Net Funds Cap Rate definition

Net Funds Cap Rate. With respect to any Accrual Period, a rate equal to the weighted average of the Mortgage Interest Rates on the Mortgage Loans in the Adjustable Rate Group as of the first day of the related Due Period less either (i) 0.73% per annum, with respect to the first six Accrual Periods or (ii) 1.23% per annum, with respect to each subsequent Accrual Period.

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Net Funds Cap Rate. With respect to any Interest Period, a per annum rate equal to the weighted average of the Loan Rates on the Mortgage Loans as of the first day of the related Billing Cycle (or, in the case of the first Interest Period, the weighted average of the Loan Rates on the Mortgage Loans as of the Cut-Off Date), less 0.65% per annum (adjusted to an effective rate reflecting accrued interest calculated on the basis of the actual number of days in the Collection Period commencing in the month in which such Interest Period commences and a year assumed to consist of 360 days).

Net Funds Cap Rate. For any Interest Accrual Period, (x) the fraction, expressed as an annual percentage rate, (i) the numerator of which is twelve times the interest due on the Mortgage Loans during the prior Remittance Period, net of the amount of Prepayment Interest Shortfalls, Relief Act Shortfalls, Servicing Fee, Indenture Trustee's Fee, Owner Trustee's Fee and Premium Amount for the related Remittance Period and (ii) the denominator of which is the Trust Collateral Value immediately prior to the related Payment Date (y) less, commencing on the tenth Payment Date, 0.50%.

Examples of Net Funds Cap Rate in a sentence

During each Accrual Period, interest will accrue on the Class A-2F Certificates at a rate equal to the lesser of (i) 5.7651% per annum and (ii) the Fixed Rate Net Funds Cap Rate.
During each Accrual Period, interest will accrue on the Class A-4F Certificates at a rate equal to the lesser of (i) 6.1336% per annum and (ii) the Fixed Rate Net Funds Cap Rate.
During each Accrual Period, interest will accrue on the Class A-6F Certificates at a rate equal to the lesser of (i) 7.267% per annum and (ii) the Fixed Rate Group 1 Net Funds Cap Rate.
Class A-1A Net Funds Cap Rate...............................................
During each Accrual Period, interest will accrue on the Class A-2F Certificates at a rate equal to the lesser of (i) 6.887% per annum and (ii) the Fixed Rate Group 1 Net Funds Cap Rate.
During each Accrual Period, interest will accrue on the Class A-4F Certificates at a rate equal to the lesser of (i) 7.371% per annum and (ii) the Fixed Rate Group 1 Net Funds Cap Rate.
During each Accrual Period, interest will accrue on the Class A-7F Certificates at a rate equal to the lesser of (i)(a) 7.448% per annum for each Distribution Date on or prior to the Optional Purchase Date or (b) 7.948% per annum for each Distribution Date following the Optional Purchase Date and (ii) the Fixed Rate Group 2 Net Funds Cap Rate.
During each Accrual Period, interest will accrue on the Class A-6F Certificates at a rate equal to the lesser of (i) 6.1959% per annum and (ii) the Fixed Rate Net Funds Cap Rate.

More Definitions of Net Funds Cap Rate

Net Funds Cap Rate. The per annum rate equal to (x)(A) the product of (i) twelve and (ii) the interest due on the Mortgage Loans at the applicable Coupon Rate during the related Remittance Period minus the amount of aggregate Prepayment Interest Shortfalls for the related Remittance Period and minus the amount of aggregate Relief Act Shortfalls for the related Remittance Period (net of the related Servicing Fee, the Indenture Trustee Fee, the Owner Trustee Fee and the Premium Amount), divided by (B) the Pool Principal Balance as of the opening of such related Remittance Period, less (y) 0.50%.

Net Funds Cap Rate. The per annum rate equal to (A) the product of ------------------ (i) twelve and (ii) the Investor Floating Allocation Percentage of the interest due on the Mortgage Loans at the applicable Coupon Rate during the related Remittance Period (net of the Investor Floating Allocation Percentage of the Servicing Fee, and net of the Indenture Trustee Fee, the Owner Trustee Fee and the Premium amount) divided by (B) the Investor Amount as of the opening of such related Remittance Period.

Net Funds Cap Rate. For any Interest Accrual Period, the fraction, expressed as an annual percentage rate, the numerator of which is twelve times the interest due on the Mortgage Loans during the prior Remittance Period, net of the amount of Prepayment Interest Shortfalls, Relief Act Shortfalls, Servicing Fee, Trustee's Fee and Premium Amount for the related Remittance Period and the denominator of which is the Trust Collateral Value immediately prior to the related Payment Date less, commencing on the thirteenth Payment Date, 0.50%.

Net Funds Cap Rate. With respect to any Accrual Period, a per annum rate equal to the Fixed Rate Group 1 Weighted Average Mortgage Interest Rate as of the first day of the related Due Period less the applicable Administrative Fee Rate. FIXED RATE GROUP 1 PASS-THROUGH RATE: Each of the Class A-1F Pass-Through Rate, Class A-2F Pass-Through Rate, Class A-3F Pass-Through Rate, Class A-4F Pass-Through Rate, Class A-5F Pass-Through Rate and Class A-6F Pass-Through Rate.