Examples of Stepdown Date in a sentence
Principal payments will be made to the class B noteholders on each distribution date on and after the Stepdown Date, provided that a Trigger Event has not occurred and is not continuing, in an amount generally equal to the Class B Noteholders’ Principal Distribution Amount for that distribution date.
On each Distribution Date or, in the case of payments to the Supplemental Interest Trust, on each Swap Payment Date (to the extent that such payments are available to be made on the related Distribution Date) (a) on or after the Stepdown Date and (b) on which a Trigger Event is not in effect, the holders of each class of LIBOR Certificates will be entitled to receive distributions in respect of principal to the extent of the Principal Distribution Amount in the following amounts and order of priority: 1.
A Note Parity Trigger will occur on any distribution date on and after the Stepdown Date if (a) the sum of the Pool Balance plus amounts on deposit in the reserve account (excluding amounts on deposit in the TERI pledge fund) at the end of the preceding Collection Period is less than (b) 101% of the outstanding principal balance of the offered notes after payments on that distribution date.
Stepdown Date The “Stepdown Date” will be the December 2010 distribution date.
With respect to each quarterly distribution date (a) before the Stepdown Date or(b) with respect to which a Trigger Event is in effect, holders of the class A notes will be entitled to receive 100% of the Principal Distribution Amount for such quarterly distribution date, paid sequentially, first to the class A-1 notes, second, to the classA-2 notes and third, pro rata, to the class A-3 and class A-4 notes, until the outstanding balances thereof have been reduced to zero.