Class M Net WAC Cap Rate definition

Class M Net WAC Cap Rate. With respect to any Distribution Date and the Class M Certificates, a per annum rate equal to the weighted average of the Group I Net WAC Cap Rate for such Distribution Date and the Group II Net WAC Cap Rate for such Distribution Date, weighted on the basis of the related Subordinate Component, which for tax purposes is equal to the weighted average of the Uncertificated REMIC II Pass-Through Rates for REMIC II Regular Interests Y-1 and Y-2.

Class M Net WAC Cap Rate. With respect to any Distribution Date occurring on or prior to the Distribution Date in November 2006, a per annum rate equal to (1) the weighted average of the of the weighted average of the Net Mortgage Rates (or, if applicable, the Modified Net Mortgage Rates) of the Mortgage Loans, using the Net Mortgage Rates in effect for the Monthly Payments due on such Mortgage Loans during the related Due Period, weighted in proportion to the results of subtracting from the aggregate Stated Principal Balance of each Loan Group the aggregate Certificate Principal Balance of the related Class A Certificates, 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 the sum of the Notional Amounts of the Group I A-IO Component and Group II A-IO Component of the Class A-IO Certificates immediately prior to such Distribution Date, and the denominator of which is the aggregate Stated Principal Balance of the Mortgage Loans as of the beginning of the related Due Period, multiplied by a fraction equal to 30 divided by the actual number of days in the related Interest Accrual Period. With respect to any Distribution Date thereafter, a per annum rate equal to the weighted average of the of the weighted average of the Net Mortgage Rates (or, if applicable, the Modified Net Mortgage Rates) of the Mortgage Loans, using the Net Mortgage Rates in effect for the Monthly Payments due on such Mortgage Loans during the related Due Period, weighted in proportion to the results of subtracting from the aggregate Stated Principal Balance of each Loan Group the aggregate Certificate Principal Balance of the related Class A Certificates, multiplied by a fraction equal to 30 divided by the actual number of days in the related Interest Accrual Period. For federal income tax purposes, however, the Class M Net WAC Cap Rate shall be the equivalent of the foregoing, expressed as the weighted average of the Uncertificated REMIC II Pass-Through Rates for REMIC II Regular Interests I-A and II-A; provided that for purposes of such weighted average, the Uncertificated REMIC II Pass-Through Rate of each such REMIC II Regular Interest shall be subject to a cap and a floor equal to the Uncertificated REMIC II Pass-Through Rate of the related REMIC II Regular Interest ending with the designation "B".

Class M Net WAC Cap Rate. With respect to any Distribution Date and the Class M Certificates, a per annum rate equal to the weighted average of the Group I Net WAC Cap Rate for such Distribution Date and the Group II Net WAC Cap Rate for such Distribution Date, weighted on the basis of the related Subordinate Component, which for tax purposes is equal to the weighted average of the Uncertificated REMIC II Pass-Through Rates for REMIC II Regular Interests Y-1 and Y-2. Class R Certificate: Any one of the Class R Certificates executed by the Trustee and authenticated by the Certificate Registrar substantially in the form annexed hereto as Exhibit D and evidencing an interest designated as a "residual interest" in the REMICs for purposes of the REMIC Provisions. Component I of the Class R Certificates is designated as the sole class of "residual interest" in REMIC I, Component II of the Class R Certificates is designated as the sole class of "residual interest" in REMIC II, Component III of the Class R Certificates is designated as the sole class of "residual interest" in REMIC III and Component IV of the Class R Certificates is designated as the sole class of "residual interest" in REMIC IV.

Examples of Class M Net WAC Cap Rate in a sentence

• Contractor agrees to neither assign the responsibility for this Contract to another party nor subcontract for any of the work contemplated under this Contract, or amend any such assignment or subcontract, without prior written approval of DEO.

• The Note Rate for each Interest Period will be a fixed rate equal to the lesser of a per annum rate equal to (i) [_____]% and (ii) the Class M Net WAC Cap Rate.