Group I Net WAC Cap definition
Group I Net WAC Cap. With respect to any Distribution Date, and for any Class of Group I Certificates, a rate per annum equal to the weighted average of the Net Coupon Rates on the Group I Home Equity Loans as of the beginning of the related Remittance Period.
Group I Net WAC Cap. With respect to any Distribution Date, and for any Class of Fixed Rate Certificates (other than the Class A-IO Certificates), a rate per annum equal to the weighted average of the Net Coupon Rates on the Group I Home Equity Loans as of the beginning of the related Remittance Period, less the product of (a) 5.000% per annum and (b) a fraction, the numerator of which is the Notional Amount for the Group I A-IO Component for the related Distribution Date and the denominator of which is the aggregate Loan Balance of the Group I Home Equity Loans as of the beginning of the related Remittance Period.
Group I Net WAC Cap. For each Class of Group I Certificates as of any Distribution Date, the annual rate equal to the PRODUCT OF:
Examples of Group I Net WAC Cap in a sentence
Any of the Group I Net WAC Cap, the Group II Net WAC Cap or the Subordinated Net WAC Cap, as the context requires.
Notwithstanding the foregoing, no distribution of the proceeds of any Termination Price shall be made to the Owners of the Class X-IO and Class R Certificates until all such amounts have been applied in reduction of any outstanding Group I Net WAC Cap Carryover and Group II Net WAC Cap Carryover.
On any Distribution Date, the Weighted Average Net Mortgage Rate of a Group, and the resulting Group I Net WAC Cap and Group II Net WAC Cap, as applicable, will be calculated based on the rate of interest on each related Mortgage Loan as may be reduced by any shortfalls in interest collection resulting from application of the Soldiers' and Sailors' Civil Relief Act of 1940, as amended.
Distribution of Group I Net WAC Cap Shortfall Carry-Forward Amounts, Class A-II Basis Risk Shortfall Carry-Forward Amounts and Class M-II Basis Risk Shortfall Carry-Forward Amounts; Reserve Fund...................115 Section 4.10.
The Securities Administrator on behalf of the Trust shall be the nominal owner of the Group I Net WAC Cap Rate Carryover Reserve Account.
More Definitions of Group I Net WAC Cap
Group I Net WAC Cap. For any Distribution Date and a Class of Group I Certificates, the per annum rate (subject to adjustment based on the actual number of days elapsed in the related Interest Accrual Period) equal to (x) the weighted average of the Expense Adjusted Net Mortgage Rates of the Group I Mortgage Loans for such Distribution Date (weighted based on the aggregate Stated Principal Balance of the Group I Mortgage Loans as of the first day of the related Remittance Period, adjusted to reflect unscheduled principal payments made thereafter that were included in the Principal Distribution Amount on the immediately preceding Distribution Date, and the amount in the Group I Pre-Funding Account) minus (y) a fraction, expressed as a percentage, (i) the numerator of which is equal to the product of twelve multiplied by the Group I Allocation Percentage of any Net Swap Payment or Group I Allocation Percentage of any Swap Termination Payment (to the extent not paid by the Supplemental Interest Trust Trustee from any upfront payment received pursuant to any replacement interest rate swap agreement that may be entered into by the Supplemental Interest Trust Trustee and only if such Swap Termination Payment was not due to an event of default or certain termination events with respect to the Swap Provider) made to the Swap Provider, if any, and (ii) the denominator of which is equal to the aggregate Stated Principal Balance of the Group I Mortgage Loans as of the first day of the related Remittance Period, adjusted to reflect unscheduled principal payments made thereafter that were included in the Principal Distribution Amount on the immediately preceding Distribution Date, plus any amounts on deposit in the Group I Pre-Funding Account. For federal income tax purposes, the equivalent of the foregoing shall be expressed as a per annum rate (subject to adjustment based on the actual number of days elapsed in the related Interest Accrual Period) equal to the weighted average of the REMIC III Remittance Rate on REMIC III Regular Interest LT1GRP, weighted on the basis of the Uncertificated Balance of such REMIC III Regular Interest.
