Common use of Excess Funding Account Clause in Contracts

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. (a) The Issuer shall establish on or prior Any Principal Collections not allocated and paid to the date hereof, Transferor because of the limitation contained in Section 4.7(b)(ii)(B) or 4.8(b)(iii) and shall thereafter maintain so long as any Outstanding Obligations remain unpaid, an Eligible Account amounts allocable to the Investor Certificates deposited in the name Principal Account pursuant to Section 2.4(d)(iii) of the Issuer with the Indenture Trustee which shall be designated as the Excess Funding Account, which account Agreement (“Unallocated Principal Collections”) 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 and, prior to the commencement of the Rapid Amortization Period shall be invested paid to the Transferor when, and only to the extent that, the Transferor Interest is greater than the Minimum Transferor Interest. For each Transfer Date with respect to the Rapid Amortization Period, any such Unallocated Principal Collections held in Eligible Investments the Excess Funding, Account on such Transfer Date shall be included in accordance with this Indenture the Investor Principal Collections which, to the extent available, shall be distributed as Available Investor Principal Collections to be applied pursuant to Section 4.8 on such Transfer Date. Notwithstanding Section 4.2(e) of the Agreement, Excess Funding Account Earnings shall constitute part of the Trust, shall constitute Available Funds and shall not be turned over to the Transferor. With respect to the Investor Certificates, and notwithstanding anything in the Agreement or this Series Supplement to the contrary, if at any time the Servicer is required to make daily deposits from the Collection Account into the Finance Charge Account or the Principal Account pursuant to Sections 4.7(a) and 4.7(b) with respect to any Monthly Period: (i) on or after the related Determination Date, the Servicer may withdraw from the Finance Charge Account and the Principal Account any portion of the principal balance held in each such account in excess of the aggregate amount that will be required to be distributed to Series 2004-MC Certificateholders or 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), directly or after deposit into the Excess Funding Distribution Account, all amounts designated for deposit therein in accordance with ) on the terms of related Distribution Date and transfer such funds to the Supplement for Transferor (except that any Series of Notes then Outstanding. In addition, the Indenture Trustee shall, in accordance with the Manager Report (or, such excess amount held in the absence Principal Account and any portion of any Manager Report, such excess amount held in accordance with written instructions from the Requisite Global MajorityFinance Charge Account that would have been treated as a portion of Investor Principal Collections on the related Transfer Date shall be transferred to the Transferor only to the extent that the Transferor Interest on the date of transfer is greater than the Minimum Transferor Interest (after giving effect to the inclusion in the Trust of all Receivables transferred to the Trust on or prior to such date and the application of payments referred to in Section 4.3(b), deposit ) and otherwise shall be deposited 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 first paragraph of this Section 4.7(c); and (orii) on any date, subject to Section 306(d), in the absence of any Manager Report, in accordance with written instructions Servicer may withdraw from the Requisite Global Majority), withdraw funds from the Excess Funding Account and deposit such funds into the Trust Collection Account, which funds will be included the Finance Charge Account or the Principal Account any amounts inadvertently deposited in the calculation of the Available Distribution Amount for such Payment Dateaccount that should not have been so deposited. (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. (a) The Issuer shall establish on or prior to the date hereof, Servicer has established and maintained and shall thereafter maintain so long as any Outstanding Obligations remain unpaidcontinue to maintain, an Eligible Account with a Qualified Institution, in the name of the Issuer with Trustee, on behalf of the Indenture Trust, for the benefit of the certificateholders of all outstanding Series, including the Certificateholders, a segregated trust account (the "Excess Funding Account"), bearing a designation clearly indicating that the funds deposited therein are held for the benefit of such certificateholders. The Trustee which shall be designated as possess all right, title and interest in all funds on deposit from time to time in the Excess Funding Account, which account Account and in all proceeds thereof. The Excess Funding Account shall be held by under the Indenture sole dominion and control of the Trustee for the benefit of the Noteholders certificateholders of all Series outstanding Series, including the Certificateholders. If at any time the institution holding the Excess Funding