Common use of Adjustment Payment Shortfalls Clause in Contracts

Adjustment Payment Shortfalls. On each Business Day, the Trustee, acting in accordance with instructions from the Servicer, shall withdraw first from the Collection Account and then from the Payment Reserve Account, to the extent of any Available Series 1998-A Finance Charge Collections remaining after giving effect to the withdrawals pursuant to subsections 4.9(a)(i) through (iii), an amount equal to the lesser of (x) any such remaining Available Series 1998-A Finance Charge Collections and (y) an amount equal to the Series 1998-A Percentage of any Adjustment Payment which the Transferor is required but fails to make pursuant to subsection 3.8(a) of the Agreement, such amount, (i) during the Revolving Period, to be treated as Shared Principal Collections, (ii) during the Amortization Period on and prior to the day on which an amount equal to the Class A Invested Amount is deposited in the Principal Account, to be deposited in the Principal Account for distribution to the Class A Securityholders on the next Distribution Date and (iii) during the Amortization Period, on and after the day on which such deposit to the Principal Account with respect to the Class A Invested Amount has been made and on and prior to the day on which an amount equal to the Class B Invested Amount is paid to the Class B Securityholders, to be paid to the Class B Securityholder.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Metris Companies Inc)

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Adjustment Payment Shortfalls. On each Business Day, the Trustee, acting in accordance with instructions from the Servicer, shall withdraw first from the Collection Account and then from the Payment Reserve Account, to the extent of any Available Series 19981997-A Finance Charge 1 Imputed Yield Collections remaining after giving effect to the withdrawals pursuant to subsections 4.9(a)(i) through (iii)iv) of the Agreement, an amount equal to the lesser of (x) any such remaining Available Series 19981997-A Finance Charge 1 Imputed Yield Collections and (y) an amount equal to the Series 1998-A Allocation Percentage of any Adjustment Payment which the Transferor is required but fails to make pursuant to subsection 3.8(a) of the Agreement, such amount, (i) during the Revolving Period, to be treated as Shared Principal Collections, (ii) during the Amortization Period on and prior to the day on which an amount equal to the Class A Invested Amount is deposited in the Principal Account, to be deposited in the Principal Account for distribution to the Class A Securityholders Certificateholders on the next Distribution Date and (iii) during the Amortization Period, on and after the day on which such deposit to the Principal Account with respect to the Class A Invested Amount has been made and on and prior to the day on which an amount equal to the Class B Invested Amount is paid deposited in the Principal Account for payment to the Class B Securityholders, to be paid to Certificateholders on the Class B Securityholderrelated Distribution Date.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Fingerhut Companies Inc)

Adjustment Payment Shortfalls. On each Business Day, the Trustee, acting in accordance with instructions from the Servicer, shall withdraw first from the Collection Account and then from the Payment Reserve Account, An amount equal to the extent lesser of (x) any Available Series 1998-A 1 Finance Charge Collections remaining after giving effect to the withdrawals pursuant to subsections 4.9(a)(i4.6(a)(i) through (iii), an amount equal to the lesser of (xiv) any such remaining Available Series 1998-A Finance Charge Collections and (y) an amount equal to the Series 1998-A Floating Allocation Percentage of any Adjustment Payment adjustment payment which the Transferor is required but fails to make pursuant to subsection 3.8(a3.9(a) of the Agreement, such amountAgreement shall be, (iA) during the Revolving Period, to be treated as Shared Principal Collections, (iiB)(I) during the Amortization Period Accumulation Period, on and prior to the day on which an amount equal to the Class A Invested Amount is deposited in the Principal Funding Account, to be deposited retained in the Principal Account for distribution to the Class A Securityholders on the next Distribution Date Funding Account, and (iiiII) during the Early Amortization Period, on and prior to the date on which the Class A Invested Amount is paid in full, deposited in the Collection Account, in each case for payment to the Class A Certificateholders to the extent required in accordance with subsections 4.4(a)(iii) and 4.6(c) and (C) on and after the day date on which such deposit to the Principal Account with respect an amount equal to the Class A Invested Amount has been made and on and prior to retained in the day on which an amount equal Principal Funding Account or the Class A Invested Amount has been paid in full, distributed to the Class B Invested Amount is paid Certificateholders to the extent of the Class B Securityholders, to be paid to the Class B SecurityholderInvested Amount.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Dayton Hudson Receivables Corp)

Adjustment Payment Shortfalls. On each Business Day, the Trustee, acting in accordance with instructions from the Servicer, shall withdraw first from the Collection Account and then from the Payment Reserve Account, to the extent of any Available Series 19981997-A Finance Charge 1 Imputed Yield Collections remaining after giving effect to the withdrawals pursuant to subsections 4.9(a)(i) through (iii)iv) of the Agreement, an amount equal to the lesser of (x) any such remaining Available Series 19981997-A Finance Charge 1 Imputed Yield Collections and (y) an amount equal to the Series 1998-A Allocation Percentage of any Adjustment Payment which the Transferor is required but fails to make pursuant to subsection 3.8(a) of the Agreement, such amount, (i) during the Revolving Period, to be treated as Shared Principal Collections, (ii) during the Amortization Period on and prior to the day on which an amount equal to the Class A Invested Amount is deposited in the Principal Account, to be deposited in the Principal Account for distribution to the Class A Securityholders Certificateholders on the next Distribution Date and Date, (iii) during the Amortization Period, on and after the day on which such deposit to the Principal Account with respect to the Class A Invested Amount has been made and on and prior to the day on which an amount equal to the Class B Invested Amount is paid deposited in the Principal Account for payment to the Class B SecurityholdersCertificateholders on the related Distribution Date and (iv) during the Amortization Period, on and after the day on which such deposit to be paid the Principal Account with respect to the Class A Invested Amount and Class B SecurityholderInvestment Amount has been made and on and prior to the day on which an amount equal to the Class C Invested Amount is deposited in the Principal Account for payment to the Class C Certificateholders on the related Distribution Date.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Fingerhut Companies Inc)

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Adjustment Payment Shortfalls. On each Business Day, the Trustee, acting in accordance with instructions from the Servicer, shall withdraw first from the Collection Account and then from the Payment Reserve Account, An amount equal to the extent lesser of (x) any Available Series 19981997-A 1 Finance Charge Collections remaining after giving effect to the withdrawals pursuant to subsections 4.9(a)(i4.6(a)(i) through (iii), an amount equal to the lesser of (xiv) any such remaining Available Series 1998-A Finance Charge Collections and (y) an amount equal to the Series 1998-A Floating Allocation Percentage of any Adjustment Payment adjustment payment which the Transferor is required but fails to make pursuant to subsection 3.8(a3.9(a) of the Agreement, such amountAgreement shall be, (iA) during the Revolving Period, to be treated as Shared Principal Collections, (iiB)(I) during the Amortization Period Accumulation Period, on and prior to the day on which an amount equal to the Class A Invested Amount is deposited in the Principal Funding Account, to be deposited retained in the Principal Account for distribution to the Class A Securityholders on the next Distribution Date Funding Account, and (iiiII) during the Early Amortization Period, on and prior to the date on which the Class A Invested Amount is paid in full, deposited in the Collection Account, in each case for payment to the Class A Certificateholders to the extent required in accordance with subsections 4.4(a)(iii) and 4.6(c) and (C) on and after the day date on which such deposit to the Principal Account with respect an amount equal to the Class A Invested Amount has been made and on and prior to retained in the day on which an amount equal Principal Funding Account or the Class A Invested Amount has been paid in full, distributed to the Class B Invested Amount is paid Certificateholders to the extent of the Class B Securityholders, to be paid to the Class B SecurityholderInvested Amount.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Dayton Hudson Receivables Corp)

Adjustment Payment Shortfalls. On each Business Day, the Trustee, acting in accordance with instructions from the Servicer, shall withdraw first from the Collection Account and then from the Payment Reserve Account, An amount equal to the extent lesser of (x) any Available Series 1998-A 2000-__ Finance Charge Collections remaining after giving effect to the withdrawals pursuant to subsections 4.9(a)(i4.6(a)(i) through (iii), an amount equal to the lesser of (xiv) any such remaining Available Series 1998-A Finance Charge Collections and (y) an amount equal to the Series 1998-A Floating Allocation Percentage of any Adjustment Payment adjustment payment which the Transferor is required but fails to make pursuant to subsection 3.8(a3.9(a) of the Agreement, such amountAgreement shall be, (iA) during the Revolving Period, to be treated as Shared Principal Collections, (iiB)(I) during the Amortization Period Accumulation Period, on and prior to the day on which an amount equal to the Class A Invested Amount is deposited in the Principal Funding Account, to be deposited retained in the Principal Account for distribution to the Class A Securityholders on the next Distribution Date Funding Account, and (iiiII) during the Early Amortization Period, on and prior to the date on which the Class A Invested Amount is paid in full, deposited in the Collection Account, in each case for payment to the Class A Certificateholders to the extent required in accordance with subsections 4.4(a)(iii) and 4.6(c) and (C) on and after the day date on which such deposit to the Principal Account with respect an amount equal to the Class A Invested Amount has been made and on and prior to retained in the day on which an amount equal Principal Funding Account or the Class A Invested Amount has been paid in full, distributed to the Class B Invested Amount is paid Certificateholders to the extent of the Class B Securityholders, to be paid to the Class B SecurityholderInvested Amount.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Target Receivables Corp)

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