Principal Addition Amounts definition

Principal Addition Amounts means, on each Reporting Date prior to the service of an Enforcement Notice on which the Cash Administrator determines that a Senior Expenses Deficit would occur on the immediately succeeding Payment Date, the amount of Issuer Pre-Enforcement Available Redemption Receipts (to the extent available) equal to the lesser of:

Principal Addition Amounts has the meaning given to it in Clause 6.11.3; "Principal Amount Outstanding" has the meaning in Condition 5(b)(i); "Principal Deficiency Ledger" means the ledger so referred to in Clause 6.1.1; "Principal Determination Date" has the meaning in Condition 5(a); "Principal Ledger" means the ledger so referred to in Clause 6.1.1;

Principal Addition Amounts has the meaning given to it in Clause 6.11.3;

Examples of Principal Addition Amounts in a sentence

• Available Redemption Receipts (if any) may only be redirected as Principal Addition Amounts in respect of a Senior Expenses Deficit.

• Principal Deficiency Ledger A Principal Deficiency Ledger will be established to record as a debit anyDefaulted Amounts and/or any Principal Addition Amounts in reverse sequential order up to the Note Principal Amount of each Class of Notes.

• Any Available Principal Receipts applied as Principal Addition Amounts will be recorded as a debit to the Principal Deficiency Ledger.

• However, such risks are partially mitigated by (a) the Swap Transaction entered into pursuant to the Swap Agreement, (b) the General Reserve Fund, (c) the Liquidity Reserve Fund, (d) subordination of certain junior classes of Notes and (d) the application of Available Redemption Receipts as Principal Addition Amounts in relation to the Class A and Class B Notes only.

• The Issuer (or Issuer Administrator on its behalf) is required to maintain a Principal Deficiency Ledger in which Realised Losses and Principal Addition Amounts are administered.

• This risk is addressed in respect of the Rated Notes by the provision of liquidity from alternative sources (including the use of amounts credited to the Liquidity Reserve Fund to cover any Revenue Deficit and the use of Principal Addition Amounts (each of which is subject to the satisfaction of the Liquidity Availability Conditions)), as more fully described in the section entitled "Credit Structure – Liquidity and Credit Support for the Notes provided by Available Revenue Receipts".

• The Tranche C Loan, will be an amount equal to the amount of interest required by the Issuer to pay interest due and payable on the Class C Notes on such Payment Date less an amount equal to any Principal Addition Amounts used to cure any Senior Expenses Deficit on the Class C Notes in accordance with item (a) of the relevant section of the Issuer Pre-Enforcement Redemption Priority of Payments.

• The amount of Principal Available Funds (to the extent available) equal to the lesser of (a) the amount of Principal Available Funds available for application pursuant to the Pre-Acceleration Principal Priority of Payments on the immediately following Payment Date; and (b) the amount of such Senior Expenses Deficit is referred to as the Principal Addition Amounts.

• Available Principal Receipts (if any) may only be redirected as Principal Addition Amounts in respect of a Senior Expenses Deficit.

• Any Available Principal Receipts applied as Principal Addition Amounts will be recorded as a debit to the Principal Deficiency Ledger; and The availability of interest provided by the Issuer Account Bank in respect of monies held in the Issuer Accounts and income from any Authorised Investments (see the section "Cashflows" for further details).

More Definitions of Principal Addition Amounts

Principal Addition Amounts has the meaning given to it in Paragraph 7.2 (Use of Available Redemption Receipts to pay Senior Expenses Deficit) of Schedule 2 (Cash Management and Maintenance of Ledgers) of the Cash Management Agreement;

Principal Addition Amounts means, on each Determination Date, if the Management Company determines that a Senior Expenses Deficit would occur on the immediately succeeding Payment Date, the amount of Principal Available Funds available for application pursuant to item one (1) of the Pre-Enforcement Principal Priority of Payments to pay items one (1) to five (5) of the Pre- Enforcement Interest Priority of Payments, or if the Regulatory Call Priority of Payments has been applied upon the exercise by the Seller of a Partial Redemption Regulatory Call, items one (1) to three (3) of the Seller Loan Interest Priority of Payments, as calculated by the Management Company.