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 2021-2 Available Funds. Amounts, if any, on deposit in the Principal Funding Account shall remain on deposit therein, except to be applied as follows: (A) in the event that, immediately following distributions on any Payment Date (a) the Revolving Period is in effect and (b) the Series 2021-2 Allocated Pool Balance exceeds the Adjusted Series Invested Amount for Series 2021-2, the amount of such excess (to the extent on deposit in the Principal Funding Account) will be withdrawn from the Principal Funding Account and remitted to the Distribution Account on the immediately succeeding Payment Date to be included as Series 2021-2 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Date; (B) in connection with any Optional Redemption, amounts on deposit in the Principal Funding Account may be withdrawn and applied to pay any amounts due in connection therewith; or (C) in the event that the Amortization Period is in effect immediately following distributions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, 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. (ii) On each Payment Date during the Amortization Period, the Note Paying Agent will (based on the information in the most recent Monthly Investor Report) pay any amounts allocated to principal under Section 8.2(c) in the following order of priority, in each case, applied pro rata according to the Note Balance of the Notes of that Class: (A) first, to the Noteholders of Class A Notes in payment of principal until the Note Balance of the Class A Notes has been reduced to zero; (B) second, to the Noteholders of Class B Notes in payment of principal until the Note Balance of the Class B Notes has been reduced to zero; (C) third, to the Noteholders of Class C Notes in payment of principal until the Note Balance of the Class C Notes has been reduced to zero; and (D) fourth, to the Class R Interest, any remaining amounts.

Appears in 2 contracts

Sources: Indenture (Verizon Master Trust), Indenture (Verizon Master Trust)

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 20212023-2 7 Available Funds. Amounts, if any, on deposit in the Principal Funding Account shall remain on deposit therein, except to be applied as follows: : (A) in the event that, immediately following distributions on any Payment Date (a) the Revolving Period is in effect and (b) the Series 20212023-2 7 Allocated Pool Balance exceeds the Adjusted Series Invested Amount for Series 20212023-27, 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 58 Date to be included as Series 20212023-2 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 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, sequentially by class, 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. (ii) On each Payment Date during the Amortization Period, the Note Paying Agent will (based on the information in the most recent Monthly Investor Report) pay any amounts allocated to principal under Section 8.2(c) in the following order of priority, in each case, applied pro rata according to the Note Balance of the Notes of that Class: : (A) first, to the Noteholders of Class A A-1a Notes and Class A-1b Notes, pro rata, based on the Note Balance of each such Class of Notes, in payment of principal until the aggregate Note Balance of the Class A Notes has been reduced to zero; ; (B) second, to the Noteholders of Class B Notes in payment of principal until the Note Balance of the Class B Notes has been reduced to zero; ; (C) third, to the Noteholders of Class C Notes in payment of principal until the Note Balance of the Class C Notes has been reduced to zero; and and (D) fourth, to the Series 2023-7 Series Certificate Distribution Account, for distribution to the Class R Interest, any remaining amounts.

Appears in 2 contracts

Sources: Indenture (Verizon Master Trust), Indenture Agreement (Verizon Master Trust)

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 20212022-2 Available Funds. Amounts, if any, on deposit in the Principal Funding Account shall remain on deposit therein, except to be applied as follows: : (A) in the event that, immediately following distributions on any Payment Date (a) the Revolving Period is in effect and (b) the Series 20212022-2 Allocated Pool Balance exceeds the Adjusted Series 50 Invested Amount for Series 20212022-2, 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 20212022-2 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 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, 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. (ii) On each Payment Date during the Amortization Period, the Note Paying Agent will (based on the information in the most recent Monthly Investor Report) pay any amounts allocated to principal under Section 8.2(c) in the following order of priority, in each case, applied pro rata according to the Note Balance of the Notes of that Class: : (A) first, to the Noteholders of Class A Notes in payment of principal until the Note Balance of the Class A Notes has been reduced to zero; ; (B) second, to the Noteholders of Class B Notes in payment of principal until the Note Balance of the Class B Notes has been reduced to zero; ; (C) third, to the Noteholders of Class C Notes in payment of principal until the Note Balance of the Class C Notes has been reduced to zero; and and (D) fourth, to the Class R Interest, any remaining amounts.

Appears in 2 contracts

Sources: Indenture (Verizon Master Trust), Indenture Agreement (Verizon Master Trust)

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 20212022-2 4 Available Funds. Amounts, if any, on deposit in the Principal Funding Account shall remain on deposit therein, except to be applied as follows: : (A) in the event that, immediately following distributions on any Payment Date (a) the Revolving Period is in effect and (b) the Series 20212022-2 4 Allocated Pool Balance exceeds the Adjusted Series Invested Amount for Series 20212022-24, 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 20212022-2 4 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 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, 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. (ii) On each Payment Date during the Amortization Period, the Note Paying Agent will (based on the information in the most recent Monthly Investor Report) pay any amounts allocated to principal under Section 8.2(c) in the following order of priority, in each case, applied pro rata according to the Note Balance of the Notes of that Class: : (A) first, to the Noteholders of Class A Notes in payment of principal until the Note Balance of the Class A Notes has been reduced to zero; ; (B) second, to the Noteholders of Class B Notes in payment of principal until the Note Balance of the Class B Notes has been reduced to zero; ; (C) third, to the Noteholders of Class C Notes in payment of principal until the Note Balance of the Class C Notes has been reduced to zero; and and (D) fourth, to the Class R Interest, any remaining amounts.

