Common use of Interim Payment Dates Clause in Contracts

Interim Payment Dates. On each Interim Payment Date, the Indenture Trustee shall allocate and pay or deposit (as specified below) all Available Funds held in the Collection and Funding Account as set forth below, in the following order of priority and in the amounts set forth in the Interim Payment Date Report for such Interim Payment Date: (a) to the Fee Accumulation Account, amounts necessary to be deposited therein such that the amount on deposit in such account equals the Fee Accumulation Amount for such Interim Payment Date (other than any amounts that constitute Defaulting Counterparty Termination Payments); (b) to the Interest Accumulation Account, amounts necessary to be deposited therein such that the amount on deposit in such account equals the Interest Accumulation Amount for such Interim Payment Date; (c) to the Series Reserve Account for each Series, the amount required to be deposited therein so that, after giving effect to such deposit, the amount standing to the credit of such Series Reserve Account shall be equal to the related Series Reserve Required Amount; (d) if a Facility Early Amortization Event has not occurred or if occurred, such Facility Early Amortization Event has been waived, to the Target Amortization Principal Accumulation Account, amounts necessary to be deposited therein such that the amount on deposit in such account equals the Target Amortization Amount for the next Payment Date in respect of each Class of Notes that is in its Target Amortization Period, not including any such Class for which the related Indenture Supplement provides that there will be no intra-month reservation of Target Amortization Principal Accumulation Amounts; (e) to be retained in the Collection and Funding Account, the aggregate New Receivables Funding Amount for any Facility Eligible Receivables to be funded on such Interim Payment Date (without duplicating any portion of such New Receivables Funding Amount to be paid using the proceeds of a borrowing on any Class of VFN) and the aggregate Excess Receivables Funding Amount to be funded on such Interim Payment Date; provided that no New Receivables Funding Amounts will be released to fund new Receivables and no Excess Receivables Funding Amounts will be released under this clause (e) unless the Funding Conditions have been met; (f) if a Facility Early Amortization Event has not occurred or if occurred, such Facility Early Amortization Event has been waived, to pay down the VFN Principal Balance of each Outstanding Class of VFNs, the amount necessary to satisfy the Collateral Test after giving effect to the allocations, payments and distributions in clauses (a) through (e) above; (g) to pay any Series Fees payable to any Person in excess of the Series Fee Limit (including any Defaulting Counterparty Termination Payments); (h) to pay down the VFN Principal Balance of each Outstanding Class of VFNs pro rata, based on their respective Note Balances, such amount as may be designated by the Administrator; (i) as directed by the Administrator on behalf of Issuer, to pay any portion or all of any Excess Cash Amount to any Sinking Fund Account or Sinking Fund Accounts; and (j) any Net Excess Cash Amount to or at the direction of the Depositor as holder of the Owner Trust Certificate, it being understood that no such Net Excess Cash Amounts may be paid to the Depositor under this clause (j) if, after the payment of such cash amounts, the Collateral Test would no longer be satisfied.

Interim Payment Dates. On each Interim Payment Date, the Indenture Trustee shall allocate and pay or deposit (as specified below) all Available Funds held in the Collection and Funding Account as set forth below, in the following order of priority and in the amounts set forth in the Interim Payment Date Report for such Interim Payment Date: (a) to the Fee Accumulation Account, amounts necessary to be deposited therein such that the amount on deposit in such account equals the Fee Accumulation Amount for such Interim Payment Date (other than any amounts that constitute Defaulting Counterparty Termination Payments)Date; (b) to the Interest Accumulation Account, amounts necessary to be deposited therein such that the amount on deposit in such account equals the Interest Accumulation Amount for such Interim Payment Date; (c) to the Series General Reserve Account for each SeriesAccount, the amount required to be deposited therein so that, after giving effect to such deposit, the amount standing to the credit of such Series the General Reserve Account shall be equal to the related Series General Reserve Required Amount; (d) if a Facility no Principal Payment Condition exists and no Early Amortization Event has not occurred or if shall have occurred, such Facility Early Amortization Event has been waivedfrom Available Funds, if and to the extent so directed by the Administrator on behalf of the Issuer, to the Target Amortization Holders of Class A-2 Notes, an amount to be applied to pay down the VFN Principal Accumulation Account, amounts Balance in an amount equal to the lesser of (i) the amount specified by the Administrator and (ii) the amount necessary to be deposited therein such that reduce the amount on deposit in such account equals the Target Amortization Amount for the next Payment Date in respect of each Class of Notes that is in its Target Amortization Period, not including any such Class for which the related Indenture Supplement provides that there will be no intra-month reservation of Target Amortization VFN Principal Accumulation AmountsBalance to zero; (e) if a Principal Payment Condition (but no Early Amortization Event) shall have occurred, from Available Funds, (A) first, to pay down the VFN Principal Balance equal to the lesser of the amount necessary to (I) cause the Principal Payment Condition to no longer exist or (II) reduce the VFN Principal Balance to zero; and (B) then from remaining Available Funds, concurrently to the Holders of the Class A-1, Class B and Class C Notes, pro rata based on the outstanding Note Balance of each such Class, to reduce their respective Note Balances until the Principal Payment Condition no longer exists; (f) to be retained in the Collection and Funding Account, the aggregate New Receivables Funding Amount for any Facility Eligible Receivables to be funded on such Interim Payment Date (without duplicating any portion of such New Receivables Funding Amount to be paid using the proceeds of a borrowing on any Class of VFN) and the aggregate Excess Receivables Funding Amount to be funded on such Interim Payment Date); provided that no New Receivables Receivable Funding Amounts will be released to fund new Receivables and no Excess Receivables Funding Amounts will be released under this clause (ef) unless the Funding Conditions have been met; (f) if a Facility Early Amortization Event has not occurred or if occurred, such Facility Early Amortization Event has been waived, to pay down the VFN Principal Balance of each Outstanding Class of VFNs, the amount necessary to satisfy the Collateral Test after giving effect to the allocations, payments and distributions in clauses (a) through (e) above;; and (g) to pay any Series Fees payable to any Person in excess of the Series Fee Limit (including any Defaulting Counterparty Termination Payments); (h) to pay down the VFN Principal Balance of each Outstanding Class of VFNs pro rata, based on their respective Note Balances, such amount as may be designated by the Administrator; (i) as directed by the Administrator on behalf of Issuer, to pay any portion or all of any Excess Cash Amount to any Sinking Fund Account or Sinking Fund Accounts; and (j) any Net Excess Cash Amount to or at the direction of the Depositor as holder of the Owner Trust Certificate, Certificate it being understood that no such Net Excess Cash Amounts may be paid to the Depositor under this clause (jg) if, after the payment of such cash amounts, the Collateral Test would no longer be satisfied.

