Application of Funds in Certificate Distribution Account Sample Clauses

Application of Funds in Certificate Distribution Account. (a) Not later than 12:00 noon, New York City time, on each Payment Date, the Owner Trustee or the Paying Agent on behalf of the Owner Trustee will, based on the information contained in the Servicer's Certificate delivered on the related Determination Date pursuant to Section 4.8 of the Sale and Servicing Agreement, distribute to Certificateholders, to the extent of the funds available, amounts deposited in the Certificate Distribution Account pursuant to Section 5.5 of the Sale and Servicing Agreement on such Payment Date in the following order of priority: (i) first, to the Certificateholders, on a pro rata basis, an amount equal to the Certificateholders' Interest Distributable Amount; and (ii) second, to the Certificateholders, on a pro rata basis, an amount equal to the Certificateholders' Principal Distributable Amount. (b) On each Payment Date, the Owner Trustee shall send, or cause to be sent, to each Certificateholder the statement provided to the Owner Trustee by the Servicer pursuant to Section 5.8 of the Sale and Servicing Agreement on such Payment Date. (c) In the event that any withholding tax is imposed on the Issuer's payment (or allocations of income) to a Certificateholder, such tax shall reduce the amount otherwise distributable to the Certificateholder in accordance with this Section. Each of the Owner Trustee and the Paying Agent is hereby authorized and directed to retain from amounts otherwise distributable to the Certificateholders sufficient funds for the payment of any tax that is legally owed by the Issuer (but such authorization shall not prevent the Owner Trustee from contesting any such tax in appropriate proceedings, and withholding payment of such tax, if permitted by law, pending the outcome of such proceedings). The amount of any withholding tax imposed with respect to a Certificateholder shall be treated as cash distributed to such Certificateholder at the time it is withheld by the Issuer and remitted to the appropriate taxing authority. The Owner Trustee or the Paying Agent, on its behalf, intends to withhold United States withholding taxes from any amounts allocable or distributed to non-United States Certificateholders at a rate of 35% for non-United States Certificateholders that are classified as corporations for United States federal income tax purposes and at the highest individual income tax rate for all other non-United States Certificateholders. In the event that a Certificateholder wishes to apply for a refund...
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Application of Funds in Certificate Distribution Account. (a) On each Payment Date, the Certificate Paying Agent will, based on the information contained in the Servicer's Certificate delivered on the related Determination Date pursuant to Section 4.9 of the Sale and Servicing Agreement, distribute to the Owner Trustee (as necessary) and the Certificateholders, to the extent of the funds available, amounts deposited in the Certificate Distribution Account pursuant to Section 5.6(b)(vii) of the Sale and Servicing Agreement on such Payment Date in the following order of priority: (i) first, to the Owner Trustee for any unpaid fees and expenses due and owing; (ii) second, to the Class A Certificateholders, on a pro rata basis, an amount equal to the Certificateholders' Principal Distributable Amount; and (iii) third, to the Class R Certificateholders, in accordance with the percentage interest held, an amount equal to the remaining amounts on deposit in the Certificate Distribution Account. (b) On the Payment Date following the date on which amounts received in respect of the Transferor's exercise of its option to purchase the corpus of the Trust pursuant to Section 9.1(a) of the Sale and Servicing Agreement are deposited in the Certificate Distribution Account, the Certificate Paying Agent will distribute such amounts taking into account any concurrent distribution made pursuant to Section 5.2(a): (i) first, to the Owner Trustee for any unpaid fees and expenses due and owing; (ii) second, to the Class A Certificateholders, on a pro rata basis, an amount equal to the Certificateholders' Principal Distributable Amount; and (iii) third, to the Class R Certificateholders, in accordance with the percentage interest held, an amount equal to the remaining amounts on deposit in the Certificate Distribution Account. (c) On the Payment Date following the date on which the Indenture Trustee makes payments of money or property in respect of liquidation of the Trust Property pursuant to Section 5.6 of the Indenture and deposits funds received in connection with such liquidation in the Certificate Distribution Account, the Certificate Paying Agent will distribute such funds taking into account any concurrent distribution made pursuant to Section 5.2(a): (i) first, to the Owner Trustee for any unpaid fees and expenses due and owing; (ii) second, to the Class A Certificateholders, on a pro rata basis, an amount equal to the Certificateholders' Principal Distributable Amount; and (iii) third, to the Class R Certificateholders, in a...
