Payment of Note Interest. (a) On each Distribution Date, subject to Section 9.8 of the Base Indenture, the Paying Agent shall, in accordance with Section 6.1 of the Base Indenture, pay the following amounts in the following order of priority from amounts deposited into the Series 2019-3 Distribution Account pursuant to Section 2.3:
Payment of Note Interest. On each Distribution Date, subject to Section 9.8 of the Base Indenture, the Paying Agent shall, in accordance with Section 6.1 of the Base Indenture, pay to the Series 2003-3 Noteholders from the Series 2003-3 Distribution Account the amount due to the Series 2003-3 Noteholders deposited in the Series 2003-3 Distribution Account pursuant to Section 2.3.
Payment of Note Interest. On each Payment Date, the Trustee shall, in accordance with Section 6.1 of the Base Indenture, pay to the Series 2009-1 Noteholders from the Series 2009-1 Distribution Account the amount deposited in the Series 2009-1 Distribution Account for the payment of all amounts payable to the Series 2009-1 Noteholders pursuant to Section 3.3 of this Series Supplement.
Payment of Note Interest. All payments made pursuant to this Section 4.9 will be made in accordance with the written instructions of the Master Servicer. On each Payment Date:
Payment of Note Interest. On each Distribution Date, subject to Section 9.8 of the Base Indenture, the Paying Agent shall, in accordance with Section 6.1 of the Base Indenture, pay to the Series 1998-1 Noteholders from the Series 1998-1 Distribution Account the amount deposited in the Series 1998-1 Distribution Account for the payment of interest pursuant to Section-2.3(a) of this Supplement and, to the extent necessary to pay interest on the Series 1998-1 Notes, first, amounts on deposit in the Series 1998-1 Collection Account, second, amounts on deposit in the Series 1998-1 Reserve Account and third, proceeds of a demand on the Surety Bond made in accordance with the terms thereof.
Payment of Note Interest. (a) On each Distribution Date, the Collateral Agent, acting in accordance with a certificate or other statement of the Indenture Trustee based upon the Servicer Report, shall withdraw the amounts required to be withdrawn from the Collateral Account and deposit such amounts in the Series 2001-1 Distribution Account pursuant to this Section 2.3(a) in respect of all funds available for such Series 2001-1 Interest Period and allocated to the holders of the Series 2001-1 Notes pursuant to Section 5.03(b) of the Security Agreement. On each Determination Date, the Indenture Trustee shall notify the Collateral Agent and the Servicer in writing as to the amount to be withdrawn and paid pursuant to Section 2.3(b) of this Supplement from the Collateral Account to the extent funds are anticipated to be available and allocable to the Series 2001-1 Notes in respect of (x) first, an amount equal to Series 2001-1 Monthly Interest for the related Series 2001-1 Interest Period and (y) second, an amount equal to the amount of any unpaid Series 2001-1 Shortfall as of the preceding Distribution Date (together with any accrued interest on such Series 2001-1 Shortfall). If the amounts described in this Section 2.3(a) are insufficient to pay Series 2001-1 Monthly Interest on any Distribution Date, payments of interest to the Series 2001-1 Noteholders will be reduced on a pro rata basis by the amount of such deficiency. The aggregate amount, if any, of such deficiency on any Distribution Date shall be referred to as the “Series 2001-1 Shortfall” and the portion thereof allocable to each Class of Series 2001-1 Notes shall be referred to as the “Class A-1 Shortfall”, the “Class A-2 Shortfall” and the “Class A-3 Shortfall”, respectively. Interest shall accrue on the Shortfall for the Series 2001-1 Notes at the Series 2001-1 Note Rate. On each Distribution Date, the Collateral Agent shall withdraw the amounts described in this Section 2.3(a) from the Collateral Account and deposit such amounts in the Series 2001-1 Distribution Account.
