Common use of Required Addition Clause in Contracts

Required Addition. If, at the close of business on any Business Day, the Adjusted Nonoverconcentration Pool Balance on such day (after giving effect to any deposits to the Excess Funding Account in respect of such day) is less than the Required Nonoverconcentration Pool Balance on such day or the Adjusted Overconcentration Pool Balance is less than the Required Overconcentration Pool Balance (after giving effect to any deposits to the Cash Collateral Account in respect of such day), then the Depositor will, within 15 Business Days following such day, designate additional Eligible Accounts as Additional Accounts to the Issuing Entity such that, after giving effect to the transfer to the Issuing Entity on the applicable Addition Date of all Eligible Receivables (and the related Collateral Security) arising in connection with such Additional Accounts, the Adjusted Nonoverconcentration Pool Balance at the close of business on such Addition Date will be at least equal to such Required Nonoverconcentration Pool Balance and the Adjusted Overconcentration Pool Balance at the close of business on such Addition Date will be at least equal to such Required Overconcentration Pool Balance. The Depositor will satisfy the conditions specified in Section 2.7(c) in designating such Additional Accounts and transferring the related Receivables to the Issuing Entity. The Depositor may so designate one or more Accounts as Additional Accounts by giving (or causing the Servicer to give on its behalf) a written notice specifying the Additional Cut-Off Date and the Addition Date (the "Addition Notice") to the Indenture Trustee, the Owner Trustee and the Rating Agencies. The failure of the Depositor to transfer Receivables to the Issuing Entity as provided in this Section 2.7(a) solely as a result of the unavailability of a sufficient amount of Eligible Receivables will not constitute a breach of this Agreement; provided, however, that any such failure may nevertheless result in the occurrence of an Early Amortization Event if so specified in an Indenture Supplement.

Required Addition. If, at the close of business on any Business Day, the Adjusted Nonoverconcentration Pool Balance on such day (after giving effect to any deposits to the Excess Funding Account in respect of such day) is less than the Required Nonoverconcentration Pool Balance on such day or the Adjusted Overconcentration Pool Balance is less than the Required Overconcentration Pool Balance (after giving effect to any deposits to the Cash Collateral Account in respect of such day), then the Depositor will, within 15 Business Days following such day, designate additional Eligible Accounts as Additional Accounts to the Issuing Entity such that, after giving effect to the transfer to the Issuing Entity on the applicable Addition Date of all Eligible Receivables (and the related Collateral Security) arising in connection with such Additional Accounts, the Adjusted Nonoverconcentration Pool Balance at the close of business on such Addition Date will be at least equal to such Required Nonoverconcentration Pool Balance and the Adjusted Overconcentration Pool Balance at the close of business on such Addition Date will be at least equal to such Required Overconcentration Pool Balance. The Depositor will satisfy the conditions specified in Section 2.7(c) in designating such Additional Accounts and transferring the related Receivables to the Issuing Entity. The Depositor may so designate one or more Accounts as Additional Accounts by giving (or causing the Servicer to give on its behalf) a written notice specifying the Additional Cut-Off Date and the Addition Date (the "“Addition Notice"”) to the Indenture Trustee, the Owner Trustee and the Rating Agencies. The failure of the Depositor to transfer Receivables to the Issuing Entity as provided in this Section 2.7(a) solely as a result of the unavailability of a sufficient amount of Eligible Receivables will not constitute a breach of this Agreement; provided, however, that any such failure may nevertheless result in the occurrence of an Early Amortization Event if so specified in an Indenture Supplement.