Prepayment Interest definition
Prepayment Interest. Shortfall As to any Distribution Date and any Principal Prepayment on a Loan received by the Servicer on or before its Due Date in the related Prepayment Period, the amount, if any, by which one month's interest at the related Adjusted Mortgage Rate on such Principal Prepayment, exceeds the amount of interest paid in connection with such Principal Prepayment. Prepayment Period With respect to the first Distribution Date, the calendar month prior to the month of that Distribution Date and with respect to all subsequent Distribution Dates, the related Due Period.
Prepayment Interest. For any Distribution Date with respect to a Loan for which a Payoff or Curtailment was received by the Servicer during the Prepayment Period, an amount of interest thereon at the applicable Pass-Through Rate from the first day of such Prepayment Period to the date of receipt thereof.
Prepayment Interest. Excess As to any Principal Prepayment on a Loan received by the Servicer subsequent to its Due Date in the related Prepayment Period, all amounts paid by the related Mortgagor in respect of interest on such Principal Prepayment that are intended to cover the period on and after the Due Date. All Prepayment Interest Excess shall be paid to the Servicer as additional servicing compensation.
More Definitions of Prepayment Interest
Prepayment Interest is defined in Section 3.03.
Prepayment Interest means (i) with respect to any termination of Commitments that occurs during the first (1st) through twelfth (12th) Remittance Period, an amount equal to the amount of interest calculated at the Interest Rate that would have been due and owing from the date of such reduction until the 36-month anniversary of the Closing Date, exclusive of the LIBOR Rate (or any successor index rate that replaces LIBOR), and assuming an outstanding amount during such period equal to then current amount of Commitments; (ii) with respect to any termination of Commitments that occurs during the thirteenth (13th) through eighteenth (18th) Remittance Periods, an amount equal to 3.00% multiplied by the amount by which Commitments are terminated on the date of such termination; and (iii) with respect to any termination of Commitments that occurs during the nineteenth (19th) through twenty-fourth (24th) Remittance Periods, an amount equal to 1.00% multiplied by the amount by which the Commitments are terminated. For the avoidance of doubt, no Prepayment Interest shall be due with respect to any termination or reduction of the Commitments which occurs on or after the first day of the twenty-fifth (25th) Remittance Period.
Prepayment Interest means any interest due by any Lessee opting for a voluntary prepayment of the relevant Lease Contracts;
Prepayment Interest means, with respect to any mandatory or voluntary prepayment made pursuant to Sections 5.2 or 5.4,
Prepayment Interest has the meaning specified therefor in Section 2.14.
Prepayment Interest means, as of any Distribution Date, the lesser of (I) the excess of (x) one month's interest due on the aggregate amount of Principal Prepayments on the Mortgage Loans during the preceding Prepayment Period over (y) the aggregate amount of interest paid by the Mortgagors in respect of the amounts of such Principal Prepayments, and (II) the aggregate Master Servicing Fee payable on such Distribution Date; provided that the portion of the Master Servicing Fee that constitutes the PHH Servicing Fee shall only be included to the extent of Principal Prepayments in full on the PHH Mortgage Loans.
Prepayment Interest. Shortfalls and Excesses (a) For any Mortgage Loan, Primary Servicer shall require Principal Prepayments to be made so as not to cause a Prepayment Interest Shortfall. If the Loan Documents of a related Mortgage Loan do not allow Primary Servicer to require Principal Prepayments (or condition acceptance of Principal Prepayments) on a date that will avoid a Prepayment Interest Shortfall ("Non-Mandatory Prepayment Date Mortgage Loan"), then the Primary Servicer shall pay to Master Servicer on the date specified in Section 2.1(c)(iv) of this Agreement, in addition to all other amounts due for such Principal Prepayment, an amount payable by the Primary Servicer from its own funds without reimbursement therefor equal to any Prepayment Interest Shortfall that results from such Principal Prepayment (for the avoidance of doubt, no such reimbursement shall be required with respect to any B Notes); provided, however, that for all Principal Prepayments received during any Collection Period with respect to Non-Mandatory Prepayment Date Mortgage Loans, the Primary Servicer shall in no event be required to remit an amount greater than the amount of the Primary Servicing Fees for such Collection Period, plus any investment income earned on the amount prepaid prior to the related Distribution Date. [Reserved]. If any Principal Prepayment on any Mortgage Loan results in a Prepayment Interest Excess, then Primary Servicer shall remit such Principal Prepayment and accompanying collections as required under Section 2.1 and Master Servicer shall, on the Master Servicer Remittance Date immediately following the remittance of the Principal Prepayment by the Primary Servicer to the Master Servicer, remit to Primary Servicer a pro rata portion (based upon all Prepayment Interest Excesses remitted to Master Servicer by all Primary Servicers (as defined in the Pooling and Servicing Agreement) with respect to such Collection Period) of the amount by which the amount of the Prepayment Interest Excesses for such Collection Period exceed all Prepayment Interest Shortfalls (excluding, with respect to all of the Primary Servicers, any Prepayment Interest Shortfalls of the type described in clause (b) above) for such Collection Period with respect to any of the mortgage loans (whether or not the subject of this Agreement) that are serviced under the Pooling and Servicing Agreement (except that if the aggregate pro rata portion owed to Primary Servicer during any Collection Period as a resul...