Common use of Insufficiency and Losses in Trust Accounts Clause in Contracts

Insufficiency and Losses in Trust Accounts. If any amounts are needed for disbursement from the Collection Account, the Distribution Account or the Transfer Obligation Account held by or on behalf of the Indenture Trustee and sufficient uninvested funds are not available to make such disbursement, the Indenture Trustee shall cause to be sold or otherwise converted to cash a sufficient amount of the investments in the Collection Account, the Distribution Account or the Transfer Obligation Account, as the case may be. The Indenture Trustee shall not be liable for any investment loss or other charge resulting therefrom, unless such loss or charge is caused by the failure of the Indenture Trustee to perform in accordance with written directions provided pursuant to this Section 5.03. If any losses are realized in connection with any investment in the Collection Account, the Distribution Account or the Transfer Obligation Account pursuant to this Agreement during a period in which the Servicer has the right to direct investments pursuant to Section 5.03(b), then the Servicer shall deposit the amount of such losses (to the extent not offset by income from other investments in the Collection Account, the Distribution Account or the Transfer Obligation Account, as the case may be) into the Collection Account, the Distribution Account or the Transfer Obligation Account, as the case may be, immediately upon the realization of such loss. All interest and any other investment earnings on amounts held in the Collection Account, the Distribution Account and the Transfer Obligation Account shall be taxed to the Issuer and for federal and state income tax purposes the Issuer shall be deemed to be the owner of the Collection Account, the Distribution Account and/or the Transfer Obligation Account, as the case may be.

Insufficiency and Losses in Trust Accounts. If any amounts are needed for disbursement from the Collection Account, the Distribution Account or the Transfer Obligation Account held by or on behalf of the Indenture Trustee and sufficient uninvested funds are not available to make such disbursement, the Indenture Trustee (or the Servicer, as applicable) shall cause to be sold or otherwise converted to cash a sufficient amount of the investments in the Collection Account, the Distribution Account or the Transfer Obligation Account, as the case may be. The Indenture Trustee shall not be liable for any investment loss or other charge resulting therefrom, unless such loss or charge is caused by the failure of the Indenture Trustee to perform in accordance with written directions provided pursuant to this Section SECTION 5.03. If any losses are realized in connection with any investment in the Collection Account, the Distribution Account or the Transfer Obligation Account pursuant to this Agreement during a period in which and the Servicer has the right to direct investments pursuant to Section 5.03(b)Indenture, then the Servicer Loan Originator shall deposit the amount of such losses (to the extent not offset by income from other investments in the Collection Account, the Distribution Account or the Transfer Obligation Account, as the case may be) into the Collection Account, the Distribution Account or the Transfer Obligation Trust Account, as the case may be, immediately upon the realization of such loss. All interest and any other investment earnings on amounts held in the Collection Account, the Distribution Account and the Transfer Obligation Account shall be taxed to the Issuer and for federal and state income tax purposes the Issuer shall be deemed to be the owner of the Collection Account, the Distribution Account and/or the Transfer Obligation Account, as the case may be.

Insufficiency and Losses in Trust Accounts. If any amounts are ------------------------------------------ needed for disbursement from the Collection Account, the Distribution Account or the Transfer Obligation any Trust Account held by or on behalf of the Indenture Trustee and sufficient uninvested funds are not available to make such disbursement, the Indenture Trustee, or Owner Trustee or Co-Owner Trustee in the case of the Certificate Distribution Account, shall cause to be sold or otherwise converted to cash a sufficient amount of the investments in the Collection such Trust Account, the Distribution Account or the Transfer Obligation Account, as the case may be. The Indenture Trustee, or Owner Trustee or Co-Owner Trustee in the case of the Certificate Distribution Account, shall not be liable for any investment loss or other charge resulting therefrom, unless such loss or charge is caused by the failure of the Indenture Trustee or Owner Trustee or Co-Owner Trustee, respectively, to perform in accordance with written directions provided pursuant to this Section 5.03. ------------ If any losses are realized in connection with any investment in the Collection Account, the Distribution Account or the Transfer Obligation any Trust Account pursuant to this Agreement during a period in which and the Servicer has the right to direct investments pursuant to Section 5.03(b)Indenture, then the Servicer Transferor shall deposit the amount of such losses (to the extent not offset by income from other investments in the Collection such Trust Account, the Distribution ) in such Trust Account or the Transfer Obligation Account, as the case may be) into the Collection Account, the Distribution Account or the Transfer Obligation Account, as the case may be, immediately upon the realization of such loss. All interest and any other investment earnings on amounts held in the Collection Account, the Distribution Account and the Transfer Obligation any Trust Account shall be taxed to the Issuer and for federal and state income tax purposes the Issuer shall be deemed to be the owner of the Collection each Trust Account, the Distribution Account and/or the Transfer Obligation Account, as the case may be.

