Group 1 Maximum Rate Cap. With respect to any Distribution Date and for the Class A-1 and Class A-1A 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 average of the Net Maximum Mortgage Interest Rates for the Adjustable-Rate Mortgage Loans which are Group 1 Mortgage Loans and the Net Mortgage Interest Rates for the Fixed-Rate Mortgage Loans which are Group 1 Mortgage Loans, weighted on the basis of the Principal Balances of the Group 1 Mortgage Loans as of the first day of the related Collection Period.
Group 1 Maximum Rate Cap. As of any Distribution Date and 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 Maximum Mortgage Interest Rates 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 equal to the Pool Balance as of the first day of the related Collection Period plus (c) a percentage, expressed as a per annum rate (subject to adjustment based on the actual number of days elapsed in the related Interest Accrual Period), calculated as a fraction, the numerator of which is equal to any Net Swap Payment made by the Swap Provider and the denominator of which is equal to the Pool Balance as of the first day of the related Collection Period.
Group 1 Maximum Rate Cap. With respect to any Distribution Date and for 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 average of the Net Maximum Mortgage Interest Rates of the Group 1 Mortgage Loans, weighted on the basis of the Principal Balances of the Group 1 Mortgage Loans as of the first day of the related Collection Period.
Examples of Group 1 Maximum Rate 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.
The Certificate Interest Rate for the Class A-1A 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-1A Certificate Margin, (ii) the Group 1 Maximum Rate Cap and (iii) the Group 1 Cap.
The Certificate Interest Rate for the Class A-1SS 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-1SS Certificate Margin, (ii) the Group 1 Maximum Rate Cap and (iii) the Group 1 Cap.
More Definitions of Group 1 Maximum Rate Cap
Group 1 Maximum Rate Cap. With respect to the Group 1 Mortgage Loans as of any Distribution Date, a per annum rate of the product of (i) 12 times the quotient of (x) the total scheduled interest that would have accrued on the Group 1 Mortgage Loans at their Maximum Loan Rate for the related Interest Accrual Period, net of Expense Fees related to the Group 1 Mortgage Loan for that Distribution Date and (y) the aggregate Stated Principal Balance of the Group 1 Mortgage Loans as of the first day of the related Collection Period, expressed on the basis of an assumed 360-day year and the actual number of days elapsed during the related Interest Accrual Period.
Group 1 Maximum Rate Cap. With respect to any Distribution Date and for the Class A-1 Certificates, a per annum rate equal to (i) on or prior to the Distribution Date in September 2008, the greater of (a) the Group 1 Maximum Net Rate (subject to adjustment based on the actual number of days elapsed in the related Interest Accrual Period and (b) 10% and (ii) after the Distribution Date in September 2008, the Group 1 Maximum Net Rate (subject to adjustment based on the actual number of days elapsed in the related Interest Accrual Period.
Group 1 Maximum Rate Cap. With respect to the Class 1-A Certificates and any Distribution Date, a per annum rate (which will not be less than zero) equal to (i) the weighted average of the Net Maximum Mortgage Rates of the Group 1 Loans using the Net Maximum Mortgage Rates in effect on such Group 1 Loans during the related Due Period, multiplied by a fraction, expressed as a percentage, the numerator of which is 30 and the denominator of which is the actual number of days in the related Interest Accrual Period for such Certificates, minus (ii) the product of (a) a fraction, expressed as a percentage, the numerator of which is the amount of any Net Swap Payments or Swap Termination Payments not due to a Swap Provider Trigger Event owed to the Swap Provider as of such Distribution Date and the denominator of which is the aggregate Stated Principal Balance of the Mortgage Loans before giving effect to distributions of principal to be made on that Distribution Date, and (b) 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.
Group 1 Maximum Rate Cap. As of any Distribution Date and 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 Maximum Mortgage Interest Rates 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 equal to the sum of (x) the Pool Balance as of the first day of the related Collection Period and (y) any amounts remaining in the Pre-Funding Accounts as of the first day of the related Collection Period plus (c) a percentage, expressed as a per annum rate (subject to adjustment based on the actual number of days elapsed in the related Interest Accrual Period), calculated as a fraction, the numerator of which is equal to any Net Swap Payment made by the Swap Provider and the denominator of which is equal to the sum of (1) the Pool Balance as of the first day of the related Collection Period and (2) any amounts remaining in the Pre-Funding Accounts as of the first day of the related Collection Period.
Group 1 Maximum Rate Cap. With respect to any Distribution Date and for the Class A-1 Certificates, a per annum rate equal to (i) on or prior to the Distribution Date in July 2008, the greater of (a) the Group 1 Maximum Net Rate (subject to adjustment based on the actual number of days elapsed in the related Interest Accrual Period and (b) 10% and (ii) after the Distribution Date in July 2008, the Group 1 Maximum Net Rate (subject to adjustment based on the actual number of days elapsed in the related Interest Accrual Period.
Group 1 Maximum Rate Cap. As of any Distribution Date and the Group 1 Certificates, a per annum rate equal to the product of (1) the weighted average of the Net Maximum Mortgage Interest Rates of the Group 1 Mortgage Loans minus an amount, expressed as a per annum rate, equal to the sum of (x) the product of (i) any Net Swap Payment owed to the Swap Provider divided by the aggregate principal balances of the Mortgage Loans and (ii) 12 and (y) the product of (i) any Swap Termination Payment (other than any Swap Termination Payemnt resulting from a Swap Provider Trigger Event), payable by the Trust, divided by the aggregate principal balances of the Mortgage Loans and (ii) 12, plus an amount, expressed as a per annum rate, equal to the product of (x) a fraction, the numerator of which is equal to any Net Swap Payment made by the Swap Provider and the denominator of which is equal to the aggregate principal balances of the Mortgage Loans and (y) 12 and (2) a fraction, the numerator of which is 30 and the denominator of which is the actual number of days elapsed in the related Interest Accrual Period.
Group 1 Maximum Rate Cap. With respect to any Distribution Date and for 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 average of the Net Maximum Mortgage Interest Rates for the Adjustable-Rate Mortgage Loans which are Group 1 Mortgage Loans and the Net Mortgage Interest Rates for the Fixed-Rate Mortgage Loans which are Group 1 Mortgage Loans, weighted on the basis of the Principal Balances of the Group 1 Mortgage Loans as of the first day of the related Collection Period, 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 for such Distribution Date.