Common use of Initial Excess Cash Payment Date Clause in Contracts

Initial Excess Cash Payment Date. (i) On the Issue Date, the Issuer shall transfer and deposit, or cause to be transferred and deposited, to the Distribution Account, an amount in cash equal to the Pre-Issue Excess Cash determined as of the Pre-Issue Cut-off Date, and shall notify the Trustee and Paying Agent of the deposit and deliver to them a calculation thereof in the form of Appendix G. (ii) Not later than the second (2nd) Business Day prior to the Initial Excess Cash Payment Date, the Issuer shall disclose on its website (which shall be publicly accessible) and, if the Notes are registered in the name of the Depositary, send notice thereof to the Depositary in accordance with its Applicable Procedures of (i) the amount of the Pre-Issue Date Excess Cash to be paid on the Initial Excess Cash Payment Date and (ii) the amount in redemption of principal payable on the Initial Excess Cash Payment Date with respect to each series of Notes per $1.00 Outstanding Principal Balance of the respective series. (iii) On the Initial Excess Cash Payment Date, the Paying Agent shall make the following distributions of the amounts transferred to the Distribution Account pursuant to Section 3.09(a)(i), in the following order of priority, from the Distribution Account: (A) First, to the Holders of record of the A Notes as of the Issue Date, the interest accrued but unpaid through the day immediately preceding the Initial Excess Cash Payment Date on such portion of the A Notes to be redeemed on the Initial Excess Cash Payment Date pursuant to clause (B) hereof; (B) Second, to the Holders of record of the A Notes as of the Issue Date, pro rata in proportion to the Outstanding Principal Balance of each of them, as a redemption payment until the principal thereof, has been paid in full; (C) Third, to the Holders of record of the B Notes as of the Issue Date, the interest accrued but unpaid through the day immediately preceding the Initial Excess Cash Payment Date on such portion of the B Notes to be redeemed on the Initial Excess Cash Payment Date pursuant to clause (D) hereof; and (D) Fourth, to the Holders of record of the B Notes as of the Issue Date, pro rata in proportion to the Outstanding Principal Balance of each of them, as a redemption payment until the principal thereof has been paid in full.