Group II Net WAC Cap definition
Group II Net WAC Cap. With respect to any Distribution Date, and for the Class AV-1 Certificates, the rate per annum equal to the product of (i) the weighted average of the Net Coupon Rates on the Group II Home Equity Loans as of the beginning of the related Remittance Period and (ii) a fraction, the numerator of which is 30 and the denominator of which is the actual number of days in the related Interest Period.
Group II Net WAC Cap. With respect to any Distribution Date will be the rate per annum equal to the weighted average Net Coupon Rates of the Group II Home Equity Loans as of the beginning of the related Remittance Period minus the Minimum Spread.
Group II Net WAC Cap. For any Distribution Date and a Class of Group II Certificates, the per annum rate (subject to adjustment based on the actual number of days elapsed in the related Interest Accrual Period) equal to (x) the weighted average of the Expense Adjusted Net Mortgage Rates of the Group II Mortgage Loans for such Distribution Date (weighted based on the aggregate Stated Principal Balance of the Group II Mortgage Loans as of the first day of the related Remittance Period, adjusted to reflect unscheduled principal payments made thereafter that were included in the Principal Distribution Amount on the immediately preceding Distribution Date, and the amount in the Group II Pre-Funding Account) minus (y) a fraction, expressed as a percentage, (i) the numerator of which is equal to the product of twelve multiplied by the Group II Allocation Percentage of any Net Swap Payment or Group II Allocation Percentage of any Swap Termination Payment (to the extent not paid by the Supplemental Interest Trust Trustee from any upfront payment received pursuant to any replacement interest rate swap agreement that may be entered into by the Supplemental Interest Trust Trustee and only if such Swap Termination Payment was not due to an event of default or certain termination events with respect to the Swap Provider) made to the Swap Provider, if any, and (ii) the denominator of which is equal to the aggregate Stated Principal Balance of the Group II Mortgage Loans as of the first day of the related Remittance Period, adjusted to reflect unscheduled principal payments made thereafter that were included in the Principal Distribution Amount on the immediately preceding Distribution Date, plus any amounts on deposit in the Group II Pre-Funding Account. For federal income tax purposes, the equivalent of the foregoing shall be expressed as a per annum rate (subject to adjustment based on the actual number of days elapsed in the related Interest Accrual Period) equal to the weighted average of the REMIC III Remittance Rate on REMIC III Regular Interest LT2GRP, weighted on the basis of the Uncertificated Balance of such REMIC III Regular Interest.
Examples of Group II Net WAC Cap in a sentence
Any of the Group I Net WAC Cap, the Group II Net WAC Cap or the Subordinated Net WAC Cap, as the context requires.
Interest on the Class A-II Notes will be paid monthly on each Payment Date at the Note Rate for the related Interest Period subject to limitations which may result in Group II Net WAC Cap Shortfalls (as further described in the Indenture).
Interest on the Variable Funding Notes will be paid monthly on each Payment Date at the Note Rate for the related Interest Period subject to limitations which may result in Group II Net WAC Cap Shortfalls (as further described in the Indenture).
Notwithstanding the foregoing, no distribution of the proceeds of any Termination Price shall be made to the Owners of the Class X-IO and Class R Certificates until all such amounts have been applied in reduction of any outstanding Group I Net WAC Cap Carryover and Group II Net WAC Cap Carryover.
On any Distribution Date, the Weighted Average Net Mortgage Rate of a Group, and the resulting Group I Net WAC Cap and Group II Net WAC Cap, as applicable, will be calculated based on the rate of interest on each related Mortgage Loan as may be reduced by any shortfalls in interest collection resulting from application of the Soldiers' and Sailors' Civil Relief Act of 1940, as amended.
More Definitions of Group II Net WAC Cap
Group II Net WAC Cap. For each Class of Group II Certificates as of any Distribution Date, the annual rate equal to the PRODUCT OF:
Group II Net WAC Cap. For any Distribution Date and the Group II Certificates, the per annum rate (subject to adjustment based on the actual number of days elapsed in the related Interest Accrual Period) equal to (x) the weighted average of the Expense Adjusted Net Mortgage Rates of the Group II Mortgage Loans for such Distribution Date and the per annum rate reflecting the amount withdrawn from the Group II Interest Coverage Account, if any, for such Distribution Date (weighted on the basis of the aggregate Stated Principal Balance of each Group II Mortgage Loan as of the first day of the related Remittance Period, adjusted to reflect unscheduled principal payments made thereafter that were included in the Group II Principal Distribution Amount on the immediately preceding Distribution Date and any amount on deposit in the Group II Pre-Funding Account) minus (y) the Group II Swap Expense Rate; provided, however that, on the first distribution date the Group II Net WAC Cap will be 5.008% per annum. For federal income tax purposes, the equivalent of the foregoing shall be expressed as a per annum rate (subject to adjustment based on the actual number of days elapsed in the related Interest Accrual Period) equal to the weighted average of the REMIC III Remittance Rate on REMIC III Regular Interest LT2GRP, weighted on the basis of the Uncertificated Balance of such REMIC III Regular Interest.
