Common use of Note Balance Write-Down Amounts Clause in Contracts

Note Balance Write-Down Amounts. The Note Balance Write-Down Amount, if any, on each Payment Date shall only be applied in the following order of priority: (i) to the Outstanding Note Balance of the Class C Notes immediately following the distribution of Available Funds on each Payment Date until the Adjusted Note Balance of the Class C Notes is reduced to zero and (ii) to the Outstanding Note Balance of the Class B Notes immediately following the distribution of Available Funds on each Payment Date until the Adjusted Note Balance of the Class B Notes is reduced to zero. The application of the Note Balance Write-Down Amount to the Class B Notes and the Class C Notes, respectively, shall not reduce such Class’ entitlement to unpaid Principal Distribution Amounts.

Note Balance Write-Down Amounts. The Note Balance Write-Down Amount, if any, on each Payment Date shall only be applied in the following order of priority: (i) to the Outstanding Note Balance of the Class C Notes immediately following the distribution of Available Funds on each Payment Date until the Adjusted Note Balance of the Class C Notes is reduced to zero and (ii) to the Outstanding Note Balance of the Class B Notes immediately following the distribution of Available Funds on each Payment Date until the Adjusted Note Balance of the Class B Notes is reduced to zero. The application of the Note Balance Write-Down Amount to the Class B Notes and the Class C Notes, respectively, shall not reduce such Class’ entitlement to unpaid Principal Distribution Amounts.