Monthly Payments. On or before each Transfer Date, Servicer shall instruct Trustee in writing (which writing shall be substantially in the form of Exhibit B) to withdraw, and Trustee, acting in accordance with such instructions, shall withdraw on such Transfer Date or the related Distribution Date, as applicable, to the extent of available funds, the amounts required to be withdrawn from the Finance Charge Account, the Principal Account, the Principal Funding Account and the Distribution Account as follows: (a) An amount equal to the Class A Available Funds for the related Monthly Period will be distributed on each Transfer Date, to the extent available, in the following priority: (i) on a pro rata basis (A) an amount equal to Class A Monthly Interest, plus any Class A Deficiency Amount, plus any Class A Additional Interest (in each case for such Transfer Date) shall be deposited by Servicer or Trustee into the Distribution Account and (B) any Class A Net Swap Payment shall be paid to the Swap Counterparty; (ii) an amount equal to the Class A Servicing Fee for such Transfer Date plus any Class A Servicing Fee due but not paid to Servicer on any prior Transfer Date (less, if WFN is Servicer, amounts previously retained toward payment of such fees) shall be distributed to Servicer; (iii) an amount equal to the sum of the Class A Investor Default Amount and the Class A Uncovered Dilution Amount, if any, for the preceding Monthly Period shall be treated (or deemed, in accordance with Section 4.7(d), to be treated) as a portion of Investor Principal Collections and, during the Controlled Accumulation Period or the Early Amortization Period, deposited into the Principal Account on such Transfer Date; and (iv) the balance, if any, shall constitute Excess Spread and shall be allocated and distributed as set forth in Section 4.13. (b) An amount equal to the Class B Available Funds for the related Monthly Period will be distributed on each Transfer Date, to the extent available, in the following priority: (i) on a pro rata basis, (A) an amount equal to the Class B Monthly Interest, plus any Class B Deficiency Amount, plus any Class B Additional Interest (in each case for such Transfer Date) shall be deposited by Servicer or Trustee into the Distribution Account and (B) any Class B Net Swap Payment shall be paid to the Swap Counterparty; (ii) an amount equal to the Class B Servicing Fee for such Transfer Date, plus any Class B Servicing Fee due but not paid to Servicer on any prior Transfer Date for such Transfer Date (less, if WFN is Servicer, amounts previously retained toward payment of such fees) shall be distributed to Servicer; and (iii) the balance, if any, shall constitute Excess Spread and shall be allocated and distributed as set forth in Section 4.13. (c) An amount equal to the Class C Available Funds for the related Monthly Period will be distributed on each Transfer Date, to the extent available, in the following priority: (i) if neither Transferor nor any of its Affiliates is Servicer, an amount equal to the Class C Servicing Fee for such Transfer Date, plus any Class C Servicing Fee due but not paid to Servicer on any prior Transfer Date shall be distributed to Servicer; and (ii) the balance, if any, shall constitute Excess Spread and shall be allocated and distributed as set forth in Section 4.13. (d) During the Revolving Period, an amount equal to the Available Investor Principal Collections for the related Monthly Period will be distributed on each Transfer Date, to the extent available, in the following priority: (i) an amount equal to the Class C Monthly Principal for such Transfer Date shall be distributed to the Class C Interest Holders in accordance with the Class C Supplemental Agreement; and (ii) an amount equal to the Available Investor Principal Collections remaining after the application specified in Section 4.11(d)(i) shall be treated as Shared Principal Collections. (e) On each Transfer Date commencing with the Transfer Date falling in the calendar month following the one in which the Controlled Accumulation Period or the Early Amortization Period (whichever is earlier) commences, an amount equal to the Available Investor Principal Collections for the related Monthly Period will be distributed on such Transfer Date, to the extent available, in the following priority: (i) an amount equal to the Class A Monthly Principal for such Transfer Date, shall be (A) with respect to the Controlled Accumulation Period, deposited into the Principal Funding Account, and (B) during the Early Amortization Period, deposited into the Distribution Account; (ii) after giving effect to the distribution referred to in clause (i), an amount equal to the Class B Monthly Principal, shall be deposited into the Distribution Account; (iii) for each Transfer Date (other than the Transfer Date immediately preceding the Series 1999-A Termination Date, in which case on the Series 1999-A Termination Date) after giving effect to the distribution referred to in clauses(i) and (ii) above, an amount equal to Class C Monthly Principal shall be distributed to the Class C Interest Holders in accordance with the Class C Supplemental Agreement; and (iv) an amount equal to the Available Investor Principal Collections remaining after the applications specified in clauses (i), (ii) and (iii) above shall be treated as Shared Principal Collections. (f) On the earlier to occur of (i) the first Transfer Date with respect to the Early Amortization Period and (ii) the Transfer Date immediately preceding the Class A Scheduled Payment Date, Trustee, acting in accordance with instructions from Servicer, shall withdraw from the Principal Funding Account and deposit in the Distribution Account the amount on deposit in the Principal Funding Account. (g) On each Distribution Date, Trustee shall pay in accordance with Section 5.1(a) to the Class A Holders from the Distribution Account, the amount deposited into the Distribution Account pursuant to Section (a) (i) on the preceding Transfer Date and to the Class B Holders from the Distribution Account, the amount deposited into the Distribution Account pursuant to Section 4.11(b)(i) on the preceding Transfer Date. (h) On the earlier to occur of (i) the first Distribution Date with respect to the Early Amortization Period and (ii) the Class A Scheduled Payment Date and on each Distribution Date thereafter, Trustee, acting in accordance with instructions from Servicer, shall pay in accordance with Section 5.1 from the Distribution Account the amount so deposited into the Distribution Account pursuant to Sections 4.11(e) and (f) on the related Transfer Date in the following priority: (i) an amount equal to the lesser of such amount on deposit in the Distribution Account and the Class A Invested Amount shall be paid to the Class A Holders; and (ii) for each Distribution Date with respect to the Early Amortization Period and on or after the Class B Scheduled Payment Date, after giving effect to the distributions referred to in clause (i) above, an amount equal to the lesser of such amount on deposit in the Distribution Account and the Class B Invested Amount shall be paid to the Class B Holders. (i) The Controlled Accumulation Period is scheduled to commence at the beginning of business on the Controlled Accumulation Date; provided that if the Controlled Accumulation Period Length (determined as described below) on any Determination Date on or after the August 2001 Determination Date is less than 12 months, upon written notice to Trustee, Transferor and, each Rating Agency, Servicer, at its option, may elect to modify the date on which the Controlled Accumulation Period actually commences to the first day of the month that is a number of months prior to the month in which the Class A Scheduled Payment Date occurs at least equal to the Controlled Accumulation Period Length (so that, as a result of such election, the number of Monthly Periods in the Controlled Accumulation Period will at least equal the Controlled Accumulation Period Length); provided that (i) the length of the Controlled Accumulation Period will not be less than two months, (ii) such determination of the Controlled Accumulation Period Length shall be made on each Determination Date on and after the August 2001 Determination Date but prior to the commencement of the Controlled Accumulation Period, and any election to shorten the Controlled Accumulation Period shall be subject to the subsequent lengthening of the Controlled Accumulation Period to the Controlled Accumulation Period Length determined on any subsequent Determination Date, but the Controlled Accumulation Period shall in no event commence prior to the Controlled Accumulation Date, and (iii) notwithstanding any other provision of this Series Supplement to the contrary, no election to postpone the commencement of the Controlled Accumulation Period shall be made after an Early Amortization Event shall have occurred and be
Appears in 1 contract
Sources: Pooling and Servicing Agreement (World Financial Network National Bank)
Monthly Payments. On or before each Transfer Determination Date, the Servicer ---------------- shall notify the Trustee that the Servicer will withdraw, or shall instruct the Trustee in writing (which writing shall be substantially in the form of Exhibit B) to withdraw, and Trustee, the Trustee acting in accordance with such instructionsinstructions shall withdraw, shall withdraw on such the succeeding Transfer Date or the related Distribution Date, as applicable, to the extent of available funds, the amounts required to be withdrawn from the Finance Charge AccountAccount (or from the finance charge accounts for other Series, as applicable) pursuant to subsections 4.6(a), (b), (c), (d), (e), (f) and (g). On each Determination Date, the Principal AccountServicer shall also notify the Trustee of the amounts to be withdrawn by the Trustee, acting on instructions from the Servicer, from the Principal Funding Account and the Distribution Account as follows:Reserve Account, pursuant to subsections 4.6(c), 4.9(b) and 4.9(d).
(a) An On each Transfer Date, an amount equal to the Class A Available Funds for the related Monthly Period will be distributed on each Transfer Date, to the extent available, in the following priority:
(i) on a pro rata basis (A) an amount equal to Class A Monthly Interest, plus any Class A Deficiency Amount, plus any Class A Additional Cap Rate Interest (in each case for such Transfer Date) shall be deposited by Servicer or Trustee into the Distribution Account and (B) any Class A Net Swap Payment shall be paid to the Swap Counterparty;
(ii) an amount equal to the Class A Servicing Fee for such Covered Amount. ---------------------------------------------------------------- On each Transfer Date plus any Date, the Servicer or the Trustee, acting in accordance with instructions from the Servicer, shall withdraw from the Finance Charge Account and deposit to the Distribution Account, to the extent funds are available from Class A Servicing Fee due but not paid to Servicer on any prior Transfer Date Available Funds (lessi) first, if WFN is Servicer, amounts previously retained toward payment of such fees) shall be distributed to Servicer;
(iii) an amount equal to the sum of the Class A Investor Default Amount Monthly Cap Rate Interest and the Class A Uncovered Dilution Amount, if any, for the preceding Monthly Period shall be treated (or deemed, in accordance with Section 4.7(d), to be treated) as a portion of Investor Principal Collections and, during the Controlled Accumulation Period or the Early Amortization Period, deposited into the Principal Account on such Transfer Date; and
(iv) the balance, if any, shall constitute Excess Spread and shall be allocated and distributed as set forth in Section 4.13.
(b) An amount equal to the Class B Available Funds Covered Amount for the related Monthly Period will be distributed on each Transfer Distribution Date, to the extent available, in the following priority:
(i) on a pro rata basis, (A) an amount equal to the Class B Monthly Interest, plus any Class B Deficiency Amount, plus any Class B Additional Interest (in each case for such Transfer Date) shall be deposited by Servicer or Trustee into the Distribution Account ; and (B) any Class B Net Swap Payment shall be paid to the Swap Counterparty;
(ii) an amount equal to the Class B Servicing Fee for such Transfer Date, plus any Class B Servicing Fee due but not paid to Servicer on any prior Transfer Date for such Transfer Date (less, if WFN is Servicer, amounts previously retained toward payment of such fees) shall be distributed to Servicer; and
(iii) the balance, if any, shall constitute Excess Spread and shall be allocated and distributed as set forth in Section 4.13.
(c) An amount equal to the Class C Available Funds for the related Monthly Period will be distributed on each Transfer Date, to the extent available, in the following priority:
(i) if neither Transferor nor any of its Affiliates is Servicerthen, an amount equal to the Class C Servicing Fee for such Transfer Date, plus amount of any Class C Servicing Fee due but not paid to Servicer on any prior Transfer Date shall be distributed to Servicer; and
(ii) the balance, if any, shall constitute Excess Spread and shall be allocated and distributed as set forth in Section 4.13.
(d) During the Revolving Period, an amount equal to the Available Investor Principal Collections for the related Monthly Period will be distributed on each Transfer Date, to the extent available, in the following priority:
(i) an amount equal to the Class C Monthly Principal for such Transfer Date shall be distributed to the Class C Interest Holders in accordance with the Class C Supplemental Agreement; and
(ii) an amount equal to the Available Investor Principal Collections remaining after the application specified in Section 4.11(d)(i) shall be treated as Shared Principal Collections.
(e) On each Transfer Date commencing with the Transfer Date falling in the calendar month following the one in which the Controlled Accumulation Period or the Early Amortization Period (whichever is earlier) commences, an amount equal to the Available Investor Principal Collections for the related Monthly Period will be distributed on such Transfer Date, to the extent available, in the following priority:
(i) an amount equal to the overdue Class A Monthly Principal Cap Rate Interest and overdue Class A Covered Amount, for such Transfer Datewhich a payment has not been made under this subsection 4.6(a)(i) or otherwise pursuant to this Agreement; provided, shall be (A) however, that with respect to the Controlled Accumulation Period, deposited into the Principal Funding Account, and (B) during the Early Amortization Period, deposited into the first -------- ------- Distribution Account;
(ii) after giving effect Date relating to the distribution Series 1997-2 Investor Certificates, the amount of Class A Monthly Cap Rate Interest referred to in clause (i), an amount equal to the Class B Monthly Principal, shall be deposited into the Distribution Account;
(iii) for each Transfer Date (other than the Transfer Date immediately preceding the Series 1999-A Termination Date, in which case on the Series 1999-A Termination Date) after giving effect to the distribution referred to in clauses(i) and (ii) above, an amount equal to Class C Monthly Principal shall be distributed to the Class C Interest Holders in accordance with the Class C Supplemental Agreement; and
(iv) an amount equal to the Available Investor Principal Collections remaining after the applications specified in clauses (i), (ii) and (iii) above shall be treated as Shared Principal Collections[$____________] (reflecting an initial period of [_________] days).
(f) On the earlier to occur of (i) the first Transfer Date with respect to the Early Amortization Period and (ii) the Transfer Date immediately preceding the Class A Scheduled Payment Date, Trustee, acting in accordance with instructions from Servicer, shall withdraw from the Principal Funding Account and deposit in the Distribution Account the amount on deposit in the Principal Funding Account.
(g) On each Distribution Date, Trustee shall pay in accordance with Section 5.1(a) to the Class A Holders from the Distribution Account, the amount deposited into the Distribution Account pursuant to Section
(a) (i) on the preceding Transfer Date and to the Class B Holders from the Distribution Account, the amount deposited into the Distribution Account pursuant to Section 4.11(b)(i) on the preceding Transfer Date.
(h) On the earlier to occur of (i) the first Distribution Date with respect to the Early Amortization Period and (ii) the Class A Scheduled Payment Date and on each Distribution Date thereafter, Trustee, acting in accordance with instructions from Servicer, shall pay in accordance with Section 5.1 from the Distribution Account the amount so deposited into the Distribution Account pursuant to Sections 4.11(e) and (f) on the related Transfer Date in the following priority:
(i) an amount equal to the lesser of such amount on deposit in the Distribution Account and the Class A Invested Amount shall be paid to the Class A Holders; and
(ii) for each Distribution Date with respect to the Early Amortization Period and on or after the Class B Scheduled Payment Date, after giving effect to the distributions referred to in clause (i) above, an amount equal to the lesser of such amount on deposit in the Distribution Account and the Class B Invested Amount shall be paid to the Class B Holders.
(i) The Controlled Accumulation Period is scheduled to commence at the beginning of business on the Controlled Accumulation Date; provided that if the Controlled Accumulation Period Length (determined as described below) on any Determination Date on or after the August 2001 Determination Date is less than 12 months, upon written notice to Trustee, Transferor and, each Rating Agency, Servicer, at its option, may elect to modify the date on which the Controlled Accumulation Period actually commences to the first day of the month that is a number of months prior to the month in which the Class A Scheduled Payment Date occurs at least equal to the Controlled Accumulation Period Length (so that, as a result of such election, the number of Monthly Periods in the Controlled Accumulation Period will at least equal the Controlled Accumulation Period Length); provided that (i) the length of the Controlled Accumulation Period will not be less than two months, (ii) such determination of the Controlled Accumulation Period Length shall be made on each Determination Date on and after the August 2001 Determination Date but prior to the commencement of the Controlled Accumulation Period, and any election to shorten the Controlled Accumulation Period shall be subject to the subsequent lengthening of the Controlled Accumulation Period to the Controlled Accumulation Period Length determined on any subsequent Determination Date, but the Controlled Accumulation Period shall in no event commence prior to the Controlled Accumulation Date, and (iii) notwithstanding any other provision of this Series Supplement to the contrary, no election to postpone the commencement of the Controlled Accumulation Period shall be made after an Early Amortization Event shall have occurred and be
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Peoples Bank Credit Card Master Trust)
Monthly Payments. (a) On or before each Transfer DateDistribution Date the Trustee shall, Servicer shall instruct Trustee in writing (which writing shall be substantially based upon the information set forth in the form related Monthly Report, withdraw from the Certificate Account an amount equal to the Available Distribution Amount, together with any Class M, B-1 or B-2 Liquidity Account Draw Amount or Class A-1 Final Distribution Account Draw Amount, if any, and apply such amount as set forth below:
(i) to the Holders of Exhibit each Class of Class A Certificates, the related Class A Interest Formula Distribution Amount and, if the Available Distribution Amount is less than the such amount, such amount will be distributed on each such Class pro rata on the basis of the interest due thereon;
(ii) to the Class M Certificateholders, (A) the Class M Interest Formula Distribution Amount and (B) to withdrawthe extent that the remaining Available Distribution Amount is insufficient to make the full distribution in clause (A) above, and Trusteethe Class M Liquidity Account Draw Amount, acting in accordance with such instructionsif any, shall withdraw be available for such purpose;
(iii) to the Class B-1 Certificateholders, (A) the Class B-1 Interest Formula Distribution Amount and (B) to the extent that the remaining Available Distribution Amount is insufficient to make the full distribution in clause (A) above, the Class B-1 Liquidity Account Draw Amount, if any, shall be available for such purpose;
(iv) to the Class B-2 Certificateholders, (A) the Class B-2 Interest Formula Distribution Amount and (B) to the extent that the remaining Available Distribution Amount is insufficient to make the full distribution in clause (A) above, the Class B-2 Liquidity Account Draw Amount shall, if any, be available for such purpose;
(v) to the Class A Certificateholders, an amount equal to any Unpaid Class A Principal Shortfall and, if the remaining Available Distribution Amount is less than such amount, such remaining Available Distribution Amount will be distributed on each Class of Class A Certificates pro rata based on the Principal Balance of each such Transfer Class;
(vi) to the Holders of each Class of Class A Certificates, (A) if the Class B Cross-over Date has not yet occurred or if the related Class B Principal Distribution Tests are not satisfied for such Distribution Date, as applicable, an amount equal to the extent of available funds, Formula Principal Distribution Amount or (B) if the amounts required to be withdrawn from the Finance Charge Account, the Principal Account, the Principal Funding Account Class B Cross-over Date has occurred and the Class B Principal Distribution Account as follows:
(a) An Tests are satisfied for such Distribution Date, an 62 70 amount equal to the Class A Available Funds for A/M Percentage of the related Monthly Period will be distributed on each Transfer DateFormula Principal Distribution Amount, to the extent available, in either case in the following manner and in the following order of priority:
(i1) on a pro rata basis (A) an amount equal to Class A Monthly Interest, plus any Class A Deficiency Amount, plus any Class A Additional Interest (in each case for such Transfer Date) shall be deposited by Servicer or Trustee into the Distribution Account and (B) any Class A Net Swap Payment shall be paid to the Swap CounterpartyClass A-1 Certificateholders until the Class A-1 Principal Balance has been reduced to zero;
(ii2) an amount equal to the Class A Servicing Fee for such Transfer Date plus any A-2 Certificateholders until the Class A Servicing Fee due but not paid A-2 Principal Balance has been reduced to Servicer on any prior Transfer Date (less, if WFN is Servicer, amounts previously retained toward payment of such fees) shall be distributed to Servicerzero;
(iii3) an amount equal to the sum of Class A-3 Certificateholders until the Class A Investor Default Amount and A-3 Principal Balance has been reduced to zero;
(4) to the Class A Uncovered Dilution Amount, if any, for A-4 Certificateholders until the preceding Monthly Period shall be treated Class A-4 Principal Balance has been reduced to zero;
(or deemed, in accordance with Section 4.7(d), 5) to be treatedthe Class A-5 Certificateholders until the Class A-5 Principal Balance has been reduced to zero;
(6) as a portion of Investor to the Class A-6 Certificateholders until the Class A-6 Principal Collections and, during the Controlled Accumulation Period or the Early Amortization Period, deposited into the Principal Account on such Transfer DateBalance has been reduced to zero; and
(iv7) the balance, if any, shall constitute Excess Spread and shall be allocated and distributed as set forth in Section 4.13.
(b) An amount equal to the Class B Available Funds for A-7 Certificateholders until the related Monthly Period will be distributed on each Transfer Date, Class A-7 Principal Balance has been reduced to zero;
(vii) to the extent available, in the following priority:
(i) on a pro rata basisClass M Certificateholders, (A) an amount equal to the any (1) Class B Monthly Interest, plus any Class B Deficiency Amount, plus any Class B Additional M Liquidation Loss Interest (in each case for such Transfer Date) shall be deposited by Servicer or Trustee into the Distribution Account Amount and (B) any Class B Net Swap Payment shall be paid to the Swap Counterparty;
(ii) an amount equal to the Class B Servicing Fee for such Transfer Date, plus any Class B Servicing Fee due but not paid to Servicer on any prior Transfer Date for such Transfer Date (less, if WFN is Servicer, amounts previously retained toward payment of such fees) shall be distributed to Servicer; and
(iii) the balance, if any, shall constitute Excess Spread and shall be allocated and distributed as set forth in Section 4.13.
(c) An amount equal to the Class C Available Funds for the related Monthly Period will be distributed on each Transfer Date, to the extent available, in the following priority:
(i) if neither Transferor nor any of its Affiliates is Servicer, an amount equal to the Class C Servicing Fee for such Transfer Date, plus any Class C Servicing Fee due but not paid to Servicer on any prior Transfer Date shall be distributed to Servicer; and
(ii) the balance, if any, shall constitute Excess Spread and shall be allocated and distributed as set forth in Section 4.13.
(d) During the Revolving Period, an amount equal to the Available Investor Principal Collections for the related Monthly Period will be distributed on each Transfer Date, to the extent available, in the following priority:
(i) an amount equal to the Class C Monthly Principal for such Transfer Date shall be distributed to the Class C Interest Holders in accordance with the Class C Supplemental Agreement; and
(ii) an amount equal to the Available Investor Principal Collections remaining after the application specified in Section 4.11(d)(i) shall be treated as Shared Principal Collections.
(e) On each Transfer Date commencing with the Transfer Date falling in the calendar month following the one in which the Controlled Accumulation Period or the Early Amortization Period (whichever is earlier) commences, an amount equal to the Available Investor Principal Collections for the related Monthly Period will be distributed on such Transfer Date, to the extent available, in the following priority:
(i) an amount equal to the Class A Monthly Principal for such Transfer Date, shall be (A) with respect to the Controlled Accumulation Period, deposited into the Principal Funding Account, and (B) during the Early Amortization Period, deposited into the Distribution Account;
(ii) after giving effect to the distribution referred to in clause (i2), an amount equal to the Class B Monthly Principal, shall be deposited into the Distribution Account;
(iii) for each Transfer Date (other than the Transfer Date immediately preceding the Series 1999-A Termination Date, in which case on the Series 1999-A Termination Date) after giving effect to the distribution referred to in clauses(i) and (ii) above, an amount equal to Class C Monthly Principal shall be distributed to the Class C Interest Holders in accordance with the Class C Supplemental Agreement; and
(iv) an amount equal to the Available Investor Principal Collections remaining after the applications specified in clauses (i), (ii) and (iii) above shall be treated as Shared Principal Collections.
(f) On the earlier to occur of (i) the first Transfer Date with respect to the Early Amortization Period and (ii) the Transfer Date immediately preceding the Class A Scheduled Payment Date, Trustee, acting in accordance with instructions from Servicer, shall withdraw from the Principal Funding Account and deposit in the Distribution Account the amount on deposit in the Principal Funding Account.
(g) On each Distribution Date, Trustee shall pay in accordance with Section 5.1(a) to the Class A Holders from the Distribution Account, the amount deposited into the Distribution Account pursuant to Section
(a) (i) on the preceding Transfer Date and to the Class B Holders from the Distribution Account, the amount deposited into the Distribution Account pursuant to Section 4.11(b)(i) on the preceding Transfer Date.
(h) On the earlier to occur of (i) the first Distribution Date with respect to the Early Amortization Period and (ii) the Class A Scheduled Payment Date and on each Distribution Date thereafter, Trustee, acting in accordance with instructions from Servicer, shall pay in accordance with Section 5.1 from the Distribution Account the amount so deposited into the Distribution Account pursuant to Sections 4.11(e) and (f) on the related Transfer Date in the following priority:
(i) an amount equal to the lesser of such amount on deposit in the Distribution Account and the Class A Invested Amount shall be paid to the Class A Holders; and
(ii) for each Distribution Date with respect to the Early Amortization Period and on or after the Class B Scheduled Payment Date, after giving effect to the distributions referred to in clause (i) above, an amount equal to the lesser of such amount on deposit in the Distribution Account and the Class B Invested Amount shall be paid to the Class B Holders.
(i) The Controlled Accumulation Period is scheduled to commence at the beginning of business on the Controlled Accumulation Date; provided that if the Controlled Accumulation Period Length (determined as described below) on any Determination Date on or after the August 2001 Determination Date is less than 12 months, upon written notice to Trustee, Transferor and, each Rating Agency, Servicer, at its option, may elect to modify the date on which the Controlled Accumulation Period actually commences to the first day of the month that is a number of months prior to the month in which the Class A Scheduled Payment Date occurs at least equal to the Controlled Accumulation Period Length (so that, as a result of such election, the number of Monthly Periods in the Controlled Accumulation Period will at least equal the Controlled Accumulation Period Length); provided that (i) the length of the Controlled Accumulation Period will not be less than two months, (ii) such determination of the Controlled Accumulation Period Length shall be made on each Determination Date on and after the August 2001 Determination Date but prior to the commencement of the Controlled Accumulation Period, and any election to shorten the Controlled Accumulation Period shall be subject to the subsequent lengthening of the Controlled Accumulation Period to the Controlled Accumulation Period Length determined on any subsequent Determination Date, but the Controlled Accumulation Period shall in no event commence prior to the Controlled Accumulation Date, and (iii) notwithstanding any other provision of this Series Supplement to the contrary, no election to postpone the commencement of the Controlled Accumulation Period shall be made after an Early Amortization Event shall have occurred and be
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Credit Suisse First Boston Mortgage Securities Corp)
Monthly Payments. On or before each Transfer Date, Servicer shall instruct Trustee in writing (which writing shall be substantially in the form of Exhibit B) to withdraw, and Trustee, acting in accordance with such instructions, shall withdraw on such Transfer Date or the related Distribution Date, as applicable, to the extent of available funds, the amounts required to be withdrawn from the Finance Charge Account, the Principal Account, Account and the Principal Funding Account and the Distribution Account as follows:
(a) An amount equal to the Class A Available Funds for the related Monthly Period will be distributed or deposited on each Transfer Date, to the extent available, in the following priority:
(i) on a pro rata basis (A) an amount equal to Class A Monthly Interest, plus any Class A Deficiency Amount, plus any Class A Additional Interest (in each case for such Transfer Date) shall be deposited by Servicer or Trustee into the Distribution Interest Funding Account and (B) any for payment to Class A Net Swap Holders on the applicable Payment shall be paid to the Swap CounterpartyDate;
(ii) an amount equal to the Class A Servicing Fee for such Transfer Date Date, plus any Class A Servicing Fee due but not paid to Servicer on any prior Transfer Date (less, if WFN is Servicer, amounts previously retained toward payment of such fees) shall be distributed to Servicer;
(iii) an amount equal to the sum of the Class A Investor Default Amount and the Class A Uncovered Dilution Amount, if any, for the preceding Monthly Period shall be treated (or deemed, in accordance with Section 4.7(d), to be treated) as a portion of Investor Principal Collections and, during the Controlled Accumulation Period or the Early Amortization Period, and deposited into the Principal Account on such Transfer Date; and
(iv) the balance, if any, shall constitute Excess Spread and shall be allocated and distributed or deposited as set forth in Section 4.13.
(a) shall be paid prior to the amounts described in clause (i) of this subsection 4.11(a).
(b) An amount equal to the Class B Available Funds for the related Monthly Period will be distributed or deposited on each Transfer Date, to the extent available, in the following priority:
(i) on a pro rata basis, (A) an amount equal to the Class B Monthly Interest, plus any Class B Deficiency Amount, plus any Class B Additional Interest (in each case for such Transfer Date) shall be deposited by Servicer or Trustee into the Distribution Interest Funding Account and (B) any for payment to the Class B Net Swap Holders on the applicable Payment shall be paid to the Swap CounterpartyDate;
(ii) an amount equal to the Class B Servicing Fee for such Transfer Date, plus any Class B Servicing Fee due but not paid to Servicer on any prior Transfer Date for such Transfer Date (less, if WFN is Servicer, amounts previously retained toward payment of such fees) shall be distributed to Servicer; and
(iii) the balance, if any, shall constitute Excess Spread and shall be allocated and distributed or deposited as set forth in Section 4.13.
(c) An amount equal to the Class C Available Funds for the related Monthly Period will be distributed on each Transfer Date, to the extent available, in the following priority:
(i) if neither Transferor nor any of its Affiliates is Servicer, an amount equal to the Class C Servicing Fee for such Transfer Date, plus any Class C Servicing Fee due but not paid to Servicer on any prior Transfer Date shall be distributed to Servicer; and
(ii) the balance, if any, shall constitute Excess Spread and shall be allocated and distributed as set forth in Section 4.13.
