Designated Accounts; Payments. (a) On or prior to the Closing Date, the Owner Trustee shall cause the Servicer to establish and maintain, in the name of the Indenture Trustee, for the benefit of the Securityholders, the Designated Accounts as provided in Articles IV and V of the Pooling and Servicing Agreement. (b) Before each Distribution Date, the Indenture Trustee shall cause all withdrawals, deposits, transfers and distributions provided for in Section 4.06(b) and Section 5.02(b) of the Pooling and Servicing Agreement to be made. Before each Distribution Date, the Indenture Trustee shall make the distributions from the Collection Account provided for in Section 4.06(c) of the Pooling and Servicing Agreement. Notwithstanding the preceding sentence, to the extent permitted and as provided by Section 4.08 of the Pooling and Servicing Agreement, deposits may be netted against amounts owing to the depositor. (c) On each Distribution Date, the Indenture Trustee shall distribute all amounts on deposit in the Note Distribution Account, other than amounts deposited in the Note Distribution Account pursuant to Section 5.02(b) of the Pooling and Servicing Agreement and subject to the Certificateholder's rights under Section 5.05 of the Pooling and Servicing Agreement to Investment Earnings, to the Noteholders to the extent of amounts due and unpaid on the Notes for principal and interest, in the following amounts, and in the following order of priority: (i) (A) first, to accrued and unpaid interest on the Class A Notes; provided, however, that if there are not sufficient funds in the -------- ------- Note Distribution Account to pay the entire amount of accrued and unpaid interest then due on the Class A Notes, the amount in the Note Distribution Account shall be applied to the payment of such interest on each Note of each class of the Class A Notes pro rata on the basis of the respective aggregate amount of interest due on each such class of Class A Notes; and (B) second, unless otherwise provided in clause (iv) below, to accrued and unpaid interest on the Class B Notes; provided, however, that if there are not sufficient funds in the -------- ------- Note Distribution Account (after the payment of all accrued and unpaid interest on the Class A Notes) to pay the entire amount of accrued and unpaid interest then due on the Class B Notes, the amount in the Note Distribution Account shall be applied to the payment of such interest on each of the Class B Notes pro rata on the basis of the aggregate amount of interest due on each such Class B Note; (ii) unless otherwise provided in clause (iii), (iv) or (v) below, the Principal Payment Amount shall be applied on each Distribution Date, as follows: (A) first, 100% of the Principal Payment Amount shall be applied to pay the principal of the Class A-1 Notes until the Class X- 0 Notes are paid in full; (B) thereafter, 95.75% of the Principal Payment Amount (in the case of the Distribution Date on which the Class A-1 Notes are paid in full, 95.75% of the remaining Principal Payment Amount) shall be applied to pay the principal of the other Class A Notes (all of which shall be applied to pay the principal of the Class A-2 Notes until paid in full, then shall be applied to pay the principal of the Class A-3 Notes until paid in full, and then shall be applied to pay the principal of the Class A-4 Notes until paid in full) and 4.25% of the Principal Payment Amount (in the case of the Distribution Date on which the Class A-1 Notes are paid full, 4.25% of the remaining Principal Payment Amount) shall be applied to pay the principal of the Class B Notes until the Class A Notes are paid in full; and (C) thereafter, 100% of the Principal Payment Amount (in the case of the Distribution Date on which the Class A Notes are paid in full, the remaining Principal Payment Amount) to the Class B Notes until the Class B Notes are paid in full; (iii) if the amount on deposit in the Reserve Account on any Distribution Date would be, after giving effect to the application of the Principal Payment Amount in accordance with the foregoing priorities, less than 1.0% of the Initial Aggregate Receivables Balance, then on each Distribution Date thereafter until either the Class A Notes are paid in full or the amount on deposit in the Reserve Account equals or exceeds the Specified Reserve Account Balance, 100% of the Principal Payment Amount shall be applied on each Distribution Date to pay the principal of the Class A Notes (all of which shall be applied to pay the principal of the Class A-1 Notes until paid in full, then shall be applied to pay the principal of the Class A-2 Notes until paid in full, then shall be applied to pay the principal of Class A-3 Notes until paid in full, and then shall be applied to pay the principal of the Class A-4 Notes until paid in full). When principal payments on the Class B Notes resume in accordance with the preceding sentence, the Principal Payment Amount for such Distribution Date shall be applied in accordance with Section 8.2(c)(ii) hereof until the Class A Notes have been paid in full, and thereafter 100% of the Principal Payment Amount for such Distribution Date shall be applied to pay the principal of the Class B Notes until the Class B Notes are paid in full; (iv) if the Notes have been declared immediately due and payable as provided in Section 5.2(a) following the occurrence of an Event of Default specified in Section 5.1(a), (b) or (c) until such time as the Class A Notes have been paid in full and this Indenture has been discharged with respect to the Class A Notes any amounts remaining in the Note Distribution Account after the application described in Section 8.2(c)(i)(A) shall be applied in the following priority: (1) to the repayment of principal of each of the Class A-1 Notes pro rata on the basis of the respective unpaid principal amount of each such Class A-1 Note; (2) to the repayment of principal of each of the Class A-2 Notes, the Class A-3 Notes and the Class A-4 Notes pro rata on the basis of the respective unpaid principal amount of each such Class A Note; (3) to the repayment of interest on each of the Class B Notes pro rata on the basis of the amount of interest due and unpaid on each such Class B Note and (4) to the repayment of principal on each of the Class B Notes pro rata on the basis of the respective unpaid principal amount of each such Class B Note; and (v) if the Notes have been declared immediately due and payable as provided in Section 5.2(a) following the occurrence of an Event of Default specified in Section 5.1(d), (e) or (f), 100% of the Principal Payment Amount shall be applied on each Distribution Date to the payment of principal of the Class A-1 Notes on the basis of the respective unpaid principal balance of each such Class A-1 Note, thereafter 100% of the Principal Payment Amount shall be applied on each Distribution Date to the payment of principal of the Class A-2 Notes, the Class A-3 Notes and the Class A-4 Notes pro rata on the basis of the respective unpaid principal amount of each such Class A Note, and, thereafter, 100% of the Principal Payment Amount shall be applied on each Distribution Date to the payment of principal of the Class B Notes pro rata on the basis of the respective unpaid principal amount of each such Class B Note. (d) Subject to Sections 8.2(c)(iii), (iv) and (v), on the Distribution Date on which the Funding Period ends (or, if the Funding Period does not end on a Distribution Date, on the Distribution Date following the end of the Funding Period), the Indenture Trustee shall apply any and all amounts deposited into the Note Distribution Account pursuant to Section 5.02(b) of the Pooling and Servicing Agreement (other than Noteholders' Prepayment Premium) to the repayment of principal on the Notes in accordance with the priorities set forth in Section 8.2(c)(ii); provided, however, that if the Pre-Funded Amount as of the end of the Funding Period is greater than $100,000, the Indenture Trustee shall apply such amounts to the repayment of principal of each Class of Notes pro rata on the basis of the respective initial principal amount of each such Class of Notes, as instructed by Servicer in writing. (e) On the Distribution Date on which the Funding Period ends (or, if the Funding Period does not end on a Distribution Date, on the first Distribution Date following the end of the Funding Period), the Indenture Trustee shall distribute to the Noteholders the Noteholders' Prepayment Premiums deposited in the Note Distribution Account, as instructed by Servicer in writing pursuant to Section 5.02(b) of the Pooling and Servicing Agreement; provided, however, if less than the required Noteholders' Prepayment Premium for all classes of Notes has been deposited into the Note Distribution Account, the amount distributable to the holders of each class of Notes shall be their ratable share of the amount so deposited into the Note Distribution Account based upon the amount of Noteholders' Prepayment Premium due with respect to each class of Notes. In either case, the Indenture Trustee shall distribute the Noteholders' Prepayment Premium allocated to each class of Notes to the Noteholders of such class of Notes pro rata on the basis of the unpaid principal amount of such Noteholder's Notes of such class, as instructed by Servicer in writing.

Appears in 1 contract

Samples: Indenture (Navistar Financial Retail Receivables Corporation)

Designated Accounts; Payments. (a) On or prior to the [Initial] Closing Date, the ~~Owner Trustee~~ Issuer shall cause the Servicer to establish and maintain, in the name of the Indenture ~~Trustee~~Trustee for the benefit of the Financial Parties (and with respect to the Reserve Account, for the benefit of the ~~Securityholders,~~ Servicer) the Designated Accounts as provided in Articles IV and V of the ~~Pooling~~ Trust Sale and Servicing Agreement. (b) ~~Before~~ On or before each Distribution Date, (i) amounts shall be deposited in the ~~Indenture Trustee shall cause all withdrawals, deposits, transfers and distributions~~ Collection Account as provided ~~for~~ in Section ~~4.06(b) and Section 5.02(b)~~ 4.06 of the ~~Pooling~~ Trust Sale and Servicing Agreement ~~to be made. Before each Distribution Date~~and (ii) the Aggregate Noteholders' Interest Distributable Amount and, during the Amortization Period, the ~~Indenture Trustee~~ Aggregate Noteholders' Principal Distributable Amount shall ~~make the distributions~~ be transferred from the Collection Account to the Note Distribution Account as and to the extent provided ~~for~~ in Section ~~4.06(c)~~ 4.06 of the ~~Pooling~~ Trust Sale and Servicing Agreement~~. Notwithstanding the preceding sentence, to the extent permitted and as provided by Section 4.08 of the Pooling and Servicing Agreement, deposits may be netted against amounts owing to the depositor~~. (c) On each Distribution Date, the Indenture Trustee shall notify the Account Holder to apply and, as required, distribute to the Noteholders all amounts on deposit in the Note Distribution ~~Account~~Account (subject to the Servicer's rights under Section 5.03 of the Trust Sale and Servicing Agreement to Investment Earnings) in the following order of priority and in the amounts determined as described below: (i) On each Distribution Date, ~~other than amounts~~ except as otherwise provided in clause (iii) below, the amount deposited in the Note Distribution Account in respect of interest on the Notes shall be applied in the following order of priority, to the extent of remaining funds after all earlier priorities have been satisfied, and any amount so applied shall be paid on such Distribution Date to the holders of Notes of each applicable Class: (A) the Aggregate Class A Interest Distributable Amount shall be paid to the holders of the Class A Notes; (B) the Aggregate Class B Interest Distributable Amount shall be paid to the holders of the Class B Notes; (C) the Aggregate Class C Interest Distributable Amount shall be paid to the holders of the Class C Notes; (D) the Aggregate Class D Interest Distributable Amount shall be paid to the holders of the Class A Notes; provided however, if there are not sufficient funds to so pay the entire amount specified in any of the foregoing priorities for a particular Class of Notes, then the amount available for such Class of Notes shall be paid to the Holders thereof ratably on the basis of the total amount of accrued and unpaid interest owing to each such holder. (ii) [During the Amortization Period,] unless otherwise provided in clause (iii) below, an amount equal to the Aggregate Noteholders' Principal Distributable Amount (or such lesser amount as has been deposited in the Note Distribution Account pursuant to Section ~~5.02(b~~4.06(e) of the ~~Pooling~~ Trust Sale and Servicing Agreement ~~and subject~~ with respect to ~~the Certificateholder's rights under Section 5.05~~ payments of ~~the Pooling and Servicing Agreement~~ principal) shall be applied to ~~Investment Earnings, to the Noteholders to the extent~~ each class of ~~amounts due and unpaid on the~~ Notes ~~for principal and interest,~~ in the following ~~amounts,~~ amounts and in the following order of ~~priority~~priority and any amount so applied shall be paid on such Distribution Date to the Holders of such class of Notes: (i1) ~~(A) first,~~ [to ~~accrued and unpaid interest on~~ the Class ~~A Notes; provided, however, that if there are not sufficient funds in the -------- ------- Note Distribution Account to pay the entire amount of accrued and unpaid interest then due on the Class A~~ [A-1] Notes, until the ~~amount in the Note Distribution Account shall be applied to the payment of such interest on each Note of each class~~ Outstanding Amounts of the Class A [A-1] Notes ~~pro rata on~~ is reduced to zero;] (2) [to the ~~basis~~ Class [A-2] Notes, until the Outstanding Amount of the ~~respective aggregate amount of interest due on each such class of~~ Class ~~A Notes; and~~ [A-2] Notes is reduced to zero;] (B3) ~~second, unless otherwise provided in clause (iv) below,~~ [to ~~accrued and unpaid interest on~~ the Class B [A-3] Notes~~; provided~~, ~~however, that if there are not sufficient funds in~~ until the ~~-------- ------- Note Distribution Account (after the payment~~ Outstanding Amount of ~~all accrued and unpaid interest on~~ the Class ~~A Notes~~[A-3] Notes is reduced to zero;] (4) [to ~~pay~~ the ~~entire amount~~ Class [A-4] Notes until the Outstanding Amount of ~~accrued and unpaid interest then due on~~ the Class [A-4] Notes is reduced to zero;] (5) [to the Class B Notes, until the ~~amount in the Note Distribution Account shall be applied to the payment of such interest on each~~ Outstanding Amount of the Class B Notes ~~pro rata on the basis of the aggregate amount of interest due on each such Class B Note~~is reduced to zero;] (ii6) ~~unless otherwise provided in clause (iii)~~[to the Class C Notes, ~~(iv) or (v) below,~~ until the ~~Principal Payment~~ Outstanding Amount ~~shall be applied on each Distribution Date, as follows: (A) first, 100% of the Principal Payment Amount shall be applied to pay the principal~~ of the Class ~~A-1~~ C Notes is reduced to zero;] (7) [to the Class D Notes, until the ~~Class X- 0 Notes are paid in full; (B) thereafter, 95.75% of the Principal Payment~~ Outstanding Amount (in the case of the Distribution Date on which the Class A-1 Notes are paid in full, 95.75% of the remaining Principal Payment Amount) shall be applied to pay the principal of the other Class A Notes (all of which shall be applied to pay the principal of the Class ~~A-2~~ D Notes ~~until paid in full, then shall be applied~~ is reduced to pay the principal of the Class A-3 Notes until paid in full, and then shall be applied to pay the principal of the Class A-4 Notes until paid in full) and 4.25% of the Principal Payment Amount (in the case of the Distribution Date on which the Class A-1 Notes are paid full, 4.25% of the remaining Principal Payment Amount) shall be applied to pay the principal of the Class B Notes until the Class A Notes are paid in full; and (C) thereafter, 100% of the Principal Payment Amount (in the case of the Distribution Date on which the Class A Notes are paid in full, the remaining Principal Payment Amount) to the Class B Notes until the Class B Notes are paid in full;zero.] (iii) if the amount on deposit in the Reserve Account on any Distribution Date would be, after giving effect to the application of the Principal Payment Amount in accordance with the foregoing priorities, less than 1.0% of the Initial Aggregate Receivables Balance, then on each Distribution Date thereafter until either the Class A Notes are paid in full or the amount on deposit in the Reserve Account equals or exceeds the Specified Reserve Account Balance, 100% of the Principal Payment Amount shall be applied on each Distribution Date to pay the principal of the Class A Notes (all of which shall be applied to pay the principal of the Class A-1 Notes until paid in full, then shall be applied to pay the principal of the Class A-2 Notes until paid in full, then shall be applied to pay the principal of Class A-3 Notes until paid in full, and then shall be applied to pay the principal of the Class A-4 Notes until paid in full). When principal payments on the Class B Notes resume in accordance with the preceding sentence, the Principal Payment Amount for such Distribution Date shall be applied in accordance with Section 8.2(c)(ii) hereof until the Class A Notes have been paid in full, and thereafter 100% of the Principal Payment Amount for such Distribution Date shall be applied to pay the principal of the Class B Notes until the Class B Notes are paid in full; (iv) if If the Notes have been declared immediately due and payable following an Event of Default as provided in Section ~~5.2(a) following the occurrence of an Event of Default specified in Section 5.1(a)~~5.2, ~~(b) or (c)~~ until such time as ~~the Class A Notes~~ all Events of Default have been ~~paid~~ cured or waived as provided in ~~full and this Indenture has been discharged with respect to the Class A Notes~~ Section 5.2(b), any amounts ~~remaining~~ deposited in the Note Distribution Account ~~after the application described in Section 8.2(c)(i)(A)~~ shall be applied in the following priority: (1) to the repayment of principal of each of the Class A-1 Notes pro rata on the basis of the respective unpaid principal amount of each such Class A-1 Note; (2) to the repayment of principal of each of the Class A-2 Notes, the Class A-3 Notes and the Class A-4 Notes pro rata on the basis of the respective unpaid principal amount of each such Class A Note; (3) to the repayment of interest on each of the Class B Notes pro rata on the basis of the amount of interest due and unpaid on each such Class B Note and (4) to the repayment of principal on each of the Class B Notes pro rata on the basis of the respective unpaid principal amount of each such Class B Note; and (v) if the Notes have been declared immediately due and payable as provided in Section 5.2(a) following the occurrence of an Event of Default specified in Section 5.1(d), (e) or (f), 100% of the Principal Payment Amount shall be applied on each Distribution Date to the payment of principal of the Class A-1 Notes on the basis of the respective unpaid principal balance of each such Class A-1 Note, thereafter 100% of the Principal Payment Amount shall be applied on each Distribution Date to the payment of principal of the Class A-2 Notes, the Class A-3 Notes and the Class A-4 Notes pro rata on the basis of the respective unpaid principal amount of each such Class A Note, and, thereafter, 100% of the Principal Payment Amount shall be applied on each Distribution Date to the payment of principal of the Class B Notes pro rata on the basis of the respective unpaid principal amount of each such Class B Note. (d) Subject to Sections 8.2(c)(iii), (iv) and (v), on the Distribution Date on which the Funding Period ends (or, if the Funding Period does not end on a Distribution Date, on the Distribution Date following the end of the Funding Period), the Indenture Trustee shall apply any and all amounts deposited into the Note Distribution Account pursuant to Section 5.02(b) of the Pooling and Servicing Agreement (other than Noteholders' Prepayment Premium) to the repayment of principal on the Notes in accordance with ~~the priorities set forth in~~ Section ~~8.2(c)(ii~~2.7(c); provided, however, that if the Pre-Funded Amount as of the end of the Funding Period is greater than $100,000, the Indenture Trustee shall apply such amounts to the repayment of principal of each Class of Notes pro rata on the basis of the respective initial principal amount of each such Class of Notes, as instructed by Servicer in writing. (e) On the Distribution Date on which the Funding Period ends (or, if the Funding Period does not end on a Distribution Date, on the first Distribution Date following the end of the Funding Period), the Indenture Trustee shall distribute to the Noteholders the Noteholders' Prepayment Premiums deposited in the Note Distribution Account, as instructed by Servicer in writing pursuant to Section 5.02(b) of the Pooling and Servicing Agreement; provided, however, if less than the required Noteholders' Prepayment Premium for all classes of Notes has been deposited into the Note Distribution Account, the amount distributable to the holders of each class of Notes shall be their ratable share of the amount so deposited into the Note Distribution Account based upon the amount of Noteholders' Prepayment Premium due with respect to each class of Notes. In either case, the Indenture Trustee shall distribute the Noteholders' Prepayment Premium allocated to each class of Notes to the Noteholders of such class of Notes pro rata on the basis of the unpaid principal amount of such Noteholder's Notes of such class, as instructed by Servicer in writing.

