Common use of Withdrawals from Spread Account Clause in Contracts

Withdrawals from Spread Account. (a) In the event that the ------------------------------- Servicer's Certificate with respect to any Determination Date shall state that the sum of (i) the Available Funds for the related Collection Period plus (ii) the Prepayment Amount with respect to the related Distribution Date is less than the sum of the amounts payable on the related Distribution Date pursuant to clauses (i) through (v) of Section 5.7(b), plus the Noteholders' Interest Carryover Amount, if any, which will accrue from the related Distribution Date to the related Insured Distribution Date (such deficiency being a "Deficiency Claim Amount") then on the Deficiency Claim Date immediately preceding the related Insured Distribution Date, the Trust Collateral Agent shall deliver to the Collateral Agent, the Owner Trustee, the Insurer and the Servicer, by hand delivery or facsimile transmission, a written notice (a "Deficiency Notice") specifying the Deficiency Claim Amount for such Insured Distribution Date and the Note Policy Claim Amount, if any. Such Deficiency Notice shall direct the Collateral Agent to remit such Deficiency Claim Amount (to the extent of the funds available to be distributed pursuant to the Spread Account Agreement) to the Trust Collateral Agent for deposit in the Collection Account on the related Insured Distribution Date. Any Deficiency shall be delivered by 12:00 noon, New York City time, on the fourth Business Day preceding such Insured Distribution Date.

Withdrawals from Spread Account. (a) In the event that the ------------------------------- Servicer's Certificate with respect to any Determination Date shall state that the sum amount of (i) the Available Funds for the related Collection Period plus (ii) the Prepayment Amount with respect to the related Distribution such Determination Date is less than the sum of the amounts payable on the related Distribution Date pursuant to clauses (i) through (v) of Section 5.7(b), plus the Noteholders' Interest Carryover Amount, if any, which will accrue from the related Distribution Date to the related Insured Distribution Date Subsection 14.06(b) (such deficiency being a "Deficiency Claim Amount") then on the Deficiency Claim Date immediately preceding the related Insured such Distribution Date, the Trust Collateral Agent Trustee shall deliver to the Collateral Agent, the Owner Trustee, the Certificate Insurer and the Servicer, by hand delivery delivery, telex or facsimile transmission, a written notice (a "Deficiency Notice") specifying the Deficiency Claim Amount for such Insured Distribution Date and the Note Policy Claim Amount, if anyDate. Such Deficiency Notice shall direct the Collateral Agent to remit such Deficiency Claim Amount (to the extent of the funds available to be distributed pursuant to in the Spread Account AgreementAccount) to the Trust Collateral Agent Trustee for deposit in the Collection Account on the related Insured Distribution Date. , and the Collateral Agent, following receipt of such Deficiency Notice, shall so remit such Deficiency Claim Amount (to the extent of the funds available in the Spread Account) on such Distribution Date. (b) Any Deficiency Notice shall be delivered by 12:00 noon10:00 am., New York City time, on the fourth Business Day preceding such Insured Distribution Date. The amounts distributed by the Collateral Agent to the Trustee pursuant to a Deficiency Notice shall be deposited by the Trustee into the Collection Account pursuant to Section 14.05.

Withdrawals from Spread Account. (a) In the event that the ------------------------------- Servicer's Certificate with respect to any Determination Date shall state that the sum of (i) the Available Funds for the related Collection Period plus (ii) the Prepayment Total Distribution Amount with respect to the related Distribution such Determination Date is less than insufficient (taking into account the sum application of the amounts payable Total Distribution Amount to the payment required to be made on the related Distribution Date pursuant to clauses (iSection 4.6(c)(vi)) through (v) of Section 5.7(b), plus to make the Noteholders' Interest Carryover Amount, if any, which will accrue from payments required to be made on the related Distribution Date pursuant to the related Insured Distribution Date Section 4.6(c)(i), (ii), (iii), (iv), (v), (vii) or (viii) (such deficiency being a "Deficiency Claim Amount") ), then on the Deficiency Claim Date fourth Business Day immediately preceding the related Insured Distribution Date, the Trust Collateral Agent Trustee shall deliver to the Collateral Agent, the Owner TrusteeCertificate Insurer, the Insurer Depositor and the Servicer, by hand delivery delivery, telex or facsimile transmission, a written notice (a "Deficiency Notice") specifying the Deficiency Claim Amount for such Insured Distribution Date and the Note Policy Claim Amount, if anyDate. Such Deficiency Notice shall direct the Collateral Agent to remit such Deficiency Claim Amount (to the extent of the funds available to be distributed pursuant to the Spread Account Agreement) to the Trust Collateral Agent Trustee for deposit in the Collection Account on the related Insured Distribution Date. and distribution pursuant to Sections 4.6(c)(i), (ii), (iii), (iv), (v), (vii) and/or (viii), as applicable. (b) Any Deficiency Notice shall be delivered by 12:00 noon10:00 a.m., New York City time, on the fourth Business Day preceding such Insured Distribution Date. The amounts distributed by the Collateral Agent to the Trustee pursuant to a Deficiency Notice shall be deposited by the Trustee into the Collection Account pursuant to Section 4.5. (c) In the event that the Servicer's Certificate with respect to any Determination Date shall state that the Total Distribution Amount with respect to such Determination Date is insufficient to make the payments required to be made on the related Distribution Date pursuant to Section 4.6(c)(vi) or (x) (such deficiency being a "Class B Deficiency"), then on the fourth Business Day immediately preceding the related Distribution Date, the Trustee shall deliver to the Collateral Agent, the Servicer and the Depositor, by hand delivery, telex or facsimile transmission, a written notice specifying the amount of the Class B Deficiency for such Distribution Date. Such notice shall direct the Collateral Agent to remit to the Trustee an amount equal to such Class B Deficiency (but only to the extent that, pursuant to the Spread Account Agreement, funds are required to be released from the Spread Account to CPS Receivables Corp on the related Distribution Date) for deposit into the Collection Account and distribution pursuant to Section 4.6(c)(vi) and/or Section 4.6(c)(x), as applicable, and any funds so remitted to the Trustee shall be deemed to have been released to CPS Receivables Corp and paid to the Trustee at the direction of CPS Receivables Corp.

Withdrawals from Spread Account. (a) In the event that the ------------------------------- Servicer's Certificate with respect to any Determination Date shall state that the sum amount of (i) the Available Funds for the related Collection Period plus (ii) the Prepayment Amount with respect to the related Distribution such Determination Date is less than the sum of the amounts payable on the related Distribution Date pursuant to clauses (i) through (vvi) of Section 5.7(b), plus 5.6(b) or on the Noteholders' Interest Carryover Amount, if any, which will accrue from the related Class A-1 Final Scheduled Distribution Date pursuant to the related Insured Distribution Date clauses (i) and (ii) of Section 5.6(c) (such deficiency being a "Deficiency Claim Amount") then on the Deficiency Claim Date immediately preceding the related Insured such Distribution Date or Class A-1 Final Scheduled Distribution Date, as applicable, the Trust Collateral Agent Indenture Trustee shall deliver to the Collateral Agent, the Owner Trustee, the Insurer and the Servicer, by hand delivery delivery, telex or facsimile transmission, a written notice (a "Deficiency Notice") specifying the Deficiency Claim Amount for such Insured Distribution Date Date, the Note Policy Claim Amount, if any, and the Note Certificate Policy Claim Amount, if any. Such Deficiency Notice shall direct the Collateral Agent to remit such Deficiency Claim Amount (to the extent of the funds available to be distributed pursuant to the Spread Account Agreement) to the Trust Collateral Agent Indenture Trustee for deposit in the Collection Account on the related Insured Distribution Date or Class A-1 Final Scheduled Distribution Date. , as applicable. (b) Any Deficiency Notice shall be delivered by 12:00 noon10:00 a.m., New York City time, on the fourth Business Day preceding such Insured Distribution Date or Class A-1 Final Scheduled Distribution Date, as applicable. The amounts distributed by the Collateral Agent to the Indenture Trustee pursuant to a Deficiency Notice shall be deposited by the Indenture Trustee into the Collection Account pursuant to Section 5.5.

