Negative Carry Account. On the Closing Date, the Depositor shall deposit in the Negative Carry Account $0.00 (the “Negative Carry Account Initial Deposit”) from the net proceeds of the sale of the Notes. On each Payment Date during the Funding Period, if any, the Servicer will instruct the Indenture Trustee to withdraw from the Negative Carry Account (i) an amount equal to the Negative Carry Amount and deposit it into the Collection Account for application as Total Available Funds for such Payment Date, and (ii) the excess of the amount on deposit in the Negative Carry Account, if any, over the Required Negative Carry Account Balance (after withdrawal of the Negative Carry Amount for such Payment Date) and deposit it into the Collection Account for application as Available Funds for such Payment Date. In addition, on the Payment Date following the calendar month in which the last day of the Funding Period occurs, the Servicer will instruct the Indenture Trustee to withdraw from the Negative Carry Account the amount remaining on deposit in the Negative Carry Account (after giving effect to all withdrawals from the Negative Carry Account on that Payment Date) and deposit it into the Collection Account for application as Available Funds for such Payment Date.
Negative Carry Account. Subject to the proviso set forth in Section 5.1(a)(v), on the Closing Date, the Seller shall deposit the Negative Carry Account Initial Deposit into the Negative Carry Account. On each Payment Date, the Servicer will instruct the Indenture Trustee to withdraw from the Negative Carry Account and deposit into the Collection Account an amount equal to the Negative Carry Amount for such Collection Period. If the amount on deposit in the Negative Carry Account on any Payment Date (after giving effect to the withdrawal therefrom of the Negative Carry Amount for such Payment Date) is greater than the Required Negative Carry Account Balance, the excess will be released to the Seller.
Negative Carry Account. On the Closing Date, the Seller shall deposit the Negative Carry Account Initial Deposit into the Negative Carry Account. On each Payment Date, the Servicer will instruct the Indenture Trustee to withdraw from the Negative Carry Account and deposit into the Collection Account an amount equal to the Negative Carry Amount for such Collection Period. If the amount on deposit in the Negative Carry Account on any Payment Date (after giving effect to the withdrawal therefrom of the Negative Carry Amount for such Payment Date) is greater than the Required Negative Carry Account Balance, the excess will be released to the Seller.
Negative Carry Account. On the Closing Date, the Seller shall deposit the Negative Carry Account Initial Deposit into the Negative Carry Account. On each Payment Date, the Servicer shall instruct the Indenture Trustee to withdraw from the Negative Carry Account and deposit into the Collection Account an amount equal to the lesser of (x) the amount, if any, on deposit in the Negative Carry Account on such Payment Date and (y) the Negative Carry Amount, if any, for such Payment Date. If the amount on deposit in the Negative Carry Account on any Payment Date (after giving effect to the withdrawal therefrom of the Negative Carry Amount, if any, for such Payment Date) is greater than the Required Negative Carry Account Balance for such Payment Date, the excess shall be released to the Seller on such Payment Date. On the Payment Date on which the Pre-Funding Period ends (or, if the Pre-Funding Period does not end on a Payment Date, on the first Payment Date following the end of the Pre-Funding Period), the Servicer shall instruct the Indenture Trustee to release to the Seller on such Payment Date all amounts remaining on deposit in the Negative Carry Account after giving effect to any withdrawals of the Negative Carry Amount on such Payment Date.
Negative Carry Account. (a) On the Closing Date, the Seller shall deposit in to the Negative Carry Account the Negative Carry Account Initial Deposit from the net proceeds of the sale of the Notes. On or before the Transfer Date preceding each Distribution Date occurring on or prior to the first Distribution Date that occurs on or after the end of the Funding Period, the Indenture Trustee shall, upon receipt of instructions from the Servicer, withdraw from the Negative Carry Account and deposit into the Collection Account an amount equal to the Negative Carry Amount for such Distribution Date.
(b) On each Distribution Date during the Funding Period, the Indenture Trustee shall, upon receipt of instructions from the Servicer, withdraw from the Negative Carry Account an amount equal to the excess, if any, of the amount on deposit in the Negative Carry Account over the Required Negative Carry Account Balance and deposit it (i) in the Certificate Distribution Account for distribution to the Certificateholders or (ii) upon the order of the Certificateholders in an account designated in writing by the Certificateholders to the Servicer, and on the Distribution Date on or immediately following the last day of the Funding Period, the Indenture Trustee shall, upon receipt of instructions from the Servicer, withdraw from the Negative Carry Account the amount remaining on deposit in the Negative Carry Account and deposit it in the Certificate Distribution Account for distribution to the Certificateholders or upon the order of the Certificateholders in an account designated in writing by the Certificateholders to the Servicer.
Negative Carry Account. (a) During the Revolving Period, if funds are deposited into the Series 2010-1 Principal Funding Account from the Excess Funding Account, then concurrent with such deposit, funds will be deposited into the Series 2010-1 Negative Carry Account to bring the balance in the Series 2010-1 Negative Carry Account up to the Required Negative Carry Account Balance.
(b) If on any Transfer Date, the amount on deposit in the Series 2010-1 Negative Carry Account exceeds the Required Negative Carry Account Balance on such Transfer Date, the Servicer shall withdraw such excess from the Series 2010-1 Negative Carry Account and pay such excess to the holders of the Seller’s Certificates; provided, however, that if funds are released from the Series 2010-1 Principal Funding Account and concurrently with such release funds are required to be deposited into the Series 2010-1 Spread Account to maintain the Spread Account Required Amount, such funds in an amount up to the Spread Account Deposit Amount shall be withdrawn from the Series 2010-1 Negative Carry Account and deposited into the Series 2010-1 Spread Account; provided, further, that in the event Series 2010-1 Available Principal Amounts have been used to make deposits into the Series 2010-1 Negative Carry Account and there remains any Series 2010-1 Unreimbursed Amount, such funds in an amount up to the amount of Series 2010-1 Available Principal Amounts so used and not previously reimbursed shall be treated as Series 2010-1 Available Principal Amounts for the reinstatement of the Series 2010-1 Collateral Amount.
(c) Funds on deposit in the Series 2010-1 Negative Carry Account overnight or for a longer period shall at all times be invested in Eligible Investments at the written direction of the Servicer or its agent, subject to the restrictions set forth in the Indenture and subject to the requirement that each such Eligible Investment shall have a stated maturity on or prior to the following Transfer Date. Net interest and earnings (less investment expenses) on funds on deposit in the Series 2010-1 Negative Carry Account, if any, shall constitute Series 2010-1 Available Interest Amounts.
(d) Upon payment in full of the Outstanding Principal Amount of the Series 2010-1 Notes, any funds remaining on deposit in the Series 2010-1 Negative Carry Account shall be distributed to the holders of the Seller’s Certificates.
Negative Carry Account. On the Closing Date, the Depositor shall deposit in the Negative Carry Account $2,287,038.27 (the “Negative Carry Account Initial Deposit”) from the net proceeds of the sale of the Notes. On each Payment Date during the Funding Period, if any, the Servicer will instruct the Indenture Trustee to withdraw from the Negative Carry Account (i) an amount equal to the Negative Carry Amount and deposit it into the Collection Account for application as Total Available Funds for such Payment Date, and (ii) the excess of the amount on deposit in the Negative Carry Account, if any, over the Required Negative Carry Account Balance (after withdrawal of the Negative Carry Amount for such Payment Date) and deposit it into the Collection Account for application as Available Funds for such Payment Date. In addition, on the Payment Date following the calendar month in which the last day of the Funding Period occurs, the Servicer will instruct the Indenture Trustee to withdraw from the Negative Carry Account the amount remaining on deposit in the Negative Carry Account (after giving effect to all withdrawals from the Negative Carry Account on that Payment Date) and deposit it into the Collection Account for application as Available Funds for such Payment Date.
Negative Carry Account. (a) On the Deposit Date relating to the Distribution Date following the Collection Period in which the Pre-Funding Period ends, the Master Servicer shall instruct the Indenture Trustee in writing to withdraw the Negative Carry Account Amount from the Negative Carry Account on such Deposit Date and to deposit such funds into the Collection Account pursuant to Section 4.06.
(b) Amounts on deposit in the Negative Carry Account shall, to the extent permitted by applicable law, rules and regulations, be invested, as directed in writing by the Master Servicer, by the bank or trust company then maintaining the Negative Carry Account in Permitted Investments that mature not later than the Deposit Date following the date of investment. All such Permitted Investments shall be held to maturity.
Negative Carry Account. On the Closing Date, the Seller shall deposit in the Negative Carry Account $1,928,427.53 (the “Negative Carry Account Initial Deposit”) from the net proceeds of the sale of the Notes. On each Payment Date during the Funding Period, the Servicer will instruct the Indenture Trustee to withdraw from the Negative Carry Account (i) an amount equal to the Negative Carry Amount and deposit it into the Collection Account for application as Total Available Funds for such Payment Date, and (ii) the excess, if any, of the amount on deposit in the Negative Carry Account over the Required Negative Carry Account Balance (after withdrawal of the Negative Carry Amount for such Payment Date) and deposit it into the Collection Account for application as Available Funds for such Payment Date. In addition, on the Payment Date immediately following the last day of the Funding Period, the Servicer will instruct the Indenture Trustee to withdraw from the Negative Carry Account the amount remaining on deposit in the Negative Carry Account and deposit it into the Collection Account for application as Available Funds for such Payment Date.
Negative Carry Account. (a) On each Determination Date, the Master Servicer will determine the Negative Carry Account Draw Amount, if any, for the related Distribution Date. If the Negative Carry Account Draw Amount for any Distribution Date is greater than zero, the Indenture Trustee will withdraw, or cause to be withdrawn, that amount, up to the Negative Carry Account Amount from the Reserve Fund, and transfer the amount withdrawn to the Collection Account on the Deposit Date.
(b) On the Deposit Date relating to the Distribution Date following the Collection Period in which the Pre-Funding Period ends, the Master Servicer shall instruct the Indenture Trustee in writing to withdraw the Negative Carry Account Amount from the Negative Carry Account on such Deposit Date and to deposit such funds into the Collection Account pursuant to Section 4.06.
(c) Amounts on deposit in the Negative Carry Account shall, to the extent permitted by applicable law, rules and regulations, be invested, as directed in writing by the Master Servicer, by the bank or trust company then maintaining the Negative Carry Account in Permitted Investments that mature not later than the Deposit Date following the date of investment. All such Permitted Investments shall be held to maturity.
