Net WAC Pass-Through Rate. With respect to the Class A-1 Certificates and any Distribution Date, a rate per annum (adjusted for the actual number of days elapsed in the related Interest Accrual Period) equal to the product of (i) twelve and (ii) a fraction, expressed as a percentage, the numerator of which is the amount of interest which accrued on the Group I Mortgage Loans in the prior calendar month minus the fees payable to the Servicer, the Master Servicer and the Credit Risk Manager with respect to the Group I Mortgage Loans for such Distribution Date and the Group I Allocation Percentage of any Net Swap Payment payable to the Swap Provider and Swap Termination Payment payable to the Swap Provider which was not caused by the occurrence of a Swap Provider Trigger Event, in each case for such Distribution Date and the denominator of which is the aggregate principal balance of the Group I Mortgage Loans as of the last day of the immediately preceding Due Period (or as of the Cut-off Date with respect to the first Distribution Date). For federal income tax purposes, the economic equivalent of such rate shall be expressed as the weighted average of (adjusted for the actual number of days elapsed in the related Interest Accrual Period) the REMIC II Remittance Rate on REMIC II Regular Interest I-GRP, weighted on the basis of the Uncertificated Balance of such REMIC II Regular Interest. With respect to the Class A-2 Certificates and any Distribution Date, a rate per annum (adjusted for the actual number of days elapsed in the related Interest Accrual Period) equal to the product of (i) twelve and (ii) a fraction, expressed as a percentage, the numerator of which is the amount of interest which accrued on the Group II Mortgage Loans in the prior calendar month minus the fees payable to the Servicer, the Master Servicer and the Credit Risk Manager with respect to the Group II Mortgage Loans for such Distribution Date and the Group II Allocation Percentage of any Net Swap Payment payable to the Swap Provider and Swap Termination Payment payable to the Swap Provider which was not caused by the occurrence of a Swap Provider Trigger Event, in each case for such Distribution Date and the denominator of which is the aggregate principal balance of the Group II Mortgage Loans as of the last day of the immediately preceding Due Period (or as of the Cut-off Date with respect to the first Distribution Date). For federal income tax purposes, the economic equivalent of such rate shall be expressed a...
Net WAC Pass-Through Rate. With respect to REMIC II Regular Interest II-LT7 and the Class A-6 Certificates and any Distribution Date, a per annum rate equal to the fraction, expressed as a percentage, the numerator of which is (i) an amount equal to (A) 1/12 of the aggregate Scheduled Principal Balance of the then outstanding Mortgage Loans and REO Properties multiplied by the weighted average of the Expense Adjusted Mortgage Rates on such Mortgage Loans and REO Properties minus (B) the amount of the Certificate Insurer Premium payable to the Certificate Insurer with respect to the Policy for such Distribution Date, and the denominator of which is (ii) an amount equal to 1/12 of the aggregate Scheduled Principal Balance of the then outstanding Mortgage Loans and REO Properties.
Net WAC Pass-Through Rate. With respect to the Class A Certificates and the Mezzanine Certificates and any Distribution Date, a rate per annum equal to the product of (x) the weighted average of the Expense Adjusted Mortgage Rates of the Mortgage Loans, weighted based on their Stated Principal Balances as of the first day of the related Due Period and (y) 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. With respect to each REMIC I Regular Interest and any Distribution Date, a rate per annum equal to the weighted average of the Expense Adjusted Mortgage Rates of the Mortgage Loans, weighted based on their Stated Principal Balances as of the first day of the related Due Period.
Examples of Net WAC Pass-Through Rate in a sentence
In addition, the Net WAC Pass-Through Rate will be reduced by the prepayment of Mortgage Loans with high Mortgage Rates.
Thus, it is possible, for example, that if both One-Month LIBOR and the Index rise during the same period, One- Month LIBOR may rise more rapidly than the Index or may rise higher than the Index, potentially resulting in the application of the Net WAC Pass-Through Rate on the Class AV Certificates and the Mezzanine Certificates, which would adversely affect the yield to maturity on such Certificates.
The limit on the pass-through rates on the Class AF Certificates is based on the Net WAC Pass-Through Rate.
The Pass- Through Rate on the Class AV Certificates and the Mezzanine Certificates adjusts monthly based upon One-Month LIBOR as described under "Description of the Certificates--Calculation of One-Month LIBOR" herein, subject to the Net WAC Pass-Through Rate.
More Definitions of Net WAC Pass-Through Rate
Net WAC Pass-Through Rate. With respect to the REMIC II Regular Interests, the Class A Certificates, the Mezzanine Certificates and the Residual Certificates and any Distribution Date, a per annum rate equal to the fraction, expressed as a percentage, the numerator of which is (i) an amount equal to 1/12 of the aggregate Scheduled Principal Balance of the then outstanding Mortgage Loans and REO Properties multiplied by the weighted average of the Expense Adjusted Mortgage Rates on such Mortgage Loans and REO Properties, and the denominator of which is (ii) an amount equal to (A) the sum of the aggregate Scheduled Principal Balance of the then outstanding Mortgage Loans and REO Properties multiplied by (B) the actual number of days elapsed in the related Interest Accrual Period divided by 360.
