BALANCE. On or prior to the second Business Day preceding each Distribution Date, the Administrator shall instruct the Trustee and the Paying Agent in writing pursuant to the Administration Agreement to pay the balance (after making the payments required in Section 2.4), if any, of the amounts available from the Series 2003-5 Accrued Interest Account and the Series 2003-5 Distribution Account, plus the amount, if any, drawn under the Series 2003-5 Letters of Credit and/or withdrawn from the Series 2003-5 Cash Collateral Account pursuant to Section 2.3(c) plus the amount, if any, withdrawn from the Series 2003-5 Reserve Account pursuant to Section 2.3(d) as follows: (i) on each Distribution Date during the Series 2003-5 Revolving Period or a Series 2003-5 Controlled Amortization Period, (1) first, to the Surety Provider, in an amount equal to (x) the Surety Provider Fee for the related Series 2003-5 Interest Period and, without duplication, (y) any Surety Provider Reimbursement Amounts then due and owing, (2) second, to the Administrator, an amount equal to the Series 2003-5 Percentage as of the beginning of such Series 2003-5 Interest Period of the portion of the Monthly Administration Fee payable by AFC-II (as specified in clause (iii) of the definition thereof) for such Series 2003-5 Interest Period, (3) third, to the Trustee, an amount equal to the Series 2003-5 Percentage as of the beginning of such Series 2003-5 Interest Period of the Trustee’s fees for such Series 2003-5 Interest Period, (4) fourth, to pay any Carrying Charges (other than Carrying Charges provided for above) to the Persons to whom such amounts are owed, an amount equal to the Series 2003-5 Percentage as of the beginning of such Series 2003-5 Interest Period of such Carrying Charges (other than Carrying Charges provided for above) for such Series 2003-5 Interest Period, (5) fifth, if AFC-II is required to replace the Series 2003-5 Interest Rate Cap Counterparty pursuant to Section 2.10(b), the initial payment, if any, to be made by AFC-II to the replacement Series 2003-5 Interest Rate Cap Counterparty and (6) sixth, the balance, if any (“Excess Collections”), shall be withdrawn by the Paying Agent from the Series 2003-5 Collection Account and deposited in the Series 2003-5 Excess Collection Account; and (ii) on each Distribution Date during the Series 2003-5 Rapid Amortization Period, (1) first, to the Surety Provider, in an amount equal to (x) the Surety Provider Fee for the related Series 2003-5 Interest Period and, without duplication, (y) any Surety Provider Reimbursement Amounts then due and owing, (2) second, to the Trustee, an amount equal to the Series 2003-5 Percentage as of the beginning of such Series 2003-5 Interest Period of the Trustee’s fees for such Series 2003-5 Interest Period, (3) third, to the Administrator, an amount equal to the Series 2003-5 Percentage as of the beginning of such Series 2003-5 Interest Period of the portion of the Monthly Administration Fee (as specified in clause (iii) of the definition thereof) payable by AFC-II for such Series 2003-5 Interest Period, (4) fourth, to pay any Carrying Charges (other than Carrying Charges provided for above) to the Persons to whom such amounts are owed, an amount equal to the Series 2003-5 Percentage as of the beginning of such Series 2003-5 Interest Period of such Carrying Charges (other than Carrying Charges provided for above) for such Series 2003-5 Interest Period, (5) fifth, if AFC-II is required to replace the Series 2003-5 Interest Rate Cap Counterparty pursuant to Section 2.10(b), the initial payment, if any, to be made by AFC-II to the replacement Series 2003-5 Interest Rate Cap Counterparty and (6) sixth, so long as the Series 2003-5 Invested Amount is greater than the Series 2003-5 Principal Allocations on such Distribution Date, an amount equal to the excess of the Series 2003-5 Invested Amount over the Series 2003-5 Principal Allocations on such Distribution Date shall be treated as Principal Collections.
Appears in 2 contracts
Sources: Series Supplement (Avis Group Holdings Inc), Series Supplement (Cendant Corp)
BALANCE. On or prior to the second Business Day preceding each Distribution Date, the Administrator shall instruct the Trustee and the Paying Agent in writing pursuant to the Administration Agreement to pay the balance (after making the payments required in Section 2.43.3(a)), if any, of the amounts available from the Series 20032004-5 4 Accrued Interest Account and the Series 2003-5 Distribution Account, plus the amount, if any, drawn under the Series 2003-5 Letters of Credit and/or withdrawn from the Series 2003-5 Cash Collateral Account pursuant to Section 2.3(c) plus the amount, if any, withdrawn from the Series 2003-5 Reserve Account pursuant to Section 2.3(d) as follows:
(i) on each Distribution Date during the Series 20032004-5 4 Revolving Period or a Series 2003-5 Controlled Amortization Period, (1) first, to the Surety Provider, in an amount equal to (x) the Surety Provider Fee for the related Series 2003-5 Interest Period and, without duplication, (y) any Surety Provider Reimbursement Amounts then due and owing, (2) second, to the Administrator, an amount equal to the Series 20032004-5 4 Percentage as of the beginning of such Series 20032004-5 4 Interest Period of the portion of the Monthly Administration Fee payable by AFC-II CRCF (as specified in clause (iii) of the definition thereof) for such Series 20032004-5 4 Interest Period, (32) thirdsecond, to the Trustee, an amount equal to the Series 20032004-5 4 Percentage as of the beginning of such Series 20032004-5 4 Interest Period of the Trustee’s fees for such Series 20032004-5 4 Interest Period, (3) third, to the Series 2004-4 Distribution Account to pay any Article VII Costs, (4) fourth, to pay any Carrying Charges (other than Carrying Charges provided for above) to the Persons to whom such amounts are owed, an amount equal to the Series 20032004-5 4 Percentage as of the beginning of such Series 20032004-5 4 Interest Period of such Carrying Charges (other than Carrying Charges provided for above) for such Series 20032004-5 4 Interest Period, and (5) fifth, if AFC-II is required to replace the Series 2003-5 Interest Rate Cap Counterparty pursuant to Section 2.10(b), the initial payment, if any, to be made by AFC-II to the replacement Series 2003-5 Interest Rate Cap Counterparty and (6) sixth, the balance, if any (“Excess Collections”), shall be withdrawn by the Paying Agent from the Series 20032004-5 4 Collection Account and deposited in the Series 20032004-5 4 Excess Collection Account; and
(ii) on each Distribution Date during the Series 20032004-5 Rapid 4 Amortization Period, (1) first, to the Surety Provider, in an amount equal to (x) the Surety Provider Fee for the related Series 2003-5 Interest Period and, without duplication, (y) any Surety Provider Reimbursement Amounts then due and owing, (2) second, to the Trustee, an amount equal to the Series 20032004-5 4 Percentage as of the beginning of such Series 20032004-5 4 Interest Period of the Trustee’s fees for such Series 20032004-5 4 Interest Period, (32) thirdsecond, to the Administrator, an amount equal to the Series 20032004-5 4 Percentage as of the beginning of such Series 20032004-5 4 Interest Period of the portion of the Monthly Administration Fee (as specified in clause (iii) of the definition thereof) payable by AFC-II CRCF for such Series 20032004-5 4 Interest Period, (3) third, to the Series 2004-4 Distribution Account to pay any Article VII Costs, (4) fourth, to pay any Carrying Charges (other than Carrying Charges provided for above) to the Persons to whom such amounts are owed, an amount equal to the Series 20032004-5 4 Percentage as of the beginning of such Series 20032004-5 4 Interest Period of such Carrying Charges (other than Carrying Charges provided for above) for such Series 20032004-5 4 Interest Period, and (5) fifth, if AFC-II is required to replace the Series 2003-5 Interest Rate Cap Counterparty pursuant to Section 2.10(b), the initial paymentbalance, if any, to be made by AFC-II to the replacement Series 2003-5 Interest Rate Cap Counterparty and (6) sixth, so long as the Series 2003-5 Invested Amount is greater than the Series 2003-5 Principal Allocations on such Distribution Date, an amount equal to the excess of the Series 2003-5 Invested Amount over the Series 2003-5 Principal Allocations on such Distribution Date shall be treated as Principal Collections.
Appears in 2 contracts
Sources: Series 2004 4 Supplement (Cendant Corp), Series 2004 4 Supplement (Cendant Corp)
BALANCE. On or the fourth Business Day prior to the second Business Day preceding each Distribution Payment Date, the Administrator shall instruct the Trustee and the Paying Agent in writing pursuant to the Administration Agreement to pay on such Payment Date the balance (after making the payments required in Section 2.42.4 of this Series Supplement), if any, of the amounts available from the Series 20032009-5 2 Accrued Interest Account and the Series 2003-5 Distribution Account, plus the amount, if any, drawn under the Series 2003-5 Letters of Credit and/or withdrawn from the Series 2003-5 Cash Collateral Account pursuant to Section 2.3(c) plus the amount, if any, withdrawn from the Series 2003-5 Reserve Account pursuant to Section 2.3(d) as follows:
(i) on each Distribution Date during the Series 2003-5 Revolving Period or a Series 2003-5 Controlled Amortization Period, (1) first, to pay the Surety ProviderAdministrator, in an amount equal to (x) the Surety Provider Series 2009-2 Percentage as of the beginning of the Series 2009-2 Interest Period ending on the day preceding such Payment Date of the Monthly Administration Fee for the related such Series 20032009-5 2 Interest Period and, without duplication, Period;
(y) any Surety Provider Reimbursement Amounts then due and owing, (2ii) second, to pay the AdministratorTrustee, in an amount equal to the Series 20032009-5 2 Percentage as of the beginning of such the Series 20032009-5 2 Interest Period of ending on the portion of the Monthly Administration Fee payable by AFC-II (as specified in clause (iii) of the definition thereof) for day preceding such Series 2003-5 Interest Period, (3) third, to the Trustee, an amount equal to the Series 2003-5 Percentage as of the beginning of such Series 2003-5 Interest Period Payment Date of the Trustee’s fees for such Series 20032009-5 2 Interest Period;
(iii) third, (4) fourthon a pro rata basis, to pay any Indenture Carrying Charges (other than Indenture Carrying Charges provided for above) to the Persons to whom such amounts are owed, in an amount equal to the Series 20032009-5 2 Percentage as of the beginning of such the Series 20032009-5 2 Interest Period ending on the day preceding such Payment Date of such Indenture Carrying Charges (other than Indenture Carrying Charges provided for above) for such Series 20032009-5 2 Interest Period, ; and
(5iv) fifth, if AFC-II is required to replace the Series 2003-5 Interest Rate Cap Counterparty pursuant to Section 2.10(b), the initial payment, if any, to be made by AFC-II to the replacement Series 2003-5 Interest Rate Cap Counterparty and (6) sixthfourth, the balance, if any (“Excess Collections”)any, shall be withdrawn by the Paying Agent from the Series 20032009-5 Collection 2 Accrued Interest Account by the Trustee and deposited in the Series 2003-5 Excess Collection Account; and
(iiA) on each Distribution Date during the Series 20032009-5 2 Revolving Period, deposited into the Series 2009-2 Excess Collection Account or (B) during the Series 2009-2 Controlled Amortization Period or the Series 2009-2 Rapid Amortization Period, (1) first, to the Surety Provider, in an amount equal to (x) the Surety Provider Fee for the related Series 2003-5 Interest Period and, without duplication, (y) any Surety Provider Reimbursement Amounts then due and owing, (2) second, to the Trustee, an amount equal to deposited into the Series 20032009-5 Percentage as of the beginning of such Series 2003-5 Interest Period of the Trustee’s fees for such Series 2003-5 Interest Period, (3) third, to the Administrator, an amount equal to the Series 2003-5 Percentage as of the beginning of such Series 2003-5 Interest Period of the portion of the Monthly Administration Fee (as specified in clause (iii) of the definition thereof) payable by AFC-II for such Series 2003-5 Interest Period, (4) fourth, to pay any Carrying Charges (other than Carrying Charges provided for above) to the Persons to whom such amounts are owed, an amount equal to the Series 2003-5 Percentage as of the beginning of such Series 2003-5 Interest Period of such Carrying Charges (other than Carrying Charges provided for above) for such Series 2003-5 Interest Period, (5) fifth, if AFC-II is required to replace the Series 2003-5 Interest Rate Cap Counterparty pursuant to Section 2.10(b), the initial payment, if any, to be made by AFC-II to the replacement Series 2003-5 Interest Rate Cap Counterparty 2 Collection Account and (6) sixth, so long as the Series 2003-5 Invested Amount is greater than the Series 2003-5 Principal Allocations on such Distribution Date, an amount equal to the excess of the Series 2003-5 Invested Amount over the Series 2003-5 Principal Allocations on such Distribution Date shall be treated as Principal Collections.
Appears in 2 contracts
Sources: Amended and Restated Series Supplement (Hertz Global Holdings Inc), Series Supplement (Hertz Global Holdings Inc)
BALANCE. On or prior to the second Business Day preceding each Distribution Date, the Administrator shall instruct the Trustee and the Paying Agent in writing pursuant to the Administration Agreement to pay the balance (after making the payments required in Section 2.43.3(a)), if any, of the amounts available from the Series 20032015-5 3 Accrued Interest Account and the Series 2003-5 Distribution Account, plus the amount, if any, drawn under the Series 2003-5 Letters of Credit and/or withdrawn from the Series 2003-5 Cash Collateral Account pursuant to Section 2.3(c) plus the amount, if any, withdrawn from the Series 2003-5 Reserve Account pursuant to Section 2.3(d) as follows:
(i) on each Distribution Date during the Series 20032015-5 3 Revolving Period or a any Series 20032015-5 3 Controlled Amortization Period, (1) first, to the Surety ProviderSeries 2015-3 Reserve Account, in an amount equal to the sum of (x) the Surety Provider Fee aggregate Contingent Monthly Funding Costs with respect to all Purchaser Groups for the related Series 20032015-5 3 Interest Period and, without duplication, ended on the day preceding such Distribution Date and (y) any Surety Provider Reimbursement Amounts then due and owingContingent Monthly Funding Costs Shortfall as of the immediately preceding Distribution Date (together with accrued interest thereon), (2) second, to the Administrator, an amount equal to the Series 20032015-5 3 Percentage as of the beginning of such Series 20032015-5 3 Interest Period of the portion of the Monthly Administration Fee payable by AFC-II ABRCF (as specified in clause (iii) of the definition thereof) for such Series 20032015-5 3 Interest Period, (3) third, to the Trustee, an amount equal to the Series 20032015-5 3 Percentage as of the beginning of such Series 20032015-5 3 Interest Period of the Trustee’s fees for such Series 20032015-5 3 Interest Period, (4) fourth, to the Series 2015-3 Distribution Account to pay any Article VII Costs, (5) fifth, to pay any Carrying Charges (other than Carrying Charges provided for above) to the Persons to whom such amounts are owed, an amount equal to the Series 2015-3 Percentage as of the beginning of such Series 2015-3 Interest Period of such Carrying Charges (other than Carrying Charges provided for above) for such Series 2015-3 Interest Period, (6) sixth, to the Series 2015-3 Reserve Account, an amount equal to the sum of (x) the Class R Monthly Interest with respect to the Series 2015-3 Interest Period ended on the day preceding such Distribution Date and (y) the Class R Monthly Interest Shortfall as of the immediately preceding Distribution Date, and (7) seventh, the balance, if any (“Excess Collections”), shall be withdrawn by the Paying Agent from the Series 2015-3 Collection Account and deposited in the Series 2015-3 Excess Collection Account; and
(ii) on each Distribution Date during the Series 2015-3 Rapid Amortization Period, (1) first, to the Trustee, an amount equal to the Series 2015-3 Percentage as of the beginning of such Series 2015-3 Interest Period of the Trustee’s fees for such Series 2015-3 Interest Period, (2) second, to the Administrator, an amount equal to the Series 2015-3 Percentage as of the beginning of such Series 2015-3 Interest Period of the portion of the Monthly Administration Fee (as specified in clause (iii) of the definition thereof) payable by ABRCF for such Series 2015-3 Interest Period, (3) third, to the Series 2015-3 Distribution Account to pay any Article VII Costs, (4) fourth, to pay any Carrying Charges (other than Carrying Charges provided for above) to the Persons to whom such amounts are owed, an amount equal to the Series 20032015-5 3 Percentage as of the beginning of such Series 20032015-5 3 Interest Period of such Carrying Charges (other than Carrying Charges provided for above) for such Series 20032015-5 3 Interest Period, (5) fifth, if AFC-II is required to replace the Series 20032015-5 Interest Rate Cap Counterparty pursuant to Section 2.10(b)3 Reserve Account, the initial payment, if any, to be made by AFC-II an amount equal to the replacement sum of (x) the Class R Monthly Interest with respect to the Series 20032015-5 3 Interest Rate Cap Counterparty Period ended on the day preceding such Distribution Date and (y) the Class R Monthly Interest Shortfall as of the immediately preceding Distribution Date, and (6) sixth, the balance, if any (“Excess Collections”), shall be withdrawn by the Paying Agent from the Series 2003-5 Collection Account and deposited in the Series 2003-5 Excess Collection Account; and
(ii) on each Distribution Date during the Series 2003-5 Rapid Amortization Period, (1) first, to the Surety Provider, in an amount equal to (x) the Surety Provider Fee for the related Series 2003-5 Interest Period and, without duplication, (y) any Surety Provider Reimbursement Amounts then due and owing, (2) second, to the Trustee, an amount equal to the Series 2003-5 Percentage as of the beginning of such Series 2003-5 Interest Period of the Trustee’s fees for such Series 2003-5 Interest Period, (3) third, to the Administrator, an amount equal to the Series 2003-5 Percentage as of the beginning of such Series 2003-5 Interest Period of the portion of the Monthly Administration Fee (as specified in clause (iii) of the definition thereof) payable by AFC-II for such Series 2003-5 Interest Period, (4) fourth, to pay any Carrying Charges (other than Carrying Charges provided for above) to the Persons to whom such amounts are owed, an amount equal to the Series 2003-5 Percentage as of the beginning of such Series 2003-5 Interest Period of such Carrying Charges (other than Carrying Charges provided for above) for such Series 2003-5 Interest Period, (5) fifth, if AFC-II is required to replace the Series 2003-5 Interest Rate Cap Counterparty pursuant to Section 2.10(b), the initial payment, if any, to be made by AFC-II to the replacement Series 2003-5 Interest Rate Cap Counterparty and (6) sixth, so long as the Series 2003-5 Invested Amount is greater than the Series 2003-5 Principal Allocations on such Distribution Date, an amount equal to the excess of the Series 2003-5 Invested Amount over the Series 2003-5 Principal Allocations on such Distribution Date shall be treated as Principal Collections.
Appears in 2 contracts
Sources: Fourth Amended and Restated Series 2015 3 Supplement (Avis Budget Group, Inc.), Third Amended and Restated Series 2015 3 Supplement (Avis Budget Group, Inc.)
BALANCE. On or prior to the second Business Day preceding each Distribution Date, the Administrator shall instruct the Trustee and the Paying Agent in writing pursuant to the Administration Agreement to pay the balance (after making the payments required in Section 2.43.3(a)), if any, of the amounts available from the Series 20032010-5 6 Accrued Interest Account and the Series 2003-5 Distribution Account, plus the amount, if any, drawn under the Series 2003-5 Letters of Credit and/or withdrawn from the Series 2003-5 Cash Collateral Account pursuant to Section 2.3(c) plus the amount, if any, withdrawn from the Series 2003-5 Reserve Account pursuant to Section 2.3(d) as follows:
(i) on each Distribution Date during the Series 20032010-5 6 Revolving Period or a any Series 20032010-5 6 Controlled Amortization Period, (1) first, to the Surety ProviderSeries 2010-6 Reserve Account, in an amount equal to the sum of (x) the Surety Provider Fee aggregate Contingent Monthly Funding Costs with respect to all Purchaser Groups for the related Series 20032010-5 6 Interest Period and, without duplication, ended on the day preceding such Distribution Date and (y) any Surety Provider Reimbursement Amounts then due and owingContingent Monthly Funding Costs Shortfall as of the immediately preceding Distribution Date (together with accrued interest thereon), (2) second, to the Administrator, an amount equal to the Series 20032010-5 6 Percentage as of the beginning of such Series 20032010-5 6 Interest Period of the portion of the Monthly Administration Fee payable by AFC-II ABRCF (as specified in clause (iii) of the definition thereof) for such Series 20032010-5 6 Interest Period, (3) third, to the Trustee, an amount equal to the Series 20032010-5 6 Percentage as of the beginning of such Series 20032010-5 6 Interest Period of the Trustee’s fees for such Series 20032010-5 6 Interest Period, (4) fourth, to the Series 2010-6 Distribution Account to pay any Article VII Costs, (5) fifth, to pay any Carrying Charges (other than Carrying Charges provided for above) to the Persons to whom such amounts are owed, an amount equal to the Series 2010-6 Percentage as of the beginning of such Series 2010-6 Interest Period of such Carrying Charges (other than Carrying Charges provided for above) for such Series 2010-6 Interest Period, (6) sixth, to the Series 2010-6 Reserve Account, an amount equal to the sum of (x) the Class R Monthly Interest with respect to the Series 2010-6 Interest Period ended on the day preceding such Distribution Date and (y) the Class R Monthly Interest Shortfall as of the immediately preceding Distribution Date, and (7) seventh, the balance, if any (“Excess Collections”), shall be withdrawn by the Paying Agent from the Series 2010-6 Collection Account and deposited in the Series 2010-6 Excess Collection Account; and
(ii) on each Distribution Date during the Series 2010-6 Rapid Amortization Period, (1) first, to the Trustee, an amount equal to the Series 2010-6 Percentage as of the beginning of such Series 2010-6 Interest Period of the Trustee’s fees for such Series 2010-6 Interest Period, (2) second, to the Administrator, an amount equal to the Series 2010-6 Percentage as of the beginning of such Series 2010-6 Interest Period of the portion of the Monthly Administration Fee (as specified in clause (iii) of the definition thereof) payable by ABRCF for such Series 2010-6 Interest Period, (3) third, to the Series 2010-6 Distribution Account to pay any Article VII Costs, (4) fourth, to pay any Carrying Charges (other than Carrying Charges provided for above) to the Persons to whom such amounts are owed, an amount equal to the Series 20032010-5 6 Percentage as of the beginning of such Series 20032010-5 6 Interest Period of such Carrying Charges (other than Carrying Charges provided for above) for such Series 20032010-5 6 Interest Period, (5) fifth, if AFC-II is required to replace the Series 20032010-5 Interest Rate Cap Counterparty pursuant to Section 2.10(b)6 Reserve Account, the initial payment, if any, to be made by AFC-II an amount equal to the replacement sum of (x) the Class R Monthly Interest with respect to the Series 20032010-5 6 Interest Rate Cap Counterparty Period ended on the day preceding such Distribution Date and (y) the Class R Monthly Interest Shortfall as of the immediately preceding Distribution Date, and (6) sixth, the balance, if any (“Excess Collections”), shall be withdrawn by the Paying Agent from the Series 2003-5 Collection Account and deposited in the Series 2003-5 Excess Collection Account; and
(ii) on each Distribution Date during the Series 2003-5 Rapid Amortization Period, (1) first, to the Surety Provider, in an amount equal to (x) the Surety Provider Fee for the related Series 2003-5 Interest Period and, without duplication, (y) any Surety Provider Reimbursement Amounts then due and owing, (2) second, to the Trustee, an amount equal to the Series 2003-5 Percentage as of the beginning of such Series 2003-5 Interest Period of the Trustee’s fees for such Series 2003-5 Interest Period, (3) third, to the Administrator, an amount equal to the Series 2003-5 Percentage as of the beginning of such Series 2003-5 Interest Period of the portion of the Monthly Administration Fee (as specified in clause (iii) of the definition thereof) payable by AFC-II for such Series 2003-5 Interest Period, (4) fourth, to pay any Carrying Charges (other than Carrying Charges provided for above) to the Persons to whom such amounts are owed, an amount equal to the Series 2003-5 Percentage as of the beginning of such Series 2003-5 Interest Period of such Carrying Charges (other than Carrying Charges provided for above) for such Series 2003-5 Interest Period, (5) fifth, if AFC-II is required to replace the Series 2003-5 Interest Rate Cap Counterparty pursuant to Section 2.10(b), the initial payment, if any, to be made by AFC-II to the replacement Series 2003-5 Interest Rate Cap Counterparty and (6) sixth, so long as the Series 2003-5 Invested Amount is greater than the Series 2003-5 Principal Allocations on such Distribution Date, an amount equal to the excess of the Series 2003-5 Invested Amount over the Series 2003-5 Principal Allocations on such Distribution Date shall be treated as Principal Collections.
Appears in 2 contracts
Sources: Sixth Amended and Restated Series 2010 6 Supplement (Avis Budget Group, Inc.), Fifth Amended and Restated Series 2010 6 Supplement (Avis Budget Group, Inc.)
BALANCE. On or prior to the second Business Day preceding each Distribution Date, the Administrator Servicer shall instruct the Trustee and the Paying Agent in writing pursuant to the Administration Agreement to pay the balance (after making the payments required in Section 2.43.3(a) of this Series Supplement), if any, of the amounts available from Interest Collections allocated to the Series 20031999-5 Accrued Interest Account and 1 Noteholder since the preceding Distribution Date (less any portion thereof paid to the Series 20031999-5 Distribution Account, plus the amount, if any, drawn under the Series 2003-5 Letters of Credit and/or withdrawn from the Series 2003-5 Cash Collateral Account 1 Noteholder during such period pursuant to Section 2.3(c3.3(c) plus the amount, if any, withdrawn from the Series 2003-5 Reserve Account pursuant to Section 2.3(dbelow) as follows:
(i) on each Distribution Date during the Series 20031999-5 1 Revolving Period or a Series 2003-5 Controlled Amortization Period, (1) first, to the Surety ProviderServicer, in an amount equal to (x) the Surety Provider Series Monthly Servicing Fee for with respect to the related Series 20031999-5 Interest Period and, without duplication, (y) any Surety Provider Reimbursement Amounts then due and owing1 Notes payable by the Issuer pursuant to Section 26.1 of the Lease on such Distribution Date, (2) second, to the AdministratorTrustee, in an amount equal to the Series 20031999-5 1 Percentage as of the beginning of such Series 2003-5 Interest Period of the portion of the Monthly Administration Fee payable by AFC-II (as specified in clause (iii) of the definition thereof) for such Series 2003-5 Interest Period, (3) third, to the Trustee, an amount equal to the Series 2003-5 Percentage as of the beginning of such Series 2003-5 Interest Period immediately preceding Distribution Date of the Trustee’s fees for the Series 1999-1 Interest Period ending on such Series 2003-5 Interest Periodcurrent Distribution Date, (43) fourththird, to pay any Carrying Charges (other than Carrying Charges provided for above) to the Persons to whom such amounts are owed, in an amount equal to the Series 20031999-5 1 Percentage as of the beginning of such Series 2003-5 Interest Period immediately preceding Distribution Date of such Carrying Charges (other than Carrying Charges provided for above) for such Series 20031999-5 1 Interest Period, (5) fifth, if AFC-II is required to replace the Series 2003-5 Interest Rate Cap Counterparty pursuant to Section 2.10(b), the initial payment, if any, to be made by AFC-II to the replacement Series 2003-5 Interest Rate Cap Counterparty Period and (64) sixthfourth, the balance, if any (“Excess Collections”)any, shall be withdrawn by the Paying Agent Trustee from the Series 20031999-5 1 Collection Account and deposited in paid to the Series 2003-5 Excess Collection AccountIssuer; and
(ii) on each Distribution Date during the Series 20031999-5 1 Rapid Amortization Period, (1) first, to the Surety ProviderTrustee, in an amount equal to (x) the Surety Provider Fee Series 1999-1 Percentage as of the immediately preceding Distribution Date of the Trustee’s fees for the related Series 20031999-5 1 Interest Period and, without duplication, (y) any Surety Provider Reimbursement Amounts then due and owingending on such current Distribution Date, (2) second, to the TrusteeServicer, in an amount equal to the Series 2003Monthly Servicing Fee with respect to the Series 1999-5 Percentage as 1 Notes payable by the Issuer pursuant to Section 26.1 of the beginning of Lease on such Series 2003-5 Interest Period of the Trustee’s fees for such Series 2003-5 Interest PeriodDistribution Date, (3) third, to the Administrator, an amount equal to the Series 2003-5 Percentage as of the beginning of such Series 2003-5 Interest Period of the portion of the Monthly Administration Fee (as specified in clause (iii) of the definition thereof) payable by AFC-II for such Series 2003-5 Interest Period, (4) fourth, to pay any Carrying Charges (other than Carrying Charges provided for above) to the Persons to whom such amounts are owed, in an amount equal to the Series 20031999-5 1 Percentage as of the beginning of such Series 2003-5 Interest Period immediately preceding Distribution Date of such Carrying Charges (other than Carrying Charges provided for above) for such Series 20031999-5 1 Interest Period, Period and (54) fifth, if AFC-II is required to replace the Series 2003-5 Interest Rate Cap Counterparty pursuant to Section 2.10(b)fourth, the initial paymentbalance, if any, shall be applied to be made by AFC-II to the replacement Series 2003-5 Interest Rate Cap Counterparty and (6) sixth, so long as reduce the Series 20031999-5 1 Invested Amount is greater than the Series 2003-5 Principal Allocations on such Distribution Date, an amount equal to the excess of the Series 2003-5 Invested Amount over the Series 2003-5 Principal Allocations on such current Distribution Date shall be treated as Principal Collectionsin accordance with Section 3.4 of this Series Supplement.
Appears in 2 contracts
Sources: Fifth Amended and Restated Series 1999 1 Supplement (Vanguard Car Rental Group Inc.), Series Supplement (Vanguard Car Rental Group Inc.)
BALANCE. On or the fourth Business Day prior to the second Business Day preceding each Distribution Payment Date, the Administrator shall instruct the Trustee and the Paying Agent in writing pursuant to the Administration Agreement to pay pay, on such Payment Date, the balance (after making the payments required in Section 2.42.04 of this Series Supplement), if any, of the amounts available from the Series 20032004-5 1 Accrued Interest Account and plus the amount, if any, withdrawn from the Series 20032004-5 Distribution Account, 1 Reserve Account pursuant to Section 2.03(d) of this Series Supplement plus the amount, if any, drawn under the Series 20032004-5 1 Letters of Credit and/or withdrawn from the Series 20032004-5 1 Cash Collateral Account pursuant to Section 2.3(c2.03(e) plus the amount, if any, withdrawn from the of this Series 2003-5 Reserve Account pursuant to Section 2.3(d) Supplement as follows:
(i) on each Distribution Date during the Series 2003-5 Revolving Period or a Series 2003-5 Controlled Amortization Period, (1) first, to the Surety any Interest Rate Hedge Provider, in an amount equal to the portion, if any, of the Fixed Rate Payments for such Payment Date payable to such Interest Rate Hedge Provider;
(ii) second, to the Insurer, in an amount equal to the sum of (x) the Surety Provider Insurer Fee for the related Series 20032004-5 1 Interest Period and, without duplication, ending on the day preceding such Payment Date and (y) any Surety Provider other Insurer Reimbursement Amounts then due and owingpayable to the Insurer (excluding therefrom any amounts included in Series 2004-1 Monthly Interest for such Series 2004-1 Interest Period); provided that during the continuance of an Insurer Default, no amounts in respect of the Insurer Fee shall be paid with the proceeds of a draw on a Series 2004-1 Letter of Credit or a withdrawal from a Series 2004-1 Cash Collateral Account;
(2iii) secondthird, to the Administrator, in an amount equal to the Series 20032004-5 1 Percentage as of the beginning of such the Series 20032004-5 1 Interest Period of ending on the portion day preceding such Payment Date of the Monthly Administration Fee payable by AFC-II (as specified in clause (iii) of the definition thereof) for such Series 20032004-5 1 Interest Period, ;
(3iv) thirdfourth, to the Trustee, in an amount equal to the Series 20032004-5 1 Percentage as of the beginning of such the Series 20032004-5 1 Interest Period ending on the day preceding such Payment Date of the Trustee’s fees for such Series 20032004-5 1 Interest Period, ;
(4v) fourthfifth, to pay any Indenture Carrying Charges (other than Indenture Carrying Charges provided for above) to the Persons to whom such amounts are owed, in an amount equal to the Series 20032004-5 1 Percentage as of the beginning of such the Series 20032004-5 1 Interest Period ending on the day preceding such Payment Date of such Indenture Carrying Charges (other than Indenture Carrying Charges provided for above) for such Series 20032004-5 1 Interest Period, ; and
(5) fifth, if AFC-II is required to replace the Series 2003-5 Interest Rate Cap Counterparty pursuant to Section 2.10(b), the initial payment, if any, to be made by AFC-II to the replacement Series 2003-5 Interest Rate Cap Counterparty and (6vi) sixth, the balance, if any (“Excess Collections”)any, shall be withdrawn by the Paying Agent from the Series 20032004-5 Collection 1 Accrued Interest Account by the Trustee and deposited in the Series 2003-5 Excess Collection Account; and
(iiA) on each Distribution Date during the Series 20032004-5 1 Revolving Period, deposited into the Series 2004-1 Excess Collection Account or (B) during the Series 2004-1 Controlled Amortization Period or the Series 2004-1 Rapid Amortization Period, (1I) first, to the Surety Provider, in an amount equal to (x) the Surety Provider Fee for the related Series 2003-5 Interest Period and, without duplication, (y) any Surety Provider Reimbursement Amounts then due and owing, (2) second, to the Trustee, an amount equal to the Series 2003-5 Percentage as of the beginning of such Series 2003-5 Interest Period of the Trustee’s fees for such Series 2003-5 Interest Period, (3) third, to the Administrator, an amount equal to the Series 2003-5 Percentage as of the beginning of such Series 2003-5 Interest Period of the portion of the Monthly Administration Fee (as specified in clause (iii) of the definition thereof) payable by AFC-II for such Series 2003-5 Interest Period, (4) fourth, to pay any Carrying Charges (other than Carrying Charges provided for above) to the Persons to whom such amounts are owed, an amount equal to the Series 2003-5 Percentage as of the beginning of such Series 2003-5 Interest Period of such Carrying Charges (other than Carrying Charges provided for above) for such Series 2003-5 Interest Period, (5) fifth, if AFC-II is required to replace the Series 2003-5 Interest Rate Cap Counterparty pursuant to Section 2.10(b), the initial payment, if any, to be made by AFC-II to the replacement Series 2003-5 Interest Rate Cap Counterparty and (6) sixth, so long as the Series 20032004-5 Invested 1 Principal Amount is greater than the Series 2003-5 Monthly Total Principal Allocations on such Distribution DateAllocation for the Related Month, an amount equal to the excess of deposited into the Series 20032004-5 Invested Amount over the Series 2003-5 Principal Allocations on such Distribution Date shall be 1 Collection Account and treated as Principal CollectionsCollections and (II) if the Series 2004-1 Principal Amount is zero or less than the Monthly Total Principal Allocation for the Related Month, paid to any Interest Rate Hedge Provider in respect of any amounts owing pursuant to its Series 2004-1 Interest Rate Hedge, other than any Fixed Rate Payment.
Appears in 2 contracts
Sources: Second Amended and Restated Series 2004 1 Supplement (Hertz Global Holdings Inc), Amended and Restated Series 2004 1 Supplement (Hertz Corp)
BALANCE. On or prior to the second Business Day preceding each Distribution Date, the Administrator shall instruct the Trustee and the Paying Agent in writing pursuant to the Administration Agreement to pay the balance (after making the payments required in Section 2.43.3(a)), if any, of the amounts available from the Series 20032010-5 6 Accrued Interest Account and the Series 2003-5 Distribution Account, plus the amount, if any, drawn under the Series 2003-5 Letters of Credit and/or withdrawn from the Series 2003-5 Cash Collateral Account pursuant to Section 2.3(c) plus the amount, if any, withdrawn from the Series 2003-5 Reserve Account pursuant to Section 2.3(d) as follows:
(i) on each Distribution Date during the Series 20032010-5 6 Revolving Period or a the Series 20032010-5 6 Controlled Amortization Period, (1) first, to the Surety ProviderSeries 2010-6 Reserve Account, in an amount equal to the sum of (x) the Surety Provider Fee aggregate Contingent Monthly Funding Costs with respect to all Purchaser Groups for the related Series 20032010-5 6 Interest Period and, without duplication, ended on the day preceding such Distribution Date and (y) any Surety Provider Reimbursement Amounts then due and owingContingent Monthly Funding Costs Shortfall as of the immediately preceding Distribution Date (together with accrued interest thereon), (2) second, to the Administrator, an amount equal to the Series 20032010-5 6 Percentage as of the beginning of such Series 20032010-5 6 Interest Period of the portion of the Monthly Administration Fee payable by AFC-II ABRCF (as specified in clause (iii) of the definition thereof) for such Series 20032010-5 6 Interest Period, (3) third, to the Trustee, an amount equal to the Series 20032010-5 6 Percentage as of the beginning of such Series 20032010-5 6 Interest Period of the Trustee’s fees for such Series 20032010-5 6 Interest Period, (4) fourth, to the Series 2010-6 Distribution Account to pay any Article VII Costs, (5) fifth, to pay any Carrying Charges (other than Carrying Charges provided for above) to the Persons to whom such amounts are owed, an amount equal to the Series 2010-6 Percentage as of the beginning of such Series 2010-6 Interest Period of such Carrying Charges (other than Carrying Charges provided for above) for such Series 2010-6 Interest Period, (6) sixth, to the Series 2010-6 Reserve Account, an amount equal to the sum of (x) the Class R Monthly Interest with respect to the Series 2010-6 Interest Period ended on the day preceding such Distribution Date and (y) the Class R Monthly Interest Shortfall as of the immediately preceding Distribution Date, and (7) seventh, the balance, if any (“Excess Collections”), shall be withdrawn by the Paying Agent from the Series 2010-6 Collection Account and deposited in the Series 2010-6 Excess Collection Account; and
(ii) on each Distribution Date during the Series 2010-6 Rapid Amortization Period, (1) first, to the Trustee, an amount equal to the Series 2010-6 Percentage as of the beginning of such Series 2010-6 Interest Period of the Trustee’s fees for such Series 2010-6 Interest Period, (2) second, to the Administrator, an amount equal to the Series 2010-6 Percentage as of the beginning of such Series 2010-6 Interest Period of the portion of the Monthly Administration Fee (as specified in clause (iii) of the definition thereof) payable by ABRCF for such Series 2010-6 Interest Period, (3) third, to the Series 2010-6 Distribution Account to pay any Article VII Costs, (4) fourth, to pay any Carrying Charges (other than Carrying Charges provided for above) to the Persons to whom such amounts are owed, an amount equal to the Series 20032010-5 6 Percentage as of the beginning of such Series 20032010-5 6 Interest Period of such Carrying Charges (other than Carrying Charges provided for above) for such Series 20032010-5 6 Interest Period, (5) fifth, if AFC-II is required to replace the Series 20032010-5 Interest Rate Cap Counterparty pursuant to Section 2.10(b)6 Reserve Account, the initial payment, if any, to be made by AFC-II an amount equal to the replacement sum of (x) the Class R Monthly Interest with respect to the Series 20032010-5 6 Interest Rate Cap Counterparty Period ended on the day preceding such Distribution Date and (y) the Class R Monthly Interest Shortfall as of the immediately preceding Distribution Date, and (6) sixth, the balance, if any (“Excess Collections”), shall be withdrawn by the Paying Agent from the Series 2003-5 Collection Account and deposited in the Series 2003-5 Excess Collection Account; and
(ii) on each Distribution Date during the Series 2003-5 Rapid Amortization Period, (1) first, to the Surety Provider, in an amount equal to (x) the Surety Provider Fee for the related Series 2003-5 Interest Period and, without duplication, (y) any Surety Provider Reimbursement Amounts then due and owing, (2) second, to the Trustee, an amount equal to the Series 2003-5 Percentage as of the beginning of such Series 2003-5 Interest Period of the Trustee’s fees for such Series 2003-5 Interest Period, (3) third, to the Administrator, an amount equal to the Series 2003-5 Percentage as of the beginning of such Series 2003-5 Interest Period of the portion of the Monthly Administration Fee (as specified in clause (iii) of the definition thereof) payable by AFC-II for such Series 2003-5 Interest Period, (4) fourth, to pay any Carrying Charges (other than Carrying Charges provided for above) to the Persons to whom such amounts are owed, an amount equal to the Series 2003-5 Percentage as of the beginning of such Series 2003-5 Interest Period of such Carrying Charges (other than Carrying Charges provided for above) for such Series 2003-5 Interest Period, (5) fifth, if AFC-II is required to replace the Series 2003-5 Interest Rate Cap Counterparty pursuant to Section 2.10(b), the initial payment, if any, to be made by AFC-II to the replacement Series 2003-5 Interest Rate Cap Counterparty and (6) sixth, so long as the Series 2003-5 Invested Amount is greater than the Series 2003-5 Principal Allocations on such Distribution Date, an amount equal to the excess of the Series 2003-5 Invested Amount over the Series 2003-5 Principal Allocations on such Distribution Date shall be treated as Principal Collections.
Appears in 2 contracts
Sources: Fourth Amended and Restated Series 2010 6 Supplement (Avis Budget Group, Inc.), Third Amended and Restated Series 2010 6 Supplement (Avis Budget Group, Inc.)
BALANCE. On or the fourth Business Day prior to the second Business Day preceding each Distribution Payment Date, the Administrator shall instruct the Trustee and the Paying Agent in writing pursuant to the Administration Agreement to pay pay, on such Payment Date, the balance (after making the payments required in Section 2.43.4 of this Series Supplement), if any, of the amounts available from the Series 20032010-5 1 Accrued Interest Account and the Series 2003-5 Distribution Account, plus the amount, if any, drawn under the Series 2003-5 Letters of Credit and/or withdrawn from the Series 2003-5 Cash Collateral Account pursuant to Section 2.3(c) plus the amount, if any, withdrawn from the Series 2003-5 Reserve Account pursuant to Section 2.3(d) as follows:
(i) on each Distribution Date during the Series 2003-5 Revolving Period or a Series 2003-5 Controlled Amortization Period, (1) first, to the Surety ProviderAdministrator, in an amount equal to (x) the Surety Provider Series 2010-1 Percentage as of the beginning of the Series 2010-1 Interest Period ending on the day preceding such Payment Date of the Monthly Administration Fee for the related such Series 20032010-5 1 Interest Period and, without duplication, Period;
(y) any Surety Provider Reimbursement Amounts then due and owing, (2ii) second, to the AdministratorTrustee, in an amount equal to the Series 20032010-5 1 Percentage as of the beginning of the Series 2010-1 Interest Period ending on the day preceding such Payment Date of any Trustee’s fees for such Series 20032010-5 1 Interest Period of the portion of the Monthly Administration Fee payable by AFC-II (as specified in clause that remain unpaid on such Payment Date;
(iii) of the definition thereof) for such Series 2003-5 Interest Periodthird, (3) thirdon a pro rata basis, to the TrusteeBack-Up Disposition Agent and the Back-Up Administrator, in an amount equal to the Series 20032010-5 1 Percentage as of the beginning of such the Series 20032010-5 1 Interest Period ending on the day preceding such Payment Date of the TrusteeBack-Up Disposition Agent’s and the Back-Up Administrator’s fees for such Series 20032010-5 1 Interest Period, ;
(4iv) fourth, on a pro rata basis, to pay any Indenture Carrying Charges (other than Indenture Carrying Charges provided for above) that remain unpaid on such Payment Date to the Persons to whom such amounts are owed, in an amount equal to the Series 20032010-5 1 Percentage as of the beginning of such the Series 20032010-5 1 Interest Period ending on the day preceding such Payment Date of such Indenture Carrying Charges (other than Carrying Charges provided for above) for such Series 20032010-5 1 Interest Period, ; and
(5v) fifth, if AFC-II is required to replace the Series 2003-5 Interest Rate Cap Counterparty pursuant to Section 2.10(b), the initial payment, if any, to be made by AFC-II to the replacement Series 2003-5 Interest Rate Cap Counterparty and (6) sixth, the balance, if any (“Excess Collections”)any, shall be withdrawn by the Paying Agent from the Series 20032010-5 Collection 1 Accrued Interest Account by the Trustee and deposited in the Series 2003-5 Excess Collection Account; and
(iiA) on each Distribution Date during the Series 20032010-5 1 Revolving Period, deposited into the Series 2010-1 Excess Collection Account or (B) during the Series 2010-1 Rapid Amortization Period, (1) first, to the Surety Provider, in an amount equal to (x) the Surety Provider Fee for the related Series 2003-5 Interest Period and, without duplication, (y) any Surety Provider Reimbursement Amounts then due and owing, (2) second, to the Trustee, an amount equal to deposited into the Series 20032010-5 Percentage as of the beginning of such Series 2003-5 Interest Period of the Trustee’s fees for such Series 2003-5 Interest Period, (3) third, to the Administrator, an amount equal to the Series 2003-5 Percentage as of the beginning of such Series 2003-5 Interest Period of the portion of the Monthly Administration Fee (as specified in clause (iii) of the definition thereof) payable by AFC-II for such Series 2003-5 Interest Period, (4) fourth, to pay any Carrying Charges (other than Carrying Charges provided for above) to the Persons to whom such amounts are owed, an amount equal to the Series 2003-5 Percentage as of the beginning of such Series 2003-5 Interest Period of such Carrying Charges (other than Carrying Charges provided for above) for such Series 2003-5 Interest Period, (5) fifth, if AFC-II is required to replace the Series 2003-5 Interest Rate Cap Counterparty pursuant to Section 2.10(b), the initial payment, if any, to be made by AFC-II to the replacement Series 2003-5 Interest Rate Cap Counterparty 1 Collection Account and (6) sixth, so long as the Series 2003-5 Invested Amount is greater than the Series 2003-5 Principal Allocations on such Distribution Date, an amount equal to the excess of the Series 2003-5 Invested Amount over the Series 2003-5 Principal Allocations on such Distribution Date shall be treated as Principal Collections.
Appears in 2 contracts
Sources: Second Amended and Restated Series 2010 1 Supplement (Zipcar Inc), Amended and Restated Series 2010 1 Supplement (Zipcar Inc)
BALANCE. On or prior to the second Business Day preceding each Distribution Date, the Administrator shall instruct the Trustee and the Paying Agent in writing pursuant to the Administration Agreement to pay the balance (after making the payments required in Section 2.42.3(a) of this Supplement), if any, of the amounts available from Series 2001-1 Interest Rate Cap Proceeds and Interest Collections allocated to holders of the Series 20032001-5 Accrued Interest Account and 1 Notes since the Series 2003-5 preceding Distribution Account, plus the amount, if any, drawn under the Series 2003-5 Letters of Credit and/or withdrawn from the Series 2003-5 Cash Collateral Account pursuant to Section 2.3(c) plus the amount, if any, withdrawn from the Series 2003-5 Reserve Account pursuant to Section 2.3(d) Date as follows:
(i) on each Distribution Date during the Series 20032001-5 1 Revolving Period or a the Series 20032001-5 1 Controlled Amortization Period, (1) first, to the Surety Provider, in an amount equal to (x) the Surety Provider Fee for the related Series 20032001-5 1 Interest Period and, without duplication, (y) any Surety Provider Reimbursement Amounts then due and owing, (2) second, to the Administrator, an amount equal to the Series 20032001-5 1 Percentage as of the beginning of such Series 20032001-5 1 Interest Period of the portion of the Monthly Administration Fee payable by AFC-II (as specified in clause (iii) of the definition thereof) for such Series 20032001-5 1 Interest Period, (3) third, to the Trustee, an amount equal to the Series 20032001-5 1 Percentage as of the beginning of such Series 20032001-5 1 Interest Period of the Trustee’s 's fees for such Series 20032001-5 1 Interest Period, (4) fourth, to pay any Carrying Charges (other than Carrying Charges provided for above) to the Persons to whom such amounts are owed, an amount equal to the Series 20032001-5 1 Percentage as of the beginning of such Series 20032001-5 1 Interest Period of such Carrying Charges (other than Carrying Charges provided for above) for such Series 20032001-5 1 Interest Period, Period and (5) fifth, if AFC-II is required to replace the Series 2003-5 Interest Rate Cap Counterparty pursuant to Section 2.10(b), the initial payment, if any, to be made by AFC-II to the replacement Series 2003-5 Interest Rate Cap Counterparty and (6) sixth, the balance, if any (“"Excess Collections”"), shall be withdrawn by the Paying Agent from the Series 20032001-5 1 Collection Account and deposited in the Series 20032001-5 1 Excess Collection Account; and
(ii) on each Distribution Date during the Series 20032001-5 1 Rapid Amortization Period, (1) first, to the Surety Provider, in an amount equal to (x) the Surety Provider Fee for the related Series 20032001-5 1 Interest Period and, without duplication, (y) any Surety Provider Reimbursement Amounts then due and owing, (2) second, to the Trustee, an amount equal to the Series 20032001-5 1 Percentage as of the beginning of such Series 20032001-5 1 Interest Period of the Trustee’s 's fees for such Series 20032001-5 1 Interest Period, (3) third, to the Administrator, an amount equal to the Series 20032001-5 1 Percentage as of the beginning of such Series 20032001-5 1 Interest Period of the portion of the Monthly Administration Fee (as specified in clause (iii) of the definition thereof) payable by AFC-II for such Series 20032001-5 1 Interest Period, (4) fourth, to pay any Carrying Charges (other than Carrying Charges provided for above) to the Persons to whom such amounts are owed, an amount equal to the Series 20032001-5 1 Percentage as of the beginning of such Series 20032001-5 1 Interest Period of such Carrying Charges (other than Carrying Charges provided for above) for such Series 20032001-5 1 Interest Period, Period and (5) fifth, if AFC-II is required to replace the Series 2003-5 Interest Rate Cap Counterparty pursuant to Section 2.10(b), the initial paymentbalance, if any, to shall constitute Excess Collections and shall be made withdrawn by AFC-II to the replacement Series 2003-5 Interest Rate Cap Counterparty and (6) sixth, so long as Paying Agent from the Series 20032001-5 Invested Amount is greater than 1 Collection Account and deposited in the Series 20032001-5 Principal Allocations on such Distribution Date, an amount equal to the excess of the Series 2003-5 Invested Amount over the Series 2003-5 Principal Allocations on such Distribution Date shall be treated as Principal Collections1 Excess Collection Account.
Appears in 1 contract
Sources: Amended and Restated Series 2001 1 Supplement (Avis Group Holdings Inc)
BALANCE. On or prior to the second Business Day preceding each Distribution Date, the Administrator shall instruct the Trustee and the Paying Agent in writing pursuant to the Administration Agreement to pay the balance (after making the payments required in Section 2.43.3(a)), if any, of the amounts available from the Series 20032002-5 2 Accrued Interest Account and the Series 2003-5 Distribution Account, plus the amount, if any, drawn under the Series 2003-5 Letters of Credit and/or withdrawn from the Series 2003-5 Cash Collateral Account pursuant to Section 2.3(c) plus the amount, if any, withdrawn from the Series 2003-5 Reserve Account pursuant to Section 2.3(d) as follows:
(i) on each Distribution Date during the Series 20032002-5 2 Revolving Period or a Series 2003-5 Controlled Amortization Period, (1) first, to the Surety Provider, in an amount equal to (x) the Surety Provider Fee for the related Series 2003-5 Interest Period and, without duplication, (y) any Surety Provider Reimbursement Amounts then due and owing, (2) second, to the Administrator, an amount equal to the Series 20032002-5 2 -43- Percentage as of the beginning of such Series 20032002-5 2 Interest Period of the portion of the Monthly Administration Fee payable by AFC-II (as specified in clause (iii) of the definition thereof) for such Series 20032002-5 2 Interest Period, (32) thirdsecond, to the Trustee, an amount equal to the Series 20032002-5 2 Percentage as of the beginning of such Series 20032002-5 2 Interest Period of the Trustee’s 's fees for such Series 20032002-5 2 Interest Period, (3) third, to the Series 2002-2 Distribution Account to pay any Article VII Costs, (4) fourth, to pay any Carrying Charges (other than Carrying Charges provided for above) to the Persons to whom such amounts are owed, an amount equal to the Series 20032002-5 2 Percentage as of the beginning of such Series 20032002-5 2 Interest Period of such Carrying Charges (other than Carrying Charges provided for above) for such Series 20032002-5 2 Interest Period, Period and (5) fifth, if AFC-II is required to replace the Series 2003-5 Interest Rate Cap Counterparty pursuant to Section 2.10(b), the initial payment, if any, to be made by AFC-II to the replacement Series 2003-5 Interest Rate Cap Counterparty and (6) sixth, the balance, if any (“Excess Collections”"EXCESS COLLECTIONS"), shall be withdrawn by the Paying Agent from the Series 20032002-5 2 Collection Account and deposited in the Series 20032002-5 2 Excess Collection Account; and
(ii) on each Distribution Date during the Series 20032002-5 Rapid 2 Amortization Period, (1) first, to the Surety Provider, in an amount equal to (x) the Surety Provider Fee for the related Series 2003-5 Interest Period and, without duplication, (y) any Surety Provider Reimbursement Amounts then due and owing, (2) second, to the Trustee, an amount equal to the Series 20032002-5 2 Percentage as of the beginning of such Series 20032002-5 2 Interest Period of the Trustee’s 's fees for such Series 20032002-5 2 Interest Period, (32) thirdsecond, to the Administrator, an amount equal to the Series 20032002-5 2 Percentage as of the beginning of such Series 20032002-5 2 Interest Period of the portion of the Monthly Administration Fee (as specified in clause (iii) of the definition thereof) payable by AFC-II for such Series 20032002-5 2 Interest Period, (3) third, to the Series 2002-2 Distribution Account to pay any Article VII Costs, (4) fourth, to pay any Carrying Charges (other than Carrying Charges provided for above) to the Persons to whom such amounts are owed, an amount equal to the Series 20032002-5 2 Percentage as of the beginning of such Series 20032002-5 2 Interest Period of such Carrying Charges (other than Carrying Charges provided for above) for such Series 20032002-5 2 Interest Period, Period and (5) fifth, if AFC-II is required to replace the Series 2003-5 Interest Rate Cap Counterparty pursuant to Section 2.10(b), the initial paymentbalance, if any, to be made by AFC-II to the replacement Series 2003-5 Interest Rate Cap Counterparty and (6) sixth, so long as the Series 2003-5 Invested Amount is greater than the Series 2003-5 Principal Allocations on such Distribution Date, an amount equal to the excess of the Series 2003-5 Invested Amount over the Series 2003-5 Principal Allocations on such Distribution Date shall be treated as Principal Collections.
Appears in 1 contract
Sources: Amended and Restated Series 2002 2 Supplement (Avis Group Holdings Inc)
BALANCE. On or prior to the second Business Day preceding each Distribution Date, the Administrator shall instruct the Trustee and the Paying Agent in writing pursuant to the Administration Agreement to pay the balance (after making the payments required in Section 2.4), if any, of the amounts available from the Series 20032023-5 3 Accrued Interest Account and the Series 20032023-5 3 Distribution Account, plus the amount, if any, drawn under the Multi-Series 2003-5 Letters of Credit and/or withdrawn from the Series 20032023-5 3 Cash Collateral Account Accounts pursuant to Section 2.3(c) plus the amount, if any, withdrawn from the Series 20032023-5 3 Reserve Account Accounts pursuant to Section 2.3(d) as follows:
(i) on each Distribution Date during the Series 20032023-5 3 Revolving Period or a the Series 20032023-5 3 Controlled Amortization Period, (1) first, to the Surety Provider, in an amount equal to (x) the Surety Provider Fee for the related Series 2003-5 Interest Period and, without duplication, (y) any Surety Provider Reimbursement Amounts then due and owing, (2) second, to the Administrator, 44 an amount equal to the Series 20032023-5 3 Percentage as of the beginning of such the Series 20032023-5 3 Interest Period ending on the day preceding such Distribution Date of the portion of the Monthly Administration Fee payable by AFC-II ABRCF (as specified in clause (iii) of the definition thereof) for such Series 20032023-5 3 Interest Period, (32) thirdsecond, to the Trustee, an amount equal to the Series 20032023-5 3 Percentage as of the beginning of such Series 20032023-5 3 Interest Period of the Trustee’s fees owing to the Trustee under the Base Indenture for such Series 20032023-5 3 Interest Period, (3) third to pay any Carrying Charges (other than Carrying Charges provided for above) to the Persons to whom such amounts are owed, an amount equal to the Series 2023-3 Percentage as of the beginning of such Series 2023-3 Interest Period of such Carrying Charges (other than Carrying Charges provided for above) for such Series 2023-3 Interest Period and (4) fourth, the balance, if any, shall be withdrawn by the Paying Agent from the Series 2023-3 Collection Account and deposited in the Series 2023-3 Excess Collection Account; and
(ii) on each Distribution Date during the Series 2023-3 Rapid Amortization Period, (1) first, to the Series 2023-3 Distribution Account, an amount equal to Class D Monthly Subordinated Interest with respect to the Series 2023-3 Interest Period ending on the date immediately preceding such Distribution Date to be treated as Principal Collections, (2) second, to the Trustee, an amount equal to the Series 2023-3 Percentage as of the beginning of such Series 2023-3 Interest Period ending on the day preceding such Distribution Date of the fees owing to the Trustee under the Base Indenture for such Series 2023-3 Interest Period, (3) third, to the Administrator, an amount equal to the Series 2023-3 Percentage as of the beginning of such Series 2023-3 Interest Period of the portion of the Monthly Administration Fee (as specified in clause (iii) of the definition thereof) payable by ABRCF for such Series 2023-3 Interest Period, (4) fourth, to pay any Carrying Charges (other than Carrying Charges provided for above) to the Persons to whom such amounts are owed, an amount equal to the Series 20032023-5 3 Percentage as of the beginning of such Series 20032023-5 3 Interest Period of such Carrying Charges (other than Carrying Charges provided for above) for such Series 20032023-5 3 Interest Period, Period and (5) fifth, if AFC-II is required to replace the Series 2003-5 Interest Rate Cap Counterparty pursuant to Section 2.10(b), the initial payment, if any, to be made by AFC-II to the replacement Series 2003-5 Interest Rate Cap Counterparty and (6) sixth, the balance, if any (“Excess Collections”), shall be withdrawn by the Paying Agent from the Series 2003-5 Collection Account and deposited in the Series 2003-5 Excess Collection Account; and
(ii) on each Distribution Date during the Series 2003-5 Rapid Amortization Period, (1) first, to the Surety Provider, in an amount equal to (x) the Surety Provider Fee for the related Series 2003-5 Interest Period and, without duplication, (y) any Surety Provider Reimbursement Amounts then due and owing, (2) second, to the Trustee, an amount equal to the Series 2003-5 Percentage as of the beginning of such Series 2003-5 Interest Period of the Trustee’s fees for such Series 2003-5 Interest Period, (3) third, to the Administrator, an amount equal to the Series 2003-5 Percentage as of the beginning of such Series 2003-5 Interest Period of the portion of the Monthly Administration Fee (as specified in clause (iii) of the definition thereof) payable by AFC-II for such Series 2003-5 Interest Period, (4) fourth, to pay any Carrying Charges (other than Carrying Charges provided for above) to the Persons to whom such amounts are owed, an amount equal to the Series 2003-5 Percentage as of the beginning of such Series 2003-5 Interest Period of such Carrying Charges (other than Carrying Charges provided for above) for such Series 2003-5 Interest Period, (5) fifth, if AFC-II is required to replace the Series 2003-5 Interest Rate Cap Counterparty pursuant to Section 2.10(b), the initial payment, if any, to be made by AFC-II to the replacement Series 2003-5 Interest Rate Cap Counterparty and (6) sixth, so long as the Series 20032023-5 3 Invested Amount is greater than the Series 2003-5 Monthly Total Principal Allocations on such Distribution Datefor the Related Month, an amount equal to the excess of the Series 20032023-5 3 Invested Amount over the Series 2003-5 Monthly Total Principal Allocations on such Distribution Date for the Related Month shall be treated as Principal Collections.
Appears in 1 contract
Sources: Amended and Restated Series 2023 3 Supplement (Avis Budget Group, Inc.)
BALANCE. On or prior to the second Business Business Day preceding each Distribution Date, the Administrator Administrator shall instruct the Trustee and the Paying Agent in writing pursuant to the Administration Agreement to pay the balance (after making the payments required in Section 2.4Section 3.3(a)), if any, of the amounts available from the Series 20032008-5 1 Accrued Interest Account and the Series 2003-5 Distribution Account, plus the amount, if any, drawn under the Series 2003-5 Letters of Credit and/or withdrawn from the Series 2003-5 Cash Collateral Account pursuant to Section 2.3(c) plus the amount, if any, withdrawn from the Series 2003-5 Reserve Account pursuant to Section 2.3(d) as follows:
(i) on each Distribution Date during the Series 20032008-5 1 Revolving Period or a Series 2003-5 Controlled Amortization Period, (1) first, to the Surety Provider, in an amount equal to (x) the Surety Provider Fee for the related Series 2003-5 Interest Period and, without duplication, (y) any Surety Provider Reimbursement Amounts then due and owing, (2) second, to the Administrator, an amount equal to the Series 20032008-5 1 Percentage as of the beginning of such Series 20032008-5 1 Interest Period of the portion portion of the Monthly Administration Fee payable payable by AFC-II ABRCF (as specified in clause (iii) of the definition thereof) for such Series 20032008-5 1 Interest Period, (32) thirdsecond, to the Trustee, an amount equal to the Series 20032008-5 1 Percentage as of the beginning of such Series 20032008-5 1 Interest Period of the Trustee’s fees for such Series 20032008-5 1 Interest Period, (3) third, to the Series 2008-1 Distribution Account to pay any Article VII Costs, (4) fourth, to pay any Carrying Charges (other than Carrying Charges provided for above) to the Persons to whom such amounts are owed, an amount equal to the Series 20032008-5 1 Percentage as of the beginning of such Series 20032008-5 1 Interest Period of such Carrying Charges (other than Carrying Charges provided for above) for such Series 20032008-5 1 Interest Period, Period and (5) fifth, if AFC-II is required to replace the Series 2003-5 Interest Rate Cap Counterparty pursuant to Section 2.10(b), the initial payment, if any, to be made by AFC-II to the replacement Series 2003-5 Interest Rate Cap Counterparty and (6) sixth, the balance, if any (“Excess Collections”), shall be withdrawn by the Paying Agent from the Series 20032008-5 1 Collection Account and deposited in the Series 20032008-5 1 Excess Collection Account; and
(ii) on each Distribution Date during the Series 20032008-5 Rapid Amortization 1 Amortization Period, (1) first, to the Surety Provider, in an amount equal to (x) the Surety Provider Fee for the related Series 2003-5 Interest Period and, without duplication, (y) any Surety Provider Reimbursement Amounts then due and owing, (2) second, to the Trustee, an amount equal to the Series 20032008-5 1 Percentage as of the beginning of such Series 20032008-5 1 Interest Period of the Trustee’s fees for such Series 20032008-5 1 Interest PeriodPeriod, (32) thirdsecond, to the AdministratorAdministrator, an amount equal to the Series 20032008-5 1 Percentage as of the beginning of such Series 20032008-5 1 Interest Period of the portion of the Monthly Administration Fee (as specified in clause (iii) of the definition thereof) payable by AFC-II ABRCF for such Series 20032008-5 1 Interest Period, (3) third, to the Series 2008-1 Distribution Account to pay any Article VII Costs, (4) fourth, to pay any Carrying Charges (other than Carrying Charges provided for above) to the Persons to whom such amounts are owed, an amount equal to the Series 20032008-5 1 Percentage as of the beginning of such Series 20032008-5 1 Interest Period of such Carrying Charges (other than Carrying Charges provided for above) for such Series 20032008-5 1 Interest Period, Period and (5) fifth, if AFC-II is required to replace the Series 2003-5 Interest Rate Cap Counterparty pursuant to Section 2.10(b), the initial paymentbalance, if any, to be made by AFC-II to the replacement Series 2003-5 Interest Rate Cap Counterparty and (6) sixth, so long as the Series 2003-5 Invested Amount is greater than the Series 2003-5 Principal Allocations on such Distribution Date, an amount equal to the excess of the Series 2003-5 Invested Amount over the Series 2003-5 Principal Allocations on such Distribution Date shall be treated as Principal Collections.
Appears in 1 contract
BALANCE. On or prior to the second Business Day preceding each Distribution Date, the Administrator shall instruct the Trustee and the Paying Agent in writing pursuant to the Administration Agreement to pay the balance (after making the payments required in Section 2.4), if any, of the amounts available from the Series 20032011-5 3 Accrued Interest Account and the Series 20032011-5 3 Distribution Account, plus the amount, if any, drawn under the Series 20032011-5 3 Letters of Credit and/or withdrawn from the Series 20032011-5 3 Cash Collateral Account Accounts pursuant to Section 2.3(c) plus the amount, if any, withdrawn from the Series 20032011-5 3 Reserve Account Accounts pursuant to Section 2.3(d) as follows:
(i) on each Distribution Date during the Series 20032011-5 3 Revolving Period or a the Series 20032011-5 3 Controlled Amortization Period, (1) first, to the Surety ProviderAdministrator, in an amount equal to (x) the Surety Provider Fee for Series 2011-3 Percentage as of the related beginning of the Series 20032011-5 3 Interest Period and, without duplicationending on the day preceding such Distribution Date of the portion of the Monthly Administration Fee payable by ABRCF (as specified in clause (iii) of the definition thereof) for such Series 2011-3 Interest Period, (y2) second, to the Trustee, an amount equal to the Series 2011-3 Percentage as of the beginning of such Series 2011-3 Interest Period of the fees owing to the Trustee under the Indenture for such Series 2011-3 Interest Period, (3) third to pay any Surety Provider Reimbursement Amounts then due Carrying Charges (other than Carrying Charges provided for above) to the Persons to whom such amounts are owed, an amount equal to the Series 2011-3 Percentage as of the beginning of such Series 2011-3 Interest Period of such Carrying Charges (other than Carrying Charges provided for above) for such Series 2011-3 Interest Period and owing(4) fourth, the balance, if any (“Excess Collections”), shall be withdrawn by the Paying Agent from the Series 2011-3 Collection Account and deposited in the Series 2011-3 Excess Collection Account; and
(ii) on each Distribution Date during the Series 2011-3 Rapid Amortization Period, (1) first, to the Trustee, an amount equal to the Series 2011-3 Percentage as of the beginning of such Series 2011-3 Interest Period ending on the day preceding such Distribution Date of the fees owing to the Trustee under the Indenture for such Series 2011-3 Interest Period, (2) second, to the Administrator, an amount equal to the Series 20032011-5 3 Percentage as of the beginning of such Series 20032011-5 3 Interest Period of the portion of the Monthly Administration Fee payable by AFC-II (as specified in clause (iii) of the definition thereof) payable by ABRCF for such Series 20032011-5 3 Interest Period, (3) third, to the Trustee, an amount equal to the Series 2003-5 Percentage as of the beginning of such Series 2003-5 Interest Period of the Trustee’s fees for such Series 2003-5 Interest Period, (4) fourth, to pay any Carrying Charges (other than Carrying Charges provided for above) to the Persons to whom such amounts are owed, an amount equal to the Series 20032011-5 3 Percentage as of the beginning of such Series 20032011-5 3 Interest Period of such Carrying Charges (other than Carrying Charges provided for above) for such Series 20032011-5 Interest Period, (5) fifth, if AFC-II is required to replace the Series 2003-5 Interest Rate Cap Counterparty pursuant to Section 2.10(b), the initial payment, if any, to be made by AFC-II to the replacement Series 2003-5 Interest Rate Cap Counterparty and (6) sixth, the balance, if any (“Excess Collections”), shall be withdrawn by the Paying Agent from the Series 2003-5 Collection Account and deposited in the Series 2003-5 Excess Collection Account; and
(ii) on each Distribution Date during the Series 2003-5 Rapid Amortization Period, (1) first, to the Surety Provider, in an amount equal to (x) the Surety Provider Fee for the related Series 2003-5 3 Interest Period and, without duplication, (y) any Surety Provider Reimbursement Amounts then due and owing, (2) second, to the Trustee, an amount equal to the Series 2003-5 Percentage as of the beginning of such Series 2003-5 Interest Period of the Trustee’s fees for such Series 2003-5 Interest Period, (3) third, to the Administrator, an amount equal to the Series 2003-5 Percentage as of the beginning of such Series 2003-5 Interest Period of the portion of the Monthly Administration Fee (as specified in clause (iii) of the definition thereof) payable by AFC-II for such Series 2003-5 Interest Period, (4) fourth, to pay any Carrying Charges (other than Carrying Charges provided for above) to the Persons to whom such amounts are owed, an amount equal to the Series 2003-5 Percentage as of the beginning of such Series 2003-5 Interest Period of such Carrying Charges (other than Carrying Charges provided for above) for such Series 2003-5 Interest Period, (5) fifth, if AFC-II is required to replace the Series 2003-5 Interest Rate Cap Counterparty pursuant to Section 2.10(b), the initial payment, if any, to be made by AFC-II to the replacement Series 2003-5 Interest Rate Cap Counterparty and (6) sixth, so long as the Series 20032011-5 3 Invested Amount is greater than the Series 2003-5 Monthly Total Principal Allocations on such Distribution Datefor the Related Month, an amount equal to the excess of the Series 20032011-5 3 Invested Amount over the Series 2003-5 Monthly Total Principal Allocations on such Distribution Date for the Related Month shall be treated as Principal Collections.
Appears in 1 contract
Sources: Amended and Restated Series 2011 3 Supplement (Avis Budget Group, Inc.)
BALANCE. On or prior to the second Business Day preceding each Distribution Date, the Administrator shall instruct the Trustee and the Paying Agent in writing pursuant to the Administration Agreement to pay the balance (after making the payments required in Section 2.4), if any, of the amounts available from the Series 20032024-5 3 Accrued Interest Account and the Series 20032024-5 3 Distribution Account, plus the amount, if any, drawn under the Multi-Series 2003-5 Letters of Credit and/or withdrawn from the Series 20032024-5 3 Cash Collateral Account Accounts pursuant to Section 2.3(c) plus the amount, if any, withdrawn from the Series 20032024-5 3 Reserve Account Accounts pursuant to Section 2.3(d) as follows:
(i) on each Distribution Date during the Series 20032024-5 3 Revolving Period or a the Series 20032024-5 3 Controlled Amortization Period, (1) first, to the Surety ProviderAdministrator, in an amount equal to (x) the Surety Provider Fee for Series 2024-3 Percentage as of the related beginning of the Series 20032024-5 3 Interest Period and, without duplicationending on the day preceding such Distribution Date of the portion of the Monthly Administration Fee payable by ABRCF (as specified in clause (iii) of the definition thereof) for such Series 2024-3 Interest Period, (y2) second, to the Trustee, an amount equal to the Series 2024-3 Percentage as of the beginning of such Series 2024-3 Interest Period of the fees owing to the Trustee under the Base Indenture for such Series 2024-3 Interest Period, (3) third to pay any Surety Provider Reimbursement Amounts then due Carrying Charges (other than Carrying Charges provided for above) to the Persons to whom such amounts are owed, an amount equal to the Series 2024-3 Percentage as of the beginning of such Series 2024-3 Interest Period of such Carrying Charges (other than Carrying Charges provided for above) for such Series 2024-3 Interest Period and owing(4) fourth, the balance, if any, shall be withdrawn by the Paying Agent from the Series 2024-3 Collection Account and deposited in the Series 2024-3 Excess Collection Account; and
(ii) on each Distribution Date during the Series 2024-3 Rapid Amortization Period, (1) first, to the Trustee, an amount equal to the Series 2024-3 Percentage as of the beginning of such Series 2024-3 Interest Period ending on the day preceding such Distribution Date of the fees owing to the Trustee under the Base Indenture for such Series 2024-3 Interest Period, (2) second, to the Administrator, an amount equal to the Series 20032024-5 3 Percentage as of the beginning of such Series 20032024-5 3 Interest Period of the portion of the Monthly Administration Fee payable by AFC-II (as specified in clause (iii) of the definition thereof) payable by ABRCF for such Series 20032024-5 3 Interest Period, (3) third, to the Trustee, an amount equal to the Series 2003-5 Percentage as of the beginning of such Series 2003-5 Interest Period of the Trustee’s fees for such Series 2003-5 Interest Period, (4) fourth, to pay any Carrying Charges (other than Carrying Charges provided for above) to the Persons to whom such amounts are owed, an amount equal to the Series 20032024-5 3 Percentage as of the beginning of such Series 20032024-5 3 Interest Period of such Carrying Charges (other than Carrying Charges provided for above) for such Series 20032024-5 Interest Period, (5) fifth, if AFC-II is required to replace the Series 2003-5 Interest Rate Cap Counterparty pursuant to Section 2.10(b), the initial payment, if any, to be made by AFC-II to the replacement Series 2003-5 Interest Rate Cap Counterparty and (6) sixth, the balance, if any (“Excess Collections”), shall be withdrawn by the Paying Agent from the Series 2003-5 Collection Account and deposited in the Series 2003-5 Excess Collection Account; and
(ii) on each Distribution Date during the Series 2003-5 Rapid Amortization Period, (1) first, to the Surety Provider, in an amount equal to (x) the Surety Provider Fee for the related Series 2003-5 3 Interest Period and, without duplication, (y) any Surety Provider Reimbursement Amounts then due and owing, (2) second, to the Trustee, an amount equal to the Series 2003-5 Percentage as of the beginning of such Series 2003-5 Interest Period of the Trustee’s fees for such Series 2003-5 Interest Period, (3) third, to the Administrator, an amount equal to the Series 2003-5 Percentage as of the beginning of such Series 2003-5 Interest Period of the portion of the Monthly Administration Fee (as specified in clause (iii) of the definition thereof) payable by AFC-II for such Series 2003-5 Interest Period, (4) fourth, to pay any Carrying Charges (other than Carrying Charges provided for above) to the Persons to whom such amounts are owed, an amount equal to the Series 2003-5 Percentage as of the beginning of such Series 2003-5 Interest Period of such Carrying Charges (other than Carrying Charges provided for above) for such Series 2003-5 Interest Period, (5) fifth, if AFC-II is required to replace the Series 2003-5 Interest Rate Cap Counterparty pursuant to Section 2.10(b), the initial payment, if any, to be made by AFC-II to the replacement Series 2003-5 Interest Rate Cap Counterparty and (6) sixth, so long as the Series 20032024-5 3 Invested Amount is greater than the Series 2003-5 Monthly Total Principal Allocations on such Distribution Datefor the Related Month, an amount equal to the excess of the Series 20032024-5 3 Invested Amount over the Series 2003-5 Monthly Total Principal Allocations on such Distribution Date for the Related Month shall be treated as Principal Collections.
Appears in 1 contract
Sources: Amended and Restated Series 2024 3 Supplement (Avis Budget Group, Inc.)
BALANCE. On or prior to the second Business Day preceding each Distribution Date, the Administrator shall instruct the Trustee and the Paying Agent in writing pursuant to the Administration Agreement to pay the balance (after making the payments required in Section 2.4), if any, of the amounts available from the Series 20032012-5 1 Accrued Interest Account and the Series 20032012-5 1 Distribution Account, plus the amount, if any, drawn under the Series 20032012-5 1 Letters of Credit and/or withdrawn from the Series 20032012-5 1 Cash Collateral Account pursuant to Section 2.3(c) plus the amount, if any, withdrawn from the Series 20032012-5 1 Reserve Account pursuant to Section 2.3(d) as follows:
(i) on each Distribution Date during the Series 20032012-5 1 Revolving Period or a the Series 20032012-5 1 Controlled Amortization Period, (1) first, to the Surety ProviderAdministrator, in an amount equal to (x) the Surety Provider Fee for Series 2012-1 Percentage as of the related beginning of the Series 20032012-5 1 Interest Period and, without duplicationending on the day preceding such Distribution Date of the portion of the Monthly Administration Fee payable by ABRCF (as specified in clause (iii) of the definition thereof) for such Series 2012-1 Interest Period, (y2) second, to the Trustee, an amount equal to the Series 2012-1 Percentage as of the beginning of such Series 2012-1 Interest Period of the fees owing to the Trustee under the Indenture for such Series 2012-1 Interest Period, (3) third to pay any Surety Provider Reimbursement Amounts then due Carrying Charges (other than Carrying Charges provided for above) to the Persons to whom such amounts are owed, an amount equal to the Series 2012-1 Percentage as of the beginning of such Series 2012-1 Interest Period of such Carrying Charges (other than Carrying Charges provided for above) for such Series 2012-1 Interest Period and owing(4) fourth, the balance, if any (“Excess Collections”), shall be withdrawn by the Paying Agent from the Series 2012-1 Collection Account and deposited in the Series 2012-1 Excess Collection Account; and
(ii) on each Distribution Date during the Series 2012-1 Rapid Amortization Period, (1) first, to the Trustee, an amount equal to the Series 2012-1 Percentage as of the beginning of such Series 2012-1 Interest Period ending on the day preceding such Distribution Date of the fees owing to the Trustee under the Indenture for such Series 2012-1 Interest Period, (2) second, to the Administrator, an amount equal to the Series 20032012-5 1 Percentage as of the beginning of such Series 20032012-5 1 Interest Period of the portion of the Monthly Administration Fee payable by AFC-II (as specified in clause (iii) of the definition thereof) payable by ABRCF for such Series 20032012-5 1 Interest Period, (3) third, to the Trustee, an amount equal to the Series 2003-5 Percentage as of the beginning of such Series 2003-5 Interest Period of the Trustee’s fees for such Series 2003-5 Interest Period, (4) fourth, to pay any Carrying Charges (other than Carrying Charges provided for above) to the Persons to whom such amounts are owed, an amount equal to the Series 20032012-5 1 Percentage as of the beginning of such Series 20032012-5 1 Interest Period of such Carrying Charges (other than Carrying Charges provided for above) for such Series 20032012-5 Interest Period, (5) fifth, if AFC-II is required to replace the Series 2003-5 Interest Rate Cap Counterparty pursuant to Section 2.10(b), the initial payment, if any, to be made by AFC-II to the replacement Series 2003-5 Interest Rate Cap Counterparty and (6) sixth, the balance, if any (“Excess Collections”), shall be withdrawn by the Paying Agent from the Series 2003-5 Collection Account and deposited in the Series 2003-5 Excess Collection Account; and
(ii) on each Distribution Date during the Series 2003-5 Rapid Amortization Period, (1) first, to the Surety Provider, in an amount equal to (x) the Surety Provider Fee for the related Series 2003-5 1 Interest Period and, without duplication, (y) any Surety Provider Reimbursement Amounts then due and owing, (2) second, to the Trustee, an amount equal to the Series 2003-5 Percentage as of the beginning of such Series 2003-5 Interest Period of the Trustee’s fees for such Series 2003-5 Interest Period, (3) third, to the Administrator, an amount equal to the Series 2003-5 Percentage as of the beginning of such Series 2003-5 Interest Period of the portion of the Monthly Administration Fee (as specified in clause (iii) of the definition thereof) payable by AFC-II for such Series 2003-5 Interest Period, (4) fourth, to pay any Carrying Charges (other than Carrying Charges provided for above) to the Persons to whom such amounts are owed, an amount equal to the Series 2003-5 Percentage as of the beginning of such Series 2003-5 Interest Period of such Carrying Charges (other than Carrying Charges provided for above) for such Series 2003-5 Interest Period, (5) fifth, if AFC-II is required to replace the Series 2003-5 Interest Rate Cap Counterparty pursuant to Section 2.10(b), the initial payment, if any, to be made by AFC-II to the replacement Series 2003-5 Interest Rate Cap Counterparty and (6) sixth, so long as the Series 20032012-5 1 Invested Amount is greater than the Series 2003-5 Monthly Total Principal Allocations on such Distribution Datefor the Related Month, an amount equal to the excess of the Series 20032012-5 1 Invested Amount over the Series 2003-5 Monthly Total Principal Allocations on such Distribution Date for the Related Month shall be treated as Principal Collections.
Appears in 1 contract
BALANCE. On or prior to the second Business Day preceding each Distribution Date, the Administrator shall instruct the Trustee and the Paying Agent in writing pursuant to the Administration Agreement to pay the balance (after making the payments required in Section 2.42.3(a) of this Supplement), if any, of the amounts available from Interest Collections allocated to holders of the Series 20031998-5 Accrued Interest Account and 1 Notes since the Series 2003-5 preceding Distribution Account, plus the amount, if any, drawn under the Series 2003-5 Letters of Credit and/or withdrawn from the Series 2003-5 Cash Collateral Account pursuant to Section 2.3(c) plus the amount, if any, withdrawn from the Series 2003-5 Reserve Account pursuant to Section 2.3(d) Date as follows:
(i) on each Distribution Date during the Series 20031998-5 1 Revolving Period or a the Series 20031998-5 1 Controlled Amortization Period, (1) first, to the Surety Provider, in an amount equal to (x) the Surety Provider Fee for the related Series 20031998-5 1 Interest Period and, without duplication, (y) any Surety Provider Reimbursement Amounts then due and owing, (2) second, to the Administrator, an amount equal to the Series 20031998-5 1 Percentage as of the beginning of such Series 20031998-5 1 Interest Period of the portion of the Monthly Administration Fee payable by AFC-II (as specified in clause (iii) of the definition thereof) for such Series 20031998-5 1 Interest Period, (3) third, to the Trustee, an amount equal to the Series 20031998-5 1 Percentage as of the beginning of such Series 20031998-5 1 Interest Period of the Trustee’s 's fees for such Series 20031998-5 1 Interest Period, (4) fourth, to pay any Carrying Charges (other than Carrying Charges provided for above) to the Persons to whom such amounts are owed, an amount equal to the Series 20031998-5 1 Percentage as of the beginning of such Series 20031998-5 1 Interest Period of such Carrying Charges (other than Carrying Charges provided for above) for such Series 20031998-5 1 Interest Period, Period and (5) fifth, if AFC-II is required to replace the Series 2003-5 Interest Rate Cap Counterparty pursuant to Section 2.10(b), the initial payment, if any, to be made by AFC-II to the replacement Series 2003-5 Interest Rate Cap Counterparty and (6) sixth, the balance, if any (“"Excess Collections”"), shall be withdrawn by the Paying Agent from the Series 20031998-5 1 Collection Account and deposited in the Series 20031998-5 1 Excess Collection Account; and
(ii) on each Distribution Date during the Series 20031998-5 1 Rapid Amortization Period, (1) first, to the Surety Provider, in an amount equal to (x) the Surety Provider Fee for the related Series 20031998-5 1 Interest Period and, without duplication, (y) any Surety Provider Reimbursement Amounts then due and owing, (2) second, to the Trustee, an amount equal to the Series 20031998-5 1 Percentage as of the beginning of such Series 20031998-5 1 Interest Period of the Trustee’s 's fees for such Series 20031998-5 1 Interest Period, (3) third, to the Administrator, an amount equal to the Series 20031998-5 1 Percentage as of the beginning of such Series 20031998-5 1 Interest Period of the portion of the Monthly Administration Fee (as specified in clause (iii) of the definition thereof) payable by AFC-II for such Series 20031998-5 1 Interest Period, (4) fourth, to pay any Carrying Charges (other than Carrying Charges provided for above) to the Persons to whom such amounts are owed, an amount equal to the Series 20031998-5 1 Percentage as of the beginning of such Series 20031998-5 1 Interest Period of such Carrying Charges (other than Carrying Charges provided for above) for such Series 20031998-5 1 Interest Period, Period and (5) fifth, if AFC-II is required to replace the Series 2003-5 Interest Rate Cap Counterparty pursuant to Section 2.10(b), the initial paymentbalance, if any, to shall constitute Excess Collections and shall be made withdrawn by AFC-II to the replacement Series 2003-5 Interest Rate Cap Counterparty and (6) sixth, so long as Paying Agent from the Series 20031998-5 Invested Amount is greater than 1 Collection Account and deposited in the Series 20031998-5 Principal Allocations on such Distribution Date, an amount equal to the excess of the Series 2003-5 Invested Amount over the Series 2003-5 Principal Allocations on such Distribution Date shall be treated as Principal Collections1 Excess Collection Account.
Appears in 1 contract
BALANCE. On or prior to the second Business Day preceding each Distribution Date, the Administrator shall instruct the Trustee and the Paying Agent in writing pursuant to the Administration Agreement to pay the balance (after making the payments required in Section 2.4), if any, of the amounts available from the Series 20032025-5 4 Accrued Interest Account and the Series 20032025-5 4 Distribution Account, plus the amount, if any, drawn under the Multi-Series 2003-5 Letters of Credit and/or withdrawn from the Series 20032025-5 4 Cash Collateral Account pursuant to Section 2.3(c) plus the amount, if any, withdrawn from the Series 20032025-5 4 Reserve Account pursuant to Section 2.3(d) as follows:
(i) on each Distribution Date during the Series 20032025-5 4 Revolving Period or a the Series 20032025-5 4 Controlled Amortization Period, (1) first, to the Surety ProviderAdministrator, in an amount equal to (x) the Surety Provider Fee for Series 2025-4 Percentage as of the related beginning of the Series 20032025-5 4 Interest Period and, without duplicationending on the day preceding such Distribution Date of the portion of the Monthly Administration Fee payable by ABRCF (as specified in clause (iii) of the definition thereof) for such Series 2025-4 Interest Period, (y2) second, to the Trustee, an amount equal to the Series 2025-4 Percentage as of the beginning of such Series 2025-4 Interest Period of the fees owing to the Trustee under the Base Indenture for such Series 2025-4 Interest Period, (3) third to pay any Surety Provider Reimbursement Amounts then due Carrying Charges (other than Carrying Charges provided for above) to the Persons to whom such amounts are owed, an amount equal to the Series 2025-4 Percentage as of the beginning of such Series 2025-4 Interest Period of such Carrying Charges (other than Carrying Charges provided for above) for such Series 2025-4 Interest Period and owing(4) fourth, the balance, if any, shall be withdrawn by the Paying Agent from the Series 2025-4 Collection Account and deposited in the Series 2025-4 Excess Collection Account; and
(ii) on each Distribution Date during the Series 2025-4 Rapid Amortization Period, (1) first, to the Trustee, an amount equal to the Series 2025-4 Percentage as of the beginning of such Series 2025-4 Interest Period ending on the day preceding such Distribution Date of the fees owing to the Trustee under the Base Indenture for such Series 2025-4 Interest Period, (2) second, to the Administrator, an amount equal to the Series 20032025-5 4 Percentage as of the beginning of such Series 20032025-5 4 Interest Period of the portion of the Monthly Administration Fee payable by AFC-II (as specified in clause (iii) of the definition thereof) payable by ABRCF for such Series 20032025-5 4 Interest Period, (3) third, to the Trustee, an amount equal to the Series 2003-5 Percentage as of the beginning of such Series 2003-5 Interest Period of the Trustee’s fees for such Series 2003-5 Interest Period, (4) fourth, to pay any Carrying Charges (other than Carrying Charges provided for above) to the Persons to whom such amounts are owed, an amount equal to the Series 20032025-5 4 Percentage as of the beginning of such Series 20032025-5 4 Interest Period of such Carrying Charges (other than Carrying Charges provided for above) for such Series 20032025-5 Interest Period, (5) fifth, if AFC-II is required to replace the Series 2003-5 Interest Rate Cap Counterparty pursuant to Section 2.10(b), the initial payment, if any, to be made by AFC-II to the replacement Series 2003-5 Interest Rate Cap Counterparty and (6) sixth, the balance, if any (“Excess Collections”), shall be withdrawn by the Paying Agent from the Series 2003-5 Collection Account and deposited in the Series 2003-5 Excess Collection Account; and
(ii) on each Distribution Date during the Series 2003-5 Rapid Amortization Period, (1) first, to the Surety Provider, in an amount equal to (x) the Surety Provider Fee for the related Series 2003-5 4 Interest Period and, without duplication, (y) any Surety Provider Reimbursement Amounts then due and owing, (2) second, to the Trustee, an amount equal to the Series 2003-5 Percentage as of the beginning of such Series 2003-5 Interest Period of the Trustee’s fees for such Series 2003-5 Interest Period, (3) third, to the Administrator, an amount equal to the Series 2003-5 Percentage as of the beginning of such Series 2003-5 Interest Period of the portion of the Monthly Administration Fee (as specified in clause (iii) of the definition thereof) payable by AFC-II for such Series 2003-5 Interest Period, (4) fourth, to pay any Carrying Charges (other than Carrying Charges provided for above) to the Persons to whom such amounts are owed, an amount equal to the Series 2003-5 Percentage as of the beginning of such Series 2003-5 Interest Period of such Carrying Charges (other than Carrying Charges provided for above) for such Series 2003-5 Interest Period, (5) fifth, if AFC-II is required to replace the Series 2003-5 Interest Rate Cap Counterparty pursuant to Section 2.10(b), the initial payment, if any, to be made by AFC-II to the replacement Series 2003-5 Interest Rate Cap Counterparty and (6) sixth, so long as the Series 20032025-5 4 Invested Amount is greater than the Series 2003-5 Monthly Total Principal Allocations on such Distribution Datefor the Related Month, an amount equal to the excess of the Series 20032025-5 4 Invested Amount over the Series 2003-5 Monthly Total Principal Allocations on such Distribution Date for the Related Month shall be treated as Principal Collections.
Appears in 1 contract
BALANCE. On or prior to the second Business Day preceding each Distribution Date, the Administrator shall instruct the Trustee and the Paying Agent in writing pursuant to the Administration Agreement to pay the balance (after making the payments required in Section 2.42.3(a) of this Supplement), if any, of the amounts available from the Series 20032002-5 1 Accrued Interest Account and the Series 2003-5 Distribution Account, plus the amount, if any, drawn under the Series 20032002-5 1 Letters of Credit and/or withdrawn from the Series 20032002-5 1 Cash Collateral Account pursuant to Section 2.3(c) of this Supplement plus the amount, if any, withdrawn from the Series 20032002-5 1 Reserve Account pursuant to Section 2.3(d) of this Supplement as follows:
(i) on each Distribution Date during the Series 20032002-5 1 Revolving Period or a Series 20032002-5 1 Controlled Amortization Period, (1) first, to the Surety Provider, in an amount equal to (x) the Surety Provider Fee for the related Series 20032002-5 1 Interest Period and, without duplication, (y) any Surety Provider Reimbursement Amounts then due and owing, (2) second, to the Administrator, an amount equal to the Series 20032002-5 1 Percentage as of the beginning of such Series 20032002-5 1 Interest Period of the portion of the Monthly Administration Fee payable by AFC-II (as specified in clause (iii) of the definition thereof) for such Series 20032002-5 1 Interest Period, (3) third, to the Trustee, an amount equal to the Series 20032002-5 1 Percentage as of the beginning of such Series 20032002-5 1 Interest Period of the Trustee’s 's fees for such Series 20032002-5 1 Interest Period, (4) fourth, to pay any Carrying Charges (other than Carrying Charges provided for above) to the Persons to whom such amounts are owed, an amount equal to the Series 20032002-5 1 Percentage as of the beginning of such Series 20032002-5 1 Interest Period of such Carrying Charges (other than Carrying Charges provided for above) for such Series 20032002-5 1 Interest Period, Period and (5) fifth, if AFC-II is required to replace the Series 2003-5 Interest Rate Cap Counterparty pursuant to Section 2.10(b), the initial payment, if any, to be made by AFC-II to the replacement Series 2003-5 Interest Rate Cap Counterparty and (6) sixth, the balance, if any (“"Excess Collections”"), shall be withdrawn by the Paying Agent from the Series 20032002-5 1 Collection Account and deposited in the Series 20032002-5 1 Excess Collection Account; and
(ii) on each Distribution Date during the Series 20032002-5 1 Rapid Amortization Period, (1) first, to the Surety Provider, in an amount equal to (x) the Surety Provider Fee for the related Series 20032002-5 1 Interest Period and, without duplication, (y) any Surety Provider Reimbursement Amounts then due and owing, (2) second, to the Trustee, an amount equal to the Series 20032002-5 1 Percentage as of the beginning of such Series 20032002-5 1 Interest Period of the Trustee’s 's fees for such Series 20032002-5 1 Interest Period, (3) third, to the Administrator, an amount equal to the Series 20032002-5 1 Percentage as of the beginning of such Series 20032002-5 1 Interest Period of the portion of the Monthly Administration Fee (as specified in clause (iii) of the definition thereof) payable by AFC-II for such Series 20032002-5 1 Interest Period, (4) fourth, to pay any Carrying Charges (other than Carrying Charges provided for above) to the Persons to whom such amounts are owed, an amount equal to the Series 20032002-5 1 Percentage as of the beginning of such Series 20032002-5 1 Interest Period of such Carrying Charges (other than Carrying Charges provided for above) for such Series 20032002-5 1 Interest Period, Period and (5) fifth, if AFC-II is required to replace the Series 2003-5 Interest Rate Cap Counterparty pursuant to Section 2.10(b), the initial paymentbalance, if any, to be made by AFC-II to the replacement Series 2003-5 Interest Rate Cap Counterparty and (6) sixth, so long as the Series 2003-5 Invested Amount is greater than the Series 2003-5 Principal Allocations on such Distribution Date, an amount equal to the excess of the Series 2003-5 Invested Amount over the Series 2003-5 Principal Allocations on such Distribution Date shall be treated as Principal Collections.
Appears in 1 contract
BALANCE. On or prior to the second Business Day preceding each Distribution Date, the Administrator shall instruct the Trustee and the Paying Agent in writing pursuant to the Administration Agreement to pay the balance (after making the payments required in Section 2.4), if any, of the amounts available from the Series 20032011-5 2 Accrued Interest Account and the Series 20032011-5 2 Distribution Account, plus the amount, if any, drawn under the Series 20032011-5 2 Letters of Credit and/or withdrawn from the Series 20032011-5 2 Cash Collateral Account pursuant to Section 2.3(c) plus the amount, if any, withdrawn from the Series 20032011-5 2 Reserve Account pursuant to Section 2.3(d) as follows:
(i) on each Distribution Date during the Series 20032011-5 2 Revolving Period or a the Series 20032011-5 2 Controlled Amortization Period, (1) first, to the Surety ProviderAdministrator, in an amount equal to (x) the Surety Provider Fee for Series 2011-2 Percentage as of the related beginning of the Series 20032011-5 2 Interest Period and, without duplicationending on the day preceding such Distribution Date of the portion of the Monthly Administration Fee payable by ABRCF (as specified in clause (iii) of the definition thereof) for such Series 2011-2 Interest Period, (y2) second, to the Trustee, an amount equal to the Series 2011-2 Percentage as of the beginning of such Series 2011-2 Interest Period of the fees owing to the Trustee under the Indenture for such Series 2011-2 Interest Period, (3) third to pay any Surety Provider Reimbursement Amounts then due Carrying Charges (other than Carrying Charges provided for above) to the Persons to whom such amounts are owed, an amount equal to the Series 2011-2 Percentage as of the beginning of such Series 2011-2 Interest Period of such Carrying Charges (other than Carrying Charges provided for above) for such Series 2011-2 Interest Period and owing(4) fourth, the balance, if any (“Excess Collections”), shall be withdrawn by the Paying Agent from the Series 2011-2 Collection Account and deposited in the Series 2011-2 Excess Collection Account; and
(ii) on each Distribution Date during the Series 2011-2 Rapid Amortization Period, (1) first, to the Trustee, an amount equal to the Series 2011-2 Percentage as of the beginning of such Series 2011-2 Interest Period ending on the day preceding such Distribution Date of the fees owing to the Trustee under the Indenture for such Series 2011-2 Interest Period, (2) second, to the Administrator, an amount equal to the Series 20032011-5 2 Percentage as of the beginning of such Series 20032011-5 2 Interest Period of the portion of the Monthly Administration Fee payable by AFC-II (as specified in clause (iii) of the definition thereof) payable by ABRCF for such Series 20032011-5 2 Interest Period, (3) third, to the Trustee, an amount equal to the Series 2003-5 Percentage as of the beginning of such Series 2003-5 Interest Period of the Trustee’s fees for such Series 2003-5 Interest Period, (4) fourth, to pay any Carrying Charges (other than Carrying Charges provided for above) to the Persons to whom such amounts are owed, an amount equal to the Series 20032011-5 2 Percentage as of the beginning of such Series 20032011-5 2 Interest Period of such Carrying Charges (other than Carrying Charges provided for above) for such Series 20032011-5 Interest Period, (5) fifth, if AFC-II is required to replace the Series 2003-5 Interest Rate Cap Counterparty pursuant to Section 2.10(b), the initial payment, if any, to be made by AFC-II to the replacement Series 2003-5 Interest Rate Cap Counterparty and (6) sixth, the balance, if any (“Excess Collections”), shall be withdrawn by the Paying Agent from the Series 2003-5 Collection Account and deposited in the Series 2003-5 Excess Collection Account; and
(ii) on each Distribution Date during the Series 2003-5 Rapid Amortization Period, (1) first, to the Surety Provider, in an amount equal to (x) the Surety Provider Fee for the related Series 2003-5 2 Interest Period and, without duplication, (y) any Surety Provider Reimbursement Amounts then due and owing, (2) second, to the Trustee, an amount equal to the Series 2003-5 Percentage as of the beginning of such Series 2003-5 Interest Period of the Trustee’s fees for such Series 2003-5 Interest Period, (3) third, to the Administrator, an amount equal to the Series 2003-5 Percentage as of the beginning of such Series 2003-5 Interest Period of the portion of the Monthly Administration Fee (as specified in clause (iii) of the definition thereof) payable by AFC-II for such Series 2003-5 Interest Period, (4) fourth, to pay any Carrying Charges (other than Carrying Charges provided for above) to the Persons to whom such amounts are owed, an amount equal to the Series 2003-5 Percentage as of the beginning of such Series 2003-5 Interest Period of such Carrying Charges (other than Carrying Charges provided for above) for such Series 2003-5 Interest Period, (5) fifth, if AFC-II is required to replace the Series 2003-5 Interest Rate Cap Counterparty pursuant to Section 2.10(b), the initial payment, if any, to be made by AFC-II to the replacement Series 2003-5 Interest Rate Cap Counterparty and (6) sixth, so long as the Series 20032011-5 2 Invested Amount is greater than the Series 2003-5 Monthly Total Principal Allocations on such Distribution Datefor the Related Month, an amount equal to the excess of the Series 20032011-5 2 Invested Amount over the Series 2003-5 Monthly Total Principal Allocations on such Distribution Date for the Related Month shall be treated as Principal Collections.
Appears in 1 contract
BALANCE. On or prior to the second Business Day preceding each Distribution Date, the Administrator shall instruct the Trustee and the Paying Agent in writing pursuant to the Administration Agreement to pay the balance (after making the payments required in Section 2.43.3(a)), if any, of the amounts available from the Series 20032002-5 4 Accrued Interest Account and the Series 2003-5 Distribution Account, plus the amount, if any, drawn under the Series 2003-5 Letters of Credit and/or withdrawn from the Series 2003-5 Cash Collateral Account pursuant to Section 2.3(c) plus the amount, if any, withdrawn from the Series 2003-5 Reserve Account pursuant to Section 2.3(d) as follows:
(i) on each Distribution Date during the Series 20032002-5 4 Revolving Period or a Series 2003-5 Controlled Amortization Period, (1) first, to the Surety Provider, in an amount equal to (x) the Surety Provider Fee for the related Series 2003-5 Interest Period and, without duplication, (y) any Surety Provider Reimbursement Amounts then due and owing, (2) second, to the Administrator, an amount equal to the Series 20032002-5 4 Percentage as of the beginning of such Series 20032002-5 4 Interest Period of the portion of the Monthly Administration Fee payable by AFC-II (as specified in clause (iii) of the definition thereof) for such Series 20032002-5 4 Interest Period, (32) thirdsecond, to the Trustee, an amount equal to the Series 20032002-5 4 Percentage as of the beginning of such Series 20032002-5 4 Interest Period of the Trustee’s 's fees for such Series 20032002-5 4 Interest Period, (3) third, to the Series 2002-4 Distribution Account to pay any Article VII Costs, (4) fourth, to pay any Carrying Charges (other than Carrying Charges provided for above) to the Persons to whom such amounts are owed, an amount equal to the Series 20032002-5 4 Percentage as of the beginning of such Series 20032002-5 4 Interest Period of such Carrying Charges (other than Carrying Charges provided for above) for such Series 20032002-5 4 Interest Period, Period and (5) fifth, if AFC-II is required to replace the Series 2003-5 Interest Rate Cap Counterparty pursuant to Section 2.10(b), the initial payment, if any, to be made by AFC-II to the replacement Series 2003-5 Interest Rate Cap Counterparty and (6) sixth, the balance, if any (“Excess Collections”"EXCESS COLLECTIONS"), shall be withdrawn by the Paying Agent -39- from the Series 20032002-5 4 Collection Account and deposited in the Series 20032002-5 4 Excess Collection Account; and
(ii) on each Distribution Date during the Series 20032002-5 Rapid 4 Amortization Period, (1) first, to the Surety Provider, in an amount equal to (x) the Surety Provider Fee for the related Series 2003-5 Interest Period and, without duplication, (y) any Surety Provider Reimbursement Amounts then due and owing, (2) second, to the Trustee, an amount equal to the Series 20032002-5 4 Percentage as of the beginning of such Series 20032002-5 4 Interest Period of the Trustee’s 's fees for such Series 20032002-5 4 Interest Period, (32) thirdsecond, to the Administrator, an amount equal to the Series 20032002-5 4 Percentage as of the beginning of such Series 20032002-5 4 Interest Period of the portion of the Monthly Administration Fee (as specified in clause (iii) of the definition thereof) payable by AFC-II for such Series 20032002-5 4 Interest Period, (3) third, to the Series 2002-4 Distribution Account to pay any Article VII Costs, (4) fourth, to pay any Carrying Charges (other than Carrying Charges provided for above) to the Persons to whom such amounts are owed, an amount equal to the Series 20032002-5 4 Percentage as of the beginning of such Series 20032002-5 4 Interest Period of such Carrying Charges (other than Carrying Charges provided for above) for such Series 20032002-5 4 Interest Period, Period and (5) fifth, if AFC-II is required to replace the Series 2003-5 Interest Rate Cap Counterparty pursuant to Section 2.10(b), the initial paymentbalance, if any, to be made by AFC-II to the replacement Series 2003-5 Interest Rate Cap Counterparty and (6) sixth, so long as the Series 2003-5 Invested Amount is greater than the Series 2003-5 Principal Allocations on such Distribution Date, an amount equal to the excess of the Series 2003-5 Invested Amount over the Series 2003-5 Principal Allocations on such Distribution Date shall be treated as Principal Collections.
Appears in 1 contract
BALANCE. On or prior to the second Business Day preceding each Distribution Date, the Administrator shall instruct the Trustee and the Paying Agent in writing pursuant to the Administration Agreement to pay the balance (after making the payments required in Section 2.4), if any, of the amounts available from the Series 20032005-5 2 Accrued Interest Account and the Series 20032005-5 2 Distribution Account, plus the amount, if any, drawn under the Series 20032005-5 2 Letters of Credit and/or withdrawn from the Series 20032005-5 2 Cash Collateral Account pursuant to Section 2.3(c) plus the amount, if any, withdrawn from the Series 20032005-5 2 Reserve Account pursuant to Section 2.3(d) as follows:
(i) on each Distribution Date during the Series 20032005-5 2 Revolving Period or a the Series 20032005-5 2 Controlled Amortization Period, (1) first, to each Series 2005-2 Interest Rate Swap Counterparty, an amount equal to the Fixed Rate Payment for such Distribution Date due and owing to such Series 2005-2 Interest Rate Swap Counterparty, (2) second, to the Surety Provider, in an amount equal to (x) the Surety Provider Fee for the related Series 20032005-5 2 Interest Period and, without duplication, (y) any Surety Provider Reimbursement Amounts then due and owing, (23) secondthird, to the Administrator, an amount equal to the Series 20032005-5 2 Percentage as of the beginning of such the Series 20032005-5 2 Interest Period ending on the day preceding such Distribution Date of the portion of the Monthly Administration Fee payable by AFC-II ABRCF (as specified in clause (iii) of the definition thereof) for such Series 20032005-5 2 Interest Period, (34) thirdfourth, to the Trustee, an amount equal to the Series 20032005-5 2 Percentage as of the beginning of such Series 20032005-5 2 Interest Period of the Trustee’s fees owing to the Trustee under the Indenture for such Series 20032005-5 2 Interest Period, (45) fourthfifth, to pay any Carrying Charges (other than Carrying Charges provided for above) to the Persons to whom such amounts are owed, an amount equal to the Series 20032005-5 2 Percentage as of the beginning of such Series 20032005-5 2 Interest Period of such Carrying Charges (other than Carrying Charges provided for above) for such Series 20032005-5 2 Interest Period, (5) fifth, if AFC-II is required to replace the Series 2003-5 Interest Rate Cap Counterparty pursuant to Section 2.10(b), the initial payment, if any, to be made by AFC-II to the replacement Series 2003-5 Interest Rate Cap Counterparty and (6) sixth, to each Series 2005-2 Interest Rate Swap Counterparty, any amounts due and owing under the applicable Series 2005-2 Interest Rate Swap (other than any Fixed Rate Payment) and (7) seventh, the balance, if any (“Excess Collections”), shall be withdrawn by the Paying Agent from the Series 20032005-5 2 Collection Account and deposited in the Series 20032005-5 2 Excess Collection Account; and
(ii) on each Distribution Date during the Series 20032005-5 2 Rapid Amortization Period, (1) first, to each Series 2005-2 Interest Rate Swap Counterparty, an amount equal to the Fixed Rate Payment for such Distribution Date due and owing to such Series 2005-2 Interest Rate Swap Counterparty, (2) second, to the Surety Provider, in an amount equal to (x) the Surety Provider Fee for the related Series 20032005-5 2 Interest Period and, without duplication, (y) any Surety Provider Reimbursement Amounts then due and owing, (23) secondthird, to the Trustee, an amount equal to the Series 20032005-5 2 Percentage as of the beginning of such Series 20032005-5 2 Interest Period ending on the day preceding such Distribution Date of the Trustee’s fees owing to the Trustee under the Indenture for such Series 20032005-5 2 Interest Period, (34) thirdfourth, to the Administrator, an amount equal to the Series 20032005-5 2 Percentage as of the beginning of such Series 20032005-5 2 Interest Period of the portion of the Monthly Administration Fee (as specified in clause (iii) of the definition thereof) payable by AFC-II ABRCF for such Series 20032005-5 2 Interest Period, (45) fourthfifth, to pay any Carrying Charges (other than Carrying Charges provided for above) to the Persons to whom such amounts are owed, an amount equal to the Series 20032005-5 2 Percentage as of the beginning of such Series 20032005-5 2 Interest Period of such Carrying Charges (other than Carrying Charges provided for above) for such Series 20032005-5 2 Interest Period, (5) fifth, if AFC-II is required to replace the Series 2003-5 Interest Rate Cap Counterparty pursuant to Section 2.10(b), the initial payment, if any, to be made by AFC-II to the replacement Series 2003-5 Interest Rate Cap Counterparty and (6) sixth, so long as the Series 20032005-5 2 Invested Amount is greater than the Series 2003-5 Monthly Total Principal Allocations on such Distribution Datefor the Related Month, an amount equal to the excess of the Series 20032005-5 2 Invested Amount over the Series 2003-5 Monthly Total Principal Allocations on such Distribution Date for the Related Month shall be treated as Principal CollectionsCollections and (7) seventh, to each Series 2005-2 Interest Rate Swap Counterparty, any amounts due and owing under the applicable Series 2005-2 Interest Rate Swap (other than any Fixed Rate Payment).
Appears in 1 contract
Sources: Amended and Restated Series 2005 2 Supplement (Avis Budget Group, Inc.)
BALANCE. On or prior to the second Business Day preceding each Distribution Date, the Administrator shall instruct the Trustee and the Paying Agent in writing pursuant to the Administration Agreement to pay the balance (after making the payments required in Section 2.4), if any, of the amounts available from the Series 20032005-5 2 Accrued Interest Account and the Series 20032005-5 2 Distribution Account, plus the amount, if any, drawn under the Series 20032005-5 2 Letters of Credit and/or withdrawn from the Series 20032005-5 2 Cash Collateral Account pursuant to Section 2.3(c) plus the amount, if any, withdrawn from the Series 20032005-5 2 Reserve Account pursuant to Section 2.3(d) as follows:
(i) on each Distribution Date during the Series 20032005-5 2 Revolving Period or a Series 20032005-5 2 Controlled Amortization Period, (1) first, to each Series 2005-2 Interest Rate Swap Counterparty, an amount equal to the Fixed Rate Payment for such Distribution Date due and owing to such Series 2005-2 Interest Rate Swap Counterparty, (2) second, to the Surety Provider, in an amount equal to (x) the Surety Provider Fee for the related Series 20032005-5 2 Interest Period and, without duplication, (y) any Surety Provider Reimbursement Amounts then due and owing, (23) secondthird, to the Administrator, an amount equal to the Series 20032005-5 2 Percentage as of the beginning of such the Series 20032005-5 2 Interest Period ending on the day preceding such Distribution Date of the portion of the Monthly Administration Fee payable by AFC-II CRCF (as specified in clause (iii) of the definition thereof) for such Series 20032005-5 2 Interest Period, (34) thirdfourth, to the Trustee, an amount equal to the Series 20032005-5 2 Percentage as of the beginning of such Series 20032005-5 2 Interest Period of the Trustee’s fees owing to the Trustee under the Indenture for such Series 20032005-5 2 Interest Period, (45) fourthfifth, to pay any Carrying Charges (other than Carrying Charges provided for above) to the Persons to whom such amounts are owed, an amount equal to the Series 20032005-5 2 Percentage as of the beginning of such Series 20032005-5 2 Interest Period of such Carrying Charges (other than Carrying Charges provided for above) for such Series 20032005-5 2 Interest Period, (5) fifth, if AFC-II is required to replace the Series 2003-5 Interest Rate Cap Counterparty pursuant to Section 2.10(b), the initial payment, if any, to be made by AFC-II to the replacement Series 2003-5 Interest Rate Cap Counterparty and (6) sixth, to each Series 2005-2 Interest Rate Swap Counterparty, any amounts due and owing under the applicable Series 2005-2 Interest Rate Swap (other than any Fixed Rate Payment) and (7) seventh, the balance, if any (“Excess Collections”), shall be withdrawn by the Paying Agent from the Series 20032005-5 2 Collection Account and deposited in the Series 20032005-5 2 Excess Collection Account; and
(ii) on each Distribution Date during the Series 20032005-5 2 Rapid Amortization Period, (1) first, to each Series 2005-2 Interest Rate Swap Counterparty, an amount equal to the Fixed Rate Payment for such Distribution Date due and owing to such Series 2005-2 Interest Rate Swap Counterparty, (2) second, to the Surety Provider, in an amount equal to (x) the Surety Provider Fee for the related Series 20032005-5 2 Interest Period and, without duplication, (y) any Surety Provider Reimbursement Amounts then due and owing, (23) secondthird, to the Trustee, an amount equal to the Series 20032005-5 2 Percentage as of the beginning of such Series 20032005-5 2 Interest Period ending on the day preceding such Distribution Date of the Trustee’s fees owing to the Trustee under the Indenture for such Series 20032005-5 2 Interest Period, (34) thirdfourth, to the Administrator, an amount equal to the Series 20032005-5 2 Percentage as of the beginning of such Series 20032005-5 2 Interest Period of the portion of the Monthly Administration Fee (as specified in clause (iii) of the definition thereof) payable by AFC-II CRCF for such Series 20032005-5 2 Interest Period, (45) fourthfifth, to pay any Carrying Charges (other than Carrying Charges provided for above) to the Persons to whom such amounts are owed, an amount equal to the Series 20032005-5 2 Percentage as of the beginning of such Series 20032005-5 2 Interest Period of such Carrying Charges (other than Carrying Charges provided for above) for such Series 20032005-5 2 Interest Period, (5) fifth, if AFC-II is required to replace the Series 2003-5 Interest Rate Cap Counterparty pursuant to Section 2.10(b), the initial payment, if any, to be made by AFC-II to the replacement Series 2003-5 Interest Rate Cap Counterparty and (6) sixth, so long as the Series 20032005-5 2 Invested Amount is greater than the Series 2003-5 Monthly Total Principal Allocations on such Distribution Datefor the Related Month, an amount equal to the excess of the Series 20032005-5 2 Invested Amount over the Series 2003-5 Monthly Total Principal Allocations on such Distribution Date for the Related Month shall be treated as Principal CollectionsCollections and (7) seventh, to each Series 2005-2 Interest Rate Swap Counterparty, any amounts due and owing under the applicable Series 2005-2 Interest Rate Swap (other than any Fixed Rate Payment).
Appears in 1 contract
BALANCE. On or prior to the second Business Day preceding each Distribution Date, the Administrator shall instruct the Trustee and the Paying Agent in writing pursuant to the Administration Agreement to pay the balance (after making the payments required in Section 2.4), if any, of the amounts available from the Series 20032023-5 2 Accrued Interest Account and the Series 20032023-5 2 Distribution Account, plus the amount, if any, drawn under the Multi-Series 2003-5 Letters of Credit and/or withdrawn from the Series 20032023-5 2 Cash Collateral Account Accounts pursuant to Section 2.3(c) plus the amount, if any, withdrawn from the Series 20032023-5 2 Reserve Account Accounts pursuant to Section 2.3(d) as follows:
(i) on each Distribution Date during the Series 20032023-5 2 Revolving Period or a the Series 20032023-5 2 Controlled Amortization Period, (1) first, to the Surety ProviderAdministrator, in an amount equal to (x) the Surety Provider Fee for Series 2023-2 Percentage as of the related beginning of the Series 20032023-5 2 Interest Period and, without duplicationending on the day preceding such Distribution Date of the portion of the Monthly Administration Fee payable by ABRCF (as specified in clause (iii) of the definition thereof) for such Series 2023-2 Interest Period, (y2) second, to the Trustee, an amount equal to the Series 2023-2 Percentage as of the beginning of such Series 2023-2 Interest Period of the fees owing to the Trustee under the Base Indenture for such Series 2023-2 Interest Period, (3) third to pay any Surety Provider Reimbursement Amounts then due Carrying Charges (other than Carrying Charges provided for above) to the Persons to whom such amounts are owed, an amount equal to the Series 2023-2 Percentage as of the beginning of such Series 2023-2 Interest Period of such Carrying Charges (other than Carrying Charges provided for above) for such Series 2023-2 Interest Period and owing(4) fourth, the balance, if any, shall be withdrawn by the Paying Agent from the Series 2023-2 Collection Account and deposited in the Series 2023-2 Excess Collection Account; and
(ii) on each Distribution Date during the Series 2023-2 Rapid Amortization Period, (1) first, to the Trustee, an amount equal to the Series 2023-2 Percentage as of the beginning of such Series 2023-2 Interest Period ending on the day preceding such Distribution Date of the fees owing to the Trustee under the Base Indenture for such Series 2023-2 Interest Period, (2) second, to the Administrator, an amount equal to the Series 20032023-5 2 Percentage as of the beginning of such Series 20032023-5 2 Interest Period of the portion of the Monthly Administration Fee payable by AFC-II (as specified in clause (iii) of the definition thereof) payable by ABRCF for such Series 20032023-5 2 Interest Period, (3) third, to the Trustee, an amount equal to the Series 2003-5 Percentage as of the beginning of such Series 2003-5 Interest Period of the Trustee’s fees for such Series 2003-5 Interest Period, (4) fourth, to pay any Carrying Charges (other than Carrying Charges provided for above) to the Persons to whom such amounts are owed, an amount equal to the Series 20032023-5 2 Percentage as of AMERICAS 129552364 44 the beginning of such Series 20032023-5 2 Interest Period of such Carrying Charges (other than Carrying Charges provided for above) for such Series 20032023-5 Interest Period, (5) fifth, if AFC-II is required to replace the Series 2003-5 Interest Rate Cap Counterparty pursuant to Section 2.10(b), the initial payment, if any, to be made by AFC-II to the replacement Series 2003-5 Interest Rate Cap Counterparty and (6) sixth, the balance, if any (“Excess Collections”), shall be withdrawn by the Paying Agent from the Series 2003-5 Collection Account and deposited in the Series 2003-5 Excess Collection Account; and
(ii) on each Distribution Date during the Series 2003-5 Rapid Amortization Period, (1) first, to the Surety Provider, in an amount equal to (x) the Surety Provider Fee for the related Series 2003-5 2 Interest Period and, without duplication, (y) any Surety Provider Reimbursement Amounts then due and owing, (2) second, to the Trustee, an amount equal to the Series 2003-5 Percentage as of the beginning of such Series 2003-5 Interest Period of the Trustee’s fees for such Series 2003-5 Interest Period, (3) third, to the Administrator, an amount equal to the Series 2003-5 Percentage as of the beginning of such Series 2003-5 Interest Period of the portion of the Monthly Administration Fee (as specified in clause (iii) of the definition thereof) payable by AFC-II for such Series 2003-5 Interest Period, (4) fourth, to pay any Carrying Charges (other than Carrying Charges provided for above) to the Persons to whom such amounts are owed, an amount equal to the Series 2003-5 Percentage as of the beginning of such Series 2003-5 Interest Period of such Carrying Charges (other than Carrying Charges provided for above) for such Series 2003-5 Interest Period, (5) fifth, if AFC-II is required to replace the Series 2003-5 Interest Rate Cap Counterparty pursuant to Section 2.10(b), the initial payment, if any, to be made by AFC-II to the replacement Series 2003-5 Interest Rate Cap Counterparty and (6) sixth, so long as the Series 20032023-5 2 Invested Amount is greater than the Series 2003-5 Monthly Total Principal Allocations on such Distribution Datefor the Related Month, an amount equal to the excess of the Series 20032023-5 2 Invested Amount over the Series 2003-5 Monthly Total Principal Allocations on such Distribution Date for the Related Month shall be treated as Principal Collections.
Appears in 1 contract
Sources: Second Amended and Restated Series 2023 2 Supplement (Avis Budget Group, Inc.)
BALANCE. On or prior to the second Business Day preceding each Distribution Date, the Administrator shall instruct the Trustee and the Paying Agent in writing pursuant to the Administration Agreement to pay the balance (after making the payments required in Section 2.4), if any, of the amounts available from the Series 20032023-5 4 Accrued Interest Account and the Series 20032023-5 4 Distribution Account, plus the amount, if any, drawn under the Multi-Series 2003-5 Letters of Credit and/or withdrawn from the Series 20032023-5 4 Cash Collateral Account pursuant to Section 2.3(c) plus the amount, if any, withdrawn from the Series 20032023-5 4 Reserve Account pursuant to Section 2.3(d) as follows:
(i) on each Distribution Date during the Series 20032023-5 4 Revolving Period or a the Series 20032023-5 4 Controlled Amortization Period, (1) first, to the Surety ProviderAdministrator, in an amount equal to (x) the Surety Provider Fee for Series 2023-4 Percentage as of the related beginning of the Series 20032023-5 4 Interest Period and, without duplicationending on the day preceding such Distribution Date of the portion of the Monthly Administration Fee payable by ABRCF (as specified in clause (iii) of the definition thereof) for such Series 2023-4 Interest Period, (y2) second, to the Trustee, an amount equal to the Series 2023-4 Percentage as of the beginning of such Series 2023-4 Interest Period of the fees owing to the Trustee under the Base Indenture for such Series 2023-4 Interest Period, (3) third to pay any Surety Provider Reimbursement Amounts then due Carrying Charges (other than Carrying Charges provided for above) to the Persons to whom such amounts are owed, an amount equal to the Series 2023-4 Percentage as of the beginning of such Series 2023-4 Interest Period of such Carrying Charges (other than Carrying Charges provided for above) for such Series 2023-4 Interest Period and owing(4) fourth, the balance, if any, shall be withdrawn by the Paying Agent from the Series 2023-4 Collection Account and deposited in the Series 2023-4 Excess Collection Account; and
(ii) on each Distribution Date during the Series 2023-4 Rapid Amortization Period, (1) first, to the Trustee, an amount equal to the Series 2023-4 Percentage as of the beginning of such Series 2023-4 Interest Period ending on the day preceding such Distribution Date of the fees owing to the Trustee under the Base Indenture for such Series 2023-4 Interest Period, (2) second, to the Administrator, an amount equal to the Series 20032023-5 4 Percentage as of the beginning of such Series 20032023-5 4 Interest Period of the portion of the Monthly Administration Fee payable by AFC-II (as specified in clause (iii) of the definition thereof) payable by ABRCF for such Series 20032023-5 4 Interest Period, (3) third, to the Trustee, an amount equal to the Series 2003-5 Percentage as of the beginning of such Series 2003-5 Interest Period of the Trustee’s fees for such Series 2003-5 Interest Period, (4) fourth, to pay any Carrying Charges (other than Carrying Charges provided for above) to the Persons to whom such amounts are owed, an amount equal to the Series 20032023-5 4 Percentage as of the beginning of such Series 20032023-5 4 Interest Period of such Carrying Charges (other than Carrying Charges provided for above) for such Series 20032023-5 Interest Period, (5) fifth, if AFC-II is required to replace the Series 2003-5 Interest Rate Cap Counterparty pursuant to Section 2.10(b), the initial payment, if any, to be made by AFC-II to the replacement Series 2003-5 Interest Rate Cap Counterparty and (6) sixth, the balance, if any (“Excess Collections”), shall be withdrawn by the Paying Agent from the Series 2003-5 Collection Account and deposited in the Series 2003-5 Excess Collection Account; and
(ii) on each Distribution Date during the Series 2003-5 Rapid Amortization Period, (1) first, to the Surety Provider, in an amount equal to (x) the Surety Provider Fee for the related Series 2003-5 4 Interest Period and, without duplication, (y) any Surety Provider Reimbursement Amounts then due and owing, (2) second, to the Trustee, an amount equal to the Series 2003-5 Percentage as of the beginning of such Series 2003-5 Interest Period of the Trustee’s fees for such Series 2003-5 Interest Period, (3) third, to the Administrator, an amount equal to the Series 2003-5 Percentage as of the beginning of such Series 2003-5 Interest Period of the portion of the Monthly Administration Fee (as specified in clause (iii) of the definition thereof) payable by AFC-II for such Series 2003-5 Interest Period, (4) fourth, to pay any Carrying Charges (other than Carrying Charges provided for above) to the Persons to whom such amounts are owed, an amount equal to the Series 2003-5 Percentage as of the beginning of such Series 2003-5 Interest Period of such Carrying Charges (other than Carrying Charges provided for above) for such Series 2003-5 Interest Period, (5) fifth, if AFC-II is required to replace the Series 2003-5 Interest Rate Cap Counterparty pursuant to Section 2.10(b), the initial payment, if any, to be made by AFC-II to the replacement Series 2003-5 Interest Rate Cap Counterparty and (6) sixth, so long as the Series 20032023-5 4 Invested Amount is greater than the Series 2003-5 Monthly Total Principal Allocations on such Distribution Datefor the Related Month, an amount equal to the excess of the Series 20032023-5 4 Invested Amount over the Series 2003-5 Monthly Total Principal Allocations on such Distribution Date for the Related Month shall be treated as Principal Collections.
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BALANCE. On or prior to the second Business Day preceding each Distribution Date, the Administrator shall instruct the Trustee and the Paying Agent in writing pursuant to the Administration Agreement to pay the balance (after making the payments required in Section 2.4), if any, of the amounts available from the Series 20032023-5 7 Accrued Interest Account and the Series 20032023-5 7 Distribution Account, plus the amount, if any, drawn under the Multi-Series 2003-5 Letters of Credit and/or withdrawn from the Series 20032023-5 7 Cash Collateral Account pursuant to Section 2.3(c) plus the amount, if any, withdrawn from the Series 20032023-5 7 Reserve Account pursuant to Section 2.3(d) as follows:
(i) on each Distribution Date during the Series 20032023-5 7 Revolving Period or a the Series 20032023-5 7 Controlled Amortization Period, (1) first, to the Surety ProviderAdministrator, in an amount equal to (x) the Surety Provider Fee for Series 2023-7 Percentage as of the related beginning of the Series 20032023-5 7 Interest Period and, without duplicationending on the day preceding such Distribution Date of the portion of the Monthly Administration Fee payable by ABRCF (as specified in clause (iii) of the definition thereof) for such Series 2023-7 Interest Period, (y2) second, to the Trustee, an amount equal to the Series 2023-7 Percentage as of the beginning of such Series 2023-7 Interest Period of the fees owing to the Trustee under the Base Indenture for such Series 2023-7 Interest Period, (3) third to pay any Surety Provider Reimbursement Amounts then due Carrying Charges (other than Carrying Charges provided for above) to the Persons to whom such amounts are owed, an amount equal to the Series 2023-7 Percentage as of the beginning of such Series 2023-7 Interest Period of such Carrying Charges (other than Carrying Charges provided for above) for such Series 2023-7 Interest Period and owing(4) fourth, the balance, if any, shall be withdrawn by the Paying Agent from the Series 2023-7 Collection Account and deposited in the Series 2023-7 Excess Collection Account; and
(ii) on each Distribution Date during the Series 2023-7 Rapid Amortization Period, (1) first, to the Trustee, an amount equal to the Series 2023-7 Percentage as of the beginning of such Series 2023-7 Interest Period ending on the day preceding such Distribution Date of the fees owing to the Trustee under the Base Indenture for such Series 2023-7 Interest Period, (2) second, to the Administrator, an amount equal to the Series 20032023-5 7 Percentage as of the beginning of such Series 20032023-5 7 Interest Period of the portion of the Monthly Administration Fee payable by AFC-II (as specified in clause (iii) of the definition thereof) payable by ABRCF for such Series 20032023-5 7 Interest Period, (3) third, to the Trustee, an amount equal to the Series 2003-5 Percentage as of the beginning of such Series 2003-5 Interest Period of the Trustee’s fees for such Series 2003-5 Interest Period, (4) fourth, to pay any Carrying Charges (other than Carrying Charges provided for above) to the Persons to whom such amounts are owed, an amount equal to the Series 20032023-5 7 Percentage as of the beginning of such Series 20032023-5 7 Interest Period of such Carrying Charges (other than Carrying Charges provided for above) for such Series 20032023-5 Interest Period, (5) fifth, if AFC-II is required to replace the Series 2003-5 Interest Rate Cap Counterparty pursuant to Section 2.10(b), the initial payment, if any, to be made by AFC-II to the replacement Series 2003-5 Interest Rate Cap Counterparty and (6) sixth, the balance, if any (“Excess Collections”), shall be withdrawn by the Paying Agent from the Series 2003-5 Collection Account and deposited in the Series 2003-5 Excess Collection Account; and
(ii) on each Distribution Date during the Series 2003-5 Rapid Amortization Period, (1) first, to the Surety Provider, in an amount equal to (x) the Surety Provider Fee for the related Series 2003-5 7 Interest Period and, without duplication, (y) any Surety Provider Reimbursement Amounts then due and owing, (2) second, to the Trustee, an amount equal to the Series 2003-5 Percentage as of the beginning of such Series 2003-5 Interest Period of the Trustee’s fees for such Series 2003-5 Interest Period, (3) third, to the Administrator, an amount equal to the Series 2003-5 Percentage as of the beginning of such Series 2003-5 Interest Period of the portion of the Monthly Administration Fee (as specified in clause (iii) of the definition thereof) payable by AFC-II for such Series 2003-5 Interest Period, (4) fourth, to pay any Carrying Charges (other than Carrying Charges provided for above) to the Persons to whom such amounts are owed, an amount equal to the Series 2003-5 Percentage as of the beginning of such Series 2003-5 Interest Period of such Carrying Charges (other than Carrying Charges provided for above) for such Series 2003-5 Interest Period, (5) fifth, if AFC-II is required to replace the Series 2003-5 Interest Rate Cap Counterparty pursuant to Section 2.10(b), the initial payment, if any, to be made by AFC-II to the replacement Series 2003-5 Interest Rate Cap Counterparty and (6) sixth, so long as the Series 20032023-5 7 Invested Amount is greater than the Series 2003-5 Monthly Total Principal Allocations on such Distribution Datefor the Related Month, an amount equal to the excess of the Series 20032023-5 7 Invested Amount over the Series 2003-5 Monthly Total Principal Allocations on such Distribution Date for the Related Month shall be treated as Principal Collections.
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BALANCE. On or prior to the second Business Day preceding each Distribution Date, the Administrator shall instruct the Trustee and the Paying Agent in writing pursuant to the Administration Agreement to pay the balance (after making the payments required in Section 2.4), if any, of the amounts available from the Series 20032019-5 2 Accrued Interest Account and the Series 20032019-5 2 Distribution Account, plus the amount, if any, drawn under the Series 20032019-5 2 Letters of Credit and/or withdrawn from the Series 20032019-5 2 Cash Collateral Account Accounts pursuant to Section 2.3(c) plus the amount, if any, withdrawn from the Series 20032019-5 2 Reserve Account Accounts pursuant to Section 2.3(d) as follows:
(i) on each Distribution Date during the Series 20032019-5 2 Revolving Period or a the Series 20032019-5 2 Controlled Amortization Period, (1) first, to the Surety ProviderAdministrator, in an amount equal to (x) the Surety Provider Fee for Series 2019-2 Percentage as of the related beginning of the Series 20032019-5 2 Interest Period and, without duplicationending on the day preceding such Distribution Date of the portion of the Monthly Administration Fee payable by ABRCF (as specified in clause (iii) of the definition thereof) for such Series 2019-2 Interest Period, (y2) second, to the Trustee, an amount equal to the Series 2019-2 Percentage as of the beginning of such Series 2019-2 Interest Period of the fees owing to the Trustee under the Base Indenture for such Series 2019-2 Interest Period, (3) third to pay any Surety Provider Reimbursement Amounts then due Carrying Charges (other than Carrying Charges provided for above) to the Persons to whom such amounts are owed, an amount equal to the Series 2019-2 Percentage as of the beginning of such Series 2019-2 Interest Period of such Carrying Charges (other than Carrying Charges provided for above) for such Series 2019-2 Interest Period and owing(4) fourth, the balance, if any, shall be withdrawn by the Paying Agent from the Series 2019-2 Collection Account and deposited in the Series 2019-2 Excess Collection Account; and
(ii) on each Distribution Date during the Series 2019-2 Rapid Amortization Period, (1) first, to the Trustee, an amount equal to the Series 2019-2 Percentage as of the beginning of such Series 2019-2 Interest Period ending on the day preceding such Distribution Date of the fees owing to the Trustee under the Base Indenture for such Series 2019-2 Interest Period, (2) second, to the Administrator, an amount equal to the Series 20032019-5 2 Percentage as of the beginning of such Series 20032019-5 2 Interest Period of the portion of the Monthly Administration Fee payable by AFC-II (as specified in clause (iii) of the definition thereof) payable by ABRCF for such Series 20032019-5 2 Interest Period, (3) third, to the Trustee, an amount equal to the Series 2003-5 Percentage as of the beginning of such Series 2003-5 Interest Period of the Trustee’s fees for such Series 2003-5 Interest Period, (4) fourth, to pay any Carrying Charges (other than Carrying Charges provided for above) to the Persons to whom such amounts are owed, an amount equal to the Series 20032019-5 2 Percentage as of the beginning of such Series 20032019-5 2 Interest Period of such Carrying Charges (other than Carrying Charges provided for above) for such Series 20032019-5 Interest Period, (5) fifth, if AFC-II is required to replace the Series 2003-5 Interest Rate Cap Counterparty pursuant to Section 2.10(b), the initial payment, if any, to be made by AFC-II to the replacement Series 2003-5 Interest Rate Cap Counterparty and (6) sixth, the balance, if any (“Excess Collections”), shall be withdrawn by the Paying Agent from the Series 2003-5 Collection Account and deposited in the Series 2003-5 Excess Collection Account; and
(ii) on each Distribution Date during the Series 2003-5 Rapid Amortization Period, (1) first, to the Surety Provider, in an amount equal to (x) the Surety Provider Fee for the related Series 2003-5 2 Interest Period and, without duplication, (y) any Surety Provider Reimbursement Amounts then due and owing, (2) second, to the Trustee, an amount equal to the Series 2003-5 Percentage as of the beginning of such Series 2003-5 Interest Period of the Trustee’s fees for such Series 2003-5 Interest Period, (3) third, to the Administrator, an amount equal to the Series 2003-5 Percentage as of the beginning of such Series 2003-5 Interest Period of the portion of the Monthly Administration Fee (as specified in clause (iii) of the definition thereof) payable by AFC-II for such Series 2003-5 Interest Period, (4) fourth, to pay any Carrying Charges (other than Carrying Charges provided for above) to the Persons to whom such amounts are owed, an amount equal to the Series 2003-5 Percentage as of the beginning of such Series 2003-5 Interest Period of such Carrying Charges (other than Carrying Charges provided for above) for such Series 2003-5 Interest Period, (5) fifth, if AFC-II is required to replace the Series 2003-5 Interest Rate Cap Counterparty pursuant to Section 2.10(b), the initial payment, if any, to be made by AFC-II to the replacement Series 2003-5 Interest Rate Cap Counterparty and (6) sixth, so long as the Series 20032019-5 2 Invested Amount is greater than the Series 2003-5 Monthly Total Principal Allocations on such Distribution Datefor the Related Month, an amount equal to the excess of the Series 20032019-5 2 Invested Amount over the Series 2003-5 Monthly Total Principal Allocations on such Distribution Date for the Related Month shall be treated as Principal Collections.
Appears in 1 contract
Sources: Amended and Restated Series 2019 2 Supplement (Avis Budget Group, Inc.)
BALANCE. On or prior to the second Business Day preceding each Distribution Date, the Administrator shall instruct the Trustee and the Paying Agent in writing pursuant to the Administration Agreement to pay the balance (after making the payments required in Section 2.4), if any, of the amounts available from the Series 20032011-5 1 Accrued Interest Account and the Series 20032011-5 1 Distribution Account, plus the amount, if any, drawn under the Series 20032011-5 1 Letters of Credit and/or withdrawn from the Series 20032011-5 1 Cash Collateral Account pursuant to Section 2.3(c) plus the amount, if any, withdrawn from the Series 20032011-5 1 Reserve Account pursuant to Section 2.3(d) as follows:
(i) on each Distribution Date during the Series 20032011-5 1 Revolving Period or a the Series 20032011-5 1 Controlled Amortization Period, (1) first, to the Surety ProviderAdministrator, in an amount equal to (x) the Surety Provider Fee for Series 2011-1 Percentage as of the related beginning of the Series 20032011-5 1 Interest Period and, without duplicationending on the day preceding such Distribution Date of the portion of the Monthly Administration Fee payable by ABRCF (as specified in clause (iii) of the definition thereof) for such Series 2011-1 Interest Period, (y2) second, to the Trustee, an amount equal to the Series 2011-1 Percentage as of the beginning of such Series 2011-1 Interest Period of the fees owing to the Trustee under the Indenture for such Series 2011-1 Interest Period, (3) third to pay any Surety Provider Reimbursement Amounts then due Carrying Charges (other than Carrying Charges provided for above) to the Persons to whom such amounts are owed, an amount equal to the Series 2011-1 Percentage as of the beginning of such Series 2011-1 Interest Period of such Carrying Charges (other than Carrying Charges provided for above) for such Series 2011-1 Interest Period and owing(4) fourth, the balance, if any (“Excess Collections”), shall be withdrawn by the Paying Agent from the Series 2011-1 Collection Account and deposited in the Series 2011-1 Excess Collection Account; and
(ii) on each Distribution Date during the Series 2011-1 Rapid Amortization Period, (1) first, to the Trustee, an amount equal to the Series 2011-1 Percentage as of the beginning of such Series 2011-1 Interest Period ending on the day preceding such Distribution Date of the fees owing to the Trustee under the Indenture for such Series 2011-1 Interest Period, (2) second, to the Administrator, an amount equal to the Series 20032011-5 1 Percentage as of the beginning of such Series 20032011-5 1 Interest Period of the portion of the Monthly Administration Fee payable by AFC-II (as specified in clause (iii) of the definition thereof) payable by ABRCF for such Series 20032011-5 1 Interest Period, (3) third, to the Trustee, an amount equal to the Series 2003-5 Percentage as of the beginning of such Series 2003-5 Interest Period of the Trustee’s fees for such Series 2003-5 Interest Period, (4) fourth, to pay any Carrying Charges (other than Carrying Charges provided for above) to the Persons to whom such amounts are owed, an amount equal to the Series 20032011-5 1 Percentage as of the beginning of such Series 20032011-5 1 Interest Period of such Carrying Charges (other than Carrying Charges provided for above) for such Series 20032011-5 Interest Period, (5) fifth, if AFC-II is required to replace the Series 2003-5 Interest Rate Cap Counterparty pursuant to Section 2.10(b), the initial payment, if any, to be made by AFC-II to the replacement Series 2003-5 Interest Rate Cap Counterparty and (6) sixth, the balance, if any (“Excess Collections”), shall be withdrawn by the Paying Agent from the Series 2003-5 Collection Account and deposited in the Series 2003-5 Excess Collection Account; and
(ii) on each Distribution Date during the Series 2003-5 Rapid Amortization Period, (1) first, to the Surety Provider, in an amount equal to (x) the Surety Provider Fee for the related Series 2003-5 1 Interest Period and, without duplication, (y) any Surety Provider Reimbursement Amounts then due and owing, (2) second, to the Trustee, an amount equal to the Series 2003-5 Percentage as of the beginning of such Series 2003-5 Interest Period of the Trustee’s fees for such Series 2003-5 Interest Period, (3) third, to the Administrator, an amount equal to the Series 2003-5 Percentage as of the beginning of such Series 2003-5 Interest Period of the portion of the Monthly Administration Fee (as specified in clause (iii) of the definition thereof) payable by AFC-II for such Series 2003-5 Interest Period, (4) fourth, to pay any Carrying Charges (other than Carrying Charges provided for above) to the Persons to whom such amounts are owed, an amount equal to the Series 2003-5 Percentage as of the beginning of such Series 2003-5 Interest Period of such Carrying Charges (other than Carrying Charges provided for above) for such Series 2003-5 Interest Period, (5) fifth, if AFC-II is required to replace the Series 2003-5 Interest Rate Cap Counterparty pursuant to Section 2.10(b), the initial payment, if any, to be made by AFC-II to the replacement Series 2003-5 Interest Rate Cap Counterparty and (6) sixth, so long as the Series 20032011-5 1 Invested Amount is greater than the Series 2003-5 Monthly Total Principal Allocations on such Distribution Datefor the Related Month, an amount equal to the excess of the Series 20032011-5 1 Invested Amount over the Series 2003-5 Monthly Total Principal Allocations on such Distribution Date for the Related Month shall be treated as Principal Collections.
Appears in 1 contract
BALANCE. On or prior to the second Business Day preceding each Distribution Date, the Administrator shall instruct the Trustee and the Paying Agent in writing pursuant to the Administration Agreement to pay the balance (after making the payments required in Section 2.4), if any, of the amounts available from the Series 20032017-5 2 Accrued Interest Account and the Series 20032017-5 2 Distribution Account, plus the amount, if any, drawn under the Series 20032017-5 2 Letters of Credit and/or withdrawn from the Series 20032017-5 2 Cash Collateral Account pursuant to Section 2.3(c) plus the amount, if any, withdrawn from the Series 20032017-5 2 Reserve Account pursuant to Section 2.3(d) as follows:
(i) on each Distribution Date during the Series 20032017-5 2 Revolving Period or a the Series 20032017-5 2 Controlled Amortization Period, (1) first, to the Surety ProviderAdministrator, in an amount equal to (x) the Surety Provider Fee for Series 2017-2 Percentage as of the related beginning of the Series 20032017-5 2 Interest Period and, without duplicationending on the day preceding such Distribution Date of the portion of the Monthly Administration Fee payable by ABRCF (as specified in clause (iii) of the definition thereof) for such Series 2017-2 Interest Period, (y2) second, to the Trustee, an amount equal to the Series 2017-2 Percentage as of the beginning of such Series 2017-2 Interest Period of the fees owing to the Trustee under the Base Indenture for such Series 2017-2 Interest Period, (3) third to pay any Surety Provider Reimbursement Amounts then due Carrying Charges (other than Carrying Charges provided for above) to the Persons to whom such amounts are owed, an amount equal to the Series 2017-2 Percentage as of the beginning of such Series 2017-2 Interest Period of such Carrying Charges (other than Carrying Charges provided for above) for such Series 2017-2 Interest Period and owing(4) fourth, the balance, if any, shall be withdrawn by the Paying Agent from the Series 2017-2 Collection Account and deposited in the Series 2017-2 Excess Collection Account; and
(ii) on each Distribution Date during the Series 2017-2 Rapid Amortization Period, (1) first, to the Trustee, an amount equal to the Series 2017-2 Percentage as of the beginning of such Series 2017-2 Interest Period ending on the day preceding such Distribution Date of the fees owing to the Trustee under the Base Indenture for such Series 2017-2 Interest Period, (2) second, to the Administrator, an amount equal to the Series 20032017-5 2 AMERICAS 93983148 (2K) 34 Percentage as of the beginning of such Series 20032017-5 2 Interest Period of the portion of the Monthly Administration Fee payable by AFC-II (as specified in clause (iii) of the definition thereof) payable by ABRCF for such Series 20032017-5 2 Interest Period, (3) third, to the Trustee, an amount equal to the Series 2003-5 Percentage as of the beginning of such Series 2003-5 Interest Period of the Trustee’s fees for such Series 2003-5 Interest Period, (4) fourth, to pay any Carrying Charges (other than Carrying Charges provided for above) to the Persons to whom such amounts are owed, an amount equal to the Series 20032017-5 2 Percentage as of the beginning of such Series 20032017-5 2 Interest Period of such Carrying Charges (other than Carrying Charges provided for above) for such Series 20032017-5 Interest Period, (5) fifth, if AFC-II is required to replace the Series 2003-5 Interest Rate Cap Counterparty pursuant to Section 2.10(b), the initial payment, if any, to be made by AFC-II to the replacement Series 2003-5 Interest Rate Cap Counterparty and (6) sixth, the balance, if any (“Excess Collections”), shall be withdrawn by the Paying Agent from the Series 2003-5 Collection Account and deposited in the Series 2003-5 Excess Collection Account; and
(ii) on each Distribution Date during the Series 2003-5 Rapid Amortization Period, (1) first, to the Surety Provider, in an amount equal to (x) the Surety Provider Fee for the related Series 2003-5 2 Interest Period and, without duplication, (y) any Surety Provider Reimbursement Amounts then due and owing, (2) second, to the Trustee, an amount equal to the Series 2003-5 Percentage as of the beginning of such Series 2003-5 Interest Period of the Trustee’s fees for such Series 2003-5 Interest Period, (3) third, to the Administrator, an amount equal to the Series 2003-5 Percentage as of the beginning of such Series 2003-5 Interest Period of the portion of the Monthly Administration Fee (as specified in clause (iii) of the definition thereof) payable by AFC-II for such Series 2003-5 Interest Period, (4) fourth, to pay any Carrying Charges (other than Carrying Charges provided for above) to the Persons to whom such amounts are owed, an amount equal to the Series 2003-5 Percentage as of the beginning of such Series 2003-5 Interest Period of such Carrying Charges (other than Carrying Charges provided for above) for such Series 2003-5 Interest Period, (5) fifth, if AFC-II is required to replace the Series 2003-5 Interest Rate Cap Counterparty pursuant to Section 2.10(b), the initial payment, if any, to be made by AFC-II to the replacement Series 2003-5 Interest Rate Cap Counterparty and (6) sixth, so long as the Series 20032017-5 2 Invested Amount is greater than the Series 2003-5 Monthly Total Principal Allocations on such Distribution Datefor the Related Month, an amount equal to the excess of the Series 20032017-5 2 Invested Amount over the Series 2003-5 Monthly Total Principal Allocations on such Distribution Date for the Related Month shall be treated as Principal Collections.
Appears in 1 contract
BALANCE. On or prior to the second Business Day preceding each Distribution Date, the Administrator shall instruct the Trustee and the Paying Agent in writing pursuant to the Administration Agreement to pay the balance (after making the payments required in Section 2.4), if any, of the amounts available from the Series 20032018-5 1 Accrued Interest Account and the Series 20032018-5 1 Distribution Account, plus the amount, if any, drawn under the Series 20032018-5 1 Letters of Credit and/or withdrawn from the Series 20032018-5 1 Cash Collateral Account Accounts pursuant to Section 2.3(c) plus the amount, if any, withdrawn from the Series 20032018-5 1 Reserve Account Accounts pursuant to Section 2.3(d) as follows:
(i) on each Distribution Date during the Series 20032018-5 1 Revolving Period or a the Series 20032018-5 1 Controlled Amortization Period, (1) first, to the Surety ProviderAdministrator, in an amount equal to (x) the Surety Provider Fee for Series 2018-1 Percentage as of the related beginning of the Series 20032018-5 1 Interest Period and, without duplicationending on the day preceding such Distribution Date of the portion of the Monthly Administration Fee payable by ABRCF (as specified in clause (iii) of the definition thereof) for such Series 2018-1 Interest Period, (y2) second, to the Trustee, an amount equal to the Series 2018-1 Percentage as of the beginning of such Series 2018-1 Interest Period of the fees owing to the Trustee under the Base Indenture for such Series 2018-1 Interest Period, (3) third to pay any Surety Provider Reimbursement Amounts then due Carrying Charges (other than Carrying Charges provided for above) to the Persons to whom such amounts are owed, an amount equal to the Series 2018-1 Percentage as of the beginning of such Series 2018-1 Interest Period of such Carrying Charges (other than Carrying Charges provided for above) for such Series 2018-1 Interest Period and owing(4) fourth, the balance, if any, shall be withdrawn by the Paying Agent from the Series 2018-1 Collection Account and deposited in the Series 2018-1 Excess Collection Account; and
(ii) on each Distribution Date during the Series 2018-1 Rapid Amortization Period, (1) first, to the Trustee, an amount equal to the Series 2018-1 Percentage as of the beginning of such Series 2018-1 Interest Period ending on the day preceding such Distribution Date of the fees owing to the Trustee under the Base Indenture for such Series 2018-1 Interest Period, (2) second, to the Administrator, an amount equal to the Series 20032018-5 1 Percentage as of the beginning of such Series 20032018-5 1 Interest Period of the portion of the Monthly Administration Fee payable by AFC-II (as specified in clause (iii) of the definition thereof) payable by ABRCF for such Series 20032018-5 1 Interest Period, (3) third, to the Trustee, an amount equal to the Series 2003-5 Percentage as of the beginning of such Series 2003-5 Interest Period of the Trustee’s fees for such Series 2003-5 Interest Period, (4) fourth, to pay any Carrying Charges (other than Carrying Charges provided for above) to the Persons to whom such amounts are owed, an amount equal to the Series 20032018-5 1 Percentage as of the beginning of such Series 20032018-5 1 Interest Period of such Carrying Charges (other than Carrying Charges provided for above) for such Series 20032018-5 Interest Period, (5) fifth, if AFC-II is required to replace the Series 2003-5 Interest Rate Cap Counterparty pursuant to Section 2.10(b), the initial payment, if any, to be made by AFC-II to the replacement Series 2003-5 Interest Rate Cap Counterparty and (6) sixth, the balance, if any (“Excess Collections”), shall be withdrawn by the Paying Agent from the Series 2003-5 Collection Account and deposited in the Series 2003-5 Excess Collection Account; and
(ii) on each Distribution Date during the Series 2003-5 Rapid Amortization Period, (1) first, to the Surety Provider, in an amount equal to (x) the Surety Provider Fee for the related Series 2003-5 1 Interest Period and, without duplication, (y) any Surety Provider Reimbursement Amounts then due and owing, (2) second, to the Trustee, an amount equal to the Series 2003-5 Percentage as of the beginning of such Series 2003-5 Interest Period of the Trustee’s fees for such Series 2003-5 Interest Period, (3) third, to the Administrator, an amount equal to the Series 2003-5 Percentage as of the beginning of such Series 2003-5 Interest Period of the portion of the Monthly Administration Fee (as specified in clause (iii) of the definition thereof) payable by AFC-II for such Series 2003-5 Interest Period, (4) fourth, to pay any Carrying Charges (other than Carrying Charges provided for above) to the Persons to whom such amounts are owed, an amount equal to the Series 2003-5 Percentage as of the beginning of such Series 2003-5 Interest Period of such Carrying Charges (other than Carrying Charges provided for above) for such Series 2003-5 Interest Period, (5) fifth, if AFC-II is required to replace the Series 2003-5 Interest Rate Cap Counterparty pursuant to Section 2.10(b), the initial payment, if any, to be made by AFC-II to the replacement Series 2003-5 Interest Rate Cap Counterparty and (6) sixth, so long as the Series 20032018-5 1 Invested Amount is greater than the Series 2003-5 Monthly Total Principal Allocations on such Distribution Datefor the Related Month, an amount equal to the excess of the Series 20032018-5 1 Invested Amount over the Series 2003-5 Monthly Total Principal Allocations on such Distribution Date for the Related Month shall be treated as Principal Collections.
Appears in 1 contract
Sources: Amended and Restated Series Supplement (Avis Budget Group, Inc.)
BALANCE. On or prior to the second Business Day preceding each Distribution Date, the Administrator shall instruct the Trustee and the Paying Agent in writing pursuant to the Administration Agreement to pay the balance (after making the payments required in Section 2.4), if any, of the amounts available from the Series 20032015-5 2 Accrued Interest Account and the Series 20032015-5 2 Distribution Account, plus the amount, if any, drawn under the Series 20032015-5 2 Letters of Credit and/or withdrawn from the Series 20032015-5 2 Cash Collateral Account pursuant to Section 2.3(c) plus the amount, if any, withdrawn from the Series 20032015-5 2 Reserve Account pursuant to Section 2.3(d) as follows:
(i) on each Distribution Date during the Series 20032015-5 2 Revolving Period or a the Series 20032015-5 2 Controlled Amortization Period, (1) first, to the Surety ProviderAdministrator, in an amount equal to (x) the Surety Provider Fee for Series 2015-2 Percentage as of the related beginning of the Series 20032015-5 2 Interest Period and, without duplicationending on the day preceding such Distribution Date of the portion of the Monthly Administration Fee payable by ABRCF (as specified in clause (iii) of the definition thereof) for such Series 2015-2 Interest Period, (y2) second, to the Trustee, an amount equal to the Series 2015-2 Percentage as of the beginning of such Series 2015-2 Interest Period of the fees owing to the Trustee under the Indenture for such Series 2015-2 Interest Period, (3) third to pay any Surety Provider Reimbursement Amounts then due Carrying Charges (other than Carrying Charges provided for above) to the Persons to whom such amounts are owed, an amount equal to the Series 2015-2 Percentage as of the beginning of such Series 2015-2 Interest Period of such Carrying Charges (other than Carrying Charges provided for above) for such Series 2015-2 Interest Period and owing(4) fourth, the balance, if any (“Excess Collections”), shall be withdrawn by the Paying Agent from the Series 2015-2 Collection Account and deposited in the Series 2015-2 Excess Collection Account; and
(ii) on each Distribution Date during the Series 2015-2 Rapid Amortization Period, (1) first, to the Trustee, an amount equal to the Series 2015-2 Percentage as of the beginning of such Series 2015-2 Interest Period ending on the day preceding such Distribution Date of the fees owing to the Trustee under the Indenture for such Series 2015-2 Interest Period, (2) second, to the Administrator, an amount equal to the Series 20032015-5 2 Percentage as of the beginning of such Series 20032015-5 2 Interest Period of the portion of the Monthly Administration Fee payable by AFC-II (as specified in clause (iii) of the definition thereof) payable by ABRCF for such Series 20032015-5 2 Interest Period, (3) third, to the Trustee, an amount equal to the Series 2003-5 Percentage as of the beginning of such Series 2003-5 Interest Period of the Trustee’s fees for such Series 2003-5 Interest Period, (4) fourth, to pay any Carrying Charges (other than Carrying Charges provided for above) to the Persons to whom such amounts are owed, an amount equal to the Series 20032015-5 2 Percentage as of the beginning of such Series 20032015-5 2 Interest Period of such Carrying Charges (other than Carrying Charges provided for above) for such Series 20032015-5 Interest Period, (5) fifth, if AFC-II is required to replace the Series 2003-5 Interest Rate Cap Counterparty pursuant to Section 2.10(b), the initial payment, if any, to be made by AFC-II to the replacement Series 2003-5 Interest Rate Cap Counterparty and (6) sixth, the balance, if any (“Excess Collections”), shall be withdrawn by the Paying Agent from the Series 2003-5 Collection Account and deposited in the Series 2003-5 Excess Collection Account; and
(ii) on each Distribution Date during the Series 2003-5 Rapid Amortization Period, (1) first, to the Surety Provider, in an amount equal to (x) the Surety Provider Fee for the related Series 2003-5 2 Interest Period and, without duplication, (y) any Surety Provider Reimbursement Amounts then due and owing, (2) second, to the Trustee, an amount equal to the Series 2003-5 Percentage as of the beginning of such Series 2003-5 Interest Period of the Trustee’s fees for such Series 2003-5 Interest Period, (3) third, to the Administrator, an amount equal to the Series 2003-5 Percentage as of the beginning of such Series 2003-5 Interest Period of the portion of the Monthly Administration Fee (as specified in clause (iii) of the definition thereof) payable by AFC-II for such Series 2003-5 Interest Period, (4) fourth, to pay any Carrying Charges (other than Carrying Charges provided for above) to the Persons to whom such amounts are owed, an amount equal to the Series 2003-5 Percentage as of the beginning of such Series 2003-5 Interest Period of such Carrying Charges (other than Carrying Charges provided for above) for such Series 2003-5 Interest Period, (5) fifth, if AFC-II is required to replace the Series 2003-5 Interest Rate Cap Counterparty pursuant to Section 2.10(b), the initial payment, if any, to be made by AFC-II to the replacement Series 2003-5 Interest Rate Cap Counterparty and (6) sixth, so long as the Series 20032015-5 2 Invested Amount is greater than the Series 2003-5 Monthly Total Principal Allocations on such Distribution Datefor the Related Month, an amount equal to the excess of the Series 20032015-5 2 Invested Amount over the Series 2003-5 Monthly Total Principal Allocations on such Distribution Date for the Related Month shall be treated as Principal Collections.
Appears in 1 contract
BALANCE. On or prior to the second Business Day preceding each Distribution Date, the Administrator shall instruct the Trustee and the Paying Agent in writing pursuant to the Administration Agreement to pay the balance (after making the payments required in Section 2.4), if any, of the amounts available from the Series 20032005-5 1 Accrued Interest Account and the Series 20032005-5 1 Distribution Account, plus the amount, if any, drawn under the Series 20032005-5 1 Letters of Credit and/or withdrawn from the Series 20032005-5 1 Cash Collateral Account pursuant to Section 2.3(c) plus the amount, if any, withdrawn from the Series 20032005-5 1 Reserve Account pursuant to Section 2.3(d) as follows:
(i) on each Distribution Date during the Series 20032005-5 1 Revolving Period or a Series 20032005-5 1 Controlled Amortization Period, (1) first, to each Series 2005-1 Interest Rate Swap Counterparty, an amount equal to the Fixed Rate Payment for such Distribution Date due and owing to such Series 2005-1 Interest Rate Swap Counterparty, (2) second, to the Surety Provider, in an amount equal to (x) the Surety Provider Fee for the related Series 20032005-5 1 Interest Period and, without duplication, (y) any Surety Provider Reimbursement Amounts then due and owing, (23) secondthird, to the Administrator, an amount equal to the Series 20032005-5 1 Percentage as of the beginning of such the Series 20032005-5 1 Interest Period ending on the day preceding such Distribution Date of the portion of the Monthly Administration Fee payable by AFC-II CRCF (as specified in clause (iii) of the definition thereof) for such Series 20032005-5 1 Interest Period, (34) thirdfourth, to the Trustee, an amount equal to the Series 20032005-5 1 Percentage as of the beginning of such Series 20032005-5 1 Interest Period of the Trustee’s fees owing to the Trustee under the Indenture for such Series 20032005-5 1 Interest Period, (45) fourthfifth, to pay any Carrying Charges (other than Carrying Charges provided for above) to the Persons to whom such amounts are owed, an amount equal to the Series 20032005-5 1 Percentage as of the beginning of such Series 20032005-5 1 Interest Period of such Carrying Charges (other than Carrying Charges provided for above) for such Series 20032005-5 1 Interest Period, (5) fifth, if AFC-II is required to replace the Series 2003-5 Interest Rate Cap Counterparty pursuant to Section 2.10(b), the initial payment, if any, to be made by AFC-II to the replacement Series 2003-5 Interest Rate Cap Counterparty and (6) sixth, to each Series 2005-1 Interest Rate Swap Counterparty, any amounts due and owing under the applicable Series 2005-1 Interest Rate Swap (other than any Fixed Rate Payment) and (7) seventh, the balance, if any (“Excess Collections”), shall be withdrawn by the Paying Agent from the Series 20032005-5 1 Collection Account and deposited in the Series 20032005-5 1 Excess Collection Account; and
(ii) on each Distribution Date during the Series 20032005-5 1 Rapid Amortization Period, (1) first, to each Series 2005-1 Interest Rate Swap Counterparty, an amount equal to the Fixed Rate Payment for such Distribution Date due and owing to such Series 2005-1 Interest Rate Swap Counterparty, (2) second, to the Surety Provider, in an amount equal to (x) the Surety Provider Fee for the related Series 20032005-5 1 Interest Period and, without duplication, (y) any Surety Provider Reimbursement Amounts then due and owing, (23) secondthird, to the Trustee, an amount equal to the Series 20032005-5 1 Percentage as of the beginning of such Series 20032005-5 1 Interest Period ending on the day preceding such Distribution Date of the Trustee’s fees owing to the Trustee under the Indenture for such Series 20032005-5 1 Interest PeriodPeri-od, (34) thirdfourth, to the Administrator, an amount equal to the Series 20032005-5 1 Percentage as of the beginning of such Series 20032005-5 1 Interest Period of the portion of the Monthly Administration Fee (as specified in clause (iii) of the definition thereof) payable by AFC-II CRCF for such Series 20032005-5 1 Interest Period, (45) fourthfifth, to pay any Carrying Charges (other than Carrying Charges provided for above) to the Persons to whom such amounts are owed, an amount equal to the Series 20032005-5 1 Percentage as of the beginning of such Series 20032005-5 1 Interest Period of such Carrying Charges (other than Carrying Charges provided for above) for such Series 20032005-5 1 Interest Period, (5) fifth, if AFC-II is required to replace the Series 2003-5 Interest Rate Cap Counterparty pursuant to Section 2.10(b), the initial payment, if any, to be made by AFC-II to the replacement Series 2003-5 Interest Rate Cap Counterparty and (6) sixth, so long as the Series 20032005-5 1 Invested Amount is greater than the Series 2003-5 Monthly Total Principal Allocations on such Distribution Datefor the Related Month, an amount equal to the excess of the Series 20032005-5 1 Invested Amount over the Series 2003-5 Monthly Total Principal Allocations on such Distribution Date for the Related Month shall be treated as Principal CollectionsCollections and (7) seventh, to each Series 2005-1 Interest Rate Swap Counterparty, any amounts due and owing under the applicable Series 2005-1 Interest Rate Swap (other than any Fixed Rate Payment).
Appears in 1 contract
Sources: Series Supplement (Cendant Corp)
BALANCE. On or prior to the second Business Day preceding each Distribution Date, the Administrator shall instruct the Trustee and the Paying Agent in writing pursuant to the Administration Agreement to pay the balance (after making the payments required in Section 2.4), if any, of the amounts available from the Series 20032023-5 2 Accrued Interest Account and the Series 20032023-5 2 Distribution Account, plus the amount, if any, drawn under the Multi-Series 2003-5 Letters of Credit and/or withdrawn from the Series 20032023-5 2 Cash Collateral Account pursuant to Section 2.3(c) plus the amount, if any, withdrawn from the Series 20032023-5 2 Reserve Account pursuant to Section 2.3(d) as follows:
(i) on each Distribution Date during the Series 20032023-5 2 Revolving Period or a the Series 20032023-5 2 Controlled Amortization Period, (1) first, to the Surety ProviderAdministrator, in an amount equal to (x) the Surety Provider Fee for Series 2023-2 Percentage as of the related beginning of the Series 20032023-5 2 Interest Period and, without duplicationending on the day preceding such Distribution Date of the portion of the Monthly Administration Fee payable by ABRCF (as specified in clause (iii) of the definition thereof) for such Series 2023-2 Interest Period, (y2) second, to the Trustee, an amount equal to the Series 2023-2 Percentage as of the beginning of such Series 2023-2 Interest Period of the fees owing to the Trustee under the Base Indenture for such Series 2023-2 Interest Period, (3) third to pay any Surety Provider Reimbursement Amounts then due Carrying Charges (other than Carrying Charges provided for above) to the Persons to whom such amounts are owed, an amount equal to the Series 2023-2 Percentage as of the beginning of such Series 2023-2 Interest Period of such Carrying Charges (other than Carrying Charges provided for above) for such Series 2023-2 Interest Period and owing(4) fourth, the balance, if any, shall be withdrawn by the Paying Agent from the Series 2023-2 Collection Account and deposited in the Series 2023-2 Excess Collection Account; and
(ii) on each Distribution Date during the Series 2023-2 Rapid Amortization Period, (1) first, to the Trustee, an amount equal to the Series 2023-2 Percentage as of the beginning of such Series 2023-2 Interest Period ending on the day preceding such Distribution Date of the fees owing to the Trustee under the Base Indenture for such Series 2023-2 Interest Period, (2) second, to the Administrator, an amount equal to the Series 20032023-5 2 Percentage as of the beginning of such Series 20032023-5 2 Interest Period of the portion of the Monthly Administration Fee payable by AFC-II (as specified in clause (iii) of the definition thereof) payable by ABRCF for such Series 20032023-5 2 Interest Period, (3) third, to the Trustee, an amount equal to the Series 2003-5 Percentage as of the beginning of such Series 2003-5 Interest Period of the Trustee’s fees for such Series 2003-5 Interest Period, (4) fourth, to pay any Carrying Charges (other than Carrying Charges provided for above) to the Persons to whom such amounts are owed, an amount equal to the Series 20032023-5 2 Percentage as of the beginning of such Series 20032023-5 2 Interest Period of such Carrying Charges (other than Carrying Charges provided for above) for such Series 20032023-5 Interest Period, (5) fifth, if AFC-II is required to replace the Series 2003-5 Interest Rate Cap Counterparty pursuant to Section 2.10(b), the initial payment, if any, to be made by AFC-II to the replacement Series 2003-5 Interest Rate Cap Counterparty and (6) sixth, the balance, if any (“Excess Collections”), shall be withdrawn by the Paying Agent from the Series 2003-5 Collection Account and deposited in the Series 2003-5 Excess Collection Account; and
(ii) on each Distribution Date during the Series 2003-5 Rapid Amortization Period, (1) first, to the Surety Provider, in an amount equal to (x) the Surety Provider Fee for the related Series 2003-5 2 Interest Period and, without duplication, (y) any Surety Provider Reimbursement Amounts then due and owing, (2) second, to the Trustee, an amount equal to the Series 2003-5 Percentage as of the beginning of such Series 2003-5 Interest Period of the Trustee’s fees for such Series 2003-5 Interest Period, (3) third, to the Administrator, an amount equal to the Series 2003-5 Percentage as of the beginning of such Series 2003-5 Interest Period of the portion of the Monthly Administration Fee (as specified in clause (iii) of the definition thereof) payable by AFC-II for such Series 2003-5 Interest Period, (4) fourth, to pay any Carrying Charges (other than Carrying Charges provided for above) to the Persons to whom such amounts are owed, an amount equal to the Series 2003-5 Percentage as of the beginning of such Series 2003-5 Interest Period of such Carrying Charges (other than Carrying Charges provided for above) for such Series 2003-5 Interest Period, (5) fifth, if AFC-II is required to replace the Series 2003-5 Interest Rate Cap Counterparty pursuant to Section 2.10(b), the initial payment, if any, to be made by AFC-II to the replacement Series 2003-5 Interest Rate Cap Counterparty and (6) sixth, so long as the Series 20032023-5 2 Invested Amount is greater than the Series 2003-5 Monthly Total Principal Allocations on such Distribution Datefor the Related Month, an amount equal to the excess of the Series 20032023-5 2 Invested Amount over the Series 2003-5 Monthly Total Principal Allocations on such Distribution Date for the Related Month shall be treated as Principal Collections.
Appears in 1 contract
BALANCE. On or prior to the second Business Day preceding each Distribution Date, the Administrator shall instruct the Trustee and the Paying Agent in writing pursuant to the Administration Agreement to pay the balance (after making the payments required in Section 2.4), if any, of the amounts available from the Series 20032023-5 8 Accrued Interest Account and the Series 20032023-5 8 Distribution Account, plus the amount, if any, drawn under the Multi-Series 2003-5 Letters of Credit and/or withdrawn from the Series 20032023-5 8 Cash Collateral Account Accounts pursuant to Section 2.3(c) plus the amount, if any, withdrawn from the Series 20032023-5 8 Reserve Account Accounts pursuant to Section 2.3(d) as follows:
(i) on each Distribution Date during the Series 20032023-5 8 Revolving Period or a the Series 20032023-5 8 Controlled Amortization Period, (1) first, to the Surety ProviderAdministrator, in an amount equal to (x) the Surety Provider Fee for Series 2023-8 Percentage as of the related beginning of the Series 20032023-5 8 Interest Period and, without duplicationending on the day preceding such Distribution Date of the portion of the Monthly Administration Fee payable by ABRCF (as specified in clause (iii) of the definition thereof) for such Series 2023-8 Interest Period, (y2) second, to the Trustee, an amount equal to the Series 2023-8 Percentage as of the beginning of such Series 2023-8 Interest Period of the fees owing to the Trustee under the Base Indenture for such Series 2023-8 Interest Period, (3) third to pay any Surety Provider Reimbursement Amounts then due Carrying Charges (other than Carrying Charges provided for above) to the Persons to whom such amounts are owed, an amount equal to the Series 2023-8 Percentage as of the beginning of such Series 2023-8 Interest Period of such Carrying Charges (other than Carrying Charges provided for above) for such Series 2023-8 Interest Period and owing(4) fourth, the balance, if any, shall be withdrawn by the Paying Agent from the Series 2023-8 Collection Account and deposited in the Series 2023-8 Excess Collection Account; and AMERICAS 130188170 44
(ii) on each Distribution Date during the Series 2023-8 Rapid Amortization Period, (1) first, to the Trustee, an amount equal to the Series 2023-8 Percentage as of the beginning of such Series 2023-8 Interest Period ending on the day preceding such Distribution Date of the fees owing to the Trustee under the Base Indenture for such Series 2023-8 Interest Period, (2) second, to the Administrator, an amount equal to the Series 20032023-5 8 Percentage as of the beginning of such Series 20032023-5 8 Interest Period of the portion of the Monthly Administration Fee payable by AFC-II (as specified in clause (iii) of the definition thereof) payable by ABRCF for such Series 20032023-5 8 Interest Period, (3) third, to the Trustee, an amount equal to the Series 2003-5 Percentage as of the beginning of such Series 2003-5 Interest Period of the Trustee’s fees for such Series 2003-5 Interest Period, (4) fourth, to pay any Carrying Charges (other than Carrying Charges provided for above) to the Persons to whom such amounts are owed, an amount equal to the Series 20032023-5 8 Percentage as of the beginning of such Series 20032023-5 8 Interest Period of such Carrying Charges (other than Carrying Charges provided for above) for such Series 20032023-5 Interest Period, (5) fifth, if AFC-II is required to replace the Series 2003-5 Interest Rate Cap Counterparty pursuant to Section 2.10(b), the initial payment, if any, to be made by AFC-II to the replacement Series 2003-5 Interest Rate Cap Counterparty and (6) sixth, the balance, if any (“Excess Collections”), shall be withdrawn by the Paying Agent from the Series 2003-5 Collection Account and deposited in the Series 2003-5 Excess Collection Account; and
(ii) on each Distribution Date during the Series 2003-5 Rapid Amortization Period, (1) first, to the Surety Provider, in an amount equal to (x) the Surety Provider Fee for the related Series 2003-5 8 Interest Period and, without duplication, (y) any Surety Provider Reimbursement Amounts then due and owing, (2) second, to the Trustee, an amount equal to the Series 2003-5 Percentage as of the beginning of such Series 2003-5 Interest Period of the Trustee’s fees for such Series 2003-5 Interest Period, (3) third, to the Administrator, an amount equal to the Series 2003-5 Percentage as of the beginning of such Series 2003-5 Interest Period of the portion of the Monthly Administration Fee (as specified in clause (iii) of the definition thereof) payable by AFC-II for such Series 2003-5 Interest Period, (4) fourth, to pay any Carrying Charges (other than Carrying Charges provided for above) to the Persons to whom such amounts are owed, an amount equal to the Series 2003-5 Percentage as of the beginning of such Series 2003-5 Interest Period of such Carrying Charges (other than Carrying Charges provided for above) for such Series 2003-5 Interest Period, (5) fifth, if AFC-II is required to replace the Series 2003-5 Interest Rate Cap Counterparty pursuant to Section 2.10(b), the initial payment, if any, to be made by AFC-II to the replacement Series 2003-5 Interest Rate Cap Counterparty and (6) sixth, so long as the Series 20032023-5 8 Invested Amount is greater than the Series 2003-5 Monthly Total Principal Allocations on such Distribution Datefor the Related Month, an amount equal to the excess of the Series 20032023-5 8 Invested Amount over the Series 2003-5 Monthly Total Principal Allocations on such Distribution Date for the Related Month shall be treated as Principal Collections.
Appears in 1 contract
Sources: Second Amended and Restated Series 2023 8 Supplement (Avis Budget Group, Inc.)
BALANCE. On or prior to the second Business Day preceding each Distribution Date, the Administrator shall instruct the Trustee and the Paying Agent in writing pursuant to the Administration Agreement to pay the balance (after making the payments required in Section 2.4), if any, of the amounts available from the Series 20032023-5 4 Accrued Interest Account and the Series 20032023-5 4 Distribution Account, plus the amount, if any, drawn under the Multi-Series 2003-5 Letters of Credit and/or withdrawn from the Series 20032023-5 4 Cash Collateral Account Accounts pursuant to Section 2.3(c) plus the amount, if any, withdrawn from the Series 20032023-5 4 Reserve Account Accounts pursuant to Section 2.3(d) as follows:
(i) on each Distribution Date during the Series 20032023-5 4 Revolving Period or a the Series 20032023-5 4 Controlled Amortization Period, (1) first, to the Surety ProviderAdministrator, in an amount equal to (x) the Surety Provider Fee for Series 2023-4 Percentage as of the related beginning of the Series 20032023-5 4 Interest Period and, without duplicationending on the day preceding such Distribution Date of the portion of the Monthly Administration Fee payable by ABRCF (as specified in clause (iii) of the definition thereof) for such Series 2023-4 Interest Period, (y2) second, to the Trustee, an amount equal to the Series 2023-4 Percentage as of the beginning of such Series 2023-4 Interest Period of the fees owing to the Trustee under the Base Indenture for such Series 2023-4 Interest Period, (3) third to pay any Surety Provider Reimbursement Amounts then due Carrying Charges (other than Carrying Charges provided for above) to the Persons to whom such amounts are owed, an amount equal to the Series 2023-4 Percentage as of the beginning of such Series 2023-4 Interest Period of such Carrying Charges (other than Carrying Charges provided for above) for such Series 2023-4 Interest Period and owing(4) fourth, the balance, if any, shall be withdrawn by the Paying Agent from the Series 2023-4 Collection Account and deposited in the Series 2023-4 Excess Collection Account; and AMERICAS 130188167 44
(ii) on each Distribution Date during the Series 2023-4 Rapid Amortization Period, (1) first, to the Trustee, an amount equal to the Series 2023-4 Percentage as of the beginning of such Series 2023-4 Interest Period ending on the day preceding such Distribution Date of the fees owing to the Trustee under the Base Indenture for such Series 2023-4 Interest Period, (2) second, to the Administrator, an amount equal to the Series 20032023-5 4 Percentage as of the beginning of such Series 20032023-5 4 Interest Period of the portion of the Monthly Administration Fee payable by AFC-II (as specified in clause (iii) of the definition thereof) payable by ABRCF for such Series 20032023-5 4 Interest Period, (3) third, to the Trustee, an amount equal to the Series 2003-5 Percentage as of the beginning of such Series 2003-5 Interest Period of the Trustee’s fees for such Series 2003-5 Interest Period, (4) fourth, to pay any Carrying Charges (other than Carrying Charges provided for above) to the Persons to whom such amounts are owed, an amount equal to the Series 20032023-5 4 Percentage as of the beginning of such Series 20032023-5 4 Interest Period of such Carrying Charges (other than Carrying Charges provided for above) for such Series 20032023-5 Interest Period, (5) fifth, if AFC-II is required to replace the Series 2003-5 Interest Rate Cap Counterparty pursuant to Section 2.10(b), the initial payment, if any, to be made by AFC-II to the replacement Series 2003-5 Interest Rate Cap Counterparty and (6) sixth, the balance, if any (“Excess Collections”), shall be withdrawn by the Paying Agent from the Series 2003-5 Collection Account and deposited in the Series 2003-5 Excess Collection Account; and
(ii) on each Distribution Date during the Series 2003-5 Rapid Amortization Period, (1) first, to the Surety Provider, in an amount equal to (x) the Surety Provider Fee for the related Series 2003-5 4 Interest Period and, without duplication, (y) any Surety Provider Reimbursement Amounts then due and owing, (2) second, to the Trustee, an amount equal to the Series 2003-5 Percentage as of the beginning of such Series 2003-5 Interest Period of the Trustee’s fees for such Series 2003-5 Interest Period, (3) third, to the Administrator, an amount equal to the Series 2003-5 Percentage as of the beginning of such Series 2003-5 Interest Period of the portion of the Monthly Administration Fee (as specified in clause (iii) of the definition thereof) payable by AFC-II for such Series 2003-5 Interest Period, (4) fourth, to pay any Carrying Charges (other than Carrying Charges provided for above) to the Persons to whom such amounts are owed, an amount equal to the Series 2003-5 Percentage as of the beginning of such Series 2003-5 Interest Period of such Carrying Charges (other than Carrying Charges provided for above) for such Series 2003-5 Interest Period, (5) fifth, if AFC-II is required to replace the Series 2003-5 Interest Rate Cap Counterparty pursuant to Section 2.10(b), the initial payment, if any, to be made by AFC-II to the replacement Series 2003-5 Interest Rate Cap Counterparty and (6) sixth, so long as the Series 20032023-5 4 Invested Amount is greater than the Series 2003-5 Monthly Total Principal Allocations on such Distribution Datefor the Related Month, an amount equal to the excess of the Series 20032023-5 4 Invested Amount over the Series 2003-5 Monthly Total Principal Allocations on such Distribution Date for the Related Month shall be treated as Principal Collections.
Appears in 1 contract
Sources: Second Amended and Restated Series 2023 4 Supplement (Avis Budget Group, Inc.)
BALANCE. On or prior to the second Business Day preceding each Distribution Date, the Administrator shall instruct the Trustee and the Paying Agent in writing pursuant to the Administration Agreement to pay the balance (after making the payments required in Section 2.4), if any, of the amounts available from the Series 2003-5 4 Accrued Interest Account and the Series 2003-5 4 Distribution Account, plus PLUS the amount, if any, drawn under the Series 2003-5 4 Letters of Credit and/or withdrawn from the Series 2003-5 4 Cash Collateral Account pursuant to Section 2.3(c) plus PLUS the amount, if any, withdrawn from the Series 2003-5 4 Reserve Account pursuant to Section 2.3(d) as follows:
(i) on each Distribution Date during the Series 2003-5 4 Revolving Period or a Series 2003-5 4 Controlled Amortization Period, (1) first, to each Series 2003-4 Interest Rate Swap Counterparty, an amount equal to the Fixed Rate Payment due and owing under the applicable Series 2003-4 Interest Rate Swap for such Distribution Date, (2) second, to the Surety Provider, in an amount equal to (x) the Surety Provider Fee for the related Series 2003-5 4 Interest Period and, without duplication, (y) any Surety Provider Reimbursement Amounts then due and owing, (23) secondthird, to the Administrator, an amount equal to the Series 2003-5 4 Percentage as of the beginning of such Series 2003-5 4 Interest Period of the portion of the Monthly Administration Fee payable by AFC-II (as specified in clause (iii) of the definition thereof) for such Series 2003-5 4 Interest Period, (4) fourth, to the Trustee, an amount equal to the Series 2003-4 Percentage as of the beginning of such Series 2003-4 Interest Period of the Trustee's fees for such Series 2003-4 Interest Period, (5) fifth, to pay any Carrying Charges (other than Carrying Charges provided for above) to the Persons to whom such amounts are owed, an amount equal to the Series CONFORMED COPY 2003-4 Percentage as of the beginning of such Series 2003-4 Interest Period of such Carrying Charges (other than Carrying Charges provided for above) for such Series 2003-4 Interest Period, (6) sixth, to each Series 2003-4 Interest Rate Swap Counterparty, any amounts due and owing under the applicable Series 2003-4 Interest Rate Swap (other than any Fixed Rate Payment) and (7) seventh, the balance, if any ("EXCESS COLLECTIONS"), shall be withdrawn by the Paying Agent from the Series 2003-4 Collection Account and deposited in the Series 2003-4 Excess Collection Account; and
(ii) on each Distribution Date during the Series 2003-4 Rapid Amortization Period, (1) first, to each Series 2003-4 Interest Rate Swap Counterparty, an amount equal to the Fixed Rate Payment due and owing under the applicable Series 2003-4 Interest Rate Swap for such Distribution Date, (2) second, to the Surety Provider, in an amount equal to (x) the Surety Provider Fee for the related Series 2003-4 Interest Period and, without duplication, (y) any Surety Provider Reimbursement Amounts then due and owing, (3) third, to the Trustee, an amount equal to the Series 2003-5 4 Percentage as of the beginning of such Series 2003-5 4 Interest Period of the Trustee’s 's fees for such Series 2003-5 4 Interest Period, (4) fourth, to the Administrator, an amount equal to the Series 2003-4 Percentage as of the beginning of such Series 2003-4 Interest Period of the portion of the Monthly Administration Fee (as specified in clause (iii) of the definition thereof) payable by AFC-II for such Series 2003-4 Interest Period, (5) fifth, to pay any Carrying Charges (other than Carrying Charges provided for above) to the Persons to whom such amounts are owed, an amount equal to the Series 2003-5 4 Percentage as of the beginning of such Series 2003-5 4 Interest Period of such Carrying Charges (other than Carrying Charges provided for above) for such Series 2003-5 4 Interest Period, (5) fifth, if AFC-II is required to replace the Series 2003-5 Interest Rate Cap Counterparty pursuant to Section 2.10(b), the initial payment, if any, to be made by AFC-II to the replacement Series 2003-5 Interest Rate Cap Counterparty and (6) sixth, the balance, if any (“Excess Collections”), shall be withdrawn by the Paying Agent from the Series 2003-5 Collection Account and deposited in the Series 2003-5 Excess Collection Account; and
(ii) on each Distribution Date during the Series 2003-5 Rapid Amortization Period, (1) first, to the Surety Provider, in an amount equal to (x) the Surety Provider Fee for the related Series 2003-5 Interest Period and, without duplication, (y) any Surety Provider Reimbursement Amounts then due and owing, (2) second, to the Trustee, an amount equal to the Series 2003-5 Percentage as of the beginning of such Series 2003-5 Interest Period of the Trustee’s fees for such Series 2003-5 Interest Period, (3) third, to the Administrator, an amount equal to the Series 2003-5 Percentage as of the beginning of such Series 2003-5 Interest Period of the portion of the Monthly Administration Fee (as specified in clause (iii) of the definition thereof) payable by AFC-II for such Series 2003-5 Interest Period, (4) fourth, to pay any Carrying Charges (other than Carrying Charges provided for above) to the Persons to whom such amounts are owed, an amount equal to the Series 2003-5 Percentage as of the beginning of such Series 2003-5 Interest Period of such Carrying Charges (other than Carrying Charges provided for above) for such Series 2003-5 Interest Period, (5) fifth, if AFC-II is required to replace the Series 2003-5 Interest Rate Cap Counterparty pursuant to Section 2.10(b), the initial payment, if any, to be made by AFC-II to the replacement Series 2003-5 Interest Rate Cap Counterparty and (6) sixth, so long as the Series 2003-5 4 Invested Amount is greater than the Series 2003-5 4 Principal Allocations on such Distribution Date, an amount equal to the excess of the Series 2003-5 4 Invested Amount over the Series 2003-5 4 Principal Allocations on such Distribution Date shall be treated as Principal CollectionsCollections and (7) seventh, to each Series 2003-4 Interest Rate Swap Counterparty, any amounts due and owing under the applicable Series 2003-4 Interest Rate Swap (other than any Fixed Rate Payment).
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BALANCE. On or prior to the second Business Day preceding each Distribution Date, the Administrator shall instruct the Trustee and the Paying Agent in writing pursuant to the Administration Agreement to pay the balance (after making the payments required in Section 2.4), if any, of the amounts available from the Series 2003-5 3 Accrued Interest Account and the Series 2003-5 3 Distribution Account, plus the amount, if any, drawn under the Series 2003-5 3 Letters of Credit and/or withdrawn from the Series 2003-5 3 Cash Collateral Account pursuant to Section 2.3(c) plus the amount, if any, withdrawn from the Series 2003-5 3 Reserve Account pursuant to Section 2.3(d) as follows:
(i) on each Distribution Date during the Series 2003-5 3 Revolving Period or a Series 2003-5 3 Controlled Amortization Period, (1) first, to the Series 2003-3 Interest Rate Swap Counterparty, an amount equal to the Fixed Rate CONFORMED COPY Payment for such Distribution Date, (2) second, to the Surety Provider, in an amount equal to (x) the Surety Provider Fee for the related Series 2003-5 3 Interest Period and, without duplication, (y) any Surety Provider Reimbursement Amounts then due and owing, (23) secondthird, to the Administrator, an amount equal to the Series 2003-5 3 Percentage as of the beginning of such Series 2003-5 3 Interest Period of the portion of the Monthly Administration Fee payable by AFC-II (as specified in clause (iii) of the definition thereof) for such Series 2003-5 3 Interest Period, (34) thirdfourth, to the Trustee, an amount equal to the Series 2003-5 3 Percentage as of the beginning of such Series 2003-5 3 Interest Period of the Trustee’s 's fees for such Series 2003-5 3 Interest Period, (45) fourthfifth, to pay any Carrying Charges (other than Carrying Charges provided for above) to the Persons to whom such amounts are owed, an amount equal to the Series 2003-5 3 Percentage as of the beginning of such Series 2003-5 3 Interest Period of such Carrying Charges (other than Carrying Charges provided for above) for such Series 2003-5 3 Interest Period, (56) fifthsixth, if AFC-II is required to replace the Series 2003-5 3 Interest Rate Cap Counterparty pursuant to Section 2.10(b)Swap Counterparty, any amounts due and owing under the initial payment, if any, to be made by AFC-II to the replacement Series 2003-5 3 Interest Rate Cap Counterparty Swap (other than any Fixed Rate Payment) and (67) sixthseventh, the balance, if any (“Excess Collections”"EXCESS COLLECTIONS"), shall be withdrawn by the Paying Agent from the Series 2003-5 3 Collection Account and deposited in the Series 2003-5 3 Excess Collection Account; and
(ii) on each Distribution Date during the Series 2003-5 3 Rapid Amortization Period, (1) first, to the Series 2003-3 Interest Rate Swap Counterparty, an amount equal to the Fixed Rate Payment for such Distribution Date, (2) second, to the Surety Provider, in an amount equal to (x) the Surety Provider Fee for the related Series 2003-5 3 Interest Period and, without duplication, (y) any Surety Provider Reimbursement Amounts then due and owing, (23) secondthird, to the Trustee, an amount equal to the Series 2003-5 3 Percentage as of the beginning of such Series 2003-5 3 Interest Period of the Trustee’s 's fees for such Series 2003-5 3 Interest Period, (34) thirdfourth, to the Administrator, an amount equal to the Series 2003-5 3 Percentage as of the beginning of such Series 2003-5 3 Interest Period of the portion of the Monthly Administration Fee (as specified in clause (iii) of the definition thereof) payable by AFC-II for such Series 2003-5 3 Interest Period, (45) fourthfifth, to pay any Carrying Charges (other than Carrying Charges provided for above) to the Persons to whom such amounts are owed, an amount equal to the Series 2003-5 3 Percentage as of the beginning of such Series 2003-5 3 Interest Period of such Carrying Charges (other than Carrying Charges provided for above) for such Series 2003-5 3 Interest Period, (5) fifth, if AFC-II is required to replace the Series 2003-5 Interest Rate Cap Counterparty pursuant to Section 2.10(b), the initial payment, if any, to be made by AFC-II to the replacement Series 2003-5 Interest Rate Cap Counterparty and (6) sixth, so long as the Series 2003-5 3 Invested Amount is greater than the Series 2003-5 3 Principal Allocations on such Distribution Date, an amount equal to the excess of the Series 2003-5 3 Invested Amount over the Series 2003-5 3 Principal Allocations on such Distribution Date shall be treated as Principal CollectionsCollections and (7) seventh, to the Series 2003-3 Interest Rate Swap Counterparty, any amounts due and owing under the Series 2003-3 Interest Rate Swap (other than any Fixed Rate Payment).
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BALANCE. On or prior to the second Business Day preceding each Distribution Date, the Administrator shall instruct the Trustee and the Paying Agent in writing pursuant to the Administration Agreement to pay the balance (after making the payments required in Section 2.4), if any, of the amounts available from the Series 20032011-5 3 Accrued Interest Account and the Series 20032011-5 3 Distribution Account, plus the amount, if any, drawn under the Series 20032011-5 3 Letters of Credit and/or withdrawn from the Series 20032011-5 3 Cash Collateral Account pursuant to Section 2.3(c) plus the amount, if any, withdrawn from the Series 20032011-5 3 Reserve Account pursuant to Section 2.3(d) as follows:
(i) on each Distribution Date during the Series 20032011-5 3 Revolving Period or a the Series 20032011-5 3 Controlled Amortization Period, (1) first, to the Surety ProviderAdministrator, in an amount equal to (x) the Surety Provider Fee for Series 2011-3 Percentage as of the related beginning of the Series 20032011-5 3 Interest Period and, without duplicationending on the day preceding such Distribution Date of the portion of the Monthly Administration Fee payable by ABRCF (as specified in clause (iii) of the definition thereof) for such Series 2011-3 Interest Period, (y2) second, to the Trustee, an amount equal to the Series 2011-3 Percentage as of the beginning of such Series 2011-3 Interest Period of the fees owing to the Trustee under the Indenture for such Series 2011-3 Interest Period, (3) third to pay any Surety Provider Reimbursement Amounts then due Carrying Charges (other than Carrying Charges provided for above) to the Persons to whom such amounts are owed, an amount equal to the Series 2011-3 Percentage as of the beginning of such Series 2011-3 Interest Period of such Carrying Charges (other than Carrying Charges provided for above) for such Series 2011-3 Interest Period and owing(4) fourth, the balance, if any (“Excess Collections”), shall be withdrawn by the Paying Agent from the Series 2011-3 Collection Account and deposited in the Series 2011-3 Excess Collection Account; and
(ii) on each Distribution Date during the Series 2011-3 Rapid Amortization Period, (1) first, to the Trustee, an amount equal to the Series 2011-3 Percentage as of the beginning of such Series 2011-3 Interest Period ending on the day preceding such Distribution Date of the fees owing to the Trustee under the Indenture for such Series 2011-3 Interest Period, (2) second, to the Administrator, an amount equal to the Series 20032011-5 3 Percentage as of the beginning of such Series 20032011-5 3 Interest Period of the portion of the Monthly Administration Fee payable by AFC-II (as specified in clause (iii) of the definition thereof) payable by ABRCF for such Series 20032011-5 3 Interest Period, (3) third, to the Trustee, an amount equal to the Series 2003-5 Percentage as of the beginning of such Series 2003-5 Interest Period of the Trustee’s fees for such Series 2003-5 Interest Period, (4) fourth, to pay any Carrying Charges (other than Carrying Charges provided for above) to the Persons to whom such amounts are owed, an amount equal to the Series 20032011-5 3 Percentage as of the beginning of such Series 20032011-5 3 Interest Period of such Carrying Charges (other than Carrying Charges provided for above) for such Series 20032011-5 Interest Period, (5) fifth, if AFC-II is required to replace the Series 2003-5 Interest Rate Cap Counterparty pursuant to Section 2.10(b), the initial payment, if any, to be made by AFC-II to the replacement Series 2003-5 Interest Rate Cap Counterparty and (6) sixth, the balance, if any (“Excess Collections”), shall be withdrawn by the Paying Agent from the Series 2003-5 Collection Account and deposited in the Series 2003-5 Excess Collection Account; and
(ii) on each Distribution Date during the Series 2003-5 Rapid Amortization Period, (1) first, to the Surety Provider, in an amount equal to (x) the Surety Provider Fee for the related Series 2003-5 3 Interest Period and, without duplication, (y) any Surety Provider Reimbursement Amounts then due and owing, (2) second, to the Trustee, an amount equal to the Series 2003-5 Percentage as of the beginning of such Series 2003-5 Interest Period of the Trustee’s fees for such Series 2003-5 Interest Period, (3) third, to the Administrator, an amount equal to the Series 2003-5 Percentage as of the beginning of such Series 2003-5 Interest Period of the portion of the Monthly Administration Fee (as specified in clause (iii) of the definition thereof) payable by AFC-II for such Series 2003-5 Interest Period, (4) fourth, to pay any Carrying Charges (other than Carrying Charges provided for above) to the Persons to whom such amounts are owed, an amount equal to the Series 2003-5 Percentage as of the beginning of such Series 2003-5 Interest Period of such Carrying Charges (other than Carrying Charges provided for above) for such Series 2003-5 Interest Period, (5) fifth, if AFC-II is required to replace the Series 2003-5 Interest Rate Cap Counterparty pursuant to Section 2.10(b), the initial payment, if any, to be made by AFC-II to the replacement Series 2003-5 Interest Rate Cap Counterparty and (6) sixth, so long as the Series 20032011-5 3 Invested Amount is greater than the Series 2003-5 Monthly Total Principal Allocations on such Distribution Datefor the Related Month, an amount equal to the excess of the Series 20032011-5 3 Invested Amount over the Series 2003-5 Monthly Total Principal Allocations on such Distribution Date for the Related Month shall be treated as Principal Collections.
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BALANCE. On or prior to the second Business Day preceding each Distribution Date, the Administrator shall instruct the Trustee and the Paying Agent in writing pursuant to the Administration Agreement to pay the balance (after making the payments required in Section 2.42.3(a), if any, of the amounts available from the Series 2003-5 2 Accrued Interest Account and the Series 2003-5 Distribution Account, plus the amount, if any, drawn under the Series 2003-5 2 Letters of Credit and/or withdrawn from the Series 2003-5 2 Cash Collateral Account pursuant to Section 2.3(c) plus the amount, if any, withdrawn from the Series 2003-5 2 Reserve Account pursuant to Section 2.3(d) as follows:
(i) on each Distribution Date during the Series 2003-5 2 Revolving Period or a Series 2003-5 2 Controlled Amortization Period, (1) first, to the Surety Provider, in an amount equal to (x) the Surety Provider Fee for the related Series 2003-5 2 Interest Period and, without duplication, (y) any Surety Provider Reimbursement Amounts then due and owing, (2) second, to the Administrator, an amount equal to the Series 2003-5 2 Percentage as of the beginning of such Series 2003-5 2 Interest Period of the portion of the Monthly Administration Fee payable by AFC-II (as specified in clause (iii) of the definition thereof) for such Series 2003-5 2 Interest Period, (3) third, to the Trustee, an amount equal to the Series 2003-5 2 Percentage as of the beginning of such Series 2003-5 2 Interest Period of the Trustee’s 's fees for such Series 2003-5 2 Interest Period, (4) fourth, to pay any Carrying Charges (other than Carrying Charges provided for above) to the Persons to whom such amounts are owed, an amount equal to the Series 2003-5 2 Percentage as of the beginning of such Series 2003-5 2 Interest Period of such Carrying Charges (other than Carrying Charges provided for above) for such Series 2003-5 2 Interest Period, Period and (5) fifth, if AFC-II is required to replace the Series 2003-5 Interest Rate Cap Counterparty pursuant to Section 2.10(b), the initial payment, if any, to be made by AFC-II to the replacement Series 2003-5 Interest Rate Cap Counterparty and (6) sixth, the balance, if any (“Excess Collections”"EXCESS COLLECTIONS"), shall be withdrawn by the Paying Agent from the Series 2003-5 2 Collection Account and deposited in the Series 2003-5 2 Excess Collection Account; and
(ii) on each Distribution Date during the Series 2003-5 2 Rapid Amortization Period, (1) first, to the Surety Provider, in an amount equal to (x) the Surety Provider Fee for the related Series 2003-5 2 Interest Period and, without duplication, (y) any Surety Provider Reimbursement Amounts then due and owing, (2) second, to the Trustee, an amount equal to the Series 2003-5 2 Percentage as of the beginning of such Series 2003-5 2 Interest Period of the Trustee’s 's fees for such Series 2003-5 2 Interest Period, (3) third, to the Administrator, an amount equal to the Series 2003-5 2 Percentage as of the beginning of such Series 2003-5 2 Interest Period of the portion of the Monthly Administration Fee (as specified in clause (iii) of the definition thereof) payable by AFC-II for such Series 2003-5 2 Interest Period, (4) fourth, to pay any Carrying Charges (other than Carrying Charges provided for above) to the Persons to whom such amounts are owed, an amount equal to the Series 2003-5 2 Percentage as of the beginning of such Series 2003-5 2 Interest Period of such Carrying Charges (other than Carrying Charges provided for above) for such Series 2003-5 2 Interest Period, Period and (5) fifth, if AFC-II is required to replace the Series 2003-5 Interest Rate Cap Counterparty pursuant to Section 2.10(b), the initial paymentbalance, if any, to be made by AFC-II to the replacement Series 2003-5 Interest Rate Cap Counterparty and (6) sixth, so long as the Series 2003-5 Invested Amount is greater than the Series 2003-5 Principal Allocations on such Distribution Date, an amount equal to the excess of the Series 2003-5 Invested Amount over the Series 2003-5 Principal Allocations on such Distribution Date shall be treated as Principal Collections.
Appears in 1 contract
BALANCE. On or prior to the second Business Day preceding each Distribution Date, the Administrator shall instruct the Trustee and the Paying Agent in writing pursuant to the Administration Agreement to pay the balance (after making the payments required in Section 2.4), if any, of the amounts available from the Series 20032012-5 3 Accrued Interest Account and the Series 20032012-5 3 Distribution Account, plus the amount, if any, drawn under the Series 20032012-5 3 Letters of Credit and/or withdrawn from the Series 20032012-5 3 Cash Collateral Account pursuant to Section 2.3(c) plus the amount, if any, withdrawn from the Series 20032012-5 3 Reserve Account pursuant to Section 2.3(d) as follows:
(i) on each Distribution Date during the Series 20032012-5 3 Revolving Period or a the Series 20032012-5 3 Controlled Amortization Period, (1) first, to the Surety ProviderAdministrator, in an amount equal to (x) the Surety Provider Fee for Series 2012-3 Percentage as of the related beginning of the Series 20032012-5 3 Interest Period and, without duplicationending on the day preceding such Distribution Date of the portion of the Monthly Administration Fee payable by ABRCF (as specified in clause (iii) of the definition thereof) for such Series 2012-3 Interest Period, (y2) second, to the Trustee, an amount equal to the Series 2012-3 Percentage as of the beginning of such Series 2012-3 Interest Period of the fees owing to the Trustee under the Indenture for such Series 2012-3 Interest Period, (3) third to pay any Surety Provider Reimbursement Amounts then due Carrying Charges (other than Carrying Charges provided for above) to the Persons to whom such amounts are owed, an amount equal to the Series 2012-3 Percentage as of the beginning of such Series 2012-3 Interest Period of such Carrying Charges (other than Carrying Charges provided for above) for such Series 2012-3 Interest Period and owing(4) fourth, the balance, if any (“Excess Collections”), shall be withdrawn by the Paying Agent from the Series 2012-3 Collection Account and deposited in the Series 2012-3 Excess Collection Account; and
(ii) on each Distribution Date during the Series 2012-3 Rapid Amortization Period, (1) first, to the Trustee, an amount equal to the Series 2012-3 Percentage as of the beginning of such Series 2012-3 Interest Period ending on the day preceding such Distribution Date of the fees owing to the Trustee under the Indenture for such Series 2012-3 Interest Period, (2) second, to the Administrator, an amount equal to the Series 20032012-5 3 Percentage as of the beginning of such Series 20032012-5 3 Interest Period of the portion of the Monthly Administration Fee payable by AFC-II (as specified in clause (iii) of the definition thereof) payable by ABRCF for such Series 20032012-5 3 Interest Period, (3) third, to the Trustee, an amount equal to the Series 2003-5 Percentage as of the beginning of such Series 2003-5 Interest Period of the Trustee’s fees for such Series 2003-5 Interest Period, (4) fourth, to pay any Carrying Charges (other than Carrying Charges provided for above) to the Persons to whom such amounts are owed, an amount equal to the Series 20032012-5 3 Percentage as of the beginning of such Series 20032012-5 3 Interest Period of such Carrying Charges (other than Carrying Charges provided for above) for such Series 20032012-5 Interest Period, (5) fifth, if AFC-II is required to replace the Series 2003-5 Interest Rate Cap Counterparty pursuant to Section 2.10(b), the initial payment, if any, to be made by AFC-II to the replacement Series 2003-5 Interest Rate Cap Counterparty and (6) sixth, the balance, if any (“Excess Collections”), shall be withdrawn by the Paying Agent from the Series 2003-5 Collection Account and deposited in the Series 2003-5 Excess Collection Account; and
(ii) on each Distribution Date during the Series 2003-5 Rapid Amortization Period, (1) first, to the Surety Provider, in an amount equal to (x) the Surety Provider Fee for the related Series 2003-5 3 Interest Period and, without duplication, (y) any Surety Provider Reimbursement Amounts then due and owing, (2) second, to the Trustee, an amount equal to the Series 2003-5 Percentage as of the beginning of such Series 2003-5 Interest Period of the Trustee’s fees for such Series 2003-5 Interest Period, (3) third, to the Administrator, an amount equal to the Series 2003-5 Percentage as of the beginning of such Series 2003-5 Interest Period of the portion of the Monthly Administration Fee (as specified in clause (iii) of the definition thereof) payable by AFC-II for such Series 2003-5 Interest Period, (4) fourth, to pay any Carrying Charges (other than Carrying Charges provided for above) to the Persons to whom such amounts are owed, an amount equal to the Series 2003-5 Percentage as of the beginning of such Series 2003-5 Interest Period of such Carrying Charges (other than Carrying Charges provided for above) for such Series 2003-5 Interest Period, (5) fifth, if AFC-II is required to replace the Series 2003-5 Interest Rate Cap Counterparty pursuant to Section 2.10(b), the initial payment, if any, to be made by AFC-II to the replacement Series 2003-5 Interest Rate Cap Counterparty and (6) sixth, so long as the Series 20032012-5 3 Invested Amount is greater than the Series 2003-5 Monthly Total Principal Allocations on such Distribution Datefor the Related Month, an amount equal to the excess of the Series 20032012-5 3 Invested Amount over the Series 2003-5 Monthly Total Principal Allocations on such Distribution Date for the Related Month shall be treated as Principal Collections.
Appears in 1 contract
BALANCE. On or prior to the second Business Day preceding each Distribution Date, the Administrator shall instruct the Trustee and the Paying Agent in writing pursuant to the Administration Agreement to pay the balance (after making the payments required in Section 2.43.3(a)), if any, of the amounts available from the Series 2003-5 1 Accrued Interest Account and the Series 2003-5 Distribution Account, plus the amount, if any, drawn under the Series 2003-5 Letters of Credit and/or withdrawn from the Series 2003-5 Cash Collateral Account pursuant to Section 2.3(c) plus the amount, if any, withdrawn from the Series 2003-5 Reserve Account pursuant to Section 2.3(d) as follows:
(i) on each Distribution Date during the Series 2003-5 1 Revolving Period or a Series 2003-5 Controlled Amortization Period, (1) first, to the Surety Provider, in an amount equal to (x) the Surety Provider Fee for the related Series 2003-5 Interest Period and, without duplication, (y) any Surety Provider Reimbursement Amounts then due and owing, (2) second, to the Administrator, an amount equal to the Series 2003-5 1 Percentage as of the beginning of such Series 2003-5 1 Interest Period of the portion of the Monthly Administration Fee payable by AFC-II (as specified in clause (iii) of the definition thereof) for such Series 2003-5 1 Interest Period, (32) thirdsecond, to the Trustee, an amount equal to the Series 2003-5 1 Percentage as of the beginning of such Series 2003-5 1 Interest Period of the Trustee’s 's fees for such Series 2003-5 1 Interest Period, (43) fourththird, to pay any Carrying Charges (other than Carrying Charges provided for above) to the Persons to whom such amounts are owed, an amount equal to the Series 2003-5 1 Percentage as of the beginning of such Series 2003-5 1 Interest Period of such Carrying Charges (other than Carrying Charges provided for above) for such Series 2003-5 1 Interest Period, (5) fifth, if AFC-II is required to replace the Series 2003-5 Interest Rate Cap Counterparty pursuant to Section 2.10(b), the initial payment, if any, to be made by AFC-II to the replacement Series 2003-5 Interest Rate Cap Counterparty Period and (64) sixthfourth, the balance, if any (“Excess Collections”"EXCESS COLLECTIONS"), shall be withdrawn by the Paying Agent from the Series 2003-5 1 Collection Account and deposited in the Series 2003-5 1 Excess Collection Account; and
(ii) on each Distribution Date during the Series 2003-5 Rapid 1 Amortization Period, (1) first, to the Surety Provider, in an amount equal to (x) the Surety Provider Fee for the related Series 2003-5 Interest Period and, without duplication, (y) any Surety Provider Reimbursement Amounts then due and owing, (2) second, to the Trustee, an amount equal to the Series 2003-5 1 Percentage as of the beginning of such Series 2003-5 1 Interest Period of the Trustee’s 's fees for such Series 2003-5 1 Interest Period, (32) thirdsecond, to the Administrator, an amount equal to the Series 2003-5 1 Percentage as of the beginning of such Series 2003-5 1 Interest Period of the portion of the Monthly Administration Fee (as specified in clause (iii) of the definition thereof) payable by AFC-II for such Series 2003-5 1 Interest Period, (43) fourththird, to pay any Carrying Charges (other than Carrying Charges provided for above) to the Persons to whom such amounts are owed, an amount equal to the Series 2003-5 1 Percentage as of the beginning of such Series 2003-5 1 Interest Period of such Carrying Charges (other than Carrying Charges provided for above) for such Series 2003-5 1 Interest Period, Period and (54) fifth, if AFC-II is required to replace the Series 2003-5 Interest Rate Cap Counterparty pursuant to Section 2.10(b)fourth, the initial paymentbalance, if any, to be made by AFC-II to the replacement Series 2003-5 Interest Rate Cap Counterparty and (6) sixth, so long as the Series 2003-5 Invested Amount is greater than the Series 2003-5 Principal Allocations on such Distribution Date, an amount equal to the excess of the Series 2003-5 Invested Amount over the Series 2003-5 Principal Allocations on such Distribution Date shall be treated as Principal Collections.
Appears in 1 contract
BALANCE. On or prior to the second Business Day preceding each Distribution Date, the Administrator shall instruct the Trustee and the Paying Agent in writing pursuant to the Administration Agreement to pay the balance (after making the payments required in Section 2.4), if any, of the amounts available from the Series 20032010-5 4 Accrued Interest Account and the Series 20032010-5 4 Distribution Account, plus the amount, if any, drawn under the Series 20032010-5 4 Letters of Credit and/or withdrawn from the Series 20032010-5 4 Cash Collateral Account pursuant to Section 2.3(c) plus the amount, if any, withdrawn from the Series 20032010-5 4 Reserve Account pursuant to Section 2.3(d) as follows:
(i) on each Distribution Date during the Series 20032010-5 4 Revolving Period or a the Series 20032010-5 4 Controlled Amortization Period, (1) first, to the Surety ProviderAdministrator, in an amount equal to (x) the Surety Provider Fee for Series 2010-4 Percentage as of the related beginning of the Series 20032010-5 4 Interest Period and, without duplicationending on the day preceding such Distribution Date of the portion of the Monthly Administration Fee payable by ABRCF (as specified in clause (iii) of the definition thereof) for such Series 2010-4 Interest Period, (y2) second, to the Trustee, an amount equal to the Series 2010-4 Percentage as of the beginning of such Series 2010-4 Interest Period of the fees owing to the Trustee under the Indenture for such Series 2010-4 Interest Period, (3) third to pay any Surety Provider Reimbursement Amounts then due Carrying Charges (other than Carrying Charges provided for above) to the Persons to whom such amounts are owed, an amount equal to the Series 2010-4 Percentage as of the beginning of such Series 2010-4 Interest Period of such Carrying Charges (other than Carrying Charges provided for above) for such Series 2010-4 Interest Period and owing(4) fourth, the balance, if any (“Excess Collections”), shall be withdrawn by the Paying Agent from the Series 2010-4 Collection Account and deposited in the Series 2010-4 Excess Collection Account; and
(ii) on each Distribution Date during the Series 2010-4 Rapid Amortization Period, (1) first, to the Trustee, an amount equal to the Series 2010-4 Percentage as of the beginning of such Series 2010-4 Interest Period ending on the day preceding such Distribution Date of the fees owing to the Trustee under the Indenture for such Series 2010-4 Interest Period, (2) second, to the Administrator, an amount equal to the Series 20032010-5 4 Percentage as of the beginning of such Series 20032010-5 4 Interest Period of the portion of the Monthly Administration Fee payable by AFC-II (as specified in clause (iii) of the definition thereof) payable by ABRCF for such Series 20032010-5 4 Interest Period, (3) third, to the Trustee, an amount equal to the Series 2003-5 Percentage as of the beginning of such Series 2003-5 Interest Period of the Trustee’s fees for such Series 2003-5 Interest Period, (4) fourth, to pay any Carrying Charges (other than Carrying Charges provided for above) to the Persons to whom such amounts are owed, an amount equal to the Series 20032010-5 4 Percentage as of the beginning of such Series 20032010-5 4 Interest Period of such Carrying Charges (other than Carrying Charges provided for above) for such Series 20032010-5 Interest Period, (5) fifth, if AFC-II is required to replace the Series 2003-5 Interest Rate Cap Counterparty pursuant to Section 2.10(b), the initial payment, if any, to be made by AFC-II to the replacement Series 2003-5 Interest Rate Cap Counterparty and (6) sixth, the balance, if any (“Excess Collections”), shall be withdrawn by the Paying Agent from the Series 2003-5 Collection Account and deposited in the Series 2003-5 Excess Collection Account; and
(ii) on each Distribution Date during the Series 2003-5 Rapid Amortization Period, (1) first, to the Surety Provider, in an amount equal to (x) the Surety Provider Fee for the related Series 2003-5 4 Interest Period and, without duplication, (y) any Surety Provider Reimbursement Amounts then due and owing, (2) second, to the Trustee, an amount equal to the Series 2003-5 Percentage as of the beginning of such Series 2003-5 Interest Period of the Trustee’s fees for such Series 2003-5 Interest Period, (3) third, to the Administrator, an amount equal to the Series 2003-5 Percentage as of the beginning of such Series 2003-5 Interest Period of the portion of the Monthly Administration Fee (as specified in clause (iii) of the definition thereof) payable by AFC-II for such Series 2003-5 Interest Period, (4) fourth, to pay any Carrying Charges (other than Carrying Charges provided for above) to the Persons to whom such amounts are owed, an amount equal to the Series 2003-5 Percentage as of the beginning of such Series 2003-5 Interest Period of such Carrying Charges (other than Carrying Charges provided for above) for such Series 2003-5 Interest Period, (5) fifth, if AFC-II is required to replace the Series 2003-5 Interest Rate Cap Counterparty pursuant to Section 2.10(b), the initial payment, if any, to be made by AFC-II to the replacement Series 2003-5 Interest Rate Cap Counterparty and (6) sixth, so long as the Series 20032010-5 4 Invested Amount is greater than the Series 2003-5 Monthly Total Principal Allocations on such Distribution Datefor the Related Month, an amount equal to the excess of the Series 20032010-5 4 Invested Amount over the Series 2003-5 Monthly Total Principal Allocations on such Distribution Date for the Related Month shall be treated as Principal Collections.
Appears in 1 contract
BALANCE. On or prior to the second Business Day preceding each Distribution Date, the Administrator shall instruct the Trustee and the Paying Agent in writing pursuant to the Administration Agreement to pay the balance (after making the payments required in Section 2.4), if any, of the amounts available from the Series 20032023-5 7 Accrued Interest Account and the Series 20032023-5 7 Distribution Account, plus the amount, if any, drawn under the Multi-Series 2003-5 Letters of Credit and/or withdrawn from the Series 20032023-5 7 Cash Collateral Account Accounts pursuant to Section 2.3(c) plus the amount, if any, withdrawn from the Series 20032023-5 7 Reserve Account Accounts pursuant to Section 2.3(d) as follows:
(i) on each Distribution Date during the Series 20032023-5 7 Revolving Period or a the Series 20032023-5 7 Controlled Amortization Period, (1) first, to the Surety ProviderAdministrator, in an amount equal to (x) the Surety Provider Fee for Series 2023-7 Percentage as of the related beginning of the Series 20032023-5 7 Interest Period and, without duplicationending on the day preceding such Distribution Date of the portion of the Monthly Administration Fee payable by ABRCF (as specified in clause (iii) of the definition thereof) for such Series 2023-7 Interest Period, (y2) second, to the Trustee, an amount equal to the Series 2023-7 Percentage as of the beginning of such Series 2023-7 Interest Period of the fees owing to the Trustee under the Base Indenture for such Series 2023-7 Interest Period, (3) third to pay any Surety Provider Reimbursement Amounts then due Carrying Charges (other than Carrying Charges provided for above) to the Persons to whom such amounts are owed, an amount equal to the Series 2023-7 Percentage as of the beginning of such Series 2023-7 Interest Period of such Carrying Charges (other than Carrying Charges provided for above) for such Series 2023-7 Interest Period and owing(4) fourth, the balance, if any, shall be withdrawn by the Paying Agent from the Series 2023-7 Collection Account and deposited in the Series 2023-7 Excess Collection Account; and
(ii) on each Distribution Date during the Series 2023-7 Rapid Amortization Period, (1) first, to the Trustee, an amount equal to the Series 2023-7 Percentage as of the beginning of such Series 2023-7 Interest Period ending on the day preceding such Distribution Date of the fees owing to the Trustee under the Base Indenture for such Series 2023-7 Interest Period, (2) second, to the Administrator, an amount equal to the Series 20032023-5 7 Percentage as of the beginning of such Series 20032023-5 7 Interest Period of the portion of the Monthly Administration Fee payable by AFC-II (as specified in clause (iii) of the definition thereof) payable by ABRCF for such Series 20032023-5 7 Interest Period, (3) third, to the Trustee, an amount equal to the Series 2003-5 Percentage as of the beginning of such Series 2003-5 Interest Period of the Trustee’s fees for such Series 2003-5 Interest Period, (4) fourth, to pay any Carrying Charges (other than Carrying Charges provided for above) to the Persons to whom such amounts are owed, an amount equal to the Series 20032023-5 7 Percentage as of AMERICAS 129834063 44 the beginning of such Series 20032023-5 7 Interest Period of such Carrying Charges (other than Carrying Charges provided for above) for such Series 20032023-5 Interest Period, (5) fifth, if AFC-II is required to replace the Series 2003-5 Interest Rate Cap Counterparty pursuant to Section 2.10(b), the initial payment, if any, to be made by AFC-II to the replacement Series 2003-5 Interest Rate Cap Counterparty and (6) sixth, the balance, if any (“Excess Collections”), shall be withdrawn by the Paying Agent from the Series 2003-5 Collection Account and deposited in the Series 2003-5 Excess Collection Account; and
(ii) on each Distribution Date during the Series 2003-5 Rapid Amortization Period, (1) first, to the Surety Provider, in an amount equal to (x) the Surety Provider Fee for the related Series 2003-5 7 Interest Period and, without duplication, (y) any Surety Provider Reimbursement Amounts then due and owing, (2) second, to the Trustee, an amount equal to the Series 2003-5 Percentage as of the beginning of such Series 2003-5 Interest Period of the Trustee’s fees for such Series 2003-5 Interest Period, (3) third, to the Administrator, an amount equal to the Series 2003-5 Percentage as of the beginning of such Series 2003-5 Interest Period of the portion of the Monthly Administration Fee (as specified in clause (iii) of the definition thereof) payable by AFC-II for such Series 2003-5 Interest Period, (4) fourth, to pay any Carrying Charges (other than Carrying Charges provided for above) to the Persons to whom such amounts are owed, an amount equal to the Series 2003-5 Percentage as of the beginning of such Series 2003-5 Interest Period of such Carrying Charges (other than Carrying Charges provided for above) for such Series 2003-5 Interest Period, (5) fifth, if AFC-II is required to replace the Series 2003-5 Interest Rate Cap Counterparty pursuant to Section 2.10(b), the initial payment, if any, to be made by AFC-II to the replacement Series 2003-5 Interest Rate Cap Counterparty and (6) sixth, so long as the Series 20032023-5 7 Invested Amount is greater than the Series 2003-5 Monthly Total Principal Allocations on such Distribution Datefor the Related Month, an amount equal to the excess of the Series 20032023-5 7 Invested Amount over the Series 2003-5 Monthly Total Principal Allocations on such Distribution Date for the Related Month shall be treated as Principal Collections.
Appears in 1 contract
Sources: Second Amended and Restated Series 2023 7 Supplement (Avis Budget Group, Inc.)
BALANCE. On or prior to the second Business Day preceding each Distribution Date, the Administrator shall instruct the Trustee and the Paying Agent in writing pursuant to the Administration Agreement to pay the balance (after making the payments required in Section 2.4), if any, of the amounts available from the Series 20032019-5 1 Accrued Interest Account and the Series 20032019-5 1 Distribution Account, plus the amount, if any, drawn under the Series 20032019-5 1 Letters of Credit and/or withdrawn from the Series 20032019-5 1 Cash Collateral Account pursuant to Section 2.3(c) plus the amount, if any, withdrawn from the Series 20032019-5 1 Reserve Account pursuant to Section 2.3(d) as follows:
(i) on each Distribution Date during the Series 20032019-5 1 Revolving Period or a the Series 20032019-5 1 Controlled Amortization Period, (1) first, to the Surety ProviderAdministrator, in an amount equal to (x) the Surety Provider Fee for Series 2019-1 Percentage as of the related beginning of the Series 20032019-5 1 Interest Period and, without duplicationending on the day preceding such Distribution Date of the portion of the Monthly Administration Fee payable by ABRCF (as specified in clause (iii) of the definition thereof) for such Series 2019-1 Interest Period, (y2) second, to the Trustee, an amount equal to the Series 2019-1 Percentage as of the beginning of such Series 2019-1 Interest Period of the fees owing to the Trustee under the Base Indenture for such Series 2019-1 Interest Period, (3) third to pay any Surety Provider Reimbursement Amounts then due Carrying Charges (other than Carrying Charges provided for above) to the Persons to whom such amounts are owed, an amount equal to the Series 2019-1 Percentage as of the beginning of such Series 2019-1 Interest Period of such Carrying Charges (other than Carrying Charges provided for above) for such Series 2019-1 Interest Period and owing(4) fourth, the balance, if any, shall be withdrawn by the Paying Agent from the Series 2019-1 Collection Account and deposited in the Series 2019-1 Excess Collection Account; and
(ii) on each Distribution Date during the Series 2019-1 Rapid Amortization Period, (1) first, to the Trustee, an amount equal to the Series 2019-1 Percentage as of the beginning of such Series 2019-1 Interest Period ending on the day preceding such Distribution Date of the fees owing to the Trustee under the Base Indenture for such Series 2019-1 Interest Period, (2) second, to the Administrator, an amount equal to the Series 20032019-5 1 Percentage as of the beginning of such Series 20032019-5 1 Interest Period of the portion of the Monthly Administration Fee payable by AFC-II (as specified in clause (iii) of the definition thereof) payable by ABRCF for such Series 20032019-5 1 Interest Period, (3) third, to the Trustee, an amount equal to the Series 2003-5 Percentage as of the beginning of such Series 2003-5 Interest Period of the Trustee’s fees for such Series 2003-5 Interest Period, (4) fourth, to pay any Carrying Charges (other than Carrying Charges provided for above) to the Persons to whom such amounts are owed, an amount equal to the Series 20032019-5 1 Percentage as of the beginning of such Series 20032019-5 1 Interest Period of such Carrying Charges (other than Carrying Charges provided for above) for such Series 20032019-5 Interest Period, (5) fifth, if AFC-II is required to replace the Series 2003-5 Interest Rate Cap Counterparty pursuant to Section 2.10(b), the initial payment, if any, to be made by AFC-II to the replacement Series 2003-5 Interest Rate Cap Counterparty and (6) sixth, the balance, if any (“Excess Collections”), shall be withdrawn by the Paying Agent from the Series 2003-5 Collection Account and deposited in the Series 2003-5 Excess Collection Account; and
(ii) on each Distribution Date during the Series 2003-5 Rapid Amortization Period, (1) first, to the Surety Provider, in an amount equal to (x) the Surety Provider Fee for the related Series 2003-5 1 Interest Period and, without duplication, (y) any Surety Provider Reimbursement Amounts then due and owing, (2) second, to the Trustee, an amount equal to the Series 2003-5 Percentage as of the beginning of such Series 2003-5 Interest Period of the Trustee’s fees for such Series 2003-5 Interest Period, (3) third, to the Administrator, an amount equal to the Series 2003-5 Percentage as of the beginning of such Series 2003-5 Interest Period of the portion of the Monthly Administration Fee (as specified in clause (iii) of the definition thereof) payable by AFC-II for such Series 2003-5 Interest Period, (4) fourth, to pay any Carrying Charges (other than Carrying Charges provided for above) to the Persons to whom such amounts are owed, an amount equal to the Series 2003-5 Percentage as of the beginning of such Series 2003-5 Interest Period of such Carrying Charges (other than Carrying Charges provided for above) for such Series 2003-5 Interest Period, (5) fifth, if AFC-II is required to replace the Series 2003-5 Interest Rate Cap Counterparty pursuant to Section 2.10(b), the initial payment, if any, to be made by AFC-II to the replacement Series 2003-5 Interest Rate Cap Counterparty and (6) sixth, so long as the Series 20032019-5 1 Invested Amount is greater than the Series 2003-5 Monthly Total Principal Allocations on such Distribution Datefor the Related Month, an amount equal to the excess of the Series 20032019-5 1 Invested Amount over the Series 2003-5 Monthly Total Principal Allocations on such Distribution Date for the Related Month shall be treated as Principal Collections.
Appears in 1 contract
BALANCE. On or prior to the second Business Day preceding each Distribution Date, the Administrator shall instruct the Trustee and the Paying Agent in writing pursuant to the Administration Agreement to pay the balance (after making the payments required in Section 2.4), if any, of the amounts available from the Series 20032019-5 2 Accrued Interest Account and the Series 20032019-5 2 Distribution Account, plus the amount, if any, drawn under the Series 20032019-5 2 Letters of Credit and/or withdrawn from the Series 20032019-5 2 Cash Collateral Account pursuant to Section 2.3(c) plus the amount, if any, withdrawn from the Series 20032019-5 2 Reserve Account pursuant to Section 2.3(d) as follows:
(i) on each Distribution Date during the Series 20032019-5 2 Revolving Period or a the Series 20032019-5 2 Controlled Amortization Period, (1) first, to the Surety ProviderAdministrator, in an amount equal to (x) the Surety Provider Fee for Series 2019-2 Percentage as of the related beginning of the Series 20032019-5 2 Interest Period and, without duplicationending on the day preceding such Distribution Date of the portion of the Monthly Administration Fee payable by ABRCF (as specified in clause (iii) of the definition thereof) for such Series 2019-2 Interest Period, (y2) second, to the Trustee, an amount equal to the Series 2019-2 Percentage as of the beginning of such Series 2019-2 Interest Period of the fees owing to the Trustee under the Base Indenture for such Series 2019-2 Interest Period, (3) third to pay any Surety Provider Reimbursement Amounts then due Carrying Charges (other than Carrying Charges provided for above) to the Persons to whom such amounts are owed, an amount equal to the Series 2019-2 Percentage as of the beginning of such Series 2019-2 Interest Period of such Carrying Charges (other than Carrying Charges provided for above) for such Series 2019-2 Interest Period and owing(4) fourth, the balance, if any, shall be withdrawn by the Paying Agent from the Series 2019-2 Collection Account and deposited in the Series 2019-2 Excess Collection Account; and
(ii) on each Distribution Date during the Series 2019-2 Rapid Amortization Period, (1) first, to the Trustee, an amount equal to the Series 2019-2 Percentage as of the beginning of such Series 2019-2 Interest Period ending on the day preceding such Distribution Date of the fees owing to the Trustee under the Base Indenture for such Series 2019-2 Interest Period, (2) second, to the Administrator, an amount equal to the Series 20032019-5 2 Percentage as of the beginning of such Series 20032019-5 2 Interest Period of the portion of the Monthly Administration Fee payable by AFC-II (as specified in clause (iii) of the definition thereof) payable by ABRCF for such Series 20032019-5 2 Interest Period, (3) third, to the Trustee, an amount equal to the Series 2003-5 Percentage as of the beginning of such Series 2003-5 Interest Period of the Trustee’s fees for such Series 2003-5 Interest Period, (4) fourth, to pay any Carrying Charges (other than Carrying Charges provided for above) to the Persons to whom such amounts are owed, an amount equal to the Series 20032019-5 2 Percentage as of the beginning of such Series 20032019-5 2 Interest Period of such Carrying Charges (other than Carrying Charges provided for above) for such Series 20032019-5 Interest Period, (5) fifth, if AFC-II is required to replace the Series 2003-5 Interest Rate Cap Counterparty pursuant to Section 2.10(b), the initial payment, if any, to be made by AFC-II to the replacement Series 2003-5 Interest Rate Cap Counterparty and (6) sixth, the balance, if any (“Excess Collections”), shall be withdrawn by the Paying Agent from the Series 2003-5 Collection Account and deposited in the Series 2003-5 Excess Collection Account; and
(ii) on each Distribution Date during the Series 2003-5 Rapid Amortization Period, (1) first, to the Surety Provider, in an amount equal to (x) the Surety Provider Fee for the related Series 2003-5 2 Interest Period and, without duplication, (y) any Surety Provider Reimbursement Amounts then due and owing, (2) second, to the Trustee, an amount equal to the Series 2003-5 Percentage as of the beginning of such Series 2003-5 Interest Period of the Trustee’s fees for such Series 2003-5 Interest Period, (3) third, to the Administrator, an amount equal to the Series 2003-5 Percentage as of the beginning of such Series 2003-5 Interest Period of the portion of the Monthly Administration Fee (as specified in clause (iii) of the definition thereof) payable by AFC-II for such Series 2003-5 Interest Period, (4) fourth, to pay any Carrying Charges (other than Carrying Charges provided for above) to the Persons to whom such amounts are owed, an amount equal to the Series 2003-5 Percentage as of the beginning of such Series 2003-5 Interest Period of such Carrying Charges (other than Carrying Charges provided for above) for such Series 2003-5 Interest Period, (5) fifth, if AFC-II is required to replace the Series 2003-5 Interest Rate Cap Counterparty pursuant to Section 2.10(b), the initial payment, if any, to be made by AFC-II to the replacement Series 2003-5 Interest Rate Cap Counterparty and (6) sixth, so long as the Series 20032019-5 2 Invested Amount is greater than the Series 2003-5 Monthly Total Principal Allocations on such Distribution Datefor the Related Month, an amount equal to the excess of the Series 20032019-5 2 Invested Amount over the Series 2003-5 Monthly Total Principal Allocations on such Distribution Date for the Related Month shall be treated as Principal Collections.
Appears in 1 contract
BALANCE. On or prior to the second Business Day preceding each Distribution Date, the Administrator shall instruct the Trustee and the Paying Agent in writing pursuant to the Administration Agreement to pay the balance (after making the payments required in Section 2.4), if any, of the amounts available from the Series 20032023-5 1 Accrued Interest Account and the Series 20032023-5 1 Distribution Account, plus the amount, if any, drawn under the Multi-Series 2003-5 Letters of Credit and/or withdrawn from the Series 20032023-5 1 Cash Collateral Account Accounts pursuant to Section 2.3(c) plus the amount, if any, withdrawn from the Series 20032023-5 1 Reserve Account Accounts pursuant to Section 2.3(d) as follows:
(i) on each Distribution Date during the Series 20032023-5 1 Revolving Period or a the Series 20032023-5 1 Controlled Amortization Period, (1) first, to the Surety Provider, in an amount equal to (x) the Surety Provider Fee for the related Series 2003-5 Interest Period and, without duplication, (y) any Surety Provider Reimbursement Amounts then due and owing, (2) second, to the Administrator, an amount equal to the Series 20032023-5 1 Percentage as of the beginning of such the Series 20032023-5 1 Interest Period ending on the day preceding such Distribution Date of the portion of the Monthly Administration Fee payable by AFC-II ABRCF (as specified in clause (iii) of the definition thereof) for such Series 20032023-5 1 Interest Period, (32) thirdsecond, to the Trustee, an amount equal to the Series 20032023-5 1 Percentage as of the beginning of such Series 20032023-5 1 Interest Period of the Trustee’s fees owing to the Trustee under the Base Indenture for such Series 20032023-5 1 Interest Period, (3) third to pay any Carrying Charges (other than Carrying Charges provided for above) to the Persons to whom such amounts are owed, an amount equal to the Series 2023-1 Percentage as of the beginning of such Series 2023-1 Interest Period of such Carrying Charges (other than Carrying Charges provided for above) for such Series 2023-1 Interest Period and (4) fourth, the balance, if any, shall be withdrawn by the Paying Agent from the Series 2023-1 Collection Account and deposited in the Series 2023-1 Excess Collection Account; and
(ii) on each Distribution Date during the Series 2023-1 Rapid Amortization Period, (1) first, to the Series 2023-1 Distribution Account, an amount equal to Class D Monthly Subordinated Interest with respect to the Series 2023-1 Interest Period ending on the date immediately preceding such Distribution Date to be treated as Principal Collections, (2) second, to the Trustee, an amount equal to the Series 2023-1 Percentage as of the beginning of such Series 2023-1 Interest Period ending on the day preceding such Distribution Date of the fees owing to the Trustee under the Base Indenture for such Series 2023-1 Interest Period, (3) third, to the Administrator, an amount equal to the Series 2023-1 Percentage as of the beginning of such Series 2023-1 Interest Period of the portion of the Monthly Administration Fee (as specified in clause (iii) of the definition thereof) payable by ABRCF for such Series 2023-1 Interest Period, (4) fourth, to pay any Carrying Charges (other than Carrying Charges provided for above) to the Persons to whom such amounts are owed, an amount equal to the Series 20032023-5 1 Percentage as of the beginning of such Series 20032023-5 1 Interest Period of such Carrying Charges (other than Carrying Charges AMERICAS 128869492 45 provided for above) for such Series 20032023-5 1 Interest Period, Period and (5) fifth, if AFC-II is required to replace the Series 2003-5 Interest Rate Cap Counterparty pursuant to Section 2.10(b), the initial payment, if any, to be made by AFC-II to the replacement Series 2003-5 Interest Rate Cap Counterparty and (6) sixth, the balance, if any (“Excess Collections”), shall be withdrawn by the Paying Agent from the Series 2003-5 Collection Account and deposited in the Series 2003-5 Excess Collection Account; and
(ii) on each Distribution Date during the Series 2003-5 Rapid Amortization Period, (1) first, to the Surety Provider, in an amount equal to (x) the Surety Provider Fee for the related Series 2003-5 Interest Period and, without duplication, (y) any Surety Provider Reimbursement Amounts then due and owing, (2) second, to the Trustee, an amount equal to the Series 2003-5 Percentage as of the beginning of such Series 2003-5 Interest Period of the Trustee’s fees for such Series 2003-5 Interest Period, (3) third, to the Administrator, an amount equal to the Series 2003-5 Percentage as of the beginning of such Series 2003-5 Interest Period of the portion of the Monthly Administration Fee (as specified in clause (iii) of the definition thereof) payable by AFC-II for such Series 2003-5 Interest Period, (4) fourth, to pay any Carrying Charges (other than Carrying Charges provided for above) to the Persons to whom such amounts are owed, an amount equal to the Series 2003-5 Percentage as of the beginning of such Series 2003-5 Interest Period of such Carrying Charges (other than Carrying Charges provided for above) for such Series 2003-5 Interest Period, (5) fifth, if AFC-II is required to replace the Series 2003-5 Interest Rate Cap Counterparty pursuant to Section 2.10(b), the initial payment, if any, to be made by AFC-II to the replacement Series 2003-5 Interest Rate Cap Counterparty and (6) sixth, so long as the Series 20032023-5 1 Invested Amount is greater than the Series 2003-5 Monthly Total Principal Allocations on such Distribution Datefor the Related Month, an amount equal to the excess of the Series 20032023-5 1 Invested Amount over the Series 2003-5 Monthly Total Principal Allocations on such Distribution Date for the Related Month shall be treated as Principal Collections.
Appears in 1 contract
Sources: Amended and Restated Series 2023 1 Supplement (Avis Budget Group, Inc.)
BALANCE. On or prior to the second Business Day preceding each Distribution Date, the Administrator shall instruct the Trustee and the Paying Agent in writing pursuant to the Administration Agreement to pay the balance (after making the -26- payments required in Section 2.43.3(a)), if any, of the amounts available from the Series 20032002-5 3 Accrued Interest Account and the Series 2003-5 Distribution Account, plus the amount, if any, drawn under the Series 2003-5 Letters of Credit and/or withdrawn from the Series 2003-5 Cash Collateral Account pursuant to Section 2.3(c) plus the amount, if any, withdrawn from the Series 2003-5 Reserve Account pursuant to Section 2.3(d) as follows:
(i) on each Distribution Date during the Series 20032002-5 3 Revolving Period or a Series 2003-5 Controlled Amortization Period, (1) first, to the Surety Provider, in an amount equal to (x) the Surety Provider Fee for the related Series 2003-5 Interest Period and, without duplication, (y) any Surety Provider Reimbursement Amounts then due and owing, (2) second, to the Administrator, an amount equal to the Series 20032002-5 3 Percentage as of the beginning of such Series 20032002-5 3 Interest Period of the portion of the Monthly Administration Fee payable by AFC-II (as specified in clause (iii) of the definition thereof) for such Series 20032002-5 3 Interest Period, (32) thirdsecond, to the Trustee, an amount equal to the Series 20032002-5 3 Percentage as of the beginning of such Series 20032002-5 3 Interest Period of the Trustee’s 's fees for such Series 20032002-5 3 Interest Period, (3) third, to the Series 2002-3 Distribution Account to pay any Article VI Costs, (4) fourth, to pay any Carrying Charges (other than Carrying Charges provided for above) to the Persons to whom such amounts are owed, an amount equal to the Series 20032002-5 3 Percentage as of the beginning of such Series 20032002-5 3 Interest Period of such Carrying Charges (other than Carrying Charges provided for above) for such Series 20032002-5 3 Interest Period, Period and (5) fifth, if AFC-II is required to replace the Series 2003-5 Interest Rate Cap Counterparty pursuant to Section 2.10(b), the initial payment, if any, to be made by AFC-II to the replacement Series 2003-5 Interest Rate Cap Counterparty and (6) sixth, the balance, if any (“Excess Collections”"EXCESS COLLECTIONS"), shall be withdrawn by the Paying Agent from the Series 20032002-5 3 Collection Account and deposited in the Series 20032002-5 3 Excess Collection Account; and
(ii) on each Distribution Date during the Series 20032002-5 Rapid 3 Amortization Period, (1) first, to the Surety Provider, in an amount equal to (x) the Surety Provider Fee for the related Series 2003-5 Interest Period and, without duplication, (y) any Surety Provider Reimbursement Amounts then due and owing, (2) second, to the Trustee, an amount equal to the Series 20032002-5 3 Percentage as of the beginning of such Series 20032002-5 3 Interest Period of the Trustee’s 's fees for such Series 20032002-5 3 Interest Period, (32) thirdsecond, to the Administrator, an amount equal to the Series 20032002-5 3 Percentage as of the beginning of such Series 20032002-5 3 Interest Period of the portion of the Monthly Administration Fee (as specified in clause (iii) of the definition thereof) payable by AFC-II for such Series 20032002-5 3 Interest Period, (3) third, to the Series 2002-3 Distribution Account to pay any Article VI Costs, (4) fourth, to pay any Carrying Charges (other than Carrying Charges provided for above) to the Persons to whom such amounts are owed, an amount equal to the Series 20032002-5 3 Percentage as of the beginning of such Series 20032002-5 3 Interest Period of such Carrying Charges (other than Carrying Charges provided for above) for such Series 20032002-5 3 Interest Period, Period and (5) fifth, if AFC-II is required to replace the Series 2003-5 Interest Rate Cap Counterparty pursuant to Section 2.10(b), the initial paymentbalance, if any, to be made by AFC-II to the replacement Series 2003-5 Interest Rate Cap Counterparty and (6) sixth, so long as the Series 2003-5 Invested Amount is greater than the Series 2003-5 Principal Allocations on such Distribution Date, an amount equal to the excess of the Series 2003-5 Invested Amount over the Series 2003-5 Principal Allocations on such Distribution Date shall be treated as Principal Collections.
Appears in 1 contract
BALANCE. On or prior to the second Business Day preceding each Distribution Date, the Administrator shall instruct the Trustee and the Paying Agent in writing 44 pursuant to the Administration Agreement to pay the balance (after making the payments required in Section 2.4), if any, of the amounts available from the Series 20032023-5 Accrued Interest Account and the Series 20032023-5 Distribution Account, plus the amount, if any, drawn under the Multi-Series 2003-5 Letters of Credit and/or withdrawn from the Series 20032023-5 Cash Collateral Account Accounts pursuant to Section 2.3(c) plus the amount, if any, withdrawn from the Series 20032023-5 Reserve Account Accounts pursuant to Section 2.3(d) as follows:
(i) on each Distribution Date during the Series 20032023-5 Revolving Period or a the Series 20032023-5 Controlled Amortization Period, (1) first, to the Surety Provider, in an amount equal to (x) the Surety Provider Fee for the related Series 2003-5 Interest Period and, without duplication, (y) any Surety Provider Reimbursement Amounts then due and owing, (2) second, to the Administrator, an amount equal to the Series 20032023-5 Percentage as of the beginning of such the Series 20032023-5 Interest Period ending on the day preceding such Distribution Date of the portion of the Monthly Administration Fee payable by AFC-II ABRCF (as specified in clause (iii) of the definition thereof) for such Series 20032023-5 Interest Period, (2) second, to the Trustee, an amount equal to the Series 2023-5 Percentage as of the beginning of such Series 2023-5 Interest Period of the fees owing to the Trustee under the Base Indenture for such Series 2023-5 Interest Period, (3) third to pay any Carrying Charges (other than Carrying Charges provided for above) to the Persons to whom such amounts are owed, an amount equal to the Series 2023-5 Percentage as of the beginning of such Series 2023-5 Interest Period of such Carrying Charges (other than Carrying Charges provided for above) for such Series 2023-5 Interest Period and (4) fourth, the balance, if any, shall be withdrawn by the Paying Agent from the Series 2023-5 Collection Account and deposited in the Series 2023-5 Excess Collection Account; and
(ii) on each Distribution Date during the Series 2023-5 Rapid Amortization Period, (1) first, to the Series 2023-5 Distribution Account, an amount equal to Class D Monthly Subordinated Interest with respect to the Series 2023-5 Interest Period ending on the date immediately preceding such Distribution Date to be treated as Principal Collections, (2) second, to the Trustee, an amount equal to the Series 2023-5 Percentage as of the beginning of such Series 2023-5 Interest Period ending on the day preceding such Distribution Date of the fees owing to the Trustee under the Base Indenture for such Series 2023-5 Interest Period, (3) third, to the TrusteeAdministrator, an amount equal to the Series 20032023-5 Percentage as of the beginning of such Series 20032023-5 Interest Period of the Trustee’s fees portion of the Monthly Administration Fee (as specified in clause (iii) of the definition thereof) payable by ABRCF for such Series 20032023-5 Interest Period, (4) fourth, to pay any Carrying Charges (other than Carrying Charges provided for above) to the Persons to whom such amounts are owed, an amount equal to the Series 20032023-5 Percentage as of the beginning of such Series 20032023-5 Interest Period of such Carrying Charges (other than Carrying Charges provided for above) for such Series 20032023-5 Interest Period, Period and (5) fifth, if AFC-II is required to replace the Series 2003-5 Interest Rate Cap Counterparty pursuant to Section 2.10(b), the initial payment, if any, to be made by AFC-II to the replacement Series 2003-5 Interest Rate Cap Counterparty and (6) sixth, the balance, if any (“Excess Collections”), shall be withdrawn by the Paying Agent from the Series 2003-5 Collection Account and deposited in the Series 2003-5 Excess Collection Account; and
(ii) on each Distribution Date during the Series 2003-5 Rapid Amortization Period, (1) first, to the Surety Provider, in an amount equal to (x) the Surety Provider Fee for the related Series 2003-5 Interest Period and, without duplication, (y) any Surety Provider Reimbursement Amounts then due and owing, (2) second, to the Trustee, an amount equal to the Series 2003-5 Percentage as of the beginning of such Series 2003-5 Interest Period of the Trustee’s fees for such Series 2003-5 Interest Period, (3) third, to the Administrator, an amount equal to the Series 2003-5 Percentage as of the beginning of such Series 2003-5 Interest Period of the portion of the Monthly Administration Fee (as specified in clause (iii) of the definition thereof) payable by AFC-II for such Series 2003-5 Interest Period, (4) fourth, to pay any Carrying Charges (other than Carrying Charges provided for above) to the Persons to whom such amounts are owed, an amount equal to the Series 2003-5 Percentage as of the beginning of such Series 2003-5 Interest Period of such Carrying Charges (other than Carrying Charges provided for above) for such Series 2003-5 Interest Period, (5) fifth, if AFC-II is required to replace the Series 2003-5 Interest Rate Cap Counterparty pursuant to Section 2.10(b), the initial payment, if any, to be made by AFC-II to the replacement Series 2003-5 Interest Rate Cap Counterparty and (6) sixth, so long as the Series 20032023-5 Invested Amount is greater than the Series 2003-5 Monthly Total Principal Allocations on such Distribution Datefor the Related Month, an amount equal to the excess of the Series 20032023-5 Invested Amount over the Series 2003-5 Monthly Total Principal Allocations on such Distribution Date for the Related Month shall be treated as Principal Collections.
Appears in 1 contract
Sources: Amended and Restated Series 2023 5 Supplement (Avis Budget Group, Inc.)
BALANCE. On or prior to the second Business Day preceding each Distribution Date, the Administrator shall instruct the Trustee and the Paying Agent in writing pursuant to the Administration Agreement to pay the balance (after making the payments required in Section 2.43.3(a)), if any, of the amounts available from the Series 20032002-5 2 Accrued Interest Account and the Series 2003-5 Distribution Account, plus the amount, if any, drawn under the Series 2003-5 Letters of Credit and/or withdrawn from the Series 2003-5 Cash Collateral Account pursuant to Section 2.3(c) plus the amount, if any, withdrawn from the Series 2003-5 Reserve Account pursuant to Section 2.3(d) as follows:
(i) on each Distribution Date during the Series 20032002-5 2 Revolving Period or a Series 2003-5 Controlled Amortization Period, (1) first, to the Surety Provider, in an amount equal to (x) the Surety Provider Fee for the related Series 2003-5 Interest Period and, without duplication, (y) any Surety Provider Reimbursement Amounts then due and owing, (2) second, to the Administrator, an amount equal to the Series 20032002-5 2 Percentage as of the beginning of such Series 20032002-5 2 Interest Period of the portion of the Monthly Administration Fee payable by AFC-II (as specified in clause (iii) of the definition thereof) for such Series 20032002-5 2 Interest Period, (32) thirdsecond, to the Trustee, an amount equal to the Series 20032002-5 2 Percentage as of the beginning of such Series 20032002-5 2 Interest Period of the Trustee’s 's fees for such Series 20032002-5 2 Interest Period, (3) third, to the Series 2002-2 Distribution Account to pay any Article VII Costs, (4) fourth, to pay any Carrying Charges (other than Carrying Charges provided for above) to the Persons to whom such amounts are owed, an amount equal to the Series 20032002-5 2 Percentage as of the beginning of such Series 20032002-5 2 Interest Period of such Carrying Charges (other than Carrying Charges provided for above) for such Series 20032002-5 2 Interest Period, Period and (5) fifth, if AFC-II is required to replace the Series 2003-5 Interest Rate Cap Counterparty pursuant to Section 2.10(b), the initial payment, if any, to be made by AFC-II to the replacement Series 2003-5 Interest Rate Cap Counterparty and (6) sixth, the balance, if any (“Excess Collections”"EXCESS COLLECTIONS"), shall be withdrawn by the Paying Agent from the Series 20032002-5 2 Collection Account and deposited in the Series 20032002-5 2 Excess Collection Account; and
(ii) on each Distribution Date during the Series 20032002-5 Rapid 2 Amortization Period, (1) first, to the Surety Provider, in an amount equal to (x) the Surety Provider Fee for the related Series 2003-5 Interest Period and, without duplication, (y) any Surety Provider Reimbursement Amounts then due and owing, (2) second, to the Trustee, an amount equal to the Series 20032002-5 2 Percentage as of the beginning of such Series 20032002-5 2 Interest Period of the Trustee’s 's fees for such Series 20032002-5 2 Interest Period, (32) thirdsecond, to the Administrator, an amount equal to the Series 20032002-5 2 Percentage as of the beginning of such Series 20032002-5 2 Interest Period of the portion of the Monthly Administration Fee (as specified in -43- clause (iii) of the definition thereof) payable by AFC-II for such Series 20032002-5 2 Interest Period, (3) third, to the Series 2002-2 Distribution Account to pay any Article VII Costs, (4) fourth, to pay any Carrying Charges (other than Carrying Charges provided for above) to the Persons to whom such amounts are owed, an amount equal to the Series 20032002-5 2 Percentage as of the beginning of such Series 20032002-5 2 Interest Period of such Carrying Charges (other than Carrying Charges provided for above) for such Series 20032002-5 2 Interest Period, Period and (5) fifth, if AFC-II is required to replace the Series 2003-5 Interest Rate Cap Counterparty pursuant to Section 2.10(b), the initial paymentbalance, if any, to be made by AFC-II to the replacement Series 2003-5 Interest Rate Cap Counterparty and (6) sixth, so long as the Series 2003-5 Invested Amount is greater than the Series 2003-5 Principal Allocations on such Distribution Date, an amount equal to the excess of the Series 2003-5 Invested Amount over the Series 2003-5 Principal Allocations on such Distribution Date shall be treated as Principal Collections.
Appears in 1 contract
BALANCE. On or the fourth Business Day prior to the second Business Day preceding each Distribution Payment Date, the Administrator shall instruct the Trustee and the Paying Agent in writing pursuant to the Administration Agreement to pay on such Payment Date the balance (after making the payments required in Section 2.42.4 of this Series Supplement), if any, of the amounts available from the Series 20032010-5 1 Accrued Interest Account and the Series 2003-5 Distribution Account, plus the amount, if any, drawn under the Series 2003-5 Letters of Credit and/or withdrawn from the Series 2003-5 Cash Collateral Account pursuant to Section 2.3(c) plus the amount, if any, withdrawn from the Series 2003-5 Reserve Account pursuant to Section 2.3(d) as follows:
(i) on each Distribution Date during the Series 2003-5 Revolving Period or a Series 2003-5 Controlled Amortization Period, (1) first, to pay the Surety ProviderAdministrator, in an amount equal to (x) the Surety Provider Series 2010-1 Percentage as of the beginning of the Series 2010-1 Interest Period ending on the day preceding such Payment Date of the Monthly Administration Fee for the related such Series 20032010-5 1 Interest Period and, without duplication, Period;
(y) any Surety Provider Reimbursement Amounts then due and owing, (2ii) second, to pay the AdministratorTrustee, in an amount equal to the Series 20032010-5 1 Percentage as of the beginning of such the Series 20032010-5 1 Interest Period of ending on the portion of the Monthly Administration Fee payable by AFC-II (as specified in clause (iii) of the definition thereof) for day preceding such Series 2003-5 Interest Period, (3) third, to the Trustee, an amount equal to the Series 2003-5 Percentage as of the beginning of such Series 2003-5 Interest Period Payment Date of the Trustee’s fees for such Series 20032010-5 1 Interest Period;
(iii) third, (4) fourthon a pro rata basis, to pay any Indenture Carrying Charges (other than Indenture Carrying Charges provided for above) to the Persons to whom such amounts are owed, in an amount equal to the Series 20032010-5 1 Percentage as of the beginning of such the Series 20032010-5 1 Interest Period ending on the day preceding such Payment Date of such Indenture Carrying Charges (other than Indenture Carrying Charges provided for above) for such Series 20032010-5 1 Interest Period, ; and
(5iv) fifth, if AFC-II is required to replace the Series 2003-5 Interest Rate Cap Counterparty pursuant to Section 2.10(b), the initial payment, if any, to be made by AFC-II to the replacement Series 2003-5 Interest Rate Cap Counterparty and (6) sixthfourth, the balance, if any (“Excess Collections”)any, shall be withdrawn by the Paying Agent from the Series 20032010-5 Collection 1 Accrued Interest Account by the Trustee and deposited in the Series 2003-5 Excess Collection Account; and
(iiA) on each Distribution Date during the Series 20032010-5 1 Revolving Period, deposited into the Series 2010-1 Excess Collection Account or (B) during the Series 2010-1 Controlled Amortization Period or the Series 2010-1 Rapid Amortization Period, (1) first, to the Surety Provider, in an amount equal to (x) the Surety Provider Fee for the related Series 2003-5 Interest Period and, without duplication, (y) any Surety Provider Reimbursement Amounts then due and owing, (2) second, to the Trustee, an amount equal to deposited into the Series 20032010-5 Percentage as of the beginning of such Series 2003-5 Interest Period of the Trustee’s fees for such Series 2003-5 Interest Period, (3) third, to the Administrator, an amount equal to the Series 2003-5 Percentage as of the beginning of such Series 2003-5 Interest Period of the portion of the Monthly Administration Fee (as specified in clause (iii) of the definition thereof) payable by AFC-II for such Series 2003-5 Interest Period, (4) fourth, to pay any Carrying Charges (other than Carrying Charges provided for above) to the Persons to whom such amounts are owed, an amount equal to the Series 2003-5 Percentage as of the beginning of such Series 2003-5 Interest Period of such Carrying Charges (other than Carrying Charges provided for above) for such Series 2003-5 Interest Period, (5) fifth, if AFC-II is required to replace the Series 2003-5 Interest Rate Cap Counterparty pursuant to Section 2.10(b), the initial payment, if any, to be made by AFC-II to the replacement Series 2003-5 Interest Rate Cap Counterparty 1 Collection Account and (6) sixth, so long as the Series 2003-5 Invested Amount is greater than the Series 2003-5 Principal Allocations on such Distribution Date, an amount equal to the excess of the Series 2003-5 Invested Amount over the Series 2003-5 Principal Allocations on such Distribution Date shall be treated as Principal Collections.
Appears in 1 contract
BALANCE. On or prior to the second Business Day preceding each Distribution Date, the Administrator shall instruct the Trustee and the Paying Agent in writing pursuant to the Administration Agreement to pay the balance (after making the payments required in Section 2.4), if any, of the amounts available from the Series 20032014-5 2 Accrued Interest Account and the Series 20032014-5 2 Distribution Account, plus the amount, if any, drawn under the Series 20032014-5 2 Letters of Credit and/or withdrawn from the Series 20032014-5 2 Cash Collateral Account pursuant to Section 2.3(c) plus the amount, if any, withdrawn from the Series 20032014-5 2 Reserve Account pursuant to Section 2.3(d) as follows:
(i) on each Distribution Date during the Series 20032014-5 2 Revolving Period or a the Series 20032014-5 2 Controlled Amortization Period, (1) first, to the Surety ProviderAdministrator, in an amount equal to (x) the Surety Provider Fee for Series 2014-2 Percentage as of the related beginning of the Series 20032014-5 2 Interest Period and, without duplicationending on the day preceding such Distribution Date of the portion of the Monthly Administration Fee payable by ABRCF (as specified in clause (iii) of the definition thereof) for such Series 2014-2 Interest Period, (y2) second, to the Trustee, an amount equal to the Series 2014-2 Percentage as of the beginning of such Series 2014-2 Interest Period of the fees owing to the Trustee under the Indenture for such Series 2014-2 Interest Period, (3) third to pay any Surety Provider Reimbursement Amounts then due Carrying Charges (other than Carrying Charges provided for above) to the Persons to whom such amounts are owed, an amount equal to the Series 2014-2 Percentage as of the beginning of such Series 2014-2 Interest Period of such Carrying Charges (other than Carrying Charges provided for above) for such Series 2014-2 Interest Period and owing(4) fourth, the balance, if any (“Excess Collections”), shall be withdrawn by the Paying Agent from the Series 2014-2 Collection Account and deposited in the Series 2014-2 Excess Collection Account; and
(ii) on each Distribution Date during the Series 2014-2 Rapid Amortization Period, (1) first, to the Trustee, an amount equal to the Series 2014-2 Percentage as of the beginning of such Series 2014-2 Interest Period ending on the day preceding such Distribution Date of the fees owing to the Trustee under the Indenture for such Series 2014-2 Interest Period, (2) second, to the Administrator, an amount equal to the Series 20032014-5 2 Percentage as of the beginning of such Series 20032014-5 2 Interest Period of the portion of the Monthly Administration Fee payable by AFC-II (as specified in clause (iii) of the definition thereof) payable by ABRCF for such Series 20032014-5 2 Interest Period, (3) third, to the Trustee, an amount equal to the Series 2003-5 Percentage as of the beginning of such Series 2003-5 Interest Period of the Trustee’s fees for such Series 2003-5 Interest Period, (4) fourth, to pay any Carrying Charges (other than Carrying Charges provided for above) to the Persons to whom such amounts are owed, an amount equal to the Series 20032014-5 2 Percentage as of the beginning of such Series 20032014-5 2 Interest Period of such Carrying Charges (other than Carrying Charges provided for above) for such Series 20032014-5 Interest Period, (5) fifth, if AFC-II is required to replace the Series 2003-5 Interest Rate Cap Counterparty pursuant to Section 2.10(b), the initial payment, if any, to be made by AFC-II to the replacement Series 2003-5 Interest Rate Cap Counterparty and (6) sixth, the balance, if any (“Excess Collections”), shall be withdrawn by the Paying Agent from the Series 2003-5 Collection Account and deposited in the Series 2003-5 Excess Collection Account; and
(ii) on each Distribution Date during the Series 2003-5 Rapid Amortization Period, (1) first, to the Surety Provider, in an amount equal to (x) the Surety Provider Fee for the related Series 2003-5 2 Interest Period and, without duplication, (y) any Surety Provider Reimbursement Amounts then due and owing, (2) second, to the Trustee, an amount equal to the Series 2003-5 Percentage as of the beginning of such Series 2003-5 Interest Period of the Trustee’s fees for such Series 2003-5 Interest Period, (3) third, to the Administrator, an amount equal to the Series 2003-5 Percentage as of the beginning of such Series 2003-5 Interest Period of the portion of the Monthly Administration Fee (as specified in clause (iii) of the definition thereof) payable by AFC-II for such Series 2003-5 Interest Period, (4) fourth, to pay any Carrying Charges (other than Carrying Charges provided for above) to the Persons to whom such amounts are owed, an amount equal to the Series 2003-5 Percentage as of the beginning of such Series 2003-5 Interest Period of such Carrying Charges (other than Carrying Charges provided for above) for such Series 2003-5 Interest Period, (5) fifth, if AFC-II is required to replace the Series 2003-5 Interest Rate Cap Counterparty pursuant to Section 2.10(b), the initial payment, if any, to be made by AFC-II to the replacement Series 2003-5 Interest Rate Cap Counterparty and (6) sixth, so long as the Series 20032014-5 2 Invested Amount is greater than the Series 2003-5 Monthly Total Principal Allocations on such Distribution Datefor the Related Month, an amount equal to the excess of the Series 20032014-5 2 Invested Amount over the Series 2003-5 Monthly Total Principal Allocations on such Distribution Date for the Related Month shall be treated as Principal Collections.
Appears in 1 contract
BALANCE. On or the fourth Business Day prior to the second Business Day preceding each Distribution Payment Date, the Series 2010-2 Administrator shall instruct the Trustee and the Paying Agent in writing pursuant to the Series 2010-2 Administration Agreement to pay pay, on such Payment Date, the balance (after making the payments required in Section 2.49.3 of this Series Supplement), if any, of the amounts available from the Series 20032010-5 2 Accrued Interest Account and the Series 2003-5 Distribution Account, plus the amount, if any, drawn under the Series 2003-5 Letters of Credit and/or withdrawn from the Series 2003-5 Cash Collateral Account pursuant to Section 2.3(c) plus the amount, if any, withdrawn from the Series 2003-5 Reserve Account pursuant to Section 2.3(d) as follows:
(i) on each Distribution Date during the Series 2003-5 Revolving Period or a Series 2003-5 Controlled Amortization Period, (1) first, to the Surety ProviderSeries 2010-2 Administrator, in an amount equal to (x) the Surety Provider Series 2010-2 Monthly Administration Fee for the related such Series 20032010-5 2 Interest Period and, without duplication, Period;
(y) any Surety Provider Reimbursement Amounts then due and owing, (2ii) second, to the AdministratorTrustee, in an amount equal to the Series 20032010-5 2 Percentage as of the beginning of such the Series 20032010-5 2 Interest Period of ending on the portion of the Monthly Administration Fee payable by AFC-II (as specified in clause (iii) of the definition thereof) for day preceding such Series 2003-5 Interest Period, (3) third, to the Trustee, an amount equal to the Series 2003-5 Percentage as of the beginning of such Series 2003-5 Interest Period Payment Date of the Trustee’s fees for such Series 20032010-5 2 Interest Period;
(iii) third, (4) fourthon a pro rata basis, to pay any Indenture Carrying Charges (other than any Indenture Carrying Charges relating solely to one or more Series of Notes and/or Other Segregated Series of Notes) to the Persons to whom such amounts are owed, in an amount equal to the Series 2010-2 Percentage as of the beginning of the Series 2010-2 Interest Period ending on the day preceding such Payment Date of such Indenture Carrying Charges (other than Indenture Carrying Charges provided for above (which, for the avoidance of doubt, shall include the Indenture Carrying Charges owed to the Series 2010-2 Noteholders)) for such Series 2010-2 Interest Period;
(iv) fourth, on a pro rata basis, to pay any Series 2010-2 Carrying Charges (other than Indenture Carrying Charges provided for above) to the Persons to whom such amounts are owed, an amount equal to the Series 2003-5 Percentage as of the beginning of such Series 2003-5 Interest Period of such Carrying Charges (other than Carrying Charges provided for above) owed for such Series 20032010-5 2 Interest Period, ; and
(5v) fifth, if AFC-II is required to replace the Series 2003-5 Interest Rate Cap Counterparty pursuant to Section 2.10(b), the initial payment, if any, to be made by AFC-II to the replacement Series 2003-5 Interest Rate Cap Counterparty and (6) sixth, the balance, if any (“Excess Collections”)any, shall be withdrawn by the Paying Agent from the Series 20032010-5 Collection 2 Accrued Interest Account by the Trustee and deposited in the Series 2003-5 Excess Collection Account; and
(iiA) on each Distribution Date during the Series 20032010-5 2 Revolving Period, deposited into the Series 2010-2 Excess Collection Account or (B) during the Series 2010-2 Controlled Amortization Period or the Series 2010-2 Rapid Amortization Period, (1) first, to the Surety Provider, in an amount equal to (x) the Surety Provider Fee for the related Series 2003-5 Interest Period and, without duplication, (y) any Surety Provider Reimbursement Amounts then due and owing, (2) second, to the Trustee, an amount equal to deposited into the Series 20032010-5 Percentage 2 Collection Account and treated as Series 2010-2 Principal Collections; provided, that, it is understood and agreed that any payments of the beginning of such Series 2003-5 Interest Period of the Trustee’s fees for such Series 2003-5 Interest Period, Indenture Carrying Charges made pursuant to clauses (3ii) third, to the Administrator, an amount equal to the Series 2003-5 Percentage as of the beginning of such Series 2003-5 Interest Period of the portion of the Monthly Administration Fee (as specified in clause and (iii) of the definition thereof) payable by AFC-II for such Series 2003-5 Interest Period, (4) fourth, above with respect to pay any Carrying Charges (other than Carrying Charges provided for above) to the Persons to whom such amounts are owed, an amount equal to the Series 2003-5 Percentage as of the beginning of such Series 2003-5 Interest Period of such Carrying Charges (other than Carrying Charges provided for above) for such Series 2003-5 Interest Period, (5) fifth, if AFC-II is required to replace the Series 2003-5 Interest Rate Cap Counterparty pursuant to Section 2.10(b), the initial payment, if any, to be made by AFC-II to the replacement Series 2003-5 Interest Rate Cap Counterparty and (6) sixth, so long as the Series 2003-5 Invested Amount is greater than the Series 2003-5 Principal Allocations on such Distribution Date, an amount equal to the excess of the Series 2003-5 Invested Amount over the Series 2003-5 Principal Allocations on such Distribution Payment Date shall be treated deemed made prior to the determination and payment of any “Indenture Carrying Charges” (as Principal Collectionsdefined in the applicable Series Supplement) pursuant to any Series Supplement relating to a Series of Notes in respect of such Payment Date.
Appears in 1 contract
Sources: Supplement to Base Indenture (Hertz Global Holdings Inc)
BALANCE. On or prior to the second Business Day preceding each Distribution Date, the Administrator shall instruct the Trustee and the Paying Agent in writing pursuant to the Administration Agreement to pay the balance (after making the payments required in Section 2.4), if any, of the amounts available from the Series 20032009-5 2 Accrued Interest Account and the Series 20032009-5 2 Distribution Account, plus the amount, if any, drawn under the Series 20032009-5 2 Letters of Credit and/or withdrawn from the Series 20032009-5 2 Cash Collateral Account pursuant to Section 2.3(c) plus the amount, if any, withdrawn from the Series 20032009-5 2 Reserve Account pursuant to Section 2.3(d) as follows:
(i) on each Distribution Date during the Series 20032009-5 2 Revolving Period or a the Series 20032009-5 2 Controlled Amortization Period, (1) first, to the Surety ProviderAdministrator, in an amount equal to (x) the Surety Provider Fee for Series 2009-2 Percentage as of the related beginning of the Series 20032009-5 2 Interest Period and, without duplicationending on the day preceding such Distribution Date of the portion of the Monthly Administration Fee payable by ABRCF (as specified in clause (iii) of the definition thereof) for such Series 2009-2 Interest Period, (y2) second, to the Trustee, an amount equal to the Series 2009-2 Percentage as of the beginning of such Series 2009-2 Interest Period of the fees owing to the Trustee under the Indenture for such Series 2009-2 Interest Period, (3) third to pay any Surety Provider Reimbursement Amounts then due Carrying Charges (other than Carrying Charges provided for above) to the Persons to whom such amounts are owed, an amount equal to the Series 2009-2 Percentage as of the beginning of such Series 2009-2 Interest Period of such Carrying Charges (other than Carrying Charges provided for above) for such Series 2009-2 Interest Period, and owing(4) fourth, the balance, if any (“Excess Collections”), shall be withdrawn by the Paying Agent from the Series 2009-2 Collection Account and deposited in the Series 2009-2 Excess Collection Account; and
(ii) on each Distribution Date during the Series 2009-2 Rapid Amortization Period, (1) first, to the Trustee, an amount equal to the Series 2009-2 Percentage as of the beginning of such Series 2009-2 Interest Period ending on the day preceding such Distribution Date of the fees owing to the Trustee under the Indenture for such Series 2009-2 Interest Period, (2) second, to the Administrator, an amount equal to the Series 20032009-5 2 Percentage as of the beginning of such Series 20032009-5 2 Interest Period of the portion of the Monthly Administration Fee payable by AFC-II (as specified in clause (iii) of the definition thereof) payable by ABRCF for such Series 20032009-5 2 Interest Period, (3) third, to the Trustee, an amount equal to the Series 2003-5 Percentage as of the beginning of such Series 2003-5 Interest Period of the Trustee’s fees for such Series 2003-5 Interest Period, (4) fourth, to pay any Carrying Charges (other than Carrying Charges provided for above) to the Persons to whom such amounts are owed, an amount equal to the Series 20032009-5 2 Percentage as of the beginning of such Series 20032009-5 2 Interest Period of such Carrying Charges (other than Carrying Charges provided for above) for such Series 20032009-5 Interest Period, (5) fifth, if AFC-II is required to replace the Series 2003-5 Interest Rate Cap Counterparty pursuant to Section 2.10(b), the initial payment, if any, to be made by AFC-II to the replacement Series 2003-5 Interest Rate Cap Counterparty and (6) sixth, the balance, if any (“Excess Collections”), shall be withdrawn by the Paying Agent from the Series 2003-5 Collection Account and deposited in the Series 2003-5 Excess Collection Account; and
(ii) on each Distribution Date during the Series 2003-5 Rapid Amortization Period, (1) first, to the Surety Provider, in an amount equal to (x) the Surety Provider Fee for the related Series 2003-5 2 Interest Period and, without duplication, (y) any Surety Provider Reimbursement Amounts then due and owing, (2) second, to the Trustee, an amount equal to the Series 2003-5 Percentage as of the beginning of such Series 2003-5 Interest Period of the Trustee’s fees for such Series 2003-5 Interest Period, (3) third, to the Administrator, an amount equal to the Series 2003-5 Percentage as of the beginning of such Series 2003-5 Interest Period of the portion of the Monthly Administration Fee (as specified in clause (iii) of the definition thereof) payable by AFC-II for such Series 2003-5 Interest Period, (4) fourth, to pay any Carrying Charges (other than Carrying Charges provided for above) to the Persons to whom such amounts are owed, an amount equal to the Series 2003-5 Percentage as of the beginning of such Series 2003-5 Interest Period of such Carrying Charges (other than Carrying Charges provided for above) for such Series 2003-5 Interest Period, (5) fifth, if AFC-II is required to replace the Series 2003-5 Interest Rate Cap Counterparty pursuant to Section 2.10(b), the initial payment, if any, to be made by AFC-II to the replacement Series 2003-5 Interest Rate Cap Counterparty and (6) sixth, so long as the Series 20032009-5 2 Invested Amount is greater than the Series 2003-5 Monthly Total Principal Allocations on such Distribution Datefor the Related Month, an amount equal to the excess of the Series 20032009-5 2 Invested Amount over the Series 2003-5 Monthly Total Principal Allocations on such Distribution Date for the Related Month shall be treated as Principal Collections.
Appears in 1 contract
BALANCE. On or prior to the second Business Day preceding each Distribution Date, the Administrator shall instruct the Trustee and the Paying Agent in writing pursuant to the Administration Agreement to pay the balance (after making the payments required in Section 2.4), if any, of the amounts available from the Series 20032026-5 1 Accrued Interest Account and the Series 20032026-5 1 Distribution Account, plus the amount, if any, drawn under the Multi-Series 2003-5 Letters of Credit and/or withdrawn from the Series 20032026-5 1 Cash Collateral Account pursuant to Section 2.3(c) plus the amount, if any, withdrawn from the Series 20032026-5 1 Reserve Account pursuant to Section 2.3(d) as follows:
(i) on each Distribution Date during the Series 20032026-5 1 Revolving Period or a the Series 20032026-5 1 Controlled Amortization Period, (1) first, to the Surety ProviderAdministrator, in an amount equal to (x) the Surety Provider Fee for Series 2026-1 Percentage as of the related beginning of the Series 20032026-5 1 Interest Period and, without duplicationending on the day preceding such Distribution Date of the portion of the Monthly Administration Fee payable by ABRCF (as specified in clause (iii) of the definition thereof) for such Series 2026-1 Interest Period, (y2) second, to the Trustee, an amount equal to the Series 2026-1 Percentage as of the beginning of such Series 2026-1 Interest Period of the fees owing to the Trustee under the Base Indenture for such Series 2026-1 Interest Period, (3) third to pay any Surety Provider Reimbursement Amounts then due Carrying Charges (other than Carrying Charges provided for above) to the Persons to whom such amounts are owed, an amount equal to the Series 2026-1 Percentage as of the beginning of such Series 2026-1 Interest Period of such Carrying Charges (other than Carrying Charges provided for above) for such Series 2026-1 Interest Period and owing(4) fourth, the balance, if any, shall be withdrawn by the Paying Agent from the Series 2026-1 Collection Account and deposited in the Series 2026-1 Excess Collection Account; and
(ii) on each Distribution Date during the Series 2026-1 Rapid Amortization Period, (1) first, to the Trustee, an amount equal to the Series 2026-1 Percentage as of the beginning of such Series 2026-1 Interest Period ending on the day preceding such Distribution Date of the fees owing to the Trustee under the Base Indenture for such Series 2026-1 Interest Period, (2) second, to the Administrator, an amount equal to the Series 20032026-5 1 Percentage as of the beginning of such Series 20032026-5 1 Interest Period of the portion of the Monthly Administration Fee payable by AFC-II (as specified in clause (iii) of the definition thereof) payable by ABRCF for such Series 20032026-5 1 Interest Period, (3) third, to the Trustee, an amount equal to the Series 2003-5 Percentage as of the beginning of such Series 2003-5 Interest Period of the Trustee’s fees for such Series 2003-5 Interest Period, (4) fourth, to pay any Carrying Charges (other than Carrying Charges provided for above) to the Persons to whom such amounts are owed, an amount equal to the Series 20032026-5 1 Percentage as of the beginning of such Series 20032026-5 1 Interest Period of such Carrying Charges (other than Carrying Charges provided for above) for such Series 20032026-5 Interest Period, (5) fifth, if AFC-II is required to replace the Series 2003-5 Interest Rate Cap Counterparty pursuant to Section 2.10(b), the initial payment, if any, to be made by AFC-II to the replacement Series 2003-5 Interest Rate Cap Counterparty and (6) sixth, the balance, if any (“Excess Collections”), shall be withdrawn by the Paying Agent from the Series 2003-5 Collection Account and deposited in the Series 2003-5 Excess Collection Account; and
(ii) on each Distribution Date during the Series 2003-5 Rapid Amortization Period, (1) first, to the Surety Provider, in an amount equal to (x) the Surety Provider Fee for the related Series 2003-5 1 Interest Period and, without duplication, (y) any Surety Provider Reimbursement Amounts then due and owing, (2) second, to the Trustee, an amount equal to the Series 2003-5 Percentage as of the beginning of such Series 2003-5 Interest Period of the Trustee’s fees for such Series 2003-5 Interest Period, (3) third, to the Administrator, an amount equal to the Series 2003-5 Percentage as of the beginning of such Series 2003-5 Interest Period of the portion of the Monthly Administration Fee (as specified in clause (iii) of the definition thereof) payable by AFC-II for such Series 2003-5 Interest Period, (4) fourth, to pay any Carrying Charges (other than Carrying Charges provided for above) to the Persons to whom such amounts are owed, an amount equal to the Series 2003-5 Percentage as of the beginning of such Series 2003-5 Interest Period of such Carrying Charges (other than Carrying Charges provided for above) for such Series 2003-5 Interest Period, (5) fifth, if AFC-II is required to replace the Series 2003-5 Interest Rate Cap Counterparty pursuant to Section 2.10(b), the initial payment, if any, to be made by AFC-II to the replacement Series 2003-5 Interest Rate Cap Counterparty and (6) sixth, so long as the Series 20032026-5 1 Invested Amount is greater than the Series 2003-5 Monthly Total Principal Allocations on such Distribution Datefor the Related Month, an amount equal to the excess of the Series 20032026-5 1 Invested Amount over the Series 2003-5 Monthly Total Principal Allocations on such Distribution Date for the Related Month shall be treated as Principal Collections.
Appears in 1 contract
BALANCE. On or prior to the second Business Day preceding each Distribution Date, the Administrator shall instruct the Trustee and the Paying Agent in writing pursuant to the Administration Agreement to pay the balance (after making the payments required in Section 2.4), if any, of the amounts available from the Series 20032019-5 3 Accrued Interest Account and the Series 20032019-5 3 Distribution Account, plus the amount, if any, drawn under the Series 20032019-5 3 Letters of Credit and/or withdrawn from the Series 20032019-5 3 Cash Collateral Account pursuant to Section 2.3(c) plus the amount, if any, withdrawn from the Series 20032019-5 3 Reserve Account pursuant to Section 2.3(d) as follows:
(i) on each Distribution Date during the Series 20032019-5 3 Revolving Period or a the Series 20032019-5 3 Controlled Amortization Period, (1) first, to the Surety ProviderAdministrator, in an amount equal to (x) the Surety Provider Fee for Series 2019-3 Percentage as of the related beginning of the Series 20032019-5 3 Interest Period and, without duplicationending on the day preceding such Distribution Date of the portion of the Monthly Administration Fee payable by ABRCF (as specified in clause (iii) of the definition thereof) for such Series 2019-3 Interest Period, (y2) second, to the Trustee, an amount equal to the Series 2019-3 Percentage as of the beginning of such Series 2019-3 Interest Period of the fees owing to the Trustee under the Base Indenture for such Series 2019-3 Interest Period, (3) third to pay any Surety Provider Reimbursement Amounts then due Carrying Charges (other than Carrying Charges provided for above) to the Persons to whom such amounts are owed, an amount equal to the Series 2019-3 Percentage as of the beginning of such Series 2019-3 Interest Period of such Carrying Charges (other than Carrying Charges provided for above) for such Series 2019-3 Interest Period and owing(4) fourth, the balance, if any, shall be withdrawn by the Paying Agent from the Series 2019-3 Collection Account and deposited in the Series 2019-3 Excess Collection Account; and
(ii) on each Distribution Date during the Series 2019-3 Rapid Amortization Period, (1) first, to the Trustee, an amount equal to the Series 2019-3 Percentage as of the beginning of such Series 2019-3 Interest Period ending on the day preceding such Distribution Date of the fees owing to the Trustee under the Base Indenture for such Series 2019-3 Interest Period, (2) second, to the Administrator, an amount equal to the Series 20032019-5 3 Percentage as of the beginning of such Series 20032019-5 3 Interest Period of the portion of the Monthly Administration Fee payable by AFC-II (as specified in clause (iii) of the definition thereof) payable by ABRCF for such Series 20032019-5 3 Interest Period, (3) third, to the Trustee, an amount equal to the Series 2003-5 Percentage as of the beginning of such Series 2003-5 Interest Period of the Trustee’s fees for such Series 2003-5 Interest Period, (4) fourth, to pay any Carrying Charges (other than Carrying Charges provided for above) to the Persons to whom such amounts are owed, an amount equal to the Series 20032019-5 3 Percentage as of the beginning of such Series 20032019-5 3 Interest Period of such Carrying Charges (other than Carrying Charges provided for above) for such Series 20032019-5 Interest Period, (5) fifth, if AFC-II is required to replace the Series 2003-5 Interest Rate Cap Counterparty pursuant to Section 2.10(b), the initial payment, if any, to be made by AFC-II to the replacement Series 2003-5 Interest Rate Cap Counterparty and (6) sixth, the balance, if any (“Excess Collections”), shall be withdrawn by the Paying Agent from the Series 2003-5 Collection Account and deposited in the Series 2003-5 Excess Collection Account; and
(ii) on each Distribution Date during the Series 2003-5 Rapid Amortization Period, (1) first, to the Surety Provider, in an amount equal to (x) the Surety Provider Fee for the related Series 2003-5 3 Interest Period and, without duplication, (y) any Surety Provider Reimbursement Amounts then due and owing, (2) second, to the Trustee, an amount equal to the Series 2003-5 Percentage as of the beginning of such Series 2003-5 Interest Period of the Trustee’s fees for such Series 2003-5 Interest Period, (3) third, to the Administrator, an amount equal to the Series 2003-5 Percentage as of the beginning of such Series 2003-5 Interest Period of the portion of the Monthly Administration Fee (as specified in clause (iii) of the definition thereof) payable by AFC-II for such Series 2003-5 Interest Period, (4) fourth, to pay any Carrying Charges (other than Carrying Charges provided for above) to the Persons to whom such amounts are owed, an amount equal to the Series 2003-5 Percentage as of the beginning of such Series 2003-5 Interest Period of such Carrying Charges (other than Carrying Charges provided for above) for such Series 2003-5 Interest Period, (5) fifth, if AFC-II is required to replace the Series 2003-5 Interest Rate Cap Counterparty pursuant to Section 2.10(b), the initial payment, if any, to be made by AFC-II to the replacement Series 2003-5 Interest Rate Cap Counterparty and (6) sixth, so long as the Series 20032019-5 3 Invested Amount is greater than the Series 2003-5 Monthly Total Principal Allocations on such Distribution Datefor the Related Month, an amount equal to the excess of the Series 20032019-5 3 Invested Amount over the Series 2003-5 Monthly Total Principal Allocations on such Distribution Date for the Related Month shall be treated as Principal Collections.
Appears in 1 contract
BALANCE. On or the fourth Business Day prior to the second Business Day preceding each Distribution Payment Date, the Administrator shall instruct the Trustee and the Paying Agent in writing pursuant to the Administration Agreement to pay pay, on such Payment Date, the balance (after making the payments required in Section 2.43.4 of this Series Supplement), if any, of the amounts available from the Series 20032005-5 4 Accrued Interest Account and plus the amount, if any, withdrawn from the Class A Reserve Account pursuant to Section 3.3(d)(i) of this Series 2003-5 Distribution AccountSupplement plus the amount, if any, withdrawn from the Class B Reserve Account pursuant to Section 3.3(d)(ii) of this Series Supplement plus the amount, if any, drawn under the Series 2003-5 Class A Letters of Credit and/or withdrawn from the Series 2003-5 Class A Cash Collateral Account Accounts pursuant to Section 2.3(c3.3(e)(I) of this Series Supplement plus the amount, if any, drawn under the Class B Letters of Credit and/or withdrawn from the Series 2003-5 Reserve Account Class B Cash Collateral Accounts pursuant to Section 2.3(d3.3(e)(II) of this Series Supplement as follows:
(i) on each Distribution Date during the Series 2003-5 Revolving Period or a Series 2003-5 Controlled Amortization Period, (1) first, on a pro rata basis to the Surety each Interest Rate Hedge Provider, in an amount equal to the portion of the Monthly Hedge Payment for such Payment Date payable to such Interest Rate Hedge Provider;
(ii) second, to the Insurer, in an amount equal to the sum of (x) the Surety Provider Insurer Fee for the related Series 20032005-5 4 Interest Period and, without duplication, ending on the day preceding such Payment Date and (y) any Surety Provider other Insurer Reimbursement Amounts then due and owingpayable to the Insurer (excluding therefrom any amounts included in Class A Monthly Interest for such Series 2005-4 Interest Period), provided that during the continuance of an Insurer Default, no amounts in respect of the Insurer Fee shall be paid with the proceeds of a draw on a Series 2005-4 Letters of Credit or a withdrawal from a Series 2005-4 Cash Collateral Account;
(2iii) secondthird, to the Administrator, in an amount equal to the Series 20032005-5 4 Percentage as of the beginning of such the Series 20032005-5 4 Interest Period of ending on the portion day preceding such Payment Date of the Monthly Administration Fee payable by AFC-II (as specified in clause (iii) of the definition thereof) for such Series 20032005-5 4 Interest Period, ;
(3iv) thirdfourth, to the Trustee, in an amount equal to the Series 20032005-5 4 Percentage as of the beginning of such the Series 20032005-5 4 Interest Period ending on the day preceding such Payment Date of the Trustee’s fees for such Series 20032005-5 4 Interest Period;
(v) fifth, on a pro rata basis, (4x) fourthto each Interest Rate Hedge Provider, in an amount equal to any remaining amounts due and owing to such Interest Rate Hedge Provider and (y) to pay any Indenture Carrying Charges (other than Indenture Carrying Charges provided for aboveabove and in the preceding clause (x)) to the Persons to whom such amounts are owed, in an amount equal to the Series 20032005-5 4 Percentage as of the beginning of such the Series 20032005-5 4 Interest Period ending on the day preceding such Payment Date of such Indenture Carrying Charges (other than Indenture Carrying Charges provided for above) for such Series 20032005-5 4 Interest Period, ; and
(5) fifth, if AFC-II is required to replace the Series 2003-5 Interest Rate Cap Counterparty pursuant to Section 2.10(b), the initial payment, if any, to be made by AFC-II to the replacement Series 2003-5 Interest Rate Cap Counterparty and (6vi) sixth, the balance, if any (“Excess Collections”)any, shall be withdrawn by the Paying Agent from the Series 20032005-5 Collection 4 Accrued Interest Account by the Trustee and deposited in the Series 2003-5 Excess Collection Account; and
(iiA) on each Distribution Date during the Series 20032005-5 4 Revolving Period, deposited into the Series 2005-4 Excess Collection Account or (B) during the Series 2005-4 Rapid Amortization Period, (1) first, to the Surety Provider, in an amount equal to (x) the Surety Provider Fee for the related Series 2003-5 Interest Period and, without duplication, (y) any Surety Provider Reimbursement Amounts then due and owing, (2) second, to the Trustee, an amount equal to deposited into the Series 20032005-5 Percentage as of the beginning of such Series 2003-5 Interest Period of the Trustee’s fees for such Series 2003-5 Interest Period, (3) third, to the Administrator, an amount equal to the Series 2003-5 Percentage as of the beginning of such Series 2003-5 Interest Period of the portion of the Monthly Administration Fee (as specified in clause (iii) of the definition thereof) payable by AFC-II for such Series 2003-5 Interest Period, (4) fourth, to pay any Carrying Charges (other than Carrying Charges provided for above) to the Persons to whom such amounts are owed, an amount equal to the Series 2003-5 Percentage as of the beginning of such Series 2003-5 Interest Period of such Carrying Charges (other than Carrying Charges provided for above) for such Series 2003-5 Interest Period, (5) fifth, if AFC-II is required to replace the Series 2003-5 Interest Rate Cap Counterparty pursuant to Section 2.10(b), the initial payment, if any, to be made by AFC-II to the replacement Series 2003-5 Interest Rate Cap Counterparty 4 Collection Account and (6) sixth, so long as the Series 2003-5 Invested Amount is greater than the Series 2003-5 Principal Allocations on such Distribution Date, an amount equal to the excess of the Series 2003-5 Invested Amount over the Series 2003-5 Principal Allocations on such Distribution Date shall be treated as Principal Collections.
Appears in 1 contract
Sources: Amended and Restated Series Supplement (Hertz Global Holdings Inc)
BALANCE. On or prior to the second Business Day preceding each Distribution Date, the Administrator shall instruct the Trustee and the Paying Agent in writing 44 pursuant to the Administration Agreement to pay the balance (after making the payments required in Section 2.4), if any, of the amounts available from the Series 20032024-5 2 Accrued Interest Account and the Series 20032024-5 2 Distribution Account, plus the amount, if any, drawn under the Multi-Series 2003-5 Letters of Credit and/or withdrawn from the Series 20032024-5 2 Cash Collateral Account Accounts pursuant to Section 2.3(c) plus the amount, if any, withdrawn from the Series 20032024-5 2 Reserve Account Accounts pursuant to Section 2.3(d) as follows:
(i) on each Distribution Date during the Series 20032024-5 2 Revolving Period or a the Series 20032024-5 2 Controlled Amortization Period, (1) first, to the Surety Provider, in an amount equal to (x) the Surety Provider Fee for the related Series 2003-5 Interest Period and, without duplication, (y) any Surety Provider Reimbursement Amounts then due and owing, (2) second, to the Administrator, an amount equal to the Series 20032024-5 2 Percentage as of the beginning of such the Series 20032024-5 2 Interest Period ending on the day preceding such Distribution Date of the portion of the Monthly Administration Fee payable by AFC-II ABRCF (as specified in clause (iii) of the definition thereof) for such Series 20032024-5 2 Interest Period, (32) thirdsecond, to the Trustee, an amount equal to the Series 20032024-5 2 Percentage as of the beginning of such Series 20032024-5 2 Interest Period of the Trustee’s fees owing to the Trustee under the Base Indenture for such Series 20032024-5 2 Interest Period, (3) third to pay any Carrying Charges (other than Carrying Charges provided for above) to the Persons to whom such amounts are owed, an amount equal to the Series 2024-2 Percentage as of the beginning of such Series 2024-2 Interest Period of such Carrying Charges (other than Carrying Charges provided for above) for such Series 2024-2 Interest Period and (4) fourth, the balance, if any, shall be withdrawn by the Paying Agent from the Series 2024-2 Collection Account and deposited in the Series 2024-2 Excess Collection Account; and
(ii) on each Distribution Date during the Series 2024-2 Rapid Amortization Period, (1) first, to the Series 2024-2 Distribution Account, an amount equal to Class D Monthly Subordinated Interest with respect to the Series 2024-2 Interest Period ending on the date immediately preceding such Distribution Date to be treated as Principal Collections, (2) second, to the Trustee, an amount equal to the Series 2024-2 Percentage as of the beginning of such Series 2024-2 Interest Period ending on the day preceding such Distribution Date of the fees owing to the Trustee under the Base Indenture for such Series 2024-2 Interest Period, (3) third, to the Administrator, an amount equal to the Series 2024-2 Percentage as of the beginning of such Series 2024-2 Interest Period of the portion of the Monthly Administration Fee (as specified in clause (iii) of the definition thereof) payable by ABRCF for such Series 2024-2 Interest Period, (4) fourth, to pay any Carrying Charges (other than Carrying Charges provided for above) to the Persons to whom such amounts are owed, an amount equal to the Series 20032024-5 2 Percentage as of the beginning of such Series 20032024-5 2 Interest Period of such Carrying Charges (other than Carrying Charges provided for above) for such Series 20032024-5 2 Interest Period, Period and (5) fifth, if AFC-II is required to replace the Series 2003-5 Interest Rate Cap Counterparty pursuant to Section 2.10(b), the initial payment, if any, to be made by AFC-II to the replacement Series 2003-5 Interest Rate Cap Counterparty and (6) sixth, the balance, if any (“Excess Collections”), shall be withdrawn by the Paying Agent from the Series 2003-5 Collection Account and deposited in the Series 2003-5 Excess Collection Account; and
(ii) on each Distribution Date during the Series 2003-5 Rapid Amortization Period, (1) first, to the Surety Provider, in an amount equal to (x) the Surety Provider Fee for the related Series 2003-5 Interest Period and, without duplication, (y) any Surety Provider Reimbursement Amounts then due and owing, (2) second, to the Trustee, an amount equal to the Series 2003-5 Percentage as of the beginning of such Series 2003-5 Interest Period of the Trustee’s fees for such Series 2003-5 Interest Period, (3) third, to the Administrator, an amount equal to the Series 2003-5 Percentage as of the beginning of such Series 2003-5 Interest Period of the portion of the Monthly Administration Fee (as specified in clause (iii) of the definition thereof) payable by AFC-II for such Series 2003-5 Interest Period, (4) fourth, to pay any Carrying Charges (other than Carrying Charges provided for above) to the Persons to whom such amounts are owed, an amount equal to the Series 2003-5 Percentage as of the beginning of such Series 2003-5 Interest Period of such Carrying Charges (other than Carrying Charges provided for above) for such Series 2003-5 Interest Period, (5) fifth, if AFC-II is required to replace the Series 2003-5 Interest Rate Cap Counterparty pursuant to Section 2.10(b), the initial payment, if any, to be made by AFC-II to the replacement Series 2003-5 Interest Rate Cap Counterparty and (6) sixth, so long as the Series 20032024-5 2 Invested Amount is greater than the Series 2003-5 Monthly Total Principal Allocations on such Distribution Datefor the Related Month, an amount equal to the excess of the Series 20032024-5 2 Invested Amount over the Series 2003-5 Monthly Total Principal Allocations on such Distribution Date for the Related Month shall be treated as Principal Collections.
Appears in 1 contract
Sources: Amended and Restated Series 2024 2 Supplement (Avis Budget Group, Inc.)
BALANCE. On or prior to the second Business Day preceding each Distribution Date, the Administrator shall instruct the Trustee and the Paying Agent in writing pursuant to the Administration Agreement to pay the balance (after making the payments required in Section 2.4), if any, of the amounts available from the Series 20032024-5 2 Accrued Interest Account and the Series 20032024-5 2 Distribution Account, plus the amount, if any, drawn under the Multi-Series 2003-5 Letters of Credit and/or withdrawn from the Series 20032024-5 2 Cash Collateral Account Accounts pursuant to Section 2.3(c) plus the amount, if any, withdrawn from the Series 20032024-5 2 Reserve Account Accounts pursuant to Section 2.3(d) as follows:
(i) on each Distribution Date during the Series 20032024-5 2 Revolving Period or a the Series 20032024-5 2 Controlled Amortization Period, (1) first, to the Surety ProviderAdministrator, in an amount equal to (x) the Surety Provider Fee for Series 2024-2 Percentage as of the related beginning of the Series 20032024-5 2 Interest Period and, without duplicationending on the day preceding such Distribution Date of the portion of the Monthly Administration Fee payable by ABRCF (as specified in clause (iii) of the definition thereof) for such Series 2024-2 Interest Period, (y2) second, to the Trustee, an amount equal to the Series 2024-2 Percentage as of the beginning of such Series 2024-2 Interest Period of the fees owing to the Trustee under the Base Indenture for such Series 2024-2 Interest Period, (3) third to pay any Surety Provider Reimbursement Amounts then due Carrying Charges (other than Carrying Charges provided for above) to the Persons to whom such amounts are owed, an amount equal to the Series 2024-2 Percentage as of the beginning of such Series 2024-2 Interest Period of such Carrying Charges (other than Carrying Charges provided for above) for such Series 2024-2 Interest Period and owing(4) fourth, the balance, if any, shall be withdrawn by the Paying Agent from the Series 2024-2 Collection Account and deposited in the Series 2024-2 Excess Collection Account; and
(ii) on each Distribution Date during the Series 2024-2 Rapid Amortization Period, (1) first, to the Trustee, an amount equal to the Series 2024-2 Percentage as of the beginning of such Series 2024-2 Interest Period ending on the day preceding such Distribution Date of the fees owing to the Trustee under the Base Indenture for such Series 2024-2 Interest Period, (2) second, to the Administrator, an amount equal to the Series 20032024-5 2 Percentage as of the beginning of such Series 20032024-5 2 Interest Period of the portion of the Monthly Administration Fee payable by AFC-II (as specified in clause (iii) of the definition thereof) payable by ABRCF for such Series 20032024-5 2 Interest Period, (3) third, to the Trustee, an amount equal to the Series 2003-5 Percentage as of the beginning of such Series 2003-5 Interest Period of the Trustee’s fees for such Series 2003-5 Interest Period, (4) fourth, to pay any Carrying Charges (other than Carrying Charges provided for above) to the Persons to whom such amounts are owed, an amount equal to the Series 20032024-5 2 Percentage as of the beginning of such Series 20032024-5 2 Interest Period of such Carrying Charges (other than Carrying Charges provided for above) for such Series 20032024-5 Interest Period, (5) fifth, if AFC-II is required to replace the Series 2003-5 Interest Rate Cap Counterparty pursuant to Section 2.10(b), the initial payment, if any, to be made by AFC-II to the replacement Series 2003-5 Interest Rate Cap Counterparty and (6) sixth, the balance, if any (“Excess Collections”), shall be withdrawn by the Paying Agent from the Series 2003-5 Collection Account and deposited in the Series 2003-5 Excess Collection Account; and
(ii) on each Distribution Date during the Series 2003-5 Rapid Amortization Period, (1) first, to the Surety Provider, in an amount equal to (x) the Surety Provider Fee for the related Series 2003-5 2 Interest Period and, without duplication, (y) any Surety Provider Reimbursement Amounts then due and owing, (2) second, to the Trustee, an amount equal to the Series 2003-5 Percentage as of the beginning of such Series 2003-5 Interest Period of the Trustee’s fees for such Series 2003-5 Interest Period, (3) third, to the Administrator, an amount equal to the Series 2003-5 Percentage as of the beginning of such Series 2003-5 Interest Period of the portion of the Monthly Administration Fee (as specified in clause (iii) of the definition thereof) payable by AFC-II for such Series 2003-5 Interest Period, (4) fourth, to pay any Carrying Charges (other than Carrying Charges provided for above) to the Persons to whom such amounts are owed, an amount equal to the Series 2003-5 Percentage as of the beginning of such Series 2003-5 Interest Period of such Carrying Charges (other than Carrying Charges provided for above) for such Series 2003-5 Interest Period, (5) fifth, if AFC-II is required to replace the Series 2003-5 Interest Rate Cap Counterparty pursuant to Section 2.10(b), the initial payment, if any, to be made by AFC-II to the replacement Series 2003-5 Interest Rate Cap Counterparty and (6) sixth, so long as the Series 20032024-5 2 Invested Amount is greater than the Series 2003-5 Monthly Total Principal Allocations on such Distribution Datefor the Related Month, an amount equal to the excess of the Series 20032024-5 2 Invested Amount over the Series 2003-5 Monthly Total Principal Allocations on such Distribution Date for the Related Month shall be treated as Principal Collections.
Appears in 1 contract
Sources: Second Amended and Restated Series 2024 2 Supplement (Avis Budget Group, Inc.)
BALANCE. On or prior to the second Business Day preceding each Distribution Date, the Administrator shall instruct the Trustee and the Paying Agent in writing pursuant to the Administration Agreement to pay the balance (after making the payments required in Section 2.4), if any, of the amounts available from the Series 20032010-5 3 Accrued Interest Account and the Series 20032010-5 3 Distribution Account, plus the amount, if any, drawn under the Series 20032010-5 3 Letters of Credit and/or withdrawn from the Series 20032010-5 3 Cash Collateral Account pursuant to Section 2.3(c) plus the amount, if any, withdrawn from the Series 20032010-5 3 Reserve Account pursuant to Section 2.3(d) as follows:
(i) on each Distribution Date during the Series 20032010-5 3 Revolving Period or a the Series 20032010-5 3 Controlled Amortization Period, (1) first, to the Surety ProviderAdministrator, in an amount equal to (x) the Surety Provider Fee for Series 2010-3 Percentage as of the related beginning of the Series 20032010-5 3 Interest Period and, without duplicationending on the day preceding such Distribution Date of the portion of the Monthly Administration Fee payable by ABRCF (as specified in clause (iii) of the definition thereof) for such Series 2010-3 Interest Period, (y2) second, to the Trustee, an amount equal to the Series 2010-3 Percentage as of the beginning of such Series 2010-3 Interest Period of the fees owing to the Trustee under the Indenture for such Series 2010-3 Interest Period, (3) third to pay any Surety Provider Reimbursement Amounts then due Carrying Charges (other than Carrying Charges provided for above) to the Persons to whom such amounts are owed, an amount equal to the Series 2010-3 Percentage as of the beginning of such Series 2010-3 Interest Period of such Carrying Charges (other than Carrying Charges provided for above) for such Series 2010-3 Interest Period and owing(4) fourth, the balance, if any (“Excess Collections”), shall be withdrawn by the Paying Agent from the Series 2010-3 Collection Account and deposited in the Series 2010-3 Excess Collection Account; and
(ii) on each Distribution Date during the Series 2010-3 Rapid Amortization Period, (1) first, to the Trustee, an amount equal to the Series 2010-3 Percentage as of the beginning of such Series 2010-3 Interest Period ending on the day preceding such Distribution Date of the fees owing to the Trustee under the Indenture for such Series 2010-3 Interest Period, (2) second, to the Administrator, an amount equal to the Series 20032010-5 3 Percentage as of the beginning of such Series 20032010-5 3 Interest Period of the portion of the Monthly Administration Fee payable by AFC-II (as specified in clause (iii) of the definition thereof) payable by ABRCF for such Series 20032010-5 3 Interest Period, (3) third, to the Trustee, an amount equal to the Series 2003-5 Percentage as of the beginning of such Series 2003-5 Interest Period of the Trustee’s fees for such Series 2003-5 Interest Period, (4) fourth, to pay any Carrying Charges (other than Carrying Charges provided for above) to the Persons to whom such amounts are owed, an amount equal to the Series 20032010-5 3 Percentage as of the beginning of such Series 20032010-5 3 Interest Period of such Carrying Charges (other than Carrying Charges provided for above) for such Series 20032010-5 Interest Period, (5) fifth, if AFC-II is required to replace the Series 2003-5 Interest Rate Cap Counterparty pursuant to Section 2.10(b), the initial payment, if any, to be made by AFC-II to the replacement Series 2003-5 Interest Rate Cap Counterparty and (6) sixth, the balance, if any (“Excess Collections”), shall be withdrawn by the Paying Agent from the Series 2003-5 Collection Account and deposited in the Series 2003-5 Excess Collection Account; and
(ii) on each Distribution Date during the Series 2003-5 Rapid Amortization Period, (1) first, to the Surety Provider, in an amount equal to (x) the Surety Provider Fee for the related Series 2003-5 3 Interest Period and, without duplication, (y) any Surety Provider Reimbursement Amounts then due and owing, (2) second, to the Trustee, an amount equal to the Series 2003-5 Percentage as of the beginning of such Series 2003-5 Interest Period of the Trustee’s fees for such Series 2003-5 Interest Period, (3) third, to the Administrator, an amount equal to the Series 2003-5 Percentage as of the beginning of such Series 2003-5 Interest Period of the portion of the Monthly Administration Fee (as specified in clause (iii) of the definition thereof) payable by AFC-II for such Series 2003-5 Interest Period, (4) fourth, to pay any Carrying Charges (other than Carrying Charges provided for above) to the Persons to whom such amounts are owed, an amount equal to the Series 2003-5 Percentage as of the beginning of such Series 2003-5 Interest Period of such Carrying Charges (other than Carrying Charges provided for above) for such Series 2003-5 Interest Period, (5) fifth, if AFC-II is required to replace the Series 2003-5 Interest Rate Cap Counterparty pursuant to Section 2.10(b), the initial payment, if any, to be made by AFC-II to the replacement Series 2003-5 Interest Rate Cap Counterparty and (6) sixth, so long as the Series 20032010-5 3 Invested Amount is greater than the Series 2003-5 Monthly Total Principal Allocations on such Distribution Datefor the Related Month, an amount equal to the excess of the Series 20032010-5 3 Invested Amount over the Series 2003-5 Monthly Total Principal Allocations on such Distribution Date for the Related Month shall be treated as Principal Collections.
Appears in 1 contract
BALANCE. On or prior to the second Business Day preceding each Distribution Date, the Administrator shall instruct the Trustee and the Paying Agent in writing pursuant to the Administration Agreement to pay the balance (after making the payments required in Section 2.4), if any, of the amounts available from the Series 20032025-5 3 Accrued Interest Account and the Series 20032025-5 3 Distribution Account, plus the amount, if any, drawn under the Multi-Series 2003-5 Letters of Credit and/or withdrawn from the Series 20032025-5 3 Cash Collateral Account pursuant to Section 2.3(c) plus the amount, if any, withdrawn from the Series 20032025-5 3 Reserve Account pursuant to Section 2.3(d) as follows:
(i) on each Distribution Date during the Series 20032025-5 3 Revolving Period or a the Series 20032025-5 3 Controlled Amortization Period, (1) first, to the Surety ProviderAdministrator, in an amount equal to (x) the Surety Provider Fee for Series 2025-3 Percentage as of the related beginning of the Series 20032025-5 3 Interest Period and, without duplicationending on the day preceding such Distribution Date of the portion of the Monthly Administration Fee payable by ABRCF (as specified in clause (iii) of the definition thereof) for such Series 2025-3 Interest Period, (y2) second, to the Trustee, an amount equal to the Series 2025-3 Percentage as of the beginning of such Series 2025-3 Interest Period of the fees owing to the Trustee under the Base Indenture for such Series 2025-3 Interest Period, (3) third to pay any Surety Provider Reimbursement Amounts then due Carrying Charges (other than Carrying Charges provided for above) to the Persons to whom such amounts are owed, an amount equal to the Series 2025-3 Percentage as of the beginning of such Series 2025-3 Interest Period of such Carrying Charges (other than Carrying Charges provided for above) for such Series 2025-3 Interest Period and owing(4) fourth, the balance, if any, shall be withdrawn by the Paying Agent from the Series 2025-3 Collection Account and deposited in the Series 2025-3 Excess Collection Account; and
(ii) on each Distribution Date during the Series 2025-3 Rapid Amortization Period, (1) first, to the Trustee, an amount equal to the Series 2025-3 Percentage as of the beginning of such Series 2025-3 Interest Period ending on the day preceding such Distribution Date of the fees owing to the Trustee under the Base Indenture for such Series 2025-3 Interest Period, (2) second, to the Administrator, an amount equal to the Series 20032025-5 3 Percentage as of the beginning of such Series 20032025-5 3 Interest Period of the portion of the Monthly Administration Fee payable by AFC-II (as specified in clause (iii) of the definition thereof) payable by ABRCF for such Series 20032025-5 3 Interest Period, (3) third, to the Trustee, an amount equal to the Series 2003-5 Percentage as of the beginning of such Series 2003-5 Interest Period of the Trustee’s fees for such Series 2003-5 Interest Period, (4) fourth, to pay any Carrying Charges (other than Carrying Charges provided for above) to the Persons to whom such amounts are owed, an amount equal to the Series 20032025-5 3 Percentage as of the beginning of such Series 20032025-5 3 Interest Period of such Carrying Charges (other than Carrying Charges provided for above) for such Series 20032025-5 Interest Period, (5) fifth, if AFC-II is required to replace the Series 2003-5 Interest Rate Cap Counterparty pursuant to Section 2.10(b), the initial payment, if any, to be made by AFC-II to the replacement Series 2003-5 Interest Rate Cap Counterparty and (6) sixth, the balance, if any (“Excess Collections”), shall be withdrawn by the Paying Agent from the Series 2003-5 Collection Account and deposited in the Series 2003-5 Excess Collection Account; and
(ii) on each Distribution Date during the Series 2003-5 Rapid Amortization Period, (1) first, to the Surety Provider, in an amount equal to (x) the Surety Provider Fee for the related Series 2003-5 3 Interest Period and, without duplication, (y) any Surety Provider Reimbursement Amounts then due and owing, (2) second, to the Trustee, an amount equal to the Series 2003-5 Percentage as of the beginning of such Series 2003-5 Interest Period of the Trustee’s fees for such Series 2003-5 Interest Period, (3) third, to the Administrator, an amount equal to the Series 2003-5 Percentage as of the beginning of such Series 2003-5 Interest Period of the portion of the Monthly Administration Fee (as specified in clause (iii) of the definition thereof) payable by AFC-II for such Series 2003-5 Interest Period, (4) fourth, to pay any Carrying Charges (other than Carrying Charges provided for above) to the Persons to whom such amounts are owed, an amount equal to the Series 2003-5 Percentage as of the beginning of such Series 2003-5 Interest Period of such Carrying Charges (other than Carrying Charges provided for above) for such Series 2003-5 Interest Period, (5) fifth, if AFC-II is required to replace the Series 2003-5 Interest Rate Cap Counterparty pursuant to Section 2.10(b), the initial payment, if any, to be made by AFC-II to the replacement Series 2003-5 Interest Rate Cap Counterparty and (6) sixth, so long as the Series 20032025-5 3 Invested Amount is greater than the Series 2003-5 Monthly Total Principal Allocations on such Distribution Datefor the Related Month, an amount equal to the excess of the Series 20032025-5 3 Invested Amount over the Series 2003-5 Monthly Total Principal Allocations on such Distribution Date for the Related Month shall be treated as Principal Collections.
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BALANCE. On or prior to the second Business Day preceding each Distribution Date, the Administrator shall instruct the Trustee and the Paying Agent in writing pursuant to the Administration Agreement to pay the balance (after making the payments required in Section 2.4), if any, of the amounts available from the Series 20032018-5 2 Accrued Interest Account and the Series 20032018-5 2 Distribution Account, plus the amount, if any, drawn under the Series 20032018-5 2 Letters of Credit and/or withdrawn from the Series 20032018-5 2 Cash Collateral Account pursuant to Section 2.3(c) plus the amount, if any, withdrawn from the Series 20032018-5 2 Reserve Account pursuant to Section 2.3(d) as follows:
(i) on each Distribution Date during the Series 20032018-5 2 Revolving Period or a the Series 20032018-5 2 Controlled Amortization Period, (1) first, to the Surety ProviderAdministrator, in an amount equal to (x) the Surety Provider Fee for Series 2018-2 Percentage as of the related beginning of the Series 20032018-5 2 Interest Period and, without duplicationending on the day preceding such Distribution Date of the portion of the Monthly Administration Fee payable by ABRCF (as specified in clause (iii) of the definition thereof) for such Series 2018-2 Interest Period, (y2) second, to the Trustee, an amount equal to the Series 2018-2 Percentage as of the beginning of such Series 2018-2 Interest Period of the fees owing to the Trustee under the Base Indenture for such Series 2018-2 Interest Period, (3) third to pay any Surety Provider Reimbursement Amounts then due Carrying Charges (other than Carrying Charges provided for above) to the Persons to whom such amounts are owed, an amount equal to the Series 2018-2 Percentage as of the beginning of such Series 2018-2 Interest Period of such Carrying Charges (other than Carrying Charges provided for above) for such Series 2018-2 Interest Period and owing(4) fourth, the balance, if any, shall be withdrawn by the Paying Agent from the AMERICAS 96004183 34 Series 2018-2 Collection Account and deposited in the Series 2018-2 Excess Collection Account; and
(ii) on each Distribution Date during the Series 2018-2 Rapid Amortization Period, (1) first, to the Trustee, an amount equal to the Series 2018-2 Percentage as of the beginning of such Series 2018-2 Interest Period ending on the day preceding such Distribution Date of the fees owing to the Trustee under the Base Indenture for such Series 2018-2 Interest Period, (2) second, to the Administrator, an amount equal to the Series 20032018-5 2 Percentage as of the beginning of such Series 20032018-5 2 Interest Period of the portion of the Monthly Administration Fee payable by AFC-II (as specified in clause (iii) of the definition thereof) payable by ABRCF for such Series 20032018-5 2 Interest Period, (3) third, to the Trustee, an amount equal to the Series 2003-5 Percentage as of the beginning of such Series 2003-5 Interest Period of the Trustee’s fees for such Series 2003-5 Interest Period, (4) fourth, to pay any Carrying Charges (other than Carrying Charges provided for above) to the Persons to whom such amounts are owed, an amount equal to the Series 20032018-5 2 Percentage as of the beginning of such Series 20032018-5 2 Interest Period of such Carrying Charges (other than Carrying Charges provided for above) for such Series 20032018-5 Interest Period, (5) fifth, if AFC-II is required to replace the Series 2003-5 Interest Rate Cap Counterparty pursuant to Section 2.10(b), the initial payment, if any, to be made by AFC-II to the replacement Series 2003-5 Interest Rate Cap Counterparty and (6) sixth, the balance, if any (“Excess Collections”), shall be withdrawn by the Paying Agent from the Series 2003-5 Collection Account and deposited in the Series 2003-5 Excess Collection Account; and
(ii) on each Distribution Date during the Series 2003-5 Rapid Amortization Period, (1) first, to the Surety Provider, in an amount equal to (x) the Surety Provider Fee for the related Series 2003-5 2 Interest Period and, without duplication, (y) any Surety Provider Reimbursement Amounts then due and owing, (2) second, to the Trustee, an amount equal to the Series 2003-5 Percentage as of the beginning of such Series 2003-5 Interest Period of the Trustee’s fees for such Series 2003-5 Interest Period, (3) third, to the Administrator, an amount equal to the Series 2003-5 Percentage as of the beginning of such Series 2003-5 Interest Period of the portion of the Monthly Administration Fee (as specified in clause (iii) of the definition thereof) payable by AFC-II for such Series 2003-5 Interest Period, (4) fourth, to pay any Carrying Charges (other than Carrying Charges provided for above) to the Persons to whom such amounts are owed, an amount equal to the Series 2003-5 Percentage as of the beginning of such Series 2003-5 Interest Period of such Carrying Charges (other than Carrying Charges provided for above) for such Series 2003-5 Interest Period, (5) fifth, if AFC-II is required to replace the Series 2003-5 Interest Rate Cap Counterparty pursuant to Section 2.10(b), the initial payment, if any, to be made by AFC-II to the replacement Series 2003-5 Interest Rate Cap Counterparty and (6) sixth, so long as the Series 20032018-5 2 Invested Amount is greater than the Series 2003-5 Monthly Total Principal Allocations on such Distribution Datefor the Related Month, an amount equal to the excess of the Series 20032018-5 2 Invested Amount over the Series 2003-5 Monthly Total Principal Allocations on such Distribution Date for the Related Month shall be treated as Principal Collections.
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BALANCE. On or prior to the second Business Day preceding each Distribution Date, the Administrator shall instruct the Trustee and the Paying Agent in writing pursuant to the Administration Agreement to pay the balance (after making the payments required in Section 2.4), if any, of the amounts available from the Series 20032021-5 2 Accrued Interest Account and the Series 20032021-5 2 Distribution Account, plus the amount, if any, drawn under the Multi-Series 2003-5 Letters of Credit and/or withdrawn from the Series 20032021-5 2 Cash Collateral Account pursuant to Section 2.3(c) plus the amount, if any, withdrawn from the Series 20032021-5 2 Reserve Account pursuant to Section 2.3(d) as follows:
(i) on each Distribution Date during the Series 20032021-5 2 Revolving Period or a the Series 20032021-5 2 Controlled Amortization Period, (1) first, to the Surety ProviderAdministrator, in an amount equal to (x) the Surety Provider Fee for Series 2021-2 Percentage as of the related beginning of the Series 20032021-5 2 Interest Period and, without duplicationending on the day preceding such Distribution Date of the portion of the Monthly Administration Fee payable by ABRCF (as specified in clause (iii) of the definition thereof) for such Series 2021-2 Interest Period, (y2) second, to the Trustee, an amount equal to the Series 2021-2 Percentage as of the beginning of such Series 2021-2 Interest Period of the fees owing to the Trustee under the Base Indenture for such Series 2021-2 Interest Period, (3) third to pay any Surety Provider Reimbursement Amounts then due Carrying Charges (other than Carrying Charges provided for above) to the Persons to whom such amounts are owed, an amount equal to the Series 2021-2 Percentage as of the beginning of such Series 2021-2 Interest Period of such Carrying Charges (other than Carrying Charges provided for above) for such Series 2021-2 Interest Period and owing(4) fourth, the balance, if any, shall be withdrawn by the Paying Agent from the Series 2021-2 Collection Account and deposited in the Series 2021-2 Excess Collection Account; and
(ii) on each Distribution Date during the Series 2021-2 Rapid Amortization Period, (1) first, to the Trustee, an amount equal to the Series 2021-2 Percentage as of the beginning of such Series 2021-2 Interest Period ending on the day preceding such Distribution Date of the fees owing to the Trustee under the Base Indenture for such Series 2021-2 Interest Period, (2) second, to the Administrator, an amount equal to the Series 20032021-5 2 Percentage as of the beginning of such Series 20032021-5 2 Interest Period of the portion of the Monthly Administration Fee payable by AFC-II (as specified in clause (iii) of the definition thereof) payable by ABRCF for such Series 20032021-5 2 Interest Period, (3) third, to the Trustee, an amount equal to the Series 2003-5 Percentage as of the beginning of such Series 2003-5 Interest Period of the Trustee’s fees for such Series 2003-5 Interest Period, (4) fourth, to pay any Carrying Charges (other than Carrying Charges provided for above) to the Persons to whom such amounts are owed, an amount equal to the Series 20032021-5 2 Percentage as of the beginning of such Series 20032021-5 2 Interest Period of such Carrying Charges (other than Carrying Charges provided for above) for such Series 20032021-5 Interest Period, (5) fifth, if AFC-II is required to replace the Series 2003-5 Interest Rate Cap Counterparty pursuant to Section 2.10(b), the initial payment, if any, to be made by AFC-II to the replacement Series 2003-5 Interest Rate Cap Counterparty and (6) sixth, the balance, if any (“Excess Collections”), shall be withdrawn by the Paying Agent from the Series 2003-5 Collection Account and deposited in the Series 2003-5 Excess Collection Account; and
(ii) on each Distribution Date during the Series 2003-5 Rapid Amortization Period, (1) first, to the Surety Provider, in an amount equal to (x) the Surety Provider Fee for the related Series 2003-5 2 Interest Period and, without duplication, (y) any Surety Provider Reimbursement Amounts then due and owing, (2) second, to the Trustee, an amount equal to the Series 2003-5 Percentage as of the beginning of such Series 2003-5 Interest Period of the Trustee’s fees for such Series 2003-5 Interest Period, (3) third, to the Administrator, an amount equal to the Series 2003-5 Percentage as of the beginning of such Series 2003-5 Interest Period of the portion of the Monthly Administration Fee (as specified in clause (iii) of the definition thereof) payable by AFC-II for such Series 2003-5 Interest Period, (4) fourth, to pay any Carrying Charges (other than Carrying Charges provided for above) to the Persons to whom such amounts are owed, an amount equal to the Series 2003-5 Percentage as of the beginning of such Series 2003-5 Interest Period of such Carrying Charges (other than Carrying Charges provided for above) for such Series 2003-5 Interest Period, (5) fifth, if AFC-II is required to replace the Series 2003-5 Interest Rate Cap Counterparty pursuant to Section 2.10(b), the initial payment, if any, to be made by AFC-II to the replacement Series 2003-5 Interest Rate Cap Counterparty and (6) sixth, so long as the Series 20032021-5 2 Invested Amount is greater than the Series 2003-5 Monthly Total Principal Allocations on such Distribution Datefor the Related Month, an amount equal to the excess of the Series 20032021-5 2 Invested Amount over the Series 2003-5 Monthly Total Principal Allocations on such Distribution Date for the Related Month shall be treated as Principal Collections.
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BALANCE. On or prior to the second Business Day preceding each Distribution Date, the Administrator shall instruct the Trustee and the Paying Agent in writing pursuant to the Administration Agreement to pay the balance (after making the payments required in Section 2.4), if any, of the amounts available from the Series 20032013-5 1 Accrued Interest Account and the Series 20032013-5 1 Distribution Account, plus the amount, if any, drawn under the Series 20032013-5 1 Letters of Credit and/or withdrawn from the Series 20032013-5 1 Cash Collateral Account pursuant to Section 2.3(c) plus the amount, if any, withdrawn from the Series 20032013-5 1 Reserve Account pursuant to Section 2.3(d) as follows:
(i) on each Distribution Date during the Series 20032013-5 1 Revolving Period or a the Series 20032013-5 1 Controlled Amortization Period, (1) first, to the Surety ProviderAdministrator, in an amount equal to (x) the Surety Provider Fee for Series 2013-1 Percentage as of the related beginning of the Series 20032013-5 1 Interest Period and, without duplicationending on the day preceding such Distribution Date of the portion of the Monthly Administration Fee payable by ABRCF (as specified in clause (iii) of the definition thereof) for such Series 2013-1 Interest Period, (y2) second, to the Trustee, an amount equal to the Series 2013-1 Percentage as of the beginning of such Series 2013-1 Interest Period of the fees owing to the Trustee under the Indenture for such Series 2013-1 Interest Period, (3) third to pay any Surety Provider Reimbursement Amounts then due Carrying Charges (other than Carrying Charges provided for above) to the Persons to whom such amounts are owed, an amount equal to the Series 2013-1 Percentage as of the beginning of such Series 2013-1 Interest Period of such Carrying Charges (other than Carrying Charges provided for above) for such Series 2013-1 Interest Period and owing(4) fourth, the balance, if any (“Excess Collections”), shall be withdrawn by the Paying Agent from the Series 2013-1 Collection Account and deposited in the Series 2013-1 Excess Collection Account; and
(ii) on each Distribution Date during the Series 2013-1 Rapid Amortization Period, (1) first, to the Trustee, an amount equal to the Series 2013-1 Percentage as of the beginning of such Series 2013-1 Interest Period ending on the day preceding such Distribution Date of the fees owing to the Trustee under the Indenture for such Series 2013-1 Interest Period, (2) second, to the Administrator, an amount equal to the Series 20032013-5 1 Percentage as of the beginning of such Series 20032013-5 1 Interest Period of the portion of the Monthly Administration Fee payable by AFC-II (as specified in clause (iii) of the definition thereof) payable by ABRCF for such Series 20032013-5 1 Interest Period, (3) third, to the Trustee, an amount equal to the Series 2003-5 Percentage as of the beginning of such Series 2003-5 Interest Period of the Trustee’s fees for such Series 2003-5 Interest Period, (4) fourth, to pay any Carrying Charges (other than Carrying Charges provided for above) to the Persons to whom such amounts are owed, an amount equal to the Series 20032013-5 1 Percentage as of the beginning of such Series 20032013-5 1 Interest Period of such Carrying Charges (other than Carrying Charges provided for above) for such Series 20032013-5 Interest Period, (5) fifth, if AFC-II is required to replace the Series 2003-5 Interest Rate Cap Counterparty pursuant to Section 2.10(b), the initial payment, if any, to be made by AFC-II to the replacement Series 2003-5 Interest Rate Cap Counterparty and (6) sixth, the balance, if any (“Excess Collections”), shall be withdrawn by the Paying Agent from the Series 2003-5 Collection Account and deposited in the Series 2003-5 Excess Collection Account; and
(ii) on each Distribution Date during the Series 2003-5 Rapid Amortization Period, (1) first, to the Surety Provider, in an amount equal to (x) the Surety Provider Fee for the related Series 2003-5 1 Interest Period and, without duplication, (y) any Surety Provider Reimbursement Amounts then due and owing, (2) second, to the Trustee, an amount equal to the Series 2003-5 Percentage as of the beginning of such Series 2003-5 Interest Period of the Trustee’s fees for such Series 2003-5 Interest Period, (3) third, to the Administrator, an amount equal to the Series 2003-5 Percentage as of the beginning of such Series 2003-5 Interest Period of the portion of the Monthly Administration Fee (as specified in clause (iii) of the definition thereof) payable by AFC-II for such Series 2003-5 Interest Period, (4) fourth, to pay any Carrying Charges (other than Carrying Charges provided for above) to the Persons to whom such amounts are owed, an amount equal to the Series 2003-5 Percentage as of the beginning of such Series 2003-5 Interest Period of such Carrying Charges (other than Carrying Charges provided for above) for such Series 2003-5 Interest Period, (5) fifth, if AFC-II is required to replace the Series 2003-5 Interest Rate Cap Counterparty pursuant to Section 2.10(b), the initial payment, if any, to be made by AFC-II to the replacement Series 2003-5 Interest Rate Cap Counterparty and (6) sixth, so long as the Series 20032013-5 1 Invested Amount is greater than the Series 2003-5 Monthly Total Principal Allocations on such Distribution Datefor the Related Month, an amount equal to the excess of the Series 20032013-5 1 Invested Amount over the Series 2003-5 Monthly Total Principal Allocations on such Distribution Date for the Related Month shall be treated as Principal Collections.
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BALANCE. On or prior to the second Business Day preceding each Distribution Date, the Administrator shall instruct the Trustee and the Paying Agent in writing pursuant to the Administration Agreement to pay the balance (after making the payments required in Section 2.4), if any, of the amounts available from the Series 20032025-5 2 Accrued Interest Account and the Series 20032025-5 2 Distribution Account, plus the amount, if any, drawn under the Multi-Series 2003-5 Letters of Credit and/or withdrawn from the Series 20032025-5 2 Cash Collateral Account pursuant to Section 2.3(c) plus the amount, if any, withdrawn from the Series 20032025-5 2 Reserve Account pursuant to Section 2.3(d) as follows:
(i) on each Distribution Date during the Series 20032025-5 2 Revolving Period or a the Series 20032025-5 2 Controlled Amortization Period, (1) first, to the Surety ProviderAdministrator, in an amount equal to (x) the Surety Provider Fee for Series 2025-2 Percentage as of the related beginning of the Series 20032025-5 2 Interest Period and, without duplicationending on the day preceding such Distribution Date of the portion of the Monthly Administration Fee payable by ABRCF (as specified in clause (iii) of the definition thereof) for such Series 2025-2 Interest Period, (y2) second, to the Trustee, an amount equal to the Series 2025-2 Percentage as of the beginning of such Series 2025-2 Interest Period of the fees owing to the Trustee under the Base Indenture for such Series 2025-2 Interest Period, (3) third to pay any Surety Provider Reimbursement Amounts then due Carrying Charges (other than Carrying Charges provided for above) to the Persons to whom such amounts are owed, an amount equal to the Series 2025-2 Percentage as of the beginning of such Series 2025-2 Interest Period of such Carrying Charges (other than Carrying Charges provided for above) for such Series 2025-2 Interest Period and owing(4) fourth, the balance, if any, shall be withdrawn by the Paying Agent from the Series 2025-2 Collection Account and deposited in the Series 2025-2 Excess Collection Account; and
(ii) on each Distribution Date during the Series 2025-2 Rapid Amortization Period, (1) first, to the Trustee, an amount equal to the Series 2025-2 Percentage as of the beginning of such Series 2025-2 Interest Period ending on the day preceding such Distribution Date of the fees owing to the Trustee under the Base Indenture for such Series 2025-2 Interest Period, (2) second, to the Administrator, an amount equal to the Series 20032025-5 2 Percentage as of the beginning of such Series 20032025-5 2 Interest Period of the portion of the Monthly Administration Fee payable by AFC-II (as specified in clause (iii) of the definition thereof) payable by ABRCF for such Series 20032025-5 2 Interest Period, (3) third, to the Trustee, an amount equal to the Series 2003-5 Percentage as of the beginning of such Series 2003-5 Interest Period of the Trustee’s fees for such Series 2003-5 Interest Period, (4) fourth, to pay any Carrying Charges (other than Carrying Charges provided for above) to the Persons to whom such amounts are owed, an amount equal to the Series 20032025-5 2 Percentage as of the beginning of such Series 20032025-5 2 Interest Period of such Carrying Charges (other than Carrying Charges provided for above) for such Series 20032025-5 Interest Period, (5) fifth, if AFC-II is required to replace the Series 2003-5 Interest Rate Cap Counterparty pursuant to Section 2.10(b), the initial payment, if any, to be made by AFC-II to the replacement Series 2003-5 Interest Rate Cap Counterparty and (6) sixth, the balance, if any (“Excess Collections”), shall be withdrawn by the Paying Agent from the Series 2003-5 Collection Account and deposited in the Series 2003-5 Excess Collection Account; and
(ii) on each Distribution Date during the Series 2003-5 Rapid Amortization Period, (1) first, to the Surety Provider, in an amount equal to (x) the Surety Provider Fee for the related Series 2003-5 2 Interest Period and, without duplication, (y) any Surety Provider Reimbursement Amounts then due and owing, (2) second, to the Trustee, an amount equal to the Series 2003-5 Percentage as of the beginning of such Series 2003-5 Interest Period of the Trustee’s fees for such Series 2003-5 Interest Period, (3) third, to the Administrator, an amount equal to the Series 2003-5 Percentage as of the beginning of such Series 2003-5 Interest Period of the portion of the Monthly Administration Fee (as specified in clause (iii) of the definition thereof) payable by AFC-II for such Series 2003-5 Interest Period, (4) fourth, to pay any Carrying Charges (other than Carrying Charges provided for above) to the Persons to whom such amounts are owed, an amount equal to the Series 2003-5 Percentage as of the beginning of such Series 2003-5 Interest Period of such Carrying Charges (other than Carrying Charges provided for above) for such Series 2003-5 Interest Period, (5) fifth, if AFC-II is required to replace the Series 2003-5 Interest Rate Cap Counterparty pursuant to Section 2.10(b), the initial payment, if any, to be made by AFC-II to the replacement Series 2003-5 Interest Rate Cap Counterparty and (6) sixth, so long as the Series 20032025-5 2 Invested Amount is greater than the Series 2003-5 Monthly Total Principal Allocations on such Distribution Datefor the Related Month, an amount equal to the excess of the Series 20032025-5 2 Invested Amount over the Series 2003-5 Monthly Total Principal Allocations on such Distribution Date for the Related Month shall be treated as Principal Collections.
Appears in 1 contract
BALANCE. On or prior to the second Business Day preceding each Distribution Date, the Administrator shall instruct the Trustee and the Paying Agent in writing pursuant to the Administration Agreement to pay the balance (after making the payments required in Section 2.4), if any, of the amounts available from the Series 20032012-5 2 Accrued Interest Account and the Series 20032012-5 2 Distribution Account, plus the amount, if any, drawn under the Series 20032012-5 2 Letters of Credit and/or withdrawn from the Series 20032012-5 2 Cash Collateral Account Accounts pursuant to Section 2.3(c) plus the amount, if any, withdrawn from the Series 20032012-5 2 Reserve Account Accounts pursuant to Section 2.3(d) as follows:
(i) on each Distribution Date during the Series 20032012-5 2 Revolving Period or a the Series 20032012-5 2 Controlled Amortization Period, (1) first, to the Surety ProviderAdministrator, in an amount equal to (x) the Surety Provider Fee for Series 2012-2 Percentage as of the related beginning of the Series 20032012-5 2 Interest Period and, without duplicationending on the day preceding such Distribution Date of the portion of the Monthly Administration Fee payable by ABRCF (as specified in clause (iii) of the definition thereof) for such Series 2012-2 Interest Period, (y2) second, to the Trustee, an amount equal to the Series 2012-2 Percentage as of the beginning of such Series 2012-2 Interest Period of the fees owing to the Trustee under the Indenture for such Series 2012-2 Interest Period, (3) third to pay any Surety Provider Reimbursement Amounts then due Carrying Charges (other than Carrying Charges provided for above) to the Persons to whom such amounts are owed, an amount equal to the Series 2012-2 Percentage as of the beginning of such Series 2012-2 Interest Period of such Carrying Charges (other than Carrying Charges provided for above) for such Series 2012-2 Interest Period and owing(4) fourth, the balance, if any (“Excess Collections”), shall be withdrawn by the Paying Agent from the Series 2012-2 Collection Account and deposited in the Series 2012-2 Excess Collection Account; and
(ii) on each Distribution Date during the Series 2012-2 Rapid Amortization Period, (1) first, to the Trustee, an amount equal to the Series 2012-2 Percentage as of the beginning of such Series 2012-2 Interest Period ending on the day preceding such Distribution Date of the fees owing to the Trustee under the Indenture for such Series 2012-2 Interest Period, (2) second, to the Administrator, an amount equal to the Series 20032012-5 2 Percentage as of the beginning of such Series 20032012-5 2 Interest Period of the portion of the Monthly Administration Fee payable by AFC-II (as specified in clause (iii) of the definition thereof) payable by ABRCF for such Series 20032012-5 2 Interest Period, (3) third, to the Trustee, an amount equal to the Series 2003-5 Percentage as of the beginning of such Series 2003-5 Interest Period of the Trustee’s fees for such Series 2003-5 Interest Period, (4) fourth, to pay any Carrying Charges (other than Carrying Charges provided for above) to the Persons to whom such amounts are owed, an amount equal to the Series 20032012-5 2 Percentage as of the beginning of such Series 20032012-5 2 Interest Period of such Carrying Charges (other than Carrying Charges provided for above) for such Series 20032012-5 Interest Period, (5) fifth, if AFC-II is required to replace the Series 2003-5 Interest Rate Cap Counterparty pursuant to Section 2.10(b), the initial payment, if any, to be made by AFC-II to the replacement Series 2003-5 Interest Rate Cap Counterparty and (6) sixth, the balance, if any (“Excess Collections”), shall be withdrawn by the Paying Agent from the Series 2003-5 Collection Account and deposited in the Series 2003-5 Excess Collection Account; and
(ii) on each Distribution Date during the Series 2003-5 Rapid Amortization Period, (1) first, to the Surety Provider, in an amount equal to (x) the Surety Provider Fee for the related Series 2003-5 2 Interest Period and, without duplication, (y) any Surety Provider Reimbursement Amounts then due and owing, (2) second, to the Trustee, an amount equal to the Series 2003-5 Percentage as of the beginning of such Series 2003-5 Interest Period of the Trustee’s fees for such Series 2003-5 Interest Period, (3) third, to the Administrator, an amount equal to the Series 2003-5 Percentage as of the beginning of such Series 2003-5 Interest Period of the portion of the Monthly Administration Fee (as specified in clause (iii) of the definition thereof) payable by AFC-II for such Series 2003-5 Interest Period, (4) fourth, to pay any Carrying Charges (other than Carrying Charges provided for above) to the Persons to whom such amounts are owed, an amount equal to the Series 2003-5 Percentage as of the beginning of such Series 2003-5 Interest Period of such Carrying Charges (other than Carrying Charges provided for above) for such Series 2003-5 Interest Period, (5) fifth, if AFC-II is required to replace the Series 2003-5 Interest Rate Cap Counterparty pursuant to Section 2.10(b), the initial payment, if any, to be made by AFC-II to the replacement Series 2003-5 Interest Rate Cap Counterparty and (6) sixth, so long as the Series 20032012-5 2 Invested Amount is greater than the Series 2003-5 Monthly Total Principal Allocations on such Distribution Datefor the Related Month, an amount equal to the excess of the Series 20032012-5 2 Invested Amount over the Series 2003-5 Monthly Total Principal Allocations on such Distribution Date for the Related Month shall be treated as Principal Collections.. NEWYORK 8960490 (2K)A&R Series 2012-2 Supplement (Class C Note issuance) 39
Appears in 1 contract
Sources: Amended and Restated Series 2012 2 Supplement (Avis Budget Group, Inc.)
BALANCE. On or prior to the second Business Day preceding each Distribution Date, the Administrator shall instruct the Trustee and the Paying Agent in writing pursuant to the Administration Agreement to pay the balance (after making the payments required in Section 2.4), if any, of the amounts available from the Series 20032013-5 2 Accrued Interest Account and the Series 20032013-5 2 Distribution Account, plus the amount, if any, drawn under the Series 20032013-5 2 Letters of Credit and/or withdrawn from the Series 20032013-5 2 Cash Collateral Account Accounts pursuant to Section 2.3(c) plus the amount, if any, withdrawn from the Series 20032013-5 2 Reserve Account Accounts pursuant to Section 2.3(d) as follows:
(i) on each Distribution Date during the Series 20032013-5 2 Revolving Period or a the Series 20032013-5 2 Controlled Amortization Period, (1) first, to the Surety ProviderAdministrator, in an amount equal to (x) the Surety Provider Fee for Series 2013-2 Percentage as of the related beginning of the Series 20032013-5 2 Interest Period and, without duplicationending on the day preceding such Distribution Date of the portion of the Monthly Administration Fee payable by ABRCF (as specified in clause (iii) of the definition thereof) for such Series 2013-2 Interest Period, (y2) second, to the Trustee, an amount equal to the Series 2013-2 Percentage as of the beginning of such Series 2013-2 Interest Period of the fees owing to the Trustee under the Indenture for such Series 2013-2 Interest Period, (3) third to pay any Surety Provider Reimbursement Amounts then due Carrying Charges (other than Carrying Charges provided for above) to the Persons to whom such amounts are owed, an amount equal to the Series 2013-2 Percentage as of the beginning of such Series 2013-2 Interest Period of such Carrying Charges (other than Carrying Charges provided for above) for such Series 2013-2 Interest Period and owing(4) fourth, the balance, if any (“Excess Collections”), shall be withdrawn by the Paying Agent from the Series 2013-2 Collection Account and deposited in the Series 2013-2 Excess Collection Account; and
(ii) on each Distribution Date during the Series 2013-2 Rapid Amortization Period, (1) first, to the Trustee, an amount equal to the Series 2013-2 Percentage as of the beginning of such Series 2013-2 Interest Period ending on the day preceding such Distribution Date of the fees owing to the Trustee under the Indenture for such Series 2013-2 Interest Period, (2) second, to the Administrator, an amount equal to the Series 20032013-5 2 Percentage as of the beginning of such Series 20032013-5 2 Interest Period of the portion of the Monthly Administration Fee payable by AFC-II (as specified in clause (iii) of the definition thereof) payable by ABRCF for such Series 20032013-5 2 Interest Period, (3) third, to the Trustee, an amount equal to the Series 2003-5 Percentage as of the beginning of such Series 2003-5 Interest Period of the Trustee’s fees for such Series 2003-5 Interest Period, (4) fourth, to pay any Carrying Charges (other than Carrying Charges provided for above) to the Persons to whom such amounts are owed, an amount equal to the Series 20032013-5 2 Percentage as of the beginning of such Series 20032013-5 2 Interest Period of such Carrying Charges (other than Carrying Charges provided for above) for such Series 20032013-5 Interest Period, (5) fifth, if AFC-II is required to replace the Series 2003-5 Interest Rate Cap Counterparty pursuant to Section 2.10(b), the initial payment, if any, to be made by AFC-II to the replacement Series 2003-5 Interest Rate Cap Counterparty and (6) sixth, the balance, if any (“Excess Collections”), shall be withdrawn by the Paying Agent from the Series 2003-5 Collection Account and deposited in the Series 2003-5 Excess Collection Account; and
(ii) on each Distribution Date during the Series 2003-5 Rapid Amortization Period, (1) first, to the Surety Provider, in an amount equal to (x) the Surety Provider Fee for the related Series 2003-5 2 Interest Period and, without duplication, (y) any Surety Provider Reimbursement Amounts then due and owing, (2) second, to the Trustee, an amount equal to the Series 2003-5 Percentage as of the beginning of such Series 2003-5 Interest Period of the Trustee’s fees for such Series 2003-5 Interest Period, (3) third, to the Administrator, an amount equal to the Series 2003-5 Percentage as of the beginning of such Series 2003-5 Interest Period of the portion of the Monthly Administration Fee (as specified in clause (iii) of the definition thereof) payable by AFC-II for such Series 2003-5 Interest Period, (4) fourth, to pay any Carrying Charges (other than Carrying Charges provided for above) to the Persons to whom such amounts are owed, an amount equal to the Series 2003-5 Percentage as of the beginning of such Series 2003-5 Interest Period of such Carrying Charges (other than Carrying Charges provided for above) for such Series 2003-5 Interest Period, (5) fifth, if AFC-II is required to replace the Series 2003-5 Interest Rate Cap Counterparty pursuant to Section 2.10(b), the initial payment, if any, to be made by AFC-II to the replacement Series 2003-5 Interest Rate Cap Counterparty and (6) sixth, so long as the Series 20032013-5 2 Invested Amount is greater than the Series 2003-5 Monthly Total Principal Allocations on such Distribution Datefor the Related Month, an amount equal to the excess of the Series 20032013-5 2 Invested Amount over the Series 2003-5 Monthly Total Principal Allocations on such Distribution Date for the Related Month shall be treated as Principal Collections.
Appears in 1 contract
Sources: Amended and Restated Series 2013 2 Supplement (Avis Budget Group, Inc.)
BALANCE. On or prior to the second Business Day preceding each Distribution Date, the Administrator shall instruct the Trustee and the Paying Agent in writing pursuant to the Administration Agreement to pay the balance (after making the payments required in Section 2.4), if any, of the amounts available from the Series 20032025-5 1 Accrued Interest Account and the Series 20032025-5 1 Distribution Account, plus the amount, if any, drawn under the Multi-Series 2003-5 Letters of Credit and/or withdrawn from the Series 20032025-5 1 Cash Collateral Account pursuant to Section 2.3(c) plus the amount, if any, withdrawn from the Series 20032025-5 1 Reserve Account pursuant to Section 2.3(d) as follows:
(i) on each Distribution Date during the Series 20032025-5 1 Revolving Period or a the Series 20032025-5 1 Controlled Amortization Period, (1) first, to the Surety ProviderAdministrator, in an amount equal to (x) the Surety Provider Fee for Series 2025-1 Percentage as of the related beginning of the Series 20032025-5 1 Interest Period and, without duplicationending on the day preceding such Distribution Date of the portion of the Monthly Administration Fee payable by ABRCF (as specified in clause (iii) of the definition thereof) for such Series 2025-1 Interest Period, (y2) second, to the Trustee, an amount equal to the Series 2025-1 Percentage as of the beginning of such Series 2025-1 Interest Period of the fees owing to the Trustee under the Base Indenture for such Series 2025-1 Interest Period, (3) third to pay any Surety Provider Reimbursement Amounts then due Carrying Charges (other than Carrying Charges provided for above) to the Persons to whom such amounts are owed, an amount equal to the Series 2025-1 Percentage as of the beginning of such Series 2025-1 Interest Period of such Carrying Charges (other than Carrying Charges provided for above) for such Series 2025-1 Interest Period and owing(4) fourth, the balance, if any, shall be withdrawn by the Paying Agent from the Series 2025-1 Collection Account and deposited in the Series 2025-1 Excess Collection Account; and
(ii) on each Distribution Date during the Series 2025-1 Rapid Amortization Period, (1) first, to the Trustee, an amount equal to the Series 2025-1 Percentage as of the beginning of such Series 2025-1 Interest Period ending on the day preceding such Distribution Date of the fees owing to the Trustee under the Base Indenture for such Series 2025-1 Interest Period, (2) second, to the Administrator, an amount equal to the Series 20032025-5 1 Percentage as of the beginning of such Series 20032025-5 1 Interest Period of the portion of the Monthly Administration Fee payable by AFC-II (as specified in clause (iii) of the definition thereof) payable by ABRCF for such Series 20032025-5 1 Interest Period, (3) third, to the Trustee, an amount equal to the Series 2003-5 Percentage as of the beginning of such Series 2003-5 Interest Period of the Trustee’s fees for such Series 2003-5 Interest Period, (4) fourth, to pay any Carrying Charges (other than Carrying Charges provided for above) to the Persons to whom such amounts are owed, an amount equal to the Series 20032025-5 1 Percentage as of the beginning of such Series 20032025-5 1 Interest Period of such Carrying Charges (other than Carrying Charges provided for above) for such Series 20032025-5 Interest Period, (5) fifth, if AFC-II is required to replace the Series 2003-5 Interest Rate Cap Counterparty pursuant to Section 2.10(b), the initial payment, if any, to be made by AFC-II to the replacement Series 2003-5 Interest Rate Cap Counterparty and (6) sixth, the balance, if any (“Excess Collections”), shall be withdrawn by the Paying Agent from the Series 2003-5 Collection Account and deposited in the Series 2003-5 Excess Collection Account; and
(ii) on each Distribution Date during the Series 2003-5 Rapid Amortization Period, (1) first, to the Surety Provider, in an amount equal to (x) the Surety Provider Fee for the related Series 2003-5 1 Interest Period and, without duplication, (y) any Surety Provider Reimbursement Amounts then due and owing, (2) second, to the Trustee, an amount equal to the Series 2003-5 Percentage as of the beginning of such Series 2003-5 Interest Period of the Trustee’s fees for such Series 2003-5 Interest Period, (3) third, to the Administrator, an amount equal to the Series 2003-5 Percentage as of the beginning of such Series 2003-5 Interest Period of the portion of the Monthly Administration Fee (as specified in clause (iii) of the definition thereof) payable by AFC-II for such Series 2003-5 Interest Period, (4) fourth, to pay any Carrying Charges (other than Carrying Charges provided for above) to the Persons to whom such amounts are owed, an amount equal to the Series 2003-5 Percentage as of the beginning of such Series 2003-5 Interest Period of such Carrying Charges (other than Carrying Charges provided for above) for such Series 2003-5 Interest Period, (5) fifth, if AFC-II is required to replace the Series 2003-5 Interest Rate Cap Counterparty pursuant to Section 2.10(b), the initial payment, if any, to be made by AFC-II to the replacement Series 2003-5 Interest Rate Cap Counterparty and (6) sixth, so long as the Series 20032025-5 1 Invested Amount is greater than the Series 2003-5 Monthly Total Principal Allocations on such Distribution Datefor the Related Month, an amount equal to the excess of the Series 20032025-5 1 Invested Amount over the Series 2003-5 Monthly Total Principal Allocations on such Distribution Date for the Related Month shall be treated as Principal Collections.
Appears in 1 contract
BALANCE. On or prior to the second Business Day preceding each Distribution Date, the Administrator shall instruct the Trustee and the Paying Agent in writing pursuant to the Administration Agreement to pay the balance (after making the payments required in Section 2.43.3(a)), if any, of the amounts available from the Series 20032025-5 1 Accrued Interest Account and the Series 20032025-5 1 Distribution Account, plus the amount, if any, drawn under the Multi-Series 2003-5 Letters Letter of Credit and/or withdrawn from the Series 20032025-5 1 Cash Collateral Account pursuant to Section 2.3(c3.3(d) plus the amount, if any, withdrawn from the Series 20032025-5 1 Reserve Account pursuant to Section 2.3(d3.3(b) as follows:
(i) on each Distribution Date during prior to the Series 2003-5 Revolving Period or a Series 2003-5 Controlled commencement of the Rapid Amortization Period, (1) first, to the Surety ProviderSeries 2025-1 Reserve Account, in an amount equal to the sum of (x) the Surety Provider Fee Class A Contingent Monthly Funding Costs with respect to all Purchaser Groups for the related Series 20032025-5 1 Interest Period and, without duplication, ended on the day preceding such Distribution Date and (y) any Surety Provider Reimbursement Amounts then due and owingClass A Contingent Monthly Funding Costs Shortfall as of the immediately preceding Distribution Date (together with accrued interest thereon), (2) second, to the Administrator, an amount equal to the Series 2003-5 Percentage as of the beginning of such Series 2003-5 Interest Period of the portion of the Monthly Administration Fee payable by AFC-II Interpace Funding (as specified in clause (iii) of the definition thereof) for such Series 20032025-5 1 Interest Period, (3) third, to AMERICAS 131302117 the Trustee, an amount equal to the fees owing to the Trustee under the Base Indenture for such Series 2025-1 Interest Period, (4) fourth, to the Series 2025-1 Distribution Account to pay any Article VII Costs, (5) fifth, to pay any Carrying Charges (other than Carrying Charges provided for above) to the Persons to whom such amounts are owed, an amount equal to such Carrying Charges (other than Carrying Charges provided for above) for such Series 2025-1 Interest Period and (6) sixth, the balance, if any (“Excess Collections”), shall be withdrawn by the Paying Agent from the Series 2025-1 Collection Account and deposited in the Series 2025-1 Excess Collection Account; and
(ii) on each Distribution Date during the Series 2025-1 Rapid Amortization Period, (1) first, to the Trustee, an amount equal to the fees owing to the Trustee under the Base Indenture for such Series 2025-1 Interest Period, (2) second, to the Administrator, an amount equal to the Monthly Administration Fee (as specified in clause (iii) of the definition thereof) payable by Interpace Funding for such Series 2025-1 Interest Period, (3) third, to the Trustee, an amount equal Series 2025-1 Distribution Account to the Series 2003-5 Percentage as of the beginning of such Series 2003-5 Interest Period of the Trustee’s fees for such Series 2003-5 Interest Periodpay any Article VII Costs, (4) fourth, to pay any Carrying Charges (other than Carrying Charges provided for above) to the Persons to whom such amounts are owed, an amount equal to the Series 2003-5 Percentage as of the beginning of such Series 2003-5 Interest Period of such Carrying Charges (other than Carrying Charges provided for above) for such Series 20032025-5 1 Interest Period, Period and (5) fifth, if AFC-II is required to replace the Series 2003-5 Interest Rate Cap Counterparty pursuant to Section 2.10(b), the initial payment, if any, to be made by AFC-II to the replacement Series 2003-5 Interest Rate Cap Counterparty and (6) sixth, the balance, if any (“Excess Collections”), shall be withdrawn by the Paying Agent from the Series 2003-5 Collection Account and deposited in the Series 2003-5 Excess Collection Account; and
(ii) on each Distribution Date during the Series 2003-5 Rapid Amortization Period, (1) first, to the Surety Provider, in an amount equal to (x) the Surety Provider Fee for the related Series 2003-5 Interest Period and, without duplication, (y) any Surety Provider Reimbursement Amounts then due and owing, (2) second, to the Trustee, an amount equal to the Series 2003-5 Percentage as of the beginning of such Series 2003-5 Interest Period of the Trustee’s fees for such Series 2003-5 Interest Period, (3) third, to the Administrator, an amount equal to the Series 2003-5 Percentage as of the beginning of such Series 2003-5 Interest Period of the portion of the Monthly Administration Fee (as specified in clause (iii) of the definition thereof) payable by AFC-II for such Series 2003-5 Interest Period, (4) fourth, to pay any Carrying Charges (other than Carrying Charges provided for above) to the Persons to whom such amounts are owed, an amount equal to the Series 2003-5 Percentage as of the beginning of such Series 2003-5 Interest Period of such Carrying Charges (other than Carrying Charges provided for above) for such Series 2003-5 Interest Period, (5) fifth, if AFC-II is required to replace the Series 2003-5 Interest Rate Cap Counterparty pursuant to Section 2.10(b), the initial payment, if any, to be made by AFC-II to the replacement Series 2003-5 Interest Rate Cap Counterparty and (6) sixth, so long as the Series 20032025-5 1 Invested Amount is greater than the Series 2003-5 Monthly Total Principal Allocations on such Distribution DateAllocation for the Related Month, an amount equal to the excess of the Series 20032025-5 1 Invested Amount over the Series 2003-5 Monthly Total Principal Allocations on such Distribution Date Allocation for the Related Month shall be treated as Principal Collections.
Appears in 1 contract
BALANCE. On or prior to the second Business Day preceding each Distribution Date, the Administrator shall instruct the Trustee and the Paying Agent in writing pursuant to the Administration Agreement to pay the balance (after making the payments required in Section 2.43.3(a)), if any, of the amounts available from the Series 20032015-5 3 Accrued Interest Account and the Series 2003-5 Distribution Account, plus the amount, if any, drawn under the Series 2003-5 Letters of Credit and/or withdrawn from the Series 2003-5 Cash Collateral Account pursuant to Section 2.3(c) plus the amount, if any, withdrawn from the Series 2003-5 Reserve Account pursuant to Section 2.3(d) as follows:
(i) on each Distribution Date during the Series 20032015-5 3 Revolving Period or a the Series 20032015-5 3 Controlled Amortization Period, (1) first, to the Surety ProviderSeries 2015-3 Reserve Account, in an amount equal to the sum of (x) the Surety Provider Fee aggregate Contingent Monthly Funding Costs with respect to all Purchaser Groups for the related Series 20032015-5 3 Interest Period and, without duplication, ending on the next Distribution Date and (y) any Surety Provider Reimbursement Amounts then due and owingContingent Monthly Funding Costs Shortfall as of the immediately preceding Distribution Date (together with accrued interest thereon), (2) second, to the Administrator, an amount equal to the Series 20032015-5 3 Percentage as of the beginning of such Series 20032015-5 3 Interest Period of the portion of the Monthly Administration Fee payable by AFC-II ABRCF (as specified in clause (iii) of the definition thereof) for such Series 20032015-5 3 Interest Period, (3) third, to the Trustee, an amount equal to the Series 20032015-5 3 Percentage as of the beginning of such Series 20032015-5 3 Interest Period of the Trustee’s fees for such Americas 90884077 (2K) 60 Series 2015-3 Interest Period, (4) fourth, to the Series 2015-3 Distribution Account to pay any Article VII Costs, (5) fifth, to pay any Carrying Charges (other than Carrying Charges provided for above) to the Persons to whom such amounts are owed, an amount equal to the Series 2015-3 Percentage as of the beginning of such Series 2015-3 Interest Period of such Carrying Charges (other than Carrying Charges provided for above) for such Series 2015-3 Interest Period and (6) sixth, the balance, if any (“Excess Collections”), shall be withdrawn by the Paying Agent from the Series 2015-3 Collection Account and deposited in the Series 2015-3 Excess Collection Account; and
(ii) on each Distribution Date during the Series 2015-3 Rapid Amortization Period, (1) first, to the Trustee, an amount equal to the Series 2015-3 Percentage as of the beginning of such Series 2015-3 Interest Period of the Trustee’s fees for such Series 20032015-5 3 Interest Period, (2) second, to the Administrator, an amount equal to the Series 2015-3 Percentage as of the beginning of such Series 2015-3 Interest Period of the portion of the Monthly Administration Fee (as specified in clause (iii) of the definition thereof) payable by ABRCF for such Series 2015-3 Interest Period, (3) third, to the Series 2015-3 Distribution Account to pay any Article VII Costs, (4) fourth, to pay any Carrying Charges (other than Carrying Charges provided for above) to the Persons to whom such amounts are owed, an amount equal to the Series 20032015-5 3 Percentage as of the beginning of such Series 20032015-5 3 Interest Period of such Carrying Charges (other than Carrying Charges provided for above) for such Series 20032015-5 3 Interest Period, Period and (5) fifth, if AFC-II is required to replace the Series 2003-5 Interest Rate Cap Counterparty pursuant to Section 2.10(b), the initial paymentbalance, if any, to be made by AFC-II to the replacement Series 2003-5 Interest Rate Cap Counterparty and (6) sixth, the balance, if any (“Excess Collections”), shall be withdrawn by the Paying Agent from the Series 2003-5 Collection Account and deposited in the Series 2003-5 Excess Collection Account; and
(ii) on each Distribution Date during the Series 2003-5 Rapid Amortization Period, (1) first, to the Surety Provider, in an amount equal to (x) the Surety Provider Fee for the related Series 2003-5 Interest Period and, without duplication, (y) any Surety Provider Reimbursement Amounts then due and owing, (2) second, to the Trustee, an amount equal to the Series 2003-5 Percentage as of the beginning of such Series 2003-5 Interest Period of the Trustee’s fees for such Series 2003-5 Interest Period, (3) third, to the Administrator, an amount equal to the Series 2003-5 Percentage as of the beginning of such Series 2003-5 Interest Period of the portion of the Monthly Administration Fee (as specified in clause (iii) of the definition thereof) payable by AFC-II for such Series 2003-5 Interest Period, (4) fourth, to pay any Carrying Charges (other than Carrying Charges provided for above) to the Persons to whom such amounts are owed, an amount equal to the Series 2003-5 Percentage as of the beginning of such Series 2003-5 Interest Period of such Carrying Charges (other than Carrying Charges provided for above) for such Series 2003-5 Interest Period, (5) fifth, if AFC-II is required to replace the Series 2003-5 Interest Rate Cap Counterparty pursuant to Section 2.10(b), the initial payment, if any, to be made by AFC-II to the replacement Series 2003-5 Interest Rate Cap Counterparty and (6) sixth, so long as the Series 2003-5 Invested Amount is greater than the Series 2003-5 Principal Allocations on such Distribution Date, an amount equal to the excess of the Series 2003-5 Invested Amount over the Series 2003-5 Principal Allocations on such Distribution Date shall be treated as Principal Collections.
Appears in 1 contract
BALANCE. On or prior to the second Business Day preceding each Distribution Date, the Administrator shall instruct the Trustee and the Paying Agent in writing pursuant to the Administration Agreement to pay the balance (after making the payments required in Section 2.43.3(a)), if any, of the amounts available from the Series 20032022-5 2 Accrued Interest Account and the Series 2003-5 Distribution Account, plus the amount, if any, drawn under the Series 2003-5 Letters of Credit and/or withdrawn from the Series 2003-5 Cash Collateral Account pursuant to Section 2.3(c) plus the amount, if any, withdrawn from the Series 2003-5 Reserve Account pursuant to Section 2.3(d) as follows:
(i) on each Distribution Date during the Series 20032022-5 2 Revolving Period or a the Series 20032022-5 2 Controlled Amortization Period, (1) first, to the Surety Provider, in an amount equal to (x) the Surety Provider Fee for the related Series 2003-5 Interest Period and, without duplication, (y) any Surety Provider Reimbursement Amounts then due and owing, (2) second, to the Administrator, an amount equal to the Series 20032022-5 2 Percentage as of the beginning of such Series 20032022-5 2 Interest Period of the portion of the Monthly Administration Fee payable by AFC-II ABRCF (as specified in clause (iii) of the definition thereof) for such Series 20032022-5 2 Interest Period, (32) thirdsecond, to the Trustee, an amount equal to the Series 20032022-5 2 Percentage as of the beginning of such Series 20032022-5 2 Interest Period of the Trustee’s fees for such Series 20032022-5 2 Interest Period, (3) third, to the Series 2022-2 Distribution Account to pay any Article VII Costs, (4) fourth, to pay any Carrying Charges (other than Carrying Charges provided for above) to the Persons to whom such amounts are owed, an amount equal to the Series 20032022-5 2 Percentage as of the beginning of such Series 20032022-5 2 Interest Period of such Carrying Charges (other than Carrying Charges provided for above) for such Series 20032022-5 2 Interest Period, (5) fifth, if AFC-II is required to replace the Series 20032022-5 Interest Rate Cap Counterparty pursuant to Section 2.10(b)2 Reserve Account, the initial payment, if any, to be made by AFC-II an amount equal to the replacement sum of (x) the Class R Monthly Interest with respect to the Series 20032022-5 2 Interest Rate Cap Counterparty Period ended on the day preceding such Distribution Date and (y) the Class R Monthly Interest Shortfall as of the immediately preceding Distribution Date, and (6) sixth, the balance, if any (“Excess Collections”), shall be withdrawn by the Paying Agent from the Series 20032022-5 2 Collection Account and deposited in the Series 20032022-5 2 Excess Collection Account; and
(ii) on each Distribution Date during the Series 20032022-5 2 Rapid Amortization Period, (1) first, to the Surety Provider, in an amount equal to (x) the Surety Provider Fee for the related Series 2003-5 Interest Period and, without duplication, (y) any Surety Provider Reimbursement Amounts then due and owing, (2) second, to the Trustee, an amount equal to the Series 20032022-5 2 Percentage as of the beginning of such Series 20032022-5 2 Interest Period of the Trustee’s fees for such Series 20032022-5 2 Interest Period, (32) thirdsecond, to the Administrator, an amount equal to the Series 20032022-5 2 Percentage as of the beginning of such Series 20032022-5 2 Interest Period of the portion of the Monthly Administration Fee (as specified in clause (iii) of the definition thereof) payable by AFC-II ABRCF for such Series 20032022-5 2 Interest Period, (3) third, to the Series 2022-2 Distribution Account to pay any Article VII Costs, (4) fourth, to pay any Carrying Charges (other than Carrying Charges provided for above) to the Persons to whom such amounts are owed, an amount equal to the Series 20032022-5 2 Percentage as of the beginning of such Series 20032022-5 2 Interest Period of such Carrying Charges (other than Carrying Charges provided for above) for such Series 20032022-5 2 Interest Period, (5) fifth, if AFC-II is required to replace the Series 20032022-5 Interest Rate Cap Counterparty pursuant to Section 2.10(b)2 Reserve Account, the initial payment, if any, to be made by AFC-II an amount equal to the replacement sum of (x) the Class R Monthly Interest with respect to the Series 20032022-5 2 Interest Rate Cap Counterparty Period ended on the day preceding such Distribution Date and (y) the Class R Monthly Interest Shortfall as of the immediately preceding Distribution Date, and (6) sixth, so long as the Series 2003-5 Invested Amount is greater than the Series 2003-5 Principal Allocations on such Distribution Datebalance, an amount equal to the excess of the Series 2003-5 Invested Amount over the Series 2003-5 Principal Allocations on such Distribution Date if any, shall be treated as Principal Collections.
Appears in 1 contract
BALANCE. On or prior to the second Business Day preceding each Distribution Date, the Administrator shall instruct the Trustee and the Paying Agent in writing pursuant to the Administration Agreement to pay the balance (after making the payments required in Section 2.4), if any, of the amounts available from the Series 20032011-5 Accrued Interest Account and the Series 20032011-5 Distribution Account, plus the amount, if any, drawn under the Series 20032011-5 Letters of Credit and/or withdrawn from the Series 20032011-5 Cash Collateral Account Accounts pursuant to Section 2.3(c) plus the amount, if any, withdrawn from the Series 20032011-5 Reserve Account Accounts pursuant to Section 2.3(d) as follows:
(i) on each Distribution Date during the Series 20032011-5 Revolving Period or a the Series 20032011-5 Controlled Amortization Period, (1) first, to the Surety ProviderAdministrator, in an amount equal to (x) the Surety Provider Fee for Series 2011-5 Percentage as of the related beginning of the Series 20032011-5 Interest Period and, without duplicationending on the day preceding such Distribution Date of the portion of the Monthly Administration Fee payable by ABRCF (as specified in clause (iii) of the definition thereof) for such Series 2011-5 Interest Period, (y2) second, to the Trustee, an amount equal to the Series 2011-5 Percentage as of the beginning of such Series 2011-5 Interest Period of the fees owing to the Trustee under the Indenture for such Series 2011-5 Interest Period, (3) third to pay any Surety Provider Reimbursement Amounts then due Carrying Charges (other than Carrying Charges provided for above) to the Persons to whom such amounts are owed, an amount equal to the Series 2011-5 Percentage as of the beginning of such Series 2011-5 Interest Period of such Carrying Charges (other than Carrying Charges provided for above) for such Series 2011-5 Interest Period and owing(4) fourth, the balance, if any (“Excess Collections”), shall be withdrawn by the Paying Agent from the Series 2011-5 Collection Account and deposited in the Series 2011-5 Excess Collection Account; and
(ii) on each Distribution Date during the Series 2011-5 Rapid Amortization Period, (1) first, to the Trustee, an amount equal to the Series 2011-5 Percentage as of the beginning of such Series 2011-5 Interest Period ending on the day preceding such Distribution Date of the fees owing to the Trustee under the Indenture for such Series 2011-5 Interest Period, (2) second, to the Administrator, an amount equal to the Series 20032011-5 Percentage as of the beginning of such Series 20032011-5 Interest Period of the portion of the Monthly Administration Fee payable by AFC-II (as specified in clause (iii) of the definition thereof) payable by ABRCF for such Series 20032011-5 Interest Period, (3) third, to the Trustee, an amount equal to the Series 2003-5 Percentage as of the beginning of such Series 2003-5 Interest Period of the Trustee’s fees for such Series 2003-5 Interest Period, (4) fourth, to pay any Carrying Charges (other than Carrying Charges provided for above) to the Persons to whom such amounts are owed, an amount equal to the Series 20032011-5 Percentage as of the beginning of such Series 20032011-5 Interest Period of such Carrying Charges (other than Carrying Charges provided for above) for such Series 2003-5 Interest Period, (5) fifth, if AFC-II is required to replace the Series 2003-5 Interest Rate Cap Counterparty pursuant to Section 2.10(b), the initial payment, if any, to be made by AFC-II to the replacement Series 2003-5 Interest Rate Cap Counterparty and (6) sixth, the balance, if any (“Excess Collections”), shall be withdrawn by the Paying Agent from the Series 2003-5 Collection Account and deposited in the Series 2003-5 Excess Collection Account; and
(ii) on each Distribution Date during the Series 2003-5 Rapid Amortization Period, (1) first, to the Surety Provider, in an amount equal to (x) the Surety Provider Fee for the related Series 20032011-5 Interest Period and, without duplication, (y) any Surety Provider Reimbursement Amounts then due and owing, (2) second, to the Trustee, an amount equal to the Series 2003-5 Percentage as of the beginning of such Series 2003-5 Interest Period of the Trustee’s fees for such Series 2003-5 Interest Period, (3) third, to the Administrator, an amount equal to the Series 2003-5 Percentage as of the beginning of such Series 2003-5 Interest Period of the portion of the Monthly Administration Fee (as specified in clause (iii) of the definition thereof) payable by AFC-II for such Series 2003-5 Interest Period, (4) fourth, to pay any Carrying Charges (other than Carrying Charges provided for above) to the Persons to whom such amounts are owed, an amount equal to the Series 2003-5 Percentage as of the beginning of such Series 2003-5 Interest Period of such Carrying Charges (other than Carrying Charges provided for above) for such Series 2003-5 Interest Period, (5) fifth, if AFC-II is required to replace the Series 2003-5 Interest Rate Cap Counterparty pursuant to Section 2.10(b), the initial payment, if any, to be made by AFC-II to the replacement Series 2003-5 Interest Rate Cap Counterparty and (6) sixth, so long as the Series 20032011-5 Invested Amount is greater than the Series 2003-5 Monthly Total Principal Allocations on such Distribution Datefor the Related Month, an amount equal to the excess of the Series 20032011-5 Invested Amount over the Series 2003-5 Monthly Total Principal Allocations on such Distribution Date for the Related Month shall be treated as Principal Collections.
Appears in 1 contract
Sources: Amended and Restated Series 2011 5 Supplement (Avis Budget Group, Inc.)
BALANCE. On or prior to the second Business Day preceding each Distribution Date, the Administrator shall instruct the Trustee and the Paying Agent in writing pursuant to the Administration Agreement to pay the balance (after making the payments required in Section 2.4), if any, of the amounts available from the Series 20032023-5 4 Accrued Interest Account and the Series 20032023-5 4 Distribution Account, plus the amount, if any, drawn under the Multi-Series 2003-5 Letters of Credit and/or withdrawn from the Series 20032023-5 4 Cash Collateral Account Accounts pursuant to Section 2.3(c) plus the amount, if any, withdrawn from the Series 20032023-5 4 Reserve Account Accounts pursuant to Section 2.3(d) as follows:
(i) on each Distribution Date during the Series 20032023-5 4 Revolving Period or a the Series 20032023-5 4 Controlled Amortization Period, (1) first, to the Surety Provider, in an amount equal to (x) the Surety Provider Fee for the related Series 2003-5 Interest Period and, without duplication, (y) any Surety Provider Reimbursement Amounts then due and owing, (2) second, to the Administrator, an amount equal to the Series 20032023-5 4 Percentage as of the beginning of such the Series 20032023-5 4 Interest Period ending on the day preceding such Distribution Date of the portion of the Monthly Administration Fee payable by AFC-II ABRCF (as specified in clause (iii) of the definition thereof) for such Series 20032023-5 4 Interest Period, (32) thirdsecond, to the Trustee, an amount equal to the Series 20032023-5 4 Percentage as of the beginning of such Series 20032023-5 4 Interest Period of the Trustee’s fees owing to the Trustee under the Base Indenture for such Series 20032023-5 4 Interest Period, (3) third to pay any Carrying Charges (other than Carrying Charges provided for above) to the Persons to whom such amounts are owed, an amount equal to the Series 2023-4 Percentage as of the beginning of such Series 2023-4 Interest Period of such Carrying Charges (other than Carrying Charges provided for above) for such Series 2023-4 Interest Period and (4) fourth, the balance, if any, shall be withdrawn by the Paying Agent from the Series 2023-4 Collection Account and deposited in the Series 2023-4 Excess Collection Account; and
(ii) on each Distribution Date during the Series 2023-4 Rapid Amortization Period, (1) first, to the Series 2023-4 Distribution Account, an amount equal to Class D Monthly Subordinated Interest with respect to the Series 2023-4 Interest Period ending on the date immediately preceding such Distribution Date to be treated as Principal Collections, (2) second, to the Trustee, an amount equal to the Series 2023-4 Percentage as of the beginning of such Series 2023-4 Interest Period ending on the day preceding such Distribution Date of the fees owing to the Trustee under the Base Indenture for such Series 2023-4 Interest Period, (3) third, to the Administrator, an amount equal to the Series 2023-4 Percentage as of the beginning of such Series 2023-4 Interest Period of the portion of the Monthly Administration Fee (as specified in clause (iii) of the definition thereof) payable by ABRCF for such Series 2023-4 Interest Period, (4) fourth, to pay any Carrying Charges (other than Carrying Charges provided for above) to the Persons to whom such amounts are owed, an amount equal to the Series 20032023-5 4 Percentage as of the beginning of such Series 20032023-5 4 Interest Period of such Carrying Charges (other than Carrying Charges provided for above) for such Series 20032023-5 4 Interest Period, Period and (5) fifth, if AFC-II is required to replace the Series 2003-5 Interest Rate Cap Counterparty pursuant to Section 2.10(b), the initial payment, if any, to be made by AFC-II to the replacement Series 2003-5 Interest Rate Cap Counterparty and (6) sixth, the balance, if any (“Excess Collections”), shall be withdrawn by the Paying Agent from the Series 2003-5 Collection Account and deposited in the Series 2003-5 Excess Collection Account; and
(ii) on each Distribution Date during the Series 2003-5 Rapid Amortization Period, (1) first, to the Surety Provider, in an amount equal to (x) the Surety Provider Fee for the related Series 2003-5 Interest Period and, without duplication, (y) any Surety Provider Reimbursement Amounts then due and owing, (2) second, to the Trustee, an amount equal to the Series 2003-5 Percentage as of the beginning of such Series 2003-5 Interest Period of the Trustee’s fees for such Series 2003-5 Interest Period, (3) third, to the Administrator, an amount equal to the Series 2003-5 Percentage as of the beginning of such Series 2003-5 Interest Period of the portion of the Monthly Administration Fee (as specified in clause (iii) of the definition thereof) payable by AFC-II for such Series 2003-5 Interest Period, (4) fourth, to pay any Carrying Charges (other than Carrying Charges provided for above) to the Persons to whom such amounts are owed, an amount equal to the Series 2003-5 Percentage as of the beginning of such Series 2003-5 Interest Period of such Carrying Charges (other than Carrying Charges provided for above) for such Series 2003-5 Interest Period, (5) fifth, if AFC-II is required to replace the Series 2003-5 Interest Rate Cap Counterparty pursuant to Section 2.10(b), the initial payment, if any, to be made by AFC-II to the replacement Series 2003-5 Interest Rate Cap Counterparty and (6) sixth, so long as the Series 20032023-5 4 Invested Amount is greater than the Series 2003-5 Monthly Total Principal Allocations on such Distribution Datefor the Related Month, an amount equal to the excess of the Series 20032023-5 4 Invested Amount over the Series 2003-5 Monthly Total Principal Allocations on such Distribution Date for the Related Month shall be treated as Principal Collections.
Appears in 1 contract
Sources: Amended and Restated Series 2023 4 Supplement (Avis Budget Group, Inc.)
BALANCE. On or prior to the second Business Day preceding each Distribution Date, the Administrator shall instruct the Trustee and the Paying Agent in writing pursuant to the Administration Agreement to pay the balance (after making the payments required in Section 2.4), if any, of the amounts available from the Series 20032004-5 2 Accrued Interest Account and the Series 20032004-5 2 Distribution Account, plus the amount, if any, drawn under the Series 20032004-5 2 Letters of Credit and/or withdrawn from the Series 20032004-5 2 Cash Collateral Account pursuant to Section 2.3(c) plus the amount, if any, withdrawn from the Series 20032004-5 2 Reserve Account pursuant to Section 2.3(d) as follows:
(i) on each Distribution Date during the Series 20032004-5 2 Revolving Period or a Series 20032004-5 2 Controlled Amortization Period, (1) first, to each Series 2004-2 Interest Rate Swap Counterparty, an amount equal to the portion, if any, of the Fixed Rate Payment for such Distribution Date due and owing to such Series 2004-2 Interest Rate Swap Counterparty, (2) second, to the Surety Provider, in an amount equal to (x) the Surety Provider Fee for the related Series 20032004-5 2 Interest Period and, without duplication, (y) any Surety Provider Reimbursement Amounts then due and owing, (23) secondthird, to the Administrator, an amount equal to the Series 20032004-5 2 Percentage as of the beginning of such the Series 20032004-5 2 Interest Period ending on the day preceding such Distribution Date of the portion of the Monthly Administration Fee payable by AFC-II (as specified in clause (iii) of the definition thereof) for such Series 20032004-5 2 Interest Period, (34) thirdfourth, to the Trustee, an amount equal to the Series 20032004-5 2 Percentage as of the beginning of such Series 20032004-5 2 Interest Period of the Trustee’s fees owing to the Trustee under the Indenture for such Series 20032004-5 2 Interest Period, (45) fourthfifth, to pay any Carrying Charges (other than Carrying Charges provided for above) to the Persons to whom such amounts are owed, an amount equal to the Series 20032004-5 2 Percentage as of the beginning of such Series 20032004-5 2 Interest Period of such Carrying Charges (other than Carrying Charges provided for above) for such Series 20032004-5 2 Interest Period, (5) fifth, if AFC-II is required to replace the Series 2003-5 Interest Rate Cap Counterparty pursuant to Section 2.10(b), the initial payment, if any, to be made by AFC-II to the replacement Series 2003-5 Interest Rate Cap Counterparty and (6) sixth, to each Series 2004-2 Interest Rate Swap Counterparty, any amounts due and owing under the applicable Series 2004-2 Interest Rate Swap (other than any amount included in the Fixed Rate Payment) and (7) seventh, the balance, if any (“Excess Collections”), shall be withdrawn by the Paying Agent from the Series 20032004-5 2 Collection Account and deposited in the Series 20032004-5 2 Excess Collection Account; and
(ii) on each Distribution Date during the Series 20032004-5 2 Rapid Amortization Period, (1) first, to each Series 2004-2 Interest Rate Swap Counterparty, an amount equal to the portion, if any, of the Fixed Rate Payment for such Distribution Date due and owing to such Series 2004-2 Interest Rate Swap Counterparty, (2) second, to the Surety Provider, in an amount equal to (x) the Surety Provider Fee for the related Series 20032004-5 2 Interest Period and, without duplication, (y) any Surety Provider Reimbursement Amounts then due and owing, (23) secondthird, to the Trustee, an amount equal to the Series 20032004-5 2 Percentage as of the beginning of such the Series 20032004-5 2 Interest Period ending on the day preceding such Distribution Date of the Trustee’s fees owing to the Trustee under the Indenture for such Series 20032004-5 2 Interest Period, (34) thirdfourth, to the Administrator, an amount equal to the Series 20032004-5 2 Percentage as of the beginning of such Series 20032004-5 2 Interest Period of the portion of the Monthly Administration Fee (as specified in clause (iii) of the definition thereof) payable by AFC-II for such Series 20032004-5 2 Interest Period, (45) fourthfifth, to pay any Carrying Charges (other than Carrying Charges provided for above) to the Persons to whom such amounts are owed, an amount equal to the Series 20032004-5 2 Percentage as of the beginning of such Series 20032004-5 2 Interest Period of such Carrying Charges (other than Carrying Charges provided for above) for such Series 20032004-5 2 Interest Period, (5) fifth, if AFC-II is required to replace the Series 2003-5 Interest Rate Cap Counterparty pursuant to Section 2.10(b), the initial payment, if any, to be made by AFC-II to the replacement Series 2003-5 Interest Rate Cap Counterparty and (6) sixth, so long as the Series 20032004-5 2 Invested Amount is greater than the Series 2003-5 Monthly Total Principal Allocations on such Distribution Datefor the Related Month, an amount equal to the excess of the Series 20032004-5 2 Invested Amount over the Series 2003-5 Monthly Total Principal Allocations on such Distribution Date for the Related Month shall be treated as Principal CollectionsCollections and (7) seventh, to each Series 2004-2 Interest Rate Swap Counterparty, any amounts due and owing under the applicable Series 2004-2 Interest Rate Swap (other than any amount included in the Fixed Rate Payment).
Appears in 1 contract
Sources: Series Supplement (Cendant Corp)
BALANCE. On or prior to the second Business Day preceding each Distribution Date, the Administrator shall instruct the Trustee and the Paying Agent in writing pursuant to the Administration Agreement to pay the balance (after making the payments required in Section 2.4), if any, of the amounts available from the Series 20032022-5 Accrued Interest Account and the Series 20032022-5 Distribution Account, plus the amount, if any, drawn under the Multi-Series 2003-5 Letters of Credit and/or withdrawn from the Series 20032022-5 Cash Collateral Account pursuant to Section 2.3(c) plus the amount, if any, withdrawn from the Series 20032022-5 Reserve Account pursuant to Section 2.3(d) as follows:
(i) on each Distribution Date during the Series 20032022-5 Revolving Period or a the Series 20032022-5 Controlled Amortization Period, (1) first, to the Surety ProviderAdministrator, in an amount equal to (x) the Surety Provider Fee for Series 2022-5 Percentage as of the related beginning of the Series 20032022-5 Interest Period and, without duplicationending on the day preceding such Distribution Date of the portion of the Monthly Administration Fee payable by ABRCF (as specified in clause (iii) of the definition thereof) for such Series 2022-5 Interest Period, (y2) second, to the Trustee, an amount equal to the Series 2022-5 Percentage as of the beginning of such Series 2022-5 Interest Period of the fees owing to the Trustee under the Base Indenture for such Series 2022-5 Interest Period, (3) third to pay any Surety Provider Reimbursement Amounts then due Carrying Charges (other than Carrying Charges provided for above) to the Persons to whom such amounts are owed, an amount equal to the Series 2022-5 Percentage as of the beginning of such Series 2022-5 Interest Period of such Carrying Charges (other than Carrying Charges provided for above) for such Series 2022-5 Interest Period and owing(4) fourth, the balance, if any, shall be withdrawn by the Paying Agent from the Series 2022-5 Collection Account and deposited in the Series 2022-5 Excess Collection Account; and
(ii) on each Distribution Date during the Series 2022-5 Rapid Amortization Period, (1) first, to the Trustee, an amount equal to the Series 2022-5 Percentage as of the beginning of such Series 2022-5 Interest Period ending on the day preceding such Distribution Date of the fees owing to the Trustee under the Base Indenture for such Series 2022-5 Interest Period, (2) second, to the Administrator, an amount equal to the Series 20032022-5 Percentage as of the beginning of such Series 20032022-5 Interest Period of the portion of the Monthly Administration Fee payable by AFC-II (as specified in clause (iii) of the definition thereof) payable by ABRCF for such Series 20032022-5 Interest Period, (3) third, to the Trustee, an amount equal to the Series 2003-5 Percentage as of the beginning of such Series 2003-5 Interest Period of the Trustee’s fees for such Series 2003-5 Interest Period, (4) fourth, to pay any Carrying Charges (other than Carrying Charges provided for above) to the Persons to whom such amounts are owed, an amount equal to the Series 20032022-5 Percentage as of the beginning of such Series 20032022-5 Interest Period of such Carrying Charges (other than Carrying Charges provided for above) for such Series 2003-5 Interest Period, (5) fifth, if AFC-II is required to replace the Series 2003-5 Interest Rate Cap Counterparty pursuant to Section 2.10(b), the initial payment, if any, to be made by AFC-II to the replacement Series 2003-5 Interest Rate Cap Counterparty and (6) sixth, the balance, if any (“Excess Collections”), shall be withdrawn by the Paying Agent from the Series 2003-5 Collection Account and deposited in the Series 2003-5 Excess Collection Account; and
(ii) on each Distribution Date during the Series 2003-5 Rapid Amortization Period, (1) first, to the Surety Provider, in an amount equal to (x) the Surety Provider Fee for the related Series 20032022-5 Interest Period and, without duplication, (y) any Surety Provider Reimbursement Amounts then due and owing, (2) second, to the Trustee, an amount equal to the Series 2003-5 Percentage as of the beginning of such Series 2003-5 Interest Period of the Trustee’s fees for such Series 2003-5 Interest Period, (3) third, to the Administrator, an amount equal to the Series 2003-5 Percentage as of the beginning of such Series 2003-5 Interest Period of the portion of the Monthly Administration Fee (as specified in clause (iii) of the definition thereof) payable by AFC-II for such Series 2003-5 Interest Period, (4) fourth, to pay any Carrying Charges (other than Carrying Charges provided for above) to the Persons to whom such amounts are owed, an amount equal to the Series 2003-5 Percentage as of the beginning of such Series 2003-5 Interest Period of such Carrying Charges (other than Carrying Charges provided for above) for such Series 2003-5 Interest Period, (5) fifth, if AFC-II is required to replace the Series 2003-5 Interest Rate Cap Counterparty pursuant to Section 2.10(b), the initial payment, if any, to be made by AFC-II to the replacement Series 2003-5 Interest Rate Cap Counterparty and (6) sixth, so long as the Series 20032022-5 Invested Amount is greater than the Series 2003-5 Monthly Total Principal Allocations on such Distribution Datefor the Related Month, an amount equal to the excess of the Series 20032022-5 Invested Amount over the Series 2003-5 Monthly Total Principal Allocations on such Distribution Date for the Related Month shall be treated as Principal Collections.
Appears in 1 contract
BALANCE. On or prior to the second Business Day preceding each Distribution Date, the Administrator shall instruct the Trustee and the Paying Agent in writing pursuant to the Administration Agreement to pay the balance (after making the payments required in Section 2.4), if any, of the amounts available from the Series 20032023-5 6 Accrued Interest Account and the Series 20032023-5 6 Distribution Account, plus the amount, if any, drawn under the Multi-Series 2003-5 Letters of Credit and/or withdrawn from the Series 20032023-5 6 Cash Collateral Account pursuant to Section 2.3(c) plus the amount, if any, withdrawn from the Series 20032023-5 6 Reserve Account pursuant to Section 2.3(d) as follows:
(i) on each Distribution Date during the Series 20032023-5 6 Revolving Period or a the Series 20032023-5 6 Controlled Amortization Period, (1) first, to the Surety ProviderAdministrator, in an amount equal to (x) the Surety Provider Fee for Series 2023-6 Percentage as of the related beginning of the Series 20032023-5 6 Interest Period and, without duplicationending on the day preceding such Distribution Date of the portion of the Monthly Administration Fee payable by ABRCF (as specified in clause (iii) of the definition thereof) for such Series 2023-6 Interest Period, (y2) second, to the Trustee, an amount equal to the Series 2023-6 Percentage as of the beginning of such Series 2023-6 Interest Period of the fees owing to the Trustee under the Base Indenture for such Series 2023-6 Interest Period, (3) third to pay any Surety Provider Reimbursement Amounts then due Carrying Charges (other than Carrying Charges provided for above) to the Persons to whom such amounts are owed, an amount equal to the Series 2023-6 Percentage as of the beginning of such Series 2023-6 Interest Period of such Carrying Charges (other than Carrying Charges provided for above) for such Series 2023-6 Interest Period and owing(4) fourth, the balance, if any, shall be withdrawn by the Paying Agent from the Series 2023-6 Collection Account and deposited in the Series 2023-6 Excess Collection Account; and
(ii) on each Distribution Date during the Series 2023-6 Rapid Amortization Period, (1) first, to the Trustee, an amount equal to the Series 2023-6 Percentage as of the beginning of such Series 2023-6 Interest Period ending on the day preceding such Distribution Date of the fees owing to the Trustee under the Base Indenture for such Series 2023-6 Interest Period, (2) second, to the Administrator, an amount equal to the Series 20032023-5 6 Percentage as of the beginning of such Series 20032023-5 6 Interest Period of the portion of the Monthly Administration Fee payable by AFC-II (as specified in clause (iii) of the definition thereof) payable by ABRCF for such Series 20032023-5 6 Interest Period, (3) third, to the Trustee, an amount equal to the Series 2003-5 Percentage as of the beginning of such Series 2003-5 Interest Period of the Trustee’s fees for such Series 2003-5 Interest Period, (4) fourth, to pay any Carrying Charges (other than Carrying Charges provided for above) to the Persons to whom such amounts are owed, an amount equal to the Series 20032023-5 6 Percentage as of the beginning of such Series 20032023-5 6 Interest Period of such Carrying Charges (other than Carrying Charges provided for above) for such Series 20032023-5 Interest Period, (5) fifth, if AFC-II is required to replace the Series 2003-5 Interest Rate Cap Counterparty pursuant to Section 2.10(b), the initial payment, if any, to be made by AFC-II to the replacement Series 2003-5 Interest Rate Cap Counterparty and (6) sixth, the balance, if any (“Excess Collections”), shall be withdrawn by the Paying Agent from the Series 2003-5 Collection Account and deposited in the Series 2003-5 Excess Collection Account; and
(ii) on each Distribution Date during the Series 2003-5 Rapid Amortization Period, (1) first, to the Surety Provider, in an amount equal to (x) the Surety Provider Fee for the related Series 2003-5 6 Interest Period and, without duplication, (y) any Surety Provider Reimbursement Amounts then due and owing, (2) second, to the Trustee, an amount equal to the Series 2003-5 Percentage as of the beginning of such Series 2003-5 Interest Period of the Trustee’s fees for such Series 2003-5 Interest Period, (3) third, to the Administrator, an amount equal to the Series 2003-5 Percentage as of the beginning of such Series 2003-5 Interest Period of the portion of the Monthly Administration Fee (as specified in clause (iii) of the definition thereof) payable by AFC-II for such Series 2003-5 Interest Period, (4) fourth, to pay any Carrying Charges (other than Carrying Charges provided for above) to the Persons to whom such amounts are owed, an amount equal to the Series 2003-5 Percentage as of the beginning of such Series 2003-5 Interest Period of such Carrying Charges (other than Carrying Charges provided for above) for such Series 2003-5 Interest Period, (5) fifth, if AFC-II is required to replace the Series 2003-5 Interest Rate Cap Counterparty pursuant to Section 2.10(b), the initial payment, if any, to be made by AFC-II to the replacement Series 2003-5 Interest Rate Cap Counterparty and (6) sixth, so long as the Series 20032023-5 6 Invested Amount is greater than the Series 2003-5 Monthly Total Principal Allocations on such Distribution Datefor the Related Month, an amount equal to the excess of the Series 20032023-5 6 Invested Amount over the Series 2003-5 Monthly Total Principal Allocations on such Distribution Date for the Related Month shall be treated as Principal Collections.
