Subordination Deficit definition

Subordination Deficit. With respect to any Payment Date, the amount, if any, by which (x) the aggregate Note Principal Balance of the Notes as of such Payment Date, and following the making of all distributions to be made on such Payment Date (except for any payment to be made as to principal from proceeds of the Note Insurance Policy), exceeds (y) the aggregate Principal Balances of the Mortgage Loans as of the close of business on the preceding Due Date on such Payment Date.

Subordination Deficit. As applicable, the Group I Subordination Deficit or the Group II Subordination Deficit.

Subordination Deficit. For any Distribution Date, the amount, if any, by which the aggregate Class Principal Balance of the Class A Certificates after giving effect to all distributions of principal and allocations of Applied Realized Loss Amounts on such Distribution Date exceeds the sum of the Pool Balance and the Pre-Funded Amount as of the last day of the related Due Period.

Examples of Subordination Deficit in a sentence

• In each case above, Liquidated Loan Losses after the Certificate Principal Balances of the Certificates described above have been reduced to zero shall not be allocated to any specific class of related Certificates, but shall increase the Group I Subordination Deficit or Group II Subordination Deficit, as applicable, in the manner described in this Agreement.

• Any Realized Losses relating to the Mortgage Loans of a Pool shall be allocated to each outstanding Class of Certificates of such Pool pro rata in accordance with the respective Class Principal Balances of each such Class, but only if and to the extent that the Certificateholders of such Pool did not receive Insured Payments in connection with the related Unrecovered Pool Portions on the Remittance Date on which a Subordination Deficit occurs.

• Any Realized Losses relating to the Mortgage Loans of Pool I or Pool IV shall be allocated to each outstanding Class of Certificates of such Pool (pro rata in the case of Pool I in accordance with the respective Class Principal Balances of each such Class), but only if and to the extent that the Certificateholders of such Pool did not receive Insured Payments in connection with the related Unrecovered Pool Portions on the Remittance Date on which a Subordination Deficit occurs.

• On each Distribution Date, the principal portion of all Liquidated Loan Losses on the Mortgage Loans shall increase the Subordination Deficit in the manner described in this Agreement.

• Any Realized Losses relating to the Mortgage Loans of Pool I or Pool II shall be allocated to each outstanding Class of Certificates of such Pool (pro rata in the case of Pool I in accordance with the respective Class Principal Balances of each such Class), but only if and to the extent that the Certificateholders of such Pool did not receive Insured Payments in connection with the related Unrecovered Pool Portions on the Remittance Date on which a Subordination Deficit occurs.

More Definitions of Subordination Deficit

Subordination Deficit. With respect to Pool I or Pool IV and any Remittance Date, the amount, if any, by which (x) the Pool Principal Balance with respect to such Pool after taking into account the payment of the Pool Remittance Amount for such Pool on such Remittance Date in the manner described herein (other than amounts payable with respect to clause (X)(vi) of the definition of Pool Principal Distribution Amount) exceeds (y) the sum of (i) the aggregate Principal Balances of the Mortgage Loans of the related Pool as of the close of business on the last day of the Due Period relating to such Remittance Date, (ii) any Pre-Funding Account moneys allocable to the Mortgage Loans of such Pool as of the close of business on the last day of the related Due Period and (iii) the amount, if any, in the Spread Account and allocated to such Pool.

Subordination Deficit. As of any Distribution Date, the amount, if any, by which (a) the Class A Certificate Principal Balance, after taking into account the payment of the Principal Distribution Amount (except for any amount in respect of the Subordination Deficit) on such date exceeds (b) the sum of (i) the aggregate Principal Balance of the Mortgage Loans determined as of the end of the immediately preceding Due Period and (ii) the amount, if any, on deposit in the Pre-Funding Account as of the close of business on the last day of the immediately preceding Due Period.

Subordination Deficit. With respect to either Home Equity Loan Group and Payment Date, the amount, if any, by which (x) the related aggregate of the Certificate Principal Balances with respect to such Group, after taking into account the payment of the related Class A Distribution Amount with respect to such Group on such Payment Date (without regard to any Insured Payment to be made on such Payment Date and except for any Subordination Deficit with respect to such Group), exceeds (y) the sum of (a) the aggregate Loan Balances of the Home Equity Loans in such Home Equity Loan Group as of the close of business on the last day of the related Remittance Period and (b) the amount, if any, on deposit in the Pre-Funding Account with respect to such Group on the last day of the related Remittance Period exclusive of any Pre-Funding Account Earnings with respect to such Group.

Subordination Deficit means, with respect to any Remittance Date, the excess, if any, of (i) the aggregate of the Certificate Principal Balance on such Remittance Date, after taking into account the payment of the Principal Distribution Amount on such Remittance Date [(except for amounts payable under the Certificate Insurance Policy)] over (ii) the Aggregate Principal Balance as of the end of the related Due Period.

Subordination Deficit. With respect to any Mortgage Loan Group and Distribution Date, the amount, if any, by which (x) the aggregate of the related Class A Certificate Principal Balances relating to such Mortgage Loan Group, after taking into account all distributions to be made on such Distribution Date exceeds (y) the aggregate Loan Balances of the Mortgage Loans in the related Mortgage Loan Group as of the close of business on the last day of the related Due Period (taking into account Curtailments with respect to Actuarial Loans, Net Liquidation Proceeds and Prepayments collected during the related Prepayment Period, and with respect to Actuarial Loans in the related Mortgage Loan Group, the principal portion of all Scheduled Payments due on or before the last day of the related Due Period and in the Collection Account as of the related Determination Date).

Subordination Deficit. With respect to either Home Equity Loan Group and Distribution Date, the amount, if any, by which (x) the related aggregate of the Certificate Principal Balances with respect to such Group, after taking into account the payment of the related Class A Distribution Amount with respect to such Group on such Distribution Date (without regard to any Insured Payment to be made on such Distribution Date and except for any Subordination Deficit with respect to such Group), exceeds (y) the aggregate Loan Balances of the Home Equity Loans in such Home Equity Loan Group as of the close of business on the last day of the related Remittance Period.

Subordination Deficit. With respect to any Payment Date, the amount, if any, by which (x) the aggregate Bond Principal Balance of the Bonds as of such Payment Date, and following the making of all distributions to be made on such Payment Date (except for any payment to be made as to principal from proceeds of the Bond Insurance Policy), exceeds (y) the Pool Balance as of the close of business on the related Due Date for such Payment Date.