Common use of Payments from the Collection Account Clause in Contracts

Payments from the Collection Account. (a) On each Payment Date, the Trust Administrator (or the Paying Agent on behalf of the Trust Administrator) shall withdraw from the Collection Account the Total Remittance Amount (to the extent such amount is on deposit in the Collection Account) and shall pay such amount as specified in this Section. All allocations and payments made between and with respect to Pool 1 and Pool 2 in this Section shall be made concurrently. (b) On each Payment Date, the Trust Administrator (or the Paying Agent on behalf of the Trust Administrator) shall pay the Interest Remittance Amount for Pool 1 for such date in the following order of priority in accordance with the report of the Trust Administrator: (i) pro rata, to the Class 1A1 Notes, Class 1A2 Notes and and the A-IO(1) Component, Current Interest thereon for such Payment Date; (ii) pro rata, to the Class 2A1 Notes and the A-IO(2) Component, Current Interest thereon (after giving effect to the payment of the Interest Remittance Amount for Pool 2) for such Payment Date; and (iii) sequentially, pursuant to clause (d) below. (c) On each Payment Date, the Trust Administrator (or the Paying Agent on behalf of the Trust Administrator) shall pay the Interest Remittance Amount for Pool 2 for such date in the following order of priority in accordance with the report of the Trust Administrator: (i) pro rata, to the Class 2A1 Notes and the A-IO(2) Component, Current Interest thereon for such Payment Date; (ii) pro rata, to the Class 1A1 Notes, Class 1A2 Notes and the A-IO(1) Component, Current Interest thereon (after giving effect to the payment of the Interest Remittance Amount for Pool 1) for such Payment Date; and (iii) sequentially, pursuant to clause (d) below.

Payments from the Collection Account. (a) [On each Payment Date, the Trust Administrator (or the Paying Agent on behalf of the Trust Administrator) shall withdraw from the Collection Account the Total Remittance Amount (to the extent such amount is on deposit in the Collection Account) and shall pay such amount as specified in this Section. All allocations and payments made between and with respect to [Pool 1 1], [Pool 2] and [Pool 2 3] in this Section shall be made concurrently.] (b) [On each Payment Date, the Trust Administrator (or the Paying Agent on behalf of the Trust Administrator) shall pay the Interest Remittance Amount for [Pool 1 1] for such date [in the following order of priority priority] in accordance with the report of the Trust Administrator: (i) pro rata, to the Class 1A1 Notes, Class 1A2 Notes and and the A-IO(1) Component, Current Interest thereon for such Payment Date; (ii) pro rata, to the Class 2A1 Notes and the A-IO(2) Component, Current Interest thereon (after giving effect to the payment of from the Interest Remittance Amount for [Pool 2) 1], [concurrently] to the [Class AF-5B] Insurer, the [Class AF-5B] Premium for such Payment Date and to each Class of [Group AF] Notes, the Current Interest and Interest Carry Forward Amount for each such Class and such Payment Date; and, [pro rata], based on their respective entitlements, (iiiii) from the remaining Interest Remittance Amount for [Pool 1], [sequentially]: (a) to the [Class AF-5B] Insurer, pursuant any [Class AF-5B] Reimbursement Amount, (b) to clause (d) below.the [Class MF-1] Notes, the Current Interest for such Class, (c) On each Payment Dateto the [Class MF-2] Notes, the Trust Administrator (or the Paying Agent on behalf of the Trust Administrator) shall pay the Current Interest Remittance Amount for Pool 2 for such date in the following order of priority in accordance with the report of the Trust Administrator: (i) pro rata, to the Class 2A1 Notes and the A-IO(2) Component, Current Interest thereon for such Payment Date; (ii) pro rata, to the Class 1A1 Notes, Class 1A2 Notes and the A-IO(1) Component, Current Interest thereon (after giving effect to the payment of the Interest Remittance Amount for Pool 1) for such Payment Date; and (iii) sequentially, pursuant to clause (d) below.Class,

