Adjusted Cap Rate definition

Adjusted Cap Rate. Any of the Group 1 Adjusted Cap Rate, the Group 2 Adjusted Cap Rate or the Subordinate Adjusted Cap Rate.

Adjusted Cap Rate. For any Distribution Date and any Class of Class 1 A-L Regular Interests, a fraction, the numerator of which is equal to the product of (i) the amount of interest distributions accrued on the Group I Loans on the basis of the Loan Group I Weighted Average Pass-Through Rate for that Distribution Date less the Net Negative Amortization on the Group I Loans and (ii) 12, and the denominator of which is equal to the Stated Principal Balance of the Group I Loans as of the second preceding Due Date after giving effect to the payments due on the Group I Loans on that Due Date multiplied by a ratio, the numerator of which is 30 and the denominator of which is the actual number of days in the related accrual period. For any Distribution Date and any Class of Class 2 A-L Regular Interests, a fraction, the numerator of which is equal to the product of (i) the amount of interest distributions accrued on the Group II Loans on the basis of the Loan Group II Weighted Average Pass-Through Rate for that Distribution Date less the Net Negative Amortization on the Group II Loans and (ii) 12, and the denominator of which is equal to the Stated Principal Balance of the Group II Loans as of the second preceding Due Date after giving effect to the payments due on the Group II Loans on that Due Date multiplied by a ratio, the numerator of which is 30 and the denominator of which is the actual number of days in the related accrual period. For any Distribution Date and any Class of Group X-X Regular Interests, the Class B Weighted Average Pass-Through Rate, computed for this purpose by (i) reducing the Loan Group I Weighted Average Pass-Through Rate by a per annum rate equal to a fraction, the numerator of which is the Net Negative Amortization on the Group I Loans multiplied by 12, and the denominator of which is equal to the Stated Principal Balance of the Group I Loans as of the second preceding Due Date after giving effect to the payments due on the Group I Loans on that Due Date and (ii) reducing the Loan Group II Weighted Average Pass-Through Rate by a per annum rate equal to a fraction, the numerator of which is the Net Negative Amortization on the Group II Loans multiplied by 12, and the denominator of which is equal to the Stated Principal Balance of the Group II Loans as of the second preceding Due Date after giving effect to the payments due on the Group II Loans on that Due Date. For any Distribution Date and the Class X-L Regular Interest and the Certificate Interest Ra...

Adjusted Cap Rate. For any Distribution Date and any Class of Class A-L Regular Interests and Class X-X Regular Interests, a fraction, expressed as a per annum rate, the numerator of which is equal to the product of (i) the amount of interest accrued on the Mortgage Loans at the Weighted Average Pass-Through Rate for that Distribution Date less the Net Negative Amortization Amount and (ii) 12, and the denominator of which is equal to the aggregate principal balance of the Mortgage Loans as of the second preceding Due Date (after giving effect to (i) payments due on the Mortgage Loans on such Due Date and (ii) except for the first Distribution Date, any Payoffs received on or before the 14th day of the calendar month of such Due Date), such fraction multiplied by a ratio, the numerator of which is 30 and the denominator of which is the actual number of days in the related No-Delay Accrual Period.

Examples of Adjusted Cap Rate in a sentence

• For any Distribution Date, the Net Deferred Interest on the Mortgage Loans will be allocated among the Classes of Certificates in proportion to the excess, if any, for each such Class of (i) the Monthly Interest Distributable Amount accrued at the Pass-Through Rate for such Class, over (ii) the amount of the Monthly Interest Distributable Amount for such Class and for such Distribution Date calculated at the related Adjusted Cap Rate for such Class.

• For any Distribution Date, the Net Deferred Interest on the Mortgage Loans will be allocated among the Classes of Certificates (or, with respect to the Class X Certificates, the PO Components) in proportion to the excess, if any, for each such Class of (i) the Monthly Interest Distributable Amount accrued at the Pass-Through Rate for such Class, over (ii) the amount of the Monthly Interest Distributable Amount for such Class calculated at the applicable Adjusted Cap Rate for such Class.

• For any Distribution Date, the Net Deferred Interest on the Mortgage Loans will be allocated among the Classes of Certificates (or, with respect to the Class X Certificates, the Class PO Certificates) in proportion to the excess, if any, for each such Class of (i) the Monthly Interest Distributable Amount accrued at the Pass-Through Rate for such Class, over (ii) the amount of the Monthly Interest Distributable Amount for such Class calculated at the applicable Adjusted Cap Rate for such Class.

• For any Distribution Date and the Class X-L Regular Interest, the Certificate Interest Rate for the Class X-L Regular Interest for that Distribution Date, computed for this purpose by substituting for clause (i) in the calculation thereof as specified in note (5) to the table entitled "REMIC II Interests" in the Preliminary Statement hereto the Adjusted Cap Rate for the Class A-L and Class X-X Regular Interests for that Distribution Date.

