Common use of Purchase of Investor Certificates and Series Termination Clause in Contracts

Purchase of Investor Certificates and Series Termination. (a) If as of any Distribution Date during the Amortization Period (after giving effect to any payments calculated pursuant to Section 9 made on such Distribution Date) the Series Investor Interest of the Series established hereby is less than or equal to 5% of the Series Initial Investor Interest, Greenwood on behalf of the Holder of the Seller Certificate may purchase and cancel the Investor Certificates of the Series established hereby by depositing into the Series Distribution Account, on the immediately succeeding Distribution Date, an amount equal to the Series Investor Interest as of the last day of the Due Period related to such immediately succeeding Distribution Date. If any amount deposited pursuant to this Section 23(a) is (i) allocable to the Investor Certificateholders of a Class that is subject to a Class Currency Swap, the Master Servicer shall direct the Trustee in writing (x) if no Currency Swap Termination has occurred, to withdraw the amount allocable to such Class from the Series Distribution Account and deposit such amount into the Currency Swap Dollar Escrow Account or (y) if a Currency Swap Termination has occurred, to convert such amount into Foreign Currency at the then prevailing spot exchange rate in New York, as applicable, and cause such amount to be paid to the Investor Certificateholders of such Class pursuant to Section 10(c) of this Series Supplement or (ii) allocable to the Investor Certificateholders of a Class that is not subject to a Class Currency Swap, the Master Servicer shall direct the Trustee in writing to withdraw the amount allocable to such Class from the Series Distribution Account and pay such amount to the Investor Certificateholders of such Class pursuant to Section 12.02 of the Pooling and Servicing Agreement. If Greenwood on behalf of the Holder of the Seller Certificate elects to purchase Investor Certificates with respect to a Class that is subject to a Class Currency Swap pursuant to this Section 23(a), Greenwood on behalf of the Holder of the Seller Certificate shall give notice to the Investor Certificateholders of such Class not less than 30 days and not more than 45 days prior to such purchase in the manner set forth in Section 19 hereof. All Investor Certificates of the Series established hereby that are purchased by Greenwood on behalf of the Holder of the Seller Certificate pursuant to this Section 23(a) shall be delivered by Greenwood on behalf of the Holder of the Seller Certificate upon such purchase to, and be cancelled by, the Transfer Agent and be disposed of in a manner satisfactory to the Trustee and Greenwood on behalf of the Holder of the Seller Certificate.

Appears in 14 contracts

Samples: Pooling and Servicing Agreement (Discover Card Master Trust I), Pooling and Servicing Agreement (Discover Card Master Trust I), Pooling and Servicing Agreement (Discover Card Master Trust I)

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Purchase of Investor Certificates and Series Termination. (a) If the Servicer determines that, as of any Distribution Date during the Rapid Amortization Period Period, or after the Class B Expected Final Payment Date (after giving effect to any payments allocations or deposits calculated pursuant to Section 9 8 made on such Distribution Date) the Series Investor Interest less (i) the Class Investor Interest with respect to any Seller-Owned Class and (ii) the Supplemental Cash allocable to the Class A Investor Interest or Class B Investor Interest of the Series established hereby is hereby, will be less than or equal to 510% of the Series Initial Investor InterestInterest minus the Class Initial Investor Interest with respect to any Class that was a Seller-Owned Class on the Series Closing Date, Greenwood on behalf of the Holder of the Seller Certificate may purchase and cancel the Investor Certificates of the Series established hereby by depositing into the Series Distribution Account, on the immediately succeeding such Distribution Date, an amount equal to the Series Investor Interest (plus all accrued but unpaid Certificate Interest and all funds on deposit in the Series Principal Funding Account) as of the last day of the Due Period related to such immediately succeeding Distribution Date; provided, however, that the Seller may not purchase and cancel any Investor Certificates representing a Seller-Owned Class (except as otherwise provided in Section 8) until all Classes of Investor Certificates senior to such Seller-Owned Class have been purchased and cancelled. If any The amount deposited pursuant to this Section 23(a) 18 that is (i) allocable to the Investor Certificateholders of a Class that is subject to a Class Currency Swap, the Master Servicer shall direct the Trustee in writing (x) if no Currency Swap Termination has occurred, to withdraw the amount allocable to such Class from the Series Distribution Account and deposit such amount into the Currency Swap Dollar Escrow Account or (y) if a Currency Swap Termination has occurred, to convert such amount into Foreign Currency at the then prevailing spot exchange rate in New York, as applicable, and cause such amount to be paid to the Investor Certificateholders of such Class pursuant to Section 10(c) of this Series Supplement or (ii) allocable to the Investor Certificateholders of a Class that is not subject to a Class Currency Swap, the Master Servicer shall direct the Trustee in writing to withdraw the amount allocable to such Class from the Series Distribution Account and pay such amount to the Investor Certificateholders of such Class pursuant to Section 12.02 of the Pooling and Servicing Agreement. If Greenwood Agreement on behalf of the Holder of the Seller Certificate elects to purchase Investor Certificates with respect to a Class that is subject to a Class Currency Swap pursuant to this Section 23(a), Greenwood on behalf of the Holder of the Seller Certificate shall give notice to the Investor Certificateholders of such Class not less than 30 days and not more than 45 days prior Distribution Date related to such purchase in the manner set forth in Section 19 hereofdeposit. All Investor Certificates of the Series established hereby that are purchased by Greenwood on behalf of the Holder of the Seller Certificate pursuant to this Section 23(a) 18 shall be delivered by Greenwood on behalf of the Holder of the Seller Certificate upon such purchase by the Seller to, and shall be cancelled by, the Transfer Agent and shall be disposed of in a manner satisfactory to the Trustee and Greenwood on behalf of the Holder of the Seller CertificateSeller.

