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 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 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.

  • 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.

  • 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.

  • 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 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.

  • REMIC 1 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”.

  • Prior to a Swap Event of Default, a Swap Termination Event or a Swap Additional Termination Event, any amount owed to the Class I-A-2-2 Underlying Interest in respect of any Net Rate Shortfall Carryforward Amounts shall be distributed to the Swap Provider.

Related to Net Rate Shortfall

  • Finance Charge Shortfall shall have the meaning specified in Section 4.09.

  • Available Funds Shortfall as defined in Section 3.04(b).

  • 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 A Unpaid Interest Shortfall As to any Distribution Date and any Class of Class A Certificates, the amount, if any, by which the aggregate of the Class A Interest Shortfall Amounts for such Class for prior Distribution Dates is in excess of the amounts distributed in respect of such Class on prior Distribution Dates pursuant to Paragraph second of Section 4.01(a).

  • Class B-3 Unpaid Interest Shortfall As to any Distribution Date, the amount, if any, by which the aggregate of the Class B-3 Interest Shortfall Amounts for prior Distribution Dates is in excess of the amounts distributed in respect of the Class B-3 Certificates on prior Distribution Dates pursuant to Paragraph twelfth of Section 4.01(a).

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

  • Class B-2 Unpaid Interest Shortfall As to any Distribution Date, the amount, if any, by which the aggregate of the Class B-2 Interest Shortfall Amounts for prior Distribution Dates is in excess of the amounts distributed in respect of the Class B-2 Certificates on prior Distribution Dates pursuant to Paragraph ninth of Section 4.01(a).

  • Net Simple Interest Shortfall With respect to any Distribution Date, the excess, if any, of (a) 30 days’ interest at the weighted average (by principal balance) of the Net Mortgage Rates of the Simple Interest Mortgage Loans as of the first day of the related Due Period, as determined by the Servicer, on the aggregate principal balance of such Simple Interest Mortgage Loans for such Remittance Date, carried to six decimal places, rounded down, and calculated on the basis of a 360-day year consisting of twelve 30-day months, over (b) the amount of the payments received by the Servicer in the related Due Period allocable to interest in respect of such Simple Interest Mortgage Loans, calculated in accordance with the Simple Interest Method, net of the related Servicing Fees.

  • Class B-6 Unpaid Interest Shortfall As to any Distribution Date, the amount, if any, by which the aggregate of the Class B-6 Interest Shortfall Amounts for prior Distribution Dates is in excess of the amounts distributed in respect of the Class B-6 Certificates on prior Distribution Dates pursuant to Paragraph twenty-first of Section 4.01(a).

  • 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.

  • Class B-5 Unpaid Interest Shortfall As to any Distribution Date, the amount, if any, by which the aggregate of the Class B-5 Interest Shortfall Amounts for prior Distribution Dates is in excess of the amounts distributed in respect of the Class B-5 Certificates on prior Distribution Dates pursuant to Paragraph eighteenth of Section 4.01(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.

  • Class B-4 Unpaid Interest Shortfall As to any Distribution Date, the amount, if any, by which the aggregate of the Class B-4 Interest Shortfall Amounts for prior Distribution Dates is in excess of the amounts distributed in respect of the Class B-4 Certificates on prior Distribution Dates pursuant to Paragraph fifteenth of Section 4.01(a).

  • Class B-1 Unpaid Interest Shortfall As to any Distribution Date, the amount, if any, by which the aggregate of the Class B-1 Interest Shortfall Amounts for prior Distribution Dates is in excess of the amounts distributed in respect of the Class B-1 Certificates on prior Distribution Dates pursuant to Paragraph sixth of Section 4.01(a)(i).

  • Collateral Minimum Monthly Interest shall have the meaning specified in subsection 4.02(c).

  • 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.

  • Nominal Liquidation Amount Deficit means, for any tranche of notes, the Adjusted Outstanding Dollar Principal Amount minus the nominal liquidation amount of that tranche.

  • Class B Note Principal Shortfall means, as of the close of any distribution date, the excess of: • the Class B Noteholders’ Principal Distribution Amount on that distribution date, over • the amount of principal actually distributed to the class B noteholders on that distribution date.

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

  • Class Unpaid Interest Shortfall As to any Distribution Date and each interest-bearing Class, the amount by which the aggregate Class Interest Shortfalls for such Class on prior Distribution Dates exceeds the amount of interest actually distributed on such Class on such prior Distribution Dates pursuant to clause (ii) of the definition of "Interest Distribution Amount."

  • Class A Non-PO Principal Distribution Amount As to any Distribution Date, the aggregate amount distributed in respect of the Class A Certificates pursuant to Paragraph third clause (A) of Section 4.01(a).

  • 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.

  • Class A Note Principal Shortfall means, as of the close of any distribution date, the excess of: • the Class A Noteholders’ Principal Distribution Amount on that distribution date, over • the amount of principal actually distributed or allocated to the class A noteholders or deposited into the accumulation account on that distribution date.

  • 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).

  • 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.