Initial Monthly Payment Fund definition

Initial Monthly Payment Fund. An amount representing scheduled principal amortization and interest at the Net Mortgage Rate for the Due Date in the first Due Period commencing subsequent to the Cut-off Date for those Mortgage Loans for which the Trustee will not be entitled to receive such payment, and as more specifically defined in the Series Supplement.
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Initial Monthly Payment Fund. As defined in Section 2.01(f).
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Initial Monthly Payment Fund. $926 representing scheduled principal amortization and interest at the Net Mortgage Rate payable during the December 2005 Due Period, for those Mortgage Loans for which the Trustee will not be entitled to receive such payment.
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Examples of Initial Monthly Payment Fund in a sentence

  • The REMIC Administrator will make an election to treat the entire segregated pool of assets described in the definition of Trust Fund, and subject to this Agreement (including the Mortgage Loans but excluding the Initial Monthly Payment Fund) as a REMIC for federal income tax purposes.

  • As provided herein, the REMIC Administrator will make an election to treat the entire segregated pool of assets described in the definition of Trust Fund, and subject to this Agreement (including the Mortgage Loans but excluding the Initial Monthly Payment Fund), as a real estate mortgage investment conduit (the "REMIC") for federal income tax purposes.

  • The REMIC Administrator will make elections to treat each of REMIC I and REMIC II, and subject to this Agreement (including the Mortgage Loans but excluding the Initial Monthly Payment Fund) as a REMIC for federal income tax purposes.

  • As provided herein, the REMIC Administrator will make an election to treat the entire segregated pool of assets described in the definition of Trust Fund, and subject to this Agreement (including the Mortgage Loans but excluding the Initial Monthly Payment Fund), as one or more real estate mortgage investment conduits (each, a "REMIC") for federal income tax purposes.

  • The REMIC Administrator will make an election to treat the segregated pool of assets described in the definition of REMIC I (as defined herein) (including the Mortgage Loans but excluding the Initial Monthly Payment Fund), and subject to this Agreement, as a REMIC for federal income tax purposes.

  • As provided herein, the REMIC Administrator will make an election to treat the entire segregated pool of assets described in the definition of Trust Fund, and subject to this Agreement (including the Mortgage Loans but excluding the Initial Monthly Payment Fund), as a real estate mortgage investment conduit (a "REMIC") for federal income tax purposes.

  • The REMIC Administrator will make an election to treat the segregated pool of assets consisting of the Uncertificated REMIC I Regular Interests (and excluding the Initial Monthly Payment Fund), as a REMIC (REMIC II) for federal income tax purposes.

  • The REMIC Administrator will make an election to treat the entire segregated pool of assets described in the definition of Trust Fund, and subject to this Agreement (including the Mortgage Loans but excluding the Initial Monthly Payment Fund) as a REMIC ("REMIC I") and will make and election to treat the pool of assets comprised of the Uncertificated REMIC I Regular Interests as a REMIC ("REMIC II") for federal income tax purposes.

  • The REMIC Administrator will make an election to treat the entire segregated pool of assets described in the definition of Trust Fund, and subject to this Agreement (including the Mortgage Loans but excluding the Initial Monthly Payment Fund) as a REMIC ("REMIC I") and will make an election to treat the pool of assets comprised of the Uncertificated REMIC I Regular Interests as a REMIC ("REMIC II") for federal income tax purposes.

  • The REMIC Administrator will make an election to treat the entire segregated pool of assets (including the Mortgage Loans but excluding the Initial Monthly Payment Fund) described in the definition of Trust Fund, and subject to this Agreement, as a REMIC for federal income tax purposes.


More Definitions of Initial Monthly Payment Fund

Initial Monthly Payment Fund. $216,900, representing scheduled principal amortization and interest at the Net Mortgage Rate during the Due Period ending in October 2002, for those Mortgage Loans for which the Trustee will not be entitled to receive such payment in accordance with the definition of "Trust Fund". The Initial Monthly Payment Fund will not be part of any REMIC.
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Initial Monthly Payment Fund. $[________], representing scheduled principal amortization and interest at the Net Mortgage Rate during the Due Period ending on _________ 200_, for those Mortgage Loans for which the Trustee will not be entitled to receive such payment. In accordance with the definition of "Trust Fund." The Initial Monthly Payment Fund will not be part of any REMIC.
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Initial Monthly Payment Fund. With respect to the Group I Loans, $0, representing scheduled principal amortization and interest at the Net Mortgage Rate payable during the October 2006 Due Period, for those Group I Loans for which the Trustee will not be entitled to receive such payment. With respect to the Group II Loans, $0, representing scheduled principal amortization and interest at the Net Mortgage Rate payable during the October 2006 Due Period, for those Group II Loans for which the Trustee will not be entitled to receive such payment.
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Initial Monthly Payment Fund. With respect to the Group I Loans, $57,424 representing scheduled principal amortization and interest at the Net Mortgage Rate during the month of March 2007, for those Group I Loans for which the Trustee will not be entitled to receive such payment in accordance with the definition of "Trust Fund". The Initial Monthly Payment fund will not be part of any REMIC.
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Related to Initial Monthly Payment Fund

  • Monthly Payment Amount means, with respect to each Payment Date, a payment equal to the amount of interest which has accrued during the related Interest Accrual Period, computed at the Interest Rate.

  • Monthly Payment Date means the Payment Date (as defined in the Mortgage Loan Documents).

  • Monthly Payment The scheduled monthly payment of principal and interest on a Mortgage Loan.

  • Minimum Monthly Payment for any Mortgage Loan and any month means the minimum amount required to be paid by the related mortgagor in that month.

  • Assumed Monthly Payment With respect to (a) any Mortgage Loan that is a Balloon Mortgage Loan delinquent in respect of its Balloon Payment beyond the Determination Date immediately following its scheduled maturity date (as such date may be extended in connection with a bankruptcy, insolvency or similar proceeding involving the related Borrower or by reason of a modification, waiver or amendment granted or agreed to by the applicable Master Servicer or the applicable Special Servicer), for that scheduled maturity date and for each subsequent Due Date as of which such Mortgage Loan remains outstanding and part of the Trust Fund, the scheduled monthly payment of principal and/or interest deemed to be due with respect to such Mortgage Loan on such Due Date equal to the amount (exclusive of Default Interest and any Post-ARD Additional Interest) that would have been due in respect thereof on such Due Date if such Mortgage Loan had been required to continue to accrue interest in accordance with its terms, and to pay principal in accordance with the amortization schedule (if any), in effect immediately prior to, and without regard to the occurrence of, such maturity date; and (b) any REO Mortgage Loan, for any Due Date as of which the related REO Property (or, in the case of any REO Mortgage Loan that is a successor to any Mortgage Loan in a Loan Combination, any interest in the related REO Property) remains part of the Trust Fund, the scheduled monthly payment of principal and/or interest deemed to be due in respect thereof on such Due Date equal to the Monthly Payment (or, in the case of a Balloon Mortgage Loan described in clause (a) of this definition, the Assumed Monthly Payment) that was due (or deemed due) with respect to the related Mortgage Loan on the last Due Date prior to its becoming an REO Mortgage Loan.