Interest Carryover Shortfall definition
Interest Carryover Shortfall means, with respect to any Payment Date and any Class of Notes, the excess of the sum of the Monthly Accrued Note Interest for the preceding Payment Date and any outstanding Interest Carryover Shortfall from the close of business on such preceding Payment Date, over the amount in respect of interest that is actually deposited in the Note Payment Account on such preceding Payment Date with respect to such Class, plus interest on such excess to the extent permitted by law, at the applicable Note Interest Rate for the related Interest Accrual Period.
Interest Carryover Shortfall means, with respect to any Payment Date, the excess, if any, of (i) the Interest Distributable Amount for such Payment Date and all prior Payment Dates, over (ii) the amount of interest, if any, actually paid to Noteholders on such Payment Date and all prior Payment Dates.
Interest Carryover Shortfall means, with respect to any Distribution Date and a Class of Notes, the excess, if any, of the sum of the Interest Distributable Amount for such Class on the immediately preceding Distribution Date over the amount in respect of interest that is actually deposited in the Note Distribution Account with respect to such Class on such preceding Distribution Date, plus, to the extent permitted by applicable law, interest on the amount of interest due but not paid to Noteholders of such Class on the preceding Distribution Date at the related Interest Rate for the related Interest Period.
Examples of 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.
More Definitions of Interest Carryover Shortfall
Interest Carryover Shortfall. With respect to any Payment Date and the Class A Notes, the amount by which the related Interest Distribution for such Class A Notes for the preceding Payment Date exceeded the amount of interest that was actually distributed to such Class A Notes on such preceding Payment Date.
Interest Carryover Shortfall means, with respect to any Payment Date, the sum of (a) the excess of (i) the Interest Distributable Amount for the preceding Payment Date over (ii) the amount that was actually paid to the Lenders in respect of Interest, Usage Fee Amount and Unused Fee Amount on such preceding Payment Date, and (b) interest on such excess, to the extent permitted by applicable law, by reference to the Default Rate for the period from such preceding Payment Date to but excluding the current Payment Date.
Interest Carryover Shortfall. With respect to any Distribution Date and each Class of Notes, the amount by which the related Interest Distribution for such Class for the preceding Distribution Date exceeded the amount of interest that was actually distributed to such Class on such preceding Distribution Date.
Interest Carryover Shortfall means, with respect to any Advance and any Payment Date, the excess of the Interest Payment Amount for such Advance for the immediately preceding Payment Date over the amount in respect of interest on such Advance that was actually paid to Lender on such preceding Payment Date, plus interest (calculated on the basis of the actual number of days elapsed in the Accrual Period for such Advance and a 360-day year) on the amount of interest due but not paid to Lender on the preceding Payment Date, to the extent permitted by applicable law, at a per annum rate equal to the sum of the LIBOR Rate for such Advance plus the Applicable Margin.
Interest Carryover Shortfall means, with respect to any Payment Date and any Class of Notes, the excess of the sum of the Monthly Accrued Note Interest for the preceding Payment Date and any outstanding Interest Carryover Shortfall from the close of business on such preceding Payment Date, over the amount in respect of interest that is actually deposited in the Note Payment Account on such preceding Payment Date, plus interest on such excess to the extent permitted by law, at the applicable Note Interest Rate for the related Interest Accrual Period.
Interest Carryover Shortfall means, with respect to any Payment Date, the excess, if any, of the Class B Noteholders’ Monthly Accrued Interest for the preceding Payment Date and any outstanding Class B Noteholders’ Interest Carryover Shortfall on such preceding Payment Date, over the amount in respect of interest that is actually paid to Noteholders of Class B Notes on such preceding Payment Date, plus interest on the amount of interest due but not paid to Noteholders of Class B Notes on the preceding Payment Date, to the extent permitted by law, at the Class B Interest Rate for the related Interest Period.
Interest Carryover Shortfall. With respect to any Payment Date and the Notes, the amount by which the related Interest Distribution for such Notes for the preceding Payment Date exceeded the amount of interest that was actually distributed to such Notes on such preceding Payment Date.