Group III Net WAC Cap definition
Group III Net WAC Cap. With respect to any Distribution Date, and each Class of Group III Certificates, the rate per annum equal to the product of (i) the weighted average of the Net Coupon Rates on the Group III Home Equity Loans as of the beginning of the related Remittance Period and (ii) a fraction, the numerator of which is 30 and the denominator of which is the actual number of days in the related Interest Period.
Group III Net WAC Cap. With respect to any Distribution Date, and for the Class AV 2 Certificates, the rate per annum equal to the product of (i) the weighted average of the Net Coupon Rates on the Group III Home Equity Loans as of the beginning of the related Remittance Period less the product of (a) 4.00% per annum and (b) a fraction, the numerator of which is the Notional Amount for the Group III A-IO Component for the related Distribution Date and the denominator of which is the aggregate Loan Balance of the Group III Home Equity Loans as of the beginning of the related Remittance Period and (ii) a fraction, the numerator of which is 30 and the denominator of which is the actual number of days in the related Interest Period. For purposes of clarity, the day-counting convention adjustment applicable to the first Distribution Date shall be equal to a fraction, the numerator of which is the number of days in the initial Interest Period, or 29, and the denominator of which is 360.
Examples of Group III Net WAC Cap in a sentence
Any of the Fixed Rate Net WAC Cap, the Group II Net WAC Cap, the Group III Net WAC Cap, or the Subordinate Net WAC Cap, as applicable.