Application of Reserve Fund and Available Subordinated Amount. (a) If Series 1999-1 Non-Principal Collections and Investment Proceeds distributed on any Distribution Date pursuant to Section 4.6(a) are not sufficient to make the entire distributions required on such Distribution Date by Section 4.6(a)(i), (ii), (iv) and (v), the Servicer shall direct the Trustee to withdraw funds from the Reserve Fund to the extent available therein, and apply such funds to complete the distributions pursuant to Section 4.6(a)(i), (ii), (iv) and (v) in the numerical order thereof, and the Trustee shall so withdraw and apply such funds. If Series 1999-1 Non-Principal Collections distributed on any LIBO Payment Date pursuant to Section 4.6(b) are not sufficient to make the entire distributions required on such LIBO Payment Date by Section 4.6(b), the Servicer shall direct the Trustee to withdraw funds from the Reserve Fund to the extent available therein, and apply such funds to complete the distributions pursuant to Section 4.6(b), and the Trustee shall so withdraw and apply such funds. On each Distribution Date, after giving effect to (i) all distributions pursuant to Section 4.6, (ii) any withdrawals from the Reserve Fund pursuant to this paragraph (a), and (iii) any issuance of any Series 1999-1 Certificates, if the balance of the Reserve Fund exceeds two percent (2%) of the aggregate outstanding principal balances of the Series 1999- 1 Certificates, then the Servicer shall direct the Trustee to withdraw from the Reserve Fund and to pay (and the Trustee shall so withdraw and pay) such excess to the Seller. (b) If there is a Required Subordination Draw Amount for a Distribution Date, the Servicer shall, subject to the following paragraph, apply or direct the Trustee to apply the Available Seller's Collections on deposit in the Collection Account on such Distribution Date, but only up to the amount of the Required Subordination Draw Amount, to make up the shortfall in the distributions required by Sections 4.6(a)(i), (ii), (iv) and (v) and that have not been made through the application of funds from the Reserve Fund pursuant to Section 4.8(a). Any such Available Seller's Collections remaining after the application thereof pursuant to the preceding sentence shall be treated as a portion of Available Series 1999-1 Principal Collections for the next Principal Reduction Date, but only up to the amount of unpaid Adjustment Payments allocated to Series 1999-1 as described in Section 4.5(a)(vi). The Available Subordinated Amount shall be reduced in accordance with clause (ii) of the definition of Available Subordinated Amount in an amount equal to the Available Seller's Collections applied pursuant to the first sentence of this paragraph (b). If for such Distribution Date the sum of the Required Subordination Draw Amount and the aggregate of the required subordination draw amounts for all other Series outstanding exceeds the Available Seller's Collections on deposit in the Collection Account on such Distribution Date, then such Available Seller's Collections shall be allocated to such Series (including Series 1999-1) pro rata on the basis of such required subordination draw amounts (including the Required Subordination Draw Amount). (c) After the end of the Commitment Period, any funds in the Reserve Fund shall be treated as Available Series 1999-1 Principal Collections. (d) Notwithstanding the foregoing, so long as the Invested Amount exceeds zero no funds shall be distributed from the Reserve Fund to the Seller if as a result the balance of the Reserve Fund would fall below the lesser of (i) the Invested Amount and (ii) the product of (x) twenty-five basis points (0.25%) and (y) the Maximum Funding Amount in effect on the Closing Date. (e) The balance of Available Seller's Collections on any Distribution Date, after giving effect to any distributions thereof pursuant to Section 4.8(b) and the distributions in respect of other Series, shall be distributed to the Seller on such Distribution Date.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Deutsche Floorplan Receivables L P)
Application of Reserve Fund and Available Subordinated Amount. (a) If Series 1999-1 the portion of Noteholder Non-Principal Collections and Investment Proceeds distributed allocated to Series 2000-1 Noteholders on any Distribution Payment Date pursuant to Section 4.6(a4.04(a) are is not sufficient to make the entire distributions required on such Distribution Payment Date by Section 4.6(a)(i(a) Sections 4.04(a)(i), (ii), (iviii) and (v) or (b) on the Class A Stated Maturity Date or the date on which the Invested Amount has been reduced to zero only, Section 4.04(a)(viii) and on the Class B Stated Maturity Date or the date on which the Invested Amount has been reduced to zero only, Section 4.04(a)(ix), the Servicer shall direct cause the Indenture Trustee to withdraw funds from the Reserve Fund (in the case of Section 4.04(a)(viii) and (ix), only to the extent such amounts would otherwise be distributed to the Certificateholders) to the extent available therein, and apply such funds to complete the distributions pursuant to Section 4.6(a)(i4.04(a)(i), (ii), (iviii), (v), (viii) and (vix), as the case may be, provided, however, that during any Early Amortization Period funds shall not be withdrawn from the Reserve Fund to make distributions otherwise required by Section 4.04(a)(v) to the extent that, after giving effect to such withdrawal, the amount on deposit in the numerical order thereof, and Reserve Fund shall be less than $1,000,000.
(b) If the Trustee shall so withdraw and apply such funds. If amounts allocated to the Series 19992000-1 Non-Principal Collections distributed on any LIBO Payment Date Noteholders pursuant to Section 4.6(b4.04(a) and the amounts withdrawn from the Reserve Fund pursuant to Section 4.06(a) are not sufficient to make the entire distributions required on by clauses (i), (ii), (iii) and (v) of Section 4.04(a) (such LIBO Payment Date by Section 4.6(bshortfall being the "Deficiency Amount"), the Servicer shall direct cause the Trustee to withdraw funds from the Reserve Fund to the extent available therein, and apply such funds to complete the distributions pursuant to Section 4.6(b), and the Trustee shall so withdraw and apply such funds. On each Distribution Date, after giving effect to (i) all distributions pursuant to Section 4.6, (ii) any withdrawals from the Reserve Fund pursuant to this paragraph (a), and (iii) any issuance of any Series 1999-1 Certificates, if the balance of the Reserve Fund exceeds two percent (2%) of the aggregate outstanding principal balances of the Series 1999- 1 Certificates, then the Servicer shall direct the Trustee to withdraw from the Reserve Fund and to pay (and the Trustee shall so withdraw and pay) such excess to the Seller.
(b) If there is a Required Subordination Draw Amount for a Distribution Date, the Servicer shall, subject to the following paragraph, apply or direct the Indenture Trustee to apply the Available Seller's amount of Additional Noteholder Collections for the related Collection Period on deposit in the Collection Account on such Distribution Payment Date, but only up to the amount of the Required Subordination Draw Available Subordinated Amount, to make up the shortfall in the distributions required by Sections 4.6(a)(iclauses (i), (ii), (iviii) and (v) and of Section 4.04(a) that have not been made through and, if such Payment Date is the application of funds from the Reserve Fund pursuant to Section 4.8(a). Any such Available Seller's Collections remaining after the application thereof pursuant to the preceding sentence shall be treated as a portion of Available Series 1999-1 Principal Collections for the next Principal Reduction Class A Stated Maturity Date, but only up the Class B Stated Maturity Date or the date on which the Invested Amount has been reduced to zero, the amount distributions required by Section 4.04(a)(viii) in the case of unpaid Adjustment Payments allocated the Class A Stated Maturity Date and Section 4.04(a)(ix) in the case of the Class B Stated Maturity Date or both Sections 4.04(a)(viii) and (ix) in the case of the date on which the Invested Amount has been reduced to Series 1999-1 as described in Section 4.5(a)(vi)zero that have not been made. The Available Subordinated Amount shall will be reduced by the amount of Additional Noteholder Collections applied in accordance with clause (ii) of the definition of Available Subordinated Amount preceding sentence. If the amount necessary to complete the distributions referred to in an amount equal to the Available Seller's Collections applied pursuant to the first sentence of this paragraph (b). If ) exceeds Additional Noteholder Collections for such Distribution Date Payment Date, the Available Subordinated Amount shall be further reduced (but not below zero) by the amount of such excess, but not by more than the sum of (x) the Required Subordination Draw Noteholder Defaulted Amount and (y) the aggregate of Monthly Dilution Amount.
(c) If, after giving effect to the required subordination draw amounts allocations of, distributions from, and deposits in, the Reserve Fund made pursuant to Section 4.04(a) and this Section 4.06, (i) the amount in the Reserve Fund is greater than the Reserve Fund Required Amount for all other Series outstanding exceeds such Payment Date, the Available Seller's Servicer shall cause the Indenture Trustee to distribute such excess amount to the Certificateholders, subject to the proviso contained in paragraph (d) or (ii) the amount in the Reserve Fund is less than such Reserve Fund Required Amount, the Indenture Trustee shall deposit any remaining Additional Noteholder Non-Principal Collections on deposit in the Collection Account on for such Distribution Date, then such Available Seller's Collections shall be allocated Payment Date into the Reserve Fund until the amount in the Reserve Fund is equal to such Series (including Series 1999-1) pro rata on the basis of such required subordination draw amounts (including the Reserve Fund Required Subordination Draw Amount).
(c) . After the end earlier to occur of the Commitment Periodpayment in full of the outstanding principal balance of the Series 2000-1 Notes and the Class B Stated Maturity Date, any funds remaining on deposit in the Reserve Fund shall be treated as Available Series 1999-1 Principal Collectionspaid to the Certificateholders.
(d) Notwithstanding the foregoing, so long as the Invested Amount exceeds zero no funds shall be distributed from the Reserve Fund to the Seller if as a result the balance of the Reserve Fund would fall below the lesser of (i) the Invested Amount and (ii) the product of (x) twenty-five basis points (0.25%) and (y) the Maximum Funding Amount in effect on the Closing Date.
(e) The balance of Available Seller's Additional Noteholder Collections on any Distribution Payment Date, after giving effect to any distributions thereof pursuant to Section 4.8(b4.06(b) and the distributions in respect of other Seriesor (c), shall be distributed to the Seller Certificateholders on such Distribution Payment Date; provided, however, that if the Required Pool Balance for the immediately preceding Determination Date exceeds the Pool Balance on such date (determined after giving effect to any Principal Receivables transferred to the Trust on such Payment Date), Section 4.06(c)(i) hereof shall not apply and the amount of such excess shall be deposited into the Excess Funding Account, with any remaining Additional Noteholder Collections or amounts in the Reserve Fund, to the extent available, paid to the Certificateholders.
Appears in 1 contract
Samples: Indenture (Wodfi LLC)
Application of Reserve Fund and Available Subordinated Amount. (a) If Series 1999-1 the Investor Non-Principal Collections and Investment Proceeds distributed on any Distribution Date pursuant to Section 4.6(a) are not sufficient to make the entire distributions required on such Distribution Date by Section 4.6(a)(iclauses (i), (ii), (iviii) and (v)) of Section 4.06(a) hereof, the Servicer shall direct by written instruction cause the Trustee to withdraw funds from the Reserve Fund to the extent available therein, and apply such funds to complete the distributions pursuant to Section 4.6(a)(iclauses (i), (ii), (iviii) and (v) in the numerical order thereof, and the Trustee shall so withdraw and apply such funds. If Series 1999-1 Non-Principal Collections distributed on any LIBO Payment Date pursuant to of Section 4.6(b4.06(a) are not sufficient to make the entire distributions required on such LIBO Payment Date by Section 4.6(b), the Servicer shall direct the Trustee to withdraw funds from the Reserve Fund to the extent available therein, and apply such funds to complete the distributions pursuant to Section 4.6(b), and the Trustee shall so withdraw and apply such funds. On each Distribution Date, after giving effect to (i) all distributions pursuant to Section 4.6, (ii) any withdrawals from the Reserve Fund pursuant to this paragraph (a), and (iii) any issuance of any Series 1999-1 Certificates, if the balance of the Reserve Fund exceeds two percent (2%) of the aggregate outstanding principal balances of the Series 1999- 1 Certificates, then the Servicer shall direct the Trustee to withdraw from the Reserve Fund and to pay (and the Trustee shall so withdraw and pay) such excess to the Sellerhereof.
