Common use of Distributions on the Notes and Certificates Clause in Contracts

Distributions on the Notes and Certificates. On each Payment Date, the Indenture Trustee, shall distribute out of the Payment Account, Available Funds net of the Servicing Fee (which shall be paid or withdrawn by the Servicer), payment to the Owner Trustee for services rendered pursuant to the Trust Agreement (which shall be paid to the Owner Trustee), Early Termination Fees (which are distributable only to the holders of the Class L Certificates), the Indenture Trustee Expense Amount (which shall be paid to the Indenture Trustee), the following amounts and in the following order of priority to the following Persons (based on the information set forth in the Servicing Certificate): I. From Net Available Funds, the Floating Allocation Percentage of the Interest Collections and the Maximum Principal Payment: (i) to the Insurer, the Premium Amount with respect to the Class A Notes for such Payment Date; (ii) to the Class A Noteholders, the Interest Payment Amount with respect to the Class A Notes for such Payment Date; 77 (iii) to the Class A Noteholders, the Class A Principal Payment Amount for such Payment Date, until the Note Principal Amount of the Class A Notes has been reduced to zero; (iv) to the Class A Noteholders, as a payment of principal, in the following order, (a) the Investor Charge-Off Amounts for that Payment Date and (b) the Investor Charge-Off Amounts for all preceding Payment Dates that were not subsequently funded by the Floating Allocation Percentage of the Interest Collections, overcollateralization or draws under the Policy in respect of an Overcollateralization Deficit until the Note Principal Amount of the Class A Notes has been reduced to zero; (v) to the Insurer, the Reimbursement Amount, if any, then due to it; (vi) to the Class M1 Noteholders, the Interest Payment Amount with respect to the Class M1 Notes for such Payment Date; (vii) to the Class M2 Noteholders, the Interest Payment Amount with respect to the Class M2 Notes for such Payment Date; (viii) to the Class A Noteholders, the Accelerated Principal Payment for the Class A Notes on such Payment Date, if any until the Note Principal Amount of the Class A Notes has been reduced to zero; (ix) to the Class M1 Noteholders, the Class M1 Principal Payment Amount for such Payment Date, together with any Accelerated Principal Payment for the Class M1 Notes on such Payment Date, until the Note Principal Amount of the Class M1 Note has been reduced to zero; (x) to the Class M2 Noteholders, the Class M2 Principal Payment Amount for such Payment Date, together with any Accelerated Principal Payment for the Class M2 Notes on such Payment Date, until the Note Principal Amount of the Class M2 Note has been reduced to zero; (xi) to the Servicer, to pay certain amounts that may be required to be paid to the Servicer (including expenses associated with the transition to any new servicer) and not previously reimbursed pursuant to the terms of this Agreement; (xii) sequentially, to the Class A, Class M1 and Class M2 Noteholders (in that order) to pay current Deferred Interest and any previously unreimbursed Deferred Interest for any prior Payment Date and interest thereon at the applicable Note Rate (determined for this purpose without regard to the Maximum Rate); (xiii) pari passu, (a) to the Indenture Trustee, any unreimbursed expenses due and owing to the Indenture Trustee and not otherwise previously paid on such Payment Date, and (b) to the Owner Trustee, any unpaid fees and unreimbursed expenses due and owing to the Owner Trustee and not otherwise previously paid on such Payment Date; and (xiv) to the Holders of each applicable class of Certificates, any amount remaining on deposit in the Payment Account. II. To the Owner Trustee, amounts remaining in the Payment Account after all amounts distributable under Section 5.01(a)(I) have been made, to be deposited in the Certificate Account for payment to the Certificateholders as set forth in Section 3.11 of the Trust Agreement.

