Carryover Shortfall Amount. For any Distribution Date and for any Class of Class A Certificates and any Class of Class B Certificates, the sum of: (i) the excess, if any, of (a) the amount of interest that would have accrued on the Class Principal Balance of such Class’ Corresponding Class immediately before such Distribution Date, during the No-Delay Accrual Period, at a Certificate Interest Rate equal to the lesser of (1) LIBOR plus the related margin for such Class for such Distribution Date (as specified in the applicable note to the table entitled “REMIC II Interests” in the Preliminary Statement hereto) and (2) 10.50%, over (b) the amount of interest that accrued on such Class Principal Balance, during the No-Delay Accrual Period, at the actual Certificate Interest Rate for such Class for such Distribution Date, (ii) the portion of the amount described in clause (i) above remaining unpaid from prior Distribution Dates, and (iii) one month’s interest at the Certificate Interest Rate described in clause (i)(a) above on the amount described in clause (ii) above.
Carryover Shortfall Amount. For the first Distribution Date and for any Class of Class 1A, Class 1A-1B and Class 2A Certificates, the excess, if any, of (a) the amount of interest that would have accrued on the Class Principal Balance of such Class' Corresponding Class immediately before such Distribution Date, during the Prior Period, at a Certificate Interest Rate equal to the applicable Index plus the applicable Certificate Margin for such Class for such Distribution Date over (b) the amount of interest that accrued on such Class Principal Balance, during the Prior Period, at the actual Certificate Interest Rate for such Class for such Distribution Date. For any Distribution Date and for the Class CA-1B Certificates, the sum of the carryover shortfall amounts for each Class CA-1B Component, each calculated as the sum of: (i) the excess, if any, of (a) the amount of interest that would have accrued on the Component Principal Balance of such Class CA-1B Component immediately before such Distribution Date, during the No-Delay Accrual Period, at a Certificate Interest Rate equal to the lesser of (1) LIBOR plus the applicable Certificate Margin for such Class CA-1B Component for such Distribution Date and (2) 10.50% over (b) the amount of interest that accrued on such Component Principal Balance, during the No-Delay Accrual Period, at the actual Certificate Interest Rate for such Class CA-1B Component for such Distribution Date, (ii) the portion of the amount described in clause (i) above remaining unpaid from prior Distribution Dates, and (iii) one month's interest at the Certificate Interest Rate described in clause (i)(a) above on the amount described in clause (ii) above. For any Distribution Date and for the Class CA-1C Certificates, the sum of the carryover shortfall amounts for each Class CA-1C Component, each calculated as the sum of: (i) the excess, if any, of (a) the amount of interest that would have accrued on the Component Principal Balance of such Class CA-1C Component immediately before such Distribution Date, during the No-Delay Accrual Period, at a Certificate Interest Rate equal to the lesser of (1) LIBOR plus the applicable Certificate Margin for such Class CA-1C Component for such Distribution Date and (2) 10.50% over (b) the amount of interest that accrued on such Component Principal Balance, during the No-Delay Accrual Period, at the actual Certificate Interest Rate for such Class CA-1C Component for such Distribution Date, (ii) the portion of the amount described...
Examples of Carryover Shortfall Amount in a sentence
If on any Distribution Date the amount on deposit in the Carryover Shortfall Reserve Fund is not sufficient to make a full distribution of the Carryover Shortfall Amount with respect to the Classes of the LIBOR Certificates, the Trustee shall withdraw the entire amount on deposit in the Carryover Shortfall Reserve Fund and distribute such amount to such Classes of Certificates on a pro rata basis, based on the related remaining Carryover Shortfall Amount due.
On any Distribution Date, any amounts on deposit in a Yield Maintenance Reserve Fund in excess of the related Carryover Shortfall Amount shall be paid to the Holder of the Class A-X-2 Certificates.
For the Class B-11 Certificates for any Distribution Date, the lesser of (a) the Carryover Shortfall Amount for such Class for such Distribution Date and (b) the excess, if any, of (i) the Interest Distribution Amount for the Class X-L Regular Interest for such Distribution Date over (ii) the aggregate of the Carryover Shortfall Payments for the Class B-1, Class B-2, Class B-3, Class B-4, Class B-5, Class B-6, Class B-7, Class B-8, Class B-9 and Class B-10 Certificates for such Distribution Date.
For federal income tax purposes, payment of any Carryover Shortfall Amount to any Class of Certificates shall be treated as paid outside of any REMIC formed under this Agreement and shall not be part of the entitlement of the REMIC II Regular Interest related to the Class of Certificates receiving such payment.
For the Class B-7 Certificates for any Distribution Date, the lesser of (a) the Carryover Shortfall Amount for such Class for such Distribution Date and (b) the excess, if any, of (i) the Interest Distribution Amount for the Class X-L Regular Interest for such Distribution Date over (ii) the aggregate of the Carryover Shortfall Payments for the Class B-1, Class B-2, Class B-3, Class B-4, Class B-5 and Class B-6 Certificates for such Distribution Date.
