Net WAC. With respect to any Distribution Date and for any Mortgage Group, the weighted average Net Mortgage Rate for the Mortgage Loans in such Mortgage Group calculated based on the respective Net Mortgage Rates and the Stated Principal Balances of such Mortgage Loans as of the preceding Distribution Date (or, in the case of the first Distribution Date, as of the Cut-off Date).
Net WAC. With respect to any Distribution Date, the weighted average of the Net Loan Rates of the Mortgage Loans as of the first day of the month preceding the month in which such Distribution Date occurs (or, in the case of the first Distribution Date, as of the Cut-Off Date), weighted on the basis of the related Stated Principal Balances at the beginning of the related Due Period.
Net WAC is used herein with reference to only the One-Month LIBOR Loans or only the Six-Month LIBOR Loans, such weighted average shall be computed with reference solely to the Mortgage Loans in the relevant group.
Examples of Net WAC in a sentence
To the extent the Class Coupon of the Class M Certificates is limited by the Class M Net WAC, such Class of Certificates will be entitled to its related Cap Carryover while its Class Principal Amount is greater than zero.
The Class Coupon of the Class M Certificates with respect to each Distribution Date will be a per annum rate equal to the lesser of (i) 4.25000% and (ii) the Class M Net WAC for such Distribution Date.
The Class Coupon of the Class M Certificates with respect to each Distribution Date will be a per annum rate equal to the lesser of (i) 4.750% and (ii) the Class M Net WAC for such Distribution Date.
Such Net WAC Additional Amounts are not rated and are fully subordinated to (amongst other things) the payment of current interest on the Rated Notes as described herein.
To the extent the Class Coupon of the Class M Certificates is limited by the Class M Net WAC, such Class of Certificates will be entitled to its related Cap Carryover while outstanding.
More Definitions of Net WAC
Net WAC. As to any Distribution Date, a per annum rate equal to the weighted average of the Net Mortgage Interest Rates of the Mortgage Loans (based on the Scheduled Principal Balances of the Mortgage Loans on the first day of the month preceding the month in which such Distribution Date occurs).
Net WAC. With respect to any Distribution Date, a per annum rate equal to 12 times the quotient obtained by dividing (x) the total scheduled interest based on the Net Mortgage Rates in effect on the related Due Date, by (y) the aggregate Stated Principal Balance of the Mortgage Loans as of the preceding Distribution Date.
Net WAC. The weighted average of the Net Mortgage Rates on the Mortgage Loans weighted on the basis of the respective Stated Principal Balance of each such Mortgage Loan as of the beginning of the Due Period immediately preceding such Distribution Date.
Net WAC. As to any Distribution Date, the weighted average of the Net Mortgage Rates of the Mortgage Loans as of the Due Date of the month preceding the month of such Distribution Date, weighted on the basis of their outstanding Stated Principal Balances (after giving effect to the Scheduled Payments due on or before such Due Date and Principal Prepayments received prior to such Due Date) at such time. When the term "Net WAC" is used herein with reference to only the One-Month LIBOR Loans or only the Six-Month LIBOR Loans, such weighted average shall be computed with reference solely to the Mortgage Loans in the relevant group.
Net WAC. With respect to each Mortgage Pool and any Distribution Date, the weighted average of Net Mortgage Rates of the Mortgage Loans in the related Mortgage Pool at the beginning of the related Due Period, weighted on the basis of their Scheduled Principal Balances. Non-AP Percentage: Not applicable.
Net WAC. As to any Distribution Date, the weighted average of the Net Mortgage Rates of the Mortgage Loans (or any Mortgage Pool) as of the Due Date of the month preceding the month of such Distribution Date, weighted on the basis of their outstanding Stated Principal Balances (after giving effect to the Scheduled Payments due on or before such Due Date and Principal Prepayments received prior to such Due Date) at such time. Net WAC Shortfall: Not applicable.
Net WAC. For any Distribution Date, the weighted average of the Net Mortgage Rates of the Mortgage Loans in effect on, and weighted on the basis of the Stated Principal Balances of the Mortgage Loans as of, the first day of the month immediately preceding the month in which that Distribution Date occurs (after giving effect to scheduled payments of principal due on or before such date). New York Presenting Agent: US Bank, with its offices at 000 Xxxx Xxxxxx, Xxx Xxxx, Xxx Xxxx or such other office within the Borough of Manhattan, City of New York, State of New York, as Xxxxxx Xxx may appoint by notice to the Trustee.