Interest Method definition

Interest Method. A method for calculation of Collateral Value described herein in the definition of Collateral Value, as modified, if applicable, in the Series Supplement for a Series of Bonds.
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Interest Method means Interest on the exact number of days of the Interest Period over a 360 days or 365 days as applicable in accordance with Clause 2.6.
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Interest Method. The method of allocating a payment to principal and interest, pursuant to which the portion of such payment that is allocated to interest is equal to the product of the fixed rate of interest multiplied by the unpaid principal balance multiplied by the period of time elapsed since the preceding payment of interest was made and divided by either 360 or 365, as specified in the related Mortgage Note, and the remainder of such payment is allocated to principal.
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Examples of Interest Method in a sentence

  • The Servicer shall also apply payments of interest and principal against any Simple Interest Mortgage Loans using the Simple Interest Method.

  • Each Receivable provides for scheduled monthly payments that fully amortize the Amount Financed by maturity (except for minimally different payments in the first or last month in the life of the Receivable) and provides for a finance charge or yield interest at its APR, in either case calculated based on the Simple Interest Method.

  • With respect to each Receivable (other than a Purchased Receivable), payments by or on behalf of the Obligor shall be applied to interest and principal in accordance with the Simple Interest Method.

  • All payments with respect to the Receivables have been allocated consistently in accordance with the Simple Interest Method.

  • Each Receivable provides for scheduled monthly payments that fully amortize the Amount Financed by maturity (except for minimally different payments in the first or last month in the life of the Receivable) and provide for a finance charge or yield interest at its APR, in either case calculated based on the Simple Interest Method.

  • Test 3-2: Simple Interest Observe the Contact and confirm it is a Simple Interest Method Contract.

  • Each Receivable provides for fixed level monthly payments (provided that the first and last payments may be minimally different from the level payment amount) that fully amortize the Amount Financed over the original term, and amortizes using the Simple Interest Method.

  • All payments identified from or on behalf of an Obligor during each Collection Period with respect to each Receivable (other than a Purchased Receivable) shall be applied to interest and principal in accordance with the Simple Interest Method.

  • Observe the Contract and confirm it is a Simple Interest Method Contract.

  • All collections for the Collection Period shall be applied by the Servicer as follows: With respect to each Receivable (other than a Purchased Receivable or a Sold Receivable), payments by or on behalf of the Obligor, (other than Supplemental Servicing Fees with respect to such Receivable, to the extent collected) shall be applied to interest and principal in accordance with the Simple Interest Method.


More Definitions of Interest Method

Interest Method. Interest Balance: Net Payoff: $6,064.36 $1,056,807.27 Current Payment Due Date: Current Payment Due [6) 365/360 Payments P&I - Simple (30/360 Day Basis) May 10, 2019 $16,103.43 Maximum Credit: $1,200,000.00 Amount: Date Last Payment: May 07, 2019 Maximum Credit Code: Non - Revolving Amount Last Payment: $16,103.43 Current Available Credit: $0.00 Current Days Past Due: 26 Current Other Escrow $0.00 Total Amount Due: $43,342.56 Balance: Current Late Charge $11,135.70 Total Amount Past Due: $16,103.43 Balance: Current Other Escrow $0.00 Payment Frequency: Monthly Interest Balance: Participation Balance: $779,704.65 Regular Payment Amount: $16,103.43 Net Principal: $259,901.56 Current Rate Over: 7.500000 Book Balance: $1,039,606.21 One Day's Interest: $216.5846 Net Book Balance: $259,901.56 Current Yield: 7.753615 Total Collateral Value: $0.00 Original Note Amount: $0.00 Pledge LTV: Secured Orlglnal Note Date: Oct 16, 2015 Payments Scheduled: 124 Renewal Date: Oct 17, 2015 Payments Billed: 44 Maturity Date: Mar 13, 2026 Payments Made: 42 Contract Date: Oct 16, 2015 Times Extended: Months To Maturity: 81.3 Times Renewed: 1 Date Accrued Through: Jun 04, 2019 Times Past Due 1 - 29 Days: 22 Date Last Transaction May 20, 2019 Times Past Due 30 - 59 Days: 4 Activity: Date Principal Paid To: Apr 10, 2019 Times Past Due 60 - 89 Days: Date Interest Paid To: May 07, 2019 Times Past Due 90+ Days: Date Last Change: Mar 11, 2019 Date Last Updated: Jun 04, 2019 Available Credit Maximum Credit: $1,200,000.00 Maximum Credit Code: Non - Revolving Available credit: $0.00 Line Available Balance Code: Original Note Amount Date Last Advance: Mar 07, 2016 Date Last Zero Balance: Oct 17, 2015 Amount Last Advance: $75,000.01 Payment Reserve Option: Include In Available Credit Internal Payment Option: (None) Available Credit History
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