Basis Risk Shortfall definition

Basis Risk Shortfall. With respect to any Distribution Date and any Class of LIBOR Certificates, the amount by which the amount of interest calculated at the Certificate Interest Rate applicable to such Class for such date, determined without regard to the Net Funds Cap for such date but subject to a cap equal to the Maximum Interest Rate, exceeds the amount of interest calculated at the Net Funds Cap.

Basis Risk Shortfall. For any Class of LIBOR Certificates and any Distribution Date, the sum of (i) the excess, if any, of the related Current Interest calculated on the basis of the lesser of (x) the Certificate Index plus the applicable Certificate Margin and (y) the Maximum Interest Rate over the related Current Interest for the applicable Distribution Date; (ii) any Basis Risk Shortfall remaining unpaid from prior Distribution Dates; and (iii) interest accrued during the related Accrual Period on the amount in clause (ii) calculated at a per annum rate equal to the lesser of (x) the Certificate Index plus the applicable Certificate Margin and (y) the Maximum Interest Rate.

Basis Risk Shortfall. With respect to any Distribution Date and any Class of LIBOR Certificates, the amount by which the amount of interest calculated at the Certificate Interest Rate applicable to such Class for such date, determined without regard to the Pool 1 Net Funds Cap, Pool 2 Net Funds Cap, Pool 3 Net Funds Cap or Subordinate Net Funds Cap, as applicable, for such date but subject to a cap equal to the applicable Maximum Interest Rate, exceeds the amount of interest calculated at the Pool 1 Net Funds Cap, Pool 2 Net Funds Cap, Pool 3 Net Funds Cap or Subordinate Net Funds Cap, as applicable.

Examples of Basis Risk Shortfall in a sentence

• Such class will be entitled to receive the amount of any Basis Risk Shortfall on a subordinated basis from Monthly Excess Cashflow treated as paid from and to the extent of funds on deposit in a reserve fund (the “Basis Risk Reserve Fund”).

• Any amount paid to the Holders of Class A Certificates and/or Class M Certificates pursuant to the preceding sentence in respect of Basis Risk Shortfall Carry Forward Amount shall be treated as distributed to the Class CE Certificateholder in respect of the Class CE Certificates and paid by the Class CE Certificateholder to the Holders of the Class A Certificates and/or Class M Certificates.

• Each Certificate, other than the Class C, Class X and Class R Certificates, represents ownership of a Regular Interest in REMIC III and also represents (i) the right to receive certain amounts specified herein in respect of Basis Risk Shortfall Carry Forward Amounts (as defined herein) and (ii) the obligation to pay Class IO Distribution Amounts (as defined herein).

• For federal tax return and information reporting, the right to receive any Basis Risk Shortfall Carryover Amount shall be assigned the value specified in Section 10.01(k) of this Agreement.

• The Reserve Fund will be part of the Trust Fund but not part of any REMIC and any payments to the LIBOR Certificates of Basis Risk Shortfall Carryover Amounts with respect to the LIBOR Certificates will not be payments with respect to a “regular interest” in a REMIC within the meaning of Code Section 860G(a)(1).

More Definitions of Basis Risk Shortfall

Basis Risk Shortfall. For any Class of LIBOR Certificates and any Distribution Date, the sum of (i) the excess, if any, of (a) the related Current Interest calculated on the basis of the least of (x) the applicable Certificate Index plus the applicable Certificate Margin, (y) the Maximum Interest Rate and (z) 11.00% over (b) the related Current Interest for the applicable Distribution Date, (ii) any amount described in clause (i) remaining unpaid from prior Distribution Dates, and (iii) interest on the amount in clause (ii) for the related Accrual Period calculated at a per annum rate equal to the least of (x) the applicable Certificate Index plus the applicable Certificate Margin, (y) the Maximum Interest Rate and (z) 11.00%.

Basis Risk Shortfall. With respect to any Distribution Date and any Class of Offered Certificates, the amount by which the amount of interest calculated at the Certificate Interest Rate applicable to such Class for such date, determined without regard to the applicable Net Funds Cap for such date, exceeds the amount of interest calculated at the applicable Net Funds Cap.

Basis Risk Shortfall. With respect to any Distribution Date and any Class of LIBOR Certificates, the excess, if any, of (i) the amount of Current Interest that would have been payable on such Class for such Distribution Date if the Certificate Interest Rate for such Class as set forth in the Preliminary Statement hereto were determined without regard to clause (ii) in the definition thereof, over (ii) the actual Current Interest payable on such Class for such Distribution Date. BBA: The British Banker's Association.

Basis Risk Shortfall. With respect to any Distribution Date and the LIBOR Certificates, the sum of:

Basis Risk Shortfall. With respect to any Distribution Date and the LIBOR Certificates, the “Basis Risk Shortfall” for such class, if any, will equal the sum of:

Basis Risk Shortfall. With respect to any Distribution Date and each Class of Group I Offered Certificates for which the Pass-Through Rate is based upon the applicable Net Rate Cap, the excess, if any, of (a) the amount of Current Interest that such Class would have been entitled to receive on such Distribution Date had the applicable Pass-Though Rate been calculated at a per annum rate equal to the lesser of (i) One-Month LIBOR plus the related Margin and (ii) 11.50% over (b) the amount of Current Interest on such Class of Offered Certificates calculated using a Pass-Though Rate equal to the applicable Net Rate Cap for such Distribution Date.

Basis Risk Shortfall. As of any Distribution Date and for any Class of Certificates (other than the Class B-IO Certificates and the Residual Certificates), the excess of (i) the amount of the Interest Distribution Amount that such Class would have been entitled to receive on such Distribution Date had the applicable Pass-Through Rate been calculated based upon One-Month LIBOR plus the applicable Certificate Margin for the related Accrual Period, over (ii) the sum of interest for such Class calculated at the Interest Rate Cap for such Distribution Date and any amount paid to such Class under the Yield Maintenance Agreement for such Distribution Date.