Group I Maximum Rate Cap definition

Group I Maximum Rate Cap. With respect to any Distribution Date and for the Class AI 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 Rate Ceilings for the Adjustable Rate Mortgage Loans which are Group I Mortgage Loans and the Net Mortgage Interest Rates for the Fixed Rate Mortgage Loans which are Group I Mortgage Loans, weighted on the basis of the unpaid principal balances of the Group I Mortgage Loans as of the first day of the related Collection Period.
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Group I Maximum Rate Cap. With respect to any Distribution Date, a per annum rate (subject to adjustment based on the actual number of days elapsed in the related Interest Accrual Period) equal to the 12 times the quotient of (x) the total scheduled interest that would have accrued on the Group I Mortgage Loans at their maximum lifetime Net Mortgage Interest Rates and (y) the aggregate Principal Balance of the Group I Mortgage Loans (as of the first day of the related Collection Period).
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Group I Maximum Rate Cap. With respect to any Distribution Date and the Class AV-1 and Class AV-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 of the Net Maximum Mortgage Interest Rates for the Group I Mortgage Loans, weighted on the basis of the Principal Balances of the Group I Mortgage Loans as of the first day of the related Collection Period.
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Examples of Group I Maximum Rate Cap in a sentence

  • Any interest shortfall due to the Group I Maximum Rate Cap will not be reimbursed.

  • Pool Maximum Rate Cap: The Pool Maximum Rate Cap will equal the weighted average of the Group I Maximum Rate Cap and the Group II Rate Cap (expressed on the basis of an assumed 360-day year and the actual number of days elapsed during the accrual period with respect to the Class M-1, Class M-2, Class M-3, Class M-4, Class M-5, Class M-6, Class B-1, Class B-2 and Class B-3 Certificates), weighted on the basis of the Group I Group Subordinate Amount and the Group II Group Subordinate Amount, respectively.

  • Maximum Rate Cap: For the Class AV-1, Class AV-2 and Class AV-3 Certificates, the Group I Maximum Rate Cap.

  • SUBORDINATE MAXIMUM RATE CAP The Subordinate Maximum Rate Cap will equal the weighted average of the Group I Maximum Rate Cap and the Group II Net WAC Cap (expressed on the basis of an assumed 360-day year and the actual number of days elapsed during the related accrual period), weighted on the basis of the Group I Group Subordinate Amount and the Group II Group Subordinate Amount, respectively.

  • PASS-THROUGH RATES - The Class AF-1 Pass-Through Rate will be a per annum rate equal to the least of (x) for any Distribution Date which occurs on or prior to the first possible Optional Termination Date, One-Month LIBOR plus [ ]% (the "Class AF-1 Margin"), and beginning on the first Distribution Date after the first possible Optional Termination Date, One-Month LIBOR plus 2 times the Class AF-1 Margin, (y) the Group I Available Funds Cap and (z) the Group I Maximum Rate Cap.


