Group II Net WAC Cap Rate. With respect to any Distribution Date, the product of (i) 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 II 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 for such Distribution Date and (ii) a fraction equal to 30 divided by the actual number of days in the related Interest Accrual Period.
Group II Net WAC Cap Rate. With respect to any Distribution Date, the sum of (a) the product of (i) 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 II 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 for such Distribution Date and (ii) a fraction equal to 30 divided by the actual number of days in the related Interest Accrual Period, and (b) a per annum rate equal to (i) the amount, if any, required to be paid under the Hedge Agreement, with respect to such Distribution Date divided by (ii) the aggregate Stated Principal Balances of the Group II Loans multiplied by 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; provided, however, that the Group II Net WAC Cap Rate shall never be greater than the Group II Weighted Average Maximum Net Mortgage Rate for the related Distribution Date.
Group II Net WAC Cap 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 II 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 for such Distribution Date, multiplied by a fraction equal to 30 divided by 25 with respect to the first Interest Accrual Period.
Examples of Group II Net WAC Cap Rate in a sentence
PASS-THROUGH RATES: Class A-I-1 and Class A-II Certificates: The lesser of One-Month LIBOR plus the related margin per annum and the related Class A-I-1 Net WAC Cap Rate or the Group II Net WAC Cap Rate, as applicable on an actual/360-day basis.
UNCERTIFICATED REMIC LATEST POSSIBLE DESIGNATION PASS-THROUGH RATE II PRINCIPAL BALANCE MATURITY DATE LT-B Variable(1) $203,000,664.00 August 25, 2032 _______________ (1) Calculated as provided in the definition of Group II Net WAC Cap Rate.
Interest on the Class AV-1, Class MV-1, Class MV-2, Class BV-1, and Class BV-2 Certificates will be calculated at a per annum rate equal to the least of (x) One-Month LIBOR plus the related margin (the "Formula Rate"), (y) 15.00% per annum and (z) the Adjusted Group II Net WAC Cap Rate converted to an actual/360-day basis.
GROUPII CERTIFICATES On each Distribution Date, the Class A-II Pass-Through Rate will be a per annum rate equal to the lesser of (x) with respect to any Distribution Date which occurs prior to the Optional Call Date, One-Month LIBOR plus the related margin (the "Class A-II Margin"), and for any Distribution Date thereafter, One-Month LIBOR plus 2.0 times the Class A-II Margin, and (y) 14%, subject to the Group II Net WAC Cap Rate.
Group II: Pass-Through Rate: o The Class A-II Pass-Through Rate will be a per annum rate equal to the least of (x) One-Month LIBOR plus __% (the "Class A-II Margin"), and for any Distribution Date on and after the second Distribution Date following the first Optional Call Date, One-Month LIBOR plus 2 times the Class A-II Margin, (y) 14%, and (z) the Group II Net WAC Cap Rate.
More Definitions of Group II Net WAC Cap Rate
Group II Net WAC Cap Rate. With respect to any Distribution Date, a per annum rate equal to the product of (i) the weighted average of the Net Mortgage Rates (or, if applicable, the Modified Net Mortgage Rates) on the Group II Loans using the Net Mortgage Rates (or, if applicable, the Modified 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 for that Distribution Date and (ii) a fraction equal to 30 divided by the actual number of days in the related Interest Accrual Period.
