Common use of Payments to the Holder of the Exchangeable Transferor Security Clause in Contracts

Payments to the Holder of the Exchangeable Transferor Security. On each Business Day, the Servicer shall allocate and pay Collections in accordance with the Daily Report with respect to such Business Day to the Holder of the Exchangeable Transferor Security in accordance with subsection 4.3(b) of the Agreement; provided, however, that such amounts shall be applied in accordance with Section 4.10 hereof to the extent specified therein. Notwithstanding the foregoing and any other provisions of this Supplement, amounts payable to the Transferor shall instead be deposited in the Excess Funding Account to the extent necessary to prevent the Transferor Interest from being less than the Minimum Transferor Interest.

Appears in 13 contracts

Samples: Pooling and Servicing Agreement (Metris Receivables Inc), Pooling and Servicing Agreement (Metris Receivables Inc), Pooling and Servicing Agreement (Metris Master Trust)

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Payments to the Holder of the Exchangeable Transferor Security. On each Business Day, the Servicer shall allocate and pay Collections in accordance with the Daily Report with respect to such Business Day to the Holder of the Exchangeable Transferor Security in accordance with subsection 4.3(b) of the Agreement; provided, however, that such amounts shall be applied in accordance with Section 4.10 hereof to the extent specified therein. Notwithstanding the foregoing and any other provisions of this Series Supplement, amounts payable to the Transferor shall instead be deposited in the Excess Funding Account to the extent necessary to prevent the Transferor Interest from being less than the Minimum Transferor Interest.

Appears in 5 contracts

Samples: Pooling and Servicing Agreement (Metris Receivables Inc), Pooling and Servicing Agreement (Metris Receivables Inc), Pooling and Servicing Agreement (Metris Master Trust)

Payments to the Holder of the Exchangeable Transferor Security. On each Business Day, the Servicer shall allocate and pay Collections in accordance with the Daily Report with respect to such Business Day to the Holder of the Exchangeable Transferor Security in accordance with subsection 4.3(b) of the Agreement; provided, however, that such amounts shall be applied in accordance with Section 4.10 hereof to the extent specified therein. Notwithstanding the foregoing and any other provisions of this Supplement, amounts payable to the Transferor shall instead be deposited in the Excess Funding Account to the extent necessary to prevent the Transferor Interest from being less than the Minimum Transferor Interest.

Appears in 3 contracts

Samples: Pooling and Servicing Agreement (Federated Department Stores Inc /De/), Pooling and Servicing Agreement (Fingerhut Receivables Inc), Pooling and Servicing Agreement (Federated Department Stores Inc /De/)

Payments to the Holder of the Exchangeable Transferor Security. On each Business Day, the Servicer shall allocate and pay Collections in accordance with the Daily Report with respect to such Business Day to the Holder of the Exchangeable Transferor Security in accordance with subsection 4.3(b) of the Agreement; provided, however, that such amounts shall be applied in accordance with Section 4.10 hereof of the Agreement to the extent specified therein. Notwithstanding the foregoing and any other provisions of this Supplementthe Agreement, amounts payable to the Transferor shall instead be deposited in the Excess Funding Account to the extent necessary to prevent the Transferor Interest from being less than the Minimum Transferor Interest.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Metris Master Trust)

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Payments to the Holder of the Exchangeable Transferor Security. On each Business Day, the Servicer shall allocate and pay Collections in accordance with the Daily Report with respect to such Business Day to the Holder of the Exchangeable Transferor Security in accordance with subsection 4.3(b) of the Agreement; providedPROVIDED, howeverHOWEVER, that such amounts shall be applied in accordance with Section 4.10 hereof to the extent specified therein. Notwithstanding the foregoing and any other provisions of this Supplement, amounts payable to the Transferor shall instead be deposited in the Excess Funding Account to the extent necessary to prevent the Transferor Interest from being less than the Minimum Transferor Interest.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Fingerhut Receivables Inc)

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