Formula Rate definition

Formula Rate. For any Distribution Date and the Class A Certificates and the Mezzanine Certificates, the lesser of (i) One-Month LIBOR plus the related Certificate Margin and (ii) the Maximum Cap Rate.

Formula Rate. For any Distribution Date and each Class of Adjustable-Rate Certificates, the lesser of (i) One-Month LIBOR plus the related Certificate Margin and (ii) the related Maximum Cap Rate.

Formula Rate means an annual rate of interest four (4) percentage points above the average prime loan rate (or the average short-term business loan rate, however denominated) for the most recent week for which such an average rate has been published by the board of governors of the Federal Reserve System, or twenty-four percent (24%) per annum, whichever is less; . . . .

Examples of Formula Rate in a sentence

• The Pass-Through Rate applicable to the calculation of interest payable with respect to this Certificate on any Distribution Date shall be the lesser of (x) the related Formula Rate for such Distribution Date and (y) the Net WAC Pass-Through Rate for such Distribution Date.

• The Pass-Through Rate applicable to the calculation of interest payable with respect to this Certificate on any Distribution Date shall equal a rate per annum equal to the lesser of (i) the related Formula Rate for such Distribution Date and (ii) the related Net WAC Rate for such Distribution Date.

• For any Distribution Date and this Certificate, the Formula Rate is the lesser of (a) One-Month LIBOR plus the Certificate Margin and (b) the Maximum Cap Rate.

• The Pass-Through Rate applicable to the calculation of interest payable with respect to this Certificate on any Distribution Date shall equal a rate per annum equal to the lesser of (i) the related Formula Rate for such Distribution Date and (ii) the related Net WAC Pass-Through Rate for such Distribution Date.

• For any Distribution Date and this Certificate, the Formula Rate is One-Month LIBOR plus the Certificate Margin.

More Definitions of Formula Rate

Formula Rate. As to any Class of LIBOR Certificates and any Distribution Date, the sum of One-Month LIBOR and the applicable Certificate Margin.

Formula Rate. For any Distribution Date and any Class of the Floating Rate Certificates, the lesser of (i) the Base Rate and (ii) the Maximum Cap Rate.

Formula Rate means the Formula together with the Protocols.

Formula Rate. With respect to the Class A-I Certificates and Class M-I Certificates, a per annum rate equal to:

Formula Rate means that rate of interest which is five

Formula Rate. With respect to any Payment Date and a Class of Group II Certificates, the rate determined in accordance with clause (x) of the definition of "Pass-Through Rate" for such Class.

Formula Rate. For any Distribution Date and the Class A Certificates, the Mezzanine Certificates and Class B Certificates, LIBOR plus the related Certificate Margin.