Common use of Application of Cash Collateral Clause in Contracts

Application of Cash Collateral. (a) Upon the making of any LC Advance, the LC Issuer shall first seek to withdraw funds from the Letter of Credit Collateral Account as required under Section 1.6(d)(i) above and apply the amount so withdrawn against the LC Amounts resulting from such LC Advance, and any remaining Unreimbursed LC Amount shall be repaid pursuant to Section 1.6(d)(ii). (b) If on any Settlement Date prior to the Facility Termination Date, the balance of funds in the Letter of Credit Collateral Account exceeds the aggregate Cash-Collateral Amount for all outstanding LC Obligations, unless an Amortization Event, Servicer Termination Event, Unmatured Amortization Event or Unmatured Servicer Termination Event shall exist and be continuing, the LC Issuer shall release and pay the excess funds to the Borrower, including to make a payment to the applicable Originator in connection with a LC Reduction Amount. (c) If on any Settlement Date on or after the Facility Termination Date, the balance of funds in the Letter of Credit Collateral Account exceeds the aggregate Cash-Collateral Amount for all outstanding LC Obligations and the LC Fee Expectation, the LC Issuer shall deposit such excess funds into the Master Collection Accounts to be applied pursuant to Section 2.3 hereof.

Application of Cash Collateral. (a) Upon the making of any LC Advance, the LC Issuer shall first seek to withdraw funds from the Letter of Credit Collateral Account as required under Section 1.6(d)(i) above and apply the amount so withdrawn against the LC Amounts resulting from such LC Advance, and any remaining Unreimbursed LC Amount shall be repaid pursuant to Section 1.6(d)(ii). (b) If on any Settlement Date prior to the Facility Termination Date, the balance of funds in the Letter of Credit Collateral Account exceeds the aggregate Cash-Collateral Amount for all outstanding LC Obligations, unless an Amortization Event, Servicer Termination Event, Unmatured Amortization Event or Unmatured Servicer Termination Event shall exist and be continuing, the LC Issuer shall release and pay the excess funds to the Borrower, including to make a payment to the applicable Originator in connection with a LC Reduction Amount. (c) If on any Settlement Date on or after the Facility Termination Date, the balance of funds in the Letter of Credit Collateral Account exceeds the aggregate Cash-Collateral Amount for all outstanding LC Obligations and the LC Fee ExpectationObligations, the LC Issuer shall deposit such excess funds into the Master Collection Accounts Account to be applied pursuant to Section 2.3 hereof.

Application of Cash Collateral. (a) Upon the making of any LC Advance, the LC Issuer shall first seek to withdraw funds from the Letter of Credit Collateral Account as required under Section 1.6(d)(i) above and apply the amount so withdrawn against the LC Amounts resulting from such LC Advance, and any remaining Unreimbursed LC Amount shall be repaid pursuant to Section 1.6(d)(ii). (b) If on any Settlement Date prior to the Facility Termination Date, the balance of funds in the Letter of Credit Collateral Account exceeds the aggregate Cash-Collateral Amount for all outstanding LC Obligations, unless an Amortization Event, Servicer Termination Event, Unmatured Amortization Event or Unmatured Servicer Termination Event shall exist and be continuing, the LC Issuer shall release and pay the excess funds to the Borrower, including to make a payment to the applicable Originator in connection with a LC Reduction Amount. (c) If on any Settlement Date on or after the Facility Termination Date, the balance of funds in the Letter of Credit Collateral Account exceeds the aggregate Cash-Collateral Amount for all outstanding LC Obligations and the LC Fee ExpectationObligations, the LC Issuer shall deposit such excess funds into the Master Collection Accounts to be applied pursuant to Section 2.3 hereof.