Net WAC Shortfall. For any Class of Certificates and any Distribution Date on which the Pass-Through Rate for such Class is the related Net WAC Cap, an amount equal to excess of (x) the amount of interest such Class of Certificates would have accrued for such Distribution Date had such Pass-Through Rate not been limited by the related Net WAC Cap over (y) the amount of interest such Class of Certificates accrued for such Distribution Date at the related Net WAC Cap.
Net WAC Shortfall. Not applicable.
Examples of Net WAC Shortfall in a sentence
In addition, on the Closing Date, the Depositor shall deposit into the Net WAC Shortfall Reserve Fund an amount equal to the Net WAC Shortfall Reserve Fund Deposit.
The Swap Administrator shall, to the extent provided in the Swap Administration Agreement, remit amounts on deposit in the Swap Account to the Trustee for deposit into the Net WAC Shortfall Reserve Fund.
The Trustee on behalf of the Trust shall be the nominal owner of the Net WAC Shortfall Reserve Fund.
All amounts earned on amounts on deposit in the Net WAC Shortfall Reserve Fund shall be taxable to the Holders of the Class C Certificates.
In the absence of such written direction, all funds in the Net WAC Shortfall Reserve Fund shall remain uninvested.
More Definitions of Net WAC Shortfall
Net WAC Shortfall. With respect to any Class of Certificates (other than the LIBOR Certificates and the Class A-IO Certificates) and any Distribution Date on which the Net WAC Rate is used to determine the Pass-Through Rate of such Class of Certificates, an amount equal to the excess of (x) the Monthly Interest Distributable Amount for such Class calculated at the related Pass-Through Rate (without regard to the Net WAC Rate) over (y) the Monthly Interest Distributable Amount for such Class calculated using the Net WAC Rate.
Net WAC Shortfall. For the Class 1A1, Class 2A1, Class 1B1, Class 1B2 and Class 1B3 Certificates and any Distribution Date, for the respective Class the sum of:
Net WAC Shortfall. For each Capped Class for any Distribution Date in or before November 2007, the product of (x) 1/12th of the excess of the Fixed Interest Rate for such Class over the Weighted Average Pass-Through Rate for such Distribution Date and (y) the Class Principal Balance for such Class immediately before such Distribution Date.
Net WAC Shortfall. With respect to any Class of LIBOR Certificates and any Distribution Date on which the Pass-Through Rate for that Class of Certificates is limited to the Group 1 Net WAC, an amount equal to the sum of (i) the excess of (x) the amount of interest such Class of Certificates would have been entitled to receive on such Distribution Date if the Group 1 Net WAC had not been applicable to such Class on such Distribution Date, subject to a maximum rate of 11.50% per annum over (y) the amount of interest accrued on such Distribution Date at the Group 1 Net WAC plus (ii) the related Net WAC Shortfall for previous Distribution Dates remaining unpaid, together with interest thereon at a rate equal to the related Pass-Through Rate for such Class of Certificates for the most recently ended Interest Accrual Period (determined without regard to the Group 1 Net WAC, but subject to a maximum per annum Pass-Through Rate of 11.50%).
Net WAC Shortfall. For any Class of Class A and Subordinated Certificates and any Distribution Date on which the Pass-Through Rate for that Class is the related Net WAC Cap, an amount equal to excess of (x) the amount of interest such Class of Certificates would have accrued for such Distribution Date had such Pass-Through Rate not been limited by the related Net WAC Cap over (y) the amount of interest such Class of Certificates accrued for such Distribution Date at the related Net WAC Cap.
Net WAC Shortfall. With respect to any Payment Date and any Class of Notes, if, for such Payment Date, the Note Interest Rate is based on the applicable Net WAC Rate, the excess of (i) the amount by which the amount of interest calculated at the Note Interest Rate applicable to such Class for such date, determined without regard to the Net WAC Rate for such date but subject to a cap equal to the Weighted Average Cap Strike Rate over (ii) the sum of interest calculated at the Net WAC Rate for such Payment Date and any amount allocated to such Class under the Yield Maintenance Agreements.
Net WAC Shortfall. With respect to any Class of LIBOR 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 over (y) Accrued Certificate Interest thereon for such Distribution Date calculated at the related Net WAC Rate.