Net WAC Rate Cap. For any Distribution Date and the Class A Certificates and the Offered Mezzanine Certificates will be a per annum rate equal to the excess, if any, of (A) the product of (x) the weighted average of the Net Mortgage Rates of the Mortgage Loans (weighted based on their outstanding Principal Balances as of the first day of the calendar month preceding the month in which the Distribution Date occurs) and (y) 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, over (B) an amount, expressed as a per annum rate, equal to the sum of (x) the product of (i) any Net Swap Payment owed to the Swap Provider divided by the outstanding principal balance of the Mortgage Loans and (ii) 12 and (y) the product of (i) any Swap Termination Payment (other than any Swap Termination Payment resulting from a Swap Provider Trigger Event), payable by the Supplemental Interest Trust, divided by the outstanding Principal Balance of the Mortgage Loans and (ii) 12. For any Distribution Date and the Class M-7 and Class M-8 Certificates will be a per annum rate equal to the excess of (A) the weighted average of the Net Mortgage Rates of the Mortgage Loans (weighted based on their outstanding Principal Balances as of the first day of the calendar month preceding the month in which the Distribution Date occurs), over (B) an amount, expressed as a per annum rate, equal to the sum of (x) the product of (i) any Net Swap Payment owed to the Swap Provider divided by the outstanding principal balance of the Mortgage Loans and (ii) 12 and (y) the product of (i) any Swap Termination Payment (other than any Swap Termination Payment resulting from a Swap Provider Trigger Event), payable by the Supplemental Interest Trust, divided by the outstanding Principal Balance of the Mortgage Loans and (ii) 12.
Net WAC Rate Cap. With respect to the Mortgage Loans as of any Distribution Date, the product of a per annum rate equal to (i) the weighted average of the Adjusted Net Mortgage Rates for the Mortgage Loans then in effect on the beginning of the related Due Period, minus the product of (A) the Net Swap Payment plus any Swap Termination Payment (other than a Defaulted Swap Termination Payment) made to the Swap Provider, if any, expressed as a percentage equal to a fraction, the numerator of which is equal to the Net Swap Payment plus any Swap Termination Payment (other than a Defaulted Swap Termination Payment) made to the Swap Provider and the denominator of which is equal to the aggregate Stated Principal Balance of the Mortgage Loans at the beginning of such Due Period and (B) 12 and (ii) 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. With respect to the first Due Period and first Distribution Date only, the Net WAC Cap shall be reduced by a fraction, the numerator of which is the Closing Date Deposit Amount and the denominator of which is the Cut-off Date Pool Principal Balance.
Net WAC Rate Cap. With respect to the Senior Certificates (other than the Class A-IO Certificates) and the Mezzanine Certificates, (i) from and including the Distribution Date in December 2004 through and including the Distribution Date in November 2005, (a) the weighted average of the Net Mortgage Rates of the Mortgage Loans, weighted based on their Stated Principal Balances as of the first day of the calendar month preceding the month in which the Distribution Date occurs minus 4.50% per annum and, with respect to the Insured Certificates, minus the Insurer Premium Rate times (b) a fraction, the numerator of which is the Certificate Notional Balance of the Class A-IO Certificates and the denominator of which is the aggregate Stated Principal Balance of the Mortgage Loans as of the first day of the calendar month preceding the month in which the Distribution Date occurs, (ii) from and including the Distribution Date in December 2005 through and including the Distribution Date in November 2006, (a) the weighted average of the Net Mortgage Rates of the Mortgage Loans, weighted based on their Stated Principal Balances as of the first day of the calendar month preceding the month in which the Distribution Date occurs minus 3.50% per annum and, with respect to the Insured Certificates, minus the Insurer Premium Rate times (b) a fraction, the numerator of which is the Certificate Notional Balance of the Class A-IO Certificates and the denominator of which is the aggregate Stated Principal Balance of the Mortgage Loans as of the first day of the calendar month preceding the month in which the Distribution Date occurs and (iii) thereafter, the weighted average of the Net Mortgage Rates of the Mortgage Loans, weighted based on their Stated Principal Balances as of the first day of the calendar month preceding the month in which the Distribution Date occurs minus, with respect to the Insured Certificates, the Insurer Premium Rate; provided that the Net WAC Rate Cap with respect to the Class A-1 Certificates shall be multiplied by a fraction, the numerator of which is 30 and the denominator of which is the actual number of days in the Accrual Period. For federal income tax purposes, the Net WAC Rate Cap, with respect to any Distribution Date, shall be expressed as the weighted average of the Uncertificated REMIC II Pass-Through Rates on each REMIC II Regular Interest (other than REMIC II Regular Interest LTII-IO-A and REMIC II Regular Interest LTII-IO-B) weighted on the basis of the ...
