Common use of Disbursements of Monies from Payment Account Clause in Contracts

Disbursements of Monies from Payment Account. (a) Notwithstanding any other provision herein, but subject to the other sub-sections of this Section 11.1 and to Section 13.1, on each Payment Date and, if elected by the Collateral Manager, on each Redemption Distribution Date, the Collateral Agent shall disburse amounts transferred from the Collection Account to the Payment Account pursuant to Section 10.2 in accordance with the following priorities (the “Priority of Payments”); provided that, unless an Enforcement Event has occurred and is continuing, (x) amounts transferred from the Interest Collection Subaccount shall be applied solely in accordance with Section 11.1(a)(i); and (y) amounts transferred from the Principal Collection Subaccount shall be applied solely in accordance with Section 11.1(a)(ii); provided further that all payments on the Class A-1-L Loans shall be deposited into the Class A-1-L Loan Account for distribution by the Loan Agent to the Class A-1-L Lenders; provided further however, for so long as the Bank is the Collateral Agent and the Loan Agent, such payments may (but shall not be required to) be made under this Indenture from the Payment Account to the Class A-1-L Lenders and in such event shall be deemed to have been made first to the Loan Agent and then distributed to the Class A-1-L Lenders.

Disbursements of Monies from Payment Account. (a) Notwithstanding any other provision herein, but subject to the other sub-sections subsections of this Section 11.1 and to Section 13.1, on each Payment Date and, if elected by the Collateral Manager, on each Redemption Distribution Date, the Collateral Agent Trustee shall disburse amounts transferred from the Collection Account to the Payment Account pursuant to Section 10.2 in accordance with the following priorities (the “Priority of Payments”); provided that, unless an Enforcement Event has occurred and is continuingcontinuing and other than as provided in Section 11.1(a)(iv) on any Redemption Date in part but not in whole that is not also a Payment Date, (x) amounts transferred from the Interest Collection Subaccount shall be applied solely in accordance with Section 11.1(a)(i); and (y) amounts transferred from the Principal Collection Subaccount shall be applied solely in accordance with Section 11.1(a)(ii); provided further provided, further, that all payments on the Class A-1-L A-1 Loans shall be deposited into the Class A-1-L Loan Account for distribution by made to the Loan Agent for distribution to the Class A-1-L A-1 Lenders; provided further provided, further, however, for so long as the Bank is the Collateral Agent Trustee and the Loan Agent, such payments may (but shall not be required to) be made under this Indenture from the Payment Account to the Class A-1-L A-1 Lenders and in such event shall be deemed to have been made first to the Loan Agent and then distributed to the Class A-1-L A-1 Lenders.

Disbursements of Monies from Payment Account. (a) Notwithstanding any other provision herein, but subject to the other sub-sections of this Section 11.1 and to Section 13.1, on each Payment Date and, if elected by the Collateral Manager, on each Redemption Distribution Date, the Collateral Agent Trustee shall disburse amounts transferred from the Collection Account to the Payment Account pursuant to Section 10.2 in accordance with the following priorities (the “"Priority of Payments”"); provided that, unless an Enforcement Event has occurred and is continuing, (x) amounts transferred from the Interest Collection Subaccount shall be applied solely in accordance with Section 11.1(a)(i); and (y) amounts transferred from the Principal Collection Subaccount shall be applied solely in accordance with Section 11.1(a)(ii); provided further that all payments on the Class A-1-L Loans shall be deposited into the Class A-1-L Loan Account for distribution by the Loan Agent to the Class A-1-L Lenders; provided further however, for so long as the Bank is the Collateral Agent Trustee and the Loan Agent, such payments may (but shall not be required to) be made under this Indenture from the Payment Account to the Class A-1-L A Lenders and in such event shall be deemed to have been made first to the Loan Agent and then distributed to the Class A-1-L A Lenders.

Disbursements of Monies from Payment Account. (a) Notwithstanding any other provision herein, but subject to the other sub-sections subsections of this Section 11.1 and to Section 13.1, on each Payment Date and, if elected by the Collateral Manager, on each Redemption Distribution Date, the Collateral Agent shall disburse amounts transferred from the Collection Account to the Payment Account pursuant to Section 10.2 in accordance with the following priorities (the “Priority of Payments”); provided that, unless an Enforcement Event has occurred and is continuingcontinuing and other than as provided in Section 11.1(a)(iv) on any Redemption Date in part but not in whole that is not also a Payment Date, (x) amounts transferred from the Interest Collection Subaccount shall be applied solely in accordance with Section 11.1(a)(i); and (y) amounts transferred from the Principal Collection Subaccount shall be applied solely in accordance with Section 11.1(a)(ii); provided further provided, further, that all payments on the Class A-1-L A-1 Loans shall be deposited into the Class A-1-L Loan Account for distribution by made to the Loan Agent for distribution to the Class A-1-L A-1 Lenders; provided further provided, further, however, for so long as the Bank is the Collateral Agent and the Loan Agent, such payments may (but shall not be required to) be made under this Indenture from the Payment Account to the Class A-1-L A-1 Lenders and in such event shall be deemed to have been made first to the Loan Agent and then distributed to the Class A-1-L A-1 Lenders.