Common use of Excess Funding Account; Deposits, Allocations and Withdrawals Clause in Contracts

Excess Funding Account; Deposits, Allocations and Withdrawals. (a) From and after the Effective Date, Excess Available Principal Amounts shall no longer be subject to deposit into the CARCO Excess Funding Account as provided in Section 4.04 of the Series 2002-CC Supplement, and instead shall be subject to deposit by the Trustee into the Excess Funding Account established and maintained in the name of the Trustee pursuant to Section 402(b) of the Indenture. The Trustee shall make deposits into the Excess Funding Account at such times and in such amounts as specified below in this Section 4.06. (b) On each Payment Date, commencing with the initial Payment Date hereunder, the aggregate amount of Excess Available Principal Amounts, if any, for the related Collection Period shall be applied as follows: (i) first, deposited into the Excess Funding Account in an amount equal to the excess, if any, of: (A) the sum of (1) the aggregate Outstanding Dollar Principal Amount of all Series of Notes and (2) the sum of the Overcollateralization Amounts for all Series of Notes; over (B) the sum of (1) the Aggregate Series Nominal Liquidation Amount, (2) the aggregate amount on deposit in the Principal Funding Accounts (other than any net investment earnings) for all Series of Notes and (3) the amount on deposit in the Excess Funding Account (other than any net investment earnings); it being understood that, solely for the purpose of this subclause (B), the Aggregate Series Nominal Liquidation Amount will be reduced by an amount equal to the quotient obtained by dividing (x) the excess, if any, of the Required Participation Amount (less the sum of the Incremental Overcollateralization Amounts for all Series) over the Pool Balance (less the sum of the Overconcentration Amount and the aggregate amount of Ineligible Receivables), in each case, after giving effect to any Principal Receivables transferred to the Trust on that Payment Date and the allocations, distributions, withdrawals and deposits to be made on that Payment Date (other than any deposits into the Excess Funding Account that may be required to be made on that Payment Date) by (y) the sum of the weighted average of the Required Participation Percentages for each Series of Notes plus the weighted average of the Overcollateralization Percentages used for purposes of determining the Overcollateralization Amounts for each Series of Notes; and (ii) second, after giving effect to the immediately preceding clause (i), the remaining Excess Available Principal Amounts, if any, shall be released to the Trust for distribution in respect of the Seller's Certificates pursuant to the Trust Agreement, so long as the Pool Balance (determined after giving effect to any Principal Receivables transferred to the Trust on such Payment Date) equals or exceeds the Aggregate Series

Excess Funding Account; Deposits, Allocations and Withdrawals. (a) From and after the Effective Date, Excess Available Principal Amounts shall no longer be subject to deposit into the CARCO Excess Funding Account as provided in Section 4.04 of the Series 2002-CC Supplement, and instead shall be subject to deposit by the Trustee into the Excess Funding Account established and maintained in the name of the Trustee pursuant to Section 402(b) of the Indenture. The Trustee shall make deposits into the Excess Funding Account at such times and in such amounts as specified below in this Section 4.06. (b) On each Payment Date, commencing with the initial Payment Date hereunder, the aggregate amount of Excess Available Principal Amounts, if any, for the related Collection Period shall be applied as follows: (i) first, deposited into the Excess Funding Account in an amount equal to the excess, if any, of: (A) the sum of (1) the aggregate Outstanding Dollar Principal Amount of all Series of Notes and (2) the sum of the Overcollateralization Amounts for all Series of Notes; over (B) the sum of (1) the Aggregate Series Nominal Liquidation Amount, (2) the aggregate amount on deposit in the Principal Funding Accounts (other than any net investment earnings) for all Series of Notes and (3) the amount on deposit in the Excess Funding Account (other than any net investment earnings); it being understood that, solely for the purpose of this subclause (B), the Aggregate Series Nominal Liquidation Amount will be reduced by an amount equal to the quotient obtained by dividing (x) the excess, if any, of the Required Participation Amount (less the sum of the Incremental Overcollateralization Amounts for all Series) over the Pool Balance (less the sum of the Overconcentration Amount and the aggregate amount of Ineligible Receivables), in each case, after giving effect to any Principal Receivables transferred to the Trust on that Payment Date and the allocations, distributions, withdrawals and deposits to be made on that Payment Date (other than any deposits into the Excess Funding Account that may be required to be made on that Payment Date) by (y) the sum of the weighted average of the Required Participation Percentages for each Series of Notes plus the weighted average of the Overcollateralization Percentages used for purposes of determining the Overcollateralization Amounts