Subordinate Net WAC Rate. With respect to the Mezzanine Certificates and any Distribution Date, a per annum rate equal to the weighted average of the Subgroup 1 Net WAC Rate and the Subgroup 2 Net WAC Rate weighted in proportion to the related Subgroup Subordinate Amounts.
Subordinate Net WAC Rate. For any Distribution Date and the Group I Subordinate Certificates, a rate per annum equal to the weighted average, weighted in proportion to the results of subtracting from the aggregate principal balance of each of Loan Group I-1, Loan Group I-2, Loan Group I-3, Loan Group I-4 and Loan Group I-5, respectively, the aggregate Certificate Principal Balance of the related Class A Certificates and Residual Certificates, of the weighted average of the Expense Adjusted Mortgage Rates of the Group I-1 Mortgage Loans, the Group I-2 Mortgage Loans, the Group I-3 Mortgage Loans, the Group I-4 Mortgage Loans and the Group I-5 Mortgage Loans. For any Distribution Date and the Group II Subordinate Certificates, a rate per annum equal to the weighted average, weighted in proportion to the results of subtracting from the aggregate principal balance of the Mortgage Loans and Mortgage Loan Components in each of Subgroup II-1-1, Subgroup II-1-2, Loan Group II-2 and Loan Group II-3, respectively, the aggregate Certificate Principal Balance of the related Class A Certificates and Residual Certificates, of 5.50% per annum, 6.00% per annum, 5.75% per annum and 5.00% per annum. For federal income tax purposes, the equivalent of the foregoing shall be expressed as the weighted average of the REMIC II-C Remittance Rates on each REMIC II-C Regular Interest ending with the designation “A”, weighted on the basis of the Uncertificated Balance of each such REMIC II-C Regular Interest. For any Distribution Date and the Group III Subordinate Certificates, a rate per annum equal to the weighted average, weighted in proportion to the results of subtracting from the aggregate principal balance of each of Loan Group III-1, Loan Group III-2, Loan Group III-3, Loan Group III-4 and Loan Group III-5, respectively, the aggregate Certificate Principal Balance of the related Class A Certificates and Residual Certificates, of the weighted average of the Expense Adjusted Mortgage Rates of the Group III-1 Mortgage Loans, the Group III-2 Mortgage Loans, the Group III-3 Mortgage Loans, the Group III-4 Mortgage Loans and the Group III-5 Mortgage Loans. For federal income tax purposes, the equivalent of the foregoing shall be expressed as the weighted average of the REMIC III-A Remittance Rate on REMIC III-A Regular Interest LT-1A (subject to a cap and a floor equal to the weighted average of the Expense Adjusted Mortgage Rates of the Group III-1 Mortgage Loans), the REMIC III-A Remittance Rate on REMIC ...
Subordinate Net WAC Rate. With respect to the Mezzanine Certificates (and any corresponding REMIC interest created pursuant to Section 1.03 hereof), a per annum rate (subject to adjustment based on the actual number of days elapsed in the related Interest Accrual Period) equal to the difference between (A) the weighted average of the Subgroup 1 Net WAC Rate and the Subgroup 2 Net WAC Rate, weighted in proportion to the related Subgroup Subordinate Amount and (B) the Subordinate Strip Amount for such Distribution Date, multiplied by a fraction, the numerator of which is twelve and the denominator of which is the aggregate Subgroup Subordinate Amount (expressed as a percentage).
Examples of Subordinate Net WAC Rate in a sentence
Subordinate Net WAC Rate: The weighted average (weighted on the basis of the results of subtracting from the aggregate principal balance of each loan group the sum of the current certificate principal balances of the related classes of the Class A Certificates) of (1) the Group I Net WAC Rate and (2) the Group II Net WAC Rate less the related cap fee rate.
Pay Interest on the Class M and Class B Certificates subject to the Subordinate Net WAC Rate in order of priority.
The pass-through rates of the Class M and the Class B Certificates will generally be the lesser of one-month LIBOR plus the related margin and the Subordinate Net WAC Rate.