Appears in 1 contract

Samples: Indenture (Capital Auto Receivables Inc)

Designated Accounts; Payments. (a) On or prior to the Closing Date, the Owner Trustee shall cause the Servicer to establish and maintain, in the name of the Indenture Trustee, for the benefit of the ~~Securityholders~~Financial Parties, the Designated Accounts as provided in Articles IV and V of the Pooling and Servicing Agreement. (b) Before each Distribution Date, the Indenture Trustee shall cause all withdrawals, deposits, transfers and distributions provided for in Section 4.06(b) and Section 5.02(b) of the Pooling and Servicing Agreement to be made. Before each Distribution Date, the Indenture Trustee shall make the distributions from the Collection Account provided for in Section 4.06(c) of the Pooling and Servicing Agreement. Notwithstanding the preceding sentence, to the extent permitted and as provided by Section 4.08 of the Pooling and Servicing Agreement, deposits may be netted against amounts owing to the depositor. (c) On each Distribution Date, the Indenture Trustee shall distribute all amounts on deposit in the Note Distribution Account, other than amounts deposited in the Note Distribution Account pursuant to Section 5.02(b) of the Pooling and Servicing Agreement and subject to the Certificateholder's rights under Section 5.05 of the Pooling and Servicing Agreement to Investment Earnings, to the Noteholders to the extent of amounts due and unpaid on the Notes for principal and interest, in the following amounts, and in the following order of priority: (i) (A) first, to accrued and unpaid interest on the Class A Notes; provided, however, that if there are not sufficient funds in the -------- ------- Note Distribution Account to pay the entire amount of accrued and unpaid interest then due on the Class A Notes, the amount in the Note Distribution Account shall be applied to the payment of such interest on each Note of each class of the Class A Notes pro rata on the basis of the respective aggregate amount of interest due on each such class of Class A Notes; and (B) second, unless otherwise provided in clause (iv) below, to accrued and unpaid interest on the Class B Notes; provided, however, that if there are -------- ------- not sufficient funds in the ~~-------- -------~~ Note Distribution Account (after the payment of all accrued and unpaid interest on the Class A Notes) to pay the entire amount of accrued and unpaid interest then due on the Class B Notes, the amount in the Note Distribution Account shall be applied to the payment of such interest on each of the Class B Notes pro rata on the basis of the aggregate amount of interest due on each such Class B Note; (ii) unless otherwise provided in clause (iii), (iv) or (v) below, the Principal Payment Amount shall be applied on each Distribution Date, as follows: (A) first, 100% of the Principal Payment Amount shall be applied to pay the principal of the Class A-1 Notes until the Class ~~X- 0~~ A-1 Notes are paid in full; (B) thereafter, ~~95.75~~96.0% of the Principal Payment Amount (in the case of the Distribution Date on which the Class A-1 Notes are paid in full, ~~95.75~~96.0% of the remaining Principal Payment Amount) shall be applied to pay the principal of the other Class A Notes (all of which shall be applied to pay the principal of the Class A-2 Notes until paid in full, then shall be applied to pay the principal of the Class A-3 Notes until paid in full, and then shall be applied to pay the principal of the Class A-4 Notes until paid in full) and ~~4.25~~4.0% of the Principal Payment Amount (in the case of the Distribution Date on which the Class A-1 Notes are paid full, ~~4.25~~4.0% of the remaining Principal Payment Amount) shall be applied to pay the principal of the Class B Notes until the Class A Notes are paid in full; and (C) thereafter, 100% of the Principal Payment Amount (in the case of the Distribution Date on which the Class A Notes are paid in full, the remaining Principal Payment Amount) to the Class B Notes until the Class B Notes are paid in full; (iii) if the amount on deposit in the Reserve Account on any Distribution Date would be, after giving effect to the application of the Principal Payment Amount in accordance with the foregoing priorities, less than 1.0% of the Initial Aggregate Receivables Balance, then on each Distribution Date thereafter until either the Class A Notes are paid in full or the amount on deposit in the Reserve Account equals or exceeds the Specified Reserve Account Balance, 100% of the Principal Payment Amount shall be applied on each Distribution Date to pay the principal of the Class A Notes (all of which shall be applied to pay the principal of the Class A-1 Notes until paid in full, then shall be applied to pay the principal of the Class A-2 Notes until paid in full, then shall be applied to pay the principal of Class A-3 Notes until paid in full, and then shall be applied to pay the principal of the Class A-4 Notes until paid in full). When principal payments on the Class B Notes resume in accordance with the preceding sentence, the Principal Payment Amount for such Distribution Date shall be applied in accordance with Section 8.2(c)(ii) hereof until the Class A Notes have been paid in full, and thereafter 100% of the Principal Payment Amount for such Distribution Date shall be applied to pay the principal of the Class B Notes until the Class B Notes are paid in full; (iv) if the Notes have been declared immediately due and payable as provided in Section 5.2(a) following the occurrence of an Event of Default specified in Section 5.1(a), (b) or (c) until such time as the Class A Notes have been paid in full and this Indenture has been discharged with respect to the Class A Notes any amounts remaining in the Note Distribution Account after the application described in Section 8.2(c)(i)(A) shall be applied in the following priority: (1) to the repayment of principal of each of the Class A-1 Notes pro rata on the basis of the respective unpaid principal amount of each such Class A-1 Note; (2) to the repayment of principal of each of the Class A-2 Notes, the Class A-3 Notes and the Class A-4 Notes pro rata on the basis of the respective unpaid principal amount of each such Class A Note; (3) to the repayment of interest on each of the Class B Notes pro rata on the basis of the amount of interest due and unpaid on each such Class B Note and (4) to the repayment of principal on each of the Class B Notes pro rata on the basis of the respective unpaid principal amount of each such Class B Note; and (v) if the Notes have been declared immediately due and payable as provided in Section 5.2(a) following the occurrence of an Event of Default specified in Section 5.1(d), (e) or (f), 100% of the Principal Payment Amount shall be applied on each Distribution Date to the payment of principal of the Class A-1 Notes on the basis of the respective unpaid principal balance of each such Class A-1 Note, thereafter 100% of the Principal Payment Amount shall be applied on each Distribution Date to the payment of principal of the Class A-2 Notes, the Class A-3 Notes and the Class A-4 Notes pro rata on the basis of the respective unpaid principal amount of each such Class A Note, and, thereafter, 100% of the Principal Payment Amount shall be applied on each Distribution Date to the payment of principal of the Class B Notes pro rata on the basis of the respective unpaid principal amount of each such Class B Note. (d) Subject to Sections 8.2(c)(iii), (iv) and (v), on the Distribution Date on which the Funding Period ends (or, if the Funding Period does not end on a Distribution Date, on the Distribution Date following the end of the Funding Period), the Indenture Trustee shall apply any and all amounts deposited into the Note Distribution Account pursuant to Section 5.02(b) of the Pooling and Servicing Agreement (other than Noteholders' Prepayment Premium) to the repayment of principal on the Notes in accordance with the priorities set forth in Section 8.2(c)(ii); provided, however, that if the Pre-Funded Amount as of the end of the Funding Period is greater than $100,000, the Indenture Trustee shall apply such amounts to the repayment of principal of each Class of Notes pro rata on the basis of the respective initial principal amount of each such Class of Notes, as instructed by the Servicer in writing. (e) On the Distribution Date on which the Funding Period ends (or, if the Funding Period does not end on a Distribution Date, on the first Distribution Date following the end of the Funding Period), the Indenture Trustee shall distribute to the Noteholders the Noteholders' Prepayment Premiums deposited in the Note Distribution Account, as instructed by Servicer in writing pursuant to Section 5.02(b) of the Pooling and Servicing Agreement; provided, -------- however, if less than the required Noteholders' Prepayment Premium for all ------- classes of Notes has been deposited into the Note Distribution Account, the amount distributable to the holders of each class of Notes shall be their ratable share of the amount so deposited into the Note Distribution Account based upon the amount of Noteholders' Prepayment Premium due with respect to each class of Notes. In either case, the Indenture Trustee shall distribute the Noteholders' Prepayment Premium allocated to each class of Notes to the Noteholders of such class of Notes pro rata on the basis of the unpaid principal amount of such Noteholder's Notes of such class, as instructed by the Servicer in writing.

Appears in 1 contract

Samples: Indenture (Navistar Financial Retail Receivables Corporation)

Designated Accounts; Payments. (a) On or prior to the Closing Date, the ~~Owner Trustee~~ Issuer shall cause the Servicer to establish and maintain, in the name of the Indenture ~~Trustee~~Trustee for the benefit of the Financial Parties (and with respect to the Reserve Account, for the benefit of the ~~Securityholders,~~ Servicer) the Designated Accounts as provided in Articles IV and V of the ~~Pooling~~ Trust Sale and Servicing Agreement. (b) ~~Before~~ On or before each Distribution Date, (i) amounts shall be deposited in the ~~Indenture Trustee shall cause all withdrawals, deposits, transfers and distributions~~ Collection Account as provided ~~for~~ in Section ~~4.06(b) and Section 5.02(b)~~ 4.06 of the ~~Pooling~~ Trust Sale and Servicing Agreement to and (ii) the Aggregate Noteholders' Interest Distributable Amount and the Aggregate Noteholders' Principal Distributable Amount shall be ~~made. Before each Distribution Date, the Indenture Trustee shall make the distributions~~ transferred from the Collection Account to the Note Distribution Account as and to the extent provided ~~for~~ in Section ~~4.06(c)~~ 4.06 of the ~~Pooling~~ Trust Sale and Servicing Agreement~~. Notwithstanding the preceding sentence, to the extent permitted and as provided by Section 4.08 of the Pooling and Servicing Agreement, deposits may be netted against amounts owing to the depositor~~. (c) On each Distribution Date, the Indenture Trustee shall apply and, as required, distribute to the Noteholders all amounts on deposit in the Note Distribution ~~Account, other than amounts deposited in the Note Distribution~~ Account ~~pursuant to Section 5.02(b) of the Pooling and Servicing Agreement and~~ (subject to the ~~Certificateholder~~Servicer's rights under Section ~~5.05~~ 5.03 of the ~~Pooling~~ Trust Sale and Servicing Agreement to Investment Earnings~~, to the Noteholders to the extent of amounts due and unpaid on the Notes for principal and interest, in the following amounts, and~~ ) in the following order of ~~priority~~priority and in the amounts determined as described below: (i) The Aggregate Noteholders' Interest Distributable Amount shall be applied to each class of Notes in an amount equal to the sum of (A) ~~first~~the Noteholders' Interest Distributable Amount for such class of Notes for such Distribution Date plus (B) if there was any Noteholders' Interest Carryover Shortfall as of the close of the immediately preceding Distribution Date, ~~to accrued and unpaid interest~~ a pro rata portion thereof determined on the ~~Class A Notes~~basis of the amount of interest that was to be applied to such class on such preceding Distribution Date; provided, however, that if there are not sufficient funds in the ~~-------- -------~~ Note Distribution Account to ~~pay~~ so apply the entire ~~amount of accrued and unpaid interest then due on the Class A Notes~~Aggregate Noteholders' Interest Distributable Amount, the amount available in the Note Distribution Account for such purpose shall be applied to ~~the payment of such interest on each Note of~~ each class of the Class A Notes pro rata on the basis of the respective aggregate amount of interest due on each such class of Class A Notes; and (B) second, unless otherwise provided in clause (iv) below, to accrued and unpaid interest on the Class B Notes; provided, however, that if there are not sufficient funds in the -------- ------- Note Distribution Account (after the payment of all accrued and unpaid interest on the Class A Notes) to pay the entire amount of accrued and unpaid interest then due on the Class B Notes, the amount in the Note Distribution Account shall be applied to the payment of such interest on each of the Class B Notes pro rata on the basis of the aggregate amount of interest due on each such Class B Note; (ii) unless otherwise provided in clause (iii), (iv) or (v) below, the Principal Payment Amount shall be applied on each Distribution Date, as follows: (A) first, 100% of the Principal Payment Amount shall be applied to pay the principal of the Class A-1 Notes until the Class X- 0 Notes are paid in full; (B) thereafter, 95.75% of the Principal Payment Amount (in the case of the Distribution Date on which the Class A-1 Notes are paid in full, 95.75% of the remaining Principal Payment Amount) shall be applied to pay the principal of the other Class A Notes (all of which shall be applied to pay the principal of the Class A-2 Notes until paid in full, then shall be applied to pay the principal of the Class A-3 Notes until paid in full, and then shall be applied to pay the principal of the Class A-4 Notes until paid in full) and 4.25% of the Principal Payment Amount (in the case of the Distribution Date on which the Class A-1 Notes are paid full, 4.25% of the remaining Principal Payment Amount) shall be applied to pay the principal of the Class B Notes until the Class A Notes are paid in full; and (C) thereafter, 100% of the Principal Payment Amount (in the case of the Distribution Date on which the Class A Notes are paid in full, the remaining Principal Payment Amount) to the Class B Notes until the Class B Notes are paid in full; (iii) if the amount on deposit in the Reserve Account on any Distribution Date would be, after giving effect to the application of the Principal Payment Amount in accordance with the foregoing priorities, less than 1.0% of the Initial Aggregate Receivables Balance, then on each Distribution Date thereafter until either the Class A Notes are paid in full or the amount on deposit in the Reserve Account equals or exceeds the Specified Reserve Account Balance, 100% of the Principal Payment Amount shall be applied on each Distribution Date to pay the principal of the Class A Notes (all of which shall be applied to pay the principal of the Class A-1 Notes until paid in full, then shall be applied to pay the principal of the Class A-2 Notes until paid in full, then shall be applied to pay the principal of Class A-3 Notes until paid in full, and then shall be applied to pay the principal of the Class A-4 Notes until paid in full). When principal payments on the Class B Notes resume in accordance with the preceding sentence, the Principal Payment Amount for such Distribution Date shall be applied in accordance with Section 8.2(c)(ii) hereof until the Class A Notes have been paid in full, and thereafter 100% of the Principal Payment Amount for such Distribution Date shall be applied to pay the principal of the Class B Notes until the Class B Notes are paid in full; (iv) if the Notes have been declared immediately due and payable as provided in Section 5.2(a) following the occurrence of an Event of Default specified in Section 5.1(a), (b) or (c) until such time as the Class A Notes have been paid in full and this Indenture has been discharged with respect to the Class A Notes any amounts remaining in the Note Distribution Account after the application described in Section 8.2(c)(i)(A) shall be applied in the following priority: (1) to the repayment of principal of each of the Class A-1 Notes pro rata on the basis of the respective unpaid principal amount of each such Class A-1 Note; (2) to the repayment of principal of each of the Class A-2 Notes, the Class A-3 Notes and the Class A-4 Notes pro rata on the basis of the respective unpaid principal amount of each such Class A Note; (3) to the repayment of interest on each of the Class B Notes pro rata on the basis of the amount of interest due and unpaid on each such Class B Note and (4) to the repayment of principal on each of the Class B Notes pro rata on the basis of the respective unpaid principal amount of each such Class B Note; and (v) if the Notes have been declared immediately due and payable as provided in Section 5.2(a) following the occurrence of an Event of Default specified in Section 5.1(d), (e) or (f), 100% of the Principal Payment Amount shall be applied on each Distribution Date to the payment of principal of the Class A-1 Notes on the basis of the respective unpaid principal balance of each such Class A-1 Note, thereafter 100% of the Principal Payment Amount shall be applied on each Distribution Date to the payment of principal of the Class A-2 Notes, the Class A-3 Notes and the Class A-4 Notes pro rata on the basis of the respective unpaid principal amount of each such Class A Note, and, thereafter, 100% of the Principal Payment Amount shall be applied on each Distribution Date to the payment of principal of the Class B Notes pro rata on the basis of the respective unpaid principal amount of each such Class B Note. (d) Subject to Sections 8.2(c)(iii), (iv) and (v), on the Distribution Date on which the Funding Period ends (or, if the Funding Period does not end on a Distribution Date, on the Distribution Date following the end of the Funding Period), the Indenture Trustee shall apply any and all amounts deposited into the Note Distribution Account pursuant to Section 5.02(b) of the Pooling and Servicing Agreement (other than Noteholders' Prepayment Premium) to the repayment of principal on the Notes in accordance with the priorities set forth in Section 8.2(c)(ii); provided, however, that if the Pre-Funded Amount as of the end of the Funding Period is greater than $100,000, the Indenture Trustee shall apply such amounts to the repayment of principal of each Class of Notes pro rata on the basis of the respective ~~initial principal~~ amount ~~of each~~ otherwise to be applied to such Class of Notes, as instructed by Servicer in writing. (e) On the Distribution Date on which the Funding Period ends (or, if the Funding Period does not end on a Distribution Date, on the first Distribution Date following the end of the Funding Period), the Indenture Trustee shall distribute to the Noteholders the Noteholders' Prepayment Premiums deposited in the Note Distribution Account, as instructed by Servicer in writing class pursuant to Section 5.02(b) of the Pooling and Servicing Agreement; provided, however, if less than the required Noteholders' Prepayment Premium for all classes of Notes has been deposited into the Note Distribution Account, the this clause (i). The amount ~~distributable~~ so applied to ~~the holders of~~ each class of Notes shall be ~~their ratable share of~~ paid to the Holders thereof on such Distribution Date. (ii) Unless otherwise provided in clause (iii) below, an amount so equal to the Aggregate Noteholders' Principal Distributable Amount (or such lesser amount as has been deposited ~~into~~ in the Note Distribution Account ~~based upon~~ pursuant to Section 4.06(c)(v) of the ~~amount of Noteholders' Prepayment Premium due with respect to each class of Notes. In either case, the Indenture Trustee~~ Trust Sale and Servicing Agreement) shall ~~distribute the Noteholders' Prepayment Premium allocated~~ be applied to each class of Notes in the following amounts and in the following order of priority and any amount so applied shall be paid on such Distribution Date to the ~~Noteholders~~ Holders of such class of ~~Notes pro rata on the basis~~ Notes: (A) Except during a Sequential Amortization Period: (1) On each Distribution Date that is not a Targeted Final Distribution Date for any class of ~~the unpaid principal amount of such Noteholder's Notes of such class, as instructed by Servicer in writing.~~Class A Notes,

Appears in 1 contract

Samples: Indenture (Capital Auto Receivables Inc)

Appears in 1 contract

Samples: Indenture (Wholesale Auto Receivables Corp)

Designated Accounts; Payments. (a) On or prior to the Closing Date, the Owner Trustee shall cause the Servicer to establish and maintain, in the name of the Indenture Trustee, for the benefit of the Securityholders, the Designated Accounts as provided in Articles IV and V of the Pooling and Servicing Agreement. (b) Before each Distribution Date, the Indenture Trustee shall cause all withdrawals, deposits, transfers and distributions provided for in Section 4.06(b~~) and Section 5.02(b~~) of the Pooling and Servicing Agreement to be made. Before each Distribution Date, the Indenture Trustee shall make the distributions from the Collection Account provided for in Section 4.06(c) of the Pooling and Servicing Agreement. Notwithstanding the preceding sentence, to the extent permitted and as provided by Section 4.08 of the Pooling and Servicing Agreement, deposits may be netted against amounts owing to the depositor. (c) On each Distribution Date, the Indenture Trustee shall distribute all amounts on deposit in the Note Distribution Account, ~~other than amounts deposited in the Note Distribution Account pursuant to Section 5.02(b) of the Pooling and Servicing Agreement and~~ subject to the Certificateholder's rights under Section 5.05 of the Pooling and Servicing Agreement to Investment Earnings, to the Noteholders to the extent of amounts due and unpaid on the Notes for principal and interest, in the following amounts, and in the following order of priority: (i) (A) first, to accrued and unpaid interest on the Class A Notes; provided, however, that if there are not sufficient funds in the ~~-------- -------~~ Note Distribution Account to pay the entire amount of accrued and unpaid interest then due on the Class A Notes, the amount in the Note Distribution Account shall be applied to the payment of such interest on each Note of each class of the Class A Notes pro rata on the basis of the respective aggregate amount of interest due on each such class of Class A Notes; and (B) second, unless otherwise provided in clause (iv) below, to accrued and unpaid interest on the Class B Notes; provided, however, that if there are not sufficient funds in the ~~-------- -------~~ Note Distribution Account (after the payment of all accrued and unpaid interest on the Class A Notes) to pay the entire amount of accrued and unpaid interest then due on the Class B Notes, the amount in the Note Distribution Account shall be applied to the payment of such interest on each of the Class B Notes pro rata on the basis of the aggregate amount of interest due on each such Class B Note; (ii) unless otherwise provided in clause (iii), (iv) or (v) below, the Principal Payment Amount shall be applied on each Distribution Date, as follows: (A) first, 100% of the Principal Payment Amount shall be applied to pay the principal of the Class A-1 Notes until the Class ~~X- 0~~ A-1 Notes are paid in full; (B) thereafter, ~~95.75~~96.25% of the Principal Payment Amount (in the case of the Distribution Date on which the Class A-1 Notes are paid in full, ~~95.75~~96.25% of the remaining Principal Payment Amount) shall be applied to pay the principal of the other Class A Notes (all of which shall be applied to pay the principal of the Class A-2 Notes until paid in full, then shall be applied to pay the principal of the Class A-3 Notes until paid in full, and then shall be applied to pay the principal of the Class A-4 Notes until paid in full) and ~~4.25~~3.75% of the Principal Payment Amount (in the case of the Distribution Date on which the Class A-1 Notes are paid full, ~~4.25~~3.75% of the remaining Principal Payment Amount) shall be applied to pay the principal of the Class B Notes until the Class A Notes are paid in full; and (C) thereafter, 100% of the Principal Payment Amount (in the case of the Distribution Date on which the Class A Notes are paid in full, the remaining Principal Payment Amount) to the Class B Notes until the Class B Notes are paid in full; (iii) if the amount on deposit in the Reserve Account on any Distribution Date would be, after giving effect to the application of the Principal Payment Amount in accordance with the foregoing priorities, less than 1.0% of the Initial Aggregate Receivables Balance, then on each Distribution Date thereafter until either the Class A Notes are paid in full or the amount on deposit in the Reserve Account equals or exceeds the Specified Reserve Account Balance, 100% of the Principal Payment Amount shall be applied on each Distribution Date to pay the principal of the Class A Notes (all of which shall be applied to pay the principal of the Class A-1 Notes until paid in full, then shall be applied to pay the principal of the Class A-2 Notes until paid in full, then shall be applied to pay the principal of Class A-3 Notes until paid in full, and then shall be applied to pay the principal of the Class A-4 Notes until paid in full). When principal payments on the Class B Notes resume in accordance with the preceding sentence, the Principal Payment Amount for such Distribution Date shall be applied in accordance with Section 8.2(c)(ii) hereof until the Class A Notes have been paid in full, and thereafter 100% of the Principal Payment Amount for such Distribution Date shall be applied to pay the principal of the Class B Notes until the Class B Notes are paid in full; (iv) if the Notes have been declared immediately due and payable as provided in Section 5.2(a) following the occurrence of an Event of Default specified in Section 5.1(a), (b) or (c) until such time as the Class A Notes have been paid in full and this Indenture has been discharged with respect to the Class A Notes any amounts remaining in the Note Distribution Account after the application described in Section ~~8.2(c)(i)(A~~8.2(c)(i) (A) shall be applied in the following priority: (1) to the repayment of principal of each of the Class A-1 Notes pro rata on the basis of the respective unpaid principal amount of each such Class A-1 Note; (2) to the repayment of principal of each of the Class A-2 Notes, the Class A-3 Notes and the Class A-4 A Notes pro rata on the basis of the respective unpaid principal amount of each such Class A Note; (32) to the repayment of interest on each of the Class B Notes pro rata on the basis of the amount of interest due and unpaid on each such Class B Note and (43) to the repayment of principal on each of the Class B Notes pro rata on the basis of the ~~respective~~ unpaid principal amount of each such Class B Note; and (v) if the Notes have been declared immediately due and payable as provided in Section 5.2(a) following the occurrence of an Event of Default specified in Section 5.1(d), (e) or (f)) until such time as the Class A Notes have been paid in full and this Indenture has been discharged with respect to the Class A Notes, 100% of the Principal Payment Amount shall be applied on each Distribution Date to the payment of principal of each class of the Class ~~A-1~~ A Notes (on the basis of ~~the~~ their respective unpaid principal balance of each such Class A-1 Note, thereafter 100% of the Principal Payment Amount shall be applied on each Distribution Date to the payment of principal of the Class A-2 Notes, the Class A-3 Notes and the Class A-4 Notes pro rata on the basis of the respective unpaid principal amount of each such Class A Notebalances), and, thereafter, 100% of the Principal Payment Amount shall be applied on each Distribution Date to the payment of principal of the Class B Notes pro rata on the basis of the respective unpaid principal amount of each such Class B Note. (d) Subject to Sections 8.2(c)(iii), (iv) and (v), on the Distribution Date on which the Funding Period ends (or, if the Funding Period does not end on a Distribution Date, on the Distribution Date following the end of the Funding Period), the Indenture Trustee shall apply any and all amounts deposited into the Note Distribution Account pursuant to Section 5.02(b) of the Pooling and Servicing Agreement (other than Noteholders' Prepayment Premium) to the repayment of principal on the Notes in accordance with the priorities set forth in Section 8.2(c)(ii); provided, however, that if the Pre-Funded Amount as of the end of the Funding Period is greater than $100,000, the Indenture Trustee shall apply such amounts to the repayment of principal of each Class of Notes pro rata on the basis of the respective initial principal amount of each such Class of Notes, as instructed by Servicer in writing. (e) On the Distribution Date on which the Funding Period ends (or, if the Funding Period does not end on a Distribution Date, on the first Distribution Date following the end of the Funding Period), the Indenture Trustee shall distribute to the Noteholders the Noteholders' Prepayment Premiums deposited in the Note Distribution Account, as instructed by Servicer in writing pursuant to Section 5.02(b) of the Pooling and Servicing Agreement; provided, however, if less than the required Noteholders' Prepayment Premium for all classes of Notes has been deposited into the Note Distribution Account, the amount distributable to the holders of each class of Notes shall be their ratable share of the amount so deposited into the Note Distribution Account based upon the amount of Noteholders' Prepayment Premium due with respect to each class of Notes. In either case, the Indenture Trustee shall distribute the Noteholders' Prepayment Premium allocated to each class of Notes to the Noteholders of such class of Notes pro rata on the basis of the unpaid principal amount of such Noteholder's Notes of such class, as instructed by Servicer in writing.

