Common use of Unallocated Principal Collections Clause in Contracts

Unallocated Principal Collections. On each Distribution Date, (a) the Servicer shall allocate Excess Principal Collections (as described below) to each Series as set forth in the related Supplement and (b) the Servicer shall instruct the Trustee to withdraw from the Collection Account and pay, or make available, to the Depositor for the benefit of the Holder(s) of the BCRC Certificate and any Supplemental Certificates (i) an amount equal to the excess, if any, of (x) the aggregate amount for all outstanding Series of Principal Collections which the related Supplements specify are to be treated as "Excess Principal Collections" with respect to such Distribution Date over (y) the sum of (1) the aggregate amount for all outstanding Series which the related Supplements specify are "Principal Shortfalls" with respect to such Distribution Date and, without duplication and (2) the amount of Principal Collections distributable to the Holder of the Variable Funding Certificate pursuant to the related Supplement and (ii) the aggregate amount for all outstanding Series of that portion of Principal Collections which the related Supplements specify are to be allocated and paid to the Depositor for the benefit of the Holder(s) of the BCRC Certificate and any Supplemental Certificates with respect to such Distribution Date; provided, however, that, in the case of clauses (i) and (ii), such amounts shall be paid to the Depositor only if the Pool Balance for such Distribution Date (determined after giving effect to any Principal Receivables transferred to the Trust on such date) exceeds the Required Pool Balance for the immediately preceding Determination Date (after giving effect to the allocations, distributions, withdrawals and deposits to be made on the Distribution Date immediately following such Determination Date). The amount held in the Collection Account and not paid to the Depositor as a result of the proviso in the preceding sentence ("Unallocated Principal Collections") shall be paid to the Depositor at the time the Pool Balance exceeds the Required Pool Balance for the immediately preceding Determination Date (after giving effect to the allocations, distributions, withdrawals and deposits to be made on the Distribution Date immediately following such Determination Date); provided, however, that any Unallocated Principal Collections on deposit in the Collection Account at any time during which any Series is in its amortization period, accumulation period or Early Amortization Period shall be deemed to be "Miscellaneous Payments" and shall be allocated and distributed in accordance with Section 4.03 hereof and the terms of each Supplement.

Unallocated Principal Collections. On each Distribution Date, (a) the Servicer shall allocate Excess Principal Collections (as described below) to each Series as set forth in the related Supplement and (b) the Servicer shall instruct the Trustee in the Distribution Date Statement for such Distribution Date to withdraw from the Collection Account and pay, or make available, pay to the Depositor for the benefit of the Holder(s) of the BCRC Certificate and any Supplemental Certificates Seller (i) an amount equal to the excess, if any, of (x) the aggregate amount amount, if any, for all outstanding Series of Collections of Principal Collections Receivables which the related Supplements specify are to be treated as "Excess Principal Collections" with respect to such Distribution Date Date, over (y) the sum of (1) the aggregate amount amount, if any, for all outstanding Series which the related Supplements specify are "Principal Shortfalls" with respect to such Distribution Date and, without duplication and (2) the amount of Principal Collections distributable to the Holder of the Variable Funding Certificate pursuant to the related Supplement and duplication, (ii) the aggregate amount for all outstanding Series of that portion of Principal Collections which the related Supplements specify are to be allocated and paid to the Depositor for the benefit of the Holder(s) of the BCRC Certificate and any Supplemental Certificates Seller with respect to such Distribution Date; provided, however, that, in the case of clauses (i) and (ii), such amounts shall be paid to the Depositor Seller only if the Unconcentrated Pool Balance for such Distribution Date (determined after giving effect to any Principal Receivables transferred to the Trust on such date) exceeds the Required Pool Balance Participation Amount for the immediately preceding Determination Date (after giving effect to the allocations, distributions, withdrawals and deposits to be made on the such Distribution Date immediately following such Determination Date). The amount held in the Collection Account and not paid to the Depositor as a result of the proviso in the preceding sentence ("Unallocated Principal Collections") shall be paid to the Depositor Seller at the time the Unconcentrated Pool Balance exceeds the Required Pool Balance Participation Amount for the immediately preceding Determination Date (after giving effect to the allocations, distributions, withdrawals and deposits to be made on the Distribution Date immediately following such Determination Date); provided, however, that any Unallocated Principal Collections on deposit in the Collection Account at any time during which any Series is in its amortization period, accumulation period or Early Amortization Period shall be deemed to be "Miscellaneous Payments" and shall be allocated and distributed in accordance with Section 4.03 hereof Sections 4.3 and 4.5 and the terms of each Supplement.

