Monthly Noteholders’ Statement. The Master Servicer shall, with cooperation of the Trustee, prepare a monthly statement substantially in the form of Exhibit D of the Series Supplement for the Series 2011-2 Notes (each, a “Monthly Noteholders’ Statement”). The Master Servicer shall deliver to the Trustee each such Monthly Noteholders’ Statement with respect to the Series 2011-2 Notes on or before the fourth Business Day before each Payment Date (unless otherwise agreed to by the Trustee), in a Microsoft Excel electronic file (or similar electronic file), setting forth, inter alia, the following information (which, in the case of clauses (iv), (v) and (vi) below, shall be expressed as a dollar amount per $1,000 of the original Principal Amount of the Series 2011-2 Notes and, in the case of clause (ix) shall be stated on an aggregate basis and on the basis of a dollar amount per $1,000 of the original Principal Amount of the Series 2011-2 Notes): (i) the aggregate amount of Series 2011-2 Interest Collections processed since the prior Payment Date, the aggregate amount of Principal Collections processed during the Related Month and, if applicable, during the related Series 2011-2 Amortization Principal Collection Period, and the aggregate amount of Collections processed during such periods; (ii) the Series 2011-2 Accrued Interest Amount and the Series 2011-2 Interest Amount for the next Payment Date; (iii) the Series 2011-2 Invested Percentage with respect to Series 2011-2 Interest Collections and Principal Collections for the Series 2011-2 Notes; (iv) the total amount to be distributed to Noteholders of Series 2011-2 Notes on the next succeeding Payment Date; (v) the amount of the distribution allocable to principal on the Series 2011-2 Notes on the next Payment Date; (vi) the amount of the distribution allocable to interest on the Series 2011-2 Notes on the next Payment Date; (vii) the amount of any drawing under any Enhancement, if any, for Series 2011-2 Notes for the next Payment Date; (viii) the amount of the Series 2011-2 Monthly Servicing Fee, the Series 2011-2 Monthly Supplemental Servicing Fee, the Group VIII Monthly Servicing Fee and the Group VIII Supplemental Servicing Fee for the next Payment Date; (ix) the Series 2011-2 Enhancement Amount, the Series 2011-2 Enhancement Deficiency, if any, the Series 2011-2 Minimum Enhancement Amount, the Series 2011-2 Required Enhancement Percentage, the Series 2011-2 DBRS Required Enhancement Percentage, the Series 2011-2 ▇▇▇▇▇’▇ Required Enhancement Percentage, the Series 2011-2 Liquidity Amount, the Series 2011-2 Minimum Liquidity Amount, the Series 2011-2 Cash Liquidity Amount, the Series 2011-2 Letter of Credit Amount, if any, the Series 2011-2 Letter of Credit Liquidity Amount, if any, the Series 2011-2 Minimum Letter of Credit Amount, the Series 2011-2 Available Subordinated Amount, the Series 2011-2 Minimum Subordinated Amount and the Series 2011-2 Cash Collateral Account Surplus, in each case, as of the last day of the Related Month after giving effect to any expected drawings on any applicable Enhancement and payments to the applicable Enhancement Provider on the next Payment Date; (x) the ratio of the amount available under the applicable Enhancement, to the Series 2011-2 Invested Amount as of the next Payment Date after giving effect to any expected drawings on the applicable Enhancement and payments to the applicable Enhancement Provider on the next Payment Date; (xi) the amount of any LOC Disbursements expected to be made with respect to the next Payment Date; (xii) the Series 2011-2 Monthly Interest Shortfall, if any, with respect to the next Payment Date; (xiii) the Series 2011-2 Invested Amount, the Series 2011-2 Invested Percentage and the Group VIII Aggregate Invested Amount with respect to the next Payment Date; (xiv) the Retained Interest Amount, if any, and the Retained Interest Percentage with respect to all outstanding Group VIII Series of Notes as of the close of business on the last day of the Related Month; (xv) the total amount of Vehicle Disposition Losses during the Related Month; (xvi) the total amount of Vehicle Disposition Recoveries during the Related Month; (xvii) whether, to the knowledge of the Master Servicer, any Liens exist with respect to any of the Collateral which are not permitted under the Related Documents; (xviii) whether, to the knowledge of the Master Servicer, any Lease Event of Default or Servicer Default has occurred; (xix) whether, to the knowledge of the Master Servicer, any Amortization Event or Potential Amortization Event with respect to the Series 2011-2 Notes has occurred; (xx) the Required Asset Amount, the Aggregate Asset Amount, the amount of any Asset Amount Deficiency and the Exchange Agreement Group VIII Rights Value, in each case, as of the last day of the Related Month; (xxi) the Net Book Value of Program Vehicles and the Net Book Value of Non-Program Vehicles from each Manufacturer, the rating of each such Manufacturer and the name of any Bankrupt Manufacturer, in each case, as of the last day of the Related Month; (xxii) the ratios of the Non-Program Vehicles and the Program Vehicles, respectively, to all Group VIII Vehicles, and the Program Vehicle Percentage, in each case, as of the last day of the Related Month; (xxiii) the number of Group VIII Vehicles of each Manufacturer as of the last day of the Related Month; (xxiv) the average age of all Program Vehicles and average age of all Non-Program Vehicles as of the last day of the Related Month; (xxv) the average total monthly Depreciation Charges per Program Vehicle and per Non-Program Vehicle during the Related Month; (xxvi) (x) the Market Value Adjustment Percentage as of the related Determination Date, (y) the Measurement Month Average and the aggregate Market Value of Non-Program Vehicles as of the last day of the Related Month and (z) the Measurement Month Average used to determine the Market Value Adjustment Percentage as of the related Determination Date if different than the Measurement Month Average as of the last day of the Related Month; (xxvii) the Third-Party Market Value Adjustment Percentage, if any, as of the immediately preceding Third-Party Market Value Determination Date (and, if such date is a Third-Party Market Value Determination Date, such date); (xxviii) the aggregate Capitalized Cost for all Group VIII Vehicles (other than Group VIII Vehicles subject to any Vehicle Disposition Program at the time of purchase thereof) as of the last day of the Related Month, as a percentage of the aggregate MSRP (Manufacturer Suggested Retail Price) of all such Group VIII Vehicles (determined as of the time of purchase thereof by RCFC); (xxix) with respect to each Manufacturer of Group VIII Vehicles, the percentage concentration of Group VIII Vehicles of such Manufacturer (i.e., the aggregate Net Book Value of Group VIII Vehicles of such Manufacturer as a percentage of the aggregate Net Book Value of all Group VIII Vehicles) compared to the percentage concentration of all Vehicles of such Manufacturer in RCFC’s fleet (i.e., the aggregate Net Book Value of Vehicles of such Manufacturer owned by RCFC as a percentage of the aggregate Net Book Value of all Vehicles owned by RCFC); (xxx) (i) prior to a Permitted Change in Control Transaction, in each case, to the extent relevant to a financial covenant then applicable pursuant to the definition of “Servicer Financial Covenant Event of Default”, (A) the Leverage Ratio of the Master Servicer and its Subsidiaries as of the related Determination Date, (B) as of the date used for purposes of the determination of such Leverage Ratio, the amount of Corporate Debt and Corporate EBITDA, (C) the Interest Coverage Ratio of the Master Servicer and its Subsidiaries for the most recent period of four consecutive Fiscal Quarters ending prior to the related Determination Date (D) for purposes of the determination of such Interest Coverage Ratio, the amount of Corporate EBITDA and Corporate Interest Expense for the applicable period and (E) such other information as is reasonably relevant to a financial covenant then applicable pursuant to the definition of “Servicer Financial Covenant Event of Default”; and (ii) after a Permitted Change in Control Transaction, such information relative to Permitted Change in Control Counterparty Financial Covenants as agreed pursuant to this Supplement (it being understood that such information shall be agreed by the Issuer and the Controlling Noteholder in connection with the determination of any such Specified Change in Control Counterparty Financial Covenants pursuant to Section 8.12 hereof); and (xxxi) any other information required to be included in the Monthly Noteholders’ Statement pursuant to the terms of Series Supplement for the Series 2011-2 Notes. On each Payment Date for the Series 2011-2 Notes or at such other times as are specified in the Series Supplement for the Series 2011-2 Notes, the Trustee shall forward to each Noteholder of record of Series 2011-2 Notes and the Paying Agent (if other than the Trustee), the Monthly Noteholders’ Statement for the Series 2011-2 Notes prepared by the Master Servicer.
Appears in 1 contract
Sources: Series Supplement (Dollar Thrifty Automotive Group Inc)
Monthly Noteholders’ Statement. The Master Servicer shall, with cooperation of the Trustee, prepare a monthly statement substantially in the form of Exhibit D of the Series Supplement for the Series 2011-2 1 Notes (each, a “Monthly Noteholders’ Statement”). The Master Servicer shall deliver to the Trustee and each Rating Agency each such Monthly Noteholders’ Statement with respect to the Series 2011-2 1 Notes on or before the fourth Business Day before each Payment Date (unless otherwise agreed to by the Trustee), in a Microsoft Excel electronic file (or similar electronic file), setting forth, inter alia, the following information (which, in the case of clauses (iv), (v) and (vi) below, shall be expressed as a dollar amount per $1,000 of the original Principal Amount of the Series 2011-2 1 Notes and, in the case of clause (ix) shall be stated on an aggregate basis and on the basis of a dollar amount per $1,000 of the original Principal Amount of the Series 2011-2 1 Notes):
(i) the aggregate amount of Series 2011-2 1 Interest Collections processed since the prior Payment Date, the aggregate amount of Principal Collections processed during the Related Month and, if applicable, during the related Series 2011-2 1 Amortization Principal Collection Period, and the aggregate amount of Collections processed during such periods;
(ii) the Series 2011-2 Class A Accrued Interest Amount, Class B Accrued Interest Amount and the Series 2011-2 1 Interest Amount for the next Payment Date;
(iii) the Series 2011-2 1 Invested Percentage with respect to Series 2011-2 1 Interest Collections and Principal Collections for the Series 2011-2 Class A Notes and the Class B Notes;
(iv) the total amount to be distributed to Noteholders of Series 2011-2 the Class A Notes and the Class B Notes on the next succeeding Payment Date;
(v) the amount of the distribution allocable to principal on the Series 2011-2 Class A Notes and the Class B Notes on the next Payment Date;
(vi) the amount of the distribution allocable to interest on the Series 2011-2 Class A Notes and the Class B Notes on the next Payment Date;
(vii) the amount of any drawing under any Enhancement, if any, for Series 2011-2 1 Notes for the next Payment Date;
(viii) the amount of the Series 2011-2 1 Monthly Servicing Fee, the Series 2011-2 1 Monthly Supplemental Servicing Fee, the Group VIII Monthly Servicing Fee and the Group VIII Supplemental Servicing Fee for the next Payment Date;
(ix) the Series 2011-2 1 Enhancement Amount, the Series 2011-2 1 Enhancement Deficiency, if any, the Series 2011-2 1 Minimum Enhancement Amount, the Series 2011-2 1 Required Enhancement Percentage, the Series 2011-2 1 DBRS Required Enhancement Percentage, the Series 2011-2 ▇▇▇▇▇’▇ 1 Moody’s Required Enhancement Percentage, the Series 2011-2 1 Liquidity Amount, the Series 2011-2 1 Minimum Liquidity Amount, the Series 2011-2 1 Cash Liquidity Amount, the Series 2011-2 1 Letter of Credit Amount, if any, the Series 2011-2 1 Letter of Credit Liquidity Amount, if any, the Series 2011-2 1 Minimum Letter of Credit Amount, the Series 2011-2 1 Available Subordinated Amount, the Series 2011-2 1 Minimum Subordinated Amount and the Series 2011-2 1 Cash Collateral Account Surplus, in each case, as of the last day of the Related Month after giving effect to any expected drawings on any applicable Enhancement and payments to the applicable Enhancement Provider on the next Payment Date;
(x) the ratio of the amount available under the applicable Enhancement, to the Series 2011-2 1 Invested Amount as of the next Payment Date after giving effect to any expected drawings on the applicable Enhancement and payments to the applicable Enhancement Provider on the next Payment Date;
(xi) the amount of any LOC Disbursements expected to be made with respect to the next Payment Date;
(xii) the Series 2011-2 Class A Monthly Interest Shortfall, if any, and the Class B Monthly Interest Shortfall, if any, with respect to the next Payment Date;
(xiii) the Series 2011-2 Class A Invested Amount, the Class B Invested Amount, the Series 2011-2 1 Invested Percentage and the Group VIII Aggregate Invested Amount with respect to the next Payment Date;
(xiv) the Retained Interest Amount, if any, and the Retained Interest Percentage with respect to all outstanding Group VIII Series of Notes as of the close of business on the last day of the Related Month;
(xv) the total amount of Vehicle Disposition Losses during the Related Month;
(xvi) the total amount of Vehicle Disposition Recoveries during the Related Month;
(xvii) whether, to the knowledge of the Master Servicer, any Liens exist with respect to any of the Collateral which are not permitted under the Related Documents;
(xviii) whether, to the knowledge of the Master Servicer, any Lease Event of Default or Servicer Default has occurred;
(xix) whether, to the knowledge of the Master Servicer, any Amortization Event or Potential Amortization Event with respect to the Series 2011-2 1 Notes has occurred;
(xx) the Required Asset Amount, the Aggregate Asset Amount, the amount of any Asset Amount Deficiency and the Exchange Agreement Group VIII Rights Value, in each case, as of the last day of the Related Month;
(xxi) the Net Book Value of Program Vehicles and the Net Book Value of Non-Program Vehicles from each Manufacturer, the rating of each such Manufacturer and the name of any Bankrupt Manufacturer, in each case, as of the last day of the Related Month;
(xxii) the ratios of the Non-Program Vehicles and the Program Vehicles, respectively, to all Group VIII Vehicles, and the Program Vehicle Percentage, in each case, as of the last day of the Related Month;
(xxiii) the number of Group VIII Vehicles of each Manufacturer as of the last day of the Related Month;
(xxiv) the average age of all Program Vehicles and average age of all Non-Program Vehicles as of the last day of the Related Month;
(xxv) the average total monthly Depreciation Charges per Program Vehicle and per Non-Program Vehicle during the Related Month;
(xxvi) (x) the Market Value Adjustment Percentage as of the related Determination Date, (y) the Measurement Month Average and the aggregate Market Value of Non-Program Vehicles as of the last day of the Related Month and (z) the Measurement Month Average used to determine the Market Value Adjustment Percentage as of the related Determination Date if different than the Measurement Month Average as of the last day of the Related Month;
(xxvii) beginning with the Third-Party Market Value Adjustment PercentageMonthly Noteholders’ Statement to be delivered in September, if any2011, as of the immediately preceding Third-Party Market Value Determination Date (and, if such date is a Third-Party Market Value Determination Date, such date);
(xxviii) the aggregate Capitalized Cost for all Group VIII Vehicles (other than Group VIII Vehicles subject to any Vehicle Disposition Program at the time of purchase thereof) as of the last day of the Related Month, as a percentage of the aggregate MSRP (Manufacturer Suggested Retail Price) of all such Group VIII Vehicles (determined as of the time of purchase thereof by RCFC);
(xxixxxviii) with respect to each Manufacturer of Group VIII Vehicles, the percentage concentration of Group VIII Vehicles of such Manufacturer (i.e., the aggregate Net Book Value of Group VIII Vehicles of such Manufacturer as a percentage of the aggregate Net Book Value of all Group VIII Vehicles) compared to the percentage concentration of all Vehicles of such Manufacturer in RCFC’s fleet (i.e., the aggregate Net Book Value of Vehicles of such Manufacturer owned by RCFC as a percentage of the aggregate Net Book Value of all Vehicles owned by RCFC);
(xxx) (i) prior to a Permitted Change in Control Transaction, in each case, to the extent relevant to a financial covenant then applicable pursuant to the definition of “Servicer Financial Covenant Event of Default”, (A) the Leverage Ratio of the Master Servicer and its Subsidiaries as of the related Determination Date, (B) as of the date used for purposes of the determination of such Leverage Ratio, the amount of Corporate Debt and Corporate EBITDA, (C) the Interest Coverage Ratio of the Master Servicer and its Subsidiaries for the most recent period of four consecutive Fiscal Quarters ending prior to the related Determination Date (D) for purposes of the determination of such Interest Coverage Ratio, the amount of Corporate EBITDA and Corporate Interest Expense for the applicable period and (E) such other information as is reasonably relevant to a financial covenant then applicable pursuant to the definition of “Servicer Financial Covenant Event of Default”; and (ii) after a Permitted Change in Control Transaction, such information relative to Permitted Change in Control Counterparty Financial Covenants as agreed pursuant to this Supplement (it being understood that such information shall be agreed by the Issuer and the Controlling Noteholder in connection with the determination of any such Specified Change in Control Counterparty Financial Covenants pursuant to Section 8.12 hereof); and
(xxxixxix) any other information required to be included in the Monthly Noteholders’ Statement pursuant to the terms of Series Supplement for the Series 2011-2 1 Notes. On each Payment Date for the Series 2011-2 1 Notes or at such other times as are specified in the Series Supplement for the Series 2011-2 1 Notes, the Trustee shall forward to each Noteholder of record of Series 2011-2 Notes and 1 Notes, the Paying Agent (if other than the Trustee), any other Note Owner of Series 2011-1 Notes requesting the same and upon provision of evidence satisfactory to the Trustee as to its ownership interest, the Monthly Noteholders’ Statement for the Series 2011-2 1 Notes prepared by the Master Servicer.
