Final Maturity Reserve Amount. For each Distribution Date prior to the Distribution Date in June 2016, zero. For each Distribution Date on and after the Distribution Date in June 2016 to and including the earlier of (i) the Distribution Date in August 2036 or (ii) the termination of the Trust, the product of (x) the quotient of the Final Maturity Reserve Rate divided by 12 and (y) the Stated Principal Balance of the Mortgage Loans on the first day of the related Due Period (not including for this purpose Mortgage Loans for which prepayments in full have been received and distributed in the month prior to the Distribution Date).
Final Maturity Reserve Amount. For each Mortgage Pool and each Distribution Date on and after the Distribution Date in June 2017 up to and including the earlier of the Final Scheduled Distribution Date or the termination of the Trust Fund, if the aggregate Scheduled Principal Balance of the Mortgage Loans with forty-year original terms to maturity is greater than the amount set forth in Schedule C hereto, the lesser of (A) the product of (x) the Final Maturity Reserve Rate, (y) the aggregate outstanding principal balance of the Mortgage Loans with forty-year original terms to maturity in such Mortgage Pool for that Distribution Date and (z) a fraction, the numerator of which is the actual number of days in the related Accrual Period and the denominator of which is 360 and (B) the product of (a) the Final Maturity Reserve Shortfall for such Distribution Date and (b) a fraction, the numerator of which is the Pool Balance for the related Mortgage Pool as of the first day of the related Collection Period (not including for this purpose Mortgage Loans in both Mortgage Pools for which Principal Payments in full have been received and distributed in the month prior to that Distribution Date) and the denominator of which is the Aggregate Pool Balance as of the first day of the related Collection Period (not including for this purpose Mortgage Loans in both Mortgage Pools for which Principal Payments in full have been received and distributed in the month prior to that Distribution Date). For (a) each Mortgage Pool and each Distribution Date prior to the Distribution Date in June 2017 or (b) each Distribution Date on and after the Distribution Date in June 2017 for which the aggregate Scheduled Principal Balance of the forty-year Mortgage Loans does not exceed the aggregate Scheduled Principal Balance in Schedule C hereto, zero.
Final Maturity Reserve Amount. For Loan Group 1 and Loan Group 2 and each Distribution Date prior to the Distribution Date in January 2016, zero. For Loan Group 1 and Loan Group 2 and each Distribution Date on and after the Distribution Date in January 2016 to and including the earlier of (i) the Distribution Date in January 2036 or (ii) the termination of the Trust, the product of (x) the quotient of the related Final Maturity Reserve Rate divided by 12 and (y) the Stated Principal Balance of the related Mortgage Loans on the first day of the related Due Period (not including for this purpose Mortgage Loans in the related Loan Group for which prepayments in full have been received and distributed in the month prior to the Distribution Date).
Examples of Final Maturity Reserve Amount in a sentence
Notwithstanding anything herein to the contrary, the Securities Administrator will only establish the Final Maturity Reserve Account if there is any Group 1 Final Maturity Reserve Amount or Group 2 Final Maturity Reserve Amount to be deposited therein.
Notwithstanding anything herein to the contrary, the Securities Administrator will only establish the Final Maturity Reserve Account if there is any Final Maturity Reserve Amount to be deposited therein.
Notwithstanding anything herein to the contrary, the Securities Administrator will only establish the Final Maturity Reserve Account if there is any Group I Final Maturity Reserve Amount or Group II Final Maturity Reserve Amount to be deposited therein.
Notwithstanding anything herein to the contrary, the Trustee will only establish the Final Maturity Reserve Account if there is any Final Maturity Reserve Amount to be deposited therein.
As a result of the foregoing and as a result of overcollateralization, interest collections on the mortgage loans each month are expected to be generated in excess of the amount of interest payable to the offered certificates, fees of the LPMI provider, the Net Swap Amount, the Aggregate Final Maturity Reserve Amount and the related fees and expenses payable by the trust on the related distribution date.
More Definitions of Final Maturity Reserve Amount
Final Maturity Reserve Amount. For each Distribution Date prior to the Distribution Date in October 2016, zero. For each Distribution Date commencing on the Distribution Date in October 2016 and on each Distribution Date thereafter until the Final Maturity Reserve Termination Date, an amount equal to the least of (x) the product of (i) the quotient of the Final Maturity Reserve Rate divided by 12 and (ii) the aggregate Stated Principal Balance of the Mortgage Loans on the first day of the related Due Period (not including for this purpose Mortgage Loans for which prepayments in full have been received and distributed in the month prior to the Distribution Date), (y) the Interest Remittance Amount after making any withdrawals from the Distribution Account pursuant to Section 4.03(a) (excluding clause (xv) therein) and (z) the Final Maturity Reserve Shortfall for such Distribution Date. Notwithstanding the foregoing, if on any Distribution Date the aggregate Stated Principal Balance of Mortgage Loans having 40-year original terms to maturity on such Distribution Date is less than or equal to the applicable amount set forth in the Final Maturity Reserve Schedule, the Final Maturity Reserve Amount shall equal zero.
Final Maturity Reserve Amount. For each Mortgage Pool and each Distribution Date on and after the Distribution Date in July 2015 to and including the Distribution Date in July 2035, the product of (x) the Final Maturity Reserve Rate, (y) the related Pool Balance on such Distribution Date and (z) a fraction, the numerator of which is the actual number of days in the related Accrual Period and the denominator for which is 360.
Final Maturity Reserve Amount. With respect to each Distribution Date beginning with the Distribution Date in May 2017, an amount equal to the product of (i) the Final Maturity Reserve Rate, (ii) the aggregate Stated Principal Balance of the Group II Mortgage Loans as of the first day of the related Due Period, and (iii) one-twelfth. The Final Maturity Reserve Amount will be zero on any applicable Distribution Date on which the aggregate Stated Principal Balance of the Group II Mortgage Loans is less than or equal to the amount shown for such Distribution Date in the Final Maturity Reserve Schedule.
Final Maturity Reserve Amount. For Loan Group 1, Loan Group 2 and Loan Group 3, and each Distribution Date prior to the Distribution Date in June 2016, zero. For Loan Group 1, Loan Group 2 and Loan Group 3, and each Distribution Date on and after the Distribution Date in June 2016 to and including the earlier of (i) the Distribution Date in July 2036 or (ii) the termination of the Trust, the product of (x) the quotient of the related Final Maturity Reserve Rate divided by 12 and (y) the Stated Principal Balance of the related Mortgage Loans on the first day of the related Due Period (not including for this purpose Mortgage Loans in the related Loan Group for which prepayments in full have been received and distributed in the month prior to the Distribution Date).
Final Maturity Reserve Amount. For each Mortgage Pool and each Distribution Date on and after the Distribution Date in September 2015 to and including the earlier of the Distribution Date in September 2035 or the termination of the Trust Fund, the product of (x) the Final Maturity Reserve Rate, (y) the related Pool Balance on the first day of the related Collection Period (not including for this purpose Mortgage Loans in the related Mortgage Pool for which prepayments in full have been received and distributed in the month prior to the Distribution Date) and (z) a fraction, the numerator of which is the actual number of days in the related Accrual Period and the denominator for which is 360. For each Mortgage Pool and each Distribution Date prior to the Distribution Date in September 2015, zero.
Final Maturity Reserve Amount. For any Payment Date on and after the Payment Date in November 2016 up to and including the Final Maturity Reserve Funding Date, if the 40-year Mortgage Loans have an Aggregate Loan Balance greater than the Aggregate Loan Balance for that Payment Date set forth on Exhibit B-2 hereto, the product of (a) the Final Maturity Reserve Rate, (b) the aggregate of the Cut-off Date Balances of the 40-year Mortgage Loans included in the Mortgage Loans, and (c) 1/12.
Final Maturity Reserve Amount. With respect to each Distribution Date on or after the Distribution Date in May 2017, through and including the Distribution Date in May 2037, an amount equal to the product of (i) one-twelfth of 1.00% and (ii) either (A) the aggregate Stated Principal Balance of the Mortgage Loans with original terms to maturity in excess of 30 years if such aggregate Stated Principal Balance is greater than the scheduled amount set forth in Schedule III for the related Distribution Date or (B) zero, if the aggregate Stated Principal Balance of the Mortgage Loans with original terms to maturity in excess of 30 years is less than or equal to the scheduled amount set forth in Schedule III for the related Distribution Date.