Sequential Amortization Period definition
Sequential Amortization Period means the period commencing on the Determination Date upon which a Sequential Amortization Event occurs and ending on the earlier to occur of (i) the Determination Date upon which all existing Sequential Amortization Events have been cured and no longer continuing and (ii) the day the Notes have been paid in full and all other amounts due and payable under the Indenture have been paid in full.
Sequential Amortization Period. ’ means the period commencing on a Sequential Amortization Commencement Date and, if such Sequential Amortization Commencement Date occurred as a result of the failure to pay a class of Class A Notes in full on its Targeted Final Distribution Date, ending on the Distribution Date on which such class of Class A Notes is paid in full so long as such Distribution Date occurs prior to the Targeted Final Distribution Date for the class of Class A Notes with the next highest numerical designation; provided that a Sequential Amortization Period shall not so terminate if the failure to so pay a class of Class A
Sequential Amortization Period means the period commencing on a Sequential Amortization Commencement Date and ending on the monthly settlement date on which the outstanding principal balances of all classes of Class A Notes which were not paid in full on their targeted final payment dates are paid in full; provided, however that a Sequential Amortization Period shall not terminate on a monthly settlement date unless we have received Class VPN Note Proceeds (or Servicer Liquidity Advances) on such monthly settlement date in a principal amount greater than or equal to 25% of the initial outstanding principal balance of the class of Class A Notes which was not paid on its targeted final payment date and which has the highest numerical designation on such monthly settlement date.
Examples of Sequential Amortization Period in a sentence
If the amount on deposit in the Reserve Account exceeds the Reserve Account Required Balance on any Payment Date during a Sequential Amortization Period, the amount of such excess will be transferred into the Collection Account and will be part of the Available Funds distributed pursuant to the Priority of Payments for such Payment Date.
The Issuer may obtain additional Class VPN Loans (i) on the Business Day preceding any Targeted Final Payment Date for each Class of Class A Notes, (ii) on any Class A Note Payment Date for a Class during a Sequential Amortization Period, or (iii) on the Business Day preceding any such date.
More Definitions of Sequential Amortization Period
Sequential Amortization Period means the period commencing on the Determination Date upon which a Sequential Amortization Event occurs and ending on the earlier to occur of (i) the Determination Date upon which all existing Sequential Amortization Events have been cured
Sequential Amortization Period means a Curable Amortization Period or an Extended Amortization Period.
Sequential Amortization Period. The period commencing on a Sequential Amortization Commencement Date and, if such Sequential Amortization Commencement Date occurred as a result of the failure to pay a class of Class A Notes in full on its Targeted Final Distribution Date, ending on the Distribution Date on which such class of Class A Notes is paid in full so long as such Distribution Date occurs prior to the Targeted Final Distribution Date for the class of Class A Notes with the next highest numerical designation; provided that a Sequential Amortization Period shall not so terminate if the failure to so pay a class of Class A Notes in full on its Targeted Final Distribution Date follows a failure to pay the class of Class A Notes with the next lowest numerical designation on its Targeted Final Distribution Date.
Sequential Amortization Period means the period commencing on a Sequential Amortization Commencement Date and ending on the Monthly Payment Date on which there are paid in full the Outstanding Amounts of all Classes of Class A Notes having consecutive numerical designations which were not paid in full on their respective Targeted Final Payment Dates; provided, however that a Sequential Amortization Period shall not so terminate on a Monthly Payment Date unless the Issuer has received Class VPN Loan Proceeds (or Servicer Liquidity Advances) on such Monthly Payment Date in a principal amount greater than or equal to 25% of the initial Outstanding Amount of the Class of Class A Notes which was not paid on its Targeted Final Payment Date and which has the highest numerical designation on such Monthly Payment Date.