Certificate Percentage definition

Certificate Percentage means (i) for each Payment Date until the Notes have been paid in full, 0%; and (ii) thereafter, 100%.

Certificate Percentage means (i) for each Payment Date until the principal amount of the Class A-1 Notes has been paid in full, 0%; (ii) after the principal amount of the Class A-1 Notes has been paid in full, for each Payment Date to and including the Payment Date on which the principal amount of the Class A-4 Notes has been paid in full, the percent equivalent of a fraction, the numerator of which is the initial principal amount of the Certificates and the denominator of which is the sum of the initial aggregate principal amount of the Class A-2, Class A-3 and Class A-4 Notes and the initial principal amount of the Certificates; and (iii) for each Payment Date after the Payment Date on which the principal amount of the Class A-4 Notes has been paid in full, 100%; notwithstanding the foregoing, for each Payment Date after the acceleration of the Notes following an Event of Default, the Certificate Percentage shall be 0% until the Notes have been paid in full.

Certificate Percentage means (i) for each Distribution Date to but excluding the Distribution Date on which the principal amount of the Class A-4 Notes is reduced to zero, zero; (ii) for the Distribution Date on which the principal amount of the Class A-4 Notes is reduced to zero, (A) zero until the principal amount of the Class A-4 Notes has been reduced to zero and (B) with respect to any remaining portion of the Principal Distributable Amount, 100%; and (iii) for any Distribution Date thereafter, 100%.

Examples of Certificate Percentage in a sentence

• Except as expressly provided herein, any written notice of the Certificateholders delivered pursuant to this Trust Agreement shall be effective if signed by the Holders of Certificates evidencing not less than 51% of the aggregate Certificate Percentage Interest at the time of the delivery of such notice.

• This certifies that CarMax Auto Funding LLC is the registered owner of a 100% Certificate Percentage Interest nonassessable, fully paid, beneficial interest in the Trust.

• Pursuant to the Trust Agreement, there will be distributed on each Distribution Date to the Person in whose name this Certificate is registered at the close of business on the Business Day preceding such Distribution Date such Certificateholder’s Certificate Percentage Interest in the amount to be distributed to Certificateholders on such Distribution Date.

• Except as expressly provided herein, any action that may be taken by the Certificateholders under this Trust Agreement may be taken by the Holders of Certificates evidencing not less than 51% of the aggregate Certificate Percentage Interest.

• The Trust Agreement also permits the Depositor and the Owner Trustee, on behalf of the Trust, with certain exceptions as therein provided, to amend or waive certain terms and conditions set forth in the Trust Agreement with the consent of the Holders of the Notes evidencing not less than 51% of the Note Balance or, if the Notes have been paid in full, the Holders of Certificates evidencing not less than 51% of the aggregate Certificate Percentage Interest.

More Definitions of Certificate Percentage

Certificate Percentage. With respect to any Payment Date, the ratio, expressed as a percentage, of the aggregate of the Principal Balance of the Certificates immediately prior to such Payment Date to the sum of the aggregate of the Principal Balance of the Securities immediately prior to such date.

Certificate Percentage means (i) for each Distribution Date prior to the Distribution Date on which the principal amount of the Class A-4 Notes is reduced to zero, 0%; (ii) on the Distribution Date on which the principal amount of the Class A-4 Notes is reduced to zero, (a) 0% until the principal amount of the Class A-4 Notes has been reduced to zero and (b) with respect to any remaining portion of the Regular Principal Distributable Amount, 100%; and (iii) for each Distribution Date after the Distribution Date on which the principal amount of the Class A-4 Notes is reduced to zero, 100%.

Certificate Percentage means (i) for each Payment Date until the Class A-1 and Class A-2 Notes have been paid in full, 0%; (ii) after the Class A-1 and Class A-2 Notes have been paid in full, for each Payment Date to and including the Payment Date on which the principal amount of the Class A-3 and Class A-4 Notes has been paid in full, the percent equivalent of a fraction, the numerator of which is the initial aggregate principal amount of the Certificates and the denominator of which is the sum of the initial aggregate principal amount of the Class A-3 and Class A-4 Notes and the initial principal amount of the Certificates; provided however, if the Specified Reserve Fund Balance is less than 0.25% of the Initial Pool Balance other than if the then outstanding principal amount of the Notes and the then outstanding principal balance of the Certificates is less than the Specified Reserve Fund Balance, then the Certificate Percentage of the principal distributable amount will equal 0%; and (iii) thereafter, 100%.

Certificate Percentage means (i) for each Distribution Date prior to the Distribution Date on which the principal amount of the Class A-4 Notes is reduced to zero, 0%, (ii) on the Distribution Date on which the principal amount of the Class A-4 Notes is reduced to zero, (a) 0% until the principal amount of the Class A-4 Notes has been reduced to zero and (b) with respect to any remaining portion of the Regular Principal Distributable Amount, 100%; and (iii) for each Distribution Date after the Distribution Date on which the principal amount of the Class A-4 Notes is reduced to zero, 100%.

Certificate Percentage means (i) for each Distribution Date to but excluding the Distribution Date on which the principal amount of all of the Notes is reduced to zero, 0%; (ii) on the Distribution Date on which the principal amount of all of the Notes is reduced to zero, such percentage that equals 100% minus the Note Percentage for such Distribution Date; and (iii) 100% thereafter.

Certificate Percentage. As of any date of determination, 100% minus the Bond Percentage.

Certificate Percentage means [_______]%.