Appears in 1 contract

Samples: Indenture (Navistar Financial Retail Receivables Corporation)

Designated Accounts; Payments. (a) On or prior to the Closing Date, the Owner Trustee shall cause the Servicer to establish and maintain, in the name of the Indenture Trustee, for the benefit of the ~~Securityholders~~Financial Parties, the Designated Accounts as provided in Articles IV and V of the Pooling and Servicing Agreement. (b) Before each Distribution Date, the Indenture Trustee shall cause all withdrawals, deposits, transfers and distributions provided for in Section 4.06(b) and Section 5.02(b) of the Pooling and Servicing Agreement to be made. Before each Distribution Date, the Indenture Trustee shall make the distributions from the Collection Account provided for in Section 4.06(c) of the Pooling and Servicing Agreement. Notwithstanding the preceding sentence, to the extent permitted and as provided by Section 4.08 of the Pooling and Servicing Agreement, deposits may be netted against amounts owing to the depositor. (c) On each Distribution Date, the Indenture Trustee shall distribute all amounts on deposit in the Note Distribution Account, other than amounts deposited in the Note Distribution Account pursuant to Section 5.02(b) of the Pooling and Servicing Agreement and subject to the Certificateholder's rights under Section 5.05 of the Pooling and Servicing Agreement to Investment Earnings, to the Noteholders to the extent of amounts due and unpaid on the Notes for principal and interest, in the following amounts, and in the following order of priority: (i) (A) first, to accrued and unpaid interest on the Class A Notes; provided, however, that if there are not sufficient funds in the Note -------- ------- ~~Note~~ Distribution Account to pay the entire amount of accrued and unpaid interest then due on the Class A Notes, the amount in the Note Distribution Account shall be applied to the payment of such interest on each Note of each class of the Class A Notes pro rata on the basis of the respective aggregate amount of interest due on each such class of Class A Notes; and (B) second, unless otherwise provided in clause (iv) below, to accrued and unpaid interest on the Class B Notes; provided, however, that if there are -------- ------- not sufficient funds in the ~~-------- -------~~ Note Distribution Account (after the payment of all accrued and unpaid interest on the Class A Notes) to pay the entire amount of accrued and unpaid interest then due on the Class B Notes, the amount in the Note Distribution Account shall be applied to the payment of such interest on each of the Class B Notes pro rata on the basis of the aggregate amount of interest due on each such Class B Note; (ii) unless otherwise provided in clause (iii), (iv) or (v) below, the Principal Payment Amount shall be applied on each Distribution Date, as follows: (A) first, 100% of the Principal Payment Amount shall be applied to pay the principal of the Class A-1 Notes until the Class ~~X- 0~~ A-1 Notes are paid in full; (B) thereafter, ~~95.75~~96.25% of the Principal Payment Amount (in the case of the Distribution Date on which the Class A-1 Notes are paid in full, ~~95.75~~96.25% of the remaining Principal Payment Amount) shall be applied to pay the principal of the other Class A Notes (all of which shall be applied to pay the principal of the Class A-2 Notes until paid in full, then shall be applied to pay the principal of the Class A-3 Notes until paid in full, and then shall be applied to pay the principal of the Class A-4 Notes until paid in full) and ~~4.25~~3.75% of the Principal Payment Amount (in the case of the Distribution Date on which the Class A-1 Notes are paid full, ~~4.25~~3.75% of the remaining Principal Payment Amount) shall be applied to pay the principal of the Class B Notes until the Class A Notes are paid in full; and (C) thereafter, 100% of the Principal Payment Amount (in the case of the Distribution Date on which the Class A Notes are paid in full, the remaining Principal Payment Amount) to the Class B Notes until the Class B Notes are paid in full; (iii) if the amount on deposit in the Reserve Account on any Distribution Date would be, after giving effect to the application of the Principal Payment Amount in accordance with the foregoing priorities, less than 1.0% of the Initial Aggregate Receivables Balance, then on each Distribution Date thereafter until either the Class A Notes are paid in full or the amount on deposit in the Reserve Account equals or exceeds the Specified Reserve Account Balance, 100% of the Principal Payment Amount shall be applied on each Distribution Date to pay the principal of the Class A Notes (all of which shall be applied to pay the principal of the Class A-1 Notes until paid in full, then shall be applied to pay the principal of the Class A-2 Notes until paid in full, then shall be applied to pay the principal of Class A-3 Notes until paid in full, and then shall be applied to pay the principal of the Class A-4 Notes until paid in full). When principal payments on the Class B Notes resume in accordance with the preceding sentence, the Principal Payment Amount for such Distribution Date shall be applied in accordance with Section 8.2(c)(ii) hereof until the Class A Notes have been paid in full, and thereafter 100% of the Principal Payment Amount for such Distribution Date shall be applied to pay the principal of the Class B Notes until the Class B Notes are paid in full; (iv) if the Notes have been declared immediately due and payable as provided in Section 5.2(a) following the occurrence of an Event of Default specified in Section 5.1(a), (b) or (c) until such time as the Class A Notes have been paid in full and this Indenture has been discharged with respect to the Class A Notes any amounts remaining in the Note ~~Distribution~~ Distrdibution Account after the application described in Section 8.2(c)(i)(A) shall be applied in the following priority: (1) to the repayment of principal of each of the Class A-1 Notes pro rata on the basis of the respective unpaid principal amount of each such Class A-1 Note; (2) to the repayment of principal of each of the Class A-2 Notes, the Class A-3 Notes and the Class A-4 Notes pro rata on the basis of the respective unpaid principal amount of each such Class A Note; (3) to the repayment of interest on each of the Class B Notes pro rata on the basis of the amount of interest due and unpaid on each such Class B Note and (4) to the repayment of principal on each of the Class B Notes pro rata on the basis of the respective unpaid principal amount of each such Class B Note; and (v) if the Notes have been declared immediately due and payable as provided in Section 5.2(a) following the occurrence of an Event of Default specified in Section 5.1(d), (e) or (f), 100% of the Principal Payment Amount shall be applied on each Distribution Date to the payment of principal of the Class A-1 Notes on the basis of the respective unpaid principal balance of each such Class A-1 Note, thereafter 100% of the Principal Payment Amount shall be applied on each Distribution Date to the payment of principal of the Class A-2 Notes, the Class A-3 Notes and the Class A-4 Notes pro rata on the basis of the respective unpaid principal amount of each such Class A Note, and, thereafter, 100% of the Principal Payment Amount shall be applied on each Distribution Date to the payment of principal of the Class B Notes pro rata on the basis of the respective unpaid principal amount of each such Class B Note. (d) Subject to Sections 8.2(c)(iii), (iv) and (v), on the Distribution Date on which the Funding Period ends (or, if the Funding Period does not end on a Distribution Date, on the Distribution Date following the end of the Funding Period), the Indenture Trustee shall apply any and all amounts deposited into the Note Distribution Account pursuant to Section 5.02(b) of the Pooling and Servicing Agreement (other than Noteholders' Prepayment Premium) to the repayment of principal on the Notes in accordance with the priorities set forth in Section 8.2(c)(ii); provided, however, that if the Pre-Funded Amount as of the end of the Funding Period is greater than $100,000, the Indenture Trustee shall apply such amounts to the repayment of principal of each Class of Notes pro rata on the basis of the respective initial principal amount of each such Class of Notes, as instructed by Servicer in writing. (e) On the Distribution Date on which the Funding Period ends (or, if the Funding Period does not end on a Distribution Date, on the first Distribution Date following the end of the Funding Period), the Indenture Trustee shall distribute to the Noteholders the Noteholders' Prepayment Premiums deposited in the Note Distribution Account, as instructed by Servicer in writing pursuant to Section 5.02(b) of the Pooling and Servicing Agreement; provided, however, if less than the required Noteholders' Prepayment Premium for all classes of Notes has been deposited into the Note Distribution Account, the amount distributable to the holders of each class of Notes shall be their ratable share of the amount so deposited into the Note Distribution Account based upon the amount of Noteholders' Prepayment Premium due with respect to each class of Notes. In either case, the Indenture Trustee shall distribute the Noteholders' Prepayment Premium allocated to each class of Notes to the Noteholders of such class of Notes pro rata on the basis of the unpaid principal amount of such Noteholder's Notes of such class, as instructed by Servicer in writing.

Appears in 1 contract

Samples: Indenture (Navistar Financial Retail Receivables Corporation)

