Subordinate Maximum Rate Cap definition

Subordinate Maximum Rate Cap. For any Distribution Date will be a per annum rate equal to the weighted average of the Group I Maximum Rate Cap and the Group II Net Rate Cap (as adjusted to reflect the actual number of days in the related Interest Accrual Period) weighted on the basis of the Group I Group Subordinate Amount and the Group II Group Subordinate Amount, respectively.
Sample 1Sample 2Sample 3
Subordinate Maximum Rate Cap. With respect to the (i) Class M Certificates as of any Distribution Date, the weighted average of the Group 1 Maximum Rate Cap and the Group 2 Maximum Rate Cap (expressed on the basis of an assumed 360-day year and the actual number of days elapsed during the related Interest Accrual Period) weighted on the basis of the Group Subordinate Amount for the Group 1 Mortgage Loans and the Group 2 Mortgage Loans and (ii) Class B Certificates as of any Distribution Date, the weighted average of the Group 1 Maximum Rate Cap and the Group 2 Maximum Rate Cap (expressed on the basis of an assumed 360-day year consisting of twelve 30-day months) weighted on the basis of the Group Subordinate Amount for the Group 1 Mortgage Loans and Group 2 Mortgage Loans, respectively.
Sample 1Sample 2
Subordinate Maximum Rate Cap. With respect to any distribution date and the Class M Certificates, a per annum rate equal to the weighted average of (i) the Group 1 Maximum Rate Cap and (ii) the Group 2 Maximum Rate Cap, weighted on the basis of the Subordinate Component.
Sample 1

Examples of Subordinate Maximum Rate Cap in a sentence

  • The Class B-3 Pass-Through Rate on each Distribution Date will be a rate per annum equal to the least of (i) LIBOR as of the related LIBOR Determination Date, plus the Class B-3 Certificate Margin, (ii) the Subordinate Rate Cap and (iii) the Subordinate Maximum Rate Cap.

  • The Class B-4 Pass-Through Rate on each Distribution Date will be a rate per annum equal to the least of (i) the Class B-4 Pass-Through Rate (ii) the Subordinate Rate Cap and (iii) the Subordinate Maximum Rate Cap.

  • The Class B-2 Pass-Through Rate on each Distribution Date will be a rate per annum equal to the least of (i) LIBOR as of the related LIBOR Determination Date, plus the Class B-2 Certificate Margin, (ii) the Subordinate Rate Cap and (iii) the Subordinate Maximum Rate Cap.

  • The Class B-6 Pass-Through Rate on each Distribution Date will be a rate per annum equal to the least of (i) the Class B-6 Pass-Through Rate (ii) the Subordinate Rate Cap and (iii) the Subordinate Maximum Rate Cap.

  • The Class B-3 Pass-Through Rate will be a per annum rate equal to the least of (x) for any Distribution Date which occurs prior to the second Distribution Date after the first possible Optional Termination Date, One-Month LIBOR plus [ ]% (the "Class B-3 Margin"), and beginning on the first Distribution Date after the first possible Optional Termination Date, One-Month LIBOR plus 1.5 times the Class B-3 Margin, (y) the Subordinate Rate Cap and (z) the Subordinate Maximum Rate Cap.

  • The Class M-1 Pass-Through Rate on each Distribution Date will be a rate per annum equal to the least of (i) LIBOR as of the related LIBOR Determination Date, plus the Class M-1 Certificate Margin, (ii) the Subordinate Rate Cap and (iii) the Subordinate Maximum Rate Cap.

  • The Class M-3 Pass-Through Rate on each Distribution Date will be a rate per annum equal to the least of (i) LIBOR as of the related LIBOR Determination Date, plus the Class M-3 Certificate Margin, (ii) the Subordinate Rate Cap and (iii) the Subordinate Maximum Rate Cap.

  • The Class B-1 Pass-Through Rate on each Distribution Date will be a rate per annum equal to the least of (i) LIBOR as of the related LIBOR Determination Date, plus the Class B-1 Certificate Margin, (ii) the Subordinate Rate Cap and (iii) the Subordinate Maximum Rate Cap.

