Common use of Distributions Following Acceleration Clause in Contracts

Distributions Following Acceleration. If the Notes are accelerated after an Event of Default, on each Payment Date starting with the Payment Date relating to the Collection Period in which the Notes are accelerated, the Indenture Trustee will (based on the information in the most recent Monthly Investor Report) withdraw from the Bank Accounts and make deposits and payments, to the extent of funds in the Bank Accounts for the related Collection Period, in the following order of priority (pro rata to the Persons within each priority level based on the amounts due except as stated): (i) first, to the payment of amounts, including indemnities, due to the Indenture Trustee, the Owner Trustee and the Asset Representations Reviewer and, to or at the direction of the Issuer, any expenses of the Issuer incurred under the Transaction Documents; (ii) second, to the Servicer, all unpaid Servicing Fees; (iii) third, to the Noteholders of Class A Notes, the aggregate Accrued Note Interest for the Class A Notes, pro rata based on the Note Balances of the Class A Notes on the prior Payment Date (after giving effect to payments on that date); (iv) fourth, to the Noteholders of Class A-1 Notes, in payment of principal until the Note Balance of the Class A-1 Notes is reduced to zero; (v) fifth, to the Noteholders of Class A-2a and Class A-2b Notes, pro rata based on the respective Notes Balances, in payment of principal until the Note Balance of the Class A-2a and Class A-2b Notes is reduced to zero; (vi) sixth, to the Noteholders of Class A-3 Notes, in payment of principal until the Note Balance of the Class A-3 Notes is reduced to zero; (vii) seventh, to the Noteholders of Class A-4 Notes, in payment of principal until the Note Balance of the Class A-4 Notes is reduced to zero; (viii) eighth, to the Noteholders of Class B Notes, the Accrued Note Interest for the Class B Notes; (ix) ninth, to the Noteholders of Class B Notes, in payment of principal until the Note Balance of the Class B Notes is reduced to zero; (x) tenth, to the Noteholders of Class C Notes, the Accrued Note Interest for the Class C Notes; (xi) eleventh, to the Noteholders of Class C Notes, in payment of principal until the Note Balance of the Class C Notes is reduced to zero; and (xii) twelfth, to the holder of the Residual Interest, any remaining amounts.

Appears in 18 contracts

Samples: Indenture (Ford Credit Auto Owner Trust 2024-D), Indenture (Ford Credit Auto Owner Trust 2024-C), Indenture (Ford Credit Auto Owner Trust 2024-C)

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Distributions Following Acceleration. If the Notes are accelerated after an Event of Default, on each Payment Date starting with the Payment Date relating to the Collection Period in which the Notes are accelerated, the Indenture Trustee Note Paying Agent will (based on the information in the most recent Monthly Investor Report) withdraw from the Bank Accounts and make deposits and payments, to the extent of funds in the Bank Accounts for the related Collection Period, in the following order of priority (pro rata to the Persons within each priority level based on the amounts due except as stated): (i) first, pro rata, to the payment of all amounts, including indemnitiesthe Indenture Trustee Fee, the Owner Trustee Fee and the Asset Representations Reviewer Fee, and expenses and indemnities due to the Indenture Trustee, the Owner Trustee and the Asset Representations Reviewer and, to or at the direction of the Issuer, any expenses of the Issuer incurred under the Transaction DocumentsReviewer; (ii) second, (x) to the Servicer, all unpaid Servicing FeesFees and (y) on the first Payment Date following the assumption by a Successor Servicer of its duties as Successor Servicer, to such Successor Servicer a one-time Successor Servicer engagement fee of $150,000; (iii) third, to the Noteholders of Class A Notes, the aggregate Accrued Note Interest for the Class A A-1a Notes and Class A-1b Notes, pro rata rata, based on the Accrued Note Balances Interest due on each such Class of the Class A Notes on the prior Payment Date (after giving effect to payments on that date)Notes; (iv) fourth, to the Noteholders of Class A-1 A-1a Notes and Class A-1b Notes, pro rata based on the Note Balance of each such Class of Notes, in payment of principal until the aggregate Note Balance of the Class A-1 A-1a Notes is and Class A-1b Notes has been reduced to zero; (v) fifth, to the Noteholders of Class A-2a and Class A-2b Notes, pro rata based on the respective Notes Balances, in payment of principal until the Note Balance of the Class A-2a and Class A-2b Notes is reduced to zero; (vi) sixth, to the Noteholders of Class A-3 Notes, in payment of principal until the Note Balance of the Class A-3 Notes is reduced to zero; (vii) seventh, to the Noteholders of Class A-4 Notes, in payment of principal until the Note Balance of the Class A-4 Notes is reduced to zero; (viii) eighth, to the Noteholders of Class B Notes, the Accrued Note Interest for the Class B Notes; (ixvi) ninthsixth, to the Noteholders of Class B Notes, Notes in payment of principal until the Note Balance of the Class B Notes is reduced to zero; (xvii) tenthseventh, to the Noteholders of Class C Notes, the Accrued Note Interest for the Class C Notes; (xiviii) eleventheighth, to the Noteholders of Class C Notes, Notes in payment of principal until the Note Balance of the Class C Notes is reduced to zero; (ix) ninth, to any Successor Servicer, the Additional Successor Servicer Fee, if any; (x) tenth, to the Noteholders, any Make-Whole Payments due on the Notes, payable sequentially by Class, based on the amount due (with any such Make-Whole Payments applied to the Class A Notes allocated to the Class A Notes, pro rata based on the Make-Whole Payment due to each such Class); (xi) eleventh, to any parties identified by the Administrator, any remaining expenses of the Issuer; and (xii) twelfth, to the holder of Certificate Distribution Account for distribution sequentially to the Residual InterestClass B Certificateholders and the Class A Certificateholders, in that order, any remaining amounts.

Appears in 14 contracts

Samples: Omnibus Amendment (Verizon Owner Trust 2020-A), Indenture (Verizon Owner Trust 2020-A), Indenture (Verizon Owner Trust 2020-A)

Distributions Following Acceleration. If the Notes are accelerated after an Event of Default, on each Payment Date starting with the Payment Date relating to the Collection Period in which the Notes are accelerated, the Indenture Trustee will (based on the information in the most recent Monthly Investor Report) withdraw from the Bank Accounts and make deposits and payments, to the extent of funds in the Bank Accounts for the related Collection Period, in the following order of priority (pro rata to the Persons within each priority level based on the amounts due except as stated): (i) first, to the payment of amounts, including indemnities, due to the Indenture Trustee, the Owner Trustee, the Delaware Trustee and the Asset Representations Reviewer and, to or at the direction of the Issuer, any expenses of the Issuer incurred under the Transaction Documents; (ii) second, to the Servicer, all unpaid Servicing Administration Fees; (iii) third, to the Noteholders of Class A Notes, the aggregate Accrued Note Interest for the Class A Notes, pro rata based on the Note Balances of the Class A Notes on the prior Payment Date (after giving effect to payments on that date); (iv) fourth, to the Noteholders of Class A-1 Notes, in payment of principal until the Note Balance of the Class A-1 Notes is reduced to zero; (v) fifth, to the Noteholders of Class A-2a and Class A-2b Notes, pro rata based on the respective Notes Note Balances, in payment of principal until the Note Balance of the Class A-2a and Class A-2b Notes is reduced to zero; (vi) sixth, to the Noteholders of Class A-3 Notes, in payment of principal until the Note Balance of the Class A-3 Notes is reduced to zero; (vii) seventh, to the Noteholders of Class A-4 Notes, in payment of principal until the Note Balance of the Class A-4 Notes is reduced to zero; (viii) eighth, to the Noteholders of Class B Notes, the Accrued Note Interest for the Class B Notes; (ix) ninth, to the Noteholders of Class B Notes, in payment of principal until the Note Balance of the Class B Notes is reduced to zero; (x) tenth, to the Noteholders of Class C Notes, the Accrued Note Interest for the Class C Notes; (xi) eleventh, to the Noteholders of Class C Notes, in payment of principal until the Note Balance of the Class C Notes is reduced to zero; and; (xii) twelfth, to the Noteholders of Class D Notes, the Accrued Note Interest for the Class D Notes; (xiii) thirteenth, to the Noteholders of Class D Notes, in payment of principal until the Note Balance of the Class D Notes is reduced to zero; and (xiv) fourteenth, to the holder of the Residual Interest, any remaining amounts.

Appears in 10 contracts

Samples: Indenture (Ford Credit Auto Lease Trust 2024-B), Indenture (Ford Credit Auto Lease Trust 2024-B), Indenture (Ford Credit Auto Lease Trust 2024-A)

Distributions Following Acceleration. If the Notes are accelerated after an Event of Default, on each Payment Date starting with the Payment Date relating to the Collection Period in which the Notes are accelerated, the Indenture Trustee will (based on the information in the most recent Monthly Investor Report) withdraw from the Bank Accounts and make deposits and payments, to the extent of funds in the Bank Accounts for the related Collection Period, in the following order of priority (pro rata to the Persons within each priority level based on the amounts due except as stated): (i) first, to the payment of amounts, including indemnities, due to the Indenture Trustee, the Owner Trustee and Trustee, the Asset Representations Reviewer and, to or at the direction of the Issuer, any and expenses of the Issuer incurred under according to the Transaction Documents; (ii) second, to the Servicer, all unpaid Servicing Fees; (iii) third, to the Noteholders of Class A Notes, the aggregate Accrued Note Interest for the Class A Notes, pro rata based on the Note Balances of the Class A Notes on as of the end of the prior Payment Date (after giving effect to payments on that date)Date; (iv) fourth, to the Noteholders of Class A-1 Notes, Notes in payment of principal until the Note Balance of the Class A-1 Notes is reduced to zero; (v) fifth, to the Noteholders of Class A-2a and Class A-2b Notes, pro rata based on the respective Notes Balances, in payment of principal until the Note Balance of the Class A-2a and Class A-2b Notes is reduced to zero; (vi) sixth, to the Noteholders of Class A-3 Notes, Notes in payment of principal until the Note Balance of the Class A-3 Notes is reduced to zero; (vii) seventh, to the Noteholders of Class A-4 Notes, Notes in payment of principal until the Note Balance of the Class A-4 Notes is reduced to zero; (viii) eighth, to the Noteholders of Class B Notes, the Accrued Note Interest for the Class B Notes; (ix) ninth, to the Noteholders of Class B Notes, Notes in payment of principal until the Note Balance of the Class B Notes is reduced to zero; (x) tenth, to the Noteholders of Class C Notes, the Accrued Note Interest for the Class C Notes; (xi) eleventh, to the Noteholders of Class C Notes, Notes in payment of principal until the Note Balance of the Class C Notes is reduced to zero; and (xii) twelfth, to the holder of the Residual Interest, any remaining amounts.

Appears in 10 contracts

Samples: Indenture (Ford Credit Auto Owner Trust 2017-B), Indenture (Ford Credit Auto Owner Trust 2017-B), Indenture (Ford Credit Auto Owner Trust 2017-A)

Distributions Following Acceleration. If the Notes are accelerated after an Event of Default, on each Payment Date starting with the Payment Date relating to the Collection Period in which the Notes are accelerated, the Indenture Trustee will (based on the information in the most recent Monthly Investor Report) withdraw from the Bank Accounts and make deposits and payments, to the extent of funds in the Bank Accounts for the related Collection Period, in the following order of priority (pro rata to the Persons within each priority level based on the amounts due except as stated): (i) first, to the payment of amounts, including indemnities, due to the Indenture Trustee, the Owner Trustee and the Asset Representations Reviewer and, to or at the direction of the Issuer, any expenses of the Issuer incurred under the Transaction Documents; (ii) second, to the Servicer, all unpaid Servicing Fees; (iii) third, to the Noteholders of Class A Notes, the aggregate Accrued Note Interest for the Class A Notes, pro rata based on the Note Balances of the Class A Notes on the prior Payment Date (after giving effect to payments on that date); (iv) fourth, to the Noteholders of Class A-1 Notes, in payment of principal until the Note Balance of the Class A-1 Notes is reduced to zero; (v) fifth, to the Noteholders of Class A-2a and Class A-2b A-2 Notes, pro rata based on the respective Notes Balances, in payment of principal until the Note Balance of the Class A-2a and Class A-2b A-2 Notes is reduced to zero; (vi) sixth, to the Noteholders of Class A-3 Notes, in payment of principal until the Note Balance of the Class A-3 Notes is reduced to zero; (vii) seventh, to the Noteholders of Class A-4 Notes, in payment of principal until the Note Balance of the Class A-4 Notes is reduced to zero; (viii) eighth, to the Noteholders of Class B Notes, the Accrued Note Interest for the Class B Notes; (ix) ninth, to the Noteholders of Class B Notes, in payment of principal until the Note Balance of the Class B Notes is reduced to zero; (x) tenth, to the Noteholders of Class C Notes, the Accrued Note Interest for the Class C Notes; (xi) eleventh, to the Noteholders of Class C Notes, in payment of principal until the Note Balance of the Class C Notes is reduced to zero; and (xii) twelfth, to the holder of the Residual Interest, any remaining amounts.

