Subsequent Periodic Rate Cap definition

Subsequent Periodic Rate Cap. As to each Mortgage Loan and the related Mortgage Note, the provision therein that limits permissible increases and decreases in the Mortgage Rate on the each Adjustment Date after the first Adjustment Date for that Mortgage Loan to not more than the amount set forth therein.
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Subsequent Periodic Rate Cap. Following the period that the Initial Periodic Rate Cap is in effect, the upper and lower limit set for a Mortgage Rate on a Mortgage Loan, such that for any Adjustment Date following the initial Adjustment Date for a Mortgage Loan, the Mortgage Rate for a Mortgage Loan will not increase or decrease by more than 5.000%.
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Examples of Subsequent Periodic Rate Cap in a sentence

  • In connection with any such assumption, no material term of the Mortgage Note (including, but not limited to, the Mortgage Rate, the amount of the Scheduled Payment, the Maximum Mortgage Rate, the Minimum Mortgage Rate, the Gross Margin, the Initial Periodic Rate Cap, the Subsequent Periodic Rate Cap, the Adjustment Date and any other term affecting the amount or timing of payment on the Mortgage Loan) may be changed.

  • In connection with any such assumption, no material term of the Mortgage Note (including, but not limited to, the Mortgage Rate, the amount of the Scheduled Payment, the Maximum Mortgage Rate, the Minimum Mortgage Rate, the Gross Margin, the Initial Periodic Rate Cap, the Subsequent Periodic Rate Cap, the Adjustment Date and any other term affecting the amount or timing of 107 payment on the Mortgage Loan) may be changed.

  • Subsequent Periodic Rate Cap for the Adjustable Rate Mortgage Loans*1.000 $ 582,822,249 3,133 85.62% $ 186,027 6.898% 354.02 619 79.1% 1.500 36,402,029 214 5.35 170,103 7.827 354.36 603 81.2 2.000 61,513,465 307 9.04 200,370 7.669 353.18 588 75.4 Total/Avg./Wtd.

  • Subsequent Periodic Rate Cap for the Group 1 Adjustable Rate Mortgage Loansin the Mortgage Pool(1)Subsequent Periodic Rate Cap (%) 1.000 609 $ 112,076,612 80.37 % $ 184,034 7.063 % 354.53 618 80.8 % 1.500 28 6,754,891 4.84 241,246 7.184 355.05 600 79.7 2.000 109 20,621,798 14.79 189,191 7.571 354.49 586 79.8 Total/Avg./Wtd.

  • Subsequent Periodic Rate Cap for the Group 2 Adjustable Rate Mortgage Loansin the Mortgage Pool(1)Subsequent Periodic Rate Cap (%) 1.000 573 $ 113,606,597 25.96 % $ 198,266 8.661 % 378.42 612 80.2 % 1.500 1,546 322,605,088 73.73 208,671 8.600 379.29 614 82.7 2.000 5 1,337,673 0.31 267,535 6.965 356.87 682 75.1 Total/Avg./Wtd.

  • Subsequent Periodic Rate Cap for the Adjustable Rate Mortgage Loans in Loan Group 2*1.000 $ 171,514,419 1,017 66.59 % $ 168,647 6.970 % 354.80 622 81.1 % 1.500 12,279,077 74 4.77 165,933 7.402 354.67 627 78.7 2.000 73,781,923 386 28.64 191,145 7.410 355.24 611 78.6 Total/Avg./Wtd.

  • The adjustable-rate Group II Initial Mortgage Loans have a weighted average Initial Periodic Rate Cap of approximately 1.136% per annum and a weighted average Subsequent Periodic Rate Cap of approximately 1.000% per annum.

  • Subsequent Periodic Rate Cap of the Adjustable-Rate Mortgage Loans(1) % of Aggregate Principal Balance WeightedWeighted (1) Relates to all rate adjustments subsequent to initial rate adjustments.* Or average, weighted average or percentage of aggregate principal balance, as applicable.

  • Subsequent Periodic Rate Cap for the Group 1 Adjustable Rate Mortgage Loansin the Mortgage Pool(1)Subsequent Periodic Rate Cap (%) 1.000 564 $ 102,720,484 95.87 % $ 182,129 7.946 % 354.59 615 82.5 % 1.500 3 668,997 0.62 222,999 8.017 353.41 613 82.1 2.000 16 3,757,812 3.51 234,863 7.846 356.86 634 87.0 Total/Avg./Wtd.

  • Subsequent Periodic Rate Cap for the Adjustable Rate Mortgage Loans*1.000 $ 520,318,523 1,928 74.33% $ 269,875 6.599% 356.75 673 78.9% 1.500 2,388,494 9 0.34 265,388 6.501 354.93 661 87.8 2.000 177,294,042 490 25.33 361,825 6.254 357.10 685 78.9 Total/Avg./Wtd.

