Excess Allocation Series Clause Samples

The Excess Allocation Series clause defines how any amounts or assets that exceed a predetermined threshold are to be distributed among parties. In practice, this clause specifies the method for calculating excess amounts, identifies the parties eligible to receive such allocations, and outlines the timing and process for distribution. Its core function is to ensure a fair and transparent mechanism for handling surplus resources, thereby preventing disputes and clarifying expectations regarding the division of excess proceeds or assets.
Excess Allocation Series. Series 2002-1 shall be an Excess Allocation Series. On each Distribution Date, (a) the Trustee, acting in accordance with instructions from the Servicer, shall allocate the aggregate amount for all outstanding Excess Allocation Series that the Series Supplements related to such Series specify are to be treated as Excess Spread for such Distribution Date (collectively, "Excess Yield Collections") pro rata in proportion to the respective Yield Collections Shortfalls (as such term is defined below with respect to Series 2002-1 and in the Series Supplement for each other Excess Allocation Series), if any, of such Excess Allocation Series and (b) the Trustee, acting in accordance with instructions from the Servicer, shall withdraw from the Collection Account and pay to the Holders of the Exchangeable Transferor Certificate an amount equal to the excess, if any, of (x) the Excess Yield Collections for such Distribution Date over (y) the aggregate amount of Yield Collections Shortfalls for such Distribution Date; provided, however, that the sharing of Excess Yield Collections among Excess Allocation Series will cease if the Transferors shall deliver to the Trustee an Officer's Certificate to the effect that, in the reasonable belief of the Transferors, the continued sharing of Excess Yield Collections among Excess Allocation Series would have adverse regulatory implications with respect to the Transferors or any Account Originator. Following the delivery of such an Officer's Certificate to the Trustee, there will not be any further sharing of Excess Yield Collections among Excess Allocation Series. The "Yield Collections Shortfall" for Series 2002-1 for any Distribution Date will be equal to the excess, if any, of (a) the full amount required to be paid, without duplication, with respect to the Class A Certificates pursuant to subsections 4.08(a), (b), (d) and (e) on such Distribution Date over (b) the sum of (i) if such Due Period relates to a Distribution Date with respect to the Controlled Accumulation Period or Early Amortization Period, the amount of Investment Earnings, if any, with respect to such Distribution Date and (ii) the amount of funds, if any, to be withdrawn from the Series 2002-1 Reserve Account which, pursuant to subsection 4.14(d), are distributable on such Distribution Date pursuant to Section 4.09. [END OF ARTICLE IV] Section 10. Article V of the Agreement. Article V of the Agreement shall read in its entirety as follows:
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Excess Allocation Series. The "Finance Charge Shortfall" for Series 1997-1 for any Distribution Date will be equal to the excess, if any, of (a) the full amount required to be paid, without duplication, pursuant to subsections 4.05(a), 4.05(b) and 4.05(c) and subsections 4.07(a) through (j) on such Distribution Date over (b) the sum of (i) the Reallocated Investor Finance Charge Collections, (ii) if such Monthly Period relates to a Distribution Date with respect to the Controlled Accumulation Period or Early Amortization Period, the amount of Principal Funding Investment Proceeds, if any, with respect to such Distribution Date and (iii) the amount of funds, if any, to be withdrawn from the Reserve Account which, pursuant to subsection 4.12(d), are required to be included in Class A Available Funds with respect to such Distribution Date.
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Related to Excess Allocation Series

  • Excess Finance Charge Collections Any amounts remaining in the Cap Proceeds Account, the Collection Account and the Payment Reserve Account, to the extent of any Available Series 1998-3 Finance Charge Collections remaining after giving effect to the withdrawals pursuant to subsection 4.9(a)(i) through (xii) of the Agreement, shall be treated as Excess Finance Charge Collections, and the Servicer shall direct the Trustee in writing on each Business Day to withdraw such amounts from the Collection Account and to first make such amounts available to pay to Securityholders of other Series to the extent of shortfalls, if any, in amounts payable to such Securityholders from Finance Charge Collections allocated to such other Series, then to pay any unpaid commercially reasonable costs and expenses of a Successor Servicer, if any, and then on each Business Day other than the Default Recognition Date, to pay to the Transferor to be treated as "Transferor Retained Finance Charge Collections," and, on each Default Recognition Date, to pay any remaining Excess Finance Charge Collections to the Transferor. Notwithstanding the foregoing, if on any Default Recognition Date the sum of the amount of Available Series 1998-3 Finance Charge Collections (including, all amounts on deposit in the Payment Reserve Account) and Transferor Retained Finance Charge Collections is less than the Series Default Amount for such Default Recognition Date, the Servicer shall apply amounts deposited in the Accumulation Period Reserve Account pursuant to subsection 4.9(a)(xi) of the Agreement and the Spread Account pursuant to subsection 4.9(a)(viii) of the Agreement during the then current Monthly Period in accordance with subsection 4.9(a)(iii) of the Agreement to the extent of such shortfall.

  • Collateral Shortfalls In the event that amounts on deposit in the Collateral Fund at any time are insufficient to cover any withdrawals therefrom that the Company is then entitled to make hereunder, the Purchaser shall be obligated to pay such amounts to the Company immediately upon demand. Such obligation shall constitute a general corporate obligation of the Purchaser. The failure to pay such amounts within two Business Days of such demand (except for amounts to cover interest on a Mortgage Loan pursuant to Sections 2.02(d) and 2.03 (b)), shall cause an immediate termination of the Purchaser's right to make any Election to Delay Foreclosure or Election to Foreclose and the Company's obligations under this Agreement with respect to all Mortgage Loans to which such insufficiencies relate, without the necessity of any further notice or demand on the part of the Company.

  • Shared Principal Collections Subject to Section 4.04 of the Agreement, Shared Principal Collections for any Distribution Date will be allocated to Series 2017-6 in an amount equal to the product of (x) the aggregate amount of Shared Principal Collections with respect to all Principal Sharing Series for such Distribution Date and (y) a fraction, the numerator of which is the Series 2017-6 Principal Shortfall for such Distribution Date and the denominator of which is the aggregate amount of Principal Shortfalls for all the Series which are Principal Sharing Series for such Distribution Date. The “Series 2017-6 Principal Shortfall” will be equal to (a) for any Distribution Date with respect to the Revolving Period, zero, (b) for any Distribution Date with respect to the Controlled Accumulation Period, the excess, if any, of the Controlled Deposit Amount with respect to such Distribution Date over the amount of Available Principal Collections for such Distribution Date (excluding any portion thereof attributable to Shared Principal Collections), and (c) for any Distribution Date with respect to the Early Amortization Period, the excess, if any, of the Invested Amount over the amount of Available Principal Collections for such Distribution Date (excluding any portion thereof attributable to Shared Principal Collections).

  • Allocations of Finance Charge Collections The Servicer shall allocate to the Series 1997-1 Certificateholders and retain in the Collection Account for application as provided herein an amount equal to the product of (A) the Floating Allocation Percentage and (B) the Series 1997-1 Allocation Percentage and (C) the aggregate amount of Collections of Finance Charge Receivables deposited in the Collection Account on such Deposit Date.

  • IN SERIES The aggregate principal amount of Securities which may be authenticated and delivered under this Indenture is unlimited. The Securities may be issued in one or more series. There shall be established in or pursuant to a Board Resolution and, subject to Section 303, set forth, or determined in the manner provided, in an Officers' Certificate, or established in one or more indentures supplemental hereto, prior to the issuance of Securities of any series,