Common use of Maintaining Required Transferor Amount Clause in Contracts

Maintaining Required Transferor Amount. On and after the date of its designation as an Ineligible Receivable, each Ineligible Receivable shall not be included in determining the aggregate amount of Principal Receivables used to calculate the Transferor Amount or the allocation percentages applicable to any Series. If, immediately following the exclusion of such Principal Receivables from the calculation of the Transferor Amount, the Transferor Amount would be less than the Required Transferor Amount, the applicable Transferor shall pay to the Indenture Trustee for deposit into the Special Funding Account in immediately available funds prior to the fifth (5th) succeeding Business Day an amount equal to the amount by which the Transferor Amount would be less than the Required Transferor Amount (up to the amount of such excluded Principal Receivables). The payment of such amount in immediately available funds shall otherwise be considered payment in full of all of the Ineligible Receivables. The obligation of a Transferor to make the payments, if any, required to be made to the Issuer for deposit in the Special Funding Account as provided in this Section, shall constitute the sole remedy respecting the event giving rise to such obligation available to the Issuer, the Indenture Trustee on behalf of the Noteholders or any Series Enhancer.

Maintaining Required Transferor Amount. On and after the date of its designation as an Ineligible Receivable, each Ineligible Receivable shall not be included in determining the aggregate amount of Principal Receivables used to calculate the Transferor Amount or the allocation percentages applicable to any Series. If, immediately following the exclusion of such Principal Receivables from the calculation of the Transferor Amount, the Transferor Amount would be less than the Required Transferor Amount, the applicable Transferor shall pay to the Indenture Trustee for deposit into the Special Funding Account in immediately available funds prior to the fifth (5th) succeeding Business Day an amount equal to the amount by which the Transferor Amount would be less than the Required Transferor Amount (up to the amount of such excluded Principal Receivables)) and provide to the Indenture Trustee written notice of such amount. The payment of such amount in immediately available funds shall otherwise be considered payment in full of all of the Ineligible Receivables. The obligation of a Transferor to make the payments, if any, required to be made to the Issuer for deposit in the Special Funding Account as provided in this Section, shall constitute the sole remedy respecting the event giving rise to such obligation available to the Issuer, the Noteholders, the Indenture Trustee on behalf of the Noteholders or any Series Enhancer.