  • The Class M-2 Pass-Through Rate on each Distribution Date will be a rate per annum equal to the least of (i) LIBOR as of the related LIBOR Determination Date, plus the Class M-2 Certificate Margin, (ii) the Subordinate Rate Cap and (iii) the Subordinate Maximum Rate Cap.

  • SUBORDINATE MAXIMUM RATE CAP The Subordinate Maximum Rate Cap will equal the weighted average of the Group I Maximum Rate Cap and the Group II Net WAC Cap (expressed on the basis of an assumed 360-day year and the actual number of days elapsed during the related accrual period), weighted on the basis of the Group I Group Subordinate Amount and the Group II Group Subordinate Amount, respectively.


More Definitions of Subordinate Maximum Rate Cap

Subordinate Maximum Rate Cap. With respect to a Distribution Date, the per annum rate equal to the weighted average of the Group One Maximum Rate Cap, the Group Two Maximum Rate Cap and the weighted average of the Net Mortgage Rates on the Mortgage Loans in Group Three, weighted in each case on the basis of the related Group Subordinate Amount, and adjusted to reflect the length of the relevant Accrual Period.
Sample 1
Subordinate Maximum Rate Cap. With respect to (i) the Class M, Class B-1, Class B-2 and Class B-3 Certificates as of any Distribution Date, a per annum rate equal to the product of (A) the weighted average of the Group I Maximum Rate Cap and the Group II Maximum Rate Cap, weighted on the basis of the Group Subordinate Amount for Group I and the Group Subordinate Amount for Group II, respectively and (B) in the case of the Group I Maximum Rate Cap, 1, and in the case of the Group II Maximum Rate Cap, a fraction, the numerator of which is 30 and the denominator of which is the actual number of days in the related Interest Accrual Period and (ii) the Class B-4 Certificates as of any Distribution Date, a per annum rate equal to the weighted average of the Group I Maximum Rate Cap (multiplied by a fraction, the numerator of which is the actual number of days in the related Interest Accrual Period, and the denominator of which is 30) and the Group II Maximum Rate Cap, weighted on the basis of the Group Subordinate Amount for Group I and the Group Subordinate Amount for Group II, respectively. Subordinate Net WAC Cap: With respect to (i) the Class M, Class B-1, Class B-2 and Class B-3 Certificates as of any Distribution Date, a per annum rate equal to the product of (A) the weighted average of the Group I Net WAC Cap and the Group II Net WAC Cap, weighted on the basis of the Group Subordinate Amount for Group I and the Group Subordinate Amount for Group II, respectively and (B) in the case of the Group I Net WAC Cap, 1, and in the case of the Group II Net WAC Cap, a fraction, the numerator of which is 30 and the denominator of which is the actual number of days in the related Interest Accrual Period and (ii) the Class B-4 Certificates as of any Distribution Date, a per annum rate equal to the weighted average of the Group I Net WAC Cap (multiplied by a fraction, the numerator of which is the actual number of days in the related Interest Accrual Period, and the denominator of which is 30) and the Group II Net WAC Cap, weighted on the basis of the Group Subordinate Amount for Group I and the Group Subordinate Amount for Group II, respectively.
Sample 1
Subordinate Maximum Rate Cap. With respect to (i) the Class M, Class B-1, Class B-2 and Class B-3 Certificates as of any Distribution Date, a per annum rate equal to the product of (A) the weighted average of the Group I Maximum Rate Cap and the Group II Maximum Rate Cap, weighted on the basis of the Group Subordinate Amount for Group I and the Group Subordinate Amount for Group II, respectively and (B) a fraction, the numerator of which is 30 and the denominator of which is the actual number of days in the related Interest Accrual Period and (ii) the Class B-4 and Class B-5 Certificates as of any Distribution Date, a per annum rate equal to the weighted average of the Group I Maximum Rate Cap and the Group II Maximum Rate Cap, weighted on the basis of the Group Subordinate Amount for Group I and the Group Subordinate Amount for Group II, respectively.
Sample 1
Subordinate Maximum Rate Cap. For any Distribution Date and (x) with respect to the Class M Certificates and the Adjustable Rate Class B Certificates will be a per annum rate equal to the weighted average (weighted in proportion to the results of subtracting from the aggregate Principal Balance of each Loan Group, the current Certificate Principal Balance of the Class A-1 Certificates, in the case of Loan Group I, or the Class A-2 Certificates, in the case of Loan Group II) of (i) the Class A-1 Maximum Rate Cap and (ii) the Class A-2 Maximum Rate Cap multiplied by a fraction, the numerator of which is 30 and the denominator of which is the actual number of days in the related Interest Accrual Period and (y) with respect to the Class B-4 and Class B-5 Certificates will be a per annum rate equal to the weighted average (weighted in proportion to the results of subtracting from the aggregate Principal Balance of each Loan Group, the current Certificate Principal Balance of the Class A-1 Certificates, in the case of Loan Group I, or the Class A-2 Certificates, in the case of Loan Group II) of (i) the Class A-1 Maximum Rate Cap multiplied by a fraction, the numerator of which is the actual number of days in the related Interest Accrual Period and the denominator of which is 30 and (ii) the Class A-2 Maximum Rate Cap.
Sample 1

