Accrual Interest definition

Accrual Interest. (the "Group 1 Accrual Class") shall have a principal balance equal to the sum of (a) 50% of the Loan Group 1 Balance as of the Cut-off Date (b) 50% of the amount contributed to the Trust on the Closing Date to acquire Additional Home Equity Loans for Loan Group 1, and (c) 50% of initial Loan Group 1 overcollateralization. The initial Loan Group 1 overcollateralization is the excess of the sum of the Loan Group 1 Balance plus the amount contributed to the Trust to acquire Additional Home Equity Loans for Loan Group 1 over the Note Principal Balance of the Class 1-A Notes. On each Payment Date, interest, principal and Realized Losses shall be allocated so as to cause the MT-1-Accrual Interest to equal the excess of the Loan Group 1 Balance (less Net Draws) as of the end of the Collection Period over the principal balance of the Group 1 Accretion Directed Class (after taking into account distributions for such Payment Date). The MT-2-Accrual Interest (the "Group 2 Accrual Class," and together with the Group 1 Accrual Class, the "Accrual Classes") shall have a principal balance equal to the sum of (a) 50% of the Loan Group 2 Balance as of the Cut-off Date (b) 50% of the amount contributed to the Trust on the Closing Date to acquire Additional Home Equity Loans for Loan Group 2, and (c) 50% of initial Loan Group 2 overcollateralization. The initial Loan Group 2 overcollateralization is the excess of the sum of the initial Loan Group 2 Balance plus the amount contributed to the Trust to acquire Additional Home Equity Loans for Loan Group 2 over the Note Principal Balance of the Class 2-A Notes. On each Payment Date, interest, principal and Realized Losses shall be allocated so as to cause the MT-2-Accrual Interest to equal the excess of the Loan Group 2 Balance (less Net Draws) as of the end of the Collection Period over the principal balance of the Group 2 Accretion Directed Class (after taking into account distributions for such Payment Date).
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Accrual Interest. (the "Accrual Class") shall have a principal balance equal to the sum of (a) 50% of the Loan Pool Balance as of the Cut-off Date (b) 50% of the amount contributed to the Trust on the Closing Date to acquire Additional Home Equity Loans, and (c) 50% of initial overcollateralization. The initial overcollateralization is the excess of the sum of the Loan Pool Balance plus the amount contributed to the Trust to acquire Additional Home Equity Loans over the Note Principal Balance of the Class A Notes. On each Payment Date, interest, principal and Realized Losses shall be allocated so as to cause the MT-Accrual Interest to equal the excess of the Loan Pool Balance (less Net Draws) as of the end of the Collection Period over the principal balance of the Accretion Directed Class (after taking into account distributions for such Payment Date).
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Accrual Interest as defined in the Loan Documents), but excluding Contingent Interest and Accrued Interest.
Sample 1

Examples of Accrual Interest in a sentence

  • The Middle-Tier REMIC Group I Accrual Interest shall have an interest rate equal to the Group I Net Rate.

  • Each of the Middle-Tier REMIC Group II Regular Interests (other than the Middle-Tier REMIC Group II Accrual Interest) shall have an initial principal balance equal to .001% of the principal balance of its Related Certificate (expressed to eight decimal places).

  • Each of the Middle-Tier REMIC Group I Regular Interests (other than the Middle-Tier REMIC Group I Accrual Interest) shall have an initial principal balance equal to .001% of the principal balance of its Related Certificate (expressed to eight decimal places).

  • The Middle-Tier REMIC Group II Accrual Interest shall have an interest rate equal to the Group II Net Rate.

  • The principal amount of the Middle-Tier REMIC Group I Accrual Interest will be reduced by 99.999% of the Applied Realized Loss Amount allocated to the Group I Certificates and by 100% of any Realized Losses on Group I Mortgage Loans allocated to the Class C Certificate.

  • The Middle-Tier REMIC Group I Accrual Interest shall have an initial principal balance equal to the excess of the principal balance of the Group I Mortgage Loans as of the Cut-Off Date over the aggregate initial principal balance of the Middle-Tier REMIC Group I Regular Interests (other than the Middle-Tier REMIC Group I Accrual Interest).

