Group 2 Cap definition

Group 2 Cap. As of any Distribution Date and the Class A-2 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 2 Mortgage Loans.

Group 2 Cap. For any Distribution Date and for the Class A-2 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 2 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.

Group 2 Cap. As of any Distribution Date and the Class A-2A, Class A-2B and Class A-2C 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 2 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 LT2GRP, weighted on the basis of the Uncertificated Balance of such REMIC 1 Regular Interest.

Examples of Group 2 Cap in a sentence

• The Certificate Interest Rate for the Class A-2 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-2 Certificate Margin, (ii) the Group 2 Maximum Rate Cap and (iii) the Group 2 Cap.

• All income and gain realized from any such investment shall be deposited in the Group 2 Cap Termination Receipts Account or the Group 2 Cap Replacement Receipts Account, as applicable, and all losses, if any, shall be borne by the related account.

• The Trustee shall have no duty or responsibility to enter into any other interest rate cap agreement upon the expiration or termination of the Group 2 Cap Agreement.

• Amounts on deposit in the Group 2 Cap Replacement Receipts Account shall be held for the benefit of the Group 2 Cap Counterparty and paid to the Group 2 Cap Counterparty if the Trust Fund is required to make a payment to the Group 2 Cap Counterparty following an event of default or termination event with respect to the Trust Fund under the Group 2 Cap Agreement.

• Upon the designation of an “Early Termination Date” as defined in the Group 2 Cap Agreement, the payment required to be made by the Group 2 Cap Counterparty to the Trust Fund pursuant to the terms of the Group 2 Cap Agreement, and any unpaid amounts due from prior payment dates and accrued interest thereon as provided in the Group 2 Cap Agreement, as calculated by the Group 2 Cap Counterparty and furnished to the Trustee.

• Concurrently with the execution of this Agreement, the Group 2 Cap Agreement shall be delivered to the Trustee.

• In the event that a Responsible Officer of the Trustee shall have actual knowledge of any action or inaction of the Master Servicer that would become an Event of Default upon the Master Servicer’s failure to remedy the same after notice, the Trustee shall give notice thereof to the Master Servicer, the Certificate Insurer, any NIMS Insurer, the Group 1 Swap Counterparty, the Group 1 Cap Counterparty, the Balance Guaranteed Cap Counterparty and the Group 2 Cap Counterparty.

• Credit Support Annex: Each credit support annex, if any, to the Group 1 Swap Agreement, the Group 1 Cap Agreement, the Balance Guaranteed Cap Agreement or the Group 2 Cap Agreement, each dated as of June 29, 2007, and each between either the Supplemental Interest Trust or the Trustee on behalf of the Trust Fund and the Group 1 Swap Counterparty, the Group 1 Cap Counterparty, the Balance Guaranteed Cap Counterparty or the Group 2 Cap Counterparty, as applicable.

• The Trustee shall deposit in the Group 2 Net WAC Shortfall Reserve Fund all payments received from the Group 2 Supplemental Interest Trust that are payable to the Trust Fund under Section 4.01(o)(iii) from amounts under the Group 2 Interest Rate Swap Agreement and Group 2 Cap Contract, and on each Distribution Date, the Trustee shall remit such amounts received from the Group 2 Supplemental Interest Trust to the Holders of the Class 2-A Certificates in the manner provided in that Section.

• Upon termination of the Master Servicer or appointment of a successor to the Master Servicer, in each case as provided herein, the Trustee shall promptly mail notice thereof by first class mail to the Certificateholders at their respective addresses appearing on the Certificate Register, any NIMS Insurer, the Certificate Insurer, the Group 1 Swap Counterparty, the Group 1 Cap Counterparty, the Balance Guaranteed Cap Counterparty and the Group 2 Cap Counterparty.

More Definitions of Group 2 Cap

Group 2 Cap. For any Distribution Date and for the Class A-2 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 2 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 Pool Balance as of the first day of the related Collection Period.

Group 2 Cap. As of any Distribution Date and the Class A-2 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 2 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 LT2GRP, weighted on the basis of the Uncertificated Balance of such REMIC 1 Regular Interest.

Group 2 Cap. As of any Distribution Date and for the Class A-2 Certificates, a per annum rate equal to (i) the Weighted Average Net Mortgage Interest Rate for the Group 2 Mortgage Loans less (ii) 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.

Group 2 Cap. With respect to each Distribution Date and the Group 2 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 2 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 2 Mortgage Loans, (y) the Group 2 Allocation Percentage of any Net Swap Payment owed to the Swap Provider and (z) the Group 2 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 2 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 2 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-2 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 LT2GRP, weighted on the basis of the Uncertificated Balance of such REMIC 3 Regular Interest immediately prior to such Distribution Date.