon for the Class M Certificates is calculated based on the Class M Net WAC, an amount equal to the excess, if any, of (a) the amount of interest that would have accrued at the Class Coupon for such Class (without regard to the Class M Net WAC) over (b) the amount of interest that accrued on such Class for such Distribution Date after giving effect to the limitation of the Class M Net WAC. Any Cap Carryover will be payable to the Class M Certificates from the Interest Distribution Amounts otherwise distributable to the more junior Classes of Certificates as further described under “— Distributions of Interest”.
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Cap Carryover means for any Distribution Date, if the Class Coupon for the Class M-1 or Class M-2 Certificates is calculated based on the Subordinate Adjusted Net WAC or the Class M-2 Net WAC, respectively (and not the related fixed rate for such Class set forth in clause (i) in the applicable description of the Class Coupon for such Class), an amount equal to the excess, if any, of (a) the amount of interest that would have accrued at the Class Coupon for such Class (without regard to the Subordinate Adjusted Net WAC or the Class M-2 Net WAC, as applicable) over (b) the amount of interest that actually accrued on such Class for such Distribution Date giving effect to the limitation of the Subordinate Adjusted Net WAC or the Class M-2 Net WAC, as applicable. Cap Carryover will be payable to the Class M-1 or Class M-2 Certificates, as applicable, from the Interest Distribution Amount otherwise distributable to the more junior Classes of Certificates as further described under “— Distributions of Interest.”
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Cap Carryover. With respect to each Class of Notes and each Payment Date, an amount equal to the sum of (i) the excess, if any, of the applicable Interest Payment Amount for such Payment Date (calculated without regard to clause (ii) of the definition of Note Rate) over the amount in respect of interest actually paid on such Class of Notes for such Payment Date, (ii) any remaining unpaid Cap Carryover for such Class from prior Payment Dates and (iii) interest on such remaining Cap Carryover referred to in clause (ii) at the applicable Note Rate (without regard to clause (ii) of the definition thereof) for the related Accrual Period on the basis of a 360-day year consisting of twelve 30-day months.
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Examples of Cap Carryover in a sentence

  • Amounts held in the Cap Carryover Reserve Account shall be held uninvested.

  • By accepting a Class CE Certificate, each Holder of a Class CE Certificate hereby agrees to direct the Securities Administrator, and the Securities Administrator hereby is directed, to deposit into the Cap Carryover Reserve Account the amounts described above on each Distribution Date as to which there is any Cap Carryover Amount rather than distributing such amounts to the Holders of the Class CE Certificates.

  • Net WAC Cap Deposit Amount -------------------------- As to any Distribution Date, an amount equal to the sum of (a) the aggregate Net WAC Cap Carryover for such Distribution Date plus (b) the amount, if any, needed to increase the aggregate amount on deposit in the Net WAC Cap Account (after giving effect to all payments to be made pursuant to Section 4.02(f)) to $10,000.

  • The Cap Carryover Reserve Account is 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 Offered Certificates, all amounts remaining on deposit in the Net WAC Cap Carryover Reserve Fund will be released from the lien of the Trust and distributed to the Class X-IO Certificateholders or their designees.

  • If no Net Rate Cap Carryover is payable on a Distribution Date, the Trustee shall deposit into the Net Rate Cap Fund on behalf of the Class C Certificateholders an amount such that when added to other amounts already on deposit in the fund, the aggregate amount on deposit therein is equal to $10,000.

  • The Net WAC Cap Carryover Reserve Fund will be part of the Trust but not part of any REMIC created hereunder and any payments to the Offered Certificates of WAC Excess will not be payments with respect to a “regular interest” in a REMIC within the meaning of Code Section 860G(a)(1).

  • The Class X-IO Certificates also evidence ownership of the assets held from time to time in the Net WAC Cap Carryover Reserve Fund, as further described in Section 7.04 hereof.

  • In addition, any Cap Carryover Amounts that are paid with respect to the Class A or Class M Certificates will be treated as first having been distributed with respect to the Class CE Certificates and then having been paid outside of the REMICs to the Class A or Class M Certificateholders.

  • REMIC I shall hold as its assets the Home Equity Loans and all collections and accounts related thereto, other than the Net WAC Cap Carryover Reserve Fund and the Swap Account.