Application of Available Funds in Collection Account and Other Sources. (a) As long as the Indenture Trustee has received the Monthly Investor Report by the related Determination Date, the Indenture Trustee (based on the information in the Monthly Investor Report) will, on each Payment Date and to the extent of Available Investor Interest Collections in the Collection Account, make the following applications, payments or deposits in the following order of priority: (i) to the Note Paying Agent for payment to the Noteholders of the Class A Notes, pro rata, the Accrued Note Interest for the Class A Notes for such Payment Date; (ii) to the Note Paying Agent for payment to the Noteholders of the Class B Notes, the Accrued Note Interest for the Class B Notes for such Payment Date; (iii) to the Note Paying Agent for payment to the Noteholders of the Class C Notes, the Accrued Note Interest for the Class C Notes for such Payment Date; (iv) to the Note Paying Agent for payment to the Noteholders of the Class D Notes, the Accrued Note Interest for the Class D Notes for such Payment Date; (v) pro rata, to the payment of all amounts, including indemnities, then due to the Owner Trustee and the Indenture Trustee for the Series 2011-2 Notes, and any expenses incurred by the Issuer for the Series 2011-2 Notes in accordance with the Transaction Documents, in each case, to the extent not paid by the Servicer or the Administrator, up to a maximum of $150,000 per year; (vi) pro rata (A) to the Back-up Servicer, the Monthly Back-up Servicing Fee for such Payment Date, if any, together with any Monthly Back-up Servicing Fees previously due but not paid on prior Payment Dates, and (B) if Ford Credit or one of its Affiliates is no longer the Servicer, to the Servicer, the Monthly Servicing Fee for such Payment Date, together with any Monthly Servicing Fees previously due but not paid on prior Payment Dates (unless such amount has been netted against deposits into the Collection Account in accordance with Section 8.4(c) of the Indenture); (vii) to treat as Available Investor Principal Collections for such Payment Date, the Investor Default Amount for such Payment Date; (viii) to the Series 2011-2 Reserve Account, the Series 2011-2 Reserve Account Deposit Amount for such Payment Date; (ix) to treat as Available Investor Principal Collections for such Payment Date, the sum of Investor Charge-Offs that have not been previously reimbursed; (x) to treat as Available Investor Principal Collections for such Payment Date, the sum of Reallocated Principal Collections that have not been previously reimbursed; (xi) beginning on the Series 2011-2 Accumulation Period Reserve Account Funding Date, to the Series 2011-2 Accumulation Period Reserve Account, the Series 2011-2 Accumulation Period Reserve Account Deposit Amount for such Payment Date; (xii) if Ford Credit or one of its Affiliates is the Servicer, to the Servicer, the Monthly Servicing Fee for such Payment Date, together with any Monthly Servicing Fees previously due but not paid on prior Payment Dates (unless such amount has been netted against deposits into the Collection Account in accordance with Section 8.4(c) of the Indenture); (xiii) to the Depositor Interest Account for distribution to the holders of the Depositor Interest in accordance with the Trust Agreement to increase the Available Subordinated Amount, the excess of the Required Subordinated Amount over the Available Subordinated Amount (unless such amount has been netted against deposits into the Collection Account in accordance with Section 8.4(c) of the Indenture); (xiv) pro rata, to the payment of all amounts, including indemnities, then due to the Owner Trustee and the Indenture Trustee for the Series 2011-2 Notes, and any expenses incurred by the Issuer for the Series 2011-2 Notes in accordance with the Transaction Documents, in each case, to the extent not paid by the Servicer or the Administrator or pursuant to clause (v) above; (xv) to the Back-up Servicer, any amounts due pursuant to Section 2.3(b) of the Back-up Servicing Agreement and any Transition Costs due pursuant to Section 2.3(c) of the Back-up Servicing Agreement in excess of the amount in the Back-up Servicer Reserve Account, in each case, for the Series 2011-2 Notes; (xvi) to treat as Excess Interest Collections available from Series 2011-2, the Interest Collections Shortfalls for other Series in Excess Interest Sharing Group One; and (xvii) to the Depositor Interest Account for distribution to the holders of the Depositor Interest in accordance with the Trust Agreement, all remaining Available Investor Interest Collections. (b) If Available Investor Interest Collections for any Payment Date are insufficient to make the applications, payments and deposits required pursuant to Section 4.2(a), as long as the Indenture Trustee has received the Monthly Investor Report by the related Determination Date, the Indenture Trustee (based on the information in the Monthly Investor Report) will, on or before such Payment Date, apply available funds from the following sources in the following order of priority: (i) from Excess Interest Collections available from other Series in Excess Interest Sharing Group One, to cover shortfalls in the applications, payments and deposits pursuant to Sections 4.2(a)(i) through (xv) in that order; (ii) from Available Depositor Interest Collections and Available Depositor Principal Collections (with respect to Available Depositor Principal Collections, in an amount not exceeding the Available Subordinated Amount (before giving effect to Section 4.3) for such Payment Date), to cover shortfalls in the applications, payments and deposits required pursuant to Sections 4.2(a)(i) through (ix) in that order; provided that, if the amount of Available Depositor Collections is insufficient to cover such shortfalls for Series 2011-2, as well as any similar shortfalls for other Series, then Available Depositor Collections will be allocated to Series 2011-2 based on the ratio that the Available Subordinated Amount for Series 2011-2 bears to the aggregate “Available Subordinated Amounts” for all Series having such shortfalls; provided, further, that if the amount of Available Depositor Collections exceeds the aggregate amount of such shortfalls for all Series, then the excess Available Depositor Collections will be applied to cover any unpaid Adjustment Payments; (iii) from the Series 2011-2 Reserve Account Available Amount, to cover shortfalls in the applications, payments and deposits required pursuant to Sections 4.2(a)(i) through (vii) in that order; and (iv) from the Reallocated Principal Collections for such Payment Date, to cover shortfalls in the payments required pursuant to Sections 4.2(a)(i) through (iv). (c) As long as the Indenture Trustee has received the Monthly Investor Report by the related Determination Date, the Indenture Trustee (based on information in the Monthly Investor Report) will, on each Payment Date and to the extent of Available Investor Principal Collections on deposit in the Collection Account, make the following applications, payments or deposits in the following order of priority: (i) on any Payment Date with respect to the Controlled Accumulation Period or Early Amortization Period, to the Series 2011-2 Principal Funding Account, the excess, if any, of the Monthly Principal Amount for such Payment Date over the amount deposited into the Series 2011-2 Principal Funding Account from the Excess Funding Account pursuant to Section 4.2(d) on such Payment Date; (ii) to other Principal Sharing Series in Principal Sharing Group One, the Shared Principal Collections for such Payment Date; (iii) to the Excess Funding Account, the excess, if any, of the Required Pool Balance over the Net Adjusted Pool Balance pursuant to Section 8.3(b)(ii) of the Indenture; and (iv) to the Depositor Interest Account for distribution to the holders of the Depositor Interest in accordance with the Trust Agreement, all remaining Available Investor Principal Collections. (d) As long as the Indenture Trustee has received the Monthly Investor Report by the related Determination Date, the Indenture Trustee (based on information in the Monthly Investor Report) will, on each Payment Date with respect to the Controlled Accumulation Period or an Early Amortization Period, deposit into the Series 2011-2 Principal Funding Account from the Excess Funding Account the lesser of (i) the Series 2011-2 Excess Funding Amount, and (ii) the Monthly Principal Amount for such Payment Date. (e) If Available Investor Principal Collections for any Payment Date with respect to an Early Amortization Period are insufficient to deposit the amount required pursuant to Section 4.2(c)(i), as long as the Indenture Trustee has received the Monthly Investor Report by the related Determination Date, the Indenture Trustee (based on the information in the Monthly Investor Report) will, on such Payment Date, deposit into the Series 2011-2 Principal Funding Account Available Depositor Interest Collections and Available Depositor Principal Collections (with respect to Available Depositor Principal Collections, in an amount not to exceed the Available Subordinated Amount) on such Payment Date in an amount equal to the excess of the Adjusted Invested Amount over the sum of the amounts deposited into the Series 2011-2 Principal Funding Account from Available Investor Principal Collections pursuant to Section 4.2(c)(i) and from the Excess Funding Account pursuant to Section 4.2(d). (f) So long as an Early Amortization Period has not begun, on the Expected Final Payment Date, or on each Payment Date with respect to an Early Amortization Period, as long as the Indenture Trustee has received the Monthly Investor Report by the related Determination Date, the Indenture Trustee (based on the information in the Monthly Investor Report) will withdraw an amount up to the aggregate Note Balance of Series 2011-2 from the Series 2011-2 Principal Funding Account for payment in the following order of priority: (i) to the Noteholders of Class A Notes until the Note Balance of the Class A Notes is reduced to zero, (ii) to the Noteholders of Class B Notes until the Note Balance of the Class B Notes is reduced to zero, (iii) to the Noteholders of the Class C Notes until the Note Balance of the Class C Notes is reduced to zero and (iv) to the Noteholders of the Class D Notes until the Note Balance of the Class D Notes is reduced to zero. (g) The Controlled Accumulation Period is scheduled to begin on the first day of the March 2013 Collection Period. However, if the Accumulation Period Length is less than six Collection Periods, the date on which the Controlled Accumulation Period actually begins will be delayed to the first day of the Collection Period that is the number of Collection Periods before the Expected Final Payment Date at least equal to the Accumulation Period Length. On or before each Determination Date beginning with the Determination Date in the February 2013 Collection Period and ending when the Controlled Accumulation Period begins, the Servicer will determine the “Accumulation Period Length.”
Appears in 2 contracts
Sources: Indenture Supplement (Ford Credit Floorplan Master Owner Trust a Series 2011-2), Indenture Supplement (Ford Credit Floorplan Master Owner Trust a Series 2011-2)
Application of Available Funds in Collection Account and Other Sources. (a) As long as the Indenture Trustee has received the Monthly Investor Report by the related Determination Date, the Indenture Trustee (based on the information in the Monthly Investor Report) will, on each Payment Date and to the extent of Available Investor Interest Collections in the Collection Account, make the following applications, payments or deposits in the following order of priority:
(i) to the Note Paying Agent for payment to the Noteholders of the Class A Notes, pro rata, the Accrued Note Interest for the Class A Notes for such Payment Date;
(ii) to the Note Paying Agent for payment to the Noteholders of the Class B Notes, the Accrued Note Interest for the Class B Notes for such Payment Date;
(iii) to the Note Paying Agent for payment to the Noteholders of the Class C Notes, the Accrued Note Interest for the Class C Notes for such Payment Date;
(iv) to the Note Paying Agent for payment to the Noteholders of the Class D Notes, the Accrued Note Interest for the Class D Notes for such Payment Date;
(v) pro rata, to the payment of all amounts, including indemnities, then due to the Owner Trustee and the Indenture Trustee for the Series 20112014-2 Notes, and any expenses incurred by the Issuer for the Series 20112014-2 Notes in accordance with the Transaction Documents, in each case, to the extent not paid by the Servicer or the Administrator, up to a maximum of $150,000 per year;
(vi) pro rata (A) to the Back-up Servicer, the Monthly Back-up Servicing Fee for such Payment Date, if any, together with any Monthly Back-up Servicing Fees previously due but not paid on prior Payment Dates, and (B) if Ford Credit or one of its Affiliates is no longer the Servicer, to the Servicer, the Monthly Servicing Fee for such Payment Date, together with any Monthly Servicing Fees previously due but not paid on prior Payment Dates (unless such amount has been netted against deposits into the Collection Account in accordance with Section 8.4(c) of the Indenture);
(vii) to treat as Available Investor Principal Collections for such Payment Date, the Investor Default Amount for such Payment Date;
(viii) to the Series 20112014-2 Reserve Account, the Series 20112014-2 Reserve Account Deposit Amount for such Payment Date;
(ix) to treat as Available Investor Principal Collections for such Payment Date, the sum of Investor Charge-Offs that have not been previously reimbursed;
(x) to treat as Available Investor Principal Collections for such Payment Date, the sum of Reallocated Principal Collections that have not been previously reimbursed;
(xi) beginning on the Series 20112014-2 Accumulation Period Reserve Account Funding Date, to the Series 20112014-2 Accumulation Period Reserve Account, the Series 20112014-2 Accumulation Period Reserve Account Deposit Amount for such Payment Date;
(xii) if Ford Credit or one of its Affiliates is the Servicer, to the Servicer, the Monthly Servicing Fee for such Payment Date, together with any Monthly Servicing Fees previously due but not paid on prior Payment Dates (unless such amount has been netted against deposits into the Collection Account in accordance with Section 8.4(c) of the Indenture);
(xiii) to the Depositor Interest Account for distribution to the holders of the Depositor Interest in accordance with the Trust Agreement to increase the Available Subordinated Amount, the excess of the Required Subordinated Amount over the Available Subordinated Amount (unless such amount has been netted against deposits into the Collection Account in accordance with Section 8.4(c) of the Indenture);
(xiv) pro rata, to the payment of all amounts, including indemnities, then due to the Owner Trustee and the Indenture Trustee for the Series 20112014-2 Notes, and any expenses incurred by the Issuer for the Series 20112014-2 Notes in accordance with the Transaction Documents, in each case, to the extent not paid by the Servicer or the Administrator or pursuant to clause (v) above;
(xv) to the Back-up Servicer, any amounts due pursuant to Section 2.3(b) of the Back-up Servicing Agreement and any Transition Costs due pursuant to Section 2.3(c) of the Back-up Servicing Agreement in excess of the amount in the Back-up Servicer Reserve Account, in each case, for the Series 20112014-2 Notes;
(xvi) to treat as Excess Interest Collections available from Series 20112014-2, the Interest Collections Shortfalls for other Series in Excess Interest Sharing Group One; and
(xvii) to the Depositor Interest Account for distribution to the holders of the Depositor Interest in accordance with the Trust Agreement, all remaining Available Investor Interest Collections.
(b) If Available Investor Interest Collections for any Payment Date are insufficient to make the applications, payments and deposits required pursuant to Section 4.2(a), as long as the Indenture Trustee has received the Monthly Investor Report by the related Determination Date, the Indenture Trustee (based on the information in the Monthly Investor Report) will, on or before such Payment Date, apply available funds from the following sources in the following order of priority:
(i) from Excess Interest Collections available from other Series in Excess Interest Sharing Group One, to cover shortfalls in the applications, payments and deposits pursuant to Sections 4.2(a)(i) through (xv) in that order;
(ii) from Available Depositor Interest Collections and Available Depositor Principal Collections (with respect to Available Depositor Principal Collections, in an amount not exceeding the Available Subordinated Amount (before giving effect to Section 4.3) for such Payment Date), to cover shortfalls in the applications, payments and deposits required pursuant to Sections 4.2(a)(i) through (ix) in that order; provided that, if the amount of Available Depositor Collections is insufficient to cover such shortfalls for Series 2011-2, as well as any similar shortfalls for other Series, then Available Depositor Collections will be allocated to Series 2011-2 based on the ratio that the Available Subordinated Amount for Series 2011-2 bears to the aggregate “Available Subordinated Amounts” for all Series having such shortfalls; provided, further, that if the amount of Available Depositor Collections exceeds the aggregate amount of such shortfalls for all Series, then the excess Available Depositor Collections will be applied to cover any unpaid Adjustment Payments;
(iii) from the Series 2011-2 Reserve Account Available Amount, to cover shortfalls in the applications, payments and deposits required pursuant to Sections 4.2(a)(i) through (vii) in that order; and
(iv) from the Reallocated Principal Collections for such Payment Date, to cover shortfalls in the payments required pursuant to Sections 4.2(a)(i) through (iv).
(c) As long as the Indenture Trustee has received the Monthly Investor Report by the related Determination Date, the Indenture Trustee (based on information in the Monthly Investor Report) will, on each Payment Date and to the extent of Available Investor Principal Collections on deposit in the Collection Account, make the following applications, payments or deposits in the following order of priority:
(i) on any Payment Date with respect to the Controlled Accumulation Period or Early Amortization Period, to the Series 2011-2 Principal Funding Account, the excess, if any, of the Monthly Principal Amount for such Payment Date over the amount deposited into the Series 2011-2 Principal Funding Account from the Excess Funding Account pursuant to Section 4.2(d) on such Payment Date;
(ii) to other Principal Sharing Series in Principal Sharing Group One, the Shared Principal Collections for such Payment Date;
(iii) to the Excess Funding Account, the excess, if any, of the Required Pool Balance over the Net Adjusted Pool Balance pursuant to Section 8.3(b)(ii) of the Indenture; and
(iv) to the Depositor Interest Account for distribution to the holders of the Depositor Interest in accordance with the Trust Agreement, all remaining Available Investor Principal Collections.
(d) As long as the Indenture Trustee has received the Monthly Investor Report by the related Determination Date, the Indenture Trustee (based on information in the Monthly Investor Report) will, on each Payment Date with respect to the Controlled Accumulation Period or an Early Amortization Period, deposit into the Series 2011-2 Principal Funding Account from the Excess Funding Account the lesser of (i) the Series 2011-2 Excess Funding Amount, and (ii) the Monthly Principal Amount for such Payment Date.
(e) If Available Investor Principal Collections for any Payment Date with respect to an Early Amortization Period are insufficient to deposit the amount required pursuant to Section 4.2(c)(i), as long as the Indenture Trustee has received the Monthly Investor Report by the related Determination Date, the Indenture Trustee (based on the information in the Monthly Investor Report) will, on such Payment Date, deposit into the Series 2011-2 Principal Funding Account Available Depositor Interest Collections and Available Depositor Principal Collections (with respect to Available Depositor Principal Collections, in an amount not to exceed the Available Subordinated Amount) on such Payment Date in an amount equal to the excess of the Adjusted Invested Amount over the sum of the amounts deposited into the Series 2011-2 Principal Funding Account from Available Investor Principal Collections pursuant to Section 4.2(c)(i) and from the Excess Funding Account pursuant to Section 4.2(d).
(f) So long as an Early Amortization Period has not begun, on the Expected Final Payment Date, or on each Payment Date with respect to an Early Amortization Period, as long as the Indenture Trustee has received the Monthly Investor Report by the related Determination Date, the Indenture Trustee (based on the information in the Monthly Investor Report) will withdraw an amount up to the aggregate Note Balance of Series 2011-2 from the Series 2011-2 Principal Funding Account for payment in the following order of priority: (i) to the Noteholders of Class A Notes until the Note Balance of the Class A Notes is reduced to zero, (ii) to the Noteholders of Class B Notes until the Note Balance of the Class B Notes is reduced to zero, (iii) to the Noteholders of the Class C Notes until the Note Balance of the Class C Notes is reduced to zero and (iv) to the Noteholders of the Class D Notes until the Note Balance of the Class D Notes is reduced to zero.
(g) The Controlled Accumulation Period is scheduled to begin on the first day of the March 2013 Collection Period. However, if the Accumulation Period Length is less than six Collection Periods, the date on which the Controlled Accumulation Period actually begins will be delayed to the first day of the Collection Period that is the number of Collection Periods before the Expected Final Payment Date at least equal to the Accumulation Period Length. On or before each Determination Date beginning with the Determination Date in the February 2013 Collection Period and ending when the Controlled Accumulation Period begins, the Servicer will determine the “Accumulation Period Length.”to
Appears in 2 contracts
Sources: Indenture Supplement (Ford Credit Floorplan Master Owner Trust A), Indenture Supplement (Ford Credit Floorplan Master Owner Trust A)
Application of Available Funds in Collection Account and Other Sources. (a) As long as the Indenture Trustee has received the Monthly Investor Report by the related Determination Date, the Indenture Trustee (based on the information in the Monthly Investor Report) will, on each Payment Date and to the extent of Available Investor Interest Collections in the Collection Account, make the following applications, payments or deposits in the following order of priority:
(i) to the Note Paying Agent for payment to the Noteholders of the Class A Notes, pro rata, the Accrued Note Interest for the Class A Notes for such Payment Date;
(ii) to the Note Paying Agent for payment to the Noteholders of the Class B Notes, the Accrued Note Interest for the Class B Notes for such Payment Date;
(iii) to the Note Paying Agent for payment to the Noteholders of the Class C Notes, the Accrued Note Interest for the Class C Notes for such Payment Date;
(iv) to the Note Paying Agent for payment to the Noteholders of the Class D Notes, the Accrued Note Interest for the Class D Notes for such Payment Date;
(v) pro rata, to the payment of all amounts, including indemnities, then due to the Owner Trustee and the Indenture Trustee for the Series 20112012-2 1 Notes, and any expenses incurred by the Issuer for the Series 20112012-2 1 Notes in accordance with the Transaction Documents, in each case, to the extent not paid by the Servicer or the Administrator, up to a maximum of $150,000 per year;
(vi) pro rata (A) to the Back-up Servicer, the Monthly Back-up Servicing Fee for such Payment Date, if any, together with any Monthly Back-up Servicing Fees previously due but not paid on prior Payment Dates, and (B) if Ford Credit or one of its Affiliates is no longer the Servicer, to the Servicer, the Monthly Servicing Fee for such Payment Date, together with any Monthly Servicing Fees previously due but not paid on prior Payment Dates (unless such amount has been netted against deposits into the Collection Account in accordance with Section 8.4(c) of the Indenture);
(vii) to treat as Available Investor Principal Collections for such Payment Date, the Investor Default Amount for such Payment Date;
(viii) to the Series 20112012-2 1 Reserve Account, the Series 20112012-2 1 Reserve Account Deposit Amount for such Payment Date;
(ix) to treat as Available Investor Principal Collections for such Payment Date, the sum of Investor Charge-Offs that have not been previously reimbursed;
(x) to treat as Available Investor Principal Collections for such Payment Date, the sum of Reallocated Principal Collections that have not been previously reimbursed;
(xi) beginning on the Series 20112012-2 1 Accumulation Period Reserve Account Funding Date, to the Series 20112012-2 1 Accumulation Period Reserve Account, the Series 20112012-2 1 Accumulation Period Reserve Account Deposit Amount for such Payment Date;
(xii) if Ford Credit or one of its Affiliates is the Servicer, to the Servicer, the Monthly Servicing Fee for such Payment Date, together with any Monthly Servicing Fees previously due but not paid on prior Payment Dates (unless such amount has been netted against deposits into the Collection Account in accordance with Section 8.4(c) of the Indenture);
(xiii) to the Depositor Interest Account for distribution to the holders of the Depositor Interest in accordance with the Trust Agreement to increase the Available Subordinated Amount, the excess of the Required Subordinated Amount over the Available Subordinated Amount (unless such amount has been netted against deposits into the Collection Account in accordance with Section 8.4(c) of the Indenture);
(xiv) pro rata, to the payment of all amounts, including indemnities, then due to the Owner Trustee and the Indenture Trustee for the Series 20112012-2 1 Notes, and any expenses incurred by the Issuer for the Series 20112012-2 1 Notes in accordance with the Transaction Documents, in each case, to the extent not paid by the Servicer or the Administrator or pursuant to clause (v) above;
(xv) to the Back-up Servicer, any amounts due pursuant to Section 2.3(b) of the Back-up Servicing Agreement and any Transition Costs due pursuant to Section 2.3(c) of the Back-up Servicing Agreement in excess of the amount in the Back-up Servicer Reserve Account, in each case, for the Series 20112012-2 1 Notes;
(xvi) to treat as Excess Interest Collections available from Series 20112012-21, the Interest Collections Shortfalls for other Series in Excess Interest Sharing Group One; and
(xvii) to the Depositor Interest Account for distribution to the holders of the Depositor Interest in accordance with the Trust Agreement, all remaining Available Investor Interest Collections.
