Common use of Payments of Interest and Principal Collections Clause in Contracts

Payments of Interest and Principal Collections. Pursuant to Section 3.1 of the Indenture, on each Payment Date, the Indenture Trustee, with respect to the Notes, and the Paying Agent, with respect to the Ownership Interest, shall distribute out of the Collection Account, to the extent of the Available Payment Amount, the following amounts and in the following order of priority to the following Persons (based on the information set forth in the Servicing Certificate): (i) to the Class A Notes, the Current Interest plus the Interest Carry Forward Amount with respect to the Class A Notes; (ii) to the Class M Notes, the Current Interest plus the Interest Carry Forward Amount with respect to the Class M Notes; (iii) to the Class A Notes until the Note Principal Amount of such Class A Notes has been reduced to zero, 84.94624679% of the Principal Payment Amount; (iv) to the Class A Notes, the Principal Carry Forward Amount with respect to the Class A Notes; (v) to the Class A Notes until the Note Principal Amount of such Class A Notes has been reduced to zero, 84.94624679% of the Additional Principal Reduction Amount; (vi) to the Class M Notes until the Note Principal Amount of such Class M Notes has been reduced to zero, 15.05375321% of the Principal Payment Amount; (vii) to the Class M Notes, the Principal Carry Forward Amount with respect to the Class M Notes; (viii) to the Class M Notes until the Note Principal Amount of such Class M Notes has been reduced to zero, 15.05375321% of the Additional Principal Reduction Amount; (ix) concurrently, to the Class A Notes and to the Class M Notes until the Note Principal Amount of each such Class A and Class M Notes has been reduced to zero, 84.94624679% of the Extra Principal Payment Amount to the Class A Notes and 15.05375321% of the Extra Principal Payment Amount to the Class M Notes; (x) the Class A and Class M Notes, pro rata, according to the outstanding Class A Supplemental Interest Amount and Class M Supplemental Interest Amount, the outstanding Class A Supplemental Interest Amount and the outstanding Class M Supplemental Interest Amount; (xi) to the Owner Trustee on behalf of the Trust, an amount sufficient to pay any judgment or settlement affecting the Trust; and (xii) to the Transferor in respect of the Ownership Interest, any remaining Available Payment Amount; PROVIDED, HOWEVER, that on any Payment Date after the earlier of (i) the date on which the first auction conducted by the Indenture Trustee pursuant to Section 8.01(c) does not produce any bid at least equal to the Termination Price or (ii) the July 2012 Payment Date, any remaining amount available for payment pursuant to this Section 5.01(a)(xii) shall instead be paid concurrently, 84.94624679% to the Class A Notes and 15.05375321% to the Class M Notes, in reduction of the applicable Note Principal Amount of each Class. PROVIDED, that if the Indenture Trustee collects any money or property pursuant to Article V of the Indenture, the Indenture Trustee and the Paying Agent shall pay out the money or property as provided in Section 5.4(b) of the Indenture; and PROVIDED, FURTHER, that to the extent the Note Principal Amount of the Class A Notes has been reduced to zero, then 100% of any applicable amounts described above will be paid to the Class M Notes until the Note Principal Amount of the Class M Notes has been reduced to zero.

