SOFR Interest Component definition

SOFR Interest Component means, for a Payment Date, an amount equal to the product of (i) SOFR for the related Note Accrual Period, (ii) the aggregate Class Principal Balance of the Classes of Notes outstanding immediately prior to such Payment Date and (iii) a fraction, the numerator of which is the actual number of days in the related Note Accrual Period and the denominator of which is 360.
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Examples of SOFR Interest Component in a sentence

  • Investment earnings on Eligible Investments held in the Cash Collateral Account during the related Investment Accrual Period will be deposited in the Note Distribution Account for payment to Noteholders in respect of interest; provided, that any investment earnings in excess of the SOFR Interest Component for such Payment Date will be retained in the Cash Collateral Account until the Termination Date and will at no time be available for payment to Noteholders.

  • The "SOFR Interest Component" for a Payment Date is an amount equal to the product of (i) SOFR for such Payment Date, (ii) the aggregate Class Principal Balance of the Notes immediately preceding such Payment Date and (iii) a fraction, the numerator of which is the actual number of days in the related Notes Accrual Period and the denominator of which is 360.

  • Investment earnings on Eligible Investments held in the Cash Collateral Account during the related Investment Accrual Period will be deposited in the Note Distribution Account for payment to Noteholders in respect of interest; provided that any investment earnings in excess of the SOFR Interest Component for such Payment Date will be retained in the Cash Collateral Account until the Termination Date and will at no time be available for payment to Noteholders.

Related to SOFR Interest Component

  • Class A/B Interest Coverage Test means the test which will apply as of any Measurement Date occurring on and after the Determination Date immediately preceding the second Payment Date and which will be satisfied on such Measurement Date if the Class A/B Interest Coverage Ratio is at least equal to 120.0 per cent.

  • REMIC II Interest Loss Allocation Amount With respect to any Distribution Date, an amount equal to (a) the product of (i) 50% of the aggregate Stated Principal Balance of the Mortgage Loans and REO Properties then outstanding and (ii) the REMIC II Remittance Rate for REMIC II Regular Interest AA minus the Marker Rate, divided by (b) 12.