Common use of Payments from the Collection Account Clause in Contracts

Payments from the Collection Account. (a) On each Payment Date, the Indenture Trustee (or the Paying Agent on behalf of the Indenture 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 Group 1 and Group 2 in this Section shall be made concurrently. (b) On each Payment Date, the Indenture Trustee (or the Paying Agent on behalf of the Indenture Trustee) shall pay the Interest Funds for 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) to the Class 1-A Notes, Current Interest thereon for such Payment Date; (iii) pro rata, to the Class 2-A1 Notes, the Class 2-A2 Notes and the Class 2-A3 Notes, Current Interest thereon (after giving effect to the payment of the Interest Funds for Group 2) for such Payment Date; and (iv) for application pursuant to clause (d) below, any Interest Funds for Group 1 remaining undistributed for such Payment Date. (c) On each Payment Date, the Indenture Trustee (or the Paying Agent on behalf of the Indenture Trustee) shall pay the Interest Funds for 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 Class 2-A1 Notes, Class 2-A2 Notes and Class 2-A3 Notes, Current Interest thereon for such Payment Date; (iii) to the Class 1-A Notes, Current Interest thereon (after giving effect to the payment of the Interest Funds for Group 1) for such Payment Date; and (iv) for application pursuant to clause (d) below, any Interest Funds for Group 2 remaining undistributed for such Payment Date. (d) On each Payment Date, the Indenture Trustee (or the Paying Agent on behalf of the Indenture Trustee) shall pay the aggregate of any remaining Interest Funds for Group 1 and Group 2 from Section 6.02(b)(iv) and Section 6.02(c)(iv), respectively, for such Payment Date in the following order of priority in accordance with the report of the Trust Administrator: (i) to the Class M1 Notes, Current Interest for such Class for such Payment Date; (ii) to the Class M2 Notes, Current Interest for such Class for such Payment Date; (iii) to the Class M3 Notes, Current Interest for such Class for such Payment Date; (iv) to the Class M4 Notes, Current Interest for such Class for such Payment Date; (v) to the Class M5 Notes, Current Interest for such Class for such Payment Date; (vi) to the Class M6 Notes, Current Interest for such Class for such Payment Date; (vii) to the Class M7 Notes, Current Interest for such Class for such Payment Date; (viii) 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; and (ix) for application as part of Monthly Excess Cashflow for such Payment Date, as provided in subsection (f) of this Section any Interest Funds for Group 1 and Group 2 remaining undistributed for such Payment Date. (e) 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:

Payments from the Collection Account. (a) On each Payment Date, the Indenture Trustee (or the Paying Agent on behalf of the Indenture 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 Group 1 and Group 2 in this Section shall be made concurrently. (b) On each Payment Date, the Indenture Trustee (or the Paying Agent on behalf of the Indenture Trustee) shall pay the Interest Funds for 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) to the Class 1-A Notes, Current Interest thereon for such Payment Date; (iii) pro rata, to the Class 2-A1 Notes, the Class 2-A2 Notes and the Class 2-A3 Notes, Current Interest thereon (after giving effect to the payment of the Interest Funds for Group 2) for such Payment Date; and (iv) for application pursuant to clause (d) below, any Interest Funds for Group 1 remaining undistributed for such Payment Date. (c) On each Payment Date, the Indenture Trustee (or the Paying Agent on behalf of the Indenture Trustee) shall pay the Interest Funds for 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;; 110 (ii) pro rata, to Class 2-A1 Notes, Class 2-A2 Notes and Class 2-A3 Notes, Current Interest thereon for such Payment Date; (iii) to the Class 1-A Notes, Current Interest thereon (after giving effect to the payment of the Interest Funds for Group 1) for such Payment Date; and (iv) for application pursuant to clause (d) below, any Interest Funds for Group 2 remaining undistributed for such Payment Date. (d) On each Payment Date, the Indenture Trustee (or the Paying Agent on behalf of the Indenture Trustee) shall pay the aggregate of any remaining Interest Funds for Group 1 and Group 2 from Section 6.02(b)(iv) and Section 6.02(c)(iv), respectively, for such Payment Date in the following order of priority in accordance with the report of the Trust Administrator: (i) to the Class M1 Notes, Current Interest for such Class for such Payment Date; (ii) to the Class M2 Notes, Current Interest for such Class for such Payment Date; (iii) to the Class M3 Notes, Current Interest for such Class for such Payment Date; (iv) to the Class M4 Notes, Current Interest for such Class for such Payment Date; (v) to the Class M5 Notes, Current Interest for such Class for such Payment Date; (vi) to the Class M6 Notes, Current Interest for such Class for such Payment Date; (vii) to the Class M7 Notes, Current Interest for such Class for such Payment Date; (viii) to the Class M8 Notes, Current Interest for such Class for such Payment Date; (ix) to the Class M9 Notes, Current Interest for such Class for such Payment Date; (x) to the Class M10 Notes, Current Interest for such Class for such Payment Date; (xi) to the Class M11 Notes, Current Interest for such Class for such Payment Date; 111 (xii) to the Class M12 Notes, Current Interest for such Class for such Payment Date; (xiii) to the Class M13 Notes, Current Interest for such Class for such Payment Date; (xiv) to the Indenture Trustee, the Owner Trustee, the Master Servicer, the Trust Administrator, the Servicer and the ServicerSubservicer, previously unreimbursed extraordinary costs, liabilities and expenses to the extent provided in this Agreement; and (ixxv) for application as part of Monthly Excess Cashflow for such Payment Date, as provided in subsection (f) of this Section any Interest Funds for Group 1 and Group 2 remaining undistributed for such Payment Date. (e) 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:

Payments from the Collection Account. (a) On each Payment Date, the Indenture Trustee (or the Paying Agent on behalf of the Indenture 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 Group 1 and Group 2 in this Section shall be made concurrently. (b) On each Payment Date, the Indenture Trustee (or the Paying Agent on behalf of the Indenture Trustee) shall pay the Interest Funds for 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) to the Class 1-A Notes, Current Interest thereon for such Payment Date; (iii) pro rata, to the Class 2-A1 Notes, the Class 2-A2 Notes and the Class 2-A3 Notes, Current Interest thereon (after giving effect to the payment of the Interest Funds for Group 2) for such Payment Date; and (iv) for application pursuant to clause (d) below, any Interest Funds for Group 1 remaining undistributed for such Payment Date. (c) On each Payment Date, the Indenture Trustee (or the Paying Agent on behalf of the Indenture Trustee) shall pay the Interest Funds for 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 Class 2-A1 Notes, Class 2-A2 Notes and Class 2-A3 Notes, Current Interest thereon for such Payment Date; (iii) to the Class 1-A Notes, Current Interest thereon (after giving effect to the payment of the Interest Funds for Group 1) for such Payment Date; and (iv) for application pursuant to clause (d) below, any Interest Funds for Group 2 remaining undistributed for such Payment Date. (d) On each Payment Date, the Indenture Trustee (or the Paying Agent on behalf of the Indenture Trustee) shall pay the aggregate of any remaining Interest Funds for Group 1 and Group 2 from Section 6.02(b)(iv) and Section 6.02(c)(iv), respectively, for such Payment Date in the following order of priority in accordance with the report of the Trust Administrator: (i) to the Class M1 Notes, Current Interest for such Class for such Payment Date; (ii) to the Class M2 Notes, Current Interest for such Class for such Payment Date; (iii) to the Class M3 Notes, Current Interest for such Class for such Payment Date; (iv) to the Class M4 Notes, Current Interest for such Class for such Payment Date; (v) to the Class M5 Notes, Current Interest for such Class for such Payment Date; (vi) to the Class M6 Notes, Current Interest for such Class for such Payment Date; (vii) to the Class M7 Notes, Current Interest for such Class for such Payment Date; (viii) 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; and (ix) for application as part of Monthly Excess Cashflow for such Payment Date, as provided in subsection (f) of this Section any Interest Funds for Group 1 and Group 2 remaining undistributed for such Payment Date. (e) 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: