Common use of Application of Funds in Certificate Distribution Account Clause in Contracts

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 (ii) second, to the Certificateholders, on a pro rata basis, an amount equal to the Certificateholders' Principal Distributable Amount. (b) On each Distribution Date, Owner Trustee shall send, or cause to be sent, to each Certificateholder the statement provided to Owner Trustee by Servicer pursuant to Section 5.6 of the Sale and 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, the Owner Trustee will, or will cause Paying Agent to, based on the information contained in the Master Servicer's Report Certificate delivered on the related Determination Date pursuant to Section 4.9 [ ] of the Sale and 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 Sale and 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, or cause to be sent, send to each Certificateholder the statement provided to the Owner Trustee by the Master Servicer pursuant to Section 5.6 [ ] of the Sale and 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.