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.
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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;
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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.
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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.

  • To the extent that there is a Senior Expenses Deficit, the Cash Administrator on behalf of the Issuer shall, on the relevant Payment Date, apply Issuer Pre-Enforcement Available Redemption Receipts as Issuer Pre-Enforcement Available Revenue Receipts in accordance with the Issuer Pre-Enforcement Revenue Priority of Payments.

  • To the extent that there is a Senior Expenses Deficit, the Principal Available Funds shall be applied, on the relevant Payment Date, as Interest Available Funds in accordance with the Pre-Acceleration Principal Priority of Payments.

  • The Tranche C Loan, will be an amount equal to the amount of interest required by the Issuer to pay interest due and payable on the Class C Notes on such Payment Date less an amount equal to any Principal Addition Amounts used to cure any Senior Expenses Deficit on the Class C Notes in accordance with item (a) of the relevant section of the Issuer Pre-Enforcement Redemption Priority of Payments.

  • The amount of Principal Available Funds (to the extent available) equal to the lesser of (a) the amount of Principal Available Funds available for application pursuant to the Pre-Acceleration Principal Priority of Payments on the immediately following Payment Date; and (b) the amount of such Senior Expenses Deficit is referred to as the Principal Addition Amounts.

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

  • The Principal Available Funds shall only be applied to provide for any such Senior Expenses Deficit in respect of items (i) (first) to (vi) (sixth) (inclusive) of the Pre-Acceleration Interest Priority of Payments.

  • The monies in the Cash Reserve Account may be used by the Issuer to cover (on or prior to the Class B Redemption Date) any Transaction Costs Deficit and any Class A and Class B Revenue Deficit and (after the Class B Redemption Date) any Transaction Costs Deficit, subject to certain limitations as described in the Condition8.9 ( 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 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".

Related to Senior Expenses Deficit

  • Current Expenses means operating costs other than personal services and shall not

  • Class Expenses means the expenses of registering a Class in any jurisdiction or with any stock exchange, regulated market or settlement system, and all other expenses arising from such registration and such further expenses howsoever arising as may be disclosed in the Prospectus. The cost of converting currency and the costs and gains/losses of the hedging transactions are borne solely by the relevant Class.

  • Management Expenses means expenses, costs and charges necessarily and reasonably incurred in the management of the Development provided in this Deed which, except for the purpose of Clause 4.3 of Section IV of this Deed, shall include the Manager’s Remuneration;

  • Transfer expenses means all expenses of a transfer that the transfer agreement requires the payee to pay or have deducted from the gross advance amount, including, but not limited to, court filing fees, attorney fees, escrow fees, lien recordation fees, judgment and lien search fees, finders' fees, commissions, and other payments to a broker or other intermediary. Transfer expenses do not include preexisting obligations of the payee that are payable for the payee's account from the proceeds of a transfer.

  • Non-Cash Compensation Expense means any non-cash expenses and costs that result from the issuance of stock-based awards, partnership interest-based awards and similar incentive based compensation awards or arrangements.

  • O&M Expenses means expenses incurred by or on behalf of the Developer or by the Authority, as the case may be, for all O&M including (a) cost of salaries and other compensation to employees, (b) cost of materials, supplies, utilities and other services, (c) insurance premium, (d) all taxes, duties, cess and fees due and payable for O&M, (e) all repair, replacement, reconstruction, reinstatement, improvement and maintenance costs, (f) payments required to be made under the O&M Contract, or any other contract in connection with or incidental to O&M, and (g) all other expenditure required to be incurred under Applicable Laws, Applicable Permits or this Agreement.

  • Company Expenses has the meaning set forth in Section 4.04(a).

  • Independent expenditure means an expenditure by a person:

  • Seller Expenses means, without duplication, the collective amount payable by the Company or its Subsidiaries, the Seller or their respective Affiliates for all fees, costs and expenses incurred in connection with the process of selling the Company and its Subsidiaries or otherwise relating to the negotiation, preparation or execution of this Agreement or any documents or agreements contemplated hereby or the performance or consummation of the transactions contemplated hereby or thereby (and any other agreements, documents, arrangements or transactions that were considered or negotiated as an alternative to this Agreement and the transactions contemplated hereby), including (i) all fees, costs and expenses incurred by the Company or any of its Subsidiaries in connection with or incident to this Agreement and the transactions contemplated hereby, including any such legal, consulting, accounting and investment banking fees, costs and expenses, (ii) all stay bonuses, sale bonuses, change in control payments, retention payments, synthetic equity payments, or similar payments made or to be made by the Company or any of its Subsidiaries (together with any employer portion of employment taxes payable in connection with such amounts) payable to any employees or other Person in connection with or as a result of the consummation of the transactions contemplated herein, provided that any such payments arising as a result of any termination of employment shall only be included to the extent that such employee is terminated by the Company or its Subsidiaries prior to the Closing Date (and not at the direction of the Purchaser), (iii) any fees paid under any applicable management agreement, (iv) all premiums and other payments necessary to purchase the “tail” policy for D&O insurance pursuant to Section 6.03, and (v) all costs and expenses related to the Medicina Litigation, including the Settlement Sum (as defined in the Settlement Agreement) payable pursuant to the Settlement Agreement and all costs and expenses incurred to withdraw or dismiss the Medicina Litigation.

  • Reimbursable Expenses means all assignment-related costs [such as travel, translation, report printing, secretarial expenses, subject to specified maximum limits in the Contract].

  • Reimbursable Costs means expenses incurred by the employee in the course of engaging in the planned learning activity and include registration, tuition and examination fees as well as textbooks/discs and applicable taxes. They may also include reasonable, incremental meal, accommodation and travel expenses.

  • Common Expenses means expenditures made by or financial liabilities of the association, together with any allocations to reserves.

  • Trust Expenses means any liabilities, obligations and expenses incurred, contracted for or otherwise existing with respect to the Trust.

  • Claim Expenses means reasonable documented attorneys’ fees and all other reasonable documented out-of-pocket costs, expenses and obligations (including experts’ fees, travel expenses, court costs, retainers, transcript fees, duplicating, printing and binding costs, as well as telecommunications, postage and courier charges) paid or incurred in connection with investigating, defending, being a witness in or participating in (including on appeal), or preparing to investigate, defend, be a witness in or participate in, any Claim, including any Action relating to a claim for indemnification or advancement brought by an Indemnified Party as contemplated in Section 7.5.