Accumulations Account. (1) On each Reporting Day during the Revolving Period, the Trust shall apply the amounts deposited to the Accumulations Account pursuant to Section 4.1(1)(ii) by payment to the Seller on account of the purchase price of an additional undivided co-ownership interest in the Account Assets pursuant to Section 3.14 of the Pooling and Servicing Agreement. (2) The Trust shall, except as otherwise indicated below, on each Transfer Date and, to the extent indicated below, each Principal Payment Date, apply all amounts on deposit in the Accumulations Account on such date (other than those amounts deposited into the Accumulations Account on account of (i) Interest if such Transfer Date is not an Interest Payment Date, or (ii) the Monthly Principal Accumulation Amount if such Transfer Date is not a Principal Payment Date but including all investment income received by the Trust from amounts on deposit in the Accumulations Account pursuant to Section 6.3 of the Series 2015-3 Purchase Agreement), in the following order of priority: (a) in payment or reimbursement, on a pro rata basis, of all Additional Funding Expenses (in the order of priority that each appears in the definition thereof) which are due and owing by the Trust for the related Reporting Period (plus any Unpaid Additional Funding Expenses); (b) from and after the occurrence and during the continuance of a Related Event of Possession, in payment or reimbursement of all costs, charges and expenses of and incidental to the appointment of a Receiver in respect of the Related Asset Interests (including legal fees and disbursements on a solicitor and his own client basis) and the exercise by such Receiver or the Indenture Trustee of all or any of the powers granted to them under the Trust Indenture, including the reasonable remuneration of such Receiver or any agent or employee of such Receiver or any agent of the Indenture Trustee and all outgoings properly paid by such Receiver or the Indenture Trustee in exercising their powers; (c) in payment, on a pro rata basis, of all Interest (plus any Unpaid Interest Payments) which has accrued and is due and payable on such Transfer Date by the Trust in accordance with the Class A Notes; (d) in payment, on a pro rata basis, of all Interest (plus any Unpaid Interest Payments) which has accrued and is due and payable on such Transfer Date by the Trust in accordance with the Class B Notes; (e) on each Principal Payment Date, in payment, on a pro rata basis, of any amounts owing in respect of principal on the Class A Notes together with all Interest (plus any Unpaid Interest Payments) which has accrued and is due and payable on such Principal Payment Date by the Trust in accordance with the Class A Notes; (f) on each Principal Payment Date, in payment, on a pro rata basis, of any amounts owing in respect of principal on the Class B Notes together with all Interest (plus any Unpaid Interest Payments) which has accrued and is due and payable on such Principal Payment Date by the Trust in accordance with the Class B Notes; (g) in or toward the payment of all other amounts properly incurred and owing by the Trust in respect of the Series 2015-3 Ownership Interest and not otherwise specified above; and (h) subject to Section 4.2(3), the balance shall be held by the Trust in the Accumulations Account, unless invested in Eligible Investments, and applied towards any payments required to be made on the next Transfer Date in accordance with the foregoing. (3) On the earlier of the first Reporting Day on which the Invested Amount of the Series 2015-3 Ownership Interest has been reduced to zero, and the Series Termination Date, the balance, if any, remaining in the Accumulations Account shall be paid to the Financial Services Agent as a financial services fee (inclusive of any applicable goods and services tax or similar tax).
Appears in 1 contract
Samples: Supplemental Indenture
Accumulations Account. β
(1a) On each Reporting Day during the Revolving Period, the Trust shall apply the amounts deposited to the Accumulations Account pursuant to Section 4.1(1)(ii4.1(a)(ii) by payment to the Seller on account of the purchase price of an additional undivided co-ownership interest in the Account Assets pursuant to Section 3.14 of the Pooling and Servicing Agreement.
(2i) The Trust shall, shall (except as otherwise indicated below), on each Transfer Date and, to the extent indicated below, each Principal Payment Date, apply all amounts on deposit in the Accumulations Account on such date (other than those amounts deposited into the Accumulations Account on account of (i) Interest if such Transfer Date is not an Interest Payment Date, or (ii) the Monthly Principal Accumulation Amount if such Transfer Date is not a Principal Payment Date but including all investment income received by the Trust from amounts on deposit in the Accumulations Account pursuant to Section 6.3 of the Series 20152023-3 2 Purchase Agreement), in the following order of priority:
(aii) in payment or reimbursement, on a pro rata basis, of all Additional Funding Expenses Expenses, excluding the amounts in paragraphs (vi), (vii), (viii) and (ix) in the definition thereof (in the order of priority that each appears in the definition thereof) which are due and owing by the Trust for the related Reporting Period (plus any Unpaid Additional Funding Expenses);
(biii) from and after the occurrence and during the continuance of a Related Event of Possession, in payment or reimbursement of all costs, charges and expenses of and incidental to the appointment of a Receiver in respect of the Related Asset Interests (including legal fees and disbursements on a solicitor and his own client basis) and the exercise by such Receiver or the Indenture Trustee of all or any of the powers granted to them under the Trust Indenture, including the reasonable remuneration of such Receiver or any agent or employee of such Receiver or any agent of the Indenture Trustee and all outgoings properly paid by such Receiver or the Indenture Trustee in exercising their powers;