Appears in 2 contracts

Sources: Indenture (Verizon Master Trust), Indenture Agreement (Verizon Master Trust)

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 20212023-2 4 Available Funds. Amounts, if any, on deposit in the Principal Funding Account shall remain on deposit therein, except to be applied as follows: : (A) in the event that, immediately following distributions on any Payment Date (a) the Revolving Period is in effect and (b) the Series 20212023-2 4 Allocated Pool Balance exceeds the Adjusted Series Invested Amount for Series 20212023-24, 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 58 Date to be included as Series 20212023-2 4 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 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, sequentially by class, 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. (ii) On each Payment Date during the Amortization Period, the Note Paying Agent will (based on the information in the most recent Monthly Investor Report) pay any amounts allocated to principal under Section 8.2(c) in the following order of priority, in each case, applied pro rata according to the Note Balance of the Notes of that Class: : (A) first, to the Noteholders of Class A A-1a Notes and Class A-1b Notes, pro rata, based on the Note Balance of each such Class of Notes, in payment of principal until the aggregate Note Balance of the Class A Notes has been reduced to zero; ; (B) second, to the Noteholders of Class B Notes in payment of principal until the Note Balance of the Class B Notes has been reduced to zero; ; (C) third, to the Noteholders of Class C Notes in payment of principal until the Note Balance of the Class C Notes has been reduced to zero; and and (D) fourth, to the Series 2023-4 Series Certificate Distribution Account, for distribution to the Class R Interest, any remaining amounts.

Appears in 2 contracts

Sources: Indenture (Verizon Master Trust), Indenture (Verizon Master Trust)

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 20212024-2 1 Available Funds. Amounts, if any, on deposit in the Principal Funding Account shall remain on deposit therein, except to be applied as follows: : (A) in the event that, immediately following distributions on any Payment Date (a) the Revolving Period is in effect and (b) the Series 20212024-2 1 Allocated Pool Balance exceeds the Adjusted Series Invested Amount for Series 20212024-21, 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 58 Date to be included as Series 20212024-2 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 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, sequentially by class, 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. (ii) On each Payment Date during the Amortization Period, the Note Paying Agent will (based on the information in the most recent Monthly Investor Report) pay any amounts allocated to principal under Section 8.2(c) in the following order of priority, in each case, applied pro rata according to the Note Balance of the Notes of that Class: : (A) first, to the Noteholders of Class A A-1a Notes and Class A-1b Notes, pro rata, based on the Note Balance of each such Class of Notes, in payment of principal until the aggregate Note Balance of the Class A Notes has been reduced to zero; ; (B) second, to the Noteholders of Class B Notes in payment of principal until the Note Balance of the Class B Notes has been reduced to zero; ; (C) third, to the Noteholders of Class C Notes in payment of principal until the Note Balance of the Class C Notes has been reduced to zero; and and (D) fourth, to the Series 2024-1 Series Certificate Distribution Account, for distribution to the Class R Interest, any remaining amounts.

Appears in 2 contracts

Sources: Indenture (Verizon Master Trust), Indenture (Verizon Master Trust)

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 20212024-2 3 Available Funds. Amounts, if any, on deposit in the Principal Funding Account shall remain on deposit therein, except to be applied as follows: : (A) in the event that, immediately following distributions on any Payment Date (a) the Revolving Period is in effect and (b) the Series 20212024-2 3 Allocated Pool Balance exceeds the Adjusted Series Invested Amount for Series 20212024-23, 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 20212024-2 3 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 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, sequentially by class, 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. (ii) On each Payment Date during the Amortization Period, the Note Paying Agent will (based on the information in the most recent Monthly Investor Report) pay any amounts allocated to principal under Section 8.2(c) in the following order of priority, in each case, applied pro rata according to the Note Balance of the Notes of that Class: : (A) first, to the Noteholders of Class A A-1a Notes and Class A-1b Notes, pro rata, based on the Note Balance of each such Class of Notes, in payment of principal until the aggregate Note Balance of the Class A Notes has been reduced to zero; ; (B) second, to the Noteholders of Class B Notes in payment of principal until the Note Balance of the Class B Notes has been reduced to zero; ; (C) third, to the Noteholders of Class C Notes in payment of principal until the Note Balance of the Class C Notes has been reduced to zero; and and (D) fourth, to the Series 2024-3 Series Certificate Distribution Account, for distribution to the Class R Interest, any remaining amounts.

Appears in 2 contracts

Sources: Indenture (Verizon Master Trust), Indenture (Verizon Master Trust)

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 20212025-2 3 Available Funds. Amounts, if any, on deposit in the Principal Funding Account shall remain on deposit therein, except to be applied as follows: : (A) in the event that, immediately following distributions on any Payment Date (a) the Revolving Period is in effect and (b) the Series 20212025-2 3 Allocated Pool Balance exceeds the Adjusted Series Invested Amount for Series 20212025-23, 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 20212025-2 3 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 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 58 Noteholders on such Payment Date, sequentially by class, 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. (ii) On each Payment Date during the Amortization Period, the Note Paying Agent will (based on the information in the most recent Monthly Investor Report) pay any amounts allocated to principal under Section 8.2(c) in the following order of priority, in each case, applied pro rata according to the Note Balance of the Notes of that Class: : (A) first, to the Noteholders of Class A A-1a Notes and Class A-1b Notes, pro rata, based on the Note Balance of each such Class of Notes, in payment of principal until the aggregate Note Balance of the Class A Notes has been reduced to zero; ; (B) second, to the Noteholders of Class B Notes in payment of principal until the Note Balance of the Class B Notes has been reduced to zero; ; (C) third, to the Noteholders of Class C Notes in payment of principal until the Note Balance of the Class C Notes has been reduced to zero; and and (D) fourth, to the Series 2025-3 Series Certificate Distribution Account, for distribution to the Class R Interest, any remaining amounts.

