Common use of Principal Sharing Groups Clause in Contracts

Principal Sharing Groups. With respect to each Distribution Date, (i) the Servicer will allocate Shared Principal Collections to each Principal Sharing Series in a particular Principal Sharing Group, pro rata, in proportion to the Principal Shortfalls, if any, with respect to each such Series and (ii) the Servicer will deduct from the allocated Principal Collections available for deposit into the Collection Account on or before such Distribution Date an amount equal to the excess, if any, of (A) the aggregate Shared Principal Collections as defined in the related Indenture Supplements for all such Series for such Distribution Date, over (B) the aggregate Principal Shortfalls as defined in the related Indenture Supplements for all such Series for such Distribution Date and will distribute such excess to the Owner Trustee for distribution to the holders of the Transferor Interest in accordance with the Trust Agreement; provided, however, that if the Net Adjusted Pool Balance as of such Distribution Date is less than the Required Pool Balance, the Servicer will not distribute such excess funds to the Owner Trustee for distribution to the holders of the Transferor Interest in accordance with the Trust Agreement, but will deposit such excess funds into the Excess Funding Account to the extent necessary to cause the Net Adjusted Pool Balance to equal the Required Pool Balance as of such Distribution Date pursuant to Section 8.03(b).

Principal Sharing Groups. With respect to each Distribution Date, (i) the Servicer will allocate Shared Principal Collections to each Principal Sharing Series in a particular Principal Sharing Group, pro rata, in proportion to the Principal Shortfalls, if any, with respect to each such Series and (ii) the Servicer will deduct from the allocated Principal Collections available for deposit into the Collection Account on or before such Distribution Date an amount equal to the excess, if any, of (A) the aggregate Shared Principal Collections as defined in the related Indenture Supplements for all such Series for such Distribution Date, over (B) the aggregate Principal Shortfalls as defined in the related Indenture Supplements for all such Series for such Distribution Date and will distribute such excess to the Owner Trustee for distribution to the holders of the Transferor Interest in accordance with the Trust Agreement; provided, however, that if the Net Adjusted Pool Balance as of such Distribution Date is less than the Required Pool BalanceBalance (determined after giving effect to any Principal Receivables or, if applicable, interests in Other Floorplan Assets transferred to the Issuer), the Servicer will not distribute such excess funds to the Owner Trustee for distribution to the holders of the Transferor Interest in accordance with the Trust Agreement, but will deposit such excess funds into the Excess Funding Account to the extent necessary to cause the Net Adjusted Pool Balance to equal the Required Pool Balance as of such Distribution Date pursuant to Section 8.03(b).