(d) During the Revolving Period, an amount equal to the Available Investor Principal Collections for the related Monthly Period will be distributed on each Transfer Date, to the extent available, in the following priority:
(i) an amount equal to the Class C Monthly Principal for such Transfer Date shall be distributed to the Class C Interest Holders in accordance with the Class C Supplemental Agreement; and
(ii) an amount equal to the Available Investor Principal Collections remaining after the application specified in Section 4.11(d)(i) shall be treated as Shared Principal Collections.
(e) On each Transfer Date commencing with the Transfer Date falling in the calendar month following the one in which the Controlled Accumulation Period or the Early Amortization Period (whichever is earlier) commences, an amount equal to the Available Investor Principal Collections for the related Monthly Period will be distributed on such Transfer Date, to the extent available, in the following priority:
(i) an amount equal to the Class A Monthly Principal for such Transfer Date, shall be (A) with respect to the Controlled Accumulation Period, deposited into the Principal Funding Account, and (B) during the Early Amortization Period, deposited into the Distribution Account;
(ii) after giving effect to the distribution referred to in clause (i), an amount equal to the Class B Monthly Principal, shall be deposited into the Distribution Account;
(iii) for each Transfer Date (other than the Transfer Date immediately preceding the Series 1999-A Termination Date, in which case on the Series 1999-A Termination Date) after giving effect to the distribution referred to in clauses(i) and (ii) above, an amount equal to Class C Monthly Principal shall be distributed to the Class C Interest Holders in accordance with the Class C Supplemental Agreement; and
(iv) an amount equal to the Available Investor Principal Collections remaining after the applications specified in clauses (i), (ii) and (iii) above shall be treated as Shared Principal Collections.
(f) On the earlier to occur of (i) the first Transfer Date with respect to the Early Amortization Period and (ii) the Transfer Date immediately preceding the Class A Scheduled Payment Date, Trustee, acting in accordance with instructions from Servicer, shall withdraw from the Principal Funding Account and deposit in the Distribution Account the amount on deposit in the Principal Funding Account.
(g) On each Distribution Date, Trustee shall pay in accordance with Section 5.1(a) to the Class A Holders from the Distribution Account, the amount deposited into the Distribution Account pursuant to Section
(a) (i) on the preceding Transfer Date and to the Class B Holders from the Distribution Account, the amount deposited into the Distribution Account pursuant to Section 4.11(b)(i) on the preceding Transfer Date.
(h) On the earlier to occur of (i) the first Distribution Date with respect to the Early Amortization Period and (ii) the Class A Scheduled Payment Date and on each Distribution Date thereafter, Trustee, acting in accordance with instructions from Servicer, shall pay in accordance with Section 5.1 from the Distribution Account the amount so deposited into the Distribution Account pursuant to Sections 4.11(e) and (f) on the related Transfer Date in the following priority:
(i) an amount equal to the lesser of such amount on deposit in the Distribution Account and the Class A Invested Amount shall be paid to the Class A Holders; and
(ii) for each Distribution Date with respect to the Early Amortization Period and on or after the Class B Scheduled Payment Date, after giving effect to the distributions referred to in clause (i) above, an amount equal to the lesser of such amount on deposit in the Distribution Account and the Class B Invested Amount shall be paid to the Class B Holders.
(i) The Controlled Accumulation Period is scheduled to commence at the beginning of business on the Controlled Accumulation Date; provided that if the Controlled Accumulation Period Length (determined as described below) on any Determination Date on or after the August 2001 Determination Date is less than 12 months, upon written notice to Trustee, Transferor and, each Rating Agency, Servicer, at its option, may elect to modify the date on which the Controlled Accumulation Period actually commences to the first day of the month that is a number of months prior to the month in which the Class A Scheduled Payment Date occurs at least equal to the Controlled Accumulation Period Length (so that, as a result of such election, the number of Monthly Periods in the Controlled Accumulation Period will at least equal the Controlled Accumulation Period Length); provided that (i) the length of the Controlled Accumulation Period will not be less than two months, (ii) such determination of the Controlled Accumulation Period Length shall be made on each Determination Date on and after the August 2001 Determination Date but prior to the commencement of the Controlled Accumulation Period, and any election to shorten the Controlled Accumulation Period shall be subject to the subsequent lengthening of the Controlled Accumulation Period to the Controlled Accumulation Period Length determined on any subsequent Determination Date, but the Controlled Accumulation Period shall in no event commence prior to the Controlled Accumulation Date, and (iii) notwithstanding any other provision of this Series Supplement to the contrary, no election to postpone the commencement of the Controlled Accumulation Period shall be made after an Early Amortization Event shall have occurred and be
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Mellon Bank Premium Finance Master Trust)
Monthly Payments. On or before each Transfer Distribution Date, the Servicer shall instruct the Trustee in writing (which writing shall be substantially in the form of Exhibit BB hereto) to withdraw, withdraw and the Trustee, acting in accordance with such instructions, shall withdraw on such Transfer Date or the related Distribution Date, as applicable, to the extent of available funds, the amounts required to be withdrawn from the Finance Charge Account, the Principal Account, the Principal Funding Account and the Distribution Collection Account as follows:
(a) 1.6.0.1. An amount equal to the Class A Available Funds for the related Monthly Due Period will shall be distributed on each Transfer Date, to the extent available, Distribution Date in the following priority:
(i) on a pro rata basis (A) 1.6.0.1.1. an amount equal to Class A Monthly InterestInterest for such Distribution Date, plus the amount of any Class A Deficiency AmountAmount for such Distribution Date, plus the amount of any Class A Additional Interest (in each case for such Transfer Distribution Date) , shall be deposited by Servicer or Trustee into distributed to the Distribution Account and (B) any Class A Net Swap Payment shall be paid to the Swap CounterpartyCertificateholders;
(ii) 1.6.0.1.2. an amount equal to the Class A Servicing Fee for such Transfer Distribution Date plus the amount of any Class A Servicing Fee due but not paid to the Servicer on any prior Transfer Distribution Date (less, if WFN is Servicer, amounts previously retained toward payment of such fees) shall be distributed to the Servicer;
(iii) 1.6.0.1.3. an amount equal to the sum of the Class A Investor Default Amount and the Class A Uncovered Dilution Loss Amount, if any, for the preceding Monthly Due Period shall be treated (or deemed, in accordance with Section 4.7(d), to be treated) as a portion of Investor Available Principal Collections and, during the Controlled Accumulation Period or the Early Amortization Period, deposited into the Principal Account on for such Transfer Distribution Date; and
(iv) 1.6.0.1.4. the balance, if any, shall constitute Excess Spread and shall be allocated and distributed as set forth in Section 4.134.11.
(b) 1.6.0.2. An amount equal to the Class B Available Funds for the related Monthly Due Period will shall be distributed on each Transfer Date, to the extent available, Distribution Date in the following priority:
(i) on a pro rata basis, (A) 1.6.0.2.1. an amount equal to the Class B Monthly InterestInterest for such Distribution Date, plus the amount of any Class B Deficiency AmountAmount for such Distribution Date, plus the amount of any Class B Additional Interest (in each case for such Transfer Distribution Date) , shall be deposited by Servicer or Trustee into distributed to the Distribution Account and (B) any Class B Net Swap Payment shall be paid to the Swap CounterpartyCertificateholders;
(ii) 1.6.0.2.2. an amount equal to the Class B Servicing Fee for such Transfer Distribution Date, plus the amount of any Class B Servicing Fee due but not paid to the Servicer on any prior Transfer Distribution Date for such Transfer Date (less, if WFN is Servicer, amounts previously retained toward payment of such fees) shall be distributed to the Servicer; and
(iii) 1.6.0.2.3. an amount equal to the Class B Investor Loss Amount, if any, for the preceding Due Period shall be treated as a portion of Available Principal Collections for such Distribution Date; and
1.6.0.2.4. the balance, if any, shall constitute Excess Spread and shall be allocated and distributed as set forth in Section 4.134.11. 29 1.6.0.
(c) An amount equal to the Class C Available Funds for the related Monthly Period will be distributed on each Transfer Date, to the extent available, in the following priority:
(i) if neither Transferor nor any of its Affiliates is Servicer, an amount equal to the Class C Servicing Fee for such Transfer Date, plus any Class C Servicing Fee due but not paid to Servicer on any prior Transfer Date shall be distributed to Servicer; and
(ii) the balance, if any, shall constitute Excess Spread and shall be allocated and distributed as set forth in Section 4.13.
(d) During the Revolving Period, an amount equal to the Available Investor Principal Collections for the related Monthly Period will be distributed on each Transfer Date, to the extent available, in the following priority:
(i) an amount equal to the Class C Monthly Principal for such Transfer Date shall be distributed to the Class C Interest Holders in accordance with the Class C Supplemental Agreement; and
(ii) an amount equal to the Available Investor Principal Collections remaining after the application specified in Section 4.11(d)(i) shall be treated as Shared Principal Collections.
(e) On each Transfer Date commencing with the Transfer Date falling in the calendar month following the one in which the Controlled Accumulation Period or the Early Amortization Period (whichever is earlier) commences, an amount equal to the Available Investor Principal Collections for the related Monthly Period will be distributed on such Transfer Date, to the extent available, in the following priority:
(i) an amount equal to the Class A Monthly Principal for such Transfer Date, shall be (A) with respect to the Controlled Accumulation Period, deposited into the Principal Funding Account, and (B) during the Early Amortization Period, deposited into the Distribution Account;
(ii) after giving effect to the distribution referred to in clause (i), an amount equal to the Class B Monthly Principal, shall be deposited into the Distribution Account;
(iii) for each Transfer Date (other than the Transfer Date immediately preceding the Series 1999-A Termination Date, in which case on the Series 1999-A Termination Date) after giving effect to the distribution referred to in clauses(i) and (ii) above, an amount equal to Class C Monthly Principal shall be distributed to the Class C Interest Holders in accordance with the Class C Supplemental Agreement; and
(iv) an amount equal to the Available Investor Principal Collections remaining after the applications specified in clauses (i), (ii) and (iii) above shall be treated as Shared Principal Collections.
(f) On the earlier to occur of (i) the first Transfer Date with respect to the Early Amortization Period and (ii) the Transfer Date immediately preceding the Class A Scheduled Payment Date, Trustee, acting in accordance with instructions from Servicer, shall withdraw from the Principal Funding Account and deposit in the Distribution Account the amount on deposit in the Principal Funding Account.
(g) On each Distribution Date, Trustee shall pay in accordance with Section 5.1(a) to the Class A Holders from the Distribution Account, the amount deposited into the Distribution Account pursuant to Section
(a) (i) on the preceding Transfer Date and to the Class B Holders from the Distribution Account, the amount deposited into the Distribution Account pursuant to Section 4.11(b)(i) on the preceding Transfer Date.
(h) On the earlier to occur of (i) the first Distribution Date with respect to the Early Amortization Period and (ii) the Class A Scheduled Payment Date and on each Distribution Date thereafter, Trustee, acting in accordance with instructions from Servicer, shall pay in accordance with Section 5.1 from the Distribution Account the amount so deposited into the Distribution Account pursuant to Sections 4.11(e) and (f) on the related Transfer Date in the following priority:
(i) an amount equal to the lesser of such amount on deposit in the Distribution Account and the Class A Invested Amount shall be paid to the Class A Holders; and
(ii) for each Distribution Date with respect to the Early Amortization Period and on or after the Class B Scheduled Payment Date, after giving effect to the distributions referred to in clause (i) above, an amount equal to the lesser of such amount on deposit in the Distribution Account and the Class B Invested Amount shall be paid to the Class B Holders.
(i) The Controlled Accumulation Period is scheduled to commence at the beginning of business on the Controlled Accumulation Date; provided that if the Controlled Accumulation Period Length (determined as described below) on any Determination Date on or after the August 2001 Determination Date is less than 12 months, upon written notice to Trustee, Transferor and, each Rating Agency, Servicer, at its option, may elect to modify the date on which the Controlled Accumulation Period actually commences to the first day of the month that is a number of months prior to the month in which the Class A Scheduled Payment Date occurs at least equal to the Controlled Accumulation Period Length (so that, as a result of such election, the number of Monthly Periods in the Controlled Accumulation Period will at least equal the Controlled Accumulation Period Length); provided that (i) the length of the Controlled Accumulation Period will not be less than two months, (ii) such determination of the Controlled Accumulation Period Length shall be made on each Determination Date on and after the August 2001 Determination Date but prior to the commencement of the Controlled Accumulation Period, and any election to shorten the Controlled Accumulation Period shall be subject to the subsequent lengthening of the Controlled Accumulation Period to the Controlled Accumulation Period Length determined on any subsequent Determination Date, but the Controlled Accumulation Period shall in no event commence prior to the Controlled Accumulation Date, and (iii) notwithstanding any other provision of this Series Supplement to the contrary, no election to postpone the commencement of the Controlled Accumulation Period shall be made after an Early Amortization Event shall have occurred and be
Appears in 1 contract
Sources: Supplement (Charming Shoppes Inc)
Monthly Payments. On or before each Transfer Date, the Servicer shall instruct the Trustee in writing (which writing shall be substantially in the form of Exhibit BB hereto) to withdraw, withdraw and the Trustee, acting in accordance with such instructions, shall withdraw on such Transfer Date or the related Distribution Date, as applicable, to the extent of available funds, the amounts required to be withdrawn from the Finance Charge Account, the Principal Account, the Principal Funding Account and the Distribution Principal Account as follows:
(a) An amount equal to the Class A Available Funds deposited into the Finance Charge Account for the related Monthly Period will be distributed on each Transfer Date, to the extent available, in the following priority:
(i) on a pro rata basis (A) an amount equal to Class A Monthly Interest, plus any Class A Deficiency Amount, plus any Class A Additional Interest (in each case for such Transfer Date) shall be deposited by Servicer or Trustee into the Distribution Account and (B) any Class A Net Swap Payment shall be paid to the Swap Counterparty;
(ii) an amount equal to the Class A Servicing Fee for such Transfer Date plus any Class A Servicing Fee due but not paid to Servicer on any prior Transfer Date (less, if WFN is Servicer, amounts previously retained toward payment of such fees) shall be distributed to Servicer;
(iii) an amount equal to the sum of the Class A Investor Default Amount and the Class A Uncovered Dilution Amount, if any, for the preceding Monthly Period shall be treated (or deemed, in accordance with Section 4.7(d), to be treated) as a portion of Investor Principal Collections and, during the Controlled Accumulation Period or the Early Amortization Period, deposited into the Principal Account on such Transfer Date; and
(iv) the balance, if any, shall constitute Excess Spread and shall be allocated and distributed as set forth in Section 4.13.
(b) An amount equal to the Class B Available Funds for the related Monthly Period will be distributed on each Transfer Date, to the extent available, in the following priority:
(i) on a pro rata basis, (A) an amount equal to the Class B Monthly Interest, plus any Class B Deficiency Amount, plus any Class B Additional Interest (in each case for such Transfer Date) shall be deposited by Servicer or Trustee into the Distribution Account and (B) any Class B Net Swap Payment shall be paid to the Swap Counterparty;
(ii) an amount equal to the Class B Servicing Fee for such Transfer Date, plus any Class B Servicing Fee due but not paid to Servicer on any prior Transfer Date for such Transfer Date (less, if WFN is Servicer, amounts previously retained toward payment of such fees) shall be distributed to Servicer; and
(iii) the balance, if any, shall constitute Excess Spread and shall be allocated and distributed as set forth in Section 4.13.
(c) An amount equal to the Class C Available Funds for the related Monthly Period will be distributed on each Transfer Date, to the extent available, in the following priority:
(i) if neither Transferor nor any of its Affiliates is Servicer, an amount equal to the Class C Servicing Fee for such Transfer Date, plus any Class C Servicing Fee due but not paid to Servicer on any prior Transfer Date shall be distributed to Servicer; and
(ii) the balance, if any, shall constitute Excess Spread and shall be allocated and distributed as set forth in Section 4.13.
(d) During the Revolving Period, an amount equal to the Available Investor Principal Collections for the related Monthly Period will be distributed on each Transfer Date, to the extent available, in the following priority:
(i) an amount equal to the Class C Monthly Principal for such Transfer Date shall be distributed to the Class C Interest Holders in accordance with the Class C Supplemental Agreement; and
(ii) an amount equal to the Available Investor Principal Collections remaining after the application specified in Section 4.11(d)(i) shall be treated as Shared Principal Collections.
(e) On each Transfer Date commencing with the Transfer Date falling in the calendar month following the one in which the Controlled Accumulation Period or the Early Amortization Period (whichever is earlier) commences, an amount equal to the Available Investor Principal Collections for the related Monthly Period will be distributed on such Transfer Date, to the extent available, in the following priority:
(i) an amount equal to the Class A Monthly Principal for such Transfer Date, shall be (A) with respect to the Controlled Accumulation Period, deposited into the Principal Funding Account, and (B) during the Early Amortization Period, deposited into the Distribution Account;
(ii) after giving effect to the distribution referred to in clause (i), an amount equal to the Class B Monthly Principal, shall be deposited into the Distribution Account;
(iii) for each Transfer Date (other than the Transfer Date immediately preceding the Series 1999-A Termination Date, in which case on the Series 1999-A Termination Date) after giving effect to the distribution referred to in clauses(i) and (ii) above, an amount equal to Class C Monthly Principal shall be distributed to the Class C Interest Holders in accordance with the Class C Supplemental Agreement; and
(iv) an amount equal to the Available Investor Principal Collections remaining after the applications specified in clauses (i), (ii) and (iii) above shall be treated as Shared Principal Collections.
(f) On the earlier to occur of (i) the first Transfer Date with respect to the Early Amortization Period and (ii) the Transfer Date immediately preceding the Class A Scheduled Payment Date, Trustee, acting in accordance with instructions from Servicer, shall withdraw from the Principal Funding Account and deposit in the Distribution Account the amount on deposit in the Principal Funding Account.
(g) On each Distribution Date, Trustee shall pay in accordance with Section 5.1(a) to the Class A Holders from the Distribution Account, the amount deposited into the Distribution Account pursuant to Section
(a) (i) on the preceding Transfer Date and to the Class B Holders from the Distribution Account, the amount deposited into the Distribution Account pursuant to Section 4.11(b)(i) on the preceding Transfer Date.
(h) On the earlier to occur of (i) the first Distribution Date with respect to the Early Amortization Period and (ii) the Class A Scheduled Payment Date and on each Distribution Date thereafter, Trustee, acting in accordance with instructions from Servicer, shall pay in accordance with Section 5.1 from the Distribution Account the amount so deposited into the Distribution Account pursuant to Sections 4.11(e) and (f) on the related Transfer Date in the following priority:
(i) an amount equal to the lesser of (A) the Available Funds for such Transfer Date and (B) an amount equal to the sum of the deposits, applications and payments to be made on deposit in such Transfer Date pursuant to Sections 3.01(a) through (g) of the Distribution Account and the Class A Invested Amount shall BAseries Indenture Supplement will be paid on such Transfer Date to the Class A Holders; andSeries 2001-D Certificateholders in accordance with Section 5.01;
(ii) for each Distribution Date with respect to the Early Amortization Period and on or after the Class B Scheduled Payment Date, after giving effect to the distributions referred to in clause (i) above, an amount equal to the lesser of (A) the Available Funds remaining after the application specified in subsection 4.06(a)(i) above and (B) the Aggregate Class D Investor Default Amount for the immediately preceding Monthly Period shall be treated as Available Investor Principal Collections and shall be deposited into the Principal Account on such Transfer Date;
(iii) an amount equal to the lesser of (A) the Available Funds remaining after the application specified in subsections 4.06(a)(i) and (ii) above and (B) the sum of (1) the aggregate amount of any unreimbursed Class D Investor Charge-Offs as of such Transfer Date and (2) the aggregate amount of any reductions to the Class D Investor Interest pursuant to Section 4.10(b) shall be treated as Available Investor Principal Collections and shall be deposited into the Principal Account on deposit such Transfer Date; and
(iv) an amount equal to the excess, if any, of (A) the Available Funds for such Transfer Date over (B) the applications specified in subsections 4.06(a)(i), (ii) and (iii) will be paid on such Transfer Date to the Series 2001-D Certificateholders in accordance with Section 5.01 to be paid pursuant to Sections 3.01(h)and (i) of the BAseries Indenture Supplement.
(b) During the Revolving Period, an amount equal to the Available Investor Principal Collections deposited into the Principal Account for the related Monthly Period will be distributed on each Transfer Date in the Distribution Account following priority:
(i) an amount equal to the lesser of (A) the Available Investor Principal Collections for such Transfer Date and (B) an amount equal to the Series 2001-D Monthly Principal Payment for the related Monthly Period shall be paid on such Transfer Date to the Series 2001-D Certificateholders in accordance with Section 5.01;
(ii) an amount equal to the lesser of (A) the Available Investor Principal Collections remaining after the application specified in subsection 4.06(b)(i) above and (B) the Class D Monthly Principal Amount shall be paid on such Transfer Date to the Class D Certificateholder in accordance with Section 5.01;
(iii) an amount equal to the lesser of (A) the Available Investor Principal Collections remaining after the application specified in subsections 4.06(b)(i) and (ii) above and (B) the product of (1) a fraction, the numerator of which is equal to the Available Investor Principal Collections remaining after the application specified in subsections 4.06(b)(i) and (ii) above for such Transfer Date and the Class B Invested Amount denominator of which is equal to the sum of the Available Investor Principal Collections available for sharing as specified in the related Series Supplement for each Series in Group One (including Series 2001-D) and (2) the Cumulative Series Principal Shortfall shall remain in the Principal Account to be treated as Shared Principal Collections and applied to Series in Group One other than this Series 2001-D; and
(iv) an amount equal to the excess, if any, of (A) the Available Investor Principal Collections for such Transfer Date over (B) the applications specified in subsections 4.06(b)(i), (ii) and (iii) above shall be paid to the Class B HoldersHolder of the Transferor Interest; provided, however, that the amount to be paid to the Holder of the Transferor Interest pursuant to this subsection 4.06(b)(iv) with respect to such Transfer Date shall be paid to the Holder of the Transferor Interest if, and only to the extent that, the Transferor Interest on such Date of Processing is equal to or greater than the Minimum Transferor Interest (after giving effect to the inclusion in the Trust of all Receivables created on or prior to such Transfer Date and the application of payments referred to in subsection 4.03(b)) and otherwise shall be considered as Unallocated Principal Collections and deposited into the Principal Account in accordance with subsection 4.05(c).
(c) During the Rapid Amortization Period, an amount equal to the Available Investor Principal Collections deposited into the Principal Account for the related Monthly Period will be distributed on each Transfer Date in the following priority:
(i) The Controlled Accumulation Period is scheduled to commence at the beginning of business on the Controlled Accumulation Date; provided that if the Controlled Accumulation Period Length (determined as described below) on any Determination Date on or after the August 2001 Determination Date is less than 12 months, upon written notice to Trustee, Transferor and, each Rating Agency, Servicer, at its option, may elect to modify the date on which the Controlled Accumulation Period actually commences to the first day of the month that is a number of months prior to the month in which the Class A Scheduled Payment Date occurs at least an amount equal to the Controlled Accumulation Period Length (so that, as a result of Investor Interest minus the Class D Investor Interest shall be paid on such election, Transfer Date to the number of Monthly Periods Series 2001-D Certificateholders in the Controlled Accumulation Period will at least equal the Controlled Accumulation Period Length); provided that (i) the length of the Controlled Accumulation Period will not be less than two months, accordance with Section 5.01;
(ii) such determination an amount equal to the excess, if any, of (A) the Controlled Accumulation Period Length Available Investor Principal Collections remaining after the application specified in subsection 4.06(c)(i) above and (B) the Class D Investor Interest shall be made paid on each Determination such Transfer Date on and after the August 2001 Determination Date but prior to the commencement of the Controlled Accumulation Period, and any election to shorten the Controlled Accumulation Period shall be subject to the subsequent lengthening of the Controlled Accumulation Period to the Controlled Accumulation Period Length determined on any subsequent Determination Date, but the Controlled Accumulation Period shall Class D Certificateholder in no event commence prior to the Controlled Accumulation Date, and accordance with Section 5.01; and
(iii) notwithstanding any other provision of this Series Supplement an amount equal to the contraryexcess, no election if any, of (A) the Available Investor Principal Collections over (B) the applications specified in subsections 4.06(c)(i) and (ii) above shall be paid to postpone the commencement Holder of the Controlled Accumulation Period Transferor Interest; provided, however, that the amount to be paid to the Holder of the Transferor Interest pursuant to this subsection 4.06(c)(iii) with respect to such Transfer Date shall be made paid to the Holder of the Transferor Interest if, and only to the extent that, the Transferor Interest on such Date of Processing is equal to or greater than the Minimum Transferor Interest (after an Early Amortization Event giving effect to the inclusion in the Trust of all Receivables created on or prior to such Transfer Date and the application of payments referred to in subsection 4.03(b)) and otherwise shall have occurred be considered as Unallocated Principal Collections and bedeposited into the Principal Account in accordance with subsection 4.05(c).
Appears in 1 contract
Sources: Series 2001 D Supplement (BA Credit Card Funding, LLC)
Monthly Payments. On or before each Transfer Date, the ---------------- Servicer shall instruct the Trustee in writing (which writing shall be substantially in the form of Exhibit BB hereto) to withdraw, withdraw and the Trustee, --------- acting in accordance with such instructions, shall withdraw on such Transfer Date or the related Distribution Date, as applicable, to the extent of available funds, the amounts required to be withdrawn from the Finance Charge Account, the Principal Account, the Principal Funding Account and the Distribution Principal Account as follows:
(a) An amount equal to the Class A Available Funds deposited into the Finance Charge Account for the related Monthly Period will be distributed paid on each Transfer Date, Date to the extent available, in the following priority:
(i) on a pro rata basis (A) an amount equal to Class A Monthly Interest, plus any Class A Deficiency Amount, plus any Class A Additional Interest (in each case for such Transfer Date) shall be deposited by Servicer or Trustee into the Distribution Account and (B) any Class A Net Swap Payment shall be paid to the Swap Counterparty;
(ii) an amount equal to the Class A Servicing Fee for such Transfer Date plus any Class A Servicing Fee due but not paid to Servicer on any prior Transfer Date (less, if WFN is Servicer, amounts previously retained toward payment of such fees) shall be distributed to Servicer;
(iii) an amount equal to the sum of the Class A Investor Default Amount and the Class A Uncovered Dilution Amount, if any, for the preceding Monthly Period shall be treated (or deemed, Series 2001-__ Certificateholders in accordance with Section 4.7(d), to be treated) as a portion of Investor Principal Collections and, during the Controlled Accumulation Period or the Early Amortization Period, deposited into the Principal Account on such Transfer Date; and
(iv) the balance, if any, shall constitute Excess Spread and shall be allocated and distributed as set forth in Section 4.13.5.01. ------------
(b) An amount equal to the Class B Available Funds for the related Monthly Period will be distributed on each Transfer Date, to the extent available, in the following priority:
(i) on a pro rata basis, (A) an amount equal to the Class B Monthly Interest, plus any Class B Deficiency Amount, plus any Class B Additional Interest (in each case for such Transfer Date) shall be deposited by Servicer or Trustee into the Distribution Account and (B) any Class B Net Swap Payment shall be paid to the Swap Counterparty;
(ii) an amount equal to the Class B Servicing Fee for such Transfer Date, plus any Class B Servicing Fee due but not paid to Servicer on any prior Transfer Date for such Transfer Date (less, if WFN is Servicer, amounts previously retained toward payment of such fees) shall be distributed to Servicer; and
(iii) the balance, if any, shall constitute Excess Spread and shall be allocated and distributed as set forth in Section 4.13.
(c) An amount equal to the Class C Available Funds for the related Monthly Period will be distributed on each Transfer Date, to the extent available, in the following priority:
(i) if neither Transferor nor any of its Affiliates is Servicer, an amount equal to the Class C Servicing Fee for such Transfer Date, plus any Class C Servicing Fee due but not paid to Servicer on any prior Transfer Date shall be distributed to Servicer; and
(ii) the balance, if any, shall constitute Excess Spread and shall be allocated and distributed as set forth in Section 4.13.
(d) During the Revolving Period, an amount equal to the Available Investor Principal Collections deposited into the Principal Account for the related Monthly Period will be distributed on each Transfer Date, to the extent available, in the following priority:
(i) an amount equal to the Class C Monthly Principal for such Transfer Date shall be distributed to the Class C Interest Holders in accordance with the Class C Supplemental Agreement; and
(ii) an amount equal to the Available Investor Principal Collections remaining after the application specified in Section 4.11(d)(i) shall be treated as Shared Principal Collections.
(e) On each Transfer Date commencing with the Transfer Date falling in the calendar month following the one in which the Controlled Accumulation Period or the Early Amortization Period (whichever is earlier) commences, an amount equal to the Available Investor Principal Collections for the related Monthly Period will be distributed on such Transfer Date, to the extent available, in the following priority:
(i) an amount equal to the Class A Monthly Principal for such Transfer Date, shall be (A) with respect to the Controlled Accumulation Period, deposited into the Principal Funding Account, and (B) during the Early Amortization Period, deposited into the Distribution Account;
(ii) after giving effect to the distribution referred to in clause (i), an amount equal to the Class B Monthly Principal, shall be deposited into the Distribution Account;
(iii) for each Transfer Date (other than the Transfer Date immediately preceding the Series 1999-A Termination Date, in which case on the Series 1999-A Termination Date) after giving effect to the distribution referred to in clauses(i) and (ii) above, an amount equal to Class C Monthly Principal shall be distributed to the Class C Interest Holders in accordance with the Class C Supplemental Agreement; and
(iv) an amount equal to the Available Investor Principal Collections remaining after the applications specified in clauses (i), (ii) and (iii) above shall be treated as Shared Principal Collections.
(f) On the earlier to occur of (i) the first Transfer Date with respect to the Early Amortization Period and (ii) the Transfer Date immediately preceding the Class A Scheduled Payment Date, Trustee, acting in accordance with instructions from Servicer, shall withdraw from the Principal Funding Account and deposit in the Distribution Account the amount on deposit in the Principal Funding Account.
(g) On each Distribution Date, Trustee shall pay in accordance with Section 5.1(a) to the Class A Holders from the Distribution Account, the amount deposited into the Distribution Account pursuant to Section
(a) (i) on the preceding Transfer Date and to the Class B Holders from the Distribution Account, the amount deposited into the Distribution Account pursuant to Section 4.11(b)(i) on the preceding Transfer Date.
(h) On the earlier to occur of (i) the first Distribution Date with respect to the Early Amortization Period and (ii) the Class A Scheduled Payment Date and on each Distribution Date thereafter, Trustee, acting in accordance with instructions from Servicer, shall pay in accordance with Section 5.1 from the Distribution Account the amount so deposited into the Distribution Account pursuant to Sections 4.11(e) and (f) on the related Transfer Date in the following priority:
(i) an amount equal to the lesser of (A) the Available Investor Principal Collections for such Transfer Date and (B) an amount on deposit in equal to the Distribution Account and Series 2001-__ Monthly Principal Payment for the Class A Invested Amount related Monthly Period, shall be paid on each Transfer Date to the Class A HoldersSeries 2001-__ Certificateholders in accordance with Section 5.01; and------------
(ii) for each Distribution Date with respect to the Early Amortization Period and on or after the Class B Scheduled Payment Date, after giving effect to the distributions referred to in clause (i) above, an amount equal to the lesser of (A) the Available Investor Principal Collections remaining after the application specified in subsection 4.06(b)(i) above and (B) the product of (1) a fraction, the --------------------- numerator of which is equal to the Available Investor Principal Collections remaining after the application specified in subsection 4.06(b)(i) above --------------------- for such amount on deposit Transfer Date and the denominator of which is equal to the sum of the Available Investor Principal Collections available for sharing as specified in the Distribution related Series Supplement for each Series in Group One and (2) the Cumulative Series Principal Shortfall shall remain in the Principal Account to be treated as Shared Principal Collections and applied to Series in Group One other than this Series 2001-__; and
(iii) an amount equal to the excess, if any, of (A) the Available Investor Principal Collections for such Transfer Date over (B) the applications specified in subsections 4.06(b)(i) and (ii) above shall be ---------------------- ---- paid to the Holder of the Seller Interest; provided, however, that the -------- ------- amount to be paid to the Holder of the Seller Interest pursuant to this subsection 4.06(b)(iii) with respect to such Transfer Date shall be paid to ----------------------- the Holder of the Seller Interest if, and only to the extent that, the Seller Interest on such Date of Processing is equal to or greater than the Minimum Seller Interest (after giving effect to the inclusion in the Trust of all Receivables created on or prior to such Transfer Date and the Class B Invested Amount application of payments referred to in subsection 4.03(b)) and otherwise ------------------ shall be considered as Unallocated Principal Collections and deposited into the Principal Account in accordance with subsection 4.05(c). ------------------
(c) During the Rapid Amortization Period, an amount equal to the Available Investor Principal Collections deposited into the Principal Account for the related Monthly Period will be distributed on each Transfer Date in the following priority:
(i) an amount equal to the Investor Interest shall be paid on each Transfer Date to the Series 2001-__ Certificateholders in accordance with Section 5.01; ------------
(ii) an amount equal to the excess, if any, of (A) the Available Investor Principal Collections over (B) the applications specified in subsections 4.06(c)(i) above shall be paid to the Class B Holders.
Holder of the Seller ---------------------- Interest; provided, however, that the amount to be paid to the Holder of -------- ------- the Seller Interest pursuant to this subsection 4.06(c)(ii) with respect to ---------------------- such Transfer Date shall be paid to the Holder of the Seller interest if, and only to the extent that, the Seller Interest on such Date of Processing is equal to or greater than the Minimum Seller Interest (i) The Controlled Accumulation Period is scheduled after giving effect to commence at the beginning inclusion in the Trust of business on the Controlled Accumulation Date; provided that if the Controlled Accumulation Period Length (determined as described below) on any Determination Date all Receivables created on or after the August 2001 Determination Date is less than 12 months, upon written notice to Trustee, Transferor and, each Rating Agency, Servicer, at its option, may elect to modify the date on which the Controlled Accumulation Period actually commences to the first day of the month that is a number of months prior to such Transfer Date and the month application of payments referred to in which the Class A Scheduled Payment Date occurs at least equal to the Controlled Accumulation Period Length (so that, as a result of such election, the number of Monthly Periods in the Controlled Accumulation Period will at least equal the Controlled Accumulation Period Lengthsubsection 4.03(b); provided that (i) the length of the Controlled Accumulation Period will not be less than two months, (ii) such determination of the Controlled Accumulation Period Length and otherwise shall be made on each Determination Date on considered as Unallocated ------------------ Principal Collections and after deposited into the August 2001 Determination Date but prior to the commencement of the Controlled Accumulation Period, and any election to shorten the Controlled Accumulation Period shall be subject to the subsequent lengthening of the Controlled Accumulation Period to the Controlled Accumulation Period Length determined on any subsequent Determination Date, but the Controlled Accumulation Period shall Principal Account in no event commence prior to the Controlled Accumulation Date, and (iii) notwithstanding any other provision of this Series Supplement to the contrary, no election to postpone the commencement of the Controlled Accumulation Period shall be made after an Early Amortization Event shall have occurred and beaccordance with subsection 4.05(c). ------------------
Appears in 1 contract
Sources: Series Supplement (Mbna Credit Card Master Note Trust)
Monthly Payments. On or before each Transfer Determination Date, the Servicer shall notify the Trustee that the Servicer will withdraw, or shall instruct the Trustee in writing (which writing shall be substantially in the form of Exhibit B) to withdraw, and Trustee, the Trustee acting in accordance with such instructionsinstructions shall withdraw, shall withdraw on such the succeeding Transfer Date or the related Distribution Date, as applicable, to the extent of available funds, the amounts required to be withdrawn from the Finance Charge AccountAccount (or from the finance charge accounts for other Series, as applicable) pursuant to subsections 4.6(a), (b), (c), (d), (e), (f) and (g). On each Determination Date, the Principal AccountServicer shall also notify the Trustee of the amounts to be withdrawn by the Trustee, acting on instructions from the Servicer, from the Principal Funding Account and the Distribution Account as follows:Reserve Account, pursuant to subsections 4.3(c), 4.9(b) and 4.9(d).
(a) An On each Transfer Date, an amount equal to the Class A Available Funds for the related Monthly Period will be distributed on each Transfer Date, to the extent available, in the following priority:
(i) on a pro rata basis (A) an amount equal to Class A Monthly Interest, plus any Class A Deficiency Amount, plus any Class A Additional Cap Rate Interest (in each case for such Transfer Date) shall be deposited by Servicer or Trustee into the Distribution Account and (B) any Class A Net Swap Payment shall be paid to the Swap Counterparty;
(ii) an amount equal to the Class A Servicing Fee for Covered Amount. On each Transfer Date, the Servicer or the Trustee, acting in accordance with instructions from the Servicer, shall withdraw from the Finance Charge Account and deposit to the Distribution Account, to the extent funds are available from such Transfer Date plus any Class A Servicing Fee due but not paid to Servicer on any prior Transfer Date Available Funds (lessi) first, if WFN is Servicer, amounts previously retained toward payment of such fees) shall be distributed to Servicer;
(iii) an amount equal to the sum of the Class A Investor Default Amount Monthly Cap Rate Interest and the Class A Uncovered Dilution Amount, if any, for the preceding Monthly Period shall be treated (or deemed, in accordance with Section 4.7(d), to be treated) as a portion of Investor Principal Collections and, during the Controlled Accumulation Period or the Early Amortization Period, deposited into the Principal Account on such Transfer Date; and
(iv) the balance, if any, shall constitute Excess Spread and shall be allocated and distributed as set forth in Section 4.13.
(b) An amount equal to the Class B Available Funds Covered Amount for the related Monthly Period will be distributed on each Transfer Distribution Date, to the extent available, in the following priority:
(i) on a pro rata basis, (A) an amount equal to the Class B Monthly Interest, plus any Class B Deficiency Amount, plus any Class B Additional Interest (in each case for such Transfer Date) shall be deposited by Servicer or Trustee into the Distribution Account ; and (B) any Class B Net Swap Payment shall be paid to the Swap Counterparty;
(ii) an amount equal to the Class B Servicing Fee for such Transfer Date, plus any Class B Servicing Fee due but not paid to Servicer on any prior Transfer Date for such Transfer Date (less, if WFN is Servicer, amounts previously retained toward payment of such fees) shall be distributed to Servicer; and
(iii) the balance, if any, shall constitute Excess Spread and shall be allocated and distributed as set forth in Section 4.13.
(c) An amount equal to the Class C Available Funds for the related Monthly Period will be distributed on each Transfer Date, to the extent available, in the following priority:
(i) if neither Transferor nor any of its Affiliates is Servicerthen, an amount equal to the amount of any overdue Class C Servicing Fee A Monthly Cap Rate Interest and overdue Class A Covered Amount, for such Transfer Datewhich a payment has not been made under this subsection 4.6(a)(i) or otherwise pursuant to this Agreement; provided, plus any however, that with respect to the first Distribution Date relating to the Series 1998-1 Investor Certificates, the amount of Class C Servicing Fee due but not paid A Monthly Cap Rate Interest referred to Servicer on any prior Transfer Date in (i) above shall be distributed to Servicer; and$777,323.75 (reflecting an initial period of 14 days).
(ii) the balance, if any, shall constitute Excess Spread and shall be allocated and distributed as set forth in Section 4.13.
(d) During the Revolving Period, an amount equal to the Available Investor Principal Collections for the related Class A Monthly Period will be distributed on Servicing Fee. On each Transfer Date, to the extent availableServicer or the Trustee, in the following priority:
(i) an amount equal to the Class C Monthly Principal for such Transfer Date shall be distributed to the Class C Interest Holders acting in accordance with instructions from the Class C Supplemental Agreement; and
(ii) an amount equal to Servicer, shall withdraw from the Available Investor Principal Collections remaining after the application specified in Section 4.11(d)(i) shall be treated as Shared Principal Collections.
(e) On each Transfer Date commencing with the Transfer Date falling in the calendar month following the one in which the Controlled Accumulation Period or the Early Amortization Period (whichever is earlier) commences, an amount equal to the Available Investor Principal Collections for the related Monthly Period will be distributed on such Transfer DateFinance Charge Account, to the extent availablefunds are available from such Class A Available Funds after giving effect to the withdrawals pursuant to subsection 4.6(a)(i), in the following priority:
(i) an amount equal to the Class A Monthly Principal for such Transfer Date, shall be (A) with Servicing Fee accrued in respect to of the Controlled Accumulation preceding Monthly Period, deposited into the Principal Funding Accountplus all accrued and unpaid Class A Monthly Servicing Fees in respect of previous Monthly Periods, and (B) during the Early Amortization Period, deposited into Servicer or the Distribution Account;
(ii) after giving effect to the distribution referred to in clause (i), an amount equal to the Class B Monthly Principal, shall be deposited into the Distribution Account;
(iii) for each Transfer Date (other than the Transfer Date immediately preceding the Series 1999-A Termination Date, in which case on the Series 1999-A Termination Date) after giving effect to the distribution referred to in clauses(i) and (ii) above, an amount equal to Class C Monthly Principal shall be distributed to the Class C Interest Holders in accordance with the Class C Supplemental Agreement; and
(iv) an amount equal to the Available Investor Principal Collections remaining after the applications specified in clauses (i), (ii) and (iii) above shall be treated as Shared Principal Collections.
(f) On the earlier to occur of (i) the first Transfer Date with respect to the Early Amortization Period and (ii) the Transfer Date immediately preceding the Class A Scheduled Payment Date, Trustee, acting in accordance with instructions from Servicer, shall withdraw from as the Principal Funding Account and deposit in the Distribution Account the amount on deposit in the Principal Funding Account.
(g) On each Distribution Date, Trustee shall pay in accordance with Section 5.1(a) to the Class A Holders from the Distribution Account, the amount deposited into the Distribution Account pursuant to Section
(a) (i) on the preceding Transfer Date and to the Class B Holders from the Distribution Account, the amount deposited into the Distribution Account pursuant to Section 4.11(b)(i) on the preceding Transfer Date.
(h) On the earlier to occur of (i) the first Distribution Date with respect to the Early Amortization Period and (ii) the Class A Scheduled Payment Date and on each Distribution Date thereafter, Trustee, acting in accordance with instructions from Servicercase may be, shall pay in accordance with Section 5.1 from the Distribution Account the such amount so deposited into the Distribution Account pursuant to Sections 4.11(e) and (f) on the related Transfer Date in the following priority:
(i) an amount equal to the lesser of such amount on deposit in the Distribution Account and the Class A Invested Amount shall be paid to the Class A Holders; and
(ii) for each Distribution Date with respect to the Early Amortization Period and on or after the Class B Scheduled Payment Date, after giving effect to the distributions referred to in clause (i) above, an amount equal to the lesser of such amount on deposit in the Distribution Account and the Class B Invested Amount shall be paid to the Class B HoldersServicer.
(i) The Controlled Accumulation Period is scheduled to commence at the beginning of business on the Controlled Accumulation Date; provided that if the Controlled Accumulation Period Length (determined as described below) on any Determination Date on or after the August 2001 Determination Date is less than 12 months, upon written notice to Trustee, Transferor and, each Rating Agency, Servicer, at its option, may elect to modify the date on which the Controlled Accumulation Period actually commences to the first day of the month that is a number of months prior to the month in which the Class A Scheduled Payment Date occurs at least equal to the Controlled Accumulation Period Length (so that, as a result of such election, the number of Monthly Periods in the Controlled Accumulation Period will at least equal the Controlled Accumulation Period Length); provided that (i) the length of the Controlled Accumulation Period will not be less than two months, (ii) such determination of the Controlled Accumulation Period Length shall be made on each Determination Date on and after the August 2001 Determination Date but prior to the commencement of the Controlled Accumulation Period, and any election to shorten the Controlled Accumulation Period shall be subject to the subsequent lengthening of the Controlled Accumulation Period to the Controlled Accumulation Period Length determined on any subsequent Determination Date, but the Controlled Accumulation Period shall in no event commence prior to the Controlled Accumulation Date, and (iii) notwithstanding any other provision of this Series Supplement to the contrary, no election to postpone the commencement of the Controlled Accumulation Period shall be made after an Early Amortization Event shall have occurred and be
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Peoples Bank Credit Card Master Trust)
Monthly Payments. On or before each Transfer Date, the Servicer shall instruct the Trustee in writing (which writing shall be substantially in the form of Exhibit BB hereto) to withdraw, withdraw and the Trustee, acting in accordance with such instructions, shall withdraw on such Transfer Date or the related Distribution Date, as applicable, to the extent of available funds, the amounts required to be withdrawn from the Finance Charge Account, the Principal Account, the Principal Funding Account and the Distribution Principal Account as follows:
(a) An amount equal to the Class A Available Funds deposited into the Finance Charge Account for the related Monthly Period will be distributed paid on each Transfer Date, Date to the extent available, in the following priority:
(i) on a pro rata basis (A) an amount equal to Class A Monthly Interest, plus any Class A Deficiency Amount, plus any Class A Additional Interest (in each case for such Transfer Date) shall be deposited by Servicer or Trustee into the Distribution Account and (B) any Class A Net Swap Payment shall be paid to the Swap Counterparty;
(ii) an amount equal to the Class A Servicing Fee for such Transfer Date plus any Class A Servicing Fee due but not paid to Servicer on any prior Transfer Date (less, if WFN is Servicer, amounts previously retained toward payment of such fees) shall be distributed to Servicer;
(iii) an amount equal to the sum of the Class A Investor Default Amount and the Class A Uncovered Dilution Amount, if any, for the preceding Monthly Period shall be treated (or deemed, Series 2001-D Certificateholders in accordance with Section 4.7(d), to be treated) as a portion of Investor Principal Collections and, during the Controlled Accumulation Period or the Early Amortization Period, deposited into the Principal Account on such Transfer Date; and
(iv) the balance, if any, shall constitute Excess Spread and shall be allocated and distributed as set forth in Section 4.135.01.
(b) An amount equal to the Class B Available Funds for the related Monthly Period will be distributed on each Transfer Date, to the extent available, in the following priority:
(i) on a pro rata basis, (A) an amount equal to the Class B Monthly Interest, plus any Class B Deficiency Amount, plus any Class B Additional Interest (in each case for such Transfer Date) shall be deposited by Servicer or Trustee into the Distribution Account and (B) any Class B Net Swap Payment shall be paid to the Swap Counterparty;
(ii) an amount equal to the Class B Servicing Fee for such Transfer Date, plus any Class B Servicing Fee due but not paid to Servicer on any prior Transfer Date for such Transfer Date (less, if WFN is Servicer, amounts previously retained toward payment of such fees) shall be distributed to Servicer; and
(iii) the balance, if any, shall constitute Excess Spread and shall be allocated and distributed as set forth in Section 4.13.
(c) An amount equal to the Class C Available Funds for the related Monthly Period will be distributed on each Transfer Date, to the extent available, in the following priority:
(i) if neither Transferor nor any of its Affiliates is Servicer, an amount equal to the Class C Servicing Fee for such Transfer Date, plus any Class C Servicing Fee due but not paid to Servicer on any prior Transfer Date shall be distributed to Servicer; and
(ii) the balance, if any, shall constitute Excess Spread and shall be allocated and distributed as set forth in Section 4.13.
(d) During the Revolving Period, an amount equal to the Available Investor Principal Collections deposited into the Principal Account for the related Monthly Period will be distributed on each Transfer Date, to the extent available, in the following priority:
(i) an amount equal to the Class C Monthly Principal for such Transfer Date shall be distributed to the Class C Interest Holders in accordance with the Class C Supplemental Agreement; and
(ii) an amount equal to the Available Investor Principal Collections remaining after the application specified in Section 4.11(d)(i) shall be treated as Shared Principal Collections.
(e) On each Transfer Date commencing with the Transfer Date falling in the calendar month following the one in which the Controlled Accumulation Period or the Early Amortization Period (whichever is earlier) commences, an amount equal to the Available Investor Principal Collections for the related Monthly Period will be distributed on such Transfer Date, to the extent available, in the following priority:
(i) an amount equal to the Class A Monthly Principal for such Transfer Date, shall be (A) with respect to the Controlled Accumulation Period, deposited into the Principal Funding Account, and (B) during the Early Amortization Period, deposited into the Distribution Account;
(ii) after giving effect to the distribution referred to in clause (i), an amount equal to the Class B Monthly Principal, shall be deposited into the Distribution Account;
(iii) for each Transfer Date (other than the Transfer Date immediately preceding the Series 1999-A Termination Date, in which case on the Series 1999-A Termination Date) after giving effect to the distribution referred to in clauses(i) and (ii) above, an amount equal to Class C Monthly Principal shall be distributed to the Class C Interest Holders in accordance with the Class C Supplemental Agreement; and
(iv) an amount equal to the Available Investor Principal Collections remaining after the applications specified in clauses (i), (ii) and (iii) above shall be treated as Shared Principal Collections.
(f) On the earlier to occur of (i) the first Transfer Date with respect to the Early Amortization Period and (ii) the Transfer Date immediately preceding the Class A Scheduled Payment Date, Trustee, acting in accordance with instructions from Servicer, shall withdraw from the Principal Funding Account and deposit in the Distribution Account the amount on deposit in the Principal Funding Account.
(g) On each Distribution Date, Trustee shall pay in accordance with Section 5.1(a) to the Class A Holders from the Distribution Account, the amount deposited into the Distribution Account pursuant to Section
(a) (i) on the preceding Transfer Date and to the Class B Holders from the Distribution Account, the amount deposited into the Distribution Account pursuant to Section 4.11(b)(i) on the preceding Transfer Date.
(h) On the earlier to occur of (i) the first Distribution Date with respect to the Early Amortization Period and (ii) the Class A Scheduled Payment Date and on each Distribution Date thereafter, Trustee, acting in accordance with instructions from Servicer, shall pay in accordance with Section 5.1 from the Distribution Account the amount so deposited into the Distribution Account pursuant to Sections 4.11(e) and (f) on the related Transfer Date in the following priority:
(i) an amount equal to the lesser of (A) the Available Investor Principal Collections for such Transfer Date and (B) an amount on deposit in equal to the Distribution Account and Series 2001-D Monthly Principal Payment for the Class A Invested Amount related Monthly Period shall be paid on each Transfer Date to the Class A Holders; andSeries 2001-D Certificateholders in accordance with Section 5.01;
(ii) for each Distribution Date with respect to the Early Amortization Period and on or after the Class B Scheduled Payment Date, after giving effect to the distributions referred to in clause (i) above, an amount equal to the lesser of (A) the Available Investor Principal Collections remaining after the application specified in subsection 4.06(b)(i) above and (B) the product of (1) a fraction, the numerator of which is equal to the Available Investor Principal Collections remaining after the application specified in subsection 4.06(b)(i) above for such amount on deposit Transfer Date and the denominator of which is equal to the sum of the Available Investor Principal Collections available for sharing as specified in the Distribution related Series Supplement for each Series in Group One (including Series 2001-D) and (2) the Cumulative Series Principal Shortfall shall remain in the Principal Account to be treated as Shared Principal Collections and applied to Series in Group One other than this Series 2001-D; and
(iii) an amount equal to the Class B Invested Amount excess, if any, of (A) the Available Investor Principal Collections for such Transfer Date over (B) the applications specified in subsections 4.06(b)(i) and (ii) above shall be paid to the Class B HoldersHolder of the Seller Interest; provided, however, that the amount to be paid to the Holder of the Seller Interest pursuant to this subsection 4.06(b)(iii) with respect to such Transfer Date shall be paid to the Holder of the Seller Interest if, and only to the extent that, the Seller Interest on such Date of Processing is equal to or greater than the Minimum Seller Interest (after giving effect to the inclusion in the Trust of all Receivables created on or prior to such Transfer Date and the application of payments referred to in subsection 4.03(b)) and otherwise shall be considered as Unallocated Principal Collections and deposited into the Principal Account in accordance with subsection 4.05(c).
(c) During the Rapid Amortization Period, an amount equal to the Available Investor Principal Collections deposited into the Principal Account for the related Monthly Period will be distributed on each Transfer Date in the following priority:
(i) The Controlled Accumulation Period is scheduled to commence at the beginning of business on the Controlled Accumulation Date; provided that if the Controlled Accumulation Period Length (determined as described below) on any Determination Date on or after the August 2001 Determination Date is less than 12 months, upon written notice to Trustee, Transferor and, each Rating Agency, Servicer, at its option, may elect to modify the date on which the Controlled Accumulation Period actually commences to the first day of the month that is a number of months prior to the month in which the Class A Scheduled Payment Date occurs at least an amount equal to the Controlled Accumulation Period Length (so that, as a result of such election, Investor Interest shall be paid on each Transfer Date to the number of Monthly Periods Series 2001-D Certificateholders in the Controlled Accumulation Period will at least equal the Controlled Accumulation Period Length); provided that (i) the length of the Controlled Accumulation Period will not be less than two months, accordance with Section 5.01;
(ii) such determination an amount equal to the excess, if any, of (A) the Available Investor Principal Collections over (B) the applications specified in subsection 4.06(c)(i) above shall be paid to the Holder of the Controlled Accumulation Period Length Seller Interest; provided, however, that the amount to be paid to the Holder of the Seller Interest pursuant to this subsection 4.06(c)(ii) with respect to such Transfer Date shall be made paid to the Holder of the Seller interest if, and only to the extent that, the Seller Interest on each Determination such Date of Processing is equal to or greater than the Minimum Seller Interest (after giving effect to the inclusion in the Trust of all Receivables created on and after the August 2001 Determination Date but or prior to such Transfer Date and the commencement application of the Controlled Accumulation Period, payments referred to in subsection 4.03(b)) and any election to shorten the Controlled Accumulation Period otherwise shall be subject to considered as Unallocated Principal Collections and deposited into the subsequent lengthening of the Controlled Accumulation Period to the Controlled Accumulation Period Length determined on any subsequent Determination Date, but the Controlled Accumulation Period shall Principal Account in no event commence prior to the Controlled Accumulation Date, and (iii) notwithstanding any other provision of this Series Supplement to the contrary, no election to postpone the commencement of the Controlled Accumulation Period shall be made after an Early Amortization Event shall have occurred and beaccordance with subsection 4.05(c).
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Mbna America Bk Nat Assoc Mbna Master Credit Card Trust Ii)
Monthly Payments. On or before each Transfer Date, the Servicer shall instruct the Trustee in writing (which writing shall be substantially in the form of Exhibit BB hereto) to withdraw, withdraw and the Trustee, acting in accordance with such instructions, shall withdraw on such Transfer Date or the related Distribution Date, as applicable, to the extent of available funds, the amounts required to be withdrawn from the Finance Charge Account, the Principal Account, the Principal Funding Account and the Distribution Principal Account as follows:
(a) An amount equal to the Class A Available Funds deposited into the Finance Charge Account for the related Monthly Period will be distributed on each Transfer Date, to the extent available, in the following priority:
(i) on a pro rata basis (A) an amount equal to Class A Monthly Interest, plus any Class A Deficiency Amount, plus any Class A Additional Interest (in each case for such Transfer Date) shall be deposited by Servicer or Trustee into the Distribution Account and (B) any Class A Net Swap Payment shall be paid to the Swap Counterparty;
(ii) an amount equal to the Class A Servicing Fee for such Transfer Date plus any Class A Servicing Fee due but not paid to Servicer on any prior Transfer Date (less, if WFN is Servicer, amounts previously retained toward payment of such fees) shall be distributed to Servicer;
(iii) an amount equal to the sum of the Class A Investor Default Amount and the Class A Uncovered Dilution Amount, if any, for the preceding Monthly Period shall be treated (or deemed, in accordance with Section 4.7(d), to be treated) as a portion of Investor Principal Collections and, during the Controlled Accumulation Period or the Early Amortization Period, deposited into the Principal Account on such Transfer Date; and
(iv) the balance, if any, shall constitute Excess Spread and shall be allocated and distributed as set forth in Section 4.13.
(b) An amount equal to the Class B Available Funds for the related Monthly Period will be distributed on each Transfer Date, to the extent available, in the following priority:
(i) on a pro rata basis, (A) an amount equal to the Class B Monthly Interest, plus any Class B Deficiency Amount, plus any Class B Additional Interest (in each case for such Transfer Date) shall be deposited by Servicer or Trustee into the Distribution Account and (B) any Class B Net Swap Payment shall be paid to the Swap Counterparty;
(ii) an amount equal to the Class B Servicing Fee for such Transfer Date, plus any Class B Servicing Fee due but not paid to Servicer on any prior Transfer Date for such Transfer Date (less, if WFN is Servicer, amounts previously retained toward payment of such fees) shall be distributed to Servicer; and
(iii) the balance, if any, shall constitute Excess Spread and shall be allocated and distributed as set forth in Section 4.13.
(c) An amount equal to the Class C Available Funds for the related Monthly Period will be distributed on each Transfer Date, to the extent available, in the following priority:
(i) if neither Transferor nor any of its Affiliates is Servicer, an amount equal to the Class C Servicing Fee for such Transfer Date, plus any Class C Servicing Fee due but not paid to Servicer on any prior Transfer Date shall be distributed to Servicer; and
(ii) the balance, if any, shall constitute Excess Spread and shall be allocated and distributed as set forth in Section 4.13.
(d) During the Revolving Period, an amount equal to the Available Investor Principal Collections for the related Monthly Period will be distributed on each Transfer Date, to the extent available, in the following priority:
(i) an amount equal to the Class C Monthly Principal for such Transfer Date shall be distributed to the Class C Interest Holders in accordance with the Class C Supplemental Agreement; and
(ii) an amount equal to the Available Investor Principal Collections remaining after the application specified in Section 4.11(d)(i) shall be treated as Shared Principal Collections.
(e) On each Transfer Date commencing with the Transfer Date falling in the calendar month following the one in which the Controlled Accumulation Period or the Early Amortization Period (whichever is earlier) commences, an amount equal to the Available Investor Principal Collections for the related Monthly Period will be distributed on such Transfer Date, to the extent available, in the following priority:
(i) an amount equal to the Class A Monthly Principal for such Transfer Date, shall be (A) with respect to the Controlled Accumulation Period, deposited into the Principal Funding Account, and (B) during the Early Amortization Period, deposited into the Distribution Account;
(ii) after giving effect to the distribution referred to in clause (i), an amount equal to the Class B Monthly Principal, shall be deposited into the Distribution Account;
(iii) for each Transfer Date (other than the Transfer Date immediately preceding the Series 1999-A Termination Date, in which case on the Series 1999-A Termination Date) after giving effect to the distribution referred to in clauses(i) and (ii) above, an amount equal to Class C Monthly Principal shall be distributed to the Class C Interest Holders in accordance with the Class C Supplemental Agreement; and
(iv) an amount equal to the Available Investor Principal Collections remaining after the applications specified in clauses (i), (ii) and (iii) above shall be treated as Shared Principal Collections.