Appears in 10 contracts

Samples: Indenture (Ford Credit Auto Owner Trust 2022-A), Indenture (Ford Credit Auto Owner Trust 2022-A), Indenture (Ford Credit Auto Owner Trust 2021-A)

Distributions Following Acceleration. If the Notes are accelerated after an Event of Default, on each Payment Date starting with the Payment Date relating to the Collection Period in which the Notes are accelerated, the Indenture Trustee will (based on the information in the most recent Monthly Investor Report) withdraw from the Bank Accounts and make deposits and payments, to the extent of funds in the Bank Accounts for the related Collection Period, in the following order of priority (pro rata to the Persons within each priority level based on the amounts due except as stated): (i) first, to the payment of amounts, including indemnities, due to the Indenture Trustee, the Owner Trustee and the Asset Representations Reviewer and, to or at the direction of the Issuer, any expenses of the Issuer incurred under the Transaction Documents; (ii) second, to the Servicer, all unpaid Servicing Fees; (iii) third, to the Noteholders of Class A Notes, the aggregate Accrued Note Interest for the Class A Notes, pro rata based on the Note Balances of the Class A Notes on the prior Payment Date (after giving effect to payments on that date); (iv) fourth, to the Noteholders of Class A-1 Notes, in payment of principal until the Note Balance of the Class A-1 Notes is reduced to zero; (v) fifth, to the Noteholders of Class A-2a and Class A-2b Notes, pro rata based on the respective Notes Balances, in payment of principal until the Note Balance of the Class A-2a and Class A-2b Notes is reduced to zero; (vi) sixth, to the Noteholders of Class A-3 Notes, in payment of principal until the Note Balance of the Class A-3 Notes is reduced to zero; (vii) seventh, to the Noteholders of Class A-4 Notes, in payment of principal until the Note Balance of the Class A-4 Notes is reduced to zero; (viii) eighth, to the Noteholders of Class B Notes, the Accrued Note Interest for the Class B Notes; (ix) ninth, to the Noteholders of Class B Notes, in payment of principal until the Note Balance of the Class B Notes is reduced to zero; (x) tenth, to the Noteholders of Class C Notes, the Accrued Note Interest for the Class C Notes; (xi) eleventh, to the Noteholders of Class C Notes, in payment of principal until the Note Balance of the Class C Notes is reduced to zero; and (xii) twelfth, to the holder of the Residual Interest, any remaining amounts.

Appears in 8 contracts

Samples: Indenture (Ford Credit Auto Owner Trust 2019-C), Indenture (Ford Credit Auto Owner Trust 2019-C), Indenture (Ford Credit Auto Owner Trust 2019-B)

Distributions Following Acceleration. If the Notes are accelerated after an Event of Default, on each Payment Date starting with the Payment Date relating to the Collection Period in which the Notes are accelerated, the Indenture Trustee will (based on the information in the most recent Monthly Investor Report) withdraw from the Bank Accounts and make deposits and payments, to the extent of funds in the Bank Accounts for the related Collection Period, in the following order of priority (pro rata to the Persons within each priority level based on the amounts due except as stated): (i) first, to the payment of amounts, including indemnities, due to the Indenture Trustee, the Owner Trustee, the Delaware Trustee and the Asset Representations Reviewer and, to or at the direction of the Issuer, any expenses of the Issuer incurred under the Transaction Documents; (ii) second, to the Servicer, all unpaid Servicing Administration Fees; (iii) third, to the Noteholders of Class A Notes, the aggregate Accrued Note Interest for the Class A Notes, pro rata based on the Note Balances of the Class A Notes on the prior Payment Date (after giving effect to payments on that date); (iv) fourth, to the Noteholders of Class A-1 Notes, in payment of principal until the Note Balance of the Class A-1 Notes is reduced to zero; (v) fifth, to the Noteholders of Class A-2a and Class A-2b A-2 Notes, pro rata based on the respective Notes Balances, in payment of principal until the Note Balance of the Class A-2a and Class A-2b A-2 Notes is reduced to zero; (vi) sixth, to the Noteholders of Class A-3 Notes, in payment of principal until the Note Balance of the Class A-3 Notes is reduced to zero; (vii) seventh, to the Noteholders of Class A-4 Notes, in payment of principal until the Note Balance of the Class A-4 Notes is reduced to zero; (viii) eighth, to the Noteholders of Class B Notes, the Accrued Note Interest for the Class B Notes; (ix) ninth, to the Noteholders of Class B Notes, in payment of principal until the Note Balance of the Class B Notes is reduced to zero; (x) tenth, to the Noteholders of Class C Notes, the Accrued Note Interest for the Class C Notes; (xi) eleventh, to the Noteholders of Class C Notes, in payment of principal until the Note Balance of the Class C Notes is reduced to zero; and (xii) twelfth, to the holder of the Residual Interest, any remaining amounts.

Appears in 6 contracts

Samples: Indenture (Ford Credit Auto Lease Trust 2021-B), Indenture (Ford Credit Auto Lease Trust 2021-B), Indenture (Ford Credit Auto Lease Trust 2021-A)

Distributions Following Acceleration. If the Notes are accelerated after an Event of Default, on each Payment Date starting with the Payment Date relating to the Collection Period in which the Notes are accelerated, the Indenture Trustee will (based on the information in the most recent Monthly Investor Report) withdraw from the Bank Accounts and make deposits and payments, to the extent of funds in the Bank Accounts for the related Collection Period, in the following order of priority (pro rata to the Persons within each priority level based on the amounts due except as stated): (i) first, to the payment of amounts, including indemnities, due to the Indenture Trustee, the Owner Trustee, the Delaware Trustee and the Asset Representations Reviewer and, to or at the direction of the Issuer, any expenses of the Issuer incurred under the Transaction Documents; (ii) second, to the Servicer, all unpaid Servicing Administration Fees; (iii) third, to the Noteholders of Class A Notes, the aggregate Accrued Note Interest for the Class A Notes, pro rata based on the Note Balances of the Class A Notes on the prior Payment Date (after giving effect to payments on that date); (iv) fourth, to the Noteholders of Class A-1 Notes, in payment of principal until the Note Balance of the Class A-1 Notes is reduced to zero; (v) fifth, to the Noteholders of Class A-2a and Class A-2b Notes, pro rata based on the respective Notes Balances, in payment of principal until the Note Balance of the Class A-2a and Class A-2b Notes is reduced to zero; (vi) sixth, to the Noteholders of Class A-3 Notes, in payment of principal until the Note Balance of the Class A-3 Notes is reduced to zero; (vii) seventh, to the Noteholders of Class A-4 Notes, in payment of principal until the Note Balance of the Class A-4 Notes is reduced to zero; (viii) eighth, to the Noteholders of Class B Notes, the Accrued Note Interest for the Class B Notes; (ix) ninth, to the Noteholders of Class B Notes, in payment of principal until the Note Balance of the Class B Notes is reduced to zero; (x) tenth, to the Noteholders of Class C Notes, the Accrued Note Interest for the Class C Notes; (xi) eleventh, to the Noteholders of Class C Notes, in payment of principal until the Note Balance of the Class C Notes is reduced to zero; and (xii) twelfth, to the holder of the Residual Interest, any remaining amounts.

Appears in 4 contracts

Samples: Indenture (Ford Credit Auto Lease Trust 2019-B), Indenture (Ford Credit Auto Lease Trust 2019-B), Indenture (Ford Credit Auto Lease Trust 2019-A)

Distributions Following Acceleration. If the Notes are accelerated after following an Event of Default, then on each Payment Date starting with the Payment Date relating to the Collection Period in which the Notes are acceleratedacceleration occurs, the Indenture Trustee will (based on the information in the most recent Monthly Investor Report) withdraw will make the following withdrawals from the Bank Accounts and make deposits payments and paymentsdistributions on each Payment Date, to the extent of funds in the Bank Accounts for the related Collection Period, Period prior to the Payment Date in the following order of priority (pro rata to the Persons within each priority level based on the amounts due except as stated): (i) first, to the payment of amounts, including indemnities, due to the Indenture Trustee, the Owner Trustee and Trustee, the Asset Representations Reviewer and, to or at the direction of the Issuer, any and expenses of the Issuer incurred under according to the Transaction Documents; (ii) second, to the Servicer, all unpaid Servicing Fees; (iii) third, to the Noteholders of Class A Notes, the aggregate Accrued Note Interest for the Class A Notes, pro rata based on the Note Balances of the Class A Notes on as of the end of the prior Payment Date (after giving effect to payments on that date)Date; (iv) fourth, to the Noteholders of Class A-1 Notes, Notes in payment of principal until the Note Balance of the Class A-1 Notes is reduced to zero; (v) fifth, to the Noteholders of Class A-2a A-2[a] [and Class A-2b A-2b] Notes, pro rata based on the respective Notes Balances, in payment of principal until the Note Balance of the Class A-2a A-2[a] [and Class A-2b A-2b] Notes is reduced to zero; (vi) sixth, to the Noteholders of Class A-3 Notes, Notes in payment of principal until the Note Balance of the Class A-3 Notes is reduced to zero; (vii) seventh, to the Noteholders of Class A-4 Notes, Notes in payment of principal until the Note Balance of the Class A-4 Notes is reduced to zero; (viii) eighth, to the Noteholders of Class B Notes, the Accrued Note Interest for the Class B Notes; (ix) ninth, to the Noteholders of Class B Notes, Notes in payment of principal until the Note Balance of the Class B Notes is reduced to zero; (x) tenth, to the Noteholders of Class C Notes, the Accrued Note Interest for the Class C Notes; (xi) eleventh, to the Noteholders of Class C Notes, Notes in payment of principal until the Note Balance of the Class C Notes is reduced to zero; and (xii) twelfth, to the holder of the Residual Interest, any remaining amountsmoney or property.

Appears in 3 contracts

Samples: Indenture (Ford Credit Auto Receivables Two LLC), Indenture (Ford Credit Auto Receivables Two LLC), Indenture (Ford Credit Auto Receivables Two LLC)

Distributions Following Acceleration. If the Notes are accelerated after an Event of Default, on each Payment Date starting with the Payment Date relating to the Collection Period in which the Notes are accelerated, the Indenture Trustee Note Paying Agent will (based on the information in the most recent Monthly Investor Report) withdraw from the Bank Accounts and make deposits and payments, to the extent of funds in the Bank Accounts for the related Collection Period, in the following order of priority (pro rata to the Persons within each priority level based on the amounts due except as stated): (i) first, pro rata, to the payment of all amounts, including indemnitiesthe Indenture Trustee Fee, the Owner Trustee Fee and the Asset Representations Reviewer Fee, and expenses and indemnities due to the Indenture Trustee, the Owner Trustee and the Asset Representations Reviewer and, to or at the direction of the Issuer, any expenses of the Issuer incurred under the Transaction DocumentsReviewer; (ii) second, (x) to the Servicer, all unpaid Servicing FeesFees and (y) on the first Payment Date following the assumption by a Successor Servicer of its duties as Successor Servicer, to such Successor Servicer a one-time Successor Servicer engagement fee of $150,000; (iii) third, to the Noteholders of Class A Notes, the aggregate Accrued Note Interest for the Class A Notes, pro rata based on the Note Balances of the Class A Notes on the prior Payment Date (after giving effect to payments on that date); (iv) fourth, to the Noteholders of Class A-1 Notes, A Notes in payment of principal until the Note Balance of the Class A-1 A Notes is reduced to zero; (v) fifth, to the Noteholders of Class A-2a and Class A-2b Notes, pro rata based on the respective Notes Balances, in payment of principal until the Note Balance of the Class A-2a and Class A-2b Notes is reduced to zero; (vi) sixth, to the Noteholders of Class A-3 Notes, in payment of principal until the Note Balance of the Class A-3 Notes is reduced to zero; (vii) seventh, to the Noteholders of Class A-4 Notes, in payment of principal until the Note Balance of the Class A-4 Notes is reduced to zero; (viii) eighth, to the Noteholders of Class B Notes, the Accrued Note Interest for the Class B Notes; (ixvi) ninthsixth, to the Noteholders of Class B Notes, Notes in payment of principal until the Note Balance of the Class B Notes is reduced to zero; (xvii) tenthseventh, to the Noteholders of Class C Notes, the Accrued Note Interest for the Class C Notes; (xiviii) eleventheighth, to the Noteholders of Class C Notes, Notes in payment of principal until the Note Balance of the Class C Notes is reduced to zero; (ix) ninth, to any Successor Servicer, the Additional Successor Servicer Fee, if any; (x) tenth, to the Noteholders, any Make-Whole Payments due on the Notes, payable sequentially by Class, based on the amount due; (xi) eleventh, to any parties identified by the Administrator, any remaining expenses of the Issuer; and (xii) twelfth, to the holder of Certificate Distribution Account for distribution sequentially to the Residual InterestClass B Certificateholders and the Class A Certificateholders, in that order, any remaining amounts.

