Payment Date Distributions. Subject to the terms of this (b), if the Employee is in the active employ of the Company on the Payment Date (and no Change in Control has occurred prior to such Date), the Employee shall be entitled to receive amounts allocated to the Employee Account as of the Payment Date. The amounts allocated to the Employee’s Account shall be paid to the Employee in five equal annual installments, as adjusted for return on investments and charges subsequent to the Payment Date, with the first payment beginning on the first anniversary of the Payment Date (i.e., May 1, 2011); provided, however, that if the Employee’s employment is terminated without Cause or the Employee terminates for Good Reason or on account of Disability prior to all five payments being made, any remaining payments shall be paid to the Employee in a lump sum as of his date of termination of employment. If the Employee terminates employment without Good Reason or his employment is terminated for Cause prior to all five payments being made, any remaining payments shall be forfeited as of his date of termination of employment.
Payment Date Distributions. For purposes of clarity under Section 6(b) of the Agreement, in calculating the first payment to Employee beginning on the first anniversary of the Payment Date (May 1, 2011) the amounts allocated to the Employee’s Account shall include the May 1, 2011 contribution under Section 3.
Payment Date Distributions. (i) On each Payment Date, the Borrower shall direct the Custodian to apply the portion of the Available Amount that represents Interest Collections to make the following payments (the “Interest Priority of Payments”):
Payment Date Distributions. On each Payment Date, the Paying Agent shall make the following distributions of the amounts transferred to the Distribution Account pursuant to Section 3.05, in the following order of priority, from the Distribution Account:
Payment Date Distributions. On each Payment Date, all Available Collections will be applied by the Collateral Agent (x) in the case of clause (i) below, in accordance with instructions and directions to the Collateral Trustee set forth on the Monthly Report to be delivered to the Collateral Agent on the related Determination Date (or, if the Collateral Agent fails to do so, by the Administrative Agent), and (ii) in the case of clause (ii) below, in accordance with a written direction received by the Collateral Agent from the Administrative Agent, and in each case as follows (and in the order of priority listed):
Payment Date Distributions. On each Payment Date, the Agent will direct the Collection Account Bank to transfer the Available Funds on deposit in the Collection Account in the following amounts and priority (based on the Servicer’s Certificate furnished to it by the Servicer pursuant to Section 3.8 of the Sale and Servicing Agreement, on which certificate the Agent may conclusively rely):
Payment Date Distributions. On each Payment Date and subject to the terms of Section 2(d), Section 2(e), Section 2(g), Section 2(h), Section 13(d) and Section 13(p), the Borrower shall apply amounts available in the Interest Collection Account as of the close of business on the Business Day prior to such Payment Date (and to the extent such amounts are insufficient, amounts available in the Principal Collection Account as of the close of business on the Business Day prior to such Payment Date), to make the following payments:
Payment Date Distributions. On each Payment Date, all Available Collections will be applied by the Security Trustee, (x) in the case of clause (i) below, in accordance with instructions and directions to the Security Trustee set forth on the Monthly Report to be delivered to the Security Trustee on the related Determination Date, and (y) in the case of clause (ii) below, in accordance with a written direction received by the Security Trustee from the Administrative Agent, and in each case as follows (and in the order of priority listed):
Payment Date Distributions. On each Payment Date, (a) the Cash Manager shall, at the direction of the Borrower, transfer from the Maintenance Reserves Account into the Collections Account up to an amount equal to the Maintenance Reserves Surplus Amount and (b) after giving effect to such deposit all Available Collections will be applied by the Collateral Agent (x) in the case of clause (i) below, in accordance with instructions and directions to the Collateral Agent set forth on the Monthly Report to be delivered by the Service Providers to the Collateral Agent on the related Determination Date (or, if the Collateral Agent fails to do so, by the Administrative Agent), and (ii) in the case of clause (ii) below, in accordance with a written direction received by the Collateral Agent from the Administrative Agent, and in each case as follows directly from the Collection Account to the applicable payees below (and in the order of priority listed):
Payment Date Distributions. (i) Subject to the terms of this Subsection (b), the Employee shall be entitled to receive all amounts in the Employee’s Account on the Payment Date.
