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 ----------------------------------
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, Class AV-1, Class AV-2, Class B-1, Class B-2 and Class B-3 Certificates and any Distribution Date, the sum of (a) 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 (b) any related Net WAC Cap Carryover remaining unpaid from the prior Distribution Date, together with interest accrued thereon at its Pass-Through Rate (without regard to the applicable Net WAC Cap) during the related Interest Accrual Period. 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(f)) to $10,000. Net WAC Rate ------------ As to any Distribution Date, a rate equal to the weighted average of the Adjusted Net Mortgage Rates of all Outstanding Loans, such weighted average to be calculated based on the principal balances of such Outstanding Loans as of the first day of the related Due Period on the basis of either (a) a 360-day year and the actual number of days elapsed in the related Interest Accrual Period or (b) a 360-day year made up of twelve 30-day months, as applicable. 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 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. Offered Certificates -------------------- The certificates representing "regular interests" in REMIC 2, which are designated as the Senior Certificates and the Subordinate Certificates. Officer's Certificate --------------------- A certificate (a) signed by the Chairman of the Board, the Vice Chair...
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:
Net WAC. Cap Account ------------------- The account established and maintained pursuant to Section 3A.03.
Net WAC. RESERVE FUND AND CLASS A-2/A-3 NET WAC PASS-THROUGH AMOUNTS.
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.
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 Shortfall. For any Class of LIBOR Certificates and any Distribution Date, the sum of:
