Series 2011-1 Lease Principal Payment Deficit Sample Clauses

Series 2011-1 Lease Principal Payment Deficit. If the Administrator determines on any Payment Date during the Series 2011-1 Rapid Amortization Period that the Class A/B Principal Deficit Amount on such Payment Date (after giving effect to any withdrawals from the Class A/B Reserve Account pursuant to Section 2.5(b)(i) of this Series Supplement, any draws on the Series 2011-1 Demand Note pursuant to Section 2.5(b)(ii) of this Series Supplement, and any draws on the Class A/B Letters of Credit and/or withdrawals from any Class A/B Cash Collateral Accounts pursuant to Section 2.5(b)(iii) of this Series Supplement, in each case for such Payment Date and the application thereof pursuant to Section 2.5(d) of this Series Supplement on such Payment Date) will be greater than zero, and there exists a Series 2011-1 Lease Principal Payment Deficit on such Payment Date, then the Administrator shall instruct the Trustee in writing prior to 10:30 a.m. (New York City time) on such Payment Date to draw on the Class A/B Letters of Credit, if any, in an amount equal to the least of (1) such Series 2011-1 Lease Principal Payment Deficit, (2) the Class A/B Letter of Credit Liquidity Amount as of such Payment Date (after giving effect to any draws on the Class A/B Letters of Credit and/or withdrawals from any Class A/B Cash Collateral Account with respect to such Payment Date pursuant to Section 2.3(e) and Section 2.5(b)(iii) of this Series Supplement), and (3) such remaining Class A/B Principal Deficit Amount. Upon receipt of a notice by the Trustee from the Administrator in respect of a Series 2011-1 Lease Principal Payment Deficit on or prior to 10:30 a.m. (New York City time) on a Payment Date, the Trustee shall, by 12:00 p.m. (New York City time) on such Payment Date draw an amount as set forth in such notice equal to the applicable amount set forth above on the Class A/B Letters of Credit by presenting to each Class A/B Letter of Credit Provider a draft accompanied by a Class A/B Certificate of Credit Demand and shall cause the Class A/B LOC Credit Disbursements to be deposited in the Series 2011-1 Distribution Account on such Payment Date; provided, however, that if any Class A/B Cash Collateral Account has been established and funded, the Trustee shall withdraw from each such Class A/B Cash Collateral Account and deposit in the Series 2011-1 Distribution Account an amount equal to the pro rata portion of the lesser of (x) the Class A/B Cash Collateral Account Percentage on such Payment Date of the amount set forth ...
Sample 1
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Related to Series 2011-1 Lease Principal Payment Deficit

  • Minimum Monthly Principal Payments Amortizing payments of the aggregate principal amount outstanding under this Note at any time (the “Principal Amount”) shall begin on December 1, 2004 and shall recur on the first business day of each succeeding month thereafter until the Maturity Date (each, an “Amortization Date”). Subject to Article 3 below, beginning on the first Amortization Date, the Borrower shall make monthly payments to the Holder on each Repayment Date, each in the amount of $187,500, together with any accrued and unpaid interest to date on such portion of the Principal Amount plus any and all other amounts which are then owing under this Note, the Purchase Agreement or any other Related Agreement but have not been paid (collectively, the “Monthly Amount”). Any Principal Amount that remains outstanding on the Maturity Date shall be due and payable on the Maturity Date.

  • Principal Payment The Borrower shall fail to pay any principal of any Note when the same becomes due and payable as set forth in this Agreement;

  • Principal Payment Date Any unpaid principal of this promissory note (this "Demand Note") shall be paid on the Demand Date.

  • Principal Deficit Amount On each Distribution Date on which the Principal Deficit Amount is greater than zero, amounts shall be transferred to the Series 2010-6 Distribution Account as follows:

  • Principal Payments Originator is authorized and directed by SPV to enter on the grid attached hereto, or, at its option, in its books and records, the date and amount of each loan made by it which is evidenced by this Subordinated Note and the amount of each payment of principal made by SPV, and absent manifest error, such entries shall constitute prima facie evidence of the accuracy of the information so entered; provided that neither the failure of Originator to make any such entry or any error therein shall expand, limit or affect the obligations of SPV hereunder.

  • Mandatory Principal Payments If, on any day, the Total Outstandings exceed the Maximum Loan Amount, then the Borrower shall make a principal payment to Administrative Agent in the amount of such excess, in immediately available funds within ten (10) Business Days of demand from the Administrative Agent (a “Mandatory Principal Payment”); with such payment being applied to the principal balances due hereunder is such fashion as the Borrower may designate; provided, however, that if during such ten (10) Business Day period, the Borrower delivers to the Administrative Agent Funding Evidence, such ten (10) Business Day period shall be extended for such additional time as the Administrative Agent determines, in its reasonable discretion, to be required by the Borrower to make the Mandatory Principal Payment but in no event shall such period exceed a maximum of sixty (60) days from the date that the Mandatory Principal Payment would otherwise be due hereunder.

  • Optional Principal Payments 11 2.8 Method of Selecting Types and Interest Periods for New Advances..........................................12 2.9 Conversion and Continuation of Outstanding Advances......................................................12 2.10 Changes in Interest Rate, etc...........................................................................12 2.11

  • ORIGINAL CLASS A NON-PO PRINCIPAL BALANCE The Original Class A Non-PO Principal Balance is $170,009,500.00.

  • Excess Spread; Excess Finance Charge Collections The Servicer shall apply, or shall cause the Trustee to apply by written instruction to the Trustee, on each Distribution Date, Excess Spread and Excess Finance Charge Collections allocated to Series 1997-1 with respect to the related Monthly Period, to make the following distributions or deposits in the following order of priority:

  • Principal Payment Dates Subject to the Subordination Provisions set forth below, payments of the principal amount of this Company Note shall be made as follows:

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