Payments from the Collection Account. (a) [On each Payment Date, the Trust Administrator (or the Paying Agent on behalf of the Trust Administrator) shall withdraw from the Collection Account the Total Remittance Amount (to the extent such amount is on deposit in the Collection Account) and shall pay such amount as specified in this Section. All allocations and payments made between and with respect to [Pool 1 1], [Pool 2] and [Pool 2 3] in this Section shall be made concurrently.] (b) [On each Payment Date, the Trust Administrator (or the Paying Agent on behalf of the Trust Administrator) shall pay the Interest Remittance Amount for [Pool 1 1] for such date [in the following order of priority priority] in accordance with the report of the Trust Administrator: (i) pro rata, to the Class 1A1 Notes, Class 1A2 Notes and and the A-IO(1) Component, Current Interest thereon for such Payment Date; (ii) pro rata, to the Class 2A1 Notes and the A-IO(2) Component, Current Interest thereon (after giving effect to the payment of from the Interest Remittance Amount for [Pool 2) 1], [concurrently] to the [Class AF-5B] Insurer, the [Class AF-5B] Premium for such Payment Date and to each Class of [Group AF] Notes, the Current Interest and Interest Carry Forward Amount for each such Class and such Payment Date; and, [pro rata], based on their respective entitlements, (iiiii) from the remaining Interest Remittance Amount for [Pool 1], [sequentially]: (a) to the [Class AF-5B] Insurer, pursuant any [Class AF-5B] Reimbursement Amount, (b) to clause (d) below.the [Class MF-1] Notes, the Current Interest for such Class, (c) On each Payment Dateto the [Class MF-2] Notes, the Trust Administrator (or the Paying Agent on behalf of the Trust Administrator) shall pay the Current Interest Remittance Amount for Pool 2 for such date in Class, (d) to the following order of priority in accordance with [Class MF-3] Notes, the report of Current Interest for such Class, (e) to the Trust Administrator:[Class MF-4] Notes, the Current Interest for such Class, (f) to the [Class MF-5] Notes, the Current Interest for such Class, (g) to the [Class MF-6] Notes, the Current Interest for such Class, (h) to the [Class MF-7] Notes, the Current Interest for such Class, (i) pro ratato the [Class MF-8] Notes, the Current Interest for such Class, (j) to the Class 2A1 Notes and [BF] Notes, the A-IO(2) Component, Current Interest thereon for such Payment Date; (ii) pro rataClass, to the Class 1A1 Notes, Class 1A2 Notes and the A-IO(1) Component, Current Interest thereon (after giving effect to the payment of the Interest Remittance Amount for Pool 1) for such Payment Date; and (iiik) sequentially, pursuant to clause (d) below[any remainder as part of the Fixed Rate Pool Excess Cashflow.]

Payments from the Collection Account. (a) On each Payment Date, the Trust Administrator Indenture Trustee (or the Paying Agent on behalf of the Trust AdministratorIndenture Trustee) shall withdraw from the Collection Account the Total Remittance Amount (to the extent such amount is on deposit in the Collection Account) and shall pay such amount as specified in this Section. All allocations and payments made between and with respect to Pool Group 1 and Pool Group 2 in this Section shall be made concurrently. (b) On each Payment Date, the Trust Administrator Indenture Trustee (or the Paying Agent on behalf of the Trust AdministratorIndenture Trustee) shall pay the Interest Remittance Amount Funds for Pool Group 1 for such date in the following order of priority in accordance with the report of the Trust Administrator: (i) to the Swap Counterparty, to the extent not previously paid from the Collection Account, the Group 1 Percentage of any Net Swap Payment for such Payment Date and swap termination amounts payable to the Swap Counterparty in the event that the Trust is a defaulting party or an affected party under the terms of the Swap Agreement; (ii) pro rata, to the Class 1A1 1-Al Notes, the Class 1A2 1-A2 Notes and and the A-IO(1) Component, Current Interest thereon for such Payment Date; (iiiii) pro rata, to the Class 2A1 2-Al Notes, the Class 2-A2 Notes and the A-IO(2) Component, Current Interest thereon (after giving effect to the payment of the Interest Remittance Amount Funds for Pool Group 2) for such Payment Date; and; (iiiiv) sequentiallyto the Class Ml Notes, Current Interest for such class for such Payment Date; (v) to the Class M2 Notes, Current Interest for such class for such Payment Date; (vi) to the Class M3 Notes, Current Interest for such class for such Payment Date; (vii) to the Class M4 Notes, Current Interest for such class for such Payment Date; (viii) to the Class M5 Notes, Current Interest for such class for such Payment Date; (ix) to the Class M6 Notes, Current Interest for such class for