Net Simple Interest Shortfall definition

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.

Net Simple Interest Shortfall. With respect to any Distribution Date, the excess, if any, of (a) 30 days’ interest at the Net Mortgage Rate of the Simple Interest Mortgage Loan as of the first day of the related Due Period, as determined by the Servicer, on the principal balance of such Simple Interest Mortgage Loan for such Remittance Date, 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.

Net Simple Interest Shortfall. As of any Distribution Date, the excess, if any, of the aggregate amount of Simple Interest Shortfall over the amount of Simple Interest Excess.

Examples of Net Simple Interest Shortfall in a sentence

• The Servicer shall also deposit from its own funds into the Custodial Account, without the right to reimbursement, except from Net Simple Interest Excess, an amount equal to any Net Simple Interest Shortfall (to the extent not offset by Net Simple Interest Excess) for the related Due Period and remit such funds to the Master Servicer pursuant to Section 4.01.

• The Master Servicer shall also deposit from its own funds into the Collection Account (to the extent not already received from the related Servicer), without right of reimbursement, except from Net Simple Interest Excess, an amount equal to any Net Simple Interest Shortfall (to the extent not offset by Net Simple Interest Excess) for the related Collection Period.

• The Master Servicer shall also deposit from its own funds into the Collection Account (to the extent not already received from the Servicer), without right of reimbursement, except from Net Simple Interest Excess, an amount equal to any Net Simple Interest Shortfall (to the extent not offset by Net Simple Interest Excess) for the related Collection Period.

• The Master Servicer shall also deposit from its own funds into the Collection Account (to the extent not already received from the related Servicer), without right of reimbursement, except from Net Simple Interest Excess, an amount equal to any Net Simple Interest Shortfall (to the extent not offset by Net Simple Interest Excess) for the related Due Period.

• The Master Servicer shall also deposit from its own funds into the Certificate Account (to the extent not already received from the related Servicer), without right of reimbursement, except from Net Simple Interest Excess, an amount equal to any Net Simple Interest Shortfall (to the extent not offset by Net Simple Interest Excess) for the related Collection Period.

More Definitions of Net Simple Interest Shortfall

Net Simple Interest Shortfall. As of any Remittance Date, the excess, if any, of the aggregate amount of Simple Interest Shortfall over the amount of Simple Interest Excess.

Net Simple Interest Shortfall. $________

Net Simple Interest Shortfall. Not applicable.

Net Simple Interest Shortfall. For each Loan Group, as of any Distribution Date, the excess, if any, of the aggregate amount of Simple Interest Shortfall over the amount of Simple Interest Excess on the Mortgage Loans in the related Loan Group.

Net Simple Interest Shortfall means, for the Simple Interest ----------------------------- Qualifying Loans and any Due Period, the excess, if any, of the aggregate Simple Interest Shortfalls over the aggregate Simple Interest Excess (net of reimbursement to the Servicer for simple interest advances on previous Payment Dates pursuant to Section 8.02) for the related Due Period.

Net Simple Interest Shortfall. With respect to any Remittance Date, the excess, if any, of (a) one month’s interest at the weighted average (by Principal Balance) of the Mortgage Loan Remittance Rates of the Simple Interest Loans as of the first day of the related Accrual Period, on the aggregate principal balance of such Simple Interest Loans for such Remittance Date, calculated on the basis of a 360-day year consisting of twelve 30-day months, over (b) the aggregate amount of non-delinquent interest received on the Simple Interest Loans during the related Due Period, calculated in accordance with the Simple Interest Method, net of the related Servicing Fee. For purposes of the foregoing, the amount of interest received in respect of the Simple Interest Loans in any Due Period shall be deemed to include any Delinquency Advances made by the Servicer with respect to such Loans for such Due Period. OCC: Office of the Comptroller of the Currency, or any successor thereto.

Net Simple Interest Shortfall. As of any Determination Date, for each Simple Interest Qualifying Loan, the excess, if any, of the aggregate Simple Interest Shortfalls over the aggregate Simple Interest Excess for the related Collection Period.