Second Priority Principal Distributable Amount definition

Second Priority Principal Distributable Amount. With respect to any Distribution Date, an amount, not less than zero, equal to the difference between (i) the excess, if any, of (a) the aggregate outstanding principal amount of the Class A Notes and the Class B Notes as of, for the first Distribution Date, the Closing Date, and for subsequent Distribution Dates, the preceding Distribution Date (after giving effect to any principal payments made on the Class A Notes and the Class B Notes on such preceding Distribution Date) over (b) the Pool Balance as of the close of business on the last day of the related Collection Period, and (ii) the First Priority Principal Distributable Amount, if any, with respect to such Distribution Date; provided, however, that the Second Priority Principal Distributable Amount for each Distribution Date on and after the Final Scheduled Distribution Date for the Class B Notes shall equal the greater of (i) the amount otherwise calculated pursuant to this definition and (ii) the outstanding principal amount of the Class B Notes as of the day preceding such Distribution Date.

Second Priority Principal Distributable Amount. With respect to any Distribution Date, an amount, not less than zero, equal to the difference between (i) the excess, if any, of (a) the Aggregate Note Principal Balance of the Class A Notes and the Class B Notes as of the preceding Distribution Date (after giving effect to any principal payments made on the Class A Notes and the Class B Notes on such preceding Distribution Date) (or with respect to the first Distribution Date, on the Closing Date) over (b) the Aggregate ABS Value at the close of business on the last day of the related Monthly Period, and (ii) the First Priority Principal Distributable Amount, if any, with respect to such Distribution Date.

Second Priority Principal Distributable Amount means, with respect to any Distribution Date, an amount, not less than zero, equal to the result of (a) the aggregate Outstanding Amount of the Class A Notes and Class B Notes as of the preceding Distribution Date (after giving effect to any principal payments made on the Class A Notes and Class B Notes on that preceding Distribution Date), minus (b) the sum of (i) the amount of principal distributed in respect of the First Priority Principal Distributable Amount on such Distribution Date and (ii) the Aggregate Principal Balance at the end of Due Period related to that Distribution Date; provided, however, that the Second Priority Principal Distributable Amount shall not exceed the Outstanding Amount of the Class A Notes and Class B Notes (after giving effect to the other amounts distributable in respect of principal on the Class A Notes and Class B Notes to be deposited in the Note Distribution Account in respect of the First Priority Principal Distributable Amount on such Distribution Date); provided, further, that the Second Priority Principal Distributable Amount on or after the Final Distribution Date for the Class B Notes shall not be less than the amount that is necessary to pay the Class B Notes in full.

Second Priority Principal Distributable Amount means, with respect to any Distribution Date, an amount, not less than zero, equal to the result of (a) the aggregate Outstanding Amount of the Class A Notes and Class B Notes as of such Distribution Date (before giving effect to any principal payments made on the Class A Notes and Class B Notes on such Distribution Date), minus (b) the sum of (i) the amount of principal distributed in respect of the First Priority Principal Distributable Amount on such Distribution Date and (ii) the Pool Balance at the end of Due Period related to that Distribution Date; provided, however, that the Second Priority Principal Distributable Amount shall not exceed the Outstanding Amount of the Class A Notes and Class B Notes (after giving effect to the other amounts distributable in respect of principal on the Class A Notes to be deposited in the Note Distribution Account in respect of the First Priority Principal Distributable Amount on such Distribution Date); provided, further, that the Second Priority Principal Distributable Amount on or after the Final Distribution Date for the Class B Notes shall not be less than the amount that is necessary to pay the Class B Notes in full.

Second Priority Principal Distributable Amount means, with respect to any distribution date, an amount not less than zero equal to the difference between (1) the excess, if any, of (a) the aggregate outstanding principal balance of the Class A Notes and the Class B Notes as of the preceding distribution date (after giving effect to any principal payments made on the Class A Notes and Class B Notes on such preceding distribution date) over (b) the aggregate receivables principal balance as of the close of business on the last day of the immediately preceding monthly period, and (2) the First Priority Principal Distributable Amount, if any, with respect to such distribution date.

Second Priority Principal Distributable Amount means, with respect to any Distribution Date, (i) the excess, if any, of the sum of the Class A Note Balance and the Class B Note Balance on that Distribution Date (before giving effect to any payments to be made on that Distribution Date) over the Pool Balance as of the last day of the related Collection Period, minus (ii) the First Priority Principal Distributable Amount; provided, however, that on and after the Final Scheduled Distribution Date for the Class B Notes, the Second Priority Principal Distributable Amount will not be less than the amount that is necessary to reduce the Class B Note Balance to zero.

Second Priority Principal Distributable Amount. With respect to any Distribution Date related to the Amortization Period, an amount, not less than zero, equal to the difference between (i) the excess, if any, of (a) the aggregate outstanding principal balance of the Class A Notes and the Class B Notes as of the preceding Distribution Date (after giving effect to any principal payments made on the Class A Notes and the Class B Notes on such preceding Distribution Date) over (b) the Aggregate Receivables Principal Balance as of the close of business on the last day of the immediately preceding Monthly Period, and (ii) the First Priority Principal Distributable Amount, if any, with respect to such Distribution Date. Second Step Additional Receivables Assignment: As defined in Section 2.01(b) of the Trust Sale and Servicing Agreement.

Second Priority Principal Distributable Amount means, with respect to any Payment Date, an amount not less than zero equal to the excess of (x) an amount equal to (a) the sum of the Outstanding Class A Principal Amount and the Outstanding Class B Principal Amount prior to any distributions on such Payment Date minus (b) the First Priority Principal Distributable Amount for such Payment Date, over (y) the sum of (i) the aggregate Outstanding Receivables Principal Balance as of the end of the related Collection Period plus, (ii) on each Payment Date prior to the termination of the Pre-Funding Period, any amounts on deposit in the Pre-Funding Account, if any, on the last day of the related Collection Period; provided, however, that on or after the Final Maturity Date of the Class B Notes, the Second Priority Principal Distributable Amount will not be less than the amount that is necessary to reduce the Outstanding Class B Principal Amount to zero.