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Adjustable Rate Group Available Funds Cap definition

Adjustable Rate Group Available Funds Cap. With respect to any Distribution Date, the per annum rate expressed as the percentage obtained by (A) dividing (x) the amount of interest that accrued on the Mortgage Loans in the Adjustable Rate Group in respect of the related Collection Period at the weighted average of the related Mortgage Loan Rates applicable to Monthly Mortgage Payments due on such Mortgage Loans during such Collection Period, and reduced by the Monthly Servicing Fee for such Collection Period and (y) the product of (i) the Adjustable Rate Group Balance as of the first day of the related Collection Period and (ii) the actual number of days elapsed during such Interest Period divided by 360 and (B) multiplying the result by 100.
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Adjustable Rate Group Available Funds Cap. With respect to any Distribution Date, the per annum rate expressed as the percentage obtained by (A) dividing (x) the amount of interest that accrued on the Mortgage Loans in the Adjustable Rate Group in respect of the related Collection Period at the weighted average of the related Mortgage Loan Rates applicable to Monthly Mortgage Payments due on such Mortgage Loans during such Collection Period, reduced by (i) the Monthly Servicing Fee and the Financial Guaranty Insurer Premium for the related Collection Period and (ii) after the first six Distribution Dates, one-twelfth of 1.00% of the Adjustable Rate Group Balance as of the first day of the related Collection Period, by (y) the product of (i) the Adjustable Rate Group Balance as of the first day of the related Interest Period and (ii) the actual number of days elapsed during such Interest Period divided by 360 and (B) multiplying the result by 100.
Sample 1
Adjustable Rate Group Available Funds Cap. With respect to any Distribution Date, the per annum rate expressed as the percentage obtained by dividing (x) the amount of interest that accrued on the Mortgage Loans in the Adjustable Rate Group in respect of the related Collection Period at the weighted average of the related Mortgage Loan Rates applicable to Monthly Mortgage Payments due on such Mortgage Loans during such Collection Period, reduced by the sum of (i) the related Monthly Servicing Fee for the related Collection Period, and (ii) an amount equal to 1/12 of 50 basis 1 7 points multiplied by the aggregate Principal Balance of the Mortgage Loans in the Adjustable Rate Group as of the first day of such Collection Period, by (y) the product of (i) the Adjustable Rate Group Certificate Principal Balance as of the first day of the related Interest Period and (ii) the actual number of days elapsed during such Interest Period divided by 360.
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Examples of Adjustable Rate Group Available Funds Cap in a sentence

  • Class X-0 Xx. X-0-0 Date of Pooling and Servicing Agreement: As Pass-Through Rate: On or prior of July 1, 1997 to the Clean-up Call Date, One-month LIBOR plus 0.19% and thereafter, One-month LIBOR plus 0.50%, subject to the Adjustable Rate Group Available Funds Cap Rate and not to exceed 20.00%.


More Definitions of Adjustable Rate Group Available Funds Cap

Adjustable Rate Group Available Funds Cap. With respect to any Distribution Date and the Class A-V Certificates, the per annum rate equal to the lesser of (A) the percentage obtained by (I) dividing (x) the amount of interest that accrued with respect to the Class LT-AV and Class LT-MV REMIC I Regular Interests with respect to the related Interest Period at the related Pass-Through Rates, where the Pass-Through Rate of the Class LT-MV REMIC I Regular Interest is
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Related to Adjustable Rate Group Available Funds Cap

  • Available Funds Cap Any of the Class A-1 Available Funds Cap, the Class A-2 Available Funds Cap or the Weighted Average Available Funds Cap.

  • Adjustable Rate Certificates The Class A Certificates and the Mezzanine Certificates.

  • Excess Available Funds Percentage means, with respect to any Transfer Date, the amount, if any, by which the Portfolio Yield for the preceding Monthly Period exceeds the Base Rate for such Monthly Period.