Designated Accounts; Payments. (a) On or prior to the Closing Date, the ~~Owner Trustee~~ Issuer shall cause the Servicer to establish and maintain, in the name of the Indenture Trustee, for the benefit of the ~~Securityholders~~Noteholders and the Certificateholders, the Designated Accounts as provided in Articles IV and V VI of the ~~Pooling~~ Trust Sale and Servicing Agreement (or with respect to any Designated Account for any series of Notes issued after the Closing Date, on or prior to the closing date with respect to such series of Notes). (b) On each date during the Revolving Period that amounts are transferred from the Collection Account to the Revolver Distribution Account for payment of principal on Revolving Notes as provided in Section 4.5(d)(i) of the Trust Sale and Servicing Agreement, the Indenture Trustee shall distribute such funds as principal to the Holders of each series of Revolving Notes, unless otherwise provided in any related Officer's Issuance Certificate, pro rata on the basis of the Outstanding Amount attributable to each such series. Distributions shall be made to the Holders of each such series of Revolving Notes on each such date, pro rata on the basis of the respective Outstanding Amounts attributable to the Revolving Notes of each such Holder, (i) unless otherwise provided in any Officer's Issuance Certificate or (ii) if and as otherwise directed by the Issuer, in the respective amounts directed by the Issuer (up to, in any such case, the Outstanding Amount of the Revolving Note held by each such Holder). If and as requested by the Holders of any series of Revolving Notes, distributions may be made directly to the account(s) directed by such Holders and such account(s) shall be the Revolver Distribution Account for all purposes of this Indenture and the Trust Sale and Servicing Agreement. (bc) ~~Before~~ On or before each Distribution Date (i) amounts shall be deposited in the Collection Account as provided in Section 4.5 of the Trust Sale and Servicing Agreement, (ii) the Aggregate Noteholders' Interest and the Aggregate Revolver Interest shall be transferred from the Collection Account to the Note Distribution Account or as otherwise provided in the Officer's Certificate with respect to any series of Notes and to the Revolver Distribution Account, respectively, if and to the extent provided in Section 4.5(c) of the Trust Sale and Servicing Agreement, (iii) if such Distribution Date is related to an Early Amortization Period or the Wind Down Period, the Aggregate Noteholders' Principal and the Required Revolver Payment shall be transferred from the Collection Account or the Accumulation Accounts to the Note Distribution Account and the Revolver Distribution Account, respectively, as provided in Section 4.5(d) of the Trust Sale and Servicing Agreement and (iv) with respect to the Revolving Period, if such Distribution Date is related to a Payment Period for a series of Notes or if a principal payment is required to be made on (or set aside for) any series of Notes on such Distribution Date, the ~~Indenture Trustee shall cause all withdrawals~~amount required to be deposited or paid in the Note Distribution Account, ~~deposits~~the Revolver Distribution Account or as otherwise provided in the Officer's Issuance Certificate with respect to any series of Notes, ~~transfers~~ as applicable, on such date pursuant to the related Officer's Issuance Certificate and ~~distributions provided for in Section 4.06(b) and Section 5.02(b) of~~ the ~~Pooling~~ Trust Sale and Servicing Agreement to shall be ~~made. Before each Distribution Date, the Indenture Trustee shall make the distributions~~ transferred from the Collection Account ~~provided for in Section 4.06(c) of~~ or the ~~Pooling and Servicing Agreement~~Accumulation Accounts or any other applicable account. Notwithstanding the preceding sentence, to the extent permitted and as provided by Section ~~4.08~~ 4.7 of the ~~Pooling~~ Trust Sale and Servicing Agreement, deposits may be netted against amounts owing to the ~~depositor~~depositor and all distributions, deposits or other remittances in respect of a series of Notes or the Note Distribution Account or the Revolver Distribution Account, as applicable, which are otherwise required to be made on an Exempt Deposit Date for such series may be made on the next succeeding Payment Date for such series, on which Payment Date the cumulative amount of all such distributions, deposits and other remittances with respect to such series for such Payment Date and the immediately preceding Exempt Deposit Date or Dates shall be made. (cd) On each Distribution Date, the Indenture Trustee shall ~~distribute all amounts on deposit~~ (unless otherwise provided in any Officer's Issuance Certificate) allocate the ~~Note Distribution Account, other than amounts~~ amount deposited in into the Note Distribution Account or as otherwise provided in the Officer's Certificate with respect to any series of Notes pursuant to Section ~~5.02(b~~4.5(c) of the ~~Pooling~~ Trust Sale and Servicing Agreement ~~and subject~~ for the payment of interest on each outstanding series of Term Notes to ~~the Certificateholder's rights under Section 5.05 of the Pooling and Servicing Agreement to Investment Earnings~~such Term Notes and, ~~to the Noteholders~~ to the extent of ~~amounts due~~ the funds available for such purpose, make the payments required under any Specified Support Arrangements to the extent and ~~unpaid on~~ at the ~~Notes for principal and interest,~~ times as provided in the ~~following amounts, and in~~ related Officer's Issuance Certificate. On the ~~following order~~ related Payment Date (which may be such Distribution Date) for each series of priority: (i) (A) first, to accrued and unpaid interest on the Class A Notes; provided, however, that if there are not sufficient funds in the -------- ------- Note Distribution Account to pay the entire amount of accrued and unpaid interest then due on the Class A Term Notes, the ~~amount~~ Indenture Trustee shall pay amounts to the Holders of such series to the extent and at the times provided in the ~~Note~~ related Officer's Issuance Certificate. (e) On each Distribution Date, the Indenture Trustee shall allocate the amount deposited into the Revolver Distribution Account ~~shall be applied~~ as Aggregate Revolver Interest pursuant to ~~the payment of such interest on each Note of each class~~ Section 4.5(c) of the ~~Class A~~ Trust Sale and Servicing Agreement among all outstanding series of Revolving Notes pro rata on the basis of the ~~respective aggregate amount~~ accrued and unpaid interest on such Revolving Notes. On the related Payment Date (which may be such Distribution Date) for each series of ~~interest due~~ Revolving Notes, the Indenture Trustee shall pay to the Holders of such series all amounts in the Revolver Distribution Account so allocated to such series. (f) On each Distribution Date described in subsection (c) above, the Indenture Trustee shall allocate amounts deposited in the Note Distribution Account and the Revolver Distribution Account for payments of principal among all series of Term Notes and Revolving Notes, respectively, and pay amounts to the Holders thereof, to the extent and at the times provided in the related Officer's Issuance Certificates. (g) On the first Distribution Date related to an Early Amortization Period that commences during the Wind Down Period or a Payment Period or during the Revolving Period (if amounts are then being set aside for payments of principal on ~~each such class of Class A~~ any Revolving Notes~~; and (B) second~~), the Indenture Trustee shall, unless otherwise provided in ~~clause (iv) below~~any Officer's Issuance Certificate, to accrued and unpaid interest on the Class B Notes; provided, however, that if there are not sufficient funds in the -------- ------- Note Distribution Account (after the payment of all accrued and unpaid interest on the Class A Notes) to pay ~~the entire amount of accrued and unpaid interest then due on the Class B Notes, the amount in the Note Distribution Account shall be applied~~ to the payment of such interest on each of the Class B Notes pro rata on the basis of the aggregate amount of interest due on each such Class B Note; (ii) unless otherwise provided in clause (iii), (iv) or (v) below, the Principal Payment Amount shall be applied on each Distribution Date, as follows: (A) first, 100% of the Principal Payment Amount shall be applied to pay the principal of the Class A-1 Notes until the Class X- 0 Notes are paid in full; (B) thereafter, 95.75% of the Principal Payment Amount (in the case of the Distribution Date on which the Class A-1 Notes are paid in full, 95.75% of the remaining Principal Payment Amount) shall be applied to pay the principal of the other Class A Notes (all of which shall be applied to pay the principal of the Class A-2 Notes until paid in full, then shall be applied to pay the principal of the Class A-3 Notes until paid in full, and then shall be applied to pay the principal of the Class A-4 Notes until paid in full) and 4.25% of the Principal Payment Amount (in the case of the Distribution Date on which the Class A-1 Notes are paid full, 4.25% of the remaining Principal Payment Amount) shall be applied to pay the principal of the Class B Notes until the Class A Notes are paid in full; and (C) thereafter, 100% of the Principal Payment Amount (in the case of the Distribution Date on which the Class A Notes are paid in full, the remaining Principal Payment Amount) to the Class B Notes until the Class B Notes are paid in full; (iii) if the amount on deposit in the Reserve Account on any Distribution Date would be, after giving effect to the application of the Principal Payment Amount in accordance with the foregoing priorities, less than 1.0% of the Initial Aggregate Receivables Balance, then on each Distribution Date thereafter until either the Class A Notes are paid in full or the amount on deposit in the Reserve Account equals or exceeds the Specified Reserve Account Balance, 100% of the Principal Payment Amount shall be applied on each Distribution Date to pay the principal of the Class A Notes (all of which shall be applied to pay the principal of the Class A-1 Notes until paid in full, then shall be applied to pay the principal of the Class A-2 Notes until paid in full, then shall be applied to pay the principal of Class A-3 Notes until paid in full, and then shall be applied to pay the principal of the Class A-4 Notes until paid in full). When principal payments on the Class B Notes resume in accordance with the preceding sentence, the Principal Payment Amount for such Distribution Date shall be applied in accordance with Section 8.2(c)(ii) hereof until the Class A Notes have been paid in full, and thereafter 100% of the Principal Payment Amount for such Distribution Date shall be applied to pay the principal of the Class B Notes until the Class B Notes are paid in full; (iv) if the Notes have been declared immediately due and payable as provided in Section 5.2(a) following the occurrence of an Event of Default specified in Section 5.1(a), (b) or (c) until such time as the Class A Notes have been paid in full and this Indenture has been discharged with respect to the Class A Notes any amounts remaining in the Note Distribution Account after the application described in Section 8.2(c)(i)(A) shall be applied in the following priority: (1) to the repayment of principal Holders of each series of ~~the Class A-1 Notes pro rata on the basis of the respective unpaid principal amount of each such Class A-1 Note; (2) to the repayment of principal of each of the Class A-2 Notes, the Class A-3~~ Term Notes and ~~the Class A-4~~ Revolving Notes pro rata on the basis of the respective unpaid principal amount of each such Class A Note; (3) to the repayment of interest on each of the Class B Notes pro rata on the basis of the amount of interest due and unpaid on each such Class B Note and (4) to the repayment of principal on each of the Class B Notes pro rata on the basis of the respective unpaid principal amount of each such Class B Note; and (v) if the Notes have been declared immediately due and payable as provided in Section 5.2(a) following the occurrence of an Event of Default specified in Section 5.1(d), (e) or (f), 100% of the Principal Payment Amount shall be applied on each Distribution Date to the payment of principal of the Class A-1 Notes on the basis of the respective unpaid principal balance of each such Class A-1 Note, thereafter 100% of the Principal Payment Amount shall be applied on each Distribution Date to the payment of principal of the Class A-2 Notes, the Class A-3 Notes and the Class A-4 Notes pro rata on the basis of the respective unpaid principal amount of each such Class A Note, and, thereafter, 100% of the Principal Payment Amount shall be applied on each Distribution Date to the payment of principal of the Class B Notes pro rata on the basis of the respective unpaid principal amount of each such Class B Note. (d) Subject to Sections 8.2(c)(iii), (iv) and (v), on the Distribution Date on which the Funding Period ends (or, if the Funding Period does not end on a Distribution Date, on the Distribution Date following the end of the Funding Period), the Indenture Trustee shall apply any and all amounts deposited into the Note Distribution Account pursuant to Section 5.02(b) of the Pooling and Servicing Agreement (other than Noteholders' Prepayment Premium) to the repayment of principal on the Notes in accordance with the priorities set forth in Section 8.2(c)(ii); provided, however, that if the Pre-Funded Amount as of the end of the Funding Period is greater than $100,000, the Indenture Trustee shall apply such amounts to the repayment of principal of each Class of Notes pro rata on the basis of the respective initial principal amount of each such Class of Notes, as instructed by Servicer in writing. (e) On the Distribution Date on which the Funding Period ends (or, if the Funding Period does not end on a Distribution Date, on the first Distribution Date following the end of the Funding Period), the Indenture Trustee shall distribute to the Noteholders the Noteholders' Prepayment Premiums deposited in the Note Distribution Account, the Revolver Distribution Account or as ~~instructed by Servicer~~ otherwise provided in ~~writing pursuant~~ the Officer's Issuance Certificate with respect to ~~Section 5.02(b)~~ any series of ~~the Pooling and Servicing Agreement; provided~~Notes, ~~however~~as appropriate, ~~if less than the required Noteholders' Prepayment Premium for all classes of Notes has been deposited into the Note~~ on prior Distribution ~~Account, the amount distributable~~ Dates allocated to the ~~holders~~ payment of ~~each class~~ principal on such Notes and not theretofore paid to the Holders of such Notes ~~shall be their ratable share~~ and, to the extent described in the related Officer's Issuance Certificate, such other amounts allocated to the payment of principal on such Notes on such Distribution Date with respect to the ~~amount so deposited into~~ period prior to the commencement of such Early Amortization Period. (h) Notwithstanding anything to the contrary herein, all investment earnings on funds on deposit in the Note Distribution Account ~~based upon~~ and the ~~amount~~ Revolver Distribution Account, net of ~~Noteholders' Prepayment Premium due with respect to each class of Notes. In either case~~losses and investment expenses, shall constitute Investment Proceeds and be applied as described in the Indenture Trustee shall distribute the Noteholders' Prepayment Premium allocated to each class of Notes to the Noteholders of such class of Notes pro rata on the basis of the unpaid principal amount of such Noteholder's Notes of such class, as instructed by Servicer in writingTrust Sale and Servicing Agreement.

Appears in 1 contract

Samples: Indenture (Wholesale Auto Receivables Corp)

