Rate Cap means a prepaid interest rate cap with a termination date no earlier than the end of the Interest Period in which the Stated Maturity Date occurs entered into with an Acceptable Counterparty with a notional amount equal to the Loan for the term of the Loan (which shall be through the end of the Interest Period applicable to the Maturity Date) and a LIBOR strike price not greater than six percent (6.0%); provided, however, that in the event the rating of the counterparty (including any Co-Lender) to any Rate Cap is downgraded such that the counterparty is no longer an Acceptable Counterparty, such Rate Cap will be replaced by a Rate Cap in the same form and substance as the Rate Cap purchased by Borrower in connection with the closing of the Restructuring and shall be obtained from a counterparty with a credit rating meeting the requirements set forth hereinabove with respect to an Acceptable Counterparty; and provided, further, that such Rate Cap shall be accompanied by legal opinions regarding the Rate Cap, in form and substance acceptable to Lender, including opinions with respect to (i) enforceability, (ii) choice of law and (iii) enforcement of judgments. Furthermore, each Rate Cap shall provide for (a) the calculation of interest, (b) the determination of the interest rate, (c) the modification of the Interest Period and (d) the distribution of payments thereunder to be identical to the definition of Interest Period set forth herein.
Rate Cap means an interest rate cap in the notional amount of the Outstanding Loan Amount obtained by Borrower as protection against interest rate fluctuations under the Loan, which interest rate cap shall remain in effect until the Maturity Date.
Rate Cap. With respect to the Group I Certificates and any Distribution Date, a per annum rate equal to the product of (i) the average of the Net Mortgage Interest Rates of the Group I Mortgage Loans, weighted on the basis of the Principal Balances of the Group I Mortgage Loans as of the first day of the related Collection Period (or, in the case of the first Distribution Date, the Cut-off Date) and (ii) a fraction, the numerator of which is 30 and the denominator of which is the actual number of days elapsed in the related Interest Accrual Period. For federal income tax purposes, the economic equivalent of such rate shall be expressed as the weighted average of the Uncertificated REMIC 1 Pass-Through Rate on REMIC 1 Regular Interest LT1GRP, weighted on the basis of the Uncertificated Principal Balance of such REMIC 1 Regular Interest. With respect to the Class AF-1 Certificates and any Distribution Date, a per annum rate equal to the product of (i) the average of the Net Mortgage Interest Rates of the Group II Mortgage Loans, weighted on the basis of the Principal Balances of the Group II Mortgage Loans as of the first day of the related Collection Period (or, in the case of the first Distribution Date, the Cut-off Date) and (ii) a fraction, the numerator of which is 30 and the denominator of which is the actual number of days elapsed in the related Interest Accrual Period. For federal income tax purposes, the economic equivalent of such rate shall be expressed as the weighted average of the Uncertificated REMIC 1 Pass-Through Rate on REMIC 1 Regular Interest LT2GRP, weighted on the basis of the Uncertificated Principal Balance of such REMIC 1 Regular Interest. With respect to the Group II Certificates (other than the Class AF-1 Certificates) and any Distribution Date, a per annum rate equal to the average of the Net Mortgage Interest Rates of the Group II Mortgage Loans, weighted on the basis of the Principal Balances of the Group II Mortgage Loans as of the first day of the related Collection Period (or, in the case of the first Distribution Date, the Cut-off Date). For federal income tax purposes, the economic equivalent of such rate shall be expressed as the weighted average of the Uncertificated REMIC 1 Pass-Through Rate on REMIC 1 Regular Interest LT2SUB, weighted on the basis of the Uncertificated Principal Balance of such REMIC 1 Regular Interest. With respect to the Mezzanine Certificates and any Distribution Date, a per annum rate equal to the product of ...
Examples of Rate Cap in a sentence
The Approximate Weighted Average Servicing Fee Margin is included in the rates shown in the columns for Approximate Weighted Average Gross Interest Rate, Approximate Weighted Average Gross Margin, Approx- imate Weighted Average Gross Lifetime Interest Rate Floor and Approximate Weighted Average Gross Lifetime Interest Rate Cap.
Paragraphs(a)and(b)ofSection5.05shallbedeletedandreplacedbythefollowing:(a) Interest Rate Cap.
When purchasing the Interest Rate Cap you pay an option premium upfront, which is not refundable.
The notional amount of the Interest Rate Cap serves merely to calculate the respective compensation payment.
