Simple Interest Shortfall definition

Simple Interest Shortfall. As of any Distribution Date for each Simple Interest Qualifying Loan, the excess, if any, of (i) 30 days' interest on the Stated Principal Balance of all such Mortgage Loans at the Mortgage Rate, over (ii) the portion of the monthly payment received from the Mortgagor for such Mortgage Loan allocable to interest with respect to the related Due Period.

Simple Interest Shortfall. Payment: $ (0.00)

Simple Interest Shortfall means, for any Collection Period, the excess, if any, of (i) Expected Interest over (ii) the Collected Interest for such Collection Period.

Examples of Simple Interest Shortfall in a sentence

• On each Determination Date, the Servicer shall determine the amount, if any, of any Simple Interest Shortfall or Simple Interest Excess for the related Collection Period.

• If the Servicer determines that there is a Simple Interest Shortfall for such related Collection Period, the Servicer shall make an advance (a "Simple Interest Advance") in the amount of such Simple Interest Shortfall and deposit such Simple Interest Advance into the Collection Account on or before the Business Day immediately preceding the next succeeding Payment Date.

• If the Servicer determines that there is a Simple Interest Shortfall for such related Collection Period, the Servicer shall make an advance (a "Simple Interest Advance") in the amount of such Simple Interest Shortfall and deposit such Simple Interest Advance into the Collection Account on or before the Business Day immediately preceding the next succeeding Distribution Date.

• For any Interest Accrual Period and for each Subclass, the amount of interest accrued thereon at the applicable Certificate Rate, minus any Civil Relief Shortfall Amount, any Non-Supported Prepayment Interest Shortfall and any Non-Supported Simple Interest Shortfall allocated to such Subclass on the related Distribution Date.

• Reduction of Servicing Compensation; Simple Interest Shortfall Payments.............................

More Definitions of Simple Interest Shortfall

Simple Interest Shortfall means, for any Collection Period, the excess, if any, of (i) Expected Interest over (ii) the Collected Interest for such Collection Period.["Spread Account" means the Spread Account established and maintained pursuant to the Spread Account Agreement.]["Spread Account Agreement" means the Master Spread Account Agreement dated as of _______________, among the Transferor, the Note Insurer, the Trustee, and the Collateral Agent, as supplemented by the Series 20__-_ Supplement, in each case, as the same may be amended, supplemented or otherwise modified from time to time in accordance with the terms thereof.]

Simple Interest Shortfall means, for any Collection Period, the excess, if any, of (i) Expected Interest over (ii) Collected Interest for such Collection Period.

Simple Interest Shortfall means as of any Determination Date for each Simple Interest Qualifying Loan, the excess, if any, of (i) 30 days' interest on the principal balance of such Loan at the Loan Interest Rate, over (ii) the portion of the scheduled payment received from the Obligor for such Loan Interest allocable to interest with respect to the related Due Period.

Simple Interest Shortfall. As of any Remittance Date for each Simple Interest Qualifying Loan, the excess, if any, of (i) 30 days’ interest on such Mortgage Loan at the then applicable Mortgage Rate, over (ii) the portion of the Monthly Payment received from the Mortgagor for such Mortgage Loan allocable to interest with respect to the related Due Period.

Simple Interest Shortfall. As of any Remittance Date for each Simple Interest Qualifying Loan, the excess, if any, of (i) 30 days' interest on such Mortgage Loan at the then applicable Mortgage Rate, over (ii) the portion of the Monthly Payment received from the Mortgagor for such Mortgage Loan allocable to interest with respect to the related Due Period.

Simple Interest Shortfall means, for any Collection Period, the excess, if any, of (i) Expected Interest over (ii) the Collected Interest for such Collection Period. "SPECIFIED CLASS B RESERVE ACCOUNT BALANCE" means, with respect to any Payment Date, an amount equal to the greater of (i) 4% of the Pool Balance on the close of business on the last day of the related Collection Period and (ii) 2% of the sum of the Original Pool Balance and the aggregate Principal Balance of all Subsequent Receivables conveyed to the Trust as of the related Subsequent Cutoff Date. In no event, however, shall the Specified Class B Reserve Account Balance exceed the Class B Note Balance.

Simple Interest Shortfall. As of any Distribution Date, the excess, if any, of (i) 30 days' interest on the Stated Principal Balance of all Contracts at the Contract Rate, over (ii) the portion of the monthly payment received from the Obligor for such Contract allocable to interest with respect to the related Due Period.