Monthly Interest Shortfall definition

Monthly Interest Shortfall means, with respect to any Payment Date (the “current Payment Date”) and any Class of Notes, the excess of the Monthly Interest Amount Payable for the preceding Payment Date over the amount in respect of interest on that Class of Notes that was actually paid to the Noteholder for that Class of Notes on such preceding Payment Date, plus interest on such excess, to the extent permitted by law, at a rate per annum equal to the Interest Rate on that Class of Notes, from and including such preceding Payment Date to but excluding the current Payment Date.

Monthly Interest Shortfall means, with respect to any Payment Date (the “current Payment Date”) and any Class of Notes, the excess of the Monthly Interest Amount Payable for the preceding Payment Date over the amount in respect of interest on that Class of Notes that was actually paid to the Noteholder for that Class of Notes on such preceding Payment Date, plus interest on such excess, to the extent permitted by law, at a rate per annum equal to the Interest Rate on that Class of Notes, from such preceding Payment Date to but excluding the current Payment Date.

Monthly Interest Shortfall shall have the meaning specified in Section 2.3(a).

Examples of Monthly Interest Shortfall in a sentence

• The aggregate amount, if any, of such deficiency as of any Distribution Date, together with the aggregate unpaid amount of any such deficiencies with respect to all prior Distribution Dates, shall be referred to as the “Class R Monthly Interest Shortfall.” No interest shall accrue on the Class R Monthly Interest Shortfall.

• The aggregate amount, if any, of such deficiency on any Distribution Date, together with the aggregate unpaid amount of any such deficiencies with respect to all prior Distribution Dates, shall be referred to as the “Class A Senior Monthly Interest Shortfall.” Interest shall accrue on the Class A Senior Monthly Interest Shortfall at the Alternate Base Rate plus 2% per annum.

• The aggregate amount, if any, of such deficiency on any Distribution Date, together with the aggregate unpaid amount of any such deficiencies with respect to all prior Distribution Dates, shall be referred to as the “Class B Senior Monthly Interest Shortfall.” Interest shall accrue on the Class B Senior Monthly Interest Shortfall at the Alternate Base Rate plus 2% per annum.

• The "Monthly Interest Shortfall" for each month is the product of (i) the positive difference, if any, of the Semi-Annual Equivalent Rate less the Treasury Yield, plus 50 basis points, divided by 12, times (ii) the outstanding principal balance of this Note on each monthly payment date for each full and partial month remaining in the Term.

• Yield Maintenance: Yield Maintenance is defined as the Present Value on the date of prepayment of the Monthly Interest Shortfall for the remaining Term of the loan.

More Definitions of Monthly Interest Shortfall

Monthly Interest Shortfall is calculated for each Monthly Payment Date (including the Maturity Date) and is the product of (i) one-twelfth (1/12) of the positive difference, if any, of (x) the Semi-Annual Equivalent Rate (as defined below) less (y) the Treasury Yield plus fifty (50) basis points, times (ii) the outstanding principal balance of the Loan on each Monthly Payment Date (before application of any principal installment due for that month) for each full and partial month remaining in the Term.

Monthly Interest Shortfall will be calculated for each monthly Payment Date and means the product of (1) the prepaid principal balance of the Loans divided by twelve (12), and (2) the positive result, if any, from (a) the Treasury Rates used to calculate the Note A Interest Rates and the Note B Interest Rates (plus a break contract fee of 20 basis points) minus (b) the Replacement Treasury Rate (as hereinafter defined). The “Discount Rate” will be the monthly compounded Replacement Treasury Rate.

Monthly Interest Shortfall means, with respect to each Distribution Date, an amount equal to the excess, if any, of (x) the Monthly Interest for the related Interest Accrual

Monthly Interest Shortfall means, with respect to each Distribution Date, an amount equal to the excess, if any, of (x) the Monthly Interest for the related Interest Accrual Period over (y) the amount available to be paid to the Noteholders in respect of interest on such Distribution Date.

Monthly Interest Shortfall is the product of (i) the positive difference, if any, of the Semi-Annual Equivalent Rate less the Treasury Yield, divided by 12, times (ii) the outstanding principal balance of the loan on each monthly payment date for each full and partial month remaining in the term. The present value is then determined by discounting each Monthly Interest Shortfall at the Treasury Yield divided by twelve. The "Semi-Annual Equivalent Rate" is 7.515%. The "Treasury Yield" will be determined by reference to the Federal Reserve Statistical Release H.15 (519) of Selected Interest Rates (or any similar successor publication of the Federal Reserve) for the first week ending not less than two full weeks prior to the prepayment date. If the remaining term is less than one year, the Treasury Yield will equal the yield for 1-year Treasury Constant Maturities. If the remaining term is equal to one of the maturities of the Treasury Constant Maturities (e.g., 1-year, 2-year, etc.), then the Treasury Yield will equal the yield for the Treasury Constant Maturity with a maturity equalling the remaining term. If the remaining term is longer than one year, but does not equal one of the maturities of the Treasury Constant Maturities, then the Treasury Yield will equal the yield for the Treasury Constant Maturity closest to, but not exceeding, the remaining Term.

Monthly Interest Shortfall the amount by which the Available Cash Flow is exceeded by the Monthly Interest Payment.

Monthly Interest Shortfall will be calculated for each monthly payment date and means the product of (1) the prepaid principal balance of the portion of the Loan related to the Initial Advance divided by 12, and (2) the positive result, if any, from (a) the applicable US Dollar Composite Swap Rate as quoted by Bloomberg LP used as the index to compute the Fixed Rate (plus a break contract fee of 20 basis points) minus (b) the Replacement Rate (as hereinafter defined). The parties acknowledge and agree that the US Dollar Composite Swap Rate as quoted by Bloomberg LP used as the index to compute the Contract Rate is 1.45%.