Group I Net WAC Cap Rate. With respect to any Distribution Date, a per annum rate equal to the weighted average of the Net Mortgage Rates (or, if applicable, the Modified Net Mortgage Rates) on the Group I Loans using the Net Mortgage Rates in effect for the Monthly Payments due on such Mortgage Loans during the related Due Period, weighted on the basis of the respective Stated Principal Balances thereof for such Distribution Date, and in the case of the Class A-I-1 Certificates, multiplied by a fraction equal to 30 divided by the actual number of days in the related Interest Accrual Period.
Group I Net WAC Cap Rate. With respect to any Distribution Date, a per annum rate equal to the weighted average of the Net Mortgage Rates (or, if applicable, the Modified Net Mortgage Rates) on the Group I Loans using the Net Mortgage Rates in effect for the Monthly Payments due on such Mortgage Loans during the related Due Period, weighted on the basis of the respective Stated Principal Balances thereof for such Distribution Date.
Group I Net WAC Cap Rate. With respect to any Distribution Date, a per annum rate equal to the weighted average of the Net Mortgage Rates (or, if applicable, the Modified Net Mortgage Rates) on the Group I Loans using the Net Mortgage Rates in effect for the Monthly Payments due on such Mortgage Loans during the related Due Period, weighted on the basis of the respective Stated Principal Balances thereof for such Distribution Date (and in the case of the Class A-I-1 Certificates, multiplied by a fraction, the numerator of which is equal to 30 and the denominator of which is equal to the actual number of days in the related Interest Accrual Period).
Examples of Group I Net WAC Cap Rate in a sentence
FGIC will not guarantee the payment of Group I Net WAC Cap Rate Shortfalls, Group II Basis Risk Shortfalls, Relief Act Shortfalls, or Prepayment Interest Shortfalls.
The Offered Certificates may be subject to the Group I Net WAC Cap Rate, the Class A-I-1 Net WAC Cap Rate or the Group II Net WAC Cap Rate, as applicable.
Class A-I-2 through Class A-I-6 Certificates: The lesser of the fixed rate coupon and the related Group I Net WAC Cap Rate on a 30/360-day basis.
The Offered Certificates will be subject to the Group I Net WAC Cap Rate, the Class A-I-1 Net WAC Cap Rate or the Group II Net WAC Cap Rate, as applicable.
Ambac will not guarantee the payment of Group I Net WAC Cap Rate Shortfalls, Group II Basis Risk Shortfalls, Relief Act Shortfalls, or Prepayment Interest Shortfalls.
More Definitions of Group I Net WAC Cap Rate
Group I Net WAC Cap Rate. With respect to any Distribution Date, a per annum rate equal to the product of (i) the weighted average of the Net Mortgage Rates (or, if applicable, the Modified Net Mortgage Rates) on the Group I Loans using the Net Mortgage Rates (or, if applicable, the Modified Net Mortgage Rates) in effect for the Monthly Payments due on such Mortgage Loans during the related Due Period, weighted on the basis of the respective Stated Principal Balances thereof for that Distribution Date and (ii) a fraction equal to 30 divided by the actual number of days in the related Interest Accrual Period.
Group I Net WAC Cap Rate. With respect to any Distribution Date, (1) a per annum rate equal to the weighted average of the Net Mortgage Rates (or, if applicable, the Modified Net Mortgage Rates) on the Group I Loans using the Net Mortgage Rates in effect for the Monthly Payments due on such Mortgage Loans during the related Due Period, weighted on the basis of the respective Stated Principal Balances thereof for such Distribution Date (and in the case of the Class A-I-1 Certificates, multiplied by a fraction, the numerator of which is equal to 30 and the denominator of which is equal to the actual number of days in the related Interest Accrual Period), minus (2) a per annum rate equal to the Pass-Through Rate for the Class A-I-IO Certificates for such Distribution Date multiplied by a fraction, the numerator of which is (x) the Notional Amount of the Class A-I-IO Certificates immediately prior to such Distribution Date, and the denominator of which is (y) the aggregate Stated Principal Balance of the Group I Loans as of the beginning of the related Due Period. The foregoing rate is equal to the weighted average of the Uncertificated REMIC III Pass-Through Rates with respect to the REMIC III Regular Interests, such Uncertificated REMIC III Pass-Through Rates being first reduced in the case of the REMIC III Regular Interests LTB by the rate for such Distribution Date for the related REMIC IV Regular Interest LTA-IO, weighted in each case by their respective Uncertificated Principal Balances.
Group I Net WAC Cap Rate. With respect to any Distribution Date, the sum of (a) the product of (i) a per annum rate equal to the weighted average of the Net Mortgage Rates (or, if applicable, the Modified Net Mortgage Rates) on the Group I Loans using the Net Mortgage Rates in effect for the Monthly Payments due on such Mortgage Loans during the related Due Period, weighted on the basis of the respective Stated Principal Balances thereof for such Distribution Date and (ii) a fraction equal to 30 divided by the actual number of days in the related Interest Accrual Period, and (b) a per annum rate equal to (i) the amount, if any, required to be paid under the Class A-I Hedge Agreement with respect to such Distribution Date divided by (ii) the aggregate Certificate Principal Balance of the Class A-I Certificates immediately prior to such Distribution Date, multiplied by a fraction, the numerator of which is 30, and the denominator of which is the actual number of days in the related Interest Accrual Period.
