Common use of Calculation of Note Principal Balances Clause in Contracts

Calculation of Note Principal Balances. The Indenture Trustee shall calculate the Note Principal Balance of each Secured Note for each day. In the case of any Secured Note that is newly issued on such day pursuant to an Issuance Order that states that such Issuance Order is "effective" on such day, the Note Principal Balance for such Secured Note shall be the Sale Amount set forth on the face of such Secured Note and such balance shall be reflected on the Daily Report on the next Business Day. In the case of any Secured Note that is not newly issued on such day, the Note Principal Balance for such Secured Note on such day shall equal the Note Principal Balance of such Secured Note at the close of business on the immediately preceding day.

Calculation of Note Principal Balances. The Indenture Trustee shall calculate the Note Principal Balance of each Secured Note for each day. In the case of any Secured Note that is newly issued on such day pursuant to an Issuance Order that states that such Issuance Order is "effective" on such day, the Note Principal Balance for such Secured Note shall be the Sale Advance Amount set forth on the face of such Secured Note and such balance shall be reflected on the Daily Report on the next Business Day. In the case of any Secured Note that is not newly issued on such day, the Note Principal Balance for such Secured Note on such day shall equal the Note Principal Balance of such Secured Note at the close of business on the immediately preceding day.