Common use of Mandatory Decrease Clause in Contracts

Mandatory Decrease. Whenever a Series 2022-1 Class A-1 Excess Principal Event shall have occurred, funds sufficient to decrease the Series 2022-1 Class A-1 Outstanding Principal Amount by the lesser of (x) the amount necessary, so that after giving effect to such decrease of the Series 2022-1 Class A-1 Outstanding Principal Amount on such date, no such Series 2022-1 Class A-1 Excess Principal Event shall exist and (y) the amount that would decrease the Series 2022-1 Class A-1 Outstanding Principal Amount to zero (each decrease of the Series 2022-1 Class A-1 Outstanding Principal Amount pursuant to this Section 2.2(a), a “Mandatory Decrease”) shall be due and payable on the Weekly Allocation Date immediately following the date on which the Manager or the Co-Issuers obtain knowledge of such Series 2022-1 Class A-1 Excess Principal Event, in accordance with the Priority of Payments. The Trustee shall distribute each Mandatory Decrease pursuant to the written direction of the Co-Issuers in the applicable Weekly Manager’s Certificate, which shall include the calculation of such Mandatory Decrease and distribution instructions in accordance with Section 4.02 of the Series 2022-1 Class A-1 Note Purchase Agreement. Any associated Breakage Amounts incurred as a result of such decrease (calculated in accordance with the Series 2022-1 Class A-1 Note Purchase Agreement) shall be deposited into the Collection Account for allocation as Series 2022-1 Class A-1 Other Amounts pursuant to the Priority of Payments on the Weekly Allocation Date related to the Weekly Manager’s Certificate including such Mandatory Decrease. Upon obtaining Actual Knowledge of such a Series 2022-1 Class A-1 Excess Principal Event, the Co-Issuers promptly, but in any event within two (2) Business Days, shall deliver written notice substantially in the form of Exhibit D hereto (by e-mail) of the need for any such Mandatory Decreases to the Trustee and the Series 2022-1 Class A-1 Administrative Agent.

Appears in 1 contract

Samples: Series Supplement (Dine Brands Global, Inc.)

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Mandatory Decrease. Whenever a Series 20222012-1 Class A-1 Excess Principal Event shall have occurred, then, on or before the third Business Day immediately following the date on which the Manager or any Co-Issuer obtains knowledge of such Series 2012-1 Class A-1 Excess Principal Event, the Co-Issuers shall deposit in the Series 2012-1 Class A-1 Distribution Account the amount of funds referred to in the next sentence and shall direct the Trustee in writing to distribute such funds in accordance with Section 4.02 of the Series 2012-1 Class A-1 Note Purchase Agreement. Such written direction of the Co-Issuers shall include a report that will provide for the distribution of (i) funds sufficient to decrease the Series 20222012-1 Class A-1 Outstanding Principal Amount by the lesser of (x) the amount necessary, so that after giving effect to such decrease of the Series 20222012-1 Class A-1 Outstanding Principal Amount on such date, no such Series 20222012-1 Class A-1 Excess Principal Event shall exist and (y) the amount that would decrease the Series 20222012-1 Class A-1 Outstanding Principal Amount to zero (each decrease of the Series 20222012-1 Class A-1 Outstanding Principal Amount pursuant to this Section 2.2(a), or any other required payment of principal in respect of the Series 2012-1 Class A-1 Notes pursuant to Section 3.6 of this Series Supplement, a “Mandatory Decrease”), plus (ii) shall be due and payable on the Weekly Allocation Date immediately following the date on which the Manager or the Co-Issuers obtain knowledge of such any associated Series 20222012-1 Class A-1 Excess Principal Event, in accordance with the Priority of Payments. The Trustee shall distribute each Mandatory Decrease pursuant to the written direction of the Co-Issuers in the applicable Weekly Manager’s Certificate, which shall include the calculation of such Mandatory Decrease and distribution instructions in accordance with Section 4.02 of the Series 2022-1 Class A-1 Note Purchase Agreement. Any associated Breakage Amounts incurred as a result of such decrease (calculated in accordance with the Series 20222012-1 Class A-1 Note Purchase Agreement) ). Such Mandatory Decrease shall be deposited into allocated among the Collection Account for allocation as Series 20222012-1 Class A-1 Other Amounts pursuant to Noteholders in accordance with the Priority order of Payments on distribution of principal payments set forth in Section 4.02 of the Weekly Allocation Date related to the Weekly Manager’s Certificate including such Mandatory DecreaseSeries 2012-1 Class A-1 Note Purchase Agreement. Upon obtaining Actual Knowledge knowledge of such a Series 20222012-1 Class A-1 Excess Principal Event, the Co-Issuers promptly, but in any event within two (2) Business Days, shall deliver written notice substantially in the form of Exhibit D hereto (by facsimile or e-mail with original to follow by mail) of the need for any such Mandatory Decreases to the Trustee and the Series 20222012-1 Class A-1 Administrative Agent. In connection with any Mandatory Decrease, the Co-Issuers shall reimburse the Trustee, the Servicer and the Manager, as applicable, for any unreimbursed Servicing Advances and Manager Advances (in each case, with interest thereon at the Advance Interest Rate).

Appears in 1 contract

Samples: Series Supplement (Dominos Pizza Inc)

Mandatory Decrease. Whenever a Series 20222019-1 Class A-1 Excess Principal Event shall have occurred, then, on or before 3:00 p.m. (New York City time) on the fourth Business Day immediately following the date on which the Manager or the Master Issuer obtains knowledge of such Series 2019-1 Class A-1 Excess Principal Event, the Master Issuer shall deposit in the Series 2019-1 Class A-1 Distribution Account the amount of funds referred to in the next sentence and shall direct the Trustee in writing to distribute such funds in accordance with Section 4.02 of the Series 2019-1 Class A-1 Note Purchase Agreement. Such written direction of the Master Issuer shall include a report that will provide for the distribution of (i) funds sufficient to decrease the Series 20222019-1 Class A-1 Outstanding Principal Amount by the lesser of (x) the amount necessary, so that after giving effect to such decrease of the Series 20222019-1 Class A-1 Outstanding Principal Amount on such date, no such Series 20222019-1 Class A-1 Excess Principal Event shall exist and (y) the amount that would decrease the Series 20222019-1 Class A-1 Outstanding Principal Amount to zero (each decrease of the Series 20222019-1 Class A-1 Outstanding Principal Amount pursuant to this Section 2.2(a), or any other required payment of principal in respect of the Series 2019-1 Class A-1 Notes pursuant to Section 3.6 of this Series Supplement, a “Mandatory Decrease”), plus (ii) shall be due and payable on the Weekly Allocation Date immediately following the date on which the Manager or the Co-Issuers obtain knowledge of such any associated Series 20222019-1 Class A-1 Excess Principal Event, in accordance with the Priority of Payments. The Trustee shall distribute each Mandatory Decrease pursuant to the written direction of the Co-Issuers in the applicable Weekly Manager’s Certificate, which shall include the calculation of such Mandatory Decrease and distribution instructions in accordance with Section 4.02 of the Series 2022-1 Class A-1 Note Purchase Agreement. Any associated Breakage Amounts incurred as a result of such decrease (calculated in accordance with the Series 20222019-1 Class A-1 Note Purchase Agreement) ). Such Mandatory Decrease shall be deposited into allocated among the Collection Account for allocation as Series 20222019-1 Class A-1 Other Amounts pursuant to Noteholders in accordance with the Priority order of Payments on distribution of principal payments set forth in Section 4.02 of the Weekly Allocation Date related to the Weekly Manager’s Certificate including such Mandatory DecreaseSeries 2019-1 Class A-1 Note Purchase Agreement. Upon obtaining Actual Knowledge knowledge of such a Series 20222019-1 Class A-1 Excess Principal Event, the Co-Issuers Master Issuer promptly, but in any event within two (2) Business Days, shall deliver written notice substantially in the form (which may be given by e‑mail of Exhibit D hereto (by e-maila .pdf or similar file) of the need for any such Mandatory Decreases to the Trustee and the Series 20222019-1 Class A-1 Administrative Agent. In connection with any Mandatory Decrease, the Master Issuer shall reimburse the Trustee, the Servicer and the Manager, as applicable, for any unreimbursed Advances and Manager Advances (in each case, with interest thereon at the Advance Interest Rate).

Appears in 1 contract

Samples: Series Supplement (Dunkin' Brands Group, Inc.)

Mandatory Decrease. Whenever a Series 20222019-1 Class A-1 Excess Principal Event shall have occurred, then, on or before the third Business Day immediately following the date on which the Manager or any Co-Issuer obtains knowledge of such Series 2019-1 Class A-1 Excess Principal Event, the Co-Issuers shall deposit in the Series 2019-1 Class A-1 Distribution Account the amount of funds referred to in the next sentence and shall direct the Trustee in writing to distribute such funds in accordance with Section 4.02 of the Series 2019-1 Class A-1 Note Purchase Agreement. Such written direction of the Co-Issuers shall include a report that will provide for the distribution of (i) funds sufficient to decrease the Series 20222019-1 Class A-1 Outstanding Principal Amount by the lesser of (x) the amount necessary, so that after giving effect to such decrease of the Series 20222019-1 Class A-1 Outstanding Principal Amount on such date, no such Series 20222019-1 Class A-1 Excess Principal Event shall exist and (y) the amount that would decrease the Series 20222019-1 Class A-1 Outstanding Principal Amount to zero (each decrease of the Series 20222019-1 Class A-1 Outstanding Principal Amount pursuant to this Section 2.2(a2.02(a), or any other required payment of principal in respect of the Series 2019-1 Class A-1 Notes pursuant to Section 3.06 of this Series Supplement, a “Mandatory Decrease”), plus (ii) shall be due and payable on the Weekly Allocation Date immediately following the date on which the Manager or the Co-Issuers obtain knowledge of such any associated Series 20222019-1 Class A-1 Excess Principal Event, in accordance with the Priority of Payments. The Trustee shall distribute each Mandatory Decrease pursuant to the written direction of the Co-Issuers in the applicable Weekly Manager’s Certificate, which shall include the calculation of such Mandatory Decrease and distribution instructions in accordance with Section 4.02 of the Series 2022-1 Class A-1 Note Purchase Agreement. Any associated Breakage Amounts incurred as a result of such decrease (calculated in accordance with the Series 20222019-1 Class A-1 Note Purchase Agreement) ). Such Mandatory Decrease shall be deposited into allocated among the Collection Account for allocation as Series 20222019-1 Class A-1 Other Amounts pursuant to Noteholders in accordance with the Priority order of Payments on distribution of principal payments set forth in Section 4.02 of the Weekly Allocation Date related to the Weekly Manager’s Certificate including such Mandatory DecreaseSeries 2019-1 Class A-1 Note Purchase Agreement. Upon obtaining Actual Knowledge knowledge of such a Series 20222019-1 Class A-1 Excess Principal Event, the Co-Issuers promptly, but in any event within two (2) Business Days, shall deliver written notice substantially in the form of Exhibit D hereto (by facsimile or e-mail with original to follow by mail) of the need for any such Mandatory Decreases to the Trustee and the Series 20222019-1 Class A-1 Administrative Agent. In connection with any Mandatory Decrease, the Co-Issuers shall reimburse the Trustee, the Servicer and the Manager, as applicable, for any unreimbursed Servicing Advances and Manager Advances (in each case, with interest thereon at the Advance Interest Rate).

