Net WAC Rate. With respect to any Distribution Date (and the related Accrual Period), a per annum rate equal to the weighted average of the Net Mortgage Rates of the Mortgage Loans as of the first day of the related Collection Period (not including for this purpose Mortgage Loans for which prepayments in full have been received and distributed in the month prior to that Distribution Date).
Net WAC Rate. For any Distribution Date (other than the first Distribution Date) and the Group I Senior Certificates is a per annum rate equal to (a) the excess, if any, of (i) the weighted average of the Adjusted Net Mortgage Rates of the Group I Mortgage Loans, weighted on the basis of the Stated Principal Balances thereof as of the Due Date in the month preceding the month of such Distribution Date (adjusted for principal payments distributed on a prior Distribution Date) over (ii) the percentage equivalent of a fraction, (1) the numerator of which is the sum of (A) the Group I Final Maturity Reserve Amount for such Distribution Date, (B) any unpaid Group I Swap Termination Payment, including any amount remaining unpaid from prior Distribution Dates (unless the Swap Counterparty is the Defaulting Party or the sole Affected Party (each, as defined in the Swap Agreement)), and (C) the Group I Net Swap Payment, if any, for such Distribution Date, in each case multiplied by 12, and (2) the denominator of which is the aggregate Stated Principal Balance of the Group I Mortgage Loans as of the Due Date in the month preceding the month of such Distribution Date multiplied by (b) 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. For federal income tax purposes, the Net WAC Rate for the Group I Senior Certificates shall be expressed as a rate equal to the Uncertificated REMIC 2 Pass-Through Rate for REMIC 2 Regular Interest 1GRP multiplied by 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. For any Distribution Date (other than the first Distribution Date) and the Group II Senior Certificates is a per annum rate equal to (a) the excess, if any, of (i) the weighted average of the Adjusted Net Mortgage Rates of the Group II Mortgage Loans, weighted on the basis of the Stated Principal Balances thereof as of the Due Date in the month preceding the month of such Distribution Date (adjusted for principal payments distributed on a prior Distribution Date) over (ii) the percentage equivalent of a fraction, (1) the numerator of which is the sum of (A) the Group II Final Maturity Reserve Amount for such Distribution Date, (B) any unpaid Group II Swap Termination Payment, including any amount remaining unpaid from prior Distribution Dates (unless the Swap Counterparty is the Defaulting Party or the sole Affected ...
Net WAC Rate. The Subgroup 1 Net WAC Rate, the Subgroup 2 Net WAC Rate or the Subordinate Net WAC Rate, as applicable.
Examples of Net WAC Rate in a sentence
The Net WAC Rate Carryover Reserve Account will be an asset of the Trust but not of any REMIC.
The Net WAC Rate for any Distribution Date and the Group I Certificates will be a per annum rate (subject to adjustment based on the actual number of days elapsed in the related Accrual Period) equal to the weighted average of the Adjusted Net Mortgage Rates of the Group I Mortgage Loans.
Federal Income Tax Consequences One or more elections will be made to treat the trust (exclusive of the Net WAC Rate Carryover Reserve Account, the cap account, the cap administration agreement, the Cap Contract, the Interest Rate Swap Agreement, the swap accountand the supplemental interest trust) as one or more real estate mortgage investment conduits, or REMICs, for federal income tax purposes.
Net WAC Rate Carryover Amounts On the Closing Date, the Trustee will establish a segregated trust account (the “Net WAC Rate Carryover Reserve Account”) from which distributions in respect of Net WAC Rate Carryover Amounts on the Class A and Mezzanine Certificates will be made.
The Net WAC Rate Carryover Reserve Account will be an asset of the trust but not of any REMIC.
More Definitions of Net WAC Rate
Net WAC Rate. With respect to any Distribution Date, the weighted average of the Net Mortgage Rates for all the Mortgage Loans as of the first day of the calendar month immediately preceding the calendar month of that Distribution Date, weighted on the basis of their Stated Principal Balances.
Net WAC Rate. With respect to any Distribution Date and each Loan Group, the per annum rate equal to a fraction (i) the numerator of which is the sum, for each Mortgage Loan in such Loan Group, of the product of (x) the Net Rate in effect for such Mortgage Loan as of the beginning of the related Due Period and (y) the Scheduled Principal Balance of such Mortgage Loan as of the beginning of the related Due Period (after taking into account scheduled payments of principal on such date), and (ii) the denominator of which is the aggregate Scheduled Principal Balance of the Mortgage Loans in such Loan Group as of the beginning of the related Due Period.
