Note Distribution Account. (a) On each Distribution Date (based solely on the information contained in the Servicer’s Certificate) the Trust Collateral Agent shall distribute all amounts on deposit in the Note Distribution Account to Noteholders in respect of the Notes to the extent of amounts due and unpaid on the Notes for principal and interest in the following amounts and in the following order of priority:
(i) accrued and unpaid interest on the Notes; provided that if there are not sufficient funds in the Note Distribution Account to pay the entire amount of accrued and unpaid interest then due on each Class of Notes, the amount in the Note Distribution Account shall be applied to the payment of such interest on each Class of Notes pro rata on the basis of the amount of accrued and unpaid interest due on each Class of Notes;
(ii) The Noteholders’ First Principal Distributable Amount and the Noteholders’ Second Principal Distributable Amount shall be distributed as follows:
(1) If an Event of Default has not occurred:
(A) to the Holders of the Class A-1 Notes with the total amount paid out on each Distribution Date until the outstanding principal amount of the Class A-1 Notes has been reduced to zero;
(B) to the Holders of the Class A-2 Notes with the total amount paid out on each Distribution Date until the outstanding principal amount of the Class A-2 Notes has been reduced to zero;
(C) to the Holders of the Class A-3 Notes, with the total amount paid out on each Distribution Date until the outstanding principal amount of the Class A-3 Notes has been reduced to zero;
(2) After the occurrence of an Event of Default:
(A) to the Holders of the Class A-1 Notes until the outstanding principal amount of the Class A-1 Notes has been reduced to zero;
(B) to the Holders of the Class A-2 Notes and the Holders of the Class A-3 Notes, on a pro rata basis, based upon their respective outstanding principal amounts, until the Class A-2 Notes and Class A-3 Notes have been paid in full;
(b) On each Distribution Date, the Trust Collateral Agent shall send to each Noteholder the statement provided to the Trust Collateral Agent by the Servicer pursuant to Section 5.10 hereof on such Distribution Date.
(c) In the event that any withholding tax is imposed on the Trust’s payment (or allocations of income) to a Noteholder, such tax shall reduce the amount otherwise distributable to the Noteholder in accordance with this Section. The Trust Collateral Agent is hereby authorized and directed to retain f...
Note Distribution Account. (a) On each Distribution Date (based solely on the information contained in the Servicer's Certificate) the Indenture Trustee will distribute all amounts on deposit in the Note Distribution Account to Noteholders in respect of the Notes to the extent of amounts due and unpaid on the Notes for principal and interest in the following amounts: - From amounts transferred pursuant to Section 5.7(a)(iii), accrued and unpaid interest on the Class A Notes; provided that if such amount is insufficient to pay the entire amount of accrued and unpaid interest then due on each Class of Class A Notes, the amount in the Note Distribution Account will be applied to the payment of such interest on each Class of Class A Notes pro rata on the basis of the amount of accrued and unpaid interest due on each Class of Class A Notes. - From amounts transferred pursuant to Section 5.7(a)(viii), accrued and unpaid interest on the Class B Notes. - From amounts transferred pursuant to Section 5.7(a)(iv), (v), (vii), (xi) and (xiv), in the following order of priority:
(1) to the holders of the [Class A-1 Notes], the total amount paid out on each Distribution Date until the outstanding principal balance of the [Class A-1 Notes] has been reduced to zero;
(2) to the holders of the [Class A-2 Notes], the total amount paid out on each Distribution Date until the outstanding principal balance of the [Class A-2 Notes] has been reduced to zero;
(3) to the holders of the [Class A-3 Notes], the total amount paid out on each Distribution Date until the outstanding principal balance of the [Class A-3 Notes] has been reduced to zero; and
(4) to the holders of the [Class A-4 Notes], the total amount paid out on each Distribution Date until the outstanding principal balance of the [Class A-4 Notes] is reduced to zero. - From amounts transferred pursuant to section 5.7(a)(ix) and (xv), to the holders of the Class B Notes, until the outstanding principal balance of the Class B Notes is reduced to zero. provided, that after the acceleration of the Notes following the occurrence of an Event of Default under the Indenture, payments of principal on the Notes will be made, instead of as provided above after payment of all amounts owing to the Indenture Trustee pursuant to Section 6.7 of the Indenture, first to the [Class A-1 Notes] until the [Class A-1 Notes] have been paid in full, second to the other Classes of Class A Notes pro rata until they are paid in full, and third, to the Class B Notes.