Designated Accounts; Payments. (a) On or ~~prior~~ before each Determination Date, with respect to the ~~Closing~~ preceding Monthly Period and the related Distribution Date, the ~~Owner Trustee~~ Servicer shall ~~cause~~ calculate the ~~Servicer~~ Total Available Amount, Collected Amount, the Total Servicing Fee, the Aggregate Class A Noteholders' Interest Distributable Amount, the Class B Noteholders' Interest Distributable Amount, the Principal Payment Amount, the Noteholders' Principal Distributable Amount, the net amount, if any, payable by or to ~~establish~~ the Trust under the Interest Rate Swap of termination payments and ~~maintain~~of other payments other than termination payments and all other amounts required to determine the amounts to be deposited in or paid from each of the Collection Account, the Pre-Funding Account, the Negative Carry Account, the Note Distribution Account, the Certificate Distribution Account and the Reserve Account on the next succeeding Distribution Date (or, in the ~~name~~ case of payments due under the Interest Rate Swap, if any, on the Business Day preceding the Distribution Date) and supply such information to the Issuer and the Indenture Trustee~~, for the benefit of the Securityholders, the Designated Accounts as provided in Articles IV and V of the Pooling and Servicing Agreement~~. (b) ~~Before~~ On or before each ~~Distribution~~ Transfer Date, the Indenture Trustee shall cause ~~all~~ to be made the following withdrawals, deposits, transfers and distributions ~~provided~~ in the amounts set forth in the Servicer's Certificate delivered to the Indenture Trustee pursuant to Section 2.17 of the Servicing Agreement: (i) from the Collection Account to the Servicer, in immediately available funds, reimbursement of Outstanding Monthly Advances pursuant to Section 2.14 of the Servicing Agreement, payments of Liquidation Expenses with respect to Receivables which became Liquidating Receivables during the related Monthly Period pursuant to Section 2.04 of the Servicing Agreement and any unpaid Liquidation Expenses from prior periods; (ii) from the Pre-Funding Account to the Collection Account, the Investment Earnings on the Pre-Funding Account for ~~in Section 4.06(b~~the related Monthly Period; (iii) from the Negative Carry Account to the Collection Account, the Negative Carry Amount for such Distribution Date; and (iv) from the Reserve Account to the Collection Account, the lesser of (A) the amount of cash or other immediately available funds therein on the day preceding such Distribution Date and (B) the amount, if any, by which (I) the sum of the Total Servicing Fee, the net amount, if any, payable by the Issuer under the Interest Rate Swap (exclusive of payments due as a result of the occurrence of an Early Termination Date under the Interest Rate Swap), the Aggregate Class A Noteholders' Interest Distributable Amount, the Class B Noteholders' Interest Distributable Amount and the Noteholders' Principal Distributable Amount exceeds (II) the sum of the Collected Amount for such Distribution Date plus the amounts deposited to the Collection Account on such date pursuant to Sections 8.2(b)(ii) and ~~Section 5.02(b~~8.2(b)(iii). (c) ~~of the Pooling and Servicing Agreement to be made.~~ Before 12:00 noon, New York City time, on each ~~Distribution~~ Transfer Date, the Indenture Trustee (based on the information contained in the Servicer's Certificate delivered to the Indenture Trustee pursuant to Section 2.17 of the Servicing Agreement) shall make the following distributions from the Collection Account ~~provided for~~ (after the withdrawals, deposits and transfers specified in Section ~~4.06(c~~8.2(b) have been made) in the following order of priority: (i) first, to the ~~Pooling and Servicing Agreement. Notwithstanding the preceding sentence~~Servicer, to the extent ~~permitted and as provided by Section 4.08~~ of the ~~Pooling and~~ Total Available Amount, the Total Servicing ~~Agreement~~Fee; (ii) second, ~~deposits may be netted against amounts owing~~ to the ~~depositor~~Swap Counterparty, to the extent of the Total Available Amount (as such amount has been reduced by the distributions described in clause (c)(i) above), the net amount, if any, payable by the Issuer under the Interest Rate Swap (exclusive of payments due as a result of the occurrence of an Early Termination Date under the Interest Rate Swap); (iii) third, to the Note Distribution Account, to the extent of the Total Available Amount (as such amount has been reduced by the distributions described in clauses (c)(i) and (ii) above), the Aggregate Class A Noteholders' Interest Distributable Amount; (iv) fourth, to the Note Distribution Account, to the extent of the Total Available Amount (as such amount has been reduced by the distributions described in clauses (c)(i), (ii) and (iii) above), the Class B Noteholders' Interest Distributable Amount; (v) fifth, to the Note Distribution Account, to the extent of the Total Available Amount (as such amount has been reduced by the distributions described in clauses (c)(i) through (iv) above), the Noteholders' Principal Distributable Amount; (vi) sixth, to the Reserve Account, to the extent of the Total Available Amount (as such amount has been reduced by the distributions described in clauses (c)(i) through (v) above), the amount by which the Specified Reserve Account Balance for the next succeeding Distribution Date exceeds the amount on deposit in the Reserve Account on such Transfer Date; (vii) seventh, to the Swap Counterparty, to the extent of the Total Available Amount (as such amount has been reduced by the distributions described in clauses (c)(i) through (vi) above), the net amount, if any, payable by the Issuer under the Interest Rate Swap as a result of the occurrence of an Early Termination Date under the Interest Rate Swap; and (viii) eighth, to the Certificateholders, any portion of the Total Available Amount remaining after the distributions described in clauses (c)(i) through (vii) above. (cd) On each Distribution Date, the Indenture Trustee shall distribute all amounts on deposit in the Note Distribution Account, other than amounts deposited in the Note Distribution Account pursuant to Section ~~5.02(b~~8.11(b) ~~of the Pooling and Servicing Agreement~~ and subject to the Certificateholder's rights under Section ~~5.05 of the Pooling and Servicing Agreement~~ 8.6 to Investment Earnings, to the Noteholders to the extent of amounts due and unpaid on the Notes for principal and interest, in the following amounts, and in the following order of priority: (i) (A) first, to accrued and unpaid interest on the Class A Notes; provided, however, that if there are not sufficient funds in the ~~-------- -------~~ Note Distribution Account to pay the entire amount of accrued and unpaid interest then due on the Class A Notes, the amount in the Note Distribution Account shall be applied to the payment of such interest on each Note of each class of the Class A Notes pro rata on the basis of the respective aggregate amount of interest due on each such class of Class A Notes; and (B) second, unless otherwise provided in clause (iv) below, to accrued and unpaid interest on the Class B Notes; provided, however, that if there are not sufficient funds in the ~~-------- -------~~ Note Distribution Account (after the payment of all accrued and unpaid interest on the Class A Notes) to pay the entire amount of accrued and unpaid interest then due on the Class B Notes, the amount in the Note Distribution Account shall be applied to the payment of such interest on each of the Class B Notes pro rata on the basis of the aggregate amount of interest due on each such Class B Note; (ii) unless otherwise provided in clause (iii), (iv) or (v) below, the Principal Payment Amount shall be applied on each Distribution Date, as follows: (A) first, 100% of the Principal Payment Amount shall be applied to pay the principal of the Class A-1 Notes until the Class ~~X- 0~~ A-1 Notes are paid in full; (B) thereafter, ~~95.75~~96.00% of the Principal Payment Amount (in the case of the Distribution Date on which the Class A-1 Notes are paid in full, ~~95.75~~96.00% of the remaining Principal Payment Amount) shall be applied to pay the principal of the other Class A Notes (all of which shall be applied to pay the principal of the Class A-2 Notes until paid in full, then shall be applied to pay the principal of the Class A-3 Notes until paid in full, and then shall be applied to pay the principal of the Class A-4 Notes until paid in full) and ~~4.25~~4.00% of the Principal Payment Amount (in the case of the Distribution Date on which the Class A-1 Notes are paid full, ~~4.25~~4.00% of the remaining Principal Payment Amount) shall be applied to pay the principal of the Class B Notes until the Class A Notes are paid in full; and (C) thereafter, 100% of the Principal Payment Amount (in the case of the Distribution Date on which the Class A Notes are paid in full, the remaining Principal Payment Amount) to the Class B Notes until the Class B Notes are paid in full; (iii) if the amount on deposit in the Reserve Account on any Distribution Date would be, after giving effect to the application of the Principal Payment Amount in accordance with the foregoing priorities, less than 1.0% of the ~~Initial~~ Aggregate Starting Receivables Balance, then on each Distribution Date thereafter until either the Class A Notes are paid in full or the amount on deposit in the Reserve Account equals or exceeds the Specified Reserve Account Balance, 100% of the Principal Payment Amount shall be applied on each Distribution Date to pay the principal of the Class A Notes (all of which shall be applied to pay the principal of the Class A-1 Notes until paid in full, then shall be applied to pay the principal of the Class A-2 Notes until paid in full, then shall be applied to pay the principal of the Class A-3 Notes until paid in full, and then shall be applied to pay the principal of the Class A-4 Notes until paid in full). When principal payments on the Class B Notes resume in accordance with the preceding sentence, the Principal Payment Amount for such Distribution Date shall be applied in accordance with Section ~~8.2(c)(ii~~8.2(d)(ii) hereof until the Class A Notes have been paid in full, and thereafter 100% of the Principal Payment Amount for such Distribution Date shall be applied to pay the principal of the Class B Notes until the Class B Notes are paid in full; (iv) if the Notes have been declared immediately due and payable as provided in Section 5.2(a) following the occurrence of an Event of Default specified in in Section ~~5.1(a~~5.1 (a), (b) or (c) until such time as the Class A Notes have been paid in full and this Indenture has been discharged with respect to the Class A Notes any amounts remaining in the Note Distribution Account after the application described in Section ~~8.2(c)(i)(A~~8.2(d)(i)(A) shall be applied in the following priority: (1) to the repayment of principal of each of the Class A-1 Notes pro rata on the basis of the respective unpaid principal amount of each such Class A-1 Note; (2) to the repayment of principal of each of the Class A-2 Notes, the Class A-3 Notes and the Class A-4 Notes pro rata on the basis of the respective unpaid principal amount of each such Class A Note; (3) to the repayment of interest on each of the Class B Notes pro rata on the basis of the amount of interest due and unpaid on each such Class B Note and (4) to the repayment of principal on each of the Class B Notes pro rata on the basis of the respective unpaid principal amount of each such Class B Note; and (v) if the Notes have been declared immediately due and payable as provided in Section 5.2(a) following the occurrence of an Event of Default specified in Section 5.1(d), (e) or (f), 100% of the Principal Payment Amount shall be applied on each Distribution Date to the payment of principal of the Class A-1 Notes on the basis of the respective unpaid principal balance of each such Class A-1 Note, thereafter 100% of the Principal Payment Amount shall be applied on each Distribution Date to the payment of principal of the Class A-2 Notes, the Class A-3 Notes and the Class A-4 Notes pro rata on the basis of the respective unpaid principal amount of each such Class A Note, and, thereafter, 100% of the Principal Payment Amount shall be applied on each Distribution Date to the payment of principal of the Class B Notes pro rata on the basis of the respective unpaid principal amount of each such Class B Note. (de) Subject to Sections ~~8.2(c)(iii~~8.2(d)(iii), (iv) and (v), on the Distribution Date on which the Funding Period ends (or, if the Funding Period does not end on a Distribution Date, on the Distribution Date following the end of the Funding Period), the Indenture Trustee shall apply any and all amounts deposited into the Note Distribution Account pursuant to Section ~~5.02(b~~8.11(b) ~~of the Pooling and Servicing Agreement~~ (other than Noteholders' Prepayment Premium) to the repayment of principal on the Notes in accordance with the priorities set forth in Section ~~8.2(c)(ii~~8.2(d)(ii); provided, however, that if the Pre-Funded Amount as of the end of the Funding Period is greater than $100,000, the Indenture Trustee shall apply such amounts to the repayment of principal of each Class of Notes pro rata on the basis of the respective initial principal amount of each such Class of Notes, as instructed by the Servicer in writing. (ef) On the Distribution Date on which the Funding Period ends (or, if the Funding Period does not end on a Distribution Date, on the first Distribution Date following the end of the Funding Period), the Indenture Trustee shall distribute to the Noteholders the Noteholders' Prepayment Premiums deposited in the Note Distribution Account, as instructed by Servicer in writing pursuant to Section ~~5.02(b) of the Pooling and Servicing Agreement~~8.11(b); provided, however, if less than the required Noteholders' Prepayment Premium for all classes of Notes (other than the Class A-3 Notes) has been deposited into the Note Distribution Account, the amount distributable to the holders of each class of Notes (other than the Class A-3 Notes) shall be their ratable share of the amount so deposited into the Note Distribution Account based upon the amount of Noteholders' Prepayment Premium due with respect to each such class of Notes. In either case, the Indenture Trustee shall distribute the Noteholders' Prepayment Premium allocated to each class of Notes (other than the Class A-3 Notes) to the Noteholders of such class of Notes pro rata on the basis of the unpaid principal amount of such Noteholder's Notes of such class, as instructed by the Servicer in writing.

Appears in 1 contract

Samples: Indenture (Navistar Financial Retail Receivables Corporation)

