Special Amortization Sample Clauses
Special Amortization. The Notes may be amortized in part by the Issuer (at the election and direction of the Collateral Manager) if, at any time during the Reinvestment Period, the Collateral Manager has been unable, for a period of at least 30 consecutive days, to identify Substitute Collateral Debt Securities that it determines would be appropriate and would meet the Eligibility Criteria in sufficient amounts to permit the reinvestment of all or a portion of the Principal Proceeds then on deposit in the Principal Collection Account in Substitute Collateral Debt Securities. The Collateral Manager shall notify the Trustee, the Issuer, the Co-Issuer and each Hedge Counterparty of such election (a “Special Amortization”) and the amount of Principal Proceeds to be amortized (such amount, the “Special Amortization Amount”), which notice shall be given prior to the Determination Date related to the next Payment Date. On the first Payment Date following the date on which such notice is given, the Special Amortization Amount will be applied to amortize the Notes in accordance with the Priority of Payments (i) on a pro rata basis among all Classes of Notes if each of the S&P Special Amortization Pro Rata Condition and the Moody’s Special Amortization Pro Rata Condition is satisfied with respect to the related Payment Date; provided that in no event will the cumulative principal amount of Notes that is amortized pursuant to this clause (i) exceed $500,000,000; or (ii) sequentially among all Classes of Notes, if either the S&P Special Amortization Pro Rata Condition or the Moody’s Special Amortization Pro Rata Condition is not satisfied with respect to the related Payment Date; provided, however, that any portion of the Special Amortization Amount that represents recoveries in respect of Defaulted Securities will be distributed sequentially in any event.
Special Amortization. The Notes may be amortized in part by the Issuer (at the elections and direction of the Collateral Manager) if, at any time during the Reinvestment Period, the Collateral Manager has been unable, for a period of at least 30 consecutive days, to identify Substitute Collateral Debt Securities that it determines would be appropriate and would meet the Eligibility Criteria in sufficient amounts to permit the reinvestment of all or a portion of the Principal Proceeds then on deposit in the Principal Collection Account and the amounts on deposit in the Unused Proceeds Account in
Special Amortization. During the Reinvestment Period, the Collateral Manager may direct the Issuer at least three Business Days prior to any Payment Date to effect a Special Amortization on one or more Payment Dates if, at any time during the related Due Period (A) the Collateral Manager has been unable, for a period of at least 30 consecutive days, to identify Collateral Debt Obligations that it determines would be appropriate and would meet the Reinvestment Criteria in sufficient amounts to permit the reinvestment of all or a portion of the Principal Collections then deposited in the Collection Accounts in Additional Collateral Debt Obligations and (B) the Collateral Manager elects, in its sole discretion, to designate all or a portion of such Principal Collections for payment of principal of the Secured Notes in order of seniority by notification to the Trustee, the Rating Agencies and the Issuer (the amount of such Principal Collections, the “Special Amortization Amount”). On the first Payment Date following any date on which such notice is given, amounts remaining after giving effect to clauses (A) through (N) of the Principal Waterfall in an amount equal to the Special Amortization Amount will be applied to pay principal of the Secured Notes, sequentially in order of seniority. The Collateral Manager may withdraw any notice designating Principal Collections as a Special Amortization Amount on or prior to the related Calculation Date. Any such Special Amortization resulting in a repayment of principal of the Class A-2 Notes shall also result in a permanent reduction of Class A-2 Commitments.