Common use of Excess Principal Collections Clause in Contracts

Excess Principal Collections. Subject to Section 4.03(e) of the Pooling and Servicing Agreement and Section 8.05 of the Indenture, Excess Principal Collections allocable to Series [200_-_] on any Transfer Date will be equal to the product of (x) the aggregate amount of Excess Principal Collections with respect to all Principal Sharing Series for such Transfer Date and (y) a fraction, the numerator of which is the Principal Shortfalls for Series [200_-_] for such Transfer Date and the denominator of which is the aggregate amount of Principal Shortfall for all the Series which are Principal Sharing Series for such Transfer Date. For this purpose, each outstanding series of certificates issued by First Bankcard Master Credit Card Trust (other than any series represented by the Collateral Certificate) shall be deemed to be a Principal Sharing Series. The "Principal Shortfall" for Series [200_-_] will be equal to (a) for any Transfer Date with respect to the Revolving Period, zero, (b) for any Transfer Date with respect to the Accumulation Period, the excess, if any, of the Controlled Deposit Amount with respect to such Transfer Date over the amount of Available Principal Collections for such Transfer Date (excluding any portion thereof attributable to Excess Principal Collections) and (c) for any Transfer Date with respect to the Rapid Amortization Period, the excess, if any, of the Collateral Amount with respect to such Transfer Date over the amount of Available Principal Collections for such Transfer Date (excluding any portion thereof attributable to Excess Principal Collections). Excess Principal Collections remaining on any Transfer Date after payment of Principal Shortfalls for all Series in Group I, and after any application of Excess Principal Collections as principal with respect to any Variable Interest or variable funding certificates in such Group will be distributed to the Holder of the Transferor Interest or deposited in the Excess Funding Account in accordance with subsection 4.03(e) of the Pooling and Servicing Agreement or Section 8.05 of the Indenture, as applicable.

Excess Principal Collections. Subject to Section 4.03(eOn each Determination Date, ---------------------------- (a) of the Pooling and Servicing Agreement and Section 8.05 of the Indenture, Servicer shall allocate Excess Principal Collections allocable (as described below) for the related Collection Period to each Series [200_-_] on any Transfer Date will be as set forth in the related Series Supplement, and (b) the Servicer shall instruct the Indenture Trustee in writing to withdraw from the Collection Account and pay to the Residual Interestholder (i) an amount equal to the product excess, if any, of (x) the aggregate amount for all outstanding Series of Principal Collections that the related Series Supplements specify are to be treated as "Excess Principal Collections Collections" with respect to all Principal Sharing Series for such Transfer the related Payment Date and over (y) a fraction, the numerator of which is the Principal Shortfalls for Series [200_-_] for such Transfer Date and the denominator of which is the aggregate amount of Principal Shortfall for all outstanding Series that the related Series which Supplements specify are "Principal Sharing Shortfalls" with respect to such Payment Date and, without duplication, (ii) the aggregate amount for all outstanding Series of that portion of Series Allocable Principal Collections that the related Series Supplements specify are to be allocated and paid to the Residual Interestholder with respect to such Payment Date; provided, however, that in the case of -------- ------- clauses (i) and (ii), such amounts shall be paid to the Residual Interestholder ----------- ---- only if the Residual Participation Amount for such Transfer Payment Date (determined after giving effect to any Principal Receivables transferred to the Trust on such Determination Date) exceeds the Trust Available Subordinated Amount on such Determination Date (after giving effect to the allocations, distributions, withdrawals and deposits to be made on such Payment Date). For this purposeThe amount held in the Collection Account as a result of the proviso in the preceding sentence ("Unallocated Principal Collections") shall be paid to the Residual --------------------------------- Interestholder at the time the Residual Participation Amount exceeds the Trust Available Subordinated Amount for the immediately preceding Determination Date (after giving effect to the allocations, each outstanding series of certificates issued by First Bankcard Master Credit Card Trust (other than distributions, withdrawals and deposits to be made on the Payment Date immediately following such Determination Date); provided, however, that any series represented by Unallocated Principal Collections on deposit in the Collateral Certificate) -------- ------- Collection Account at any time during which any Series is in its Amortization Period, Accumulation Period, Controlled Amortization Period or Early Amortization Period shall be deemed to be a Principal Sharing Series. The "Principal Shortfall" for Series [200_-_] will Allocable Miscellaneous Payments and shall be equal to (a) for any Transfer Date with respect to the Revolving Period, zero, (b) for any Transfer Date with