Appears in 1 contract
Sources: Supplement to Amended and Restated Base Indenture (Dollar Thrifty Automotive Group Inc)
Monthly Noteholders’ Statement. The Master Servicer shall, with cooperation of the Trustee, prepare a monthly statement substantially in the form of Exhibit D E of the Series Supplement for the Series 20112010-2 1 Notes (each, a “Monthly Noteholders’ Statement”). The Master Servicer shall deliver to the Trustee and each Rating Agency rating the Series 2010-1 Notes each such Monthly Noteholders’ Statement with respect to the Series 20112010-2 1 Notes on or before the fourth Business Day before each Payment Date (unless otherwise agreed to by the Trustee), a Monthly Noteholders’ Statement with respect to the Series 2010-1 Notes, in a Microsoft Excel electronic file (or similar electronic file), setting forth, inter alia, the following information (which, in the case of clauses (iv), (v) and (vi) below, shall be expressed as a dollar amount per $1,000 of the original Principal Amount of the Series 20112010-2 1 Notes and, in the case of clause (ix) shall be stated on an aggregate basis and on the basis of a dollar amount per $1,000 of the original Principal Amount of the Series 20112010-2 1 Notes):
(i) the aggregate amount of Series 20112010-2 1 Interest Collections processed since the prior Payment Date, the aggregate amount of Principal Collections processed during the Related Month and, if applicable, during the related Series 2011-2 Amortization Principal Collection Period, and the aggregate amount of Collections processed during such periods;
(ii) the Series 20112010-2 Accrued 1 Interest Amount and the Series 20112010-2 1 Interest Amount Rate Cap Proceeds for the next Payment Date;
(iii) the Series 20112010-2 1 Invested Percentage with respect to Series 20112010-2 1 Interest Collections and Principal Collections for the Series 20112010-2 Notes1 Notes on the last day of the Related Month;
(iv) the total amount to be distributed to Noteholders of Series 20112010-2 1 Notes on the next succeeding Payment Date;
(v) the amount of the distribution allocable to principal on the Series 20112010-2 1 Notes on the next Payment Date;
(vi) the amount of the distribution allocable to interest on the Series 20112010-2 1 Notes on the next Payment Date;
(vii) the amount of any drawing under any Enhancement, if any, for Series 20112010-2 1 Notes for the next Payment Date;
(viii) the amount of the Series 20112010-2 1 Monthly Servicing Fee, the Series 20112010-2 1 Monthly Supplemental Servicing FeeFee for the Series 2010-1, the Group VIII V Monthly Servicing Fee and the Group VIII V Supplemental Servicing Fee for the next Payment Date;
(ix) the Series 20112010-2 1 Enhancement Amount, the Series 20112010-2 1 Enhancement Deficiency, if any, the Series 20112010-2 1 Minimum Enhancement Amount, the Series 20112010-2 1 Required Enhancement Percentage, the Series 20112010-2 DBRS Required Enhancement Percentage, the Series 2011-2 ▇▇▇▇▇’▇ Required Enhancement Percentage, the Series 2011-2 Liquidity Amount, the Series 2011-2 Minimum Liquidity Amount, the Series 2011-2 Cash Liquidity Amount, the Series 2011-2 1 Letter of Credit Amount, if any, the Series 20112010-2 1 Letter of Credit Liquidity Amount, if any, the Series 20112010-2 1 Minimum Letter of Credit Amount, the Series 20112010-2 1 Available Subordinated Amount, the Series 20112010-2 1 Minimum Subordinated Amount and the Series 20112010-2 1 Cash Collateral Account Surplus, in each case, as of the last day of the Related Month next Payment Date after giving effect to any expected drawings on any applicable Enhancement and payments to the applicable Enhancement Provider on the next Payment Date;
(x) the ratio of the amount available under the applicable Enhancement, to the Series 20112010-2 1 Invested Amount as of the next Payment Date after giving effect to any expected drawings on the applicable Enhancement and payments to the applicable Enhancement Provider on the next Payment Date;
(xi) the amount of any LOC Disbursements expected to be made with respect to the next Payment Date;
(xii) the Series 20112010-2 1 Monthly Interest Shortfall, if any, with respect to the next Payment Date;
(xiii) the Series 20112010-2 1 Invested Amount, the Series 20112010-2 1 Invested Percentage Percentage, the Series 2010-1 Maximum Invested Amount and the Group VIII V Aggregate Invested Amount with respect to the next Payment Date;
(xiv) the Retained Interest Amount, if any, and the Retained Interest Percentage with respect to all outstanding Group VIII V Series of Notes as of the close of business on the last day of the Related Month;
(xv) the total amount Pool Factor for such Series as of Vehicle Disposition Losses during such date with respect to the Related Monthnext Payment Date;
(xvi) the total amount of Vehicle Disposition Recoveries during the Related Month;
(xvii) whether, to the knowledge of the Master Servicer, any Liens exist with respect to any of the Collateral which are not permitted under the Related Documents;
(xviiixvii) whether, to the knowledge of the Master Servicer, any Lease Event of Default or Servicer Default has occurred;
(xixxviii) whether, to the knowledge of the Master Servicer, any Amortization Event or Potential Amortization Event with respect to the Series 20112010-2 1 Notes has occurred;
(xxxix) the Required Asset Amount, the Aggregate Asset Amount, the amount of any Asset Amount Deficiency and the Exchange Agreement Group VIII V Rights Value, in each case, as of the last day of the Related MonthDetermination Date;
(xxixx) the Net Book Value of Program Vehicles and the Net Book Value of Non-Program Vehicles from each Manufacturer, the rating of each such Manufacturer and the name of any Bankrupt Manufacturer, in each case, as of the last day of the Related Month;
(xxiixxi) the ratios of the Non-Program Vehicles and the Program Vehicles, respectively, to all Group VIII Vehicles, and ;
(xxii) the Program Vehicle Percentage, in number of Vehicles of each case, Manufacturer as of the last day of the Related Month;
(xxiii) the number of Group VIII Vehicles of each Manufacturer Top Two Manufacturers and the Top Three Manufacturers as of the last day of the Related Month;
(xxiv) the average age of all Program Vehicles and average age of all Non-Program Vehicles as of the last day of the Related Month;
(xxv) the average total monthly Depreciation Charges per Program Vehicle and per Non-Program Vehicle during the Related Month;
(xxvi) (x) the Market Value Adjustment Percentage as of the related Determination DatePercentage, (y) the Measurement Month Average and the aggregate Market Value of Non-Program Vehicles as of the last day of the Related Month and (z) the Measurement Month Average used to determine the Market Value Adjustment Vehicle Percentage as of the related Determination Date if different than the Measurement Month Average as of the last day of the Related Month;
(xxvii) the Third-Party Market Value Adjustment Percentage, if any, as of the immediately preceding Third-Party Market Value Determination Date (and, if such date is a Third-Party Market Value Determination Date, such date);
(xxviii) the aggregate Capitalized Cost for all Group VIII Vehicles (other than Group VIII Vehicles subject to any Vehicle Disposition Program at the time of purchase thereof) as of the last day of the Related Month, as a percentage of the aggregate MSRP (Manufacturer Suggested Retail Price) of all such Group VIII Vehicles (determined as of the time of purchase thereof by RCFC);
(xxix) with respect to each Manufacturer of Group VIII Vehicles, the percentage concentration of Group VIII Vehicles of such Manufacturer (i.e., the aggregate Net Book Value of Group VIII Vehicles of such Manufacturer as a percentage of the aggregate Net Book Value of all Group VIII Vehicles) compared to the percentage concentration of all Vehicles of such Manufacturer in RCFC’s fleet (i.e., the aggregate Net Book Value of Vehicles of such Manufacturer owned by RCFC as a percentage of the aggregate Net Book Value of all Vehicles owned by RCFC);
(xxx) (i) prior to a Permitted Change in Control Transaction, in each case, to the extent relevant to a financial covenant then applicable pursuant to the definition of “Servicer Financial Covenant Event of Default”, (A) the Leverage Ratio of the Master Servicer and its Subsidiaries as of the related Determination Date, (B) as of the date used for purposes of the determination of such Leverage Ratio, the amount of Corporate Debt and Corporate EBITDA, (C) the Interest Coverage Ratio of the Master Servicer and its Subsidiaries for the most recent period of four consecutive Fiscal Quarters ending prior to the related Determination Date (D) for purposes of the determination of such Interest Coverage Ratio, the amount of Corporate EBITDA and Corporate Interest Expense for the applicable period and (E) such other information as is reasonably relevant to a financial covenant then applicable pursuant to the definition of “Servicer Financial Covenant Event of Default”; and (ii) after a Permitted Change in Control Transaction, such information relative to Permitted Change in Control Counterparty Financial Covenants as agreed pursuant to this Supplement (it being understood that such information shall be agreed by the Issuer and the Controlling Noteholder in connection with the determination of any such Specified Change in Control Counterparty Financial Covenants pursuant to Section 8.12 hereof); and
(xxxixxvii) any other information required to be included in the Monthly Noteholders’ Statement pursuant to the terms of Series Supplement for the Series 20112010-2 1 Notes. On each Payment Date for the Series 20112010-2 1 Notes or at such other times as are specified in the Series Supplement for the Series 20112010-2 1 Notes, the Trustee shall forward to each Noteholder of record of Series 20112010-2 Notes and 1 Notes, the Paying Agent (if other than the Trustee), any other Note Owner of Series 2010-1 Notes, the Monthly Noteholders’ Statement for the Series 20112010-2 1 Notes prepared by the Master Servicer.
