Common use of Available Subordinated Amount Clause in Contracts

Available Subordinated Amount. (a) On each Distribution Date, the Servicer will apply, or cause the Indenture Trustee by written instruction to the Indenture Trustee to withdraw the Available Transferor Collections on deposit in the Collection Account with respect to such Distribution Date and apply, such amounts to the extent necessary on such Distribution Date in accordance with Section 4.04(b)(ii). The amount of any such Available Transferor Collections so applied on any Distribution Date will reduce the Available Subordinated Amount by the amount so applied. The balance of Available Transferor Collections on deposit in the Collection Account on any Distribution Date, after giving effect to any distributions or deposits thereof in accordance with Section 4.04(b)(ii), will be distributed by the Indenture Trustee, at the written direction of the Servicer, to the Owner Trustee for distribution to the holders of the Transferor Interest in accordance with the Trust Agreement, but only to the extent that the Transferor Amount (determined after giving effect to any Principal Receivables or, if applicable, Interests in Other Floorplan Assets transferred to the Issuer on such Distribution Date) exceeds the Required Transferor Amount for the immediately preceding Determination Date. In addition, during an Early Amortization Period, Available Transferor Collections, to the extent of the Available Subordinated Amount, will be available for distribution in accordance with Section 4.04(d)(iii). However, the amount of any such Available Transferor Collections so applied on any Distribution Date will not reduce the Available Subordinated Amount by the amount so applied. (b) The Available Subordinated Amount may also be reallocated to the Invested Amount in order to avoid a reduction of the Invested Amount pursuant to (i) unfunded Investor Default Amounts pursuant to Section 4.05 or (ii) Reallocated Principal Collections pursuant to Section 4.06. The amount of the Available Subordinated Amount so reallocated on any Distribution Date will reduce the Available Subordinated Amount by the amount so reallocated. (c) Notwithstanding any other provision herein, the Transferors may elect to increase the Available Subordinated Amount; provided that the cumulative amount of such increases pursuant to this Section 4.09(c) does not exceed 3.50% of the Initial Note Principal Balance.

Available Subordinated Amount. (a) On each Distribution DateIf an Early Amortization Period begins, the Servicer will apply, or cause the Indenture Trustee by written instruction to the Indenture Trustee to withdraw the Available Transferor Collections on deposit in the Collection Account with respect to such Distribution Date and apply, such amounts to the extent necessary on such Distribution Date in accordance with Section 4.04(b)(ii). The amount of any such Available Transferor Collections so applied on any Distribution Date will reduce shall promptly calculate the Available Subordinated Amount by as of the Early Amortization Calculation Date and report such amount so applied. The balance of Available Transferor Collections on deposit in the Collection Account on any Distribution Date, after giving effect to any distributions or deposits thereof in accordance with Section 4.04(b)(ii), will be distributed by the Indenture Trustee, at the written direction of the Servicer, to the Owner Trustee for distribution to the holders of the Transferor Interest in accordance with the Trust Agreement, but only to the extent that the Transferor Amount (determined after giving effect to any Principal Receivables or, if applicable, Interests in Other Floorplan Assets transferred to the Issuer on such Distribution Date) exceeds the Required Transferor Amount Daily Report for the immediately preceding Determination Datefirst day in the Early Amortization Period. In addition, during an Servicer shall also calculate the Available Subordinated Amount as of each Cut-Off Date falling in the Early Amortization Period, Available Transferor Collections, such calculation to be reflected in the extent of the Available Subordinated Amount, will be available for distribution in accordance with Section 4.04(d)(iii). However, the amount of any such Available Transferor Collections so applied on any Distribution Date will not reduce the Available Subordinated Amount by the amount so appliedrelated Monthly Report. (b) The Available Subordinated Amount may also be reallocated to the Invested Amount in order to avoid a reduction as of the Invested Amount pursuant to Early Amortization Calculation Date shall equal the product of (x) the Investor Allocation Percentage, multiplied by (y) the result of: (i) unfunded Investor Default Amounts pursuant to Section 4.05 or the product of the Unpaid Balance of Receivables held by Trustee at the opening of business on the Early Amortization Calculation Date, multiplied by the Series Collection Allocation Percentage on that date; minus (ii) Reallocated Principal Collections pursuant to Section 4.06. The amount the sum of (i) the Available Subordinated lesser of (A) the Base Amount so reallocated and (B) the Net Invested Amount and (ii) the Carrying Cost Receivables Reserve at the opening of business on any Distribution Date will reduce the Available Subordinated Amount by the amount so reallocatedEarly Amortization Calculation Date. (c) Notwithstanding The Available Subordinated Amount, as of any other provision hereinCut-Off Date in the Early Amortization Period, shall equal the Transferors may elect to increase result of: (i) the Available Subordinated AmountAmount as of the preceding Cut-Off Date (or as of the Early Amortization Calculation Date, in the case of the first Cut-Off Date falling in the Early Amortization Period); provided minus (ii) the Investor Allocable Loss Amount with respect to the ASA Measuring Period ending on that Cut-Off Date; minus (iii) any Investor Allocable Dilution with respect to the cumulative amount of such increases ASA Measuring Period ending on that Cut-Off Date; plus (iv) subject to Sections 4.7 and 4.8, the Investor Allocable Recoveries and Investor Allocable Dilution Adjustments with respect to the ASA Measuring Period ending on that Cut-Off Date. (d) Notwithstanding the foregoing, in no event shall the Available Subordinated Amount at any time be less than zero or greater than the initial Available Subordinated Amount calculated pursuant to this Section 4.09(c) does not exceed 3.50% of the Initial Note Principal Balancesubsection (b).

Available Subordinated Amount. (a) On each Distribution Date, the Servicer will apply, or cause direct the Indenture Trustee by written instruction to the Indenture Trustee to withdraw the Available Transferor Collections on deposit in the Collection Account with respect to such Distribution Date and apply, such amounts to the extent necessary on such Distribution Date in accordance with Section 4.04(b)(ii). The amount of any such Available Transferor Principal Collections so applied on any Distribution Date will reduce the Available Subordinated Amount by the amount so applied. The balance of Available Transferor Collections on deposit in the Collection Account on any Distribution Date, after giving effect to any distributions or deposits thereof in accordance with Section 4.04(b)(ii), will be distributed by the Indenture Trustee, at the written direction of the Servicer, to the Owner Trustee Transferor Interest Account for distribution to the holders of the Transferor Interest in accordance with the Trust Agreement, but only to the extent that the Transferor Amount (determined after giving effect to any Principal Receivables or, if applicable, Interests in Other Floorplan Assets transferred to the Issuer on such Distribution Date) exceeds the Required Transferor Amount for the immediately preceding Determination Date. In addition, during an Early Amortization Period, Available Transferor Interest Collections and Available Transferor Principal Collections (with respect to Available Transferor Principal Collections, in an amount not to the extent of exceed the Available Subordinated Amount), will be available for distribution in accordance with Section 4.04(d)(iii4.04(c)(i). However, the amount of any such Available Transferor Principal Collections so applied on any Distribution Date will not reduce the Available Subordinated Amount by the amount so applied. (b) The Available Subordinated Amount may also be reallocated to the Invested Amount in order to avoid a reduction of the Invested Amount pursuant to (i) unfunded Investor Default Amounts pursuant to Section 4.05 or (ii) Reallocated Principal Collections pursuant to Section 4.06. The amount of the Available Subordinated Amount so reallocated on any Distribution Date will reduce the Available Subordinated Amount by the amount so reallocated. (c) Notwithstanding any other provision herein, the Transferors may elect to increase the Available Subordinated Amount; provided that the cumulative amount of such increases pursuant to this Section 4.09(c) does not exceed 3.50% of the Class A Initial Note Principal Balance.

Available Subordinated Amount. (a) On each Distribution Date, the Servicer will apply, or cause direct the Indenture Trustee by written instruction to the Indenture Trustee to withdraw the Available Transferor Collections on deposit in the Collection Account with respect to such Distribution Date and apply, such amounts to the extent necessary on such Distribution Date in accordance with Section 4.04(b)(ii). The amount of any such Available Transferor Principal Collections so applied on any Distribution Date will reduce the Available Subordinated Amount by the amount so applied. The balance of Available Transferor Collections on deposit in the Collection Account on any Distribution Date, after giving effect to any distributions or deposits thereof in accordance with Section 4.04(b)(ii), will be distributed by the Indenture Trustee, at the written direction of the Servicer, to the Owner Trustee Transferor Interest Account for distribution to the holders of the Transferor Interest in accordance with the Trust Agreement, but only to the extent that the Transferor Amount (determined after giving effect to any Principal Receivables or, if applicable, Interests in Other Floorplan Assets transferred to the Issuer on such Distribution Date) exceeds the Required Transferor Amount for the immediately preceding Determination Date. In addition, during an Early Amortization Period, Available Transferor Interest Collections and Available Transferor Principal Collections (with respect to Available Transferor Principal Collections, in an amount not to the extent of exceed the Available Subordinated Amount), will be available for distribution in accordance with Section 4.04(d)(iii4.04(c)(i). However, the amount of any such Available Transferor Principal Collections so applied on any Distribution Date will not reduce the Available Subordinated Amount by the amount so applied. (b) The Available Subordinated Amount may also be reallocated to the Invested Amount in order to avoid a reduction of the Invested Amount pursuant to (i) unfunded Investor Default Amounts pursuant to Section 4.05 or (ii) Reallocated Principal Collections pursuant to Section 4.06. The amount of the Available Subordinated Amount so reallocated on any Distribution Date will reduce the Available Subordinated Amount by the amount so reallocated. (c) Notwithstanding any other provision herein, the Transferors may elect to increase the Available Subordinated Amount; provided that the cumulative amount of such increases pursuant to this Section 4.09(c) does not exceed 3.50% of the Series 2010-5 Note Initial Note Principal Balance.

Available Subordinated Amount. (a) On each Distribution DateIf an Amortization Period begins, the Servicer will apply, or cause the Indenture Trustee by written instruction to the Indenture Trustee to withdraw the Available Transferor Collections on deposit in the Collection Account with respect to such Distribution Date and apply, such amounts to the extent necessary on such Distribution Date in accordance with Section 4.04(b)(ii). The amount of any such Available Transferor Collections so applied on any Distribution Date will reduce shall promptly calculate the Available Subordinated Amount by as of the Amortization Period Calculation Date and report such amount so applied. The balance of Available Transferor Collections on deposit in the Collection Account on any Distribution Date, after giving effect to any distributions or deposits thereof in accordance with Section 4.04(b)(ii), will be distributed by the Indenture Trustee, at the written direction of the Servicer, to the Owner Trustee for distribution to the holders of the Transferor Interest in accordance with the Trust Agreement, but only to the extent that the Transferor Amount (determined after giving effect to any Principal Receivables or, if applicable, Interests in Other Floorplan Assets transferred to the Issuer on such Distribution Date) exceeds the Required Transferor Amount Daily Report for the immediately preceding Determination Date. In addition, during an Early first day in the Amortization Period, Available Transferor Collections, to the extent of the Available Subordinated Amount, will be available for distribution in accordance with Section 4.04(d)(iii). However, the amount of any such Available Transferor Collections so applied on any Distribution Date will not reduce Servicer shall also calculate the Available Subordinated Amount by as of each Cut-Off Date falling in the amount so appliedAmortization Period, such calculation to be reflected in the related Monthly Report. (b) The Available Subordinated Amount may also be reallocated to the Invested Amount in order to avoid a reduction as of the Invested Amount pursuant to Amortization Period Calculation Date shall equal the product of (x) the Investor Allocation Percentage, multiplied by (y) the result of: (i) unfunded Investor Default Amounts pursuant to Section 4.05 or the product of the Net Eligible Receivables at the opening of business on the Amortization Period Calculation Date, multiplied by the Series Collection Allocation Percentage on that date; minus (ii) Reallocated the sum of (i) the lesser of (A) the Base Amount plus the amount, if any, on deposit in the Equalization Account and the Principal Collections pursuant to Section 4.06. The amount Funding Account, and (B) the Net Invested Amount and (ii) the Carrying Cost Receivables Reserve at the opening of business on the Available Subordinated Amount so reallocated on any Distribution Date will reduce the Available Subordinated Amount by the amount so reallocatedAmortization Period Calculation Date. (c) Notwithstanding The Available Subordinated Amount, as of any other provision hereinCut-Off Date in the Amortization Period, shall equal the Transferors may elect to increase result of: (i) the Available Subordinated AmountAmount as of the preceding Cut-Off Date (or as of the Amortization Period Calculation Date, in the case of the first Cut-Off Date falling in the Amortization Period); provided minus (ii) the Investor Allocable Loss Amount with respect to the ASA Measuring Period ending on that Cut-Off Date; minus (iii) any Investor Allocable Dilution with respect to the cumulative amount of such increases ASA Measuring Period ending on that Cut-Off Date; plus (iv) subject to Sections 4.7 and 4.8, the Investor Allocable Recoveries and Investor Allocable Dilution Adjustments with respect to the ASA Measuring Period ending on that Cut-Off Date. (d) Notwithstanding the foregoing, in no event shall the Available Subordinated Amount at any time be less than zero or greater than the initial Available Subordinated Amount calculated pursuant to this Section 4.09(c) does not exceed 3.50% of the Initial Note Principal Balancesubsection (b).