Net WAC Pass-Through Rate. With respect to REMIC II Regular Interest II-LT2, REMIC II Regular Interest II-LT3, REMIC II Regular Interest II-LT4, REMIC II Regular Interest II- LT5, the Class A Certificates and the Mezzanine Certificates and any Distribution Date, a per annum rate equal to the fraction, expressed as a percentage, the numerator of which is (i) an amount equal to 1/12 of the aggregate Scheduled Principal Balance of the then outstanding Mortgage Loans and REO Properties multiplied by the weighted average of the Expense Adjusted Mortgage Rates on such Mortgage Loans and REO Properties, and the denominator of which is (ii) an amount equal to (A) the sum of the aggregate Scheduled Principal Balance of the then outstanding Mortgage Loans and REO Properties multiplied by (B) the actual number of days elapsed in the related Interest Accrual Period divided by 360.
Net WAC Pass-Through Rate. For any Distribution Date is a rate per annum (adjusted for the actual number of days elapsed in the Interest Accrual Period) equal to the weighted average of the Expense Adjusted Mortgage Rates on the then outstanding Mortgage Loans, weighted based on their Scheduled Principal Balances as of the first day of the calendar month preceding the month in which the Distribution Date occurs minus the Class A-IO Pass-Through Rate for such Distribution Date multiplied by a fraction, the numerator of which is the Notional Amount with respect to the Class A-IO Certificates immediately prior to such Distribution Date and the denominator of which is the aggregate Stated Principal Balance of the Mortgage Loans as of the first day of the month preceding the month of such Distribution Date. For federal income tax purposes, however, the equivalent of the foregoing, expressed as a per annum rate (but not less than zero) is equal to the weighted average of (v) the REMIC I Remittance Rate with respect to REMIC I Regular Interest I-LTA and REMIC I Regular Interest I-LTP for such Distribution Date and (w) the excess, if any, of (1) the REMIC I Remittance Rate with respect to REMIC I Regular Interest I-LTB for such Distribution Date over (2) the lesser of (A) the weighted average of the Expense Adjusted Mortgage Rate of the Mortgage Loans and (B) (i) [_____]% per annum from the 1st Distribution Date to and including the 10th Distribution Date, (ii) [_____]% per annum from the 11th Distribution Date to and including the 20th Distribution Date, (iii) [_____]% per annum from the 21st Distribution Date to and including the 30th Distribution Date and (iv) [_____]% per annum for each Distribution Date thereafter; weighted, in the case of clause (v), on the basis of the aggregate Uncertificated Balances of REMIC I Regular Interest I-LTA and REMIC I Regular Interest I-LTP and, in the case of clause (w), on the basis of the Uncertificated Balance of REMIC I Regular Interest I-LTB.
Net WAC Pass-Through Rate. With respect to REMIC II Regular Interest II-LT2, REMIC II Regular Interest II-LT3, REMIC II Regular Interest II-LT4, REMIC II Regular Interest II-LT5, the Class A Certificates and the Mezzanine Certificates (other than the Class M-3 Certificates) and any Distribution Date, a rate per annum equal to the weighted average of the Expense Adjusted Mortgage Rates on the then outstanding Mortgage Loans, weighted based on their Scheduled Principal Balances as of the first day of the calendar month preceding the month in which the Distribution Date occurs multiplied by 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.
Net WAC Pass-Through Rate. With respect to the Class A Certificates and the Mezzanine Certificates and any Distribution Date, a rate per annum (which will not be less than zero) equal to the excess, if any, of (a) the product of (i) a per annum rate equal to the weighted average of the Expense Adjusted Mortgage Rates on the then outstanding Mortgage Loans, weighted on the basis of the respective Stated Principal Balances of the Mortgage Loans as of the first day of the related Due Period and (ii) a fraction expressed as a percentage, the numerator of which is 30 and the denominator of which is the actual number of days in the related Interest Accrual Period, over (b) the product of (i) a fraction expressed as a percentage the numerator of which is the amount of any Net Swap Payments owed to the Swap Counterparty or Swap Termination Payment owed to the Swap Counterparty not due to a Swap Counterparty Trigger Event, and the denominator of which is equal to the Stated Principal Balance of the outstanding Mortgage Loans as of the first day of the related Due Period and (ii) a fraction expressed as a percentage, the numerator of which is 360 and the denominator of which is the actual number of days in the related Interest Accrual Period. For federal income tax purposes, however, the foregoing shall be expressed as a per annum rate equal to the weighted average of the REMIC I Remittance Rates on the REMIC I Regular Interests, weighted on the basis of the Uncertificated Balance of each such REMIC I Regular Interests.
Net WAC Pass-Through Rate. For any Distribution Date and (a) the Group 1 Senior Certificates, the Group 1 Senior WAC Pass-Through Rate, (b) the Group 2 Senior Certificates, the Group 2 Senior WAC Pass-Through Rate and (c) the Subordinated Certificates, the Pool Net WAC Pass-Through Rate.
Net WAC Pass-Through Rate. With respect to the Offered Certificates and any Distribution Date, a per annum rate equal to the product of (x) the weighted average of the Expense Adjusted Net Mortgage Rates of the Mortgage Loans and (y) 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.