Cap Cost definition

Cap Cost means either (i) with respect to each date of determination, an amount equal to the average price quoted by each Committed Purchaser to sell the Issuer a cap agreement on such date of determination as described in Section 7.01(c) without regard to whether One-Month LIBOR exceeds 5.00% per annum or (ii) if the Issuer has purchased a cap agreement under Section 7.01(c), zero.
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Examples of Cap Cost in a sentence

  • The parties hereto acknowledge that for the period from the date hereof through December 31, 2000, the Cap Cost is $206,000, and such amount will be held back from availability under the Loans for purposes of the Initial Funding and any subsequent fundings during such period.

  • After each calculation of the Unhedged Advances Interest Rate Cap Cost, the Borrower shall deposit into the Interest Reserve Deposit Account an amount sufficient to bring the balance in the account to an amount equal to the sum of the Base Account Amount plus the Unhedged Advances Interest Rate Cap Cost.

  • Notwithstanding anything in this Section 5.01 to the contrary, the Borrower hereby agrees and acknowledges that absent gross negligence or willful misconduct, the calculation of the Interest Rate Cap Cost by the Lender shall be conclusive and binding on the Borrower.

  • After each calculation of an Interest Rate Cap Cost, if the Interest Rate Cap Deficit is greater than zero (0), the Borrower shall deposit into the Interest Reserve Deposit Account an amount equal to such Interest Rate Cap Deficit.

  • After each calculation of an Interest Rate Cap Cost, if the Interest Rate Cap Deficit is less than zero (0) (an “Interest Rate Cap Surplus”), the Lender shall instruct the Interest Reserve Deposit Account Bank to pay to the Borrower (upon the Borrower’s request) from the Interest Reserve Deposit Account an amount equal to such Interest Rate Cap Surplus.

  • Notwithstanding anything in this Section 5.03 to the contrary, the Borrower hereby agrees and acknowledges that absent gross negligence or willful misconduct, the calculation of the Interest Rate Cap Cost by the Lender shall be conclusive and binding on the Borrower.

  • The total amount held back as of any date shall be the Cap Cost in effect for such date, as the same may increase or decrease in accordance with the foregoing.

Related to Cap Cost

  • Net WAC Rate With respect to any Distribution Date (and the related Accrual Period), a per annum rate equal to the weighted average of the Net Mortgage Rates of the Mortgage Loans as of the first day of the related Collection Period (not including for this purpose Mortgage Loans for which prepayments in full have been received and distributed in the month prior to that Distribution Date).

  • Group II Interest Remittance Amount With respect to any Distribution Date, that portion of the Available Funds for such Distribution Date attributable to interest received or advanced with respect to the Group II Mortgage Loans.

  • Cap Contract Any of the Class A-1 Cap Contract, the Class A-2 Cap Contract or the Subordinate Certificates Cap Contract.

  • Interest Remittance Amount For any Distribution Date and Loan Group, an amount equal to the sum of (1) all interest collected (other than related Payaheads, if applicable) or advanced in respect of Scheduled Payments on the Mortgage Loans in such Loan Group during the related Collection Period, the interest portion of Payaheads previously received and intended for application in the related Collection Period and the interest portion of all Payoffs and Curtailments received on the Mortgage Loans in such Loan Group during the related Prepayment Period (other than interest on Principal Prepayments that occur during the portion of the Prepayment Period that is in the same calendar month as the related Distribution Date), less (x) the Servicing Fees (other than any Excess Servicing Fee) and any lender paid Primary Insurance Policy premiums with respect to such Mortgage Loans and (y) unreimbursed Advances and other amounts due to a Servicer, the Back-Up Servicer or the Trustee with respect to such Mortgage Loans, to the extent allocable to interest, (2) all Compensating Interest Payments paid by a Servicer with respect to the related Mortgage Loans with respect to such Distribution Date, (3) the portion of any Substitution Adjustment Amount and Repurchase Price paid with respect to such Mortgage Loans during the calendar month immediately preceding the Distribution Date, in each case allocable to interest and the proceeds of any purchase of the Mortgage Loans by the Terminating Entity pursuant to Section 9.01 in an amount not exceeding the interest portion of the Par Value, (4) all Net Liquidation Proceeds, and any Insurance Proceeds and other recoveries (net of unreimbursed Advances, Servicing Advances and expenses, to the extent allocable to interest, and unpaid Servicing Fees) collected with respect to such Mortgage Loans during the prior calendar month, to the extent allocable to interest, (5) any amounts withdrawn from the Capitalized Interest Amount to pay interest on the related Certificates with respect to such Distribution Date and (6) the aggregate Excess Servicing Fee to be distributed to the Class A-IO-S Certificates.

  • Group I Interest Remittance Amount With respect to any Distribution Date, that portion of the Available Funds for such Distribution Date attributable to interest received or advanced with respect to the Group I Mortgage Loans.