(f) On the earlier to occur of (i) the first Transfer Date with respect to the Early Amortization Period and (ii) the Transfer Date immediately preceding the Class A Scheduled Payment Date, Trustee, acting in accordance with instructions from Servicer, shall withdraw from the Principal Funding Account and deposit in the Distribution Account the amount on deposit in the Principal Funding Account.
(g) On each Distribution Date, Trustee shall pay in accordance with Section 5.1(a) to the Class A Holders from the Distribution Account, the amount deposited into the Distribution Account pursuant to Section
(a) (i) on the preceding Transfer Date and to the Class B Holders from the Distribution Account, the amount deposited into the Distribution Account pursuant to Section 4.11(b)(i) on the preceding Transfer Date.
(h) On the earlier to occur of (i) the first Distribution Date with respect to the Early Amortization Period and (ii) the Class A Scheduled Payment Date and on each Distribution Date thereafter, Trustee, acting in accordance with instructions from Servicer, shall pay in accordance with Section 5.1 from the Distribution Account the amount so deposited into the Distribution Account pursuant to Sections 4.11(e) and (f) on the related Transfer Date in the following priority:
(i) an amount equal to the lesser of (A) the Available Funds for such Transfer Date and (B) an amount equal to the sum of the deposits, applications and payments to be made on deposit in such Transfer Date pursuant to subsections 3.01(a) through (g) of the Distribution Account and the Class A Invested Amount shall BAseries Indenture Supplement will be paid on such Transfer Date to the Class A Holders; andSeries 2001-D Certificateholders in accordance with Section 5.01;
(ii) for each Distribution Date with respect to the Early Amortization Period and on or after the Class B Scheduled Payment Date, after giving effect to the distributions referred to in clause (i) above, an amount equal to the lesser of such amount on deposit (A) the Available Funds remaining after the application specified in subsection 4.06(a)(i) above and (B) the Distribution Account and Aggregate Class D Investor Default Amount for the Class B Invested Amount immediately preceding Monthly Period shall be paid treated as Available Investor Principal Collections and shall be deposited into the Principal Account on such Transfer Date;
(iii) an amount equal to the lesser of (A) the Available Funds remaining after the application specified in subsections 4.06(a)(i) and (ii) above and (B) the sum of
(1) the aggregate amount of any unreimbursed Class D Investor Charge-Offs as of such Transfer Date and (2) the aggregate amount of any reductions to the Class B HoldersD Investor Interest pursuant to subsection 4.10(b) shall be treated as Available Investor Principal Collections and shall be deposited into the Principal Account on such Transfer Date; and
(iv) an amount equal to the excess, if any, of (A) the Available Funds for such Transfer Date over (B) the applications specified in subsections 4.06(a)(i), (ii) and (iii) will be paid on such Transfer Date to the Series 2001-D Certificateholders in accordance with Section 5.01 to be paid pursuant to subsections 3.01(h) and (i) of the BAseries Indenture Supplement.
(b) During the Revolving Period, an amount equal to the Available Investor Principal Collections deposited into the Principal Account for the related Monthly Period will be distributed on each Transfer Date in the following priority:
(i) The Controlled Accumulation Period is scheduled to commence at the beginning of business on the Controlled Accumulation Date; provided that if the Controlled Accumulation Period Length (determined as described below) on any Determination Date on or after the August 2001 Determination Date is less than 12 months, upon written notice to Trustee, Transferor and, each Rating Agency, Servicer, at its option, may elect to modify the date on which the Controlled Accumulation Period actually commences to the first day of the month that is a number of months prior to the month in which the Class A Scheduled Payment Date occurs at least an amount equal to the Controlled Accumulation Period Length lesser of (so that, as a result of such election, the number of Monthly Periods in the Controlled Accumulation Period will at least equal the Controlled Accumulation Period Length); provided that (iA) the length of Available Investor Principal Collections for such Transfer Date and (B) an amount equal to the Controlled Accumulation Series 2001-D Monthly Principal Payment for the related Monthly Period will not shall be less than two months, paid on such Transfer Date to the Series 2001-D Certificateholders in accordance with Section 5.01;
(ii) such determination an amount equal to the lesser of (A) the Controlled Accumulation Period Length shall be made on each Determination Date on and Available Investor Principal Collections remaining after the August 2001 Determination Date but prior to the commencement of the Controlled Accumulation Period, and any election to shorten the Controlled Accumulation Period shall be subject to the subsequent lengthening of the Controlled Accumulation Period to the Controlled Accumulation Period Length determined on any subsequent Determination Date, but the Controlled Accumulation Period shall application specified in no event commence prior to the Controlled Accumulation Date, and (iiisubsection 4.06(b)(i) notwithstanding any other provision of this Series Supplement to the contrary, no election to postpone the commencement of the Controlled Accumulation Period shall be made after an Early Amortization Event shall have occurred and beabove and
Appears in 1 contract
Sources: Fifth Amended and Restated Series 2001 D Supplement
Monthly Payments. On or before each Transfer Determination Date, the Servicer shall notify the Trustee that the Servicer will withdraw, or shall instruct the Trustee in writing (which writing shall be substantially in the form of Exhibit B) to withdraw, and Trustee, the Trustee acting in accordance with such instructionsinstructions shall withdraw, shall withdraw on such the succeeding Transfer Date or the related Distribution Date, as applicable, to the extent of available funds, the amounts required to be withdrawn from the Finance Charge AccountAccount (or from the finance charge accounts for other Series, as applicable) pursuant to subsections 4.6(a), (b), (c), (d), (e), (f) and (g). On each Determination Date, the Principal AccountServicer shall also notify the Trustee of the amounts to be withdrawn by the Trustee, acting on instructions from the Servicer, from the Principal Funding Account and the Distribution Account as follows:Reserve Account, pursuant to subsections 4.3(c), 4.9(b) and 4.9(d).
(a) An On each Transfer Date, an amount equal to the Class A Available Funds for the related Monthly Period will be distributed on each Transfer Date, to the extent available, in the following priority:
(i) on a pro rata basis (A) an amount equal to Class A Monthly Interest, plus any Class A Deficiency Amount, plus any Class A Additional Cap Rate Interest (in each case for such Transfer Date) shall be deposited by Servicer or Trustee into the Distribution Account and (B) any Class A Net Swap Payment shall be paid to the Swap Counterparty;
(ii) an amount equal to the Class A Servicing Fee for such Covered Amount. On each Transfer Date plus any Date, the Servicer or the Trustee, acting in accordance with instructions from the Servicer, shall withdraw from the Finance Charge Account and deposit to the Distribution Account, to the extent funds are available from Class A Servicing Fee due but not paid to Servicer on any prior Transfer Date Available Funds (lessi) first, if WFN is Servicer, amounts previously retained toward payment of such fees) shall be distributed to Servicer;
(iii) an amount equal to the sum of the Class A Investor Default Amount Monthly Cap Rate Interest and the Class A Uncovered Dilution Amount, if any, for the preceding Monthly Period shall be treated (or deemed, in accordance with Section 4.7(d), to be treated) as a portion of Investor Principal Collections and, during the Controlled Accumulation Period or the Early Amortization Period, deposited into the Principal Account on such Transfer Date; and
(iv) the balance, if any, shall constitute Excess Spread and shall be allocated and distributed as set forth in Section 4.13.
(b) An amount equal to the Class B Available Funds Covered Amount for the related Monthly Period will be distributed on each Transfer Distribution Date, to the extent available, in the following priority:
(i) on a pro rata basis, (A) an amount equal to the Class B Monthly Interest, plus any Class B Deficiency Amount, plus any Class B Additional Interest (in each case for such Transfer Date) shall be deposited by Servicer or Trustee into the Distribution Account ; and (B) any Class B Net Swap Payment shall be paid to the Swap Counterparty;
(ii) an amount equal to the Class B Servicing Fee for such Transfer Date, plus any Class B Servicing Fee due but not paid to Servicer on any prior Transfer Date for such Transfer Date (less, if WFN is Servicer, amounts previously retained toward payment of such fees) shall be distributed to Servicer; and
(iii) the balance, if any, shall constitute Excess Spread and shall be allocated and distributed as set forth in Section 4.13.
(c) An amount equal to the Class C Available Funds for the related Monthly Period will be distributed on each Transfer Date, to the extent available, in the following priority:
(i) if neither Transferor nor any of its Affiliates is Servicerthen, an amount equal to the amount of any overdue Class C Servicing Fee A Monthly Cap Rate Interest and overdue Class A Covered Amount, for such Transfer Datewhich a payment has not been made under this subsection 4.6(a)(i) or otherwise pursuant to this Agreement; provided, plus any however, that with respect to the first Distribution Date relating to the Series 1997-2 Investor Certificates, the amount of Class C Servicing Fee due but not paid A Monthly Cap Rate Interest referred to Servicer on any prior Transfer Date in (i) above shall be distributed to Servicer; and$1,434,507.81 (reflecting an initial period of 21 days).
(ii) the balance, if any, shall constitute Excess Spread and shall be allocated and distributed as set forth in Section 4.13.
(d) During the Revolving Period, an amount equal to the Available Investor Principal Collections for the related Class A Monthly Period will be distributed on Servicing Fee. On each Transfer Date, to the extent availableServicer or the Trustee, in the following priority:
(i) an amount equal to the Class C Monthly Principal for such Transfer Date shall be distributed to the Class C Interest Holders acting in accordance with instructions from the Class C Supplemental Agreement; and
(ii) an amount equal to Servicer, shall withdraw from the Available Investor Principal Collections remaining after the application specified in Section 4.11(d)(i) shall be treated as Shared Principal Collections.
(e) On each Transfer Date commencing with the Transfer Date falling in the calendar month following the one in which the Controlled Accumulation Period or the Early Amortization Period (whichever is earlier) commences, an amount equal to the Available Investor Principal Collections for the related Monthly Period will be distributed on such Transfer DateFinance Charge Account, to the extent availablefunds are available from Class A Available Funds after giving effect to the withdrawals pursuant to subsection 4.6(a)(i), in the following priority:
(i) an amount equal to the Class A Monthly Principal for such Transfer Date, shall be (A) with Servicing Fee accrued in respect to of the Controlled Accumulation preceding Monthly Period, deposited into the Principal Funding Accountplus all accrued and unpaid Class A Monthly Servicing Fees in respect of previous Monthly Periods, and (B) during the Early Amortization Period, deposited into Servicer or the Distribution Account;
(ii) after giving effect to the distribution referred to in clause (i), an amount equal to the Class B Monthly Principal, shall be deposited into the Distribution Account;
(iii) for each Transfer Date (other than the Transfer Date immediately preceding the Series 1999-A Termination Date, in which case on the Series 1999-A Termination Date) after giving effect to the distribution referred to in clauses(i) and (ii) above, an amount equal to Class C Monthly Principal shall be distributed to the Class C Interest Holders in accordance with the Class C Supplemental Agreement; and
(iv) an amount equal to the Available Investor Principal Collections remaining after the applications specified in clauses (i), (ii) and (iii) above shall be treated as Shared Principal Collections.
(f) On the earlier to occur of (i) the first Transfer Date with respect to the Early Amortization Period and (ii) the Transfer Date immediately preceding the Class A Scheduled Payment Date, Trustee, acting in accordance with instructions from Servicer, shall withdraw from as the Principal Funding Account and deposit in the Distribution Account the amount on deposit in the Principal Funding Account.
(g) On each Distribution Date, Trustee shall pay in accordance with Section 5.1(a) to the Class A Holders from the Distribution Account, the amount deposited into the Distribution Account pursuant to Section
(a) (i) on the preceding Transfer Date and to the Class B Holders from the Distribution Account, the amount deposited into the Distribution Account pursuant to Section 4.11(b)(i) on the preceding Transfer Date.
(h) On the earlier to occur of (i) the first Distribution Date with respect to the Early Amortization Period and (ii) the Class A Scheduled Payment Date and on each Distribution Date thereafter, Trustee, acting in accordance with instructions from Servicercase may be, shall pay in accordance with Section 5.1 from the Distribution Account the such amount so deposited into the Distribution Account pursuant to Sections 4.11(e) and (f) on the related Transfer Date in the following priority:
(i) an amount equal to the lesser of such amount on deposit in the Distribution Account and the Class A Invested Amount shall be paid to the Class A Holders; and
(ii) for each Distribution Date with respect to the Early Amortization Period and on or after the Class B Scheduled Payment Date, after giving effect to the distributions referred to in clause (i) above, an amount equal to the lesser of such amount on deposit in the Distribution Account and the Class B Invested Amount shall be paid to the Class B HoldersServicer.
(i) The Controlled Accumulation Period is scheduled to commence at the beginning of business on the Controlled Accumulation Date; provided that if the Controlled Accumulation Period Length (determined as described below) on any Determination Date on or after the August 2001 Determination Date is less than 12 months, upon written notice to Trustee, Transferor and, each Rating Agency, Servicer, at its option, may elect to modify the date on which the Controlled Accumulation Period actually commences to the first day of the month that is a number of months prior to the month in which the Class A Scheduled Payment Date occurs at least equal to the Controlled Accumulation Period Length (so that, as a result of such election, the number of Monthly Periods in the Controlled Accumulation Period will at least equal the Controlled Accumulation Period Length); provided that (i) the length of the Controlled Accumulation Period will not be less than two months, (ii) such determination of the Controlled Accumulation Period Length shall be made on each Determination Date on and after the August 2001 Determination Date but prior to the commencement of the Controlled Accumulation Period, and any election to shorten the Controlled Accumulation Period shall be subject to the subsequent lengthening of the Controlled Accumulation Period to the Controlled Accumulation Period Length determined on any subsequent Determination Date, but the Controlled Accumulation Period shall in no event commence prior to the Controlled Accumulation Date, and (iii) notwithstanding any other provision of this Series Supplement to the contrary, no election to postpone the commencement of the Controlled Accumulation Period shall be made after an Early Amortization Event shall have occurred and be
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Peoples Bank Credit Card Master Trust)
Monthly Payments. On or before each Transfer Distribution Date, the Servicer shall instruct the Trustee in writing (which writing shall be substantially in the form of Exhibit BC hereto) to withdraw, withdraw and the Trustee, acting in accordance with such instructions, shall withdraw on such Transfer Date or the related Distribution Date, as applicable, to the extent of available funds, the amounts required to be withdrawn from the Finance Charge Account, the Principal Account, the Principal Funding Account and the Distribution Collection Account as follows:
(a) An amount equal to the Class A Available Funds for the related Monthly Due Period will be distributed on each Transfer Distribution Date, to the extent available, in the following priority:
(i) on a pro rata basis (A) an amount equal to the unpaid Class A Monthly Interest, plus any Interest shall be distributed to the Class A Deficiency Amount, plus any Class A Additional Interest (Certificateholders in each case for such Transfer Date) shall be deposited by Servicer or Trustee into the Distribution Account and (B) any Class A Net Swap Payment shall be paid to the Swap Counterpartyaccordance with Section 5.1;
(ii) an amount equal to the unpaid Write Down Accrual, if any, for such Distribution Date plus any Write Down Accrual due but not paid on any prior Distribution Date shall be distributed to the Class A Certificateholders in accordance with Section 5.1;
(iii) [reserved];
(iv) an amount equal to the Investor Monthly Servicing Fee for such Transfer Distribution Date plus any Class A Investor Monthly Servicing Fee due but not paid to the Servicer on any prior Transfer Distribution Date (less, if WFN is Servicer, amounts previously retained toward payment of such fees) shall be distributed to Servicer;
(iiiv) first, an amount equal to the Class A Investor Loss Amount, if any, and second, an amount equal to the Class A Investor Dilution Amount, if any, in either case, for the related Due Period shall be treated as a portion of Available Principal Collections on such Distribution Date;
(vi) an amount equal to the sum aggregate amount of the Class A Investor Default Amount and Charge-Offs which have not been previously reimbursed will be treated as a portion of Available Principal Collections on such Distribution Date;
(vii) first, an amount equal to the Class A Uncovered B Investor Loss Amount, if any, and then, an amount equal to the Class B Investor Dilution Amount, if any, in either case, for the preceding Monthly prior Due Period will be treated as a portion of Available Principal Collections on such Distribution Date;
(viii) an amount equal to the aggregate amount by which the Class B Investor Interest has been reduced for reasons other than the payment of principal to the Class B Certificateholders (but not in excess of the aggregate amount of such reductions which have not been previously reimbursed) will be treated as a portion of Available Principal Collections on such Distribution Date;
(ix) an amount up to the excess, if any of the Required Enhancement Amount (determined after all deposits, withdrawals, reductions, payments, and adjustments to be made with respect to such Distribution Date) over the Specified Enhancement Amount (determined after all deposits, withdrawals, reductions, payments and adjustments to be made with respect to such Distribution Date) shall be treated deposited in the Series Cash Collateral Account;
(or deemedx) an amount up to the excess, if any of the Required Spread Account Amount (determined after all deposits, withdrawals, reductions, payments and adjustments to be made with respect to such Distribution Date) over the Spread Account Amount (determined after all deposits, withdrawals, reductions, payments and adjustments to be made with respect to such Distribution Date) shall be deposited in the Spread Account;
(xi) an amount equal to the unpaid Class A Non-Use Fee, if any, for the related Interest Period plus any Class A Non-Use Fee due but not paid to the Class A Certificateholders on any prior Distribution Date shall be distributed to the Class A Certificateholders in accordance with Section 4.7(d), to be treated) as a portion of Investor Principal Collections and, during the Controlled Accumulation Period or the Early Amortization Period, deposited into the Principal Account on such Transfer Date; and5.1;
(ivxii) the balance, if any, shall constitute Excess Spread and shall be allocated and distributed as set forth in Section 4.13.
(b) An an amount equal to the Class B Available Funds A Additional Amounts, if any, for the related Monthly Interest Period will plus any Class A Additional Amounts due but not paid to the Class A Certificateholders on any prior Distribution Date shall be distributed on each Transfer Date, to the extent available, Class A Certificateholders in the following priority:accordance with Section 5.1;
(i) on a pro rata basis, (Axiii) an amount equal to the Class B Monthly Interest, plus any Class B Deficiency Amount, plus any Class B Additional Interest (in each case for such Transfer Date) shall be deposited by Servicer or Trustee into the Distribution Account and (B) any Class B Net Swap Payment shall will be paid to the Swap CounterpartyClass B Certificateholders in accordance with the Certificate Purchase Agreement;
(iixiv) an amount equal to (i) any Class B Non-Use Fee payable to the Class B Servicing Fee Certificateholders under the Certificate Purchase Agreement for such Transfer Distribution Date, plus (ii) any Class B Servicing Fee due but not paid Additional Amounts payable to Servicer on any prior Transfer Date the Class B Certificateholders under the Certificate Purchase Agreement for such Transfer Date Distribution Date, plus (less, if WFN is Servicer, amounts previously retained toward payment iii) the amount of such fees) shall be distributed any past due Class B Non-Use Fee and Class B Additional Amounts payable to Servicerthe Class B Certificateholders in accordance with the Certificate Purchase Agreement; and
(iiixv) the balance, if any, after giving effect to the payments made pursuant to clauses (i) through (xiv) shall constitute "Excess Spread and shall Finance Charge Collections" to be allocated and distributed as set forth applied with respect to other Series in accordance with Section 4.134.3 of the Agreement.
(c) An amount equal to the Class C Available Funds for the related Monthly Period will be distributed on each Transfer Date, to the extent available, in the following priority:
(i) if neither Transferor nor any of its Affiliates is Servicer, an amount equal to the Class C Servicing Fee for such Transfer Date, plus any Class C Servicing Fee due but not paid to Servicer on any prior Transfer Date shall be distributed to Servicer; and
(ii) the balance, if any, shall constitute Excess Spread and shall be allocated and distributed as set forth in Section 4.13.
(db) During the Revolving Period, an amount equal to the Available Investor Principal Collections for the related Monthly Due Period will be distributed on each Transfer Distribution Date, to the extent available, in the following priority:
(i) an amount equal to the Class C B Monthly Principal for such Transfer Distribution Date shall be distributed to the Class C Interest Holders in accordance with the Class C Supplemental Agreement; andB Certificateholders;
(ii) an amount equal to the lesser of (A) Available Investor Principal Collections remaining for such Distribution Date after giving effect to the application specified in Section 4.11(d)(isubsection 4.9(b)(i) above, and (B) the product of (1) a fraction, the numerator of which is equal to such Available Principal Collections and the denominator of which is equal to the sum of the Available Principal Collections available for sharing as specified in the related Supplement or Receivables Purchase Agreement for each Series (including this Series 2000-VFC) in Group One that are Principal Sharing Series and (2) the Cumulative Principal Shortfall, shall be treated as Shared Principal CollectionsCollections and applied to Series in Group One that are Principal Sharing Series other than this Series 2000-VFC; and
(iii) an amount equal to the excess, if any, of (A) the Available Principal Collections for such Distribution Date over (B) the applications specified in subsections 4.9(b)(i) and (ii) above shall be paid to the Holder of the Exchangeable Seller Certificate; provided, however, that in no event shall the amount payable to the Holder of the Exchangeable Seller Certificate pursuant to this subsection 4.9(b)(iii) be greater than the Seller Interest on such Distribution Date.
(ec) On each Transfer Date commencing with the Transfer Date falling in the calendar month following the one in which the Controlled Accumulation Period or the Early Amortization Period (whichever is earlier) commencesDuring a Fixed Allocation Period, an amount equal to the Available Investor Principal Collections for the related Monthly Due Period plus any amounts in the Excess Funding Account allocable to Series 2000-VFC in accordance with Section 4.3(e) will be distributed on such Transfer each Distribution Date, to the extent available, in the following priority:
(i) an amount equal to the Class A Monthly Principal for such Transfer Date, Distribution Date shall be (A) with respect distributed to the Controlled Accumulation Period, deposited into the Principal Funding Account, and (B) during the Early Amortization Period, deposited into the Distribution AccountClass A Certificateholders in accordance with Section 5.1(a);
(ii) after giving effect to the distribution referred to in clause (i), an amount equal to the Class B Monthly Principal, shall be deposited into the Distribution Account;
(iii) for each Transfer Date (other than the Transfer Date immediately preceding the Series 1999-A Termination Date, in which case on the Series 1999-A Termination Date) after giving effect to the distribution referred to in clauses(i) and (ii) above, an amount equal to Class C B Monthly Principal shall be distributed to the Class C Interest Holders B Certificateholders in accordance with Section 5.1(b);
(iii) an amount equal to the Class C Supplemental Agreementlesser of (A) Available Principal Collections for such Distribution Date after giving effect to the application specified in clauses (i) and (ii) above and (B) the product of (1) a fraction, the numerator of which is equal to such Available Principal Collections and the denominator of which is equal to the sum of the Available Principal Collections available for sharing as specified in the related Supplement or Receivables Purchase Agreement for each Series (including this Series 2000-VFC) in Group One which is a Principal Sharing Series and (2) the Cumulative Principal Shortfall, shall be treated as Shared Principal Collections and applied to Series in Group One which are Principal Sharing Series other than this Series 2000-VFC; and
(iv) an amount equal to the excess, if any, of (A) the Available Investor Principal Collections remaining after over (B) the applications specified in clauses (i), (ii) and through (iii) above shall be treated as Shared Principal Collections.
(f) On the earlier to occur of (i) the first Transfer Date with respect to the Early Amortization Period and (ii) the Transfer Date immediately preceding the Class A Scheduled Payment Date, Trustee, acting in accordance with instructions from Servicer, shall withdraw from the Principal Funding Account and deposit in the Distribution Account the amount on deposit in the Principal Funding Account.
(g) On each Distribution Date, Trustee shall pay in accordance with Section 5.1(a) to the Class A Holders from the Distribution Account, the amount deposited into the Distribution Account pursuant to Section
(a) (i) on the preceding Transfer Date and to the Class B Holders from the Distribution Account, the amount deposited into the Distribution Account pursuant to Section 4.11(b)(i) on the preceding Transfer Date.
(h) On the earlier to occur of (i) the first Distribution Date with respect to the Early Amortization Period and (ii) the Class A Scheduled Payment Date and on each Distribution Date thereafter, Trustee, acting in accordance with instructions from Servicer, shall pay in accordance with Section 5.1 from the Distribution Account the amount so deposited into the Distribution Account pursuant to Sections 4.11(e) and (f) on the related Transfer Date in the following priority:
(i) an amount equal to the lesser of such amount on deposit in the Distribution Account and the Class A Invested Amount shall be paid to the Class A Holders; and
(ii) for each Distribution Date with respect to the Early Amortization Period and on or after the Class B Scheduled Payment Date, after giving effect to the distributions referred to in clause (i) above, an amount equal to the lesser of such amount on deposit in the Distribution Account and the Class B Invested Amount shall be paid to the Class B Holders.
(i) The Controlled Accumulation Period is scheduled to commence at the beginning of business on the Controlled Accumulation Date; provided that if the Controlled Accumulation Period Length (determined as described below) on any Determination Date on or after the August 2001 Determination Date is less than 12 months, upon written notice to Trustee, Transferor and, each Rating Agency, Servicer, at its option, may elect to modify the date on which the Controlled Accumulation Period actually commences to the first day Holder of the month Exchangeable Seller Certificate; provided, however, that is a number of months prior to the month in which the Class A Scheduled Payment Date occurs at least equal to the Controlled Accumulation Period Length (so that, as a result of such election, the number of Monthly Periods in the Controlled Accumulation Period will at least equal the Controlled Accumulation Period Length); provided that (i) the length of the Controlled Accumulation Period will not be less than two months, (ii) such determination of the Controlled Accumulation Period Length shall be made on each Determination Date on and after the August 2001 Determination Date but prior to the commencement of the Controlled Accumulation Period, and any election to shorten the Controlled Accumulation Period shall be subject to the subsequent lengthening of the Controlled Accumulation Period to the Controlled Accumulation Period Length determined on any subsequent Determination Date, but the Controlled Accumulation Period shall in no event commence prior shall the amount payable to the Controlled Accumulation Date, and (iii) notwithstanding any other provision of this Series Supplement to the contrary, no election to postpone the commencement Holder of the Controlled Accumulation Period shall Exchangeable Seller Certificate pursuant to this subsection 4.9(c)(iv) be made after an Early Amortization Event shall have occurred and begreater than the Seller Interest on such Distribution Date.
Appears in 1 contract
Sources: Supplement (Charming Shoppes Inc)
Monthly Payments. On or before each Transfer Determination Date, the Servicer ---------------- shall notify the Trustee that the Servicer will withdraw, or shall instruct the Trustee in writing (which writing shall be substantially in the form of Exhibit B) to withdraw, and Trustee, the Trustee acting in accordance with such instructionsinstructions shall withdraw, shall withdraw on such the succeeding Transfer Date or the related Distribution Date, as applicable, to the extent of available funds, the amounts required to be withdrawn from the Finance Charge Account pursuant to subsections 4.6(a), (b), (c), (d), (e), (f) and (g). On each Determination Date, the Servicer shall also notify the Trustee of the amounts to be withdrawn by the Trustee, acting on instructions from the Servicer, from the Reserve Account, pursuant to subsection 4.6(e). Any such withdrawal from the Principal Account, Reserve Account shall be made on the Principal Funding Account and the Distribution Account as follows:date provided in this Section 4.6 with respect to such withdrawal.
(a) An On each Transfer Date, an amount equal to the Class A Available Funds for the related Monthly Period will be distributed on each Transfer Date, to the extent available, in the following priority:
(i) on a pro rata basis (A) an amount equal to Class A Monthly InterestCap Rate Interest and the Covered Amount. On each -------------------------------------------------------- Transfer Date, plus any the - 39 - Servicer or the Trustee, acting in accordance with instructions from the Servicer, shall withdraw from the Finance Charge Account and deposit to the Distribution Account, to the extent funds are available from Class A Deficiency AmountAvailable Funds (i) first, plus any Class A Additional Interest (in each case for such Transfer Date) shall be deposited by Servicer or Trustee into the Distribution Account and (B) any Class A Net Swap Payment shall be paid to the Swap Counterparty;
(ii) an amount equal to the Class A Servicing Fee for such Transfer Date plus any Class A Servicing Fee due but not paid to Servicer on any prior Transfer Date (less, if WFN is Servicer, amounts previously retained toward payment of such fees) shall be distributed to Servicer;
(iii) an amount equal to the sum of the Class A Investor Default Amount Monthly Cap Rate Interest and the Class A Uncovered Dilution Amount, if any, for the preceding Monthly Period shall be treated (or deemed, in accordance with Section 4.7(d), to be treated) as a portion of Investor Principal Collections and, during the Controlled Accumulation Period or the Early Amortization Period, deposited into the Principal Account on such Transfer Date; and
(iv) the balance, if any, shall constitute Excess Spread and shall be allocated and distributed as set forth in Section 4.13.
(b) An amount equal to the Class B Available Funds Covered Amount for the related Monthly Period will be distributed on each Transfer Distribution Date, to the extent available, in the following priority:
(i) on a pro rata basis, (A) an amount equal to the Class B Monthly Interest, plus any Class B Deficiency Amount, plus any Class B Additional Interest (in each case for such Transfer Date) shall be deposited by Servicer or Trustee into the Distribution Account ; and (B) any Class B Net Swap Payment shall be paid to the Swap Counterparty;
(ii) an amount equal to the Class B Servicing Fee for such Transfer Date, plus any Class B Servicing Fee due but not paid to Servicer on any prior Transfer Date for such Transfer Date (less, if WFN is Servicer, amounts previously retained toward payment of such fees) shall be distributed to Servicer; and
(iii) the balance, if any, shall constitute Excess Spread and shall be allocated and distributed as set forth in Section 4.13.
(c) An amount equal to the Class C Available Funds for the related Monthly Period will be distributed on each Transfer Date, to the extent available, in the following priority:
(i) if neither Transferor nor any of its Affiliates is Servicerthen, an amount equal to the Class C Servicing Fee for such Transfer Date, plus amount of any Class C Servicing Fee due but not paid to Servicer on any prior Transfer Date shall be distributed to Servicer; and
(ii) the balance, if any, shall constitute Excess Spread and shall be allocated and distributed as set forth in Section 4.13.
(d) During the Revolving Period, an amount equal to the Available Investor Principal Collections for the related Monthly Period will be distributed on each Transfer Date, to the extent available, in the following priority:
(i) an amount equal to the Class C Monthly Principal for such Transfer Date shall be distributed to the Class C Interest Holders in accordance with the Class C Supplemental Agreement; and
(ii) an amount equal to the Available Investor Principal Collections remaining after the application specified in Section 4.11(d)(i) shall be treated as Shared Principal Collections.
(e) On each Transfer Date commencing with the Transfer Date falling in the calendar month following the one in which the Controlled Accumulation Period or the Early Amortization Period (whichever is earlier) commences, an amount equal to the Available Investor Principal Collections for the related Monthly Period will be distributed on such Transfer Date, to the extent available, in the following priority:
(i) an amount equal to the overdue Class A Monthly Principal Cap Rate Interest and overdue Covered Amount, for such Transfer Datewhich a payment has not been made under this subsection 4.6(a)(i) or otherwise pursuant to this Agreement; provided, shall be (A) -------- however, that with respect to the Controlled Accumulation Period, deposited into the Principal Funding Account, and (B) during the Early Amortization Period, deposited into the first Distribution Account;
(ii) after giving effect Date relating to the distribution Series ------- 1997-1 Investor Certificates, the amount of Class A Monthly Cap Rate Interest referred to in clause (i), an amount equal to the Class B Monthly Principal, shall be deposited into the Distribution Account;
(iii) for each Transfer Date (other than the Transfer Date immediately preceding the Series 1999-A Termination Date, in which case on the Series 1999-A Termination Date) after giving effect to the distribution referred to in clauses(i) and (ii) above, an amount equal to Class C Monthly Principal shall be distributed to the Class C Interest Holders in accordance with the Class C Supplemental Agreement; and
(iv) an amount equal to the Available Investor Principal Collections remaining after the applications specified in clauses (i), (ii) and (iii) above shall be treated as Shared Principal Collections$[ ] (reflecting an initial period of [___] days).
(f) On the earlier to occur of (i) the first Transfer Date with respect to the Early Amortization Period and (ii) the Transfer Date immediately preceding the Class A Scheduled Payment Date, Trustee, acting in accordance with instructions from Servicer, shall withdraw from the Principal Funding Account and deposit in the Distribution Account the amount on deposit in the Principal Funding Account.
(g) On each Distribution Date, Trustee shall pay in accordance with Section 5.1(a) to the Class A Holders from the Distribution Account, the amount deposited into the Distribution Account pursuant to Section
(a) (i) on the preceding Transfer Date and to the Class B Holders from the Distribution Account, the amount deposited into the Distribution Account pursuant to Section 4.11(b)(i) on the preceding Transfer Date.
(h) On the earlier to occur of (i) the first Distribution Date with respect to the Early Amortization Period and (ii) the Class A Scheduled Payment Date and on each Distribution Date thereafter, Trustee, acting in accordance with instructions from Servicer, shall pay in accordance with Section 5.1 from the Distribution Account the amount so deposited into the Distribution Account pursuant to Sections 4.11(e) and (f) on the related Transfer Date in the following priority:
(i) an amount equal to the lesser of such amount on deposit in the Distribution Account and the Class A Invested Amount shall be paid to the Class A Holders; and
(ii) for each Distribution Date with respect to the Early Amortization Period and on or after the Class B Scheduled Payment Date, after giving effect to the distributions referred to in clause (i) above, an amount equal to the lesser of such amount on deposit in the Distribution Account and the Class B Invested Amount shall be paid to the Class B Holders.
(i) The Controlled Accumulation Period is scheduled to commence at the beginning of business on the Controlled Accumulation Date; provided that if the Controlled Accumulation Period Length (determined as described below) on any Determination Date on or after the August 2001 Determination Date is less than 12 months, upon written notice to Trustee, Transferor and, each Rating Agency, Servicer, at its option, may elect to modify the date on which the Controlled Accumulation Period actually commences to the first day of the month that is a number of months prior to the month in which the Class A Scheduled Payment Date occurs at least equal to the Controlled Accumulation Period Length (so that, as a result of such election, the number of Monthly Periods in the Controlled Accumulation Period will at least equal the Controlled Accumulation Period Length); provided that (i) the length of the Controlled Accumulation Period will not be less than two months, (ii) such determination of the Controlled Accumulation Period Length shall be made on each Determination Date on and after the August 2001 Determination Date but prior to the commencement of the Controlled Accumulation Period, and any election to shorten the Controlled Accumulation Period shall be subject to the subsequent lengthening of the Controlled Accumulation Period to the Controlled Accumulation Period Length determined on any subsequent Determination Date, but the Controlled Accumulation Period shall in no event commence prior to the Controlled Accumulation Date, and (iii) notwithstanding any other provision of this Series Supplement to the contrary, no election to postpone the commencement of the Controlled Accumulation Period shall be made after an Early Amortization Event shall have occurred and be
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Peoples Bank Credit Card Master Trust)
Monthly Payments. On or before the second Business Day prior to each Transfer Date, the Servicer shall instruct the Trustee in writing (which writing shall be substantially in the form of Exhibit B) to withdraw, and the Trustee, acting in accordance with such instructions, shall withdraw on such Transfer Date or the related Distribution Date, as applicable, to the extent of available funds, the amounts required to be withdrawn from the Finance Charge Account, the Principal Account, the Principal Funding Account and the Distribution Principal Account as follows:
(a) An amount equal to the Class A Available Funds for the related Monthly Period will shall be distributed or deposited on each Transfer Date, to the extent available, in the following priority:
(i) on a pro rata basis (A) an amount equal to Class A Monthly Interest, plus any Class A Deficiency Amount, plus any Class A Additional Interest (in each case for such Transfer Date) the Investor Trustee Fee shall be deposited by Servicer or Trustee into the Distribution Account and (B) any Class A Net Swap Payment shall be paid distributed to the Swap CounterpartyTrustee;
(ii) an amount equal to the Class A Servicing Fee lesser of (A) the Available Funds for such Transfer Date plus any Class A Servicing Fee due but not and (B) an amount equal to the Aggregate Targeted Interest Deposit Amount for the related Monthly Period shall be paid to Servicer on any prior each Transfer Date (less, if WFN is Servicer, amounts previously retained toward payment of such fees) shall be distributed to Servicerthe Series 2004-MC Certificateholders in accordance with Section 5.1;
(iii) an amount equal to the lesser of (A) the product of (1) a fraction, the numerator of which is equal to the Available Funds remaining after the application specified in Section 4.8(a)(ii) and the denominator of which is equal to the sum of the Class A Investor Default Amount Available Funds available for sharing as specified in the related Series Supplement for each Series in Group One and (2) the Class A Uncovered Dilution AmountCumulative Series Interest Shortfall and (B) such remaining Available Funds, if any, for shall remain in the preceding Monthly Period shall Finance Charge Account to be treated (or deemed, as Excess Finance Charge Collections and applied to Series in accordance with Section 4.7(d), to be treated) as a portion of Investor Principal Collections and, during the Controlled Accumulation Period or the Early Amortization Period, deposited into the Principal Account on such Transfer DateGroup One other than this Series 2004-MC; and
(iv) the balance, if any, shall constitute Excess Spread and shall be allocated and distributed as set forth to the Series 2004-MC Certificateholders in accordance with Section 4.135.1.
(b) An amount equal to the Class B Available Funds for the related Monthly Period will be distributed on each Transfer Date, to the extent available, in the following priority:
(i) on a pro rata basis, (A) an amount equal to the Class B Monthly Interest, plus any Class B Deficiency Amount, plus any Class B Additional Interest (in each case for such Transfer Date) shall be deposited by Servicer or Trustee into the Distribution Account and (B) any Class B Net Swap Payment shall be paid to the Swap Counterparty;
(ii) an amount equal to the Class B Servicing Fee for such Transfer Date, plus any Class B Servicing Fee due but not paid to Servicer on any prior Transfer Date for such Transfer Date (less, if WFN is Servicer, amounts previously retained toward payment of such fees) shall be distributed to Servicer; and
(iii) the balance, if any, shall constitute Excess Spread and shall be allocated and distributed as set forth in Section 4.13.
(c) An amount equal to the Class C Available Funds for the related Monthly Period will be distributed on each Transfer Date, to the extent available, in the following priority:
(i) if neither Transferor nor any of its Affiliates is Servicer, an amount equal to the Class C Servicing Fee for such Transfer Date, plus any Class C Servicing Fee due but not paid to Servicer on any prior Transfer Date shall be distributed to Servicer; and
(ii) the balance, if any, shall constitute Excess Spread and shall be allocated and distributed as set forth in Section 4.13.
(d) During the Revolving Period, an amount equal to the Available Investor Principal Collections for the related Monthly Period will shall be distributed on each Transfer Date, to the extent available, in the following priority:
(i) an amount equal to the Class C Monthly lesser of (A) the Available Investor Principal Collections for such Transfer Date and (B) an amount equal to the Series 2004-MC Monthly Principal Payment for the related Monthly Period shall be distributed paid on each Transfer Date to the Class C Interest Holders Series 2004-MC Certificateholders in accordance with the Class C Supplemental Agreement; andSection 5.1;
(ii) an amount equal to the lesser of (A) the product of (1) a fraction, the numerator of which is equal to the Available Investor Principal Collections remaining after the application specified in Section 4.11(d)(i4.8(b)(i) and the denominator of which is equal to the sum of the Available Investor Principal Collections available for sharing as specified in the related Series Supplement for each Series in Group One and (2) the Cumulative Series Principal Shortfall and (B) such remaining Available Investor Principal Collections, shall remain in the Principal Account to be treated as Shared Principal CollectionsCollections and applied to Series in Group One other than this Series 2004-MC; and
(iii) an amount equal to the excess, if any, of (A) the Available Investor Principal Collections for such Transfer Date over (B) the applications specified in Sections 4.8(b)(i) and (ii) above shall be paid to the Transferor, provided that the amount to be paid to the Transferor pursuant to this Section 4.8(b)(iii) with respect to such Transfer Date shall be paid to the Transferor only to the extent that the Transferor Interest on such Transfer Date is greater than zero (after giving effect to the inclusion in the Trust of all Receivables transferred to the Trust on or prior to such Transfer Date and the application of payments referred to in Section 4.3(b)) and otherwise shall be deposited into the Excess Funding Account in accordance with Section 4.7(c).
(ec) On each Transfer Date commencing with During the Transfer Date falling in the calendar month following the one in which the Controlled Accumulation Period or the Early Rapid Amortization Period (whichever is earlier) commencesPeriod, an amount equal to the Available Investor Principal Collections for the related Monthly Period will shall be distributed on such each Transfer Date, to the extent available, in the following priority:
(i) an amount equal to the Class A Monthly Principal for such Transfer Date, Investor Interest shall be (A) with respect paid on each to the Controlled Accumulation Period, deposited into the Principal Funding Account, and (B) during the Early Amortization Period, deposited into the Distribution Account;
(ii) after giving effect to the distribution referred to in clause (i), an amount equal to the Class B Monthly Principal, shall be deposited into the Distribution Account;
(iii) for each Transfer Date (other than the Transfer Date immediately preceding the Series 19992004-A Termination Date, in which case on the Series 1999-A Termination Date) after giving effect to the distribution referred to in clauses(i) and (ii) above, an amount equal to Class C Monthly Principal shall be distributed to the Class C Interest Holders MC Certificateholders in accordance with the Class C Supplemental AgreementSection 5.1; and
(ivii) an amount equal to the excess, if any, of (A) the Available Investor Principal Collections remaining after over (B) the applications specified in clauses (i), (iiSection 4.8(c)(i) and (iii) above shall be treated as Shared Principal Collections.
(f) On the earlier to occur of (i) the first Transfer Date with respect to the Early Amortization Period and (ii) the Transfer Date immediately preceding the Class A Scheduled Payment Date, Trustee, acting in accordance with instructions from Servicer, shall withdraw from the Principal Funding Account and deposit in the Distribution Account the amount on deposit in the Principal Funding Account.
(g) On each Distribution Date, Trustee shall pay in accordance with Section 5.1(a) to the Class A Holders from the Distribution Account, the amount deposited into the Distribution Account pursuant to Section
(a) (i) on the preceding Transfer Date and to the Class B Holders from the Distribution Account, the amount deposited into the Distribution Account pursuant to Section 4.11(b)(i) on the preceding Transfer Date.
(h) On the earlier to occur of (i) the first Distribution Date with respect to the Early Amortization Period and (ii) the Class A Scheduled Payment Date and on each Distribution Date thereafter, Trustee, acting in accordance with instructions from Servicer, shall pay in accordance with Section 5.1 from the Distribution Account the amount so deposited into the Distribution Account pursuant to Sections 4.11(e) and (f) on the related Transfer Date in the following priority:
(i) an amount equal to the lesser of such amount on deposit in the Distribution Account and the Class A Invested Amount shall be paid to the Class A Holders; and
(iiTransferor, provided that the amount to be paid to the Transferor pursuant to this Section 4.8(c)(ii) for each Distribution Date with respect to such Transfer Date shall be paid to the Early Amortization Period and Transferor only to the extent that the Transferor Interest on or after the Class B Scheduled Payment Date, such Transfer Date is greater than zero (after giving effect to the distributions inclusion in the Trust of all Receivables transferred to the Trust on or prior to such Transfer Date and the application of payments referred to in clause (iSection 4.3(b)) above, an amount equal to the lesser of such amount on deposit in the Distribution Account and the Class B Invested Amount otherwise shall be paid to deposited into the Class B HoldersExcess Funding Account in accordance with Section 4.7(c).
(i) The Controlled Accumulation Period is scheduled to commence at the beginning of business on the Controlled Accumulation Date; provided that if the Controlled Accumulation Period Length (determined as described below) on any Determination Date on or after the August 2001 Determination Date is less than 12 months, upon written notice to Trustee, Transferor and, each Rating Agency, Servicer, at its option, may elect to modify the date on which the Controlled Accumulation Period actually commences to the first day of the month that is a number of months prior to the month in which the Class A Scheduled Payment Date occurs at least equal to the Controlled Accumulation Period Length (so that, as a result of such election, the number of Monthly Periods in the Controlled Accumulation Period will at least equal the Controlled Accumulation Period Length); provided that (i) the length of the Controlled Accumulation Period will not be less than two months, (ii) such determination of the Controlled Accumulation Period Length shall be made on each Determination Date on and after the August 2001 Determination Date but prior to the commencement of the Controlled Accumulation Period, and any election to shorten the Controlled Accumulation Period shall be subject to the subsequent lengthening of the Controlled Accumulation Period to the Controlled Accumulation Period Length determined on any subsequent Determination Date, but the Controlled Accumulation Period shall in no event commence prior to the Controlled Accumulation Date, and (iii) notwithstanding any other provision of this Series Supplement to the contrary, no election to postpone the commencement of the Controlled Accumulation Period shall be made after an Early Amortization Event shall have occurred and be
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Mellon Bank Premium Finance Loan Master Trust)
Monthly Payments. On or before each Transfer Date, the Servicer shall instruct the Trustee in writing (which writing shall be substantially in the form of Exhibit B) to withdraw, and the Trustee, acting in accordance with such instructions, shall withdraw on such Transfer Date or the related Distribution Date, as applicable, to the extent of available funds, the amounts required to be withdrawn from the Finance Charge Account, the Principal Account, Account and the Principal Funding Account and the Distribution Account as follows:
(a) An amount equal to the Class A Available Funds for the related Monthly Period will be distributed or deposited on each Transfer Date, to the extent available, in the following priority:
(i) on a pro rata basis an amount equal to the Class A Unpaid Trustee Fee;
(Aii) an amount equal to Class A Monthly Interest, plus any Class A Deficiency Amount, plus any Class A Additional Interest (in each case for such Transfer Date) shall be deposited by the Servicer or the Trustee into the Distribution Account and (B) any Class A Net Swap Interest Funding Account for payment to Class A Holders on the applicable Payment shall be paid to the Swap CounterpartyDate;
(iiiii) an amount equal to the Class A Servicing Fee for such Transfer Date Date, plus any Class A Servicing Fee due but not paid to the Servicer on any prior Transfer Date (less, if WFN is Servicer, amounts previously retained toward payment of such fees) shall be distributed to the Servicer;
(iiiiv) an amount equal to the sum of the Class A Investor Default Amount and the Class A Uncovered Dilution Amount, if any, for the preceding Monthly Period shall be treated (or deemed, in accordance with Section 4.7(d), to be treated) as a portion of Investor Principal Collections and, during the Controlled Accumulation Period or the Early Amortization Period, and deposited into the Principal Account on such Transfer Date; and
(ivv) the balance, if any, shall constitute Excess Spread and shall be allocated and distributed or deposited as set forth in Section 4.13. If the Back-up Servicer is the Servicer, the amounts described in clause (iii) of this subsection 4.11(a) shall be paid prior to the amounts described in clause (ii) of this subsection 4.11(a).
(b) An amount equal to the Class B Available Funds for the related Monthly Period will be distributed or deposited on each Transfer Date, to the extent available, in the following priority:
(i) on a pro rata basis, an amount equal to the Class B Unpaid Trustee Fee;
(Aii) an amount equal to the Class B Monthly Interest, plus any Class B Deficiency Amount, plus any Class B Additional Interest (in each case for such Transfer Date) shall be deposited by the Servicer or the Trustee into the Distribution Account and (B) any Class B Net Swap Payment shall be paid Interest Funding Account for payment to the Swap CounterpartyClass B Holders on the applicable Payment Date;
(iiiii) an amount equal to the Class B Servicing Fee for such Transfer Date, plus any Class B Servicing Fee due but not paid to the Servicer on any prior Transfer Date for such Transfer Date (less, if WFN is Servicer, amounts previously retained toward payment of such fees) shall be distributed to the Servicer; and
(iv) the balance, if any, shall constitute Excess Spread and shall be allocated and distributed or deposited as set forth in Section 4.13. If the Back-up Servicer is the Servicer, the amounts described in clause (iii) of this subsection 4.11(b) shall be paid prior to the amounts described in clause (ii) of this subsection 4.11(b).
(c) An amount equal to the Collateral Available Funds for the related Monthly Period will be distributed or deposited on each Transfer Date, to the extent available, in the following priority:
(i) an amount equal to the Collateral Unpaid Trustee Fee;
(ii) if the Originators are no longer the Servicer, an amount equal to the Collateral Interest Servicing Fee for such Transfer Date, plus any Collateral Interest Servicing Fee due but not paid to the Servicer on any prior Transfer Date shall be distributed to the Servicer; and
(iii) the balance, if any, shall constitute Excess Spread and shall be allocated and distributed as set forth in Section 4.13.
(c) An amount equal to the Class C Available Funds for the related Monthly Period will be distributed on each Transfer Date, to the extent available, in the following priority:
(i) if neither Transferor nor any of its Affiliates is Servicer, an amount equal to the Class C Servicing Fee for such Transfer Date, plus any Class C Servicing Fee due but not paid to Servicer on any prior Transfer Date shall be distributed to Servicer; and
(ii) the balance, if any, shall constitute Excess Spread and shall be allocated and distributed or deposited as set forth in Section 4.13.
(d) During the Revolving Period, an amount equal to the Available Investor Principal Collections for the related Monthly Period will be distributed on each Transfer Date, to the extent available, in the following priority:
(i) an amount equal to the Class C Collateral Monthly Principal for such Transfer Date shall be distributed to the Class C Collateral Interest Holders Holder in accordance with the Class C Supplemental Loan Agreement; and;
(ii) an amount equal to the lesser of (A) the product of (1) a fraction, the numerator of which is equal to the Available Investor Principal Collections remaining after the application specified in Section subsection 4.11(d)(i) and the denominator of which is equal to the sum of the Available Investor Principal Collections available for sharing as specified in the related Series Supplement for each Series in Group One and (2) the Cumulative Series Principal Shortfall and (B) such remaining Available Investor Principal Collections, shall remain in the Principal Account to be treated as Shared Principal CollectionsCollections and applied to Series in Group One other than this Series 2001-1; and
(iii) an amount equal to the excess, if any, of (A) the Available Investor Principal Collections for such Transfer Date over (B) the applications specified in subsections 4.11(d)(i) and (ii) above shall be paid to the Transferor; provided that the amount to be paid to the Transferor pursuant to this subsection 4.11(d)(iii) with respect to such Transfer Date shall be paid to the Transferor only to the extent that the Transferor Interest on such Transfer Date is greater than zero (after giving effect to the inclusion in the Trust of all Receivables transferred to the Trust on or prior to such Transfer Date and the application of payments referred to in subsection 4.3(b)) and otherwise shall be deposited into the Excess Funding Account in accordance with subsection 4.7(d).
(e) On each Transfer Date commencing with the Transfer Date falling in the calendar month following the one in which During the Controlled Accumulation Period or the Early Rapid Amortization Period (whichever is earlier) commencesPeriod, an amount equal to the Available Investor Principal Collections for the related Monthly Period will be distributed on such each Transfer Date, to the extent available, in the following priority:
(i) an amount equal to the Class A Monthly Principal for such Transfer Date, Date shall be (A) with respect to during the Controlled Accumulation Period, deposited into the Class A Principal Funding Account, and (B) during the Early Rapid Amortization Period, deposited into the Distribution Account;
(ii) after giving effect to the distribution referred to in clause (i), an amount equal to the Class B Monthly PrincipalPrincipal for such Transfer Date, shall be (A) during the Controlled Accumulation Period, deposited into the Class B Principal Funding Account and (B) during the Rapid Amortization Period, deposited into the Distribution Account;
(iii) for each Transfer Date (other than the Transfer Date immediately preceding the Series 19992001-A 1 Termination Date, in which case on the Series 19992001-A 1 Termination Date) after giving effect to the distribution referred to in clauses(iclauses (i) and (ii) above), an amount equal to Class C Collateral Monthly Principal shall be distributed to the Class C Collateral Interest Holders Holder in accordance with the Class C Supplemental Loan Agreement; and;
(iv) an amount equal to the lesser of (A) the product of (1) a fraction, the numerator of which is equal to the Available Investor Principal Collections remaining after the applications application specified in clauses (isubsections 4.11(e)(i), (ii) and (iii) above and the denominator of which is equal to the sum of the Available Investor Principal Collections available for sharing as specified in the related Supplement for each Series in Group One and (2) the Cumulative Series Principal Shortfall and (B) such remaining Available Investor Principal Collections, shall remain in the Principal Account to be treated as Shared Principal CollectionsCollections and applied to Series in Group One other than this Series 2001-1; and
(v) an amount equal to the excess, if any, of (A) the Available Investor Principal Collections over (B) the applications specified in subsections 4.11(e)(i) through (iv) shall be paid to the Transferor; provided that the amount to be paid to the Transferor pursuant to this subsection 4.11(e)(v) with respect to such Transfer Date shall be paid to the Transferor only to the extent that the Transferor Interest on such Transfer Date is greater than zero (after giving effect to the inclusion in the Trust of all Receivables transferred to the Trust on or prior to such Transfer Date and the application of payments referred to in subsection 4.3(b)) and otherwise shall be deposited into the Excess Funding Account in accordance with subsection 4.7(d).
(f) On the earlier to occur of (i) the first Transfer Date with respect to the Early Rapid Amortization Period and (ii) the Transfer Date immediately preceding the Class A Scheduled Payment Date, the Trustee, acting in accordance with instructions from the Servicer, shall withdraw from the Principal Funding Account and deposit in the Distribution Account the amount on deposit in the Principal Funding Account.
(g) On each Distribution Payment Date, the Trustee shall pay in accordance with Section 5.1(a) 5.1 to the Class A Holders from the Distribution Class A Interest Funding Account, the amount deposited into the Distribution Class A Interest Funding Account pursuant to Section
(a) (isubsection 4.11(a)(i) on the preceding Transfer Date and (b) to the Class B Holders from the Distribution Class B Interest Funding Account, the amount deposited into the Distribution Class B Interest Funding Account pursuant to Section subsection 4.11(b)(i) on the preceding Transfer Date.
(h) On the earlier to occur of (i) the first Distribution Special Payment Date with respect to the Early Rapid Amortization Period and (ii) the Class A Scheduled Payment Date and on each Distribution Payment Date thereafter, the Trustee, acting in accordance with instructions from the Servicer, shall pay in accordance with Section 5.1 from the Distribution Account the amount so deposited into the Distribution Account pursuant to Sections subsections 4.11(e) and (f) on the related Transfer Date in the following priority:
(i) an amount equal to the lesser of such amount on deposit in the Distribution Account and the Class A Invested Amount Investor Interest shall be paid to the Class A Holders; and
(ii) for each Distribution Special Payment Date with respect to the Early Rapid Amortization Period and on or after the Class B Scheduled Payment Date, after giving effect to the distributions referred to in clause (i) above, an amount equal to the lesser of such amount on deposit in the Distribution Account and the Class B Invested Amount Investor Interest shall be paid to the Class B Holders.
(iiii) The Controlled Accumulation Period is scheduled to commence at the beginning close of business on the Controlled Accumulation Date; provided that if the Controlled Accumulation Period Length (determined as described below) on any Determination Date on or after the August 2001 Determination Date preceding the [September 2006] Monthly Period is less than 12 nine months, upon written notice to the Trustee, the Transferor and, and each Rating Agency, the Servicer, at its option, may elect to modify the date on which the Controlled Accumulation Period actually commences to the first day of the month that is a number of months prior to the month in which the Class A Scheduled Payment Date occurs at least equal to the Controlled Accumulation Period Length (so that, as a result of such election, the number of Monthly Periods in the Controlled Accumulation Period will at least equal the Controlled Accumulation Period Length); provided that (i) the length of the Controlled Accumulation Period will not be less than two months, one month; (ii) such determination of the Controlled Accumulation Period Length shall be made on each Determination Date on and after the August 2001 Determination Date preceding the _______, 200_ Monthly Period but prior to the commencement of the Controlled Accumulation Period, and any election to shorten the Controlled Accumulation Period shall be subject to the subsequent lengthening of the Controlled Accumulation Period to the Controlled Accumulation Period Length determined on any subsequent Determination Date, but the Controlled Accumulation Period shall in no event commence prior to the Controlled Accumulation Date, and (iii) notwithstanding any other provision of this Series Supplement to the contrary, no election to postpone the commencement of the Controlled Accumulation Period shall be made after an Early Amortization a Pay Out Event shall have occurred and bebe continuing with respect to any other Series. The "Controlled Accumulation Period Length" will mean a number of months such that the amount available for distribution of principal first, on the Class A Certificates on the Class A Scheduled Payment Date and second, on the Class B Certificates on the Class B Scheduled Payment Date, is expected to equal or exceed the Class A Investor Interest and the Class B Investor Interest respectively, assuming for this purpose that (1) the payment rate with respect to Principal Collections remains constant at the lowest level of such payment rate during the nine preceding Monthly Periods (or such lower payment rate as the Servicer may select), (2) the total amount of Principal Receivables in the Trust (and the principal amount on deposit in the Excess Funding Account, if any) remains constant at the level on such date of determination, (3) no Pay Out Event with respect to any Series will subsequently occur and (4) no additional Series (other than any Series being issued on such date of determination) will be subsequently issued. Any notice by the Servicer electing to modify the commencement of the Controlled Accumulation Period pursuant to this clause (i) shall specify (i) the Controlled Accumulation Period Length, (ii) the commencement date of the Controlled Accumulation Period and (iii) the Class A Controlled Accumulation Amount and the Class B Controlled Accumulation Amount with respect to each Monthly Period during the Controlled Accumulation Period.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Mellon Premium Finance Loan Owner Trust)
Monthly Payments. On or before each Transfer Date, the ---------------- Servicer shall instruct the Trustee in writing (which writing shall be substantially in the form of Exhibit BB hereto) to withdraw, withdraw and the Trustee, --------- acting in accordance with such instructions, shall withdraw on such Transfer Date or the related Distribution Date, as applicable, to the extent of available funds, the amounts required to be withdrawn from the Finance Charge Account, the Principal Account, the Principal Funding Account and the Distribution Principal Account as follows:
(a) An amount equal to the Class A Available Funds deposited into the Finance Charge Account for the related Monthly Period will be distributed paid on each Transfer Date, Date to the extent available, in the following priority:
(i) on a pro rata basis (A) an amount equal to Class A Monthly Interest, plus any Class A Deficiency Amount, plus any Class A Additional Interest (in each case for such Transfer Date) shall be deposited by Servicer or Trustee into the Distribution Account and (B) any Class A Net Swap Payment shall be paid to the Swap Counterparty;
(ii) an amount equal to the Class A Servicing Fee for such Transfer Date plus any Class A Servicing Fee due but not paid to Servicer on any prior Transfer Date (less, if WFN is Servicer, amounts previously retained toward payment of such fees) shall be distributed to Servicer;
(iii) an amount equal to the sum of the Class A Investor Default Amount and the Class A Uncovered Dilution Amount, if any, for the preceding Monthly Period shall be treated (or deemed, Certificateholders in accordance with Section 4.7(d), to be treated) as a portion of Investor Principal Collections and, during the Controlled Accumulation Period or the Early Amortization Period, deposited into the Principal Account on such Transfer Date; and
(iv) the balance, if any, shall constitute Excess Spread and shall be allocated and distributed as set forth in Section 4.13.5.01. ------------
(b) An amount equal to the Class B Available Funds for the related Monthly Period will be distributed on each Transfer Date, to the extent available, in the following priority:
(i) on a pro rata basis, (A) an amount equal to the Class B Monthly Interest, plus any Class B Deficiency Amount, plus any Class B Additional Interest (in each case for such Transfer Date) shall be deposited by Servicer or Trustee into the Distribution Account and (B) any Class B Net Swap Payment shall be paid to the Swap Counterparty;
(ii) an amount equal to the Class B Servicing Fee for such Transfer Date, plus any Class B Servicing Fee due but not paid to Servicer on any prior Transfer Date for such Transfer Date (less, if WFN is Servicer, amounts previously retained toward payment of such fees) shall be distributed to Servicer; and
(iii) the balance, if any, shall constitute Excess Spread and shall be allocated and distributed as set forth in Section 4.13.
