Interest Remittance Amount Clause Samples

The Interest Remittance Amount clause defines the specific sum of interest that must be paid or transferred under the terms of an agreement. Typically, this clause outlines how the interest is calculated, the frequency of remittance, and the method of payment, such as monthly transfers to a designated account. Its core function is to ensure both parties have a clear understanding of the interest obligations, thereby preventing disputes over payment amounts and timing.
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Interest Remittance Amount. With respect to any Determination Date, the sum, without duplication, of (a) all interest collected or advanced on the Loans during the related Due Period and (b) the portion of any Substitution Adjustment Amount, Termination Price, Purchase Price, or Liquidation Proceeds, relating to interest and received during the related Prepayment Period. As defined in Section 5.02(b).
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Interest Remittance Amount. As of any Determination Date, the sum, without duplication, of (a) all interest collected or advanced on the Loans during the related Interest Accrual Period, (b) the portion of any Substitution Adjustment Amount or payment in connection with any repurchase of a Defective Loan, or Liquidation Proceeds, relating to interest with respect to the Loans and received during the related Interest Accrual Period and (c) with respect to the Class AF Certificates only, any Insured Amounts in respect of interest. Investment Letter ----------------- As defined in Section 5.02(b). Latest Possible Maturity Date ----------------------------- The Distribution Date following the third anniversary of the scheduled maturity date of the Loan having the latest scheduled maturity date as of the Cut-off Date. LIBOR ----- As of any LIBOR Determination Date, the London interbank offered rate for one-month United States dollar deposits which appears in the Dow Jones Telerate Page 3750 as of 11:00 a.m., London time, on that date. ▇▇ the rate does not appear on Dow Jones Telerate Page 3750, the rate for that day will be determin▇▇ ▇▇ the basis of the rates at which deposits in United States dollars are offered by the Reference Banks at approximately 11:00 a.m. (London time), on that day to prime banks in the London interbank market. The Trustee will request the principal London office of each of the Reference Banks to provide a quotation of its rate. If at least two quotations are provided, the rate for that day will be the arithmetic mean of the quotations (rounded upwards if necessary to the nearest whole multiple of 1/16%). If fewer than two quotations are provided as requested, the rate for that day will be the arithmetic mean of the rates quoted by major banks in New York City, selected by the Trustee in consultation with the Servicer and the Insurer, at approximately 11:00 a.m. (New York City time) on that day for loans in United States dollars to leading European banks. LIBOR Determination Date ------------------------ With respect to any Interest Accrual Period for the Class AF-1 and Class AV-1 Certificates, the second London business day preceding the commencement of such Interest Accrual Period. For purposes of determining LIBOR, a "London business day" is any day on which dealings in deposits of United States dollars are transacted in the London interbank market. Liquidated Loan --------------- With respect to any Distribution Date, a defaulted Loan (including any REO Prope...
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Interest Remittance Amount. 17 LIBOR.......................................................18
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Interest Remittance Amount. 15 SECTION PAGE ------- ----
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Interest Remittance Amount. 17 LIBOR .......................................................18
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Related to Interest Remittance Amount

  • Remittance Date The 18th day (or if such 18th day is not a Business Day, the first Business Day immediately following) of any month.