Appears in 1 contract
Sources: Rental Car Asset Backed Variable Funding Notes, Series 2010 1 (Dollar Thrifty Automotive Group Inc)
Monthly Noteholders’ Statement. The Master Servicer shall, with cooperation of the Trustee, prepare a monthly statement substantially in the form of Exhibit D of the Series Supplement for the Series 20112010-2 1 Notes (each, a “Monthly Noteholders’ Statement”). The Master Servicer shall deliver to the Trustee and each Rating Agency rating the Series 2010-1 Notes each such Monthly Noteholders’ Statement with respect to the Series 20112010-2 1 Notes on or before the fourth Business Day before each Payment Date (unless otherwise agreed to by the Trustee), in a Microsoft Excel electronic file (or similar electronic file), setting forth, inter alia, the following information (which, in the case of clauses (iv), (v) and (vi) below, shall be expressed as a dollar amount per $1,000 of the original Principal Amount of the Series 20112010-2 1 Notes and, in the case of clause (ix) shall be stated on an aggregate basis and on the basis of a dollar amount per $1,000 of the original Principal Amount of the Series 20112010-2 1 Notes):
(i) the aggregate amount of Series 20112010-2 1 Interest Collections processed since the prior Payment Date, the aggregate amount of Principal Collections processed during the Related Month and, if applicable, during the related Series 2011-2 Amortization Principal Collection Period, and the aggregate amount of Collections processed during such periods;
(ii) the Series 20112010-2 Accrued 1 Interest Amount and the Series 20112010-2 1 Interest Amount Rate Cap Proceeds for the next Payment Date;
(iii) the Series 20112010-2 1 Invested Percentage with respect to Series 20112010-2 1 Interest Collections and Principal Collections for the Series 20112010-2 Notes1 Notes on the last day of the Related Month;
(iv) the total amount to be distributed to Noteholders of Series 20112010-2 1 Notes on the next succeeding Payment Date;
(v) the amount of the distribution allocable to principal on the Series 20112010-2 1 Notes on the next Payment Date;
(vi) the amount of the distribution allocable to interest on the Series 20112010-2 1 Notes on the next Payment Date;
(vii) the amount of any drawing under any Enhancement, if any, for Series 20112010-2 1 Notes for the next Payment Date;
(viii) the amount of the Series 20112010-2 1 Monthly Servicing Fee, the Series 20112010-2 1 Monthly Supplemental Servicing Fee, the Group VIII V Monthly Servicing Fee and the Group VIII V Supplemental Servicing Fee for the next Payment Date;
(ix) the Series 20112010-2 1 Enhancement Amount, the Series 20112010-2 1 Enhancement Deficiency, if any, the Series 20112010-2 1 Minimum Enhancement Amount, the Series 20112010-2 1 Required Enhancement Percentage, the Series 20112010-2 DBRS Required Enhancement Percentage, the Series 2011-2 ▇▇▇▇▇’▇ Required Enhancement Percentage, the Series 2011-2 1 Liquidity Amount, the Series 20112010-2 1 Minimum Liquidity Amount, the Series 20112010-2 1 Cash Liquidity Amount, the Series 20112010-2 1 Letter of Credit Amount, if any, the Series 20112010-2 1 Letter of Credit Liquidity Amount, if any, the Series 20112010-2 1 Minimum Letter of Credit Amount, the Series 20112010-2 1 Available Subordinated Amount, the Series 20112010-2 1 Minimum Subordinated Amount and the Series 20112010-2 1 Cash Collateral Account Surplus, in each case, as of the last day of the Related Month after giving effect to any expected drawings on any applicable Enhancement and payments to the applicable Enhancement Provider on the next Payment Date;
(x) the ratio of the amount available under the applicable Enhancement, to the Series 20112010-2 1 Invested Amount as of the next Payment Date after giving effect to any expected drawings on the applicable Enhancement and payments to the applicable Enhancement Provider on the next Payment Date;
(xi) the amount of any LOC Disbursements expected to be made with respect to the next Payment Date;
(xii) the Series 20112010-2 1 Monthly Interest Shortfall, if any, with respect to the next Payment Date;
(xiii) the Series 20112010-2 1 Invested Amount, the Series 20112010-2 1 Invested Percentage Percentage, the Series 2010-1 Maximum Invested Amount and the Group VIII V Aggregate Invested Amount with respect to the next Payment Date;
(xiv) the Retained Interest Amount, if any, and the Retained Interest Percentage with respect to all outstanding Group VIII V Series of Notes as of the close of business on the last day of the Related Month;
(xv) the total amount Pool Factor for such Series as of Vehicle Disposition Losses during the Related MonthRecord Date with respect to the next Payment Date;
(xvi) the total amount of Vehicle Disposition Recoveries during the Related Month;
(xvii) whether, to the knowledge of the Master Servicer, any Liens exist with respect to any of the Collateral which are not permitted under the Related Documents;
(xviiixvii) whether, to the knowledge of the Master Servicer, any Lease Event of Default or Servicer Default has occurred;
(xixxviii) whether, to the knowledge of the Master Servicer, any Amortization Event or Potential Amortization Event with respect to the Series 20112010-2 1 Notes has occurred;
(xxxix) the Required Asset Amount, the Aggregate Asset Amount, the amount of any Asset Amount Deficiency and the Exchange Agreement Group VIII V Rights Value, in each case, as of the last day of the Related Month;
(xxixx) the Net Book Value of Program Vehicles and the Net Book Value of Non-Program Vehicles from each Manufacturer, the rating of each such Manufacturer and the name of any Bankrupt Manufacturer, in each case, as of the last day of the Related Month;
(xxiixxi) the ratios of the Non-Program Vehicles and the Program Vehicles, respectively, to all Group VIII V Vehicles, and the Program Vehicle Percentage, in each case, as of the last day of the Related Month;
(xxiiixxii) the number of Group VIII V Vehicles of each Manufacturer as of the last day of the Related Month;
(xxiii) the Top Two Manufacturers and the Top Three Manufacturers as of the last day of the Related Month;
(xxiv) the average age of all Program Vehicles and average age of all Non-Program Vehicles as of the last day of the Related Month;
(xxv) the average total monthly Depreciation Charges per Program Vehicle and per Non-Program Vehicle during the Related Month;
(xxvi) (x) the Market Value Adjustment Percentage as of the related Determination Date, (y) the Measurement Month Average and the aggregate Market Value of Non-Program Vehicles as of the last day of the Related Month and (z) the Measurement Month Average used to determine the Market Value Adjustment Percentage as of the related Determination Date if different than the Measurement Month Average as of the last day of the Related Month;
(xxvii) the Third-Party Market Value Adjustment Percentage, if any, as of the immediately preceding Third-Party Market Value Determination Date (and, if such date is a Third-Party Market Value Determination Date, such date);
(xxviii) the aggregate Capitalized Cost for all Group VIII Vehicles (other than Group VIII Vehicles subject to any Vehicle Disposition Program at the time of purchase thereof) as of the last day of the Related Month, as a percentage of the aggregate MSRP (Manufacturer Suggested Retail Price) of all such Group VIII Vehicles (determined as of the time of purchase thereof by RCFC);
(xxix) with respect to each Manufacturer of Group VIII Vehicles, the percentage concentration of Group VIII Vehicles of such Manufacturer (i.e., the aggregate Net Book Value of Group VIII Vehicles of such Manufacturer as a percentage of the aggregate Net Book Value of all Group VIII Vehicles) compared to the percentage concentration of all Vehicles of such Manufacturer in RCFC’s fleet (i.e., the aggregate Net Book Value of Vehicles of such Manufacturer owned by RCFC as a percentage of the aggregate Net Book Value of all Vehicles owned by RCFC);
(xxx) (i) prior to a Permitted Change in Control Transaction, in each case, to the extent relevant to a financial covenant then applicable pursuant to the definition of “Servicer Financial Covenant Event of Default”, (A) the Leverage Ratio of the Master Servicer and its Subsidiaries as of the related Determination Date, (B) as of the date used for purposes of the determination of such Leverage Ratio, the amount of Corporate Debt and Corporate EBITDA, (C) the Interest Coverage Ratio of the Master Servicer and its Subsidiaries for the most recent period of four consecutive Fiscal Quarters ending prior to the related Determination Date (D) for purposes of the determination of such Interest Coverage Ratio, the amount of Corporate EBITDA and Corporate Interest Expense for the applicable period and (E) such other information as is reasonably relevant to a financial covenant then applicable pursuant to the definition of “Servicer Financial Covenant Event of Default”; and (ii) after a Permitted Change in Control Transaction, such information relative to Permitted Change in Control Counterparty Financial Covenants as agreed pursuant to this Supplement (it being understood that such information shall be agreed by the Issuer and the Controlling Noteholder in connection with the determination of any such Specified Change in Control Counterparty Financial Covenants pursuant to Section 8.12 hereof); and
(xxxixxvii) any other information required to be included in the Monthly Noteholders’ Statement pursuant to the terms of Series Supplement for the Series 20112010-2 1 Notes. On each Payment Date for the Series 20112010-2 1 Notes or at such other times as are specified in the Series Supplement for the Series 20112010-2 1 Notes, the Trustee shall forward to each Noteholder of record of Series 20112010-2 Notes and 1 Notes, the Paying Agent (if other than the Trustee), any other Note Owner of Series 2010-1 Notes, the Monthly Noteholders’ Statement for the Series 20112010-2 1 Notes prepared by the Master Servicer.
Appears in 1 contract
Sources: Rental Car Asset Backed Variable Funding Notes, Series 2010 1 (Dollar Thrifty Automotive Group Inc)
Monthly Noteholders’ Statement. (a) The Master Servicer shall, with cooperation of the Trustee, prepare a monthly statement substantially in the form of Exhibit D of C or in such form as may be specified in the Series Supplement for the a Series 2011-2 of Notes (each, a “Monthly Noteholders’ Statement”). The Master Servicer shall deliver to the Trustee and each Rating Agency rating a Series of Notes each such Monthly Noteholders’ Statement with respect to the such Series 2011-2 of Notes on or before the fourth Business Day before each Payment Date (unless otherwise agreed to by for such Series or on such dates as are specified in the Trustee), in Series Supplement for a Microsoft Excel electronic file (or similar electronic file), Series of Notes setting forth, inter alia, forth the following information (which, in the case of clauses (iviii), (viv) and (viv) below, shall be expressed as a dollar amount per $1,000 of the original Principal Amount of the Notes of such Series 2011-2 Notes and, in the case of clause (ixviii) shall be stated on an aggregate basis and on the basis of a dollar amount per $1,000 of the original Principal Amount of the Notes of such Series) or setting forth such information as may be required by the Series 2011-2 Supplement for a Series of Notes)::
(i) the aggregate amount of Series 2011-2 Interest Collections processed since the prior Payment Date, the aggregate amount of Principal Collections processed during the Related Month and, if applicable, during the related Series 2011-2 Amortization Principal Collection Period, and the aggregate amount of Collections processed during such periods;
(ii) the Series 2011-2 Accrued Interest Amount and the Series 2011-2 Interest Amount for the next Payment Date;
(iii) the Series 2011-2 Invested Percentage with respect to Series 2011-2 Interest Collections and Principal Collections for such Series on the Series 2011-2 Noteslast day of the Related Month;
(iviii) the total amount to be distributed to Noteholders of such Series 2011-2 Notes on the next succeeding Payment Date;
(viv) the amount of the such distribution allocable to principal on the Series 2011-2 Notes on the next Payment Dateof such Series;
(viv) the amount of the such distribution allocable to interest on the Series 2011-2 Notes on the next Payment Dateof such Series;
(viivi) the amount of any drawing under any Enhancement, if any, for such Series 2011-2 Notes for such Payment Date;
(vii) the next amount of the Monthly Servicing Fee for such Series for such Payment Date;
(viii) the amount of the Series 2011-2 Monthly Servicing Fee, the Series 2011-2 Monthly Supplemental Servicing Fee, the Group VIII Monthly Servicing Fee and the Group VIII Supplemental Servicing Fee for the next Payment Date;
(ix) the Series 2011-2 Enhancement Amount, the Series 2011-2 Enhancement Deficiency, if any, the Series 2011-2 Minimum Enhancement Amount, the Series 2011-2 Required Enhancement Percentage, the Series 2011-2 DBRS Required Enhancement Percentage, the Series 2011-2 ▇▇▇▇▇’▇ Required Enhancement Percentage, the Series 2011-2 Liquidity Amount, the Series 2011-2 Minimum Liquidity Amount, the Series 2011-2 Cash Liquidity Amount, the Series 2011-2 Letter of Credit Amount, if any, the Series 2011-2 Letter of Credit Liquidity Amount, if any, the Series 2011-2 Minimum Letter of Credit Amount, the Series 2011-2 Available Subordinated Amount, the Series 2011-2 Minimum Subordinated Amount and the Series 2011-2 Cash Collateral Account Surplus, in each case, as of the last day of the Related Month after giving effect to any expected drawings on any applicable Enhancement and payments to the applicable Enhancement Provider on the next Payment Date;
(x) the ratio of the amount available under the applicable Enhancement, to the if any, for such Series 2011-2 Invested Amount as of the next close of business on such Payment Date after giving effect to any expected drawings on the applicable Enhancement and payments to the applicable Enhancement Provider on the next such Payment Date;
(xiix) the ratio of the amount of any LOC Disbursements expected to be made with respect to available under the next Payment Date;
(xii) the Series 2011-2 Monthly Interest Shortfallapplicable Enhancement, if any, with respect to the next Payment Date;
(xiii) the Series 2011-2 Invested Amount, the Series 2011-2 Invested Percentage and the Group VIII Aggregate Invested Amount with respect to the next Payment Date;
(xiv) the Retained Interest Amount, if any, and the Retained Interest Percentage with respect to all outstanding Group VIII for such Series of Notes as of the close of business on such Payment Date after giving effect to any drawings on the last day of applicable Enhancement and payments to the Related Monthapplicable Enhancement Provider on such Payment Date;
(xvx) the total amount Pool Factor, if any, for such Series as of Vehicle Disposition Losses during the Related Monthend of the Record Date with respect to such Payment Date;
(xvi) the total amount of Vehicle Disposition Recoveries during the Related Month;
(xviixi) whether, to the knowledge of the Master Servicer, any Liens exist with respect to any of the Collateral which are not permitted under the Related Documents;
(xviiixii) whether, to the knowledge of the Master Servicer, any Lease Event of Default or Servicer Default has occurred;
(xix) whether, to the knowledge of the Master Servicer, any Amortization Event or Potential Amortization Event with respect to the Series 2011-2 Notes has occurred;
(xx) the Required Asset Amount, the Aggregate Asset Amount, Amount and the amount of any Asset Amount Deficiency and the Exchange Agreement Group VIII Rights Value, in each case, as of the last day of the Related MonthDeficiency;
(xxixiii) the Controlled Distribution Amount and the Carryover Controlled Amortization Amount (as defined for any Series or class of Notes in the applicable Series Supplement) for such Payment Date;
(xiv) the Net Book Value of Program Vehicles and the Net Book Value of Non-Program Vehicles from each Manufacturer, the rating of each such Manufacturer and the name of any Bankrupt Manufacturer, in each case, as of the last day of the Related Month;
(xxiixv) the ratios of the Non-Program Vehicles and the Program Vehicles, respectively, to all Group VIII Vehicles, and the Program Vehicle Percentage, in each case, as of the last day of the Related Month;
(xxiiixvi) the number of Group VIII Vehicles of each Manufacturer as of the last day date of the Related Month;
(xxivxvii) the average age of all Program Vehicles and average age of all Non-Program Vehicles as of the last day of the Related Month;
(xxvxviii) the average total monthly Depreciation Charges per Program Vehicle and per Non-Program Vehicle during the Related Month;; and
(xxvi) (x) the Market Value Adjustment Percentage as of the related Determination Date, (y) the Measurement Month Average and the aggregate Market Value of Non-Program Vehicles as of the last day of the Related Month and (z) the Measurement Month Average used to determine the Market Value Adjustment Percentage as of the related Determination Date if different than the Measurement Month Average as of the last day of the Related Month;
(xxvii) the Third-Party Market Value Adjustment Percentage, if any, as of the immediately preceding Third-Party Market Value Determination Date (and, if such date is a Third-Party Market Value Determination Date, such date);
(xxviii) the aggregate Capitalized Cost for all Group VIII Vehicles (other than Group VIII Vehicles subject to any Vehicle Disposition Program at the time of purchase thereof) as of the last day of the Related Month, as a percentage of the aggregate MSRP (Manufacturer Suggested Retail Price) of all such Group VIII Vehicles (determined as of the time of purchase thereof by RCFC);
(xxixxix) with respect to each Manufacturer of Group VIII Vehiclesany Series, the percentage concentration of Group VIII Vehicles of such Manufacturer (i.e., the aggregate Net Book Value of Group VIII Vehicles of such Manufacturer as a percentage of the aggregate Net Book Value of all Group VIII Vehicles) compared to the percentage concentration of all Vehicles of such Manufacturer information specified in RCFC’s fleet (i.e., the aggregate Net Book Value of Vehicles of such Manufacturer owned by RCFC as a percentage of the aggregate Net Book Value of all Vehicles owned by RCFC);
(xxx) (i) prior to a Permitted Change in Control Transaction, in each case, to the extent relevant to a financial covenant then applicable pursuant to the definition of “Servicer Financial Covenant Event of Default”, (A) the Leverage Ratio of the Master Servicer and its Subsidiaries as of the related Determination Date, (B) as of the date used for purposes of the determination of such Leverage Ratio, the amount of Corporate Debt and Corporate EBITDA, (C) the Interest Coverage Ratio of the Master Servicer and its Subsidiaries for the most recent period of four consecutive Fiscal Quarters ending prior to the related Determination Date (D) for purposes of the determination of such Interest Coverage Ratio, the amount of Corporate EBITDA and Corporate Interest Expense for the applicable period and (E) such other information as is reasonably relevant to a financial covenant then applicable pursuant to the definition of “Servicer Financial Covenant Event of Default”; and (ii) after a Permitted Change in Control Transaction, such information relative to Permitted Change in Control Counterparty Financial Covenants as agreed pursuant to this Supplement (it being understood that such information shall be agreed by the Issuer and the Controlling Noteholder in connection with the determination of any such Specified Change in Control Counterparty Financial Covenants pursuant to Section 8.12 hereof); and
(xxxi) any other information required to be included in the Monthly Noteholders’ Statement pursuant to the terms of Series Supplement for the Series 2011-2 NotesSupplement. On each Payment Date for the a Series 2011-2 of Notes or at such other times as are specified in the Series Supplement for the a Series 2011-2 of Notes, the Trustee shall forward to each Noteholder of record of Series 2011-2 Notes and all Outstanding Series, the Paying Agent (if other than the Trustee), any Note Owner, upon provision of evidence satisfactory to the Trustee as to its ownership interest, and any Enhancement Provider, and the Master Servicer, the Monthly Noteholders’ Statement for the applicable to each such Noteholders’ Series 2011-2 of Notes prepared by the Master Servicer.
