Examples of Net Rate Carryover in a sentence
Any monies payable on the STR-C-40 Year IO in excess of the Final Maturity Required Deposit shall be the "Excess Deposit." For income tax purposes, to the extent the amount of any Excess Deposit is payable to Holders of Certificates other than the Class C Certificates, such amount shall be treated as payable to such Holders as Net Rate Carryover and any remaining amount of Excess Deposit shall be treated as payable to the Holders of the Class C Certificates.
Any amounts received by the Supplemental Interest Trust Trustee in respect of such termination shall be deposited and held in the Cap Account to pay Unpaid Realized Loss Amounts and Net Rate Carryover Amounts on the Classes of Offered Certificates as provided in Section 4.07 hereof on the Distribution Dates following such termination to and including the Cap Contract Scheduled Termination Date.
Thereafter, any remaining excess cashflow will be allocated to pay Net Rate Carryover and Unpaid Realized Loss Amounts in the priorities described below.
Any amounts received by the Trustee or the Master Servicer for the benefit of the Trust Fund, as the case may be, in respect of such termination shall be deposited and held in the Distribution Account and deposited in the Carryover Reserve Fund as necessary to pay Net Rate Carryover for the Certificates as provided in Section 4.04(c) on Distribution Dates following such termination to and including the Cap Contract Termination Date.
The Trustee shall treat the rights of the Class A, Class M-1, Class M-2, Class B-1 and Class B-2 Certificateholders to receive payments from the Carryover Reserve Fund as rights in an interest rate cap contract written by the Cap Contract Counterparty and Class A-IO Certificateholder with respect to the Net Rate Carryover funded by the Cap Contract and the Class A-IO Cashflow Carryover Deposit Amount, respectively, in favor of the other Certificateholders.