Insufficiency and Losses in Trust Accounts. If any amounts are needed for disbursement from the Collection Account, the Distribution Reserve Account or the Transfer Obligation Account held by or on behalf of the Indenture Trustee and sufficient uninvested funds are not available to make such disbursement, the Indenture Trustee shall cause to be sold or otherwise converted to cash a sufficient amount of the investments in the Collection Account, the Distribution Reserve Account or the Transfer Obligation Account, as the case may be. The Indenture Trustee shall not be liable for any investment loss or other charge resulting therefrom, unless such loss or charge is caused by the failure of the Indenture Trustee to perform in accordance with written directions provided pursuant to this Section 5.03. If any losses are realized in connection with any investment in the Collection Account, the Distribution Account or the Transfer Obligation Account pursuant to this Agreement during a period in which the Servicer has the right to direct investments pursuant to Section 5.03(b)Agreement, then the Servicer shall deposit the amount of such losses (to the extent not offset by income from other investments in the Collection Account, the Distribution Account or the Transfer Obligation Account, as the case may be) into the Collection Account, the Distribution Account or the Transfer Obligation Account, as the case may be, immediately upon the realization of such loss, provided that all such losses incurred with respect to Permitted Investments in the Reserve Account specified in clause (j) of the definition thereof shall be reimbursed by the Initial Noteholder. All interest and any other investment earnings on amounts held in the Collection Account, the Distribution Reserve Account and the Transfer Obligation Account shall be taxed to the Issuer and for federal and state income tax purposes the Issuer shall be deemed to be the owner of the Collection Account, the Distribution Reserve Account and/or the Transfer Obligation Account, as the case may be.

Insufficiency and Losses in Trust Accounts. If any amounts are needed for disbursement from the Collection Account, the Distribution Account or the Transfer Obligation Account held by or on behalf of the Indenture Trustee and sufficient uninvested funds are not available to make such disbursement, the Indenture Trustee shall cause to be sold or otherwise converted to cash a sufficient amount of the investments in the Collection Account, Account or the Distribution Account or the Transfer Obligation Account, as the case may be. The Indenture Trustee shall not be liable for any investment loss or other charge resulting therefrom, unless such loss or charge is caused by the failure of the Indenture Trustee to perform in accordance with written directions provided pursuant to this Section 5.03. If any losses are realized in connection with any investment in the Collection Account, Account or the Distribution Account or the Transfer Obligation Account pursuant to this Agreement during a period in which the Servicer has the right to direct investments pursuant to Section 5.03(b), then the Servicer shall deposit the amount of such losses (to the extent not offset by income from other investments in the Collection Account, Account or the Distribution Account or the Transfer Obligation Account, as the case may be) into the Collection Account, Account or the Distribution Account or the Transfer Obligation Account, as the case may be, immediately upon the realization of such loss. All interest and any other investment earnings on amounts held in the Collection Account, Account and the Distribution Account and the Transfer Obligation Account shall be taxed to the Issuer and for federal and state income tax purposes the Issuer shall be deemed to be the owner of the Collection Account, Account or the Distribution Account and/or or the Transfer Obligation Account, as the case may be.

Insufficiency and Losses in Trust Accounts. If any amounts are needed for disbursement from the Collection Account, the Distribution Reserve Account or the Transfer Obligation Account held by or on behalf of the Indenture Trustee and sufficient uninvested funds are not available to make such disbursement, the Indenture Trustee shall cause to be sold or otherwise converted to cash a sufficient amount of the investments in the Collection Account, the Distribution Reserve Account or the Transfer Obligation Account, as the case may be. The Indenture Trustee shall not be liable for any investment loss or other charge resulting therefrom, unless such loss or charge is caused by the failure of the Indenture Trustee to perform in accordance with written directions provided pursuant to this Section 5.03. If any losses are realized in connection with any investment in the Collection Account, the Distribution Account or the Transfer Obligation Account pursuant to this Agreement during a period in which the Servicer has the right to direct investments pursuant to Section 5.03(b)Agreement, then the Servicer shall deposit the amount of such losses (to the extent not offset by income from other investments in the Collection Account, the Distribution Account or the Transfer Obligation Account, as the case may be) into the Collection Account, the Distribution Account or the Transfer Obligation Account, as the case may be, immediately upon the realization of such loss, provided that all such losses incurred with respect to Permitted Investments in the Reserve Account specified in clause (8) of the definition thereof shall be reimbursed by the Initial Noteholder. All interest and any other investment earnings on amounts held in the Collection Account, the Distribution Reserve Account and the Transfer Obligation Account shall be taxed to the Issuer and for federal and state income tax purposes the Issuer shall be deemed to be the owner of the Collection Account, the Distribution Reserve Account and/or the Transfer Obligation Account, as the case may be.

Insufficiency and Losses in Trust Accounts. If any amounts are needed for disbursement from the Collection Account, the Distribution Account or the Transfer Obligation Account held by or on behalf of the Indenture Owner Trustee and sufficient uninvested funds are not available to make such disbursement, the Indenture Owner Trustee (or the Servicer, as applicable) shall cause to be sold or otherwise converted to cash a sufficient amount of the -106- 114 investments in the Collection Account, the Distribution Account or the Transfer Obligation Account, as the case may be. The Indenture Owner Trustee shall not be liable for any investment loss or other charge resulting therefrom, unless such loss or charge is caused by the failure of the Indenture Owner Trustee to perform in accordance with written directions provided pursuant to this Section 5.037.03. If any losses are realized in connection with any investment in the Collection Account, the Distribution Account or the Transfer Obligation Account pursuant to this Agreement during a period in which the Servicer has the right to direct investments pursuant to Section 5.03(b)Agreement, then the Servicer shall deposit the amount of such losses (to the extent not offset by income from other investments in the Collection Account, the Distribution Account or the Transfer Obligation Account, as the case may be) into the Collection Account, the Distribution Account or the Transfer Obligation Account, as the case may be, immediately upon the realization of such loss. All interest and any other investment earnings on amounts held in the Collection Account, the Distribution Account and the Transfer Obligation Account shall be taxed to the Issuer Trust and for federal and state income tax purposes the Issuer Trust shall be deemed to be the owner of the Collection Account, the Distribution Account and/or the Transfer Obligation Account, as the case may be.

Insufficiency and Losses in Trust Accounts. If any amounts are needed for disbursement from the Collection Account, the Distribution Account or the Transfer Obligation any Trust Account held by or on behalf of the Indenture Trustee and sufficient uninvested funds are not available to make such disbursement, the Indenture Trustee, or Owner Trustee or Co-Owner Trustee in the case of the Certificate Distribution Account, shall cause to be sold or otherwise converted to cash a sufficient amount of the investments in the Collection such Trust Account, the Distribution Account or the Transfer Obligation Account, as the case may be. The Indenture Trustee, or Owner Trustee or Co-Owner Trustee in the case of the Certificate Distribution Account, shall not be liable for any investment loss or other charge resulting therefrom, unless such loss or charge is caused by the failure of the Indenture Trustee or Owner Trustee or Co-Owner Trustee, respectively, to perform in accordance with written directions provided pursuant to this Section 5.035.08. If any losses are realized in connection with any investment in the Collection Account, the Distribution Account or the Transfer Obligation any Trust Account pursuant to this Agreement during a period in which and the Servicer has the right to direct investments pursuant to Section 5.03(b)Indenture, then the Servicer Affiliated Holder shall deposit the amount of such losses (to the extent not offset by income from other investments in the Collection such Trust Account, the Distribution ) in such Trust Account or the Transfer Obligation Account, as the case may be) into the Collection Account, the Distribution Account or the Transfer Obligation Account, as the case may be, immediately upon the realization of such lossloss or, to the extent that the Affiliated Holder fails to deposit any portion of such amount, the Servicer shall deposit any insufficiency from such failure in such Trust Account. All interest and any other investment earnings on amounts held in the Collection Account, the Distribution Account and the Transfer Obligation any Trust Account shall be taxed to the Issuer and for federal and state income tax purposes the Issuer shall be deemed to be the owner of the Collection each Trust Account, the Distribution Account and/or the Transfer Obligation Account, as the case may be.

Insufficiency and Losses in Trust Accounts. If any amounts are needed for disbursement from the Collection Account, the Distribution Note Payment Account or the Transfer Obligation Certificate Distribution Account held by or on behalf of the Indenture Trustee and sufficient uninvested funds are not available to make such disbursement, the Indenture Trustee, or the Owner Trustee or Co-Owner Trustee in the case of the Certificate Distribution Account, shall cause to be sold or otherwise converted to cash a sufficient amount of the investments in the Collection Account, the Distribution Account or the Transfer Obligation Account, as the case may besuch account to make up such insufficiency. The Indenture Trustee, or Owner Trustee or Co-Owner Trustee in the case of the Certificate Distribution Account, shall not be liable for any investment loss or other charge resulting therefrom, unless such loss or charge is caused by the failure of the Indenture Trustee or Owner Trustee or Co-Owner Trustee, respectively, to perform in accordance with written directions provided pursuant to this Section 5.035.06. If any losses are realized in connection with any investment in the Collection Account, the Distribution any Trust Account or in the Transfer Obligation Certificate Distribution Account pursuant to this Agreement during a period in which and the Servicer has the right to direct investments pursuant to Section 5.03(b)Indenture, then the Servicer Servicer, with respect to the Collection Account and the Issuer, with respect to the Note Payment Account and the Certificate Distribution Account, shall deposit the amount of such losses (to the extent not offset by income from other investments in the Collection Account, the Distribution Account or the Transfer Obligation Account, as the case may besuch account) into the Collection Account, the Distribution Account or the Transfer Obligation Account, as the case may be, in such account immediately upon the realization of such loss. All interest and any other investment earnings on amounts held in any Trust Account or in the Collection Account, the Certificate Distribution Account and the Transfer Obligation Account shall be taxed to the Issuer and for federal and state income tax purposes the Issuer shall be deemed to be the owner of each Trust Account and of the Collection Certificate Distribution Account, the Distribution Account and/or the Transfer Obligation Account, as the case may be.

Insufficiency and Losses in Trust Accounts. If any amounts are ------------------------------------------ needed for disbursement from the Collection Account, the Distribution Account or the Transfer Obligation any Trust Account held by or on behalf of the Indenture Trustee and sufficient uninvested funds are not available to make such disbursement, the Indenture Trustee, or the Owner Trustee or Co-Owner Trustee in the case of the Certificate Distribution Account, shall cause to be sold or otherwise converted to cash a sufficient amount of the investments in the Collection such Trust Account, the Distribution Account or the Transfer Obligation Account, as the case may be. The Indenture Trustee, or the Owner Trustee or Co- Owner Trustee in the case of the Certificate Distribution Account, shall not be liable for any investment loss or other charge resulting therefrom, unless such loss or charge is caused by the failure of the Indenture Trustee, or Owner Trustee or Co-Owner Trustee, respectively, to perform in accordance with written directions provided pursuant to this Section 5.03. ------------ If any losses are realized in connection with any investment in the Collection Account, the Distribution Account or the Transfer Obligation any Trust Account pursuant to this Agreement during a period in which and the Servicer has the right to direct investments pursuant to Section 5.03(b)Indenture, then the Servicer Transferor shall deposit the amount of such losses (to the extent not offset by income from other investments in the Collection such Trust Account, the Distribution Account or the Transfer Obligation Account, as the case may be) into the Collection Account, the Distribution such Trust Account or the Transfer Obligation Account, as the case may be, immediately upon the realization of such loss. All interest and any other investment earnings on amounts held in the Collection Account, the Distribution Account and the Transfer Obligation any Trust Account shall be taxed to the Issuer and for federal and state income tax purposes the Issuer shall be deemed to be the owner of the Collection each Trust Account, the Distribution Account and/or the Transfer Obligation Account, as the case may be.