Fixed Rate Excess means, as of any Measurement Date, a fraction (expressed as a percentage) the numerator of which is the product of (i) the greater of zero and the excess of the Weighted Average Coupon for such Measurement Date over the minimum percentage necessary to pass the Weighted Average Coupon Test on such Measurement Date and (ii) the Aggregate Principal Balance of all Fixed Rate Underlying Assets (excluding any Defaulted Obligations) held by the Issuer as of such Measurement Date, and the denominator of which is the Aggregate Principal Balance of all Floating Rate Underlying Assets (excluding any Defaulted Obligations) held by the Issuer as of such Measurement Date. In computing the Fixed Rate Excess on any Measurement Date, the Weighted Average Coupon for the Measurement Date will be computed as if the Spread Excess were equal to zero.
Fixed Rate Excess means as, as of any date of determination, a fraction (expressed as a percentage) the numerator of which is the product of (i) the greater of zero and the excess of the Weighted Average Coupon for such date of determination over the Minimum Weighted Average Coupon on such date of determination and (ii) the Adjusted Borrowing Value of all Fixed Rate Loan Assets (excluding any defaulted Loan Assets) held by the Borrower as of such date of determination, and the denominator of which is the Adjusted Borrowing Value of all Floating Rate Loan Assets (excluding any defaulted Loan Assets) held by the Borrower as of such date of determination.
Fixed Rate Excess. As of any Measurement Date, a fraction (expressed as a percentage), the numerator of which is equal to the product of (a) the greater of zero and the excess, if any, of the Weighted Average Coupon for such Measurement Date over 5.50% and (b) the Aggregate Principal Balance of all Collateral Debt Securities that are Fixed Rate Securities (excluding all Defaulted Securities and Written Down Securities) and the denominator of which is the Aggregate Principal Balance of all Collateral Debt Securities that are Floating Rate Securities (excluding all Defaulted Securities and Written Down Securities), multiplying the resulting figure by 360 and then dividing by 365.
Examples of Fixed Rate Excess in a sentence
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In computing the Spread Excess on any Measurement Date, the Weighted Average Spread for such Measurement Date will be computed as if the Fixed Rate Excess were equal to zero.
In computing the Fixed Rate Excess on any Measurement Date, the Weighted Average Coupon for such Measurement Date will be computed as if the Spread Excess were equal to zero.
On each Distribution Date, 99% of all Fixed Rate Principal Funds (100% of Fixed Rate Excess Subordination Amounts) for the related Due Period shall be allocated to the Class MF Interest.
Fixed Rate Excess Cashflow available to cover related Net Rate Carryover will generally be distributed to the applicable Fixed Rate Certificates on a pro rata basis, first based on the certificate principal balances thereof and second based on any remaining unpaid Net Rate Carryover.
More Definitions of Fixed Rate Excess
Fixed Rate Excess means, as of any date of determination, a fraction (expressed as a percentage) the numerator of which is the product of (i) the greater of zero and the excess of the Weighted Average Coupon for such date of determination over the minimum percentage necessary to pass the Weighted Average Coupon Test on such date of determination and (ii) the Aggregate Principal Balance of all Fixed Rate Loans (excluding any Defaulted Obligations) held by the Borrower as of such date of determination, and the denominator of which is the Aggregate Principal Balance of all Floating Rate Loans (excluding any Defaulted Obligations) held by the Borrower as of such date of determination. In computing the Fixed Rate Excess on any date of determination, the Weighted Average Coupon for such date of determination will be computed as if the Spread Excess were equal to zero.
Fixed Rate Excess means, as of any Measurement Date, a fraction (expressed as a percentage), the numerator of which is equal to the product of (a) the greater of zero and the excess, if any, of the Weighted Average Fixed Rate Coupon for such Measurement Date over 5.95%, and (b) the aggregate Principal Balance of all Collateral Debt Securities that are Fixed Rate Collateral Debt Securities (excluding, in each case, Defaulted Securities, Written Down Securities, Deferred Interest PIK Bonds and Deemed Floating Rate Collateral Debt Securities) and the denominator of which is the aggregate Principal Balance of all Collateral Debt Securities that are Floating Rate Collateral Debt Securities or Deemed Floating Rate Collateral Debt Securities (excluding, in each case, Defaulted Securities, Written Down Securities and Deferred Interest PIK Bonds).
