Adjusted WAC Rate definition

Adjusted WAC Rate. With respect to any Distribution Date is a per annum rate equal to the sum of (A) the product of (i) the Group 2 WAC Rate and (ii) a fraction, the numerator of which is the aggregate Stated Principal Balance of the Group 2 Loans as of their respective Due Dates in the month preceding the month in which such Distribution Date occurs and the denominator of which is the sum of the aggregate Stated Principal Balance of the Group 2 Loans as of their respective Due Dates in the month preceding the month in which such Distribution Date occurs and the Group 1 Difference Amount and (B) the product of (i) the Adjusted LIBOR Rate (converted to a 30/360 basis) and (ii) a fraction, the numerator of which is the Group 1 Difference Amount and the denominator of which is the sum of the aggregate Stated Principal Balance of the Group 2 Loans as of their respective Due Dates in the month preceding the month in which such Distribution Date occurs and the Group 1 Difference Amount; provided, however, that if the sum of the aggregate Stated Principal Balance of the Group 2 Loans as of their respective Due Dates in the month preceding the month in which such Distribution Date occurs and the Group 1 Difference Amount is less than or equal to zero, then the Adjusted WAC Rate shall equal the value of such rate in respect of the last Distribution Date on which such sum was greater than zero.

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Adjusted WAC Rate. With respect to any Distribution Date, the weighted average of the Net Rates of the Mortgage Loans, calculated based on the Stated Principal Balances thereof as of the beginning of the related Collection Period for each Mortgage Loan and multiplied by a fraction having as its numerator 30 days and as its denominator, the actual number of days in the Collection Period.

Adjusted WAC Rate. With respect to any Distribution Date, the weighted average of the Net Rates of the Mortgage Loans, calculated based on the Actual Principal Balance thereof with respect to any Actual Balance Mortgage Loan and the Scheduled Principal Balance thereof with respect to any Scheduled Balance Mortgage Loans as of the beginning of the related Due Period for each Mortgage Loan and multiplied by a fraction having as its numerator 30 days and as its denominator, the actual number of days in the Due Period. For federal income tax purposes, the equivalent of the foregoing shall be expressed as the weighted average of the Uncertificated REMIC I Pass-Through Rate on the REMIC I Regular Interests, weighted on the basis of the Uncertificated Principal Balance of each such REMIC I Regular Interest. In addition, for purposes of compliance with the REMIC Provisions, the Adjusted WAC Rate, in the case of any Class X or Class B Certificates, shall be reduced by the aggregate amount of expenses of the REMIC Trusts that (i) do not constitute “unanticipated expenses” within the meaning of Treasury Regulation Section 1.8606-1(b)(3)(ii) and (ii) were not taken into account in determining the Adjusted WAC Rate of a Class of Certificates subordinate to such Certificate.

Examples of Adjusted WAC Rate in a sentence

• For any subsequent Interest Accrual Period, a per annum rate equal to the lesser of: (i) the lesser of (a) LIBOR plus 1.90% per annum (or LIBOR plus 2.85% per annum, after the Optional Termination Date) and (b) the Maximum Cap Rate for the related Distribution Date, and (ii) the Net Adjusted WAC Rate for the related Distribution Date.

• For any subsequent Interest Accrual Period, a per annum rate equal to the lesser of: (i) the lesser of (a) LIBOR plus 1.30% per annum (or LIBOR plus 1.95% per annum, after the Optional Termination Date) and (b) the Maximum Cap Rate for the related Distribution Date, and (ii) the Net Adjusted WAC Rate for the related Distribution Date.

• Interest will accrue on the Class T3-4 Interest at the Net Adjusted WAC Rate.

• For any subsequent Interest Accrual Period, a per annum rate equal to the lesser of: (i) the lesser of (a) LIBOR plus 1.85% per annum (or LIBOR plus 2.775% per annum, after the Optional Termination Date) and (b) the Maximum Cap Rate for the related Distribution Date, and (ii) the Net Adjusted WAC Rate for the related Distribution Date.

• Interest will accrue on each of the Class T3-11, Class T3-12 and Class T3-13 Interests at the excess, if any, of the Net Adjusted WAC Rate over the REMIC 3 Pass-Through Rate.

• Amounts with respect to interest shall accrue at the Net Adjusted WAC Rate with respect to each of the Class T2-1, Class T2-2, Class T2-3 and Class T2-4 Interest.

• For any subsequent Interest Accrual Period, a per annum rate equal to the lesser of: (i) the lesser of (a) LIBOR plus 0.75% per annum (or LIBOR plus 1.125% per annum, after the Optional Termination Date) and (b) the Maximum Cap Rate for the related Distribution Date, and (ii) the Net Adjusted WAC Rate for the related Distribution Date.

• For any subsequent Interest Accrual Period, a per annum rate equal to the lesser of: (i) the lesser of (a) LIBOR plus 4.50% per annum and (b) the Maximum Cap Rate for the related Distribution Date, and (ii) the Net Adjusted WAC Rate for the related Distribution Date.

• Interest will accrue on the Class A Certificates during each subsequent Interest Accrual Period at a rate equal to the lesser of (i) the lesser of (a) LIBOR plus 0.29% per annum (or LIBOR plus 0.58% per annum, after the Optional Termination Date) and (b) the Maximum Cap Rate for the related Distribution Date, and (ii) the Net Adjusted WAC Rate for the related Distribution Date.

• For any subsequent Interest Accrual Period, a per annum rate equal to the lesser of: (i) the lesser of (a) LIBOR plus 1.40% per annum (or LIBOR plus 2.10% per annum, after the Optional Termination Date) and (b) the Maximum Cap Rate for the related Distribution Date, and (ii) the Net Adjusted WAC Rate for the related Distribution Date.

More Definitions of Adjusted WAC Rate

Adjusted WAC Rate. With respect to any Distribution Date, the weighted average of the Net Rates of the Mortgage Loans, calculated based on the Actual Principal Balance thereof with respect to any GMACM Mortgage Loan and the Scheduled Principal Balance thereof with respect to any Countrywide Mortgage Loan or Wells Fargo Mortgage Loan as of the ▇▇▇▇▇ning of the related Due Period for each Mortgage Loan and multiplied by a fraction having as its numerator 30 days and as its denominator, the actual number of days in the Due Period. For federal income tax purposes, the equivalent of the foregoing shall be expressed as the weighted average of the Uncertificated REMIC I Pass-Through Rate on the REMIC I Regular Interests (other than REMIC I Regular Interest LT-RI-Countrywide and REMIC I Regular Interest LT-RI-Wells), weighted on the basis of the ▇▇▇▇rtificated Principal Balance of each such REMIC I Regular Interest.