Appears in 1 contract
Sources: Base Indenture (Dollar Thrifty Automotive Group Inc)
Monthly Noteholders’ Statement. The Master Servicer shall(a) On or before each Payment Date, the Trustee shall make available via its Website, initially located at www.jpmorgan.com/sfr to each Noteholder, with cooperation of the Trustee, prepare respect to each Noteh▇▇▇▇▇'▇ ▇▇▇▇▇▇▇▇ ▇▇▇ to each Rating Agency a monthly statement substantially in the form of Exhibit D of the E to this Series Supplement for prepared by the Series 2011-2 Notes (each, a “Monthly Noteholders’ Statement”). The Master Servicer shall deliver and delivered to the Trustee each such Monthly Noteholders’ Statement with respect to on the Series 2011-2 Notes on or before the fourth Business Day before each Payment preceding Determination Date (unless otherwise agreed to by the Trustee), in a Microsoft Excel electronic file (or similar electronic file), and setting forth, inter aliaamong other things, the following information (which, in the case of clauses subclauses (ivi), (vii) and (viiii) below, shall be expressed as a dollar stated on the basis of an original principal amount per of $1,000 of the original Principal Amount of the Series 2011-2 Notes per Note and, in the case of clause subclauses (ix), (x) and (xi) shall be stated on an aggregate basis and on the basis of a dollar an original principal amount per of $1,000 of the original Principal Amount of the Series 2011-2 Notesper Note):
(i) the aggregate total amount distributed to holders of Series 2011-2 Interest Collections processed since the prior Payment Date, the aggregate amount of Principal Collections processed during the Related Month and, if applicable, during the related Series 2011-2 Amortization Principal Collection Period, and the aggregate amount of Collections processed during such periodsNotes;
(ii) the Series 2011-2 Accrued Interest Amount amount of such distribution allocable to Class A Monthly Principal, Class B Monthly Principal, Class C Monthly Principal and the Series 2011-2 Interest Amount for the next Payment DateClass D Monthly Principal, respectively;
(iii) the Series 2011-2 Invested Percentage with respect amount of such distribution allocable to Series 2011-2 Class A Monthly Interest, Class A Deficiency Amounts, Class A Additional Interest, Class B Monthly Interest, Class B Deficiency Amounts, Class B Additional Interest, Class C Monthly Interest, Class C Deficiency Amounts, Class C Additional Interest Collections and Principal Collections for the Series 2011-2 NotesClass D Monthly Interest, respectively;
(iv) the total amount to be distributed to Noteholders of Series 2011-2 Collections of Principal Receivables received during the related Monthly Period and allocated in respect of the Class A Notes, Class B Notes, Class C Notes on the next succeeding Payment Dateand Class D Notes, respectively;
(v) the amount of Collections of Finance Charge Receivables received during the distribution allocable to principal on related Monthly Period and allocated in respect of the Series 2011-2 Class A Notes, Class B Notes. Class C Notes on the next Payment Dateand Class D Notes, respectively;
(vi) the aggregate amount of Principal Receivables, the distribution allocable Investor Interest, the Adjusted Investor Interest, the Class A Investor Interest, the Class A Adjusted Investor Interest, the Class B Investor Interest, the Class B Adjusted Investor Interest, the Class C Investor Interest, the Class C Adjusted Investor Interest, the Class D Investor Interest, the Floating Investor Percentage, the Class A Floating Allocation, the Class B Floating Allocation, the Class C Floating Allocation, the Class D Floating Allocation and the Fixed Investor Percentage with respect to interest on the Series 2011-2 Notes on Principal Receivables in the next Payment DateTrust as of the end of the preceding Monthly Period;
(vii) the amount aggregate outstanding balance of any drawing under any EnhancementReceivables which were 1-30 days, 31-60 days, 61-90 days, 91-120 days, 121-150 days and more than 150 days delinquent, respectively, following cancellation of the related insurance policies in accordance with the Servicer's then existing Guidelines as of the end of the preceding Monthly Period (or, if anycancellation was delayed, for Series 2011-2 Notes for whether due to a stay by reason of an Insured's bankruptcy or other reason, after the next Payment Datedate the policy would have been cancelled in the absence of such delay);
(viii) the amount Aggregate Investor Default Amount as of the Series 2011-2 end of the preceding Monthly Servicing FeePeriod and the Class A Investor Default Amount, the Series 2011-2 Monthly Supplemental Servicing FeeClass B Investor Default Amount, the Group VIII Monthly Servicing Fee Class C Investor Default Amount and the Group VIII Supplemental Servicing Fee Class D Investor Default Amount for the next Payment related Transfer Date;
(ix) the Series 2011aggregate amount of Class A Investor Charge-2 Enhancement AmountOffs, Class B Investor Charge-Offs, Class C Investor Charge-Offs, Class D Investor Charge-Offs and other reductions in the Series 2011-2 Enhancement Deficiency, if any, absence of principal distributions in the Series 2011-2 Minimum Enhancement Amount, the Series 2011-2 Required Enhancement Percentage, the Series 2011-2 DBRS Required Enhancement Percentage, the Series 2011-2 ▇▇▇▇▇’▇ Required Enhancement Percentage, the Series 2011-2 Liquidity Amount, the Series 2011-2 Minimum Liquidity Amount, the Series 2011-2 Cash Liquidity Amount, the Series 2011-2 Letter of Credit Amount, if any, the Series 2011-2 Letter of Credit Liquidity Amount, if any, the Series 2011-2 Minimum Letter of Credit Amount, the Series 2011-2 Available Subordinated Amount, the Series 2011-2 Minimum Subordinated Amount and the Series 2011-2 Cash Collateral Account Surplus, in each case, as of the last day of the Related Month after giving effect to any expected drawings on any applicable Enhancement and payments to the applicable Enhancement Provider on the next Payment Investor Interests for such Transfer Date;
(x) the ratio aggregate amount of Class A Investor Charge-Offs, Class B Investor Charge-Offs, Class C Investor Charge-Offs, Class D Investor Charge-Offs and other reductions in the amount available under absence of principal distributions in the applicable Enhancement, Investor Interests deemed to the Series 2011-2 Invested Amount as of the next Payment Date after giving effect to any expected drawings have been reimbursed on the applicable Enhancement and payments to the applicable Enhancement Provider on the next Payment such Transfer Date;
(xi) outstanding principal balance of the amount Class A Notes, the Class B Notes, the Class C Notes and the Class D Notes, respectively, as of any LOC Disbursements expected to be made with respect to the next end of the day on the Payment Date;
(xii) the Series 2011-2 Monthly Interest Shortfall, if any, with respect to the next Payment Date[Reserved];
(xiii) the Series 2011-2 Invested Amountamount of the Class A Servicing Fee, the Series 2011-2 Invested Percentage Class B Servicing Fee, the Class C Servicing Fee and the Group VIII Aggregate Invested Amount with respect to the next Payment Class D Servicing Fee for such Transfer Date;
(xiv) the Retained Interest Amountamount of Reallocated Class D Principal Collections, if any, Reallocated Class C Principal Collections and the Retained Interest Percentage Reallocated Class B Principal Collections with respect to all outstanding Group VIII Series of Notes as of the close of business on the last day of the Related Monthsuch Payment Date;
(xv) LIBOR for the total amount of Vehicle Disposition Losses during Interest Period ending on the Related Monthday before such Payment Date;
(xvi) the total amount Pool Factor as of Vehicle Disposition Recoveries during the Related Monthend of the immediately preceding Monthly Period;
(xvii) whetherthe Available Accumulation Reserve Account Amount and the amount, if any, of funds required to be withdrawn from the knowledge of the Master Servicer, any Liens exist with respect to any of the Collateral which are not permitted under the Related DocumentsAccumulation Reserve Account for such Transfer Date;
(xviii) whether, to the knowledge of the Master Servicer, any Lease Event of Default or Servicer Default has occurred[Reserved];
(xix) whether, to the knowledge of Class C Reserve Account Amount and the Master Servicer, any Amortization Event or Potential Amortization Event with respect to the Series 2011-2 Notes has occurredAnnualized Excess Spread Amount;
(xx) the Required Asset Amount, the Aggregate Asset Amount, the amount of any Asset Amount Deficiency Class A Available Funds, Class B Available Funds, Class C Available Funds and Class D Available Funds on deposit in the Exchange Agreement Group VIII Rights Value, in each case, as of Finance Charge Account on the last day of the Related Monthrelated Transfer Date;
(xxi) the Net Book Value of Program Vehicles and date on which the Net Book Value of Non-Program Vehicles from each Manufacturer, Controlled Accumulation Period and/or the rating of each such Manufacturer and the name of any Bankrupt Manufacturer, in each case, as of the last day of the Related MonthRapid Amortization Period commenced;
(xxii) the ratios of the Non-Program Vehicles and the Program Vehicles, respectively, to all Group VIII Vehicles, and the Program Vehicle Percentage, in each case, as of the last day of the Related Month[Reserved];
(xxiii) the number amount of Group VIII Vehicles of each Manufacturer as of Class A Prior Period Interest, Class B Prior Period Interest, Class C Prior Period Interest and Class D Prior Period Interest accrued on the last day of the Related MonthNotes;
(xxiv) the average age aggregate outstanding principal amount of all Program Vehicles and average age of all Non-Program Vehicles Deferred Payment Obligations as of the last day end of the Related Monthprior Monthly Period, expressed in dollars and as a percentage of the outstanding principal amount of Receivables in the Trust Estate;
(xxv) the average total monthly Depreciation Charges per Program Vehicle and per Non-Program Vehicle during aggregate outstanding principal amount of Receivables that have not been funded as of the Related Month;end of the prior Monthly Period; and
(xxvi) (x) the Market Value Adjustment Percentage such other items as of the related Determination Date, (y) the Measurement Month Average and the aggregate Market Value of Non-Program Vehicles as of the last day of the Related Month and (z) the Measurement Month Average used are set forth in Exhibit F to determine the Market Value Adjustment Percentage as of the related Determination Date if different than the Measurement Month Average as of the last day of the Related Month;this Series Supplement.
(xxviib) Annual Noteholders' Tax Statement. On or before January 31 of each calendar year, beginning with calendar year 2005, the Third-Party Market Value Adjustment Percentage, if any, as of the immediately preceding Third-Party Market Value Determination Date (and, if such date is a Third-Party Market Value Determination Date, such date);
(xxviii) the aggregate Capitalized Cost for all Group VIII Vehicles (other than Group VIII Vehicles subject to any Vehicle Disposition Program at the time of purchase thereof) as of the last day of the Related Month, as a percentage of the aggregate MSRP (Manufacturer Suggested Retail Price) of all such Group VIII Vehicles (determined as of the time of purchase thereof by RCFC);
(xxix) with respect Trustee shall distribute to each Manufacturer of Group VIII VehiclesPerson who at any time during the preceding calendar year was a Noteholder, the percentage concentration of Group VIII Vehicles of such Manufacturer (i.e., the aggregate Net Book Value of Group VIII Vehicles of such Manufacturer as a percentage of the aggregate Net Book Value of all Group VIII Vehicles) compared to the percentage concentration of all Vehicles of such Manufacturer in RCFC’s fleet (i.e., the aggregate Net Book Value of Vehicles of such Manufacturer owned by RCFC as a percentage of the aggregate Net Book Value of all Vehicles owned by RCFC);
(xxx) (i) prior to a Permitted Change in Control Transaction, in each case, to the extent relevant to a financial covenant then applicable pursuant to the definition of “Servicer Financial Covenant Event of Default”, (A) the Leverage Ratio of the Master Servicer and its Subsidiaries as of the related Determination Date, (B) as of the date used for purposes of the determination of such Leverage Ratio, the amount of Corporate Debt and Corporate EBITDA, (C) the Interest Coverage Ratio of the Master Servicer and its Subsidiaries for the most recent period of four consecutive Fiscal Quarters ending prior to the related Determination Date (D) for purposes of the determination of such Interest Coverage Ratio, the amount of Corporate EBITDA and Corporate Interest Expense for the applicable period and (E) such other information as is reasonably relevant to a financial covenant then applicable pursuant to the definition of “Servicer Financial Covenant Event of Default”; and (ii) after a Permitted Change in Control Transaction, such information relative to Permitted Change in Control Counterparty Financial Covenants as agreed pursuant to this Supplement (it being understood that such information shall be agreed statement prepared by the Issuer and Trustee containing the Controlling Noteholder in connection with the determination of any such Specified Change in Control Counterparty Financial Covenants pursuant to Section 8.12 hereof); and
(xxxi) any other information required to be included contained in the Monthly regular monthly report to Noteholders’ Statement pursuant to , as set forth in subclauses (i), (ii) and (iii) above, aggregated for such calendar year or the terms of Series Supplement for the Series 2011-2 Notes. On each Payment Date for the Series 2011-2 Notes or at applicable portion thereof during which such Person was a Noteholder, together with such other times customary information (consistent with the treatment of the Notes as are specified in debt) as the Series Supplement for Trustee deems necessary or desirable to enable the Series 2011-2 Notes, Noteholders to prepare their tax returns. Such obligations of the Trustee shall forward be deemed to each Noteholder of record of Series 2011-2 Notes and have been satisfied to the Paying Agent (if other than the Trustee), the Monthly Noteholders’ Statement for the Series 2011-2 Notes prepared extent that substantially comparable information shall be provided by the Master ServicerTrustee pursuant to any requirements of the Code as from time to time in effect.