More Definitions of Group I Maximum Rate Cap

Group I Maximum Rate Cap. With respect to the Class AF-1 Certificates and any Distribution Date, the product of (A) 12 times the quotient obtained by dividing (x) the aggregate scheduled interest that would have been due on the Adjustable Rate Mortgage Loans in Group I during the related Due Period had the Adjustable Rate Mortgage Loans in Group I provided for interest at their respective maximum lifetime Mortgage Rates and the aggregate scheduled interest that would have been due on the Fixed Rate Mortgage Loans in Group I during the related Due Period had the Fixed Rate Mortgage Loans in Group I provided for interest at their respective Mortgage Rates, less the sum of the Group I Administration Fee and the Group I Certificate Insurer Premium for such Distribution Date, divided by (y) the Outstanding Principal Balances of the Group I Mortgage Loans for such Distribution Date and (B) fraction, the numerator of which is 30 and the denominator of which is the actual number of days in the related Accrual Period; and with respect to the Class AF-2, Class AF-3, Class AF-4 and Class AF-5 Certificates and any Distribution Date, 12 times the quotient obtained by dividing (x) the aggregate scheduled interest that would have been due on the Adjustable Rate Mortgage Loans in Group I during the related Due Period had the Adjustable Rate Mortgage Loans in Group I provided for interest at their respective maximum lifetime Mortgage Rates and the aggregate scheduled interest that would have been due on the Fixed Rate Mortgage Loans in Group I during the related Due Period had the Fixed Rate Mortgage Loans in Group I provided for interest at their respective Mortgage Rates, less the sum of the Group I Administration Fee and the Group I Certificate Insurer Premium for such Distribution Date, divided by (y) the Outstanding Principal Balances of the Group I Mortgage Loans for such Distribution Date.
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Group I Maximum Rate Cap. With respect to any Distribution Date, the weighted average of the maximum lifetime Net Mortgage Rates for the Group I Mortgage Loans multiplied by 30 and divided by the actual number of days in the related Interest Accrual Period.
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Group I Maximum Rate Cap. With respect to the Group I Mortgage Loans as of any Distribution Date, a per annum rate equal to the product of (1) the sum of (i) the Group I Net Maximum WAC plus (ii) the product of (A) 12 times the quotient of (x) the pro rata share (based on Interest Remittance Amount) of the Net Swap Payment and Swap Termination Payment (other than a Defaulted Swap Termination Payment), if any, made to the Supplemental Interest Trust allocable to the Group I Senior Certificates and (y) the Stated Principal Balance of the Group I Mortgage Loans as of the first day of the related Due Period and (2) a fraction, the numerator of which is 30 and the denominator of which is the actual number of days in the related Interest Accrual Period.
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Group I Maximum Rate Cap. With respect to the Group I Mortgage Loans as of any Distribution Date, a per annum rate equal to the product of (i) 12 times the quotient of (A) the total scheduled interest that would accrue on the Group I Mortgage Loans at their Maximum Mortgage Rate for the related Interest Accrual Period, net of Expense Fees and (B) the Stated Principal Balance of the Group I Mortgage Loans as of the first day of the related Collection Period and (ii) a fraction, the numerator of which is 30 and the denominator of which is the actual number of days in the related Interest Accrual Period.
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Related to Group I Maximum Rate Cap

  • Maximum Rate Cap Any of the Class A-1 Maximum Rate Cap, the Class A-2 Maximum Rate Cap or the Weighted Average Maximum Rate Cap.

  • Maximum Rate shall have the meaning assigned to such term in Section 9.09.

  • Minimum Rate With respect to each ARM Loan, the rate per annum set forth in the related Mortgage Note as the minimum Note Rate thereunder. The Minimum Rate as to each ARM Loan is set forth on the related Mortgage Loan Schedule.

  • Maximum Rate of Interest It is intended that the rate of interest hereon shall never exceed the maximum rate, if any, which may be legally charged on the loan evidenced by this Note ("Maximum Rate"), and if the provisions for interest contained in this Note would result in a rate higher than the Maximum Rate, interest shall nevertheless be limited to the Maximum Rate and any amounts which may be paid toward interest in excess of the Maximum Rate shall be applied to the reduction of principal, or, at the option of HSBC, returned to the Company.

  • Minimum Rate Period means any Rate Period consisting of 7 Rate Period Days.

  • Net Rate Cap With respect to any Distribution Date and the Class A-1, Class A-2, Class A-3 and Class M Certificates, the excess of (A) a per annum rate equal to the product of (x) the weighted average of the Net Mortgage Rates on the then outstanding Mortgage Loans, weighted based on the Stated Principal Balances of such Mortgage Loans as of the related Due Date prior to giving effect to any reduction in the Stated Principal Balances of such Mortgage Loans on such Due Date, and (y) a fraction, the numerator of which is 30 and the denominator of which is the actual number of days elapsed in the related Accrual Period, over (B) an amount, expressed as a per annum rate, equal to the sum of (i) the Net Swap Payment payable to the Swap Provider on such Distribution Date and (ii) an amount equal to the Swap Termination Payment not due to a Swap Provider Trigger Event payable to the Swap Provider, divided by the aggregate outstanding Stated Principal Balance of the Mortgage Loans as of the related Due Date prior to giving effect to any reduction in the Stated Principal Balances of such Mortgage Loans on such Due Date, multiplied by 12. With respect to any Distribution Date and the REMIC III Regular Interests the ownership of which is represented by the Class A-1, Class A-2, Class A-3 and Class M Certificates, a per annum rate equal to the weighted average (adjusted for the actual number of days elapsed in the related Accrual Period) of the Uncertificated REMIC II Pass-Through Rates on the REMIC II Regular Interests (other than REMIC II Regular Interests IO and P), weighted on the basis of the Uncertificated Principal Balances of each such REMIC II Regular Interest immediately prior to such Distribution Date.

  • Interest Rate Cap means any interest rate cap transaction entered into pursuant to the Agreement between Party A and Party B as evidenced by a Confirmation;

  • Maximum Revolving Advance Amount means $25,000,000.