More Definitions of Carryover Shortfall Amount
Carryover Shortfall Amount. For any Class of LIBOR Certificates and any Distribution Date, the sum of (a) the excess, if any, of (i) the amount of interest such Class of Certificates would have been entitled to receive on such Distribution Date pursuant to clause (i) of the definition of Class Optimal Interest Distribution Amount (prior to any reductions pursuant to Section 4.02(d) and any reduction due to the allocation of Net Deferred Interest) had the applicable Pass-Through Rate not been limited to the Net Rate Cap, over (ii) the amount of interest such Class of Certificates is entitled to receive on such Distribution Date pursuant to clause (i) of the definition of Class Optimal Interest Distribution Amount (prior to any reductions pursuant to Section 4.02(d) and any reduction due to the allocation of Net Deferred Interest) and (b) with respect to each Class of LIBOR Certificates (other than the Class B Certificates), the unpaid portion of any such excess from prior Distribution Dates (and interest accrued thereon at the then applicable Pass-Through Rate on such Class of Certificates, without giving effect to the Net Rate Cap).
Carryover Shortfall Amount. With respect to the Class I-A, Class M, Class B-1, Class B-2 and Class B-3 Certificates and each Distribution Date, the sum of (a) the aggregate amount of Carryover Shortfall for such Class on such Distribution Date which is not covered on such Distribution Date by interest distributions otherwise payable to the Class X Certificates, plus (b) any Carryover Shortfall Amount for such Class remaining unpaid from the preceding Distribution Date, plus (c) one month's interest on the amount in clause (b) (based on the number of days in the preceding Interest Accrual Period) at a rate equal to the lesser of (i) LIBOR plus the related Margin for such Distribution Date and (ii) 11.00% per annum.
Carryover Shortfall Amount. For any Distribution Date and for the Class A Certificates, an amount equal to the sum of: (i) the excess, if any, of (a) the amount of Accrued Certificate Interest that would have accrued on such class at a Pass-Through Rate equal to LIBOR plus the related Pass-Through Margin (but not more than 11.000% per annum) over (b) the amount of Accrued Certificate Interest on such class for such Distribution Date (in each case prior to any reduction for Net Deferred Interest), (ii) the portion of the amount described in clause (i) above remaining unpaid from prior Distribution Dates; and (iii) one month's interest at the rate described in clause (i)(a) above on the amount described in clause (ii) above. For any Distribution Date and for the Class M Certificates and Class B Certificates, an amount equal to the sum of: (i) the excess, if any, of (a) the amount of Accrued Certificate Interest that would have accrued on such class at a Pass-Through Rate equal to LIBOR plus the related Pass-Through Margin (but not more than Net Maximum Rate Cap) over (b) the amount of Accrued Certificate Interest on such class for such distribution date (in each case prior to any reduction for Net Deferred Interest), (ii) the portion of the amount described in clause (i) above remaining unpaid from prior Distribution Dates; and (iii) one month's interest at the rate described in clause (i)(a) above on the amount described in clause (ii) above.
Carryover Shortfall Amount. With respect to the Class A and Subordinate Certificates, the applicable Basis Risk Carry Forward Amount.
Carryover Shortfall Amount. For any Distribution Date and for the Class I-A Certificates and the Class I-B Certificates, an amount equal to the sum of: (i) the excess, if any, of (a) the amount of Accrued Certificate Interest that would have accrued on such Class at a Pass-Through Rate equal to the lesser of (I) One-Month LIBOR plus the related Margin and (II) 10.50%, over (b) the amount of Accrued Certificate Interest on such Class for such Distribution Date less the amount of any Net Deferred Interest added to the Current Principal Amount of such Class on that Distribution Date; (ii) the portion of the amount described in clause (i) above remaining unpaid from prior Distribution Dates; and (iii) one month’s interest at the rate described in clause (i)(a) above on the amount described in clause (ii) above.
Carryover Shortfall Amount. For any Class of LIBOR Certificates and any Distribution Date, the sum of (a) the excess, if any, of (i) the amount of interest such Class of Certificates would have been entitled to receive on such Distribution Date had the applicable Pass-Through Rate not been subject to the related Net Rate Cap, over (ii) the amount of interest such Class of Certificates received on such Distribution Date based on the related Net Rate Cap (in each case, prior to the reduction for Net Deferred Interest and Net Interest Shortfalls) and (b) the unpaid portion of any such excess from prior Distribution Dates (and interest accrued thereon at the then applicable Pass-Through Rate on such Class of Certificates, without giving effect to the related Net Rate Cap).
Carryover Shortfall Amount. For each class of LIBOR Certificates and any Distribution Date, an amount equal to sum of (i) the excess, if any, of the (a) amount of interest that such Class would have been entitled to receive pursuant to clause (i) of the definition of Class Optimal Interest Distribution Amount on such Distribution Date had its Pass-Through Rate not been subject to the Net WAC Cap up to but not exceeding a per annum rate of 10.50% (prior to any reduction (x) described in Section 4.02(c) or (y) for Net Deferred Interest described in Section 4.03), over (b) actual amount of interest provided for such Class for such Distribution Date (prior to any reduction (x) described in Section 4.02(c) or (y) for Net Deferred Interest described in Section 4.03) by clause (i) of the definition of Class Optimal Interest Distribution Amount and (ii) with respect to each Class of LIBOR Certificates (other than the Class B-3, Class B-4 and Class B-5 Certificates) the unpaid portion of any such excess from prior Distribution Dates (and interest accrued thereon at the then applicable Pass-Through Rate, without giving effect to the Net WAC Cap (up to 10.50%)).