Step-Down Amount definition

Step-Down Amount means, with respect to any Distribution Date, the excess, if any, of (x) the Required Pro Forma Note Balance over (y) the Pro Forma Note Balance on such Distribution Date, calculated for this purpose only without deduction for any Step-Down Amount (i.e., assuming that the entire amount described in clause (x) of the definition of “Principal Distributable Amount” is distributed as principal on the Notes); provided, however, that the Step-Down Amount in no event may exceed the amount that would reduce the positive difference, if any, of (i) the Pool Balance minus (ii) the Pro Forma Note Balance, to an amount less than 0.50% of the initial aggregate principal balance of the Receivables.

Step-Down Amount means, with respect to any Distribution Date, the excess, if any, of (x) the Required Pro Forma Note Balance over (y) the Pro Forma Note Balance on such Distribution Date, calculated for this purpose only without deduction for any Step-Down Amount (i.e., assuming that the entire amount described in clause (x) of the definition of "Principal Distributable Amount" is distributed as principal on the Notes).

Step-Down Amount means zero for any Remittance Date occurring during the Revolving Period or during the Rapid Amortization Period; for any Remittance Date occurring during the Regular Amortization Period, the excess, if any, of (x) the excess of (i) the Aggregate Outstanding Balance of all Receivables held as Collateral as of the end of the related Settlement Period over (ii) the Net Investment outstanding on such Remittance Date, assuming that 100% of the Monthly Principal Amount (without deduction for any Step-Down Amount) were applied in reduction of the Net Investment on such Remittance Date over (y) 8.50% of the Aggregate Outstanding Balance of all Receivables held as Collateral as of the end of the related Settlement Period.

Examples of Step-Down Amount in a sentence

• 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.

• After distribution and Step-Down Amount on current Payment Date Reserve Account Loan Interest: Standard Rate Based Portion $ 0.00 -------------- Risk Rate Based Portion $ 0.00 -------------- Reserve Account Loan Fee $ 0.00 -------------- Reserve Account Loan Balance $44,000,000.00 -------------- Reserve Account Loan-Other Fees $ 0.00 -------------- Company, Trustee, Servicer, and Class C Subsidiary Certificates --------------------------------------------------------------- 76.

• CALCULATION OF PRINCIPAL DISTRIBUTABLE AMOUNT: (25) Total Monthly Principal Collection Amounts (25) 16,851,943.67 --------------- (26) Required Pro Forma Class A Note Balance (87% x Line 9) (26) 591,210,455.24 --------------- (27) Pro Forma Class A Note Balance (Line 21 - Line 8) (27) 592,588,020.07 --------------- (28) Step-Down Amount (Max of 0 or (Line 26 - Line 27)) (28) -- -- --------------- --------------- (29) Principal Distribution Amount (Line 25 - Line 28) (29) 16,851,943.67 =============== V.

• Series: EUR 246,000,000 (the “ Initial Aggregate Nominal Amount”), subject to increase on each Notional Step Date on which a Notional Step-Up Amount is determined and reduction on each Notional Step Date on which a Notional Step-Down Amount is determined (see Special Condition (VII)).

• On each Notional Step Date (as defined in Special Condition (VII)) on which the Aggregate Nominal Amount of the Note is decreased by the Notional Step-Down Amount (as defined in Special Condition (VII)) (each such date, an “ Instalment Date”), the Issuer shall pay an amount equal to such Notional Step-Down Amount (an “Instalment Amount”) to the Noteholder.

More Definitions of Step-Down Amount

Step-Down Amount. As of any Payment Date, the lesser of (x) the Maximum Step-Down Amount for such Payment Date and (y) the Maximum Principal Payment or the Net Principal Collections as applicable to such Payment Date; provided, that for any Payment Date on which the Specified Overcollateralization Amount exceeds the Overcollateralization Amount, the Step-Down Amount shall be reduced (but not below zero) by the amount of any such excess.

Step-Down Amount. With respect to any Payment Date, the excess, if any of (a) the Overcollateralization Amount calculated for this purpose only without deduction for any Step-Down Amount (i.e., assuming that the entire amount described in clause (x) of the definition of Principal Payment Amount is distributed as principal on the Notes) over (b) the Target Overcollateralization Amount on such Payment Date.

Step-Down Amount means, with respect to any Distribution Date, the excess, if any, of (x) the Required Pro Forma Security Balance over (y) the Pro Forma Security Balance on such Distribution Date, calculated for this purpose only without deduction for any Step-Down Amount (i.e., assuming that the entire amount described in clause

Step-Down Amount has the meaning set forth in the Fee Letter.

Step-Down Amount means, with respect to any Monthly Payment Date, the excess, if any, of (a) the Required Pro Forma Note Balance over (b) the Pro Forma Note Balance on such Monthly Payment Date, calculated for this purpose only without deduction for any Step-Down Amount (i.e., assuming that the entire amount described in clause (x) of the definition of "Principal Distributable Amount" is distributed as principal on the Offered Notes and the Class VPN Loans).

Step-Down Amount means (x) $500,000 on the last day of each calendar month for the period commencing on October 31, 1998 and ending on May 31, 1999 and (y) $1,000,000 on the last day of each calendar month commencing on June 30, 1999." 3.3. The definition of the term "Revolving Credit Amount" in SECTION 1.1 of the Loan Agreement is hereby amended and restated as follows: "Revolving Credit Amount" means the maximum amount of Revolving Loans which Lenders will make available to Borrower. Prior to the satisfaction of the conditions precedent set forth in Amendment No. 3, the Revolving Credit Amount shall be equal to $75,000,000. Upon the satisfaction of the conditions precedent set forth in Amendment No. 3, the Revolving Credit Amount shall be equal to $105,000,000, subject to automatic reduction by the sum of (x) without duplication, the aggregate net proceeds of Indebtedness permitted under SECTION 5.14(B), not to exceed $45,000,000, plus (y) the Step-Down Amount. The Revolving Credit Amount shall be subject to reduction pursuant to SECTION 2.1.2." 3.4. The clause "Four Million Five Hundred Thousand Dollars ($4,500,000)" set forth twice in SECTION 5.24 of the Loan Agreement is hereby amended and restated in each instance to read "Five Million Five Hundred Thousand Dollars ($5,500,000)". 3.5. SECTION 5.25 is hereby amended and restated as follows: "5.25

Step-Down Amount means, with respect to any Distribution Date, the excess, if any, of (x) the Required Pro Forma Note Balance over (y) the Pro Forma Note Balance on such Distribution Date, calculated for this purpose only without deduction for any Step-Down Amount (I.E., assuming that the entire amount described in clause (x) of the definition of "Principal Distributable Amount" is distributed as principal on the Notes); PROVIDED, HOWEVER, that the Step-Down Amount in no event may exceed the amount that would reduce the sum of (i) the amount on deposit in the Reserve Account, plus (ii) the positive difference, if any, of the Pool Balance minus the Pro Forma Note Balance, to an amount less than the lesser of (i) $7,500,000 or (ii) the outstanding principal amount of all Classes of Notes.