Gross WAC definition
Gross WAC means for any Distribution Date, (i) the product of (a) the weighted average interest rate of the Mortgage Loans based on the Interest Bearing Unpaid Principal Balance (as of the first day of the related Collection Period) and (b) a fraction, the numerator of which is the aggregate Interest Bearing Unpaid Principal Balance (as of the first day of the related Collection Period), and the denominator of which is the aggregate Unpaid Principal Balance (as of the first day of the related Collection Period).