First Priority Principal Payment means, for a Payment Date, the greater of:
First Priority Principal Payment means, for each Payment Date, a payment of principal equal to the excess, if any, of the aggregate principal amount of the Class A Notes (before giving effect to any payments on that Payment Date) over the Pool Balance at the end of the related Collection Period.
First Priority Principal Payment means, with respect to any Payment Date, an amount equal to the excess, if any, of (x) the aggregate Note Balance of the Class A Notes as of the immediately preceding Payment Date (or, for the initial Payment Date, as of the Closing Date) over (y) the Series 2021-1 Allocated Pool Balance.
Examples of First Priority Principal Payment in a sentence
Each of (i) the subordination of interest payments to the Noteholders of the Class B Notes to the payment of any First Priority Principal Payment to the Noteholders of the Class A Notes and (ii) the subordination of interest payments to the Noteholders of the Class C Notes to the payment of any Second Priority Principal Payment to the Noteholders of the Class A Notes and the Class B Notes under Section 8.2(c) is a subordination agreement within the meaning of Section 510(a) of the Bankruptcy Code.
More Definitions of First Priority Principal Payment
First Priority Principal Payment means, with respect to any Payment Date, (a) at any time prior to the occurrence of an Event of Default described in any of clauses (a), (b), (c), (d), (e), (f) or (i) of the definition of Event of Default, an amount equal to the excess (if any) of (i) the Class A Note Balance as of the end of the related Collection Period minus any amounts on deposit in the Principal Distribution Account after withdrawing amounts, if any, to be applied as Available Funds and prior to the application of Section 8.06(a) of the Indenture on such Payment Date over (ii) the Adjusted Loan Principal Balance as of the end of the related Collection Period and (b) at any time from and after the occurrence of an Event of Default described in any of clauses (a), (b), (c), (d), (e), (f) or (i) of the definition of Event of Default or on or after the Stated Maturity Date in respect of the Class A Notes, the Class A Note Balance.
First Priority Principal Payment means, with respect to any Payment Date, (a) at any time prior to the occurrence of an Event of Default, an amount equal to the excess (if any) of (i) the Class A Note Balance as of the end of the related Collection Period over (ii) the Adjusted Loan Principal Balance as of the end of the related Collection Period and (b) at any time from and after the occurrence of an Event of Default or on or after the Stated Maturity Date in respect of the Class A Notes, the Class A Note Balance. SALE AND SERVICING AGREEMENT (RMIT 2021-1) - Schedule II - 15
First Priority Principal Payment. Second Priority Principal Payment Third Priority Principal Payment Regular Principal Payment TOTAL IV. NOTEHOLDER PAYMENTS NOTEHOLDER PRINCIPAL PAYMENTS NOTEHOLDER INTEREST PAYMENTS ----------------------------- ---------------------------- TOTAL PAYMENT PER $1,000 PER $1,000 ------------------------- OF ORIGINAL OF ORIGINAL PER $1,000 OF ACTUAL BALANCE ACTUAL BALANCE ACTUAL ORIGINAL BALANCE ------ ----------- ------ ----------- ------ ---------------- Class A-1 Notes Class A-2a Notes Class A-2b Notes Class A-3a Notes Class A-3b Notes Class A-4a Notes Class A-4b Notes Class B Notes Class C Notes Class D Notes TOTAL FORD CREDIT AUTO OWNER TRUST 2007-X MONTHLY INVESTOR REPORT Collection Period Payment Date Transaction Month
First Priority Principal Payment means, with respect to any Payment Date, (a) at any time prior to the occurrence of an Event of Default described in any of clauses (a), (b), (c), (d), (e), (f), (i) or (k) of the definition of Event of Default, an amount equal to the excess (if any) of (i) the Class A Note Balance as of the end of the related Collection Period minus any amounts on deposit in the Principal Distribution Account after withdrawing amounts, if any, to be applied as Available Funds with respect to such Payment Date and prior to the application of Section 8.06(a) of the Indenture on such Payment Date over (ii) the Adjusted Loan Principal Balance as of the end of the related Collection Period and (b) at any time from and after the occurrence of an Event of Default described in any of clauses (a), (b), (c), (d), (e), (f), (i) or (k) of the definition of Event of Default or on or after the Stated Maturity Date in respect of the Class A Notes, the Class A Note Balance.