Available Funds Shortfall Amount definition

Available Funds Shortfall Amount means, as of any Payment Date, the amount, if any, by which the aggregate amount required to be paid pursuant to clauses first through twelfth of Section 4.4(a) of the Sale and Servicing Agreement exceeds the Available Funds for such Payment Date.

Available Funds Shortfall Amount means, for any Payment Date and the related Collection Period, the sum of (x) the amount by which Securityholder Available Funds is less than the amount necessary to make the distributions in clauses (i), (ii) and (iii) of Section 8.04(a) and (y) the amount by which Available Funds is less than the amount necessary to make the distributions in Sections 2.4(b)(i) and 2.4(b)(ii) of the Servicing Agreement.

Available Funds Shortfall Amount means, for any Payment Date and the related Collection Period, the amount, if any, by which Available Funds are less than (i) the Servicer Monthly Payment and (ii) the amount necessary to make the distributions in clauses (i) through (ii) of Section 8.04(a) of the Indenture, except that the Optimal Principal Distributable Amount rather than the Monthly Principal Distributable Amount shall be used for purposes of clause (ii).

Examples of Available Funds Shortfall Amount in a sentence

• To the extent that Available Funds for any Payment Date are insufficient to pay in full the amounts specified in clauses (i) through (v) of Section 8.4(a) on any Payment Date (the "Available Funds Shortfall Amount"), the Indenture Trustee shall withdraw funds on deposit in the Reserve Account in accordance with the related Servicer Certificate and pursuant to the instructions of the Servicer to make such payments.

• To the extent that Available Funds for any Payment Date are insufficient to pay in full the amounts specified in clauses (i) through (iv) of Section 8.4(a) on any Payment Date (the "Available Funds Shortfall Amount"), the Indenture Trustee shall withdraw funds on deposit in the Reserve Account in accordance with the related Servicer Certificate and pursuant to the instructions of the Servicer to make such payments.

• The Certificate Interest Rate on the Subordinate Certificates will also be subject to the Available Funds Cap, but the Subordinate Certificates will not be entitled to any Available Funds Shortfall Amount.

• The Available Funds Shortfall Amount will be paid to the Class A-1 and Class A-2 Certificates after all the Certificates have received their required amounts.

More Definitions of Available Funds Shortfall Amount

Available Funds Shortfall Amount means, for any Payment Date and the related Collection Period, the amount, if any, by which 201[__]-[__] Available Collections is less than the amount necessary to make the distributions in clauses (i) through (iv) of Section 8.03(a) of the Indenture.

Available Funds Shortfall Amount means the amount, if any, by which $325,000,000 exceeds the amount of Available Funds (but in no event an amount less than zero).

Available Funds Shortfall Amount means, as of any Payment Date, the amount, if any, by which the sum of the amounts required to be paid pursuant to clauses first through sixth of Section 4.4(a) of the Sale and Servicing Agreement exceeds the Available Funds for such Payment Date. “ Backup Servicer ” means Wilmington Trust, National Association, a national banking association, in its capacity as the backup servicer under the Backup Servicing Agreement. “ Backup Servicing Agreement ” means the Backup Servicing Agreement, dated as of the Closing Date, among the Servicer, the Issuer, the Indenture Trustee and the Backup Servicer. “ Backup Servicing Fee ” means, for any Payment Date, an amount equal to $4,250; provided , however , that if the Backup Servicer becomes the Successor Servicer, such fee shall no longer be paid. “ Bankruptcy Code ” means the United States Bankruptcy Code, 11 U.S.C. 101 et seq., as amended. “ Bankruptcy Event ” means, with respect to any Person, (i) the filing of a decree or order for relief by a court having jurisdiction in the premises in respect of such Person in an involuntary case under any applicable federal or state bankruptcy, insolvency or other similar law now or hereafter in effect, or appointing a receiver, liquidator, assignee, custodian, trustee, sequestrator or similar official of such Person, or ordering the winding - up or liquidation of such Person’s affairs, and such decree or order shall remain unstayed and in effect for a period of 90 consecutive days or (ii) the commencement by such Person of a voluntary case under any applicable federal or state bankruptcy, insolvency or other similar law now or hereafter in effect, or the consent by such Person to the entry of an order for relief in an involuntary case under any

Available Funds Shortfall Amount has the meaning set forth in Section 8.4(c) of the Indenture.

Available Funds Shortfall Amount means, for any Payment Date and the related Collection Period, the amount by which Securityholder Available Funds is less than the amount necessary to make the distributions in clauses (i) through (iii) of Section 8.04(a).

Available Funds Shortfall Amount means, for any Payment Date and the related Collection Period, the amount by which Securityholder Available Funds is less than the amount necessary to make the distributions in clauses (i) through (vi) of Section 8.04(a), except that the Principal Distribution Amount rather than the Monthly Principal Distribution Amount shall be used for purposes of clause (vi).

Available Funds Shortfall Amount means, for any Payment Date and the related Collection Period, the amount, if any, by which Securityholder Available Funds is less than the amount necessary to make the distributions in clauses (i) through (iv) of Section 8.04(a), except that the Optimal Principal Distributable Amount rather than the Quarterly Principal Distributable Amount shall be used for purposes of clause (iv).