Group 1 Cap definition

Group 1 Cap. As of any Distribution Date and the Class A-1 Certificates, a per annum rate, adjusted by multiplying such rate by a fraction equal to 30 over the actual number of days in the related Interest Accrual Period, equal to the Weighted Average Net Mortgage Interest Rate for the Group 1 Mortgage Loans.

Group 1 Cap. As of any Distribution Date and the Class A-1 Certificates, a per annum rate, adjusted by multiplying such rate by a fraction equal to 30 over the actual number of days in the related Interest Accrual Period, equal to the Weighted Average Net Mortgage Interest Rate for the Group 1 Mortgage Loans. For federal income tax purposes, the economic equivalent of such rate shall be expressed as the weighted average of the REMIC 1 Remittance Rate on REMIC 1 Regular Interest LT1GRP, weighted on the basis of the Uncertificated Balance of such REMIC 1 Regular Interest.

Group 1 Cap. For any Distribution Date and for the Class A-1 Certificates, (a) a per annum rate (subject to adjustment based on the actual number of days elapsed in the related Interest Accrual Period) equal to the Weighted Average Net Mortgage Interest Rate for the Group 1 Mortgage Loans minus (b) a percentage, expressed as a per annum rate (subject to an adjustment based on the actual number of days elapsed in the related Interest Accrual Period), calculated as a fraction, the numerator of which is the sum of (i) any Net Swap Payment owed to the Swap Provider and (ii) any Swap Termination Payment owed to the Swap Provider (other than any Swap Termination Payment resulting from a Swap Provider Trigger Event) and the denominator of which is the Pool Balance as of the first day of the related Collection Period.

Examples of Group 1 Cap in a sentence

• The Certificate Interest Rate for the Class A-1 Certificates for each Distribution Date will be the least of (i) One-Month LIBOR as of the related LIBOR Determination Date plus the Class A-1 Certificate Margin, (ii) the Group 1 Maximum Rate Cap and (iii) the Group 1 Cap.

• Concurrently with the execution of this Agreement, the Group 1 Swap Agreement and the Group 1 Cap Agreement shall be delivered to the Trustee.

• In addition, the Trustee shall hold the Group 1 Cap Agreement as an asset in the Pool 1 Basis Risk Reserve Fund.

• Marginal spending on tertiary education is far larger than either primary or secondary, and the progressive distribution of public education spending at the primary and secondary levels is largely erased when the tertiary level is included.

• Funds posted by the Group 1 Cap Counterparty and/or the Group 1 Swap Counterparty (or its credit support provider), the Balance Guaranteed Cap Counterparty (or its credit support provider) or the Group 2 Cap Counterparty (or its credit support provider) in the applicable Collateral Account shall be invested in Eligible Investments at the written direction of the Group 1 Cap Counterparty, the Group 1 Swap Counterparty, the Balance Guaranteed Cap Counterparty or the Group 2 Cap Counterparty, as applicable.

• The Group 1 Supplemental Interest Trust shall hold the Group 1 Interest Rate Swap Agreement, the Class 1-IO Interest, the Group 1 Cap Contracts and the Group 1 Derivative Account.

• During the 2005/06 field season a major new aerogeophysical survey was performed over the Wilkes Subglacial Basin, the Transantarctic Mountains and Dome C.

• Any interest earnings on such amounts shall be remitted to the Group 1 Cap Counterparty, the Group 1 Swap Counterparty, the Balance Guaranteed Cap Counterparty or the Group 2 Swap Counterparty, as applicable, pursuant to the terms of the related Credit Support Annex.

• The Trustee shall not be responsible for the legality or validity of this Agreement, any Servicing Agreement, any Custodial Agreement, the Group 1 Cap Agreement, the Group 1 Swap Agreement, the Balance Guaranteed Cap Agreement or the Group 2 Cap Agreement or the validity, priority, perfection or sufficiency of the security for the Certificates, the Pooling REMIC I Regular Interests or the Pooling REMIC II Regular Interests issued or intended to be issued hereunder.

• For all purposes of this Agreement, in the absence of actual knowledge by a Responsible Officer of the Trustee, the Trustee shall not be deemed to have knowledge of any failure of the Master Servicer or any other Event of Default unless notified in writing by the Depositor, the Master Servicer, the Certificate Insurer, the Group 1 Swap Counterparty, the Group 1 Cap Counterparty, the Balance Guaranteed Cap Counterparty, the Group 2 Cap Counterparty or the Certificateholders.

