Principal Deficit Amount Sample Clauses
The Principal Deficit Amount clause defines the portion of the principal that remains unpaid or outstanding under a financial agreement, typically after scheduled payments have been made. In practice, this clause specifies how to calculate the deficit by comparing the total principal due with the amount actually paid, and it may apply to loans, bonds, or securitized assets. Its core function is to provide a clear mechanism for identifying and tracking shortfalls in principal repayment, ensuring transparency and facilitating appropriate remedial actions or reporting.
Principal Deficit Amount. On each Distribution Date, other than the Series 2022-5 Final Distribution Date, on which the Principal Deficit Amount is greater than zero, amounts shall be transferred to the Series 2022-5 Distribution Account as follows:
Principal Deficit Amount. On each Distribution Date on which the Principal Deficit Amount is greater than zero, amounts shall be transferred to the Series 2015-3 Distribution Account as follows:
Principal Deficit Amount. On each Distribution Date, other than the Class A-1 Final Distribution Date, the Five-Year Notes Final Distribution Date and the Class A-4 Final Distribution Date, on which the Principal Deficit Amount is greater than zero, amounts shall be transferred to the Series 2003-4 Distribution Account as follows:
Principal Deficit Amount. Draws on Letters of Credit. If the Issuer determines on:
(i) any Payment Date that the Principal Deficit Amount (after giving effect to any draws on the Letters of Credit on such Payment Date pursuant to Sub-Clause 5.5(b) above) will be greater than zero; or
(ii) the Legal Final Payment Date that the Principal Amount exceeds the amount to be deposited into the Issuer Principal Collection Account (other than as a result of this Sub-Clause 5.5(c)) on the Legal Final Payment Date for payment of principal of the Issuer Notes, then the Issuer, or if the Issuer is not able to or fails to make such drawing, the Issuer Security Trustee (subject to Sub-Clause 5.10 (Issuer’s Failure to Draw)), shall, by 12:00 p.m. (London time) on such Payment Date draw on the Letters of Credit an amount equal to the lesser of:
(A) on a Payment Date other than the Legal Final Payment Date, the Principal Deficit Amount less the amount to be deposited into the Issuer Principal Collection Account in accordance with Sub-Clause 5.4(a)(ii) and Sub-Clause 5.5(b) above;
(B) on the Legal Final Payment Date, the excess, if any, of the Principal Amount over the amount to be deposited into the Issuer Principal Collection Account, other pursuant to this Sub-Clause 5.5(c), on the Legal Final Payment Date for payment of principal of the Issuer Notes; and
(C) the Letter of Credit Amount, by presenting to each Letter of Credit Provider a draft accompanied by a Certificate of Credit Demand, provided however, that if the Issuer L/C Cash Collateral Account has been established and funded, the Issuer, or if the Issuer is not able to or fails to make such drawing, the Issuer Security Trustee (subject to Sub-Clause 5.10 (Issuer’s Failure to Draw)), shall withdraw from the Issuer L/C Cash Collateral Account an amount equal to the lesser of (x) the L/C Cash Collateral Percentage on such Payment Date of the amount described in sub-paragraphs (A), (B) and (C) above and (y) the Available L/C Cash Collateral Account Amount on such Payment Date (after giving effect to any withdrawals therefrom on such Payment Date pursuant to Sub-Clause 5.5(a) and Sub- Clause 5.5(b)), and the Issuer, or if the Issuer is not able to or fails to make such drawing, the Issuer Security Trustee (subject to Sub-Clause 5.10 (Issuer’s Failure to Draw)), shall draw an amount equal to the remainder of such amount on the Letters of Credit. The Issuer shall deposit, or cause the deposit of, the proceeds of any such draw on the Letters of Cr...
