Class M Basis Risk Shortfall. With respect to each Class of Class M Certificates and any Distribution Date for which the Pass-Through Rate for any such Class of Certificates is equal to the Net WAC Cap Rate, the excess, if any, of (x) the lesser of (a) Accrued Certificate Interest on that Class of Certificates on such Distribution Date, calculated at a rate equal to One-Month LIBOR plus the related Margin, as calculated for such Distribution Date, and (b) 11.00% per annum, over (y) Accrued Certificate Interest on such Class of Class M Certificates for such Distribution Date calculated at the Net WAC Cap Rate.]
Class M Basis Risk Shortfall. With respect to the Class M-1, Class M-2, Class M-0, Xxxxx X-0, Class M-5, Class M-6, Class M-7, Class M-8 and Class M-9 Certificates and any Distribution Date for which the Pass-Through Rate for any such Class of Certificates is equal to the Net WAC Cap Rate, an amount equal to the excess of (x) Accrued Certificate Interest on that Class of Certificates on such Distribution Date calculated at a rate equal to LIBOR plus the related Class M Margin, as calculated for such Distribution Date over (y) Accrued Certificate Interest on such Class of Class M Certificates for such Distribution Date calculated at the Net WAC Cap Rate. Class M Basis Risk Shortfall Carry-Forward Amount: With respect to the Class M-1, Class M-2, Class M-0, Xxxxx X-0, Class M-5, Class M-6, Class M-7, Class M-8 and Class M-9 Certificates and any Distribution Date, the sum of (a) the aggregate amount of Class M Basis Risk Shortfall for each such Class on such Distribution Date plus (b) any Class M Basis Risk Shortfall Carry-Forward Amount for such Classes remaining unpaid from the preceding Distribution Date, plus (c) one month's interest on the amount in clause (b) (based on the number of days in the preceding Interest Accrual Period), to the extent previously unreimbursed by the Excess Cash Flow pursuant to Section 4.02(c)(xvii) or amounts received under the Swap Agreement pursuant to Section 4.09(c)(v), at a rate equal to the related Pass-Through Rate.
Class M Basis Risk Shortfall. With respect to the Class X-0, Xxxxx X-0, Class M-3, Class M-4, Class M-5, Class M-6, Class M-7, Class M-8 and Class M-9 Certificates and any Distribution Date for which the Pass-Through Rate for any such Class of Certificates is equal to the Net WAC Cap Rate, the excess, if any, of (x) Accrued Certificate Interest on that Class of Certificates on such Distribution Date, using the lesser of (a) LIBOR plus the related Class M Margin, as calculated for such Distribution Date, and (b) the Maximum Mortgage Loan Rate, over (y) Accrued Certificate Interest on such Class of Class M Certificates for such Distribution Date calculated at the Net WAC Cap Rate.
Examples of Class M Basis Risk Shortfall in a sentence
Distribution of Class A Basis Risk Shortfall Carry-Forward Amounts and Class M Basis Risk Shortfall Carry-Forward Amounts; Reserve Fund; Swap Account........................................................116 Section 4.10.
Risk Shortfall Carry-Forward Amounts and Class M Basis Risk Shortfall Carry-Forward Amounts; Reserve Fund.
A Basis Risk Shortfall Carry-Forward Amounts and Class M Basis Risk Shortfall Carry-Forward Amounts; Reserve Fund; Swap Account.
Distribution of Class A Basis Risk Shortfall Carry-Forward Amounts and Class M Basis Risk Shortfall Carry-Forward Amounts; Reserve Fund.......................................................................96 Section 4.10.
Distribution of Class A Basis Risk Shortfall Carry-Forward Amounts and Class M Basis Risk Shortfall Carry-Forward Amounts; Reserve Fund; Swap Account..........117 Section 4.10.
More Definitions of Class M Basis Risk Shortfall
Class M Basis Risk Shortfall. With respect to each Class of the Class M Certificates and any Distribution Date, the sum of (a) with respect to any Distribution Date on which the Class M Net WAC Cap Rate is used to determine the Pass-Through Rate of such Class, an amount equal to the excess of (x) Accrued Certificate Interest for such Class calculated at a rate equal to LIBOR plus the related Margin for such Distribution Date; provided that this rate is no greater than the Class M Weighted Average Maximum Net Mortgage Rate, over (y) Accrued Certificate Interest for such Class calculated using the Class M Net WAC Cap Rate, (b) any amounts for such Class calculated pursuant to clauses (a) and (c) hereof remaining unpaid from prior Distribution Dates, and (c) one month's interest on the amount in clause (b) at a per annum rate equal to the lesser of (i) LIBOR plus the related Margin for such Distribution Date and (ii) the Class M Weighted Average Maximum Net Mortgage Rate.
Class M Basis Risk Shortfall. With respect to any Class of Class M Certificates and any Distribution Date, an amount equal to the excess of (i) Accrued Certificate Interest for that Class calculated at a per annum rate (which shall not exceed 14.000% per annum) equal to LIBOR plus the related Margin for that Distribution Date, over (ii) Accrued Certificate Interest for that Class if the Pass-Through Rate for that Distribution Date is calculated using the Class M Net WAC Cap Rate for that Distribution Date; plus any unpaid Class M Basis Risk Shortfall from prior Distribution Dates, plus interest thereon, to the extent not previously paid from Excess Cash Flow, at a per annum rate (which shall not exceed 14.000% per annum) equal to LIBOR plus the related Margin for that Distribution Date. Class M Certificates: Collectively, the Class M-1 Certificates, Class M-2 Certificates, Class M-3 Certificates, Class M-4 Certificates, Class M-5 Certificates, Class M-6 Certificates, Class M-7 Certificates, Class M-8 Certificates, Class M-9 Certificates and Class M-10 Certificates.
