Interest will Sample Clauses
Interest will accrue on each Class A-P Component at a per annum rate equal to (i) for the Class 1-A-P Component on each Distribution Date on and after the Distribution Date in June 2006, the weighted average of the Net Mortgage Interest Rates of the Group 1 Mortgage Loans (based on the Stated Principal Balances of the Group 1 Mortgage Loans on the Due Date in the month preceding the month of such Distribution Date), (ii) for the Class 2-A-P Component for each Distribution Date on and after the Distribution Date in June 2008, the weighted average of the Net Mortgage Interest Rates of the Group 2 Mortgage Loans (based on the Stated Principal Balances of the Group 2 Mortgage Loans on the Due Date in the month preceding the month of such Distribution Date) and (iii) for the Class 3-A-P Component on and after the Distribution Date in June 2010, the weighted average of the Net Mortgage Interest Rates of the Group 3 Mortgage Loans (based on the Stated Principal Balances of the Group 3 Mortgage Loans on the Due Date in the month preceding the month of such Distribution Date).
Interest will start to accrue from the 7th Day of payment due date and incur charges at the daily rate of 0.023% of any amount outstanding.
Interest will. (a) accrue from day-to-day;
(b) be calculated from the due date for payment of the invoice until payment; and,
(c) be calculated using a simple interest method.