Class I Monthly Interest definition

Class I Monthly Interest means (i) for the first Distribution Date, the product of the following: (one-twelfth of the Class I Pass-Through Rate) multiplied by (the number of days from the Closing Date (assuming the month of the Closing Date has 30 days) through the day before the first Distribution Date divided by 30) multiplied by the Notional Principal Amount of the Class I Certificates at the Closing Date, and (ii) for any subsequent Distribution Date, one-twelfth of the product of the Class I Pass-Through Rate and the Notional Principal Amount as of the immediately preceding Distribution Date (after giving effect to any application of Monthly Principal on such preceding Distribution Date); provided, however, that after the Class I Stated Final Distribution Date, the Class I Monthly Interest shall be zero.
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Class I Monthly Interest means (i) for the first Payment Date, the product of the following: one-twelfth of the Class I Note Rate multiplied by the Original Notional Principal Amount, and (ii) for any subsequent Payment Date, one-twelfth of the product of the Class I Note Rate and the Notional Principal Amount as of the immediately preceding Payment Date (after giving effect to any reduction of the Notional Principal Amount due to allocations of principal on such preceding Payment Date); provided, however, that after the Class I Final Scheduled Payment Date, the Class I Monthly Interest shall be zero; provided, further, that in the event the Notes are accelerated pursuant to Section 5.02(a) following an Event of Default, the Class I Monthly Interest for any remaining Payment Date will be due to the Class I Noteholders based on the Planned Notional Principal Amount for that Payment Date as set forth in the Planned Notional Principal Amount Schedule.
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Class I Monthly Interest means (i) for the first Distribution Date, the product of the following: the Initial Multiplier multiplied by one-twelfth of the Class I Pass-Through Rate multiplied by the Notional Principal Amount of the Class I Certificates at the Closing Date, and (ii) for any subsequent Distribution Date, one-twelfth of the product of the Class I Pass-Through Rate and the Notional Principal Amount as of the immediately preceding Distribution Date (after giving effect to any reduction of the Notional Principal Amount on such preceding Distribution Date); provided, however, that after the Class I Final Scheduled Distribution Date, the Class I Monthly Interest shall be zero.
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Examples of Class I Monthly Interest in a sentence

  • The Trustee shall, promptly upon receipt, deposit in the Supplemental Interest Trust amounts of Excess Cashflow, if any, pursuant to Section 4.01 and each distribution of the Class I Monthly Interest Distributable Amount pursuant to Section 4.01(a)(i)(A).

  • The Trustee shall, promptly upon receipt, deposit in Supplemental Interest Trust I amounts of Mortgage Excess Cashflow, if any, pursuant to Section 4.01(a)(i)(K), each distribution of the Class I Monthly Interest Distributable Amount pursuant to Section 4.01(a)(i)(A) and any amounts received under any Swap Agreement pursuant to Section 4.04(h).

  • In addition, if an Event of Default occurs and the Insurer accelerates the Notes whether in full or in part (including, without limitation, as a result of the sale of any Receivable), the Insurer will from and after such acceleration guarantee pursuant to the Policy the continued payment of Class I Monthly Interest to the Class I Noteholders based on the Planned Notional Principal Amount Schedule for all remaining Payment Dates included in the Planned Notional Principal Amount Schedule.

  • To the extent there are any recoveries on the Receivables creating such shortfall, such recoveries, to the extent of any portion thereof allocable to Class I Monthly Interest, shall be allocated to pay Class I Monthly Interest.

  • The Surety Bond Issuer is required pursuant to Section 10.03 and the terms of the Surety Bond to pay the amount of such excess deficiency of Class I Monthly Interest, Class A Monthly Interest and Monthly Principal, up to the Surety Bond Amount.

  • The Trustee shall, promptly upon receipt, deposit in Supplemental Interest Trust I amounts of Excess Cashflow, if any, pursuant to Section 4.01 and each distribution of the Class I Monthly Interest Distributable Amount pursuant to Section 4.01(a)(i)(A).

  • The Insurer is required pursuant to Section 10.03 and the terms of the Policy to pay the amount of such deficiency of Class I Monthly Interest, Class A Monthly Interest and Monthly Principal, up to the Policy Amount.


More Definitions of Class I Monthly Interest

Class I Monthly Interest means (i) for the first Distribution Date, the product of the following: one-twelfth of the Class I Pass-Through Rate multiplied by the Notional Principal Amount of the Class I Certificates at the Closing Date, and (ii) for any subsequent Distribution Date, one-twelfth of the product of the Class I Pass-Through Rate and the Notional Principal Amount as of the immediately preceding Distribution Date (after giving effect to any reduction of the Notional Principal Amount on such preceding Distribution Date); provided, however, that after the Class I Final Scheduled Distribution Date, the Class I Monthly Interest shall be zero.
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Related to Class I Monthly Interest

  • Class B Monthly Interest shall have the meaning specified in subsection 4.02(b).

  • Class A Monthly Interest shall have the meaning specified in subsection 4.02(a).

  • Class C Monthly Interest is defined in Section 4.1(c).

  • Class A-1 Monthly Interest means (i) for the initial Distribution Date, $[ ], and (ii) for any Distribution Date thereafter, the product of (A) the actual number of days elapsed during the period from and including the preceding Distribution Date to but excluding such Distribution Date divided by 360, (B) the Class A-1 Rate and (C) the outstanding principal balance of the Class A-1 Notes as of the preceding Distribution Date (after giving effect to all payments of principal made to the Holders of the Class A-1 Notes on or before such preceding Distribution Date).

  • Class D Monthly Interest means, for any Distribution Date, one-twelfth (or, in the case of the first Distribution Date, the number of days from and including the Closing Date to but excluding the 15th day of the month in which such Distribution Date occurs, assuming each month has 30 days, divided by 360) of the product of (A) the Class D Rate and (B) the outstanding principal balance of the Class D Notes as of the preceding Distribution Date (after giving effect to all payments of principal made to the Holders of the Class D Notes on or before such preceding Distribution Date).