Payment of Note Interest. All payments made pursuant to this Section 4.9 will be made in accordance with the written instructions of the Master Servicer. On each Payment Date, (i) to the extent any Series 1998-1 Monthly Interest Shortfall exists after the deposits required pursuant to Section 4.7 and Section 4.8(a) of this Supplement have been made, the Master Servicer shall instruct the Paying Agent to withdraw from funds on deposit in the Series 1998-1 Excess Funding Account, an amount equal to the lesser of (A) the amount on deposit in the Series 1998-1 Excess Funding Account on such Payment Date in an amount not to exceed the Series 1998-1 Available Subordinated Amount at such time, and (B) the remaining amount of the Series 1998-1 Monthly Interest Shortfall, and deposit such amount in the Series 1998-1 Distribution Account to pay the Series 1998-1 Interest Amount and any unpaid Series 1998-1 Deficiency Amounts with respect to such Series 1998-1 Monthly Interest (together with accrued interest on all such unpaid Series 1998-1 Deficiency Amounts)and (ii) to the extent any such Series 1998-1 Monthly Interest Shortfall remains after the deposits required pursuant to clause (i) of this Section 4.9 have been made, if amounts have been drawn on the Series 1998-1 Letter of Credit and deposited into the Series 1998-1 Collection Account pursuant to Section 4.18 of this Supplement, the Master Servicer shall instruct the Paying Agent to withdraw from the Series 1998-1 Collection Account on such Payment Date the lesser of (A) the amount on deposit in the Series 1998-1 Collection Account representing such amount drawn on the Series 1998-1 Letter of Credit, (B) the amount on deposit in the Series 1998-1 Excess Funding Account in excess of the Substitute Group II Exchanged Vehicle Proceeds Amount, if any, on such Payment Date, and (C) the amount of the remaining Series 1998-1 Monthly Interest Shortfall, and deposit such amount in the Series 1998-1 Distribution Account to pay the Series 1998-1 Interest Amount and any unpaid Series 1998-1 Deficiency Amounts with respect to such Series 1998-1 Interest Amount (together with accrued interest on all such unpaid Series 1998-1 Deficiency Amounts). On each Payment Date the Paying Agent shall, in accordance with the Master Servicer's most recent Monthly Certificate, pay to the Series 1998-1 Noteholders from the Series 1998-1 Distribution Account the portion of the Series 1998-1 Interest Amount deposited in the Series 1998-1 Distribution Account for the...
Payment of Note Interest. The provisions of Section 6.1 hereof notwithstanding, prior to the payment in full of the Senior Debt, the Debtors may pay and the Subordinated Noteholders may receive scheduled payments of interest (the “Note Interest”) which are or become due and payable on the Subordinated Debt in accordance with the terms of the Indenture as in effect on the initial Closing Date, unless and until a Subordination Event has occurred and is continuing or would occur as a result of such payment, and written notice of such Subordination Event has been delivered to the Debtors, the Senior Lenders, the Indenture Trustee, as appropriate. Upon occurrence of an Event of Default which is continuing under the Credit Agreement, the Senior Loan Agent may notify the Debtors and the Indenture Trustee of such Event of Default in writing specifying (i) in reasonable detail the particular nature of the Event of Default and the date and time of its occurrence, if known or applicable, and (ii) that such Event of Default shall constitute a Subordination Event under this Agreement. Upon the failure of the Company to make any payment of Note Interest when due in accordance with the terms of the Indenture, the Indenture Trustee may notify the Debtors, the Senior Loan Agent and the Subordinated Noteholders of such Event of Default in writing (i) specifying the date and time of its occurrence, and (ii) that such Event of Default shall constitute a Subordination Event under this Agreement. Effective immediately upon delivery of such notice to the Indenture Trustee or the Debtors, all payments and receipt of Note Interest to or by the Subordinated Noteholders shall immediately cease and may thereafter resume only as provided for in Section 6.3 hereof.
Payment of Note Interest. All payments made pursuant to this Section 4.9 will be made in accordance with the written instructions of the Master Servicer. On each Payment Date, (i) to the extent any Series 1998-1 Monthly Interest Shortfall exists after the deposits required pursuant to Section 4.7 and Section 4.8(a) of this Supplement have been made, the Master Servicer shall instruct the Paying Agent to withdraw from funds on deposit in the Series 1998-1 Excess Funding Account, an amount equal to the lesser of (A) the amount on deposit in the Series 1998-1 Excess Funding Account on such Payment Date in an amount not to exceed the Series 1998-1 Available Subordinated Amount at such time, and (B) the remaining amount of the Series 1998-1 Monthly Interest Shortfall, and deposit such amount in the Series 1998-1 Distribution Account to pay the Series 1998-1 Interest Amount and any unpaid Series 1998-1 Deficiency Amounts with respect to such Series 1998-1 Monthly Interest (together with accrued interest on all such unpaid Series 1998-1 Deficiency Amounts) and (ii) to the extent any such Series 1998-1 Monthly Interest Shortfall remains after the deposits required pursuant to clause (i) of this Section 4.9 has been made, if amounts have been drawn on the Series 1998-1 Letter of Credit and deposited into the Series 1998-1 Collection Account pursuant to Section 4.18 of this Supplement, the Master Servicer shall instruct the Paying Agent to withdraw from the Series 1998-1 Collection Account - 48 -
Payment of Note Interest. (a) On any day, on which NFLP has elected or is required to prepay all or a portion of the Series 1997-1 Note Interest that will be due on the next Distribution Date NFLP shall notify the Trustee and the Master Servicer thereof in writing. If NFLP so elects to prepay Series 1997-1 Note Interest, the Paying Agent shall, in accordance with the direction of the Master Servicer delivered under Section 5.3(b), pay to the Series 1997-1 Noteholders from the Series 1997-1 Distribution Account the amount deposited in the Series 1997-1 Distribution Account for the payment of Series 1997-1 Note Interest on such day pursuant to Section 5.3(b).
