Pass-Through Rate definition

Pass-Through Rate. Any of the Class A-1 Pass-Through Rate, the Class A-2 Pass-Through Rate, the Class A-3 Pass-Through Rate, the Class A-4 Pass-Through Rate, the Class A-SB Pass-Through Rate, the Class A-S Pass-Through Rate, the Class B Pass-Through Rate, the Class C Pass-Through Rate, the Class D Pass-Through Rate, the Class E Pass-Through Rate, the Class F Pass-Through Rate, the Class G Pass-Through Rate, the Class X-A Pass-Through Rate, the Class X-B Pass-Through Rate, the Class X-D Pass-Through Rate, the Class X-E Pass-Through Rate, the Class X-F Pass-Through Rate or the Class X-G Pass-Through Rate, as the case may be.
Pass-Through Rate. For any interest bearing Class of Certificates or Component, the per annum rate set forth or calculated in the manner described in the Preliminary Statement.
Pass-Through Rate. With respect to the Class A Certificates and the Mezzanine Certificates (other than the Class M-3 Certificates) and any Distribution Date, a rate per annum equal to the lesser of (i) the related One-Month LIBOR Pass-Through Rate for such Distribution Date and (ii) the Net WAC Pass-Through Rate for such Distribution Date. With respect to the Class M-3 Certificates, for any Distribution Date, a fixed rate equal to _____% per annum. With respect to the Class CE Certificates and any Distribution Date, a rate per annum equal to the percentage equivalent of a fraction, the numerator of which is the sum of the amounts calculated pursuant to clauses (i) through (vii) below, and the denominator of which is the Uncertificated Balance of the REMIC II Regular Interests (other than the Uncertificated Balance of REMIC II Regular Interest II- LTP). For purposes of calculating the Pass-Through Rate for the Class CE Certificates, the numerator is equal to the sum of the following components:

Examples of Pass-Through Rate in a sentence

  • In addition, the Net WAC Pass-Through Rate will be reduced by the prepayment of Mortgage Loans with high Mortgage Rates.

  • Thus, it is possible, for example, that if both One-Month LIBOR and the Index rise during the same period, One- Month LIBOR may rise more rapidly than the Index or may rise higher than the Index, potentially resulting in the application of the Net WAC Pass-Through Rate on the Class AV Certificates and the Mezzanine Certificates, which would adversely affect the yield to maturity on such Certificates.

  • The limit on the pass-through rates on the Class AF Certificates is based on the Net WAC Pass-Through Rate.

  • The Pass- Through Rate on the Class AV Certificates and the Mezzanine Certificates adjusts monthly based upon One-Month LIBOR as described under "Description of the Certificates--Calculation of One-Month LIBOR" herein, subject to the Net WAC Pass-Through Rate.


