Principal Payment Event definition

Principal Payment Event if applicable, shall mean the delivery by the Servicer of a notice to the Trustee of its election not to extend the Initial Principal Payment Date in accordance with Section 7.03.
View Source
Principal Payment Event means the delivery by the Servicer of a notice to the Trustee of its election not to extend the Initial Principal Payment Date in accordance with Section 9.2 of this Supplement.
View Source
Principal Payment Event means, after June 9, 2007, as of the end of each calendar quarter, if the Underwritable Cash Flow for the twelve (12) calendar month period immediately preceding the date of calculation shall be less than $4,000,000.00.
View Source

Examples of Principal Payment Event in a sentence

  • No principal will be payable to the Class A Securityholders until the earlier of the Scheduled Final Payment Date and, upon the occurrence of a Pay Out Event or Principal Payment Event, the Distribution Date following the Monthly Period in which the Pay Out Event or Principal Payment Event occurs.

  • No principal will be payable to the Class B Securityholders (other than with respect to Class B Excess Amounts) until the earlier of the Scheduled Final Payment Date and, upon the occurrence of a Pay Out Event or Principal Payment Event, the Distribution Date following the Monthly Period in which the Pay Out Event or Principal Payment Event occurs but in no event earlier than the Distribution Date either on or following the Distribution Date on which Class A Invested Amount has been paid in full.