Excess Funding Account. The amounts in the Excess Funding Account exceed 30% of the sum of the “Adjusted Invested Amounts” of all Series for three consecutive Collection Periods, after giving effect to any payments to be made on each related Payment Date; or
Excess Funding Account. (a) Any funds on deposit in the Excess Funding Account at the beginning of the Accumulation Period or upon the occurrence of an Early Amortization Event shall be deposited in the Principal Funding Account. In addition, no funds shall be deposited in the Excess Funding Account during the Accumulation Period or any Early Amortization Period.
(b) If (i) on any Determination Date during the Revolving Period there are any funds in the Excess Funding Account and (ii) the Unconcentrated Pool Balance at the end of the preceding Collection Period is greater than the Unconcentrated Pool Balance at the end of the second preceding Collection Period, then, subject to the other provisions of this Section 4.12(b) and to Sections 4.12(c) and (d), the Invested Amount and the invested amounts (but, in each case, not in excess of the initial principal amount of such Series) for all other outstanding Series that provide for an excess funding account or similar arrangement and are in their revolving periods shall be increased such that, after giving effect to such increases, the Required Participation Amount is at least equal to the Unconcentrated Pool Balance. On such Determination Date, the Servicer shall notify the Trustee of the amount, if any, of such increase in the Invested Amount and the Trustee shall withdraw from the Excess Funding Account and pay to the Seller or allocate to one or more other Series, on the immediately succeeding Distribution Date, an amount equal to the amount of such increase in the Invested Amount. To the extent that the Invested Amount is increased by any payment to the Seller or any allocation to one or more other Series, the Seller's Interest or such other Series' invested amount, as applicable, shall be reduced by the amount of such payment. In addition, any increase in the Invested Amount is subject to the condition that after giving effect to such increase the Unconcentrated Pool Balance equals or exceeds the Required Participation Amount. In connection with the foregoing, the Seller shall endeavor (taking into account any seasonality experienced in the Accounts in the Trust) to minimize the amounts on deposit, from time to time, in the Excess Funding Account. The Seller may elect to make withdrawals from the Excess Funding Account and the excess funding accounts or similar arrangements for other Series on a daily or weekly basis during a Collection Period by giving the Trustee notice of such election at least two Business Days and no more ...
Excess Funding Account. The Trustee, for the benefit of the Holders, shall establish and maintain or cause to be established and maintained in the name of the Trustee on behalf of the Trust, with a Qualified Institution, a segregated trust account (the “Excess Funding Account”). The Excess Funding Account will bear a designation clearly indicating that the funds deposited therein are held for the benefit of the Holders, and the Trustee shall have sole dominion and control over and possess all right, title and interest in all funds on deposit from time to time in the Excess Funding Account and in all proceeds thereof. Pursuant to the authority granted to the Servicer in Section 3.01(b), the Servicer shall have the power, revocable by the Trustee, to make withdrawals and payments from the Excess Funding Account and to instruct the Trustee to make withdrawals and payments from the Excess Funding Account for the purposes of carrying out the Servicer’s or the Trustee’s duties hereunder. At the written direction of the Servicer, funds on deposit in the Excess Funding Account to be invested shall be invested by the Trustee in Permitted Investments, selected by the Servicer, that will mature so that funds will be available at the close of business on the next Business Day. All such Permitted Investments shall be held by the Trustee for the benefit of the Holders. The Trustee shall maintain for the benefit of the Holders possession of the negotiable instruments or securities, if any, evidencing such Permitted Investments. On each Business Day, the Servicer shall determine the amount by which the Transferor Interest exceeds the Minimum Transferor Interest on such date and shall instruct the Trustee to withdraw any such excess from the Excess Funding Account on such day and pay such amount to the Holder of the Transferor Certificate. Notwithstanding the foregoing, no funds shall be withdrawn from the Excess Funding Account for distribution to the Holder of the Transferor Certificate on any day if immediately after giving effect to such withdrawal the aggregate Principal Receivables in the Trust would be less than the Minimum Aggregate Principal Receivables. On each Determination Date, the Servicer shall instruct the Trustee to withdraw on the next succeeding Transfer Date from the Excess Funding Account and deposit in the Collection Account all interest and other investment earnings (net of losses and investment expenses) on funds on deposit in the Excess Funding Account, for application as...
Excess Funding Account. 27 SECTION 4.13
Excess Funding Account. (a) The Issuer shall establish on or prior to the date hereof, and shall thereafter maintain so long as any Outstanding Obligations remain unpaid, an Eligible Account in the name of the Issuer with the Indenture Trustee which shall be designated as the Excess Funding Account, which account shall be held by the Indenture Trustee for the benefit of the Noteholders of all Series of Notes pursuant to the terms of this Indenture and the related Supplements. Any and all monies on deposit in the Excess Funding Account shall be invested in Eligible Investments in accordance with this Indenture and shall be distributed in accordance with this Section 306.
(b) On each Payment Date, the Indenture Trustee shall, in accordance with the Manager Report (or, subject to Section 306(d), in the absence of any Manager Report, in accordance with written instructions from the Requisite Global Majority), deposit into the Excess Funding Account, all amounts designated for deposit therein in accordance with the terms of the Supplement for any Series of Notes then Outstanding. In addition, the Indenture Trustee shall, in accordance with the Manager Report (or, in the absence of any Manager Report, in accordance with written instructions from the Requisite Global Majority), deposit into the Excess Funding Account additional funds received from the Issuer from time to time.
(c) On each Payment Date on which no Trust Event of Default or Asset Base Deficiency is existing, the Indenture Trustee shall, in accordance with the Manager Report (or, subject to Section 306(d), in the absence of any Manager Report, in accordance with written instructions from the Requisite Global Majority), withdraw funds from the Excess Funding Account and deposit such funds into the Trust Account, which funds will be included in the calculation of the Available Distribution Amount for such Payment Date.
(d) While no Trust Event of Default or Asset Base Deficiency is continuing or would result therefrom, the Issuer may direct disposition of funds in the Excess Funding Account without consent of the Indenture Trustee, any Noteholder or any other Person.
Excess Funding Account. On the Business Day immediately following the last day of the Revolving Period, an amount equal to the Series 2000-VFN Excess Funding Amount as of the last day of the Revolving Period will be withdrawn from the Excess Funding Account and deposited in the Principal Funding Account on such date and distributed in accordance with Section 4.6(b). Thereafter, the Series 2000-VFN Holders will not be entitled to any funds on deposit in the Excess Funding Account.
Excess Funding Account. On or before the Effective Date, the Issuer will cause to be established and maintained one or more Qualified Accounts (collectively, the "Excess Funding Account") in the name of the Indenture Trustee, bearing a designation clearly indicating that the funds deposited therein are held for the benefit of the Indenture Trustee, the Noteholders and any applicable Enhancement Provider. Amounts received in respect of the Collateral shall be deposited into the Excess Funding Account to the extent provided in the Sale and Servicing Agreement and this Indenture. The Excess Funding Account shall be under the sole dominion and control of the Indenture Trustee for the benefit of the Secured Parties. If, at any time, the institution holding the Excess Funding Account ceases to be a Qualified Institution, the Issuer will within ten (10) Business Days (or such longer period, not to exceed thirty (30) calendar days, as to which each Note Rating Agency may consent in writing) establish a new Excess Funding Account that is a Qualified Account and shall transfer any cash and/or investments to such new Excess Funding Account. From the date such new Excess Funding Account is established, it will be the "Excess Funding Account."
Excess Funding Account. The account or accounts established pursuant to Section 306 of this Indenture.
Excess Funding Account. (a) On the Expected Principal Payment Date, the Series 2000-1 Excess Funding Amount shall be deposited in the Principal Funding Account on such date and distributed in accordance with Section 4.07(a)(ii). Thereafter, the Series 2000-1 Noteholders will not be entitled to any funds on deposit in the Excess Funding Account
(b) If any other Series is in an amortization, early amortization or accumulation period, the amounts of any withdrawals from the Excess Funding Account shall be applied first to satisfy in full any then applicable funding or payment requirements of such Series and second to make a payment to the Residual Interestholder. If more than one other Series is in an amortization, early amortization or accumulation, the amounts of any withdrawals from the Excess Funding Account shall be allocated (and, if necessary, reallocated) among such Series as specified in the related Series Supplement to meet the funding or payment requirements of each such Series first to satisfy in full all then ----- applicable funding or payment requirements of each such Series and second to ------ make a payment to the Residual Interestholder.
Excess Funding Account. The Servicer, for the benefit of the Investor Certificateholders, shall establish and maintain in the name of the Trustee, on behalf of the Trust, a segregated trust account with a Qualified Depository Institution bearing a designation clearly indicating that the funds deposited therein are held for the benefit of the Investor Certificateholders (the "Excess Funding Account"). The Trustee shall possess all right, title and interest in all funds on deposit from time to time in the Excess Funding Account and in all proceeds thereof. The Excess Funding Account shall be under the sole dominion and control of the Trustee for the benefit of the Investor Certificateholders. Except as expressly provided in this Agreement, the Servicer agrees that it shall have no right of setoff or banker's lien against, and no right to otherwise deduct from, any funds held in the Excess Funding Account for any amount owed to it by the Trustee, the Trust, any Certificateholder, any Receivables Purchaser or any Enhancement Provider. If, at any time, the institution holding the Excess Funding Account ceases to be a Qualified Depository Institution, the Trustee upon notice by Servicer (or the Servicer on its behalf) shall promptly establish a new Excess Funding Account with a Qualified Depository Institution meeting the conditions specified above, transfer any cash or any investments to such new Excess Funding Account and from the date such new Excess Funding Account is established, it shall be the "Excess Funding Account."
