Principal Deficiency Amount definition

Principal Deficiency Amount. For any Distribution Date and for any Undercollateralized Group, the excess, if any, of the aggregate Class Certificate Principal Balance of such Undercollateralized Group immediately prior to such Distribution Date over the sum of the Principal Balances of the Mortgage Loans in the related Loan Group immediately prior to such Distribution Date.

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Principal Deficiency Amount means, with respect to any Payment Date, the excess, if any, of (i) the Principal Amount of the Notes (after giving effect to all distributions of principal from the Available Pledged Revenues (determined without regard to clause (iv) of the definition thereof) on such Payment Date), over (ii) the Contract Pool Principal Balance as of the related Accounting Date.

Principal Deficiency Amount. Any of the M1 Principal Deficiency Amount, the M2 Principal Deficiency Amount, the M3 Principal Deficiency Amount, the M4 Principal Deficiency Amount, the M5 Principal Deficiency Amount, the M6 Principal Deficiency Amount, the M7 Principal Deficiency Amount, the M8 Principal Deficiency Amount, the M9 Principal Deficiency Amount or the M10 Principal Deficiency Amount, as applicable.

Examples of Principal Deficiency Amount in a sentence

• The Notice for Payment shall specify the amount of the Interest Deficiency Draw Amount and/or the Final Principal Deficiency Amount (as each such term is defined in the Policy) and shall constitute a claim pursuant to the Policy.

• For any Class of Subordinate Notes and any Payment Date, the sum of (a) the aggregate amount of interest accrued at the applicable Interest Rate during the related Accrual Period on the Principal Deficiency Amount for the Class, (b) any amounts due pursuant to clause (a) for such Class for prior Payment Dates that remains unpaid and (c) interest accrued during the Accrual Period related to such Payment Date on the amount in clause (b) at the Interest Rate applicable to such Class.

• For any Class of Subordinate Notes and any Payment Date, the sum of (a) the aggregate amount of interest accrued at the applicable Note Interest Rate during the related Accrual Period on the Principal Deficiency Amount for the Class, (b) any amounts due pursuant to clause (a) for such Class for prior Payment Dates that remain unpaid and (c) interest accrued during the Accrual Period related to such Payment Date on the amount in clause (b) at the Note Interest Rate applicable to such Class.

• For any Class of Class M Notes and any Payment Date, the sum of (a) the aggregate amount of interest accrued at the applicable Interest Rate during the related Accrual Period on the Principal Deficiency Amount for the Class, (b) any amounts due pursuant to clause (a) for such Class for prior Payment Dates that remains unpaid and (c) interest accrued during the Accrual Period related to such Payment Date on the amount in clause (b) at the Interest Rate applicable to such Class.

• With respect to any Payment Date, the lesser of (a) the excess, if any, of (1) the Total Principal Deficiency Amount over (2) the M-2 Principal Deficiency Amount, in each case for that Payment Date and (b) the Class Principal Amount of the Class M-1 Notes immediately prior to such Payment Date.

More Definitions of Principal Deficiency Amount

Principal Deficiency Amount. With respect to any class of Subordinate Notes and any Payment Date, the lesser of (a) the excess, if any, of (1) the Total Principal Deficiency Amount over (2) the aggregate of the Principal Deficiency Amounts for the classes of Subordinate Notes, if any, that have a lower priority of payment than the subject class and (b) the Class Principal Amount of the subject class of Notes immediately prior to such Payment Date.

Principal Deficiency Amount. For any Payment Date, the Principal Deficiency Amount shall equal the excess of the aggregate Class Note Balance of all classes of Notes immediately prior to such Payment Date over the aggregate scheduled principal balance of the Mortgage Loans as of the first day of the related Due Period. On any Payment Date, the total Principal Deficiency Amount shall be allocated among the classes of Class M Notes in reverse order of their seniority. Thus, for instance, the Principal Deficiency Amount for any Payment Date will first be allocated to the Class M-6 Notes and, to the extent the Principal Deficiency Amount for such Payment Date exceeds the aggregate Class Note Balance of the Class M-6 Notes, such excess Principal Deficiency Amount shall be allocated to the Class M-5 Notes, and so on.

Principal Deficiency Amount. For any Distribution Date for an Undercollateralized Group, the excess of the aggregate Class Certificate Balance and Component Principal Balance of the Senior Certificates and Principal Only Component related to that Undercollateralized Group on that Distribution Date (after all other distributions have been made on that date) over the aggregate Stated Principal Balance of the Mortgage Loans in that Loan Group as of the Due Date in the month of such Distribution Date after giving effect to Principal Prepayments in the Prepayment Period related to the Due Date in the month of such Distribution Date.

Principal Deficiency Amount. With respect to the Class A-1 Notes, the A-1 Principal Deficiency Amount; with respect to the Class A-2 Notes, the A-2 Principal Deficiency Amount; with respect to the Class M-1 Notes, the M-1 Principal Deficiency Amount; with respect to the Class M-2 Notes, the M-2 Principal Deficiency Amount; with respect to the Class M-3 Notes, the M-3 Principal Deficiency Amount; with respect to the Class M-4 Notes, the M-4 Principal Deficiency Amount; with respect to the Class M-5 Notes, the M-5 Principal Deficiency Amount; with respect to the Class B-1 Notes, the B-1 Principal Deficiency Amount; and with respect to the Class B-2 Notes, the B-2 Principal Deficiency Amount.

Principal Deficiency Amount. With respect to any Payment Date, the lesser of (a) the excess, if any, of (1) the Total Principal Deficiency Amount over (2) the sum of the A-2 Principal Deficiency Amount, the M-1 Principal Deficiency Amount, the M-2 Principal Deficiency Amount, the M-3 Principal Deficiency Amount, the M-4 Principal Deficiency Amount, the M-5 Principal Deficiency Amount, the B-1 Principal Deficiency Amount and the B-2 Principal Deficiency Amount, in each case for that Payment Date, and (b) the Class Principal Amount of the Class A-1 Notes immediately prior to such Payment Date.

Principal Deficiency Amount. With respect to any Payment Date, the lesser of (a) the excess, if any, of (1) the Total Principal Deficiency Amount over (2) the [ ]Principal Deficiency Amount for that Payment Date and (b) the Class Principal Amount of the Class [ ] Notes immediately prior to such Payment Date.

Principal Deficiency Amount. For any Payment Date and for any Undercollateralized Group, the excess, if any, of the aggregate Class Principal Amount of such Undercollateralized Group for such Payment Date, after giving effect to payments pursuant to Section 5.01(a) on such date over the sum of (i) the Scheduled Principal Balances of the Mortgage Loans in the related Mortgage Loan Group as of the Close of Business on the last day in the related Due Period and (ii) amounts, if any, on deposit in the Reserve Fund with respect to the related Undercollateralized Group or Groups for such Payment Date.