Group II Net WAC Cap Rate. With respect to any Distribution Date and any Class II-A, Class II-M and Class II-B Certificates, a per annum rate equal to the excess, if any, of (A) the weighted average of the Net Mortgage Rates on the then outstanding Group II Mortgage Loans, weighted based on their Stated Principal Balances as of the related Due Date prior to giving effect to any reduction in the Stated Principal Balances of the Group II Mortgage Loans on such Due Date, over (B) a per annum rate equal to the sum of the Group II Net Swap Payment and any Group II Swap Termination Payment not due to a Group II Swap Provider Trigger Event payable to the Group II Swap Provider, in each case on such Distribution Date (to the extent not paid by the Group II Supplemental Interest Trust from any upfront payment received pursuant to any related replacement interest rate swap agreement that may be entered into by the Group II Supplemental Interest Trust Trustee), divided by the outstanding Stated Principal Balance of the Group II Mortgage Loans as of the related Due Date prior to giving effect to any reduction in the Stated Principal Balances of such Mortgage Loans on such due date, multiplied by 12. The Group II Net WAC Cap Rate for such Classes of Group II Certificates will be calculated based on a 360-day year and the actual number of days elapsed in the related Accrual Period. With respect to any Distribution Date and each REMIC IV Regular Interest the ownership of which is represented by a Class II-A, Class II-M or Class II-B Certificate, 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 III Pass-Through Rates on the REMIC III Group II Regular Interests (other than REMIC III Regular Interest II-IO), weighted on the basis of the Uncertificated Principal Balances of each such REMIC III Regular Interest immediately prior to such Distribution Date.
Group II Net WAC Cap Rate. With respect to any Distribution Date and the Class A-II Certificates, a per annum rate equal to the weighted average of the Net Mortgage Rates of the Group II Loans using the Net Mortgage Rates (or, if applicable, Modified Net Mortgage Rates) on such Mortgage Loans in effect for the Monthly Payments due on such Mortgage Loans during 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 and the REMIC II Regular Interests the ownership of which is represented by the A-II Certificates, a per annum rate equal to the weighted average (adjusted for the actual number of days elapsed in the related Interest Accrual Period) of the Uncertificated REMIC II Group II Pass-Through Rate for the REMIC I Group II Regular Interests, weighted on the basis of the Uncertificated Principal Balance of such REMIC I Group II Regular Interests immediately prior to such Distribution Date, multiplied by 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.
Group II Net WAC Cap Rate. With respect to any Distribution Date, the product of (i) 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 II 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 for such Distribution Date and (ii) a fraction equal to 30 divided by the actual number of days in the related Interest Accrual Period, provided, however, that the Group II Net WAC Cap Rate shall never be greater than the Group II Weighted Average Maximum Net Mortgage Rate for the related Distribution Date.
Group II Net WAC Cap Rate. With respect to any Distribution Date and any Class of the Class II-A, Class II-M and Class II-B Certificates, a per annum rate equal to the weighted average of the Net Mortgage Rates of the Group II HELOCs as of the first day of the calendar month preceding the calendar month of such Distribution Date. The Group II Net WAC Cap Rate for each Class of the Class II-A, Class II-M and Class II-B Certificates will be calculated based on a 360-day year and the actual number of days elapsed in the related Accrual Period. For federal income tax purposes, however, such rate shall be the equivalent of the foregoing, expressed as the weighted average of (adjusted for the actual number of days elapsed in the related Accrual Period) the Uncertificated REMIC IV Pass-Through Rates on the REMIC IV Regular Interests, weighted on the basis of the Uncertificated Principal Balances of each such REMIC IV Regular Interest.
Group II Net WAC Cap Rate. With respect to the Class A-II Certificates and any Distribution Date, a per annum rate (which will not be less than zero) equal to (i) the product of (a) the weighted average of the Net Mortgage Rates (or, if applicable, the Modified Net Mortgage Rates) on the Group II Loans using the Net Mortgage Rates in effect for the Monthly Payments due on the Group II Loans during the related Due Period, weighted on the basis of the respective Stated Principal Balances thereof for such Distribution Date, and (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 minus (ii) the product of (a) a fraction, expressed as a percentage, the numerator of which is the amount of any Net Swap Payments or Swap Termination Payment not due to a Swap Counterparty Trigger Event owed to the Swap Counterparty as of such Distribution Date and the denominator of which is the aggregate Stated Principal Balance of the Mortgage Loans before giving effect to distributions of principal to be made on that Distribution Date, and (b) a fraction, the numerator of which is 360 and the denominator of which is the actual number of days in the related Interest Accrual Period.
Group II Net WAC Cap Rate means, with respect to a Payment Date,