Subordinate Net WAC Cap definition

Subordinate Net WAC Cap. With respect to any Distribution Date and for each Class of Subordinate Certificates, the per annum rate equal to the weighted average of (i) the product of (a) the Group I Net WAC Cap 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 Period and (ii) the Group II Net WAC Cap, weighted on the basis of the related Group Subordinate Amount for such Distribution Date.

Subordinate Net WAC Cap. With respect to the Subordinate Certificates and any Distribution Date, the product of (i) the Subordinate Net WAC for such Distribution Date multiplied by (ii) the quotient of 30 divided by the actual number of days in the Accrual Period.

Subordinate Net WAC Cap. For any Distribution Date and the Subordinate Certificates, the weighted average of the Net Loan Rates of the Group 1 and Group 2 Mortgage Loans, weighted on the basis of the related Group Subordinate Amounts, 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 for such Certificates.

Examples of Subordinate Net WAC Cap in a sentence

• Sequentially, to the Class X-0, Xxxxx X-0, Class M-3, Class M-4, Class M-5, Class M-6, Class M-7 and Class B Certificates, in that order, the related Subordinate Net WAC Cap Carryover from and to the extent of funds on deposit in the Supplemental Interest Reserve Fund, in each case to the extent not paid from amounts on deposit in the Cap Agreement Reserve Fund pursuant to Section 7.12(b).

• For any Distribution Date on which the difference between (a) the Subordinate Net WAC Cap for such date, and (b) the weighted average of the rates on the Offered Certificates is less than 0.25%, an amount that would cause the balance held in the Basis Risk Reserve Fund to equal 0.50% of the Assumed Principal Balance of the Mortgage Loans for such date, and, for any other Distribution Date, the amount that would cause the balance held in the Basis Risk Reserve Fund to equal $1,000.

• Any of the Fixed Rate Net WAC Cap, the Variable Rate Net WAC Cap or the Subordinate Net WAC Cap, as applicable.

• 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.

• The Class M-6 Pass-Through Rate on each Distribution Date will be a rate per annum equal to the least of (i) LIBOR as of the related LIBOR Determination Date, plus the Class M-6 Certificate Margin, (ii) the Subordinate Net WAC Cap and (iii) the Subordinate Maximum Rate Cap.

More Definitions of Subordinate Net WAC Cap

Subordinate Net WAC Cap. With respect to the Subordinate Certificates and any Distribution Date, the weighted average of the Group 1 Net WAC Cap and the Group 2 Net WAC Cap; provided, that each of the Group 1 Net WAC Cap and the Group 2 Net WAC Cap is computed without regard to the adjustments applicable to the Class 1-A-1B and Class 2-A-1C Certificates, weighted on the basis of the Subordinate Component for each Loan Group.

Subordinate Net WAC Cap. With respect to (i) the Class M Certificates as of any Distribution Date, the weighted average of the Group 1 Net WAC Cap and the Group 2 Net WAC Cap (expressed on the basis of an assumed 360-day year and the actual number of days elapsed during the related Interest Accrual Period) weighted on the basis of the Group Subordinate Amount for the Group 1 Mortgage Loans and the Group 2 Mortgage Loans and (ii) Class B Certificates as of any Distribution Date, the weighted average of the Group 1 Net WAC Cap and the Group 2 Net WAC Cap (expressed on the basis of an assumed 360-day year consisting of twelve 30-day months) weighted on the basis of the Group Subordinate Amount for the Group 1 Mortgage Loans and Group 2 Mortgage Loans, respectively.

Subordinate Net WAC Cap. For any Distribution Date, the weighted average of the Net WAC Cap for Loan Group 1 and the Net WAC Cap for Loan Group 2 for such Distribution Date, weighted on the basis of the Subordinate Component for Loan Group 1 and Loan Group 2 for such Distribution Date.

Subordinate Net WAC Cap. For any Distribution Date and (x) with respect to the Class M Certificates and the Adjustable Rate Class B Certificates will be a per annum rate equal to the weighted average (weighted in proportion to the results of subtracting from the aggregate Principal Balance of each Loan Group, the current Certificate Principal Balance of the Class A-1 Certificates, in the case of Loan Group I, or the Class A-2 Certificates, in the case of Loan Group II) of (i) the Class A-1 Net WAC Cap and (ii) the Class A-2 Net WAC Cap 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 and (y) with respect to the Class B-4 and Class B-5 Certificates will be a per annum rate equal to the weighted average (weighted in proportion to the results of subtracting from the aggregate Principal Balance of each Loan Group, the current Certificate Principal Balance of the Class A-1 Certificates, in the case of Loan Group I, or the Class A-2 Certificates, in the case of Loan Group II) of (i) the Class A-1 Net WAC Cap multiplied by a fraction, the numerator of which is the actual number of days in the related Interest Accrual Period and the denominator of which is 30 and (ii) the Class A-2 Net WAC Cap.

Subordinate Net WAC Cap. With respect to each Class of Subordinate LIBOR Certificates and any Distribution Date, the weighted average of the Net WACs for both Loan Groups as of such Distribution Date, with each such Net WAC being weighted on the basis of the related Subordinated Loan Group Balances as of such Distribution Date.

Subordinate Net WAC Cap. With respect to (i) the Class M, Class B-1, Class B-2 and Class B-3 Certificates as of any Distribution Date, a per annum rate equal to the product of (A) the weighted average of the Group I Net WAC Cap and the Group II Net WAC Cap, weighted on the basis of the Group Subordinate Amount for Group I and the Group Subordinate Amount for Group II, respectively 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 and (ii) the Class B-4 and Class B-5 Certificates as of any Distribution Date, a per annum rate equal to the weighted average of the Group I Net WAC Cap and the Group II Net WAC Cap, weighted on the basis of the Group Subordinate Amount for Group I and the Group Subordinate Amount for Group II, respectively.

Subordinate Net WAC Cap. With respect to any Distribution Date, the per annum rate, adjusted to reflect the length of the related Accrual Period, equal to the weighted average of the Group One Available Funds Cap, the Group Two Available Funds Cap and the Group Three Net WAC Cap, in each case weighted based on the related Group Subordinate Amount.