  • The Middle-Tier REMIC Group II Accrual Interest shall have an initial principal balance equal to the excess of the principal balance of the Group II Mortgage Loans as of the Cut-Off Date over the aggregate initial principal balance of the Middle-Tier REMIC Group II Regular Interests (other than the Middle-Tier REMIC Group II Accrual Interest).

  • The principal amount of the Middle-Tier REMIC Group II Accrual Interest will be reduced by 99.999% of the Applied Realized Loss Amount allocated to the Group II Certificates and by 100% of any Realized Losses on Group II Mortgage Loans allocated to the Class C Certificate.

  • Each of the Middle-Tier REMIC Group II Regular Interests (other than the Middle-Tier REMIC Group II Accrual Interest) shall have an interest rate equal to the Pass-Through Rate of its Related Certificate, subject to a cap equal to the Group II Net Rate.

  • Each of the Middle-Tier REMIC Group I Regular Interests (other than the Middle-Tier REMIC Group I Accrual Interest) shall have an interest rate equal to the Pass-Through Rate of its Related Certificate.

Related to Accrual Interest

  • Actual Interest Amount is defined in Section 3.1(b)(vii) of this Agreement.

  • Class C Additional Interest is defined in Section 4.1(c).

  • Class B Additional Interest shall have the meaning specified in subsection 4.02(b).

  • Class A Additional Interest shall have the meaning specified in subsection 4.02(a).

  • Upper-Tier Residual Interest The sole class of “residual interests”, within the meaning of Code Section 860G(a)(2), in the Upper-Tier REMIC and evidenced by the Class R Certificates.

  • Annual Interest Rate in accordance with the rate applicable to the equal instalment financing plan in effect on the conversion date, up to a maximum of 19.90%.

  • Lower-Tier Residual Interest The sole class of “residual interests”, within the meaning of Code Section 860G(a)(2), in the Lower-Tier REMIC and evidenced by the Class R Certificates.

  • Additional Interest Amount means, with respect to Trust Securities of a given Liquidation Amount and/or a given period, the amount of Additional Interest paid by the Depositor on a Like Amount of Notes for such period.

  • Residual Interest The sole class of "residual interests" in a REMIC within the meaning of Section 860G(a)(2) of the Code.

  • Interest Accrual Period means the period beginning on (and including) the Interest Commencement Date and ending on (but excluding) the first Interest Period Date and each successive period beginning on (and including) an Interest Period Date and ending on (but excluding) the next succeeding Interest Period Date.

  • Special Interest shall have the meaning assigned thereto in Section 2(c) hereof.

  • Interest Accrual Date means with respect to any Security, the date the Company accepts funds for the purchase of the Security if such funds are received by 3:00 p.m. (EDT) on a Business Day, or if such funds are not so received, on the next Business Day.

  • Initial Interest Rate means, as of any date of determination, (a) with respect to each A Note, the Initial Note A Interest Rate and (b) with respect to each B Note, the Initial Note B Interest Rate.

  • Current Class B-5 Fractional Interest As to any Distribution Date subsequent to the first Distribution Date, the percentage obtained by dividing the Principal Balance of the Class B-6 Certificates by the sum of the Class A Non-PO Principal Balance and the Class B Principal Balance. As to the first Distribution Date, the Original Class B-5 Fractional Interest.

  • Current Class B-4 Fractional Interest As to any Distribution Date subsequent to the first Distribution Date, the percentage obtained by dividing the sum of the Principal Balances of the Class B-5 and Class B-6 Certificates by the sum of the Class A Non-PO Principal Balance and the Class B Principal Balance. As to the first Distribution Date, the Original Class B-4 Fractional Interest.