Related to Subordinate Maximum Rate Cap

  • Maximum Rate Cap Any of the Class A-1 Maximum Rate Cap, the Class A-2 Maximum Rate Cap or the Weighted Average Maximum Rate Cap.

  • Maximum Rate shall have the meaning assigned to such term in Section 9.09.

  • 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.

  • Interest Rate Cap means any interest rate cap transaction entered into pursuant to the Agreement between Party A and Party B as evidenced by a Confirmation;

  • Interest Rate Cap Payment (a) With respect to the Group II Class A Certificates, beginning on the first Distribution Date and continuing through the immediately succeeding 35 Distribution Dates thereafter, the amount, if any, equal to the product of (i) the excess, if any, of the lesser of (A) the one-month LIBOR rate as of the related reset date under the Group II Class A Cap Agreement and (B) the applicable cap ceiling rate set forth on Schedule A to such Interest Rate Cap Agreement for such Distribution Date, over the applicable cap strike rate set forth on Schedule A to such Interest Rate Cap Agreement for such Distribution Date, calculated on an "actual/360" basis, and (ii) the applicable Class A-2, Class A-3 and Class A-4 notional amount set forth on Schedule A to such Interest Rate Cap Agreement for such Distribution Date; (b) with respect to the Class M Certificates, beginning on the first Distribution Date and continuing through the immediately succeeding 43 Distribution Dates thereafter, the amount, if any, equal to the product of (i) the excess, if any, of the lesser of (A) the one-month LIBOR rate as of the related reset date under the Class M Cap Agreement and (B) the applicable cap ceiling rate set forth on Schedule A to such Interest Rate Cap Agreement for such Distribution Date, over the applicable cap strike rate set forth on Schedule A to such Interest Rate Cap Agreement for such Distribution Date, calculated on an "actual/360" basis, and (ii) the applicable Class M-1, Class M-2 and Class M-3 notional amount set forth on Schedule A to such Interest Rate Cap Agreement for such Distribution Date; and (c) with respect to the Class B Certificates, beginning on the first Distribution Date and continuing through the immediately succeeding 43 Distribution Dates thereafter, the amount, if any, equal to the product of (i) the excess, if any, of the lesser of (A) the one-month LIBOR rate as of the related reset date under the Class B Cap Agreement and (B) the applicable cap ceiling rate set forth on Schedule A to such Interest Rate Cap Agreement for such Distribution Date, over the applicable cap strike rate set forth on Schedule A to such Interest Rate Cap Agreement for such Distribution Date, calculated on an "actual/360" basis, and (ii) the applicable Class B-1, Class B-2 and Class B-3 notional amount set forth on Schedule A to such Interest Rate Cap Agreement for such Distribution Date.