for each Series of Notes; and (ii) second, after giving effect to the immediately preceding clause (i), the remaining Excess Available Principal Amounts, if any, shall be released to the Trust for distribution in respect of the Seller's Certificates pursuant to the Trust Agreement, so long as the Pool Balance (determined after giving effect to any Principal Receivables transferred to the Trust on such Payment Date) equals or exceeds the Aggregate SeriesSeries Nominal Liquidation Amount for the immediately preceding Determination Date (after giving effect to the allocations, distributions, withdrawals and deposits to be made on such Payment Date); it being understood that any Excess Available Principal Amounts not otherwise paid to the Trust as a result of the condition specified in this clause (ii) shall be transferred to the Collection Account and included as part of the Unallocated Principal Collections held therein. (c) All interest and earnings (net of losses and investment expenses) on funds on deposit in the Excess Funding Account shall be allocated to each Series of Notes pro rata on the basis of its Series Nominal Liquidation Amount and on each Payment Date shall be withdrawn by the Trustee for application under the Indenture Supplement for such Series of Notes; provided, however, that beginning on the second Payment Date following the end of the revolving period for a Series of Notes, no further net investment earnings on funds in the Excess Funding Account shall be allocated to such Series of Notes, unless the revolving period for such Series has recommenced in accordance with the related Indenture Supplement. (d) Amounts (other than investment earnings) being deposited to the Excess Funding Account from Excess Available Principal Amounts pursuant to Section 4.06(b)(i) shall be allocated to each Series of Notes (other than any Series of Notes that is not in its revolving period) pro rata on the basis of its Series Nominal Liquidation Amount. On the Payment Date next following the end of the revolving period for a Series of Notes, any funds (other than investment earnings) on deposit in the Excess Funding Account that are allocable to such Series of Notes shall be withdrawn by the Trustee for application under the Indenture Supplement for such Series of Notes. (e) On each Determination Date, the Seller shall determine whether the sum of the Aggregate Series Nominal Liquidation Amount (after giving effect to the allocations, distributions, withdrawals and deposits to be made on the Payment Date following such Determination Date), the amount on deposit in the Excess Funding Account (other than any investment earnings) and the amount on deposit in the Principal Funding Accounts for all Series of Notes (other than any investment earnings) is greater than the aggregate Outstanding Dollar Principal Amount of all Series of Notes plus the aggregate Overcollateralization Amount for all Series of Notes. If on any such Determination Date such sum is greater than the aggregate Outstanding Principal Dollar Amount of all Series of Notes plus the aggregate Overcollateralization Amount for all Series of Notes and thus there are sufficient Principal Receivables in the Trust to permit an increase in the Aggregate Series Nominal Liquidation Amount without causing an Early Redemption Event to occur with respect to any outstanding Series of Notes, the Seller shall notify the Trustee of the amount of the increase in the Aggregate Series Nominal Liquidation Amount. Subject to the provisions set forth below in this Section 4.06(e), upon receipt of such notice, the Aggregate Series Nominal Liquidation Amount shall be increased by the amount specified, and the Servicer shall instruct the Trustee to withdraw from the Excess Funding Account and release to the Trust for distribution pursuant to the Trust Agreement on the immediately succeeding Payment Date, an amount equal to the amount of such increase in the Aggregate Series Nominal Liquidation Amount. Such payment shall be in payment or partial payment pursuant to the Receivables Purchase Agreement for additional Principal Receivables transferred to the Trust. To the extent that the Aggregate Series Nominal Liquidation Amount is increased by release of funds to the Trust, the Seller's Interest shall be reduced by the amount of such payment. Such increase in the Aggregate Series Nominal Liquidation Amount shall be allocated among each Series of Notes (other than any Series of Notes that is not in its revolving period) pro rata on the basis of the Series Nominal Liquidation Amounts of such Series of Notes. In addition, any increase in the Aggregate Series Nominal Liquidation Amount is subject to the condition that, after giving effect to such increase, the Pool Balance equals or exceeds the Required Participation Amount (after giving effect to the allocations, distributions, withdrawals and deposits). In connection with the foregoing release of funds from the Excess Funding Account, 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. (f) Pursuant to the authority granted to the Servicer in Section 3.01(a), the Servicer shall have the power, revocable by the Trustee, 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 specified in this Agreement, the Indenture or an Indenture Supplement, as the case may be.