  • Interest Accrual Amount As to any Distribution Date and any Class of Class A Certificates (other than the Class A-PO Certificates), (a) the product of (i) 1/12th of the Class A Pass-Through Rate for such Class and (ii) the Principal Balance of such Class as of the Determination Date preceding such Distribution Date minus (b) the Class A Interest Percentage of such Class of (i) any Non-Supported Interest Shortfall allocated to the Class A Certificates with respect to such Distribution Date, (ii) the interest portion of any Excess Special Hazard Losses, Excess Fraud Losses and Excess Bankruptcy Losses allocated to the Class A Certificates with respect to such Distribution Date pursuant to Section 4.02(e) and (iii) the interest portion of any Realized Losses (other than Excess Special Hazard Losses, Excess Fraud Losses and Excess Bankruptcy Losses) allocated to the Class A Certificates on or after the Cross-Over Date pursuant to Section 4.02(e). The Class A-PO Certificates have no Interest Accrual Amount. As to any Distribution Date and any Class of Class B Certificates, an amount equal to (i) the product of 1/12th of the Class B Pass-Through Rate and the Principal Balance of such Class as of the Determination Date preceding such Distribution Date minus (ii) the Class B Interest Percentage of such Class of (x) any Non-Supported Interest Shortfall allocated to the Class B Certificates with respect to such Distribution Date and (y) the interest portion of any Excess Special Hazard Losses, Excess Fraud Losses and Excess Bankruptcy Losses allocated to the Class B Certificates with respect to such Distribution Date pursuant to Section 4.02(e).

  • Class R-1 Residual Interest The uncertificated undivided beneficial interest in REMIC I which has been designated as the single class of “residual interest” in REMIC I pursuant to Section 2.06.

  • Current Class B-3 Fractional Interest As to any Distribution Date subsequent to the first Distribution Date, the percentage obtained by dividing the sum of the Principal Balances of the Class B-4, Class B-5 and Class B-6 Certificates by the sum of the Class A Non-PO Principal Balance and the Class B Principal Balance. As to the first Distribution Date, the Original Class B-3 Fractional Interest.

  • Class R-2 Residual Interest The uncertificated undivided beneficial interest in REMIC II which has been designated as the single class of “residual interest” in REMIC II pursuant to Section 2.11. The Class R-2 Residual Interest, together with the REMIC II Regular Interests, shall be deemed to be a separate series of beneficial interests in the assets of the Trust consisting of the REMIC II Assets pursuant to Section 3806(b)(2) of the Statutory Trust Statute.

  • Distributional interest means the right under an unincorporated entity’s organic law and organic rules to receive distributions from the entity.

  • Current Class B-1 Fractional Interest As to any Distribution Date subsequent to the first Distribution Date, the percentage obtained by dividing the sum of the Principal Balances of the Class B-2, Class B-3, Class B-4, Class B-5 and Class B-6 Certificates by the sum of the Class A Non-PO Principal Balance and the Class B Principal Balance. As to the first Distribution Date, the Original Class B-1 Fractional Interest.

  • Original Class B-5 Fractional Interest As to the first Distribution Date, the percentage obtained by dividing the Original Class B-6 Principal Balance by the sum of the Original Class A Non-PO Principal Balance and the Original Class B Principal Balance. The Original Class B-5 Fractional Interest is specified in Section 11.20.

  • Additional Interest means all amounts, if any, payable pursuant to Section 4.06(d), Section 4.06(e) and Section 6.03, as applicable.

  • Current Class B-2 Fractional Interest As to any Distribution Date subsequent to the first Distribution Date, the percentage obtained by dividing the sum of the Principal Balances of the Class B-3, Class B-4, Class B-5 and Class B-6 Certificates by the sum of the Class A Non-PO Principal Balance and the Class B Principal Balance. As to the first Distribution Date, the Original Class B-2 Fractional Interest.

  • Accrual Date With respect to any Series or Class of Certificates, the date upon which interest begins accruing on the Certificates of such Series or Class, which shall be specified in the related Pooling and Servicing Agreement.

  • Original Class B-4 Fractional Interest As to the first Distribution Date, the percentage obtained by dividing the sum of the Original Class B-5 Principal Balance and the Original Class B-6 Principal Balance by the sum of the Original Class A Non-PO Principal Balance and the Original Class B Principal Balance. The Original Class B-4 Fractional Interest is specified in Section 11.19.