More Definitions of Subordinate Net WAC Rate
Subordinate Net WAC Rate. For any Distribution Date, a per annum rate equal to the weighted average of the Group 1 Net WAC Rate and the Group 2 Net WAC Rate based on (a) the excess of (i) the aggregate Stated Principal Balance of the Group 1 Mortgage Loans over (ii) the Certificate Principal Balance of the Group 1 Senior Certificates and (b) the excess of (i) the aggregate Stated Principal Balance of the Group 2 Mortgage Loans over (ii) the Certificate Principal Balance of the Group 2 Senior Certificates. For federal income tax purposes, for any Distribution Date with respect to the REMIC II Regular Interests the ownership of which is represented by the Subordinate Certificates, the economic equivalent of such rate shall be expressed as the weighted average (adjusted for the actual number of days elapsed in the related Interest Accrual Period) of the Uncertificated REMIC I Pass-Through Rates on (a) REMIC I Regular Interest LT1SUB, subject to a cap and a floor equal to the weighted average of the Adjusted Net Mortgage Interest Rates of the Group 1 Mortgage Loans and (b) REMIC I Regular Interest LT2SUB, subject to a cap and a floor equal to the weighted average of the Adjusted Net Mortgage Interest Rates of the Group 2 Mortgage Loans.
Subordinate Net WAC Rate means with respect to any Distribution Date and the Subordinate Certificates, a per annum rate equal to the weighted average of the Group I Net WAC Rate, Group II Net WAC Rate, Group III Net WAC Rate and Group IV Net WAC Rate weighted on the basis of the Subordinate Component for the related Loan Group.
Subordinate Net WAC Rate. For any distribution date and the Group H Subordinate Certificates, a rate per annum equal to the weighted average, weighted in proportion to the results of subtracting from the aggregate principal balance of each of Loan Group HI and Loan Group HII the aggregate Certificate Principal Balance of the related Class H-A Certificates and Residual Certificates, of the weighted average Expense Adjusted Mortgage Rates of the Group HI Mortgage Loans and the Group HII Mortgage Loans. For federal income tax purposes, the equivalent of the foregoing shall be expressed as the weighted average of the REMIC I-H Remittance Rate on REMIC I-H Regular Interest LT-1A (subject to a cap and a floor equal to the weighted average of the Expense Adjusted Mortgage Rates of the Group HI Mortgage Loans) and the REMIC I-H Remittance Rate on REMIC I-H Regular Interest LT-2A (subject to a cap and a floor equal to the weighted average of the Expense Adjusted Mortgage Rates of the Group HII Mortgage Loans), weighted on the basis of the Uncertificated Balance of each such REMIC I-H Regular Interest.
Subordinate Net WAC Rate. With respect to the Mezzanine Certificates and any Distribution Date (and any corresponding REMIC interest created pursuant to Section 1.03 hereof), a per annum rate (subject to adjustment based on the actual number of days elapsed in the related Interest Accrual Period) equal to the difference between (A) the weighted average of the Subgroup 1 Net WAC Rate and the Subgroup 2 Net WAC Rate, weighted in proportion to the related Subgroup Subordinate Amount and (B) the sum of (i) the Subordinate Strip Amount and (ii) the Swap Fee Amount for such Distribution Date, multiplied by a fraction, the numerator of which is twelve and the denominator of which is the aggregate of the Subgroup Subordinate Amounts for such Distribution Date (expressed as a percentage).
Subordinate Net WAC Rate. With respect to any Distribution Date and the Class M Certificates and Class B Certificates, a per annum rate equal to the weighted average of the Group I Net WAC Rate, Group II Net WAC Rate and Group III Net WAC Rate weighted on the basis of the Subordinate Component for the related Loan Group. Subordinate Percentage: For any Loan Group and as of any date of determination, a percentage equal to 100% minus the related Senior Percentage as of that date.
Subordinate Net WAC Rate. With respect to any Distribution Date, the per annum rate equal to the weighted average (weighted based on the Group Subordinate Amount) of (i) the Group 1 Net WAC Rate and (ii) the Group 2 Net WAC Rate. Subsequent Recoveries: Amounts recovered by the Servicer in respect of a Liquidated Mortgage Loan in regard to which a Realized Loss has occurred.
Subordinate Net WAC Rate. For any Distribution Date and the Group II Subordinate Certificates, a rate per annum equal to the weighted average, weighted in proportion to the results of subtracting from the aggregate principal balance of the Mortgage Loans and Mortgage Loan Components in each of Subgroup II-1-1, Subgroup II-1-2, Loan Group II-2 and Loan Group II-3, respectively, the aggregate Certificate Principal Balance of the related Class A Certificates and Residual Certificates, of 5.50% per annum, 6.00% per annum, 5.50% per annum and 5.75% per annum. For federal income tax purposes, the equivalent of the foregoing shall be expressed as the weighted average of the REMIC II-B Remittance Rates on each REMIC II-B Regular Interest ending with the designation “A”, weighted on the basis of the Uncertificated Balance of each such REMIC II-B Regular Interest.