such Payment Date; (x) to the Class M7 Notes, Current Interest for such class for such Payment Date; (xi) to the Indenture Trustee, the Owner Trustee, the Master Servicer, the Trust Administrator, the Servicer and the Subservicer, previously unreimbursed extraordinary costs, liabilities and expenses to the extent provided in this Agreement; (xii) for application as part of Monthly Excess Cashflow for such Payment Date, as provided in subsection (e) of this Section, any Interest Funds remaining after application pursuant to clause clauses (di)’through (xi) belowabove. (c) On each Payment Date, the Trust Administrator Indenture Trustee (or the Paying Agent on behalf of the Trust AdministratorIndenture Trustee) shall pay the Interest Remittance Amount Funds for Pool Group 2 for such date in the following order of priority in accordance with the report of the Trust Administrator: (i) to the Swap Counterparty, to the extent not previously paid from the Collection Account, the Group 2 Percentage of any Net Swap Payment for such Payment Date and swap termination amounts payable to the Swap Counterparty in the event that the Trust is a defaulting party or an affected party under the terms of the Swap Agreement; (ii) pro rata, to the Class 2A1 2-Al Notes, Class 2-A2 Notes and the A-IO(2) Component, Current Interest thereon for such Payment Date; (iiiii) pro rata, to the Class 1A1 1-Al Notes, Class 1A2 1-A2 Notes and the A-IO(1) Component, Current Interest thereon (after giving effect to the payment of the Interest Remittance Amount Funds for Pool Group 1) for such Payment Date; and; (iiiiv) sequentiallyto the Class Ml Notes, pursuant Current Interest for such class for such Payment Date; (v) to clause the Class M2 Notes, Current Interest for such class for such Payment Date; (dvi) below.to the Class M3 Notes, Current Interest for such class for such Payment Date;

Payments from the Collection Account. (a) On each Payment Date, the Trust Administrator (or the Paying Agent on behalf of the Trust Administrator) shall withdraw from the Collection Account the Total Remittance Amount (to the extent such amount is on deposit in the Collection Account) and shall pay such amount as specified in this Section. All allocations and payments made between and with respect to Pool 1 and Pool 2 in this Section shall be made concurrently. (b) On each Payment Date, the Trust Administrator (or the Paying Agent on behalf of the Trust Administrator) shall pay the Interest Remittance Amount for Pool 1 for such date in the following order of priority in accordance with the report of the Trust Administrator: (i) pro rata, to the Class 1A1 Notes, Class 1A2 Notes and and the A-IO(1) Component, Current Interest thereon for such Class for such Payment Date; (ii) to the Class 2A1, Class 2A2, Class 2A3SS and Class 2A3MZ Notes, pro rata, in proportion to the Class 2A1 Notes and the A-IO(2) Componentamount of Current Interest for each such Class, Current Interest thereon (after giving effect to the payment of the Interest Remittance Amount for Pool 2) each such Class for such Payment DateDate to the extent not paid pursuant to Section 6.02(c)(i) below; and (iii) sequentially, pursuant to clause (d) below. (c) On each Payment Date, the Trust Administrator (or the Paying Agent on behalf of the Trust Administrator) shall pay the Interest Remittance Amount for Pool 2 for such date in the following order of priority in accordance with the report of the Trust Administrator: (i) to the Class 2A1, Class 2A2, Class 2A3SS and Class 2A3MZ Notes, pro rata, in proportion to the Class 2A1 Notes and the A-IO(2) Componentamount of Current Interest for each such Class, Current Interest thereon for each such Class for such Payment Date; (ii) pro rata, to the Class 1A1 Notes, Class 1A2 Notes and the A-IO(1) Component, Current Interest thereon (after giving effect to the payment of the Interest Remittance Amount for Pool 1) such Class for such Payment DateDate to the extent not paid pursuant to Section 6.02(b)(i) above; and (iii) sequentially, pursuant to clause (d) below. (d) On each Payment Date, the Trust Administrator (or the Paying Agent on behalf of the Trust Administrator) shall pay the Interest Remittance Amount for both Pool 1 and Pool 2 for such date after payments under clause (b) and clause (c) above in the following order of priority in accordance with the report of the Trust Administrator: (i) to the Class M1, Class M2, Class M3, Class M4, Class M5, Class