Common use of Defaulted Accounts Clause in Contracts

Defaulted Accounts. On each Determination Date, the ------------------ Servicer shall calculate the Investor Default Amount for the preceding Monthly Period and the Total Deficiency Amount for the related Distribution Date. If on such date the Total Deficiency Amount exceeds zero (such deficiency, the "Shortfall"), the Class C Investor Amount will be reduced by the lesser of (i) the sum of (x) the Investor Default Amount and (y) the applicable Series Share of the amount of any unpaid Deposit Obligation in respect of the preceding Monthly Period and (ii) such Shortfall (together with any amount allocated to the Class C Investor Amount in accordance with the last sentence of Section 4.11, a "Class C Investor Charge Off"). In the event that such reduction would cause the Class C Investor Amount to be a negative number, the Class C Investor Amount shall be zero, and the Class B Investor Amount will be reduced by an amount equal to the excess of such reduction over the Class C Investor Amount prior to the reduction (a "Class B Investor Charge Off"). In the event that such reduction would cause the Class B Investor Amount to be a negative number, the Class B Investor Amount shall be zero, and the Class A Investor Amount will be reduced by an amount equal to the excess of such reduction over the sum of the Class B Investor Amount and the Class C Investor Amount prior to such reduction (a "Class A Investor Charge Off").

Defaulted Accounts. On each Determination Date, the ------------------ Servicer shall calculate the Investor Default Amount for the preceding Monthly Period and the Total Deficiency Amount for the related Distribution Date. If on such date the Total Deficiency Amount exceeds zero (such deficiency, the "Shortfall"), the Class C Investor Amount will be reduced on such date by the lesser of (i) the sum of (x) the Investor Default Amount and (y) the applicable Series Shortfall Share of the amount of any unpaid Deposit Obligation in respect of the preceding Monthly Period and (ii) such Shortfall (together with any amount allocated to the Class C Investor Amount in accordance with the last sentence of Section 4.11, a "Class C Investor Charge Charge-Off"). In the event that such reduction would cause the Class C Investor Amount to be a negative number, the Class C Investor Amount shall be zero, and the Class B Investor Amount will be reduced on such date by an amount equal to the excess of such reduction over the Class C Investor Amount prior to the reduction (a "Class B Investor Charge Charge-Off"). In the event that such reduction would cause the Class B Investor Amount to be a negative number, the Class B Investor Amount shall be zero, zero and the Class A Investor Amount will be reduced by an amount equal to the excess of such reduction over the sum of the Class B Investor Amount and the Class C Investor Amount prior to such reduction (a "Class A Investor Charge Charge-Off").