Common use of Quarterly Payment Date Applications Clause in Contracts

Quarterly Payment Date Applications. (a) Based solely on the information contained in the applicable Quarterly Noteholders’ Report, (i) on the Business Day prior to each Quarterly Payment Date (unless the Trustee shall not have received by 10:00 a.m. (New York City time) on the third Business Day prior to such Quarterly Payment Date the Quarterly Noteholders’ Report relating to such Quarterly Payment Date, in which case the transfers to the Distribution Account set forth below relating to such Quarterly Payment Date shall occur on the second Business Day immediately following the day on which such Quarterly Noteholders’ Report is delivered), the Trustee shall make the transfers to the Distribution Account in the amounts and from the accounts set forth below and (ii) on each Quarterly Payment Date (unless the Trustee shall not have received by 10:00 a.m. (New York City time) on the third Business Day prior to such Quarterly Payment Date the Quarterly Noteholders’ Report relating to such Quarterly Payment Date, in which case the payments set forth below relating to such Quarterly Payment Date shall occur on the third Business Day immediately following the day on which such Quarterly Noteholders’ Report is delivered), the Trustee shall make such further distributions from the Distribution Account in the amounts and to the Persons set forth below, in the case of each of clauses (i) through (iii), based upon such information as further specified in the Quarterly Noteholders’ Report: (i) transfer from the Super Senior Notes Interest Payment Account to the Distribution Account for further distribution to the Super Senior Noteholders the accrued and unpaid Super Senior Notes Quarterly Interest Amount; (ii) transfer from the Senior Notes Interest Payment Account to the Distribution Account for further distribution to the Senior Noteholders the accrued and unpaid Senior Notes Quarterly Interest Amount; (iii) transfer from the Senior Subordinated Notes Interest Payment Account to the Distribution Account for further distribution to the Senior Subordinated Noteholders the accrued and unpaid Senior Subordinated Notes Quarterly Interest Amount; (iv) transfer from the Super Senior Notes Principal Payment Account to the Distribution Account for further distribution to the Noteholders of each applicable Class of Super Senior Notes in the order of priority set forth in the Priority of Payments with respect to such priorities (vii), (xiii) and (xvi);

Quarterly Payment Date Applications. (a) Based solely on the information contained in the applicable Quarterly Noteholders’ Report, (i) on the Business Day prior to each Quarterly Payment Date (unless the Trustee Manager shall not have received failed to deliver by 10:00 a.m. (New York City time) on the third Business Day prior to such Quarterly Payment Date the Quarterly Noteholders’ Report relating to such Quarterly Payment Date, in which case the transfers to the Distribution Account set forth below relating to such Quarterly Payment Date shall occur on the second Business Day immediately following the day on which such Quarterly Noteholders’ Report is delivered), the Trustee shall make the transfers to the Distribution Account in the amounts and from the accounts set forth below and (ii) on each Quarterly Payment Date (unless the Trustee Manager shall not have received failed to deliver by 10:00 a.m. (New York City time) on the third Business Day prior to such Quarterly Payment Date the Quarterly Noteholders’ Report relating to such Quarterly Payment Date, in which case the payments set forth below relating to such Quarterly Payment Date shall occur on the third Business Day immediately following the day on which such Quarterly Noteholders’ Report is delivered), the Trustee shall make such further distributions from the Distribution Account in the amounts and to the Persons set forth below, in the case of each of clauses (i) through (iiiii), based upon such information as further specified in the Quarterly Noteholders’ Report: (i) transfer from the Super Senior Notes Interest Payment Account to the Distribution Account for further distribution to the Super Senior Noteholders the accrued and unpaid Super Senior Notes Quarterly Interest Amount; (ii) transfer from the Senior Notes Interest Payment Account to the Distribution Account for further distribution to the Senior Noteholders the accrued and unpaid Senior Notes Quarterly Interest AmountAmount (only to the extent of such interest calculated at the applicable Non-Deferrable Rate); (iiiii) transfer from the Senior Subordinated Notes Interest Payment Account to the Distribution Account for further distribution to the Senior Subordinated Noteholders the accrued and unpaid Senior Subordinated Notes Quarterly Interest AmountAmount (only to the extent of such interest calculated at the applicable Non-Deferrable Rate); (iviii) transfer from the Super Senior Notes Principal Payment Account to the Distribution Account for further distribution to the Noteholders of each applicable Class of Super Senior Notes in the order of priority set forth in the Priority of Payments with respect to such priorities (vii), (xiii) and (xvixiii);; and (iv) transfer from the Senior Subordinated Notes Principal Payment Account to the Distribution Account for further distribution to the Holders of each applicable Class of Senior Subordinated Notes in the order of priority set forth in the Priority of Payments with respect to such priorities (ix) and (xiii). (b) In connection with its preparation and delivery of the Quarterly Noteholders’ Report with respect to each Quarterly Payment Date, the Manager shall make all calculations and determinations required in order to give effect to the terms of Section 5.11(a), including without limitation the following calculations and determinations in accordance with the provisions set forth below:

Quarterly Payment Date Applications. (a) Based solely on the information contained in the applicable Quarterly Noteholders’ Report, (i) on the Business Day prior to each Quarterly Payment Date (unless the Trustee Manager shall not have received failed to deliver by 10:00 a.m. (New York City time) on the third Business Day prior to such Quarterly Payment Date the Quarterly Noteholders’ Report relating to such Quarterly Payment Date, in which case the transfers to the Distribution Account set forth below relating to such Quarterly Payment Date shall occur on the second Business Day immediately following the day on which such Quarterly Noteholders’ Report is delivered), the Trustee shall make the transfers to the Distribution Account in the amounts and from the accounts set forth below and (ii) on each Quarterly Payment Date (unless the Trustee Manager shall not have received failed to deliver by 10:00 a.m. (New York City time) on the third Business Day prior to such Quarterly Payment Date the Quarterly Noteholders’ Report relating to such Quarterly Payment Date, in which case the payments set forth below relating to such Quarterly Payment Date shall occur on the third Business Day immediately following the day on which such Quarterly Noteholders’ Report is delivered), the Trustee shall make such further distributions from the Distribution Account in the amounts and to the Persons set forth below, in the case of each of clauses (i) through and (iiiii), based upon such information as further specified in the Quarterly Noteholders’ Report: (i) transfer from the Super Senior Notes Interest Payment Account to the Distribution Account for further distribution to the Super Senior Noteholders the accrued and unpaid Super Senior Notes Quarterly Interest Amount; (ii) transfer from the Senior Notes Interest Payment Account to the Distribution Account for further distribution to the Senior Noteholders the accrued and unpaid Senior Notes Quarterly Interest Amount; (iiiii) transfer from the Senior Subordinated Notes Interest Payment Account to the Distribution Account for further distribution to the Senior Subordinated Noteholders the accrued and unpaid Senior Subordinated Notes Quarterly Interest Amount; (iviii) transfer from the Super Senior Notes Principal Payment Account to the Distribution Account for further distribution to the Noteholders of each applicable Class of Super Senior Notes in the order of priority set forth in the Priority of Payments with respect to such priorities (vii), (xiiixi), (xii), (xv), (xvi) and (xvixxv); (iv) transfer from the Senior Subordinated Notes Principal Payment Account to the Distribution Account for further distribution to the Holders of each applicable Class of Senior Subordinated Notes in the order of priority set forth in the Priority of Payments with respect to such priorities (ix), (xiii), (xiv), (xv), (xvii) and (xxv); (v) transfer from the Subordinated Notes Interest Payment Account to the Distribution Account for further distribution to the Holders of the Subordinated Notes the accrued and unpaid Subordinated Notes Quarterly Interest Amount; (vi) transfer from the Subordinated Notes Principal Payment Account to the Distribution Account for further distribution to the Holders of each applicable Class of Subordinated Notes in the order of priority set forth in the Priority of Payments with respect to such priorities (xix), (xx) and (xxv); (vii) transfer from the Senior Notes Post-ARD Additional Interest Account to the Distribution Account for further distribution to the Noteholders of each applicable Class of Senior Notes the accrued and unpaid Senior Notes Quarterly Post-ARD Additional Interest due on such Quarterly Payment Date; (viii) transfer from the Senior Subordinated Notes Post-ARD Additional Interest Account to the Distribution Account for further distribution to the Noteholders of each applicable Class of Senior Subordinated Notes the accrued and unpaid Senior Subordinated Notes Quarterly Post-ARD Additional Interest due on such Quarterly Payment Date; (ix) transfer from the Subordinated Notes Post-ARD Additional Interest Account to the Distribution Account for further distribution to the Noteholders of each applicable Class of Subordinated Notes the accrued and unpaid Subordinated Notes Quarterly Post-ARD Additional Interest due on such Quarterly Payment Date; (x) on the Series Legal Final Maturity Date with respect to any Series of Senior Notes, transfer from the Senior Notes Reserve Account an amount equal to any insufficiency in the Outstanding Principal Amount to be repaid on such date, to the Distribution Account for further distribution to the Senior Noteholders; and (xi) on the Series Legal Final Maturity Date with respect to any Series of Senior Subordinated Notes, transfer from the Senior Subordinated Notes Reserve Account an amount equal to any insufficiency in the Outstanding Principal Amount to be repaid on such date, to the Distribution Account for further distribution to the Senior Subordinated Noteholders. (b) In connection with its preparation and delivery of the Quarterly Noteholders’ Report with respect to each Quarterly Payment Date, the Manager shall make all calculations and determinations required in order to give effect to the terms of Section 5.11(a), including without limitation the following calculations and determinations in accordance with the provisions set forth below:

