ALLOCATION OF FUNDS IN THE MASTER COLLECTION ACCOUNT DURING LIQUIDATION Sample Clauses

ALLOCATION OF FUNDS IN THE MASTER COLLECTION ACCOUNT DURING LIQUIDATION. On the Liquidation Commencement Date, the Issuer shall no longer have the right to increase the outstanding principal balance of any of the Revolving Notes. On each Business Day on and after the Liquidation Commencement Date, the Servicer shall allocate to the Noteholders (i) all collected funds on deposit in the Defeasance Account, Equalization Account, Deferred Allocation Account and Carrying Cost Account as of the Liquidation Commencement Date and (ii) all other collected funds (including Collections attributable to all Receivables whether or not such Receivables are Eligible Receivables or constitute Excess Concentration Balances) then on deposit in the Master Collection Account (other than funds which are required to be returned to Stone Persons or Lockbox Banks pursuant to SECTION 3.02(b) or are required by the terms of any Supplement to be dealt with in any other manner). All Collections which are allocated to the Noteholders as described in the immediately preceding sentence shall be held in trust by the Administrative Agent on behalf of the Trustee and, based upon -32- and in accordance with the related Settlement Statement, paid to the relevant Noteholders or other specified payees on the next Payment Date (commencing with the first Payment Date falling after the Calculation Period during which the Liquidation Period commences, except that distributions will be made pursuant to CLAUSE FIRST below on each Payment Date in the Liquidation Period): FIRST, to pay accrued Carrying Costs; PROVIDED, HOWEVER, that if any Stone Person is the Servicer, then the allocation to be made pursuant to this CLAUSE FIRST to pay the Servicing Fee shall equal only the portion of the Servicing Fee that is to be paid to Persons other than a Stone Person; SECOND, to make payments of the Principal Payment Amounts with respect to (x) each outstanding Senior Class until (and only until) the respective Outstanding Principal Balances thereof have been repaid in full and (y) thereafter to each outstanding Subordinated Class in the direct order of its relative priority (i.e., most to least prior) until the respective Outstanding Principal Balances thereof have been repaid in full;