More Definitions of Pass-Through Rate

Pass-Through Rate. For each Class of Certificates, the per annum rate set forth or calculated in the manner described in the Preliminary Statement.
Pass-Through Rate. For each Mortgage Loan, a per annum rate equal to the Mortgage Interest Rate for such Mortgage Loan less the per annum percentage rates related to each of (i) the Servicing Fee for such Mortgage Loan, (ii) the Master Servicing Fee for such Mortgage Loan and (iii) if such Mortgage Loan was covered by a Special Primary Insurance Policy on the Closing Date (even if no longer so covered), the applicable Special Primary Insurance Premium. For each Mortgage Loan, any calculation of monthly interest at such rate shall be based upon annual interest at such rate (computed on the basis of a 360-day year of twelve 30-day months) on the unpaid Principal Balance of such Mortgage Loan divided by twelve, and any calculation of interest at such rate by reason of a Payoff shall be based upon annual interest at such rate on the outstanding Principal Balance of such Mortgage Loan multiplied by a fraction, the numerator of which is the number of days elapsed from the Due Date of the last scheduled payment of principal and interest to, but not including, the date of such Payoff, and the denominator of which is (a) for Payoffs received on a Due Date, 360, and (b) for all other Payoffs, 365.
Pass-Through Rate. (a) With respect to each Class of Regular Certificates set forth below, the following rates: Class Pass-Through Rate Class A-1 Class A-1 Pass-Through Rate Class A-2 Class A-2 Pass-Through Rate Class A-3 Class A-3 Pass-Through Rate Class A-SB Class A-SB Pass-Through Rate Class A-4 Class A-4 Pass-Through Rate Class A-5 Class A-5 Pass-Through Rate Class X-A Class X-A Pass-Through Rate Class X-B Class X-B Pass-Through Rate Class X-D Class X-D Pass-Through Rate Class A-M Class A-M Pass-Through Rate Class B Class B Pass-Through Rate Class C Class C Pass-Through Rate Class D Class D Pass-Through Rate Class E-RR Class E-RR Pass-Through Rate Class F-RR Class F-RR Pass-Through Rate Class G-RR Class G-RR Pass-Through Rate
Pass-Through Rate. For each Class of Certificates and each Lower Tier Regular Interest, the per annum rate set forth or calculated in the manner described in the Preliminary Statement.
Pass-Through Rate. With respect to each Class of Certificates set forth below, the following rates: Class Pass-Through Rate Class A-1 Class A-1 Pass-Through Rate Class A-2 Class A-2 Pass-Through Rate Class Pass-Through Rate Class A-SB Class A-SB Pass-Through Rate Class A-3 Class A-3 Pass-Through Rate Class A-4 Class A-4 Pass-Through Rate Class A-M Class A-M Pass-Through Rate Class X-A Class X-A Pass-Through Rate Class X-B-1 Class X-B-1 Pass-Through Rate Class X-B-2 Class X-B-2 Pass-Through Rate Class X-C Class X-C Pass-Through Rate Class X-D Class X-D Pass-Through Rate Class B Class B Pass-Through Rate Class C Class C Pass-Through Rate Class D Class D Pass-Through Rate Class E Class E Pass-Through Rate Class F Class F Pass-Through Rate Class G Class G Pass-Through Rate With respect to the Class A-M Regular Interest, the Class A-M Regular Interest Pass-Through Rate. With respect to the Class B Regular Interest, the Class B Regular Interest Pass-Through Rate. With respect to the Class C Regular Interest, the Class C Regular Interest Pass-Through Rate. The Class PEZ Certificates will not have a Pass-Through Rate, but will be entitled to receive the sum of the interest distributable on the Class PEZ Percentage Interest of the Class EC Regular Interests. With respect to each Class of Lower-Tier Regular Interests, the Weighted Average Net Mortgage Pass-Through Rate.
Pass-Through Rate. [____]%, Subject to the Initial Certificate Principal Balance of this Certificate Weighted Average Net Mortgage Rate as of the Closing Date: $________________ Date of Pooling and Servicing Agreement: Class Principal Balance of all the Class [D] [E] [F] [G] December 23, 2003 [H] Certificates as of the Closing Date: $________________ Cut-off Date: December 1, 2003 Aggregate unpaid principal balance of the Mortgage Pool as of the Cut-off Date, after deducting payments of principal Closing Date: December 23, 2003 due on or before such date: $________________ First Distribution Date: January 5, 2004 Master Servicer: Wachovia Bank, National Association Trustee: LaSalle Bank National Association Special Servicer: Lennar Partners, Inc. Fiscal Agent: ABN AMRO Bank N.V. Certificate No. [D] [E] [F] [G] [H] CUSIP No.: _____________ UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST CORPORATION, A NEW YORK CORPORATION ("DTC"), TO THE DEPOSITOR, THE TRUSTEE, THE CERTIFICATE REGISTRAR OR ANY AGENT THEREOF FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN. THIS CERTIFICATE HAS NOT BEEN REGISTERED OR QUALIFIED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE "SECURITIES ACT"), OR THE SECURITIES LAWS OF ANY STATE. ANY RESALE, PLEDGE, TRANSFER OR OTHER DISPOSITION OF THIS CERTIFICATE OR ANY INTEREST HEREIN WITHOUT SUCH REGISTRATION OR QUALIFICATION MAY BE MADE ONLY IN A TRANSACTION WHICH DOES NOT REQUIRE SUCH REGISTRATION OR QUALIFICATION AND WHICH IS IN ACCORDANCE WITH THE PROVISIONS OF SECTION 5.02 OF THE POOLING AND SERVICING AGREEMENT REFERRED TO HEREIN. NO TRANSFER OF THIS CERTIFICATE OR ANY INTEREST HEREIN MAY BE MADE TO (A) ANY RETIREMENT PLAN OR OTHER EMPLOYEE BENEFIT PLAN OR ARRANGEMENT SUBJECT TO THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED ("ERISA"), SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986 (THE "CODE") OR ANY MATERIALLY SIMILAR PROVISION OF APPLICABLE FEDERAL, STATE OR LOCAL LAW, OR (B) ANY PERSON WHO IS DIRECTLY OR INDIRECTLY PURCHASING THIS CERTIFICATE OR ANY INT...
Pass-Through Rate. With respect to the Class A, Class M and Class B Certificates and any Distribution Date, a rate per annum equal to the least of (i) the related One-Month LIBOR Pass-Through Rate for such Distribution Date, (ii) 11.00% per annum and (iii) the related Net WAC Cap Rate for such Distribution Date. With respect to the Class C Interest and any Distribution Date, a rate per annum equal to the percentage equivalent of a fraction, the numerator of which is the sum of the amount determined for each REMIC II Regular Interest (other than REMIC II Regular Interest 1-Sub, 1-Grp, 2-Sub, 2-Grp, XX and IO) equal to the product of (a) the excess, if any, of the Uncertificated REMIC II Pass-Through Rate for such REMIC II Regular Interest over the Marker Rate and (b) a notional amount equal to the Uncertificated Principal Balance of such REMIC II Regular Interest, and the denominator of which is the aggregate Uncertificated Principal Balance of such REMIC II Regular Interests. With respect to the Class C Certificate, the Class C Certificate shall not have a Pass-Through Rate, but Current Interest for such Certificate and each Distribution Date shall be an amount equal to 100% of the amounts distributable to the Class C Interest for such Distribution Date. With respect to the Class IO Interest, Class IO Interest shall not have a Pass-Through Rate, but Current Interest for such interest and each Distribution Date shall be an amount equal to 100% of the amounts distributable to REMIC II Regular Interest IO for such Distribution Date. With respect to REMIC V Regular Interest IO, REMIC V Regular Interest IO shall not have a Pass-Through Rate, but Current Interest for such Regular Interest and each Distribution Date shall be an amount equal to 100% of the amounts distributable to the Class IO Interest for such Distribution Date.