Examples of Principal Available Funds in a sentence
On each Quarterly Calculation Date the Calculation Agent will calculate the amount of the Quarterly Interest Available Funds and the Principal Available Funds available or to be made available to the Issuer in the Transaction Account to satisfy its obligations under the Notes or, prior to the Mandatory Redemption Date to purchase New Loans, as the case may be.
To the extent that Principal Available Funds and Monthly or Quarterly Interest Available Funds are insufficient to repay any principal or pay any Accrued Interest outstanding on any Class of Notes on the Final Redemption Date, any amount of the Principal Amount Outstanding of, and Accrued Interest on, such Notes in excess of the amount available for redemption or payment at such time, will cease to be payable by the Issuer.
Following the Mandatory Amortisation Date As from the first Quarterly Payment Date falling on or, as the case may be, immediately following the Mandatory Amortisation Date and on each Quarterly Payment Date thereafter prior to the issuance of an Enforcement Notice, the Issuer will be obliged to apply the Principal Available Funds (if any) in making the payments or provisions in the order of priority set out in, subject to and in accordance with the Principal Priority of Payments.
The remaining Principal Available Funds not used for acquiring Additional Receivables shall remain credited to the Principal Account.
As from the first Quarterly Payment Date falling in February 2011 and on each Quarterly Payment Date thereafter until the Mandatory Amortisation Date and, in any event, prior to the issuance of an Enforcement Notice, the Issuer may, but is not obliged to, apply the Principal Available Funds (if any) in whole or in part in making the payments or provisions, in the order of priority as set out in, subject to and in accordance with the Principal Priority of Payments.