Interest Shortfall definition

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:

Interest Shortfall. As to any Class of Certificates and any Distribution Date, the amount by which (i) the Interest Distribution Amount for such Class on all prior Distribution Dates exceeds (ii) amounts distributed in respect of interest to such Class on prior Distribution Dates.

Interest Shortfall. With respect to any Class of Certificates (other than a Principal Only Certificate) and any Distribution Date, any Accrued Certificate Interest not distributed (or added to principal) with respect to any previous Distribution Date, other than any Net Prepayment Interest Shortfalls.

Examples of Interest Shortfall in a sentence

• 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 Due Period as a result of the application of the Relief Act.

• Such amount shall not be treated as an Advance and shall not be reimbursable to the Master Servicer, unless a Servicer pays such Prepayment Interest Shortfall amount for a Distribution Date subsequent to that Distribution Date on which the Master Servicer paid such Compensating Interest Payment.

• Notwithstanding any provision of the Agreement or this Series Supplement, the failure to distribute the full amount of Series 2009 Monthly Interest or unpaid Series 2009 Interest Shortfall on any Distribution Date shall not be an Amortization Event as long as all funds on deposit in the Interest Funding Account are applied to the payment of such amounts.

• The Master Servicer shall deliver to the Trustee for deposit in the Distribution Account not later than the related Distribution Account Deposit Date an amount equal to the sum of the aggregate amounts paid by the Servicers under the related Servicing Agreement with respect to subclauses (a) and (b) of the definition of Interest Shortfall with respect to the Mortgage Loans for the related Distribution Date.

• On the Closing Date, the Cash Manager will establish the Class A Interest Shortfall Ledger which shall record as a credit the Class A Interest Shortfall drawn from the Liquidity Facility and paid into the Issuer Transaction Account for the account of the Issuer in accordance with the relevant Priority of Payments.

More Definitions of Interest Shortfall

Interest Shortfall. With respect to any Distribution Date for any Class of Non-Vertically Retained Regular Certificates, subject to increase as provided in Section 4.01(g) of this Agreement, the sum of (a) the portion of the Interest Distribution Amount for such Class remaining unpaid as of the close of business on the preceding Distribution Date (if any), and (b) to the extent permitted by applicable law, (i) in the case of a Class of Non-Vertically Retained Principal Balance Certificates, one month’s interest on that amount remaining unpaid at the Pass-Through Rate applicable to such Class for the subject Distribution Date, and (ii) in the case of a Class of Interest-Only Certificates, one month’s interest on that amount remaining unpaid at the WAC Rate for the subject Distribution Date.

Interest Shortfall shall have the meaning set forth in Section 2.7 hereof.

Interest Shortfall. With respect to any Distribution Date for any Class of Regular Certificates or Uncertificated Lower-Tier Interests, the amount by which the Current Interest Distribution Amount for such Class of Certificates exceeds the portion of such amount actually paid in respect of such Class of Certificates on such Distribution Date.

Interest Shortfall. For any Distribution Date, an amount equal to the aggregate shortfall, if any, in collections of interest (adjusted to the related Net Mortgage Rate) on Mortgage Loans resulting from (a) Prepayment Interest Shortfalls to the extent not covered by a Compensating Interest Payment and (b) interest payments on certain of the Mortgage Loans being limited pursuant to the provisions of the Relief Act.

Interest Shortfall. With respect to any Distribution Date, the aggregate shortfall, if any, in collections of interest (adjusted to the related Net Mortgage Rates) on Mortgage Loans resulting from (a) Principal Prepayments in full received during the related Prepayment Period, (b) partial Principal Prepayments received during the related Prepayment Period to the extent applied prior to the Due Date in the month of the Distribution Date and (c) interest payments on certain of the Mortgage Loans being limited pursuant to the provisions of the Relief Act.

Interest Shortfall. As to any Class of Certificates and any Distribution Date, (i) the amount by which the Interest Distribution Amount for such Class on all prior Distribution Dates exceeds (ii) amounts distributed in respect thereof to such Class on prior Distribution Dates.

Interest Shortfall shall have the meaning specified in Section 4.02.