Common use of Determination of Monthly Interest Clause in Contracts

Determination of Monthly Interest. (a) The amount of monthly interest (“Class A Monthly Interest”) distributable from the Collection Account with respect to the Class A Certificates on any Distribution Date shall be an amount equal to one-twelfth of the product of (i) the Class A Certificate Rate and (ii) the outstanding principal balance of the Class A Certificates as of close of business on the immediately preceding Record Date; provided that Class A Monthly Interest for the first Distribution Date shall be an amount equal to $1,780,000.00. On the Determination Date preceding each Distribution Date, the Servicer shall determine the excess, if any (the “Class A Interest Shortfall”), of (x) the Class A Monthly Interest for such Distribution Date over (y) the aggregate amount of funds allocated and available to pay such Class A Monthly Interest on such Distribution Date. If the Class A Interest Shortfall with respect to any Distribution Date is greater than zero, on each subsequent Distribution Date until such Class A Interest Shortfall is fully paid, an additional amount (“Class A Additional Interest”) equal to one-twelfth of the product of (i) the sum of (x) the Class A Certificate Rate and (y) 2.0% per annum and (ii) such Class A Interest Shortfall (or the portion thereof which has not been paid to the Class A Certificateholders) shall be payable as provided herein with respect to the Class A Certificates. Notwithstanding anything to the contrary herein, Class A Additional Interest shall be payable or distributed to the Class A Certificateholders only to the extent permitted by applicable law.

Appears in 4 contracts

Samples: Pooling and Servicing Agreement (American Express Receivables Financing Corp Iii LLC), Pooling and Servicing Agreement (American Express Receivables Financing Corp Iii LLC), Pooling and Servicing Agreement (American Express Receivables Financing Corp Iv LLC)

AutoNDA by SimpleDocs

Determination of Monthly Interest. (a) The amount of monthly interest ("Class A Monthly Interest") distributable from the Collection Account with respect to the Class A Certificates Notes on any Distribution Date shall be an amount equal to one-twelfth of the product of (i) (A) a fraction, the numerator of which is the actual number of days in the related Interest Period and the denominator of which is 360, times (B) the Class A Certificate Note Rate and (ii) the outstanding principal balance Outstanding Dollar Principal Amount of the Class A Certificates Note as of the close of business on the immediately last day of the preceding Record Date; provided that Class A Monthly Interest for the first Distribution Date shall be an amount equal to $1,780,000.00Period. On the Determination Date preceding each Distribution Date, the Servicer shall determine the excess, if any (the "Class A Interest Shortfall"), of (x) the Class A Monthly Interest for such Distribution Date over (y) the aggregate amount of funds allocated and available to pay such Class A Monthly Interest on such Distribution Date. If the Class A Interest Shortfall with respect to any Distribution Date is greater than zero, on each subsequent Distribution Date until such Class A Interest Shortfall is fully paid, an additional amount ("Class A Additional Interest") equal to one-twelfth of the product of (i) (A) a fraction, the sum numerator of which is the actual number of days in the related Interest Period and the denominator of which is 360, times (xB) the Class A Certificate Note Rate and (y) 2.0% per annum and (ii) such Class A Interest Shortfall (or the portion thereof which has not been paid to the Class A CertificateholdersNoteholders) shall be payable as provided herein with respect to the Class A Certificates. Notwithstanding anything Notes on each Distribution Date following such Distribution Date to and including the contrary herein, Distribution Date on which such Class A Additional Interest shall be payable or distributed Shortfall is paid to the Class A Certificateholders only to the extent permitted by applicable lawNoteholders.

Appears in 3 contracts

Samples: Indenture (National City Credit Card Master Trust), National City Bank /, National City Bank /

Determination of Monthly Interest. (a) The amount of monthly interest (“Class A Monthly Interest”) distributable from the Collection Account with respect to the Class A Certificates Notes on any Distribution Date shall be an amount equal to one-twelfth of the product of (i) (A) a fraction, the numerator of which is the actual number of days in the related Interest Period and the denominator of which is 360, times (B) the Class A Certificate Note Rate and (ii) the outstanding principal balance Outstanding Dollar Principal Amount of the Class A Certificates Note as of the close of business on the immediately last day of the preceding Record Date; provided that Class A Monthly Interest for the first Distribution Date shall be an amount equal to $1,780,000.00Period. On the Determination Date preceding each Distribution Date, the Servicer shall determine the excess, if any (the “Class A Interest Shortfall”), of (x) the Class A Monthly Interest for such Distribution Date over (y) the aggregate amount of funds allocated and available to pay such Class A Monthly Interest on such Distribution Date. If the Class A Interest Shortfall with respect to any Distribution Date is greater than zero, on each subsequent Distribution Date until such Class A Interest Shortfall is fully paid, an additional amount (“Class A Additional Interest”) equal to one-twelfth of the product of (i) (A) a fraction, the sum numerator of which is the actual number of days in the related Interest Period and the denominator of which is 360, times (xB) the Class A Certificate Note Rate and (y) 2.0% per annum and (ii) such Class A Interest Shortfall (or the portion thereof which has not been paid to the Class A CertificateholdersNoteholders) shall be payable as provided herein with respect to the Class A Certificates. Notwithstanding anything Notes on each Distribution Date following such Distribution Date to and including the contrary herein, Distribution Date on which such Class A Additional Interest shall be payable or distributed Shortfall is paid to the Class A Certificateholders only to the extent permitted by applicable lawNoteholders.

Appears in 3 contracts

Samples: Indenture (National City Credit Card Master Trust), Indenture (National City Credit Card Master Trust), Indenture (National City Bank /)

Determination of Monthly Interest. (a) The amount of monthly interest (“Class A Monthly Interest”) distributable from the Collection Account with respect to the Class A Certificates on any Distribution Date shall be an amount equal to one-twelfth of the product of (i) the Class A Certificate Rate and (ii) the outstanding principal balance of the Class A Certificates as of close of business on the immediately preceding Record Date; provided that Class A Monthly Interest for the first Distribution Date shall be an amount equal to $1,780,000.005,775,000.00. On the Determination Date preceding each Distribution Date, the Servicer shall determine the excess, if any (the “Class A Interest Shortfall”), of (x) the Class A Monthly Interest for such Distribution Date over (y) the aggregate amount of funds allocated and available to pay such Class A Monthly Interest on such Distribution Date. If the Class A Interest Shortfall with respect to any Distribution Date is greater than zero, on each subsequent Distribution Date until such Class A Interest Shortfall is fully paid, an additional amount (“Class A Additional Interest”) equal to one-twelfth of the product of (i) the sum of (x) the Class A Certificate Rate and (y) 2.0% per annum and (ii) such Class A Interest Shortfall (or the portion thereof which has not been paid to the Class A Certificateholders) shall be payable as provided herein with respect to the Class A Certificates. Notwithstanding anything to the contrary herein, Class A Additional Interest shall be payable or distributed to the Class A Certificateholders only to the extent permitted by applicable law.

Appears in 2 contracts

Samples: Pooling and Servicing Agreement (American Express Receivables Financing Corp Iii LLC), Series (American Express Receivables Financing Corp Iii LLC)

Determination of Monthly Interest. (a) The amount of monthly interest (“Class A Monthly Interest”) distributable from the Collection Account with respect to the Class A Certificates on any Distribution Date shall be an amount equal to one-twelfth of the product of (i) the Class A Certificate Rate and (ii) the outstanding principal balance of the Class A Certificates as of close of business on the immediately preceding Record Date; provided that Class A Monthly Interest for the first Distribution Date shall be an amount equal to $1,780,000.002,959,333.33. On the Determination Date preceding each Distribution Date, the Servicer shall determine the excess, if any (the “Class A Interest Shortfall”), of (x) the Class A Monthly Interest for such Distribution Date over (y) the aggregate amount of funds allocated and available to pay such Class A Monthly Interest on such Distribution Date. If the Class A Interest Shortfall with respect to any Distribution Date is greater than zero, on each subsequent Distribution Date until such Class A Interest Shortfall is fully paid, an additional amount (“Class A Additional Interest”) equal to one-twelfth of the product of (i) the sum of (x) the Class A Certificate Rate and (y) 2.0% per annum and (ii) such Class A Interest Shortfall (or the portion thereof which has not been paid to the Class A Certificateholders) shall be payable as provided herein with respect to the Class A Certificates. Notwithstanding anything to the contrary herein, Class A Additional Interest shall be payable or distributed to the Class A Certificateholders only to the extent permitted by applicable law.

Appears in 2 contracts

Samples: Pooling and Servicing Agreement (American Express Receivables Financing Corp Iv LLC), Pooling and Servicing Agreement (American Express Receivables Financing Corp Iv LLC)

Determination of Monthly Interest. (a) The amount of monthly interest (“Class A Monthly Interest”) distributable from the Collection Account with respect to the Class A Certificates on any Distribution Date shall be an amount equal to one-one- twelfth of the product of (i) the Class A Certificate Rate and times (ii) the outstanding principal balance of the Class A Certificates determined as of close of business on the immediately Record Date preceding Record the related Transfer Date (the "Class A Monthly Interest"); provided, however, that with respect to the first Distribution Date; provided that , Class A Monthly Interest for the first Distribution Date shall will be equal to $5,172,604.17; provided further, that in addition to Class A Monthly Interest an amount equal to $1,780,000.00. On the Determination Date preceding each Distribution Date, the Servicer shall determine the excess, if amount of any (the “unpaid Class A Interest Shortfall”)Deficiency Amounts, of (x) the Class A Monthly Interest for such Distribution Date over (y) the aggregate as defined below, plus an amount of funds allocated and available to pay such Class A Monthly Interest on such Distribution Date. If the Class A Interest Shortfall with respect to any Distribution Date is greater than zero, on each subsequent Distribution Date until such Class A Interest Shortfall is fully paid, an additional amount (“Class A Additional Interest”) equal to one-twelfth of the product of (iA) the sum of (x) the Class A Certificate Rate plus 2% per annum, and (yB) 2.0% per annum and (ii) such any Class A Interest Shortfall Deficiency Amount from the prior Transfer Date, as defined below (or the portion thereof which has not theretofore been paid to the Class A Certificateholders) (the "Class A Additional Interest") shall also be payable as provided herein with respect distributable to the Class A Certificates. Notwithstanding anything , and on such Transfer Date the Trustee shall deposit such funds, to the contrary hereinextent available, into the Distribution Account; provided further, that the "Class A Additional Deficiency Amount" for any Transfer Date shall be equal to the excess, if any, of the aggregate amount accrued pursuant to this subsection 4.06(a) as of the prior Interest Period over the amount actually transferred to the Distribution Account for payment of such amount. Class A Monthly Interest shall be payable or distributed to calculated on the Class A Certificateholders only to the extent permitted by applicable lawbasis of a 360-day year consisting of twelve 30-day months.

Appears in 2 contracts

Samples: Pooling and Servicing Agreement (Mbna America Bk Nat Assoc Mbna Master Credit Card Trust Ii), Pooling and Servicing Agreement (Mbna America Bk Nat Assoc Mbna Master Credit Card Trust Ii)

Determination of Monthly Interest. (a) The amount of monthly interest (“Class A Monthly Interest”) distributable from the Collection Account with respect to the Class A Certificates on any Distribution Date shall be an amount equal to one-twelfth of the product of (i) the Class A Certificate Rate and (ii) the outstanding principal balance of the Class A Certificates as of close of business on the immediately preceding Record Date; provided that Class A Monthly Interest for the first Distribution Date shall be an amount equal to $1,780,000.00$ 5,438,125.00. On the Determination Date preceding each Distribution Date, the Servicer shall determine the excess, if any (the “Class A Interest Shortfall”), of (x) the Class A Monthly Interest for such Distribution Date over (y) the aggregate amount of funds allocated and available to pay such Class A Monthly Interest on such Distribution Date. If the Class A Interest Shortfall with respect to any Distribution Date is greater than zero, on each subsequent Distribution Date until such Class A Interest Shortfall is fully paid, an additional amount (“Class A Additional Interest”) equal to one-twelfth of the product of (i) the sum of (x) the Class A Certificate Rate and (y) 2.0% per annum and (ii) such Class A Interest Shortfall (or the portion thereof which has not been paid to the Class A Certificateholders) shall be payable as provided herein with respect to the Class A Certificates. Notwithstanding anything to the contrary herein, Class A Additional Interest shall be payable or distributed to the Class A Certificateholders only to the extent permitted by applicable law.

Appears in 2 contracts

Samples: Pooling and Servicing Agreement (American Express Receivables Financing Corp Iii LLC), Series (American Express Receivables Financing Corp Iii LLC)

Determination of Monthly Interest. (a) The amount of monthly interest (“Class A Monthly Interest”) distributable from the Collection Account with respect to the Class A Certificates on any Distribution shall be determined as of each Transfer Date and shall be an amount equal to one-twelfth of the product of (ii)(A) a fraction, the numerator of which is the actual number of days in the related Interest Period and the denominator of which is 360, times (B) the Class A Certificate Rate in effect with respect to the related Interest Period, and (ii) the outstanding principal balance Class A Ownership Interest determined as of the Record Date occurring during such Interest Period (the "Class A Certificates as of close of business on the immediately preceding Record DateMonthly Interest"); provided provided, however, that in addition to Class A Monthly Interest for the first Distribution Date shall be an amount equal to $1,780,000.00. On the Determination Date preceding each Distribution Date, the Servicer shall determine the excess, if any (the “Class A Interest Shortfall”), of (x) the Class A Monthly Interest for such Distribution Date over (y) the aggregate amount of funds allocated and available to pay such Class A Monthly Interest on such Distribution Date. If the Class A Interest Shortfall with respect to any Distribution Date is greater than zero, on each subsequent Distribution Date until such Class A Interest Shortfall is fully paid, an additional amount (“Class A Additional Interest”) equal to one-twelfth of the product sum of (i) the sum amount of any unpaid Class A Deficiency Amounts, as defined below, and (ii) an amount equal to the product of (xA) (1) a fraction, the numerator of which is the actual number of days in the related Interest Period and the denominator of which is 360, times (2) a rate equal to 2% over the Class A Certificate Rate in effect with respect to the related Interest Period, and (yB) 2.0% per annum and (ii) such any Class A Interest Shortfall Deficiency Amount from the prior Transfer Date, as defined below (or the portion thereof which has not theretofore been paid to the Class A Certificateholders) (such sum, the "Class A Additional Interest") shall also be payable as provided herein with respect distributable to the Class A Certificates. Notwithstanding anything ; provided further, that the "Class A Deficiency Amount" for any Transfer Date shall be equal to the contrary hereinexcess, Class A Additional if any, of the aggregate amount accrued pursuant to this subsection 4.06(a) as of the prior Interest shall be payable or distributed to Period over the Class A Certificateholders only to amount actually paid in respect thereof on the extent permitted by applicable lawpreceding Distribution Date.

