Net Maximum Rate Cap definition

Net Maximum Rate Cap. For any Distribution Date will equal the applicable Net WAC Cap, computed for this purposes on the basis of the assumption that each Mortgage Loan accrued interest for the related Accrual Period at its Net Maximum Rate.

Net Maximum Rate Cap. For any Distribution Date and the Class 1-A and Subordinate Certificates, the product of (i) the weighted average of the Net Maximum Loan Rates of the Mortgage Loans as of the first day of the related Due Period (or, in the case of the first Distribution Date, as of the Cut-Off Date), weighted on the basis of their related Stated Principal Balances as of the first day of the related Due Period and (ii) a fraction, the numerator of which is 30 and the denominator of which is the actual number of days in the related Accrual Period for such Certificates.

Net Maximum Rate Cap. For any Distribution Date and the Subordinate Certificates, the Subordinate Net WAC Cap, computed for this purpose only by assuming that each Mortgage Loan accrued interest at its Net Maximum Loan Rate.

Examples of Net Maximum Rate Cap in a sentence

• Net Maximum Rate Cap: The "NET MAXIMUM RATE CAP" is equal to the weighted average of the Net Maximum Rates of the Mortgage Loans adjusted for the related accrual period.

• Note Interest Rate: The "NOTE INTEREST RATE" for each Class of Notes will be equal to the lesser of (i) One Month LIBOR plus the related margin, (ii) the Net WAC Cap Rate and (iii) the Net Maximum Rate Cap.

• For each Payment Date, the interest rate for the Class M and Class B Notes will equal the lesser of (i) One-Month LIBOR plus the related margin (the margin multiplies by 1.5 after the first possible Optional Redemption Date), (ii) the Net WAC Cap (as defined herein) and (iii) the Net Maximum Rate Cap (as defined herein).

• On each Distribution Date, the Certificate Interest Rate for the Class 1-A-1 Certificates will be equal to the least of (i) One-Month LIBOR plus the related margin (which margin doubles after the first possible Optional Call Date), (ii) the related Net WAC Cap and (iii) Net Maximum Rate Cap.

• Net Maximum Rate Cap: The “Net Maximum Rate Cap” for the Subordinate Certificates is equal to the Subordinate Net WAC Cap, computed for this purpose only, by assuming each mortgage loan accrued interest at its Net Maximum Rate.

More Definitions of Net Maximum Rate Cap

Net Maximum Rate Cap. For any Distribution Date and for the Class M Certificates and Class B Certificates, the Net WAC Cap for the Class M Certificates and Class B Certificates, computed for this purpose by assuming that each Mortgage Loan accrued interest at its maximum loan rate.

Net Maximum Rate Cap. For any Class of LIBOR Certificates and MTA Certificates and any Distribution Date is equal to the related Net WAC Cap calculated by assuming that each related Mortgage Loan accrued interest at its Net Maximum Loan Rate.

Net Maximum Rate Cap. For any Mortgage Loan and any Distribution Date, the maximum Loan Rate for each such Mortgage Loan as specified on the related Mortgage Note less the sum of the Master Servicing Fee Rate and the Servicing Fee Rate.

Net Maximum Rate Cap. For any Distribution Date and the Class 1-A1A Certificates, the weighted average of the Net Maximum Loan Rates of the Group 1 Mortgage Loans as of the first day of the related Due Period (or, in the case of the first Distribution Date, as of the Cut-off Date), weighted on the basis of their related Stated Principal Balances as of the first day of the month prior to the month of that Distribution Date. For any Distribution Date and the Class 1-A1B Certificates, (i) the weighted average of the Net Maximum Loan Rates of the Group 1 Mortgage Loans as of the first day of the related Due Period (or, in the case of the first Distribution Date, as of the Cut-off Date), weighted on the basis of their related Stated Principal Balances as of the first day of the related Due Period less (ii) the related Premium Rate for such Distribution Date. For any Distribution Date and the Class 2-A1A1 Certificates, the weighted average of the Net Maximum Loan Rates of the Group 2 Mortgage Loans as of the first day of the related Due Period (or, in the case of the first Distribution Date, as of the Cut-off Date), weighted on the basis of their related Stated Principal Balances as of the first day of the month prior to the month of that Distribution Date. For any Distribution Date and the Class 2-A1B Certificates, (i) the weighted average of the Net Maximum Loan Rates of the Group 2 Mortgage Loans as of the first day of the related Due Period (or, in the case of the first Distribution Date, as of the Cut-off Date), weighted on the basis of their related Stated Principal Balances as of the first day of the related Due Period less (ii) the related Premium Rate for such Distribution Date. For any Distribution Date and the Subordinate Certificates, the Net WAC Cap for the Subordinate Certificates, computed by assuming that each Mortgage Loan accrued interest at its Net Maximum Loan Rate.

Net Maximum Rate Cap. For any Distribution Date and the Class 1-A1A and Class 1-A1B Certificates, the Group 1 Net WAC Cap, computed by assuming that each Group 1 Mortgage Loan accrued interest at its Net Maximum Loan Rate. For any Distribution Date and the Class 2-A1A, Class 2-A1B and Class 2-A1C Certificates, the Group 2 Net WAC Cap, computed by assuming that each Group 2 Mortgage Loan accrued interest at its Net Maximum Loan Rate. For any Distribution Date and the Subordinate Certificates, the Net WAC Cap for the Subordinate Certificates, computed by assuming that each Mortgage Loan accrued interest at its Net Maximum Loan Rate.

Net Maximum Rate Cap. As to any Distribution Date will equal the weighted average of the Net Maximum Mortgage Rates of the Mortgage Loans, in each case adjusted for the related Interest Accrual Period.

Net Maximum Rate Cap. With respect to any Distribution Date and the Group 2 Subordinate Certificates, the Group 2 Net WAC Cap computed by assuming that each Group 2 Mortgage Loan accrued interest at its Net Maximum Rate.