Payments of Interest and Principal Collections. Pursuant to Section 3.1 of the Indenture, on each Payment Date, the Indenture Trustee, with respect to the Notes, and the Paying Agent, with respect to the Ownership Interest, shall distribute out of the Collection Account, to the extent of the Available Payment Amount, the following amounts and in the following order of priority to the following Persons (based on the information set forth in the Servicing Certificate): (i) to the Class A Notes, the Current Interest plus the Interest Carry Forward Amount with respect to the Class A Notes; (ii) to the Class M Notes, the Current Interest plus the Interest Carry Forward Amount with respect to the Class M Notes; (iii) to the Class A Notes until the Note Principal Amount of such Class A Notes has been reduced to zero, 84.9462467983.28768907% of the Principal Payment Amount; (iv) to the Class A Notes, the Principal Carry Forward Amount with respect to the Class A Notes; (v) to the Class A Notes until the Note Principal Amount of such Class A Notes has been reduced to zero, 84.9462467983.28768907% of the Additional Principal Reduction Amount; (vi) to the Class M Notes until the Note Principal Amount of such Class M Notes has been reduced to zero, 15.0537532116.71231093% of the Principal Payment Amount; (vii) to the Class M Notes, the Principal Carry Forward Amount with respect to the Class M Notes; (viii) to the Class M Notes until the Note Principal Amount of such Class M Notes has been reduced to zero, 15.0537532116.71231093% of the Additional Principal Reduction Amount; (ix) concurrently, to the Class A Notes and to the Class M Notes until the Note Principal Amount of each such Class A and Class M Notes has been reduced to zero, 84.9462467983.28768907% of the Extra Principal Payment Amount to the Class A Notes and 15.0537532116.71231093% of the Extra Principal Payment Amount to the Class M Notes; (x) to the Class A and Class M Notes, pro rata, according to the outstanding Class A Supplemental Interest Amount and Class M Supplemental Interest Amount, the outstanding Class A Supplemental Interest Amount and the outstanding Class M Supplemental Interest Amount; (xi) to the Owner Trustee on behalf of the Trust, an amount sufficient to pay any judgment or settlement affecting the Trust; and (xii) to the Transferor in respect of the Ownership Interest, any remaining Available Payment Amount; PROVIDEDprovided, HOWEVERhowever, that on any Payment Date after the earlier of (i) the date on which the first auction conducted by the Indenture Trustee pursuant to Section 8.01(c) does not produce any bid at least equal to the Termination Price or (ii) the July 2012 June 2013 Payment Date, any remaining amount available for payment pursuant to this Section 5.01(a)(xii) shall instead be paid concurrently, 84.9462467983.28768907% to the Class A Notes and 15.0537532116.71231093% to the Class M Notes, in reduction of the applicable Note Principal Amount of each Class. PROVIDEDprovided, that if the Indenture Trustee collects any money or property pursuant to Article V of the Indenture, the Indenture Trustee and the Paying Agent shall pay out the money or property as provided in Section 5.4(b) of the Indenture; and PROVIDEDprovided, FURTHERfurther, that to the extent the Note Principal Amount of the Class A Notes has been reduced to zero, then 100% of any applicable amounts described above will be paid to the Class M Notes until the Note Principal Amount of the Class M Notes has been reduced to zero.

Payments of Interest and Principal Collections. Pursuant to Section 3.1 of the Indenture, on each Payment Date, the Indenture Trustee, with respect to the Notes, and the Paying Agent, with respect to the Ownership Interest, shall distribute out of the Collection Account, to the extent of the Available Payment Amount, the following amounts and in the following order of priority to the following Persons (based on the information set forth in the Servicing Certificate): (i) to the Class A Notes, the Current Interest plus the Interest Carry Forward Amount with respect to the Class A NotesNotes for such Payment Date; (ii) to the Class M Notes, the Current Interest plus the Interest Carry Forward Amount with respect to the Class M NotesNotes for such Payment Date; (iii) to the Class A Notes until the Note Principal Amount of such Class A Notes has been reduced to zero, 84.9462467983.79878864% of the Principal Payment AmountAmount for such Payment Date; (iv) to the Class A Notes, the Principal Carry Forward Amount with respect to the Class A NotesNotes for such Payment Date; (v) to the Class A Notes until the Note Principal Amount of such Class A Notes has been reduced to zero, 84.9462467983.79878864% of the Additional Principal Reduction AmountAmount for such Payment Date; (vi) to the Class M Notes until the Note Principal Amount of such Class M Notes has been reduced to zero, 15.0537532116.20121136% of the Principal Payment AmountAmount for such Payment Date; (vii) to the Class M Notes, the Principal Carry Forward Amount with respect to the Class M NotesNotes for such Payment Date; (viii) to the Class M Notes until the Note Principal Amount of such Class M Notes has been reduced to zero, 15.0537532116.20121136% of the Additional Principal Reduction AmountAmount for such Payment Date; (ix) concurrently, to the Class A Notes and to the Class M Notes until the Note Principal Amount of each such Class