Withdrawals from Spread Account. (a) In the event that the ------------------------------- Servicer's Certificate with respect to any Determination Date shall state that the sum of (i) the Available Funds for the related Collection Period plus (ii) the Prepayment Total Distribution Amount with respect to the related Distribution such Determination Date is less than insufficient (taking into account the sum application of the amounts payable Total Distribution Amount to the payment required to be made on the related Distribution Payment Date pursuant to clauses Section 5.7(b)(vi)) to make the payments required to be made on the related Payment Date pursuant to Section 5.7(b)(i), (i) through ii), (iii), (iv), (v) of Section 5.7(b), plus the Noteholders' Interest Carryover Amount, if any, which will accrue from the related Distribution Date to the related Insured Distribution Date (vii) or (viii) (such deficiency being a "Deficiency Claim Amount") ), then on the Deficiency Claim Date fourth Business Day immediately preceding the related Insured Distribution Payment Date, the Trust Collateral Agent Trustee shall deliver to the Collateral Agent, the Owner Trustee, the Insurer Note Insurer, and the Servicer, by hand delivery delivery, telex or facsimile transmission, a written notice (a "Deficiency Notice") specifying the Deficiency Claim Amount for such Insured Distribution Date and the Note Policy Claim Amount, if anyPayment Date. Such Deficiency Notice shall direct the Collateral Agent to remit such Deficiency Claim Amount (to the extent of the funds available to be distributed pursuant to the Spread Account Agreement) to the Trust Collateral Agent Trustee for deposit in the Collection Account on the related Insured Distribution Date. and distribution pursuant to Sections 5.7(b)(i), (ii), (iii), (iv), (v), (vii) and/or (viii), as applicable. (b) Any Deficiency Notice shall be delivered by 12:00 noon10:00 a.m., New York City time, on the fourth Business Day preceding such Insured Payment Date. The amounts distributed by the Collateral Agent to the Trustee pursuant to a Deficiency Notice shall be deposited by the Trustee into the Collection Account pursuant to Section 5.6. (c) In the event that the Servicer's Certificate with respect to any Determination Date shall state that the Total Distribution Amount with respect to such Payment Date is insufficient to make the payments to the Note Distribution Account required to be made on the related Payment Date pursuant to Section 5.7(b)(vi) or (x) (such deficiency being a "Class B Deficiency"), then on the fourth Business Day immediately preceding the related Payment Date, the Trustee shall deliver to the Collateral Agent, the Owner Trustee and the Servicer, by hand delivery, telex or facsimile transmission, a written notice specifying the amount of the Class B Deficiency for such Payment Date. Such notice shall direct the Collateral Agent to remit to the Trustee an amount equal to such Class B Deficiency (but only to the extent that, pursuant to the Master Spread Account Agreement, funds are required to be released from the Spread Account to the Seller on the related Payment Date and are available for application on account of such Class B Deficiency) for deposit into the Collection Account and, subject to Section 5.5(e) below, distribution pursuant to Section 5.7(b)(vi) and/or Section 5.7(b)(x), as applicable, and any funds so remitted to the Trustee shall be deemed to have been released to the Seller and paid to the Trustee at the direction of the Seller. (d) In the event that the Servicer's Certificate with respect to any Determination Date shall state that the Total Distribution Amount with respect to such Payment Date is insufficient to make the payments to the Certificate Distribution Account required to be made on the related Payment Date pursuant to Section 5.7(b)(vi) or (x) or pursuant to Section 5.7(b)(xii) or (xiii)(such deficiency being a "Certificate Deficiency"), then on the fourth Business Day immediately preceding the related Payment Date, the Trustee shall deliver to the Collateral Agent, the Owner Trustee and the Servicer, by hand delivery, telex or facsimile transmission, a written notice specifying the amount of the Certificate Deficiency for such Payment Date. Such notice shall direct the Collateral Agent to remit to the Trustee an amount equal to such Certificate Deficiency (but only to the extent that, pursuant to the Master Spread Account Agreement, funds are required to be released from the Spread Account to the Seller on the related Payment Date and are available for application on account of such Certificate Deficiency) for deposit into the Collection Account and, subject to Section 5.5(e) below, distribution pursuant to (A) Section 5.7(b)(vi) and/or Section 5.7(b)(x) or (B) Section 5.7(b)(xii) or (xiii), as applicable, and any funds so remitted to the Trustee shall be deemed to have been released to the Seller and paid to the Trustee at the direction of the Seller. (e) Notwithstanding anything to the contrary contained in (c) or (d) above, unless an Event of Default has occurred and is continuing, then amounts received by the Trustee on account of a Class B Deficiency or Certificate Deficiency shall be applied pro rata (on the basis of the Class B Deficiency and Certificate Deficiency outstanding) to pay such Class B Deficiency and Certificate Deficiency. If an Event of Default has occurred and is continuing, then amounts received by the Trustee on account of a Class B Deficiency or Certificate Deficiency shall be applied first to pay the outstanding Class B Deficiency pursuant to Section 5.7(b)(vi) and/or (x) and second, to the extent of any remaining funds, to pay the outstanding Certificate Deficiency pursuant to Section 5.7(b)(xii) and/or (xiii).

Withdrawals from Spread Account. (a) In the event that the ------------------------------- Servicer's Certificate with respect to any Determination Date shall state that the sum amount of (i) the Available Funds for the related Collection Period plus (ii) the Prepayment Amount with respect to the related Distribution such Determination Date is less than the sum of the amounts payable on the related Distribution Date pursuant to clauses (i) through (v) of Section 5.7(b), plus the Noteholders' Interest Carryover Amount, if any, which will accrue from the related Distribution Date to the related Insured Distribution Date Subsection 5.5(b) (such deficiency being a "Deficiency Claim Amount") then on the Deficiency Claim Date immediately preceding the related Insured such Distribution Date, the Trust Collateral Agent Trustee shall deliver to the Collateral Agent, the Owner Spread Account Trustee, the Insurer Certificate Insurer, the fiscal agent, if any, and the Servicer, by hand delivery delivery, telex or facsimile transmission, a written notice in the form of Exhibit I (a "Deficiency Notice") specifying the Deficiency Claim Amount for such Insured Distribution Date and the Note Policy Claim Amount, if anyDate. Such Deficiency Notice shall direct the Collateral Agent Spread Account Trustee to remit such Deficiency Claim Amount (to the extent of the funds available to be distributed pursuant to the Spread Account Agreement) to the Trust Collateral Agent Trustee for deposit in the Collection Account on the related Insured Distribution Date. Account. (b) Any Deficiency Notice shall be delivered by 12:00 noon10:00 a.m., New York City time, on the fourth Business Day preceding such Insured Distribution Date. The amounts distributed by the Spread Account Trustee to the Trustee pursuant to a Deficiency Notice shall be deposited by the Trustee into the Collection Account pursuant to Section 5.4.

Withdrawals from Spread Account. (a) In the event that the ------------------------------- Servicer's Certificate with respect to any Determination Date shall state that the sum of (i) the Available Funds for the related Collection Period plus (ii) the Prepayment Total Distribution Amount with respect to the related Distribution such Determination Date is less than insufficient (taking into account the sum application of the amounts payable Total Distribution Amount to the payment required to be made on the related Distribution Date pursuant to clauses (iSection 4.6(c)(vi)) through (v) of Section 5.7(b), plus to make the Noteholders' Interest Carryover Amount, if any, which will accrue from payments required to be made on the related Distribution Date pursuant to the related Insured Distribution Date Section 4.6(c)(i), (ii), (iii), (iv), (v), (vii) or (viii) (such deficiency being a "Deficiency Claim Amount") ), then on the Deficiency Claim Date fourth Business Day immediately preceding the related Insured Distribution Date, the Trust Collateral Agent Trustee shall deliver to the Collateral Agent, the Owner TrusteeCertificate Insurer, the Insurer and the Servicer, by hand delivery delivery, telex or facsimile transmission, a written notice (a "Deficiency Notice") specifying the Deficiency Claim Amount for such Insured Distribution Date and the Note Policy Claim Amount, if anyDate. Such Deficiency Notice shall direct the Collateral Agent to remit such Deficiency Claim Amount (to the extent of the funds available to be distributed pursuant to the Spread Account Agreement) to the Trust Collateral Agent Trustee for deposit in the Collection Account on the related Insured Distribution Date. and distribution pursuant to Sections 4.6(c)(i), (ii), (iii), (iv), (v), (vii) and/or (viii), as applicable. (b) Any Deficiency Notice shall be delivered by 12:00 noon10:00 a.m., New York City time, on the fourth Business Day preceding such Insured Distribution Date. The amounts distributed by the Collateral Agent to the Trustee pursuant to a Deficiency Notice shall be deposited by the Trustee into the Collection Account pursuant to Section 4.5. (c) In the event that the Servicer's Certificate with respect to any Determination Date shall state that the Total Distribution Amount with respect to such Determination Date is insufficient to make the payments required to be made on the related Distribution Date pursuant to Section 4.6(c)(vi) or (x) (such deficiency being a "Class B Deficiency"), then on the fourth Business Day immediately preceding the related Distribution Date, the Trustee shall deliver to the Collateral Agent and the Servicer, by hand delivery, telex or facsimile transmission, a written notice specifying the amount of the Class B Deficiency for such Distribution Date. Such notice shall direct the Collateral Agent to remit to the Trustee an amount equal to such Class B Deficiency (but only to the extent that, pursuant to the Spread Account Agreement, funds are required to be released from the Spread Account to the Seller on the related Distribution Date) for deposit into the Collection Account and distribution pursuant to Section 4.6(c)(vi) and/or Section 4.6(c)(x), as applicable, and any funds so remitted to the Trustee shall be deemed to have been released to the Seller and paid to the Trustee at the direction of the Seller.

