Credit Shortfall definition

Credit Shortfall shall have the meaning set forth in Section 5.1(g).
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Credit Shortfall has the meaning given to it in Section 5.1(f). Disposition (including the forms Dispose and Disposing) means, as to a Limited Partner, the assignment, sale, transfer, exchange or other disposition of all or any part of its Interest.
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Credit Shortfall means the amount by which the Actual Credit is less than the Projected Credit (or Revised Projected Credit) for any year or portion thereof.
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Examples of Credit Shortfall in a sentence

  • In the event a Sale or Refinancing of the Apartment Housing occurs prior to repayment in full of the Annual Credit Shortfall then the excess will be paid in accordance with Section 11.2(b).

  • If the Annual Credit Shortfall is greater than the Limited Partner's remaining Capital Contributions then the General Partner shall pay to the Limited Partner the excess of the Annual Credit Shortfall over the remaining Capital Contributions.

  • The General Partner shall have sixty days to pay the Annual Credit Shortfall from the date the General Partner receives notice from the Special Limited Partner.

  • In the event there are not sufficient funds to pay the full Annual Credit Shortfall to the Limited Partner at the time of the next Distribution of Net Operating Income, then the unpaid Annual Credit Shortfall shall be repaid in the next year in which sufficient monies are available from the General Partner's share of Net Operating Income.

  • If the Annual Credit Shortfall is greater than the Limited Partner's remaining Capital Contributions, then the General Partner shall pay to the Limited Partner the excess of the Annual Credit Shortfall over the remaining Capital Contributions.

  • In the event there are not sufficient funds to pay the full Annual Credit Shortfall to the Limited Partner at the time of the next Distribution of Net Operating Income, then the unpaid Annual Credit Shortfall shall be repaid in the next year in which sufficient monies are available from the General Partner's Net Operating Income.

  • The General Partner shall have 60 days to pay the Annual Credit Shortfall from the date the General Partner receives notice from the Special Limited Partner.

  • Payments into the Trust Account corresponding to the amount of the Credit Shortfall Breach as determined under this subparagraph shall be deemed fully to mitigate the emissions consequences of a Credit Shortfall Breach.

  • Except as provided below with regard to a GHG Credit Shortfall Breach, breaches of this Settlement Agreement shall be enforced in accordance with applicable contract law, including the availability of injunctive relief.

  • The General Partner shall have ninety days to pay the Annual Credit Shortfall from the date the General Partner receives notice from the Limited Partner.


More Definitions of Credit Shortfall

Credit Shortfall means the amount by which the Actual Credit is less than the Projected Credit (or Revised Projected Credit) for any year or portion thereof. "Debt Service" means scheduled principal and interest payments on indebtedness under the Mortgage Loan, determined on an annual basis for each year of Partnership operations. "Developer" means jointly, First Atlantic and American Housing, or their respective designees. "Deferred Development Fee" means any portion of the Development Fee not actually paid to and received by the Developer from the Installments, the payment of which is deferred and payable only in accordance with Sections 5.01(a), 11.03(A)(b) and 11.04(A)(c) hereof. "Development Fee" means the fee payable by the Partnership to the Developer pursuant to Section 8.10 of this Agreement. "Development Sources" means the aggregate of: (a) the proceeds of the Mortgage Loan; (b) the Capital Contributions of the General Partner, as set forth in Section 5.01(a) of this Agreement; (c) not more than $426,008 less the amount of the non-Deferred Development Fee of the Capital Contributions of the Investment Partnership to the Partnership; and (d) any rental income of the Partnership for the period prior to Final Closing. "Distributable Proceeds from Capital Transactions" means the excess of all cash receipts and other consideration arising from the sale or other disposition of all or any portion of the Apartment Complex or any proceeds realized from condemnation, casualty, or title defect, but excluding proceeds, if any, from rental interruption insurance or a temporary condemnation in the nature of a lease, over the sum of the following, to the extent paid out of such cash receipts or other consideration: (i) the amount of cash disbursed or to be disbursed in connection with or as an expense of such sale orother disposition, (ii) the amount necessary for the payment of all debts and obligations of the Partnership arising from or otherwise related to such sale or other disposition or to which the Apartment Complex is subject and which are otherwise then due (other than debts and obligations owed to the Partners and their Affiliates, which shall be satisfied in the order set forth in Section 11.04), and (iii) any amounts set aside by the General Partner for reserves which the General Partner deems reasonably necessary for contingent,unmatured or unforeseen liabilities of the Partnership. "Distributable Proceeds from Refinancings" means the excess of the gross proceeds o...
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Credit Shortfall means the amount by which the Actual Credit is less than the Projected Credit (or Revised Projected Credit) for any year or portion thereof. "Debt Service" means scheduled principal and interest payments on indebtedness under the Loans determined on an annual basis for each year of Partnership operations, but excluding (i) principal and interest due on acceleration of the Loans upon occurrence of an event of default and (ii) balloon payments of principal and interest due upon expiration of the term of the Loans. "Debt Service Coverage Ratio" means the ratio of (i) rental and miscellaneous income of the Partnership from the operation of the Apartment Complex in the ordinary course of business and all other income of the Partnership including unrestricted earnings on reserve or escrow funds other than proceeds of any loans to the Partnership and investment earnings on funds on deposit in the Reserve Fund for Replacements and/or Operating Deficit Reserve ("Gross Income") minus all accrued operational costs of the Apartment Complex; including, but not limited to taxes, assessments, Reserve Fund for Replacements deposits, maintenance and repairs, fees due and payable (other than the Incentive Partnership Management Fee, the Asset Management Fee and the Deferred Development Fee), and a ratable portion of the annual amount (as reasonably estimated by the General Partner) of those seasonal or periodic expenses (such as utilities, maintenance expenses and real estate taxes) which might reasonably be expected to be incurred on an unequal basis during a full annual period of operations, but excluding amounts due under Subordinated Loans to (ii) Debt Service. "Developer" means Balanced Housing Development Corp. "Deferred Development Fee" means any portion of the Development Fee not actually paid to and received by the Developer from the Installments, the payment of which is deferred and payable only in accordance with Sections 5.01(a), 11.03(A)(c) and 11.04(A)(b)(i) hereof. "Development Fee" means the fee payable by the Partnership to the Developer pursuant to Section 8.10 of this Agreement. "Development Sources" means the aggregate of: (a) the proceeds of the Loans; (b) the Capital Contributions of the General Partner, as set forth in Section 5.01(a) of this Agreement; (c) not more than $3,101,576 ($3,748,125-$636,549 Development Fee paid from equity) of the Capital Contributions of the Investment Partnership to the Partnership; and (d) any rental income of the Partn...
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Credit Shortfall means the Class A Limited Partner's Credit Shortfall, the Class B Limited Partner's Credit Shortfall, the Class C Limited Partner's Credit Shortfall and the Class D Limited Partner's Credit Shortfall, each as more fully described in Section 5.1(c)(i)-(iv). Disposition (including the forms Dispose and Disposing) means, as to a Limited Partner, the assignment, sale, transfer, exchange or other disposition of all or any part of its Interest.
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Related to Credit Shortfall

