Modified Net Rate Cap definition

Modified Net Rate Cap. For any Distribution Date and Loan Group I, the related Net Rate Cap modified by replacing the term “Coupon Strip Rate” with the term “Maximum Coupon Strip Rate” wherever it appears in the definition of “Net Rate Cap” with respect to Loan Group I.
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Modified Net Rate Cap. For any Distribution Date, the weighted average of the Net Rates of the Mortgage Loans, weighted on the basis of the Stated Principal Balances thereof as of the related Due Period (less, if applicable, the Maximum Coupon Strip Rate) as adjusted to an effective rate reflecting the accrual of interest on the basis of a 360-day year and the actual number of days elapsed in the related Interest Accrual Period.
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Modified Net Rate Cap. For any Distribution Date, the Net Rate Cap modified by replacing the term "Coupon Strip Rate" with the term "Maximum Coupon Strip Rate" wherever it appears in the definition of "Net Rate Cap."
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Examples of Modified Net Rate Cap in a sentence

  • For federal income tax purposes, payment of any interest accrued at a Pass-Through Rate in excess of the Modified Net Rate Cap to the Class I-A Certificates and Class I-B Certificates shall be treated as paid outside of any 2007-AR5 REMIC and shall not be part of the entitlement of the REMIC III Regular Interest, the ownership of which is represented by such Class of Certificates receiving such payment.

  • For federal income tax purposes, payment of any interest accrued at a Pass-Through Rate in excess of the Modified Net Rate Cap, to the Class A and Class B Certificates shall be treated as paid outside of any 2006-AR3 REMIC and shall not be part of the entitlement of the REMIC IV Regular Interest the ownership of which is represented by such Class of Certificates receiving such payment.

  • The following table irrevocably sets forth the designation, the Pass-Through Rate for the Class of Certificates bearing the same designation (which is, with the substitution of the Modified Net Rate Cap in each place where the Net Rate Cap occurs in the case of the Class I-A and Class I-B Certificates, the Uncertificated REMIC IV Pass-Through Rate) and initial principal amount or Uncertificated Principal Balance for each of the "regular interests" in REMIC IV (the "REMIC IV Regular Interests").

  • For federal income tax purposes, payment of any interest accrued at a Pass-Through Rate in excess of the Modified Net Rate Cap, to the Class I-A Certificates and Class I-B Certificates shall be treated as paid outside of any 2007-AR3 REMIC and shall not be part of the entitlement of the REMIC IV Regular Interest the ownership of which is represented by such Class of Certificates receiving such payment.

  • For federal income tax purposes, payment of any interest accrued at a Pass-Through Rate in excess of the Modified Net Rate Cap, to the Class I-A Certificates and Class I-B Certificates shall be treated as paid outside of any 2006-AR2 REMIC and shall not be part of the entitlement of the REMIC III Regular Interest the ownership of which is represented by such Class of Certificates receiving such payment.

  • For federal income tax purposes, payment of any interest accrued at a Pass-Through Rate in excess of the Modified Net Rate Cap, to the Class I-A Certificates and Class I-B Certificates shall be treated as paid outside of any 2006-AR1 REMIC and shall not be part of the entitlement of the REMIC IV Regular Interest the ownership of which is represented by such Class of Certificates receiving such payment.

  • For federal income tax purposes, payment of any interest accrued at a Pass-Through Rate in excess of the Modified Net Rate Cap, to the Class I-A Certificates and Class I-B Certificates shall be treated as paid outside of any 2006-AR3 REMIC and shall not be part of the entitlement of the REMIC III Regular Interest the ownership of which is represented by such Class of Certificates receiving such payment.

  • For federal income tax purposes, payment of any interest accrued at a Pass-Through Rate in excess of the Modified Net Rate Cap, to the Class I-A Certificates and Class I-B Certificates shall be treated as paid outside of any 2007-AR1 REMIC and shall not be part of the entitlement of the REMIC III Regular Interest the ownership of which is represented by such Class of Certificates receiving such payment.

  • For federal income tax purposes, payment of any interest accrued at a Pass-Through Rate in excess of the Modified Net Rate Cap to the Class I-A Certificates and Class I-B Certificates shall be treated as paid outside of any 2007-AR4 REMIC and shall not be part of the entitlement of the REMIC III Regular Interest, the ownership of which is represented by such Class of Certificates receiving such payment.

  • For federal income tax purposes, payment of any interest accrued at a Pass-Through Rate in excess of the Modified Net Rate Cap, to the Class A, Class M and Class B Certificates shall be treated as paid outside of any 2006-AR2 REMIC and shall not be part of the entitlement of the REMIC IV Regular Interest the ownership of which is represented by such Class of Certificates receiving such payment.

Related to Modified Net Rate Cap

  • Net Rate Cap With respect to any Distribution Date and the Class A Certificates and Class M Certificates, a per annum rate equal to the lesser of (x) 11.00% per annum and (y) 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; provided, however, for federal income tax purposes, a rate equivalent to the foregoing, expressed as the lesser of (x) 11.00% per annum and (y) the weighted average of the Uncertificated REMIC I Pass-Through Rates on the REMIC I Regular Interests, weighted on the basis of the Uncertificated Principal Balances of each such REMIC I Regular Interest immediately prior to such Distribution Date. The Net Rate Cap for the Class A Certificates and Class M Certificates will be adjusted to an effective rate reflecting the accrual of interest on an actual/360 basis. With respect to any Distribution Date and the Class B Certificates, a per annum rate equal to 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; provided, however, for federal income tax purposes, a rate equivalent to the foregoing, expressed as the weighted average of the Uncertificated REMIC I Pass-Through Rates on the REMIC I Regular Interests, weighted on the basis of the Uncertificated Principal Balances of each such REMIC I Regular Interest immediately prior to such Distribution Date.

  • Interest Rate Cap means the establishment of an upper limit for a variable interest rate.

  • Floating Rate Calculation Date means, for any Quarterly Floating Rate Period, the 30th day prior to the first day of such Quarterly Floating Rate Period.

  • Initial Rate Cap With respect to each Adjustable Rate Mortgage Loan and the initial Adjustment Date therefor, a number of percentage points per annum that is set forth in the Mortgage Loan Schedule and in the related Mortgage Note, which is the maximum amount by which the Mortgage Interest Rate for such Adjustable Rate Mortgage Loan may increase or decrease from the Mortgage Interest Rate in effect immediately prior to such Adjustment Date.

  • Fixed Rate Calculation Date means, for any Subsequent Fixed Rate Period, the 30th day prior to the first day of such Subsequent Fixed Rate Period.