  • Interest Rate Cap Agreement means, as applicable, an Interest Rate Cap Agreement (together with the confirmation and schedules relating thereto) in form and substance reasonably satisfactory to Lender between Borrower and an Acceptable Counterparty or a Replacement Interest Rate Cap Agreement.

  • Subordinate Class Percentage With respect to any Distribution Date and any Class of Subordinate Certificates, a fraction, expressed as a percentage, the numerator of which is the aggregate Certificate Principal Balance of such Class of Subordinate Certificates immediately prior to such date and the denominator of which is the aggregate Stated Principal Balance of all of the Mortgage Loans (or related REO Properties) (other than the related Discount Fraction of each Discount Mortgage Loan) immediately prior to such Distribution Date.

  • Maximum Loan Amount has the meaning set forth in Section 2.1(a).

  • Periodic Mortgage Rate Cap With respect to an Adjustable Rate Mortgage Loan, the periodic limit on each Mortgage Rate adjustment as set forth in the related Mortgage Note.

  • Maximum Rate of Interest It is intended that the rate of interest hereon shall never exceed the maximum rate, if any, which may be legally charged on the loan evidenced by this Note ("Maximum Rate"), and if the provisions for interest contained in this Note would result in a rate higher than the Maximum Rate, interest shall nevertheless be limited to the Maximum Rate and any amounts which may be paid toward interest in excess of the Maximum Rate shall be applied to the reduction of principal, or, at the option of HSBC, returned to the Company.

  • Replacement Interest Rate Cap Agreement means an interest rate cap agreement from an Acceptable Counterparty with terms identical to the Interest Rate Cap Agreement except that the same shall be effective in connection with replacement of the Interest Rate Cap Agreement following a downgrade, withdrawal or qualification of the long-term unsecured debt rating of the Counterparty; provided that to the extent any such interest rate cap agreement does not meet the foregoing requirements, a “Replacement Interest Rate Cap Agreement” shall be such interest rate cap agreement approved in writing by each of the Rating Agencies and Lender with respect thereto.

  • Premium Rate has the meaning assigned to such term in the Premium Letter.

  • Minimum Rate With respect to each ARM Loan, the rate per annum set forth in the related Mortgage Note as the minimum Note Rate thereunder. The Minimum Rate as to each ARM Loan is set forth on the related Mortgage Loan Schedule.

  • Maximum Loan Rate With respect to each Mortgage Loan, the percentage set forth in the related Mortgage Note as the maximum Loan Rate thereunder.

  • Periodic Interest Rate Cap As to each adjustable rate Mortgage Loan, the maximum increase or decrease in the Mortgage Interest Rate on any Adjustment Date pursuant to the terms of the Mortgage Note.

  • Subordinate Percentage As of any Distribution Date and, with respect to any Mortgage Pool comprised of two or more Loan Groups, any Loan Group, 100% minus the related Senior Percentage as of such Distribution Date.

  • Subordinate Prepayment Percentage As to any Distribution Date and Loan Group, 100% minus the Senior Prepayment Percentage for such Loan Group for such Distribution Date.

  • Maximum Revolving Advance Amount means $25,000,000.

  • Minimum Rate Period means any Rate Period consisting of 7 Rate Period Days.

  • Mortgage Rate Caps With respect to an Adjustable Rate Mortgage Loan, the Periodic Mortgage Rate Cap, the Maximum Mortgage Rate, and the Minimum Mortgage Rate for such Mortgage Loan.

  • Maximum Face Amount means, with respect to any outstanding Letter of Credit, the face amount of such Letter of Credit including all automatic increases provided for in such Letter of Credit, whether or not any such automatic increase has become effective.

