Net Mortgage Pass-Through Rate. (a) With respect to any Mortgage Loan (including an REO Mortgage Loan) that accrues interest on a 30/360 Basis, for any Distribution Date, the Net Mortgage Rate in effect for such Mortgage Loan during the one-month accrual period applicable to the Due Date for such Mortgage Loan that occurs in the same month as that Distribution Date; and (b) with respect to any Mortgage Loan (including an REO Mortgage Loan) that accrues interest on an Actual/360 Basis, for any Distribution Date, the annualized rate at which interest would have to accrue in respect of such Mortgage Loan on a 30/360 Basis in order to produce the aggregate amount of interest actually accrued (or, in the event of a voluntary or involuntary principal prepayment affecting same, that otherwise would have accrued) in respect of such Mortgage Loan (adjusted to the related Net Mortgage Rate and, if applicable, exclusive of any Excess Interest) during the one-month accrual period applicable to the Due Date for such Mortgage Loan that occurs in the same month as that Distribution Date. However, with respect to each Mortgage Loan that accrues interest on an Actual/360 Basis, when determining: (i) the related Net Mortgage Pass-Through Rate for the Distribution Date in January (except during a leap year) or February of any year subsequent to 2017 (in any event unless that Distribution Date is the final Distribution Date), the “aggregate amount of interest actually accrued (or, in the event of a voluntary or involuntary principal prepayment affecting same, that otherwise would have accrued)”, as referred to in clause (b) of the preceding sentence, shall be deemed to exclude related Withheld Amounts to be transferred to the Interest Reserve Account in such month; or (ii) the related Net Mortgage Pass-Through Rate for the Distribution Date in March (or in February if the final Distribution Date occurs in such particular month of February) in any year subsequent to 2017, the “aggregate amount of interest actually accrued (or, in the event of a voluntary or involuntary principal prepayment affecting same, that otherwise would have accrued)”, as referred to in clause (b) of the preceding sentence, shall be deemed to include related Withheld Amounts to be deposited in the Lower-Tier REMIC Distribution Account for distribution on such Distribution Date. In addition, the Net Mortgage Pass-Through Rate with respect to any Mortgage Loan for any Distribution Date shall be determined without regard to: (i) any modif...
Net Mortgage Pass-Through Rate. (A) With respect to any Trust Mortgage Loan (or any successor Trust REO Loan with respect thereto) that accrues (or is deemed to accrue) interest on a 30/360 Basis, for any Distribution Date, an annual rate equal to the Net Mortgage Rate for such Trust Mortgage Loan as of the Closing Date (without regard to any modification, waiver or amendment of the terms of such Trust Mortgage Loan subsequent to the Closing Date); and
Net Mortgage Pass-Through Rate. With respect to any Mortgage Loan and any Distribution Date, the per annum rate equal to the Mortgage Pass-Through Rate for such Mortgage Loan, minus the aggregate of the applicable Servicing Fee Rate and Trustee Fee Rate.
Examples of Net Mortgage Pass-Through Rate in a sentence
The rate of interest for each Class of Lower-Tier Regular Interests is a per annum rate equal to the Weighted Average Net Mortgage Pass-Through Rate.
The interest rate for each Class of Lower-Tier Regular Interests is a per annum rate equal to the Weighted Average Net Mortgage Pass-Through Rate.
The pass-through rate of the Class A Certificates will be subject to a pass-through rate cap equal to the Weighted Average Net Mortgage Pass-Through Rate (as defined in the Offering Documents) minus the Guarantee Fee Rate (as defined in the Offering Documents).
The interest rate for each Class of Lower-Tier Regular Interests (other than the Class A-8Z-L Interest and the Class B-3SC-L Interest) is a per annum rate equal to the Weighted Average Net Mortgage Pass-Through Rate.
With respect to each Class of Lower-Tier Regular Interests, the Weighted Average Net Mortgage Pass-Through Rate.
