Net Trust Note Rate definition
Net Trust Note Rate. With respect to any Distribution Date and any Trust Note, the annualized rate at which interest would have to accrue in respect of such Trust Note on the basis of a 360-day year consisting of twelve 30-day months in the Certificate Interest Accrual Period preceding such Distribution Date in order to produce the aggregate amount of interest (net of interest at the Servicing Fee Rate, the CREFC® Intellectual Property Royalty License Fee Rate and the Certificate Administrator Fee Rate (including the portion that is the Trustee Fee) and exclusive of Default Interest) that actually accrues on such Trust Note during the related Whole Loan Interest Accrual Period; provided that any modification of the Mortgage Loan that changes any Note Rate shall be disregarded for purposes of calculating the Pass Through Rates for the Certificates; provided, further, however, that (i) the Net Trust Note Rate for the Whole Loan Interest Accrual Period for the Payment Dates in (a) January and February in each year that is not a leap year or (b) in February only in each year that is a leap year (in the case of either (a) or (b), unless the related Distribution Date is the final Distribution Date), shall be the annualized rate at which interest would have to accrue in respect of such Trust Note on the basis of a 360-day year consisting of twelve 30-day months in order to produce the aggregate amount of interest (net of interest at the Servicing Fee Rate, the Certificate Administrator Fee Rate (including the portion that is the Trustee Fee) and the CREFC® Intellectual Property Royalty License Fee Rate and exclusive of any rate at which Default Interest accrues on such Trust Note) actually accrued on such Trust Note during the related Whole Loan Interest Accrual Period, minus the applicable Withheld Amount and (ii) the Net Trust Note Rate for the Whole Loan Interest Accrual Period for the Payment Date in March (or February, if the related Distribution Date is the final Distribution Date), shall be the annualized rate at which interest would have to accrue in respect of such Trust Note on the basis of a 360-day year consisting of twelve 30-day months in order to produce the aggregate amount of interest (net of interest at the Servicing Fee Rate, the Certificate Administrator Fee Rate (including the portion that is the Trustee Fee) and the CREFC® Intellectual Property Royalty License Fee Rate and exclusive of Default Interest) actually accrued on such Trust Note during the related Whol...
Net Trust Note Rate. With respect to the Trust Loan (including, without limitation, as an REO Trust Loan), a per annum rate equal to the applicable Note Rate minus the Administrative Fee Rate.
Examples of Net Trust Note Rate in a sentence
If all or any portion of the Whole Loan is modified, the Net Trust Note Rate shall not change for purposes of distributions on the Certificates or the RR Interest.