Examples of Principal Deficiency Ledger in a sentence
If, on any Notes Payment Date, there is a balance on the Class E Principal Deficiency Ledger, then notwithstanding any other provisions of these Conditions, the principal amount payable on redemption of each Class E Note on such Notes Payment Date shall not exceed its Principal Amount Outstanding less the Class E Principal Shortfall on such Notes Payment Date.
Except in the case of the Principal Deficiency Ledger, a debit item shall only be made in respect of any of the Mortgages Trustee Ledgers and the Funding Ledgers and the corresponding payment or transfer (if any) may only be made from the Mortgages Trustee GIC Account, the Funding GIC Account or the Funding Transaction Account, as the case may be, to the extent that such entry does not cause the relevant ledger to have a debit balance.
A loss in respect of a Bridge Mortgage Loan will not be a Realised Loss and will as a result not be debited to the Principal Deficiency Ledger as on the Principal Deficiency Ledger losses are registered in respect of Mortgage Receivables which back the Notes, other than the Class S Notes and the Class X Notes.
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 1 Principal Deficiency Ledger and each Funding 1 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.