Allocations and Payments after an Event of Default. On each Determination Date after the occurrence of an Event of Default, the Servicer, pursuant to monthly payment instructions and notification, shall instruct the Indenture Trustee to withdraw and transfer, and on the succeeding Payment Date the Indenture Trustee acting in accordance with such instructions shall withdraw and transfer, the amounts required to be withdrawn from the Note Distribution Account in order to make the following payments or allocations from the Amount Available for the related Payment Date (in each case, such payment or transfer to be made only to the extent funds remain available therefor after all prior payments and transfers for such Payment Date have been made), in the following order of priority: (i) pay to the Class A-1 Noteholders, Class A-2 Noteholders, and the Class A-3 Noteholders, an amount equal to interest accrued in respect of the related Class A-1 Notes at the Class A-1 Interest Rate, Class A-2 Notes at the Class A-2 Interest Rate and the Class A-3 Notes at the Class A-3 Interest Rate for the Accrual Period immediately preceding such Payment Date, together with any such amounts that accrued in respect of prior Accrual Periods for which no allocation was previously made; provided that if the Amount Available remaining to be allocated pursuant to this clause is less than the full amount required to be so allocated, such remaining Amount Available shall be allocable to the Holders of the Class A-1 Notes, Class A-2 Notes and Class A-3 Notes pro rata based upon the aggregate amount of interest due to each Class; provided that if the Class A-1 Maturity Date is a Payment Date, all payments on that date shall be limited to the amount necessary to pay the interest due on the Class A-1 Notes through such date. (ii) pay to the Class B Noteholders an amount equal to the interest accrued thereon at the Class B Interest Rate for the Accrual Period immediately preceding such Payment Date, together with any amounts that accrued in respect of prior Accrual Periods for which no allocation was previously made; provided, that if the Amount Available remaining to be allocated pursuant to this clause is less than the full amount required to be so paid, such remaining Amount Available shall be paid to the Holder of each Class B Note pro rata based on the outstanding Principal Amount thereof; (iii) pay to the Class C Noteholders, an amount equal to the interest accrued thereon at the Class C Interest Rate for the Accrual Period immediately preceding such Payment Date, together with any such amounts that accrued in respect of prior Accrual Periods for which no allocation was previously made; provided, that if the Amount Available remaining to be allocated pursuant to this clause is less than the full amount required to be so paid, such remaining Amount Available shall be paid to the Holder of each Class C Note pro rata based on the outstanding Principal Amount thereof; (iv) pay to the Class D Noteholders, an amount equal to the interest accrued thereon at the Class D Interest Rate for the Accrual Period immediately preceding such Payment Date, together with any such amounts that accrued in respect of prior Accrual Periods for which no allocation was previously made; provided, that if the Amount Available remaining to be allocated pursuant to this clause is less than the full amount required to be so paid, such remaining Amount Available shall be paid to the Holder of each Class D Note pro rata based on the outstanding Principal Amount thereof; (v) pay to the Class A-1 Noteholders, the Total Principal Payment Amount for such Payment Date; provided (i) that if the Amount Available remaining to be allocated pursuant to this clause is less than the full amount required to be so paid, such remaining Amount Available shall be allocated to each Class A-1 Note pro rata based on the outstanding Principal Amount thereof and (ii) if the amount to be allocated pursuant to this clause exceeds the amount needed to repay the outstanding Principal Amount of the Class A-1 Notes in full, then such excess shall be applied in repayment of principal on the Class A-2 and Class A-3, pro rata; (vi) [reserved]; (vii) [reserved]; (viii) pay to the Class A-2 and Class A-3 Noteholders, pro rata, the Total Principal Payment Amount for such Payment Date; provided (i) that if the Amount Available remaining to be allocated pursuant to this clause is less than the full amount required to be so paid, such remaining Amount Available shall be allocated to each Class A-2 and Class A-3 Note, pro rata, based on the outstanding Principal Amount thereof and (ii) if the amount to be allocated pursuant to this clause exceeds the amount needed to repay the outstanding Principal Amount of the Class A-2 Notes and the Class A-3 Notes in full, then such excess shall be applied in repayment on the Class B Notes; (ix) pay to the Class B Noteholders, the Total Principal Payment Amount for such Payment Date; provided that if the Amount Available remaining to be allocated pursuant to this clause is less than the full amount required to be so paid, such remaining Amount Available shall be allocated to each Class B Note pro rata based on the outstanding Principal Amount thereof, and (ii) if the amount to be allocated pursuant to this clause exceeds the amount needed to repay the outstanding Principal Amount of the Class B Notes in full, then such excess shall be applied in repayment of principal on the Class C Notes; (x) pay to the Class C Noteholders, the Total Principal Payment Amount for such Payment Date; provided (i) that if the Amount Available remaining to be allocated pursuant to this clause is less than the full amount required to be so paid, such remaining Amount Available shall be allocated to each Class C Note pro rata based on the outstanding Principal Amount thereof, and (ii) if the amount to be allocated pursuant to this clause exceeds the amount needed to repay the outstanding Principal Amount of the Class C Notes in full, then such excess shall be applied in repayment of principal on the Class D Notes; (xi) pay to the Class D Noteholders, the Total Principal Payment Amount for such Payment Date; provided that if the Amount Available remaining to be allocated pursuant to this clause is less than the full amount required to be so paid, such remaining Amount Available shall be allocated to each Class D Note pro rata based on the outstanding Principal Amount thereof; (xii) after the Principal Amount (including any unpaid accrued interest thereon) of the Class A Notes, the Class B Notes, the Class C Notes and the Class D Notes has been reduced to zero, such remaining Amount Available shall be applied to pay any unpaid fees, expenses and indemnities of the Owner Trustee and the Indenture Trustee; and (xiii) any remaining Amount Available shall be paid to the Equity Certificateholder.
Appears in 3 contracts
Samples: Pooling and Servicing Agreement (Cit Funding Co, LLC), Pooling and Servicing Agreement (NCT Funding Co LLC), Pooling and Servicing Agreement (CIT Equipment Collateral 2004-Ef1)
Allocations and Payments after an Event of Default. On each Determination Date after the occurrence of an Event of Default, the Servicer, pursuant to monthly payment instructions and notification, shall instruct the Indenture Trustee to withdraw and transfer, and on the succeeding Payment Date the Indenture Trustee acting in accordance with such instructions shall withdraw and transfer, the amounts required to be withdrawn from the Note Distribution Account in order to make the following payments or allocations from the Amount Available for the related Payment Date (in each case, such payment or transfer to be made only to the extent funds remain available therefor after all prior payments and transfers for such Payment Date have been made), in the following order of priority:
(i) pay to the Indenture Trustee on behalf of the Class A-1 Noteholders, Class A-2 Noteholders, and the Class A-3 Noteholders, an amount equal to interest accrued in respect of the related Class A-1 Notes at the Class A-1 Interest Rate, Class A-2 Notes at the Class A-2 Interest Rate and the Rate, Class A-3 Notes at the Class A-3 Interest Assumed Fixed Rate for the Accrual Period immediately preceding such Payment Date, together with any such amounts that accrued in respect of prior Accrual Periods for which no allocation was previously made; provided that if the Amount Available remaining to be allocated pursuant to this clause is less than the full amount required to be so allocated, such remaining Amount Available shall be allocable to the Holders of the Class A-1 Notes, Class A-2 Notes and Class A-3 Notes pro rata based upon the aggregate amount of interest due to each ClassClass (in the case of the Class A-3 Notes, at the Class A-3 Assumed Fixed Rate); provided further that if on the relevant Payment Date any amount is payable to the Class A-1 Maturity Date is a Payment DateA-3 Swap Counterparty under the Class A-3 Swap Agreement, all payments on that date shall be limited to the Indenture Trustee shall, from the amount necessary available to pay interest on the Class A-3 Notes pursuant to this clause (i), apply such amount first to pay the Class A-3 Swap Counterparty, and thereafter apply the balance of such amount available to the payment of interest due on the Class A-1 A-3 Notes. If on the date of any such distribution, any amount is payable to the Indenture Trustee under the Class A-3 Swap Agreement, the Indenture Trustee shall apply all of the amount available to pay interest on the Class A-3 Notes through pursuant to this clause (i) together with any amount received under the Class A-3 Swap Agreement to the payment of interest on the Class A-3 Notes at the Class A-3 Interest Rate. Any shortfall in the payment of interest on the Class A-3 Notes at the Class A-3 Interest Rate due entirely to the failure of the Class A-3 Swap Counterparty to make a required payment under the Class A-3 Swap Agreement will not constitute an Event of Default under the Indenture and upon such datean occurrence, the Class A-3 Noteholders will only be entitled to receive the Class A-3 Interest Distributable Amount at the Class A-3 Assumed Fixed Rate.
(ii) pay to the Indenture Trustee on behalf of the Class B Noteholders an amount equal to the interest accrued thereon at the Class B Interest Rate for the Accrual Period immediately preceding such Payment Date, together with any amounts that accrued in respect of prior Accrual Periods for which no allocation was previously made; provided, that if the Amount Available remaining to be allocated pursuant to this clause is less than the full amount required to be so paid, such remaining Amount Available shall be paid to the Holder of each Class B Note pro rata based on the outstanding Principal Amount thereof;
(iii) pay to the Indenture Trustee on behalf of the Class C Noteholders, an amount equal to the interest accrued thereon at the Class C Interest Rate for the Accrual Period immediately preceding such Payment Date, together with any such amounts that accrued in respect of prior Accrual Periods for which no allocation was previously made; provided, that if the Amount Available remaining to be allocated pursuant to this clause is less than the full amount required to be so paid, such remaining Amount Available shall be paid to the Holder of each Class C Note pro rata based on the outstanding Principal Amount thereof;
(iv) pay to the Indenture Trustee on behalf of the Class D Noteholders, an amount equal to the interest accrued thereon at the Class D Interest Rate for the Accrual Period immediately preceding such Payment Date, together with any such amounts that accrued in respect of prior Accrual Periods for which no allocation was previously made; provided, that if the Amount Available remaining to be allocated pursuant to this clause is less than the full amount required to be so paid, such remaining Amount Available shall be paid to the Holder of each Class D Note pro rata based on the outstanding Principal Amount thereof;
(v) pay to the Indenture Trustee, on behalf of the Class A-1 Noteholders, the Total Principal Payment Amount for such Payment Date; provided (i) that if the Amount Available remaining to be allocated pursuant to this clause is less than the full amount required to be so paid, such remaining Amount Available shall be allocated to each Class A-1 Note pro rata based on the outstanding Principal Amount thereof and (ii) if the amount to be allocated pursuant to this clause exceeds the amount needed to repay the outstanding Principal Amount of the Class A-1 Notes in full, then such excess shall be applied in repayment of principal on the Class A-2 and Class A-3, pro rata;
(vi) [reserved];
(vii) [reserved];
(viii) pay to the Indenture Trustee, on behalf of the Class A-2 and Class A-3 Noteholders, pro rata, the Total Principal Payment Amount for such Payment Date; provided (i) that if the Amount Available remaining to be allocated pursuant to this clause is less than the full amount required to be so paid, such remaining Amount Available shall be allocated to each Class A-2 and Class A-3 Note, pro rata, based on the outstanding Principal Amount thereof and (ii) if the amount to be allocated pursuant to this clause exceeds the amount needed to repay the outstanding Principal Amount of the Class A-2 Notes and the Class A-3 Notes in full, then such excess shall be applied in repayment on the Class B Notes;
(ix) pay to the Indenture Trustee, on behalf of the Class B Noteholders, the Total Principal Payment Amount for such Payment Date; provided that if the Amount Available remaining to be allocated pursuant to this clause is less than the full amount required to be so paid, such remaining Amount Available shall be allocated to each Class B Note pro rata based on the outstanding Principal Amount thereof, and (ii) if the amount to be allocated pursuant to this clause exceeds the amount needed to repay the outstanding Principal Amount of the Class B Notes in full, then such excess shall be applied in repayment of principal on the Class C Notes;
(x) pay to the Indenture Trustee, on behalf of the Class C Noteholders, the Total Principal Payment Amount for such Payment Date; provided (i) that if the Amount Available remaining to be allocated pursuant to this clause is less than the full amount required to be so paid, such remaining Amount Available shall be allocated to each Class C Note pro rata based on the outstanding Principal Amount thereof, and (ii) if the amount to be allocated pursuant to this clause exceeds the amount needed to repay the outstanding Principal Amount of the Class C Notes in full, then such excess shall be applied in repayment of principal on the Class D Notes;.
(xi) pay to the Indenture Trustee, on behalf of the Class D Noteholders, the Total Principal Payment Amount for such Payment Date; provided that if the Amount Available remaining to be allocated pursuant to this clause is less than the full amount required to be so paid, such remaining Amount Available shall be allocated to each Class D Note pro rata based on the outstanding Principal Amount thereof;
(xii) after the Principal Amount (including any unpaid accrued interest thereon) of the Class A Notes, the Class B Notes, the Class C Notes and the Class D Notes has been reduced to zero, such remaining Amount Available shall be applied to pay any unpaid fees, expenses and indemnities of the Owner Trustee and the Indenture Trustee; and
(xiii) any remaining Amount Available shall be paid to the Equity Certificateholder.
Appears in 2 contracts
Samples: Pooling and Servicing Agreement (Cit Equipment Collateral 2003-Ef1), Pooling and Servicing Agreement (NCT Funding Co LLC)
Allocations and Payments after an Event of Default. On each Determination Payment Date after the occurrence and during the continuance of an Event of Default, the Servicer, pursuant to monthly payment instructions and notificationnotification received by the Indenture Trustee no later than the related Determination Date, shall instruct the Indenture Trustee in writing to withdraw and transferwithdraw, and on the succeeding such Payment Date the Indenture Trustee acting in accordance with such instructions shall withdraw and transferwithdraw, the amounts required to be withdrawn from the Collection Account pursuant to this Section and deposited to the Note Distribution Account (pursuant to Sections 3.01 and 8.02(b) of the Indenture) in order to make the following payments or allocations from the Amount Available Amounts for the related such Payment Date (in each case, such payment or transfer to be made only to the extent funds remain available therefor after all prior payments and transfers for such Payment Date have been made), in the following order of priority:
(i) pay, first, to the Indenture Trustee (to the extent not paid by the Servicer) (A) the amount of any accrued and unpaid fees, expenses and indemnity payments due it either as Indenture Trustee or as a paying agent of the Issuer, any tax, fee, expense, charge or other loss incurred by it (to the extent not previously reimbursed) (including, without limitation, the expense of sale, taking or other proceeding, attorneys' fees and expenses, court costs, and any other expenditures incurred or expenditures or advances made by the Indenture Trustee in the protection, exercise or enforcement of any right, power or remedy or any damages sustained by the Indenture Trustee, liquidated or otherwise, upon the Event of Default giving rise to such expenditures or advances) and shall be applied by the Indenture Trustee in reimbursement of such costs and expenses, (B) the costs and expenses associated with the appointment of a Successor Servicer and the transition relating thereto (which amount described in clause (B) shall not, taken in the aggregate with all other amounts withdrawn in accordance with this Section 7.05(b)(i)(B) and Section 7.05(a)(ii) during the term of the transaction, exceed the Trustee Cap) and (C) until such time as a Successor Servicer has been appointed pursuant to Section 8.03, an amount equal to the product of (1) one-twelfth, (2) 0.025% and (3) the aggregate remaining Principal Balance of the Contracts Pool as of the first day of the related Collection Period;
(ii) pay to the Noteholders, pro rata, an amount equal to any indemnity payments that Noteholders may have elected to pay to the Indenture Trustee in accordance with the terms of the Indenture;
(iii) pay to the Servicer, the monthly Servicing Fee for the preceding monthly period together with any amounts in respect of the Servicing Fee that were due in respect of prior monthly periods that remain unpaid;
(iv) pay to the Indenture Trustee on behalf of the Class A-1 Noteholders, Class A-2 Noteholders, and the Class A-3 Noteholders, Noteholders and Class A-4 Noteholders an amount equal to interest accrued in respect of the related Class A-1 Notes, Class A-2 Notes, Class A-3 Notes and Class A-4 Notes at the Class A-1 Interest Rate, Class A-2 Notes at the Class A-2 Interest Rate and the Class A-3 Notes at the Rate, Class A-3 Interest Rate and Class A-4 Interest Rate, respectively, for the Accrual Period immediately preceding such Payment Date, together with any such amounts that accrued in respect of prior Accrual Periods for which no allocation was previously mademade together with interest on such unpaid amounts from prior Collection Periods at the applicable interest rate for such Class of Notes; provided that if the Amount Available Amounts remaining to be allocated pursuant to this clause is are less than the full amount required to be so allocated, such remaining Amount Available Amounts shall be allocable allocated to the Holders each Holder of the a Class A-1 Notes, Class A-2 Notes and Class A-3 Notes A Note pro rata based upon the aggregate amount of interest due to each Class; provided that if the Class A-1 Maturity Date is a Payment Date, all payments on that date shall be limited to the amount necessary to pay the interest due on the Class A-1 Notes through such date.outstanding Principal Amount thereof;
(iiv) pay to the Indenture Trustee on behalf of the Class B Noteholders an amount equal to the interest accrued thereon at the Class B Interest Rate for the Accrual Period immediately preceding such Payment Date, together with any amounts that accrued in respect of prior Accrual Periods for which no allocation was previously mademade together with interest on such unpaid amounts from prior Collection Periods at the Class B Interest Rate; provided, provided that if the Amount Available Amounts remaining to be allocated pursuant to this clause is are less than the full amount required to be so paid, such remaining Available Amount Available shall be paid to the Holder of each Class B Note Noteholder pro rata based on the outstanding Principal Amount thereof;
(iiivi) pay to the Indenture Trustee on behalf of the Class C Noteholders, an amount equal to the interest accrued thereon at the Class C Interest Rate for the Accrual Period immediately preceding such Payment Date, together with any such amounts that accrued in respect of prior Accrual Periods for which no allocation was previously mademade together with interest on such unpaid amounts from prior Collection Periods at the Class C Interest Rate; provided, provided that if the Amount Available Amounts remaining to be allocated pursuant to this clause is are less than the full amount required to be so paid, such remaining Amount Available Amounts shall be paid to the Holder of each Class C Note Noteholder pro rata based on the outstanding Principal Amount thereof;
(ivvii) pay to the Indenture Trustee on behalf of the Class D Noteholders, an amount equal to the interest accrued thereon at the Class D Interest Rate for the Accrual Period immediately preceding such Payment Date, together with any such amounts that accrued in respect of prior Accrual Periods for which no allocation was previously mademade together with interest on such unpaid amounts from prior Collection Periods at the Class D Interest Rate; provided, provided that if the Amount Available Amounts remaining to be allocated pursuant to this clause is are less than the full amount required to be so paid, such remaining Amount Available Amounts shall be paid to the Holder of each Class D Note Noteholder pro rata based on the outstanding Principal Amount thereof;
(vviii) pay to the Indenture Trustee, on behalf of Class A-1 Noteholders, the Total Principal Payment Amount for such Payment Dateof the Class A-1 Notes;
(ix) pay to the Indenture Trustee, on behalf of the Class A-2 Noteholders, Class A-3 Noteholders and Class A-4 Noteholders, the Principal Amounts of the Class A-2 Notes, Class A-3 Notes and Class A-4 Notes; provided (i) that if the Amount Available Amounts remaining to be allocated pursuant to this clause is are less than the full amount required to be so paid, such remaining Amount Available Amounts shall be allocated to each Class A-1 A-2 Note, Class A-3 Note and Class A-4 Note pro rata based on the outstanding Principal Amount thereof and principal amount of each such Class of Notes;
(iix) if pay to the amount to be allocated pursuant to this clause exceeds Indenture Trustee, on behalf of the amount needed to repay Class B Noteholders, the outstanding Principal Amount of the Class A-1 B Notes in full, then such excess shall be applied in repayment of principal on the Class A-2 and Class A-3, pro rata;
(vi) [reserved];
(vii) [reserved];
(viii) pay to the Class A-2 and Class A-3 Noteholders, pro rata, the Total Principal Payment Amount for such Payment Date; provided (i) that if the Amount Available Amounts remaining to be allocated pursuant to this clause is are less than the full amount required to be so paid, such remaining Amount Available shall be allocated to each Class A-2 and Class A-3 Note, pro rata, based on the outstanding Principal Amount thereof and (ii) if the amount to be allocated pursuant to this clause exceeds the amount needed to repay the outstanding Principal Amount of the Class A-2 Notes and the Class A-3 Notes in full, then such excess shall be applied in repayment on the Class B Notes;
(ix) pay to the Class B Noteholders, the Total Principal Payment Amount for such Payment Date; provided that if the Amount Available remaining to be allocated pursuant to this clause is less than the full amount required to be so paid, such remaining Amount Available Amounts shall be allocated to each Class B Note pro rata based on the outstanding Principal Amount principal amount thereof, and (ii) if the amount to be allocated pursuant to this clause exceeds the amount needed to repay the outstanding Principal Amount of the Class B Notes Note principal in full, then such excess shall be applied in repayment of principal on the Class C Notes;
(xxi) pay to the Indenture Trustee, on behalf of the Class C Noteholders, the Total Principal Payment Amount of the Class C Notes for such Payment Date; provided (i) that if the Amount Available Amounts remaining to be allocated pursuant to this clause is are less than the full amount required to be so paid, such remaining Amount Available Amounts shall be allocated to each Class C Note pro rata based on the outstanding Principal Amount principal amount thereof, and (ii) if the amount to be allocated pursuant to this clause exceeds the amount needed to repay the outstanding Principal Amount of the Class C Notes Note principal in full, then such excess shall be applied in repayment of principal on the Class D Notes;
(xixii) pay to the Indenture Trustee, on behalf of the Class D Noteholders, the Total Principal Payment Amount of the Class D Notes for such Payment Date; provided (i) that if the Amount Available Amounts remaining to be allocated pursuant to this clause is are less than the full amount required to be so paid, such remaining Amount Available Amounts shall be allocated to each Class D Note pro rata based on the outstanding Principal Amount principal amount thereof, and (ii) if the amount to be allocated pursuant to this clause exceeds the amount needed to repay outstanding Class D Note principal in full, then such excess shall be applied as set forth in (xi) and (xiv) below;
(xiixiii) after pay to the Principal Amount (including any unpaid accrued interest thereonIndenture Trustee all amounts due it and not paid pursuant to Section 7.05(b)(i)(B) by reason of the Class A Noteslimitation in such clause;
(xiv) pay to the Servicer, the Class B Notesamount of any Unreimbursed Servicer Advance to the extent that such Unreimbursed Servicer Advance relates to Scheduled Payment on a Contract that has subsequently been received or that the Servicer determines that such Unreimbursed Servicer Advance will not be recovered from the Contract with respect to which it relates; and
(xv) pay all other remaining Available Amounts to the Issuer. Following the occurrence and during the continuance of an Event of Default, if the Class C Notes Available Amounts are less than the amount required to make in full the payments and allocations set forth in Sections 7.05(b)(i)-(xii) above, amounts held in the Class D Notes has been reduced Residual Account shall be withdrawn in order for the payments or allocations set forth in Sections 7.05(b)(i)-(xii) to zero, be made and such remaining Amount amounts will be considered as Available Amounts for such purpose only. Amounts withdrawn from the Residual Account pursuant to the preceding sentence shall be applied to pay repay principal of such Notes in such order of priority set forth in 7.05(b)(i)-(xii) until the Residual Account is exhausted. Following the occurrence and during the continuance of an Event of Default, if the Available Amounts and any unpaid feesamounts available from the Residual Account are less than the amount required to make in full the payments and allocations set forth in Sections 7.05(b)(i)-(xii) above, expenses and indemnities of amounts held in the Owner Trustee and the Indenture Trustee; and
(xiii) any remaining Amount Available Reserve Fund shall be paid withdrawn in order for the payments or allocations set forth in Sections 7.05(b)(i)-(xii) to be made and such amounts will be considered as Available Amounts for such purpose only. Amounts withdrawn from the Reserve Fund pursuant to the Equity Certificateholderpreceding sentence shall be applied to repay principal of such Notes in such order of priority set forth in 7.05(b)(i)-(xii) until the Reserve Fund is exhausted.
