Common use of Excess Payment Clause in Contracts

Excess Payment. For purposes of this definition, (1) the present values of such Excess Payment and interest thereon shall be calculated assuming that such Excess Payment had been paid on the Note Payment Date or Note Payment Dates on which such Excess Payment would have otherwise been paid if a portion of the principal amount of the applicable Class of Timber Notes that equals (but does not exceed) the Scheduled Amortization Amount for such Class on each such Note Payment Date were paid on such Note Payment Date, (2) "present value" shall be computed in accordance with generally accepted financial practice based on a 360-day year of twelve 30-day months and at a discount rate, compounded semiannually on each Note Payment Date, equal to the Reinvestment Yield and (3) "