Interest Remittance Amount Clause Samples
The Interest Remittance Amount clause defines the specific sum of interest that must be paid or transferred under the terms of an agreement. Typically, this clause outlines how the interest is calculated, the frequency of remittance, and the method of payment, such as monthly transfers to a designated account. Its core function is to ensure both parties have a clear understanding of the interest obligations, thereby preventing disputes over payment amounts and timing.
POPULAR SAMPLE Copied 2 times
Interest Remittance Amount. With respect to any Determination Date, the sum, without duplication, of (a) all interest collected or advanced on the Loans during the related Due Period and (b) the portion of any Substitution Adjustment Amount, Termination Price, Purchase Price, or Liquidation Proceeds, relating to interest and received during the related Prepayment Period. As defined in Section 5.02(b).
Interest Remittance Amount. As of any Determination Date, the sum, without duplication, of (a) all interest collected or advanced on the Loans during the related Interest Accrual Period, (b) the portion of any Substitution Adjustment Amount or payment in connection with any repurchase of a Defective Loan, or Liquidation Proceeds, relating to interest with respect to the Loans and received during the related Interest Accrual Period and (c) with respect to the Class AF Certificates only, any Insured Amounts in respect of interest. Investment Letter ----------------- As defined in Section 5.02(b). Latest Possible Maturity Date ----------------------------- The Distribution Date following the third anniversary of the scheduled maturity date of the Loan having the latest scheduled maturity date as of the Cut-off Date. LIBOR ----- As of any LIBOR Determination Date, the London interbank offered rate for one-month United States dollar deposits which appears in the Dow Jones Telerate Page 3750 as of 11:00 a.m., London time, on that date. ▇▇ the rate does not appear on Dow Jones Telerate Page 3750, the rate for that day will be determin▇▇ ▇▇ the basis of the rates at which deposits in United States dollars are offered by the Reference Banks at approximately 11:00 a.m. (London time), on that day to prime banks in the London interbank market. The Trustee will request the principal London office of each of the Reference Banks to provide a quotation of its rate. If at least two quotations are provided, the rate for that day will be the arithmetic mean of the quotations (rounded upwards if necessary to the nearest whole multiple of 1/16%). If fewer than two quotations are provided as requested, the rate for that day will be the arithmetic mean of the rates quoted by major banks in New York City, selected by the Trustee in consultation with the Servicer and the Insurer, at approximately 11:00 a.m. (New York City time) on that day for loans in United States dollars to leading European banks. LIBOR Determination Date ------------------------ With respect to any Interest Accrual Period for the Class AF-1 and Class AV-1 Certificates, the second London business day preceding the commencement of such Interest Accrual Period. For purposes of determining LIBOR, a "London business day" is any day on which dealings in deposits of United States dollars are transacted in the London interbank market. Liquidated Loan --------------- With respect to any Distribution Date, a defaulted Loan (including any REO Prope...
Interest Remittance Amount. 17 LIBOR.......................................................18
Interest Remittance Amount. 15 SECTION PAGE ------- ----
Interest Remittance Amount. 17 LIBOR .......................................................18