Interim Payment Dates. On each Interim Payment Date, the Indenture Trustee shall allocate and pay or deposit (as specified below) all Available Funds held in the Collection and Funding Account as set forth below, in the following order of priority and in the amounts set forth in the Interim Payment Date Report for such Interim Payment Date: (a) to the Fee Accumulation Account, amounts necessary to be deposited therein such that the amount on deposit in such account equals the Fee Accumulation Amount for such Interim Payment Date (other than any amounts that constitute Defaulting Counterparty Termination Payments); (b) to the Interest Accumulation Account, amounts necessary to be deposited therein such that the amount on deposit in such account equals the Interest Accumulation Amount for such Interim Payment Date; (c) to the Series Reserve Account for each Series, the amount required to be deposited therein so that, after giving effect to such deposit, the amount standing to the credit of such Series Reserve Account shall be equal to the related Series Reserve Required Amount; (d) if a Facility Early prior to the Full Amortization Event has not occurred or if occurred, such Facility Early Amortization Event has been waivedPeriod, to the Target Amortization Principal Accumulation Account, amounts necessary to be deposited therein such that the amount on deposit in such account equals the Target Amortization Amount for the next Payment Date in respect of each Class of Notes that is in its Target Amortization Period, not including any such Class for which the related Indenture Supplement provides that there will be no intra-month reservation of Target Amortization Principal Accumulation Amounts; (e) to be retained in the Collection and Funding Account, the aggregate New Receivables Funding Amount for any Facility Eligible Receivables to be funded on such Interim Payment Date (without duplicating any portion of such New Receivables Funding Amount to be paid using the proceeds of a borrowing on any Class of VFN) and the aggregate Excess Receivables Funding Amount to be funded on such Interim Payment Date; provided that no New Receivables Funding Amounts will be released to fund new Receivables and no Excess Receivables Funding Amounts will be released under this clause (e) unless the Funding Conditions have been met; (f) if a Facility Early prior to the Full Amortization Event has not occurred or if occurred, such Facility Early Amortization Event has been waivedPeriod, to pay down the VFN Principal Balance of each Outstanding Class of VFNs, the amount necessary to satisfy the Collateral Test after giving effect to the allocations, payments and distributions in clauses (a) through (e) above; (g) to pay any Series Fees payable to any Person in excess of the Series Fee Limit (including any Defaulting Counterparty Termination Payments); (h) to pay down the VFN Principal Balance of each Outstanding Class of VFNs pro rata, based on their respective Note Balances, such amount as may be designated by the Administrator; (i) as directed in writing by the Administrator on behalf of Issuer, to pay any portion or all of any Excess Cash Amount to any Sinking Fund Account or Sinking Fund Accounts; and (j) any Net Excess Cash Amount to or at the written direction of the Depositor as holder of the Owner Trust Certificate, it being understood that no such Net Excess Cash Amounts may be paid to the Depositor under this clause (j) if, after the payment of such cash amounts, the Collateral Test would no longer be satisfied; provided that amounts due and owing to the Owner Trustee and not previously paid hereunder or under any other Transaction Document shall be paid prior to such payment.

Interim Payment Dates. On each Interim Payment Date, the Indenture Trustee shall allocate and pay or deposit (as specified below) all Available Funds held in the Collection and Funding Account as set forth below, in the following order of priority and in the amounts set forth in the Interim Payment Date Report for such Interim Payment Date: (a) to the Fee Accumulation Account, amounts necessary to be deposited therein such that the amount on deposit in such account equals the Fee Accumulation Amount for such Interim Payment Date (other than any amounts that constitute Defaulting Counterparty Termination Payments); (b) to the Interest Accumulation Account, amounts necessary to be deposited therein such that the amount on deposit in such account equals the Interest Accumulation Amount for such Interim Payment Date; (c) to the Series General Reserve Account for each Series, the amount required to be deposited therein so that, after giving effect to such deposit, the amount standing to the credit of such Series General Reserve Account shall be equal to the related Series General Reserve Required Amount; (d) if a Facility Early Amortization Event has not occurred or if occurred, such Facility Early Amortization Event has been waived, to the Target Amortization Principal Accumulation Account, amounts necessary to be deposited therein such that the amount amounts on deposit in such account equals the Target Amortization Amount for the next Payment Date in respect of each Class of Notes that is in its Target Amortization Period, not including any such Class for which the related Indenture Supplement provides that there will be no intra-month reservation of Target Amortization Principal Accumulation Amounts; (e) to be retained in the Collection and Funding Account, the aggregate New Receivables Funding Amount for any Facility Eligible Receivables to be funded on such Interim Payment Date (without duplicating any portion of such New Receivables Funding Amount to be paid using the proceeds of a borrowing on any Class of VFN) and the aggregate Excess Receivables Funding Amount to be funded on such Interim Payment Date); provided that no New Receivables Receivable Funding Amounts will be released to fund new Receivables and no Excess Receivables Funding Amounts will be released under this clause (e) unless the Funding Conditions have been met; (f) if unless a Facility Early Full Amortization Event has not occurred or if occurredPeriod is in effect, such Facility Early Amortization Event has been waivedfrom Available Funds, to pay down the VFN Principal Balance of each Outstanding Class of VFNsVFNs pro rata, based on their respective Note Balances, the amount necessary to satisfy the Collateral Test after giving effect to the allocations, payments and distributions in clauses (a) through (e) aboveTest; (g) to pay any Series Fees payable to any Person in excess of the Series Fee Limit (including any Defaulting Counterparty Termination Payments);; and (h) any amounts remaining on deposit in the Collection and Funding Account, other than amounts to pay down the VFN Principal Balance of each Outstanding Class of VFNs pro rata, based on their respective Note Balances, such amount as may be designated by the Administrator; retained therein pursuant to clause (ie) as directed by the Administrator on behalf of Issuerabove, to pay any portion or all of any Excess Cash Amount to any Sinking Fund Account or Sinking Fund Accounts; and (j) any Net Excess Cash Amount to or at the direction of the Depositor as holder of the Owner Trust Certificate, it being understood that no such Net Excess Cash Amounts may be paid to the Depositor under this clause (jh) if, after the payment of such cash amounts, the Collateral Test would no longer be satisfied.

Interim Payment Dates. On each Interim Payment Date, the Indenture Trustee shall allocate and pay or deposit (as specified below) all Available Funds held in the Collection and Funding Account as set forth below, in the following order of priority and in the amounts set forth in the Interim Payment Date Report for such Interim Payment Date: (a) to the Fee Accumulation Account, amounts necessary to be deposited therein such that the amount on deposit in such account equals the Fee Accumulation Amount for such Interim Payment Date (other than any amounts that constitute Defaulting Counterparty Termination Payments)Date; (b) to the Interest Accumulation Account, amounts necessary to be deposited therein such that the amount on deposit in such account equals the Interest Accumulation Amount for such Interim Payment Date; (c) to the Series General Reserve Account for each Series, the amount required to be deposited therein so that, after giving effect to such deposit, the amount standing to the credit of such Series General Reserve Account shall be equal to the related Series General Reserve Required Amount; (d) if a Facility Early Amortization Event has not occurred or if occurred, such Facility Early Amortization Event has been waived, to the Target Amortization Principal Accumulation Account, amounts necessary to be deposited therein such that the amount on deposit in such account equals the Target Amortization Amount for the next Payment Date in respect of each Class of Notes that is in its Target Amortization Period, not including any such Class for which the related Indenture Supplement provides that there will be no intra-month reservation of Target Amortization Principal Accumulation Amounts; (e) to be retained in the Collection and Funding Account, the aggregate New Receivables Funding Amount for any Facility Eligible Receivables to be funded on such Interim Payment Date (without duplicating any portion of such New Receivables Funding Amount to be paid using the proceeds of a borrowing on any Class of VFN) and the aggregate Excess Receivables Funding Amount to be funded on such Interim Payment Date); provided that no New Receivables Receivable Funding Amounts will be released to fund new Receivables and no Excess Receivables Funding Amounts will be released under this clause (e) unless the Funding Conditions have been met; (f) if unless a Facility Early Full Amortization Event has not occurred or if occurredPeriod is in effect, such Facility Early Amortization Event has been waivedfrom Available Funds, to pay down the VFN Principal Balance of each Outstanding Class of VFNs, the amount necessary to satisfy the Collateral Test after giving effect to the allocations, payments and distributions in clauses (a) through (e) above; (g) to pay any Series Fees payable to any Person in excess of the Series Fee Limit (including any Defaulting Counterparty Termination Payments); (h) to pay down the VFN Principal Balance of each Outstanding Class of VFNs pro rata, based on their respective Note Balances, such the amount as may be designated by necessary to satisfy the Administrator; (i) as directed by the Administrator on behalf of Issuer, to pay any portion or all of any Excess Cash Amount to any Sinking Fund Account or Sinking Fund AccountsCollateral Test; and (jg) any Net Excess Cash Amount amounts remaining on deposit in the Collection and Funding Account2, other than amounts to or at the direction of be retained therein pursuant to clause (e) above, to the Depositor as holder of the Owner Trust Certificate, Certificate it being understood that no such Net Excess Cash Amounts may be paid to the Depositor under this clause (jg) if, after the payment of such cash amounts, the Collateral Test would no longer be satisfied. 2 Using the term Excess Cash Amount is circular.

Interim Payment Dates. On each Interim Payment Date, the Indenture Trustee shall allocate and pay or deposit (as specified below) all Available Funds held in the Collection and Funding Account as set forth below, in the following order of priority and in the amounts set forth in the Interim Payment Date Report for such Interim Payment Date: (a) to the Fee Accumulation Account, amounts necessary to be deposited therein such that the amount on deposit in such account equals the Fee Accumulation Amount for such Interim Payment Date (other than any amounts that constitute Defaulting Counterparty Termination Payments)Date; (b) to the Interest Accumulation Account, amounts necessary to be deposited therein such that the amount on deposit in such account equals the Interest Accumulation Amount for such Interim Payment Date; (c) to the Series General Reserve Account for each Series, the amount required to be deposited therein so that, after giving effect to such deposit, the amount standing to the credit of such Series General Reserve Account shall be equal to the related Series General Reserve Required Amount; (d) if a Facility Early Amortization Event has not occurred or if occurred, such Facility Early Amortization Event has been waived, to the Target Amortization Principal Accumulation Account, amounts necessary to be deposited therein such that the amount on deposit in such account equals the Target Amortization Amount for the next Payment Date in respect of each Class of Notes that is in its Target Amortization Period, not including any such Class for which the related Indenture Supplement provides that there will be no intra-month reservation of Target Amortization Principal Accumulation Amounts; (e) to be retained in the Collection and Funding Account, the aggregate New Receivables Funding Amount for any Facility Eligible Receivables to be funded on such Interim Payment Date (without duplicating any portion of such New Receivables Funding Amount to be paid using the proceeds of a borrowing on any Class of VFN) and the aggregate Excess Receivables Funding Amount to be funded on such Interim Payment Date); provided that no New Receivables Receivable Funding Amounts will be released to fund new Receivables and no Excess Receivables Funding Amounts will be released under this clause (e) unless the Funding Conditions have been met; (f) if unless a Facility Early Full Amortization Event has not occurred or if occurredPeriod is in effect, such Facility Early Amortization Event has been waivedfrom Available Funds, to pay down the VFN Principal Balance of each Outstanding Class of VFNs, the amount necessary to satisfy the Collateral Test after giving effect to the allocations, payments and distributions in clauses (a) through (e) above; (g) to pay any Series Fees payable to any Person in excess of the Series Fee Limit (including any Defaulting Counterparty Termination Payments); (h) to pay down the VFN Principal Balance of each Outstanding Class of VFNs pro rata, based on their respective Note Balances, such the amount as may be designated by necessary to satisfy the Administrator;Collateral Test; and (ig) as directed by the Administrator on behalf of Issuer, to pay any portion or all of any Excess Cash Amount to any Sinking Fund Account or Sinking Fund Accounts; and (j) any Net Excess Cash Amount to or at the direction of the Depositor as holder of the Owner Trust Certificate, Certificate it being understood that no such Net Excess Cash Amounts may be paid to the Depositor under this clause (jg) if, after the payment of such cash amounts, the Collateral Test would no longer be satisfied.