Appears in 3 contracts

Samples: Omnibus Amendment (Verizon Owner Trust 2020-C), Indenture (Verizon Owner Trust 2020-C), Indenture Agreement (Verizon Owner Trust 2020-C)

Distributions Following Acceleration. If the Notes are accelerated after an Event of Default, on each Payment Date starting with the Payment Date relating to the Collection Period in which the Notes are accelerated, the Indenture Trustee Note Paying Agent will (based on the information in the most recent Monthly Investor Report) withdraw from the Bank Accounts and make deposits and payments, to the extent of funds in the Bank Accounts for the related Collection Period, in the following order of priority (pro rata to the Persons within each priority level based on the amounts due except as stated): (i) first, pro rata, to the payment of all amounts, including indemnitiesthe Indenture Trustee Fee, the Owner Trustee Fee and the Asset Representations Reviewer Fee, and expenses and indemnities due to the Indenture Trustee, the Owner Trustee and the Asset Representations Reviewer and, to or at the direction of the Issuer, any expenses of the Issuer incurred under the Transaction DocumentsReviewer; (ii) second, (x) to the Servicer, all unpaid Servicing FeesFees and (y) on the first Payment Date following the assumption by a Successor Servicer of its duties as Successor Servicer, to such Successor Servicer a one-time Successor Servicer engagement fee of $150,000; (iii) third, to the Noteholders of Class A Notes, the aggregate Accrued Note Interest for the Class A Notes, pro rata based on the Note Balances of the Class A Notes on the prior Payment Date (after giving effect to payments on that date); (iv) fourth, to the Noteholders of Class A-1 Notes, A Notes in payment of principal until the Note Balance of the Class A-1 A Notes is reduced to zero; (v) fifth, to the Noteholders of Class A-2a and Class A-2b Notes, pro rata based on the respective Notes Balances, in payment of principal until the Note Balance of the Class A-2a and Class A-2b Notes is reduced to zero; (vi) sixth, to the Noteholders of Class A-3 Notes, in payment of principal until the Note Balance of the Class A-3 Notes is reduced to zero; (vii) seventh, to the Noteholders of Class A-4 Notes, in payment of principal until the Note Balance of the Class A-4 Notes is reduced to zero; (viii) eighth, to the Noteholders of Class B Notes, the Accrued Note Interest for the Class B Notes; (ixvi) ninthsixth, to the Noteholders of Class B Notes, Notes in payment of principal until the Note Balance of the Class B Notes is reduced to zero; (xvii) tenthseventh, to the Noteholders of Class C Notes, the Accrued Note Interest for the Class C Notes; (xiviii) eleventheighth, to the Noteholders of Class C Notes, Notes in payment of principal until the Note Balance of the Class C Notes is reduced to zero; (ix) ninth, to any Successor Servicer, the Additional Successor Servicer Fee, if any; (x) tenth, to the Noteholders, any Make-Whole Payments due on the Notes, payable sequentially by Class, based on the amount due (with any such Make-Whole Payments applied to the Class A Notes allocated to the Class A Notes, pro rata based on the Make-Whole Payment due to each such Class); (xi) eleventh, to any parties identified by the Administrator, any remaining expenses of the Issuer; and (xii) twelfth, to the holder of Certificate Distribution Account for distribution sequentially to the Residual InterestClass B Certificateholders and the Class A Certificateholders, in that order, any remaining amounts.

Appears in 3 contracts

Samples: Transfer and Servicing Agreement (Verizon Owner Trust 2020-B), Indenture (Verizon Owner Trust 2020-B), Indenture (Verizon Owner Trust 2020-B)

Distributions Following Acceleration. If the Notes are accelerated after an Event of Default, on each Payment Date starting with the Payment Date relating to the Collection Period in which the Notes are accelerated, the Indenture Trustee will (based on the information in the most recent Monthly Investor Report) withdraw from the Bank Accounts and make deposits and payments, to the extent of funds in the Bank Accounts for the related Collection Period, in the following order of priority (pro rata to the Persons within each priority level based on the amounts due except as stated): (i) first, to the payment of amounts, including indemnities, due to the Indenture Trustee, the Owner Trustee, the Delaware Trustee and the Asset Representations Reviewer and, to or at the direction of the Issuer, any expenses of the Issuer incurred under the Transaction Documents; (ii) second, to the Servicer, all unpaid Servicing Administration Fees; (iii) third, to the Noteholders of Class A Notes, the aggregate Accrued Note Interest for the Class A Notes, pro rata based on the Note Balances of the Class A Notes on the prior Payment Date (after giving effect to payments on that date); (iv) fourth, to the Noteholders of Class A-1 Notes, Notes in payment of principal until the Note Balance of the Class A-1 Notes is reduced to zero; (v) fifth, to the Noteholders of Class A-2a and Class A-2b Notes, pro rata based on the respective Notes Balances, in payment of principal until the Note Balance of the Class A-2a and Class A-2b Notes is reduced to zero; (vi) sixth, to the Noteholders of Class A-3 Notes, Notes in payment of principal until the Note Balance of the Class A-3 Notes is reduced to zero; (vii) seventh, to the Noteholders of Class A-4 Notes, Notes in payment of principal until the Note Balance of the Class A-4 Notes is reduced to zero; (viii) eighth, to the Noteholders of Class B Notes, the Accrued Note Interest for the Class B Notes; (ix) ninth, to the Noteholders of Class B Notes, Notes in payment of principal until the Note Balance of the Class B Notes is reduced to zero; (x) tenth, to the Noteholders of Class C Notes, the Accrued Note Interest for the Class C Notes; (xi) eleventh, to the Noteholders of Class C Notes, Notes in payment of principal until the Note Balance of the Class C Notes is reduced to zero; and (xii) twelfth, to the holder of the Residual Interest, any remaining amounts.

Appears in 2 contracts

Samples: Indenture (Ford Credit Auto Lease Trust 2018-B), Indenture (Ford Credit Auto Lease Trust 2018-B)

Distributions Following Acceleration. If the Notes are accelerated after an Event of DefaultDefault with respect to Group 1, on each Payment Date starting with the Payment Date relating to the Collection Period in which the Notes are accelerated, the Indenture Trustee Note Paying Agent will (based on the information in the most recent Monthly Investor Report) withdraw from the Bank Series 2021-2 Accounts and make deposits and payments, to the extent of Series 2021-2 Available Funds and funds in the Bank Series 2021-2 Accounts for the related Collection Period, in the following order of priority (pro rata to the Persons within each priority level based on the amounts due except as stated): (i) first, pro rata, (A) to the payment of amountsIndenture Trustee, including indemnities, all amounts due to the Indenture Trustee, including fees, expenses and indemnities, (B) to the Master Collateral Agent and the Owner Trustee Trustee, the Series 2021-2 Group Allocated Percentage of all amounts due to such parties, including fees, expenses and indemnities and (C) to the Asset Representations Reviewer andReviewer, the Series 2021-2 ARR Series Allocation Percentage of all amounts due to or at the direction Asset Representations Reviewer, including fees (including fees due in connection with any Asset Representations Review of the IssuerGroup 1 Receivables), any expenses of the Issuer incurred under the Transaction Documentsand indemnities; (ii) second, (A) to the Servicer, all unpaid the Series 2021-2 Allocation Percentage of the Servicing FeesFee and (B) to any Successor Servicer, the Series 2021-2 Group Allocated Percentage of a one-time Successor Servicer engagement fee of $150,000, payable on the first Payment Date following its assumption of duties as Successor Servicer; (iii) third, to the Noteholders of Class A Notes, the aggregate Accrued Note Interest for the Class A Notes, pro rata based on the Note Balances of the Class A Notes on the prior Payment Date (after giving effect to payments on that date); (iv) fourth, to the Noteholders of Class A-1 Notes, A Notes in payment of principal until the Note Balance of the Class A-1 A Notes is reduced to zero; (v) fifth, to the Noteholders of Class A-2a and Class A-2b Notes, pro rata based on the respective Notes Balances, in payment of principal until the Note Balance of the Class A-2a and Class A-2b Notes is reduced to zero; (vi) sixth, to the Noteholders of Class A-3 Notes, in payment of principal until the Note Balance of the Class A-3 Notes is reduced to zero; (vii) seventh, to the Noteholders of Class A-4 Notes, in payment of principal until the Note Balance of the Class A-4 Notes is reduced to zero; (viii) eighth, to the Noteholders of Class B Notes, the Accrued Note Interest for the Class B Notes; (ixvi) ninthsixth, to the Noteholders of Class B Notes, Notes in payment of principal until the Note Balance of the Class B Notes is reduced to zero; (xvii) tenthseventh, to the Noteholders of Class C Notes, the Accrued Note Interest for the Class C Notes; (xiviii) eleventheighth, to the Noteholders of Class C Notes, Notes in payment of principal until the Note Balance of the Class C Notes is reduced to zero; and; (ix) ninth, to any Successor Servicer, the Additional Series Successor Servicer Fee, if any; (x) tenth, to the Noteholders, any accrued and unpaid Additional Interest Amounts due on the Notes, payable sequentially by Class; (xi) eleventh, to the Noteholders, any Make-Whole Payments due on the Notes, payable sequentially by Class; (xii) twelfth, to any other parties as the holder Administrator has identified, any remaining expenses of the Residual Trust, up to the Series 2021-2 Group Allocated Percentage of such amounts; (xiii) thirteenth, if applicable, to any Letter of Credit Provider, all amounts due, including (x) fees due to such Letter of Credit Provider and (y) expenses and indemnities due to such Letter of Credit Provider; and (xiv) fourteenth, to the Class R Interest, any remaining amounts.

Appears in 2 contracts

Samples: Indenture (Verizon Master Trust), Indenture (Verizon Master Trust)

Distributions Following Acceleration. If the Notes are accelerated after an Event of Default, on each Payment Date starting with the Payment Date relating to the Collection Period in which the Notes are accelerated, the Indenture Trustee will (based on the information in the most recent Monthly Investor Report) withdraw from the Bank Accounts and make deposits and payments, to the extent of funds in the Bank Accounts for the related Collection Period, in the following order of priority (pro rata to the Persons within each priority level based on the amounts due except as stated): (i) first, to the payment of amounts, including indemnities, due to the Indenture Trustee, the Owner Trustee, the Delaware Trustee and the Asset Representations Reviewer and, to or at the direction of the Issuer, any expenses of the Issuer incurred under according to the Transaction Documents; (ii) second, to the Servicer, all unpaid Servicing Administration Fees; (iii) third, to the Noteholders of Class A Notes, the aggregate Accrued Note Interest for the Class A Notes, pro rata based on the Note Balances of the Class A Notes on as of the end of the prior Payment Date (after giving effect to payments on that date)Date; (iv) fourth, to the Noteholders of Class A-1 Notes, Notes in payment of principal until the Note Balance of the Class A-1 Notes is reduced to zero; (v) fifth, to the Noteholders of Class A-2a and Class A-2b Notes, pro rata based on the respective Notes Balances, in payment of principal until the Note Balance of the Class A-2a and Class A-2b Notes is reduced to zero; (vi) sixth, to the Noteholders of Class A-3 Notes, Notes in payment of principal until the Note Balance of the Class A-3 Notes is reduced to zero; (vii) seventh, to the Noteholders of Class A-4 Notes, Notes in payment of principal until the Note Balance of the Class A-4 Notes is reduced to zero; (viii) eighth, to the Noteholders of Class B Notes, the Accrued Note Interest for the Class B Notes; (ix) ninth, to the Noteholders of Class B Notes, Notes in payment of principal until the Note Balance of the Class B Notes is reduced to zero; (x) tenth, to the Noteholders of Class C Notes, the Accrued Note Interest for the Class C Notes; (xi) eleventh, to the Noteholders of Class C Notes, Notes in payment of principal until the Note Balance of the Class C Notes is reduced to zero; and (xii) twelfth, to the holder of the Residual Interest, any remaining amounts.