(c) An amount equal to the Class C Available Funds for the related Monthly Period will be distributed on each Transfer Date, to the extent available, in the following priority:
(i) if neither Transferor nor any of its Affiliates is Servicer, an amount equal to the Class C Servicing Fee for such Transfer Date, plus any Class C Servicing Fee due but not paid to Servicer on any prior Transfer Date shall be distributed to Servicer; and
(ii) the balance, if any, shall constitute Excess Spread and shall be allocated and distributed as set forth in Section 4.13.
(d) During the Revolving Period, an amount equal to the Available Investor Principal Collections deposited into the Principal Account for the related Monthly Period will be distributed on each Transfer Date, to the extent available, in the following priority:
(i) an amount equal to the Class C Monthly Principal for such Transfer Date shall be distributed to the Class C Interest Holders in accordance with the Class C Supplemental Agreement; and
(ii) an amount equal to the Available Investor Principal Collections remaining after the application specified in Section 4.11(d)(i) shall be treated as Shared Principal Collections.
(e) On each Transfer Date commencing with the Transfer Date falling in the calendar month following the one in which the Controlled Accumulation Period or the Early Amortization Period (whichever is earlier) commences, an amount equal to the Available Investor Principal Collections for the related Monthly Period will be distributed on such Transfer Date, to the extent available, in the following priority:
(i) an amount equal to the Class A Monthly Principal for such Transfer Date, shall be (A) with respect to the Controlled Accumulation Period, deposited into the Principal Funding Account, and (B) during the Early Amortization Period, deposited into the Distribution Account;
(ii) after giving effect to the distribution referred to in clause (i), an amount equal to the Class B Monthly Principal, shall be deposited into the Distribution Account;
(iii) for each Transfer Date (other than the Transfer Date immediately preceding the Series 1999-A Termination Date, in which case on the Series 1999-A Termination Date) after giving effect to the distribution referred to in clauses(i) and (ii) above, an amount equal to Class C Monthly Principal shall be distributed to the Class C Interest Holders in accordance with the Class C Supplemental Agreement; and
(iv) an amount equal to the Available Investor Principal Collections remaining after the applications specified in clauses (i), (ii) and (iii) above shall be treated as Shared Principal Collections.
(f) On the earlier to occur of (i) the first Transfer Date with respect to the Early Amortization Period and (ii) the Transfer Date immediately preceding the Class A Scheduled Payment Date, Trustee, acting in accordance with instructions from Servicer, shall withdraw from the Principal Funding Account and deposit in the Distribution Account the amount on deposit in the Principal Funding Account.
(g) On each Distribution Date, Trustee shall pay in accordance with Section 5.1(a) to the Class A Holders from the Distribution Account, the amount deposited into the Distribution Account pursuant to Section
(a) (i) on the preceding Transfer Date and to the Class B Holders from the Distribution Account, the amount deposited into the Distribution Account pursuant to Section 4.11(b)(i) on the preceding Transfer Date.
(h) On the earlier to occur of (i) the first Distribution Date with respect to the Early Amortization Period and (ii) the Class A Scheduled Payment Date and on each Distribution Date thereafter, Trustee, acting in accordance with instructions from Servicer, shall pay in accordance with Section 5.1 from the Distribution Account the amount so deposited into the Distribution Account pursuant to Sections 4.11(e) and (f) on the related Transfer Date in the following priority:
(i) an amount equal to the lesser of (A) the Available Investor Principal Collections for such Transfer Date and (B) an amount on deposit in equal to the Distribution Account and Series 2001-__ Monthly Principal Payment for the Class A Invested Amount related Monthly Period shall be paid on each Transfer Date to the Class A HoldersInvestor Certificateholders in accordance with Section 5.01; and------------
(ii) for each Distribution Date with respect to the Early Amortization Period and on or after the Class B Scheduled Payment Date, after giving effect to the distributions referred to in clause (i) above, an amount equal to the lesser of (A) the Available Investor Principal Collections remaining after the application specified in subsection 4.06(b)(i) above and (B) the product of (1) a fraction, the --------------------- numerator of which is equal to the Available Investor Principal Collections remaining after the application specified in subsection 4.06(b)(i) above --------------------- for such amount on deposit Transfer Date and the denominator of which is equal to the sum of the Available Investor Principal Collections available for sharing as specified in the Distribution related Series Supplement for each Series in Group One (including Series 2001-__) and (2) the Cumulative Series Principal Shortfall shall remain in the Principal Account to be treated as Shared Principal Collections and applied to Series in Group One other than this Series 2001-__; and
(iii) an amount equal to the excess, if any, of (A) the Available Investor Principal Collections for such Transfer Date over (B) the applications specified in subsections 4.06(b)(i) and (ii) above shall be ---------------------- ---- paid to the Holder of the Seller Interest; provided, however, that the -------- ------- amount to be paid to the Holder of the Seller Interest pursuant to this subsection 4.06(b)(iii) with respect to such Transfer Date shall be paid to ----------------------- the Holder of the Seller Interest if, and only to the extent that, the Seller Interest on such Date of Processing is equal to or greater than the Minimum Seller Interest (after giving effect to the inclusion in the Trust of all Receivables created on or prior to such Transfer Date and the Class B Invested Amount application of payments referred to in subsection 4.03(b)) and otherwise ------------------- shall be considered as Unallocated Principal Collections and deposited into the Principal Account in accordance with subsection 4.05(c). ------------------
(c) During the Rapid Amortization Period, an amount equal to the Available Investor Principal Collections deposited into the Principal Account for the related Monthly Period will be distributed on each Transfer Date in the following priority:
(i) an amount equal to the Investor Interest shall be paid on each Transfer Date to the Investor Certificateholders in accordance with Section ------- 5.01; ----
(ii) an amount equal to the excess, if any, of (A) the Available Investor Principal Collections over (B) the applications specified in subsections 4.06(c)(i) above shall be paid to the Class B Holders.
Holder of the Seller ---------------------- Interest; provided, however, that the amount to be paid to the Holder of -------- ------- the Seller Interest pursuant to this subsection 4.06(c)(ii) with respect to ---------------------- such Transfer Date shall be paid to the Holder of the Seller interest if, and only to the extent that, the Seller Interest on such Date of Processing is equal to or greater than the Minimum Seller Interest (i) The Controlled Accumulation Period is scheduled after giving effect to commence at the beginning inclusion in the Trust of business on the Controlled Accumulation Date; provided that if the Controlled Accumulation Period Length (determined as described below) on any Determination Date all Receivables created on or after the August 2001 Determination Date is less than 12 months, upon written notice to Trustee, Transferor and, each Rating Agency, Servicer, at its option, may elect to modify the date on which the Controlled Accumulation Period actually commences to the first day of the month that is a number of months prior to such Transfer Date and the month application of payments referred to in which the Class A Scheduled Payment Date occurs at least equal to the Controlled Accumulation Period Length (so that, as a result of such election, the number of Monthly Periods in the Controlled Accumulation Period will at least equal the Controlled Accumulation Period Lengthsubsection 4.03(b); provided that (i) the length of the Controlled Accumulation Period will not be less than two months, (ii) such determination of the Controlled Accumulation Period Length and otherwise shall be made on each Determination Date on considered as Unallocated ------------------- Principal Collections and after deposited into the August 2001 Determination Date but prior to the commencement of the Controlled Accumulation Period, and any election to shorten the Controlled Accumulation Period shall be subject to the subsequent lengthening of the Controlled Accumulation Period to the Controlled Accumulation Period Length determined on any subsequent Determination Date, but the Controlled Accumulation Period shall Principal Account in no event commence prior to the Controlled Accumulation Date, and (iii) notwithstanding any other provision of this Series Supplement to the contrary, no election to postpone the commencement of the Controlled Accumulation Period shall be made after an Early Amortization Event shall have occurred and beaccordance with subsection 4.05(c). ------------------
Appears in 1 contract
Sources: Series Supplement (Mbna Credit Card Master Note Trust)
Monthly Payments. On or before each Transfer Determination Date, the Servicer ---------------- shall notify the Trustee that the Servicer will withdraw, or shall instruct the Trustee in writing (which writing shall be substantially in the form of Exhibit B) to withdraw, and Trustee, the Trustee acting in accordance with such instructionsinstructions shall withdraw, shall withdraw on such the succeeding Transfer Date or the related Distribution Date, as applicable, to the extent of available funds, the amounts required to be withdrawn from the Finance Charge AccountAccount (or from the finance charge accounts for other Series, as applicable) pursuant to subsections 4.6(a), (b), (c), (d), (e), (f) and (g). On each Determination Date, the Principal AccountServicer shall also notify the Trustee of the amounts to be withdrawn by the Trustee, acting on instructions from the Servicer, from the Principal Funding Account and the Distribution Account as follows:Reserve Account, pursuant to subsections 4.3(c), 4.9(b) and 4.9(d).
(a) An On each Transfer Date, an amount equal to the Class A Available Funds for the related Monthly Period will be distributed on each Transfer Date, to the extent available, in the following priority:
(i) on a pro rata basis (A) an amount equal to Class A Monthly Interest, plus any Class A Deficiency Amount, plus any Class A Additional Cap Rate Interest (in each case for such Transfer Date) shall be deposited by Servicer or Trustee into the Distribution Account and (B) any Class A Net Swap Payment shall be paid to the Swap Counterparty;
(ii) an amount equal to the Class A Servicing Fee for such ------------------------------------------------- Covered Amount. On each Transfer Date plus any Date, the Servicer or the -------------- Trustee, acting in accordance with instructions from the Servicer, shall withdraw from the Finance Charge Account and deposit to the Distribution Account, to the extent funds are available from Class A Servicing Fee due but not paid to Servicer on any prior Transfer Date Available Funds (lessi) first, if WFN is Servicer, amounts previously retained toward payment of such fees) shall be distributed to Servicer;
(iii) an amount equal to the sum of the Class A Investor Default Amount Monthly Cap Rate Interest and the Class A Uncovered Dilution Amount, if any, for the preceding Monthly Period shall be treated (or deemed, in accordance with Section 4.7(d), to be treated) as a portion of Investor Principal Collections and, during the Controlled Accumulation Period or the Early Amortization Period, deposited into the Principal Account on such Transfer Date; and
(iv) the balance, if any, shall constitute Excess Spread and shall be allocated and distributed as set forth in Section 4.13.
(b) An amount equal to the Class B Available Funds Covered Amount for the related Monthly Period will be distributed on each Transfer Distribution Date, to the extent available, in the following priority:
(i) on a pro rata basis, (A) an amount equal to the Class B Monthly Interest, plus any Class B Deficiency Amount, plus any Class B Additional Interest (in each case for such Transfer Date) shall be deposited by Servicer or Trustee into the Distribution Account ; and (B) any Class B Net Swap Payment shall be paid to the Swap Counterparty;
(ii) an amount equal to the Class B Servicing Fee for such Transfer Date, plus any Class B Servicing Fee due but not paid to Servicer on any prior Transfer Date for such Transfer Date (less, if WFN is Servicer, amounts previously retained toward payment of such fees) shall be distributed to Servicer; and
(iii) the balance, if any, shall constitute Excess Spread and shall be allocated and distributed as set forth in Section 4.13.
(c) An amount equal to the Class C Available Funds for the related Monthly Period will be distributed on each Transfer Date, to the extent available, in the following priority:
(i) if neither Transferor nor any of its Affiliates is Servicerthen, an amount equal to the Class C Servicing Fee for such Transfer Date, plus amount of any Class C Servicing Fee due but not paid to Servicer on any prior Transfer Date shall be distributed to Servicer; and
(ii) the balance, if any, shall constitute Excess Spread and shall be allocated and distributed as set forth in Section 4.13.
(d) During the Revolving Period, an amount equal to the Available Investor Principal Collections for the related Monthly Period will be distributed on each Transfer Date, to the extent available, in the following priority:
(i) an amount equal to the Class C Monthly Principal for such Transfer Date shall be distributed to the Class C Interest Holders in accordance with the Class C Supplemental Agreement; and
(ii) an amount equal to the Available Investor Principal Collections remaining after the application specified in Section 4.11(d)(i) shall be treated as Shared Principal Collections.
(e) On each Transfer Date commencing with the Transfer Date falling in the calendar month following the one in which the Controlled Accumulation Period or the Early Amortization Period (whichever is earlier) commences, an amount equal to the Available Investor Principal Collections for the related Monthly Period will be distributed on such Transfer Date, to the extent available, in the following priority:
(i) an amount equal to the overdue Class A Monthly Principal Cap Rate Interest and overdue Class A Covered Amount, for such Transfer Datewhich a payment has not been made under this subsection 4.6(a)(i) or otherwise pursuant to this Agreement; provided, shall be (A) however, that -------- ------- with respect to the Controlled Accumulation Period, deposited into the Principal Funding Account, and (B) during the Early Amortization Period, deposited into the first Distribution Account;
(ii) after giving effect Date relating to the distribution Series 1998-1 Investor Certificates, the amount of Class A Monthly Cap Rate Interest referred to in clause (i), an amount equal to the Class B Monthly Principal, shall be deposited into the Distribution Account;
(iii) for each Transfer Date (other than the Transfer Date immediately preceding the Series 1999-A Termination Date, in which case on the Series 1999-A Termination Date) after giving effect to the distribution referred to in clauses(i) and (ii) above, an amount equal to Class C Monthly Principal shall be distributed to the Class C Interest Holders in accordance with the Class C Supplemental Agreement; and
(iv) an amount equal to the Available Investor Principal Collections remaining after the applications specified in clauses (i), (ii) and (iii) above shall be treated as Shared Principal Collections$[________] (reflecting an initial period of [____] days).
(f) On the earlier to occur of (i) the first Transfer Date with respect to the Early Amortization Period and (ii) the Transfer Date immediately preceding the Class A Scheduled Payment Date, Trustee, acting in accordance with instructions from Servicer, shall withdraw from the Principal Funding Account and deposit in the Distribution Account the amount on deposit in the Principal Funding Account.
(g) On each Distribution Date, Trustee shall pay in accordance with Section 5.1(a) to the Class A Holders from the Distribution Account, the amount deposited into the Distribution Account pursuant to Section
(a) (i) on the preceding Transfer Date and to the Class B Holders from the Distribution Account, the amount deposited into the Distribution Account pursuant to Section 4.11(b)(i) on the preceding Transfer Date.
(h) On the earlier to occur of (i) the first Distribution Date with respect to the Early Amortization Period and (ii) the Class A Scheduled Payment Date and on each Distribution Date thereafter, Trustee, acting in accordance with instructions from Servicer, shall pay in accordance with Section 5.1 from the Distribution Account the amount so deposited into the Distribution Account pursuant to Sections 4.11(e) and (f) on the related Transfer Date in the following priority:
(i) an amount equal to the lesser of such amount on deposit in the Distribution Account and the Class A Invested Amount shall be paid to the Class A Holders; and
(ii) for each Distribution Date with respect to the Early Amortization Period and on or after the Class B Scheduled Payment Date, after giving effect to the distributions referred to in clause (i) above, an amount equal to the lesser of such amount on deposit in the Distribution Account and the Class B Invested Amount shall be paid to the Class B Holders.
(i) The Controlled Accumulation Period is scheduled to commence at the beginning of business on the Controlled Accumulation Date; provided that if the Controlled Accumulation Period Length (determined as described below) on any Determination Date on or after the August 2001 Determination Date is less than 12 months, upon written notice to Trustee, Transferor and, each Rating Agency, Servicer, at its option, may elect to modify the date on which the Controlled Accumulation Period actually commences to the first day of the month that is a number of months prior to the month in which the Class A Scheduled Payment Date occurs at least equal to the Controlled Accumulation Period Length (so that, as a result of such election, the number of Monthly Periods in the Controlled Accumulation Period will at least equal the Controlled Accumulation Period Length); provided that (i) the length of the Controlled Accumulation Period will not be less than two months, (ii) such determination of the Controlled Accumulation Period Length shall be made on each Determination Date on and after the August 2001 Determination Date but prior to the commencement of the Controlled Accumulation Period, and any election to shorten the Controlled Accumulation Period shall be subject to the subsequent lengthening of the Controlled Accumulation Period to the Controlled Accumulation Period Length determined on any subsequent Determination Date, but the Controlled Accumulation Period shall in no event commence prior to the Controlled Accumulation Date, and (iii) notwithstanding any other provision of this Series Supplement to the contrary, no election to postpone the commencement of the Controlled Accumulation Period shall be made after an Early Amortization Event shall have occurred and be
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Peoples Bank Credit Card Master Trust)
Monthly Payments. On or before each Transfer Distribution Date, the Servicer shall instruct the Trustee in writing (which writing shall be substantially in the form of Exhibit BC hereto) to withdraw, withdraw and the Trustee, acting in accordance with such instructions, shall withdraw on such Transfer Date or the related Distribution Date, as applicable, to the extent of available funds, the amounts required to be withdrawn from the Finance Charge Account, the Principal Account, the Principal Funding Account and the Distribution Collection Account as follows:
(a) An amount equal to the Class A Available Funds for the related Monthly Due Period will be distributed on each Transfer Distribution Date, to the extent available, in the following priority:
(i) on a pro rata basis (A) an amount equal to the unpaid Class A Monthly Interest, plus any Interest shall be distributed to the Class A Deficiency Amount, plus any Class A Additional Interest (Certificateholders in each case for such Transfer Date) shall be deposited by Servicer or Trustee into the Distribution Account and (B) any Class A Net Swap Payment shall be paid to the Swap Counterpartyaccordance with Section 5.1;
(ii) an amount equal to the Class A Servicing Fee unpaid Write Down Accrual, if any, for such Transfer Distribution Date plus any Class A Servicing Fee Write Down Accrual due but not paid to Servicer on any prior Transfer Distribution Date (less, if WFN is Servicer, amounts previously retained toward payment of such fees) shall be distributed to Servicerthe Class A Certificateholders in accordance with Section 5.1;
(iii) an amount equal to the sum of Investor Monthly Servicing Fee for such Distribution Date plus any Investor Monthly Servicing Fee due but not paid to the Servicer on any prior Distribution Date shall be distributed to Servicer;
(iv) first, an amount equal to the Class A Investor Default Amount Loss Amount, if any, and second, an amount equal to the Class A Uncovered Investor Dilution Amount, if any, in either case, for the preceding Monthly related Due Period shall be treated (or deemed, in accordance with Section 4.7(d), to be treated) as a portion of Investor Available Principal Collections and, during the Controlled Accumulation Period or the Early Amortization Period, deposited into the Principal Account on such Transfer Distribution Date; and;
(ivv) an amount equal to the balance, if any, shall constitute Excess Spread and shall aggregate amount of Class A Investor Charge-Offs which have not been previously reimbursed will be allocated and distributed treated as set forth in Section 4.13.a portion of Available Principal Collections on such Distribution Date;
(bvi) An first, an amount equal to the Class B Investor Loss Amount, if any, and then, an amount equal to the Class B Investor Dilution Amount, if any, in either case, for the prior Due Period will be treated as a portion of Available Funds Principal Collections on such Distribution Date;
(vii) an amount equal to the aggregate amount by which the Class B Investor Interest has been reduced for reasons other than the payment of principal to the Class B Certificateholders (but not in excess of the aggregate amount of such reductions which have not been previously reimbursed) will be treated as a portion of Available Principal Collections on such Distribution Date;
(viii) (x) first, an amount up to the excess, if any, of the Required Enhancement Amount (determined after all deposits, withdrawals, reductions, payments, and adjustments to be made with respect to such Distribution Date) over the Specified Enhancement Amount (determined after all deposits, withdrawals, reductions, payments and adjustments to be made with respect to such Distribution Date) shall be deposited in the Series Cash Collateral Account and (y) second, an amount up to the excess, if any of the Required CCA Floor Amount (determined after all deposits, withdrawals, reductions, payments, and adjustments to be made with respect to such Distribution Date) over the Available Series Cash Collateral Amount (determined after all deposits, withdrawals, reductions, payments and adjustments to be made with respect to such Distribution Date, including any deposits pursuant to clause (x) above) shall be deposited in the Series Cash Collateral Account;
(ix) an amount up to the excess, if any, of the Required Spread Account Amount (determined after all deposits, withdrawals, reductions, payments and adjustments to be made with respect to such Distribution Date) over the Spread Account Amount (determined after all deposits, withdrawals, reductions, payments and adjustments to be made with respect to such Distribution Date) shall be deposited in the Spread Account;
(x) an amount equal to the unpaid Class A Non-Use Fee, if any, for the related Monthly Interest Period will plus any Class A Non-Use Fee due but not paid to the Class A Certificateholders on any prior Distribution Date shall be distributed on each Transfer Date, to the extent available, Class A Certificateholders in the following priority:accordance with Section 5.1
(ixi) an amount equal to the Class A Additional Amounts, if any, for the related Interest Period plus any Class A Additional Amounts due but not paid to the Class A Certificateholders on a pro rata basis, any prior Distribution Date shall be distributed to the Class A Certificateholders in accordance with Section 5.1;
(Axii) an amount equal to the Class B Monthly Interest, plus any Class B Deficiency Amount, plus any Class B Additional Interest (in each case for such Transfer Date) shall be deposited by Servicer or Trustee into the Distribution Account and (B) any Class B Net Swap Payment shall will be paid to the Swap CounterpartyClass B Certificateholders in accordance with Section 5.1;
(iixiii) an amount equal to (i) any Class B Non-Use Fee payable to the Class B Servicing Fee Certificateholders under the Certificate Purchase Agreement for such Transfer Distribution Date, plus (ii) any Class B Servicing Fee due but not paid Additional Amounts payable to Servicer on any prior Transfer Date the Class B Certificateholders under the Certificate Purchase Agreement for such Transfer Date Distribution Date, plus (less, if WFN is Servicer, amounts previously retained toward payment iii) the amount of such fees) shall be distributed any past due Class B Non-Use Fee and Class B Additional Amounts payable to Servicerthe Class B Certificateholders in accordance with the Certificate Purchase Agreement; and
(iiixiv) the balance, if any, after giving effect to the payments made pursuant to clauses (i) through (xiii) shall constitute "Excess Spread and shall Finance Charge Collections" to be allocated and distributed as set forth applied with respect to other Series in accordance with Section 4.134.3 of the Agreement.
(c) An amount equal to the Class C Available Funds for the related Monthly Period will be distributed on each Transfer Date, to the extent available, in the following priority:
(i) if neither Transferor nor any of its Affiliates is Servicer, an amount equal to the Class C Servicing Fee for such Transfer Date, plus any Class C Servicing Fee due but not paid to Servicer on any prior Transfer Date shall be distributed to Servicer; and
(ii) the balance, if any, shall constitute Excess Spread and shall be allocated and distributed as set forth in Section 4.13.
(db) During the Revolving Period, an amount equal to the Available Investor Principal Collections for the related Monthly Due Period will be distributed on each Transfer Distribution Date, to the extent available, in the following priority:
(i) an amount equal to the Class C B Monthly Principal for such Transfer Distribution Date shall be distributed to the Class C Interest Holders in accordance with the Class C Supplemental Agreement; andB Certificateholders;
(ii) an amount equal to the lesser of (A) Available Investor Principal Collections remaining for such Distribution Date after giving effect to the application specified in Section 4.11(d)(isubsection 4.9(b)(i) above, and (B) the product of (1) a fraction, the numerator of which is equal to such Available Principal Collections and the denominator of which is equal to the sum of the Available Principal Collections available for sharing as specified in the related Supplement or Receivables Purchase Agreement for each Series (including this Series 2004-VFC) in Group One that are Principal Sharing Series and (2) the Cumulative Principal Shortfall, shall be treated as Shared Principal CollectionsCollections and applied to Series in Group One that are Principal Sharing Series other than this Series 2004-VFC; and
(iii) an amount equal to the excess, if any, of (A) the Available Principal Collections for such Distribution Date over (B) the applications specified in subsections 4.9(b)(i) and (ii) above shall be paid to the Holder of the Exchangeable Seller Certificate; provided, however, that in no event shall the amount payable to the Holder of the Exchangeable Seller Certificate pursuant to this subsection 4.9(b)(iii) be greater than the Seller Interest on such Distribution Date.
(ec) On each Transfer Date commencing with the Transfer Date falling in the calendar month following the one in which the Controlled Accumulation Period or the Early Amortization Period (whichever is earlier) commencesDuring a Fixed Allocation Period, an amount equal to the Available Investor Principal Collections for the related Monthly Due Period plus any amounts in the Excess Funding Account allocable to Series 2004-VFC in accordance with Section 4.3(e) will be distributed on such Transfer each Distribution Date, to the extent available, in the following priority:
(i) an amount equal to the Class A Monthly Principal for such Transfer Date, Distribution Date shall be (A) with respect distributed to the Controlled Accumulation Period, deposited into the Principal Funding Account, and (B) during the Early Amortization Period, deposited into the Distribution AccountClass A Certificateholders in accordance with Section 5.1(a);
(ii) after giving effect to the distribution referred to in clause (i), an amount equal to the Class B Monthly Principal, shall be deposited into the Distribution Account;
(iii) for each Transfer Date (other than the Transfer Date immediately preceding the Series 1999-A Termination Date, in which case on the Series 1999-A Termination Date) after giving effect to the distribution referred to in clauses(i) and (ii) above, an amount equal to Class C B Monthly Principal shall be distributed to the Class C Interest Holders B Certificateholders in accordance with Section 5.1(b);
(iii) an amount equal to the Class C Supplemental Agreementlesser of (A) Available Principal Collections for such Distribution Date after giving effect to the application specified in clauses (i) and (ii) above and (B) the product of (1) a fraction, the numerator of which is equal to such Available Principal Collections and the denominator of which is equal to the sum of the Available Principal Collections available for sharing as specified in the related Supplement or Receivables Purchase Agreement for each Series (including this Series 2004-VFC) in Group One which is a Principal Sharing Series and (2) the Cumulative Principal Shortfall, shall be treated as Shared Principal Collections and applied to Series in Group One which are Principal Sharing Series other than this Series 2004-VFC; and
(iv) an amount equal to the excess, if any, of (A) the Available Investor Principal Collections remaining after over (B) the applications specified in clauses (i), (ii) and through (iii) above shall be treated as Shared Principal Collections.
(f) On the earlier to occur of (i) the first Transfer Date with respect to the Early Amortization Period and (ii) the Transfer Date immediately preceding the Class A Scheduled Payment Date, Trustee, acting in accordance with instructions from Servicer, shall withdraw from the Principal Funding Account and deposit in the Distribution Account the amount on deposit in the Principal Funding Account.
(g) On each Distribution Date, Trustee shall pay in accordance with Section 5.1(a) to the Class A Holders from the Distribution Account, the amount deposited into the Distribution Account pursuant to Section
(a) (i) on the preceding Transfer Date and to the Class B Holders from the Distribution Account, the amount deposited into the Distribution Account pursuant to Section 4.11(b)(i) on the preceding Transfer Date.
(h) On the earlier to occur of (i) the first Distribution Date with respect to the Early Amortization Period and (ii) the Class A Scheduled Payment Date and on each Distribution Date thereafter, Trustee, acting in accordance with instructions from Servicer, shall pay in accordance with Section 5.1 from the Distribution Account the amount so deposited into the Distribution Account pursuant to Sections 4.11(e) and (f) on the related Transfer Date in the following priority:
(i) an amount equal to the lesser of such amount on deposit in the Distribution Account and the Class A Invested Amount shall be paid to the Class A Holders; and
(ii) for each Distribution Date with respect to the Early Amortization Period and on or after the Class B Scheduled Payment Date, after giving effect to the distributions referred to in clause (i) above, an amount equal to the lesser of such amount on deposit in the Distribution Account and the Class B Invested Amount shall be paid to the Class B Holders.
