Unpaid Interest Shortfall definition

Unpaid Interest Shortfall. For each class of Bonds and any Payment Date, such Bonds' pro rata share, based on the amount of Accrued Bond Interest otherwise payable on such Bond on such Payment Date, of (a) any Prepayment Interest Shortfalls, to the extent not covered by Compensating Interest, and (b) any Relief Act Shortfalls, plus interest on the amount of previously allocated Unpaid Interest Shortfall on such class of Bonds which remains unreimbursed, at the Bond Interest Rate for such Class for the related Accrual Period.

Unpaid Interest Shortfall. As to any Distribution Date, the ----------------------------------- amount, if any, by which the aggregate of the Class A-1 Interest Shortfalls for prior Distribution Dates exceeds all prior distributions made pursuant to Section 5.02 in respect of prior Class A-1 Interest Shortfalls, plus accrued interest thereon (to the extent payment thereof is legally permissible) at the Class A-1 Pass-Through Rate on such amount with respect to such prior Distribution Dates.

Unpaid Interest Shortfall. For each class of Bonds and any Payment Date, such Bonds' pro rata share, based on the amount of Accrued Bond Interest otherwise payable on such Bond on such Payment Date of (a) any Prepayment Interest Shortfalls, to the extent not covered by Compensating Interest, and (b) any Relief Act Shortfalls, plus interest on the amount of previously allocated Unpaid Interest Shortfall on such class of Bonds which remains unreimbursed, at the Bond Interest Rate for such class for the related Accrual Period.

Examples of Unpaid Interest Shortfall in a sentence

• The failure to pay any Unpaid Interest Shortfall at any time when funds are not available to make such payment as provided in the Indenture shall not constitute an Event of Default under the Indenture.

• On each Distribution Date, the Swap Administrator shall deposit certain amounts, if any, received from the Swap Provider from which distributions in respect of unpaid Current Interest, Unpaid Interest Shortfall Amounts, Net WAC Rate Carryover Amounts, amounts necessary to maintain the applicable Overcollateralization Target Amount and Allocated Realized Loss Amounts on the Subordinate Certificates will be made.

• CLASS AIO MONTHLY INTEREST The "Class AIO Monthly Interest Distributable DISTRIBUTABLE AMOUNT: Amount" means, for any Distribution Date, the Class AIO Current Interest for that Distribution Date plus any Class AIO Unpaid Interest Shortfall Amount on that Distribution Date.

• MONTHLY INTEREST The "Monthly Interest Distributable Amount" for DISTRIBUTABLE AMOUNT: any Distribution Date and the Offered Certificates (other than the Class AIO Certificates and Class P Certificates) and the Class B Certificates, is the sum of (a) the Unpaid Interest Shortfall Amount for that class and Distribution Date and (b) the Current Interest for that class and Distribution Date.

• As to any Remittance ------------------------------------------------- Date, an amount equal to the sum of (a) interest accrued during the related Interest Period at the Class II B-3 Remittance Rate on the Class II B-3 Principal Balance as of such Remittance Date (before giving effect to the distribution on such Remittance Date) and (b) any Class II B-3 Unpaid Interest Shortfall.

More Definitions of Unpaid Interest Shortfall

Unpaid Interest Shortfall means, with respect to any Payment Date, the amount, if any, by which the Monthly Interest for the immediately preceding Payment Date exceeded the amount distributed to Certificateholders on such preceding Payment Date pursuant to Section 8.04(b), plus one month's interest thereon (to the extent payment thereof is legally permissible) at the Pass- Through Rate, computed on the basis of a 360-day year of twelve 30-day months.

Unpaid Interest Shortfall. For each Class of Notes and any Payment Date, such Notes' pro rata share, based on the amount of Accrued Note Interest otherwise payable on such Note on such Payment Date, of (a) any Prepayment Interest Shortfalls, to the extent not covered by Compensating Interest, and (b) any Relief Act Shortfalls.

Unpaid Interest Shortfall. With respect to each Class of Offered Certificates and each Distribution Date, any Accrued Certificate Interest remaining unpaid as to such Class of Offered Certificates as a result of the insufficiency of the Interest Remittance Amount to pay Accrued Certificate Interest to such Certificates pursuant to the priority of payment provisions of Section 4.02(b)(2) for such Distribution Date, plus any such shortfall for all prior Distribution Dates, and plus interest thereon at the related Pass-Through Rate immediately prior to such Distribution Date.

Unpaid Interest Shortfall. Amount: (i) For each Class of Senior Certificates and Subordinate Certificates and the first Distribution Date, zero, and (ii) with respect to each Class of Senior Certificates and Subordinate Certificates and any Distribution Date after the first Distribution Date, the amount, if any, by which (a) the sum of (1) the Current Interest 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.

Unpaid Interest Shortfall. With respect to each Class of Certificates, the unpaid interest shortfall for each such Class.

Unpaid Interest Shortfall. As to any Distribution Date and each IO Component, the amount by which the aggregate Component Interest Shortfalls for such Component on prior Distribution Dates exceeds the amount of interest actually distributed on such Component on such prior Distribution Dates pursuant to clause (ii) of the definition of "Component Interest Distribution Amount."

Unpaid Interest Shortfall. With respect to the Class A-1 Bonds and each Payment Date, any Accrued Bond Interest remaining unpaid as to such class of Bonds as a result of the insufficiency of the ARM Pool Available Funds, plus any such shortfall for all prior Payment Dates, and plus interest thereon at the related Bond Interest Rate for such Payment Date. Unpaid Interest Shortfall with respect to the Class A-1 Bonds shall not include any shortfalls that result in any ARM Pool Basis Risk Shortfall Carry-Forward Amount. With respect to the Class A-2 Bonds and each Payment Date, any Accrued Bond Interest remaining unpaid as to such class of Bonds as a result of the insufficiency of the High LTV Pool Available Funds, plus any such shortfall for all prior Payment Dates, and plus interest thereon at the related Bond Interest Rate for such Payment Date. Unpaid Interest Shortfall with respect to the Class A-2 Bonds shall not include any shortfalls that result in any High LTV Pool Basis Risk Shortfall Carry-Forward Amount.