Principal Distribution Allocation definition

Principal Distribution Allocation means that (a) on any Payment Date when either (i) the Overcollateralization Percentage as of the prior Payment Date (or in the case of the first Payment Date, the Overcollateralization Percentage as of the Closing Date) is less than 23.00% or (ii) a Cumulative Net Loss Trigger, a Recovery Trigger or an Annualized Net Loss Trigger is in effect, principal will be paid first to the Class A Noteholders until the Class A Note Principal Amount is reduced to zero, then to the Class B Noteholders until the Class B Note Principal Amount is reduced to zero and then to the Class C Noteholders until the Class C Note Principal Amount is reduced to zero and (b) on any other Payment Date, principal will be paid to the Class A Noteholders, the Class B Noteholders and the Class C Noteholders, pro rata based on the Class A Note Principal Amount, the Class B Note Principal Amount and the Class C Note Principal Amount as of the related Determination Date, until the Class A Note Principal Amount, the Class B Note Principal Amount and the Class C Note Principal Amount have been reduced to zero.
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Principal Distribution Allocation means, with respect to each Payment Date, Available Funds in the Collection Account for payment of principal on the Notes pursuant to Section 5.04(c) of the Indenture.
Sample 1

Related to Principal Distribution Allocation

  • Principal Distribution Amount For any Distribution Date, the sum of (i) the Basic Principal Distribution Amount for such Distribution Date and (ii) the Extra Principal Distribution Amount for such Distribution Date.

  • Regular Principal Distribution Amount means, with respect to any Payment Date, an amount equal to (a) the excess, if any, of (i) the Note Balance as of such Payment Date (before giving effect to any principal payments made on the Notes on such Payment Date), over (ii) the excess, if any, of the Adjusted Pool Balance as of the end of the related Collection Period less the Overcollateralization Target Amount minus (b) the sum of the First Priority Principal Distribution Amount and the Second Priority Principal Distribution Amount for such Payment Date.