Group 3 Net WAC definition
Group 3 Net WAC. With respect to any Distribution Date, the weighted average of the Net Mortgage Rates of the Group 3 Mortgage Loans as of the first day of the calendar month immediately preceding the calendar month of such Distribution Date, weighted on the basis of their Scheduled Principal Balances as of that date.
Group 3 Net WAC. With respect to each Distribution Date and the Group 3 Certificates, a per annum rate equal to the Weighted Average Net Mortgage Rate of the Group 3 Mortgage Loans as of the first day of the month preceding the month in which such Distribution Date (after giving effect to prepayments received in the related Prepayment Period).
Group 3 Net WAC. The Net WAC of Loan Group 3.
Examples of Group 3 Net WAC in a sentence
R1 = the Group 3 Net WAC Cap (stated as a monthly rate) applicable for distributions to be made on the next succeeding Distribution Date after giving effect to amounts to be distributed and Realized Losses to be allocated on such Distribution Date.
R0 = the Group 3 Net WAC Cap (stated as a monthly rate) applicable for distributions to be made on such Distribution Date after giving effect to amounts distributed and Realized Losses allocated on the prior Distribution Date.
More Definitions of Group 3 Net WAC
Group 3 Net WAC. With respect to any Distribution Date, the weighted average of the Net Loan Rates of the Group 3 Mortgage Loans as of the first day of the related Due Period (or, in the case of the first Distribution Date, as of the Initial Cut-off Date), weighted on the basis of the related Stated Principal Balances at the beginning of the related Due Period; provided, however, that for the first three Distribution Dates, such weighted average of the Net Loan Rates of the Group 3 Mortgage Loans shall be multiplied by the quotient of (i) the aggregate of the Stated Principal Balances of the Group 3 Mortgage Loans having scheduled payments that are included in determining Available Funds for such Distribution Date divided by (ii) the sum of (a) the aggregate of the Stated Principal Balances of the Group 3 Mortgage Loans having scheduled payments that are included in determining Available Funds for such Distribution Date plus (b) the amount on deposit in the Prefunding Account for Group 3 immediately prior to such Distribution Date, plus (c) the aggregate of the Stated Principal Balances of the additional Group 3 Mortgage Loans purchased with amounts deposited in the Prefunding Account that do not have a scheduled payment included in determining Available Funds for such Distribution Date.