Cap Contract Excess definition

Cap Contract Excess. With respect to any Cap Contract and Distribution Date, the excess, if any, of the then applicable maximum rate set forth in such Cap Contract over the then applicable strike rate set forth in such Cap Contract.
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Examples of Cap Contract Excess in a sentence

  • If the aggregate Certificate Principal Balance of the applicable Certificates exceeds the applicable notional balance for such Distribution Date, the Cap Contract Excess is to be adjusted by multiplying the applicable Cap Contract Excess by a fraction, the numerator of which is the applicable notional balance for such Distribution Date and the denominator of which is the aggregate Certificate Principal Balance of the Group III Certificates immediately prior to such Distribution Date.

  • If the aggregate Certificate Principal Balance of the applicable Certificates exceeds the applicable notional balance for such Distribution Date, the Cap Contract Excess is to be adjusted by multiplying the applicable Cap Contract Excess by a fraction, the numerator of which is the applicable notional balance for such Distribution Date and the denominator of which is the aggregate Certificate Principal Balance of the Group I Certificates immediately prior to such Distribution Date.

  • If the aggregate Certificate Principal Balance of the applicable Certificates exceeds the applicable notional balance for such Distribution Date, the Cap Contract Excess is to be adjusted by multiplying the applicable Cap Contract Excess by a fraction, the numerator of which is the applicable notional balance for such Distribution Date and the denominator of which is the aggregate Certificate Principal Balance of the Mezzanine Certificates immediately prior to such Distribution Date.

  • If the aggregate Certificate Principal Balance of the applicable Certificates exceeds the applicable notional balance for such Distribution Date, the Cap Contract Excess is to be adjusted by multiplying the applicable Cap Contract Excess by a fraction, the numerator of which is the applicable notional balance for such Distribution Date and the denominator of which is the aggregate Certificate Principal Balance of the Group II Certificates immediately prior to such Distribution Date.