Class B Ownership Interest definition

Class B Ownership Interest means, on any date of determination, an amount equal to (a) the Class B Initial Ownership Interest, minus (b) the aggregate amount of principal payments made to Class B Certificateholders prior to such date, minus (c) the aggregate amount of Class B Charge-Offs for all prior Transfer Dates pursuant to subsection 4.10(b), minus (d) the amount of Reallocated Principal Collections allocated pursuant to subsection 4.12(a) on all prior Transfer Dates for which the Class C Ownership Interest has not been reduced, minus (e) an amount equal to the amount by which the Class B Ownership Interest has been reduced on all prior Transfer Dates pursuant to subsection 4.10(a), and plus (f) the aggregate of the amounts deducted pursuant to the foregoing clauses (c), (d) and (e) deemed to have been reimbursed on all prior Transfer Dates pursuant to subsection 4.11(d); provided, however, that the Class B Ownership Interest may not be reduced below zero.
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Class B Ownership Interest. A Class B Member's Economic Interest and Management Right.
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Class B Ownership Interest. The ownership interest in the 199_-_ ---------------------------- Trust LLC designated as the Class B Ownership Interest.
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Examples of Class B Ownership Interest in a sentence

  • In the event of any request made to the Issuer, as the Class A Ownership Interest Holder, for consent to any transfer of any interest in any portion of the Class B Ownership Interest, the Owner Trustee shall respond to such request in its discretion on behalf of the Issuer and shall not be required to consult with the Certificateholders or the Indenture Trustee.

  • In the event that such reduction would cause the Class C Ownership Interest to be a negative number, the Class C Ownership Interest will be reduced to zero and the Class B Ownership Interest (after giving effect to reductions therein for any Class B Charge-Offs and any Reallocated Principal Collections on such Transfer Date) shall be reduced by the amount by which the Class C Ownership Interest would have been reduced below zero.

  • The Class B Ownership Interest shall then be reduced (but not below zero) by the amount of Reallocated Principal Collections in excess of the Class C Ownership Interest allocated thereto pursuant to Section 4.12 and then by the amount of any portion of the Class B Ownership Interest allocated to the Class A Certificates to avoid a reduction in the Class A Ownership Interest pursuant to subsection 4.10(a) above.

  • On each Distribution Date during the Rapid Amortization Period, if any, after the Class A Ownership Interest has been paid in full, in addition to Class B Monthly Interest, Available Investor Principal Collections with respect to such Distribution Date will be distributed to such Class B Certificateholders until the Class B Ownership Interest has been paid in full.

  • The Class A Ownership Interest shall then be reduced (but not below zero) by the amount of Reallocated Principal Collections in excess of the Class B Ownership Interest and the Class C Ownership Interest allocated thereto pursuant to Section 4.12.

  • In the event that such reduction would cause the Class B Ownership Interest to be a negative number, the Class B Ownership Interest shall be reduced to zero and the Class A Ownership Interest shall be reduced (but not below zero) by the amount by which the Class B Ownership Interest would have been reduced below zero (a "Class A Charge-Off").

  • Notwithstanding anything to the contrary herein, payment of any Class B Additional Interest shall be suspended during any period when the Class B Ownership Interest is zero and payment thereof shall be cancelled on the first date during the Class B Controlled Amortization Period or, if applicable, the Rapid Amortization Period when the Class B Ownership Interest is or becomes zero.

  • In the event that such reduction would cause the Class C Ownership Interest (after giving effect to any Class C Charge-Offs for such Transfer Date) to be a negative number, the Class C Ownership Interest (after giving effect to any Class C Charge-Offs for such Transfer Date) shall be reduced to zero and the Class B Ownership Interest shall be reduced by the amount by which the Class C Ownership Interest would have been reduced below zero.

  • On each Distribution Date during the Rapid Amortization Period, if any, after the Class B Ownership Interest has been paid in full, in addition to Class C Monthly Interest, Available Investor Principal Collections with respect to such Distribution Date will be distributed to such Class C Certificateholders until the Class C Ownership Interest has been paid in full.

  • The share of the Servicing Fee allocable to the Class B Ownership Interest with respect to any Transfer Date (the "Class B Servicing Fee") shall be equal to one-twelfth of the product of (i) the Class B Floating Allocation, (ii) the Net Servicing Fee Rate and (iii) the Certificateholders Ownership Interests as of the last day of the Monthly Period preceding such Transfer Date.