Appears in 1 contract

Samples: Series 2019 1 Supplement (Dominos Pizza Inc)

Mandatory Decrease. Whenever a Series 20222017-1 Class A-1 Excess Principal Event shall have occurred, then, on or before 3:00 p.m. (New York City time) on the fourth Business Day immediately following the date on which the Manager or the Master Issuer obtains knowledge of such Series 2017-1 Class A-1 Excess Principal Event, the Master Issuer shall deposit in the Series 2017-1 Class A-1 Distribution Account the amount of funds referred to in the next sentence and shall direct the Trustee in writing to distribute such funds in accordance with Section 4.02 of the Series 2017-1 Class A-1 Note Purchase Agreement. Such written direction of the Master Issuer shall include a report that will provide for the distribution of (i) funds sufficient to decrease the Series 20222017-1 Class A-1 Outstanding Principal Amount by the lesser of (x) the amount necessary, so that after giving effect to such decrease of the Series 20222017-1 Class A-1 Outstanding Principal Amount on such date, no such Series 20222017-1 Class A-1 Excess Principal Event shall exist and (y) the amount that would decrease the Series 20222017-1 Class A-1 Outstanding Principal Amount to zero (each decrease of the Series 20222017-1 Class A-1 Outstanding Principal Amount pursuant to this Section 2.2(a), or any other required payment of principal in respect of the Series 2017-1 Class A-1 Notes pursuant to Section 3.6 of this Series Supplement, a “Mandatory Decrease”), plus (ii) shall be due and payable on the Weekly Allocation Date immediately following the date on which the Manager or the Co-Issuers obtain knowledge of such any associated Series 20222017-1 Class A-1 Excess Principal Event, in accordance with the Priority of Payments. The Trustee shall distribute each Mandatory Decrease pursuant to the written direction of the Co-Issuers in the applicable Weekly Manager’s Certificate, which shall include the calculation of such Mandatory Decrease and distribution instructions in accordance with Section 4.02 of the Series 2022-1 Class A-1 Note Purchase Agreement. Any associated Breakage Amounts incurred as a result of such decrease (calculated in accordance with the Series 20222017-1 Class A-1 Note Purchase Agreement) ). Such Mandatory Decrease shall be deposited into allocated among the Collection Account for allocation as Series 20222017-1 Class A-1 Other Amounts pursuant to Noteholders in accordance with the Priority order of Payments on distribution of principal payments set forth in Section 4.02 of the Weekly Allocation Date related to the Weekly Manager’s Certificate including such Mandatory DecreaseSeries 2017-1 Class A-1 Note Purchase Agreement. Upon obtaining Actual Knowledge knowledge of such a Series 20222017-1 Class A-1 Excess Principal Event, the Co-Issuers Master Issuer promptly, but in any event within two (2) Business Days, shall deliver written notice substantially in the form (which may be given by e‑mail of Exhibit D hereto (by e-maila .pdf or similar file) of the need for any such Mandatory Decreases to the Trustee and the Series 20222017-1 Class A-1 Administrative Agent. In connection with any Mandatory Decrease, the Master Issuer shall reimburse the Trustee, the Servicer and the Manager, as applicable, for any unreimbursed Advances and Manager Advances (in each case, with interest thereon at the Advance Interest Rate).

Appears in 1 contract

Samples: Series Supplement (Dunkin' Brands Group, Inc.)

Mandatory Decrease. Whenever a Series 20222018-1 Class A-1 Excess Principal Event shall have occurred, funds sufficient to decrease the Series 20222018-1 Class A-1 Outstanding Principal Amount by the lesser of (x) the amount necessary, necessary so that after giving effect to such decrease of the Series 20222018-1 Class A-1 Outstanding Principal Amount on such date, no such Series 20222018-1 Class A-1 Excess Principal Event shall exist and (y) the amount that would decrease the Series 20222018-1 Class A-1 Outstanding Principal Amount to zero (each decrease of the Series 20222018-1 Class A-1 Outstanding Principal Amount pursuant to this Section 2.2(a), a “Mandatory Decrease”) shall be due and payable on the Weekly Allocation Date immediately following the date on which the Manager or the Co-Issuers obtain knowledge of such Series 20222018-1 Class A-1 Excess Principal Event, in accordance with the Priority of Payments. The Trustee shall distribute the amount of each Mandatory Decrease pursuant to the written direction of the Co-Issuers in the applicable Weekly Manager’s Certificate, which shall include the calculation of such Mandatory Decrease and distribution instructions in accordance with Section 4.02 of the Series 20222018-1 Class A-1 Note Purchase Agreement. Any associated Breakage Amounts incurred as a result of such decrease (calculated in accordance with the Series 20222018-1 Class A-1 Note Purchase Agreement) shall be deposited into the Collection Account for allocation allocated as Series 20222018-1 Class A-1 Other Amounts pursuant to the Priority of Payments on the Weekly Allocation Date related to the Weekly Manager’s Certificate including such Mandatory Decrease. Upon obtaining Actual Knowledge of such a Series 20222018-1 Class A-1 Excess Principal Event, the Co-Issuers promptly, but in any event within two (2) Business Days, shall deliver written notice substantially in the form of Exhibit D hereto (by e-mail) of the need for any such Mandatory Decreases to the Trustee and the Series 20222018-1 Class A-1 Administrative Agent.

Appears in 1 contract

Samples: Series Supplement (Dine Brands Global, Inc.)

Mandatory Decrease. Whenever a Series 20222019-1 Class A-1 Excess Principal Event shall have occurred, then, on or before 10:00 a.m. (Eastern time) on the fourth Business Day immediately following the date on which the Manager or the Master Issuer obtains knowledge of such Series 2019-1 Class A-1 Excess Principal Event, the Master Issuer shall deposit in the Series 2019-1 Class A-1 Distribution Account the amount of funds referred to in the next sentence and shall direct the Trustee in writing to distribute such funds in accordance with the Class A-1 Order of Distribution. Such written direction of the Master Issuer shall include a report that will provide for the distribution of (i) funds sufficient to decrease the Series 20222019-1 Class A-1 Outstanding Principal Amount by the lesser of (x) the amount necessary, so that after giving effect to such decrease of the Series 20222019-1 Class A-1 Outstanding Principal Amount on such date, no such Series 20222019-1 Class A-1 Excess Principal Event shall exist and (y) the amount that would decrease the Series 20222019-1 Class A-1 Outstanding Principal Amount to zero (each decrease of the Series 20222019-1 Class A-1 Outstanding Principal Amount pursuant to this Section 2.2(a), or any other required payment of principal in respect of the Series 2019-1 Class A-1 Notes pursuant to Section 3.6 of this Series Supplement, a “Mandatory Decrease”), plus (ii) shall be due and payable on the Weekly Allocation Date immediately following the date on which the Manager or the Co-Issuers obtain knowledge of such any associated Series 20222019-1 Class A-1 Excess Principal Event, in accordance with the Priority of Payments. The Trustee shall distribute each Mandatory Decrease pursuant to the written direction of the Co-Issuers in the applicable Weekly Manager’s Certificate, which shall include the calculation of such Mandatory Decrease and distribution instructions in accordance with Section 4.02 of the Series 2022-1 Class A-1 Note Purchase Agreement. Any associated Breakage Amounts incurred as a result of such decrease (calculated in accordance with the Series 20222019-1 Class A-1 Note Purchase Agreement) ). Such Mandatory Decrease shall be deposited into allocated among the Collection Account for allocation as Series 20222019-1 Class A-1 Other Amounts pursuant to Noteholders in accordance with the Priority Class A-1 Order of Payments on the Weekly Allocation Date related to the Weekly Manager’s Certificate including such Mandatory DecreaseDistribution. Upon obtaining Actual Knowledge knowledge of such a Series 20222019-1 Class A-1 Excess Principal Event, the Co-Issuers Master Issuer promptly, but in any event within two (2) Business Days, shall deliver written notice substantially in the form of Exhibit D hereto (which may be given by e-mailmail of a .pdf or similar file) of the need for any such Mandatory Decreases to the Trustee and the Series 20222019-1 Class A-1 Administrative Agent. In connection with any Mandatory Decrease, the Master Issuer shall reimburse the Trustee, the Servicer and the Manager, as applicable, for any unreimbursed Advances and Manager Advances (in each case, with interest thereon at the Advance Interest Rate).

Appears in 1 contract

Samples: Series Supplement (Wendy's Co)

Mandatory Decrease. Whenever a Series 20222017-1 Class A-1 Excess Principal Event shall have occurred, funds sufficient to decrease the Series 20222017-1 Class A-1 Outstanding Principal Amount by the lesser of (x) the amount necessary, so that after giving effect to such decrease of the Series 20222017-1 Class A-1 Outstanding Principal Amount on such date, no such Series 20222017-1 Class A-1 Excess Principal Event shall exist and (y) the amount that would decrease the Series 20222017-1 Class A-1 Outstanding Principal Amount to zero (each decrease of the Series 20222017-1 Class A-1 Outstanding Principal Amount pursuant to this Section 2.2(a), a “Mandatory Decrease”) shall be due and payable on the Weekly Allocation Date immediately following the date on which the Manager or the Co-Issuers obtain knowledge of such Series 20222017-1 Class A-1 Excess Principal Event, in accordance with the Priority of Payments. The Trustee shall distribute each Mandatory Decrease pursuant to the written direction of the Co-Issuers in the applicable Weekly Manager’s Certificate, which shall include the calculation of such Mandatory Decrease and distribution instructions in accordance with Section 4.02 of the Series 20222017-1 Class A-1 Note Purchase Agreement. Any associated Series 2017-1 Class A-1 Breakage Amounts incurred as a result of such decrease (calculated in accordance with the Series 20222017-1 Class A-1 Note Purchase Agreement) shall be deposited into in the Collection Account for allocation as Series 2022-1 Class A-1 Other Amounts pursuant to the Priority of Payments on the Weekly Allocation Date related to the Weekly Manager’s Certificate including such Mandatory DecreasePayments. Upon obtaining Actual Knowledge knowledge of such a Series 20222017-1 Class A-1 Excess Principal Event, the Co-Issuers promptly, but in any event within two (2) Business Days, shall deliver written notice substantially in the form of Exhibit D hereto (by e-mail) of the need for any such Mandatory Decreases to the Trustee and the Series 20222017-1 Class A-1 Funding Administrative Agent.

Appears in 1 contract

Samples: Series Supplement (Jay Merger Sub, Inc.)

Mandatory Decrease. Whenever a Series 20222018-1 Class A-1 Excess Principal Event shall have occurred, then, on or before 10:00 a.m. (Eastern time) on the fourth Business Day immediately following the date on which the Manager or the Master Issuer obtains knowledge of such Series 2018-1 Class A-1 Excess Principal Event, the Master Issuer shall deposit in the Series 2018-1 Class A-1 Distribution Account the amount of funds referred to in the next sentence and shall direct the Trustee in writing to distribute such funds in accordance with the Class A-1 Order of Distribution. Such written direction of the Master Issuer shall include a report that will provide for the distribution of (i) funds sufficient to decrease the Series 20222018-1 Class A-1 Outstanding Principal Amount by the lesser of (x) the amount necessary, so that after giving effect to such decrease of the Series 20222018-1 Class A-1 Outstanding Principal Amount on such date, no such Series 20222018-1 Class A-1 Excess Principal Event shall exist and (y) the amount that would decrease the Series 20222018-1 Class A-1 Outstanding Principal Amount to zero (each decrease of the Series 20222018-1 Class A-1 Outstanding Principal Amount pursuant to this Section 2.2(a), or any other required payment of principal in respect of the Series 2018-1 Class A-1 Notes pursuant to Section 3.6 of this Series Supplement, a “Mandatory Decrease”), plus (ii) shall be due and payable on the Weekly Allocation Date immediately following the date on which the Manager or the Co-Issuers obtain knowledge of such any associated Series 20222018-1 Class A-1 Excess Principal Event, in accordance with the Priority of Payments. The Trustee shall distribute each Mandatory Decrease pursuant to the written direction of the Co-Issuers in the applicable Weekly Manager’s Certificate, which shall include the calculation of such Mandatory Decrease and distribution instructions in accordance with Section 4.02 of the Series 2022-1 Class A-1 Note Purchase Agreement. Any associated Breakage Amounts incurred as a result of such decrease (calculated in accordance with the Series 20222018-1 Class A-1 Note Purchase Agreement) ). Such Mandatory Decrease shall be deposited into allocated among the Collection Account for allocation as Series 20222018-1 Class A-1 Other Amounts pursuant to Noteholders in accordance with the Priority Class A-1 Order of Payments on the Weekly Allocation Date related to the Weekly Manager’s Certificate including such Mandatory DecreaseDistribution. Upon obtaining Actual Knowledge knowledge of such a Series 20222018-1 Class A-1 Excess Principal Event, the Co-Issuers Master Issuer promptly, but in any event within two (2) Business Days, shall deliver written notice substantially in the form of Exhibit D hereto (which may be given by e-mailmail of a .pdf or similar file) of the need for any such Mandatory Decreases to the Trustee and the Series 2022-1 Class A-1 Administrative Agent. In connection with any Mandatory Decrease, the Master Issuer shall reimburse the Trustee, the Servicer and the Manager, as applicable, for any unreimbursed Advances and Manager Advances (in each case, with interest thereon at the Advance Interest Rate).

Appears in 1 contract

Samples: Series Supplement (Planet Fitness, Inc.)

Mandatory Decrease. Whenever a Series 20222015-1 Class A-1 Excess Principal Event shall have occurred, then, on or before 3:00 p.m. (New York City time) on the fourth Business Day immediately following the date on which the Manager or the Master Issuer obtains knowledge of such Series 2015-1 Class A-1 Excess Principal Event, the Master Issuer shall deposit in the Series 2015-1 Class A-1 Distribution Account the amount of funds referred to in the next sentence and shall direct the Trustee in writing to distribute such funds in accordance with Section 4.02 of the Series 2015-1 Class A-1 Note Purchase Agreement. Such written direction of the Master Issuer shall include a report that will provide for the distribution of (i) funds sufficient to decrease the Series 20222015-1 Class A-1 Outstanding Principal Amount by the lesser of (x) the amount necessary, so that after giving effect to such decrease of the Series 20222015-1 Class A-1 Outstanding Principal Amount on such date, no such Series 20222015-1 Class A-1 Excess Principal Event shall exist and (y) the amount that would decrease the Series 20222015-1 Class A-1 Outstanding Principal Amount to zero (each decrease of the Series 20222015-1 Class A-1 Outstanding Principal Amount pursuant to this Section 2.2(a), or any other required payment of principal in respect of the Series 2015-1 Class A-1 Notes pursuant to Section 3.6 of this Series Supplement, a “Mandatory Decrease”), plus (ii) shall be due and payable on the Weekly Allocation Date immediately following the date on which the Manager or the Co-Issuers obtain knowledge of such any associated Series 20222015-1 Class A-1 Excess Principal Event, in accordance with the Priority of Payments. The Trustee shall distribute each Mandatory Decrease pursuant to the written direction of the Co-Issuers in the applicable Weekly Manager’s Certificate, which shall include the calculation of such Mandatory Decrease and distribution instructions in accordance with Section 4.02 of the Series 2022-1 Class A-1 Note Purchase Agreement. Any associated Breakage Amounts incurred as a result of such decrease (calculated in accordance with the Series 20222015-1 Class A-1 Note Purchase Agreement) ). Such Mandatory Decrease shall be deposited into allocated among the Collection Account for allocation as Series 20222015-1 Class A-1 Other Amounts pursuant to Noteholders in accordance with the Priority order of Payments on distribution of principal payments set forth in Section 4.02 of the Weekly Allocation Date related to the Weekly Manager’s Certificate including such Mandatory DecreaseSeries 2015-1 Class A-1 Note Purchase Agreement. Upon obtaining Actual Knowledge knowledge of such a Series 20222015-1 Class A-1 Excess Principal Event, the Co-Issuers Master Issuer promptly, but in any event within two (2) Business Days, shall deliver written notice substantially in the form of Exhibit D hereto (which may be given by facsimile or e-mailmail of a .pdf or similar file) of the need for any such Mandatory Decreases to the Trustee and the Series 20222015-1 Class A-1 Administrative Agent. In connection with any Mandatory Decrease, the Master Issuer shall reimburse the Trustee, the Servicer and the Manager, as applicable, for any unreimbursed Advances and Manager Advances (in each case, with interest thereon at the Advance Interest Rate).

Appears in 1 contract

Samples: Series Supplement (Dunkin' Brands Group, Inc.)

Mandatory Decrease. Whenever a Series 20222021-1 Class A-1 Excess Principal Event shall have occurred, then, on or before the third Business Day immediately following the date on which the Manager or any Co-Issuer obtains knowledge of such Series 2021-1 Class A-1 Excess Principal Event, the Co-Issuers shall deposit in the Series 2021-1 Class A-1 Distribution Account the amount of funds referred to in the next sentence and shall direct the Trustee in writing to distribute such funds in accordance with Section 4.02 of the Series 2021-1 Class A-1 Note Purchase Agreement. Such written direction of the Co-Issuers shall include a report that will provide for the distribution of (i) funds sufficient to decrease the Series 20222021-1 Class A-1 Outstanding Principal Amount by the lesser of (x) the amount necessary, so that after giving effect to such decrease of the Series 20222021-1 Class A-1 Outstanding Principal Amount on such date, no such Series 20222021-1 Class A-1 Excess Principal Event shall exist and (y) the amount that would decrease the Series 20222021-1 Class A-1 Outstanding Principal Amount to zero (each decrease of the Series 20222021-1 Class A-1 Outstanding Principal Amount pursuant to this Section 2.2(a2.02(a), or any other required payment of principal in respect of the Series 2021-1 Class A-1 Notes pursuant to Section 3.06 of this Series 2021-1 Supplement, a “Mandatory Decrease”), plus (ii) shall be due and payable on the Weekly Allocation Date immediately following the date on which the Manager or the Co-Issuers obtain knowledge of such any associated Series 20222021-1 Class A-1 Excess Principal Event, in accordance with the Priority of Payments. The Trustee shall distribute each Mandatory Decrease pursuant to the written direction of the Co-Issuers in the applicable Weekly Manager’s Certificate, which shall include the calculation of such Mandatory Decrease and distribution instructions in accordance with Section 4.02 of the Series 2022-1 Class A-1 Note Purchase Agreement. Any associated Breakage Amounts incurred as a result of such decrease (calculated in accordance with the Series 20222021-1 Class A-1 Note Purchase Agreement) ). Such Mandatory Decrease shall be deposited into allocated among the Collection Account for allocation as Series 20222021-1 Class A-1 Other Amounts pursuant to Noteholders in accordance with the Priority order of Payments on distribution of principal payments set forth in Section 4.02 of the Weekly Allocation Date related to the Weekly Manager’s Certificate including such Mandatory DecreaseSeries 2021-1 Class A-1 Note Purchase Agreement. Upon obtaining Actual Knowledge knowledge of such a Series 20222021-1 Class A-1 Excess Principal Event, the Co-Issuers promptly, but in any event within two (2) Business Days, shall deliver written notice substantially in the form of Exhibit D hereto (by facsimile or e-mail with original to follow by mail) of the need for any such Mandatory Decreases to the Trustee and the Series 20222021-1 Class A-1 Administrative Agent. In connection with any Mandatory Decrease, the Co-Issuers shall reimburse the Trustee, the Servicer and the Manager, as applicable, for any unreimbursed Servicing Advances and Manager Advances (in each case, with interest thereon at the Advance Interest Rate).

Appears in 1 contract

Samples: Series 2021 1 Supplement (Dominos Pizza Inc)

Mandatory Decrease. Whenever a Series 20222012-1 Class A-1 Excess Principal Event shall have occurred, then, on or before the third Business Day immediately following the date on which the Manager or any Co-Issuer obtains knowledge of such Series 2012-1 Class A-1 Excess Principal Event, the Co-Issuers shall deposit in the Series 2012-1 Class A-1 Distribution Account the amount of funds referred to in the next sentence and shall direct the Trustee in writing to distribute such funds in accordance with Section 4.02 of the Series 2012-1 Class A-1 Note Purchase Agreement. Such written direction of the Co-Issuers shall include a report that will provide for the distribution of (i) funds sufficient to decrease the Series 20222012-1 Class A-1 Outstanding Principal Amount by the lesser of (x) the amount necessary, so that after giving effect to such decrease of the Series 20222012-1 Class A-1 Outstanding Principal Amount on such date, no such Series 20222012-1 Class A-1 Excess Principal Event shall exist and (y) the amount that would decrease the Series 20222012-1 Class A-1 Outstanding Principal Amount to zero (each decrease of the Series 20222012-1 Class A-1 Outstanding Principal Amount pursuant to this Section 2.2(a), or any other required payment of principal in respect of the Series 2012-1 Class A-1 Notes pursuant to Section 3.6 of this Series Supplement, a “Mandatory Decrease”), plus (ii) shall be due and payable on the Weekly Allocation Date immediately following the date on which the Manager or the Co-Issuers obtain knowledge of such any associated Series 20222012-1 Class A-1 Excess Principal Event, in accordance with the Priority of Payments. The Trustee shall distribute each Mandatory Decrease pursuant to the written direction of the Co-Issuers in the applicable Weekly Manager’s Certificate, which shall include the calculation of such Mandatory Decrease and distribution instructions in accordance with Section 4.02 of the Series 2022-1 Class A-1 Note Purchase Agreement. Any associated Breakage Amounts incurred as a result of such decrease (calculated in accordance with the Series 20222012-1 Class A-1 Note Purchase Agreement) ). Such Mandatory Decrease shall be deposited into allocated among the Collection Account for allocation as Series 20222012-1 Class A-1 Other Amounts pursuant to Noteholders in accordance with the Priority order of Payments on distribution of principal payments set forth in Section 4.02 of the Weekly Allocation Date related to the Weekly Manager’s Certificate including such Mandatory DecreaseSeries 2012-1 Class A-1 Note Purchase Agreement. Upon obtaining Actual Knowledge knowledge of such a Series 20222012-1 Class A-1 Excess Principal Event, the Co-Issuers promptly, but in any event within two (2) Business Days, shall deliver written notice substantially in the form of Exhibit D hereto (by facsimile or e-mail with original to follow by mail) of the need for any such Mandatory Decreases to the Trustee and the Series 20222012-1 Class A-1 Administrative Agent. In connection with any Mandatory Decrease, the Co-Issuers shall reimburse the Trustee and the Servicer, as applicable, for any unreimbursed Servicing Advances (with interest thereon at the Advance Interest Rate).

Appears in 1 contract

Samples: Series Supplement (Iconix Brand Group, Inc.)

Mandatory Decrease. Whenever a Series 20222007-1 Class A-1 Excess Principal Event shall have occurred, then, on or before the third Business Day immediately following discovery of such Series 2007-1 Class A-1 Excess Principal Event the Co-Issuers shall deposit in the Series 2007-1 Class A-1 Distribution Account the amount of funds referred to in the next sentence and shall direct the Trustee in writing to distribute such funds in accordance with Section 4.02 of the Series 2007-1 Class A-1 Note Purchase Agreement. Such written direction of the Co-Issuers shall include a report that will provide for the distribution of (i) funds sufficient to decrease the Series 20222007-1 Class A-1 Outstanding Principal Amount by the lesser of (x) the amount necessary, so that after giving effect to such decrease of the Series 20222007-1 Class A-1 Outstanding Principal Amount on such date, no such Series 20222007-1 Class A-1 Excess Principal Event shall exist and (y) the amount that would decrease the Series 20222007-1 Class A-1 Outstanding Principal Amount to zero (each decrease of the Series 20222007-1 Class A-1 Outstanding Principal Amount pursuant to this Section 2.2(a), or any other required payment of principal in respect of the Series 2007-1 Class A-1 Notes pursuant to Section 3.7 of this Series Supplement, a “Mandatory Decrease”), plus (ii) shall be due and payable on the Weekly Allocation Date immediately following the date on which the Manager or the Co-Issuers obtain knowledge of such any associated Series 20222007-1 Class A-1 Excess Principal Event, in accordance with the Priority of Payments. The Trustee shall distribute each Mandatory Decrease pursuant to the written direction of the Co-Issuers in the applicable Weekly Manager’s Certificate, which shall include the calculation of such Mandatory Decrease and distribution instructions in accordance with Section 4.02 of the Series 2022-1 Class A-1 Note Purchase Agreement. Any associated Breakage Amounts incurred as a result of such decrease (calculated in accordance with the Series 20222007-1 Class A-1 Note Purchase Agreement) ). Such Mandatory Decrease shall be deposited into allocated among the Collection Account for allocation as Series 20222007-1 Class A-1 Other Amounts pursuant to Noteholders in accordance with the Priority order of Payments on distribution of principal payments set forth in Section 4.02 of the Weekly Allocation Date related to the Weekly Manager’s Certificate including such Mandatory DecreaseSeries 2007-1 Class A-1 Note Purchase Agreement. Upon obtaining Actual Knowledge discovery of such a Series 20222007-1 Class A-1 Excess Principal Event, the Co-Issuers promptly, but in any event within two one (21) Business DaysDay, shall deliver written notice substantially in the form of Exhibit D hereto (by e-facsimile with original to follow by mail) of the need for any such Mandatory Decreases to the Trustee Trustee, each of the Series 2007-1 Class A Insurers and the Series 20222007-1 Class A-1 Administrative Agent.

Appears in 1 contract

Samples: Series Supplement (Dominos Pizza Inc)

Mandatory Decrease. Whenever a Series 20222014-1 Class A-1 Excess Principal Event shall have occurred, then, on or before 10:00 a.m. (New York City time) on the fourth Business Day immediately following the date on which the Manager or any Co-Issuer obtains knowledge of such Series 2014-1 Class A-1 Excess Principal Event, the Co-Issuers shall deposit in the Series 2014-1 Class A-1 Distribution Account the amount of funds referred to in the next sentence and shall direct the Trustee in writing to distribute such funds in accordance with Section 4.02 of the Series 2014-1 Class A-1 Note Purchase Agreement. Such written direction of the Co-Issuers shall include a report that will provide for the distribution of (i) funds sufficient to decrease the Series 20222014-1 Class A-1 Outstanding Principal Amount by the lesser of (x) the amount necessary, so that after giving effect to such decrease of the Series 20222014-1 Class A-1 Outstanding Principal Amount on such date, no such Series 20222014-1 Class A-1 Excess Principal Event shall exist and (y) the amount that would decrease the Series 20222014-1 Class A-1 Outstanding Principal Amount to zero (each decrease of the Series 20222014-1 Class A-1 Outstanding Principal Amount pursuant to this Section 2.2(a), or any other required payment of principal in respect of the Series 2014-1 Class A-1 Notes pursuant to Section 3.6 of this Series Supplement, a “Mandatory Decrease”), plus (ii) shall be due and payable on the Weekly Allocation Date immediately following the date on which the Manager or the Co-Issuers obtain knowledge of such any associated Series 20222014-1 Class A-1 Excess Principal Event, in accordance with the Priority of Payments. The Trustee shall distribute each Mandatory Decrease pursuant to the written direction of the Co-Issuers in the applicable Weekly Manager’s Certificate, which shall include the calculation of such Mandatory Decrease and distribution instructions in accordance with Section 4.02 of the Series 2022-1 Class A-1 Note Purchase Agreement. Any associated Breakage Amounts incurred as a result of such decrease (calculated in accordance with the Series 20222014-1 Class A-1 Note Purchase Agreement) ). Such Mandatory Decrease shall be deposited into allocated among the Collection Account for allocation as Series 20222014-1 Class A-1 Other Amounts pursuant to Noteholders in accordance with the Priority order of Payments on distribution of principal payments set forth in Section 4.02 of the Weekly Allocation Date related to the Weekly Manager’s Certificate including such Mandatory DecreaseSeries 2014-1 Class A-1 Note Purchase Agreement. Upon obtaining Actual Knowledge knowledge of such a Series 20222014-1 Class A-1 Excess Principal Event, the Co-Issuers promptly, but in any event within two (2) Business Days, shall deliver written notice substantially in the form of Exhibit D hereto (by facsimile or e-mail with original to follow by mail) of the need for any such Mandatory Decreases to the Trustee and the Series 20222014-1 Class A-1 Administrative Agent. In connection with any Mandatory Decrease, the Co-Issuers shall reimburse the Trustee, the Servicer and the Manager, as applicable, for any unreimbursed Advances and Manager Advances (in each case, with interest thereon at the Advance Interest Rate).

Appears in 1 contract

Samples: Series Supplement (DineEquity, Inc)

Mandatory Decrease. Whenever a Series 20222019-1 Class A-1 Excess Principal Event shall have occurred, funds sufficient to decrease the Series 20222019-1 Class A-1 Outstanding Principal Amount by the lesser of (x) the amount necessary, so that after giving effect to such decrease of the Series 20222019-1 Class A-1 Outstanding Principal Amount on such date, no such Series 20222019-1 Class A-1 Excess Principal Event shall exist and (y) the amount that would decrease the Series 20222019-1 Class A-1 Outstanding Principal Amount to zero (each decrease of the Series 20222019-1 Class A-1 Outstanding Principal Amount pursuant to this Section 2.2(a), a “Mandatory Decrease”) shall be due and payable on the Weekly Allocation Date immediately following the date on which the Manager or the Co-Issuers obtain knowledge of such Series 20222019-1 Class A-1 Excess Principal Event, in accordance with the Priority of Payments. The Trustee shall distribute each Mandatory Decrease pursuant to the written direction of the Co-Issuers in the applicable Weekly Manager’s Certificate, which shall include the calculation of such Mandatory Decrease and distribution instructions in accordance with Section 4.02 of the Series 20222019-1 Class A-1 Note Purchase Agreement. Any associated Breakage Amounts incurred as a result of such decrease (calculated in accordance with the Series 20222019-1 Class A-1 Note Purchase Agreement) shall be deposited into the Collection Account for allocation allocated as Series 20222019-1 Class A-1 Other Amounts pursuant to the Priority of Payments on the Weekly Allocation Date related to the Weekly Manager’s Certificate including such Mandatory Decrease. Upon obtaining Actual Knowledge of such a Series 20222019-1 Class A-1 Excess Principal Event, the Co-Issuers promptly, but in any event within two (2) Business Days, shall deliver written notice substantially in the form of Exhibit D hereto (by e-mail) of the need for any such Mandatory Decreases to the Trustee and the Series 20222019-1 Class A-1 Administrative Agent.

Appears in 1 contract

Samples: Series Supplement (Dine Brands Global, Inc.)

Mandatory Decrease. Whenever a Series 20222015-1 Class A-1 Excess Principal Event shall have occurred, then, on or before 10:00 a.m. (Eastern time) on the fourth Business Day immediately following the date on which the Manager or the Master Issuer obtains knowledge of such Series 2015-1 Class A-1 Excess Principal Event, the Master Issuer shall deposit in the Series 2015-1 Class A-1 Distribution Account the amount of funds referred to in the next sentence and shall direct the Trustee in writing to distribute such funds in accordance with the Class A-1 Order of Distribution. Such written direction of the Master Issuer shall include a report that will provide for the distribution of (i) funds sufficient to decrease the Series 20222015-1 Class A-1 Outstanding Principal Amount by the lesser of (x) the amount necessary, so that after giving effect to such decrease of the Series 20222015-1 Class A-1 Outstanding Principal Amount on such date, no such Series 20222015-1 Class A-1 Excess Principal Event shall exist and (y) the amount that would decrease the Series 20222015-1 Class A-1 Outstanding Principal Amount to zero (each decrease of the Series 20222015-1 Class A-1 Outstanding Principal Amount pursuant to this Section 2.2(a), or any other required payment of principal in respect of the Series 2015-1 Class A-1 Notes pursuant to Section 3.6 of this Series Supplement, a “Mandatory Decrease”), plus (ii) shall be due and payable on the Weekly Allocation Date immediately following the date on which the Manager or the Co-Issuers obtain knowledge of such any associated Series 20222015-1 Class A-1 Excess Principal Event, in accordance with the Priority of Payments. The Trustee shall distribute each Mandatory Decrease pursuant to the written direction of the Co-Issuers in the applicable Weekly Manager’s Certificate, which shall include the calculation of such Mandatory Decrease and distribution instructions in accordance with Section 4.02 of the Series 2022-1 Class A-1 Note Purchase Agreement. Any associated Breakage Amounts incurred as a result of such decrease (calculated in accordance with the Series 20222015-1 Class A-1 Note Purchase Agreement) ). Such Mandatory Decrease shall be deposited into allocated among the Collection Account for allocation as Series 20222015-1 Class A-1 Other Amounts pursuant to Noteholders in accordance with the Priority Class A-1 Order of Payments on the Weekly Allocation Date related to the Weekly Manager’s Certificate including such Mandatory DecreaseDistribution. Upon obtaining Actual Knowledge knowledge of such a Series 20222015-1 Class A-1 Excess Principal Event, the Co-Issuers Master Issuer promptly, but in any event within two (2) Business Days, shall deliver written notice substantially in the form (which may be given by facsimile or e‑mail of Exhibit D hereto (by e-maila .pdf or similar file) of the need for any such Mandatory Decreases to the Trustee and the Series 2022-1 Class A-1 Administrative Agent. In connection with any Mandatory Decrease, the Master Issuer shall reimburse the Trustee, the Servicer and the Manager, as applicable, for any unreimbursed Advances and Manager Advances (in each case, with interest thereon at the Advance Interest Rate).

Appears in 1 contract

Samples: Series Supplement (Wendy's Co)

Mandatory Decrease. Whenever a Series 20222021-1 Class A-1 Excess Principal Event shall have occurred, then, on or before 10:00 a.m. (Eastern time) on the fourth Business Day immediately following the date on which the Manager or the Master Issuer obtains knowledge of such Series 2021-1 Class A-1 Excess Principal Event, the Master Issuer shall deposit in the Series 2021-1 Class A-1 Distribution Account the amount of funds referred to in the next sentence and shall direct the Trustee in writing to distribute such funds in accordance with the Class A-1 Order of Distribution. Such written direction of the Master Issuer shall include a report that will provide for the distribution of (i) funds sufficient to decrease the Series 20222021-1 Class A-1 Outstanding Principal Amount by the lesser of (x) the amount necessary, so that after giving effect to such decrease of the Series 20222021-1 Class A-1 Outstanding Principal Amount on such date, no such Series 20222021-1 Class A-1 Excess Principal Event shall exist and (y) the amount that would decrease the Series 20222021-1 Class A-1 Outstanding Principal Amount to zero (each decrease of the Series 20222021-1 Class A-1 Outstanding Principal Amount pursuant to this Section 2.2(a), or any other required payment of principal in respect of the Series 2021-1 Class A-1 Notes pursuant to Section 3.6 of this Series Supplement, a “Mandatory Decrease”), plus (ii) shall be due and payable on the Weekly Allocation Date immediately following the date on which the Manager or the Co-Issuers obtain knowledge of such any associated Series 20222021-1 Class A-1 Excess Principal Event, in accordance with the Priority of Payments. The Trustee shall distribute each Mandatory Decrease pursuant to the written direction of the Co-Issuers in the applicable Weekly Manager’s Certificate, which shall include the calculation of such Mandatory Decrease and distribution instructions in accordance with Section 4.02 of the Series 2022-1 Class A-1 Note Purchase Agreement. Any associated Breakage Amounts incurred as a result of such decrease (calculated in accordance with the Series 20222021-1 Class A-1 Note Purchase Agreement) ). Such Mandatory Decrease shall be deposited into allocated among the Collection Account for allocation as Series 20222021-1 Class A-1 Other Amounts pursuant to Noteholders in accordance with the Priority Class A-1 Order of Payments on the Weekly Allocation Date related to the Weekly Manager’s Certificate including such Mandatory DecreaseDistribution. Upon obtaining Actual Knowledge knowledge of such a Series 20222021-1 Class A-1 Excess Principal Event, the Co-Issuers Master Issuer promptly, but in any event within two (2) Business Days, shall deliver written notice substantially in the form of Exhibit D hereto (which may be given by e-mailmail of a .pdf or similar file) of the need for any such Mandatory Decreases to the Trustee and the Series 20222021-1 Class A-1 Administrative Agent.A-1

Appears in 1 contract

Samples: Series Supplement (Wendy's Co)

Mandatory Decrease. Whenever a Series 20222007-1 Class A-1 Excess Principal Event shall have occurred, then, on or before the third Business Day immediately following written notice from the Indenture Trustee or the Series 2007-1 Class A-1 Administrative Agent to the Servicer or discovery by a Responsible Officer of the Servicer of such Series 2007-1 Class A-1 Excess Principal Event, the Co-Issuers shall, and the Servicer shall cause the Co-Issuers to, deposit in the Series 2007-1 Class A-1 Distribution Account the amount of funds referred to in the next sentence and direct the Indenture Trustee in writing to distribute such funds in accordance with Section 4.02 of the Series 2007-1 Class A-1 Note Purchase Agreement. Such written direction shall include a report that will provide for the distribution of (i) funds sufficient to decrease the Series 20222007-1 Class A-1 Outstanding Principal Amount by the lesser of (x) the amount necessary, so that after giving effect to such decrease of the Series 20222007-1 Class A-1 Outstanding Principal Amount on such date, no such Series 20222007-1 Class A-1 Excess Principal Event shall exist and (y) the amount that would decrease the Series 20222007-1 Class A-1 Outstanding Principal Amount to zero (each decrease of the Series 20222007-1 Class A-1 Outstanding Principal Amount pursuant to this Section 2.2(a3.2(a), or any other required payment of principal in respect of the Series 2007-1 Class A-1 Notes pursuant to Section 4.7 of this Series 2007-1 Supplement, a “Mandatory Decrease”), plus (ii) shall be due and payable on the Weekly Allocation Date immediately following the date on which the Manager or the Co-Issuers obtain knowledge of such any associated Series 20222007-1 Class A-1 Excess Principal Event, in accordance with the Priority of Payments. The Trustee shall distribute each Mandatory Decrease pursuant to the written direction of the Co-Issuers in the applicable Weekly Manager’s Certificate, which shall include the calculation of such Mandatory Decrease and distribution instructions in accordance with Section 4.02 of the Series 2022-1 Class A-1 Note Purchase Agreement. Any associated Breakage Amounts incurred as a result of such decrease (calculated in accordance with the Series 20222007-1 Class A-1 Note Purchase Agreement) ). Such Mandatory Decrease shall be deposited into allocated among the Collection Account for allocation as Series 20222007-1 Class A-1 Other Amounts pursuant to Noteholders in accordance with the Priority order of Payments on distribution of principal payments set forth in Section 4.02 of the Weekly Allocation Date related to the Weekly Manager’s Certificate including such Mandatory DecreaseSeries 2007-1 Class A-1 Note Purchase Agreement. Upon obtaining Actual Knowledge discovery of such a Series 20222007-1 Class A-1 Excess Principal Event, the Co-Issuers promptly, but in any event within two one (21) Business DaysDay, shall deliver written notice substantially in the form of Exhibit D hereto (by e-facsimile with original to follow by mail) of the need for any such Mandatory Decreases to the Trustee Indenture Trustee, the Series 2007-1 Class A Insurer and the Series 20222007-1 Class A-1 Administrative Agent.

Appears in 1 contract

Samples: Indenture Supplement (Ihop Corp)

Mandatory Decrease. Whenever a Series 20222020-1 Class A-1 Excess Principal Event shall have occurred, then, on or before 10:00 a.m. (Eastern time) on the fourth Business Day immediately following the date on which the Manager or the Master Issuer obtains knowledge of such Series 2020-1 Class A-1 Excess Principal Event, the Master Issuer shall deposit in the Series 2020-1 Class A-1 Distribution Account the amount of funds referred to in the next sentence and shall direct the Trustee in writing to distribute such funds in accordance with the Class A-1 Order of Distribution. Such written direction of the Master Issuer shall include a report that will provide for the distribution of (i) funds sufficient to decrease the Series 20222020-1 Class A-1 Outstanding Principal Amount by the lesser of (x) the amount necessary, so that after giving effect to such decrease of the Series 20222020-1 Class A-1 Outstanding Principal Amount on such date, no such Series 20222020-1 Class A-1 Excess Principal Event shall exist and (y) the amount that would decrease the Series 20222020-1 Class A-1 Outstanding Principal Amount to zero (each decrease of the Series 20222020-1 Class A-1 Outstanding Principal Amount pursuant to this Section 2.2(a), or any other required payment of principal in respect of the Series 2020-1 Class A-1 Notes pursuant to Section 3.6 of this Series Supplement, a “Mandatory Decrease”), plus (ii) shall be due and payable on the Weekly Allocation Date immediately following the date on which the Manager or the Co-Issuers obtain knowledge of such any associated Series 20222020-1 Class A-1 Excess Principal Event, in accordance with the Priority of Payments. The Trustee shall distribute each Mandatory Decrease pursuant to the written direction of the Co-Issuers in the applicable Weekly Manager’s Certificate, which shall include the calculation of such Mandatory Decrease and distribution instructions in accordance with Section 4.02 of the Series 2022-1 Class A-1 Note Purchase Agreement. Any associated Breakage Amounts incurred as a result of such decrease (calculated in accordance with the Series 20222020-1 Class A-1 Note Purchase Agreement) ). Such Mandatory Decrease shall be deposited into allocated among the Collection Account for allocation as Series 20222020-1 Class A-1 Other Amounts pursuant to Noteholders in accordance with the Priority Class A-1 Order of Payments on the Weekly Allocation Date related to the Weekly Manager’s Certificate including such Mandatory DecreaseDistribution. Upon obtaining Actual Knowledge knowledge of such a Series 20222020-1 Class A-1 Excess Principal Event, the Co-Issuers Master Issuer promptly, but in any event within two (2) Business Days, shall deliver written notice substantially in the form of Exhibit D hereto (which may be given by e-mailmail of a .pdf or similar file) of the need for any such Mandatory Decreases to the Trustee and the Series 20222020-1 Class A-1 Administrative Agent. In connection with any Mandatory Decrease, the Master Issuer shall reimburse the Trustee, the Servicer and the Manager, as applicable, for any unreimbursed Advances and Manager Advances (in each case, with interest thereon at the Advance Interest Rate).

Appears in 1 contract

Samples: Series Supplement (Wendy's Co)

Mandatory Decrease. Whenever a Series 20222020-1 Class A-1 Excess Principal Event shall have occurred, funds sufficient to decrease the Series 20222020-1 Class A-1 Outstanding Principal Amount by the lesser of (x) the amount necessary, so that after giving effect to such decrease of the Series 20222020-1 Class A-1 Outstanding Principal Amount on such date, no such Series 20222020-1 Class A-1 Excess Principal Event shall exist and (y) the amount that would decrease the Series 20222020-1 Class A-1 Outstanding Principal Amount to zero (each decrease of the Series 20222020-1 Class A-1 Outstanding Principal Amount pursuant to this Section 2.2(a), a “Mandatory Decrease”) shall be due and payable on the Weekly Allocation Date immediately following the date on which the Manager or the Co-Issuers obtain Issuer obtains knowledge of such Series 20222020-1 Class A-1 Excess Principal Event, in accordance with the Priority of Payments. The Trustee shall distribute each Mandatory Decrease pursuant to the written direction of the Co-Issuers Issuer in the applicable Weekly Manager’s Certificate, which shall include the calculation of such Mandatory Decrease and distribution instructions in accordance with Section 4.02 of the Series 20222020-1 Class A-1 Note Purchase Agreement. Any associated Breakage Amounts incurred as a result of such decrease (calculated in accordance with the Series 20222020-1 Class A-1 Note Purchase Agreement) shall be deposited into the Collection Account for allocation as Series 20222020-1 Class A-1 Other Amounts pursuant to the Priority of Payments on the Weekly Allocation Date related to the Weekly Manager’s Certificate including indicating such Mandatory Decrease. Upon obtaining Actual Knowledge of such a Series 20222020-1 Class A-1 Excess Principal Event, the Co-Issuers Issuer promptly, but in any event within two (2) Business Days, shall deliver written notice substantially in the form of Exhibit D hereto (by e-mail) of the need for any such Mandatory Decreases to the Trustee and the Series 20222020-1 Class A-1 Administrative Agent.

Appears in 1 contract

Samples: Series Supplement (Vale Merger Sub, Inc.)

