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

• In the case of the Current Issuer Principal Deficiency Ledger and each Current Issuer Principal Deficiency Sub Ledger, a credit item shall only be made to the extent that such entry does not cause such ledger to have a credit balance.

• The Current Issuer Cash Manager shall thereafter record as a debit on the Current Issuer Revenue Ledger the application by the Current Issuer of any excess Current Issuer Available Revenue Receipts to extinguish any balance on a Current Issuer Principal Deficiency Sub Ledger.

• 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.

• In the case of the Funding Principal Deficiency Ledger, a credit item shall only be made to the extent that such entry does not cause such ledger to have a credit balance.

• 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.

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 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;

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