Initial Rate Cap definition

Initial Rate Cap. With respect to each Adjustable Rate Mortgage Loan and the initial Adjustment Date therefor, a number of percentage points per annum that is set forth in the Mortgage Loan Schedule and in the related Mortgage Note, which is the maximum amount by which the Mortgage Interest Rate for such Adjustable Rate Mortgage Loan may increase or decrease from the Mortgage Interest Rate in effect immediately prior to such Adjustment Date.
Initial Rate Cap. As to each ARM Mortgage Loan, the maximum increase or decrease in the Mortgage Interest Rate on the first Adjustment Date as provided in the related Mortgage Note.

Examples of Initial Rate Cap in a sentence

  • In connection with any such assumption, the outstanding principal amount, the Monthly Payment, the Mortgage Interest Rate, the Lifetime Rate Cap (if applicable), the Gross Margin (if applicable), the Initial Rate Cap (if applicable) or the Periodic Rate Cap (if applicable) of the related Mortgage Note shall not be changed, and the term of the Mortgage Loan will not be increased or decreased.

  • As to each ARM Mortgage Loan, on each applicable Adjustment Date, the Mortgage Interest Rate will be adjusted to equal the sum of the Index plus the applicable Gross Margin, rounded up or down to the nearest multiple of 0.125%; provided, however, that the Mortgage Interest Rate will not increase or decrease by more than the Initial Rate Cap on the first Adjustment Date or the Periodic Rate Cap on any subsequent Adjustment Date, and will in no event exceed the Lifetime Rate Cap.

  • In connection with any such assumption, the related Mortgage Interest Rate, the Unpaid Principal Balance, the Lifetime Rate Cap (if applicable), the Gross Margin (if applicable), the Initial Rate Cap (if applicable) or the Periodic Rate Cap (if applicable) of the related Mortgage Note and the term of the Mortgage Loan may not be changed.

  • As to each adjustable rate Mortgage Loan, on each applicable Adjustment Date, the Mortgage Interest Rate will be adjusted to equal the sum of the Index, plus the applicable Margin; provided, that the Mortgage Interest Rate, on each applicable Adjustment Date, will not increase by more than the Initial Rate Cap or Periodic Rate Cap, as applicable.

  • In connection with any such assumption or substitution of liability, neither the Mortgage Interest Rate borne by the related Mortgage Note, the term of the Mortgage Loan, the Index, the Lifetime Mortgage Interest Rate Cap, the Initial Rate Cap or the Gross Margin of any Mortgage Loan, nor the outstanding principal amount of the Mortgage Loan shall be changed.

  • In connection with any such assumption, the outstanding principal amount, the Monthly Payment, the Mortgage Interest Rate, the Lifetime Rate Cap, the Gross Margin, the Initial Rate Cap or the Periodic Rate Cap of the related Mortgage Note shall not be changed, and the term of the Mortgage Loan will not be increased or decreased.

  • As to each Adjustable Rate Mortgage Loan, on each applicable Adjustment Date, the Mortgage Interest Rate will be adjusted to equal the sum of the Index plus the applicable Gross Margin, rounded up or down as provided in the Mortgage Note; provided, however, that the Mortgage Interest Rate will not increase or decrease by more than the Initial Rate Cap on the first Adjustment Date or the Periodic Rate Cap on any subsequent Adjustment Date, and will in no event exceed the Lifetime Rate Cap.

  • As to each ARM Mortgage Loan, on each applicable Adjustment Date, the Mortgage Interest Rate will be adjusted to equal the sum of the Index plus the applicable Gross Margin, rounded up or down as stated on the related Mortgage Note; provided, however, that the Mortgage Interest Rate will not increase or decrease by more than the Initial Rate Cap on the first Adjustment Date or the Periodic Rate Cap on any subsequent Adjustment Date, and will in no event exceed the Lifetime Rate Cap.

  • The interest rate on the related Mortgage Note is adjusted annually in the case of Treasury Rate Mortgage Loans and LIBOR Mortgage Loans on each Interest Rate Adjustment Date to equal the Index plus the Gross Margin, subject to the Initial Rate Cap, Periodic Rate Cap and the Lifetime Mortgage Interest Rate Cap as set forth in the Mortgage Note.

