Net Maximum Rate Cap definition
Net Maximum Rate Cap. For any Distribution Date will equal the applicable Net WAC Cap, computed for this purposes on the basis of the assumption that each Mortgage Loan accrued interest for the related Accrual Period at its Net Maximum Rate.
Net Maximum Rate Cap. For any Distribution Date and the Class 1-A and Subordinate Certificates, the product of (i) the weighted average of the Net Maximum Loan Rates of the Mortgage Loans as of the first day of the related Due Period (or, in the case of the first Distribution Date, as of the Cut-Off Date), weighted on the basis of their related Stated Principal Balances as of the first day of the related Due Period and (ii) a fraction, the numerator of which is 30 and the denominator of which is the actual number of days in the related Accrual Period for such Certificates.
Net Maximum Rate Cap. For any Distribution Date and the Subordinate Certificates, the Subordinate Net WAC Cap, computed for this purpose only by assuming that each Mortgage Loan accrued interest at its Net Maximum Loan Rate.
More Definitions of Net Maximum Rate Cap
Net Maximum Rate Cap. For any Distribution Date and for the Class M Certificates and Class B Certificates, the Net WAC Cap for the Class M Certificates and Class B Certificates, computed for this purpose by assuming that each Mortgage Loan accrued interest at its maximum loan rate.
Net Maximum Rate Cap. For any Class of LIBOR Certificates and MTA Certificates and any Distribution Date is equal to the related Net WAC Cap calculated by assuming that each related Mortgage Loan accrued interest at its Net Maximum Loan Rate.
Net Maximum Rate Cap. For any Mortgage Loan and any Distribution Date, the maximum Loan Rate for each such Mortgage Loan as specified on the related Mortgage Note less the sum of the Master Servicing Fee Rate and the Servicing Fee Rate.
Net Maximum Rate Cap. With respect to any Distribution Date and the Group 2 Subordinate Certificates, the Group 2 Net WAC Cap computed by assuming that each Group 2 Mortgage Loan accrued interest at its Net Maximum Rate.
Net Maximum Rate Cap. As to any Distribution Date will equal the weighted average of the Net Maximum Mortgage Rates of the Mortgage Loans, in each case adjusted for the related Interest Accrual Period.
Net Maximum Rate Cap. For any Distribution Date and the Class 4-A1A Certificates, the weighted average of the Net Maximum Loan Rates of the Group 4 Mortgage Loans as of the first day of the related Due Period (or, in the case of the first Distribution Date, as of the Initial Cut-off Date), weighted on the basis of their related Stated Principal Balances as of the first day of the month prior to the month of that Distribution Date. With respect to any Distribution Date and the Class 4-A1B Certificates, (i) the weighted average of the Net Maximum Loan Rates of the Group 2 Mortgage Loans as of the first day of the related Due Period (or, in the case of the first Distribution Date, as of the Initial Cut-off Date), weighted on the basis of their related Stated Principal Balances as of the first day of the related Due Period minus (ii) the related Premium Rate for such Distribution Date. With respect to any Distribution Date and the Subordinate Certificates, the Net WAC Cap for the Subordinate Certificates, computed by assuming that each Mortgage Loan accrued interest at its Net Maximum Loan Rate.
Net Maximum Rate Cap. For any Distribution Date and the Class 1-A1A Certificates, the weighted average of the Net Maximum Loan Rates of the Group 1 Mortgage Loans as of the first day of the related Due Period (or, in the case of the first Distribution Date, as of the Cut-off Date), weighted on the basis of their related Stated Principal Balances as of the first day of the month prior to the month of that Distribution Date. For any Distribution Date and the Class 1-A1B Certificates, (i) the weighted average of the Net Maximum Loan Rates of the Group 1 Mortgage Loans as of the first day of the related Due Period (or, in the case of the first Distribution Date, as of the Cut-off Date), weighted on the basis of their related Stated Principal Balances as of the first day of the related Due Period less (ii) the related Premium Rate for such Distribution Date. For any Distribution Date and the Class 2-A1A1 Certificates, the weighted average of the Net Maximum Loan Rates of the Group 2 Mortgage Loans as of the first day of the related Due Period (or, in the case of the first Distribution Date, as of the Cut-off Date), weighted on the basis of their related Stated Principal Balances as of the first day of the month prior to the month of that Distribution Date. For any Distribution Date and the Class 2-A1B Certificates, (i) the weighted average of the Net Maximum Loan Rates of the Group 2 Mortgage Loans as of the first day of the related Due Period (or, in the case of the first Distribution Date, as of the Cut-off Date), weighted on the basis of their related Stated Principal Balances as of the first day of the related Due Period less (ii) the related Premium Rate for such Distribution Date. For any Distribution Date and the Subordinate Certificates, the Net WAC Cap for the Subordinate Certificates, computed by assuming that each Mortgage Loan accrued interest at its Net Maximum Loan Rate.