Compensating Interest Payments. Any payment required to be made by the Master Servicer pursuant to Section 3.13 of this Agreement to cover Prepayment Interest Shortfalls.
Compensating Interest Payments. With respect to each Mortgage Loan (other than any Non-Serviced Mortgage Loan) and any related Serviced Pari Passu Companion Loan, an amount as of any Distribution Date equal to the lesser of (i) the aggregate amount of Prepayment Interest Shortfalls incurred in connection with voluntary principal prepayments received in respect of the Mortgage Loans (other than any Non-Serviced Mortgage Loan) and any related Serviced Pari Passu Companion Loan (in each case other than a Specially Serviced Mortgage Loan if the Special Servicer allowed a prepayment on such Mortgage Loan or Serviced Pari Passu Companion Loan on a date other than the applicable Due Date) for the related Distribution Date and (ii) the aggregate of (A) a portion of the Master Servicer’s Servicing Fees for such Distribution Date calculated at a rate of 0.0025% per annum on each Mortgage Loan (other than any Non-Serviced Mortgage Loan) (and, so long as a Whole Loan is serviced under this Agreement, any related Serviced Pari Passu Companion Loan, (B) all Prepayment Interest Excesses received by the Master Servicer during such Collection Period with respect to the Mortgage Loans (other than any Non-Serviced Mortgage Loan) (and, so long as a Serviced Whole Loan is serviced hereunder, any related Serviced Whole Loan) subject to such prepayment and (C) to the extent earned on principal prepayments, net investment earnings payable to the Master Servicer for such Collection Period received by the Master Servicer during such Collection Period with respect to the Mortgage Loan (other than any Non-Serviced Mortgage Loan) (and, so long as a Whole Loan is serviced hereunder, any related Serviced Whole Loan), as applicable, subject to such prepayment. In no event will the rights of the Certificateholders to the offset of the aggregate Prepayment Interest Shortfalls be cumulative. However, if a Prepayment Interest Shortfall occurs with respect to a Mortgage Loan (other than any Non-Serviced Mortgage Loan) or Serviced Whole Loan as a result of the Master Servicer’s allowing the related Mortgagor to deviate (a “Prohibited Prepayment”) from the terms of the related Mortgage Loan documents regarding Principal Prepayments (other than (V) a Non-Serviced Mortgage Loan, (W) subsequent to a default under the related Mortgage Loan documents or if the Mortgage Loan is a Specially Serviced Mortgage Loan, (X) pursuant to applicable law or a court order or otherwise in such circumstances where the Master Servicer is required...
Compensating Interest Payments. Any payment required to be made by the Master Servicer pursuant to Section 3.20(f) to cover Prepayment Interest Shortfalls and Extraordinary Prepayment Interest Shortfalls or Section 3.20(e) to cover Balloon Payment Interest Shortfalls.
Examples of Compensating Interest Payments in a sentence
The Master Servicer shall not be responsible for making any Compensating Interest Payments not made by the Servicers.
Any Compensating Interest Payments made by the Servicers shall be a component of the Interest Remittance Amount.
On each Distribution Date, the amounts that have been transferred to the Lower-Tier REMIC Distribution Account from the Collection Account or as P&I Advances or Compensating Interest Payments or as otherwise contemplated by the preceding sentences of this Section 4.01(a) shall be deemed distributed on the Lower-Tier Regular Interests to the Upper-Tier REMIC, in accordance with Section 4.01(a)(ii) and the last paragraph of Section 4.01(d).
Shortfalls in interest payments will not be offset by a reduction in the servicing compensation of the Master Servicer or otherwise, except to the extent of applicable Compensating Interest Payments.
Compensating Interest Payments with respect to a Serviced Loan Combination shall be allocated between the related Mortgage Loan and the related Serviced Pari Passu Companion Loan(s) in accordance with their respective principal amounts, and the Master Servicer shall pay the portion of such Compensating Interest Payments allocable to a related Serviced Pari Passu Companion Loan to the holder thereof.
More Definitions of Compensating Interest Payments
Compensating Interest Payments. As defined in Section 6.09.
Compensating Interest Payments. With respect to each Mortgage Loan and Companion Loan (or REO Loan), an amount as of any Distribution Date equal to the lesser of (i) the aggregate amount of Prepayment Interest Shortfalls, and (ii) the aggregate of (A) that portion of Servicing Fees (or in the case of a Companion Loan, Servicing Fees for such Companion Loan) for such Distribution Date that is, in the case of each and every Mortgage Loan or Companion Loan and REO Loan for which such Servicing Fees are being paid for such Distribution Date, calculated at 0.02% per annum, and (B) all Prepayment Interest Excesses and, to the extent earned on Principal Prepayments, Net Investment Earnings for such Distribution Date. However, if a Prepayment Interest Shortfall occurs as a result of the Servicer's allowing the related Mortgagor to deviate from the terms of the related Mortgage Loan or Companion Loan documents regarding Principal Prepayments (other than (X) subsequent to a default under the related Mortgage Loan or Companion Loan documents, (Y) pursuant to applicable law or a court order, or (Z) at the request or with the consent of the Directing Certificateholder or with respect to the Grace Building Whole Loan, the Grace Building Directing Holder), then, for purposes of calculating the Compensating Interest Payment for the related Distribution Date, the amount in clause (ii) above shall be the aggregate of (A) all Servicing Fees for such Distribution Date (or in the case of a Companion Loan, all Servicing Fees for such Companion Loan) and (B) all Prepayment Interest Excesses and (C) to the extent earned on Principal Prepayments, Net Investment Earnings received by the Servicer for such Distribution Date. In no event will the rights of the Certificateholders to offset the aggregate Prepayment Interest Shortfalls be cumulative.
Compensating Interest Payments shall have the meaning assigned to such term in the Servicing Agreement or such other analogous term used in the Servicing Agreement.
Compensating Interest Payments means, with respect to any Distribution Date, any payments required to be made by the Master Servicer pursuant to Section 8.21(b) to cover Prepayment Interest Shortfalls.
Compensating Interest Payments. As defined in Section 6.07.
Compensating Interest Payments. With respect to any Distribution Date, any payments required to be made by the Master Servicer pursuant to Section 3.25 to cover Prepayment Interest Shortfalls.
Compensating Interest Payments. The amounts described in Section 4.04(viii) of the Servicing Agreements.