Net WAC Shortfall Amount definition

Net WAC Shortfall Amount. With respect to any Distribution Date, the sum of (i) if the Pass-Through Rate for any of the Class A, Class M and Class B Certificates is limited to the Net WAC Rate, the excess, if any, of (a) the amount of interest such Class A, Class M and Class B Certificates would have been entitled to receive on such Distribution Date if such Net WAC Rate would not have been applicable to such Certificates, over (b) the amount of interest accrued on such Certificates at such Net WAC Rate, and (ii) the Net WAC Shortfall Amount from the prior Distribution Date not previously distributed together with interest thereon at the related Pass-Through Rate for the most recently ended Accrual Period.
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Net WAC Shortfall Amount. If on any Distribution Date the Pass-Through Rate for the Class A Certificates and the Mezzanine Certificates is limited to the Net WAC Rate, the sum of (i) the excess of (a) the amount of interest such Class A Certificates or Mezzanine Certificates would have been entitled to receive on such Distribution Date if the Net WAC Rate would not have been applicable to such certificates over (b) the amount of interest accrued on such classes at the applicable Net WAC Rate plus (ii) the related Net WAC Shortfall Amount from the prior Distribution Date not previously distributed together with interest thereon at the related pass-through rate for the most recently ended Accrual Period.
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Net WAC Shortfall Amount. If on any Distribution Date the Pass-Through Rate for the Offered Certificates is limited to the Net WAC Rate, the sum of (i) the excess of (a) the amount of interest such Offered Certificates would have been entitled to receive on such Distribution Date if the Net WAC Rate would not have been applicable to such certificates over (b) the amount of interest accrued on such Classes at the applicable Net WAC Rate plus (ii) the related Net WAC Shortfall Amount from the prior Distribution Date not previously distributed together with interest thereon at the related Pass-Through Rate for the most recently ended Accrual Period.
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Examples of Net WAC Shortfall Amount in a sentence

  • Class B-1 Certificates, the related Net WAC Shortfall Amount, from deposits of amounts that otherwise would have been distributed to the related Class X Certificates.

  • Class B-1 Certificates, the related Net WAC Shortfall Amount, from the Reserve Fund.

  • Class B-2 Certificates, the related Net WAC Shortfall Amount, from deposits of amounts that otherwise would have been distributed to the related Class X Certificates.

  • Class B-2 Certificates, the related Net WAC Shortfall Amount, from the Reserve Fund.

  • Class 1-B1 Certificates, the related Net WAC Shortfall Amount, from the Reserve Fund.

  • Each Certificate, other than the Class R Certificates, represents ownership of a Regular Interest in REMIC 4 and also represents (i) the right to receive, or the obligation to make, as described herein, payments with respect to the related Net WAC Shortfall Amount (as defined herein) and (ii) the obligation to pay, or the right to receive, as described herein, related Class IO Distribution Amounts (as defined herein).

  • Class 1-B2 Certificates, the related Net WAC Shortfall Amount, from the Reserve Fund.

  • On each Distribution Date as to which there is a Net WAC Shortfall Amount payable to any Class B Certificates, the Trustee shall distribute amounts then on deposit in the Class B Interest Reserve Fund to the Holders of the Class B Certificates in respect of the Net WAC Shortfall Amounts in accordance with the fourth paragraph of Section 4.01(a).