(civ) (i) if a Swap Termination Event is not continuing, in payment, on a pro rata basis, payment of all Interest (plus any Unpaid Interest Payments) which has accrued and the Class A Swap Payment that is due and payable on such Transfer Date under the Swap Agreement (which, for greater certainty, shall not include any amounts payable by the Trust in accordance with upon any applicable early termination under the Swap Agreement) and (ii) from and after the occurrence and during the continuance of a Swap Termination Event, to the Financial Services Agent for conversion pursuant to Section 3.1(g) and deposit to the Series 2023-2 Note Liquidation Account, an amount equal to the Canadian Dollar Equivalent of the interest due and payable to the Class A NotesNotes on such Transfer Date pursuant to Section 2.1(f);
(di) if a Swap Termination Event is not continuing, in payment, on a pro rata basis, payment of all Interest (plus any Unpaid Interest Payments) which has accrued and the Class B Swap Payment that is due and payable on such Transfer Date under the Swap Agreement (which, for greater certainty, shall not include any amounts payable by the Trust in accordance with upon any applicable early termination under the Swap Agreement) and (ii) from and after the occurrence and during the continuance of a Swap Termination Event, to the Financial Services Agent for conversion pursuant to Section 3.1(g) and deposit to the Series 2023-2 Note Liquidation Account, an amount equal to the Canadian Dollar Equivalent of the interest due and payable to the Class B NotesNotes on such pursuant to Section 2.1(f);
(evi) (i) on each Principal Payment DateDate on which a Swap Termination Event is not continuing, in paymentpayment of the Class A Swap Exchange Amount (which, on a pro rata basisfor greater certainty, of shall not include any amounts owing in respect payable by the Trust upon any applicable early termination under the Swap Agreement) which shall be the Canadian Dollar Equivalent of principal on the Outstanding Principal Amount of the Class A Notes together with all Interest or (plus any Unpaid Interest Paymentsii) which has accrued on each Principal Payment Date occurring during the continuance of a Swap Termination Event, to the Financial Services Agent for conversion pursuant to Section 3.1(g) and is due and payable deposit to the Series 2023-2 Note Liquidation Account, an amount equal to the Canadian Dollar Equivalent of the principal owing to the holders of the Class A Notes on such Principal Payment Date by the Trust in accordance with the Class A Notespursuant to Section 2.1(g);
(fvii) (i) on each Principal Payment DateDate on which a Swap Termination Event is not continuing, in paymentpayment of the Class B Swap Exchange Amount (which, on a pro rata basisfor greater certainty, of shall not include any amounts owing in respect payable by the Trust upon any applicable early termination under the Swap Agreement) which shall be the Canadian Dollar Equivalent of principal on the Outstanding Principal Amount of the Class B Notes together with all Interest or (plus any Unpaid Interest Paymentsii) which has accrued on each Principal Payment Date occurring during the continuance of a Swap Termination Event, to the Financial Services Agent for conversion pursuant to Section 3.1(g) and is due and payable deposit to the Series 2023-2 Note Liquidation Account, an amount equal to the Canadian Dollar Equivalent of the principal owing to the holders of the Class B Notes on such Principal Payment Date pursuant to Section 2.1(g);
(viii) on each Principal Payment Date on which a Swap Termination Event is not continuing, in payment of the Class C Swap Exchange Amount (which, for greater certainty, shall not include any amounts payable by the Trust in accordance with upon any applicable early termination under the Swap Agreement) which shall be the Canadian Dollar Equivalent of the Outstanding Principal Amount of the Class B NotesC Notes or (ii) on each Principal Payment Date occurring during the continuance of a Swap Termination Event, to the Financial Services Agent for conversion pursuant to Section 3.1(g) and deposit to the Series 2023-2 Note Liquidation Account, an amount equal to the Canadian Dollar Equivalent of the principal owing to the holders of the Class C Notes on such Principal Payment Date pursuant to Section 2.1(g);
(gix) in payment of any early termination payments payable to the Swap Counterparty pursuant to the Swap Agreement;
(x) in or toward the payment of all other amounts properly incurred and owing by the Trust in respect of the Series 20152023-3 2 Ownership Interest and not otherwise specified above; and
(hxi) subject to Section 4.2(34.2(c), the balance shall be held by the Trust in the Accumulations Account, unless invested in Eligible Investments, and applied towards any payments required to be made on the next Transfer Date in accordance with the foregoing.
(3xii) On the earlier of the first Reporting Day on which the Invested Amount of the Series 20152023-3 2 Ownership Interest has been reduced to zero, and the Series Termination Date, the balance, if any, remaining in the Accumulations Account shall be paid to the Financial Services Agent as a financial services fee (inclusive of any applicable goods and services tax or similar tax).
Appears in 1 contract
Samples: Supplemental Indenture
Accumulations Account. (1) On each Reporting Day during the Revolving Period, the Trust shall apply the amounts deposited to the Accumulations Account pursuant to Section 4.1(1)(ii4.1(a)(1)(ii) by payment to the Seller on account of the purchase price of an additional undivided co-ownership interest in the Account Assets pursuant to Section 3.14 of the Pooling and Servicing Agreement.