M6, Class M7, Class M8, Class M9, Class B1, Class B2 and Class B3 Notes, sequentially, in that order (the “Subordinate Priority”), Current Interest for each such Class for such Payment Date; (ii) to the Indenture Trustee, the Custodian (to the extent not paid by the Seller pursuant to the Custodial Agreement), the Owner Trustee, the Master Servicer, the Trust Administrator and the Servicer, previously unreimbursed extraordinary costs, liabilities and expenses to the extent provided in this Agreement (including amounts set forth in Section 4.08(b)(ii)); and (iii) for application as part of Monthly Excess Cashflow for such Payment Date, as provided in subsection (f) of this Section, any Interest Remittance Amount remaining after application pursuant to clauses (i) and (ii) above. (e) On each Payment Date, the Trust Administrator (or the Paying Agent on behalf of the Trust Administrator) shall pay the Principal Remittance Amount for such date in accordance with the report of the Trust Administrator as follows: (i) On each Payment Date (a) prior to the Stepdown Date or (b) on and after the Stepdown Date and with respect to which a Trigger Event is in effect, the Trust Administrator (or the Paying Agent on behalf of the Trust Administrator) shall make the following payments to the extent of funds then in the Collection Account available therefor, concurrently:

Payments from the Collection Account. (a) On each Payment Date, the Trust Administrator Indenture Trustee (or the Paying Agent on behalf of the Trust AdministratorIndenture Trustee) shall withdraw from the Collection Account the Total Remittance Amount (to the extent such amount is on deposit in the Collection Account) and shall pay distribute such amount as specified in this Section. All allocations and payments distributions made between and with respect to Pool Group 1 and Pool Group 2 in this Section shall be made concurrently. (b) On each Payment Date, the Trust Administrator Indenture Trustee (or the Paying Agent on behalf of the Trust AdministratorIndenture Trustee) shall pay distribute the Interest Remittance Amount Funds for Pool Group 1 for such date in the following order of priority in accordance with the report of the Trust Administrator: (i) pro ratato the Swap Counterparty, to the Class 1A1 Notesextent not previously paid from the Collection Account, Class 1A2 Notes and and the A-IO(1) Component, Current Interest thereon Group 1 Percentage of any Net Swap Payment for such Payment Date; (ii) pro rata, to the Class 2A1 Notes 1-A Notes, the A-IO(1) Component and the Class S Certificates, Current Interest thereon (or in the case of the Class S Certificates, the Allocable Portion of Current Interest thereon) for such Payment Date; (iii) pro rata, to the Class 2-A Notes, the A-IO(2) ComponentComponent and the Class S Certificates, Current Interest thereon (or in the case of the Class S Certificates, the Allocable Portion of Current Interest thereon) (in each case after giving effect to the payment of the Interest Remittance Amount Funds for Pool Group 2) for such Payment Date; and; (iiiiv) sequentiallyto the Class M1 Notes, Current Interest for such class for such Payment Date; (v) to the Class M2 Notes, Current Interest for such class for such Payment Date; (vi) to the Class M3 Notes, Current Interest for such class for such Payment Date; (vii) to the Class M4 Notes, Current Interest for such class for such Payment Date; (viii) to the Class M5 Notes, Current Interest for such class for such Payment Date; (ix) to the Class M6 Notes, Current Interest for such class for such Payment Date; (x) to the Indenture Trustee, the Owner Trustee and the Master Servicer, previously unreimbursed extraordinary costs, liabilities and expenses to the extent provided in this Agreement; (xi) for application as part of Monthly Excess Cashflow for such Payment Date, as provided in subsection (e) of this Section, any Interest Funds remaining after application pursuant to clause clauses (di) belowthrough (x) above. (c) On each Payment Date, the Trust Administrator Indenture Trustee (or the Paying Agent on behalf of the Trust AdministratorIndenture Trustee) shall pay distribute the Interest Remittance Amount Funds for Pool Group 2 for such date in the following order of priority in accordance with the report of the Trust Administrator: (i) pro ratato the Swap Counterparty, to the Class 2A1 Notes and extent not previously paid from the A-IO(2) ComponentCollection