Interim Payment Dates. On each Interim Payment Date, the Indenture Trustee shall allocate and pay or deposit (as specified below) all Available Funds held in the Collection and Funding Account as set forth below, in the following order of priority and in the amounts set forth in the Interim Payment Date Report for such Interim Payment Date: (a) to the Fee Accumulation Account, amounts necessary to be deposited therein such that the amount on deposit in such account equals the Fee Accumulation Amount for such Interim Payment Date (other than any amounts that constitute Defaulting Counterparty Termination Payments); (b) to the Interest Accumulation Account, amounts necessary to be deposited therein such that the amount on deposit in such account equals the Interest Accumulation Amount for such Interim Payment Date; (c) to the Series Reserve Account for each Series, the amount required to be deposited therein so that, after giving effect to such deposit, the amount standing to the credit of such Series Reserve Account shall be equal to the related Series Reserve Required Amount; (d) if a Facility Early Amortization Event has not occurred or if occurred, such Facility Early Amortization Event has been waived, to the Target Amortization Principal Accumulation Account, amounts necessary to be deposited therein such that the amount on deposit in such account equals the Target Amortization Amount for the next Payment Date in respect of each Class of Notes that is in its Target Amortization Period, not including any such Class for which the related Indenture Supplement provides that there will be no intra-month reservation of Target Amortization Principal Accumulation Amounts; (e) to be retained in the Collection and Funding Account, the aggregate New Receivables Funding Amount for any Facility Eligible Receivables to be funded on such Interim Payment Date (without duplicating any portion of such New Receivables Funding Amount to be paid using the proceeds of a borrowing on an increase in any Class of VFNVFN Principal Balance) and the aggregate Excess Receivables Funding Amount to be funded on such Interim Payment Date; provided that no New Receivables Funding Amounts will be released to fund new Receivables and no Excess Receivables Funding Amounts will be released under this clause (e) unless the Funding Conditions have been met; (f) if unless a Facility Early Full Amortization Event has not occurred or if occurredPeriod is in effect, such Facility Early Amortization Event has been waivedto each holder of an Outstanding Class of Variable Funding Notes, the amount necessary to pay down the VFN Principal Balance of each Outstanding Class of VFNs, pro rata based on their respective Note Balances, the amount necessary to satisfy the Collateral Test after giving effect to the allocations, payments and distributions in clauses (a) through (e) above; (g) to pay any Series Fees payable to any Person in excess of the Series Fee Limit (including any Defaulting Counterparty Termination Payments); (h) to pay down the VFN Principal Balance of each Outstanding Class of VFNs VFNs, pro rata, based on their respective Note Balances, such amount as may be designated by the Administrator; (i) as directed by the Administrator on behalf of Issuer, to pay any portion or all of any Excess Cash Amount to any Sinking Fund Account or Sinking Fund Accounts[reserved]; and (j) any Net Excess Cash Amount to or at the direction of the Depositor as holder of the Owner Trust Certificate, it being understood that no such Net Excess Cash Amounts may be paid to the Depositor under this clause (j) if, after the payment of such cash amounts, the Collateral Test would no longer be satisfied.

Interim Payment Dates. On each Interim Payment Date, the Indenture Trustee shall allocate and pay or deposit (as specified below) all Available Funds held in the Collection and Funding Account as set forth below, in the following order of priority and in the amounts set forth in the Interim Payment Date Report for such Interim Payment Date: (a) to the Fee Accumulation Account, amounts necessary to be deposited therein such that the amount on deposit in such account equals the Fee Accumulation Amount for such Interim Payment Date (other than any amounts that constitute Defaulting Counterparty Termination Payments)Date; (b) to the Interest Accumulation Account, amounts necessary to be deposited therein such that the amount on deposit in such account equals the Interest Accumulation Amount for such Interim Payment Date; (c) to the Series General Reserve Account for each Series, the amount required to be deposited therein so that, after giving effect to such deposit, the amount standing to the credit of such Series General Reserve Account shall be equal to the related Series General Reserve Required Amount; (d) if a Facility Early Amortization Event has not occurred or if occurred, such Facility Early Amortization Event has been waived, to the Target Amortization Principal Accumulation Account, amounts necessary to be deposited therein such that the amount amounts on deposit in such account equals the Target Amortization Amount for the next Payment Date in respect of each Class of Notes that is in its Target Amortization Period, not including any such Class for which the related Indenture Supplement provides that there will be no intra-month reservation of Target Amortization Principal Accumulation Amounts; (e) to be retained in the Collection and Funding Account, the aggregate New Receivables Funding Amount for any Facility Eligible Receivables to be funded on such Interim Payment Date (without duplicating any portion of such New Receivables Funding Amount to be paid using the proceeds of a borrowing on any Class of VFN) and the aggregate Excess Receivables Funding Amount to be funded on such Interim Payment Date); provided that no New Receivables Receivable Funding Amounts will be released to fund new Receivables and no Excess Receivables Funding Amounts will be released under this clause (e) unless the Funding Conditions have been met; (f) if unless a Facility Early Full Amortization Event has not occurred or if occurredPeriod is in effect, such Facility Early Amortization Event has been waivedfrom Available Funds, to pay down the VFN Principal Balance of each Outstanding Class of VFNsVFNs pro rata, based on their respective Note Balances, the amount necessary to satisfy the Collateral Test after giving effect to the allocations, payments and distributions in clauses (a) through (e) above;; and (g) to pay any Series Fees payable to any Person in excess of the Series Fee Limit (including any Defaulting Counterparty Termination Payments); (h) to pay down the VFN Principal Balance of each Outstanding Class of VFNs pro rata, based on their respective Note Balances, such amount as may be designated by the Administrator; (i) as directed by the Administrator on behalf of Issuer, to pay any portion or all of any Excess Cash Amount to any Sinking Fund Account or Sinking Fund Accounts; and (j) any Net Excess Cash Amount to or at the direction of the Depositor as holder of the Owner Trust Certificate, it being understood that no such Net Excess Cash Amounts may be paid to the Depositor under this clause (jg) if, after the payment of such cash amounts, the Collateral Test would no longer be satisfied.