Class M Basis Risk Shortfall. With respect to the Class M-1, Class M-2, Clasx X-0, Xxxxx M-4, Class M-5, Class M-6, Class M-7, Class M-8 and Class M-9 Certificates and any Distribution Date for which the Pass-Through Rate for any such Class of Certificates is equal to the Net WAC Cap Rate, the excess, if any, of (x) Accrued Certificate Interest on that Class of Certificates on such Distribution Date, using LIBOR plus the related Class M Margin, as calculated for such Distribution Date (not to exceed the Maximum Mortgage Loan Rate), over (y) Accrued Certificate Interest on such Class of Class M Certificates for such Distribution Date calculated at the Net WAC Cap Rate.
Class M Basis Risk Shortfall. With respect to each Class of the Class M Certificates and any Distribution Date, the sum of (a) with respect to any Distribution Date on which the Class M Net WAC Cap Rate is used to determine the Pass-Through Rate of such Class, an amount equal to the excess of (x) Accrued Certificate Interest for such Class calculated at a rate equal to the lesser of (i) 11.50% per annum and (ii) LIBOR plus the related Margin for such Distribution Date over (y) Accrued Certificate Interest for such Class calculated using the Class M Net WAC Cap Rate, (b) any amounts for such Class calculated pursuant to clauses (a) and (c) hereof remaining unpaid from prior Distribution Dates, and (c) one month's interest on the amount in clause (b) at a per annum rate equal to the lesser of (i) LIBOR plus the related Margin for such Distribution Date and (ii) 11.50% per annum.
Class M Basis Risk Shortfall. With respect to each Class of Class M Certificates and any Distribution Date for which the Pass-Through Rate for any such Class of Certificates is equal to the Net WAC Cap Rate, the excess, if any, of (x) the lesser of (a) Accrued Certificate Interest on that Class of Certificates on such Distribution Date, calculated at a rate equal to One-Month LIBOR plus the related Margin, as calculated for such Distribution Date, and (b) 11.00% per annum, over (y) Accrued Certificate Interest on such Class of Class M Certificates for such Distribution Date calculated at the Net WAC Cap Rate.] [Class M Basis Risk Shortfall Carry-Forward Amount: With respect to each Class of Class M Certificates and any Distribution Date, the sum of (a) the aggregate amount of Class M Basis Risk Shortfall for such Class on such Distribution Date plus (b) any Class M Basis Risk Shortfall Carry-Forward Amount for such Class remaining unpaid from the preceding Distribution Date, plus (c) one month's interest on the amount in clause (b) (based on the number of days in the preceding Interest Accrual Period), to the extent previously unreimbursed by Excess Cash Flow or the Swap Agreement pursuant to this Agreement, at a rate equal to the related Pass-Through Rate.] Class M Certificates: Collectively, the Class [__] Certificates, Class [__] Certificates, Class [__] Certificates, Class [__] Certificates, Class [__] Certificates, Class [__] Certificates, Class [__] Certificates and Class [__] Certificates. [Class M-1 Certificate: Any one of the Class M-1 Certificates executed by the Trustee and authenticated by the Certificate Registrar substantially in the form annexed hereto as Exhibit B-1, senior to [the Class [__] Certificates, the Class [__] Certificates, the Class [__] Certificates, the Class [__] Certificates, the Class [__] Certificates, the Class [__] Certificates, the Class [__] Certificates, the Class B Certificates,] the Class SB Certificates and the Class R Certificates with respect to distributions and the allocation of Realized Losses as set forth in Section 4.05, and evidencing (i) an interest designated as a "regular interest" in REMIC III for purposes of the REMIC Provisions, (ii) the right to receive payments under the Swap Agreement and (iii) the obligation to pay the Class IO Distribution Amount.] [Class M-1 Margin: Initially, [__]% per annum, and on any Distribution Date on or after the second Distribution Date after the first possible Optional Termination Date, [__]% per a...
Class M Basis Risk Shortfall. With respect to the Class X-0, Xxxxx X-0, Class M-3, Class M-4, Class M-5, Class M-6, Class M-7, Class M-8, Class M-9 and Class M-10 Certificates and any Distribution Date for which the Pass-Through Rate for any such Class of Certificates is equal to the Net WAC Cap Rate, an amount equal to the excess of (x) Accrued Certificate Interest on that Class of Certificates on such Distribution Date calculated at a rate equal to LIBOR plus the related Class M Margin, as calculated for such Distribution Date over (y) Accrued Certificate Interest on such Class of Class M Certificates for such Distribution Date calculated at the Net WAC Cap Rate.
Class M Basis Risk Shortfall. With respect to any class of Class M Certificates and any Distribution Date, an amount equal to the excess of (i) Accrued Certificate Interest for that class calculated at a rate (not to exceed 14.000%) equal to One Month LIBOR plus the related Margin, over (ii) Accrued Certificate Interest if the Pass Through Rate for such Distribution Date is calculated using the Class M Net WAC Cap Rate; plus any unpaid Class M Basis Risk Shortfall from prior Distribution Dates, plus interest thereon, to the extent not previously paid from Excess Cash Flow, at a rate (not to exceed 14.000%) equal to One Month LIBOR plus the related Margin.