Appears in 1 contract
BALANCE. On or prior to the second Business Day preceding each Distribution Date, the Administrator shall instruct the Trustee and the Paying Agent in writing pursuant to the Administration Agreement to pay the balance (after making the payments required in Section 2.4), if any, of the amounts available from the Series 20032023-5 2 Accrued Interest Account and the Series 20032023-5 2 Distribution Account, plus the amount, if any, drawn under the Multi-Series 2003-5 Letters of Credit and/or withdrawn from the Series 20032023-5 2 Cash Collateral Account Accounts pursuant to Section 2.3(c) plus the amount, if any, withdrawn from the Series 20032023-5 2 Reserve Account Accounts pursuant to Section 2.3(d) as follows:
(i) on each Distribution Date during the Series 20032023-5 2 Revolving Period or a the Series 20032023-5 2 Controlled Amortization Period, (1) first, to the Surety Provider, in an amount equal to (x) the Surety Provider Fee for the related Series 2003-5 Interest Period and, without duplication, (y) any Surety Provider Reimbursement Amounts then due and owing, (2) second, to the Administrator, an amount equal to the Series 20032023-5 2 Percentage as of the beginning of such the Series 20032023-5 2 Interest Period ending on the day preceding such Distribution Date of the portion of the Monthly Administration Fee payable by AFC-II ABRCF (as specified in clause (iii) of the definition thereof) for such Series 20032023-5 2 Interest Period, (32) thirdsecond, to the Trustee, an amount equal to the Series 20032023-5 2 Percentage as of the beginning of such Series 20032023-5 2 Interest Period of the Trustee’s fees owing to the Trustee under the Base Indenture for such Series 20032023-5 2 Interest Period, (3) third to pay any Carrying Charges (other than Carrying Charges provided for above) to the Persons to whom such amounts are owed, an amount equal to the Series 2023-2 Percentage as of the beginning of such Series 2023-2 Interest Period of such Carrying Charges (other than Carrying Charges provided for above) for such Series 2023-2 Interest Period and (4) fourth, the balance, if any, shall be withdrawn by the Paying Agent from the Series 2023-2 Collection Account and deposited in the Series 2023-2 Excess Collection Account; and
(ii) on each Distribution Date during the Series 2023-2 Rapid Amortization Period, (1) first, to the Series 2023-2 Distribution Account, an amount equal to Class D Monthly Subordinated Interest with respect to the Series 2023-2 Interest Period ending on the date immediately preceding such Distribution Date to be treated as Principal Collections, (2) second, to the Trustee, an amount equal to the Series 2023-2 Percentage as of the beginning of such Series 2023-2 Interest Period ending on the day preceding such Distribution Date of the fees owing to the Trustee under the Base Indenture for such Series 2023-2 Interest Period, (3) third, to the Administrator, an amount equal to the Series 2023-2 Percentage as of the beginning of such Series 2023-2 Interest Period of the portion of the Monthly Administration Fee (as specified in clause (iii) of the definition thereof) payable by ABRCF for such Series 2023-2 Interest Period, (4) fourth, to pay any Carrying Charges (other than Carrying Charges provided for above) to the Persons to whom such amounts are owed, an amount equal to the Series 20032023-5 2 Percentage as of the beginning of such Series 20032023-5 2 Interest Period of such Carrying Charges (other than Carrying Charges provided for above) for such Series 20032023-5 2 Interest Period, Period and (5) fifth, if AFC-II is required to replace the Series 2003-5 Interest Rate Cap Counterparty pursuant to Section 2.10(b), the initial payment, if any, to be made by AFC-II to the replacement Series 2003-5 Interest Rate Cap Counterparty and (6) sixth, the balance, if any (“Excess Collections”), shall be withdrawn by the Paying Agent from the Series 2003-5 Collection Account and deposited in the Series 2003-5 Excess Collection Account; and
(ii) on each Distribution Date during the Series 2003-5 Rapid Amortization Period, (1) first, to the Surety Provider, in an amount equal to (x) the Surety Provider Fee for the related Series 2003-5 Interest Period and, without duplication, (y) any Surety Provider Reimbursement Amounts then due and owing, (2) second, to the Trustee, an amount equal to the Series 2003-5 Percentage as of the beginning of such Series 2003-5 Interest Period of the Trustee’s fees for such Series 2003-5 Interest Period, (3) third, to the Administrator, an amount equal to the Series 2003-5 Percentage as of the beginning of such Series 2003-5 Interest Period of the portion of the Monthly Administration Fee (as specified in clause (iii) of the definition thereof) payable by AFC-II for such Series 2003-5 Interest Period, (4) fourth, to pay any Carrying Charges (other than Carrying Charges provided for above) to the Persons to whom such amounts are owed, an amount equal to the Series 2003-5 Percentage as of the beginning of such Series 2003-5 Interest Period of such Carrying Charges (other than Carrying Charges provided for above) for such Series 2003-5 Interest Period, (5) fifth, if AFC-II is required to replace the Series 2003-5 Interest Rate Cap Counterparty pursuant to Section 2.10(b), the initial payment, if any, to be made by AFC-II to the replacement Series 2003-5 Interest Rate Cap Counterparty and (6) sixth, so long as the Series 20032023-5 2 Invested Amount is greater than the Series 2003-5 Monthly Total Principal Allocations on such Distribution Datefor the Related Month, an amount equal to the excess of the Series 20032023-5 2 Invested Amount over the Series 2003-5 Monthly Total Principal Allocations on such Distribution Date for the Related Month shall be treated as Principal Collections.
Appears in 1 contract
Sources: Amended and Restated Series 2023 2 Supplement (Avis Budget Group, Inc.)
BALANCE. On or prior to the second Business Day preceding each Distribution Date, the Administrator shall instruct the Trustee and the Paying Agent in writing pursuant to the Administration Agreement to pay the balance (after making the payments required in Section 2.4), if any, of the amounts available from the Series 20032012-5 2 Accrued Interest Account and the Series 20032012-5 2 Distribution Account, plus the amount, if any, drawn under the Series 20032012-5 2 Letters of Credit and/or withdrawn from the Series 20032012-5 2 Cash Collateral Account pursuant to Section 2.3(c) plus the amount, if any, withdrawn from the Series 20032012-5 2 Reserve Account pursuant to Section 2.3(d) as follows:
(i) on each Distribution Date during the Series 20032012-5 2 Revolving Period or a the Series 20032012-5 2 Controlled Amortization Period, (1) first, to the Surety ProviderAdministrator, in an amount equal to (x) the Surety Provider Fee for Series 2012-2 Percentage as of the related beginning of the Series 20032012-5 2 Interest Period and, without duplicationending on the day preceding such Distribution Date of the portion of the Monthly Administration Fee payable by ABRCF (as specified in clause (iii) of the definition thereof) for such Series 2012-2 Interest Period, (y2) second, to the Trustee, an amount equal to the Series 2012-2 Percentage as of the beginning of such Series 2012-2 Interest Period of the fees owing to the Trustee under the Indenture for such Series 2012-2 Interest Period, (3) third to pay any Surety Provider Reimbursement Amounts then due Carrying Charges (other than Carrying Charges provided for above) to the Persons to whom such amounts are owed, an amount equal to the Series 2012-2 Percentage as of the beginning of such Series 2012-2 Interest Period of such Carrying Charges (other than Carrying Charges provided for above) for such Series 2012-2 Interest Period and owing(4) fourth, the balance, if any (“Excess Collections”), shall be withdrawn by the Paying Agent from the Series 2012-2 Collection Account and deposited in the Series 2012-2 Excess Collection Account; and
(ii) on each Distribution Date during the Series 2012-2 Rapid Amortization Period, (1) first, to the Trustee, an amount equal to the Series 2012-2 Percentage as of the beginning of such Series 2012-2 Interest Period ending on the day preceding such Distribution Date of the fees owing to the Trustee under the Indenture for such Series 2012-2 Interest Period, (2) second, to the Administrator, an amount equal to the Series 20032012-5 2 Percentage as of the beginning of such Series 20032012-5 2 Interest Period of the portion of the Monthly Administration Fee payable by AFC-II (as specified in clause (iii) of the definition thereof) payable by ABRCF for such Series 20032012-5 2 Interest Period, (3) third, to the Trustee, an amount equal to the Series 2003-5 Percentage as of the beginning of such Series 2003-5 Interest Period of the Trustee’s fees for such Series 2003-5 Interest Period, (4) fourth, to pay any Carrying Charges (other than Carrying Charges provided for above) to the Persons to whom such amounts are owed, an amount equal to the Series 20032012-5 2 Percentage as of the beginning of such Series 20032012-5 2 Interest Period of such Carrying Charges (other than Carrying Charges provided for above) for such Series 20032012-5 Interest Period, (5) fifth, if AFC-II is required to replace the Series 2003-5 Interest Rate Cap Counterparty pursuant to Section 2.10(b), the initial payment, if any, to be made by AFC-II to the replacement Series 2003-5 Interest Rate Cap Counterparty and (6) sixth, the balance, if any (“Excess Collections”), shall be withdrawn by the Paying Agent from the Series 2003-5 Collection Account and deposited in the Series 2003-5 Excess Collection Account; and
(ii) on each Distribution Date during the Series 2003-5 Rapid Amortization Period, (1) first, to the Surety Provider, in an amount equal to (x) the Surety Provider Fee for the related Series 2003-5 2 Interest Period and, without duplication, (y) any Surety Provider Reimbursement Amounts then due and owing, (2) second, to the Trustee, an amount equal to the Series 2003-5 Percentage as of the beginning of such Series 2003-5 Interest Period of the Trustee’s fees for such Series 2003-5 Interest Period, (3) third, to the Administrator, an amount equal to the Series 2003-5 Percentage as of the beginning of such Series 2003-5 Interest Period of the portion of the Monthly Administration Fee (as specified in clause (iii) of the definition thereof) payable by AFC-II for such Series 2003-5 Interest Period, (4) fourth, to pay any Carrying Charges (other than Carrying Charges provided for above) to the Persons to whom such amounts are owed, an amount equal to the Series 2003-5 Percentage as of the beginning of such Series 2003-5 Interest Period of such Carrying Charges (other than Carrying Charges provided for above) for such Series 2003-5 Interest Period, (5) fifth, if AFC-II is required to replace the Series 2003-5 Interest Rate Cap Counterparty pursuant to Section 2.10(b), the initial payment, if any, to be made by AFC-II to the replacement Series 2003-5 Interest Rate Cap Counterparty and (6) sixth, so long as the Series 20032012-5 2 Invested Amount is greater than the Series 2003-5 Monthly Total Principal Allocations on such Distribution Datefor the Related Month, an amount equal to the excess of the Series 20032012-5 2 Invested Amount over the Series 2003-5 Monthly Total Principal Allocations on such Distribution Date for the Related Month shall be treated as Principal Collections.
Appears in 1 contract
BALANCE. On or prior to the second Business Day preceding each Distribution Date, the Administrator shall instruct the Trustee and the Paying Agent in writing pursuant to the Administration Agreement to pay the balance (after making the payments required in Section 2.4), if any, of the amounts available from the Series 20032011-5 Accrued Interest Account and the Series 20032011-5 Distribution Account, plus the amount, if any, drawn under the Series 20032011-5 Letters of Credit and/or withdrawn from the Series 20032011-5 Cash Collateral Account pursuant to Section 2.3(c) plus the amount, if any, withdrawn from the Series 20032011-5 Reserve Account pursuant to Section 2.3(d) as follows:
(i) on each Distribution Date during the Series 20032011-5 Revolving Period or a the Series 20032011-5 Controlled Amortization Period, (1) first, to the Surety ProviderAdministrator, in an amount equal to (x) the Surety Provider Fee for Series 2011-5 Percentage as of the related beginning of the Series 20032011-5 Interest Period and, without duplicationending on the day preceding such Distribution Date of the portion of the Monthly Administration Fee payable by ABRCF (as specified in clause (iii) of the definition thereof) for such Series 2011-5 Interest Period, (y2) second, to the Trustee, an amount equal to the Series 2011-5 Percentage as of the beginning of such Series 2011-5 Interest Period of the fees owing to the Trustee under the Indenture for such Series 2011-5 Interest Period, (3) third to pay any Surety Provider Reimbursement Amounts then due Carrying Charges (other than Carrying Charges provided for above) to the Persons to whom such amounts are owed, an amount equal to the Series 2011-5 Percentage as of the beginning of such Series 2011-5 Interest Period of such Carrying Charges (other than Carrying Charges provided for above) for such Series 2011-5 Interest Period and owing(4) fourth, the balance, if any (“Excess Collections”), shall be withdrawn by the Paying Agent from the Series 2011-5 Collection Account and deposited in the Series 2011-5 Excess Collection Account; and
(ii) on each Distribution Date during the Series 2011-5 Rapid Amortization Period, (1) first, to the Trustee, an amount equal to the Series 2011-5 Percentage as of the beginning of such Series 2011-5 Interest Period ending on the day preceding such Distribution Date of the fees owing to the Trustee under the Indenture for such Series 2011-5 Interest Period, (2) second, to the Administrator, an amount equal to the Series 20032011-5 Percentage as of the beginning of such Series 20032011-5 Interest Period of the portion of the Monthly Administration Fee payable by AFC-II (as specified in clause (iii) of the definition thereof) payable by ABRCF for such Series 20032011-5 Interest Period, (3) third, to the Trustee, an amount equal to the Series 2003-5 Percentage as of the beginning of such Series 2003-5 Interest Period of the Trustee’s fees for such Series 2003-5 Interest Period, (4) fourth, to pay any Carrying Charges (other than Carrying Charges provided for above) to the Persons to whom such amounts are owed, an amount equal to the Series 20032011-5 Percentage as of the beginning of such Series 20032011-5 Interest Period of such Carrying Charges (other than Carrying Charges provided for above) for such Series 2003-5 Interest Period, (5) fifth, if AFC-II is required to replace the Series 2003-5 Interest Rate Cap Counterparty pursuant to Section 2.10(b), the initial payment, if any, to be made by AFC-II to the replacement Series 2003-5 Interest Rate Cap Counterparty and (6) sixth, the balance, if any (“Excess Collections”), shall be withdrawn by the Paying Agent from the Series 2003-5 Collection Account and deposited in the Series 2003-5 Excess Collection Account; and
(ii) on each Distribution Date during the Series 2003-5 Rapid Amortization Period, (1) first, to the Surety Provider, in an amount equal to (x) the Surety Provider Fee for the related Series 20032011-5 Interest Period and, without duplication, (y) any Surety Provider Reimbursement Amounts then due and owing, (2) second, to the Trustee, an amount equal to the Series 2003-5 Percentage as of the beginning of such Series 2003-5 Interest Period of the Trustee’s fees for such Series 2003-5 Interest Period, (3) third, to the Administrator, an amount equal to the Series 2003-5 Percentage as of the beginning of such Series 2003-5 Interest Period of the portion of the Monthly Administration Fee (as specified in clause (iii) of the definition thereof) payable by AFC-II for such Series 2003-5 Interest Period, (4) fourth, to pay any Carrying Charges (other than Carrying Charges provided for above) to the Persons to whom such amounts are owed, an amount equal to the Series 2003-5 Percentage as of the beginning of such Series 2003-5 Interest Period of such Carrying Charges (other than Carrying Charges provided for above) for such Series 2003-5 Interest Period, (5) fifth, if AFC-II is required to replace the Series 2003-5 Interest Rate Cap Counterparty pursuant to Section 2.10(b), the initial payment, if any, to be made by AFC-II to the replacement Series 2003-5 Interest Rate Cap Counterparty and (6) sixth, so long as the Series 20032011-5 Invested Amount is greater than the Series 2003-5 Monthly Total Principal Allocations on such Distribution Datefor the Related Month, an amount equal to the excess of the Series 20032011-5 Invested Amount over the Series 2003-5 Monthly Total Principal Allocations on such Distribution Date for the Related Month shall be treated as Principal Collections.
Appears in 1 contract
BALANCE. On or prior to the second Business Day preceding each Distribution Date, the Administrator shall instruct the Trustee and the Paying Agent in writing pursuant to the Administration Agreement to pay the balance (after making the payments required in Section 2.4), if any, of the amounts available from the Series 2003-5 3 Accrued Interest Account and the Series 2003-5 3 Distribution Account, plus the amount, if any, drawn under the Series 2003-5 3 Letters of Credit and/or withdrawn from the Series 2003-5 3 Cash Collateral Account pursuant to Section 2.3(c) plus the amount, if any, withdrawn from the Series 2003-5 3 Reserve Account pursuant to Section 2.3(d) as follows:
(i) on each Distribution Date during the Series 2003-5 3 Revolving Period or a Series 2003-5 3 Controlled Amortization Period, (1) first, to the Series 2003-3 Interest Rate Swap Counterparty, an amount equal to the Fixed Rate Payment for such Distribution Date, (2) second, to the Surety Provider, in an amount equal to (x) the Surety Provider Fee for the related Series 2003-5 3 Interest Period and, without duplication, (y) any Surety Provider Reimbursement Amounts then due and owing, (23) secondthird, to the Administrator, an amount equal to the Series 2003-5 3 Percentage as of the beginning of such Series 2003-5 3 Interest Period of the portion of the Monthly Administration Fee payable by AFC-II (as specified in clause (iii) of the definition thereof) for such Series 2003-5 3 Interest Period, (34) thirdfourth, to the Trustee, an amount equal to the Series 2003-5 3 Percentage as of the beginning of such Series 2003-5 3 Interest Period of the Trustee’s fees for such Series 2003-5 3 Interest Period, (45) fourthfifth, to pay any Carrying Charges (other than Carrying Charges provided for above) to the Persons to whom such amounts are owed, an amount equal to the Series 2003-5 3 Percentage as of the beginning of such Series 2003-5 3 Interest Period of such Carrying Charges (other than Carrying Charges provided for above) for such Series 2003-5 3 Interest Period, (56) fifthsixth, if AFC-II is required to replace the Series 2003-5 3 Interest Rate Cap Counterparty pursuant to Section 2.10(b)Swap Counterparty, any amounts due and owing under the initial payment, if any, to be made by AFC-II to the replacement Series 2003-5 3 Interest Rate Cap Counterparty Swap (other than any Fixed Rate Payment) and (67) sixthseventh, the balance, if any (“Excess Collections”), shall be withdrawn by the Paying Agent from the Series 2003-5 3 Collection Account and deposited in the Series 2003-5 3 Excess Collection Account; and
(ii) on each Distribution Date during the Series 2003-5 3 Rapid Amortization Period, (1) first, to the Series 2003-3 Interest Rate Swap Counterparty, an amount equal to the Fixed Rate Payment for such Distribution Date, (2) second, to the Surety Provider, in an amount equal to (x) the Surety Provider Fee for the related Series 2003-5 3 Interest Period and, without duplication, (y) any Surety Provider Reimbursement Amounts then due and owing, (23) secondthird, to the Trustee, an amount equal to the Series 2003-5 3 Percentage as of the beginning of such Series 2003-5 3 Interest Period of the Trustee’s fees for such Series 2003-5 3 Interest Period, (34) thirdfourth, to the Administrator, an amount equal to the Series 2003-5 3 Percentage as of the beginning of such Series 2003-5 3 Interest Period of the portion of the Monthly Administration Fee (as specified in clause (iii) of the definition thereof) payable by AFC-II for such Series 2003-5 3 Interest Period, (45) fourthfifth, to pay any Carrying Charges (other than Carrying Charges provided for above) to the Persons to whom such amounts are owed, an amount equal to the Series 2003-5 3 Percentage as of the beginning of such Series 2003-5 3 Interest Period of such Carrying Charges (other than Carrying Charges provided for above) for such Series 2003-5 3 Interest Period, (5) fifth, if AFC-II is required to replace the Series 2003-5 Interest Rate Cap Counterparty pursuant to Section 2.10(b), the initial payment, if any, to be made by AFC-II to the replacement Series 2003-5 Interest Rate Cap Counterparty and (6) sixth, so long as the Series 2003-5 3 Invested Amount is greater than the Series 2003-5 3 Principal Allocations on such Distribution Date, an amount equal to the excess of the Series 2003-5 3 Invested Amount over the Series 2003-5 3 Principal Allocations on such Distribution Date shall be treated as Principal CollectionsCollections and (7) seventh, to the Series 2003-3 Interest Rate Swap Counterparty, any amounts due and owing under the Series 2003-3 Interest Rate Swap (other than any Fixed Rate Payment).
Appears in 1 contract
BALANCE. On or prior to the second Business Day preceding each Distribution Date, the Administrator shall instruct the Trustee and the Paying Agent in writing pursuant to the Administration Agreement to pay the balance (after making the payments required in Section 2.4), if any, of the amounts available from the Series 20032018-5 2 Accrued Interest Account and the Series 20032018-5 2 Distribution Account, plus the amount, if any, drawn under the Series 20032018-5 2 Letters of Credit and/or withdrawn from the Series 20032018-5 2 Cash Collateral Account Accounts pursuant to Section 2.3(c) plus the amount, if any, withdrawn from the Series 20032018-5 2 Reserve Account Accounts pursuant to Section 2.3(d) as follows:
(i) on each Distribution Date during the Series 20032018-5 2 Revolving Period or a the Series 20032018-5 2 Controlled Amortization Period, (1) first, to the Surety ProviderAdministrator, in an amount equal to (x) the Surety Provider Fee for Series 2018-2 Percentage as of the related beginning of the Series 20032018-5 2 Interest Period and, without duplicationending on the day preceding such Distribution Date of the portion of the Monthly Administration Fee payable by ABRCF (as specified in clause (iii) of the definition thereof) for such Series 2018-2 Interest Period, (y2) second, to the Trustee, an amount equal to the Series 2018-2 Percentage as of the beginning of such Series 2018-2 Interest Period of the fees owing to the Trustee under the Base Indenture for such Series 2018-2 Interest Period, (3) third to pay any Surety Provider Reimbursement Amounts then due Carrying Charges (other than Carrying Charges provided for above) to the Persons to whom such amounts are owed, an amount equal to the Series 2018-2 Percentage as of the beginning of such Series 2018-2 Interest Period of such Carrying Charges (other than Carrying Charges provided for above) for such Series 2018-2 Interest Period and owing(4) fourth, the balance, if any, shall be withdrawn by the Paying Agent from the Series 2018-2 Collection Account and deposited in the Series 2018-2 Excess Collection Account; and
(ii) on each Distribution Date during the Series 2018-2 Rapid Amortization Period, (1) first, to the Trustee, an amount equal to the Series 2018-2 Percentage as of the beginning of such Series 2018-2 Interest Period ending on the day preceding such Distribution Date of the fees owing to the Trustee under the Base Indenture for such Series 2018-2 Interest Period, (2) second, to the Administrator, an amount equal to the Series 20032018-5 2 Percentage as of the beginning of such Series 20032018-5 2 Interest Period of the portion of the Monthly Administration Fee payable by AFC-II (as specified in clause (iii) of the definition thereof) payable by ABRCF for such Series 20032018-5 2 Interest Period, (3) third, to the Trustee, an amount equal to the Series 2003-5 Percentage as of the beginning of such Series 2003-5 Interest Period of the Trustee’s fees for such Series 2003-5 Interest Period, (4) fourth, to pay any Carrying Charges (other than Carrying Charges provided for above) to the Persons to whom such amounts are owed, an amount equal to the Series 20032018-5 2 Percentage as of the beginning of such Series 20032018-5 2 Interest Period of such Carrying Charges (other than Carrying Charges provided for above) for such Series 20032018-5 Interest Period, (5) fifth, if AFC-II is required to replace the Series 2003-5 Interest Rate Cap Counterparty pursuant to Section 2.10(b), the initial payment, if any, to be made by AFC-II to the replacement Series 2003-5 Interest Rate Cap Counterparty and (6) sixth, the balance, if any (“Excess Collections”), shall be withdrawn by the Paying Agent from the Series 2003-5 Collection Account and deposited in the Series 2003-5 Excess Collection Account; and
(ii) on each Distribution Date during the Series 2003-5 Rapid Amortization Period, (1) first, to the Surety Provider, in an amount equal to (x) the Surety Provider Fee for the related Series 2003-5 2 Interest Period and, without duplication, (y) any Surety Provider Reimbursement Amounts then due and owing, (2) second, to the Trustee, an amount equal to the Series 2003-5 Percentage as of the beginning of such Series 2003-5 Interest Period of the Trustee’s fees for such Series 2003-5 Interest Period, (3) third, to the Administrator, an amount equal to the Series 2003-5 Percentage as of the beginning of such Series 2003-5 Interest Period of the portion of the Monthly Administration Fee (as specified in clause (iii) of the definition thereof) payable by AFC-II for such Series 2003-5 Interest Period, (4) fourth, to pay any Carrying Charges (other than Carrying Charges provided for above) to the Persons to whom such amounts are owed, an amount equal to the Series 2003-5 Percentage as of the beginning of such Series 2003-5 Interest Period of such Carrying Charges (other than Carrying Charges provided for above) for such Series 2003-5 Interest Period, (5) fifth, if AFC-II is required to replace the Series 2003-5 Interest Rate Cap Counterparty pursuant to Section 2.10(b), the initial payment, if any, to be made by AFC-II to the replacement Series 2003-5 Interest Rate Cap Counterparty and (6) sixth, so long as the Series 20032018-5 2 Invested Amount is greater than the Series 2003-5 Monthly Total Principal Allocations on such Distribution Datefor the Related Month, an amount equal to the excess of the Series 20032018-5 2 Invested Amount over the Series 2003-5 Monthly Total Principal Allocations on such Distribution Date for the Related Month shall be treated as Principal Collections.
Appears in 1 contract
Sources: Amended and Restated Series 2018 2 Supplement (Avis Budget Group, Inc.)
BALANCE. On or prior to the second Business Day preceding each Distribution Date, the Administrator shall instruct the Trustee and the Paying Agent in writing pursuant to the Administration Agreement to pay the balance (after making the payments required in Section 2.42.3(a) of this Supplement), if any, of the amounts available from Interest Collections allocated to holders of the Series 20031997-5 Accrued Interest Account and 1 Notes since the Series 2003-5 preceding Distribution Account, plus the amount, if any, drawn under the Series 2003-5 Letters of Credit and/or withdrawn from the Series 2003-5 Cash Collateral Account pursuant to Section 2.3(c) plus the amount, if any, withdrawn from the Series 2003-5 Reserve Account pursuant to Section 2.3(d) Date as follows:
(i) on each Distribution Date during the Series 20031997-5 1 Revolving Period or a any Series 20031997-5 1 Controlled Amortization Period, (1) first, to the Surety Provider, in an amount equal to (x) the Surety Provider Fee for the related Series 20031997-5 1 Interest Period and, without duplication, (y) any Surety Provider Reimbursement Amounts then due and owing, (2) second, to the Administrator, an amount equal to the Series 20031997-5 1 Percentage as of the beginning of such Series 20031997-5 1 Interest Period of the portion of the Monthly Administration Fee payable by AFC-II (as specified in clause (iii) of the definition thereof) for such Series 20031997-5 1 Interest Period, (3) third, to the Trustee, an amount equal to the Series 20031997-5 1 Percentage as of the beginning of such Series 20031997-5 1 Interest Period of the Trustee’s 's fees for such Series 20031997-5 1 Interest Period, (4) fourth, to pay any Carrying Charges (other than Carrying Charges provided for above) to the Persons to whom such amounts are owed, an amount equal to the Series 20031997-5 1 Percentage as of the beginning of such Series 20031997-5 1 Interest Period of such Carrying Charges (other than Carrying Charges provided for above) for such Series 20031997-5 1 Interest Period, Period and (5) fifth, if AFC-II is required to replace the Series 2003-5 Interest Rate Cap Counterparty pursuant to Section 2.10(b), the initial payment, if any, to be made by AFC-II to the replacement Series 2003-5 Interest Rate Cap Counterparty and (6) sixth, the balance, if any (“"Excess Collections”"), shall be withdrawn by the Paying Agent from the Series 20031997-5 1 Collection Account and deposited in the Series 20031997-5 1 Excess Collection Account; and
(ii) on each Distribution Date during the Series 20031997-5 1 Rapid Amortization Period, (1) first, to the Surety Provider, in an amount equal to (x) the Surety Provider Fee for the related Series 20031997-5 1 Interest Period and, without duplication, (y) any Surety Provider Reimbursement Amounts then due and owing, (2) second, to the Trustee, an amount equal to the Series 20031997-5 1 Percentage as of the beginning of such Series 20031997-5 1 Interest Period of the Trustee’s 's fees for such Series 20031997-5 1 Interest Period, (3) third, to the Administrator, an amount equal to the Series 20031997-5 1 Percentage as of the beginning of such Series 20031997-5 1 Interest Period of the portion of the Monthly Administration Fee (as specified in clause (iii) of the definition thereof) payable by AFC-II for such Series 20031997-5 1 Interest Period, (4) fourth, to pay any Carrying Charges (other than Carrying Charges provided for above) to the Persons to whom such amounts are owed, an amount equal to the Series 20031997-5 1 Percentage as of the beginning of such Series 20031997-5 1 Interest Period of such Carrying Charges (other than Carrying Charges provided for above) for such Series 20031997-5 1 Interest Period, Period and (5) fifth, if AFC-II is required to replace the Series 2003-5 Interest Rate Cap Counterparty pursuant to Section 2.10(b), the initial paymentbalance, if any, to shall constitute Excess Collections and shall be made withdrawn by AFC-II to the replacement Series 2003-5 Interest Rate Cap Counterparty and (6) sixth, so long as Paying Agent from the Series 20031997-5 Invested Amount is greater than 1 Collection Account and deposited in the Series 20031997-5 Principal Allocations on such Distribution Date, an amount equal to the excess of the Series 2003-5 Invested Amount over the Series 2003-5 Principal Allocations on such Distribution Date shall be treated as Principal Collections1 Excess Collection Account.
Appears in 1 contract
BALANCE. On or prior to the second Business Day preceding each Distribution Date, the Administrator shall instruct the Trustee and the Paying Agent in writing pursuant to the Administration Agreement to pay the balance (after making the payments required in Section 2.4), if any, of the amounts available from the Series 20032022-5 Accrued Interest Account and the Series 20032022-5 Distribution Account, plus the amount, if any, drawn under the Multi-Series 2003-5 Letters of Credit and/or withdrawn from the Series 20032022-5 Cash Collateral Account Accounts pursuant to Section 2.3(c) plus the amount, if any, withdrawn from the Series 20032022-5 Reserve Account Accounts pursuant to Section 2.3(d) as follows:
(i) on each Distribution Date during the Series 20032022-5 Revolving Period or a the Series 20032022-5 Controlled Amortization Period, (1) first, to the Surety Provider, in an amount equal to (x) the Surety Provider Fee for the related Series 2003-5 Interest Period and, without duplication, (y) any Surety Provider Reimbursement Amounts then due and owing, (2) second, to the Administrator, an amount equal to the Series 20032022-5 Percentage as of the beginning of such the Series 20032022-5 Interest Period ending on the day preceding such Distribution Date of the portion of the Monthly Administration Fee payable by AFC-II ABRCF (as specified in clause (iii) of the definition thereof) for such Series 20032022-5 Interest Period, (2) second, to the Trustee, an amount equal to the Series 2022-5 Percentage as of the beginning of such Series 2022-5 Interest Period of the fees owing to the Trustee under the Base Indenture for such Series 2022-5 Interest Period, (3) third to pay any Carrying Charges (other than Carrying Charges provided for above) to the Persons to whom such amounts are owed, an amount equal to the Series 2022-5 Percentage as of the beginning of such Series 2022-5 Interest Period of such Carrying Charges (other than Carrying Charges provided for above) for such Series 2022-5 Interest Period and (4) fourth, the balance, if any, shall be withdrawn by the Paying Agent from the Series 2022-5 Collection Account and deposited in the Series 2022-5 Excess Collection Account; and
(ii) on each Distribution Date during the Series 2022-5 Rapid Amortization Period, (1) first, to the Series 2022-5 Distribution Account, an amount equal to Class D Monthly Subordinated Interest with respect to the Series 2022-5 Interest Period ending on the date immediately preceding such Distribution Date to be treated as Principal Collections, (2) second, to the Trustee, an amount equal to the Series 2022-5 Percentage as of the beginning of such Series 2022-5 Interest Period ending on the day preceding such Distribution Date of the fees owing to the Trustee under the Base Indenture for such Series 2022-5 Interest Period, (3) third, to the TrusteeAdministrator, an amount equal to the Series 20032022-5 Percentage as of the beginning of such Series 20032022-5 Interest Period of the Trustee’s fees portion of the Monthly Administration Fee (as specified in clause (iii) of the definition thereof) payable by ABRCF for such Series 20032022-5 Interest Period, (4) fourth, to pay any Carrying Charges (other than Carrying Charges provided for above) to the Persons to whom such amounts are owed, an amount equal to the Series 20032022-5 Percentage as of the beginning of such Series 20032022-5 Interest Period of such Carrying Charges (other than Carrying Charges provided for above) for such Series 20032022-5 Interest Period, Period and (5) fifth, if AFC-II is required to replace the Series 2003-5 Interest Rate Cap Counterparty pursuant to Section 2.10(b), the initial payment, if any, to be made by AFC-II to the replacement Series 2003-5 Interest Rate Cap Counterparty and (6) sixth, the balance, if any (“Excess Collections”), shall be withdrawn by the Paying Agent from the Series 2003-5 Collection Account and deposited in the Series 2003-5 Excess Collection Account; and
(ii) on each Distribution Date during the Series 2003-5 Rapid Amortization Period, (1) first, to the Surety Provider, in an amount equal to (x) the Surety Provider Fee for the related Series 2003-5 Interest Period and, without duplication, (y) any Surety Provider Reimbursement Amounts then due and owing, (2) second, to the Trustee, an amount equal to the Series 2003-5 Percentage as of the beginning of such Series 2003-5 Interest Period of the Trustee’s fees for such Series 2003-5 Interest Period, (3) third, to the Administrator, an amount equal to the Series 2003-5 Percentage as of the beginning of such Series 2003-5 Interest Period of the portion of the Monthly Administration Fee (as specified in clause (iii) of the definition thereof) payable by AFC-II for such Series 2003-5 Interest Period, (4) fourth, to pay any Carrying Charges (other than Carrying Charges provided for above) to the Persons to whom such amounts are owed, an amount equal to the Series 2003-5 Percentage as of the beginning of such Series 2003-5 Interest Period of such Carrying Charges (other than Carrying Charges provided for above) for such Series 2003-5 Interest Period, (5) fifth, if AFC-II is required to replace the Series 2003-5 Interest Rate Cap Counterparty pursuant to Section 2.10(b), the initial payment, if any, to be made by AFC-II to the replacement Series 2003-5 Interest Rate Cap Counterparty and (6) sixth, so long as the Series 20032022-5 Invested Amount is greater than the Series 2003-5 Monthly Total Principal Allocations on such Distribution Datefor the Related Month, an amount equal to the excess of the Series 20032022-5 Invested Amount over the Series 2003-5 Monthly Total Principal Allocations on such Distribution Date for the Related Month shall be treated as Principal Collections.
Appears in 1 contract
Sources: Amended and Restated Series 2022 5 Supplement (Avis Budget Group, Inc.)
BALANCE. On or prior to the second Business Day preceding each Distribution Date, the Administrator shall instruct the Trustee and the Paying Agent in writing pursuant to the Administration Agreement to pay the balance (after making the payments required in Section 2.4), if any, of the amounts available from the Series 20032006-5 1 Accrued Interest Account and the Series 20032006-5 1 Distribution Account, plus the amount, if any, drawn under the Series 20032006-5 1 Letters of Credit and/or withdrawn from the Series 20032006-5 1 Cash Collateral Account pursuant to Section 2.3(c) plus the amount, if any, withdrawn from the Series 20032006-5 1 Reserve Account pursuant to Section 2.3(d) as follows:
(i) on each Distribution Date during the Series 20032006-5 1 Revolving Period or a the Series 20032006-5 Controlled 1 Controlled Amortization Period, (1) first, to each Series 2006-1 Interest Rate Swap Counterparty, an amount equal to the Fixed Rate Payment for such Distribution Date due and owing to such Series 2006-1 Interest Rate Swap Counterparty, (2) second, to the Surety Provider, in an amount equal to (x) the Surety Provider Fee for the related Series 20032006-5 1 Interest Period and, without duplication, (y) any Surety Provider Reimbursement Amounts then due and owing, (23) secondthird, to the Administrator, an amount equal to the Series 20032006-5 1 Percentage as of the beginning of such the Series 20032006-5 1 Interest Period ending on the day preceding such Distribution Date of the portion of the Monthly Administration Fee payable payable by AFC-II CRCF (as specified in clause (iii) of the definition thereof) for such Series 20032006-5 1 Interest Period, (4) fourth, to the Trustee, an amount equal to the Series 2006-1 Percentage as of the beginning of such Series 2006-1 Interest Period of the fees owing to the Trustee under the Indenture for such Series 2006-1 Interest Period, (5) fifth, to pay any Carrying Charges (other than Carrying Charges provided for above) to the Persons to whom such amounts are owed, an amount equal to the Series 2006-1 Percentage as of the beginning of such Series 2006-1 Interest Period of such Carrying Charges (other than Carrying Charges provided for above) for such Series 2006-1 Interest Period, (6) sixth, to each Series 2006-1 Interest Rate Swap Counterparty, any amounts due and owing under the applicable Series 2006-1 Interest Rate Swap (other than any Fixed Rate Payment) and (7) seventh, the balance, if any (“Excess Collections”), shall be withdrawn by the Paying Agent from the Series 2006-1 Collection Account and deposited in the Series 2006-1 Excess Collection Account; and
(ii) on each Distribution Date during the Series 2006-1 Rapid Amortization Period, (1) first, to each Series 2006-1 Interest Rate Swap Counterparty, an amount equal to the Fixed Rate Payment for such Distribution Date due and owing to such Series 2006-1 Interest Rate Swap Counterparty, (2) second, to the Surety Provider, in an amount equal to (x) the Surety Provider Fee for the related Series 2006-1 Interest Period and, without duplication, (y) any Surety Provider Reimbursement Amounts then due and owing, (3) third, to the Trustee, an amount equal to the Series 20032006-5 1 Percentage as of the beginning of such Series 20032006-5 1 Interest Period ending on the day preceding such Distribution Date of the Trustee’s fees owing to the Trustee under the Indenture for such Series 20032006-5 1 Interest PeriodPeriod, (4) fourth, to the Administrator, an amount equal to the Series 2006-1 Percentage as of the beginning of such Series 2006-1 Interest Period of the portion of the Monthly Administration Fee (as specified in clause (iii) of the definition thereof) payable by CRCF for such Series 2006-1 Interest Period, (5) fifth, to pay any Carrying Charges (other than Carrying Charges provided for above) to the Persons to whom such amounts are owed, an amount equal to the Series 20032006-5 1 Percentage as of the beginning of such Series 20032006-5 1 Interest Period of such Carrying Charges (other than Carrying Charges provided for above) for such Series 20032006-5 1 Interest Period, (5) fifth, if AFC-II is required to replace the Series 2003-5 Interest Rate Cap Counterparty pursuant to Section 2.10(b), the initial payment, if any, to be made by AFC-II to the replacement Series 2003-5 Interest Rate Cap Counterparty and (6) sixth, the balance, if any (“Excess Collections”), shall be withdrawn by the Paying Agent from the Series 2003-5 Collection Account and deposited in the Series 2003-5 Excess Collection Account; and
(ii) on each Distribution Date during the Series 2003-5 Rapid Amortization Period, (1) first, to the Surety Provider, in an amount equal to (x) the Surety Provider Fee for the related Series 2003-5 Interest Period and, without duplication, (y) any Surety Provider Reimbursement Amounts then due and owing, (2) second, to the Trustee, an amount equal to the Series 2003-5 Percentage as of the beginning of such Series 2003-5 Interest Period of the Trustee’s fees for such Series 2003-5 Interest Period, (3) third, to the Administrator, an amount equal to the Series 2003-5 Percentage as of the beginning of such Series 2003-5 Interest Period of the portion of the Monthly Administration Fee (as specified in clause (iii) of the definition thereof) payable by AFC-II for such Series 2003-5 Interest Period, (4) fourth, to pay any Carrying Charges (other than Carrying Charges provided for above) to the Persons to whom such amounts are owed, an amount equal to the Series 2003-5 Percentage as of the beginning of such Series 2003-5 Interest Period of such Carrying Charges (other than Carrying Charges provided for above) for such Series 2003-5 Interest Period, (5) fifth, if AFC-II is required to replace the Series 2003-5 Interest Rate Cap Counterparty pursuant to Section 2.10(b), the initial payment, if any, to be made by AFC-II to the replacement Series 2003-5 Interest Rate Cap Counterparty and (6) sixth, so long as the Series 20032006-5 1 Invested Amount is greater than the Series 2003-5 Monthly Total Principal Allocations on such Distribution Datefor the Related Month, an amount equal to the excess of the Series 20032006-5 1 Invested Amount over the Series 2003-5 Monthly Total Principal Allocations on such Distribution Date for the Related Month shall be treated as Principal CollectionsCollections and (7) seventh, to each Series 2006-1 Interest Rate Swap Counterparty, any amounts due and owing under the applicable Series 2006-1 Interest Rate Swap (other than any Fixed Rate Payment).
Appears in 1 contract
Sources: Series Supplement (Cendant Corp)
BALANCE. On or the fourth Business Day prior to the second Business Day preceding each Distribution Payment Date, the Administrator shall instruct the Trustee and the Paying Agent in writing pursuant to the Administration Agreement to pay pay, on such Payment Date, the balance (after making the payments required in Section 2.42.4 of this Series Supplement), if any, of the amounts available from the Series 20032005-5 2 Accrued Interest Account and plus the amount, if any, withdrawn from the Class A Reserve Account pursuant to Section 2.3(d)(i) of this Series 2003-5 Distribution AccountSupplement plus the amount, if any, withdrawn from the Class B Reserve Account pursuant to Section 2.3(d)(ii) of this Series Supplement plus the amount, if any, drawn under the Series 2003-5 Class A Letters of Credit and/or withdrawn from the Series 2003-5 Class A Cash Collateral Account Accounts pursuant to Section 2.3(c2.3(e)(I) of this Series Supplement plus the amount, if any, drawn under the Class B Letters of Credit and/or withdrawn from the Series 2003-5 Reserve Account Class B Cash Collateral Accounts pursuant to Section 2.3(d2.3 (e)(II) of this Series Supplement as follows:
(i) on each Distribution Date during the Series 2003-5 Revolving Period or a Series 2003-5 Controlled Amortization Period, (1) first, on a pro rata basis to the Surety each Interest Rate Hedge Provider, in an amount equal to the portion of the Monthly Hedge Payment for such Payment Date payable to such Interest Rate Hedge Provider;
(ii) second, to the Insurer, in an amount equal to the sum of (x) the Surety Provider Insurer Fee for the related Series 20032005-5 2 Interest Period and, without duplication, ending on the day preceding such Payment Date and (y) any Surety Provider other Insurer Reimbursement Amounts then due and owingpayable to the Insurer (excluding therefrom any amounts included in Class A Monthly Interest for such Series 2005-2 Interest Period), provided that during the continuance of an Insurer Default, no amounts in respect of the Insurer Fee shall be paid with the proceeds of a draw on a Series 2005-2 Letters of Credit or a withdrawal from a Series 2005-2 Cash Collateral Account;
(2iii) secondthird, to the Administrator, in an amount equal to the Series 20032005-5 2 Percentage as of the beginning of such the Series 20032005-5 2 Interest Period of ending on the portion day preceding such Payment Date of the Monthly Administration Fee payable by AFC-II (as specified in clause (iii) of the definition thereof) for such Series 20032005-5 2 Interest Period, ;
(3iv) thirdfourth, to the Trustee, in an amount equal to the Series 20032005-5 2 Percentage as of the beginning of such the Series 20032005-5 2 Interest Period ending on the day preceding such Payment Date of the Trustee’s fees for such Series 20032005-5 2 Interest Period;
(v) fifth, on a pro rata basis, (4x) fourthto each Interest Rate Hedge Provider, in an amount equal to any remaining amounts due and owing to such Interest Rate Hedge Provider and (y) to pay any Indenture Carrying Charges (other than Indenture Carrying Charges provided for aboveabove and in the preceding clause (x)) to the Persons to whom such amounts are owed, in an amount equal to the Series 20032005-5 2 Percentage as of the beginning of such the Series 20032005-5 2 Interest Period ending on the day preceding such Payment Date of such Indenture Carrying Charges (other than Indenture Carrying Charges provided for above) for such Series 20032005-5 2 Interest Period, ; and
(5) fifth, if AFC-II is required to replace the Series 2003-5 Interest Rate Cap Counterparty pursuant to Section 2.10(b), the initial payment, if any, to be made by AFC-II to the replacement Series 2003-5 Interest Rate Cap Counterparty and (6vi) sixth, the balance, if any (“Excess Collections”)any, shall be withdrawn by the Paying Agent from the Series 20032005-5 Collection 2 Accrued Interest Account by the Trustee and deposited in the Series 2003-5 Excess Collection Account; and
(iiA) on each Distribution Date during the Series 20032005-5 2 Revolving Period, deposited into the Series 2005-2 Excess Collection Account or (B) during the Series 2005-2 Controlled Amortization Period or the Series 2005-2 Rapid Amortization Period, (1) first, to the Surety Provider, in an amount equal to (x) the Surety Provider Fee for the related Series 2003-5 Interest Period and, without duplication, (y) any Surety Provider Reimbursement Amounts then due and owing, (2) second, to the Trustee, an amount equal to deposited into the Series 20032005-5 Percentage as of the beginning of such Series 2003-5 Interest Period of the Trustee’s fees for such Series 2003-5 Interest Period, (3) third, to the Administrator, an amount equal to the Series 2003-5 Percentage as of the beginning of such Series 2003-5 Interest Period of the portion of the Monthly Administration Fee (as specified in clause (iii) of the definition thereof) payable by AFC-II for such Series 2003-5 Interest Period, (4) fourth, to pay any Carrying Charges (other than Carrying Charges provided for above) to the Persons to whom such amounts are owed, an amount equal to the Series 2003-5 Percentage as of the beginning of such Series 2003-5 Interest Period of such Carrying Charges (other than Carrying Charges provided for above) for such Series 2003-5 Interest Period, (5) fifth, if AFC-II is required to replace the Series 2003-5 Interest Rate Cap Counterparty pursuant to Section 2.10(b), the initial payment, if any, to be made by AFC-II to the replacement Series 2003-5 Interest Rate Cap Counterparty 2 Collection Account and (6) sixth, so long as the Series 2003-5 Invested Amount is greater than the Series 2003-5 Principal Allocations on such Distribution Date, an amount equal to the excess of the Series 2003-5 Invested Amount over the Series 2003-5 Principal Allocations on such Distribution Date shall be treated as Principal Collections.
Appears in 1 contract
Sources: Amended and Restated Series Supplement (Hertz Global Holdings Inc)
BALANCE. On or prior to the second Business Day preceding each Distribution Date, the Administrator shall instruct the Trustee and the Paying Agent in writing pursuant to the Administration Agreement to pay the balance (after making the payments required in Section 2.4), if any, of the amounts available from the Series 20032009-5 1 Accrued Interest Account and the Series 20032009-5 1 Distribution Account, plus the amount, if any, drawn under the Series 20032009-5 1 Letters of Credit and/or withdrawn from the Series 20032009-5 1 Cash Collateral Account pursuant to Section 2.3(c) plus the amount, if any, withdrawn from the Series 20032009-5 1 Reserve Account pursuant to Section 2.3(d) as follows:
(i) on each Distribution Date during the Series 20032009-5 1 Revolving Period or a the Series 20032009-5 1 Controlled Amortization Period, (1) first, to the Surety ProviderAdministrator, in an amount equal to (x) the Surety Provider Fee for Series 2009-1 Percentage as of the related beginning of the Series 20032009-5 1 Interest Period and, without duplicationending on the day preceding such Distribution Date of the portion of the Monthly Administration Fee payable by ABRCF (as specified in clause (iii) of the definition thereof) for such Series 2009-1 Interest Period, (y2) second, to the Trustee, an amount equal to the Series 2009-1 Percentage as of the beginning of such Series 2009-1 Interest Period of the fees owing to the Trustee under the Indenture for such Series 2009-1 Interest Period, (3) third to pay any Surety Provider Reimbursement Amounts then due Carrying Charges (other than Carrying Charges provided for above) to the Persons to whom such amounts are owed, an amount equal to the Series 2009-1 Percentage as of the beginning of such Series 2009-1 Interest Period of such Carrying Charges (other than Carrying Charges provided for above) for such Series 2009-1 Interest Period, and owing(4) fourth, the balance, if any (“Excess Collections”), shall be withdrawn by the Paying Agent from the Series 2009-1 Collection Account and deposited in the Series 2009-1 Excess Collection Account; and
(ii) on each Distribution Date during the Series 2009-1 Rapid Amortization Period, (1) first, to the Trustee, an amount equal to the Series 2009-1 Percentage as of the beginning of such Series 2009-1 Interest Period ending on the day preceding such Distribution Date of the fees owing to the Trustee under the Indenture for such Series 2009-1 Interest Period, (2) second, to the Administrator, an amount equal to the Series 20032009-5 1 Percentage as of the beginning of such Series 20032009-5 1 Interest Period of the portion of the Monthly Administration Fee payable by AFC-II (as specified in clause (iii) of the definition thereof) payable by ABRCF for such Series 20032009-5 1 Interest Period, (3) third, to the Trustee, an amount equal to the Series 2003-5 Percentage as of the beginning of such Series 2003-5 Interest Period of the Trustee’s fees for such Series 2003-5 Interest Period, (4) fourth, to pay any Carrying Charges (other than Carrying Charges provided for above) to the Persons to whom such amounts are owed, an amount equal to the Series 20032009-5 1 Percentage as of the beginning of such Series 20032009-5 1 Interest Period of such Carrying Charges (other than Carrying Charges provided for above) for such Series 20032009-5 Interest Period, (5) fifth, if AFC-II is required to replace the Series 2003-5 Interest Rate Cap Counterparty pursuant to Section 2.10(b), the initial payment, if any, to be made by AFC-II to the replacement Series 2003-5 Interest Rate Cap Counterparty and (6) sixth, the balance, if any (“Excess Collections”), shall be withdrawn by the Paying Agent from the Series 2003-5 Collection Account and deposited in the Series 2003-5 Excess Collection Account; and
(ii) on each Distribution Date during the Series 2003-5 Rapid Amortization Period, (1) first, to the Surety Provider, in an amount equal to (x) the Surety Provider Fee for the related Series 2003-5 1 Interest Period and, without duplication, (y) any Surety Provider Reimbursement Amounts then due and owing, (2) second, to the Trustee, an amount equal to the Series 2003-5 Percentage as of the beginning of such Series 2003-5 Interest Period of the Trustee’s fees for such Series 2003-5 Interest Period, (3) third, to the Administrator, an amount equal to the Series 2003-5 Percentage as of the beginning of such Series 2003-5 Interest Period of the portion of the Monthly Administration Fee (as specified in clause (iii) of the definition thereof) payable by AFC-II for such Series 2003-5 Interest Period, (4) fourth, to pay any Carrying Charges (other than Carrying Charges provided for above) to the Persons to whom such amounts are owed, an amount equal to the Series 2003-5 Percentage as of the beginning of such Series 2003-5 Interest Period of such Carrying Charges (other than Carrying Charges provided for above) for such Series 2003-5 Interest Period, (5) fifth, if AFC-II is required to replace the Series 2003-5 Interest Rate Cap Counterparty pursuant to Section 2.10(b), the initial payment, if any, to be made by AFC-II to the replacement Series 2003-5 Interest Rate Cap Counterparty and (6) sixth, so long as the Series 20032009-5 1 Invested Amount is greater than the Series 2003-5 Monthly Total Principal Allocations on such Distribution Datefor the Related Month, an amount equal to the excess of the Series 20032009-5 1 Invested Amount over the Series 2003-5 Monthly Total Principal Allocations on such Distribution Date for the Related Month shall be treated as Principal Collections.
Appears in 1 contract
BALANCE. On or prior to the second Business Day preceding each Distribution Date, the Administrator shall instruct the Trustee and the Paying Agent in writing pursuant to the Administration Agreement to pay the balance (after making the payments required in Section 2.4), if any, of the amounts available from the Series 20032017-5 2 Accrued Interest Account and the Series 20032017-5 2 Distribution Account, plus the amount, if any, drawn under the Series 20032017-5 2 Letters of Credit and/or withdrawn from the Series 20032017-5 2 Cash Collateral Account Accounts pursuant to Section 2.3(c) plus the amount, if any, withdrawn from the Series 20032017-5 2 Reserve Account Accounts pursuant to Section 2.3(d) as follows:
(i) on each Distribution Date during the Series 20032017-5 2 Revolving Period or a the Series 20032017-5 2 Controlled Amortization Period, (1) first, to the Surety ProviderAdministrator, in an amount equal to (x) the Surety Provider Fee for Series 2017-2 Percentage as of the related beginning of the Series 20032017-5 2 Interest Period and, without duplicationending on the day preceding such Distribution Date of the portion of the Monthly Administration Fee payable by ABRCF (as specified in clause (iii) of the definition thereof) for such Series 2017-2 Interest Period, (y2) second, to the Trustee, an amount equal to the Series 2017-2 Percentage as of the beginning of such Series 2017-2 Interest Period of the fees owing to the Trustee under the Base Indenture for such Series 2017-2 Interest Period, (3) third to pay any Surety Provider Reimbursement Amounts then due Carrying Charges (other than Carrying Charges provided for above) to the Persons to whom such amounts are owed, an amount equal to the Series 2017-2 Percentage as of the beginning of such Series 2017-2 Interest Period of such Carrying Charges (other than Carrying Charges provided for above) for such Series 2017-2 Interest Period and owing(4) fourth, the balance, if any, shall be withdrawn by the Paying Agent from the Series 2017-2 Collection Account and deposited in the Series 2017-2 Excess Collection Account; and
(ii) on each Distribution Date during the Series 2017-2 Rapid Amortization Period, (1) first, to the Trustee, an amount equal to the Series 2017-2 Percentage as of the beginning of such Series 2017-2 Interest Period ending on the day preceding such Distribution Date of the fees owing to the Trustee under the Base Indenture for such Series 2017-2 Interest Period, (2) second, to the Administrator, an amount equal to the Series 20032017-5 2 Percentage as of the beginning of such Series 20032017-5 2 Interest Period of the portion of the Monthly Administration Fee payable by AFC-II (as specified in clause (iii) of the definition thereof) payable by ABRCF for such Series 20032017-5 2 Interest Period, (3) third, to the Trustee, an amount equal to the Series 2003-5 Percentage as of the beginning of such Series 2003-5 Interest Period of the Trustee’s fees for such Series 2003-5 Interest Period, (4) fourth, to pay any Carrying Charges (other than Carrying Charges provided for above) to the Persons to whom such amounts are owed, an amount equal to the Series 20032017-5 2 Percentage as of the beginning of such Series 20032017-5 2 Interest Period of such Carrying Charges (other than Carrying Charges provided for above) for such Series 20032017-5 Interest Period, (5) fifth, if AFC-II is required to replace the Series 2003-5 Interest Rate Cap Counterparty pursuant to Section 2.10(b), the initial payment, if any, to be made by AFC-II to the replacement Series 2003-5 Interest Rate Cap Counterparty and (6) sixth, the balance, if any (“Excess Collections”), shall be withdrawn by the Paying Agent from the Series 2003-5 Collection Account and deposited in the Series 2003-5 Excess Collection Account; and
(ii) on each Distribution Date during the Series 2003-5 Rapid Amortization Period, (1) first, to the Surety Provider, in an amount equal to (x) the Surety Provider Fee for the related Series 2003-5 2 Interest Period and, without duplication, (y) any Surety Provider Reimbursement Amounts then due and owing, (2) second, to the Trustee, an amount equal to the Series 2003-5 Percentage as of the beginning of such Series 2003-5 Interest Period of the Trustee’s fees for such Series 2003-5 Interest Period, (3) third, to the Administrator, an amount equal to the Series 2003-5 Percentage as of the beginning of such Series 2003-5 Interest Period of the portion of the Monthly Administration Fee (as specified in clause (iii) of the definition thereof) payable by AFC-II for such Series 2003-5 Interest Period, (4) fourth, to pay any Carrying Charges (other than Carrying Charges provided for above) to the Persons to whom such amounts are owed, an amount equal to the Series 2003-5 Percentage as of the beginning of such Series 2003-5 Interest Period of such Carrying Charges (other than Carrying Charges provided for above) for such Series 2003-5 Interest Period, (5) fifth, if AFC-II is required to replace the Series 2003-5 Interest Rate Cap Counterparty pursuant to Section 2.10(b), the initial payment, if any, to be made by AFC-II to the replacement Series 2003-5 Interest Rate Cap Counterparty and (6) sixth, so long as the Series 20032017-5 2 Invested Amount is greater than the Series 2003-5 Monthly Total Principal Allocations on such Distribution Datefor the Related Month, an amount equal to the excess of the Series 20032017-5 2 Invested Amount over the Series 2003-5 Monthly Total Principal Allocations on such Distribution Date for the Related Month shall be treated as Principal Collections.
Appears in 1 contract
Sources: Amended and Restated Series Supplement (Avis Budget Group, Inc.)
BALANCE. On or prior to the second Business Day preceding each Distribution Date, the Administrator shall instruct the Trustee and the Paying Agent in writing pursuant to the Administration Agreement to pay the balance (after making the payments required in Section 2.4), if any, of the amounts available from the Series 20032023-5 8 Accrued Interest Account and the Series 20032023-5 8 Distribution Account, plus the amount, if any, drawn under the Multi-Series 2003-5 Letters of Credit and/or withdrawn from the Series 20032023-5 8 Cash Collateral Account Accounts pursuant to Section 2.3(c) plus the amount, if any, withdrawn from the Series 20032023-5 8 Reserve Account Accounts pursuant to Section 2.3(d) as follows:
(i) on each Distribution Date during the Series 20032023-5 8 Revolving Period or a the Series 20032023-5 8 Controlled Amortization Period, (1) first, to the Surety Provider, in an amount equal to (x) the Surety Provider Fee for the related Series 2003-5 Interest Period and, without duplication, (y) any Surety Provider Reimbursement Amounts then due and owing, (2) second, to the Administrator, an amount equal to the Series 20032023-5 8 Percentage as of the beginning of such the Series 20032023-5 8 Interest Period ending on the day preceding such Distribution Date of the portion of the Monthly Administration Fee payable by AFC-II ABRCF (as specified in clause (iii) of the definition thereof) for such Series 20032023-5 8 Interest Period, (32) thirdsecond, to the Trustee, an amount equal to the Series 20032023-5 8 Percentage as of the beginning of such Series 20032023-5 8 Interest Period of the Trustee’s fees owing to the Trustee under the Base Indenture for such Series 20032023-5 8 Interest Period, (3) third to pay any Carrying Charges (other than Carrying Charges provided for above) to the Persons to whom such amounts are owed, an amount equal to the Series 2023-8 Percentage as of the beginning of such Series 2023-8 Interest Period of such Carrying Charges (other than Carrying Charges provided for above) for such Series 2023-8 Interest Period and (4) fourth, the balance, if any, shall be withdrawn by the Paying Agent from the Series 2023-8 Collection Account and deposited in the Series 2023-8 Excess Collection Account; and
(ii) on each Distribution Date during the Series 2023-8 Rapid Amortization Period, (1) first, to the Series 2023-8 Distribution Account, an amount equal to Class D Monthly Subordinated Interest with respect to the Series 2023-8 Interest Period ending on the date immediately preceding such Distribution Date to be treated as Principal Collections, (2) second, to the Trustee, an amount equal to the Series 2023-8 Percentage as of the beginning of such Series 2023-8 Interest Period ending on the day preceding such Distribution Date of the fees owing to the Trustee under the Base Indenture for such Series 2023-8 Interest Period, (3) third, to the Administrator, an amount equal to the Series 2023-8 Percentage as of the beginning of such Series 2023-8 Interest Period of the portion of the Monthly Administration Fee (as specified in clause (iii) of the definition thereof) payable by ABRCF for such Series 2023-8 Interest Period, (4) fourth, to pay any Carrying Charges (other than Carrying Charges provided for above) to the Persons to whom such amounts are owed, an amount equal to the Series 20032023-5 8 Percentage as of the beginning of such Series 20032023-5 8 Interest Period of such Carrying Charges (other than Carrying Charges provided for above) for such Series 20032023-5 8 Interest Period, Period and (5) fifth, if AFC-II is required to replace the Series 2003-5 Interest Rate Cap Counterparty pursuant to Section 2.10(b), the initial payment, if any, to be made by AFC-II to the replacement Series 2003-5 Interest Rate Cap Counterparty and (6) sixth, the balance, if any (“Excess Collections”), shall be withdrawn by the Paying Agent from the Series 2003-5 Collection Account and deposited in the Series 2003-5 Excess Collection Account; and
(ii) on each Distribution Date during the Series 2003-5 Rapid Amortization Period, (1) first, to the Surety Provider, in an amount equal to (x) the Surety Provider Fee for the related Series 2003-5 Interest Period and, without duplication, (y) any Surety Provider Reimbursement Amounts then due and owing, (2) second, to the Trustee, an amount equal to the Series 2003-5 Percentage as of the beginning of such Series 2003-5 Interest Period of the Trustee’s fees for such Series 2003-5 Interest Period, (3) third, to the Administrator, an amount equal to the Series 2003-5 Percentage as of the beginning of such Series 2003-5 Interest Period of the portion of the Monthly Administration Fee (as specified in clause (iii) of the definition thereof) payable by AFC-II for such Series 2003-5 Interest Period, (4) fourth, to pay any Carrying Charges (other than Carrying Charges provided for above) to the Persons to whom such amounts are owed, an amount equal to the Series 2003-5 Percentage as of the beginning of such Series 2003-5 Interest Period of such Carrying Charges (other than Carrying Charges provided for above) for such Series 2003-5 Interest Period, (5) fifth, if AFC-II is required to replace the Series 2003-5 Interest Rate Cap Counterparty pursuant to Section 2.10(b), the initial payment, if any, to be made by AFC-II to the replacement Series 2003-5 Interest Rate Cap Counterparty and (6) sixth, so long as the Series 20032023-5 8 Invested Amount is greater than the Series 2003-5 Monthly Total Principal Allocations on such Distribution Datefor AMERICAS 128889470 45 the Related Month, an amount equal to the excess of the Series 20032023-5 8 Invested Amount over the Series 2003-5 Monthly Total Principal Allocations on such Distribution Date for the Related Month shall be treated as Principal Collections.
Appears in 1 contract
Sources: Amended and Restated Series 2023 8 Supplement (Avis Budget Group, Inc.)