Appears in 2 contracts
Samples: Transfer and Servicing Agreement (Greatamerica Leasing Receivables 2001-1 LLC), Transfer and Servicing Agreement (Greatamerica Leasing Receivables 2002-1 LLC)
Allocations and Payments after an Event of Default. On each Determination Date after the occurrence and during the continuance of an Event of Default, the Servicer, pursuant to monthly payment instructions and notification, shall instruct the Indenture Trustee to withdraw and transferwithdraw, and on the succeeding Payment Date the Indenture Trustee acting in accordance with such instructions shall withdraw and transferwithdraw, the all amounts required to be withdrawn from the Note Distribution Collection Account and the Reserve Account in order to make the following payments or allocations from the Amount Available for the related Payment Date (in each case, such payment or transfer to be made only to the extent funds remain available therefor after all prior payments and transfers for such Payment Date have been made), in the following order of priority:
(i) pay to the Class A-1 NoteholdersServicer the reimbursement for Unreimbursed Servicer Advances and any amounts specified in Section 2.04 hereof, Class A-2 Noteholders, and to the Class A-3 Noteholders, an amount equal to interest accrued extent the Servicer has not reimbursed itself in respect of the related Class A-1 Notes at the Class A-1 Interest Rate, Class A-2 Notes at the Class A-2 Interest Rate and the Class A-3 Notes at the Class A-3 Interest Rate for the Accrual Period immediately preceding such Payment Date, together with any such amounts that accrued in respect of prior Accrual Periods for which no allocation was previously made; provided that if the Amount Available remaining to be allocated pursuant to this clause is less than the full amount required to be so allocated, such remaining Amount Available shall be allocable to the Holders of the Class A-1 Notes, Class A-2 Notes and Class A-3 Notes pro rata based upon the aggregate amount of interest due to each Class; provided that if the Class A-1 Maturity Date is a Payment Date, all payments on that date shall be limited to the amount necessary to pay the interest due on the Class A-1 Notes through such date.amounts;
(ii) pay to the Class B Noteholders an amount equal to Servicer, the interest accrued thereon at Servicing Fee for the related Collection Period;
(iii) (a) pay the Class B A-1 Interest Rate for Payment Amount, the Accrual Period immediately preceding such Class A-2 Interest Payment DateAmount, together with any amounts that accrued in respect the Class A-3 Interest Payment Amount, the Class A-4 Interest Payment Amount, to each respective Holder of prior Accrual Periods for which no allocation was previously madeClass A Notes; provided, that if the Amount Available amount of Funds remaining to be allocated pursuant to this clause is less than the full amount required to be so paid, such remaining Amount Available Funds shall be paid to the Holder Holders of each Class B Note A Notes pro rata based on their respective entitlement pursuant to this clause and (b) pay the Swap Counterparty, if applicable, the Swap Trust Payment;
(iv) to the extent that (a) the Principal Amount of the Class A Notes outstanding on such Determination Date exceeds (b) the Contract Pool Principal Balance at the end of the related Collection Period, the Indenture Trustee shall retain the amount of such excess to pay to outstanding Principal Amount thereofof the Class A Notes as set forth in Section 7.05(d);
(iiiv) pay to the Holders of Class C Noteholders, an amount equal to the interest accrued thereon at B Notes the Class C B Interest Rate for the Accrual Period immediately preceding such Payment DateAmount, together with including any such amounts that accrued in respect of prior Accrual Periods for which no allocation was previously madeoverdue interest; provided, that if the Amount amount of Available Funds remaining to be allocated pursuant to this clause is less than the full amount required to be so paid, such remaining Amount Available Funds shall be paid to the Holder Holders of each Class C Note B Notes pro rata based on their respective entitlement pursuant to this clause;
(vi) to the extent that (a) the sum of the Principal Amounts of the Class A Notes and the Class B Notes outstanding on such Determination Date exceeds (b) the Contract Pool Principal Balance at the end of the related Collection Period minus any amount of principal retained by the Indenture Trustee in accordance with clause (iv) above, the Indenture Trustee shall retain the amount of such excess and shall apply the amount of such excess to pay the outstanding Principal Amount thereofof the Notes as set forth in Section 7.05(d);
(ivvii) pay to the Holders of Class D Noteholders, an amount equal to the interest accrued thereon at C Notes the Class D C Interest Rate for the Accrual Period immediately preceding such Payment DateAmount, together with including any such amounts that accrued in respect of prior Accrual Periods for which no allocation was previously madeoverdue interest; provided, that if the Amount amount of Available Funds remaining to be allocated pursuant to this clause is less than the full amount required to be so paid, such remaining Amount Available Funds shall be paid to the Holder Holders of each Class D Note C Notes pro rata based on their respective entitlement pursuant to this clause;
(viii) to the extent that (a) the sum of the Principal Amounts of the Class A Notes, Class B Notes and the Class C Notes outstanding on such Determination Date exceeds (b) the Contract Pool Principal Balance at the end of the related Collection Period minus any amount of principal amount retained by the Indenture Trustee in accordance with clauses (iv) and (vi) above, the Indenture Trustee shall retain the amount of such excess and shall apply the amount of such excess to pay the outstanding Principal Amount thereofof the Notes, as set forth in Section 7.05(d);
(vix) pay to the Holders of Class A-1 NoteholdersD Notes the Class D Interest Payment Amount; provided, the Total Principal Payment Amount for such Payment Date; provided (i) that if the Amount amount of Available Funds remaining to be allocated pursuant to this clause is less than the full amount required to be so paid, such remaining Amount Available Funds shall be allocated paid to each the Holders of Class A-1 Note D Notes pro rata based on the outstanding Principal Amount thereof and (ii) if the amount to be allocated their respective entitlement pursuant to this clause exceeds clause;
(x) following application of payments made in accordance with Section 7.05(d) pay:
(A) to the amount needed to repay the Holders of Class A-1 Notes any outstanding Principal Amount amounts of principal on the Class A-1 Notes until paid in full, then such excess shall be applied in repayment ;
(B) pro rata to (1) the Holders of Class A-2 Notes any outstanding amounts of principal on the Class A-2 and Class A-3, pro rata;
(vi) [reserved];
(vii) [reserved];
(viii) pay to the Class A-2 and Class A-3 Noteholders, pro rata, the Total Principal Payment Amount for such Payment Date; provided (i) that if the Amount Available remaining to be allocated pursuant to this clause is less than the full amount required to be so paid, such remaining Amount Available shall be allocated to each Class A-2 and Class A-3 Note, pro rata, based on the outstanding Principal Amount thereof and (ii) if the amount to be allocated pursuant to this clause exceeds the amount needed to repay the outstanding Principal Amount of the Class A-2 Notes and the Class A-3 Notes until paid in full, then such excess shall be applied in repayment on the Class B Notes;
; (ix) pay to the Class B Noteholders, the Total Principal Payment Amount for such Payment Date; provided that if the Amount Available remaining to be allocated pursuant to this clause is less than the full amount required to be so paid, such remaining Amount Available shall be allocated to each Class B Note pro rata based on the outstanding Principal Amount thereof, and (ii) if the amount to be allocated pursuant to this clause exceeds the amount needed to repay the outstanding Principal Amount of the Class B Notes in full, then such excess shall be applied in repayment of principal on the Class C Notes;
(x) pay to the Class C Noteholders, the Total Principal Payment Amount for such Payment Date; provided (i) that if the Amount Available remaining to be allocated pursuant to this clause is less than the full amount required to be so paid, such remaining Amount Available shall be allocated to each Class C Note pro rata based on the outstanding Principal Amount thereof, and (ii) if the amount to be allocated pursuant to this clause exceeds the amount needed to repay the outstanding Principal Amount of the Class C Notes in full, then such excess shall be applied in repayment of principal on the Class D Notes;
(xi) pay to the Class D Noteholders, the Total Principal Payment Amount for such Payment Date; provided that if the Amount Available remaining to be allocated pursuant to this clause is less than the full amount required to be so paid, such remaining Amount Available shall be allocated to each Class D Note pro rata based on the outstanding Principal Amount thereof;
(xii) after the Principal Amount (including any unpaid accrued interest thereon) of the Class A Notes, the Class B Notes, the Class C Notes and the Class D Notes has been reduced to zero, such remaining Amount Available shall be applied to pay any unpaid fees, expenses and indemnities of the Owner Trustee and the Indenture Trustee; and
(xiii) any remaining Amount Available shall be paid to the Equity Certificateholder.
Appears in 2 contracts
Samples: Pooling and Servicing Agreement (CIT Equipment Collateral 2005-Ef1), Pooling and Servicing Agreement (Cit Funding Co, LLC)
Allocations and Payments after an Event of Default. On each Determination Date after the occurrence and during the continuance of an Event of Default, the Servicer, pursuant to monthly payment instructions and notification, shall instruct the Indenture Trustee to withdraw and transferwithdraw, and on the succeeding Payment Date the Indenture Trustee acting in accordance with such instructions shall withdraw and transferwithdraw, the all amounts required to be withdrawn from the Note Distribution Collection Account and the Reserve Account in order to make the following payments or allocations from the Amount Available for the related Payment Date (in each case, such payment or transfer to be made only to the extent funds remain available therefor after all prior payments and transfers for such Payment Date have been made), in the following order of priority:
(i) pay to the Class A-1 NoteholdersServicer the reimbursement for Unreimbursed Servicer Advances and any amounts specified in Section 2.04 hereof, Class A-2 Noteholders, and to the Class A-3 Noteholders, an amount equal to interest accrued extent the Servicer has not reimbursed itself in respect of the related Class A-1 Notes at the Class A-1 Interest Rate, Class A-2 Notes at the Class A-2 Interest Rate and the Class A-3 Notes at the Class A-3 Interest Rate for the Accrual Period immediately preceding such Payment Date, together with any such amounts that accrued in respect of prior Accrual Periods for which no allocation was previously made; provided that if the Amount Available remaining to be allocated pursuant to this clause is less than the full amount required to be so allocated, such remaining Amount Available shall be allocable to the Holders of the Class A-1 Notes, Class A-2 Notes and Class A-3 Notes pro rata based upon the aggregate amount of interest due to each Class; provided that if the Class A-1 Maturity Date is a Payment Date, all payments on that date shall be limited to the amount necessary to pay the interest due on the Class A-1 Notes through such date.amounts;
(ii) pay to the Class B Noteholders an amount equal to Servicer, the interest accrued thereon at Servicing Fee for the related Collection Period;
(iii) (a) pay the Class B A-1 Interest Rate for Payment Amount, the Accrual Period immediately preceding such Class A-2 Interest Payment DateAmount, together with any amounts that accrued in respect the Class A-3 Interest Payment Amount, the Class A-4 Interest Payment Amount, to each respective Holder of prior Accrual Periods for which no allocation was previously madeClass A Notes; provided, that if the Amount Available amount of Funds remaining to be allocated pursuant to this clause is less than the full amount required to be so paid, such remaining Amount Available Funds shall be paid to the Holder Holders of each Class B Note A Notes pro rata based on their respective entitlement pursuant to this clause and (b) pay the Swap Counterparty, if applicable, the Swap Trust Payment;
(iv) to the extent that (a) the Principal Amount of the Class A Notes outstanding on such Determination Date exceeds (b) the Contract Pool Principal Balance at the end of the related Collection Period, the Indenture Trustee shall retain the amount of such excess to pay to outstanding Principal Amount thereofof the Class A Notes as set forth in Section 7.05(d);
(iiiv) pay to the Holders of Class C Noteholders, an amount equal to the interest accrued thereon at B Notes the Class C B Interest Rate for the Accrual Period immediately preceding such Payment DateAmount, together with including any such amounts that accrued in respect of prior Accrual Periods for which no allocation was previously madeoverdue interest; provided, that if the Amount amount of Available Funds remaining to be allocated pursuant to this clause is less than the full amount required to be so paid, such remaining Amount Available Funds shall be paid to the Holder Holders of each Class C Note B Notes pro rata based on their respective entitlement pursuant to this clause;
(vi) to the extent that (a) the sum of the Principal Amounts of the Class A Notes and the Class B Notes outstanding on such Determination Date exceeds (b) the Contract Pool Principal Balance at the end of the related Collection Period minus any amount of principal retained by the Indenture Trustee in accordance with clause (iv) above, the Indenture Trustee shall retain the amount of such excess and shall apply the amount of such excess to pay the outstanding Principal Amount thereofof the Notes as set forth in Section 7.05(d);
(ivvii) pay to the Holders of Class D Noteholders, an amount equal to the interest accrued thereon at C Notes the Class D C Interest Rate for the Accrual Period immediately preceding such Payment DateAmount, together with including any such amounts that accrued in respect of prior Accrual Periods for which no allocation was previously madeoverdue interest; provided, that if the Amount amount of Available Funds remaining to be allocated pursuant to this clause is less than the full amount required to be so paid, such remaining Amount Available Funds shall be paid to the Holder Holders of each Class D Note C Notes pro rata based on their respective entitlement pursuant to this clause;
(viii) to the extent that (a) the sum of the Principal Amounts of the Class A Notes, Class B Notes and the Class C Notes outstanding on such Determination Date exceeds (b) the Contract Pool Principal Balance at the end of the related Collection Period minus any amount of principal amount retained by the Indenture Trustee in accordance with clauses (iv) and (vi) above, the Indenture Trustee shall retain the amount of such excess and shall apply the amount of such excess to pay the outstanding Principal Amount thereofof the Notes, as set forth in Section 7.05(d);
