Permitted Principal Draw Amount definition

Permitted Principal Draw Amount means, with respect to any date during an Insolvency Period, the difference between (i) the excess of the Series 2001-1 Letter of Credit Amount as of the related Insolvency Period Commencement Date over the Minimum Liquidity Amount as of such Insolvency Period Commencement Date and (ii) the Accumulated Principal Draw Amount as of such date during the Insolvency Period.
Sample 1
Permitted Principal Draw Amount means, with respect to any date during an Insolvency Period, the excess, if any, of (i) the excess of the Series 2010-1 Letter of Credit Liquidity Amount as of the related Insolvency Period Commencement Date over the excess of (x) the Series 2010-1 Minimum Liquidity Amount over (y) the Cash Liquidity Amount, in each case, as of such Insolvency Period Commencement Date over (ii) the Accumulated Principal Draw Amount as of such date during such Insolvency Period; provided, however, that, notwithstanding the foregoing, on any date on and after the Series 2010-1 Final Maturity Date, the “Permitted Principal Draw Amount” shall be equal to the Series 2010-1 Letter of Credit Liquidity Amount as of such date.
Sample 1Sample 2
Permitted Principal Draw Amount means, with respect to any date during an Insolvency Period or a Liquidation Period, the excess, if any, of (i) the excess of the Series 2010-3 Letter of Credit Liquidity Amount as of the related Insolvency Period Commencement Date or Liquidation Period Commencement Date, as the case may be, over the excess of (x) the Series 2010-3 Minimum Liquidity Amount over (y) the Series 2010-3 Cash Liquidity Amount, in each case, as of the applicable Insolvency Period Commencement Date or Liquidation Period Commencement Date, as the case may be, over (ii) the Accumulated Principal Draw Amount as of such date during such Insolvency Period or Liquidation Period Commencement Date; provided, however, that, notwithstanding the foregoing, on any date on and after the Series 2010-3 Final Maturity Date, the “Permitted Principal Draw Amount” shall be equal to the Series 2010-3 Letter of Credit Liquidity Amount as of such date.
Sample 1Sample 2

Examples of Permitted Principal Draw Amount in a sentence

  • Upon the occurrence of any Insolvency Period Commencement Date, the Master Servicer shall calculate the Permitted Principal Draw Amount as of such Insolvency Period Commencement Date, and thereafter, on each Business Day, and following each draw under the Series 2011-2 Letter of Credit, until the termination of the related Insolvency Period, the Master Servicer shall calculate the Permitted Principal Draw Amount then in effect, and shall inform the Trustee of any change in such amount.

  • If the Series 2006-1 Insurer elects in its sole discretion, to provide to the Trustee any direction under this Section 4.18(c), the Series 2006-1 Insurer shall provide to the Master Servicer one (1) Business Day prior written notice thereof; provided, that the failure of the Series 2006-1 Insurer to provide such notice to the Master Servicer shall not affect the Series 2006-1 Insurer’s right to calculate such Permitted Principal Draw Amount and Accumulated Principal Draw Amount.

  • If the Series 2005-1 Insurer elects in its sole discretion, to provide to the Trustee any direction under this Section 4.18(c), the Series 2005-1 Insurer shall provide to the Master Servicer one (1) Business Day prior written notice thereof; provided, that the failure of the Series 2005-1 Insurer to provide such notice to the Master Servicer shall not affect the Series 2005-1 Insurer’s right to calculate such Permitted Principal Draw Amount and Accumulated Principal Draw Amount.

  • Upon the occurrence of any Insolvency Period Commencement Date, the Master Servicer shall calculate the Permitted Principal Draw Amount as of such Insolvency Period Commencement Date, and thereafter, on each Business Day, and following each draw under the Series 2011-1 Letter of Credit, until the termination of the related Insolvency Period, the Master Servicer shall calculate the Permitted Principal Draw Amount then in effect, and shall inform the Trustee of any change in such amount.

