Spread Account Shortfall means, with respect to any Distribution Date and any Series (other than the Warehousing Series) with respect to which an Insurance Agreement Event of Default has occurred and is continuing, or a Capture Event has occurred and is continuing, the excess, if any, of the Spread Account Maximum Amount for such Series and such Distribution Date and the amount on deposit in such Spread Account as of such Distribution Date after giving effect to distributions made on such Distribution Date pursuant to priority SECOND of Section 3.03(b).
Spread Account Shortfall and "Spread Account Default Level."
Spread Account Shortfall means, (A) with respect to any amounts to be distributed from the collection account of any other Series to the Collection Account for the 2002-A Notes, as of any Determination Date, the excess, if any, of (x) the Requisite Spread Account Amount over (y) the amount on deposit in the Spread Account and (B) with respect to amounts to be distributed from the Collection Account of the Series 2002-A Notes to the collection account of any other Series pursuant to Section 5.7(b)(ix), the excess, if any, of (x) the "Requisite Spread Account Amount" as defined in the applicable supplement to the Spread Account Agreement for such Series over (y) the amount on deposit in the spread account for such Series.
Examples of Spread Account Shortfall in a sentence
Priority of Distributions * Collections from Spread Account Shortfall ------------------------------- 1a.
Any Spread Account Shortfall Notice shall be delivered by 2:00 p.m. Eastern time, on the Business Day preceding such Distribution Date.
Such Spread Account Shortfall Notice shall indicate that, to the extent permitted by any sale and servicing agreement for any other Series, the Trust Collateral Agent shall distribute amounts from the collection account established with respect to such other Series in an aggregate amount not to exceed the Spread Account Shortfall for the Series 2002-A Notes, and shall deposit said amounts in the Collection Account on the related Distribution Date for distribution as Available Funds as provided herein.
In the event the servicer's certificate with respect to any other Series shall state that there is a Spread Account Shortfall with respect to such Series, the Trust Collateral Agent shall remit such Spread Account Shortfall to deposit in the collection account for such Series on the related Distribution Date as contemplated by Section 5.7(b)(ix).
More Definitions of Spread Account Shortfall
Spread Account Shortfall means, with respect to any Series and any Reporting Date with respect to which the Requisite Amount for such Series is 7% of the Series 1996-1 Balance or unlimited, the excess, if any, of (a) the greater of 7% of the Series 1996-1 Balance and the amount determined by reference to clause (a) of the definition of Requisite Amount with respect to such Distribution Date over (b) the amount on deposit in the related Spread Account after making any withdrawals therefrom required by priorities FIRST, SECOND, and THIRD of Section 3.03(b) hereof.
Spread Account Shortfall means, with respect to any Series and any Reporting Date with respect to which (x) a Trigger Event has occurred and has not been Deemed Cured or (y) an Insurance Agreement Event of Default has occurred, the excess, if any, of the amount determined pursuant to the applicable definition of Requisite Amount with respect to such Reporting Date over the amount on deposit in the related Spread Account as of such Reporting Date after making any withdrawals therefrom required by priorities FIRST, SECOND, and THIRD of Section 3.03(b) hereof.
Spread Account Shortfall means with respect to any Determination Date, after the Target Satisfaction Date (provided that no Insurance Agreement Event of Default shall have occurred), the excess, if any, of the Target OC Percentage of the Aggregate Principal Balance on such Determination Date over the OC Percentage of the Aggregate Principal Balance on such Determination Date. "Step-Down Conditions" shall be satisfied as of each Distribution Date in the following table if each of the following conditions are met on such Distribution Date: (a) no Insurance Agreement Event of Default shall have occurred; (b) all amounts owed to the Insurer under the Basic Documents have been paid in full; (c) immediately before and after giving effect to any reduction in the OC Level, (i) the Spread Account is at the Requisite Amount and (ii) the Pro Forma Note Balance is less than or equal to the Required Pro Forma Note Balance; (d) the arithmetic average of the monthly Delinquency Ratios for the three immediately preceding Collection Periods is less than the percentage set forth opposite such Distribution Date, (e) the Cumulative Net Loss Rate for the related Collection Period is less than the percentage set forth opposite such Distribution Date, (f) the Cumulative Default Rate for the related Collection Period is less than the percentage set forth opposite such Distribution Date and (g) the arithmetic average of the Monthly Extension Rates for the three immediately preceding consecutive calendar months is less than 3.00%: Distribution Cumulative Default Date occurring Delinquency Cumulative Default in: Ratio Net Loss Rate Rate ----------------------------------------------------------------- January 2008 4.00% 5.70% 9.70% July 2008 4.00% 7.50% 12.75% January 2009 4.75% 9.00% 15.00%
Spread Account Shortfall. The definition of "Spread Account Shortfall" is hereby amended in the following manner:
Spread Account Shortfall is hereby amended in the following manner:
Spread Account Shortfall means, with respect to any Series (unless specified otherwise in the related Series Supplement) and any Determination Date, an amount equal to the excess of (1) the Requisite Amount with respect to such Distribution Date over (2) the amount on deposit in the Spread Account after making any withdrawals therefrom required by priority THIRD of Section 3.03(b)." 6 (b) Each of the Series 1998-3 Supplement and the Series 1998-4 Supplement, is amended and restated, in each case, by inserting the following definition in Section 1 of each such Series Supplement (substituting, in each case, the applicable Series designation (e.g. "Series 1998-3" with respect to the Series 1998-3 Supplement) for the bracketed text contained in such definition):
Spread Account Shortfall means, with respect to [INSERT APPLICABLE SERIES DESIGNATION] and any Determination Date with respect to which (a) a Trigger Event has occurred and has not been deemed cured or (b) an Insurance Agreement Event of Default has occurred and is continuing, an amount equal to the excess of (1) the Requisite Amount with respect to such Distribution Date over (2) the amount on deposit in the [INSERT APPLICABLE SERIES DESIGNATION] Spread Account after making any withdrawals therefrom required by priority THIRD of Section 3.03(b) of the Spread Account Agreement. Notwithstanding anything contained herein to the contrary, the term "Insurance Agreement Event of Default" as used in this definition shall be deemed to refer to only an Insurance Agreement Event of Default that is not a Waived Insurance Agreement Event of Default."