(vix) pay to the Holders of Class A-1 NoteholdersD Notes the Class D Interest Payment Amount; provided, the Total Principal Payment Amount for such Payment Date; provided (i) that if the Amount amount of Available Funds remaining to be allocated pursuant to this clause is less than the full amount required to be so paid, such remaining Amount Available Funds shall be allocated paid to each the Holders of Class A-1 Note D Notes pro rata based on the outstanding Principal Amount thereof and (ii) if the amount to be allocated their respective entitlement pursuant to this clause exceeds clause;
(x) following application of payments made in accordance with Section 7.05(d) pay:
(A) to the amount needed to repay the Holders of Class A-1 Notes any outstanding Principal Amount amounts of principal on the Class A-1 Notes until paid in full, then such excess shall be applied in repayment ;
(B) pro rata to (1) the Holders of Class A-2 Notes any outstanding amounts of principal on the Class A-2 Notes until paid in full; (2) to the Holders of Class A-3 Notes any outstanding amounts of principal on the Class A-3 Notes until paid in full; and (3) to the Holders of Class A-3, pro rataA-4 Notes any outstanding amounts of principal on the Class A-4 Notes until paid in full;
(viC) [reserved]to the Holders of Class B Notes any outstanding amounts of principal on the Class B Notes until paid in full;
(viiD) [reserved]to the Holders of Class C Notes any outstanding amounts of principal on the Class C Notes until paid in full; and
(E) to the Holders of Class D Notes any outstanding amounts of interest and principal on the Class D Notes until paid in full;
(viiixi) pay to the Holders of the Class A-2 and A-4 Notes the Class A-3 NoteholdersA-4 Supplemental Interest Payment Amount; provided, pro rata, the Total Principal Payment Amount for such Payment Date; provided (i) that if the Amount amount of Available Funds remaining to be allocated pursuant to this clause is less than the full amount required to be so paid, such remaining Amount Available Funds shall be allocated paid to each Class A-2 and Class A-3 Note, pro rata, based on the outstanding Principal Amount thereof and (ii) if the amount to be allocated pursuant to this clause exceeds the amount needed to repay the outstanding Principal Amount Holders of the Class A-2 A-4 Notes and the Class A-3 Notes in full, then such excess shall be applied in repayment on the Class B Notes;
(ix) pay to the Class B Noteholders, the Total Principal Payment Amount for such Payment Date; provided that if the Amount Available remaining to be allocated pursuant to this clause is less than the full amount required to be so paid, such remaining Amount Available shall be allocated to each Class B Note pro rata based on the outstanding Principal Amount thereof, and (ii) if the amount to be allocated pursuant their respective entitlement to this clause exceeds the amount needed to repay the outstanding Principal Amount of the Class B Notes in full, then such excess shall be applied in repayment of principal on the Class C Notes;
(x) pay to the Class C Noteholders, the Total Principal Payment Amount for such Payment Date; provided (i) that if the Amount Available remaining to be allocated pursuant to this clause is less than the full amount required to be so paid, such remaining Amount Available shall be allocated to each Class C Note pro rata based on the outstanding Principal Amount thereof, and (ii) if the amount to be allocated pursuant to this clause exceeds the amount needed to repay the outstanding Principal Amount of the Class C Notes in full, then such excess shall be applied in repayment of principal on the Class D Notes;
(xi) pay to the Class D Noteholders, the Total Principal Payment Amount for such Payment Date; provided that if the Amount Available remaining to be allocated pursuant to this clause is less than the full amount required to be so paid, such remaining Amount Available shall be allocated to each Class D Note pro rata based on the outstanding Principal Amount thereofclause;
(xii) after pay to the Principal Amount Trustees, concurrently and pro rata, any amounts owing thereto;
(including xiii) pay to Swap Counterparty any unpaid accrued interest thereonamounts owing to the Swap Counterparty, minus any amount paid to the Swap Counterparty pursuant to clause (iii) of the Class A Notes, the Class B Notes, the Class C Notes and the Class D Notes has been reduced to zero, such remaining Amount Available shall be applied to pay any unpaid fees, expenses and indemnities of the Owner Trustee and the Indenture Trusteeabove; and
(xiiixiv) pay any remaining Amount Available shall be paid amounts to the Equity Certificateholder.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Cit Funding Co, LLC)
Allocations and Payments after an Event of Default. On each Determination Date after the occurrence and during the continuance of an Event of Default, the Servicer, pursuant to monthly payment instructions and notification, shall instruct the Indenture Trustee to withdraw and transferwithdraw, and on the succeeding Payment Distribution Date the Indenture Trustee acting in accordance with such instructions shall withdraw and transferwithdraw, the amounts required to be withdrawn from the Collection Account pursuant to this Section and, with respect to the amounts described in clauses (iv) through (xii) below, deposited to the Note Distribution Account (pursuant to Sections 3.01 and 8.02(b) of the Indenture) in order to make the following payments or allocations from the Amount Available Funds for the related Payment Distribution Date (in each case, such payment or transfer to be made only to the extent funds remain available therefor after all prior payments and transfers for such Payment Distribution Date have been made), in the following order of priority:
(i) pay to the Servicer, the amount of any unreimbursed Servicer Advances;
(ii) pay to the Servicer, the monthly Servicing Fee for the preceding monthly period together with any amounts in respect of the Servicing Fee that were due in respect of prior monthly periods that remain unpaid;
(iii) pay to the Back-Up Servicer, the Collateral Custodian, the Owner Trustee and the Indenture Trustee an amount equal to the Administrative Fee then due, together with any accrued and unpaid Administrative Fees;
(iv) pay to the Indenture Trustee on behalf of the Class A-1 Noteholders, Class A-2 Noteholders, and the Class A-3 Noteholders, and Class A-4 Noteholders an amount equal to interest accrued in respect of the related Class A-1 A-l Notes, Class A-2 Notes, Class A-3 Notes and Class A-4 Notes at the Class A-1 Interest Rate, Class A-2 Notes at the Class A-2 Interest Rate and the Class A-3 Notes at the Rate, Class A-3 Interest Rate and Class A-4 Interest Rate, respectively, for the Accrual Period immediately preceding such Payment Distribution Date, together with any such amounts that accrued in respect of prior Accrual Periods for which no allocation was previously made; provided that if the Amount Available Funds remaining to be allocated pursuant to this clause is are less than the full amount required to be so allocated, such remaining Amount Available Funds shall be allocable allocated to the Holders each Holder of the a Class A-1 Notes, Class A-2 Notes and Class A-3 Notes A Note pro rata based upon the aggregate amount of interest due to each Class; provided that if the Class A-1 Maturity Date is a Payment Date, all payments on that date shall be limited to the amount necessary to pay the interest due on the Class A-1 Notes through such date.outstanding Principal Amount thereof;
(iiv) pay to the Indenture Trustee on behalf of the Class B Noteholders an amount equal to the interest accrued thereon at the Class B Interest Rate for the Accrual Period immediately preceding such Payment Distribution Date, together with any amounts that accrued in respect of prior Accrual Periods for which no allocation was previously made; provided, that if the Amount Available Funds remaining to be allocated pursuant to this clause is are less than the full amount required to be so paid, such remaining Amount Available Funds shall be paid to the Holder of each Class B Note Noteholder pro rata based on the outstanding Principal Amount thereof;
(iiivi) pay to the Indenture Trustee on behalf of the Class C Noteholders, an amount equal to the interest accrued thereon at the Class C Interest Rate for the Accrual Period immediately preceding such Payment Distribution Date, together with any such amounts that accrued in respect of prior Accrual Periods for which no allocation was previously made; provided, that if the Amount Available Funds remaining to be allocated pursuant to this clause is are less than the full amount required to be so paid, such remaining Amount Available Funds shall be paid to the Holder of each Class C Note Noteholder pro rata based on the outstanding Principal Amount thereof;
(ivvii) pay to the Indenture Trustee on behalf of the Class D Noteholders, an amount equal to the interest accrued thereon at the Class D Interest Rate for the Accrual Period immediately preceding such Payment Distribution Date, together with any such amounts that accrued in respect of prior Accrual Periods for which no allocation was previously made; provided, that if the Amount Available Funds remaining to be allocated pursuant to this clause is are less than the full amount required to be so paid, such remaining Amount Available Funds shall be paid to the Holder of each Class D Note Noteholder pro rata based on the outstanding Principal Amount thereof;
(vviii) pay to the Indenture Trustee, on behalf of the Class A-1 Noteholders, the Total Principal Payment Amount for such Payment Dateof the Class A-1 Notes; provided (i) that if the Amount Available Funds remaining to be allocated pursuant to this clause is are less than the full amount required to be so paid, such remaining Amount Available Funds shall be allocated to each Class A-1 A-l Note pro rata based on the outstanding Principal Amount thereof and (ii) if the principal amount to be allocated pursuant to this clause exceeds the amount needed to repay the outstanding Principal Amount of the Class A-1 Notes in full, then such excess shall be applied in repayment of principal on the Class A-2 and Class A-3, pro ratathereof;
(vi) [reserved];
(vii) [reserved];
(viiiix) pay to the Indenture Trustee, on behalf of the Class A-2 Noteholders, Class A-3 Noteholders and Class A-3 A-4 Noteholders, pro ratathe Principal Amounts of the Class A-2 Notes, the Total Principal Payment Amount for such Payment DateClass A-3 Notes and Class A-4 Notes; provided (i) that if the Amount Available Funds remaining to be allocated pursuant to this clause is are less than the full amount required to be so paid, such remaining Amount Available Funds shall be allocated to each Class A-2 Note, Class A-3 Note and Class A-3 Note, A-4 Note pro rata, rata based on the outstanding Principal Amount thereof and (ii) if the principal amount to be allocated pursuant to this clause exceeds the amount needed to repay the outstanding Principal Amount of the each such Class A-2 Notes and the Class A-3 Notes in full, then such excess shall be applied in repayment on the Class B of Notes;
(ixx) pay to the Indenture Trustee, on behalf of the Class B Noteholders, the Total Principal Payment Amount for such Payment Dateof the Class B Notes; provided (i) that if the Amount Available Funds remaining to be allocated pursuant to this clause is are less than the full amount required to be so paid, such remaining Amount Available Funds shall be allocated to each Class B Note pro rata based on the outstanding Principal Amount principal amount thereof, and (ii) if the amount to be allocated pursuant to this clause exceeds the amount needed to repay the outstanding Principal Amount of the Class B Notes Note principal in full, then such excess shall be applied in repayment of principal on the Class C Notes;
(xxi) pay to the Indenture Trustee, on behalf of the Class C Noteholders, the Total Principal Payment Amount for such Payment Dateof the Class C Notes; provided (i) that if the Amount Available Funds remaining to be allocated pursuant to this clause is are less than the full amount required to be so paid, such remaining Amount Available Funds shall be allocated to each Class C Note pro rata based on the outstanding Principal Amount principal amount thereof, and (ii) if the amount to be allocated pursuant to this clause exceeds the amount needed to repay the outstanding Principal Amount of the Class C Notes Note principal in full, then such excess shall be applied in repayment paid to the Holder of principal on the Class D NotesCertificate;
(xixii) pay to the Indenture Trustee, on behalf of the Class D Noteholders, the Total Principal Payment Amount for such Payment Dateof the Class D Notes; provided (i) that if the Amount Available Funds remaining to be allocated pursuant to this clause is are less than the full amount required to be so paid, such remaining Amount Available Funds shall be allocated to each Class D Note pro rata based on the outstanding Principal Amount principal amount thereof;
, and (xiiii) after if the Principal Amount (including any unpaid accrued interest thereon) of amount to be allocated pursuant to this clause exceeds the Class A Notes, the Class B Notes, the Class C Notes and the amount needed to repay outstanding Class D Notes has been reduced to zeroNote principal in full, then such remaining Amount Available shall be applied to pay any unpaid fees, expenses and indemnities of the Owner Trustee and the Indenture Trustee; and
(xiii) any remaining Amount Available excess shall be paid to the Equity CertificateholderHolder of the Certificate;
(xiii) pay to the Indenture Trustee and the Back-Up Servicer the amount of any unpaid fees and expenses to which the Indenture Trustee is entitled under Section 6.07 of the Indenture or Section 5.19 hereof or the Back-Up Servicer is entitled under Section 5.19 or Section 8.03 hereof; and
(xiv) pay all other remaining Available Funds to the Holder of the Certificate. Following the occurrence and during the continuance of an Event of Default, if the Available Funds are less than the amount required to make in full the payments and allocations set forth in Sections 7.05(b)(i)-(xii), amounts held in the Reserve Fund shall be withdrawn in order for any of such payments or allocations to be made (in the same order of priority) and such amounts will be considered as Available Funds for such purpose only. In addition, to the extent Available Amounts are insufficient to provide for the repayment in full of the Class A-1 Notes on the Class A-1 Maturity Date (or, following the repayment in full of the Class A-1 Notes, to the extent such Available Amounts are insufficient to provide for the repayment in full of the Class A-2 Notes, Class A-3 Notes, Class A-4 Notes, Class B Notes, Class C Notes or Class D Notes on their respective Maturity Dates, in such order of priority), then amounts held in the Reserve Fund shall be withdrawn pursuant to the Monthly Report and applied to repay principal of such Notes in such order of priority on such respective Maturity Dates until the Reserve Fund is exhausted.