(2) The Trust shall, shall (except as otherwise indicated below), on each Transfer Date and, to the extent indicated below, each Principal Payment Date, apply all amounts on deposit in the Accumulations Account on such date (other than those amounts deposited into the Accumulations Account on account of (i) Interest if such Transfer Date is not an Interest Payment Date, or (ii) the Monthly Principal Accumulation Amount if such Transfer Date is not a Principal Payment Date but including all investment income received by the Trust from amounts on deposit in the Accumulations Account pursuant to Section 6.3 of the Series 20152018-3 1 Purchase Agreement), in the following order of priority:
(a) in payment or reimbursement, on a pro rata basis, of all Additional Funding Expenses Expenses, excluding the amounts in paragraphs (g) and (h) in the definition thereof (in the order of priority that each appears in the definition thereof) which are due and owing by the Trust for the related Reporting Period (plus any Unpaid Additional Funding Expenses);
(b) from and after the occurrence and during the continuance of a Related Event of Possession, in payment or reimbursement of all costs, charges and expenses of and incidental to the appointment of a Receiver in respect of the Related Asset Interests (including legal fees and disbursements on a solicitor and his own client basis) and the exercise by such Receiver or the Indenture Trustee of all or any of the powers granted to them under the Trust Indenture, including the reasonable remuneration of such Receiver or any agent or employee of such Receiver or any agent of the Indenture Trustee and all outgoings properly paid by such Receiver or the Indenture Trustee in exercising their powers;
(ci) if a Swap Termination Event is not continuing, in payment, on a pro rata basis, payment of all the Class A Interest (plus any Unpaid Interest Payments) which has accrued and Rate Swap Payment that is due and payable on such Transfer Date under the Swap Agreement (which, for greater certainty, shall not include any amounts payable by the Trust in accordance with upon any applicable early termination under the Swap Agreement) or (ii) from and after the occurrence and during the continuance of a Swap Termination Event, to the Financial Services Agent for conversion pursuant to Section 3.1(g) and deposit to the Class A NotesNote Liquidation Account, an amount equal to the Canadian Dollar Equivalent of the interest due and payable to the Class A Notes on such Transfer Date pursuant to Section 2.1(f);
(d) in payment, on a pro rata basis, of all Interest (plus any Unpaid Interest Payments) which has accrued and is due and payable on such Transfer Date by the Trust in accordance with the Class B Notes;
(e) (i) on each Principal Payment DateDate on which a Swap Termination Event is not continuing, in paymentpayment of the Class A Swap Exchange Amount (which, on a pro rata basisfor greater certainty, of shall not include any amounts owing in respect payable by the Trust upon any applicable early termination under the Swap Agreement) which shall be the Canadian Dollar Equivalent of principal on the Outstanding Principal Amount of the Class A Notes together with all Interest or (plus any Unpaid Interest Paymentsii) which has accrued on each Principal Payment Date occurring during the continuance of a Swap Termination Event, to the Financial Services Agent for conversion pursuant to Section 3.1(g) and is due and payable deposit to the Class A Note Liquidation Account, an amount equal to the Canadian Dollar Equivalent of the principal owing to the holders of the Class A Notes on such Principal Payment Date by the Trust in accordance with the Class A Notespursuant to Section 2.1(g);
(f) on each Principal Payment DateDate after the principal amount of the Class A Notes has been paid in full, in payment, on a pro rata basis, of any amounts owing in respect of principal on the Class B Notes together with all Interest (plus any Unpaid Interest Payments) which has accrued and is due and payable on such Principal Payment Date by the Trust in accordance with the Class B Notes;
(g) in payment of any early termination payments payable to the Swap Counterparty pursuant to the Swap Agreement;
(h) in or toward the payment of all other amounts properly incurred and owing by the Trust in respect of the Series 20152018-3 1 Ownership Interest and not otherwise specified above; and
(hi) subject to Section 4.2(34.2(a)(3), the balance shall be held by the Trust in the Accumulations Account, unless invested in Eligible Investments, and applied towards any payments required to be made on the next Transfer Date in accordance with the foregoing.
(3) On the earlier of the first Reporting Day on which the Invested Amount of the Series 20152018-3 1 Ownership Interest has been reduced to zero, and the Series Termination Date, the balance, if any, remaining in the Accumulations Account shall be paid to the Financial Services Agent as a financial services fee (inclusive of any applicable goods and services tax or similar tax).
Appears in 1 contract
Samples: Supplemental Indenture
Accumulations Account. (1β
a) On each Reporting Day during the Revolving Period, the Trust shall apply the amounts deposited to the Accumulations Account pursuant to Section 4.1(1)(ii) by payment to the Seller on account of the purchase price of an additional undivided co-ownership interest in the Account Assets pursuant to Section 3.14 of the Pooling and Servicing Agreement.