Unallocated Principal Collections. If, pursuant to any provisions of Article IV, Collections allocated to Principal Receivables with respect to any Series would cause such Series (a “Retired Series”) to be paid in full or if, pursuant to such provisions, Collections of Principal Receivables are allocated to the Holder of the Exchangeable Transferor Certificate and the Transferor Interest is equal to or less than the Minimum Transferor Interest or the payment of such amount to the Transferor would cause the Transferor Interest to be equal to or less than the Minimum Transferor Interest (any such Collections being referred to as “Allocated Collections”) or any Adjustment Payment is made, any Collections of Principal Receivables allocated to a Retired Series in excess of the amount required to pay such Series in full, or to the Transferor Interest if the Transferor Interest is or would be caused to be less than the Minimum Transferor Interest or any Adjustment Payment (“Unallocated Principal Collections”) shall be retained in the Collection Account. If on any Business Day following a Business Day on which Unallocated Principal Collections were retained in the Collection Account the Transferor Interest is greater than the Minimum Transferor Interest, such Unallocated Principal Collections may be released to the Holder of the Exchangeable Transferor Certificate. On each Distribution Date, (a) the Servicer shall allocate Excess Principal Collections (as described below) Transfer Date with respect to each Series as set forth in the related Supplement Monthly Period succeeding the Monthly Period in which Unallocated Principal Collections were retained in the Collection Account, such Unallocated Principal Collections shall be reallocated to outstanding Series (any such allocation, an “Excess Amount Principal Allocation,” and any such Series, an “Outstanding Series”). Any Excess Amount Principal Allocation shall be performed assuming that (A) the characterization of Unallocated Principal Collections as Principal Receivables shall not be altered, (B) the Investor Percentages with respect to any Outstanding Series shall be recalculated assuming that the Retired Series has been retired and that only the Outstanding Series are outstanding, (C) Allocated Collections have been paid to the Retiring Series, (D) if the payment of Allocated Collections as described above causes a Pay Out Event to occur, Unallocated Principal Collections shall be allocated as if such Pay Out Event has occurred and (bE) the Servicer Unallocated Principal Collections available on any Transfer Date with respect to any Series shall instruct be applied as if they were available on the Trustee last Business Day of the preceding Monthly Period. On each Transfer Date immediately preceding each Distribution Date related to withdraw from the Amortization Period for any Series, Unallocated Principal Collections will be deposited in the Principal Account for such Series to the extent of the lesser of (x) the Principal Shortfall on the last Business Day of the preceding Monthly Period for such Series and (y) the aggregate amount of Unallocated Principal Collections retained in the Collection Account on such day. If more than one Series is in its Amortization Period, Unallocated Principal Collections retained in the Collection Account shall be allocated to each outstanding Series pro rata based on the Principal Shortfall, if any, for each such Series on the last Business Day of the preceding Monthly Period, and paythen, or make availableat the option of the Transferor, any remainder may be applied as principal with respect to any Series of variable funding certificates. The Servicer shall pay any remaining Unallocated Principal Collections on such Transfer Date to the Depositor for Transferor; provided, that if the benefit of Transferor Interest as determined on such Business Day does not exceed the Holder(s) of Minimum Transferor Interest, then such remaining Unallocated Principal Collections shall be deposited in the BCRC Certificate and any Supplemental Certificates (i) Collection Account in an amount equal to the excess, if any, lesser of (xi) the aggregate amount for all outstanding Series of remaining Unallocated Principal Collections which the related Supplements specify are to be treated as "Excess Principal Collections" with respect to such Distribution Date over (y) the sum of (1) the aggregate amount for all outstanding Series which the related Supplements specify are "Principal Shortfalls" with respect to such Distribution Date and, without duplication and (2) the amount of Principal Collections distributable to the Holder of the Variable Funding Certificate pursuant to the related Supplement and (ii) the aggregate amount for all outstanding Series of that portion of Principal Collections which the related Supplements specify are to be allocated and paid to the Depositor for the benefit excess of the Holder(s) of Minimum Transferor Interest over the BCRC Certificate and any Supplemental Certificates with respect to such Distribution Date; provided, however, that, in the case of clauses (i) and (ii), such amounts shall be paid to the Depositor only if the Pool Balance for such Distribution Date (determined after giving effect to any Principal Receivables transferred to the Trust Transferor Interest on such date) exceeds the Required Pool Balance for the immediately preceding Determination Date (after giving effect to the allocations, distributions, withdrawals and deposits to be made on the Distribution Date immediately following such Determination Date). The amount held in the Collection Account and not paid to the Depositor as a result of the proviso in the preceding sentence ("Unallocated Principal Collections") shall be paid to the Depositor at the time the Pool Balance exceeds the Required Pool Balance for the immediately preceding Determination Date (after giving effect to the allocations, distributions, withdrawals and deposits to be made on the Distribution Date immediately following such Determination Date); provided, however, that any Unallocated Principal Collections on deposit in the Collection Account at any time during which any Series is in its amortization period, accumulation period or Early Amortization Period shall be deemed to be "Miscellaneous Payments" and shall be allocated and distributed in accordance with Section 4.03 hereof and the terms of each SupplementBusiness Day.

Unallocated Principal Collections. If, pursuant to any provisions of Article IV, Collections allocated to Principal Receivables with respect to any Series would cause such Series (a “Retired Series”) to be paid in full or if, pursuant to such provisions, Collections of Principal Receivables are allocated to the Holder of the Exchangeable Transferor Certificate and the Transferor Interest is equal to or less than the Minimum Transferor Interest or the payment of such amount to the Transferor would cause the Transferor Interest to be equal to or less than the Minimum Transferor Interest (any such Collections being referred to as “Allocated Collections”) or any Adjustment Payment is made, any Collections of Principal Receivables allocated to a Retired Series in excess of the amount required to pay such Series in full, or to the Transferor Interest if the Transferor Interest is or would be caused to be less than the Minimum Transferor Interest or any Adjustment Payment (“Unallocated Principal Collections”) shall be retained in the Collection Account. If on any Business Day following a Business Day on which Unallocated Principal Collections were retained in the Collection Account the Transferor Interest is greater than the Minimum Transferor Interest, such Unallocated Principal Collections may be released to the Holder of the Exchangeable Transferor Certificate. On each Distribution DateTransfer Date with respect to each Series in the Monthly Period succeeding the Monthly Period in which Unallocated Principal Collections were retained in the Collection Account, such Unallocated Principal Collections shall be reallocated to outstanding Series (any such allocation, an “Excess Amount Principal Allocation,” and any such Series, an “Outstanding Series”). Any Excess Amount Principal Allocation shall be performed assuming that (a) the Servicer shall allocate Excess character of Unallocated Principal Collections (as described below) to each Series as set forth in the related Supplement and Principal Receivables shall not be altered, (b) the Servicer Investor Percentages with respect to any Outstanding Series shall instruct