(i) The Controlled Accumulation Period is scheduled to commence at the beginning of business on the Controlled Accumulation Date; provided that if the Controlled Accumulation Period Length (determined as described below) on any Determination Date on or after the August 2001 Determination Date is less than 12 months, upon written notice to Trustee, Transferor and, each Rating Agency, Servicer, at its option, may elect to modify the date on which the Controlled Accumulation Period actually commences to the first day Holder of the month Exchangeable Seller Certificate; provided, however, that is a number of months prior to the month in which the Class A Scheduled Payment Date occurs at least equal to the Controlled Accumulation Period Length (so that, as a result of such election, the number of Monthly Periods in the Controlled Accumulation Period will at least equal the Controlled Accumulation Period Length); provided that (i) the length of the Controlled Accumulation Period will not be less than two months, (ii) such determination of the Controlled Accumulation Period Length shall be made on each Determination Date on and after the August 2001 Determination Date but prior to the commencement of the Controlled Accumulation Period, and any election to shorten the Controlled Accumulation Period shall be subject to the subsequent lengthening of the Controlled Accumulation Period to the Controlled Accumulation Period Length determined on any subsequent Determination Date, but the Controlled Accumulation Period shall in no event commence prior shall the amount payable to the Controlled Accumulation Date, and (iii) notwithstanding any other provision of this Series Supplement to the contrary, no election to postpone the commencement Holder of the Controlled Accumulation Period shall Exchangeable Seller Certificate pursuant to this subsection 4.9(c)(iv) be made after an Early Amortization Event shall have occurred and begreater than the Seller Interest on such Distribution Date.
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Charming Shoppes Inc)
Monthly Payments. On or before each Transfer Date, the Servicer shall instruct the Trustee in writing (which writing shall be substantially in the form of Exhibit BB hereto) to withdraw, withdraw and the Trustee, acting in accordance with such instructions, shall withdraw on such Transfer Date or the related Distribution Date, as applicable, to the extent of available funds, the amounts required to be withdrawn from the Finance Charge Account, the Principal Account, the Principal Funding Account and the Distribution Principal Account as follows:
(a) An amount equal to the Class A Available Funds deposited into the Finance Charge Account for the related Monthly Period will be distributed paid on each Transfer Date, Date to the extent available, in the following priority:
(i) on a pro rata basis (A) an amount equal to Class A Monthly Interest, plus any Class A Deficiency Amount, plus any Class A Additional Interest (in each case for such Transfer Date) shall be deposited by Servicer or Trustee into the Distribution Account and (B) any Class A Net Swap Payment shall be paid to the Swap Counterparty;
(ii) an amount equal to the Class A Servicing Fee for such Transfer Date plus any Class A Servicing Fee due but not paid to Servicer on any prior Transfer Date (less, if WFN is Servicer, amounts previously retained toward payment of such fees) shall be distributed to Servicer;
(iii) an amount equal to the sum of the Class A Investor Default Amount and the Class A Uncovered Dilution Amount, if any, for the preceding Monthly Period shall be treated (or deemed, Series 2001-D Certificateholders in accordance with Section 4.7(d), to be treated) as a portion of Investor Principal Collections and, during the Controlled Accumulation Period or the Early Amortization Period, deposited into the Principal Account on such Transfer Date; and
(iv) the balance, if any, shall constitute Excess Spread and shall be allocated and distributed as set forth in Section 4.135.01.
(b) An amount equal to the Class B Available Funds for the related Monthly Period will be distributed on each Transfer Date, to the extent available, in the following priority:
(i) on a pro rata basis, (A) an amount equal to the Class B Monthly Interest, plus any Class B Deficiency Amount, plus any Class B Additional Interest (in each case for such Transfer Date) shall be deposited by Servicer or Trustee into the Distribution Account and (B) any Class B Net Swap Payment shall be paid to the Swap Counterparty;
(ii) an amount equal to the Class B Servicing Fee for such Transfer Date, plus any Class B Servicing Fee due but not paid to Servicer on any prior Transfer Date for such Transfer Date (less, if WFN is Servicer, amounts previously retained toward payment of such fees) shall be distributed to Servicer; and
(iii) the balance, if any, shall constitute Excess Spread and shall be allocated and distributed as set forth in Section 4.13.
(c) An amount equal to the Class C Available Funds for the related Monthly Period will be distributed on each Transfer Date, to the extent available, in the following priority:
(i) if neither Transferor nor any of its Affiliates is Servicer, an amount equal to the Class C Servicing Fee for such Transfer Date, plus any Class C Servicing Fee due but not paid to Servicer on any prior Transfer Date shall be distributed to Servicer; and
(ii) the balance, if any, shall constitute Excess Spread and shall be allocated and distributed as set forth in Section 4.13.
(d) During the Revolving Period, an amount equal to the Available Investor Principal Collections deposited into the Principal Account for the related Monthly Period will be distributed on each Transfer Date, to the extent available, Date in the following priority:
: (i) an amount equal to the Class C Monthly lesser of (A) the Available Investor Principal Collections for such Transfer Date and (B) an amount equal to the Series 2001-D Monthly Principal Payment for the related Monthly Period shall be distributed paid on each Transfer Date to the Class C Interest Holders Series 2001-D Certificateholders in accordance with the Class C Supplemental AgreementSection 5.01; and
(ii) an amount equal to the lesser of (A) the Available Investor Principal Collections remaining after the application specified in subsection 4.06(b)(i) above and (B) the product of (1) a fraction, the numerator of which is equal to the Available Investor Principal Collections remaining after the application specified in Section 4.11(d)(isubsection 4.06(b)(i) above for such Transfer Date and the denominator of which is equal to the sum of the Available Investor Principal Collections available for sharing as specified in the related Series Supplement for each Series in Group One (including Series 2001-D) and (2) the Cumulative Series Principal Shortfall shall remain in the Principal Account to be treated as Shared Principal Collections.
Collections and applied to Series in Group One other than this Series 2001-D; and (eiii) On each an amount equal to the excess, if any, of (A) the Available Investor Principal Collections for such Transfer Date commencing over (B) the applications specified in subsections 4.06(b)(i) and (ii) above shall be paid to the Holder of the Seller Interest; provided, however, that the amount to be paid to the Holder of the Seller Interest pursuant to this subsection 4.06(b)(iii) with the respect to such Transfer Date falling shall be paid to the Holder of the Seller Interest if, and only to the extent that, the Seller Interest on such Date of Processing is equal to or greater than the Minimum Seller Interest (after giving effect to the inclusion in the calendar month following Trust of all Receivables created on or prior to such Transfer Date and the one application of payments referred to in which subsection 4.03(b)) and otherwise shall be considered as Unallocated Principal Collections and deposited into the Controlled Accumulation Period or Principal Account in accordance with subsection 4.05(c). (c) During the Early Rapid Amortization Period (whichever is earlier) commencesPeriod, an amount equal to the Available Investor Principal Collections deposited into the Principal Account for the related Monthly Period will be distributed on such each Transfer Date, to the extent available, Date in the following priority:
: (i) an amount equal to the Class A Monthly Principal for such Transfer Date, Investor Interest shall be (A) with respect to the Controlled Accumulation Period, deposited into the Principal Funding Account, and (B) during the Early Amortization Period, deposited into the Distribution Account;
(ii) after giving effect to the distribution referred to in clause (i), an amount equal to the Class B Monthly Principal, shall be deposited into the Distribution Account;
(iii) for paid on each Transfer Date (other than the Transfer Date immediately preceding to the Series 19992001-A Termination Date, in which case on the Series 1999-A Termination Date) after giving effect to the distribution referred to in clauses(i) and (ii) above, an amount equal to Class C Monthly Principal shall be distributed to the Class C Interest Holders D Certificateholders in accordance with the Class C Supplemental AgreementSection 5.01; and
(ivii) an amount equal to the excess, if any, of (A) the Available Investor Principal Collections remaining after over (B) the applications specified in clauses (i), (ii) and (iiisubsection 4.06(c)(i) above shall be treated as Shared Principal Collections.
(f) On the earlier to occur of (i) the first Transfer Date with respect to the Early Amortization Period and (ii) the Transfer Date immediately preceding the Class A Scheduled Payment Date, Trustee, acting in accordance with instructions from Servicer, shall withdraw from the Principal Funding Account and deposit in the Distribution Account the amount on deposit in the Principal Funding Account.
(g) On each Distribution Date, Trustee shall pay in accordance with Section 5.1(a) to the Class A Holders from the Distribution Account, the amount deposited into the Distribution Account pursuant to Section
(a) (i) on the preceding Transfer Date and to the Class B Holders from the Distribution Account, the amount deposited into the Distribution Account pursuant to Section 4.11(b)(i) on the preceding Transfer Date.
(h) On the earlier to occur of (i) the first Distribution Date with respect to the Early Amortization Period and (ii) the Class A Scheduled Payment Date and on each Distribution Date thereafter, Trustee, acting in accordance with instructions from Servicer, shall pay in accordance with Section 5.1 from the Distribution Account the amount so deposited into the Distribution Account pursuant to Sections 4.11(e) and (f) on the related Transfer Date in the following priority:
(i) an amount equal to the lesser of such amount on deposit in the Distribution Account and the Class A Invested Amount shall be paid to the Class A HoldersHolder of the Seller Interest; and
(iiprovided, however, that the amount to be paid to the Holder of the Seller Interest pursuant to this subsection 4.06(c)(ii) for each Distribution Date with respect to such Transfer Date shall be paid to the Early Amortization Period Holder of the Seller interest if, and only to the extent that, the Seller Interest on such Date of Processing is equal to or after greater than the Class B Scheduled Payment Date, Minimum Seller Interest (after giving effect to the distributions inclusion in the Trust of all Receivables created on or prior to such Transfer Date and the application of payments referred to in clause (isubsection 4.03(b)) above, an amount equal to the lesser of such amount on deposit in the Distribution Account and the Class B Invested Amount otherwise shall be paid to considered as Unallocated Principal Collections and deposited into the Class B HoldersPrincipal Account in accordance with subsection 4.05(c).
(i) The Controlled Accumulation Period is scheduled to commence at the beginning of business on the Controlled Accumulation Date; provided that if the Controlled Accumulation Period Length (determined as described below) on any Determination Date on or after the August 2001 Determination Date is less than 12 months, upon written notice to Trustee, Transferor and, each Rating Agency, Servicer, at its option, may elect to modify the date on which the Controlled Accumulation Period actually commences to the first day of the month that is a number of months prior to the month in which the Class A Scheduled Payment Date occurs at least equal to the Controlled Accumulation Period Length (so that, as a result of such election, the number of Monthly Periods in the Controlled Accumulation Period will at least equal the Controlled Accumulation Period Length); provided that (i) the length of the Controlled Accumulation Period will not be less than two months, (ii) such determination of the Controlled Accumulation Period Length shall be made on each Determination Date on and after the August 2001 Determination Date but prior to the commencement of the Controlled Accumulation Period, and any election to shorten the Controlled Accumulation Period shall be subject to the subsequent lengthening of the Controlled Accumulation Period to the Controlled Accumulation Period Length determined on any subsequent Determination Date, but the Controlled Accumulation Period shall in no event commence prior to the Controlled Accumulation Date, and (iii) notwithstanding any other provision of this Series Supplement to the contrary, no election to postpone the commencement of the Controlled Accumulation Period shall be made after an Early Amortization Event shall have occurred and be
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Mbna Credit Card Master Note Trust)
Monthly Payments. On or before each Transfer Determination Date, as provided below, the Master Servicer shall instruct Trustee in writing (which writing shall be substantially in the form of Exhibit B) Paying Agent to withdraw, and Trusteeon the following Payment Date the Paying Agent, acting in accordance with such instructions, shall withdraw on such Transfer Date or the related Distribution Date, as applicable, to the extent of available funds, the amounts required to be withdrawn from the Finance Charge Account, Group I Collection Account pursuant to Sections 4.8(a) through (d) below in respect of all funds available from Series 1997 1/N1 Interest Collections processed since the Principal Account, preceding Payment Date and allocated to the Principal Funding Account and holders of the Distribution Account as follows:Series 1997 1/N1 Notes.
(a) An amount equal Note Interest with respect to the Class A Available Funds for the related Monthly Period will be distributed on Notes. On each Transfer Determination Date, the Master Servicer shall instruct the Trustee or the Paying Agent to withdraw on the extent available, in next succeeding Payment Date from the following priority:
Series 1997 1/N1 Accrued Interest Account the lesser of (i) the amount on a pro rata basis deposit in the Series 1997 1/N1 Accrued Interest Account and (Aii) an amount (the "Class A Interest Amount") equal to Class A Monthly Interest, plus any Class A Deficiency Amount, plus any Class A Additional Interest the sum of (in each case for such Transfer Date) shall be deposited by Servicer or Trustee into the Distribution Account and (B) any Class A Net Swap Payment shall be paid to the Swap Counterparty;
(iix) an amount equal to the interest accrued on the Class A Servicing Fee Notes for the related Series 1997 1/N1 Interest Period which will be equal to the sum of (A) the product of (1) the Class A-1 Rate for the related Series 1997 1/N1 Interest Period and (2) the Aggregate Principal Balance of the Class A-1 Notes as of the previous Payment Date after giving effect to any principal payments made on such Transfer Date plus any Class A Servicing Fee due but not paid to Servicer on any prior Transfer Payment Date (lessor in the case of the initial Payment Date, if WFN is Servicerthe Class A-1 Initial Invested Amount), amounts previously retained toward payment divided by twelve, plus (B) the product of (1) the Class A-2 Rate for the related Series 1997 1/N1 Interest Period and (2) the Aggregate Principal Balance of the Class A-2 Notes as of the previous Payment Date after giving effect to any principal payments made on such feesPayment Date (or in the case of the initial Payment Date, the Class A-2 Initial Invested Amount), divided by twelve, plus (C) shall be distributed the product of (1) the Class A-3 Rate for the related Series 1997 1/N1 Interest Period and (2) the Aggregate Principal Balance of the Class A-3 Notes as of the previous Payment Date after giving effect to Servicer;
any principal payments made on such Payment Date (iiior in the case of the initial Payment Date, the Class A-3 Initial Invested Amount), divided by twelve, plus (y) an amount equal to the sum amount of any unpaid Class A Deficiency Amount (as defined below) as of the preceding Payment Date (together with any accrued interest on such Class A Deficiency Amount). On such Determination Date, the Servicer shall further instruct the Trustee or the Paying Agent to withdraw on the next succeeding Payment Date from the Series 1997 1/N1 Excess Funding Account the lesser of (i) the amount on deposit in the Series 1997 1/N1 Excess Funding Account and (ii) the excess, if any, of the Class A Investor Default Interest Amount over the amount withdrawn from the Series 1997 1/N1 Accrued Interest Account pursuant to the preceding sentence. If the amounts described in this Section 4.8(a) are insufficient, after taking into account any funds available in the Series 1997 1/N1 Excess Funding Account and any portion of the Series 1997 1/N1 Letter of Credit Amount applied as described in Section 4.9(a) of this Supplement, to pay the Class A Uncovered Dilution AmountInterest Amount on any Payment Date, payments of interest to the Class A Noteholders will be reduced by the amount of such shortfall. The amount, if any, for the preceding Monthly Period of such shortfall on any Payment Date shall be treated (or deemedreferred to as the "Class A Deficiency Amount." Interest shall accrue on the Class A Deficiency Amount at the applicable Class A Note Rate. On the following Payment Date, in accordance with Section 4.7(d)the Trustee shall withdraw the Class A Interest Amount from the Series 1997 1/N1 Accrued Interest Account and, to be treatedthe extent provided in Section 4.9(a) as a of this Supplement, amounts withdrawn from the Series 1997 1/N1 Excess Funding Account and any applied portion of Investor Principal Collections andthe Series 1997 1/N1 Letter of Credit Amount, during the Controlled Accumulation Period or the Early Amortization Period, deposited into the Principal Account on such Transfer Date; and
(iv) the balance, if any, shall constitute Excess Spread and shall deposit such amount in the Class A Distribution Account; provided that the sum of the amounts to be allocated withdrawn from the Series 1997 1/N1 Excess Funding Account pursuant to this Section 4.8(a) and distributed as set forth in Section 4.13Sections 4.8(b) and (c) of this Supplement shall not exceed for any Determination Date the Series 1997 1/N1 Available Subordinated Amount at such time.
(b) An amount equal Note Interest with respect to the Class B Available Funds for the related Monthly Period will be distributed on Notes. On each Transfer Determination Date, provided that all payments on account of interest that are required to be made to the extent available, Class A Noteholders are available in the following priority:
Class A Distribution Account, the Master Servicer shall instruct the Trustee or the Paying Agent to withdraw on the next succeeding Payment Date from the Series 1997 1/N1 Accrued Interest Account (subject to the provisions of Section 4.14 of this Supplement) the lesser of (i) the amount remaining on a pro rata basis, deposit in the Series 1997 1/N1 Accrued Interest Account after withdrawal of the amounts specified in clause (Aa) above and (ii) an amount (the "Class B Interest Amount") equal to the sum of (x) an amount equal to the interest accrued for the related Series 1997 1/N1 Interest Period which will be equal to the sum of (A) the product of (1) the Class B Monthly InterestB-1 Rate for the related Series 1997 1/N1 Interest Period and (2) the Aggregate Principal Balance of the Class B-1 Notes as of the previous Payment Date after giving effect to any principal payments made on such Payment Date (or in the case of the initial Payment Date, the Class B-1 Initial Invested Amount), divided by twelve, plus any Class B Deficiency Amount, plus any Class B Additional Interest (in each case for such Transfer Date) shall be deposited by Servicer or Trustee into the Distribution Account and (B) the product of (1) the Class B-2 Rate for the related Series 1997 1/N1 Interest Period and (2) the Aggregate Principal Balance of the Class B-2 Notes as of the previous Payment Date after giving effect to any principal payments made on such Payment Date (or in the case of the initial Payment Date, the Class B Net Swap B-2 Initial Invested Amount), divided by twelve, plus (C) the product of (1) the Class B-3 Rate for the related Series 1997 1/N1 Interest Period and (2) the Aggregate Principal Balance of the Class B-3 Notes as of the previous Payment shall be paid Date after giving effect to any principal payments made on such Payment Date (or in the Swap Counterparty;
case of the initial Payment Date, the Class B-3 Initial Invested Amount), divided by twelve, plus (iiy) an amount equal to the amount of any unpaid Class B Servicing Fee for Deficiency Amount (as defined below) as of the preceding Payment Date (together with any accrued interest on such Transfer Class B Deficiency Amount). If the amounts described in this Section 4.8(b) are insufficient, after taking into account any funds available in the Series 1997 1/N1 Excess Funding Account and any portion of the Series 1997 1/N1 Letter of Credit Amount applied as described in Section 4.9(b) of this Supplement subject to the provisions of Section 4.14 of this Supplement, to pay the Class B Interest Amount on any Payment Date, plus any payments of interest to the Class B Servicing Fee due but not paid to Servicer on any prior Transfer Date for such Transfer Date (less, if WFN is Servicer, amounts previously retained toward payment Noteholders will be reduced by the amount of such fees) shall be distributed to Servicer; and
(iii) the balanceshortfall. The amount, if any, of such shortfall on any Payment Date shall constitute be referred to as the "Class B Deficiency Amount". Interest shall accrue on the Class B Deficiency Amount at the Class B Note Rate. On the following Payment Date, provided that all payments on account of interest that are required to be made to the Class A Noteholders are available in the Class A Distribution Account (including, without limitation, all accrued interest, the Class A Deficiency Amount, and all interest accrued on such Class A Deficiency Amount), the Trustee shall withdraw the Class B Interest Amount from the Series 1997 1/N1 Accrued Interest Account, amounts withdrawn from the Series 1997 1/N1 Excess Spread Funding Account and any applied portion of the Series 1997 1/N1 Letter of Credit Amount, and shall deposit such amount in the Class B Distribution Account; provided that the sum of the amounts to be allocated withdrawn from the Series 1997 1/N1 Excess Funding Account pursuant to this Section 4.8(b) and distributed as set forth in Section 4.13Sections 4.8(a) and (c) of this Supplement shall not exceed for any Determination Date the Series 1997 1/N1 Available Subordinated Amount at such time.
(c) An amount equal Note Interest with respect to the Class C Available Funds for the related Monthly Period will be distributed on Notes. On each Transfer Determination Date, provided that all payments on account of interest that are required to be made to the extent available, Class A Noteholders are available in the following priority:
Class A Distribution Account and all payments on account of interest that are required to be made to the Class B Noteholders are available in the Class B Distribution Account, the Master Servicer shall instruct the Trustee or the Paying Agent to withdraw on the next succeeding Payment Date from the Series 1997 1/N1 Accrued Interest Account (subject to the provisions of Section 4.16 of this Supplement) the lesser of (i) if neither Transferor nor any the amount remaining on deposit in the Series 1997 1/N1 Accrued Interest Account after withdrawal of its Affiliates is Servicer, the amounts specified in clauses (a) and (b) above and (ii) an amount (the "Class C Interest Amount") equal to the Class C Servicing Fee for such Transfer Date, plus any Class C Servicing Fee due but not paid to Servicer on any prior Transfer Date shall be distributed to Servicer; and
sum of (ii) the balance, if any, shall constitute Excess Spread and shall be allocated and distributed as set forth in Section 4.13.
(d) During the Revolving Period, an amount equal to the Available Investor Principal Collections for the related Monthly Period will be distributed on each Transfer Date, to the extent available, in the following priority:
(ix) an amount equal to the Class C Monthly Principal interest accrued for such Transfer Date shall the related Series 1997 1/N1 Interest Period which will be distributed equal to the Class C Interest Holders in accordance with sum of (A) the product of (1) the Class C Supplemental Agreement; and
C-1 Rate for the related Series 1997 1/N1 Interest Period and (ii2) the Aggregate Principal Balance of the Class C-1 Notes as of the previous Payment Date after giving effect to any principal payments made on such Payment Date (or in the case of the initial Payment Date, the Class C-1 Initial Invested Amount), divided by twelve, plus (B) the product of (1) the Class C-2 Rate for the related Series 1997 1/N1 Interest Period and (2) the Aggregate Principal Balance of the Class C-2 Notes as of the previous Payment Date after giving effect to any principal payments made on such Payment Date (or in the case of the initial Payment Date, the Class B-2 Initial Invested Amount), divided by twelve, plus (C) the product of (1) the Class C-3 Rate for the related Series 1997 1/N1 Interest Period and (2) the Aggregate Principal Balance of the Class C-3 Notes as of the previous Payment Date after giving effect to any principal payments made on such Payment Date (or in the case of the initial Payment Date, the Class C-3 Initial Invested Amount), divided by twelve, plus (y) an amount equal to the Available Investor Principal Collections remaining amount of any unpaid Class C Deficiency Amount (as defined below) as of the preceding Payment Date (together with any accrued interest on such Class C Deficiency Amount). If the amounts described in this Section 4.8(c) are insufficient, after taking into account any funds available in the application specified Series 1997 1/N1 Excess Funding Account and any portion of the Series 1997 1/N1 Letter of Credit Amount applied as described in Section 4.11(d)(i4.9(c) of this Supplement and subject to the provisions of Section 4.16 of this Supplement, to pay the Class C Interest Amount on any Payment Date, payments of interest to the Class C Noteholders will be reduced by the amount of such shortfall. The amount, if any, of such shortfall on any Payment Date shall be treated referred to as Shared Principal Collections.
(e) the "Class C Deficiency Amount". Interest shall accrue on the Class C Deficiency Amount at the Class C Note Rate. On each Transfer Date commencing with the Transfer Date falling in the calendar month following the one in which the Controlled Accumulation Period or the Early Amortization Period (whichever is earlier) commences, an amount equal to the Available Investor Principal Collections for the related Monthly Period will be distributed on such Transfer Payment Date, provided that all payments on account of interest that are required to the extent available, in the following priority:
(i) an amount equal be made to the Class A Monthly Principal for such Transfer DateNoteholders are available in the Class A Distribution Account (including, shall be (A) with respect to without limitation, all accrued interest, the Controlled Accumulation Period, deposited into the Principal Funding AccountClass A Deficiency Amount, and (Ball interest accrued on such Class A Deficiency Amount) during the Early Amortization Period, deposited into the Distribution Account;
(ii) after giving effect and all payments on account of interest that are required to the distribution referred to in clause (i), an amount equal be made to the Class B Monthly PrincipalNoteholders are available in the Class B Distribution Account (including, without limitation, all accrued interest, the Class B Deficiency Amount, and all interest accrued on such Class B Deficiency Amount), the Trustee shall be deposited into the Distribution Account;
(iii) for each Transfer Date (other than the Transfer Date immediately preceding the Series 1999-A Termination Date, in which case on the Series 1999-A Termination Date) after giving effect to the distribution referred to in clauses(i) and (ii) above, an amount equal to Class C Monthly Principal shall be distributed to withdraw the Class C Interest Holders Amount from the Series 1997 1/N1 Accrued Interest Account, amounts withdrawn from the Series 1997 1/N1 Excess Funding Account and any applied portion of the Series 1997 1/N1 Letter of Credit Amount, and shall deposit such amount in accordance with the Class C Supplemental AgreementDistribution Account; and
(iv) an amount equal provided that the sum of the amounts to the Available Investor Principal Collections remaining after the applications specified in clauses (i), (ii) and (iii) above shall be treated as Shared Principal Collections.
(f) On the earlier to occur of (i) the first Transfer Date with respect to the Early Amortization Period and (ii) the Transfer Date immediately preceding the Class A Scheduled Payment Date, Trustee, acting in accordance with instructions from Servicer, shall withdraw withdrawn from the Principal Series 1997 1/N1 Excess Funding Account and deposit in the Distribution Account the amount on deposit in the Principal Funding Account.
(g) On each Distribution Date, Trustee shall pay in accordance with Section 5.1(a) to the Class A Holders from the Distribution Account, the amount deposited into the Distribution Account pursuant to Section
(a) (i) on the preceding Transfer Date and to the Class B Holders from the Distribution Account, the amount deposited into the Distribution Account pursuant to Section 4.11(b)(i) on the preceding Transfer Date.
(h) On the earlier to occur of (i) the first Distribution Date with respect to the Early Amortization Period and (ii) the Class A Scheduled Payment Date and on each Distribution Date thereafter, Trustee, acting in accordance with instructions from Servicer, shall pay in accordance with Section 5.1 from the Distribution Account the amount so deposited into the Distribution Account pursuant to Sections 4.11(e4.8(a) and (fb) on the related Transfer Date in the following priority:
(iof this Supplement and this Section 4.8(c) an amount equal to the lesser of such amount on deposit in the Distribution Account and the Class A Invested Amount shall be paid to the Class A Holders; and
(ii) not exceed for each Distribution Date with respect to the Early Amortization Period and on or after the Class B Scheduled Payment Date, after giving effect to the distributions referred to in clause (i) above, an amount equal to the lesser of such amount on deposit in the Distribution Account and the Class B Invested Amount shall be paid to the Class B Holders.
(i) The Controlled Accumulation Period is scheduled to commence at the beginning of business on the Controlled Accumulation Date; provided that if the Controlled Accumulation Period Length (determined as described below) on any Determination Date on or after the August 2001 Determination Date is less than 12 months, upon written notice to Trustee, Transferor and, each Rating Agency, Servicer, Series 1997 1/N1 Available Subordinated Amount at its option, may elect to modify the date on which the Controlled Accumulation Period actually commences to the first day of the month that is a number of months prior to the month in which the Class A Scheduled Payment Date occurs at least equal to the Controlled Accumulation Period Length (so that, as a result of such election, the number of Monthly Periods in the Controlled Accumulation Period will at least equal the Controlled Accumulation Period Length); provided that (i) the length of the Controlled Accumulation Period will not be less than two months, (ii) such determination of the Controlled Accumulation Period Length shall be made on each Determination Date on and after the August 2001 Determination Date but prior to the commencement of the Controlled Accumulation Period, and any election to shorten the Controlled Accumulation Period shall be subject to the subsequent lengthening of the Controlled Accumulation Period to the Controlled Accumulation Period Length determined on any subsequent Determination Date, but the Controlled Accumulation Period shall in no event commence prior to the Controlled Accumulation Date, and (iii) notwithstanding any other provision of this Series Supplement to the contrary, no election to postpone the commencement of the Controlled Accumulation Period shall be made after an Early Amortization Event shall have occurred and betime.
Appears in 1 contract
Sources: Rental Car Asset Backed Notes (Dollar Thrifty Automotive Group Inc)
Monthly Payments. On or before each Transfer Determination Date, as provided below, the Servicer shall instruct Trustee in writing (which writing shall be substantially in the form of Exhibit B) Paying Agent to withdraw, and Trusteeon the following Payment Date the Paying Agent, acting in accordance with such instructions, shall withdraw on such Transfer Date or the related Distribution Date, as applicable, to the extent of available funds, the amounts required to be withdrawn from the Finance Charge AccountCollection Account pursuant to Sections 4.8(a), (b) and (c) below in respect of all funds available from Interest Collections processed since the Principal Account, preceding Payment Date and allocated to the Principal Funding Account and holders of the Distribution Account as follows:Series 1995-1 Notes.