Excess Funding Account; Deposits, Allocations and Withdrawals. (a) From and after the Effective Date, Excess Available Principal Amounts shall no longer be subject to deposit into the CARCO Excess Funding Account as provided in Section 4.04 of the Series 2002-CC Supplement, and instead shall be subject to deposit by the Trustee into the Excess Funding Account established and maintained in the name of the Trustee pursuant to Section 402(b) of the Indenture. The Trustee shall make deposits into the Excess Funding Account at such times and in such amounts as specified below in this Section 4.06. (b) On each Payment Date, commencing with the initial Payment Date hereunder, the aggregate amount of Excess Available Principal Amounts, if any, for the related Collection Period shall be applied as follows: (i) first, deposited into the Excess Funding Account in an amount equal to the excess, if any, of: (A) the sum of (1) the aggregate Outstanding Dollar Principal Amount of all Series of Notes and (2) the sum of the Overcollateralization Amounts for all Series of Notes; over (B) the sum of (1) the Aggregate Series Nominal Liquidation Amount, (2) the aggregate amount on deposit in the Principal Funding Accounts (other than any net investment earnings) for all Series of Notes and (3) the amount on deposit in the Excess Funding Account (other than any net investment earnings); it being understood that, solely for the purpose of this subclause (B), the Aggregate Series Nominal Liquidation Amount will be reduced by an amount equal to the quotient obtained by dividing (x) the excess, if any, of the Required Participation Amount (less the sum of the Incremental Overcollateralization Amounts for all Series) over the Pool Balance (less ---- the sum of the Overconcentration Amount and the aggregate amount of Ineligible Receivables), in each case, after giving effect to any Principal Receivables transferred to the Trust on that Payment Date and the allocations, distributions, withdrawals and deposits to be made on that Payment Date (other than any deposits into the Excess Funding Account that may be required to be made on that Payment Date) by (y) the sum of the weighted average of the Required Participation Percentages for each Series of Notes plus the weighted average of the ---- Overcollateralization Percentages used for purposes of determining the Overcollateralization Amounts for each Series of Notes; and (ii) second, after giving effect to the immediately preceding clause (i), the remaining Excess Available Principal Amounts, if any, shall be released to the Trust for distribution in respect of the Seller's Certificates pursuant to the Trust Agreement, so long as the Pool Balance (determined after giving effect to any Principal Receivables transferred to the Trust on such Payment Date) equals or exceeds the Aggregate SeriesSeries Nominal Liquidation Amount for the immediately preceding Determination Date (after giving effect to the allocations, distributions, withdrawals and deposits to be made on such Payment Date); it being understood that any Excess Available Principal Amounts not otherwise paid to the Trust as a result of the condition specified in this clause (ii) shall be transferred to the Collection Account and included as part of the Unallocated Principal Collections held therein. (c) All interest and earnings (net of losses and investment expenses) on funds on deposit in the Excess Funding Account shall be allocated to each Series of Notes pro rata on the basis of its Series Nominal Liquidation Amount and on each Payment Date shall be withdrawn by the Trustee for application under the Indenture Supplement for such Series of Notes; provided, however, that beginning on the second Payment Date following the end of the revolving period for a Series of Notes, no further net investment earnings on funds in the Excess Funding Account shall be allocated to such Series of Notes, unless the revolving period for such Series has recommenced in accordance with the related Indenture Supplement. (d) Amounts (other than investment earnings) being deposited to the Excess Funding Account from Excess Available Principal Amounts pursuant to Section 4.06(b)(i) shall be allocated to each Series of Notes (other than any Series of Notes that is not in its revolving period) pro rata on the basis of its Series Nominal Liquidation Amount. On the Payment Date next following the end of the revolving period for a Series of Notes, any funds (other than investment earnings) on deposit in the Excess Funding Account that are allocable to such Series of Notes shall be withdrawn by the Trustee for application under the Indenture Supplement for such Series of Notes. (e) On each Determination Date, the Seller shall determine whether the sum of the Aggregate Series Nominal Liquidation Amount (after giving effect to the allocations, distributions, withdrawals and deposits to be made on the Payment Date following such Determination Date), the amount on deposit in the Excess Funding Account (other than any investment earnings) and the amount on deposit in the Principal Funding Accounts for all Series of Notes (other than any investment earnings) is greater than the aggregate Outstanding Dollar Principal Amount of all Series of Notes plus the aggregate Overcollateralization Amount for all Series of Notes. If on any such Determination Date such sum is greater than the aggregate Outstanding Principal Dollar Amount of all Series of Notes plus the aggregate Overcollateralization Amount for all Series of Notes and thus there are sufficient Principal Receivables in the Trust to permit an increase in the Aggregate Series Nominal Liquidation Amount without causing an Early Redemption Event to occur with respect to any outstanding Series of Notes, the Seller shall notify the Trustee of the amount of the increase in the Aggregate Series Nominal Liquidation Amount. Subject to the provisions set forth below in this Section 4.06(e), upon receipt of such notice, the Aggregate Series Nominal Liquidation Amount shall be increased by the amount specified, and the Servicer shall instruct the Trustee to withdraw from the Excess Funding Account and release to the Trust for distribution pursuant to the Trust Agreement on the immediately succeeding Payment Date, an amount equal to the amount of such increase in the Aggregate Series Nominal Liquidation Amount. Such payment shall be in payment or partial payment pursuant to the Receivables Purchase Agreement for additional Principal Receivables transferred to the Trust. To the extent that the Aggregate Series Nominal Liquidation Amount is increased by release of funds to the Trust, the Seller's Interest shall be reduced by the amount of such payment. Such increase in the Aggregate Series Nominal Liquidation Amount shall be allocated among each Series of Notes (other than any Series of Notes that is not in its revolving period) pro rata on the basis of the Series Nominal Liquidation Amounts of such Series of Notes. In addition, any increase in the Aggregate Series Nominal Liquidation Amount is subject to the condition that, after giving effect to such increase, the Pool Balance equals or exceeds the Required Participation Amount (after giving effect to the allocations, distributions, withdrawals and deposits). In connection with the foregoing release of funds from the Excess Funding Account, 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. (f) Pursuant to the authority granted to the Servicer in Section 3.01(a), the Servicer shall have the power, revocable by the Trustee, 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 specified in this Agreement, the Indenture or an Indenture Supplement, as the case may be.