Maximum Negative Amortization Amount definition
Maximum Negative Amortization Amount. With respect to any Mortgage Loan that provides for negative amortization, the maximum principal balance which is permitted under the terms of the related Mortgage Note.
Maximum Negative Amortization Amount. With respect to any Mortgage Loan that provides for negative amortization, the maximum principal balance which is permitted under the terms of the related Mortgage Note. MID-MONTH RECEIPT PERIOD: With respect to each Remittance Date, the one month period beginning on the Determination Date occurring in the calendar month preceding the month in which such Remittance Date occurs and ending on the day preceding the Determination Date immediately preceding such Remittance Date.
Examples of Maximum Negative Amortization Amount in a sentence
To the extent any Mortgage Loan provides for negative amortization, such as a GPM or GPARM Loan, the Servicer must assure that the Unpaid Principal Balance of such Mortgage Loan never exceeds the related Maximum Negative Amortization Amount, and that the related Monthly Payment is recast as provided for in the Mortgage Note such that the balance fully amortizes within the remaining term of such Mortgage Loan.