Senior Expenses Deficit definition

Senior Expenses Deficit means any amount by which the Available Revenue is insufficient to pay or provide for all amounts in items (i) to (iv) and (vi) of the Revenue Priority of Payments following the application of any General Reserve Fund Release Amount and any Class A and Class B Liquidity Reserve Fund Release Amount.

Senior Expenses Deficit means on any Interest Payment Date an amount equal to the aggregate of any shortfall in Available Revenue following the application of any General Reserve Fund Release Amount and any Class A and Class B Liquidity Reserve Fund Release Amount is insufficient to pay or provide for (a) the amounts referred to in items (a) to (d) of the Revenue Priority of Payments (in the same order of priority as set out in the Revenue Priority of Payments); and (b) the amounts referred to in item (f) of the Revenue Priority of Payments in accordance with Clause 6.1.2 of the Deed of Charge only if and to the extent that the sum of the debit balance on the Principal Deficiency Ledger, when expressed as a positive amount, does not exceed: (i) 50 per cent. of the Principal Liability Outstanding of the Class B Notes, and (ii) the Principal Liability Outstanding of the Class C Notes, the Class D Notes and the Class Z Notes;

Senior Expenses Deficit means on any Payment Date, an amount equal to any shortfall in Interest Available Funds to pay items first to fifth (inclusive) of the Pre-Enforcement Interest Priority of Payments or, following the application of the Regulatory Call Priority of Payments, items first to third (inclusive) of the Pre-Enforcement Interest Priority of Payments. Any Principal Available Funds applied as Principal Addition Amounts will be recorded as a debit on the relevant Principal Deficiency Ledger.

Examples of Senior Expenses Deficit in a sentence

• Available Redemption Receipts (if any) may only be redirected as Principal Addition Amounts in respect of a Senior Expenses Deficit.

• Available Principal Receipts (if any) may only be redirected as Principal Addition Amounts in respect of a Senior Expenses Deficit.

• The risk of late payment by Obligors is in part mitigated by the Cash Reserve Account Release Amount (subject to the limitations set out in Condition 8.9 (Senior Expenses Deficit) of the Conditions), in the case of the Collateralised Notes, the use of the Principal Addition Amounts (subject to the limitations set out in Condition 8.9 (Senior Expenses Deficit) of the Conditions) and, in the case of all the Collateralised Notes, any excess spread applied through the Principal Deficiency Ledger.

• The priority of the Debt and the Residual Certificates are further set out in "Cashflows – Pre- Enforcement Revenue Payments Priorities", "Cashflows – Application of Available Principal Funds to cure a Senior Expenses Deficit" and "Cashflows – Post-Enforcement Payments Priorities".

• During the Revolving Period all amounts of Available Principal Receipts (after having provided for any Senior Expenses Deficit) will be applied on each Payment Date to purchase any Further Purchased Receivables or to the extent not used on such Payment Date will be credited to the Replenishment Ledger and may be used to pay the Further Purchase Price on any subsequent Further Purchase Date.

• The priority of the Notes and the Residual Certificates are further set out in "Cashflows – Pre-Enforcement Revenue Payments Priorities", "Cashflows – Application of Available Principal Funds to cure a Senior Expenses Deficit" and "Cashflows – Post-Enforcement Payments Priorities".

• The priority of the Notes and the Residual Certificates are further set out in "Cashflows – Application of Available Revenue Receipts prior to the service of an Enforcement Notice on the Issuer", "Cashflows – Application of Available Redemption Receipts to cure a Senior Expenses Deficit" and "Cashflows – Distributions following the service of an Enforcement Notice on the Issuer".