Examples of ARD Period in a sentence
Prior to an Amortization Period, an ARD Period or the acceleration of the maturity of the Notes occurring following the occurrence and continuation of an Event of Default, if the Cash Trap Percentage is reduced from 100% to 50% in accordance with the definition thereof, 50% of the funds deposited into the Cash Trap Reserve Account during the immediately preceding period for which the Cash Trap Percentage was 100% shall be released to the Co-Issuers.
Before and immediately after giving effect to the issue and sale of the Notes by the Issuer (and the application of the proceeds thereof in the manner contemplated by this Agreement and the other Transaction Documents) on the Closing Date, no Default, Event of Default, Amortization Period, Cash Trap Condition, Cash Sweep Condition, ARD Period or Manager Termination Event shall have occurred and be continuing or be in effect, as applicable.
Prior to the commencement of an Amortization Period or an ARD Period, if such Cash Trap Condition ceases to exist and if no Event of Default has occurred and is continuing, any funds then on deposit in the Cash Trap Reserve Sub-Account shall be released to the Issuer.
Prior to an Amortization Period, an ARD Period or the acceleration of the maturity of the Notes occurring following the occurrence and continuation of an Event of Default, if such Cash Trap Condition ceases to exist, any funds then on deposit in the Cash Trap Reserve Account shall be released to the Co-Issuers.
If the Notes of any Series are not paid in full on or prior to the Anticipated Repayment Date of such Series, an ARD Period will commence with respect to such Series.
On each Payment Date prior to the Anticipated Repayment Date for a Series, so long as neither an Amortization Period nor an ARD Period is then in effect and no Event of Default has occurred and is continuing, funds in the Collection Account in amount equal to the lesser of the Monthly Amortization Amount for such Payment Date and the amount of funds available for such purpose as provided below under Section 5.01(b)(iii) and (b)(v) will be applied to repay the principal amount of such Series of Notes.
During an Amortization Period or ARD Period or after and during the continuance of an Event of Default, all Excess Cash Flow shall be applied as set forth in Section 5.01(b).
Commencing on the first Payment Date to occur on or after the commencement of an Amortization Period or ARD Period with respect to a Series of Notes or on or after the occurrence and during the continuance of an Event of Default, all Excess Cash Flow will be deposited in the Debt Service Sub-Account and applied to repay amounts due in respect of principal on the Notes or the Notes of such Series, as applicable, as provided pursuant to Section 5.01(b).
Post-ARD Additional Interest accrued for any Note shall not be payable until the aggregate Class Principal Balance of (x) all Notes with respect to which an ARD Period has commenced and is continuing and (y) all Variable Funding Notes of any Series has been reduced to zero.
Prior to the Anticipated Repayment Date for a Series, unless an Amortization Period or ARD Period commences, after and during the continuance of an Event of Default or as otherwise provided in Section 7.06, no other principal shall be required to be paid with respect to such Series, except as provided in Section 2.09.