Note Monthly Principal Distributable Amount definition

Note Monthly Principal Distributable Amount means, with respect to any Payment Date, the Note Percentage of the Principal Distributable Amount for such Payment Date.

Note Monthly Principal Distributable Amount means, with respect to any Payment Date, the amount necessary to be paid on the Notes to reduce the Outstanding Amount of the Notes (after giving effect to the application of the First Principal Payment Amount to reduce such Outstanding Amount) to an amount equal to the Asset Balance for that Payment Date, less the amount of the excess, if any, of the Asset Balance at the beginning of the prior Collection Period over the Outstanding Amount of the Notes as of, and after giving effect to the distributions on, the previous Payment Date; provided that (a) the Note Monthly Principal Distributable Amount shall not exceed the aggregate Outstanding Amount of the Notes (after giving effect to the application of the First Principal Payment Amount to reduce such Outstanding Amount) and (b) on the final maturity date for each Class of Notes, the Note Monthly Principal Distributable Amount will at least equal the amount necessary to repay the Outstanding Amount of that Class of Notes and of any other Class of Notes payable prior to that Class of Notes (after giving effect to the application of the First Principal Payment Amount to reduce such Outstanding Amount). For purposes of this definition only, the A-1 Notes, A-2 Notes, A-3 Notes and the A-4 Notes shall each be deemed to be a separate Class of Notes.

Note Monthly Principal Distributable Amount means, for any Payment Date, the Principal Distributable Amount; provided, that the Note Monthly Principal Distributable Amount shall not exceed the aggregate outstanding principal balance of the Notes; provided, further, that on (i) the Class A-1 Note Final Payment Date, the Note Monthly Principal Distributable Amount will at least equal the outstanding principal balance of the Class A-1 Notes, (ii) the Class A-2 Note Final Payment Date, the Note Monthly Principal Distributable Amount will at least equal the outstanding principal balance of the Class A-2 Notes, (iii) the Class A-3 Note Final Payment Date, the Note Monthly Principal Distributable Amount will at least equal the outstanding principal balance of the Class A-3 Notes and (iv) the Class A-4 Note Final Payment Date, the Note Monthly Principal Distributable Amount will at least equal the outstanding principal balance of the Class A-4 Notes.

Examples of Note Monthly Principal Distributable Amount in a sentence

• For the avoidance of doubt, the Note Monthly Principal Distributable Amount, or any portion thereof, shall not be due (other than in accordance with the first sentence of this Section 2.07(b), the subsequent sentence of this Section 2.07(b), Section 5.02 and Section 10.03 of this Indenture), unless amounts are actually available to make such payments in accordance with Section 5.04(b) of the Sale and Servicing Agreement.

• For purposes of distributions from the Reserve Account pursuant to Section 5.05(e) of the Sale and Servicing Agreement, any portion of the Note Monthly Principal Distributable Amount shall be deemed to be due on any Payment Date on which funds sufficient to pay such portion would be available to make such payment from funds withdrawn from the Reserve Account and distributed with the priorities set forth in accordance with Section 5.04(b) of the Sale and Servicing Agreement.

• For purposes of distributions from the ​Reserve Account pursuant to Section 5.05(e) of the Sale and Servicing Agreement, any portion of the Note Monthly Principal Distributable Amount shall be deemed to be due on any Payment Date on which funds sufficient to pay such portion would be available to make such payment from funds withdrawn from the Reserve Account and distributed with the priorities set forth in accordance with Section 5.04(b) of the Sale and Servicing Agreement.

• For purposes of Table of Contents distributions from the Reserve Account pursuant to Section 5.05(e) of the Sale and Servicing Agreement, any portion of the Note Monthly Principal Distributable Amount shall be deemed to be due on any Payment Date on which funds sufficient to pay such portion would be available to make such payment from funds withdrawn from the Reserve Account and distributed with the priorities set forth in accordance with Section 5.04(b) of the Sale and Servicing Agreement.

