Common use of General Funding Obligation Clause in Contracts

General Funding Obligation. Pursuant to Section 8.03 of the Indenture, on each Determination Date, the Servicer shall calculate the amount, if any, by which the amounts to be distributed in respect of interest on or principal of the Notes pursuant to Section 8.03 of the Indenture exceed the amount of Available Collections that will be available to make such payments and will determine whether amounts on deposit in the Reserve Account, if any, that are available therefor will be sufficient to fund such payments on the related Payment Date. If, in accordance with the Indenture, the Servicer notifies the Indenture Trustee on behalf of the Issuer that it has determined that Available Collections and amounts on deposit in the Reserve Account that will be available to make such payments will be insufficient therefor, then the Indenture Trustee on behalf of the Issuer will have the right to request the holder of the Revolving Liquidity Note (the “Holder”) to fund such shortfall (such request, or any request for funding described in Section 2.2 hereof, a “Draw”); provided that the Holder will not be obligated to fund any such shortfall to the extent that the aggregate of the amounts funded by it hereunder and not previously repaid equals or exceeds $[_________] (the parties hereto agreeing that interest accrued on the Revolving Liquidity Note as described herein will not be considered an amount funded by the Holder for purposes of such calculation). The “Undrawn Amount” of the Revolving Liquidity Note is an amount equal to $[_________] less an amount equal to the aggregate of all amounts funded pursuant to any previous Draw Requests (as defined in Section 2.3) that have not yet been repaid pursuant to Section 2.4 (the parties hereto agreeing that interest accrued on the Revolving Liquidity Note as described herein will not be considered an amount funded by the Holder for purposes of such calculation, and any amount paid in respect of such accrued interest will not be considered to increase the Undrawn Amount).

General Funding Obligation. Pursuant to Section 8.03 5.06(b) of the IndentureSale and Servicing Agreement, on each Determination Date, the Servicer shall calculate the amount, if any, by which the amounts to be distributed in respect of interest on or principal of the Notes pursuant to Section 8.03 Sections 5.06(c)(ii) and (iii) or 5.06(d)(ii) or (iii) of the Indenture Sale and Servicing Agreement exceed the amount of Available Collections that will be available to make such payments and will determine whether amounts on deposit in the Reserve Account, if any, that are available therefor will be sufficient to fund such payments on the related Payment Date. If, in accordance with the IndentureSale and Servicing Agreement, the Servicer notifies the Indenture Trustee on behalf of the Issuer that it has determined that Available Collections and amounts on deposit in the Reserve Account that will be available to make such payments will be insufficient therefor, then the Indenture Trustee on behalf of the Issuer will have the right to request the holder of the Revolving Liquidity Note (the “Holder”) to fund such shortfall (such request, or any request for funding described in Section 2.2 hereof, a “Draw”); provided that the Holder will not be obligated to fund any such shortfall to the extent that the aggregate of the amounts funded by it hereunder and not previously repaid equals or exceeds $[_________] (the parties hereto agreeing that interest accrued on the Revolving Liquidity Note as described herein will not be considered an amount funded by the Holder for purposes of such calculation). The “Undrawn Amount” of the Revolving Liquidity Note is an amount equal to $[_________] less an amount equal to the aggregate of all amounts funded pursuant to any previous Draw Requests (as defined in Section 2.3) that have not yet been repaid pursuant to Section 2.4 (the parties hereto agreeing that interest accrued on the Revolving Liquidity Note as described herein will not be considered an amount funded by the Holder for purposes of such calculation, and any amount paid in respect of such accrued interest will not be considered to increase the Undrawn Amount).