  • Weighted Average Advance Rate means, as of any date of determination with respect to all Eligible Loan Assets included in the Aggregate Adjusted Borrowing Value, the number obtained by (a) summing the products obtained by multiplying (i) the Advance Rate of each Eligible Loan Asset by (ii) such Eligible Loan Asset's contribution to the Aggregate Adjusted Borrowing Value and dividing (b) such sum by the Aggregate Adjusted Borrowing Value.

  • Quarterly Excess Available Funds Percentage means, with respect to the July 2008 Transfer Date and each Transfer Date thereafter, the percentage equivalent of a fraction the numerator of which is the sum of the Excess Available Funds Percentages with respect to the immediately preceding three Monthly Periods and the denominator of which is three.

  • Loan Group II Cap With respect to the Group II Mortgage Loans as of any Distribution Date, the product of (i) the weighted average of the Adjusted Net Mortgage Rates then in effect on the beginning of the related Due Period on the Group II Mortgage Loans and (ii) a fraction, the numerator of which is 30 and the denominator of which is the actual number of days in the Interest Accrual Period related to such Distribution Date.

  • Loan Group I Cap With respect to the Group I Mortgage Loans as of any Distribution Date, the product of (i) the weighted average of the Adjusted Net Mortgage Rates then in effect on the beginning of the related Due Period on the Group I Mortgage Loans and (ii) a fraction, the numerator of which is 30 and the denominator of which is the actual number of days in the Interest Accrual Period related to such Distribution Date.

  • Available Funds Rate With respect to any Payment Date and the Notes, the per annum rate equal to the product of (1) (a) 360 divided by (b) the actual number of days in the Accrual Period, and (2) (a) Interest Funds for such Payment Date, divided by (b) the aggregate Class Principal Amount of the Notes as of the first day of the related Accrual Period.

  • Class B Available Funds means, with respect to any Monthly Period, an amount equal to the sum of (a) the Class B Floating Percentage of the Reallocated Investor Finance Charge Collections and (b) if such Monthly Period relates to a Distribution Date with respect to the Controlled Accumulation Period, the Class B Floating Percentage of the Principal Funding Account Investment Proceeds, if any, with respect to such Distribution Date.

  • REMIC I Overcollateralized Amount With respect to any date of determination, (i) 1% of the aggregate Uncertificated Balance of the REMIC I Regular Interests (other than REMIC I Regular Interest I-LTP) minus (ii) the aggregate Uncertificated Balance of REMIC I Regular Interest I-LTA1, REMIC I Regular Interest I-LTA2, REMIC I Regular Interest I-LTA3, REMIC I Regular Interest I-LTA4, REMIC I Regular Interest I-LTM1, REMIC I Regular Interest I-LTM2, REMIC I Regular Interest I-LTM3, REMIC I Regular Interest I-LTM4, REMIC I Regular Interest I-LTM5, REMIC I Regular Interest I-LTM6, REMIC I Regular Interest I-LTM7, REMIC I Regular Interest I-LTM8, REMIC I Regular Interest I-LTM9, REMIC I Regular Interest I-LTM10, in each case as of such date of determination.

  • Floating Rate Certificates The Class A Certificates and the Mezzanine Certificates.

  • Class A Available Funds means, with respect to any Monthly Period, an amount equal to the sum of (a) if such Monthly Period relates to a Distribution Date with respect to the Controlled Accumulation Period, the Class A Floating Percentage of Principal Funding Account Investment Proceeds, if any, with respect to such Distribution Date, (b) the Class A Floating Percentage of the Reallocated Investor Finance Charge Collections and (c) the amount of funds, if any, to be withdrawn from the Reserve Account which, pursuant to subsection 4.12(d), are required to be included in Class A Available Funds with respect to such Distribution Date.

  • Available Funds Shortfall as defined in Section 3.04(b).

  • Undercollateralized Amount As defined in Section 4.01(b)(iii).

  • Excess Overcollateralization Amount With respect to any Distribution Date, the excess, if any, of (a) the Overcollateralization Amount on such Distribution Date over (b) the Required Overcollateralization Amount for such Distribution Date.

