Principal Distributions. On each Distribution Date, the Principal Distribution Amount for that Distribution Date will be distributed in the following order of priority until such amounts have been fully distributed:
(i) to the Class A Certificates, the Senior Principal Distribution Amount;
(ii) to the Class M-1 Certificates, the Class M-1 Principal Distribution Amount;
(iii) to the Class M-2 Certificates, the Class M-2 Principal Distribution Amount;
(iv) to the Class B Certificates, the Class B Principal Distribution Amount;
(v) to the Class X Certificates, an amount up to the remaining Aggregate Principal Balance of the Mortgage Loans; and
(vi) to the Class R Certificates, any remaining amount.
Principal Distributions. (i) with respect to each Distribution Date (x) before the Stepdown Date or (y) if a Trigger Event is in effect, to the holders of the Classes of Offered Certificates then entitled to distributions of principal as set forth below, the applicable Principal Distribution Amount from each Loan Group in the following order of priority:
(A) (x) in the case of the Group 1 Certificates, to the Class A-1 Certificates, until their Class Certificate Balances are reduced to zero; and
Principal Distributions. On each Distribution Date, the Principal Distribution Amount for that Distribution Date will be distributed in the following order of priority until such amounts have been fully distributed:
(i) to the Senior Certificates, the Senior Principal Distribution Amount, as follows: Concurrently:
(A) to the Class A-7 Certificates, the Class A-7 Principal Distribution Amount, until the Certificate Principal Balance of the Class A-7 Certificates is reduced to zero; and
(B) to the Sequential Certificates, the Sequential Principal Distribution Amount, with such amounts being distributed in the following order of priority:
(1) to the Class A-6 Certificates, the Class A-6 Principal Distribution Amount; and
(2) the balance, sequentially, to the Class X-0, Xxxxx X-0, Class A-3, Class A-4, Class A-5 and Class A-6 Certificates so that no distribution will be made to any class until the Certificate Principal Balances of all the Sequential Certificates with a lower numeral designation shall have been reduced to zero; provided, however, that, on any Distribution Date on which the Certificate Principal Balance of the Senior Certificates is equal to or greater than the Aggregate Principal Balance of the Mortgage Loans as of the end of the related Due Period, the Sequential Principal Distribution Amount will be distributed pro rata and not sequentially to those Sequential Certificates;
(ii) to the Class M-1 Certificates, the Class M-1 Principal Distribution Amount;
(iii) to the Class M-2 Certificates, the Class M-2 Principal Distribution Amount;
(iv) to the Class B Certificates, the Class B Principal Distribution Amount;
(v) to the Class X Certificates, an amount up to the remaining Aggregate Principal Balance of the Mortgage Loans; and
(vi) to the Class R Certificates, the remaining amount.
Principal Distributions. On each Distribution Date, the Trustee shall withdraw from the Distribution Account the Available Distribution Amount for such Distribution Date remaining after the distributions made pursuant to 4.01(d) above and make the following distributions in respect of principal in the following order of priority, in each case to the extent of such remaining Available Distribution Amount:
(I) On each Distribution Date (a) prior to the Stepdown Date or (b) on which a Trigger Event is in effect:
(A) (i) concurrently, to the Holders of the Group I Certificates, on a pro rata basis, based on their respective Certificate Principal Balances, the Group I Principal Distribution Amount for each such Class and such Distribution Date until their respective Certificate Principal Balances have been reduced to zero; and
Principal Distributions. (i) with respect to each Distribution Date (x) before the Stepdown Date or (y) if a Trigger Event is in effect, distributions in respect of principal, as follows:
(1) the Group I Principal Distribution Amount for such Distribution Date, concurrently, to the Class 1A-1 and Class 1A-2 Certificates, pro rata, until their respective Class Certificate Balances have been reduced to zero; and
