Third Priority Principal Distribution Amount means, with respect to any Distribution Date, an amount equal to (a) the excess, if any, of (i) the aggregate outstanding principal amount of the Class A Notes, Class B Notes and Class C Notes as of such Distribution Date (before giving effect to any principal payments made on the Class A Notes, Class B Notes and Class C Notes on such Distribution Date), over (ii) the Adjusted Pool Balance for such Distribution Date minus (b) the First Priority Principal Distribution Amount and Second Priority Principal Distribution Amount for such Distribution Date; provided, however, that the Third Priority Principal Distribution Amount on the Final Scheduled Distribution Date of the Class C Notes shall not be less than the amount that is necessary to reduce the outstanding principal amount of the Class C Notes to zero.

Third Priority Principal Distribution Amount means, with respect to any Payment Date, an amount not less than zero equal to (a) an amount equal to (i) the sum of the aggregate outstanding principal amount of the Class A Notes, the Class B Notes and the Class C Notes as of the preceding Payment Date (after giving effect to any principal payments made on the Class A Notes, the Class B Notes and the Class C Notes on that preceding Payment Date), minus (ii) the Adjusted Pool Balance at the end of the Collection Period, minus (b) the sum of (i) the First Priority Principal Distribution Amount, plus (ii) the Second Priority Principal Distribution Amount; provided, that the Third Priority Principal Distribution Amount on and after the Class C Maturity Date shall not be less than the amount that is necessary to reduce the Outstanding Amount of the Class C Notes to zero.

Third Priority Principal Distribution Amount means, with respect to any Payment Date, an amount not less than zero equal to (a) an amount equal to (i) the sum of the aggregate outstanding principal amount of the Class A Notes, the Class B Notes and the Class C Notes as of the preceding Payment Date (after giving effect to any principal payments made on the Class A Notes, the Class B Notes and the Class C Notes on that preceding Payment Date), minus (ii) the Adjusted Pool Balance at the end of the Collection Period, minus (b) the sum of (i) the First Priority Principal Distribution Amount, plus (ii) the Second Priority Principal Distribution Amount; provided, however, that the Third Priority Principal Distribution Amount shall not exceed the sum of the aggregate outstanding principal amount of all of the Notes on that Payment Date (after giving effect to any principal payments made on the Notes on that preceding Payment Date); and provided further, that the Third Priority Principal Distribution Amount on and after the Class C Maturity Date shall not be less than the amount that is necessary to reduce the outstanding principal amount of the Class C Notes to zero.

Examples of Third Priority Principal Distribution Amount in a sentence

To pay to that Class of Notes then entitled to principal, any Third Priority Principal Distribution Amount.
N xi Aggregate A, B and C Notes Outstanding06/15/2021$498,755,249.14 xii Asset Balance08/31/2021$521,695,897.89 xiii First Priority Principal Distribution Amount $0.00 xiv Second Priority Principal Distribution Amount $0.00 xv Third Priority Principal Distribution Amount $0.00 C.
Nxi Aggregate A, B and C Notes Outstanding03/15/2022$79,089,898.61xii Asset Balance05/31/2022$103,750,681.38xiii First Priority Principal Distribution Amount $0.00xiv Second Priority Principal Distribution Amount $0.00xv Third Priority Principal Distribution Amount $0.00 C.

More Definitions of Third Priority Principal Distribution Amount

Third Priority Principal Distribution Amount means, with respect to any Distribution Date, an amount not less than zero equal to: (N – AB) – (FPDA + SPDA)

Third Priority Principal Distribution Amount means, with respect to any Payment Date, an amount not less than zero equal to the difference between (i) the excess, if any, of (a) the aggregate outstanding principal amount of the Notes as of the preceding Payment Date (after giving effect to any principal payments made on the Notes on such preceding Payment Date) over (b) the excess, if any of (1) the Pool Balance at the end of the Collection Period preceding such Payment Date over (2) the Yield Supplement Overcollateralization Amount, with respect to such Payment Date, and (ii) the sum of (a) the First Priority Principal Distribution Amount, if any, with respect to such Payment Date and (b) the Second Priority Principal Distribution Amount, if any, with respect to such Payment Date; provided, however, that the Third Priority Principal Distribution Amount on or after the Class C Final Scheduled Payment Date shall not be less than the amount that is necessary to reduce the outstanding principal amount of the Class C Notes to zero.

Third Priority Principal Distribution Amount means, for any Payment Date, an amount equal to (a) the excess of (x) the sum of the Class A Note Principal Amount, Class B Note Principal Amount and the Class C Note Principal Amount as of such Payment Date (before giving effect to any principal payments made on the Class A Notes, Class B Notes or Class C Notes on such Payment Date) over (y) the aggregate Outstanding Receivables Balance as of the last day of the Monthly Period minus (b) the First Priority Principal Distribution Amount and the Second Priority Principal Distribution Amount for such Payment Date; provided, that on the Class C Legal Final Payment Date, such amount will not be less than the amount necessary to reduce the Class C Note Principal Amount to zero.

Third Priority Principal Distribution Amount means, with respect to any Quarterly Distribution Date, an amount not less than zero equal to:

Third Priority Principal Distribution Amount means, with respect to any Payment Date, an amount not less than zero equal to (i) an amount equal to (A) the sum of the aggregate outstanding principal amount of the Class A Notes, the Class B Notes and the Class C Notes as of the preceding Payment Date (after giving effect to any principal payments made on the Class A Notes, Class B Notes and Class C Notes on that preceding Payment Date), minus (B) the Adjusted Pool Balance at the end of the Collection Period, minus (ii) the sum of (A) the First Priority Principal Distribution Amount, plus (B) the Second Priority Principal Distribution Amount; provided, however, that the Third Priority Principal Distribution Amount shall not exceed the sum of the aggregate outstanding principal amount of all of the Notes on that Payment Date (after giving effect to any principal payments made on the Notes on that preceding Payment Date); provided further, that the Third Priority Principal Distribution Amount on and after the Final Scheduled Maturity Date of the Class C Notes shall not be less than the amount that is necessary to reduce the outstanding principal amount of the Class C Notes to zero.

Third Priority Principal Distribution Amount has the meaning specified in Section 5.15(viii).