(2b) The Trust shall, except as otherwise indicated below, on each Transfer Date and, to the extent indicated below, each Principal Payment Date, apply all amounts on deposit in the Accumulations Account on such date (other than those amounts deposited into the Accumulations Account on account of (i) Interest if such Transfer Date is not an Interest Payment Date, or (ii) the Monthly Principal Accumulation Amount if such Transfer Date is not a Principal Payment Date but including all investment income received by the Trust from amounts on deposit in the Accumulations Account pursuant to Section 6.3 of the Series 20152022-3 Purchase Agreement), in the following order of priority:
(ai) in payment or reimbursement, on a pro rata basis, of all Additional Funding Expenses (in the order of priority that each appears in the definition thereof) which are due and owing by the Trust for the related Reporting Period (plus any Unpaid Additional Funding Expenses);
(bii) from and after the occurrence and during the continuance of a Related Event of Possession, in payment or reimbursement of all costs, charges and expenses of and incidental to the appointment of a Receiver in respect of the Related Asset Interests (including legal fees and disbursements on a solicitor and his own client basis) and the exercise by such Receiver or the Indenture Trustee of all or any of the powers granted to them under the Trust Indenture, including the reasonable remuneration of such Receiver or any agent or employee of such Receiver or any agent of the Indenture Trustee and all outgoings properly paid by such Receiver or the Indenture Trustee in exercising their powers;
(ciii) in payment, on a pro rata basis, of all Interest (plus any Unpaid Interest Payments) which has accrued and is due and payable on such Transfer Date by the Trust in accordance with the Class A Notes;
(div) in payment, on a pro rata basis, of all Interest (plus any Unpaid Interest Payments) which has accrued and is due and payable on such Transfer Date by the Trust in accordance with the Class B Notes;
v) in payment, on a pro rata basis, of all Interest (eplus any Unpaid Interest Payments) which has accrued and is due and payable on such Transfer Date by the Trust in accordance with the Class C Notes;
vi) on each Principal Payment Date, in payment, on a pro rata basis, of any amounts owing in respect of principal on the Class A Notes together with all Interest (plus any Unpaid Interest Payments) which has accrued and is due and payable on such Principal Payment Date by the Trust in accordance with the Class A Notes;
(fvii) on each Principal Payment DateDate after the principal amount of the Class A Notes has been paid in full, in payment, on a pro rata basis, of any amounts owing in respect of principal on the Class B Notes together with all Interest (plus any Unpaid Interest PaymentsNotes;
viii) which has accrued and is due and payable on such each Principal Payment Date by after the Trust in accordance with principal amount of the Class A Notes and the Class B Notes has been paid in full, in payment, on a pro rata basis, of any amounts owing in respect of principal on the Class C Notes;
(gix) in or toward the payment of all other amounts properly incurred and owing by the Trust in respect of the Series 20152022-3 Ownership Interest and not otherwise specified above; and
(hx) subject to Section 4.2(3), the balance shall be held by the Trust in the Accumulations Account, unless invested in Eligible Investments, and applied towards any payments required to be made on the next Transfer Date in accordance with the foregoing.
(3c) On the earlier of the first Reporting Day on which the Invested Amount of the Series 20152022-3 Ownership Interest has been reduced to zero, and the Series Termination Date, the balance, if any, remaining in the Accumulations Account shall be paid to the Financial Services Agent as a financial services fee (inclusive of any applicable goods and services tax or similar tax).
Appears in 1 contract
Samples: Supplemental Indenture
Accumulations Account. (1) On each Reporting Day during the Revolving Period, the Trust shall apply the amounts deposited to the Accumulations Account pursuant to Section 4.1(1)(ii) by payment to the Seller on account of the purchase price of an additional undivided co-ownership interest in the Account Assets pursuant to Section 3.14 of the Pooling and Servicing Agreement.
(2) The Trust shall, shall (except as otherwise indicated below), on each Transfer Date and, to the extent indicated below, each Principal Payment Date, apply all amounts on deposit in the Accumulations Account on such date (other than those amounts deposited into the Accumulations Account on account of (i) Interest if such Transfer Date is not an Interest Payment Date, or (ii) the Monthly Principal Accumulation Amount if such Transfer Date is not a Principal Payment Date but including all investment income received by the Trust from amounts on deposit in the Accumulations Account pursuant to Section 6.3 of the Series 20152019-3 1 Purchase Agreement), in the following order of priority:
(a) in payment or reimbursement, on a pro rata basis, of all Additional Funding Expenses Expenses, excluding the amounts in paragraphs (g) and (h) in the definition thereof (in the order of priority that each appears in the definition thereof) which are due and owing by the Trust for the related Reporting Period (plus any Unpaid Additional Funding Expenses);
(b) from and after the occurrence and during the continuance of a Related Event of Possession, in payment or reimbursement of all costs, charges and expenses of and incidental to the appointment of a Receiver in respect of the Related Asset Interests (including legal fees and disbursements on a solicitor and his own client basis) and the exercise by such Receiver or the Indenture Trustee of all or any of the powers granted to them under the Trust Indenture, including the reasonable remuneration of such Receiver or any agent or employee of such Receiver or any agent of the Indenture Trustee and all outgoings properly paid by such Receiver or the Indenture Trustee in exercising their powers;
(ci) if a Swap Termination Event is not continuing, in payment, on a pro rata basis, payment of all the Class A Interest (plus any Unpaid Interest Payments) which has accrued and Rate Swap Payment that is due and payable on such Transfer Date under the Swap Agreement (which, for greater certainty, shall not include any amounts payable by the Trust in accordance with upon any applicable early termination under the Swap Agreement) or (ii) from and after the occurrence and during the continuance of a Swap Termination Event, to the Financial Services Agent for conversion pursuant to Section 3.1(g) and deposit to the Class A NotesNote Liquidation Account, an amount equal to the Canadian Dollar Equivalent of the interest due and payable to the Class A Notes on such Transfer Date pursuant to Section 2.1(f);