be recalculated assuming that the Trustee Retired Series has been retired and that only the Outstanding Series are outstanding, (c) Allocated Collections have been paid to withdraw from the Retiring Series, (d) if the payment of Allocated Collections as described above causes a Pay Out Event to occur, Unallocated Principal Collections shall be allocated as if such Pay Out Event has occurred and (e) the Unallocated Principal Collections available on any Transfer Date with respect to any Series shall be applied as if they were available on the last Business Day of the preceding Monthly Period. On each Transfer Date immediately preceding each Distribution Date related to the Amortization Period for any Series, Unallocated Principal Collections will be deposited in the Principal Account for such Series to the extent of the lesser of (x) the Principal Shortfall on the last Business Day of the preceding Monthly Period for such Series and (y) the aggregate amount of Unallocated Principal Collections retained in the Collection Account on such day. If more than one Series is in its Amortization Period, Unallocated Principal Collections retained in the Collection Account shall be allocated to each outstanding Series pro rata based on the Principal Shortfall, if any, for each such Series on the last Business Day of the preceding Monthly Period, and paythen, or make availableat the option of the Transferor, any remainder may be applied as principal with respect to any Series of variable funding certificates. The Servicer shall pay any remaining Unallocated Principal Collections on such Transfer Date to the Depositor for Transferor; provided, that if the benefit of Transferor Interest as determined on such Business Day does not exceed the Holder(s) of Minimum Transferor Interest, then such remaining Unallocated Principal Collections shall be deposited in the BCRC Certificate and any Supplemental Certificates (i) Collection Account in an amount equal to the excess, if any, lesser of (xi) the aggregate amount for all outstanding Series of remaining Unallocated Principal Collections which the related Supplements specify are to be treated as "Excess Principal Collections" with respect to such Distribution Date over (y) the sum of (1) the aggregate amount for all outstanding Series which the related Supplements specify are "Principal Shortfalls" with respect to such Distribution Date and, without duplication and (2) the amount of Principal Collections distributable to the Holder of the Variable Funding Certificate pursuant to the related Supplement and (ii) the aggregate amount for all outstanding Series of that portion of Principal Collections which the related Supplements specify are to be allocated and paid to the Depositor for the benefit excess of the Holder(s) of Minimum Transferor Interest over the BCRC Certificate and any Supplemental Certificates with respect to such Distribution Date; provided, however, that, in the case of clauses (i) and (ii), such amounts shall be paid to the Depositor only if the Pool Balance for such Distribution Date (determined after giving effect to any Principal Receivables transferred to the Trust Transferor Interest on such date) exceeds the Required Pool Balance for the immediately preceding Determination Date (after giving effect to the allocations, distributions, withdrawals and deposits to be made on the Distribution Date immediately following such Determination Date). The amount held in the Collection Account and not paid to the Depositor as a result of the proviso in the preceding sentence ("Unallocated Principal Collections") shall be paid to the Depositor at the time the Pool Balance exceeds the Required Pool Balance for the immediately preceding Determination Date (after giving effect to the allocations, distributions, withdrawals and deposits to be made on the Distribution Date immediately following such Determination Date); provided, however, that any Unallocated Principal Collections on deposit in the Collection Account at any time during which any Series is in its amortization period, accumulation period or Early Amortization Period shall be deemed to be "Miscellaneous Payments" and shall be allocated and distributed in accordance with Section 4.03 hereof and the terms of each SupplementBusiness Day.

Unallocated Principal Collections. On each Distribution DateIf, (a) the Servicer shall allocate Excess pursuant to any --------------------------------- provisions of Article IV, Collections allocated to Principal Collections (as described below) to each Series as set forth in the related Supplement and (b) the Servicer shall instruct the Trustee to withdraw from the Collection Account and pay, or make available, to the Depositor for the benefit of the Holder(s) of the BCRC Certificate and any Supplemental Certificates (i) an amount equal to the excess, if any, of (x) the aggregate amount for all outstanding Series of Principal Collections which the related Supplements specify are to be treated as "Excess Principal Collections" Receivables with respect to any Series would cause such Distribution Date over Series (ya "Retired Series") the sum of (1) the aggregate amount for all outstanding Series which the related Supplements specify are "Principal Shortfalls" with respect to be paid in full or if, pursuant to such Distribution Date andprovisions, without duplication and (2) the amount Collections of Principal Collections distributable Receivables allocated to the Holder of the Variable Funding Exchangeable Seller's Certificate pursuant would cause the Seller Amount, after taking into account the increase in such Seller Amount resulting from the transfer of any new Receivables to the related Supplement and (ii) the aggregate amount for all outstanding Series of that portion of Principal Collections which the related Supplements specify are to be allocated and paid to the Depositor for the benefit of the Holder(s) of the BCRC Certificate and any Supplemental Certificates Trust with respect to such Distribution Date; providedDue Period, howeverto be zero (any such Collections being referred to as "Allocated Collections"), that, any Collections of Principal Receivables allocated to a Retired Series or to the Seller Amount in the case excess of clauses Allocated Collections (i) and (ii)with respect to each Series, such amounts shall be paid to the Depositor only if the Pool Balance for such Distribution Date (determined after giving effect to any Principal Receivables transferred to the Trust on such date) exceeds the Required Pool Balance for the immediately preceding Determination Date (after giving effect to the allocations, distributions, withdrawals and deposits to be made on the Distribution Date immediately following such Determination Date). The amount held in the Collection Account and not paid to the Depositor as a result of the proviso in the preceding sentence ("Unallocated Principal Collections") shall be reallocated to any other Series which would not have been allocated additional Principal Receivables but for the application of this subparagraph (any such allocation, an "Excess Amount Principal Allocation," and any such Series, an "Outstanding Series"). Any Excess Amount Principal Allocation shall be performed assuming that (a) the character of Unallocated Principal Collections as Principal Receivables shall not be altered, (b) the Invested Percentages with respect to any Outstanding Series shall be recalculated assuming that the Retiring Series has been retired and that only the Outstanding Series are outstanding, (c) Allocated Collections have been paid to the Depositor at Retiring Series, and (d) if the time the Pool Balance exceeds the Required Pool Balance for the immediately preceding Determination Date (after giving effect payment of Allocated Collections as described above causes a Liquidation Event to the allocationsoccur, distributions, withdrawals and deposits to be made on the Distribution Date immediately following such Determination Date); provided, however, that any Unallocated Principal Collections on deposit in the Collection Account at any time during which any Series is in its amortization period, accumulation period or Early Amortization Period shall be deemed to be "Miscellaneous Payments" and shall be allocated and distributed in accordance with Section 4.03 hereof and the terms of each Supplementas if such Liquidation Event has occurred.

Unallocated Principal Collections. On each Distribution Date, (a) the Servicer shall allocate Excess Principal Collections (as described below) to each Series as set forth in the related Supplement and (b) the Servicer shall instruct the Trustee Custodian to withdraw from the Collection Account and pay, or make available, pay to the Depositor for the benefit of the Holder(s) of the BCRC Certificate and any Supplemental Certificates Seller (i) an amount equal to the excess, if any, of (x) the aggregate amount for all outstanding Series of Collections of Principal Collections Receivables which the related Supplements specify are to be treated as "Excess Principal Collections" with respect to such Distribution Date and all amounts withdrawn from any excess funding accounts (or made available pursuant to similar arrangements) other than any amounts to be paid directly to Investor Master Custodial Certificateholders pursuant to the terms of the related Supplement, over (y) the sum of (1) the aggregate amount for all outstanding Series which the related Supplements specify are "Principal Shortfalls" with respect to such Distribution Date and, without duplication and (2) the amount of Principal Collections distributable to the Holder of the Variable Funding Certificate pursuant to the related Supplement and duplication, (ii) the aggregate amount for all outstanding Series of that portion of Series Allocable Principal Collections which the related Supplements specify are to be allocated and paid to the Depositor for the benefit of the Holder(s) of the BCRC Certificate and any Supplemental Certificates Seller with respect to such Distribution Date; provided, however, that, in the case of clauses (i) and (ii), such amounts shall be paid to the Depositor Seller only if the Pool Balance Seller's Invested Amount for such Distribution Date (determined after giving effect to any Principal Receivables transferred to the Trust Custodian, on such date) exceeds the Required Pool Balance Custodial Available Subordinated Amount for the immediately preceding Determination Date (after giving effect to the allocations, distributions, withdrawals and deposits to be made on the such Distribution Date immediately following such Determination Date). The amount held in the Collection Account and not paid to the Depositor as a result of the proviso in the preceding sentence ("Unallocated Principal Collections") shall be paid to the Depositor Seller at the time the Pool Balance Seller's Invested Amount exceeds the Required Pool Balance Custodial Available Subordinated Amount for the immediately preceding Determination Date (after giving effect to the allocations, distributions, withdrawals and deposits to be made on the Distribution Date immediately following such Determination Date); provided, however, that any Unallocated Principal Collections on deposit in the Collection Account at any time during which any Series is in its amortization period, accumulation period or Early Amortization Period shall be deemed to be "Miscellaneous Payments" and shall be allocated and distributed in accordance with Section 4.03 hereof 4.03(d) and the terms of each Supplement.

Unallocated Principal Collections. On each --------------------------------- Distribution Date, (a) the Master Servicer shall allocate Excess Principal Collections (as described below) to each Series as set forth in the related Supplement and (b) the Master Servicer shall instruct the Trustee to withdraw from the Collection Account and pay, or make available, pay to the Depositor for the benefit of the Holder(s) of the BCRC Certificate and any Supplemental Certificates Transferor (i) an amount equal to the excess, if any, of (x) the aggregate amount for all outstanding Series of Collections of Principal Collections Receivables which the related Supplements specify are to be treated as "Excess Principal Collections" in connection with respect to such Distribution Date over (y) the sum of (1) the aggregate amount for all outstanding Series which the related Supplements specify are "Principal Shortfalls" with respect to such Distribution Date and, without duplication and (2) the amount of Principal Collections distributable to the Holder of the Variable Funding Certificate pursuant to the related Supplement and duplication, (ii) the aggregate amount for all outstanding Series of that portion of Principal Collections which the related Supplements specify are to be allocated and paid to the Depositor for the benefit of the Holder(s) of the BCRC Certificate and any Supplemental Certificates Transferor with respect to such Distribution Date; provided, however, that, in the case -------- ------- of clauses (i) and (ii), such amounts shall be paid to the Depositor Transferor only if the Pool Balance Transferor's Participation Amount for such Distribution Date (determined after giving effect to any Principal Receivables transferred to the Trust on such date) exceeds the Required Pool Balance Trust Available Subordinated Amount for the immediately preceding Determination Date (after giving effect to the allocations, distributions, withdrawals and deposits to be made on the such Distribution Date immediately following such Determination Date). The amount held in the Collection Account and not paid to the Depositor as a result of the proviso in the preceding sentence ("Unallocated Principal Collections") --------------------------------- shall be paid to the Depositor Transferor at the time the Pool Balance Transferor's Participation Amount exceeds the Required Pool Balance Trust Available Subordinated Amount for the immediately preceding Determination Date (after giving effect to the allocations, distributions, withdrawals and deposits to be made on the Distribution Date immediately following such Determination Date); provided, however, that any -------- ------- Unallocated Principal Collections on deposit in the Collection Account at any time during which any Series is in its amortization period, accumulation period or Early Amortization Period shall be deemed to be "Miscellaneous Payments" and shall be allocated and distributed in accordance with Section 4.03 hereof and the terms of each Supplement.