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 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.
Rate Cap has the meaning specified in Section 2.3(b).
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 obtained by Borrower as protection against interest rate fluctuations under the Loan.
Rate Cap means each interest rate cap required under this Agreement.
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. With respect to the Class AV-1 Certificates and any Distribution Date, a per annum rate equal to the product of (i) the average of the Net Mortgage Interest Rates of the Group I Mortgage Loans, weighted on the basis of the Principal Balances of the Group I Mortgage Loans as of the first day of the related Collection Period (or, in the case of the first Distribution Date, the Cut-off Date) and (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, the economic equivalent of such rate shall be expressed as the weighted average of the Uncertificated REMIC 1 Pass-Through Rate on REMIC 1 Regular Interest LT1SUB, weighted on the basis of the Uncertificated Principal Balance of such REMIC 1 Regular Interest. With respect to the Class AF Certificates and any Distribution Date, a per annum rate equal to the average of the Net Mortgage Interest Rates of the Group II-A Mortgage Loans, weighted on the basis of the Principal Balances of the Group II-A Mortgage Loans as of the first day of the related Collection Period (or, in the case of the first Distribution Date, the Cut-off Date). For federal income tax purposes, the economic equivalent of such rate shall be expressed as the weighted average of the Uncertificated REMIC 1 Pass-Through Rate on REMIC 1 Regular Interest LT2ASUB, weighted on the basis of the Uncertificated Principal Balance of such REMIC 1 Regular Interest. With respect to the Class AV-2 Certificates and any Distribution Date, a per annum rate equal to the product of (i) the average of the Net Mortgage Interest Rates of the Group II-B Mortgage Loans, weighted on the basis of the Principal Balances of the Group II-B Mortgage Loans as of the first day of the related Collection Period (or, in the case of the first Distribution Date, the Cut-off Date) and (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, the economic equivalent of such rate shall be expressed as the weighted average of the Uncertificated REMIC 1 Pass-Through Rate on REMIC 1 Regular Interest LT2BSUB, weighted on the basis of the Uncertificated Principal Balance of such REMIC 1 Regular Interest. With respect to the Class M Certificates and the Class B Certificates and any Distribution Date, a per annum rate equal to the product of (...
Rate Cap. With respect to the Group I Certificates and any Distribution Date, a per annum rate equal to the product of (i) the average of the Net Mortgage Interest Rates of the Group I Mortgage Loans, weighted on the basis of the Principal Balances of the Group I Mortgage Loans as of the first day of the related Collection Period (or, in the case of the first Distribution Date, the Cut-off Date) and (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, the economic equivalent of such rate shall be expressed as the weighted average of the Uncertificated REMIC 1 Pass-Through Rate on REMIC 1 Regular Interest LT1GRP, weighted on the basis of the Uncertificated Principal Balance of such REMIC 1 Regular Interest. With respect to the Class AF-1 Certificates and any Distribution Date, a per annum rate equal to the product of (i) the average of the Net Mortgage Interest Rates of the Group II Mortgage Loans, weighted on the basis of the Principal Balances of the Group II Mortgage Loans as of the first day of the related Collection Period (or, in the case of the first Distribution Date, the Cut-off Date) and (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, the economic equivalent of such rate shall be expressed as the weighted average of the Uncertificated REMIC 1 Pass-Through Rate on REMIC 1 Regular Interest LT2GRP, weighted on the basis of the Uncertificated Principal Balance of such REMIC 1 Regular Interest. With respect to the Group II Certificates (other than the Class AF-1 Certificates) and any Distribution Date, a per annum rate equal to the average of the Net Mortgage Interest Rates of the Group II Mortgage Loans, weighted on the basis of the Principal Balances of the Group II Mortgage Loans as of the first day of the related Collection Period (or, in the case of the first Distribution Date, the Cut-off Date). For federal income tax purposes, the economic equivalent of such rate shall be expressed as the weighted average of the Uncertificated REMIC 1 Pass-Through Rate on REMIC 1 Regular Interest LT2SUB, weighted on the basis of the Uncertificated Principal Balance of such REMIC 1 Regular Interest. With respect to the Mezzanine Certificates and any Distribution Date, a per annum rate equal to the product of ...
Rate Cap means the maximum allowable rates, fees and charges for intrastate calls initiated from an institutional phone as approved by the commission;
Rate Cap means an interest rate cap with a termination date no earlier than the end of the Interest Period in which the initial Maturity Date occurs, entered into with Bank of America, N.A. or 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 percent (7.0 %); provided, however, if the provider of any Rate Cap (including, but not limited to, Bank of America, N.A.) ceases to be an Acceptable Counterparty, Borrower shall obtain a replacement Rate Cap from an Acceptable Counterparty within ten (10) Business Days of receipt of notice from Lender or Borrower’s obtaining knowledge that the then current counterparty under such Rate Cap is no longer an Acceptable Counterparty; until such time as a replacement provider is obtained in accordance with the above provisions, the current provider will continue to perform its obligations under the Rate Cap; and provided, further, any replacement Rate Cap shall be accompanied by legal opinions regarding the Rate Cap, in form and substance acceptable to Lender, including, without limitation opinions with respect to (i) enforceability, (ii) payment priority, (iii) choice of law and (iv) enforcement of judgments. Furthermore, 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.