Common use of Contingent Monthly Funding Costs Shortfalls Clause in Contracts

Contingent Monthly Funding Costs Shortfalls. If the amounts withdrawn from the Series 2010-6 Reserve Account pursuant to Section 3.3(h) are insufficient to pay the aggregate Class A Contingent Monthly Funding Costs with respect to the Purchaser Groups on any Distribution Date, payments of Class A Contingent Monthly Funding Costs to the Purchaser Groups will be reduced on a pro rata basis by the amount of such deficiency. The aggregate amount, if any, of such deficiency as of any Distribution Date, together with the aggregate unpaid amount of any such deficiencies with respect to all prior Distribution Dates, shall be referred to as the “Class A Contingent Monthly Funding Costs Shortfall.” Interest shall accrue on the Class A Contingent Monthly Funding Costs Shortfall at the Alternate Base Rate plus 2% per annum. If the amounts withdrawn from the Series 2010-6 Reserve Account pursuant to Section 3.3(h) are insufficient to pay the aggregate Class B Contingent Monthly Funding Costs with respect to the Purchaser Groups on any Distribution Date, payments of Class B Contingent Monthly Funding Costs to the Purchaser Groups will be reduced on a pro rata basis by the amount of such deficiency. The aggregate amount, if any, of such deficiency as of any Distribution Date, together with the aggregate unpaid amount of any such deficiencies with respect to all prior Distribution Dates, shall be referred to as the “Class B Contingent Monthly Funding Costs Shortfall.” Interest shall accrue on the Class B Contingent Monthly Funding Costs Shortfall at the Alternate Base Rate plus 2% per annum. The sum of the Class A Contingent Monthly Funding Costs Shortfall and the Class B Contingent Monthly Funding Costs Shortfall as of any Distribution Date shall be referred to herein as the “Contingent Monthly Funding Costs Shortfall”.

Appears in 1 contract

Samples: Avis Budget Group, Inc.

AutoNDA by SimpleDocs

Contingent Monthly Funding Costs Shortfalls. If the amounts withdrawn from the Series 20102015-6 3 Reserve Account pursuant to Section 3.3(h) are insufficient to pay the aggregate Class A Contingent Monthly Funding Costs with respect to the Purchaser Groups on any Distribution Date, payments of Class A Contingent Monthly Funding Costs to the Purchaser Groups will be reduced on a pro rata basis by the amount of such deficiency. The aggregate amount, if any, of such deficiency as of any Distribution Date, together with the aggregate unpaid amount of any such deficiencies with respect to all prior Distribution Dates, shall be referred to as the “Class A Contingent Monthly Funding Costs Shortfall.” Interest shall accrue on the Class A Contingent Monthly Funding Costs Shortfall at the Alternate Base Rate plus 2% per annum. If the amounts withdrawn from the Series 20102015-6 3 Reserve Account pursuant to Section 3.3(h) are insufficient to pay the aggregate Class B Contingent Monthly Funding Costs with respect to the Purchaser Groups on any Distribution Date, payments of Class B Contingent Monthly Funding Costs to the Purchaser Groups will be reduced on a pro rata basis by the amount of such deficiency. The aggregate amount, if any, of such deficiency as of any Distribution Date, together with the aggregate unpaid amount of any such deficiencies with respect to all prior Distribution Dates, shall be referred to as the “Class B Contingent Monthly Funding Costs Shortfall.” Interest shall accrue on the Class B Contingent Monthly Funding Costs Shortfall at the Alternate Base Rate plus 2% per annum. The sum of the Class A Contingent Monthly Funding Costs Shortfall and the Class B Contingent Monthly Funding Costs Shortfall as of any Distribution Date shall be referred to herein as the “Contingent Monthly Funding Costs Shortfall”.

Appears in 1 contract

Samples: Avis Budget Group, Inc.

Contingent Monthly Funding Costs Shortfalls. If the amounts withdrawn from the Series 20102015-6 3 Reserve Account pursuant to Section 3.3(h) are insufficient to pay the aggregate Class A Contingent Monthly Funding Costs with respect to the Purchaser Groups on any Distribution Date, payments of Class A Contingent Monthly Funding Costs to the Purchaser Groups will be reduced on a pro rata basis by the amount of such deficiency. The aggregate amount, if any, of such deficiency as of any Distribution Date, together with the aggregate unpaid amount of any such deficiencies with respect to all prior Distribution Dates, shall be referred to as the “Class A Contingent Monthly Funding Costs Shortfall.” Interest shall accrue on the Class A Contingent Monthly Funding Costs Shortfall at the Alternate Base Rate plus 2% per annum. If the amounts withdrawn from the Series 20102015-6 3 Reserve Account pursuant to Section 3.3(h) are insufficient to pay the aggregate Class B Contingent Monthly Funding Costs with respect to the Purchaser Groups on any Distribution Date, payments of Class B Contingent Monthly Funding Costs to the Purchaser Groups will be reduced on a pro rata basis by the amount of such deficiency. The aggregate amount, if any, of such deficiency as of any Distribution Date, together with the aggregate unpaid amount of any such deficiencies with respect to all prior Distribution Dates, shall be referred to as the “Class B Contingent Monthly Funding Costs Shortfall.” Interest shall accrue on the Class B Contingent Monthly Funding Costs Shortfall at the Alternate Base Rate plus 2% per annum. The sum of the Class A Contingent Monthly Funding Costs Shortfall and the Class B Contingent Monthly Funding Costs Shortfall as of any Distribution Date shall be referred to herein as the “Contingent Monthly Funding Costs Shortfall”.A

Appears in 1 contract

Samples: Avis Budget Group, Inc.

AutoNDA by SimpleDocs

Contingent Monthly Funding Costs Shortfalls. If the amounts withdrawn from the Series 2010-6 Reserve Account pursuant to Section 3.3(h) are insufficient to pay the aggregate Class A Contingent Monthly Funding Costs with respect to the Purchaser Groups on any Distribution Date, payments of Class A Contingent Monthly Funding 84 Costs to the Purchaser Groups will be reduced on a pro rata basis by the amount of such deficiency. The aggregate amount, if any, of such deficiency as of any Distribution Date, together with the aggregate unpaid amount of any such deficiencies with respect to all prior Distribution Dates, shall be referred to as the “Class A Contingent Monthly Funding Costs Shortfall.” Interest shall accrue on the Class A Contingent Monthly Funding Costs Shortfall at the Alternate Base Rate plus 2% per annum. If the amounts withdrawn from the Series 2010-6 Reserve Account pursuant to Section 3.3(h) are insufficient to pay the aggregate Class B Contingent Monthly Funding Costs with respect to the Purchaser Groups on any Distribution Date, payments of Class B Contingent Monthly Funding Costs to the Purchaser Groups will be reduced on a pro rata basis by the amount of such deficiency. The aggregate amount, if any, of such deficiency as of any Distribution Date, together with the aggregate unpaid amount of any such deficiencies with respect to all prior Distribution Dates, shall be referred to as the “Class B Contingent Monthly Funding Costs Shortfall.” Interest shall accrue on the Class B Contingent Monthly Funding Costs Shortfall at the Alternate Base Rate plus 2% per annum. The sum of the Class A Contingent Monthly Funding Costs Shortfall and the Class B Contingent Monthly Funding Costs Shortfall as of any Distribution Date shall be referred to herein as the “Contingent Monthly Funding Costs Shortfall”.

Appears in 1 contract

Samples: Avis Budget Group, Inc.

Time is Money Join Law Insider Premium to draft better contracts faster.