Adjusted Net WAC Rate. For the December 2001 Distribution Date through the May 2004 Distribution Date, a per annum rate equal to (1) the weighted average of the Net Mortgage Rates of the Mortgage Loans as of the first day of the month preceding the month in which such Distribution Date occurs minus (2) the Pass-Through Rate for the Class A-IO Certificates for such Distribution Date multiplied by a fraction, the numerator of which is (x) the Notional Amount of the Class A-IO Certificates immediately prior to such Distribution Date, and the denominator of which is (y) the aggregate Stated Principal Balance of the Mortgage Loans as of the first day of the month preceding the month in which such Distribution Date occurs. For any subsequent Distribution Date, the weighted average of the Net Mortgage Rates of the Mortgage Loans. For federal income tax purposes, however, the equivalent of the foregoing, expressed as a per annum rate (but not less than zero) equal to the weighted average of (x) the Uncertificated REMIC I Pass-Through Rate with respect to REMIC I Regular Interest LT-1 for such Distribution Date and (y) the excess, if any, of (1) the Uncertificated REMIC I Pass-Through Rate with respect to REMIC I Regular Interest LT-6 for such Distribution Date over (2) (A) in the case of the Distribution Date in December 2001 through the Distribution Date in May 2004, 6.00% per annum and (B) in the case of any Distribution Date thereafter, 0.00% per annum; weighted, (i) for any Distribution Date in December 2001 through May 2002, in the case of clause (x), on the basis of the Uncertificated Principal Balance of REMIC I Regular Interest LT-1, and in the case of clause (y), on the basis of the aggregate Uncertificated Principal Balances of REMIC I Regular Interests LT-2 through LT-6, (ii) for any Distribution Date in June 2002 through November 2002, in the case of clause (x), on the basis of the aggregate Uncertificated Principal Balances of REMIC I Regular Interests LT-1 and LT-2, and in the case of clause (y), on the basis of the aggregate Uncertificated Principal Balance of REMIC I Regular Interests LT-3 through LT-6, (iii) for any Distribution Date in December 2002 through May 2003, in the case of clause (x), on the basis of the aggregate Uncertificated Principal Balances of REMIC I Regular Interests LT-1 through LT-3, and in the case of clause (y), on the basis of the aggregate Uncertificated Principal Balance of REMIC I Regular Interests LT-4 through LT-6, (iv) for any Distribution ...
Adjusted Net WAC Rate. With respect to the Class A, Class M, Class R and Class B Certificates and any Distribution Date, a per annum rate (which will not be less than zero) equal to the excess, if any, of (i) the weighted average of the Net Mortgage Rates of the Mortgage Loans during the related Due Period, multiplied by a fraction, expressed as a percentage, the numerator of which is 30 and the denominator of which is 360, over (ii) 0.980138%.
Adjusted Net WAC Rate. The weighted average rate of the Adjusted Group 1 Net WAC Rate and Adjusted Group 2 Net WAC Rate weighted according to the aggregate Stated Principal Balances of the Mortgage Loans of each Loan Group plus any amounts in the Pre-Funding Account allocated to such Group as of the last day of the related Remittance Period.
Examples of Adjusted Net WAC Rate in a sentence
On each Distribution Date, Adjusted Net Deferred Interest shall be allocated among the Class A, Class R, Class M and Class B Certificates in an aggregate amount equal to the excess, if any, for each such Class of (A) the interest accrued during the Interest Accrual Period at the Net WAC Rate for such Class, over (B) the amount calculated as accrued interest during the related Interest Accrual Period for such Class at the Adjusted Net WAC Rate and for such Distribution Date.
On each Distribution Date, Adjusted Net Deferred Interest shall be allocated among the Class A, Class R, Class M and Class B Certificates in an aggregate amount equal to the excess, if any, for each such Class of (A) the interest accrued during the Interest Accrual Period at the Adjusted Net WAC Rate for such Class, over (B) the amount calculated as accrued interest during the related Interest Accrual Period for such Class at the Adjusted Rate Cap and for such Distribution Date.
The Pass-Through Rate on the Class 1A-IO Certificates for any Payment Date will be equal to the lesser of 0.6794% and the ABS Group 1 Adjusted Net WAC Rate.
The Pass-Through Rate on the Class 2A-IO Certificates for any Payment Date will be equal to the lesser of 0.6794% and the ABS Group 2 Adjusted Net WAC Rate.
Executive agrees he shall not receive any monetary damages, recovery and/or relief of any type related to any released claim(s), whether pursued by Executive or any governmental agency, other person or group; provided that nothing in the Agreement prevents Executive from participating in the whistleblower program maintained by the SEC and receiving a whistleblower award thereunder.
More Definitions of Adjusted Net WAC Rate
Adjusted Net WAC Rate. On any Distribution Date, the excess, if any, of (a) the Net WAC Rate over (b) the percentage equivalent of a fraction equal to the product of (i) a fraction, the numerator of which is equal to the product of (A) the Additional Negative Amortization Amount, if any, for such Distribution Date and (B) 12, and the denominator of which is equal to the aggregate Stated Principal Balance of the Mortgage Loans as of the first day of the related Due Period and (ii) a fraction, the numerator of which is equal to 30 and the denominator of which is equal to the number of days in the related Accrual Period.
Adjusted Net WAC Rate. A per annum rate equal to (1) the weighted average of the Adjusted Net WAC Rates of the Mortgage Loans as of the first day of the month preceding the month in which such Distribution Date occurs (adjusted in the case of the related Net WAC Rate applicable to the LIBOR Certificates, to an effective rate reflecting the accrual of interest calculated on the basis of a 360 day year and the actual number of days elapsed during the related Accrual Period) minus (2) the Pass-Through Rate for the Class A-IO Certificates for such Distribution Date multiplied by a fraction, the numerator of which is (x) the Notional Amount of the Class A-IO Certificates immediately prior to such Distribution Date, and the denominator of which is (y) the aggregate Stated Principal Balance of the Mortgage Loans as of the first day of the month preceding the month in which such Distribution Date occurs. For federal income tax purposes, the Adjusted Net WAC Rate will equal the weighted average rate on the Subsidiary REMIC regular interests, other than the Class P Certificate, where the Class SA Regular Interest has a rate equal to the weighted average Adjusted Net Mortgage Rate, and the Class SB Regular Interests will have a rate equal to (a) from the Closing Date to their respective Rate Change Date, the weighted average Adjusted Net Mortgage Rate minus 2.50%, and (b) thereafter, the weighted average Adjusted Net Mortgage Rate (adjusted to the appropriate day counting convention).
Adjusted Net WAC Rate. A per annum rate (but not less than zero) equal to the weighted average of (x) the Uncertificated REMIC I Pass-Through Rate with respect to REMIC I Regular Interest LTA for such Distribution Date and (y) the excess, if any, of (i) the Uncertificated REMIC I Pass-Through Rate with respect to REMIC I Regular Interest LTB for such Distribution Date over (ii) (A) in the case of the first 30 Distribution Dates, 8.00% per annum, and (B) in the case of any Distribution Date thereafter, 0.00% per annum, weighted, in the case of clause (x), on the basis of the Uncertificated Principal Balance of REMIC I Regular Interest LTA, and in the case of clause (y), on the basis of the Uncertificated Principal Balance of REMIC I Regular Interest LTB, respectively.
Adjusted Net WAC Rate. A per annum rate equal to the weighted average of the Adjusted Net Mortgage Rates of the Mortgage Loans as of the first day of the month preceding the month in which such Distribution Date occurs, adjusted to an effective rate reflecting the accrual of interest calculated on the basis of a 360 day year and the actual number of days elapsed during the related Accrual Period.
Adjusted Net WAC Rate. For the March 2002 Distribution Date through the August 2004 Distribution Date, a per annum rate equal to (1) the weighted average of the Net Mortgage Rates of the Mortgage Loans as of the first day of the month preceding the month in which such Distribution Date occurs minus (2) the Pass-Through Rate for the Class A-IO Certificates for such Distribution Date multiplied by a fraction, the numerator of which is (x) the Notional Amount of the Class A-IO Certificates immediately prior to such Distribution Date, and the denominator of which is (y) the aggregate Stated Principal Balance of the Mortgage Loans as of the first day of the month preceding the month in which such Distribution Date occurs. For any subsequent Distribution Date, the weighted average of the Net Mortgage Rates of the Mortgage Loans. For federal income tax purposes, however, the equivalent of the foregoing, expressed as a per annum rate (but not less than zero)
Adjusted Net WAC Rate. A per annum rate equal to (1) the weighted average of the Net Mortgage Rates of the Mortgage Loans as of the first day of the month preceding the month in which such Distribution Date occurs minus (2) the Pass-Through Rate for the Class A-IO Certificates for such Distribution Date multiplied by a fraction, the numerator of which is (x) the Notional Amount of the Class A-IO Certificates immediately prior to such Distribution Date, and the denominator of which is (y) the aggregate Stated Principal Balance of the Mortgage Loans as of the first day of the month preceding the month in which such Distribution Date occurs. For federal income tax purposes, a per annum rate (but not less than zero) equal to the weighted average pass-through rate of REMIC 1 regular interests and residual interests. In the case of the REMIC 1 Class T1B Regular Interest, REMIC 1 Class T1P Regular Interest, and the Class R-1 residual interest, the pass-through rate will equal the Net WAC Rate for such Distribution Date and with respect to the each other REMIC 1 regular interest, the pass-through rate will equal the excess, if any, of (a) the Net WAC Rate for such Distribution Date over (b) for the period starting on the Closing Date and ending on such regular interest's Rate Change Date, 7.00% per annum, and thereafter, 0.00%.
Adjusted Net WAC Rate. The weighted average rate of the Adjusted Group 1 Net WAC Rate and Adjusted Group 2 Net WAC Rate.