Common use of Distributions on Lower Tier Regular Interests Clause in Contracts

Distributions on Lower Tier Regular Interests. The aggregate amount of principal and interest distributable in respect of the Lower Tier Regular Interests on any Distribution Date shall equal the Lower Tier Available Transfer Amount on such Distribution Date. On each Distribution Date, the Lower Tier Available Transfer Amount shall be applied in the following order of priority: (i) subject to the last paragraph of this Section 3.2.3(b), to the distribution of interest accrued on each Class of Lower Tier Regular Interests 1, 2, 3 and 4 at the applicable Interest Rate and on Lower Tier Regular Interest 5 at a rate equal to: (A) until the Class Z Accrual Termination Date, the excess of the applicable Interest Rate over the Class Z Certificate Rate and (B) commencing on the Class Z Accrual Termination Date, the applicable Interest Rate; (ii) to the distribution of principal on each Class of Lower Tier Interests other than Lower Tier Interest 6, in an amount corresponding to the amount required to be applied as principal of its related Companion Classes on such Distribution Date pursuant to the priorities established with respect to such Companion Classes; (iii) to the distribution of interest accrued on Lower Tier Interest 6; and (iv) to the distribution of principal on Lower Tier Interest 6 in an amount corresponding to the amount to be applied as principal on its Companion Class on such Distribution Date. All computations of interest accrued on the Lower Tier Regular Interests shall be made as if each year consisted of twelve (12) months of thirty (30) days each. Distributions on the Lower Tier Regular Interests shall be made to the Trustee by transfer of immediately available funds to the Upper Tier Trust Account. The total amount of interest accrued on any Lower Tier Regular Interest on any Distribution Date shall be equal to one month’s interest at the applicable Interest Rate on the Class Balance of such Lower Tier Regular Interest immediately prior to such Distribution Date.

Distributions on Lower Tier Regular Interests. The aggregate amount of principal and interest distributable in respect of the Lower Lower-Tier Regular Interests on any Distribution Date shall equal the Lower Lower-Tier Available Transfer Amount on such Distribution Date. On each Distribution Date, the Lower Lower-Tier Available Transfer Amount shall be applied in the following order of priority: (i) subject to the last paragraph of this Section 3.2.3(b), to the distribution of interest accrued on each Class of Lower Lower-Tier Regular Interests 1, 2, 3 and 4 at the applicable Interest Rate and on Lower Tier Regular Interest 5 at a rate equal to: (A) until the Class Z Accrual Termination Date, the excess of the applicable Interest Rate over the Class Z Certificate Rate and (B) commencing on the Class Z Accrual Termination Date, the applicable Interest Rate;Interests; and (ii) to the distribution of principal on each Class of Lower Lower-Tier Interests other than Lower Tier Interest 6Interests, in an amount corresponding to the amount required to be applied as principal of its their related Companion Classes on such Distribution Date pursuant to the priorities established with respect to such Companion Classes; (iii) ; provided, however that distributions of principal shall be made to the distribution of interest accrued on Lower Lower-Tier Interest 6; and (iv) to the distribution 2 before distributions of principal on Lower shall be made to Lower-Tier Interest 6 in an amount corresponding to the amount to be applied as principal on its Companion Class on such Distribution Date3. All computations of interest accrued on the Lower Lower-Tier Regular Interests shall be made as if each year consisted of twelve (12) months of thirty (30) days each. Distributions on the Lower Lower-Tier Regular Interests shall be made to the Trustee by transfer of immediately available funds to the Upper Upper-Tier Trust Account. Interest on each Class of Lower-Tier Regular Interests for the related Interest Accrual Period at the applicable Interest Rate shall be distributed on each Distribution Date. The total amount of interest accrued on any Lower Lower-Tier Regular Interest on any Distribution Date shall be equal to one month’s interest at the applicable Interest Rate on the Class Balance of such Lower Lower- Tier Regular Interest immediately prior to such Distribution Date.