Appears in 1 contract
Monthly Noteholders’ Statement. The Master Servicer shall, with cooperation of the Trustee, prepare a monthly statement substantially in the form of Exhibit D of the Series Supplement for the Series 20112010-2 3 Notes (each, a “Monthly Noteholders’ Statement”). The Master Servicer shall deliver to the Trustee Trustee, each Rating Agency rating the Series 2010-3 Notes each such Monthly Noteholders’ Statement with respect to the Series 20112010-2 3 Notes on or before the fourth Business Day before each Payment Date (unless otherwise agreed to by the Trustee), in a Microsoft Excel electronic file (or similar electronic file), setting forth, inter alia, the following information (which, in the case of clauses (iv), (v) and (vi) below, shall be expressed as a dollar amount per $1,000 of the original Principal Amount of the Series 20112010-2 3 Notes and, in the case of clause (ix) shall be stated on an aggregate basis and on the basis of a dollar amount per $1,000 of the original Principal Amount of the Series 20112010-2 3 Notes):
(i) the aggregate amount of Series 20112010-2 3 Interest Collections processed since the prior Payment Date, the aggregate amount of Principal Collections processed during the Related Month and, if applicable, during the related Series 20112010-2 3 Amortization Principal Collection Period, Period and the aggregate amount of Collections processed during such periods;
(ii) the Series 20112010-2 3 Accrued Interest Amount, the Series 2010-3 Interest Amount and the Series 20112010-2 3 Interest Amount Rate Cap Proceeds for the next Payment Date;
(iii) the Series 20112010-2 3 Invested Percentage with respect to Series 20112010-2 3 Interest Collections and Principal Collections for the Series 20112010-2 3 Notes;
(iv) the total amount to be distributed to Noteholders of Series 20112010-2 3 Notes on the next succeeding Payment Date;
(v) the amount of the distribution allocable to principal on the Series 20112010-2 3 Notes on the next Payment Date;
(vi) the amount of the distribution allocable to interest on the Series 20112010-2 3 Notes on the next Payment Date;
(vii) the amount of any drawing under any Enhancement, if any, for Series 20112010-2 3 Notes for the next Payment Date;
(viii) the amount of the Series 20112010-2 3 Monthly Servicing Fee, the Series 20112010-2 3 Monthly Supplemental Servicing Fee, the Group VIII VII Monthly Servicing Fee and the Group VIII VII Supplemental Servicing Fee for the next Payment Date;
(ix) the Series 20112010-2 3 Enhancement Amount, the Series 20112010-2 3 Enhancement Deficiency, if any, the Series 20112010-2 3 Minimum Enhancement Amount, the Series 20112010-2 3 Required Enhancement Percentage, the Series 20112010-2 DBRS Required Enhancement Percentage, the Series 2011-2 ▇▇▇▇▇’▇ Required Enhancement Percentage, the Series 2011-2 3 Liquidity Amount, the Series 20112010-2 3 Minimum Liquidity Amount, the Series 20112010-2 3 Cash Liquidity Amount, the Series 20112010-2 3 Letter of Credit Amount, if any, the Series 20112010-2 3 Letter of Credit Liquidity Amount, if any, the Series 20112010-2 3 Minimum Letter of Credit Amount, the Series 20112010-2 3 Available Subordinated Amount, the Series 20112010-2 3 Minimum Subordinated Amount and the Series 20112010-2 3 Cash Collateral Account Surplus, in each case, as of the last day of the Related Month after giving effect to any expected drawings on any applicable Enhancement and payments to the applicable Enhancement Provider on the next Payment Date;
(x) the ratio of the amount available under the applicable Enhancement, to the Series 20112010-2 3 Invested Amount as of the next Payment Date after giving effect to any expected drawings on the applicable Enhancement and payments to the applicable Enhancement Provider on the next Payment Date;
(xi) the amount of any LOC Disbursements expected to be made with respect to the next Payment Date;
(xii) the Series 20112010-2 3 Monthly Interest Shortfall, if any, with respect to the next Payment Date;
(xiii) the Series 20112010-2 3 Invested Amount, the Series 20112010-2 3 Invested Percentage Percentage, the Series 2010-3 Maximum Invested Amount and the Group VIII VII Aggregate Invested Amount with respect to the next Payment Date;
(xiv) the Retained Interest Amount, if any, and the Retained Interest Percentage with respect to all outstanding Group VIII VII Series of Notes as of the close of business on the last day of the Related Month;
(xv) the total amount of Vehicle Disposition Losses during the Related Month;
(xvi) the total amount of Vehicle Disposition Recoveries during the Related Month;
(xvii) whether, to the knowledge of the Master Servicer, any Liens exist with respect to any of the Collateral which are not permitted under the Related Documents;
(xviii) whether, to the knowledge of the Master Servicer, any Lease Event of Default or Servicer Default has occurred;
(xix) whether, to the knowledge of the Master Servicer, any Amortization Event or Potential Amortization Event with respect to the Series 20112010-2 3 Notes has occurred;
(xx) the Required Asset Amount, the Aggregate Asset Amount, the amount of any Asset Amount Deficiency and the Exchange Agreement Group VIII VII Rights Value, in each case, as of the last day of the Related Month;
(xxi) the Net Book Value of Program Vehicles and the Net Book Value of Non-Program Vehicles from each Manufacturer, the rating of each such Manufacturer and the name of any Bankrupt Manufacturer, in each case, as of the last day of the Related Month;
(xxii) the ratios of the Non-Program Vehicles and the Program Vehicles, respectively, to all Group VIII VII Vehicles, and the Program Vehicle Percentage, in each case, as of the last day of the Related Month;
(xxiii) the number of Group VIII VII Vehicles of each Manufacturer as of the last day of the Related Month;
(xxiv) the average age of all Program Vehicles and average age of all Non-Program Vehicles as of the last day of the Related Month;
(xxv) the average total monthly Depreciation Charges per Program Vehicle and per Non-Program Vehicle during the Related Month;
(xxvi) (x) the Market Value Adjustment Percentage as of the related Determination Date, (y) the Measurement Month Average and the aggregate Market Value of Non-Program Vehicles as of the last day of the Related Month and (z) the Measurement Month Average used to determine the Market Value Adjustment Percentage as of the related Determination Date if different than the Measurement Month Average as of the last day of the Related Month;
(xxvii) the Third-Party Market Value Adjustment Percentage, if any, as of the immediately preceding Third-Party Market Value Determination Date (and, if such date is a Third-Party Market Value Determination Date, such date);
(xxviii) the aggregate Capitalized Cost for all Group VIII Vehicles (other than Group VIII Vehicles subject to any Vehicle Disposition Program at the time of purchase thereof) as of the last day of the Related Month, as a percentage of the aggregate MSRP (Manufacturer Suggested Retail Price) of all such Group VIII Vehicles (determined as of the time of purchase thereof by RCFC);
(xxix) with respect to each Manufacturer of Group VIII Vehicles, the percentage concentration of Group VIII Vehicles of such Manufacturer (i.e., the aggregate Net Book Value of Group VIII Vehicles of such Manufacturer as a percentage of the aggregate Net Book Value of all Group VIII Vehicles) compared to the percentage concentration of all Vehicles of such Manufacturer in RCFC’s fleet (i.e., the aggregate Net Book Value of Vehicles of such Manufacturer owned by RCFC as a percentage of the aggregate Net Book Value of all Vehicles owned by RCFC);
(xxx) (i) prior to a Permitted Specified Change in Control Transaction, (w) in each case, to the extent relevant to a financial covenant then applicable pursuant to the definition of “Servicer Financial Covenant Event of Default”, (A) the Leverage Ratio of the Master Servicer and its Subsidiaries as of the related Determination Date, (B) as of the date used for purposes of the determination of such Leverage Ratio, the amount of Corporate Debt and Corporate EBITDA, (C) the Interest Coverage Ratio of the Master Servicer and its Subsidiaries for the most recent period of four consecutive Fiscal Quarters ending prior to the related Determination Date (D) for purposes of the determination of such Interest Coverage Ratio, the amount of Corporate EBITDA and Corporate Interest Expense for the applicable period and (E) such other information as is reasonably relevant to a financial covenant then applicable pursuant to the definition of “Servicer Financial Covenant Event of Default”; and (ii) after a Permitted Specified Change in Control Transaction, such information relative to Permitted Specified Change in Control Counterparty Financial Covenants as agreed pursuant to this Supplement (it being understood that such information shall be agreed by the Issuer and the Controlling Noteholder Series 2010-3 Majority Noteholders in connection with the determination of any such Specified Change in Control Counterparty Financial Covenants pursuant to Section 8.12 8.11 hereof);
(xxviii) the weighted average monthly Depreciation Charges accruing with respect to all Non-Program Vehicles during the Related Month expressed as a percentage of the average Capitalized Cost of all Non-Program Vehicles during the Related Month; and
(xxxixxix) any other information required to be included in the Monthly Noteholders’ Statement pursuant to the terms of Series Supplement for the Series 20112010-2 3 Notes. On each Payment Date for the Series 20112010-2 3 Notes or at such other times as are specified in the Series Supplement for the Series 20112010-2 3 Notes, the Trustee shall forward to each Noteholder of record of Series 20112010-2 Notes and 3 Notes, the Paying Agent (if other than the Trustee), any other Note Owner of Series 2010-3 Notes requesting the same and upon provision of evidence satisfactory to the Trustee as to its ownership interest, the Monthly Noteholders’ Statement for the Series 20112010-2 3 Notes prepared by the Master Servicer.
Appears in 1 contract
Sources: Amended and Restated Series Supplement (Dollar Thrifty Automotive Group Inc)
Monthly Noteholders’ Statement. The Master Servicer shall(a) On each Distribution Date, with cooperation the Trustee shall forward to each Noteholder of record of all outstanding Series, the Rating Agencies, the Paying Agent (if other than the Trustee, prepare ) and any Enhancement Provider a monthly statement substantially in the form of Exhibit D of the Series Supplement for the Series 2011-2 Notes (each, a “"Monthly Noteholders’ ' Statement”). The Master Servicer shall deliver to the Trustee each such Monthly Noteholders’ Statement with respect to the Series 2011-2 Notes on or before the fourth Business Day before each Payment Date (unless otherwise agreed to ") prepared by the Trustee), in a Microsoft Excel electronic file (or similar electronic file), Servicer setting forth, inter alia, forth the following information (which, in the case of clauses (iviii), (viv) and (viv) below, shall be expressed as a dollar amount per $1,000 of the original Principal Amount principal amount of the Notes of such Series 2011-2 Notes and, in the case of clause (ixviii) below shall be stated on an aggregate basis and on the basis of a dollar amount per $1,000 of the original Principal Amount principal amount of the Series 2011-2 NotesNotes of such Series):
(i) the aggregate amount of Series 2011-2 Interest Collections processed since the prior Payment Distribution Date, the aggregate amount of Principal Collections processed during the Related Month and, if applicable, during the related Series 2011-2 Amortization Principal Collection Period, and the aggregate amount of Collections processed during such periods;
(ii) the Series 2011-2 Accrued Interest Amount and the Series 2011-2 Interest Amount for the next Payment Date;
(iii) the Series 2011-2 Invested Percentage with respect to Series 2011-2 Interest Collections and Principal Collections for such Series on the Series 2011-2 Noteslast day of the Related Month;
(iviii) the total amount to be distributed to Noteholders of such Series 2011-2 Notes on the next succeeding Payment Distribution Date;
(iv) the amount of such distribution allocable to principal on each Class of the Notes of such Series;
(v) the amount of the distribution allocable to principal on the Series 2011-2 Notes on the next Payment Date;
(vi) the amount of the such distribution allocable to interest on each Class of the Series 2011-2 Notes on the next Payment Dateof such Series;
(viivi) the amount of any drawing under any Enhancement, if any, for such Series 2011-2 Notes for such Distribution Date;
(vii) the next Payment amount of the Monthly Servicing Fee for such Series for such Distribution Date;
(viii) the amount of the Series 2011-2 Monthly Servicing Fee, the Series 2011-2 Monthly Supplemental Servicing Fee, the Group VIII Monthly Servicing Fee and the Group VIII Supplemental Servicing Fee for the next Payment Date;
(ix) the Series 2011-2 Enhancement Amount, the Series 2011-2 Enhancement Deficiency, if any, the Series 2011-2 Minimum Enhancement Amount, the Series 2011-2 Required Enhancement Percentage, the Series 2011-2 DBRS Required Enhancement Percentage, the Series 2011-2 ▇▇▇▇▇’▇ Required Enhancement Percentage, the Series 2011-2 Liquidity Amount, the Series 2011-2 Minimum Liquidity Amount, the Series 2011-2 Cash Liquidity Amount, the Series 2011-2 Letter of Credit Amount, if any, the Series 2011-2 Letter of Credit Liquidity Amount, if any, the Series 2011-2 Minimum Letter of Credit Amount, the Series 2011-2 Available Subordinated Amount, the Series 2011-2 Minimum Subordinated Amount and the Series 2011-2 Cash Collateral Account Surplus, in each case, as of the last day of the Related Month after giving effect to any expected drawings on any applicable Enhancement and payments to the applicable Enhancement Provider on the next Payment Date;
(x) the ratio of the amount available under the applicable Enhancement, to the if any, for such Series 2011-2 Invested Amount as of the next Payment close of business on such Distribution Date after giving effect to any expected drawings on the applicable Enhancement and payments to the applicable Enhancement Provider on the next Payment such Distribution Date;
(xiix) the ratio of the amount of any LOC Disbursements expected to be made with respect to available under the next Payment Date;
(xii) the Series 2011-2 Monthly Interest Shortfallapplicable Enhancement, if any, with respect to the next Payment Date;
(xiii) the Series 2011-2 Invested Amount, the Series 2011-2 Invested Percentage and the Group VIII Aggregate Invested Amount with respect to the next Payment Date;
(xiv) the Retained Interest Amount, if any, and the Retained Interest Percentage with respect to all outstanding Group VIII for such Series of Notes as of the close of business on such Distribution Date after giving effect to any drawings on the last day of applicable Enhancement and payments to the Related Monthapplicable Enhancement Provider on such Distribution Date;
(xvx) the total amount Pool Factor, if any, for such Series as of Vehicle Disposition Losses during the Related Monthend of the Record Date with respect to such Distribution Date;
(xvi) the total amount of Vehicle Disposition Recoveries during the Related Month;
(xviixi) whether, to the knowledge of the Master Servicer, any Liens exist with respect to any of the Collateral which are not permitted under the Related Documents;
(xviiixii) whether, to the knowledge of the Master Servicer, any Lease Event of Default or Servicer Default has occurred;
(xix) whether, to the knowledge of the Master Servicer, any Amortization Event or Potential Amortization Event with respect to the Series 2011-2 Notes has occurred;
(xx) the Required Asset Amount, the Aggregate Asset Amount, the Aggregate Non-Repurchase Asset Amount, the Aggregate Segregated Asset Amount and the amount of any Asset Amount Deficiency and the Exchange Agreement Group VIII Rights Value, in each case, as of the last day of the Related MonthDeficiency;