respect to the Accumulation Period, the excess, if any, of the Controlled Deposit Amount with respect to such Transfer Date over the amount of Available Principal Collections for such Transfer Date (excluding any portion thereof attributable to Excess Principal Collections) allocated and (c) for any Transfer Date with respect to the Rapid Amortization Period, the excess, if any, of the Collateral Amount with respect to such Transfer Date over the amount of Available Principal Collections for such Transfer Date (excluding any portion thereof attributable to Excess Principal Collections). Excess Principal Collections remaining on any Transfer Date after payment of Principal Shortfalls for all Series in Group I, and after any application of Excess Principal Collections as principal with respect to any Variable Interest or variable funding certificates in such Group will be distributed to the Holder of the Transferor Interest or deposited in the Excess Funding Account in accordance with subsection 4.03(e) Section 4.2 ----------- and the terms of the Pooling and Servicing Agreement or Section 8.05 of the Indenture, as applicableeach Series Supplement.

Excess Principal Collections. Subject to Section 4.03(eOn each Determination Date, (a) of the Pooling and Servicing Agreement and Section 8.05 of the Indenture, Servicer shall allocate Excess Principal Collections allocable (as described below) for the related Collection Period to each Series [200_-_] on any Transfer Date will be as set forth in the related Series Supplement, and (b) the Servicer shall instruct the Indenture Trustee in writing to withdraw from the Collection Account and pay to the Residual Interestholder (i) an amount equal to the product excess, if any, of (x) the aggregate amount for all outstanding Series of Principal Collections that the related Series Supplements specify are to be treated as “Excess Principal Collections Collections” with respect to all Principal Sharing Series for such Transfer the related Payment Date and over (y) a fraction, the numerator of which is the Principal Shortfalls for Series [200_-_] for such Transfer Date and the denominator of which is the aggregate amount for all outstanding Series that the related Series Supplements specify are “Principal Shortfalls” with respect to such Payment Date and, without duplication, (ii) the aggregate amount for all outstanding Series of that portion of Principal Shortfall for all Collections that the related Series which Supplements specify are Principal Sharing Series to be allocated and paid to the Residual Interestholder with respect to such Payment Date; provided, however, that in the case of clauses (i) and (ii), such amounts shall be paid to the Residual Interestholder only if the Residual Participation Amount for such Transfer Payment Date (determined after giving effect to any Principal Receivables transferred to the Trust on such Determination Date) exceeds the Trust Available Subordinated Amount on such Determination Date (after giving effect to the allocations, distributions, withdrawals and deposits to be made on such Payment Date). For this purposeThe amount held in the Collection Account as a result of the proviso in the preceding sentence (“Unallocated Principal Collections”) shall be paid to the Residual Interestholder at the time the Residual Participation Amount exceeds the Trust Available Subordinated Amount for the immediately preceding Determination Date (after giving effect to the allocations, each outstanding series of certificates issued by First Bankcard Master Credit Card Trust (other than distributions, withdrawals and deposits to be made on the Payment Date immediately following such Determination Date); provided, however, that any series represented by Unallocated Principal Collections on deposit in the Collateral Certificate) Collection Account at any time during which any Series is in its Amortization Period, Accumulation Period, Controlled Amortization Period or Early Amortization Period shall be deemed to be a Principal Sharing Series. The "Principal Shortfall" for Series [200_-_] will Miscellaneous Payments and shall be equal to (a) for any Transfer Date with respect to the Revolving Period, zero, (b) for any Transfer Date with respect to the Accumulation Period, the excess, if any, of the Controlled Deposit Amount with respect to such Transfer Date over the amount of Available Principal Collections for such Transfer Date (excluding any portion thereof attributable to Excess Principal Collections) allocated and (c) for any Transfer Date with respect to the Rapid Amortization Period, the excess, if any, of the Collateral Amount with respect to such Transfer Date over the amount of Available Principal Collections for such Transfer Date (excluding any portion thereof attributable to Excess Principal Collections). Excess Principal Collections remaining on any Transfer Date after payment of Principal Shortfalls for all Series in Group I, and after any application of Excess Principal Collections as principal with respect to any Variable Interest or variable funding certificates in such Group will be distributed to the Holder of the Transferor Interest or deposited in the Excess Funding Account in accordance with subsection 4.03(e) Section 4.2 and the terms of the Pooling and Servicing Agreement or Section 8.05 of the Indenture, as applicableeach Series Supplement.

