Payment Date Second Step Withdrawals. (a) On each Payment Date, after the applicable transfers provided for in Section 3.5 have been made, based solely on the information contained in the Distribution Report prepared by the Servicer in respect of that Payment Date, the Trustee shall distribute (or instruct the Paying Agent to distribute) from the Collection Account the amounts set forth below in the order of priority set forth below but, in each case, only to the extent that all amounts then required to be paid ranking prior thereto have been paid in full (the “Priority of Payments”):
Payment Date Second Step Withdrawals. (a) On each Payment Date, after the withdrawals and transfers provided for in Section 3.07 hereof have been made, the Administrative Agent shall distribute from the Collections Account (or retain in the Collections Account, if so indicated in the relevant clause below), or direct the Operating Bank in writing to do the same (such direction to be communicated in computer file format or in such other form as the Administrative Agent, the Operating Bank, the Facility Agent and the Collateral Agent agree; provided that, in the case of communication in computer file format or any other form other than a written tangible form, a written tangible form thereof shall promptly thereafter be sent to the Operating Bank), at least two Business Days prior to such Payment Date the amounts set forth below in the order of priority set forth below but, in each case, only to the extent that all amounts then required to be paid (or retained in the Collections Account, as applicable) ranking prior thereto (“Prior Ranking Amounts”) have been paid in full (provided that the amount to be paid shall be reduced in inverse order of priority by the amount of any payment by a Hedge Provider under a Hedge Agreement that was assumed pursuant to Section 3.06(a)(v) to be, but has not in fact been, paid on such Payment Date). All payments of Available Collections to be made to or for the account of Holders of any ACS Group Loans, pursuant to this Section 3.08 shall be made through a direct transfer of funds to the Loans Account. All payments of Available Collections to be made to or for the account of Holders of any Class E Securities, pursuant to this Section 3.08 shall be made through a direct transfer of funds to the Securities Account. Payments shall be made in the following order of priority:
Payment Date Second Step Withdrawals. Subject to Section 2.06(h) hereof, on each Payment Date, after the withdrawals and transfers provided for in Section 2.06(f) hereof have been made, the Cash Manager shall or shall instruct, in writing, the Trustee or the Security Trustee, as the case may be, to distribute funds on deposit in the Collection Account and the Expense Account as provided in Section 3.08 of the Indenture; provided, that any such direct funds transfer shall have been authorized on or prior to the date thereof by the Cash Manager in the form of a certificate, substantially in the form of Exhibit A hereto, delivered to and acknowledged by the Trustee.
Payment Date Second Step Withdrawals. (a) On each Payment Date, after the withdrawals and transfers provided for in Section 3.08 have been made, the Cash Manager shall direct the Operating Bank to distribute from the Collections Account (or retain in the Collections Account, if so indicated in the relevant clause below) in each case as specified in a Written Notice of the Cash Manager to the Trustee, the Security Trustee and the Operating Bank at least two Business Days prior to such Payment Date, the amounts set forth below in the order of priority set forth below but, in each case, only to the extent that all Prior Ranking Amounts then required to be paid (or retained in the Collections Account, as applicable) have been paid (or retained in the Collections Account, as applicable) (provided that the amount to be paid shall be reduced in inverse order of priority by the amount of any payment by a Hedge Provider under a Hedge Agreement that was assumed pursuant to Section 3.07(a)(iii) to be, but has not in fact been, paid on such Payment Date). All payments of Available Collections to be made to or for the account of Holders of any subclass of Notes pursuant to this Section 3.09 shall be made through a direct transfer of funds to the applicable Note Account with respect to such subclass of Notes.
Payment Date Second Step Withdrawals. (a) Subject to Section 3.6(e), on each Payment Date, after the applicable transfers provided for in Section 3.5 have been made, the Trustee shall distribute (or instruct the Paying Agent to distribute) from the Available Collections Amount on deposit in the Collection Account (other than any amounts constituting Milestone Payments or any Licensee Termination Payment on deposit therein, which amounts shall be transferred to the Milestone Payments Reserve Account and the Redemption Account, respectively, in accordance with Section 3.1) the amounts set forth below in the order of priority set forth below but, in each case, only to the extent that all amounts then required to be paid ranking prior thereto have been paid in full:
Payment Date Second Step Withdrawals. On each Payment Date, after the withdrawals and transfers provided for in Section 3.08 of the Indenture have been made at the direction of the Cash Manager (except as permitted in clause (F) below) the Cash Manager shall direct the Operating Bank to distribute funds on deposit in the Collections Account as provided in Section 3.09(a) of the Indenture and shall make such certifications to the Trustee as may be required hereunder in connection therewith.
Payment Date Second Step Withdrawals. Subject to Section 2.04(d)(vi) hereof, on each Payment Date, after the withdrawals and transfers provided for in Section 2.04(d)(iv) hereof have been made, the Administrative Agent shall distribute funds on deposit in the Collections Account and the Expense Account as provided in Section 3.08(a) of the Indenture; provided, that any such direct funds transfer shall have been authorized on or prior to the date thereof by the Administrative Agent in the form of a certificate, substantially in the form of Exhibit A hereto, delivered to and acknowledged by the Trustee.
Payment Date Second Step Withdrawals. On each Payment Date, after the withdrawals and transfers provided for in Section 3.07 of the Indenture have been made at the direction of the Administrative Agent (except as permitted in clause (F) below) the Administrative Agent shall direct the Operating Bank to distribute funds on deposit in the Collections Account as provided in Section 3.08(a) of the Indenture and shall make such certifications to the Trustee as may be required hereunder in connection therewith.
Payment Date Second Step Withdrawals. (a) On each Payment Date, after the transfers provided for in Section 3.06 have been made and after making the distributions, if any, pursuant to Section 3.07(b), the Trustee shall distribute the amounts set forth below in the order of priority set forth below but, in each case, only to the extent that all amounts then required to be paid ranking prior thereto (“Prior Ranking Amounts”) have been paid in full. Except as provided in clause (iv) of the definition of Collections and in clause (c) of the definition of Available Collections Amount, the Available Collections Amount does not include the aggregate amount of funds on deposit in the Interest Reserve Account and the Capital Account, provided that, if there is a Shortfall, then the Trustee shall withdraw from the Interest Reserve Account the lesser of the Shortfall and the Interest Reserve Account Balance and distribute it to the Class A Noteholders in payment of the Interest Amount, and provided further that, if the amount available in the Interest Reserve Account is less than the amount of such Shortfall, and there is a positive balance in the Capital Account, the Trustee shall withdraw from the Capital Account an amount equal to the lesser of the excess of the Shortfall over the amount, if any, withdrawn from the Interest Reserve Account and the balance in the Capital Account and distribute it to the Class A Noteholders in payment of the Interest Amount, and provided further that the Trustee shall make such a withdrawal from the Capital Account in respect of not more than six (6) Payment Dates in total prior to the Final Maturity Date of the Notes and in respect of not more than any three consecutive Payment Dates. Except for such withdrawals, the amounts set forth below are to be paid out of the Available Collections Amount:
Payment Date Second Step Withdrawals. (a) On each Payment Date, after the withdrawals and transfers provided for in Section 3.07 hereof have been made, the Cash Manager, on behalf of the Security Trustee, shall distribute the amounts set forth below in the order of priority set forth below but, in each case, only to the extent that all amounts then required to be paid ranking prior thereto "Prior Ranking Amounts" have been paid in full. All payments of Available Collections Amount to be made to a Note Account for Holders of any subclass of Notes pursuant to this Section 3.08 shall be made through a direct transfer of funds to the applicable Note Account with respect to such subclass of Notes. To the extent that any amounts are retained in the Collection Account on any Payment Date pursuant to this Section 3.08(a), such amounts shall not be distributed thereafter on such Payment Date out of the Collection Account as Available Collections Amount pursuant to any succeeding payment required to be made under this Section 3.08(a) other than pursuant to the second paragraph of Section 3.01(b) hereof.
