Group II Cap definition

Group II Cap. As of any Distribution Date and the Class AII 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 II Mortgage Loans.

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Group II Cap. With respect to any Distribution Date, a per annum rate equal to the Weighted Average Net Mortgage Rate for the Group II Mortgage Loans for such Distribution Date as of the first day of the related Collection Period.

Group II 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 12 times the quotient of (x) the total scheduled interest on the Group II Mortgage Loans for the related Interest Accrual Period at the Net Mortgage Interest Rates, net of the current interest on the Component A-IO-2 and (y) the aggregate Principal Balance of the Group II Mortgage Loans (as of the first day of the related Collection Period).

Examples of Group II Cap in a sentence

In addition, the amount deposited in the Reserve Fund shall be increased by any payments received by the Securities Administrator under the Group I Cap Contract and deposited into the Reserve Fund for the benefit of the Class A-1 Certificates and the Mezzanine Certificates and under the Group II Cap Contract and deposited in the Reserve Fund for the benefit of the Class A-2 Certificates and the Mezzanine Certificates.
The Certificates are limited in right of payment to certain collections and recoveries respecting the Mortgage Loans and payments received pursuant to the Swap Agreement and the [Group I] [Group II] Cap Contract, all as more specifically set forth herein and in the Agreement.
In addition, the amount deposited in the Reserve Fund shall be increased by any payments received by the Securities Administrator under the Group I Cap Contract and deposited into Reserve Fund for the benefit of the Class A-1 Certificates, Mezzanine Certificates and the Class B Certificates and under the Group II Cap Contract and deposited in the Reserve Fund for the benefit of the Class A-2 Certificates, the Mezzanine Certificates and the Class B Certificates.
In addition, to and including [ ], [ ], if the rate of three-month LIBOR increases to a level specified in the Group II Cap Agreement, the Trust will be entitled to receive payments from the Cap Counterparty in the amounts and on the dates set forth in the Group II Cap Agreement.
In addition, the amount deposited in the Reserve Fund shall be increased by any payments received by the Securities Administrator under the Group I Cap Contract and deposited into the Reserve Fund for the benefit of the Class A-1 Certificates, Mezzanine Certificates and the Class B Certificates and under the Group II Cap Contract and deposited in the Reserve Fund for the benefit of the Class A-2 Certificates, the Mezzanine Certificates and the Class B Certificates.
The Trustee shall not designate a Group II Early Termination Date under the Group II Cap Agreement without the consent of the Group II Cap Controlling Person.
The Group II Cap Collateral Account shall be an Eligible Account and shall be entitled “Group II Cap Collateral Account, ▇▇▇▇▇ Fargo Bank, National Association for the benefit of holders of ACE Securities Corp.
The Pass-Through Rate for the Class AII-1 Certificates for each Distribution Date will be the lesser of (i) the Class AII-1 Formula Rate and (ii) the Group II Cap.
On or before the Closing Date, the Cap Custodian shall establish a Cap Collateral Account with respect to each of the Group I Cap Contract (the “Group I Cap Collateral Account”) and the Group II Cap Contract (the “Group II Cap Collateral Account”).
Class A-2 The Class A-2 Certificates will accrue interest at a Pass-Through Rate: variable rate equal to the least of (i) one-month LIBOR plus [] bps ([] bps after the first distribution date on which the Optional Clean-up Call is exercisable), (ii) the Loan Group II Cap and (iii) the WAC Cap.

More Definitions of Group II Cap

Group II Cap. With respect to the Class AII Certificates and (i) any Distribution Date on or prior to the date on which the aggregate Principal Balance of the Class AI or Class AII Certificates has been reduced to zero, 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 II Mortgage Loans and (ii) any Distribution Date after the date on which the aggregate Principal Balance of the Class AI or Class AII Certificates has been reduced to zero, 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 all the Mortgage Loans.

Group II Cap. As of any Distribution Date and for the Class AII Certificates, a per annum rate equal to the Weighted Average Net Mortgage Rate for the Group II Mortgage Loans, adjusted by multiplying such rate by a fraction, the numerator of which is 30, and the denominator of which is equal to the number of days in the related Interest Accrual Period. 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 Principal Balance of such REMIC 1 Regular Interest.

Group II Cap. With respect to any Distribution Date, a per annum rate equal to (i) the average of the Net Mortgage Interest Rates for the Group II Mortgage Loans (weighted on the basis of the sum of the Principal Balances of the Group II Mortgage Loans as of the first day of the related Collection Period) less (ii) the Class II-A-IO Component Pass-Through Rate for such Distribution Date. The Group II Cap is equivalent to the Loan Group II Adjusted Weighted Average Net Mortgage Rate.