Designated Accounts; Payments. (a) On or ~~prior~~ before each Determination Date, with respect to the ~~Closing~~ preceding Monthly Period and the related Distribution Date, the ~~Owner Trustee~~ Servicer shall ~~cause~~ calculate the ~~Servicer~~ Total Available Amount, Collected Amount, the Total Servicing Fee, the Aggregate Class A Noteholders' Interest Distributable Amount, the Class B Noteholders' Interest Distributable Amount, the Principal Payment Amount, the Noteholders' Principal Distributable Amount, and all other amounts required to ~~establish~~ determine the amounts to be deposited in or paid from each of the Collection Account, the Pre-Funding Account, the Negative Carry Account, the Note Distribution Account, the Certificate Distribution Account and ~~maintain, in~~ the ~~name of~~ Reserve Account on the next succeeding Distribution Date and supply such information to the Issuer and the Indenture Trustee~~, for the benefit of the Securityholders, the Designated Accounts as provided in Articles IV and V of the Pooling and Servicing Agreement~~. (b) ~~Before~~ On or before each ~~Distribution~~ Transfer Date, the Indenture Trustee shall cause ~~all~~ to be made the following withdrawals, deposits, transfers and distributions ~~provided~~ in the amounts set forth in the Servicer's Certificate delivered to the Indenture Trustee pursuant to Section 2.17 of the Servicing Agreement: (i) from the Collection Account to the Servicer, in immediately available funds, reimbursement of Outstanding Monthly Advances pursuant to Section 2.14 of the Servicing Agreement, payments of Liquidation Expenses with respect to Receivables which became Liquidating Receivables during the related Monthly Period pursuant to Section 2.04 of the Servicing Agreement and any unpaid Liquidation Expenses from prior periods; (ii) from the Pre-Funding Account to the Collection Account, the Investment Earnings on the Pre-Funding Account for ~~in Section 4.06(b~~the related Monthly Period; (iii) from the Negative Carry Account to the Collection Account, the Negative Carry Amount for such Distribution Date; and (iv) from the Reserve Account to the Collection Account, the lesser of (A) the amount of cash or other immediately available funds therein on the day preceding such Distribution Date and (B) the amount, if any, by which (I) the sum of the Total Servicing Fee, the Aggregate Class A Noteholders' Interest Distributable Amount, the Class B Noteholders' Interest Distributable Amount and the Noteholders' Principal Distributable Amount exceeds (II) the sum of the Collected Amount for such Distribution Date plus the amounts deposited to the Collection Account on such date pursuant to Sections 8.2(b)(ii) and ~~Section 5.02(b~~8.2(b)(iii). (c) ~~of the Pooling and Servicing Agreement to be made.~~ Before 12:00 noon, New York City time, on each ~~Distribution~~ Transfer Date, the Indenture Trustee (based on the information contained in the Servicer's Certificate delivered to the Indenture Trustee pursuant to Section 2.17 of the Servicing Agreement) shall make the following distributions from the Collection Account ~~provided for~~ (after the withdrawals, deposits and transfers specified in Section ~~4.06(c~~8.2(b) have been made) in the following order of priority: (i) first, to the ~~Pooling and Servicing Agreement. Notwithstanding the preceding sentence~~Servicer, to the extent ~~permitted and as provided by Section 4.08~~ of the ~~Pooling and~~ Total Available Amount, the Total Servicing ~~Agreement~~Fee; (ii) second, ~~deposits may be netted against amounts owing~~ to the ~~depositor~~Note Distribution Account, to the extent of the Total Available Amount (as such amount has been reduced by the distributions described in clause (c)(i) above), the Aggregate Class A Noteholders' Interest Distributable Amount; (iii) third, to the Note Distribution Account, to the extent of the Total Available Amount (as such amount has been reduced by the distributions described in clauses (c)(i) and (ii) above), the Class B Noteholders' Interest Distributable Amount; (iv) fourth, to the Note Distribution Account, to the extent of the Total Available Amount (as such amount has been reduced by the distributions described in clauses (c)(i) through (iii) above), the Noteholders' Principal Distributable Amount; (v) fifth, to the Reserve Account, to the extent of the Total Available Amount (as such amount has been reduced by the distributions described in clauses (c)(i) through (iv) above), the amount by which the Specified Reserve Account Balance for the next succeeding Distribution Date exceeds the amount on deposit in the Reserve Account on such Transfer Date; and (vi) sixth, to the Certificateholders, any portion of the Total Available Amount remaining after the distributions described in clauses (c)(i) through (v) above. (cd) On each Distribution Date, the Indenture Trustee shall distribute all amounts on deposit in the Note Distribution Account, other than amounts deposited in the Note Distribution Account pursuant to Section ~~5.02(b~~8.11(b) ~~of the Pooling and Servicing Agreement~~ and subject to the Certificateholder's rights under Section ~~5.05 of the Pooling and Servicing Agreement~~ 8.6 to Investment Earnings, to the Noteholders to the extent of amounts due and unpaid on the Notes for principal and interest, in the following amounts, and in the following order of priority: (i) (A) first, to accrued and unpaid interest on the Class A Notes; provided, however, that if there are not sufficient funds in the ~~-------- -------~~ Note Distribution Account to pay the entire amount of accrued and unpaid interest then due on the Class A Notes, the amount in the Note Distribution Account shall be applied to the payment of such interest on each Note of each class of the Class A Notes pro rata on the basis of the respective aggregate amount of interest due on each such class of Class A Notes; and (B) second, unless otherwise provided in clause (iv) below, to accrued and unpaid interest on the Class B Notes; provided, however, that if there are not sufficient funds in the ~~-------- -------~~ Note Distribution Account (after the payment of all accrued and unpaid interest on the Class A Notes) to pay the entire amount of accrued and unpaid interest then due on the Class B Notes, the amount in the Note Distribution Account shall be applied to the payment of such interest on each of the Class B Notes pro rata on the basis of the aggregate amount of interest due on each such Class B Note; (ii) unless otherwise provided in clause (iii), (iv) or (v) below, the Principal Payment Amount shall be applied on each Distribution Date, as follows: (A) first, 100% of the Principal Payment Amount shall be applied to pay the principal of the Class A-1 Notes until the Class ~~X- 0~~ A-1 Notes are paid in full; (B) thereafter, ~~95.75~~96.25% of the Principal Payment Amount (in the case of the Distribution Date on which the Class A-1 Notes are paid in full, ~~95.75~~96.25% of the remaining Principal Payment Amount) shall be applied to pay the principal of the other Class A Notes (all of which shall be applied to pay the principal of the Class A-2 Notes until paid in full, then shall be applied to pay the principal of the Class A-3 Notes until paid in full, and then shall be applied to pay the principal of the Class A-4 Notes until paid in full) and ~~4.25~~3.75% of the Principal Payment Amount (in the case of the Distribution Date on which the Class A-1 Notes are paid full, ~~4.25~~3.75% of the remaining Principal Payment Amount) shall be applied to pay the principal of the Class B Notes until the Class A Notes are paid in full; and (C) thereafter, 100% of the Principal Payment Amount (in the case of the Distribution Date on which the Class A Notes are paid in full, the remaining Principal Payment Amount) to the Class B Notes until the Class B Notes are paid in full; (iii) if the amount on deposit in the Reserve Account on any Distribution Date would be, after giving effect to the application of the Principal Payment Amount in accordance with the foregoing priorities, less than 1.0% of the ~~Initial~~ Aggregate Starting Receivables Balance, then on each Distribution Date thereafter until either the Class A Notes are paid in full or the amount on deposit in the Reserve Account equals or exceeds the Specified Reserve Account Balance, 100% of the Principal Payment Amount shall be applied on each Distribution Date to pay the principal of the Class A Notes (all of which shall be applied to pay the principal of the Class A-1 Notes until paid in full, then shall be applied to pay the principal of the Class A-2 Notes until paid in full, then shall be applied to pay the principal of the Class A-3 Notes until paid in full, and then shall be applied to pay the principal of the Class A-4 Notes until paid in full). When principal payments on the Class B Notes resume in accordance with the preceding sentence, the Principal Payment Amount for such Distribution Date shall be applied in accordance with Section ~~8.2(c)(ii~~8.2(d)(ii) hereof until the Class A Notes have been paid in full, and thereafter 100% of the Principal Payment Amount for such Distribution Date shall be applied to pay the principal of the Class B Notes until the Class B Notes are paid in full; (iv) if the Notes have been declared immediately due and payable as provided in Section 5.2(a) following the occurrence of an Event of Default specified in Section 5.1(a), (b) or (c) until such time as the Class A Notes have been paid in full and this Indenture has been discharged with respect to the Class A Notes any amounts remaining in the Note Distribution Account after the application described in Section ~~8.2(c)(i)(A~~8.2(d)(i)(A) shall be applied in the following priority: (1) to the repayment of principal of each of the Class A-1 Notes pro rata on the basis of the respective unpaid principal amount of each such Class A-1 Note; (2) to the repayment of principal of each of the Class A-2 Notes, the Class A-3 Notes and the Class A-4 Notes pro rata on the basis of the respective unpaid principal amount of each such Class A Note; (3) to the repayment of interest on each of the Class B Notes pro rata on the basis of the amount of interest due and unpaid on each such Class B Note and (4) to the repayment of principal on each of the Class B Notes pro rata on the basis of the respective unpaid principal amount of each such Class B Note; and (v) if the Notes have been declared immediately due and payable as provided in Section 5.2(a) following the occurrence of an Event of Default specified in Section 5.1(d), (e) or (f), 100% of the Principal Payment Amount shall be applied on each Distribution Date to the payment of principal of the Class A-1 Notes on the basis of the respective unpaid principal balance of each such Class A-1 Note, thereafter 100% of the Principal Payment Amount shall be applied on each Distribution Date to the payment of principal of the Class A-2 Notes, the Class A-3 Notes and the Class A-4 Notes pro rata on the basis of the respective unpaid principal amount of each such Class A Note, and, thereafter, 100% of the Principal Payment Amount shall be applied on each Distribution Date to the payment of principal of the Class B Notes pro rata on the basis of the respective unpaid principal amount of each such Class B Note. (de) Subject to Sections ~~8.2(c)(iii~~8.2(d)(iii), (iv) and (v), on the Distribution Date on which the Funding Period ends (or, if the Funding Period does not end on a Distribution Date, on the Distribution Date following the end of the Funding Period), the Indenture Trustee shall apply any and all amounts deposited into the Note Distribution Account pursuant to Section ~~5.02(b~~8.11(b) ~~of the Pooling and Servicing Agreement~~ (other than Noteholders' Prepayment Premium) to the repayment of principal on the Notes in accordance with the priorities set forth in Section ~~8.2(c)(ii~~8.2(d)(ii); provided, however, that if the Pre-Funded Amount as of the end of the Funding Period is greater than $100,000, the Indenture Trustee shall apply such amounts to the repayment of principal of each Class of Notes pro rata on the basis of the respective initial principal amount of each such Class of Notes, as instructed by the Servicer in writing. (ef) On the Distribution Date on which the Funding Period ends (or, if the Funding Period does not end on a Distribution Date, on the first Distribution Date following the end of the Funding Period), the Indenture Trustee shall distribute to the Noteholders the Noteholders' Prepayment Premiums deposited in the Note Distribution Account, as instructed by Servicer in writing pursuant to Section ~~5.02(b) of the Pooling and Servicing Agreement~~8.11(b); provided, however, if less than the required Noteholders' Prepayment Premium for all classes of Notes has been deposited into the Note Distribution Account, the amount distributable to the holders of each class of Notes shall be their ratable share of the amount so deposited into the Note Distribution Account based upon the amount of Noteholders' Prepayment Premium due with respect to each such class of Notes. In either case, the Indenture Trustee shall distribute the Noteholders' Prepayment Premium allocated to each class of Notes to the Noteholders of such class of Notes pro rata on the basis of the unpaid principal amount of such Noteholder's Notes of such class, as instructed by the Servicer in writing.

Appears in 1 contract

Samples: Indenture (Navistar Financial Retail Receivables Corporation)

Designated Accounts; Payments. (a) On or prior to the Closing Date, the Owner Trustee shall cause the Servicer to establish and maintain, in the name of the Indenture Trustee, for the benefit of the Securityholders, the Designated Accounts as provided in Articles IV and V of the Pooling and Servicing Agreement. (b) Before each Distribution Date, the Indenture Trustee shall cause all withdrawals, deposits, transfers and distributions provided for in Section 4.06(b) and Section 5.02(b) of the Pooling and Servicing Agreement to be made. Before each Distribution Date, the Indenture Trustee shall make the distributions from the Collection Account provided for in Section 4.06(c) of the Pooling and Servicing Agreement. Notwithstanding the preceding sentence, to the extent permitted and as provided by Section 4.08 of the Pooling and Servicing Agreement, deposits may be netted against amounts owing to the depositor. (c) On each Distribution Date, the Indenture Trustee shall distribute all amounts on deposit in the Note Distribution Account, other than amounts deposited in the Note Distribution Account pursuant to Section 5.02(b) of the Pooling and Servicing Agreement and subject to the Certificateholder's rights under Section 5.05 of the Pooling and Servicing Agreement to Investment Earnings, to the Noteholders to the extent of amounts due and unpaid on the Notes for principal and interest, in the following amounts, and in the following order of priority: (i) (A) first, to accrued and unpaid interest on the Class A Notes; provided, however, that if there are not sufficient funds in the -------- ------- Note Distribution Account to pay the entire amount of accrued and unpaid interest then due on the Class A Notes, the amount in the Note Distribution Account shall be applied to the payment of such interest on each Note of each class of the Class A Notes pro rata on the basis of the respective aggregate amount of interest due on each such class of Class A Notes; and (B) second, unless otherwise provided in clause (iv) below, to accrued and unpaid interest on the Class B Notes; provided, however, that if there are not sufficient funds in the -------- ------- Note Distribution Account (after the payment of all accrued and unpaid interest on the Class A Notes) to pay the entire amount of accrued and unpaid interest then due on the Class B Notes, the amount in the Note Distribution Account shall be applied to the payment of such interest on each of the Class B Notes pro rata on the basis of the aggregate amount of interest due on each such Class B Note; (ii) unless otherwise provided in clause (iii), (iv) or (v) below, the Principal Payment Amount shall be applied on each Distribution Date, as follows: (A) first, 100% of the Principal Payment Amount shall be applied to pay the principal of the Class A-1 Notes until the Class X- 0 Notes are paid in full; (B) thereafter, ~~95.75~~96.25% of the Principal Payment Amount (in the case of the Distribution Date on which the Class A-1 Notes are paid in full, ~~95.75~~96.25% of the remaining Principal Payment Amount) shall be applied to pay the principal of the other Class A Notes (all of which shall be applied to pay the principal of the Class A-2 Notes until paid in full, then shall be applied to pay the principal of the Class A-3 Notes until paid in full, and then shall be applied to pay the principal of the Class A-4 Notes until paid in full) and ~~4.25~~3.75% of the Principal Payment Amount (in the case of the Distribution Date on which the Class A-1 Notes are paid full, ~~4.25~~3.75% of the remaining Principal Payment Amount) shall be applied to pay the principal of the Class B Notes until the Class A Notes are paid in full; and (C) thereafter, 100% of the Principal Payment Amount (in the case of the Distribution Date on which the Class A Notes are paid in full, the remaining Principal Payment Amount) to the Class B Notes until the Class B Notes are paid in full; (iii) if the amount on deposit in the Reserve Account on any Distribution Date would be, after giving effect to the application of the Principal Payment Amount in accordance with the foregoing priorities, less than 1.0% of the Initial Aggregate Receivables Balance, then on each Distribution Date thereafter until either the Class A Notes are paid in full or the amount on deposit in the Reserve Account equals or exceeds the Specified Reserve Account Balance, 100% of the Principal Payment Amount shall be applied on each Distribution Date to pay the principal of the Class A Notes (all of which shall be applied to pay the principal of the Class A-1 Notes until paid in full, then shall be applied to pay the principal of the Class A-2 Notes until paid in full, then shall be applied to pay the principal of Class A-3 Notes until paid in full, and then shall be applied to pay the principal of the Class A-4 Notes until paid in full). When principal payments on the Class B Notes resume in accordance with the preceding sentence, the Principal Payment Amount for such Distribution Date shall be applied in accordance with Section ~~8.2(c)(ii~~8.2(c)(ii)(B) hereof until the Class A Notes have been paid in full, and thereafter 100% of the Principal Payment Amount for such Distribution Date shall be applied to pay the principal of the Class B Notes until the Class B Notes are paid in full; (iv) if the Notes have been declared immediately due and payable as provided in Section 5.2(a) following the occurrence of an Event of Default specified in Section 5.1(a), (b) or (c) until such time as the Class A Notes have been paid in full and this Indenture has been discharged with respect to the Class A Notes any amounts remaining in the Note Distribution Account after the application described in Section ~~8.2(c)(i)(A~~8.2(c)(i) (A) shall be applied in the following priority: (1) to the repayment of principal of each of the Class A-1 Notes pro rata on the basis of the respective unpaid principal amount of each such Class A-1 Note; (2) to the repayment of principal of each of the Class A-2 Notes, the Class A-3 Notes and the Class A-4 A Notes pro rata on the basis of the respective unpaid principal amount of each such Class A Note; (32) to the repayment of interest on each of the Class B Notes pro rata on the basis of the amount of interest due and unpaid on each such Class B Note and (43) to the repayment of principal on each of the Class B Notes pro rata on the basis of the ~~respective~~ unpaid principal amount of each such Class B Note; and (v) if the Notes have been declared immediately due and payable as provided in Section 5.2(a) following the occurrence of an Event of Default specified in Section 5.1(d), (e) or (f)) until such time as the Class A Notes have been paid in full and this Indenture has been discharged with respect to the Class A Notes, 100% of the Principal Payment Amount shall be applied on each Distribution Date to the payment of principal of each class of the Class ~~A-1~~ A Notes (on the basis of ~~the~~ their respective unpaid principal balance of each such Class A-1 Note, thereafter 100% of the Principal Payment Amount shall be applied on each Distribution Date to the payment of principal of the Class A-2 Notes, the Class A-3 Notes and the Class A-4 Notes pro rata on the basis of the respective unpaid principal amount of each such Class A Notebalances), and, thereafter, 100% of the Principal Payment Amount shall be applied on each Distribution Date to the payment of principal of the Class B Notes pro rata on the basis of the respective unpaid principal amount of each such Class B Note. (d) Subject to Sections 8.2(c)(iii), (iv) and (v), on the Distribution Date on which the Funding Period ends (or, if the Funding Period does not end on a Distribution Date, on the Distribution Date following the end of the Funding Period), the Indenture Trustee shall apply any and all amounts deposited into the Note Distribution Account pursuant to Section 5.02(b) of the Pooling and Servicing Agreement (other than Noteholders' Prepayment Premium) to the repayment of principal on the Notes in accordance with the priorities set forth in Section 8.2(c)(ii); provided, however, that if the Pre-Funded Amount as of the end of the Funding Period is greater than $100,000, the Indenture Trustee shall apply such amounts to the repayment of principal of each Class of Notes pro rata on the basis of the respective ~~initial~~ unpaid principal amount of each such Class of Notes~~, as instructed by Servicer in writing~~. (e) On the Distribution Date on which the Funding Period ends (or, if the Funding Period does not end on a Distribution Date, on the first Distribution Date following the end of the Funding Period), the Indenture Trustee shall distribute to the Noteholders the Noteholders' Prepayment Premiums deposited in the Note Distribution ~~Account, as instructed by Servicer in writing~~ Account pursuant to Section 5.02(b) of the Pooling and Servicing Agreement; provided, however, if less than the required -------- ------- Noteholders' Prepayment Premium for all classes of Notes has been deposited into the Note Distribution Account, the amount distributable to the holders of each class of Notes shall be ~~their ratable share of~~ limited to the ~~amount so deposited into the Note Distribution Account based upon the amount of Noteholders' Prepayment Premium due with respect to each~~ Pre-Funded Percentage for that class of ~~Notes~~Notes for funds that are so deposited. In either case, the Indenture Trustee shall distribute the Noteholders' Prepayment Premium allocated to each class of Notes to the Noteholders of such class of Notes pro rata on the basis of the unpaid principal amount of such Noteholder's Notes of such class~~, as instructed by Servicer in writing~~.

