Contract analysis
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Contract analysis / draft-officers-certificate-qrf-2022-1.docx
draft-officers-certificate-qrf-2022-1.docx
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Standard · 4
1. First, to the payment of the Trustee's fees and expenses (including any amounts owed t
Standard
⚑ Commercial term
1. First, to the payment of the Trustee's fees and expenses (including any amounts owed to the Trustee in its individual capacity under the Indenture);
2. Second, to the payment of the servicing fee to the Servicer (at an annual rate of 1.00
Standard
⚑ Commercial term
2. Second, to the payment of the servicing fee to the Servicer (at an annual rate of 1.00% of the outstanding pool balance, payable monthly; estimated at approximately $510,000 per month based on the initial pool balance);
3. Third, to the payment of interest due and payable on the Class A Notes;
3. Third, to the payment of interest due and payable on the Class A Notes;
4. Fourth, to the payment of interest due and payable on the Class B Notes;
4. Fourth, to the payment of interest due and payable on the Class B Notes;
5. Fifth, to the payment of interest due and payable on the Class C Notes;
5. Fifth, to the payment of interest due and payable on the Class C Notes;
6. Sixth, to the payment of principal on the Class A Notes (until paid in full);
6. Sixth, to the payment of principal on the Class A Notes (until paid in full);
7. Seventh, to the payment of principal on the Class B Notes (until paid in full);
7. Seventh, to the payment of principal on the Class B Notes (until paid in full);
8. Eighth, to the payment of principal on the Class C Notes (until paid in full);
8. Eighth, to the payment of principal on the Class C Notes (until paid in full);
9. Ninth, to replenish the overcollateralization amount to the required target level, if
Standard
⚑ Commercial term
9. Ninth, to replenish the overcollateralization amount to the required target level, if applicable; and
10. Tenth, to the payment of any remaining amounts (the residual) to the Issuer (retained
Standard
⚑ Commercial term
10. Tenth, to the payment of any remaining amounts (the residual) to the Issuer (retained by the Sponsor or its affiliates). Transaction Timeline. Revolving Period: 24 months from the Closing Date. During the revolving period, the Issuer may use Available Funds (after payment of items higher in the waterfall) to acquire additional eligible receivables from QRH, provided that all concentration limits and eligibility c