Net Simple Interest Shortfall. With respect to any Distribution Date, the excess, if any, of (a) 30 days’ interest at the weighted average (by principal balance) of the Net Mortgage Rates of the Simple Interest Mortgage Loans as of the first day of the related Due Period, as determined by the Servicer, on the aggregate principal balance of such Simple Interest Mortgage Loans for such Remittance Date, carried to six decimal places, rounded down, and calculated on the basis of a 360-day year consisting of twelve 30-day months, over (b) the amount of the payments received by the Servicer in the related Due Period allocable to interest in respect of such Simple Interest Mortgage Loans, calculated in accordance with the Simple Interest Method, net of the related Servicing Fees.
Net Simple Interest Shortfall. With respect to any Distribution Date, the excess, if any, of (a) 30 days’ interest at the Net Mortgage Rate of the Simple Interest Mortgage Loan as of the first day of the related Due Period, as determined by the Servicer, on the principal balance of such Simple Interest Mortgage Loan for such Remittance Date, over (b) the amount of the payments received by the Servicer in the related Due Period allocable to interest in respect of such Simple Interest Mortgage Loans, calculated in accordance with the Simple Interest Method, net of the related Servicing Fees.
Net Simple Interest Shortfall. As of any Distribution Date, the excess, if any, of the aggregate amount of Simple Interest Shortfall over the amount of Simple Interest Excess.
More Definitions of Net Simple Interest Shortfall
Net Simple Interest Shortfall. As of any Remittance Date, the excess, if any, of the aggregate amount of Simple Interest Shortfall over the amount of Simple Interest Excess.
Net Simple Interest Shortfall. $________
Net Simple Interest Shortfall. For each Loan Group, as of any Distribution Date, the excess, if any, of the aggregate amount of Simple Interest Shortfall over the amount of Simple Interest Excess on the Mortgage Loans in the related Loan Group.
Net Simple Interest Shortfall. Not applicable.
Net Simple Interest Shortfall means, for the Simple Interest ----------------------------- Qualifying Loans and any Due Period, the excess, if any, of the aggregate Simple Interest Shortfalls over the aggregate Simple Interest Excess (net of reimbursement to the Servicer for simple interest advances on previous Payment Dates pursuant to Section 8.02) for the related Due Period.
Net Simple Interest Shortfall. As to any Distribution Date, the excess, if any, of (a) one month's interest at the weighted average (by Principal Balance) of the Net Mortgage Rates of the Simple Interest Mortgage Loans as of the first day of the related Interest Accrual Period, on the aggregate Principal Balance of such Simple Interest Mortgage Loans for such Distribution Date, carried to six decimal places, rounded down, and calculated on the basis of a 360-day year consisting of twelve 30-da months, over (b) the aggregate amount of interest received on the Simple Interest Mortgage Loans during the related Collection Period, calculated in accordance with the Simple Interest Method, net of the related Servicing Fees. For purposes of the foregoing, the amount of interest received in respect of the Simple Interest Mortgage Loans in any Collection Period shall be deemed (a) to include any Monthly Advances made by the Company for such Collection Period in respect of such Simple Interest Mortgage Loans, and (b) to be reduced by any reimbursements of Monthly Advances previously made by the Company in respect of such Simple Interest Mortgage Loans (or any related REO Mortgage Loans or Liquidated Mortgage Loans) for such Collection Period pursuant to Section 3.04(v) or (vii). Non-Book-Entry Certificate: Any Certificate other than a Book-Entry Certificate. Non-Credit Loss: Any Fraud Loss, Special Hazard Loss or Deficient Valuation. Non-permitted Foreign Holder: As defined in Section 5.02(b). Non-Primary Residence Loan: Any Mortgage Loan secured by a Mortgaged Property that is (on the basis of representations made by the Mortgagors at origination) a second home or investor-owned property. Nonrecoverable Advance: All or any portion of any Monthly Advance or Monthly Advances previously made by the Company (or the Trustee) which, in the
Net Simple Interest Shortfall. As to any Distribution Date, the excess, if any, of (a) one month's interest at the weighted average (by Principal Balance) of the Net Mortgage Rates of the Simple Interest Mortgage Loans as of the first day of the related Interest Accrual Period, on the aggregate Principal Balance of such Simple Interest Mortgage Loans for such Distribution Date, carried to six decimal places, rounded down, and calculated on the basis of a 360-day year consisting of twelve 30-day months, over (b) the aggregate amount of interest received on the Simple Interest Mortgage Loans during the related Collection Period, calculated in accordance with the Simple Interest Method, net of the