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.

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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 related Servicer shall withdraw amounts on deposit in the Simple Interest Excess Sub-Account or in the related Collection Account (in respect of any Net Simple Interest Excess) on each Determination Date for deposit to the Distribution Account in an amount equal to the lesser of (i) the amount on deposit therein, and (ii) the Net Simple Interest Shortfall for such Distribution Date.

More Definitions of Net Simple Interest Shortfall

Net Simple Interest Shortfall. As of any Distribution Date, an amount equal to the excess, if any, of the aggregate amount of Simple Interest Shortfall with respect to the Mortgage Loans over the amount of Simple Interest Excess with respect to the Mortgage Loans.

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. As of any Distribution Date and Group the excess, if any, of the aggregate amount of Simple Interest Shortfall for such Group over the aggregate amount of Simple Interest Excess for such Group for such Distribution Date.

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.