Net Rate Cap. With respect to any Distribution Date and the Class A-1, Class A-2, Class A-3 and Class M Certificates, the excess of (A) a per annum rate equal to the product of (x) the weighted average of the Net Mortgage Rates on the then outstanding Mortgage Loans, weighted based on the Stated Principal Balances of such Mortgage Loans as of the related Due Date prior to giving effect to any reduction in the Stated Principal Balances of such Mortgage Loans on such Due Date, and (y) a fraction, the numerator of which is 30 and the denominator of which is the actual number of days elapsed in the related Accrual Period, over (B) an amount, expressed as a per annum rate, equal to the sum of (i) the Net Swap Payment payable to the Swap Provider on such Distribution Date and (ii) an amount equal to the Swap Termination Payment not due to a Swap Provider Trigger Event payable to the Swap Provider, divided by the aggregate outstanding Stated Principal Balance of the Mortgage Loans as of the related Due Date prior to giving effect to any reduction in the Stated Principal Balances of such Mortgage Loans on such Due Date, multiplied by 12. With respect to any Distribution Date and the REMIC III Regular Interests the ownership of which is represented by the Class A-1, Class A-2, Class A-3 and Class M Certificates, a per annum rate equal to the weighted average (adjusted for the actual number of days elapsed in the related Accrual Period) of the Uncertificated REMIC II Pass-Through Rates on the REMIC II Regular Interests (other than REMIC II Regular Interests IO and P), weighted on the basis of the Uncertificated Principal Balances of each such REMIC II Regular Interest immediately prior to such Distribution Date.
Net Rate Cap. With respect to any Class of Class A Certificates and Class M Certificates and any Distribution Date, the lesser of (i) the Net WAC Cap Rate and (ii) the Available Funds Rate.
Net Rate Cap. For any Distribution Date, the weighted average Adjusted Net Mortgage Rate on the Mortgage Loans in the Trust Fund, adjusted to an effective rate reflecting the calculation of interest on the basis of the actual number of days elapsed during the Accrual Period and a 360-day year.
Examples of Net Rate Cap in a sentence
Any investment earnings on the Net Rate Cap Fund will be treated as owned by the Class BIO Certificateholder and will be taxable to the Class BIO Certificateholder.
The Class BIO Certificates shall evidence ownership of the Net Rate Cap Fund for federal tax purposes and shall direct the Trustee in writing as to the investment of amounts therein.
The Net Rate Cap Fund shall be an Eligible Account, and funds on deposit therein shall be held separate and apart from, and shall not be commingled with, any other moneys, including without limitation, other moneys held by the Trustee pursuant to this Agreement.
The Trustee shall treat the Net Rate Cap Fund as having a nominal (zero) value for the Holders of the Offered Certificates.
The Net Rate Cap Fund shall be treated as an “outside reserve fund” under applicable Treasury regulations and will not be part of any REMIC.
More Definitions of Net Rate Cap
Net Rate Cap. With respect to any Distribution Date and (i) the Class 1-A Certificates, the Class 1-A Net Rate Cap, (ii) each Class of Class 2-A Certificates, the Class 2-A Net Rate Cap and (iii) each Class of Subordinate Certificates, the Subordinate Net Rate Cap.
Net Rate Cap. For each Distribution Date and the following Classes of Certificates is:
Net Rate Cap. With respect to the Class I-A-1, Class I-A-2 and Class I-A-3 Certificates and any Distribution Date, a rate per annum equal to the product of (x) the weighted average of the Net Mortgage Rates on the then outstanding Mortgage Loans in Loan Group I, weighted based on their Stated Principal Balances as of the first day of the calendar month preceding the month in which the Distribution Date occurs and (y) a fraction, the numerator of which is 30 and the denominator of which is the actual number of days elapsed in the related Accrual Period. For federal income tax purposes, however, such rate shall be the equivalent of the foregoing, expressed as the weighted average of (adjusted for the actual number of days elapsed in the related Accrual Period) the Uncertificated REMIC I Pass-Through Rate on REMIC I Regular Interest 1B, weighted on the basis of the Uncertificated Principal Balance of such REMIC I Regular Interest. With respect to the Class II-A-1 Certificates and Class II-A-2 Certificates and any Distribution Date, a rate per annum equal to the product of (x) the weighted average of the Net Mortgage Rates on the then outstanding Mortgage Loans in Loan Group II, weighted based on their Stated Principal Balances as of the first day of the calendar month preceding the month in which the Distribution Date occurs and (y) a fraction, the numerator of which is 30 and the denominator of which is the actual number of days elapsed in the related Accrual Period. For federal income tax purposes, however, such rate shall be the equivalent of the foregoing, expressed as the weighted average of (adjusted for the actual number of days elapsed in the related Accrual Period) the Uncertificated REMIC I Pass-Through Rate on REMIC I Regular Interest 2B, weighted on the basis of the Uncertificated Principal Balance of such REMIC I Regular Interest. With respect to the Class M Certificates and any Distribution Date, a rate per annum equal to the product of (x) the weighted average of the weighted average of the Net Mortgage Rates on the then outstanding Mortgage Loans in each Loan Group, weighted in proportion to the results of subtracting from the aggregate Stated Principal Balance of each such Loan Group as of the first day of the calendar month preceding the month in which the Distribution Date, the aggregate Certificate Principal Balance of the related Class or Classes of Senior Certificates and (y) a fraction, the numerator of which is 30 and the denominator of which is the...
