Modified Priorities Following Liquidation Sample Clauses

Modified Priorities Following Liquidation. Notwithstanding Section 5.1, on each Payment Date following the acceleration of the 2017-3 Exchange Note following an Exchange Note Default, the Indenture Trustee will, with respect to the 2017-3 Designated Pool (based on the information contained in the Servicer Report delivered with respect to such Payment Date), withdraw from the 2017-3 Exchange Note Collections Account an amount equal to the 2017-3 Designated Pool Collections for such Payment Date and apply such amounts, together with the proceeds of the sale or liquidation of any portion of the Collateral included in the 2017-3 Designated Pool pursuant to Section 6.4(a)(ii)(z) of the Credit and Security Agreement, in accordance with the following priorities: (a) to pay to the Collateral Agent any amounts due with respect to the 2017-3 Exchange Note or the 2017-3 Designated Pool under Section 3.1(c) or Article VIII of the Credit and Security Agreement to the extent such amounts have not been paid by the Borrower, but not to exceed $100,000 in any consecutive twelve (12) month period; (b) to pay to the Administrative Agent any amounts due with respect to the 2017-3 Exchange Note or the 2017-3 Designated Pool under Section 7.5 or Article VIII of the Credit and Security Agreement to the extent such amounts have not been paid by the Borrower, but not to exceed $100,000 in any consecutive twelve (12) month period; (c) to make the payments described in Section 5.1(a); (d) to make payments to the 2017-3 Exchange Noteholder, to the extent necessary to pay all accrued and unpaid interest on the 2017-3 Exchange Note and any interest on such accrued and unpaid interest at the Exchange Note Interest Rate; (e) to make payments to the 2017-3 Exchange Noteholder, to the extent necessary to reduce the Exchange Note Balance to zero; (f) to the 2017-3 Exchange Noteholder, the amount, if any, by which the amounts that it is obligated to pay pursuant to Sections 5.4(c)(FIRST) through (TENTH) of the Indenture on such Payment Date exceed the amounts received by it pursuant to clauses (d) and (e), above, on such Payment Date; and (g) to make payments in the manner described in Section 5.1(e). All amounts payable to the 2017-3 Exchange Noteholder pursuant to this Section 5.2 will be deposited by the Indenture Trustee into the Indenture Collections Account.

Modified Priorities Following Liquidation. Notwithstanding Section 10.2, Section 10.3 and Section 10.4, following the liquidation of any portion of the Collateral pursuant to Article VI, any proceeds of such liquidation will be distributed in the manner and in the priority set forth in Section 6.2(b) or Section 6.4(b), as applicable.

Modified Priorities Following Liquidation. Notwithstanding Section 5.1, if the 2013-B Exchange Note is accelerated following a Facility Default or an Exchange Note Default, then the proceeds of the sale or liquidation of any portion of the Collateral included in the 2013-B Reference Pool pursuant to Section 6.05(a)(ii)(z) of the Credit and Security Agreement will be applied in accordance with the following priorities: (a) to pay to the Collateral Agent any amounts due with respect to the 2013-B Exchange Note or the 2013-B Reference Pool under Section 3.01(c) of the Credit and Security Agreement or Article VIII of the Credit and Security Agreement to the extent such amounts have not been paid by the Borrowers or the Titling Company Administrator; (b) to pay to the Administrative Agent any amounts due with respect to the 2013-B Exchange Note or the 2013-B Reference Pool under Section 7.05 of the Credit and Security Agreement or Article VIII of the Credit and Security Agreement; (c) to make the payments described in Section 5.1(a); (d) to make payments to the 2013-B Exchange Noteholder, to the extent necessary to pay all accrued and unpaid interest on the 2013-B Exchange Note and any interest on such accrued and unpaid interest at the Exchange Note Interest Rate; (e) to make payments to the 2013-B Exchange Noteholder, to the extent necessary to reduce the Exchange Note Balance to zero; (f) to make payments to the 2013-B Exchange Noteholder, to the extent necessary to cover any shortfall in payment under Sections 8.2(d)(i) through (xi) of the Indenture on such payment date; (g) to make payments in the manner described in Section 5.1(f); and (h) to make payments in the manner described in Section 5.1(g).

Modified Priorities Following Liquidation. Notwithstanding Section 5.1, following the acceleration of the 20_-_ Exchange Note upon a Facility Default or Exchange Note Default, the proceeds of the sale or liquidation of any portion of the Collateral included in the 20_-_ Reference Pool pursuant to Section 6.05(a)(ii)(z) of the Credit and Security Agreement will be applied in accordance with the following priorities: (a) to pay to the Collateral Agent any amounts due with respect to the 20_-_ Exchange Note or the 20_-_ Reference Pool under Section 3.01(c) of the Credit and Security Agreement or Article VIII of the Credit and Security Agreement to the extent such amounts have not been paid by the Borrowers or the Titling Company Administrator; (b) to pay to the Administrative Agent any amounts due with respect to the 20_-_ Exchange Note or the 20_-_ Reference Pool under Section 7.05 of the Credit and Security Agreement or Article VIII of the Credit and Security Agreement; (c) to make the payments described in Section 5.1(a); (d) to make payments to the 20_-_ Exchange Noteholder, to the extent necessary to pay all accrued and unpaid interest on the 20_-_ Exchange Note and any interest on such accrued and unpaid interest at the Exchange Note Interest Rate; (e) to make payments to the 20_-_ Exchange Noteholder, to the extent necessary to reduce the Exchange Note Balance to zero; (f) to make payments in the manner described in Section 5.1(f); and (g) to make payments in the manner described in Section 5.1(g).