Pot Holes

Small, bowl-shaped depressions in the pavement surface that penetrate all the way through the asphalt layer down to the base course. They generally have sharp edges and vertical sides near the top of the hole. Potholes are the result of moisture infiltration and usually the end result of untreated alligator cracking. As alligator cracking becomes severe, the interconnected cracks create small chunks of pavement, which can be dislodged as vehicles drive over them. The remaining hole after the pavement chunk is dislodged is called a pothole.
http://www.pavemanpro.com/article/identifying_asphalt_paveme...

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Depression
Description
Localized pavement surface areas with slightly lower elevations than the surrounding pavement. Depressions are very noticeable after a rain when they fill with water.

http://www.pavementinteractive.org/depression/

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Depression in Road surface
https://www.fixmystreet.com/report/1009637

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Depressions
Depressions are localized pavement surface areas with
elevations slightly lower than those of the surrounding pavement
(3, 4). Depressions are generally the result of localized
areas in the base or subgrade caused by low initial density
that was further compacted under traffic. They can also result
from variability in the quality of the base material. Depressions
can also result from subsidence of coarse, open-graded
base or subbase materials into the weakened subgrade.
http://onlinepubs.trb.org/onlinepubs/nchrp/nchrp_rpt_453.pdf