Shortfall Loans definition

Shortfall Loans has the meaning set forth in Section 4.02(d).
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Shortfall Loans has the meaning given in clause 7.3(c).
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Shortfall Loans. Shortfall Loans shall accrue interest at the rate of twenty percent (20%) per annum, compounded quarterly, until repaid in full, and all amounts remaining due thereunder (after application of Section 6.03(a)) shall be due and payable in full on such Shortfall Loans (principal and interest) shall be repaid to the Shortfall Contributing Members out of any subsequent distributions of Net Cash Flow in accordance with Sections 6.03(a), 6.04 or 6.05, as applicable. Shortfall Capital Contributions shall be treated as provided in Section 6.03(a). Shortfall Capital Contributions shall be Additional Capital Contributions hereunder, but shall not be Substituted Capital Contributions, and a Member’s Gross Adjusted Capital Contributions shall in no event be increased by Shortfall Capital Contributions. A Shortfall Loan shall not be treated as a Capital Contribution or a Substituted Capital Contribution, and a Member’s Gross Adjusted Capital Contributions shall in no event be increased by a Shortfall Loan.
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Examples of Shortfall Loans in a sentence

  • Any distributions otherwise due from the Company to the Non-Contributing Member will be applied as described in Section 4.4 (Payment of Distributions if Shortfall Loans Outstanding).

  • Subject to Section 4.4 (Payment of Distributions of Shortfall Loans Outstanding), distributions made upon liquidation of any Member Interest will be made in accordance with the positive Book Capital Account balance of the Member.

  • If there are two or more Shortfall Loans outstanding to the Non-Contributing Member, any distribution paid pursuant to this Section will be applied to such Shortfall Loans on a first-in, first-out basis.

  • AND WHEREAS the Company may from time to time make Funding Requests or Shortfall Funding Requests under the Shareholders' Agreement and the Shareholders have agreed to make available Shareholder Loans including, if applicable, Shortfall Loans to the Company to fund such Funding Requests or Shortfall Funding Requests subject to the terms and conditions of this Agreement.

  • Such distribution will be applied first against interest and then against principal, until all accrued interest and principal of Shortfall Loans are repaid in full.


More Definitions of Shortfall Loans

Shortfall Loans. (as defined in Section 5.1(b)(ii) and the "Security Loan" (as defined in Section 5.1(c)).
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Shortfall Loans. (as defined the Construction Pledgor LLC Agreement or the Sponsor Partner LLC Agreement) incurred by the Borrower on or prior to the Conversion Date or amounts owed in respect of loans deemed made by Borrower under Section 7.14 of the Construction Pledgor LLC Agreement or Section 7.14 of the Sponsor Partner LLC Agreement, each of which shall be repayable solely with Voluntary Equity Contributions or amounts available for distribution from the Distribution Account following satisfaction of the Distribution Conditions and otherwise on terms and conditions set forth on Exhibit P (as confirmed by the Administrative Agent);
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Related to Shortfall Loans

  • Shortfall Amount as defined in Section 2.6.

  • 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.

  • Unpaid Interest Shortfall Amount With respect to the Class A Certificates and the Mezzanine Certificates and (i) the first Distribution Date, zero, and (ii) any Distribution Date after the first Distribution Date, the amount, if any, by which (a) the sum of (1) the Monthly Interest Distributable Amount for such Class for the immediately preceding Distribution Date and (2) the outstanding Unpaid Interest Shortfall Amount, if any, for such Class for such preceding Distribution Date exceeds (b) the aggregate amount distributed on such Class in respect of interest pursuant to clause (a) of this definition on such preceding Distribution Date, plus interest on the amount of interest due but not paid on the Certificates of such Class on such preceding Distribution Date, to the extent permitted by law, at the Pass-Through Rate for such Class for the related Accrual Period.

  • Available Funds Shortfall Amount means, as of any Payment Date, the amount, if any, by which the aggregate amount required to be paid pursuant to clauses first through twelfth of Section 4.4(a) of the Sale and Servicing Agreement exceeds the Available Funds for such Payment Date.

  • Loan Group I The group of Mortgage Loans identified in the Mortgage Loan Schedule as having been assigned to Loan Group I.

  • Net Aggregate Prepayment Interest Shortfall With respect to any Distribution Date, the amount, if any, by which (a) the aggregate of all Prepayment Interest Shortfalls incurred in connection with the receipt of Principal Prepayments on the Mortgage Loans during the related Due Period, exceeds (b) the aggregate amount deposited by the Master Servicer in the Certificate Account for such Distribution Date pursuant to Section 3.19 in connection with such Prepayment Interest Shortfalls.

  • Group II Loans The Mortgage Loans designated on the Mortgage Loan Schedule as Group II Loans.

  • Loan Group 2 All Mortgage Loans identified as Loan Group 2 Mortgage Loans on the Mortgage Loan Schedule.

  • 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.

  • Collateral Shortfall Amount is defined in Section 8.1.

  • 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.

  • Loan Group III The group of Mortgage Loans identified in the Mortgage Loan Schedule as having been assigned to Loan Group III.

  • Loan Group 1 All Mortgage Loans identified as Loan Group 1 Mortgage Loans on the Mortgage Loan Schedule.

  • Aggregate Loan Group Balance As to any Loan Group and as of any date of determination, will be equal to the aggregate of the Stated Principal Balances of the Mortgage Loans in that Loan Group, except as otherwise provided, as of the last day of the related Collection Period.

  • 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.

  • Loan Group Balance As to each Loan Group, the aggregate of the Stated Principal Balances of the Mortgage Loans in such Loan Group that were Outstanding Mortgage Loans at the time of determination.