Class B Principal definition

Class B Principal means the principal distributable in respect of the Class B Certificates as calculated in accordance with subsection 4.7(b).

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Class B Principal means the principal distributable in respect of the Class B Securities as specified in subsection 4.7(b) of the Agreement.

Class B Principal. The Class B Certificates will receive (1) all Excess Spread remaining after payment of Senior Principal and Interest and certain other amounts and (2) all Overcollateralization Reduction Amounts until the bond is retired in full (essentially all cashflow not required by the Senior Certificates). As the Subordination is reduced by application of Excess Spread, the protection provided by the accelerated amount of the Class B Certificates to the Senior Certificates will be replaced by Overcollateralization.

Examples of Class B Principal in a sentence

• The principal portion of any Excess Special Hazard Losses, Excess Fraud Losses and Excess Bankruptcy Losses remaining after allocation to the Class A-PO Certificates in accordance with the preceding sentence shall be allocated pro rata among the Class A Certificates (other than the Class A-PO Certificates) and Class B Certificates based on the Class A Non-PO Principal Balance and the Class B Principal Balance, respectively.

• In addition, after the Class B Principal Balance has been reduced to zero, the interest portion of Realized Losses (other than Excess Special Hazard Losses, Excess Fraud Losses and Excess Bankruptcy Losses) will be allocated among the outstanding Classes of Class A Certificates based on their Class A Interest Percentages.

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

• The Class B Investor Interest will also be reduced by the amount of Reallocated Class B Principal Collections in excess of the Collateral Interest pursuant to Section 4.12 and the amount of any portion of the Class B Investor Interest allocated to the Class A Certificates to avoid a reduction in the Class A Investor Interest pursuant to subsection 4.10(a) above.

• The Class B Investor Interest will also be reduced by the amount of Reallocated Class B Principal Collections in excess of the Collateral Interest Amount pursuant to Section 4.12 and the amount of any portion of the Class B Investor Interest allocated to the Class A Certificates to avoid a reduction in the Class A Investor Interest pursuant to subsection 4.10(a) above.

More Definitions of Class B Principal

Class B Principal means, with respect to the Class B Expected Final Payment Date, the unpaid principal amount of the Class B Certificates immediately prior to such Distribution Date.

Class B Principal. On the Transfer Date preceding the Class B Principal Payment Commencement Date and each Transfer Date thereafter, the Trustee, acting in accordance with instructions from the Servicer set forth in the Daily Report for such day, shall withdraw from the Principal Account or, following the occurrence of a Defeasance, the Defeasance Funding Account and deposit in the Distribution Account, to the extent of funds available, an amount equal to the Class B Principal for the related Distribution Date. On and after the Class B Principal Payment Commencement Date, on each Distribution Date until the Class B Invested Amount is paid in full, the Paying Agent shall pay in accordance with Section 5.1 of the Agreement to the Class B Securityholders from the Distribution Account such amounts deposited with respect to Class B Principal into the Distribution Account on the related Transfer Date. CTO Principal. On the Transfer Date preceding the CTO Principal Payment Commencement Date and each Transfer Date thereafter, the Trustee, acting in accordance with instructions from the Servicer set forth in the Daily Report for such day, shall withdraw from the Principal Account or, following the occurrence of a Defeasance, the Defeasance Funding Account and deposit in the Distribution Account, to the extent of funds available, an amount equal to the CTO Principal for the related Distribution Date. On and after the CTO Principal Payment Commencement Date, on each Distribution Date until the CTO Invested Amount is paid in full, the Paying Agent shall pay in accordance with Section 5.1 of the Agreement to the CTO Securityholders from the Distribution Account such amounts deposited with respect to CTO Principal into the Distribution Account on the related Transfer Date.

Class B Principal. Balance shall be:

Class B Principal. On the Transfer Date preceding the Class B Principal Payment Commencement Date and each Transfer Date thereafter, the Trustee, acting in accordance with instructions from the Servicer set forth in the Daily Report for such day, shall withdraw from the Principal Account or, following the occurrence of a Defeasance, the Defeasance Funding Account and deposit in the Distribution Account, to the extent of funds available, an amount equal to the Class B Principal for the related Distribution Date. On and after the Class B Principal Payment Commencement Date, on each Distribution Date until the Class B Invested Amount is paid in full, the Paying Agent shall pay in accordance with Section 5.1 of the Agreement to the Class B Securityholders from the Distribution Account such amounts deposited with respect to Class B Principal into the Distribution Account on the related Transfer Date.

Class B Principal. Balance: Seller Class B Purchaser Class B Principal Balance Prior to Sale: $ Class B Principal Balance Sold: $ Class B Principal Balance Retained: $ [Purchasing Class B Purchaser] A. Type of Purchaser: CP Conduit: Yes/No Committed Purchaser: Yes/No

Class B Principal means, with respect to any Distribution Date, the sum of the Class B Percentage of: (i) the principal portion of all Scheduled Payments due on the Receivables during the preceding Collection Period; (ii) the Principal Balance of each Receivable that became a Prepaid Receivable during the preceding Collection Period (without duplication of amounts included in clause (i) above or clause (iv) below); (iii) the Principal Balance of each Receivable that became a Purchased Receivable under an obligation that arose during the preceding Collection Period (without duplication of amounts included in clause (i)); and (iv) the Principal Balance of each Receivable that became a Defaulted Receivable during the preceding Collection Period (without duplication of amounts referred to in clause (i) or (ii) above). In addition, on the Final Scheduled Distribution Date the "Class B Principal" will include the lesser of (x) the Class B Percentage of any payments of principal due and remaining unpaid on each Receivable in the Trust as of the Final Scheduled Maturity Date (except to the extent previously Advanced) and (y) the portion of such amount that is necessary (after giving effect to the other amounts to be distributed to the Class B Certificateholder on such Distribution Date and allocable to principal) to reduce the Class B Principal Balance to zero, and, in the case of clauses (x) and (y) above, remaining after any required distribution of the amount described in clause (x) or (y) of the definition of "Class A Principal".

Class B Principal. DISTRIBUTABLE AMOUNT.