Net Funds Cap definition

Net Funds Cap. The Pool 1 Net Funds Cap, the Pool 2 Net Funds Cap or the Subordinate Net Funds Cap, as the context requires.

Net Funds Cap. For any Payment Date, will be the annual rate equal to (a ) a fraction, expressed as a percentage, the numerator of which is the product of (1) the Optimal Interest Remittance Amount for such date and (2) 12, and the denominator of which is the Class Principal Balance of all of the notes immediately prior to such Payment Date, multiplied by (b) a fraction, the numerator of which is 30 and the denominator of which is the actual number of days in the immediately preceding Accrual Period for the Class A, Class M-2 and Class B-1 Notes.

Net Funds Cap. Any of the Group 1 Senior Net Funds Cap, the Group 2 Senior Net Funds Cap or the Subordinate Net Funds Cap, as applicable.

Examples of Net Funds Cap in a sentence

• The Pool 1 Net Funds Cap, the Pool 2 Net Funds Cap or the Subordinate Net Funds Cap, as the context requires.

• Any of the Group 1 Senior Net Funds Cap, the Group 2 Senior Net Funds Cap or the Subordinate Net Funds Cap, as applicable.

• The Class M-1, Class M-2, Class M-3, Class B-1, Class B-2 and Class B-3 Certificateholders will also be treated as holders of rights in an limited recourse interest rate cap contract written by the Class X Certificateholder whereby the Class M-1, Class M-2, Class M-3, Class B-1, Class B-2 and Class B-3 Certificateholders will receive any excess of the Subordinate Net Funds Cap over the Adjusted Subordinate Net Funds Cap on their respective principal balances for such Distribution Date.

• The Note Interest Rate for the Class A Notes, is a rate per annum equal to the least of (i) LIBOR plus ____%, in the each payment date; (ii) the Net Funds Cap; and (iii) the Maximum Note Interest Rate.

• On any distribution date, the Net Funds Cap will equal (a) a fraction, expressed as a percentage, the numerator of which is the product of (1) the Optimal Interest Remittance Amount for such date and (2) 12, and the denominator of which is the Aggregate Loan Balance of the group III mortgage loans for the immediately preceding distribution date, multiplied by (b) a fraction, the numerator of which is 30 and the denominator of which is the actual number of days in the immediately preceding accrual period.

More Definitions of Net Funds Cap

Net Funds Cap. With respect to any Distribution Date, a per annum rate equal to (a) a fraction, expressed as a percentage, the numerator of which is the product of (1) the Optimal Interest Remittance Amount for such Distribution Date and (2) 12, and the denominator of which is the Pool Balance for the immediately preceding Distribution Date multiplied by (b) a fraction, the numerator of which is 30 and the denominator of which is the actual number of days in the Accrual Period related to such Distribution Date.

Net Funds Cap. With respect to any Distribution Date and any Class of Offered Certificates, a per annum rate equal to the product of (a) the weighted average of the Net Mortgage Rates of the Mortgage Loans as of the first day of the related Collection Period (determined without regard to any Mortgage Loan for which a prepayment in full was received and distributed in the month preceding such Distribution Date) and (b) a fraction, the numerator of which is 30 and the denominator of which is the actual number of days in the Accrual Period related to such Distribution Date.

Net Funds Cap. Any of the Class A-1 Net Funds Cap, the Class A-2 Net Funds Cap, the Class A-IO-1 Net Funds Cap or the Subordinate Net Funds Cap, as applicable.

Net Funds Cap. For any Distribution Date and Loan Group III, will be a per annum rate equal to (a) a fraction, expressed as a percentage, the numerator of which is the product of (1) the Optimal Interest Remittance Amount for such date and (2) 12, and the denominator of which is the applicable Aggregate Loan Group Balance of Loan Group III for the immediately preceding Distribution Date (or, in the case of the first Distribution Date, the Aggregate Loan Group Balance of Loan Group III as of the Cut-off Date), multiplied by (b) a fraction, the numerator of which is 30 and the denominator of which is the actual number of days in the related Accrual Period.

Net Funds Cap. Any of the Pool 1 Net Funds Cap, the Pool 2 Net Funds Cap, the Pool 3 Net Funds Cap or the Subordinate Net Funds Cap.

Net Funds Cap. With respect to any Payment Date, an annual rate equal to:

Net Funds Cap. Any of the Class A-1 Net Funds Cap, the Class A Group 2 Net Funds Cap, the Class A-IO Net Funds Cap, or the Subordinate Net Funds Cap, as applicable. Net Liquidation Proceeds: Liquidation Proceeds, net of (1) unreimbursed, reasonable out-of-pocket expenses and (2) unreimbursed Servicing Fees, Servicing Advances and Advances.