Subordinate Net Rate Cap definition
Subordinate Net Rate Cap. For each Distribution Date, the weighted average of the Group 1 Net Rate Cap and the Group 2 Net Rate Cap weighted on the basis of the respective Subordinate Portion of their corresponding Loan Groups.
Subordinate Net Rate Cap. With respect to any Distribution Date and each Class of Subordinate Certificates, the weighted average of the Class 1-A Net Rate Cap and the Class 2-A Net Rate Cap, weighted on the basis of the excess (if any) of the sum of the aggregate Stated Principal Balance of the Mortgage Loans in the related Loan Group as of the first day of the related Due Period (after giving effect to Principal Prepayments received during the Prepayment Period that ends during such Due Period) and the amount on deposit in the Pre-Funding Account in respect of that Loan Group as of the first day of such Due Period over the Certificate Principal Balance of the related Senior Certificates immediately prior to such Distribution Date.
Subordinate Net Rate Cap. With respect to any distribution date and Class M Certificates, the weighted average of the Group I Net Rate Cap, the Group II Net Rate Cap and the Group III Net Rate Cap weighted on the basis of the results of subtracting the Certificate Principal Balance of the related Class A Certificates from the aggregate stated principal balance of the related Mortgage Loans in each Loan Group. For federal income tax purposes, the equivalent of the foregoing shall be expressed as the weighted average of the Uncertificated REMIC 1 Pass-Through Rate on REMIC 1 Regular Interest LT-1SUB, REMIC 1 Regular Interest LT-2SUB and REMIC 1 Regular Interest LT-3SUB (subject, in each case, to a cap a floor equal to the Uncertificated REMIC 1 Pass-Through Rate on REMIC 1 Regular Interest LT-1GRP, REMIC 1 Regular Interest LT-2GRP and REMIC 1 Regular Interest LT-3GRP, respectively), weighted on the basis of the Uncertificated Principal Balance of each such REMIC 1 Regular Interest.
Examples of Subordinate Net Rate Cap in a sentence
In each case, Principal Relocation Payments will be made so as to cause the Calculation Rate in respect of the outstanding R-2-A and R-2-B Interests to equal the Adjustable Rate Subordinate Net Rate Cap.
In each case, Principal Relocation Payments will be made so as to cause the Calculation Rate in respect of the outstanding R-2-C and R-2-D Interests to equal the Adjusted Subordinate Net Rate Cap.
For federal income tax purposes the "Adjusted Subordinate Net Rate Cap" will equal the Calculation Rate with respect to the R-2-C and R-2-D REMIC 2 Interests.
In each case, Principal Relocation Payments shall be made to cause the Calculation Rate in respect of the outstanding Class I3 and Class I4 Interests to equal the Adjusted Subordinate Net Rate Cap.
In each case, Principal Relocation Payments will be made so as to cause the Calculation Rate in respect of the outstanding R-1-A and R-1-B Interests to equal the Subordinate Net Rate Cap.
More Definitions of Subordinate Net Rate Cap
Subordinate Net Rate Cap. With respect to any Distribution Date and each Class of Subordinate Certificates, the weighted average of the Class 1-A Net Rate Cap, the Class 2-A Net Rate Cap and the Class 3-A Net Rate Cap weighted on the basis of the excess (if any) of the sum of the aggregate Stated Principal Balance of the Mortgage Loans in the related Loan Group and the amount on deposit in the Pre-Funding Account in respect of that Loan Group over the outstanding Certificate Principal Balance of the related Senior Certificates.
Subordinate Net Rate Cap. With respect to any Distribution Date and each Class of Subordinate Certificates, the weighted average of (a) the weighted average Adjusted Net Mortgage Rate of the Mortgage Loans in Loan Group 1 (weighted by an amount equal to the positive difference (if any) of the sum of the aggregate Stated Principal Balance of the Mortgage Loans in Loan Group 1 and the amount on deposit in the Pre-Funding Account in respect of Loan Group 1, over the outstanding aggregate Certificate Principal Balance of the Class 1-A Certificates) and (b) the weighted average Adjusted Net Mortgage Rate of the Mortgage Loans in Loan Group 2 (weighted by an amount equal to the positive difference (if any) of the sum of the aggregate Stated Principal Balance of the Mortgage Loans in Loan Group 2 and the amount on deposit in the Pre-Funding Account in respect of Loan Group 2, over the outstanding aggregate Certificate Principal Balance of the Class 2-A Certificates), and in the case of all Adjustable Rate Certificates, adjusted to an effective rate reflecting the calculation of interest on the basis of the actual number of days elapsed during the related Accrual Period and a 360-day year.
