Net WAC Rate. For a Distribution Date, a per annum rate equal to the weighted average of the Pass-Through Rates of the Mortgage Loans as of the beginning of business on the first day of the Collection Period related to such Distribution Date (weighted on the basis of the respective Loan Balances of the Mortgage Loans as of the beginning of business on such day).
Net WAC Rate. As to any Distribution Date, a rate equal to the weighted average of the Adjusted Net Mortgage Rates of all Outstanding Loans, such weighted average to be calculated based on the principal balances of such Outstanding Loans as of the first day of the related Due Period. Nonrecoverable Advance Any portion of an Advance previously made or proposed to be made by the Servicer that, in the good faith judgment of the Servicer, will not be ultimately recoverable by the Servicer from the related Mortgagor, related Liquidation Proceeds or otherwise.
Net WAC Rate. For any Distribution Date (other than the first Distribution Date) 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 amounts included in the Group I Principal Remittance Amount on any prior Distribution Date) over (ii) the percentage equivalent of a fraction, (1) the numerator of which is the sum of (A) 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 (B) the Group I Net Swap Payment, if any such amount is then payable under the Swap Agreement, 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 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 amounts included in the Group II Principal Remittance Amount on any prior Distribution Date) over (ii) the percentage equivalent of a fraction, (1) the numerator of which is the sum of (A) 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 Party (each, as defined in the Swap Agreement)), and (B) the Group II Net Swap Payment, if any such amount is then payable under the Swap Agreement, 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 II Mortgage Loans as of the Due Date in the month preceding the month of such Distribution Date ...
Net WAC Rate. As to any Distribution Date, a rate equal to the weighted average of the Adjusted Net Mortgage Rates of all Outstanding Loans, such weighted average to be calculated based on the principal balances of such Outstanding Loans as of the first day of the related Due Period on the basis of either (a) a 360-day year and the actual number of days elapsed in the related Interest Accrual Period or (b) a 360-day year made up of twelve 30-day months, as applicable. Nonrecoverable Advance Any portion of an Advance previously made or proposed to be made by the Servicer that, in the good faith judgment of the Servicer, will not be ultimately recoverable by the Servicer from the related Mortgagor, related Liquidation Proceeds or otherwise. Notice of Final Distribution The notice to be provided pursuant to Section 9.02 to the effect that final distribution on any of the Certificates shall be made only upon presentation and surrender thereof. Offered Certificates The certificates representing "regular interests" in REMIC 2, which are designated as the Senior Certificates and the Subordinate Certificates. Officer's Certificate A certificate (a) signed by the Chairman of the Board, the Vice Chairman of the Board, the President, a Managing Director, a Vice President (however denominated), an Assistant Vice President, the Treasurer, the Secretary, or one of the Assistant Treasurers or Assistant Secretaries of the Depositor or the Servicer, or (b), if provided for in this Agreement, signed by a Servicing Officer, as the case may be, and delivered to the Depositor and the Trustee, as the case may be, as required by this Agreement. Opinion of Counsel A written opinion of counsel, who may be counsel for the Depositor or the Servicer, including, in-house counsel, reasonably acceptable to the Trustee; provided, however, that with respect to the interpretation or application of the REMIC Provisions, such counsel must (a) in fact be independent of the Depositor and the Servicer, (b) not have any direct financial interest in the Depositor or the Servicer or in any affiliate of either, and (c) not be connected with the Depositor or the Servicer as an officer, employee, promoter, underwriter, trustee, partner, director or person performing similar functions. Optional Termination Date The first Distribution Date following the date on which the Optional Termination may be exercised by the Servicer.
Net WAC Rate. An annual rate, expressed as a percentage, equal to the weighted average of the Net Mortgage Rates of the Mortgage Loans as of the first day of the related Due Period, weighted on the basis of the Stated Principal Balances or, in the case of any Stop Advance Mortgage Loan, the Assumed Stated Principal Balances thereof, as of the first day of the related Due Period, minus (a) a fraction, the numerator of which equals the amount of any fees, charges and other costs, including indemnification amounts and costs of arbitration, mediation and investor communication requests (other than the Master Servicing Fee, Custodian Fee, Trustee Fee, and the Securities Administrator Fee), paid or reimbursed to the Master Servicer, the Securities Administrator and the Trustee from the Trust Fund under this Agreement and the Custodian from the Trust Fund in accordance with the Custodial Agreement during the prior calendar month, that are subject to an aggregate maximum amount of $300,000 annually and subject to an annual cap of $125,000 with respect to aggregate amounts reimbursable to the Trustee, and the denominator of which equals the aggregate Stated Principal Balance of the Mortgage Loans or, in the case of any Stop Advance Mortgage Loan, the Assumed Stated Principal Balance thereof, as of the first day of the related Due Period, multiplied by (b) twelve.
Net WAC Rate. For the August 2001 Distribution Date through the July 2004 Distribution Date, a per annum rate equal to (1) the weighted average of the Net Mortgage Rates of the Group II Loans as of the first day of the month preceding the month in which such Distribution Date occurs minus (2) the Pass-Through Rate for the Class II-A-IO Certificates for such Distribution Date multiplied by a fraction, the numerator of which is (x) the Notional Amount of the Class II-A-IO Certificates immediately prior to such Distribution Date, and the denominator of which is (y) the aggregate Stated Principal Balance of the Group II Loans as of the first day of the month preceding the month in which such Distribution Date occurs. For any subsequent Distribution Date, the weighted average of the Net Mortgage Rates of the Group II Loans. For federal income tax purposes, however, a per annum rate (but not less than zero) equal to the weighted average of (x) the Uncertificated REMIC 1 Pass-Through Rate with respect to Uncertificated REMIC 1 Regular Interest II-LTA for such Distribution Date and (y) the excess, if any, of the Uncertificated REMIC 1 Pass-Through Rate with respect to Uncertificated REMIC 1 Regular Interest II-LTG for such Distribution Date over 7.00% per annum, weighted, in the case of clause (x), on the basis of the Uncertificated Principal Balance of Uncertificated REMIC 1 Regular Interest II-LTA, and in the case of clause (y), on the basis of, with respect to any Distribution Date in or before November 2001, the aggregate Uncertificated Principal Balances of Uncertificated REMIC 1 Regular Interest II-LTB, Uncertificated REMIC 1 Regular Interest II-LTC, Uncertificated REMIC 1 Regular Interest II-LTD, Uncertificated REMIC 1 Regular Interest II-LTE, Uncertificated REMIC 1 Regular Interest II-LTF and Uncertificated REMIC 1 Regular Interest II-LTG; with respect to any Distribution Date after November 2001 and in or before May 2002, the aggregate Uncertificated Principal Balances of Uncertificated REMIC 1 Regular Interest II-LTC, Uncertificated REMIC 1 Regular Interest II-LTD, Uncertificated REMIC 1 Regular Interest II-LTE, Uncertificated REMIC 1 Regular Interest II-LTF and Uncertificated REMIC 1 Regular Interest II-LTG; with respect to any Distribution Date after May 2002 and in or before November 2002, the aggregate Uncertificated Principal Balances of Uncertificated REMIC 1 Regular Interest II-LTD, Uncertificated REMIC 1 Regular Interest II-LTE, Uncertificated REMIC 1 Regular ...
Net WAC Rate. For a Distribution Date, a per annum rate equal to the product of (x) a fraction, expressed as a percentage, the numerator of which equals the aggregate amount of interest that accrued on the Mortgage Loans during the related Collection Period (net of the Servicing Fee for such Collection Period), and the denominator of which equals the Pool Balance as of the first day of such Collection Period, multiplied by (y) 12.
Net WAC Rate. With respect to (a) the first three Distribution Dates, a per annum rate equal to the product of (i) the weighted average of the Adjusted Net Mortgage Rates of all Outstanding Loans, such weighted average to be calculated based on the principal balances of such Outstanding Loans as of the first day of the related Due Period, and (ii) the quotient of (A) the aggregate principal balance, as of the first day of the related Due Period, of the Outstanding Loans with scheduled payments that are included in determining Available Funds for that Distribution Date divided by (B) the sum of (x) the aggregate principal balance of the Outstanding Loans as of the first day of the related Due Period and (y) the amount on deposit in the Pre-Funding Account immediately prior to that Distribution Date, and (b) the fourth Distribution Date and each Distribution Date thereafter, a per annum rate equal to the weighted average of the Adjusted Net Mortgage Rates of all Outstanding Loans, such weighted average to be calculated based on the principal balances of such Outstanding Loans as of the first day of the related Due Period. Nonrecoverable Advance Any portion of an Advance previously made or proposed to be made by the Servicer that, in the good faith judgment of the Servicer, will not be ultimately recoverable by the Servicer from the related Mortgagor, related Liquidation Proceeds or otherwise.
Net WAC Rate. A per annum rate equal to (a) the weighted average of the Adjusted Net Mortgage Interest Rates then in effect at the beginning of the related Due Period on the Mortgage Loans (adjusted for prepayments during such Due Period that were distributed on the Distribution Date falling within such Due Period), multiplied by (b) 30 divided by the actual number of days in such Interest Accrual Period.
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 4 and Group 5 and to the extent that the Group 6 Certificates are still outstanding as of such Distribution Date, the Group 4 Excess Interest Rate and the Group 5 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.
