Civil Relief Interest Shortfalls definition

Civil Relief Interest Shortfalls. With respect to any Remittance Period, for any Home Equity Loans as to which there has been a reduction in the amount of interest collectible thereon for the most recently ended Remittance Period as a result of the Soldiers' and Sailors' Civil Relief Act of 1940, as amended, the amount, if any, by which (i) interest collectible on such Home Equity Loans during the most recently ended Remittance Period is less than (ii) the sum of (a) one month's interest on the Loan Balance of such Home Equity Loans at a rate equal to the Note Rate plus (b) the Servicing Fee and the Trust Fees and Expenses for such Remittance Period.
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Civil Relief Interest Shortfalls. With respect to any Remittance Period, for any Home Equity Loans as to which there has been a reduction in the amount of interest collectible thereon for the most recently ended Remittance Period as a result of the Soldiers' and Sailors' Civil Relief Act of 1940, as amended, the amount, if any, by which (i) interest collectible on such Home Equity Loans during the most recently ended Remittance Period is less than (ii) the sum of (a) one month's interest on the Loan Balance of such Home Equity Loans at the rate equal to the Weighted Average Pass-Through Rate, plus (b) the Servicing Fee, the Trustee Fee and any portion of the Trustee Reimbursable Expenses for such Remittance Period.
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Civil Relief Interest Shortfalls. With respect to any Remittance Period, for any Home Equity Loans as to which there has been a reduction in the amount of interest collectible thereon for the most recently ended Remittance Period as a result of the Soldiers' and Sailers' Civil Relief Act of 1940, as amended, the amount, if any, by which (i) interest collectible on such Home Equity Loans during the most recently ended Remittance Period is less than interest accrued thereon for such Remittance Period pursuant to the Note at the Coupon Rate.
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Examples of Civil Relief Interest Shortfalls in a sentence

  • The Policy does not cover, and Insured Payments shall not include, any Civil Relief Interest Shortfalls.

  • Arranges tenders for the provision of technical maintenance and upkeep services, as well as support services, concludes contracts and maintains a contract registry.


More Definitions of Civil Relief Interest Shortfalls

Civil Relief Interest Shortfalls. With respect to any Remittance Period, for any Home Equity Loans as to which there has been a reduction in the amount of interest collectible thereon for the most recently ended Remittance Period as a result of the Soldiers' and Sailers' Civil Relief Act of 1940, as amended, the amount, if any, by which (i) interest collectible on such Home Equity Loans during the most recently ended Remittance Period is less than (ii) the sum of (a) one month's interest on the Loan Balance of such Home Equity Loans at the rate equal to the weighted average Pass-Through Rate of the Fixed Rate Certificates with respect to Group I or the Class A-8 Pass-Through Rate with respect to Group II, plus (b) the related Servicing Fee, the related Trustee Fee, the related Premium Amount and any portion of the Trustee Reimbursable Expenses allocable to the related Group for such Home Equity Loans for such Remittance Period.
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Civil Relief Interest Shortfalls. With respect to any Due Period, for any Home Equity Loans as to which there has been a reduction in the amount of interest collectible thereon for the most recently ended Due Period as a result of the Soldiers' and Sailors' Civil Relief Act of 1940, as amended, the amount, if any, by which (i) interest collectible on such Home Equity Loans during the most recently ended Due Period is less than (ii) interest accrued thereon for such Due Period pursuant to the Note at the related Coupon Rate without application of the Soldiers' and Sailors' Civil Relief Act of 1940, as amended. Civil Relief Interest Shortfalls with respect to any Distribution Date, will be allocated to each Class of Certificates, pro rata, based on the amount of interest due to such Class of Certificates on such Distribution Date.
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Civil Relief Interest Shortfalls. With respect to any Remittance Period, for any Home Equity Loans as to which there has been a reduction in the amount of interest collectible thereon for the most recently ended Remittance Period as a result of the Soldiers' and Sailers' Civil Relief Act of 1940, as amended, the amount, if any, by which (i) interest collectible on such Home Equity Loans during the most recently ended Remittance Period is less than (ii) the sum of (a) one month's interest on the Loan Balance of such Home Equity Loans at the rate equal to the Note Rate of the Notes, plus (b) the related Servicing Fee, the related Indenture Trustee Fee, the related Premium Amount and any portion of the Indenture Trustee Reimbursable Expenses for such Home Equity Loans for such Remittance Period.
Sample 1
Civil Relief Interest Shortfalls. With respect to any Remittance Period, for any Home Equity Loan as to which there has been a reduction in the amount of interest collectible thereon for the most recently ended Remittance Period as a result of the Soldiers' and Sailors' Civil Relief Act of 1940, as amended, the amount, if any, by which (i) interest collectible on such Home Equity Loan during the most recently ended Remittance Period is less than (ii) the sum of (a) one month's interest on the Loan Balance of such Home Equity Loan at a rate equal to the related Note Rate plus (b) 0.75375% per annum for such Remittance Period.
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Related to Civil Relief Interest Shortfalls

  • Relief Act Interest Shortfall With respect to any Distribution Date and any Mortgage Loan, any reduction in the amount of interest collectible on such Mortgage Loan for the most recently ended calendar month as a result of the application of the Relief Act.