• For purposes of distributions from the ​​Reserve Account pursuant to Section 5.05(e) of the Sale and Servicing Agreement, any portion of the Note Monthly Principal Distributable Amount shall be deemed to be due on any Payment Date on which funds sufficient to pay such portion would be available to make such payment from funds withdrawn from the Reserve Account and distributed with the priorities set forth in accordance with Section 5.04(b) of the Sale and Servicing Agreement.

More Definitions of Note Monthly Principal Distributable Amount

Note Monthly Principal Distributable Amount means, for any payment date, the amount necessary to be paid on the notes to reduce the outstanding principal amount of the notes (after giving effect to payments on the Class A Notes to be made pursuant to clause (4) above on that payment date) to an amount equal to the Asset Balance for that payment date, less the amount of the excess, if any, of the Asset Balance as of the beginning of the prior Collection Period over the outstanding principal amount of the notes as of, and after giving effect to the distributions on, the previous payment date, except that (a) the Note Monthly Principal Distributable Amount will not exceed the aggregate outstanding principal balance of the notes (after giving effect to payments on the Class A Notes to be made pursuant to clause (4) above on that payment date) and (b) on the final maturity date for each class of notes, the Note Monthly Principal Distributable Amount will at least equal the amount necessary to repay the outstanding principal balance of that class of notes and any other class of notes payable prior to that class of notes (after giving effect to payments on the Class A Notes to be made pursuant to clause (4) above on that payment date). After an event of default and acceleration of the notes (and, if any notes remain outstanding, on and after the final scheduled maturity date for the last of the notes), aggregate funds available will instead be applied in the following order of priority:

Note Monthly Principal Distributable Amount means, with respect to any Payment Date, the amount, if any, necessary to be paid on the Notes to reduce the Outstanding Amount of the Notes to an amount equal to the (1) Asset Balance for that Payment Date less (2) the amount of the excess, if any, of (i) the Asset Balance for the previous Payment Date (or, in the case of the first Payment Date, the Pool Balance as of the Cut-off Date) over (ii) the outstanding principal amount of the Notes after giving effect to the distributions on the previous Payment Date (or, in the case of the first Payment Date, the principal amount of the Notes as of the Closing Date); provided that (a) the Note Monthly Principal Distributable Amount shall not exceed the aggregate Outstanding Amount of the Notes, and (b) on the Class Final Scheduled Maturity Date for each Class of Notes, the Note Monthly Principal Distributable Amount shall at least equal the amount necessary to reduce the outstanding principal balance of such Class to zero.

Note Monthly Principal Distributable Amount means, with respect to any Distribution Date, the Note Percentage of the Principal Distributable Amount for such Distribution Date.

Note Monthly Principal Distributable Amount means, for any payment date, the amount, if any, necessary to be paid on the notes to reduce the outstanding principal amount of the notes to an amount equal to (1) the Asset Balance for that payment date less

Note Monthly Principal Distributable Amount means, for any payment date, the amount necessary to be paid

Note Monthly Principal Distributable Amount means, for any payment date, the amount necessary to reduce the outstanding principal balance of the Series 2015-1 Notes (after giving effect to payments on the Class A Notes to be made pursuant to clause (4) above), to an amount equal to the Asset Balance for such payment date, except that (a) the Note Monthly Principal Distributable Amount will not exceed the aggregate outstanding principal balance of the Series 2015-1 Notes, and (b) on the final scheduled maturity date for each class of Series 2015-1 Notes, the Note Monthly Principal Distributable Amount will at least equal the amount necessary to repay the outstanding principal balance of that class of Series 2015-1 Notes and any other class of Series 2015-1 Notes payable prior to that class of Series 2015- 1 Notes. After an event of default and acceleration of the Series 2015-1 Notes (or, if any notes remain outstanding, on and after the final scheduled maturity date for the last class of the Series 2015-1 Notes) and unless the indenture trustee has sold the collateral for the Series 2015-1 Notes, the aggregate funds available will instead be applied in the following order of priority:

Note Monthly Principal Distributable Amount means, with respect to any Payment Date, the amount necessary to be paid on the Notes to reduce the Outstanding Amount of the