Cap Amounts definition
Examples of Cap Amounts in a sentence
Zen Systems reserves the right to immediately remove the Free Calls offer during any automatic Renewal Term.
Such Net WAC Rate Carryover Amounts shall be paid (i) first, to the Class AV Certificates, pro rata, based on their respective Cap Amounts and (ii) to the Class MV Certificates, sequentially according to their numeric order in each case up to an amount equal to their respective Cap Amounts.
Such Net WAC Rate Carryover Amounts shall be paid (i) first, to the Class AF Certificates, pro rata, based on their respective Cap Amounts and (ii) to the Class MF Certificates, sequentially according to their numeric order in each case up to an amount equal to their respective Cap Amounts.
On the Distribution Date where a shortfall exists with respect to Cap Amounts owed by the Cap Counterparty as a result of its failure to make payments pursuant to the Cap Agreement, amounts necessary to cover such shortfall shall be removed from the Collateral Account, remitted to the Cap Account and distributed as all or a portion of such Cap Amount pursuant to Section 4.02(e).
Amounts distributable as Cap Amounts to the related Certificates pursuant to Section 13.01(b) shall first be deemed distributed in respect of the Class CE Interest and then paid outside of the Upper-Tier REMIC to the related Certificates.
The rights to the Cap Amounts shall be accounted for as notional principal contracts (provided by the holder of the Class CE Certificates and funded from amounts that would otherwise be distributable thereon) and as assets of a grantor trust for federal income tax purposes, and not as assets of either REMIC.
U.S. federal income tax information This class CE certificate (exclusive of its obligation to pay Cap Amounts, if any) represents a "regular interest" in the Upper-Tier REMIC within the meaning of Code Section 860G(a)(1).
On any Distribution Date as to which a shortfall exists with respect to Interest Rate Cap Amounts owed by the Cap Counterparty as a result of its failure to make payments pursuant to the Interest Rate Cap Agreement, amounts necessary to cover such shortfall shall be removed from the Collateral Account, remitted to the Interest Rate Cap Account and distributed as all or a portion of such Interest Rate Cap Amount pursuant to Section 5.02(h) or Section 5.02(m), as applicable.
In the event of any offset pursuant to Section 7.2(f), the Cap Amounts shall only apply to Losses in excess of the Offset Amount, if any.
The Directors (including the independent non-executive Directors) consider that the Annual Cap Amounts are fair and reasonable.