Appears in 7 contracts

Samples: Pooling and Servicing Agreement (Sears Credit Account Master Trust Ii), Pooling and Servicing Agreement (Sears Credit Account Master Trust Ii), Pooling and Servicing Agreement (Sears Credit Account Master Trust Ii)

Purchase of Investor Certificates and Series Termination. (a) If the Servicer determines that, as of any Distribution Date during the Rapid Amortization Period Period, or after the Class B Expected Final Payment Date (after giving effect to any payments allocations or deposits calculated pursuant to Section 9 8 made on such Distribution Date) the Series Investor Interest less (i) the Class Investor Interest with respect to any Seller Retained Class and (ii) the Supplemental Cash allocable to the Class A Investor Interest or Class B Investor Interest of the Series established hereby is hereby, will be less than or equal to 510% of the Series Initial Investor InterestInterest minus the Class Initial Investor Interest with respect to any Seller Retained Class, Greenwood on behalf of the Holder of the Seller Certificate may purchase and cancel the Investor Certificates of the Series established hereby by depositing into the Series Distribution Account, on the immediately succeeding such Distribution Date, an amount equal to the Series Investor Interest (plus all accrued but unpaid Certificate Interest and all funds on deposit in the Series Principal Funding Account) as of the last day of the Due Period related to such immediately succeeding Distribution Date; provided, however, that the Seller may not purchase and cancel any Investor Certificates representing a Seller Retained Class (except as otherwise provided in Section 8) until all Classes of Investor Certificates senior to such Seller Retained Class have been purchased and cancelled. If any The amount deposited pursuant to this Section 23(a) 18 that is (i) allocable to the Investor Certificateholders of a Class that is subject to a Class Currency Swap, the Master Servicer shall direct the Trustee in writing (x) if no Currency Swap Termination has occurred, to withdraw the amount allocable to such Class from the Series Distribution Account and deposit such amount into the Currency Swap Dollar Escrow Account or (y) if a Currency Swap Termination has occurred, to convert such amount into Foreign Currency at the then prevailing spot exchange rate in New York, as applicable, and cause such amount to be paid to the Investor Certificateholders of such Class pursuant to Section 10(c) of this Series Supplement or (ii) allocable to the Investor Certificateholders of a Class that is not subject to a Class Currency Swap, the Master Servicer shall direct the Trustee in writing to withdraw the amount allocable to such Class from the Series Distribution Account and pay such amount to the Investor Certificateholders of such Class pursuant to Section 12.02 of the Pooling and Servicing Agreement. If Greenwood Agreement on behalf of the Holder of the Seller Certificate elects to purchase Investor Certificates with respect to a Class that is subject to a Class Currency Swap pursuant to this Section 23(a), Greenwood on behalf of the Holder of the Seller Certificate shall give notice to the Investor Certificateholders of such Class not less than 30 days and not more than 45 days prior Distribution Date related to such purchase in the manner set forth in Section 19 hereofdeposit. All Investor Certificates of the Series established hereby that are purchased by Greenwood on behalf of the Holder of the Seller Certificate pursuant to this Section 23(a) 18 shall be delivered by Greenwood on behalf of the Holder of the Seller Certificate upon such purchase by the Seller to, and shall be cancelled by, the Transfer Agent and shall be disposed of in a manner satisfactory to the Trustee and Greenwood on behalf of the Holder of the Seller CertificateSeller.

Appears in 5 contracts

Samples: Pooling and Servicing Agreement (Sears Credit Account Master Trust Ii), Pooling and Servicing Agreement (Sears Credit Account Master Trust Ii), Pooling and Servicing Agreement (Sears Credit Account Master Trust Ii)