Appears in 1 contract
Samples: Sale and Servicing Agreement (Fidelity Leasing Inc)
Allocations and Payments after an Event of Default. On each Determination Date after the occurrence and during the continuance of an Event of Default, the Servicer, pursuant to monthly payment instructions and notification, shall instruct the Indenture Trustee in writing to withdraw and transferwithdraw, and on the succeeding Payment such Distribution Date the Indenture Trustee acting in accordance with such instructions shall withdraw and transferwithdraw, the amounts required to be withdrawn from the Collection Account pursuant to this Section and deposited to the Note Distribution Account (pursuant to Sections 3.01 and 8.02(b) of the Indenture) in order to make the following payments or allocations from the Amount Available Amounts for the related Payment such Distribution Date (in each case, such payment or transfer to be made only to the extent funds remain available therefor after all prior payments and transfers for such Payment Distribution Date have been made), in the following order of priority:
(i) pay, first, to the Indenture Trustee the amount of any unpaid fees, expenses (including legal fees and expenses) and indemnity payments to which the Indenture Trustee is entitled under this Section 7.05(b)(i), including the costs and expenses associated with the appointment of a Successor Servicer and the transition relating thereto (which amount shall not, taken in the aggregate with all other amounts withdrawn in accordance with this Section 7.05(b)(i), exceed $100,000) and, then, to the Noteholders, pro rata, an amount equal to any indemnity payments that Noteholders may have elected to pay in accordance with the terms of the Indenture;
(ii) pay to the Servicer, the monthly Servicing Fee for the preceding monthly period together with any amounts in respect of the Servicing Fee that were due in respect of prior monthly periods that remain unpaid;
(iii) pay to the Indenture Trustee on behalf of the Class A-1 Noteholders, Class A-2 Noteholders, and the Class A-3 Noteholders, Noteholders and Class A-4 Noteholders an amount equal to interest accrued in respect of the related Class A-1 Notes, Class A-2 Notes, Class A-3 Notes and Class A-4 Notes at the Class A-1 Interest Rate, Class A-2 Notes at the Class A-2 Interest Rate and the Class A-3 Notes at the Rate, Class A-3 Interest Rate and Class A-4 Interest Rate, respectively, for the Accrual Period immediately preceding such Payment Distribution Date, together with any such amounts that accrued in respect of prior Accrual Periods for which no allocation was previously made; provided that if the Amount Available Amounts remaining to be allocated pursuant to this clause is are less than the full amount required to be so allocated, such remaining Amount Available Amounts shall be allocable allocated to the Holders each Holder of the a Class A-1 Notes, Class A-2 Notes and Class A-3 Notes A Note pro rata based upon the aggregate amount of interest due to each Class; provided that if the Class A-1 Maturity Date is a Payment Date, all payments on that date shall be limited to the amount necessary to pay the interest due on the Class A-1 Notes through such date.outstanding Principal Amount thereof;
(iiiv) pay to the Indenture Trustee on behalf of the Class B Noteholders an amount equal to the interest accrued thereon at the Class B Interest Rate for the Accrual Period immediately preceding such Payment Distribution Date, together with any amounts that accrued in respect of prior Accrual Periods for which no allocation was previously made; provided, provided that if the Amount Available Amounts remaining to be allocated pursuant to this clause is are less than the full amount required to be so paid, such remaining Available Amount Available shall be paid to the Holder of each Class B Note Noteholder pro rata based on the outstanding Principal Amount thereof;
(iiiv) pay to the Indenture Trustee on behalf of the Class C Noteholders, an amount equal to the interest accrued thereon at the Class C Interest Rate for the Accrual Period immediately preceding such Payment Distribution Date, together with any such amounts that accrued in respect of prior Accrual Periods for which no allocation was previously made; provided, provided that if the Amount Available Amounts remaining to be allocated pursuant to this clause is are less than the full amount required to be so paid, such remaining Amount Available Amounts shall be paid to the Holder of each Class C Note Noteholder pro rata based on the outstanding Principal Amount thereof;
(ivvi) pay to the Indenture Trustee, on behalf of the Class D A-1 Noteholders, an amount equal to the interest accrued thereon at Principal Amount of the Class D Interest Rate for the Accrual Period immediately preceding such Payment Date, together with any such amounts that accrued in respect of prior Accrual Periods for which no allocation was previously madeA-1 Notes; provided, provided that if the Amount Available Amounts remaining to be allocated pursuant to this clause is are less than the full amount required to be so paid, such remaining Amount Available shall be paid to the Holder of each Class D Note pro rata based on the outstanding Principal Amount thereof;
(v) pay to the Class A-1 Noteholders, the Total Principal Payment Amount for such Payment Date; provided (i) that if the Amount Available remaining to be allocated pursuant to this clause is less than the full amount required to be so paid, such remaining Amount Available Amounts shall be allocated to each Class A-1 Note pro rata based on the outstanding Principal Amount thereof and (ii) if the principal amount to be allocated pursuant to this clause exceeds the amount needed to repay the outstanding Principal Amount of the Class A-1 Notes in full, then such excess shall be applied in repayment of principal on the Class A-2 and Class A-3, pro rata;
(vi) [reserved]thereof;
(vii) [reserved];
(viii) pay to the Indenture Trustee, on behalf of the Class A- 2 Xxxeholders, Class A-3 Noteholders and Class A-4 Noteholders, the Principal Amounts of the Class A-2 Notes, Class A-3 Notes and Class A-3 Noteholders, pro rata, the Total Principal Payment Amount for such Payment DateA-4 Notes; provided (i) that if the Amount Available Amounts remaining to be allocated pursuant to this clause is are less than the full amount required to be so paid, such remaining Amount Available Amounts shall be allocated to each Class A-2 Note, Class A-3 Note and Class A-3 Note, A-4 Note pro rata, rata based on the outstanding Principal Amount thereof and (ii) if the principal amount to be allocated pursuant to this clause exceeds the amount needed to repay the outstanding Principal Amount of the each such Class A-2 Notes and the Class A-3 Notes in full, then such excess shall be applied in repayment on the Class B of Notes;
(ixviii) pay to the Indenture Trustee, on behalf of the Class B Noteholders, the Total Principal Payment Amount of the Class B Notes for such Payment Distribution Date; provided (i) that if the Amount Available Amounts remaining to be allocated pursuant to this clause is are less than the full amount required to be so paid, such remaining Amount Available Amounts shall be allocated to each Class B Note pro rata based on the outstanding Principal Amount principal amount thereof, and (ii) if the amount to be allocated pursuant to this clause exceeds the amount needed to repay the outstanding Principal Amount of the Class B Notes Note principal in full, then such excess shall be applied in repayment of principal on the Class C Notes;
(xix) pay to the Indenture Trustee, on behalf of the Class C Noteholders, the Total Principal Payment Amount of the Class C Notes for such Payment Distribution Date; provided (i) that if the Amount Available Amounts remaining to be allocated pursuant to this clause is are less than the full amount required to be so paid, such remaining Amount Available Amounts shall be allocated to each Class C Note pro rata based on the outstanding Principal Amount principal amount thereof, and (ii) if the amount to be allocated pursuant to this clause exceeds the amount needed to repay the outstanding Principal Amount of the Class C Notes Note principal in full, then such excess shall be applied in repayment of principal on the Class D NotesCertificates;
(x) pay to the Indenture Trustee all amounts due it and not paid pursuant to Section 7.05(b)(i) by reason of the limitation in such clause; and
(xi) pay all other remaining Available Amounts to the Class D NoteholdersHolder of the Certificates. Following the occurrence and during the continuance of an Event of Default, the Total Principal Payment Amount for such Payment Date; provided that if the Amount Available remaining to be allocated pursuant to this clause is Amounts are less than the full amount required to be so paidmake in full the payments and allocations set forth in Sections 7.05(b)(i)-(ix) above, such remaining Amount Available amounts held in the Reserve Fund shall be allocated withdrawn in order for the payments or allocations set forth in Sections 7.05(b)(i)-(ix) to each Class D Note pro rata based on be made and such amounts will be considered as Available Amounts for such purpose only. Amounts withdrawn from the outstanding Principal Amount thereof;
(xii) after Reserve Fund pursuant to the Principal Amount (including any unpaid accrued interest thereon) of the Class A Notes, the Class B Notes, the Class C Notes and the Class D Notes has been reduced to zero, such remaining Amount Available preceding sentence shall be applied to pay any unpaid fees, expenses and indemnities repay principal of such Notes in such order of priority set forth in 7.05(b)(i)-(ix) until the Owner Trustee and the Indenture Trustee; and
(xiii) any remaining Amount Available shall be paid to the Equity CertificateholderReserve Fund is exhausted.
Appears in 1 contract
Samples: Transfer and Servicing Agreement (Orix Credit Alliance Receivables Trust 2000 B)
Allocations and Payments after an Event of Default. On each Determination Date after the occurrence of an Event of Default, the Servicer, pursuant to monthly payment instructions and notification, shall instruct the Indenture Trustee to withdraw and transferwithdraw, and on the succeeding Payment Distribution Date the Indenture Trustee acting in accordance with such instructions shall withdraw and transferwithdraw, the amounts required to be withdrawn from the Collection Account and Reserve Fund, if necessary, pursuant to this Section and deposited to the Note Distribution Account (pursuant to Sections 3.01 and 8.02(b) of the Indenture) in order to make the following payments or allocations from the Amount Available Amounts for the related Payment Distribution Date (in each case, such payment or transfer to be made only to the extent funds remain available therefor after all prior payments and transfers for such Payment Distribution Date have been made), in the following order of priority:
(i) pay to the Indenture Trustee the amount of any unpaid fees and expenses to which the Indenture Trustee is entitled under Section 5.06(a) of the Indenture;
(ii) pay to the Servicer, the amount of any Unreimbursed Servicer Advances;
(iii) pay to the Servicer the monthly Servicing Fee for the preceding monthly period together with any amounts in respect of the Servicing Fee that were due in respect of prior monthly periods that remain unpaid;
(iv) pay to the Indenture Trustee on behalf of the Class A-1 Noteholders, Class A-2 Noteholders, Class A-3 Noteholders and the Class A-3 Noteholders, A-4 Noteholders an amount equal to interest accrued in respect of the related Class A-1 Notes, Class A-2 Notes, Class A-3 Notes and Class A-4 Notes at the respective Class A-1 Interest Rate, Class A-2 Notes at the Interest Rate, Class A-2 A-3 Interest Rate and the Class A-3 Notes at the Class A-3 A-4 Interest Rate for the Accrual Period immediately preceding such Payment Distribution Date, together with any such amounts that accrued in respect of prior Accrual Periods for which no allocation was previously made; provided PROVIDED that if the Amount Available Amounts remaining to be allocated pursuant to this clause is are less than the full amount required to be so allocated, such remaining Amount Available Amounts shall be allocable allocated to the Holders of the Class A-1 Notes, Class A-2 Notes, Class A-3 Notes and Class A-3 A-4 Notes pro rata PRO RATA based upon the aggregate amount of interest due to each Class; provided that if the Class A-1 Maturity Date is a Payment Date, all payments on that date shall be limited to the amount necessary to pay the interest due on the Class A-1 Notes through such date.then-outstanding Principal Amounts thereof;
(iiv) pay to the Indenture Trustee on behalf of the Class B Noteholders an amount equal to the interest accrued thereon at the Class B Interest Rate for the Accrual Period immediately preceding such Payment Distribution Date, together with any amounts that accrued in respect of prior Accrual Periods for which no allocation was previously made; providedPROVIDED, that if the Amount Available Amounts remaining to be allocated pursuant to this clause is are less than the full amount required to be so paid, such remaining Available Amount Available shall be paid to the Holder of each Class B Note pro rata PRO RATA based on the outstanding Principal Amount thereof;
(iiivi) pay to the Indenture Trustee on behalf of the Class C Noteholders, an amount equal to the interest accrued thereon at the Class C Interest Rate for the Accrual Period immediately preceding such Payment Distribution Date, together with any such amounts that accrued in respect of prior Accrual Periods for which no allocation was previously made; providedPROVIDED, that if the Amount Available Amounts remaining to be allocated pursuant to this clause is are less than the full amount required to be so paid, such remaining Amount Available Amounts shall be paid to the Holder of each Class C Note pro rata PRO RATA based on the outstanding Principal Amount thereof;
(ivvii) pay to the Indenture Trustee on behalf of the Class D Noteholders, an amount equal to the interest accrued thereon at the Class D Interest Rate for the Accrual Period immediately preceding such Payment Distribution Date, together with any such amounts that accrued in respect of prior Accrual Periods for which no allocation was previously made; providedPROVIDED, that if the Amount Available Amounts remaining to be allocated pursuant to this clause is are less than the full amount required to be so paid, such remaining Amount Available Amounts shall be paid to the Holder of each Class D Note pro rata PRO RATA based on the outstanding Principal Amount principal amount thereof;
(vviii) pay to the Indenture Trustee on behalf of the Class A-1 E Noteholders, an amount equal to the Total Principal Payment Amount interest accrued thereon at the Class E Interest Rate for the Accrual Period immediately preceding such Payment Distribution Date, together with any such amounts that accrued in respect of prior Accrual Periods for which no allocation was previously made; provided (i) PROVIDED, that if the Amount Available Amounts remaining to be allocated pursuant to this clause is are less than the full amount required to be so paid, such remaining Available Amounts shall be paid to the Holder of each Class E Note PRO RATA based on the outstanding principal amount thereof;