Interim Payment Dates. (a) On each Interim Payment DateDate relating to an MSR VFN, the Indenture Trustee shall allocate and pay or deposit (as specified below) all Servicing Spread Available Funds held in the Servicing Spread Available Funds Account of the Collection and Funding Account as set forth below, in the following order of priority and in the amounts set forth in the Interim Payment Date Report for such Interim Payment Date: (ai) pro rata, to (A) to the Fee Accumulation Accountextent required pursuant to the related Indenture Supplement, amounts necessary the Series Reserve Account for each Series of MSR VFN, the amount required to be deposited therein so that, after giving effect to such that deposit, the amount standing to the credit of such Series Reserve Account shall be equal to the related Series Reserve Required Amount, (B) to the Expense Reserve Account, the amount required to be deposited therein so that, after giving effect to such deposit, the amount standing to the credit of the Expense Reserve Account shall be equal to the related Expense Reserve Required Amount and (C) to the Credit Manager Expense Reserve Account, the amount required to be deposited therein so that, after giving effect to such deposit, the amount standing to the credit of the Credit Manager Expense Reserve Account shall be equal to the related Credit Manager Expense Reserve Required Amount; (ii) to be retained in the Collection and Funding Account, the Required Available Funds allocable from Servicing Spread Available Funds; (iii) at the direction of the Administrator, (A) to pay down the VFN Principal Balance of each Outstanding Class of MSR VFNs pro rata, based on deposit in such account equals the Fee Accumulation Amount for such their respective Note Balances, to remove any related Borrowing Base Deficiency on an Interim Payment Date that is an Interim Borrowing Base Payment Date and/or such other amount as may be designated by the Administrator or (B) to reserve cash in the Collection and Funding Account; and (iv) any Net Excess Cash Amount or Pledged Eligible Securities to or at the written direction of loanDepot as holder of the Owner Trust Certificate, it being understood that no such Net Excess Cash Amounts or Pledged Eligible Securities may be paid to loanDepot under this clause (iv) if, after the payment or distribution of such cash amounts, such payment or distribution would result in a Borrowing Base Deficiency (as calculated using clause (x) of such definition); provided, that amounts due and owing to the Owner Trustee and not previously paid hereunder or under any other than any amounts that constitute Defaulting Counterparty Termination Payments);Transaction Document shall be paid prior to such payment. (b) On each Interim Payment Date relating to a PIA VFN, the Interest Accumulation AccountIndenture Trustee shall allocate and pay or deposit (as specified below) all P&I Advance Reimbursement Available Funds held in the P&I Advance Reimbursement Available Funds Account of the Collection and Funding Account as set forth below, in the following order of priority and in the amounts necessary to be deposited therein such that set forth in the amount on deposit in such account equals the Interest Accumulation Amount Interim Payment Date Report for such Interim Payment Date;: (ci) to the extent required pursuant to the related Indenture Supplement, to the Series Reserve Account for each SeriesSeries of PIA VFN, the amount required to be deposited therein so that, after giving effect to such deposit, the amount standing to the credit of such Series Reserve Account shall be equal to the related Series Reserve Required Amount; (d) if a Facility Early Amortization Event has not occurred or if occurred, such Facility Early Amortization Event has been waived, to the Target Amortization Principal Accumulation Account, amounts necessary to be deposited therein such that the amount on deposit in such account equals the Target Amortization Amount for the next Payment Date in respect of each Class of Notes that is in its Target Amortization Period, not including any such Class for which the related Indenture Supplement provides that there will be no intra-month reservation of Target Amortization Principal Accumulation Amounts; (eii) to be retained in the Collection and Funding Account, the aggregate New Receivables Funding Amount for any Facility Eligible Receivables to be funded on such Interim Payment Date (without duplicating any portion of such New Receivables Funding Amount to be paid using the proceeds of a borrowing on any Class of VFN) and the aggregate Excess Receivables Funding Amount to be funded on such Interim Payment Date; provided that no New Receivables Funding Amounts will be released to fund new Receivables and no Excess Receivables Funding Amounts will be released under this clause (e) unless the Funding Conditions have been metRequired Available Funds allocable from P&I Advance Reimbursement Available Funds; (fiii) if a Facility Early Amortization Event has not occurred or if occurred, such Facility Early Amortization Event has been waived, (A) to pay down the respective VFN Principal Balance Balances of each Outstanding Class of VFNs, PIA VFNs and (B) at the amount necessary to satisfy the Collateral Test after giving effect to the allocations, payments and distributions in clauses (a) through (e) above; (g) to pay any Series Fees payable to any Person in excess direction of the Series Fee Limit (including any Defaulting Counterparty Termination Payments); (h) to pay down the VFN Principal Balance of each Outstanding Class of VFNs pro rata, based on their respective Note Balances, such amount as may be designated by the Administrator; (i) as directed by the Administrator on behalf of Issuer, to pay any portion or all of any Excess Cash Amount to any Sinking Fund Account or Sinking Fund Accountsreserve cash in the Collection and Funding Account; and (jiv) any Net Excess Cash Amount or Pledged Eligible Securities to or at the written direction of the Depositor loanDepot as holder of the Owner Trust Certificate, it being understood that no such Net Excess Cash Amounts or Pledged Eligible Securities may be paid to the Depositor loanDepot under this clause (jiv) if, after the payment or distribution of such cash amounts, such payment or distribution would result in a Borrowing Base Deficiency (calculated using clause (y) of such definition). (c) On each Interim Payment Date relating to a SA VFN, the Collateral Test Indenture Trustee shall allocate and pay or deposit (as specified below) all Servicing Advance Reimbursement Available Funds held in the Servicing Advance Reimbursement Available Funds Account of the Collection and Funding Account as set forth below, in the following order of priority and in the amounts set forth in the Interim Payment Date Report for such Interim Payment Date: (i) to the extent required pursuant to the related Indenture Supplement, to the Series Reserve Account for each Series of SA VFN, the amount required to be deposited therein so that, after giving effect to such deposit, the amount standing to the credit of such Series Reserve Account shall be equal to the related Series Reserve Required Amount; (ii) to be retained in the Collection and Funding Account, the Required Available Funds allocable from Servicing Advance Reimbursement Available Funds; (iii) at the direction of the Administrator, (A) to pay down the VFN Principal Balance of each Outstanding Class of SA VFNs pro rata, based on their respective Note Balances, to remove any related Borrowing Base Deficiency or (B) to reserve cash in the Collection and Funding Account; and (iv) any Net Excess Cash Amount or Pledged Eligible Securities to or at the written direction of loanDepot as holder of the Owner Trust Certificate, it being understood that no such Net Excess Cash Amounts or Pledged Eligible Securities may be paid to loanDepot under this clause (iv) if, after the payment or distribution of such cash amounts, such payment or distribution would no longer be satisfiedresult in a Borrowing Base Deficiency (calculated using clause (z) of such definition).

Interim Payment Dates. On each Interim Payment Date, the Indenture Trustee shall allocate and pay or deposit (as specified below) all Available Funds held in the Collection and Funding Account as set forth below, in the following order of priority and in the amounts set forth in the Interim Payment Date Report for such Interim Payment Date: (a) to the Fee Accumulation Account, amounts necessary to be deposited therein such that the amount on deposit in such account equals the Fee Accumulation Amount for such Interim Payment Date (other than any amounts that constitute Defaulting Counterparty Termination Payments)Date; (b) to the Interest Accumulation Account, amounts necessary to be deposited therein such that the amount on deposit in such account equals the Interest Accumulation Amount for such Interim Payment Date; (c) to the Series General Reserve Account for each Series, the amount required to be deposited therein so that, after giving effect to such deposit, the amount standing to the credit of such Series General Reserve Account shall be equal to the related Series General Reserve Required Amount; (d) if a Facility Early Amortization Event has not occurred or if occurred, such Facility Early Amortization Event has been waived, to the Target Amortization Principal Accumulation Account, amounts necessary to be deposited therein such that the amount on deposit in such account equals the Target Amortization Amount for the next Payment Date in respect of each Class of Notes that is in its Target Amortization Period, not including any such Class for which the related Indenture Supplement provides that there will be no intra-month reservation of Target Amortization Principal Accumulation Amounts; (e) to be retained in the Collection and Funding Account, the aggregate New Receivables Funding Amount for any Facility Eligible Receivables to be funded on such Interim Payment Date (without duplicating any portion of such New Receivables Funding Amount to be paid using the proceeds of a borrowing on any Class of VFN) and the aggregate Excess Receivables Funding Amount to be funded on such Interim Payment Date); provided that no New Receivables Funding Amounts will be released to fund new Receivables and no Excess Receivables Funding Amounts will be released under this clause (e) unless the Funding Conditions have been met; (f) if unless a Facility Early Full Amortization Event has not occurred or if occurred, such Facility Early Amortization Event has been waivedPeriod is in effect, to pay down the VFN Principal Balance of each Outstanding Class of VFNsVFNs pro rata, based on their respective Note Balances, the amount necessary to satisfy the Collateral Test after giving effect to the allocations, payments and distributions in clauses (a) through (e) above; (g) to pay any Series Fees payable to any Person in excess of the Series Fee Limit (including any Defaulting Counterparty Termination Payments); (h) to pay down the VFN Principal Balance of each Outstanding Class of VFNs pro rata, based on their respective Note Balances, such amount as may be designated by the Administrator; (ih) as directed by the Administrator on behalf of Issuer, to pay any portion or all of any Excess Cash Amount to any Sinking Fund Account or Sinking Fund Accounts; and (ji) any Net Excess Cash Amount to or at the direction of the Depositor as holder of the Owner Trust Certificate, it being understood that no such Net Excess Cash Amounts may be paid to the Depositor under this clause (ji) if, after the payment of such cash amounts, the Collateral Test would no longer be satisfied.

Interim Payment Dates. On each Interim Payment Date, the Indenture Trustee shall allocate and pay or deposit (as specified below) all Available Funds held in the Collection and Funding Account as set forth below, in the following order of priority and in the amounts set forth in the Interim Payment Date Report for such Interim Payment Date: (a) to the Fee Accumulation Account, amounts necessary to be deposited therein such that the amount on deposit in such account equals the Fee Accumulation Amount for such Interim Payment Date (other than any amounts that constitute Defaulting Counterparty Termination Payments)Date; (b) to the Interest Accumulation Account, amounts necessary to be deposited therein such that the amount on deposit in such account equals the Interest Accumulation Amount for such Interim Payment Date; (c) to the Series General Reserve Account for each Series, the amount required to be deposited therein so that, after giving effect to such deposit, the amount standing to the credit of such Series General Reserve Account shall be equal to the related Series General Reserve Required Amount; (d) if a Facility Early Amortization Event has not occurred or if occurred, such Facility Early Amortization Event has been waived, to the Target Amortization Principal Accumulation Account, amounts necessary to be deposited therein such that the amount on deposit in such account equals the Target Amortization Amount for the next Payment Date in respect of each Class of Notes that is in its Target Amortization Period, not including any such Class for which the related Indenture Supplement provides that there will be no intra-month reservation of Target Amortization Principal Accumulation Amounts; (e) to be retained in the Collection and Funding Account, the aggregate New Receivables Funding Amount for any Facility Eligible Receivables to be funded on such Interim Payment Date (without duplicating any portion of such New Receivables Funding Amount to be paid using the proceeds of a borrowing on any Class of VFN) and the aggregate Excess Receivables Funding Amount to be funded on such Interim Payment Date; provided that no New Receivables Receivable Funding Amounts will be released to fund new Receivables and no Excess Receivables Funding Amounts will be released under this clause (e) unless the Funding Conditions have been met; (f) if unless a Facility Early Full Amortization Event has not occurred or if occurredPeriod is in effect, such Facility Early Amortization Event has been waivedfrom Available Funds, to pay down the VFN Principal Balance of each Outstanding Class of VFNsVFNs pro rata, based on their respective Note Balances, the amount necessary to satisfy the Collateral Test after giving effect to the allocations, payments and distributions in clauses (a) through (e) above;Test; and (g) to pay any Series Fees payable to any Person in excess of the Series Fee Limit (including any Defaulting Counterparty Termination Payments); (h) to pay down the VFN Principal Balance of each Outstanding Class of VFNs pro rata, based on their respective Note Balances, such amount as may be designated by the Administrator; (i) as directed by the Administrator on behalf of Issuer, to pay any portion or all of any Excess Cash Amount to any Sinking Fund Account or Sinking Fund Accounts; and (jh) any Net Excess Cash Amount amounts remaining on deposit in the Collection and Funding Account, other than amounts to or at the direction of be retained therein pursuant to clause (e) above, to the Depositor as holder of the Owner Trust Certificate, it being understood that no such Net Excess Cash Amounts may be paid to the Depositor under this clause (jg) if, after the payment of such cash amounts, the Collateral Test would no longer be satisfied.

