Adjusted Rate Cap definition
Adjusted Rate Cap. With respect to the Class I-A Certificates and Class I-B Certificates, each Distribution Date and the related Due Period, the sum of (i) the Scheduled Payments owed on the Group I Mortgage Loans for such Due Period less the related Servicing Fees and (ii) the related Actual Monthly Payments received in excess of the Scheduled Payments, expressed as a per annum rate calculated on the basis of the aggregate Stated Principal Balance of the Group I Mortgage Loans for such Due Period and further reflecting the accrual of interest on an actual/360 basis, minus the sum of (a) the interest payable to the Class I-X Certificates and (b) the Coupon Strip with respect to Loan Group I, if any, payable to the Final Maturity Reserve Account with respect to such Distribution Date, expressed as a per annum rate. With respect to the Group II Certificates, each Distribution Date and the related Due Period, the sum of (i) the Scheduled Payments owed on the Group II Mortgage Loans for such Due Period less the related Servicing Fees and (ii) the related Actual Monthly Payments received in excess of the Scheduled Payments, expressed as a per annum rate calculated on the basis of the aggregate Stated Principal Balance of the Group II Mortgage Loans for such Due Period and further reflecting the accrual of interest on an actual/360 basis.
Adjusted Rate Cap. With respect to the Class I-A Certificates, each Distribution Date and the related Due Period, the sum of (i) the Scheduled Payments owed on the Group I Mortgage Loans for such Due Period less the related Servicing Fees and (ii) the related Actual Monthly Payments received in excess of the Scheduled Payments, expressed as a per annum rate calculated on the basis of the aggregate Stated Principal Balance of the Group I Mortgage Loans for such Due Period and further reflecting the accrual of interest on an actual/360 basis, minus the sum of (a) the interest payable to the Class I-X Certificates and (b) the Coupon Strip with respect to Loan Group I, if any, payable to the Final Maturity Reserve Account with respect to such Distribution Date, expressed as a per annum rate. With respect to the Class I-B Certificates, each Distribution Date and the related Due Period, the sum of (i) the Scheduled Payments owed on the Group I Mortgage Loans for such Due Period less the related Servicing Fees and (ii) the related Actual Monthly Payments received in excess of the Scheduled Payments, expressed as a per annum rate calculated on the basis of the aggregate Stated Principal Balance of the Group I Mortgage Loans for such Due Period and further reflecting the accrual of interest on an actual/360 basis, minus the Coupon Strip with respect to Loan Group I, if any, payable to the Final Maturity Reserve Account with respect to such Distribution Date, expressed as a per annum rate. With respect to the Group II Certificates (other than the Class II-A-2 Certificates), each Distribution Date and the related Due Period, the sum of (i) the Scheduled Payments owed on the Group II Mortgage Loans for such Due Period less the related Servicing Fees and (ii) the related Actual Monthly Payments received in excess of the Scheduled Payments, expressed as a per annum rate calculated on the basis of the aggregate Stated Principal Balance of the Group II Mortgage Loans for such Due Period and further reflecting the accrual of interest on an actual/360 basis. With respect to the Class II-A-2 Certificates, each distribution date and the related Due Period, the excess of (1) the sum of (i) the scheduled Monthly Payments owed on the group II mortgage loans for such Due Period less the related Servicing Fees and (ii) the related Actual Monthly Payments received in excess of the Scheduled Monthly Payments, expressed as a per annum rate calculated on the basis of the aggregate Stated Principal Balan...
Adjusted Rate Cap. With respect to the Class A-1, Class A-2A, Class A-2B, Class A-3, Class A-4, Class ▇-▇ ▇▇▇ ▇▇▇▇▇ ▇-6 Certificates and the Subordinated Certificates for any Distribution Date, the excess, if any, of the Net Rate Cap for such Distribution Date, over a fraction expressed as a percentage, the numerator of which is equal to 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 the Mortgage Loans for that Distribution Date, and the denominator of which is the aggregate Stated Principal Balance of the Mortgage Loans as of the first day of the related Due Period. With respect to the Class A-7 Certificates for any Distribution Date, the excess, if any, of the Net Rate Cap for such Distribution Date, over a fraction expressed as a percentage, the numerator of which is equal to the product of (i) 12 and (ii) the amount of Net Deferred Interest for the Mortgage Loans for that Distribution Date, and the denominator of which is the aggregate Stated Principal Balance of the Mortgage Loans as of the first day of the related Due Period. With respect to the Class X-1 IO-1 and X-1 IO-2 Components for any Distribution Date, the Pass-Through Rate for such Component computed for this purpose by (A) reducing the Weighted Average Adjusted Net Mortgage Rate of the Mortgage Loans by a per annum rate equal to (i) the product of (a) the Net Deferred Interest for the Mortgage Loans for such Distribution Date and (b) 12, divided by (ii) the aggregate Stated Principal Balance of the Mortgage Loans as of the first day of the Due Period for such Distribution Date and (B) computing the Pass-Through Rates of the related Classes of Senior Certificates by substituting "Adjusted Rate Cap" for "Net Rate Cap" in the calculation thereof.
