Payments on Payment Dates. The Administrator shall instruct the Secured Party in writing no later than the Monthly Measurement Date preceding each Payment Date (pursuant to the Payment Date Certificate and subject to the receipt of sufficient Available Funds) to make the following deposits and distributions from Available Funds on deposit in the Collection Account received on or prior to such Payment Date (including any amounts required to be transferred from the Reserve Account pursuant to Section 5.04 hereof as set forth in the Payment Date Certificate) to the Persons or to the Account specified below on such Payment Date, in the following order of priority, and the Secured Party shall comply with such instructions to the extent of Available Funds:
(i) to pay to the Secured Party, the Owner Trustee, the Administrator and the Servicer, pro rata, based on amounts owed to each such party, without preference or priority of any kind, the Secured Party Fee, the Owner Trustee Fee, the Administration Fee and the Servicing Fee, respectively, due on such Payment Date, in each case, together with such fees remaining unpaid from prior Payment Dates;
(A) on any Payment Date prior to the occurrence of an Event of Default, to pay to the Secured Party, the Owner Trustee, the Lender Trustee, the Administrator, the Servicer and the Originating Lender, pro rata, based on amounts owed to each such party, without preference or priority of any kind, extraordinary fees and expenses or indemnification amounts owed to such party by the Issuer pursuant to the Basic Documents or any costs and expenses of replacing the Secured Party, the Owner Trustee, the Lender Trustee, the Servicer or the Administrator (but only to the extent required under the terms of the Basic Documents), up to an annual cap equal to $200,000, due on such Payment Date; and
(B) on any Payment Date on or after the occurrence of an Event of Default, sequentially, as follows:
(1) first, to pay to the Secured Party, extraordinary fees and expenses or indemnification amounts owed to the Secured Party by the Issuer pursuant to the Basic Documents or any costs and expenses of replacing the Secured Party (but only to the extent required under the terms of the Basic Documents) due on such Payment Date, up to an aggregate maximum amount (including all such payments on prior Payment Dates) of $350,000; and
(2) to pay to the Owner Trustee, the Lender Trustee, the Administrator, the Servicer and the Originating Lender, pro rata, based on amounts owe...
Payments on Payment Dates. On each Payment Date (based on information contained in (and in sole reliance on) the related Monthly Statement delivered pursuant to Section 3.10(a)), the Indenture Trustee will cause the following payments and transfers to be made from the Available Amount for such Payment Date (in each case, such payment or transfer to be made only to the extent of the Available Amount remaining after all prior payments and transfers for such Payment Date have been made), in the following order of priority:
(a) to the Servicer by wire transfer to the Servicer Account, the amount of any Unreimbursed Servicer Advance;
(b) to the Servicer by wire transfer to the Servicer Account, any Servicing Fee Arrearage for such Payment Date;
(c) to the Servicer by wire transfer to the Servicer Account, the Servicing Fee for such Payment Date;
(d) to the Holders of the Class A Notes by deposit to the Note Distribution Account, any Class A Interest Arrearage for such Payment Date;
(e) to the Holders of the Class A Notes by deposit to the Note Distribution Account, the Class A Interest Payment Amount for such Payment Date;
(f) to the Holders of the Class B Notes by deposit to the Note Distribution Account, any Class B Interest Arrearage for such Payment Date;
(g) to the Holders of the Class B Notes by deposit to the Note Distribution Account, the Class B Interest Payment Amount for such Payment Date;
(h) to the Holders of the Class A Notes by deposit to the Note Distribution Account, the Class A Principal Payment Amount for such Payment Date;
(i) to the Holders of the Class B Notes by deposit to the Note Distribution Account, the Class B Principal Payment Amount for such Payment Date; provided that if the Outstanding Class A Principal Balance on such Payment Date (after giving effect to the payments to the Holders of the Class A Notes of the amount described in (h) above) exceeds zero and the Subordination Amount would be less than the Minimum Required Subordination Amount (such difference, the "Subordination Short- fall"), an amount equal to the least of (x) the Subordination Shortfall, (y) such Outstanding Class A Principal Balance and (z) the Class B Principal Payment Amount for such Payment Date shall be paid to the Holders of the Class A Notes rather than to the Holders of the Class B Notes; and provided, further, that if a Restricting Event exists on such Payment Date and the Outstanding Class A Principal Balance on such Payment Date (after giving effect to the payments to the Hold...
Payments on Payment Dates. 41 ARTICLE V OTHER MATTERS RELATING TO THE SELLER. . . . . . . . 43
