Net Rate Cap. For any Distribution Date and (i) each of the Class I-A and the Class II-A Certificates, the weighted average of the Net Rates of the Mortgage Loans in the related Loan Group as of the beginning of the related Due Period, weighted on the basis of the Stated Principal Balances thereof as of the preceding Distribution Date, 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 and (ii) each of the Class M Certificates and the Class B Certificates, the weighted average of the Net Rates on the Mortgage Loans in each Loan Group, weighted in proportion to the results of subtracting from the aggregate Stated Principal Balance of each Loan Group, the Certificate Principal Balance of the related classes of Senior Certificates, 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. For federal income tax purposes, the Net Rate Cap (a) with respect to the Class I-A Certificates, is equal to the Uncertificated REMIC II Pass-Through Rate for the REMIC II Regular Interests LT1, LT2 and LT-Y1, (b) with respect to the Class II-A Certificates, is equal to the Uncertificated Pass-Through Rate for the REMIC II Regular Interests LT5, LT6 and LT-Y2 and (c) with respect to the Class M Certificates and Class B Certificates is the weighted average of the Uncertificated REMIC II Pass-Through Rates on the LT-Y1 and LT-Y2 REMIC II Regular Interests, weighted on the basis of their respective Uncertificated Principal Balances.
Net Rate Cap. For any Distribution Date, the weighted average Adjusted Net Mortgage Rate on the Mortgage Loans in the Trust Fund, adjusted to an effective rate reflecting the calculation of interest on the basis of the actual number of days elapsed during the Accrual Period and a 360-day year.
Net Rate Cap. With respect to any Class of Class A Certificates and Class M Certificates and any Distribution Date, the lesser of (i) the Net WAC Cap Rate and (ii) the Available Funds Rate.
Examples of Net Rate Cap in a sentence
See the related definitions in “— Glossary of Terms — Definitions related to Interest Calculations and Distributions” for a more detailed understanding as to how the Net Rate Cap is calculated, and applied to the Pass-Through Rate.
On each Distribution Date, the Pass-Through Rate for each class of interest-bearing certificates will be subject to the applicable Net Rate Cap.
The amount of Current Interest that such class received on such distribution date at the related Net Rate Cap for such distribution date (such excess being the “Basis Risk Shortfall” for such distribution date); and • the Basis Risk Shortfall for all previous distribution dates not previously paid, together with interest thereon at a rate equal to the applicable Pass-Through Rate for such distribution date.
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However, for purposes of actual payments to be made on the Certificates, including the calculation of each applicable Net Rate Cap as well as other Mortgage Rate calculations, the Gross Mortgage Rate for each Fixed Rate Credit Comeback Loan will be deemed to be reduced by 0.375% on the Due Date following the end of each of the first four annual periods after the origination date, irrespective of whether the borrower qualifies for the reduction by having a good payment history.
More Definitions of Net Rate Cap
Net Rate Cap. With respect to any Distribution Date and (i) the Class 1-A Certificates, the Class 1-A Net Rate Cap, (ii) each Class of Class 2-A Certificates, the Class 2-A Net Rate Cap and (iii) each Class of Subordinate Certificates, the Subordinate Net Rate Cap.
Net Rate Cap. For each Distribution Date and the following Classes of Certificates is:
Net Rate Cap. For any Distribution Date, with respect to the Class A Certificates, the weighted average of the Net Rates of the Mortgage Loans in the related Loan Group, and with respect to the Class M Certificates and the Class B Certificates, the weighted average of (i) the weighted average of the Net Rates on the Mortgage Loans in Loan Group I, (ii) the weighted average of the Net Rates on the Mortgage Loans in Loan Group II, (iii) the weighted average of the Net Rates on the Mortgage Loans in Loan Group III and (iv) the weighted average of the Net Rates on the Mortgage Loans in Loan Group IV, weighted on the basis of (i) the excess of the aggregate Scheduled Principal Balance of the Mortgage Loans in Loan Group I over the aggregate Current Principal Amount of the Class I-A Certificates and the Class X-1 Certificates, (ii) the excess of the aggregate Scheduled Principal Balance of the Mortgage Loans in Loan Group II over the aggregate Current Principal Amount of the Class II-A Certificates and the Class X-2 Certificates, (iii) the excess of the aggregate Scheduled Principal Balance of the Mortgage Loans in Loan Group III over the aggregate Current Principal Amount of the Class III-A Certificates and Class X-3 Certificates and (iv) the excess of the aggregate Scheduled Principal Balance of the Mortgage Loans in Loan Group IV over the aggregate Current Principal Amount of the Class IV-A Certificates and the Class X-4 Certificates, respectively, in each case 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. For federal income tax purposes, the Net Rate Cap for the Class M Certificates and the Class B Certificates is equal to the weighted average of the Uncertificated REMIC II Pass-Through Rates for the REMIC II Regular Ixxxxxxxx XX-X0, XX-X0, LT-Y3 and LT-Y4.
