Examples of Mortgage Loan Remittance Rate in a sentence
On the Business Day immediately preceding each Remittance Date, the Company shall deposit in the Custodial Account from its own funds or from amounts held for future distribution an amount equal to all Monthly Payments (with interest adjusted to the Mortgage Loan Remittance Rate) which were due on the Mortgage Loans during the applicable Due Period and which were delinquent at the close of business on the immediately preceding Determination Date or which were deferred pursuant to Section 4.01.
Mortgage Loan Remittance Rate: With respect to any Mortgage Loan as of any date of determination, the annual rate of interest payable to the Purchaser, which shall be equal to the then applicable related Mortgage Interest Rate minus the related Servicing Fee Rate.
For months thirteen (13) and beyond, the price for such repurchase shall be equal to the sum of (i) the State Principal Balance of the Mortgage Loan as of the date of repurchase plus (ii) accrued interest on such Loan in Breach at the Mortgage Loan Remittance Rate from the date on which interest had last been paid through the date of such repurchase, plus (iii) any costs and/or damages incurred in connection with any violation of any applicable anti-predatory lending law.
It is understood that, by operation of Section 11.04, the remittance on the initial Remittance Date is to include principal collected after the Cut-off Date through the preceding Determination Date plus interest, adjusted to the Mortgage Loan Remittance Rate collected through such Determination Date exclusive of any portion thereof allocable to the period prior to the Cut-off Date, with the adjustments specified in (ii), (iii) and (iv) above.
It is understood that, by operation of Section 4.04, the remittance on the first Remittance Date is to include principal collected after the Cut-off Date through the preceding Determination Date plus interest, adjusted to the Mortgage Loan Remittance Rate, collected through such Determination Date exclusive of any portion thereof allocable to the period prior to the Cut-off Date, with the adjustments specified in (b), (c) and (d) above.