Appears in 2 contracts

Samples: Indenture (Ford Credit Auto Lease Trust 2017-B), Indenture (Ford Credit Auto Lease Trust 2017-B)

Distributions Following Acceleration. If the Notes are accelerated after an Event of Default, on each Payment Date starting with the Payment Date relating to the Collection Period in which the Notes are accelerated, the Indenture Trustee will (based on the information in the most recent Monthly Investor Report) withdraw from the Bank Accounts and make deposits and payments, to the extent of funds in the Bank Accounts for the related Collection Period, in the following order of priority (pro rata to the Persons within each priority level based on the amounts due except as stated): (i) first, to the payment of amounts, including indemnities, due to the Indenture Trustee, the Owner Trustee and the Asset Representations Reviewer and, to or at the direction of the Issuer, any expenses of the Issuer incurred under the Transaction Documents; (ii) second, to the Servicer, all unpaid Servicing Fees; (iii) third, to the Noteholders of Class A Notes, the aggregate Accrued Note Interest for the Class A Notes, pro rata based on the Note Balances of the Class A Notes on as of the end of the prior Payment Date (after giving effect to payments on that date)Date; (iv) fourth, to the Noteholders of Class A-1 Notes, Notes in payment of principal until the Note Balance of the Class A-1 Notes is reduced to zero; (v) fifth, to the Noteholders of Class A-2a and Class A-2b Notes, pro rata based on the respective Notes Balances, in payment of principal until the Note Balance of the Class A-2a and Class A-2b Notes is reduced to zero; (vi) sixth, to the Noteholders of Class A-3 Notes, Notes in payment of principal until the Note Balance of the Class A-3 Notes is reduced to zero; (vii) seventh, to the Noteholders of Class A-4 Notes, Notes in payment of principal until the Note Balance of the Class A-4 Notes is reduced to zero; (viii) eighth, to the Noteholders of Class B Notes, the Accrued Note Interest for the Class B Notes; (ix) ninth, to the Noteholders of Class B Notes, Notes in payment of principal until the Note Balance of the Class B Notes is reduced to zero; (x) tenth, to the Noteholders of Class C Notes, the Accrued Note Interest for the Class C Notes; (xi) eleventh, to the Noteholders of Class C Notes, Notes in payment of principal until the Note Balance of the Class C Notes is reduced to zero; and (xii) twelfth, to the holder of the Residual Interest, any remaining amounts.

Appears in 2 contracts

Samples: Indenture (Ford Credit Auto Owner Trust 2018-A), Indenture (Ford Credit Auto Owner Trust 2018-A)

Distributions Following Acceleration. If the Notes are accelerated after an Event of DefaultDefault with respect to Group 1, on each Payment Date starting with the Payment Date relating to the Collection Period in which the Notes are accelerated, the Indenture Trustee Note Paying Agent will (based on the information in the most recent Monthly Investor Report) withdraw from the Bank Series 2022-2 Accounts and make deposits and payments, to the extent of Series 2022-2 Available Funds and funds in the Bank Series 2022-2 Accounts for the related Collection Period, in the following order of priority (pro rata to the Persons within each priority level based on the amounts due except as stated): (i) first, pro rata, (A) to the payment of amountsIndenture Trustee, including indemnities, all amounts due to the Indenture Trustee, including fees, expenses and indemnities, (B) to the Master Collateral Agent and the Owner Trustee Trustee, the Series 2022-2 Group Allocated Percentage of all amounts due to such parties, including fees, expenses and indemnities and (C) to the Asset Representations Reviewer andReviewer, the Series 2022-2 ARR Series Allocation Percentage of all amounts due to or at the direction Asset Representations Reviewer, including fees (including fees due in connection with any Asset Representations Review of the IssuerGroup 1 Receivables), any expenses of the Issuer incurred under the Transaction Documentsand indemnities; (ii) second, (A) to the Servicer, all unpaid the Series 2022-2 Allocation Percentage of the Servicing FeesFee and (B) to any Successor Servicer, the Series 2022-2 Group Allocated Percentage of a one-time Successor Servicer engagement fee of $150,000, payable on the first Payment Date following its assumption of duties as Successor Servicer; (iii) third, to the Noteholders of Class A Notes, the aggregate Accrued Note Interest for the Class A Notes, pro rata based on the Note Balances of the Class A Notes on the prior Payment Date (after giving effect to payments on that date); (iv) fourth, to the Noteholders of Class A-1 Notes, A Notes in payment of principal until the Note Balance of the Class A-1 A Notes is reduced to zero; (v) fifth, to the Noteholders of Class A-2a and Class A-2b Notes, pro rata based on the respective Notes Balances, in payment of principal until the Note Balance of the Class A-2a and Class A-2b Notes is reduced to zero; (vi) sixth, to the Noteholders of Class A-3 Notes, in payment of principal until the Note Balance of the Class A-3 Notes is reduced to zero; (vii) seventh, to the Noteholders of Class A-4 Notes, in payment of principal until the Note Balance of the Class A-4 Notes is reduced to zero; (viii) eighth, to the Noteholders of Class B Notes, the Accrued Note Interest for the Class B Notes; (ixvi) ninthsixth, to the Noteholders of Class B Notes, Notes in payment of principal until the Note Balance of the Class B Notes is reduced to zero; (xvii) tenthseventh, to the Noteholders of Class C Notes, the Accrued Note Interest for the Class C Notes; (xiviii) eleventheighth, to the Noteholders of Class C Notes, Notes in payment of principal until the Note Balance of the Class C Notes is reduced to zero; and; (ix) ninth, to any Successor Servicer, the Additional Series Successor Servicer Fee, if any; (x) tenth, to the Noteholders, any accrued and unpaid Additional Interest Amounts due on the Notes, payable sequentially by Class; (xi) eleventh, to the Noteholders, any Make-Whole Payments due on the Notes, payable sequentially by Class; (xii) twelfth, to any other parties as the holder Administrator has identified, any remaining expenses of the Residual Trust, up to the Series 2022-2 Group Allocated Percentage of such amounts; (xiii) thirteenth, if applicable, to any Letter of Credit Provider, all amounts due, including (x) fees due to such Letter of Credit Provider and (y) expenses and indemnities due to such Letter of Credit Provider; and (xiv) fourteenth, to the Class R Interest, any remaining amounts.

Appears in 2 contracts

Samples: Indenture (Verizon Master Trust), Indenture Agreement (Verizon Master Trust)

Distributions Following Acceleration. If the Notes are accelerated after an Event of Default, on each Payment Date starting with the Payment Date relating to the Collection Period in which the Notes are accelerated, the Indenture Trustee will (based on the information in the most recent Monthly Investor Report) withdraw from the Bank Accounts and make deposits and payments, to the extent of funds in the Bank Accounts for the related Collection Period, in the following order of priority (pro rata to the Persons within each priority level based on the amounts due except as stated): (i) first, to the payment of amounts, including indemnities, due to the Indenture Trustee, the Owner Trustee and Trustee, the Asset Representations Reviewer and, to or at the direction of the Issuer, any expenses of the Issuer incurred under according to the Transaction Documents; (ii) second, to the Servicer, all unpaid Servicing Fees; (iii) third, to the Noteholders of Class A Notes, the aggregate Accrued Note Interest for the Class A Notes, pro rata based on the Note Balances of the Class A Notes on as of the end of the prior Payment Date (after giving effect to payments on that date)Date; (iv) fourth, to the Noteholders of Class A-1 Notes, Notes in payment of principal until the Note Balance of the Class A-1 Notes is reduced to zero; (v) fifth, to the Noteholders of Class A-2a and Class A-2b Notes, pro rata based on the respective Notes Balances, in payment of principal until the Note Balance of the Class A-2a and Class A-2b Notes is reduced to zero; (vi) sixth, to the Noteholders of Class A-3 Notes, Notes in payment of principal until the Note Balance of the Class A-3 Notes is reduced to zero; (vii) seventh, to the Noteholders of Class A-4 Notes, Notes in payment of principal until the Note Balance of the Class A-4 Notes is reduced to zero; (viii) eighth, to the Noteholders of Class B Notes, the Accrued Note Interest for the Class B Notes; (ix) ninth, to the Noteholders of Class B Notes, Notes in payment of principal until the Note Balance of the Class B Notes is reduced to zero; (x) tenth, to the Noteholders of Class C Notes, the Accrued Note Interest for the Class C Notes; (xi) eleventh, to the Noteholders of Class C Notes, Notes in payment of principal until the Note Balance of the Class C Notes is reduced to zero; and (xii) twelfth, to the holder of the Residual Interest, any remaining amounts.

Appears in 2 contracts

Samples: Indenture (Ford Credit Auto Owner Trust 2017-C), Indenture (Ford Credit Auto Owner Trust 2017-C)

Distributions Following Acceleration. If the Notes are accelerated after an Event of DefaultDefault with respect to Group 1, on each Payment Date starting with the Payment Date relating to the Collection Period in which the Notes are accelerated, the Indenture Trustee Note Paying Agent will (based on the information in the most recent Monthly Investor Report) withdraw from the Bank Series 2021-1 Accounts and make deposits and payments, to the extent of Series 2021-1 Available Funds and funds in the Bank Series 2021-1 Accounts for the related Collection Period, in the following order of priority (pro rata to the Persons within each priority level based on the amounts due except as stated): (i) first, pro rata, (A) to the payment of amountsIndenture Trustee, including indemnities, all amounts due to the Indenture Trustee, including fees, expenses and indemnities, (B) to the Master Collateral Agent and the Owner Trustee Trustee, the Series 2021-1 Group Allocated Percentage of all amounts due to such parties, including fees, expenses and indemnities and (C) to the Asset Representations Reviewer andReviewer, the Series 2021-1 ARR Series Allocation Percentage of all amounts due to or at the direction Asset Representations Reviewer, including fees (including fees due in connection with any Asset Representations Review of the IssuerGroup 1 Receivables), any expenses of the Issuer incurred under the Transaction Documentsand indemnities; (ii) second, (A) to the Servicer, all unpaid the Series 2021-1 Allocation Percentage of the Servicing FeesFee and (B) to any Successor Servicer, the Series 2021-1 Group Allocated Percentage of a one-time Successor Servicer engagement fee of $150,000, payable on the first Payment Date following its assumption of duties as Successor Servicer; (iii) third, to the Noteholders of Class A Notes, the aggregate Accrued Note Interest for the Class A Notes, pro rata based on the Note Balances of the Class A Notes on the prior Payment Date (after giving effect to payments on that date); (iv) fourth, to the Noteholders of Class A-1 Notes, A Notes in payment of principal until the Note Balance of the Class A-1 A Notes is reduced to zero; (v) fifth, to the Noteholders of Class A-2a and Class A-2b Notes, pro rata based on the respective Notes Balances, in payment of principal until the Note Balance of the Class A-2a and Class A-2b Notes is reduced to zero; (vi) sixth, to the Noteholders of Class A-3 Notes, in payment of principal until the Note Balance of the Class A-3 Notes is reduced to zero; (vii) seventh, to the Noteholders of Class A-4 Notes, in payment of principal until the Note Balance of the Class A-4 Notes is reduced to zero; (viii) eighth, to the Noteholders of Class B Notes, the Accrued Note Interest for the Class B Notes; (ixvi) ninthsixth, to the Noteholders of Class B Notes, Notes in payment of principal until the Note Balance of the Class B Notes is reduced to zero; (xvii) tenthseventh, to the Noteholders of Class C Notes, the Accrued Note Interest for the Class C Notes; (xiviii) eleventheighth, to the Noteholders of Class C Notes, Notes in payment of principal until the Note Balance of the Class C Notes is reduced to zero; and; (ix) ninth, to any Successor Servicer, the Additional Series Successor Servicer Fee, if any; (x) tenth, to the Noteholders, any accrued and unpaid Additional Interest Amounts due on the Notes, payable sequentially by Class; (xi) eleventh, to the Noteholders, any Make-Whole Payments due on the Notes, payable sequentially by Class; (xii) twelfth, to any other parties as the holder Administrator has identified, any remaining expenses of the Residual Trust, up to the Series 2021-1 Group Allocated Percentage of such amounts; (xiii) thirteenth, if applicable, to any Letter of Credit Provider, all amounts due, including (x) fees due to such Letter of Credit Provider and (y) expenses and indemnities due to such Letter of Credit Provider; and (xiv) fourteenth, to the Class R Interest, any remaining amounts.

