Interest Shortfall Account definition
Examples of Interest Shortfall Account in a sentence
If there is an insufficient amount on deposit in the Prepayment Interest Shortfall Account, the amount thereof will be allocated among such subaccounts based upon the amount of Prepayment Interest Shortfall allocated to the related Pooled Certificate Groups.
If such Prepayment Interest Shortfall has been allocated to Pooled Certificates in one or more Pooled Certificate Groups, the Trustee will withdraw the lesser of the aggregate amount thereof and the amount then remaining in the Prepayment Interest Shortfall Account for deposit in the applicable subaccount or subaccounts of the Certificate Account.
On each Distribution Date the Trustee also shall deposit from the Prepayment Interest Shortfall Account into the applicable subaccount of the Certificate Account funds with respect to any Prepayment Interest Shortfalls on the related Pooled Certificate Group, to the extent required by Section 3.03(d).
The Trustee shall give notice to the Depositor and the Certificateholders of any new location of the Prepayment Interest Shortfall Account prior to any change thereof.
Funds held in the Distribution Account, the Companion Distribution Account, the Additional Interest Account, the Interest Reserve Account, the Interest Shortfall Account and the Gain-on-Sale Reserve Account may remain uninvested.
The Prepayment Interest Shortfall Account is initially located at the Trustee.
All calculations of the amounts to be distributed on any Distribution Date and of the amount of any transfers from the Prepayment Interest Shortfall Account or the Interest Account to the applicable subaccount or subaccounts of the Certificate Account will be made by the Trustee in reliance on the information provided to it in the applicable Pooled Certificate Distribution Date Statements and any additional written information requested by the Trustee with respect to the Pooled Certificates.
Any funds remaining in such Interest Account after the Class A-1, A-3 and Class A-5 Certificates have been paid in full shall be ▇▇▇▇▇▇▇▇red to the Prepayment Interest Shortfall Account.
The Class M-2 Interest Shortfall Account shall be an Eligible Account.
The Trustee shall separately report to any Class X Certificateholders amounts deposited into and paid to Class X Certificateholders from the Class M-2 Interest Shortfall Account.