Application of Principal Account Sample Clauses

Application of Principal Account. (a) All amounts in the Principal Account shall be used and withdrawn by the Trustee solely for the purpose of paying the principal or Mandatory Sinking Account Payments of the Bonds, as provided herein with respect to Bonds.
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Application of Principal Account. Upon the deposit of any amounts in the Principal Account, the Issuer shall deliver an Officers' Certificate to the Trustee indicating whether such amounts, or any portion thereof, represent proceeds of a sale or refinancing of any part of the Trust Estate pursuant to Section 12.7(b). The Trustee or the Paying Agent acting on behalf of the Trustee shall thereafter apply such amounts, and earnings thereon as follows: to the extent such amounts represent the proceeds of a sale or refinancing of any of the Trust Estate pursuant to Section 12.7(b) or insurance proceeds, the Trustee shall use such proceeds to redeem Notes in accordance with Sections 11.2, 11.3, 11.5 and 11.6 on a Redemption Date selected by the Trustee, which Redemption Date shall not be more than 15 days nor less than 5 days following receipt of such amounts.
Sample 1

Related to Application of Principal Account

  • Application of Collections On each Payment Date, all collections for the related Collection Period shall be applied by the Servicer as follows:

  • Calculation of Principal Amount of Notes The aggregate principal amount of the Notes, at any date of determination, shall be the principal amount of the Notes at such date of determination. With respect to any matter requiring consent, waiver, approval or other action of the holders of a specified percentage of the principal amount of all the Notes, such percentage shall be calculated, on the relevant date of determination, by dividing (a) the principal amount, as of such date of determination, of Notes, the holders of which have so consented, by (b) the aggregate principal amount, as of such date of determination, of the Notes then outstanding, in each case, as determined in accordance with the preceding sentence, and Section 13.06 of this Indenture. Any calculation of the Applicable Premium made pursuant to this Section 2.13 shall be made by the Company and delivered to the Trustee pursuant to an Officers’ Certificate.

  • Payments of Principal If an Early Amortization Period has not begun, on the Expected Final Payment Date, or on each Payment Date for an Early Amortization Period, and if the Indenture Trustee has received the Monthly Investor Report by the related Determination Date, the Indenture Trustee (based on the information in the Monthly Investor Report) will withdraw an amount up to the aggregate Note Balance of Series 20 - from the Series 20 - Principal Funding Account for payment in the following order of priority: (i) to the Noteholders of [the][each Class of] Class A Notes, [pro rata based on the principal amount of each Class of Class A Notes,] until the Note Balance of [the][each Class of] Class A Notes is reduced to zero, (ii) to the Noteholders of Class B Notes, until the Note Balance of the Class B Notes is reduced to zero, (iii) to the Noteholders of the Class C Notes, until the Note Balance of the Class C Notes is reduced to zero and (iv) to the Noteholders of the Class D Notes, until the Note Balance of the Class D Notes is reduced to zero.

  • Allocations of Principal Collections The Servicer shall allocate to the Series 1997-1 Certificateholders the following amounts as set forth below:

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