Payments from the Note Account Sample Clauses

Payments from the Note Account. (a) On each Payment Date the Trust Administrator, as Paying Agent and on behalf of the Indenture Trustee, shall make payments from amounts in the Note Account and the Cap Account in accordance with this Section 5.06. (b) On each Payment Date, the Trust Administrator shall pay the Interest Remittance Amount for such date in the following order of priority: (i) to the Class A Notes, Current Interest for such Class and such Payment Date; (ii) to the Class M-1 Notes, Current Interest for such Class and such Payment Date; (iii) to the Class M-2 Notes, Current Interest for such Class and such Payment Date; (iv) any Interest Remittance Amount remaining after application pursuant to clauses (i) through (iii) above for application as Monthly Excess Cashflow for such Payment Date as provided in subsection (d) of this Section. (c) On each Payment Date, the Trust Administrator shall pay the Principal Distribution Amount for such date to each Class of Notes, concurrently, in proportion to their respective Class Principal Amounts immediately prior to such Payment Date, until the Class Principal Amounts thereof are reduced to zero; (d) On each Payment Date, the Trust Administrator shall pay (I) the Monthly Excess Cashflow for such Payment Date and (II) any amounts received by the Trust Administrator under the Cap Agreement (solely with respect to clauses (ii)(a), (iii)(a) and (iv)(a)(1) below) in the following order of priority: (i) First, for each Payment Date for which there is an Overcollateralization Deficiency, up to the Extra Principal Distribution Amount for such Payment Date to be paid as principal in the same manner provided in subclause (c) above; (ii) Second, to the Class A Notes, (a) first from any amounts received by the Trust Administrator under the Cap Agreement and (b) second from Monthly Excess Cashflow remaining after payments have been made pursuant to clause (i) above, any Basis Risk Shortfall and Unpaid Basis Risk Shortfall for such Class and such Payment Date; provided, that, for purposes of payments under subclause (a) of this clause (ii), Basis Risk Shortfall and Unpaid Basis Risk Shortfall shall be computed without regard to any Net Interest Shortfall; (iii) Third, to the Class M-1 Notes, (a) first from any remaining amounts received by the Trust Administrator under the Cap Agreement and (b) second from Monthly Excess Cashflow remaining after payments have been made pursuant to clauses (i) and (ii) above, any Basis Risk Shortfall and Unpaid Basis...