Term Note Balance definition
Term Note Balance. With respect to any Payment Date and any Class of Term Notes, the Initial Term Note Balance of such Class reduced by all payments of principal on such Class prior to such Payment Date.
Term Note Balance. (as defined in the Term WCMA Note) in inverse order of maturity; with any prepayment in excess of the then Term Note Balance applied on account of the WCMA Note concurrently with: (i) a like permanent reduction in the Maximum WCMA Line of Credit, and (ii) a like reduction in the obligation of MLBFS to fund future installments on account of the Term Note in inverse order of funding. No amount prepaid pursuant to this Section may be re-borrowed by Customer.
Term Note Balance is the outstanding principal balance on the Class A Term Notes on the Monthly Distribution Date on which the Class A Term Note Cash Accumulation Reserve Fund Required Amount is being calculated after distribution of principal on that Monthly Distribution Date, and Note Mismatch Rate is 0.225%.