Net Rate Cap. For any Distribution Date, (i) With respect to the Class 1-A-1 and Class 1-A-2 Certificates, the Group 1 Net WAC, (ii) with respect to the Class 2-A-1, Class 2-A-2 and Class 2-A-3 Certificates, the Group 2 Net WAC, and (iii) with respect to the Class M-1, Class M-2, Class M-3, Class M-4, Class M-5, Class M-6, Class M-7 and Class B Certificates, the weighted average of the Group 1 Net WAC and Group 2 Net WAC (weighted (x) in the case of the Group 1 Net WAC, on the positive difference (if any) of the Stated Principal Balance of the Mortgage Loans in Loan Group 1 over the outstanding aggregate Certificate Principal Balance of the Class 1-A Certificates and (y) in the case of the Group 2 Net WAC, on the positive difference (if any) of the Stated Principal Balance of the Mortgage Loans in Loan Group 2 over the outstanding aggregate Certificate Principal Balance the Class 2-A Certificates), in the case of each of (i), (ii) and (iii) above, adjusted to an effective rate reflecting the calculation of interest on the basis of the actual number of days elapsed during the related interest accrual period and a 360-day year. For federal income tax purposes, the equivalent of clause (i) above shall be expressed as the weighted average of the Uncertificated REMIC I Pass-Through Rate on REMIC I Regular Interest LT-1GRP, weighted on the basis of the Uncertificated Principal Balance of such REMIC I Regular Interest. For federal income tax purposes, the equivalent of clause (ii) above shall be expressed as the weighted average of the Uncertificated REMIC I Pass-Through Rate on REMIC I Regular Interest LT-2GRP, weighted on the basis of the Uncertificated Principal Balance of such REMIC I Regular Interest. For federal income tax purposes, the equivalent of clause (iii) above shall be expressed as the weighted average of the Uncertificated REMIC I Pass-Through Rates on (a) REMIC I Regular Interest LT-1SUB, subject to a cap and a floor equal to the Group 1 Net WAC Rate and (b) REMIC I Regular Interest LT-2SUB, subject to a cap and a floor equal to the Group 2 Net WAC Rate; in each case weighted on the basis of the Uncertificated Principal Balance of such REMIC I Regular Interests.
Net Rate Cap. As to any Distribution Date, will be a per annum rate equal to (a) a fraction, expressed as a percentage, (a) the numerator of which is 12 times the excess of (1) the amount of interest accrued on the Mortgage Loans for such date, over (2) the sum of (i) the Expense Fee and (ii) FSA Premium, and (b) the denominator of which is the Aggregate Loan Balance immediately preceding such Distribution Date (or as of the Cut-off Date in the case of the first Distribution Date).
Net Rate Cap. With respect to each Distribution Date, a per annum rate equal to the weighted average of the Net Loan Rates of the Home Equity Loans, in each case outstanding as of the first day of the related Collection Period, multiplied in the case of the Floating Rate Certificates only by a fraction, the numerator of which is 30 and the denominator of which is the number of days in the related Interest Accrual Period.
Net Rate Cap. With respect to the Class A-1, Class A-2 and Class A-3 Certificates and any Distribution Date will be calculated based on an assumed certificate with a principal balance equal to the aggregate Certificate Principal Balance of the Class A-1, Class A-2 and Class A-3 Certificates and a fixed pass-through rate of 6.50% per annum and a rate increase of 0.50% per annum after the Optional Termination Date. If the weighted average of the Net Mortgage Rates on the Mortgage Loans for any Distribution Date is less than 6.50% per annum (or, after the Optional Termination Date, 7.00% per annum), the amount of the shortfall which would occur with respect to the assumed certificate for such Distribution Date will be allocated among the Class A-1, Class A-2 and Class A-3 Certificates in proportion to their current entitlements to interest for such Distribution Date calculated without regard to this cap, and the Net Rate Cap for each such Class for such Distribution Date will be equal to the Pass-Through Rate for such Class for such Distribution Date (determined without regard to the related Net Rate Cap) reduced by the shortfall for such Distribution Date allocable to such Class as determined pursuant to this sentence. For the avoidance of doubt, the Net Rate Cap will not be applicable to the Class A-1, Class A-2 or Class A-3 Certificates for any Distribution Date on which the weighted average of the Net Mortgage Rates on the Mortgage Loans is equal to or greater than 6.50% per annum (or, after the Optional Termination Date, 7.00% per annum). With respect to the Class M Certificates and Class B Certificates, a per annum rate equal to the weighted average of the Net Mortgage Rates on the Mortgage Loans as of the first day of the related Due Period , adjusted for the actual numbers of days elapsed in the Interest Accrual Period. For federal income tax purposes, the Net Rate Cap with respect to each of the Class A-1 Certificates, Class A-2 Certificates and Class A-3 Certificates and any Distribution Date shall be equal to the Uncertificated REMIC III Pass-Through Rate for such Distribution Date for the Regular Interest the ownership of which is represented by such Certificate. For federal income tax purposes, the Net Rate Cap with respect to each Class M Certificate and Class B Certificate and any Distribution Date shall be a rate equal to the weighted average of the Uncertificated REMIC II Pass-Through Rate for such Distribution Date for the REMIC II Regular Interest for wh...