(a) An amount equal Note Interest with respect to the Class A Available Funds for the related Monthly Period will be distributed on Notes. On each Transfer Determination Date, the Servicer shall instruct the Trustee or the Paying Agent to withdraw on the extent available, in next succeeding Payment Date from the following priority:
Series 1995-1 Accrued Interest Account the lesser of (i) the amount on a pro rata basis deposit in the Series 1995-1 Accrued Interest Account and (Aii) an amount (the "Class A Interest Amount") equal to Class A Monthly Interest, plus any Class A Deficiency Amount, plus any Class A Additional Interest the sum of (in each case for such Transfer Date) shall be deposited by Servicer or Trustee into the Distribution Account and (B) any Class A Net Swap Payment shall be paid to the Swap Counterparty;
(iix) an amount equal to the interest accrued for the related Interest Period which will be equal to the sum of (A) the product of (1) the Class A Servicing Fee A-1 Rate for the related Series 1995-1 Interest Period, (2) the Aggregate Principal Balance of the Class A-1 Notes as of the previous Payment Date after giving effect to any principal payments made on such Transfer Date plus any Class A Servicing Fee due but not paid to Servicer on any prior Transfer Payment Date (lessor in the case of the initial Payment Date, if WFN is Servicerthe Class A-1 Initial Invested Amount), amounts previously retained toward payment and (3) the actual number of days in such feesSeries 1995-1 Interest Period divided by 360, plus (B) shall be distributed the product of (1) the Class A-2 Rate for the related Series 1995-1 Interest Period, (2) the Aggregate Principal Balance of the Class A-2 Notes as of the previous Payment Date after giving effect to Servicer;
any principal payments made on such Payment Date (iiior in the case of the initial Payment Date, the Class A-2 Initial Invested Amount), divided by twelve, plus (y) an amount equal to the sum amount of any unpaid Class A Deficiency Amount (defined below) as of the preceding Payment Date (together with any accrued interest on such Class A Deficiency Amount). On such Determination Date, the Servicer shall further instruct the Trustee or the Paying Agent to withdraw on the next succeeding Payment Date from the Series 1995-1 Excess Funding Account the lesser of (i) the amount in excess of the Liquidity Amount on deposit in the Series 1995-1 Excess Funding Account and (ii) the excess, if any, of the Class A Investor Default Interest Amount over the amount withdrawn from the Series 1995-1 Accrued Interest Account pursuant to the preceding sentence. If the sum of the funds available in the Series 1995-1 Accrued Interest Account and any funds in excess of the Liquidity Amount available in the Series 1995-1 Excess Funding Account are insufficient to pay the Class A Uncovered Dilution AmountInterest Amount on any Payment Date, payments of interest to the Class A Noteholders will be reduced by the amount of such shortfall. The amount, if any, for the preceding Monthly Period of such shortfall on any Payment Date shall be treated (or deemedreferred to as the "Class A Deficiency Amount." Interest shall accrue on the Class A Deficiency Amount at the applicable Class A Note Rate. On the following Payment Date, in accordance with Section 4.7(d)the Trustee shall withdraw the Class A Interest Amount from the Series 1995-1 Accrued Interest Account and, to be treated) as a portion of Investor Principal Collections andthe extent provided above, during from the Controlled Accumulation Period or the Early Amortization PeriodSeries 1995-1 Excess Funding Account, deposited into the Principal Account on such Transfer Date; and
(iv) the balance, if any, shall constitute Excess Spread and shall be allocated and distributed as set forth deposit such amount in Section 4.13the Class A Distribution Account.
(b) An amount equal Note Interest with respect to the Class B Available Funds for the related Monthly Period will be distributed on Notes. On each Transfer Determination Date, the Servicer shall instruct the Trustee or the Paying Agent to withdraw on the next succeeding Payment Date from the Series 1995-1 Accrued Interest Account (subject to the extent available, in provisions of Section 4.14) the following priority:
lesser of (i) the amount remaining on a pro rata basis, deposit in the Series 1995-1 Accrued Interest Account after withdrawal of the amounts specified in clause (Aa) above and (ii) an amount (the "Class B Interest Amount") equal to the sum of (x) an amount equal to the interest accrued for the related Series 1995-1 Interest Period which will be equal to the product of (A) the product of (1) the Class B Monthly InterestB-1 Rate for the related Series 1995-1 Interest Period, (2) the Aggregate Principal Balance of the Class B-1 Notes as of the previous Payment Date after giving effect to any principal payments made on such Payment Date (or in the case of the initial Payment Date, the Class B-1 Initial Invested Amount), and (3) the actual number of days in such Series 1995-1 Interest Period divided by 360, plus any Class B Deficiency Amount, plus any Class B Additional Interest (in each case for such Transfer Date) shall be deposited by Servicer or Trustee into the Distribution Account and (B) the product of (1) the Class B-2 Rate for the related Series 1995-1 Interest Period, (2) the Aggregate Principal Balance of the Class B-2 Notes as of the previous Payment Date after giving effect to any principal payments made on such Payment Date (or in the case of the initial Payment Date, the Class B Net Swap Payment shall be paid to B-2 Initial Invested Amount), and (3) the Swap Counterparty;
actual number of days elapsed in such Series 1995-1 Interest Period divided by 360, plus (iiy) an amount equal to the amount of any unpaid Class B Servicing Fee for Deficiency Amount (defined below) as of the preceding Payment Date (together with any accrued interest on such Transfer Class B Deficiency Amount). On such Determination Date, plus any Class B Servicing Fee due but not paid to the Servicer on any prior Transfer Date for such Transfer Date (less, if WFN is Servicer, amounts previously retained toward payment of such fees) shall be distributed to Servicer; and
(iii) further instruct the balance, if any, shall constitute Excess Spread and shall be allocated and distributed as set forth in Section 4.13.
(c) An amount equal to the Class C Available Funds for the related Monthly Period will be distributed on each Transfer Date, to the extent available, in the following priority:
(i) if neither Transferor nor any of its Affiliates is Servicer, an amount equal to the Class C Servicing Fee for such Transfer Date, plus any Class C Servicing Fee due but not paid to Servicer on any prior Transfer Date shall be distributed to Servicer; and
(ii) the balance, if any, shall constitute Excess Spread and shall be allocated and distributed as set forth in Section 4.13.
(d) During the Revolving Period, an amount equal to the Available Investor Principal Collections for the related Monthly Period will be distributed on each Transfer Date, to the extent available, in the following priority:
(i) an amount equal to the Class C Monthly Principal for such Transfer Date shall be distributed to the Class C Interest Holders in accordance with the Class C Supplemental Agreement; and
(ii) an amount equal to the Available Investor Principal Collections remaining after the application specified in Section 4.11(d)(i) shall be treated as Shared Principal Collections.
(e) On each Transfer Date commencing with the Transfer Date falling in the calendar month following the one in which the Controlled Accumulation Period Trustee or the Early Amortization Period (whichever is earlier) commences, an amount equal Paying Agent to withdraw on the Available Investor Principal Collections for the related Monthly Period will be distributed on such Transfer Date, to the extent available, in the following priority:
(i) an amount equal to the Class A Monthly Principal for such Transfer Date, shall be (A) with respect to the Controlled Accumulation Period, deposited into the Principal Funding Account, and (B) during the Early Amortization Period, deposited into the Distribution Account;
(ii) after giving effect to the distribution referred to in clause (i), an amount equal to the Class B Monthly Principal, shall be deposited into the Distribution Account;
(iii) for each Transfer next succeeding Payment Date (other than the Transfer Date immediately preceding from the Series 19991995-A Termination Date, in which case on 1 Excess Funding Account the Series 1999-A Termination Date) after giving effect to the distribution referred to in clauses(i) and (ii) above, an amount equal to Class C Monthly Principal shall be distributed to the Class C Interest Holders in accordance with the Class C Supplemental Agreement; and
(iv) an amount equal to the Available Investor Principal Collections remaining after the applications specified in clauses (i), (ii) and (iii) above shall be treated as Shared Principal Collections.
(f) On the earlier to occur lesser of (i) the first Transfer Date with respect to amount in excess of the Early Amortization Period Liquidity Amount on deposit in the Series 1995-1 Excess Funding Account after withdrawal of the amounts specified in clause (a) above and (ii) the Transfer Date immediately preceding excess, if any, of the Class A Scheduled B Interest Amount over the amount withdrawn from the Series 1995-1 Accrued Interest Account pursuant to the preceding sentence. If the sum of the funds in excess of the Liquidity Amount available in the Series 1995-1 Accrued Interest Account and any funds in excess of the Liquidity Amount available in the Series 1995-1 Excess Funding Account (subject to the provisions of Section 4.14) are insufficient to pay the Class B Interest Amount on any Payment Date, Trustee, acting in accordance with instructions from Servicer, shall withdraw from payments of interest to the Principal Funding Account and deposit in the Distribution Account Class B Noteholders will be reduced by the amount of such shortfall. The amount, if any, of such shortfall on deposit in any Payment Date shall be referred to as the Principal Funding Account.
(g) "Class B Deficiency Amount". Interest shall accrue on the Class B Deficiency Amount at the Class B Note Rate. On each Distribution the following Payment Date, Trustee shall pay in accordance with Section 5.1(a) provided that all payments on account of interest that are required to be made to the Class A Holders from Noteholders are available in the Class A Distribution AccountAccount (including, without limitation, all accrued interest, the amount deposited into Class A Deficiency Amount, and all interest accrued on such Class A Deficiency Amount), the Distribution Account pursuant to Section
(a) (i) on the preceding Transfer Date and to Trustee shall withdraw the Class B Holders Interest Amount from the Distribution Series 1995-1 Accrued Interest Account and, to the extent provided above, from the Series 1995-1 Excess Funding Account, the amount deposited into the Distribution Account pursuant to Section 4.11(b)(i) on the preceding Transfer Date.
(h) On the earlier to occur of (i) the first Distribution Date with respect to the Early Amortization Period and (ii) the Class A Scheduled Payment Date and on each Distribution Date thereafter, Trustee, acting in accordance with instructions from Servicer, shall pay in accordance with Section 5.1 from the Distribution Account the amount so deposited into the Distribution Account pursuant to Sections 4.11(e) and (f) on the related Transfer Date in the following priority:
(i) an amount equal to the lesser of deposit such amount on deposit in the Distribution Account and the Class A Invested Amount shall be paid to the Class A Holders; and
(ii) for each Distribution Date with respect to the Early Amortization Period and on or after the Class B Scheduled Payment Date, after giving effect to the distributions referred to in clause (i) above, an amount equal to the lesser of such amount on deposit in the Distribution Account and the Class B Invested Amount shall be paid to the Class B HoldersAccount.
(i) The Controlled Accumulation Period is scheduled to commence at the beginning of business on the Controlled Accumulation Date; provided that if the Controlled Accumulation Period Length (determined as described below) on any Determination Date on or after the August 2001 Determination Date is less than 12 months, upon written notice to Trustee, Transferor and, each Rating Agency, Servicer, at its option, may elect to modify the date on which the Controlled Accumulation Period actually commences to the first day of the month that is a number of months prior to the month in which the Class A Scheduled Payment Date occurs at least equal to the Controlled Accumulation Period Length (so that, as a result of such election, the number of Monthly Periods in the Controlled Accumulation Period will at least equal the Controlled Accumulation Period Length); provided that (i) the length of the Controlled Accumulation Period will not be less than two months, (ii) such determination of the Controlled Accumulation Period Length shall be made on each Determination Date on and after the August 2001 Determination Date but prior to the commencement of the Controlled Accumulation Period, and any election to shorten the Controlled Accumulation Period shall be subject to the subsequent lengthening of the Controlled Accumulation Period to the Controlled Accumulation Period Length determined on any subsequent Determination Date, but the Controlled Accumulation Period shall in no event commence prior to the Controlled Accumulation Date, and (iii) notwithstanding any other provision of this Series Supplement to the contrary, no election to postpone the commencement of the Controlled Accumulation Period shall be made after an Early Amortization Event shall have occurred and be
Appears in 1 contract
Sources: Series Supplement (Dollar Thrifty Automotive Group Inc)
Monthly Payments. On or before each Transfer Date, the Servicer shall instruct the Trustee in writing (which writing shall be substantially in to withdraw and the form of Exhibit B) to withdraw, and Trustee, acting in accordance with such instructions, shall withdraw on such Transfer Date or the related Distribution Date, as applicable, to the extent of available fundsAvailable Series 2004-1 Finance Charge Collections, the amounts required to be withdrawn from the Finance Charge Account, the Principal Account, the Principal Funding Account and the Distribution Principal Account as follows:
(a) An amount equal to the Class A Available Funds Series 2004-1 Finance Charge Collections deposited into the Finance Charge Account for the related Monthly Period will be distributed paid on each Transfer Date, Date to the extent available, in the following priority:
(i) on a pro rata basis (A) an amount equal to Class A Monthly Interest, plus any Class A Deficiency Amount, plus any Class A Additional Interest (in each case for such Transfer Date) shall be deposited by Servicer or Trustee into the Distribution Account and (B) any Class A Net Swap Payment shall be paid to the Swap Counterparty;
(ii) an amount equal to the Class A Servicing Fee for such Transfer Date plus any Class A Servicing Fee due but not paid to Servicer on any prior Transfer Date (less, if WFN is Servicer, amounts previously retained toward payment of such fees) shall be distributed to Servicer;
(iii) an amount equal to the sum of the Class A Investor Default Amount and the Class A Uncovered Dilution Amount, if any, for the preceding Monthly Period shall be treated (or deemed, Series 2004-1 Certificateholders in accordance with Section 4.7(d), to be treated) as a portion of Investor Principal Collections and, during the Controlled Accumulation Period or the Early Amortization Period, deposited into the Principal Account on such Transfer Date; and
(iv) the balance, if any, shall constitute Excess Spread and shall be allocated and distributed as set forth in Section 4.135.01.
(b) An amount equal to the Class B Available Funds for the related Monthly Period will be distributed on each Transfer Date, to the extent available, in the following priority:
(i) on a pro rata basis, (A) an amount equal to the Class B Monthly Interest, plus any Class B Deficiency Amount, plus any Class B Additional Interest (in each case for such Transfer Date) shall be deposited by Servicer or Trustee into the Distribution Account and (B) any Class B Net Swap Payment shall be paid to the Swap Counterparty;
(ii) an amount equal to the Class B Servicing Fee for such Transfer Date, plus any Class B Servicing Fee due but not paid to Servicer on any prior Transfer Date for such Transfer Date (less, if WFN is Servicer, amounts previously retained toward payment of such fees) shall be distributed to Servicer; and
(iii) the balance, if any, shall constitute Excess Spread and shall be allocated and distributed as set forth in Section 4.13.
(c) An amount equal to the Class C Available Funds for the related Monthly Period will be distributed on each Transfer Date, to the extent available, in the following priority:
(i) if neither Transferor nor any of its Affiliates is Servicer, an amount equal to the Class C Servicing Fee for such Transfer Date, plus any Class C Servicing Fee due but not paid to Servicer on any prior Transfer Date shall be distributed to Servicer; and
(ii) the balance, if any, shall constitute Excess Spread and shall be allocated and distributed as set forth in Section 4.13.
(d) During the Revolving Period, an amount equal to the Available Investor Series 2004-1 Principal Collections deposited into the Principal Account for the related Monthly Period will be distributed on each Transfer Date, to the extent available, in the following priority:
(i) an amount equal to the Class C Monthly Principal for such Transfer Date shall be distributed to the Class C Interest Holders in accordance with the Class C Supplemental Agreement; and
(ii) an amount equal to the Available Investor Principal Collections remaining after the application specified in Section 4.11(d)(i) shall be treated as Shared Principal Collections.
(e) On each Transfer Date commencing with the Transfer Date falling in the calendar month following the one in which the Controlled Accumulation Period or the Early Amortization Period (whichever is earlier) commences, an amount equal to the Available Investor Principal Collections for the related Monthly Period will be distributed on such Transfer Date, to the extent available, in the following priority:
(i) an amount equal to the Class A Monthly Principal for such Transfer Date, shall be (A) with respect to the Controlled Accumulation Period, deposited into the Principal Funding Account, and (B) during the Early Amortization Period, deposited into the Distribution Account;
(ii) after giving effect to the distribution referred to in clause (i), an amount equal to the Class B Monthly Principal, shall be deposited into the Distribution Account;
(iii) for each Transfer Date (other than the Transfer Date immediately preceding the Series 1999-A Termination Date, in which case on the Series 1999-A Termination Date) after giving effect to the distribution referred to in clauses(i) and (ii) above, an amount equal to Class C Monthly Principal shall be distributed to the Class C Interest Holders in accordance with the Class C Supplemental Agreement; and
(iv) an amount equal to the Available Investor Principal Collections remaining after the applications specified in clauses (i), (ii) and (iii) above shall be treated as Shared Principal Collections.
(f) On the earlier to occur of (i) the first Transfer Date with respect to the Early Amortization Period and (ii) the Transfer Date immediately preceding the Class A Scheduled Payment Date, Trustee, acting in accordance with instructions from Servicer, shall withdraw from the Principal Funding Account and deposit in the Distribution Account the amount on deposit in the Principal Funding Account.
(g) On each Distribution Date, Trustee shall pay in accordance with Section 5.1(a) to the Class A Holders from the Distribution Account, the amount deposited into the Distribution Account pursuant to Section
(a) (i) on the preceding Transfer Date and to the Class B Holders from the Distribution Account, the amount deposited into the Distribution Account pursuant to Section 4.11(b)(i) on the preceding Transfer Date.
(h) On the earlier to occur of (i) the first Distribution Date with respect to the Early Amortization Period and (ii) the Class A Scheduled Payment Date and on each Distribution Date thereafter, Trustee, acting in accordance with instructions from Servicer, shall pay in accordance with Section 5.1 from the Distribution Account the amount so deposited into the Distribution Account pursuant to Sections 4.11(e) and (f) on the related Transfer Date in the following priority:
(i) an amount equal to the lesser of Available Series 2004-1 Principal Collections for such amount on deposit in the Distribution Account and the Class A Invested Amount Transfer Date shall be paid on each Transfer Date to the Class A Holders; andSeries 2004-1 Certificateholders in accordance with Section 5.01;
(ii) for each Distribution Date with respect to the Early Amortization Period and on or after the Class B Scheduled Payment Date, after giving effect to the distributions referred to in clause (i) above, an amount equal to the lesser of such amount on deposit (A) the Available Series 2004-1 Principal Collections remaining after the application specified in subsection 4.06(b)(i) above and (B) the Cumulative Series Principal Shortfall shall remain in the Distribution Principal Account to be treated as Shared Principal Collections and applied to Series in Group One other than this Series 2004-1; and
(iii) an amount equal to the Class B Invested Amount excess, if any, of (A) the Available Series 2004-1 Principal Collections for such Transfer Date over (B) the applications specified in subsections 4.06(b)(i) and (ii) above shall be paid to the Class B HoldersHolder of the Transferor Interest; provided, however, that the amount to be paid to the Holder of the Transferor Interest pursuant to this subsection 4.06(b)(iii) with respect to such Transfer Date shall be paid to the Holder of the Transferor Interest if, and only to the extent that, the Transferor Interest on such Date of Processing is equal to or greater than the Minimum Transferor Interest (after giving effect to the inclusion in the Trust of all Receivables created on or prior to such Transfer Date and the application of payments referred to in subsection 4.03(b)) and otherwise shall be considered as Unallocated Principal Collections and deposited into the Principal Account in accordance with subsection 4.05(c).
(c) During the Rapid Amortization Period, an amount equal to the Available Series 2004-1 Principal Collections deposited into the Principal Account for the related Monthly Period will be distributed on each Transfer Date in the following priority:
(i) The Controlled Accumulation Period is scheduled to commence at the beginning of business on the Controlled Accumulation Date; provided that if the Controlled Accumulation Period Length (determined as described below) on any Determination Date on or after the August 2001 Determination Date is less than 12 months, upon written notice to Trustee, Transferor and, each Rating Agency, Servicer, at its option, may elect to modify the date on which the Controlled Accumulation Period actually commences to the first day of the month that is a number of months prior to the month in which the Class A Scheduled Payment Date occurs at least an amount equal to the Controlled Accumulation Period Length (so that, as a result of such election, Investor Interest shall be paid on each Transfer Date to the number of Monthly Periods Series 2004-1 Certificateholders in the Controlled Accumulation Period will at least equal the Controlled Accumulation Period Length); provided that (i) the length of the Controlled Accumulation Period will not be less than two months, accordance with Section 5.01;
(ii) such determination an amount equal to the excess, if any, of (A) the Available Series 2004-1 Principal Collections over (B) the applications specified in subsection 4.06(c)(i) above shall be paid to the Holder of the Controlled Accumulation Period Length Transferor Interest; provided, however, that the amount to be paid to the Holder of the Transferor Interest pursuant to this subsection 4.06(c)(ii) with respect to such Transfer Date shall be made paid to the Holder of the Transferor Interest if, and only to the extent that, the Transferor Interest on each Determination such Date of Processing is equal to or greater than the Minimum Transferor Interest (after giving effect to the inclusion in the Trust of all Receivables created on and after the August 2001 Determination Date but or prior to such Transfer Date and the commencement application of the Controlled Accumulation Period, payments referred to in subsection 4.03(b)) and any election to shorten the Controlled Accumulation Period otherwise shall be subject to considered as Unallocated Principal Collections and deposited into the subsequent lengthening of the Controlled Accumulation Period to the Controlled Accumulation Period Length determined on any subsequent Determination Date, but the Controlled Accumulation Period shall Principal Account in no event commence prior to the Controlled Accumulation Date, and (iii) notwithstanding any other provision of this Series Supplement to the contrary, no election to postpone the commencement of the Controlled Accumulation Period shall be made after an Early Amortization Event shall have occurred and beaccordance with subsection 4.05(c).
Appears in 1 contract
Sources: Pooling and Servicing Agreement (Cabela's Credit Card Master Note Trust)
Monthly Payments. On or before each Transfer Determination Date, the Servicer ---------------- shall notify the Trustee that the Servicer will withdraw, or shall instruct the Trustee in writing (which writing shall be substantially in the form of Exhibit B) to withdraw, and Trustee, the Trustee acting in accordance with such instructionsinstructions shall withdraw, shall withdraw on such the succeeding Transfer Date or the related Distribution Date, as applicable, to the extent of available funds, the amounts required to be withdrawn from the Finance Charge AccountAccount (or from the finance charge accounts for other Series, as applicable) pursuant to subsections 4.6(a), (b), (c), (d), (e), (f) and (g). On each Determination Date, the Principal AccountServicer shall also notify the Trustee of the amounts to be withdrawn by the Trustee, acting on instructions from the Servicer, from the Principal Funding Account and the Distribution Account as follows:Reserve Account, pursuant to subsections 4.3(c), 4.9(b) and 4.9(d).
(a) An On each Transfer Date, an amount equal to the Class A Available Funds for the related Monthly Period will be distributed on each Transfer Date, to the extent available, in the following priority:
(i) on a pro rata basis (A) an amount equal to Class A Monthly Interest, plus any Class A Deficiency Amount, plus any Class A Additional Cap Rate Interest (in each case for such Transfer Date) shall be deposited by Servicer or Trustee into the Distribution Account and (B) any Class A Net Swap Payment shall be paid to the Swap Counterparty;
(ii) an amount equal to the Class A Servicing Fee for Covered --------------------------------------------------------- Amount. On each Transfer Date, the Servicer or the Trustee, acting in ------ accordance with instructions from the Servicer, shall withdraw from the Finance Charge Account and deposit to the Distribution Account, to the extent funds are available from such Transfer Date plus any Class A Servicing Fee due but not paid to Servicer on any prior Transfer Date Available Funds (lessi) first, if WFN is Servicer, amounts previously retained toward payment of such fees) shall be distributed to Servicer;
(iii) an amount equal to the sum of the Class A Investor Default Amount Monthly Cap Rate Interest and the Class A Uncovered Dilution Amount, if any, for the preceding Monthly Period shall be treated (or deemed, in accordance with Section 4.7(d), to be treated) as a portion of Investor Principal Collections and, during the Controlled Accumulation Period or the Early Amortization Period, deposited into the Principal Account on such Transfer Date; and
(iv) the balance, if any, shall constitute Excess Spread and shall be allocated and distributed as set forth in Section 4.13.
(b) An amount equal to the Class B Available Funds Covered Amount for the related Monthly Period will be distributed on each Transfer Distribution Date, to the extent available, in the following priority:
(i) on a pro rata basis, (A) an amount equal to the Class B Monthly Interest, plus any Class B Deficiency Amount, plus any Class B Additional Interest (in each case for such Transfer Date) shall be deposited by Servicer or Trustee into the Distribution Account ; and (B) any Class B Net Swap Payment shall be paid to the Swap Counterparty;
(ii) an amount equal to the Class B Servicing Fee for such Transfer Date, plus any Class B Servicing Fee due but not paid to Servicer on any prior Transfer Date for such Transfer Date (less, if WFN is Servicer, amounts previously retained toward payment of such fees) shall be distributed to Servicer; and
(iii) the balance, if any, shall constitute Excess Spread and shall be allocated and distributed as set forth in Section 4.13.
(c) An amount equal to the Class C Available Funds for the related Monthly Period will be distributed on each Transfer Date, to the extent available, in the following priority:
(i) if neither Transferor nor any of its Affiliates is Servicerthen, an amount equal to the Class C Servicing Fee for such Transfer Date, plus amount of any Class C Servicing Fee due but not paid to Servicer on any prior Transfer Date shall be distributed to Servicer; and
(ii) the balance, if any, shall constitute Excess Spread and shall be allocated and distributed as set forth in Section 4.13.
(d) During the Revolving Period, an amount equal to the Available Investor Principal Collections for the related Monthly Period will be distributed on each Transfer Date, to the extent available, in the following priority:
(i) an amount equal to the Class C Monthly Principal for such Transfer Date shall be distributed to the Class C Interest Holders in accordance with the Class C Supplemental Agreement; and
(ii) an amount equal to the Available Investor Principal Collections remaining after the application specified in Section 4.11(d)(i) shall be treated as Shared Principal Collections.
(e) On each Transfer Date commencing with the Transfer Date falling in the calendar month following the one in which the Controlled Accumulation Period or the Early Amortization Period (whichever is earlier) commences, an amount equal to the Available Investor Principal Collections for the related Monthly Period will be distributed on such Transfer Date, to the extent available, in the following priority:
(i) an amount equal to the overdue Class A Monthly Principal Cap Rate Interest and overdue Class A Covered Amount, for such Transfer Datewhich a payment has not been made under this subsection 4.6(a)(i) or otherwise pursuant to this Agreement; provided, shall be (A) however, that with respect to the Controlled Accumulation Period, deposited into the Principal Funding Account, and (B) during the Early Amortization Period, deposited into the first -------- ------- Distribution Account;
(ii) after giving effect Date relating to the distribution referred to in clause (i), an amount equal to the Class B Monthly Principal, shall be deposited into the Distribution Account;
(iii) for each Transfer Date (other than the Transfer Date immediately preceding the Series 1999-1 Investor Certificates, the amount of Class A Termination Date, in which case on the Series 1999-A Termination Date) after giving effect to the distribution Monthly Cap Rate Interest referred to in clauses(i) and (ii) above, an amount equal to Class C Monthly Principal shall be distributed to the Class C Interest Holders in accordance with the Class C Supplemental Agreement; and
(iv) an amount equal to the Available Investor Principal Collections remaining after the applications specified in clauses (i), (ii) and (iii) above shall be treated as Shared Principal Collections$852,135.56 (reflecting an initial period of 16 days).
(f) On the earlier to occur of (i) the first Transfer Date with respect to the Early Amortization Period and (ii) the Transfer Date immediately preceding the Class A Scheduled Payment Date, Trustee, acting in accordance with instructions from Servicer, shall withdraw from the Principal Funding Account and deposit in the Distribution Account the amount on deposit in the Principal Funding Account.
(g) On each Distribution Date, Trustee shall pay in accordance with Section 5.1(a) to the Class A Holders from the Distribution Account, the amount deposited into the Distribution Account pursuant to Section
(a) (i) on the preceding Transfer Date and to the Class B Holders from the Distribution Account, the amount deposited into the Distribution Account pursuant to Section 4.11(b)(i) on the preceding Transfer Date.
(h) On the earlier to occur of (i) the first Distribution Date with respect to the Early Amortization Period and (ii) the Class A Scheduled Payment Date and on each Distribution Date thereafter, Trustee, acting in accordance with instructions from Servicer, shall pay in accordance with Section 5.1 from the Distribution Account the amount so deposited into the Distribution Account pursuant to Sections 4.11(e) and (f) on the related Transfer Date in the following priority:
(i) an amount equal to the lesser of such amount on deposit in the Distribution Account and the Class A Invested Amount shall be paid to the Class A Holders; and
(ii) for each Distribution Date with respect to the Early Amortization Period and on or after the Class B Scheduled Payment Date, after giving effect to the distributions referred to in clause (i) above, an amount equal to the lesser of such amount on deposit in the Distribution Account and the Class B Invested Amount shall be paid to the Class B Holders.
(i) The Controlled Accumulation Period is scheduled to commence at the beginning of business on the Controlled Accumulation Date; provided that if the Controlled Accumulation Period Length (determined as described below) on any Determination Date on or after the August 2001 Determination Date is less than 12 months, upon written notice to Trustee, Transferor and, each Rating Agency, Servicer, at its option, may elect to modify the date on which the Controlled Accumulation Period actually commences to the first day of the month that is a number of months prior to the month in which the Class A Scheduled Payment Date occurs at least equal to the Controlled Accumulation Period Length (so that, as a result of such election, the number of Monthly Periods in the Controlled Accumulation Period will at least equal the Controlled Accumulation Period Length); provided that (i) the length of the Controlled Accumulation Period will not be less than two months, (ii) such determination of the Controlled Accumulation Period Length shall be made on each Determination Date on and after the August 2001 Determination Date but prior to the commencement of the Controlled Accumulation Period, and any election to shorten the Controlled Accumulation Period shall be subject to the subsequent lengthening of the Controlled Accumulation Period to the Controlled Accumulation Period Length determined on any subsequent Determination Date, but the Controlled Accumulation Period shall in no event commence prior to the Controlled Accumulation Date, and (iii) notwithstanding any other provision of this Series Supplement to the contrary, no election to postpone the commencement of the Controlled Accumulation Period shall be made after an Early Amortization Event shall have occurred and be
Appears in 1 contract