  • Maximum Revolving Loan Amount means, as of any date of determination, the lesser of (a) the Revolving Loan Commitment(s) of all Lenders minus the Letter of Credit Reserve and (b) the Borrowing Base minus the Letter of Credit Reserve.

  • Maximum Cap Rate For any Distribution Date with respect to the Group I Certificates, a per annum rate equal to the sum of (i) the product of (x) the weighted average of the Expense Adjusted Net Maximum Mortgage Rates of the Group I Mortgage Loans minus an amount, expressed as a percentage, equal to the Net Swap Payment and Swap Termination Payment, if any (other than termination payments resulting from a Swap Provider Trigger Event), due from the Trust for such Distribution Date, multiplied by 12, weighted on the basis of the outstanding Stated Principal Balances of the Group I Mortgage Loans as of the first day of the month preceding the month of such Distribution Date (after giving effect to scheduled payments of principal due during the related Due Period, to the extent received or advanced, and unscheduled collections of principal received during the related Prepayment Period) 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 Interest Accrual Period and (ii) an amount, expressed as a percentage, equal to a fraction, the numerator of which is equal to the Net Swap Payment made by the Interest Rate Swap Provider and the denominator of which is equal to the aggregate Stated Principal Balance of the Mortgage Loans, multiplied by 12. For any Distribution Date with respect to the Group II Certificates, a per annum rate equal to the sum of (i) the product of (x) the weighted average of the Expense Adjusted Net Maximum Mortgage Rates of the Group II Mortgage Loans minus an amount, expressed as a percentage, equal to the Net Swap Payment and Swap Termination Payment, if any (other than termination payments resulting from a Swap Provider Trigger Event), due from the Trust for such Distribution Date, multiplied by 12, weighted on the basis of the outstanding Stated Principal Balances of the Group II Mortgage Loans as of the first day of the month preceding the month of such Distribution Date (after giving effect to scheduled payments of principal due during the related Due Period, to the extent received or advanced, and unscheduled collections of principal received during the related Prepayment Period) 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 Interest Accrual Period and (ii) an amount, expressed as a percentage, equal to a fraction, the numerator of which is equal to the Net Swap Payment made by the Interest Rate Swap Provider and the denominator of which is equal to the aggregate Stated Principal Balance of the Mortgage Loans, multiplied by 12. For any Distribution Date with respect to the Mezzanine Certificates, a per annum rate equal to the sum of (i) the product of (x) the weighted average (weighted on the basis of the results of subtracting from the aggregate Stated Principal Balance of the applicable Loan Group, the current Certificate Principal Balance of the related Class A Certificates) of the weighted average of the Expense Adjusted Net Maximum Mortgage Rates of the Group I Mortgage Loans and the Group II Mortgage Loans, in each case, weighted on the basis of the outstanding Stated Principal Balances of the related Mortgage Loans as of the first day of the month preceding the month of such Distribution Date (after giving effect to scheduled payments of principal due during the related Due Period, to the extent received or advanced, and unscheduled collections of principal received during the related Prepayment Period) 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 Interest Accrual Period and (ii) an amount, expressed as a percentage, equal to a fraction, the numerator of which is equal to the Net Swap Payment made by the Interest Rate Swap Provider and the denominator of which is equal to the aggregate Stated Principal Balance of the Mortgage Loans, multiplied by 12.

  • Subordinate Net Funds Cap With respect to any Distribution Date, an amount equal to the weighted average of the Pool 1 Net Funds Cap and the Pool 2 Net Funds Cap, weighted on the basis of the Pool Subordinate Amount for each Mortgage Pool; provided, however, that on any Distribution Date after which the aggregate Class Principal Amount of the Senior Certificates relating to any Mortgage Pool has been reduced to zero, such weighting shall be on the basis of the Pool Balance of each Mortgage Pool.

  • Maximum Facility Amount means the aggregate Commitments as then in effect, which amount shall not exceed $200,000,000; provided that at all times after the Reinvestment Period, the Maximum Facility Amount shall mean the aggregate Advances Outstanding at such time.