General Funding Obligation. Pursuant to Section 8.03 5.06(b) of the IndentureSale and Servicing Agreement, on each Determination Date, the Servicer shall calculate the amount, if any, by which the amounts to be distributed in respect of interest on or principal of the Notes pursuant to Section 8.03 Sections 5.06(c)(i)(B) and (C) or 5.06(d)(ii) or (iii) of the Indenture Sale and Servicing Agreement exceed the amount of Available Collections that will be available to make such payments and will determine whether amounts on deposit in the Reserve Account, if any, that are available therefor will be sufficient to fund such payments on the related Payment Date. If, in accordance with the IndentureSale and Servicing Agreement, the Servicer notifies the Indenture Trustee on behalf of the Issuer that it has determined that Available Collections and amounts on deposit in the Reserve Account that will be available to make such payments will be insufficient therefor, then the Indenture Trustee on behalf of the Issuer will have the right to request the holder of the Revolving Liquidity Note (the “"Holder”") to fund such shortfall (such request, or any request for funding described in Section 2.2 hereof, a “"Draw”"); provided that the Holder will not be obligated to fund any such shortfall to the extent that the aggregate of the amounts funded by it hereunder and not previously repaid equals or exceeds $[_________] $ (the parties hereto agreeing that interest accrued on the Revolving Liquidity Note as described herein will not be considered an amount funded by the Holder for purposes of such calculation). The “"Undrawn Amount” " of the Revolving Liquidity Note is an amount equal to $[_________] $ less an amount equal to the aggregate of all amounts funded pursuant to any previous Draw Requests (as defined in Section 2.3) that have not yet been repaid pursuant to Section 2.4 (the parties hereto agreeing that interest accrued on the Revolving Liquidity Note as described herein will not be considered an amount funded by the Holder for purposes of such calculation, and any amount paid in respect of such accrued interest will not be considered to increase the Undrawn Amount).

General Funding Obligation. Pursuant to Section 8.03 5.06(b) of the IndentureSale and Servicing Agreement, on each Determination Date, the Servicer shall calculate the amount, if any, by which the amounts to be distributed in respect of interest on or principal of the Notes pursuant to Section 8.03 Sections 5.06(c)(ii) and (iii) or 5.06(d)(ii) or (iii) of the Indenture Sale and Servicing Agreement exceed the amount of Available Collections that will be available to make such payments and will determine whether amounts on deposit in the Reserve Account, if any, that are available therefor will be sufficient to fund such payments on the related Payment Date. If, in accordance with the IndentureSale and Servicing Agreement, the Servicer notifies the Indenture Trustee on behalf of the Issuer that it has determined that Available Collections and amounts on deposit in the Reserve Account that will be available to make such payments will be insufficient therefor, then the Indenture Trustee on behalf of the Issuer will have the right to request the holder of the Revolving Liquidity Note (the “"Holder”") to fund such shortfall (such request, or any request for funding described in Section 2.2 hereof, a “"Draw”"); provided that the Holder will not be obligated to fund any such shortfall to the extent that the aggregate of the amounts funded by it hereunder and not previously repaid equals or exceeds $[_________] 7,786,611 (the parties hereto agreeing that interest accrued on the Revolving Liquidity Note as described herein will not be considered an amount funded by the Holder for purposes of such calculation). The “"Undrawn Amount” " of the Revolving Liquidity Note is an amount equal to $[_________] 7,786,611 less an amount equal to the aggregate of all amounts funded pursuant to any previous Draw Requests (as defined in Section 2.3) that have not yet been repaid pursuant to Section 2.4 (the parties hereto agreeing that interest accrued on the Revolving Liquidity Note as described herein will not be considered an amount funded by the Holder for purposes of such calculation, and any amount paid in respect of such accrued interest will not be considered to increase the Undrawn Amount).

