Common use of Notice of Special Payment Clause in Contracts

Notice of Special Payment. Except as provided in Section 2.4(c) or 2.7, upon receipt by the Subordination Agent, as registered holder of the Equipment Notes, of any notice of a Special Payment (or, in the absence of any such notice, upon receipt by the Subordination Agent of a Special Payment), the Subordination Agent shall promptly give notice thereof to each Trustee, the Primary Liquidity Providers and the Policy Provider. The Subordination Agent shall promptly calculate the amount of the redemption or purchase of Equipment Notes, the amount of any Overdue Scheduled Payment or the proceeds of Equipment Notes or the Collateral, as the case may be, comprising such Special Payment under the applicable Indenture or Indentures and shall promptly send to each Trustee, the Primary Liquidity Providers and the Policy Provider a Written Notice of such amount and the amount allocable to each Trust. Such Written Notice shall also set the distribution date for such Special Payment, which shall be the Business Day which immediately follows the later to occur of (x) the 15th day after the date of such Written Notice or (y) the date the Subordination Agent has received or expects to receive such Special Payment. Amounts on deposit in the Special Payments Account shall be distributed in accordance with Article III hereof; provided, that if the Special Payment to be distributed on any Special Distribution Date results from the redemption, purchase or prepayment of any Equipment Note prior to the occurrence of a payment default under any Indenture, the amount of accrued and unpaid Liquidity Expenses and Policy Expenses which are not yet due that are payable pursuant to clause “second” of Section 3.2 and any unpaid amounts which are not yet due that are payable to the Policy Provider under the Policy Fee Letter pursuant to clause “eleventh” of Section 3.2, shall be multiplied by a fraction, the numerator of which shall be the aggregate outstanding principal amount of Equipment Notes being redeemed, purchased or prepaid on such Special Distribution Date, and the denominator of which shall be the aggregate outstanding principal amount of all Equipment Notes (the “Section 2.4(a) Fraction”).

Notice of Special Payment. Except as provided in Section 2.4(c2.04(c) or 2.7below, upon receipt by the Subordination Agent, as registered holder of the Equipment Notes, of any notice of a Special Payment (or, in the absence of any such notice, upon receipt by the Subordination Agent of a Special Payment), the Subordination Agent shall promptly give notice thereof to each Trustee, the Primary Liquidity Providers Trustee and the Policy ProviderLiquidity Providers. The Subordination Agent shall promptly calculate the amount of the proceeds of any redemption or purchase of any Equipment Notes, Note or the amount of any Overdue Scheduled Payment or the proceeds of Equipment Notes or the Collateral, as the case may be, comprising such Special Payment under the applicable Indenture or Indentures and shall promptly send to each Trustee, Trustee and the Primary Liquidity Providers and the Policy Provider a Written Notice of such amount and the amount allocable to each Trust. Such Written Notice shall also set the distribution date for such Special PaymentPayment (a “Special Distribution Date”), which shall be the Business Day which immediately follows the later to occur of (x) the 15th day after the date of such Written Notice or and (y) the date the Subordination Agent has received or expects to receive such Special Payment. Amounts on deposit in the Special Payments Account shall be distributed in accordance with Sections 2.04(b) and 2.04(c) and Article III hereof; provided, that if as applicable. For the purposes of the application of any Special Payment in respect of any Equipment Note to be distributed on any Special Distribution Date results from the redemptionin accordance with Section 3.02 hereof, purchase or prepayment so long as no Indenture Event of any Equipment Note prior to the occurrence of a payment default Default shall have occurred and be continuing under any Indenture: (i) clause “second” thereof shall be deemed to read as follows: “second, the amount of accrued and unpaid Liquidity Expenses then overdue plus an amount equal to all accrued and Policy unpaid Liquidity Expenses which are not yet due that are payable pursuant to clause “second” of overdue multiplied by the Section 3.2 and any unpaid amounts which are not yet due that are payable 2.04 Fraction shall be distributed to the Policy Provider under Liquidity Providers pro rata on the Policy Fee Letter pursuant to clause “eleventh” basis of Section 3.2, shall be multiplied by a fraction, the numerator of which shall be the aggregate outstanding principal amount of Equipment Notes being redeemed, purchased or prepaid on such Special Distribution Date, and the denominator of which shall be the aggregate outstanding principal amount of all Equipment Notes (the “Section 2.4(a) FractionLiquidity Expenses owed to each Liquidity Provider”).;

Notice of Special Payment. Except as provided in Section 2.4(c) or 2.7below, upon receipt by the Subordination Agent, as registered holder of the Equipment Notes, of any notice of a Special Payment (or, in the absence of any such notice, upon receipt by the Subordination Agent of a Special Payment), the Subordination Agent shall promptly give notice thereof to each Trustee, the Primary Liquidity Providers and the Policy Provider. The Subordination Agent shall promptly calculate the amount of the redemption or purchase of Equipment Notes, the amount of any Overdue Scheduled Payment or the proceeds of Equipment Notes or the Collateral, as the case may be, comprising such Special Payment under the applicable Indenture or Indentures and shall promptly send to each Trustee, the Primary Liquidity Providers and the Policy Provider Trustee a Written Notice of such amount and the amount allocable to each Trust. Such Written Notice shall also set the distribution date for such Special PaymentPayment (a “Special Distribution Date”), which shall be the Business Day which immediately follows the later to occur of (x) the 15th day 3rd Business Day after the date of such Written Notice or and (y) the date the Subordination Agent has received or expects to receive such Special Payment. Amounts on deposit in the Special Payments Account shall be distributed in accordance with Sections 2.4(b) and 2.4(c) and Article III hereof; provided, that if as applicable. For the Special Payment to be distributed on any Special Distribution Date results from purposes of the redemption, purchase or prepayment application of any Equipment Note prior Special Payment distributed on a Special Distribution Date in accordance with Section 3.2 hereof, so long as no Indenture Default shall have occurred and be continuing under the Indenture: clause “third” thereof shall be deemed to read as follows: “third, such amount as shall be required to pay any accrued, due and unpaid interest at the occurrence Stated Interest Rate on the outstanding Pool Balance of a payment default under any Indenturethe Class A Obligations, the amount of together with (without duplication) accrued and unpaid Liquidity Expenses and Policy Expenses which are not yet due that are payable pursuant to clause “second” of Section 3.2 and any unpaid amounts which are not yet due that are payable to interest at the Policy Provider under Stated Interest Rate on the Policy Fee Letter pursuant to clause “eleventh” of Section 3.2, shall be multiplied by a fraction, the numerator of which shall be the aggregate outstanding principal amount of (and determined for such purposes based only on) the Series A Equipment Notes held in the Class A Trust being redeemed, purchased or prepaid on such Special Distribution Dateprepaid, and then accrued and unpaid Commitment Fees, Breakage Amounts and Increased Cost Amounts in respect of the denominator of which Class A Obligations, shall be distributed to the aggregate outstanding principal amount of all Equipment Notes (the “Section 2.4(a) FractionClass A Trustee”).