(b) If Available Investor Interest Collections for any Payment Date are insufficient to make the applications, payments and deposits required pursuant to Section 4.2(a), as long as the Indenture Trustee has received the Monthly Investor Report by the related Determination Date, the Indenture Trustee (based on the information in the Monthly Investor Report) will, on or before such Payment Date, apply available funds from the following sources in the following order of priority:
(i) from Excess Interest Collections available from other Series in Excess Interest Sharing Group One, to cover shortfalls in the applications, payments and deposits pursuant to Sections 4.2(a)(i) through (xv) in that order;
(ii) from Available Depositor Interest Collections and Available Depositor Principal Collections (with respect to Available Depositor Principal Collections, in an amount not exceeding the Available Subordinated Amount (before giving effect to Section 4.3) for such Payment Date), to cover shortfalls in the applications, payments and deposits required pursuant to Sections 4.2(a)(i) through (ix) in that order; provided that, if the amount of Available Depositor Collections is insufficient to cover such shortfalls for Series 20112012-21, as well as any similar shortfalls for other Series, then Available Depositor Collections will be allocated to Series 20112012-2 1 based on the ratio that the Available Subordinated Amount for Series 20112012-2 1 bears to the aggregate “Available Subordinated Amounts” for all Series having such shortfalls; provided, further, that if the amount of Available Depositor Collections exceeds the aggregate amount of such shortfalls for all Series, then the excess Available Depositor Collections will be applied to cover any unpaid Adjustment Payments;
(iii) from the Series 20112012-2 1 Reserve Account Available Amount, to cover shortfalls in the applications, payments and deposits required pursuant to Sections 4.2(a)(i) through (vii) in that order; and
(iv) from the Reallocated Principal Collections for such Payment Date, to cover shortfalls in the payments required pursuant to Sections 4.2(a)(i) through (iv).
(c) As long as the Indenture Trustee has received the Monthly Investor Report by the related Determination Date, the Indenture Trustee (based on information in the Monthly Investor Report) will, on each Payment Date and to the extent of Available Investor Principal Collections on deposit in the Collection Account, make the following applications, payments or deposits in the following order of priority:
(i) on any Payment Date with respect to the Controlled Accumulation Period or Early Amortization Period, to the Series 20112012-2 1 Principal Funding Account, the excess, if any, of the Monthly Principal Amount for such Payment Date over the amount deposited into the Series 20112012-2 1 Principal Funding Account from the Excess Funding Account pursuant to Section 4.2(d) on such Payment Date;
(ii) to other Principal Sharing Series in Principal Sharing Group One, the Shared Principal Collections for such Payment Date;
(iii) to the Excess Funding Account, the excess, if any, of the Required Pool Balance over the Net Adjusted Pool Balance pursuant to Section 8.3(b)(ii) of the Indenture; and
(iv) to the Depositor Interest Account for distribution to the holders of the Depositor Interest in accordance with the Trust Agreement, all remaining Available Investor Principal Collections.
(d) As long as the Indenture Trustee has received the Monthly Investor Report by the related Determination Date, the Indenture Trustee (based on information in the Monthly Investor Report) will, on each Payment Date with respect to the Controlled Accumulation Period or an Early Amortization Period, deposit into the Series 20112012-2 1 Principal Funding Account from the Excess Funding Account the lesser of (i) the Series 20112012-2 1 Excess Funding Amount, and (ii) the Monthly Principal Amount for such Payment Date.
(e) If Available Investor Principal Collections for any Payment Date with respect to an Early Amortization Period are insufficient to deposit the amount required pursuant to Section 4.2(c)(i), as long as the Indenture Trustee has received the Monthly Investor Report by the related Determination Date, the Indenture Trustee (based on the information in the Monthly Investor Report) will, on such Payment Date, deposit into the Series 20112012-2 1 Principal Funding Account Available Depositor Interest Collections and Available Depositor Principal Collections (with respect to Available Depositor Principal Collections, in an amount not to exceed the Available Subordinated Amount) on such Payment Date in an amount equal to the excess of the Adjusted Invested Amount over the sum of the amounts deposited into the Series 20112012-2 1 Principal Funding Account from Available Investor Principal Collections pursuant to Section 4.2(c)(i) and from the Excess Funding Account pursuant to Section 4.2(d).
(f) So long as an Early Amortization Period has not begun, on the Expected Final Payment Date, or on each Payment Date with respect to an Early Amortization Period, as long as the Indenture Trustee has received the Monthly Investor Report by the related Determination Date, the Indenture Trustee (based on the information in the Monthly Investor Report) will withdraw an amount up to the aggregate Note Balance of Series 20112012-2 1 from the Series 20112012-2 1 Principal Funding Account for payment in the following order of priority: (i) to the Noteholders of Class A Notes until the Note Balance of the Class A Notes is reduced to zero, (ii) to the Noteholders of Class B Notes until the Note Balance of the Class B Notes is reduced to zero, (iii) to the Noteholders of the Class C Notes until the Note Balance of the Class C Notes is reduced to zero and (iv) to the Noteholders of the Class D Notes until the Note Balance of the Class D Notes is reduced to zero.
(g) The Controlled Accumulation Period is scheduled to begin on the first day of the March July 2013 Collection Period. However, if the Accumulation Period Length is less than six Collection Periods, the date on which the Controlled Accumulation Period actually begins will be delayed to the first day of the Collection Period that is the number of Collection Periods before the Expected Final Payment Date at least equal to the Accumulation Period Length. On or before each Determination Date beginning with the Determination Date in the February June 2013 Collection Period and ending when the Controlled Accumulation Period begins, the Servicer will determine the “Accumulation Period Length.”
Appears in 2 contracts
Sources: Indenture Supplement (Ford Credit Floorplan Master Owner Trust a Series 2012-1), Indenture Supplement (Ford Credit Floorplan Master Owner Trust a Series 2012-1)
Application of Available Funds in Collection Account and Other Sources. (a) As long as the Indenture Trustee has received the Monthly Investor Report by the related Determination Date, the Indenture Trustee (based on the information in the Monthly Investor Report) will, on each Payment Date and to the extent of Available Investor Interest Collections in the Collection Account, make the following applications, payments or deposits in the following order of priority:
(i) to the Noteholders of each Class of Class A Notes, the Accrued Note Paying Agent Interest for payment each such Class of Class A Notes for such Payment Date or, if Available Investor Interest Collections are insufficient to pay the Accrued Note Interest in full for each Class of Class A Notes, to the Noteholders of the each Class of Class A Notes, pro rata, based on the Accrued Note Interest for the Balance of each Class of Class A Notes for such Payment DateNotes;
(ii) to the Note Paying Agent for payment to the Noteholders of the Class B Notes, the Accrued Note Interest for the Class B Notes for such Payment Date;
(iii) to the Note Paying Agent for payment to the Noteholders of the Class C Notes, the Accrued Note Interest for the Class C Notes for such Payment Date;
(iv) to the Note Paying Agent for payment to the Noteholders of the Class D Notes, the Accrued Note Interest for the Class D Notes for such Payment Date;
(v) pro rata, to the payment of all amounts, including indemnities, then due to the Owner Trustee and the Indenture Trustee for the Series 20112013-2 1 Notes, and any expenses incurred by the Issuer for the Series 20112013-2 1 Notes in accordance with the Transaction Documents, in each case, to the extent not paid by the Servicer or the Administrator, up to a maximum of $150,000 per year;
(vi) pro rata (A) to the Back-up Servicer, the Monthly Back-up Servicing Fee for such Payment Date, if any, together with any Monthly Back-up Servicing Fees previously due but not paid on prior Payment Dates, and (B) if Ford Credit or one of its Affiliates is no longer the Servicer, to the Servicer, the Monthly Servicing Fee for such Payment Date, together with any Monthly Servicing Fees previously due but not paid on prior Payment Dates (unless such amount has been netted against deposits into the Collection Account in accordance with Section 8.4(c) of the Indenture);
(vii) to treat as Available Investor Principal Collections for such Payment Date, the Investor Default Amount for such Payment Date;
(viii) to the Series 20112013-2 1 Reserve Account, the Series 20112013-2 1 Reserve Account Deposit Amount for such Payment Date;
(ix) to treat as Available Investor Principal Collections for such Payment Date, the sum of Investor Charge-Offs that have not been previously reimbursed;
(x) to treat as Available Investor Principal Collections for such Payment Date, the sum of Reallocated Principal Collections that have not been previously reimbursed;
(xi) beginning on the Series 20112013-2 1 Accumulation Period Reserve Account Funding Date, to the Series 20112013-2 1 Accumulation Period Reserve Account, the Series 20112013-2 1 Accumulation Period Reserve Account Deposit Amount for such Payment Date;
(xii) if Ford Credit or one of its Affiliates is the Servicer, to the Servicer, the Monthly Servicing Fee for such Payment Date, together with any Monthly Servicing Fees previously due but not paid on prior Payment Dates (unless such amount has been netted against deposits into the Collection Account in accordance with Section 8.4(c) of the Indenture);
(xiii) to the Depositor Interest Account for distribution to the holders of the Depositor Interest in accordance with the Trust Agreement to increase the Available Subordinated Amount, the excess of the Required Subordinated Amount over the Available Subordinated Amount (unless such amount has been netted against deposits into the Collection Account in accordance with Section 8.4(c) of the Indenture);
(xiv) pro rata, to the payment of all amounts, including indemnities, then due to the Owner Trustee and the Indenture Trustee for the Series 20112013-2 1 Notes, and any expenses incurred by the Issuer for the Series 20112013-2 1 Notes in accordance with the Transaction Documents, in each case, to the extent not paid by the Servicer or the Administrator or pursuant to clause (v) above;
(xv) to the Back-up Servicer, any amounts due pursuant to Section 2.3(b) of the Back-up Servicing Agreement and any Transition Costs due pursuant to Section 2.3(c) of the Back-up Servicing Agreement in excess of the amount in the Back-up Servicer Reserve Account, in each case, for the Series 20112013-2 1 Notes;
(xvi) to treat as Excess Interest Collections available from Series 20112013-21, the Interest Collections Shortfalls for other Series in Excess Interest Sharing Group One; and
(xvii) to the Depositor Interest Account for distribution to the holders of the Depositor Interest in accordance with the Trust Agreement, all remaining Available Investor Interest Collections.
(b) If Available Investor Interest Collections for any Payment Date are insufficient to make the applications, payments and deposits required pursuant to Section 4.2(a), as long as the Indenture Trustee has received the Monthly Investor Report by the related Determination Date, the Indenture Trustee (based on the information in the Monthly Investor Report) will, on or before such Payment Date, apply available funds from the following sources in the following order of priority:
(i) from Excess Interest Collections available from other Series in Excess Interest Sharing Group One, to cover shortfalls in the applications, payments and deposits pursuant to Sections 4.2(a)(i) through (xv) in that order;
(ii) from Available Depositor Interest Collections and Available Depositor Principal Collections (with respect to Available Depositor Principal Collections, in an amount not exceeding the Available Subordinated Amount (before giving effect to Section 4.3) for such Payment Date), to cover shortfalls in the applications, payments and deposits required pursuant to Sections 4.2(a)(i) through (ixx) in that order; provided that, if the amount of Available Depositor Collections is insufficient to cover such shortfalls for Series 20112013-21, as well as any similar shortfalls for other Series, then Available Depositor Collections will be allocated to Series 20112013-2 1 based on the ratio that the Available Subordinated Amount for Series 20112013-2 1 bears to the aggregate “Available Subordinated Amounts” for all Series having such shortfalls; provided, further, that if the amount of Available Depositor Collections exceeds the aggregate amount of such shortfalls for all Series, then the excess Available Depositor Collections will be applied to cover any unpaid Adjustment Payments;
(iii) from the Series 20112013-2 1 Reserve Account Available Amount, to cover shortfalls in the applications, payments and deposits required pursuant to Sections 4.2(a)(i) through (vii) in that order; and
(iv) from the Reallocated Principal Collections for such Payment Date, to cover shortfalls in the payments required pursuant to Sections 4.2(a)(i) through (iv).
(c) As long as the Indenture Trustee has received the Monthly Investor Report by the related Determination Date, the Indenture Trustee (based on information in the Monthly Investor Report) will, on each Payment Date and to the extent of Available Investor Principal Collections on deposit in the Collection Account, make the following applications, payments or deposits in the following order of priority:
(i) on any Payment Date with respect to the Controlled Accumulation Period or Early Amortization Period, to the Series 20112013-2 1 Principal Funding Account, the excess, if any, of the Monthly Principal Amount for such Payment Date over the amount deposited into the Series 20112013-2 1 Principal Funding Account from the Excess Funding Account pursuant to Section 4.2(d) on such Payment Date;
(ii) to other Principal Sharing Series in Principal Sharing Group One, the Shared Principal Collections for such Payment Date;
(iii) to the Excess Funding Account, the excess, if any, of the Required Pool Balance over the Net Adjusted Pool Balance pursuant to Section 8.3(b)(ii) of the Indenture; and
(iv) to the Depositor Interest Account for distribution to the holders of the Depositor Interest in accordance with the Trust Agreement, all remaining Available Investor Principal Collections.
(d) As long as the Indenture Trustee has received the Monthly Investor Report by the related Determination Date, the Indenture Trustee (based on information in the Monthly Investor Report) will, on each Payment Date with respect to the Controlled Accumulation Period or an Early Amortization Period, deposit into the Series 20112013-2 1 Principal Funding Account from the Excess Funding Account the lesser of (i) the Series 20112013-2 1 Excess Funding Amount, and (ii) the Monthly Principal Amount for such Payment Date.
(e) If Available Investor Principal Collections for any Payment Date with respect to an Early Amortization Period are insufficient to deposit the amount required pursuant to Section 4.2(c)(i), as long as the Indenture Trustee has received the Monthly Investor Report by the related Determination Date, the Indenture Trustee (based on the information in the Monthly Investor Report) will, on such Payment Date, deposit into the Series 20112013-2 1 Principal Funding Account Available Depositor Interest Collections and Available Depositor Principal Collections (with respect to Available Depositor Principal Collections, in an amount not to exceed the Available Subordinated Amount) on such Payment Date in an amount equal to the excess of the Adjusted Invested Amount over the sum of the amounts deposited into the Series 20112013-2 1 Principal Funding Account from Available Investor Principal Collections pursuant to Section 4.2(c)(i) and from the Excess Funding Account pursuant to Section 4.2(d).
(f) So long as an Early Amortization Period has not begun, on the Expected Final Payment Date, or on each Payment Date with respect to an Early Amortization Period, as long as the Indenture Trustee has received the Monthly Investor Report by the related Determination Date, the Indenture Trustee (based on the information in the Monthly Investor Report) will withdraw an amount up to the aggregate Note Balance of Series 20112013-2 1 from the Series 20112013-2 1 Principal Funding Account for payment in the following order of priority: (i) to the Noteholders of Class A Notes Notes, pro rata based upon the principal amount of each class of Class A Notes, until the Note Balance of the Class A Notes is reduced to zero, (ii) to the Noteholders of Class B Notes until the Note Balance of the Class B Notes is reduced to zero, (iii) to the Noteholders of the Class C Notes until the Note Balance of the Class C Notes is reduced to zero and (iv) to the Noteholders of the Class D Notes until the Note Balance of the Class D Notes is reduced to zero.
(g) The Controlled Accumulation Period is scheduled to begin on the first day of the March 2013 July 2015 Collection Period. However, if the Accumulation Period Length is less than six Collection Periods, the date on which the Controlled Accumulation Period actually begins will be delayed to the first day of the Collection Period that is the number of Collection Periods before the Expected Final Payment Date at least equal to the Accumulation Period Length. On or before each Determination Date beginning with the Determination Date in the February 2013 June 2015 Collection Period and ending when the Controlled Accumulation Period begins, the Servicer will determine the “Accumulation Period Length.”
Appears in 2 contracts
Sources: Indenture Supplement (Ford Credit Floorplan Master Owner Trust A), Indenture Supplement (Ford Credit Floorplan Master Owner Trust A)
Application of Available Funds in Collection Account and Other Sources. (a) As long as the Indenture Trustee has received the Monthly Investor Report by the related Determination Date, the Indenture Trustee (based on the information in the Monthly Investor Report) will, on each Payment Date and to the extent of Available Investor Interest Collections in the Collection Account, make the following applications, payments or deposits in the following order of priority:
(i) to the Note Paying Agent for payment to the Noteholders of the Class A Notes, pro rata, the Accrued Note Interest for the Class A Notes for such Payment Date;
(ii) to the Note Paying Agent for payment to the Noteholders of the Class B Notes, the Accrued Note Interest for the Class B Notes for such Payment Date;
(iii) to the Note Paying Agent for payment to the Noteholders of the Class C Notes, the Accrued Note Interest for the Class C Notes for such Payment Date;
(iv) to the Note Paying Agent for payment to the Noteholders of the Class D Notes, the Accrued Note Interest for the Class D Notes for such Payment Date;
(v) pro rata, to the payment of all amounts, including indemnities, then due to the Owner Trustee and the Indenture Trustee for the Series 20112012-2 Notes, and any expenses incurred by the Issuer for the Series 20112012-2 Notes in accordance with the Transaction Documents, in each case, to the extent not paid by the Servicer or the Administrator, up to a maximum of $150,000 per year;
(vi) pro rata (A) to the Back-up Servicer, the Monthly Back-up Servicing Fee for such Payment Date, if any, together with any Monthly Back-up Servicing Fees previously due but not paid on prior Payment Dates, and (B) if Ford Credit or one of its Affiliates is no longer the Servicer, to the Servicer, the Monthly Servicing Fee for such Payment Date, together with any Monthly Servicing Fees previously due but not paid on prior Payment Dates (unless such amount has been netted against deposits into the Collection Account in accordance with Section 8.4(c) of the Indenture);
(vii) to treat as Available Investor Principal Collections for such Payment Date, the Investor Default Amount for such Payment Date;
(viii) to the Series 20112012-2 Reserve Account, the Series 20112012-2 Reserve Account Deposit Amount for such Payment Date;
(ix) to treat as Available Investor Principal Collections for such Payment Date, the sum of Investor Charge-Offs that have not been previously reimbursed;
(x) to treat as Available Investor Principal Collections for such Payment Date, the sum of Reallocated Principal Collections that have not been previously reimbursed;
(xi) beginning on the Series 20112012-2 Accumulation Period Reserve Account Funding Date, to the Series 20112012-2 Accumulation Period Reserve Account, the Series 20112012-2 Accumulation Period Reserve Account Deposit Amount for such Payment Date;
(xii) if Ford Credit or one of its Affiliates is the Servicer, to the Servicer, the Monthly Servicing Fee for such Payment Date, together with any Monthly Servicing Fees previously due but not paid on prior Payment Dates (unless such amount has been netted against deposits into the Collection Account in accordance with Section 8.4(c) of the Indenture);
(xiii) to the Depositor Interest Account for distribution to the holders of the Depositor Interest in accordance with the Trust Agreement to increase the Available Subordinated Amount, the excess of the Required Subordinated Amount over the Available Subordinated Amount (unless such amount has been netted against deposits into the Collection Account in accordance with Section 8.4(c) of the Indenture);
(xiv) pro rata, to the payment of all amounts, including indemnities, then due to the Owner Trustee and the Indenture Trustee for the Series 20112012-2 Notes, and any expenses incurred by the Issuer for the Series 20112012-2 Notes in accordance with the Transaction Documents, in each case, to the extent not paid by the Servicer or the Administrator or pursuant to clause (v) above;
(xv) to the Back-up Servicer, any amounts due pursuant to Section 2.3(b) of the Back-up Servicing Agreement and any Transition Costs due pursuant to Section 2.3(c) of the Back-up Servicing Agreement in excess of the amount in the Back-up Servicer Reserve Account, in each case, for the Series 20112012-2 Notes;
(xvi) to treat as Excess Interest Collections available from Series 20112012-2, the Interest Collections Shortfalls for other Series in Excess Interest Sharing Group One; and
(xvii) to the Depositor Interest Account for distribution to the holders of the Depositor Interest in accordance with the Trust Agreement, all remaining Available Investor Interest Collections.
(b) If Available Investor Interest Collections for any Payment Date are insufficient to make the applications, payments and deposits required pursuant to Section 4.2(a), as long as the Indenture Trustee has received the Monthly Investor Report by the related Determination Date, the Indenture Trustee (based on the information in the Monthly Investor Report) will, on or before such Payment Date, apply available funds from the following sources in the following order of priority:
(i) from Excess Interest Collections available from other Series in Excess Interest Sharing Group One, to cover shortfalls in the applications, payments and deposits pursuant to Sections 4.2(a)(i) through (xv) in that order;
(ii) from Available Depositor Interest Collections and Available Depositor Principal Collections (with respect to Available Depositor Principal Collections, in an amount not exceeding the Available Subordinated Amount (before giving effect to Section 4.3) for such Payment Date), to cover shortfalls in the applications, payments and deposits required pursuant to Sections 4.2(a)(i) through (ix) in that order; provided that, if the amount of Available Depositor Collections is insufficient to cover such shortfalls for Series 20112012-2, as well as any similar shortfalls for other Series, then Available Depositor Collections will be allocated to Series 20112012-2 based on the ratio that the Available Subordinated Amount for Series 20112012-2 bears to the aggregate “Available Subordinated Amounts” for all Series having such shortfalls; provided, further, that if the amount of Available Depositor Collections exceeds the aggregate amount of such shortfalls for all Series, then the excess Available Depositor Collections will be applied to cover any unpaid Adjustment Payments;
(iii) from the Series 20112012-2 Reserve Account Available Amount, to cover shortfalls in the applications, payments and deposits required pursuant to Sections 4.2(a)(i) through (vii) in that order; and
(iv) from the Reallocated Principal Collections for such Payment Date, to cover shortfalls in the payments required pursuant to Sections 4.2(a)(i) through (iv).
(c) As long as the Indenture Trustee has received the Monthly Investor Report by the related Determination Date, the Indenture Trustee (based on information in the Monthly Investor Report) will, on each Payment Date and to the extent of Available Investor Principal Collections on deposit in the Collection Account, make the following applications, payments or deposits in the following order of priority:
(i) on any Payment Date with respect to the Controlled Accumulation Period or Early Amortization Period, to the Series 20112012-2 Principal Funding Account, the excess, if any, of the Monthly Principal Amount for such Payment Date over the amount deposited into the Series 20112012-2 Principal Funding Account from the Excess Funding Account pursuant to Section 4.2(d) on such Payment Date;
(ii) to other Principal Sharing Series in Principal Sharing Group One, the Shared Principal Collections for such Payment Date;
(iii) to the Excess Funding Account, the excess, if any, of the Required Pool Balance over the Net Adjusted Pool Balance pursuant to Section 8.3(b)(ii) of the Indenture; and
(iv) to the Depositor Interest Account for distribution to the holders of the Depositor Interest in accordance with the Trust Agreement, all remaining Available Investor Principal Collections.
(d) As long as the Indenture Trustee has received the Monthly Investor Report by the related Determination Date, the Indenture Trustee (based on information in the Monthly Investor Report) will, on each Payment Date with respect to the Controlled Accumulation Period or an Early Amortization Period, deposit into the Series 20112012-2 Principal Funding Account from the Excess Funding Account the lesser of (i) the Series 20112012-2 Excess Funding Amount, and (ii) the Monthly Principal Amount for such Payment Date.
(e) If Available Investor Principal Collections for any Payment Date with respect to an Early Amortization Period are insufficient to deposit the amount required pursuant to Section 4.2(c)(i), as long as the Indenture Trustee has received the Monthly Investor Report by the related Determination Date, the Indenture Trustee (based on the information in the Monthly Investor Report) will, on such Payment Date, deposit into the Series 20112012-2 Principal Funding Account Available Depositor Interest Collections and Available Depositor Principal Collections (with respect to Available Depositor Principal Collections, in an amount not to exceed the Available Subordinated Amount) on such Payment Date in an amount equal to the excess of the Adjusted Invested Amount over the sum of the amounts deposited into the Series 20112012-2 Principal Funding Account from Available Investor Principal Collections pursuant to Section 4.2(c)(i) and from the Excess Funding Account pursuant to Section 4.2(d).
(f) So long as an Early Amortization Period has not begun, on the Expected Final Payment Date, or on each Payment Date with respect to an Early Amortization Period, as long as the Indenture Trustee has received the Monthly Investor Report by the related Determination Date, the Indenture Trustee (based on the information in the Monthly Investor Report) will withdraw an amount up to the aggregate Note Balance of Series 20112012-2 from the Series 20112012-2 Principal Funding Account for payment in the following order of priority: (i) to the Noteholders of Class A Notes until the Note Balance of the Class A Notes is reduced to zero, (ii) to the Noteholders of Class B Notes until the Note Balance of the Class B Notes is reduced to zero, (iii) to the Noteholders of the Class C Notes until the Note Balance of the Class C Notes is reduced to zero and (iv) to the Noteholders of the Class D Notes until the Note Balance of the Class D Notes is reduced to zero.
(g) The Controlled Accumulation Period is scheduled to begin on the first day of the March 2013 July 2016 Collection Period. However, if the Accumulation Period Length is less than six Collection Periods, the date on which the Controlled Accumulation Period actually begins will be delayed to the first day of the Collection Period that is the number of Collection Periods before the Expected Final Payment Date at least equal to the Accumulation Period Length. On or before each Determination Date beginning with the Determination Date in the February 2013 June 2016 Collection Period and ending when the Controlled Accumulation Period begins, the Servicer will determine the “Accumulation Period Length.”
Appears in 2 contracts
Sources: Indenture Supplement (Ford Credit Floorplan Master Owner Trust a Series 2012-2), Indenture Supplement (Ford Credit Floorplan Master Owner Trust a Series 2012-2)
Application of Available Funds in Collection Account and Other Sources. (a) As long as the Indenture Trustee has received the Monthly Investor Report by the related Determination Date, the Indenture Trustee (based on the information in the Monthly Investor Report) will, on each Payment Date and to the extent of Available Investor Interest Collections in the Collection Account, make the following applications, payments or deposits in the following order of priority:
(i) to the Note Paying Agent for payment to the Noteholders of the Class A Notes, pro rata, the Accrued Note Interest for the Class A Notes for such Payment Date;
(ii) to the Note Paying Agent for payment to the Noteholders of the Class B Notes, the Accrued Note Interest for the Class B Notes for such Payment Date;
(iii) to the Note Paying Agent for payment to the Noteholders of the Class C Notes, the Accrued Note Interest for the Class C Notes for such Payment Date;
(iv) to the Note Paying Agent for payment to the Noteholders of the Class D Notes, the Accrued Note Interest for the Class D Notes for such Payment Date; [(__) to the Hedge Counterparty, any Net Hedge Payments due;] [(__) to the Hedge Counterparty, any Hedge Termination Payments Due]
(v) pro rata, to the payment of all amounts, including indemnities, then due to the Owner Trustee and the Indenture Trustee for the Series 2011-2 20__-_ Notes, and any expenses incurred by the Issuer for the Series 2011-2 20__-_ Notes in accordance with the Transaction Documents, in each case, to the extent not paid by the Servicer or the Administrator, up to a maximum of $150,000 ________ per year;
(vi) pro rata (A) to the Back-up Servicer, the Monthly Back-up Servicing Fee for such Payment Date, if any, together with any Monthly Back-up Servicing Fees previously due but not paid on prior Payment Dates, and (B) if Ford Credit or one of its Affiliates is no longer the Servicer, to the Servicer, the Monthly Servicing Fee for such Payment Date, together with any Monthly Servicing Fees previously due but not paid on prior Payment Dates (unless such amount has been netted against deposits into the Collection Account in accordance with Section 8.4(c) of the Indenture);
(vii) to treat as Available Investor Principal Collections for such Payment Date, the Investor Default Amount for such Payment Date;
(viii) to the Series 2011-2 20__-_ Reserve Account, the Series 2011-2 20__-_ Reserve Account Deposit Amount for such Payment Date;
(ix) to treat as Available Investor Principal Collections for such Payment Date, the sum of Investor Charge-Offs that have not been previously reimbursed;
(x) to treat as Available Investor Principal Collections for such Payment Date, the sum of Reallocated Principal Collections that have not been previously reimbursed;
(xi) beginning on the Series 2011-2 20__-_ Accumulation Period Reserve Account Funding Date, to the Series 2011-2 20__-_ Accumulation Period Reserve Account, the Series 2011-2 20__-_ Accumulation Period Reserve Account Deposit Amount for such Payment Date;
(xii) if Ford Credit or one of its Affiliates is the Servicer, to the Servicer, the Monthly Servicing Fee for such Payment Date, together with any Monthly Servicing Fees previously due but not paid on prior Payment Dates (unless such amount has been netted against deposits into the Collection Account in accordance with Section 8.4(c) of the Indenture);
(xiii) to the Depositor Interest Account for distribution to the holders of the Depositor Interest in accordance with the Trust Agreement to increase the Available Subordinated Amount, the excess of the Required Subordinated Amount over the Available Subordinated Amount (unless such amount has been netted against deposits into the Collection Account in accordance with Section 8.4(c) of the Indenture); [(__) to the Hedge Counterparty, any Subordinated Hedge Termination Payments due;]
(xiv) pro rata, to the payment of all amounts, including indemnities, then due to the Owner Trustee and the Indenture Trustee for the Series 2011-2 20__-_ Notes, and any expenses incurred by the Issuer for the Series 2011-2 20__-_ Notes in accordance with the Transaction Documents, in each case, to the extent not paid by the Servicer or the Administrator or pursuant to clause (v) above;
(xv) to the Back-up Servicer, (A) any amounts due pursuant to Section 2.3(b) of the Back-up Servicing Agreement and (B) as the Successor Servicer, any Transition Costs due pursuant to Section 2.3(c) of the Back-up Servicing Agreement in excess of the amount in the Back-up Servicer Reserve Account, Account in each case, for the Series 2011-2 20__-_ Notes;
(xvi) to treat as Excess Interest Collections available from Series 2011-220__-_, the Interest Collections Shortfalls for other Series in Excess Interest Sharing Group One; and
(xvii) to the Depositor Interest Account for distribution to the holders of the Depositor Interest in accordance with the Trust Agreement, all remaining Available Investor Interest Collections.
(b) If Available Investor Interest Collections for any Payment Date are insufficient to make the applications, payments and deposits required pursuant to Section 4.2(a), as long as the Indenture Trustee has received the Monthly Investor Report by the related Determination Date, the Indenture Trustee (based on the information in the Monthly Investor Report) will, on or before such Payment Date, apply available funds from the following sources in the following order of priority:
(i) from Excess Interest Collections available from other Series in Excess Interest Sharing Group One, to cover shortfalls in the applications, payments and deposits pursuant to Sections 4.2(a)(i) through (xv) in that order;
(ii) from Available Depositor Interest Collections and Available Depositor Principal Collections (with respect to Available Depositor Principal Collections, in an amount not exceeding the Available Subordinated Amount (before giving effect to Section 4.3) for such Payment Date), to cover shortfalls in the applications, payments and deposits required pursuant to Sections 4.2(a)(i) through (ix) in that order; provided that, if the amount of Available Depositor Collections is insufficient to cover such shortfalls for Series 2011-220__-_, as well as any similar shortfalls for other Series, then Available Depositor Collections will be allocated to Series 2011-2 20__-_ based on the ratio that the Available Subordinated Amount for Series 2011-2 20__-_ bears to the aggregate “Available Subordinated Amounts” for all Series having such shortfalls; provided, further, that if the amount of Available Depositor Collections exceeds the aggregate amount of such shortfalls for all Series, then the excess Available Depositor Collections will be applied to cover any unpaid Adjustment Payments;
(iii) from the Series 2011-2 20__-_ Reserve Account Available Amount, to cover shortfalls in the applications, payments and deposits required pursuant to Sections 4.2(a)(i) through (vii) in that order; and
(iv) from the Reallocated Principal Collections for such Payment Date, to cover shortfalls in the payments required pursuant to Sections 4.2(a)(i) through (iv).
(c) As long as the Indenture Trustee has received the Monthly Investor Report by the related Determination Date, the Indenture Trustee (based on information in the Monthly Investor Report) will, on each Payment Date and to the extent of Available Investor Principal Collections on deposit in the Collection Account, make the following applications, payments or deposits in the following order of priority:
(i) on any Payment Date with respect to the Controlled Accumulation Period or Early Amortization Period, to the Series 2011-2 20__-_ Principal Funding Account, the excess, if any, of the Monthly Principal Amount for such Payment Date over the amount deposited into the Series 2011-2 20__-_ Principal Funding Account from the Excess Funding Account pursuant to Section 4.2(d) on such Payment Date;
(ii) to other Principal Sharing Series in Principal Sharing Group One, the Shared Principal Collections for such Payment Date;
(iii) to the Excess Funding Account, the excess, if any, of the Required Pool Balance over the Net Adjusted Pool Balance pursuant to Section 8.3(b)(ii) of the Indenture; and
(iv) to the Depositor Interest Account for distribution to the holders of the Depositor Interest in accordance with the Trust Agreement, all remaining Available Investor Principal Collections.
(d) As long as the Indenture Trustee has received the Monthly Investor Report by the related Determination Date, the Indenture Trustee (based on information in the Monthly Investor Report) will, on each Payment Date with respect to the Controlled Accumulation Period or an Early Amortization Period, deposit into the Series 2011-2 20__-_ Principal Funding Account from the Excess Funding Account the lesser of (i) the Series 2011-2 20__-_ Excess Funding Amount, and (ii) the Monthly Principal Amount for such Payment Date.
(e) If Available Investor Principal Collections for any Payment Date with respect to an Early Amortization Period are insufficient to deposit the amount required pursuant to Section 4.2(c)(i), as long as the Indenture Trustee has received the Monthly Investor Report by the related Determination Date, the Indenture Trustee (based on the information in the Monthly Investor Report) will, on such Payment Date, deposit into the Series 2011-2 20__-_ Principal Funding Account Available Depositor Interest Collections and Available Depositor Principal Collections (with respect to Available Depositor Principal Collections, in an amount not to exceed the Available Subordinated Amount) on such Payment Date in an amount equal to the excess of the Adjusted Invested Amount over the sum of the amounts deposited into the Series 2011-2 20__-_ Principal Funding Account from Available Investor Principal Collections pursuant to Section 4.2(c)(i) and from the Excess Funding Account pursuant to Section 4.2(d).
(f) So long as an Early Amortization Period has not begun, on the Expected Final Payment Date, or on each Payment Date with respect to an Early Amortization Period, as long as the Indenture Trustee has received the Monthly Investor Report by the related Determination Date, the Indenture Trustee (based on the information in the Monthly Investor Report) will withdraw an amount up to the aggregate Note Balance of Series 2011-2 20__-_ from the Series 2011-2 20__-_ Principal Funding Account for payment in the following order of priority: (i) to the Noteholders of Class A Notes until the Note Balance of the Class A Notes is reduced to zero, (ii) to the Noteholders of Class B Notes until the Note Balance of the Class B Notes is reduced to zero, (iii) to the Noteholders of the Class C Notes until the Note Balance of the Class C Notes is reduced to zero and (iv) to the Noteholders of the Class D Notes until the Note Balance of the Class D Notes is reduced to zero.
(g) The Controlled Accumulation Period is scheduled to begin on the first day of the March 2013 ________ 20__ Collection Period. However, if the Accumulation Period Length is less than six Collection Periods, the date on which the Controlled Accumulation Period actually begins will be delayed to the first day of the Collection Period that is the number of Collection Periods before the Expected Final Payment Date at least equal to the Accumulation Period Length. On or before each Determination Date beginning with the Determination Date in the February 2013 _________ 20__ Collection Period and ending when the Controlled Accumulation Period begins, the Servicer will determine the “Accumulation Period Length.”
Appears in 2 contracts
Sources: Indenture Supplement (Ford Credit Floorplan Corp), Indenture Supplement (Ford Credit Floorplan Corp)
Application of Available Funds in Collection Account and Other Sources. (a) As long as the Indenture Trustee has received the Monthly Investor Report by the related Determination Date, the Indenture Trustee (based on the information in the Monthly Investor Report) will, on each Payment Date and to the extent of Available Investor Interest Collections in the Collection Account, make the following applications, payments or deposits in the following order of priority:
(i) to the Noteholders of each Class of Class A Notes, the Accrued Note Paying Agent Interest for payment each such Class of Class A Notes for such Payment Date or, if Available Investor Interest Collections are insufficient to pay the Accrued Note Interest in full for each Class of Class A Notes, to the Noteholders of the each Class of Class A Notes, pro rata, based on the Accrued Note Interest for the Balance of each Class of Class A Notes for such Payment DateNotes;
(ii) to the Note Paying Agent for payment to the Noteholders of the Class B Notes, the Accrued Note Interest for the Class B Notes for such Payment Date;
(iii) to the Note Paying Agent for payment to the Noteholders of the Class C Notes, the Accrued Note Interest for the Class C Notes for such Payment Date;
(iv) to the Note Paying Agent for payment to the Noteholders of the Class D Notes, the Accrued Note Interest for the Class D Notes for such Payment Date;
(v) pro rata, to the payment of all amounts, including indemnities, then due to the Owner Trustee and the Indenture Trustee for the Series 20112012-2 4 Notes, and any expenses incurred by the Issuer for the Series 20112012-2 4 Notes in accordance with the Transaction Documents, in each case, to the extent not paid by the Servicer or the Administrator, up to a maximum of $150,000 per year;
(vi) pro rata (A) to the Back-up Servicer, the Monthly Back-up Servicing Fee for such Payment Date, if any, together with any Monthly Back-up Servicing Fees previously due but not paid on prior Payment Dates, and (B) if Ford Credit or one of its Affiliates is no longer the Servicer, to the Servicer, the Monthly Servicing Fee for such Payment Date, together with any Monthly Servicing Fees previously due but not paid on prior Payment Dates (unless such amount has been netted against deposits into the Collection Account in accordance with Section 8.4(c) of the Indenture);
(vii) to treat as Available Investor Principal Collections for such Payment Date, the Investor Default Amount for such Payment Date;
(viii) to the Series 20112012-2 4 Reserve Account, the Series 20112012-2 4 Reserve Account Deposit Amount for such Payment Date;
(ix) to treat as Available Investor Principal Collections for such Payment Date, the sum of Investor Charge-Offs that have not been previously reimbursed;
(x) to treat as Available Investor Principal Collections for such Payment Date, the sum of Reallocated Principal Collections that have not been previously reimbursed;
(xi) beginning on the Series 20112012-2 4 Accumulation Period Reserve Account Funding Date, to the Series 20112012-2 4 Accumulation Period Reserve Account, the Series 20112012-2 4 Accumulation Period Reserve Account Deposit Amount for such Payment Date;
(xii) if Ford Credit or one of its Affiliates is the Servicer, to the Servicer, the Monthly Servicing Fee for such Payment Date, together with any Monthly Servicing Fees previously due but not paid on prior Payment Dates (unless such amount has been netted against deposits into the Collection Account in accordance with Section 8.4(c) of the Indenture);
(xiii) to the Depositor Interest Account for distribution to the holders of the Depositor Interest in accordance with the Trust Agreement to increase the Available Subordinated Amount, the excess of the Required Subordinated Amount over the Available Subordinated Amount (unless such amount has been netted against deposits into the Collection Account in accordance with Section 8.4(c) of the Indenture);
(xiv) pro rata, to the payment of all amounts, including indemnities, then due to the Owner Trustee and the Indenture Trustee for the Series 20112012-2 4 Notes, and any expenses incurred by the Issuer for the Series 20112012-2 4 Notes in accordance with the Transaction Documents, in each case, to the extent not paid by the Servicer or the Administrator or pursuant to clause (v) above;
(xv) to the Back-up Servicer, any amounts due pursuant to Section 2.3(b) of the Back-up Servicing Agreement and any Transition Costs due pursuant to Section 2.3(c) of the Back-up Servicing Agreement in excess of the amount in the Back-up Servicer Reserve Account, in each case, for the Series 20112012-2 4 Notes;
(xvi) to treat as Excess Interest Collections available from Series 20112012-24, the Interest Collections Shortfalls for other Series in Excess Interest Sharing Group One; and
(xvii) to the Depositor Interest Account for distribution to the holders of the Depositor Interest in accordance with the Trust Agreement, all remaining Available Investor Interest Collections.
(b) If Available Investor Interest Collections for any Payment Date are insufficient to make the applications, payments and deposits required pursuant to Section 4.2(a), as long as the Indenture Trustee has received the Monthly Investor Report by the related Determination Date, the Indenture Trustee (based on the information in the Monthly Investor Report) will, on or before such Payment Date, apply available funds from the following sources in the following order of priority:
(i) from Excess Interest Collections available from other Series in Excess Interest Sharing Group One, to cover shortfalls in the applications, payments and deposits pursuant to Sections 4.2(a)(i) through (xv) in that order;
(ii) from Available Depositor Interest Collections and Available Depositor Principal Collections (with respect to Available Depositor Principal Collections, in an amount not exceeding the Available Subordinated Amount (before giving effect to Section 4.3) for such Payment Date), to cover shortfalls in the applications, payments and deposits required pursuant to Sections 4.2(a)(i) through (ixx) in that order; provided that, if the amount of Available Depositor Collections is insufficient to cover such shortfalls for Series 20112012-24, as well as any similar shortfalls for other Series, then Available Depositor Collections will be allocated to Series 20112012-2 4 based on the ratio that the Available Subordinated Amount for Series 20112012-2 4 bears to the aggregate “Available Subordinated Amounts” for all Series having such shortfalls; provided, further, that if the amount of Available Depositor Collections exceeds the aggregate amount of such shortfalls for all Series, then the excess Available Depositor Collections will be applied to cover any unpaid Adjustment Payments;
(iii) from the Series 20112012-2 4 Reserve Account Available Amount, to cover shortfalls in the applications, payments and deposits required pursuant to Sections 4.2(a)(i) through (vii) in that order; and
(iv) from the Reallocated Principal Collections for such Payment Date, to cover shortfalls in the payments required pursuant to Sections 4.2(a)(i) through (iv).
(c) As long as the Indenture Trustee has received the Monthly Investor Report by the related Determination Date, the Indenture Trustee (based on information in the Monthly Investor Report) will, on each Payment Date and to the extent of Available Investor Principal Collections on deposit in the Collection Account, make the following applications, payments or deposits in the following order of priority:
(i) on any Payment Date with respect to the Controlled Accumulation Period or Early Amortization Period, to the Series 20112012-2 4 Principal Funding Account, the excess, if any, of the Monthly Principal Amount for such Payment Date over the amount deposited into the Series 20112012-2 4 Principal Funding Account from the Excess Funding Account pursuant to Section 4.2(d) on such Payment Date;
(ii) to other Principal Sharing Series in Principal Sharing Group One, the Shared Principal Collections for such Payment Date;
(iii) to the Excess Funding Account, the excess, if any, of the Required Pool Balance over the Net Adjusted Pool Balance pursuant to Section 8.3(b)(ii) of the Indenture; and
(iv) to the Depositor Interest Account for distribution to the holders of the Depositor Interest in accordance with the Trust Agreement, all remaining Available Investor Principal Collections.
(d) As long as the Indenture Trustee has received the Monthly Investor Report by the related Determination Date, the Indenture Trustee (based on information in the Monthly Investor Report) will, on each Payment Date with respect to the Controlled Accumulation Period or an Early Amortization Period, deposit into the Series 20112012-2 4 Principal Funding Account from the Excess Funding Account the lesser of (i) the Series 20112012-2 4 Excess Funding Amount, and (ii) the Monthly Principal Amount for such Payment Date.
(e) If Available Investor Principal Collections for any Payment Date with respect to an Early Amortization Period are insufficient to deposit the amount required pursuant to Section 4.2(c)(i), as long as the Indenture Trustee has received the Monthly Investor Report by the related Determination Date, the Indenture Trustee (based on the information in the Monthly Investor Report) will, on such Payment Date, deposit into the Series 20112012-2 4 Principal Funding Account Available Depositor Interest Collections and Available Depositor Principal Collections (with respect to Available Depositor Principal Collections, in an amount not to exceed the Available Subordinated Amount) on such Payment Date in an amount equal to the excess of the Adjusted Invested Amount over the sum of the amounts deposited into the Series 20112012-2 4 Principal Funding Account from Available Investor Principal Collections pursuant to Section 4.2(c)(i) and from the Excess Funding Account pursuant to Section 4.2(d).
(f) So long as an Early Amortization Period has not begun, on the Expected Final Payment Date, or on each Payment Date with respect to an Early Amortization Period, as long as the Indenture Trustee has received the Monthly Investor Report by the related Determination Date, the Indenture Trustee (based on the information in the Monthly Investor Report) will withdraw an amount up to the aggregate Note Balance of Series 20112012-2 4 from the Series 20112012-2 4 Principal Funding Account for payment in the following order of priority: (i) to the Noteholders of Class A Notes Notes, pro rata based upon the principal amount of each class of Class A Notes, until the Note Balance of the Class A Notes is reduced to zero, (ii) to the Noteholders of Class B Notes until the Note Balance of the Class B Notes is reduced to zero, (iii) to the Noteholders of the Class C Notes until the Note Balance of the Class C Notes is reduced to zero and (iv) to the Noteholders of the Class D Notes until the Note Balance of the Class D Notes is reduced to zero.
(g) The Controlled Accumulation Period is scheduled to begin on the first day of the March 2013 2014 Collection Period. However, if the Accumulation Period Length is less than six Collection Periods, the date on which the Controlled Accumulation Period actually begins will be delayed to the first day of the Collection Period that is the number of Collection Periods before the Expected Final Payment Date at least equal to the Accumulation Period Length. On or before each Determination Date beginning with the Determination Date in the February 2013 2014 Collection Period and ending when the Controlled Accumulation Period begins, the Servicer will determine the “Accumulation Period Length.”
Appears in 2 contracts
Sources: Indenture Supplement (Ford Credit Floorplan Master Owner Trust a Series 2012-4), Indenture Supplement (Ford Credit Floorplan Master Owner Trust a Series 2012-4)
Application of Available Funds in Collection Account and Other Sources. (a) As long as the Indenture Trustee has received the Monthly Investor Report by the related Determination Date, the Indenture Trustee (based on the information in the Monthly Investor Report) will, on each Payment Date and to the extent of Available Investor Interest Collections in the Collection Account, make the following applications, payments or deposits in the following order of priority:
(i) to the Note Paying Agent for payment to the Noteholders of the Class A Notes, pro rata, the Accrued Note Interest for the Class A Notes for such that Payment Date;
(ii) to the Note Paying Agent for payment to the Noteholders of the Class B Notes, the Accrued Note Interest for the Class B Notes for such that Payment Date;
(iii) to the Note Paying Agent for payment to the Noteholders of the Class C Notes, the Accrued Note Interest for the Class C Notes for such that Payment Date;
(iv) to the Note Paying Agent for payment to the Noteholders of the Class D Notes, the Accrued Note Interest for the Class D Notes for such that Payment Date;
(v) pro rata, to the payment of all amounts, including indemnities, then due to the Owner Trustee and the Indenture Trustee for the Series 20112015-2 5 Notes, and any expenses incurred by the Issuer for the Series 20112015-2 5 Notes in accordance with the Transaction Documents, in each case, to the extent not paid by the Servicer or the Administrator, up to a maximum of $150,000 per year;
(vi) pro rata (A) to the Back-up Servicer, the Monthly Back-up Servicing Fee for such that Payment Date, if any, together with any Monthly Back-up Servicing Fees previously due but not paid on prior Payment Dates, Dates and (B) if Ford Credit or one of its Affiliates is no longer the Servicer, to the Servicer, the Monthly Servicing Fee for such that Payment Date, together with any Monthly Servicing Fees previously due but not paid on prior Payment Dates (unless such that amount has been netted against deposits into in the Collection Account in accordance with Section 8.4(c) of the Indenture);
(vii) to treat as Available Investor Principal Collections for such that Payment Date, the Investor Default Amount for such that Payment Date;
(viii) to the Series 20112015-2 5 Reserve Account, the Series 20112015-2 5 Reserve Account Deposit Amount for such that Payment Date;
(ix) to treat as Available Investor Principal Collections for such that Payment Date, the sum of Investor Charge-Offs that have not been previously reimbursed;
(x) to treat as Available Investor Principal Collections for such that Payment Date, the sum of Reallocated Principal Collections that have not been previously reimbursed;
(xi) beginning on the Series 20112015-2 5 Accumulation Period Reserve Account Funding Date, to the Series 20112015-2 5 Accumulation Period Reserve Account, the Series 20112015-2 5 Accumulation Period Reserve Account Deposit Amount for such that Payment Date;
(xii) if Ford Credit or one of its Affiliates is the Servicer, to the Servicer, the Monthly Servicing Fee for such that Payment Date, together with any Monthly Servicing Fees previously due but not paid on prior Payment Dates (unless such that amount has been netted against deposits into in the Collection Account in accordance with Section 8.4(c) of the Indenture);
(xiii) to the Depositor Interest Account for distribution to the holders of the Depositor Interest in accordance with the Trust Agreement to increase the Available Subordinated Amount, the excess of the Required Subordinated Amount over the Available Subordinated Amount (unless such that amount has been netted against deposits into in the Collection Account in accordance with Section 8.4(c) of the Indenture);
(xiv) pro rata, to the payment of all amounts, including indemnities, then due to the Owner Trustee and the Indenture Trustee for the Series 20112015-2 5 Notes, and any expenses incurred by the Issuer for the Series 20112015-2 5 Notes in accordance with the Transaction Documents, in each case, to the extent not paid by the Servicer or the Administrator or pursuant to under clause (v) above;
(xv) to the Back-up Servicer, any amounts due pursuant to under Section 2.3(b) of the Back-up Servicing Agreement and any Transition Costs due pursuant to under Section 2.3(c) of the Back-up Servicing Agreement in excess of the amount in the Back-up Servicer Reserve Account, in each case, for the Series 20112015-2 5 Notes;
(xvi) to treat as Excess Interest Collections available from Series 20112015-25, the Interest Collections Shortfalls for other Series in Excess Interest Sharing Group One; and
(xvii) to the Depositor Interest Account for distribution to the holders of the Depositor Interest in accordance with the Trust Agreement, all remaining Available Investor Interest Collections.
(b) If Available Investor Interest Collections for any Payment Date are insufficient to make the applications, payments and deposits required pursuant to under Section 4.2(a), as long as the Indenture Trustee has received the Monthly Investor Report by the related Determination Date, the Indenture Trustee (based on the information in the Monthly Investor Report) will, on or before such that Payment Date, apply available funds from the following sources in the following order of priority:
(i) from Excess Interest Collections available from other Series in Excess Interest Sharing Group One, to cover shortfalls in the applications, payments and deposits pursuant to under Sections 4.2(a)(i) through (xv) in that order;
(ii) from Available Depositor Interest Collections and Available Depositor Principal Collections (with respect to for Available Depositor Principal Collections, in an amount not exceeding the Available Subordinated Amount (before giving effect to Section 4.3) for such that Payment Date), to cover shortfalls in the applications, payments and deposits required pursuant to under Sections 4.2(a)(i) through (ixx) in that order; provided that, if the amount of Available Depositor Collections is insufficient to cover such those shortfalls for Series 20112015-25, as well as any similar shortfalls for other Series, then Available Depositor Collections will be allocated to Series 20112015-2 5 based on the ratio that the Available Subordinated Amount for Series 20112015-2 5 bears to the aggregate “Available Subordinated Amounts” for all Series having such those shortfalls; provided, further, that if the amount of Available Depositor Collections exceeds the aggregate amount of such those shortfalls for all Series, then the excess Available Depositor Collections will be applied to cover any unpaid Adjustment Payments;
(iii) from the Series 20112015-2 5 Reserve Account Available Amount, to cover shortfalls in the applications, payments and deposits required pursuant to under Sections 4.2(a)(i) through (vii) in that order; and
(iv) from the Reallocated Principal Collections for such that Payment Date, to cover shortfalls in the payments required pursuant to under Sections 4.2(a)(i) through (iv).
(c) As long as the Indenture Trustee has received the Monthly Investor Report by the related Determination Date, the Indenture Trustee (based on information in the Monthly Investor Report) will, on each Payment Date and to the extent of Available Investor Principal Collections on deposit in the Collection Account, make the following applications, payments or deposits in the following order of priority:
(i) on any Payment Date with respect to in the Controlled Accumulation Period or Early Amortization Period, to the Series 20112015-2 5 Principal Funding Account, the excess, if any, of the Monthly Principal Amount for such that Payment Date over the amount deposited into in the Series 20112015-2 5 Principal Funding Account from the Excess Funding Account pursuant to under Section 4.2(d) on such that Payment Date;
(ii) to other Principal Sharing Series in Principal Sharing Group One, the Shared Principal Collections for such that Payment Date;
(iii) to the Excess Funding Account, the excess, if any, of the Required Pool Balance over the Net Adjusted Pool Balance pursuant to under Section 8.3(b)(ii) of the Indenture; and
(iv) to the Depositor Interest Account for distribution to the holders of the Depositor Interest in accordance with the Trust Agreement, all remaining Available Investor Principal Collections.
(d) As long as the Indenture Trustee has received the Monthly Investor Report by the related Determination Date, the Indenture Trustee (based on information in the Monthly Investor Report) will, on each Payment Date with respect to in the Controlled Accumulation Period or an Early Amortization Period, deposit into in the Series 20112015-2 5 Principal Funding Account from the Excess Funding Account the lesser of (i) the Series 20112015-2 5 Excess Funding Amount, Amount and (ii) the Monthly Principal Amount for such that Payment Date.
(e) If Available Investor Principal Collections for any Payment Date with respect to in an Early Amortization Period are insufficient to deposit the amount required pursuant to under Section 4.2(c)(i), as long as the Indenture Trustee has received the Monthly Investor Report by the related Determination Date, the Indenture Trustee (based on the information in the Monthly Investor Report) will, on such that Payment Date, deposit into in the Series 20112015-2 5 Principal Funding Account Available Depositor Interest Collections and Available Depositor Principal Collections (with respect to for Available Depositor Principal Collections, in an amount not to exceed the Available Subordinated Amount) on such that Payment Date in an amount equal to the excess of the Adjusted Invested Amount over the sum of the amounts deposited into in the Series 20112015-2 5 Principal Funding Account from Available Investor Principal Collections pursuant to under Section 4.2(c)(i) and from the Excess Funding Account pursuant to under Section 4.2(d).
(f) So long as an Early Amortization Period has not begun, on the Expected Final Payment Date, or on each Payment Date with respect to in an Early Amortization Period, as long as the Indenture Trustee has received the Monthly Investor Report by the related Determination Date, the Indenture Trustee (based on the information in the Monthly Investor Report) will withdraw an amount up to the aggregate Note Balance of Series 20112015-2 5 from the Series 20112015-2 5 Principal Funding Account for payment in the following order of priority: (i) to the Noteholders of Class A Notes until the Note Balance of the Class A Notes is reduced to zero, (ii) to the Noteholders of Class B Notes until the Note Balance of the Class B Notes is reduced to zero, (iii) to the Noteholders of the Class C Notes until the Note Balance of the Class C Notes is reduced to zero and (iv) to the Noteholders of the Class D Notes until the Note Balance of the Class D Notes is reduced to zero.
(g) The Controlled Accumulation Period is scheduled to begin on the first day of the March 2013 February 1, 2020 Collection Period. However, if the Accumulation Period Length is less than six Collection Periods, the date on which the Controlled Accumulation Period actually begins will be delayed to the first day of the Collection Period that is the number of Collection Periods before the Expected Final Payment Date at least equal to the Accumulation Period Length. On or before each Determination Date beginning with the Determination Date in the February 2013 January 2020 Collection Period and ending when the Controlled Accumulation Period begins, the Servicer will determine the “Accumulation Period Length.”
Appears in 2 contracts
Sources: Indenture Supplement (Ford Credit Floorplan Master Owner Trust A), Indenture Supplement (Ford Credit Floorplan Master Owner Trust A)
Application of Available Funds in Collection Account and Other Sources. (a) As long as the Indenture Trustee has received the Monthly Investor Report by the related Determination Date, the Indenture Trustee (based on the information in the Monthly Investor Report) will, on each Payment Date and to the extent of Available Investor Interest Collections in the Collection Account, make the following applications, payments or deposits in the following order of priority:
(i) to the Noteholders of each Class of Class A Notes, the Accrued Note Paying Agent Interest for payment each Class of Class A Notes for that Payment Date or, if Available Investor Interest Collections are insufficient to pay the Accrued Note Interest in full for each Class of Class A Notes, to the Noteholders of the each Class of Class A Notes, pro rata, based on the Accrued Note Interest for the Balance of each Class of Class A Notes for such Payment DateNotes;
(ii) to the Note Paying Agent for payment to the Noteholders of the Class B Notes, the Accrued Note Interest for the Class B Notes for such that Payment Date;
(iii) to the Note Paying Agent for payment to the Noteholders of the Class C Notes, the Accrued Note Interest for the Class C Notes for such that Payment Date;
(iv) to the Note Paying Agent for payment to the Noteholders of the Class D Notes, the Accrued Note Interest for the Class D Notes for such that Payment Date;
(v) pro rata, to the payment of all amounts, including indemnities, then due to the Owner Trustee and the Indenture Trustee for the Series 20112015-2 1 Notes, and any expenses incurred by the Issuer for the Series 20112015-2 1 Notes in accordance with the Transaction Documents, in each case, to the extent not paid by the Servicer or the Administrator, up to a maximum of $150,000 per year;
(vi) pro rata (A) to the Back-up Servicer, the Monthly Back-up Servicing Fee for such that Payment Date, if any, together with any Monthly Back-up Servicing Fees previously due but not paid on prior Payment Dates, Dates and (B) if Ford Credit or one of its Affiliates is no longer the Servicer, to the Servicer, the Monthly Servicing Fee for such that Payment Date, together with any Monthly Servicing Fees previously due but not paid on prior Payment Dates (unless such that amount has been netted against deposits into in the Collection Account in accordance with Section 8.4(c) of the Indenture);
(vii) to treat as Available Investor Principal Collections for such that Payment Date, the Investor Default Amount for such that Payment Date;
(viii) to the Series 20112015-2 1 Reserve Account, the Series 20112015-2 1 Reserve Account Deposit Amount for such that Payment Date;
(ix) to treat as Available Investor Principal Collections for such that Payment Date, the sum of Investor Charge-Offs that have not been previously reimbursed;
(x) to treat as Available Investor Principal Collections for such that Payment Date, the sum of Reallocated Principal Collections that have not been previously reimbursed;
(xi) beginning on the Series 20112015-2 1 Accumulation Period Reserve Account Funding Date, to the Series 20112015-2 1 Accumulation Period Reserve Account, the Series 20112015-2 1 Accumulation Period Reserve Account Deposit Amount for such that Payment Date;
(xii) if Ford Credit or one of its Affiliates is the Servicer, to the Servicer, the Monthly Servicing Fee for such that Payment Date, together with any Monthly Servicing Fees previously due but not paid on prior Payment Dates (unless such that amount has been netted against deposits into in the Collection Account in accordance with Section 8.4(c) of the Indenture);
(xiii) to the Depositor Interest Account for distribution to the holders of the Depositor Interest in accordance with the Trust Agreement to increase the Available Subordinated Amount, the excess of the Required Subordinated Amount over the Available Subordinated Amount (unless such that amount has been netted against deposits into in the Collection Account in accordance with Section 8.4(c) of the Indenture);
(xiv) pro rata, to the payment of all amounts, including indemnities, then due to the Owner Trustee and the Indenture Trustee for the Series 20112015-2 1 Notes, and any expenses incurred by the Issuer for the Series 20112015-2 1 Notes in accordance with the Transaction Documents, in each case, to the extent not paid by the Servicer or the Administrator or pursuant to under clause (v) above;
(xv) to the Back-up Servicer, any amounts due pursuant to under Section 2.3(b) of the Back-up Servicing Agreement and any Transition Costs due pursuant to under Section 2.3(c) of the Back-up Servicing Agreement in excess of the amount in the Back-up Servicer Reserve Account, in each case, for the Series 20112015-2 1 Notes;
(xvi) to treat as Excess Interest Collections available from Series 20112015-21, the Interest Collections Shortfalls for other Series in Excess Interest Sharing Group One; and
(xvii) to the Depositor Interest Account for distribution to the holders of the Depositor Interest in accordance with the Trust Agreement, all remaining Available Investor Interest Collections.
(b) If Available Investor Interest Collections for any Payment Date are insufficient to make the applications, payments and deposits required pursuant to under Section 4.2(a), as long as the Indenture Trustee has received the Monthly Investor Report by the related Determination Date, the Indenture Trustee (based on the information in the Monthly Investor Report) will, on or before such that Payment Date, apply available funds from the following sources in the following order of priority:
(i) from Excess Interest Collections available from other Series in Excess Interest Sharing Group One, to cover shortfalls in the applications, payments and deposits pursuant to under Sections 4.2(a)(i) through (xv) in that order;
(ii) from Available Depositor Interest Collections and Available Depositor Principal Collections (with respect to for Available Depositor Principal Collections, in an amount not exceeding the Available Subordinated Amount (before giving effect to Section 4.3) for such that Payment Date), to cover shortfalls in the applications, payments and deposits required pursuant to under Sections 4.2(a)(i) through (ixx) in that order; provided that, if the amount of Available Depositor Collections is insufficient to cover such those shortfalls for Series 20112015-21, as well as any similar shortfalls for other Series, then Available Depositor Collections will be allocated to Series 20112015-2 1 based on the ratio that the Available Subordinated Amount for Series 20112015-2 1 bears to the aggregate “Available Subordinated Amounts” for all Series having such those shortfalls; provided, further, that if the amount of Available Depositor Collections exceeds the aggregate amount of such those shortfalls for all Series, then the excess Available Depositor Collections will be applied to cover any unpaid Adjustment Payments;
(iii) from the Series 20112015-2 1 Reserve Account Available Amount, to cover shortfalls in the applications, payments and deposits required pursuant to under Sections 4.2(a)(i) through (vii) in that order; and
(iv) from the Reallocated Principal Collections for such that Payment Date, to cover shortfalls in the payments required pursuant to under Sections 4.2(a)(i) through (iv).
(c) As long as the Indenture Trustee has received the Monthly Investor Report by the related Determination Date, the Indenture Trustee (based on information in the Monthly Investor Report) will, on each Payment Date and to the extent of Available Investor Principal Collections on deposit in the Collection Account, make the following applications, payments or deposits in the following order of priority:
(i) on any Payment Date with respect to in the Controlled Accumulation Period or Early Amortization Period, to the Series 20112015-2 1 Principal Funding Account, the excess, if any, of the Monthly Principal Amount for such that Payment Date over the amount deposited into in the Series 20112015-2 1 Principal Funding Account from the Excess Funding Account pursuant to under Section 4.2(d) on such that Payment Date;
(ii) to other Principal Sharing Series in Principal Sharing Group One, the Shared Principal Collections for such that Payment Date;
(iii) to the Excess Funding Account, the excess, if any, of the Required Pool Balance over the Net Adjusted Pool Balance pursuant to under Section 8.3(b)(ii) of the Indenture; and
(iv) to the Depositor Interest Account for distribution to the holders of the Depositor Interest in accordance with the Trust Agreement, all remaining Available Investor Principal Collections.
(d) As long as the Indenture Trustee has received the Monthly Investor Report by the related Determination Date, the Indenture Trustee (based on information in the Monthly Investor Report) will, on each Payment Date with respect to in the Controlled Accumulation Period or an Early Amortization Period, deposit into in the Series 20112015-2 1 Principal Funding Account from the Excess Funding Account the lesser of (i) the Series 20112015-2 1 Excess Funding Amount, Amount and (ii) the Monthly Principal Amount for such that Payment Date.
(e) If Available Investor Principal Collections for any Payment Date with respect to in an Early Amortization Period are insufficient to deposit the amount required pursuant to under Section 4.2(c)(i), as long as the Indenture Trustee has received the Monthly Investor Report by the related Determination Date, the Indenture Trustee (based on the information in the Monthly Investor Report) will, on such that Payment Date, deposit into in the Series 20112015-2 1 Principal Funding Account Available Depositor Interest Collections and Available Depositor Principal Collections (with respect to for Available Depositor Principal Collections, in an amount not to exceed the Available Subordinated Amount) on such that Payment Date in an amount equal to the excess of the Adjusted Invested Amount over the sum of the amounts deposited into in the Series 20112015-2 1 Principal Funding Account from Available Investor Principal Collections pursuant to under Section 4.2(c)(i) and from the Excess Funding Account pursuant to under Section 4.2(d).
(f) So long as an Early Amortization Period has not begun, on the Expected Final Payment Date, or on each Payment Date with respect to in an Early Amortization Period, as long as the Indenture Trustee has received the Monthly Investor Report by the related Determination Date, the Indenture Trustee (based on the information in the Monthly Investor Report) will withdraw an amount up to the aggregate Note Balance of Series 20112015-2 1 from the Series 20112015-2 1 Principal Funding Account for payment in the following order of priority: (i) to the Noteholders of Class A Notes Notes, pro rata based on the principal amount of each class of Class A Notes, until the Note Balance of the Class A Notes is reduced to zero, (ii) to the Noteholders of Class B Notes until the Note Balance of the Class B Notes is reduced to zero, (iii) to the Noteholders of the Class C Notes until the Note Balance of the Class C Notes is reduced to zero and (iv) to the Noteholders of the Class D Notes until the Note Balance of the Class D Notes is reduced to zero.
(g) The Controlled Accumulation Period is scheduled to begin on the first day of the March 2013 July 1, 2017 Collection Period. However, if the Accumulation Period Length is less than six Collection Periods, the date on which the Controlled Accumulation Period actually begins will be delayed to the first day of the Collection Period that is the number of Collection Periods before the Expected Final Payment Date at least equal to the Accumulation Period Length. On or before each Determination Date beginning with the Determination Date in the February 2013 June 2017 Collection Period and ending when the Controlled Accumulation Period begins, the Servicer will determine the “Accumulation Period Length.”
Appears in 2 contracts
Sources: Indenture Supplement (Ford Credit Floorplan Master Owner Trust A), Indenture Supplement (Ford Credit Floorplan Master Owner Trust A)
Application of Available Funds in Collection Account and Other Sources. (a) As long as the Indenture Trustee has received the Monthly Investor Report by the related Determination Date, the Indenture Trustee (based on the information in the Monthly Investor Report) will, on each Payment Date and to the extent of Available Investor Interest Collections in the Collection Account, make the following applications, payments or deposits in the following order of priority:
(i) to the Note Paying Agent for payment to the Noteholders of the Class A Notes, pro rata, the Accrued Note Interest for the Class A Notes for such Payment Date;
(ii) to the Note Paying Agent for payment to the Noteholders of the Class B Notes, the Accrued Note Interest for the Class B Notes for such Payment Date;
(iii) to the Note Paying Agent for payment to the Noteholders of the Class C Notes, the Accrued Note Interest for the Class C Notes for such Payment Date;
(iv) to the Note Paying Agent for payment to the Noteholders of the Class D Notes, the Accrued Note Interest for the Class D Notes for such Payment Date;
(v) pro rata, to the payment of all amounts, including indemnities, then due to the Owner Trustee and the Indenture Trustee for the Series 20112013-2 4 Notes, and any expenses incurred by the Issuer for the Series 20112013-2 4 Notes in accordance with the Transaction Documents, in each case, to the extent not paid by the Servicer or the Administrator, up to a maximum of $150,000 per year;
(vi) pro rata (A) to the Back-up Servicer, the Monthly Back-up Servicing Fee for such Payment Date, if any, together with any Monthly Back-up Servicing Fees previously due but not paid on prior Payment Dates, and (B) if Ford Credit or one of its Affiliates is no longer the Servicer, to the Servicer, the Monthly Servicing Fee for such Payment Date, together with any Monthly Servicing Fees previously due but not paid on prior Payment Dates (unless such amount has been netted against deposits into the Collection Account in accordance with Section 8.4(c) of the Indenture);
(vii) to treat as Available Investor Principal Collections for such Payment Date, the Investor Default Amount for such Payment Date;
(viii) to the Series 20112013-2 4 Reserve Account, the Series 20112013-2 4 Reserve Account Deposit Amount for such Payment Date;
(ix) to treat as Available Investor Principal Collections for such Payment Date, the sum of Investor Charge-Offs that have not been previously reimbursed;
(x) to treat as Available Investor Principal Collections for such Payment Date, the sum of Reallocated Principal Collections that have not been previously reimbursed;
(xi) beginning on the Series 20112013-2 4 Accumulation Period Reserve Account Funding Date, to the Series 20112013-2 4 Accumulation Period Reserve Account, the Series 20112013-2 4 Accumulation Period Reserve Account Deposit Amount for such Payment Date;
(xii) if Ford Credit or one of its Affiliates is the Servicer, to the Servicer, the Monthly Servicing Fee for such Payment Date, together with any Monthly Servicing Fees previously due but not paid on prior Payment Dates (unless such amount has been netted against deposits into the Collection Account in accordance with Section 8.4(c) of the Indenture);
(xiii) to the Depositor Interest Account for distribution to the holders of the Depositor Interest in accordance with the Trust Agreement to increase the Available Subordinated Amount, the excess of the Required Subordinated Amount over the Available Subordinated Amount (unless such amount has been netted against deposits into the Collection Account in accordance with Section 8.4(c) of the Indenture);
(xiv) pro rata, to the payment of all amounts, including indemnities, then due to the Owner Trustee and the Indenture Trustee for the Series 20112013-2 4 Notes, and any expenses incurred by the Issuer for the Series 20112013-2 4 Notes in accordance with the Transaction Documents, in each case, to the extent not paid by the Servicer or the Administrator or pursuant to clause (v) above;
(xv) to the Back-up Servicer, any amounts due pursuant to Section 2.3(b) of the Back-up Servicing Agreement and any Transition Costs due pursuant to Section 2.3(c) of the Back-up Servicing Agreement in excess of the amount in the Back-up Servicer Reserve Account, in each case, for the Series 20112013-2 4 Notes;
(xvi) to treat as Excess Interest Collections available from Series 20112013-24, the Interest Collections Shortfalls for other Series in Excess Interest Sharing Group One; and
(xvii) to the Depositor Interest Account for distribution to the holders of the Depositor Interest in accordance with the Trust Agreement, all remaining Available Investor Interest Collections.
(b) If Available Investor Interest Collections for any Payment Date are insufficient to make the applications, payments and deposits required pursuant to Section 4.2(a), as long as the Indenture Trustee has received the Monthly Investor Report by the related Determination Date, the Indenture Trustee (based on the information in the Monthly Investor Report) will, on or before such Payment Date, apply available funds from the following sources in the following order of priority:
(i) from Excess Interest Collections available from other Series in Excess Interest Sharing Group One, to cover shortfalls in the applications, payments and deposits pursuant to Sections 4.2(a)(i) through (xv) in that order;
(ii) from Available Depositor Interest Collections and Available Depositor Principal Collections (with respect to Available Depositor Principal Collections, in an amount not exceeding the Available Subordinated Amount (before giving effect to Section 4.3) for such Payment Date), to cover shortfalls in the applications, payments and deposits required pursuant to Sections 4.2(a)(i) through (ixx) in that order; provided that, if the amount of Available Depositor Collections is insufficient to cover such shortfalls for Series 20112013-24, as well as any similar shortfalls for other Series, then Available Depositor Collections will be allocated to Series 20112013-2 4 based on the ratio that the Available Subordinated Amount for Series 20112013-2 4 bears to the aggregate “Available Subordinated Amounts” for all Series having such shortfalls; provided, further, that if the amount of Available Depositor Collections exceeds the aggregate amount of such shortfalls for all Series, then the excess Available Depositor Collections will be applied to cover any unpaid Adjustment Payments;
(iii) from the Series 20112013-2 4 Reserve Account Available Amount, to cover shortfalls in the applications, payments and deposits required pursuant to Sections 4.2(a)(i) through (vii) in that order; and
(iv) from the Reallocated Principal Collections for such Payment Date, to cover shortfalls in the payments required pursuant to Sections 4.2(a)(i) through (iv).
(c) As long as the Indenture Trustee has received the Monthly Investor Report by the related Determination Date, the Indenture Trustee (based on information in the Monthly Investor Report) will, on each Payment Date and to the extent of Available Investor Principal Collections on deposit in the Collection Account, make the following applications, payments or deposits in the following order of priority:
(i) on any Payment Date with respect to the Controlled Accumulation Period or Early Amortization Period, to the Series 20112013-2 4 Principal Funding Account, the excess, if any, of the Monthly Principal Amount for such Payment Date over the amount deposited into the Series 20112013-2 4 Principal Funding Account from the Excess Funding Account pursuant to Section 4.2(d) on such Payment Date;
(ii) to other Principal Sharing Series in Principal Sharing Group One, the Shared Principal Collections for such Payment Date;
(iii) to the Excess Funding Account, the excess, if any, of the Required Pool Balance over the Net Adjusted Pool Balance pursuant to Section 8.3(b)(ii) of the Indenture; and
(iv) to the Depositor Interest Account for distribution to the holders of the Depositor Interest in accordance with the Trust Agreement, all remaining Available Investor Principal Collections.
(d) As long as the Indenture Trustee has received the Monthly Investor Report by the related Determination Date, the Indenture Trustee (based on information in the Monthly Investor Report) will, on each Payment Date with respect to the Controlled Accumulation Period or an Early Amortization Period, deposit into the Series 20112013-2 4 Principal Funding Account from the Excess Funding Account the lesser of (i) the Series 20112013-2 4 Excess Funding Amount, and (ii) the Monthly Principal Amount for such Payment Date.
(e) If Available Investor Principal Collections for any Payment Date with respect to an Early Amortization Period are insufficient to deposit the amount required pursuant to Section 4.2(c)(i), as long as the Indenture Trustee has received the Monthly Investor Report by the related Determination Date, the Indenture Trustee (based on the information in the Monthly Investor Report) will, on such Payment Date, deposit into the Series 20112013-2 4 Principal Funding Account Available Depositor Interest Collections and Available Depositor Principal Collections (with respect to Available Depositor Principal Collections, in an amount not to exceed the Available Subordinated Amount) on such Payment Date in an amount equal to the excess of the Adjusted Invested Amount over the sum of the amounts deposited into the Series 20112013-2 4 Principal Funding Account from Available Investor Principal Collections pursuant to Section 4.2(c)(i) and from the Excess Funding Account pursuant to Section 4.2(d).
(f) So long as an Early Amortization Period has not begun, on the Expected Final Payment Date, or on each Payment Date with respect to an Early Amortization Period, as long as the Indenture Trustee has received the Monthly Investor Report by the related Determination Date, the Indenture Trustee (based on the information in the Monthly Investor Report) will withdraw an amount up to the aggregate Note Balance of Series 20112013-2 4 from the Series 20112013-2 4 Principal Funding Account for payment in the following order of priority: (i) to the Noteholders of Class A Notes Notes, until the Note Balance of the Class A Notes is reduced to zero, (ii) to the Noteholders of Class B Notes until the Note Balance of the Class B Notes is reduced to zero, (iii) to the Noteholders of the Class C Notes until the Note Balance of the Class C Notes is reduced to zero and (iv) to the Noteholders of the Class D Notes until the Note Balance of the Class D Notes is reduced to zero.
(g) The Controlled Accumulation Period is scheduled to begin on the first day of the March 2013 December 2017 Collection Period. However, if the Accumulation Period Length is less than six Collection Periods, the date on which the Controlled Accumulation Period actually begins will be delayed to the first day of the Collection Period that is the number of Collection Periods before the Expected Final Payment Date at least equal to the Accumulation Period Length. On or before each Determination Date beginning with the Determination Date in the February 2013 November 2017 Collection Period and ending when the Controlled Accumulation Period begins, the Servicer will determine the “Accumulation Period Length.”
Appears in 2 contracts
Sources: Indenture Supplement (Ford Credit Floorplan Master Owner Trust A), Indenture Supplement (Ford Credit Floorplan Master Owner Trust A)
Application of Available Funds in Collection Account and Other Sources. (a) As long as the Indenture Trustee has received the Monthly Investor Report by the related Determination Date, the Indenture Trustee (based on the information in the Monthly Investor Report) will, on each Payment Date and to the extent of Available Investor Interest Collections in the Collection Account, make the following applications, payments or deposits in the following order of priority:
(i) to the Noteholders of each Class of Class A Notes, the Accrued Note Paying Agent Interest for payment each such Class of Class A Notes for such Payment Date or, if Available Investor Interest Collections are insufficient to pay the Accrued Note Interest in full for each Class of Class A Notes, to the Noteholders of the each Class of Class A Notes, pro rata, based on the Accrued Note Interest for the Balance of each Class of Class A Notes for such Payment DateNotes;
(ii) to the Note Paying Agent for payment to the Noteholders of the Class B Notes, the Accrued Note Interest for the Class B Notes for such Payment Date;
(iii) to the Note Paying Agent for payment to the Noteholders of the Class C Notes, the Accrued Note Interest for the Class C Notes for such Payment Date;
(iv) to the Note Paying Agent for payment to the Noteholders of the Class D Notes, the Accrued Note Interest for the Class D Notes for such Payment Date;
(v) pro rata, to the payment of all amounts, including indemnities, then due to the Owner Trustee and the Indenture Trustee for the Series 20112014-2 1 Notes, and any expenses incurred by the Issuer for the Series 20112014-2 1 Notes in accordance with the Transaction Documents, in each case, to the extent not paid by the Servicer or the Administrator, up to a maximum of $150,000 per year;
(vi) pro rata (A) to the Back-up Servicer, the Monthly Back-up Servicing Fee for such Payment Date, if any, together with any Monthly Back-up Servicing Fees previously due but not paid on prior Payment Dates, and (B) if Ford Credit or one of its Affiliates is no longer the Servicer, to the Servicer, the Monthly Servicing Fee for such Payment Date, together with any Monthly Servicing Fees previously due but not paid on prior Payment Dates (unless such amount has been netted against deposits into the Collection Account in accordance with Section 8.4(c) of the Indenture);
(vii) to treat as Available Investor Principal Collections for such Payment Date, the Investor Default Amount for such Payment Date;
(viii) to the Series 20112014-2 1 Reserve Account, the Series 20112014-2 1 Reserve Account Deposit Amount for such Payment Date;
(ix) to treat as Available Investor Principal Collections for such Payment Date, the sum of Investor Charge-Offs that have not been previously reimbursed;
(x) to treat as Available Investor Principal Collections for such Payment Date, the sum of Reallocated Principal Collections that have not been previously reimbursed;
(xi) beginning on the Series 20112014-2 1 Accumulation Period Reserve Account Funding Date, to the Series 20112014-2 1 Accumulation Period Reserve Account, the Series 20112014-2 1 Accumulation Period Reserve Account Deposit Amount for such Payment Date;
(xii) if Ford Credit or one of its Affiliates is the Servicer, to the Servicer, the Monthly Servicing Fee for such Payment Date, together with any Monthly Servicing Fees previously due but not paid on prior Payment Dates (unless such amount has been netted against deposits into the Collection Account in accordance with Section 8.4(c) of the Indenture);
(xiii) to the Depositor Interest Account for distribution to the holders of the Depositor Interest in accordance with the Trust Agreement to increase the Available Subordinated Amount, the excess of the Required Subordinated Amount over the Available Subordinated Amount (unless such amount has been netted against deposits into the Collection Account in accordance with Section 8.4(c) of the Indenture);
(xiv) pro rata, to the payment of all amounts, including indemnities, then due to the Owner Trustee and the Indenture Trustee for the Series 20112014-2 1 Notes, and any expenses incurred by the Issuer for the Series 20112014-2 1 Notes in accordance with the Transaction Documents, in each case, to the extent not paid by the Servicer or the Administrator or pursuant to clause (v) above;
(xv) to the Back-up Servicer, any amounts due pursuant to Section 2.3(b) of the Back-up Servicing Agreement and any Transition Costs due pursuant to Section 2.3(c) of the Back-up Servicing Agreement in excess of the amount in the Back-up Servicer Reserve Account, in each case, for the Series 20112014-2 1 Notes;
(xvi) to treat as Excess Interest Collections available from Series 20112014-21, the Interest Collections Shortfalls for other Series in Excess Interest Sharing Group One; and
(xvii) to the Depositor Interest Account for distribution to the holders of the Depositor Interest in accordance with the Trust Agreement, all remaining Available Investor Interest Collections.
(b) If Available Investor Interest Collections for any Payment Date are insufficient to make the applications, payments and deposits required pursuant to Section 4.2(a), as long as the Indenture Trustee has received the Monthly Investor Report by the related Determination Date, the Indenture Trustee (based on the information in the Monthly Investor Report) will, on or before such Payment Date, apply available funds from the following sources in the following order of priority:
(i) from Excess Interest Collections available from other Series in Excess Interest Sharing Group One, to cover shortfalls in the applications, payments and deposits pursuant to Sections 4.2(a)(i) through (xv) in that order;
(ii) from Available Depositor Interest Collections and Available Depositor Principal Collections (with respect to Available Depositor Principal Collections, in an amount not exceeding the Available Subordinated Amount (before giving effect to Section 4.3) for such Payment Date), to cover shortfalls in the applications, payments and deposits required pursuant to Sections 4.2(a)(i) through (ixx) in that order; provided that, if the amount of Available Depositor Collections is insufficient to cover such shortfalls for Series 20112014-21, as well as any similar shortfalls for other Series, then Available Depositor Collections will be allocated to Series 20112014-2 1 based on the ratio that the Available Subordinated Amount for Series 20112014-2 1 bears to the aggregate “Available Subordinated Amounts” for all Series having such shortfalls; provided, further, that if the amount of Available Depositor Collections exceeds the aggregate amount of such shortfalls for all Series, then the excess Available Depositor Collections will be applied to cover any unpaid Adjustment Payments;
(iii) from the Series 20112014-2 1 Reserve Account Available Amount, to cover shortfalls in the applications, payments and deposits required pursuant to Sections 4.2(a)(i) through (vii) in that order; and
(iv) from the Reallocated Principal Collections for such Payment Date, to cover shortfalls in the payments required pursuant to Sections 4.2(a)(i) through (iv).
(c) As long as the Indenture Trustee has received the Monthly Investor Report by the related Determination Date, the Indenture Trustee (based on information in the Monthly Investor Report) will, on each Payment Date and to the extent of Available Investor Principal Collections on deposit in the Collection Account, make the following applications, payments or deposits in the following order of priority:
(i) on any Payment Date with respect to the Controlled Accumulation Period or Early Amortization Period, to the Series 20112014-2 1 Principal Funding Account, the excess, if any, of the Monthly Principal Amount for such Payment Date over the amount deposited into the Series 20112014-2 1 Principal Funding Account from the Excess Funding Account pursuant to Section 4.2(d) on such Payment Date;
(ii) to other Principal Sharing Series in Principal Sharing Group One, the Shared Principal Collections for such Payment Date;
(iii) to the Excess Funding Account, the excess, if any, of the Required Pool Balance over the Net Adjusted Pool Balance pursuant to Section 8.3(b)(ii) of the Indenture; and
(iv) to the Depositor Interest Account for distribution to the holders of the Depositor Interest in accordance with the Trust Agreement, all remaining Available Investor Principal Collections.
(d) As long as the Indenture Trustee has received the Monthly Investor Report by the related Determination Date, the Indenture Trustee (based on information in the Monthly Investor Report) will, on each Payment Date with respect to the Controlled Accumulation Period or an Early Amortization Period, deposit into the Series 20112014-2 1 Principal Funding Account from the Excess Funding Account the lesser of (i) the Series 20112014-2 1 Excess Funding Amount, and (ii) the Monthly Principal Amount for such Payment Date.
(e) If Available Investor Principal Collections for any Payment Date with respect to an Early Amortization Period are insufficient to deposit the amount required pursuant to Section 4.2(c)(i), as long as the Indenture Trustee has received the Monthly Investor Report by the related Determination Date, the Indenture Trustee (based on the information in the Monthly Investor Report) will, on such Payment Date, deposit into the Series 20112014-2 1 Principal Funding Account Available Depositor Interest Collections and Available Depositor Principal Collections (with respect to Available Depositor Principal Collections, in an amount not to exceed the Available Subordinated Amount) on such Payment Date in an amount equal to the excess of the Adjusted Invested Amount over the sum of the amounts deposited into the Series 20112014-2 1 Principal Funding Account from Available Investor Principal Collections pursuant to Section 4.2(c)(i) and from the Excess Funding Account pursuant to Section 4.2(d).
(f) So long as an Early Amortization Period has not begun, on the Expected Final Payment Date, or on each Payment Date with respect to an Early Amortization Period, as long as the Indenture Trustee has received the Monthly Investor Report by the related Determination Date, the Indenture Trustee (based on the information in the Monthly Investor Report) will withdraw an amount up to the aggregate Note Balance of Series 20112014-2 1 from the Series 20112014-2 1 Principal Funding Account for payment in the following order of priority: (i) to the Noteholders of Class A Notes Notes, pro rata based upon the principal amount of each class of Class A Notes, until the Note Balance of the Class A Notes is reduced to zero, (ii) to the Noteholders of Class B Notes until the Note Balance of the Class B Notes is reduced to zero, (iii) to the Noteholders of the Class C Notes until the Note Balance of the Class C Notes is reduced to zero and (iv) to the Noteholders of the Class D Notes until the Note Balance of the Class D Notes is reduced to zero.
(g) The Controlled Accumulation Period is scheduled to begin on the first day of the March 2013 August 2016 Collection Period. However, if the Accumulation Period Length is less than six Collection Periods, the date on which the Controlled Accumulation Period actually begins will be delayed to the first day of the Collection Period that is the number of Collection Periods before the Expected Final Payment Date at least equal to the Accumulation Period Length. On or before each Determination Date beginning with the Determination Date in the February 2013 July 2016 Collection Period and ending when the Controlled Accumulation Period begins, the Servicer will determine the “Accumulation Period Length.”
Appears in 2 contracts
Sources: Indenture Supplement (Ford Credit Floorplan Master Owner Trust A), Indenture Supplement (Ford Credit Floorplan Master Owner Trust A)
Application of Available Funds in Collection Account and Other Sources. (a) As long as the Indenture Trustee has received the Monthly Investor Report by the related Determination Date, the Indenture Trustee (based on the information in the Monthly Investor Report) will, on each Payment Date and to the extent of Available Investor Interest Collections in the Collection Account, make the following applications, payments or deposits in the following order of priority:
(i) to the Note Paying Agent for payment to the Noteholders of the Class A Notes, pro rata, the Accrued Note Interest for the Class A Notes for such Payment Date;
(ii) to the Note Paying Agent for payment to the Noteholders of the Class B Notes, the Accrued Note Interest for the Class B Notes for such Payment Date;
(iii) to the Note Paying Agent for payment to the Noteholders of the Class C Notes, the Accrued Note Interest for the Class C Notes for such Payment Date;
(iv) to the Note Paying Agent for payment to the Noteholders of the Class D Notes, the Accrued Note Interest for the Class D Notes for such Payment Date;
(v) pro rata, to the payment of all amounts, including indemnities, then due to the Owner Trustee and the Indenture Trustee for the Series 20112012-2 5 Notes, and any expenses incurred by the Issuer for the Series 20112012-2 5 Notes in accordance with the Transaction Documents, in each case, to the extent not paid by the Servicer or the Administrator, up to a maximum of $150,000 per year;
(vi) pro rata (A) to the Back-up Servicer, the Monthly Back-up Servicing Fee for such Payment Date, if any, together with any Monthly Back-up Servicing Fees previously due but not paid on prior Payment Dates, and (B) if Ford Credit or one of its Affiliates is no longer the Servicer, to the Servicer, the Monthly Servicing Fee for such Payment Date, together with any Monthly Servicing Fees previously due but not paid on prior Payment Dates (unless such amount has been netted against deposits into the Collection Account in accordance with Section 8.4(c) of the Indenture);
(vii) to treat as Available Investor Principal Collections for such Payment Date, the Investor Default Amount for such Payment Date;
(viii) to the Series 20112012-2 5 Reserve Account, the Series 20112012-2 5 Reserve Account Deposit Amount for such Payment Date;
(ix) to treat as Available Investor Principal Collections for such Payment Date, the sum of Investor Charge-Offs that have not been previously reimbursed;
(x) to treat as Available Investor Principal Collections for such Payment Date, the sum of Reallocated Principal Collections that have not been previously reimbursed;
(xi) beginning on the Series 20112012-2 5 Accumulation Period Reserve Account Funding Date, to the Series 20112012-2 5 Accumulation Period Reserve Account, the Series 20112012-2 5 Accumulation Period Reserve Account Deposit Amount for such Payment Date;
(xii) if Ford Credit or one of its Affiliates is the Servicer, to the Servicer, the Monthly Servicing Fee for such Payment Date, together with any Monthly Servicing Fees previously due but not paid on prior Payment Dates (unless such amount has been netted against deposits into the Collection Account in accordance with Section 8.4(c) of the Indenture);
(xiii) to the Depositor Interest Account for distribution to the holders of the Depositor Interest in accordance with the Trust Agreement to increase the Available Subordinated Amount, the excess of the Required Subordinated Amount over the Available Subordinated Amount (unless such amount has been netted against deposits into the Collection Account in accordance with Section 8.4(c) of the Indenture);
(xiv) pro rata, to the payment of all amounts, including indemnities, then due to the Owner Trustee and the Indenture Trustee for the Series 20112012-2 5 Notes, and any expenses incurred by the Issuer for the Series 20112012-2 5 Notes in accordance with the Transaction Documents, in each case, to the extent not paid by the Servicer or the Administrator or pursuant to clause (v) above;
(xv) to the Back-up Servicer, any amounts due pursuant to Section 2.3(b) of the Back-up Servicing Agreement and any Transition Costs due pursuant to Section 2.3(c) of the Back-up Servicing Agreement in excess of the amount in the Back-up Servicer Reserve Account, in each case, for the Series 20112012-2 5 Notes;
(xvi) to treat as Excess Interest Collections available from Series 20112012-25, the Interest Collections Shortfalls for other Series in Excess Interest Sharing Group One; and
(xvii) to the Depositor Interest Account for distribution to the holders of the Depositor Interest in accordance with the Trust Agreement, all remaining Available Investor Interest Collections.
(b) If Available Investor Interest Collections for any Payment Date are insufficient to make the applications, payments and deposits required pursuant to Section 4.2(a), as long as the Indenture Trustee has received the Monthly Investor Report by the related Determination Date, the Indenture Trustee (based on the information in the Monthly Investor Report) will, on or before such Payment Date, apply available funds from the following sources in the following order of priority:
(i) from Excess Interest Collections available from other Series in Excess Interest Sharing Group One, to cover shortfalls in the applications, payments and deposits pursuant to Sections 4.2(a)(i) through (xv) in that order;
(ii) from Available Depositor Interest Collections and Available Depositor Principal Collections (with respect to Available Depositor Principal Collections, in an amount not exceeding the Available Subordinated Amount (before giving effect to Section 4.3) for such Payment Date), to cover shortfalls in the applications, payments and deposits required pursuant to Sections 4.2(a)(i) through (ixx) in that order; provided that, if the amount of Available Depositor Collections is insufficient to cover such shortfalls for Series 20112012-25, as well as any similar shortfalls for other Series, then Available Depositor Collections will be allocated to Series 20112012-2 5 based on the ratio that the Available Subordinated Amount for Series 20112012-2 5 bears to the aggregate “Available Subordinated Amounts” for all Series having such shortfalls; provided, further, that if the amount of Available Depositor Collections exceeds the aggregate amount of such shortfalls for all Series, then the excess Available Depositor Collections will be applied to cover any unpaid Adjustment Payments;
(iii) from the Series 20112012-2 5 Reserve Account Available Amount, to cover shortfalls in the applications, payments and deposits required pursuant to Sections 4.2(a)(i) through (vii) in that order; and
(iv) from the Reallocated Principal Collections for such Payment Date, to cover shortfalls in the payments required pursuant to Sections 4.2(a)(i) through (iv).
(c) As long as the Indenture Trustee has received the Monthly Investor Report by the related Determination Date, the Indenture Trustee (based on information in the Monthly Investor Report) will, on each Payment Date and to the extent of Available Investor Principal Collections on deposit in the Collection Account, make the following applications, payments or deposits in the following order of priority:
(i) on any Payment Date with respect to the Controlled Accumulation Period or Early Amortization Period, to the Series 20112012-2 5 Principal Funding Account, the excess, if any, of the Monthly Principal Amount for such Payment Date over the amount deposited into the Series 20112012-2 5 Principal Funding Account from the Excess Funding Account pursuant to Section 4.2(d) on such Payment Date;
(ii) to other Principal Sharing Series in Principal Sharing Group One, the Shared Principal Collections for such Payment Date;
(iii) to the Excess Funding Account, the excess, if any, of the Required Pool Balance over the Net Adjusted Pool Balance pursuant to Section 8.3(b)(ii) of the Indenture; and
(iv) to the Depositor Interest Account for distribution to the holders of the Depositor Interest in accordance with the Trust Agreement, all remaining Available Investor Principal Collections.
(d) As long as the Indenture Trustee has received the Monthly Investor Report by the related Determination Date, the Indenture Trustee (based on information in the Monthly Investor Report) will, on each Payment Date with respect to the Controlled Accumulation Period or an Early Amortization Period, deposit into the Series 20112012-2 5 Principal Funding Account from the Excess Funding Account the lesser of (i) the Series 20112012-2 5 Excess Funding Amount, and (ii) the Monthly Principal Amount for such Payment Date.
(e) If Available Investor Principal Collections for any Payment Date with respect to an Early Amortization Period are insufficient to deposit the amount required pursuant to Section 4.2(c)(i), as long as the Indenture Trustee has received the Monthly Investor Report by the related Determination Date, the Indenture Trustee (based on the information in the Monthly Investor Report) will, on such Payment Date, deposit into the Series 20112012-2 5 Principal Funding Account Available Depositor Interest Collections and Available Depositor Principal Collections (with respect to Available Depositor Principal Collections, in an amount not to exceed the Available Subordinated Amount) on such Payment Date in an amount equal to the excess of the Adjusted Invested Amount over the sum of the amounts deposited into the Series 20112012-2 5 Principal Funding Account from Available Investor Principal Collections pursuant to Section 4.2(c)(i) and from the Excess Funding Account pursuant to Section 4.2(d).
(f) So long as an Early Amortization Period has not begun, on the Expected Final Payment Date, or on each Payment Date with respect to an Early Amortization Period, as long as the Indenture Trustee has received the Monthly Investor Report by the related Determination Date, the Indenture Trustee (based on the information in the Monthly Investor Report) will withdraw an amount up to the aggregate Note Balance of Series 20112012-2 5 from the Series 20112012-2 5 Principal Funding Account for payment in the following order of priority: (i) to the Noteholders of Class A Notes until the Note Balance of the Class A Notes is reduced to zero, (ii) to the Noteholders of Class B Notes until the Note Balance of the Class B Notes is reduced to zero, (iii) to the Noteholders of the Class C Notes until the Note Balance of the Class C Notes is reduced to zero and (iv) to the Noteholders of the Class D Notes until the Note Balance of the Class D Notes is reduced to zero.
(g) The Controlled Accumulation Period is scheduled to begin on the first day of the March 2013 2017 Collection Period. However, if the Accumulation Period Length is less than six Collection Periods, the date on which the Controlled Accumulation Period actually begins will be delayed to the first day of the Collection Period that is the number of Collection Periods before the Expected Final Payment Date at least equal to the Accumulation Period Length. On or before each Determination Date beginning with the Determination Date in the February 2013 2017 Collection Period and ending when the Controlled Accumulation Period begins, the Servicer will determine the “Accumulation Period Length.”
Appears in 2 contracts
Sources: Indenture Supplement (Ford Credit Floorplan Master Owner Trust a Series 2012-5), Indenture Supplement (Ford Credit Floorplan Master Owner Trust a Series 2012-5)
Application of Available Funds in Collection Account and Other Sources. (a) As long as the Indenture Trustee has received the Monthly Investor Report by the related Determination Date, the Indenture Trustee (based on the information in the Monthly Investor Report) will, on each Payment Date and to the extent of Available Investor Interest Collections in the Collection Account, make the following applications, payments or deposits in the following order of priority:
(i) to the Noteholders of each Class of Class A Notes, the Accrued Note Paying Agent Interest for payment each such Class of Class A Notes for such Payment Date or, if Available Investor Interest Collections are insufficient to pay the Accrued Note Interest in full for each Class of Class A Notes, to the Noteholders of the each Class of Class A Notes, pro rata, based on the Accrued Note Interest for the Balance of each Class of Class A Notes for such Payment DateNotes;
(ii) to the Note Paying Agent for payment to the Noteholders of the Class B Notes, the Accrued Note Interest for the Class B Notes for such Payment Date;
(iii) to the Note Paying Agent for payment to the Noteholders of the Class C Notes, the Accrued Note Interest for the Class C Notes for such Payment Date;
(iv) to the Note Paying Agent for payment to the Noteholders of the Class D Notes, the Accrued Note Interest for the Class D Notes for such Payment Date;
(v) pro rata, to the payment of all amounts, including indemnities, then due to the Owner Trustee and the Indenture Trustee for the Series 20112013-2 3 Notes, and any expenses incurred by the Issuer for the Series 20112013-2 3 Notes in accordance with the Transaction Documents, in each case, to the extent not paid by the Servicer or the Administrator, up to a maximum of $150,000 per year;
(vi) pro rata (A) to the Back-up Servicer, the Monthly Back-up Servicing Fee for such Payment Date, if any, together with any Monthly Back-up Servicing Fees previously due but not paid on prior Payment Dates, and (B) if Ford Credit or one of its Affiliates is no longer the Servicer, to the Servicer, the Monthly Servicing Fee for such Payment Date, together with any Monthly Servicing Fees previously due but not paid on prior Payment Dates (unless such amount has been netted against deposits into the Collection Account in accordance with Section 8.4(c) of the Indenture);
(vii) to treat as Available Investor Principal Collections for such Payment Date, the Investor Default Amount for such Payment Date;
(viii) to the Series 20112013-2 3 Reserve Account, the Series 20112013-2 3 Reserve Account Deposit Amount for such Payment Date;
(ix) to treat as Available Investor Principal Collections for such Payment Date, the sum of Investor Charge-Offs that have not been previously reimbursed;
(x) to treat as Available Investor Principal Collections for such Payment Date, the sum of Reallocated Principal Collections that have not been previously reimbursed;
(xi) beginning on the Series 20112013-2 3 Accumulation Period Reserve Account Funding Date, to the Series 20112013-2 3 Accumulation Period Reserve Account, the Series 20112013-2 3 Accumulation Period Reserve Account Deposit Amount for such Payment Date;
(xii) if Ford Credit or one of its Affiliates is the Servicer, to the Servicer, the Monthly Servicing Fee for such Payment Date, together with any Monthly Servicing Fees previously due but not paid on prior Payment Dates (unless such amount has been netted against deposits into the Collection Account in accordance with Section 8.4(c) of the Indenture);
(xiii) to the Depositor Interest Account for distribution to the holders of the Depositor Interest in accordance with the Trust Agreement to increase the Available Subordinated Amount, the excess of the Required Subordinated Amount over the Available Subordinated Amount (unless such amount has been netted against deposits into the Collection Account in accordance with Section 8.4(c) of the Indenture);
(xiv) pro rata, to the payment of all amounts, including indemnities, then due to the Owner Trustee and the Indenture Trustee for the Series 20112013-2 3 Notes, and any expenses incurred by the Issuer for the Series 20112013-2 3 Notes in accordance with the Transaction Documents, in each case, to the extent not paid by the Servicer or the Administrator or pursuant to clause (v) above;
(xv) to the Back-up Servicer, any amounts due pursuant to Section 2.3(b) of the Back-up Servicing Agreement and any Transition Costs due pursuant to Section 2.3(c) of the Back-up Servicing Agreement in excess of the amount in the Back-up Servicer Reserve Account, in each case, for the Series 20112013-2 3 Notes;
(xvi) to treat as Excess Interest Collections available from Series 20112013-23, the Interest Collections Shortfalls for other Series in Excess Interest Sharing Group One; and
(xvii) to the Depositor Interest Account for distribution to the holders of the Depositor Interest in accordance with the Trust Agreement, all remaining Available Investor Interest Collections.
(b) If Available Investor Interest Collections for any Payment Date are insufficient to make the applications, payments and deposits required pursuant to Section 4.2(a), as long as the Indenture Trustee has received the Monthly Investor Report by the related Determination Date, the Indenture Trustee (based on the information in the Monthly Investor Report) will, on or before such Payment Date, apply available funds from the following sources in the following order of priority:
(i) from Excess Interest Collections available from other Series in Excess Interest Sharing Group One, to cover shortfalls in the applications, payments and deposits pursuant to Sections 4.2(a)(i) through (xv) in that order;
(ii) from Available Depositor Interest Collections and Available Depositor Principal Collections (with respect to Available Depositor Principal Collections, in an amount not exceeding the Available Subordinated Amount (before giving effect to Section 4.3) for such Payment Date), to cover shortfalls in the applications, payments and deposits required pursuant to Sections 4.2(a)(i) through (ixx) in that order; provided that, if the amount of Available Depositor Collections is insufficient to cover such shortfalls for Series 20112013-23, as well as any similar shortfalls for other Series, then Available Depositor Collections will be allocated to Series 20112013-2 3 based on the ratio that the Available Subordinated Amount for Series 20112013-2 3 bears to the aggregate “Available Subordinated Amounts” for all Series having such shortfalls; provided, further, that if the amount of Available Depositor Collections exceeds the aggregate amount of such shortfalls for all Series, then the excess Available Depositor Collections will be applied to cover any unpaid Adjustment Payments;
(iii) from the Series 20112013-2 3 Reserve Account Available Amount, to cover shortfalls in the applications, payments and deposits required pursuant to Sections 4.2(a)(i) through (vii) in that order; and
(iv) from the Reallocated Principal Collections for such Payment Date, to cover shortfalls in the payments required pursuant to Sections 4.2(a)(i) through (iv).
(c) As long as the Indenture Trustee has received the Monthly Investor Report by the related Determination Date, the Indenture Trustee (based on information in the Monthly Investor Report) will, on each Payment Date and to the extent of Available Investor Principal Collections on deposit in the Collection Account, make the following applications, payments or deposits in the following order of priority:
(i) on any Payment Date with respect to the Controlled Accumulation Period or Early Amortization Period, to the Series 20112013-2 3 Principal Funding Account, the excess, if any, of the Monthly Principal Amount for such Payment Date over the amount deposited into the Series 20112013-2 3 Principal Funding Account from the Excess Funding Account pursuant to Section 4.2(d) on such Payment Date;
(ii) to other Principal Sharing Series in Principal Sharing Group One, the Shared Principal Collections for such Payment Date;
(iii) to the Excess Funding Account, the excess, if any, of the Required Pool Balance over the Net Adjusted Pool Balance pursuant to Section 8.3(b)(ii) of the Indenture; and
(iv) to the Depositor Interest Account for distribution to the holders of the Depositor Interest in accordance with the Trust Agreement, all remaining Available Investor Principal Collections.
(d) As long as the Indenture Trustee has received the Monthly Investor Report by the related Determination Date, the Indenture Trustee (based on information in the Monthly Investor Report) will, on each Payment Date with respect to the Controlled Accumulation Period or an Early Amortization Period, deposit into the Series 20112013-2 3 Principal Funding Account from the Excess Funding Account the lesser of (i) the Series 20112013-2 3 Excess Funding Amount, and (ii) the Monthly Principal Amount for such Payment Date.
(e) If Available Investor Principal Collections for any Payment Date with respect to an Early Amortization Period are insufficient to deposit the amount required pursuant to Section 4.2(c)(i), as long as the Indenture Trustee has received the Monthly Investor Report by the related Determination Date, the Indenture Trustee (based on the information in the Monthly Investor Report) will, on such Payment Date, deposit into the Series 20112013-2 3 Principal Funding Account Available Depositor Interest Collections and Available Depositor Principal Collections (with respect to Available Depositor Principal Collections, in an amount not to exceed the Available Subordinated Amount) on such Payment Date in an amount equal to the excess of the Adjusted Invested Amount over the sum of the amounts deposited into the Series 20112013-2 3 Principal Funding Account from Available Investor Principal Collections pursuant to Section 4.2(c)(i) and from the Excess Funding Account pursuant to Section 4.2(d).
(f) So long as an Early Amortization Period has not begun, on the Expected Final Payment Date, or on each Payment Date with respect to an Early Amortization Period, as long as the Indenture Trustee has received the Monthly Investor Report by the related Determination Date, the Indenture Trustee (based on the information in the Monthly Investor Report) will withdraw an amount up to the aggregate Note Balance of Series 20112013-2 3 from the Series 20112013-2 3 Principal Funding Account for payment in the following order of priority: (i) to the Noteholders of Class A Notes Notes, pro rata based upon the principal amount of each class of Class A Notes, until the Note Balance of the Class A Notes is reduced to zero, (ii) to the Noteholders of Class B Notes until the Note Balance of the Class B Notes is reduced to zero, (iii) to the Noteholders of the Class C Notes until the Note Balance of the Class C Notes is reduced to zero and (iv) to the Noteholders of the Class D Notes until the Note Balance of the Class D Notes is reduced to zero.
(g) The Controlled Accumulation Period is scheduled to begin on the first day of the March 2013 December 2014 Collection Period. However, if the Accumulation Period Length is less than six Collection Periods, the date on which the Controlled Accumulation Period actually begins will be delayed to the first day of the Collection Period that is the number of Collection Periods before the Expected Final Payment Date at least equal to the Accumulation Period Length. On or before each Determination Date beginning with the Determination Date in the February 2013 November 2014 Collection Period and ending when the Controlled Accumulation Period begins, the Servicer will determine the “Accumulation Period Length.”
Appears in 2 contracts
Sources: Indenture Supplement (Ford Credit Floorplan Master Owner Trust A), Indenture Supplement (Ford Credit Floorplan Master Owner Trust A)
Application of Available Funds in Collection Account and Other Sources. (a) As long as the Indenture Trustee has received the Monthly Investor Report by the related Determination Date, the Indenture Trustee (based on the information in the Monthly Investor Report) will, on each Payment Date and to the extent of Available Investor Interest Collections in the Collection Account, make the following applications, payments or deposits in the following order of priority:
(i) to the Noteholders of each Class of Class A Notes, the Accrued Note Paying Agent Interest for payment each Class of Class A Notes for that Payment Date or, if Available Investor Interest Collections are insufficient to pay the Accrued Note Interest in full for each Class of Class A Notes, to the Noteholders of the each Class of Class A Notes, pro rata, based on the Accrued Note Interest for the Balance of each Class of Class A Notes for such Payment DateNotes;
(ii) to the Note Paying Agent for payment to the Noteholders of the Class B Notes, the Accrued Note Interest for the Class B Notes for such that Payment Date;
(iii) to the Note Paying Agent for payment to the Noteholders of the Class C Notes, the Accrued Note Interest for the Class C Notes for such that Payment Date;
(iv) to the Note Paying Agent for payment to the Noteholders of the Class D Notes, the Accrued Note Interest for the Class D Notes for such that Payment Date;
(v) pro rata, to the payment of all amounts, including indemnities, then due to the Owner Trustee and the Indenture Trustee for the Series 20112015-2 Notes, and any expenses incurred by the Issuer for the Series 20112015-2 Notes in accordance with the Transaction Documents, in each case, to the extent not paid by the Servicer or the Administrator, up to a maximum of $150,000 per year;
(vi) pro rata (A) to the Back-up Servicer, the Monthly Back-up Servicing Fee for such that Payment Date, if any, together with any Monthly Back-up Servicing Fees previously due but not paid on prior Payment Dates, Dates and (B) if Ford Credit or one of its Affiliates is no longer the Servicer, to the Servicer, the Monthly Servicing Fee for such that Payment Date, together with any Monthly Servicing Fees previously due but not paid on prior Payment Dates (unless such that amount has been netted against deposits into in the Collection Account in accordance with Section 8.4(c) of the Indenture);
(vii) to treat as Available Investor Principal Collections for such that Payment Date, the Investor Default Amount for such that Payment Date;
(viii) to the Series 20112015-2 Reserve Account, the Series 20112015-2 Reserve Account Deposit Amount for such that Payment Date;
(ix) to treat as Available Investor Principal Collections for such that Payment Date, the sum of Investor Charge-Offs that have not been previously reimbursed;
(x) to treat as Available Investor Principal Collections for such that Payment Date, the sum of Reallocated Principal Collections that have not been previously reimbursed;
(xi) beginning on the Series 20112015-2 Accumulation Period Reserve Account Funding Date, to the Series 20112015-2 Accumulation Period Reserve Account, the Series 20112015-2 Accumulation Period Reserve Account Deposit Amount for such that Payment Date;
(xii) if Ford Credit or one of its Affiliates is the Servicer, to the Servicer, the Monthly Servicing Fee for such that Payment Date, together with any Monthly Servicing Fees previously due but not paid on prior Payment Dates (unless such that amount has been netted against deposits into in the Collection Account in accordance with Section 8.4(c) of the Indenture);
(xiii) to the Depositor Interest Account for distribution to the holders of the Depositor Interest in accordance with the Trust Agreement to increase the Available Subordinated Amount, the excess of the Required Subordinated Amount over the Available Subordinated Amount (unless such that amount has been netted against deposits into in the Collection Account in accordance with Section 8.4(c) of the Indenture);
(xiv) pro rata, to the payment of all amounts, including indemnities, then due to the Owner Trustee and the Indenture Trustee for the Series 20112015-2 Notes, and any expenses incurred by the Issuer for the Series 20112015-2 Notes in accordance with the Transaction Documents, in each case, to the extent not paid by the Servicer or the Administrator or pursuant to under clause (v) above;
(xv) to the Back-up Servicer, any amounts due pursuant to under Section 2.3(b) of the Back-up Servicing Agreement and any Transition Costs due pursuant to under Section 2.3(c) of the Back-up Servicing Agreement in excess of the amount in the Back-up Servicer Reserve Account, in each case, for the Series 20112015-2 Notes;
(xvi) to treat as Excess Interest Collections available from Series 20112015-2, the Interest Collections Shortfalls for other Series in Excess Interest Sharing Group One; and
(xvii) to the Depositor Interest Account for distribution to the holders of the Depositor Interest in accordance with the Trust Agreement, all remaining Available Investor Interest Collections.
(b) If Available Investor Interest Collections for any Payment Date are insufficient to make the applications, payments and deposits required pursuant to under Section 4.2(a), as long as the Indenture Trustee has received the Monthly Investor Report by the related Determination Date, the Indenture Trustee (based on the information in the Monthly Investor Report) will, on or before such that Payment Date, apply available funds from the following sources in the following order of priority:
(i) from Excess Interest Collections available from other Series in Excess Interest Sharing Group One, to cover shortfalls in the applications, payments and deposits pursuant to under Sections 4.2(a)(i) through (xv) in that order;
(ii) from Available Depositor Interest Collections and Available Depositor Principal Collections (with respect to for Available Depositor Principal Collections, in an amount not exceeding the Available Subordinated Amount (before giving effect to Section 4.3) for such that Payment Date), to cover shortfalls in the applications, payments and deposits required pursuant to under Sections 4.2(a)(i) through (ixx) in that order; provided that, if the amount of Available Depositor Collections is insufficient to cover such those shortfalls for Series 20112015-2, as well as any similar shortfalls for other Series, then Available Depositor Collections will be allocated to Series 20112015-2 based on the ratio that the Available Subordinated Amount for Series 20112015-2 bears to the aggregate “Available Subordinated Amounts” for all Series having such those shortfalls; provided, further, that if the amount of Available Depositor Collections exceeds the aggregate amount of such those shortfalls for all Series, then the excess Available Depositor Collections will be applied to cover any unpaid Adjustment Payments;
(iii) from the Series 20112015-2 Reserve Account Available Amount, to cover shortfalls in the applications, payments and deposits required pursuant to under Sections 4.2(a)(i) through (vii) in that order; and
(iv) from the Reallocated Principal Collections for such that Payment Date, to cover shortfalls in the payments required pursuant to under Sections 4.2(a)(i) through (iv).
(c) As long as the Indenture Trustee has received the Monthly Investor Report by the related Determination Date, the Indenture Trustee (based on information in the Monthly Investor Report) will, on each Payment Date and to the extent of Available Investor Principal Collections on deposit in the Collection Account, make the following applications, payments or deposits in the following order of priority:
(i) on any Payment Date with respect to in the Controlled Accumulation Period or Early Amortization Period, to the Series 20112015-2 Principal Funding Account, the excess, if any, of the Monthly Principal Amount for such that Payment Date over the amount deposited into in the Series 20112015-2 Principal Funding Account from the Excess Funding Account pursuant to under Section 4.2(d) on such that Payment Date;
(ii) to other Principal Sharing Series in Principal Sharing Group One, the Shared Principal Collections for such that Payment Date;
(iii) to the Excess Funding Account, the excess, if any, of the Required Pool Balance over the Net Adjusted Pool Balance pursuant to under Section 8.3(b)(ii) of the Indenture; and
(iv) to the Depositor Interest Account for distribution to the holders of the Depositor Interest in accordance with the Trust Agreement, all remaining Available Investor Principal Collections.
(d) As long as the Indenture Trustee has received the Monthly Investor Report by the related Determination Date, the Indenture Trustee (based on information in the Monthly Investor Report) will, on each Payment Date with respect to in the Controlled Accumulation Period or an Early Amortization Period, deposit into in the Series 20112015-2 Principal Funding Account from the Excess Funding Account the lesser of (i) the Series 20112015-2 Excess Funding Amount, Amount and (ii) the Monthly Principal Amount for such that Payment Date.
(e) If Available Investor Principal Collections for any Payment Date with respect to in an Early Amortization Period are insufficient to deposit the amount required pursuant to under Section 4.2(c)(i), as long as the Indenture Trustee has received the Monthly Investor Report by the related Determination Date, the Indenture Trustee (based on the information in the Monthly Investor Report) will, on such that Payment Date, deposit into in the Series 20112015-2 Principal Funding Account Available Depositor Interest Collections and Available Depositor Principal Collections (with respect to for Available Depositor Principal Collections, in an amount not to exceed the Available Subordinated Amount) on such that Payment Date in an amount equal to the excess of the Adjusted Invested Amount over the sum of the amounts deposited into in the Series 20112015-2 Principal Funding Account from Available Investor Principal Collections pursuant to under Section 4.2(c)(i) and from the Excess Funding Account pursuant to under Section 4.2(d).
(f) So long as an Early Amortization Period has not begun, on the Expected Final Payment Date, or on each Payment Date with respect to in an Early Amortization Period, as long as the Indenture Trustee has received the Monthly Investor Report by the related Determination Date, the Indenture Trustee (based on the information in the Monthly Investor Report) will withdraw an amount up to the aggregate Note Balance of Series 20112015-2 from the Series 20112015-2 Principal Funding Account for payment in the following order of priority: (i) to the Noteholders of Class A Notes Notes, pro rata based on the principal amount of each class of Class A Notes, until the Note Balance of the Class A Notes is reduced to zero, (ii) to the Noteholders of Class B Notes until the Note Balance of the Class B Notes is reduced to zero, (iii) to the Noteholders of the Class C Notes until the Note Balance of the Class C Notes is reduced to zero and (iv) to the Noteholders of the Class D Notes until the Note Balance of the Class D Notes is reduced to zero.
(g) The Controlled Accumulation Period is scheduled to begin on the first day of the March 2013 July 1, 2019 Collection Period. However, if the Accumulation Period Length is less than six Collection Periods, the date on which the Controlled Accumulation Period actually begins will be delayed to the first day of the Collection Period that is the number of Collection Periods before the Expected Final Payment Date at least equal to the Accumulation Period Length. On or before each Determination Date beginning with the Determination Date in the February 2013 June 2019 Collection Period and ending when the Controlled Accumulation Period begins, the Servicer will determine the “Accumulation Period Length.”
Appears in 2 contracts
Sources: Indenture Supplement (Ford Credit Floorplan Master Owner Trust A), Indenture Supplement (Ford Credit Floorplan Master Owner Trust A)
Application of Available Funds in Collection Account and Other Sources. (a) As long as the Indenture Trustee has received the Monthly Investor Report by the related Determination Date, the Indenture Trustee (based on the information in the Monthly Investor Report) will, on each Payment Date and to the extent of Available Investor Interest Collections in the Collection Account, make the following applications, payments or deposits in the following order of priority:
(i) to the Noteholders of each Class of Class A Notes, the Accrued Note Paying Agent Interest for payment each such Class of Class A Notes for such Payment Date or, if Available Investor Interest Collections are insufficient to pay the Accrued Note Interest in full for each Class of Class A Notes, to the Noteholders of the each Class of Class A Notes, pro rata, based on the Accrued Note Interest for the Balance of each Class of Class A Notes for such Payment DateNotes;
(ii) to the Note Paying Agent for payment to the Noteholders of the Class B Notes, the Accrued Note Interest for the Class B Notes for such Payment Date;
(iii) to the Note Paying Agent for payment to the Noteholders of the Class C Notes, the Accrued Note Interest for the Class C Notes for such Payment Date;
(iv) to the Note Paying Agent for payment to the Noteholders of the Class D Notes, the Accrued Note Interest for the Class D Notes for such Payment Date;
(v) pro rata, to the payment of all amounts, including indemnities, then due to the Owner Trustee and the Indenture Trustee for the Series 20112013-2 5 Notes, and any expenses incurred by the Issuer for the Series 20112013-2 5 Notes in accordance with the Transaction Documents, in each case, to the extent not paid by the Servicer or the Administrator, up to a maximum of $150,000 per year;
(vi) pro rata (A) to the Back-up Servicer, the Monthly Back-up Servicing Fee for such Payment Date, if any, together with any Monthly Back-up Servicing Fees previously due but not paid on prior Payment Dates, and (B) if Ford Credit or one of its Affiliates is no longer the Servicer, to the Servicer, the Monthly Servicing Fee for such Payment Date, together with any Monthly Servicing Fees previously due but not paid on prior Payment Dates (unless such amount has been netted against deposits into the Collection Account in accordance with Section 8.4(c) of the Indenture);
(vii) to treat as Available Investor Principal Collections for such Payment Date, the Investor Default Amount for such Payment Date;
(viii) to the Series 20112013-2 5 Reserve Account, the Series 20112013-2 5 Reserve Account Deposit Amount for such Payment Date;
(ix) to treat as Available Investor Principal Collections for such Payment Date, the sum of Investor Charge-Offs that have not been previously reimbursed;
(x) to treat as Available Investor Principal Collections for such Payment Date, the sum of Reallocated Principal Collections that have not been previously reimbursed;
(xi) beginning on the Series 20112013-2 5 Accumulation Period Reserve Account Funding Date, to the Series 20112013-2 5 Accumulation Period Reserve Account, the Series 20112013-2 5 Accumulation Period Reserve Account Deposit Amount for such Payment Date;
(xii) if Ford Credit or one of its Affiliates is the Servicer, to the Servicer, the Monthly Servicing Fee for such Payment Date, together with any Monthly Servicing Fees previously due but not paid on prior Payment Dates (unless such amount has been netted against deposits into the Collection Account in accordance with Section 8.4(c) of the Indenture);
(xiii) to the Depositor Interest Account for distribution to the holders of the Depositor Interest in accordance with the Trust Agreement to increase the Available Subordinated Amount, the excess of the Required Subordinated Amount over the Available Subordinated Amount (unless such amount has been netted against deposits into the Collection Account in accordance with Section 8.4(c) of the Indenture);
(xiv) pro rata, to the payment of all amounts, including indemnities, then due to the Owner Trustee and the Indenture Trustee for the Series 20112013-2 5 Notes, and any expenses incurred by the Issuer for the Series 20112013-2 5 Notes in accordance with the Transaction Documents, in each case, to the extent not paid by the Servicer or the Administrator or pursuant to clause (v) above;
(xv) to the Back-up Servicer, any amounts due pursuant to Section 2.3(b) of the Back-up Servicing Agreement and any Transition Costs due pursuant to Section 2.3(c) of the Back-up Servicing Agreement in excess of the amount in the Back-up Servicer Reserve Account, in each case, for the Series 20112013-2 5 Notes;
(xvi) to treat as Excess Interest Collections available from Series 20112013-25, the Interest Collections Shortfalls for other Series in Excess Interest Sharing Group One; and
(xvii) to the Depositor Interest Account for distribution to the holders of the Depositor Interest in accordance with the Trust Agreement, all remaining Available Investor Interest Collections.
(b) If Available Investor Interest Collections for any Payment Date are insufficient to make the applications, payments and deposits required pursuant to Section 4.2(a), as long as the Indenture Trustee has received the Monthly Investor Report by the related Determination Date, the Indenture Trustee (based on the information in the Monthly Investor Report) will, on or before such Payment Date, apply available funds from the following sources in the following order of priority:
(i) from Excess Interest Collections available from other Series in Excess Interest Sharing Group One, to cover shortfalls in the applications, payments and deposits pursuant to Sections 4.2(a)(i) through (xv) in that order;
(ii) from Available Depositor Interest Collections and Available Depositor Principal Collections (with respect to Available Depositor Principal Collections, in an amount not exceeding the Available Subordinated Amount (before giving effect to Section 4.3) for such Payment Date), to cover shortfalls in the applications, payments and deposits required pursuant to Sections 4.2(a)(i) through (ixx) in that order; provided that, if the amount of Available Depositor Collections is insufficient to cover such shortfalls for Series 20112013-25, as well as any similar shortfalls for other Series, then Available Depositor Collections will be allocated to Series 20112013-2 5 based on the ratio that the Available Subordinated Amount for Series 20112013-2 5 bears to the aggregate “Available Subordinated Amounts” for all Series having such shortfalls; provided, further, that if the amount of Available Depositor Collections exceeds the aggregate amount of such shortfalls for all Series, then the excess Available Depositor Collections will be applied to cover any unpaid Adjustment Payments;
(iii) from the Series 20112013-2 5 Reserve Account Available Amount, to cover shortfalls in the applications, payments and deposits required pursuant to Sections 4.2(a)(i) through (vii) in that order; and
(iv) from the Reallocated Principal Collections for such Payment Date, to cover shortfalls in the payments required pursuant to Sections 4.2(a)(i) through (iv).
(c) As long as the Indenture Trustee has received the Monthly Investor Report by the related Determination Date, the Indenture Trustee (based on information in the Monthly Investor Report) will, on each Payment Date and to the extent of Available Investor Principal Collections on deposit in the Collection Account, make the following applications, payments or deposits in the following order of priority:
(i) on any Payment Date with respect to the Controlled Accumulation Period or Early Amortization Period, to the Series 20112013-2 5 Principal Funding Account, the excess, if any, of the Monthly Principal Amount for such Payment Date over the amount deposited into the Series 20112013-2 5 Principal Funding Account from the Excess Funding Account pursuant to Section 4.2(d) on such Payment Date;
(ii) to other Principal Sharing Series in Principal Sharing Group One, the Shared Principal Collections for such Payment Date;
(iii) to the Excess Funding Account, the excess, if any, of the Required Pool Balance over the Net Adjusted Pool Balance pursuant to Section 8.3(b)(ii) of the Indenture; and
(iv) to the Depositor Interest Account for distribution to the holders of the Depositor Interest in accordance with the Trust Agreement, all remaining Available Investor Principal Collections.
(d) As long as the Indenture Trustee has received the Monthly Investor Report by the related Determination Date, the Indenture Trustee (based on information in the Monthly Investor Report) will, on each Payment Date with respect to the Controlled Accumulation Period or an Early Amortization Period, deposit into the Series 20112013-2 5 Principal Funding Account from the Excess Funding Account the lesser of (i) the Series 20112013-2 5 Excess Funding Amount, and (ii) the Monthly Principal Amount for such Payment Date.
(e) If Available Investor Principal Collections for any Payment Date with respect to an Early Amortization Period are insufficient to deposit the amount required pursuant to Section 4.2(c)(i), as long as the Indenture Trustee has received the Monthly Investor Report by the related Determination Date, the Indenture Trustee (based on the information in the Monthly Investor Report) will, on such Payment Date, deposit into the Series 20112013-2 5 Principal Funding Account Available Depositor Interest Collections and Available Depositor Principal Collections (with respect to Available Depositor Principal Collections, in an amount not to exceed the Available Subordinated Amount) on such Payment Date in an amount equal to the excess of the Adjusted Invested Amount over the sum of the amounts deposited into the Series 20112013-2 5 Principal Funding Account from Available Investor Principal Collections pursuant to Section 4.2(c)(i) and from the Excess Funding Account pursuant to Section 4.2(d).
(f) So long as an Early Amortization Period has not begun, on the Expected Final Payment Date, or on each Payment Date with respect to an Early Amortization Period, as long as the Indenture Trustee has received the Monthly Investor Report by the related Determination Date, the Indenture Trustee (based on the information in the Monthly Investor Report) will withdraw an amount up to the aggregate Note Balance of Series 20112013-2 5 from the Series 20112013-2 5 Principal Funding Account for payment in the following order of priority: (i) to the Noteholders of Class A Notes Notes, pro rata based upon the principal amount of each class of Class A Notes, until the Note Balance of the Class A Notes is reduced to zero, (ii) to the Noteholders of Class B Notes until the Note Balance of the Class B Notes is reduced to zero, (iii) to the Noteholders of the Class C Notes until the Note Balance of the Class C Notes is reduced to zero and (iv) to the Noteholders of the Class D Notes until the Note Balance of the Class D Notes is reduced to zero.
(g) The Controlled Accumulation Period is scheduled to begin on the first day of the March 2013 2016 Collection Period. However, if the Accumulation Period Length is less than six Collection Periods, the date on which the Controlled Accumulation Period actually begins will be delayed to the first day of the Collection Period that is the number of Collection Periods before the Expected Final Payment Date at least equal to the Accumulation Period Length. On or before each Determination Date beginning with the Determination Date in the February 2013 2016 Collection Period and ending when the Controlled Accumulation Period begins, the Servicer will determine the “Accumulation Period Length.”
Appears in 2 contracts
Sources: Indenture Supplement (Ford Credit Floorplan Master Owner Trust A), Indenture Supplement (Ford Credit Floorplan Master Owner Trust A)
Application of Available Funds in Collection Account and Other Sources. (a) As long as the Indenture Trustee has received the Monthly Investor Report by the related Determination Date, the Indenture Trustee (based on the information in the Monthly Investor Report) will, on each Payment Date and to the extent of Available Investor Interest Collections in the Collection Account, make the following applications, payments or deposits in the following order of priority:
(i) to the Noteholders of each Class of Class A Notes, the Accrued Note Paying Agent Interest for payment each Class of Class A Notes for that Payment Date or, if Available Investor Interest Collections are insufficient to pay the Accrued Note Interest in full for each Class of Class A Notes, to the Noteholders of the each Class of Class A Notes, pro rata, based on the Accrued Note Interest for the Balance of each Class of Class A Notes for such Payment DateNotes;
(ii) to the Note Paying Agent for payment to the Noteholders of the Class B Notes, the Accrued Note Interest for the Class B Notes for such that Payment Date;
(iii) to the Note Paying Agent for payment to the Noteholders of the Class C Notes, the Accrued Note Interest for the Class C Notes for such that Payment Date;
(iv) to the Note Paying Agent for payment to the Noteholders of the Class D Notes, the Accrued Note Interest for the Class D Notes for such that Payment Date;
(v) pro rata, to the payment of all amounts, including indemnities, then due to the Owner Trustee and the Indenture Trustee for the Series 20112014-2 4 Notes, and any expenses incurred by the Issuer for the Series 20112014-2 4 Notes in accordance with the Transaction Documents, in each case, to the extent not paid by the Servicer or the Administrator, up to a maximum of $150,000 per year;
(vi) pro rata (A) to the Back-up Servicer, the Monthly Back-up Servicing Fee for such that Payment Date, if any, together with any Monthly Back-up Servicing Fees previously due but not paid on prior Payment Dates, Dates and (B) if Ford Credit or one of its Affiliates is no longer the Servicer, to the Servicer, the Monthly Servicing Fee for such that Payment Date, together with any Monthly Servicing Fees previously due but not paid on prior Payment Dates (unless such that amount has been netted against deposits into in the Collection Account in accordance with Section 8.4(c) of the Indenture);
(vii) to treat as Available Investor Principal Collections for such that Payment Date, the Investor Default Amount for such that Payment Date;
(viii) to the Series 20112014-2 4 Reserve Account, the Series 20112014-2 4 Reserve Account Deposit Amount for such that Payment Date;
(ix) to treat as Available Investor Principal Collections for such that Payment Date, the sum of Investor Charge-Offs that have not been previously reimbursed;
(x) to treat as Available Investor Principal Collections for such that Payment Date, the sum of Reallocated Principal Collections that have not been previously reimbursed;
(xi) beginning on the Series 20112014-2 4 Accumulation Period Reserve Account Funding Date, to the Series 20112014-2 4 Accumulation Period Reserve Account, the Series 20112014-2 4 Accumulation Period Reserve Account Deposit Amount for such that Payment Date;
(xii) if Ford Credit or one of its Affiliates is the Servicer, to the Servicer, the Monthly Servicing Fee for such that Payment Date, together with any Monthly Servicing Fees previously due but not paid on prior Payment Dates (unless such that amount has been netted against deposits into in the Collection Account in accordance with Section 8.4(c) of the Indenture);
(xiii) to the Depositor Interest Account for distribution to the holders of the Depositor Interest in accordance with the Trust Agreement to increase the Available Subordinated Amount, the excess of the Required Subordinated Amount over the Available Subordinated Amount (unless such that amount has been netted against deposits into in the Collection Account in accordance with Section 8.4(c) of the Indenture);
(xiv) pro rata, to the payment of all amounts, including indemnities, then due to the Owner Trustee and the Indenture Trustee for the Series 20112014-2 4 Notes, and any expenses incurred by the Issuer for the Series 20112014-2 4 Notes in accordance with the Transaction Documents, in each case, to the extent not paid by the Servicer or the Administrator or pursuant to under clause (v) above;
(xv) to the Back-up Servicer, any amounts due pursuant to under Section 2.3(b) of the Back-up Servicing Agreement and any Transition Costs due pursuant to under Section 2.3(c) of the Back-up Servicing Agreement in excess of the amount in the Back-up Servicer Reserve Account, in each case, for the Series 20112014-2 4 Notes;
(xvi) to treat as Excess Interest Collections available from Series 20112014-24, the Interest Collections Shortfalls for other Series in Excess Interest Sharing Group One; and
(xvii) to the Depositor Interest Account for distribution to the holders of the Depositor Interest in accordance with the Trust Agreement, all remaining Available Investor Interest Collections.
(b) If Available Investor Interest Collections for any Payment Date are insufficient to make the applications, payments and deposits required pursuant to under Section 4.2(a), as long as the Indenture Trustee has received the Monthly Investor Report by the related Determination Date, the Indenture Trustee (based on the information in the Monthly Investor Report) will, on or before such that Payment Date, apply available funds from the following sources in the following order of priority:
(i) from Excess Interest Collections available from other Series in Excess Interest Sharing Group One, to cover shortfalls in the applications, payments and deposits pursuant to under Sections 4.2(a)(i) through (xv) in that order;
(ii) from Available Depositor Interest Collections and Available Depositor Principal Collections (with respect to for Available Depositor Principal Collections, in an amount not exceeding the Available Subordinated Amount (before giving effect to Section 4.3) for such that Payment Date), to cover shortfalls in the applications, payments and deposits required pursuant to under Sections 4.2(a)(i) through (ixx) in that order; provided that, if the amount of Available Depositor Collections is insufficient to cover such those shortfalls for Series 20112014-24, as well as any similar shortfalls for other Series, then Available Depositor Collections will be allocated to Series 20112014-2 4 based on the ratio that the Available Subordinated Amount for Series 20112014-2 4 bears to the aggregate “Available Subordinated Amounts” for all Series having such those shortfalls; provided, further, that if the amount of Available Depositor Collections exceeds the aggregate amount of such those shortfalls for all Series, then the excess Available Depositor Collections will be applied to cover any unpaid Adjustment Payments;
(iii) from the Series 20112014-2 4 Reserve Account Available Amount, to cover shortfalls in the applications, payments and deposits required pursuant to under Sections 4.2(a)(i) through (vii) in that order; and
(iv) from the Reallocated Principal Collections for such that Payment Date, to cover shortfalls in the payments required pursuant to under Sections 4.2(a)(i) through (iv).
(c) As long as the Indenture Trustee has received the Monthly Investor Report by the related Determination Date, the Indenture Trustee (based on information in the Monthly Investor Report) will, on each Payment Date and to the extent of Available Investor Principal Collections on deposit in the Collection Account, make the following applications, payments or deposits in the following order of priority:
(i) on any Payment Date with respect to in the Controlled Accumulation Period or Early Amortization Period, to the Series 20112014-2 4 Principal Funding Account, the excess, if any, of the Monthly Principal Amount for such that Payment Date over the amount deposited into in the Series 20112014-2 4 Principal Funding Account from the Excess Funding Account pursuant to under Section 4.2(d) on such that Payment Date;
(ii) to other Principal Sharing Series in Principal Sharing Group One, the Shared Principal Collections for such that Payment Date;
(iii) to the Excess Funding Account, the excess, if any, of the Required Pool Balance over the Net Adjusted Pool Balance pursuant to under Section 8.3(b)(ii) of the Indenture; and
(iv) to the Depositor Interest Account for distribution to the holders of the Depositor Interest in accordance with the Trust Agreement, all remaining Available Investor Principal Collections.
(d) As long as the Indenture Trustee has received the Monthly Investor Report by the related Determination Date, the Indenture Trustee (based on information in the Monthly Investor Report) will, on each Payment Date with respect to in the Controlled Accumulation Period or an Early Amortization Period, deposit into in the Series 20112014-2 4 Principal Funding Account from the Excess Funding Account the lesser of (i) the Series 20112014-2 4 Excess Funding Amount, Amount and (ii) the Monthly Principal Amount for such that Payment Date.
(e) If Available Investor Principal Collections for any Payment Date with respect to in an Early Amortization Period are insufficient to deposit the amount required pursuant to under Section 4.2(c)(i), as long as the Indenture Trustee has received the Monthly Investor Report by the related Determination Date, the Indenture Trustee (based on the information in the Monthly Investor Report) will, on such that Payment Date, deposit into in the Series 20112014-2 4 Principal Funding Account Available Depositor Interest Collections and Available Depositor Principal Collections (with respect to for Available Depositor Principal Collections, in an amount not to exceed the Available Subordinated Amount) on such that Payment Date in an amount equal to the excess of the Adjusted Invested Amount over the sum of the amounts deposited into in the Series 20112014-2 4 Principal Funding Account from Available Investor Principal Collections pursuant to under Section 4.2(c)(i) and from the Excess Funding Account pursuant to under Section 4.2(d).
(f) So long as an Early Amortization Period has not begun, on the Expected Final Payment Date, or on each Payment Date with respect to in an Early Amortization Period, as long as the Indenture Trustee has received the Monthly Investor Report by the related Determination Date, the Indenture Trustee (based on the information in the Monthly Investor Report) will withdraw an amount up to the aggregate Note Balance of Series 20112014-2 4 from the Series 20112014-2 4 Principal Funding Account for payment in the following order of priority: (i) to the Noteholders of Class A Notes Notes, pro rata based on the principal amount of each class of Class A Notes, until the Note Balance of the Class A Notes is reduced to zero, (ii) to the Noteholders of Class B Notes until the Note Balance of the Class B Notes is reduced to zero, (iii) to the Noteholders of the Class C Notes until the Note Balance of the Class C Notes is reduced to zero and (iv) to the Noteholders of the Class D Notes until the Note Balance of the Class D Notes is reduced to zero.
(g) The Controlled Accumulation Period is scheduled to begin on the first day of the March 2013 February 2017 Collection Period. However, if the Accumulation Period Length is less than six Collection Periods, the date on which the Controlled Accumulation Period actually begins will be delayed to the first day of the Collection Period that is the number of Collection Periods before the Expected Final Payment Date at least equal to the Accumulation Period Length. On or before each Determination Date beginning with the Determination Date in the February 2013 January 2017 Collection Period and ending when the Controlled Accumulation Period begins, the Servicer will determine the “Accumulation Period Length.”
Appears in 2 contracts
Sources: Indenture Supplement (Ford Credit Floorplan Master Owner Trust A), Indenture Supplement (Ford Credit Floorplan Master Owner Trust A)
Application of Available Funds in Collection Account and Other Sources. (a) As long as the Indenture Trustee has received the Monthly Investor Report by the related Determination Date, the Indenture Trustee (based on the information in the Monthly Investor Report) will, on each Payment Date and to the extent of Available Investor Interest Collections in the Collection Account, make the following applications, payments or deposits in the following order of priority:
(i) to the Noteholders of each Class of Class A Notes, the Accrued Note Paying Agent Interest for payment each Class of Class A Notes for that Payment Date or, if Available Investor Interest Collections are insufficient to pay the Accrued Note Interest in full for each Class of Class A Notes, to the Noteholders of the each Class of Class A Notes, pro rata, based on the Accrued Note Interest for the Balance of each Class of Class A Notes for such Payment DateNotes;
(ii) to the Note Paying Agent for payment to the Noteholders of the Class B Notes, the Accrued Note Interest for the Class B Notes for such that Payment Date;
(iii) to the Note Paying Agent for payment to the Noteholders of the Class C Notes, the Accrued Note Interest for the Class C Notes for such that Payment Date;
(iv) to the Note Paying Agent for payment to the Noteholders of the Class D Notes, the Accrued Note Interest for the Class D Notes for such that Payment Date;
(v) pro rata, to the payment of all amounts, including indemnities, then due to the Owner Trustee and the Indenture Trustee for the Series 20112015-2 4 Notes, and any expenses incurred by the Issuer for the Series 20112015-2 4 Notes in accordance with the Transaction Documents, in each case, to the extent not paid by the Servicer or the Administrator, up to a maximum of $150,000 per year;
(vi) pro rata (A) to the Back-up Servicer, the Monthly Back-up Servicing Fee for such that Payment Date, if any, together with any Monthly Back-up Servicing Fees previously due but not paid on prior Payment Dates, Dates and (B) if Ford Credit or one of its Affiliates is no longer the Servicer, to the Servicer, the Monthly Servicing Fee for such that Payment Date, together with any Monthly Servicing Fees previously due but not paid on prior Payment Dates (unless such that amount has been netted against deposits into in the Collection Account in accordance with Section 8.4(c) of the Indenture);
(vii) to treat as Available Investor Principal Collections for such that Payment Date, the Investor Default Amount for such that Payment Date;
(viii) to the Series 20112015-2 4 Reserve Account, the Series 20112015-2 4 Reserve Account Deposit Amount for such that Payment Date;
(ix) to treat as Available Investor Principal Collections for such that Payment Date, the sum of Investor Charge-Offs that have not been previously reimbursed;
(x) to treat as Available Investor Principal Collections for such that Payment Date, the sum of Reallocated Principal Collections that have not been previously reimbursed;
(xi) beginning on the Series 20112015-2 4 Accumulation Period Reserve Account Funding Date, to the Series 20112015-2 4 Accumulation Period Reserve Account, the Series 20112015-2 4 Accumulation Period Reserve Account Deposit Amount for such that Payment Date;
(xii) if Ford Credit or one of its Affiliates is the Servicer, to the Servicer, the Monthly Servicing Fee for such that Payment Date, together with any Monthly Servicing Fees previously due but not paid on prior Payment Dates (unless such that amount has been netted against deposits into in the Collection Account in accordance with Section 8.4(c) of the Indenture);
(xiii) to the Depositor Interest Account for distribution to the holders of the Depositor Interest in accordance with the Trust Agreement to increase the Available Subordinated Amount, the excess of the Required Subordinated Amount over the Available Subordinated Amount (unless such that amount has been netted against deposits into in the Collection Account in accordance with Section 8.4(c) of the Indenture);
(xiv) pro rata, to the payment of all amounts, including indemnities, then due to the Owner Trustee and the Indenture Trustee for the Series 20112015-2 4 Notes, and any expenses incurred by the Issuer for the Series 20112015-2 4 Notes in accordance with the Transaction Documents, in each case, to the extent not paid by the Servicer or the Administrator or pursuant to under clause (v) above;
(xv) to the Back-up Servicer, any amounts due pursuant to under Section 2.3(b) of the Back-up Servicing Agreement and any Transition Costs due pursuant to under Section 2.3(c) of the Back-up Servicing Agreement in excess of the amount in the Back-up Servicer Reserve Account, in each case, for the Series 20112015-2 4 Notes;
(xvi) to treat as Excess Interest Collections available from Series 20112015-24, the Interest Collections Shortfalls for other Series in Excess Interest Sharing Group One; and
(xvii) to the Depositor Interest Account for distribution to the holders of the Depositor Interest in accordance with the Trust Agreement, all remaining Available Investor Interest Collections.
(b) If Available Investor Interest Collections for any Payment Date are insufficient to make the applications, payments and deposits required pursuant to under Section 4.2(a), as long as the Indenture Trustee has received the Monthly Investor Report by the related Determination Date, the Indenture Trustee (based on the information in the Monthly Investor Report) will, on or before such that Payment Date, apply available funds from the following sources in the following order of priority:
(i) from Excess Interest Collections available from other Series in Excess Interest Sharing Group One, to cover shortfalls in the applications, payments and deposits pursuant to under Sections 4.2(a)(i) through (xv) in that order;
(ii) from Available Depositor Interest Collections and Available Depositor Principal Collections (with respect to for Available Depositor Principal Collections, in an amount not exceeding the Available Subordinated Amount (before giving effect to Section 4.3) for such that Payment Date), to cover shortfalls in the applications, payments and deposits required pursuant to under Sections 4.2(a)(i) through (ixx) in that order; provided that, if the amount of Available Depositor Collections is insufficient to cover such those shortfalls for Series 20112015-24, as well as any similar shortfalls for other Series, then Available Depositor Collections will be allocated to Series 20112015-2 4 based on the ratio that the Available Subordinated Amount for Series 20112015-2 4 bears to the aggregate “Available Subordinated Amounts” for all Series having such those shortfalls; provided, further, that if the amount of Available Depositor Collections exceeds the aggregate amount of such those shortfalls for all Series, then the excess Available Depositor Collections will be applied to cover any unpaid Adjustment Payments;
(iii) from the Series 20112015-2 4 Reserve Account Available Amount, to cover shortfalls in the applications, payments and deposits required pursuant to under Sections 4.2(a)(i) through (vii) in that order; and
(iv) from the Reallocated Principal Collections for such that Payment Date, to cover shortfalls in the payments required pursuant to under Sections 4.2(a)(i) through (iv).
(c) As long as the Indenture Trustee has received the Monthly Investor Report by the related Determination Date, the Indenture Trustee (based on information in the Monthly Investor Report) will, on each Payment Date and to the extent of Available Investor Principal Collections on deposit in the Collection Account, make the following applications, payments or deposits in the following order of priority:
(i) on any Payment Date with respect to in the Controlled Accumulation Period or Early Amortization Period, to the Series 20112015-2 4 Principal Funding Account, the excess, if any, of the Monthly Principal Amount for such that Payment Date over the amount deposited into in the Series 20112015-2 4 Principal Funding Account from the Excess Funding Account pursuant to under Section 4.2(d) on such that Payment Date;
(ii) to other Principal Sharing Series in Principal Sharing Group One, the Shared Principal Collections for such that Payment Date;
(iii) to the Excess Funding Account, the excess, if any, of the Required Pool Balance over the Net Adjusted Pool Balance pursuant to under Section 8.3(b)(ii) of the Indenture; and
(iv) to the Depositor Interest Account for distribution to the holders of the Depositor Interest in accordance with the Trust Agreement, all remaining Available Investor Principal Collections.
(d) As long as the Indenture Trustee has received the Monthly Investor Report by the related Determination Date, the Indenture Trustee (based on information in the Monthly Investor Report) will, on each Payment Date with respect to in the Controlled Accumulation Period or an Early Amortization Period, deposit into in the Series 20112015-2 4 Principal Funding Account from the Excess Funding Account the lesser of (i) the Series 20112015-2 4 Excess Funding Amount, Amount and (ii) the Monthly Principal Amount for such that Payment Date.
(e) If Available Investor Principal Collections for any Payment Date with respect to in an Early Amortization Period are insufficient to deposit the amount required pursuant to under Section 4.2(c)(i), as long as the Indenture Trustee has received the Monthly Investor Report by the related Determination Date, the Indenture Trustee (based on the information in the Monthly Investor Report) will, on such that Payment Date, deposit into in the Series 20112015-2 4 Principal Funding Account Available Depositor Interest Collections and Available Depositor Principal Collections (with respect to for Available Depositor Principal Collections, in an amount not to exceed the Available Subordinated Amount) on such that Payment Date in an amount equal to the excess of the Adjusted Invested Amount over the sum of the amounts deposited into in the Series 20112015-2 4 Principal Funding Account from Available Investor Principal Collections pursuant to under Section 4.2(c)(i) and from the Excess Funding Account pursuant to under Section 4.2(d).
(f) So long as an Early Amortization Period has not begun, on the Expected Final Payment Date, or on each Payment Date with respect to in an Early Amortization Period, as long as the Indenture Trustee has received the Monthly Investor Report by the related Determination Date, the Indenture Trustee (based on the information in the Monthly Investor Report) will withdraw an amount up to the aggregate Note Balance of Series 20112015-2 4 from the Series 20112015-2 4 Principal Funding Account for payment in the following order of priority: (i) to the Noteholders of Class A Notes Notes, pro rata based on the principal amount of each class of Class A Notes, until the Note Balance of the Class A Notes is reduced to zero, (ii) to the Noteholders of Class B Notes until the Note Balance of the Class B Notes is reduced to zero, (iii) to the Noteholders of the Class C Notes until the Note Balance of the Class C Notes is reduced to zero and (iv) to the Noteholders of the Class D Notes until the Note Balance of the Class D Notes is reduced to zero.
(g) The Controlled Accumulation Period is scheduled to begin on the first day of the March 2013 February 1, 2018 Collection Period. However, if the Accumulation Period Length is less than six Collection Periods, the date on which the Controlled Accumulation Period actually begins will be delayed to the first day of the Collection Period that is the number of Collection Periods before the Expected Final Payment Date at least equal to the Accumulation Period Length. On or before each Determination Date beginning with the Determination Date in the February 2013 January 2018 Collection Period and ending when the Controlled Accumulation Period begins, the Servicer will determine the “Accumulation Period Length.”
Appears in 2 contracts
Sources: Indenture Supplement (Ford Credit Floorplan Master Owner Trust A), Indenture Supplement (Ford Credit Floorplan Master Owner Trust A)
Application of Available Funds in Collection Account and Other Sources. (a) As long as the Indenture Trustee has received the Monthly Investor Report by the related Determination Date, the Indenture Trustee (based on the information in the Monthly Investor Report) will, on each Payment Date and to the extent of Available Investor Interest Collections in the Collection Account, make the following applications, payments or deposits in the following order of priority:
(i) to the Note Paying Agent for payment to the Noteholders of the Class A Notes, pro rata, the Accrued Note Interest for the Class A Notes for such Payment Date;
(ii) to the Note Paying Agent for payment to the Noteholders of the Class B Notes, the Accrued Note Interest for the Class B Notes for such Payment Date;
(iii) to the Note Paying Agent for payment to the Noteholders of the Class C Notes, the Accrued Note Interest for the Class C Notes for such Payment Date;
(iv) to the Note Paying Agent for payment to the Noteholders of the Class D Notes, the Accrued Note Interest for the Class D Notes for such Payment Date;
(v) pro rata, to the payment of all amounts, including indemnities, then due to the Owner Trustee and the Indenture Trustee for the Series 2011-2 1 Notes, and any Table of Contents expenses incurred by the Issuer for the Series 2011-2 1 Notes in accordance with the Transaction Documents, in each case, to the extent not paid by the Servicer or the Administrator, up to a maximum of $150,000 per year;
(vi) pro rata (A) to the Back-up Servicer, the Monthly Back-up Servicing Fee for such Payment Date, if any, together with any Monthly Back-up Servicing Fees previously due but not paid on prior Payment Dates, and (B) if Ford Credit or one of its Affiliates is no longer the Servicer, to the Servicer, the Monthly Servicing Fee for such Payment Date, together with any Monthly Servicing Fees previously due but not paid on prior Payment Dates (unless such amount has been netted against deposits into the Collection Account in accordance with Section 8.4(c) of the Indenture);
(vii) to treat as Available Investor Principal Collections for such Payment Date, the Investor Default Amount for such Payment Date;
(viii) to the Series 2011-2 1 Reserve Account, the Series 2011-2 1 Reserve Account Deposit Amount for such Payment Date;
(ix) to treat as Available Investor Principal Collections for such Payment Date, the sum of Investor Charge-Offs that have not been previously reimbursed;
(x) to treat as Available Investor Principal Collections for such Payment Date, the sum of Reallocated Principal Collections that have not been previously reimbursed;
(xi) beginning on the Series 2011-2 1 Accumulation Period Reserve Account Funding Date, to the Series 2011-2 1 Accumulation Period Reserve Account, the Series 2011-2 1 Accumulation Period Reserve Account Deposit Amount for such Payment Date;
(xii) if Ford Credit or one of its Affiliates is the Servicer, to the Servicer, the Monthly Servicing Fee for such Payment Date, together with any Monthly Servicing Fees previously due but not paid on prior Payment Dates (unless such amount has been netted against deposits into the Collection Account in accordance with Section 8.4(c) of the Indenture);
(xiii) to the Depositor Interest Account for distribution to the holders of the Depositor Interest in accordance with the Trust Agreement to increase the Available Subordinated Amount, the excess of the Required Subordinated Amount over the Available Subordinated Amount (unless such amount has been netted against deposits into the Collection Account in accordance with Section 8.4(c) of the Indenture);
(xiv) pro rata, to the payment of all amounts, including indemnities, then due to the Owner Trustee and the Indenture Trustee for the Series 2011-2 1 Notes, and any expenses incurred by the Issuer for the Series 2011-2 1 Notes in accordance with the Transaction Documents, in each case, to the extent not paid by the Servicer or the Administrator or pursuant to clause (v) above;
(xv) to the Back-up Servicer, any amounts due pursuant to Section 2.3(b) of the Back-up Servicing Agreement and any Transition Costs due pursuant to Section 2.3(c) of Table of Contents the Back-up Servicing Agreement in excess of the amount in the Back-up Servicer Reserve Account, in each case, for the Series 2011-2 1 Notes;
(xvi) to treat as Excess Interest Collections available from Series 2011-21, the Interest Collections Shortfalls for other Series in Excess Interest Sharing Group One; and
(xvii) to the Depositor Interest Account for distribution to the holders of the Depositor Interest in accordance with the Trust Agreement, all remaining Available Investor Interest Collections.
(b) If Available Investor Interest Collections for any Payment Date are insufficient to make the applications, payments and deposits required pursuant to Section 4.2(a), as long as the Indenture Trustee has received the Monthly Investor Report by the related Determination Date, the Indenture Trustee (based on the information in the Monthly Investor Report) will, on or before such Payment Date, apply available funds from the following sources in the following order of priority:
(i) from Excess Interest Collections available from other Series in Excess Interest Sharing Group One, to cover shortfalls in the applications, payments and deposits pursuant to Sections 4.2(a)(i) through (xv) in that order;
(ii) from Available Depositor Interest Collections and Available Depositor Principal Collections (with respect to Available Depositor Principal Collections, in an amount not exceeding the Available Subordinated Amount (before giving effect to Section 4.3) for such Payment Date), to cover shortfalls in the applications, payments and deposits required pursuant to Sections 4.2(a)(i) through (ix) in that order; provided that, if the amount of Available Depositor Collections is insufficient to cover such shortfalls for Series 2011-21, as well as any similar shortfalls for other Series, then Available Depositor Collections will be allocated to Series 2011-2 1 based on the ratio that the Available Subordinated Amount for Series 2011-2 1 bears to the aggregate “Available Subordinated Amounts” for all Series having such shortfalls; provided, further, that if the amount of Available Depositor Collections exceeds the aggregate amount of such shortfalls for all Series, then the excess Available Depositor Collections will be applied to cover any unpaid Adjustment Payments;
(iii) from the Series 2011-2 1 Reserve Account Available Amount, to cover shortfalls in the applications, payments and deposits required pursuant to Sections 4.2(a)(i) through (vii) in that order; and
(iv) from the Reallocated Principal Collections for such Payment Date, to cover shortfalls in the payments required pursuant to Sections 4.2(a)(i) through (iv).
(c) As long as the Indenture Trustee has received the Monthly Investor Report by the related Determination Date, the Indenture Trustee (based on information in the Monthly Investor Report) will, on each Payment Date and to the extent of Available Investor Principal Collections on deposit in the Collection Account, make the following applications, payments or deposits in the following order of priority:: Table of Contents
(i) on any Payment Date with respect to the Controlled Accumulation Period or Early Amortization Period, to the Series 2011-2 1 Principal Funding Account, the excess, if any, of the Monthly Principal Amount for such Payment Date over the amount deposited into the Series 2011-2 1 Principal Funding Account from the Excess Funding Account pursuant to Section 4.2(d) on such Payment Date;
(ii) to other Principal Sharing Series in Principal Sharing Group One, the Shared Principal Collections for such Payment Date;
(iii) to the Excess Funding Account, the excess, if any, of the Required Pool Balance over the Net Adjusted Pool Balance pursuant to Section 8.3(b)(ii) of the Indenture; and
(iv) to the Depositor Interest Account for distribution to the holders of the Depositor Interest in accordance with the Trust Agreement, all remaining Available Investor Principal Collections.
(d) As long as the Indenture Trustee has received the Monthly Investor Report by the related Determination Date, the Indenture Trustee (based on information in the Monthly Investor Report) will, on each Payment Date with respect to the Controlled Accumulation Period or an Early Amortization Period, deposit into the Series 2011-2 1 Principal Funding Account from the Excess Funding Account the lesser of (i) the Series 2011-2 1 Excess Funding Amount, and (ii) the Monthly Principal Amount for such Payment Date.
(e) If Available Investor Principal Collections for any Payment Date with respect to an Early Amortization Period are insufficient to deposit the amount required pursuant to Section 4.2(c)(i), as long as the Indenture Trustee has received the Monthly Investor Report by the related Determination Date, the Indenture Trustee (based on the information in the Monthly Investor Report) will, on such Payment Date, deposit into the Series 2011-2 1 Principal Funding Account Available Depositor Interest Collections and Available Depositor Principal Collections (with respect to Available Depositor Principal Collections, in an amount not to exceed the Available Subordinated Amount) on such Payment Date in an amount equal to the excess of the Adjusted Invested Amount over the sum of the amounts deposited into the Series 2011-2 1 Principal Funding Account from Available Investor Principal Collections pursuant to Section 4.2(c)(i) and from the Excess Funding Account pursuant to Section 4.2(d).
(f) So long as an Early Amortization Period has not begun, on the Expected Final Payment Date, or on each Payment Date with respect to an Early Amortization Period, as long as the Indenture Trustee has received the Monthly Investor Report by the related Determination Date, the Indenture Trustee (based on the information in the Monthly Investor Report) will withdraw an amount up to the aggregate Note Balance of Series 2011-2 1 from the Series 2011-2 1 Principal Funding Account for payment in the following order of priority: (i) to the Noteholders of Class A Notes until the Note Balance of the Class A Notes is reduced to zero, (ii) to the Noteholders of Class B Notes until the Note Balance of the Class B Notes is reduced to zero, (iii) to the Noteholders of the Class C Notes until the Note Balance of the Class C Notes is reduced to zero and (iv) to the Noteholders of the Class D Notes until the Note Balance of the Class D Notes is reduced to zero.
(g) The Controlled Accumulation Period is scheduled to begin on the first day of the March 2013 Collection Period. However, if the Accumulation Period Length is less than six Collection Periods, the date on which the Controlled Accumulation Period actually begins will be delayed to the first day of the Collection Period that is the number of Collection Periods before the Expected Final Payment Date at least equal to the Accumulation Period Length. On or before each Determination Date beginning with the Determination Date in the February 2013 Collection Period and ending when the Controlled Accumulation Period begins, the Servicer will determine the “Accumulation Period Length.”
Appears in 1 contract
Sources: Indenture Supplement (Ford Credit Floorplan Master Owner Trust a Series 2011-1)
Application of Available Funds in Collection Account and Other Sources. (a) As long as the Indenture Trustee has received the Monthly Investor Report by the related Determination Date, the Indenture Trustee (based on the information in the Monthly Investor Report) will, on each Payment Date and to the extent of Available Investor Interest Collections in the Collection Account, make the following applications, payments or deposits in the following order of priority:
(i) to the Note Paying Agent for payment to the Noteholders of the Class A Notes, pro rata, the Accrued Note Interest for the Class A Notes for such Payment Date;
(ii) to the Note Paying Agent for payment to the Noteholders of the Class B Notes, the Accrued Note Interest for the Class B Notes for such Payment Date;
(iii) to the Note Paying Agent for payment to the Noteholders of the Class C Notes, the Accrued Note Interest for the Class C Notes for such Payment Date;
(iv) to the Note Paying Agent for payment to the Noteholders of the Class D Notes, the Accrued Note Interest for the Class D Notes for such Payment Date; [(__) to the Hedge Counterparty, any Net Hedge Payments due;] [(__) to the Hedge Counterparty, any Hedge Termination Payments Due]
(v) pro rata, to the payment of all amounts, including indemnities, then due to the Owner Trustee and the Indenture Trustee for the Series 2011-2 20__-_ Notes, and any expenses incurred by the Issuer for the Series 2011-2 20__-_ Notes in accordance with the Transaction Documents, in each case, to the extent not paid by the Servicer or the Administrator, up to a maximum of $150,000 ________ per year;
(vi) pro rata (A) to the Back-up Servicer, the Monthly Back-up Servicing Fee for such Payment Date, if any, together with any Monthly Back-up Servicing Fees previously due but not paid on prior Payment Dates, and (B) if Ford Credit or one of its Affiliates is no longer the Servicer, to the Servicer, the Monthly Servicing Fee for such Payment Date, together with any Monthly Servicing Fees previously due but not paid on prior Payment Dates (unless such amount has been netted against deposits into the Collection Account in accordance with Section 8.4(c) of the Indenture);
(vii) to treat as Available Investor Principal Collections for such Payment Date, the Investor Default Amount for such Payment Date;
(viii) to the Series 2011-2 20__-_ Reserve Account, the Series 2011-2 20__-_ Reserve Account Deposit Amount for such Payment Date;
(ix) to treat as Available Investor Principal Collections for such Payment Date, the sum of Investor Charge-Offs that have not been previously reimbursed;
(x) to treat as Available Investor Principal Collections for such Payment Date, the sum of Reallocated Principal Collections that have not been previously reimbursed;
(xi) beginning on the Series 2011-2 20__-_ Accumulation Period Reserve Account Funding Date, to the Series 2011-2 20__-_ Accumulation Period Reserve Account, the Series 2011-2 20__-_ Accumulation Period Reserve Account Deposit Amount for such Payment Date;
(xii) if Ford Credit or one of its Affiliates is the Servicer, to the Servicer, the Monthly Servicing Fee for such Payment Date, together with any Monthly Servicing Fees previously due but not paid on prior Payment Dates (unless such amount has been netted against deposits into the Collection Account in accordance with Section 8.4(c) of the Indenture);
(xiii) to the Depositor Interest Account for distribution to the holders of the Depositor Interest in accordance with the Trust Agreement to increase the Available Subordinated Amount, the excess of the Required Subordinated Amount over the Available Subordinated Amount (unless such amount has been netted against deposits into the Collection Account in accordance with Section 8.4(c) of the Indenture); [(__) to the Hedge Counterparty, any Subordinated Hedge Termination Payments due;]
(xiv) pro rata, to the payment of all amounts, including indemnities, then due to the Owner Trustee and the Indenture Trustee for the Series 2011-2 20__-_ Notes, and any expenses incurred by the Issuer for the Series 2011-2 20__-_ Notes in accordance with the Transaction Documents, in each case, to the extent not paid by the Servicer or the Administrator or pursuant to clause (v) above;
(xv) pro rata, to the Back-up Servicer, (A) any amounts due pursuant to Section 2.3(b) of the Back-up Servicing Agreement and (B) as the Successor Servicer, any Transition Costs due pursuant to Section 2.3(c) of the Back-up Servicing Agreement in excess of the amount in the Back-up Servicer Reserve Account, in each case, for the Series 2011-2 Notes;
(xvi) to treat as Excess Interest Collections available from Series 2011-220__-_, the Interest Collections Shortfalls for other Series in Excess Interest Sharing Group One; and
(xvii) to the Depositor Interest Account for distribution to the holders of the Depositor Interest in accordance with the Trust Agreement, all remaining Available Investor Interest Collections.
(b) If Available Investor Interest Collections for any Payment Date are insufficient to make the applications, payments and deposits required pursuant to Section 4.2(a), as long as the Indenture Trustee has received the Monthly Investor Report by the related Determination Date, the Indenture Trustee (based on the information in the Monthly Investor Report) will, on or before such Payment Date, apply available funds from the following sources in the following order of priority:
(i) from Excess Interest Collections available from other Series in Excess Interest Sharing Group One, to cover shortfalls in the applications, payments and deposits pursuant to Sections 4.2(a)(i) through (xv) in that order;
(ii) from Available Depositor Interest Collections and Available Depositor Principal Collections (with respect to Available Depositor Principal Collections, in an amount not exceeding the Available Subordinated Amount (before giving effect to Section 4.3) for such Payment Date), to cover shortfalls in the applications, payments and deposits required pursuant to Sections 4.2(a)(i) through (ix) in that order; provided that, if the amount of Available Depositor Collections is insufficient to cover such shortfalls for Series 2011-220__-_, as well as any similar shortfalls for other Series, then Available Depositor Collections will be allocated to Series 2011-2 20__-_ based on the ratio that the Available Subordinated Amount for Series 2011-2 20__-_ bears to the aggregate “Available Subordinated Amounts” for all Series having such shortfalls; provided, further, that if the amount of Available Depositor Collections exceeds the aggregate amount of such shortfalls for all Series, then the excess Available Depositor Collections will be applied to cover any unpaid Adjustment Payments;
(iii) from the Series 2011-2 20__-_ Reserve Account Available Amount, to cover shortfalls in the applications, payments and deposits required pursuant to Sections 4.2(a)(i) through (vii) in that order; and
(iv) from the Reallocated Principal Collections for such Payment Date, to cover shortfalls in the payments required pursuant to Sections 4.2(a)(i) through (iv).
(c) As long as the Indenture Trustee has received the Monthly Investor Report by the related Determination Date, the Indenture Trustee (based on information in the Monthly Investor Report) will, on each Payment Date and to the extent of Available Investor Principal Collections on deposit in the Collection Account, make the following applications, payments or deposits in the following order of priority:
(i) on any Payment Date with respect to the Controlled Accumulation Period or Early Amortization Period, to the Series 2011-2 20__-_ Principal Funding Account, the excess, if any, of the Monthly Principal Amount for such Payment Date over the amount deposited into the Series 2011-2 20__-_ Principal Funding Account from the Excess Funding Account pursuant to Section 4.2(d) on such Payment Date;
(ii) to other Principal Sharing Series in Principal Sharing Group One, the Shared Principal Collections for such Payment Date;
(iii) to the Excess Funding Account, the excess, if any, of the Required Pool Balance over the Net Adjusted Pool Balance pursuant to Section 8.3(b)(ii) of the Indenture; and
(iv) to the Depositor Interest Account for distribution to the holders of the Depositor Interest in accordance with the Trust Agreement, all remaining Available Investor Principal Collections.
(d) As long as the Indenture Trustee has received the Monthly Investor Report by the related Determination Date, the Indenture Trustee (based on information in the Monthly Investor Report) will, on each Payment Date with respect to the Controlled Accumulation Period or an Early Amortization Period, deposit into the Series 2011-2 20__-_ Principal Funding Account from the Excess Funding Account the lesser of (i) the Series 2011-2 20__-_ Excess Funding Amount, and (ii) the Monthly Principal Amount for such Payment Date.
(e) If Available Investor Principal Collections for any Payment Date with respect to an Early Amortization Period are insufficient to deposit the amount required pursuant to Section 4.2(c)(i), as long as the Indenture Trustee has received the Monthly Investor Report by the related Determination Date, the Indenture Trustee (based on the information in the Monthly Investor Report) will, on such Payment Date, deposit into the Series 2011-2 20__-_ Principal Funding Account Available Depositor Interest Collections and Available Depositor Principal Collections (with respect to Available Depositor Principal Collections, in an amount not to exceed the Available Subordinated Amount) on such Payment Date in an amount equal to the excess of the Adjusted Invested Amount over the sum of the amounts deposited into the Series 2011-2 20__-_ Principal Funding Account from Available Investor Principal Collections pursuant to Section 4.2(c)(i) and from the Excess Funding Account pursuant to Section 4.2(d).
(f) So long as an Early Amortization Period has not begun, on the Expected Final Payment Date, or on each Payment Date with respect to an Early Amortization Period, as long as the Indenture Trustee has received the Monthly Investor Report by the related Determination Date, the Indenture Trustee (based on the information in the Monthly Investor Report) will withdraw an amount up to the aggregate Note Balance of Series 2011-2 20__-_ from the Series 2011-2 20__-_ Principal Funding Account for payment in the following order of priority: (i) to the Noteholders of Class A Notes until the Note Balance of the Class A Notes is reduced to zero, (ii) to the Noteholders of Class B Notes until the Note Balance of the Class B Notes is reduced to zero, (iii) to the Noteholders of the Class C Notes until the Note Balance of the Class C Notes is reduced to zero and (iv) to the Noteholders of the Class D Notes until the Note Balance of the Class D Notes is reduced to zero.
(g) The Controlled Accumulation Period is scheduled to begin on the first day of the March 2013 ________ 20__ Collection Period. However, if the Accumulation Period Length is less than six Collection Periods, the date on which the Controlled Accumulation Period actually begins will be delayed to the first day of the Collection Period that is the number of Collection Periods before the Expected Final Payment Date at least equal to the Accumulation Period Length. On or before each Determination Date beginning with the Determination Date in the February 2013 _________ 20__ Collection Period and ending when the Controlled Accumulation Period begins, the Servicer will determine the “Accumulation Period Length.”
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