Initial Cap definition

Initial Cap means the product of (x) the Cap multiplied by (y) the quotient represented by (1) the number of days between the Distribution Date and December 31, 2018 (inclusive of such dates), divided by (2) 365.

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Initial Cap means the product of (x) the Cap times (y) the quotient represented by (1) the number of days between the Distribution Date and December 31, 2018 (inclusive of such dates), divided by (2) 365.

Initial Cap. For each Mortgage Loan, the applicable limit on the adjustment of the Mortgage Interest Rate for the initial Rate Adjustment Date specified in the applicable Mortgage Note and designated as such in the Mortgage Loan Schedule.

Examples of Initial Cap in a sentence

• Thirty (30) days following the Distribution Date, Indemnitor shall pay to Indemnitee the Estimated Initial Obligation; provided, that, in the event that the Estimated Initial Obligation exceeds the Initial Cap, Indemnitor shall pay to Indemnitee an amount equal to the Initial Cap.

• A Subsequent Cap must have an effective date not later than the day following the last day of the Initial Cap Period or any Subsequent Cap Period.

• If the Bonds are issued bearing interest at the Floating Rate, the Cap must be in place on the Closing Date for a period beginning on the Closing Date and ending not earlier than the date which is the fifth (5th) anniversary of the Closing Date (the "Initial Cap Period").

• Subject to the other terms of Article 16, additional Caps (each, a "Subsequent Cap") shall be purchased by Borrower (i) upon the expiration of the Cap in place for the Initial Cap Period, and (ii) if elected by the Borrower, at the time any Additional Variable Advance is made.

• REMIC 1 shall hold as its assets the property of the Trust Fund other than the Lower Tier Interests in REMIC 1, REMIC 2 and REMIC 3, the Basis Risk Reserve Fund, the Initial Cap Agreement and the Class 1-A1 Cap Agreement.

More Definitions of Initial Cap

Initial Cap has the meaning specified in Section 9.1.

Initial Cap. With respect to each Adjustable Rate Mortgage Loan, the maximum percentage per annum specified in the related Mortgage Note by which the Mortgage Rate may increase on the first Adjustment Date of such Mortgage Loan. Insurance Fee Rate: [to be provided if applicable.]

Initial Cap shall have the meaning as set forth in Section 4.1.15(a).

Initial Cap means TWO HUNDRED AND TEN MILLION DOLLARS ($210,000,000).

Initial Cap has the meaning ascribed thereto in Section 9.02(d) of this Agreement.

Initial Cap means, for any relevant period, an amount equal to six and one-half percent (6.5%) of Gross Receipts for such relevant period.

Initial Cap means an amount equal to the Escrow Amount, including any portion of the Escrow Amount previously distributed by the Escrow Agent to, on behalf of, or for the benefit of Seller.