(2) from any remaining Group I Principal Distribution Amount, sequentially, to the Class 2A-1, Class 2A-2, Class 2A-3 and Class 2A-4 Certificates (after the distribution of the Group II Principal Distribution Amount as provided in clause (b)(i)(B)(1) below), in that order, until their respective Class Certificate Balances have been reduced to zero; provided, however, that with respect to distributions on any Distribution Date pursuant to this clause (b)(i)(A)(2) on which the aggregate Class Certificate Balance of the Subordinated Certificates has been reduced to zero and the Overcollateralization Amount for such Distribution Date is equal to or less than zero, any remaining Group I Principal Distribution Amount for that Distribution Date to be distributed to the Group II Certificates shall be distributed, concurrently, to the Class 2A-1, Class 2A-2, Class 2A-3 and Class 2A-4 Certificates, pro rata, based on their respective Class Certificate Balances;
Principal Distributions. (a) (Monthly) Subject to paragraph (b), on each Monthly Payment Date (other than a Quarterly Payment Date) and based on the calculations, instructions and directions provided to it by the Manager, the Trustee must distribute or cause to be distributed out of Principal Collections, in relation to the Monthly Collection Period ending immediately before that Monthly Payment Date, the following amounts in the following order of priority:
(i) first, repayment to the Mortgage Insurer of any payment in the nature of principal received from an Obligor for which the Mortgage Insurer previously paid under the relevant Mortgage Insurance Policy by way of timely payment cover;
(ii) second, to allocate to Total Available Funds any Principal Draw calculated in accordance with clause 5.6; -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- Page 34 Supplementary Term Notice Xxxxx Xxxxx & Xxxxxxx --------------------------------------------------------------------------------
(iii) third, to retain in the Collection Account as a provision such amount as the Manager determines is appropriate to make for any anticipated shortfalls in payments under clause 5.1 on the following Monthly Payment Date or Quarterly Payment Date; and
(iv) fourth, subject to clause 5.5(d), to repay all Redraw Principal Outstanding under the Redraw Facility Agreement on that Payment Date.
(b) (Monthly Limit) The Trustee shall only make a payment under any of sub-paragraphs (a)(i) to (a)(iv) inclusive if it is directed in writing to do so by the Manager and only to the extent that any Principal Collections remain from which to make the payment after amounts with priority to that payment have been distributed.
(c) (Quarterly) Subject to paragraph (d), on each Quarterly Payment Date, and based on the calculations, instructions and directions provided to it by the Manager, the Trustee must distribute or cause to be distributed out of Principal Collections, in relation to the Quarterly Collection Period ending immediately before that Quarterly Payment Date, the following amounts in the following order of priority:
(i) first, repayment to the Mortgage Insurer of any payment in the nature of principal received from an Obligor for which the Mortgage Insurer previously paid under the relevant Mortgage Insurance Policy by way of timely payment cover;
(ii) second, to allocate to Total Available Funds an...
Principal Distributions. During the lifetime of Xxxxxxx's spouse, the Trustee, shall pay as much of the principal from the Trust Estate as the Trustee shall deem proper, in the Trustee's sole and absolute discretion, to or for the benefit of Xxxxxxx's children or grandchildren. up to the entire amount of the trust corpus together with any accumulated income thereon (including to the Trustee(s) themselves if they are a named remaindermen). A Trustee may only make a distribution to himself upon the consent of a co-trustee, or, in the event there is only one Trustee acting, upon the consent of a successor Trustee as a condition precedent to the Trustee making any said distributions. This paragraph is expressly intended to negate the provisions of section 10-10.1 of Estate Powers and Trust Laws of the State of New York. Any distributions made pursuant to the provisions herein shall be considered as advancements in determining the beneficiary's respective share as provided for hereinafter. In no event shall the Trustee invade principal to or for the benefit of Xxxxxxx's spouse. The Grantor directs that the provisions of Section 7-1.6 of the Estates, Powers and Trust Law of the State of New York, or any successor statute thereto, shall not be available to require any invasion of principal by the Trustees or any court.