Appears in 2 contracts

Samples: Indenture (Verizon Master Trust), Indenture (Verizon Master Trust)

Distributions Following Acceleration. If the Notes are accelerated after an Event of Default, on each Payment Date starting with the Payment Date relating to the Collection Period in which the Notes are accelerated, the Indenture Trustee will (based on the information in the most recent Monthly Investor Report) withdraw from the Bank Accounts and make deposits and payments, to the extent of funds in the Bank Accounts for the related Collection Period, in the following order of priority (pro rata to the Persons within each priority level based on the amounts due except as stated): (i) first, to the payment of amounts, including indemnities, due to the Indenture Trustee, the Owner Trustee, the Delaware Trustee and the Asset Representations Reviewer and, to or at the direction of the Issuer, any expenses of the Issuer incurred under the Transaction Documents; (ii) second, to the Servicer, all unpaid Servicing Administration Fees; (iii) third, to the Noteholders of Class A Notes, the aggregate Accrued Note Interest for the Class A Notes, pro rata based on the Note Balances of the Class A Notes on the prior Payment Date (after giving effect to payments on that date); (iv) fourth, to the Noteholders of Class A-1 Notes, in payment of principal until the Note Balance of the Class A-1 Notes is reduced to zero; (v) fifth, to the Noteholders of Class A-2a and Class A-2b Notes, pro rata based on the respective Notes Note Balances, in payment of principal until the Note Balance of the Class A-2a and Class A-2b Notes is reduced to zero; (vi) sixth, to the Noteholders of Class A-3 Notes, in payment of principal until the Note Balance of the Class A-3 Notes is reduced to zero; (vii) seventh, to the Noteholders of Class A-4 Notes, in payment of principal until the Note Balance of the Class A-4 Notes is reduced to zero; (viii) eighth, to the Noteholders of Class B Notes, the Accrued Note Interest for the Class B Notes; (ix) ninth, to the Noteholders of Class B Notes, in payment of principal until the Note Balance of the Class B Notes is reduced to zero; (x) tenth, to the Noteholders of Class C Notes, the Accrued Note Interest for the Class C Notes; (xi) eleventh, to the Noteholders of Class C Notes, in payment of principal until the Note Balance of the Class C Notes is reduced to zero; and (xii) twelfth, to the holder of the Residual Interest, any remaining amounts.

Appears in 2 contracts

Samples: Indenture (Ford Credit Auto Lease Trust 2020-B), Indenture (Ford Credit Auto Lease Trust 2020-B)

Distributions Following Acceleration. If the Notes are accelerated after an Event of DefaultDefault with respect to Group 1, on each Payment Date starting with the Payment Date relating to the Collection Period in which the Notes are accelerated, the Indenture Trustee Note Paying Agent will (based on the information in the most recent Monthly Investor Report) withdraw from the Bank Series 2022-3 Accounts and make deposits and payments, to the extent of Series 2022-3 Available Funds and funds in the Bank Series 2022-3 Accounts for the related Collection Period, in the following order of priority (pro rata to the Persons within each priority level based on the amounts due except as stated): (i) first, pro rata, (A) to the payment of amountsIndenture Trustee, including indemnities, all amounts due to the Indenture Trustee, including fees, expenses and indemnities, (B) to the Master Collateral Agent and the Owner Trustee Trustee, the Series 2022-3 Group Allocated Percentage of all amounts due to such parties, including fees, expenses and indemnities and (C) to the Asset Representations Reviewer andReviewer, the Series 2022-3 ARR Series Allocation Percentage of all amounts due to or at the direction Asset Representations Reviewer, including fees (including fees due in connection with any Asset Representations Review of the IssuerGroup 1 Receivables), any expenses of the Issuer incurred under the Transaction Documentsand indemnities; (ii) second, (A) to the Servicer, all unpaid the Series 2022-3 Allocation Percentage of the Servicing FeesFee and (B) to any Successor Servicer, the Series 2022-3 Group Allocated Percentage of a one-time Successor Servicer engagement fee of $150,000, payable on the first Payment Date following its assumption of duties as Successor Servicer; (iii) third, to the Noteholders of Class A Notes, the aggregate Accrued Note Interest for the Class A Notes, pro rata based on the Note Balances of the Class A Notes on the prior Payment Date (after giving effect to payments on that date); (iv) fourth, to the Noteholders of Class A-1 Notes, A Notes in payment of principal until the Note Balance of the Class A-1 A Notes is reduced to zero; (v) fifth, to the Noteholders of Class A-2a and Class A-2b Notes, pro rata based on the respective Notes Balances, in payment of principal until the Note Balance of the Class A-2a and Class A-2b Notes is reduced to zero; (vi) sixth, to the Noteholders of Class A-3 Notes, in payment of principal until the Note Balance of the Class A-3 Notes is reduced to zero; (vii) seventh, to the Noteholders of Class A-4 Notes, in payment of principal until the Note Balance of the Class A-4 Notes is reduced to zero; (viii) eighth, to the Noteholders of Class B Notes, the Accrued Note Interest for the Class B Notes; (ixvi) ninthsixth, to the Noteholders of Class B Notes, Notes in payment of principal until the Note Balance of the Class B Notes is reduced to zero; (xvii) tenthseventh, to the Noteholders of Class C Notes, the Accrued Note Interest for the Class C Notes; (xiviii) eleventheighth, to the Noteholders of Class C Notes, Notes in payment of principal until the Note Balance of the Class C Notes is reduced to zero; and; (ix) ninth, to any Successor Servicer, the Additional Series Successor Servicer Fee, if any; (x) tenth, to the Noteholders, any accrued and unpaid Additional Interest Amounts due on the Notes, payable sequentially by Class; (xi) eleventh, to the Noteholders, any Make-Whole Payments due on the Notes, payable sequentially by Class; (xii) twelfth, to any other parties as the holder Administrator has identified, any remaining expenses of the Residual Trust, up to the Series 2022-3 Group Allocated Percentage of such amounts; (xiii) thirteenth, if applicable, to any Letter of Credit Provider, all amounts due, including (x) fees due to such Letter of Credit Provider and (y) expenses and indemnities due to such Letter of Credit Provider; and (xiv) fourteenth, to the Class R Interest, any remaining amounts.

Appears in 2 contracts

Samples: Indenture (Verizon Master Trust), Indenture (Verizon Master Trust)

Distributions Following Acceleration. If the Notes are accelerated after following an Event of Default, then on each Payment Date starting with the Payment Date relating to the Collection Period in which the Notes are acceleratedacceleration occurs, the Indenture Trustee will (based on the information in the most recent Monthly Investor Report) withdraw will make the following withdrawals from the Bank Accounts and make deposits payments and paymentsdistributions on each Payment Date, to the extent of funds in the Bank Accounts for the related Collection Period, Period prior to the Payment Date in the following order of priority (pro rata to the Persons within each priority level based on the amounts due except as stated): (i) first, to the payment of amounts, including indemnities, due to the Indenture Trustee, the Owner Trustee and Trustee, the Asset Representations Reviewer and, to or at the direction of the Issuer, any and expenses of the Issuer incurred under according to the Transaction Documents; (ii) second, to the Servicer, all unpaid Servicing Fees; (iii) third, to the Noteholders of Class A Notes, the aggregate Accrued Note Interest for the Class A Notes, pro rata based on the Note Balances of the Class A Notes on as of the end of the prior Payment Date (after giving effect to payments on that date)Date; (iv) fourth, to the Noteholders of Class A-1 Notes, Notes in payment of principal until the Note Balance of the Class A-1 Notes is reduced to zero; (v) fifth, to the Noteholders of Class A-2a and Class A-2b Notes, pro rata based on the respective Notes Balances, in payment of principal until the Note Balance of the Class A-2a and Class A-2b Notes is reduced to zero; (vi) sixth, to the Noteholders of Class A-3 Notes, Notes in payment of principal until the Note Balance of the Class A-3 Notes is reduced to zero; (vii) seventh, to the Noteholders of Class A-4 Notes, Notes in payment of principal until the Note Balance of the Class A-4 Notes is reduced to zero; (viii) eighth, to the Noteholders of Class B Notes, the Accrued Note Interest for the Class B Notes; (ix) ninth, to the Noteholders of Class B Notes, Notes in payment of principal until the Note Balance of the Class B Notes is reduced to zero; (x) tenth, to the Noteholders of Class C Notes, the Accrued Note Interest for the Class C Notes; (xi) eleventh, to the Noteholders of Class C Notes, Notes in payment of principal until the Note Balance of the Class C Notes is reduced to zero; and (xii) twelfth, to the holder of the Residual Interest, any remaining amountsmoney or property.

Appears in 2 contracts

Samples: Indenture (Ford Credit Auto Receivables Two LLC), Indenture (Ford Credit Auto Receivables Two LLC)

Distributions Following Acceleration. If the Notes are accelerated after an Event of DefaultDefault with respect to Group 1, on each Payment Date starting with the Payment Date relating to the Collection Period in which the Notes are accelerated, the Indenture Trustee Note Paying Agent will (based on the information in the most recent Monthly Investor Report) withdraw from the Bank Series 2022-4 Accounts and make deposits and payments, to the extent of Series 2022-4 Available Funds and funds in the Bank Series 2022-4 Accounts for the related Collection Period, in the following order of priority (pro rata to the Persons within each priority level based on the amounts due except as stated): (i) first, pro rata, (A) to the payment of amountsIndenture Trustee, including indemnities, all amounts due to the Indenture Trustee, including fees, expenses and indemnities, (B) to the Master Collateral Agent and the Owner Trustee Trustee, the Series 2022-4 Group Allocated Percentage of all amounts due to such parties, including fees, expenses and indemnities and (C) to the Asset Representations Reviewer andReviewer, the Series 2022-4 ARR Series Allocation Percentage of all amounts due to or at the direction Asset Representations Reviewer, including fees (including fees due in connection with any Asset Representations Review of the IssuerGroup 1 Receivables), any expenses of the Issuer incurred under the Transaction Documentsand indemnities; (ii) second, (A) to the Servicer, all unpaid the Series 2022-4 Allocation Percentage of the Servicing FeesFee and (B) to any Successor Servicer, the Series 2022-4 Group Allocated Percentage of a one-time Successor Servicer engagement fee of $150,000, payable on the first Payment Date following its assumption of duties as Successor Servicer; (iii) third, to the Noteholders of Class A Notes, the aggregate Accrued Note Interest for the Class A Notes, pro rata based on the Note Balances of the Class A Notes on the prior Payment Date (after giving effect to payments on that date); (iv) fourth, to the Noteholders of Class A-1 Notes, A Notes in payment of principal until the Note Balance of the Class A-1 A Notes is reduced to zero; (v) fifth, to the Noteholders of Class A-2a and Class A-2b Notes, pro rata based on the respective Notes Balances, in payment of principal until the Note Balance of the Class A-2a and Class A-2b Notes is reduced to zero; (vi) sixth, to the Noteholders of Class A-3 Notes, in payment of principal until the Note Balance of the Class A-3 Notes is reduced to zero; (vii) seventh, to the Noteholders of Class A-4 Notes, in payment of principal until the Note Balance of the Class A-4 Notes is reduced to zero; (viii) eighth, to the Noteholders of Class B Notes, the Accrued Note Interest for the Class B Notes; (ixvi) ninthsixth, to the Noteholders of Class B Notes, Notes in payment of principal until the Note Balance of the Class B Notes is reduced to zero; (xvii) tenthseventh, to the Noteholders of Class C Notes, the Accrued Note Interest for the Class C Notes; (xiviii) eleventheighth, to the Noteholders of Class C Notes, Notes in payment of principal until the Note Balance of the Class C Notes is reduced to zero; and; (ix) ninth, to any Successor Servicer, the Additional Series Successor Servicer Fee, if any; (x) tenth, to the Noteholders, any accrued and unpaid Additional Interest Amounts due on the Notes, payable sequentially by Class; (xi) eleventh, to the Noteholders, any Make-Whole Payments due on the Notes, payable sequentially by Class; (xii) twelfth, to any other parties as the holder Administrator has identified, any remaining expenses of the Residual Trust, up to the Series 2022-4 Group Allocated Percentage of such amounts; (xiii) thirteenth, if applicable, to any Letter of Credit Provider, all amounts due, including (x) fees due to such Letter of Credit Provider and (y) expenses and indemnities due to such Letter of Credit Provider; and (xiv) fourteenth, to the Class R Interest, any remaining amounts.

Appears in 2 contracts

Samples: Indenture (Verizon Master Trust), Indenture Agreement (Verizon Master Trust)

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Distributions Following Acceleration. If the Notes are accelerated after an Event of DefaultDefault with respect to Group 1, on each Payment Date starting with the Payment Date relating to the Collection Period in which the Notes are accelerated, the Indenture Trustee Note Paying Agent will (based on the information in the most recent Monthly Investor Report) withdraw from the Bank Series 2022-1 Accounts and make deposits and payments, to the extent of Series 2022-1 Available Funds and funds in the Bank Series 2022-1 Accounts for the related Collection Period, in the following order of priority (pro rata to the Persons within each priority level based on the amounts due except as stated): (i) first, pro rata, (A) to the payment of amountsIndenture Trustee, including indemnities, all amounts due to the Indenture Trustee, including fees, expenses and indemnities, (B) to the Master Collateral Agent and the Owner Trustee Trustee, the Series 2022-1 Group Allocated Percentage of all amounts due to such parties, including fees, expenses and indemnities and (C) to the Asset Representations Reviewer andReviewer, the Series 2022-1 ARR Series Allocation Percentage of all amounts due to or at the direction Asset Representations Reviewer, including fees (including fees due in connection with any Asset Representations Review of the IssuerGroup 1 Receivables), any expenses of the Issuer incurred under the Transaction Documentsand indemnities; (ii) second, (A) to the Servicer, all unpaid the Series 2022-1 Allocation Percentage of the Servicing FeesFee and (B) to any Successor Servicer, the Series 2022-1 Group Allocated Percentage of a one-time Successor Servicer engagement fee of $150,000, payable on the first Payment Date following its assumption of duties as Successor Servicer; (iii) third, to the Noteholders of Class A Notes, the aggregate Accrued Note Interest for the Class A Notes, pro rata based on the Note Balances of the Class A Notes on the prior Payment Date (after giving effect to payments on that date); (iv) fourth, to the Noteholders of Class A-1 Notes, A Notes in payment of principal until the Note Balance of the Class A-1 A Notes is reduced to zero; (v) fifth, to the Noteholders of Class A-2a and Class A-2b Notes, pro rata based on the respective Notes Balances, in payment of principal until the Note Balance of the Class A-2a and Class A-2b Notes is reduced to zero; (vi) sixth, to the Noteholders of Class A-3 Notes, in payment of principal until the Note Balance of the Class A-3 Notes is reduced to zero; (vii) seventh, to the Noteholders of Class A-4 Notes, in payment of principal until the Note Balance of the Class A-4 Notes is reduced to zero; (viii) eighth, to the Noteholders of Class B Notes, the Accrued Note Interest for the Class B Notes; (ixvi) ninthsixth, to the Noteholders of Class B Notes, Notes in payment of principal until the Note Balance of the Class B Notes is reduced to zero; (xvii) tenthseventh, to the Noteholders of Class C Notes, the Accrued Note Interest for the Class C Notes; (xiviii) eleventheighth, to the Noteholders of Class C Notes, Notes in payment of principal until the Note Balance of the Class C Notes is reduced to zero; and; (ix) ninth, to any Successor Servicer, the Additional Series Successor Servicer Fee, if any; (x) tenth, to the Noteholders, any accrued and unpaid Additional Interest Amounts due on the Notes, payable sequentially by Class; (xi) eleventh, to the Noteholders, any Make-Whole Payments due on the Notes, payable sequentially by Class; (xii) twelfth, to any other parties as the holder Administrator has identified, any remaining expenses of the Residual Trust, up to the Series 2022-1 Group Allocated Percentage of such amounts; (xiii) thirteenth, if applicable, to any Letter of Credit Provider, all amounts due, including (x) fees due to such Letter of Credit Provider and (y) expenses and indemnities due to such Letter of Credit Provider; and (xiv) fourteenth, to the Class R Interest, any remaining amounts.

Appears in 2 contracts

Samples: Indenture (Verizon Master Trust), Indenture Agreement (Verizon Master Trust)

Distributions Following Acceleration. If the Notes are accelerated after an Event of Default, on each Payment Date starting with the Payment Date relating to the Collection Period in which the Notes are accelerated, the Indenture Trustee will (based on the information in the most recent Monthly Investor Report) withdraw from the Bank Accounts and make deposits and payments, to the extent of funds in the Bank Accounts for the related Collection Period, in the following order of priority (pro rata to the Persons within each priority level based on the amounts due except as stated): (i) first, to the payment of amounts, including indemnities, due to the Indenture Trustee, the Owner Trustee, the Delaware Trustee and the Asset Representations Reviewer and, to or at the direction of the Issuer, any expenses of the Issuer incurred under according to the Transaction Documents; (ii) second, to the Servicer, all unpaid Servicing Administration Fees; (iii) third, to the Noteholders of Class A Notes, the aggregate Accrued Note Interest for the Class A Notes, pro rata based on the Note Balances of the Class A Notes on as of the end of the prior Payment Date (after giving effect to payments on that date)Date; (iv) fourth, to the Noteholders of Class A-1 Notes, Notes in payment of principal until the Note Balance of the Class A-1 Notes is reduced to zero; (v) fifth, to the Noteholders of Class A-2a and Class A-2b Notes, pro rata based on the respective Notes Balances, in payment of principal until the Note Balance of the Class A-2a and Class A-2b Notes is reduced to zero; (vi) sixth, to the Noteholders of Class A-3 Notes, Notes in payment of principal until the Note Balance of the Class A-3 Notes is reduced to zero; (vii) seventh, to the Noteholders of Class A-4 Notes, Notes in payment of principal until the Note Balance of the Class A-4 Notes is reduced to zero; (viii) eighth, to the Noteholders of Class B Notes, the Accrued Note Interest for the Class B Notes; (ix) ninth, to the Noteholders of Class B Notes, Notes in payment of principal until the Note Balance of the Class B Notes is reduced to zero; (x) tenth, to the Noteholders of Class C Notes, the Accrued Note Interest for the Class C Notes; (xi) eleventh, to the Noteholders of Class C Notes, Notes in payment of principal until the Note Balance of the Class C Notes is reduced to zero; and (xii) twelfth, to the holder of the Residual Interest, any remaining amounts.

Appears in 2 contracts

Samples: Indenture (Ford Credit Auto Lease Trust 2018-A), Indenture (Ford Credit Auto Lease Trust 2018-A)

Distributions Following Acceleration. If the Notes are accelerated after an Event of Default, on each Payment Date starting with the Payment Date relating to the Collection Period in which the Notes are accelerated, the Indenture Trustee will (based on the information in the most recent Monthly Investor Report) withdraw from the Bank Accounts and make deposits and payments, to the extent of funds in the Bank Accounts for the related Collection Period, in the following order of priority (pro rata to the Persons within each priority level based on the amounts due except as stated): (i) first, to the payment of amounts, including indemnities, due to the Indenture Trustee, the Owner Trustee and Trustee, the Asset Representations Reviewer and, to or at the direction of the Issuer, any and expenses of the Issuer incurred under according to the Transaction Documents; (ii) second, to the Servicer, all unpaid Servicing Administration Fees; (iii) third, to the Noteholders of Class A Notes, the aggregate Accrued Note Interest for the Class A Notes, pro rata based on the Note Balances of the Class A Notes on as of the end of the prior Payment Date (after giving effect to payments on that date)Date; (iv) fourth, to the Noteholders of Class A-1 Notes, Notes in payment of principal until the Note Balance of the Class A-1 Notes is reduced to zero; (v) fifth, to the Noteholders of Class A-2a A-2[a] [and Class A-2b A-2b] Notes, pro rata based on the respective Notes Balances, in payment of principal until the Note Balance of the Class A-2a A-2[a] [and Class A-2b A-2b] Notes is reduced to zero; (vi) sixth, to the Noteholders of Class A-3 Notes, Notes in payment of principal until the Note Balance of the Class A-3 Notes is reduced to zero; (vii) seventh, to the Noteholders of Class A-4 Notes, Notes in payment of principal until the Note Balance of the Class A-4 Notes is reduced to zero; (viii) eighth, to the Noteholders of Class B Notes, the Accrued Note Interest for the Class B Notes; (ix) ninth, to the Noteholders of Class B Notes, Notes in payment of principal until the Note Balance of the Class B Notes is reduced to zero; (x) tenth, to the Noteholders of Class C Notes, the Accrued Note Interest for the Class C Notes; (xi) eleventh, to the Noteholders of Class C Notes, Notes in payment of principal until the Note Balance of the Class C Notes is reduced to zero; and (xii) twelfth, to the holder of the Residual Interest, any remaining amounts.

Appears in 2 contracts

Samples: Indenture (CAB East LLC), Indenture (CAB East LLC)

Distributions Following Acceleration. If the Notes are accelerated after an Event of Default, on each Payment Date starting with the Payment Date relating to the Collection Period in which the Notes are accelerated, the Indenture Trustee will (based on the information in the most recent Monthly Investor Report) withdraw from the Bank Accounts and make deposits and payments, to the extent of funds in the Bank Accounts for the related Collection Period, in the following order of priority (pro rata to the Persons within each priority level based on the amounts due except as stated): (i) first, to the payment of amounts, including indemnities, due to the Indenture Trustee, the Owner Trustee, the Delaware Trustee and the Asset Representations Reviewer and, to or at the direction of the Issuer, any and expenses of the Issuer incurred under according to the Transaction Documents; (ii) second, to the Servicer, all unpaid Servicing Administration Fees; (iii) third, to the Noteholders of Class A Notes, the aggregate Accrued Note Interest for the Class A Notes, pro rata based on the Note Balances of the Class A Notes on as of the end of the prior Payment Date (after giving effect to payments on that date)Date; (iv) fourth, to the Noteholders of Class A-1 Notes, Notes in payment of principal until the Note Balance of the Class A-1 Notes is reduced to zero; (v) fifth, to the Noteholders of Class A-2a and Class A-2b Notes, pro rata based on the respective Notes Balances, in payment of principal until the Note Balance of the Class A-2a and Class A-2b Notes is reduced to zero; (vi) sixth, to the Noteholders of Class A-3 Notes, Notes in payment of principal until the Note Balance of the Class A-3 Notes is reduced to zero; (vii) seventh, to the Noteholders of Class A-4 Notes, Notes in payment of principal until the Note Balance of the Class A-4 Notes is reduced to zero; (viii) eighth, to the Noteholders of Class B Notes, the Accrued Note Interest for the Class B Notes; (ix) ninth, to the Noteholders of Class B Notes, Notes in payment of principal until the Note Balance of the Class B Notes is reduced to zero; (x) tenth, to the Noteholders of Class C Notes, the Accrued Note Interest for the Class C Notes; (xi) eleventh, to the Noteholders of Class C Notes, Notes in payment of principal until the Note Balance of the Class C Notes is reduced to zero; and (xii) twelfth, to the holder of the Residual Interest, any remaining amounts.

Appears in 2 contracts

Samples: Indenture (Ford Credit Auto Lease Trust 2017-A), Indenture (Ford Credit Auto Lease Two LLC)

Distributions Following Acceleration. If the Notes are accelerated after an Event of Default, on each Payment Date starting with the Payment Date relating to the Collection Period in which the Notes are accelerated, the Indenture Trustee will (based on the information in the most recent Monthly Investor Report) withdraw from the Bank Accounts and make deposits and payments, to the extent of funds in the Bank Accounts for the related Collection Period, in the following order of priority (pro rata to the Persons within each priority level based on the amounts due except as stated): (i) first, to the payment of amounts, including indemnities, due to the Indenture Trustee, the Owner Trustee, the Delaware Trustee and the Asset Representations Reviewer and, to or at the direction of the Issuer, any and expenses of the Issuer incurred under according to the Transaction Documents; (ii) second, to the Servicer, all unpaid Servicing Administration Fees; (iii) third, to the Noteholders of Class A Notes, the aggregate Accrued Note Interest for the Class A Notes, pro rata based on the Note Balances of the Class A Notes on as of the end of the prior Payment Date (after giving effect to payments on that date)Date; (iv) fourth, to the Noteholders of Class A-1 Notes, Notes in payment of principal until the Note Balance of the Class A-1 Notes is reduced to zero; (v) fifth, to the Noteholders of Class A-2a and Class A-2b Notes, pro rata based on the respective Notes Balances, in payment of principal until the Note Balance of the Class A-2a and Class A-2b Notes is reduced to zero; (vi) sixth, to the Noteholders of Class A-3 Notes, Notes in payment of principal until the Note Balance of the Class A-3 Notes is reduced to zero; (vii) seventh, to the Noteholders of Class A-4 Notes, Notes in payment of principal until the Note Balance of the Class A-4 Notes is reduced to zero; (viii) eighth, to the Noteholders of Class B Notes, the Accrued Note Interest for the Class B Notes; (ix) ninth, to the Noteholders of Class B Notes, Notes in payment of principal until the Note Balance of the Class B Notes is reduced to zero; (x) tenth, to the Noteholders of Class C Notes, the Accrued Note Interest for the Class C Notes; (xi) eleventh, to the Noteholders of Class C Notes, Notes in payment of principal until the Note Balance of the Class C Notes is reduced to zero; and (xii) twelfth, to the holder of the Residual Interest, any remaining amounts.

