Senior Shortfall Amount definition

Senior Shortfall Amount as defined in Section 2.8.
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Examples of Senior Shortfall Amount in a sentence

  • Any Senior Shortfall Amount pursuant to Section 2.8(b) shall be applied by transferring such amount from the Preferred Equity Account to the Custodian Reserve Account.

  • On each Repayment Date, the Borrower shall apply, or cause to be applied, funds from the Preferred Equity Account in an amount equal to the Senior Shortfall Amount (or, if such Senior Shortfall Amount is greater than the amount in the Preferred Equity Account, all funds in the Preferred Equity Account) pursuant to the Priority of Payments.

  • On each Repayment Date, the Managing Member shall determine in consultation with the Administrator the amount, if any, by which the amounts payable pursuant to clauses (1) through (3) of the Priority of Payments (the “Senior Amounts”) exceed the Available Amounts (such excess a “Senior Shortfall Amount”) and shall notify the Custodian of any Senior Shortfall Amount.

  • On each Determination Date, the Managing Member shall determine in consultation with the Administrator the amount, if any, by which the amounts payable pursuant to clauses (1) through (3) of the Priority of Payments (the “Senior Amounts”) exceed the Available Amounts (such excess a “Senior Shortfall Amount”) and shall notify the Custodian of any Senior Shortfall Amount.

  • On each Determination Date, the Managing Member shall determine in consultation with the Administrator the amount, if any, by which the amounts payable pursuant to clauses (1) through (3) of the Priority of Payments (the “S enior Amounts”) exceed the Available Amounts (such excess a “Senior Shortfall Amount”) and shall notify the Custodian of any Senior Shortfall Amount.

Related to Senior 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.

  • Collateral Shortfall Amount is defined in Section 8.1.

  • Shortfall Amount as defined in Section 2.6.

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

  • Available Funds Shortfall As defined in Section 3.03(b)(ii)(A).

  • 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.

  • 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.

  • 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.

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

  • Noteholders' Principal Carryover Shortfall means, with respect to any Distribution Date, the excess, if any, of the Noteholders’ Principal Distributable Amount for the preceding Distribution Date over the amount in respect of principal that is actually paid as principal on the Notes on such previous Distribution Date. Noteholders’ Principal Carryover Shortfall is not used to determine the amount of principal due on the Notes on any Distribution Date, but is used solely for reporting purposes.

  • Principal Carryover Shortfall means, as of the close of business on any Payment Date, the excess, if any, of the Principal Distribution Amount over the Monthly Principal Distributable Amount.