Interim Payment Dates. (a) On each Interim Payment DateDate relating to an MSR VFN, the Indenture Trustee shall allocate and pay or deposit (as specified below) all Servicing Spread Available Funds held in the Servicing Spread Available Funds Subaccount of the Collection and Funding Account as set forth below, in the following order of priority and in the amounts set forth in the Interim Payment Date Report for such Interim Payment Date: (ai) pro rata, to (A) to the Fee Accumulation Account, amounts necessary to be deposited therein such that the amount on deposit in such account equals the Fee Accumulation Amount for such Interim Payment Date (other than any amounts that constitute Defaulting Counterparty Termination Payments); (b) extent required pursuant to the Interest Accumulation Accountrelated Indenture Supplement, amounts necessary to be deposited therein such that the amount on deposit in such account equals the Interest Accumulation Amount for such Interim Payment Date; (c) to the Series Reserve Account for each SeriesSeries of MSR VFN, the amount required to be deposited therein so that, after giving effect to such deposit, the amount standing to the credit of such Series Reserve Account shall be equal to the related Series Reserve Required Amount; , (dB) if a Facility Early Amortization Event has not occurred or if occurred, such Facility Early Amortization Event has been waived, to the Target Amortization Principal Accumulation Expense Reserve Account, amounts necessary the amount required to be deposited therein so that, after giving effect to such that deposit, the amount on deposit in such account equals standing to the Target Amortization Amount for credit of the next Payment Date in respect of each Class of Notes that is in its Target Amortization Period, not including any such Class for which Expense Reserve Account shall be equal to the related Indenture Supplement provides that there will Expense Reserve Required Amount and (C) to the Credit Manager Expense Reserve Account, the amount required to be no intra-month reservation deposited therein so that, after giving effect to such deposit, the amount standing to the credit of Target Amortization Principal Accumulation Amountsthe Credit Manager Expense Reserve Account shall be equal to the related Credit Manager Expense Reserve Required Amount; (eii) to be retained in the Collection and Funding Account, the aggregate New Receivables Funding Amount for any Facility Eligible Receivables to be funded on such Interim Payment Date (without duplicating any portion of such New Receivables Funding Amount to be paid using the proceeds of a borrowing on any Class of VFN) and the aggregate Excess Receivables Funding Amount to be funded on such Interim Payment Date; provided that no New Receivables Funding Amounts will be released to fund new Receivables and no Excess Receivables Funding Amounts will be released under this clause (e) unless the Funding Conditions have been metRequired Available Funds allocable from Servicing Spread Available Funds; (fiii) if a Facility Early Amortization Event has not occurred or if occurred, such Facility Early Amortization Event has been waived, to pay down at the VFN Principal Balance of each Outstanding Class of VFNs, the amount necessary to satisfy the Collateral Test after giving effect to the allocations, payments and distributions in clauses (a) through (e) above; (g) to pay any Series Fees payable to any Person in excess direction of the Series Fee Limit Administrator, (including any Defaulting Counterparty Termination Payments); (hA) to pay down the VFN Principal Balance of each Outstanding Class of VFNs MSR VFN pro rata, based on their respective Note Balances, to satisfy any related Borrowing Base Deficiency on an Interim Payment Date that is an Interim Borrowing Base Payment Date and/or such other amount as may be designated by the AdministratorAdministrator or (B) to reserve cash in the Collection and Funding Account; (i) as directed by the Administrator on behalf of Issuer, to pay any portion or all of any Excess Cash Amount to any Sinking Fund Account or Sinking Fund Accounts; and (jiv) any Net Excess Cash Amount to or at the written direction of the Depositor NSM as holder of the Owner Trust Certificate, it being understood that no such Net Excess Cash Amounts may be paid to the Depositor NSM under this clause (jiv) if, after the payment of such cash amounts, such payment would result in a Borrowing Base Deficiency; provided, that amounts due and owing to the Collateral Test Owner Trustee and not previously paid hereunder or under any other Transaction Document shall be paid prior to such payment; and (b) On each Interim Payment Date relating to an SPIA VFN, the Indenture Trustee shall allocate and pay or deposit (as specified below) all Advance Reimbursement Available Funds held in the Advance Reimbursement Available Funds Subaccount of the Collection and Funding Account as set forth below, in the following order of priority and in the amounts set forth in the Interim Payment Date Report for such Interim Payment Date: (i) to the extent required pursuant to the related Indenture Supplement, the Series Reserve Account for each Series of SPIA VFN, the amount required to be deposited therein so that, after giving effect to such deposit, the amount standing to the credit of such Series Reserve Account shall be equal to the related Series Reserve Required Amount, (ii) to be retained in the Collection and Funding Account, the Required Available Funds allocable from Advance Reimbursement Available Funds; (iii) at the direction of the Administrator, to pay down the VFN Principal Balance of each Outstanding Class of SPIA VFNs pro rata, based on their respective Note Balances, to satisfy any related Borrowing Base Deficiency on an Interim Payment Date that is an Interim Borrowing Base Payment Date and/or such other amount as may be designated by the Administrator; (iv) any Net Excess Cash Amount to or at the written direction of NSM as holder of the Owner Trust Certificate, it being understood that no such Net Excess Cash Amounts may be paid to NSM under this clause (iv) if, after the payment of such cash amounts, such payment would no longer result in a Borrowing Base Deficiency; provided, that amounts due and owing to the Owner Trustee and not previously paid hereunder or under any other Transaction Document shall be satisfiedpaid prior to such payment; and (c) To the extent provided in the related Indenture Supplement, during the Revolving Period, on each Interim Payment Date, with the prior written consent of the Administrative Agent (such consent not to be unreasonably withheld), the owner of the Owner Trust Certificate may make Additional Note Payments to a Noteholder of a Series or Class of VFNs. Such Additional Note Payments shall be applied to pay down the VFN Principal Balance of each Outstanding Class of MSR VFNs or each Outstanding Class of SPIA VFNs as specified by the Administrator, in each case, pro rata, based on their respective Note Balances, such amount as may be designated by the Administrator.

Interim Payment Dates. On each Interim Payment Date, the Indenture Trustee shall allocate and pay or deposit (as specified below) all Available Funds held in the Collection and Funding Account as set forth below, in the following order of priority and in the amounts set forth in the Interim Payment Date Report for such Interim Payment Date: (a) to the Fee Accumulation Account, amounts necessary to be deposited therein such that the amount on deposit in such account equals the Fee Accumulation Amount for such Interim Payment Date (other than any amounts that constitute Defaulting Counterparty Termination Payments); (b) to the Interest Accumulation Account, amounts necessary to be deposited therein such that the amount on deposit in such account equals the Interest Accumulation Amount for such Interim Payment Date; (c) to the Series Reserve Account for each Series, the amount required to be deposited therein so that, after giving effect to such deposit, the amount standing to the credit of such Series Reserve Account shall be equal to the related Series Reserve Required Amount; (d) if a Facility Early prior to the Full Amortization Event has not occurred or if occurred, such Facility Early Amortization Event has been waivedPeriod, to the Target Amortization Principal Accumulation Account, amounts necessary to be deposited therein such that the amount on deposit in such account equals the Target Amortization Amount for the next Payment Date in respect of each Class of Notes that is in its Target Amortization Period, not including any such Class for which the related Indenture Supplement provides that there will be no intra-month reservation of Target Amortization Principal Accumulation Amounts; (e) to be retained in the Collection and Funding Account, the aggregate New Receivables Funding Amount for any Facility Eligible Receivables to be funded on such Interim Payment Date (without duplicating any portion of such New Receivables Funding Amount to be paid using the proceeds of a borrowing on an increase in any Class of VFNVFN Principal Balance) and the aggregate Excess Receivables Funding Amount to be funded on such Interim Payment Date; provided that no New Receivables Funding Amounts will be released to fund new Receivables and no Excess Receivables Funding Amounts will be released under this clause (e) unless the Funding Conditions have been met; (f) if a Facility Early prior to the Full Amortization Event has not occurred or if occurred, such Facility Early Amortization Event has been waivedPeriod, to pay down the VFN Principal Balance of each Outstanding Class of VFNs, pro rata based on their respective Note Balances, the amount necessary to satisfy the Collateral Test after giving effect to the allocations, payments and distributions in clauses (a) through (e) above; (g) to pay any Series Fees payable to any Person in excess of the Series Fee Limit (including any Defaulting Counterparty Termination Payments); (h) to pay down the VFN Principal Balance of each Outstanding Class of VFNs pro rata, based on their respective Note Balances, such amount as may be designated by the Administrator; (i) as directed by the Administrator on behalf of Issuer, to pay any portion or all of any Excess Cash Amount to any Sinking Fund Account or Sinking Fund Accounts; and (j) any Net Excess Cash Amount to or at the direction of the Depositor as holder of the Owner Trust Certificate, it being understood that no such Net Excess Cash Amounts may be paid to the Depositor under this clause (j) if, after the payment of such cash amounts, the Collateral Test would no longer be satisfied.