Appears in 2 contracts

Sources: Indenture (Verizon Master Trust), Indenture (Verizon Master Trust)

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 20212023-2 5 Available Funds. Amounts, if any, on deposit in the Principal Funding Account shall remain on deposit therein, except to be applied as follows: : (A) in the event that, immediately following distributions on any Payment Date (a) the Revolving Period is in effect and (b) the Series 20212023-2 5 Allocated Pool Balance exceeds the Adjusted Series Invested Amount for Series 20212023-25, 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 58 Date to be included as Series 20212023-2 5 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 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, sequentially by class, 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. (ii) On each Payment Date during the Amortization Period, the Note Paying Agent will (based on the information in the most recent Monthly Investor Report) pay any amounts allocated to principal under Section 8.2(c) in the following order of priority, in each case, applied pro rata according to the Note Balance of the Notes of that Class: : (A) first, to the Noteholders of Class A A-1a Notes and Class A-1b Notes, pro rata, based on the Note Balance of each such Class of Notes, in payment of principal until the aggregate Note Balance of the Class A Notes has been reduced to zero; ; (B) second, to the Noteholders of Class B Notes in payment of principal until the Note Balance of the Class B Notes has been reduced to zero; ; (C) third, to the Noteholders of Class C Notes in payment of principal until the Note Balance of the Class C Notes has been reduced to zero; and and (D) fourth, to the Series 2023-5 Series Certificate Distribution Account, for distribution to the Class R Interest, any remaining amounts.

Appears in 2 contracts

Sources: Indenture (Verizon Master Trust), Indenture Agreement (Verizon Master Trust)

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 20212022-2 7 Available Funds. Amounts, if any, on deposit in the Principal Funding Account shall remain on deposit therein, except to be applied as follows: (A) in the event that, immediately following distributions on any Payment Date (a) the Revolving Period is in effect and (b) the Series 20212022-2 7 Allocated Pool Balance exceeds the Adjusted Series Invested Amount for Series 20212022-27, 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 20212022-2 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, sequentially by class, 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. (ii) On each Payment Date during the Amortization Period, the Note Paying Agent will (based on the information in the most recent Monthly Investor Report) pay any amounts allocated to principal under Section 8.2(c) in the following order of priority, in each case, applied pro rata according to the Note Balance of the Notes of that Class: (A) first, to the Noteholders of Class A A-1a Notes and Class A-1b Notes, pro rata, based on the Note Balance of each such Class of Notes, in payment of principal until the aggregate Note Balance of the Class A Notes has been reduced to zero; (B) second, to the Noteholders of Class B Notes in payment of principal until the Note Balance of the Class B Notes has been reduced to zero; (C) third, to the Noteholders of Class C Notes in payment of principal until the Note Balance of the Class C Notes has been reduced to zero; and (D) fourth, to the Series 2022-7 Series Certificate Distribution Account, for distribution to the Class R Interest, any remaining amounts.

Appears in 2 contracts

Sources: Indenture (Verizon Master Trust), Indenture Agreement (Verizon Master Trust)

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 20212025-2 5 Available Funds. Amounts, if any, on deposit in the Principal Funding Account shall remain on deposit therein, except to be applied as follows: (A) in the event that, immediately following distributions on any Payment Date (a) the Revolving Period is in effect and (b) the Series 20212025-2 5 Allocated Pool Balance exceeds the Adjusted Series Invested Amount for Series 20212025-25, 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 20212025-2 5 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, sequentially by class, 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. (ii) On each Payment Date during the Amortization Period, the Note Paying Agent will (based on the information in the most recent Monthly Investor Report) pay any amounts allocated to principal under Section 8.2(c) in the following order of priority, in each case, applied pro rata according to the Note Balance of the Notes of that Class: (A) first, to the Noteholders of Class A A-1a Notes and Class A-1b Notes, pro rata, based on the Note Balance of each such Class of Notes, in payment of principal until the aggregate Note Balance of the Class A Notes has been reduced to zero; (B) second, to the Noteholders of Class B Notes in payment of principal until the Note Balance of the Class B Notes has been reduced to zero; (C) third, to the Noteholders of Class C Notes in payment of principal until the Note Balance of the Class C Notes has been reduced to zero; and (D) fourth, to the Class R Interest, any remaining amounts.;

Appears in 2 contracts

Sources: Indenture (Verizon Master Trust), Indenture (Verizon Master Trust)

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 20212023-2 Available Funds. Amounts, if any, on deposit in the Principal Funding Account shall remain on deposit therein, except to be applied as follows: : (A) in the event that, immediately following distributions on any Payment Date (a) the Revolving Period is in effect and (b) the Series 20212023-2 Allocated Pool Balance exceeds the Adjusted Series Invested Amount for Series 20212023-2, 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 20212023-2 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 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, sequentially by class, 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. (ii) On each Payment Date during the Amortization Period, the Note Paying Agent will (based on the information in the most recent Monthly Investor Report) pay any amounts allocated to principal under Section 8.2(c) in the following order of priority, in each case, applied pro rata according to the Note Balance of the Notes of that Class: : (A) first, to the Noteholders of Class A Notes in payment of principal until the Note Balance of the Class A Notes has been reduced to zero; ; (B) second, to the Noteholders of Class B Notes in payment of principal until the Note Balance of the Class B Notes has been reduced to zero; ; (C) third, to the Noteholders of Class C Notes in payment of principal until the Note Balance of the Class C Notes has been reduced to zero; and and (D) fourth, to the Series 2023-2 Series Certificate Distribution Account, for distribution to the Class R Interest, any remaining amounts.