Examples of Net WAC Rate Cap in a sentence
Pass-Through Rate:The Pass-Through Rate on any Distribution Date with respect to each class of Certificates will equal the lesser of (a) the related Formula Rate for such distribution date and (b) the Net WAC Rate Cap for such Distribution Date.
The interest rate on each of the Certificates is subject to the related Net WAC Rate Cap.
On April 22, 2010, based upon the Respondent’s recommendation, client AD redeemed a further $7,812.50 from his RRSP with Quadrus.
The Class B-4 Pass-Through Rate on each Distribution Date will be a rate per annum equal to the least of (i) the Class B-4 Pass-Through Rate (ii) the Net WAC Rate Cap and (iii) the Maximum Rate Cap.
The Class B-5 Pass-Through Rate on each Distribution Date will be a rate per annum equal to the least of (i) the Class B-5 Pass-Through Rate (ii) the Net WAC Rate Cap and (iii) the Maximum Rate Cap.
More Definitions of Net WAC Rate Cap
Net WAC Rate Cap. With respect to the Class A-1, Class A-2, Class A-3 and Class M-1 Certificates shall mean the weighted average of the Net Mortgage Rates of the Mortgage Loans. With respect to the Class A-4 Certificates and Class A-5 Certificates will be calculated based on an assumed certificate with a principal balance equal to the Certificate Principal Balance of the Class A-4 Certificates and a fixed pass-through rate of (i) on any Distribution Date which occurs on or prior to the Optional Termination Date, 8.000% per annum, subject to a cap equal to the product of (x) the weighted average of the Net Mortgage Rates of the Mortgage Loans and (y) 152.3809523810% and (ii) for each Distribution Date thereafter, 8.500% per annum, subject to a cap equal to the product of (x) the weighted average of the Net Mortgage Rates of the Mortgage Loans and (y) 147.8260869565%. If the weighted average of the Net Mortgage Rates of the Mortgage Loans is less than 5.25% per annum (or, after the Optional Termination Date, 5.75% per annum), the amount of the shortfall which would occur with respect to the assumed certificate as a result of the cap will be allocated between the Class A-4 Certificates and Class A-5 Certificates in proportion to their current entitlements to interest calculated without regard to this cap. Accordingly, in such event the Net WAC Rate Cap for the Class A-4 Certificates would be equal to the Class A-4 Pass-Through Rate (determined without regard to the Net WAC Rate Cap) less the amount allocable to the Class A-4 Certificates pursuant to the preceding sentence, and the Net WAC Rate Cap for the Class A-5 Certificates would be equal to the Class A-5 Pass-Through Rate (determined without regard to the Net WAC Rate Cap) less the amount allocable to the Class A-5 Certificates pursuant to the preceding sentence. With respect to the Class M-2 Certificates shall mean the lesser of (i) 11.00% and (ii) the weighted average of the Net Mortgage Rates of the Mortgage Loans. With respect to the Class BA Certificates and Class BB Certificates shall mean the lesser of (i) 12.00% and (ii) the weighted average of the Net Mortgage Rates of the Mortgage Loans. For federal income tax purposes, the Net WAC Rate Cap shall equal (i) with respect to each of the Class A-1, Class A-2, Class A-3, Claxx X-0, Xxxxx M-2, Class BA and Class BB Certificates, the weighted average of the Uncertificated REMIC II Pass-Through Rate on the REMIC II Regular Interest for which such Certificate is the Corr...
Net WAC Rate Cap. With respect to each Class of Offered Certificates and each Distribution Date shall mean the weighted average of the Net Mortgage Rates of the Mortgage Loans, weighted based on their Stated Principal Balances as of the first day of the calendar month preceding the month in which the Distribution Date occurs.
Net WAC Rate Cap. With respect to the Senior Certificates (other than the Class A-IO Certificates) and the Mezzanine Certificates, (i) from and including the Distribution Date in February 2006 through and including the Distribution Date in January 2009, (a) the weighted average of the Net Mortgage Rates of the Mortgage Loans, weighted based on their Stated Principal Balances as of the first day of the calendar month preceding the month in which the Distribution Date occurs minus 4.50% per annum times (b) a fraction, the numerator of which is the Certificate Notional Balance of the Class A-IO Certificates and the denominator of which is the aggregate Stated Principal Balance of the Mortgage Loans as of the first day of the calendar month preceding the month in which the Distribution Date occurs, and (ii) thereafter, the weighted average of the Net Mortgage Rates of the Mortgage Loans, weighted based on their Stated Principal Balances as of the first day of the calendar month preceding the month in which the Distribution Date occurs; provided that the Net WAC Rate Cap with respect to the Class A-1 Certificates shall be multiplied by a fraction, the numerator of which is 30 and the denominator of which is the actual number of days in the Accrual Period. For federal income tax purposes, the Net WAC Rate Cap, with respect to any Distribution Date, shall be expressed as the weighted average of the Uncertificated REMIC II Pass-Through Rates on each REMIC II Regular Interest (other than REMIC II Regular Interest LTII-IO) weighted on the basis of the Uncertificated Principal Balance of the REMIC II Regular Interests and, with respect to the Insured Certificates, minus the Insurer Premium Rate.
