Simple Interest Shortfall definition

Simple Interest Shortfall. As of any Distribution Date for each Simple Interest Qualifying Loan, the excess, if any, of (i) 30 days' interest on the Stated Principal Balance of all such Mortgage Loans at the Mortgage Rate, over (ii) the portion of the monthly payment received from the Mortgagor for such Mortgage Loan allocable to interest with respect to the related Due Period.

Simple Interest Shortfall. Payment: $ (0.00)

Simple Interest Shortfall means, for any Collection Period, the excess, if any, of (i) Expected Interest over (ii) the Collected Interest for such Collection Period.

Examples of 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.

• On each Determination Date, the Servicer shall determine the amount, if any, of any Simple Interest Shortfall or Simple Interest Excess for the related Collection Period.

• If the Servicer determines that there is a Simple Interest Shortfall for such related Collection Period, the Servicer shall make an advance (a "Simple Interest Advance") in the amount of such Simple Interest Shortfall and deposit such Simple Interest Advance into the Collection Account on or before the Business Day immediately preceding the next succeeding Payment Date.

More Definitions of Simple Interest Shortfall

Simple Interest Shortfall. As of any Remittance Date for each Simple Interest Qualifying Loan, the excess, if any, of (i) 30 days’ interest on such Mortgage Loan at the then applicable Mortgage Rate, over (ii) the portion of the Monthly Payment received from the Mortgagor for such Mortgage Loan allocable to interest with respect to the related Due Period.

Simple Interest Shortfall means, for any Collection Period, the excess, if any, of (i) Expected Interest over (ii) the Collected Interest for such Collection Period.["Spread Account" means the Spread Account established and maintained pursuant to the Spread Account Agreement.]["Spread Account Agreement" means the Master Spread Account Agreement dated as of _______________, among the Transferor, the Note Insurer, the Trustee, and the Collateral Agent, as supplemented by the Series 20__-_ Supplement, in each case, as the same may be amended, supplemented or otherwise modified from time to time in accordance with the terms thereof.]

Simple Interest Shortfall means, for any Collection Period, the excess, if any, of (i) Expected Interest over (ii) Collected Interest for such Collection Period.

Simple Interest Shortfall means as of any Determination Date for each ------------------------- Simple Interest Qualifying Loan, the excess, if any, of (i) 30 days' interest on the principal balance of such Loan at the Loan rate, over (ii) the portion of the scheduled payment received from the Obligor for such Loan Interest allocable to interest with respect to the related Due Period.

Simple Interest Shortfall means, for any Collection Period, the excess, if any, of (i) Expected Interest over (ii) Collected Interest for such Collection Period. "SPECIFIED CLASS B RESERVE ACCOUNT BALANCE" means, with respect to any Distribution Date, an amount equal to the greater of (i) an amount equal to the product of 9.5% and the Pool Balance on the close of business on the last day of the related Collection Period and (ii) an amount equal to the excess, if any, of (a) the product of 2.0% and the sum of the Original Pool Balance and the aggregate Principal Balance of all Subsequent Receivables conveyed to the Trust as of the related Subsequent Cutoff Dates over (b) the amount on deposit in the Excess Cash Flow Sub-account; PROVIDED, HOWEVER, that in no event shall the Specified Class B Reserve Account Balance exceed the Class B Certificate Balance.

Simple Interest Shortfall. With respect to the first Distribution Date and for each Simple Interest Qualifying Loan, the excess, if any, of (i) 37 days' interest on the Stated Principal Balance of such Contract at the Contract Rate, over (ii) the portion of the monthly payments received from the Obligor for such Contract allocable to interest with respect to the related Due Period. With respect to any Distribution Date after the first Distribution Date and for each Simple Interest Qualifying Loan, the excess, if any, of (i) 30 days' interest on the Stated Principal Balance of such Contract at the Contract Rate, over (ii) the portion of the monthly payment received from the Obligor for such Contract allocable to interest with respect to the related Due Period.

Simple Interest Shortfall. With respect to any Distribution Date and any Mortgage Loan, the excess, if any, of (i) a full month's interest on such Mortgage Loan at the Mortgage Interest Rate, over (ii) the portion of the monthly payment received from the related Mortgagor allocable to interest with respect to the Due Date in the related Collection Period.