Common use of Payment of Principal Collections Clause in Contracts

Payment of Principal Collections. Except on the Scheduled Maturity Date, on each Payment Date, the Indenture Trustee shall distribute out of the Payment Account to the Holders of the Principal Amount Notes the Investor Principal Collections to the extent required to meet the Required Transferor Subordinated Amount. On each Payment Date on or after the occurrence of a Rapid Amortization Event the Indenture Trustee shall distribute out of the Payment Account to the Holders of the Principal Amount Notes the Investor Principal Collections until the Note Principal Balance is reduced to zero. On the Scheduled Maturity Date the Indenture Trustee shall distribute to the Holders of the Principal Amount Notes all Principal Collections up to the Note Principal Balance. In addition to Investor Principal Collections, on the Payment Date after the end of the Funding Period, any amount deposited in the Additional Loan Account not used during the first Collection Period to purchase Additional Home Equity Loans will be distributed to the Holders of the Principal Amount Notes in reduction of the Note Principal Balance.

Payment of Principal Collections. Except on the Scheduled Maturity DatePayment Date in the month specified in the Adoption Annex, on each Payment Date, the Indenture Trustee shall distribute out of the Payment Account to the Holders of the Principal Amount Notes the Investor Principal Collections to the extent required to meet the Required Transferor Subordinated Amount. On each Payment Date on or after the occurrence of a Rapid Amortization Event the Indenture Trustee shall distribute out of the Payment Account to the Holders of the Principal Amount Notes the Investor Principal Collections until the Note Principal Balance is reduced to zero. On the Scheduled Maturity Date the Indenture Trustee shall distribute to the Holders of the Principal Amount Notes all Principal Collections up to the Note Principal Balance. In addition to Investor Principal Collections, on the Payment Date after the end of the Funding Period, any amount deposited in the Additional Loan Account not used during the first Collection Period to purchase Additional Home Equity Loans will be distributed to the Holders of the Principal Amount Notes in reduction of the Note Principal Balance.