More Definitions of Net Mortgage Pass-Through Rate
Net Mortgage Pass-Through Rate means:
Net Mortgage Pass-Through Rate. With respect to any Mortgage Loan and any Distribution Date, the per annum rate equal to the Mortgage Pass-Through Rate for such Mortgage Loan, minus, for any Mortgage Loan other than the Comsat Junior Loan and the SC Junior Portion of the Saul Centers Retail Pool Loan, the aggregate of the applicable Serxxxxng Fee Rate and Trustee Fee Rate.
Net Mortgage Pass-Through Rate means, with respect to any Mortgage Loan that provides for calculations of interest based on a 360-day year composed of twelve months of 30 days each for any Interest Accrual Period, the Net Mortgage Rate thereof. With respect to any Mortgage Loan that provides for calculations of interest based on a 360-day year and the actual number of days elapsed, (a) for any Interest Accrual Period relating to an Interest Accrual Period beginning in any January, February, April, June, September and November and in any December occurring in a year immediately preceding any year that is not a leap year, the Net Mortgage Rate thereof or (b) for any Mortgage Interest Accrual Period relating to any Interest Accrual Period beginning in any March, May, July, August and October and in any December occurring in a year immediately preceding a year that is a leap year, the product of the Net Mortgage Rate thereof and a fraction whose numerator is 31 and whose denominator is 30.
Net Mortgage Pass-Through Rate. (A) With respect to any Mortgage Loan (or any successor REO Mortgage Loan with respect thereto) that accrues interest on a 30/360 Basis, for any Distribution Date, an annual rate equal to the Original Net Mortgage Rate for such Mortgage Loan; and
Net Mortgage Pass-Through Rate means, • with respect to any underlying mortgage loan that accrues interest on a 30/360 Basis, for any distribution date, a rate per annum equal to the Net Mortgage Interest Rate in effect for that mortgage loan as of the date of initial issuance of the offered certificates;• with respect to any underlying mortgage loan that accrues interest on an Actual/360 Basis for any distribution date, a rate per annum equal to twelve times a fraction, expressed as a percentage—
Net Mortgage Pass-Through Rate means, (i) with respect to any Mortgage Loan (or any successor REO Mortgage Loan with respect thereto) that accrues interest on a 30/360 Basis, for any Distribution Date, a rate per annum equal to (A) the original Net Mortgage Interest Rate for such Mortgage Loan or (B) if the Mortgage Rate for such Mortgage Loan is increased in connection with a subsequent modification of such Mortgage Loan after the Cut-off Date (but, for the avoidance of doubt, not if the Mortgage Interest Rate is decreased), the Net Mortgage Interest Rate for such Mortgage Loan, and (ii) with respect to any Mortgage Loan (including any successor REO Mortgage Loan with respect thereto) that accrues interest on an actual/360 Basis, for any Distribution Date, an annual rate generally equal to twelve times a fraction, expressed as a percentage, the numerator of which fraction is, subject to adjustment as described below in this definition, an amount of interest equal to the product of (A) the number of days in the related mortgage interest accrual period for such Mortgage Loan with respect to the Due Date for such Mortgage Loan that occurs during the Collection Period related to such Distribution Date, multiplied by (B) the Stated Principal Balance of such Mortgage Loan immediately preceding such Distribution Date, multiplied by (C) 1/360, multiplied by either (D)(1) the original Net Mortgage Interest Rate for such Mortgage Loan or (2) if the Mortgage Interest Rate for such Mortgage Loan is increased in connection with a subsequent modification of such Mortgage Loan after the Cut-off Date (but, for the avoidance of doubt, not if the Mortgage Interest Rate is decreased), the Net Mortgage Interest Rate for such Mortgage Loan, and the denominator of which is the Stated Principal Balance of such Mortgage Loan immediately preceding that Distribution Date.
Net Mortgage Pass-Through Rate. With respect to any Mortgage Loan (other than the Geneva Crossing Loan and the Xxxxx X. Xxxxxx Loan), the Geneva Crossing Loan REMIC Regular Interest and the Xxxxx X. Xxxxxx Loan REMIC Regular Interest and any Distribution Date, the per annum rate equal to the Mortgage Pass-Through Rate for such Mortgage Loan or Loan REMIC Regular Interest for the related Interest Accrual Period minus the Administrative Fee Rate.