Account ceases to be a Qualified Institution, the Trustee shall notify each Rating Agency and within 10 Business Days establish a new Excess Funding Account meeting the conditions specified above with a Qualified Institution, and shall transfer any cash or any investments to such new Excess Funding Account. The Trustee, at the direction of Notes pursuant the Servicer, shall (i) make withdrawals from the Excess Funding Account from time to time for the terms purposes set forth in subsections 4.05(c) and 4.09(f), and any comparable provision of this Indenture any other Supplement and (ii) make deposits into the related Supplements. Any Excess Funding Account as specified in subsection 4.05(c) and all monies any comparable provision of any other Supplement. (b) Funds 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, at 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 direction of the Supplement for any Series of Notes then OutstandingTransferor by the Trustee in Permitted Investments. In addition, the Indenture Trustee shall, Funds on deposit 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 on any Transfer Date, after giving effect 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 withdrawals from the Excess Funding Account and deposit on such funds into the Trust AccountTransfer Date, which shall be invested in such investments that will mature so that such funds will be included in available for withdrawal on or prior to the calculation following Transfer Date. The Trustee shall maintain for the benefit of the Available Distribution Amount for certificateholders of all outstanding Series, including the Certificateholders, possession of the negotiable instruments or securities, if any, evidencing such Payment Date. Permitted Investments. No Permitted Investment shall be disposed of prior to its maturity. All interest and earnings (dnet of losses and investment expenses) While no Trust Event of Default or Asset Base Deficiency is continuing or would result therefrom, the Issuer may direct disposition of accrued on funds on deposit in the Excess Funding Account without consent shall be retained in the Excess Funding Account (to the extent that the Transferor Ownership Interest on any date does not exceed the Minimum Transferor Ownership Interest as of the Indenture Trustee, any Noteholder or any other Personend of the immediately preceding Monthly Period).

Excess Funding Account. (a) The Issuer shall establish on In addition to any other amounts permitted or prior required 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 deposited into the Excess Funding AccountAccount pursuant to the Basic Documents, which account shall be held by at the Indenture Trustee for the benefit direction of the Noteholders of all Series of Notes Certificateholders to the Servicer, Owner Trustee and Indenture Trustee, any amounts otherwise distributable to the Certificateholders pursuant to the terms of this Agreement, the Indenture (including any Series Supplement) and the related SupplementsTrust Agreement, shall be deposited into the Excess Funding Account. (b) The net proceeds from the issuance of any new Series of Notes or any increase in the principal amount of any Series of Notes shall be deposited into the Excess Funding Account in an amount equal to the excess of the Required Pool Balance over the Pool Balance. Any and all monies The remainder of such funds may be distributed to the Certificateholders as provided in the Trust Agreement or, to the extent requested by the Certificateholders, deposited into the Excess Funding Account. (c) Unless an Early Amortization Event shall have occurred, amounts on deposit in the Excess Funding Account shall may 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, used to repay the Indenture Trustee shall, in accordance with the Manager Report (or, subject to Section 306(d), in the absence outstanding principal amount of any Manager Report, in accordance with written instructions from Series of Notes to the Requisite Global Majority), deposit into the Excess Funding Account, all amounts designated for deposit therein in accordance with extent required or permitted by the terms of the Supplement for any related 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 DateSupplement. (d) While no Trust Event At the request of Default or Asset Base Deficiency is continuing or would result therefrom, the Issuer may direct disposition of funds Certificateholders any amount held in the Excess Funding Account without consent in excess of the Indenture Trusteeamount required so that the Pool Balance is not less than the Required Pool Balance shall be paid to the Certificateholders at the time and to the extent requested by the Certificateholders; provided, however, that any Noteholder amounts on deposit in the Excess Funding Account at any time during which any Series is in its Early Amortization Period, Accumulation Period, Controlled Amortization Period, Amortization Period or any other PersonInvestment Period shall be deemed to be a Series Allocable Miscellaneous Payment and shall be allocated and distributed in accordance with the Series Supplement.