Excess Cap Amount definition

Excess Cap Amount. As of any date on which the notional balance of the Cap Agreement exceeds the aggregate Principal Balance of the Fixed Rate Mortgage Loans, the amount payable under such Cap Agreement in respect of such excess on such date.

AI-Powered Contracts

Draft, Review & Redline at the Speed of AI

Excess Cap Amount. As of any date on which the notional balance of the Cap Agreement exceeds the sum of (a) 18% of the aggregate Principal Balance of the Pool 1 Mortgage Loans, (b) the aggregate Principal Balance of the Fixed Rate Mortgage Loans with a Mortgage Rate less than 5.95% and (c) the aggregate Principal Balance of the Adjustable Rate Mortgage Loans with an adjustable rate term greater than 48 months and less than 60 months, in each case as of the first day of the related Due Period, the amount payable under such Cap Agreement in respect of such excess on such date.

Excess Cap Amount. As defined in Section 5.05.

Examples of Excess Cap Amount in a sentence

The Manager shall be authorized as provided in the Management Agreement to sell all or part of any Excess Cap Amount on behalf of the Trustee in accordance with the provisions of the Basic Documents.
The proceeds of the sale of any Excess Cap Amount shall remain the property of the Trust Fund and shall be distributed to the Class X Certificates.
Any such Class X Excess Cap Amount shall not be an asset of the Trust Fund and, instead, shall be paid into and distributed out of a separate trust created by this Agreement for the benefit of the Class X Certificateholders, and the Trustee shall distribute such amount to the Class X Certificateholders pursuant to Section 6.05(f)(x).
Any such Class X Excess Cap Amount shall not be an asset of the Trust Fund and, instead, shall be paid into and distributed out of a separate trust created by this Agreement for the benefit of the Class X Certificateholders, and the Trustee shall distribute such amount to the Class X Certificateholders pursuant to Section 6.05(d)(ix).
Any such Class X Excess Cap Amount shall not be an asset of the Trust Fund and, instead, shall be paid into and distributed out of a separate trust created by this Agreement for the benefit of the Class X Certificateholders, and the Trustee shall distribute such amount to the Class X Certificateholders pursuant to Section 5.02(d)(iii).
The Class CX Certificate represents the right to receive the Class CX Excess Cap Amount.
Any such Class X Excess Cap Amount shall not be an asset of the Trust Fund and, instead, shall be paid into and distributed out of a separate trust created by this Agreement for the benefit of the Class X Certificateholders, and the Trustee shall distribute such amount (as specified in the monthly report furnished by the Securities Administrator to the Trustee with respect to such Distribution Date) to the Class X Certificateholders pursuant to Section 5.02(e)(iii)(K).
The Investment Manager shall be authorized as provided in the Management Agreement to sell all or part of any Excess Cap Amount on behalf of the Trustee in accordance with the provisions of the Basic Documents.
Any such Class CX Excess Cap Amount shall not be an asset of the Trust Fund and, instead, shall be paid into and distributed out of a separate trust created by this Agreement for the benefit of the Class CX Certificateholders, and the Trustee shall distribute such amount to the Class CX Certificateholders pursuant to Section 5.02(e)(iii).
The proceeds of the sale of any Excess Cap Amount shall remain the property of the Trust Fund and shall be distributed to the Certificateholders as amounts received in respect of the Cap Agreement, in the order of priority and to the extent specified in Section 6.05(e) and (g) of this Agreement.

More Definitions of Excess Cap Amount

Excess Cap Amount. Not applicable.

Excess Cap Amount. For any Distribution Date, the excess, if any, of (x) the Cap Payment for that Distribution Date, over (y) the Cap Payment for that Distribution Date calculated by assuming that the Cap Notional Balance is equal to the aggregate Certificate Principal Balance of the Offered Certificates.