Group 2 Net WAC Rate. The weighted average of the Net Mortgage Rates on the Group 2 Loans included in the trust as of the end of the prior Due Period, weighted on the basis of the Stated Principal Balances thereof as of the end of the prior Due Period.
Group 2 Net WAC Rate. With respect to any Distribution Date, a per annum rate equal to the weighted average of the Net Mortgage Rates (or, if applicable, the Modified Net Mortgage Rates) on the Group 2 Loans using the Net Mortgage Rates in effect for the Monthly Payments due on such Mortgage Loans during the related Due Period, weighted on the basis of the respective Stated Principal Balances thereof immediately prior to such Distribution Date.
Group 2 Net WAC Rate. As to any Interest Accrual Period, a per annum rate (subject to adjustment based on the actual number of days elapsed in the Interest Accrual Period) equal to 12 times the quotient of (x) the total scheduled interest on the Group 2 Mortgage Loans (without taking into account any reduction thereto by reason of any related Relief Act Shortfalls) for the related Due Period net of the sum of (1) the Administrative Fee, (2) any Net Swap Payment owed to the Swap Provider and (3) any Swap Termination Payment (other than any Swap Termination Payment resulting from a Swap Provider Trigger Event), payable by the Supplemental Interest Trust and (y) the aggregate Stated Principal Balance of the Group 2 Mortgage Loans as of the first day of the applicable Due Period.
Examples of Group 2 Net WAC Rate in a sentence
Any entitlement to Group 2 Net WAC Rate Carryovers shall not be an obligation of any REMIC created hereunder.
More Definitions of Group 2 Net WAC Rate
Group 2 Net WAC Rate. With respect to the Class 2-A, Class 2-M and Class 2-B Certificates and any Distribution Date, a per annum rate equal to the excess, if any, of (A) a per annum rate equal to the weighted average of the Net Mortgage Rates of the Group 2 Loans as of the first day of the month preceding the month in which such Distribution Date occurs over (B) the sum of (1) a per annum rate equal to the Net Swap Payment with respect to the Group 2 Interest Rate Swap Agreement payable to the Swap Provider on such Distribution Date, divided by the outstanding Stated Principal Balance of the Group 2 Loans as of the first day of the calendar month preceding the month in which the Distribution Date occurs, multiplied by 12, and (2) a per annum rate equal to any Swap Termination Payment with respect to the Group 2 Interest Rate Swap Agreement not due to a Swap Provider Trigger Event payable to the Swap Provider on such Distribution Date, divided by the outstanding Stated Principal Balance of the Group 2 Loans as of the first day of the calendar month preceding the month in which the Distribution Date occurs, multiplied by 12. The Group 2 Net WAC Rate will be adjusted to an effective rate reflecting the accrual of interest on an actual/360 basis. With respect to any Distribution Date and the REMIC 4 Regular Interests the ownership of which is represented by the Class 2-A, Class 2-B and Class 2-M Certificates, a per annum rate equal to the weighted average (adjusted for the actual number of days elapsed in the related Accrual Period) of the Uncertificated REMIC 3 Pass-Through Rates on the REMIC 3 Group 2 Regular Interests (other than REMIC 3 Regular Interest 2-IO), weighted on the basis of the Uncertificated Principal Balances of such REMIC 3 Regular Interests immediately prior to such Distribution Date.
Group 2 Net WAC Rate. A per annum rate equal to (a) the weighted average of the Adjusted Net Mortgage Interest Rates then in effect at the beginning of the related Due Period on the Group 2 Mortgage Loans (adjusted for prepayments during such Due Period that were distributed on the Distribution Date falling within such Due Period), multiplied by (b) 30 divided by the actual number of days in such Interest Accrual Period. For federal income tax purposes, the economic equivalent of such rate shall be expressed as the weighted average of the Uncertificated REMIC I Pass-Through Rate on REMIC I Regular Interest LT2GRP, weighted on the basis of the Uncertificated Balance of such REMIC I Regular Interest.