(ix) pay to the Indenture Trustee, on behalf of the Class A-1 Noteholders, the Class A-1 Principal Payment Amount for such Distribution Date; PROVIDED (i) that if the Available Amounts remaining to be allocated pursuant to this clause are less than the full amount required to be so paid, such remaining Available Amounts shall be allocated to each Class A-1 Note pro rata PRO RATA based on the outstanding Principal Amount principal amount thereof and (ii) if the amount to be allocated pursuant to this clause exceeds the amount needed to repay the outstanding Principal Amount of the Class A-1 Notes Note principal in full, then such excess shall be applied in repayment of principal on the Class A-2 and Class A-3, pro rataNotes;
(vi) [reserved];
(vii) [reserved];
(viiix) pay to the Indenture Trustee, on behalf of the Class A-2 and Class A-3 Noteholders, pro rata, the Total Class A-2 Principal Payment Amount for such Payment Distribution Date; provided PROVIDED (i) that if the Amount Available Amounts remaining to be allocated pursuant to this clause is are less than the full amount required to be so paid, such remaining Amount Available Amounts shall be allocated to each Class A-2 and Class A-3 Note, pro rata, Note PRO RATA based on the outstanding Principal Amount thereof and (ii) if the principal amount to be allocated pursuant to this clause exceeds the amount needed to repay the outstanding Principal Amount of the Class A-2 Notes and the Class A-3 Notes in full, then such excess shall be applied in repayment on the Class B Notes;
(ix) pay to the Class B Noteholders, the Total Principal Payment Amount for such Payment Date; provided that if the Amount Available remaining to be allocated pursuant to this clause is less than the full amount required to be so paid, such remaining Amount Available shall be allocated to each Class B Note pro rata based on the outstanding Principal Amount thereof, and (ii) if the amount to be allocated pursuant to this clause exceeds the amount needed to repay the outstanding Principal Amount of the Class B Notes A-2 Note principal in full, then such excess shall be applied in repayment of principal on the Class C A-3 Notes;
(xxi) pay to the Indenture Trustee, on behalf of the Class C A-3 Noteholders, the Total Class A-3 Principal Payment Amount for such Payment Distribution Date; provided PROVIDED (i) that if the Amount Available Amounts remaining to be allocated pursuant to this clause is are less than the full amount required to be so paid, such remaining Amount Available Amounts shall be allocated to each Class C A-3 Note pro rata PRO RATA based on the outstanding Principal Amount principal amount thereof, and (ii) if the amount to be allocated pursuant to this clause exceeds the amount needed to repay outstanding Class A-3 Note principal in full, then such excess shall be applied in repayment of principal on the Class A-4 Notes;
(xii) pay to the Indenture Trustee, on behalf of the Class A-4 Noteholders, the Class A-4 Principal Payment Amount for such Distribution Date; PROVIDED (i) that if the Available Amounts remaining to be allocated pursuant to this clause are less than the full amount required to be so paid, such remaining Available Amounts shall be allocated to each Class A-4 Note PRO RATA based on the outstanding principal amount thereof, and (ii) if the amount to be allocated pursuant to this clause exceeds the amount needed to repay outstanding Class A-4 Note principal in full, then such excess shall be applied in repayment of principal on the Class B Notes;
(xiii) pay to the Indenture Trustee, on behalf of the Class B Noteholders, the Class B Principal Payment Amount for such Distribution Date; PROVIDED (i) that if the Available Amounts remaining to be allocated pursuant to this clause are less than the full amount required to be so paid, such remaining Available Amounts shall be allocated to each Class B Note PRO RATA based on the outstanding principal amount thereof, and (ii) if the amount to be allocated pursuant to this clause exceeds the amount needed to repay outstanding Class B Note principal in full, then such excess shall be applied in repayment of principal on the Class C Notes;
(xiv) pay to the Indenture Trustee, on behalf of the Class C Notes Noteholders, the Class C Principal Payment Amount for such Distribution Date; PROVIDED (i) that if the Available Amounts remaining to be allocated pursuant to this clause are less than the full amount required to be so paid, such remaining Available Amounts shall be allocated to each Class C Note PRO RATA based on the outstanding principal amount thereof, and (ii) if the amount to be allocated pursuant to this clause exceeds the amount needed to repay outstanding Class C Note principal in full, then such excess shall be applied in repayment of principal on the Class D Notes;
(xixv) pay to the Indenture Trustee, on behalf of the Class D Noteholders, the Total Class D Principal Payment Amount for such Payment Distribution Date; provided PROVIDED (i) that if the Amount Available Amounts remaining to be allocated pursuant to this clause is are less than the full amount required to be so paid, such remaining Amount Available Amounts shall be allocated to each Class D Note pro rata PRO RATA based on the outstanding Principal Amount principal amount thereof, and (ii) if the amount to be allocated pursuant to this clause exceeds the amount needed to repay outstanding Class D Note principal in full, then such excess shall be applied in repayment of principal on the Class E Note;
(xiixvi) after pay to the Principal Amount (including any unpaid accrued interest thereon) Indenture Trustee, on behalf of the Class A NotesE Noteholders, the Class B Notes, E Principal Payment Amount for such Distribution Date; PROVIDED (i) that if the Class C Notes and Available Amounts remaining to be allocated pursuant to this clause are less than the Class D Notes has been reduced full amount required to zerobe so paid, such remaining Amount Available Amounts shall be allocated to each Class E Note PRO RATA based on the outstanding principal amount thereof, and (ii) if the amount to be allocated pursuant to this clause exceeds the amount needed to repay outstanding Class E Note principal in full, then such excess shall be applied to pay any unpaid fees, expenses and indemnities in repayment of principal on the Owner Trustee and the Indenture TrusteeClass F Certificate; and
(xiiixvii) any pay all other remaining Amount Available Amounts to the Holder of the Class F Certificate. Following the occurrence of an Event of Default, if the Available Amounts are less than the amount required to make in full the payments and allocations set forth in Sections 7.05(b)(i)-(xvi), amounts held in the Reserve Fund shall be paid withdrawn in order for any of such payments or allocations to be made (in the Equity Certificateholdersame order of priority) and such amounts will be considered as Available Amounts for such purpose only.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Newcourt Receivables Corp Ii)
Allocations and Payments after an Event of Default. On each Determination Date after the occurrence and during the continuance of an Event of Default, the Servicer, pursuant to monthly payment instructions and notification, shall instruct the Indenture Trustee in writing to withdraw and transferwithdraw, and on the succeeding Payment such Distribution Date the Indenture Trustee acting in accordance with such instructions shall withdraw and transferwithdraw, the amounts required to be withdrawn from the Collection Account pursuant to this Section and deposited to the Note Distribution Account (pursuant to Sections 3.01 and 8.02(b) of the Indenture) in order to make the following payments or allocations from the Amount Available Amounts for the related Payment such Distribution Date (in each case, such payment or transfer to be made only to the extent funds remain available therefor after all prior payments and transfers for such Payment Distribution Date have been made), in the following order of priority:
(i) pay, first, to the Indenture Trustee the amount of any unpaid fees, expenses (including legal fees and expenses) and indemnity payments to which the Indenture Trustee is entitled under this Section 7.05(b)(i), including the costs and expenses associated with the appointment of a Successor Servicer and the transition relating thereto (which amount shall not, taken in the aggregate with all other amounts withdrawn in accordance with this Section 7.05(b)(i) or Section 7.05(a)(ii), exceed $100,000) and, then, to the Noteholders, pro rata, an amount equal to any indemnity payments that Noteholders may have elected to pay in accordance with the terms of the Indenture;
(ii) pay to the Servicer, the monthly Servicing Fee for the preceding monthly period together with any amounts in respect of the Servicing Fee that were due in respect of prior monthly periods that remain unpaid;
(iii) pay to the Indenture Trustee on behalf of the Class A-1 Noteholders, Class A-2 Noteholders, and the Class A-3 Noteholders, Noteholders and Class A-4 Noteholders an amount equal to interest accrued in respect of the related Class A-1 Notes, Class A-2 Notes, Class A-3 Notes and Class A-4 Notes at the Class A-1 Interest Rate, Class A-2 Notes at the Class A-2 Interest Rate and the Class A-3 Notes at the Rate, Class A-3 Interest Rate and Class A-4 Interest Rate, respectively, for the Accrual Period immediately preceding such Payment Distribution Date, together with any such amounts that accrued in respect of prior Accrual Periods for which no allocation was previously made; provided that if the Amount Available Amounts remaining to be allocated pursuant to this clause is are less than the full amount required to be so allocated, such remaining Amount Available Amounts shall be allocable allocated to the Holders each Holder of the a Class A-1 Notes, Class A-2 Notes and Class A-3 Notes A Note pro rata based upon the aggregate amount of interest due to each Class; provided that if the Class A-1 Maturity Date is a Payment Date, all payments on that date shall be limited to the amount necessary to pay the interest due on the Class A-1 Notes through such date.outstanding Principal Amount thereof;
(iiiv) pay to the Indenture Trustee on behalf of the Class B Noteholders Note holders an amount equal to the interest accrued thereon at the Class B Interest Rate for the Accrual Period immediately preceding such Payment Distribution Date, together with any amounts that accrued in respect of prior Accrual Periods for which no allocation was previously made; provided, provided that if the Amount Available Amounts remaining to be allocated pursuant to this clause is are less than the full amount required to be so paid, such remaining Available Amount Available shall be paid to the Holder of each Class B Note Noteholder pro rata based on the outstanding Principal Amount thereof;
(iiiv) pay to the Indenture Trustee on behalf of the Class C Noteholders, an amount equal to the interest accrued thereon at the Class C Interest Rate for the Accrual Period immediately preceding such Payment Distribution Date, together with any such amounts that accrued in respect of prior Accrual Periods for which no allocation was previously made; provided, provided that if the Amount Available Amounts remaining to be allocated pursuant to this clause is are less than the full amount required to be so paid, such remaining Amount Available Amounts shall be paid to the Holder of each Class C Note Noteholder pro rata based on the outstanding Principal Amount thereof;
(ivvi) pay to the Indenture Trustee, on behalf of the Class D A-1 Noteholders, an amount equal to the interest accrued thereon at Principal Amount of the Class D Interest Rate for the Accrual Period immediately preceding such Payment Date, together with any such amounts that accrued in respect of prior Accrual Periods for which no allocation was previously madeA-1 Notes; provided, provided that if the Amount Available Amounts remaining to be allocated pursuant to this clause is are less than the full amount required to be so paid, such remaining Amount Available shall be paid to the Holder of each Class D Note pro rata based on the outstanding Principal Amount thereof;
(v) pay to the Class A-1 Noteholders, the Total Principal Payment Amount for such Payment Date; provided (i) that if the Amount Available remaining to be allocated pursuant to this clause is less than the full amount required to be so paid, such remaining Amount Available Amounts shall be allocated to each Class A-1 Note pro rata based on the outstanding Principal Amount thereof and (ii) if the principal amount to be allocated pursuant to this clause exceeds the amount needed to repay the outstanding Principal Amount of the Class A-1 Notes in full, then such excess shall be applied in repayment of principal on the Class A-2 and Class A-3, pro rata;
(vi) [reserved]thereof;
(vii) [reserved];pay to the Indenture Trustee, on behalf of the Class A- 2 Xxxeholders, Class A-3 Noteholders and Class A-4 Noteholders, the Principal Amounts of the Class A-2 Notes, Class A-3 Notes and Class A-4 Notes; provided
(viii) pay to the Indenture Trustee, on behalf of the Class A-2 and Class A-3 B Noteholders, pro rata, the Total Principal Payment Amount for such Payment Distribution Date; provided (i) that if the Amount Available Amounts remaining to be allocated pursuant to this clause is are less than the full amount required to be so paid, such remaining Amount Available shall be allocated to each Class A-2 and Class A-3 Note, pro rata, based on the outstanding Principal Amount thereof and (ii) if the amount to be allocated pursuant to this clause exceeds the amount needed to repay the outstanding Principal Amount of the Class A-2 Notes and the Class A-3 Notes in full, then such excess shall be applied in repayment on the Class B Notes;
(ix) pay to the Class B Noteholders, the Total Principal Payment Amount for such Payment Date; provided that if the Amount Available remaining to be allocated pursuant to this clause is less than the full amount required to be so paid, such remaining Amount Available Amounts shall be allocated to each Class B Note pro rata based on the outstanding Principal Amount principal amount thereof, and (ii) if the amount to be allocated pursuant to this clause exceeds the amount needed to repay the outstanding Principal Amount of the Class B Notes Note principal in full, then such excess shall be applied in repayment of principal on the Class C Notes;
