Simple Interest Excess definition

Simple Interest Excess. As of any Distribution Date for each Simple Interest Qualifying Loan, the excess, if any, of (i) the portion of the monthly payment received from the Mortgagor for such Mortgage Loan allocable to interest with respect to the related Due Period, over (ii) 30 days' interest on the Stated Principal Balance of such Mortgage Loan at the Mortgage Rate.
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Simple Interest Excess means, for any Collection Period, the excess, if any, of (i) Collected Interest over (ii) Expected Interest for such Collection Period.
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Simple Interest Excess. As of any Remittance Date for each Simple Interest Qualifying Loan, the excess, if any, of (i) the portion of the monthly payment received from the Mortgagor for such Mortgage Loan allocable to interest with respect to the related Due Period, over (ii) 30 days’ interest on such Mortgage Loan at the then applicable Net Mortgage Rate.
Sample 1

Examples of Simple Interest Excess in a sentence

  • The Servicer shall also deposit from its own funds into the Custodial Account, without the right to reimbursement, except from Net Simple Interest Excess, an amount equal to any Net Simple Interest Shortfall (to the extent not offset by Net Simple Interest Excess) for the related Due Period and remit such funds to the Master Servicer pursuant to Section 4.01.

  • The Master Servicer shall also deposit from its own funds into the Collection Account (to the extent not already received from the related Servicer), without right of reimbursement, except from Net Simple Interest Excess, an amount equal to any Net Simple Interest Shortfall (to the extent not offset by Net Simple Interest Excess) for the related Collection Period.

  • The Master Servicer shall also deposit from its own funds into the Collection Account (to the extent not already received from the Servicer), without right of reimbursement, except from Net Simple Interest Excess, an amount equal to any Net Simple Interest Shortfall (to the extent not offset by Net Simple Interest Excess) for the related Collection Period.

  • On each Determination Date, the Servicer shall determine the amount, if any, of any Simple Interest Shortfall or Simple Interest Excess for the related Collection Period.

  • In consideration of the purchase of such Receivable, the Servicer shall remit the Purchase Amount in the manner specified in Section 5.5. For purposes of this Section, the Purchase Amount shall, whenever applicable, consist in part of a release by the Servicer of all rights to receive Simple Interest Excess with respect to the related Receivable.

  • The Servicing Fee payable to the Servicer pursuant to Section 5.6(c)(i) and the Simple Interest Excess, if any, payable to the Servicer, so long as LBAC is the Servicer, pursuant to Section 5.12 shall be the only amounts payable to the Servicer for its services hereunder.

  • If, however, the Servicer determines that there is a Simple Interest Excess for such Collection Period, the Trust Collateral Agent shall withdraw the amount of such Simple Interest Excess from the Collection Account on the next Payment Date and pay the amount of such Simple Interest Excess to the Servicer as additional servicing compensation.

  • The Master Servicer shall also deposit from its own funds into the Collection Account (to the extent not already received from the related Servicer), without right of reimbursement, except from Net Simple Interest Excess, an amount equal to any Net Simple Interest Shortfall (to the extent not offset by Net Simple Interest Excess) for the related Due Period.

  • In addition, the Servicer shall clear and terminate the Simple Interest Excess Sub-Account upon the termination of this Agreement and retain any funds remaining therein.

  • Permitted Withdrawals from Escrow Accounts; Payments of Taxes, Insurance and Other Charges; Simple Interest Excess Sub-Accounts; Deposits in Simple Interest Excess Sub-Accounts.