(d) in payment, on a pro rata basis, of all Interest (plus any Unpaid Interest Payments) which has accrued and is due and payable on such Transfer Date by the Trust in accordance with the Class B Notes;
(e) on each Principal Payment Date, in payment, on a pro rata basis, of any amounts owing in respect of principal on the Class A Notes together with all Interest (plus any Unpaid Interest Payments) which has accrued and is due and payable on such Principal Payment Transfer Date by the Trust in accordance with the Class A C Notes;
(f) (i) on each Principal Payment DateDate on which a Swap Termination Event is not continuing, in payment of the Class A Swap Exchange Amount (which, for greater certainty, shall not include any amounts payable by the Trust upon any applicable early termination under the Swap Agreement) which shall be the Canadian Dollar Equivalent of the Outstanding Principal Amount of the Class A Notes or (ii) on each Principal Payment Date occurring during the continuance of a Swap Termination Event, to the Financial Services Agent for conversion pursuant to Section 3.1(g) and deposit to the Class A Note Liquidation Account, an amount equal to the Canadian Dollar Equivalent of the principal owing to the holders of the Class A Notes on such Principal Payment Date pursuant to Section 2.1(g);
(g) on each Principal Payment Date after the principal amount of the Class A Notes has been paid in full, in payment, on a pro rata basis, of any amounts owing in respect of principal on the Class B Notes together with all Interest (plus any Unpaid Interest Payments) which has accrued and is due and payable on such Principal Payment Date by the Trust in accordance with the Class B Notes;
(gh) on each Principal Payment Date after the principal amount of the Class A Notes and the Class B Notes has been paid in full, in payment, on a pro rata basis, of any amounts owing in respect of principal on the Class C Notes;
(i) in payment of any early termination payments payable to the Swap Counterparty pursuant to the Swap Agreement;
(j) in or toward the payment of all other amounts properly incurred and owing by the Trust in respect of the Series 20152019-3 1 Ownership Interest and not otherwise specified above; and
(hk) subject to Section 4.2(3), the balance shall be held by the Trust in the Accumulations Account, unless invested in Eligible Investments, and applied towards any payments required to be made on the next Transfer Date in accordance with the foregoing.
(3) On the earlier of the first Reporting Day on which the Invested Amount of the Series 20152019-3 1 Ownership Interest has been reduced to zero, and the Series Termination Date, the balance, if any, remaining in the Accumulations Account shall be paid to the Financial Services Agent as a financial services fee (inclusive of any applicable goods and services tax or similar tax).
Appears in 1 contract
Samples: Supplemental Indenture
Accumulations Account. (1a) On each Reporting Day during the Revolving Period, the Trust shall apply the amounts deposited to the Accumulations Account pursuant to Section 4.1(1)(ii) by payment to the Seller on account of the purchase price of an additional undivided co-ownership interest in the Account Assets pursuant to Section 3.14 of the Pooling and Servicing Agreement.
(2b) The Trust shall, except as otherwise indicated below, on each Transfer Date and, to the extent indicated below, each Principal Payment Date, apply all amounts on deposit in the Accumulations Account on such date (other than those amounts deposited into the Accumulations Account on account of (i) Interest if such Transfer Date is not an Interest Payment Date, or (ii) the Monthly Principal Accumulation Amount if such Transfer Date is not a Principal Payment Date but including all investment income received by the Trust from amounts on deposit in the Accumulations Account pursuant to Section 6.3 of the Series 20152023-3 1 Purchase Agreement), in the following order of priority:
(ai) in payment or reimbursement, on a pro rata basis, of all Additional Funding Expenses (in the order of priority that each appears in the definition thereof) which are due and owing by the Trust for the related Reporting Period (plus any Unpaid Additional Funding Expenses);
(bii) from and after the occurrence and during the continuance of a Related Event of Possession, in payment or reimbursement of all costs, charges and expenses of and incidental to the appointment of a Receiver in respect of the Related Asset Interests (including legal fees and disbursements on a solicitor and his own client basis) and the exercise by such Receiver or the Indenture Trustee of all or any of the powers granted to them under the Trust Indenture, including the reasonable remuneration of such Receiver or any agent or employee of such Receiver or any agent of the Indenture Trustee and all outgoings properly paid by such Receiver or the Indenture Trustee in exercising their powers;
(ciii) in payment, on a pro rata basis, of all Interest (plus any Unpaid Interest Payments) which has accrued and is due and payable on such Transfer Date by the Trust in accordance with the Class A Notes;
(div) in payment, on a pro rata basis, of all Interest (plus any Unpaid Interest Payments) which has accrued and is due and payable on such Transfer Date by the Trust in accordance with the Class B Notes;
v) in payment, on a pro rata basis, of all Interest (eplus any Unpaid Interest Payments) which has accrued and is due and payable on such Transfer Date by the Trust in accordance with the Class C Notes;
vi) on each Principal Payment Date, in payment, on a pro rata basis, of any amounts owing in respect of principal on the Class A Notes together with all Interest (plus any Unpaid Interest Payments) which has accrued and is due and payable on such Principal Payment Date by the Trust in accordance with the Class A Notes;
(fvii) on each Principal Payment DateDate after the principal amount of the Class A Notes has been paid in full, in payment, on a pro rata basis, of any amounts owing in respect of principal on the Class B Notes together with all Interest (plus any Unpaid Interest PaymentsNotes;
viii) which has accrued and is due and payable on such each Principal Payment Date by after the Trust in accordance with principal amount of the Class A Notes and the Class B Notes has been paid in full, in payment, on a pro rata basis, of any amounts owing in respect of principal on the Class C Notes;
(gix) in or toward the payment of all other amounts properly incurred and owing by the Trust in respect of the Series 20152023-3 1 Ownership Interest and not otherwise specified above; and
(hx) subject to Section 4.2(3)4.2, the balance shall be held by the Trust in the Accumulations Account, unless invested in Eligible Investments, and applied towards any payments required to be made on the next Transfer Date in accordance with the foregoing.
(3c) On the earlier of the first Reporting Day on which the Invested Amount of the Series 20152023-3 1 Ownership Interest has been reduced to zero, and the Series Termination Date, the balance, if any, remaining in the Accumulations Account shall be paid to the Financial Services Agent as a financial services fee (inclusive of any applicable goods and services tax or similar tax).
Appears in 1 contract
Samples: Supplemental Indenture
Accumulations Account. (1) On each Reporting Day during the Revolving Period, the Trust shall apply the amounts deposited to the Accumulations Account pursuant to Section 4.1(1)(ii) by payment to the Seller on account of the purchase price of an additional undivided co-ownership interest in the Account Assets pursuant to Section 3.14 of the Pooling and Servicing Agreement.
(2) The Trust shall, except as otherwise indicated below, on each Transfer Date and, to the extent indicated below, each Principal Payment Date, apply all amounts on deposit in the Accumulations Account on such date (other than those amounts deposited into the Accumulations Account on account of (i) Interest if such Transfer Date is not an Interest Payment Date, or (ii) the Monthly Principal Accumulation Amount if such Transfer Date is not a Principal Payment Date but including all investment income received by the Trust from amounts on deposit in the Accumulations Account pursuant to Section 6.3 of the Series 20152022-3 1 Purchase Agreement), in the following order of priority:
(a) in payment or reimbursement, on a pro rata basis, of all Additional Funding Expenses (in the order of priority that each appears in the definition thereof) which are due and owing by the Trust for the related Reporting Period (plus any Unpaid Additional Funding Expenses);
(b) from and after the occurrence and during the continuance of a Related Event of Possession, in payment or reimbursement of all costs, charges and expenses of and incidental to the appointment of a Receiver in respect of the Related Asset Interests (including legal fees and disbursements on a solicitor and his own client basis) and the exercise by such Receiver or the Indenture Trustee of all or any of the powers granted to them under the Trust Indenture, including the reasonable remuneration of such Receiver or any agent or employee of such Receiver or any agent of the Indenture Trustee and all outgoings properly paid by such Receiver or the Indenture Trustee in exercising their powers;
(c) in payment, on a pro rata basis, of all Interest (plus any Unpaid Interest Payments) which has accrued and is due and payable on such Transfer Date by the Trust in accordance with the Class A Notes;
(d) in payment, on a pro rata basis, of all Interest (plus any Unpaid Interest Payments) which has accrued and is due and payable on such Transfer Date by the Trust in accordance with the Class B Notes;
(e) on each Principal Payment Date, in payment, on a pro rata basis, of any amounts owing in respect of principal on the Class A Notes together with all Interest (plus any Unpaid Interest Payments) which has accrued and is due and payable on such Principal Payment Transfer Date by the Trust in accordance with the Class A C Notes;
(f) on each Principal Payment Date, in payment, on a pro rata basis, of any amounts owing in respect of principal on the Class B Notes together with all Interest A Notes;
(plus any Unpaid Interest Paymentsg) which has accrued and is due and payable on such each Principal Payment Date by after the Trust principal amount of the Class A Notes has been paid in accordance with full, in payment, on a pro rata basis, of any amounts owing in respect of principal on the Class B Notes;
(gh) on each Principal Payment Date after the principal amount of the Class A Notes and the Class B Notes has been paid in full, in payment, on a pro rata basis, of any amounts owing in respect of principal on the Class C Notes;
(i) in or toward the payment of all other amounts properly incurred and owing by the Trust in respect of the Series 20152022-3 1 Ownership Interest and not otherwise specified above; and
(hj) subject to Section 4.2(3), the balance shall be held by the Trust in the Accumulations Account, unless invested in Eligible Investments, and applied towards any payments required to be made on the next Transfer Date in accordance with the foregoing.
(3) On the earlier of the first Reporting Day on which the Invested Amount of the Series 20152022-3 1 Ownership Interest has been reduced to zero, and the Series Termination Date, the balance, if any, remaining in the Accumulations Account shall be paid to the Financial Services Agent as a financial services fee (inclusive of any applicable goods and services tax or similar tax).
Appears in 1 contract
Samples: Supplemental Indenture
Accumulations Account. (1) On each Reporting Day during the Revolving Period, the Trust shall apply the amounts deposited to the Accumulations Account pursuant to Section 4.1(1)(ii4.1(a)(1)(ii) by payment to the Seller on account of the purchase price of an additional undivided co-ownership interest in the Account Assets pursuant to Section 3.14 of the Pooling and Servicing Agreement.
