{"component": "definition", "props": {"groups": [{"samples": [{"hash": "lVJGSLMUE0T", "uri": "/contracts/lVJGSLMUE0T#wac-cap", "label": "Pooling and Servicing Agreement (Morgan Stanley Abs Capital I Inc)", "score": 19.0, "published": true}, {"hash": "4wVOVhYQ8BG", "uri": "/contracts/4wVOVhYQ8BG#wac-cap", "label": "Pooling and Servicing Agreement (Morgan Stanley Abs Capital I Inc)", "score": 19.0, "published": true}, {"hash": "1gnDszqPlUb", "uri": "/contracts/1gnDszqPlUb#wac-cap", "label": "Pooling and Servicing Agreement (Morgan Stanley Abs Capital I Inc)", "score": 19.0, "published": true}], "snippet_links": [{"key": "with-respect-to", "type": "clause", "offset": [0, 15]}, {"key": "the-mortgage-loans", "type": "clause", "offset": [16, 34]}, {"key": "distribution-date", "type": "definition", "offset": [45, 62]}, {"key": "the-product", "type": "clause", "offset": [64, 75]}, {"key": "weighted-average", "type": "clause", "offset": [87, 103]}, {"key": "effect-on-the", "type": "clause", 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With respect to the first Due Period and the first Distribution Date only, the 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. Wells Fargo: Wells Fargo Bank, National Association, a national banking \u2587\u2587\u2587\u2587ciation, \u2587\u2587\u2587 its successors in interest. WMC: WMC Mortgage Corp., a California corporation, and its successors in interest.", "size": 13, "hash": "9530063f14b63e98f54a60556a2a7b74", "id": 7}, {"samples": [{"hash": "enYqQN51OyW", "uri": "/contracts/enYqQN51OyW#wac-cap", "label": "Pooling and Servicing Agreement (Morgan Stanley ABS Capital I Inc. Trust 2007-He3)", "score": 18.0, "published": true}, {"hash": "aR8mpkGdIpj", "uri": "/contracts/aR8mpkGdIpj#wac-cap", "label": "Pooling and Servicing Agreement (Morgan Stanley ABS Capital I Inc. 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With respect to the first Due Period and the first Distribution Date only, the 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. Wells Fargo: Wells Fargo Bank, National Association, a national banking \u2587\u2587\u2587\u2587ciation, \u2587\u2587\u2587 its successors in interest.", "size": 12, "hash": "e02ef6282e6c86410cdf853916bf00a2", "id": 8}, {"samples": [{"hash": "jCGL2CqgYRL", "uri": "/contracts/jCGL2CqgYRL#wac-cap", "label": "Master Servicing and Trust Agreement (GSAA Home Equity Trust 2006-18)", "score": 18.0, "published": true}, {"hash": "ghlHFohn3Ro", "uri": "/contracts/ghlHFohn3Ro#wac-cap", "label": "Trust Agreement (New Century Alternative Mortgage Loan Trust 2006-Alt2)", "score": 18.0, "published": true}], "snippet_links": [{"key": "with-respect-to", "type": "clause", "offset": [0, 15]}, {"key": "the-mortgage-loans", "type": "clause", "offset": [16, 34]}, {"key": "distribution-date", "type": "definition", "offset": [45, 62]}, {"key": "per-annum", "type": "clause", "offset": [66, 75]}, {"key": "equal-to", "type": "definition", "offset": [81, 89]}, {"key": "the-product", "type": "clause", "offset": [90, 101]}, {"key": "weighted-average", "type": "clause", "offset": [113, 129]}, {"key": "interest-rates", "type": "clause", "offset": [159, 173]}, {"key": "effect-on-the", "type": "clause", "offset": [182, 195]}, {"key": "beginning-of-the", "type": "clause", "offset": [196, 212]}, {"key": "due-period", "type": "clause", "offset": [221, 231]}, {"key": "divided-by", "type": "clause", "offset": [266, 276]}, {"key": "days-in", "type": "definition", "offset": [298, 305]}, {"key": "interest-accrual-period", "type": "definition", "offset": [318, 341]}, {"key": "in-the-case", "type": "clause", "offset": [343, 354]}, {"key": "the-libor-certificates", "type": "clause", "offset": [358, 380]}, {"key": "fixed-rate-certificates", "type": "definition", "offset": [424, 447]}, {"key": "wells-fargo-bank", "type": "definition", "offset": [462, 478]}, {"key": "national-association", "type": "definition", "offset": [480, 500]}, {"key": "successors-in-interest", "type": "definition", "offset": [542, 564]}], "snippet": "With respect to the Mortgage Loans as of any Distribution Date, a per annum rate equal to the product of (A) the weighted average of the Adjusted Net Mortgage Interest Rates then in effect on the beginning of the related Due Period on the Mortgage Loans, and (B) 30 divided by the actual number of days in the related Interest Accrual Period, in the case of the LIBOR Certificates, and 30 divided by 360, in the case of the Fixed Rate Certificates. Wells Fargo: Wells Fargo Bank, National Association, a national ba\u2587\u2587\u2587\u2587\u2587 associa\u2587\u2587\u2587\u2587, and its successors in interest.", "size": 9, "hash": "53c8a9c0d3dd0f28bad17870c3661672", "id": 9}, {"samples": [{"hash": "cTtmanCzAKO", "uri": "/contracts/cTtmanCzAKO#wac-cap", "label": "Securitized Products Offering (Morgan Stanley Abs Capital I Inc)", "score": 