Common use of Excess Principal Collections Clause in Contracts

Excess Principal Collections. (a) On each Distribution Date, the Indenture Trustee is required, to the extent provided in the Indenture Supplements, to pay to the Trustee the Excess Available Principal Amounts, if any, in respect of such Distribution Date. On each Distribution Date, commencing with the Initial Distribution Date, the Excess Available Principal Amounts, if any, for the related Collection Period received by the Trustee from the Indenture Trustee shall be: (i) first deposited to the Excess Funding Account to the extent, if any, that the sum of (A) the Invested Amount, (B) the aggregate amount on deposit in the principal funding accounts (other than any net investment earnings) for all series of Notes and (C) the amount on deposit in the Excess Funding Account (other than any Investment Proceeds) prior to the allocation on such Distribution Date is less than the sum of (x) the aggregate outstanding dollar principal amount of all of the series of Notes and (y) the sum of the overcollateralization amounts for all series of Notes; and (ii) second any remainder treated as Excess Principal Collections and applied in accordance with Section 4.04 of the Agreement. Amounts (other than investment earnings) being deposited to the Excess Funding Account pursuant to Section 4.04(a)(i) shall be allocated among each series of Notes (other than any series of Notes that is not in its revolving period) pro rata on the basis of its Series Nominal Liquidation Amount.