(2) The Trust shall, shall (except as otherwise indicated below), on each Transfer Date and, to the extent indicated below, each Principal Payment Date, apply all amounts on deposit in the Accumulations Account on such date (other than those amounts deposited into the Accumulations Account on account of (i) Interest if such Transfer Date is not an Interest Payment Date, or (ii) the Monthly Principal Accumulation Amount if such Transfer Date is not a Principal Payment Date but including all investment income received by the Trust from amounts on deposit in the Accumulations Account pursuant to Section 6.3 of the Series 20152018-3 2 Purchase Agreement), in the following order of priority:
(a) in payment or reimbursement, on a pro rata basis, of all Additional Funding Expenses Expenses, excluding the amounts in paragraphs (g) and (h) in the definition thereof (in the order of priority that each appears in the definition thereof) which are due and owing by the Trust for the related Reporting Period (plus any Unpaid Additional Funding Expenses);
(b) from and after the occurrence and during the continuance of a Related Event of Possession, in payment or reimbursement of all costs, charges and expenses of and incidental to the appointment of a Receiver in respect of the Related Asset Interests (including legal fees and disbursements on a solicitor and his own client basis) and the exercise by such Receiver or the Indenture Trustee of all or any of the powers granted to them under the Trust Indenture, including the reasonable remuneration of such Receiver or any agent or employee of such Receiver or any agent of the Indenture Trustee and all outgoings properly paid by such Receiver or the Indenture Trustee in exercising their powers;
(ci) if a Swap Termination Event is not continuing, in payment, on a pro rata basis, payment of all Interest (plus any Unpaid Interest Payments) which has accrued and the Class A Swap Payment that is due and payable on such Transfer Date under the Swap Agreement (which, for greater certainty, shall not include any amounts payable by the Trust in accordance with upon any applicable early termination under the Swap Agreement) or
(ii) from and after the occurrence and during the continuance of a Swap Termination Event, to the Financial Services Agent for conversion pursuant to Section 3.1(g) and deposit to the Class A NotesNote Liquidation Account, an amount equal to the Canadian Dollar Equivalent of the interest due and payable to the Class A Notes on such Transfer Date pursuant to Section 2.1(f);
(d) in payment, on a pro rata basis, of all Interest (plus any Unpaid Interest Payments) which has accrued and is due and payable on such Transfer Date by the Trust in accordance with the Class B Notes;
(e) (i) on each Principal Payment DateDate on which a Swap Termination Event is not continuing, in paymentpayment of the Class A Swap Exchange Amount (which, on a pro rata basisfor greater certainty, of shall not include any amounts owing in respect payable by the Trust upon any applicable early termination under the Swap Agreement) which shall be the Canadian Dollar Equivalent of principal on the Outstanding Principal Amount of the Class A Notes together with all Interest or (plus any Unpaid Interest Paymentsii) which has accrued on each Principal Payment Date occurring during the continuance of a Swap Termination Event, to the Financial Services Agent for conversion pursuant to Section 3.1(g) and is due and payable deposit to the Class A Note Liquidation Account, an amount equal to the Canadian Dollar Equivalent of the principal owing to the holders of the Class A Notes on such Principal Payment Date by the Trust in accordance with the Class A Notespursuant to Section 2.1(g);
(f) on each Principal Payment DateDate after the principal amount of the Class A Notes has been paid in full, in payment, on a pro rata basis, of any amounts owing in respect of principal on the Class B Notes together with all Interest (plus any Unpaid Interest Payments) which has accrued and is due and payable on such Principal Payment Date by the Trust in accordance with the Class B Notes;
(g) in payment of any early termination payments payable to the Swap Counterparty pursuant to the Swap Agreement;
(h) in or toward the payment of all other amounts properly incurred and owing by the Trust in respect of the Series 20152018-3 2 Ownership Interest and not otherwise specified above; and
(hi) subject to Section 4.2(34.2(a)(3), the balance shall be held by the Trust in the Accumulations Account, unless invested in Eligible Investments, and applied towards any payments required to be made on the next Transfer Date in accordance with the foregoing.
(3) On the earlier of the first Reporting Day on which the Invested Amount of the Series 20152018-3 2 Ownership Interest has been reduced to zero, and the Series Termination Date, the balance, if any, remaining in the Accumulations Account shall be paid to the Financial Services Agent as a financial services fee (inclusive of any applicable goods and services tax or similar tax).
Appears in 1 contract
Samples: Supplemental Indenture
Accumulations Account. (1a) On each Reporting Day during the Revolving Period, the Trust shall apply the amounts deposited to the Accumulations Account pursuant to Section 4.1(1)(ii4.1(a)(ii) by payment to the Seller on account of the purchase price of an additional undivided co-ownership interest in the Account Assets pursuant to Section 3.14 of the Pooling and Servicing Agreement.