Appears in 2 contracts

Samples: Pooling and Servicing Agreement (A I Receivables Corp), Pooling and Servicing Agreement (A I Receivables Corp)

Determination of Monthly Interest. (a) The amount of monthly interest (“Class A Monthly Interest”) distributable from the Collection Account with respect to the Class A Certificates on any Distribution Date shall be an amount equal to one-one- twelfth of the product of (i) the Class A Certificate Rate and times (ii) the outstanding principal balance of the Class A Certificates determined as of close of business on the immediately Record Date preceding Record the related Transfer Date (the "Class A Monthly Interest"); provided, however, that with respect to the first Distribution Date; provided that , Class A Monthly Interest for the first Distribution Date shall will be equal to $4,766,666.67; provided further, that in addition to Class A Monthly Interest an amount equal to $1,780,000.00. On the Determination Date preceding each Distribution Date, the Servicer shall determine the excess, if amount of any (the “unpaid Class A Interest Shortfall”)Deficiency Amounts, of (x) the Class A Monthly Interest for such Distribution Date over (y) the aggregate as defined below, plus an amount of funds allocated and available to pay such Class A Monthly Interest on such Distribution Date. If the Class A Interest Shortfall with respect to any Distribution Date is greater than zero, on each subsequent Distribution Date until such Class A Interest Shortfall is fully paid, an additional amount (“Class A Additional Interest”) equal to one-twelfth of the product of (iA) the sum of (x) the Class A Certificate Rate plus 2% per annum, and (yB) 2.0% per annum and (ii) such any Class A Interest Shortfall Deficiency Amount from the prior Transfer Date, as defined below (or the portion thereof which has not theretofore been paid to the Class A Certificateholders) (the "Class A Additional Interest") shall also be payable as provided herein with respect distributable to the Class A Certificates. Notwithstanding anything , and on such Transfer Date the Trustee shall deposit such funds, to the contrary hereinextent available, into the Distribution Account; provided further, that the "Class A Additional Deficiency Amount" for any Transfer Date shall be equal to the excess, if any, of the aggregate amount accrued pursuant to this subsection 4.06(a) as of the prior Interest Period over the amount actually transferred to the Distribution Account for payment of such amount. Class A Monthly Interest shall be payable or distributed to calculated on the Class A Certificateholders only to the extent permitted by applicable lawbasis of a 360-day year consisting of twelve 30-day months.

Appears in 2 contracts

Samples: Pooling and Servicing Agreement (Mbna America Bk Nat Assoc Mbna Master Credit Card Trust Ii), Pooling and Servicing Agreement (Mbna America Bk Nat Assoc Mbna Master Credit Card Trust Ii)

Determination of Monthly Interest. (a) The amount of monthly interest (“Class A Monthly Interest”) distributable from the Collection Account with respect to the Class A Certificates on any Distribution Date shall be an amount equal to one-twelfth of the product of (i) the Class A Certificate Rate and (ii) the outstanding principal balance of the Class A Certificates as of close of business on the immediately preceding Record Date; provided that Class A Monthly Interest for the first Distribution Date shall be an amount equal to $1,780,000.001,484,000.00. On the Determination Date preceding each Distribution Date, the Servicer shall determine the excess, if any (the “Class A Interest Shortfall”), of (x) the Class A Monthly Interest for such Distribution Date over (y) the aggregate amount of funds allocated and available to pay such Class A Monthly Interest on such Distribution Date. If the Class A Interest Shortfall with respect to any Distribution Date is greater than zero, on each subsequent Distribution Date until such Class A Interest Shortfall is fully paid, an additional amount (“Class A Additional Interest”) equal to one-twelfth of the product of (i) the sum of (x) the Class A Certificate Rate and (y) 2.0% per annum and (ii) such Class A Interest Shortfall (or the portion thereof which has not been paid to the Class A Certificateholders) shall be payable as provided herein with respect to the Class A Certificates. Notwithstanding anything to the contrary herein, Class A Additional Interest shall be payable or distributed to the Class A Certificateholders only to the extent permitted by applicable law.

Appears in 2 contracts

Samples: Pooling and Servicing Agreement (American Express Receivables Financing Corp Iii LLC), Pooling and Servicing Agreement (American Express Receivables Financing Corp Iii LLC)

Determination of Monthly Interest. (a) The amount of monthly interest (“Class A Monthly Interest”) distributable from the Collection Account with respect to the Class A Certificates on any Distribution Date shall be an amount equal to one-twelfth of the product of (i) the Class A Certificate Rate and (ii) the outstanding principal balance of the Class A Certificates as of close of business on the immediately preceding Record Date; provided that Class A Monthly Interest for the first Distribution Date shall be an amount equal to $1,780,000.003,161,527.78. On the Determination Date preceding each Distribution Date, the Servicer shall determine the excess, if any (the “Class A Interest Shortfall”), of (x) the Class A Monthly Interest for such Distribution Date over (y) the aggregate amount of funds allocated and available to pay such Class A Monthly Interest on such Distribution Date. If the Class A Interest Shortfall with respect to any Distribution Date is greater than zero, on each subsequent Distribution Date until such Class A Interest Shortfall is fully paid, an additional amount (“Class A Additional Interest”) equal to one-twelfth of the product of (i) the sum of (x) the Class A Certificate Rate and (y) 2.0% per annum and (ii) such Class A Interest Shortfall (or the portion thereof which has not been paid to the Class A Certificateholders) shall be payable as provided herein with respect to the Class A Certificates. Notwithstanding anything to the contrary herein, Class A Additional Interest shall be payable or distributed to the Class A Certificateholders only to the extent permitted by applicable law.

Appears in 2 contracts

Samples: Pooling and Servicing Agreement (American Express Receivables Financing Corp Iii LLC), Pooling and Servicing Agreement (American Express Receivables Financing Corp Iii LLC)

Determination of Monthly Interest. (a) The amount of monthly interest (“Class A Monthly Interest”) distributable from the Collection Account with respect to the Class A Certificates on any Distribution Date shall be an amount equal to one-twelfth of the product of (i) the Class A Certificate Rate and (ii) the outstanding principal balance of the Class A Certificates as of close of business on the immediately preceding Record Date; provided that Class A Monthly Interest for the first Distribution Date shall be an amount equal to $1,780,000.002,197,250.00. On the Determination Date preceding each Distribution Date, the Servicer shall determine the excess, if any (the “Class A Interest Shortfall”), of (x) the Class A Monthly Interest for such Distribution Date over (y) the aggregate amount of funds allocated and available to pay such Class A Monthly Interest on such Distribution Date. If the Class A Interest Shortfall with respect to any Distribution Date is greater than zero, on each subsequent Distribution Date until such Class A Interest Shortfall is fully paid, an additional amount (“Class A Additional Interest”) equal to one-twelfth of the product of (i) the sum of (x) the Class A Certificate Rate and (y) 2.0% per annum and (ii) such Class A Interest Shortfall (or the portion thereof which has not been paid to the Class A Certificateholders) shall be payable as provided herein with respect to the Class A Certificates. Notwithstanding anything to the contrary herein, Class A Additional Interest shall be payable or distributed to the Class A Certificateholders only to the extent permitted by applicable law.

Appears in 2 contracts

Samples: Pooling and Servicing Agreement (American Express Receivables Financing Corp Iii LLC), Pooling and Servicing Agreement (American Express Receivables Financing Corp Iii LLC)

Determination of Monthly Interest. (a) The amount of monthly interest (“Class A Monthly Interest”) distributable from the Collection Account with respect to the Class A Certificates on any Distribution Date shall be an amount equal to one-twelfth of the product of (i) the Class A Certificate Rate and (ii) the outstanding principal balance of the Class A Certificates as of close of business on the immediately preceding Record Date; provided that Class A Monthly Interest for the first Distribution Date shall be an amount equal to $1,780,000.003,196,111.11. On the Determination Date preceding each Distribution Date, the Servicer shall determine the excess, if any (the “Class A Interest Shortfall”), of (x) the Class A Monthly Interest for such Distribution Date over (y) the aggregate amount of funds allocated and available to pay such Class A Monthly Interest on such Distribution Date. If the Class A Interest Shortfall with respect to any Distribution Date is greater than zero, on each subsequent Distribution Date until such Class A Interest Shortfall is fully paid, an additional amount (“Class A Additional Interest”) equal to one-twelfth of the product of (i) the sum of (x) the Class A Certificate Rate and (y) 2.0% per annum and (ii) such Class A Interest Shortfall (or the portion thereof which has not been paid to the Class A Certificateholders) shall be payable as provided herein with respect to the Class A Certificates. Notwithstanding anything to the contrary herein, Class A Additional Interest shall be payable or distributed to the Class A Certificateholders only to the extent permitted by applicable law.

Appears in 2 contracts

Samples: Pooling and Servicing Agreement (American Express Receivables Financing Corp Iii LLC), Pooling and Servicing Agreement (American Express Receivables Financing Corp Iii LLC)

Determination of Monthly Interest. (a) The amount of monthly interest (“Class A Monthly Interest”) distributable from the Collection Account with respect to the Class A Certificates on any Distribution Date shall be an amount equal to one-one- twelfth of the product of (i) the Class A Certificate Rate and times (ii) the outstanding principal balance of the Class A Certificates determined as of close of business on the immediately Record Date preceding Record the related Transfer Date (the "Class A Monthly Interest"); provided, however, that with respect to the first Distribution Date; provided that , Class A Monthly Interest for the first Distribution Date shall will be equal to $3,428,333.33; provided further, that in addition to Class A Monthly Interest an amount equal to $1,780,000.00. On the Determination Date preceding each Distribution Date, the Servicer shall determine the excess, if amount of any (the “unpaid Class A Interest Shortfall”)Deficiency Amounts, of (x) the Class A Monthly Interest for such Distribution Date over (y) the aggregate as defined below, plus an amount of funds allocated and available to pay such Class A Monthly Interest on such Distribution Date. If the Class A Interest Shortfall with respect to any Distribution Date is greater than zero, on each subsequent Distribution Date until such Class A Interest Shortfall is fully paid, an additional amount (“Class A Additional Interest”) equal to one-twelfth of the product of (iA) the sum of (x) the Class A Certificate Rate plus 2% per annum, and (yB) 2.0% per annum and (ii) such any Class A Interest Shortfall Deficiency Amount from the prior Transfer Date, as defined below (or the portion thereof which has not theretofore been paid to the Class A Certificateholders) (the "Class A Additional Interest") shall also be payable as provided herein with respect distributable to the Class A Certificates. Notwithstanding anything , and on such Transfer Date the Trustee shall deposit such funds, to the contrary hereinextent available, into the Distribution Account; provided further, that the "Class A Additional Deficiency Amount" for any Transfer Date shall be equal to the excess, if any, of the aggregate amount accrued pursuant to this subsection 4.06(a) as of the prior Interest Period over the amount actually transferred to the Distribution Account for payment of such amount. Class A Monthly Interest shall be payable or distributed to calculated on the Class A Certificateholders only to the extent permitted by applicable lawbasis of a 360-day year consisting of twelve 30-day months.

Appears in 2 contracts

Samples: Pooling and Servicing Agreement (Mbna America Bk Nat Assoc Mbna Master Credit Card Trust Ii), Pooling and Servicing Agreement (Mbna America Bk Nat Assoc Mbna Master Credit Card Trust Ii)

Determination of Monthly Interest. (a) The amount of monthly interest (“Class A Monthly Interest”) distributable from the Collection Account with respect to the Class A Certificates on any Distribution Date shall be an amount equal to one-twelfth of the product of (i) the Class A Certificate Rate and (ii) the outstanding principal balance of the Class A Certificates as of close of business on the immediately preceding Record Date; provided that Class A Monthly Interest for the first Distribution Date shall be an amount equal to $1,780,000.001,466,666.67. On the Determination Date preceding each Distribution Date, the Servicer shall determine the excess, if any (the “Class A Interest Shortfall”), of (x) the Class A Monthly Interest for such Distribution Date over (y) the aggregate amount of funds allocated and available to pay such Class A Monthly Interest on such Distribution Date. If the Class A Interest Shortfall with respect to any Distribution Date is greater than zero, on each subsequent Distribution Date until such Class A Interest Shortfall is fully paid, an additional amount (“Class A Additional Interest”) equal to one-twelfth of the product of (i) the sum of (x) the Class A Certificate Rate and (y) 2.0% per annum and (ii) such Class A Interest Shortfall (or the portion thereof which has not been paid to the Class A Certificateholders) shall be payable as provided herein with respect to the Class A Certificates. Notwithstanding anything to the contrary herein, Class A Additional Interest shall be payable or distributed to the Class A Certificateholders only to the extent permitted by applicable law.

Appears in 2 contracts

Samples: Pooling and Servicing Agreement (American Express Receivables Financing Corp Iii LLC), Pooling and Servicing Agreement (American Express Receivables Financing Corp Iii LLC)

Determination of Monthly Interest. (a) The amount of monthly interest (“Class A Monthly Interest”) distributable from the Collection Account with respect to the Class A Certificates on any Distribution Date shall be an amount equal to one-twelfth of the product of (i) the Class A Certificate Rate and (ii) the outstanding principal balance of the Class A Certificates as of close of business on the immediately preceding Record Date; provided that Class A Monthly Interest for the first Distribution Date shall be an amount equal to $1,780,000.001,925,000.00. On the Determination Date preceding each Distribution Date, the Servicer shall determine the excess, if any (the “Class A Interest Shortfall”), of (x) the Class A Monthly Interest for such Distribution Date over (y) the aggregate amount of funds allocated and available to pay such Class A Monthly Interest on such Distribution Date. If the Class A Interest Shortfall with respect to any Distribution Date is greater than zero, on each subsequent Distribution Date until such Class A Interest Shortfall is fully paid, an additional amount (“Class A Additional Interest”) equal to one-twelfth of the product of (i) the sum of (x) the Class A Certificate Rate and (y) 2.0% per annum and (ii) such Class A Interest Shortfall (or the portion thereof which has not been paid to the Class A Certificateholders) shall be payable as provided herein with respect to the Class A Certificates. Notwithstanding anything to the contrary herein, Class A Additional Interest shall be payable or distributed to the Class A Certificateholders only to the extent permitted by applicable law.