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Mandatory Decrease. Whenever a Series 2022-1 Class A-1 Excess Principal Event shall have occurred, then, on or before 10:00 a.m. (Eastern time) on the fourth Business Day immediately following the date on which the Manager or the Master Issuer obtains knowledge of such Series 2022-1 Class A-1 Excess Principal Event, the Master Issuer shall deposit in the Series 2022-1 Class A-1 Distribution Account the amount of funds referred to in the next sentence and the Trustee, in accordance with the information contained in the written notice delivered in accordance with the penultimate sentence of this Section 2.2(a) at least two (2) Business Days prior to the date of such deposit, shall distribute such funds in accordance with the Class A-1 Order of Distribution. Such written direction of the Master Issuer shall include a report that will provide for the distribution of (i) funds sufficient to decrease the Series 2022-1 Class A-1 Outstanding Principal Amount by the lesser of (x) the amount necessary, so that after giving effect to such decrease of the Series 2022-1 Class A-1 Outstanding Principal Amount on such date, no such Series 2022-1 Class A-1 Excess Principal Event shall exist and (y) the amount that would decrease the Series 2022-1 Class A-1 Outstanding Principal Amount to zero (each decrease of the Series 2022-1 Class A-1 Outstanding Principal Amount pursuant to this Section 2.2(a), a “Mandatory Decrease”) shall be due and payable on the Weekly Allocation Date immediately following the date on which the Manager or the Co-Issuers obtain knowledge any other required payment of such Series 2022-1 Class A-1 Excess Principal Event, principal in accordance with the Priority of Payments. The Trustee shall distribute each Mandatory Decrease pursuant to the written direction of the Co-Issuers in the applicable Weekly Manager’s Certificate, which shall include the calculation of such Mandatory Decrease and distribution instructions in accordance with Section 4.02 respect of the Series 2022-1 Class A-1 Note Purchase Agreement. Any Notes pursuant to ‎Section 3.6 of this Series Supplement, a “Mandatory Decrease”), plus (ii) any associated Series 2022-1 Class A-1 Breakage Amounts incurred as a result of such decrease (calculated in accordance with the Series 2022-1 Class A-1 Note Purchase Agreement) ). Such Mandatory Decrease shall be deposited into allocated among the Collection Account for allocation as Series 2022-1 Class A-1 Other Amounts pursuant to Noteholders in accordance with the Priority Class A-1 Order of Payments on the Weekly Allocation Date related to the Weekly Manager’s Certificate including such Mandatory DecreaseDistribution. Upon obtaining Actual Knowledge knowledge of such a Series 2022-1 Class A-1 Excess Principal Event, the Co-Issuers Master Issuer promptly, but in any event within two (2) Business Days, shall deliver written notice substantially in the form of Exhibit D hereto (which may be given by e-maile‑mail of a .pdf or similar file) of the need for any such Mandatory Decreases to the Trustee and the Series 2022-1 Class A-1 Administrative Agent. In connection with any Mandatory Decrease, the Master Issuer shall reimburse the Advance Funding Providers and/or the Manager, as applicable, for any unreimbursed Advances and Manager Advances (in each case, with interest thereon at the Advance Interest Rate).

Appears in 1 contract

Samples: Series Supplement (European Wax Center, Inc.)

Mandatory Decrease. Whenever a Series 20222018-1 Class A-1 Excess Principal Event shall have occurred, funds sufficient to decrease the Series 20222018-1 Class A-1 Outstanding Principal Amount by the lesser of (x) the amount necessary, so that after giving effect to such decrease of the Series 20222018-1 Class A-1 Outstanding Principal Amount on such date, no such Series 20222018-1 Class A-1 Excess Principal Event shall exist and (y) the amount that would decrease the Series 20222018-1 Class A-1 Outstanding Principal Amount to zero (each decrease of the Series 20222018-1 Class A-1 Outstanding Principal Amount pursuant to this Section 2.2(a), a “Mandatory Decrease”) shall be due and payable on the Weekly Allocation Date immediately following the date on which the Manager or the Co-Issuers obtain Issuer obtains knowledge of such Series 20222018-1 Class A-1 Excess Principal Event, in accordance with the Priority of Payments. The Trustee shall distribute each Mandatory Decrease pursuant to the written direction of the Co-Issuers Issuer in the applicable Weekly Manager’s Certificate, which shall include the calculation of such Mandatory Decrease and distribution instructions in accordance with Section 4.02 of the Series 20222018-1 Class A-1 Note Purchase Agreement. Any associated Series 2018-1 Class A-1 Breakage Amounts incurred as a result of such decrease (calculated in accordance with the Series 20222018-1 Class A-1 Note Purchase Agreement) shall be deposited into in the Collection Account for allocation as Series 2022-1 Class A-1 Other Amounts pursuant to the Priority of Payments on the Weekly Allocation Date related to the Weekly Manager’s Certificate including such Mandatory DecreasePayments. Upon obtaining Actual Knowledge knowledge of such a Series 20222018-1 Class A-1 Excess Principal Event, the Co-Issuers Issuer promptly, but in any event within two (2) Business Days, shall deliver written notice substantially in the form of Exhibit D hereto (by e-mail) of the need for any such Mandatory Decreases to the Trustee and the Series 20222018-1 Class A-1 Administrative Agent.

Appears in 1 contract

Samples: Series Supplement (Wingstop Inc.)

Mandatory Decrease. Whenever a Series 20222018-1 Class A-1 Excess Principal Event shall have occurred, then, on or before 10:00 a.m. (Eastern time) on the fourth Business Day immediately following the date on which the Manager or the Master Issuer obtains knowledge of such Series 2018-1 Class A-1 Excess Principal Event, the Master Issuer shall deposit in the Series 2018-1 Class A-1 Distribution Account the amount of funds referred to in the next sentence and shall direct the Trustee in writing to distribute such funds in accordance with the Class A-1 Order of Distribution. Such written direction of the Master Issuer shall include a report that will provide for the distribution of (i) funds sufficient to decrease the Series 20222018-1 Class A-1 Outstanding Principal Amount by the lesser of (x) the amount necessary, so that after giving effect to such decrease of the Series 20222018-1 Class A-1 Outstanding Principal Amount on such date, no such Series 20222018-1 Class A-1 Excess Principal Event shall exist and (y) the amount that would decrease the Series 20222018-1 Class A-1 Outstanding Principal Amount to zero (each decrease of the Series 20222018-1 Class A-1 Outstanding Principal Amount pursuant to this Section 2.2(a), or any other required payment of principal in respect of the Series 2018-1 Class A-1 Notes pursuant to Section 3.6 of this Series Supplement, a “Mandatory Decrease”), plus (ii) shall be due and payable on the Weekly Allocation Date immediately following the date on which the Manager or the Co-Issuers obtain knowledge of such any associated Series 20222018-1 Class A-1 Excess Principal Event, in accordance with the Priority of Payments. The Trustee shall distribute each Mandatory Decrease pursuant to the written direction of the Co-Issuers in the applicable Weekly Manager’s Certificate, which shall include the calculation of such Mandatory Decrease and distribution instructions in accordance with Section 4.02 of the Series 2022-1 Class A-1 Note Purchase Agreement. Any associated Breakage Amounts incurred as a result of such decrease (calculated in accordance with the Series 20222018-1 Class A-1 Note Purchase Agreement) ). Such Mandatory Decrease shall be deposited into allocated among the Collection Account for allocation as Series 20222018-1 Class A-1 Other Amounts pursuant to Noteholders in accordance with the Priority Class A-1 Order of Payments on the Weekly Allocation Date related to the Weekly Manager’s Certificate including such Mandatory DecreaseDistribution. Upon obtaining Actual Knowledge knowledge of such a Series 20222018-1 Class A-1 Excess Principal Event, the Co-Issuers Master Issuer promptly, but in any event within two (2) Business Days, shall deliver written notice substantially in the form (which may be given by e‑mail of Exhibit D hereto (by e-maila .pdf or similar file) of the need for any such Mandatory Decreases to the Trustee and the Series 2022-1 Class A-1 Administrative Agent.the

Appears in 1 contract

Samples: Series Supplement (Wendy's Co)

Mandatory Decrease. Whenever a Series 20222017-1 Class A-1 Excess Principal Event shall have occurred, then, on or before the third Business Day immediately following the date on which the Manager or any Co-Issuer obtains knowledge of such Series 2017-1 Class A-1 Excess Principal Event, the Co-Issuers shall deposit in the Series 2017-1 Class A-1 Distribution Account the amount of funds referred to in the next sentence and shall direct the Trustee in writing to distribute such funds in accordance with Section 4.02 of the Series 2017-1 Class A-1 Note Purchase Agreement. Such written direction of the Co-Issuers shall include a report that will provide for the distribution of (i) funds sufficient to decrease the Series 20222017-1 Class A-1 Outstanding Principal Amount by the lesser of (x) the amount necessary, so that after giving effect to such decrease of the Series 20222017-1 Class A-1 Outstanding Principal Amount on such date, no such Series 20222017-1 Class A-1 Excess Principal Event shall exist and (y) the amount that would decrease the Series 20222017-1 Class A-1 Outstanding Principal Amount to zero (each decrease of the Series 20222017-1 Class A-1 Outstanding Principal Amount pursuant to this Section 2.2(a), or any other required payment of principal in respect of the Series 2017-1 Class A-1 Notes pursuant to Section 3.6 of this Series Supplement, a “Mandatory Decrease”), plus (ii) shall be due and payable on the Weekly Allocation Date immediately following the date on which the Manager or the Co-Issuers obtain knowledge of such any associated Series 20222017-1 Class A-1 Excess Principal Event, in accordance with the Priority of Payments. The Trustee shall distribute each Mandatory Decrease pursuant to the written direction of the Co-Issuers in the applicable Weekly Manager’s Certificate, which shall include the calculation of such Mandatory Decrease and distribution instructions in accordance with Section 4.02 of the Series 2022-1 Class A-1 Note Purchase Agreement. Any associated Breakage Amounts incurred as a result of such decrease (calculated in accordance with the Series 20222017-1 Class A-1 Note Purchase Agreement) ). Such Mandatory Decrease shall be deposited into allocated among the Collection Account for allocation as Series 20222017-1 Class A-1 Other Amounts pursuant to Noteholders in accordance with the Priority order of Payments on distribution of principal payments set forth in Section 4.02 of the Weekly Allocation Date related to the Weekly Manager’s Certificate including such Mandatory DecreaseSeries 2017-1 Class A-1 Note Purchase Agreement. Upon obtaining Actual Knowledge knowledge of such a Series 20222017-1 Class A-1 Excess Principal Event, the Co-Issuers promptly, but in any event within two (2) Business Days, shall deliver written notice substantially in the form of Exhibit D hereto (by facsimile or e-mail with original to follow by mail) of the need for any such Mandatory Decreases to the Trustee and the Series 20222017-1 Class A-1 Administrative Agent. In connection with any Mandatory Decrease, the Co-Issuers shall reimburse the Trustee, the Servicer and the Manager, as applicable, for any unreimbursed Servicing Advances and Manager Advances (in each case, with interest thereon at the Advance Interest Rate).

Appears in 1 contract

Samples: Series Supplement (Dominos Pizza Inc)

Mandatory Decrease. Whenever a Series 20222015-1 Class A-1 Excess Principal Event shall have occurred, then, on or before the third Business Day immediately following the date on which the Manager or any Co-Issuer obtains knowledge of such Series 2015-1 Class A-1 Excess Principal Event, the Co-Issuers shall deposit in the Series 2015-1 Class A-1 Distribution Account the amount of funds referred to in the next sentence and shall direct the Trustee in writing to distribute such funds in accordance with Section 4.02 of the Series 2015-1 Class A-1 Note Purchase Agreement. Such written direction of the Co-Issuers shall include a report that will provide for the distribution of (i) funds sufficient to decrease the Series 20222015-1 Class A-1 Outstanding Principal Amount by the lesser of (x) the amount necessary, so that after giving effect to such decrease of the Series 20222015-1 Class A-1 Outstanding Principal Amount on such date, no such Series 20222015-1 Class A-1 Excess Principal Event shall exist and (y) the amount that would decrease the Series 20222015-1 Class A-1 Outstanding Principal Amount to zero (each decrease of the Series 20222015-1 Class A-1 Outstanding Principal Amount pursuant to this Section 2.2(a), or any other required payment of principal in respect of the Series 2015-1 Class A-1 Notes pursuant to Section 3.6 of this Series Supplement, a “Mandatory Decrease”), plus (ii) shall be due and payable on the Weekly Allocation Date immediately following the date on which the Manager or the Co-Issuers obtain knowledge of such any associated Series 20222015-1 Class A-1 Excess Principal Event, in accordance with the Priority of Payments. The Trustee shall distribute each Mandatory Decrease pursuant to the written direction of the Co-Issuers in the applicable Weekly Manager’s Certificate, which shall include the calculation of such Mandatory Decrease and distribution instructions in accordance with Section 4.02 of the Series 2022-1 Class A-1 Note Purchase Agreement. Any associated Breakage Amounts incurred as a result of such decrease (calculated in accordance with the Series 20222015-1 Class A-1 Note Purchase Agreement) ). Such Mandatory Decrease shall be deposited into allocated among the Collection Account for allocation as Series 20222015-1 Class A-1 Other Amounts pursuant to Noteholders in accordance with the Priority order of Payments on distribution of principal payments set forth in Section 4.02 of the Weekly Allocation Date related to the Weekly Manager’s Certificate including such Mandatory DecreaseSeries 2015-1 Class A-1 Note Purchase Agreement. Upon obtaining Actual Knowledge knowledge of such a Series 20222015-1 Class A-1 Excess Principal Event, the Co-Issuers promptly, but in any event within two (2) Business Days, shall deliver written notice substantially in the form of Exhibit D hereto (by facsimile or e-mail with original to follow by mail) of the need for any such Mandatory Decreases to the Trustee and the Series 20222015-1 Class A-1 Administrative Agent. In connection with any Mandatory Decrease, the Co-Issuers shall reimburse the Trustee, the Servicer and the Manager, as applicable, for any unreimbursed Servicing Advances and Manager Advances (in each case, with interest thereon at the Advance Interest Rate).

Appears in 1 contract

Samples: Series 2015 1 Supplement (Dominos Pizza Inc)

Mandatory Decrease. Whenever a Series 20222011-1 Class A-1 Excess Principal Event shall have occurred, then, on or before the second Business Day immediately following the date on which the Manager or any Co-Issuer obtains knowledge of such Series 2011-1 Class A-1 Excess Principal Event the Co-Issuers shall deposit in the Series 2011-­1 Class A-1 Distribution Account the amount of funds referred to in the next sentence and shall direct the Trustee in writing to distribute such funds in accordance with Section 4.02 of the Series 2011-1 Class A-1 Note Purchase Agreement. Such written direction of the Co-Issuers shall include a report that will provide for the distribution of (i) funds sufficient to decrease the Series 20222011-1 Class A-1 Outstanding Principal Amount by the lesser of (x) the amount necessarynecessary so that, so that after giving effect to such decrease of the Series 20222011-1 Class A-1 Outstanding Principal Amount on such date, no such Series 20222011-1 Class A-1 Excess Principal Event shall exist and (y) the amount that would decrease the Series 20222011-1 Class A-1 Outstanding Principal Amount to zero (each decrease of the Series 20222011-1 Class A-1 Outstanding Principal Amount pursuant to this Section 2.2(a), or any other required payment of principal in respect of the Series 2011-1 Class A-1 Notes pursuant to Section 3.6 of this Series Supplement, a “Mandatory Decrease”) shall be due and payable on the Weekly Allocation Date immediately following the date on which the Manager or the Co-Issuers obtain knowledge of such plus (ii) any associated Series 20222011-1 Class A-1 Excess Principal Event, in accordance with the Priority of Payments. The Trustee shall distribute each Mandatory Decrease pursuant to the written direction of the Co-Issuers in the applicable Weekly Manager’s Certificate, which shall include the calculation of such Mandatory Decrease and distribution instructions in accordance with Section 4.02 of the Series 2022-1 Class A-1 Note Purchase Agreement. Any associated Breakage Amounts incurred as a result of such decrease (calculated in accordance with the Series 20222011-1 Class A-1 Note Purchase Agreement) ). Such Mandatory Decrease shall be deposited into allocated among the Collection Account for allocation as Series 20222011-1 Class A-1 Other Amounts pursuant to Noteholders in accordance with the Priority order of Payments on distribution of principal payments set forth in Section 4.02 of the Weekly Allocation Date related to the Weekly Manager’s Certificate including such Mandatory DecreaseSeries 2011-1 Class A-1 Note Purchase Agreement. Upon obtaining Actual Knowledge knowledge of such a Series 20222011-1 Class A-1 Excess Principal Event, the Co-Issuers promptly, but in any event within two (2) Business Days, shall deliver written notice substantially in the form of Exhibit D hereto (by e-facsimile or email, with original to follow by mail) of the need for any such Mandatory Decreases to the Trustee and the Series 20222011-1 Class A-1 Administrative Agent. In connection with any Mandatory Decrease, the Co-Issuers shall reimburse the Trustee, the Servicer and the Manager, as applicable, for any unreimbursed Servicing Advances and Manager Advances (in each case, with interest thereon at the Advance Rate).

Appears in 1 contract

Samples: Series Supplement (Sonic Corp)

Mandatory Decrease. Whenever a Series 2022-1 Class A-1 Excess Principal Event shall have occurred, then, on or before 10:00 a.m. (Eastern time) on the fourth Business Day immediately following the date on which the Manager or the Master Issuer obtains knowledge of such Series 2022-1 Class A-1 Excess Principal Event, the Master Issuer shall deposit in the Series 2022-1 Class A-1 Distribution Account the amount of funds referred to in the next sentence and shall direct the Trustee in writing to distribute such funds in accordance with the Class A-1 Order of Distribution. Such written direction of the Master Issuer shall include a report that will provide for the distribution of (i) funds sufficient to decrease the Series 2022-1 Class A-1 Outstanding Principal Amount by the lesser of (x) the amount necessary, so that after giving effect to such decrease of the Series 2022-1 Class A-1 Outstanding Principal Amount on such date, no such Series 2022-1 Class A-1 Excess Principal Event shall exist and (y) the amount that would decrease the Series 2022-1 Class A-1 Outstanding Principal Amount to zero (each decrease of the Series 2022-1 Class A-1 Outstanding Principal Amount pursuant to this Section 2.2(a), a “Mandatory Decrease”) shall be due and payable on the Weekly Allocation Date immediately following the date on which the Manager or the Co-Issuers obtain knowledge any other required payment of such Series 2022-1 Class A-1 Excess Principal Event, principal in accordance with the Priority of Payments. The Trustee shall distribute each Mandatory Decrease pursuant to the written direction of the Co-Issuers in the applicable Weekly Manager’s Certificate, which shall include the calculation of such Mandatory Decrease and distribution instructions in accordance with Section 4.02 respect of the Series 2022-1 Class A-1 Note Purchase Agreement. Any Notes pursuant to Section 3.6 of this Series Supplement, a “Mandatory Decrease”), plus (ii) any associated Series 2022-1 Class A-1 Breakage Amounts incurred as a result of such decrease (calculated in accordance with the Series 2022-1 Class A-1 Note Purchase Agreement) ). Such Mandatory Decrease shall be deposited into allocated among the Collection Account for allocation as Series 2022-1 Class A-1 Other Amounts pursuant to Noteholders in accordance with the Priority Class A-1 Order of Payments on the Weekly Allocation Date related to the Weekly Manager’s Certificate including such Mandatory DecreaseDistribution. Upon obtaining Actual Knowledge knowledge of such a Series 2022-1 Class A-1 Excess Principal Event, the Co-Issuers Master Issuer promptly, but in any event within two (2) Business Days, shall deliver written notice substantially in the form of Exhibit D hereto (which may be given by e-mailmail of a .pdf or similar file) of the need for any such Mandatory Decreases to the Trustee and the Series 2022-1 Class A-1 Administrative Agent. In connection with any Mandatory Decrease, the Master Issuer shall reimburse the Trustee, the Servicer and the Manager, as applicable, for any unreimbursed Advances and Manager Advances (in each case, with interest thereon at the Advance Interest Rate).

Appears in 1 contract

Samples: Series Supplement (Planet Fitness, Inc.)

Mandatory Decrease. Whenever a Series 2022-1 Class A-1 Excess Principal Event shall have occurred, then, on or before the third Business Day immediately following the date on which the Manager or any Co-Issuer obtains knowledge of such Series 2022-1 Class A-1 Excess Principal Event, the Co-Issuers shall deposit in the Series 2022-1 Class A-1 Distribution Account the amount of funds referred to in the next sentence and shall direct the Trustee in writing to distribute such funds in accordance with Section 4.02 of the Series 2022-1 Class A-1 Note Purchase Agreement. Such written direction of the Co-Issuers shall include a report that will provide for the distribution of (i) funds sufficient to decrease the Series 2022-1 Class A-1 Outstanding Principal Amount by the lesser of (x) the amount necessary, so that after giving effect to such decrease of the Series 2022-1 Class A-1 Outstanding Principal Amount on such date, no such Series 2022-1 Class A-1 Excess Principal Event shall exist and (y) the amount that would decrease the Series 2022-1 Class A-1 Outstanding Principal Amount to zero (each decrease of the Series 2022-1 Class A-1 Outstanding Principal Amount pursuant to this Section 2.2(a2.02(a), a “Mandatory Decrease”) shall be due and payable on the Weekly Allocation Date immediately following the date on which the Manager or the Co-Issuers obtain knowledge any other required payment of such Series 2022-1 Class A-1 Excess Principal Event, principal in accordance with the Priority of Payments. The Trustee shall distribute each Mandatory Decrease pursuant to the written direction of the Co-Issuers in the applicable Weekly Manager’s Certificate, which shall include the calculation of such Mandatory Decrease and distribution instructions in accordance with Section 4.02 respect of the Series 2022-1 Class A-1 Note Purchase Agreement. Any Notes pursuant to Section 3.06 of this Series 2022-1 Supplement, a “Mandatory Decrease”), plus (ii) any associated Series 2022-1 Class A-1 Breakage Amounts incurred as a result of such decrease (calculated in accordance with the Series 2022-1 Class A-1 Note Purchase Agreement) ). Such Mandatory Decrease shall be deposited into allocated among the Collection Account for allocation as Series 2022-1 Class A-1 Other Amounts pursuant to Noteholders in accordance with the Priority order of Payments on distribution of principal payments set forth in Section 4.02 of the Weekly Allocation Date related to the Weekly Manager’s Certificate including such Mandatory DecreaseSeries 2022-1 Class A-1 Note Purchase Agreement. Upon obtaining Actual Knowledge knowledge of such a Series 2022-1 Class A-1 Excess Principal Event, the Co-Issuers promptly, but in any event within two (2) Business Days, shall deliver written notice substantially in the form of Exhibit D E hereto (by facsimile or e-mail with original to follow by mail) of the need for any such Mandatory Decreases to the Trustee and the Series 2022-1 Class A-1 Administrative Agent. In connection with any Mandatory Decrease, the Co-Issuers shall reimburse the Trustee, the Servicer and the Manager, as applicable, for any unreimbursed Servicing Advances and Manager Advances (in each case, with interest thereon at the Advance Interest Rate).