General Funding Obligation. Pursuant to Section 8.03 Sections 8.08 and 8.09 of the Indenture, on each Determination Date, the Servicer Administrator shall calculate the amount, if any, by which the amounts to be distributed in respect of interest on or principal of the Notes and payments of higher or equal priority thereto or therewith, as the case may be, pursuant to Section 8.03 Sections 8.02(d) and 5.04, to the extent applicable, of the Indenture exceed the amount of Available Collections Funds that will be available to make such payments (such event a “Shortfall Draw Event”) and will determine whether amounts on deposit in the Reserve Account, if any, that are available therefor will be sufficient to fund such payments on the related Payment Distribution Date. If, in accordance with the Indenture, the Servicer Administrator notifies the Indenture Trustee on behalf of the Issuer that it has determined that Available Collections Funds (other than amounts described in the second proviso in the definition of “Available Funds” in the Indenture) and amounts on deposit in the Reserve Account that will be available to make such payments will be insufficient therefor, then the Indenture Trustee on behalf of the Issuer will have the right to request that the holder of the Revolving Liquidity Note (the “Holder”) to Holder fund such shortfall pursuant to a Shortfall Draw Event (such request, or any request for funding described in Section 2.2 hereof, a “Draw”); provided Draw Request”); provided, that the Holder will not be obligated to fund any such shortfall to the extent that the aggregate of the funded amounts funded by it hereunder and (each a “Draw”) not previously repaid equals or the aggregate of such Draws together with any amounts that would be funded pursuant to the funding of such pending Draw Request exceeds $[_________] or would exceed the Maximum Liquidity Note Amount (defined below) at such time (the parties hereto agreeing that interest and fees accrued on the Revolving Liquidity Note as described herein will not be considered an amount funded by the Holder for purposes of such calculation). The Holder is not obligated to fund any Draw so long as any Event of Default, other than any Event of Default specified in Section 5.01(iii) of the Indenture, has occurred and continues. “Undrawn Maximum Liquidity Note Amount” means, at any time, the lesser of the Revolving Liquidity Note is an amount equal to $[_________] less an amount equal to the aggregate of all amounts funded pursuant to any previous Draw Requests (as defined in Section 2.3) that have not yet been repaid pursuant to Section 2.4 (the parties hereto agreeing that interest accrued on the Revolving Liquidity Note as described herein will not be considered an amount funded by the Holder for purposes of such calculation, and any amount paid in respect of such accrued interest will not be considered to increase the Undrawn Amounta).

General Funding Obligation. Pursuant to Section 8.03 5.06(b) of the IndentureSale and Servicing Agreement, on each Determination Date, the Servicer shall calculate the amount, if any, by which the amounts to be distributed in respect of interest on or principal of the Notes pursuant to Section 8.03 Sections 5.06(c)(i)(B) and (C) or 5.06(d)(ii) or (iii) of the Indenture Sale and Servicing Agreement exceed the amount of Available Collections that will be available to make such payments and will determine whether amounts on deposit in the Reserve Account, if any, that are available therefor will be sufficient to fund such payments on the related Payment Date. If, in accordance with the IndentureSale and Servicing Agreement, the Servicer notifies the Indenture Trustee on behalf of the Issuer that it has determined that Available Collections and amounts on deposit in the Reserve Account that will be available to make such payments will be insufficient therefor, then the Indenture Trustee on behalf of the Issuer will have the right to request the holder of the Revolving Liquidity Note (the “"Holder”") to fund such shortfall (such request, or any request for funding described in Section 2.2 hereof, a “"Draw”"); provided that the Holder will not be obligated to fund any such shortfall to the extent that the aggregate of the amounts funded by it hereunder and not previously repaid equals or exceeds $[_________] 7,500,000 (the parties hereto agreeing that interest accrued on the Revolving Liquidity Note as described herein will not be considered an amount funded by the Holder for purposes of such calculation). The “"Undrawn Amount” " of the Revolving Liquidity Note is an amount equal to $[_________] 7,500,000 less an amount equal to the aggregate of all amounts funded pursuant to any previous Draw Requests (as defined in Section 2.3) that have not yet been repaid pursuant to Section 2.4 (the parties hereto agreeing that interest accrued on the Revolving Liquidity Note as described herein will not be considered an amount funded by the Holder for purposes of such calculation, and any amount paid in respect of such accrued interest will not be considered to increase the Undrawn Amount).

