Common use of Monthly Application of Collections Clause in Contracts

Monthly Application of Collections. (a) On each Settlement Date, the Administrator shall direct the Indenture Trustee in writing to withdraw from the Series 2003-2 General Collection Subaccount and allocate to the Series 2003-2 Settlement Collection Subaccount an amount equal to Total Cash Available for such Settlement Date (less an amount equal to the investment income from the Series 2003-2 General Collection Subaccount and the Series 2003-2 Principal Collection Subaccount transferred to the Series 2003-2 Settlement Collection Subaccount pursuant to Section 5A.1(b)). (i) If the Administrator determines that the aggregate amount distributable from the Series 2003-2 Settlement Collection Subaccount pursuant to paragraphs (i) through (ix) of Section 5A.4(c) on any Payment Date exceeds the Total Cash Available for such Payment Date (the “Deficiency”), the Administrator shall notify the Indenture Trustee thereof in writing at or before 10:00 a.m., New York City time, on the Business Day immediately preceding such Payment Date, and the Indenture Trustee shall, in accordance with such notice, by 11:00 a.m., New York City time, on such Payment Date, withdraw from the Series 2003-2 Reserve Account and deposit in the Series 2003-2 Settlement Collection Subaccount an amount equal to the least of (x) such Deficiency, (y) the product of the average daily Series 2003-2 Invested Percentage during the immediately preceding Monthly Period and Aggregate Net Lease Losses for such Monthly Period and (z) the Series 2003-2 Reserve Account Amount and, to the extent that such amount is less than the Deficiency, withdraw from the Series 2003-2 Yield Supplement Account and deposit in the Series 2003-2 Settlement Collection Subaccount an amount equal to the lesser of the amount of such insufficiency and the Series 2003-2 Yield Supplement Account Amount. If the Deficiency with respect to any Payment Date exceeds the amounts to be withdrawn from the Series 2003-2 Reserve Account and the Series 2003-2 Yield Supplement Account pursuant to the immediately preceding sentence, the Administrator shall instruct the Indenture Trustee in writing at or before 10:00 a.m., New York City time, on the Business Day immediately preceding such Payment Date, and the Indenture Trustee shall, in accordance with such notice, by 11:00 a.m., New York City time, on such Payment Date, withdraw from the Series 2003-2 Reserve Account and deposit in the Series 2003-2 Settlement Collection Subaccount an amount equal to the lesser of (x) the remaining portion of the Deficiency and (y) the Series 2003-2 Reserve Account Amount (after giving effect to the withdrawal described in the immediately preceding sentence). (ii) If the Administrator determines that (A) the amount to be deposited in the Series 2003-2 Distribution Account in accordance with Section 5A.4(c)(ix) and paid to the Class A-1 Investor Noteholders pursuant to Section 5A.6 on the Class A-1 Final Maturity Date is less than the Class A-1 Invested Amount or (B) the amount to be deposited in the Series 2003-2 Distribution Account in accordance with Section 5A.4(c)(ix) and paid to the Class A-2 Investor Noteholders pursuant to Section 5A.6 on the Class A-2 Final Maturity Date is less than the Class A-2 Invested Amount, the Administrator shall notify the Indenture Trustee thereof in writing at or before 10:00 a.m., New York City time, on the Business Day immediately preceding such Final Maturity Date, and the Indenture Trustee shall, in accordance with such notice, by 11:00 a.m., New York City time, on such Final Maturity Date, withdraw from the Series 2003-2 Reserve Account and deposit in the Series 2003-2 Distribution Account an amount equal to the lesser of such insufficiency and the Series 2003-2 Reserve Account Amount (after giving effect to any withdrawal therefrom pursuant to Section 5A.4(b)(i) on such Final Maturity Date). In addition, if the Series 2003-2 Reserve Account Amount is less than such insufficiency on the Class A-2 Final Maturity Date, the Administrator shall notify the Indenture Trustee thereof in writing at or before 10:00 a.m., New York City time, on the Business Day immediately preceding the Class A-2 Final Maturity Date, and the Indenture Trustee shall, in accordance with such notice, by 11:00 a.m., New York City time, on the Class A-2 Final Maturity Date, withdraw from the Series 2003-2 Yield Supplement Account and deposit in the Series 2003-2 Distribution Account an amount equal to the lesser of such remaining insufficiency and the Series 2003-2 Yield Supplement Account Amount (after giving effect to any withdrawal therefrom pursuant to Section 5A.4(b)(i) on the Class A-2 Final Maturity Date). (c) On each Payment Date, based solely on the information contained in the Monthly Settlement Statement with respect to Series 2003-2 Investor Notes, the Indenture Trustee shall apply the following amounts allocated to, or deposited in, the Series 2003-2 Settlement Collection Subaccount on such Payment Date in the following order of priority: (i) to SPV, an amount equal to the Series 2003-2 Excess Fleet Receivable Amount, if any, for such Payment Date; (ii) to the Gain On Sale Account, an amount equal to the Series 2003-2 Monthly Residual Value Gain, if any, for such Payment Date; (iii) to the Servicer, an amount equal to the product of the Monthly Servicer Advance Reimbursement Amount for such Payment Date and the average daily Series 2003-2 Invested Percentage during the immediately preceding Monthly Period; (iv) if VMS is not the Servicer, to the Servicer, an amount equal to the Series 2003-2 Basic Servicing Fee for the Series 2003-2 Interest Period ending on such Payment Date plus, on the first Payment Date following the transfer of the servicing from VMS to a successor Servicer pursuant to Section 9.1 of the Series 1999-1 SUBI Servicing Supplement, to the extent not reimbursed by VMS, the reasonable costs and expenses of the successor Servicer incurred in connection with the transfer of the servicing, in an amount up to $250,000; (v) to the Series 2003-2 Distribution Account, an amount equal to the Series 2003-2 Monthly Interest payable on such Payment Date plus the amount of any unpaid Interest Shortfall Amount, as of the preceding Payment Date, together with any Additional Interest on such Interest Shortfall Amount (such amount, the “Monthly Interest Payment”); (vi) if VMS is the Servicer, to the Servicer, an amount equal to the Series 2003-2 Basic Servicing Fee for the Series 2003-2 Interest Period ending on such Payment Date; (vii) to the Administrator, an amount equal to the Series 2003-2 Administrator Fee for the Series 2003-2 Interest Period ending on such Payment Date; (viii) other than during a Lockout Period, to the Series 2003-2 Preferred Member Distribution Account, an amount equal to the Dividend Amount for such Payment Date; (ix) (A) on any Payment Date immediately succeeding a Monthly Period falling in the Series 2003-2 Revolving Period, to the Series 2003-2 Principal Collection Subaccount, an amount equal to the Series 2003-2 Allocated Asset Amount Deficiency, if any, on such Payment Date, (B) on the earlier of (x) the second Payment Date following the May 2005 Period End Date or (y) the first Payment Date following the occurrence of an Amortization Event, to the Series 2003-2 Distribution Account, an amount equal to the lesser of the Series 2003-2 Principal Payment Amount for such Payment Date and the Series 2003-2 Invested Amount on such Payment Date and (C) if any Series 2003-2 Preferred Membership Interests are issued and outstanding, on any Payment Date on and after the Series 2003-2 Note Termination Date, to the Series 2003-2 Preferred Member Distribution Account, an amount equal to the Series 2003-2 Principal Payment Amount for such Payment Date (or, on the Series 2003-2 Note Termination Date, the portion thereof not deposited into the Series 2003-2 Distribution Account); provided, however that on or after the Series 2003-2 Note Termination Date during a Lockout Period, the Series 2003-2 Principal Payment Amount for such Payment Date (or, on the Series 2003-2 Note Termination Date, the portion thereof not deposited into the Series 2003-2 Distribution Account) shall be applied by the Indenture Trustee in accordance with Section 5.4(d) of the Base Indenture; (x) to the Series 2003-2 Reserve Account, to the extent that a Series 2003-2 Liquid Credit Enhancement Deficiency exists or, on any Payment Date immediately succeeding a Monthly Period falling in the Series 2003-2 Amortization Period, to the extent that a Series 2003-2 Allocated Asset Amount Deficiency exists, an amount equal to the greater of such deficiencies; (xi) to the Series 2003-2 Yield Supplement Account, to the extent that a Series 2003-2 Yield Supplement Deficiency exists (or, will exist after giving effect to any reduction in the Class X 1999-1B Invested Amount on such Payment Date), an amount equal to such deficiency; (xii) if VMS is not the Servicer, to the Servicer, an amount equal to any Series 2003-2 Supplemental Servicing Fee for the Series 2003-2 Interest Period ending on such Payment Date; (xiii) if any Series 2003-2 Preferred Membership Interests are issued and outstanding, to the Series 2003-2 Preferred Member Distribution Account, an amount equal to the balance remaining in the Series 2003-2 Settlement Collection Subaccount; (xiv) if no Series 2003-2 Preferred Membership Interests are issued and outstanding, to, or at the written direction of, the Issuer, an amount equal to the balance remaining in the Series 2003-2 Settlement Collection Subaccount.