  • Relief Act Shortfalls With respect to any Distribution Date and any Mortgage Loan as to which there has been a reduction in the amount of interest collectible thereon for the most recently ended calendar month as a result of the application of the Civil Relief Act, the amount, if any, by which (i) interest collectible on such Mortgage Loan for the most recently ended calendar month is less than (ii) interest accrued thereon for such month pursuant to the Mortgage Note.

  • Interest Shortfall With respect to any Distribution Date and each Mortgage Loan that during the related Prepayment Period was the subject of a Principal Prepayment or constitutes a Relief Act Mortgage Loan, an amount determined as follows:

  • Unpaid Interest Shortfalls Each of the Class A Unpaid Interest Shortfalls, the Class B-1 Unpaid Interest Shortfall, the Class B-2 Unpaid Interest Shortfall, the Class B-3 Unpaid Interest Shortfall, the Class B-4 Unpaid Interest Shortfall, the Class B-5 Unpaid Interest Shortfall and the Class B-6 Unpaid Interest Shortfall.

  • Net Interest Shortfalls means Interest Shortfalls net of payments by the Company, the Servicer or the Master Servicer in respect of Compensating Interest.

  • Relief Act Shortfall With respect to any Distribution Date and any Mortgage Loan, any reduction in the amount of interest or principal collectible on such Mortgage Loan for the most recently ended calendar month as a result of the application of the Relief Act.

  • Net Prepayment Interest Shortfalls As to any Distribution Date and Loan Group, the amount by which the aggregate of Prepayment Interest Shortfalls for that Loan Group during the related Prepayment Period exceeds the amount of Compensating Interest available to such Loan Group for such Distribution Date.

  • Prepayment Interest Shortfall As to any Distribution Date and any Mortgage Loan (other than a Mortgage Loan relating to an REO Property) that was the subject of (a) a Principal Prepayment in Full during the portion of the related Prepayment Period that falls during the prior calendar month, an amount equal to the excess of one month's interest at the Net Mortgage Rate (or Modified Net Mortgage Rate in the case of a Modified Mortgage Loan) on the Stated Principal Balance of such Mortgage Loan over the amount of interest (adjusted to the Net Mortgage Rate (or Modified Net Mortgage Rate in the case of a Modified Mortgage Loan)) paid by the Mortgagor for such month to the date of such Principal Prepayment in Full or (b) a Curtailment during the prior calendar month, an amount equal to one month's interest at the Net Mortgage Rate (or Modified Net Mortgage Rate in the case of a Modified Mortgage Loan) on the amount of such Curtailment.

  • Class Interest Shortfall As to any Distribution Date and Class, the amount by which the amount described in clause (i) of the definition of Class Optimal Interest Distribution Amount for such Class exceeds the amount of interest actually distributed on such Class on such Distribution Date pursuant to such clause (i).

  • Note Interest Shortfall means, for a Class and a Payment Date, an amount equal to the excess, if any, of the Accrued Note Interest for the prior Payment Date for the Class over the amount of interest that was paid to the Noteholders of that Class on the prior Payment Date, together with interest on the excess amount, to the extent lawful, at the Note Interest Rate for the Class for that Interest Period.

  • Class B Interest Shortfall shall have the meaning specified in subsection 4.02(b).

  • Class B-4 Interest Shortfall Amount As to any Distribution Date, any amount by which the Interest Accrual Amount of the Class B-4 Certificates with respect to such Distribution Date exceeds the amount distributed in respect of the Class B-4 Certificates on such Distribution Date pursuant to Paragraph fourteenth of Section 4.01(a).

  • Non-Supported Interest Shortfalls As to any Distribution Date, the amount, if any, by which the aggregate of Prepayment Interest Shortfalls exceeds Compensating Interest for such Distribution Date.

  • Class B-6 Interest Shortfall Amount As to any Distribution Date, any amount by which the Interest Accrual Amount of the Class B-6 Certificates with respect to such Distribution Date exceeds the amount distributed in respect of the Class B-6 Certificates on such Distribution Date pursuant to Paragraph twentieth of Section 4.01(a).