More Definitions of Simple Interest Excess

Simple Interest Excess. Sub-Accounts; Deposits in Simple Interest Excess Sub-Accounts..................................75 SECTION 3.07 Access to Certain Documentation and Information Regarding the Mortgage Loans; Inspections............................77 SECTION 3.08 Permitted Withdrawals from the Collection Accounts and Certificate Account..............................................78 SECTION 3.09 Maintenance of Hazard Insurance and Mortgage Impairment Insurance; Claims; Restoration of Mortgaged Property...................................................79 SECTION 3.10 Enforcement of Due-on-Sale Clauses; Assumption Agreements...........................................................80 SECTION 3.11 Realization Upon Defaulted Mortgage Loans; Repurchase of Certain Mortgage Loans.................................82 SECTION 3.12 Trustee to Cooperate; Release of Mortgage Files ....................................................................86 SECTION 3.13 Documents, Records and Funds in Possession of a Servicer to be Held for the Trustee..................................87 SECTION 3.14 Servicing Fee........................................................88 SECTION 3.15 Access to Certain Documentation......................................88 SECTION 3.16 Annual Statement as to Compliance....................................88 SECTION 3.17 Annual Independent Public Accountants' Servicing Statement; Financial Statements......................................89 SECTION 3.18 Maintenance of Fidelity Bond and Errors and Omissions Insurance..................................................89 SECTION 3.19 Duties of the Loss Mitigation Advisor................................90 SECTION 3.20 Limitation Upon Liability of the Loss Mitigation Advisor..............................................................90
Sample 1
Simple Interest Excess means, as of any Determination Date for each Simple Interest Qualifying Loan, the excess, if any, of (i) the portion of the scheduled payment received from the Obligor for such Loan allocable to interest with respect to the related Due Period, over (ii) 30 days' interest on the principal balance of such Loan at the Loan Interest Rate.
Sample 1
Simple Interest Excess. With respect to the first Distribution Date and for each Simple Interest Qualifying Loan, the excess, if any, of (i) the portion of the monthly payments received from the Obligor for such Contract allocable to interest with respect to the related Due Period, over (ii) 37 days' interest on the Stated Principal Balance of such Contract at the Contract Rate. With respect to any Distribution Date after the first Distribution Date and for each Simple Interest Qualifying Loan, the excess, if any, of (i) the portion of the monthly payment received from the Obligor for such Contract allocable to interest with respect to the related Due Period, over (ii) 30 days' interest on the Stated Principal Balance of such Contract at the Contract Rate.
Sample 1
Simple Interest Excess. With respect to any Distribution Date and any Mortgage Loan, the excess, if any, of (i) the portion of the monthly payment received from the related Mortgagor allocable to interest with respect to the Due Date in the related Collection Period, over (ii) a full month's interest on such Mortgage Loan at the Mortgage Interest Rate.
Sample 1
Simple Interest Excess. As of any Payment Date and for each Simple Interest Qualifying Loan, the excess, if any, of (i) the amount of interest actually paid on such Mortgage Loan with respect to the related Due Period net of the Servicing Fee, over (ii) 30 days' interest (calculated on the basis of a 360-day year consisting of twelve 30 day months) on the Principal Balance of such Mortgage Loan, at the Mortgage Interest Rate net of the Servicing Fee.
Sample 1
Simple Interest Excess. As of any Distribution Date for each Simple Interest Qualifying Loan, the excess, if any, of (i) the portion of the monthly payment received from the Obligor for such Contract allocable to interest with respect to the related Due Period, over (ii) 30 days' interest on the Stated Principal Balance of such Contract at the Contract Rate.
Sample 1

Related to Simple Interest Excess

  • 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.

  • Prepayment Interest Excess As to any Principal Prepayment received by the Master Servicer from the first day through the fifteenth day of any calendar month (other than the calendar month in which the Cut-off Date occurs), all amounts paid by the related Mortgagor in respect of interest on such Principal Prepayment. All Prepayment Interest Excess shall be paid to the Master Servicer as additional master servicing compensation.

  • Simple Interest Loan means any Loan under which the portion of a payment allocable to interest and the portion allocable to principal is determined by allocating a fixed level payment between principal and interest, such that such payment is allocated first to the accrued and unpaid interest at the Annual Percentage Rate for such Loan on the unpaid principal balance and the remainder of such payment is allocable to principal.

  • Prepayment Interest Excess Amount With respect to any Principal Prepayment in full which is applied to the related Mortgage Loan from the first day of the month of any Remittance Date through the sixteenth day of the month of such Remittance Date, all amounts paid in respect of interest on such Principal Prepayment in full. A Prepayment Interest Excess Amount cannot result from a Principal Prepayment in part, but only from a Principal Prepayment in full.

  • Simple interest means interest computed on the principal balance outstanding

  • Annualized Interest Expense means, for the four consecutive quarters ending on each Reporting Date, the Operating Partnership’s Pro Rata Share of interest expense, with other adjustments as are necessary to exclude the effect of items classified as extraordinary items, in accordance with generally accepted accounting principles, reduced by amortization of debt issuance costs and adjusted to reflect the assumption that (i) any interest expense related to indebtedness incurred since the first day of such four-quarter period is computed as if such indebtedness had been incurred as of the beginning of such period, and (ii) any interest expense related to indebtedness that was repaid or retired since the first day of such four-quarter period is computed as if such indebtedness had been repaid or retired as of the beginning of such period (except that, in making such computation, the amount of interest expense related to indebtedness under any revolving credit facility shall be computed based upon the average daily balance of such indebtedness during such four-quarter period).