Appears in 2 contracts

Samples: Pooling and Servicing Agreement (American Express Receivables Financing Corp Iii LLC), Series (American Express Receivables Financing Corp Iii LLC)

Determination of Monthly Interest. (a) The amount of monthly interest (“Class A Monthly Interest”) distributable from the Collection Account with respect to the Class A Certificates on any Distribution Date shall be an amount equal to one-twelfth of the product of (i) the Class A Certificate Rate and (ii) the outstanding principal balance of the Class A Certificates as of close of business on the immediately preceding Record Date; provided that Class A Monthly Interest for the first Distribution Date shall be an amount equal to $1,780,000.001,003,333.33. On the Determination Date preceding each Distribution Date, the Servicer shall determine the excess, if any (the “Class A Interest Shortfall”), of (x) the Class A Monthly Interest for such Distribution Date over (y) the aggregate amount of funds allocated and available to pay such Class A Monthly Interest on such Distribution Date. If the Class A Interest Shortfall with respect to any Distribution Date is greater than zero, on each subsequent Distribution Date until such Class A Interest Shortfall is fully paid, an additional amount (“Class A Additional Interest”) equal to one-twelfth of the product of (i) the sum of (x) the Class A Certificate Rate and (y) 2.0% per annum and (ii) such Class A Interest Shortfall (or the portion thereof which has not been paid to the Class A Certificateholders) shall be payable as provided herein with respect to the Class A Certificates. Notwithstanding anything to the contrary herein, Class A Additional Interest shall be payable or distributed to the Class A Certificateholders only to the extent permitted by applicable law.

Appears in 2 contracts

Samples: Pooling and Servicing Agreement (American Express Receivables Financing Corp Iv LLC), Pooling and Servicing Agreement (American Express Receivables Financing Corp Iv LLC)

Determination of Monthly Interest. (a) The amount of monthly interest (“Class A Monthly Interest”) distributable from the Collection Account with respect to the Class A Certificates on any Distribution Date shall be an amount equal to one-twelfth of the product of (i) the Class A Certificate Rate and (ii) the outstanding principal balance of the Class A Certificates as of close of business on the immediately preceding Record Date; provided that Class A Monthly Interest for the first Distribution Date shall be an amount equal to $1,780,000.003,707,083.33. On the Determination Date preceding each Distribution Date, the Servicer shall determine the excess, if any (the “Class A Interest Shortfall”), of (x) the Class A Monthly Interest for such Distribution Date over (y) the aggregate amount of funds allocated and available to pay such Class A Monthly Interest on such Distribution Date. If the Class A Interest Shortfall with respect to any Distribution Date is greater than zero, on each subsequent Distribution Date until such Class A Interest Shortfall is fully paid, an additional amount (“Class A Additional Interest”) equal to one-twelfth of the product of (i) the sum of (x) the Class A Certificate Rate and (y) 2.0% per annum and (ii) such Class A Interest Shortfall (or the portion thereof which has not been paid to the Class A Certificateholders) shall be payable as provided herein with respect to the Class A Certificates. Notwithstanding anything to the contrary herein, Class A Additional Interest shall be payable or distributed to the Class A Certificateholders only to the extent permitted by applicable law.

Appears in 2 contracts

Samples: Pooling and Servicing Agreement (American Express Receivables Financing Corp Iii LLC), Pooling and Servicing Agreement (American Express Receivables Financing Corp Iii LLC)

Determination of Monthly Interest. (a) The amount of monthly interest (“Class A Monthly Interest”) distributable from the Collection Account with respect to the Class A Certificates on any Distribution Date shall be an amount equal to one-twelfth of the product of (i) the Class A Certificate Rate and (ii) the outstanding principal balance of the Class A Certificates as of close of business on the immediately preceding Record Date; provided that Class A Monthly Interest for the first Distribution Date shall be an amount equal to $1,780,000.001,671,666.67. On the Determination Date preceding each Distribution Date, the Servicer shall determine the excess, if any (the “Class A Interest Shortfall”), of (x) the Class A Monthly Interest for such Distribution Date over (y) the aggregate amount of funds allocated and available to pay such Class A Monthly Interest on such Distribution Date. If the Class A Interest Shortfall with respect to any Distribution Date is greater than zero, on each subsequent Distribution Date until such Class A Interest Shortfall is fully paid, an additional amount (“Class A Additional Interest”) equal to one-twelfth of the product of (i) the sum of (x) the Class A Certificate Rate and (y) 2.0% per annum and (ii) such Class A Interest Shortfall (or the portion thereof which has not been paid to the Class A Certificateholders) shall be payable as provided herein with respect to the Class A Certificates. Notwithstanding anything to the contrary herein, Class A Additional Interest shall be payable or distributed to the Class A Certificateholders only to the extent permitted by applicable law.

Appears in 2 contracts

Samples: Pooling and Servicing Agreement (American Express Receivables Financing Corp Iv LLC), Pooling and Servicing Agreement (American Express Receivables Financing Corp Iv LLC)

Determination of Monthly Interest. (a) The amount of monthly interest (“Class A Monthly Interest”) distributable from the Collection Account with respect to the Class A Certificates on any Distribution Date shall be an amount equal to one-twelfth of the product of (i) the Class A Certificate Rate and (ii) the outstanding principal balance of the Class A Certificates as of close of business on the immediately preceding Record Date; provided that Class A Monthly Interest for the first Distribution Date shall be an amount equal to $1,780,000.001,794,000.00. On the Determination Date preceding each Distribution Date, the Servicer shall determine the excess, if any (the “Class A Interest Shortfall”), of (x) the Class A Monthly Interest for such Distribution Date over (y) the aggregate amount of funds allocated and available to pay such Class A Monthly Interest on such Distribution Date. If the Class A Interest Shortfall with respect to any Distribution Date is greater than zero, on each subsequent Distribution Date until such Class A Interest Shortfall is fully paid, an additional amount (“Class A Additional Interest”) equal to one-twelfth of the product of (i) the sum of (x) the Class A Certificate Rate and (y) 2.0% per annum and (ii) such Class A Interest Shortfall (or the portion thereof which has not been paid to the Class A Certificateholders) shall be payable as provided herein with respect to the Class A Certificates. Notwithstanding anything to the contrary herein, Class A Additional Interest shall be payable or distributed to the Class A Certificateholders only to the extent permitted by applicable law.

Appears in 2 contracts

Samples: Pooling and Servicing Agreement (American Express Receivables Financing Corp Iii LLC), Pooling and Servicing Agreement (American Express Receivables Financing Corp Iii LLC)

Determination of Monthly Interest. (a) The amount of monthly interest (“Class A Monthly Interest”) distributable from the Collection Account with respect to the Class A Certificates on any Distribution Date shall be an amount equal to one-twelfth of the product of (i) the Class A Certificate Rate and (ii) the outstanding principal balance of the Class A Certificates as of close of business on the immediately preceding Record Date; provided that Class A Monthly Interest for the first Distribution Date shall be an amount equal to $1,780,000.003,210,638.89. On the Determination Date preceding each Distribution Date, the Servicer shall determine the excess, if any (the “Class A Interest Shortfall”), of (x) the Class A Monthly Interest for such Distribution Date over (y) the aggregate amount of funds allocated and available to pay such Class A Monthly Interest on such Distribution Date. If the Class A Interest Shortfall with respect to any Distribution Date is greater than zero, on each subsequent Distribution Date until such Class A Interest Shortfall is fully paid, an additional amount (“Class A Additional Interest”) equal to one-twelfth of the product of (i) the sum of (x) the Class A Certificate Rate and (y) 2.0% per annum and (ii) such Class A Interest Shortfall (or the portion thereof which has not been paid to the Class A Certificateholders) shall be payable as provided herein with respect to the Class A Certificates. Notwithstanding anything to the contrary herein, Class A Additional Interest shall be payable or distributed to the Class A Certificateholders only to the extent permitted by applicable law.

Appears in 2 contracts

Samples: Pooling and Servicing Agreement (American Express Receivables Financing Corp Iii LLC), Pooling and Servicing Agreement (American Express Receivables Financing Corp Iii LLC)

Determination of Monthly Interest. (a) The amount of monthly interest (“Class A Monthly Interest”) distributable from the Collection Account with respect to the Class A Certificates on any Distribution Date shall be an amount equal to one-twelfth of the product of (i) the Class A Certificate Rate and (ii) the outstanding principal balance of the Class A Certificates as of close of business on the immediately preceding Record Date; provided that Class A Monthly Interest for the first Distribution Date shall be an amount equal to $1,780,000.00734,375.00. On the Determination Date preceding each Distribution Date, the Servicer shall determine the excess, if any (the “Class A Interest Shortfall”), of (x) the Class A Monthly Interest for such Distribution Date over (y) the aggregate amount of funds allocated and available to pay such Class A Monthly Interest on such Distribution Date. If the Class A Interest Shortfall with respect to any Distribution Date is greater than zero, on each subsequent Distribution Date until such Class A Interest Shortfall is fully paid, an additional amount (“Class A Additional Interest”) equal to one-twelfth of the product of (i) the sum of (x) the Class A Certificate Rate and (y) 2.0% per annum and (ii) such Class A Interest Shortfall (or the portion thereof which has not been paid to the Class A Certificateholders) shall be payable as provided herein with respect to the Class A Certificates. Notwithstanding anything to the contrary herein, Class A Additional Interest shall be payable or distributed to the Class A Certificateholders only to the extent permitted by applicable law.

Appears in 2 contracts

Samples: Pooling and Servicing Agreement (American Express Receivables Financing Corp Iv LLC), Pooling and Servicing Agreement (American Express Receivables Financing Corp Iv LLC)

Determination of Monthly Interest. (a) The amount of monthly interest (“Class A Monthly Interest”) distributable from the Collection Account with respect to the Class A Certificates on any Distribution Date shall be an amount equal to one-twelfth of the product of (i) the Class A Certificate Rate and (ii) the outstanding principal balance of the Class A Certificates as of close of business on the immediately preceding Record Date; provided that Class A Monthly Interest for the first Distribution Date shall be an amount equal to $1,780,000.003,202,222.22. On the Determination Date preceding each Distribution Date, the Servicer shall determine the excess, if any (the “Class A Interest Shortfall”), of (x) the Class A Monthly Interest for such Distribution Date over (y) the aggregate amount of funds allocated and available to pay such Class A Monthly Interest on such Distribution Date. If the Class A Interest Shortfall with respect to any Distribution Date is greater than zero, on each subsequent Distribution Date until such Class A Interest Shortfall is fully paid, an additional amount (“Class A Additional Interest”) equal to one-twelfth of the product of (i) the sum of (x) the Class A Certificate Rate and (y) 2.0% per annum and (ii) such Class A Interest Shortfall (or the portion thereof which has not been paid to the Class A Certificateholders) shall be payable as provided herein with respect to the Class A Certificates. Notwithstanding anything to the contrary herein, Class A Additional Interest shall be payable or distributed to the Class A Certificateholders only to the extent permitted by applicable law.

Appears in 2 contracts

Samples: Pooling and Servicing Agreement (American Express Receivables Financing Corp Iii LLC), Series (American Express Receivables Financing Corp Iii LLC)

Determination of Monthly Interest. (a) The amount of monthly interest (“Class A Monthly Interest”) distributable from the Collection Account with respect to the Class A Certificates on any Distribution Date shall be an amount equal to one-one- twelfth of the product of (i) the Class A Certificate Rate and times (ii) the outstanding principal balance of the Class A Certificates determined as of close of business on the immediately Record Date preceding Record the related Transfer Date (the "Class A Monthly Interest"); provided, however, that with respect to the first Distribution Date; provided that , Class A Monthly Interest for the first Distribution Date shall will be equal to $7,593,333.33; provided further, that in addition to Class A Monthly Interest an amount equal to $1,780,000.00. On the Determination Date preceding each Distribution Date, the Servicer shall determine the excess, if amount of any (the “unpaid Class A Interest Shortfall”)Deficiency Amounts, of (x) the Class A Monthly Interest for such Distribution Date over (y) the aggregate as defined below, plus an amount of funds allocated and available to pay such Class A Monthly Interest on such Distribution Date. If the Class A Interest Shortfall with respect to any Distribution Date is greater than zero, on each subsequent Distribution Date until such Class A Interest Shortfall is fully paid, an additional amount (“Class A Additional Interest”) equal to one-twelfth of the product of (iA) the sum of (x) the Class A Certificate Rate plus 2% per annum, and (yB) 2.0% per annum and (ii) such any Class A Interest Shortfall Deficiency Amount from the prior Transfer Date, as defined below (or the portion thereof which has not theretofore been paid to the Class A Certificateholders) (the "Class A Additional Interest") shall also be payable as provided herein with respect distributable to the Class A Certificates. Notwithstanding anything , and on such Transfer Date the Trustee shall deposit such funds, to the contrary hereinextent available, into the Distribution Account; provided further, that the "Class A Additional Deficiency Amount" for any Transfer Date shall be equal to the excess, if any, of the aggregate amount accrued pursuant to this subsection 4.06(a) as of the prior Interest Period over the amount actually transferred to the Distribution Account for payment of such amount. Class A Monthly Interest shall be payable or distributed to calculated on the Class A Certificateholders only to the extent permitted by applicable lawbasis of a 360-day year consisting of twelve 30-day months.