Withdrawals from Spread Account. (a) In the event that the ------------------------------- Servicer's Certificate with respect to any Determination Date shall state that the sum of (i) the Available Funds for the related Collection Period plus (ii) the Prepayment Total Distribution Amount with respect to the related Distribution such Determination Date is less than insufficient (taking into account the sum application of the amounts payable Distribution Amount to the payment required to be made on the related Distribution Payment Date pursuant to clauses Section 5.7(b)(vi)) to make the payments required to be made on the related Payment Date pursuant to Section 5.7(b)(i), (i) through ii), (iii), (iv), (v) of Section 5.7(b), plus the Noteholders' Interest Carryover Amount, if any, which will accrue from the related Distribution Date to the related Insured Distribution Date (vii) or (viii) (such deficiency being a "Deficiency Claim Amount") ), then on the Deficiency Claim Date fourth Business Day immediately preceding the related Insured Distribution Payment Date, the Trust Collateral Agent Trustee shall deliver to the Collateral Agent, the Owner Trustee, the Insurer Credit Enhancer, and the Servicer, by hand delivery delivery, telex or facsimile transmission, a written notice (a "Deficiency Notice") specifying the Deficiency Claim Amount for such Insured Distribution Date and the Note Policy Claim Amount, if anyPayment Date. Such Deficiency Notice shall direct the Collateral Agent to remit such Deficiency Claim Amount (to the extent of the funds available to be distributed pursuant to the Spread Account Agreement) to the Trust Collateral Agent Trustee for deposit in the Collection Account on the related Insured Distribution Date. and distribution pursuant to Sections 5.7(b)(i), (ii), (iii), (iv), (v), (vii) and/or (viii), as applicable. (b) Any Deficiency Notice shall be delivered by 12:00 noon10:00 a.m., New York City time, on the fourth Business Day preceding such Insured Payment Date. The amounts distributed by the Collateral Agent to the Trustee pursuant to a Deficiency Notice shall be deposited by the Trustee into the Collection Account pursuant to Section 5.6. (c) In the event that the Servicer's Certificate with respect to any Determination Date shall state that the Total Distribution Amount with respect to such Payment Date is insufficient to make the payments required to be made on the related Payment Date pursuant to Section 5.7(b)(vi) or (x) (such deficiency being a "Class B Deficiency"), then on the fourth Business Day immediately preceding the related Payment Date, the Trustee shall deliver to the Collateral Agent, the Owner Trustee and the Servicer, by hand delivery, telex or facsimile transmission, a written notice specifying the amount of the Class B Deficiency for such Payment Date. Such notice shall direct the Collateral Agent to remit to the Trustee an amount equal to such Class B Deficiency (but only to the extent that, pursuant to the Spread Account Agreement, funds are required to be released from the Spread Account to the Seller on the related Payment Date) for deposit into the Collection Account and distribution pursuant to Section 5.7(b)(vi) and/or Section 5.7(b)(x), as applicable, and any funds so remitted to the Trustee shall be deemed to have been released to the Seller and paid to the Trustee at the direction of the Seller.