Common use of Shared Collections Clause in Contracts

Shared Collections. Shared Collections and Other Series Shared Collections for any Payment Date shall be allocated, as directed by the Servicer in the Servicing Report, to the Notes in an amount equal to the product of (i) the aggregate amount of Shared Collections and Other Series Shared Collections for such Payment Date and (ii) a fraction the numerator of which is the Shortfall Amount for such Payment Date and the denominator of which is the aggregate amount of the Shortfall Amount for the Notes and the Other Series Shortfall Amounts for such Payment Date. Shared Collections and Other Series Shared Collections for any Payment Date shall be allocated, as directed by the Servicer in the Servicing Report, to each Other Series in an amount equal to the product of (i) the aggregate amount of Shared Collections and Other Series Shared Collections for such Payment Date and (ii) a fraction the numerator of which is the Other Series Shortfall Amount for such Other Series for such Payment Date and the denominator of which is the aggregate amount of the Shortfall Amount for the Notes and the Other Series Shortfall Amounts for such Payment Date. Any Other Series Shared Collections allocated to the Notes and received by the Trustee shall be deposited in the Collection Account. Section 6.01 is hereby amended by adding the text “or, if and so long as IOS Capital is the Servicer, the long-term debt rating assigned by Mxxxx’x or S&P to IOS Capital is Ba2 or below or BB or below, respectively” immediately after the text “If a Servicer Event of Default has occurred and is continuing” and prior to the comma.