(xxixiii) the Carryover Controlled Amortization Amount and the Controlled Amortization Amount (as such terms are defined for any Series or class of Notes in the related Placement Supplement) for such Distribution Date;
(xiv) the Net Book Value of Program Repurchase Vehicles (including the Net Book Value of Segregated Repurchase Vehicles for each Segregated Series of Notes) and the Net Book Value and Non-Repurchase Vehicle Value of Non-Program Vehicles from each Manufacturer, the rating of each such Manufacturer and the name of any Bankrupt Manufacturer, in each case, as of the last day of the Related Month;
(xxii) the ratios of the Non-Program Vehicles and the Program Vehicles, respectively, to all Group VIII Vehicles, and the Program Vehicle Percentage, in each case, as of the last day of the Related Month;
(xxiii) the number of Group VIII Vehicles of each Manufacturer as of the last day of the Related Month;
(xxiv) the average age of all Program Vehicles and average age of all Non-Program Repurchase Vehicles as of the last day of the Related Month;
(xxvxv) the average total monthly Depreciation Charges per Program Vehicle and per ratios of the Net Book Value of Non-Program Vehicle during Repurchase Vehicles and the Repurchase Vehicles, respectively, to the Net Book Value of all Vehicles;
(xvi) the Net Book Value of Vehicles of each Manufacturer as of the last date of the Related Month;
(xxvi) (xxvii) the Market Value Adjustment Percentage as average age of the related Determination Date, (y) the Measurement Month Average all Repurchase Vehicles and the aggregate Market Value average age of all Non-Program Repurchase Vehicles as of the last day of the Related Month and (z) the Measurement Month Average used to determine the Market Value Adjustment Percentage as of the related Determination Date if different than the Measurement Month Average as of the last day of the Related Month;
(xxviixviii) the Third-Party Market Value Adjustment Percentage, if any, as of average total monthly Depreciation Charges per Repurchase Vehicle and per Non- Repurchase Vehicle during the immediately preceding Third-Party Market Value Determination Date (and, if such date is a Third-Party Market Value Determination Date, such date)Related Month;
(xxviiixix) the aggregate Capitalized Cost for all Group VIII Net Book Value of any Vehicles (other than Group VIII Vehicles subject to any Vehicle Disposition Program at the time of purchase thereof) identified as of the last day of stolen or a Casualty during the Related Month, as a percentage of the aggregate MSRP (Manufacturer Suggested Retail Price) of all such Group VIII Vehicles (determined as of the time of purchase thereof by RCFC);
(xxixxx) the Net Book Value of any Vehicles manufactured by Mazda; and
(xxi) with respect to each Manufacturer of Group VIII Vehicles, the percentage concentration of Group VIII Vehicles of such Manufacturer (i.e., the aggregate Net Book Value of Group VIII Vehicles of such Manufacturer as a percentage of the aggregate Net Book Value of all Group VIII Vehicles) compared to the percentage concentration of all Vehicles of such Manufacturer in RCFC’s fleet (i.e., the aggregate Net Book Value of Vehicles of such Manufacturer owned by RCFC as a percentage of the aggregate Net Book Value of all Vehicles owned by RCFC);
(xxx) (i) prior to a Permitted Change in Control Transaction, in each case, to the extent relevant to a financial covenant then applicable pursuant to the definition of “Servicer Financial Covenant Event of Default”, (A) the Leverage Ratio of the Master Servicer and its Subsidiaries as of the related Determination Date, (B) as of the date used for purposes of the determination of such Leverage Ratio, the amount of Corporate Debt and Corporate EBITDA, (C) the Interest Coverage Ratio of the Master Servicer and its Subsidiaries for the most recent period of four consecutive Fiscal Quarters ending prior to the related Determination Date (D) for purposes of the determination of such Interest Coverage Ratio, the amount of Corporate EBITDA and Corporate Interest Expense for the applicable period and (E) such other information as is reasonably relevant to a financial covenant then applicable pursuant to the definition of “Servicer Financial Covenant Event of Default”; and (ii) after a Permitted Change in Control Transactionany Series, such additional information relative to Permitted Change in Control Counterparty Financial Covenants as agreed pursuant to this Supplement (it being understood that such information shall be agreed by the Issuer and the Controlling Noteholder in connection with the determination of any such Specified Change in Control Counterparty Financial Covenants pursuant to Section 8.12 hereof); and
(xxxi) any other information required to be included in the Monthly Noteholders’ Statement pursuant to the terms of Series Supplement for the Series 2011-2 Notes. On each Payment Date for the Series 2011-2 Notes or at such other times as are specified in the Series Supplement for the Series 2011-2 Notes, the Trustee shall forward to each Noteholder of record of Series 2011-2 Notes and the Paying Agent (if other than the Trustee), the Monthly Noteholders’ Statement for the Series 2011-2 Notes prepared by the Master Servicerrelated Supplement.
Appears in 1 contract
Monthly Noteholders’ Statement. The Master Servicer shall(a) On each Payment Date, with cooperation the Trustee shall forward to each Noteholder of record of all outstanding Series, the Paying Agent (if other than the Trustee), prepare any Note Owner, upon provision of evidence satisfactory to the Trustee as to its ownership interest, and any Enhancement Provider, and the Servicer, upon a monthly single submission by a Note Owner of evidence satisfactory to the Servicer as to such Note Owner's ownership interest, shall forward to such Note Owner on each Payment Date thereafter until otherwise instructed or until such Person ceases to be a Note Owner, a statement substantially in the form of Exhibit D of the Series Supplement for the Series 2011-2 Notes (each, a “"Monthly Noteholders’ ' Statement”). The Master Servicer shall deliver ") prepared by the Servicer, delivered to the Trustee each such Monthly Noteholders’ Statement with respect to and the Series 2011-2 Notes on or before the fourth Business Day before each Payment Date (unless otherwise agreed to by the Trustee), in a Microsoft Excel electronic file (or similar electronic file), Rating Agencies and setting forth, inter alia, forth the following information (which, in the case of clauses (iviii), (viv) and (viv) below, shall be expressed as a dollar amount per $1,000 of the original Principal Amount principal amount of the Notes of such Series 2011-2 Notes and, in the case of clause (ixviii) shall be stated on an aggregate basis and on the basis of a dollar amount per $1,000 of the original Principal Amount principal amount of the Series 2011-2 NotesNotes of such Series):
(i) the aggregate amount of Series 2011-2 Interest Collections processed since the prior Payment Date, the aggregate amount of Principal Collections processed during the -42- 50 Related Month and, if applicable, during the related Series 2011-2 Amortization Principal Collection Period, and the aggregate amount of Collections processed during such periods;
(ii) the Series 2011-2 Accrued Interest Amount and the Series 2011-2 Interest Amount for the next Payment Date;
(iii) the Series 2011-2 Invested Percentage with respect to Series 2011-2 Interest Collections and Principal Collections for such Series on the Series 2011-2 Noteslast day of the Related Month;
(iviii) the total amount to be distributed to Noteholders of such Series 2011-2 Notes on the next succeeding Payment Date;
(viv) the amount of the such distribution allocable to principal on the Series 2011-2 Notes on the next Payment Dateof such Series;
(viv) the amount of the such distribution allocable to interest on the Series 2011-2 Notes on the next Payment Dateof such Series;
(viivi) the amount of any drawing under any Enhancement, if any, for such Series 2011-2 Notes for such Payment Date;
(vii) the next amount of the Monthly Servicing Fee for such Series for such Payment Date;
(viii) the amount of the Series 2011-2 Monthly Servicing Fee, the Series 2011-2 Monthly Supplemental Servicing Fee, the Group VIII Monthly Servicing Fee and the Group VIII Supplemental Servicing Fee for the next Payment Date;
(ix) the Series 2011-2 Enhancement Amount, the Series 2011-2 Enhancement Deficiency, if any, the Series 2011-2 Minimum Enhancement Amount, the Series 2011-2 Required Enhancement Percentage, the Series 2011-2 DBRS Required Enhancement Percentage, the Series 2011-2 ▇▇▇▇▇’▇ Required Enhancement Percentage, the Series 2011-2 Liquidity Amount, the Series 2011-2 Minimum Liquidity Amount, the Series 2011-2 Cash Liquidity Amount, the Series 2011-2 Letter of Credit Amount, if any, the Series 2011-2 Letter of Credit Liquidity Amount, if any, the Series 2011-2 Minimum Letter of Credit Amount, the Series 2011-2 Available Subordinated Amount, the Series 2011-2 Minimum Subordinated Amount and the Series 2011-2 Cash Collateral Account Surplus, in each case, as of the last day of the Related Month after giving effect to any expected drawings on any applicable Enhancement and payments to the applicable Enhancement Provider on the next Payment Date;
(x) the ratio of the amount available under the applicable Enhancement, to the if any, for such Series 2011-2 Invested Amount as of the next close of business on such Payment Date after giving effect to any expected drawings on the applicable Enhancement and payments to the applicable Enhancement Provider on the next such Payment Date;
(xiix) the ratio of the amount of any LOC Disbursements expected to be made with respect to available under the next Payment Date;
(xii) the Series 2011-2 Monthly Interest Shortfallapplicable Enhancement, if any, with respect to the next Payment Date;
(xiii) the Series 2011-2 Invested Amount, the Series 2011-2 Invested Percentage and the Group VIII Aggregate Invested Amount with respect to the next Payment Date;
(xiv) the Retained Interest Amount, if any, and the Retained Interest Percentage with respect to all outstanding Group VIII for such Series of Notes as of the close of business on such Payment Date after giving effect to any drawings on the last day of applicable Enhancement and payments to the Related Monthapplicable Enhancement Provider on such Payment Date;
(xvx) the total amount Pool Factor, if any, for such Series as of Vehicle Disposition Losses during the Related Monthend of the Record Date with respect to such Payment Date;
(xvi) the total amount of Vehicle Disposition Recoveries during the Related Month;
(xviixi) whether, to the knowledge of the Master Servicer, any Liens exist with respect to any of the Collateral which are not permitted under the Related Documents;
(xviiixii) whether, to the knowledge of the Master Servicer, any Lease Event of Default or Servicer Default has occurred;
(xix) whether, to the knowledge of the Master Servicer, any Amortization Event or Potential Amortization Event with respect to the Series 2011-2 Notes has occurred;
(xx) the Required Asset Amount, the Aggregate Asset Amount, Amount and the amount of any Asset Amount Deficiency and the Exchange Agreement Group VIII Rights Value, in each case, as of the last day of the Related MonthDeficiency;
(xxixiii) the Controlled Distribution Amount and the Carryover Controlled Amortization Amount (as defined for any -43- 51 Series or class of Notes in the applicable Supplement) for such Payment Date;
(xiv) the Net Book Value of Program Vehicles and the Net Book Value of Non-Program Vehicles from each Manufacturer, the rating of each such Manufacturer and the name of any Bankrupt Manufacturer, in each case, as of the last day of the Related Month;
(xxiixv) the ratios of the Non-Program Vehicles and the Program Vehicles, respectively, to all Group VIII Vehicles, and the Program Vehicle Percentage, in each case, as of the last day of the Related Month;
(xxiiixvi) the number of Group VIII Vehicles of each Manufacturer as of the last day date of the Related Month;
(xxivxvii) the average age of all Program Vehicles and average age of all Non-Program Vehicles as of the last day of the Related Month;
(xxvxviii) the average total monthly Depreciation Charges per Program Vehicle and per Non-Program Vehicle during the Related Month;; and
(xxvi) (x) the Market Value Adjustment Percentage as of the related Determination Date, (y) the Measurement Month Average and the aggregate Market Value of Non-Program Vehicles as of the last day of the Related Month and (z) the Measurement Month Average used to determine the Market Value Adjustment Percentage as of the related Determination Date if different than the Measurement Month Average as of the last day of the Related Month;
(xxvii) the Third-Party Market Value Adjustment Percentage, if any, as of the immediately preceding Third-Party Market Value Determination Date (and, if such date is a Third-Party Market Value Determination Date, such date);
(xxviii) the aggregate Capitalized Cost for all Group VIII Vehicles (other than Group VIII Vehicles subject to any Vehicle Disposition Program at the time of purchase thereof) as of the last day of the Related Month, as a percentage of the aggregate MSRP (Manufacturer Suggested Retail Price) of all such Group VIII Vehicles (determined as of the time of purchase thereof by RCFC);
(xxixxix) with respect to each Manufacturer of Group VIII Vehiclesany Series, the percentage concentration of Group VIII Vehicles of such Manufacturer (i.e., the aggregate Net Book Value of Group VIII Vehicles of such Manufacturer as a percentage of the aggregate Net Book Value of all Group VIII Vehicles) compared to the percentage concentration of all Vehicles of such Manufacturer in RCFC’s fleet (i.e., the aggregate Net Book Value of Vehicles of such Manufacturer owned by RCFC as a percentage of the aggregate Net Book Value of all Vehicles owned by RCFC);
(xxx) (i) prior to a Permitted Change in Control Transaction, in each case, to the extent relevant to a financial covenant then applicable pursuant to the definition of “Servicer Financial Covenant Event of Default”, (A) the Leverage Ratio of the Master Servicer and its Subsidiaries as of the related Determination Date, (B) as of the date used for purposes of the determination of such Leverage Ratio, the amount of Corporate Debt and Corporate EBITDA, (C) the Interest Coverage Ratio of the Master Servicer and its Subsidiaries for the most recent period of four consecutive Fiscal Quarters ending prior to the related Determination Date (D) for purposes of the determination of such Interest Coverage Ratio, the amount of Corporate EBITDA and Corporate Interest Expense for the applicable period and (E) such other information as is reasonably relevant to a financial covenant then applicable pursuant to the definition of “Servicer Financial Covenant Event of Default”; and (ii) after a Permitted Change in Control Transaction, such information relative to Permitted Change in Control Counterparty Financial Covenants as agreed pursuant to this Supplement (it being understood that such information shall be agreed by the Issuer and the Controlling Noteholder in connection with the determination of any such Specified Change in Control Counterparty Financial Covenants pursuant to Section 8.12 hereof); and
(xxxi) any other information required to be included in the Monthly Noteholders’ Statement pursuant to the terms of Series Supplement for the Series 2011-2 Notes. On each Payment Date for the Series 2011-2 Notes or at such other times as are specified in the Series Supplement for the Series 2011-2 Notes, the Trustee shall forward to each Noteholder of record of Series 2011-2 Notes and the Paying Agent (if other than the Trustee), the Monthly Noteholders’ Statement for the Series 2011-2 Notes prepared by the Master Servicerrelated Supplement.
