Strip Rate definition

Strip Rate. With respect to the Class S Certificates and any Distribution Date, a variable rate per annum equal to the excess of (x) the weighted average (by Scheduled Principal Balance) carried to six decimal places, rounded down, of the Net Mortgage Rates of the Outstanding Non-Discount Mortgage Loans as of the Due Date in the preceding calendar month (or the Cut-off Date, in the case of the first Distribution Date) over (y) the Designated Rate; provided, however, that such calculation shall not include any Mortgage Loan that was the subject of a Voluntary Principal Prepayment in full received by the Company (or of which the Company received notice, in the case of a Mortgage Loan serviced by a Primary Servicer) on or after the first day but on or before the 15th day of such preceding calendar month. Subordinate Certificates: As to any date of determination, first, the Class B5 Certificates until the Class Certificate Principal Balance thereof has been reduced to zero; second, the Class B4 Certificates until the Class Certificate Principal Balance thereof has been reduced to zero; third, the Class B3 Certificates until the Class Certificate Principal Balance thereof has been reduced to zero; fourth, the Class B2 Certificates until the Class Certificate Principal Balance thereof has been reduced to zero; fifth, the Class B1 Certificates until the Class Certificate Principal Balance thereof has been reduced to zero; and sixth, the Class M Certificates until the Class Certificate Principal Balance thereof has been reduced to zero.

Strip Rate. With respect to any Component for any Distribution Date, a rate per annum equal to (i) the Weighted Average Net Mortgage Rate for such Distribution Date, minus (ii) the Pass-Through Rate for the Corresponding Certificates (provided that in no event shall the Strip Rate be less than zero).

Strip Rate. The Group I Strip Rate, the Group II Strip Rate or the Group III Strip Rate, as applicable. Subcontractor: Any vendor, subcontractor or other Person that is not responsible for the overall servicing of the Mortgage Loans but performs one or more discrete functions identified in Item 1122(d) of Regulation AB with respect to Mortgage Loans under the direction or authority of any Servicer (or a Subservicer of any Servicer), the Master Servicer, the Custodian or the Securities Administrator.

Examples of Strip Rate in a sentence

• Realized Losses allocated to the Class X Certificates shall reduce the amount of interest payable on the REMIC II Regular Interests, which reduction shall be allocated pro rata based on the product of the Certificate Balance of such REMIC II Regular Interest and the Class X Strip Rate applicable to the Class of REMIC III Regular Interest (other than the Class X Certificates) relating to such REMIC II Regular Interest.

• Realized Interest Losses allocated to the Class X Certificates shall reduce the amount of interest payable on the REMIC II Regular Interests and shall be allocated pro rata based on the product of the Certificate Balance of each REMIC II Regular Interest and the Class X Strip Rate (if any) applicable to the Corresponding Component relating to such REMIC II Regular Interest.

• Each Group X-Y REMIC I Regular Interest will have a Pass-Through Rate equal to the Class X-Y Strip Rate, an initial notional amount equal to the Scheduled Principal Balance as of the Cut-Off Date of the Specially Designated Co-op Loan to which such Group X-Y REMIC I Regular Interest relates, and a latest possible maturity date set to the Final Rated Distribution Date.

• Each Group X-Y REMIC I Regular Interest will have a Pass-Through Rate equal to the related Class X-Y Strip Rate, an initial notional amount equal to the Scheduled Principal Balance as of the Cut-Off Date of the Specially Designated Co-op Loan to which such Group X-Y REMIC I Regular Interest relates, and a latest possible maturity date set to the Final Rated Distribution Date.

• Individuals who refuse to take or who fail the drug test, after being informed, will be removed from employment consideration.

More Definitions of Strip Rate

Strip Rate. With respect to the Class S Certificates and any Distribution Date, a variable rate per annum equal to the excess of (x) the Weighted Average Net Mortgage Rate over (y) the weighted average (by Certificate Principal Balance) of the Certificate Interest Rates of the Certificates (other than the Class S Certificates) for such Distribution Date.

Strip Rate. For the Class A, Class B and C Certificates for any Distribution Date will be equal to the excess, if any, of (i) the Net Trust Note Rate for such Distribution Date over (ii) the Pass-Through Rate for the Class A, Class B or Class C Certificates for such Distribution Date, as applicable.

Strip Rate means Component REMIC II Regular Interest Strip Rate --------- ------------------------- ---------- Class IO-A-1 A-1 2.17% Class IO A-2 A-2 2.04% Class IO-A-3 A-3 1.97% Class IO-A-4 A-4 1.85% Class IO-A-5 A-5 1.69% Class IO-A-6 A-6 1.35% Class IO-A-7 A-7 1.75% Class IO-M-1 M-1 1.61% Class IO-M-2 M-2 1.33% Class IO-B-1 B-1 0.68% Class IO-B-2 B-2 0.05% Class IO-B-3 B-3 0.05% Class IO-B-4 B-4 0.05%

Strip Rate. As to each Class S Component, the respective per annum rate set forth below: Component Strip Rate S-1 1.17% S-2 0.85% S-3 0.51%% S-4 0.31% S-5 0.03% S-6 0.56%

Strip Rate. With respect to the Class S Certificates and any Distribution Date, a variable rate per annum equal to the excess of (x) the Weighted Average Net Mortgage Rate over (y) the weighted average (by Certificate Principal Balance) of the Certificate Interest Rates of the Certificates (other than the Class S Certificates) for such Distribution Date. Subordinate Certificates: As to any date of determination, first, the Class B5 Certificates until the Class Certificate Principal Balance thereof has been reduced to zero; second, the Class B4 Certificates until the Class Certificate Principal Balance thereof has been reduced to zero; third, the Class B3 Certificates until the Class Certificate Principal Balance thereof has been reduced to zero; fourth, the Class B2 Certificates until the Class Certificate Principal Balance thereof has been reduced to zero; fifth, the Class B1 Certificates until the Class Certificate Principal Balance thereof has been reduced to zero; and sixth, the Class M Certificates until the Class Certificate Principal Balance thereof has been reduced to zero.

Strip Rate. With respect to each Mortgage Loan identified on Schedule I-G hereto, the per annum rate of interest specified in such schedule. Subordinate Certificate: Any Certificate other than a Senior Certificate.

Strip Rate. With respect to any Distribution Date and Uncertificated REMIC I Regular Interests X-0, X-0 xxx X-0, a rate equal to the weighted average, expressed as a percentage, of the Net Mortgage Interest Rates on the Mortgage Loans in Loan Group II as of the Due Date in the month immediately preceding the month which such Distribution Date occurs, weighted on the basis of the respective Principal Balances of such Mortgage Loans at the beginning of the related Due Period minus the sum of (i) 1.15% and (ii) the related Group II Class A Pass-Through Rate on the Class A-2, Class A-3 or Class A-4 Certificates, respectively.