More Definitions of Net WAC Shortfall Amount

Net WAC Shortfall Amount. If on any Distribution Date the Pass-Through Rate for any of the Class A Certificates and the Subordinate Certificates is limited to the Net WAC Rate, the sum of (i) the excess of (a) the amount of interest such Class A Certificates or Subordinate Certificates would have been entitled to receive on such Distribution Date if such Net WAC Rate would not have been applicable to such Certificates over (b) the amount of interest accrued on such Certificates at such Net WAC Rate plus (ii) the related Net WAC Shortfall Amount from the prior Distribution Date not previously distributed together with interest thereon at the related Pass-Through Rate for the most recently ended Accrual Period.
Sample 1
Net WAC Shortfall Amount. With respect to the Offered Certificates, the Class 1-B Certificates and any Distribution Date, the sum of (i) the excess, if any, of (a) the amount of interest such Offered Certificates or Class 1-B Certificates would have been entitled to receive on such Distribution Date at the related Pass-Through Rate without regard to the applicable Net WAC Rate over (b) the amount of interest accrued on such Certificates at such Net WAC Rate, plus (ii) the related Net WAC Shortfall Amount from the prior Distribution Date not previously reimbursed together with interest thereon at the related Pass-Through Rate for the most recently ended Accrual Period.
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Net WAC Shortfall Amount. With respect to the offered certificates (other than the Class A-IO Certificates) and any distribution date from the July 2002 distribution date through and including the December 2004 distribution date on which the related Net WAC Rate is used to determined the Pass-Through Rate of that class of offered certificates, an amount equal to the excess of (x) the lesser of (1) the Monthly Interest Distributable Amount calculated at the fixed or adjustable Pass-Through Rate for that class of offered certificates (i.e., assuming that the related Net WAC Rate is not in effect on that distribution date) and (2) the Monthly Interest Distributable Amount calculated at a rate equal to the weighted average of the Net Mortgage Rates of the mortgage loans as of the first day of the month preceding the month in which such distribution date occurs (adjusted, in the case of the Class A-1 Certificates, by a fraction equal to 30 divided by the number of days in the related Accrual Period) over (y) Accrued Certificate Interest calculated at the related Net WAC Rate.
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Net WAC Shortfall Amount. With respect to the Class A Certificates and the Subordinate Certificates and any Distribution Date, the sum of (i) if on any Distribution Date the Pass-Through Rate for such Certificates is limited to the related Net WAC Rate, the excess, if any, of (a) the amount of interest such Class A Certificates or Subordinate Certificates would have been entitled to receive on such Distribution Date if such Net WAC Rate would not have been applicable to such Certificates, over (b) the amount of interest accrued on such Certificates at such Net WAC Rate, plus (ii) the related Net WAC Shortfall Amount from the prior Distribution Date not previously distributed together with interest thereon at the related Pass-Through Rate for the most recently ended Accrual Period.
Sample 1
Net WAC Shortfall Amount. With respect to the Offered Certificates and any Distribution Date, the sum of (i) the excess, if any, of (a) the amount of interest such Offered Certificates would have been entitled to receive on such Distribution Date at the related Pass-Through Rate without regard to the applicable Net WAC Rate over (b) the amount of interest accrued on such Certificates at such Net WAC Rate, plus (ii) the related Net WAC Shortfall Amount from the prior Distribution Date not previously reimbursed together with interest thereon at the related Pass-Through Rate for the most recently ended Accrual Period.
Sample 1
Net WAC Shortfall Amount. With respect to the Class A Certificates (other than the Class A-IO Certificates and Class A-I-1 Certificates), Class M Certificates and Class B Certificates and any Distribution Date on which the related Net WAC Rate is used to determine the Pass-Through Rate of these classes of Certificates, an amount equal to the excess of (x) the Monthly Interest Distributable Amount calculated at the fixed Pass-Through Rate for such Certificates (i.e. assuming that the related Net WAC Rate is not in effect on such Distribution Date) over (y) the Monthly Interest Distributable Amount calculated using the related Net WAC Rate.
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Related to Net WAC Shortfall Amount

  • 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.

  • Shortfall Amount as defined in Section 2.6.

  • Collateral Shortfall Amount is defined in Section 8.1.

  • Class B-6 Interest Shortfall Amount As to any Distribution Date, any amount by which the Interest Accrual Amount of the Class B-6 Certificates with respect to such Distribution Date exceeds the amount distributed in respect of the Class B-6 Certificates on such Distribution Date pursuant to Paragraph twentieth of Section 4.01(a).

  • Class B-4 Interest Shortfall Amount As to any Distribution Date, any amount by which the Interest Accrual Amount of the Class B-4 Certificates with respect to such Distribution Date exceeds the amount distributed in respect of the Class B-4 Certificates on such Distribution Date pursuant to Paragraph fourteenth of Section 4.01(a).