(xix) pay to the Indenture Trustee, on behalf of the Class C Noteholders, the Total Principal Payment Amount for such Payment Distribution Date; provided (i) that if the Amount Available Amounts remaining to be allocated pursuant to this clause is are less than the full amount required to be so paid, such remaining Amount Available Amounts shall be allocated to each Class C Note pro rata based on the outstanding Principal Amount principal amount thereof, and (ii) if the amount to be allocated pursuant to this clause exceeds the amount needed to repay the outstanding Principal Amount of the Class C Notes Note principal in full, then such excess shall be applied in repayment of principal on the Class D NotesCertificates;
(x) pay to the Indenture Trustee all amounts due it and not paid pursuant to Section 7.05(b)(i) by reason of the limitation in such clause; and
(xi) pay all other remaining Available Amounts to the Class D NoteholdersHolder of the Certificates. Following the occurrence and during the continuance of an Event of Default, the Total Principal Payment Amount for such Payment Date; provided that if the Amount Available remaining to be allocated pursuant to this clause is Amounts are less than the full amount required to be so paidmake in full the payments and allocations set forth in Sections 7.05(b)(i)-(ix) above, such remaining Amount Available amounts held in the Reserve Fund shall be allocated withdrawn in order for the payments or allocations set forth in Sections 7.05(b)(i)-(ix) to each Class D Note pro rata based on be made and such amounts will be considered as Available Amounts for such purpose only. Amounts withdrawn from the outstanding Principal Amount thereof;
(xii) after Reserve Fund pursuant to the Principal Amount (including any unpaid accrued interest thereon) of the Class A Notes, the Class B Notes, the Class C Notes and the Class D Notes has been reduced to zero, such remaining Amount Available preceding sentence shall be applied to pay any unpaid fees, expenses and indemnities repay principal of such Notes in such order of priority set forth in 7.05(b)(i)-(ix) until the Owner Trustee and the Indenture TrusteeReserve Fund is exhausted. SERVICER DEFAULT; and
(xiii) any remaining Amount Available shall be paid to the Equity Certificateholder.SERVICE TRANSFER
Appears in 1 contract
Samples: Transfer and Servicing Agreement (Orix Credit Alliance Receivables Trust 2000-A)
Allocations and Payments after an Event of Default. On each Determination Date after the occurrence of an Event of Default, the Servicer, pursuant to monthly payment instructions and notification, shall instruct the Indenture Trustee to withdraw and transfer, and on the succeeding Payment Date the Indenture Trustee acting in accordance with such instructions shall withdraw and transfer, the amounts required to be withdrawn from the Note Distribution Account in order to make the following payments or allocations from the Amount Available for the related Payment Date (in each case, such payment or transfer to be made only to the extent funds remain available therefor after all prior payments and transfers for such Payment Date have been made), in the following order of priority:
(i) pay to the Indenture Trustee on behalf of the Class A-1 Noteholders, Class A-2 A-2a Noteholders, Class A-2b Noteholders, Class A-3 Noteholders, and the Class A-3 A-4 Noteholders, an amount equal to interest accrued in respect of the related Class A-1 Notes at the Class A-1 Interest Rate, Class A-2 A-2a Notes at the Class A-2 Interest Rate Assumed Fixed Rate, Class A-2b Notes on or prior to the Class A-2a Maturity Date at a rate which yields an amount equal to the Investment Earnings of the Class A-2a Funding Account and thereafter at the Class A-2 Assumed Fixed Rate, Class A-3 Notes at the Class A-3 Assumed Fixed Rate, and Class A-4 Notes at the Class A-4 Interest Rate for the Accrual Period immediately preceding such Payment Date, together with any such amounts that accrued in respect of prior Accrual Periods for which no allocation was previously made; provided that if the Amount Available remaining to be allocated pursuant to this clause is less than the full amount required to be so allocated, such remaining Amount Available shall be allocable to the Holders of the Class A-1 Notes, Class A-2 A-2a Notes, Class A-2b Notes, Class A-3 Notes and Class A-3 A-4 Notes pro rata based upon the aggregate amount of interest due to each Classthen-outstanding Principal Amount thereof; provided further that if on the relevant Payment Date any amount is payable to the Class A-1 Maturity Date is a Payment DateA-2 Swap Counterparty under the Class A-2 Swap Agreement, all payments on that date shall be limited to the Indenture Trustee shall, from the amount necessary available to pay interest on the Class A-2a and Class A-2b (but only after the Class A-2a Maturity Date) Notes pursuant to this clause (i), apply such amount first to pay the Class A-2 Swap Counterparty, and thereafter apply the balance of such amount available to the payment of interest due on the Class A-1 A-2a and Class A-2b (but only after the Class A-2a Maturity Date) Notes, provided further that if on the relevant Payment Date any amount is payable to the Class A-3 Swap Counterparty under the Class A-3 Swap Agreement, the Indenture Trustee shall, from the amount available to pay interest on the Class A-3 Notes through pursuant to this clause (i), apply such dateamount first to pay the Class A-3 Swap Counterparty, and thereafter apply the balance of such amount available to the payment of interest on the Class A-3 Notes. If on the date of any such distribution, any amount is payable to the Indenture Trustee under the Class A-2 Swap Agreement, the Indenture Trustee shall apply all of the amount available to pay interest on the Class A-2a and Class A-2b (but only after the Class A-2a Maturity Date) Notes pursuant to this clause (i) together with any amount received under the Class A-2 Swap Agreement to the payment of interest on the Class A-2a and Class A-2b (but only after the Class A-2a Maturity Date) Notes at the Class A-2a Interest Rate or Class A-2b Interest Rate, as applicable. Any shortfall in the payment of interest on the Class A-2a and Class A-2b (but only after the Class A-2a Maturity Date) Notes at the Class A-2a Interest Rate or Class A-2b Interest Rate, as applicable, due entirely to the failure of the Class A-2 Swap Counterparty to make a required payment under the Class A-2 Swap Agreement will not constitute an Event of Default under the Indenture and upon such an occurrence, the Class A-2a and Class A-2b (but only after the Class A-2a Maturity Date) Noteholders will only be entitled to receive the Class A-2a Interest Distributable Amount or the Class A-2b Interest Distributable Amount, as applicable, at the Class A-2 Assumed Fixed Rate. If on the date of any such distribution, any amount is payable to the Indenture Trustee under the Class A-3 Swap Agreement, the Indenture Trustee shall apply all of the amount available to pay interest on the Class A-3 Notes pursuant to this
clause (i) together with any amount received under the Class A-3 Swap Agreement to the payment of interest on the Class A-3 Notes at the Class A-3 Interest Rate. Any shortfall in the payment of interest on the Class A-3 Notes at the Class A-3 Interest Rate due entirely to the failure of the Class A-3 Swap Counterparty to make a required payment under the Class A-3 Swap Agreement will not constitute an Event of Default under the Indenture and upon such an occurrence, the Class A-3 Noteholders will only be entitled to receive the Class A-3 Interest Distributable Amount at the Class A-3 Assumed Fixed Rate. All instructions required to be provided by the Servicer are deemed given if included in the Monthly Report or in a separate writing.
(ii) pay to the Indenture Trustee on behalf of the Class B Noteholders an amount equal to the interest accrued thereon at the Class B Interest Rate for the Accrual Period immediately preceding such Payment Date, together with any amounts that accrued in respect of prior Accrual Periods for which no allocation was previously made; provided, that if the Amount Available remaining to be allocated pursuant to this clause is less than the full amount required to be so paid, such remaining Amount Available shall be paid to the Holder of each Class B Note pro rata based on the outstanding Principal Amount thereof;
(iii) pay to the Indenture Trustee on behalf of the Class C Noteholders, an amount equal to the interest accrued thereon at the Class C Interest Rate for the Accrual Period immediately preceding such Payment Date, together with any such amounts that accrued in respect of prior Accrual Periods for which no allocation was previously made; provided, that if the Amount Available remaining to be allocated pursuant to this clause is less than the full amount required to be so paid, such remaining Amount Available shall be paid to the Holder of each Class C Note pro rata based on the outstanding Principal Amount thereof;
(iv) pay to the Indenture Trustee on behalf of the Class D Noteholders, an amount equal to the interest accrued thereon at the Class D Interest Rate for the Accrual Period immediately preceding such Payment Date, together with any such amounts that accrued in respect of prior Accrual Periods for which no allocation was previously made; provided, that if the Amount Available remaining to be allocated pursuant to this clause is less than the full amount required to be so paid, such remaining Amount Available shall be paid to the Holder of each Class D Note pro rata based on the outstanding Principal Amount thereof;
(v) pay to the Indenture Trustee, on behalf of the Class A-1 Noteholders, the Total Principal Payment Amount for such Payment Date; provided (i) that if the Amount Available remaining to be allocated pursuant to this clause is less than the full amount required to be so paid, such remaining Amount Available shall be allocated to each Class A-1 Note pro rata based on the outstanding Principal Amount thereof and (ii) if the amount to be allocated pursuant to this clause exceeds the amount needed to repay the outstanding Principal Amount of the Class A-1 Notes in full, then such excess shall be applied in repayment of principal on the Class A-2 and Class A-3, pro rataA-2a Notes;
(vi) [reserved]pay to the Indenture Trustee, on behalf of the Class A-2a Noteholders the Total Principal Payment Amount for such Payment Date; provided (i) that if the Amount Available remaining to be allocated pursuant to this clause is less than the full amount required to be so paid, such remaining Amount Available shall be allocated to each Class A-2a Note pro rata based on the outstanding Principal Amount thereof and (ii) if the amount to be allocated pursuant to this clause exceeds the amount needed to repay the outstanding Principal Amount of the Class A-2a Notes in full, then such excess shall be applied in repayment of principal on the Class A-2b Notes;
(vii) [reserved];
(viii) pay to the Indenture Trustee, on behalf of the Class A-2 X-0x, Xxxxx X-0 and Class A-3 A-4 Noteholders, pro rata, the Total Principal Payment Amount for such Payment Date; provided (i) that if the Amount Available remaining to be allocated pursuant to this clause is less than the full amount required to be so paid, such remaining Amount Available shall be allocated to each Class A-2 X-0x, Xxxxx X-0 and Class A-3 A-4 Note, pro rata, based on the outstanding Principal Amount thereof and (ii) if the amount to be allocated pursuant to this clause exceeds the amount needed to repay the outstanding Principal Amount of the Class A-2 A-2b Notes, Class A-3 Notes and the Class A-3 A-4 Notes in full, then such excess shall be applied in repayment on the Class B Notes;
(ix) pay to the Indenture Trustee, on behalf of the Class B Noteholders, the Total Principal Payment Amount for such Payment Date; provided (i) that if the Amount Available remaining to be allocated pursuant to this clause is less than the full amount required to be so paid, such remaining Amount Available shall be allocated to each Class B Note pro rata based on the outstanding Principal Amount thereof, and (ii) if the amount to be allocated pursuant to this clause exceeds the amount needed to repay the outstanding Principal Amount of the Class B Notes in full, then such excess shall be applied in repayment of principal on the Class C Notes;
(x) pay to the Indenture Trustee, on behalf of the Class C Noteholders, the Total Principal Payment Amount for such Payment Date; provided (i) that if the Amount Available remaining to be allocated pursuant to this clause is less than the full amount required to be so paid, such remaining Amount Available shall be allocated to each Class C Note pro rata based on the outstanding Principal Amount thereof, and (ii) if the amount to be allocated pursuant to this clause exceeds the amount needed to repay the outstanding Principal Amount of the Class C Notes in full, then such excess shall be applied in repayment of principal on the Class D Notes;
(xi) pay to the Indenture Trustee, on behalf of the Class D Noteholders, the Total Principal Payment Amount for such Payment Date; provided that if the Amount Available remaining to be allocated pursuant to this clause is less than the full amount required to be so paid, such remaining Amount Available shall be allocated to each Class D Note pro rata based on the outstanding Principal Amount thereof;; and
(xii) after the Principal Amount (including any unpaid accrued interest thereon) Reallocated Principal, if any, to the Indenture Trustee for the benefit, sequentially, of the Class A NotesA-1, the Class B NotesA-2a, the Class X-0x, Xxxxx X-0, Class A-4, Class B, Class C Notes and the Class D Notes has been reduced to zero, such remaining Amount Available shall be applied to pay any unpaid fees, expenses and indemnities of the Owner Trustee and the Indenture Trustee; and
(xiii) any remaining Amount Available shall be paid to the Equity CertificateholderNoteholders.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Cit Equipment Collateral 2000-1)
Allocations and Payments after an Event of Default. On each Determination Date after the occurrence and during the continuance of an Event of Default, the Servicer, pursuant to monthly payment instructions and notification, shall instruct the Indenture Trustee to withdraw and transferwithdraw, and on the succeeding Payment Distribution Date the Indenture Trustee acting in accordance with such instructions shall withdraw and transferwithdraw, the amounts required to be withdrawn from the Collection Account pursuant to this Section and deposited to the Note Distribution Account (pursuant to Sections 3.01 and 8.02(b) of the Indenture) in order to make the following payments or allocations from the Amount Available Amounts for the related Payment Distribution Date (in each case, such payment or transfer to be made only to the extent funds remain available therefor after all prior payments and transfers for such Payment Distribution Date have been made), in the following order of priority:
(i) pay to the Indenture Trustee the amount of any unpaid fees and expenses to which the Indenture Trustee is entitled under the Indenture; and pay to the Owner Trustee the amount of any unpaid fees and expenses to which the Owner Trustee is entitled under Section 8.01 of the Trust Agreement.
