Prepayment Interest Shortfall Amount definition

Prepayment Interest Shortfall Amount. With respect to any Mortgage Loan that was subject to a Principal Prepayment in full or in part during any Due Period, which Principal Prepayment was applied to such Mortgage Loan prior to such Mortgage Loan’s Due Date in such Due Period, the amount of interest (net of the General Servicing Fee) that would have accrued on the amount of such Principal Prepayment during the period commencing on the date as of which such Principal Prepayment was applied to such Mortgage Loan and ending on the day immediately preceding such Due Date, inclusive.
Prepayment Interest Shortfall Amount. With respect to any Remittance Date and any Principal Prepayment in full which is applied to the related Mortgage Loan from the seventeenth day of the month immediately preceding the month of such Remittance Date through the last day of the month immediately preceding the month of such Remittance Date, the amount of interest (net of the related Servicing Fee) that would have accrued on the amount of such Principal Prepayment in full from the date on which such Principal Prepayment was applied to such Mortgage Loan until the last day of the month immediately preceding the month of such Remittance Date, inclusive. With respect to any Remittance Date and any Principal Prepayment in part which is applied to the related Mortgage Loan during the related Prepayment Period, the amount of interest that would have accrued on the amount of such Principal Prepayment in part from the date on which such Principal Prepayment in part was applied to such Mortgage Loan until the end of the Prepayment Period, inclusive.
Prepayment Interest Shortfall Amount in Article I is hereby amended and restated in its entirety to read as follows:

Examples of Prepayment Interest Shortfall Amount in a sentence

  • The aggregate of the Servicing Fees payable to the Servicer for any month with respect to the Mortgage Loans shall be reduced by any Prepayment Interest Shortfall Amount with respect to such month.

  • The Servicer shall not be obligated to pay any Prepayment Interest Shortfall Amount with respect to any Relief Act Reduction or bankruptcy.

  • The Servicer shall be required to deposit in the Custodial Account, and retain therein with respect to each Principal Prepayment, the Prepayment Interest Shortfall Amount, if any, for the related Due Period.

  • The aggregate Wells Fargo Servicing Fees for any month with respect to the Mortgage Loans shall be reduced by the aggregate Prepayment Interest Shortfall Amount for such month.

  • The Servicer shall be obligated to pay the aggregate Prepayment Interest Shortfall Amount for any month to the extent not covered by the aggregate Wells Fargo Servicing Fees for such month up to a maximum of the aggregate General Servicing Fees for such month.


More Definitions of Prepayment Interest Shortfall Amount

Prepayment Interest Shortfall Amount means, with respect to each Remittance Date and any Mortgage Loan that was subject to a Principal Prepayment during any Due Period, the amount, if any, by which one month's interest at the related Mortgage Loan Remittance Rate on such Principal Prepayment exceeds the amount of interest actually received in connection with such Principal Prepayment.
Prepayment Interest Shortfall Amount. With respect to any Remittance Date and any Mortgage Loan that was subject to a Principal Prepayment in full or in part during the related Principal Prepayment Period, the difference between (i) one full month's interest at the applicable Mortgage Loan Remittance Rate on the outstanding principal balance of such Mortgage Loan immediately prior to such Principal Prepayment and (ii) the amount of interest actually received with respect to such Mortgage Loan in connection with such Principal Prepayment.
Prepayment Interest Shortfall Amount in Article I is hereby amended by inserting the words (i) "voluntary (not including discounted payoffs)" between the words "a" and "Principal" in the second line thereof, (ii) "or in part" between the words "full" and "during" in the second line thereof and (iii) "for Principal Prepayments in full only" at the end of the parenthetical appearing in the fifth line thereof.
Prepayment Interest Shortfall Amount is hereby amended in its entirety to read as follows:
Prepayment Interest Shortfall Amount. With respect to any Payment Date and (x) any Principal Prepayment in part during the preceding calendar month or (y) any Principal Prepayment in full from the sixteenth day of the preceding calendar month through the end of such calendar month, the amount, if any, by which one month’s interest at the Net Mortgage Rate for such Mortgage Loan on the amount of such Principal Prepayment exceeds the amount of interest received from such Mortgagor in respect of such Principal Prepayment.
Prepayment Interest Shortfall Amount. With respect to any Remittance Date, for each Sub-serviced Mortgage Loan that was subject to a voluntary Principal Prepayment in full or in part during the related Principal Prepayment Period (other than Principal Prepayments relating to a repurchase of the Sub-serviced Mortgage Loan by the Seller or any other Person), which Principal Prepayment was applied to such Sub-serviced Mortgage Loan prior to such Sub-serviced Mortgage Loan’s Due Date in the succeeding Principal Prepayment Period, the amount of interest (net the related General Servicing Fee for Principal Prepayments in full only) that would have accrued on the amount of such Principal Prepayment during the period commencing on the date as of which such Principal Prepayment was applied to such Sub-serviced Mortgage Loan and ending on the last day of the related Principal Prepayment Period. The Prepayment Interest Shortfall Amount, if any, with respect to each Sub-Serviced Mortgage Loan shall be made from the Servicer’s own funds, without reimbursement therefor, up to a maximum amount per month equal to the General Servicing Fee for such month for such Sub-Serviced Mortgage Loan.
Prepayment Interest Shortfall Amount is hereby added to Section 1 to immediately follow the definition of "Person," to read as follows: