Common use of Principal Distributions Clause in Contracts

Principal Distributions. On each Distribution Date beginning with the first Distribution Date and ending on the Distribution Date before the Distribution Date on which the Class A-4 Notes have been paid in full, the Servicer, pursuant to the instructions of the 1999-A Owner Trustee, shall distribute from the 1999-A SUBI Collection Account an amount equal to the Investor Percentage of all Principal Collections collected or received in respect of the related Collection Period allocable to the 1999-A SUBI Interest to (i) the 1999-A Note Distribution Account for payment to the Class A-1 Noteholders until the Class A-1 Notes have been paid in full, (ii) the 1999-A Note Distribution Account for payment to the Class A-2 Noteholders until the Class A-2 Notes have been paid in full, (iii) the 1999-A Note Distribution Account for payment to the Class A-3 Noteholders until the Class A-3 Notes have been paid in full, (iv) the 1999-A Note Distribution Account for payment to the Class A-4 Noteholders until the Class A-4 Notes have been paid in full and (v) the 1999-A Note Distribution Account for payment of the Class A Percentage, the Class B Percentage and the Class C Percentage of any remaining Principal Collections to the Class A-5 Noteholders, Class B Noteholders and Class C Noteholders, respectively. On each Distribution Date from and after the Class A-4 Notes have been paid in full, the Servicer, pursuant to the instructions of the 1999-A Owner Trustee, shall distribute (i) to the 1999-A Note Distribution Account for payment to the Class A-5 Noteholders, the Class A Percentage of Principal Collections collected or received in respect of the related Collection Period allocable to the 1999-A SUBI Interest, (ii) subject to subsection (f) below, to the 1999-A Note Distribution Account for payment to the Class B Noteholders, the Class B Percentage of such Principal Collections and (iii) subject to subsection (f) below, to the 1999-A Note Distribution Account for payment to the Class C Noteholders, the Class C Percentage of such Principal Collections. On each Distribution Date after the Class C Notes have been paid in full, the Servicer, pursuant to the instructions of the 1999-A Owner Trustee, shall distribute to the 1999-A Certificate Distribution Account for payment to the Certificateholders the Certificate Percentage of all Principal Collections collected or received in respect of the related Collection Period allocable to the 1999-A SUBI Interest. Distributions to the 1999-A Note Distribution Account and the 1999-A Certificate Distribution Account, and subsequently to the Noteholders and Certificateholders, for payment pursuant to Sections 3.03(c)(xi), (xii), (xiv) through (xvii), (xx) and (xxi) shall constitute distributions of principal. The aggregate amount of principal distributed to any Class of Noteholders or the Certificateholders shall not exceed the Initial Note Balance or Initial Certificate Balance, as the case may be, attributable to that Class of Notes or the Certificates, as applicable. Uncovered Loss Amounts will be allocated (i) first, to the Certificateholders until the Certificate Balance equals zero, (ii) then, to the Class C Noteholders until the Class C Note Balance has been reduced to zero, (iii) then, to the Class B Noteholders until the Class B Note Balance has been reduced to zero and (iv) then, to the Class A Noteholders, pro rata, based on the Class ▇-▇, ▇▇▇▇▇ ▇-▇, Class A-3, Class A-4 and Class A-5 Allocation Percentages.

Principal Distributions. On (a) (Monthly) Subject to paragraph (b), on each Distribution Monthly Payment Date beginning with the first Distribution Date (other than a Quarterly Payment Date) and ending based on the Distribution Date calculations, instructions and directions provided to it by the Manager, the Trustee must distribute or cause to be distributed out of Principal Collections, in relation to the Monthly Collection Period ending immediately before that Monthly Payment Date, the Distribution Date on following amounts in the following order of priority: (i) first, repayment to the Mortgage Insurer of any payment in the nature of principal received from an Obligor for which the Class A-4 Notes Mortgage Insurer previously paid under the relevant Mortgage Insurance Policy by way of timely payment cover; (ii) second, to allocate to Total Available Funds any Principal Draw calculated in accordance with clause 5.6; -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- Page 34 Supplementary Term Notice ▇▇▇▇▇ ▇▇▇▇▇ & ▇▇▇▇▇▇▇ -------------------------------------------------------------------------------- (iii) third, to retain in the Collection Account as a provision such amount as the Manager determines is appropriate to make for any anticipated shortfalls in payments under clause 5.1 on the following Monthly Payment Date or Quarterly Payment Date; and (iv) fourth, subject to clause 5.5(d), to repay all Redraw Principal Outstanding under the Redraw Facility Agreement on that Payment Date. (b) (Monthly Limit) The Trustee shall only make a payment under any of sub-paragraphs (a)(i) to (a)(iv) inclusive if it is directed in writing to do so by the Manager and only to the extent that any Principal Collections remain from which to make the payment after amounts with priority to that payment have been paid in fulldistributed. (c) (Quarterly) Subject to paragraph (d), on each Quarterly Payment Date, and based on the calculations, instructions and directions provided to it by the Manager, the ServicerTrustee must distribute or cause to be distributed out of Principal Collections, pursuant in relation to the instructions Quarterly Collection Period ending immediately before that Quarterly Payment Date, the following amounts in the following order of priority: (i) first, repayment to the 1999-A Owner TrusteeMortgage Insurer of any payment in the nature of principal received from an Obligor for which the Mortgage Insurer previously paid under the relevant Mortgage Insurance Policy by way of timely payment cover; (ii) second, shall