  • Remittance Reports; P&I Advances (a) On the 15th day of each calendar month (or, if such 15th day is not a Business Day, then on the next succeeding Business Day), the Servicer shall furnish to the Securities Administrator a monthly remittance advice to the Securities Administrator in a format as mutually agreed to between the Servicer and the Securities Administrator, containing such information regarding the Mortgage Loans as needed by the Securities Administrator to perform its duties as set forth in Section 4.01 hereof. No later than three Business Days after the 15th day of each calendar month, the Servicer shall furnish to the Securities Administrator a monthly report containing such information regarding prepayments of Mortgage Loans during the applicable Prepayment Period in a format as mutually agreed to between the Servicer and the Securities Administrator. (b) The amount of P&I Advances to be made by the Servicer for any Distribution Date shall equal, subject to Section 4.03(d), the sum of (i) the aggregate amount of Monthly Payments (with each interest portion thereof net of the Servicing Fee), due on the related Due Date in respect of the Mortgage Loans, which Monthly Payments were Delinquent as of the close of business on the related Determination Date, plus (ii) with respect to each REO Property, which REO Property was acquired during or prior to the calendar month preceding the month of such Distribution Date and as to which such REO Property an REO Disposition did not occur during the calendar month preceding the month of such Distribution Date, an amount equal to the excess, if any, of the Monthly Payments (with each interest portion thereof net of the Servicing Fee) that would have been due on the related Due Date in respect of the related Mortgage Loans, over the net income from such REO Property transferred to the Distribution Account pursuant to Section 3.23 for distribution on such Distribution Date; provided however, that with respect to any Balloon Loan that is delinquent on its maturity date, a Servicer will not be required to advance the related balloon payment but will be required to continue to make advances in accordance with this Section 4.03 with respect to such Balloon Loan in an amount equal to an assumed Monthly Payment that would otherwise be due based on the original amortization schedule for that Mortgage Loan (with interest at the Mortgage Rate less the Servicing Fee Rate). On or before 4:00 p.m. New York time on the Servicer Remittance Date, the Servicer shall remit in immediately available funds to the Collection Account for inclusion in Available Funds an amount equal to the aggregate amount of P&I Advances, if any, to be made in respect of the Mortgage Loans and REO Properties for the related Distribution Date either (i) from its own funds or (ii) from the Collection Account, to the extent of funds held therein for future distribution (in which case, it will cause to be made an appropriate entry in the records of the Collection Account that amounts held for future distribution have been, as permitted by this Section 4.03, used by the Servicer in discharge of any such P&I Advance) or (iii) in the form of any combination of (i) and (ii) aggregating the total amount of P&I Advances to be made by the Servicer with respect to the Mortgage Loans and REO Properties. Any amounts held for future distribution and so used shall be appropriately reflected in the Servicer’s records and replaced by the Servicer by deposit in the Collection Account on or before the next succeeding Servicer Remittance Date on which such funds would be due. Nothing in this Section 4.03(b) shall be construed to prohibit the Servicer from reimbursing itself at any time from the Collection Account to the extent provided in Section 3.11 herein. (c) The obligation of the Servicer to make such P&I Advances is mandatory, notwithstanding any other provision of this Agreement but subject to (d) below, and, with respect to any Mortgage Loan or REO Property, shall continue until a Final Recovery Determination in connection therewith or the removal thereof from the Trust Fund pursuant to any applicable provision of this Agreement, except as otherwise provided in this Section. (d) Notwithstanding anything herein to the contrary, no P&I Advance or Servicing Advance shall be required to be made hereunder by the Servicer if such P&I Advance or Servicing Advance would, if made, constitute a Nonrecoverable P&I Advance or Nonrecoverable Servicing Advance. The determination by the Servicer that it has made a Nonrecoverable P&I Advance or a Nonrecoverable Servicing Advance or that any proposed P&I Advance or Servicing Advance, if made, would constitute a Nonrecoverable P&I Advance or a Nonrecoverable Servicing Advance, respectively, shall be evidenced by an Officers’ Certificate of the Servicer delivered to the Depositor, the Securities Administrator and the Trustee. In addition, the Servicer shall not be required to advance Relief Act Interest Shortfalls.

  • Principal Payments Originator is authorized and directed by SPV to enter on the grid attached hereto, or, at its option, in its books and records, the date and amount of each loan made by it which is evidenced by this Subordinated Note and the amount of each payment of principal made by SPV, and absent manifest error, such entries shall constitute prima facie evidence of the accuracy of the information so entered; provided that neither the failure of Originator to make any such entry or any error therein shall expand, limit or affect the obligations of SPV hereunder.

  • Principal Payment The Borrower shall fail to pay any principal of any Note when the same becomes due and payable as set forth in this Agreement;

  • Allocations During the Early Amortization Period During the Early Amortization Period, an amount equal to the product of (A) the Principal Allocation Percentage and (B) the Series 1997-1 Allocation Percentage and (C) the aggregate amount of Collections of Principal Receivables deposited in the Collection Account on such Deposit Date, shall be allocated to the Series 1997-1 Certificateholders and retained in the Collection Account until applied as provided herein; provided, however, that after the date on which an amount of such Collections equal to the Adjusted Invested Amount has been deposited into the Collection Account and allocated to the Series 1997-1 Certificateholders, such amount shall be first, if any other Principal Sharing Series is outstanding and in its amortization period or accumulation period, retained in the Collection Account for application, to the extent necessary, as Shared Principal Collections on the related Distribution Date, and second paid to the Holders of the Transferor Certificates only if the Transferor Amount on such date is greater than the Required Transferor Amount (after giving effect to all Principal Receivables transferred to the Trust on such day) and otherwise shall be deposited in the Special Funding Account.