Related to Subsequent Periodic Rate Cap

  • Periodic Rate Cap With respect to each Adjustable Rate Mortgage Loan and any Adjustment Date therefor, the fixed percentage set forth in the related Mortgage Note, which is the maximum amount by which the Mortgage Rate for such Mortgage Loan may increase or decrease (without regard to the Maximum Mortgage Rate or the Minimum Mortgage Rate) on such Adjustment Date from the Mortgage Rate in effect immediately prior to such Adjustment Date.

  • Periodic Rate Floor With respect to each Adjustable Rate Mortgage Loan, the provision of each Mortgage Note which provides for an absolute maximum amount by which the Mortgage Interest Rate therein may decrease on an Interest Rate Adjustment Date below the Mortgage Interest Rate previously in effect. Person: Any individual, corporation, partnership, limited liability company, joint venture, association, joint-stock company, trust, unincorporated organization, government or any agency or political subdivision thereof.

  • Subsequent Reset Period means the period from (and including) the Second Reset Date to (but excluding) the next Subsequent Reset Date, and each successive period from (and including) a Subsequent Reset Date to (but excluding) the next succeeding Subsequent Reset Date; and

  • Subsequent Rate Period means, with respect to any Series of VMTP Shares, the period consisting of seven calendar days, but adjusted in each case to reflect any changes when the regular calendar day that is a Rate Determination Date is not a Business Day, from, and including, the first calendar day following the Initial Rate Period of such Series to, and including, the next Rate Determination Date for such Series and any period thereafter from, and including, the first calendar day following a Rate Determination Date for shares of such Series to, and including, the next succeeding Rate Determination Date for shares of such Series.

  • Periodic Interest Rate Cap As to each adjustable rate Mortgage Loan, the maximum increase or decrease in the Mortgage Interest Rate on any Adjustment Date pursuant to the terms of the Mortgage Note.

  • Periodic Mortgage Rate Cap With respect to an Adjustable Rate Mortgage Loan, the periodic limit on each Mortgage Rate adjustment as set forth in the related Mortgage Note.

  • Non-Payment Period Rate means, initially, 200% of the applicable Reference Rate (or 275% of such rate if the Corporation has provided notification to the Auction Agent prior to the Auction establishing the Applicable Rate for any dividend pursuant to paragraph 2(f) hereof that net capital gains or other taxable income will be included in such dividend on shares of AMPS), provided that the Board of Directors of the Corporation shall have the authority to adjust, modify, alter or change from time to time the initial Non-Payment Period Rate if the Board of Directors of the Corporation determines and Moody's and S&P (and any Substitute Rating Agency in lieu of Moody's or S&P in the event either of such parties shall not rate the AMPS) advise the Corporation in writing that such adjustment, modification, alteration or change will not adversely affect their then-current ratings on the AMPS.

  • Net Rate Cap With respect to any Distribution Date and the Class A-1, Class A-2, Class A-3 and Class M Certificates, the excess, if any, of (A) a per annum rate equal to the product of (x) 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, and (y) a fraction, the numerator of which is 30 and the denominator of which is the actual number of days elapsed in the related Accrual Period, over (B) an amount, expressed as a per annum rate, equal to the sum of (i) the Net Swap Payment payable to the Swap Provider on such Distribution Date and (ii) any Swap Termination Payment not due to a Swap Provider Trigger Event payable to the Swap Provider, (to the extent not paid by the Derivative Administrator from any upfront payment received pursuant to any replacement interest rate swap agreement that may be entered into by the Supplemental Interest Trust Trustee) divided by the aggregate outstanding Stated Principal Balance of the 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, multiplied by 12. The Net Rate Cap 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 REMIC III Regular Interests the ownership of which is represented by the Class A-1, Class A-2, Class A-3 and Class M Certificates, a per annum rate equal to the weighted average (adjusted for the actual number of days elapsed in the related Accrual Period) of the Uncertificated REMIC II Pass-Through Rates on the REMIC II Regular Interests (other than REMIC II Regular Interests IO and P), weighted on the basis of the Uncertificated Principal Balances of each such REMIC II Regular Interest immediately prior to such Distribution Date.

  • Settlement Period has the meaning specified therefor in Section 2.02(d)(i) hereof.

  • Repayment Period means the period beginning on the Loan Commencement Date and continuing for 36 calendar months.

  • Subsequent Reset Date means the date or dates specified in the applicable Final Terms;

  • Event Period shall have the meaning assigned to such term in Section 7.2 hereof.

  • Subsequent Interest Period has the meaning specified in Section 3.7.

  • Investment Period means, and shall be equal to, the Standard Investment Period.

