Initial Cap definition

Initial Cap means the product of (x) the Cap multiplied by (y) the quotient represented by (1) the number of days between the Distribution Date and December 31, 2018 (inclusive of such dates), divided by (2) 365.

Initial Cap. For each Mortgage Loan, the applicable limit on the adjustment of the Mortgage Interest Rate for the initial Rate Adjustment Date specified in the applicable Mortgage Note and designated as such in the Mortgage Loan Schedule.

Initial Cap has the meaning specified in Section 9.1.

Examples of Initial Cap in a sentence

• However, if an Initial Cap is not separately disclosed for an ARM PC, the Periodic Cap is the Initial Cap.

• If the field is blank and the Initial Cap is not specified in the Legend field, the Initial Cap equals the Periodic Cap; a value of zero (0.000%) indicates that there is no downward adjustment permitted.

• If the field is blank and the Initial Cap is not specified in the Legend field, the Initial Cap equals the Periodic Cap; a value of zero (0.000%) indicates that there is no upward adjustment permitted.

• Thirty (30) days following the Distribution Date, Indemnitor shall pay to Indemnitee the Estimated Initial Obligation; provided, that, in the event that the Estimated Initial Obligation exceeds the Initial Cap, Indemnitor shall pay to Indemnitee an amount equal to the Initial Cap.

• Thirty (30) days following the Distribution Date, Payor shall pay to Payee the Estimated Initial US Bendix Obligation; provided, that, in the event that the Estimated Initial US Bendix Obligation exceeds the Initial Cap, Payor shall pay to Payee an amount equal to the Initial Cap.

More Definitions of Initial Cap

Initial Cap. With respect to each Adjustable Rate Mortgage Loan, the maximum percentage per annum specified in the related Mortgage Note by which the Mortgage Rate may increase on the first Adjustment Date of such Mortgage Loan. Insurance Fee Rate: [to be provided if applicable.]

Initial Cap shall have the meaning as set forth in Section 4.1.15(a).

Initial Cap has the meaning given to such term in Section 5.4(a)(i).

Initial Cap means an amount equal to the Escrow Amount, including any portion of the Escrow Amount previously distributed by the Escrow Agent to, on behalf of, or for the benefit of Seller.

Initial Cap has the meaning ascribed thereto in Section 9.02(d) of this Agreement.

Initial Cap means, for any relevant period, an amount equal to six and one-half percent (6.5%) of Gross Receipts for such relevant period.

Initial Cap means TWO HUNDRED AND TEN MILLION DOLLARS ($210,000,000).