distribute from to allocate to Total Available Funds any Principal Draws calculated in accordance with clause 5.6; (iii) third, to retain in the 1999-A SUBI Collection Account as a provision such amount as the Manager determines is appropriate to make for any anticipated shortfalls in payments under clause 5.1 on the following Monthly Payment Date or Quarterly Payment Date; (iv) fourth, subject to clause 5.5(d), to repay any Redraws provided by the Approved Seller in relation to Purchased Receivables in accordance with clause 5.5 to the extent that it has not previously been reimbursed in relation to those Redraws; (v) fifth, to repay all Redraw Principal Outstanding under the Redraw Facility Agreement on that Quarterly Payment Date; (vi) sixth, to retain in the Collection Account as a provision to reimburse further Redraws an amount equal to the Investor Percentage of all Principal Collections collected or received in respect of Redraw Retention Amount for the related next Quarterly Collection Period allocable Period; (vii) seventh, as a payment to the 1999-A SUBI Interest to (i) the 1999-A Note Distribution Account for payment Currency Swap Provider under a Confirmation relating to the Class A-1 Noteholders until Notes, of an amount equal to the Class A-1 Notes have been paid in full, lesser of: (iiA) the 1999amount available for distribution under this sub-A Note Distribution Account for paragraph (vii) after all payments which have priority under this paragraph (c); and -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- Page 35 Supplementary Term Notice ▇▇▇▇▇ ▇▇▇▇▇ & ▇▇▇▇▇▇▇ -------------------------------------------------------------------------------- (viii) eighth, as a payment to the Currency Swap Provider under a Confirmation relating to the Class A-2 Noteholders until Notes, of an amount equal to the lesser of: (A) the amount available for distribution under this sub-paragraph (viii) after all payments which have priority under this paragraph (c); and (B) the A$ Equivalent of the Class A Invested Amounts for all Class A-2 Notes have been paid in fullNotes. (ix) ninth, (iii) as a payment to the 1999-A Note Distribution Account for payment Currency Swap Provider under a Confirmation relating to the Class A-3 Noteholders until Notes, of an amount equal to the Class A-3 Notes have been paid in full, lesser of: (ivA) the 1999amount available for distribution under this sub-A Note Distribution Account for payment to the Class A-4 Noteholders until the Class A-4 Notes paragraph (ix) after all payments which have been paid in full and priority under this paragraph (vc); and (B) the 1999-A Note Distribution Account for payment A$ Equivalent of the Class A PercentageInvested Amounts for all Class A-3 Notes. (x) tenth, the Class B Percentage and the Class C Percentage of any remaining Principal Collections to the Class A-5 Noteholders, Class B Noteholders and Class C Noteholders, respectively. On each Distribution Date from and after the Class A-4 Notes have been paid in full, the Servicer, pursuant to the instructions of the 1999-A Owner Trustee, shall distribute (i) to the 1999-A Note Distribution Account for payment to the Class A-5 Noteholders, the Class A Percentage of Principal Collections collected or received in respect of the related Collection Period allocable to the 1999-A SUBI Interest, (ii) subject to subsection (f) below, to the 1999-A Note Distribution Account for as payment to the Class B Noteholders, the Class B Percentage of such Principal Collections and (iii) subject to subsection (f) below, an amount equal to the 1999lesser of: (A) the amount available for distribution under this sub-A Note Distribution Account for payment to paragraph (x) after all payments which have priority under this clause 5.4; and (B) the Class C Noteholders, the Class C Percentage of such Principal Collections. On each Distribution Date after the Class C Notes have been paid in full, the Servicer, pursuant to the instructions of the 1999-A Owner Trustee, shall distribute to the 1999-A Certificate Distribution Account for payment to the Certificateholders the Certificate Percentage of all Principal Collections collected or received Invested Amounts in respect of all Class B Notes. (d) (Quarterly Limit) The Trustee shall only make a payment under any of sub-paragraphs (c)(i) to (c)(x) inclusive if it is directed in writing to do so by the related Collection Period allocable Manager and only to the 1999-A SUBI Interest. Distributions extent that any Principal Collections remain from which to make the 1999-A Note Distribution Account payment after amounts with priority to that payment have been distributed. (e) (Final Maturity Date) On the Business Day immediately following the date on which all Secured Moneys (as defined in the Security Trust Deed) are fully and the 1999-A Certificate Distribution Accountfinally repaid, and subsequently only after payment of all amounts referred to the Noteholders and Certificateholders, for payment pursuant to Sections 3.03(c)(xi), in paragraphs (xii), (xiv) through (xvii), (xxa) and (xxi) shall constitute distributions of principal. The aggregate amount of principal distributed to c), the Trustee must pay any Class of Noteholders or the Certificateholders shall not exceed the Initial Note Balance or Initial Certificate Balance, as the case may be, attributable to that Class of Notes or the Certificates, as applicable. Uncovered Loss Amounts will be allocated (i) first, Principal Collections which remain available to the Certificateholders until Approved Seller in reduction of the Certificate Balance equals zero, Principal Outstanding (iias defined in the Seller Loan Agreement) then, to as a full and final settlement of the Class C Noteholders until obligations of the Class C Note Balance has been reduced to zero, (iii) then, to Trustee under the Class B Noteholders until the Class B Note Balance has been reduced to zero and (iv) then, to the Class A Noteholders, pro rata, based on the Class ▇-▇, ▇▇▇▇▇ ▇-▇, Class A-3, Class A-4 and Class A-5 Allocation PercentagesSeller Loan Agreement.