Appears in 2 contracts

Samples: Indenture (Ford Credit Auto Lease Two LLC), Indenture (Ford Credit Auto Lease Two LLC)

Distributions Following Acceleration. If the Notes are accelerated after an Event of Default, on each Payment Date starting with the Payment Date relating to the Collection Period in which the Notes are accelerated, the Indenture Trustee will (based on the information in the most recent Monthly Investor Report) withdraw from the Bank Accounts and make deposits and payments, to the extent of funds in the Bank Accounts for the related Collection Period, in the following order of priority (pro rata to the Persons within each priority level based on the amounts due except as stated): (i) first, to the payment of amounts, including indemnities, due to the Indenture Trustee, the Owner Trustee and the Asset Representations Reviewer and, to or at the direction of the Issuer, any expenses of the Issuer incurred under according to the Transaction Documents; (ii) second, to the Servicer, all unpaid Servicing Fees; (iii) third, to the Noteholders of Class A Notes, the aggregate Accrued Note Interest for the Class A Notes, pro rata based on the Note Balances of the Class A Notes on as of the end of the prior Payment Date (after giving effect to payments on that date)Date; (iv) fourth, to the Noteholders of Class A-1 A-1[a] [and Class A-1b] Notes, in payment of principal until the Note Balance of the Class A-1 A-1[a] [and Class A-1b] Notes is reduced to zero; (v) fifth, to the Noteholders of Class A-2a A-2[a] [and Class A-2b A-2b] Notes, pro rata based on the respective Notes Balances, in payment of principal until the Note Balance of the Class A-2a A-2[a] [and Class A-2b A-2b] Notes is reduced to zero; (vi) sixth, to the Noteholders of Class A-3 Notes, in payment of principal until the Note Balance of the Class A-3 Notes is reduced to zero; (vii) seventh, to the Noteholders of Class A-4 Notes, in payment of principal until the Note Balance of the Class A-4 Notes is reduced to zero; (viii) eighth, to the Noteholders of Class B Notes, the Accrued Note Interest for the Class B Notes; (ix) ninth, to the Noteholders of Class B Notes, in payment of principal until the Note Balance of the Class B Notes is reduced to zero; (x) tenth, to the Noteholders of Class C Notes, the Accrued Note Interest for the Class C Notes; (xi) eleventh, to the Noteholders of Class C Notes, in payment of principal until the Note Balance of the Class C Notes is reduced to zero; and (xii) twelfth, to the holder of the Residual Interest, any remaining amounts.

Appears in 1 contract

Samples: Indenture (Ford Credit Auto Receivables Two LLC)

Distributions Following Acceleration. If the Notes are accelerated after an Event of DefaultDefault with respect to Group 1, on each Payment Date starting with the Payment Date relating to the Collection Period in which the Notes are accelerated, the Indenture Trustee Note Paying Agent will (based on the information in the most recent Monthly Investor Report) withdraw from the Bank Series 2024-7 Accounts and make deposits and payments, to the extent of Series 2024-7 Available Funds and funds in the Bank Series 2024-7 Accounts for the related Collection Period, in the following order of priority (pro rata to the Persons within each priority level based on the amounts due except as stated): (i) first, pro rata, (A) to the payment of amountsIndenture Trustee, including indemnities, all amounts due to the Indenture Trustee, including fees, expenses and indemnities and (B) to the Master Collateral Agent and the Owner Trustee Trustee, the Series 2024-7 Group Allocated Percentage of all amounts due to such parties, including fees, expenses and the Asset Representations Reviewer and, to or at the direction of the Issuer, any expenses of the Issuer incurred under the Transaction Documentsindemnities; (ii) second, (A) to the Servicer, all unpaid the Series 2024-7 Allocation Percentage of the Servicing FeesFee and (B) to any Successor Servicer, the Series 2024-7 Group Allocated Percentage of a one-time Successor Servicer engagement fee of $150,000, payable on the first Payment Date following its assumption of duties as Successor Servicer; (iii) third, to the Noteholders of Class A Notes, the aggregate Accrued Note Interest for the Class A Notes, pro rata based on the Note Balances of the Class A Notes on the prior Payment Date (after giving effect to payments on that date); (iv) fourth, to the Noteholders of Class A-1 Notes, A Notes in payment of principal until the Note Balance of the Class A-1 A Notes is reduced to zero; (v) fifth, to the Noteholders of Class A-2a and Class A-2b Notes, pro rata based on the respective Notes Balances, in payment of principal until the Note Balance of the Class A-2a and Class A-2b Notes is reduced to zero; (vi) sixth, to the Noteholders of Class A-3 Notes, in payment of principal until the Note Balance of the Class A-3 Notes is reduced to zero; (vii) seventh, to the Noteholders of Class A-4 Notes, in payment of principal until the Note Balance of the Class A-4 Notes is reduced to zero; (viii) eighth, to the Noteholders of Class B Notes, the Accrued Note Interest for the Class B Notes; (ixvi) ninthsixth, to the Noteholders of Class B Notes, Notes in payment of principal until the Note Balance of the Class B Notes is reduced to zero; (xvii) tenthseventh, to the Noteholders of Class C Notes, the Accrued Note Interest for the Class C Notes; (xiviii) eleventheighth, to the Noteholders of Class C Notes, Notes in payment of principal until the Note Balance of the Class C Notes is reduced to zero; and; (ix) ninth, to any Successor Servicer, the Additional Series Successor Servicer Fee, if any; (x) tenth, to the Noteholders, any accrued and unpaid Additional Interest Amounts due on the Notes, payable first, to the Class A Notes, then to the Class B Notes and then to the Class C Notes; (xi) eleventh, to the Noteholders, any Make-Whole Payments due on the Notes, payable in the order set forth under Section 8.2(d)(ii); (xii) twelfth, to any other parties as the holder Administrator has identified, any remaining expenses of the Residual Trust, up to the Series 2024-7 Group Allocated Percentage of such amounts; (xiii) thirteenth, if applicable, to any Letter of Credit Provider, all amounts due, including (x) fees due to such Letter of Credit Provider and (y) expenses and indemnities due to such Letter of Credit Provider; and (xiv) fourteenth, to the Class R Interest, any remaining amounts.

Appears in 1 contract

Samples: Indenture (Verizon Master Trust)

Distributions Following Acceleration. If the Notes are accelerated after an Event of Default, on each Payment Date starting with the Payment Date relating to the Collection Period in which the Notes are accelerated, the Indenture Trustee will (based on the information in the most recent Monthly Investor Report) withdraw from the Bank Accounts and make deposits and payments, to the extent of funds in the Bank Accounts for the related Collection Period, in the following order of priority (pro rata to the Persons within each priority level based on the amounts due except as stated): (i) first, to the payment of amounts, including indemnities, due to the Indenture Trustee, the Owner Trustee and the Asset Representations Reviewer and, to or at the direction of the Issuer, any expenses of the Issuer incurred under the Transaction Documents; (ii) second, to the Servicer, all unpaid Servicing Fees; (iii) third, to the Noteholders of Class A Notes, the aggregate Accrued Note Interest for the Class A Notes, pro rata based on the Note Balances of the Class A Notes on the prior Payment Date (after giving effect to payments on that date); (iv) fourth, to the Noteholders of Class A-1 Notes, in payment of principal until the Note Balance of the Class A-1 Notes is reduced to zero; (v) fifth, to the Noteholders of Class A-2a A-2[a] [and Class A-2b A-2b] Notes, [pro rata based on the respective Notes Balances, ,] in payment of principal until the Note Balance of the Class A-2a A-2[a] [and Class A-2b A-2b] Notes is reduced to zero; (vi) sixth, to the Noteholders of Class A-3 Notes, in payment of principal until the Note Balance of the Class A-3 Notes is reduced to zero; (vii) seventh, to the Noteholders of Class A-4 Notes, in payment of principal until the Note Balance of the Class A-4 Notes is reduced to zero; (viii) eighth, to the Noteholders of Class B Notes, the Accrued Note Interest for the Class B Notes; (ix) ninth, to the Noteholders of Class B Notes, in payment of principal until the Note Balance of the Class B Notes is reduced to zero; (x) tenth, to the Noteholders of Class C Notes, the Accrued Note Interest for the Class C Notes; (xi) eleventh, to the Noteholders of Class C Notes, in payment of principal until the Note Balance of the Class C Notes is reduced to zero; and (xii) twelfth, to the holder of the Residual Interest, any remaining amounts.

Appears in 1 contract

Samples: Indenture (Ford Credit Auto Receivables Two LLC)

Distributions Following Acceleration. If the Notes are accelerated after an Event of Default, on each Payment Date starting with the Payment Date relating to the Collection Period in which the Notes are accelerated, the Indenture Trustee will (based on the information in the most recent Monthly Investor Report) withdraw from the Bank Accounts and make deposits and payments, to the extent of funds in the Bank Accounts for the related Collection Period, in the following order of priority (pro rata to the Persons within each priority level based on the amounts due except as stated): (i) first, to the payment of amounts, including indemnities, due to the Indenture Trustee, the Owner Trustee and the Asset Representations Reviewer and, to or at the direction of the Issuer, any expenses of the Issuer incurred under the Transaction Documents; (ii) second, to the Servicer, all unpaid Servicing Fees; (iii) third, to the Noteholders of Class A Notes, the aggregate Accrued Note Interest for the Class A Notes, pro rata based on the Note Balances of the Class A Notes on the prior Payment Date (after giving effect to payments on that date); (iv) fourth, to the Noteholders of Class A-1 A-1[a] [and Class A-1b] Notes, in payment of principal until the Note Balance of the Class A-1 A-1[a] [and Class A-1b] Notes is reduced to zero; (v) fifth, to the Noteholders of Class A-2a A-2[a] [and Class A-2b A-2b] Notes, pro rata based on the respective Notes Balances, in payment of principal until the Note Balance of the Class A-2a A-2[a] [and Class A-2b A-2b] Notes is reduced to zero; (vi) sixth, to the Noteholders of Class A-3 Notes, in payment of principal until the Note Balance of the Class A-3 Notes is reduced to zero; (vii) seventh, to the Noteholders of Class A-4 Notes, in payment of principal until the Note Balance of the Class A-4 Notes is reduced to zero; (viii) eighth, to the Noteholders of Class B Notes, the Accrued Note Interest for the Class B Notes; (ix) ninth, to the Noteholders of Class B Notes, in payment of principal until the Note Balance of the Class B Notes is reduced to zero; (x) tenth, to the Noteholders of Class C Notes, the Accrued Note Interest for the Class C Notes; (xi) eleventh, to the Noteholders of Class C Notes, in payment of principal until the Note Balance of the Class C Notes is reduced to zero; and (xii) twelfth, to the holder of the Residual Interest, any remaining amounts.