Excess Principal Collections. Subject to Section 4.03(e) of the Pooling and Servicing Agreement and Section 8.05 of the Indenture, Excess Principal Collections allocable to Series [200_-_] 2003-1 on any Transfer Date will be equal to the product of (x) the aggregate amount of Excess Principal Collections with respect to all Principal Sharing Series for such Transfer Date and (y) a fraction, the numerator of which is the Principal Shortfalls for Series [200_-_] 2003-1 for such Transfer Date and the denominator of which is the aggregate amount of Principal Shortfall for all the Series which are Principal Sharing Series for such Transfer Date. For this purpose, each outstanding series of certificates issued by First Bankcard Master Credit Card Trust (other than any series represented by the Collateral Certificate) shall be deemed to be a Principal Sharing Series. The "Principal Shortfall" for Series [200_-_] 2003-1 will be equal to (a) for any Transfer Date with respect to the Revolving Period, zero, (b) for any Transfer Date with respect to the Accumulation Period, the excess, if any, of the Controlled Deposit Amount with respect to such Transfer Date over the amount of Available Principal Collections for such Transfer Date (excluding any portion thereof attributable to Excess Principal Collections) and (c) for any Transfer Date with respect to the Rapid Amortization Period, the excess, if any, of the Collateral Amount with respect to such Transfer Date over the amount of Available Principal Collections for such Transfer Date (excluding any portion thereof attributable to Excess Principal Collections). Excess Principal Collections remaining on any Transfer Date after payment of Principal Shortfalls for all Series in Group I, and after any application of Excess Principal Collections as principal with respect to any Variable Interest or variable funding certificates in such Group will be distributed to the Holder of the Transferor Interest or deposited in the Excess Funding Account in accordance with subsection 4.03(e) of the Pooling and Servicing Agreement or Section 8.05 of the Indenture, as applicable.

Excess Principal Collections. Subject to Section 4.03(eOn each Determination Date, (a) of the Pooling and Servicing Agreement and Section 8.05 of the Indenture, Servicer shall allocate Excess Principal Collections allocable (as described below) for the related Collection Period to each Series [200_-_] on any Transfer Date will be as set forth in the related Series Supplement, and (b) the Servicer shall instruct the Indenture Trustee in writing to withdraw from the Collection Account and pay to the Residual Interestholder (i) an amount equal to the product excess, if any, of (x) the aggregate amount for all outstanding Series of Principal Collections that the related Series Supplements specify are to be treated as "Excess Principal Collections Collections" with respect to all Principal Sharing Series for such Transfer the related Payment Date and over (y) a fraction, the numerator of which is the Principal Shortfalls for Series [200_-_] for such Transfer Date and the denominator of which is the aggregate amount for all outstanding Series that the related Series Supplements specify are "Principal Shortfalls" with respect to such Payment Date and, without duplication, (ii) the aggregate amount for all outstanding Series of that portion of Principal Shortfall for all Collections that the related Series which Supplements specify are Principal Sharing Series to be allocated and paid to the Residual Interestholder with respect to such Payment Date; provided, however, that in the case of clauses (i) and (ii), such amounts shall be paid to the Residual Interestholder only if the Residual Participation Amount for such Transfer Payment Date (determined after giving effect to any Principal Receivables transferred to the Trust on such Determination Date) exceeds the Trust Available Subordinated Amount on such Determination Date (after giving effect to the allocations, distributions, withdrawals and deposits to be made on such Payment Date). For this purposeThe amount held in the Collection Account as a result of the proviso in the preceding sentence ("Unallocated Principal Collections") shall be paid to the Residual Interestholder at the time the Residual Participation Amount exceeds the Trust Available Subordinated Amount for the immediately preceding Determination Date (after giving effect to the allocations, each outstanding series of certificates issued by First Bankcard Master Credit Card Trust (other than distributions, withdrawals and deposits to be made on the Payment Date immediately following such Determination Date); provided, however, that any series represented by Unallocated Principal Collections on deposit in the Collateral Certificate) Collection Account at any time during which any Series is in its Amortization Period, Accumulation Period, Controlled Amortization Period or Early Amortization Period shall be deemed to be a Principal Sharing Series. The "Principal Shortfall" for Series [200_-_] will Miscellaneous Payments and shall be equal to (a) for any Transfer Date with respect to the Revolving Period, zero, (b) for any Transfer Date with respect to the Accumulation Period, the excess, if any, of the Controlled Deposit Amount with respect to such Transfer Date over the amount of Available Principal Collections for such Transfer Date (excluding any portion thereof attributable to Excess Principal Collections) allocated and (c) for any Transfer Date with respect to the Rapid Amortization Period, the excess, if any, of the Collateral Amount with respect to such Transfer Date over the amount of Available Principal Collections for such Transfer Date (excluding any portion thereof attributable to Excess Principal Collections). Excess Principal Collections remaining on any Transfer Date after payment of Principal Shortfalls for all Series in Group I, and after any application of Excess Principal Collections as principal with respect to any Variable Interest or variable funding certificates in such Group will be distributed to the Holder of the Transferor Interest or deposited in the Excess Funding Account in accordance with subsection 4.03(e) Section 4.2 and the terms of the Pooling and Servicing Agreement or Section 8.05 of the Indenture, as applicableeach Series Supplement.

Excess Principal Collections. Subject to Section 4.03(e) of the Pooling and Servicing Agreement and Section 8.05 of the Indenture, Excess Principal Collections allocable to VFN Series [200_-_] 2003-3 on any Transfer Date will be equal to the product of (x) the aggregate amount of Excess Principal Collections with respect to all Principal Sharing Series for such Transfer Date and (y) a fraction, the numerator of which is the Principal Shortfalls for VFN Series [200_-_] 2003-3 for such Transfer Date and the denominator of which is the aggregate amount of Principal Shortfall for all the Series which are Principal Sharing Series for such Transfer Date. For this purpose, each outstanding series of certificates issued by First Bankcard Master Credit Card Trust (other than any series represented by the Collateral Certificate) shall be deemed to be a Principal Sharing Series. The "Principal Shortfall" for VFN Series [200_-_] 2003-3 will be equal to (a) for any Transfer Date with respect to the Revolving Period, zerothe full amount required to be deposited pursuant to subsection 4.04(b)(i) on such Transfer Date over the Available Principal Collections for such Transfer Date (excluding any portion thereof attributable to Excess Principal Collections), (b) for any Transfer Date with respect to the Accumulation Controlled Amortization Period, the excess, if any, of the Controlled Deposit Amount with respect full amount required to be deposited, without duplication, pursuant to Section 4.04(c)(i) and (ii) on such Transfer Date over the amount of Available Principal Collections for such Transfer Date (excluding any portion thereof attributable to Excess Principal Collections) and (c) for any Transfer Date with respect to the Rapid Amortization Period, the excess, if any, of the Collateral Amount with respect to such Transfer Date over the amount of Available Principal Collections for such Transfer Date (excluding any portion thereof attributable to Excess Principal Collections). Excess Principal Collections remaining on any Transfer Date after payment of Principal Shortfalls for all Series in Group I, and after any application of Excess Principal Collections as principal pursuant to Section 4.11 or with respect to any other Variable Interest or variable funding certificates in such Group will be be, first, deposited to the Funding Account in an amount up to the Funding Account Deficiency, if any, and, second, distributed to the Holder of the Transferor Interest or deposited in the Excess Funding Account in accordance with subsection 4.03(e) of the Pooling and Servicing Agreement or Section 8.05 of the Indenture, as applicable.