Simple Interest Loans definition

Simple Interest Loans. Any Mortgage Loan as to which, pursuant to the Note relating thereto, interest is computed and charged to the Mortgagor at the Mortgage Rate on the outstanding principal balance of such Note based on the number of days elapsed between receipt of the Mortgagor's last payment through receipt of the Mortgagor's most current payment.
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Simple Interest Loans means mortgage loans that provide that scheduled interest and principal payments thereon are applied first to interest accrued from the last date to which interest has been paid to the date the payment is received and the balance thereof is applied to principal.
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Examples of Simple Interest Loans in a sentence

  • In the event of any such arrangement, the EMC Servicer shall make Advances on the related EMC Mortgage Loan (except with respect to principal on Simple Interest Loans) during the scheduled period in accordance with the amortization schedule of such EMC Mortgage Loan without modification thereof by reason of such arrangements, and shall be entitled to reimbursement therefor in accordance with Section 2.01 of this Exhibit K.

  • For the month of substitution, except with respect to Simple Interest Loans, distributions to Certificateholders will include the Scheduled Payment due on any Deleted Mortgage Loan for the related Due Period (and with respect to Simple Interest Loans, payments of principal actually received during such Due Period) and thereafter the Seller shall be entitled to retain all amounts received in respect of such Deleted Mortgage Loan.

  • Delinquency Advances are recoverable from (i) late collections on the Mortgage Loan which gave rise to the Delinquency Advance, (ii) Liquidation Proceeds for the Mortgage Loan which gave rise to such Delinquency Advance, (iii) with respect to Simple Interest Loans, Excess Interest for the related Mortgage Loan Group and (iv) pursuant to Section 7.03(c)(ii)(C).

  • In the event of any such arrangement, the EMC Master Servicer shall make Advances on the related EMC Mortgage Loan (except with respect to principal on Simple Interest Loans) during the scheduled period in accordance with the amortization schedule of such EMC Mortgage Loan without modification thereof by reason of such arrangements, and shall be entitled to reimbursement therefor in accordance with Section 2.01 of this Exhibit K.

  • For purposes of calculating the amount of Delinquency Advances for the Simple Interest Loans or Excess Interest for reimbursement of such Delinquency Advances for a Mortgage Loan Group, the amount "due" during the Due Period will be deemed to be 30 days' interest at the weighted average Mortgage Rate for the Simple Interest Loans in such Mortgage Loan Group.

  • The Group 1 Mortgage Loans and the Group 2 Mortgage Loans will have an aggregate Scheduled Principal Balance as of the Cut-off Date, after deducting all Scheduled Principal due or, in the case of the Simple Interest Loans in such Mortgage Loan Group, the principal portion of all scheduled payments received, on or before the Cut-off Date, of $67,065,251 and $15,137,663, respectively, or $82,202,914 for all of the Mortgage Loans.

  • Except with respect to 10.73% of the Mortgage Loans (by Cut-Off Date Principal Balance), all of which are Simple Interest Loans, the principal and interest due on each Mortgage Loan is calculated pursuant to the standard amortization method (30/360 day interest accrual).

  • Notwithstanding the foregoing, the Master Servicer shall not be obligated to make any Compensating Interest Payments in respect of delinquent payments of interest on Simple Interest Loans.

  • Advance: An advance of delinquent payments of principal (other than in respect of delinquent payments of principal on any Simple Interest Loans) or interest in respect of a Mortgage Loan required to be made by the applicable Servicer pursuant to the related Servicing Agreement, or by the Master Servicer pursuant to Section 5.01.

  • Notwithstanding the foregoing, the Master Servicer shall not be obligated to make any Monthly Advances in respect of delinquent payments of principal on Simple Interest Loans.


More Definitions of Simple Interest Loans

Simple Interest Loans. Those Mortgage Loans that employ the simple interest method of calculating interest thereon. The Mortgage Loan Schedule shall identify which Mortgage Loans are Simple Interest Loans.
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Simple Interest Loans. Assistance Loans that accrue interest on a simple interest basis.
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Simple Interest Loans in the Fixed Rate Group pursuant to Section 8.09(a)) collected on the Simple Interest Loans in the Fixed Rate Group during the related Due Period, plus (b) the interest portion of Curtailments with respect to Actuarial Loans, Net Liquidation Proceeds and Prepayments collected by the Master Servicer with respect to Mortgage Loans in the Fixed Rate Group during the related Prepayment Period, plus (c) the interest portion of Scheduled Payments due on the Actuarial Loans in the Fixed Rate Group after the Cut-Off Date or Replacement Cut-Off Date, as applicable, and on or before the end of the related Due Period to the extent such Scheduled Payments are in the Collection Account as of the Determination Date, less (d) the amount which is equal to the product of the Expense Rate and the aggregate Loan Balance of the Mortgage Loans in the Fixed Rate Group and any amounts not required to be deposited into the Collection Account pursuant to Section 8.08(c), plus (e) any Delinquency Advances and Compensating Interest paid by the Master Servicer with respect to the Fixed Rate Group for such Due Period over (ii) the interest accrued on the Group 1 Certificates during the Accrual Period for such Distribution Date.
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Related to Simple Interest Loans

  • 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.

  • 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.

  • Simple Interest Mortgage Loan Those simple interest loans as noted on the Mortgage Loan Schedule under the data field designated “DSI.”

  • Simple interest means interest computed on the principal balance outstanding

  • Net Loan Rate With respect to any Mortgage Loan (or the related REO Property), as of any date of determination, a per annum rate of interest equal to the then applicable Loan Rate for such Mortgage Loan minus the related Servicing Fee Rate and the Master Servicing Fee Rate.

  • 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.

  • 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.

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

  • Certificate Interest Rate With respect to each Class of Certificates and any Distribution Date, the applicable per annum rate set forth or described in the Preliminary Statement hereto.

  • Group I Loans The Mortgage Loans designated on the Mortgage Loan Schedule as Group I Loans.

  • Floating Rate Interest Period means, during the Floating Rate Period, the period beginning on (and including) a Floating Rate Period Interest Payment Date and ending on (but excluding) the next succeeding Floating Rate Period Interest Payment Date; provided that the first Floating Rate Interest Period will begin on (and include) April 18, 2025 and will end on (but exclude) the first Floating Rate Period Interest Payment Date.

  • Fixed Rate Interest Period means the period beginning on (and including) the Issue Date and ending on (but excluding) the first Fixed Rate Interest Payment Date, and each successive period beginning on (and including) a Fixed Rate Interest Payment Date and ending on (but excluding) the next succeeding Fixed Rate Interest Payment Date.

  • 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.

  • Net Simple Interest Shortfall With respect to any Distribution Date, the excess, if any, of (a) 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 Due Period, as determined by the Servicer, on the aggregate principal balance of such Simple Interest Mortgage Loans for such Remittance Date, carried to six decimal places, rounded down, and calculated on the basis of a 360-day year consisting of twelve 30-day months, over (b) the amount of the payments received by the Servicer in the related Due Period allocable to interest in respect of such Simple Interest Mortgage Loans, calculated in accordance with the Simple Interest Method, net of the related Servicing Fees.

  • Outstanding Interest Advances means, as of the last day of a Collection Period with respect to a Receivable, the portion of Outstanding Advances allocable to interest.

  • 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.

  • Loan Group I The group of Mortgage Loans identified in the Mortgage Loan Schedule as having been assigned to Loan Group I.

  • Lender PMI Loans Mortgage Loans with respect to which the lender rather than the borrower acquired the primary mortgage guaranty insurance and charged the related borrower an interest premium.

  • Interest Reserve Loan Each Actual/360 Mortgage Loan.

  • Group II Loans The Mortgage Loans designated on the Mortgage Loan Schedule as Group II Loans.

  • Interest Advance means an Advance made pursuant to Section 2.02(a).

  • Applicable Interest Rate means, (i) with respect to each Revolving Credit Advance and Term Loan Advance, the Eurodollar-based Rate or the Base Rate, and (ii) with respect to each Swing Line Advance, the Base Rate or, if made available to the Borrower by the Swing Line Lender at its option, the Quoted Rate, in each case as selected by the Borrower from time to time subject to the terms and conditions of this Agreement.

  • Default Rate Interest is defined in Section 3.1(b)(ix) of this Agreement.

  • Applicable Interest Period for each Credit Facility has the meaning specified for that Credit Facility in the Credit Facility Schedule; provided, however, that, at any time that the Applicable Prime Rate is the Applicable Index Rate, Applicable Interest Period shall mean the period commencing as of the most recent Applicable Interest Rate Determination Date and continuing until the next Applicable Interest Rate Determination Date or such earlier date as the Applicable Prime Rate shall no longer be the Applicable Index Rate; and provided, further, that, at any time the Libor Rate Index is adjusted as set forth in the definition thereof, or re-implemented following invocation of the Applicable Prime Rate as permitted herein, the Applicable Interest Period shall mean the period commencing as of such adjustment or re-implementation and continuing until the next Applicable Interest Rate Determination Date, if any.

  • Loan Group I Cap With respect to the Group I Mortgage Loans as of any Distribution Date, the product of (i) the weighted average of the Adjusted Net Mortgage Rates then in effect on the beginning of the related Due Period on the Group I Mortgage Loans and (ii) a fraction, the numerator of which is 30 and the denominator of which is the actual number of days in the Interest Accrual Period related to such Distribution Date.

  • Revolving Interest Rate means an interest rate per annum equal to (a) the sum of the Alternate Base Rate plus the Applicable Margin with respect to Domestic Rate Loans and (b) the sum of the Eurodollar Rate plus the Applicable Margin with respect to Eurodollar Rate Loans.