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 first day of the calendar 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 date and Principal Prepayments received prior to such date) at such time.
Net WAC. Cap Carryover from Net WAC Cap Account. On each Distribution Date, following all distributions, deposits and allocations made pursuant to subsections (a) through (f) above, the Trustee shall distribute, pro rata, to the Offered Certificates, the applicable Net WAC Cap Carryover for such Distribution Date, if any, from the Net WAC Cap Account (to the extent of available funds therein).
Net WAC. Cap Account ----------------------------------
(a) On the Closing Date, the Trustee shall establish and maintain in its name, in trust for the benefit of the Holders of the Class AF-1 and Class AV-1 Certificates, the Net WAC Cap Account and deposit therein the amount of $10,000 paid to the Trustee by the Depositor. The Net WAC Cap 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 Net WAC Cap Account shall be treated as an "outside reserve fund" under applicable Treasury regulations and will not be part of any REMIC. Any investment earnings on the Net WAC Cap 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. Distributions made to any outside reserve fund under this document shall be treated as made to the Class X Certificateholders.
(b) On each Distribution Date, the Trustee shall deposit amounts in the Net WAC Cap Account pursuant to Section 4.02(d)(xiv). The amount required to be deposited into the Net WAC Cap Account on any Distribution Date will equal the aggregate Net WAC Cap Deposit Amount for the Class AF-1 and Class AV-1 Certificates. The Trustee shall make withdrawals from the Net WAC Cap Account to make distributions pursuant to Section 4.02(f).
(c) The Trustee shall invest the funds in the Net WAC Cap Account as directed in writing by the Holders of the Class X Certificates in Permitted Investments, which shall mature not later than, the second Business Day preceding each Distribution Date (except that if such Permitted Investment is an obligation of the institution that maintains such account, then such Permitted Investment shall mature not later than the Business Day next preceding such Distribution Date) and shall not be sold or disposed of prior to their maturity. Any investment earnings on such amounts shall be payable to the Holders of the Class X Certificates. The Holders of the Class X Certificates shall be treated as the owners of the Net WAC Cap Account for federal tax purposes. 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 WAC Cap Account and made in accordance with this Section 3A.03(c).
(d) Upon termination of the Trust Fund...
Net WAC. Cap Account ------------------- The account established and maintained pursuant to Section 3A.03. Net WAC Cap Carryover --------------------- With respect to the Class AF-1 Certificates and the Class AV-1 Certificates and any Distribution Date, the sum of (i) the excess, if any, of the Interest Distribution Amount for such Class for such Distribution Date, calculated at its Pass-Through Rate (without regard to the applicable Net WAC Cap), over the actual Interest Distribution Amount for such Class for such Distribution Date, and (ii) any related Net WAC Cap Carryover remaining unpaid from prior Distribution Dates, together with one month of interest accrued thereon at its Pass-Through Rate (without regard to the applicable Net WAC Cap). Net WAC Cap Deposit Amount -------------------------- As to any Distribution Date, an amount equal to the sum of (a) the aggregate Net WAC Cap Carryover for such Distribution Date plus (b) the amount, if any, needed to increase the aggregate amount on deposit in the Net WAC Cap Account (after giving effect to all payments to be made pursuant to Section 4.02(c)) to $10,000. Nonrecoverable Advance ---------------------- Any portion of an Advance previously made or proposed to be made by the Servicer that, in the good faith judgment of the Servicer, will not be ultimately recoverable by the Servicer from the related Mortgagor, related Liquidation Proceeds or otherwise. Notice ------ As defined in Section 3A.01. Notice of Final Distribution ---------------------------- The notice to be provided pursuant to Section 9.02 to the effect that final distribution on any of the Certificates shall be made only upon presentation and surrender thereof. Notional Amount --------------- With respect to (i) the Class A-IO-I Component, (a) as to any Distribution Date on or prior to the Distribution Date in November, 2003, the lesser of (x) $21,000,000 or (y) the Group Principal Balance of the Group I Loans as of such Distribution Date and (b) as to any Distribution after the Distribution Date in November, 2003, zero, (ii) the Class A-IO-II Component, (a) as to any Distribution Date on or prior to the Distribution Date in November, 2003, the lesser of (x) $5,000,000 or (y) the Group Principal Balance of the Group II Loans as of such Distribution Date and (b) as to any Distribution after the Distribution Date in November, 2003, zero and (iii) with respect to the Class A-IO Certificates the sum of the Class A-IO-I Component and the Class A-IO-II ...
Net WAC. Cap Account ------------------- The account established and maintained pursuant to Section 3A.03.
Net WAC. Cap Carryover from Reserve Fund. On each Distribution Date, following all distributions and deposits made pursuant to subsections (a) through (g) above, the Trustee will withdraw from the Reserve Fund any amounts remaining therein and shall distribute such amounts to pay the following items, in the following order of priority:
(i) first, to the Class AV-1 Certificates to pay any remaining Net WAC Cap Carryover for the Class AV-1 Certificates, to the extent not paid out of the Net WAC Cap Account on such Distribution Date; and
(ii) second, to the holders of the Class X Certificates.
Net WAC. The Net WAC shall be ___% (plus or minus 5 basis points). If on the Closing Date the Net WAC for the Mortgage Loans does not equal such amount, the Purchase Price shall be adjusted utilizing the respective Net WAC Buyup/Buydown Ratio set forth below.
Net WAC. For each Distribution Date, the weighted average of the Net Mortgage Rates of the Mortgage Loans as of the first day of the calendar month immediately preceding the calendar month of such Distribution Date, weighted on the basis of their Stated Principal Balances as of that date (subject to adjustment for prepayments received and distributed in the month prior to that Distribution Date); provided however that for the purposes of this definition only the Net Mortgage Rate of the Class A-IO Mortgage loans will be the Net Mortgage Rate of such Mortgage Loan minus 1.000%.
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. For each Distribution Date, the weighted average of the Net Mortgage Rates of the Mortgage Loans at the beginning of the related Collection Period, weighted on the basis of their Scheduled Principal Balances at the beginning of the related Collection Period.
