Maximum specified IndexIndexBasis for determining the Gross Note Rate of an ARM Loan. interest rate that will trigger a payment obligation by the Interest Rate CapInterest Rate CapInterest rate agreement between the Borrower and a hedge provider for which the Borrower receives payments at the end of each period when the interest rate exceeds the Cap Strike Rate.  The Interest Rate Cap provides a ceiling (or cap) on the Borrower’s interest payments on the Mortgage Loan. provider.