Common use of Obligations of the Master Servicer in Respect of Prepayment Interest Shortfalls Clause in Contracts

Obligations of the Master Servicer in Respect of Prepayment Interest Shortfalls. The Master Servicer shall deliver to the Trustee for deposit into the Distribution Account on or before 5:00 p.m. New York time on the Master Servicer Remittance Date from its own funds an amount equal to the lesser of (i) the aggregate of the Prepayment Interest Shortfalls for the related Distribution Date resulting from Principal Prepayments in Full or Curtailments during the related Prepayment Period and (ii) the portion of its aggregate Servicing Fee which accrued at a Servicing Fee Rate for the most recently ended calendar month (“Compensating Interest”).

Appears in 12 contracts

Samples: Pooling and Servicing Agreement (PHHMC Series 2007-4 Trust), Pooling and Servicing Agreement (PHHMC Series 2007-5 Trust), Pooling and Servicing Agreement (PHHMC Series 2007-6 Trust)

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Obligations of the Master Servicer in Respect of Prepayment Interest Shortfalls. The Master Servicer shall deliver to the Trustee for deposit into the Distribution Account on or before 5:00 p.m. New York time on the Master Servicer Remittance Date from its own funds an amount equal to the lesser of (i) the aggregate of the Prepayment Interest Shortfalls for the related Distribution Date resulting from Principal Prepayments in Full or Curtailments during the related Prepayment Period and (ii) the portion of its aggregate Servicing Fee which accrued at a Servicing Fee Rate for the most recently ended calendar month ("Compensating Interest").

Appears in 7 contracts

Samples: Pooling and Servicing Agreement (CDMC Mortgage Pass-Through Certificates, Series 2004-4), Pooling and Servicing Agreement (CDMC Mortgage Pass-Through Certificates, Series 2005-1), Pooling and Servicing Agreement (Cendant Mortgage Capital LLC)

Obligations of the Master Servicer in Respect of Prepayment Interest Shortfalls. The Master Servicer shall deliver to the Trustee for deposit into the Distribution Account on or before 5:00 12:00 p.m. New York time on the Master Servicer Remittance Date from its own funds an amount equal to the lesser of (i) the aggregate of the Prepayment Interest Shortfalls for the related Distribution Date resulting from full or partial Principal Prepayments in Full or Curtailments during the related Prepayment Period and (ii) (A) the portion amount of its the aggregate Servicing Fee which accrued at a Servicing Fee Rate paid to the Master Servicer and the Special Servicer for the most recently ended calendar month month, minus (B) Compensating Interest”)Interest paid by the Special Servicer pursuant to the Special Servicing Agreement for the related Distribution Date.

Appears in 2 contracts

Samples: Pooling and Servicing Agreement (Citigroup Mortgage Loan Trust Inc. Mortgage Pass-Through Certificates, Series 2004-Ncm1), Pooling and Servicing Agreement (Citigroup Mortgage Loan Trust Inc Series 2004-Ncm2)

Obligations of the Master Servicer in Respect of Prepayment Interest Shortfalls. The Master Servicer shall deliver to the Trustee for deposit into the Distribution Account on or before 5:00 p.m. New York time on the Master Servicer Remittance Date from its own funds an amount equal to the lesser of (i) the aggregate of the Prepayment Interest Shortfalls for the related Distribution Date resulting from Principal Prepayments in Full or Curtailments during the related 77 Prepayment Period and (ii) the portion of its aggregate Servicing Fee which accrued at a Servicing Fee Rate for the most recently ended calendar month ("Compensating Interest").

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Cendant Mortgage Capital LLC CDMC Mort Pas THR Ce Se 04 3)

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Obligations of the Master Servicer in Respect of Prepayment Interest Shortfalls. The Master Servicer shall deliver to the Trustee Trust Administrator for deposit into the Distribution Account on or before 5:00 3:00 p.m. New York time on the Master Servicer Remittance Date from its own funds an amount (the "Compensating Interest") equal to the lesser of (i) the aggregate of the Prepayment Interest Shortfalls for the related Distribution Date resulting from full or partial Principal Prepayments in Full or Curtailments during the related Prepayment Period and (ii) one-half of the portion amount of its aggregate Servicing Fee which accrued at a Servicing Fee Rate for the most recently ended calendar month (“Compensating Interest”)month.

Appears in 1 contract

Samples: Distribution Instructions (Citigroup Mortgage Loan Trust Inc Series 2004-Ust1)

Obligations of the Master Servicer in Respect of Prepayment Interest Shortfalls. The Master Servicer shall deliver to the Trustee for deposit into the Distribution Account on or before 5:00 3:00 p.m. New York time on the Master Servicer Remittance Date from its own funds an amount equal to the lesser of (i) the aggregate of the Prepayment Interest Shortfalls for the related Distribution Date resulting from full or partial Principal Prepayments in Full or Curtailments during the related Prepayment Period and (ii) the portion of its aggregate Servicing Fee which accrued at a Servicing Fee Rate of 0.20% per annum for the most recently ended calendar month (“Compensating Interest”)month.

Appears in 1 contract

Samples: Distribution Instructions (Salomon Brothers MRT Sec Vii Inc MRT Ps THR Cert 1999-2)

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