A and Class M Notes has been reduced to zero, 84.9462467983.79878864% of the Extra Principal Payment Amount for such Payment Date to the Class A Notes and 15.0537532116.20121136% of the Extra Principal Payment Amount for such Payment Date to the Class M Notes; (x) to the Class A and Class M Notes, pro ratarata based on unpaid Supplemental Interest Amounts, according to the outstanding Class A Supplemental Interest Amount and Class M Supplemental Interest Amount, the outstanding Class A Supplemental Interest Amount and the outstanding Class M Supplemental Interest AmountAmount for such Payment Date; (xi) to the Owner Trustee on behalf of the Trust, an amount sufficient to pay any judgment or settlement affecting the Trust; and (xii) to the Transferor in respect of the Ownership Interest, any remaining Available Payment Amount; PROVIDEDprovided, HOWEVERhowever, that on any Payment Date after the earlier of (i) the date on which the first auction conducted by the Indenture Trustee pursuant to Section 8.01(c) does not produce any bid at least equal to the Termination Price or (ii) the July 2012 September 2013 Payment Date, any remaining amount available for payment pursuant to this Section 5.01(a)(xii) shall instead be paid concurrently, 84.9462467983.79878864% to the Class A Notes and 15.0537532116.20121136% to the Class M Notes, in reduction of the applicable Note Principal Amount of each Class. PROVIDEDprovided, that if the Indenture Trustee collects any money or property pursuant to Article V of the Indenture, the Indenture Trustee and the Paying Agent shall pay out the money or property as provided in Section 5.4(b) of the Indenture; and PROVIDEDprovided, FURTHERfurther, that to the extent the Note Principal Amount of the Class A Notes has been reduced to zero, then 100% of any applicable amounts described above will be paid to the Class M Notes until the Note Principal Amount of the Class M Notes has been reduced to zero.

Payments of Interest and Principal Collections. Pursuant to Section 3.1 of the Indenture, on each Payment Date, the Indenture Trustee, with respect to the Notes, and the Paying Agent, with respect to the Ownership Interest, shall distribute out of the Collection Account, to the extent of the Available Payment Amount, the following amounts and in the following order of priority to the following Persons (based on the information set forth in the Servicing Certificate): (i) to the Class A Notes, the Current Interest plus the Interest Carry Forward Amount with respect to the Class A Notes; (ii) to the Class M Notes, the Current Interest plus the Interest Carry Forward Amount with respect to the Class M Notes; (iii) to the Class A Notes until the Note Principal Amount of such Class A Notes has been reduced to zero, 84.94624679[__________]% of the Principal Payment Amount; (iv) to the Class A Notes, the Principal Carry Forward Amount with respect to the Class A Notes; (v) to the Class A Notes until the Note Principal Amount of such Class A Notes has been reduced to zero, 84.94624679[__________]% of the Additional Principal Reduction Amount; (vi) to the Class M Notes until the Note Principal Amount of such Class M Notes has been reduced to zero, 15.05375321[__________]% of the Principal Payment Amount; (vii) to the Class M Notes, the Principal Carry Forward Amount with respect to the Class M Notes; (viii) to the Class M Notes until the Note Principal Amount of such Class M Notes has been reduced to zero, 15.05375321[__________]% of the Additional Principal Reduction Amount; (ix) concurrently, to the Class A Notes and to the Class M Notes until the Note Principal Amount of each such Class A and Class M Notes has been reduced to zero, 84.94624679[___________]% of the Extra Principal Payment Amount to the Class A Notes and 15.05375321[__________]% of the Extra Principal Payment Amount to the Class M Notes; (x) the Class A and Class M Notes, pro rata, according to the outstanding Class A Supplemental Interest Amount and Class M Supplemental Interest Amount, the outstanding Class A Supplemental Interest Amount and the outstanding Class M Supplemental Interest Amount; (xi) to the Owner Trustee on behalf of the Trust, an amount sufficient to pay any judgment or settlement affecting the Trust; and (xii) to the Transferor in respect of the Ownership Interest, any remaining Available Payment Amount; PROVIDED, HOWEVER, that on any Payment Date after the earlier of (i) the date on which the first auction conducted by the Indenture Trustee pursuant to Section 8.01(c) does not produce any bid at least equal to the Termination Price or (ii) the July 2012 [__________] Payment Date, any remaining amount available for payment pursuant to this Section 5.01(a)(xii) shall instead be paid concurrently, 84.94624679[__________]% to the Class A Notes and 15.05375321[__________]% to the Class M Notes, in reduction of the applicable Note Principal Amount of each Class. PROVIDED, that if the Indenture Trustee collects any money or property pursuant to Article V of the Indenture, the Indenture Trustee and the Paying Agent shall pay out the money or property as provided in Section 5.4(b) of the Indenture; and PROVIDED, FURTHER, that to the extent the Note Principal Amount of the Class A Notes has been reduced to zero, then 100% of any applicable amounts described above will be paid to the Class M Notes until the Note Principal Amount of the Class M Notes has been reduced to zero.

