Cap Receipts definition

Cap Receipts means all amounts received by a Borrower pursuant to an Interest Rate Cap Agreement.

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Cap Receipts means any amount actually received by the Corporation or the Trustee under a

Cap Receipts means an amount equal to the product of: (a) LIBOR for the related Payment Date minus the Cap Rate; (b) the aggregate notional amount on the Interest Rate Cap Agreement(s)[, which will equal the aggregate outstanding principal amount of the Class A-[●] Notes on the first day of the Accrual Period related to such Payment Date]; and (c) a fraction, the numerator of which is the actual number of days elapsed from and including the previous Payment Date, to but excluding the current Payment Date, or with respect to the first Payment Date, from and including the Closing Date, to but excluding the first Payment Date, and the denominator of which is [360][365].]

Examples of Cap Receipts in a sentence

Borrower shall cause all Cap Receipts to be paid directly to the Cash Management Account.
Class C Net Cap Receipts shall be deposited by the Trustee in the Collection Account on the date such Class C Net Cap Receipts are paid and shall be treated as Collections of Finance Charge Receivables allocated to the Series 2007-1 Certificates and available to be applied as Class C Available Funds.
Borrower shall, and shall cause Manager to, deposit any other Collections (other than Rents, Net Transfer Proceeds and Cap Receipts) received by or on behalf of Borrower directly into the Cash Management Account within three (3) Business Days following receipt thereof; provided, that Insurance Proceeds and Condemnation Proceeds shall be handled in accordance with Sections 5.2, 5.3 and 5.4.
On each Payment Date during which the Group 2 Senior Cap Agreement is in effect, the Trust Administrator shall withdraw from the Interest Rate Cap Account any Interest Rate Cap Receipts from the Group 2 Senior Cap Agreement to make payments to the Class 2-A Notes, to the extent of any Available Funds Shortfalls on such Notes.
Any Interest Rate Cap Receipts that are not applied to the payment of Available Funds Shortfalls in the manner described in the preceding sentence shall be paid by the Trust Administrator to the holder of the Ownership Certificate.
On each Payment Date during which the Subordinate Cap Agreement is in effect, the Trust Administrator shall withdraw from the Interest Rate Cap Account any Interest Rate Cap Receipts from the Subordinate Cap Agreement to make payments to the Class M Notes, to the extent of any Available Funds Shortfalls on such Notes, in the order and priority described in Section 6.02(f)(i)(b) or (f)(ii)(i), as applicable.

More Definitions of Cap Receipts

Cap Receipts means an amount equal to the product of: (a) [insert applicable benchmark rate] for the related Payment Date minus the Cap Rate; (b) the aggregate notional amount on the Interest Rate Cap Agreement(s)[, which will equal the aggregate outstanding principal amount of the Class A-[•] Notes on the first day of the Accrual Period related to such Payment Date]; and (c) a fraction, the numerator of which is the actual number of days elapsed from and including the previous Payment Date, to but excluding the current Payment Date, or with respect to the first Payment Date, from and including the Closing Date, to but excluding the first Payment Date, and the denominator of which is [360][365].]