Principal Deficit Amount. (i) If, on any Determination Date, the Servicer determines that the Principal Deficit Amount with respect to the next succeeding Distribution Date will be greater than zero, prior to 10:00 a.m. (New York City time) on the second Business Day prior to such Distribution Date, the Servicer shall instruct the Trustee in writing to withdraw from the Series 2005-1 Reserve Account and deposit in the Series 2005-1 Distribution Account on the following Distribution Date an amount equal to the lesser of (x) the Series 2005-1 Available Reserve Account Amount and (y) the Principal Deficit Amount. The Trustee shall withdraw such amount from the Series 2005-1 Reserve Account and deposit such amount in the Series 2005-1 Distribution Account on or prior to such Distribution Date for allocation to each Class of Series 2005-1 Notes in accordance with Section 2.5(d) of this Series Supplement. If the Series 2005-1 Available Reserve Account Amount is less than the Principal Deficit Amount and there are any Series 2005-1 Letters of Credit on such date, prior to 10:00 a.m. (New York City time) on the second Business Day prior to such Distribution Date, the Servicer shall instruct the Trustee in writing to deliver a Demand Notice to Vanguard demanding payment of an amount equal to the least of (A) the outstanding principal amount of the Series 2005-1 Demand Note, (B) the remaining Principal Deficit Amount (assuming the application of the amount to be removed from the Series 2005-1 Reserve Account and applied to reduce the Series 2005-1 Adjusted Invested Amount on the next Distribution Date) and (C) the Series 2005-1 Letter of Credit Liquidity Amount. The Trustee shall, prior to 12:00 noon (New York City time) on the second Business Day preceding such Distribution Date, deliver such Demand Notice to Vanguard; provided, however, that if an Event of Bankruptcy (or the occurrence of an event described in clause (a) of the definition thereof, without the lapse of a period of 60 consecutive days) with respect to Vanguard shall have occurred and be continuing, the Trustee shall not be required to deliver such Demand Notice to Vanguard. The Trustee shall cause the proceeds of such demand on the Series 2005-1 Demand Note to be deposited into the Series 2005-1 Distribution Account for allocation to each Class of the Series 2005-1 Notes in accordance with Section 2.5(d) of this Series Supplement. In the event that either (x) on or prior to 10:00 a.m. (New York City time) on the Business Day...
Principal Deficit Amount. If the Principal Deficit Amount is greater than zero on any date or the Administrator determines that there exists a Series 2010-1 Lease Principal Payment Deficit, the Administrator shall promptly provide written notice thereof to the Administrative Agent and the Trustee. On each Payment Date on which the Principal Deficit Amount is greater than zero or a Series 2010-1 Lease Principal Payment Deficit exists, amounts shall be transferred to the Series 2010-1 Distribution Account as follows:
(i) Series 2010-1
Principal Deficit Amount. Draws on Series 2013-A
Principal Deficit Amount. If the Principal Deficit Amount is greater than zero on any date or the Administrator determines that there exists a Series 2009-1 Lease Principal Payment Deficit, the Administrator shall promptly provide written notice thereof to the Administrative Agent and the Trustee. On each Payment Date on which the Principal Deficit Amount is greater than zero or a Series 2009-1 Lease Principal Payment Deficit exists, amounts shall be transferred to the Series 2009-1 Distribution Account as follows:
(i) Series 2009-1 Reserve Account Withdrawal. On each Payment Date on which the Principal Deficit Amount is greater than zero, the Administrator shall instruct the Trustee in writing prior to 12:00 noon (New York City time) on such Payment Date, in the case of a Principal Deficit Amount resulting from a Series 2009-1 Lease Payment Deficit, or prior to 12:00 noon (New York City time) on the second Business Day prior to such Payment Date, in the case of any other Principal Deficit Amount, to withdraw from the Series 2009-1 Reserve Account, an amount equal to the lesser of (x) such Principal Deficit Amount and (y) the Series 2009-1 Available Reserve Account Amount on such Payment Date (after giving effect to any withdrawals from the Series 2009-1 Reserve Account on such Payment Date pursuant to Section 3.3(c) of this Series Supplement), and deposit such withdrawal in the Series 2009-1 Distribution Account on such Payment Date.
(ii) Principal Draws on Series 2009-1
Principal Deficit Amount. If the Principal Deficit Amount is greater than zero on any date, the Administrator shall promptly provide written notice thereof to the Insurer and the Trustee. On each Payment Date on which the Principal Deficit Amount is greater than zero, amounts shall be transferred to the Series 2005-3 Distribution Account as follows:
(i) (A)
Principal Deficit Amount. On each Distribution Date on which the Series 2012-1 Principal Deficit Amount is greater than zero or the Administrator determines that there exists a Series 2012-1 Lease Principal Payment Deficit, amounts shall be transferred to the Series 2012-1 Distribution Account as follows: