Common use of Write-Offs and Recoveries Clause in Contracts

Write-Offs and Recoveries. (a) In each Monthly Report required to be delivered during the Early Amortization Period, Servicer shall calculate the Investor Write-Offs and the Investor Allocable Recoveries for the most recently ended ASA Measuring Period. (b) If the Investor Write-Offs calculated in any Monthly Report exceed zero, the Invested Amount and the outstanding principal amount of the Series 1996-1 Certificates shall be reduced by the amount of the Investor Write-Offs with effect from the related Distribution Date. Any such reduction shall be allocated to the Class B Invested Amount until the Class B Invested Amount has been reduced to zero. Any remaining reduction shall be allocated to the Class A Invested Amount. (c) If the Invested Amount has been reduced on account of any Investor Write-Offs, then any Investor Allocable Recoveries with respect to any Calculation Period ending after the reduction takes place shall be applied to reinstate the Invested Amount and the outstanding principal amount of the Series 1996-1 Certificates, to the extent of such prior reductions that have not previously been reinstated, with effect from the related Distribution Date. Any such reinstatement shall be allocated to the Class A Invested Amount until all prior reductions to the Class A Invested Amount on account of Investor Write-Offs have been reinstated. Any remaining reinstatement shall be allocated to the Class B Invested Amount. (d) If Investor Allocable Recoveries applied pursuant to subsection (c) above to reinstate the Invested Amount on any Distribution Date, then Investor Allocable Recoveries shall be applied to increase the Available Subordinated Amount on the same Distribution Date only to the extent of the excess, if any, of the Investor Allocable Recoveries, minus the amount of Investor Allocable Recoveries so applied to reinstate the Invested Amount. (e) The outstanding principal amount under the Class A Certificates shall be reduced by any reduction, and increased by any reinstatement, of the Class A Invested Amount pursuant to this Section 4.7 or Section 4.8, in the amount of such reduction or reinstatement. The outstanding principal amount under the Class B Certificates shall be reduced by any reduction, and increased by any reinstatement, of the Class B Invested Amount pursuant to this Section 4.7 or Section 4.8, in the amount of such reduction or reinstatement.

Write-Offs and Recoveries. (a) In each Monthly Report required to be delivered during the Early Group Amortization Period, Servicer shall calculate the Investor Write-Offs and the Investor Allocable Recoveries for the most recently ended ASA Measuring Period. (b) If the Investor Write-Offs calculated in any Monthly Report exceed zero, the Group Invested Amount and the outstanding principal amount of the Series 1996-1 Certificates shall be reduced by the amount of the Investor Write-Offs with effect from the related Distribution Date. Any such reduction shall be allocated to the Class B Invested Amount Amounts of all outstanding Junior Subordinated Classes (ratably in accordance with such Class Invested Amounts) until the all such Class B Invested Amount has Amounts have been reduced to zero. Any remaining reduction shall next be allocated to the Class A Invested AmountAmounts of all outstanding Senior Subordinated Classes (ratably in accordance with such Class Invested Amounts) until such Class Invested Amounts have been reduced to zero. Finally, any remaining reduction shall be allocated to the Class Invested Amounts of all outstanding Senior Classes (ratably in accordance with such Class Invested Amounts). (c) If the Group Invested Amount has been reduced on account of any Investor Write-Offs, then any Investor Allocable Recoveries with respect to any Calculation Period ending after the reduction takes place shall be applied to reinstate the Group Invested Amount and the outstanding principal amount of the Series 1996-1 CertificatesAmount, to the extent of such prior reductions that have not previously been reinstated, with effect from the related Distribution Date. Any such reinstatement shall be allocated to the Class A Invested Amount Amounts of all outstanding Senior Classes (ratably in accordance with such Class Invested Amounts) until all prior reductions to the such Class A Invested Amount Amounts on account of Investor Write-Offs have been reinstated. Any remaining reinstatement shall next be allocated to the Class B Invested AmountAmounts of all outstanding Senior Subordinated Classes (ratably in accordance with such Class Invested Amounts) until all prior reductions to such Class Invested Amounts on account of Investor Write-Offs have been reinstated. Finally, any remaining reinstatement shall be allocated to the Class Invested Amounts of all outstanding Junior Subordinated Classes (ratably in accordance with such Class Invested Amounts). (d) If Investor Allocable Recoveries are applied pursuant to subsection (c) above to reinstate the Group Invested Amount on any Distribution Date, then Investor Allocable Recoveries shall be applied to increase the Available Subordinated Amount on the same Distribution Date only to the extent of the excess, if any, of the Investor Allocable Recoveries, minus the amount of Investor Allocable Recoveries so applied to reinstate the Invested Amountapplied. (e) The outstanding principal amount under the of any Senior Class A Certificates or Subordinated Class shall be reduced by any reduction, and increased by any reinstatement, of the its Class A Invested Amount pursuant to this Section 4.7 or Section 4.8, in the amount of such reduction or reinstatement. The outstanding principal amount under the Class B Certificates shall be reduced by any reduction, and increased by any reinstatement, of the Class B Invested Amount pursuant to this Section 4.7 or Section 4.8, in the amount of such reduction or reinstatement.

Write-Offs and Recoveries. (a) In each Monthly Report required to be delivered during the Early Amortization Period, Servicer shall calculate the Investor Write-Offs and the Investor Allocable Recoveries for the most recently ended ASA Measuring Period. (b) If the Investor Write-Offs calculated in any Monthly Report exceed zero, the Series 1998-3 Invested Amount and the outstanding principal amount of the Series 1996-1 Certificates shall be reduced by the amount of the Investor Write-Offs with effect from the related Distribution Date. Any such reduction shall be allocated first to the Class C Invested Amount until the Class C Invested Amount has been reduced to zero, second to the Class B Invested Amount until the Class B Invested Amount has been reduced to zero. Any remaining reduction shall be allocated , and third to the Class A Invested AmountAmount until the Class A Invested Amount has been reduced to zero. (c) If the Series 1998-3 Invested Amount has been reduced on account of any Investor Write-Offs, then any Investor Allocable Recoveries with respect to any Calculation Period ending after the reduction takes place shall be applied to reinstate the Series 1998-3 Invested Amount and the outstanding principal amount of the Series 1996-1 CertificatesAmount, to the extent of such prior reductions that have not previously been reinstated, with effect from the related Distribution Date. Any such reinstatement shall be allocated first to the Class A Invested Amount until all prior reductions to the Class A Invested Amount on account of Investor Write-Offs have been reinstated. Any remaining reinstatement shall be allocated , second to the Class B Invested AmountAmount until all prior reductions to the Class B Invested Amount on account of Investor Write-Offs have been reinstated, and third to the Class C Invested Amount until all prior reductions to the Class C Invested Amount have been reinstated. (d) If Investor Allocable Recoveries are applied pursuant to subsection (c) above to reinstate the Series 1998-3 Invested Amount on any Distribution Date, then Investor Allocable Recoveries shall be applied to increase the Available Subordinated Amount on the same Distribution Date only to the extent of the excess, if any, of the Investor Allocable Recoveries, minus the amount of Investor Allocable Recoveries so applied to reinstate the Invested Amountapplied. (e) The outstanding principal amount under the Class A Certificates shall be reduced by any reduction, and increased by any reinstatement, of the Class A Invested Amount pursuant to this Section 4.7 or Section 4.8, in the amount of such reduction or reinstatement. The outstanding principal amount under the Class B Certificates shall be reduced by any reduction, and increased by any reinstatement, of the Class B Invested Amount pursuant to this Section 4.7 or Section 4.8, in the amount of such reduction or reinstatement.