More Definitions of Group 1 Cap

Group 1 Cap. For any Distribution Date and for the Class A-1 Certificates, (a) a per annum rate (subject to adjustment based on the actual number of days elapsed in the related Interest Accrual Period) equal to the Weighted Average Net Mortgage Interest Rate for the Group 1 Mortgage Loans minus (b) a percentage, expressed as a per annum rate (subject to an adjustment based on the actual number of days elapsed in the related Interest Accrual Period), calculated as a fraction, the numerator of which is the sum of (i) any Net Swap Payment deposited into the Supplemental Interest Trust for payment to the Swap Provider and (ii) any Swap Termination Payment deposited into the Supplemental Interest Trust for payment to the Swap Provider (other than any Swap Termination Payment resulting from a Swap Provider Trigger Event) and the denominator of which is the sum of (x) the Pool Balance as of the first day of the related Collection Period and (y) any amounts in the Pre-Funding Accounts as of the first day of the related Collection Period.

Group 1 Cap. As to any Distribution Date and the Class 1-A-1 and Class 1-A-2 Certificates, the lesser of (i) 11.00% and (ii) a per annum rate equal to the product of (a) the Net WAC of the Group 1 Mortgage Loans and (b) a fraction, the numerator of which is the actual number of days in the related Interest Accrual Period and the denominator of which is 30.

Group 1 Cap. As of any Distribution Date and the Class A-1 Certificates, a per annum rate, adjusted by multiplying such rate by a fraction equal to 30 over the actual number of days in the related Interest Accrual Period, equal to the Weighted Average Net Mortgage Rate for the Group 1 Mortgage Loans. For federal income tax purposes, the economic equivalent of such rate shall be expressed as the weighted average of the Uncertificated REMIC 1 Pass-Through Rate on REMIC 1 Regular Interest LT1GRP, weighted on the basis of the Uncertificated Balance of such REMIC 1 Regular Interest.

Group 1 Cap. As of any Distribution Date and the Class A-1 Certificates, a per annum rate, adjusted by multiplying such rate by a fraction equal to 30 over the actual number of days in the related Interest Accrual Period, equal to the Weighted Average Net Mortgage Interest Rate for the Group 1 Mortgage Loans less the sum of (i) the product of (a) the Pass-Through Rate of the Class AIO Certificates for such Distribution Date and (b) a fraction, expressed as a percentage, the numerator of which is the Notional Amount of the Class AIO Certificates immediately prior to such Distribution Date and the denominator of which is the Pool Balance as of the first day of the related Collection Period and (ii) the Pass-Through Rate of the Class AIO-INV Certificates.

Group 1 Cap. With respect to each Distribution Date and the Group 1 Certificates, a per annum rate, equal to the product of (x) a fraction, expressed as a percentage, the numerator of which is (1) the amount of interest accrued on the Group 1 Mortgage Loans on the Due Date occurring in the prior calendar month, minus (2) the sum of (x) the Servicing Fee and the Credit Risk Manager Fee with respect to the Group 1 Mortgage Loans, (y) the Group 1 Allocation Percentage of any Net Swap Payment owed to the Swap Provider and (z) the Group 1 Allocation Percentage of any Swap Termination Payment (other than any Swap Termination Payment resulting from a Swap Provider Trigger Event) payable by the Trust, and the denominator of which is equal to the sum of (i) the aggregate Principal Balance of the Group 1 Mortgage Loans as of the last day of the immediately preceding Collection Period, after giving effect to Principal Prepayments received during the related Prepayment Period and (ii) the amount on deposit in the Group 1 Pre-Funding Account and (b) 12 and (y) a fraction whose numerator is 360 and whose denominator is the actual number of days elapsed in the related Interest Accrual Period. For federal income tax purposes and the REMIC 4 Regular Interests the ownership of which is represented by the Class A-1 Certificates, the weighted average (adjusted for the actual number of days elapsed in the related Accrual Period) of the Uncertificated REMIC 3 Pass-Through Rate on REMIC 3 Regular Interest LT1GRP, weighted on the basis of the Uncertificated Balance of such REMIC 3 Regular Interest immediately prior to such Distribution Date.