(iii) Notes in exchange for or in lieu of which other Notes have been authenticated and delivered pursuant to the Indenture unless proof satisfactory to the Indenture Trustee is presented that any such Notes are held by a bona fide purchaser;
provided, that in determining whether the Holders of the requisite principal amount of the Notes have given any request, demand, authorization, direction, notice, consent or waiver hereunder or under any Program Document, Notes owned by the Issuer, any other obligor upon the Notes or any Affiliate thereof shall be disregarded and deemed not to be Outstanding, except that, in determining whether the Indenture Trustee shall be protected in relying upon any such request, demand, authorization, direction, notice, consent or waiver, only Notes that the Indenture Trustee knows to be so owned shall be so disregarded. Notes so owned that have been pledged in good faith may be regarded as Outstanding if the pledgee establishes to the satisfaction of the Indenture Trustee the pledgees right so to act with respect to such Notes and that the pledgee is not the Issuer, any other obligor upon the Notes or any Affiliate thereof.
Outstanding Amount means the aggregate principal amount of all Notes, or Class of Notes, as applicable, Outstanding at the date of determination.
Payment Date means the twentieth (20th) day of each month, or, if such day is not a Business Day, the immediately following Business Day, commencing on June 21, 2021.
PBGC means the Pension Benefit Guaranty Corporation established pursuant to Subtitle A of Title IV of ERISA.
Predecessor Note means with respect to any particular Note, every previous Note evidencing all or a portion of the same debt as that evidenced by such particular Note; and, for the purpose of this definition, any Note authenticated and delivered under Section 2.5 of the Indenture in lieu of a mutilated, lost, destroyed or stolen Note shall be deemed to evidence the same debt as the mutilated, lost, destroyed or stolen Note.
Principal Distributable Amount means, with respect to any Payment Date, the amount, if any, equal to the difference of:
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the Aggregate Securitization Value at the close of business on the last day of the prior Collection Period,
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the Aggregate Securitization Value at the close of business on the last day of the related Collection Period.
Pro Forma Note Balance means, with respect to any Payment Date, the aggregate remaining principal amount of the Notes outstanding on such Payment Date, after giving effect to distributions pursuant to clauses (i) through (xv) of Section 8.3(a) of the Indenture.
Program Documents means the Indenture, the Underwriting Agreement, the Issuer Trust Agreement, the Administration Agreement, the Certificate of Trust, the 2021-2 Exchange Note Sale Agreement, the 2021-2 Exchange Note Transfer Agreement, the Titling Trust Agreement, the 2021-2 Exchange Note Supplement, the Credit and Security Agreement, the