Appears in 2 contracts

Sources: Indenture (Verizon Master Trust), Indenture Agreement (Verizon Master Trust)

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 20212024-2 4 Available Funds. Amounts, if any, on deposit in the Principal Funding Account shall remain on deposit therein, except to be applied as follows: (A) in the event that, immediately following distributions on any Payment Date (a) the Revolving Period is in effect and (b) the Series 20212024-2 4 Allocated Pool Balance exceeds the Adjusted Series Invested Amount for Series 20212024-24, 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 20212024-2 4 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, sequentially by class, 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. (ii) On each Payment Date during the Amortization Period, the Note Paying Agent will (based on the information in the most recent Monthly Investor Report) pay any amounts allocated to principal under Section 8.2(c) in the following order of priority, in each case, applied pro rata according to the Note Balance of the Notes of that Class: (A) first, to the Noteholders of Class A A-1a Notes and Class A-1b Notes, pro rata, based on the Note Balance of each such Class of Notes, in payment of principal until the aggregate Note Balance of the Class A Notes has been reduced to zero; (B) second, to the Noteholders of Class B Notes in payment of principal until the Note Balance of the Class B Notes has been reduced to zero; (C) third, to the Noteholders of Class C Notes in payment of principal until the Note Balance of the Class C Notes has been reduced to zero; and (D) fourth, to the Series 2024-4 Series Certificate Distribution Account, for distribution to the Class R Interest, any remaining amounts.

Appears in 2 contracts

Sources: Indenture (Verizon Master Trust), Indenture Agreement (Verizon Master Trust)

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 20212022-2 1 Available Funds. Amounts, if any, on deposit in the Principal Funding Account shall remain on deposit therein, except to be applied as follows: : (A) in the event that, immediately following distributions on any Payment Date (a) the Revolving Period is in effect and (b) the Series 20212022-2 1 Allocated Pool Balance exceeds the Adjusted Series 50 Invested Amount for Series 20212022-21, 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 20212022-2 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 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, 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. (ii) On each Payment Date during the Amortization Period, the Note Paying Agent will (based on the information in the most recent Monthly Investor Report) pay any amounts allocated to principal under Section 8.2(c) in the following order of priority, in each case, applied pro rata according to the Note Balance of the Notes of that Class: : (A) first, to the Noteholders of Class A Notes in payment of principal until the Note Balance of the Class A Notes has been reduced to zero; ; (B) second, to the Noteholders of Class B Notes in payment of principal until the Note Balance of the Class B Notes has been reduced to zero; ; (C) third, to the Noteholders of Class C Notes in payment of principal until the Note Balance of the Class C Notes has been reduced to zero; and and (D) fourth, to the Class R Interest, any remaining amounts.

Appears in 2 contracts

Sources: Indenture (Verizon Master Trust), Indenture Agreement (Verizon Master Trust)

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 20212025-2 7 Available Funds. Amounts, if any, on deposit in the Principal Funding Account shall remain on deposit therein, except to be applied as follows: (A) in the event that, immediately following distributions on any Payment Date (a) the Revolving Period is in effect and (b) the Series 20212025-2 7 Allocated Pool Balance exceeds the Adjusted Series Invested Amount for Series 20212025-27, 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 20212025-2 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, sequentially by class, 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. (ii) On each Payment Date during the Amortization Period, the Note Paying Agent will (based on the information in the most recent Monthly Investor Report) pay any amounts allocated to principal under Section 8.2(c) in the following order of priority, in each case, applied pro rata according to the Note Balance of the Notes of that Class: (A) first, to the Noteholders of Class A A-1a Notes and Class A-1b Notes, pro rata, based on the Note Balance of each such Class of Notes, in payment of principal until the aggregate Note Balance of the Class A Notes has been reduced to zero; (B) second, to the Noteholders of Class B Notes in payment of principal until the Note Balance of the Class B Notes has been reduced to zero; (C) third, to the Noteholders of Class C Notes in payment of principal until the Note Balance of the Class C Notes has been reduced to zero; and (D) fourth, to the Series 2025-7 Series Certificate Distribution Account, for distribution to the Class R Interest, any remaining amounts.

Appears in 2 contracts

Sources: Indenture (Verizon Master Trust), Indenture Agreement (Verizon Master Trust)

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 2021-2 1 Available Funds. Amounts, if any, on deposit in the Principal Funding Account shall remain on deposit therein, except to be applied as follows: (A) in the event that, immediately following distributions on any Payment Date (a) the Revolving Period is in effect and (b) the Series 2021-2 1 Allocated Pool Balance exceeds the Adjusted Series Invested Amount for Series 2021-21, 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 2021-2 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, 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. (ii) On each Payment Date during the Amortization Period, the Note Paying Agent will (based on the information in the most recent Monthly Investor Report) pay any amounts allocated to principal under Section 8.2(c) in the following order of priority, in each case, applied pro rata according to the Note Balance of the Notes of that Class: (A) first, to the Noteholders of Class A Notes in payment of principal until the Note Balance of the Class A Notes has been reduced to zero; (B) second, to the Noteholders of Class B Notes in payment of principal until the Note Balance of the Class B Notes has been reduced to zero; (C) third, to the Noteholders of Class C Notes in payment of principal until the Note Balance of the Class C Notes has been reduced to zero; and (D) fourth, to the Class R Interest, any remaining amounts.

