Excess Cap Payment definition

Excess Cap Payment. With respect to any Distribution Date, the excess, if any, of (1) the cap payments made by the Cap Provider under the Cap Contract with respect to the Class A-1 Certificates over (2) the amount of the unpaid Net WAC Rate Carryover Amounts attributable to the Class A-1 Certificates for such Distribution Date.

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Excess Cap Payment has the meaning defined in Section 3 hereof.

Excess Cap Payment. With respect to any Distribution Date, the excess, if any, of (1) the cap payments made by the counterparty under the related Cap Contract, over (2) the amount of the Basis Risk Shortfalls attributable to the Class II-A-2, Class II-A-3, Class II-A-4 and Class III-A-2 Certificates for such Distribution Date.

Examples of Excess Cap Payment in a sentence

• On any Payment Date following a Calculation Period during which the Notional Principal Amount was calculated based on the amount set forth in clause (a) of the definition thereof, JPMorgan Chase shall pay a portion of the Cap Payment, in an amount equal to the Series 2002-1 Percentage thereof on such Payment Date, to the Counterparty's Account and, subject to Section 7 hereof, the remaining portion thereof (the "Excess Cap Payment") to or at the direction of the Issuer.

• On any Payment Date following a Calculation Period during which the Notional Principal Amount was calculated based on the amount set forth in clause (a) of the definition thereof, Chase shall pay a portion of the Cap Payment, in an amount equal to the Series 2001-1 Percentage thereof on such Payment Date, to the Counterparty's Account and, subject to Section 7 hereof, the remaining portion thereof (the "Excess Cap Payment") to or at the direction of the Issuer.

• Notwithstanding any other provision of any other agreement to the contrary, all payments under this letter agreement will be made without set-off or counterclaim, except that Chase will have the right to set-off against its obligation to pay the Excess Cap Payment to or at the direction of the Issuer pursuant to Section 3 hereof any Premium not paid by the Counterparty in accordance with Section 2 hereof.

• On any Payment Date following a Calculation Period during which the Notional Principal Amount was calculated based on the amount set forth in clause (a) of the definition thereof, JPMorgan Chase shall pay a portion of the Cap Payment, in an amount equal to the Series 2002-2 Percentage thereof on such Payment Date, to the Counterparty's Account and, subject to Section 7 hereof, the remaining portion thereof (the "Excess Cap Payment") to or at the direction of the Issuer.

• On any Payment Date following a Calculation Period during which the Notional Principal Amount was calculated based on the amount set forth in clause (a) of the definition thereof, Bank of America shall pay a portion of the Cap Payment, in an amount equal to the Series 2003-2 Percentage thereof on such Payment Date, to the Counterparty's Account and, subject to Section 7 hereof, the remaining portion thereof (the "Excess Cap Payment") to or at the direction of the Issuer.

• On any Payment Date following a Calculation Period during which the Notional Principal Amount was calculated based on the amount set forth in clause (a) of the definition thereof, JPMorgan Chase shall pay a portion of the Cap Payment, in an amount equal to the Series 2003-1 Percentage thereof on such Payment Date, to the Counterparty's Account and, subject to Section 7 hereof, the remaining portion thereof (the "Excess Cap Payment") to or at the direction of the Issuer.

• In addition, the Securities Administrator shall withdraw from the Reserve Fund any Excess Cap Payment and remit such amounts to the Holder of the Class CE-1 Certificates.

• In addition, the Securities Administrator shall withdraw from the Reserve Fund any Excess Cap Payment and remit such amounts to the Holder of the Class CE Certificates.

More Definitions of Excess Cap Payment

Excess Cap Payment. With respect to any Distribution Date, the excess, if any, of (1) the cap payments made by the counterparty under the Cap Contract, over (2) the amount of the Basis Risk Shortfalls attributable to the Class II-A-2 Certificates for such Distribution Date.

Excess Cap Payment. With respect to any Distribution Date, the excess, if any, of (1) the cap payments made by the Cap Provider under the Cap Contract with respect to the Class [___] Certificates over (2) the amount of the unpaid Net WAC Rate Carryover Amounts attributable to the Class [___] Certificates for such Distribution Date.

Excess Cap Payment. With respect to any Distribution Date, (i) the excess, if any, of (a) the cap payments made by the Cap Provider with respect to the Class III-A-1 Certificates under the related Cap Contract, over (2) the amount of the Basis Risk Shortfalls attributable to the Class III-A-1 Certificates for such Distribution Date and (ii) the excess, if any, of (a) the cap payments made by the Cap Provider with respect to the Class III-A-2 Certificates under the related Cap Contract, over (2) the amount of the Basis Risk Shortfalls attributable to the Class III-A-2 Certificates for such Distribution Date.