Group II Net WAC Cap means with respect to any Distribution Date, a rate per annum equal to the product of (a) the Weighted Average Net Mortgage Rates on the Group II Mortgage Loans as of the beginning of the related Due Period 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, adjusted as appropriate for day-counting conventions. "Group II Net WAC Cap Carryover" means for any Class of Group II Certificates, the sum of (A) the excess of (1) the amount of interest the applicable Class of Group II Certificates would otherwise be entitled to receive on the Distribution Date had its Certificate Rate been calculated at the Certificate Rate for such Class and Distribution Date without regard to the Group II Net WAC Cap over (2) the amount of interest payable on such Class at the Certificate Rate for such Class for the Distribution Date and (B) the excess described in clause (A) for such Class for all previous Distribution Dates (including any interest accrued thereon at the related Certificate Rate without regard to the Group II Net WAC Cap) not previously paid to such Class.
Group II Net WAC Cap. As of any Distribution Date, a per annum rate equal to 12 times the quotient obtained by dividing (x) the excess of (a) the total scheduled interest on the Group II Included Mortgage Loans for the related Due Period over (b) the sum of the Group II Administration Fee and the Group II Certificate Insurer Premium for such Distribution Date by (y) the aggregate Stated Principal Balance of the Group II Included Mortgage Loans as of the first day of the related Accrual Period (or, in the case of the first Distribution Date, as of the Cut-off Date).
Group II Net WAC Cap. With respect to any Distribution Date, a per annum rate equal to 12 times the quotient of (x) the total scheduled interest on the Group II Mortgage Loans for the related Collection Period at their Net Mortgage Interest Rates and (y) the aggregate Principal Balance of the Group II Mortgage Loans (as of the first day of the related Collection Period).
Group II Net WAC Cap. For each Class of Variable Rate Certificates and (1) with respect to the first Distribution Date, a per annum rate equal to a fraction, the numerator of which is (i) the difference, if any, between (a) the Group II Monthly Interest Amount for the related Monthly Remittance Date, minus (b) the sum of the Trustee Fee, the Servicing Fee (to the extent not previously withdrawn from the Principal and Interest Account), the Class Monthly Interest Amount for the Group II A-IO Component, and the aggregate of the Class Monthly Interest Amounts (determined without regard to the Group II Net WAC Cap) for each Class of Variable Rate Certificates senior to such Class for such Distribution Date, and the denominator of which is (ii) the Certificate Principal Balance of such Class immediately before such Distribution Date, and (2) with respect to any Distribution Date, other than the first Distribution Date, will be a rate per annum equal to (A) the product of (i) the weighted average of the Net Coupon Rates on the Group II Home Equity Loans as of the beginning of the related Remittance Period less the product of (a) 6.00% per annum and (b) a fraction, the numerator of which is the Group II A-IO Notional Amount for the related Distribution Date and the denominator of which is the aggregate Loan Balance of the Group II Home Equity Loans as of the beginning of the related Remittance Period and (ii) a fraction, the numerator of which is 30 and the denominator of which is the actual number of days in the related Interest Period, adjusted as appropriate for day-counting conventions minus (B) in the case of the Subordinate Certificates, the Subordinate WAC Adjustment.
Group II Net WAC Cap. With respect to the Group II Mortgage Loans as of any Distribution Date, a per annum rate equal to the product of (i) 12 times the quotient of (A) the total scheduled interest on the Group II Mortgage Loans for the related Interest Accrual Period, net of Expense Fees, and the pro rata share (based on Interest Remittance Amount) of the Net Swap Payment and Swap Termination Payment (other than a Defaulted Swap Termination Payment), if any, made to the Swap Provider allocable to the Group II Senior Certificates and (B) the Stated Principal Balance of the Group II Mortgage Loans as of the first day of the related Due Period and (ii) a fraction, the numerator of which is 30 and the denominator of which is 360, adjusted to account for prepayments during the related Due Period that were distributed on the prior Distribution Date.