  • Prepayment Interest Shortfall As to any Distribution Date and any Mortgage Loan (other than a Mortgage Loan relating to an REO Property) that was the subject of (a) a Principal Prepayment in Full during the portion of the related Prepayment Period that falls during the prior calendar month, an amount equal to the excess of one month's interest at the Net Mortgage Rate (or Modified Net Mortgage Rate in the case of a Modified Mortgage Loan) on the Stated Principal Balance of such Mortgage Loan over the amount of interest (adjusted to the Net Mortgage Rate (or Modified Net Mortgage Rate in the case of a Modified Mortgage Loan)) paid by the Mortgagor for such month to the date of such Principal Prepayment in Full or (b) a Curtailment during the prior calendar month, an amount equal to one month's interest at the Net Mortgage Rate (or Modified Net Mortgage Rate in the case of a Modified Mortgage Loan) on the amount of such Curtailment.

  • Interest Shortfall With respect to any Distribution Date and each Mortgage Loan that during the related Prepayment Period was the subject of a Principal Prepayment or constitutes a Relief Act Mortgage Loan, an amount determined as follows:

  • Available Funds Shortfall As defined in Section 3.03(b)(ii)(A).

  • Available Funds Shortfall Amount means, as of any Payment Date, the amount, if any, by which the aggregate amount required to be paid pursuant to clauses first through twelfth of Section 4.4(a) of the Sale and Servicing Agreement exceeds the Available Funds for such Payment Date.

  • Net Aggregate Prepayment Interest Shortfall With respect to any Distribution Date, the amount, if any, by which (a) the aggregate of all Prepayment Interest Shortfalls incurred in connection with the receipt of Principal Prepayments on the Mortgage Loans during the related Due Period, exceeds (b) the aggregate amount deposited by the Master Servicer in the Certificate Account for such Distribution Date pursuant to Section 3.19 in connection with such Prepayment Interest Shortfalls.

  • Prepayment Interest Shortfall Amount With respect to any Mortgage Loan that was subject to a Principal Prepayment in full or in part during any Due Period, which Principal Prepayment was applied to such Mortgage Loan prior to such Mortgage Loan’s Due Date in such Due Period, the amount of interest (net of the General Servicing Fee) that would have accrued on the amount of such Principal Prepayment during the period commencing on the date as of which such Principal Prepayment was applied to such Mortgage Loan and ending on the day immediately preceding such Due Date, inclusive.

  • Excess Prepayment Interest Shortfall With respect to any Distribution Date, the aggregate of any Prepayment Interest Shortfalls resulting from any Principal Prepayments made on the Mortgage Loans to be included in the Aggregate Available Funds for such Distribution Date that are not covered by the Master Servicer’s Compensating Interest Payment for such Distribution Date and/or the portion of any compensating interest payments allocable to any Outside Serviced Mortgage Loan to the extent received from the related Outside Master Servicer.