Appears in 2 contracts

Samples: Pooling and Servicing Agreement (Mbna America Bk Nat Assoc Mbna Master Credit Card Trust Ii), Pooling and Servicing Agreement (Mbna America Bk Nat Assoc Mbna Master Credit Card Trust Ii)

Determination of Monthly Interest. (a) The amount of monthly interest (“Class A Monthly Interest”) distributable from the Collection Account with respect to the Class A Certificates on any Distribution Date shall be an amount equal to one-twelfth of the product of (i) the Class A Certificate Rate and (ii) the outstanding principal balance of the Class A Certificates as of close of business on the immediately preceding Record Date; provided that Class A Monthly Interest for the first Distribution Date shall be an amount equal to $1,780,000.001,093,333.33. On the Determination Date preceding each Distribution Date, the Servicer shall determine the excess, if any (the “Class A Interest Shortfall”), of (x) the Class A Monthly Interest for such Distribution Date over (y) the aggregate amount of funds allocated and available to pay such Class A Monthly Interest on such Distribution Date. If the Class A Interest Shortfall with respect to any Distribution Date is greater than zero, on each subsequent Distribution Date until such Class A Interest Shortfall is fully paid, an additional amount (“Class A Additional Interest”) equal to one-twelfth of the product of (i) the sum of (x) the Class A Certificate Rate and (y) 2.0% per annum and (ii) such Class A Interest Shortfall (or the portion thereof which has not been paid to the Class A Certificateholders) shall be payable as provided herein with respect to the Class A Certificates. Notwithstanding anything to the contrary herein, Class A Additional Interest shall be payable or distributed to the Class A Certificateholders only to the extent permitted by applicable law.

Appears in 2 contracts

Samples: Pooling and Servicing Agreement (American Express Receivables Financing Corp Iii LLC), Pooling and Servicing Agreement (American Express Receivables Financing Corp Iii LLC)

Determination of Monthly Interest. (a) The amount of monthly interest (“Class A Monthly Interest”) distributable from the Collection Account with respect to the Class A Certificates on any Distribution Date shall be an amount equal to one-one- twelfth of the product of (i) the Class A Certificate Rate and times (ii) the outstanding principal balance of the Class A Certificates determined as of close of business on the immediately Record Date preceding Record the related Transfer Date (the "Class A Monthly Interest"); provided, however, that with respect to the first Distribution Date; provided that , Class A Monthly Interest for the first Distribution Date shall will be equal to $5,119,479.17; provided further, that in addition to Class A Monthly Interest an amount equal to $1,780,000.00. On the Determination Date preceding each Distribution Date, the Servicer shall determine the excess, if amount of any (the “unpaid Class A Interest Shortfall”)Deficiency Amounts, of (x) the Class A Monthly Interest for such Distribution Date over (y) the aggregate as defined below, plus an amount of funds allocated and available to pay such Class A Monthly Interest on such Distribution Date. If the Class A Interest Shortfall with respect to any Distribution Date is greater than zero, on each subsequent Distribution Date until such Class A Interest Shortfall is fully paid, an additional amount (“Class A Additional Interest”) equal to one-twelfth of the product of (iA) the sum of (x) the Class A Certificate Rate plus 2% per annum, and (yB) 2.0% per annum and (ii) such any Class A Interest Shortfall Deficiency Amount from the prior Transfer Date, as defined below (or the portion thereof which has not theretofore been paid to the Class A Certificateholders) (the "Class A Additional Interest") shall also be payable as provided herein with respect distributable to the Class A Certificates. Notwithstanding anything , and on such Transfer Date the Trustee shall deposit such funds, to the contrary hereinextent available, into the Distribution Account; provided further, that the "Class A Additional Deficiency Amount" for any Transfer Date shall be equal to the excess, if any, of the aggregate amount accrued pursuant to this subsection 4.06(a) as of the prior Interest Period over the amount actually transferred to the Distribution Account for payment of such amount. Class A Monthly Interest shall be payable or distributed to calculated on the Class A Certificateholders only to the extent permitted by applicable lawbasis of a 360-day year consisting of twelve 30-day months.

Appears in 2 contracts

Samples: Pooling and Servicing Agreement (Mbna America Bk Nat Assoc Mbna Master Credit Card Trust Ii), Pooling and Servicing Agreement (Mbna America Bk Nat Assoc Mbna Master Credit Card Trust Ii)

Determination of Monthly Interest. (a) The amount of monthly interest (“Class A Monthly Interest”) distributable from the Collection Account with respect to the Class A Certificates on any Distribution Date shall be an amount equal to one-one- twelfth of the product of (i) the Class A Certificate Rate and times (ii) the outstanding principal balance of the Class A Certificates determined as of close of business on the immediately Record Date preceding Record the related Transfer Date (the "Class A Monthly Interest"); provided, however, that with respect to the first Distribution Date; provided that , Class A Monthly Interest for the first Distribution Date shall will be equal to $4,815,781.25; provided further, that in addition to Class A Monthly Interest an amount equal to $1,780,000.00. On the Determination Date preceding each Distribution Date, the Servicer shall determine the excess, if amount of any (the “unpaid Class A Interest Shortfall”)Deficiency Amounts, of (x) the Class A Monthly Interest for such Distribution Date over (y) the aggregate as defined below, plus an amount of funds allocated and available to pay such Class A Monthly Interest on such Distribution Date. If the Class A Interest Shortfall with respect to any Distribution Date is greater than zero, on each subsequent Distribution Date until such Class A Interest Shortfall is fully paid, an additional amount (“Class A Additional Interest”) equal to one-twelfth of the product of (iA) the sum of (x) the Class A Certificate Rate plus 2% per annum, and (yB) 2.0% per annum and (ii) such any Class A Interest Shortfall Deficiency Amount from the prior Transfer Date, as defined below (or the portion thereof which has not theretofore been paid to the Class A Certificateholders) (the "Class A Additional Interest") shall also be payable as provided herein with respect distributable to the Class A Certificates. Notwithstanding anything , and on such Transfer Date the Trustee shall deposit such funds, to the contrary hereinextent available, into the Distribution Account; provided further, that the "Class A Additional Deficiency Amount" for any Transfer Date shall be equal to the excess, if any, of the aggregate amount accrued pursuant to this subsection 4.06(a) as of the prior Interest Period over the amount actually transferred to the Distribution Account for payment of such amount. Class A Monthly Interest shall be payable or distributed to calculated on the Class A Certificateholders only to the extent permitted by applicable lawbasis of a 360-day year consisting of twelve 30-day months.

Appears in 2 contracts

Samples: Pooling and Servicing Agreement (Mbna America Bk Nat Assoc Mbna Master Credit Card Trust Ii), Pooling and Servicing Agreement (Mbna America Bk Nat Assoc Mbna Master Credit Card Trust Ii)

Determination of Monthly Interest. (a) The amount of monthly interest (“Class A Monthly Interest”) distributable from the Collection Account with respect to the Class A Certificates on any Distribution Date shall be an amount equal to one-twelfth of the product of (i) the Class A Certificate Rate and (ii) the outstanding principal balance of the Class A Certificates as of close of business on the immediately preceding Record Date; provided that Class A Monthly Interest for the first Distribution Date shall be an amount equal to $1,780,000.001,487,500.00. On the Determination Date preceding each Distribution Date, the Servicer shall determine the excess, if any (the “Class A Interest Shortfall”), of (x) the Class A Monthly Interest for such Distribution Date over (y) the aggregate amount of funds allocated and available to pay such Class A Monthly Interest on such Distribution Date. If the Class A Interest Shortfall with respect to any Distribution Date is greater than zero, on each subsequent Distribution Date until such Class A Interest Shortfall is fully paid, an additional amount (“Class A Additional Interest”) equal to one-twelfth of the product of (i) the sum of (x) the Class A Certificate Rate and (y) 2.0% per annum and (ii) such Class A Interest Shortfall (or the portion thereof which has not been paid to the Class A Certificateholders) shall be payable as provided herein with respect to the Class A Certificates. Notwithstanding anything to the contrary herein, Class A Additional Interest shall be payable or distributed to the Class A Certificateholders only to the extent permitted by applicable law.

Appears in 2 contracts

Samples: Pooling and Servicing Agreement (American Express Receivables Financing Corp Iv LLC), Pooling and Servicing Agreement (American Express Receivables Financing Corp Iv LLC)

Determination of Monthly Interest. (a) The amount of monthly interest (“Class A Monthly Interest”) distributable from the Collection Account with respect to the Class A Certificates on any Distribution Date shall be an amount equal to one-twelfth of the product of (i) the Class A Certificate Rate and (ii) the outstanding principal balance of the Class A Certificates as of close of business on the immediately preceding Record Date; provided that Class A Monthly Interest for the first Distribution Date shall be an amount equal to $1,780,000.006,796,875.00. On the Determination Date preceding each Distribution Date, the Servicer shall determine the excess, if any (the “Class A Interest Shortfall”), of (x) the Class A Monthly Interest for such Distribution Date over (y) the aggregate amount of funds allocated and available to pay such Class A Monthly Interest on such Distribution Date. If the Class A Interest Shortfall with respect to any Distribution Date is greater than zero, on each subsequent Distribution Date until such Class A Interest Shortfall is fully paid, an additional amount (“Class A Additional Interest”) equal to one-twelfth of the product of (i) the sum of (x) the Class A Certificate Rate and (y) 2.0% per annum and (ii) such Class A Interest Shortfall (or the portion thereof which has not been paid to the Class A Certificateholders) shall be payable as provided herein with respect to the Class A Certificates. Notwithstanding anything to the contrary herein, Class A Additional Interest shall be payable or distributed to the Class A Certificateholders only to the extent permitted by applicable law.

Appears in 2 contracts

Samples: Pooling and Servicing Agreement (American Express Receivables Financing Corp Iii LLC), Series 2022 (American Express Receivables Financing Corp Iii LLC)

Determination of Monthly Interest. (a) The amount of monthly interest (“Class A Monthly Interest”) distributable from the Collection Account with respect to the Class A Certificates on any Distribution Date shall be an amount equal to one-one- twelfth of the product of (i) the Class A Certificate Rate and times (ii) the outstanding principal balance of the Class A Certificates determined as of close of business on the immediately Record Date preceding Record the related Transfer Date (the "Class A Monthly Interest"); provided, however, that with respect to the first Distribution Date; provided that , Class A Monthly Interest for the first Distribution Date shall will be equal to $8,594,444.44; provided further, that in addition to Class A Monthly Interest an amount equal to $1,780,000.00. On the Determination Date preceding each Distribution Date, the Servicer shall determine the excess, if amount of any (the “unpaid Class A Interest Shortfall”)Deficiency Amounts, of (x) the Class A Monthly Interest for such Distribution Date over (y) the aggregate as defined below, plus an amount of funds allocated and available to pay such Class A Monthly Interest on such Distribution Date. If the Class A Interest Shortfall with respect to any Distribution Date is greater than zero, on each subsequent Distribution Date until such Class A Interest Shortfall is fully paid, an additional amount (“Class A Additional Interest”) equal to one-twelfth of the product of (iA) the sum of (x) the Class A Certificate Rate plus 2% per annum, and (yB) 2.0% per annum and (ii) such any Class A Interest Shortfall Deficiency Amount from the prior Transfer Date, as defined below (or the portion thereof which has not theretofore been paid to the Class A Certificateholders) (the "Class A Additional Interest") shall also be payable as provided herein with respect distributable to the Class A Certificates. Notwithstanding anything , and on such Transfer Date the Trustee shall deposit such funds, to the contrary hereinextent available, into the Distribution Account; provided further, that the "Class A Additional Deficiency Amount" for any Transfer Date shall be equal to the excess, if any, of the aggregate amount accrued pursuant to this subsection 4.06(a) as of the prior Interest Period over the amount actually transferred to the Distribution Account for payment of such amount. Class A Monthly Interest shall be payable or distributed to calculated on the Class A Certificateholders only to the extent permitted by applicable lawbasis of a 360-day year consisting of twelve 30-day months.

Appears in 2 contracts

Samples: Pooling and Servicing Agreement (Mbna America Bk Nat Assoc Mbna Master Credit Card Trust Ii), Pooling and Servicing Agreement (Mbna America Bk Nat Assoc Mbna Master Credit Card Trust Ii)

Determination of Monthly Interest. (a) The amount of monthly interest (“Class A Monthly Interest”) distributable from the Collection Account with respect to the Class A Certificates on any Distribution Date shall be an amount equal to one-twelfth of the product of (i) the Class A Certificate Rate and (ii) the outstanding principal balance of the Class A Certificates as of close of business on the immediately preceding Record Date; provided that Class A Monthly Interest for the first Distribution Date shall be an amount equal to $1,780,000.00680,000.00. On the Determination Date preceding each Distribution Date, the Servicer shall determine the excess, if any (the “Class A Interest Shortfall”), of (x) the Class A Monthly Interest for such Distribution Date over (y) the aggregate amount of funds allocated and available to pay such Class A Monthly Interest on such Distribution Date. If the Class A Interest Shortfall with respect to any Distribution Date is greater than zero, on each subsequent Distribution Date until such Class A Interest Shortfall is fully paid, an additional amount (“Class A Additional Interest”) equal to one-twelfth of the product of (i) the sum of (x) the Class A Certificate Rate and (y) 2.0% per annum and (ii) such Class A Interest Shortfall (or the portion thereof which has not been paid to the Class A Certificateholders) shall be payable as provided herein with respect to the Class A Certificates. Notwithstanding anything to the contrary herein, Class A Additional Interest shall be payable or distributed to the Class A Certificateholders only to the extent permitted by applicable law.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (American Express Receivables Financing Corp Iv LLC)

Determination of Monthly Interest. (a) The amount of monthly interest ("Class A Monthly Interest") distributable from the Collection Account with respect to the Class A Certificates on any Distribution Date shall be an amount equal to one-twelfth of the product of (i) the Class A Certificate Rate and (ii) the outstanding principal balance of the Class A Certificates as of close of business on the immediately preceding Record Date; provided that Class A Monthly Interest for provided, however, that, with respect to the first Distribution Date Date, Class A -------- ------- Monthly Interest shall be an amount equal to $1,780,000.002,241,000.00. On the Determination Date preceding each Distribution Payment Date, the Servicer shall determine the excess, if any (the "Class A Interest Shortfall"), of (x) the Class A Monthly Interest for the Interest Period applicable to such Distribution Payment Date over (y) the aggregate amount of funds allocated and available to pay such Class A Monthly Interest on such Distribution Payment Date. If the Class A Interest Shortfall with respect to any Distribution Payment Date is greater than zero, on each subsequent Distribution Date until such Class A Interest Shortfall is fully paid, an additional amount ("Class A Additional Interest") equal to one-twelfth of the product of (i) the sum of (x) the Class A Certificate Penalty Rate and (y) 2.0% per annum and (ii) such Class A Interest Shortfall (or the portion thereof which has not been paid to the Class A Certificateholders) shall be payable as provided herein with respect to the Class A CertificatesCertificates on each Distribution Date following such Payment Date to and including the Payment Date on which such Class A Interest Shortfall is paid to Class A Certificateholders. Notwithstanding anything to the contrary herein, Class A Additional Interest shall be payable or distributed to the Class A Certificateholders only to the extent permitted by applicable law.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Capital One Master Trust)