Appears in 1 contract
Sources: Base Indenture (Dollar Thrifty Automotive Group Inc)
Monthly Noteholders’ Statement. (a) The Master Servicer shallRequired Persons may at any Date after the Series 2007-A Closing Date, by giving prior notice of at least sixty (60) days, request that on or before each Payment Date, the Trustee shall forward to each Noteholder, with cooperation of the Trusteerespect to each Noteholder’s interest, prepare a monthly statement substantially in the form of Exhibit D of the Series Supplement for the Series 2011-2 Notes (eachand to each Rating Agency and Notice Person, a “Monthly Noteholders’ Statement”). The Master statement prepared by the Servicer shall deliver and delivered to the Trustee each such Monthly Noteholders’ Statement with respect to on the Series 2011-2 Notes on or before the fourth Business Day before each Payment preceding Determination Date (unless otherwise agreed to by the Trustee), in a Microsoft Excel electronic file (or similar electronic file), and setting forth, inter aliaamong other things, the following information (which, in the case of clauses (iv), (v) and (vi) below, shall be expressed as a dollar amount per $1,000 of the original Principal Amount of the Series 2011-2 Notes and, in the case of clause (ix) shall be stated on an aggregate basis and on the basis of a dollar amount per $1,000 of the original Principal Amount of the Series 2011-2 Notes):information:
(i) the aggregate total amount distributed to Holders of Series 2011-2 Interest Collections processed since the prior Payment Date, the aggregate amount of Principal Collections processed during the Related Month and, if applicable, during the related Series 2011-2 Amortization Principal Collection Period, and the aggregate amount of Collections processed during such periodsNotes;
(ii) the Series 2011-2 Accrued Interest Amount and the Series 2011-2 Interest Amount for the next Payment Dateamount of such distribution allocable to Monthly Principal;
(iii) the Series 2011-2 Invested Percentage with respect amount of such distribution allocable to Series 2011-2 Interest Collections Trustee Fees and Principal Collections for Expenses, the Series 20112007-2 NotesA Servicing Fee and Servicer’s expenses, Monthly Interest, Deficiency Amounts, Additional Interest and the Fee Amount, respectively;
(iv) the total amount to be distributed to Noteholders of Series 20112007-2 Notes on A Collections, received during the next succeeding Payment Daterelated Settlement Period;
(v) the amount aggregate Unpaid Principal Balance of the distribution allocable to principal on Loans of the Series 20112007-2 Notes on A Asset Pool, as of the next Payment Dateend of the preceding Settlement Period;
(vi) the amount aggregate Unpaid Principal Balance of Loans of the distribution allocable to interest on Series 2007-A Asset Pool which were 1-30 days, 31-60 days, 61-90 days, 91-120 days, 121-180 days and more than 180 days delinquent, respectively, following cancellation of the Series 2011-2 Notes on related insurance policies in accordance with the next Payment DateServicer’s then existing Credit and Collection Policy as of the end of the preceding Settlement Period;
(vii) the amount Delinquency Rate, the Series 2007-A Investor Default Amount, as of any drawing under any Enhancement, if any, for Series 2011-2 Notes for the next Payment Dateend of the preceding Settlement Period;
(viii) the amount Unpaid Principal Balance of the Series 2011-2 Monthly Servicing FeeNotes, as of the Series 2011-2 Monthly Supplemental Servicing Fee, end of the Group VIII Monthly Servicing Fee and day on the Group VIII Supplemental Servicing Fee for the next Payment Date;
(ix) Increases and Decreases in the Series 2011-2 Enhancement AmountNotes during the related Interest Period, the Series 2011-2 Enhancement Deficiency, if any, the Series 2011-2 Minimum Enhancement Amount, the Series 2011-2 Required Enhancement Percentage, the Series 2011-2 DBRS Required Enhancement Percentage, the Series 2011-2 ▇▇▇▇▇’▇ Required Enhancement Percentage, the Series 2011-2 Liquidity Amount, the Series 2011-2 Minimum Liquidity Amount, the Series 2011-2 Cash Liquidity Amount, the Series 2011-2 Letter of Credit Amount, if any, the Series 2011-2 Letter of Credit Liquidity Amount, if any, the Series 2011-2 Minimum Letter of Credit Amount, the Series 2011-2 Available Subordinated Amount, the Series 2011-2 Minimum Subordinated Amount and the Series 2011-2 Cash Collateral Account Surplus, in each case, as average daily balance of the last day of Notes for the Related Month after giving effect to any expected drawings on any applicable Enhancement and payments to the applicable Enhancement Provider on the next Payment Daterelated Interest Period;
(x) the ratio of Note Rate for the amount available under the applicable Enhancement, to the Series 2011-2 Invested Amount as of the next Payment Date after giving effect to any expected drawings Interest Period ending on the applicable Enhancement and payments to the applicable Enhancement Provider on the next day before such Payment Date;
(xi) the amount of any LOC Disbursements expected to be made with respect to date on which the next Payment Date;Rapid Amortization Period commenced; and
(xii) the Series 2011-2 Monthly Minimum Issuer Interest Shortfall, if any, with respect to and the next Payment Date;
(xiii) Available Issuer Interest for the Series 20112007-2 Invested Amount, the Series 2011-2 Invested Percentage and the Group VIII Aggregate Invested Amount with respect to the next Payment Date;
(xiv) the Retained Interest Amount, if any, and the Retained Interest Percentage with respect to all outstanding Group VIII Series of Notes as of the close of business on the last day of the Related Month;
(xv) the total amount of Vehicle Disposition Losses during the Related Month;
(xvi) the total amount of Vehicle Disposition Recoveries during the Related Month;
(xvii) whether, to the knowledge of the Master Servicer, any Liens exist with respect to any of the Collateral which are not permitted under the Related Documents;
(xviii) whether, to the knowledge of the Master Servicer, any Lease Event of Default or Servicer Default has occurred;
(xix) whether, to the knowledge of the Master Servicer, any Amortization Event or Potential Amortization Event with respect to the Series 2011-2 Notes has occurred;
(xx) the Required A Asset Amount, the Aggregate Asset Amount, the amount of any Asset Amount Deficiency and the Exchange Agreement Group VIII Rights Value, in each casePool, as of the last day end of the Related Month;preceding Settlement Period.
(xxib) Annual Noteholders’ Tax Statement. On or before January 31 of each calendar year, beginning with the Net Book Value of Program Vehicles and the Net Book Value of Non-Program Vehicles from each Manufacturercalendar year 2008, the rating of Trustee shall distribute to each such Manufacturer and the name of Person who at any Bankrupt Manufacturer, in each case, as of the last day of the Related Month;
(xxii) the ratios of the Non-Program Vehicles and the Program Vehicles, respectively, to all Group VIII Vehicles, and the Program Vehicle Percentage, in each case, as of the last day of the Related Month;
(xxiii) the number of Group VIII Vehicles of each Manufacturer as of the last day of the Related Month;
(xxiv) the average age of all Program Vehicles and average age of all Non-Program Vehicles as of the last day of the Related Month;
(xxv) the average total monthly Depreciation Charges per Program Vehicle and per Non-Program Vehicle time during the Related Month;
(xxvi) (x) preceding calendar year was a Noteholder, a statement prepared by the Market Value Adjustment Percentage as of the related Determination Date, (y) the Measurement Month Average Servicer and the aggregate Market Value of Non-Program Vehicles as of the last day of the Related Month and (z) the Measurement Month Average used to determine the Market Value Adjustment Percentage as of the related Determination Date if different than the Measurement Month Average as of the last day of the Related Month;
(xxvii) the Third-Party Market Value Adjustment Percentage, if any, as of the immediately preceding Third-Party Market Value Determination Date (and, if such date is a Third-Party Market Value Determination Date, such date);
(xxviii) the aggregate Capitalized Cost for all Group VIII Vehicles (other than Group VIII Vehicles subject to any Vehicle Disposition Program at the time of purchase thereof) as of the last day of the Related Month, as a percentage of the aggregate MSRP (Manufacturer Suggested Retail Price) of all such Group VIII Vehicles (determined as of the time of purchase thereof by RCFC);
(xxix) with respect to each Manufacturer of Group VIII Vehicles, the percentage concentration of Group VIII Vehicles of such Manufacturer (i.e., the aggregate Net Book Value of Group VIII Vehicles of such Manufacturer as a percentage of the aggregate Net Book Value of all Group VIII Vehicles) compared delivered to the percentage concentration of all Vehicles of such Manufacturer in RCFC’s fleet (i.e., Trustee containing the aggregate Net Book Value of Vehicles of such Manufacturer owned by RCFC as a percentage of the aggregate Net Book Value of all Vehicles owned by RCFC);
(xxx) (i) prior to a Permitted Change in Control Transaction, in each case, to the extent relevant to a financial covenant then applicable pursuant to the definition of “Servicer Financial Covenant Event of Default”, (A) the Leverage Ratio of the Master Servicer and its Subsidiaries as of the related Determination Date, (B) as of the date used for purposes of the determination of such Leverage Ratio, the amount of Corporate Debt and Corporate EBITDA, (C) the Interest Coverage Ratio of the Master Servicer and its Subsidiaries for the most recent period of four consecutive Fiscal Quarters ending prior to the related Determination Date (D) for purposes of the determination of such Interest Coverage Ratio, the amount of Corporate EBITDA and Corporate Interest Expense for the applicable period and (E) such other information as is reasonably relevant to a financial covenant then applicable pursuant to the definition of “Servicer Financial Covenant Event of Default”; and (ii) after a Permitted Change in Control Transaction, such information relative to Permitted Change in Control Counterparty Financial Covenants as agreed pursuant to this Supplement (it being understood that such information shall be agreed by the Issuer and the Controlling Noteholder in connection with the determination of any such Specified Change in Control Counterparty Financial Covenants pursuant to Section 8.12 hereof); and
(xxxi) any other information required to be included contained in the Monthly regular monthly report to Noteholders’ Statement , as set forth in subclauses (i), (ii) and (iii) above, aggregated for such calendar year or the applicable portion thereof during which such Person was a Noteholder, together with such other customary or necessary information (consistent with the treatment of the Notes as debt) as requested by the Required Persons to enable the Noteholders to prepare their tax returns. Such obligations of the Servicer shall be deemed to have been satisfied to the extent that substantially comparable information shall be provided by the Servicer pursuant to any requirements of the terms of Series Supplement for the Series 2011-2 Notes. On each Payment Date for the Series 2011-2 Notes or at such other times Code as are specified in the Series Supplement for the Series 2011-2 Notes, the Trustee shall forward effect from time to each Noteholder of record of Series 2011-2 Notes and the Paying Agent (if other than the Trustee), the Monthly Noteholders’ Statement for the Series 2011-2 Notes prepared by the Master Servicertime.