Group 2 Net WAC Rate. With respect to each Distribution Date through and including the Distribution Date in July 2003, the Net Wac Cap Rate and for each Distribution Date thereafter, the weighted average of the Net Mortgage Rates of the Group 2 Mortgage Loans, weighted on the basis of the Stated Principal Balances thereof as of the close of business on the first day of the calendar month preceding the month in which such Distribution Date occurs.
Group 2 Net WAC Rate. With respect to any Distribution Date, a per annum rate equal to (a) (x) the weighted average of the Adjusted Net Mortgage Rates then in effect at the beginning of the related Due Period on the Group 2 Mortgage Loans (adjusted for prepayments during such Due Period that were distributed on the Distribution Date falling within such Due Period), less (y) the Net Swap Payment or Swap Termination Payment, if any, made to the Swap Provider (only if such Swap Termination Payment is not due to a Swap Provider Trigger Event (as defined in the Swap Agreement)) expressed as a percentage, equal to a fraction, the numerator of which is equal to the Net Swap Payment or Swap Termination Payment made to the Swap Provider by the Trust and the denominator of which is equal to the aggregate Stated Principal Balance of the Mortgage Loans, multiplied by 12, multiplied by (b) a fraction, the numerator of which shall be 30 and the denominator of which shall be the actual number of days in the related Interest Accrual Period. For federal income tax purposes, for any Distribution Date with respect to the REMIC III Regular Interests the ownership of which is represented by the Group 2 Senior Certificates, the economic equivalent of such rate shall be expressed as the weighted average (adjusted for the actual number of days elapsed in the related Interest Accrual Period) of the Uncertificated REMIC II Pass-Through Rate on REMIC II Regular Interest LT2GRP, weighted on the basis of the Uncertificated Balance of such REMIC II Regular Interest.
Group 2 Net WAC Rate. For any Distribution Date and each Class of Class 2-A Certificates, a per annum rate equal to (a) the weighted average of the Adjusted Net Mortgage Interest Rates then in effect at the beginning of the related Due Period on the Group 2 Mortgage Loans (adjusted for prepayments during such Due Period that were distributed on the Distribution Date falling within such Due Period) multiplied by (b) 30 divided by the actual number of days in such Interest Accrual Period. For federal income tax purposes, the economic equivalent of such rate shall be expressed as the weighted average of the Uncertificated REMIC I Pass-Through Rate on REMIC I Regular Interest LT2GRP, weighted on the basis of the Uncertificated Balance of such REMIC I Regular Interest.
Group 2 Net WAC Rate. As to any Distribution Date, will be a per annum rate equal to the weighted average of the Adjusted Net Mortgage Rates of the Mortgage Loans in Loan Group 2 as of the first day of the month preceding the month in which such Distribution Date occurs (in the case of each Class of LIBOR Certificates in Certificate Group 2, 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), multiplied by a fraction, the numerator of which is 30 and the denominator of which is the actual number of days in the related Accrual Period.
Group 2 Net WAC Rate. With respect to any Distribution Date, a per annum rate equal to (a) (x) the weighted average of the Adjusted Net Mortgage Interest Rates then in effect at the beginning of the related Due Period on the Group 2 Mortgage Loans (adjusted for prepayments during such Due Period that were distributed on the Distribution Date falling within such Due Period), less (y) the Net Swap Percentage, multiplied by (b) a fraction, the numerator of which is 30 and the denominator of which is the actual number of days in the related Interest Accrual Period. For federal income tax purposes, the economic equivalent of such rate shall be expressed as the weighted average of the Uncertificated REMIC II Pass-Through Rate on REMIC II Regular Interest LT2GRP, weighted on the basis of the Uncertificated Principal Balance of such REMIC II Regular Interest (such rate shall be referred to as the “Group 2 REMIC III Net WAC Rate”).