Determination of Monthly Interest. (a) The amount of monthly interest ("Class A Monthly Interest") distributable from the Collection Account with respect to the Class A Certificates on any each Distribution Date shall be an amount equal to one-twelfth of the product of (i) the Class A Certificate Rate and (ii) the outstanding principal balance amount of the Class A Certificates as of the close of business on the immediately preceding Record Date; provided that provided, however, with respect to the April 2003 Distribution Date, Class A Monthly Interest for the first Distribution Date shall be an amount equal to $1,780,000.002,040,000. On the Determination Date preceding each Distribution Date, the Servicer shall determine the excess, if any (the "Class A Interest Shortfall"), of (x) the Class A Monthly Interest for such Distribution Date over (y) the aggregate amount of funds allocated and available to pay such Class A Monthly Interest on such Distribution Date. If the Class A Interest Shortfall with respect to any Distribution Date is greater than zero, on each subsequent Distribution Date until such Class A Interest Shortfall is fully paid, an additional amount ("Class A Additional Interest") equal to one-twelfth of the product of (i) the sum of (x) the Class A Certificate Penalty Rate and (y) 2.0% per annum and (ii) such Class A Interest Shortfall (or the portion thereof which has not been paid to the Class A Certificateholders) shall be payable as provided herein with respect to the Class A Certificates. Notwithstanding anything to the contrary herein, Class A Additional Interest shall be payable or distributed to the Class A Certificateholders only to the extent permitted by applicable law.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Fleet Credit Card Master Trust Ii)

Determination of Monthly Interest. (a) The amount of monthly interest (“Class A Monthly Interest”) distributable from the Collection Account with respect to the Class A Certificates Notes on any Distribution Date shall be an amount equal to one-twelfth of the product of (i) (A) a fraction, the numerator of which is 30 and the denominator of which is 360, times (B) the Class A Certificate Note Rate and (ii) the outstanding principal balance Outstanding Dollar Principal Amount of the Class A Certificates Note as of the close of business on the immediately last day of the preceding Record Date; provided that Class A Monthly Interest for the first Distribution Date shall be an amount equal to $1,780,000.00Period. On the Determination Date preceding each Distribution Date, the Servicer shall determine the excess, if any (the “Class A Interest Shortfall”), of (x) the Class A Monthly Interest for such Distribution Date over (y) the aggregate amount of funds allocated and available to pay such Class A Monthly Interest on such Distribution Date. If the Class A Interest Shortfall with respect to any Distribution Date is greater than zero, on each subsequent Distribution Date until such Class A Interest Shortfall is fully paid, an additional amount (“Class A Additional Interest”) equal to one-twelfth of the product of (i) (A) a fraction, the sum numerator of which is 30 and the denominator of which is 360, times (xB) the Class A Certificate Note Rate and (y) 2.0% per annum and (ii) such Class A Interest Shortfall (or the portion thereof which has not been paid to the Class A CertificateholdersNoteholders) shall be payable as provided herein with respect to the Class A Certificates. Notwithstanding anything Notes on each Distribution Date following such Distribution Date to and including the contrary herein, Distribution Date on which such Class A Additional Interest shall be payable or distributed Shortfall is paid to the Class A Certificateholders only to the extent permitted by applicable lawNoteholders.

Appears in 1 contract

Samples: Indenture (National City Credit Card Master Note Trust)

Determination of Monthly Interest. (a) The amount of monthly interest (“Class A Monthly Interest”) distributable from the Collection Account with respect to the Class A Certificates on any Distribution Date shall be an amount equal to one-twelfth of the product of (i) the Class A Certificate Rate and (ii) the outstanding principal balance of the Class A Certificates as of close of business on the immediately preceding Record Date; provided that Class A Monthly Interest for the first Distribution Date shall be an amount equal to $1,780,000.001,032,777.78. On the Determination Date preceding each Distribution Date, the Servicer shall determine the excess, if any (the “Class A Interest Shortfall”), of (x) the Class A Monthly Interest for such Distribution Date over (y) the aggregate amount of funds allocated and available to pay such Class A Monthly Interest on such Distribution Date. If the Class A Interest Shortfall with respect to any Distribution Date is greater than zero, on each subsequent Distribution Date until such Class A Interest Shortfall is fully paid, an additional amount (“Class A Additional Interest”) equal to one-twelfth of the product of (i) the sum of (x) the Class A Certificate Rate and (y) 2.0% per annum and (ii) such Class A Interest Shortfall (or the portion thereof which has not been paid to the Class A Certificateholders) shall be payable as provided herein with respect to the Class A Certificates. Notwithstanding anything to the contrary herein, Class A Additional Interest shall be payable or distributed to the Class A Certificateholders only to the extent permitted by applicable law.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (American Express Receivables Financing Corp Ii)

Determination of Monthly Interest. (a) The amount of monthly interest (“Class A Monthly Interest”) distributable from the Collection Account with respect to the Class A Certificates on any Distribution Date shall be an amount equal to one-twelfth of the product of (i) the Class A Certificate Rate and (ii) the outstanding principal balance of the Class A Certificates as of close of business on the immediately preceding Record Date; provided that Class A Monthly Interest for the first Distribution Date shall be an amount equal to $1,780,000.00363,833.33. On the Determination Date preceding each Distribution Date, the Servicer shall determine the excess, if any (the “Class A Interest Shortfall”), of (x) the Class A Monthly Interest for such Distribution Date over (y) the aggregate amount of funds allocated and available to pay such Class A Monthly Interest on such Distribution Date. If the Class A Interest Shortfall with respect to any Distribution Date is greater than zero, on each subsequent Distribution Date until such Class A Interest Shortfall is fully paid, an additional amount (“Class A Additional Interest”) equal to one-twelfth of the product of (i) the sum of (x) the Class A Certificate Rate and (y) 2.0% per annum and (ii) such Class A Interest Shortfall (or the portion thereof which has not been paid to the Class A Certificateholders) shall be payable as provided herein with respect to the Class A Certificates. Notwithstanding anything to the contrary herein, Class A Additional Interest shall be payable or distributed to the Class A Certificateholders only to the extent permitted by applicable law.

Appears in 1 contract

Samples: Series 2012 (American Express Receivables Financing Corp Iv LLC)

Determination of Monthly Interest. (a) The amount of monthly interest ("Class A Monthly Interest") distributable from the Collection Account with respect to the Class A Certificates on any Distribution Date shall be an amount equal to one-twelfth of the product of (i) the Class A Certificate Rate and (ii) the outstanding principal balance of the Class A Certificates as of close of business on the immediately last day of the preceding Record DateMonthly Period; provided that Class A Monthly Interest for the first Distribution Date shall be an amount equal to $1,780,000.007,381,333.33. On the Determination Date preceding each Distribution Date, the Servicer shall determine the excess, if any (the "Class A Interest Shortfall"), of (x) the Class A Monthly Interest for such Distribution Date over (y) the aggregate amount of funds allocated and available to pay such Class A Monthly Interest on such Distribution Date. If the Class A Interest Shortfall with respect to any Distribution Date is greater than zero, on each subsequent Distribution Date until such Class A Interest Shortfall is fully paid, an additional amount ("Class A Additional Interest") equal to one-twelfth of the product of (i) one-twelfth of the sum of (x) the Class A Certificate Rate and (y) 2.0% per annum and (ii) such Class A Interest Shortfall (or the portion thereof which has not been paid to the Class A Certificateholders) shall be payable as provided herein with respect to the Class A Certificates. Notwithstanding anything to the contrary herein, Class A Additional Interest shall be payable or distributed to the Class A Certificateholders only to the extent permitted by applicable law.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (American Express Receivables Financing Corp Ii)

Determination of Monthly Interest. (a) The amount of monthly interest ("Class A Monthly Interest") distributable from the Collection Account with respect to the Class A Certificates on any Distribution Date shall be an amount equal to one-twelfth of the product of (i) a fraction, the Class A Certificate Rate and (ii) numerator of which is the outstanding principal balance actual number of days in the Class A Certificates as of close of business on period from and; provided, however, that, with respect to the immediately preceding Record first Distribution Date; provided that , Class A Monthly Interest for the first Distribution Date shall be an amount equal to $1,780,000.003,573,975.91. On the Determination Date preceding each Distribution Payment Date, the Servicer shall determine the excess, if any (the "Class A Interest Shortfall"), of (x) the Class A Monthly Interest for the Interest Period applicable to such Distribution Payment Date over (y) including the preceding Distribution Date to but excluding such Distribution Date and the denominator of which is 360, (ii) the Class A Certificate Rate for the related Interest Period and (iii) the outstanding principal balance of the Class A Certificates as of the preceding Record Datethe aggregate amount of funds allocated and available to pay such Class A Monthly Interest on such Distribution Payment Date. If the Class A Interest Shortfall with respect to any Distribution Payment Date is greater than zero, on each subsequent Distribution Date until such Class A Interest Shortfall is fully paid, an additional amount ("Class A Additional Interest") equal to one-twelfth of the product of (i) the sum of (x) the Class A Certificate Penalty Rate and (y) 2.0% per annum and (ii) such Class A Interest Shortfall (or the portion thereof which has not been paid to the Class A Certificateholders) shall be payable as provided herein with respect to the Class A CertificatesCertificates on each Distribution Date following such Payment Date to and including the Payment Date on which such Class A Interest Shortfall is paid to Class A Certificateholders. Notwithstanding anything to the contrary herein, Class A Additional Interest shall be payable or distributed to the Class A Certificateholders only to the extent permitted by applicable law.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Capital One Master Trust)

Determination of Monthly Interest. (a) The amount of monthly interest (“Class A Monthly Interest”) distributable from the Collection Account with respect to the Class A Certificates on any Distribution Date shall be an amount equal to one-twelfth of the product of (i) the Class A Certificate Rate and (ii) the outstanding principal balance of the Class A Certificates as of close of business on the immediately preceding Record Date; provided that Class A Monthly Interest for the first Distribution Date shall be an amount equal to $1,780,000.002,071,875.00. On the Determination Date preceding each Distribution Date, the Servicer shall determine the excess, if any (the “Class A Interest Shortfall”), of (x) the Class A Monthly Interest for such Distribution Date over (y) the aggregate amount of funds allocated and available to pay such Class A Monthly Interest on such Distribution Date. If the Class A Interest Shortfall with respect to any Distribution Date is greater than zero, on each subsequent Distribution Date until such Class A Interest Shortfall is fully paid, an additional amount (“Class A Additional Interest”) equal to one-twelfth of the product of (i) the sum of (x) the Class A Certificate Rate and (y) 2.0% per annum and (ii) such Class A Interest Shortfall (or the portion thereof which has not been paid to the Class A Certificateholders) shall be payable as provided herein with respect to the Class A Certificates. Notwithstanding anything to the contrary herein, Class A Additional Interest shall be payable or distributed to the Class A Certificateholders only to the extent permitted by applicable law.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (American Express Receivables Financing Corp Iii LLC)

Determination of Monthly Interest. (a) The amount of monthly interest (“Class A Monthly Interest”) distributable from the Collection Account with respect to the Class A Certificates on any Distribution Date shall be an amount equal to one-twelfth of the product of (i) the Class A Certificate Rate and (ii) the outstanding principal balance of the Class A Certificates as of close of business on the immediately preceding Record Date; provided that provided, however, that, with respect to the first Distribution Date, Class A Monthly Interest for the first Distribution Date shall be an amount equal to $1,780,000.002,861,263.89. On the Determination Date preceding each Distribution Payment Date, the Servicer shall determine the excess, if any (the “Class A Interest Shortfall”), of (x) the Class A Monthly Interest for the Interest Period applicable to such Distribution Payment Date over (y) the aggregate amount of funds allocated and available to pay such Class A Monthly Interest on such Distribution Payment Date. If the Class A Interest Shortfall with respect to any Distribution Payment Date is greater than zero, on each subsequent Distribution Date until such Class A Interest Shortfall is fully paid, an additional amount (“Class A Additional Interest”) equal to one-twelfth of the product of (i) the sum of (x) the Class A Certificate Penalty Rate and (y) 2.0% per annum and (ii) such Class A Interest Shortfall (or the portion thereof which has not been paid to the Class A Certificateholders) shall be payable as provided herein with respect to the Class A CertificatesCertificates on each Distribution Date following such Payment Date to and including the Payment Date on which such Class A Interest Shortfall is paid to Class A Certificateholders. Notwithstanding anything to the contrary herein, Class A Additional Interest shall be payable or distributed to the Class A Certificateholders only to the extent permitted by applicable law.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Capital One Master Trust)

Determination of Monthly Interest. (a) The amount of monthly interest ("Class A Monthly Interest") distributable from the Collection Account with respect to the Class A Certificates on any Distribution Date shall be an amount equal to one-twelfth of the product of (i) the Class A Certificate Rate and (ii) the outstanding principal balance of the Class A Certificates as of close of business on the immediately preceding Record Date; provided that provided, however, that, with respect to the first Distribution Date, Class A Monthly Interest for the first Distribution Date shall be an amount equal to $1,780,000.002,686,395.83. On the Determination Date preceding each Distribution Payment Date, the Servicer shall determine the excess, if any (the "Class A Interest Shortfall"), of (x) the Class A Monthly Interest for the Interest Period applicable to such Distribution Payment Date over (y) the aggregate amount of funds allocated and available to pay such Class A Monthly Interest on such Distribution Payment Date. If the Class A Interest Shortfall with respect to any Distribution Payment Date is greater than zero, on each subsequent Distribution Date until such Class A Interest Shortfall is fully paid, an additional amount ("Class A Additional Interest") equal to one-twelfth of the product of (i) the sum of (x) the Class A Certificate Penalty Rate and (y) 2.0% per annum and (ii) such Class A Interest Shortfall (or the portion thereof which has not been paid to the Class A Certificateholders) shall be payable as provided herein with respect to the Class A CertificatesCertificates on each Distribution Date following such Payment Date to and including the Payment Date on which such Class A Interest Shortfall is paid to Class A Certificateholders. Notwithstanding anything to the contrary herein, Class A Additional Interest shall be payable or distributed to the Class A Certificateholders only to the extent permitted by applicable law.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Capital One Master Trust)

