Common use of Distributions of Principal Clause in Contracts

Distributions of Principal. (i) In the event that any First Priority Principal Payment, Second Priority Principal Payment, Third Priority Principal Payment or Regular Priority Principal Payment is required to be made on any Payment Date prior to the beginning of the Amortization Period pursuant to Section 8.2(c), such amounts will be deposited pursuant to such applicable clauses on such Payment Date into the Principal Funding Account, to the extent of Series 2023-1 Available Funds. Amounts, if any, on deposit in the Principal Funding Account shall remain on deposit therein, except to be applied as follows: 51 (A) in the event that, immediately following distributions on any Payment Date (a) the Revolving Period is in effect and (b) the Series 2023-1 Allocated Pool Balance exceeds the Adjusted Series Invested Amount for Series 2023-1, the amount of such excess (to the extent on deposit in the Principal Funding Account) will be withdrawn from the Principal Funding Account and remitted to the Distribution Account on the immediately succeeding Payment Date to be included as Series 2023-1 Available Funds on such immediately succeeding Payment Date; (B) in connection with any Optional Redemption, amounts on deposit in the Principal Funding Account may be withdrawn and applied to pay any amounts due in connection therewith; or (C) in the event that the Amortization Period is in effect immediately following distributions made on any Payment Date, amounts on deposit in the Principal Funding Account will be paid to the Noteholders on such Payment Date in the order set forth under Section 8.2(d)(ii), until the aggregate Note Balance of the Class A Notes, Class B Notes and Class C Notes is reduced to zero.

Distributions of Principal. (i) In the event that any First Priority Principal Payment, Second Priority Principal Payment, Third Priority Principal Payment or Regular Priority Principal Payment is required to be made on any Payment Date prior to the beginning of the Amortization Period pursuant to Section 8.2(c), such amounts will be deposited pursuant to such applicable clauses on such Payment Date into the Principal Funding Account, to the extent of Series 20232022-1 7 Available Funds. Amounts, if any, on deposit in the Principal Funding Account shall remain on deposit therein, except to be applied as follows: 51 (A) in the event that, immediately following distributions on any Payment Date (a) the Revolving Period is in effect and (b) the Series 20232022-1 7 Allocated Pool Balance exceeds the Adjusted Series Invested Amount for Series 20232022-17, the amount of such excess (to the extent on deposit in the Principal Funding Account) will be withdrawn from the Principal Funding Account and remitted to the Distribution Account on the immediately succeeding Payment Date to be included as Series 20232022-1 7 Available Funds on such immediately succeeding Payment Date; (B) in connection with any Optional Redemption, amounts on deposit in the Principal Funding Account may be withdrawn and applied to pay any amounts due in connection therewith; or (C) in the event that the Amortization Period is in effect immediately following distributions made on any Payment Date, amounts on deposit in the Principal Funding Account will be paid to the Noteholders on such Payment Date in the order set forth under Section 8.2(d)(ii), until the aggregate Note Balance of the Class A A-1a Notes, Class A-1b Notes, Class B Notes and Class C Notes is reduced to zero.

Distributions of Principal. (i) In the event that any First Priority Principal Payment, Second Priority Principal Payment, Third Priority Principal Payment or Regular Priority Principal Payment is required to be made on any Payment Date prior to the beginning of the Amortization Period pursuant to Section 8.2(c), such amounts will be deposited pursuant to such applicable clauses on such Payment Date into the Principal Funding Account, to the extent of Series 20232021-1 2 Available Funds. Amounts, if any, on deposit in the Principal Funding Account shall remain on deposit therein, except to be applied as follows: 51 (A) in the event that, immediately following distributions on any Payment Date (a) the Revolving Period is in effect and (b) the Series 20232021-1 2 Allocated Pool Balance exceeds the Adjusted Series Invested Amount for Series 20232021-12, the amount of such excess (to the extent on deposit in the Principal Funding Account) will be withdrawn from the Principal Funding Account and remitted to the 50 Distribution Account on the immediately succeeding Payment Date to be included as Series 20232021-1 2 Available Funds on such immediately succeeding Payment Date; (B) in connection with any Optional Redemption, amounts on deposit in the Principal Funding Account may be withdrawn and applied to pay any amounts due in connection therewith; or (C) in the event that the Amortization Period is in effect immediately following distributions made on any Payment Date, amounts on deposit in the Principal Funding Account will be paid to the Noteholders on such Payment Date Date, sequentially by class, in the order set forth under Section 8.2(d)(ii), until the aggregate Note Balance of the Class A Notes, Class B Notes and Class C Notes is reduced to zero.

Distributions of Principal. (i) In the event that any First Priority Principal Payment, Second Priority Principal Payment, Third Priority Principal Payment or Regular Priority Principal Payment is required to be made on any Payment Date prior to the beginning of the Amortization Period pursuant to Section 8.2(c), such amounts will be deposited pursuant to such applicable clauses on such Payment Date into the Principal Funding Account, to the extent of Series 20232021-1 Available Funds. Amounts, if any, on deposit in the Principal Funding Account shall remain on deposit therein, except to be applied as follows: 51 (A) in the event that, immediately following distributions on any Payment Date (a) the Revolving Period is in effect and (b) the Series 20232021-1 Allocated Pool Balance exceeds the Adjusted Series Invested Amount for Series 20232021-1, the amount of such excess (to the extent on deposit in the Principal Funding Account) will be withdrawn from the Principal Funding Account and remitted to the 50 Distribution Account on the immediately succeeding Payment Date to be included as Series 20232021-1 Available Funds on such immediately succeeding Payment Date; (B) in connection with any Optional Redemption, amounts on deposit in the Principal Funding Account may be withdrawn and applied to pay any amounts due in connection therewith; or (C) in the event that the Amortization Period is in effect immediately following distributions made on any Payment Date, amounts on deposit in the Principal Funding Account will be paid to the Noteholders on such Payment Date Date, sequentially by class, in the order set forth under Section 8.2(d)(ii), until the aggregate Note Balance of the Class A Notes, Class B Notes and Class C Notes is reduced to zero.