Appears in 2 contracts

Sources: Indenture (Verizon Master Trust), Indenture (Verizon Master Trust)

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 20212022-2 3 Available Funds. Amounts, if any, on deposit in the Principal Funding Account shall remain on deposit therein, except to be applied as follows: : (A) in the event that, immediately following distributions on any Payment Date (a) the Revolving Period is in effect and (b) the Series 20212022-2 3 Allocated Pool Balance exceeds the Adjusted Series Invested Amount for Series 20212022-23, 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 20212022-2 3 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 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, 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. (ii) On each Payment Date during the Amortization Period, the Note Paying Agent will (based on the information in the most recent Monthly Investor Report) pay any amounts allocated to principal under Section 8.2(c) in the following order of priority, in each case, applied pro rata according to the Note Balance of the Notes of that Class: : (A) first, to the Noteholders of Class A Notes in payment of principal until the Note Balance of the Class A Notes has been reduced to zero; ; (B) second, to the Noteholders of Class B Notes in payment of principal until the Note Balance of the Class B Notes has been reduced to zero; ; (C) third, to the Noteholders of Class C Notes in payment of principal until the Note Balance of the Class C Notes has been reduced to zero; and and (D) fourth, to the Class R Interest, any remaining amounts.

Appears in 2 contracts

Sources: Indenture (Verizon Master Trust), Indenture (Verizon Master Trust)

Distributions of Principal. (i) In the event that any First Priority Principal Payment, Second Priority Principal Payment, Third Priority Principal Payment, Fourth Priority Principal Payment, Fifth 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 2021[_]-2 [_] Available Funds. Amounts, if any, on deposit in the Principal Funding Account shall remain on deposit therein, except to be applied as follows: : (A) in the event that, immediately following distributions on any Payment Date (a) the Revolving Period is in effect and (b) the Series 2021[_]-2 [_] Allocated Pool Balance exceeds the Adjusted Series Invested Amount for Series 2021[_]-2[_], 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 2021[_]-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 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, sequentially by class, 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, Class C Notes, Class D Notes and Class C E Notes is reduced to zero. (ii) On each Payment Date during the Amortization Period, the Note Paying Agent will (based on the information in the most recent Monthly Investor Report) pay any amounts allocated to principal under Section 8.2(c) in the following order of priority, in each case, applied pro rata according to the Note Balance of the Notes of that Class: : (A) first, to the Noteholders of Class A-1[a] Notes [and Class A-1b Notes, pro rata, based on the Note Balance of each such Class of Notes,] in payment of principal until the aggregate Note Balance of the Class A Notes has been reduced to zero; (B) second, to the Noteholders of Class A-2 Notes in payment of principal until the Note Balance of the Class A A-2 Notes has been reduced to zero; ; (BC) secondthird, to the Noteholders of Class A-3 Notes in payment of principal until the Note Balance of the Class A-3 Notes has been reduced to zero; (D) fourth, to the Noteholders of Class B Notes in payment of principal until the Note Balance of the Class B Notes has been reduced to zero; ; (CE) thirdfifth, to the Noteholders of Class C Notes in payment of principal until the Note Balance of the Class C Notes has been reduced to zero; and ; (DF) fourthsixth, to the Noteholders of Class D Notes in payment of principal until the Note Balance of the Class D Notes has been reduced to zero; (G) seventh, to the Noteholders of Class E Notes in payment of principal until the Note Balance of the Class E Notes has been reduced to zero; and (H) eighth, to the Series [_]-[_] Series Certificate Distribution Account, for distribution [sequentially to the Class B Certificateholders and the Class A Certificateholders, in that order][to the Class R Interest], any remaining amounts.

Appears in 2 contracts

Sources: Indenture Agreement (Verizon Master Trust), Indenture Agreement (Verizon Master Trust)

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 20212024-2 6 Available Funds. Amounts, if any, on deposit in the Principal Funding Account shall remain on deposit therein, except to be applied as follows: (A) in the event that, immediately following distributions on any Payment Date (a) the Revolving Period is in effect and (b) the Series 20212024-2 6 Allocated Pool Balance exceeds the Adjusted Series Invested Amount for Series 20212024-26, 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 20212024-2 6 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, sequentially by class, 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. (ii) On each Payment Date during the Amortization Period, the Note Paying Agent will (based on the information in the most recent Monthly Investor Report) pay any amounts allocated to principal under Section 8.2(c) in the following order of priority, in each case, applied pro rata according to the Note Balance of the Notes of that Class: (A) first, to the Noteholders of Class A A-1a Notes and Class A-1b Notes, pro rata, based on the Note Balance of each such Class of Notes, in payment of principal until the aggregate Note Balance of the Class A Notes has been reduced to zero; (B) second, to the Noteholders of Class B Notes in payment of principal until the Note Balance of the Class B Notes has been reduced to zero; (C) third, to the Noteholders of Class C Notes in payment of principal until the Note Balance of the Class C Notes has been reduced to zero; and (D) fourth, to the Class R Interest, any remaining amounts.;