  • The Mortgage Interest Rate for a 5/1 ARM Mortgage Loan and a 3/1 ARM Mortgage Loan is adjusted annually commencing from and after the sixtieth Monthly Payment and the thirty-sixth Monthly Payment, respectively, in the same manner as a Treasury Rate Mortgage Loan and LIBOR Mortgage Loan, provided, however, that the Periodic Rate Cap does not apply to the initial Interest Rate Adjustment Date for such 5/1 ARM Mortgage Loan (the Initial Rate Cap does apply).


More Definitions of Initial Rate Cap

Initial Rate Cap. With respect to each Mortgage Loan and the initial Adjustment Date, the rate cap that limits the increase or the decrease of the related Mortgage Rate on the initial Adjustment Date pursuant to the terms of the related Mortgage Note.
Initial Rate Cap. With respect to each adjustable rate Mortgage Loan and the first Adjustment Date after the Origination Date, a number of percentage points per annum that is set forth in the related Mortgage Loan Schedule and in the related Mortgage Note, which is the maximum amount by which the Mortgage Interest Rate for such Mortgage Loan may increase (without regard to the Maximum Mortgage Interest Rate) or decrease (without regard to the Minimum Mortgage Interest Rate) on such Adjustment Date from the Mortgage Interest Rate in effect immediately prior to such Adjustment Date.
Initial Rate Cap. With respect to each Adjustable Rate Mortgage Loan and the initial Adjustment Date therefor, a number of percentage points per annum that is set forth in the Mortgage Loan Schedule and in the related Mortgage Note, which is the maximum amount by which the Mortgage Interest Rate for such Adjustable Rate Mortgage Loan may increase or decrease from the Mortgage Interest Rate in effect immediately prior to such Adjustment Date. Initial Purchaser: RWT Holdings, Inc., its successors and assigns, as initial purchaser of the Mortgage Loans hereunder.
Initial Rate Cap. As to each ARM Mortgage Loan, the maximum increase or decrease in the Mortgage Interest Rate on the first Adjustment Date as provided in the related Mortgage Note. Investor: With respect to each MERS Designated Mortgage Loan, the Person named on the MERS® System as the investor pursuant to the MERS Procedures Manual.
Initial Rate Cap. A fixed percentage specified in the related mortgage note by which the related Mortgage Rate generally will not increase or decrease on the first Adjustment Date more than such fixed percentage.

Related to Initial Rate Cap

  • Initial Rate Period means, with respect to the VMTP Shares of any Series, the period commencing on and including the Date of Original Issue thereof and ending on, and including, the next succeeding calendar day that is a Wednesday (or if such Wednesday is not a Business Day, the next succeeding Business Day).

  • Initial Rate means each rate of interest to be paid in an Initial Period as set forth in the Certificate.

  • Net Rate Cap For any Distribution Date and (i) each of the Class I-A and the Class II-A Certificates, the weighted average of the Net Rates of the Mortgage Loans in the related Loan Group as of the beginning of the related Due Period, weighted on the basis of the Stated Principal Balances thereof as of the preceding Distribution Date, as adjusted to an effective rate reflecting the accrual of interest on the basis of a 360-day year and the actual number of days elapsed in the related Interest Accrual Period and (ii) each of the Class M Certificates and the Class B Certificates, the weighted average of the Net Rates on the Mortgage Loans in each Loan Group, weighted in proportion to the results of subtracting from the aggregate Stated Principal Balance of each Loan Group, the Certificate Principal Balance of the related classes of Senior Certificates, as adjusted to an effective rate reflecting the accrual of interest on the basis of a 360-day year and the actual number of days elapsed in the related Interest Accrual Period. For federal income tax purposes, the Net Rate Cap (a) with respect to the Class I-A Certificates, is equal to the Uncertificated REMIC II Pass-Through Rate for the REMIC II Regular Interests LT1, LT2 and LT-Y1, (b) with respect to the Class II-A Certificates, is equal to the Uncertificated Pass-Through Rate for the REMIC II Regular Interests LT5, LT6 and LT-Y2 and (c) with respect to the Class M Certificates and Class B Certificates is the weighted average of the Uncertificated REMIC II Pass-Through Rates on the LT-Y1 and LT-Y2 REMIC II Regular Interests, weighted on the basis of their respective Uncertificated Principal Balances.

