WEIGHTED AVERAGE NET CONTRACT RATE definition
WEIGHTED AVERAGE NET CONTRACT RATE. As to any Remittance Date, the per annum rate equal to (i) the weighted average of the Annual Percentage Rates borne by the Contracts that were Outstanding Contracts on the first day of the related Interest Period (weighted on the basis of the respective Scheduled Principal Balances of the Contracts on the first day of such Interest Period) less (ii) (x) if Vanderbilt is the Servicer, 0.00% or (y) if Vanderbilt is no longer the Servicer, 1.25
WEIGHTED AVERAGE NET CONTRACT RATE means, with respect to any Distribution Date, the per annum rate equal to (i) the weighted average of the APRs borne by the Contracts and applicable to Monthly Payments due in the related Due Period less (ii) the per annum rate used to calculate the Monthly Servicing Fee.