Interim Payment Dates. (a) On each Interim Payment DateDate relating to an MSR VFN, the Indenture Trustee shall allocate and pay or deposit (as specified below) all Servicing Spread Available Funds held in the Servicing Spread Available Funds Subaccount of the Collection and Funding Account as set forth below, in the following order of priority and in the amounts set forth in the Interim Payment Date Report for such Interim Payment Date: (ai) pro rata, to (A) to the Fee Accumulation Account, amounts necessary to be deposited therein such that the amount on deposit in such account equals the Fee Accumulation Amount for such Interim Payment Date (other than any amounts that constitute Defaulting Counterparty Termination Payments); (b) extent required pursuant to the Interest Accumulation Accountrelated Indenture Supplement, amounts necessary to be deposited therein such that the amount on deposit in such account equals the Interest Accumulation Amount for such Interim Payment Date; (c) to the Series Reserve Account for each SeriesSeries of MSR VFN, the amount required to be deposited therein so that, after giving effect to such deposit, the amount standing to the credit of such Series Reserve Account shall be equal to the related Series Reserve Required Amount; , (dB) if a Facility Early Amortization Event has not occurred or if occurred, such Facility Early Amortization Event has been waived, to the Target Amortization Principal Accumulation Expense Reserve Account, amounts necessary the amount required to be deposited therein so that, after giving effect to such that deposit, the amount on deposit in such account equals standing to the Target Amortization Amount for credit of the next Payment Date in respect of each Class of Notes that is in its Target Amortization Period, not including any such Class for which Expense Reserve Account shall be equal to the related Indenture Supplement provides that there will Expense Reserve Required Amount and (C) to the Credit Manager Expense Reserve Account, the amount required to be no intra-month reservation deposited therein so that, after giving effect to such deposit, the amount standing to the credit of Target Amortization Principal Accumulation Amountsthe Credit Manager Expense Reserve Account shall be equal to the related Credit Manager Expense Reserve Required Amount; (eii) to be retained in the Collection and Funding Account, the aggregate New Receivables Funding Amount for any Facility Eligible Receivables to be funded on such Interim Payment Date (without duplicating any portion of such New Receivables Funding Amount to be paid using the proceeds of a borrowing on any Class of VFN) and the aggregate Excess Receivables Funding Amount to be funded on such Interim Payment Date; provided that no New Receivables Funding Amounts will be released to fund new Receivables and no Excess Receivables Funding Amounts will be released under this clause (e) unless the Funding Conditions have been metRequired Available Funds allocable from Servicing Spread Available Funds; (fiii) if a Facility Early Amortization Event has not occurred or if occurred, such Facility Early Amortization Event has been waived, to pay down the VFN Principal Balance of each Outstanding Class of VFNs, the amount necessary to satisfy the Collateral Test after giving effect to the allocations, payments and distributions in clauses (a) through (e) above[reserved]; (giv) to pay any Series Fees payable to any Person in excess at the direction of the Series Fee Limit Administrator, (including any Defaulting Counterparty Termination Payments); (hA) to pay down the VFN Principal Balance of each Outstanding Class of VFNs MSR VFN pro rata, based on their respective Note Balances, to satisfy any related Borrowing Base Deficiency on an Interim Payment Date that is an Interim Borrowing Base Payment Date and/or such other amount as may be designated by the AdministratorAdministrator or (B) to reserve cash in the Collection and Funding Account; (i) as directed by the Administrator on behalf of Issuer, to pay any portion or all of any Excess Cash Amount to any Sinking Fund Account or Sinking Fund Accounts; and (jv) any Net Excess Cash Amount to or at the written direction of the Depositor PLS as holder of the Owner Trust Certificate, it being understood that no such Net Excess Cash Amounts may be paid to the Depositor PLS under this clause (jv) if, after the payment of such cash amounts, such payment would result in a Borrowing Base Deficiency; provided, that amounts due and owing to the Collateral Test Owner Trustee and not previously paid hereunder or under any other Transaction Document shall be paid prior to such payment; and (b) On each Interim Payment Date relating to an SPIA VFN, the Indenture Trustee shall allocate and pay or deposit (as specified below) all Advance Reimbursement Available Funds held in the Advance Reimbursement Available Funds Subaccount of the Collection and Funding Account as set forth below, in the following order of priority and in the amounts set forth in the Interim Payment Date Report for such Interim Payment Date: (i) to the extent required pursuant to the related Indenture Supplement, the Series Reserve Account for each Series of SPIA VFN, the amount required to be deposited therein so that, after giving effect to such deposit, the amount standing to the credit of such Series Reserve Account shall be equal to the related Series Reserve Required Amount, (ii) to be retained in the Collection and Funding Account, the Required Available Funds allocable from Advance Reimbursement Available Funds; (iii) [reserved]; (iv) at the direction of the Administrator, to pay down the VFN Principal Balance of each Outstanding Class of SPIA VFNs pro rata, based on their respective Note Balances, to satisfy any related Borrowing Base Deficiency on an Interim Payment Date that is an Interim Borrowing Base Payment Date and/or such other amount as may be designated by the Administrator; (v) any Net Excess Cash Amount to or at the written direction of PLS as holder of the Owner Trust Certificate, it being understood that no such Net Excess Cash Amounts may be paid to PLS under this clause (v) if, after the payment of such cash amounts, such payment would no longer result in a Borrowing Base Deficiency; provided, that amounts due and owing to the Owner Trustee and not previously paid hereunder or under any other Transaction Document shall be satisfiedpaid prior to such payment; and (c) To the extent provided in the related Indenture Supplement, during the Revolving Period, on each Interim Payment Date, with the prior written consent of the Administrative Agent (such consent not to be unreasonably withheld), the owner of the Owner Trust Certificate may make Additional Note Payments to a Noteholder of a Series or Class of VFNs. Such Additional Note Payments shall be applied to pay down the VFN Principal Balance of each Outstanding Class of MSR VFNs or each Outstanding Class of SPIA VFNs as specified by the Administrator, in each case, pro rata, based on their respective Note Balances, such amount as may be designated by the Administrator.