Distributions on the Notes and Certificates. On each Payment Date, the Indenture Trustee, shall distribute out of the Payment Account, Available Funds net of the Servicing Fee (which shall be paid or withdrawn by the Servicer), payment to the Owner Trustee for services rendered pursuant to the Trust Agreement (which shall be paid to the Owner Trustee), Early Termination Fees (which are distributable only to the holders of the Class L P Certificates), the Indenture Trustee Expense Amount (which shall be paid to the Indenture Trustee), the following amounts and in the following order of priority to the following Persons (based on the information set forth in the Servicing Certificate): I. From Net Available Funds, the Floating Allocation Percentage of the Interest Collections and the Maximum Principal Payment: (i) to the Insurer, the Premium Amount with respect to the Class A Notes for such Payment Date; (ii) to the Class A Noteholders, the Interest Payment Amount with respect to the Class A Notes for such Payment Date; 77; (iii) to the Class A Noteholders, the Class A Principal Payment Amount for such Payment Date, until the Note Principal Amount of the Class A Notes has been reduced to zero; (iv) to the Class A Noteholders, as a payment of principal, in the following order, (a) the Investor Floating Allocation Percentage of the Charge-Off Amounts for that Payment Date incurred during the related Collection Period and (b) the Investor Floating Allocation Percentage of the Charge-Off Amounts for all preceding Payment Dates incurred during previous periods that were not subsequently funded by the Floating Allocation Percentage of the Interest Collections, overcollateralization or draws under the Policy in respect of an Overcollateralization Deficit until the Note Principal Amount of the Class A Notes has been reduced to zeroDeficit; (v) to the Insurer, the Reimbursement Amount, if any, then due to it; (vi) to the Class M1 Noteholders, the Interest Payment Amount with respect to the Class M1 Notes for such Payment Date; (vii) to the Class M2 Noteholders, the Interest Payment Amount with respect to the Class M2 Notes for such Payment Date; (viii) to the Class A Noteholders, the Accelerated Principal Payment for the Class A Notes on such Payment Date, if any until the Note Principal Amount of the Class A Notes has been reduced to zeroany; (ix) to the Class M1 Noteholders, the Class M1 Principal Payment Amount for such Payment Date, together with any Accelerated Principal Payment for the Class M1 Notes on such Payment Date, until the Note Principal Amount of the Class M1 Note has been reduced to zero; (x) to the Class M2 Noteholders, the Class M2 Principal Payment Amount for such Payment Date, together with any Accelerated Principal Payment for the Class M2 Notes on such Payment Date, until the Note Principal Amount of the Class M2 Note has been reduced to zero; (xi) to the Servicer, to pay certain amounts that may be required to be paid to the Servicer (including expenses associated with the transition to any new servicer) and not previously reimbursed pursuant to the terms of this Agreement; (xii) sequentially, to the Class A, Class M1 and Class M2 Noteholders (in that order) to pay current Deferred Interest and any previously unreimbursed Deferred Interest for any prior Payment Date and interest thereon at the applicable Note Rate (determined for this purpose without regard to the Maximum Rate); (xiii) pari passu, (a) to the Indenture Trustee, any unreimbursed expenses due and owing to the Indenture Trustee and not otherwise previously paid on such Payment Date, and (b) to the Owner Trustee, any unpaid fees and unreimbursed expenses due and owing to the Owner Trustee and not otherwise previously paid on such Payment Date; and (xiv) to the Holders of each applicable class of Certificates, any amount remaining on deposit in the Payment Account. II. To the Owner Trustee, amounts remaining in the Payment Account after all amounts distributable under Section 5.01(a)(I) have been made, to be deposited in the Certificate Account for payment to the Certificateholders as set forth in Section 3.11 of the Trust Agreement.

Distributions on the Notes and Certificates. On each Payment Date, the Indenture Trustee, shall distribute out of the Payment Account, Available Funds net of the Servicing Fee (which shall be paid or withdrawn by the Servicer)Fee, payment to the Owner Trustee for services rendered pursuant to the Trust Agreement (which shall be paid to the Owner Trustee)Agreement, Early Termination Fees Prepayment Charges (which are distributable only to the holders of the Class L P Certificates), the Indenture Trustee Expense Amount Fee and the amount of Principal Collections for the related Payment Date applied to purchase Additional Balances (which shall be paid to the Indenture Trustee"Net Available Funds"), the following amounts and in the following order of priority to the following Persons (based on the information set forth in the Servicing Certificate): I. From Net Available Funds, the Floating Allocation Percentage of the Interest Collections and Collections, the Maximum Principal Payment, together with any Insured Amounts or Preference Amounts (applied as provided in Section 4.01(a) hereof), if any: (iA) to the Insurer, the Premium Amount with respect to the Class A Notes for such Payment Date; (iiB) to the Class A Noteholders, the Interest Payment Amount with respect to the Class A Notes for such Payment Date; 77; (iiiC) to the Class A Noteholders, as a payment of principal, the Class A Principal Payment Amount for such Payment Date, until the Note Principal Amount of the Class A Notes has been reduced to zero; (ivD) to the Class A Noteholders, as a payment of principal, in the following order, (a) the Investor Floating Allocation Percentage of the Charge-Off Amounts for that Payment Date incurred during the preceding calendar month and (b) the Investor Floating Allocation Percentage of the Charge-Off Amounts for all preceding Payment Dates incurred during previous periods that were not subsequently funded by the Floating Allocation Percentage of the Interest Collections, overcollateralization or draws under the Policy in respect of an Overcollateralization Deficit until the Note Principal Amount of the Class A Notes has been reduced to zeroDeficit; (vE) to the Insurer, the Reimbursement Amount, if any, then due to it; (viF) to the Class M1 Noteholders, the Interest Payment Amount with respect to the Class M1 Notes for such Payment Date; (viiG) to the Class M2 Noteholders, the Interest Payment Amount with respect to the Class M2 Notes for such Payment Date; (viiiH) to the Class A Noteholders, the Accelerated Principal Payment for the Class A Notes on such Payment DatePayment, if any until the Note Principal Amount of the Class A Notes has been reduced to zeroany; (ixI) to To the Class M1 Noteholders, the Class M1 Principal Payment Amount for such Payment Date, together with any Accelerated Principal Payment for not paid to the Class M1 Notes on such Payment Date, until the Note Principal Amount Holders of the Class M1 Note has been reduced to zeroA Notes in accordance with clause (H) above; (xJ) to To the Class M2 Noteholders, the Class M2 Principal Payment Amount for such Payment Date, together with any Accelerated Principal Payment for not paid to the Class M2 Notes on such Payment Date, until the Note Principal Amount Holders of the Class M2 Note has been reduced to zeroA Notes or the Class M1 Notes in accordance with clause (H) or (I) above; (xiK) to the Servicer, to pay certain amounts that may be required to be paid to the Servicer (under the Servicing Agreement including expenses associated with the transition to any new servicer) and not previously reimbursed pursuant to the terms of this Agreementreimbursed; (xiiL) sequentially, to the Class A, Class M1 and Class M2 Noteholders (in that order) to pay current Deferred Interest and any previously unreimbursed Deferred Interest for any prior Payment Date and interest thereon at the applicable Note Rate (determined for this purpose without regard to the Maximum Rate); (xiiiM) pari passu, (a) to the Indenture Trustee, any unreimbursed expenses due and owing to the Indenture Trustee and not otherwise previously paid on such Payment Date, and (b) to the Owner Trustee, any unpaid fees and unreimbursed expenses due and owing to the Owner Trustee and not otherwise previously paid on such Payment Date; and; (xivN) Prepayment Charges to the Holders of each applicable class of the Class P Certificates, any amount remaining on deposit in the Payment Account.; and II. To to the Owner Trustee, amounts remaining in the Payment Account after all amounts distributable under Section 5.01(a)(I) have been made, to be deposited in the Certificate Account for payment to the Certificateholders (other than the Class P Certificateholders), as set forth in Section 3.11 of the Trust Agreement.

Distributions on the Notes and Certificates. On each Payment Date, the Indenture Trustee, shall distribute out of the Payment Account, Available Funds net of the Servicing Fee (which shall be paid or withdrawn by the Servicer), payment to the Owner Trustee for services rendered pursuant to the Trust Agreement (which shall be paid to the Owner Trustee), Early Termination Fees (which are distributable only to the holders of the Class L Certificates), the Indenture Trustee Expense Amount (which shall be paid to the Indenture Trustee), the following amounts and in the following order of priority to the following Persons (based on the information set forth in the Servicing Certificate): I. From Net Available Funds, the Floating Allocation Percentage of the Interest Collections and the Maximum Principal Payment: (i) to the Insurer, the Premium Amount with respect to the Class A Notes for such Payment Date; (ii) to the Class A Noteholders, the Interest Payment Amount with respect to the Class A Notes for such Payment Date; 77; (iii) to the Class A Noteholders, the Class A Note Principal Payment Amount for such Payment Date, until the Note Principal Amount of the Class A Notes has been reduced to zero; (iv) to the Class A Noteholders, as a payment of principal, in the following order, (a) the Investor Charge-Off Amounts for that Payment Date and (b) the Investor Charge-Off Amounts for all preceding Payment Dates that were not subsequently funded by the Floating Allocation Percentage of the Interest Collections, overcollateralization or draws under the Policy in respect of an Overcollateralization Deficit until the Note Principal Amount of the Class A Notes has been reduced to zero; (v) to the Insurer, the Reimbursement Amount, if any, then due to it; (vi) to the Class M1 Noteholders, the Interest Payment Amount with respect to the Class M1 Notes for such Payment Date; (vii) to the Class M2 Noteholders, the Interest Payment Amount with respect to the Class M2 Notes for such Payment Date; (viii) to the Class A Noteholders, the Accelerated Principal Payment for the Class A Notes on such Payment Date, if any until the Note Principal Amount of the Class A Notes has been reduced to zero; (ix) to the Class M1 Noteholders, the Class M1 Principal Payment Amount for such Payment Date, together with any Accelerated Principal Payment for the Class M1 Notes on such Payment Date, until the Note Principal Amount of the Class M1 Note has been reduced to zero; (x) to the Class M2 Noteholders, the Class M2 Principal Payment Amount for such Payment Date, together with any Accelerated Principal Payment for the Class M2 Notes on such Payment Date, until the Note Principal Amount of the Class M2 Note has been reduced to zero; (xivii) to the Servicer, to pay certain amounts that may be required to be paid to the Servicer (including expenses associated with the transition to any new servicer) and not previously reimbursed pursuant to the terms of this Agreement; (xiiviii) sequentially, to the Class A, Class M1 and Class M2 Noteholders (in that order) to pay current Deferred Interest and any previously unreimbursed Deferred Interest for any prior Payment Date and interest thereon at the applicable Note Rate (determined for this purpose without regard to the Maximum Rate); (xiiiix) pari passu, (a) to the Indenture Trustee, any unreimbursed expenses due and owing to the Indenture Trustee and not otherwise previously paid on such Payment Date, and (b) to the Owner Trustee, any unpaid fees and unreimbursed expenses due and owing to the Owner Trustee and not otherwise previously paid on such Payment Date; and (xivx) to the Holders of each applicable class of Certificates, any amount remaining on deposit in the Payment Account. II. To the Owner Trustee, amounts remaining in the Payment Account after all amounts distributable under Section 5.01(a)(I) have been made, to be deposited in the Certificate Account for payment to the Certificateholders as set forth in Section 3.11 of the Trust Agreement.

Distributions on the Notes and Certificates. On each Payment Date, the Indenture Trustee, shall distribute out of the Payment Account, Available Funds net of the Servicing Fee (which shall be paid or withdrawn by the Servicer), payment to the Owner Trustee for services rendered pursuant to the Trust Agreement (which shall be paid to the Owner Trustee), Early Termination Fees Prepayment Charges (which are distributable only to the holders of the Class L P Certificates), the Indenture Trustee Expense Amount (which shall be paid to the Indenture Trustee), the following amounts and in the following order of priority to the following Persons (based on the information set forth in the Servicing Certificate): I. From Net Available Funds, the Floating Allocation Percentage of the Interest Collections and the Maximum Principal Payment: (i) to the Insurer, the Premium Amount with respect to the Class A Notes for such Payment Date; (ii) to the Class A Noteholders, the Interest Payment Amount with respect to the Class A Notes for such Payment Date; 77; (iii) to the Class A Noteholders, the Class A Principal Payment Amount for such Payment Date, until the Note Principal Amount of the Class A Notes has been reduced to zero; (iv) to the Class A Noteholders, as a payment of principal, in the following order, (a) the Investor Floating Allocation Percentage of the Charge-Off Amounts for that Payment Date incurred during the related Collection Period and (b) the Investor Floating Allocation Percentage of the Charge-Off Amounts for all preceding Payment Dates incurred during previous periods that were not subsequently funded by the Floating Allocation Percentage of the Interest Collections, overcollateralization or draws under the Policy in respect of an Overcollateralization Deficit until the Note Principal Amount of the Class A Notes has been reduced to zeroDeficit; (v) to the Insurer, the Reimbursement Amount, if any, then due to it; (vi) to the Class M1 Noteholders, the Interest Payment Amount with respect to the Class M1 Notes for such Payment Date; (vii) to the Class M2 Noteholders, the Interest Payment Amount with respect to the Class M2 Notes for such Payment Date; (viii) to the Class A Noteholders, the Accelerated Principal Payment for the Class A Notes on such Payment Date, if any until the Note Principal Amount of the Class A Notes has been reduced to zeroany; (ix) to the Class M1 Noteholders, the Class M1 Principal Payment Amount for such Payment Date, together with any Accelerated Principal Payment for the Class M1 Notes on such Payment Date, until the Note Principal Amount of the Class M1 Note has been reduced to zero; (x) to the Class M2 Noteholders, the Class M2 Principal Payment Amount for such Payment Date, together with any Accelerated Principal Payment for the Class M2 Notes on such Payment Date, until the Note Principal Amount of the Class M2 Note has been reduced to zero; (xi) to the Servicer, to pay certain amounts that may be required to be paid to the Servicer (including expenses associated with the transition to any new servicer) and not previously reimbursed pursuant to the terms of this Agreement; (xii) sequentially, to the Class A, Class M1 and Class M2 Noteholders (in that order) to pay current Deferred Interest and any previously unreimbursed Deferred Interest for any prior Payment Date and interest thereon at the applicable Note Rate (determined for this purpose without regard to the Maximum Rate); (xiii) pari passu, (a) to the Indenture Trustee, any unreimbursed expenses due and owing to the Indenture Trustee and not otherwise previously paid on such Payment Date, and (b) to the Owner Trustee, any unpaid fees and unreimbursed expenses due and owing to the Owner Trustee and not otherwise previously paid on such Payment Date; and (xiv) to the Holders of each applicable class of Certificates, any amount remaining on deposit in the Payment Account. II. To the Owner Trustee, amounts remaining in the Payment Account after all amounts distributable under Section 5.01(a)(I) have been made, to be deposited in the Certificate Account for payment to the Certificateholders as set forth in Section 3.11 of the Trust Agreement.