Net Rate Shortfall definition

Net Rate Shortfall. With respect to the Class A Certificates and Class M Certificates on any Distribution Date, as determined separately for each such Class of Certificates, the excess, if any, of (x) the related Accrued Certificate Interest thereon for such Distribution Date calculated pursuant to clause (i) of the related definition of Pass-Through Rate, in each case prior to reduction for Net Deferred Interest, over (y) Accrued Certificate Interest thereon for such Distribution Date calculated at the related Net Rate Cap.
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Net Rate Shortfall. With respect to the Class A Certificates and Class M Certificates on any Distribution Date, as determined separately for each such Class of Certificates, the excess, if any, of (x) the related Accrued Certificate Interest thereon for such Distribution Date calculated pursuant to clause (i)(a) of the related definition of Pass-Through Rate, in each case prior to reduction for Net Deferred Interest, over (y) Accrued Certificate Interest thereon for such Distribution Date calculated at the related Net Rate Cap. With respect to the Class X Certificates on any Distribution Date, as determined separately for each such Class of Certificates, the excess, if any, of (A) the related Accrued Certificate Interest thereon for such Distribution Date calculated pursuant to clause (i) of the related definition of Pass-Through Rate, over (B) the Accrued Certificate Interest thereon for such Distribution Date calculated pursuant to clause (ii) of the related definition of Pass-Through Rate. For federal income tax purposes, such amount shall equal, as determined separately for each such Class of Certificates, the excess, if any, of (A) the related Accrued Certificate Interest thereon for such Distribution Date calculated pursuant to clause (i) of the related definition of Pass-Through Rate, over (B) the Accrued Certificate Interest thereon for such Distribution Date calculated at the Uncertificated REMIC 2 Pass-Through Rate on the REMIC 2 Regular Interest for which such Class is a Corresponding Certificate.
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Examples of Net Rate Shortfall in a sentence

  • Prior to a Swap Event of Default, a Swap Termination Event or a Swap Additional Termination Event, any amount owed to the Class III-A-1-1 Underlying Interest in respect of any Net Rate Shortfall Carryforward Amounts shall be distributed from the Grantor Trust to the Swap Provider.

  • Prior to a Swap Event of Default, a Swap Termination Event or a Swap Additional Termination Event, any amount owed to the Class III-A-1-1 Underlying Interest in respect of any Net Rate Shortfall Carryforward Amounts shall be distributed to the Swap Provider.

  • Any amounts received by the Securities Administrator in respect of such termination shall be deposited and held in the Cap Contract Reserve Fund to pay Allocated Realized Loss Amounts and Net Rate Shortfall Carry-Forward Amounts on the Classes of Offered Certificates as provided in Section 4.11 hereof on the Distribution Dates following such termination to and including the Cap Contract Scheduled Termination Date.

  • For federal tax return and information reporting, the right of the Holders of the LIBOR Certificates to receive payments from the Cap Contract Reserve Fund in respect of any Net Rate Shortfall Carry-Forward Amount may be obtained from the Securities Administrator upon request.

  • Any amounts received by the Floor Supplemental Interest Trust Trustee in respect of such termination shall be deposited and held in the Floor Contract Reserve Fund to pay Allocated Realized Loss Amounts and Net Rate Shortfall Carry-Forward Amounts on the Classes of Offered Certificates as provided in Section 4.14 hereof on the Distribution Dates following such termination to and including the Floor Agreement Scheduled Termination Date.

  • All funds on deposit in the Net Rate Shortfall Carry-Forward Reserve Fund shall be held separate and apart from, and shall not be commingled with, any other moneys, including without limitation, other moneys held by the Securities Administrator pursuant to this Agreement.

  • For federal tax return and information reporting, the right of the Holders of the LIBOR Certificates to receive payments from the Corridor Contract Reserve Fund in respect of any Net Rate Shortfall Carry-Forward Amount may be obtained from the Securities Administrator upon request.

  • As provided herein, the Securities Administrator on behalf of the Trustee will make an election to treat the segregated pool of assets consisting of the Mortgage Loans (exclusive of the Net Rate Shortfall Carry-Forward Reserve Fund, the Cap Agreement, the Cap Contract Reserve Fund, the Floor Agreement and the Floor Contract Reserve Fund) as a REMIC for federal income tax purposes, and such segregated pool of assets will be designated as “REMIC 1”.

  • Any amounts received by the Securities Administrator in respect of such termination shall be deposited and held in the Corridor Contract Reserve Fund to pay Allocated Realized Loss Amounts and Net Rate Shortfall Carry-Forward Amounts on the Classes of Offered Certificates as provided in Section 4.11 hereof on the Distribution Dates following such termination to and including the Corridor Contract Scheduled Termination Date.

  • Any amounts received by the Cap Supplemental Interest Trust Trustee in respect of such termination shall be deposited and held in the Cap Contract Reserve Fund to pay Allocated Realized Loss Amounts and Net Rate Shortfall Carry-Forward Amounts on the Classes of Offered Certificates as provided in Section 4.11 hereof on the Distribution Dates following such termination to and including the Cap Agreement Scheduled Termination Date.