  • Net Prepayment Interest Shortfall For any Distribution Date, the amount by which the sum of the Prepayment Interest Shortfalls exceeds the sum of the Compensating Interest payments made on such Distribution Date.

  • Class Interest Shortfall As to any Distribution Date and Class, the amount by which the amount described in clause (i) of the definition of Class Optimal Interest Distribution Amount for such Class exceeds the amount of interest actually distributed on such Class on such Distribution Date pursuant to such clause (i).

  • Relief Act Shortfall As to any Payment Date and any Mortgage Loan (other than a Mortgage Loan relating to an REO Property), any shortfalls relating to the Relief Act or similar legislation or regulations.

  • Capitalization Reimbursement Shortfall Amount With respect to any Distribution Date and, with respect to any Mortgage Pool comprised of two or more Loan Groups, each Loan Group, the amount, if any, by which the amount of Advances or Servicing Advances that were added to the Stated Principal Balance of all Mortgage Loans (or, if the Mortgage Pool is comprised of two or more Loan Groups, on the Mortgage Loans in the related Loan Group) during the preceding calendar month exceeds the amount of principal payments on the Mortgage Loans included in the Available Distribution Amount (or, if the Mortgage Pool is comprised of two or more Loan Groups, Available Distribution Amount for the related Loan Group) for that Distribution Date.

  • Note Interest Shortfall means, for a Class and a Payment Date, an amount equal to the excess, if any, of the Accrued Note Interest for the prior Payment Date for the Class over the amount of interest that was paid to the Noteholders of that Class on the prior Payment Date, together with interest on the excess amount, to the extent lawful, at the Note Interest Rate for the Class for that Interest Period.

  • Class B-6 Interest Shortfall Amount As to any Distribution Date, any amount by which the Interest Accrual Amount of the Class B-6 Certificates with respect to such Distribution Date exceeds the amount distributed in respect of the Class B-6 Certificates on such Distribution Date pursuant to Paragraph twentieth of Section 4.01(a).

  • Aggregate Class A Unpaid Interest Shortfall As to any Distribution Date, an amount equal to the sum of the Class A Unpaid Interest Shortfalls for all the Classes of Class A Certificates.

  • Class B-4 Interest Shortfall Amount As to any Distribution Date, any amount by which the Interest Accrual Amount of the Class B-4 Certificates with respect to such Distribution Date exceeds the amount distributed in respect of the Class B-4 Certificates on such Distribution Date pursuant to Paragraph fourteenth of Section 4.01(a).

  • Net Prepayment Interest Shortfalls As to any Distribution Date and Loan Group, the amount by which the aggregate of Prepayment Interest Shortfalls for that Loan Group during the related Prepayment Period exceeds the amount of Compensating Interest available to such Loan Group for such Distribution Date.

  • Class B-5 Interest Shortfall Amount As to any Distribution Date, any amount by which the Interest Accrual Amount of the Class B-5 Certificates with respect to such Distribution Date exceeds the amount distributed in respect of the Class B-5 Certificates on such Distribution Date pursuant to Paragraph seventeenth of Section 4.01(a).

  • Curtailment Shortfall For any Distribution Date and for any Curtailment received in the Prior Period, an amount equal to one month’s interest on such Curtailment at the Pass-Through Rate for the applicable Mortgage Loan.

  • Class B-3 Interest Shortfall Amount As to any Distribution Date, any amount by which the Interest Accrual Amount of the Class B-3 Certificates with respect to such Distribution Date exceeds the amount distributed in respect of the Class B-3 Certificates on such Distribution Date pursuant to Paragraph eleventh of Section 4.01(a).

  • Class A-P Collection Shortfall With respect to the Cash Liquidation or REO Disposition of a Discount Mortgage Loan and any Distribution Date, the excess of the amount described in Section 4.02(b)(i)(C)(1) over the amount described in Section 4.02(b)(i)(C)(2).

  • Class A Interest Shortfall shall have the meaning specified in subsection 4.02(a).

  • Net Interest Shortfall With respect to any Distribution Date, the Interest Shortfall, if any, for such Distribution Date net of Compensating Interest Payments made with respect to such Distribution Date.

  • Class A Interest Shortfall Amount As to any Distribution Date and any Class of Class A Certificates, any amount by which the Interest Accrual Amount of such Class with respect to such Distribution Date exceeds the amount distributed in respect of such Class on such Distribution Date pursuant to Paragraph first of Section 4.01(a).

  • Collateral Shortfall Amount is defined in Section 8.1.

  • Class B Interest Shortfall Amount Any of the Class B-1 Interest Shortfall Amount, Class B-2 Interest Shortfall Amount, Class B-3 Interest Shortfall Amount, Class B-4 Interest Shortfall Amount, Class B-5 Interest Shortfall Amount or Class B-6 Interest Shortfall Amount.

  • Class B Note Interest Shortfall means, for any distribution date, the excess of: • the Class B Noteholders’ Interest Distribution Amount on the preceding distribution date, over • the amount of interest actually distributed to the class B noteholders on that preceding distribution date, plus interest on the amount of that excess, to the extent permitted by law, at the class B note interest rate from that preceding distribution date to the current distribution date.