Appears in 2 contracts

Sources: Indenture (Verizon Master Trust), Indenture (Verizon Master Trust)

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 20212024-2 8 Available Funds. Amounts, if any, on deposit in the Principal Funding Account shall remain on deposit therein, except to be applied as follows: (A) in the event that, immediately following distributions on any Payment Date (a) the Revolving Period is in effect and (b) the Series 20212024-2 8 Allocated Pool Balance exceeds the Adjusted Series Invested Amount for Series 20212024-28, 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 20212024-2 8 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, sequentially by class, 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. (ii) On each Payment Date during the Amortization Period, the Note Paying Agent will (based on the information in the most recent Monthly Investor Report) pay any amounts allocated to principal under Section 8.2(c) in the following order of priority, in each case, applied pro rata according to the Note Balance of the Notes of that Class: (A) first, to the Noteholders of Class A A-1a Notes and Class A-1b Notes, pro rata, based on the Note Balance of each such Class of Notes, in payment of principal until the aggregate Note Balance of the Class A Notes has been reduced to zero; (B) second, to the Noteholders of Class B Notes in payment of principal until the Note Balance of the Class B Notes has been reduced to zero; (C) third, to the Noteholders of Class C Notes in payment of principal until the Note Balance of the Class C Notes has been reduced to zero; and (D) fourth, to the Series 2024-8 Series Certificate Distribution Account, for distribution to the Class R Interest, any remaining amounts.

Appears in 2 contracts

Sources: Indenture (Verizon Master Trust), Indenture (Verizon Master Trust)

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 20212023-2 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 20212023-2 1 Allocated Pool Balance exceeds the Adjusted Series Invested Amount for Series 20212023-21, 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 20212023-2 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, sequentially by class, 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. (ii) On each Payment Date during the Amortization Period, the Note Paying Agent will (based on the information in the most recent Monthly Investor Report) pay any amounts allocated to principal under Section 8.2(c) in the following order of priority, in each case, applied pro rata according to the Note Balance of the Notes of that Class: (A) first, to the Noteholders of Class A Notes in payment of principal until the Note Balance of the Class A Notes has been reduced to zero; (B) second, to the Noteholders of Class B Notes in payment of principal until the Note Balance of the Class B Notes has been reduced to zero; (C) third, to the Noteholders of Class C Notes in payment of principal until the Note Balance of the Class C Notes has been reduced to zero; and (D) fourth, to the Series 2023-1 Series Certificate Distribution Account, for distribution to the Class R Interest, any remaining amounts.

Appears in 2 contracts

Sources: Indenture (Verizon Master Trust), Indenture Agreement (Verizon Master Trust)

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 20212025-2 1 Available Funds. Amounts, if any, on deposit in the Principal Funding Account shall remain on deposit therein, except to be applied as follows: : (A) in the event that, immediately following distributions on any Payment Date (a) the Revolving Period is in effect and (b) the Series 20212025-2 1 Allocated Pool Balance exceeds the Adjusted Series Invested Amount for Series 20212025-21, 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 20212025-2 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 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, sequentially by class, Date in the order set forth under 51 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. (ii) On each Payment Date during the Amortization Period, the Note Paying Agent will (based on the information in the most recent Monthly Investor Report) pay any amounts allocated to principal under Section 8.2(c) in the following order of priority, in each case, applied pro rata according to the Note Balance of the Notes of that Class: : (A) first, to the Noteholders of Class A Notes in payment of principal until the Note Balance of the Class A Notes has been reduced to zero; ; (B) second, to the Noteholders of Class B Notes in payment of principal until the Note Balance of the Class B Notes has been reduced to zero; ; (C) third, to the Noteholders of Class C Notes in payment of principal until the Note Balance of the Class C Notes has been reduced to zero; and and (D) fourth, to the Series 2025-1 Series Certificate Distribution Account, for distribution to the Class R Interest, any remaining amounts.

Appears in 2 contracts

Sources: Indenture (Verizon Master Trust), Indenture Agreement (Verizon Master Trust)

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 20212025-2 4 Available Funds. Amounts, if any, on deposit in the Principal Funding Account shall remain on deposit therein, except to be applied as follows: : (A) in the event that, immediately following distributions on any Payment Date (a) the Revolving Period is in effect and (b) the Series 20212025-2 4 Allocated Pool Balance exceeds the Adjusted Series Invested Amount for Series 20212025-24, 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 20212025-2 4 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 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, sequentially by class, 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. (ii) On each Payment Date during the Amortization Period, the Note Paying Agent will (based on the information in the most recent Monthly Investor Report) pay any amounts allocated to principal under Section 8.2(c) in the following order of priority, in each case, applied pro rata according to the Note Balance of the Notes of that Class: : (A) first, to the Noteholders of Class A Notes in payment of principal until the Note Balance of the Class A Notes has been reduced to zero; ; (B) second, to the Noteholders of Class B Notes in payment of principal until the Note Balance of the Class B Notes has been reduced to zero; ; (C) third, to the Noteholders of Class C Notes in payment of principal until the Note Balance of the Class C Notes has been reduced to zero; and and (D) fourth, to the Series 2025-4 Series Certificate Distribution Account, for distribution to the Class R Interest, any remaining amounts.

