Scheduled Principal Collections definition

Scheduled Principal Collections means, with respect to any Collection Period, the amount of any Principal Collections scheduled to be received by the Servicer with respect to such Collection Period as reported by the Servicer for such Collection Period.

Scheduled Principal Collections means, with respect to any Collection Period, the amount of any Principal Collections scheduled to be received by the Servicer with respect to such Collection Period as reported by the Servicer for such Collection Period; Set-Off Reserve If, at any time, a Set-Off Reserve Trigger Event occurs, the Seller will be required, within thirty (30) calendar days, to transfer the Set-Off Reserve Amount to an account of the Issuer held with the Account Bank ("Set- Off Reserve Account"). The amounts, if any, standing to the credit of the Set-Off Reserve Account shall be included in the Available Principal Amount and shall be applied on any Payment Date in accordance with the Pre-Enforcement Principal Priority of Payments if and to the extent that (i) any amounts that would otherwise have to be transferred to the Issuer as Deemed Collections within the meaning of item(B) (i) of the definition of Deemed Collections for the Collection Period ending on the relevant Cut-Off Date were not received by the Seller as a result of any of the actions described in item (B) (i) of the definition of Deemed Collections and (ii) the Issuer does not have a right of set-off against the Seller with respect to such amounts on the relevant Payment Date. On any Payment Date following the occurrence of a Set-Off Reserve Trigger Event, the Issuer shall pay to the Seller the Set-Off Reserve Excess Amount. "Set-Off Reserve Excess Amount" shall mean, as of any Payment Date, the excess of the amounts standing to the credit of the Set-Off Reserve Account over the Set-Off Reserve Amount on the Cut-Off Date immediately preceding such Payment Date, taking into account a drawing (if any) to be made to comply with payment obligations in accordance with Pre-Enforcement Principal Priority of Payments on such Payment Date. A "Set-Off Reserve Trigger Event" shall have occurred if, at any time, (i) Santander Consumer Finance,S.A. ceases to have the Set-Off Required Rating or (ii) Santander Consumer Finance, S.A. ceases to own, directly or indirectly, at least 75% of the share capital of the Seller, or (iii) S&P notifies any of the Seller, the Issuer or the Transaction Security Trustee in writing that the Seller is no longer eligible under the then applicable rating criteria of S&P, unless in each case (i) and (ii), the Seller has at least the Set-Off Required Rating. A "Set-Off Required Rating" shall mean, with respect to any entity, that the long-term unsecured, unsubordinated and unguaranteed debt obliga...

Examples of Scheduled Principal Collections in a sentence

• Except on the Payment Date in the month specified in the Adoption Annex, on each Payment Date, the Indenture Trustee shall distribute out of the Payment Account to the Holders of each Class of Notes the Principal Collections from the related Loan Group up to the related Scheduled Principal Collections Payment Amount but not in excess of the related Note Principal Balance.

• Except on the Payment Date in the month specified in the Adoption Annex, on each Payment Date, the Indenture Trustee shall distribute out of the Collection Account to the Holders of the Notes the Principal Collections up to the Scheduled Principal Collections Payment Amount but not in excess of the Note Principal Balance.

• The dollar amount of any Overcollateralization Step-Down Amount for a Loan Group will be deducted from the Scheduled Principal Collections Payment Amount for that Loan Group and paid to the Transferor.

• The dollar amount of any Excess Overcollateralization Amount for a Loan Group will be deducted from the Scheduled Principal Collections Payment Amount for that Loan Group and paid to the Transferor.

• So long as a Rapid Amortization Event has not occurred, the dollar amount of any Excess Overcollateralization Amount for a Loan Group will be deducted from the Scheduled Principal Collections Payment Amount for that Loan Group and paid to the Issuer for distribution pursuant to the Trust Agreement.

• Subject to Section ------------------------------------------- 11.02(b) and except on the Stated Maturity Date, on each Distribution Date, the Trustee shall distribute out of the Certificate Account to Investor Certificateholders the Trust Principal Collections up to the Scheduled Principal Collections Payment (but not in excess of the Certificate Principal Balance).

• On each Payment Date following the termination of the Funding Period, the Trustee shall, subject to Section 11.02(b) and except on the Payment Date in __________ 200_, distribute out of the Collection Account to the Class a Certificateholders the Scheduled Principal Collections Distribution Amount (together with amounts transferred to the Collection Account from the Spread Account pursuant to Section 4.03(b) relating to principal up to but not in excess of the Class A Certificate Principal Balance.

• So long as a Rapid Amortization Event has not occurred, the dollar amount of any Excess Overcollateralization Amount will be deducted from the Scheduled Principal Collections Payment Amount and paid to the Issuer for distribution pursuant to the Trust Agreement.

• On each Payment Date during the Funding Period, the Trustee shall withdraw from the Collection Account and deposit to the Funding Account the Scheduled Principal Collections Distribution Amount for such Payment Date.

• On each Payment Date during the Funding Period, the Scheduled Principal Collections Distribution Amount shall be deposited into the Funding Account and shall not be distributed to the Class A Certificateholders.