Quarterly Payment Date Applications. (a) Based solely on the information contained in the applicable Quarterly Noteholders’ Report, (i) on the Business Day prior to each Quarterly Payment Date (unless the Trustee Manager shall not have received failed to deliver by 10:00 a.m. (New York City time) on the third Business Day prior to such Quarterly Payment Date the Quarterly Noteholders’ Report relating to such Quarterly Payment Date, in which case the transfers to the Distribution Account set forth below relating to such Quarterly Payment Date shall occur on the second Business Day immediately following the day on which such Quarterly Noteholders’ Report is delivered), the Trustee shall make the transfers to the Distribution Account in the amounts and from the accounts set forth below and (ii) on each Quarterly Payment Date (unless the Trustee Manager shall not have received failed to deliver by 10:00 a.m. (New York City time) on the third Business Day prior to such Quarterly Payment Date the Quarterly Noteholders’ Report relating to such Quarterly Payment Date, in which case the payments set forth below relating to such Quarterly Payment Date shall occur on the third Business Day immediately following the day on which such Quarterly Noteholders’ Report is delivered), the Trustee shall make such further distributions from the Distribution Account in the amounts and to the Persons set forth below, in the case of each of clauses (i) through (iiiii), based upon such information as further specified in the Quarterly Noteholders’ Report: (i) transfer from the Super Senior Notes Interest Payment Account to the Distribution Account for further distribution to the Super Senior Noteholders the accrued and unpaid Super Senior Notes Quarterly Interest Amount; (ii) transfer from the Senior Notes Interest Payment Account to the Distribution Account for further distribution to the Senior Noteholders the accrued and unpaid Senior Notes Quarterly Interest Amount; (iiiii) transfer from the Senior Subordinated Notes Interest Payment Account to the Distribution Account for further distribution to the Senior Subordinated Noteholders the accrued and unpaid Senior Subordinated Notes Quarterly Interest Amount; (iviii) transfer from the Super Senior Notes Principal Payment Account to the Distribution Account for further distribution to the Noteholders of each applicable Class of Super Senior Notes in the order of priority set forth in the Priority of Payments with respect to such priorities (vii), (xi), (xiii) and (xvixx); (iv) transfer from the Senior Subordinated Notes Principal Payment Account to the Distribution Account for further distribution to the Holders of each applicable Class of Senior Subordinated Notes in the order of priority set forth in the Priority of Payments with respect to such priorities (ix), (xii), (xiii) and (xx); (v) transfer from the Subordinated Notes Interest Payment Account to the Distribution Account for further distribution to the Holders of the Subordinated Notes the accrued and unpaid Subordinated Notes Quarterly Interest Amount; (vi) transfer from the Subordinated Notes Principal Payment Account to the Distribution Account for further distribution to the Holders of each applicable Class of Subordinated Notes in the order of priority set forth in the Priority of Payments with respect to such priorities (xv), (xvi) and (xx); (vii) transfer from the Senior Notes Post-Anticipated Call Date Additional Interest Account to the Distribution Account for further distribution to the Noteholders of each applicable Class of Senior Notes the accrued and unpaid Senior Notes Quarterly Post-Anticipated Call Date Additional Interest due on such Quarterly Payment Date; (viii) transfer from the Senior Subordinated Notes Post-Anticipated Call Date Additional Interest Account to the Distribution Account for further distribution to the Noteholders of each applicable Class of Senior Subordinated Notes the accrued and unpaid Senior Subordinated Notes Quarterly Post-Anticipated Call Date Additional Interest due on such Quarterly Payment Date; and (ix) transfer from the Subordinated Notes Post-Anticipated Call Date Additional Interest Account to the Distribution Account for further distribution to the Noteholders of each applicable Class of Subordinated Notes the accrued and unpaid Subordinated Notes Quarterly Post-Anticipated Call Date Additional Interest due on such Quarterly Payment Date. (b) In connection with its preparation and delivery of the Quarterly Noteholders’ Report with respect to each Quarterly Payment Date, the Manager shall make all calculations and determinations required in order to give effect to the terms of Section 5.11(a), including without limitation the following calculations and determinations in accordance with the provisions set forth below: