Simple Interest Excess definition

Simple Interest Excess. As of any Distribution Date for each Simple Interest Qualifying Loan, the excess, if any, of (i) the portion of the monthly payment received from the Mortgagor for such Mortgage Loan allocable to interest with respect to the related Due Period, over (ii) 30 days' interest on the Stated Principal Balance of such Mortgage Loan at the Mortgage Rate.

Split View

AI-Powered Contracts

Draft, Review & Redline at the Speed of AI

Get StartedSchedule a Demo

Simple Interest Excess means, for any Collection Period, the excess, if any, of (i) Collected Interest over (ii) Expected Interest for such Collection Period.

Simple Interest Excess. As of any Remittance Date for each Simple Interest Qualifying Loan, the excess, if any, of (i) the portion of the monthly payment received from the Mortgagor for such Mortgage Loan allocable to interest with respect to the related Due Period, over (ii) 30 days' interest on the Stated Principal Balance of such Mortgage Loan at the Mortgage Rate for such Mortgage Loan.

Examples of Simple Interest Excess in a sentence

• The Servicer shall also deposit from its own funds into the Custodial Account, without the right to reimbursement, except from Net Simple Interest Excess, an amount equal to any Net Simple Interest Shortfall (to the extent not offset by Net Simple Interest Excess) for the related Due Period and remit such funds to the Master Servicer pursuant to Section 4.01.

• The Master Servicer shall also deposit from its own funds into the Collection Account (to the extent not already received from the related Servicer), without right of reimbursement, except from Net Simple Interest Excess, an amount equal to any Net Simple Interest Shortfall (to the extent not offset by Net Simple Interest Excess) for the related Collection Period.

• The Master Servicer shall also deposit from its own funds into the Collection Account (to the extent not already received from the Servicer), without right of reimbursement, except from Net Simple Interest Excess, an amount equal to any Net Simple Interest Shortfall (to the extent not offset by Net Simple Interest Excess) for the related Collection Period.

• On each Determination Date, the Servicer shall determine the amount, if any, of any Simple Interest Shortfall or Simple Interest Excess for the related Collection Period.

• In consideration of the purchase of such Receivable, the Servicer shall remit the Purchase Amount in the manner specified in Section 5.5. For purposes of this Section, the Purchase Amount shall, whenever applicable, consist in part of a release by the Servicer of all rights to receive Simple Interest Excess with respect to the related Receivable.

More Definitions of Simple Interest Excess

Simple Interest Excess. Sub-Accounts; Deposits in Simple Interest Excess Sub-Accounts..................................75 SECTION 3.07 Access to Certain Documentation and Information Regarding the Mortgage Loans; Inspections............................77 SECTION 3.08 Permitted Withdrawals from the Collection Accounts and Certificate Account..............................................78 SECTION 3.09 Maintenance of Hazard Insurance and Mortgage Impairment Insurance; Claims; Restoration of Mortgaged Property...................................................79 SECTION 3.10 Enforcement of Due-on-Sale Clauses; Assumption Agreements...........................................................80 SECTION 3.11 Realization Upon Defaulted Mortgage Loans; Repurchase of Certain Mortgage Loans.................................82 SECTION 3.12 Trustee to Cooperate; Release of Mortgage Files ....................................................................86 SECTION 3.13 Documents, Records and Funds in Possession of a Servicer to be Held for the Trustee..................................87 SECTION 3.14 Servicing Fee........................................................88 SECTION 3.15 Access to Certain Documentation......................................88 SECTION 3.16 Annual Statement as to Compliance....................................88 SECTION 3.17 Annual Independent Public Accountants' Servicing Statement; Financial Statements......................................89 SECTION 3.18 Maintenance of Fidelity Bond and Errors and Omissions Insurance..................................................89 SECTION 3.19 Duties of the Loss Mitigation Advisor................................90 SECTION 3.20 Limitation Upon Liability of the Loss Mitigation Advisor..............................................................90

Simple Interest Excess means, as of any Determination Date for each Simple Interest Qualifying Loan, the excess, if any, of (i) the portion of the scheduled payment received from the Obligor for such Loan allocable to interest with respect to the related Due Period, over (ii) 30 days' interest on the principal balance of such Loan at the Loan Interest Rate.

Simple Interest Excess. As of any Remittance Date for each Simple Interest Qualifying Loan, the excess, if any, of (i) the portion of the Monthly Payment received from the Mortgagor for such Mortgage Loan allocable to interest with respect to the related Due Period, over (ii) 30 days' interest on such Mortgage Loan at the then applicable Mortgage Rate.

Simple Interest Excess. With respect to any Distribution Date and any Mortgage Loan, the excess, if any, of (i) the portion of the monthly payment received from the related Mortgagor allocable to interest with respect to the Due Date in the related Collection Period, over (ii) a full month's interest on such Mortgage Loan at the Mortgage Interest Rate.

Simple Interest Excess. As of any Payment Date and for each Simple Interest Qualifying Loan, the excess, if any, of (i) the amount of interest actually paid on such Mortgage Loan with respect to the related Due Period net of the Servicing Fee, over (ii) 30 days' interest (calculated on the basis of a 360-day year consisting of twelve 30 day months) on the Principal Balance of such Mortgage Loan, at the Mortgage Interest Rate net of the Servicing Fee.

Simple Interest Excess. As of any Distribution Date for each Simple Interest Qualifying Loan, the excess, if any, of (i) the portion of the monthly payment received from the Obligor for such Contract allocable to interest with respect to the related Due Period, over (ii) 30 days' interest on the Stated Principal Balance of such Contract at the Contract Rate.

Simple Interest Excess. With respect to the first Distribution Date and for each Simple Interest Qualifying Loan, the excess, if any, of (i) the portion of the monthly payments received from the Obligor for such Contract allocable to interest with respect to the related Due Period, over (ii) 37 days' interest on the Stated Principal Balance of such Contract at the Contract Rate. With respect to any Distribution Date after the first Distribution Date and for each Simple Interest Qualifying Loan, the excess, if any, of (i) the portion of the monthly payment received from the Obligor for such Contract allocable to interest with respect to the related Due Period, over (ii) 30 days' interest on the Stated Principal Balance of such Contract at the Contract Rate.