Common use of Prepayment Interest Shortfall Clause in Contracts

Prepayment Interest Shortfall. Not later than two Business Days prior to each Payment Date, the Master Servicer shall remit to the Trustee, without any right of reimbursement, an amount equal to, with respect to each Home Equity Loan as to which a principal prepayment in full was received during the related Remittance Period, the lesser of (a) the excess, if any, of the sum of 30 days' interest on the principal balance of each such Home Equity Loan (or at such lower rate as may be in effect because of application of the Civil Relief Act) minus the Servicing Fees for such Home Equity Loan, over the amount of interest actually paid by the related Obligor in connection with each such principal prepayment for such Remittance Period (with respect to all -44- such Home Equity Loans, the "Prepayment Interest Shortfall") and (b) the sum of the Servicing Fees with respect to the most recently ended Remittance Period.

Appears in 1 contract

Sources: Pooling and Servicing Agreement (Transamerica Consumer Mortgage Receivables Corp)

Prepayment Interest Shortfall. Not later than two Business Days prior to each Payment Date, the Master Servicer shall remit to the Trustee, without any right of reimbursement, an amount equal to, with respect to each Home Equity Loan as to which a principal prepayment in full was received during the related Remittance Period, the lesser of (a) the excess, if any, of the sum of 30 days' interest on the principal balance of each such Home Equity Loan at the applicable Loan Rate (or at such lower rate as may be in effect because of application of the Civil Relief Act) minus the Servicing Fees for such Home Equity Loan, over the amount of interest actually paid by the related Obligor in connection with each such principal prepayment for such Remittance Period (with respect to all -44- such Home Equity Loans, the "Prepayment Interest Shortfall") and (b) the sum of the Servicing Fees with respect to the most recently ended Remittance Period.

Appears in 1 contract

Sources: Pooling and Servicing Agreement (Transamerica Consumer Mortgage Receivables Corp)