AutoNDA by SimpleDocs

Determination of Monthly Interest. (a) The amount of monthly interest (“Class A Monthly Interest”) distributable from the Collection Account with respect to the Class A Series 2016-E-II Certificates on any Distribution Date shall be an amount equal to one-twelfth of the product of (i) the Class A Certificate Rate and (ii) the outstanding principal balance Invested Amount of the Class A Series 2016-E-II Certificates as of close of business on the immediately preceding Record Date; provided that Class A Monthly Interest for the first Distribution Date shall be an amount equal to $1,780,000.00138,615.63. On the Determination Date preceding each Distribution Date, the Servicer shall determine the excess, if any (the “Class A Interest Shortfall”), of (x) the Class A Monthly Interest for such Distribution Date over (y) the aggregate amount of funds allocated and available to pay such Class A Monthly Interest on such Distribution Date. If the Class A Interest Shortfall with respect to any Distribution Date is greater than zero, on each subsequent Distribution Date until such Class A Interest Shortfall is fully paid, an additional amount (“Class A Additional Interest”) equal to one-twelfth of the product of (i) the sum of (x) the Class A Certificate Rate and (y) 2.0% per annum and (ii) such Class A Interest Shortfall (or the portion thereof which has not been paid to the Class A CertificateholdersSeries 0000-X-XX Xxxxxxxxxxxxxxxxxx) shall be payable as provided herein with respect to the Class A CertificatesSeries 0000-X-XX Xxxxxxxxxxxx. Notwithstanding anything to the contrary herein, Class A Additional Interest shall be payable or distributed to the Class A Series 2016-E-II Certificateholders only to the extent permitted by applicable law.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (American Express Receivables Financing Corp Iv LLC)

Determination of Monthly Interest. (a) The amount of monthly interest (“Class A Monthly Interest”) distributable from the Collection Account with respect to the Class A Certificates on any Distribution Date shall be an amount equal to one-twelfth of the product of (i) the Class A Certificate Rate and (ii) the outstanding principal balance of the Class A Certificates as of close of business on the immediately preceding Record Date; provided that Class A Monthly Interest for the first Distribution Date shall be an amount equal to $1,780,000.001,427,916.67. On the Determination Date preceding each Distribution Date, the Servicer shall determine the excess, if any (the “Class A Interest Shortfall”), of (x) the Class A Monthly Interest for such Distribution Date over (y) the aggregate amount of funds allocated and available to pay such Class A Monthly Interest on such Distribution Date. If the Class A Interest Shortfall with respect to any Distribution Date is greater than zero, on each subsequent Distribution Date until such Class A Interest Shortfall is fully paid, an additional amount (“Class A Additional Interest”) equal to one-twelfth of the product of (i) the sum of (x) the Class A Certificate Rate and (y) 2.0% per annum and (ii) such Class A Interest Shortfall (or the portion thereof which has not been paid to the Class A Certificateholders) shall be payable as provided herein with respect to the Class A Certificates. Notwithstanding anything to the contrary herein, Class A Additional Interest shall be payable or distributed to the Class A Certificateholders only to the extent permitted by applicable law.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (American Express Receivables Financing Corp Ii)

Determination of Monthly Interest. (a) The amount of monthly interest ("Class A Monthly Interest") distributable from the Collection Account with respect to the Class A Certificates on any Distribution Date shall be an amount equal to one-twelfth of the product of (i) the Class A Certificate Rate and (ii) the outstanding principal balance of the Class A Certificates as of close of business on the immediately preceding Record Date; provided that Class A Monthly Interest for provided, however, that, with respect to the first Distribution Date Date, Class A -------- ------ Monthly Interest shall be an amount equal to $1,780,000.004,125,100. On the Determination Date preceding each Distribution Payment Date, the Servicer shall determine the excess, if any (the "Class A Interest Shortfall"), of (x) the Class A Monthly Interest for the Interest Period applicable to such Distribution Payment Date over (y) the aggregate amount of funds allocated and available to ---- pay such Class A Monthly Interest on such Distribution Payment Date. If the Class A Interest Shortfall with respect to any Distribution Payment Date is greater than zero, on each subsequent Distribution Date until such Class A Interest Shortfall is fully paid, an additional amount ("Class A Additional Interest") equal to one-twelfth of the product of (i) the sum of (x) the Class A Certificate Penalty Rate and (y) 2.0% per annum and (ii) such Class A Interest Shortfall (or the portion thereof which has not been paid to the Class A Certificateholders) shall be payable as provided herein with respect to the Class A CertificatesCertificates on each Distribution Date following such Payment Date to and including the Payment Date on which such Class A Interest Shortfall is paid to Class A Certificateholders. Notwithstanding anything to the contrary herein, Class A Additional Interest shall be payable or distributed to the Class A Certificateholders only to the extent permitted by applicable law.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Capital One Master Trust)

Determination of Monthly Interest. (a) The amount of monthly interest ("Class A Monthly Interest") distributable from the Collection Account with respect to the Class A Certificates on any each Distribution Date shall be an amount equal to one-twelfth of the product of (i) the Class A Certificate Rate and (ii) the outstanding principal balance amount of the Class A Certificates as of the close of business on the immediately preceding Record Date; provided that provided, however, with respect to the January 2003 Distribution Date, Class A Monthly Interest for the first Distribution Date shall be an amount equal to $1,780,000.002,386,197.92. On the Determination Date preceding each Distribution Date, the Servicer shall determine the excess, if any (the "Class A Interest Shortfall"), of (x) the Class A Monthly Interest for such Distribution Date over (y) the aggregate amount of funds allocated and available to pay such Class A Monthly Interest on such Distribution Date. If the Class A Interest Shortfall with respect to any Distribution Date is greater than zero, on each subsequent Distribution Date until such Class A Interest Shortfall is fully paid, an additional amount ("Class A Additional Interest") equal to one-twelfth of the product of (i) the sum of (x) the Class A Certificate Penalty Rate and (y) 2.0% per annum and (ii) such Class A Interest Shortfall (or the portion thereof which has not been paid to the Class A Certificateholders) shall be payable as provided herein with respect to the Class A Certificates. Notwithstanding anything to the contrary herein, Class A Additional Interest shall be payable or distributed to the Class A Certificateholders only to the extent permitted by applicable law.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Fleet Credit Card Master Trust Ii)

Determination of Monthly Interest. (a) The amount of monthly interest (“Class A Monthly Interest”) distributable from the Collection Account with in respect to of the Class A Certificates on any each Distribution Date shall be an amount equal to one-twelfth of the product of (i) a fraction, the numerator of which is the actual number of days in the related Interest Period and the denominator of which is 360, (ii) the Class A Certificate Rate Rate, and (iiiii) the outstanding principal balance of the Class A Certificates determined as of close of business on the immediately Record Date preceding Record such Distribution Date (the "Class A Monthly Interest"); provided, however, that with respect to the first Distribution Date; provided that , Class A Monthly Interest for will be equal to interest accrued on the first Distribution initial outstanding principal balance of the Class A Certificates at the Class A Certificate Rate from the Closing Date shall be through __________, ___ 1999; provided further, however, that in addition to Class A Monthly Interest an amount equal to $1,780,000.00. On the Determination Date preceding each Distribution Date, the Servicer shall determine the excess, if amount of any (the “unpaid Class A Interest Shortfall”)Deficiency Amounts, of (x) the Class A Monthly Interest for such Distribution Date over (y) the aggregate as defined below, plus an amount of funds allocated and available to pay such Class A Monthly Interest on such Distribution Date. If the Class A Interest Shortfall with respect to any Distribution Date is greater than zero, on each subsequent Distribution Date until such Class A Interest Shortfall is fully paid, an additional amount (“Class A Additional Interest”) equal to one-twelfth of the product of (iA) a fraction, the numerator of which is the actual number of days in the related Interest Period and the denominator of which is 360, (B) the sum of (x) the Class A Certificate Rate and (y) 2.01.0% per annum annum, and (iiC) such any Class A Interest Shortfall (Deficiency Amounts from the prior Distribution Date, as defined below, or the portion thereof which has not theretofore been paid to the Class A Certificateholders) Certificateholders (the "Class A Additional Interest"), shall be payable as provided herein with also 9be distributable in respect to of the Class A Certificates. Notwithstanding anything to the contrary herein, Class A Additional Interest shall be payable or distributed to the Class A Certificateholders only to the extent permitted by applicable law.The "

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Charming Shoppes Receivables Corp)

Determination of Monthly Interest. (a) The amount of monthly interest (“Class A Monthly Interest”) distributable from the Collection Account with respect to the Class A Certificates on any Distribution Date shall be an amount equal to one-twelfth of the product of (i) the Class A Certificate Rate and (ii) the outstanding principal balance of the Class A Certificates as of close of business on the immediately preceding Record Date; provided that Class A Monthly Interest for the first Distribution Date shall be an amount equal to $1,780,000.001,540,000.00. On the Determination Date preceding each Distribution Date, the Servicer shall determine the excess, if any (the “Class A Interest Shortfall”), of (x) the Class A Monthly Interest for such Distribution Date over (y) the aggregate amount of funds allocated and available to pay such Class A Monthly Interest on such Distribution Date. If the Class A Interest Shortfall with respect to any Distribution Date is greater than zero, on each subsequent Distribution Date until such Class A Interest Shortfall is fully paid, an additional amount (“Class A Additional Interest”) equal to one-twelfth of the product of (i) the sum of (x) the Class A Certificate Rate and (y) 2.0% per annum and (ii) such Class A Interest Shortfall (or the portion thereof which has not been paid to the Class A Certificateholders) shall be payable as provided herein with respect to the Class A Certificates. Notwithstanding anything to the contrary herein, Class A Additional Interest shall be payable or distributed to the Class A Certificateholders only to the extent permitted by applicable law.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (American Express Receivables Financing Corp Ii)

Determination of Monthly Interest. (a) The amount of monthly interest (the "Class A Monthly Interest") distributable from the Collection Account with respect to the Class A Certificates on any Distribution Date shall be an amount equal to one-twelfth of the product of (i) the Class A Certificate Rate and (ii) the outstanding principal balance of the Class A Certificates as of the close of business on the immediately preceding Record Date; , provided that that, in the case of the first Distribution Date, Class A Monthly Interest for the first Distribution Date shall be an amount equal to $1,780,000.00. __________________.. On the Determination Date preceding each Distribution Date, the Servicer shall determine the excess, if any (the "Class A Interest Shortfall"), of (x) the Class A Monthly Interest for such Distribution Date over (y) the aggregate amount of funds allocated and available to pay such Class A Monthly Interest on such Distribution Date. If the Class A Interest Shortfall with respect to any Distribution Date is greater than zero, on each subsequent Distribution Date until such Class A Interest Shortfall is fully paid, an additional amount ("Class A Additional Interest") equal to one-twelfth of the product of (i) the sum of (x) the Class A Certificate Rate and (y) plus 2.0% per annum and (ii) such Class A Interest Shortfall (or the portion thereof which has not been paid to the Class A Certificateholders) shall be payable as provided herein with respect to the Class A Certificates. Notwithstanding anything to the contrary herein, Class A Additional Interest shall be payable or distributed to the Class A Certificateholders only to the extent permitted by applicable law.

Appears in 1 contract

Samples: Credit Card Receivables Funding Corp

Determination of Monthly Interest. (a) The amount of monthly interest ("Class A Monthly Interest") distributable from the Collection Account with respect to the Class A Certificates on any Distribution Date shall be an amount equal to one-twelfth of the product of (i) the Class A Certificate Rate and (ii) the outstanding principal balance of the Class A Certificates as of close of business on the immediately preceding Record Datelast day of the most recently ended Monthly Period; provided that Class A Monthly Interest for the first Distribution Date shall be an amount equal to $1,780,000.003,498,444.44. On the Determination Date preceding each Distribution Date, the Servicer shall determine the excess, if any (the "Class A Interest Shortfall"), of (x) the Class A Monthly Interest for such Distribution Date over (y) the aggregate amount of funds allocated and available to pay such Class A Monthly Interest on such Distribution Date. If the Class A Interest Shortfall with respect to any Distribution Date is greater than zero, on each subsequent Distribution Date until such Class A Interest Shortfall is fully paid, an additional amount ("Class A Additional Interest") equal to one-twelfth of the product of (i) one-twelfth of the sum of (x) the Class A Certificate Rate and (y) 2.0% per annum and (ii) such Class A Interest Shortfall (or the portion thereof which has not been paid to the Class A Certificateholders) shall be payable as provided herein with respect to the Class A Certificates. Notwithstanding anything to the contrary herein, Class A Additional Interest shall be payable or distributed to the Class A Certificateholders only to the extent permitted by applicable law.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (American Express Receivables Financing Corp Ii)

Determination of Monthly Interest. (a) The amount of monthly interest ("Class A Monthly Interest") distributable from the Collection Account with respect to the Class A Certificates on any Distribution Date shall be an amount equal to one-twelfth of the product of (i) the Class A Certificate Rate and (ii) the outstanding principal balance of the Class A Certificates as of close of business on the immediately preceding Record Datelast day of the most recently ended Monthly Period; provided that Class A Monthly Interest for the first Distribution Date shall be an amount equal to $1,780,000.001,930,031.25. On the Determination Date preceding each Distribution Date, the Servicer shall determine the excess, if any (the "Class A Interest Shortfall"), of (x) the Class A Monthly Interest for such Distribution Date over (y) the aggregate amount of funds allocated and available to pay such Class A Monthly Interest on such Distribution Date. If the Class A Interest Shortfall with respect to any Distribution Date is greater than zero, on each subsequent Distribution Date until such Class A Interest Shortfall is fully paid, an additional amount ("Class A Additional Interest") equal to one-twelfth of the product of (i) one-twelfth of the sum of (x) the Class A Certificate Rate and (y) 2.0% per annum and (ii) such Class A Interest Shortfall (or the portion thereof which has not been paid to the Class A Certificateholders) shall be payable as provided herein with respect to the Class A Certificates. Notwithstanding anything to the contrary herein, Class A Additional Interest shall be payable or distributed to the Class A Certificateholders only to the extent permitted by applicable law.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (American Express Receivables Financing Corp Ii)

Determination of Monthly Interest. (a) The amount of monthly interest ("Class A Monthly Interest") distributable from the Collection Account with respect to the Class A Certificates Notes on any Distribution Date shall be an amount equal to one-twelfth of the product of (i) (the Class A Certificate Note Interest Rate and (ii) the outstanding principal balance Class A Note Principal Balance as of the Class A Certificates as of close of business on the immediately last day of the preceding Record Date; provided that Due Period. The Class A Monthly Interest for the first Distribution Date shall be an amount will equal to $1,780,000.001,354,506.67. On the each Determination Date preceding each Distribution Date, the Servicer shall determine the excess, if any (the "Class A Interest Shortfall"), of (x) the Class A Monthly Interest for such Distribution Date over (y) the aggregate amount of funds allocated and available expected to pay be paid with respect to such Class A Monthly Interest on such the related Distribution Date. If the Class A Interest Shortfall with respect to any Distribution Date is greater than zero, on each subsequent Distribution Date until such Class A Interest Shortfall is fully paid, an additional amount ("Class A Additional Interest") equal to one-twelfth of the product of (i) the sum of (x) the Class A Certificate Note Interest Rate and (y) 2.0% per annum and (ii) such Class A Interest Shortfall (or the portion thereof which has not been paid to the Class A CertificateholdersNoteholders) shall be payable as provided herein with respect to the Class A CertificatesNotes. Notwithstanding anything to the contrary herein, Class A Additional Interest shall be payable or distributed to the Class A Certificateholders Noteholders only to the extent permitted by applicable law.

Appears in 1 contract

Samples: Household Affinity Funding Corp Iii

Determination of Monthly Interest. (a) The amount of monthly interest (“Class "CLASS A Monthly Interest”MONTHLY INTEREST") distributable from the Collection Account with respect to the Class A Certificates Notes (i) on any the initial 16 20 Distribution Date shall be an amount equal to one-twelfth of the product of (iA) twenty nine - three hundreds sixtieths (29/360), (B) the Class A Certificate Rate Note Interest Rate, and (iiC) the outstanding principal balance of the Class A Certificates Note Principal Balance as of the close of business on the immediately preceding Record Closing Date; provided that Class A Monthly Interest for the first and (ii) on any subsequent Distribution Date shall be an amount equal to $1,780,000.00the product of (A) one-twelfth, (B) the Class A Note Interest Rate and (C) the Class A Note Principal Balance as of the close of business on the last day of the preceding Due Period. On the each Determination Date preceding each Distribution Date, the Servicer shall determine the excess, if any (the “Class "CLASS A Interest Shortfall”INTEREST SHORTFALL"), of (x) the Class A Monthly Interest for such Distribution Date over (y) the aggregate amount of funds allocated and available expected to pay be paid with respect to such Class A Monthly Interest on such the related Distribution Date. If the Class A Interest Shortfall with respect to any Distribution Date is greater than zero, on each subsequent Distribution Date until such Class A Interest Shortfall is fully paid, an additional amount (“Class "CLASS A Additional Interest”ADDITIONAL INTEREST") equal to one-twelfth of the product of (i) the sum of (xA) one-twelfth, times (B) the Class A Certificate Note Interest Rate and (y) 2.0% per annum and (ii) such Class A Interest Shortfall (or the portion thereof which has not been paid to the Class A CertificateholdersNoteholders) shall be payable as provided herein with respect to the Class A CertificatesNotes. Notwithstanding anything to the contrary herein, Class A Additional Interest shall be payable or distributed to the Class A Certificateholders Noteholders only to the extent permitted by applicable law.

Appears in 1 contract

Samples: Hrsi Funding Inc Ii

Determination of Monthly Interest. (a) The amount of monthly interest ("Class A Monthly Interest") distributable from the Collection Account with respect to the Class A Certificates on any Distribution Date shall be an amount equal to one-twelfth of the product of (i) the Class A Certificate Rate and (ii) the outstanding principal balance amount of the Class A Certificates as of close of business on the immediately preceding Record Date; provided that provided, however, with respect to the first Distribution Date, Class A Monthly Interest for the first Distribution Date shall be an amount equal to $1,780,000.002,696,354.17. On the Determination Date preceding or before each Distribution Date, the Servicer shall determine the excess, if any (the "Class A Interest Shortfall"), of (x) the Class A Monthly Interest for such Distribution Date over (y) the aggregate amount of funds allocated and available to pay such Class A Monthly Interest on such Distribution Date. If With respect to any Distribution Date, if the Class A Interest Shortfall with respect to any the preceding Distribution Date is greater than zero, on each subsequent Distribution Date until such Class A Interest Shortfall is fully paid, an additional amount ("Class A Additional Interest") equal to one-twelfth of the product of (i) the sum of (x) the Class A Certificate Rate and (y) 2.0% per annum and (ii) such Class A Interest Shortfall (or the portion thereof which has not been paid to the Class A Certificateholders) shall be payable as provided herein with respect to the Class A CertificatesCertificates on each Distribution Date following the Distribution Date on which such Class A Interest Shortfall occurs to and including the Distribution Date on which such Class A Interest Shortfall is paid to Class A Certificateholders. Notwithstanding anything to the contrary herein, Class A Additional Interest shall be payable or distributed to the Class A Certificateholders only to the extent permitted by applicable law.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Providian National Bank)

Determination of Monthly Interest. (a) The amount of monthly interest (“Class A Monthly Interest”) distributable from the Collection Account with respect to the Class A Certificates on any Distribution Date shall be an amount equal to one-twelfth of the product of (i) the Class A Certificate Rate and (ii) the outstanding principal balance of the Class A Certificates as of close of business on the immediately preceding Record Date; provided that Class A Monthly Interest for the first Distribution Date shall be an amount equal to $1,780,000.00435,555.56. On the Determination Date preceding each Distribution Date, the Servicer shall determine the excess, if any (the “Class A Interest Shortfall”), of (x) the Class A Monthly Interest for such Distribution Date over (y) the aggregate amount of funds allocated and available to pay such Class A Monthly Interest on such Distribution Date. If the Class A Interest Shortfall with respect to any Distribution Date is greater than zero, on each subsequent Distribution Date until such Class A Interest Shortfall is fully paid, an additional amount (“Class A Additional Interest”) equal to one-twelfth of the product of (i) the sum of (x) the Class A Certificate Rate and (y) 2.0% per annum and (ii) such Class A Interest Shortfall (or the portion thereof which has not been paid to the Class A Certificateholders) shall be payable as provided herein with respect to the Class A Certificates. Notwithstanding anything to the contrary herein, Class A Additional Interest shall be payable or distributed to the Class A Certificateholders only to the extent permitted by applicable law.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (American Express Receivables Financing Corp Iii LLC)

Determination of Monthly Interest. (a) The amount of monthly interest (“Class A Monthly Interest”) distributable from the Collection Account with respect to the Class A Certificates Notes on any Distribution Payment Date shall be an amount equal to one-twelfth of the product of (i) the Class A Certificate Note Interest Rate and (ii) the outstanding principal balance Outstanding Principal Dollar Amount of the Class A Certificates Notes as of the close of business on the immediately preceding Record Date; provided that the Class A Monthly Interest for the first Distribution Payment Date shall be an amount equal to $1,780,000.004,243,333.33. On the Determination Note Transfer Date preceding each Distribution Payment Date, the Servicer shall determine the excess, if any (the “Class A Interest Shortfall”), of (x) the Class A Monthly Interest for such Distribution Payment Date over (y) the aggregate amount of funds allocated and available to pay such Class A Monthly Interest on such Distribution Payment Date. If the Class A Interest Shortfall with respect to any Distribution Payment Date is greater than zero, on each subsequent Distribution Payment Date until such Class A Interest Shortfall is fully paid, an additional amount (“Class A Additional Interest”) equal to one-twelfth of the product of (i) the sum of (x) the Class A Certificate Note Interest Rate and (y) 2.0% per annum and (ii) such Class A Interest Shortfall (or the portion thereof which has not been paid to the Class A CertificateholdersNoteholders) shall be payable as provided herein with respect to the Class A CertificatesNotes. Notwithstanding anything to the contrary herein, Class A Additional Interest shall be payable or distributed to the Class A Certificateholders Noteholders only to the extent permitted by applicable law.

Appears in 1 contract

Samples: American Express Issuance Trust (American Express Issuance Trust)

Determination of Monthly Interest. (a) The amount of monthly interest ("Class A Monthly Interest") distributable from the Collection Account with respect to the Class A Certificates on any Distribution Date shall be an amount equal to one-twelfth of the product of (i) the Class A Certificate Rate and (ii) the outstanding principal balance of the Class A Certificates as of close of business on the immediately preceding Record Date; provided that Class A Monthly Interest for the first Distribution Date shall be an amount equal to $1,780,000.002,712,225. On the Determination Date preceding each Distribution Date, the Servicer shall determine the excess, if any (the "Class A Interest Shortfall"), of (x) the Class A Monthly Interest for such Distribution Date over (y) the aggregate amount of funds allocated and available to pay such Class A Monthly Interest on such Distribution Date. If the Class A Interest Shortfall with respect to any Distribution Date is greater than zero, on each subsequent Distribution Date until such Class A Interest Shortfall is fully paid, an additional amount ("Class A Additional Interest") equal to one-twelfth of the product of (i) the sum of (x) the Class A Certificate Rate and (y) 2.0% per annum and (ii) such Class A Interest Shortfall (or the portion thereof which has not been paid to the Class A Certificateholders) shall be payable as provided herein with respect to the Class A Certificates. Notwithstanding anything to the contrary herein, Class A Additional Interest shall be payable or distributed to the Class A Certificateholders only to the extent permitted by applicable law.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (American Express Receivables Financing Corp Iv LLC)

Determination of Monthly Interest. (a) The amount of monthly interest ("Class A Monthly Interest") distributable from the Collection Account with respect to the Class A Certificates on any each Distribution Date shall be an amount equal to one-one twelfth of the product of (i) the Class A Certificate Rate and (ii) the outstanding principal balance amount of the Class A Certificates as of the close of business on the immediately preceding Record Date; provided that provided, however, with respect to the December 2001 Distribution Date, Class A Monthly Interest for the first Distribution Date shall be an amount equal to $1,780,000.003,813,680. On the Determination Date preceding each Distribution Date, the Servicer shall determine the excess, if any (the "Class A Interest Shortfall"), of (x) the Class A Monthly Interest for such Distribution Date over (y) the aggregate amount of funds allocated and available to pay such Class A Monthly Interest on such Distribution Date. If the Class A Interest Shortfall with respect to any Distribution Date is greater than zero, on each subsequent Distribution Date until such Class A Interest Shortfall is fully paid, an additional amount ("Class A Additional Interest") equal to one-one twelfth of the product of (i) the sum of (x) the Class A Certificate Penalty Rate and (y) 2.0% per annum and (ii) such Class A Interest Shortfall (or the portion thereof which has not been paid to the Class A Certificateholders) shall be payable as provided herein with respect to the Class A Certificates. Notwithstanding anything to the contrary herein, Class A Additional Interest shall be payable or distributed to the Class A Certificateholders only to the extent permitted by applicable law.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Fleet Credit Card Master Trust Ii)

Determination of Monthly Interest. (a) The amount of monthly interest ("Class A Monthly Interest") distributable from the Collection Account with respect to the Class A Certificates on any Distribution Date shall be an amount equal to one-twelfth of the product of (i) the Class A Certificate Rate and (ii) the outstanding principal balance of the Class A Certificates as of close of business on the immediately preceding Record Date; provided that Class A Monthly Interest for the first Distribution Date shall be an amount equal to $1,780,000.002,015,538.19. On the Determination Date preceding each Distribution Date, the Servicer shall determine the excess, if any (the "Class A Interest Shortfall"), of (x) the Class A Monthly Interest for such Distribution Date over (y) the aggregate amount of funds allocated and available to pay such Class A Monthly Interest on such Distribution Date. If the Class A Interest Shortfall with respect to any Distribution Date is greater than zero, on each subsequent Distribution Date until such Class A Interest Shortfall is fully paid, an additional amount ("Class A Additional Interest") equal to one-twelfth of the product of (i) the sum of (x) the Class A Certificate Rate and (y) 2.0% per annum and (ii) such Class A Interest Shortfall (or the portion thereof which has not been paid to the Class A Certificateholders) shall be payable as provided herein with respect to the Class A Certificates. Notwithstanding anything to the contrary herein, Class A Additional Interest shall be payable or distributed to the Class A Certificateholders only to the extent permitted by applicable law.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (American Express Receivables Financing Corp Iv LLC)

Determination of Monthly Interest. (a) The amount of monthly interest (“Class A Monthly Interest”) distributable from the Collection Account with respect to the Class A Series 2016-E-I Certificates on any Distribution Date shall be an amount equal to one-twelfth of the product of (i) the Class A Certificate Rate and (ii) the outstanding principal balance Invested Amount of the Class A Series 2016-E-I Certificates as of close of business on the immediately preceding Record Date; provided that Class A Monthly Interest for the first Distribution Date shall be an amount equal to $1,780,000.00133,995.85. On the Determination Date preceding each Distribution Date, the Servicer shall determine the excess, if any (the “Class A Interest Shortfall”), of (x) the Class A Monthly Interest for such Distribution Date over (y) the aggregate amount of funds allocated and available to pay such Class A Monthly Interest on such Distribution Date. If the Class A Interest Shortfall with respect to any Distribution Date is greater than zero, on each subsequent Distribution Date until such Class A Interest Shortfall is fully paid, an additional amount (“Class A Additional Interest”) equal to one-twelfth of the product of (i) the sum of (x) the Class A Certificate Rate and (y) 2.0% per annum and (ii) such Class A Interest Shortfall (or the portion thereof which has not been paid to the Class A CertificateholdersSeries 0000-X-X Xxxxxxxxxxxxxxxxxx) shall be payable as provided herein with respect to the Class A Series 2016-E-I Certificates. Notwithstanding anything to the contrary herein, Class A Additional Interest shall be payable or distributed to the Class A Series 2016-E-I Certificateholders only to the extent permitted by applicable law.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (American Express Receivables Financing Corp Iv LLC)

Determination of Monthly Interest. (a) The amount of monthly interest (“Class A Monthly Interest”) distributable from the Collection Account with respect to the Class A Certificates Notes on any Distribution Date shall be an amount equal to one-twelfth of the product of (i) (A) a fraction, the numerator of which is 30 and the denominator of which is 360, times (B) the Class A Certificate Note Rate and (ii) the outstanding principal balance Outstanding Dollar Principal Amount of the Class A Certificates Note as of the close of business on the immediately last day of the preceding Record DateMonthly Period; provided however that Class A Monthly Interest for the first Distribution Date shall be an Interest Payment Date, the amount equal to of interest due is $1,780,000.001,062,395.83. On the Determination Date preceding each Distribution Date, the Servicer shall determine the excess, if any (the “Class A Interest Shortfall”), of (x) the Class A Monthly Interest for such Distribution Date over (y) the aggregate amount of funds allocated and available to pay such Class A Monthly Interest on such Distribution Date. If the Class A Interest Shortfall with respect to any Distribution Date is greater than zero, on each subsequent Distribution Date until such Class A Interest Shortfall is fully paid, an additional amount (“Class A Additional Interest”) equal to one-twelfth of the product of (i) (A) a fraction, the sum numerator of which is 30 and the denominator of which is 360, times (xB) the Class A Certificate Note Rate and (y) 2.0% per annum and (ii) such Class A Interest Shortfall (or the portion thereof which has not been paid to the Class A CertificateholdersNoteholders) shall be payable as provided herein with respect to the Class A Certificates. Notwithstanding anything Notes on each Distribution Date following such Distribution Date to and including the contrary herein, Distribution Date on which such Class A Additional Interest shall be payable or distributed Shortfall is paid to the Class A Certificateholders only to the extent permitted by applicable lawNoteholders.

