Common use of Note Interest Clause in Contracts

Note Interest. The CLASS A-1 NOTE RATE will be equal to the rate established at pricing, provided that, on any Payment Date after the related Optional Termination Call Date, the Class A-1 Note Rate will increase by 0.75%. The CLASS A-1 INTEREST PAYMENT AMOUNT for any Payment Date will be an amount equal to the current interest for the Class A-1 Notes, reduced by any interest shortfalls on the Group I Mortgage Loans relating to the Soldiers' and Sailors' Civil Relief Act of 1940, and further reduced by any Compensating Interest not covered by either the related Servicing Fee, excess interest, or the Note Insurance Policy, plus the Class A-1 Carry-Forward Amount, less any amount paid by the Note Insurer in respect of such Class A-1 Carry-Forward Amount, in each case, as of such Payment Date. The CLASS A-1 CARRY-FORWARD AMOUNT: for any Payment Date will be the sum of (a) the amount, if any, by which (x) the Class A-1 Interest Payment Amount as of the immediately preceding Payment Date exceeded (y) the amount of interest actually paid to the holders of the Class A-1 Notes on such immediately preceding Payment Date and (b) thirty days' interest on the amount described in clause (a), calculated at an interest rate equal to the Class A-1 Note Rate.