  • Periodic Advance The aggregate of the advances required to be made by a Servicer on any Distribution Date pursuant to its Servicing Agreement or by the Master Servicer or the Trustee hereunder, the amount of any such advances being equal to the total of all Monthly Payments (adjusted, in each case (i) in respect of interest, to the applicable Mortgage Interest Rate less the applicable Servicing Fee in the case of Periodic Advances made by a Servicer and to the applicable Net Mortgage Interest Rate in the case of Periodic Advances made by the Master Servicer or Trustee and (ii) by the amount of any related Debt Service Reductions or reductions in the amount of interest collectable from the Mortgagor pursuant to the Soldiers' and Sailors' Civil Relief Act of 1940, as amended, or similar legislation or regulations then in effect) on the Mortgage Loans, that (x) were delinquent as of the close of business on the related Determination Date, (y) were not the subject of a previous Periodic Advance by such Servicer or of a Periodic Advance by the Master Servicer or the Trustee, as the case may be and (z) have not been determined by the Master Servicer, such Servicer or Trustee to be Nonrecoverable Advances.

  • Quarterly Floating Rate Period means, for the initial Quarterly Floating Rate Period, the period commencing on March 20, 2020 and ending on and including June 19, 2020, and thereafter the period from and including the day immediately following the end of the immediately preceding Quarterly Floating Rate Period to but excluding the next succeeding Quarterly Commencement Date.

  • Adjustment Period means the period from the Effective Date up to and including the Expiry Time;

  • Interest Rate Cap means a Cap.

  • Subsequent Reset Rate of Interest means, in respect of any Subsequent Reset Period and subject to Condition 4(b)(ii), the rate of interest determined by the Calculation Agent on the relevant Reset Determination Date as the sum of the relevant Mid-Swap Rate and the relevant Subsequent Margin.

  • Non-Payment Period means any period commencing on and including the day on which the Trust shall fail to (i) declare, prior to the close of business on the second Business Day preceding any Dividend Payment Date, for payment on or (to the extent permitted by paragraph 2(c)(i) of this Article VIII, Section 2 of these Amended By-Laws) within three Business Days after such Dividend Payment Date to the Holders as of 12:00 noon, New York City time, on the Business Day preceding such Dividend Payment Date, the full amount of any dividend on shares of APS payable on such Dividend Payment Date or (ii) deposit, irrevocably in trust, in same-day funds, with the Auction Agent by 12:00 noon, New York City time, (A) on such Dividend Payment Date the full amount of any cash dividend on such shares payable (if declared) on such Dividend Payment Date or (B) on any redemption date for any shares of APS called for redemption, the Mandatory Redemption Price per share of such APS or, in the case of an optional redemption, the Optional Redemption Price per share, and ending on and including the Business Day on which, by 12:00 noon, New York City time, all unpaid cash dividends and unpaid redemption prices shall have been so deposited or shall have otherwise been made available to Holders in same-day funds; provided that, a Non-Payment Period shall not end unless the Trust shall have given at least five days' but no more than 30 days' written notice of such deposit or availability to the Auction Agent, all Existing Holders (at their addresses appearing in the Share Books) and the Securities Depository. Notwithstanding the foregoing, the failure by the Trust to deposit funds as provided for by clauses (ii)(A) or (ii)(B) above within three Business Days after any Dividend Payment Date or redemption date, as the case may be, in each case to the extent contemplated by paragraph 2(c)(i) of these Amended By-Laws, shall not constitute a "Non-Payment Period."

  • Subsequent Fixed Rate Period means for the initial Subsequent Fixed Rate Period, the period commencing on April 1, 2022 and ending on and including March 31, 2027 and for each succeeding Subsequent Fixed Rate Period, the period commencing on the day immediately following the end of the immediately preceding Subsequent Fixed Rate Period and ending on and including March 31 in the fifth year thereafter.

  • Draw Down Pricing Period means, with respect to each Draw Down, a period of eight (8) consecutive Trading Days beginning on the first Trading Day specified in a Draw Down Notice.

  • Reinvestment Period means 15 months following the date of receipt of Net Cash Proceeds of an Asset Sale Prepayment Event or Recovery Prepayment Event.

  • Commitment Period means the period commencing on the earlier to occur of (i) the Effective Date, or (ii) such earlier date as the Company and the Investor may mutually agree in writing, and expiring on the earliest to occur of (x) the date on which the Investor shall have made payment of Advances pursuant to this Agreement in the aggregate amount of Five Million Dollars ($5,000,000), (y) the date this Agreement is terminated pursuant to Section 2.5, or (z) the date occurring twenty-four (24) months after the Effective Date.

  • LIBOR Rate Reserve Percentage means as of any day the maximum percentage in effect on such day, as prescribed by the Board of Governors of the Federal Reserve System (or any successor) for determining the reserve requirements (including supplemental, marginal and emergency reserve requirements) with respect to eurocurrency funding (currently referred to as “Eurocurrency Liabilities”).

  • Revolving Facility Termination Date means the earlier of (i) December 20, 2026, or (ii) the date that the Revolving Commitments have been terminated pursuant to Section 8.02.