Principal Distributions. On each payment date, the issuer will pay principal in reduction of the outstanding principal balance of the notes. Principal payments will be an amount usually equal to the decrease in the principal value of the leases between determination dates. The issuer will pay principal in the following priority: o to the Class A-1 noteholders only, until the principal amount on the Class A-1 Notes has been reduced to zero; o when the Class A-1 Notes have been paid in full: o to the Class A-2 noteholders, until the principal amount on the Class A-2 Notes has been reduced to zero, an amount generally equal to _____% of the decrease in the principal value of the leases; o when the Class A-2 Notes have been paid in full, to the Class A-3 noteholders, until the principal amount on the Class A-3 Notes has been reduced to zero, an amount generally equal to _____% of the decrease in the principal value of the leases; o when the Class A-3 Notes have been paid in full, to the Class A-4 noteholders, until the principal amount on the Class A-4 Notes has been reduced to zero, an amount generally equal to _____% of the decrease in the principal value of the leases; o when the Class A-4 Notes have been paid in full, to the Class A-5 noteholders, until the principal amount on the Class A-5 Notes has been reduced to zero, an amount generally equal to _____% of the decrease in the principal value of the leases; o to the Class B noteholders, an amount generally equal to _____% of the decrease in the principal value of the leases; o to the Class C noteholders, an amount generally equal to _____% of the decrease in the principal value of the leases; o to the Class D noteholders, an amount generally equal to _____% of the decrease in the principal value of the leases; o to the Class E noteholders, an amount generally equal to _____% of the decrease in the principal value of the leases. This general description of distributions of principal to the notes is subject to certain targets and floors. We refer you to "Descriptions of the Notes--Distributions" in this prospectus supplement for further information regarding the payment of interest and principal on the notes. RESERVE ACCOUNT The trustee will hold the reserve account. The servicer will deposit collections received from the leases into the reserve account on any payment date after interest and principal payments on the notes have been made. The servicer will continue to make those deposits until the balance in the reserve account i...
Principal Distributions. Subject to the provisions of this section, the Trustees may in their discretion, distribute Principal for any purpose for which Net Cash Income of the Trust may be distributed.
Principal Distributions. (i) With respect to each Distribution Date (x) before the Stepdown Date or (y) if a Trigger Event is in effect, distributions in respect of principal shall be made as follows:
(A) The Principal Distribution Amount for such Distribution Date, concurrently, to the Class R, Class R-C and Class R-X Certificates, pro rata, until their respective Class Certificate Balances have been reduced to zero;
(B) Any remaining Principal Distribution Amount for such Distribution Date, concurrently, to the Class A Certificates, in the following order of priority:
(1) Sequentially, to the Class A-1 and Class A-2 Certificates, in that order, until their respective Class Certificate Balances have been reduced to zero; and
(2) Concurrently, to the Class A-3A and Class A-3B Certificates, pro rata, until their respective Class Certificate Balances have been reduced to zero, with the exception that if a Sequential Trigger Event is in effect, principal distributions to the Class A-3A and Class A-3B Certificates will be allocated sequentially, to that Class A-3A and Class A-3B Certificates, in that order, until their respective Class Certificate Balances have been reduced to zero; and
(C) Any remaining Principal Distribution Amount, sequentially, to the Class X-0, Xxxxx X-0, Class M-3, Class M-4, Class M-5, Class M-6, Class B-1, Class B-2, Class B-3 and Class B-4 Certificates, in that order, until their respective Class Certificate Balances have been reduced to zero;
(ii) With respect to each Distribution Date (x) on and after the Stepdown Date and (y) as long as a Trigger Event is not in effect, distribution in respect of principal shall be made as follows:
(A) From the Principal Distribution Amount for such Distribution Date, the Class A Principal Distribution Amount, sequentially, to the Class X-0, Xxxxx X-0, Class A-3A and Class A-3B Certificates, in that order, until their respective Class Certificate Balances have been reduced to zero (and concurrently, to the Class A-3A and Class A-3B Certificates, pro rata, until their respective Class Certificate Balances have been reduced to zero; and
(B) From any remaining Principal Distribution Amount, sequentially, to the Class M-1 Certificates, the Class M-1 Principal Distribution Amount; to the Class M-2 Certificates, the Class M-2 Principal Distribution Amount; to the Class M-3 Certificates, the Class M-3 Principal Distribution Amount; to the Class M-4 Certificates, the Class M-4 Principal Distribution Amount; to the Class M-5 Certif...