Principal Distributions. On each Distribution Date beginning with the first Distribution Date and ending on the Distribution Date before the Distribution Date on which the Class A-4 A-3 Notes have been paid in full, the Servicer, pursuant to the instructions of the 1999-A Owner Trustee, Trustee shall distribute from the 1999-A SUBI Collection Account an amount equal to the Investor Percentage of all Principal Collections collected or received in respect of the related Collection Period allocable to the 1999-A SUBI Interest to (i) the 1999-A Note Distribution Account for payment to the Class A-1 Noteholders until the Class A-1 Notes have been paid in full, (ii) the 1999-A Note Distribution Account for payment to the Class A-2 Noteholders until the Class A-2 Notes have been paid in full, (iii) the 1999-A Note Distribution Account for payment to the Class A-3 Noteholders until the Class A-3 Notes have been paid in full, (iv) the 1999-A Note Distribution Account for payment to the Class A-4 Noteholders until the Class A-4 Notes have been paid in full and (viv) the 1999-A Note Distribution Account for payment of the Class A Percentage, the Class B Percentage and the Class C B Percentage of any remaining Principal Collections to the Class A-5 Noteholders, Class B A-4 Noteholders and Class C B Noteholders, respectively. On each Distribution Date from and after the Class A-4 A-3 Notes have been paid in full, the Servicer, pursuant to the instructions of the 1999-A Owner Trustee, Trustee shall distribute (i) to the 1999-A Note Distribution Account for payment to the Class A-5 A-4 Noteholders, the Class A Percentage of Principal Collections collected or received in respect of the related Collection Period allocable to the 1999-A SUBI Interest, Interest and (ii) subject to subsection (f) below, to the 1999-A Note Distribution Account for payment to the Class B Noteholders, the Class B Percentage of such Principal Collections and (iii) subject to subsection (f) below, to the 1999-A Note Distribution Account for payment to the Class C Noteholders, the Class C Percentage of such Principal Collections. On each Distribution Date after the Class C B Notes have been paid in full, the Servicer, pursuant to the instructions of the 1999-A Owner Trustee, Trustee shall distribute to the 1999-A Certificate Distribution Account for payment to the Certificateholders the Certificate Percentage of all Principal Collections collected or received in respect of the related Collection Period allocable to the 1999-A SUBI Interest. Distributions to the 1999-A Note Distribution Account and the 1999-A Certificate Distribution Account, and subsequently to the Noteholders and Certificateholders, for payment pursuant to Sections 3.03(c)(xi), (xii), (xiv3.03(c)(x) through (xvii), (xx) and (xxixviii) shall constitute distributions of principal. The aggregate amount of principal distributed to any Class of Noteholders or the Certificateholders shall not exceed the Initial Note Balance or Initial Certificate Balance, as the case may be, attributable to that Class of Notes or the Certificates, as applicable. Uncovered Loss Amounts will be allocated (i) first, to the Certificateholders until the Certificate Balance equals zero, (ii) then, to the Class C Noteholders until the Class C Note Balance has been reduced to zero, (iii) then, to the Class B Noteholders until the Note Balance of the Class B Note Balance Notes has been reduced to zero and (iviii) then, to the Class A Noteholders, pro rata, based on the Class ▇-▇, ▇▇▇▇▇ ▇-▇A-1, Class A-3A-2, Class A-4 A-3 and Class A-5 A-4 Allocation Percentages.