Expense Rate means, as of any date of determination, with respect to the Series 2013-VF1 Notes, the percentage equivalent of a fraction, (i) the numerator of which equals the sum of (1) the product of the Series Allocation Percentage for such Series multiplied by the aggregate amount of Fees due and payable by the Issuer on the next succeeding Payment Date plus (2) the product of the Series Allocation Percentage for such Series multiplied by any expenses payable or reimbursable by the Issuer on the next succeeding Payment Date, up to the applicable Expense Limit, if any, prior to any payments to the Noteholders of the Series 2013-VF1 Notes, pursuant to the terms and provisions of this Indenture Supplement, the Base Indenture or any other Transaction Document that have been invoiced to the Indenture Trustee and the Administrator, plus (3) the aggregate amount of related Series Fees payable by the Issuer on the next succeeding Payment Date and (ii) the denominator of which equals the sum of the outstanding Note Balances of all Series 2013-VF1 Notes at the close of business on such date.

Expense Rate means, as of any date of determination, with respect to the Series 2013-VF2 Notes, the percentage equivalent of a fraction, (i) the numerator of which equals the sum of (1) the product of the Series Allocation Percentage for such Series multiplied by the aggregate amount of Fees due and payable by the Issuer on the next succeeding Payment Date plus (2) the product of the Series Allocation Percentage for such Series multiplied by any expenses payable or reimbursable by the Issuer on the next succeeding Payment Date, up to the applicable Expense Limit, if any, prior to any payments to the Noteholders of the Series 2013-VF2 Notes, pursuant to the terms and provisions of this Indenture Supplement, the Base Indenture or any other Transaction Document that have been invoiced to the Indenture Trustee and the Administrator, plus (3) the aggregate amount of related Series Fees payable by the Issuer on the next succeeding Payment Date and (ii) the denominator of which equals the sum of the outstanding Note Balances of all Series 2013-VF2 Notes at the close of business on such date.

Examples of Expense Rate in a sentence

Expense Rate ------------ As to each Loan, the sum of (a) the Servicing Fee Rate and (b) the Trustee Fee Rate.
As to any Pledged Mortgage and Payment Date, the related Mortgage Rate as of the Due Date in the month preceding the month of such Payment Date reduced by the related Expense Rate.
Expense Rate ------------ As to each Loan, the sum of (a) the Servicing Fee Rate, (b) the Trustee Fee Rate and (c) with respect to each Covered Loan only, the MGIC Premium Rate.
As to each Loan, and at any time, the per annum rate equal to the Mortgage Rate less the related Expense Rate.
The ‘‘Net Mortgage Rate'' of a Kroup 1 Loan for any date means the original mortgage interest rate for that loan reduced by the applicable Trust Expense Rate (defined herein); provided, however, that in the case of any Credit Comeback Loan, the rate thus obtained is reduced by an additional 1.50%.

More Definitions of Expense Rate

Expense Rate. For any Distribution Date and each of the Fixed Rate Group and the Adjustable Rate Group, the sum of the rates at which the Servicing Fee, the Insurance Premium Amount and the Trustee Fee applicable to each of the Fixed Rate Group and the Adjustable Rate Group are calculated.

Expense Rate means the annualised percentage equivalent of a fraction (A) the numerator of which is the sum of: (1) the Class A Monthly Required Expense Amount, the Class B Monthly Required Expense Amount and the Class C Monthly Required Expense Amount, each for the related Monthly Period plus (2) an amount equal to the Investor Servicing Fee actually payable and (3) an amount equal to the Investor Trust Cash Management Fee actually payable each with respect to the related Monthly Period and (B) the denominator of which is the Investor Interest as of the Record Date preceding such Transfer Date;

Expense Rate means the expected administrative costs to administer the plan expressed as a percentage of

Expense Rate means, for any Remittance Period, the rate equal to 12 times a fraction, the numerator of which is the aggregate Allocated Expenses and Servicing Fee for such Remittance Period and the denominator of which is the Average Outstanding Purchase Prices of the Mortgage Loans owned by the Issuer during such Remittance Period.

Expense Rate. As of any date of determination, with respect to the Notes, the percentage equivalent of a fraction, (i) the numerator of which equals the aggregate amount of Fees due and payable by the Issuer on the next succeeding Payment Date plus any expenses payable or reimbursable by the Issuer on the next succeeding Payment Date, up to the applicable Expense Limit, if any, prior to the Holders of the Notes, pursuant to this Indenture or any other Transaction Document that have been invoiced to the Indenture Trustee and the Administrator, and (ii) the denominator of which equals the sum of the outstanding Note Balances of all Notes at the close of business on such date.