Compensating Interest Payment. As defined in Section 6.06.
Compensating Interest Payment. With respect to any Distribution Date, an amount equal to the aggregate amount of any Prepayment Interest Shortfalls required to be paid by the Servicers with respect to such Distribution Date. The Master Servicer shall not be responsible for making any Compensating Interest Payment.
Compensating Interest Payment. With respect to any Distribution Date, an amount equal to the amount, if any, by which (x) the aggregate amount of any Interest Shortfalls (excluding for such purpose all shortfalls as a result of Relief Act Reductions) required to be paid by the Servicers pursuant to the related Servicing Agreement with respect to such Distribution Date, exceeds (y) the aggregate amount actually paid by the Servicers in respect of such shortfalls; provided, that such amount, to the extent payable by the Master Servicer, shall not exceed the aggregate Master Servicing Fee that would be payable to the Master Servicer in respect of such Distribution Date without giving effect to any Compensating Interest Payment.
Examples of Compensating Interest Payment in a sentence
The Master Servicer shall not be entitled to any reimbursement of any Compensating Interest Payment.
Such amount shall not be treated as an Advance and shall not be reimbursable to the Master Servicer, unless a Servicer pays such Prepayment Interest Shortfall amount for a Distribution Date subsequent to that Distribution Date on which the Master Servicer paid such Compensating Interest Payment.
The amount of the aggregate Master Servicing Fees payable to the Master Servicer in respect of any Distribution Date shall be reduced (but not below zero) by the amount of any Master Servicer Compensating Interest Payment for such Distribution Date.
The amount of the Master Servicing Fee payable to the Master Servicer in respect of any Distribution Date shall be reduced by the amount of any Compensating Interest Payment for such Distribution Date, but only to the extent such Compensating Interest Payment is not actually made by a Servicer on the applicable Servicer Remittance Date.
The amount of the aggregate Master Servicing Fees payable to the Master Servicer in respect of any Distribution Date shall be reduced (but not below zero) by the amount of any Compensating Interest Payment for such Distribution Date, but only to the extent that Prepayment Interest Shortfalls relating to such Distribution Date are required to be paid but not actually paid by the Servicers.
More Definitions of Compensating Interest Payment
Compensating Interest Payment. With respect to each Master Servicer and any Distribution Date, any payment made by such Master Servicer from its own funds pursuant to Section 3.19(c) to cover Prepayment Interest Shortfalls incurred during the related Collection Period.
Compensating Interest Payment. For any Distribution Date and WMMSC, the least of (i) the sum of (a) one twelfth (1/12th) of 0.04% of the aggregate Stated Principal Balance of the WMMSC Serviced Mortgage Loans, as of the Due Date in the month of such Distribution Date, (b) Payoff Earnings in respect of the WMMSC Serviced Mortgage Loans for such Distribution Date and (c) aggregate Payoff Interest in respect of the WMMSC Serviced Mortgage Loans for such Distribution Date, (ii) the aggregate Prepayment Interest Shortfall allocable to Payoffs for the WMMSC Serviced Mortgage Loans and (iii) one-twelfth (1/12th) of 0.125% of the aggregate Stated Principal Balance of the WMMSC Serviced Mortgage Loans. For any Distribution Date and each Servicer other than WMMSC, the lesser of (i) the aggregate Servicing Fee payable to such Servicer for such Distribution Date in respect of the Mortgage Loans serviced by such Servicer and (ii) the aggregate Prepayment Interest Shortfall allocable to Payoffs and Curtailments for such Distribution Date in respect of the Mortgage Loans serviced by such Servicer. For any Distribution Date and the Master Servicer, the excess of (i) the aggregate Compensating Interest Payments required to be remitted by the Servicers pursuant to this Agreement and Designated Servicers pursuant to their respect Designated Servicing Agreements, in each case relating to such Distribution Date over (ii) the aggregate Compensating Interest Payments actually remitted by the Servicers and Designated Servicers for such Distribution Date.
Compensating Interest Payment. For any Distribution Date and WMMSC, with respect to the WMMSC Serviced Mortgage Loans, the lesser of (i) the sum of (a) one twelfth (1/12) of 0.04% of the aggregate Stated Principal Balance of the WMMSC Serviced Mortgage Loans, as of the Due Date in the month of such Distribution Date, (b) Payoff Earnings in respect of the WMMSC Serviced Mortgage Loans for such Distribution Date and (c) aggregate Payoff Interest in respect of the WMMSC Serviced Mortgage Loans for such Distribution Date and (ii) the aggregate Prepayment Interest Shortfall allocable to Payoffs for the WMMSC Serviced Mortgage Loans. For any Distribution Date and Fairbanks, with respect to the Fairbanks Serviced Mortgage Loans, the lesser of (i) the aggregate Servicing Fee payable to Fairbanks in respect of the Fairbanks Serviced Mortgage Loans for such Distribution Date and (ii) the aggregate Prepayment Interest Shortfall allocable to Payoffs and Curtailments with respect to Fairbanks Serviced Mortgage Loans. For any Distribution Date and GreenPoint, with respect to the GreenPoint Serviced Mortgage Loans, the lesser of (i) 50% of the aggregate Servicing Fee payable to GreenPoint in respect of the GreenPoint Serviced Mortgage Loans for such Distribution Date and (ii) the aggregate Prepayment Interest Shortfall allocable to Payoffs and Curtailments with respect to the GreenPoint Serviced Mortgage Loans. For any Distribution Date and WFHM, with respect to the WFHM Serviced Mortgage Loans, the lesser of (i) the aggregate Servicing Fee payable to WFHM in respect of the WFHM Serviced Mortgage Loans for such Distribution Date and (ii) the aggregate Prepayment Interest Shortfall allocable to Payoffs and Curtailments with respect to WFHM Serviced Mortgage Loans. For any Distribution Date and the Master Servicer, the Compensating Interest Payment shall be equal to:
Compensating Interest Payment. As to any Distribution Date, an amount equal to the lesser of (i) the Prepayment Interest Shortfall on the Mortgage Loans serviced by such Servicer with respect to such Distribution Date and (ii) the portion of the applicable Servicing Fee that the related Servicer is required to remit to the Trust as compensation therefor in accordance with the terms of the related Purchase and Servicing Agreement.
Compensating Interest Payment. As to any Distribution Date, the lesser of (1) the Servicing Fee for such date and (2) any Prepayment Interest Shortfall for such date.
Compensating Interest Payment. With respect to any Distribution Date, an amount equal to the aggregate amount of any Prepayment Interest Shortfalls required to be paid by the Servicers with respect to such Distribution Date. The Master Servicer shall not be responsible for making any Compensating Interest Payment. Component: Not applicable. Component Interest Rate: Not applicable. Component Notional Amount: Not applicable.
Compensating Interest Payment. For any Distribution Date and the Mortgage Loans serviced by a Servicer, the lesser of (i) the aggregate Servicing Fee payable to that Servicer on such Distribution Date and (ii) the aggregate Prepayment Interest Shortfall allocable to Payoffs for the Mortgage Loans for that Distribution Date.