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.

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.