Common use of Allocations for Noteholders Clause in Contracts

Allocations for Noteholders. On each day on which Collections are deposited into the Collection Account, HVF shall allocate Collections deposited into the Collection Account in accordance with this Article 5 and shall instruct the Trustee in writing to withdraw the required amounts from the Collection Account and make the required deposits in any Series Account in accordance with this Article 5, as modified by any Series Supplement. HVF shall make such deposits or payments on the date indicated therein in immediately available funds or as otherwise provided in the applicable Series Supplement. If, on any date on which Collections are deposited into the Collection Account or Collections are otherwise on deposit in the Collection Account, there are unpaid Ford Reimbursement Obligations, HVF shall apply any such Collections not allocable to any Series pursuant to a Series Supplement to pay such unpaid Ford Reimbursement Obligations by instructing the Trustee in writing to withdraw from the Collection Account and pay to Ford an amount equal to the lesser of such unpaid Ford Reimbursement Obligations and the amount of Collections deposited into or on deposit in the Collection Account on such date that are not allocable to any Series pursuant to any Series Supplement.