Appears in 1 contract

Samples: Indenture (National City Credit Card Master Trust)

Determination of Monthly Interest. (a) The amount of monthly interest ("Class A Monthly Interest") distributable from the Collection Account with respect to the Class A Certificates on any Distribution Date shall be an amount equal to one-twelfth of the product of (i) the Class A Certificate Rate and (ii) the outstanding principal balance of the Class A Certificates as of close of business on the immediately preceding Record Date; provided that Class A Monthly Interest for provided, however, that, with respect to the first Distribution Date Date, Class A -------- ------- Monthly Interest shall be an amount equal to $1,780,000.003,277,895.83. On the Determination Date preceding each Distribution Payment Date, the Servicer shall determine the excess, if any (the "Class A Interest Shortfall"), of (x) the Class A Monthly Interest for the Interest Period applicable to such Distribution Payment Date over (y) the aggregate amount of funds allocated and available to pay such Class ---- A Monthly Interest on such Distribution Payment Date. If the Class A Interest Shortfall with respect to any Distribution Payment Date is greater than zero, on each subsequent Distribution Date until such Class A Interest Shortfall is fully paid, an additional amount ("Class A Additional Interest") equal to one-twelfth of the product of (i) the sum of (x) the Class A Certificate Penalty Rate and (y) 2.0% per annum and (ii) such Class A Interest Shortfall (or the portion thereof which has not been paid to the Class A Certificateholders) shall be payable as provided herein with respect to the Class A CertificatesCertificates on each Distribution Date following such Payment Date to and including the Payment Date on which such Class A Interest Shortfall is paid to Class A Certificateholders. Notwithstanding anything to the contrary herein, Class A Additional Interest shall be payable or distributed to the Class A Certificateholders only to the extent permitted by applicable law.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Capital One Master Trust)

Determination of Monthly Interest. (a) The amount of monthly interest ("Class A Monthly Interest") distributable from the Collection Account with respect to the Class A Certificates on any Distribution Date shall be an amount equal to one-twelfth of the product of (i) the Class A Certificate Rate and (ii) the outstanding principal balance of the Class A Certificates as of close of business on the immediately preceding Record Datelast day of the most recently ended Monthly Period; provided that Class A Monthly Interest for the first Distribution Date shall be an amount equal to $1,780,000.002,508,500. On the Determination Date preceding each Distribution Date, the Servicer shall determine the excess, if any (the "Class A Interest Shortfall"), of (x) the Class A Monthly Interest for such Distribution Date over (y) the aggregate amount of funds allocated and available to pay such Class A Monthly Interest on such Distribution Date. If the Class A Interest Shortfall with respect to any Distribution Date is greater than zero, on each subsequent Distribution Date until such Class A Interest Shortfall is fully paid, an additional amount ("Class A Additional Interest") equal to one-twelfth of the product of (i) one-twelfth of the sum of (x) the Class A Certificate Rate and (y) 2.0% per annum and (ii) such Class A Interest Shortfall (or the portion thereof which has not been paid to the Class A Certificateholders) shall be payable as provided herein with respect to the Class A Certificates. Notwithstanding anything to the contrary herein, Class A Additional Interest shall be payable or distributed to the Class A Certificateholders only to the extent permitted by applicable law.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (American Express Credit Account Master Trust)

Determination of Monthly Interest. (a) The amount of monthly interest ("Class A Monthly Interest") distributable from the Collection Account with respect to the Class A Certificates on any Distribution Date shall be an amount equal to one-twelfth of the product of (i) the Class A Certificate Rate and (ii) the outstanding principal balance of the Class A Certificates as of close of business on the immediately preceding Record Date; provided that Class A Monthly Interest for provided, however, that, with respect to the first Distribution Date Date, Class A -------- ------- Monthly Interest shall be an amount equal to $1,780,000.004,750,777.78. On the Determination Date preceding each Distribution Payment Date, the Servicer shall determine the excess, if any (the "Class A Interest Shortfall"), of (x) the Class A Monthly Interest for the Interest Period applicable to such Distribution Payment Date over (y) the aggregate amount of funds allocated and available to pay such Class ---- A Monthly Interest on such Distribution Payment Date. If the Class A Interest Shortfall with respect to any Distribution Payment Date is greater than zero, on each subsequent Distribution Date until such Class A Interest Shortfall is fully paid, an additional amount ("Class A Additional Interest") equal to one-twelfth of the product of (i) the sum of (x) the Class A Certificate Penalty Rate and (y) 2.0% per annum and (ii) such Class A Interest Shortfall (or the portion thereof which has not been paid to the Class A Certificateholders) shall be payable as provided herein with respect to the Class A CertificatesCertificates on each Distribution Date following such Payment Date to and including the Payment Date on which such Class A Interest Shortfall is paid to Class A Certificateholders. Notwithstanding anything to the contrary herein, Class A Additional Interest shall be payable or distributed to the Class A Certificateholders only to the extent permitted by applicable law.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Capital One Master Trust)

Determination of Monthly Interest. (a) The amount of monthly interest (“Class A Monthly Interest”) distributable from the Collection Account with respect to the Class A Certificates on any Distribution Date shall be an amount equal to one-twelfth of the product of (i) the Class A Certificate Rate and (ii) the outstanding principal balance of the Class A Certificates as of close of business on the immediately preceding Record Date; provided that Class A Monthly Interest for the first Distribution Date shall be an amount equal to $1,780,000.002,066,666.67. On the Determination Date preceding each Distribution Date, the Servicer shall determine the excess, if any (the “Class A Interest Shortfall”), of (x) the Class A Monthly Interest for such Distribution Date over (y) the aggregate amount of funds allocated and available to pay such Class A Monthly Interest on such Distribution Date. If the Class A Interest Shortfall with respect to any Distribution Date is greater than zero, on each subsequent Distribution Date until such Class A Interest Shortfall is fully paid, an additional amount (“Class A Additional Interest”) equal to one-twelfth of the product of (i) the sum of (x) the Class A Certificate Rate and (y) 2.0% per annum and (ii) such Class A Interest Shortfall (or the portion thereof which has not been paid to the Class A Certificateholders) shall be payable as provided herein with respect to the Class A Certificates. Notwithstanding anything to the contrary herein, Class A Additional Interest shall be payable or distributed to the Class A Certificateholders only to the extent permitted by applicable law.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (American Express Receivables Financing Corp Iii LLC)

Determination of Monthly Interest. (a) The amount of monthly interest (“Class A Monthly Interest”) distributable from the Collection Account with respect to the Class A Certificates on any Distribution Date shall be an amount equal to one-twelfth of the product of (i) the Class A Certificate Rate and (ii) the outstanding principal balance of the Class A Certificates as of close of business on the immediately preceding Record Date; provided that Class A Monthly Interest for the first Distribution Date shall be an amount equal to $1,780,000.005,242,013.89. On the Determination Date preceding each Distribution Date, the Servicer shall determine the excess, if any (the “Class A Interest Shortfall”), of (x) the Class A Monthly Interest for such Distribution Date over (y) the aggregate amount of funds allocated and available to pay such Class A Monthly Interest on such Distribution Date. If the Class A Interest Shortfall with respect to any Distribution Date is greater than zero, on each subsequent Distribution Date until such Class A Interest Shortfall is fully paid, an additional amount (“Class A Additional Interest”) equal to one-twelfth of the product of (i) the sum of (x) the Class A Certificate Rate and (y) 2.0% per annum and (ii) such Class A Interest Shortfall (or the portion thereof which has not been paid to the Class A Certificateholders) shall be payable as provided herein with respect to the Class A Certificates. Notwithstanding anything to the contrary herein, Class A Additional Interest shall be payable or distributed to the Class A Certificateholders only to the extent permitted by applicable law.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (American Express Receivables Financing Corp Iii LLC)

Determination of Monthly Interest. (a) The amount of monthly interest ("Class A Monthly Interest") distributable from the Collection Account with respect to the Class A Certificates on any Distribution Date shall be an amount equal to one-twelfth of the product of (i) the Class A Certificate Rate and (ii) the outstanding principal balance of the Class A Certificates as of close of business on the immediately preceding Record Date; provided that Class A Monthly Interest for provided, however, that, with respect to the first Distribution Date Date, Class A -------- ------- Monthly Interest shall be an amount equal to $1,780,000.002,439,937.50. On the Determination Date preceding each Distribution Payment Date, the Servicer shall determine the excess, if any (the "Class A Interest Shortfall"), of (x) the Class A Monthly Interest for the Interest Period applicable to such Distribution Payment Date over (y) the aggregate amount of funds allocated and available to pay such ---- Class A Monthly Interest on such Distribution Payment Date. If the Class A Interest Shortfall with respect to any Distribution Payment Date is greater than zero, on each subsequent Distribution Date until such Class A Interest Shortfall is fully paid, an additional amount ("Class A Additional Interest") equal to one-twelfth of the product of (i) the sum of (x) the Class A Certificate Penalty Rate and (y) 2.0% per annum and (ii) such Class A Interest Shortfall (or the portion thereof which has not been paid to the Class A Certificateholders) shall be payable as provided herein with respect to the Class A CertificatesCertificates on each Distribution Date following such Payment Date to and including the Payment Date on which such Class A Interest Shortfall is paid to Class A Certificateholders. Notwithstanding anything to the contrary herein, Class A Additional Interest shall be payable or distributed to the Class A Certificateholders only to the extent permitted by applicable law.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Capital One Master Trust)

Determination of Monthly Interest. (a) The amount of monthly interest ("Class A Monthly Interest") distributable from the Collection Account with respect to the Class A Certificates on any Distribution Date shall be an amount equal to one-twelfth of the product of (i) the Class A Certificate Rate for such Distribution Date and (ii) the outstanding principal balance of the Class A Certificates as of the close of business on the immediately preceding Record Date; provided that Class A Monthly Interest for the first Distribution Date shall be an amount equal to $1,780,000.00745,543.50. On the Determination Date preceding each Distribution Date, the Servicer shall determine the excess, if any (the "Class A Interest Shortfall"), of (x) the Class A Monthly Interest for such Distribution Date over (y) the aggregate amount of funds allocated and available to pay such Class A Monthly Interest on such Distribution Date. If the Class A Interest Shortfall with respect to any Distribution Date is greater than zero, on each subsequent Distribution Date until such Class A Interest Shortfall is fully paid, an additional amount ("Class A Additional Interest") equal to one-twelfth of the product of (i) the sum of (x) the Class A Certificate Rate and (y) 2.0% per annum and (ii) such Class A Interest Shortfall (or the portion thereof which has not been paid to the Class A Certificateholders) shall be payable as provided herein with respect to the Class A Certificates. Notwithstanding anything to the contrary herein, Class A Additional Interest shall be payable or distributed to the Class A Certificateholders only to the extent permitted by applicable law.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (American Express Credit Account Master Trust)

Determination of Monthly Interest. (a) The amount of monthly interest ("Class A Monthly Interest") distributable from the Collection Account with respect to the Class A Certificates on any Distribution Date shall be an amount equal to one-twelfth of the product of (i) the Class A Certificate Rate and (ii) the outstanding principal balance of the Class A Certificates as of the close of business on the immediately preceding Record Datelast day of the most recently ended Monthly Period; provided that Class A Monthly Interest for the first Distribution Date shall be an amount equal to $1,780,000.00730,804.86. On the Determination Date preceding each Distribution Date, the Servicer shall determine the excess, if any (the "Class A Interest Shortfall"), of (x) the Class A Monthly Interest for such Distribution Date over (y) the aggregate amount of funds allocated and available to pay such Class A Monthly Interest on such Distribution Date. If the Class A Interest Shortfall with respect to any Distribution Date is greater than zero, on each subsequent Distribution Date until such Class A Interest Shortfall is fully paid, an additional amount ("Class A Additional Interest") equal to one-twelfth of the product of (i) the sum of (x) the Class A Certificate Rate and (y) 2.0% per annum and (ii) such Class A Interest Shortfall (or the portion thereof which has not been paid to the Class A Certificateholders) shall be payable as provided herein with respect to the Class A Certificates. Notwithstanding anything to the contrary herein, Class A Additional Interest shall be payable or distributed to the Class A Certificateholders only to the extent permitted by applicable law.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (American Express Credit Account Master Trust)

Time is Money Join Law Insider Premium to draft better contracts faster.