BALANCE. On or prior to the second Business Day preceding each Distribution Date, the Administrator shall instruct the Trustee and the Paying Agent in writing pursuant to the Administration Agreement to pay the balance (after making the payments required in Section 2.4), if any, of the amounts available from the Series 20032023-5 Accrued Interest Account and the Series 20032023-5 Distribution Account, plus the amount, if any, drawn under the Multi-Series 2003-5 Letters of Credit and/or withdrawn from the Series 20032023-5 Cash Collateral Account pursuant to Section 2.3(c) plus the amount, if any, withdrawn from the Series 20032023-5 Reserve Account pursuant to Section 2.3(d) as follows:
(i) on each Distribution Date during the Series 20032023-5 Revolving Period or a the Series 20032023-5 Controlled Amortization Period, (1) first, to the Surety ProviderAdministrator, in an amount equal to (x) the Surety Provider Fee for Series 2023-5 Percentage as of the related beginning of the Series 20032023-5 Interest Period and, without duplicationending on the day preceding such Distribution Date of the portion of the Monthly Administration Fee payable by ABRCF (as specified in clause (iii) of the definition thereof) for such Series 2023-5 Interest Period, (y2) second, to the Trustee, an amount equal to the Series 2023-5 Percentage as of the beginning of such Series 2023-5 Interest Period of the fees owing to the Trustee under the Base Indenture for such Series 2023-5 Interest Period, (3) third to pay any Surety Provider Reimbursement Amounts then due Carrying Charges (other than Carrying Charges provided for above) to the Persons to whom such amounts are owed, an amount equal to the Series 2023-5 Percentage as of the beginning of such Series 2023-5 Interest Period of such Carrying Charges (other than Carrying Charges provided for above) for such Series 2023-5 Interest Period and owing(4) fourth, the balance, if any, shall be withdrawn by the Paying Agent from the Series 2023-5 Collection Account and deposited in the Series 2023-5 Excess Collection Account; and
(ii) on each Distribution Date during the Series 2023-5 Rapid Amortization Period, (1) first, to the Trustee, an amount equal to the Series 2023-5 Percentage as of the beginning of such Series 2023-5 Interest Period ending on the day preceding such Distribution Date of the fees owing to the Trustee under the Base Indenture for such Series 2023-5 Interest Period, (2) second, to the Administrator, an amount equal to the Series 20032023-5 Percentage as of the beginning of such Series 20032023-5 Interest Period of the portion of the Monthly Administration Fee payable by AFC-II (as specified in clause (iii) of the definition thereof) payable by ABRCF for such Series 20032023-5 Interest Period, (3) third, to the Trustee, an amount equal to the Series 2003-5 Percentage as of the beginning of such Series 2003-5 Interest Period of the Trustee’s fees for such Series 2003-5 Interest Period, (4) fourth, to pay any Carrying Charges (other than Carrying Charges provided for above) to the Persons to whom such amounts are owed, an amount equal to the Series 20032023-5 Percentage as of the beginning of such Series 20032023-5 Interest Period of such Carrying Charges (other than Carrying Charges provided for above) for such Series 2003-5 Interest Period, (5) fifth, if AFC-II is required to replace the Series 2003-5 Interest Rate Cap Counterparty pursuant to Section 2.10(b), the initial payment, if any, to be made by AFC-II to the replacement Series 2003-5 Interest Rate Cap Counterparty and (6) sixth, the balance, if any (“Excess Collections”), shall be withdrawn by the Paying Agent from the Series 2003-5 Collection Account and deposited in the Series 2003-5 Excess Collection Account; and
(ii) on each Distribution Date during the Series 2003-5 Rapid Amortization Period, (1) first, to the Surety Provider, in an amount equal to (x) the Surety Provider Fee for the related Series 20032023-5 Interest Period and, without duplication, (y) any Surety Provider Reimbursement Amounts then due and owing, (2) second, to the Trustee, an amount equal to the Series 2003-5 Percentage as of the beginning of such Series 2003-5 Interest Period of the Trustee’s fees for such Series 2003-5 Interest Period, (3) third, to the Administrator, an amount equal to the Series 2003-5 Percentage as of the beginning of such Series 2003-5 Interest Period of the portion of the Monthly Administration Fee (as specified in clause (iii) of the definition thereof) payable by AFC-II for such Series 2003-5 Interest Period, (4) fourth, to pay any Carrying Charges (other than Carrying Charges provided for above) to the Persons to whom such amounts are owed, an amount equal to the Series 2003-5 Percentage as of the beginning of such Series 2003-5 Interest Period of such Carrying Charges (other than Carrying Charges provided for above) for such Series 2003-5 Interest Period, (5) fifth, if AFC-II is required to replace the Series 2003-5 Interest Rate Cap Counterparty pursuant to Section 2.10(b), the initial payment, if any, to be made by AFC-II to the replacement Series 2003-5 Interest Rate Cap Counterparty and (6) sixth, so long as the Series 20032023-5 Invested Amount is greater than the Series 2003-5 Monthly Total Principal Allocations on such Distribution Datefor the Related Month, an amount equal to the excess of the Series 20032023-5 Invested Amount over the Series 2003-5 Monthly Total Principal Allocations on such Distribution Date for the Related Month shall be treated as Principal Collections.
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BALANCE. On or prior to the second Business Day preceding each Distribution Date, the Administrator shall instruct the Trustee and the Paying Agent in writing pursuant to the Administration Agreement to pay the balance (after making the payments required in Section 2.4), if any, of the amounts available from the Series 20032020-5 2 Accrued Interest Account and the Series 20032020-5 2 Distribution Account, plus the amount, if any, drawn under the Series 20032020-5 2 Letters of Credit and/or withdrawn from the Series 20032020-5 2 Cash Collateral Account Accounts pursuant to Section 2.3(c) plus the amount, if any, withdrawn from the Series 20032020-5 2 Reserve Account Accounts pursuant to Section 2.3(d) as follows:
(i) on each Distribution Date during the Series 20032020-5 2 Revolving Period or a the Series 20032020-5 2 Controlled Amortization Period, (1) first, to the Surety Provider, in an amount equal to (x) the Surety Provider Fee for the related Series 2003-5 Interest Period and, without duplication, (y) any Surety Provider Reimbursement Amounts then due and owing, (2) second, to the Administrator, an amount equal to the Series 20032020-5 2 Percentage as of the beginning of such the Series 20032020-5 2 Interest Period ending on the day preceding such Distribution Date of the portion of the Monthly Administration Fee payable by AFC-II ABRCF (as specified in clause (iii) of the definition thereof) for such Series 20032020-5 2 Interest Period, (32) thirdsecond, to the Trustee, an amount equal to the Series 20032020-5 2 Percentage as of the beginning of such Series 20032020-5 2 Interest Period of the Trustee’s fees owing to the Trustee under the Base Indenture for such Series 20032020-5 2 Interest Period, (3) third to pay any Carrying Charges (other than Carrying Charges provided for above) to the Persons to whom such amounts are owed, an amount equal to the Series 2020-2 Percentage as of the beginning of such Series 2020-2 Interest Period of such Carrying Charges (other than Carrying Charges provided for above) for such Series 2020-2 Interest Period and (4) fourth, the balance, if any, shall be withdrawn by the Paying Agent from the Series 2020-2 Collection Account and deposited in the Series 2020-2 Excess Collection Account; and
(ii) on each Distribution Date during the Series 2020-2 Rapid Amortization Period, (1) first, to the Series 2020-2 Distribution Account, an amount equal to Class D Monthly Subordinated Interest with respect to the Series 2020-2 Interest Period ending on the date immediately preceding such Distribution Date to be treated as Principal Collections, (2) second, to the Trustee, an amount equal to the Series 2020-2 Percentage as of the beginning of such Series 2020-2 Interest Period ending on the day preceding such Distribution Date of the fees owing to the Trustee under the Base Indenture for such Series 2020-2 Interest Period, (3) third, to the Administrator, an amount equal to the Series 2020-2 Percentage as of the beginning of such Series 2020-2 Interest Period of the portion of the Monthly Administration Fee (as specified in clause (iii) of the definition thereof) payable by ABRCF for such Series 2020-2 Interest Period, (4) fourth, to pay any Carrying Charges (other than Carrying Charges provided for above) to the Persons to whom such amounts are owed, an amount equal to the Series 20032020-5 2 Percentage as of the beginning of such Series 20032020-5 2 Interest Period of such Carrying Charges (other than Carrying Charges provided for above) for such Series 20032020-5 2 Interest Period, Period and (5) fifth, if AFC-II is required to replace the Series 2003-5 Interest Rate Cap Counterparty pursuant to Section 2.10(b), the initial payment, if any, to be made by AFC-II to the replacement Series 2003-5 Interest Rate Cap Counterparty and (6) sixth, the balance, if any (“Excess Collections”), shall be withdrawn by the Paying Agent from the Series 2003-5 Collection Account and deposited in the Series 2003-5 Excess Collection Account; and
(ii) on each Distribution Date during the Series 2003-5 Rapid Amortization Period, (1) first, to the Surety Provider, in an amount equal to (x) the Surety Provider Fee for the related Series 2003-5 Interest Period and, without duplication, (y) any Surety Provider Reimbursement Amounts then due and owing, (2) second, to the Trustee, an amount equal to the Series 2003-5 Percentage as of the beginning of such Series 2003-5 Interest Period of the Trustee’s fees for such Series 2003-5 Interest Period, (3) third, to the Administrator, an amount equal to the Series 2003-5 Percentage as of the beginning of such Series 2003-5 Interest Period of the portion of the Monthly Administration Fee (as specified in clause (iii) of the definition thereof) payable by AFC-II for such Series 2003-5 Interest Period, (4) fourth, to pay any Carrying Charges (other than Carrying Charges provided for above) to the Persons to whom such amounts are owed, an amount equal to the Series 2003-5 Percentage as of the beginning of such Series 2003-5 Interest Period of such Carrying Charges (other than Carrying Charges provided for above) for such Series 2003-5 Interest Period, (5) fifth, if AFC-II is required to replace the Series 2003-5 Interest Rate Cap Counterparty pursuant to Section 2.10(b), the initial payment, if any, to be made by AFC-II to the replacement Series 2003-5 Interest Rate Cap Counterparty and (6) sixth, so long as the Series 20032020-5 2 Invested Amount is greater than the Series 2003-5 Monthly Total Principal Allocations on such Distribution Datefor the Related Month, an amount equal to the excess of the Series 20032020-5 2 Invested Amount over the Series 2003-5 Monthly Total Principal Allocations on such Distribution Date for the Related Month shall be treated as Principal Collections.
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Sources: Amended and Restated Series 2020 2 Supplement (Avis Budget Group, Inc.)
BALANCE. On or prior to the second Business Day preceding each Distribution Date, the Administrator shall instruct the Trustee and the Paying Agent in writing pursuant to the Administration Agreement to pay the balance (after making the payments required in Section 2.4), if any, of the amounts available from the Series 2003-5 4 Accrued Interest Account and the Series 2003-5 4 Distribution Account, plus the amount, if any, drawn under the Series 2003-5 4 Letters of Credit and/or withdrawn from the Series 2003-5 4 Cash Collateral Account pursuant to Section 2.3(c) plus the amount, if any, withdrawn from the Series 2003-5 4 Reserve Account pursuant to Section 2.3(d) as follows:
(i) on each Distribution Date during the Series 2003-5 4 Revolving Period or a Series 2003-5 4 Controlled Amortization Period, (1) first, to each Series 2003-4 Interest Rate Swap Counterparty, an amount equal to the Fixed Rate Payment due and owing under the applicable Series 2003-4 Interest Rate Swap for such Distribution Date, (2) second, to the Surety Provider, in an amount equal to (x) the Surety Provider Fee for the related Series 2003-5 4 Interest Period and, without duplication, (y) any Surety Provider Reimbursement Amounts then due and owing, (23) secondthird, to the Administrator, an amount equal to the Series 2003-5 4 Percentage as of the beginning of such Series 2003-5 4 Interest Period of the portion of the Monthly Administration Fee payable by AFC-II (as specified in clause (iii) of the definition thereof) for such Series 2003-5 4 Interest Period, (34) thirdfourth, to the Trustee, an amount equal to the Series 2003-5 4 Percentage as of the beginning of such Series 2003-5 4 Interest Period of the Trustee’s fees for such Series 2003-5 4 Interest Period, (45) fourthfifth, to pay any Carrying Charges (other than Carrying Charges provided for above) to the Persons to whom such amounts are owed, an amount equal to the Series 2003-5 4 Percentage as of the beginning of such Series 2003-5 4 Interest Period of such Carrying Charges (other than Carrying Charges provided for above) for such Series 2003-5 4 Interest Period, (56) fifthsixth, if AFC-II is required to replace the each Series 2003-5 4 Interest Rate Cap Counterparty pursuant to Section 2.10(b)Swap Counterparty, any amounts due and owing under the initial payment, if any, to be made by AFC-II to the replacement applicable Series 2003-5 4 Interest Rate Cap Counterparty Swap (other than any Fixed Rate Payment) and (67) sixthseventh, the balance, if any (“Excess Collections”), shall be withdrawn by the Paying Agent from the Series 2003-5 4 Collection Account and deposited in the Series 2003-5 4 Excess Collection Account; and
(ii) on each Distribution Date during the Series 2003-5 4 Rapid Amortization Period, (1) first, to each Series 2003-4 Interest Rate Swap Counterparty, an amount equal to the Fixed Rate Payment due and owing under the applicable Series 2003-4 Interest Rate Swap for such Distribution Date, (2) second, to the Surety Provider, in an amount equal to (x) the Surety Provider Fee for the related Series 2003-5 4 Interest Period and, without duplication, (y) any Surety Provider Reimbursement Amounts then due and owing, (23) secondthird, to the Trustee, an amount equal to the Series 2003-5 4 Percentage as of the beginning of such Series 2003-5 4 Interest Period of the Trustee’s fees for such Series 2003-5 4 Interest Period, (34) thirdfourth, to the Administrator, an amount equal to the Series 2003-5 4 Percentage as of the beginning of such Series 2003-5 4 Interest Period of the portion of the Monthly Administration Fee (as specified in clause (iii) of the definition thereof) payable by AFC-II for such Series 2003-5 4 Interest Period, (45) fourthfifth, to pay any Carrying Charges (other than Carrying Charges provided for above) to the Persons to whom such amounts are owed, an amount equal to the Series 2003-5 4 Percentage as of the beginning of such Series 2003-5 4 Interest Period of such Carrying Charges (other than Carrying Charges provided for above) for such Series 2003-5 4 Interest Period, (5) fifth, if AFC-II is required to replace the Series 2003-5 Interest Rate Cap Counterparty pursuant to Section 2.10(b), the initial payment, if any, to be made by AFC-II to the replacement Series 2003-5 Interest Rate Cap Counterparty and (6) sixth, so long as the Series 2003-5 4 Invested Amount is greater than the Series 2003-5 4 Principal Allocations on such Distribution Date, an amount equal to the excess of the Series 2003-5 4 Invested Amount over the Series 2003-5 4 Principal Allocations on such Distribution Date shall be treated as Principal CollectionsCollections and (7) seventh, to each Series 2003-4 Interest Rate Swap Counterparty, any amounts due and owing under the applicable Series 2003-4 Interest Rate Swap (other than any Fixed Rate Payment).
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BALANCE. On or prior to the second Business Day preceding each Distribution Date, the Administrator shall instruct the Trustee and the Paying Agent in writing pursuant to the Administration Agreement to pay the balance (after making the payments required in Section 2.4), if any, of the amounts available from the Series 20032023-5 1 Accrued Interest Account and the Series 20032023-5 1 Distribution Account, plus the amount, if any, drawn under the Multi-Series 2003-5 Letters of Credit and/or withdrawn from the Series 20032023-5 1 Cash Collateral Account pursuant to Section 2.3(c) plus the amount, if any, withdrawn from the Series 20032023-5 1 Reserve Account pursuant to Section 2.3(d) as follows:
(i) on each Distribution Date during the Series 20032023-5 1 Revolving Period or a the Series 20032023-5 1 Controlled Amortization Period, (1) first, to the Surety ProviderAdministrator, in an amount equal to (x) the Surety Provider Fee for Series 2023-1 Percentage as of the related beginning of the Series 20032023-5 1 Interest Period and, without duplicationending on the day preceding such Distribution Date of the portion of the Monthly Administration Fee payable by ABRCF (as specified in clause (iii) of the definition thereof) for such Series 2023-1 Interest Period, (y2) second, to the Trustee, an amount equal to the Series 2023-1 Percentage as of the beginning of such Series 2023-1 Interest Period of the fees owing to the Trustee under the Base Indenture for such Series 2023-1 Interest Period, (3) third to pay any Surety Provider Reimbursement Amounts then due Carrying Charges (other than Carrying Charges provided for above) to the Persons to whom such amounts are owed, an amount equal to the Series 2023-1 Percentage as of the beginning of such Series 2023-1 Interest Period of such Carrying Charges (other than Carrying Charges provided for above) for such Series 2023-1 Interest Period and owing(4) fourth, the balance, if any, shall be withdrawn by the Paying Agent from the Series 2023-1 Collection Account and deposited in the Series 2023-1 Excess Collection Account; and
(ii) on each Distribution Date during the Series 2023-1 Rapid Amortization Period, (1) first, to the Trustee, an amount equal to the Series 2023-1 Percentage as of the beginning of such Series 2023-1 Interest Period ending on the day preceding such Distribution Date of the fees owing to the Trustee under the Base Indenture for such Series 2023-1 Interest Period, (2) second, to the Administrator, an amount equal to the Series 20032023-5 1 Percentage as of the beginning of such Series 20032023-5 1 Interest Period of the portion of the Monthly Administration Fee payable by AFC-II (as specified in clause (iii) of the definition thereof) payable by ABRCF for such Series 20032023-5 1 Interest Period, (3) third, to the Trustee, an amount equal to the Series 2003-5 Percentage as of the beginning of such Series 2003-5 Interest Period of the Trustee’s fees for such Series 2003-5 Interest Period, (4) fourth, to pay any Carrying Charges (other than Carrying Charges provided for above) to the Persons to whom such amounts are owed, an amount equal to the Series 20032023-5 1 Percentage as of the beginning of such Series 20032023-5 1 Interest Period of such Carrying Charges (other than Carrying Charges provided for above) for such Series 20032023-5 Interest Period, (5) fifth, if AFC-II is required to replace the Series 2003-5 Interest Rate Cap Counterparty pursuant to Section 2.10(b), the initial payment, if any, to be made by AFC-II to the replacement Series 2003-5 Interest Rate Cap Counterparty and (6) sixth, the balance, if any (“Excess Collections”), shall be withdrawn by the Paying Agent from the Series 2003-5 Collection Account and deposited in the Series 2003-5 Excess Collection Account; and
(ii) on each Distribution Date during the Series 2003-5 Rapid Amortization Period, (1) first, to the Surety Provider, in an amount equal to (x) the Surety Provider Fee for the related Series 2003-5 1 Interest Period and, without duplication, (y) any Surety Provider Reimbursement Amounts then due and owing, (2) second, to the Trustee, an amount equal to the Series 2003-5 Percentage as of the beginning of such Series 2003-5 Interest Period of the Trustee’s fees for such Series 2003-5 Interest Period, (3) third, to the Administrator, an amount equal to the Series 2003-5 Percentage as of the beginning of such Series 2003-5 Interest Period of the portion of the Monthly Administration Fee (as specified in clause (iii) of the definition thereof) payable by AFC-II for such Series 2003-5 Interest Period, (4) fourth, to pay any Carrying Charges (other than Carrying Charges provided for above) to the Persons to whom such amounts are owed, an amount equal to the Series 2003-5 Percentage as of the beginning of such Series 2003-5 Interest Period of such Carrying Charges (other than Carrying Charges provided for above) for such Series 2003-5 Interest Period, (5) fifth, if AFC-II is required to replace the Series 2003-5 Interest Rate Cap Counterparty pursuant to Section 2.10(b), the initial payment, if any, to be made by AFC-II to the replacement Series 2003-5 Interest Rate Cap Counterparty and (6) sixth, so long as the Series 20032023-5 1 Invested Amount is greater than the Series 2003-5 Monthly Total Principal Allocations on such Distribution Datefor the Related Month, an amount equal to the excess of the Series 20032023-5 1 Invested Amount over the Series 2003-5 Monthly Total Principal Allocations on such Distribution Date for the Related Month shall be treated as Principal Collections.
Appears in 1 contract
BALANCE. On or prior to the second Business Day preceding each Distribution Date, the Administrator shall instruct the Trustee and the Paying Agent in writing pursuant to the Administration Agreement to pay the balance (after making the payments required in Section 2.4), if any, of the amounts available from the Series 20032020-5 1 Accrued Interest Account and the Series 20032020-5 1 Distribution Account, plus the amount, if any, drawn under the Series 20032020-5 1 Letters of Credit and/or withdrawn from the Series 20032020-5 1 Cash Collateral Account pursuant to Section 2.3(c) plus the amount, if any, withdrawn from the Series 20032020-5 1 Reserve Account pursuant to Section 2.3(d) as follows:
(i) on each Distribution Date during the Series 20032020-5 1 Revolving Period or a the Series 20032020-5 1 Controlled Amortization Period, (1) first, to the Surety ProviderAdministrator, in an amount equal to (x) the Surety Provider Fee for Series 2020-1 Percentage as of the related beginning of the Series 20032020-5 1 Interest Period and, without duplicationending on the day preceding such Distribution Date of the portion of the Monthly Administration Fee payable by ABRCF (as specified in clause (iii) of the definition thereof) for such Series 2020-1 Interest Period, (y2) second, to the Trustee, an amount equal to the Series 2020-1 Percentage as of the beginning of such Series 2020-1 Interest Period of the fees owing to the Trustee under the Base Indenture for such Series 2020-1 Interest Period, (3) third to pay any Surety Provider Reimbursement Amounts then due Carrying Charges (other than Carrying Charges provided for above) to the Persons to whom such amounts are owed, an amount equal to the Series 2020-1 Percentage as of the beginning of such Series 2020-1 Interest Period of such Carrying Charges (other than Carrying Charges provided for above) for such Series 2020-1 Interest Period and owing(4) fourth, the balance, if any, shall be withdrawn by the Paying Agent from the Series 2020-1 Collection Account and deposited in the Series 2020-1 Excess Collection Account; and
(ii) on each Distribution Date during the Series 2020-1 Rapid Amortization Period, (1) first, to the Trustee, an amount equal to the Series 2020-1 Percentage as of the beginning of such Series 2020-1 Interest Period ending on the day preceding such Distribution Date of the fees owing to the Trustee under the Base Indenture for such Series 2020-1 Interest Period, (2) second, to the Administrator, an amount equal to the Series 20032020-5 1 Percentage as of the beginning of such Series 20032020-5 1 Interest Period of the portion of the Monthly Administration Fee payable by AFC-II (as specified in clause (iii) of the definition thereof) payable by ABRCF for such Series 20032020-5 1 Interest Period, (3) third, to the Trustee, an amount equal to the Series 2003-5 Percentage as of the beginning of such Series 2003-5 Interest Period of the Trustee’s fees for such Series 2003-5 Interest Period, (4) fourth, to pay any Carrying Charges (other than Carrying Charges provided for above) to the Persons to whom such amounts are owed, an amount equal to the Series 20032020-5 1 Percentage as of the beginning of such Series 20032020-5 1 Interest Period of such Carrying Charges (other than Carrying Charges provided for above) for such Series 20032020-5 Interest Period, (5) fifth, if AFC-II is required to replace the Series 2003-5 Interest Rate Cap Counterparty pursuant to Section 2.10(b), the initial payment, if any, to be made by AFC-II to the replacement Series 2003-5 Interest Rate Cap Counterparty and (6) sixth, the balance, if any (“Excess Collections”), shall be withdrawn by the Paying Agent from the Series 2003-5 Collection Account and deposited in the Series 2003-5 Excess Collection Account; and
(ii) on each Distribution Date during the Series 2003-5 Rapid Amortization Period, (1) first, to the Surety Provider, in an amount equal to (x) the Surety Provider Fee for the related Series 2003-5 1 Interest Period and, without duplication, (y) any Surety Provider Reimbursement Amounts then due and owing, (2) second, to the Trustee, an amount equal to the Series 2003-5 Percentage as of the beginning of such Series 2003-5 Interest Period of the Trustee’s fees for such Series 2003-5 Interest Period, (3) third, to the Administrator, an amount equal to the Series 2003-5 Percentage as of the beginning of such Series 2003-5 Interest Period of the portion of the Monthly Administration Fee (as specified in clause (iii) of the definition thereof) payable by AFC-II for such Series 2003-5 Interest Period, (4) fourth, to pay any Carrying Charges (other than Carrying Charges provided for above) to the Persons to whom such amounts are owed, an amount equal to the Series 2003-5 Percentage as of the beginning of such Series 2003-5 Interest Period of such Carrying Charges (other than Carrying Charges provided for above) for such Series 2003-5 Interest Period, (5) fifth, if AFC-II is required to replace the Series 2003-5 Interest Rate Cap Counterparty pursuant to Section 2.10(b), the initial payment, if any, to be made by AFC-II to the replacement Series 2003-5 Interest Rate Cap Counterparty and (6) sixth, so long as the Series 20032020-5 1 Invested Amount is greater than the Series 2003-5 Monthly Total Principal Allocations on such Distribution Datefor the Related Month, an amount equal to the excess of the Series 20032020-5 1 Invested Amount over the Series 2003-5 Monthly Total Principal Allocations on such Distribution Date for the Related Month shall be treated as Principal Collections.
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BALANCE. On or prior to the second Business Day preceding each Distribution Date, the Administrator shall instruct the Trustee and the Paying Agent in writing pursuant to the Administration Agreement to pay the balance (after making the payments required in Section 2.4), if any, of the amounts available from the Series 20032015-5 1 Accrued Interest Account and the Series 20032015-5 1 Distribution Account, plus the amount, if any, drawn under the Series 20032015-5 1 Letters of Credit and/or withdrawn from the Series 20032015-5 1 Cash Collateral Account pursuant to Section 2.3(c) plus the amount, if any, withdrawn from the Series 20032015-5 1 Reserve Account pursuant to Section 2.3(d) as follows:
(i) on each Distribution Date during the Series 20032015-5 1 Revolving Period or a the Series 20032015-5 1 Controlled Amortization Period, (1) first, to the Surety ProviderAdministrator, in an amount equal to (x) the Surety Provider Fee for Series 2015-1 Percentage as of the related beginning of the Series 20032015-5 1 Interest Period and, without duplicationending on the day preceding such Distribution Date of the portion of the Monthly Administration Fee payable by ABRCF (as specified in clause (iii) of the definition thereof) for such Series 2015-1 Interest Period, (y2) second, to the Trustee, an amount equal to the Series 2015-1 Percentage as of the beginning of such Series 2015-1 Interest Period of the fees owing to the Trustee under the Indenture for such Series 2015-1 Interest Period, (3) third to pay any Surety Provider Reimbursement Amounts then due Carrying Charges (other than Carrying Charges provided for above) to the Persons to whom such amounts are owed, an amount equal to the Series 2015-1 Percentage as of the beginning of such Series 2015-1 Interest Period of such Carrying Charges (other than Carrying Charges provided for above) for such Series 2015-1 Interest Period and owing(4) fourth, the balance, if any (“Excess Collections”), shall be withdrawn by the Paying Agent from the Series 2015-1 Collection Account and deposited in the Series 2015-1 Excess Collection Account; and
(ii) on each Distribution Date during the Series 2015-1 Rapid Amortization Period, (1) first, to the Trustee, an amount equal to the Series 2015-1 Percentage as of the beginning of such Series 2015-1 Interest Period ending on the day preceding such Distribution Date of the fees owing to the Trustee under the Indenture for such Series 2015-1 Interest Period, (2) second, to the Administrator, an amount equal to the Series 20032015-5 1 Percentage as of the beginning of such Series 20032015-5 1 Interest Period of the portion of the Monthly Administration Fee payable by AFC-II (as specified in clause (iii) of the definition thereof) payable by ABRCF for such Series 20032015-5 1 Interest Period, (3) third, to the Trustee, an amount equal to the Series 2003-5 Percentage as of the beginning of such Series 2003-5 Interest Period of the Trustee’s fees for such Series 2003-5 Interest Period, (4) fourth, to pay any Carrying Charges (other than Carrying Charges provided for above) to the Persons to whom such amounts are owed, an amount equal to the Series 20032015-5 1 Percentage as of the beginning of such Series 20032015-5 1 Interest Period of such Carrying Charges (other than Carrying Charges provided for above) for such Series 20032015-5 Interest Period, (5) fifth, if AFC-II is required to replace the Series 2003-5 Interest Rate Cap Counterparty pursuant to Section 2.10(b), the initial payment, if any, to be made by AFC-II to the replacement Series 2003-5 Interest Rate Cap Counterparty and (6) sixth, the balance, if any (“Excess Collections”), shall be withdrawn by the Paying Agent from the Series 2003-5 Collection Account and deposited in the Series 2003-5 Excess Collection Account; and
(ii) on each Distribution Date during the Series 2003-5 Rapid Amortization Period, (1) first, to the Surety Provider, in an amount equal to (x) the Surety Provider Fee for the related Series 2003-5 1 Interest Period and, without duplication, (y) any Surety Provider Reimbursement Amounts then due and owing, (2) second, to the Trustee, an amount equal to the Series 2003-5 Percentage as of the beginning of such Series 2003-5 Interest Period of the Trustee’s fees for such Series 2003-5 Interest Period, (3) third, to the Administrator, an amount equal to the Series 2003-5 Percentage as of the beginning of such Series 2003-5 Interest Period of the portion of the Monthly Administration Fee (as specified in clause (iii) of the definition thereof) payable by AFC-II for such Series 2003-5 Interest Period, (4) fourth, to pay any Carrying Charges (other than Carrying Charges provided for above) to the Persons to whom such amounts are owed, an amount equal to the Series 2003-5 Percentage as of the beginning of such Series 2003-5 Interest Period of such Carrying Charges (other than Carrying Charges provided for above) for such Series 2003-5 Interest Period, (5) fifth, if AFC-II is required to replace the Series 2003-5 Interest Rate Cap Counterparty pursuant to Section 2.10(b), the initial payment, if any, to be made by AFC-II to the replacement Series 2003-5 Interest Rate Cap Counterparty and (6) sixth, so long as the Series 20032015-5 1 Invested Amount is greater than the Series 2003-5 Monthly Total Principal Allocations on such Distribution Datefor the Related Month, an amount equal to the excess of the Series 20032015-5 1 Invested Amount over the Series 2003-5 Monthly Total Principal Allocations on such Distribution Date for the Related Month shall be treated as Principal Collections.
Appears in 1 contract
BALANCE. On or prior to the second Business Day preceding each Distribution Date, the Administrator shall instruct the Trustee and the Paying Agent in writing pursuant to the Administration Agreement to pay the balance (after making the payments required in Section 2.4), if any, of the amounts available from the Series 20032023-5 3 Accrued Interest Account and the Series 20032023-5 3 Distribution Account, plus the amount, if any, drawn under the Multi-Series 2003-5 Letters of Credit and/or withdrawn from the Series 20032023-5 3 Cash Collateral Account pursuant to Section 2.3(c) plus the amount, if any, withdrawn from the Series 20032023-5 3 Reserve Account pursuant to Section 2.3(d) as follows:
(i) on each Distribution Date during the Series 20032023-5 3 Revolving Period or a the Series 20032023-5 3 Controlled Amortization Period, (1) first, to the Surety ProviderAdministrator, in an amount equal to (x) the Surety Provider Fee for Series 2023-3 Percentage as of the related beginning of the Series 20032023-5 3 Interest Period and, without duplicationending on the day preceding such Distribution Date of the portion of the Monthly Administration Fee payable by ABRCF (as specified in clause (iii) of the definition thereof) for such Series 2023-3 Interest Period, (y2) second, to the Trustee, an amount equal to the Series 2023-3 Percentage as of the beginning of such Series 2023-3 Interest Period of the fees owing to the Trustee under the Base Indenture for such Series 2023-3 Interest Period, (3) third to pay any Surety Provider Reimbursement Amounts then due Carrying Charges (other than Carrying Charges provided for above) to the Persons to whom such amounts are owed, an amount equal to the Series 2023-3 Percentage as of the beginning of such Series 2023-3 Interest Period of such Carrying Charges (other than Carrying Charges provided for above) for such Series 2023-3 Interest Period and owing(4) fourth, the balance, if any, shall be withdrawn by the Paying Agent from the Series 2023-3 Collection Account and deposited in the Series 2023-3 Excess Collection Account; and
(ii) on each Distribution Date during the Series 2023-3 Rapid Amortization Period, (1) first, to the Trustee, an amount equal to the Series 2023-3 Percentage as of the beginning of such Series 2023-3 Interest Period ending on the day preceding such Distribution Date of the fees owing to the Trustee under the Base Indenture for such Series 2023-3 Interest Period, (2) second, to the Administrator, an amount equal to the Series 20032023-5 3 Percentage as of the beginning of such Series 20032023-5 3 Interest Period of the portion of the Monthly Administration Fee payable by AFC-II (as specified in clause (iii) of the definition thereof) payable by ABRCF for such Series 20032023-5 3 Interest Period, (3) third, to the Trustee, an amount equal to the Series 2003-5 Percentage as of the beginning of such Series 2003-5 Interest Period of the Trustee’s fees for such Series 2003-5 Interest Period, (4) fourth, to pay any Carrying Charges (other than Carrying Charges provided for above) to the Persons to whom such amounts are owed, an amount equal to the Series 20032023-5 3 Percentage as of the beginning of such Series 20032023-5 3 Interest Period of such Carrying Charges (other than Carrying Charges provided for above) for such Series 20032023-5 Interest Period, (5) fifth, if AFC-II is required to replace the Series 2003-5 Interest Rate Cap Counterparty pursuant to Section 2.10(b), the initial payment, if any, to be made by AFC-II to the replacement Series 2003-5 Interest Rate Cap Counterparty and (6) sixth, the balance, if any (“Excess Collections”), shall be withdrawn by the Paying Agent from the Series 2003-5 Collection Account and deposited in the Series 2003-5 Excess Collection Account; and
(ii) on each Distribution Date during the Series 2003-5 Rapid Amortization Period, (1) first, to the Surety Provider, in an amount equal to (x) the Surety Provider Fee for the related Series 2003-5 3 Interest Period and, without duplication, (y) any Surety Provider Reimbursement Amounts then due and owing, (2) second, to the Trustee, an amount equal to the Series 2003-5 Percentage as of the beginning of such Series 2003-5 Interest Period of the Trustee’s fees for such Series 2003-5 Interest Period, (3) third, to the Administrator, an amount equal to the Series 2003-5 Percentage as of the beginning of such Series 2003-5 Interest Period of the portion of the Monthly Administration Fee (as specified in clause (iii) of the definition thereof) payable by AFC-II for such Series 2003-5 Interest Period, (4) fourth, to pay any Carrying Charges (other than Carrying Charges provided for above) to the Persons to whom such amounts are owed, an amount equal to the Series 2003-5 Percentage as of the beginning of such Series 2003-5 Interest Period of such Carrying Charges (other than Carrying Charges provided for above) for such Series 2003-5 Interest Period, (5) fifth, if AFC-II is required to replace the Series 2003-5 Interest Rate Cap Counterparty pursuant to Section 2.10(b), the initial payment, if any, to be made by AFC-II to the replacement Series 2003-5 Interest Rate Cap Counterparty and (6) sixth, so long as the Series 20032023-5 3 Invested Amount is greater than the Series 2003-5 Monthly Total Principal Allocations on such Distribution Datefor the Related Month, an amount equal to the excess of the Series 20032023-5 3 Invested Amount over the Series 2003-5 Monthly Total Principal Allocations on such Distribution Date for the Related Month shall be treated as Principal Collections.
Appears in 1 contract
BALANCE. On or prior to the second Business Day preceding each Distribution Date, the Administrator shall instruct the Trustee and the Paying Agent in writing pursuant to the Administration Agreement to pay the balance (after making the payments required in Section 2.4), if any, of the amounts available from the Series 20032023-5 Accrued Interest Account and the Series 20032023-5 Distribution Account, plus the amount, if any, drawn under the Multi-Series 2003-5 Letters of Credit and/or withdrawn from the Series 20032023-5 Cash Collateral Account Accounts pursuant to Section 2.3(c) plus the amount, if any, withdrawn from the Series 20032023-5 Reserve Account Accounts pursuant to Section 2.3(d) as follows:
(i) on each Distribution Date during the Series 20032023-5 Revolving Period or a the Series 20032023-5 Controlled Amortization Period, (1) first, to the Surety ProviderAdministrator, in an amount equal to (x) the Surety Provider Fee for Series 2023-5 Percentage as of the related beginning of the Series 20032023-5 Interest Period and, without duplicationending on the day preceding such Distribution Date of the portion of the Monthly Administration Fee payable by ABRCF (as specified in clause (iii) of the definition thereof) for such Series 2023-5 Interest Period, (y2) second, to the Trustee, an amount equal to the Series 2023-5 Percentage as of the beginning of such Series 2023-5 Interest Period of the fees owing to the Trustee under the Base Indenture for such Series 2023-5 Interest Period, (3) third to pay any Surety Provider Reimbursement Amounts then due Carrying Charges (other than Carrying Charges provided for above) to the Persons to whom such amounts are owed, an amount equal to the Series 2023-5 Percentage as of the beginning of such Series 2023-5 Interest Period of such Carrying Charges (other than Carrying Charges provided for above) for such Series 2023-5 Interest Period and owing(4) fourth, the balance, if any, shall be withdrawn by the Paying Agent from the Series 2023-5 Collection Account and deposited in the Series 2023-5 Excess Collection Account; and
(ii) on each Distribution Date during the Series 2023-5 Rapid Amortization Period, (1) first, to the Trustee, an amount equal to the Series 2023-5 Percentage as of the beginning of such Series 2023-5 Interest Period ending on the day preceding such Distribution Date of the fees owing to the Trustee under the Base Indenture for such Series 2023-5 Interest Period, (2) second, to the Administrator, an amount equal to the Series 20032023-5 Percentage as of the beginning of such Series 20032023-5 Interest Period of the portion of the Monthly Administration Fee payable by AFC-II (as specified in clause (iii) of the definition thereof) payable by ABRCF for such Series 20032023-5 Interest Period, (3) third, to the Trustee, an amount equal to the Series 2003-5 Percentage as of the beginning of such Series 2003-5 Interest Period of the Trustee’s fees for such Series 2003-5 Interest Period, (4) fourth, to pay any Carrying Charges (other than Carrying Charges provided for above) to the Persons to whom such amounts are owed, an amount equal to the Series 20032023-5 Percentage as of the beginning of such Series 20032023-5 Interest Period of such Carrying Charges (other than Carrying Charges provided for above) for such Series 2003-5 Interest Period, (5) fifth, if AFC-II is required to replace the Series 2003-5 Interest Rate Cap Counterparty pursuant to Section 2.10(b), the initial payment, if any, to be made by AFC-II to the replacement Series 2003-5 Interest Rate Cap Counterparty and (6) sixth, the balance, if any (“Excess Collections”), shall be withdrawn by the Paying Agent from the Series 2003-5 Collection Account and deposited in the Series 2003-5 Excess Collection Account; and
(ii) on each Distribution Date during the Series 2003-5 Rapid Amortization Period, (1) first, to the Surety Provider, in an amount equal to (x) the Surety Provider Fee for the related Series 20032023-5 Interest Period and, without duplication, (y) any Surety Provider Reimbursement Amounts then due and owing, (2) second, to the Trustee, an amount equal to the Series 2003-5 Percentage as of the beginning of such Series 2003-5 Interest Period of the Trustee’s fees for such Series 2003-5 Interest Period, (3) third, to the Administrator, an amount equal to the Series 2003-5 Percentage as of the beginning of such Series 2003-5 Interest Period of the portion of the Monthly Administration Fee (as specified in clause (iii) of the definition thereof) payable by AFC-II for such Series 2003-5 Interest Period, (4) fourth, to pay any Carrying Charges (other than Carrying Charges provided for above) to the Persons to whom such amounts are owed, an amount equal to the Series 2003-5 Percentage as of the beginning of such Series 2003-5 Interest Period of such Carrying Charges (other than Carrying Charges provided for above) for such Series 2003-5 Interest Period, (5) fifth, if AFC-II is required to replace the Series 2003-5 Interest Rate Cap Counterparty pursuant to Section 2.10(b), the initial payment, if any, to be made by AFC-II to the replacement Series 2003-5 Interest Rate Cap Counterparty and (6) sixth, so long as the Series 20032023-5 Invested Amount is greater than the Series 2003-5 Monthly Total Principal Allocations on such Distribution Datefor the Related Month, an amount equal to the excess of the Series 20032023-5 Invested Amount over the Series 2003-5 Monthly Total Principal Allocations on such Distribution Date for the Related Month shall be treated as Principal Collections.
Appears in 1 contract
Sources: Second Amended and Restated Series 2023 5 Supplement (Avis Budget Group, Inc.)
BALANCE. On or prior to the second Business Day preceding each Distribution Date, the Administrator shall instruct the Trustee and the Paying Agent in writing pursuant to the Administration Agreement to pay the balance (after making the payments required in Section 2.43.3(a)), if any, of the amounts available from the Series 20032009-5 3 Accrued Interest Account and the Series 2003-5 Distribution Account, plus the amount, if any, drawn under the Series 2003-5 Letters of Credit and/or withdrawn from the Series 2003-5 Cash Collateral Account pursuant to Section 2.3(c) plus the amount, if any, withdrawn from the Series 2003-5 Reserve Account pursuant to Section 2.3(d) as follows:
(i) on each Distribution Date during the Series 20032009-5 3 Revolving Period or a Series 2003-5 Controlled Amortization Period, (1) first, to the Surety Provider, in an amount equal to (x) the Surety Provider Fee for the related Series 2003-5 Interest Period and, without duplication, (y) any Surety Provider Reimbursement Amounts then due and owing, (2) second, to the Administrator, an amount equal to the Series 20032009-5 3 Percentage as of the beginning of such Series 20032009-5 3 Interest Period of the portion of the Monthly Administration Fee payable by AFC-II ABRCF (as specified in clause (iii) of the definition thereof) for such Series 20032009-5 3 Interest Period, (32) thirdsecond, to the Trustee, an amount equal to the Series 20032009-5 3 Percentage as of the beginning of such Series 20032009-5 3 Interest Period of the Trustee’s fees for such Series 20032009-5 3 Interest Period, (3) third, to the Series 2009-3 Distribution Account to pay any Article VII Costs, (4) fourth, to pay any Carrying Charges (other than Carrying Charges provided for above) to the Persons to whom such amounts are owed, an amount equal to the Series 20032009-5 3 Percentage as of the beginning of such Series 20032009-5 3 Interest Period of such Carrying Charges (other than Carrying Charges provided for above) for such Series 20032009-5 3 Interest Period, Period and (5) fifth, if AFC-II is required to replace the Series 2003-5 Interest Rate Cap Counterparty pursuant to Section 2.10(b), the initial payment, if any, to be made by AFC-II to the replacement Series 2003-5 Interest Rate Cap Counterparty and (6) sixth, the balance, if any (“Excess Collections”), shall be withdrawn by the Paying Agent from the Series 20032009-5 3 Collection Account and deposited in the Series 20032009-5 3 Excess Collection Account; and
(ii) on each Distribution Date during the Series 20032009-5 Rapid 3 Amortization Period, (1) first, to the Surety Provider, in an amount equal to (x) the Surety Provider Fee for the related Series 2003-5 Interest Period and, without duplication, (y) any Surety Provider Reimbursement Amounts then due and owing, (2) second, to the Trustee, an amount equal to the Series 20032009-5 3 Percentage as of the beginning of such Series 20032009-5 3 Interest Period of the Trustee’s fees for such Series 20032009-5 3 Interest Period, (32) thirdsecond, to the Administrator, an amount equal to the Series 20032009-5 3 Percentage as of the beginning of such Series 20032009-5 3 Interest Period of the portion of the Monthly Administration Fee (as specified in clause (iii) of the definition thereof) payable by AFC-II ABRCF for such Series 20032009-5 3 Interest Period, (3) third, to the Series 2009-3 Distribution Account to pay any Article VII Costs, (4) fourth, to pay any Carrying Charges (other than Carrying Charges provided for above) to the Persons to whom such amounts are owed, an amount equal to the Series 20032009-5 3 Percentage as of the beginning of such Series 20032009-5 3 Interest Period of such Carrying Charges (other than Carrying Charges provided for above) for such Series 20032009-5 3 Interest Period, Period and (5) fifth, if AFC-II is required to replace the Series 2003-5 Interest Rate Cap Counterparty pursuant to Section 2.10(b), the initial paymentbalance, if any, to be made by AFC-II to the replacement Series 2003-5 Interest Rate Cap Counterparty and (6) sixth, so long as the Series 2003-5 Invested Amount is greater than the Series 2003-5 Principal Allocations on such Distribution Date, an amount equal to the excess of the Series 2003-5 Invested Amount over the Series 2003-5 Principal Allocations on such Distribution Date shall be treated as Principal Collections.
Appears in 1 contract
BALANCE. On or prior to the second Business Day preceding each Distribution Date, the Administrator shall instruct the Trustee and the Paying Agent in writing pursuant to the Administration Agreement to pay the balance (after making the payments required in Section 2.4), if any, of the amounts available from the Series 20032023-5 8 Accrued Interest Account and the Series 20032023-5 8 Distribution Account, plus the amount, if any, drawn under the Multi-Series 2003-5 Letters of Credit and/or withdrawn from the Series 20032023-5 8 Cash Collateral Account pursuant to Section 2.3(c) plus the amount, if any, withdrawn from the Series 20032023-5 8 Reserve Account pursuant to Section 2.3(d) as follows:
(i) on each Distribution Date during the Series 20032023-5 8 Revolving Period or a the Series 20032023-5 8 Controlled Amortization Period, (1) first, to the Surety ProviderAdministrator, in an amount equal to (x) the Surety Provider Fee for Series 2023-8 Percentage as of the related beginning of the Series 20032023-5 8 Interest Period and, without duplicationending on the day preceding such Distribution Date of the portion of the Monthly Administration Fee payable by ABRCF (as specified in clause (iii) of the definition thereof) for such Series 2023-8 Interest Period, (y2) second, to the Trustee, an amount equal to the Series 2023-8 Percentage as of the beginning of such Series 2023-8 Interest Period of the fees owing to the Trustee under the Base Indenture for such Series 2023-8 Interest Period, (3) third to pay any Surety Provider Reimbursement Amounts then due Carrying Charges (other than Carrying Charges provided for above) to the Persons to whom such amounts are owed, an amount equal to the Series 2023-8 Percentage as of the beginning of such Series 2023-8 Interest Period of such Carrying Charges (other than Carrying Charges provided for above) for such Series 2023-8 Interest Period and owing(4) fourth, the balance, if any, shall be withdrawn by the Paying Agent from the Series 2023-8 Collection Account and deposited in the Series 2023-8 Excess Collection Account; and
(ii) on each Distribution Date during the Series 2023-8 Rapid Amortization Period, (1) first, to the Trustee, an amount equal to the Series 2023-8 Percentage as of the beginning of such Series 2023-8 Interest Period ending on the day preceding such Distribution Date of the fees owing to the Trustee under the Base Indenture for such Series 2023-8 Interest Period, (2) second, to the Administrator, an amount equal to the Series 20032023-5 8 Percentage as of the beginning of such Series 20032023-5 8 Interest Period of the portion of the Monthly Administration Fee payable by AFC-II (as specified in clause (iii) of the definition thereof) payable by ABRCF for such Series 20032023-5 8 Interest Period, (3) third, to the Trustee, an amount equal to the Series 2003-5 Percentage as of the beginning of such Series 2003-5 Interest Period of the Trustee’s fees for such Series 2003-5 Interest Period, (4) fourth, to pay any Carrying Charges (other than Carrying Charges provided for above) to the Persons to whom such amounts are owed, an amount equal to the Series 20032023-5 8 Percentage as of the beginning of such Series 20032023-5 8 Interest Period of such Carrying Charges (other than Carrying Charges provided for above) for such Series 20032023-5 Interest Period, (5) fifth, if AFC-II is required to replace the Series 2003-5 Interest Rate Cap Counterparty pursuant to Section 2.10(b), the initial payment, if any, to be made by AFC-II to the replacement Series 2003-5 Interest Rate Cap Counterparty and (6) sixth, the balance, if any (“Excess Collections”), shall be withdrawn by the Paying Agent from the Series 2003-5 Collection Account and deposited in the Series 2003-5 Excess Collection Account; and
(ii) on each Distribution Date during the Series 2003-5 Rapid Amortization Period, (1) first, to the Surety Provider, in an amount equal to (x) the Surety Provider Fee for the related Series 2003-5 8 Interest Period and, without duplication, (y) any Surety Provider Reimbursement Amounts then due and owing, (2) second, to the Trustee, an amount equal to the Series 2003-5 Percentage as of the beginning of such Series 2003-5 Interest Period of the Trustee’s fees for such Series 2003-5 Interest Period, (3) third, to the Administrator, an amount equal to the Series 2003-5 Percentage as of the beginning of such Series 2003-5 Interest Period of the portion of the Monthly Administration Fee (as specified in clause (iii) of the definition thereof) payable by AFC-II for such Series 2003-5 Interest Period, (4) fourth, to pay any Carrying Charges (other than Carrying Charges provided for above) to the Persons to whom such amounts are owed, an amount equal to the Series 2003-5 Percentage as of the beginning of such Series 2003-5 Interest Period of such Carrying Charges (other than Carrying Charges provided for above) for such Series 2003-5 Interest Period, (5) fifth, if AFC-II is required to replace the Series 2003-5 Interest Rate Cap Counterparty pursuant to Section 2.10(b), the initial payment, if any, to be made by AFC-II to the replacement Series 2003-5 Interest Rate Cap Counterparty and (6) sixth, so long as the Series 20032023-5 8 Invested Amount is greater than the Series 2003-5 Monthly Total Principal Allocations on such Distribution Datefor the Related Month, an amount equal to the excess of the Series 20032023-5 8 Invested Amount over the Series 2003-5 Monthly Total Principal Allocations on such Distribution Date for the Related Month shall be treated as Principal Collections.
Appears in 1 contract
BALANCE. On or prior to the second Business Day preceding each Distribution Date, the Administrator shall instruct the Trustee and the Paying Agent in writing pursuant to the Administration Agreement to pay the balance (after making the payments required in Section 2.43.3(a)), if any, of the amounts available from the Series 20032004-5 1 Accrued Interest Account and the Series 2003-5 Distribution Account, plus the amount, if any, drawn under the Series 2003-5 Letters of Credit and/or withdrawn from the Series 2003-5 Cash Collateral Account pursuant to Section 2.3(c) plus the amount, if any, withdrawn from the Series 2003-5 Reserve Account pursuant to Section 2.3(d) as follows:
(i) on each Distribution Date during the Series 20032004-5 1 Revolving Period or a the Series 20032004-5 1 Controlled Amortization Period, (1) first, to the Surety Providereach Series 2004-1 Interest Rate Hedge Counterparty, in an amount equal to (x) the Surety Provider Fee Fixed Rate Payment for the related Series 2003-5 Interest Period and, without duplication, (y) any Surety Provider Reimbursement Amounts then such Distribution Date due and owingowing to such Series 2004-1 Interest Rate Hedge Counterparty, (2) second, to the Administrator, an amount equal to the Series 20032004-5 1 Percentage as of the beginning of such Series 20032004-5 1 Interest Period of the portion of the Monthly Administration Fee payable by AFC-II CRCF (as specified in clause (iii) of the definition thereof) for such Series 20032004-5 1 Interest Period, (3) third, to the Trustee, an amount equal to the Series 20032004-5 1 Percentage as of the beginning of such Series 20032004-5 1 Interest Period of the Trustee’s fees for such Series 20032004-5 1 Interest Period, (4) fourth, to the Series 2004-1 Distribution Account to pay any Article VII Costs, (5) fifth, to pay any Carrying Charges (other than Carrying Charges provided for above) to the Persons to whom such amounts are owed, an amount equal to the Series 20032004-5 1 Percentage as of the beginning of such Series 20032004-5 1 Interest Period of such Carrying Charges (other than Carrying Charges provided for above) for such Series 20032004-5 1 Interest Period, (5) fifth, if AFC-II is required to replace the Series 2003-5 Interest Rate Cap Counterparty pursuant to Section 2.10(b), the initial payment, if any, to be made by AFC-II to the replacement Series 2003-5 Interest Rate Cap Counterparty and (6) sixth, to each Series 2004-1 Interest Rate Hedge Counterparty, any amounts due and owing under the applicable Series 2004-1 Interest Rate Hedge (other than any Fixed Rate Payment) and (7) seventh, the balance, if any (“Excess Collections”), shall be withdrawn by the Paying Agent from the Series 20032004-5 1 Collection Account and deposited in the Series 20032004-5 1 Excess Collection Account; and
(ii) on each Distribution Date during the Series 20032004-5 1 Rapid Amortization Period, (1) first, to the Surety Providereach Series 2004-1 Interest Rate Hedge Counterparty, in an amount equal to (x) the Surety Provider Fee Fixed Rate Payment for the related Series 2003-5 Interest Period and, without duplication, (y) any Surety Provider Reimbursement Amounts then such Distribution Date due and owingowing to such Series 2004-1 Interest Rate Hedge Counterparty, (2) second, to the Trustee, an amount equal to the Series 20032004-5 1 Percentage as of the beginning of such Series 20032004-5 1 Interest Period of the Trustee’s fees for such Series 20032004-5 1 Interest Period, (3) third, to the Administrator, an amount equal to the Series 20032004-5 1 Percentage as of the beginning of such Series 20032004-5 1 Interest Period of the portion of the Monthly Administration Fee (as specified in clause (iii) of the definition thereof) payable by AFC-II CRCF for such Series 20032004-5 1 Interest Period, (4) fourth, to the Series 2004-1 Distribution Account to pay any Article VII Costs, (5) fifth, to pay any Carrying Charges (other than Carrying Charges provided for above) to the Persons to whom such amounts are owed, an amount equal to the Series 20032004-5 1 Percentage as of the beginning of such Series 20032004-5 1 Interest Period of such Carrying Charges (other than Carrying Charges provided for above) for such Series 20032004-5 1 Interest Period, (5) fifth, if AFC-II is required to replace the Series 2003-5 Interest Rate Cap Counterparty pursuant to Section 2.10(b), the initial payment, if any, to be made by AFC-II to the replacement Series 2003-5 Interest Rate Cap Counterparty and (6) sixth, so long as the Series 20032004-5 1 Invested Amount is greater than the Series 2003-5 Monthly Total Principal Allocations on such Distribution Datefor the Related Month, an amount equal to the excess of the Series 20032004-5 1 Invested Amount over the Series 2003-5 Monthly Total Principal Allocations on such Distribution Date for the Related Month shall be treated as Principal CollectionsCollections and (7) seventh, to each Series 2004-1 Interest Rate Hedge Counterparty, any amounts due and owing under the applicable Series 2004-1 Interest Rate Hedge (other than any Fixed Rate Payment).
Appears in 1 contract
Sources: Second Amended and Restated Series 2004 1 Supplement (Cendant Corp)
BALANCE. On or prior to the second Business Day preceding each Distribution Date, the Administrator shall instruct the Trustee and the Paying Agent in writing pursuant to the Administration Agreement to pay the balance (after making the payments required in Section 2.4), if any, of the amounts available from the Series 20032010-5 2 Accrued Interest Account and the Series 20032010-5 2 Distribution Account, plus the amount, if any, drawn under the Series 20032010-5 2 Letters of Credit and/or withdrawn from the Series 20032010-5 2 Cash Collateral Account pursuant to Section 2.3(c) plus the amount, if any, withdrawn from the Series 20032010-5 2 Reserve Account pursuant to Section 2.3(d) as follows:
(i) on each Distribution Date during the Series 20032010-5 2 Revolving Period or a the Series 20032010-5 2 Controlled Amortization Period, (1) first, to the Surety ProviderAdministrator, in an amount equal to (x) the Surety Provider Fee for Series 2010-2 Percentage as of the related beginning of the Series 20032010-5 2 Interest Period and, without duplicationending on the day preceding such Distribution Date of the portion of the Monthly Administration Fee payable by ABRCF (as specified in clause (iii) of the definition thereof) for such Series 2010-2 Interest Period, (y2) second, to the Trustee, an amount equal to the Series 2010-2 Percentage as of the beginning of such Series 2010-2 Interest Period of the fees owing to the Trustee under the Indenture for such Series 2010-2 Interest Period, (3) third to pay any Surety Provider Reimbursement Amounts then due Carrying Charges (other than Carrying Charges provided for above) to the Persons to whom such amounts are owed, an amount equal to the Series 2010-2 Percentage as of the beginning of such Series 2010-2 Interest Period of such Carrying Charges (other than Carrying Charges provided for above) for such Series 2010-2 Interest Period and owing(4) fourth, the balance, if any (“Excess Collections”), shall be withdrawn by the Paying Agent from the Series 2010-2 Collection Account and deposited in the Series 2010-2 Excess Collection Account; and
(ii) on each Distribution Date during the Series 2010-2 Rapid Amortization Period, (1) first, to the Trustee, an amount equal to the Series 2010-2 Percentage as of the beginning of such Series 2010-2 Interest Period ending on the day preceding such Distribution Date of the fees owing to the Trustee under the Indenture for such Series 2010-2 Interest Period, (2) second, to the Administrator, an amount equal to the Series 20032010-5 2 Percentage as of the beginning of such Series 20032010-5 2 Interest Period of the portion of the Monthly Administration Fee payable by AFC-II (as specified in clause (iii) of the definition thereof) payable by ABRCF for such Series 20032010-5 2 Interest Period, (3) third, to the Trustee, an amount equal to the Series 2003-5 Percentage as of the beginning of such Series 2003-5 Interest Period of the Trustee’s fees for such Series 2003-5 Interest Period, (4) fourth, to pay any Carrying Charges (other than Carrying Charges provided for above) to the Persons to whom such amounts are owed, an amount equal to the Series 20032010-5 2 Percentage as of the beginning of such Series 20032010-5 2 Interest Period of such Carrying Charges (other than Carrying Charges provided for above) for such Series 20032010-5 Interest Period, (5) fifth, if AFC-II is required to replace the Series 2003-5 Interest Rate Cap Counterparty pursuant to Section 2.10(b), the initial payment, if any, to be made by AFC-II to the replacement Series 2003-5 Interest Rate Cap Counterparty and (6) sixth, the balance, if any (“Excess Collections”), shall be withdrawn by the Paying Agent from the Series 2003-5 Collection Account and deposited in the Series 2003-5 Excess Collection Account; and
(ii) on each Distribution Date during the Series 2003-5 Rapid Amortization Period, (1) first, to the Surety Provider, in an amount equal to (x) the Surety Provider Fee for the related Series 2003-5 2 Interest Period and, without duplication, (y) any Surety Provider Reimbursement Amounts then due and owing, (2) second, to the Trustee, an amount equal to the Series 2003-5 Percentage as of the beginning of such Series 2003-5 Interest Period of the Trustee’s fees for such Series 2003-5 Interest Period, (3) third, to the Administrator, an amount equal to the Series 2003-5 Percentage as of the beginning of such Series 2003-5 Interest Period of the portion of the Monthly Administration Fee (as specified in clause (iii) of the definition thereof) payable by AFC-II for such Series 2003-5 Interest Period, (4) fourth, to pay any Carrying Charges (other than Carrying Charges provided for above) to the Persons to whom such amounts are owed, an amount equal to the Series 2003-5 Percentage as of the beginning of such Series 2003-5 Interest Period of such Carrying Charges (other than Carrying Charges provided for above) for such Series 2003-5 Interest Period, (5) fifth, if AFC-II is required to replace the Series 2003-5 Interest Rate Cap Counterparty pursuant to Section 2.10(b), the initial payment, if any, to be made by AFC-II to the replacement Series 2003-5 Interest Rate Cap Counterparty and (6) sixth, so long as the Series 20032010-5 2 Invested Amount is greater than the Series 2003-5 Monthly Total Principal Allocations on such Distribution Datefor the Related Month, an amount equal to the excess of the Series 20032010-5 2 Invested Amount over the Series 2003-5 Monthly Total Principal Allocations on such Distribution Date for the Related Month shall be treated as Principal Collections.
Appears in 1 contract
BALANCE. On or prior to the second Business Day preceding each Distribution Date, the Administrator shall instruct the Trustee and the Paying Agent in writing pursuant to the Administration Agreement to pay the balance (after making the payments required in Section 2.4), if any, of the amounts available from the Series 20032023-5 6 Accrued Interest Account and the Series 20032023-5 6 Distribution Account, plus the amount, if any, drawn under the Multi-Series 2003-5 Letters of Credit and/or withdrawn from the Series 20032023-5 6 Cash Collateral Account Accounts pursuant to Section 2.3(c) plus the amount, if any, withdrawn from the Series 20032023-5 6 Reserve Account Accounts pursuant to Section 2.3(d) as follows:
(i) on each Distribution Date during the Series 20032023-5 6 Revolving Period or a the Series 20032023-5 6 Controlled Amortization Period, (1) first, to the Surety Provider, in an amount equal to (x) the Surety Provider Fee for the related Series 2003-5 Interest Period and, without duplication, (y) any Surety Provider Reimbursement Amounts then due and owing, (2) second, to the Administrator, an amount equal to the Series 20032023-5 6 Percentage as of the beginning of such the Series 20032023-5 6 Interest Period ending on the day preceding such Distribution Date of the portion of the Monthly Administration Fee payable by AFC-II ABRCF (as specified in clause (iii) of the definition thereof) for such Series 20032023-5 6 Interest Period, (32) thirdsecond, to the Trustee, an amount equal to the Series 20032023-5 6 Percentage as of the beginning of such Series 20032023-5 6 Interest Period of the Trustee’s fees owing to the Trustee under the Base Indenture for such Series 20032023-5 6 Interest Period, (3) third to pay any Carrying Charges (other than Carrying Charges provided for above) to the Persons to whom such amounts are owed, an amount equal to the Series 2023-6 Percentage as of the beginning of such Series 2023-6 Interest Period of such Carrying Charges (other than Carrying Charges provided for above) for such Series 2023-6 Interest Period and (4) fourth, the balance, if any, shall be withdrawn by the Paying Agent from the Series 2023-6 Collection Account and deposited in the Series 2023-6 Excess Collection Account; and
(ii) on each Distribution Date during the Series 2023-6 Rapid Amortization Period, (1) first, to the Series 2023-6 Distribution Account, an amount equal to Class D Monthly Subordinated Interest with respect to the Series 2023-6 Interest Period ending on the date immediately preceding such Distribution Date to be treated as Principal Collections, (2) second, to the Trustee, an amount equal to the Series 2023-6 Percentage as of the beginning of such Series 2023-6 Interest Period ending on the day preceding such Distribution Date of the fees owing to the Trustee under the Base Indenture for such Series 2023-6 Interest Period, (3) third, to the Administrator, an amount equal to the Series 2023-6 Percentage as of the beginning of such Series 2023-6 Interest Period of the portion of the Monthly Administration Fee (as specified in clause (iii) of the definition thereof) payable by ABRCF for such Series 2023-6 Interest Period, (4) fourth, to pay any Carrying Charges (other than Carrying Charges provided for above) to the Persons to whom such amounts are owed, an amount equal to the Series 20032023-5 6 Percentage as of the beginning of such Series 20032023-5 6 Interest Period of such Carrying Charges (other than Carrying Charges provided for above) for such Series 20032023-5 6 Interest Period, Period and (5) fifth, if AFC-II is required to replace the Series 2003-5 Interest Rate Cap Counterparty pursuant to Section 2.10(b), the initial payment, if any, to be made by AFC-II to the replacement Series 2003-5 Interest Rate Cap Counterparty and (6) sixth, the balance, if any (“Excess Collections”), shall be withdrawn by the Paying Agent from the Series 2003-5 Collection Account and deposited in the Series 2003-5 Excess Collection Account; and
(ii) on each Distribution Date during the Series 2003-5 Rapid Amortization Period, (1) first, to the Surety Provider, in an amount equal to (x) the Surety Provider Fee for the related Series 2003-5 Interest Period and, without duplication, (y) any Surety Provider Reimbursement Amounts then due and owing, (2) second, to the Trustee, an amount equal to the Series 2003-5 Percentage as of the beginning of such Series 2003-5 Interest Period of the Trustee’s fees for such Series 2003-5 Interest Period, (3) third, to the Administrator, an amount equal to the Series 2003-5 Percentage as of the beginning of such Series 2003-5 Interest Period of the portion of the Monthly Administration Fee (as specified in clause (iii) of the definition thereof) payable by AFC-II for such Series 2003-5 Interest Period, (4) fourth, to pay any Carrying Charges (other than Carrying Charges provided for above) to the Persons to whom such amounts are owed, an amount equal to the Series 2003-5 Percentage as of the beginning of such Series 2003-5 Interest Period of such Carrying Charges (other than Carrying Charges provided for above) for such Series 2003-5 Interest Period, (5) fifth, if AFC-II is required to replace the Series 2003-5 Interest Rate Cap Counterparty pursuant to Section 2.10(b), the initial payment, if any, to be made by AFC-II to the replacement Series 2003-5 Interest Rate Cap Counterparty and (6) sixth, so long as the Series 20032023-5 6 Invested Amount is greater than the Series 2003-5 Monthly Total Principal Allocations on such Distribution Datefor the Related Month, an amount equal to the excess of the Series 20032023-5 6 Invested Amount over the Series 2003-5 Monthly Total Principal Allocations on such Distribution Date for the Related Month shall be treated as Principal Collections.
Appears in 1 contract
Sources: Amended and Restated Series 2023 6 Supplement (Avis Budget Group, Inc.)