Common use of Net WAC Cap Clause in Contracts

Net WAC Cap. For any Distribution Date, the percentage equivalent of a fraction, (1) the numerator of which is equal to (a) the amount of interest accrued on the Mortgage Loans at the Weighted Average Pass-Through Rate for such Distribution Date, minus (b) the sum of any Net Swap Payment owed to the Swap Counterparty and any Swap Termination Payment owed to the Swap Counterparty (other than any Swap Termination Payment owed to the Swap Counterparty due to a Swap Counterparty Trigger Event) for such Distribution Date, plus (c) any Net Swap Payment received from the Swap Counterparty for such Distribution Date, and (2) the denominator of which is equal to the product of (a) the actual number of days in the related No-Delay Accrual Period divided by 360 and (b) the aggregate principal balance of the Mortgage Loans as of the second preceding Due Date (after giving effect to (a) the payments due on the Mortgage Loans on that Due Date and (b) except for the first Distribution Date, any Payoffs on the Mortgage Loans received on or before the 14th day of the calendar month of that Due Date).