  • 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.

  • Prepayment Interest Shortfall Amount With respect to any Mortgage Loan that was subject to a Principal Prepayment in full or in part during any Due Period, which Principal Prepayment was applied to such Mortgage Loan prior to such Mortgage Loan’s Due Date in such Due Period, the amount of interest (net of the General Servicing Fee) that would have accrued on the amount of such Principal Prepayment during the period commencing on the date as of which such Principal Prepayment was applied to such Mortgage Loan and ending on the day immediately preceding such Due Date, inclusive.

  • Uncompensated Interest Shortfall With respect to a Loan Group, for any Distribution Date, the sum of (i) the aggregate Relief Act Shortfall for such Distribution Date with respect to the Mortgage Loans in such Loan Group, (ii) aggregate Curtailment Shortfall for such Distribution Date with respect to the Mortgage Loans in such Loan Group and (iii) the excess, if any, of (a) aggregate Uncollected Interest for such Distribution Date with respect to the Mortgage Loans in such Loan Group over (b) Compensating Interest for such Distribution Date with respect to the Mortgage Loans in such Loan Group. Uncompensated Interest Shortfall for Loan Group I shall be allocated to the Group I-L Regular Interests and the portions of the Group C-B-L Regular Interests that derive their Interest Distribution Amounts from the Group I Loans, pro rata according to the amount of interest accrued but unpaid on each such Class or portion thereof, in reduction thereof. Uncompensated Interest Shortfall for Loan Group II shall be allocated to the Group II-L Regular Interests and the portions of the Group C-B-L Regular Interests that derive their Interest Distribution Amounts from the Group II Loans, pro rata according to the amount of interest accrued but unpaid on each such Class or portion thereof, in reduction thereof. Uncompensated Interest Shortfall for Loan Group I shall be allocated to the Class I-X-M, Class C-Y-1 and Class C-Z-1 Regular Interests, pro rata according to the amount of interest accrued but unpaid on each such Class, in reduction thereof. Uncompensated Interest Shortfall for Loan Group II shall be allocated to the Class II-X-M, Class C-Y-2 and Class C-Z-2 Regular Interests, pro rata according to the amount of interest accrued but unpaid on each such Class, in reduction thereof.

  • Class B-3 Interest Shortfall Amount As to any Distribution Date, any amount by which the Interest Accrual Amount of the Class B-3 Certificates with respect to such Distribution Date exceeds the amount distributed in respect of the Class B-3 Certificates on such Distribution Date pursuant to Paragraph eleventh of Section 4.01(a).

  • Class B-5 Interest Shortfall Amount As to any Distribution Date, any amount by which the Interest Accrual Amount of the Class B-5 Certificates with respect to such Distribution Date exceeds the amount distributed in respect of the Class B-5 Certificates on such Distribution Date pursuant to Paragraph seventeenth of Section 4.01(a).

  • Class A Interest Shortfall shall have the meaning specified in subsection 4.02(a).

  • Class B-5 Unpaid Interest Shortfall As to any Distribution Date, the amount, if any, by which the aggregate of the Class B-5 Interest Shortfall Amounts for prior Distribution Dates is in excess of the amounts distributed in respect of the Class B-5 Certificates on prior Distribution Dates pursuant to Paragraph eighteenth of Section 4.01(a).

  • Class B-6 Unpaid Interest Shortfall As to any Distribution Date, the amount, if any, by which the aggregate of the Class B-6 Interest Shortfall Amounts for prior Distribution Dates is in excess of the amounts distributed in respect of the Class B-6 Certificates on prior Distribution Dates pursuant to Paragraph twenty-first of Section 4.01(a).

  • Net Prepayment Interest Shortfall For any Distribution Date, the amount by which the sum of the Prepayment Interest Shortfalls exceeds the sum of the Compensating Interest payments made on such Distribution Date.

  • Class B-1 Interest Shortfall Amount As to any Distribution Date, any amount by which the Interest Accrual Amount of the Class B-1 Certificates with respect to such Distribution Date exceeds the amount distributed in respect of the Class B-1 Certificates on such Distribution Date pursuant to Paragraph fifth of Section 4.01(a).

  • Net Interest Shortfall With respect to any Distribution Date, the Interest Shortfall, if any, for such Distribution Date net of Compensating Interest Payments made with respect to such Distribution Date.

  • Class B-2 Unpaid Interest Shortfall As to any Distribution Date, the amount, if any, by which the aggregate of the Class B-2 Interest Shortfall Amounts for prior Distribution Dates is in excess of the amounts distributed in respect of the Class B-2 Certificates on prior Distribution Dates pursuant to Paragraph ninth of Section 4.01(a).