Net WAC Rate Cap. For any Distribution Date and the Senior Certificates and the Mezzanine Certificates will be a per annum rate (subject, with respect to the Class A-1 and Class A-2 Certificates, to adjustment based on the actual number of days elapsed in the related Accrual Period) equal to the excess, if any, of (i) the weighted average of the Net Mortgage Rates of the Mortgage Loans over (ii) the product of (x) the sum of the Premium Distribution Amount and any fees and expenses of the trust payable on such Distribution Date multiplied by (y) 12 and divided by the aggregate outstanding Principal Balance of the Mortgage Loans as of the first day of the related Due Period.
Net WAC Rate Cap. With respect to the Senior Certificates and the Mezzanine Certificates, the weighted average of the Net Mortgage Rates of the Mortgage Loans, weighted based on their Stated Principal Balances as of the first day of the calendar month preceding the month in which the Distribution Date occurs; provided that the Net WAC Rate Cap with respect to the Class A-1 Certificates shall be multiplied by a fraction, the numerator of which is 30 and the denominator of which is the actual number of days in the Accrual Period. For federal income tax purposes, the Net WAC Rate Cap, with respect to any Distribution Date, shall be expressed as the weighted average of the Uncertificated REMIC I Pass-Through Rates on each REMIC I Regular Interest (other than REMIC I Regular Interest LT-P) weighted on the basis of the Uncertificated Principal Balance of such REMIC I Regular Interests.
Net WAC Rate Cap. With respect to the Class A, Class M-1 and Class BB Certificates shall mean (i) through the applicable Accrual Period for each such Class relating to the Distribution Date in February 2006, (a) the weighted average of the Net Mortgage Rates of the Mortgage Loans, weighted based on their Stated Principal Balances as of the first day of the calendar month preceding the month in which the Distribution Date occurs minus 5.000% times (b) a fraction, the numerator of which is the Certificate Notional Balance of the Class A-IO Certificates and the denominator of which is the aggregate Stated Principal Balance of the Mortgage Loans as of the first day of the calendar month preceding the month in which the Distribution Date occurs and (ii) thereafter, the weighted average of the Net Mortgage Rates of the Mortgage Loans. With respect to the Class M-2 Certificates and Class BA Certificates shall mean the lesser of (i) 11.00% and (ii) (a) through the applicable Accrual Period for each such Class relating to the Distribution Date in February 2006, (x) the weighted average of the Net Mortgage Rates of the Mortgage Loans, weighted based on their Stated Principal Balances as of the first day of the calendar month preceding the month in which the Distribution Date occurs minus 5.000% times (y) a fraction, the numerator of which is the Certificate Notional Balance of the Class A-IO Certificates and the denominator of which is the aggregate Stated Principal Balance of the Mortgage Loans as of the first day of the calendar month preceding the month in which the Distribution Date occurs and (b) thereafter, the weighted average of the Net Mortgage Rates of the Mortgage Loans. For federal income tax purposes, the Net WAC Rate Cap, with respect to any Distribution Date, shall be expressed as the weighted average of the Uncertificated REMIC II Pass-Through Rates weighted on the basis of the Uncertificated Principal Balance of the REMIC II Regular Interests.
Net WAC Rate Cap. With respect to the Class A-1, Class M-1, Class M-2 and Class B-1 Certificates shall mean (i) through the applicable Accrual Period for each such Class relating to the Distribution Date in March 2006, (a) the weighted average of the Net Mortgage Rates of the Mortgage Loans, weighted based on their Stated Principal Balances as of the first day of the calendar month preceding the month in which the Distribution Date occurs minus 5.150% times (b) a fraction, the numerator of which is the Certificate Notional Balance of the Class A-IO Certificates and the denominator of which is the aggregate Stated Principal Balance of the Mortgage Loans as of the first day of the calendar month preceding the month in which the Distribution Date occurs and (ii) thereafter, the weighted average of the Net Mortgage Rates of the Mortgage Loans. For federal income tax purposes, the Net WAC Rate Cap, with respect to any Distribution Date, shall be expressed as the weighted average of the Uncertificated REMIC II Pass-Through Rates weighted on the basis of the Uncertificated Principal Balance of the REMIC II Regular Interests.