Common use of Allocations and Payments Prior to an Event of Default or the Cumulative Net Loss Trigger is Exceeded Clause in Contracts

Allocations and Payments Prior to an Event of Default or the Cumulative Net Loss Trigger is Exceeded. On each Determination Date prior to (i) an Event of Default which is continuing or (ii) the Cumulative Loss Trigger is exceeded, the Servicer, pursuant to written monthly payment instructions and notification (which shall accompany the Monthly Servicer’s Report delivered on such Determination Date), shall instruct the Indenture Trustee to withdraw, and on the succeeding Payment Date the Indenture Trustee acting in accordance with such written instructions shall withdraw, the amounts required to be withdrawn from the Collection Account and shall make the following payments or allocations from Available Funds plus deposits made from the Reserve Account pursuant to Section 7.05(e) for the related Payment Date, in the order of priority specified below: (i) pay to the Servicer, the reimbursement for Unreimbursed Servicer Advances and any amounts specified in Section 2.04 hereof, to the extent the Servicer has not reimbursed itself in respect of such amounts; (ii) pay to the Servicer, the Servicing Fee for the related Collection Period; (iii) pay the Class A-1 Interest Payment Amount, the Class A-2 Interest Payment Amount, the Class A-3 Interest Payment Amount, the Class A-4 Interest Payment Amount, to each respective Holder of Class A Notes; provided, that if the amount of Available Funds remaining to be allocated pursuant to this clause is less than the full amount required to be so paid, such Available Funds shall be paid to the Holders of Class A Notes pro rata based on their respective entitlement pursuant to this clause; (iv) pay to the Holders of Class B Notes, the Class B Interest Payment Amount, including any overdue interest; provided, that if the amount of Available Funds remaining to be allocated pursuant to this clause is less than the full amount required to be so paid, such Available Funds shall be paid to the Holders of Class B Notes pro rata based on their respective entitlement pursuant to this clause; (v) pay to the Holders of Class C Notes, the Class C Interest Payment Amount, including any overdue interest; provided, that if the amount of Available Funds remaining to be allocated pursuant to this clause is less than the full amount required to be so paid, such Available Funds shall be paid to the Holders of Class C Notes pro rata based on their respective entitlement pursuant to this clause; (vi) pay to the Holders of Class D Notes, the Class D Interest Payment Amount; provided, that if the amount of Available Funds remaining to be allocated pursuant to this clause is less than the full amount required to be so paid, such Available Funds shall be paid to the Holders of Class D Notes pro rata based on their respective entitlement pursuant to this clause; (vii) pay to the Class A Noteholders, the Class A Principal Payment Amount in the following priority; (A) to the Class A-1 Noteholders, until the Principal Amount of the Class A-1 Notes has been reduced to zero; (B) to the Class A-2 Noteholders, until the Principal Amount of the Class A-2 Notes has been reduced to zero (C) to the Class A-3 Noteholders, until the Principal Amount of the Class A-3 Notes has been reduced to zero; and (D) to the Class A-4 Noteholders, until the Principal Amount of the Class A-4 Notes has been reduced to zero; (viii) pay to the Class B Noteholders, the Class B Principal Payment Amount; (ix) pay to the Class C Noteholders, the Class C Principal Payment Amount; (x) pay to the Class D Noteholders, the Class D Principal Payment Amount; (xi) pay to the Class A Noteholders, Reallocated Principal in the following priority; (A) to the Class A-1 Noteholders, until the Principal Amount of the Class A-1 Notes has been reduced to zero; (B) to the Class A-2 Noteholders, until the Principal Amount of the Class A-2 Notes has been reduced to zero; (C) to the Class A-3 Noteholders, until the Principal Amount of the Class A-3 Notes has been reduced to zero; and (D) to the Class A-4 Noteholders, until the Principal Amount of the Class A-4 Notes has been reduced to zero; (xii) pay to the Class B Noteholders, any remaining Reallocated Principal until the Principal Amount of the Class B Notes has been reduced to zero; (xiii) pay to the Class C Noteholders, any remaining Reallocated Principal until the Principal Amount of the Class C Notes has been reduced to zero; (xiv) pay to the Class D Noteholders, any remaining Reallocated Principal until the Principal Amount of the Class D Notes has been reduced to zero; (xv) transfer to the Reserve Account any amount necessary to increase the Reserve Account Amount to the Specified Reserve Account Balance; (xvi) pay to the Trustees, concurrently and pro rata, any amounts owing thereto under the Transaction Documents; and (xvii) pay any remaining amounts to the Equity Certificateholder.

