PAC Component definition
Examples of PAC Component in a sentence
If the amount of Available Funds (together with amounts withdrawn from the Spread Account) are not sufficient on any Payment Date to pay the required payment of Class A Monthly Principal to the Class A Noteholders in full on any Payment Date at any time after the occurrence and during the continuance of an Insurer Default, any shortfall in the principal payments on the Class A Notes will be allocated to reduce the PAC Component and the Companion Component on a pro rata basis.
Any such loss allocated to the Class A Certificates shall be allocated on the subsequent Determination Date among the outstanding Classes of Class A Certificates (other than the Class A-6 and Class A-PO Certificates), the Class A-6 PAC Component and the Class A-6 Scheduled Accrual Component in accordance with the Class A Loss Percentages as of such Determination Date.
Interest with respect to each Component will accrue during each month in an amount equal to the product of (i) 1/12th of the Component Rate for such Component and (ii) the outstanding Principal Balance in the case of the Class A-6 PAC Component and the Class A-6 Scheduled Accrual Component or the outstanding notional amount in the case of the Class A-6 IO A Component and Class A-6 IO B Component.
For the purposes of determining distributions of interest and in reduction of Principal Balance, the Class A-6 Certificates consist of four components (each, a "Component" and individually, the "Class A-6 IO A Component," the "Class A-6 IO B Component," the "Class A-6 PAC Component" and the "Class A-6 Scheduled Accrual Component").
No provisions of this Lease shall be construed by any court or other judicial authority against either Landlord or Tenant by reason of any such party being deemed to have drafted or structured such provision.