Account, Current Interest thereon the Group 2 Percentage of any Net Swap Payment for such Payment Date; (ii) pro rata, to the Class 1A1 1-A Notes, Class 1A2 Notes and the A-IO(1) ComponentComponent and the Class S Certificates, Current Interest thereon (or in the case of the Class S Certificates, the Allocable Portion of Current Interest thereon) (in each case after giving effect to the payment of the Interest Remittance Amount Funds for Pool Group 1) for such Payment Date; and; (iii) sequentiallypro rata, to the Class 1-A Notes, the A-IO(1) Component and the Class S Certificates, Current Interest thereon (or in the case of the Class S Certificates, the Allocable Portion of Current Interest thereon) (in each case after giving effect to the payment of the Interest Funds for Group 1) for such Payment Date; (iv) to the Class M1 Notes, Current Interest for such class for such Payment Date; (v) to the Class M2 Notes, Current Interest for such class for such Payment Date; (vi) to the Class M3 Notes, Current Interest for such class for such Payment Date; (vii) to the Class M4 Notes, Current Interest for such class for such Payment Date; (viii) to the Class M5 Notes, Current Interest for such class for such Payment Date; (ix) to the Class M6 Notes, Current Interest for such class for such Payment Date; (x) to the Indenture Trustee, the Owner Trustee and the Master Servicer, previously unreimbursed extraordinary costs, liabilities and expenses to the extent provided in this Agreement; (xi) for application as part of Monthly Excess Cashflow for such Payment Date, as provided in subsection (e) of this Section, any Interest Funds remaining after application pursuant to clause clauses (i) through (x) above. (d) below.On each Payment Date, the Indenture Trustee (or the Paying Agent on behalf of the Indenture Trustee) shall distribute the Principal Funds for such date in accordance with the report of the Trust Administrator as follows: (i) On each Payment Date (a) prior to the Stepdown Date or (b) with respect to which a Trigger Event is in effect, the Indenture Trustee (or the Paying Agent on behalf of the Indenture Trustee) shall pay the Principal Payment Amount, concurrently:

Payments from the Collection Account. (a) On each Payment Date, the The Trust Administrator (or the Paying Agent on behalf of the Trust Administrator) shall (i) on the Business Day prior to each Payment Date, withdraw from the Collection Account to pay to the Swap Provider, any Net Swap Payments and any Swap Termination Payment (other than any Swap Termination Payment resulting from a Swap Provider Trigger Event) owed to the Swap Provider pursuant to the Interest Rate Swap Agreement for such Payment Date and (ii) on each Payment Date, withdraw from the Collection Account the Total Remittance Amount (to the extent such amount is on deposit in the Collection Account) and shall pay such amount as specified in this Section. All allocations and payments made between and with respect to Pool 1 and Pool 2 in this Section shall be made concurrently. (b) On each Payment Date, the Trust Administrator (or the Paying Agent on behalf of the Trust Administrator) shall pay the Interest Remittance Amount for Pool 1 for such date in the following order of priority in accordance with the report of the Trust Administrator: (i) to the Class A-1, Class A-2, Class A-3, and Class A-4 Notes, pro rata, in proportion to the Class 1A1 Notes, Class 1A2 Notes and and the A-IO(1) Componenttheir respective entitlements pursuant to this clause (i), Current Interest thereon and any Unpaid Interest Shortfall Amount for each such Class for such Payment Date; (ii) pro rata, to the Class 2A1 Notes M-1, Class M-2, Class M-3, Class M-4, Class M-5, Class M-6, Class M-7, Class M-8, Class M-9, Class M-10 and Class M-11 Notes, sequentially, in that order (the A-IO(2) Component“Subordinate Priority”), Current Interest thereon (after giving effect to the payment of the Interest Remittance Amount for Pool 2) each such Class for such Payment Date; (iii) to the Indenture Trustee, the Owner Trustee, the Master Servicer, the Trust Administrator and the Servicer, previously unreimbursed extraordinary costs, liabilities and expenses to the extent provided in this Agreement (including amounts set forth in Section 4.08(b)(ii)); and (iiiiv) sequentiallyfor application as part of Monthly Excess Cashflow for such Payment Date, pursuant to clause as provided in subsection (d) belowof this Section, any