(ii) pay to the Servicer, if the Servicer is no longer HFI or an affiliate of HFI, the monthly Servicing Fee for the preceding monthly period together with any amounts in respect of the Servicing Fee that were due in respect of prior monthly periods that remain unpaid;
(iii) pay to the Indenture Trustee on behalf of the Class A-1 Noteholders, Class A-2 Noteholders, and the Class A-3 Noteholders, Noteholders and Class A-4 Noteholders an amount equal to interest accrued in respect of the related Class A-1 Notes, Class A-2 Notes, Class A-3 Notes and Class A-4 Notes at the Class A-1 Interest Rate, Class A-2 Notes at the Class A-2 Interest Rate and the Class A-3 Notes at the Rate, Class A-3 Interest Rate and Class A-4 Interest Rate, respectively, for the Accrual Period immediately preceding such Payment Distribution Date, together with any such amounts that accrued in respect of prior Accrual Periods for which no allocation was previously made; provided PROVIDED that if the Amount Available Amounts remaining to be allocated pursuant to this clause is are less than the full amount required to be so allocated, such remaining Amount Available Amounts shall be allocable allocated to the Holders each Holder of the a Class A-1 Notes, Class A-2 Notes and Class A-3 Notes pro rata A Note PRO RATA based upon the aggregate amount of interest due to each Class; provided that if the Class A-1 Maturity Date is a Payment Date, all payments on that date shall be limited to the amount necessary to pay the interest due on the Class A-1 Notes through such date.outstanding Principal Amount thereof;
(iiiv) pay to the Indenture Trustee on behalf of the Class B Noteholders an amount equal to the interest accrued thereon at the Class B Interest Rate for the Accrual Period immediately preceding such Payment Distribution Date, together with any amounts that accrued in respect of prior Accrual Periods for which no allocation was previously made; providedPROVIDED, that if the Amount Available Amounts remaining to be allocated pursuant to this clause is are less than the full amount required to be so paid, such remaining Available Amount Available shall be paid to the Holder of each Class B Note pro rata Noteholder PRO RATA based on the outstanding Principal Amount thereof;
(iiiv) pay to the Indenture Trustee on behalf of the Class C Noteholders, an amount equal to the interest accrued thereon at the Class C Interest Rate for the Accrual Period immediately preceding such Payment Distribution Date, together with any such amounts that accrued in respect of prior Accrual Periods for which no allocation was previously made; providedPROVIDED, that if the Amount Available Amounts remaining to be allocated pursuant to this clause is are less than the full amount required to be so paid, such remaining Amount Available Amounts shall be paid to the Holder of each Class C Note pro rata Noteholder PRO RATA based on the outstanding Principal Amount thereof;
(ivvi) pay to the Indenture Trustee on behalf of the Class D Noteholders, an amount equal to the interest accrued thereon at the Class D Interest Rate for the Accrual Period immediately preceding such Payment Distribution Date, together with any such amounts that accrued in respect of prior Accrual Periods for which no allocation was previously made; providedPROVIDED, that if the Amount Available Amounts remaining to be allocated pursuant to this clause is are less than the full amount required to be so paid, such remaining Amount Available Amounts shall be paid to the Holder of each Class D Note pro rata Noteholder PRO RATA based on the outstanding Principal Amount principal amount thereof;
(vvii) pay to the Indenture Trustee on behalf of the Class A-1 E Noteholders, an amount equal to the Total Principal Payment Amount interest accrued thereon at the Class E Interest Rate for the Accrual Period immediately preceding such Payment Distribution Date, together with any such amounts that accrued in respect of prior Accrual Periods for which no allocation was previously made; provided (i) PROVIDED, that if the Amount Available Amounts remaining to be allocated pursuant to this clause is are less than the full amount required to be so paid, such remaining Amount Available Amounts shall be allocated paid to each Class A-1 Note pro rata E Noteholder PRO RATA based on the outstanding Principal Amount thereof and (ii) if the principal amount to be allocated pursuant to this clause exceeds the amount needed to repay the outstanding Principal Amount of the Class A-1 Notes in full, then such excess shall be applied in repayment of principal on the Class A-2 and Class A-3, pro rata;
(vi) [reserved];
(vii) [reserved]thereof;
(viii) pay to the Indenture Trustee, on behalf of the Class A-1 Noteholders, Class A-2 Noteholders, Class A-3 Noteholders and Class A-3 A-4 Noteholders, pro ratathe Principal Amounts of the Class A-1 Notes, the Total Principal Payment Amount for such Payment DateClass A-2 Notes, Class A-3 Notes and Class A-4 Notes; provided (i) PROVIDED that if the Amount Available Amounts remaining to be allocated pursuant to this clause is are less than the full amount required to be so paid, such remaining Amount Available Amounts shall be allocated to each Class A-1 Note, Class A-2 Note, Class A-3 Note and Class A-3 Note, pro rata, A-4 Note PRO RATA based on the outstanding Principal Amount thereof and (ii) if the principal amount to be allocated pursuant to this clause exceeds the amount needed to repay the outstanding Principal Amount of the each such Class A-2 Notes and the Class A-3 Notes in full, then such excess shall be applied in repayment on the Class B of Notes;
(ix) pay to the Indenture Trustee, on behalf of the Class B Noteholders, the Total Principal Payment Amount of the Class B Notes for such Payment Distribution Date; provided PROVIDED that if the Amount Available Amounts remaining to be allocated pursuant to this clause is are less than the full amount required to be so paid, such remaining Amount Available Amounts shall be allocated to each Class B Note pro rata PRO RATA based on the outstanding Principal Amount principal amount thereof, and (ii) if the amount to be allocated pursuant to this clause exceeds the amount needed to repay the outstanding Principal Amount of the Class B Notes in full, then such excess shall be applied in repayment of principal on the Class C Notes;
(x) pay to the Indenture Trustee, on behalf of the Class C Noteholders, the Total Principal Payment Amount of the Class C Notes for such Payment Distribution Date; provided (i) PROVIDED that if the Amount Available Amounts remaining to be allocated pursuant to this clause is are less than the full amount required to be so paid, such remaining Amount Available Amounts shall be allocated to each Class C Note pro rata PRO RATA based on the outstanding Principal Amount principal amount thereof, and (ii) if the amount to be allocated pursuant to this clause exceeds the amount needed to repay the outstanding Principal Amount of the Class C Notes in full, then such excess shall be applied in repayment of principal on the Class D Notes;
(xi) pay to the Indenture Trustee, on behalf of the Class D Noteholders, the Total Principal Payment Amount of the Class D Notes for such Payment Distribution Date; provided PROVIDED that if the Amount Available Amounts remaining to be allocated pursuant to this clause is are less than the full amount required to be so paid, such remaining Amount Available Amounts shall be allocated to each Class D Note pro rata PRO RATA based on the outstanding Principal Amount principal amount thereof;
(xii) after pay to the Indenture Trustee, on behalf of the Class E Noteholders, the Principal Amount (including any unpaid accrued interest thereon) of the Class A Notes, E Notes for such Distribution Date; PROVIDED that if the Class B Notes, Available Amounts remaining to be allocated pursuant to this clause are less than the Class C Notes and the Class D Notes has been reduced full amount required to zerobe so paid, such remaining Amount Available Amounts shall be applied allocated to pay any unpaid fees, expenses and indemnities of each Class E Note PRO RATA based on the Owner Trustee and the Indenture Trusteeoutstanding principal amount thereof; and
(xiii) any pay all other remaining Amount Available Amounts to the Holder of the Certificates. Following the occurrence and during the continuance of an Event of Default, if the Available Amounts are less than the amount required to make in full the payments and allocations set forth in Sections 7.05(b)(i)-(xii) above, amounts held in the Reserve Fund shall be paid withdrawn in order for the payments or allocations set forth in Sections 7.05(b)(i)-(xii) to the Equity Certificateholderbe made and such amounts will be considered as Available Amounts for such purpose only.
Appears in 1 contract
Allocations and Payments after an Event of Default. On each Determination Date after the occurrence of an Event of Default, the Servicer, pursuant to monthly payment instructions and notification, shall instruct the Indenture Trustee to withdraw and transfer, and on the succeeding Payment Date the Indenture Trustee acting in accordance with such instructions shall withdraw and transfer, the amounts required to be withdrawn from the Note Distribution Account in order to make the following payments or allocations from the Amount Available for the related Payment Date (in each case, such payment or transfer to be made only to the extent funds remain available therefor after all prior payments and transfers for such Payment Date have been made), in the following order of priority:
(i) pay to the Indenture Trustee on behalf of the Class A-1 Noteholders, Class A-2 Noteholders, Class A-3 Noteholders, and the Class A-3 A-4 Noteholders, an amount equal to interest accrued in respect of the related Class A-1 Notes at the Class A-1 Interest Rate, Class A-2 Notes at the Class A-2 Interest Rate and the Rate, Class A-3 Notes at the Class A-3 Interest Rate, and Class A-4 Notes at the Class A-4 Assumed Fixed Rate for the Accrual Period immediately preceding such Payment Date, together with any such amounts that accrued in respect of prior Accrual Periods for which no allocation was previously made; provided that if the Amount Available remaining to be allocated pursuant to this clause is less than the full amount required to be so allocated, such remaining Amount Available shall be allocable to the Holders of the Class A-1 Notes, Class A-2 Notes, Class A-3 Notes and Class A-3 A-4 Notes pro rata based upon the aggregate amount of interest due to each Classclass (in the case of the Class A-4 Notes, at the Class A-4 Assumed Fixed Rate); provided further that if on the relevant Payment Date any amount is payable to the Class A-1 Maturity Date is a Payment DateA-4 Swap Counterparty under the Class A-4 Swap Agreement, all payments on that date shall be limited to the Indenture Trustee shall, from the amount necessary available to pay interest on the Class A-4 Notes pursuant to this clause (i), apply such amount first to pay the Class A-4 Swap Counterparty, and thereafter apply the balance of such amount available to the payment of interest due on the Class A-1 A-4 Notes. If on the date of any such distribution, any amount is payable to the Indenture Trustee under the Class A-4 Swap Agreement, the Indenture Trustee shall apply all of the amount available to pay interest on the Class A-4 Notes through pursuant to this clause (i) together with any amount received under the Class A-4 Swap Agreement to the payment of interest on the Class A-4 Notes at the Class A-4 Interest Rate. Any shortfall in the payment of interest on the Class A-4 Notes at the Class A-4 Interest Rate due entirely to the failure of the Class A-4 Swap Counterparty to make a required payment under the Class A-4 Swap Agreement will not constitute an Event of Default under the Indenture and upon such datean occurrence, the Class A-4 Noteholders will only be entitled to receive the Class A-4 Interest Distributable Amount at the Class A-4 Assumed Fixed Rate. All instructions required to be provided by the Servicer are deemed given if included in the Monthly Report or in a separate writing.
(ii) pay to the Indenture Trustee on behalf of the Class B Noteholders an amount equal to the interest accrued thereon at the Class B Interest Rate for the Accrual Period immediately preceding such Payment Date, together with any amounts that accrued in respect of prior Accrual Periods for which no allocation was previously made; provided, that if the Amount Available remaining to be allocated pursuant to this clause is less than the full amount required to be so paid, such remaining Amount Available shall be paid to the Holder of each Class B Note pro rata based on the outstanding Principal Amount thereof;
(iii) pay to the Indenture Trustee on behalf of the Class C Noteholders, an amount equal to the interest accrued thereon at the Class C Interest Rate for the Accrual Period immediately preceding such Payment Date, together with any such amounts that accrued in respect of prior Accrual Periods for which no allocation was previously made; provided, that if the Amount Available remaining to be allocated pursuant to this clause is less than the full amount required to be so paid, such remaining Amount Available shall be paid to the Holder of each Class C Note pro rata based on the outstanding Principal Amount thereof;
(iv) pay to the Indenture Trustee on behalf of the Class D Noteholders, an amount equal to the interest accrued thereon at the Class D Interest Rate for the Accrual Period immediately preceding such Payment Date, together with any such amounts that accrued in respect of prior Accrual Periods for which no allocation was previously made; provided, that if the Amount Available remaining to be allocated pursuant to this clause is less than the full amount required to be so paid, such remaining Amount Available shall be paid to the Holder of each Class D Note pro rata based on the outstanding Principal Amount thereof;
(v) pay to the Indenture Trustee, on behalf of the Class A-1 Noteholders, the Total Principal Payment Amount for such Payment Date; provided (i) that if the Amount Available remaining to be allocated pursuant to this clause is less than the full amount required to be so paid, such remaining Amount Available shall be allocated to each Class A-1 Note pro rata based on the outstanding Principal Amount thereof and (ii) if the amount to be allocated pursuant to this clause exceeds the amount needed to repay the outstanding Principal Amount of the Class A-1 Notes in full, then such excess shall be applied in repayment of principal on the Class A-2 A-2, Class A-3 and Class A-3A-4 Notes, pro rata;
(vi) [reserved];
(vii) [reserved];
(viii) pay to the Indenture Trustee, on behalf of the Class A-2 A-2, Class A-3 and Class A-3 A-4 Noteholders, pro rata, the Total Principal Payment Amount for such Payment Date; provided (i) that if the Amount Available remaining to be allocated pursuant to this clause is less than the full amount required to be so paid, such remaining Amount Available shall be allocated to each Class A-2 A-2, Class A-3 and Class A-3 A-4 Note, pro rata, based on the outstanding Principal Amount thereof and (ii) if the amount to be allocated pursuant to this clause exceeds the amount needed to repay the outstanding Principal Amount of the Class A-2 Notes, Class A-3 Notes and the Class A-3 A-4 Notes in full, then such excess shall be applied in repayment on the Class B Notes;
(ix) pay to the Indenture Trustee, on behalf of the Class B Noteholders, the Total Principal Payment Amount for such Payment Date; provided (i) that if the Amount Available remaining to be allocated pursuant to this clause is less than the full amount required to be so paid, such remaining Amount Available shall be allocated to each Class B Note pro rata based on the outstanding Principal Amount thereof, and (ii) if the amount to be allocated pursuant to this clause exceeds the amount needed to repay the outstanding Principal Amount of the Class B Notes in full, then such excess shall be applied in repayment of principal on the Class C Notes;
(x) pay to the Indenture Trustee, on behalf of the Class C Noteholders, the Total Principal Payment Amount for such Payment Date; provided (i) that if the Amount Available remaining to be allocated pursuant to this clause is less than the full amount required to be so paid, such remaining Amount Available shall be allocated to each Class C Note pro rata based on the outstanding Principal Amount thereof, and (ii) if the amount to be allocated pursuant to this clause exceeds the amount needed to repay the outstanding Principal Amount of the Class C Notes in full, then such excess shall be applied in repayment of principal on the Class D Notes;
(xi) pay to the Indenture Trustee, on behalf of the Class D Noteholders, the Total Principal Payment Amount for such Payment Date; provided that if the Amount Available remaining to be allocated pursuant to this clause is less than the full amount required to be so paid, such remaining Amount Available shall be allocated to each Class D Note pro rata based on the outstanding Principal Amount thereof;; and
(xii) after the Principal Amount (including any unpaid accrued interest thereon) Reallocated Principal, if any, to the Indenture Trustee for the benefit, sequentially, of the Class A NotesX-0, the Xxxxx X-0, Class A-3, Class A-4, Class B Notes, the and Class C Notes and the Class D Notes has been reduced to zero, such remaining Amount Available shall be applied to pay any unpaid fees, expenses and indemnities of the Owner Trustee and the Indenture Trustee; and
(xiii) any remaining Amount Available shall be paid to the Equity CertificateholderNoteholders.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Cit Equipment Collateral 2001-1)
