Default Allocations. On each Payment Date (or such other date as selected by the Trustee pursuant to the Indenture) (i) following the occurrence of an Event of Default (other than an Event of Default described in Section 5.01(iii) or (iv) of the Indenture), (ii) following an acceleration of the Notes pursuant to Section 5.02 of the Indenture that has not been rescinded and annulled in accordance with the terms of the Indenture, or (iii) following the institution of Proceedings for the foreclosure of the Indenture and the liquidation of the Collateral pursuant to Section 5.04(a)(ii) of the Indenture, the Trustee will transfer all Collections on deposit in the Collection Account, including Proceeds from the liquidation of the Collateral, to the Distribution Account. On each Payment Date (or such other date as selected by the Trustee pursuant to the Indenture), the Trustee will distribute such amounts together with Available Funds and all other funds available for distributions on the Notes, to the extent there are sufficient funds, to the following parties in the order of priority set forth below. With respect to the Notes then Outstanding, payments shall be made pro rata to the Holders of Notes based on their respective Percentage Interests.
Default Allocations. On each Distribution Date (or such other date as selected by the Trustee pursuant to the Indenture) following the occurrence of an Event of Default and an acceleration of the Notes that has not been rescinded and annulled in accordance with the terms of the Indenture, the Trustee will transfer all Interest Collections on deposit in the Interest Collection Account and all Principal Collections on deposit in the Principal Collection Account (and not required to be transferred to the Exposure Reserve Account), including proceeds from the liquidation of the Collateral, to the Note Distribution Account. On each Distribution Date (or such other date as selected by the Trustee pursuant to the Indenture), the Trustee will distribute such amounts and all other funds available for interest and principal distributions on the Notes, to the extent there are sufficient funds, to the following parties in the order of priority set forth below. With respect to each class of Notes then Outstanding, payments shall be made pro rata to the Holders of Notes of the related class based on their respective Percentage Interests.