Interest Remittance Amount remaining after application pursuant to clauses (i) through (iii) above. (c) On each Payment Date, the Trust Administrator (or the Paying Agent on behalf of the Trust Administrator) shall pay the Interest Principal Remittance Amount for Pool 2 such date in accordance with the report of the Trust Administrator as follows: (i) On each Payment Date (a) prior to the Stepdown Date or (b) on and after the Stepdown Date and with respect to which a Trigger Event is in effect, the Trust Administrator (or the Paying Agent on behalf of the Trust Administrator) shall make the following payments to the extent of funds then in the Collection Account available therefor: (1) sequentially, to the Class A-1, Class A-2, Class A-3 and Class A-4 Notes, in that order, until the Class Principal Amount of each such Class has been reduced to zero, provided, however, on any Payment Date on which the aggregate Class Principal Amount of the Subordinate Notes and the Overcollateralization Amount have been reduced to zero, payments of principal to the Senior Notes will be made on a pro rata basis based on the Class Principal Amount of each such Class (the “Senior Priority”); (2) to the Class M-1, Class M-2, Class M-3, Class M-4, Class M-5, Class M-6, Class M-7, Class M-8, Class M-9, Class M-10 and Class M-11 Notes, in accordance with the Subordinate Priority, until the Class Principal Amount of each such Class has been reduced to zero; and (3) for application as part of Monthly Excess Cashflow for such Payment Date, as provided for in subsection (d) of this Section, any such Principal Payment Amount remaining after application pursuant to clauses (1) and (2) above. (ii) On each Payment Date on or after the Stepdown Date with respect to which a Trigger Event is not in effect, the Trust Administrator (or the Paying Agent on behalf of the Trust Administrator) shall pay the Principal Payment Amount for such date in the following order of priority: (1) to the Class A-1, Class A-2, Class A-3 and Class A-4 Notes in accordance with the Senior Priority, an amount equal to the lesser of (x) the Principal Payment Amount for such Payment Date and (y) the Senior Principal Payment Amount for such Payment Date, in each case until the Class Principal Amount of each such Class has been reduced to zero; (2) sequentially, to the Class M-1 and Class M-2 Notes, in that order, an amount equal to the lesser of (x) the excess of (a) the Principal Payment Amount for such Payment Date over (b) the amount paid to the Senior Notes on such Payment Date pursuant to clause (i) above and (y) the Class M-1 and Class M-2 Principal Payment Amount for such Payment Date, in each case until the Class Principal Amount of such Class has been reduced to zero; (3) sequentially, to the Class M-3, Class M-4, Class M-5, Class M-6, Class M-7, Class M-8, Class M-9, Class M-10 and Class M-11 Notes, in that order, in each case in an amount equal to the lesser of (x) the excess of (a) the Principal Payment Amount for such Payment Date over (b) the aggregate of the amount paid to the Senior Notes on such Payment Date pursuant to clause (1) above and any amounts paid to any Class or Classes of Subordinate Notes that have a higher priority of payment than the subject class on such Payment Date pursuant to this clause (3), and (y) the Subordinate Class Principal Payment Amount for the subject Class for such Payment Date, until the Class Principal Amount of such Class has been reduced to zero; and (4) for application as part of Monthly Excess Cashflow for such Payment Date, as provided in subsection (d) of this Section, any Principal Payment Amount remaining after application pursuant to clauses (1), (2) and (3) above. (d) On each Payment Date (except with respect to clause (vi) which occurs on the Business Day prior to each Payment Date), the Trust Administrator (or the Paying Agent on behalf of the Trust Administrator) shall pay the Monthly Excess Cashflow for such date in accordance with the report of the Trust AdministratorAdministrator as follows: (i) pro ratafor each Payment Date occurring (a) before the Stepdown Date or (b) on or after the Stepdown Date but for which a Trigger Event is in effect, to until the aggregate Class 2A1 Principal Amount of the Notes and equals the A-IO(2) Component, Current Interest thereon Target Amount for such Payment Date, in the following order of priority: (1) to the Class A-1, Class A-2, Class A-3 and Class A-4 Notes, in accordance with the Senior Priority, until the Class Principal Amount of each such Class has been reduced to zero; and (2) to the Class M-1, Class M-2, Class M-3, Class M-4, Class M-5, Class M-6, Class M-7, Class M-8, Class M-9, Class M-10 and Class M-11 Notes, in accordance with the Subordinate Priority, until the Class Principal Amount of each such Class has been reduced to zero; (ii) pro ratafor each Payment Date occurring on or after the Stepdown Date and for which a Trigger Event is not in effect, in the following order of priority: (1) to the Class A-1, Class A-2, Class A-3 and Class A-4 Notes, in accordance with the Senior Priority, until the aggregate Class Principal Amount of the Senior Notes, after giving effect to payments on such Payment Date, equals the Senior Target Amount; (2) sequentially, to the Class 1A1 M-1 and Class M-2 Notes, in that order, in reduction of their respective Class 1A2 Principal Amounts, until the aggregate Class Principal Amount of the Senior Notes and the A-IO(1) ComponentClass M-1 and Class M-2 Notes, Current Interest thereon (after giving effect to payments on such Payment Date, equals the payment of the Interest Remittance Class M-1 and Class M-2 Target Amount for Pool 1) for such Payment Date; and (iii3) sequentially, to the Class M-3, Class M-4, Class M-5, Class M-6, Class M-7, Class M-8, Class M-9, Class M-10 and Class M-11 Notes, in that order, in reduction of their respective Class Principal Amounts, in each case until the aggregate Class Principal Amount of the Senior Notes, the Classes of Subordinate Notes, if any, that have a higher priority of payment than the subject Class and the subject Class, after giving effect to payments on such Payment Date, equals the Subordinate Class Target Amount for the subject Class for such Payment Date; (iii) to the Class M-1, Class M-2, Class M-3, Class M-4, Class M-5, Class M-6, Class M-7, Class M-8, Class M-9, Class M-10 and Class M-11 Notes, in accordance with the Subordinate Priority, in each case first to pay (a) any Unpaid Interest Shortfall Amount for the subject Class and second (b) to pay any Allocated Realized Loss Amount for the subject Class; (iv) for each Payment Date, from Monthly Excess Cashflow remaining after payments have been made pursuant to clause priority 6.02(d)(i), (dii) belowor (iii) above, in the following order of priority: (1) concurrently, in proportion to their respective Basis Risk Shortfall and Unpaid Basis Risk Shortfall amounts for such Payment Date, to the Senior Notes, any such Basis Risk Shortfall and Unpaid Basis Risk Shortfall amounts for each such Class; and (2) to the Class M-1, Class M-2, Class M-3, Class M-4, Class M-5, Class M-6, Class M-7, Class M-8, Class M-9, Class M-10 and Class M-11 Notes, in accordance with the Subordinate Priority, any applicable Basis Risk Shortfall and Unpaid Basis Risk Shortfall amounts for each such Class for such Payment Date; (v) to the Class M-1, Class M-2, Class M-3, Class M-4, Class M-5, Class M-6, Class M-7, Class M-8, Class M-9, Class M-10 and Class M-11 Notes, in accordance with the Subordinate Priority, any Deferred Interest for each such Class and such Payment Date; (vi) to the Swap Provider, any Swap Termination Payments resulting from a Swap Provider Trigger Event; and (vii) to the Ownership Certificate, any amount remaining on such date after application pursuant to clauses (i) through (vi) above. On the Redemption Date, the Trust Administrator (or the Paying Agent on behalf of the Trust Administrator) shall pay to each Class of Notes the related Termination Price therefor, as set forth in the Indenture. Following the foregoing payments, an amount equal to the amount of Subsequent Recoveries deposited into the Custodial Account pursuant to Section 4.02(d)(ii)(11) of this Agreement shall be applied to increase the aggregate Note Principal Amount of the Class of Notes with the Highest Priority up to the extent of such Realized Losses previously unreimbursed to that Class of Notes pursuant to Section 6.03. An amount equal to the amount of any remaining Subsequent Recoveries shall be applied to increase the aggregate Note Principal Amount of the Class of Notes with the next Highest Priority, up to the amount of such Realized Losses previously allocated to that Class of Notes pursuant to Section 6.03. Any such increases shall be applied to the Note Principal Amount of each Note of such Class in accordance with its respective Percentage Interest.

