Net Simple Interest Excess definition

Net Simple Interest Excess. With respect to any Distribution Date, the excess, if any, of (a) the amount of the payments received by the Servicers and the Master Servicer in the related Collection Period allocable to interest in respect of Simple Interest Mortgage Loans, calculated in accordance with the Simple Interest Method, net of the related Servicing Fees, over (b) 30 days’ interest at the weighted average (by principal balance) of the Net Mortgage Rates of the Simple Interest Mortgage Loans as of the first day of the related Collection Period, as determined by the related Servicer, on the aggregate principal balance of such Simple Interest Mortgage Loans for such Distribution Date, carried to six decimal places, rounded down, and calculated on the basis of a 360-day year consisting of twelve 30-day months. For this purpose, the amount of interest received in respect of the Simple Interest Mortgage Loans in any month shall be deemed (a) to include any Advances of interest made by the related Servicer, the Master Servicer or the Securities Administrator in such month in respect of such Simple Interest Mortgage Loans and (b) to be reduced by any amounts paid to the related Servicer, the Master Servicer or the Securities Administrator in such month in reimbursement of Advances previously made by the Servicer, the Master Servicer or the Securities Administrator in respect of such Simple Interest Mortgage Loans.

Net Simple Interest Excess. With respect to any Distribution Date, the excess, if any, of (a) the amount of the payments received by the Servicer in the related Due Period allocable to interest in respect of Simple Interest Mortgage Loans, calculated in accordance with the Simple Interest Method, net of the related Servicing Fees, over (b) 30 days’ interest at the weighted average (by principal balance) of the Net Mortgage Rates of the Simple Interest Mortgage Loans as of the first day of the related Due Period, as determined by the Servicer, on the aggregate principal balance of such Simple Interest Mortgage Loans for such Distribution Date, carried to six decimal places, rounded down, and calculated on the basis of a 360-day year consisting of twelve 30-day months. For this purpose, the amount of interest received in respect of the Simple Interest Mortgage Loans in any month shall be deemed (a) to include any Monthly Advances of interest made by the Servicer in such month in respect of such Simple Interest Mortgage Loans and (b) to be reduced by any amounts paid to the Servicer in such month in reimbursement of Monthly Advances previously made by the Servicer in respect of such Simple Interest Mortgage Loans.

Net Simple Interest Excess. With respect to any Distribution Date, the excess, if any, of (a) the amount of the payments received by the Servicer in the related Due Period allocable to interest in respect of Simple Interest Mortgage Loans, calculated in accordance with the Simple Interest Method, net of the related General Servicing Fees, over (b) 30 days’ interest at the Net Mortgage Rate as of the first day of the related Due Period, as determined by the Servicer, on the principal balance of such Simple Interest Mortgage Loan for such Distribution Date.

Examples of Net Simple Interest Excess in a sentence

• Net_Int_Exc_Short Text 9 (169:177) Net Simple Interest Excess / Shortfall is the difference between the net interest actually received by the servicer and the net interest passed through to the Investors with respect to current transaction (which is not a payment in full).

• Additional servicing compensation in the form of Prepayment Interest Excess, Net Simple Interest Excess, Prepayment Premiums, assumption fees, modification fees, late payment charges, interest income or gain with respect to amounts deposited in the Certificate Account and invested by the Company or otherwise shall be retained by the Company, subject to Section 3.10(b), if applicable.

• The Trustee shall, on each Distribution Date prior to making the distributions pursuant to Section 5.01, transfer to the Simple Interest Excess Account all Net Simple Interest Excess, if any, for such Distribution Date pursuant to Section 3.03(i), and shall maintain a record of such deposit.

• Moreover, additional servicing compensation in the form of prepayment penalties, late payment charges, bad check charges or assumption fees, any Net Simple Interest Excess for the related Due Period or other receipts not required to be deposited in the Collection Account, including, without limitation, Foreclosure Profits and, subject to Section 5.05(e), investment income on the Collection Account shall be retained by the Servicer.

• The Trustee shall, on each Payment Date, transfer to the Simple Interest Excess Sub-Account all Net Simple Interest Excess, if any, for such Payment Date.

More Definitions of Net Simple Interest Excess

Net Simple Interest Excess. As of any Distribution Date, the excess, if any, of the aggregate amount of Simple Interest Excess over the amount of Simple Interest Shortfall.

Net Simple Interest Excess. As of any Remittance Date, the excess, if any, of the aggregate amount of Simple Interest Excess over the amount of Simple Interest Shortfall.

Net Simple Interest Excess. Not applicable.

Net Simple Interest Excess. For each Loan Group, as of any Distribution Date, the excess, if any, of the aggregate amount of Simple Interest Excess over the amount of Simple Interest Shortfall on the Mortgage Loans in the related Loan Group.

Net Simple Interest Excess. As to any Distribution Date, (a) the excess, if any, of the aggregate amount of interest received on the Simple Interest Mortgage Loans during the related Collection Period, calculated in accordance with the Simple Interest Method, net of the related Servicing Fees, over (b) one month's interest at the weighted average (by Principal Balance) of the Net Mortgage Rates of the Simple Interest Mortgage Loans as of the first day of the related Interest Accrual Period, on the aggregate Principal Balance of such Simple Interest Mortgage Loans for such Distribution Date, carried to six decimal places, rounded down, and calculated on the basis of a 360-day year consisting of twelve 30-day months. For purposes of the foregoing, the amount of interest received in respect of the Simple Interest Mortgage Loans in any Collection Period shall be deemed (a) to include any Monthly Advances made by the Company for such Collection Period in respect of such Simple Interest Mortgage Loans, and (b) to be reduced by any reimbursements of Monthly Advances previously made by the Company in respect of such Simple Interest Mortgage Loans (or any related REO Mortgage Loans or Liquidated Mortgage Loans) for such Collection Period pursuant to Section 3.04(v) or (vii).

Net Simple Interest Excess. $________

Net Simple Interest Excess means, for the Simple Interest Qualifying Loans and any Due Period, the excess, if any, of the aggregate amount of Simple Interest Excess (net of reimbursement to the Servicer for simple interest advances on previous Payment Dates pursuant to Section 8.02(c) over the amount of Simple Interest Shortfall.