Maximum Interest Rate means the rate of interest that results in the maximum amount of interest allowed by applicable law.
Maximum Interest Rate. With respect to any Distribution Date, an annual rate equal to: (i) in the case of the Class A1 Certificates, for each Distribution Date on or before the Distribution Date on which the aggregate Class Principal Amount of the Class A2 Certificates has been reduced to zero, an annual rate that would equal the Pool 1 Net Funds Cap for such Distribution Date if the Pool 1 Optimal Interest Remittance Amount were computed by reference to the weighted average of the excess of the maximum “lifetime” Mortgage Rates specified in the related Mortgage Notes for the Pool 1 Mortgage Loans over the Aggregate Expense Rate; (ii) in the case of the Class A2 Certificates, for each Distribution Date on or before the Distribution Date on which the Class Principal Amount of the Class A1 Certificates has been reduced to zero, an annual rate that would equal the Pool 2 Net Fund Cap for such Distribution Date if the Pool 2 Optimal Remittance Interest Amount were computed by reference to the weighted average of the excess of the maximum “lifetime” Mortgage Rates specified in the related Mortgage Notes for the Pool 2 Mortgage Loans over the Aggregate Expense Rate; and (iii) in the case of (A) the Class M1, Class M2, Class M3, Class M4 and Class B Certificates, (B) the Class A1 Certificates for each Distribution Date after the Distribution Date on which the aggregate Class Principal Amount of the Class A2 Certificates has been reduced to zero, and (C) the Class A2 Certificates for each Distribution Date after the Distribution Date on which the Class Principal Amount of the Class A1 Certificates has been reduced to zero, an annual rate that would equal the Subordinate Net Funds Cap for such Distribution Date if the Pool 1 Optimal Interest Remittance Amount were computed by reference to the weighted average of the excess of the maximum “lifetime” Mortgage Rates specified in the related Mortgage Notes for the Pool 1 Mortgage Loans over the Aggregate Expense Rate and the Pool 2 Optimal Interest Remittance Amount were computed by reference to the weighted average of the excess of the maximum “lifetime” Mortgage Rates specified in the related Mortgage Notes for the Pool 2 Mortgage Loans less the Aggregate Expense Rate. MERS: Mortgage Electronic Registration Systems, Inc., a Delaware corporation, or any successor in interest thereto.
Maximum Interest Rate has the meaning specified in Section 311.
Examples of Maximum Interest Rate in a sentence
The Maximum Interest Rate is inclusive of (i) the SBCI Guarantee Fee and (ii) any arrangement or facility fee that may be charged by the Applicant.The Maximum Interest Rate for Maximum Interest Rate Cap Loan Category 1 is capped at 4.5%,the Maximum Interest Rate forLoan Category 2 is capped at 3.5%.
Maximum Interest Rate Proposal Table – to be completed by Applicants *Applicants must choose a cost of funds benchmark of either 1M, 3M, or 6M EURIBOR plus set out any additional internal cost allocations if applicable.
Note 1: Maximum Interest Rate includes the SBCI Guarantee Fee plus any arrangement or facility fee that may be charged by Applicants.
For example:If Applicant A submits a Maximum Interest Rate for Loan Category 1 of 4.1%, and Loan Category 2 of 2.9%, the Applicant will score 27.6 marks out of a possible 70 marks available.
The Issuer covenants that interest on the Bonds shall not be borne at a rate in excess of the Maximum Interest Rate; and if interest shall be borne at a rate in excess of the Maximum Interest Rate it shall be automatically reduced to such Maximum Interest Rate.
More Definitions of Maximum Interest Rate
Maximum Interest Rate. For the Class X-0, Xxxxx X-0, Class A-3, Class A-4 and Class R Certificates and any Distribution Date, an annual rate equal to (a) the weighted average of (i) the weighted average Maximum Mortgage Rates minus the weighted average Expense Fee Rate of the adjustable-rate mortgage loans in the related Loan Group and (ii) the weighted average Net Mortgage Rates of the fixed-rate mortgage loans in the related Loan Group, multiplied by (b) a fraction, the numerator of which is 30 and the denominator of which is the actual number of days in the immediately preceding Accrual Period. For the Class M-1, Class M-2, Class M-3, Class B-1, Class B-2 and Class B-3 Certificates and any Distribution Date, an annual rate equal to (a) the weighted average of (x) the weighted average Maximum Mortgage Rates minus the weighted average Expense Fee Rate of the adjustable-rate Mortgage Loans in both Loan Groups and the (y) weighted average Net Mortgage Rates of the fixed-rate Mortgage Loans in both Loan Groups, multiplied by (b) a fraction, the numerator of which is 30 and the denominator of which is the actual number of days in the immediately preceding Accrual Period. All weighted averages calculated hereunder shall be based on Stated Principal Balance of the applicable Mortgage Loans as of the first day of the related Collection Period.
Maximum Interest Rate. The Pool 1 Maximum Interest Rate, the Pool 2 Maximum Interest Rate or the Subordinate Maximum Interest Rate, as applicable.
Maximum Interest Rate. The Maximum Interest Rate with respect to any Distribution Date will be an annual rate equal to (a) the amount, if any, by which (1) the weighted average of the maximum lifetime Mortgage Rates, as specified in the related Mortgage Notes for the Mortgage Loans, exceeds (2) (A) in the case of the first 24 Distribution Dates only, the sum of (i) the Aggregate Expense Rate and (ii) the product of (x) 6.00% and (y) a fraction, the numerator of which is the Class Notional Amount of the Class A-IO Certificates and the denominator of which is the Pool Balance for that Distribution Date and (B) thereafter, the Aggregate Expense Rate multiplied by (b) a fraction, the numerator of which is 30 and the denominator of which is the actual number of days in the related Accrual Period.
Maximum Interest Rate. With respect to the LIBOR Certificates and any Distribution Date, an annual rate equal to the weighted average of the Maximum Mortgage Rates of the Mortgage Loans in Loan Group IV minus the Expense Fee Rate.
Maximum Interest Rate means, in relation to a Series of Securities, if applicable, such rate as is specified as the Maximum Interest Rate in the Issue Terms.
Maximum Interest Rate means the maximum non-usurious rate of interest under applicable Federal or State law as in effect from time to time that may be contracted for, taken, reserved, charged or received in respect of the indebtedness of a Borrower to Agent or a Lender, or to the extent that at any time such applicable law may thereafter permit a higher maximum non-usurious rate of interest, then such higher rate.
Maximum Interest Rate. With respect to any Distribution Date and the related Accrual Period and the Group II Certificates and Group III Certificates, an annual rate equal to the weighted average of the Maximum Mortgage Interest Rates of the Mortgage Loans in the related Loan Group minus the weighted average expense rate of the Mortgage Loans in the related Loan Group. With respect to any Distribution Date and the Subordinate Certificates, an annual rate equal to the weighted average of the Maximum Mortgage Interest Rates of the Mortgage Loans minus the weighted average expense fee rate of the Mortgage Loans.