Examples of Adjusted Rate Cap in a sentence
For any Distribution Date, the Group II Net Deferred Interest on the Group II Mortgage Loans will be allocated to each Class II Certificates in an amount equal to the excess, if any, for each such Class of the interest accrued on such Class for the related Accrual Period at the related Pass-Through Rate over the interest accrued for such Accrual Period calculated based on the Group II Adjusted Rate Cap (such excess, "Group II Allocated Net Deferred Interest").
More Definitions of Adjusted Rate Cap
Adjusted Rate Cap. With respect to the Class A, Class M, Class R and Class B Certificates, a per annum rate equal to the Adjusted Net WAC Rate for that Distribution Date reduced by a per annum rate equal to (i) the product of (a) the Adjusted Net Deferred Interest, if any, for that Distribution Date and (b) 12, divided by (ii) the aggregate Stated Principal Balance of the Mortgage Loans immediately prior to such Distribution Date.
Adjusted Rate Cap. With respect to each Distribution Date and the related Due Period, the sum of (i) the Scheduled Payments owed on the Mortgage Loans for such Due Period less the related Servicing Fees and (ii) the Actual Monthly Payments received in excess of the Scheduled Payments, expressed as a per annum rate on the Stated Principal Balance of the Mortgage Loans for such Due Period, expressed as a per annum rate reflecting the accrual of interest on an actual/360 basis.
Adjusted Rate Cap. With respect to the LIBOR Certificates for any Distribution Date, the excess, if any, of the 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 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 first day of the related Due Period (after giving effect to Principal Prepayments received in the Prepayment Period ending during that Due Period). With respect to the Class X-P IO-1 and Class X-P IO-2 Components for any Distribution Date, the Pass-Through Rate for such Component computed for this purpose by (A) subtracting from the numerator of the Net Rate Cap calculation for such Distribution Date the product of (a) the Net Deferred Interest for such Distribution Date and (b) 12 and (B) computing the Pass-Through Rates of the Senior Certificates (other than the Class A-R and Class X-P Certificates) and the Subordinated Certificates by substituting “Adjusted Rate Cap” for “Net Rate Cap” in the calculation thereof.
Adjusted Rate Cap. With respect to the Group I Certificates and any Distribution Date, the excess, if any, of the Pass-Through Rate for such Certificates for such Distribution Date over a fraction expressed as a percentage, the numerator of which is equal to (x) 12 times the amount of the Net Deferred Interest for that Distribution Date, and the denominator of which is the aggregate principal balance of the Group I Mortgage Loans (prior to taking into account scheduled payments due during the related Due Period and unscheduled collections during the related Prepayment Period).
Adjusted Rate Cap. With respect to the Class A Certificates and the Class B Certificates, each Distribution Date and the related Due Period, the sum of (i) the Scheduled Payments owed on the Mortgage Loans for such Due Period less the Servicing Fees and Trustee Fees and (ii) the Actual Monthly Payments received in excess of the Scheduled Payments, expressed as a per annum rate calculated on the basis of the aggregate Stated Principal Balance of the Mortgage Loans for such Due Period and further reflecting the accrual of interest on an actual/360 basis.
Adjusted Rate Cap. With respect to any Subgroup and any Distribution Date, a per annum rate equal to the product obtained by multiplying (1) the related Net WAC Rate minus a per annum rate equal to (a) the product of (i) the Net Deferred Interest, if any, on the Mortgage Loans in such related Subgroup for that Distribution Date and (ii) 12, divided by (b) the Aggregate Stated Principal Balance of the Mortgage Loans in such related Subgroup immediately prior to such Distribution Date, by (2) 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.
Adjusted Rate Cap. Not applicable.