  • If the Series 2007-1 Insurer elects in its sole discretion, to provide to the Trustee any direction under this Section 4.18(c), the Series 2007-1 Insurer shall provide to the Master Servicer one (1) Business Day prior written notice thereof; provided, that the failure of the Series 2007-1 Insurer to provide such notice to the Master Servicer shall not affect the Series 2007-1 Insurer’s right to calculate such Permitted Principal Draw Amount and Accumulated Principal Draw Amount.


More Definitions of Permitted Principal Draw Amount

Permitted Principal Draw Amount means, with respect to any date during an Insolvency Period, the difference between (i) the excess of the Series 2006-1 Letter of Credit Amount as of the related Insolvency Period Commencement Date over the Minimum Liquidity Amount as of such Insolvency Period Commencement Date and (ii) the Accumulated Principal Draw Amount as of such date during the Insolvency Period; provided, however, that, notwithstanding the foregoing, on any date on and after the Series 2006-1 Termination Date, the “Permitted Principal Draw Amount” shall be equal to the Series 2006-1 Letter of Credit Amount as of such date.
Sample 1
Permitted Principal Draw Amount means, with respect to any date during an Insolvency Period or after occurrence of another Liquidity Event, the excess, if any of (i) the Available Draw Amount (with respect to the payment of principal on the Series 2001-3 Notes and all other obligations of the Issuer other than payment of Interest on the Series 2001-3 Notes and servicing fees) as of the related Insolvency Period Commencement Date or the date of such other Liquidity Event, as the case may be, over (ii) the sum of (x) Accumulated Principal Draw Amount as of such date during the Insolvency Period or after occurrence of such other Liquidity Event plus (y) the sum of amounts paid to Noteholders on account of interest pursuant to Sections 4.4(a)(c)(x), 4.4(b)(c)(x) and 4.4(c)(c)(x).
Sample 1
Permitted Principal Draw Amount means, with respect to any date during an Insolvency Period, the excess, if any, of (i) the excess of the Series 2011-2 Letter of Credit Liquidity Amount as of the related Insolvency Period Commencement Date over the excess of (x) the Series 2011-2 Minimum Liquidity Amount over (y) the Series 2011-2 Cash Liquidity Amount, in each case, as of such Insolvency Period Commencement Date over (ii) the Accumulated Principal Draw Amount as of such date during such Insolvency Period; provided, however, that, notwithstanding the foregoing, on any date on and after the Series 2011-2 Final Maturity Date or any date prior to the Series 2011-2 Final Maturity Date but during the Series 2011-2 Rapid Amortization Period if requested by the Controlling Noteholder by written notice to the Trustee and the Issuer, the “Permitted Principal Draw Amount” shall be equal to the Series 2011-2 Letter of Credit Liquidity Amount as of such date.
Sample 1
Permitted Principal Draw Amount means, (i) with respect to any date during an Insolvency Period (other than as set forth in clause (ii)), the excess of (a) the excess of (x) the Series 2003-1 Letter of Credit Amount as of the related Insolvency Period Commencement Date over (y) the excess of the Minimum Liquidity Amount over the Cash Liquidity Amount as of such Insolvency Period Commencement Date over (b) the Accumulated Principal Draw Amount as of such date during the Insolvency Period or (ii) with respect to the Series 2003-1 Termination Date (or on any earlier Payment Date if all obligations of the Issuer under the Series 2003-1 Notes due on or before the Series 2003-1 Termination Date (other than amounts due to the Series 2003-1 Insurer through its rights of subrogation) have been satisfied in full), the Series 2003-1 Letter of Credit Amount on such day.
Sample 1
Permitted Principal Draw Amount means, as of any date of determination, the excess of (i) the Series 2006-1 Letter of Credit Liquidity Amount as of such date over (ii) the Series 2006-1 Required Letter of Credit Liquidity Amount as of such date; provided that, on and after the Series 2006-1 Legal Final Maturity Date, the “Permitted Principal Draw Amount” shall equal the Series 2006-1 Letter of Credit Amount.
Sample 1

Related to Permitted Principal Draw Amount

  • Reserve Draw Amount shall have the meaning specified in subsection 4.12(c).