General Funding Obligation. Pursuant to Section 8.03 Sections 8.08 and 8.09 of the Indenture, on each Determination Date, the Servicer Administrator shall calculate the amount, if any, by which the amounts to be distributed in respect of interest on or principal of the Notes and payments of higher or equal priority thereto or therewith, as the case may be, pursuant to Section 8.03 Sections 8.02(d) and 5.04, to the extent applicable, of the Indenture exceed the amount of Available Collections Funds that will be available to make such payments (such event a “Shortfall Draw Event”) and will determine whether amounts on deposit in the Reserve Account, if any, that are available therefor will be sufficient to fund such payments on the related Payment Distribution Date. If, in accordance with the Indenture, the Servicer Administrator notifies the Indenture Trustee on behalf of the Issuer that it has determined that Available Collections Funds (other than amounts described in the second proviso in the definition of “Available Funds” in the Indenture) and amounts on deposit in the Reserve Account that will be available to make such payments will be insufficient therefor, then the Indenture Trustee on behalf of the Issuer will have the right to request that the holder of the Revolving Liquidity Note (the “Holder”) to Holder fund such shortfall pursuant to a Shortfall Draw Event (such request, or any request for funding described in Section 2.2 hereof, a “DrawDraw Request”); provided provided, that the Holder will not be obligated to fund any such shortfall to the extent that the aggregate of the funded amounts funded by it hereunder and (each a “Draw”) not previously repaid equals or the aggregate of such Draws together with any amounts that would be funded pursuant to the funding of such pending Draw Request exceeds $[_________] or would exceed the Maximum Liquidity Note Amount (defined below) at such time (the parties hereto agreeing that interest and fees accrued on the Revolving Liquidity Note as described herein will not be considered an amount funded by the Holder for purposes of such calculation). The Holder is not obligated to fund any Draw so long as any Event of Default, other than any Event of Default specified in Section 5.01(iii) of the Indenture, has occurred and continues. “Maximum Liquidity Note Amount” means, at any time, the lesser of (a) $118,000,000 or (b) the Required Reserve Amount on the related Distribution Date as listed on Schedule 1 attached hereto less the amount of cash in the Reserve Account immediately prior to the date on which such determination is being made; provided, that the Maximum Liquidity Note Amount shall never be greater on any such Distribution Date than the Maximum Liquidity Note Amount on any preceding Distribution Date. If the aggregate amount of funds on deposit in the Reserve Account and the Maximum Liquidity Note Amount on any Distribution Date, beginning with the March 2007 Distribution Date, exceeds the Required Reserve Amount for such Distribution Date, then the Maximum Liquidity Note Amount shall be reduced by such excess, until the Maximum Liquidity Note Amount equals zero. The “Undrawn Amount” of the Revolving Liquidity Note at any time is an amount equal to $[_________] the Maximum Liquidity Note Amount less an amount equal to the aggregate of all amounts funded pursuant to any previous Draw Requests (as defined in Section 2.32.2) that have not yet been repaid pursuant to Section 2.4 (the parties hereto agreeing that interest and fees accrued on the Revolving Liquidity Note as described herein will not be considered an amount funded by the Holder for purposes of such calculation, and any amount paid by the Issuer in respect of such accrued interest and fees will not be considered to increase the Undrawn Amount). The “Drawn Amount” of the Liquidity Note is an amount equal to the aggregate of all amounts funded pursuant to any previous Draw Requests that have not yet been repaid by the Issuer (it being understood that interest and fees accrued on the Liquidity Note will be considered an amount funded by the Holder for the purposes of such calculation).

General Funding Obligation. Pursuant to Section 8.03 Sections 8.08 and 8.09 of the Indenture, on each Determination Date, the Servicer Indenture Trustee shall calculate the amount, if any, by which the amounts to be distributed in respect of interest on or principal of the Notes and payments of higher or equal priority thereto or therewith, as the case may be, pursuant to Section 8.03 Sections 8.02(d) and 5.04, to the extent applicable, of the Indenture exceed the amount of Available Collections Funds that will be available to make such payments (such event a “Shortfall Draw Event”) and will determine whether amounts on deposit in the Reserve Account, if any, that are available therefor will be sufficient to fund such payments on the related Payment Distribution Date. If, in accordance with the Indenture, the Servicer notifies the Indenture Trustee on behalf of the Issuer that it has determined that Available Collections Funds and amounts on deposit in the Reserve Account that will be available to make such payments will be insufficient therefor, then the Indenture Trustee on behalf of the Issuer will have the right to request that the holder of the Revolving Liquidity Note (the “Holder”) to Holder fund such shortfall pursuant to a Shortfall Draw Event (such request, or any request for funding described in Section 2.2 hereof, a “DrawDraw Request”); provided provided, that the Holder will not be obligated to fund any such shortfall to the extent that the aggregate of the funded amounts funded by it hereunder and (each a “Draw”) not previously repaid equals or exceeds $[_________] (the parties hereto agreeing that interest accrued on the Revolving Liquidity Note as described herein will not be considered an amount funded by the Holder for purposes of such calculation). The “Undrawn Amount” of the Revolving Liquidity Note is an amount equal to $[_________] less an amount equal to the aggregate of all such Draws together with any amounts that would be funded pursuant to any previous the funding of such pending Draw Requests (as defined in Section 2.3) that have not yet been repaid pursuant to Section 2.4 (Request exceeds or would exceed the parties hereto agreeing that interest accrued on the Revolving Maximum Liquidity Note as described herein will not be considered an amount funded by the Holder for purposes of such calculation, and any amount paid in respect of such accrued interest will not be considered to increase the Undrawn Amount).Amount (defined below) at such

