Deficiency Event definition

Deficiency Event. The inability of the Trust Administrator to make the Guaranteed Distribution on any Distribution Date due to a shortage of funds for such purpose then held in the Distribution Account and the failure of the Certificate Insurer to pay in full a claim made in accordance with the Policy with respect to such Distribution Date.

Deficiency Event. The Remittance Date, if any, on which the Pool Scheduled Principal Balance becomes equal to or less than the Class A Principal Balance.

Deficiency Event. The inability of the Trustee to distribute to Holders of one or more Classes of Regular Certificates in accordance with the terms thereof and of this Agreement:

Examples of Deficiency Event in a sentence

• An End of Capital Deficiency Event shall be deemed to occur pursuant to paragraph (a) above on the date on which the Issuer publishes its annual or half-year results indicating that the total risk-based consolidated capital ratio has been restored to the relevant level, or on any such other date on which the Issuer determines that such ratio has been so restored.

• Such notice shall be given as soon as practicable following the occurrence of a Capital Deficiency Event and of any End of Capital Deficiency Event.

• As appropriate, the Issuer will make a new determination and deliver other notice(s) with respect to any subsequent Interest Payment Date in relation to which a Capital Deficiency Event is continuing or occurs again.

• Interest Payable on Optional Interest Payment Dates after End of Capital Deficiency Event At the option of the Issuer, any Broken Interest, to the extent not reduced to absorb losses in accordance with Condition 5.1, may be paid on the first Optional Interest Payment Date falling on or after the date of the End of Capital Deficiency Event.

• In the event that during any Interest Period, on or at any time prior to the fifth Business Day prior to an Optional Interest Payment Date, a Capital Deficiency Event has occurred or would occur upon payment of the interest due on the next Optional Interest Payment Date: (x) the accrual of interest, if any, in respect of the Notes shall automatically be suspended.

More Definitions of Deficiency Event

Deficiency Event. On any Distribution Date as to which, after the ---------------- application of funds pursuant to Section 5.02(a), the sum of the Pool Scheduled Principal Balance and the amount of the Class A-3 Holdover Amount on deposit in the Certificate Account is less than the Class A Certificate Balance. Deficiency Percentage: 35%. ---------------------

Deficiency Event has the meaning set forth in Section 4.03(a).

Deficiency Event. The inability of the Indenture Trustee to remit the Insured Payment on any Payment Date due to a shortage of funds for such purpose then held in the Note Account and the failure of the Note Insurer to pay in full a claim made in accordance with the MBIA Insurance Policy with respect to such Payment Date.

Deficiency Event. With respect to any Distribution Date for which there is a Deficiency Amount, a failure of the Certificate Insurer to pay such Deficiency Amount to the extent required under the Policy.

Deficiency Event means, with respect to a Default Event, (i) after amounts in trust representing the Holdback Amount have been reduced to an amount equal to or less than forty percent (40%) of the originally funded Holdback Amount, NW Capital, in its reasonable discretion, determines that additional funds are necessary to fund the actual losses, costs, penalties, fines, forfeitures, legal fees, and related costs, judgments, and any other costs, liabilities, fees and expenses that NW Capital and/or any Indemnified Party may sustain as a result of such Default Event, and NW Capital delivers written notice of such determination to the Cash Management Agent and the Exchange Offering Indenture Trustee, or (ii) the amounts remaining in trust to fund the Holdback Amount are insufficient to fund the Actual Default Event Costs resulting from the Default Event giving rise to the Holdback Amount.

Deficiency Event. On any Distribution Date as to which the Pool ---------------- Scheduled Principal Balance is equal to or less than the aggregate of the Certificate Balances of the Class A-1, Class A-2, Class A-3, Class A-4 and Class A-5 Certificates. Deficiency Percentage: 35%. ---------------------

Deficiency Event. On any Distribution Date as to which, after the ---------------- application of funds pursuant to Section 5.02(a)(B), the sum of the Group II Pool Scheduled Principal Balance and the amount on deposit in respect of the Class II A-2 Holdover Amount in the Group II Certificate Account is less than the Class II A Certificate Balance. Deficiency Percentage: 35%. ---------------------