Common use of Excess Principal Collections Clause in Contracts

Excess Principal Collections. On each Distribution Date, Excess Principal Collections from each Group shall be allocated to each outstanding Series in such Group pro rata based on the Principal Shortfall, if any, for each such Series in such Group, and then, at the option of Transferor, any remainder may be applied as principal with respect to any Variable Interest in such Group. The Servicer shall pay any remaining Excess Principal Collections on any Business Day to the Holders of the Transferor Interest, provided that if the Transferor Interest as determined on such Business Day (after giving effect to any Principal Receivables transferred to the Trust on such date) does not exceed the Minimum Transferor Interest on such date, then such remaining Excess Principal Collections shall be deposited in the Excess Funding Account to be held and/or distributed as provided in Section 8.03.

Excess Principal Collections. On each Distribution Date, Excess Principal Collections from each Group shall be allocated to each outstanding Series in such Group pro rata based on the Principal Shortfall, if any, for each such Series in such Group, and then, at the option of the Transferor, any remainder may be applied as principal with respect to any Variable Interest Series of variable funding Certificates in such Group. The Servicer shall pay any remaining Excess Principal Collections on any Business Day to the Holders Holder of the Exchangeable Transferor InterestCertificate, provided that if the Transferor Interest as determined on such Business Day (after giving effect to any Principal Receivables transferred to the Trust on such date) does not exceed the Minimum Transferor Interest on such date, then such remaining Excess Principal Collections shall be deposited in the Excess Funding Account to be held and/or distributed as provided in Section 8.03subsection 4.02(e).