18.0, "published": true}, {"hash": "bcSfMkUtAHR", "uri": "/contracts/bcSfMkUtAHR#wac-cap", "label": "Mortgage Pass Through Certificates (Morgan Stanley Abs Capital I Inc)", "score": 18.0, "published": true}, {"hash": "2gzXO8t1sEo", "uri": "/contracts/2gzXO8t1sEo#wac-cap", "label": "Computational Materials (Morgan Stanley Abs Capital I Inc)", "score": 18.0, "published": true}], "snippet_links": [{"key": "distribution-date", "type": "definition", "offset": [8, 25]}, {"key": "weighted-average", "type": "clause", "offset": [31, 47]}, {"key": "the-mortgage", "type": "clause", "offset": [51, 63]}, {"key": "each-mortgage-loan", "type": "definition", "offset": [74, 92]}, {"key": "each-case", "type": "definition", "offset": [97, 106]}, {"key": "the-applicable", "type": "clause", "offset": [113, 127]}, {"key": "expense-fee-rate", "type": "definition", "offset": [128, 144]}, {"key": "effect-on-the", "type": "clause", "offset": [154, 167]}, {"key": "beginning-of-the", "type": "clause", "offset": [168, 184]}, {"key": "due-period", "type": "clause", "offset": [193, 203]}, {"key": "basis-of", "type": "clause", "offset": [246, 254]}, {"key": "days-in", "type": "definition", "offset": [295, 302]}, {"key": "interest-accrual-period", "type": "definition", "offset": [315, 338]}], "snippet": "For any distribution date, the weighted average of the mortgage rates for each mortgage loan (in each case, less the applicable Expense Fee Rate) then in effect on the beginning of the related Due Period, adjusted, in each case, to accrue on the basis of a 360-day year and the actual number of days in the related Interest Accrual Period.", "size": 7, "hash": "b0907732af94743cc1bd08b663c45933", "id": 10}], "next_curs": "ClQSTmoVc35sYXdpbnNpZGVyY29udHJhY3RzcjALEhpEZWZpbml0aW9uU25pcHBldEdyb3VwX3Y1NiIQd2FjLWNhcCMwMDAwMDAwYQyiAQJlbhgAIAA=", "definition": {"snippet": "With respect to the Mortgage Loans as of any Distribution Date, the product of (i) the weighted average of the Adjusted Net Mortgage Rates then in effect on the beginning of the related Due Period on the Mortgage Loans and (ii) a fraction, the numerator of which is 30 and the denominator of which is the actual number of days in the Interest Accrual Period related to such Distribution Date.", "size": 341, "title": "WAC Cap", "id": "wac-cap", "examples": ["For federal income tax purposes, the pass-through rate on each REMIC Regular Interest (other than the Uncertificated Class C Interest and the Class UT-IO Interest) and on the sole class of residual interest in the Upper Tier REMIC shall be subject to a cap equal to the Upper Tier REMIC Net <strong>WAC Cap</strong>.", "The Net <strong>WAC Cap</strong> Account shall be an Eligible Account, and funds on deposit therein shall be held separate and apart from, and shall not be commingled with, any other moneys, including without limitation, other moneys held by the Trustee pursuant to this Agreement.", "The Holders of the Class X Certificates shall be treated as the owners of the Net <strong>WAC Cap</strong> Account for federal tax purposes.", "Any investment earnings on the Net <strong>WAC Cap</strong> Account will be treated as owned by the Holders of the Class X Certificates and will be taxable to the Holders of the Class X Certificates.", "The Net <strong>WAC Cap</strong> Account shall be treated as an &quot;outside reserve fund&quot; under applicable Treasury regulations and will not be part of any REMIC.", "The Trustee in its fiduciary capacity shall not be liable for the amount of any loss incurred in respect of any investment or lack of investment of funds held in the Net <strong>WAC Cap</strong> Account and made in accordance with this Section 3A.03(c).", "Moreover, the Depositor shall provide information to the Trustee concerning the value to each Class of Certificates of the right to receive Net <strong>WAC Cap</strong> Carry Forward Amounts from the Excess Reserve Fund Account.", "Distributions made to the Net <strong>WAC Cap</strong> Account under this document shall be treated as made to the Class X Certificateholders.", "The Trustee shall make withdrawals from the Net <strong>WAC Cap</strong> Account to make distributions pursuant to Section 4.02(f).", "For federal tax return and information reporting, the right of the Holders of the Floating Rate Certificates to receive payments from the Net WAC Rate Carryover Reserve Account in respect of any Net <strong>WAC Cap</strong> Carry Forward Amounts may have more than a de minimis value."], "related": [["net-wac-cap", "Net WAC Cap", "Net <strong>WAC Cap</strong>"], ["net-wac-cap-rate", "Net WAC Cap Rate", "Net <strong>WAC Cap</strong> Rate"], ["periodic-cap", "Periodic Cap", "Periodic Cap"], ["maximum-cap-rate", "Maximum Cap Rate", "Maximum Cap Rate"], ["excess-overcollateralization-amount", "Excess Overcollateralization Amount", "Excess Overcollateralization Amount"]], "related_snippets": [], "updated": "2025-07-06T21:58:36+00:00"}, "json": true, "cursor": ""}}