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.

Examples of Prepayment Interest in a sentence

• In order to mitigate the effect of any Prepayment Interest Shortfall on interest distributions to holders of the Certificates on any Distribution Date, one-half of the amount of the Master Servicing Fee otherwise payable to the Master Servicer for the month will, to the extent of the Prepayment Interest Shortfall, be deposited by the Master Servicer in the Certificate Account for distribution to holders of the Certificates entitled thereto on the Distribution Date.

• On any Distribution Date, any Relief Act Interest Shortfalls and any Prepayment Interest Shortfalls to the extent not covered by Compensating Interest paid by the Servicer will first reduce Net Monthly Excess Cashflow and then reduce the Monthly Interest Distributable Amounts with respect to the LIBOR Certificates on a pro rata basis based on the respective amounts of interest accrued on such certificates for such Distribution Date.

• The Prepayment Interest Rate is not guaranteed and is not applicable to any other products unless otherwise stated.

• In addition, notwithstanding the foregoing, on any Distribution Date after the Distribution Date on which the Certificate Principal Balance of a Class of Class A Certificates or Class M Certificates has been reduced to zero, that Class of Certificates will be retired and will no longer be entitled to distributions, including distributions in respect of Prepayment Interest Shortfalls or Basis Risk Shortfall Carry Forward Amounts.

• The Xxxxxx Xxx guaranty with respect to the Certificates will not cover any excess prepayment interest shortfall amounts as described under “Description of the Certificates — Interest Payments on the Certificates — Excess Prepayment Interest Shortfalls” in the Prospectus.

More Definitions of Prepayment Interest

Prepayment Interest means any interest due by any Lessee opting for a voluntary prepayment of the relevant Lease Contracts;

Prepayment Interest is defined in Section 3.03.

Prepayment Interest has the meaning specified therefor in Section 2.14.

Prepayment Interest means, with respect to any mandatory or voluntary prepayment made pursuant to Sections 5.2 or 5.4, (a) if such prepayment is made on or after the Drawdown Date but prior to the one-year anniversary of the Drawdown Date, an amount equal to the greater of (i) the amount of unpaid interest which would have accrued until and become payable on the one-year anniversary of the Drawdown Date and (ii) 1.5% of the principal amount of the Loan which was prepaid; (b) if such prepayment is made on or after first anniversary of the Drawdown Date but prior to the third anniversary of the Drawdown Date, 1.0% of the principal amount of the Loan which was prepaid; and (c) if such prepayment is made on or after the third anniversary of the Drawdown Date, no prepayment interest shall be payable;

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, 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 means, with respect to any Distribution Date, the least of (I) the excess of (x) the interest due on the Non-IO Certificates on such Distribution Date over (y) the Available Funds to be on deposit in the Certificate Account on such Distribution Date (including, without duplication, the amount of any Delinquency Advances made by the Servicer pursuant to Section 4.12(a) hereof with respect to such Distribution Date) and (II) the aggregate Loan Prepayment Interest Shortfalls for the related Collection Period and (III) the aggregate Servicing Fee for such Distribution Date.