  • Cumulative Interest Expense means, in respect of any Restricted Payment, the sum of the aggregate amount of Consolidated Interest Expense of the Issuer and the Restricted Subsidiaries for the period from and after January 1, 2005 to the end of the Issuer’s most recently ended fiscal quarter for which internal financial statements are available and immediately preceding the proposed Restricted Payment.

  • Consolidated Amortization Expense means, for any period, the amortization expense of Borrower and its Subsidiaries for such period, determined on a consolidated basis in accordance with GAAP.

  • Simple Interest Receivable means any Receivable under which the portion of a payment allocable to interest and the portion allocable to principal is determined in accordance with the Simple Interest Method.

  • Available Interest With respect to any Distribution Date, the sum of the following amounts with respect to the prior Monthly Period:

  • Simple Interest Advance means, with respect to a Simple Interest Receivable, the amount, as of the last day of a Collection Period, which is advanced with respect to such Simple Interest Receivable by the Servicer pursuant to Section 4.4(a) of the Sale and Servicing Agreement.

  • Group I Interest Remittance Amount With respect to any Distribution Date, that portion of the Available Funds for such Distribution Date attributable to interest received or advanced with respect to the Group I Mortgage Loans.

  • Available Income means the Up-MACRO Available Income or the Down-MACRO Available Income, as applicable.

  • Interest Expenses means, with respect to any Person for any period, the sum, determined on a consolidated basis in accordance with GAAP, of (a) all interest expenses of such Person during such period (including interest attributable to Capital Leases) plus (b) all fees in respect of outstanding letters of credit paid, accrued or scheduled for payment by such Person during such period.

  • Simple Interest Method means the method of allocating a fixed level payment to principal and interest, pursuant to which the portion of such payment that is allocated to interest is equal to the product of the fixed rate of interest multiplied by the unpaid principal balance multiplied by the period of time elapsed since the preceding payment of interest was made and the remainder of such payment is allocable to principal.

  • Consolidated Excess Cash Flow means, for any period, an amount (if positive) equal to:

  • 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.

  • Specified Reserve Fund Balance means, on the Closing Date $3,846,153.85, and with respect to any Payment Date 0.25% of the initial aggregate principal balance of the Receivables as of the Cutoff Date.

  • Quarterly Excess Spread Percentage means, for each Determination Date, the percentage equivalent of a fraction the numerator of which is the sum of the Excess Spread Percentages with respect to the immediately preceding three Monthly Periods and the denominator of which is three.

  • Net Excess Spread With respect to any Distribution Date, (A) the fraction, expressed as a percentage, the numerator of which is equal to the product of (i) the amount, if any, by which (a) the aggregate of the Interest Remittance Amounts for each Mortgage Pool for such Distribution Date (as reduced by the Credit Risk Manager’s Fee) exceeds (b) the Current Interest payable with respect to the Certificates for such date and (ii) twelve, and the denominator of which is the Aggregate Pool Balance for such Distribution Date, multiplied by (B) a fraction, the numerator of which is thirty and the denominator of which is the greater of thirty and the actual number of days in the immediately preceding calendar month.

  • Consolidated Scheduled Funded Debt Payments means for any period for the Borrower and its Subsidiaries on a consolidated basis, the sum of all scheduled payments of principal on Consolidated Funded Indebtedness, as determined in accordance with GAAP. For purposes of this definition, “scheduled payments of principal” (a) shall be determined without giving effect to any reduction of such scheduled payments resulting from the application of any voluntary or mandatory prepayments made during the applicable period, (b) shall be deemed to include the Attributable Indebtedness in respect of Capital Leases, Securitization Transactions and Synthetic Leases and (c) shall not include any voluntary prepayments or mandatory prepayments required pursuant to Section 2.05.

  • Consolidated Cash Interest Charges means, for any Measurement Period, all Consolidated Interest Charges paid or payable in cash by Holdings and its Subsidiaries on a consolidated basis.

  • Consolidated Interest Expense means, with respect to any Person for any period, without duplication, the sum of:

  • Group II Interest Remittance Amount With respect to any Distribution Date, that portion of the Available Funds for such Distribution Date attributable to interest received or advanced with respect to the Group II Mortgage Loans.

  • 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.

  • Interest Expense means, for any period, the aggregate of the interest expense of Parent and its Subsidiaries for such period, determined on a consolidated basis in accordance with GAAP.