Deficiency Event definition

Deficiency Event. The inability of the Trustee 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 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.

Examples of Deficiency Event in a sentence

• 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.

• In addition, the amount of Broken Interest may be reduced to absorb losses in accordance with Condition 5.1; and (y) no interest on the Notes shall accrue nor be payable by the Issuer with respect to the remaining period in such Interest Period or any other Interest Period during the period starting on the date of the Capital Deficiency Event and ending on the date of the End of Capital Deficiency Event.

• Broken Interest is only applicable with respect to an Interest Period whose Interest Payment Date is an Optional Interest Payment Date and means, with respect to the period from (and including) the immediately preceding Interest Payment Date (or in the case of the first Interest Payment Date, the Issue Date) to (but excluding) the date of the occurrence of a Capital Deficiency Event, the amount of interest accrued on the Notes during such period as calculated by the Calculation Agent.

• On the Quarterly Calculation Date with respect to any Quarterly Collection Period, the Issuer shall furnish, or cause the Manager to furnish, to the Trustee and each Rating Agency (if applicable) (with a copy to each of the Control Party and the Back-Up Manager) written notice of any Scheduled Principal Payments Deficiency Event with respect to any Class or Series of Notes that occurred with respect to such Quarterly Collection Period (any such notice, a “Scheduled Principal Payments Deficiency Notice”).

• If aggregate collections of the Securitized Charges are inadequate to pay all current debt service due on the Bonds and OngoingFinancing Costs at any time, resulting in a draw on the capital subaccount, a Deficiency Event shall have occurred (a “Deficiency Event”).

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. 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:

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 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. 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 the Distribution Date, if any, on which the Pool Balance becomes equal to or less than the Class A Principal Balance.