Subordinate Net Rate Cap. For any Distribution Date, the weighted average of (a) the Adjusted Net Mortgage Rate of the Mortgage Loans in Loan Group 1 less the Adjusted 1-A Guaranty Fee Rate as of the first day of the related Due Period (weighted by an amount equal to the positive difference (if any) of the aggregate Stated Principal Balance of the Mortgage Loans in Loan Group 1 over the outstanding Certificate Balance of the Class 1-A Certificates), (b) the Adjusted Mortgage Rate of the Mortgage Loans in Loan Group 2 less the Adjusted 2-A Guaranty Fee Rate as of the first day of the related Due Period (weighted by an amount equal to the positive difference (if any) of the aggregate Stated Principal Balance of the Mortgage Loans in Loan Group 2 over the outstanding Certificate Balance of the Class 2-A Certificates), (c) the Adjusted Mortgage Rate of the Mortgage Loans in Loan Group 3 as of the first day of the related Due Period (weighted by an amount equal to the positive difference (if any) of the aggregate Stated Principal Balance of the Mortgage Loans in Loan Group 3 over the outstanding Certificate Balance of the Class 3-A Certificates) and (d) the Adjusted Mortgage Rate of the Mortgage Loans in Loan Group 4 as of the first day of the related Due Period (weighted by an amount equal to the positive difference (if any) of the aggregate Stated Principal Balance of the Mortgage Loans in Loan Group 4 over the outstanding Certificate Balance of the Class 4-A Certificates), 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. For federal income tax purposes, the Subordinate Net Rate Cap will be the Calculation Rate in respect of the Class I1 and I2 Interests.
Subordinate Net Rate Cap. With respect to any Distribution Date and each Class of Subordinate Certificates, the weighted average of (a) the weighted average Adjusted Net Mortgage Rate of the Mortgage Loans in Loan Group 1 (weighted by an amount equal to the positive difference (if any) of the aggregate Stated Principal Balance of the Mortgage Loans in Loan Group 1 over the outstanding Certificate Principal Balance of the Class 1-A Certificates), (b) the weighted average Adjusted Net Mortgage Rate of the Mortgage Loans in Loan Group 2 (weighted by an amount equal to the positive difference (if any) of the aggregate Stated Principal Balance of the Mortgage Loans in Loan Group 2 over the outstanding Certificate Principal Balance of the Class 2-A Certificates) and (c) the weighted average Adjusted Net Mortgage Rate of the Mortgage Loans in Loan Group 3 (weighted by an amount equal to the positive difference (if any) of the aggregate Stated Principal Balance of the Mortgage Loans in Loan Group 3 over the outstanding aggregate Certificate Principal Balance of the Class 3-A Certificates), and in the case of all Adjustable Rate Certificates, adjusted to an effective rate reflecting the calculation of interest on the basis of the actual number of days elapsed during the related Accrual Period and a 360-day year.
Subordinate Net Rate Cap. For the Subordinate Certificates and the Interest Accrual Period related to each Distribution Date, a per annum rate equal to (1) the sum of the following for each Loan Group: the product of (x) the Loan Group Net Rate Cap of the Related Loan Group and (y) the Subordinate Component Balance related to that Loan Group, divided by (2) the aggregate Certificate Principal Balances of the Subordinate Certificates immediately prior to that Distribution Date.
Subordinate Net Rate Cap. With respect to any Distribution Date and each Class of Subordinate Certificates, the weighted average of (a) the weighted average Adjusted Net Mortgage Rate of the Mortgage Loans in Loan Group 1 as of the first day of the related Due Period (after giving effect to Principal Prepayments received during the Prepayment Period that ends during such Due Period) (weighted by an amount equal to the positive difference (if any) of the sum of the aggregate Stated Principal Balance of the Mortgage Loans in Loan Group 1 and the amount on deposit in the Pre-Funding Account in respect of Loan Group 1 over the outstanding Certificate Principal Balance of the Class 1-A Certificates) and (b) the weighted average Adjusted Net Mortgage Rate of the Mortgage Loans in Loan Group 2 as of the first day of the related Due Period (after giving effect to Principal Prepayments received during the Prepayment Period that ends during such Due Period) (weighted by an amount equal to the positive difference (if any) of the sum of the aggregate Stated Principal Balance of the Mortgage Loans in Loan Group 2 and the amount on deposit in the Pre-Funding Account in respect of Loan Group 2 over the outstanding aggregate Certificate Principal Balance of the Class 2-A Certificates), adjusted to an effective rate reflecting the calculation of interest on the basis of the actual number of days elapsed during the related Accrual Period and a 360-day year, minus the Swap Adjustment Rate for such Distribution Date.
Subordinate Net Rate Cap. For any Class of Subordinate Certificates and any Distribution Date, the per annum rate equal to the weighted average of (i) the product of (a) the Group I Net WAC Cap 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 Period and (ii) the Group II Net WAC Cap, weighted on the basis of the related Group Subordinate Amount for such Distribution Date.