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A step-up cap structure which uses the lowest level of the reference index rate in the prior period as the base for calculating the maximum increase in the capped rate level. A variation of the step-up cap structure in which the periodic increase (called the 'jump') is based on the lowest level the reference index rate reaches during a specific reset period. Because this feature reduces the strike on the cap, the jump is typically larger and/or the cap premium greater than with a standard step-up cap. See Step-Up Cap, Jump.
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