Net WAC Rate. As to any 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 12 times the quotient of (x) the total scheduled interest on the Mortgage Loans for the related Due Period, net of the sum of (1) the Administrative Fee, (2) any Net Swap Payment owed to the Swap Provider and (3) any Swap Termination Payment (other than any Swap Termination Payment resulting from a Swap Provider Trigger Event), payable by the Supplemental Interest Trust and (y) the aggregate Stated Principal Balance of the Mortgage Loans as of the first day of the applicable Due Period.
Net WAC Rate. With respect to the Offered Certificates, a maximum per annum rate equal to the lesser of (A) with respect to the Group 1 Certificates, a per annum rate equal to the weighted average of the Net Mortgage Rates on the Group 1 Mortgage Loans, weighted on the basis of the respective Scheduled Principal Balances, as of the first day of the related Interest Accrual Period (after taking into account scheduled payments of principal on that date), (B) with respect to the Group 2 Certificates, a per annum rate equal to the weighted average of the Net Mortgage Rates on the Group 2 Mortgage Loans, weighted on the basis of the respective Scheduled Principal Balances, as of the first day of the related Interest Accrual Period (after taking into account scheduled payments of principal on that date) and (C) with respect to the Subordinate Certificates, a per annum rate equal to the weighted average (weighted on the basis of the portion of the aggregate Group Subordinate Amount attributable to each Loan Group as of the Business Day immediately prior to that Distribution Date) of the Net Mortgage Rates on the Mortgage Loans in each Loan Group, weighted on the basis of the respective Scheduled Principal Balances, as of the first day of the related Interest Accrual Period (after taking into account scheduled payments of principal on that date). For federal income tax purposes, the economic equivalent of the Net WAC Rate in clause (C) above shall be expressed as the weighted average of the Lower-Tier REMIC Interest Rate on (a) the Class LT-Group I(SUB), subject to a cap and floor equal to the Lower-Tier REMIC Interest Rate of the Class LT-Group I Interest, and (b) the Class LT-Group II(SUB), subject to a cap and floor equal to the Lower-Tier REMIC Interest Rate of the Class LT-Group II Interest, weighted on the basis of the respective Lower-Tier REMIC Principal Amounts of the Class LT-Group I(SUB) and Class LT-Group II(SUB), respectively.
Net WAC Rate. With respect to each Distribution Date and the Certificates, a per annum rate (subject to adjustment based on the actual number of days elapsed in the related Accrual Period) equal to a fraction, expressed as a percentage, (1) the numerator of which is equal to the product of (I) for each of the first three Distribution Dates, (A) 12 multiplied by (B) the amount of interest which accrued on the Initial Mortgage Loans in the prior calendar month at their Adjusted Net Mortgage Rates minus the amount of any Net Swap Payment and Swap Termination Payment (other than any Swap Termination Payment resulting from a Swap Provider Trigger Event) made to the Swap Provider and (II) thereafter, (A) 12 multiplied by (B) the amount of interest which accrued on the Mortgage Loans in the prior calendar month at their Adjusted Net Mortgage Rates minus the amount of any Net Swap Payment and Swap Termination Payment (other than any Swap Termination Payment resulting from a Swap Provider Trigger Event) made to the Swap Provider and (2) the denominator of which is equal to the sum of (i) the aggregate Principal Balance of the Mortgage Loans as of the first day of the month preceding the month in which such Distribution Date occurs and (ii) the amounts on deposit in the Pre-Funding Accounts. For federal income tax purposes, such rate shall be a rate per annum (adjusted for the actual number of days elapsed in the related Accrual Period) equal to the weighted average of the Uncertificated REMIC 3 Pass-Through Rates on the REMIC 3 Regular Interests (other than REMIC 3 Regular Interest LTIO), weighted on the basis of the Uncertificated Principal Balance of each such REMIC II Regular Interest.
Net WAC Rate. With respect to any Distribution Date, the weighted average of the Net Mortgage Rates for all the Mortgage Loans as of the first day of the calendar month immediately preceding the calendar month of that Distribution Date, weighted on the basis of their Stated Principal Balances. Non-Book-Entry Certificate: Any Certificate other than a Book-Entry Certificate.
Net WAC Rate. As to any Distribution Date and Loan Group, a rate equal to the weighted average of the Net Mortgage Rates on the Mortgage Loans in such Loan Group as of the second preceding Due Date (excluding any such Mortgage Loans that were subject to a Payoff, the principal of which was distributed on the Distribution Date preceding the current Distribution Date) after giving effect to payments due on such Due Date, whether or not received, weighted on the basis of the Stated Principal Balances as of such date reduced by, in the case of Group I, Group II and Group III, the Group I Excess Interest Rate, the Group II Excess Interest Rate and the Group III Excess Interest Rate, respectively. In addition, for any purpose for which the Net WAC Rate is calculated, the interest rate on the Mortgage Loans shall be appropriately adjusted to account for the difference between any counting convention used with respect to the Mortgage Loans and any counting convention used with respect to a REMIC regular interest.