Definition of Deficiency Amount


Deficiency Amount means (a) as of any Distribution Date, the excess, if any, of (1) the Noteholders' Interest Distribution Amount on such Distribution Date, over (2) Available Funds for such Distribution Date after giving effect to the payment of the Servicing Fee, the Administration Fee and all amounts due to the Securities Insurer for such Distribution Date, plus the application of any amounts available on such Distribution Date to cover such payments from amounts on deposit in the Reserve Account and the Pre-Funding Account, and (b) on either the Class A-1 Notes Final Maturity Date or the Class A-2 Notes Final Maturity Date, the unpaid principal balance of the Class A-1 Notes, in the case of the Class A-1 Notes Final Maturity Date, or the unpaid principal balance of the Class A-2 Notes, in the case of the Class A-2 Notes Final Maturity Date, in each case after giving effect to any distributions on such date and the application of any amounts available on such Distribution Date to cover such payments from amounts on deposit in the Reserve Account.

Examples of Deficiency Amount in a sentence

Accrued Interest Amount: For any Distribution Date and for any Undercollateralized Group, an amount equal to one months interest on the applicable Principal Deficiency Amount at the Net WAC of the applicable Loan Group, plus any interest accrued on such Undercollateralized Group remaining unpaid from prior Distribution Dates.
With respect to each Payment Date, the Issuer shall determine the excess, if any (the "Class A Deficiency Amount"), of (x) the aggregate amount of Class A Monthly Interest payable pursuant to this Section 4.1(a) as of the prior Payment Date over (y) the amount of Class A Monthly Interest actually paid on such Payment Date.
With respect to each Payment Date, the Issuer shall determine the excess, if any (the "Class B Deficiency Amount"), of (x) the aggregate amount of Class B Monthly Interest payable pursuant to this Section 4.1(b) as of the prior Payment Date over (y) the amount of Class B Monthly Interest actually paid on such Payment Date.
With respect to each Payment Date, the Issuer shall determine the excess, if any (the "Class C Deficiency Amount"), of (x) the aggregate amount of Class C Monthly Interest payable pursuant to this Section 4.1(c) as of the prior Payment Date over (y) the amount of Class C Monthly Interest actually paid on such Payment Date.
With respect to each Payment Date, the Issuer shall determine the excess, if any (the "Class D Deficiency Amount"), of (x) the aggregate amount of Class D Monthly Interest payable pursuant to this Section 4.1(d) as of the prior Payment Date over (y) the amount of Class D Monthly Interest actually paid on such Payment Date.