(b) On eac...
Note Distribution Account. Section 1.1
Note Distribution Account. Section 1.1 Noteholders' Distributable Amount...................
Note Distribution Account. Annex-26
(a) On each Settlement Date (based solely on the information contained in the Servicer's Certificate), the Trustee shall distribute all amounts on deposit in the Note Distribution Account to the Noteholder in respect of the Note to the extent of amounts due and unpaid on the Note for principal and interest in the following amounts and in the following order of priority:
(i) to the Noteholder, the Noteholder's Interest Distributable Amount; provided that if there are not sufficient funds in the Note Distribution Account to pay the entire amount then due on the Note, the amount in the Note Distribution Account shall be applied to the payment of such interest pro rata among the Holders of the Note;
(ii) to the Noteholder, in reduction of the Invested Amount, the Noteholder's Principal Distributable Amount to pay principal on the Note until the outstanding principal amount of the Note has been reduced to zero; provided that if there are not sufficient funds in the Note Distribution Account to pay the entire amount then due on the Note, the amount in the Note Distribution Account shall be applied to the payment of such principal pro rata among the Holders of the Note;
(iii) to the Noteholder, any other amounts due the Noteholder pursuant to the Basic Documents.
(b) On each Settlement Date, the Trustee shall provide or make available electronically in accordance with Section 5.9(c) (or, upon written request, by first class mail or facsimile) to the Noteholder the statement or statements provided to the Trustee by the Servicer pursuant to Section 5.9 hereof on such Settlement Date; provided however, the Trustee shall have no obligation to provide such information described in this Section 5.8(b) until it has received the requisite information from the Servicer.
Note Distribution Account. (a) On each Distribution Date (based solely on the information contained in the Preliminary Servicer's Certificate) and each Insured Distribution Date (based solely on the information in the Servicer's Certificate), as applicable, the Trust Collateral Agent shall distribute all amounts on deposit in the Note Distribution Account to Noteholders in respect of the Notes to the extent of amounts due and unpaid on the Notes for principal and interest in the following amounts and in the following order of priority:
(i) accrued and unpaid interest on the Notes; provided that if -------- there are not sufficient funds in the Note Distribution Account to pay the entire amount of accrued and unpaid interest then due on each Class of Notes, the amount in the Note Distribution Account shall be applied to the payment of such interest on each Class of Notes pro rata on the basis of the amount of accrued and unpaid interest due on each Class of Notes;
(ii) any amounts deposited in the Note Distribution Account with respect to the Note Prepayment Amount, shall be distributed to the Holders of the Class A-1 Notes, the Class
Note Distribution Account. (a) On each Distribution Date (based solely on the information contained in the Preliminary Servicer’s Certificate) the Trust Collateral Agent shall distribute all amounts on deposit in the Note Distribution Account to Noteholders in respect of the Notes to the extent of amounts due and unpaid on the Notes for principal and interest in the following amounts and in the following order of priority:
(i) accrued and unpaid interest on the Notes; provided that if there are not sufficient funds in the Note Distribution Account to pay the entire amount of accrued and unpaid interest then due on each Class of Notes, the amount in the Note Distribution Account shall be applied to the payment of such interest on each Class of Notes pro rata on the basis of the amount of accrued and unpaid interest due on each Class of Notes;
(ii) The Principal Distributable Amount shall be distributed as follows:
Note Distribution Account. 49 SECTION 5.9. Pre-Funding Account........................................51 SECTION 5.10. Statements to Noteholders..................................51 SECTION 5.11. Optional Deposits by the Insurer...........................53 SECTION 5.12.
Note Distribution Account. Noteholders’ Distributable Amount
Note Distribution Account. If, at any time, any of the Trust Accounts ceases to be an Eligible Deposit Account, the Issuer shall within 10 Business Days (or such longer period, not to exceed 30 calendar days, as to which each Rating Agency may consent) establish a new Trust Account as an Eligible Deposit Account and shall transfer any cash and/or any investments held in the no-longer Eligible Deposit Account to such new Trust Account.