  • Class D Principal Parity Amount means, with respect to any Distribution Date, the lesser of (I) the excess of (A) the excess, if any, of (x) the aggregate remaining principal balance of the Class A Notes, of the Class B Notes, of the Class C Notes and of the Class D Notes, in each case immediately prior to such Distribution Date over (y) the Pool Balance as of the end of the immediately preceding Collection Period over (B) the sum of the Class A Principal Parity Amount, the Class B Principal Parity Amount and the Class C Principal Parity Amount for such Distribution Date plus any payments made on the Class A Notes, the Class B Notes or the Class C Notes as a Matured Principal Shortfall on such Distribution Date and (II) the amount of Total Available Funds remaining on deposit in the Collection Account after the funding of the items described in clauses (i) through (xii) of Section 5.7(a) on such Distribution Date.

  • Collateral Principal Percentage means, with respect to any Monthly Period, (i) during the Revolving Period, the percentage equivalent (which percentage shall never exceed 100%) of a fraction, the numerator of which is the Collateral Invested Amount as of the last day of the immediately preceding Monthly Period and the denominator of which is the Invested Amount as of such day and (ii) during the Controlled Accumulation Period, the Early Amortization Period or any Partial Amortization Period, the percentage equivalent (which percentage shall never exceed 100%) of a fraction, the numerator of which is the Collateral Invested Amount as of the close of business on the date on which the Revolving Period shall have terminated and the denominator of which is the Invested Amount as of the close of business on the date on which the Revolving Period shall have terminated; provided, however, that with respect to the first Monthly Period, the Collateral Principal Percentage shall mean the percentage equivalent of a fraction, the numerator of which is the Collateral Initial Invested Amount and the denominator of which is the Initial Invested Amount.

  • Class C Principal Parity Amount means, with respect to any Distribution Date, the lesser of (I) the excess of (A) the excess, if any, of (x) the aggregate remaining principal balance of the Class A Notes, of the Class B Notes and of the Class C Notes, in each case immediately prior to such Distribution Date over (y) the Pool Balance as of the end of the immediately preceding Collection Period over (B) the sum of the Class A Principal Parity Amount and the Class B Principal Parity Amount for such Distribution Date plus any payments made on the Class A Notes or the Class B Notes as a Matured Principal Shortfall on such Distribution Date and (II) the amount of Total Available Funds remaining on deposit in the Collection Account after the funding of the items described in clauses (i) through (ix) of Section 5.7(a) on such Distribution Date.

  • Class C Reserve Account Percentage means, for any Distribution Date on which a condition in the left column of the following table was in effect on the immediately preceding Distribution Date, the percentage in the corresponding right column of the following table (or if more than one conditions were in effect on the immediately preceding Distribution Date, the largest percentage). Condition: The three-month rolling average Excess Spread Percentage is: Class C Reserve Account Percentage:

  • Collateral Principal Amount means on any date of determination (A) the aggregate principal balance of the Portfolio, including the funded and unfunded balance on any Delayed Funding Term Loan or Revolving Loan, as of such date plus (B) the amounts on deposit in the Accounts (including cash and Cash Equivalents) representing Principal Proceeds as of such date minus (C) the aggregate principal balance of all Ineligible Investments as of such date.

  • Monthly Principal Reallocation Amount means, for any Monthly Period, an amount equal to the sum of:

  • Class A Principal Parity Amount means, with respect to any Distribution Date, the lesser of (I) the excess, if any, of (x) the aggregate remaining principal balance of the Class A Notes immediately prior to such Distribution Date over (y) the Pool Balance as of the end of the immediately preceding Collection Period and (II) the amount of Total Available Funds remaining on deposit in the Collection Account after the funding of the items described in clauses (i) through (iii) of Section 5.7(a) on such Distribution Date.

