Principal Deficiency definition

Principal Deficiency means, on any Distribution Date other than the Stated Final Maturity, the amount by which the Class A Note Balance (after taking into account all distributions of principal to be made from Available Funds on such Distribution Date plus amounts on deposit in the Reserve Account available for the payment of principal) exceeds the Outstanding Balance of all Eligible Contracts, other than Defaulted Contracts, as of the last day of the related Collection Period.

Principal Deficiency means, on any Monthly Calculation Date, the sum of:

Principal Deficiency has the meaning given that term in Section 2.4(c).

Examples of Principal Deficiency in a sentence

• The additional benefit for Bracknell Forest arising from the pool is estimated to be approximately £6m.

• If, on any Notes Payment Date, there is a balance on the Class B Principal Deficiency Ledger, then notwithstanding any other provisions of these Conditions, the principal amount payable on redemption of each Class B Note on such Notes Payment Date shall not exceed its Principal Amount Outstanding less the Class B Principal Shortfall on such Notes Payment Date.

• Such amount of principal applied to cover the Class A Interest Shortfall shall be recorded on the Class B Principal Deficiency Ledger (or, if and to the extent the Class B Principal Deficiency Ledger has been entirely drawn-up, on the Class A Principal Deficiency Ledger).It shall be an Event of Default if on any Quarterly Payment Date, the interest amounts in respect of the Class A Notes have not been paid in full.

• If, on any Notes Calculation Date, there is a balance on the Class B Principal Deficiency Ledger, then notwithstanding any other provisions of these Conditions, the principal amount payable on redemption of each Class B Note on the immediately succeeding Notes Payment Date shall not exceed its Principal Amount Outstanding less the Class B Principal Shortfall on such Notes Payment Date.

• The Notional Amount shall be determined in respect of the close of business on the day immediately preceding the Calculation Date corresponding to the relevant Calculation Period, as if any adjustments made on such date to the Outstanding Principal Amount of the Intercompany Loans, the balance of the Funding 1 Issuer Principal Deficiency Ledger attributable to the Intercompany Loans and the amount of Funding 1 Principal Receipts in the Funding 1 GIC Account had become effective.

More Definitions of Principal Deficiency

Principal Deficiency means the negative difference, calculated on each Calculation Date, between the Principal Available Funds and the Target Principal Payment Amount on the immediately following Payment Date.

Principal Deficiency has the meaning given that term in Section 2.4(c). “Private Owner” has the meaning given that term in the recitals.

Principal Deficiency has the meaning set forth in Section 2.4(c) of the Transfer Agreement.

Principal Deficiency has the meaning given such term in Section 2.3(b). “Receiver Advances” has the meaning given in the Participation Agreement.

Principal Deficiency has the meaning given that term in Section 2.4(c). “Released Parties” has the meaning given that term in Section 4.17(b).

Principal Deficiency means the amount of the Advance under a Financing Agreement in respect of which a Principal Deficiency Event has occurred plus, if a Financing Agreement has been terminated prior to the Scheduled Redemption Date, any Make-Whole Amount payable to the Issuer in connection with such terminated Financing Agreement.

Principal Deficiency means any losses arising in relation to a Loan in the Portfolio which causes a shortfall in the amount available to pay principal on the Term Advances or Loan Tranches, as applicable;