Appears in 1 contract

Samples: Indenture (Navistar Financial Retail Receivables Corporation)

Designated Accounts; Payments. (a) On or ~~prior~~ before each Determination Date, with respect to the ~~Closing~~ preceding Monthly Period and the related Distribution Date, the ~~Owner Trustee~~ Servicer shall ~~cause~~ calculate the ~~Servicer~~ Total Available Amount, Collected Amount, the Total Servicing Fee, the Aggregate Class A Noteholders' Interest Distributable Amount, the Class B Noteholders' Interest Distributable Amount, the Principal Payment Amount, the Noteholders' Principal Distributable Amount and all other amounts required to ~~establish~~ determine the amounts to be deposited in or paid from each of the Collection Account, the Pre-Funding Account, the Negative Carry Account, the Note Distribution Account, the Certificate Distribution Account and ~~maintain, in~~ the ~~name of~~ Reserve Account on the next succeeding Distribution Date and supply such information to the Issuer and the Indenture Trustee~~, for the benefit of the Securityholders, the Designated Accounts as provided in Articles IV and V of the Pooling and Servicing Agreement~~. (b) ~~Before~~ On or before each ~~Distribution~~ Transfer Date, the Indenture Trustee shall cause ~~all~~ to be made the following withdrawals, deposits, transfers and distributions ~~provided~~ in the amounts set forth in the Servicer's Certificate delivered to the Indenture Trustee pursuant to Section 2.17 of the Servicing Agreement: (i) from the Collection Account to the Servicer, in immediately available funds, reimbursement of Outstanding Monthly Advances pursuant to Section 2.14 of the Servicing Agreement, payments of Liquidation Expenses with respect to Receivables which became Liquidating Receivables during the related Monthly Period pursuant to Section 2.04 of the Servicing Agreement and any unpaid Liquidation Expenses from prior periods; (ii) from the Pre-Funding Account to the Collection Account, the Investment Earnings on the Pre-Funding Account for ~~in Section 4.06(b~~the related Monthly Period; (iii) from the Negative Carry Account to the Collection Account, the Negative Carry Amount for such Distribution Date; and (iv) from the Reserve Account to the Collection Account, the lesser of (A) the amount of cash or other immediately available funds therein on the day preceding such Distribution Date and (B) the amount, if any, by which (I) the sum of the Total Servicing Fee, the Aggregate Class A Noteholders' Interest Distributable Amount, the Class B Noteholders' Interest Distributable Amount and the Noteholders' Principal Distributable Amount exceeds (II) the sum of the Collected Amount for such Distribution Date plus the amounts deposited to the Collection Account on such date pursuant to Sections 8.2(b)(ii) and ~~Section 5.02(b~~8.2(b)(iii). (c) ~~of the Pooling and Servicing Agreement to be made.~~ Before 12:00 noon, New York City time, on each ~~Distribution~~ Transfer Date, the Indenture Trustee (based on the information contained in the Servicer's Certificate delivered to the Indenture Trustee pursuant to Section 2.17 of the Servicing Agreement) shall make the following distributions from the Collection Account ~~provided for~~ (after the withdrawals, deposits and transfers specified in Section ~~4.06(c~~8.2(b) have been made) in the following order of priority: (i) first, to the ~~Pooling and Servicing Agreement. Notwithstanding the preceding sentence~~Servicer, to the extent ~~permitted and as provided by Section 4.08~~ of the ~~Pooling and~~ Total Available Amount, the Total Servicing ~~Agreement~~Fee; (ii) second, ~~deposits may be netted against amounts owing~~ to the ~~depositor~~Note Distribution Account, to the extent of the Total Available Amount (as such amount has been reduced by the distributions described in clause (c) (i) above), the Aggregate Class A Noteholders' Interest Distributable Amount; (iii) third, to the Note Distribution Account, to the extent of the Total Available Amount (as such amount has been reduced by the distributions described in clauses (c) (i) and (ii) above), the Class B Noteholders' Interest Distributable Amount; (iv) fourth, to the Note Distribution Account, to the extent of the Total Available Amount (as such amount has been reduced by the distributions described in clauses (c) (i), (ii) and (iii) above), the Noteholders' Principal Distributable Amount; and (v) fifth, to the Reserve Account, any portion of the Total Available Amount remaining after the distributions described in clauses (c) (i) through (iv), inclusive, above. (cd) On each Distribution Date, the Indenture Trustee shall distribute all amounts on deposit in the Note Distribution Account, other than amounts deposited in the Note Distribution Account pursuant to Section ~~5.02(b~~8.11(b) ~~of the Pooling and Servicing Agreement~~ and subject to the Certificateholder's rights under Section ~~5.05 of the Pooling and Servicing Agreement~~ 8.6 to Investment Earnings, to the Noteholders to the extent of amounts due and unpaid on the Notes for principal and interest, in the following amounts, and in the following order of priority: (i) (A) first, to accrued and unpaid interest on the Class A Notes; provided, however, that if there are not sufficient funds in ~~the~~ -------- ------- the Note Distribution Account to pay the entire amount of accrued and unpaid interest then due on the Class A Notes, the amount in the Note Distribution Account shall be applied to the payment of such interest on each Note of each class of the Class A Notes pro rata on the basis of the respective aggregate amount of interest due on each such class of Class A Notes; and (B) second, unless otherwise provided in clause (iv) below, to accrued and unpaid interest on the Class B Notes; provided, however, that if there are not sufficient funds in the Note -------- ------- ~~Note~~ Distribution Account (after the payment of all accrued and unpaid interest on the Class A Notes) to pay the entire amount of accrued and unpaid interest then due on the Class B Notes, the amount in the Note Distribution Account shall be applied to the payment of such interest on each of the Class B Notes pro rata on the basis of the aggregate amount of interest due on each such Class B Note; (ii) unless otherwise provided in clause (iii), (iv) or (v) below, the Principal Payment Amount shall be applied on each Distribution Date, as follows: (A) first, 100% of the Principal Payment Amount shall be applied to pay the principal of the Class A-1 Notes until the Class ~~X- 0~~ A-1 Notes are paid in full; (B) thereafter, ~~95.75~~% of the Principal Payment Amount (in ----- the case of the Distribution Date on which the Class A-1 Notes are paid in full, ~~95.75~~% of the remaining Principal Payment ----- Amount) shall be applied to pay the principal of the other Class A Notes (all of which shall be applied to pay the principal of the Class A-2 Notes until paid in full, then shall be applied to pay the principal of the Class A-3 Notes until paid in full, and then shall be applied to pay the principal of the Class A-4 Notes until paid in full) and ~~4.25~~% of the Principal Payment Amount (in ---- the case of the Distribution Date on which the Class A-1 Notes are paid full, ~~4.25~~% of the remaining Principal Payment Amount) ---- shall be applied to pay the principal of the Class B Notes until the Class A Notes are paid in full; and (C) thereafter, 100% of the Principal Payment Amount (in the case of the Distribution Date on which the Class A Notes are paid in full, the remaining Principal Payment Amount) to the Class B Notes until the Class B Notes are paid in full; (iii) if the amount on deposit in the Reserve Account on any Distribution Date would be, after giving effect to the application of the Principal Payment Amount in accordance with the foregoing priorities, less than ~~1.0~~% of the Initial Aggregate Receivables ---- Balance, then on each Distribution Date thereafter until either the Class A Notes are paid in full or the amount on deposit in the Reserve Account equals or exceeds the Specified Reserve Account Balance, 100% of the Principal Payment Amount shall be applied on each Distribution Date to pay the principal of the Class A Notes (all of which shall be applied to pay the principal of the Class A-1 Notes until paid in full, then shall be applied to pay the principal of the Class A-2 Notes until paid in full, then shall be applied to pay the principal of Class A-3 Notes until paid in full, and then shall be applied to pay the principal of the Class A-4 Notes until paid in full). When principal payments on the Class B Notes resume in accordance with the preceding sentence, the Principal Payment Amount for such Distribution Date shall be applied in accordance with Section ~~8.2(c)(ii~~8.2(d)(ii) hereof until the Class A Notes have been paid in full, and thereafter 100% of the Principal Payment Amount for such Distribution Date shall be applied to pay the principal of the Class B Notes until the Class B Notes are paid in full; (iv) if the Notes have been declared immediately due and payable as provided in Section 5.2(a) following the occurrence of an Event of Default specified in Section 5.1(a), (b) or (c) until such time as the Class A Notes have been paid in full and this Indenture has been discharged with respect to the Class A Notes any amounts remaining in the Note Distribution Account after the application described in Section ~~8.2(c)(i)(A~~8.2(d)(i)(A) shall be applied in the following priority: (1) to the repayment of principal of each of the Class A-1 Notes pro rata on the basis of the respective unpaid principal amount of each such Class A-1 Note; (2) to the repayment of principal of each of the Class A-2 Notes, the Class A-3 Notes and the Class A-4 Notes pro rata on the basis of the respective unpaid principal amount of each such Class A Note; (3) to the repayment of interest on each of the Class B Notes pro rata on the basis of the amount of interest due and unpaid on each such Class B Note and (4) to the repayment of principal on each of the Class B Notes pro rata on the basis of the respective unpaid principal amount of each such Class B Note; and (v) if the Notes have been declared immediately due and payable as provided in Section 5.2(a) following the occurrence of an Event of Default specified in Section 5.1(d), (e) or (f), 100% of the Principal Payment Amount shall be applied on each Distribution Date to the payment of principal of the Class A-1 Notes on the basis of the respective unpaid principal balance of each such Class A-1 Note, thereafter 100% of the Principal Payment Amount shall be applied on each Distribution Date to the payment of principal of the Class A-2 Notes, the Class A-3 Notes and the Class A-4 Notes pro rata on the basis of the respective unpaid principal amount of each such Class A Note, and, thereafter, 100% of the Principal Payment Amount shall be applied on each Distribution Date to the payment of principal of the Class B Notes pro rata on the basis of the respective unpaid principal amount of each such Class B Note. (de) Subject to Sections ~~8.2(c)(iii~~8.2(d)(iii), (iv) and (v), on the Distribution Date on which the Funding Period ends (or, if the Funding Period does not end on a Distribution Date, on the Distribution Date following the end of the Funding Period), the Indenture Trustee shall apply any and all amounts deposited into the Note Distribution Account pursuant to Section ~~5.02(b~~8.11(b) ~~of the Pooling and Servicing Agreement~~ (other than Noteholders' Prepayment Premium) to the repayment of principal on the Notes in accordance with the priorities set forth in Section ~~8.2(c)(ii~~8.2(d)(ii); provided, however, that if the Pre-Funded Amount as of the end of the Funding Period is greater than $100,000, the Indenture Trustee shall apply such amounts to the repayment of principal of each Class of Notes pro rata on the basis of the respective initial principal amount of each such Class of Notes, as instructed by the Servicer in writing. (ef) On the Distribution Date on which the Funding Period ends (or, if the Funding Period does not end on a Distribution Date, on the first Distribution Date following the end of the Funding Period), the Indenture Trustee shall distribute to the Noteholders the Noteholders' Prepayment Premiums deposited in the Note Distribution Account, as instructed by Servicer in writing pursuant to Section ~~5.02(b) of the Pooling and Servicing Agreement~~8.11(b); provided, however, if less than the required -------- ------- Noteholders' Prepayment Premium for all classes of Notes has been deposited into the Note Distribution Account, the amount distributable to the holders of each class of Notes shall be their ratable share of the amount so deposited into the Note Distribution Account based upon the amount of Noteholders' Prepayment Premium due with respect to each class of Notes. In either case, the Indenture Trustee shall distribute the Noteholders' Prepayment Premium allocated to each class of Notes to the Noteholders of such class of Notes pro rata on the basis of the unpaid principal amount of such Noteholder's Notes of such class, as instructed by the Servicer in writing.

Appears in 1 contract

Samples: Indenture (Navistar Financial Retail Receivables Corporation)

Common use of Designated Accounts; Payments Clause in Contracts