Allocations and Payments Prior to an Event of Default or the Cumulative Net Loss Trigger is Exceeded. On each Determination Date prior to (i) an Event of Default which is continuing or (ii) the Cumulative Loss Trigger is exceeded, the Servicer, pursuant to written monthly payment instructions and notification (which shall accompany the Monthly Servicer’s Report delivered on such Determination Date), shall instruct the Indenture Trustee to withdraw, and on the succeeding Payment Date the Indenture Trustee acting in accordance with such written instructions shall withdraw, the amounts required to be withdrawn from the Collection Account and shall make the following payments or allocations from Available Funds plus deposits made from the Reserve Account pursuant to Section 7.05(e) for the related Payment Date, in the order of priority specified below: (i) pay to the Servicer, the reimbursement for Unreimbursed Servicer Advances and any amounts specified in Section 2.04 hereof, to the extent the Servicer has not reimbursed itself in respect of such amounts; (ii) pay to the Servicer, the Servicing Fee for the related Collection Period; (iii) pay the Class A-1 Interest Payment Amount, the Class A-2 Interest Payment Amount, the Class A-3 Interest Payment Amount, and the Class A-4 Interest Payment Amount, to each respective Holder of Class A NotesNoteholder; provided, that if the amount of Available Funds remaining to be allocated pursuant to this clause is less than the full amount required to be so paid, such Available Funds shall be paid to the Holders of Class A Notes Noteholders pro rata based on their respective entitlement pursuant to this clause; (iv) pay to the Holders of Class B NotesNoteholders, the Class B Interest Payment Amount, including any overdue interest; provided, that if the amount of Available Funds remaining to be allocated pursuant to this clause is less than the full amount required to be so paid, such Available Funds shall be paid to the Holders of Class B Notes Noteholders pro rata based on their respective entitlement pursuant to this clause; (v) pay to the Holders of Class C NotesNoteholders, the Class C Interest Payment Amount, including any overdue interest; provided, that if the amount of Available Funds remaining to be allocated pursuant to this clause is less than the full amount required to be so paid, such Available Funds shall be paid to the Holders of Class C Notes Noteholders pro rata based on their respective entitlement pursuant to this clause; (vi) pay to the Holders of Class D NotesNoteholders, the Class D Interest Payment Amount; provided, that if the amount of Available Funds remaining to be allocated pursuant to this clause is less than the full amount required to be so paid, such Available Funds shall be paid to the Holders of Class D Notes Noteholders pro rata based on their respective entitlement pursuant to this clause; (vii) pay to the Class A Noteholders, the Class A Principal Payment Amount in the following priority; (A) to the Class A-1 Noteholders, until the Principal Amount of the Class A-1 Notes has been reduced to zero; (B) to the Class A-2 Noteholders, until the Principal Amount of the Class A-2 Notes has been reduced to zero (C) to the Class A-3 Noteholders, until the Principal Amount of the Class A-3 Notes has been reduced to zero; and (D) to the Class A-4 Noteholders, until the Principal Amount of the Class A-4 Notes has been reduced to zero; (viii) pay to the Class B Noteholders, the Class B Principal Payment Amount; (ix) pay to the Class C Noteholders, the Class C Principal Payment Amount; (x) pay to the Class D Noteholders, the Class D Principal Payment Amount; (xi) pay to the Class A Noteholders, Reallocated Principal in the following priority; (A) to the Class A-1 Noteholders, until the Principal Amount of the Class A-1 Notes has been reduced to zero; (B) to the Class A-2 Noteholders, until the Principal Amount of the Class A-2 Notes has been reduced to zero; (C) to the Class A-3 Noteholders, until the Principal Amount of the Class A-3 Notes has been reduced to zero; and (D) to the Class A-4 Noteholders, until the Principal Amount of the Class A-4 Notes has been reduced to zero; (xii) pay to the Class B Noteholders, any remaining Reallocated Principal until the Principal Amount of the Class B Notes has been reduced to zero; (xiii) pay to the Class C Noteholders, any remaining Reallocated Principal until the Principal Amount of the Class C Notes has been reduced to zero; (xiv) pay to the Class D Noteholders, any remaining Reallocated Principal until the Principal Amount of the Class D Notes has been reduced to zero; (xv) transfer to the Reserve Account any amount necessary to increase the Reserve Account Amount to the Specified Reserve Account Balance; (xvi) pay to the Trustees, concurrently and pro rata, any amounts owing thereto under the Transaction Documents; and (xvii) pay any remaining amounts to the Equity Certificateholder.

Allocations and Payments Prior to an Event of Default or the Cumulative Net Loss Trigger is Exceeded. On each Determination Date prior to (i) an Event of Default which is continuing or (ii) the Cumulative Loss Trigger is exceededexceeded and such is continuing, the Servicer, pursuant to written monthly payment instructions and notification (which shall accompany the Monthly Servicer’s Report delivered on such Determination Date), shall instruct the Indenture Trustee to withdraw, and on the succeeding Payment Date the Indenture Trustee acting in accordance with such written instructions shall withdraw, the amounts required to be withdrawn from the Collection Account and shall make the following payments or allocations from Available Funds plus deposits made from the Reserve Account pursuant to Section 7.05(e) for the related Payment Date, in the order of priority specified below: (i) pay to the Servicer, the reimbursement for Unreimbursed Servicer Advances and any amounts specified in Section 2.04 hereof, to the extent the Servicer has not reimbursed itself in respect of such amounts; (ii) pay to the Servicer, the Servicing Fee for the related Collection Period; (iii) pay any Net Swap Payments due to the Swap Counterparty; (iv) (a) pay the Class A-1 Interest Payment Amount, the Class A-2 A-2A Interest Payment Amount, the Class A-2B Interest Payment Amount and the Class A-3 Interest Payment Amount, to each respective Class A Noteholder, and (b) pay to the Swap Counterparty, if applicable, any Senior Swap Termination Payment; provided, that if the amount of Available Funds remaining to be allocated pursuant to this clause is less than the full amount required to be so paid such Available Funds shall be paid to the Class A-4 A Noteholders and the Swap Counterparty pro rata based on their respective entitlement pursuant to this clause; (v) pay to the Class B Noteholders, the Class B Interest Payment Amount, to each respective Holder of Class A Notes; provided, that if the amount of Available Funds remaining to be allocated pursuant to this clause is less than the full amount required to be so paid, such Available Funds shall be paid to the Holders of Class A Notes B Noteholders pro rata based on their respective entitlement pursuant to this clause; (ivvi) pay to the Holders of Class B NotesC Noteholders, the Class B C Interest Payment Amount, including any overdue interest; provided, that if the amount of Available Funds remaining to be allocated pursuant to this clause is less than the full amount required to be so paid, such Available Funds shall be paid to the Holders of Class B Notes C Noteholders pro rata based on their respective entitlement pursuant to this clause; (vvii) pay to the Holders of Class C Notes, the Class C Interest Payment Amount, including any overdue interest; provided, that if the amount of Available Funds remaining to be allocated pursuant to this clause is less than the full amount required to be so paid, such Available Funds shall be paid to the Holders of Class C Notes pro rata based on their respective entitlement pursuant to this clause; (vi) pay to the Holders of Class D NotesNoteholders, the Class D Interest Payment Amount; provided, that if the amount of Available Funds remaining to be allocated pursuant to this clause is less than the full amount required to be so paid, such Available Funds shall be paid to the Holders of Class D Notes Noteholders pro rata based on their respective entitlement pursuant to this clause; (viiviii) pay to the Class A Noteholders, the Class A Principal Payment Amount in the following priority; (A) to the Class A-1 Noteholders, until the Principal Amount of the Class A-1 Notes has been reduced to zero; (B) to the Class A-2 Noteholders, until the Principal Amount of the Class A-2 Notes has been reduced to zero; and (C) to the Class A-3 Noteholders, until the Principal Amount of the Class A-3 Notes has been reduced to zero; and (D) to the Class A-4 Noteholders, until the Principal Amount of the Class A-4 Notes has been reduced to zero; (viiiix) pay to the Class B Noteholders, the Class B Principal Payment Amount; (ixx) pay to the Class C Noteholders, the Class C Principal Payment Amount; (xxi) pay to the Class D Noteholders, the Class D Principal Payment Amount; (xixii) pay to the Class A Noteholders, Reallocated Principal in the following priority; (A) to the Class A-1 Noteholders, until the Principal Amount of the Class A-1 Notes has been reduced to zero; (B) to the Class A-2 Noteholders, until the Principal Amount of the Class A-2 Notes has been reduced to zero;; and (C) to the Class A-3 Noteholders, until the Principal Amount of the Class A-3 Notes has been reduced to zero; and (D) to the Class A-4 Noteholders, until the Principal Amount of the Class A-4 Notes has been reduced to zero; (xiixiii) pay to the Class B Noteholders, any remaining Reallocated Principal until the Principal Amount of the Class B Notes has been reduced to zero; (xiiixiv) pay to the Class C Noteholders, any remaining Reallocated Principal until the Principal Amount of the Class C Notes has been reduced to zero; (xivxv) pay to the Class D Noteholders, any remaining Reallocated Principal until the Principal Amount of the Class D Notes has been reduced to zero; (xvxvi) transfer to the Reserve Account any amount necessary to increase the Reserve Account Amount to the Specified Reserve Account Balance; (xvixvii) pay to the Trustees, concurrently and pro rata, any amounts owing thereto under the Transaction Documents; (xviii) pay to the Swap Counterparty any other amounts owing to the Swap Counterparty (including any Subordinate Swap Termination Payments) and not paid to the Swap Counterparty pursuant to clauses (iii) and (iv) above; and (xviixix) pay any remaining amounts to the Equity Certificateholder.