Payments from the Collection Account. (a) On each Payment Date, the Trust Administrator Indenture Trustee (or the Paying Agent on behalf of the Trust AdministratorIndenture Trustee) shall withdraw from the Collection Account the Total Remittance Amount (to the extent such amount is on deposit in the Collection Account) and shall pay such amount as specified in this Section. All allocations and payments made between and with respect to Pool Group 1 and Pool Group 2 in this Section shall be made concurrently. (b) On each Payment Date, the Trust Administrator Indenture Trustee (or the Paying Agent on behalf of the Trust AdministratorIndenture Trustee) shall pay the Interest Remittance Amount Funds for Pool Group 1 for such date in the following order of priority in accordance with the report of the Trust Administrator: (i) to the Swap Counterparty, to the extent not previously paid from the Collection Account, the Group 1 Percentage of any Net Swap Payment for such Payment Date and swap termination amounts payable to the Swap Counterparty in the event that the Trust is a defaulting party or an affected party under the terms of the Swap Agreement; (ii) pro rata, to the Class 1A1 1-Al Notes, the Class 1A2 1-A2 Notes and and the A-IO(1) Component, Current Interest thereon for such Payment Date; (iiiii) pro rata, to the Class 2A1 2-Al Notes, the Class 2-A2 Notes and the A-IO(2) Component, Current Interest thereon (after giving effect to the payment of the Interest Remittance Amount Funds for Pool Group 2) for such Payment Date; and; (iiiiv) sequentiallyto the Class Ml Notes, Current Interest for such class for such Payment Date; (v) to the Class M2 Notes, Current Interest for such class for such Payment Date; (vi) to the Class M3 Notes, Current Interest for such class for such Payment Date; (vii) to the Class M4 Notes, Current Interest for such class for such Payment Date; (viii) to the Class M5 Notes, Current Interest for such class for such Payment Date; (ix) to the Class M6 Notes, Current Interest for such class for such Payment Date; (x) to the Class M7 Notes, Current Interest for such class for such Payment Date; (xi) to the Indenture Trustee, the Owner Trustee, the Master Servicer, the Trust Administrator, the Servicer and the Subservicer, previously unreimbursed extraordinary costs, liabilities and expenses to the extent provided in this Agreement; (xii) for application as part of Monthly Excess Cashflow for such Payment Date, as provided in subsection (e) of this Section, any Interest Funds remaining after application pursuant to clause clauses (di)’through (xi) belowabove. (c) On each Payment Date, the Trust Administrator Indenture Trustee (or the Paying Agent on behalf of the Trust AdministratorIndenture Trustee) shall pay the Interest Remittance Amount Funds for Pool Group 2 for such date in the following order of priority in accordance with the report of the Trust Administrator: (i) to the Swap Counterparty, to the extent not previously paid from the Collection Account, the Group 2 Percentage of any Net Swap Payment for such Payment Date and swap termination amounts payable to the Swap Counterparty in the event that the Trust is a defaulting party or an affected party under the terms of the Swap Agreement; (ii) pro rata, to the Class 2A1 2-Al Notes, Class 2-A2 Notes and the A-IO(2) Component, Current Interest thereon for such Payment Date; (iiiii) pro rata, to the Class 1A1 1-Al Notes, Class 1A2 1-A2 Notes and the A-IO(1) Component, Current Interest thereon (after giving effect to the payment of the Interest Remittance Amount Funds for Pool Group 1) for such Payment Date; and; (iiiiv) sequentiallyto the Class Ml Notes, Current Interest for such class for such Payment Date; (v) to the Class M2 Notes, Current Interest for such class for such Payment Date; (vi) to the Class M3 Notes, Current Interest for such class for such Payment Date; (vii) to the Class M4 Notes, Current Interest for such class for such Payment Date; (viii) to the Class MS Notes, Current Interest for such class for such Payment Date; (ix) to the Class M6 Notes, Current Interest for such class for such Payment Date; (x) to the Class M7 Notes, Current Interest for such class for such Payment Date; (xi) to the Indenture Trustee, the Owner Trustee, the Master Servicer, the Trust Administrator, the Servicer and the Subservicer, previously unreimbursed extraordinary costs, liabilities and expenses to the extent provided in this Agreement; (xii) for application as part of Monthly Excess Cashflow for such Payment Date, as provided in subsection (e) of this Section, any Interest Funds remaining after application pursuant to clause clauses (i) through (xi) above. (d) below.On each Payment Date, the Indenture Trustee (or the Paying Agent on behalf of the Indenture Trustee) shall pay the Principal Funds for such date in accordance with the report of the Trust Administrator as follows: (i) On each Payment Date (a) prior to the Stepdown Date or (b) with respect to which a Trigger Event is in effect, the Indenture Trustee (or the Paying Agent on behalf of the Indenture Trustee) shall make the following payments to the extent of funds then in the Collection Account available therefor, concurrently: