Principal Deficit

Principal Deficit. Means, with respect to any Payment Date, the excess, if any, of (i) the Aggregate Outstanding Principal Balance of the Class A Notes as of the prior Payment Date (after application of all payments on such date); over (ii) the sum of (i) the amount of the Aggregate Receivable Balance (as of the last day of the related Collection Period) and (ii) the amount on deposit in the Pre-Funding Account (as of the last day of the related Collection Period).