  • Required Daily Deposit Target Finance Charge Amount means, for any day in a Due Period, an amount equal to the Class A Tranche Interest Allocation for the related Distribution Date; provided, however, that for purposes of determining the Required Daily Deposit Target Finance Charge Amount on any day on which the Class A Tranche Interest Allocation cannot be determined because the LIBOR Determination Date for the applicable Interest Accrual Period has not yet occurred, the Required Daily Deposit Target Finance Charge Amount shall be the Class A Tranche Interest Allocation determined based on a pro forma calculation made on the assumption that LIBOR will be LIBOR for the applicable period determined on the first day of such calendar month, multiplied by 1.25.

  • Class A-PO Optimal Principal Amount As to any Distribution Date, an amount equal to the sum of (I) the sum as to each Outstanding Mortgage Loan, of the product of (x) the PO Fraction with respect to such Mortgage Loan and (y) the sum of:

  • Group II Principal Remittance Amount With respect to any Distribution Date, the sum of the amounts described in clauses (i) through (iii) of the definition of Group II Principal Distribution Amount.

  • Reallocated Principal Collections means, with respect to any --------------------------------- Monthly Period, the product of (a) the Principal Allocation Percentage with respect to such Monthly Period, (b) the aggregate amount of Collections in respect of Principal Receivables deposited in the Collection Account for such Monthly Period and (c) the sum of the Class B Floating Percentage and the Collateral Floating Percentage with respect to such Monthly Period.

  • Available Reserve Account Amount means, with respect to any Distribution Date, the lesser of (a) the amount on deposit in the Reserve Account on such date (before giving effect to any deposit to be made to the Reserve Account on such date) and (b) the Required Reserve Account Amount.

  • Group I Principal Remittance Amount With respect to any Distribution Date, the sum of the amounts described in clauses (i) through (iii) of the definition of Group I Principal Distribution Amount.

  • Class B-4 Optimal Principal Amount As to any Distribution Date, an amount equal to the sum of (I) the sum, as to each Outstanding Mortgage Loan, of the product of (x) the Non-PO Fraction with respect to such Mortgage Loan and (y) the sum of:

  • Scheduled Principal Distribution Amount With respect to each Distribution Date, an amount equal to the aggregate of the principal portions of:

  • Class A Principal Percentage means, with respect to any Monthly Period (i) during the Revolving Period, the percentage equivalent (which percentage shall never exceed 100%) of a fraction, the numerator of which is the Class A Invested Amount as of the last day of the immediately preceding Monthly Period and the denominator of which is the Invested Amount as of such day and (ii) during the Controlled Accumulation Period, the Early Amortization Period or any Partial Amortization Period, the percentage equivalent (which percentage shall never exceed 100%) of a fraction, the numerator of which is the Class A Invested Amount as of the close of business on the date on which the Revolving Period shall have terminated and the denominator of which is the Invested Amount as of the close of business on the date on which the Revolving Period shall have terminated; provided, however, that with respect to the first Monthly Period, the Class A Principal Percentage shall mean the percentage equivalent of a fraction, the numerator of which is the Class A Initial Invested Amount and denominator of which is the Initial Invested Amount.

  • Class A Non-PO Optimal Principal Amount As to any Distribution Date, an amount equal to the sum, as to each Outstanding Mortgage Loan, of the product of (x) the Non-PO Fraction with respect to such Mortgage Loan, and (y) the sum of:

  • Adjusted Collateral Principal Amount means, as of any date of determination:

  • Required Daily Deposit Target Principal Amount means, for any day in a Due Period, (i) if such Due Period is in [the Accumulation Period for the Class A( - ) Notes, the Accumulation Amount], (ii) if such day is on or after the occurrence and during the continuance of a Class A( - ) Adverse Event, the Nominal Liquidation Amount of the Class A( - ) Notes, and (iii) in all other circumstances, zero.

