Rate Cap definition
Rate Cap means a prepaid interest rate cap with a termination date no earlier than the end of the Interest Period in which the Stated Maturity Date occurs entered into with an Acceptable Counterparty with a notional amount equal to the Loan for the term of the Loan (which shall be through the end of the Interest Period applicable to the Maturity Date) and a LIBOR strike price not greater than six percent (6.0%); provided, however, that in the event the rating of the counterparty (including any Co-Lender) to any Rate Cap is downgraded such that the counterparty is no longer an Acceptable Counterparty, such Rate Cap will be replaced by a Rate Cap in the same form and substance as the Rate Cap purchased by Borrower in connection with the closing of the Restructuring and shall be obtained from a counterparty with a credit rating meeting the requirements set forth hereinabove with respect to an Acceptable Counterparty; and provided, further, that such Rate Cap shall be accompanied by legal opinions regarding the Rate Cap, in form and substance acceptable to Lender, including opinions with respect to (i) enforceability, (ii) choice of law and (iii) enforcement of judgments. Furthermore, each Rate Cap shall provide for (a) the calculation of interest, (b) the determination of the interest rate, (c) the modification of the Interest Period and (d) the distribution of payments thereunder to be identical to the definition of Interest Period set forth herein.
Rate Cap. With respect to the Class A Certificates, the Mezzanine Certificates and the Class B Certificates and any Distribution Date, (I) a per annum rate equal to the weighted average of the Net Mortgage Interest Rates of the Mortgage Loans weighted on the basis of the outstanding Stated Principal Balances of the Mortgage Loans as of the first day of the related Collection Period (adjusted to reflect unscheduled principal payments made thereafter during the Prepayment Period that includes such first day) minus an amount, expressed as a per annum rate, equal to the sum of (x) the product of (i) any Net Swap Payment owed to the Swap Provider divided by the aggregate Principal Balance of the Mortgage Loans as of the first day of the related Collection Period (adjusted to reflect unscheduled principal payments made thereafter during the Prepayment Period that includes such first day) and (ii) 12 and (y) the product of (i) any Swap Termination Payment (other than any Swap Termination Payment resulting from a Swap Provider Trigger Event), payable by the Trust, divided by the aggregate Principal Balance of the Mortgage Loans as of the first day of the related Collection Period (adjusted to reflect unscheduled principal payments made thereafter during the Prepayment Period that includes such first day) and (ii) 12, multiplied (in the case of the Floating Rate Certificates) by (II) a fraction, the numerator of which is 30 and the denominator of which is the actual number of days elapsed in the related Interest Accrual Period. For federal income tax purposes, such rate shall be expressed as (I) the weighted average of the Uncertificated REMIC 2 Pass-Through Rates on the REMIC 2 Regular Interests (other than REMIC 2 Regular Interest LTIO and REMIC 2 Regular Interest LT2CE2), weighted on the basis of the Uncertificated Principal Balance of each such REMIC 2 Regular Interest, multiplied (in the case of the Floating Rate Certificates) by (II) a fraction, the numerator of which is 30 and the denominator of which is the actual number of days elapsed in the related Interest Accrual Period.
Rate Cap means an interest rate cap in the notional amount of the Outstanding Loan Amount obtained by Borrower as protection against interest rate fluctuations under the Loan, which interest rate cap shall remain in effect until the Maturity Date.
Examples of Rate Cap in a sentence
The Mortgage Interest Rate as well as, in the case of an Adjustable Rate Mortgage Loan, the Lifetime Rate Cap and the Periodic Cap are as set forth on the related Mortgage Loan Schedule.
Loan Modifications (Pertains only to loans modified for loss mitigation purposes) Numeric – Decimal 0.015 9.999999 Modified Loans Only >= 0 to <= 1 152 Pre-Modification Subsequent Interest Rate Cap Maximum increment the rate can adjust upward AFTER the initial rate adjustment (prior to modification) – Only provide if the Cap is modified.
Adjustable Rate Mortgages (ARMs) Numeric – Decimal 0.02 9.999999 ARMs Only >= 0 and <= 1 99=no cap 50 Subsequent Interest Rate Cap (Change Up) The maximum percentage by which the interest rate may increase at each rate adjustment date after the initial adjustment.
Adjustable Rate Mortgages (ARMs) Numeric – Integer 60 999 Hybrid ARMs Only >= 1 to <=240 47 Initial Interest Rate Cap (Change Down) The maximum percentage by which the mortgage note rate may decrease at the first interest rate adjustment date.
The Mortgage Interest Rate as well as, in the case of an Adjustable Rate Mortgage Loan, the Lifetime Rate Cap and the Periodic Rate Cap and the Periodic Rate Floor are as set forth on the related Mortgage Loan Schedule.
More Definitions of Rate Cap
Rate Cap means each interest rate cap required under this Agreement.
Rate Cap has the meaning specified in Section 2.3(b).
Rate Cap means each interest rate cap obtained by Borrower as protection against interest rate fluctuations under the Loan.
Rate Cap means, as applicable (A) an interest rate cap with a maturity date of the initial Maturity Date entered into with an Acceptable Counterparty with a notional amount equal to the Loan for the term of the Loan and a LIBOR strike price not greater than seven and ninety two hundredths percent (7.92%); provided, however, that in the event the rating of the counterparty to any Rate Cap is downgraded, such Rate Cap will be replaced by a Rate Cap in the same form and substance as the Rate Cap purchased by the Borrower in connection with the closing of the Loan or otherwise in a form approved by Lender in its reasonable discretion and shall be obtained from a counterparty with a credit rating meeting the requirements set forth hereinabove with respect to an Acceptable Counterparty; and provided, that, each Rate Cap shall provide for (i) the calculation of interest, (ii) the determination of the interest rate, (iii) the modification of the Interest Period and (iv) the distribution of payments thereunder to be identical to the definition of Interest Period set forth herein, and (B) a Replacement Rate Cap.
Rate Cap means an interest rate cap entered into with an Acceptable Counterparty with (a) a notional amount equal to the then outstanding principal balance of the Floating Rate Component, (b) a term of not less than two (2) years and (c) a LIBOR strike price not greater than the Capped LIBOR Rate. Furthermore, the Rate Cap shall provide for (A) the calculation of interest, (B) the determination of the interest rate, (C) an Interest Accrual Period with respect to the Floating Rate Component and (D) the distribution of payments thereunder to comply, in each case, to the requirements with respect to such provisions set forth herein.
Rate Cap. With respect to any Distribution Date,
Rate Cap means the amount determined and gazetted by the Victorian Government in relation to any annual percentage increase applied to property rates in the municipality of Port ▇▇▇▇▇▇▇. Recreation centres includes a recreation centre, leisure centre, swimming pool, aquatic centre or sports centre or any other municipal centre that provides physical, recreational and/or cultural/historical activities or such other similar activities provided in the public interest. Recruitment and Selection Process means relevant policies, methods, procedures, templates or updates and subject to amendment from time to time relating to the selection and appointment of employees at the City of Port ▇▇▇▇▇▇▇.