Post-ARD Additional Interest definition
Post-ARD Additional Interest. With respect to any ARD Mortgage Loan after its Anticipated Repayment Date, all interest accrued on the principal balance of such ARD Mortgage Loan at the Post-ARD Additional Interest Rate (the payment of which interest shall, under the terms of such ARD Mortgage Loan, be deferred until the principal balance of such ARD Mortgage Loan and all other interest thereon has been paid in full), together with all interest, if any, accrued at the related Mortgage Rate on such deferred interest.
Post-ARD Additional Interest shall have the meaning ascribed to it in Section 2.10.
Post-ARD Additional Interest shall accrue in respect of a Class of Notes of a Series during the Post-ARD Period for such Class of Notes on the Class Principal Balance of each Note of such Class at a per annum rate (each, a “Post-ARD Additional Interest Rate”) equal to (x) in the case of a Series of Variable Funding Notes, the rate set forth in the related Series Supplement or Variable Funding Note Purchase Agreement and (y) in the case of a Series of Term Notes, the rate determined by the Manager to be the greater of (i) 5% per annum and (ii) the amount, if any, by which the sum of the following exceeds the Note Rate for such Note: (A) the yield to maturity (adjusted to a “mortgage equivalent basis” pursuant to the standards and practices of the Securities Industry and Financial Markets Association) on the Anticipated Repayment Date for such Note of the United States Treasury Security having a remaining term closest to ten (10) years plus (B) 5%, plus (C) the Post-ARD Note Spread applicable to such Note. The Manager shall provide written notice to the Indenture Trustee of the Post-ARD Additional Interest Rate. In no event shall the Indenture Trustee be obligated to recalculate or verify the Post-ARD Additional Interest Rate. Post-ARD Additional Interest accrued for a particular Class and Series of Notes shall not be payable until there are available funds therefor in accordance with the Priority of Payments. Prior to such time, Post-ARD Additional Interest shall be deferred and added to any Post-ARD Additional Interest previously deferred and remaining unpaid (the “Deferred Post-ARD Additional Interest”). Deferred Post-ARD Additional Interest and Post-ARD Additional Interest shall not bear interest.
Examples of Post-ARD Additional Interest in a sentence
No Post-ARD Additional Interest shall be distributed to the Holders of the Class R Certificates.
The portion of the Trust Fund consisting of the Post-ARD Additional Interest with respect to the Trust Loan and related proceeds will be treated as a grantor trust (the “Grantor Trust”) for federal income tax purposes, and the Sequential Pay Certificates, Class RR Certificates and the RR Interest will represent undivided beneficial interests in such Class’s or RR Interest’s entitlements to the Grantor Trust.
On each Payment Date, Accrued Note Interest (other than Post-ARD Additional Interest) then due on all Classes of Notes will be paid from Available Amounts in accordance with Sections 5.01(a)(iii), 5.01(a)(iv), and 5.01(a)(xiii), respectively.
All computations of interest at the Base Rate and all computations of Series 2026-1 Class A-1-V Post-ARD Additional Interest accruing on any Base Rate Advances shall be made on the basis of a 360-day year and actual number of days elapsed.
More Definitions of Post-ARD Additional Interest
Post-ARD Additional Interest means any Senior Notes Quarterly Post-ARD Additional Interest, Senior Subordinated Notes Quarterly Post-ARD Additional Interest and Subordinated Notes Quarterly Post-ARD Additional Interest.
Post-ARD Additional Interest. On any Payment Date on or after the Anticipated Repayment Date of any applicable Class of Notes, the interest accrued at the applicable Post-ARD Additional Interest Rate from and after such Payment Date on the Outstanding Principal Balance of such Class determined prior to giving effect to any payments of principal on such Payment Date.
Post-ARD Additional Interest. With respect to any ARD Mortgage Loan after its Anticipated Repayment Date, all interest accrued on the principal balance of such ARD Mortgage Loan at the Post-ARD Additional Interest Rate (the payment of which interest shall, under the terms of such ARD Mortgage Loan, be deferred until the principal balance of such ARD Mortgage Loan and all other interest thereon has been paid in full), together with all interest, if any, accrued at the related Mortgage Rate on such deferred interest. There are no ARD Mortgage Loans in the Trust. All references to Post-ARD Additional Interest herein shall be disregarded and shall have no force and effect.
Post-ARD Additional Interest has the meaning set forth in Section 2.4(A)(ii).
Post-ARD Additional Interest has the meaning assigned thereto in the Loan Agreement.
Post-ARD Additional Interest. For any Payment Date after the Anticipated Repayment Date of any applicable Class of Notes, an amount equal to (X) the Class Principal Balance of such Class on such Payment Date before giving effect to any payments of principal on such Payment Date multiplied by (Y) the Post-ARD Additional Interest Rate for such Class of Notes. The Post-ARD Additional Interest with respect to each Class of Notes will be calculated on a 30/360 basis or actual/360 basis, as indicated in the applicable Series Supplement.
Post-ARD Additional Interest means, with respect to any ARD Loan after its Anticipated Repayment Date, all interest accrued on the principal balance of any ARD Loan at the Additional Interest Rate and, if so provided in the related Loan documents, compounded at the related Mortgage Rate (the payment of which interest shall, under the terms of any ARD Loan, be deferred until the entire outstanding principal balance thereof has been paid). For purposes of this Agreement, Post-ARD Additional Interest on any ARD Loan or any successor REO Loan with respect thereto shall be deemed not to constitute principal or any portion thereof and shall not be added to the unpaid principal balance or Stated Principal Balance of any ARD Loan or any successor REO Loan with respect thereto, notwithstanding that the terms of the related Loan documents so permit. To the extent that any Post-ARD Additional Interest is not paid on a current basis, it shall, for purposes of this Agreement, be deemed to be deferred interest (regardless of whether it is added to principal outstanding with respect to any ARD Loan in accordance with the related Loan documents).