(2i) The Trust shall, shall (except as otherwise indicated below), on each Transfer Date and, to the extent indicated below, each Principal Payment Date, apply all amounts on deposit in the Accumulations Account on such date (other than those amounts deposited into the Accumulations Account on account of (i) Interest if such Transfer Date is not an Interest Payment Date, or (ii) the Monthly Principal Accumulation Amount if such Transfer Date is not a Principal Payment Date but including all investment income received by the Trust from amounts on deposit in the Accumulations Account pursuant to Section 6.3 of the Series 20152024-3 1 Purchase Agreement), in the following order of priority:
(aii) in payment or reimbursement, on a pro rata basis, of all Additional Funding Expenses Expenses, excluding the amounts in paragraphs (vi), (vii), (viii) and (ix) in the definition thereof (in the order of priority that each appears in the definition thereof) which are due and owing by the Trust for the related Reporting Period (plus any Unpaid Additional Funding Expenses);
(biii) from and after the occurrence and during the continuance of a Related Event of Possession, in payment or reimbursement of all costs, charges and expenses of and incidental to the appointment of a Receiver in respect of the Related Asset Interests (including legal fees and disbursements on a solicitor and his own client basis) and the exercise by such Receiver or the Indenture Trustee of all or any of the powers granted to them under the Trust Indenture, including the reasonable remuneration of such Receiver or any agent or employee of such Receiver or any agent of the Indenture Trustee and all outgoings properly paid by such Receiver or the Indenture Trustee in exercising their powers;
(civ) (i) if a Swap Termination Event is not continuing, in payment, on a pro rata basis, payment of all Interest (plus any Unpaid Interest Payments) which has accrued and the Class A Swap Payment that is due and payable on such Transfer Date under the Swap Agreement (which, for greater certainty, shall not include any amounts payable by the Trust in accordance with upon any applicable early termination under the Swap Agreement) and (ii) from and after the occurrence and during the continuance of a Swap Termination Event, to the Financial Services Agent for conversion pursuant to Section 3.1(g) and deposit to the Series 2024-1 Note Liquidation Account, an amount equal to the Canadian Dollar Equivalent of the interest due and payable to the Class A NotesNotes on such Transfer Date pursuant to Section 2.1(f);
(di) if a Swap Termination Event is not continuing, in payment, on a pro rata basis, payment of all Interest (plus any Unpaid Interest Payments) which has accrued and the Class B Swap Payment that is due and payable on such Transfer Date under the Swap Agreement (which, for greater certainty, shall not include any amounts payable by the Trust in accordance with upon any applicable early termination under the Swap Agreement) and (ii) from and after the occurrence and during the continuance of a Swap Termination Event, to the Financial Services Agent for conversion pursuant to Section 3.1(g) and deposit to the Series 2024-1 Note Liquidation Account, an amount equal to the Canadian Dollar Equivalent of the interest due and payable to the Class B NotesNotes on such pursuant to Section 2.1(f);
(evi) (i) on each Principal Payment DateDate on which a Swap Termination Event is not continuing, in paymentpayment of the Class A Swap Exchange Amount (which, on a pro rata basisfor greater certainty, of shall not include any amounts owing in respect payable by the Trust upon any applicable early termination under the Swap Agreement) which shall be the Canadian Dollar Equivalent of principal on the Outstanding Principal Amount of the Class A Notes together with all Interest or (plus any Unpaid Interest Paymentsii) which has accrued on each Principal Payment Date occurring during the continuance of a Swap Termination Event, to the Financial Services Agent for conversion pursuant to Section 3.1(g) and is due and payable deposit to the Series 2024-1 Note Liquidation Account, an amount equal to the Canadian Dollar Equivalent of the principal owing to the holders of the Class A Notes on such Principal Payment Date by the Trust in accordance with the Class A Notespursuant to Section 2.1(g);
(fvii) (i) on each Principal Payment DateDate on which a Swap Termination Event is not continuing, in paymentpayment of the Class B Swap Exchange Amount (which, on a pro rata basisfor greater certainty, of shall not include any amounts owing in respect payable by the Trust upon any applicable early termination under the Swap Agreement) which shall be the Canadian Dollar Equivalent of principal on the Outstanding Principal Amount of the Class B Notes together with all Interest or (plus any Unpaid Interest Paymentsii) which has accrued on each Principal Payment Date occurring during the continuance of a Swap Termination Event, to the Financial Services Agent for conversion pursuant to Section 3.1(g) and is due and payable deposit to the Series 2024-1 Note Liquidation Account, an amount equal to the Canadian Dollar Equivalent of the principal owing to the holders of the Class B Notes on such Principal Payment Date pursuant to Section 2.1(g);
(viii) on each Principal Payment Date on which a Swap Termination Event is not continuing, in payment of the Class C Swap Exchange Amount (which, for greater certainty, shall not include any amounts payable by the Trust in accordance with upon any applicable early termination under the Swap Agreement) which shall be the Canadian Dollar Equivalent of the Outstanding Principal Amount of the Class B NotesC Notes or (ii) on each Principal Payment Date occurring during the continuance of a Swap Termination Event, to the Financial Services Agent for conversion pursuant to Section 3.1(g) and deposit to the Series 2024-1 Note Liquidation Account, an amount equal to the Canadian Dollar Equivalent of the principal owing to the holders of the Class C Notes on such Principal Payment Date pursuant to Section 2.1(g);
(gix) in payment of any early termination payments payable to the Swap Counterparty pursuant to the Swap Agreement;
(x) in or toward the payment of all other amounts properly incurred and owing by the Trust in respect of the Series 20152024-3 1 Ownership Interest and not otherwise specified above; and
(hxi) subject to Section 4.2(34.2(c), the balance shall be held by the Trust in the Accumulations Account, unless invested in Eligible Investments, and applied towards any payments required to be made on the next Transfer Date in accordance with the foregoing.
(3xii) On the earlier of the first Reporting Day on which the Invested Amount of the Series 20152024-3 1 Ownership Interest has been reduced to zero, and the Series Termination Date, the balance, if any, remaining in the Accumulations Account shall be paid to the Financial Services Agent as a financial services fee (inclusive of any applicable goods and services tax or similar tax).
Appears in 1 contract
Samples: Supplemental Indenture