  • Substitution Shortfall Amount As defined in Section 2.03(d).

  • Class A Interest Shortfall Amount As to any Distribution Date and any Class of Class A Certificates, any amount by which the Interest Accrual Amount of such Class with respect to such Distribution Date exceeds the amount distributed in respect of such Class on such Distribution Date pursuant to Paragraph first of Section 4.01(a).

  • Class B-3 Interest Shortfall Amount As to any Distribution Date, any amount by which the Interest Accrual Amount of the Class B-3 Certificates with respect to such Distribution Date exceeds the amount distributed in respect of the Class B-3 Certificates on such Distribution Date pursuant to Paragraph eleventh of Section 4.01(a).

  • Class B-1 Interest Shortfall Amount As to any Distribution Date, any amount by which the Interest Accrual Amount of the Class B-1 Certificates with respect to such Distribution Date exceeds the amount distributed in respect of the Class B-1 Certificates on such Distribution Date pursuant to Paragraph fifth of Section 4.01(a).

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

  • Class B-5 Interest Shortfall Amount As to any Distribution Date, any amount by which the Interest Accrual Amount of the Class B-5 Certificates with respect to such Distribution Date exceeds the amount distributed in respect of the Class B-5 Certificates on such Distribution Date pursuant to Paragraph seventeenth of Section 4.01(a).

  • Prepayment Interest Shortfall Amount With respect to any Mortgage Loan that was subject to a Principal Prepayment in full or in part during any Due Period, which Principal Prepayment was applied to such Mortgage Loan prior to such Mortgage Loan’s Due Date in such Due Period, the amount of interest (net of the General Servicing Fee) that would have accrued on the amount of such Principal Prepayment during the period commencing on the date as of which such Principal Prepayment was applied to such Mortgage Loan and ending on the day immediately preceding such Due Date, inclusive.

  • Class B-2 Interest Shortfall Amount As to any Distribution Date, any amount by which the Interest Accrual Amount of the Class B-2 Certificates with respect to such Distribution Date exceeds the amount distributed in respect of the Class B-2 Certificates on such Distribution Date pursuant to Paragraph eighth of Section 4.01(a).

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

  • Unpaid Interest Shortfall Amount With respect to the Class A Certificates and the Mezzanine Certificates and (i) the first Distribution Date, zero, and (ii) any Distribution Date after the first Distribution Date, the amount, if any, by which (a) the sum of (1) the Monthly Interest Distributable Amount for such Class for the immediately preceding Distribution Date and (2) the outstanding Unpaid Interest Shortfall Amount, if any, for such Class for such preceding Distribution Date exceeds (b) the aggregate amount distributed on such Class in respect of interest pursuant to clause (a) of this definition on such preceding Distribution Date, plus interest on the amount of interest due but not paid on the Certificates of such Class on such preceding Distribution Date, to the extent permitted by law, at the Pass-Through Rate for such Class for the related Accrual Period.

  • Capitalization Reimbursement Shortfall Amount With respect to any Distribution Date and, with respect to any Mortgage Pool comprised of two or more Loan Groups, each Loan Group, the amount, if any, by which the amount of Advances or Servicing Advances that were added to the Stated Principal Balance of all Mortgage Loans (or, if the Mortgage Pool is comprised of two or more Loan Groups, on the Mortgage Loans in the related Loan Group) during the preceding calendar month exceeds the amount of principal payments on the Mortgage Loans included in the Available Distribution Amount (or, if the Mortgage Pool is comprised of two or more Loan Groups, Available Distribution Amount for the related Loan Group) for 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.

  • 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 Interest Shortfall shall have the meaning specified in subsection 4.02(a).

  • Class B Interest Shortfall shall have the meaning specified in subsection 4.02(b).

  • 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.

  • 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.

  • Interest Shortfall With respect to any Distribution Date and each Mortgage Loan that during the related Prepayment Period was the subject of a Principal Prepayment or constitutes a Relief Act Mortgage Loan, an amount determined as follows:

  • 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.

  • 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.