Net Interest Shortfalls definition

Net Interest Shortfalls. For any Distribution Date and the Group 1, Group 2, Group 3 and Group 4 Mortgage Loans, the sum of (A) the amount of interest which would otherwise have been received for a Mortgage Loan in the related Loan Group during the prior calendar month that was the subject of (x) a Relief Act Reduction or (y) a Special Hazard Loss, Fraud Loss or Bankruptcy Loss, after the exhaustion of the respective amounts of coverage provided by the Class C-B Certificates for those types of losses; and (B) any related Net Prepayment Interest Shortfalls.
Net Interest Shortfalls. With respect to any Distribution Date, any Net Prepayment Interest Shortfalls for that Distribution Date and the amount of interest that would otherwise have been received with respect to any Mortgage Loan which was subject to (i) a Relief Act Reduction or (ii) the interest portion of any Debt Service Reduction or Deficient Valuation, after exhaustion of the respective amounts of coverage provided by the Subordinate Certificates for those type of losses.

Examples of Net Interest Shortfalls in a sentence

  • As described below, Accrued Certificate Interest on each such Class of Group 2 Certificates is subject to reduction in the event of certain Net Interest Shortfalls allocable thereto.

  • On any Distribution Date, Net Interest Shortfalls shall first reduce the Pool 2 Net Monthly Excess Cashflow and then will be allocated among the Pool 2 Senior, Pool 2 Mezzanine and Pool 2 Subordinate Certificates in reduction of their respective Pool 2 Interest Distribution Amounts, pro rata, based on the respective Pool 2 Interest Distribution Amounts for such Distribution Date without giving effect to Pool 2 Net Interest Shortfalls.

  • On any Distribution Date, Pool 1 Net Interest Shortfalls shall first reduce the Pool 1 Net Monthly Excess Cashflow and then will be allocated among the Pool 1 Senior, Pool 1 Mezzanine and Pool 1 Subordinate Certificates in reduction of their respective Pool 1 Interest Distribution Amounts, pro rata, based on the respective Pool 1 Interest Distribution Amounts for such Distribution Date without giving effect to Pool 1 Net Interest Shortfalls.

  • With respect to each Payment Date, the amounts referred to in clause (i) of the definition of Senior Interest Payment Amount and clauses (i) and (ii) of the definitions of Class B-1 Interest Payment Amount and Class B-2 Interest Payment Amount, as applicable, for such Payment Date shall be reduced by the applicable Class' pro rata share (based on the Interest Payment Amount for such Class before reduction pursuant to this Section 2.03(d)) of Net Interest Shortfalls.

  • Any Net Interest Shortfalls will not be offset by a reduction in the servicing compensation of the Servicers or the Master Servicer or otherwise, except to the limited extent with respect to certain Prepayment Interest Shortfalls.


More Definitions of Net Interest Shortfalls

Net Interest Shortfalls means Interest Shortfalls net of payments by the Servicer in respect of Compensating Interest.
Net Interest Shortfalls as defined in the Underlying Agreement.
Net Interest Shortfalls. As defined in Section 1.02.
Net Interest Shortfalls. The Interest Shortfalls net of payments by the related Servicer or the Master Servicer in respect of Compensating Interest.
Net Interest Shortfalls. The Interest Shortfalls net of payments by the related Servicer or the Master Servicer in respect of Compensating Interest, together with Interest Shortfalls due to the application of the Relief Act or similar state or local laws.
Net Interest Shortfalls. As defined in Section 4.04 hereof.