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Monthly Noteholders’ Statement. The Master Servicer shall, with cooperation of the Trustee, prepare a monthly statement substantially in the form of Exhibit D of the Series Supplement for the Series 20112010-2 3 Notes (each, a “Monthly Noteholders’ Statement”). The Master Servicer shall deliver to the Trustee Trustee, each Rating Agency rating the Series 2010-3 Notes each such Monthly Noteholders’ Statement with respect to the Series 20112010-2 3 Notes on or before the fourth Business Day before each Payment Date (unless otherwise agreed to by the Trustee), in a Microsoft Excel electronic file (or similar electronic file), setting forth, inter alia, the following information (which, in the case of clauses (iv), (v) and (vi) below, shall be expressed as a dollar amount per $1,000 of the original Principal Amount of the Series 20112010-2 3 Notes and, in the case of clause (ix) shall be stated on an aggregate basis and on the basis of a dollar amount per $1,000 of the original Principal Amount of the Series 20112010-2 3 Notes):
(i) the aggregate amount of Series 20112010-2 3 Interest Collections processed since the prior Payment Date, the aggregate amount of Principal Collections processed during the Related Month and, if applicable, during the related Series 2011-2 Amortization Principal Collection Period, and the aggregate amount of Collections processed during such periods;
(ii) the Series 20112010-2 3 Accrued Interest Amount, the Series 2010-3 Interest Amount and the Series 20112010-2 3 Interest Amount Rate Cap Proceeds for the next Payment Date;
(iii) the Series 20112010-2 3 Invested Percentage with respect to Series 20112010-2 3 Interest Collections and Principal Collections for the Series 20112010-2 3 Notes;
(iv) the total amount to be distributed to Noteholders of Series 20112010-2 3 Notes on the next succeeding Payment Date;
(v) the amount of the distribution allocable to principal on the Series 20112010-2 3 Notes on the next Payment Date;
(vi) the amount of the distribution allocable to interest on the Series 20112010-2 3 Notes on the next Payment Date;
(vii) the amount of any drawing under any Enhancement, if any, for Series 20112010-2 3 Notes for the next Payment Date;
(viii) the amount of the Series 20112010-2 3 Monthly Servicing Fee, the Series 20112010-2 3 Monthly Supplemental Servicing Fee, the Group VIII VII Monthly Servicing Fee and the Group VIII VII Supplemental Servicing Fee for the next Payment Date;
(ix) the Series 20112010-2 3 Enhancement Amount, the Series 20112010-2 3 Enhancement Deficiency, if any, the Series 20112010-2 3 Minimum Enhancement Amount, the Series 20112010-2 3 Required Enhancement Percentage, the Series 20112010-2 DBRS Required Enhancement Percentage, the Series 2011-2 ▇▇▇▇▇’▇ Required Enhancement Percentage, the Series 2011-2 3 Liquidity Amount, the Series 20112010-2 3 Minimum Liquidity Amount, the Series 20112010-2 3 Cash Liquidity Amount, the Series 20112010-2 3 Letter of Credit Amount, if any, the Series 20112010-2 3 Letter of Credit Liquidity Amount, if any, the Series 20112010-2 3 Minimum Letter of Credit Amount, the Series 20112010-2 3 Available Subordinated Amount, the Series 20112010-2 3 Minimum Subordinated Amount and the Series 20112010-2 3 Cash Collateral Account Surplus, in each case, as of the last day of the Related Month after giving effect to any expected drawings on any applicable Enhancement and payments to the applicable Enhancement Provider on the next Payment Date;
(x) the ratio of the amount available under the applicable Enhancement, to the Series 20112010-2 3 Invested Amount as of the next Payment Date after giving effect to any expected drawings on the applicable Enhancement and payments to the applicable Enhancement Provider on the next Payment Date;
(xi) the amount of any LOC Disbursements expected to be made with respect to the next Payment Date;
(xii) the Series 20112010-2 3 Monthly Interest Shortfall, if any, with respect to the next Payment Date;
(xiii) the Series 20112010-2 3 Invested Amount, the Series 20112010-2 3 Invested Percentage Percentage, the Series 2010-3 Maximum Invested Amount and the Group VIII VII Aggregate Invested Amount with respect to the next Payment Date;
(xiv) the Retained Interest Amount, if any, and the Retained Interest Percentage with respect to all outstanding Group VIII VII Series of Notes as of the close of business on the last day of the Related Month;
(xv) the total amount of Vehicle Disposition Losses during the Related Month;
(xvi) the total amount of Vehicle Disposition Recoveries during the Related Month;
(xvii) whether, to the knowledge of the Master Servicer, any Liens exist with respect to any of the Collateral which are not permitted under the Related Documents;
(xviii) whether, to the knowledge of the Master Servicer, any Lease Event of Default or Servicer Default has occurred;
(xix) whether, to the knowledge of the Master Servicer, any Amortization Event or Potential Amortization Event with respect to the Series 20112010-2 3 Notes has occurred;
(xx) the Required Asset Amount, the Aggregate Asset Amount, the amount of any Asset Amount Deficiency and the Exchange Agreement Group VIII VII Rights Value, in each case, as of the last day of the Related Month;
(xxi) the Net Book Value of Program Vehicles and the Net Book Value of Non-Program Vehicles from each Manufacturer, the rating of each such Manufacturer and the name of any Bankrupt Manufacturer, in each case, as of the last day of the Related Month;
(xxii) the ratios of the Non-Program Vehicles and the Program Vehicles, respectively, to all Group VIII VII Vehicles, and the Program Vehicle Percentage, in each case, as of the last day of the Related Month;
(xxiii) the number of Group VIII VII Vehicles of each Manufacturer as of the last day of the Related Month;
(xxiv) the average age of all Program Vehicles and average age of all Non-Program Vehicles as of the last day of the Related Month;
(xxv) the average total monthly Depreciation Charges per Program Vehicle and per Non-Program Vehicle during the Related Month;
(xxvi) (x) the Market Value Adjustment Percentage as of the related Determination Date, (y) the Measurement Month Average and the aggregate Market Value of Non-Program Vehicles as of the last day of the Related Month and (z) the Measurement Month Average used to determine the Market Value Adjustment Percentage as of the related Determination Date if different than the Measurement Month Average as of the last day of the Related Month;
(xxvii) the Third-Party Market Value Adjustment Percentage, if any, as of the immediately preceding Third-Party Market Value Determination Date (and, if such date is a Third-Party Market Value Determination Date, such date);
(xxviii) the aggregate Capitalized Cost for all Group VIII Vehicles (other than Group VIII Vehicles subject to any Vehicle Disposition Program at the time of purchase thereof) as of the last day of the Related Month, as a percentage of the aggregate MSRP (Manufacturer Suggested Retail Price) of all such Group VIII Vehicles (determined as of the time of purchase thereof by RCFC);
(xxix) with respect to each Manufacturer of Group VIII Vehicles, the percentage concentration of Group VIII Vehicles of such Manufacturer (i.e., the aggregate Net Book Value of Group VIII Vehicles of such Manufacturer as a percentage of the aggregate Net Book Value of all Group VIII Vehicles) compared to the percentage concentration of all Vehicles of such Manufacturer in RCFC’s fleet (i.e., the aggregate Net Book Value of Vehicles of such Manufacturer owned by RCFC as a percentage of the aggregate Net Book Value of all Vehicles owned by RCFC);
(xxx) (i) prior to a Permitted Specified Change in Control Transaction, in each case, to the extent relevant to a financial covenant then applicable pursuant to the definition of “Servicer Financial Covenant Event of Default”, (Ax) the Leverage Ratio Tangible Net Worth of the Master Servicer and its Subsidiaries as of the related Determination Date, (By) as of the date used for purposes of the determination of such Leverage RatioTangible Net Worth, the amount of Corporate Debt Unrestricted Cash and Corporate EBITDA, (C) the Interest Coverage Ratio of the Master Servicer and its Subsidiaries for the most recent period of four consecutive Fiscal Quarters ending prior to the related Determination Date (D) for purposes of the determination of such Interest Coverage Ratio, the amount of Corporate EBITDA and Corporate Interest Expense for the applicable period Cash Equivalent Investments and (Ez) such other information a certification as is reasonably relevant to whether or not a financial covenant then applicable pursuant to the definition of “Servicer Financial Covenant Unrestricted Cash Event of Default”; Default has occurred since the immediately preceding Determination Date, and (ii) after a Permitted Specified Change in Control Transaction, such information relative to Permitted Specified Change in Control Counterparty Financial Covenants as agreed pursuant to this Supplement (it being understood that such information shall be agreed by the Issuer and the Controlling Noteholder Series 2010-3 Majority Noteholders in connection with the determination of any such Specified Change in Control Counterparty Financial Covenants pursuant to Section 8.12 8.11 hereof); and
(xxxixxviii) any other information required to be included in the Monthly Noteholders’ Statement pursuant to the terms of Series Supplement for the Series 20112010-2 3 Notes. On each Payment Date for the Series 20112010-2 3 Notes or at such other times as are specified in the Series Supplement for the Series 20112010-2 3 Notes, the Trustee shall forward to each Noteholder of record of Series 20112010-2 Notes and 3 Notes, the Paying Agent (if other than the Trustee), any other Note Owner of Series 2010-3 Notes, the Monthly Noteholders’ Statement for the Series 20112010-2 3 Notes prepared by the Master Servicer.
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Sources: Series Supplement (Dollar Thrifty Automotive Group Inc)
Monthly Noteholders’ Statement. The Master Servicer shall, with cooperation of the Trustee, prepare a monthly statement substantially in the form of Exhibit D of the Series Supplement for the Series 20112010-2 Notes (each, a “Monthly Noteholders’ Statement”). The Master Servicer shall deliver to the Trustee and the Series 2010-2 Interest Rate Cap Counterparty each such Monthly Noteholders’ Statement with respect to the Series 20112010-2 Notes on or before the fourth Business Day before each Payment Date (unless otherwise agreed to by the Trustee), in a Microsoft Excel electronic file (or similar electronic file), setting forth, inter alia, the following information (which, in the case of clauses (iv), (v) and (vi) below, shall be expressed as a dollar amount per $1,000 of the original Principal Amount of the Series 20112010-2 Notes and, in the case of clause (ix) shall be stated on an aggregate basis and on the basis of a dollar amount per $1,000 of the original Principal Amount of the Series 20112010-2 Notes):
(i) the aggregate amount of Series 20112010-2 Interest Collections processed since the prior Payment Date, the aggregate amount of Principal Collections processed during the Related Month and, if applicable, during the related Series 2011-2 Amortization Principal Collection Period, and the aggregate amount of Collections processed during such periods;
(ii) the Series 20112010-2 Accrued Interest Amount, the Series 2010-2 Interest Amount and the Series 20112010-2 Interest Amount Rate Cap Proceeds for the next Payment Date;
(iii) the Series 20112010-2 Invested Percentage with respect to Series 20112010-2 Interest Collections and Principal Collections for the Series 20112010-2 NotesNotes on the last day of the Related Month;
(iv) the total amount to be distributed to Noteholders of Series 20112010-2 Notes on the next succeeding Payment Date;
(v) the amount of the distribution allocable to principal on the Series 20112010-2 Notes on the next Payment Date;
(vi) the amount of the distribution allocable to interest on the Series 20112010-2 Notes on the next Payment Date;
(vii) the amount of any drawing under any Enhancement, if any, for Series 20112010-2 Notes for the next Payment Date;
(viii) the amount of the Series 20112010-2 Monthly Servicing Fee, the Series 20112010-2 Monthly Supplemental Servicing Fee, the Group VIII VI Monthly Servicing Fee and the Group VIII VI Supplemental Servicing Fee for the next Payment Date;
(ix) the Series 20112010-2 Enhancement Amount, the Series 20112010-2 Enhancement Deficiency, if any, the Series 20112010-2 Minimum Enhancement Amount, the Series 20112010-2 Required Enhancement Percentage, the Series 2011-2 DBRS Required Enhancement Percentage, the Series 2011-2 ▇▇▇▇▇’▇ Required Enhancement Percentage, the Series 20112010-2 Liquidity Amount, the Series 20112010-2 Minimum Liquidity Amount, the Series 20112010-2 Cash Liquidity Amount, the Series 20112010-2 Letter of Credit Amount, if any, the Series 20112010-2 Letter of Credit Liquidity Amount, if any, the Series 20112010-2 Minimum Letter of Credit Amount, the Series 20112010-2 Available Subordinated Amount, the Series 20112010-2 Minimum Subordinated Amount and the Series 20112010-2 Cash Collateral Account Surplus, in each case, as of the last day of the Related Month after giving effect to any expected drawings on any applicable Enhancement and payments to the applicable Enhancement Provider on the next Payment Date;
(x) the ratio of the amount available under the applicable Enhancement, Enhancement to the Series 20112010-2 Invested Amount as of the next Payment Date after giving effect to any expected drawings on the applicable Enhancement and payments to the applicable Enhancement Provider on the next Payment Date;
(xi) the amount of any LOC Disbursements expected to be made with respect to the next Payment Date;
(xii) the Series 20112010-2 Monthly Interest Shortfall, if any, with respect to the next Payment Date;
(xiii) the Series 20112010-2 Invested Amount, the Series 20112010-2 Invested Percentage Percentage, the Series 2010-2 Maximum Invested Amount and the Group VIII VI Aggregate Invested Amount with respect to the next Payment Date;
(xiv) the Retained Interest Amount, if any, and the Retained Interest Percentage with respect to all outstanding Group VIII VI Series of Notes as of the close of business on the last day of the Related Month;
(xv) the total amount of Vehicle Disposition Losses during the Related Month;
(xvi) the total amount of Vehicle Disposition Recoveries during the Related Month;
(xvii) whether, to the knowledge of the Master Servicer, any Liens exist with respect to any of the Collateral which are not permitted under the Related Documents;
(xviiixvi) whether, to the knowledge of the Master Servicer, any Lease Event of Default or Servicer Default has occurred;
(xixxvii) whether, to the knowledge of the Master Servicer, any Amortization Event or Potential Amortization Event with respect to the Series 20112010-2 Notes has occurred;
(xxxviii) the Required Asset Amount, the Aggregate Asset Amount, the amount of any Asset Amount Deficiency and the Exchange Agreement Group VIII VI Rights Value, in each case, as of the last day of the Related Month;
(xxixix) the Net Book Value of Program Vehicles and the Net Book Value of Non-Program Vehicles from each Manufacturer, Manufacturer and the rating of each such Manufacturer and the name of any Bankrupt Manufacturer, in each case, as of the last day of the Related Month;
(xxii) the ratios of the Non-Program Vehicles and the Program Vehicles, respectively, to all Group VIII Vehicles, and the Program Vehicle Percentage, in each case, as of the last day of the Related Month;
(xxiiixx) the number of Group VIII VI Vehicles of each Manufacturer as of the last day of the Related Month;
(xxivxxi) the average age of all Program Vehicles and average age of all Non-Program Vehicles as of the last day of the Related Month;
(xxvxxii) the average total monthly Depreciation Charges per Program Vehicle and per Non-Program Vehicle during the Related Month;
(xxvixxiii) (x) the Market Value Adjustment Percentage as of the related Determination Date, (y) the Measurement Month Average and the aggregate Market Value of Non-Program Vehicles as of the last day of the Related Month and (z) the Measurement Month Average used to determine the Market Value Adjustment Percentage as of the related Determination Date if different than the Measurement Month Average as of the last day of the Related Month;
(xxviixxiv) the Third-Party Market Value Adjustment Percentage, if any, as of the immediately preceding Third-Party Market Value Determination Date (and, if such date is a Third-Party Market Value Determination Date, such date);
(xxviii) the aggregate Capitalized Cost for all Group VIII Vehicles (other than Group VIII Vehicles subject to any Vehicle Disposition Program at the time of purchase thereof) as of the last day of the Related Month, as a percentage of the aggregate MSRP (Manufacturer Suggested Retail Price) of all such Group VIII Vehicles (determined as of the time of purchase thereof by RCFC);
(xxix) with respect to each Manufacturer of Group VIII Vehicles, the percentage concentration of Group VIII Vehicles of such Manufacturer (i.e., the aggregate Net Book Value of Group VIII Vehicles of such Manufacturer as a percentage of the aggregate Net Book Value of all Group VIII Vehicles) compared to the percentage concentration of all Vehicles of such Manufacturer in RCFC’s fleet (i.e., the aggregate Net Book Value of Vehicles of such Manufacturer owned by RCFC as a percentage of the aggregate Net Book Value of all Vehicles owned by RCFC);
(xxx) (i) prior to a Permitted Change in Control Transaction, in each case, to the extent relevant to a financial covenant then applicable pursuant to the definition of “Servicer Financial Covenant Event of Default”, (A) the Leverage Ratio of the Master Servicer and its Subsidiaries as of the related Determination Date, (B) as of the date used for purposes of the determination of such Leverage Ratio, the amount of Corporate Debt and Corporate EBITDA, (C) the Interest Coverage Ratio of the Master Servicer and its Subsidiaries for the most recent period of four consecutive Fiscal Quarters ending prior to the related Determination Date (D) for purposes of the determination of such Interest Coverage Ratio, the amount of Corporate EBITDA and Corporate Interest Expense for the applicable period and (E) such other information as is reasonably relevant to a financial covenant then applicable pursuant to the definition of “Servicer Financial Covenant Event of Default”; and (ii) after a Permitted Change in Control Transaction, such information relative to Permitted Change in Control Counterparty Financial Covenants as agreed pursuant to this Supplement (it being understood that such information shall be agreed by the Issuer and the Controlling Noteholder in connection with the determination of any such Specified Change in Control Counterparty Financial Covenants pursuant to Section 8.12 hereof); and
(xxxixxv) any other information required to be included in the Monthly Noteholders’ Statement pursuant to the terms of Series Supplement for the Series 20112010-2 Notes. On each Payment Date for the Series 2011-2 Notes or at such other times as are specified in the Series Supplement for the Series 20112010-2 Notes, the Trustee shall forward to each Noteholder of record of Series 20112010-2 Notes and to the Paying Agent (if other than the Trustee), ) the Monthly Noteholders’ Statement for the Series 20112010-2 Notes prepared by the Master Servicer.
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