Group I Net WAC Cap Rate. With respect to any Distribution Date and any Class of Class I-A, Class I-M, or Class I-B Certificates, a per annum rate equal to the excess, if any, of (A) the weighted average of the Net Mortgage Rates on the then outstanding Group I Mortgage Loans, weighted based on their Stated Principal Balances as of the related Due Date prior to giving effect to any reduction in the Stated Principal Balances of such Group I Mortgage Loans on such Due Date, over (B) a per annum rate equal to the sum of the Group I Net Swap Payment and Group I Swap Termination Payment not due to a Group I Swap Provider Trigger Event payable to the Group I Swap Provider, in each case on such Distribution Date (to the extent not paid by the Group I Supplemental Interest Trust from any upfront payment received pursuant to any related replacement interest rate swap agreement that may be entered into by the Group I Supplemental Interest Trust Trustee), divided by the outstanding Stated Principal Balance of the Group I Mortgage Loans as of the related Due Date prior to giving effect to any reduction in the Stated Principal Balances of such Mortgage Loans on such due date, multiplied by 12. The Group I Net WAC Cap Rate for such Classes of Group I Certificate will be will be calculated based on a 360-day year and the actual number of days elapsed in the related Accrual Period. With respect to any Distribution Date and each REMIC IV Regular Interest the ownership of which is represented by a Class I-A, Class I-M or Class I-B Certificate, a per annum rate equal to the weighted average (adjusted for the actual number of days elapsed in the related Accrual Period) of the Uncertificated REMIC III Pass-Through Rates on the REMIC III Group I Regular Interests (other than REMIC III Regular Interest I-IO), weighted on the basis of the Uncertificated Principal Balances of each such REMIC III Regular Interest immediately prior to such Distribution Date.
Group I Net WAC Cap Rate. With respect to any Distribution Date, the product of (i) a per annum rate equal to the weighted average of the Net Mortgage Rates (or, if applicable, the Modified Net Mortgage Rates) on the Group I Loans using the Net Mortgage Rates in effect for the Monthly Payments due on such Mortgage Loans during the related Due Period, weighted on the basis of the respective Stated Principal Balances thereof for such Distribution Date and (ii) a fraction equal to 30 divided by the actual number of days in the related Interest Accrual Period.
Group I Net WAC Cap Rate. With respect to any Distribution Date and the Class A-I Certificates, a per annum rate equal to the weighted average of the Net Mortgage Rates of the Group I Loans using the Net Mortgage Rates (or, if applicable, Modified Net Mortgage Rates) on such Mortgage Loans in effect for the Monthly Payments due on such Mortgage Loans during the related Due Period, multiplied by a fraction equal to 30 divided by the actual number of days in the related Interest Accrual Period. With respect to any Distribution Date and the REMIC II Regular Interests the ownership of which is represented by the A-I Certificates, a per annum rate equal to the weighted average (adjusted for the actual number of days elapsed in the related Interest Accrual Period) of the Uncertificated REMIC I Group I Pass-Through Rate for the REMIC I Group I Regular Interests, weighted on the basis of the Uncertificated Principal Balance of such REMIC I Group I Regular Interests immediately prior to such Distribution Date, multiplied by a fraction, the numerator of which is 30, and the denominator of which is the actual number of days in the related Interest Accrual Period.
Group I Net WAC Cap Rate. With respect to any Distribution Date and any Class of the Class I-A, Class I-M and Class I-B Certificates, a per annum rate equal to the excess, if any, of (A) the weighted average of the Net Mortgage Rates of the Group I Loans as of the first day of the calendar month preceding the calendar month of such Distribution Date over (B) the sum of (i) the Net Swap Payments payable to the Swap Provider on such Distribution Date and (ii) any Swap Termination Payments not due to a Swap Provider Trigger Event payable to the Swap Provider on such Distribution Date, divided by the outstanding principal balance of the Group I Loans as of the first day of the calendar month preceding the calendar month of such Distribution Date, multiplied by 12. The Net WAC Cap Rate for each Class of the Class I-A, Class I-M and Class I-B Certificates will be calculated based on a 360-day year and the actual number of days elapsed in the related Accrual Period. With respect to any Distribution Date and the REMIC III Group I Regular Interests the ownership of which are represented by the Class I-A, Class I-M and Class I-B Certificates, a per annum rate equal to the weighted average (adjusted for the actual number of days elapsed in the related Accrual Period) of the Uncertificated REMIC II Pass-Through Rates on the REMIC II Regular Interests (other than REMIC II Regular Interest IO), weighted on the basis of the Uncertificated Principal Balances of each such REMIC II Regular Interest immediately prior to such Distribution Date.