Appears in 1 contract

Sources: Indenture (Verizon Master Trust)

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 20212023-2 6 Available Funds. Amounts, if any, on deposit in the Principal Funding Account shall remain on deposit therein, except to be applied as follows: : (A) in the event that, immediately following distributions on any Payment Date (a) the Revolving Period is in effect and (b) the Series 20212023-2 6 Allocated Pool Balance exceeds the Adjusted Series Invested Amount for Series 20212023-26, 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 20212023-2 6 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 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, sequentially by class, 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. (ii) On each Payment Date during the Amortization Period, the Note Paying Agent will (based on the information in the most recent Monthly Investor Report) pay any amounts allocated to principal under Section 8.2(c) in the following order of priority, in each case, applied pro rata according to the Note Balance of the Notes of that Class: : (A) first, to the Noteholders of Class A Notes in payment of principal until the Note Balance of the Class A Notes has been reduced to zero; ; (B) second, to the Noteholders of Class B Notes in payment of principal until the Note Balance of the Class B Notes has been reduced to zero; ; (C) third, to the Noteholders of Class C Notes in payment of principal until the Note Balance of the Class C Notes has been reduced to zero; and (D) fourth, to the Class R Interest, any remaining amounts.and

Appears in 1 contract

Sources: Indenture (Verizon Master Trust)

Distributions of Principal. (ia) In On each Special Distribution Date and each Scheduled Distribution Date, 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 Trustee shall distribute 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 2021-2 Available Funds. Amounts, if any, funds on deposit in the Principal Funding Account shall remain on deposit therein, except to be applied as follows: Subaccount (A) in the event that, immediately following distributions on any Payment Date (a) the Revolving Period is in effect and (b) the Series 2021-2 Allocated Pool Balance exceeds the Adjusted Series Invested Amount for Series 2021-2, 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 2021-2 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, 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. (ii) On each Payment Date during the Amortization Period, the Note Paying Agent will (based on the information in the most recent Monthly Investor Report) pay any amounts allocated to principal under Section 8.2(cCollections”) in the following order of priority, each priority being fully paid before such funds are used to pay any lower priority and no payment being made on any priority if such funds have been exhausted in each case, applied pro rata according the payment of higher priorities: (i) to the Note Balance of the Notes of that Class: (A) first, to the Noteholders Holders of Class A Notes Certificates, pro rata among such Holders, in payment reduction of principal the Certificate Balance thereof, until such balance is reduced to zero, an amount equal to the Note pro rata portion (based on the Outstanding Certificate Balance of the Class A Notes has been reduced to zero; Certificates divided by the Outstanding Certificate Balance of the Certificates) of the Aggregate Distributable Principal Amount of the Principal Collections for such Distribution Date; (Bii) second, to the Noteholders Trustee, an amount equal to any portion of Class B Notes in payment the Trust Expenses remaining unreimbursed after the application of principal until Interest Collections pursuant to Section 4.02(a)(iii); (iii) to the Note Balance Servicer, an amount equal to any portion of the Servicing Fee remaining unpaid after the application of Interest Collections pursuant to Section 4.02(a)(iv); (iv) to the Holder of the Class B Notes has been reduced Certificate, an amount up to zerothe Outstanding Certificate Balance thereof; (v) to the Credit Enhancement Provider, an amount up to the aggregate amount of any unreimbursed payments made under the Credit Enhancement Agreement; and (Cvi) thirdto the Holder of the Class B Certificate, any remaining Principal Collections. (b) If the funds on deposit in the Principal Subaccount are insufficient to pay the Aggregate Distributable Principal Amount of the Principal Collections pursuant to priority (i) in Section 4.03(a), the Trustee shall demand payment under the Credit Enhancement Agreement in the amount of any such shortfall. The Trustee shall distribute the proceeds of such demand for payment under the Credit Enhancement Agreement, upon receipt, to the Noteholders of Class C Notes in payment of principal until the Note Balance Holders of the Class C Notes has been reduced A Certificates, pro rata, up to zero; and (D) fourth, an amount equal to the unpaid Aggregate Distributable Principal Amount. If the proceeds of any such demand on the Credit Enhancement Agreement resulting from the liquidation of the Credit Enhancement Assets are insufficient to pay the unpaid portion of any Aggregate Distributable Principal Amount that is due and payable to the Holders of the Class R InterestA Certificates, any remaining amountsthe Trustee shall declare a Trust Termination Event pursuant to Section 5.01.

Appears in 1 contract

Sources: Trust Agreement (Municipal Mortgage & Equity LLC)

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 20212024-2 Available Funds. Amounts, if any, on deposit in the Principal Funding Account shall remain on deposit therein, except to be applied as follows: : (A) in the event that, immediately following distributions on any Payment Date (a) the Revolving Period is in effect and (b) the Series 20212024-2 Allocated Pool Balance exceeds the Adjusted Series Invested Amount for Series 20212024-2, 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 20212024-2 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 52 (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, sequentially by class, 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. (ii) On each Payment Date during the Amortization Period, the Note Paying Agent will (based on the information in the most recent Monthly Investor Report) pay any amounts allocated to principal under Section 8.2(c) in the following order of priority, in each case, applied pro rata according to the Note Balance of the Notes of that Class: : (A) first, to the Noteholders of Class A Notes in payment of principal until the Note Balance of the Class A Notes has been reduced to zero; ; (B) second, to the Noteholders of Class B Notes in payment of principal until the Note Balance of the Class B Notes has been reduced to zero; ; (C) third, to the Noteholders of Class C Notes in payment of principal until the Note Balance of the Class C Notes has been reduced to zero; and and (D) fourth, to the Series 2024-2 Series Certificate Distribution Account, for distribution to the Class R Interest, any remaining amounts.

