Subordinate Maximum Rate Cap definition
Subordinate Maximum Rate Cap. For any Distribution Date will be a per annum rate equal to the weighted average of the Group I Maximum Rate Cap and the Group II Net Rate Cap (as adjusted to reflect the actual number of days in the related Interest Accrual Period) weighted on the basis of the Group I Group Subordinate Amount and the Group II Group Subordinate Amount, respectively.
Subordinate Maximum Rate Cap. With respect to the (i) Class M Certificates as of any Distribution Date, the weighted average of the Group 1 Maximum Rate Cap and the Group 2 Maximum Rate Cap (expressed on the basis of an assumed 360-day year and the actual number of days elapsed during the related Interest Accrual Period) weighted on the basis of the Group Subordinate Amount for the Group 1 Mortgage Loans and the Group 2 Mortgage Loans and (ii) Class B Certificates as of any Distribution Date, the weighted average of the Group 1 Maximum Rate Cap and the Group 2 Maximum Rate Cap (expressed on the basis of an assumed 360-day year consisting of twelve 30-day months) weighted on the basis of the Group Subordinate Amount for the Group 1 Mortgage Loans and Group 2 Mortgage Loans, respectively.
Subordinate Maximum Rate Cap. With respect to (i) the Class M, Class B-1, Class B-2 and Class B-3 Certificates as of any Distribution Date, a per annum rate equal to the product of (A) the weighted average of the Group I Maximum Rate Cap and the Group II Maximum Rate Cap, weighted on the basis of the Group Subordinate Amount for Group I and the Group Subordinate Amount for Group II, respectively and (B) in the case of the Group I Maximum Rate Cap, 1, and in the case of the Group II Maximum Rate Cap, a fraction, the numerator of which is 30 and the denominator of which is the actual number of days in the related Interest Accrual Period and (ii) the Class B-4 Certificates as of any Distribution Date, a per annum rate equal to the weighted average of the Group I Maximum Rate Cap (multiplied by a fraction, the numerator of which is the actual number of days in the related Interest Accrual Period, and the denominator of which is 30) and the Group II Maximum Rate Cap, weighted on the basis of the Group Subordinate Amount for Group I and the Group Subordinate Amount for Group II, respectively. Subordinate Net WAC Cap: With respect to (i) the Class M, Class B-1, Class B-2 and Class B-3 Certificates as of any Distribution Date, a per annum rate equal to the product of (A) the weighted average of the Group I Net WAC Cap and the Group II Net WAC Cap, weighted on the basis of the Group Subordinate Amount for Group I and the Group Subordinate Amount for Group II, respectively and (B) in the case of the Group I Net WAC Cap, 1, and in the case of the Group II Net WAC Cap, a fraction, the numerator of which is 30 and the denominator of which is the actual number of days in the related Interest Accrual Period and (ii) the Class B-4 Certificates as of any Distribution Date, a per annum rate equal to the weighted average of the Group I Net WAC Cap (multiplied by a fraction, the numerator of which is the actual number of days in the related Interest Accrual Period, and the denominator of which is 30) and the Group II Net WAC Cap, weighted on the basis of the Group Subordinate Amount for Group I and the Group Subordinate Amount for Group II, respectively.
Examples of Subordinate Maximum Rate Cap in a sentence
The Class B-4 Pass-Through Rate on each Distribution Date will be a rate per annum equal to the least of (i) the Class B-4 Pass-Through Rate (ii) the Subordinate Rate Cap and (iii) the Subordinate Maximum Rate Cap.
The Class B-6 Pass-Through Rate on each Distribution Date will be a rate per annum equal to the least of (i) the Class B-6 Pass-Through Rate (ii) the Subordinate Rate Cap and (iii) the Subordinate Maximum Rate Cap.
The Class M-6 Pass-Through Rate on each Distribution Date will be a rate per annum equal to the least of (i) LIBOR as of the related LIBOR Determination Date, plus the Class M-6 Certificate Margin, (ii) the Subordinate Net WAC Cap and (iii) the Subordinate Maximum Rate Cap.
The Class M-[1][2][3][4][5][6] Pass-Through Rate on each Distribution Date will be a rate per annum equal to the least of (i) the Class M-[1][2][3][4][5][6] Pass-Through Rate, (ii) the Subordinate Net WAC Cap for such Distribution Date and (iii) the Subordinate Maximum Rate Cap.
More Definitions of Subordinate Maximum Rate Cap
Subordinate Maximum Rate Cap. With respect to any distribution date and the Class M Certificates, a per annum rate equal to the weighted average of (i) the Group 1 Maximum Rate Cap and (ii) the Group 2 Maximum Rate Cap, weighted on the basis of the Subordinate Component.
Subordinate Maximum Rate Cap. For any Distribution Date and (x) with respect to the Class M Certificates and the Adjustable Rate Class B Certificates will be a per annum rate equal to the weighted average (weighted in proportion to the results of subtracting from the aggregate Principal Balance of each Loan Group, the current Certificate Principal Balance of the Class A-1 Certificates, in the case of Loan Group I, or the Class A-2 Certificates, in the case of Loan Group II) of (i) the Class A-1 Maximum Rate Cap and (ii) the Class A-2 Maximum Rate Cap multiplied by a fraction, the numerator of which is 30 and the denominator of which is the actual number of days in the related Interest Accrual Period and (y) with respect to the Class B-4 and Class B-5 Certificates will be a per annum rate equal to the weighted average (weighted in proportion to the results of subtracting from the aggregate Principal Balance of each Loan Group, the current Certificate Principal Balance of the Class A-1 Certificates, in the case of Loan Group I, or the Class A-2 Certificates, in the case of Loan Group II) of (i) the Class A-1 Maximum Rate Cap multiplied by a fraction, the numerator of which is the actual number of days in the related Interest Accrual Period and the denominator of which is 30 and (ii) the Class A-2 Maximum Rate Cap.
Subordinate Maximum Rate Cap. With respect to a Distribution Date, the per annum rate equal to the weighted average of the Group One Maximum Rate Cap, the Group Two Maximum Rate Cap and the weighted average of the Net Mortgage Rates on the Mortgage Loans in Group Three, weighted in each case on the basis of the related Group Subordinate Amount, and adjusted to reflect the length of the relevant Accrual Period.
Subordinate Maximum Rate Cap. With respect to (i) the Class M, Class B-1, Class B-2 and Class B-3 Certificates as of any Distribution Date, a per annum rate equal to the product of (A) the weighted average of the Group I Maximum Rate Cap and the Group II Maximum Rate Cap, weighted on the basis of the Group Subordinate Amount for Group I and the Group Subordinate Amount for Group II, respectively and (B) a fraction, the numerator of which is 30 and the denominator of which is the actual number of days in the related Interest Accrual Period and (ii) the Class B-4 and Class B-5 Certificates as of any Distribution Date, a per annum rate equal to the weighted average of the Group I Maximum Rate Cap and the Group II Maximum Rate Cap, weighted on the basis of the Group Subordinate Amount for Group I and the Group Subordinate Amount for Group II, respectively.