• For any Distribution Date, the Net Deferred Interest on the Mortgage Loans will be allocated among the Classes of Certificates in proportion to the excess, if any, for each such Class of (i) the Monthly Interest Distributable Amount accrued at the Pass-Through Rate for such Class, over (ii) the amount of the Monthly Interest Distributable Amount for such Class and for such Distribution Date calculated at the Adjusted Cap Rate for such Class.

More Definitions of Adjusted Cap Rate

Adjusted Cap Rate. The Class A-X Adjusted Cap Rate, Senior Adjusted Cap Rate or Subordinated Adjusted Cap Rate, as applicable.

Adjusted Cap Rate. Any of the Group 1 Adjusted Cap Rate, the Group 2 Adjusted Cap Rate, the Group 3 Adjusted Cap Rate, the Group 4 Adjusted Cap Rate, the Class X-1 Adjusted Cap Rate, the Class X-2 Adjusted Cap Rate, the Class X-3 Adjusted Cap Rate, the Class X-4 Adjusted Cap Rate, the Class X-B Adjusted Cap Rate, the Subordinate Adjusted Cap Rate or the Class X Adjusted Cap Rate, as applicable.

Adjusted Cap Rate. Any of the LIBOR Adjusted Cap Rate, the Class X-1 Adjusted Cap Rate or the Class X-2 Adjusted Cap Rate, as applicable.

Adjusted Cap Rate. The Class A-X-2 Adjusted Cap Rate, Group 1 Adjusted Cap Rate, Group 2 Adjusted Cap Rate or Subordinated Adjusted Cap Rate, as applicable.

Adjusted Cap Rate. For any Distribution Date and any Class of Group 1-A-L Regular Interests, a fraction, expressed as a per annum rate, the numerator of which is equal to the product of (i) the amount of interest accrued on the Group 1 Loans at the Loan Group 1 Weighted Average Pass-Through Rate for that Distribution Date less the related Net Negative Amortization Amount and (ii) 12, and the denominator of which is equal to the aggregate principal balance of the Group 1 Loans as of the second preceding Due Date (after giving effect to (i) payments due on these Mortgage Loans on such Due Date and (ii) except for the first Distribution Date, any Payoffs received on or before the 14th day of the calendar month of such Due Date). For any Distribution Date and any Class of Group 2-A-L Regular Interests, a fraction, expressed as a per annum rate, the numerator of which is equal to the product of (i) the amount of interest accrued on the Group 2 Loans at the Loan Group 2 Weighted Average Pass-Through Rate for that Distribution Date less the related Net Negative Amortization Amount and (ii) 12, and the denominator of which is equal to the aggregate principal balance of the Group 2 Loans as of the second preceding Due Date (after giving effect to (i) payments due on these Mortgage Loans on such Due Date and (ii) except for the first Distribution Date, any Payoffs received on or before the 14th day of the calendar month of such Due Date). For any Distribution Date and any Class of Class X-X Regular Interests, the Class B Weighted Average Pass-Through Rate, computed for this purpose by (i) reducing the Loan Group 1 Weighted Average Pass-Through Rate by a per annum rate equal to a fraction, the numerator of which is the Net Negative Amortization Amount on the Group 1 Loans multiplied by 12, and the denominator of which is the aggregate principal balance of the Group 1 Loans as of the second preceding Due Date (after giving effect to (i) payments due on these Mortgage Loans on such Due Date and (ii) except for the first Distribution Date, any Payoffs of these Mortgage Loans received on or before the 14th day of the calendar month of such Due Date) and (ii) reducing the Loan Group 2 Weighted Average Pass-Through Rate by a per annum rate equal to a fraction, the numerator of which is the Net Negative Amortization on the Group 2 Loans multiplied by 12, and the denominator of which is equal to the Stated Principal Balance of the Group 2 Loans as of the second preceding Due Date (after giving...

Adjusted Cap Rate. For any Distribution Date and the Certificates (other than the Class X and Class PO Certificates), the applicable Net WAC Cap for that Distribution Date, computed for this purpose by first reducing the Net WAC by a per annum rate equal to the quotient of (i) the product of (a) the Net Deferred Interest, if any, on the Mortgage Loans for that Distribution Date multiplied by (b) 12, divided by (ii) the Pool Balance 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). For any Distribution Date and the Class X Certificates, the Class X Adjusted Cap Rate.

Adjusted Cap Rate. For any Distribution Date and any Class of LIBOR Certificates, the excess, if any, of the related Net Rate Cap for such Distribution Date, over a fraction expressed as a percentage, the numerator of which is the product of (i) a fraction, the numerator of which is 360 and the denominator of which is the actual number of days in the related Interest Accrual Period and (ii) the amount of Net Deferred Interest for that Distribution Date, and the denominator of which is the aggregate Stated Principal Balance of the Mortgage Loans as of the Due Date occurring in the month preceding the month of that Distribution Date (after giving effect to Principal Prepayments in the Prepayment Period related that prior Due Date).