Fixed Rate Excess means, as of any Measurement Date, an amount equal to a fraction (expressed as a percentage), the numerator of which is equal to the product of (a) the excess, if any, of the Weighted Average Coupon for such Measurement Date over the Minimum Weighted Average Coupon for such Measurement Date and (b) the sum of the Outstanding Loan Balances of all Fixed Rate Loans (excluding any Defaulted Loans and Delinquent Loans) in the Loan Pool as of such Measurement Date and the denominator of which is equal to the sum of the Outstanding Loan Balances (excluding Defaulted Loans and Delinquent Loans) of all Floating LIBOR Rate Loans and all Floating Prime Rate Loans, in each case solely to the extent that the Fixed Rate Excess is included in the calculation of the Weighted Average LIBOR Spread or the Weighted Average Prime Spread, respectively, in the Loan Pool as of such Measurement Date. In determining the Fixed Rate Excess on any Measurement Date, the Weighted Average Coupon will be calculated as if the LIBOR Excess and the Prime Excess were equal to zero.
Fixed Rate Excess means, as of any Measurement Date, an amount equal to a fraction (expressed as a percentage), the numerator of which is equal to the product of (a) the excess, if any, of the Weighted Average Coupon for such Measurement Date over the Minimum Weighted Average Coupon for such Measurement Date and (b) the sum of the Outstanding Loan Balances of all Fixed Rate Loans (excluding any Defaulted Loans and Delinquent Loans) in the Loan Pool as of such Measurement Date and the denominator of which is equal to the sum of the Outstanding Loan Balances of all Floating Rate Loans (excluding Delinquent Loans and Defaulted Loans), solely to the extent that the Fixed Rate Excess is included in the calculation of the Weighted Average Spread in the Loan Pool as of such Measurement Date. In determining the Fixed Rate Excess on any Measurement Date, the Weighted Average Coupon will be calculated as if the Floating Rate Excess were equal to zero, and Loans that are Defaulted Loans and Delinquent Loans will be included in the calculations described herein if, as of such Measurement Date, such Loans are paying in full current interest pursuant to the terms of their Underlying Note or, in the case of a Noteless Loan, the Designated Loan Agreement.
Fixed Rate Excess means, as of any Measurement Date, a fraction (expressed as a percentage) the numerator of which is equal to the product of (a) the greater of zero and the excess, if any, of the Weighted Average Coupon for such Measurement Date over [**] (or [**] on the First Ramp-Up Test Date or [**] on the Second Ramp-Up Test Date) and (b) the Aggregate Principal Balance of all Fixed Rate Securities (excluding Defaulted Securities, Written-Down Securities and Deferred Interest PIK Bonds) and the denominator of which is the Aggregate Principal Balance of all Floating Rate Securities (excluding Defaulted Securities, Written-Down Securities and Deferred Interest PIK Bonds). In computing the Fixed Rate Excess, the Weighted Average Coupon shall be computed as if the Spread Excess were equal to zero. [**] CONFIDENTIAL TREATMENT REQUESTED
Fixed Rate Excess equals, as of any Measurement Date, a fraction (expressed as a percentage) the numerator of which is equal to the product of (a) the greater of zero and the excess, if any, of the Weighted Average Coupon for such Measurement Date over (x) on the Ramp-Up Completion Date, 5.85% and (y) on any Measurement Date after the Ramp-Up Completion Date, 5.25% and (b) the Aggregate Principal Balance of all Pledged Collateral Debt Securities that are Fixed Rate Securities or Deemed Fixed Rate Securities (excluding Defaulted Securities, Deferred Interest PIK Bonds and Written Down Securities) and the denominator of which is the Aggregate Principal Balance of all Pledged Collateral Debt Securities that are Floating Rate Securities or Deemed Floating Rate Securities (excluding Defaulted Securities, Deferred Interest PIK Bonds and Written Down Securities).
Fixed Rate Excess. The Moody's Fixed Rate Excess, the S&P Fixed Rate Excess or the Fitch Fixed Rate Excess, as the context requires.