Appears in 1 contract

Samples: Series 2022 1 Supplement (Dominos Pizza Inc)

Mandatory Decrease. Whenever a Series 20222024-1 Class A-1 Excess Principal Event shall have occurred, funds sufficient to decrease the Series 20222024-1 Class A-1 Outstanding Principal Amount by the lesser of (x) the amount necessary, so that after giving effect to such decrease of the Series 20222024-1 Class A-1 Outstanding Principal Amount on such date, no such Series 20222024-1 Class A-1 Excess Principal Event shall exist and (y) the amount that would decrease the Series 20222024-1 Class A-1 Outstanding Principal Amount to zero (each decrease of the Series 20222024-1 Class A-1 Outstanding Principal Amount pursuant to this Section 2.2(a), a “Mandatory Decrease”) shall be due and payable on the Weekly Allocation Date immediately following the date on which the a Manager or the a Co-Issuers obtain Issuer obtains knowledge of such Series 20222024-1 Class A-1 Excess Principal Event, in accordance with the Priority of Payments. The Trustee shall distribute each Mandatory Decrease pursuant to the written direction of the Co-Issuers (or the Managers on their behalf) in the applicable Weekly Manager’s Certificate, which shall include the calculation of such Mandatory Decrease and distribution instructions in accordance with Section 4.02 of the Series 20222024-1 Class A-1 Note Purchase Agreement. Any associated Series 2024-1 Class A-1 Breakage Amounts incurred as a result of such decrease Mandatory Decrease (calculated in accordance with the Series 20222024-1 Class A-1 Note Purchase Agreement) shall be deposited into the applicable Collection Account Accounts for allocation as Series 20222024-1 Class A-1 Notes Other Amounts pursuant to the Priority of Payments on the Weekly Allocation Date related to the Weekly Manager’s Certificate including indicating such Mandatory Decrease. Upon obtaining Actual Knowledge of such a Series 20222024-1 Class A-1 Excess Principal Event, the Co-Issuers promptly, but in any event within two (2) Business Days, shall deliver written notice substantially in the form of Exhibit D hereto (which may be by e-mailmail of a PDF or other similar format file) of the need for any such Mandatory Decreases to the Trustee and the Series 20222024-1 Class A-1 Administrative Agent.

Appears in 1 contract

Samples: Series 2024 1 Supplement (Driven Brands Holdings Inc.)

Mandatory Decrease. Whenever a Series 20222016-1 Class A-1 Excess Principal Event shall have occurred, funds sufficient to decrease the Series 20222016-1 Class A-1 Outstanding Principal Amount by the lesser of (x) the amount necessary, so that after giving effect to such decrease of the Series 20222016-1 Class A-1 Outstanding Principal Amount on such date, no such Series 20222016-1 Class A-1 Excess Principal Event shall exist and (y) the amount that would decrease the Series 20222016-1 Class A-1 Outstanding Principal Amount to zero (each decrease of the Series 20222016-1 Class A-1 Outstanding Principal Amount pursuant to this Section 2.2(a), a “Mandatory Decrease”) shall be due and payable on the Weekly Allocation Date immediately that is no less than four (4) Business Days following the date on which the Manager or the Co-Issuers obtain Issuer obtains knowledge of such Series 20222016-1 Class A-1 Excess Principal Event, in accordance with the Priority of Payments. The Trustee shall distribute each Mandatory Decrease pursuant to the written direction of the Co-Issuers Issuer in the applicable Weekly Manager’s Certificate, which shall include the calculation of such Mandatory Decrease and distribution instructions in accordance with Section 4.02 of the Series 2022-1 Class A-1 Note Purchase Agreement. Any associated Series 2016-1 Class A-1 Breakage Amounts incurred as a result of such decrease (calculated in accordance with the Series 2022-1 Class A-1 Note Purchase Agreement) shall be deposited into in the Collection Account for allocation as Series 2022-1 Class A-1 Other Amounts pursuant to the Priority of Payments on the Weekly Allocation Date related to the Weekly Manager’s Certificate including such Mandatory DecreasePayments. Upon obtaining Actual Knowledge knowledge of such a Series 20222016-1 Class A-1 Excess Principal Event, the Co-Issuers Issuer promptly, but in any event within two (2) Business Days, shall deliver written notice substantially in the form of Exhibit D hereto (by e-mail) of the need for any such Mandatory Decreases to the Trustee and the Series 20222016-1 Class A-1 Administrative Agent.

Appears in 1 contract

Samples: Series Supplement (Yum Brands Inc)

Mandatory Decrease. Whenever a Series 20222020-1 Class A-1 Excess Principal Event shall have occurred, funds sufficient to decrease the Series 20222020-1 Class A-1 Outstanding Principal Amount by the lesser of (x) the amount necessary, so that after giving effect to such decrease of the Series 20222020-1 Class A-1 Outstanding Principal Amount on such date, no such Series 20222020-1 Class A-1 Excess Principal Event shall exist and (y) the amount that would decrease the Series 20222020-1 Class A-1 Outstanding Principal Amount to zero (each decrease of the Series 20222020-1 Class A-1 Outstanding Principal Amount pursuant to this Section 2.2(a), a “Mandatory Decrease”) shall be due and payable on the Weekly Allocation Date immediately following the date on which the Manager or the Co-Issuers obtain Issuer obtains knowledge of such Series 20222020-1 Class A-1 Excess Principal Event, in accordance with the Priority of Payments. The Trustee shall distribute each Mandatory Decrease pursuant to the written direction of the Co-Issuers Issuer in the applicable Weekly Manager’s Certificate, which shall include the calculation of such Mandatory Decrease and distribution instructions in accordance with Section 4.02 of the Series 20222020-1 Class A-1 Note Purchase Agreement. Any associated Series 2020-1 Class A-1 Breakage Amounts incurred as a result of such decrease (calculated in accordance with the Series 20222020-1 Class A-1 Note Purchase Agreement) shall be deposited into the Collection Account for allocation as Series 20222020-1 Class A-1 Other Amounts pursuant to the Priority of Payments on the Weekly Allocation Date related to the Weekly Manager’s Certificate including indicating such Mandatory Decrease. Upon obtaining Actual Knowledge of such a Series 20222020-1 Class A-1 Excess Principal Event, the Co-Issuers Issuer promptly, but in any event within two (2) Business Days, shall deliver written notice substantially in the form of Exhibit D hereto (by e-mail) of the need for any such Mandatory Decreases to the Trustee and the Series 20222020-1 Class A-1 Administrative Agent.

Appears in 1 contract

Samples: Series Supplement (Wingstop Inc.)

Mandatory Decrease. Whenever a Series 2022-1 Class A-1 Excess Principal Event shall have occurred, then, on or before 10:00 a.m. (Eastern time) on the fourth Business Day immediately following the date on which the Manager or the Master Issuer obtains knowledge of such Series 2022-1 Class A-1 Excess Principal Event, the Master Issuer shall deposit in the Series 2022-1 Class A-1 Distribution Account the amount of funds referred to in the next sentence and shall direct the Trustee in writing to distribute such funds in accordance with the Class A-1 Order of Distribution. Such written direction of the Master Issuer shall include a report that will provide for the distribution of (i) funds sufficient to decrease the Series 2022-1 Class A-1 Outstanding Principal Amount by the lesser of (x) the amount necessary, so that after giving effect to such decrease of the Series 2022-1 Class A-1 Outstanding Principal Amount on such date, no such Series 2022-1 Class A-1 Excess Principal Event shall exist and (y) the amount that would decrease the Series 2022-1 Class A-1 Outstanding Principal Amount to zero (each decrease of the Series 2022-1 Class A-1 Outstanding Principal Amount pursuant to this Section 2.2(a2.02(a), a “Mandatory Decrease”) shall be due and payable on the Weekly Allocation Date immediately following the date on which the Manager or the Co-Issuers obtain knowledge any other required payment of such Series 2022-1 Class A-1 Excess Principal Event, principal in accordance with the Priority of Payments. The Trustee shall distribute each Mandatory Decrease pursuant to the written direction of the Co-Issuers in the applicable Weekly Manager’s Certificate, which shall include the calculation of such Mandatory Decrease and distribution instructions in accordance with Section 4.02 respect of the Series 2022-1 Class A-1 Note Purchase Agreement. Any Notes pursuant to Section 3.06 of this Series Supplement, a “Mandatory Decrease”), plus (ii) any associated Series 2022-1 Class A-1 Breakage Amounts incurred as a result of such decrease (calculated in accordance with the Series 2022-1 Class A-1 Note Purchase Agreement) ). Such Mandatory Decrease shall be deposited into allocated among the Collection Account for allocation as Series 2022-1 Class A-1 Other Amounts pursuant to Noteholders in accordance with the Priority Class A-1 Order of Payments on the Weekly Allocation Date related to the Weekly Manager’s Certificate including such Mandatory DecreaseDistribution. Upon obtaining Actual Knowledge knowledge of such a Series 2022-1 Class A-1 Excess Principal Event, the Co-Issuers Master Issuer promptly, but in any event within two (2) Business Days, shall deliver written notice substantially in the form of Exhibit D hereto (which may be given by e-maile‑mail of a .pdf or similar file) of the need for any such Mandatory Decreases to the Trustee and the Series 2022-1 Class A-1 Administrative Agent. In connection with any Mandatory Decrease, the Master Issuer shall reimburse the Trustee, the Servicer and the Manager, as applicable, for any unreimbursed Advances and Manager Advances (in each case, with interest thereon at the Advance Interest Rate).

Appears in 1 contract

Samples: Series Supplement (Jack in the Box Inc)

Mandatory Decrease. Whenever a Series 20222006-1 Class A-1 Excess Principal Event shall have occurred, then, on or before the second Business Day immediately following the date on which any Co-Issuer obtains knowledge of such Series 2006-1 Class A-1 Excess Principal Event the Co-Issuers shall deposit in the Series 2006-1 Class A-1 Distribution Account the amount of funds referred to in the next sentence and shall direct the Trustee in writing to distribute such funds in accordance with Section 4.02 of the Series 2006-1 Class A-1 Note Purchase Agreement. Such written direction of the Co-Issuers shall include a report that will provide for the distribution of (i) funds sufficient to decrease the Series 20222006-1 Class A-1 Outstanding Principal Amount by the lesser of (x) the amount necessarynecessary so that, so that after giving effect to such decrease of the Series 20222006-1 Class A-1 Outstanding Principal Amount on such date, no such Series 20222006-1 Class A-1 Excess Principal Event shall exist and (y) the amount that would decrease the Series 20222006-1 Class A-1 Outstanding Principal Amount to zero (each decrease of the Series 20222006-1 Class A-1 Outstanding Principal Amount pursuant to this Section 2.2(a), or any other required payment of principal in respect of the Series 2006-1 Class A-1 Notes pursuant to Section 3.6 of this Series Supplement, a “Mandatory Decrease”), plus (ii) shall be due and payable on the Weekly Allocation Date immediately following the date on which the Manager or the Co-Issuers obtain knowledge of such any associated Series 20222006-1 Class A-1 Excess Principal Event, in accordance with the Priority of Payments. The Trustee shall distribute each Mandatory Decrease pursuant to the written direction of the Co-Issuers in the applicable Weekly Manager’s Certificate, which shall include the calculation of such Mandatory Decrease and distribution instructions in accordance with Section 4.02 of the Series 2022-1 Class A-1 Note Purchase Agreement. Any associated Breakage Amounts incurred as a result of such decrease (calculated in accordance with the Series 20222006-1 Class A-1 Note Purchase Agreement) ). Such Mandatory Decrease shall be deposited into allocated among the Collection Account for allocation as Series 20222006-1 Class A-1 Other Amounts pursuant to Noteholders in accordance with the Priority order of Payments on distribution of principal payments set forth in Section 4.02 of the Weekly Allocation Date related to the Weekly Manager’s Certificate including such Mandatory DecreaseSeries 2006-1 Class A-1 Note Purchase Agreement. Upon obtaining Actual Knowledge knowledge of such a Series 20222006-1 Class A-1 Excess Principal Event, the Co-Issuers promptly, but in any event within two (2) Business Days, shall deliver written notice substantially in the form of Exhibit D hereto (by e-facsimile with original to follow by mail) of the need for any such Mandatory Decreases to the Trustee Trustee, the Series 2006-1 Insurer and the Series 20222006-1 Class A-1 Administrative Agent.

Appears in 1 contract

Samples: Indenture Supplement (Sonic Corp)

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