Third Principal Distributable Amount definition
Third Principal Distributable Amount means, with respect to any Distribution Date, the excess, if any, of the Note Balance of the Class A Notes, Class B Notes and Class C Notes on that Distribution Date (before giving effect to any payments made to holders of the Notes on that Distribution Date) over the sum of the Priority Principal Distributable Amount, the Secondary Principal Distributable Amount and the Pool Balance as of the last day of the related Collection Period; provided, however, that on and after the Final Scheduled Distribution Date for the Class C Notes, the Third Principal Distributable Amount will be not less than the amount that is necessary to reduce the outstanding principal balance of the Class C Notes to zero.
Third Principal Distributable Amount has the meaning specified in the Indenture.
Examples of Third Principal Distributable Amount in a sentence
If the Class A Notes and the Class B Notes have been paid in full, the Third Principal Distributable Amount and the Fourth Principal Distributable Amount not paid in full pursuant to Section 2.08(a) of the Indenture.