Net Interest Shortfall definition

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.

Net Interest Shortfall. For any Distribution Date and each Mortgage Pool, the sum of (a) the amount of interest which would otherwise have been received for any Mortgage Loan in such Mortgage Pool that was the subject of (x) a Relief Act Reduction or (y) a Special Hazard Loss, Fraud Loss, or Deficient Valuation, after the exhaustion of the respective amounts of coverage for those types of losses provided by the Subordinated Certificates; and (b) any Net Prepayment Interest Shortfalls in respect of such Mortgage Pool.

Net Interest Shortfall. With respect to any Distribution Date, the excess of the Interest Shortfall, if any, for such Distribution Date over the sum of (i) Interest Shortfalls paid by the Servicers under the related Servicing Agreements with respect to such Distribution Date and (ii) Compensating Interest Payments made with respect to such Distribution Date.

Examples of Net Interest Shortfall in a sentence

• The failure to pay any Net Interest Shortfall at any time when funds are not available to make such payment as provided in the Indenture shall not constitute an Event of Default under the Indenture.

• Neither (a) the allocation of any Net Interest Shortfall or Basis Risk Shortfall to any Class of Bonds, nor (b) the failure to pay the full amount of any principal entitlement or Accrued Bond Interest or any unpaid Accrued Bond Interest on any Payment Date by reason of the insufficiency of Available Funds on such Payment Date, shall constitute an Event of Default on any Class of the Bonds.

• For purposes of the definitions of Net Interest Shortfall and Supplemental Servicing Fee, the amount of any Interest Shortfall shall be allocated between the Certificates and the Supplemental Servicing Fee in proportion to the amount of interest that would have been allocated to the Certificates (at the Remittance Rate) and the Supplemental Servicing Fee (at the Supplemental Servicing Fee Rate), respectively, in the absence of such Interest Shortfall.

• The Trustee shall submit such notice to the Certificate Insurer no later than 12:00 noon New York City time on the Business Day preceding such Distribution Date as a claim for an Insured Amount in an amount equal to the Distribution Account Shortfall (net of any Basis Risk Carryover Amount and Net Interest Shortfall allocable to the Class A Certificateholders and included in the calculation of Distribution Account Shortfall).

More Definitions of Net Interest Shortfall

Net Interest Shortfall. With respect to any Distribution Date, the excess, if any, of the aggregate Interest Shortfalls allocable to the Certificates (as determined in accordance with the definition of Interest Shortfall) for such Distribution Date over any Compensating Interest Payment for such date.

Net Interest Shortfall. With respect to any Distribution Date and Loan Group, an amount equal to any Net Prepayment Interest Shortfalls for that Loan Group and Distribution Date and the amount of interest that would otherwise have been received with respect to any Mortgage Loan in that Loan Group that was the subject of a Relief Act Reduction.

Net Interest Shortfall. For any Distribution Date, the sum of (i) any Prepayment Interest Shortfall for such Distribution Date, (ii) any Relief Act Interest Shortfall for such Distribution Date and (iii) the portion of Realized Losses attributable to interest allocated to the Certificates.

Net Interest Shortfall. For any Distribution Date, the sum of (a) the amount of interest which would otherwise have been received for any Mortgage Loan that was the subject of (x) a Relief Act Reduction or (y) a Special Hazard Loss, Fraud Loss, or Deficient Valuation, after the exhaustion of the respective amounts of coverage provided by the Subordinated Certificates for those types of losses; and (b) any Net Prepayment Interest Shortfalls. Net Interest Shortfalls on any Distribution Date will be allocated pro rata among all Classes of Certificates entitled to receive distributions of interest on that Distribution Date, based on the amount of interest each of those Classes of Certificates would otherwise be entitled to receive on that Distribution Date before taking into account any reduction amounts resulting from Net Interest Shortfalls.

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

Net Interest Shortfall. With respect to any Distribution Date, the sum of (i) Net Prepayment Interest Shortfalls for that Distribution Date and (ii) aggregate Relief Act Shortfalls for the Mortgage Loans for that Distribution Date.

Net Interest Shortfall. For any Distribution Date, an amount equal to the sum of (i) Prepayment Interest Shortfall; (ii) any Relief Act Interest Shortfall; and (iii) the portion of Realized Losses attributable to interest allocated to such class.