Class B Target Principal Amount definition

Class B Target Principal Amount means, with respect to any Payment Date, the product of (i) the Class B Percentage and (ii) the Contract Pool Principal Balance as of the related Accounting Date.

Class B Target Principal Amount means:

Class B Target Principal Amount means, with respect to any Payment Date or the immediately preceding Cut-Off Date, (a) so long as the Class A Principal Amount on such Cut-Off Date is greater than zero and, on such Payment Date after giving effect to the distributions to be made pursuant to paragraph sixth of the Pre-Enforcement Priority of Payments, would remain greater than zero, the Class B Principal Amount, or (b) if on such Cut-Off Date the Class A Principal Amount is zero or if on such Payment Date after giving effect to distributions pursuant to paragraph sixth of the Pre-Enforcement Priority of Payments, it will have been reduced to zero, an amount equal to the least of (i) the Class B Principal Amount as of that Cut-Off Date, (ii) the Aggregate Outstanding Loan Principal Amount as of that Cut-Off Date, and (iii) the Class B Target Principal Amount with respect to the next preceding Payment Date;

Examples of Class B Target Principal Amount in a sentence

• Subject to the limitations set forth in Note Condition 2.5 (Limited recourse and non petition) and, in particular, subject to the Post-Enforcement Priority of Payments, on each Payment Date, the Notes will be subject to redemption in accordance with the Pre-Enforcement Priority of Payments sequentially in the following order: first the Class A Notes up to the Class A Target Principal Amount and thereafter the Class B Notes up to the Class B Target Principal Amount.

• REDEMPTION 5.1 Amortisation Subject to the limitations set forth in Note Condition 2.5 (Limited recourse and non petition) and, in particular, subject to the Issuer Post-Enforcement Priority of Payments, on each Payment Date,the Notes will be subject to redemption in accordance with the Issuer Pre-Enforcement Priority of Payments sequentially in the following order: first the Class A Notes up to the Class A Target Principal Amount and thereafter the Class B Notes up to the Class B Target Principal Amount.

More Definitions of Class B Target Principal Amount

Class B Target Principal Amount means, as of any PAYMENT DATE falling on or after the date on which all CLASS A NOTES have been redeemed in full, (a) unless a PRINCIPAL DEFICIENCY TRIGGER EVENT has not occurred, the AGGREGATE OUTSTANDING PRINCIPAL AMOUNT (as calculated by the Servicer) as of the CUT-OFF DATE immediately preceding such PAYMENT DATE or (b) in case a PRINCIPAL DEFICIENCY TRIGGER EVENT has occurred as of such PAYMENT DATE, zero;

Class B Target Principal Amount means, in respect of each Payment Date an amount calculated on the immediately preceding Calculation Date as follows: (a) so long as the Principal Amount Outstanding of the Class A Notes on the immediately preceding Calculation Date is greater than zero and, on such Payment Date after giving effect to the distributions to be made pursuant to paragraph ninth of the Pre- Enforcement Priority of Payments, would remain greater than zero, the Principal Amount Outstanding of the Class B Notes, or (b) if on such

Class B Target Principal Amount means, with respect to any Distribution Date, the product of (a) the Class B Percentage and (b) the ADCB for all Contracts held by the Trust as of the last day of the Collection Period immediately preceding such Distribution Date.

Class B Target Principal Amount means, prior to the date on which all Class A Notes have been redeemed in full, the Aggregate Note Principal Amount Outstanding of the Class B Notes as of the Closing Date, and as of any Payment Date falling on or after the date on which all Class A Notes have been redeemed in full, the Adjusted Aggregate Asset Amount Outstanding as of the Calculation Date immediately preceding such Payment Date (such Calculation Date being, for the avoidance of doubt, the Calculation Date immediately preceding the date on which the Class A Notes have been redeemed in full);