  • Premium Rate has the meaning assigned to such term in the Premium Letter.

  • Maximum Swingline Amount means $5,000,000.

  • Interest Rate Cap Payment (a) With respect to the Group II Class A Certificates, beginning on the first Distribution Date and continuing through the immediately succeeding 35 Distribution Dates thereafter, the amount, if any, equal to the product of (i) the excess, if any, of the lesser of (A) the one-month LIBOR rate as of the related reset date under the Group II Class A Cap Agreement and (B) the applicable cap ceiling rate set forth on Schedule A to such Interest Rate Cap Agreement for such Distribution Date, over the applicable cap strike rate set forth on Schedule A to such Interest Rate Cap Agreement for such Distribution Date, calculated on an "actual/360" basis, and (ii) the applicable Class A-2, Class A-3 and Class A-4 notional amount set forth on Schedule A to such Interest Rate Cap Agreement for such Distribution Date; (b) with respect to the Class M Certificates, beginning on the first Distribution Date and continuing through the immediately succeeding 43 Distribution Dates thereafter, the amount, if any, equal to the product of (i) the excess, if any, of the lesser of (A) the one-month LIBOR rate as of the related reset date under the Class M Cap Agreement and (B) the applicable cap ceiling rate set forth on Schedule A to such Interest Rate Cap Agreement for such Distribution Date, over the applicable cap strike rate set forth on Schedule A to such Interest Rate Cap Agreement for such Distribution Date, calculated on an "actual/360" basis, and (ii) the applicable Class M-1, Class M-2 and Class M-3 notional amount set forth on Schedule A to such Interest Rate Cap Agreement for such Distribution Date; and (c) with respect to the Class B Certificates, beginning on the first Distribution Date and continuing through the immediately succeeding 43 Distribution Dates thereafter, the amount, if any, equal to the product of (i) the excess, if any, of the lesser of (A) the one-month LIBOR rate as of the related reset date under the Class B Cap Agreement and (B) the applicable cap ceiling rate set forth on Schedule A to such Interest Rate Cap Agreement for such Distribution Date, over the applicable cap strike rate set forth on Schedule A to such Interest Rate Cap Agreement for such Distribution Date, calculated on an "actual/360" basis, and (ii) the applicable Class B-1, Class B-2 and Class B-3 notional amount set forth on Schedule A to such Interest Rate Cap Agreement for such Distribution Date.

  • Base premium rate means, for each class of business as to a rating period, the lowest premium rate charged or that could have been charged under the rating system for that class of business by the small employer carrier to small employers with similar case characteristics for health benefit plans with the same or similar coverage.

  • Interest Rate Cap Agreement means, as applicable, an Interest Rate Cap Agreement (together with the confirmation and schedules relating thereto) in form and substance reasonably satisfactory to Lender between Borrower and an Acceptable Counterparty or a Replacement Interest Rate Cap Agreement.

  • Maximum Revolving Amount At any date as of which same is to be determined, the amount by which (x) $3,500,000 exceeds (y) the sum of (i) all then undrawn amounts of letters of credit issued by the Bank for the account of the Borrower plus (ii) all amounts then drawn on any such letter of credit which at said date shall not have been reimbursed to the Bank by the Borrower.

  • Maximum Face Amount means, with respect to any outstanding Letter of Credit, the face amount of such Letter of Credit including all automatic increases provided for in such Letter of Credit, whether or not any such automatic increase has become effective.

  • Maximum Loan Rate With respect to each Mortgage Loan, the percentage set forth in the related Mortgage Note as the maximum Loan Rate thereunder.

  • Lifetime Rate Cap The provision of each Mortgage Note related to an Adjustable Rate Mortgage Loan which provides for an absolute maximum Mortgage Interest Rate thereunder. The Mortgage Interest Rate during the terms of each Adjustable Rate Mortgage Loan shall not at any time exceed the Mortgage Interest Rate at the time of origination of such Adjustable Rate Mortgage Loan by more than the amount per annum set forth on the related Mortgage Loan Schedule.

  • Periodic Mortgage Rate Cap With respect to an Adjustable Rate Mortgage Loan, the periodic limit on each Mortgage Rate adjustment as set forth in the related Mortgage Note.

  • Replacement Interest Rate Cap Agreement means an interest rate cap agreement from an Acceptable Counterparty with terms identical to the Interest Rate Cap Agreement except that the same shall be effective in connection with replacement of the Interest Rate Cap Agreement following a downgrade, withdrawal or qualification of the long-term unsecured debt rating of the Counterparty; provided that to the extent any such interest rate cap agreement does not meet the foregoing requirements, a “Replacement Interest Rate Cap Agreement” shall be such interest rate cap agreement approved in writing by each of the Rating Agencies and Lender with respect thereto.

  • Periodic Interest Rate Cap As to each adjustable rate Mortgage Loan, the maximum increase or decrease in the Mortgage Interest Rate on any Adjustment Date pursuant to the terms of the Mortgage Note.

  • Net Loan Rate With respect to any Mortgage Loan (or the related REO Property), as of any date of determination, a per annum rate of interest equal to the then applicable Loan Rate for such Mortgage Loan minus the related Servicing Fee Rate and the Master Servicing Fee Rate.

  • Highest Lawful Rate means the maximum lawful interest rate, if any, that at any time or from time to time may be contracted for, charged, or received under the laws applicable to any Lender which are presently in effect or, to the extent allowed by law, under such applicable laws which may hereafter be in effect and which allow a higher maximum nonusurious interest rate than applicable laws now allow.

  • Maximum Lawful Rate has the meaning set forth in Section 2.7.

  • Maximum Cap Rate For any Distribution Date with respect to the Group I Certificates, a per annum rate equal to the sum of (i) the product of (x) the weighted average of the Expense Adjusted Net Maximum Mortgage Rates of the Group I Mortgage Loans minus an amount, expressed as a percentage, equal to the Net Swap Payment and Swap Termination Payment, if any (other than termination payments resulting from a Swap Provider Trigger Event), due from the Trust for such Distribution Date, multiplied by 12, weighted on the basis of the outstanding Stated Principal Balances of the Group I Mortgage Loans as of the first day of the month preceding the month of such Distribution Date (after giving effect to scheduled payments of principal due during the related Due Period, to the extent received or advanced, and unscheduled collections of principal received during the related Prepayment Period) and (y) 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 and (ii) an amount, expressed as a percentage, equal to a fraction, the numerator of which is equal to the Net Swap Payment made by the Interest Rate Swap Provider and the denominator of which is equal to the aggregate Stated Principal Balance of the Mortgage Loans, multiplied by 12. For any Distribution Date with respect to the Group II Certificates, a per annum rate equal to the sum of (i) the product of (x) the weighted average of the Expense Adjusted Net Maximum Mortgage Rates of the Group II Mortgage Loans minus an amount, expressed as a percentage, equal to the Net Swap Payment and Swap Termination Payment, if any (other than termination payments resulting from a Swap Provider Trigger Event), due from the Trust for such Distribution Date, multiplied by 12, weighted on the basis of the outstanding Stated Principal Balances of the Group II Mortgage Loans as of the first day of the month preceding the month of such Distribution Date (after giving effect to scheduled payments of principal due during the related Due Period, to the extent received or advanced, and unscheduled collections of principal received during the related Prepayment Period) and (y) 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 and (ii) an amount, expressed as a percentage, equal to a fraction, the numerator of which is equal to the Net Swap Payment made by the Interest Rate Swap Provider and the denominator of which is equal to the aggregate Stated Principal Balance of the Mortgage Loans, multiplied by 12. For any Distribution Date with respect to the Mezzanine Certificates, a per annum rate equal to the sum of (i) the product of (x) the weighted average (weighted on the basis of the results of subtracting from the aggregate Stated Principal Balance of the applicable Loan Group, the current Certificate Principal Balance of the related Class A Certificates) of the weighted average of the Expense Adjusted Net Maximum Mortgage Rates of the Group I Mortgage Loans and the Group II Mortgage Loans, in each case, weighted on the basis of the outstanding Stated Principal Balances of the related Mortgage Loans as of the first day of the month preceding the month of such Distribution Date (after giving effect to scheduled payments of principal due during the related Due Period, to the extent received or advanced, and unscheduled collections of principal received during the related Prepayment Period) and (y) 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 and (ii) an amount, expressed as a percentage, equal to a fraction, the numerator of which is equal to the Net Swap Payment made by the Interest Rate Swap Provider and the denominator of which is equal to the aggregate Stated Principal Balance of the Mortgage Loans, multiplied by 12.

  • Net WAC Cap The Group 1 Net WAC Cap, the Group 2 Net WAC Cap or the Subordinate WAC Cap, as applicable.

  • Maximum Revolving Loan Amount means, as of any date of determination, the lesser of (a) the Revolving Loan Commitment(s) of all Lenders minus the Letter of Credit Reserve and (b) the Borrowing Base minus the Letter of Credit Reserve.