Application of Funds in Certificate Distribution Account. (a) -------------------------------------------------------- On each Distribution Date, the Owner Trustee will cause the Paying Agent to, based on the information contained in the Servicer's Certificate delivered on the related Determination Date pursuant to Section 4.9 of the Sale and Servicing Agreement, distribute pro rata to Certificateholders based on their Percentage Interests, to the extent of the funds available, amounts deposited in the Certificate Distribution Account pursuant to Sections 5.6(a) of the Sale and Servicing Agreement on such Distribution Date.
Application of Funds in Certificate Distribution Account. (a) On each Distribution Date the Paying Agent will, based on the information contained in the Monthly Report delivered on the related Distribution Date pursuant to Section 5.14 of the Sale and Servicing Agreement, distribute to Certificateholders, on a pro rata basis to the extent of the funds available, amounts and deposited in the Certificate Distribution Account pursuant to Section 6.04(a)(xiii) of the Sale and Servicing Agreement: (b) On the Distribution Date following the date on which amounts received in respect of the Class C Certificateholder's exercise of its option to purchase the corpus of the Trust pursuant to Section 8.01 of the Sale and Servicing Agreement, or pursuant to the auction of the Contracts as described in Section 10.04 of the Indenture, are deposited in the Certificate Distribution Account, the Paying Agent will distribute such amounts to Certificateholders in the manner described in Section 5.2(a). (c) On the Distribution Date on which proceeds are deposited in the Certificate Distribution Account pursuant to Section 8.02 of the Sale and Servicing Agreement (or on the Distribution Date immediately following such deposit if such proceeds are not deposited in the Certificate Distribution Account on a Distribution Date), the Paying Agent will distribute the proceeds so deposited in the Certificate Distribution Account to Certificateholders in the manner described in Section 5.2(a). (d) On the Distribution Date following the date on which the Indenture Trustee makes payments of money or property in respect of liquidation of the Trust Property pursuant to Section 5.06 of the Indenture and deposits funds received in connection with such liquidation in the Certificate Distribution Account, the Paying Agent will distribute such funds to Certificateholders in the manner described in Section 5.2(a). (e) On each Distribution Date, the Owner Trustee shall send or cause to be sent to each Certificateholder the statement required pursuant to Section 6.05 of the Sale and Servicing Agreement. (f) To the extent required by the Internal Revenue Code, and applicable federal regulations promulgated thereunder, as the same may be amended from time to time (collectively, the "Code"), the Paying Agent shall withhold from each payment due hereunder or under any Certificate, United States withholding taxes at the appropriate rate, and, on a timely basis, to deposit such amounts with an authorized depository and make such returns, filings and other report...
Application of Funds in Certificate Distribution Account. (a) On each Distribution Date, the Owner Trustee will, based on the information contained in the Master Servicer's Certificate delivered on the related Determination Date pursuant to Section [ ] of the Master Servicing Agreement, distribute to Certificateholders, to the extent of the funds available, amounts deposited in the Certificate Distribution Account pursuant to Section [ ] of the Master Servicing Agreement on such Distribution Date in the following order of priority: (i) first, to the Certificateholders, on a pro rata basis, an amount equal to the Certificateholders' Interest Distributable Amount; and (ii) second, to the Certificateholders, on a pro rata basis, an amount equal to the Certificateholders' 'Principal Distributable Amount. (b) On each Distribution Date, the Owner Trustee shall send to each Certificateholder the statement provided to the Owner Trustee by the Master Servicer pursuant to Section [ ] of the Master Servicing Agreement on such Distribution Date. (c) In the event that any withholding tax is imposed on the Trust's payment (or allocations of income) to a Certificateholder, such tax shall reduce the amount otherwise distributable to the Certificateholder in accordance with this Section 5.
Application of Funds in Certificate Distribution Account. (a) On each Distribution Date, Owner Trustee will, or will cause Paying Agent to, based on the information contained in Servicer's Report delivered on the related Determination Date pursuant to Section 4.9 of the Sale and Servicing Agreement, distribute to Certificateholders, to the extent of the funds available, amounts deposited in the Certificate Distribution Account pursuant to the Sale and Servicing Agreement on such Distribution Date in the following order of priority: (i) first, to the Certificateholders, on a pro rata basis, an amount equal to the Certificateholders' Interest Distributable Amount; and
Application of Funds in Certificate Distribution Account. (a) On each Payment Date the Owner Trustee or the Paying Agent will, based on the information contained in the Servicer's Certificate delivered on the related Determination Date pursuant to Section 5.14 of the Sale and Servicing Agreement, distribute to Certificateholders, on a pro rata basis to the extent of the funds available, amounts deposited in the Certificate Distribution Account to make payments in the amounts and in the manner provided for in Sections 5.3(b) and 5.3(d) below. (b) On each Distribution Date, the Trustee shall apply the Sub-Pool HI Amount Available (as determined on the immediately preceding Determination Date) in the Certificate Distribution Account to make payment in the following order of priority, subject to the last sentence of this Section 5.3(b): (1) if neither the Company nor a wholly owned subsidiary of the Company is the Servicer, to pay, with respect to the Home Improvement Contracts, the Monthly Servicing Fee and any other compensation owed to the Servicer pursuant to SECTION 7.03; (2) to pay the Class HI: A Formula Interest Distribution Amount as follows (and in the following order of priority): (i) the amount in clause (a)(1) of the definition of Class HI: A Formula Distribution Amount to the Class HI: A-1 Certificateholders; the amount in clause (a)(2) of the definition of Class HI: A Formula Distribution Amount to the Class HI: A-2 Certificateholders; the amount in clause (a)(3) of the definition of Class HI: A Formula Distribution Amount to the Class HI: A-3 Certificateholders; or, if the Sub-Pool HI Amount Available is less than the amount necessary to pay all Class HI: A Formula Interest Distribution Amounts, pro rata to each Class of Class HI: A Certificates in accordance with their respective entitlements to interest; and (ii) to each Class of Class HI: A Certificates the amount, if any, of the Unpaid Class HI: A Interest Shortfall of such Class, or, if the remaining Sub-Pool HI Amount Available is less than the amount necessary to pay all Unpaid Class HI: A Interest Shortfalls, pro rata to each Class of Class HI: A Certificates based on the Unpaid Class HI: A Interest Shortfall of each such Class;
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Application of Funds in Certificate Distribution Account. (a) -------------------------------------------------------- On each Payment Date, the Certificate Paying Agent will, based on the information contained in the Servicer's Certificate delivered on the related Determination Date pursuant to Section 4.9 of the Sale and Servicing Agreement, distribute to the Owner Trustee (as necessary) and the Certificateholders, to the extent of the funds available, amounts deposited in the Certificate Distribution Account pursuant to Section 5.6(a)(vii) of the Sale and Servicing Agreement on such Payment Date in the following order of priority: (i) first, to the Owner Trustee for any unpaid fees and expenses due and owing; (ii) second, to the Class A Certificateholders, on a pro rata basis, an amount equal to the Certificateholders' Principal Distributable Amount; and (iii) third, to the Class R Certificateholders, in accordance with the percentage interest held, an amount equal to the remaining amounts on deposit in the Certificate Distribution Account.
Application of Funds in Certificate Distribution Account. (a) Subject to Section 9.2 hereof, on each Payment Date, the Owner Trustee will, or will cause the Certificate Paying Agent to, based on the information contained in the Servicer’s Report delivered on the related Determination Date pursuant to Section 4.9 of the Sale and Servicing Agreement or, following the occurrence and during the continuation of an Event of Default pursuant to Section 5.4(b) of the Indenture, distribute to Certificateholders, as of the related Record Date all amounts deposited in the Certificate Distribution Account pursuant to the Sale and Servicing Agreement on such Payment Date based upon each Certificateholder’s Certificate Percentage Interest; (b) In the event that any withholding tax is imposed on the Certificate Registrar’s payment (or allocations of income) to a Certificateholder, such tax shall reduce the amount otherwise distributable to the Certificateholder in accordance with this Section 5.
Application of Funds in Certificate Distribution Account. (a) On each Payment Date, the Owner Trustee will, or will cause the Certificate Paying Agent to, based on the information contained in the Servicer's Report delivered on the related Determination Date pursuant to Section 4.9 of the Sale and Servicing Agreement, distribute to Certificateholders, as of the related Record Date all amounts deposited in the Certificate Distribution Account pursuant to the Sale and Servicing Agreement on such Payment Date based upon each Certificateholder's Certificate Percentage Interest: (b) In the event that any withholding tax is imposed on the Owner Trustee's payment (or allocations of income) to a Certificateholder, such tax shall reduce the amount otherwise distributable to the Certificateholder in accordance with this Section 5.
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