(b) If there is a Required Subordination Draw Deficiency Amount for a such Distribution Date, the Servicer shall, subject to the following paragraph, shall apply or direct cause the Trustee to apply the aggregate amount of Series 2000-1 Available Seller's Retained Collections on deposit in for the related Collection Account on such Distribution DatePeriod, but only up to the amount of the Required Subordination Draw Amount, to make up the shortfall in the distributions required by Sections 4.6(a)(iclauses (i), (ii), (iviii) and (v) and of Section 4.06(a) hereof that have not been made through the application of funds from the Reserve Fund pursuant to in accordance with subsection (a) of this Section 4.8(a)4.07. Any such Series 2000-1 Available Seller's Retained Collections remaining after the application thereof pursuant to the preceding sentence shall be treated as a portion of Available Series 1999-1 Investor Principal Collections for the next Principal Reduction such Distribution Date, but only up to the amount of unpaid Adjustment Payments allocated to Series 1999-1 the Certificates as described in Section 4.5(a)(vi)4.05(a)(vi) hereof. The Holder of the BCRC Certificate may elect to increase the Available Subordinated Amount shall be reduced in accordance with clause (ii) Amount, up to a maximum aggregate increase equal to 1% of the definition of Available Subordinated Initial Principal Amount in order to avoid the occurrence of an amount equal to the Available Seller's Collections applied Early Amortization Event pursuant to the first sentence of this paragraph (b). If for such Distribution Date the sum of the Required Subordination Draw Amount and the aggregate of the required subordination draw amounts for all other Series outstanding exceeds the Available Seller's Collections on deposit in the Collection Account on such Distribution Date, then such Available Seller's Collections shall be allocated to such Series (including Series 1999-1Section 6.01(a) pro rata on the basis of such required subordination draw amounts (including the Required Subordination Draw Amount)hereof.
(c) After giving effect to the end allocations of, distributions from, and deposits to, the Reserve Fund made pursuant to Section 4.01(c), Section 4.04 and Section 4.06(a) hereof and subsections (a) and (d) of this Section 4.07, (i) if the amount in the Reserve Fund is greater than the Reserve Fund Required Amount (or, for any Distribution Date with respect to an Early Amortization Period, the Excess Reserve Fund Required Amount) for such Distribution Date, then the Servicer shall direct the Trustee in writing to withdraw and distribute such excess amount (or otherwise make such amount available) to the Holder of the Commitment PeriodBCRC Certificate and (ii) if the amount in the Reserve Fund is less than such Reserve Fund Required Amount, then the Trustee shall transfer to the Eligible Institution holding the Reserve Fund any remaining Series 2000-1 Available Retained Collections (to the extent of the Available Subordinated Amount) for the related Collection Period for deposit into the Reserve Fund until the amount in the Reserve Fund is equal to such Reserve Fund Required Amount. If the outstanding principal balance of the Certificates is greater than zero on the Series 2000-1 Termination Date, any funds in the Reserve Fund shall will be treated as Available Investor Principal Collections for the Distribution Date occurring on the Series 19992000-1 Principal Collections.
(d) Notwithstanding Termination Date. Upon payment in full of the foregoingoutstanding principal balance of the Certificates, so long as the Invested Amount exceeds zero no any funds shall be distributed from remaining on deposit in the Reserve Fund shall be paid (or made available) to the Seller if as a result the balance of the Reserve Fund would fall below the lesser of (iHolder(s) the Invested Amount and (ii) the product of (x) twenty-five basis points (0.25%) and (y) the Maximum Funding Amount in effect on the Closing Date.
(e) The balance of Available Seller's Collections on any Distribution Date, after giving effect to any distributions thereof pursuant to Section 4.8(b) and the distributions in respect of other Series, shall be distributed to the Seller on such Distribution Date.of
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Bombardier Credit Receivables Corp)
Application of Reserve Fund and Available Subordinated Amount. (a) If Series 1999-1 the portion of Investor Non-Principal Collections and Investment Proceeds distributed allocated to the Series 2000-B Certificateholders on any Distribution Date pursuant to Section 4.6(a4.06(a) are is not sufficient to make the entire distributions required on such Distribution Date by Section 4.6(a)(iSections 4.06(a)(i), (ii), (iv) and (viv), the Servicer shall direct cause the Trustee to withdraw funds from the Reserve Fund to the extent available therein, and apply such funds to complete the distributions pursuant to Section 4.6(a)(i4.06(a)(i), (ii), (iv) and (viv); provided, however, that during any Early Amortization Period (other than an Early Amortization Period which has ended as described in clause (c) or clause (d) of the definition thereof in the numerical order thereof, and the Trustee this Series Supplement) funds shall so withdraw and apply such funds. If Series 1999-1 Non-Principal Collections distributed on any LIBO Payment Date pursuant to Section 4.6(b) are not sufficient to make the entire distributions required on such LIBO Payment Date by Section 4.6(b), the Servicer shall direct the Trustee to withdraw funds be withdrawn from the Reserve Fund to make distributions otherwise required by Section 4.06(a)(iv) to the extent available therein, and apply such funds to complete the distributions pursuant to Section 4.6(b), and the Trustee shall so withdraw and apply such funds. On each Distribution Datethat, after giving effect to (i) all distributions pursuant to Section 4.6such withdrawal, (ii) any withdrawals from the amount on deposit in the Reserve Fund pursuant to this paragraph (a), and (iii) any issuance of any Series 1999-1 Certificates, if the balance of the Reserve Fund exceeds two percent (2%) of the aggregate outstanding principal balances of the Series 1999- 1 Certificates, then the Servicer shall direct the Trustee to withdraw from the Reserve Fund and to pay (and the Trustee shall so withdraw and pay) such excess to the Sellerbe less than $1,000,000.
(b) If there is a Required Subordination Draw Amount for a such Distribution Date, and such Distribution Date is not the Final Payment Date, the Servicer shall, subject to the following paragraph, shall apply or direct cause the Trustee to apply the Available Seller's Collections on deposit in the Collection Account on such Distribution Date, but only up to the amount of the Required Subordination Draw Amount, to make up the shortfall in the distributions required by Sections 4.6(a)(i4.06(a)(i), (ii), ) and (iv) and (v) and that have not been made through the application of funds from the Reserve Fund pursuant in accordance with the preceding paragraph. If there is a Required Subordination Draw Amount for such Distribution Date, and such Distribution Date is the Final Payment Date, the Servicer shall apply or cause the Trustee to apply the Available Seller's Collections on deposit in the Collection Account on such Distribution Date, but only up to the amount of the Required Subordination Draw Amount, to make the distributions required by Sections 4.06(a)(i), (ii), (iv) and (v) with respect to the Series 2000-B Certificates that have not been made through the application of funds from the Reserve Fund in accordance with Section 4.8(a4.08(d). Any such Available Seller's Collections remaining after the application thereof pursuant to the first or second preceding sentence sentence, as applicable, shall be treated as a portion of Available Series 1999-1 Investor Principal Collections for the next Principal Reduction such Distribution Date, but only up to the amount of unpaid Adjustment Payments allocated to Series 19992000-1 B as described in Section 4.5(a)(vi4.05(a)(vi). The Available Subordinated Amount shall be reduced in accordance with clause (ii) amount of the definition of Available Subordinated Amount in an amount equal to the Available Seller's Collections applied pursuant to in accordance with the first sentence three preceding sentences shall reduce the Available Subordinated Amount in all other cases as described in clause (A) of this paragraph (b)the definition thereof. If for such Distribution Date the sum of the Required Subordination Draw Amount exceeds Available Seller's Collections for such Distribution Date, the Available Subordinated Amount shall be further reduced by the amount of such excess, but not by more than the sum of (x) the Investor Default Amount and (y) the aggregate amount of unpaid Adjustment Payments allocated to Series 2000-B as described in Section 4.05(a)(vi).
(c) If, after giving effect to the required subordination draw amounts allocations of, distributions from, and deposits in, the Reserve Fund made pursuant to Sections 4.01(c), 4.04, 4.06(a), 4.08(a) and 4.08(e), (i) the amount in the Reserve Fund is greater than the Reserve Fund Required Amount (or, for all other Series outstanding exceeds any Distribution Date with respect to an Early Amortization Period, the Excess Reserve Fund Required Amount) for such Distribution Date, the Servicer shall cause the Trustee to distribute such excess amount to the Seller, subject to the proviso contained in paragraph (f) below or (ii) the amount in the Reserve Fund is less than such Reserve Fund Required Amount, then the Trustee shall deposit any remaining Available Seller's Collections on deposit in the Collection Account on for such Distribution Date, then such Available Seller's Collections shall be allocated Date after giving effect to Section 4.08(b) into the Reserve Fund until the amount in the Reserve Fund is equal to such Series (including Series 1999-1) pro rata on Reserve Fund Required Amount. On the basis of such required subordination draw amounts (including the Required Subordination Draw Amount).
(c) After the end of the Commitment PeriodTermination Date, any funds in the Reserve Fund shall will be treated as Available Series 1999-1 Investor Principal Collections.
(d) Notwithstanding If, on the foregoingFinal Payment Date, so long as after giving effect to (c) above, there is a Carry-over Amount or a Additional Carry-over Amount after giving effect to withdrawals from the Invested Yield Supplement Account on such date, the Servicer shall cause the Trustee to withdraw funds in the amount of such Carry-over Amount exceeds zero no funds shall be distributed or Additional Carry-over Amount from the Reserve Fund (to the Seller if as a result extent available therein), and distribute such funds to the balance of the Reserve Fund would fall below the lesser of (i) the Invested Amount and (ii) the product of (x) twentySeries 2000-five basis points (0.25%) and (y) the Maximum Funding Amount in effect on the Closing DateB Certificateholders.
(e) If, for any Distribution Date with respect to an Early Amortization Period, after giving effect to the allocations of, distributions from, and deposits in, the Reserve Fund made pursuant to Sections 4.01(c), 4.04, 4.06(a) and 4.08(a), the amount in the Reserve Fund is less than the Excess Reserve Fund Required Amount for such Distribution Date, the Trustee shall deposit any remaining Available Seller's Collections on deposit in the Collection Account for such Distribution Date into the Reserve Fund until the amount in the Reserve Fund is equal to such Excess Reserve Fund Required Amount.
(f) The balance of Available Seller's Collections on any Distribution Date, after giving effect to any distributions thereof pursuant to Section 4.8(b4.08(a), (b), (c) and the distributions in respect of other Seriesor (e), shall be distributed to the Seller on such Distribution Date; provided that, in the case of any remaining Available Seller's Principal Collections, if the Trust Available Subordinated Amount for the immediately preceding Determination Date exceeds the Seller's Participation Amount on such date (determined after giving effect to any Principal Receivables transferred to the Trust on such Distribution Date), Section 4.08(c) hereof shall not apply and the amount of such excess shall be deposited into the Reserve Fund, with any remaining Available Seller's Principal Collections paid to the Seller.
Appears in 1 contract
Samples: Series 2000 B Supplement (Carco Auto Loan Master Trust)
Application of Reserve Fund and Available Subordinated Amount. (a) If Series 1999-1 the Investor Non-Principal Collections and Investment Proceeds distributed on any Distribution Date pursuant to Section 4.6(a) are not sufficient to make the entire distributions required on such Distribution Date by Section 4.6(a)(iclauses (i), (ii), (iviii) and (v)) of Section 4.06(a) hereof, the Servicer shall direct by written instruction cause the Trustee to withdraw funds from the Reserve Fund to the extent available therein, and apply such funds to complete the distributions pursuant to Section 4.6(a)(iclauses (i), (ii), (iviii) and (v) in the numerical order thereof, and the Trustee shall so withdraw and apply such funds. If Series 1999-1 Non-Principal Collections distributed on any LIBO Payment Date pursuant to of Section 4.6(b4.06(a) are not sufficient to make the entire distributions required on such LIBO Payment Date by Section 4.6(b), the Servicer shall direct the Trustee to withdraw funds from the Reserve Fund to the extent available therein, and apply such funds to complete the distributions pursuant to Section 4.6(b), and the Trustee shall so withdraw and apply such funds. On each Distribution Date, after giving effect to (i) all distributions pursuant to Section 4.6, (ii) any withdrawals from the Reserve Fund pursuant to this paragraph (a), and (iii) any issuance of any Series 1999-1 Certificates, if the balance of the Reserve Fund exceeds two percent (2%) of the aggregate outstanding principal balances of the Series 1999- 1 Certificates, then the Servicer shall direct the Trustee to withdraw from the Reserve Fund and to pay (and the Trustee shall so withdraw and pay) such excess to the Sellerhereof.
(b) If there is a Required Subordination Draw Deficiency Amount for a such Distribution Date, the Servicer shall, subject to the following paragraph, shall apply or direct cause the Trustee to apply the aggregate amount of Series 2000-1 Available Seller's Retained Collections on deposit in for the related Collection Account on such Distribution DatePeriod, but only up to the amount of the Required Subordination Draw Amount, to make up the shortfall in the distributions required by Sections 4.6(a)(iclauses (i), (ii), (iviii) and (v) and of Section 4.06(a) hereof that have not been made through the application of funds from the Reserve Fund pursuant to in accordance with subsection (a) of this Section 4.8(a)4.07. Any such Series 2000-1 Available Seller's Retained Collections remaining after the application thereof pursuant to the preceding sentence shall be treated as a portion of Available Series 1999-1 Investor Principal Collections for the next Principal Reduction such Distribution Date, but only up to the amount of unpaid Adjustment Payments allocated to Series 1999-1 the Certificates as described in Section 4.5(a)(vi)4.05(a)(vi) hereof. The Holder of the BCRC Certificate may elect to increase the Available Subordinated Amount shall be reduced in accordance with clause (ii) Amount, up to a maximum aggregate increase equal to 1% of the definition of Available Subordinated Initial Principal Amount in order to avoid the occurrence of an amount equal to the Available Seller's Collections applied Early Amortization Event pursuant to the first sentence of this paragraph (b). If for such Distribution Date the sum of the Required Subordination Draw Amount and the aggregate of the required subordination draw amounts for all other Series outstanding exceeds the Available Seller's Collections on deposit in the Collection Account on such Distribution Date, then such Available Seller's Collections shall be allocated to such Series (including Series 1999-1Section 6.01(a) pro rata on the basis of such required subordination draw amounts (including the Required Subordination Draw Amount)hereof.
(c) After giving effect to the end allocations of, distributions from, and deposits to, the Reserve Fund made pursuant to Section 4.01(c), Section 4.04 and Section 4.06(a) hereof and subsections (a) and (d) of this Section 4.07, (i) if the amount in the Reserve Fund is greater than the Reserve Fund Required Amount (or, for any Distribution Date with respect to an Early Amortization Period, the Excess Reserve Fund Required Amount) for such Distribution Date, then the Servicer shall direct the Trustee in writing to withdraw and distribute such excess amount (or otherwise make such amount available) to the Holder of the Commitment PeriodBCRC Certificate and (ii) if the amount in the Reserve Fund is less than such Reserve Fund Required Amount, then the Trustee shall transfer to the Eligible Institution holding the Reserve Fund any remaining Series 2000-1 Available Retained Collections (to the extent of the Available Subordinated Amount) for the related Collection Period for deposit into the Reserve Fund until the amount in the Reserve Fund is equal to such Reserve Fund Required Amount. If the outstanding principal balance of the Certificates is greater than zero on the Series 2000-1 Termination Date, any funds in the Reserve Fund shall will be treated as Available Investor Principal Collections for the Distribution Date occurring on the Series 19992000-1 Principal CollectionsTermination Date. Upon payment in full of the outstanding principal balance of the Certificates, any funds remaining on deposit in the Reserve Fund shall be paid (or made available) to the Holder(s) of the BCRC Certificate and any Supplemental Certificate(s), pro rata in accordance with the respective percentage interests thereof.
(d) Notwithstanding If, for any Distribution Date with respect to an Early Amortization Period, after giving effect to the foregoingallocations of, so long as the Invested Amount exceeds zero no funds shall be distributed from distributions from, and deposits in, the Reserve Fund made pursuant to Section 4.01(c), Section 4.04 and Section 4.06(a) hereof and subsection (a) of this Section 4.07, the Seller if as a result the balance of amount in the Reserve Fund would fall below is less than the lesser Excess Reserve Fund Required Amount for such Distribution Date, the Trustee shall deposit any remaining Series 2000-1 Available Retained Collections (to the extent of (ithe Available Subordinated Amount) for the Invested Amount and (ii) related Collection Period into the product of (x) twenty-five basis points (0.25%) and (y) Reserve Fund until the Maximum Funding Amount amount in effect on the Closing DateReserve Fund is equal to such Excess Reserve Fund Required Amount.
(e) The balance of the Series 2000-1 Available Seller's Retained Collections for the related Collection Period on any Distribution Date, after giving effect to any distributions thereof pursuant to subsections (b), (c) and (d) of this Section 4.8(b) 4.07 and the distributions in respect of other SeriesSeries referred to in subsections (b), (c) and (d) of this Section 4.07, shall be distributed to the Seller Holder(s) of the BCRC Certificate and any Supplemental Certificate(s), pro rata in accordance with the respective percentage interests thereof, on such Distribution Date.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Bombardier Receivables Master Trust I)
Application of Reserve Fund and Available Subordinated Amount. (a) If Series 1999-1 the portion of Investor Non-Principal Collections and Investment Proceeds distributed allocated to the Series 2000-B Certificateholders on any Distribution Date pursuant to Section 4.6(a4.06(a) are is not sufficient to make the entire distributions required on such Distribution Date by Section 4.6(a)(iSections 4.06(a)(i), (ii), (iv) and (viv), the Servicer shall direct cause the Trustee to withdraw funds from the Reserve Fund to the extent available therein, and apply such funds to complete the distributions pursuant to Section 4.6(a)(i4.06(a)(i), (ii), (iv) and (viv); provided, however, that during any Early Amortization Period (other than an Early Amortization Period which has ended as described in clause (c) or clause (d) of the definition thereof in the numerical order thereof, and the Trustee this Series Supplement) funds shall so withdraw and apply such funds. If Series 1999-1 Non-Principal Collections distributed on any LIBO Payment Date pursuant to Section 4.6(b) are not sufficient to make the entire distributions required on such LIBO Payment Date by Section 4.6(b), the Servicer shall direct the Trustee to withdraw funds be withdrawn from the Reserve Fund to make distributions otherwise required by Section 4.06(a)(iv) to the extent available therein, and apply such funds to complete the distributions pursuant to Section 4.6(b), and the Trustee shall so withdraw and apply such funds. On each Distribution Datethat, after giving effect to (i) all distributions pursuant to Section 4.6such withdrawal, (ii) any withdrawals from the amount on deposit in the Reserve Fund pursuant to this paragraph (a), and (iii) any issuance of any Series 1999-1 Certificates, if the balance of the Reserve Fund exceeds two percent (2%) of the aggregate outstanding principal balances of the Series 1999- 1 Certificates, then the Servicer shall direct the Trustee to withdraw from the Reserve Fund and to pay (and the Trustee shall so withdraw and pay) such excess to the Sellerbe less than $1,000,000.
(b) If there is a Required Subordination Draw Amount for a such Distribution Date, and such Distribution Date is not the Final Payment Date, the Servicer shall, subject to the following paragraph, shall apply or direct cause the Trustee to apply the Available Seller's Collections on deposit in the Collection Account on such Distribution Date, but only up to the amount of the Required Subordination Draw Amount, to make up the shortfall in the distributions required by Sections 4.6(a)(i4.06(a)(i), (ii), ) and (iv) and (v) and that have not been made through the application of funds from the Reserve Fund pursuant in accordance with the preceding paragraph. If there is a Required Subordination Draw Amount for such Distribution Date, and such Distribution Date is the Final Payment Date, the Servicer shall apply or cause the Trustee to apply the Available Seller's Collections on deposit in the Collection Account on such Distribution Date, but only up to the amount of the Required Subordination Draw Amount, to make the distributions required by Sections 4.06(a)(i), (ii), (iv) and (v) with respect to the Series 2000-B Certificates that have not been made through the application of funds from the Reserve Fund in accordance with Section 4.8(a4.08(d). Any such Available Seller's Collections remaining after the application thereof pursuant to the first or second preceding sentence sentence, as applicable, shall be treated as a portion of Available Series 1999-1 Investor Principal Collections for the next Principal Reduction such Distribution Date, but only up to the amount of unpaid Adjustment Payments allocated to Series 19992000-1 B as described in Section 4.5(a)(vi4.05(a)(vi). The Available Subordinated Amount shall be reduced in accordance with clause (ii) amount of the definition of Available Subordinated Amount in an amount equal to the Available Seller's Collections applied pursuant to in accordance with the first sentence three preceding sentences shall reduce the Available Subordinated Amount in all other cases as described in clause (A) of this paragraph (b)the definition thereof. If for such Distribution Date the sum of the Required Subordination Draw Amount exceeds Available Seller's Collections for such Distribution Date, the Available Subordinated Amount shall be further reduced by the amount of such excess, but not by more than the sum of (x) the Investor Default Amount and (y) the aggregate amount of unpaid Adjustment Payments allocated to Series 2000-B as described in Section 4.05(a)(vi).
(c) If, after giving effect to the required subordination draw amounts allocations of, distributions from, and deposits in, the Reserve Fund made pursuant to Sections 4.01(c), 4.04, 4.06(a), 4.08(a) and 4.08(e), (i) the amount in the Reserve Fund is greater than the Reserve Fund Required Amount (or, for all other Series outstanding exceeds any Distribution Date with respect to an Early Amortization Period, the Excess Reserve Fund Required Amount) for such Distribution Date, the Servicer shall cause the Trustee to distribute such excess amount to the Seller, subject to the proviso contained in paragraph (f) below or (ii) the amount in the Reserve Fund is less than such Reserve Fund Required Amount, then the Trustee shall deposit any remaining Available Seller's Collections on deposit in the Collection Account on for such Distribution Date, then such Available Seller's Collections shall be allocated to such Series (including Series 1999-1) pro rata on the basis of such required subordination draw amounts (including the Required Subordination Draw Amount).
(c) After the end of the Commitment Period, any funds in the Reserve Fund shall be treated as Available Series 1999-1 Principal Collections.
(d) Notwithstanding the foregoing, so long as the Invested Amount exceeds zero no funds shall be distributed from the Reserve Fund to the Seller if as a result the balance of the Reserve Fund would fall below the lesser of (i) the Invested Amount and (ii) the product of (x) twenty-five basis points (0.25%) and (y) the Maximum Funding Amount in effect on the Closing Date.
(e) The balance of Available Seller's Collections on any Distribution Date, Date after giving effect to any distributions thereof pursuant to Section 4.8(b4.08(b) and into the distributions in respect of other Series, shall be distributed to the Seller on such Distribution Date.Reserve Fund
Appears in 1 contract
Application of Reserve Fund and Available Subordinated Amount. (a) If Series 1999-1 the portion of Noteholder Non-Principal Collections and Investment Proceeds distributed allocated to Series 2004-1 Noteholders on any Distribution Payment Date pursuant to Section 4.6(a4.04(a) are is not sufficient to make the entire distributions required on such Distribution Payment Date by Section 4.6(a)(i(a) Sections 4.04(a)(i), (ii), ) and (iv) and or (v)b) on the Stated Maturity Date or the date on which the Invested Amount has been reduced to zero only, Section 4.04(a)(vii) the Servicer shall direct cause the Indenture Trustee to withdraw funds from the Reserve Fund (in the case of Section 4.04(a)(vii), only to the extent such amounts would otherwise be distributed to the Certificateholders) to the extent available therein, and apply such funds to complete the distributions pursuant to Section 4.6(a)(i4.04(a)(i), (ii), (iv) and (vvii), as the case may be, provided, however, that during any Early Amortization Period funds shall not be withdrawn from the Reserve Fund to make distributions otherwise required by Section 4.04(a)(iv) to the extent that, after giving effect to such withdrawal, the amount on deposit in the numerical order thereof, and Reserve Fund shall be less than $1,000,000.
(b) If the Trustee shall so withdraw and apply such funds. If amounts allocated to the Series 19992004-1 Non-Principal Collections distributed on any LIBO Payment Date Noteholders pursuant to Section 4.6(b4.04(a) and the amounts withdrawn from the Reserve Fund pursuant to Section 4.06(a) are not sufficient to make the entire distributions required on by clauses (i), (ii) and (iv) of Section 4.04(a) (such LIBO Payment Date by Section 4.6(bshortfall being the "Deficiency Amount"), the Servicer shall direct cause the Trustee to withdraw funds from the Reserve Fund to the extent available therein, and apply such funds to complete the distributions pursuant to Section 4.6(b), and the Trustee shall so withdraw and apply such funds. On each Distribution Date, after giving effect to (i) all distributions pursuant to Section 4.6, (ii) any withdrawals from the Reserve Fund pursuant to this paragraph (a), and (iii) any issuance of any Series 1999-1 Certificates, if the balance of the Reserve Fund exceeds two percent (2%) of the aggregate outstanding principal balances of the Series 1999- 1 Certificates, then the Servicer shall direct the Trustee to withdraw from the Reserve Fund and to pay (and the Trustee shall so withdraw and pay) such excess to the Seller.
(b) If there is a Required Subordination Draw Amount for a Distribution Date, the Servicer shall, subject to the following paragraph, apply or direct the Indenture Trustee to apply the Available Seller's amount of Additional Noteholder Collections for the related Collection Period on deposit in the Collection Account on such Distribution Payment Date, but only up to the amount of the Required Subordination Draw Available Subordinated Amount, to make up the shortfall in the distributions required by Sections 4.6(a)(iclauses (i), (ii), ) and (iv) and (vof Section 4.04(a) and that have not been made through and, if such Payment Date is the application Stated Maturity Date or the date on which the Invested Amount has been reduced to zero, the distributions required by Section 4.04(a)(vii) in the case of funds from the Reserve Fund pursuant Stated Maturity Date or Section 4.04(a)(vii) in the case of the date on which the Invested Amount has been reduced to Section 4.8(a). Any such Available Seller's Collections remaining after the application thereof pursuant to the preceding sentence shall be treated as a portion of Available Series 1999-1 Principal Collections for the next Principal Reduction Date, but only up to the amount of unpaid Adjustment Payments allocated to Series 1999-1 as described in Section 4.5(a)(vi)zero that have not been made. The Available Subordinated Amount shall will be reduced by the amount of Additional Noteholder Collections applied in accordance with clause (ii) of the definition of Available Subordinated Amount preceding sentence. If the amount necessary to complete the distributions referred to in an amount equal to the Available Seller's Collections applied pursuant to the first sentence of this paragraph (b). If ) exceeds Additional Noteholder Collections for such Distribution Date Payment Date, the Available Subordinated Amount shall be further reduced (but not below zero) by the amount of such excess, but not by more than the sum of (x) the Required Subordination Draw Noteholder Defaulted Amount and (y) the aggregate of Monthly Dilution Amount.
(c) If, after giving effect to the required subordination draw amounts allocations of, distributions from, and deposits in, the Reserve Fund made pursuant to Section 4.04(a) and this Section 4.06, (i) the amount in the Reserve Fund is greater than the Reserve Fund Required Amount for all other Series outstanding exceeds such Payment Date, the Available Seller's Servicer shall cause the Indenture Trustee to distribute such excess amount to the Certificateholders, subject to the proviso contained in paragraph (d) or (ii) the amount in the Reserve Fund is less than such Reserve Fund Required Amount, the Indenture Trustee shall deposit any remaining Additional Noteholder Non-Principal Collections on deposit in the Collection Account on for such Distribution Date, then such Available Seller's Collections shall be allocated Payment Date into the Reserve Fund until the amount in the Reserve Fund is equal to such Series (including Series 1999-1) pro rata on the basis of such required subordination draw amounts (including the Reserve Fund Required Subordination Draw Amount).
(c) . After the end payment in full of the Commitment Period, outstanding principal balance of the Series 2004-1 Notes any funds remaining on deposit in the Reserve Fund shall be treated as Available Series 1999-1 Principal Collectionspaid to the Certificateholders.
(d) Notwithstanding the foregoing, so long as the Invested Amount exceeds zero no funds shall be distributed from the Reserve Fund to the Seller if as a result the balance of the Reserve Fund would fall below the lesser of (i) the Invested Amount and (ii) the product of (x) twenty-five basis points (0.25%) and (y) the Maximum Funding Amount in effect on the Closing Date.
(e) The balance of Available Seller's Additional Noteholder Collections on any Distribution Payment Date, after giving effect to any distributions thereof pursuant to Section 4.8(b4.06(b) and the distributions in respect of other Seriesor (c), shall be distributed to the Seller Certificateholders on such Distribution Payment Date; provided, however, that if the Required Pool Balance for the immediately preceding Determination Date exceeds the Pool Balance on such date (determined after giving effect to any Principal Receivables transferred to the Trust on such Payment Date), Section 4.06(c)(i) hereof shall not apply and the amount of such excess shall be deposited into the Excess Funding Account, with any remaining Additional Noteholder Collections or amounts in the Reserve Fund, to the extent available, paid to the Certificateholders.
Appears in 1 contract
Samples: Indenture (Wodfi LLC)
Application of Reserve Fund and Available Subordinated Amount. (a) If Series 1999-1 the Investor Non-Principal Collections and Investment Proceeds distributed on any Distribution Date pursuant to Section 4.6(a) are not sufficient to make the entire distributions required on such Distribution Date by Section 4.6(a)(iclauses (i), (ii), (iviii) and (v)) of Section 4.06(a) hereof, the Servicer shall direct by written instruction cause the Trustee to withdraw funds from the Reserve Fund to the extent available therein, and apply such funds to complete the distributions pursuant to Section 4.6(a)(iclauses (i), (ii), (iviii) and (v) in the numerical order thereof, and the Trustee shall so withdraw and apply such funds. If Series 1999-1 Non-Principal Collections distributed on any LIBO Payment Date pursuant to of Section 4.6(b4.06(a) are not sufficient to make the entire distributions required on such LIBO Payment Date by Section 4.6(b), the Servicer shall direct the Trustee to withdraw funds from the Reserve Fund to the extent available therein, and apply such funds to complete the distributions pursuant to Section 4.6(b), and the Trustee shall so withdraw and apply such funds. On each Distribution Date, after giving effect to (i) all distributions pursuant to Section 4.6, (ii) any withdrawals from the Reserve Fund pursuant to this paragraph (a), and (iii) any issuance of any Series 1999-1 Certificates, if the balance of the Reserve Fund exceeds two percent (2%) of the aggregate outstanding principal balances of the Series 1999- 1 Certificates, then the Servicer shall direct the Trustee to withdraw from the Reserve Fund and to pay (and the Trustee shall so withdraw and pay) such excess to the Sellerhereof.
(b) If there is a Required Subordination Draw Deficiency Amount for a such Distribution Date, the Servicer shall, subject to the following paragraph, shall apply or direct cause the Trustee to apply the aggregate amount of Series 2002-1 Available Seller's Retained Collections on deposit in for the related Collection Account on such Distribution DatePeriod, but only up to the amount of the Required Subordination Draw Amount, to make up the shortfall in the distributions required by Sections 4.6(a)(iclauses (i), (ii), (iviii) and (v) and of Section 4.06(a) hereof that have not been made through the application of funds from the Reserve Fund pursuant to in accordance with subsection (a) of this Section 4.8(a)4.07. Any such Series 2002-1 Available Seller's Retained Collections remaining after the application thereof pursuant to the preceding sentence shall be treated as a portion of Available Series 1999-1 Investor Principal Collections for the next Principal Reduction such Distribution Date, but only up to the amount of unpaid Adjustment Payments allocated to Series 1999-1 the Certificates as described in Section 4.5(a)(vi)4.05(a)(vi) hereof. The Holder of the BCRC Certificate may elect to increase the Available Subordinated Amount shall be reduced in accordance with clause (ii) Amount, up to a maximum aggregate increase equal to 1% of the definition of Available Subordinated Initial Principal Amount in order to avoid the occurrence of an amount equal to the Available Seller's Collections applied Early Amortization Event pursuant to the first sentence of this paragraph (b). If for such Distribution Date the sum of the Required Subordination Draw Amount and the aggregate of the required subordination draw amounts for all other Series outstanding exceeds the Available Seller's Collections on deposit in the Collection Account on such Distribution Date, then such Available Seller's Collections shall be allocated to such Series (including Series 1999-1Section 6.01(a) pro rata on the basis of such required subordination draw amounts (including the Required Subordination Draw Amount)hereof.
(c) After giving effect to the end allocations of, distributions from, and deposits to, the Reserve Fund made pursuant to Section 4.01(c), Section 4.04 and Section 4.06(a) hereof and subsections (a) and (d) of this Section 4.07, (i) if the amount in the Reserve Fund is greater than the Reserve Fund Required Amount (or, for any Distribution Date with respect to an Early Amortization Period, the Excess Reserve Fund Required Amount) for such Distribution Date, then the Servicer shall direct the Trustee in writing to withdraw and distribute such excess amount (or otherwise make such amount available) to the Holder of the Commitment PeriodBCRC Certificate and (ii) if the amount in the Reserve Fund is less than such Reserve Fund Required Amount, then the Trustee shall transfer to the Eligible Institution holding the Reserve Fund any remaining Series 2002-1 Available Retained Collections (to the extent of the Available Subordinated Amount) for the related Collection Period for deposit into the Reserve Fund until the amount in the Reserve Fund is equal to such Reserve Fund Required Amount. If the outstanding principal balance of the Certificates is greater than zero on the Series 2002-1 Termination Date, any funds in the Reserve Fund shall will be treated as Available Investor Principal Collections for the Distribution Date occurring on the Series 19992002-1 Principal CollectionsTermination Date. Upon payment in full of the outstanding principal balance of the Certificates, any funds remaining on deposit in the Reserve Fund shall be paid (or made available) to the Holder(s) of the BCRC Certificate and any Supplemental Certificate(s), pro rata in accordance with the respective percentage interests thereof.
(d) Notwithstanding If, for any Distribution Date with respect to an Early Amortization Period, after giving effect to the foregoingallocations of, so long as the Invested Amount exceeds zero no funds shall be distributed from distributions from, and deposits in, the Reserve Fund made pursuant to Section 4.01(c), Section 4.04 and Section 4.06(a) hereof and subsection (a) of this Section 4.07, the Seller if as a result the balance of amount in the Reserve Fund would fall below is less than the lesser Excess Reserve Fund Required Amount for such Distribution Date, the Trustee shall deposit any remaining Series 2002-1 Available Retained Collections (to the extent of (ithe Available Subordinated Amount) for the Invested Amount and (ii) related Collection Period into the product of (x) twenty-five basis points (0.25%) and (y) Reserve Fund until the Maximum Funding Amount amount in effect on the Closing DateReserve Fund is equal to such Excess Reserve Fund Required Amount.
(e) The balance of the Series 2002-1 Available Seller's Retained Collections for the related Collection Period on any Distribution Date, after giving effect to any distributions thereof pursuant to subsections (b), (c) and (d) of this Section 4.8(b) 4.07 and the distributions in respect of other SeriesSeries referred to in subsections (b), (c) and (d) of this Section 4.07, shall be distributed to the Seller Holder(s) of the BCRC Certificate and any Supplemental Certificate(s), pro rata in accordance with the respective percentage interests thereof, on such Distribution Date.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Bombardier Credit Receivables Corp)
Application of Reserve Fund and Available Subordinated Amount. (a) On the Closing Date, there shall be deposited into the Reserve Fund an amount such that the amount then on deposit in the Reserve Fund will not be less than the Reserve Fund Required Amount for such date after giving effect to the Initial Funding Amount, if any. On the date of each Payment Date and on the date of each Incremental Funding, there shall be deposited into the Reserve Fund an amount such that the amount then on deposit in the Reserve Fund will not be less than the Reserve Fund Required Amount for such date after giving effect to the Incremental Funding Amount or any change in the Funded Amount. If Series 1999-1 the sum of Investor Non-Principal Collections and Investment Proceeds distributed on any Distribution Payment Date pursuant to Section 4.6(a4.5(a) are is not sufficient to make the entire all distributions required on such Distribution Payment Date by Section 4.6(a)(iSections 4.5(a)(i), (ii), (iviii) and (v), the Servicer shall direct cause the Indenture Trustee to withdraw funds from the Reserve Fund to the extent available therein, and apply such funds to complete the distributions pursuant to Section 4.6(a)(iSections 4.5(a)(i), (ii), (iviii) and (v) in the numerical order thereof, (and the Trustee no such funds shall so withdraw and apply such funds. If Series 1999-1 Non-Principal Collections distributed on any LIBO Payment Date be applied pursuant to Section 4.6(b) are not sufficient to make the entire distributions required on such LIBO Payment Date by Section 4.6(b4.5(a)(iv), the Servicer shall direct the Trustee to withdraw funds from the Reserve Fund to the extent available therein, and apply such funds to complete the distributions pursuant to Section 4.6(b), and the Trustee shall so withdraw and apply such funds. On each Distribution Date, after giving effect to (i) all distributions pursuant to Section 4.6, (ii) any withdrawals from the Reserve Fund pursuant to this paragraph (a), and (iii) any issuance of any Series 1999-1 Certificates, if the balance of the Reserve Fund exceeds two percent (2%) of the aggregate outstanding principal balances of the Series 1999- 1 Certificates, then the Servicer shall direct the Trustee to withdraw from the Reserve Fund and to pay (and the Trustee shall so withdraw and pay) such excess to the Seller.
(b) If there is a Required Subordination Draw Amount for a Distribution any Payment Date, the Servicer shall, subject to the following paragraph, apply or direct instruct the Indenture Trustee in writing to apply the Available Seller's Collections on deposit in the Collection Account on such Distribution Draw Funds for that Payment Date, but only up to the amount of the Required Subordination Draw Available Subordinated Amount, to make up the shortfall in the distributions required by Sections 4.6(a)(i4.5(a)(i), (ii), (iviii) and (v) and that have not been made through the application of funds from the Reserve Fund pursuant to in accordance with Section 4.8(a4.7(a). Any such The amount of the Available Seller's Collections remaining after the application thereof pursuant to Draw Funds applied in accordance with the preceding sentence shall be treated as a portion of reduce the Available Series 1999-1 Principal Collections Subordinated Amount. If the Required Draw Amount exceeds Available Draw Funds for the next Principal Reduction such Payment Date, but only up to the amount of unpaid Adjustment Payments allocated to Series 1999-1 as described in Section 4.5(a)(vi). The Available Subordinated Amount shall be further reduced in accordance with clause (iibut not below zero) by the amount of the definition of Available Subordinated Amount in an amount equal to the Available Seller's Collections applied pursuant to the first sentence of this paragraph (b). If for such Distribution Date excess, but not by more than the sum of the Required Subordination Draw Investor Defaulted Amount and the aggregate of the required subordination draw amounts for all other Series outstanding exceeds the Available Seller's Collections on deposit in the Collection Account on such Distribution Date, then such Available Seller's Collections shall be allocated to such Series (including Series 1999-1) pro rata on the basis of such required subordination draw amounts (including the Required Subordination Draw Monthly Dilution Amount).
(c) After If, on any Payment Date after giving effect to the end of allocations of, distributions from, and deposits in, the Commitment PeriodReserve Fund made pursuant to Section 4.5(a) and Section 4.7, (i) or on any Reset Date, the amount in the Reserve Fund is greater than the Reserve Fund Required Amount for such Reset Date or Payment Date, then the Servicer shall (x) with respect to any Payment Date only, if any unpaid Variable Funding Increased Cost Amount exists on such Payment Date, apply the excess to pay such amount and (y) with respect to any Reset Date or Payment Date, pay such excess (after giving effect to any payment required to be made in clause (x) on a Payment Date), to the Certificateholders or (ii) if the amount in the Reserve Fund is less than such Reserve Fund Required Amount, then the Indenture Trustee shall deposit any remaining Available Draw Funds for such Payment Date (after giving effect to Section 4.7(b)) into the Reserve Fund until the amount in the Reserve Fund is equal to such Reserve Fund Required Amount. On the Final Maturity Date, any funds in the Reserve Fund shall will be treated as Available Series 1999-1 Investor Principal Collections. Upon payment in full of the outstanding principal balance of the Notes, any funds remaining on deposit in the Reserve Fund shall (x) if any unpaid Variable Funding Increased Cost Amount exist on such date, pay such amount and (y) thereafter, be paid to the Certificateholders.
(d) Notwithstanding Any Available Draw Funds remaining after the foregoing, so long as the Invested Amount exceeds zero no funds shall be distributed from the Reserve Fund applications thereof pursuant to the Seller if as a result the balance of the Reserve Fund would fall below the lesser of (i) the Invested Amount and (ii) the product of (x) twenty-five basis points (0.25%Sections 4.7(b) and (yc) shall be paid to the Maximum Funding Amount in effect on Certificateholders; provided that if the Closing Date.
Pool Balance (e) The balance of Available Seller's Collections on any Distribution Date, determined after giving effect to any distributions thereof pursuant Principal Receivables transferred to the Trust on such Payment Date) is less than the Required Pool Balance (after giving effect to the allocations, distributions, withdrawals and deposits to be made on that Payment Date), Section 4.8(b4.7(c) hereof shall not apply and the distributions in respect of other Series, such funds shall be distributed deposited into the Excess Funding Account to the Seller on such Distribution Dateextent necessary so that the Pool Balance at least equals the Required Pool Balance.
Appears in 1 contract
Samples: Indenture Supplement (Wodfi LLC)
Application of Reserve Fund and Available Subordinated Amount. (a) If Series 1999-1 the Investor Non-Principal Collections and Investment Proceeds distributed on any Distribution Date pursuant to Section 4.6(a) are not sufficient to make the entire distributions required on such Distribution Date by Section 4.6(a)(iclauses (i), (ii), (iviii) and (v)) of Section 4.06(a) hereof, the Servicer shall direct by written instruction cause the Trustee to withdraw funds from the Reserve Fund to the extent available therein, and apply such funds to complete the distributions pursuant to Section 4.6(a)(iclauses (i), (ii), (iviii) and (v) in the numerical order thereof, and the Trustee shall so withdraw and apply such funds. If Series 1999-1 Non-Principal Collections distributed on any LIBO Payment Date pursuant to of Section 4.6(b4.06(a) are not sufficient to make the entire distributions required on such LIBO Payment Date by Section 4.6(b), the Servicer shall direct the Trustee to withdraw funds from the Reserve Fund to the extent available therein, and apply such funds to complete the distributions pursuant to Section 4.6(b), and the Trustee shall so withdraw and apply such funds. On each Distribution Date, after giving effect to (i) all distributions pursuant to Section 4.6, (ii) any withdrawals from the Reserve Fund pursuant to this paragraph (a), and (iii) any issuance of any Series 1999-1 Certificates, if the balance of the Reserve Fund exceeds two percent (2%) of the aggregate outstanding principal balances of the Series 1999- 1 Certificates, then the Servicer shall direct the Trustee to withdraw from the Reserve Fund and to pay (and the Trustee shall so withdraw and pay) such excess to the Sellerhereof.
(b) If there is a Required Subordination Draw Deficiency Amount for a such Distribution Date, the Servicer shall, subject to the following paragraph, apply or direct cause the Trustee to apply the aggregate amount of Series 1997-1 Available Seller's Retained Collections on deposit in for the related Collection Account on such Distribution DatePeriod, but only up to the amount of the Required Subordination Draw Amount, to make up the shortfall in the distributions required by Sections 4.6(a)(iclauses (i), (ii), (iviii) and (v) and of Section 4.06(a) hereof that have not been made through the application of funds from the Reserve Fund pursuant to in accordance with subsection (a) of this Section 4.8(a)4.07. Any such Series 1997-1 Available Seller's Retained Collections remaining after the application thereof pursuant to the preceding sentence shall be treated as a portion of Available Series 1999-1 Investor Principal Collections for the next Principal Reduction such Distribution Date, but only up to the amount of unpaid Adjustment Payments allocated to Series 1999-1 the Certificates as described in Section 4.5(a)(vi)4.05(a)(vi) hereof. The Holder of the BCRC Certificate may elect to increase the Available Subordinated Amount shall be reduced in accordance with clause (ii) Amount, up to a maximum aggregate increase equal to 1% of the definition of Available Subordinated Amount in an amount equal to the Available Seller's Collections applied pursuant to the first sentence of this paragraph (b). If for such Distribution Date the sum of the Required Subordination Draw Amount and the aggregate of the required subordination draw amounts for all other Series outstanding exceeds the Available Seller's Collections on deposit in the Collection Account on such Distribution Date, then such Available Seller's Collections shall be allocated to such Series (including Series 1999-1) pro rata on the basis of such required subordination draw amounts (including the Required Subordination Draw Amount).
(c) After the end of the Commitment Period, any funds in the Reserve Fund shall be treated as Available Series 1999-1 Principal Collections.
(d) Notwithstanding the foregoing, so long as the Invested Amount exceeds zero no funds shall be distributed from the Reserve Fund to the Seller if as a result the balance of the Reserve Fund would fall below the lesser of (i) the Invested Amount and (ii) the product of (x) twenty-five basis points (0.25%) and (y) the Maximum Funding Amount in effect on the Closing Date.
(e) The balance of Available Seller's Collections on any Distribution Date, after giving effect to any distributions thereof pursuant to Section 4.8(b) and the distributions in respect of other Series, shall be distributed to the Seller on such Distribution Date.Initial
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Bombardier Credit Receivables Corp)
Application of Reserve Fund and Available Subordinated Amount. (a) If Series 1999-1 the portion of Noteholder Non-Principal Collections and Investment Proceeds distributed allocated to Series 200_-_ Noteholders on any Distribution Payment Date pursuant to Section 4.6(a4.04(a) are is not sufficient to make the entire distributions required on such Distribution Payment Date by Section 4.6(a)(i(a) Sections 4.04(a)(i), (ii), (iviii) and (v) [or (b) on the Class A Stated Maturity Date only, Section 4.04(a)(viii) and on the Class B Stated Maturity Date only, Section 4.04(a)(ix)], the Servicer shall direct cause the Indenture Trustee to withdraw funds from the Reserve Fund [(in the case of Section 4.04(a)(viii) and (ix), only to the extent such amounts would otherwise be distributed to the Certificateholders)] to the extent available therein, and apply such funds to complete the distributions pursuant to Section 4.6(a)(i4.04(a)(i), (ii), (iviii), (v), [(viii) and (vix)], as the case may be, provided, however, that during any Early Amortization Period funds shall not be withdrawn from the Reserve Fund to make distributions otherwise required by Section 4.04(a)(v) to the extent that, after giving effect to such withdrawal, the amount on deposit in the numerical order thereof, and Reserve Fund shall be less than $1,000,000.
(b) If the Trustee shall so withdraw and apply such funds. If amounts allocated to the Series 1999-1 Non-Principal Collections distributed on any LIBO Payment Date 200_-_ Noteholders pursuant to Section 4.6(b4.04(a) and the amounts withdrawn from the Reserve Fund pursuant to Section 4.06(a) are not sufficient to make the entire distributions required on by clauses (i), (ii), (iii) and (v) of Section 4.04(a) (such LIBO Payment Date by Section 4.6(bshortfall being the "Deficiency Amount"), the Servicer shall direct cause the Trustee to withdraw funds from the Reserve Fund to the extent available therein, and apply such funds to complete the distributions pursuant to Section 4.6(b), and the Trustee shall so withdraw and apply such funds. On each Distribution Date, after giving effect to (i) all distributions pursuant to Section 4.6, (ii) any withdrawals from the Reserve Fund pursuant to this paragraph (a), and (iii) any issuance of any Series 1999-1 Certificates, if the balance of the Reserve Fund exceeds two percent (2%) of the aggregate outstanding principal balances of the Series 1999- 1 Certificates, then the Servicer shall direct the Trustee to withdraw from the Reserve Fund and to pay (and the Trustee shall so withdraw and pay) such excess to the Seller.
(b) If there is a Required Subordination Draw Amount for a Distribution Date, the Servicer shall, subject to the following paragraph, apply or direct the Indenture Trustee to apply the Available Seller's amount of Additional Noteholder Collections for the related Collection Period on deposit in the Collection Account on such Distribution Payment Date, but only up to the amount of the Required Subordination Draw Available Subordinated Amount, to make up the shortfall in the distributions required by Sections 4.6(a)(iclauses (i), (ii), (iviii) and (v) and of Section 4.04(a) that have not been made through [and, if such Payment Date is the application Class A Stated Maturity Date, the Class B Stated Maturity Date or the date on which the principal amount of funds from the Reserve Fund pursuant Series 200_-_ Notes has been reduced to zero, the distributions required by Section 4.8(a). Any such 4.04(a)(viii) in the case of the Class A Stated Maturity Date and Section 4.04(a)(ix) in the case of the Class B Stated Maturity Date or both Sections 4.04(a)(viii) and (ix) in the case of the date on which the principal amount of the Series 200_-_ Notes has been reduced to zero that have not been made.] The Available Seller's Subordinated Amount will be reduced by the amount of Additional Noteholder Collections remaining after the application thereof pursuant to applied in accordance with the preceding sentence sentence. If the amount necessary to complete the distributions referred to in this paragraph (b) exceeds Additional Noteholder Collections for such Payment Date, the Available Subordinated Amount shall be treated as a portion further reduced (but not below zero) by the amount of Available Series 1999-1 Principal Collections for the next Principal Reduction Datesuch excess, but only up to not by more than the sum of (x) the Noteholder Default Amount and (y) the amount of unpaid Adjustment Payments allocated to the Series 1999-1 as described 200_-_ Notes.
(c) If, after giving effect to the allocations of, distributions from, and deposits in, the Reserve Fund made pursuant to Section 4.04(a) and this Section 4.06, (i) the amount in Section 4.5(a)(vi). The Available Subordinated the Reserve Fund is greater than the Reserve Fund Required Amount for such Payment Date, the Servicer shall be reduced cause the Indenture Trustee to distribute such excess amount to the Certificateholders, subject to the proviso contained in accordance with clause paragraph (d) or (ii) of the definition of Available Subordinated Amount amount in an amount equal to the Available Seller's Collections applied pursuant to Reserve Fund is less than such Reserve Fund Required Amount, the first sentence of this paragraph (b). If for such Distribution Date the sum of the Required Subordination Draw Amount and the aggregate of the required subordination draw amounts for all other Series outstanding exceeds the Available Seller's Indenture Trustee shall deposit any remaining Additional Noteholder Non-Principal Collections on deposit in the Collection Account on for such Distribution Date, then such Available Seller's Collections shall be allocated Payment Date into the Reserve Fund until the amount in the Reserve Fund is equal to such Series (including Series 1999-1) pro rata on the basis of such required subordination draw amounts (including the Reserve Fund Required Subordination Draw Amount).
(c) . After the end earlier to occur of the Commitment Periodpayment in full of the outstanding principal balance of the Series 2000-1 Notes and the Class B Stated Maturity Date, any funds remaining on deposit in the Reserve Fund shall be treated as Available Series 1999-1 Principal Collectionspaid to the Certificateholders.
(d) Notwithstanding the foregoing, so long as the Invested Amount exceeds zero no funds shall be distributed from the Reserve Fund to the Seller if as a result the balance of the Reserve Fund would fall below the lesser of (i) the Invested Amount and (ii) the product of (x) twenty-five basis points (0.25%) and (y) the Maximum Funding Amount in effect on the Closing Date.
(e) The balance of Available Seller's Additional Noteholder Collections on any Distribution Payment Date, after giving effect to any distributions thereof pursuant to Section 4.8(b4.06(b) and the distributions in respect of other Seriesor (c), shall be distributed to the Seller Certificateholders on such Distribution Payment Date; provided, however, that if the Required Pool Balance for the immediately preceding Determination Date exceeds the Pool Balance on such date (determined after giving effect to any Principal Receivables transferred to the Trust on such Payment Date), Section 4.06(c) hereof shall not apply and the amount of such excess shall be deposited into the Excess Funding Account, with any remaining Additional Noteholder Collections paid to the Certificateholders.
Appears in 1 contract
Samples: Supplement to Indenture (Wodfi LLC)
Application of Reserve Fund and Available Subordinated Amount. (a) On the Closing Date, there shall be deposited into the Reserve Fund an amount such that the amount then on deposit in the Reserve Fund will not be less than the Reserve Fund Required Amount for such date after giving effect to the Initial Funding Amount, if any. On the date of each Payment Date and on the date of each Incremental Funding, there shall be deposited into the Reserve Fund an amount such that the amount then on deposit in the Reserve Fund will not be less than the Reserve Fund Required Amount for such date after giving effect to the Incremental Funding Amount or any change in the Funded Amount. If Series 1999-1 the sum of Investor Non-Principal Collections and Investment Proceeds distributed on any Distribution Payment Date pursuant to Section 4.6(a4.5(a) are is not sufficient to make the entire all distributions required on such Distribution Payment Date by Section 4.6(a)(iSections 4.5(a)(i), (ii), (iviii) and (v), the Servicer shall direct cause the Indenture Trustee to withdraw funds from the Reserve Fund to the extent available therein, and apply such funds to complete the distributions pursuant to Section 4.6(a)(iSections 4.5(a)(i),(ii), (ii), (iviii) and (v) in the numerical order thereof, (and the Trustee no such funds shall so withdraw and apply such funds. If Series 1999-1 Non-Principal Collections distributed on any LIBO Payment Date be applied pursuant to Section 4.6(b) are not sufficient to make the entire distributions required on such LIBO Payment Date by Section 4.6(b4.5(a)(iv), the Servicer shall direct the Trustee to withdraw funds from the Reserve Fund to the extent available therein, and apply such funds to complete the distributions pursuant to Section 4.6(b), and the Trustee shall so withdraw and apply such funds. On each Distribution Date, after giving effect to (i) all distributions pursuant to Section 4.6, (ii) any withdrawals from the Reserve Fund pursuant to this paragraph (a), and (iii) any issuance of any Series 1999-1 Certificates, if the balance of the Reserve Fund exceeds two percent (2%) of the aggregate outstanding principal balances of the Series 1999- 1 Certificates, then the Servicer shall direct the Trustee to withdraw from the Reserve Fund and to pay (and the Trustee shall so withdraw and pay) such excess to the Seller.
(b) If there is a Required Subordination Draw Amount for a Distribution any Payment Date, the Servicer shall, subject to the following paragraph, apply or direct instruct the Indenture Trustee in writing to apply the Available Seller's Collections on deposit in the Collection Account on such Distribution Draw Funds for that Payment Date, but only up to the amount of the Required Subordination Draw Available Subordinated Amount, to make up the shortfall in the distributions required by Sections 4.6(a)(i4.5(a)(i), (ii), (iviii) and (v) and that have not been made through the application of funds from the Reserve Fund pursuant to in accordance with Section 4.8(a4.7(a). Any such The amount of the Available Seller's Collections remaining after the application thereof pursuant to Draw Funds applied in accordance with the preceding sentence shall be treated as a portion of reduce the Available Series 1999-1 Principal Collections Subordinated Amount. If the Required Draw Amount exceeds Available Draw Funds for the next Principal Reduction such Payment Date, but only up to the amount of unpaid Adjustment Payments allocated to Series 1999-1 as described in Section 4.5(a)(vi). The Available Subordinated Amount shall be further reduced in accordance with clause (iibut not below zero) by the amount of the definition of Available Subordinated Amount in an amount equal to the Available Seller's Collections applied pursuant to the first sentence of this paragraph (b). If for such Distribution Date excess, but not by more than the sum of the Required Subordination Draw Investor Defaulted Amount and the aggregate of the required subordination draw amounts for all other Series outstanding exceeds the Available Seller's Collections on deposit in the Collection Account on such Distribution Date, then such Available Seller's Collections shall be allocated to such Series (including Series 1999-1) pro rata on the basis of such required subordination draw amounts (including the Required Subordination Draw Monthly Dilution Amount).
(c) After If, on any Payment Date after giving effect to the end of allocations of, distributions from, and deposits in, the Commitment PeriodReserve Fund made pursuant to Section 4.5(a) and Section 4.7, (i) or on any Reset Date, the amount in the Reserve Fund is greater than the Reserve Fund Required Amount for such Reset Date or Payment Date, then the Servicer shall (x) with respect to any Payment Date only, if any unpaid Variable Funding Increased Cost Amount exists on such Payment Date, apply the excess to pay such amount and (y) with respect to any Reset Date or Payment Date, pay such excess (after giving effect to any payment required to be made in clause (x) on a Payment Date), to the Certificateholders or (ii) if the amount in the Reserve Fund is less than such Reserve Fund Required Amount, then the Indenture Trustee shall deposit any remaining Available Draw Funds for such Payment Date (after giving effect to Section 4.7(b)) into the Reserve Fund until the amount in the Reserve Fund is equal to such Reserve Fund Required Amount. On the Final Maturity Date, any funds in the Reserve Fund shall will be treated as Available Series 1999-1 Investor Principal Collections. Upon payment in full of the outstanding principal balance of the Notes, any funds remaining on deposit in the Reserve Fund shall (x) if any unpaid Variable Funding Increased Cost Amount exist on such date, pay such amount and (y) thereafter, be paid to the Certificateholders.
(d) Notwithstanding Any Available Draw Funds remaining after the foregoing, so long as the Invested Amount exceeds zero no funds shall be distributed from the Reserve Fund applications thereof pursuant to the Seller if as a result the balance of the Reserve Fund would fall below the lesser of (i) the Invested Amount and (ii) the product of (x) twenty-five basis points (0.25%Sections 4.7(b) and (yc) shall be paid to the Maximum Funding Amount in effect on Certificateholders; provided that if the Closing Date.
Pool Balance (e) The balance of Available Seller's Collections on any Distribution Date, determined after giving effect to any distributions thereof pursuant Principal Receivables transferred to the Trust on such Payment Date) is less than the Required Pool Balance (after giving effect to the allocations, distributions, withdrawals and deposits to be made on that Payment Date), Section 4.8(b4.7(c) hereof shall not apply and the distributions in respect of other Series, such funds shall be distributed deposited into the Excess Funding Account to the Seller on such Distribution Dateextent necessary so that the Pool Balance at least equals the Required Pool Balance.
Appears in 1 contract
Samples: Indenture (Wodfi LLC)
Application of Reserve Fund and Available Subordinated Amount. (a) On the Closing Date, there shall be deposited into the Reserve Fund an amount such that the amount then on deposit in the Reserve Fund will not be less than the Reserve Fund Required Amount for such date after giving effect to the Initial Funding Amount, if any. On the date of each Incremental Funding, there shall be deposited into the Reserve Fund an amount such that the amount then on deposit in the Reserve Fund will not be less than the Reserve Fund Required Amount for such date after giving effect to the Incremental Funding Amount. If Series 1999-1 the sum of Investor Non-Principal Collections and Investment Proceeds distributed on any Distribution Payment Date pursuant to Section 4.6(a4.5(a) are is not sufficient to make the entire all distributions required on such Distribution Payment Date by Section 4.6(a)(iSections 4.5(a)(i), (ii), (iviii) and (v), the Servicer shall direct cause the Indenture Trustee to withdraw funds from the Reserve Fund to the extent available therein, and apply such funds to complete the distributions pursuant to Section 4.6(a)(iSections 4.5(a)(i),(ii), (ii), (iviii) and (v) in the numerical order thereof, (and the Trustee no such funds shall so withdraw and apply such funds. If Series 1999-1 Non-Principal Collections distributed on any LIBO Payment Date be applied pursuant to Section 4.6(b) are not sufficient to make the entire distributions required on such LIBO Payment Date by Section 4.6(b4.5(a)(iv), the Servicer shall direct the Trustee to withdraw funds from the Reserve Fund to the extent available therein, and apply such funds to complete the distributions pursuant to Section 4.6(b), and the Trustee shall so withdraw and apply such funds. On each Distribution Date, after giving effect to (i) all distributions pursuant to Section 4.6, (ii) any withdrawals from the Reserve Fund pursuant to this paragraph (a), and (iii) any issuance of any Series 1999-1 Certificates, if the balance of the Reserve Fund exceeds two percent (2%) of the aggregate outstanding principal balances of the Series 1999- 1 Certificates, then the Servicer shall direct the Trustee to withdraw from the Reserve Fund and to pay (and the Trustee shall so withdraw and pay) such excess to the Seller.
(b) If there is a Required Subordination Draw Amount for a Distribution any Payment Date, the Servicer shall, subject to the following paragraph, apply or direct instruct the Indenture Trustee in writing to apply the Available Seller's Collections on deposit in the Collection Account on such Distribution Draw Funds for that Payment Date, but only up to the amount of the Required Subordination Draw Available Subordinated Amount, to make up the shortfall in the distributions required by Sections 4.6(a)(i4.5(a)(i), (ii), (iviii) and (v) and that have not been made through the application of funds from the Reserve Fund pursuant to in accordance with Section 4.8(a4.7(a). Any such The amount of the Available Seller's Collections remaining after the application thereof pursuant to Draw Funds applied in accordance with the preceding sentence shall be treated as a portion of reduce the Available Series 1999-1 Principal Collections Subordinated Amount. If the Required Draw Amount exceeds Available Draw Funds for the next Principal Reduction such Payment Date, but only up to the amount of unpaid Adjustment Payments allocated to Series 1999-1 as described in Section 4.5(a)(vi). The Available Subordinated Amount shall be further reduced in accordance with clause (iibut not below zero) by the amount of the definition of Available Subordinated Amount in an amount equal to the Available Seller's Collections applied pursuant to the first sentence of this paragraph (b). If for such Distribution Date excess, but not by more than the sum of the Required Subordination Draw Investor Defaulted Amount and the aggregate of the required subordination draw amounts for all other Series outstanding exceeds the Available Seller's Collections on deposit in the Collection Account on such Distribution Date, then such Available Seller's Collections shall be allocated to such Series (including Series 1999-1) pro rata on the basis of such required subordination draw amounts (including the Required Subordination Draw Monthly Dilution Amount).
(c) After If, on any Payment Date after giving effect to the end of allocations of, distributions from, and deposits in, the Commitment PeriodReserve Fund made pursuant to Section 4.5(a) and Section 4.7, (i) or on any Reset Date, the amount in the Reserve Fund is greater than the Reserve Fund Required Amount for such Reset Date or Payment Date, then the Servicer shall (x) with respect to any Payment Date only, if any unpaid Variable Funding Increased Cost Amount exists on such Payment Date, apply the excess to pay such amount and (y) with respect to any Reset Date or Payment Date, pay such excess (after giving effect to any payment required to be made in clause (x) on a Payment Date), to the Certificateholders or (ii) if the amount in the Reserve Fund is less than such Reserve Fund Required Amount, then the Indenture Trustee shall deposit any remaining Available Draw Funds for such Payment Date (after giving effect to Section 4.7(b)) into the Reserve Fund until the amount in the Reserve Fund is equal to such Reserve Fund Required Amount. On the Final Maturity Date, any funds in the Reserve Fund shall will be treated as Available Series 1999-1 Investor Principal Collections. Upon payment in full of the outstanding principal balance of the Notes, any funds remaining on deposit in the Reserve Fund shall (x) if any unpaid Variable Funding Increased Cost Amount exist on such date, pay such amount and (y) thereafter, be paid to the Certificateholders.
(d) Notwithstanding Any Available Draw Funds remaining after the foregoing, so long as the Invested Amount exceeds zero no funds shall be distributed from the Reserve Fund applications thereof pursuant to the Seller if as a result the balance of the Reserve Fund would fall below the lesser of (i) the Invested Amount and (ii) the product of (x) twenty-five basis points (0.25%Sections 4.7(b) and (yc) shall be paid to the Maximum Funding Amount in effect on Certificateholders; provided that if the Closing Date.
Pool Balance (e) The balance of Available Seller's Collections on any Distribution Date, determined after giving effect to any distributions thereof pursuant Principal Receivables transferred to the Trust on such Payment Date) is less than the Required Pool Balance (after giving effect to the allocations, distributions, withdrawals and deposits to be made on that Payment Date), Section 4.8(b4.7(c) hereof shall not apply and the distributions in respect of other Series, such funds shall be distributed deposited into the Excess Funding Account to the Seller on such Distribution Dateextent necessary so that the Pool Balance at least equals the Required Pool Balance.
Appears in 1 contract
Samples: Indenture (Wodfi LLC)
Application of Reserve Fund and Available Subordinated Amount. (a) If Series 1999-1 the portion of Investor Non-Principal Collections and Investment Proceeds distributed allocated to the Series 2001-A Certificateholders on any Distribution Date pursuant to Section 4.6(a4.06(a) are is not sufficient to make the entire distributions required on such Distribution Date by Section 4.6(a)(iSections 4.06(a)(i), (ii), (iv) and (viv), the Servicer shall direct cause the Trustee to withdraw funds from the Reserve Fund to the extent available therein, and apply such funds to complete the distributions pursuant to Section 4.6(a)(i4.06(a)(i), (ii), (iv) and (viv); provided, however, that during any Early Amortization Period (other than an Early Amortization Period which has ended as described in clause (c) or clause (d) of the definition thereof in the numerical order thereof, and the Trustee this Series Supplement) funds shall so withdraw and apply such funds. If Series 1999-1 Non-Principal Collections distributed on any LIBO Payment Date pursuant to Section 4.6(b) are not sufficient to make the entire distributions required on such LIBO Payment Date by Section 4.6(b), the Servicer shall direct the Trustee to withdraw funds be withdrawn from the Reserve Fund to make distributions otherwise required by Section 4.06(a)(iv) to the extent available therein, and apply such funds to complete the distributions pursuant to Section 4.6(b), and the Trustee shall so withdraw and apply such funds. On each Distribution Datethat, after giving effect to (i) all distributions pursuant to Section 4.6such withdrawal, (ii) any withdrawals from the amount on deposit in the Reserve Fund pursuant to this paragraph (a), and (iii) any issuance of any Series 1999-1 Certificates, if the balance of the Reserve Fund exceeds two percent (2%) of the aggregate outstanding principal balances of the Series 1999- 1 Certificates, then the Servicer shall direct the Trustee to withdraw from the Reserve Fund and to pay (and the Trustee shall so withdraw and pay) such excess to the Sellerbe less than $1,000,000.
(b) If there is a Required Subordination Draw Amount for a such Distribution Date, and such Distribution Date is not the Final Payment Date, the Servicer shall, subject to the following paragraph, shall apply or direct cause the Trustee to apply the Available Seller's Collections on deposit in the Collection Account on such Distribution Date, but only up to the amount of the Required Subordination Draw Amount, to make up the shortfall in the distributions required by Sections 4.6(a)(i4.06(a)(i), (ii), ) and (iv) and (v) and that have not been made through the application of funds from the Reserve Fund pursuant in accordance with the preceding paragraph. If there is a Required Subordination Draw Amount for such Distribution Date, and such Distribution Date is the Final Payment Date, the Servicer shall apply or cause the Trustee to apply the Available Seller's Collections on deposit in the Collection Account on such Distribution Date, but only up to the amount of the Required Subordination Draw Amount, to make the distributions required by Sections 4.06(a)(i), (ii), (iv) and (v) with respect to the Series 2001-A Certificates that have not been made through the application of funds from the Reserve Fund in accordance with Section 4.8(a4.08(d). Any such Available Seller's Collections remaining after the application thereof pursuant to the first or second preceding sentence sentence, as applicable, shall be treated as a portion of Available Series 1999-1 Investor Principal Collections for the next Principal Reduction such Distribution Date, but only up to the amount of unpaid Adjustment Payments allocated to Series 19992001-1 A as described in Section 4.5(a)(vi4.05(a)(vi). The Available Subordinated Amount shall be reduced in accordance with clause (ii) amount of the definition of Available Subordinated Amount in an amount equal to the Available Seller's Collections applied pursuant to in accordance with the first sentence three preceding sentences shall reduce the Available Subordinated Amount in all other cases as described in clause (A) of this paragraph (b)the definition thereof. If for such Distribution Date the sum of the Required Subordination Draw Amount exceeds Available Seller's Collections for such Distribution Date, the Available Subordinated Amount shall be further reduced by the amount of such excess, but not by more than the sum of (x) the Investor Default Amount and (y) the aggregate amount of unpaid Adjustment Payments allocated to Series 2001-A as described in Section 4.05(a)(vi).
(c) If, after giving effect to the required subordination draw amounts allocations of, distributions from, and deposits in, the Reserve Fund made pursuant to Sections 4.01(c), 4.04, 4.06(a), 4.08(a) and 4.08(e), (i) the amount in the Reserve Fund is greater than the Reserve Fund Required Amount (or, for all other Series outstanding exceeds any Distribution Date with respect to an Early Amortization Period, the Excess Reserve Fund Required Amount) for such Distribution Date, the Servicer shall cause the Trustee to distribute such excess amount to the Seller, subject to the proviso contained in paragraph (f) below or (ii) the amount in the Reserve Fund is less than such Reserve Fund Required Amount, then the Trustee shall deposit any remaining Available Seller's Collections on deposit in the Collection Account on for such Distribution Date, then such Available Seller's Collections shall be allocated Date after giving effect to Section 4.08(b) into the Reserve Fund until the amount in the Reserve Fund is equal to such Series (including Series 1999-1) pro rata on Reserve Fund Required Amount. On the basis of such required subordination draw amounts (including the Required Subordination Draw Amount).
(c) After the end of the Commitment PeriodTermination Date, any funds in the Reserve Fund shall will be treated as Available Series 1999-1 Investor Principal Collections.
(d) Notwithstanding If, on the foregoingFinal Payment Date, so long as after giving effect to (c) above, there is a Carry-over Amount or a Additional Carry-over Amount after giving effect to withdrawals from the Invested Yield Supplement Account on such date, the Servicer shall cause the Trustee to withdraw funds in the amount of such Carry-over Amount exceeds zero no funds shall be distributed or Additional Carry-over Amount from the Reserve Fund (to the Seller if as a result extent available therein), and distribute such funds to the balance of the Reserve Fund would fall below the lesser of (i) the Invested Amount and (ii) the product of (x) twentySeries 2001-five basis points (0.25%) and (y) the Maximum Funding Amount in effect on the Closing DateA Certificateholders.
(e) If, for any Distribution Date with respect to an Early Amortization Period, after giving effect to the allocations of, distributions from, and deposits in, the Reserve Fund made pursuant to Sections 4.01(c), 4.04, 4.06(a) and 4.08(a), the amount in the Reserve Fund is less than the Excess Reserve Fund Required Amount for such Distribution Date, the Trustee shall deposit any remaining Available Seller's Collections on deposit in the Collection Account for such Distribution Date into the Reserve Fund until the amount in the Reserve Fund is equal to such Excess Reserve Fund Required Amount.
(f) The balance of Available Seller's Collections on any Distribution Date, after giving effect to any distributions thereof pursuant to Section 4.8(b4.08(a), (b), (c) and the distributions in respect of other Seriesor (e), shall be distributed to the Seller on such Distribution Date; provided that, in the case of any remaining Available Seller's Principal Collections, if the Trust Available Subordinated Amount for the immediately preceding Determination Date exceeds the Seller's Participation Amount on such date (determined after giving effect to any Principal Receivables transferred to the Trust on such Distribution Date), Section 4.08(c) hereof shall not apply and the amount of such excess shall be deposited into the Reserve Fund, with any remaining Available Seller's Principal Collections paid to the Seller.
Appears in 1 contract
Samples: Series 2001 a Supplement (Daimlerchrysler Wholesale Receivables LLC)
Application of Reserve Fund and Available Subordinated Amount. (a) If Series 1999-1 the portion of Investor Non-Principal Collections and Investment Proceeds distributed allocated to the Series 2000-C Certificateholders on any Distribution Date pursuant to Section 4.6(a4.06(a) are is not sufficient to make the entire distributions required on such Distribution Date by Section 4.6(a)(iSections 4.06(a)(i), (ii), (iv) and (viv), the Servicer shall direct cause the Trustee to withdraw funds from the Reserve Fund to the extent available therein, and apply such funds to complete the distributions pursuant to Section 4.6(a)(i4.06(a)(i), (ii), (iv) and (viv); provided, however, that during any Early Amortization Period (other than an Early Amortization Period which has ended as described in clause (c) or clause (d) of the definition thereof in the numerical order thereof, and the Trustee this Series Supplement) funds shall so withdraw and apply such funds. If Series 1999-1 Non-Principal Collections distributed on any LIBO Payment Date pursuant to Section 4.6(b) are not sufficient to make the entire distributions required on such LIBO Payment Date by Section 4.6(b), the Servicer shall direct the Trustee to withdraw funds be withdrawn from the Reserve Fund to make distributions otherwise required by Section 4.06(a)(iv) to the extent available therein, and apply such funds to complete the distributions pursuant to Section 4.6(b), and the Trustee shall so withdraw and apply such funds. On each Distribution Datethat, after giving effect to (i) all distributions pursuant to Section 4.6such withdrawal, (ii) any withdrawals from the amount on deposit in the Reserve Fund pursuant to this paragraph (a), and (iii) any issuance of any Series 1999-1 Certificates, if the balance of the Reserve Fund exceeds two percent (2%) of the aggregate outstanding principal balances of the Series 1999- 1 Certificates, then the Servicer shall direct the Trustee to withdraw from the Reserve Fund and to pay (and the Trustee shall so withdraw and pay) such excess to the Sellerbe less than $1,000,000.
(b) If there is a Required Subordination Draw Amount for a such Distribution Date, and such Distribution Date is not the Final Payment Date, the Servicer shall, subject to the following paragraph, shall apply or direct cause the Trustee to apply the Available Seller's Collections on deposit in the Collection Account on such Distribution Date, but only up to the amount of the Required Subordination Draw Amount, to make up the shortfall in the distributions required by Sections 4.6(a)(i4.06(a)(i), (ii), ) and (iv) and (v) and that have not been made through the application of funds from the Reserve Fund pursuant in accordance with the preceding paragraph. If there is a Required Subordination Draw Amount for such Distribution Date, and such Distribution Date is the Final Payment Date, the Servicer shall apply or cause the Trustee to apply the Available Seller's Collections on deposit in the Collection Account on such Distribution Date, but only up to the amount of the Required Subordination Draw Amount, to make the distributions required by Sections 4.06(a)(i), (ii), (iv) and (v) with respect to the Series 2000-C Certificates that have not been made through the application of funds from the Reserve Fund in accordance with Section 4.8(a4.08(d). Any such Available Seller's Collections remaining after the application thereof pursuant to the first or second preceding sentence sentence, as applicable, shall be treated as a portion of Available Series 1999-1 Investor Principal Collections for the next Principal Reduction such Distribution Date, but only up to the amount of unpaid Adjustment Payments allocated to Series 19992000-1 C as described in Section 4.5(a)(vi4.05(a)(vi). The Available Subordinated Amount shall be reduced in accordance with clause (ii) amount of the definition of Available Subordinated Amount in an amount equal to the Available Seller's Collections applied pursuant to in accordance with the first sentence three preceding sentences shall reduce the Available Subordinated Amount in all other cases as described in clause (A) of this paragraph (b)the definition thereof. If for such Distribution Date the sum of the Required Subordination Draw Amount exceeds Available Seller's Collections for such Distribution Date, the Available Subordinated Amount shall be further reduced by the amount of such excess, but not by more than the sum of (x) the Investor Default Amount and (y) the aggregate amount of unpaid Adjustment Payments allocated to Series 2000-C as described in Section 4.05(a)(vi).
(c) If, after giving effect to the required subordination draw amounts allocations of, distributions from, and deposits in, the Reserve Fund made pursuant to Sections 4.01(c), 4.04, 4.06(a), 4.08(a) and 4.08(e), (i) the amount in the Reserve Fund is greater than the Reserve Fund Required Amount (or, for all other Series outstanding exceeds any Distribution Date with respect to an Early Amortization Period, the Excess Reserve Fund Required Amount) for such Distribution Date, the Servicer shall cause the Trustee to distribute such excess amount to the Seller, subject to the proviso contained in paragraph (f) below or (ii) the amount in the Reserve Fund is less than such Reserve Fund Required Amount, then the Trustee shall deposit any remaining Available Seller's Collections on deposit in the Collection Account on for such Distribution Date, then such Available Seller's Collections shall be allocated to such Series (including Series 1999-1) pro rata on the basis of such required subordination draw amounts (including the Required Subordination Draw Amount).
(c) After the end of the Commitment Period, any funds in the Reserve Fund shall be treated as Available Series 1999-1 Principal Collections.
(d) Notwithstanding the foregoing, so long as the Invested Amount exceeds zero no funds shall be distributed from the Reserve Fund to the Seller if as a result the balance of the Reserve Fund would fall below the lesser of (i) the Invested Amount and (ii) the product of (x) twenty-five basis points (0.25%) and (y) the Maximum Funding Amount in effect on the Closing Date.
(e) The balance of Available Seller's Collections on any Distribution Date, Date after giving effect to any distributions thereof pursuant to Section 4.8(b4.08(b) and into the distributions in respect of other Series, shall be distributed to the Seller on such Distribution Date.Reserve Fund
Appears in 1 contract