General Funding Obligation. Pursuant to Section 8.03 5.06(b) of the IndentureSale and Servicing Agreement, on each Determination Date, the Servicer shall calculate the amount, if any, by which the amounts to be distributed in respect of interest on or principal of the Notes pursuant to Section 8.03 Sections 5.06(c)(ii) and (iii) or 5.06(d)(ii) or (iii) of the Indenture Sale and Servicing Agreement exceed the amount of Available Collections that will be available to make such payments and will determine whether amounts on deposit in the Reserve Account, if any, that are available therefor will be sufficient to fund such payments on the related Payment Date. If, in accordance with the IndentureSale and Servicing Agreement, the Servicer notifies the Indenture Trustee on behalf of the Issuer that it has determined that Available Collections and amounts on deposit in the Reserve Account that will be available to make such payments will be insufficient therefor, then the Indenture Trustee on behalf of the Issuer will have the right to request the holder of the Revolving Liquidity Note (the “Holder”) to fund such shortfall (such request, or any request for funding described in Section 2.2 hereof, a “Draw”); provided that the Holder will not be obligated to fund any such shortfall to the extent that the aggregate of the amounts funded by it hereunder and not previously repaid equals or exceeds $[__________] (the parties hereto agreeing that interest accrued on the Revolving Liquidity Note as described herein will not be considered an amount funded by the Holder for purposes of such calculation). The “Undrawn Amount” of the Revolving Liquidity Note is an amount equal to $[__________] less an amount equal to the aggregate of all amounts funded pursuant to any previous Draw Requests (as defined in Section 2.3) that have not yet been repaid pursuant to Section 2.4 (the parties hereto agreeing that interest accrued on the Revolving Liquidity Note as described herein will not be considered an amount funded by the Holder for purposes of such calculation, and any amount paid in respect of such accrued interest will not be considered to increase the Undrawn Amount).

General Funding Obligation. Pursuant to Section 8.03 5.06(b) of the IndentureSale and Servicing Agreement, on each Determination Date, the Servicer shall calculate the amount, if any, by which the amounts to be distributed in respect of interest on or principal of the Notes pursuant to Section 8.03 Sections 5.06(c)(ii) and (iii) or 5.06(d)(ii) or (iii) of the Indenture Sale and Servicing Agreement exceed the amount of Available Collections that will be available to make such payments and will determine whether amounts on deposit in the Reserve Account, if any, that are available therefor will be sufficient to fund such payments on the related Payment Date. If, in accordance with the IndentureSale and Servicing Agreement, the Servicer notifies the Indenture Trustee on behalf of the Issuer that it has determined that Available Collections and amounts on deposit in the Reserve Account that will be available to make such payments will be insufficient therefor, then the Indenture Trustee on behalf of the Issuer will have the right to request the holder of the Revolving Liquidity Note (the “"Holder”") to fund such shortfall (such request, or any request for funding described in Section 2.2 hereof, a “"Draw”"); provided that the Holder will not be obligated to fund any such shortfall to the extent that the aggregate of the amounts funded by it hereunder and not previously repaid equals or exceeds $[_________] 7,499,977 (the parties hereto agreeing that interest accrued on the Revolving Liquidity Note as described herein will not be considered an amount funded by the Holder for purposes of such calculation). The “"Undrawn Amount” " of the Revolving Liquidity Note is an amount equal to $[_________] 7,499,977 less an amount equal to the aggregate of all amounts funded pursuant to any previous Draw Requests (as defined in Section 2.3) that have not yet been repaid pursuant to Section 2.4 (the parties hereto agreeing that interest accrued on the Revolving Liquidity Note as described herein will not be considered an amount funded by the Holder for purposes of such calculation, and any amount paid in respect of such accrued interest will not be considered to increase the Undrawn Amount).

