Adjusted Net WAC definition

Adjusted Net WAC. For any Distribution Date and either Loan Group, the excess of (i) the related Net WAC for such Distribution Date over (ii) the quotient of (a) product of (I) the Net Deferred Interest with respect to the related Loan Group for such Distribution Date multiplied by (II) 12, divided by (b) the Loan Group Balance on the first day of the related Due Period.

Adjusted Net WAC. As to any Distribution Date, the fraction, expressed as a percentage, equal to (A) the sum of the product, for each Mortgage Loan, of (i) the Net Mortgage Interest Rate for such Mortgage Loan multiplied by (ii) the Stated Principal Balance of such Mortgage Loan on the Due Date of the month preceding the month of such Distribution Date divided by (B) the sum of the product, for each Mortgage Loan, of (i) the Non-Ratio Strip Percentage for such Mortgage Loan multiplied by (ii) the Stated Principal Balance of such Mortgage Loan on the Due Date of the month preceding the month of such Distribution Date.

Adjusted Net WAC. With respect to any Distribution Date, the weighted average (by Principal Balance) of the Net Mortgage Rates of the Mortgage Loans minus the sum of (i) the Interest Rate applicable to the Class IO Certificates for such date and (ii) the Adjusted Class F Rate for such date. Advances: Delinquency Advances and Servicing Advances.

Examples of Adjusted Net WAC in a sentence

• The Class Coupon of the Class M-1 Certificates with respect to each Distribution Date will be a per annum rate equal to the lesser of (i) 3.000% and (ii) the Subordinate Adjusted Net WAC for such Distribution Date.

• The Class Coupon of the Class A-IO Certificates with respect to each Distribution Date will be a per annum rate equal to the excess, if any, of (i) the Senior Adjusted Net WAC for such Distribution Date over (ii) the weighted average of the Class Coupons of the Class MT Certificates and Class HT Certificates (weighted based on the outstanding Class Principal Amounts of such Classes of Certificates).

• The Class Coupon of the Class B-IO Certificates with respect to each Distribution Date will be a per annum rate equal to the excess, if any, of (i) the Subordinate Adjusted Net WAC for such Distribution Date over (ii) the weighted average of the Class Coupons of the Class M-1, Class M-2 and Class B Certificates (weighted based on the outstanding Class Principal Amounts of such Classes of Certificates).

• If the Town establishes that a particular section of the pipeline cannot be adequately cleaned due to broken, collapsed, or void areas, then the inspection will be attempted up to the obstruction.

• The lesser of (a) LIBOR plus the specified spread and (b) the Adjusted Net WAC Rate; provided, however, that to the extent that the Pass-Through Rate for such Class for any Distribution Date is capped at the Adjusted Net WAC Rate, the holders of such Class will be entitled to payment of the Additional Interest Amount for such Class.

More Definitions of Adjusted Net WAC

Adjusted Net WAC. As to any Distribution Date and Loan Group 2 and Loan Group 3, the fraction, expressed as a percentage, equal to (A) the sum of the product, for each Group 2 or Group 3 Mortgage Loan, of (i) the Net Mortgage Interest Rate for such Mortgage Loan multiplied by (ii) the Stated Principal Balance of such Mortgage Loan on the Due Date of the month preceding the month of such Distribution Date divided by (B) the sum of the product, for each such Mortgage Loan, of (i) the Non-Ratio Strip Percentage for such Mortgage Loan multiplied by (ii) the Stated Principal Balance of such Mortgage Loan on the Due Date of the month preceding the month of such Distribution Date.

Adjusted Net WAC. Not applicable.

Adjusted Net WAC. For any Distribution Date, a per annum rate equal to the product of (i) 12 and (ii) a fraction, the numerator of which is the excess of (x) what the Current Interest on the Class A Certificates would have been for such Distribution Date had the Certificate Interest Rate on the Class A Certificates been the Net WAC over (y) the Current Interest on the Class X-A-1 Certificates for such Distribution Date (as determined without regard to the Class X-A Current Interest Restriction) and the denominator of which is the Class Principal amount of the Class A Certificates immediately prior to such Distribution Date.

Adjusted Net WAC. [to be provided if applicable.] Advances: Delinquency Advances and Servicing Advances.

Adjusted Net WAC. A rate equal to the product of the Net WAC for the related Interest Accrual Period multiplied by a fraction, the numerator of which is 30 and the denominator of which is the actual number of days in the Interest Accrual Period.

Adjusted Net WAC. For any Distribution Date, the excess of (i) the Net WAC for such Distribution Date over (ii) the quotient of (a) the product of (I) the Net Deferred Interest for such Distribution Date multiplied by (II) 12, divided by (b) the Pool Balance for such Distribution Date. For purposes of the REMIC Provisions, however, the Adjusted Net WAC for any Distribution Date shall equal the product of (i) two multiplied by (ii) the weighted average of the interest rates on the LTZ and LTY Interests immediately after such Distribution Date, computed for this purpose by subjecting the interest rate on the LTY Interest to a cap of 0.00%.

Adjusted Net WAC. As of any Distribution Date, a per annum rate equal to the product of (A) 12 times the quotient obtained by dividing (x) the excess of (a) the sum of (I) the total scheduled interest on the Included Mortgage Loans for the related Due Period and (II) for Distribution Dates prior to the Distribution Date in October 2004, one-twelfth of the product of the Pre-Funded Amount as of the close of the calendar month preceding the month in which such Distribution Date occurs (or, if such date would be prior to the Closing Date, the Original Pre-Funded Amount) and the Net WAC for such Distribution Date over (b) the Administration Fee and the aggregate Current Interest for such Distribution Date on the Interest Only Certificates, by (y) the sum of (i) the Outstanding Principal Balances of the Included Mortgage Loans for such Distribution Date and (ii) for Distribution Dates prior to the Distribution Date in October 2004, the Pre-Funded Amount as of the close of the calendar month preceding the month in which such Distribution Date occurs (or, if such date would be prior to the Closing Date, the Original Pre-Funded Amount) and (B) a fraction, the numerator of which is 30 and the denominator of which is the actual number of days in the related Accrual Period; provided, however, that where the aggregate Certificate Principal Balance of the Class A-1-A, Class A-1-B and Class R Certificates immediately prior to a Distribution Date exceeds the amount described in clause (y) for such Distribution Date, then (i) the excess of (I) the product of (A) the aggregate Certificate Principal Balance of the Class A-1-A, Class A-1-B and Class R Certificates immediately prior to such Distribution Date and (B) one-twelfth of the Net WAC over (II) the aggregate Current Interest for such Distribution Date on the Interest Only Certificates shall be substituted for clause (x) above for such Distribution Date and (ii) the aggregate Certificate Principal Balance of the Class A-1-A, Class A-1-B and Class R Certificates immediately prior to such Distribution Date will be substituted for clause (y) above.