Appears in 1 contract

Samples: Indenture (Ford Credit Auto Receivables Two LLC)

Distributions Following Acceleration. If the Notes are accelerated after an Event of DefaultDefault with respect to Group 1, on each Payment Date starting with the Payment Date relating to the Collection Period in which the Notes are accelerated, the Indenture Trustee Note Paying Agent will (based on the information in the most recent Monthly Investor Report) withdraw from the Bank Series 2024-2 Accounts and make deposits and payments, to the extent of Series 2024-2 Available Funds and funds in the Bank Series 2024-2 Accounts for the related Collection Period, in the following order of priority (pro rata to the Persons within each priority level based on the amounts due except as stated): (i) first, pro rata, (A) to the payment of amountsIndenture Trustee, including indemnities, all amounts due to the Indenture Trustee, including fees, expenses and indemnities and (B) to the Master Collateral Agent and the Owner Trustee Trustee, the Series 2024-2 Group Allocated Percentage of all amounts due to such parties, including fees, expenses and the Asset Representations Reviewer and, to or at the direction of the Issuer, any expenses of the Issuer incurred under the Transaction Documentsindemnities; (ii) second, (A) to the Servicer, all unpaid the Series 2024-2 Allocation Percentage of the Servicing FeesFee and (B) to any Successor Servicer, the Series 2024-2 Group Allocated Percentage of a one-time Successor Servicer engagement fee of $150,000, payable on the first Payment Date following its assumption of duties as Successor Servicer; (iii) third, to the Noteholders of Class A Notes, the aggregate Accrued Note Interest for the Class A Notes, pro rata based on the Note Balances of the Class A Notes on the prior Payment Date (after giving effect to payments on that date); (iv) fourth, to the Noteholders of Class A-1 Notes, A Notes in payment of principal until the Note Balance of the Class A-1 A Notes is reduced to zero; (v) fifth, to the Noteholders of Class A-2a and Class A-2b Notes, pro rata based on the respective Notes Balances, in payment of principal until the Note Balance of the Class A-2a and Class A-2b Notes is reduced to zero; (vi) sixth, to the Noteholders of Class A-3 Notes, in payment of principal until the Note Balance of the Class A-3 Notes is reduced to zero; (vii) seventh, to the Noteholders of Class A-4 Notes, in payment of principal until the Note Balance of the Class A-4 Notes is reduced to zero; (viii) eighth, to the Noteholders of Class B Notes, the Accrued Note Interest for the Class B Notes; (ixvi) ninthsixth, to the Noteholders of Class B Notes, Notes in payment of principal until the Note Balance of the Class B Notes is reduced to zero; (xvii) tenthseventh, to the Noteholders of Class C Notes, the Accrued Note Interest for the Class C Notes; (xiviii) eleventheighth, to the Noteholders of Class C Notes, Notes in payment of principal until the Note Balance of the Class C Notes is reduced to zero; and; (ix) ninth, to any Successor Servicer, the Additional Series Successor Servicer Fee, if any; (x) tenth, to the Noteholders, any accrued and unpaid Additional Interest Amounts due on the Notes, payable first, to the Class A Notes, then to the Class B Notes and then to the Class C Notes; (xi) eleventh, to the Noteholders, any Make-Whole Payments due on the Notes, payable in the order set forth under Section 8.2(d)(ii); (xii) twelfth, to any other parties as the holder Administrator has identified, any remaining expenses of the Residual Trust, up to the Series 2024-2 Group Allocated Percentage of such amounts; (xiii) thirteenth, if applicable, to any Letter of Credit Provider, all amounts due, including (x) fees due to such Letter of Credit Provider and (y) expenses and indemnities due to such Letter of Credit Provider; and (xiv) fourteenth, to the Class R Interest, any remaining amounts.

Appears in 1 contract

Samples: Indenture (Verizon Master Trust)

Distributions Following Acceleration. If the Notes are accelerated after an Event of Default, on each Payment Date starting with the Payment Date relating to the Collection Period in which the Notes are accelerated, the Indenture Trustee will (based on the information in the most recent Monthly Investor Report) withdraw from the Bank Accounts and make deposits and payments, to the extent of funds in the Bank Accounts for the related Collection Period, in the following order of priority (pro rata to the Persons within each priority level based on the amounts due except as stated): (i) first, to the payment of amounts, including indemnities, due to the Indenture Trustee, the Owner Trustee and the Asset Representations Reviewer and, to or at the direction of the Issuer, any expenses of the Issuer incurred under the Transaction Documents; (ii) second, to the Servicer, all unpaid Servicing Fees; (iii) third, to the Noteholders of Class A Notes, the aggregate Accrued Note Interest for the Class A Notes, pro rata based on the Note Balances of the Class A Notes on the prior Payment Date (after giving effect to payments on that date); (iv) fourth, to the Noteholders of Class A-1 Notes, in payment of principal until the Note Balance of the Class A-1 Notes is reduced to zero; (v) fifth, to the Noteholders of Class A-2a A-2[a] [and Class A-2b A-2b] Notes, pro rata based on the respective Notes Balances, in payment of principal until the Note Balance of the Class A-2a A-2[a] [and Class A-2b A-2b] Notes is reduced to zero; (vi) sixth, to the Noteholders of Class A-3 Notes, in payment of principal until the Note Balance of the Class A-3 Notes is reduced to zero; (vii) seventh, to the Noteholders of Class A-4 Notes, in payment of principal until the Note Balance of the Class A-4 Notes is reduced to zero; (viii) eighth, to the Noteholders of Class B Notes, the Accrued Note Interest for the Class B Notes; (ix) ninth, to the Noteholders of Class B Notes, in payment of principal until the Note Balance of the Class B Notes is reduced to zero; (x) tenth, to the Noteholders of Class C Notes, the Accrued Note Interest for the Class C Notes; (xi) eleventh, to the Noteholders of Class C Notes, in payment of principal until the Note Balance of the Class C Notes is reduced to zero; and (xii) twelfth, to the holder of the Residual Interest, any remaining amounts.

Appears in 1 contract

Samples: Indenture (Ford Credit Auto Receivables Two LLC)

Distributions Following Acceleration. If the Notes are accelerated after an Event of Default, on each Payment Date starting with the Payment Date relating to the Collection Period in which the Notes are accelerated, the Indenture Trustee will (based on the information in the most recent Monthly Investor Report) withdraw from the Bank Accounts and make deposits and payments, to the extent of funds in the Bank Accounts for the related Collection Period, in the following order of priority (pro rata to the Persons within each priority level based on the amounts due except as stated): (i) first, to the payment of amounts, including indemnities, due to the Indenture Trustee, the Owner Trustee, the Delaware Trustee and the Asset Representations Reviewer and, to or at the direction of the Issuer, any expenses of the Issuer incurred under the Transaction Documents; (ii) second, to the Servicer, all unpaid Servicing Administration Fees; (iii) third, to the Noteholders of Class A Notes, the aggregate Accrued Note Interest for the Class A Notes, pro rata based on the Note Balances of the Class A Notes on the prior Payment Date (after giving effect to payments on that date); (iv) fourth, to the Noteholders of Class A-1 A-1[a] [and Class A-1b] Notes, in payment of principal until the Note Balance of the Class A-1 A-1[a] [and Class A-1b] Notes is reduced to zero; (v) fifth, to the Noteholders of Class A-2a A-2[a] [and Class A-2b A-2b] Notes, pro rata based on the respective Notes Balances, in payment of principal until the Note Balance of the Class A-2a A-2[a] [and Class A-2b A-2b] Notes is reduced to zero; (vi) sixth, to the Noteholders of Class A-3 Notes, in payment of principal until the Note Balance of the Class A-3 Notes is reduced to zero; (vii) seventh, to the Noteholders of Class A-4 Notes, in payment of principal until the Note Balance of the Class A-4 Notes is reduced to zero; (viii) eighth, to the Noteholders of Class B Notes, the Accrued Note Interest for the Class B Notes; (ix) ninth, to the Noteholders of Class B Notes, in payment of principal until the Note Balance of the Class B Notes is reduced to zero; (x) tenth, to the Noteholders of Class C Notes, the Accrued Note Interest for the Class C Notes; (xi) eleventh, to the Noteholders of Class C Notes, in payment of principal until the Note Balance of the Class C Notes is reduced to zero; and (xii) twelfth, to the holder of the Residual Interest, any remaining amounts.

Appears in 1 contract

Samples: Indenture (CAB West LLC)

Distributions Following Acceleration. If the Notes are accelerated after following an Event of Default, on each Payment Date starting with the Payment Date relating to the Collection Period in which the Notes are acceleratedacceleration occurs, the Indenture Trustee will (based on the information in the most recent Monthly Investor Report) withdraw from the Bank Accounts and make deposits and payments, to the extent of funds in the Bank Accounts for the related Collection Period, in the following order of priority (pro rata to the Persons within each priority level based on the amounts due except as stated): (i) first, to the payment of amounts, including indemnities, due to the Indenture Trustee, the Owner Trustee and Trustee, the Asset Representations Reviewer and, to or at the direction of the Issuer, any and expenses of the Issuer incurred under according to the Transaction Documents; (ii) second, to the Servicer, all unpaid Servicing Administration Fees; (iii) third, to the Noteholders of Class A Notes, the aggregate Accrued Note Interest for the Class A Notes, pro rata based on the Note Balances of the Class A Notes on as of the end of the prior Payment Date (after giving effect to payments on that date)Date; (iv) fourth, to the Noteholders of Class A-1 Notes, Notes in payment of principal until the Note Balance of the Class A-1 Notes is reduced to zero; (v) fifth, to the Noteholders of Class A-2a A-2[a] [and Class A-2b A-2b] Notes, pro rata based on the respective Notes Balances, in payment of principal until the Note Balance of the Class A-2a A-2[a] [and Class A-2b A-2b] Notes is reduced to zero; (vi) sixth, to the Noteholders of Class A-3 Notes, Notes in payment of principal until the Note Balance of the Class A-3 Notes is reduced to zero; (vii) seventh, to the Noteholders of Class A-4 Notes, Notes in payment of principal until the Note Balance of the Class A-4 Notes is reduced to zero; (viii) eighth, to the Noteholders of Class B Notes, the Accrued Note Interest for the Class B Notes; (ix) ninth, to the Noteholders of Class B Notes, Notes in payment of principal until the Note Balance of the Class B Notes is reduced to zero; (x) tenth, to the Noteholders of Class C Notes, the Accrued Note Interest for the Class C Notes; (xi) eleventh, to the Noteholders of Class C Notes, Notes in payment of principal until the Note Balance of the Class C Notes is reduced to zero; and (xii) twelfth, to the holder of the Residual Interest, any remaining amounts.

Appears in 1 contract

Samples: Indenture (CAB East LLC)

Distributions Following Acceleration. If the Notes are accelerated after an Event of Default, on each Payment Date starting with the Payment Date relating to the Collection Period in which the Notes are accelerated, the Indenture Trustee will (based on the information in the most recent Monthly Investor Report) withdraw from the Bank Accounts and make deposits and payments, to the extent of funds in the Bank Accounts for the related Collection Period, in the following order of priority (pro rata to the Persons within each priority level based on the amounts due except as stated): (i) first, to the payment of amounts, including indemnities, due to the Indenture Trustee, the Owner Trustee, the Delaware Trustee and the Asset Representations Reviewer and, to or at the direction of the Issuer, any expenses of the Issuer incurred under the Transaction Documents; (ii) second, to the Servicer, all unpaid Servicing Administration Fees; (iii) third, to the Noteholders of Class A Notes, the aggregate Accrued Note Interest for the Class A Notes, pro rata based on the Note Balances of the Class A Notes on the prior Payment Date (after giving effect to payments on that date); (iv) fourth, to the Noteholders of Class A-1 Notes, in payment of principal until the Note Balance of the Class A-1 Notes is reduced to zero; (v) fifth, to the Noteholders of Class A-2a A-2[a] [and Class A-2b A-2b] Notes, pro rata based on the respective Notes Balances, in payment of principal until the Note Balance of the Class A-2a A-2[a] [and Class A-2b A-2b] Notes is reduced to zero; (vi) sixth, to the Noteholders of Class A-3 Notes, in payment of principal until the Note Balance of the Class A-3 Notes is reduced to zero; (vii) seventh, to the Noteholders of Class A-4 Notes, in payment of principal until the Note Balance of the Class A-4 Notes is reduced to zero; (viii) eighth, to the Noteholders of Class B Notes, the Accrued Note Interest for the Class B Notes; (ix) ninth, to the Noteholders of Class B Notes, in payment of principal until the Note Balance of the Class B Notes is reduced to zero; (x) tenth, to the Noteholders of Class C Notes, the Accrued Note Interest for the Class C Notes; (xi) eleventh, to the Noteholders of Class C Notes, in payment of principal until the Note Balance of the Class C Notes is reduced to zero; [and] (xii) [twelfth, to the Noteholders of Class D Notes, the Accrued Note Interest for the Class D Notes; (xiii) thirteenth, to the Noteholders of Class D Notes, in payment of principal until the Note Balance of the Class D Notes is reduced to zero; and] (xiv) [twelfth]/[fourteenth], to the holder of the Residual Interest, any remaining amounts.

Appears in 1 contract

Samples: Indenture (CAB East LLC)

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