Net Coupon Rate definition
Net Coupon Rate. With respect to any Home Equity Loan in Group I or Group II, means a rate per annum equal to the Coupon Rate of such Home Equity Loan minus the sum of (i) the rate at which the Servicing Fee accrues and (ii) the rate at which the Trustee Fee accrues (expressed as a per annum percentage of the aggregate Loan Balance of the Home Equity Loans in Group I or Group II, as applicable).
Net Coupon Rate. With respect to any Home Equity Loan in a Group, means a rate per annum equal to the Coupon Rate of such Home Equity Loan minus the sum of (i) the rate at which the Servicing Fee accrues, (ii) the rate at which the Indenture Trustee Fee accrues, (iii) the rate at which the Owner Trustee Fee accrues, and (iv) the applicable Premium Amount (expressed as a per annum percentage of the aggregate Principal Balance of the Home Equity Loans in the applicable Group).
Net Coupon Rate. With respect to any Payment Date, the excess, if any, of (a) the weighted average Coupon Rate for all Home Equity Loans (weighted by Loan Balance) as of the first day of the related Remittance Period (or as of the Cut-Off Date with respect to the initial Payment Date for all Home Equity Loans) over (b) the sum of (i) the Servicing Fee, (ii) the Trustee Fee, (iii) the Trustee Reimbursable Expenses, (iv) the Premium Amount (in each case, expressed as a percentage of the aggregate Loan Balance as of the first day of the related Remittance Period), and (v) 3.30%.
Examples of Net Coupon Rate in a sentence
The non-discount portion of the principal balance with respect to each discount Home Equity Loan that is a Group I Home Equity Loan shall be calculated by multiplying the principal balance of such Home Equity Loan by a fraction the numerator of which is the Net Coupon Rate of such Home Equity Loan and the denominator of which is 6.000%.
The non-discount portion of the principal balance with respect to each discount Home Equity Loan that is a Group II Home Equity Loan shall be calculated by multiplying the principal balance of such Home Equity Loan by a fraction the numerator of which is the minimum Net Coupon Rate of such Home Equity Loan and the denominator of which is 6.000%.
More Definitions of Net Coupon Rate
Net Coupon Rate. With respect to any Mortgage Asset, the Coupon Rate borne by such Mortgage Asset minus the Expense Fee Rate.