Class Interest Carryover Shortfall definition

Class Interest Carryover Shortfall. As to any Class of Regular Certificates and any Distribution Date, an amount equal to the sum of (i) the excess of the related Class Monthly Interest Amount for the preceding Distribution Date and any outstanding Class Interest Carryover Shortfall with respect to such Class on such preceding Distribution Date, over the amount in respect of interest that is actually distributed to the Holders of such Class on such preceding Distribution Date plus (ii) one month's interest on such excess, to the extent permitted by law, at the related Certificate Rate.

AI-Powered Contracts

Draft, Review & Redline at the Speed of AI

Class Interest Carryover Shortfall. With respect to any Class of Offered Certificates and any Distribution Date, an amount equal to the sum of (a) the excess, if any, of the Class Monthly Interest Amount for such Class (the amount to which the Class is entitled in the absence of any shortfall but after giving effect to the Net WAC Cap, if applicable) for the preceding Distribution Date and any outstanding Class Interest Carryover Shortfall with respect to that Class from any preceding Distribution Dates, over the amount in respect of interest that is actually distributed to the Holders of that Class on the preceding Distribution Date, plus (b) one-month's interest on the amount described in clause (a), to the extent permitted by law, at the related Pass-Through Rate.

Class Interest Carryover Shortfall. As to any Class of Offered Notes and any Payment Date, an amount equal to the sum of (i) the excess of the related Class Monthly Interest Amount for the preceding Payment Date and any Outstanding Class Interest Carryover Shortfall with respect to such Class on such preceding Payment Date, over the amount in respect of interest that is actually paid to the Holders of such Class on such preceding Payment Date plus (ii) one month’s interest on such excess, to the extent permitted by law, at the related Note Rate.

Examples of Class Interest Carryover Shortfall in a sentence

The failure to pay any Class Interest Carryover Shortfall at any time when funds are not available to make such payment as provided in the Indenture shall not constitute an Event of Default under the Indenture.
Concurrently, to each Class of Group I Certificates, the related Class Monthly Interest Amount and any related Class Interest Carryover Shortfall for the Distribution Date, allocated among each such Class of Group I Certificates on a pro rata basis based on each Group I Certificate’s Class Monthly Interest Amount and Class Interest Carryover Shortfall without priority among such Group I Certificates.
Concurrently, to the Senior Certificates in both Certificate Groups, the related Class Monthly Interest Amount and any related Class Interest Carryover Shortfall to the extent not paid pursuant to clauses A.
To the Class B Certificates, (a) any related Class Interest Carryover Shortfall and then (b) any related Class Principal Carryover Shortfall.
To the Class M-3 Certificates, (a) any related Class Interest Carryover Shortfall and then (b) any related Class Principal Carryover Shortfall.
To the Class M-1 Certificates, (a) any related Class Interest Carryover Shortfall and then (b) any related Class Principal Carryover Shortfall.
To the Class M-2 Certificates, (a) any related Class Interest Carryover Shortfall and then (b) any related Class Principal Carryover Shortfall.
Concurrently, to each Class of Group II Certificates, the related Class Monthly Interest Amount and any related Class Interest Carryover Shortfall for the Distribution Date, allocated among each such Class of Group II Certificates on a pro rata basis based on each Group II Certificate’s Class Monthly Interest Amount and Class Interest Carryover Shortfall without priority among such Group II Certificates.
To the Class AV-1 Certificates, the related Class Monthly Interest Amount and any related Class Interest Carryover Shortfall for the Distribution Date.
Concurrently, to the Senior Certificates in all three Certificate Groups, the related Class Monthly Interest Amount and any related Class Interest Carryover Shortfall to the extent not paid pursuant to clauses A., B.

More Definitions of Class Interest Carryover Shortfall

Class Interest Carryover Shortfall. With respect to any Class A Certificates and any Distribution Date, the amount by which the Class Interest Distribution for each prior Distribution Date exceeded the amount of interest actually distributed on such prior Distribution Dates.

Class Interest Carryover Shortfall means as to any Class of Offered Certificates and any Distribution Date, an amount equal to the sum of (i) the excess of the related Class Monthly Interest Amount for the preceding Distribution Date and any outstanding Class Interest Carryover Shortfall with respect to such Class on any preceding Distribution Date, over the amount in respect of interest that is actually distributed to the Holders of such Class on such preceding Distribution Date plus (ii) one month's interest on such excess, to the extent permitted by law, at the related Certificate Rate.

Class Interest Carryover Shortfall. The excess of the related Class Monthly Interest Distribution Amount for the preceding Distribution Date over the amount in respect of interest that was actually distributed to that Class on the preceding Distribution Date plus one month's interest on the excess, to the extent permitted by law, at the related Certificate Rate.

Class Interest Carryover Shortfall means, with respect to any Payment Date, the excess, if any, of the Class [__] Interest Payment Amount for the preceding Payment Date over the amount that was actually paid in respect of interest on the Class [__] Notes on such preceding Payment Date, plus, to the extent permitted by law, an amount equal to the product of (i) the Class [__] Interest Rate, (ii) such excess, and (iii) a fraction equal to one-twelfth.

Class Interest Carryover Shortfall. With respect to any Class of Class ---------------------------------- A Certificates and any Distribution Date, the amount by which the Class Interest Distribution for such Class for each prior Distribution Date exceeded the amount of interest actually distributed on such prior Distribution Dates.