General Funding Obligation. Pursuant to Section 8.03 5.06(b) of the IndentureSale and Servicing Agreement, on each Determination Date, the Servicer shall calculate the amount, if any, by which the amounts to be distributed in respect of interest on or principal of the Notes pursuant to Section 8.03 Sections 5.06(c)(ii) and (iii) or 5.06(d)(ii) or (iii) of the Indenture Sale and Servicing Agreement exceed the amount of Available Collections that will be available to make such payments and will determine whether amounts on deposit in the Reserve Account, if any, that are available therefor will be sufficient to fund such payments on the related Payment Date. If, in accordance with the IndentureSale and Servicing Agreement, the Servicer notifies the Indenture Trustee on behalf of the Issuer that it has determined that Available Collections and amounts on deposit in the Reserve Account that will be available to make such payments will be insufficient therefor, then the Indenture Trustee on behalf of the Issuer will have the right to request the holder of the Revolving Liquidity Note (the “"Holder”") to fund such shortfall (such request, or any request for funding described in Section 2.2 hereof, a “"Draw”"); provided that the Holder will not be obligated to fund any such shortfall to the extent that the aggregate of the amounts funded by it hereunder and not previously repaid equals or exceeds $[_________] 7,745,352 (the parties hereto agreeing that interest accrued on the Revolving Liquidity Note as described herein will not be considered an amount funded by the Holder for purposes of such calculation). The “"Undrawn Amount” " of the Revolving Liquidity Note is an amount equal to $[_________] 7,745,352 less an amount equal to the aggregate of all amounts funded pursuant to any previous Draw Requests (as defined in Section 2.3) that have not yet been repaid pursuant to Section 2.4 (the parties hereto agreeing that interest accrued on the Revolving Liquidity Note as described herein will not be considered an amount funded by the Holder for purposes of such calculation, and any amount paid in respect of such accrued interest will not be considered to increase the Undrawn Amount).

General Funding Obligation. Pursuant to Section 8.03 5.06(b) of the IndentureSale and Servicing Agreement, on each Determination Date, the Servicer shall calculate the amount, if any, by which the amounts to be distributed in respect of interest on or principal of the Notes pursuant to Section 8.03 Sections 5.06(c)(ii) and (iii) or 5.06(d)(ii) or (iii) of the Indenture Sale and Servicing Agreement exceed the amount of Available Collections that will be available to make such payments and will determine whether amounts on deposit in the Reserve Account, if any, that are available therefor will be sufficient to fund such payments on the related Payment Date. If, in accordance with the IndentureSale and Servicing Agreement, the Servicer notifies the Indenture Trustee on behalf of the Issuer that it has determined that Available Collections and amounts on deposit in the Reserve Account that will be available to make such payments will be insufficient therefor, then the Indenture Trustee on behalf of the Issuer will have the right to request the holder of the Revolving Liquidity Note (the “"Holder”") to fund such shortfall (such request, or any request for funding described in Section 2.2 hereof, a “"Draw”"); provided that the Holder will not be obligated to fund any such shortfall to the extent that the aggregate of the amounts funded by it hereunder and not previously repaid equals or exceeds $[_________] 9,420,193 (the parties hereto agreeing that interest accrued on the Revolving Liquidity Note as described herein will not be considered an amount funded by the Holder for purposes of such calculation). The “"Undrawn Amount” " of the Revolving Liquidity Note is an amount equal to $[_________] 9,420,193 less an amount equal to the aggregate of all amounts funded pursuant to any previous Draw Requests (as defined in Section 2.3) that have not yet been repaid pursuant to Section 2.4 (the parties hereto agreeing that interest accrued on the Revolving Liquidity Note as described herein will not be considered an amount funded by the Holder for purposes of such calculation, and any amount paid in respect of such accrued interest will not be considered to increase the Undrawn Amount).