  • Excess Overcollateralized Amount With respect to the Class A Certificates and the Mezzanine Certificates and any Distribution Date, the excess, if any, of (i) the Overcollateralized Amount for such Distribution Date (calculated for this purpose only after assuming that 100% of the Principal Remittance Amount on such Distribution Date has been distributed) over (ii) the Overcollateralization Target Amount for such Distribution Date.

  • Overcollateralization Deficiency Amount With respect to any Distribution Date, the amount, if any, by which the Overcollateralization Target Amount exceeds the Overcollateralized Amount on such Distribution Date (assuming that 100% of the Principal Remittance Amount is applied as a principal distribution on such Distribution Date).

  • Specified Overcollateralization Amount means for any Distribution Date, the greater of:

  • Adjustable Rate Mortgage Loan A Mortgage Loan serviced pursuant to this Agreement under which the Mortgage Interest Rate is adjusted from time to time in accordance with the terms and provisions of the related Mortgage Note.

  • REMIC II Overcollateralization Amount With respect to any date of determination, (i) 0.50% of the aggregate Uncertificated Balances of the REMIC II Regular Interests (other than REMIC II Regular Interest P) minus (ii) the aggregate of the Uncertificated Balances of REMIC II Regular Interest A-1, REMIC II Regular Interest A-2A, REMIC II Regular Interest A-2B, REMIC II Regular Interest A-2C, REMIC II Regular Interest A-2D, REMIC II Regular Interest M-1, REMIC II Regular Interest M-2, REMIC II Regular Interest M-3, REMIC II Regular Interest M-4, REMIC II Regular Interest M-5, REMIC II Regular Interest M-6, REMIC II Regular Interest M-7, REMIC II Regular Interest M-8, REMIC II Regular Interest M-9, REMIC II Regular Interest M-10 and REMIC II Regular Interest M-11, in each case as of such date of determination.

  • Required Overcollateralization Amount With respect to any Distribution Date, (a) prior to the Stepdown Date, an amount equal to 1.80% of the aggregate Stated Principal Balance of the Mortgage Loans as of the Cut-off Date, (b) on or after the Stepdown Date if a Trigger Event is not in effect, the greater of (i) an amount equal to 3.60% of the aggregate outstanding Stated Principal Balance of the Mortgage Loans after giving effect to distributions made on that Distribution Date and (ii) the Overcollateralization Floor and (c) on or after the Stepdown Date if a Trigger Event is in effect, an amount equal to the Required Overcollateralization Amount from the immediately preceding Distribution Date. The Required Overcollateralization Amount may be reduced so long as written confirmation is obtained from each Rating Agency that such reduction shall not reduce the ratings assigned to any Class of Certificates by such Rating Agency below the lower of the then-current rating or the rating assigned to such Certificates as of the Closing Date by such Rating Agency. Residential Funding: Residential Funding Corporation, a Delaware corporation, in its capacity as seller of the Mortgage Loans to the Depositor and any successor thereto.

  • Loan Group Cap The Loan Group I Cap or the Loan Group II Cap, as applicable.

  • Weighted Average Adjusted Net Mortgage Rate For any Distribution Date and Loan Group, the average of the Adjusted Net Mortgage Rate of each Mortgage Loan in that Loan Group, weighted on the basis of its Stated Principal Balance as of the Due Date in the prior month (after giving effect to Principal Prepayments in the Prepayment Period related to such prior Due Date).

  • Loan Group 5 The Group 5 Mortgage Loans.

  • Available Funds Shortfall Amount means, as of any Payment Date, the amount, if any, by which the aggregate amount required to be paid pursuant to clauses first through twelfth of Section 4.4(a) of the Sale and Servicing Agreement exceeds the Available Funds for such Payment Date.

  • Targeted Overcollateralization Amount means, for a Payment Date, an amount equal to:

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Most Referenced Definitions