Common use of Net WAC Clause in Contracts

Net WAC. For each Distribution Date, the weighted average of the Net Mortgage Rates of the Mortgage Loans as of the first day of the calendar month immediately preceding the calendar month of such Distribution Date, weighted on the basis of their Stated Principal Balances as of that date (subject to adjustment for prepayments received and distributed in the month prior to that Distribution Date); provided however that for the purposes of this definition only the Net Mortgage Rate of the Class A-IO Mortgage loans will be the Net Mortgage Rate of such Mortgage Loan minus 1.000%.

Net WAC. For each Distribution Date, the weighted average of the Net Mortgage Rates of the Mortgage Loans as of the first day of the calendar month immediately preceding the calendar month of such Distribution Date, weighted on the basis of their Stated Principal Balances as of that date (subject to adjustment for prepayments received and distributed in the month prior to that Distribution Date); provided however that for the purposes of this definition only the Net Mortgage Rate of the for each Class A-IO Mortgage loans Loan will be the Net Mortgage Rate of such Mortgage Loan minus 1.000%.