Common use of Distributions of Interest and Principal Proceeds Clause in Contracts

Distributions of Interest and Principal Proceeds. On each Distribution Date, the Indenture Trustee, with respect to the Notes, and the Paying Agent, with respect to the Ownership Interest, shall distribute out of the Distribution Account, to the extent of Available Funds for each Group (except that with respect to Cross-Collateralization Payments, such Payments shall be applied only to cover shortfalls as a result of defaults and delinquencies and (A) the portion thereof payable to the Noteholders in respect of any Interest Deficiency shall be distributed solely pursuant to Section 5.01(a)(ii), (B) the portion thereof payable to the Insurer in respect of any Insurer Reimbursement Deficiency shall be distributed solely pursuant to Section 5.01(a)(iv), and (C) the portion thereof payable in respect of any Undercollateralization Amount shall be applied pursuant to Section 5.01(a)(iii)), the following amounts and in the following order of priority to the following Persons (based on the information set forth in the Servicing Certificate) in respect of the related Group: