Monthly Interest Shortfall definition

Monthly Interest Shortfall means, with respect to any Payment Date (the “current Payment Date”) and any Class of Notes, the excess of the Monthly Interest Amount Payable for the preceding Payment Date over the amount in respect of interest on that Class of Notes that was actually paid to the Noteholder for that Class of Notes on such preceding Payment Date, plus interest on such excess, to the extent permitted by law, at a rate per annum equal to the Interest Rate on that Class of Notes, from and including such preceding Payment Date to but excluding the current Payment Date.

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Monthly Interest Shortfall shall have the meaning specified in Section 2.3(a).

Monthly Interest Shortfall is calculated for each Monthly Payment Date (including the Maturity Date) and is the product of (i) one-twelfth (1/12) of the positive difference, if any, of (x) the Semi-Annual Equivalent Rate (as defined below) less (y) the Treasury Yield plus fifty (50) basis points, times (ii) the outstanding principal balance of the Loan on each Monthly Payment Date (before application of any principal installment due for that month) for each full and partial month remaining in the Term.

Examples of Monthly Interest Shortfall in a sentence

The aggregate amount, if any, of such deficiency as of any Distribution Date, together with the aggregate unpaid amount of any such deficiencies with respect to all prior Distribution Dates, shall be referred to as the “Class R Monthly Interest Shortfall.” No interest shall accrue on the Class R Monthly Interest Shortfall.
The aggregate amount, if any, of such deficiency on any Distribution Date, together with the aggregate unpaid amount of any such deficiencies with respect to all prior Distribution Dates, shall be referred to as the “Class A Senior Monthly Interest Shortfall.” Interest shall accrue on the Class A Senior Monthly Interest Shortfall at the Alternate Base Rate plus 2% per annum.
The aggregate amount, if any, of such deficiency on any Distribution Date, together with the aggregate unpaid amount of any such deficiencies with respect to all prior Distribution Dates, shall be referred to as the “Class B Senior Monthly Interest Shortfall.” Interest shall accrue on the Class B Senior Monthly Interest Shortfall at the Alternate Base Rate plus 2% per annum.
Yield Maintenance is defined as the sum of the present ----------------- values on the date of prepayment of each Monthly Interest Shortfall for each month throughout the remaining Term of the Loan, discounted at the monthly Treasury Yield.
The Trustee shall, by 9:00 a.m. (New York City time) on such Payment Date, make a claim on the Series 2007-1 Policy in an amount equal to the Series 2007-1 Monthly Interest Shortfall.
On the first Business Day of each Monthly Period, the Servicer shall determine an amount (the "Class A Monthly Interest Shortfall") with respect to the Distribution Date in such Monthly Period equal to the excess, if any, of (x) the Class A Monthly Interest for the Interest Accrual Period ending in such Monthly Period OVER (y) the amount available to be paid to the Class A Securityholders in respect of interest on such Distribution Date.
On the first Business Day of each Monthly Period, the Servicer shall determine an amount (the "Class B Monthly Interest Shortfall") with respect to the Distribution Date in such Monthly Period equal to the excess, if any, of (x) the aggregate Class B Monthly Interest for the Interest Accrual Period ending in such Monthly Period OVER (y) the amount available to be paid to the Class B Securityholders in respect of interest on such Distribution Date.
The Trustee shall, by 12:00 noon (New York City time) on such Payment Date, make a claim on the Series 2004-1 Policy in an amount equal to the Series 2004-1 Monthly Interest Shortfall.
The Monthly Interest Shortfall is calculated for each monthly payment date and is the product of (i) the positive difference, if any, of (a) the Semi- Annual Equivalent Rate, less (b) the Treasury Yield, (ii) divided by twelve (12), times (iii) the outstanding principal balance of the Loan on each monthly payment date for which the calculation is made for each full and partial month remaining in the Term.
The Present Value is then determined by discounting each Monthly Interest Shortfall at the Treasury Yield divided by twelve.

More Definitions of Monthly Interest Shortfall

Monthly Interest Shortfall means, with respect to each Distribution Date, an amount equal to the excess, if any, of (x) the Monthly Interest for the related Interest Accrual

Monthly Interest Shortfall will be calculated for each monthly payment date and means the product of (1) the prepaid principal balance of the portion of the Loan related to the Initial Advance divided by 12, and (2) the positive result, if any, from (a) the applicable US Dollar Composite Swap Rate as quoted by Bloomberg LP used as the index to compute the Fixed Rate (plus a break contract fee of 20 basis points) minus (b) the Replacement Rate (as hereinafter defined). The parties acknowledge and agree that the US Dollar Composite Swap Rate as quoted by Bloomberg LP used as the index to compute the Contract Rate is 1.45%.

Monthly Interest Shortfall is the product of (i) the positive difference, if any, of the Semi-Annual Equivalent Rate less the Treasury Yield, divided by 12, times (ii) the outstanding principal balance of the loan on each monthly payment date for each full and partial month remaining in the term. The present value is then determined by discounting each Monthly Interest Shortfall at the Treasury Yield divided by twelve. The "Semi-Annual Equivalent Rate" is 7.515%. The "Treasury Yield" will be determined by reference to the Federal Reserve Statistical Release H.15 (519) of Selected Interest Rates (or any similar successor publication of the Federal Reserve) for the first week ending not less than two full weeks prior to the prepayment date. If the remaining term is less than one year, the Treasury Yield will equal the yield for 1-year Treasury Constant Maturities. If the remaining term is equal to one of the maturities of the Treasury Constant Maturities (e.g., 1-year, 2-year, etc.), then the Treasury Yield will equal the yield for the Treasury Constant Maturity with a maturity equalling the remaining term. If the remaining term is longer than one year, but does not equal one of the maturities of the Treasury Constant Maturities, then the Treasury Yield will equal the yield for the Treasury Constant Maturity closest to, but not exceeding, the remaining Term.

Monthly Interest Shortfall the amount by which the Available Cash Flow is exceeded by the Monthly Interest Payment.