Common use of Additional Early Amortization Events Clause in Contracts

Additional Early Amortization Events. The occurrence of any of the following events shall, immediately upon the occurrence thereof without notice or other action on the part of the Trustee or the Holders of the Certificates, be deemed to be an "Early Amortization Event" solely with respect to the Certificates: (a) on any Distribution Date, the Available Subordinated Amount shall be less than the Required Subordinated Amount (after giving effect to the distributions to be made on such Distribution Date); or (b) on any Distribution Date, the balance of the Reserve Fund is less than the Reserve Fund Required Amount, in each case after giving effect to all deposits and distributions on such Distribution Date; or (c) any Servicer Default occurs; or (d) any Class A Carry-Over Amount or Class B Carry-Over Amount is outstanding on six consecutive Distribution Dates; or (e) the ratio (expressed as a percentage) of (x) the average for each month of the net losses on the Receivables in the Pool (i.e., gross losses less Recoveries on any Receivables (including, without limitation, recoveries from Collateral Security in addition to the products financed by the Receivables, recoveries from manufacturers, distributors or importers and Insurance Proceeds)) during any three (3) consecutive calendar months to (y) the average of the month-end Pool Balances for such three-month period, exceeds 5% on an annualized basis; provided, however, that this clause (e) may be revised or waived without the consent of the Certificateholders and no such revision or waiver shall be deemed an amendment of the terms hereof, but shall be a revision or waiver made in accordance with the terms hereof if, prior to each such revision or waiver, the Rating Agency Condition is satisfied; or (f) the average Monthly Payment Rate (x) with respect to the three (3) Collection Periods included in the period from January through March of any calendar year is less than 12% and (y) with respect to any other three (3) consecutive Collection Periods is less than 14%; provided, however, that this clause (f) may be revised or waived without the consent of the Certificateholders and no such revision or waiver shall be deemed an amendment of the terms hereof, but shall be a revision or waiver made in accordance with the terms hereof if, prior to each such reversion or waiver, the Rating Agency Condition is satisfied; or (g) the failure to pay the outstanding principal balance of the Certificates on the September 2003 Distribution Date; or (h) the sum of all Eligible Investments and amounts on deposit in the Excess Funding Account and excess funding accounts for all other Series represents more than 50% of the total assets of the Trust on each of six or more consecutive Distribution Dates, after giving effect to all payments made or to be made on such Distribution Dates; and (i) during any four month period commencing June 1, October 1 and February 1 of each year (each, an "Origination Period"), more than 10% of the aggregate principal amount of Domestic Inventory Receivables that were originated and transferred to the trust during the four month period commencing sixteen months prior to such Origination Period and are then owned by the Trust have not been paid in full within 491 days following the date of origination thereof.

Additional Early Amortization Events. The occurrence of any of the following events shall, immediately upon the occurrence thereof without notice or other action on the part of the Trustee or the Holders of the CertificatesSeries 2004-NTC Certificateholder, be deemed to be an "Early Amortization Event" Event solely with respect to the Certificates:Series 2004-NTC (each, an "Additional Early Amortization Event"): (a) [on any Distribution Date, the Available Subordinated Amount shall be less than the Required Subordinated Amount (after giving effect to the distributions to be made on such Distribution Date); or (b) on any Distribution Payment Date, the balance of the Reserve Fund is less than [ ] percent ([ ]%) of the Reserve Fund Required Amountaggregate outstanding principal balance of the Series 2004-NTC Certificate, in each case after giving effect to all deposits deposits, withdrawals and distributions payments on such Distribution Payment Date; or] (cb) any Servicer Default occurs; or (c) on any Determination Date occurring in the months of [ ] through [ ], the average of the Monthly Payment Rates for the three preceding Collection Periods is less than [ ] percent ([ ]%) (or a lower percentage if the Rating Agency Condition has been satisfied with respect to that lower percentage); or on any Determination Date occurring in the months of [ ] through [ ], the average of the Monthly Payment Rates for the three preceding Collection Periods is less than [ ] percent ([ ]%) (or a lower percentage if the Rating Agency Condition has been satisfied with respect to that lower percentage); or (d) any Class A Carry-Over Amount or Class B Carry-Over [the Invested Amount is outstanding not reduced to zero on six consecutive Distribution Datesthe Expected Final Payment Date]; or (e) the ratio (expressed as a percentage) of (xi) the average for each month of the net losses on the Receivables in (exclusive of the Pool Ineligible Receivables) owned by the Trust (i.e., gross losses less Recoveries recoveries on any Receivables Receivables) (including, without limitationincluding recoveries from collateral security in addition to recoveries from the products, recoveries from Collateral Security in addition to the products financed by the Receivables, recoveries from manufacturers, distributors or importers Manufacturers and Insurance Proceeds)insurance proceeds) during any three (3) consecutive calendar months months, to (yii) the average of the month-end Pool Balances aggregate balances of those Receivables (without deducting therefrom the Discount Portion) for such three-month period, exceeds 5% [ ] percent ([ ]%) on an annualized basis; provided, however, that the percentage in this clause (e) may be revised changed, or waived any Early Amortization Event relating to this clause (e) may 18 Series 2004-NTC Supplement be waived, at the direction of the Transferor and without the consent of the Certificateholders and no such revision or waiver shall be deemed an amendment Series 2004-NTC Certificateholder upon the satisfaction of the terms hereof, but shall be a revision or waiver made in accordance with the terms hereof if, prior to each such revision or waiver, the Rating Agency Condition is satisfiedCondition; or (f) the average Monthly Payment Rate (x) with respect to the three (3) Collection Periods included in the period from January through March of any calendar year is less than 12% and (y) with respect to any other three (3) consecutive Collection Periods is less than 14%; provided, however, that this clause (f) may be revised or waived without the consent of the Certificateholders and no such revision or waiver shall be deemed an amendment of the terms hereof, but shall be a revision or waiver made in accordance with the terms hereof if, prior to each such reversion or waiver, the Rating Agency Condition is satisfied; or (g) the failure to pay the outstanding principal balance of the Certificates on the September 2003 Distribution Date; or (h) the sum of all Eligible Investments and amounts on deposit in the Excess Funding Account and any excess funding accounts for all any other Series represents more than fifty percent (50% %) of the total assets of the Trust on each of six or more consecutive Distribution Determination Dates, after giving effect to all payments made or to be made on such Distribution the Payment Dates relating to (i.e., next succeeding) those Determination Dates; andor (ig) during the Overconcentration Amount exceeds zero for a period of five (5) Business Days after any four month period commencing June 1Payment Date, October 1 and February 1 of each year (each, an "Origination Period"), more than 10% unless the Rating Agency Condition shall have been satisfied with respect to the existence of the aggregate principal amount of Domestic Inventory Receivables that were originated and transferred to the trust during the four month period commencing sixteen months prior to such Origination Period and are then owned by the Trust have not been paid in full within 491 days following the date of origination thereofOverconcentration Amount.

Additional Early Amortization Events. The occurrence of any of the following events shall, immediately upon the occurrence thereof without notice or other action on the part of the Trustee or the Holders of the CertificatesSeries [ ] Certificateholders, be deemed to be an "Early Amortization Event" Event solely with respect to the Certificates:Series [ ] (each, an "Additional Early Amortization Event"): (a) on any Distribution Date, the Available Subordinated Amount shall be less than the Required Subordinated Amount (after giving effect to the distributions to be made on such Distribution Date); or (b) on any Distribution Date, the balance of the Reserve Fund is less than [ ] percent of the Reserve Fund Required Amountaggregate outstanding principal balance of the Series [ ] Certificates, in each case after giving effect to all deposits deposits, withdrawals and distributions on such Distribution Date; or (cb) any Servicer Default occurs; or (dc) any a Class A Carry-Over Amount or over Amount, Class B Carry-Over over Amount or Class C Carry-over Amount is outstanding on six consecutive Distribution Dates (after giving effect to the distributions on each of those Distribution Dates); or (d) on any Determination Date, the average of the Monthly Payment Rates for the three preceding Collection Periods is less than [ ] percent(or a lower percentage if the Rating Agency Condition has been satisfied with respect to that lower percentage); or (e) the outstanding principal amount of the Series [ ] Certificates is not fully repaid on the Expected Final Payment Date; or (f) the ratio (expressed as a percentage) of (xi) the average for each month of the net losses on the Receivables in (exclusive of the Pool Ineligible Receivables) owned by the Trust (i.e., gross losses less Recoveries recoveries on any Receivables Receivables) (including, without limitationincluding recoveries from collateral security in addition to recoveries from the products, recoveries from Collateral Security in addition to the products financed by the Receivables, recoveries from manufacturers, distributors or importers Manufacturers and Insurance Proceeds)insurance proceeds) during any three (3) consecutive calendar months months, to (yii) the average of the month-end Pool Balances aggregate balances of those Receivables (without deducting therefrom the Discount Portion) for such three-month period, exceeds five percent (5% %) on an annualized basis; provided, however, that this clause (e) may be revised or waived without the consent of the Certificateholders and no such revision or waiver shall be deemed an amendment of the terms hereof, but shall be a revision or waiver made percentage in accordance with the terms hereof if, prior to each such revision or waiver, the Rating Agency Condition is satisfied; or (f) the average Monthly Payment Rate (x) with respect to the three (3) Collection Periods included in the period from January through March of any calendar year is less than 12% and (y) with respect to any other three (3) consecutive Collection Periods is less than 14%; provided, however, that this clause (f) may be revised changed, or waived any Early Amortization Event relating to this clause (f) may be waived, at the direction of the Seller and without the consent of any Series [ ] Certificateholder upon the Certificateholders and no such revision or waiver shall be deemed an amendment satisfaction of the terms hereof, but shall be a revision or waiver made in accordance with the terms hereof if, prior to each such reversion or waiver, the Rating Agency Condition is satisfiedCondition; or (g) the failure to pay the outstanding principal balance of the Certificates on the September 2003 Distribution Date; or (h) the sum of all Eligible Investments and amounts on deposit in the Excess Funding Account and any excess funding accounts for all any other Series represents more than 50% [ ] percent of the total assets of the Trust on each of six or more consecutive Distribution Determination Dates, after giving effect to all payments made or to be made on the Distribution Date next succeeding each such Distribution Datesrespective Determination Date; andor (ih) during the Overconcentration Amount exceeds [ ] for a period of five Business Days after any four month period commencing June 1Distribution Date, October 1 and February 1 of each year (each, an "Origination Period"), more than 10% unless the Rating Agency Condition shall have been satisfied with respect to the existence of the aggregate principal amount of Domestic Inventory Receivables that were originated and transferred to the trust during the four month period commencing sixteen months prior to such Origination Period and are then owned by the Trust have not been paid in full within 491 days following the date of origination thereofOverconcentration Amount.

Additional Early Amortization Events. The occurrence of any of the following events shall, immediately upon the occurrence thereof without notice or other action on the part of the Trustee or the Holders of the CertificatesSeries 1996-1 Certificateholders, be deemed to be an "Early Amortization Event" Event solely with respect to the Certificates:Series 1996-1 (each, an "Additional Early Amortization Event"): (a) on any Distribution Date, the Available Subordinated Amount shall be less than the Required Subordinated Amount (after giving effect to the distributions to be made on such Distribution Date); or (b) on any Distribution Date, the balance of the Reserve Fund is less than two percent (2%) of the Reserve Fund Required Amountaggregate outstanding principal balance of the Certificates, in each case after giving effect to all deposits and distributions on such Distribution Date; or; (cb) any Servicer Default occurs; or; (dc) any Class A a Carry-Over Amount or Class B Carry-Over over Amount is outstanding on six consecutive Distribution Dates; orDates (after giving effect to the distribution on each such Distribution Date); (d) on any Determination Date, the average of the Monthly Payment Rates for the three preceding Collection Periods is less than twenty-seven and one-half percent (27.5%); (e) the outstanding principal amount of the Certificates is not repaid by the Expected Final Payment Date; (f) the ratio (expressed as a percentage) of (xi) the average for each month of the net losses on the Receivables in (exclusive of the Pool Ineligible Receivables) owned by the Trust (i.e., gross losses less Recoveries recoveries on any Receivables Receivables) (including, without limitationincluding recoveries from collateral security, recoveries from Collateral Security in addition to the products financed by the Receivablesproducts, recoveries from manufacturers, distributors or importers Manufacturers and Insurance Proceeds)insurance proceeds) during any three (3) consecutive calendar months to (yii) the average of the month-end Pool Balances aggregate balances of the Receivables (without deducting therefrom the discount portion) for such three-month period, exceeds 5% on an annualized basis; provided, however, that this clause (e) may be revised or waived without the consent of the Certificateholders and no such revision or waiver shall be deemed an amendment of the terms hereof, but shall be a revision or waiver made in accordance with the terms hereof if, prior to each such revision or waiver, the Rating Agency Condition is satisfied; or (f) the average Monthly Payment Rate (x) with respect to the three (3) Collection Periods included in the period from January through March of any calendar year is less than 12% and (y) with respect to any other three (3) consecutive Collection Periods is less than 14%; provided, however, that this clause (f) may be revised amended or waived without with the consent of the Certificateholders Seller and no such revision or waiver shall be deemed an amendment of the terms hereof, but shall be a revision or waiver made in accordance with the terms hereof if, prior to each such reversion or waiver, the Rating Agency Condition is satisfiedAgency; or (g) the failure to pay the outstanding principal balance of the Certificates on the September 2003 Distribution Date; or (h) the sum of all Eligible Investments and amounts on deposit in the Excess Funding Account and any excess funding accounts for all any other Series represents more than 50% of the total assets of the Trust on each of six or more consecutive Distribution Determination Dates, after giving effect to all payments made or to be made on the Distribution Date next succeeding each such Distribution Dates; and (i) during any four month period commencing June 1, October 1 and February 1 of each year (each, an "Origination Period"), more than 10% of the aggregate principal amount of Domestic Inventory Receivables that were originated and transferred to the trust during the four month period commencing sixteen months prior to such Origination Period and are then owned by the Trust have not been paid in full within 491 days following the date of origination thereofrespective Determination Date.

Additional Early Amortization Events. The occurrence of any of the following events shall, immediately upon the occurrence thereof without notice or other action on the part of the Trustee or the Holders of the Certificates, be deemed to be an "Early Amortization Event" solely with respect to the Certificates: (a) on any Distribution Date, the Available Subordinated Amount shall be less than the Required Subordinated Amount (after giving effect to the distributions to be made on such Distribution Date); or (b) on any Distribution Date, the balance of the Reserve Fund is less than the Reserve Fund Required Amount, in each case after giving effect to all deposits and distributions on such Distribution Date; or (c) any Servicer Default occurs; or (d) any Class A Carry-Over Amount or Class B Carry-Over Amount is outstanding on six consecutive Distribution Dates; or (e) the ratio (expressed as a percentage) of (x) the average for each month of the net losses on the Receivables in the Pool (i.e., gross losses less Recoveries on any Receivables (including, without limitation, recoveries from Collateral Security in addition to the products financed by the Receivables, recoveries from manufacturers, distributors or importers and Insurance Proceeds)) during any three (3) consecutive calendar months to (y) the average of the month-end Pool Balances for such three-month period, exceeds 5% on an annualized basis; provided, however, that this clause (e) may be revised or waived without the consent of the Certificateholders and no such revision or waiver shall be deemed an amendment of the terms hereof, but shall be a revision or waiver made in accordance with the terms hereof if, prior to each such revision or waiver, the Rating Agency Condition is satisfied; or (f) the average Monthly Payment Rate (x) with respect to the three (3) Collection Periods included in the period from January through March of any calendar year is less than 12% and (y) with respect to any other three (3) consecutive Collection Periods is less than 14%; provided, however, that this clause (f) may be revised or waived without the consent of the Certificateholders and no such revision or waiver shall be deemed an amendment of the terms hereof, but shall be a revision or waiver made in accordance with the terms hereof if, prior to each such reversion or waiver, the Rating Agency Condition is satisfied; or (g) the failure to pay the outstanding principal balance of the Certificates on the September 2003 [ ] Distribution Date; or (h) the sum of all Eligible Investments and amounts on deposit in the Excess Funding Account and excess funding accounts for all other Series represents more than 50% of the total assets of the Trust on each of six or more consecutive Distribution Dates, after giving effect to all payments made or to be made on such Distribution Dates; and (i) during any four four-month period commencing June 1, October 1 and February 1 of each year (each, an "Origination Period"), more than 10% of the aggregate principal amount of Domestic Inventory Receivables that were originated and transferred to the trust during the four four-month period commencing sixteen months prior to such Origination Period and are then owned by the Trust have not been paid in full within 491 days following the date of origination thereof.

Additional Early Amortization Events. The occurrence of any of the following events shall, immediately upon the occurrence thereof without notice or other action on the part of the Trustee or the Holders of the CertificatesSeries [ ] Certificateholders, be deemed to be an "Early Amortization Event" Event solely with respect to the Certificates:Series [ ] (each, an "Additional Early Amortization Event"): (a) on any Distribution Date, the Available Subordinated Amount shall be less than the Required Subordinated Amount (after giving effect to the distributions to be made on such Distribution Date); or (b) on any Distribution Date, the balance of the Reserve Fund is less than [ ] percent of the Reserve Fund Required Amountaggregate outstanding principal balance of the Series [ ] Certificates, in each case after giving effect to all deposits deposits, withdrawals and distributions on such Distribution Date; or (cb) any Servicer Default occurs; or (dc) any a Class A Carry-Over Amount or over Amount, Class B Carry-Over over Amount or Class C Carry-over Amount is outstanding on six consecutive Distribution Dates (after giving effect to the distributions on each of those Distribution Dates); or (d) on any Determination Date, the average of the Monthly Payment Rates for the three preceding Collection Periods is less than [ ] percent (or a lower percentage if the Rating Agency Condition has been satisfied with respect to that lower percentage); or (e) the outstanding principal amount of the Series [ ] Certificates is not fully repaid on the Expected Final Payment Date; or (f) the ratio (expressed as a percentage) of (xi) the average for each month of the net losses on the Receivables in (exclusive of the Pool Ineligible Receivables) owned by the Trust (i.e., gross losses less Recoveries recoveries on any Receivables Receivables) (including, without limitationincluding recoveries from collateral security in addition to recoveries from the products, recoveries from Collateral Security in addition to the products financed by the Receivables, recoveries from manufacturers, distributors or importers Manufacturers and Insurance Proceeds)insurance proceeds) during any three (3) consecutive calendar months months, to (yii) the average of the month-end Pool Balances aggregate balances of those Receivables (without deducting therefrom the Discount Portion) for such three-month period, exceeds 5% [ ] percent ([ ]%) on an annualized basis; provided, however, that this clause (e) may be revised or waived without the consent of the Certificateholders and no such revision or waiver shall be deemed an amendment of the terms hereof, but shall be a revision or waiver made percentage in accordance with the terms hereof if, prior to each such revision or waiver, the Rating Agency Condition is satisfied; or (f) the average Monthly Payment Rate (x) with respect to the three (3) Collection Periods included in the period from January through March of any calendar year is less than 12% and (y) with respect to any other three (3) consecutive Collection Periods is less than 14%; provided, however, that this clause (f) may be revised changed, or waived any Early Amortization Event relating to this clause (f) may be waived, at the direction of the Seller and without the consent of any Series [ ] Certificateholder upon the Certificateholders and no such revision or waiver shall be deemed an amendment satisfaction of the terms hereof, but shall be a revision or waiver made in accordance with the terms hereof if, prior to each such reversion or waiver, the Rating Agency Condition is satisfiedCondition; or (g) the failure to pay the outstanding principal balance of the Certificates on the September 2003 Distribution Date; or (h) the sum of all Eligible Investments and amounts on deposit in the Excess Funding Account and any excess funding accounts for all any other Series represents more than 50% [ ] percent of the total assets of the Trust on each of six or more consecutive Distribution Determination Dates, after giving effect to all payments made or to be made on the Distribution Date next succeeding each such Distribution Datesrespective Determination Date; andor (ih) during the Overconcentration Amount exceeds [ ] for a period of five Business Days after any four month period commencing June 1Distribution Date, October 1 and February 1 of each year (each, an "Origination Period"), more than 10% unless the Rating Agency Condition shall have been satisfied with respect to the existence of the aggregate principal amount of Domestic Inventory Receivables that were originated and transferred to the trust during the four month period commencing sixteen months prior to such Origination Period and are then owned by the Trust have not been paid in full within 491 days following the date of origination thereofOverconcentration Amount.

Additional Early Amortization Events. The occurrence of any ------------------------------------ of the following events shall, immediately upon the occurrence thereof without notice or other action on the part of the Trustee or the Holders of the CertificatesSeries [ ] Certificateholders, be deemed to be an "Early Amortization Event" Event solely with respect to the Certificates:Series [ ] (each, an "Additional Early Amortization Event"): (a) on any Distribution Date, the Available Subordinated Amount shall be less than the Required Subordinated Amount (after giving effect to the distributions to be made on such Distribution Date); or (b) on any Distribution Date, the balance of the Reserve Fund is less than [ ] percent of the Reserve Fund Required Amountaggregate outstanding principal balance of the Certificates, in each case after giving effect to all deposits and distributions on such Distribution Date; or; (cb) any Servicer Default occurs; or; (dc) any Class A a Carry-Over Amount or Class B Carry-Over over Amount is outstanding on six consecutive Distribution Dates; orDates (after giving effect to the distribution on each such Distribution Date); (d) on any Determination Date, the average of the Monthly Payment Rates for the three preceding Collection Periods is less than [ ] percent; (e) the outstanding principal amount of the Certificates is not repaid by the Expected Final Payment Date; (f) the ratio (expressed as a percentage) of (xi) the average for each month of the net losses on the Receivables in (exclusive of the Pool Ineligible Receivables) owned by the Trust (i.e., gross losses less Recoveries recoveries on any Receivables Receivables) (including, without limitationincluding recoveries from collateral security, recoveries from Collateral Security in addition to the products financed by the Receivablesproducts, recoveries from manufacturers, distributors or importers Manufacturers and Insurance Proceeds)insurance proceeds) during any three (3) consecutive calendar months to (yii) the average of the month-end Pool Balances aggregate balances of the Receivables (without deducting therefrom the discount portion) for such three-month period, exceeds 5% [ ] percent on an annualized basis; provided, however, that this clause (e) may be revised or waived without the consent of the Certificateholders and no such revision or waiver shall be deemed an amendment of the terms hereof, but shall be a revision or waiver made in accordance with the terms hereof if, prior to each such revision or waiver, the Rating Agency Condition is satisfied; or (f) the average Monthly Payment Rate (x) with respect to the three (3) Collection Periods included in the period from January through March of any calendar year is less than 12% and (y) with respect to any other three (3) consecutive Collection Periods is less than 14%; provided, however, that this clause (f) may be revised -------- amended or waived without with the consent of the Certificateholders Seller and no such revision or waiver shall be deemed an amendment of the terms hereof, but shall be a revision or waiver made in accordance with the terms hereof if, prior to each such reversion or waiver, the Rating Agency Condition is satisfiedAgency; or (g) the failure to pay the outstanding principal balance of the Certificates on the September 2003 Distribution Date; or (h) the sum of all Eligible Investments and amounts on deposit in the Excess Funding Account and any excess funding accounts for all any other Series represents more than 50% [ ] percent of the total assets of the Trust on each of six [ ] or more consecutive Distribution Determination Dates, after giving effect to all payments made or to be made on the Distribution Date next succeeding each such Distribution Dates; and (i) during any four month period commencing June 1, October 1 and February 1 of each year (each, an "Origination Period"), more than 10% of the aggregate principal amount of Domestic Inventory Receivables that were originated and transferred to the trust during the four month period commencing sixteen months prior to such Origination Period and are then owned by the Trust have not been paid in full within 491 days following the date of origination thereofrespective Determination Date.