First Priority Principal Distributable Amount definition

First Priority Principal Distributable Amount. With respect to any Distribution Date, an amount equal to the excess, if any, of (i) the aggregate outstanding principal balance of the Class A Notes as of the preceding Distribution Date (after giving effect to any principal payments made on the Class A Notes on such preceding Distribution Date) over (ii) the Aggregate Receivables Principal Balance as of the close of business on the last day of the immediately preceding Monthly Period.

First Priority Principal Distributable Amount. With respect to any Distribution Date, an amount equal to the excess, if any, of (i) the aggregate outstanding principal amount of the Class A Notes as of, for the first Distribution Date, the Closing Date, and for subsequent Distribution Dates, the preceding Distribution Date (after giving effect to any principal payments made on the Class A Notes on such preceding Distribution Date) over (ii) the Pool Balance as of the close of business on the last day of the related Collection Period; provided, however, that the First Priority Principal Distributable Amount for each Distribution Date on and after the Final Scheduled Distribution Date for any Class of Class A Notes shall equal the greater of (i) the amount otherwise calculated pursuant to this definition and (ii) the outstanding principal amount of the Class A Notes of such Class as of the day preceding such Distribution Date.

First Priority Principal Distributable Amount means, with respect to any Distribution Date, an amount, not less than zero, equal to the result of (a) the aggregate Outstanding Amount of the Class A Notes as of the preceding Distribution Date (after giving effect to any principal payments made on the Class A Notes on that preceding Distribution Date), minus (b) the Aggregate Principal Balance at the end of Due Period related to that Distribution Date; provided, however, that the First Priority Principal Distributable Amount shall not exceed the Outstanding Amount of the Class A Notes (after giving effect to any principal payments made on the Class A Notes on that preceding Distribution Date); provided, further, that the First Priority Principal Distributable Amount on or after the Final Distribution Date for a class of Class A Notes shall not be less than the amount that is necessary to pay such class of Class A Notes in full.

Examples of First Priority Principal Distributable Amount in a sentence

• Additionally, any portion of the First Priority Principal Distributable Amount and the Regular Principal Distributable Amount shall be deemed to be due and payable on any date where the Servicer elects to exercise its Optional Purchase and the Issuer redeems the outstanding Notes pursuant to Section 10.01.

• For the avoidance of doubt, the First Priority Principal Distributable Amount and the Regular Principal Distributable Amount, or any portion thereof, shall not be due (other than in accordance with Section 2.08(c) or Section 2.08(f)) unless amounts are actually available to make such payments in accordance with Section 2.08(a).

• For the avoidance of doubt, other than on the applicable Final Scheduled Payment Date for a Class of Notes, the First Priority Principal Distributable Amount and the Regular Principal Distributable Amount, or any portion thereof, shall not be due (other than in accordance with Section 2.08(f)) unless amounts are actually available to make such payments in accordance with Section 2.08(a).

• For the avoidance of doubt, the First Priority Principal Distributable Amount and the Regular Principal Distributable Amount, or any portion thereof, shall not be due (other than in accordance with Section 2.08(f)) unless amounts are actually available to make such payments in accordance with Section 2.08(a).

• Second Priority Principal Distributable Amount” means, with respect to any payment date, an amount equal to the excess, if any, of (a) the aggregate outstanding principal balance of the Class A Notes and the Class B Notes as of the day immediately preceding such payment date over (b) the Pool Balance for that payment date less (c) any amounts allocated to the Noteholders’ First Priority Principal Distributable Amount.

More Definitions of First Priority Principal Distributable Amount

First Priority Principal Distributable Amount means, with respect to any distribution date, an amount equal to the excess, if any, of (1) the aggregate outstanding principal balance of the Class A Notes as of the preceding distribution date (after giving effect to any principal payments made on the Class A Notes on such preceding distribution date) over (2) the aggregate receivables principal balance as of the close of business on the last day of the immediately preceding monthly period.

First Priority Principal Distributable Amount means, with respect to any Distribution Date, an amount, not less than zero, equal to the difference of (a) the aggregate Outstanding Amount of the Class A Notes as of such Distribution Date (before giving effect to any principal payments made on the Class A Notes on that preceding Distribution Date), minus (b) the Aggregate Principal Balance at the end of Due Period related to that Distribution Date; provided, however, that the First Priority Principal Distributable Amount shall not exceed the Outstanding Amount of the Class A Notes (before giving effect to any principal payments made on the Class A Notes on such Distribution Date); provided, further, that the First Priority Principal Distributable Amount on or after the Final Distribution Date for a Class of Class A Notes shall not be less than the amount that is necessary to pay such Class of Class A Notes in full.

First Priority Principal Distributable Amount means, with respect to any Payment Date, an amount not less than zero equal to the excess of (x) the Outstanding Class A Principal Amount prior to any distributions on such Payment Date over (y) the sum of (i) the aggregate Outstanding Receivables Principal Balance as of the end of the related Collection Period plus, (ii) on each Payment Date prior to the termination of the Pre-Funding Period, any amounts on deposit in the Pre-Funding Account, if any, on the last day of the related Collection Period; provided, however, that on or after the Final Maturity Date of the Class A Notes, the First Priority Principal Distributable Amount will not be less than the amount that is necessary to reduce the Outstanding Class A Principal Amount to zero.