Common use of Interest Shortfall Clause in Contracts

Interest Shortfall. Notwithstanding anything in the Standard Terms to ------------------ the contrary, on each Distribution Date, before any distributions are made on the Certificates, Month End Interest Shortfall and Soldiers' and Sailors' Shortfall with respect to the Mortgage Assets in the Pooling REMIC shall be allocated to reduce the amount of interest distributable on the Subaccounts. Shortfall allocated to the Subaccounts shall be allocated to each Subaccount in proportion to the amount of interest that each such Class of Subaccount otherwise would have been entitled to receive. Any Shortfall allocated to the Subaccounts in turn shall be allocated to reduce the amount of interest distributable on the Corresponding Class of Certificates.

Appears in 2 contracts

Sources: Pooling and Master Servicing Agreement (Fremont Mortgage Securities Corp), Pooling and Master Servicing Agreement (Southpoint Residential Mortgage Securities Corp)

Interest Shortfall. Notwithstanding anything in the Standard ------------------ Terms to ------------------ the contrary, on each Distribution Date, before any distributions are made on the Certificates, Month End Interest Shortfall and Soldiers' and Sailors' Shortfall with respect to the Mortgage Assets in the Pooling REMIC shall be allocated to reduce the amount of interest distributable on the Subaccounts. Shortfall allocated to the Subaccounts shall be allocated to each Subaccount in proportion to the amount of interest that each such Class of Subaccount otherwise would have been entitled to receive. Any Shortfall allocated to the Subaccounts in turn shall be allocated to reduce the amount of interest distributable on the Corresponding Class of Certificates.

Appears in 1 contract

Sources: Pooling and Master Servicing Agreement (National Mortgage Securities Corp)