REMIC Net WAC Rate definition

REMIC Net WAC Rate. For any Distribution Date and the regular interests in REMIC III the ownership of which is represented by the Group I Senior Certificates, a rate equal to the Certificate Interest Rate for the Class L2‑1‑GP Regular Interest 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 Accrual Period. For any Distribution Date and the regular interests in REMIC III the ownership of which is represented by the Group II Senior Certificates, a rate equal to the Class Interest Rate for the Class L2‑2‑GP Regular Interest 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 Accrual Period. For any Distribution Date and the regular interests in REMIC III the ownership of which is represented by the Mezzanine Certificates and the Class B Certificates, a rate equal to the weighted average of the Certificate Interest Rates on (a) the Class L2-1-SB Regular Interest, subject to a cap and a floor equal to the Certificate Interest Rate for the Class L2-1-GP Regular Interest and (b) the Class L2-2-SB Regular Interest, subject to a cap and a floor equal to the Certificate Interest Rate for the Class L2-2-GP Regular Interest, weighted on the basis of the Uncertificated Principal Balance of each such Regular Interest, 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 Accrual Period.
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REMIC Net WAC Rate. For 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 Mortgage 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.
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REMIC Net WAC Rate. For 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 Mortgage 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. The foregoing rate is equal to the weighted average of the Uncertificated REMIC I Pass-Through Rates with respect to the REMIC I Regular Interests, weighted in each case by their respective Uncertificated Principal Balances.
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Examples of REMIC Net WAC Rate in a sentence

  • Pursuant to such notional principal contract, the beneficial owner of the Class CE Certificates shall be treated as having agreed to pay to the beneficial owners of the Class A and Class M Certificates any interest, to the extent such interest exceeds interest payable at the REMIC Net WAC Rate, including any Net WAC Rate Carryover Amounts.

  • The interest rate with respect to the Distribution Date in April 2006 (and the related Interest Accrual Period) for each of these interests is a per annum rate equal to the lesser of (i) 13.5%, and (ii) the product of (a) the REMIC Net WAC Rate and (b) 2.

  • For the April 2006 Distribution Date (and the related Interest Accrual Period) the interest rate for each of these Lower Tier Interests shall be the excess, if any, of (i) the product of (a) the REMIC Net WAC Rate and (b) 2, over (ii) 13.5%.


More Definitions of REMIC Net WAC Rate

REMIC Net WAC Rate. The Group I REMIC Net WAC Rate, Group II REMIC Net WAC Rate or Subordinate REMIC Net WAC Rate, as applicable.
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REMIC Net WAC Rate. For 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 Mortgage 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. The foregoing rate is equal to the weighted average of the Uncertificated REMIC I Pass-Through Rates with respect to the REMIC I Regular Interests, weighted in each case by their respective Uncertificated Principal Balances.
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REMIC Net WAC Rate. For 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 Mortgage 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. The foregoing rate is equal to the weighted average of the Uncertificated REMIC I Pass-Through Rates with respect to the REMIC I Regular Interests, weighted in each case by their respective Uncertificated Principal Balances. [REMIC I: The segregated pool of assets subject hereto, constituting a portion of the primary trust created hereby and to be administered hereunder, with respect to which a separate REMIC election is to be made, consisting of: (i) the Mortgage Loans and the related Mortgage Files; (ii) all payments on and collections in respect of the Mortgage Loans due after the Cut-off Date (other than Monthly Payments due in the month of the Cut-off Date) as shall be on deposit in the Custodial Account or in the Certificate Account and identified as belonging to the Trust Fund; (iii) property which secured a Mortgage Loan and which has been acquired for the benefit of the Certificateholders by foreclosure or deed in lieu of foreclosure; (iv) the hazard insurance policies and Primary Insurance Policies pertaining to the Mortgage Loans, if any; and (v) all proceeds of clauses (i) through (iv) above.]
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REMIC Net WAC Rate means the weighted average rate determined taking the weighted average of each REMIC Regular Interest issued by REMIC II (other than the LTII-PF-IO interest, except that for purposes of determining the REMIC Net WAC Rate for REMIC III, the rate of each LTII-SB interest is treated as equal to the REMIC Weighted Average Net Mortgage Rate reduced by 5% per annum until the Rate Change Date of such LTII-SB interest and the REMIC Weighted Average Net Mortgage Rate thereafter. The REMIC Net WAC Rate is intended to equal the Net WAC Cap determined by excluding (i) the amount of investment earnings on the Pre-Funding Account, (ii) interest earned during the first three Due Periods on Subsequent Mortgage Loans, and (iii) interest earned during Due Period beginning in June 2003 for any Subsequent Mortgage Loan that does not have an interest start date on or before June 1, 2003 and shall be construed in accordance with such intent.
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REMIC Net WAC Rate means the weighted average rate determined taking the weighted average of each REMIC Regular Interest issued by REMIC II (other than the LTII-PF-IO interest, except that for purposes of determining the REMIC Net WAC Rate for REMIC III, the rate of each LTII-SB interest is treated as equal to the REMIC Weighted Average Net Mortgage Rate reduced by [___]% per annum until the Rate Change Date of such LTII-SB interest and the REMIC Weighted Average Net Mortgage Rate thereafter. The REMIC Net WAC Rate is intended to equal the Net WAC Cap determined by excluding (i) the amount of investment earnings on the Pre-Funding Account, (ii) interest earned during the first three Due Periods on Subsequent Mortgage Loans, and (iii) interest earned during Due Period beginning in _____ 200_ for any Subsequent Mortgage Loan that does not have an interest start date on or before _____ __, 200_ and shall be construed in accordance with such intent.]
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REMIC Net WAC Rate. For any Distribution Date and the regular interests in REMIC III the ownership of which is represented by the Class A, Mezzanine, and Class B Certificates, a rate equal to the weighted average of the Certificate Interest Rates for the REMIC II Regular Interests 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 Accrual Period.
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Related to REMIC Net WAC Rate

  • Net WAC Rate With respect to any Distribution Date (and the related Accrual Period), a per annum rate equal to the weighted average of the Net Mortgage Rates of the Mortgage Loans as of the first day of the related Collection Period (not including for this purpose Mortgage Loans for which prepayments in full have been received and distributed in the month prior to that Distribution Date).

  • WAC Rate With respect to any Distribution Date, a per annum rate equal to the weighted average of the applicable Net Mortgage Pass-Through Rates of the Mortgage Loans (including the REO Mortgage Loans) for such Distribution Date, weighted on the basis of their respective Stated Principal Balances immediately prior to such Distribution Date.

  • Net WAC With respect to any Distribution Date and for any Mortgage Group, the weighted average Net Mortgage Rate for the Mortgage Loans in such Mortgage Group calculated based on the respective Net Mortgage Rates and the Stated Principal Balances of such Mortgage Loans as of the preceding Distribution Date (or, in the case of the first Distribution Date, as of the Cut-off Date).

  • REMIC V The segregated pool of assets consisting of the Class P Interest conveyed in trust to the Trustee, for the benefit of the Holders of the Class P Certificates and the Class RX Certificate (in respect of the Class R-5 Interest), with respect to which a separate REMIC election is to be made.

  • REMIC Swap Rate For each Distribution Date (and the related Accrual Period), a per annum rate equal to the product of: (i) the “Rate of Payment (%)” under the Swap Agreement for such Distribution Date, as set forth in Annex D to the Prospectus Supplement, (ii) 2, and (iii) the quotient of (a) the actual number of days in the related Accrual Period divided by (b) 30.