Maximum Rate Cap. With respect to each Interest Accrual Period, a per annum rate (subject to adjustment based on the actual number of days elapsed in the Interest Accrual Period) equal to (A) the sum of (x) the weighted average of the Expense Adjusted Net Maximum Mortgage Rates of the Group 2 Mortgage Loans and (y) the Net Swap Payment, if any, made by the Swap Provider for such month multiplied by 12, divided by the aggregate principal balance of the Group 2 Mortgage Loans over (B) the Net Swap Payment, if any, made to the Swap Provider for such month multiplied by 12, divided by the aggregate principal balance of the Group 2 Mortgage Loans.

Examples of Maximum Rate Cap in a sentence

Any interest shortfall due to the Maximum Rate Cap will not be reimbursed.
The Certificate Interest Rate for the Class M-4 Certificates for each Distribution Date will be the least of (i) One-Month LIBOR as of the related LIBOR Determination Date plus the Class M-4 Certificate Margin, (ii) the Pool Maximum Rate Cap and (iii) the Pool Cap.
The Certificate Interest Rate for the Class M-5 Certificates for each Distribution Date will be the least of (i) One-Month LIBOR as of the related LIBOR Determination Date plus the Class M-5 Certificate Margin, (ii) the Pool Maximum Rate Cap and (iii) the Pool Cap.
The Certificate Interest Rate for the Class M-1 Certificates for each Distribution Date will be the least of (i) One-Month LIBOR as of the related LIBOR Determination Date plus the Class M-1 Certificate Margin, (ii) the Pool Maximum Rate Cap and (iii) the Pool Cap.
The Certificate Interest Rate for the Class M-3 Certificates for each Distribution Date will be the least of (i) One-Month LIBOR as of the related LIBOR Determination Date plus the Class M-3 Certificate Margin, (ii) the Pool Maximum Rate Cap and (iii) the Pool Cap.

More Definitions of Maximum Rate Cap

Maximum Rate Cap. With respect to each Interest Accrual Period, a per annum rate (subject to adjustment based on the actual number of days elapsed in the Interest Accrual Period) equal to (1) the sum of (i) (A) the weighted average of the Maximum Mortgage Rates as of the first day of the related Due Period weighted on the basis of the related Stated Principal Balances as of such date (subject to adjustment for prepayments received and distributed in the month prior to that Distribution Date) minus (B) the Administrative Fee Rate and (ii) the Net Swap Payment, if any, made by the Swap Provider for such month multiplied by 12, divided by the aggregate principal balance of the Mortgage Loans over (2) the Net Swap Payment, if any, made to the Swap Provider for such month, multiplied by 12, divided by the aggregate principal balance of the Mortgage Loans.

Maximum Rate Cap. With respect to any Distribution Date, 12 times the quotient of (x) the aggregate scheduled interest that would have been due on the Mortgage Loans during the related Due Period had the Adjustable Rate Mortgage Loans provided for interest at their maximum lifetime Net Mortgage Rates and the Fixed Rate Mortgage Loans provided for interest at their Net Mortgage Rates, divided by (y) the aggregate Stated Principal Balance of the Mortgage Loans as of the preceding Distribution Date. With respect to the Class A, Class M and Class B Certificates, such rate is multiplied by 30 and divided by the actual number of days in the related Accrual Period.

Maximum Rate Cap. With respect to any Distribution Date, 12 times the quotient of (x) the aggregate scheduled interest that would have been due on the Mortgage Loans during the related Due Period had the Adjustable Rate Mortgage Loans provided for interest at their maximum lifetime Net Mortgage Rates and the Fixed Rate Mortgage Loans provided for interest at their Net Mortgage Rates, divided by (y) the aggregate Stated Principal Balance of the Mortgage Loans as of the preceding Distribution Date multiplied by 30 and divided by the actual number of days in the related Accrual Period.

Maximum Rate Cap. With respect to a Distribution Date, the per annum rate equal to the product of (i) 12, (ii) the quotient of (x) the total scheduled interest that would have been due on the Mortgage Loans had the Mortgage Loans provided for interest at their maximum lifetime Net Mortgage Rates less any Net Swap Payments or Swap Termination Payments owed to the Swap Counterparty for such Distribution Date (other than Defaulted Swap Termination Payments), and (y) the aggregate Stated Principal Balance of the Mortgage Loans as of the first day of the related Accrual Period (or, in the case of the first Distribution Date, as of the Cut-off Date) and (iii) 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 Rate Cap. A per annum rate (subject to adjustment based on the actual number of days elapsed in the Interest Accrual Period) equal to the difference between (A) the weighted average Maximum Mortgage Rates of the Mortgage Loans as of the first day of the month preceding the month of such Distribution Date weighted on the basis of the related Stated Principal Balances as of such date (subject to adjustment for prepayments received and distributed in the month prior to that Distribution Date) and (B) the sum of (1) the Servicing Fee Rate, (2) the Securities Administrator Fee Rate and (3) the Custodian Fee Rate.

Maximum Rate Cap. With respect to any Distribution Date and the Floating Rate Certificates, a per annum rate (expressed on the basis of an assumed 360-day year and the actual number of days elapsed during the related Interest Accrual Period) equal to (i) the Net Maximum WAC plus (ii) 12 times the quotient of (a) (1) the excess for such Distribution Date of any Net Swap Receipt over any Net Swap Payment and (2) Swap Termination Payment (other than a Defaulted Swap Termination Payment), if any, made to the Supplemental Interest Trust and (b) the Pool Balance as of the first day of the related Collection Period on the basis of an assumed 360-day year consisting of twelve 30-day months.

Maximum Rate Cap. With respect to each Interest Accrual Period, a per annum rate (subject to adjustment based on the actual number of days elapsed in the Interest Accrual Period) equal to (A) the sum of (x) the weighted average of the Expense Adjusted Net Maximum Mortgage Rates of the Group 2 Mortgage Loans and (y) the Net Swap Payment, if any, made by the Swap Provider for such month multiplied by 12, divided by the Pool 2 Principal Balance over (B) the Net Swap Payment, if any, made to the Swap Provider for such month multiplied by 12, divided by the Pool 2 Principal Balance.