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.

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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 the sum of (a) the Servicer Monthly Payment and (b) the amount necessary to make the distributions in clauses (ii) and (iii) 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).

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.

Examples of Available Funds Shortfall Amount in a sentence

If the 2021-A Available Funds Shortfall Amount for any Payment Date is greater than zero, the Indenture Trustee will withdraw, or cause to be withdrawn, from the 2021-A Reserve Account an amount equal to the 2021-A Reserve Account Draw Amount and transfer the 2021-A Reserve Account Draw Amount to the 2021-A Exchange Note Collection Account on or prior to the related Payment Date, which amount shall be applied towards making distributions on such Payment Date.
If the 2012-A Available Funds Shortfall Amount for any Payment Date is greater than zero, the Indenture Trustee will withdraw, or cause to be withdrawn, from the 2012-A Reserve Account an amount equal to the 2012-A Reserve Account Draw Amount and transfer the 2012-A Reserve Account Draw Amount to the 2012-A Exchange Note Collection Account on or prior to the related Payment Date, which amount shall be applied towards making distributions on such Payment Date.
If the 2016-A Available Funds Shortfall Amount for any Payment Date is greater than zero, the Indenture Trustee will withdraw, or cause to be withdrawn, from the 2016-A Reserve Account an amount equal to the 2016-A Reserve Account Draw Amount and transfer the 2016-A Reserve Account Draw Amount to the 2016-A Exchange Note Collection Account on or prior to the related Payment Date, which amount shall be applied towards making distributions on such Payment Date.
If the 2019-A Available Funds Shortfall Amount for any Payment Date is greater than zero, the Indenture Trustee will withdraw, or cause to be withdrawn, from the 2019-A Reserve Account an amount equal to the 2019-A Reserve Account Draw Amount and transfer the 2019-A Reserve Account Draw Amount to the 2019-A Exchange Note Collection Account on or prior to the related Payment Date, which amount shall be applied towards making distributions on such Payment Date.
If the 2018-B Available Funds Shortfall Amount for any Payment Date is greater than zero, the Indenture Trustee will withdraw, or cause to be withdrawn, from the 2018-B Reserve Account an amount equal to the 2018-B Reserve Account Draw Amount and transfer the 2018-B Reserve Account Draw Amount to the 2018-B Exchange Note Collection Account on or prior to the related Payment Date, which amount shall be applied towards making distributions on such Payment Date.

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 3.2(d).

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 tenth 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

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).

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