Calculation of Payment Date Shortfalls Sample Clauses

Calculation of Payment Date Shortfalls. Not later than 12:00 noon (New York City time) on the third Business Day prior to each Payment Date, the Issuer shall cause the Administrator or the Servicer to perform the calculations necessary to determine the following: (i) the amount, if any, by which the Stated Interest Amounts due in respect of any Series of Equipment Notes on such Payment Date exceed the Available Collections Amount for such Payment Date remaining after payment in full of all amounts senior thereto in the Flow of Funds, but prior to giving effect to any transfer of funds to the Collections Account from the Liquidity Reserve Account or from the Liquidity Facilities pursuant to Section 3.04 (the “Stated Interest Shortfall”); (ii) the Net Stated Interest Shortfall in respect of each Series; (iii) the amount, if any, of payments to the Liquidity Facility Providers and the Hedge Providers that are contemplated to be paid pursuant to the Flow of Funds but will not be paid on such Payment Date out of the Available Collections Amount for such Payment Date; (iv) the amount, if any, of the Scheduled Principal Payment Amount payable on each Series (separated by Class) that will not be paid on such Payment Date out of the Available Collections Amount for such Payment Date; and (v) if such Payment Date is the Final Maturity Date for any Series of Notes or Class thereof, the amount, if any, by which the Outstanding Principal Balance of such Series of Notes or Class thereof exceeds the Available Collections Amount after payment in full of amounts senior thereto or pari passu therewith in the Flow of Funds (such remainder, a “Final Principal Payment Shortfall”).

Calculation of Payment Date Shortfalls. Not later than 12:00 p.m. (New York time) on the third Business Day prior to each Payment Date, the Issuer shall cause the Cash Manager, based on information known to it or Relevant Information provided to it, to perform the calculations necessary to determine the following: (i) the amount, if any, by which the Required Expense Amount on such Payment Date exceeds the amount of Available Collections for such Payment Date (a “Required Expense Shortfall”); (ii) the amount, if any, by which the aggregate of the Interest Amounts due in respect of the Class A Notes and Senior Hedge Payments, in each case on such Payment Date exceeds the amount of Available Collections for such Payment Date remaining after payment in full of the Required Expense Amount for such Payment Date, allocated pro rata among (x) such Interest Amounts (the amounts allocated to the Class A Notes, a “Class A Interest Shortfall” in respect of such Notes), and (y) such Senior Hedge Payments (as to each Hedge Provider, a “Senior Hedge Payment Shortfall”);