Examples of Interest Deposit Amount in a sentence
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In addition, on the Closing Date, the Mortgage Loan Seller shall cause to be delivered to the Depositor, for deposit into the Interest Reserve Account with respect to each Actual/360 Loan, an Interest Deposit Amount equal to two (2) days of interest on the Cut-off Date Balance of such Mortgage Loan at the related Net Mortgage Rate.
The purchase price for the Mortgage Loans shall be an amount agreed upon by the parties in a separate writing, which amount includes interest accrued on the Mortgage Loans after the Cut-off Date and takes into account credits, sales concessions, any related Interest Deposit Amount and such other adjustments as agreed to between the parties in a separate writing which amount shall be payable on or about October 12, 2006 in immediately available funds.
On the Closing Date, the Mortgage Loan Seller shall cause to be delivered to the Depositor an amount equal to the Interest Deposit Amount to be deposited by the Depositor into the Interest Reserve Account on behalf of the Mortgage Loan Seller and for the benefit of the Trust Fund, which Interest Deposit Amount for each Mortgage Loan represents an amount equal to one day of interest at the related Net Mortgage Rate on the related Stated Principal Balance as of the Cut-off Date of such Mortgage Loan.
With respect to each Mortgage Loan that accrues interest on the basis of a 360-day year and the actual number of days during each one-month interest accrual period, the Depositor shall make a cash deposit to the Distribution Account in an amount equal to the aggregate Interest Deposit Amount.