Available Funds Shortfall definition

Available Funds Shortfall. With respect to any Class of Notes and any Payment Date, the sum of (a) the excess, if any, of (i) the amount that would have been the Current Interest for such Class had the Interest Rate for such Class been determined without regard to the Available Funds Rate over (ii) the actual amount of Current Interest for such Class, plus (b) any excess described in clause (a) above and interest described in clause (c) below for any prior Payment Date that remains unpaid, plus (c) interest accrued during the Accrual Period related to such Payment Date on the amount described in clause (b) above at the Interest Rate applicable to such Class, determined without regard to the Available Funds Rate.

Available Funds Shortfall means, for any Payment Date and the related Collection Period, the positive difference, if any, of (i) the amount necessary to make all distributions required to be made pursuant to clauses (i) through (iv) of Section 2.08 over (ii) Collections on deposit in the Collection Account, to the extent received during or in respect of such Collection Period.

Available Funds Shortfall. Any of the Group I Available Funds Shortfall or the Group II Available Funds Shortfall.

Examples of Available Funds Shortfall in a sentence

• The Notice shall constitute a claim for an Insured Payment pursuant to the Policy for an amount equal to the Available Funds Shortfall.

• A Demand under all the Deeds of Guarantee shall be made by the Issuer (acting on behalf of the Trustee) if, on a Calculation Date prior to a Due Date or, if no Demand is made on the Calculation Date, on any Business Day after such Calculation Date but prior to the Cut-Off Date preceding the relevant Due Date, the Issuer determines that it has an Anticipated Available Funds Shortfall in respect of the Guaranteed Amounts scheduled to be paid on the relevant Due Date.

• If for any reason such claim is insufficient to satisfy the ILFT Available Funds Shortfall, the ILFT Indenture Trustee shall also complete a notice in the form of Exhibit A to the ILFT Policy and submit such notice to the Fiscal Agent (as defined in the ILFT Policy) via facsimile transmission no later than 11:00 a.m. New York time on the Determination Date as a claim for an Insured Payment (as defined in the ILFT Policy) in an amount equal to and on account of such ILFT Available Funds Shortfall.

• The ILFT Indenture Trustee shall be entitled to assume that such claim will be paid in determining whether an ILFT Available Funds Shortfall will exist on the relevant Payment Date.

• If a Corporate Trust Officer of the ILFT Indenture Trustee at any time has actual knowledge that an ILFT Available Funds Shortfall will exist on the applicable Payment Date, the ILFT Indenture Trustee shall immediately notify the ILFT Series Enhancer and its Fiscal Agent (as defined in the ILFT Policy), or its designee, by telephone (promptly confirmed in writing by overnight mail or facsimile transmission), of the amount of such deficiency.

More Definitions of Available Funds Shortfall

Available Funds Shortfall. For the Class B-2 Notes and any Payment Date, the sum of:

Available Funds Shortfall. As defined in Section 3.03(b)(ii)(A).

Available Funds Shortfall. With respect to any Distribution Date, an amount equal to the excess of the Insured Distribution Amount for such Distribution Date over the Available Funds for such Distribution Date available for distribution in respect of such Insured Distribution Amount.

Available Funds Shortfall. As to any Remittance Date, the amount, if any, by which the Available Distribution Amount is less than the amount required to be distributed on the Certificates on such Remittance Date pursuant to clauses A(i) through (x) or clauses B(i) through (x), as applicable, of Section 6.01(a).

Available Funds Shortfall. Either the Group I Available Funds Shortfall or the Group II Available Funds Shortfall, as the case may be.

Available Funds Shortfall as defined in Section 3.04(b).

Available Funds Shortfall. A Fixed Rate Group Available Funds Shortfall or Adjustable Rate Group Available Funds Shortfall, as the case may be.