Notice of Special Payment. Except as provided in Section 2.4(c) or 2.7below, upon receipt by the Subordination Agent, as registered holder of the Equipment Notes, of any notice of a Special Payment (or, in the absence of any such notice, upon receipt by the Subordination Agent of a Special Payment), the Subordination Agent shall promptly give notice thereof to each Trustee, the Primary Liquidity Providers Provider and the Policy Provider. The Subordination Agent shall promptly calculate the amount of the redemption or purchase of all or any portion of any Equipment NotesNote, the amount of any Overdue Scheduled Payment or the proceeds of any portion of any Equipment Notes Note or the Collateral, as the case may be, comprising such Special Payment under the applicable Indenture or Indentures and shall promptly send to each Trustee, the Primary Liquidity Providers Provider and the Policy Provider a Written Notice of such amount and the amount thereof allocable to each Trust. Such Written Notice shall also set the distribution date for such Special Payment, which shall be the Business Day which immediately follows the later to occur of (x) the 15th day after the date of such Written Notice or (y) the date the Subordination Agent has received or expects to receive such Special Payment. Amounts on deposit in the Special Payments Account shall be distributed in accordance with Article III hereof; providedFor purposes of calculating any such distribution, that if the Special Payment to be distributed on any Special Distribution Date which is not also a Regular Distribution Date and is not a Special Distribution Date on which an Overdue Scheduled Payment is being distributed, results from the redemption, purchase or prepayment of any portion of any Equipment Note prior to the occurrence of a payment default Payment Default under any the Indenture, the amount of accrued and unpaid Liquidity Expenses and Policy Expenses which are not yet due that are payable pursuant to clause “"second” " of Section 3.2 and any unpaid amounts which are not yet due that are payable to the Policy Provider Providers under the Policy Fee Letter Letters pursuant to clause “eleventh” "ninth" of Section 3.2, 3.2 shall be multiplied by a fraction, the numerator of which Applicable Fraction. Amounts on deposit in the Special Payments Account shall be the aggregate outstanding principal amount of Equipment Notes being redeemeddistributed in accordance with Section 2.4(b), purchased or prepaid on such Special Distribution Date2.4(c) and Article III hereof, and the denominator of which shall be the aggregate outstanding principal amount of all Equipment Notes (the “Section 2.4(a) Fraction”)as applicable.

Notice of Special Payment. Except as provided in Section 2.4(c) or 2.7below, upon receipt by the Subordination Agent, as registered holder of the Equipment Notes, of any notice of a Special Payment (or, in the absence of any such notice, upon receipt by the Subordination Agent of a Special Payment), the Subordination Agent shall promptly give notice thereof to each Trustee, the Primary Liquidity Providers Provider and the Policy Provider. The Subordination Agent shall promptly calculate the amount of the redemption or purchase of all or any portion of any Equipment NotesNote, the amount of any Overdue Scheduled Payment or the proceeds of any portion of any Equipment Notes Note or the Collateral, as the case may be, comprising such Special Payment under the applicable Indenture or Indentures and shall promptly send to each Trustee, the Primary Liquidity Providers Provider and the Policy Provider a Written Notice of such amount and the amount allocable to each Trust. Such Written Notice shall also set the distribution date for such Special Payment, which shall be the Business Day which immediately follows the later to occur of (x) the 15th day after the date of such Written Notice or (y) the date the Subordination Agent has received or expects to receive such Special Payment. Amounts on deposit in the Special Payments Account shall be distributed in accordance with Article III hereof; providedFor purposes of calculating any such distribution, that if the Special Payment to be distributed on any Special Distribution Date results from the redemption, purchase or prepayment of any portion of any Equipment Note prior to the occurrence of a payment default Payment Default under any the Indenture, the amount of accrued and unpaid Liquidity Expenses and Policy Expenses which are not yet due that are payable pursuant to clause “second” of Section 3.2 and any unpaid amounts which are not yet due that are payable to the Policy Provider under the Policy Fee Letter pursuant to clause “eleventhninth” of Section 3.2, 3.2 shall be multiplied by a fraction, the numerator of which Applicable Fraction. Amounts on deposit in the BACK Special Payments Account shall be the aggregate outstanding principal amount of Equipment Notes being redeemeddistributed in accordance with Section 2.4(b), purchased or prepaid on such Special Distribution Date2.4(c) and Article III hereof, and the denominator of which shall be the aggregate outstanding principal amount of all Equipment Notes (the “Section 2.4(a) Fraction”)as applicable.