  • Interest Rate Cap means a Cap.

  • Special Rate Period with respect to the VRDP Shares, has the meaning specified in paragraph (a) of Section 4 of Part I of the Articles Supplementary.

  • Initial Rate of Interest means the initial rate of interest per annum specified as such in the relevant Final Terms;

  • 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.

  • Interest Rate Period means any Daily Interest Rate Period, Weekly Interest Rate Period, Short-Term Interest Rate Period, Long- Term Interest Rate Period or ARS Interest Rate Period.

  • Fixed Rate Calculation Date means, for any Subsequent Fixed Rate Period, the 30th day prior to the first day of such Subsequent Fixed Rate Period.

  • RMB Rate Calculation Date means the day which is two RMB Rate Calculation Business Days before the due date for payment of the relevant Renminbi amount under the Conditions.

  • 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.

  • 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 Rate Cap With respect to each Adjustable Rate Mortgage Loan and any Adjustment Date therefor, the fixed percentage set forth in the related Mortgage Note, which is the maximum amount by which the Mortgage Rate for such Mortgage Loan may increase or decrease (without regard to the Maximum Mortgage Rate or the Minimum Mortgage Rate) on such Adjustment Date from the Mortgage Rate in effect immediately prior to such Adjustment Date.

  • Subsequent Reset Rate of Interest means, in respect of any Subsequent Reset Period, the rate of interest determined by the Calculation Agent on the relevant Reset Determination Date as the sum of the relevant Mid-Swap Rate and the relevant Subsequent Margin.

  • 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.

  • Incremental Term Loan Maturity Date means the final maturity date of any Incremental Term Loan, as set forth in the applicable Incremental Term Loan Assumption Agreement.

  • Fixed Rate Period Remaining Life means, with respect to any Debenture, the period from the Special Redemption Date for such Debenture to the Interest Payment Date in December 2010.

  • Incremental Term Loan Installment Date shall have, with respect to any Class of Incremental Term Loans established pursuant to an Incremental Assumption Agreement, the meaning assigned to such term in Section 2.10(a)(ii).

  • Interest Rate Option means any LIBOR Rate Option or Base Rate Option.

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

  • Initial Term Loan Maturity Date means September 24, 2014 or, if such date is not a Business Day, the first Business Day thereafter.

  • Pricing Rate Period means, with respect to any Transaction and any Remittance Date (a) in the case of the first Pricing Rate Period, the period commencing on and including the Purchase Date for such Transaction and ending on and excluding the following Remittance Date, and (b) in the case of any subsequent Pricing Rate Period, the period commencing on and including the immediately preceding Remittance Date and ending on and excluding such Remittance Date; provided, however, that in no event shall any Pricing Rate Period for a Purchased Asset end subsequent to the Repurchase Date for such Purchased Asset.

  • Interest Rate Cap Payment (a) With respect to the Class A-2, Class A-3 and Class A-4 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) one-month LIBOR rate as of the related reset date under the Class A-2, Class A-3 and Class A-4 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, (ii) the applicable Class A-2 and Class A-3 notional amount set forth on Schedule A to the Class A-2, Class A-3 and Class A-4 Cap Agreement for that Distribution Date and (iii) the multiplier set forth on Schedule A to such Interest Rate Cap Agreement; (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) 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; (ii) the applicable Class M notional amount set forth on Schedule A to the Class M Cap Agreement for that Distribution Date and (iii) the multiplier set forth on Schedule A to such Interest Rate Cap Agreement; 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) 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; (ii) the applicable Class B notional amount set forth on Schedule A to the Class B Cap Agreement for that Distribution Date and (iii) the multiplier set forth on Schedule A to such Interest Rate Cap Agreement.

  • Floating Rate Calculation Date means, for any Quarterly Floating Rate Period, the 30th day prior to the first day of such Quarterly Floating Rate Period.

  • 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.