Class A-4FL Distribution Conversion definition

Class A-4FL Distribution Conversion. With respect to any Distribution Date (i) immediately upon and during the continuation of a Swap Payment Default under the Class A-4FL Swap Agreement while the Trustee is pursuing remedies under the Class A-4FL Swap Agreement pursuant to Section 3.29, or (ii) immediately upon and following the termination of the Class A-4FL Swap Agreement until any replacement agreement is entered into, the conversion of distributions with respect to the Class A-4FL Certificates from distributions based, in part, on floating interest payments from the Class A-4FL Swap Counterparty under the Class A-4FL Swap Agreement to distributions based solely on distributions in respect of the Class A-4FL REMIC II Regular Interest, as specified in Section 4.01(c).
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Class A-4FL Distribution Conversion means, with respect to any Distribution Date, (i) immediately upon and during the continuation of a Class A-4FL Swap Default, or (ii) immediately upon and following the termination of the Class A-4FL Swap Agreement until any replacement agreement in accordance with the terms hereof is entered into, the conversion of distributions to the Class A-4FL Certificates from distributions based, in part, on floating interest payments from the Class A-4FL Swap Counterparty under the Class A-4FL Swap Agreement to distributions based solely on distributions in respect of the Class A-4FL REMIC III Regular Interest, as specified in Section 4.01.
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Examples of Class A-4FL Distribution Conversion in a sentence

  • Upon any change (or notification to the Trustee or the Certificate Administrator that such change is imminent) in the payment terms on the Class A-4FL Certificates, including as a result of the occurrence of a Class A-4FL Distribution Conversion Event or a Class A-4FL Swap Default or the cure of a Class A-4FL Distribution Conversion Event or a Class A-4FL Swap Default, the Certificate Administrator shall promptly notify DTC of the change in payment terms.

  • Any Class A-4FL Distribution Conversion Event shall become permanent following the receipt by the Trustee of direction by the Holders of the Class A-4FL Certificates as set forth in this Section 3.35(d) not to enter into a replacement interest rate swap contract and distribution of any Swap Termination Payments to the Holders of the Class A-4FL Certificates.

  • All calculations of interest with respect to the Class A-4FL Certificates and Distribution Dates during which a Class A-4FL Distribution Conversion Event has occurred and is continuing shall be made on the basis of a 360-day year consisting of twelve 30-day months.

  • Upon any change in the payment terms on the Class A-4FL Certificates, including as a result of a Class A-4FL Distribution Conversion, termination of a Class A-4FL Distribution Conversion, a Swap Default under the Class A-4FL Swap Agreement or the cure of a Swap Default under the Class A-4FL Swap Agreement, the Trustee shall promptly notify the Depository of the change in payment terms.

  • Any Swap Default under, or termination of, the Class A-4FL Swap Agreement and the consequent Class A-4FL Distribution Conversion shall not, in and of itself, constitute an Event of Default under this Agreement.

  • All calculations of interest in respect of the Class A-4FL Certificates, except with respect to Distribution Dates during which a Class A-4FL Distribution Conversion Event has occurred and is continuing, shall be made on the basis of the actual number of days in a month and a 360-day year.

  • Any such Class A-4FL Distribution Conversion Event (or any Class A-4FL Swap Default) shall not, in and of itself, constitute an Event of Default under this Agreement.

  • Any such Swap Default (or termination of the Swap Contract) and the resulting Class A-4FL Distribution Conversion shall not, in and of itself, constitute an Event of Default under this Agreement.

  • Any Class A-4FL Distribution Conversion shall become permanent following the determination by the Trustee (or the Paying Agent acting on its behalf) not to enter into a replacement interest rate swap contract and distribution of any Swap Termination Fees to the Holders of the Class A-4FL Certificates.

  • On the related Distribution Date following such notice of non-payment, if the Trustee fails to receive the Floating Swap Payment by 11:00 a.m. New York City time on such Distribution Date, a Swap Default and a Class A-4FL Distribution Conversion shall occur on such Distribution Date.

Related to Class A-4FL Distribution Conversion

  • Class A-3 Final Distribution Date means the July 2029 Distribution Date.

  • Class A-4 Final Distribution Date means the January 2030 Distribution Date.

  • Class A-P Principal Distribution Amount As defined in Section 4.02.

  • Class B-2 Principal Distribution Amount With respect to any Distribution Date, the excess of (i) the sum of (A) the aggregate Class Certificate Balances of the Class A Certificates (after taking into account the distribution of the Class A Principal Distribution Amount for such Distribution Date), (B) the Class Certificate Balance of the Class M-1 Certificates (after taking into account the distribution of the Class M-1 Principal Distribution Amount for such Distribution Date), (C) the Class Certificate Balance of the Class M-2 Certificates (after taking into account the distribution of the Class M-2 Principal Distribution Amount for such Distribution Date), (D) the Class Certificate Balance of the Class M-3 Certificates (after taking into account the distribution of the Class M-3 Principal Distribution Amount for such Distribution Date), (E) the Class Certificate Balance of the Class M-4 Certificates (after taking into account the distribution of the Class M-4 Principal Distribution Amount for such Distribution Date), (F) the Class Certificate Balance of the Class M-5 Certificates (after taking into account the distribution of the Class M-5 Principal Distribution Amount for such Distribution Date), (G) the Class Certificate Balance of the Class M-6 Certificates (after taking into account the distribution of the Class M-6 Principal Distribution Amount for such Distribution Date), (H) the Class Certificate Balance of the Class B-1 Certificates (after taking into account the distribution of the Class B-1 Principal Distribution Amount for such Distribution Date), and (I) the Class Certificate Balance of the Class B-2 Certificates immediately prior to such Distribution Date over (ii) the lesser of (A) 90.90% of the aggregate Stated Principal Balance of the Mortgage Loans for such Distribution Date and (B) the excess, if any, of the aggregate Stated Principal Balance of the Mortgage Loans for such Distribution Date over $11,334,248.

  • Class B-4 Principal Distribution Amount With respect to any Distribution Date is the excess of (i) the sum of (a) the aggregate Class Certificate Balances of the Class A Certificates (after taking into account the distribution of the Class A Principal Distribution Amount for that Distribution Date), (b) the Class Certificate Balance of the Class M-1 Certificates (after taking into account the distribution of the Class M-1 Principal Distribution Amount for that Distribution Date), (c) the Class Certificate Balance of the Class M-2 Certificates (after taking into account the distribution of the Class M-2 Principal Distribution Amount for that Distribution Date), (d) the Class Certificate Balance of the Class M-3 Certificates (after taking into account the distribution of the Class M-3 Principal Distribution Amount for that Distribution Date), (e) the Class Certificate Balance of the Class B-1 Certificates (after taking into account the distribution of the Class B-1 Principal Distribution Amount for that Distribution Date), (f) the Class Certificate Balance of the Class B-2 Certificates (after taking into account the distribution of the Class B-2 Principal Distribution Amount for that Distribution Date), (g) the Class Certificate Balance of the Class B-3 Certificates (after taking into account the distribution of the Class B-3 Principal Distribution Amount for that Distribution Date) and (h) Class Certificate Balance of the Class B-4 Certificates immediately prior to that Distribution Date over (ii) the lesser of (a) approximately 94.50% of the aggregate Stated Principal Balance of the mortgage loans for that Distribution Date and (b) the excess, if any, of the aggregate Stated Principal Balance of the mortgage loans for that Distribution Date over $3,608,680.