Payments of Interest and Principal Collections. Pursuant to Section 3.1 of the Indenture, on each Payment Date, the Indenture Trustee, with respect to the Notes, and the Paying Agent, with respect to the Ownership Interest, shall distribute out of the Collection Account, to the extent of the Available Payment Amount, the following amounts and in the following order of priority to the following Persons (based on the information set forth in the Servicing Certificate): (i) to the Class A Notes, the Current Interest plus the Interest Carry Forward Amount with respect to the Class A NotesNotes for such Payment Date; (ii) to the Class M Notes, the Current Interest plus the Interest Carry Forward Amount with respect to the Class M NotesNotes for such Payment Date; (iii) to the Class A Notes until the Note Principal Amount of such Class A Notes has been reduced to zero, 84.9462467983.52274733% of the Principal Payment AmountAmount for such Payment Date; (iv) to the Class A Notes, the Principal Carry Forward Amount with respect to the Class A NotesNotes for such Payment Date; (v) to the Class A Notes until the Note Principal Amount of such Class A Notes has been reduced to zero, 84.9462467983.52274733% of the Additional Principal Reduction AmountAmount for such Payment Date; (vi) to the Class M Notes until the Note Principal Amount of such Class M Notes has been reduced to zero, 15.0537532116.47725267% of the Principal Payment AmountAmount for such Payment Date; (vii) to the Class M Notes, the Principal Carry Forward Amount with respect to the Class M NotesNotes for such Payment Date; (viii) to the Class M Notes until the Note Principal Amount of such Class M Notes has been reduced to zero, 15.0537532116.47725267% of the Additional Principal Reduction AmountAmount for such Payment Date; (ix) concurrently, to the Class A Notes and to the Class M Notes until the Note Principal Amount of each such Class A and Class M Notes has been reduced to zero, 84.9462467983.52274733% of the Extra Principal Payment Amount for such Payment Date to the Class A Notes and 15.0537532116.47725267% of the Extra Principal Payment Amount for such Payment Date to the Class M Notes; (x) to the Class A and Class M Notes, pro ratarata based on unpaid Supplemental Interest Amounts, according to the outstanding Class A Supplemental Interest Amount and Class M Supplemental Interest Amount, the outstanding Class A Supplemental Interest Amount and the outstanding Class M Supplemental Interest AmountAmount for such Payment Date; (xi) to the Owner Trustee on behalf of the Trust, an amount sufficient to pay any judgment or settlement affecting the Trust; and (xii) to the Transferor in respect of the Ownership Interest, any remaining Available Payment Amount; PROVIDEDprovided, HOWEVERhowever, that on any Payment Date after the earlier of (i) the date on which the first auction conducted by the Indenture Trustee Trustee, or an agent of the Indenture Trustee, pursuant to Section 8.01(c) does not produce any bid at least equal to the Termination Price or (ii) the July 2012 December 2013 Payment Date, any remaining amount available for payment pursuant to this Section 5.01(a)(xii) shall instead be paid concurrently, 84.9462467983.52274733% to the Class A Notes and 15.0537532116.47725267% to the Class M Notes, in reduction of the applicable Note Principal Amount of each Class. PROVIDED; provided, that if the Indenture Trustee collects any money or property pursuant to Article V of the Indenture, the Indenture Trustee and the Paying Agent shall pay out the money or property as provided in Section 5.4(b) of the Indenture; and PROVIDEDprovided, FURTHERfurther, that to the extent the Note Principal Amount of the Class A Notes has been reduced to zero, then 100% of any applicable amounts described above will be paid to the Class M Notes until the Note Principal Amount of the Class M Notes has been reduced to zero.