Purchase of Investor Certificates and Series Termination. (a) If the Servicer determines that, as of any Distribution Date during the Rapid Amortization Period Period, or after the Class B Expected Final Payment Date (after giving effect to any payments allocations or deposits calculated pursuant to Section 9 8 made on such Distribution Date) the Series Investor Interest less (i) the Class Investor Interest with respect to any Seller-Owned Class and (ii) the Supplemental Cash allocable to the Class A Investor Interest or Class B Investor Interest of the Series established hereby is hereby, will be less than or equal to 510% of the Series Initial Investor InterestInterest minus the Class Initial Investor Interest with respect to any Seller-Owned Class, Greenwood on behalf of the Holder of the Seller Certificate may purchase and cancel the Investor Certificates of the Series established hereby by depositing into the Series Distribution Account, on the immediately succeeding such Distribution Date, an amount equal to the Series Investor Interest (plus all accrued but unpaid Certificate Interest and all funds on deposit in the Series Principal Funding Account) as of the last day of the Due Period related to such immediately succeeding Distribution Date; provided, however, that the Seller may not purchase and cancel any Investor Certificates representing a Seller-Owned Class (except as otherwise provided in Section 8) until all Classes of Investor Certificates senior to such Seller-Owned Class have been purchased and cancelled. If any The amount deposited pursuant to this Section 23(a) 18 that is (i) allocable to the Investor Certificateholders of a Class that is subject to a Class Currency Swap, the Master Servicer shall direct the Trustee in writing (x) if no Currency Swap Termination has occurred, to withdraw the amount allocable to such Class from the Series Distribution Account and deposit such amount into the Currency Swap Dollar Escrow Account or (y) if a Currency Swap Termination has occurred, to convert such amount into Foreign Currency at the then prevailing spot exchange rate in New York, as applicable, and cause such amount to be paid to the Investor Certificateholders of such Class pursuant to Section 10(c) of this Series Supplement or (ii) allocable to the Investor Certificateholders of a Class that is not subject to a Class Currency Swap, the Master Servicer shall direct the Trustee in writing to withdraw the amount allocable to such Class from the Series Distribution Account and pay such amount to the Investor Certificateholders of such Class pursuant to Section 12.02 of the Pooling and Servicing Agreement. If Greenwood Agreement on behalf of the Holder of the Seller Certificate elects to purchase Investor Certificates with respect to a Class that is subject to a Class Currency Swap pursuant to this Section 23(a), Greenwood on behalf of the Holder of the Seller Certificate shall give notice to the Investor Certificateholders of such Class not less than 30 days and not more than 45 days prior Distribution Date related to such purchase in the manner set forth in Section 19 hereofdeposit. All Investor Certificates of the Series established hereby that are purchased by Greenwood on behalf of the Holder of the Seller Certificate pursuant to this Section 23(a) 18 shall be delivered by Greenwood on behalf of the Holder of the Seller Certificate upon such purchase by the Seller to, and shall be cancelled by, the Transfer Agent and shall be disposed of in a manner satisfactory to the Trustee and Greenwood on behalf of the Holder of the Seller CertificateSeller.

Appears in 3 contracts

Samples: Pooling and Servicing Agreement (Sears Credit Account Master Trust Ii), Pooling and Servicing Agreement (Sears Credit Account Master Trust Ii), Pooling and Servicing Agreement (Sears Credit Account Master Trust Ii)

Purchase of Investor Certificates and Series Termination. (a) If the Servicer determines that, as of any Distribution Date during the Rapid Amortization Period Period, or after the Class B Expected Final Payment Date (after giving effect to any payments allocations or deposits calculated pursuant to Section 9 8 made on such Distribution Date) the Series Investor Interest less (i) the Class Investor Interest with respect to any Seller-Owned Class and (ii) the Supplemental Cash allocable to the Class A Investor Interest or Class B Investor Interest of the Series established hereby is hereby, will be less than or equal to 510% of the Series Initial Investor InterestInterest minus the Class Initial Investor Interest with respect to any Class that was a Seller-Owned Class on the Series Closing Date, Greenwood on behalf of the Holder of the Seller Certificate may purchase and cancel the Investor Certificates of the Series established hereby by depositing into the Series Distribution Account, on the immediately succeeding such Distribution Date, an amount equal to the Series Investor Interest (plus all accrued but unpaid Certificate Interest and all funds on deposit in the Series Principal Funding Account) as of the last day of the Due Period related to such immediately succeeding Distribution Date; provided,however, that the Seller may not purchase and cancel any Investor Certificates representing a Seller-Owned Class (except as otherwise provided in Section 8) until all Classes of Investor Certificates senior to such Seller-Owned Class have been purchased and cancelled. If any The amount deposited pursuant to this Section 23(a) 18 that is (i) allocable to the Investor Certificateholders of a Class that is subject to a Class Currency Swap, the Master Servicer shall direct the Trustee in writing (x) if no Currency Swap Termination has occurred, to withdraw the amount allocable to such Class from the Series Distribution Account and deposit such amount into the Currency Swap Dollar Escrow Account or (y) if a Currency Swap Termination has occurred, to convert such amount into Foreign Currency at the then prevailing spot exchange rate in New York, as applicable, and cause such amount to be paid to the Investor Certificateholders of such Class pursuant to Section 10(c) of this Series Supplement or (ii) allocable to the Investor Certificateholders of a Class that is not subject to a Class Currency Swap, the Master Servicer shall direct the Trustee in writing to withdraw the amount allocable to such Class from the Series Distribution Account and pay such amount to the Investor Certificateholders of such Class pursuant to Section 12.02 of the Pooling and Servicing Agreement. If Greenwood Agreement on behalf of the Holder of the Seller Certificate elects to purchase Investor Certificates with respect to a Class that is subject to a Class Currency Swap pursuant to this Section 23(a), Greenwood on behalf of the Holder of the Seller Certificate shall give notice to the Investor Certificateholders of such Class not less than 30 days and not more than 45 days prior Distribution Date related to such purchase in the manner set forth in Section 19 hereofdeposit. All Investor Certificates of the Series established hereby that are purchased by Greenwood on behalf of the Holder of the Seller Certificate pursuant to this Section 23(a) 18 shall be delivered by Greenwood on behalf of the Holder of the Seller Certificate upon such purchase by the Seller to, and shall be cancelled by, the Transfer Agent and shall be disposed of in a manner satisfactory to the Trustee and Greenwood on behalf of the Holder of the Seller CertificateSeller.

Appears in 2 contracts

Samples: Pooling and Servicing Agreement (Sears Credit Account Master Trust Ii), Pooling and Servicing Agreement (Sears Credit Account Master Trust Ii)

Purchase of Investor Certificates and Series Termination. (a) If as of any Distribution Date during the Amortization Period (after giving effect to any payments calculated pursuant to Section 9 made on such Distribution Date) the Series Investor Interest of the Series established hereby is less than or equal to 5% of the Series Initial Investor Interest, Greenwood on behalf of the Holder of the Seller Certificate may purchase and cancel the Investor Certificates of the Series established hereby by depositing into the Series Distribution Account, on the immediately succeeding Distribution Date, an amount equal to the Series Investor Interest as of the last day of the Due Period related to such immediately succeeding Distribution Date. If any amount deposited pursuant to this Section 23(a21(a) is (i) allocable to the Investor Certificateholders of a Class that is subject to a Class Currency Swap, the Master Servicer shall direct the Trustee in writing (x) if no Currency Swap Termination has occurred, to withdraw the amount allocable to such Class from the Series Distribution Account and deposit such amount into the Currency Swap Dollar Escrow Account or (y) if a Currency Swap Termination has occurred, to convert such amount into Foreign Currency at the then prevailing spot exchange rate in New York, as applicable, and cause such amount to be paid to the Investor Certificateholders of such Class pursuant to Section 10(c) of this Series Supplement or (ii) allocable to the Investor Certificateholders of a Class that is not subject to a Class Currency Swap, the Master Servicer shall direct the Trustee in writing to withdraw the amount allocable to such Class from the Series Distribution Account and pay such amount to the Investor Certificateholders of such Class pursuant to Section 12.02 of the Pooling and Servicing Agreement. If Greenwood on behalf of the Holder of the Seller Certificate elects to purchase Investor Certificates with respect to a Class that is subject to a Class Currency Swap pursuant to this Section 23(a21(a), Greenwood on behalf of the Holder of the Seller Certificate shall give notice to the Investor Certificateholders of such Class not less than 30 days and not more than 45 days prior to such purchase in the manner set forth in Section 19 hereof. All Investor Certificates of the Series established hereby that are purchased by Greenwood on behalf of the Holder of the Seller Certificate pursuant to this Section 23(a21(a) shall be delivered by Greenwood on behalf of the Holder of the Seller Certificate upon such purchase to, and be cancelled by, the Transfer Agent and be disposed of in a manner satisfactory to the Trustee and Greenwood on behalf of the Holder of the Seller Certificate.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Discover Card Master Trust I)

Purchase of Investor Certificates and Series Termination. (a) If as of any Distribution Date during the Amortization Period (after giving effect to any payments calculated pursuant to Section 9 made on such Distribution Date) the Series Investor Interest of the Series established hereby is less than or equal to 5% of the Series Initial Investor Interest, Greenwood on behalf of the Holder of the Seller Certificate may purchase and cancel the Investor Certificates of the Series established hereby by depositing into the Series Distribution Account, on the immediately succeeding Distribution Date, an amount equal to the Series Investor Interest as of the last day of the Due Period related to such immediately succeeding Distribution Date. If any amount deposited pursuant to this Section 23(a21(a) is (i) allocable to the Investor Certificateholders of a Class that is subject to a Class Currency Swap, the Master Servicer shall direct the Trustee in writing (x) if no Currency Swap Termination has occurred, to withdraw the amount allocable to such Class from the Series Distribution Account and deposit such amount into the Currency Swap Dollar Escrow Account or (y) if a Currency Swap Termination has occurred, to convert such amount into Foreign Currency at the then prevailing spot exchange rate in New York, as applicable, and cause such amount to be paid to the Investor Certificateholders of such Class pursuant to Section 10(c) of this Series Supplement or (ii) allocable to the Investor Certificateholders of a Class that is not subject to a Class Currency Swap, the Master Servicer shall direct the Trustee in writing to withdraw the amount allocable to such Class from the Series Distribution Account and pay such amount to the Investor Certificateholders of such Class pursuant to Section 12.02 of the Pooling and Servicing Agreement. If Greenwood on behalf of the Holder of the Seller Certificate elects to purchase Investor Certificates with respect to a Class that is subject to a Class Currency Swap pursuant to this Section 23(a), Greenwood on behalf of the Holder of the Seller Certificate shall give notice to the Investor Certificateholders of such Class not less than 30 days and not more than 45 days prior to such purchase in the manner set forth in Section 19 hereof. All Investor Certificates of the Series established hereby that are purchased by Greenwood on behalf of the Holder of the Seller Certificate pursuant to this Section 23(a) shall be delivered by Greenwood on behalf of the Holder of the Seller Certificate upon such purchase to, and be cancelled by, the Transfer Agent and be disposed of in a manner satisfactory to the Trustee and Greenwood on behalf of the Holder of the Seller Certificate.the

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Discover Card Master Trust I)

Purchase of Investor Certificates and Series Termination. (a) If the Servicer determines that, as of any Distribution Date during the Rapid Amortization Period Period, or after the Class B Expected Final Payment Date (after giving effect to any payments allocations or deposits calculated pursuant to Section 9 8 made on such Distribution Date) the Series Investor Interest less (i) the Class Investor Interest with respect to any Seller Retained Class and (ii) the Supplemental Cash allocable to the Class A Investor Interest or Class B Investor Interest of the Series established hereby is hereby, will be less than or equal to 510% of the Series Initial Investor InterestInterest minus the Class Initial Investor Interest with respect to any Seller Retained Class, Greenwood on behalf of the Holder of the Seller Certificate may purchase and cancel the Investor Certificates of the Series established hereby by depositing into the Series Distribution Account, on the immediately succeeding such Distribution Date, an amount equal to the Series Investor Interest (plus all accrued but unpaid Certificate Interest and all funds on deposit in the Series Principal Funding Account) as of the last day of the Due Period related to such immediately succeeding Distribution Date; provided, however, that the Seller may not purchase and cancel any Investor Certificates representing a Seller Retained Class (except as otherwise provided in Section 8) until all Classes of Investor Certificates senior to such Seller Retained Class have been purchased and cancelled. If any The amount deposited pursuant to this Section 23(a) 17 that is (i) allocable to the Investor Certificateholders of a Class that is subject to a Class Currency Swap, the Master Servicer shall direct the Trustee in writing (x) if no Currency Swap Termination has occurred, to withdraw the amount allocable to such Class from the Series Distribution Account and deposit such amount into the Currency Swap Dollar Escrow Account or (y) if a Currency Swap Termination has occurred, to convert such amount into Foreign Currency at the then prevailing spot exchange rate in New York, as applicable, and cause such amount to be paid to the Investor Certificateholders of such Class pursuant to Section 10(c) of this Series Supplement or (ii) allocable to the Investor Certificateholders of a Class that is not subject to a Class Currency Swap, the Master Servicer shall direct the Trustee in writing to withdraw the amount allocable to such Class from the Series Distribution Account and pay such amount to the Investor Certificateholders of such Class pursuant to Section 12.02 of the Pooling and Servicing Agreement. If Greenwood Agreement on behalf of the Holder of the Seller Certificate elects to purchase Investor Certificates with respect to a Class that is subject to a Class Currency Swap pursuant to this Section 23(a), Greenwood on behalf of the Holder of the Seller Certificate shall give notice to the Investor Certificateholders of such Class not less than 30 days and not more than 45 days prior Distribution Date related to such purchase in the manner set forth in Section 19 hereofdeposit. All Investor Certificates of the Series established hereby that are purchased by Greenwood on behalf of the Holder of the Seller Certificate pursuant to this Section 23(a) 17 shall be delivered by Greenwood on behalf of the Holder of the Seller Certificate upon such purchase by the Seller to, and shall be cancelled by, the Transfer Agent and shall be disposed of in a manner satisfactory to the Trustee and Greenwood on behalf of the Holder of the Seller CertificateSeller.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Sears Credit Account Master Trust Ii)

Purchase of Investor Certificates and Series Termination. (a) If the Servicer determines that, as of any Distribution Date during the Rapid Amortization Period Period, or after the Class B Expected Final Payment Date (after giving effect to any payments allocations or deposits calculated pursuant to Section 9 8 made on such Distribution Date) the Series Investor Interest less (i) the Class Investor Interest with respect to any Seller Retained Class and (ii) the Supplemental Cash allocable to the Class A Investor Interest or Class B Investor Interest of the Series established hereby is hereby, will be less than or equal to 510% of the Series Initial Investor InterestInterest minus the Class Initial Investor Interest with respect to any Seller Retained Class, Greenwood on behalf of the Holder of the Seller Certificate may purchase and cancel the Investor Certificates of the Series established hereby by depositing into the Series Distribution Account, on the immediately succeeding such Distribution Date, an amount equal to the Series Investor Interest (plus all accrued but unpaid Certificate Interest and all funds on deposit in the Series Principal Funding Account) as of the last day of the Due Period related to such immediately succeeding Distribution Date; provided, however, that the Seller may not purchase and cancel any Investor Certificates representing a Seller Retained Class (except as otherwise provided in Section 8) until all Classes of Investor Certificates senior to such Seller Retained Class have been purchased and cancelled. If any The amount deposited pursuant to this Section 23(a) 18 that is (i) allocable to the Investor Certificateholders of a Class that is subject to a Class Currency Swap, the Master Servicer shall direct the Trustee in writing (x) if no Currency Swap Termination has occurred, to withdraw the amount allocable to such Class from the Series Distribution Account and deposit such amount into the Currency Swap Dollar Escrow Account or (y) if a Currency Swap Termination has occurred, to convert such amount into Foreign Currency at the then prevailing spot exchange rate in New York, as applicable, and cause such amount to be paid to the Investor Certificateholders of such Class pursuant to Section 10(c) of this Series Supplement or (ii) allocable to the Investor Certificateholders of a Class that is not subject to a Class Currency Swap, the Master Servicer shall direct the Trustee in writing to withdraw the amount allocable to such Class from the Series Distribution Account and pay such amount to the Investor Certificateholders of such Class pursuant to Section 12.02 of the Pooling and Servicing Agreement. If Greenwood Agreement on behalf of the Holder of the Seller Certificate elects to purchase Investor Certificates with respect to a Class that is subject to a Class Currency Swap pursuant to this Section 23(a), Greenwood on behalf of the Holder of the Seller Certificate shall give notice to the Investor Certificateholders of such Class not less than 30 days and not more than 45 days prior Distribution Date related to such purchase in the manner set forth in Section 19 hereofdeposit. All Investor Certificates of the Series established hereby that are purchased by Greenwood on behalf of the Holder of the Seller Certificate pursuant to this Section 23(a) 18 shall be delivered by Greenwood on behalf of the Holder of the Seller Certificate upon such purchase by the Seller to, and shall be cancelled by, the Transfer Agent and shall be disposed of in a manner satisfactory to the Trustee and Greenwood on behalf of the Holder of the Seller CertificateSeller. SECTION 19.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Sears Credit Account Master Trust Ii)

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Purchase of Investor Certificates and Series Termination. (a) If the Servicer determines that, as of any Distribution Date during the Rapid Amortization Period Period, or after the Class B Expected Final Payment Date (after giving effect to any payments allocations or deposits calculated pursuant to Section 9 8 made on such Distribution Date) the Series Investor Interest less (i) the Class Investor Interest with respect to any Seller Retained Class and (ii) the Supplemental Cash allocable to the Class A Investor Interest or Class B Investor Interest of the Series established hereby is hereby, will be less than or equal to 510% of the Series Initial Investor InterestInterest minus the Class Initial Investor Interest with respect to any Seller Retained Class, Greenwood on behalf of the Holder of the Seller Certificate may purchase and cancel the Investor Certificates of the Series established hereby by depositing into the Series Distribution Account, on the immediately succeeding such Distribution Date, an amount equal to the Series Investor Interest (plus all accrued but unpaid Certificate Interest and all funds on deposit in the Series Principal Funding Account) as of the last day of the Due Period related to such immediately succeeding Distribution Date; provided, however, that the Seller may not purchase and cancel any Investor Certificates representing a Seller Retained Class (except as otherwise provided in Section 8) until all Classes of Investor Certificates senior to such Seller Retained Class have been purchased and cancelled. If any The amount deposited pursuant to this Section 23(a) 18 that is (i) allocable to the Investor Certificateholders of a Class that is subject to a Class Currency Swap, the Master Servicer shall direct the Trustee in writing (x) if no Currency Swap Termination has occurred, to withdraw the amount allocable to such Class from the Series Distribution Account and deposit such amount into the Currency Swap Dollar Escrow Account or (y) if a Currency Swap Termination has occurred, to convert such amount into Foreign Currency at the then prevailing spot exchange rate in New York, as applicable, and cause such amount to be paid to the Investor Certificateholders of such Class pursuant to Section 10(c) of this Series Supplement or (ii) allocable to the Investor Certificateholders of a Class that is not subject to a Class Currency Swap, the Master Servicer shall direct the Trustee in writing to withdraw the amount allocable to such Class from the Series Distribution Account and pay such amount to the Investor Certificateholders of such Class pursuant to Section 12.02 of the Pooling and Servicing Agreement. If Greenwood Agreement on behalf of the Holder of the Seller Certificate elects to purchase Investor Certificates with respect to a Class that is subject to a Class Currency Swap pursuant to this Section 23(a), Greenwood on behalf of the Holder of the Seller Certificate shall give notice to the Investor Certificateholders of such Class not less than 30 days and not more than 45 days prior Distribution Date related to such purchase in the manner set forth in Section 19 hereofdeposit. All Investor Certificates of the Series established hereby that are purchased by Greenwood on behalf of the Holder of the Seller Certificate pursuant to this Section 23(a) 18 shall be delivered by Greenwood on behalf of the Holder of the Seller Certificate upon such purchase by the Seller to, and shall be cancelled by, the Transfer Agent and shall be disposed of in a manner satisfactory to the Trustee and Greenwood on behalf of the Holder of the Seller Certificate.Seller. 91 100

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Sears Credit Account Master Trust Ii)

Purchase of Investor Certificates and Series Termination. (a) If the Servicer determines that, as of any Distribution Date during the Rapid Amortization Period Period, or after the Class B Expected Final Payment Date (after giving effect to any payments allocations or deposits calculated pursuant to Section 9 8 made on such Distribution Date) the Series Investor Interest less (i) the Class Investor Interest with respect to any Seller Retained Class and (ii) the Supplemental Cash allocable to the Class A Investor Interest or Class B Investor Interest of the Series established hereby is hereby, will be less than or 93 102 equal to 510% of the Series Initial Investor InterestInterest minus the Class Initial Investor Interest with respect to any Seller Retained Class, Greenwood on behalf of the Holder of the Seller Certificate may purchase and cancel the Investor Certificates of the Series established hereby by depositing into the Series Distribution Account, on the immediately succeeding such Distribution Date, an amount equal to the Series Investor Interest (plus all accrued but unpaid Certificate Interest and all funds on deposit in the Series Principal Funding Account) as of the last day of the Due Period related to such immediately succeeding Distribution Date; provided, however, that the Seller may not purchase and cancel any Investor Certificates representing a Seller Retained Class (except as otherwise provided in Section 8) until all Classes of Investor Certificates senior to such Seller Retained Class have been purchased and cancelled. If any The amount deposited pursuant to this Section 23(a) 18 that is (i) allocable to the Investor Certificateholders of a Class that is subject to a Class Currency Swap, the Master Servicer shall direct the Trustee in writing (x) if no Currency Swap Termination has occurred, to withdraw the amount allocable to such Class from the Series Distribution Account and deposit such amount into the Currency Swap Dollar Escrow Account or (y) if a Currency Swap Termination has occurred, to convert such amount into Foreign Currency at the then prevailing spot exchange rate in New York, as applicable, and cause such amount to be paid to the Investor Certificateholders of such Class pursuant to Section 10(c) of this Series Supplement or (ii) allocable to the Investor Certificateholders of a Class that is not subject to a Class Currency Swap, the Master Servicer shall direct the Trustee in writing to withdraw the amount allocable to such Class from the Series Distribution Account and pay such amount to the Investor Certificateholders of such Class pursuant to Section 12.02 of the Pooling and Servicing Agreement. If Greenwood Agreement on behalf of the Holder of the Seller Certificate elects to purchase Investor Certificates with respect to a Class that is subject to a Class Currency Swap pursuant to this Section 23(a), Greenwood on behalf of the Holder of the Seller Certificate shall give notice to the Investor Certificateholders of such Class not less than 30 days and not more than 45 days prior Distribution Date related to such purchase in the manner set forth in Section 19 hereofdeposit. All Investor Certificates of the Series established hereby that are purchased by Greenwood on behalf of the Holder of the Seller Certificate pursuant to this Section 23(a) 18 shall be delivered by Greenwood on behalf of the Holder of the Seller Certificate upon such purchase by the Seller to, and shall be cancelled by, the Transfer Agent and shall be disposed of in a manner satisfactory to the Trustee and Greenwood on behalf of the Holder of the Seller CertificateSeller.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Sears Credit Account Master Trust Ii)

Purchase of Investor Certificates and Series Termination. (a) If as of any Distribution Date during the Amortization Period (after giving effect to any payments calculated pursuant to Section 9 made on such Distribution Date) the Series Investor Interest of the Series established hereby is less than or equal to 5% of the Series Initial Investor Interest, Greenwood on behalf of the Holder of the Seller Certificate may purchase and cancel the Investor Certificates of the Series established hereby by depositing into the Series Distribution Account, on the immediately succeeding Distribution Date, an amount equal to the Series Investor Interest as of the last day of the Due Period related to such immediately succeeding Distribution Date. If any amount deposited pursuant to this Section 23(a) is (i) allocable to the Investor Certificateholders of a Class that is subject to a Class Currency Swap, the Master Servicer shall direct the Trustee in writing (x) if no Currency Swap Termination has occurred, to withdraw the amount allocable to such Class from the Series Distribution Account and deposit such amount into the Currency Swap Dollar Escrow Account or (y) if a Currency Swap Termination has occurred, to convert such amount into Foreign Currency at the then prevailing spot exchange rate in New York, as applicable, and cause such amount to be paid to the Investor Certificateholders of such Class pursuant to Section 10(c) of this Series Supplement or (ii) allocable to the Investor Certificateholders of a Class that is not subject to a Class Currency Swap, the Master Servicer shall direct the Trustee in writing to withdraw the amount allocable to such Class from the Series Distribution Account and pay such amount to the Investor Certificateholders of such Class pursuant to Section 12.02 of the Pooling and Servicing Agreement. If Greenwood on behalf of the Holder of the Seller Certificate elects to purchase Investor Certificates with respect to a Class that is subject to a Class Currency Swap pursuant to this Section 23(a), Greenwood on behalf of the Holder of the Seller Certificate shall give notice to the Investor Certificateholders of such Class not less than 30 days and not more than 45 days prior to such purchase in the manner set forth in Section 19 hereof. All Investor Certificates of the Series established hereby that are purchased by Greenwood on behalf of the Holder of the 77 Seller Certificate pursuant to this Section 23(a) shall be delivered by Greenwood on behalf of the Holder of the Seller Certificate upon such purchase to, and be cancelled by, the Transfer Agent and be disposed of in a manner satisfactory to the Trustee and Greenwood on behalf of the Holder of the Seller Certificate.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Discover Card Master Trust I)

Purchase of Investor Certificates and Series Termination. (a) If as of any Distribution Date during the Amortization Period (after giving effect to any payments calculated pursuant to Section 9 made on such Distribution Date) the Series Investor Interest of the Series established hereby is less than or equal to 5% of the Series Initial Investor Interest, Greenwood on behalf of the Holder of the Seller Certificate may purchase and cancel the Investor Certificates of the Series established hereby by depositing into the Series Distribution Account, on the immediately succeeding Distribution Date, an amount equal to the Series Investor Interest as of the last day of the Due Period related to such immediately succeeding Distribution Date. If any amount deposited pursuant to this Section 23(a) is (i) allocable to the Investor Certificateholders of a Class that is subject to a Class Currency Swap, the Master Servicer shall direct the Trustee in writing (x) if no Currency Swap Termination has occurred, to withdraw the amount allocable to such Class from the Series Distribution Account and deposit such amount into the Currency Swap Dollar Escrow Account or (y) if a Currency Swap Termination has occurred, to convert such amount into Foreign Currency at the then prevailing spot exchange rate in New York, as applicable, and cause such amount to be paid to the Investor Certificateholders of such Class pursuant to Section 10(c) of this Series Supplement or (ii) allocable to the Investor Certificateholders of a Class that is not subject to a Class Currency Swap, the Master Servicer shall direct the Trustee in writing to withdraw the amount allocable to such Class from the Series Distribution Account and pay such amount to the Investor Certificateholders of such Class pursuant to Section 12.02 of the Pooling and Servicing Agreement. If Greenwood on Greexxxxx xx behalf of the Holder of the Seller Certificate elects to purchase Investor Certificates with respect to a Class that is subject to a Class Currency Swap pursuant to this Section 23(a), Greenwood on behalf of the Holder of the Seller Certificate shall give notice to the Investor Certificateholders of such Class not less than 30 days and not more than 45 days prior to such purchase in the manner set forth in Section 19 hereof. All Investor Certificates of the Series established hereby that are purchased by Greenwood on Greexxxxx xx behalf of the Holder of the Seller Certificate pursuant to this Section 23(a) shall be delivered by Greenwood on Greexxxxx xx behalf of the Holder of the Seller Certificate upon such purchase to, and be cancelled by, the Transfer Agent and be disposed of in a manner satisfactory to the Trustee and Greenwood on behalf of the Holder of the Seller Certificate.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Discover Card Master Trust I)

Purchase of Investor Certificates and Series Termination. (a) If as of any Distribution Date during the Amortization Period (after giving effect to any payments calculated pursuant to Section 9 made on such Distribution Date) the Series Investor Interest of the Series established hereby is less than or equal to 5% of the Series Initial Investor Interest, Greenwood on behalf of the Holder of the Seller Certificate may purchase and cancel the Investor Certificates of the Series established hereby by depositing into the Series Distribution Account, on the immediately succeeding Distribution Date, an amount equal to the Series Investor Interest as of the last day of the Due Period related to such immediately succeeding Distribution Date. If any amount deposited pursuant to this Section 23(a) is (i) allocable to the Investor Certificateholders of a Class that is subject to a Class Currency Swap, the Master Servicer MasterServicer shall direct the Trustee in writing (x) if no Currency Swap Termination has occurred, to withdraw the amount allocable to such Class from the Series Distribution Account and deposit such amount into the Currency Swap Dollar Escrow Account or (y) if a Currency Swap Termination has occurred, to convert such amount into Foreign Currency at the then prevailing spot exchange rate in New York, as applicable, and cause such amount to be paid to the Investor Certificateholders of such Class pursuant to Section 10(c) of this Series Supplement or (ii) allocable to the Investor Certificateholders of a Class that is not subject to a Class Currency Swap, the Master Servicer shall direct the Trustee in writing to withdraw the amount allocable to such Class from the Series Distribution Account and pay such amount to the Investor Certificateholders of such Class pursuant to Section 12.02 of the Pooling and Servicing Agreement. If Greenwood on behalf of the Holder of the Seller Certificate elects to purchase Investor Certificates with respect to a Class that is subject to a Class Currency Swap pursuant to this Section 23(a), Greenwood on behalf of the Holder of the Seller Certificate shall give notice to the Investor Certificateholders of such Class not less than 30 days and not more than 45 days prior to such purchase in the manner set forth in Section 19 hereof. All Investor Certificates of the Series established hereby that are purchased by Greenwood on behalf of the Holder of the Seller Certificate pursuant to this Section 23(a) shall be delivered by Greenwood on behalf of the Holder of the Seller Certificate upon such purchase to, and be cancelled by, the Transfer Agent and be disposed of in a manner satisfactory to the Trustee and Greenwood on behalf of the Holder of the Seller Certificate.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Discover Card Master Trust I)

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