  • Reserve Account Draw Amount means, for any Payment Date, an amount equal to the lesser of (a) the Available Funds Shortfall Amount, if any, for such Payment Date and (b) the amount of cash or other immediately available funds on deposit in the Reserve Account (excluding any net investment earnings) on such Payment Date; provided, however, that if such Payment Date is the Redemption Date, the “Reserve Account Draw Amount” shall mean an amount equal to the amount of cash or other immediately available funds on deposit in the Reserve Account on the Redemption Date.

  • Applicable Unscheduled Principal Receipt Period With respect to the Mortgage Loans serviced by each Servicer and each of Full Unscheduled Principal Receipts and Partial Unscheduled Principal Receipts, the Unscheduled Principal Receipt Period specified on Schedule I hereto, as amended from time to time by the Master Servicer pursuant to Section 10.01(b) hereof.

  • Subordinated Principal Distribution Amount As to any Distribution Date and Loan Group, the sum of the following with respect to each Loan Group: (i) the Subordinated Percentage of the applicable Non-PO Percentage of all amounts described in subclauses (a) through (d) of clause (i) of the definition of Non-PO Formula Principal Amount with respect to such Loan Group and such Distribution Date, (ii) with respect to any Mortgage Loan in the related Loan Group that became a Liquidated Mortgage Loan during the calendar month preceding the month of such Distribution Date, the amount of Liquidation Proceeds allocable to principal received with respect thereto remaining after application thereof pursuant to clause (ii) of the definition of Senior Principal Distribution Amount for that Loan Group, up to the Subordinated Percentage of the applicable Non-PO Percentage of the Stated Principal Balance of such Mortgage Loan, and (iii) the Subordinated Prepayment Percentage of the applicable Non-PO Percentage of the amounts described in subclause (f) of clause (i) of the definition of Non-PO Formula Principal Amount with respect to that Loan Group for such Distribution Date, reduced by the amount of any payments in respect of Class PO Deferred Amounts for such Distribution Date; provided, however, that on any Distribution Date after a Senior Termination Date, the Subordinated Principal Distribution Amount will not be calculated by Loan Group but will equal the amount calculated pursuant to the formula set forth above based on the applicable Subordinated Percentage and Subordinated Prepayment Percentage for the Subordinated Certificates for such Distribution Date with respect to all of the Mortgage Loans as opposed to the Mortgage Loans only in the related Loan Group.

  • Required Accumulation Reserve sub-Account Amount means, with respect to any Monthly Period during the Accumulation Reserve Funding Period, an amount equal to (i) 0.5% of the Outstanding Dollar Principal Amount of the Class A(2019-1) Notes as of the close of business on the last day of the preceding Monthly Period or (ii) any other amount designated by the Issuer; provided, however, that if such designation is of a lesser amount, the Note Rating Agencies shall have provided prior written confirmation that a Ratings Effect will not occur with respect to such change.

  • Class B-6 Optimal Principal Amount As to any Distribution Date, an amount equal to the sum of (I) the sum, as to each Outstanding Mortgage Loan, of the product of (x) the Non-PO Fraction with respect to such Mortgage Loan and (y) the sum of:

  • Class A Available Funds means, with respect to any Monthly Period, an amount equal to the sum of (a) if such Monthly Period relates to a Distribution Date with respect to the Controlled Accumulation Period, the Class A Floating Percentage of Principal Funding Account Investment Proceeds, if any, with respect to such Distribution Date, (b) the Class A Floating Percentage of the Reallocated Investor Finance Charge Collections and (c) the amount of funds, if any, to be withdrawn from the Reserve Account which, pursuant to subsection 4.12(d), are required to be included in Class A Available Funds with respect to such Distribution Date.