Group I Net WAC Cap. For any Distribution Date and the Group I Certificates, the per annum rate (subject to adjustment based on the actual number of days elapsed in the related Interest Accrual Period) equal to (x) the weighted average of the Expense Adjusted Net Mortgage Rates of the Group I Mortgage Loans for such Distribution Date and the per annum rate reflecting the amount withdrawn from the Group I Interest Coverage Account, if any, for such Distribution Date (weighted on the basis of the aggregate Stated Principal Balance of each Group I Mortgage Loan as of the first day of the related Remittance Period, adjusted to reflect unscheduled principal payments made thereafter that were included in the Group I Principal Distribution Amount on the immediately preceding Distribution Date and any amount on deposit in the Group I Pre-Funding Account) minus (y) the Group I Swap Expense Rate; provided, however that, on the first distribution date the Group I Net WAC Cap will be 5.037% per annum. For federal income tax purposes, the equivalent of the foregoing shall be expressed as a per annum rate (subject to adjustment based on the actual number of days elapsed in the related Interest Accrual Period) equal to the weighted average of the REMIC III Remittance Rate on REMIC III Regular Interest LT1GRP, weighted on the basis of the Uncertificated Balance of such REMIC III Regular Interest.
Group I Net WAC Cap. With respect to any Distribution Date, other than the first Distribution Date, a rate per annum equal to the weighted average of the Net Coupon Rates on the Group I Home Equity Loans as of the beginning of the related Remittance Period, less the product of (a) 6.00% per annum and (b) a fraction, the numerator of which is the Group I A-IO Notional Amount for the related Distribution Date and the denominator of which is the Group I Loan Balance as of the beginning of the related Remittance Period. The Group I Net WAC Cap is not applicable on the first Distribution Date.
Group I Net WAC Cap means with respect to any Distribution Date, a rate per annum equal to the Weighted Average Net Mortgage Rates on the Group I Mortgage Loans as of the beginning of the related Due Period.
Group I Net WAC Cap. With respect to any Distribution Date, the weighted average of the Net Mortgage Rates for the Group I Mortgage Loans multiplied by 30 and divided by the actual number of days in the related Interest Accrual Period.
Group I Net WAC Cap. As of any Distribution Date, for the Class AF-2, Class AF-3, Class AF-4 and Class AF-5 Certificates, a per annum rate equal to 12 times the quotient obtained by dividing (x) the excess of (a) the total scheduled interest on the Group I Included Mortgage Loans for the related Due Period over (b) the sum of the Group I Administration Fee and the Group I Certificate Insurer Premium for such Distribution Date by (y) the aggregate Stated Principal Balance of the Group I Included Mortgage Loans as of the first day of the related Accrual Period (or, in the case of the first Distribution Date, as of the Cut-off Date).
Group I Net WAC Cap. For any Distribution Date and the Group I Certificates, the per annum rate equal to the product of (i) the weighted average of the Expense Adjusted Net Mortgage Rates of the Group I Mortgage Loans for such Distribution Date and the per annum rate reflecting the amount withdrawn from the Group I Interest Coverage Account, if any, for such Distribution Date (weighted based on the aggregate Stated Principal Balance of the Group I Mortgage Loans as of the first day of the related Remittance Period, adjusted to reflect unscheduled principal payments made thereafter that were included in the Group I Principal Distribution Amount on the immediately preceding Distribution Date and any amount on deposit in the Group I Pre-Funding Account) minus the Group I Swap Expense Rate and (ii) a fraction, the numerator of which is 30 and the denominator of which is the actual number of days elapsed in the related Interest Accrual Period. For federal income tax purposes, the equivalent of the foregoing shall be expressed as a per annum rate (subject to adjustment based on the actual number of days elapsed in the related Interest Accrual Period) equal to the weighted average of the REMIC III Remittance Rate on REMIC III Regular Interest LT1GRP, weighted on the basis of the Uncertificated Balance of such REMIC III Regular Interest.