The lump-sum payment will be calculated using a discounted cash flows analysis for perpetual payment streams, otherwise known as a Capitalization Rate (Cap Rate).The Cap Rate calculation requires an assumption of a long-term rate of return on comparable investments, and a long-term inflation rate.
More Definitions of Rate Cap
Rate Cap has the meaning specified in Section 2.3(b).
Rate Cap means each interest rate cap required under this Agreement.
Rate Cap means each interest rate cap obtained by Borrower as protection against interest rate fluctuations under the Loan.
Rate Cap means, as applicable (A) an interest rate cap with a maturity date of the initial Maturity Date entered into with an Acceptable Counterparty with a notional amount equal to the Loan for the term of the Loan and a LIBOR strike price not greater than _____________________ percent (_____%) [9% MINUS THE SPREAD]; provided, however, that in the event the rating of the counterparty to any Rate Cap is downgraded, such Rate Cap will be replaced by a Rate Cap in the same form and substance as the Rate Cap purchased by the Borrower in connection with the closing of the Loan or otherwise in a form approved by Lender in its reasonable discretion and shall be obtained from a counterparty with a credit rating meeting the requirements set forth hereinabove with respect to an Acceptable Counterparty; and provided, that, each Rate Cap shall provide for (i) the calculation of interest, (ii) the determination of the interest rate, (iii) the modification of the Interest Period and (iv) the distribution of payments thereunder to be identical to the definition of Interest Period set forth herein, and (B) a Replacement Rate Cap.
Rate Cap. With respect to the Class AV-1 Certificates and any Distribution Date, a per annum rate equal to the product of (i) the average of the Net Mortgage Interest Rates of the Group I Mortgage Loans, weighted on the basis of the Principal Balances of the Group I Mortgage Loans as of the first day of the related Collection Period (or, in the case of the first Distribution Date, the Cut-off Date) and (ii) a fraction, the numerator of which is 30 and the denominator of which is the actual number of days elapsed in the related Interest Accrual Period. For federal income tax purposes, the economic equivalent of such rate shall be expressed as the weighted average of the Uncertificated REMIC 1 Pass-Through Rate on REMIC 1 Regular Interest LT1SUB, weighted on the basis of the Uncertificated Principal Balance of such REMIC 1 Regular Interest. With respect to the Class AF Certificates and any Distribution Date, a per annum rate equal to the average of the Net Mortgage Interest Rates of the Group II-A Mortgage Loans, weighted on the basis of the Principal Balances of the Group II-A Mortgage Loans as of the first day of the related Collection Period (or, in the case of the first Distribution Date, the Cut-off Date). For federal income tax purposes, the economic equivalent of such rate shall be expressed as the weighted average of the Uncertificated REMIC 1 Pass-Through Rate on REMIC 1 Regular Interest LT2ASUB, weighted on the basis of the Uncertificated Principal Balance of such REMIC 1 Regular Interest. With respect to the Class AV-2 Certificates and any Distribution Date, a per annum rate equal to the product of (i) the average of the Net Mortgage Interest Rates of the Group II-B Mortgage Loans, weighted on the basis of the Principal Balances of the Group II-B Mortgage Loans as of the first day of the related Collection Period (or, in the case of the first Distribution Date, the Cut-off Date) and (ii) a fraction, the numerator of which is 30 and the denominator of which is the actual number of days elapsed in the related Interest Accrual Period. For federal income tax purposes, the economic equivalent of such rate shall be expressed as the weighted average of the Uncertificated REMIC 1 Pass-Through Rate on REMIC 1 Regular Interest LT2BSUB, weighted on the basis of the Uncertificated Principal Balance of such REMIC 1 Regular Interest. With respect to the Class M Certificates and the Class B Certificates and any Distribution Date, a per annum rate equal to the product of (...
Rate Cap means the amount determined and gazetted by the Victorian Government in relation to any annual percentage increase applied to property rates in the municipality of Port Xxxxxxx. Recreation centres includes a recreation centre, leisure centre, swimming pool, aquatic centre or sports centre or any other municipal centre that provides physical, recreational and/or cultural/historical activities or such other similar activities provided in the public interest. Recruitment and Selection Process means relevant policies, methods, procedures, templates or updates and subject to amendment from time to time relating to the selection and appointment of employees at the City of Port Xxxxxxx.
Rate Cap means the maximum allowable rates, fees and charges for intrastate calls initiated from an institutional phone as approved by the commission;