Net Rate Cap. With respect to the Class A-1, Class A-2 and Class A-3 Certificates and any Distribution Date will be calculated based on an assumed certificate with a principal balance equal to the aggregate Certificate Principal Balance of the Class A-1, Class A-2 and Class A-3 Certificates and a fixed pass-through rate of 6.50% per annum and a rate increase of 0.50% per annum after the Optional Termination Date. If the weighted average of the Net Mortgage Rates on the Mortgage Loans for any Distribution Date is less than 6.50% per annum (or, after the Optional Termination Date, 7.00% per annum), the amount of the shortfall which would occur with respect to the assumed certificate for such Distribution Date will be allocated among the Class A-1, Class A-2 and Class A-3 Certificates in proportion to their current entitlements to interest for such Distribution Date calculated without regard to this cap, and the Net Rate Cap for each such Class for such Distribution Date will be equal to the Pass-Through Rate for such Class for such Distribution Date (determined without regard to the related Net Rate Cap) reduced by the shortfall for such Distribution Date allocable to such Class as determined pursuant to this sentence. For the avoidance of doubt, the Net Rate Cap will not be applicable to the Class A-1, Class A-2 or Class A-3 Certificates for any Distribution Date on which the weighted average of the Net Mortgage Rates on the Mortgage Loans is equal to or greater than 6.50% per annum (or, after the Optional Termination Date, 7.00% per annum). With respect to the Class M Certificates and Class B Certificates, a per annum rate equal to the weighted average of the Net Mortgage Rates on the Mortgage Loans as of the first day of the related Due Period , adjusted for the actual numbers of days elapsed in the Interest Accrual Period. For federal income tax purposes, the Net Rate Cap with respect to each of the Class A-1 Certificates, Class A-2 Certificates and Class A-3 Certificates and any Distribution Date shall be equal to the Uncertificated REMIC III Pass-Through Rate for such Distribution Date for the Regular Interest the ownership of which is represented by such Certificate. For federal income tax purposes, the Net Rate Cap with respect to each Class M Certificate and Class B Certificate and any Distribution Date shall be a rate equal to the weighted average of the Uncertificated REMIC II Pass-Through Rate for such Distribution Date for the REMIC II Regular Interest for wh...
Net Rate Cap. For any Distribution Date and the Class I-A Certificates and Class II-A Certificates, the weighted average of the Net Rates on the Mortgage Loans in the related Loan Group, weighted on the basis of the Stated Principal Balances thereof as of the beginning of the related Due Period, times a fraction equal to (x) the aggregate Stated Principal Balance of the Mortgage Loans in such Loan Group, over (y) the aggregate Certificate Principal Balance of such Classes of Certificates, and as adjusted to an effective rate reflecting the accrual of interest on an actual/360 basis. For any Distribution Date and the Class M Certificates, the weighted average of the Net Rates on the Mortgage Loans in each Loan Group, weighted in proportion to the results of subtracting from the aggregate Stated Principal Balance of each Loan Group, the Certificate Principal Balance of the related Class of Senior Certificates, and as adjusted to an effective rate reflecting the accrual of interest on an actual/360 basis. For federal income tax purposes, the Net Rate Cap is equal to (i) the weighted average of the Uncertificated REMIC I Pass-Through Rate on REMIC I Regular Interest LT-1GRP, weighted on the basis of such REMIC I Regular Interest's Uncertificated Principal Balance, with respect to the Class I-A Certificates, (ii) the weighted average of the Uncertificated REMIC I Pass-Through Rate on REMIC I Regular Interest LT-2GRP, weighted on the basis of such REMIC I Regular Interest's Uncertificated Principal Balance, with respect to the Class II-A Certificates and (iii) the weighted average of (a) the Uncertificated REMIC I Pass- Through Rate on REMIC I Regular Interest LT-1SUB, subject to a cap and a floor equal to the Group 1 Net WAC Rate and (b) the Uncertificated REMIC I Pass-Through Rate on REMIC I Regular Interest LT-2SUB, subject to a cap and a floor equal to the Group 2 Net WAC Rate, weighted on the basis of the Uncertificated Principal Balance of such REMIC I Regular Interests, with respect to the Class M Certificates.
Net Rate Cap. With respect to each Distribution Date, a per annum rate equal to the weighted average of the Net Loan Rates of the Home Equity Loans, in each case outstanding as of the first day of the related Collection Period, multiplied in the case of the Floating Rate Certificates only by a fraction, the numerator of which is 30 and the denominator of which is the number of days in the related Interest Accrual Period.
Net Rate Cap. For each Distribution Date and the Senior Certificates the weighted average Adjusted Net Mortgage Rate on the Mortgage Loans in the related Loan Group as of the Due Date in the prior calendar month (after giving effect to Principal Prepayments received in the Prepayment Period related to that prior Due Date), adjusted to an effective rate reflecting the accrual of interest on the basis of a 360-day year and the actual number of days that elapsed in the related Interest Accrual Period, minus the Swap Adjustment Rate for such Distribution Date and the related Loan Group. For each Distribution Date and the Subordinated Certificates, the Subordinate Net Rate Cap.