Reduced Payment Period definition

Reduced Payment Period has the meaning given to it in Section 9.
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Reduced Payment Period. (applicable only to Loans for which the Interest-Only Option, Fixed $25 Payment Option, or Fixed $100 Payment Option is chosen) means a period during which monthly interest-only payments in the full amount of the accrued interest on the principal balance of the Loan or chosen fixed payment shall be due and payable. The Reduced Payment Period will begin immediately following the initial Disbursement Date and continue for each consecutive month
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Examples of Reduced Payment Period in a sentence

  • The first payment during the Reduced Payment Period will be due approximately thirty (30) to sixty (60) days following the initial Disbursement Date (as specified on a monthly statement sent by you to the Borrower).

  • The Principal Repayment Period of my Loan will begin following the expiration of the Reduced Payment Period and the monthly payments during the Principal Repayment Period will be due and payable as described in this Note under “Principal Repayment Period Terms” below.

  • Prior to the company’s separation from SLM Corporation in 2014, Navient-sponsored FFELP securitizations under the name SLM.Chart 15 FFELP ABS Trusts‌Balance of Loans in Reduced Payment Period of an IDR Plan By Quarter First Entered IDR‌ Charts 16 and 17 below show the pool factor of loans in Navient-sponsored Non- Consolidation and Consolidation ABS trusts, respectively, after entering the reduced payment period of an IDR plan.

  • If I have selected the Fixed $100 Payment Option, I will make consecutive monthly payments of $100 during the Reduced Payment Period on or before the due dates specified in the monthly statements you will send the Borrower.

  • To the extent permitted by applicable law and if permitted under the loan product I have selected, I can request an Academic Deferment if I am enrolled at least half-time in an accredited higher education program at an approved school during the Principal Repayment Period, and I have not used all sixty (60) months of a Full Deferment Period or Reduced Payment Period.

  • The first payment during the Principal Repayment Period will be due approximately thirty (30) to sixty (60) days following the expiration of the Reduced Payment Period, as specified in the monthly statement you send the Borrower.

  • If I have selected the Interest Only Option, I will make consecutive monthly interest-only payments during the Reduced Payment Period on or before the due dates specified in the monthly statements you will send the Borrower.

  • The first payment during the Reduced Payment Period will be due approximately thirty (30) to sixty (60) days following the initial Disbursement Date (as specified on a monthly statement send on a monthly statement sent by you to the Borrower).

  • If I have selected the Fixed $25 Payment Option, I will make consecutive monthly payments of $25 during the Reduced Payment Period on or before the due dates specified in the monthly statements you will send the Borrower.

Related to Reduced Payment Period

  • Reduced payment means a payment that is for less than the amount agreed upon in a subcontract in accordance with its terms and conditions, for supplies and services for which the Government has paid the prime contractor.

  • Non-Payment Period Rate means, initially, 200% of the applicable Reference Rate (or 275% of such rate if the Corporation has provided notification to the Auction Agent prior to the Auction establishing the Applicable Rate for any dividend pursuant to paragraph 2(f) hereof that net capital gains or other taxable income will be included in such dividend on shares of AMPS), provided that the Board of Directors of the Corporation shall have the authority to adjust, modify, alter or change from time to time the initial Non-Payment Period Rate if the Board of Directors of the Corporation determines and Moody's and S&P (and any Substitute Rating Agency in lieu of Moody's or S&P in the event either of such parties shall not rate the AMPS) advise the Corporation in writing that such adjustment, modification, alteration or change will not adversely affect their then-current ratings on the AMPS.

  • Excess Cash Flow Payment Period means, with respect to the repayment required on each Excess Cash Flow Payment Date, the immediately preceding fiscal year of the Borrower.

  • Payment Period means the three months following each Collection Quarter.

  • lump sum payment period means the period measured in weeks of salary, for which payment has been made to facilitate the transition to retirement or to other employment as a result of the implementation of various programs to reduce the size of the Public Service. The lump sum payment period does not include the period of severance pay, which is measured in a like manner.

  • Non-Payment Period means, with respect to each series of AMPS, any period commencing on and including the day on which the Corporation shall fail to (i) declare, prior to the close of business on the second Business Day preceding any Dividend Payment Date, for payment on or (to the extent permitted by paragraph 2(c)(i) of these Articles Supplementary) within three Business Days after such Dividend Payment Date to the Holders as of 12:00 noon, New York City time, on the Business Day preceding such Dividend Payment Date, the full amount of any dividend on shares of AMPS payable on such Dividend Payment Date or (ii) deposit, irrevocably in trust, in same-day funds, with the Auction Agent by 12:00 noon, New York City time, (A) on such Dividend Payment Date the full amount of any cash dividend on such shares payable (if declared) on such Dividend Payment Date or (B) on any redemption date for any shares of AMPS called for redemption, the Mandatory Redemption Price per share of such AMPS or, in the case of an optional redemption, the Optional Redemption Price per share, and ending on and including the Business Day on which, by 12:00 noon, New York City time, all unpaid cash dividends and unpaid redemption prices shall have been so deposited or shall have

  • Specified Payment means any Permitted Acquisition, Investment, loan, advance, incurrence of or payment with respect to Indebtedness or other transaction made subject to satisfaction of the Payment Conditions or any component thereof.

  • Repayment Period means the period beginning on the Loan Commencement Date and continuing for 36 calendar months.

  • Required Payment Amount shall have, for any Distribution Date, the meaning specified for such Distribution Date in Section 4.6(a) of the Sale and Servicing Agreement.

  • Remaining Amortization Period means, at any point in time, the number of consecutive calendar months equal to the number of months in the Amortization Period minus the number of scheduled monthly installments of principal and interest that have elapsed since the date of this Note.

  • Prepayment Period With respect to any Distribution Date, the calendar month preceding the calendar month in which such Distribution Date occurs.

  • Principal Prepayment Period The month preceding the month in which the related Remittance Date occurs.

  • Deferred Payment Date for a Participant means the date after the Restricted Period in respect of Restricted Share Units which is the earlier of (i) the date which the Participant has elected to defer receipt of the underlying Shares in accordance with Section 4.5 of this Plan; and (ii) the Participant's Separation Date.

  • Principal Remittance Amount With respect to any Distribution Date, the sum of the Group I Principal Remittance Amount and the Group II Principal Remittance Amount.

  • Delayed Payment Interest Rate means the national average annual rate of interest payable on jumbo six-month bank certificates of deposit, as quoted in the business section of the most recently published Sunday edition of The New York Times preceding the Executive’s separation from service.

  • Group I Principal Remittance Amount With respect to any Distribution Date, the sum of the amounts described in clauses (i) through (iii) of the definition of Group I Principal Distribution Amount.

  • Seller Remittance Amount With respect to each Servicer, the meaning assigned to such term in the related Servicing Agreement.

  • Adjusted Actual/360 Accrued Interest Amount with respect to any REMIC I Regular Interest referred to in clause (B) of the second sentence of the prior paragraph, for any Interest Accrual Period, is an amount of interest equal to the product of (a) the Net Mortgage Rate then in effect (including as a result of any step-up provision) for the related Mortgage Loan under the original terms of such Mortgage Loan in effect as of the Closing Date (without regard to any modifications, extensions, waivers or amendments of such Mortgage Loan subsequent to the Closing Date, whether entered into by the Master Servicer or the Special Servicer or in connection with any bankruptcy, insolvency or other similar proceeding involving the related Borrower), multiplied by (b) a fraction, the numerator of which is the number of days in such Interest Accrual Period, and the denominator of which is 360, multiplied by (c) the Uncertificated Principal Balance of such REMIC I Regular Interest immediately prior to the Distribution Date that corresponds to such Interest Accrual Period; provided that, if the subject Interest Accrual Period occurs during (x) December of any year that does not immediately precede a leap year or (y) January of any year, then the amount of interest calculated with respect to the subject REMIC I Regular Interest pursuant to this definition for such Interest Accrual Period without regard to this proviso shall be decreased by the Interest Reserve Amount, if any (and the fraction described in clause (B) of the second sentence of the preceding paragraph shall be adjusted accordingly), with respect to the related Mortgage Loan (or any successor REO Mortgage Loan with respect thereto) transferred, in accordance with Section 3.04(c), from the Distribution Account to the Interest Reserve Account on the Master Servicer Remittance Date that occurs immediately following the end of such Interest Accrual Period; and provided, further, that, if the subject Interest Accrual Period occurs during February of any year (or during any December or January preceding the month of the Final Distribution Date), then the amount of interest calculated with respect to the subject REMIC I Regular Interest pursuant to this definition for such Interest Accrual Period without regard to this proviso shall be increased by the Interest Reserve Amount(s), if any (and the fraction described in clause (B) of the second sentence of the preceding paragraph shall be adjusted accordingly), with respect to the related Mortgage Loan (or any successor REO Mortgage Loan with respect thereto) transferred, in accordance with Section 3.05(c), from the Interest Reserve Account to the Distribution Account on the Master Servicer Remittance Date that occurs immediately following the end of such Interest Accrual Period.

  • Group II Principal Remittance Amount With respect to any Distribution Date, the sum of the amounts described in clauses (i) through (iii) of the definition of Group II Principal Distribution Amount.

  • Interest Calculation Period means the period or periods for the calculation of the interest shown on the mortgage form;

  • Early Amortization Period means the period commencing on the date on which a Trust Early Amortization Event or a Series 2023-A Early Amortization Event is deemed to occur and ending on the Series Termination Date.

  • Quarterly Excess Available Funds Percentage means, with respect to the March 2008 Transfer Date and each Transfer Date thereafter, the percentage equivalent of a fraction the numerator of which is the sum of the Excess Available Funds Percentages with respect to the immediately preceding three Monthly Periods and the denominator of which is three.

  • Net Monthly Excess Cash Flow For any Distribution Date the amount remaining for distribution pursuant to subsection 4.02(a)(iii) (before giving effect to distributions pursuant to such subsection).

  • Excess Cash Flow Payment Date means the date occurring 90 days after the last day of a fiscal year of the Parent (commencing with its fiscal year ending December 31, 2000).

  • Nominal Liquidation Amount Deficit means, for any tranche of notes, the Adjusted Outstanding Dollar Principal Amount minus the nominal liquidation amount of that tranche.

  • Class A-1 Final Scheduled Payment Date means the Payment Date occurring in May 2023.