Appears in 1 contract

Sources: Indenture (Verizon Master Trust)

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 20212023-2 3 Available Funds. Amounts, if any, on deposit in the Principal Funding Account shall remain on deposit therein, except to be applied as follows: : (A) in the event that, immediately following distributions on any Payment Date (a) the Revolving Period is in effect and (b) the Series 20212023-2 3 Allocated Pool Balance exceeds the Adjusted Series Invested Amount for Series 20212023-23, 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 20212023-2 3 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 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, sequentially by class, 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. (ii) On each Payment Date during the Amortization Period, the Note Paying Agent will (based on the information in the most recent Monthly Investor Report) pay any amounts allocated to principal under Section 8.2(c) in the following order of priority, in each case, applied pro rata according to the Note Balance of the Notes of that Class: : (A) first, to the Noteholders of Class A Notes in payment of principal until the Note Balance of the Class A Notes has been reduced to zero; ; (B) second, to the Noteholders of Class B Notes in payment of principal until the Note Balance of the Class B Notes has been reduced to zero; ; (C) third, to the Noteholders of Class C Notes in payment of principal until the Note Balance of the Class C Notes has been reduced to zero; and and (D) fourth, to the Series 2023-3 Series Certificate Distribution Account, for distribution to the Class R Interest, any remaining amounts.

Appears in 1 contract

Sources: Indenture (Verizon Master Trust)

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 20212025-2 6 Available Funds. Amounts, if any, on deposit in the Principal Funding Account shall remain on deposit therein, except to be applied as follows: : (A) in the event that, immediately following distributions on any Payment Date (a) the Revolving Period is in effect and (b) the Series 20212025-2 6 Allocated Pool Balance exceeds the Adjusted Series Invested Amount for Series 20212025-26, 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 20212025-2 6 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 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, sequentially by class, 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. (ii) On each Payment Date during the Amortization Period, the Note Paying Agent will (based on the information in the most recent Monthly Investor Report) pay any amounts allocated to principal under Section 8.2(c) in the following order of priority, in each case, applied pro rata according to the Note Balance of the Notes of that Class: : (A) first, to the Noteholders of Class A Notes in payment of principal until the Note Balance of the Class A Notes has been reduced to zero; ; (B) second, to the Noteholders of Class B Notes in payment of principal until the Note Balance of the Class B Notes has been reduced to zero; ; (C) third, to the Noteholders of Class C Notes in payment of principal until the Note Balance of the Class C Notes has been reduced to zero; and and (D) fourth, to the Series 2025-6 Series Certificate Distribution Account, for distribution to the Class R Interest, any remaining amounts.

Appears in 1 contract

Sources: Indenture (Verizon Master Trust)

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 20212025-2 8 Available Funds. Amounts, if any, on deposit in the Principal Funding Account shall remain on deposit therein, except to be applied as follows: (A) in the event that, immediately following distributions on any Payment Date (a) the Revolving Period is in effect and (b) the Series 20212025-2 8 Allocated Pool Balance exceeds the Adjusted Series Invested Amount for Series 20212025-28, 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 20212025-2 8 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, sequentially by class, 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. (ii) On each Payment Date during the Amortization Period, the Note Paying Agent will (based on the information in the most recent Monthly Investor Report) pay any amounts allocated to principal under Section 8.2(c) in the following order of priority, in each case, applied pro rata according to the Note Balance of the Notes of that Class: (A) first, to the Noteholders of Class A Notes in payment of principal until the Note Balance of the Class A Notes has been reduced to zero; (B) second, to the Noteholders of Class B Notes in payment of principal until the Note Balance of the Class B Notes has been reduced to zero; (C) third, to the Noteholders of Class C Notes in payment of principal until the Note Balance of the Class C Notes has been reduced to zero; and (D) fourth, to the Series 2025-8 Series Certificate Distribution Account, for distribution to the Class R Interest, any remaining amounts.

Appears in 1 contract

Sources: Indenture (Verizon Master Trust)

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 20212024-2 7 Available Funds. Amounts, if any, on deposit in the Principal Funding Account shall remain on deposit therein, except to be applied as follows: (A) in the event that, immediately following distributions on any Payment Date (a) the Revolving Period is in effect and (b) the Series 20212024-2 7 Allocated Pool Balance exceeds the Adjusted Series Invested Amount for Series 20212024-27, 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 20212024-2 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, sequentially by class, 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. (ii) On each Payment Date during the Amortization Period, the Note Paying Agent will (based on the information in the most recent Monthly Investor Report) pay any amounts allocated to principal under Section 8.2(c) in the following order of priority, in each case, applied pro rata according to the Note Balance of the Notes of that Class: (A) first, to the Noteholders of Class A Notes in payment of principal until the Note Balance of the Class A Notes has been reduced to zero; (B) second, to the Noteholders of Class B Notes in payment of principal until the Note Balance of the Class B Notes has been reduced to zero; (C) third, to the Noteholders of Class C Notes in payment of principal until the Note Balance of the Class C Notes has been reduced to zero; and (D) fourth, to the Class R Interest, any remaining amounts.;

Appears in 1 contract

Sources: Indenture (Verizon Master Trust)