Daily Simple Interest definition

Daily Simple Interest means a method of calculating the interest charge on a loan, which is determined by multiplying the daily interest rate by the principal by the number of days in the period. The amount of interest charged during any one period depends on the number of days in the period.
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Examples of Daily Simple Interest in a sentence

  • SPECIAL Interest Calculation Option Daily Simple Interest Calculation Type Daily Simple Interest Paid to Date Daily Simple Interest Index Daily Simple Interest Pay Option Interest Only Flag Interest Only Term Interest Only End Date VIII.

  • Origination Date Corporate Advance Balance Interest Calculation Option Original Interest Rate Deferred Interest Balance Daily Simple Interest Calculation Type Maturity Date Amount Daily Simple Interest Paid to Date Original LTV Restricted Escrow Balance Daily Simple Interest Index First Payment Due Date Daily Simple Interest Pay Option Late Charge Factor Ill.

  • Mortgage Loans so identified on the Mortgage Loan Schedule have been serviced by the Daily Simple Interest Method.

Related to Daily Simple Interest

  • Simple interest means interest computed on the principal balance outstanding

  • Daily Simple ▇▇▇▇▇ means, for any day (an “▇▇▇▇▇ Interest Day”), an interest rate per annum equal to the greater of (a) ▇▇▇▇▇ for the day that is five Business Days prior to (A) if such ▇▇▇▇▇ Interest Day is a Business Day, such ▇▇▇▇▇ Interest Day or (B) if such ▇▇▇▇▇ Interest Day is not a Business Day, the Business Day immediately preceding such ▇▇▇▇▇ Interest Day and (b) 0%.

  • Daily Simple RFR means, for any day (an “RFR Interest Day”), an interest rate per annum equal to (a) for any RFR Loan denominated in GBP, the greater of (i) ▇▇▇▇▇ for the day (the “RFR Reference Day”) that is five RFR Business Days prior to (A) if such RFR Interest Day is a RFR Business Day, such RFR Interest Day or (B) if such RFR Interest Day is not a RFR Business Day, the RFR Business Day immediately preceding such RFR Interest Day, in each case, plus the applicable RFR Applicable Credit Adjustment Spread for the Interest Period in which such RFR Interest Day occurs, and (ii) 0.00%; and (b) for any RFR Loan denominated in CHF, the greater of (i) SARON for the RFR Reference Day that is five RFR Business Days prior to (A) if such RFR Interest Day is a RFR Business Day, such RFR Interest Day or (B) if such RFR Interest Day is not a RFR Business Day, the RFR Business Day immediately preceding such RFR Interest Day, in each case, plus the applicable RFR Applicable Credit Adjustment Spread for the Interest Period in which such RFR Interest Day occurs, and (ii) 0.00%. If by 5:00 p.m. (London time), on the second Business Day immediately following any RFR Reference Day, the applicable RFR Rate in respect of such RFR Reference Day has not been published on the applicable RFR Administrator’s Website and a Benchmark Replacement Date with respect to the applicable Daily Simple RFR has not occurred, then the RFR Rate for such RFR Reference Day will be the RFR Rate as published in respect of the first preceding RFR Business Day for which such RFR Rate was published on the RFR Administrator’s Website; provided that any RFR Rate as determined pursuant to this sentence shall be utilized for purposes of calculating the Daily Simple RFR for no more than three consecutive RFR Interest Days. Any change in Daily Simple RFR due to a change in the applicable RFR Rate shall be effective from and including the effective date of such change in such RFR Rate without notice to the Borrower.

  • Net Simple Interest Excess With respect to any Distribution Date, the excess, if any, of (a) the amount of the payments received by the Servicers and the Master Servicer in the related Collection Period allocable to interest in respect of Simple Interest Mortgage Loans, calculated in accordance with the Simple Interest Method, net of the related Servicing Fees, over (b) 30 days’ interest at the weighted average (by principal balance) of the Net Mortgage Rates of the Simple Interest Mortgage Loans as of the first day of the related Collection Period, as determined by the related Servicer, on the aggregate principal balance of such Simple Interest Mortgage Loans for such Distribution Date, carried to six decimal places, rounded down, and calculated on the basis of a 360-day year consisting of twelve 30-day months. For this purpose, the amount of interest received in respect of the Simple Interest Mortgage Loans in any month shall be deemed (a) to include any Advances of interest made by the related Servicer, the Master Servicer or the Securities Administrator in such month in respect of such Simple Interest Mortgage Loans and (b) to be reduced by any amounts paid to the related Servicer, the Master Servicer or the Securities Administrator in such month in reimbursement of Advances previously made by the Servicer, the Master Servicer or the Securities Administrator in respect of such Simple Interest Mortgage Loans.

  • Daily Simple SOFR Loan means each Loan bearing interest at a rate based upon Daily Simple SOFR.