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, with respect to any Distribution Date, the excess, if any, of (x) the Required Pro Forma Class A Note Balance over (y) the Pro Forma Class A Note Balance on such Distribution Date, calculated for this definition only without deduction for any Step-Down Amount (i.e., assuming that the entire amount described in clause (x) of the definition of "Class A Noteholders' Monthly Principal Distributable Amount" is distributed as principal on the Class A Notes).
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.
More Definitions of Step-Down Amount
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.
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 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 Xxxxxxxxx Xxxxxxxxxxx Xxxxxxx 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) 5% of the Aggregate Outstanding Balance of all Receivables held as Collateral as of the end of the related Settlement Period.
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) $15,000,000 or (ii) the outstanding principal amount of all Classes of Notes.
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 (x) of the definition of "Principal Distributable Amount" is distributed as principal on the Notes and the Certificates).
Step-Down Amount in Section 1.1 is deleted in its entirety and replaced with the following: