Shortfall Instruction definition

Shortfall Instruction means a demand by the Debenture Trustee to the Guarantor for payment under this IIFCL Guarantee in the form set out in Schedule B (Form of Shortfall Instruction).
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Shortfall Instruction shall have the meaning assigned to it under the IIFCL Guarantee Agreement.
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Shortfall Instruction means a demand by the Debenture Trustee to IIFCL in respect of a Shortfall Amount issued pursuant to the IIFCL Guarantee Agreement;
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Examples of Shortfall Instruction in a sentence

  • Provided however, the Guarantor shall be required to make payments pursuant to any Shortfall Instruction made under Clause 4.1.4, no later than [•] Business Days following the date of delivery of such Shortfall Instruction under Clause 4.1.4.

  • Any communication made under or in connection with this IIFCL Guarantee shall be first sent by electronic mail and mandatorily followed by delivery of a written letter (and with respect to a Shortfall Instruction, such written communication shall be hand delivered), provided however that the date of the notice shall mean the date of receipt of the electronic mail by the relevant Party or Parties.

  • More than one Shortfall Instruction may be made, during the IIFCL Guarantee Term, provided that under no circumstances shall more than one Shortfall Instruction be made during or in respect of any IIFCL Guarantee Fee Calculation Period, except in relation to a Shortfall Instruction made pursuant to Acceleration.

  • Within a reasonable time after a request from the Guarantor, the Debenture Trustee shall provide to the Guarantor such additional evidence, information and/or documentation that the Guarantor reasonably requires in respect of any Shortfall Instruction, provided however that, any non-submission of such information shall not absolve the Guarantor of its obligations hereunder.

  • The Guarantor is only liable under this IIFCL Guarantee to pay any Shortfall Amount (and only in accordance with the terms and subject to the conditions set out in this IIFCL Guarantee) if and to the extent that the Debenture Trustee delivers to the Guarantor (with a copy to the Backstop Guarantor), a Shortfall Instruction in respect of such Shortfall Amount and such Shortfall Instruction complies with the requirements of this Clause 4 (SHORTFALL INSTRUCTIONS AND PAYMENT).

  • A Shortfall Instruction can be withdrawn only when adequate funds to meet the relevant Redemption Amount (to the extent of Principal Amounts and Interest payable) are available in the Debt Service Sub-Account.

  • However, any waiver in relation to a Non-Fundamental Event of Default shall require the approval of the Majority and the consenting vote of IIFCL, subject to the IIFCL Guarantee being effective or IIFCL having paid the amount claimed under a Shortfall Instruction in accordance the IIFCL Guarantee Agreement.

  • The Issuer shall, within [•] Business Days of receipt of such notice or withdrawal, make payment to the Guarantor of all costs, fees and expenses incurred by the Guarantor in connection with setting aside and/or reserving any necessary funds needed to meet payment of the Shortfall Amount for the period from the date of receipt of the Shortfall Instruction in respect of which such notice of withdrawal or revocation was given until the date of receipt of such notice.

  • A Shortfall Instruction once received by the Guarantor may be withdrawn or revoked by the Debenture Trustee upon notice received by the Guarantor from the Debenture Trustee at least [•] Business Days prior to the due date for payment in respect of such Shortfall Instruction and provided that the Guarantor has not made payment of the Shortfall Amount Paid in respect of such Shortfall Instruction.

  • No Shortfall Instruction shall include any portion of a Shortfall Amount that is or was the subject of another Shortfall Instruction.

Related to Shortfall Instruction

  • Counterparty Downgrade Collateral Account means an interest-bearing account of the Issuer with the Custodian into which all Counterparty Downgrade Collateral is to be deposited.

  • Shortfall Amount as defined in Section 2.6.

  • Reserve Account Draw Amount means, for any Payment Date, an amount equal to the lesser of (a) the Available Funds Shortfall Amount, if any, for such Payment Date and (b) the amount of cash or other immediately available funds on deposit in the Reserve Account (excluding any net investment earnings) on such Payment Date; provided, however, that if such Payment Date is the Redemption Date, the “Reserve Account Draw Amount” shall mean an amount equal to the amount of cash or other immediately available funds on deposit in the Reserve Account on the Redemption Date.

  • Class Interest Shortfall As to any Distribution Date and Class, the amount by which the amount described in clause (i) of the definition of Class Optimal Interest Distribution Amount for such Class exceeds the amount of interest actually distributed on such Class on such Distribution Date pursuant to such clause (i).

  • Account Application or “Application” shall mean the application, as may be amended from time to time, by which this Agreement is established between the Depositor (or following the death of the Depositor, the Beneficiary) and the Custodian. The statements contained therein shall be incorporated into this Agreement.

  • Class B-5 Interest Shortfall Amount As to any Distribution Date, any amount by which the Interest Accrual Amount of the Class B-5 Certificates with respect to such Distribution Date exceeds the amount distributed in respect of the Class B-5 Certificates on such Distribution Date pursuant to Paragraph seventeenth of Section 4.01(a).

  • Substitution Shortfall Amount As defined in Section 2.03(d).

  • Prepayment Interest Shortfall Amount With respect to any Mortgage Loan that was subject to a Principal Prepayment in full or in part during any Due Period, which Principal Prepayment was applied to such Mortgage Loan prior to such Mortgage Loan’s Due Date in such Due Period, the amount of interest (net of the General Servicing Fee) that would have accrued on the amount of such Principal Prepayment during the period commencing on the date as of which such Principal Prepayment was applied to such Mortgage Loan and ending on the day immediately preceding such Due Date, inclusive.

  • Class B-4 Interest Shortfall Amount As to any Distribution Date, any amount by which the Interest Accrual Amount of the Class B-4 Certificates with respect to such Distribution Date exceeds the amount distributed in respect of the Class B-4 Certificates on such Distribution Date pursuant to Paragraph fourteenth of Section 4.01(a).

  • Request regarding a list of collateral means a record authenticated by a debtor requesting that the recipient approve or correct a list of what the debtor believes to be the collateral securing an obligation and reasonably identifying the transaction or relationship that is the subject of the request.

  • Class B-6 Interest Shortfall Amount As to any Distribution Date, any amount by which the Interest Accrual Amount of the Class B-6 Certificates with respect to such Distribution Date exceeds the amount distributed in respect of the Class B-6 Certificates on such Distribution Date pursuant to Paragraph twentieth of Section 4.01(a).

  • Class A Interest Shortfall Amount As to any Distribution Date and any Class of Class A Certificates, any amount by which the Interest Accrual Amount of such Class with respect to such Distribution Date exceeds the amount distributed in respect of such Class on such Distribution Date pursuant to Paragraph first of Section 4.01(a).

  • Class B-3 Interest Shortfall Amount As to any Distribution Date, any amount by which the Interest Accrual Amount of the Class B-3 Certificates with respect to such Distribution Date exceeds the amount distributed in respect of the Class B-3 Certificates on such Distribution Date pursuant to Paragraph eleventh of Section 4.01(a).

  • Additional Collateral Mortgage Loan Each Mortgage Loan identified as such in the Mortgage Loan Schedule.

  • Instruction Letter means written instructions in a form acceptable to NCPS and executed by Issuer Party with Issuer Party directing NCPS to promptly disburse the Escrow Funds to Issuer pursuant to Section 4(a).

  • Class B Interest Shortfall Amount Any of the Class B-1 Interest Shortfall Amount, Class B-2 Interest Shortfall Amount, Class B-3 Interest Shortfall Amount, Class B-4 Interest Shortfall Amount, Class B-5 Interest Shortfall Amount or Class B-6 Interest Shortfall Amount.

  • Class B-2 Interest Shortfall Amount As to any Distribution Date, any amount by which the Interest Accrual Amount of the Class B-2 Certificates with respect to such Distribution Date exceeds the amount distributed in respect of the Class B-2 Certificates on such Distribution Date pursuant to Paragraph eighth of Section 4.01(a).

  • Special Instructions as used herein, shall mean Instructions countersigned or confirmed in writing by the Treasurer or any Assistant Treasurer of a Fund or any other person designated by the Treasurer of such Fund in writing, which countersignature or confirmation shall be included on the same instrument containing the Instructions or on a separate instrument relating thereto.

  • Collateral Interest Shortfall shall have the meaning specified in subsection 4.02(c).

  • Class B-1 Interest Shortfall Amount As to any Distribution Date, any amount by which the Interest Accrual Amount of the Class B-1 Certificates with respect to such Distribution Date exceeds the amount distributed in respect of the Class B-1 Certificates on such Distribution Date pursuant to Paragraph fifth of Section 4.01(a).

  • Reserve Draw Amount shall have the meaning specified in subsection 4.12(c).

  • Reserve Account Deficiency shall have, for any Distribution Date, the meaning specified for such Distribution Date in Section 4.6(b) of the Sale and Servicing Agreement.

  • Class A-P Collection Shortfall With respect to the Cash Liquidation or REO Disposition of a Discount Mortgage Loan and any Distribution Date, the excess of the amount described in Section 4.02(b)(i)(C)(1) over the amount described in Section 4.02(b)(i)(C)(2).

  • Reserve Account Excess Amount means, with respect to any Payment Date, an amount equal to the excess, if any, of (a) the amount of cash or other immediately available funds in the Reserve Account (excluding any net investment earnings) on that Payment Date, after giving effect to all deposits to and withdrawals from the Reserve Account on such Payment Date, over (b) the Specified Reserve Account Balance with respect to such Payment Date.

  • Collateral Shortfall Amount is defined in Section 8.1.

  • Authorized Instructions shall have the meaning set forth in Section 1.5.