Common use of Class C Notes Clause in Contracts

Class C Notes. On each Payment Date, (i) to the extent that any Class C Monthly Interest Shortfall exists after the deposits required pursuant to Section 4.8(c) of this Supplement, and if and only if an Insolvency Period shall be continuing, the Master Servicer shall instruct the Trustee or Paying Agent to withdraw from funds on deposit in the Series 1999-1 Cash Liquidity Account an amount equal to the lesser of (A) the amount of such Class C Monthly Interest Shortfall and (B) the amount on deposit in the Series 1999-1 Cash Liquidity Account (after giving effect to any withdrawals therefrom required on such Payment Date by Sections 4.24(a), 4.8(f), 4.9(a)(i) and 4.9(b)(i)), and deposit such amount in the Class C Distribution Account to pay the Class C Interest Amount and any unpaid Class C Deficiency Amounts with respect to such Payment Date (together with accrued interest on all unpaid Class C Deficiency Amounts),(ii) to the extent any Class C Monthly Interest Shortfall exists after the deposits required pursuant to Section 4.8(c) and, if applicable, Section 4.9(c)(i) of this Supplement have been made, the Master Servicer shall instruct the Trustee or the Paying Agent to withdraw from funds on deposit in the Series 1999-1 Excess Funding Account an amount equal to the least of (A) the amount on deposit in the Series 1999-1 Excess Funding Account on such Payment Date (after application of any amounts pursuant to Sections 4.9(a) and (b) of this Supplement), (B) the Series 1999-1 Available Subordinated Amount at such time (after application of any amounts pursuant to Sections 4.9(a) and (b) of this Supplement), and (C) the amount of the Class C Monthly Interest Shortfall, and deposit such amount in the Class C Distribution Account to pay the Class C Interest Amount and any unpaid Class C Deficiency Amounts with respect to such Payment Date (together with accrued interest on all such unpaid Class C Deficiency Amounts) and (iii) to the extent any such Class C Monthly Interest Shortfall remains after the deposits required pursuant to Section 4.9(c)(i) (if applicable) and Section 4.9(c)(ii) of this Supplement have been made, if amounts have been drawn on the Series 1999-1 Letter of Credit and deposited into the Series 1999-1 Collection Account pursuant to Section 4.18 of this Supplement, the Master Servicer shall instruct the Trustee or the Paying Agent to withdraw from the Series 1999-1 Collection Account on such Payment Date the lesser of (A) the amount on deposit in the Series 1999-1 Collection Account representing such amount drawn on the Series 1999-1 Letter of Credit (after application of any amounts pursuant to Sections 4.9(a) and (b) of this Supplement) and (B) the amount of the remaining Class C Monthly Interest Shortfall and deposit such amount in the Class C Distribution Account to pay the Class C Interest Amount and any unpaid Class C Deficiency Amounts with respect to such Payment Date (together with accrued interest on all such unpaid Class C Deficiency Amounts). On each Payment Date the Paying Agent shall, in accordance with Section 5.1 of the Base Indenture and the Master Servicer's most recent Monthly Certificate, but subject to Section 4.16 of this Supplement, pay to the Class C Noteholders from the Class C Distribution Account the amount deposited in the Class C Distribution Account for the payment of the Class C Interest Amount pursuant to Section 4.8(c) of this Supplement and clauses (i), (ii) and (iii) of this Section 4.9(c).

Class C Notes. On each Payment Date, (i) to the extent that any Class C Monthly Interest Shortfall exists after the deposits required pursuant to Section 4.8(c) of this Supplement, and if and only if an Insolvency Period shall be continuing, the Master Servicer shall instruct the Trustee or Paying Agent to withdraw from funds on deposit in the Series 1999-1 Cash Liquidity Account an amount equal to the lesser of (A) the amount of such Class C Monthly Interest Shortfall and (B) the amount on deposit in the Series 1999-1 Cash Liquidity Account (after giving effect to any withdrawals therefrom required on such Payment Date by Sections 4.24(a), 4.8(f), 4.9(a)(i) and 4.9(b)(i)), and deposit such amount in the Class C Distribution Account to pay the Class C Interest Amount and any unpaid Class C Deficiency Amounts with respect to such Payment Date (together with accrued interest on all unpaid Class C Deficiency Amounts),(ii) to the extent any Class C Monthly Interest Shortfall exists after the deposits deposit required pursuant to Section 4.8(c) and, if applicable, Section 4.9(c)(i) 4.7 of this Supplement have has been made, the Master Servicer shall instruct the Trustee or the Paying Agent to withdraw from funds on deposit in the Series 1999-1 1997 1/N1 Excess Funding Account an amount equal to the least lesser of (A) the amount on deposit in the Series 1999-1 1997 1/N1 Excess Funding Account on such Payment Date (after application of any amounts pursuant to Sections 4.9(a) and (b) of this Supplement), (B) in an amount not to exceed the Series 1999-1 1997 1/N1 Available Subordinated Amount at such time (after application of any amounts pursuant to Sections 4.9(a) and (b) of this Supplement), and (CB) the remaining amount of the Class C Monthly Interest Shortfall, and deposit such amount in the Class C Distribution Account to pay the Class C Monthly Interest Amount and any unpaid Class C Deficiency Amounts with respect to such Payment Date Class C Monthly Interest (together with accrued interest on all such unpaid Class C Deficiency Amounts) and (iiiii) to the extent any such Class C Monthly Interest Shortfall remains after the deposits deposit required pursuant to Section 4.9(c)(i) (if applicable) and Section 4.9(c)(ii) of this Supplement have has been made, if amounts have been drawn on the Series 1999-1 1997 1/N1 Letter of Credit and deposited into the Series 1999-1 1997 1/N1 Collection Account pursuant to Section 4.18 of this Supplement, the Master Servicer shall instruct the Trustee or the Paying Agent to withdraw from the Series 1999-1 1997 1/N1 Collection Account on such Payment Date the lesser of (A) the amount on deposit in the Series 1999-1 1997 1/N1 Collection Account representing such amount drawn on the Series 1999-1 1997 1/N1 Letter of Credit (after application of any amounts pursuant to Sections 4.9(a) and (b4.9(b) of this Supplement) and (B) the amount of the remaining Class C Monthly Interest Shortfall and deposit such amount in the Class C Distribution Account to pay the Class C Monthly Interest Amount and any unpaid Class C Deficiency Amounts with respect to such Payment Date Class C Monthly Interest (together with accrued interest on all such unpaid Class C Deficiency Amounts). On each Payment Date the Paying Agent shall, in accordance with Section 5.1 of the Base Indenture and the Master Servicer's most recent Monthly Certificate, but subject to Section 4.16 4.17 of this Supplement, pay to the Class C Noteholders from the Class C Distribution Account the amount deposited in the Class C Distribution Account for the payment of the Class C Interest Amount pursuant to Section 4.8(c) of this Supplement and clauses (i), (ii) and (iiiii) of this Section 4.9(c).