Common use of Certain Allocations of Collections Clause in Contracts

Certain Allocations of Collections. The Depositor agrees that, subject to Applicable Law and any related Floorplan Financing Agreement, it will allocate Collections in respect of each Account between the Receivables owned by the Issuer and the Receivables that are not owned by the Issuer as follows: (i) Principal Collections will be allocated to the Receivable that relates to the Vehicle whose sale or lease generated such Collections; and (ii) Interest Collections will be allocated to the Issuer on the basis of the ratio of the principal amount of the Receivables in such Account owned by the Issuer on the date of determination to the total principal amount of Receivables in such Account on such date.