Monthly Application of Collections. (a) On each Settlement Date, the Administrator shall direct the Indenture Trustee in writing to withdraw from the Series 2003-2 1 General Collection Subaccount and allocate to the Series 2003-2 1 Settlement Collection Subaccount an amount equal to Total Cash Available for such Settlement Date (less an amount equal to the investment income from the Series 2003-2 1 General Collection Subaccount and the Series 2003-2 1 Principal Collection Subaccount transferred to the Series 2003-2 1 Settlement Collection Subaccount pursuant to Section SECTION 5A.1(b)). (i) If the Administrator determines that the aggregate amount distributable from the Series 2003-2 1 Settlement Collection Subaccount pursuant to paragraphs (i) through (ix) of Section 5A.4(c) on any Payment Date exceeds the Total Cash Available for such Payment Date (the “Deficiency”"DEFICIENCY"), the Administrator shall notify the Indenture Trustee thereof in writing at or before 10:00 a.m., New York City time, on the Business Day immediately preceding such Payment Date, and the Indenture Trustee shall, in accordance with such notice, by 11:00 a.m., New York City time, on such Payment Date, withdraw from the Series 2003-2 1 Reserve Account and deposit in the Series 2003-2 1 Settlement Collection Subaccount an amount equal to the least of (x) such Deficiency, (y) the product of the average daily Series 2003-2 1 Invested Percentage during the immediately preceding Monthly Period and Aggregate Net Lease Losses for such Monthly Period and (z) the Series 2003-2 1 Reserve Account Amount and, to the extent that such amount is less than the Deficiency, withdraw from the Series 2003-2 1 Yield Supplement Account and deposit in the Series 2003-2 1 Settlement Collection Subaccount an amount equal to the lesser of the amount of such insufficiency and the Series 2003-2 1 Yield Supplement Account Amount. If the Deficiency with respect to any Payment Date exceeds the amounts to be withdrawn from the Series 2003-2 1 Reserve Account and the Series 2003-2 1 Yield Supplement Account pursuant to the immediately preceding sentence, the Administrator shall instruct the Indenture Trustee in writing at or before 10:00 a.m., New York City time, on the Business Day immediately preceding such Payment Date, and the Indenture Trustee shall, in accordance with such notice, by 11:00 a.m., New York City time, on such Payment Date, withdraw from the Series 2003-2 1 Reserve Account and deposit in the Series 2003-2 1 Settlement Collection Subaccount an amount equal to the lesser of (x) the remaining portion of the Deficiency and (y) the Series 2003-2 1 Reserve Account Amount (after giving effect to the withdrawal described in the immediately preceding sentence). (ii) If the Administrator determines that (A) the amount to be deposited in the Series 2003-2 1 Distribution Account in accordance with Section SECTION 5A.4(c)(ix) and paid to the Class A-1 Investor Noteholders pursuant to Section SECTION 5A.6 on the Class A-1 Final Maturity Date is less than the Class A-1 Invested Amount or (B) the amount to be deposited in the Series 2003-2 1 Distribution Account in accordance with Section SECTION 5A.4(c)(ix) and paid to the Class A-2 Investor Noteholders pursuant to Section SECTION 5A.6 on the Class A-2 Final Maturity Date is less than the Class A-2 Invested Amount, the Administrator shall notify the Indenture Trustee thereof in writing at or before 10:00 a.m., New York City time, on the Business Day immediately preceding such Final Maturity Date, and the Indenture Trustee shall, in accordance with such notice, by 11:00 a.m., New York City time, on such Final Maturity Date, withdraw from the Series 2003-2 1 Reserve Account and deposit in the Series 2003-2 1 Distribution Account an amount equal to the lesser of such insufficiency and the Series 2003-2 1 Reserve Account Amount (after giving effect to any withdrawal therefrom pursuant to Section SECTION 5A.4(b)(i) on such Final Maturity Date). In addition, if the Series 2003-2 1 Reserve Account Amount is less than such insufficiency on the Class A-2 Final Maturity Date, the Administrator shall notify the Indenture Trustee thereof in writing at or before 10:00 a.m., New York City time, on the Business Day immediately preceding the Class A-2 Final Maturity Date, and the Indenture Trustee shall, in accordance with such notice, by 11:00 a.m., New York City time, on the Class A-2 Final Maturity Date, withdraw from the Series 2003-2 1 Yield Supplement Account and deposit in the Series 2003-2 1 Distribution Account an amount equal to the lesser of such remaining insufficiency and the Series 2003-2 1 Yield Supplement Account Amount (after giving effect to any withdrawal therefrom pursuant to Section SECTION 5A.4(b)(i) on the Class A-2 Final Maturity Date). (c) On each Payment Date, based solely on the information contained in the Monthly Settlement Statement with respect to Series 2003-2 1 Investor Notes, the Indenture Trustee shall apply the following amounts allocated to, or deposited in, the Series 2003-2 1 Settlement Collection Subaccount on such Payment Date in the following order of priority: (i) to SPV, an amount equal to the Series 2003-2 1 Excess Fleet Receivable Amount, if any, for such Payment Date; (ii) to the Gain On Sale Account, an amount equal to the Series 2003-2 1 Monthly Residual Value Gain, if any, for such Payment Date; (iii) to the Servicer, an amount equal to the product of the Monthly Servicer Advance Reimbursement Amount for such Payment Date and the average daily Series 2003-2 1 Invested Percentage during the immediately preceding Monthly Period; (iv) if VMS is not the Servicer, to the Servicer, an amount equal to the Series 2003-2 1 Basic Servicing Fee for the Series 2003-2 1 Interest Period ending on such Payment Date plusPLUS, on the first Payment Date following the transfer of the servicing from VMS to a successor Servicer pursuant to Section 9.1 of the Series 1999-1 SUBI Servicing Supplement, to the extent not reimbursed by VMS, the reasonable costs and expenses of the successor Servicer incurred in connection with the transfer of the servicing, in an amount up to $250,000; (v) to the Series 2003-2 1 Distribution Account, an amount equal to the Series 2003-2 1 Monthly Interest payable on such Payment Date plus PLUS the amount of any unpaid Interest Shortfall Amount, as of the preceding Payment Date, together with any Additional Interest on such Interest Shortfall Amount (such amount, the “Monthly Interest Payment”"MONTHLY INTEREST PAYMENT"); (vi) if VMS is the Servicer, to the Servicer, an amount equal to the Series 2003-2 1 Basic Servicing Fee for the Series 2003-2 1 Interest Period ending on such Payment Date; (vii) to the Administrator, an amount equal to the Series 2003-2 1 Administrator Fee for the Series 2003-2 1 Interest Period ending on such Payment Date; (viii) other than during a Lockout Period, to the Series 2003-2 1 Preferred Member Distribution Account, an amount equal to the Dividend Amount for such Payment Date; (ix) (A) on any Payment Date immediately succeeding a Monthly Period falling in the Series 2003-2 1 Revolving Period, to the Series 2003-2 1 Principal Collection Subaccount, an amount equal to the Series 2003-2 1 Allocated Asset Amount Deficiency, if any, on such Payment Date, (B) on the earlier of (x) the second Payment Date following the May January 2005 Period End Date or (y) the first Payment Date following the occurrence of an Amortization Event, to the Series 2003-2 1 Distribution Account, an amount equal to the lesser of the Series 2003-2 1 Principal Payment Amount for such Payment Date and the Series 2003-2 1 Invested Amount on such Payment Date and (C) if any Series 2003-2 1 Preferred Membership Interests are issued and outstanding, on any Payment Date on and after the Series 2003-2 1 Note Termination Date, to the Series 2003-2 1 Preferred Member Distribution Account, an amount equal to the Series 2003-2 1 Principal Payment Amount for such Payment Date (or, on the Series 2003-2 1 Note Termination Date, the portion thereof not deposited into the Series 2003-2 1 Distribution Account); providedPROVIDED, however HOWEVER that on or after the Series 2003-2 1 Note Termination Date during a Lockout Period, the Series 2003-2 1 Principal Payment Amount for such Payment Date (or, on the Series 2003-2 1 Note Termination Date, the portion thereof not deposited into the Series 2003-2 1 Distribution Account) shall be applied by the Indenture Trustee in accordance with Section 5.4(d) of the Base Indenture; (x) to the Series 2003-2 1 Reserve Account, to the extent that a Series 2003-2 1 Liquid Credit Enhancement Deficiency exists or, on any Payment Date immediately succeeding a Monthly Period falling in the Series 2003-2 1 Amortization Period, to the extent that a Series 2003-2 1 Allocated Asset Amount Deficiency exists, an amount equal to the greater of such deficiencies; (xi) to the Series 2003-2 1 Yield Supplement Account, to the extent that a Series 2003-2 1 Yield Supplement Deficiency exists (or, will exist after giving effect to any reduction in the Class X 1999-1B Invested Amount on such Payment Date), an amount equal to such deficiency; (xii) if VMS is not the Servicer, to the Servicer, an amount equal to any Series 2003-2 1 Supplemental Servicing Fee for the Series 2003-2 1 Interest Period ending on such Payment Date; (xiii) if any Series 2003-2 1 Preferred Membership Interests are issued and outstanding, to the Series 2003-2 1 Preferred Member Distribution Account, an amount equal to the balance remaining in the Series 2003-2 1 Settlement Collection Subaccount; (xiv) if no Series 2003-2 1 Preferred Membership Interests are issued and outstanding, to, or at the written direction of, the Issuer, an amount equal to the balance remaining in the Series 2003-2 1 Settlement Collection Subaccount.

Monthly Application of Collections. (a) On each Settlement Date, the Administrator shall direct the Indenture Trustee in writing to withdraw from the Series 20032001-2 1 General Collection Subaccount and allocate to the Series 20032001-2 1 Settlement Collection Subaccount an amount equal to Total Cash Available for such Settlement Date (less an amount equal to the investment income from the Series 20032001-2 1 General Collection Subaccount and the Series 20032001-2 1 Principal Collection Subaccount transferred to the Series 20032001-2 1 Settlement Collection Subaccount pursuant to Section 5A.1(b)). (i) If the Administrator determines that the aggregate amount distributable from the Series 20032001-2 1 Settlement Collection Subaccount pursuant to paragraphs (i) through (ix) of Section 5A.4(c) on any Payment Date exceeds the Total Cash Available for such Payment Date (the “"Deficiency”"), the Administrator shall notify the Indenture Trustee thereof in writing at or before 10:00 a.m., New York City time, on the Business Day immediately preceding such Payment Date, and the Indenture Trustee shall, in accordance with such notice, by 11:00 a.m., New York City time, on such Payment Date, withdraw from the Series 20032001-2 1 Reserve Account and deposit in the Series 20032001-2 1 Settlement Collection Subaccount an amount equal to the least of (x) such Deficiency, (y) the product of the average daily Series 20032001-2 1 Invested Percentage during the immediately preceding Monthly Period and Aggregate Net Lease Losses for such Monthly Period and (z) the Series 20032001-2 1 Reserve Account Amount and, to the extent that such amount is less than the Deficiency, withdraw from the Series 20032001-2 1 Yield Supplement Account and deposit in the Series 20032001-2 1 Settlement Collection Subaccount an amount equal to the lesser of the amount of such insufficiency and the Series 20032001-2 Yield Supplement Account Amount. If the Deficiency with respect to any Payment Date exceeds the amounts to be withdrawn from the Series 2003-2 Reserve Account and the Series 2003-2 Yield Supplement Account pursuant to the immediately preceding sentence, the Administrator shall instruct the Indenture Trustee in writing at or before 10:00 a.m., New York City time, on the Business Day immediately preceding such Payment Date, and the Indenture Trustee shall, in accordance with such notice, by 11:00 a.m., New York City time, on such Payment Date, withdraw from the Series 2003-2 Reserve Account and deposit in the Series 2003-2 Settlement Collection Subaccount an amount equal to the lesser of (x) the remaining portion of the Deficiency and (y) the Series 2003-2 Reserve Account Amount (after giving effect to the withdrawal described in the immediately preceding sentence). (ii) If the Administrator determines that (A) the amount to be deposited in the Series 2003-2 Distribution Account in accordance with Section 5A.4(c)(ix) and paid to the Class A-1 Investor Noteholders pursuant to Section 5A.6 on the Class A-1 Final Maturity Date is less than the Class A-1 Invested Amount or (B) the amount to be deposited in the Series 2003-2 Distribution Account in accordance with Section 5A.4(c)(ix) and paid to the Class A-2 Investor Noteholders pursuant to Section 5A.6 on the Class A-2 Final Maturity Date is less than the Class A-2 Invested Amount, the Administrator shall notify the Indenture Trustee thereof in writing at or before 10:00 a.m., New York City time, on the Business Day immediately preceding such Final Maturity Date, and the Indenture Trustee shall, in accordance with such notice, by 11:00 a.m., New York City time, on such Final Maturity Date, withdraw from the Series 2003-2 Reserve Account and deposit in the Series 2003-2 Distribution Account an amount equal to the lesser of such insufficiency and the Series 2003-2 Reserve Account Amount (after giving effect to any withdrawal therefrom pursuant to Section 5A.4(b)(i) on such Final Maturity Date). In addition, if the Series 2003-2 Reserve Account Amount is less than such insufficiency on the Class A-2 Final Maturity Date, the Administrator shall notify the Indenture Trustee thereof in writing at or before 10:00 a.m., New York City time, on the Business Day immediately preceding the Class A-2 Final Maturity Date, and the Indenture Trustee shall, in accordance with such notice, by 11:00 a.m., New York City time, on the Class A-2 Final Maturity Date, withdraw from the Series 2003-2 Yield Supplement Account and deposit in the Series 2003-2 Distribution Account an amount equal to the lesser of such remaining insufficiency and the Series 2003-2 Yield Supplement Account Amount (after giving effect to any withdrawal therefrom pursuant to Section 5A.4(b)(i) on the Class A-2 Final Maturity Date). (c) On each Payment Date, based solely on the information contained in the Monthly Settlement Statement with respect to Series 2003-2 Investor Notes, the Indenture Trustee shall apply the following amounts allocated to, or deposited in, the Series 2003-2 Settlement Collection Subaccount on such Payment Date in the following order of priority: (i) to SPV, an amount equal to the Series 2003-2 Excess Fleet Receivable Amount, if any, for such Payment Date; (ii) to the Gain On Sale Account, an amount equal to the Series 2003-2 Monthly Residual Value Gain, if any, for such Payment Date; (iii) to the Servicer, an amount equal to the product of the Monthly Servicer Advance Reimbursement Amount for such Payment Date and the average daily Series 2003-2 Invested Percentage during the immediately preceding Monthly Period; (iv) if VMS is not the Servicer, to the Servicer, an amount equal to the Series 2003-2 Basic Servicing Fee for the Series 2003-2 Interest Period ending on such Payment Date plus, on the first Payment Date following the transfer of the servicing from VMS to a successor Servicer pursuant to Section 9.1 of the Series 1999-1 SUBI Servicing Supplement, to the extent not reimbursed by VMS, the reasonable costs and expenses of the successor Servicer incurred in connection with the transfer of the servicing, in an amount up to $250,000; (v) to the Series 2003-2 Distribution Account, an amount equal to the Series 2003-2 Monthly Interest payable on such Payment Date plus the amount of any unpaid Interest Shortfall Amount, as of the preceding Payment Date, together with any Additional Interest on such Interest Shortfall Amount (such amount, the “Monthly Interest Payment”); (vi) if VMS is the Servicer, to the Servicer, an amount equal to the Series 2003-2 Basic Servicing Fee for the Series 2003-2 Interest Period ending on such Payment Date; (vii) to the Administrator, an amount equal to the Series 2003-2 Administrator Fee for the Series 2003-2 Interest Period ending on such Payment Date; (viii) other than during a Lockout Period, to the Series 2003-2 Preferred Member Distribution Account, an amount equal to the Dividend Amount for such Payment Date; (ix) (A) on any Payment Date immediately succeeding a Monthly Period falling in the Series 2003-2 Revolving Period, to the Series 2003-2 Principal Collection Subaccount, an amount equal to the Series 2003-2 Allocated Asset Amount Deficiency, if any, on such Payment Date, (B) on the earlier of (x) the second Payment Date following the May 2005 Period End Date or (y) the first Payment Date following the occurrence of an Amortization Event, to the Series 2003-2 Distribution Account, an amount equal to the lesser of the Series 2003-2 Principal Payment Amount for such Payment Date and the Series 2003-2 Invested Amount on such Payment Date and (C) if any Series 2003-2 Preferred Membership Interests are issued and outstanding, on any Payment Date on and after the Series 2003-2 Note Termination Date, to the Series 2003-2 Preferred Member Distribution Account, an amount equal to the Series 2003-2 Principal Payment Amount for such Payment Date (or, on the Series 2003-2 Note Termination Date, the portion thereof not deposited into the Series 2003-2 Distribution Account); provided, however that on or after the Series 2003-2 Note Termination Date during a Lockout Period, the Series 2003-2 Principal Payment Amount for such Payment Date (or, on the Series 2003-2 Note Termination Date, the portion thereof not deposited into the Series 2003-2 Distribution Account) shall be applied by the Indenture Trustee in accordance with Section 5.4(d) of the Base Indenture; (x) to the Series 2003-2 Reserve Account, to the extent that a Series 2003-2 Liquid Credit Enhancement Deficiency exists or, on any Payment Date immediately succeeding a Monthly Period falling in the Series 2003-2 Amortization Period, to the extent that a Series 2003-2 Allocated Asset Amount Deficiency exists, an amount equal to the greater of such deficiencies; (xi) to the Series 2003-2 Yield Supplement Account, to the extent that a Series 2003-2 Yield Supplement Deficiency exists (or, will exist after giving effect to any reduction in the Class X 1999-1B Invested Amount on such Payment Date), an amount equal to such deficiency; (xii) if VMS is not the Servicer, to the Servicer, an amount equal to any Series 2003-2 Supplemental Servicing Fee for the Series 2003-2 Interest Period ending on such Payment Date; (xiii) if any Series 2003-2 Preferred Membership Interests are issued and outstanding, to the Series 2003-2 Preferred Member Distribution Account, an amount equal to the balance remaining in the Series 2003-2 Settlement Collection Subaccount; (xiv) if no Series 2003-2 Preferred Membership Interests are issued and outstanding, to, or at the written direction of, the Issuer, an amount equal to the balance remaining in the Series 2003-2 Settlement Collection Subaccount.1

Monthly Application of Collections. (a) On each Settlement Date, the Administrator shall direct the Indenture Trustee in writing to withdraw from the Series 20032011-2 General Collection Subaccount and allocate to the Series 20032011-2 Settlement Collection Subaccount an amount equal to Total Cash Available for such Settlement Date (less an amount equal to the investment income from the Series 20032011-2 General Collection Subaccount and the Series 20032011-2 Principal Collection Subaccount transferred to the Series 20032011-2 Settlement Collection Subaccount pursuant to Section 5A.1(b)). (i) If the Administrator determines that the aggregate amount distributable from the Series 20032011-2 Settlement Collection Subaccount pursuant to paragraphs (i) through (ixviii) of Section 5A.4(c) on any Payment Settlement Date exceeds the Total Cash Available for such Payment Settlement Date (the “Deficiency”), the Administrator shall notify the Indenture Trustee thereof in writing at or before 10:00 a.m.A.M., New York City time, on the Business Day immediately preceding such Payment Settlement Date, and the Indenture Trustee shall, in accordance with such notice, by 11:00 a.m.A.M., New York City time, on such Payment Settlement Date, withdraw from the Series 20032011-2 Reserve Account and deposit in the Series 20032011-2 Settlement Collection Subaccount an amount equal to the least of (x) such Deficiency, (y) the product of the average daily Series 20032011-2 Invested Percentage during the immediately preceding Monthly Period and Aggregate Net Lease Losses for such Monthly Period and (z) the Series 20032011-2 Reserve Account Amount and, to the extent that such amount is less than the Deficiency, withdraw from the Series 20032011-2 Yield Supplement Account and deposit in the Series 20032011-2 Settlement Collection Subaccount an amount equal to the lesser of the amount of such insufficiency and the Series 20032011-2 Yield Supplement Account Amount. If the Deficiency with respect to any Payment Settlement Date exceeds the amounts to be withdrawn from the Series 20032011-2 Reserve Account and the Series 20032011-2 Yield Supplement Account pursuant to the immediately preceding sentence, the Administrator shall instruct the Indenture Trustee in writing at or before 10:00 a.m.A.M., New York City time, on the Business Day immediately preceding such Payment Settlement Date, and the Indenture Trustee shall, in accordance with such notice, by 11:00 a.m.A.M., New York City time, on such Payment Settlement Date, withdraw from the Series 20032011-2 Reserve Account and deposit in the Series 20032011-2 Settlement Collection Subaccount an amount equal to the lesser of (x) the remaining portion of the Deficiency and (y) the Series 20032011-2 Reserve Account Amount (after giving effect to the withdrawal described in the immediately preceding sentence). (ii) If the Administrator determines that (A) the amount to be deposited in the Series 20032011-2 Distribution Account in accordance with Section 5A.4(c)(ix5A.4(c)(viii) and paid to the Class A-1 A Investor Noteholders pursuant to Section 5A.6 on the Class A-1 A Final Maturity Date is less than the Class A-1 A Invested Amount or Amount, (B) the amount to be deposited in the Series 20032011-2 Distribution Account in accordance with Section 5A.4(c)(ix5A.4(c)(viii) and paid to the Class A-2 B Investor Noteholders pursuant to Section 5A.6 on the Class A-2 B Final Maturity Date is less than the Class A-2 B Invested Amount or (C) the amount to be deposited in the Series 2011-2 Distribution Account in accordance with Section 5A.4(c)(viii) and paid to the Class C Investor Noteholders pursuant to Section 5A.6 on the Class C Final Maturity Date is less than the Class C Invested Amount, the Administrator shall notify the Indenture Trustee thereof in writing at or before 10:00 a.m.A.M., New York City time, on the Business Day immediately preceding the Settlement Date preceding such Final Maturity Date, and the Indenture Trustee shall, in accordance with such notice, by 11:00 a.m.A.M., New York City time, on such Final Maturity Settlement Date, withdraw from the Series 20032011-2 Reserve Account and deposit in the Series 20032011-2 Distribution Account an amount equal to the lesser of such insufficiency and the Series 20032011-2 Reserve Account Amount (after giving effect to any withdrawal therefrom pursuant to Section 5A.4(b)(i) on such Final Maturity Settlement Date). In addition, if the Series 20032011-2 Reserve Account Amount is less than such insufficiency on the Class A-2 C Final Maturity Date, the Administrator shall notify the Indenture Trustee thereof in writing at or before 10:00 a.m.A.M., New York City time, on the Business Day immediately preceding the Settlement Date preceding the Class A-2 C Final Maturity Date, and the Indenture Trustee shall, in accordance with such notice, by 11:00 a.m.A.M., New York City time, on the Class A-2 Final Maturity such Settlement Date, withdraw from the Series 20032011-2 Yield Supplement Account and deposit in the Series 20032011-2 Distribution Account an amount equal to the lesser of such remaining insufficiency and the Series 20032011-2 Yield Supplement Account Amount (after giving effect to any withdrawal therefrom pursuant to Section 5A.4(b)(i) on the Class A-2 Final Maturity such Settlement Date). (c) On each Payment Settlement Date, based solely on the information contained in the Monthly Settlement Statement with respect to Series 20032011-2 Investor Notes, the Indenture Trustee shall apply the following amounts allocated to, or deposited in, the Series 20032011-2 Settlement Collection Subaccount on such Payment Settlement Date in the following order of priority: (i) to SPV, an amount equal to the Series 2003-2 Excess Fleet Receivable Amount, if any, for such Payment Date; (ii) to the Gain On Sale Account, an amount equal to the Series 20032011-2 Monthly Residual Value Gain, if any, for such Payment Settlement Date; (iiiii) to the Servicer, an amount equal to the product of the Series 2011-2 Monthly Servicer Advance Reimbursement Amount for such Payment Date and the average daily Series 2003-2 Invested Percentage during the immediately preceding Monthly PeriodSettlement Date; (iviii) if VMS is not the Servicer, to the Servicer, an amount equal to the Series 20032011-2 Basic Servicing Fee for the Series 2003-2 Interest preceding Monthly Period ending on such Payment Date plus, on the first Payment Settlement Date following the transfer of the servicing from VMS to a successor Servicer pursuant to Section 9.1 of the Series 1999-1 SUBI Servicing Supplement, to the extent not reimbursed by VMS, the reasonable costs and expenses of the successor Servicer incurred in connection with the transfer of the servicing, in an amount up to $250,000; (viv) to the Series 20032011-2 Distribution Account, an amount equal to the Series 2003-2 Monthly Interest Payment payable on such Payment Date plus the amount of any unpaid Interest Shortfall Amount, as of the preceding Payment Settlement Date, together with any Additional Interest on such Interest Shortfall Amount (such amount, the “Monthly Interest Payment”); (viv) if VMS is the Servicer, to the Servicer, an amount equal to the Series 20032011-2 Basic Servicing Fee for the Series 2003preceding Monthly Period; (vi) to the Back-2 Interest Period ending on such Payment Dateup Servicer, an amount equal to the lesser of (x) $3,646 and (y) the amount then payable to the Back-up Servicer pursuant to the Back-up Servicing Agreement; (vii) to the Administrator, an amount equal to the Series 20032011-2 Administrator Fee for the Series 2003-2 Interest Period ending on such Payment Datepreceding Monthly Period; (viii) other than during a Lockout Period, to the Series 2003-2 Preferred Member Distribution Account, an amount equal to the Dividend Amount for such Payment Date; (ix) (A) on any Payment Settlement Date immediately succeeding a Monthly Period falling in the Series 20032011-2 Revolving Period, to the Series 20032011-2 Principal Collection Subaccount, an amount equal to the Series 20032011-2 Allocated Asset Amount Deficiency, if any, on such Payment Date, Settlement Date and (B) on the earlier of (x) the second Payment Settlement Date following the May 2005 September 2013 Period End Date or (y) the first Payment Settlement Date following the occurrence of an Amortization Event, to the Series 20032011-2 Distribution Account, an amount equal to the lesser of the Series 20032011-2 Principal Payment Amount for such Payment Settlement Date and the Series 20032011-2 Invested Amount on such Payment Date and (C) if any Series 2003-2 Preferred Membership Interests are issued and outstanding, on any Payment Date on and after the Series 2003-2 Note Termination Settlement Date, to the Series 2003-2 Preferred Member Distribution Account, an amount equal to the Series 2003-2 Principal Payment Amount for such Payment Date (or, on the Series 2003-2 Note Termination Date, the portion thereof not deposited into the Series 2003-2 Distribution Account); provided, however that on or after the Series 2003-2 Note Termination Date during a Lockout Period, the Series 2003-2 Principal Payment Amount for such Payment Date (or, on the Series 2003-2 Note Termination Date, the portion thereof not deposited into the Series 2003-2 Distribution Account) shall be applied by the Indenture Trustee in accordance with Section 5.4(d) of the Base Indenture; (xix) to the Series 20032011-2 Reserve Account, to the extent that a Series 20032011-2 Liquid Credit Enhancement Deficiency exists or, on any Payment Settlement Date immediately succeeding a Monthly Period falling in the Series 20032011-2 Amortization Period, to the extent that a Series 20032011-2 Allocated Asset Amount Deficiency exists, an amount equal to the greater of such deficiencies; (xix) to the Series 20032011-2 Yield Supplement Account, to the extent that a Series 20032011-2 Yield Supplement Deficiency exists (or, will exist after giving effect to any reduction in the Class X 1999-1B Invested Amount on such Payment Settlement Date), an amount equal to such deficiency; (xiixi) if VMS is not the Servicer, to the Servicer, an amount equal to any Series 20032011-2 Supplemental Servicing Fee for the Series 2003preceding Monthly Period and any unpaid 2011-2 Interest Period ending on such Payment Date;Supplemental Servicing Fee for any prior Monthly Period; and (xiiixii) if any Series 2003-2 Preferred Membership Interests are issued and outstanding, to the Series 2003-2 Preferred Member Distribution Account, an amount equal to the balance remaining in the Series 2003-2 Settlement Collection Subaccount; (xiv) if no Series 2003-2 Preferred Membership Interests are issued and outstanding, to, or at the written direction of, the Issuer, an amount equal to the balance remaining in the Series 20032011-2 Settlement Collection Subaccount.