Amendments to Sale and Servicing Agreement. The Sale and Servicing Agreement is hereby amended as follows: (A) Section 5.06(ii)(I) of the Sale and Servicing Agreement is hereby deleted in its entirety and replaced with the following: (I) (a) first, to the Reserve Account, the amount necessary to reinstate the balance in the Reserve Account up to the Total Reserve Amount; and (b) then to the Certificateholders, any remaining amounts, provided the Indenture Trustee has not received written instruction from the Certificateholders of 100% percentage interest in the Certificates to redeposit all or a portion of such Total Available Funds due such Certificateholders into the Collection Account.” (B) Section 5.07(b) of the Sale and Servicing Agreement is hereby amended by deleting the term “Required Reserve Amount” therein and replacing it with the term “Total Reserve Amount.” (C) The definition of “Available Funds” in Appendix A Part I of the Sale and Servicing Agreement is hereby amended by deleting the term “Required Reserve Amount” therein and replacing it with the term “Total Reserve Amount.”
Appears in 3 contracts
Sources: Sale and Servicing Agreement (World Omni Auto Receivables LLC), Sale and Servicing Agreement (World Omni Auto Receivables Trust 2016-B), Sale and Servicing Agreement (World Omni Auto Receivables Trust 2015-B)