Class C Principal Distributable Amount means, for any Distribution Date: (A) during the Revolving Period, zero; and (B) during the Amortization Period, an amount equal to the lesser of: (i) the positive difference of (x) Available Funds remaining after payment of the amounts set forth in clauses (i) through (iv) of Section 5.08(a) hereto minus (y) the sum of the Class A Principal Distributable Amount and the Class B Principal Distributable Amount and (ii) the Class C Note Balance; provided, however, on the Class C Stated Final Maturity Date, the Class C Principal Distributable Amount will equal the Class C Note Balance.
Class C Principal Distributable Amount means, with respect to any Distribution Date, an amount equal to (a) the sum of (i) the Outstanding Amount of the Class A Notes (after taking into account distribution of the Class A Principal Distributable Amount on such Distribution Date), (ii) the Outstanding Amount of the Class B Notes (after taking into account distribution of the Class B Principal Distributable Amount on such Distribution Date) and (iii) the Outstanding Amount of the Class C Notes immediately prior to such Distribution Date minus (b) the lesser of (i) 94.50% of the Pool Balance for such Distribution Date and (ii) an amount equal to (A) the Pool Balance for such Distribution Date minus (B) the Overcollateralization Target Amount for such Distribution Date; provided, however, that, for (I) any Distribution Date as of which the Three-Month Annualized Net Loss Ratio is greater than or equal to the Sequential Principal Payment Trigger Percentage in effect on that Distribution Date and (II) each subsequent Distribution Date as of which the Six-Month Annualized Net Loss Ratio is greater than or equal to the Sequential Principal Payment Trigger Percentage in effect on that Distribution Date, the Class C Principal Distributable Amount shall be an amount equal to (x) 100% of the Regular Principal Allocation for such Distribution Date minus (y) an amount equal to the sum of (1) the Class A Principal Distributable Amount for such Distribution Date plus (2) the Class B Principal Distribution Amount for such Distribution Date; provided further that, on the Class C Final Scheduled Distribution Date, the Class C Principal Distributable Amount shall not be less than the amount that is necessary to pay the Class C Notes in full; and provided further that the Class C Principal Distributable Amount on any Distribution Date shall not exceed the Outstanding Amount of the Class C Notes on that Distribution Date.
Examples of Class C Principal Distributable Amount in a sentence
Principal payments from amounts on deposit in the Principal Distribution Account on each Distribution Date will be allocated among the various classes of Notes in the following order of priority: (1) to the Class A Notes, the Class A Principal Distributable Amount; (2) to the Class B Notes, the Class B Principal Distributable Amount; (3) to the Class C Notes, the Class C Principal Distributable Amount; and (4) to the Class D Notes, the Class D Principal Distributable Amount.
On each Distribution Date, Holders of the Class C Notes will be entitled to its Class C Principal Distributable Amount in accordance with the terms of the Indenture.
More Definitions of Class C Principal Distributable Amount
Class C Principal Distributable Amount means, with respect to any Distribution Date, the Class C Percentage of the Principal Distributable Amount.
Class C Principal Distributable Amount means with respect to any Payment Date the excess of the Principal Distributable Amount, over the sum of (a) the Class A Principal Distributable Amount, and (b) the Class B Principal Distributable Amount; provided, however, that the Class C Principal Distributable Amount on any Payment Date shall not exceed the Outstanding Amount of the Class C Notes on that Payment Date: and provided further that, on the Final Scheduled Payment Date of the Class C Notes, the Class C Principal Distributable Amount shall not be less than the amount that is necessary to pay the Class C Notes in full.
Class C Principal Distributable Amount means, with respect to any Distribution Date, the amount distributable in respect of principal on the Class C Notes on such Distribution Date which amount shall equal the excess of (i) the sum of the aggregate outstanding principal amount of (a) the Class A Notes and the Class B Notes (after taking into account payment of the Class A Principal Distributable Amount and the Class B Principal Distributable Amount for that Distribution Date) and (b) the Class C Notes immediately prior to such Distribution Date over (ii) the lesser of (a) the Class C Principal Percentage of the Aggregate Principal Balance as of the last day of the related Collection Period or (b) the excess of such Aggregate Principal Balance over the Overcollateralization Floor Amount; provided, however, that on any Distribution Date that the Net Chargeoff Percentage exceeds the Sequential Payment Trigger, the Class C Principal Distributable Amount shall equal the lesser of (i) the excess of the Aggregate Principal Distributable Amount over the sum of (a) the Class A Principal Distributable Amount and (b) the Class B Principal Distributable Amount or (ii) the outstanding principal amount of the Class C Notes; provided, further, that on any Distribution Date on and after the Class C Final Scheduled Distribution Date, the Class C Principal Distributable Amount will not be less than the amount that is necessary to pay the outstanding principal amount of the Class C Notes.
Class C Principal Distributable Amount. “ shall mean, for any Distribution Date, the amount distributable in respect of principal of the Class C Notes on such Distribution Date which amount shall equal the excess of (i) the principal amount of the Class C Notes as of the day preceding such Distribution Date over (ii) an amount equal to approximately 3.562341% of the amount by which the Pool Balance as of the last day of the preceding Collection Period exceeds the Overcollateralization Target Amount for such Distribution Date; provided, however, that the Class C Principal Distributable Amount for the Class C Final Distribution Date (and any subsequent Distribution Date until the principal amount of the Class C Notes is paid in full) will not be less than the amount that is necessary to pay the outstanding principal amount of the Class C Notes.
Class C Principal Distributable Amount means, for any Distribution Date: (A) during the Revolving Period, zero; and (B) during the Amortization Period, an amount equal to the lesser of: (i) the positive difference of (x) Available Funds remaining after payment of the amounts set forth in clauses (i) through (v) of Section 5.08(a) hereto minus (y) the sum of the Class A Principal Distributable Amount and the Class B Principal Distributable Amount and (ii) the Class C Note Balance; provided, however, on the Class C Stated Final Maturity Date, the Class C Principal Distributable Amount will equal the Class C Note Balance.
Class C Principal Distributable Amount means, with respect to any Distribution Date, the sum of: (i) the Class C Monthly Principal Distributable Amount for such Distribution Date and (ii) the Class C Principal Carryover Shortfall for such Distribution Date; provided, however, that the sum of clauses (i) and (ii) shall not exceed the outstanding principal amount of the Class C Notes, and on the Final Scheduled Distribution Date, the Class C Principal Distributable Amount will include the amount, to the extent of the remaining Available Funds, necessary (after giving effect to other amounts having a higher payment priority on such Distribution Date) to reduce the outstanding principal amount of the Class C Notes to zero.
Class C Principal Distributable Amount means, with respect to -------------------------------------- any Distribution Date, the sum of (a) Class C Monthly Principal for such Distribution Date and (b) the Class C Principal Carryover Shortfall for such Distribution Date. In addition, on the Final Scheduled Distribution Date, the Class C Principal Distributable Amount will include any additional amount required to reduce the Class C Certificate Principal Balance to zero.