Rights of Certificateholders and Allocation and Application of Collections. Section 4.1 Rights of Certificateholders. Each Series of Investor Certificates shall represent Undivided Interests in the Trust, including the benefits of any Credit Enhancement issued with respect to such Series and the right to receive the Collections and other amounts at the times and in the amounts specified in this Article IV to be deposited in the Investor Accounts and any other Series Account (if so specified in the related Supplement) or to be paid to the Investor Certificateholders of such Series; provided, however, that the aggregate interest represented by such Certificates at any time in the Principal Receivables shall not exceed an amount equal to the Investor Interest at such time. The Transferor Certificate shall represent the remaining undivided interest in the Trust, including the right to receive the Collections and other amounts at the times and in the amounts specified in this Article IV to be paid to the Holder of the Transferor Certificate; provided, however, that the aggregate interest represented by such Transferor Certificate at any time in the Principal Receivables shall not exceed the Transferor Interest at such time and such Certificate shall not represent any interest in the Investor Accounts, except as provided in this Agreement, or the benefits of any Credit Enhancement issued with respect to any Series.
Rights of Certificateholders and Allocation and Application of Collections. Section 4.01 Rights of Certificateholders. Each Series of Investor Certificates shall represent Undivided Interests in the Trust, including the benefits of any Enhancement issued with respect to such Series and the right to receive the Collections and other amounts at the times and in the amounts specified in this Article IV to be deposited in the Investor Accounts or to be paid to the Investor Certificateholders of such Series; provided, however, that the aggregate interest represented by such Certificates at any time in the Principal Receivables shall not exceed an amount equal to the Invested Amount at such time. The Exchangeable Transferor Certificate or, as the case may be, the uncertificated interest in the Transferor Interest shall represent the remaining undivided interest in the Trust, including the right to receive the Collections and other amounts at the times and in the amounts specified in this Article IV to be paid to the Holder of the Exchangeable Transferor Certificate; provided, however, that if the Transferor elects to have its interest in the Transferor Interest be uncertificated as provided in Section 6.01, then such uncertificated interest shall represent the Transferor Interest; provided, further, that the aggregate interest represented by such Exchangeable Transferor Certificate in the Principal Receivables or, as the case may be, the aggregate uncertificated interest of the Transferor in the Principal Receivables, shall not exceed the Transferor Interest at any time and such Exchangeable Transferor Certificate or, as the case may be, such uncertificated interest shall not represent any interest in the Investor Accounts, except as provided in this Agreement, or the benefits of any Enhancement issued with respect to any Series.
Rights of Certificateholders and Allocation and Application of Collections. Section 4.01 Establishment of Collection Account and Special Funding Account and Allocations with Respect to the Exchangeable Transferor's Certificates.
Rights of Certificateholders and Allocation and Application of Collections. SECTION 4.1 Establishment of Accounts and Allocations with Respect to the ------------------------------------------------------------- Exchangeable Seller Certificate. -------------------------------
Rights of Certificateholders and Allocation and Application of Collections. Section 4.1 Rights of Certificateholders. The Investor Certificates shall represent undivided interests in the Trust, which, with respect to each Series, shall consist of the right to receive, to the extent necessary to make the required payments with respect to the Investor Certificates of such Series at the times and in the amounts specified in the related Supplement, the portion of Collections allocable to Investor Certificateholders of such Series pursuant to this Agreement and such Supplement, funds on deposit in the Collection Account and the Special Funding Account allocable to Certificateholders of such Series pursuant to this Agreement and such Supplement, funds on deposit in any related Series Account and funds available pursuant to any related Series Enhancement (collectively, with respect to all Series, the "Certificateholders' Interest"), it being understood that, except as specifically set forth in the Supplement with respect thereto, the Investor Certificates of any Series or Class shall not represent any interest in any Series Account or Series Enhancement for the benefit of any other Series or Class. The Transferor Certificates shall represent the ownership interest in the Trust Assets not allocated pursuant to this Agreement or any Supplement to the Certificateholders' Interest, and the right to receive Collections with respect to the Receivables and other amounts at the times and in the amounts specified in any Supplement to be paid to the Transferor on behalf of all Holders of the Transferor Certificates (the "Transferor's Interest"); provided, however, that the Transferor Certificates shall not represent any interest in the Collection Account, any Series Account or any Series Enhancement, except as specifically provided in this Agreement or any Supplement. Section 4.2
Rights of Certificateholders and Allocation and Application of Collections. Section 4.6 Rights of the Series 2004-CC Certificateholder. The Series 2004- CC Certificate shall represent an undivided interest in the Trust, consisting of the right to receive, to the extent necessary to make the required payments with respect to the Series 2004-CC Certificate, at the times and in the amounts specified in this Agreement, (a) the Floating Allocation Percentage and Principal Allocation Percentage (as applicable from time to time) of Collections received with respect to the Receivables and (b) funds on deposit in the Collection Account, the Finance Charge Account and the Principal Account, the Excess Funding Account and the Distribution Account allocable to the Series 2004-CC Certificate (the "Series 2004-CC Certificateholder's Interest"). The Series 2004-CC Certificate shall not represent any interest in the Collection Account, the Finance Charge Account, the Principal Account, the Excess Funding Account or the Distribution Account except as specifically provided in this Article IV.
Rights of Certificateholders and Allocation and Application of Collections. SECTION 4.1 Establishment of Accounts and Allocations with Respect to the Exchangeable Seller Certificate.................. 65 SECTION 4.2 Collection and Allocations............................... 67 -1- TABLE OF CONTENTS ----------------- (continued) PAGE ARTICLE V [ARTICLE V IS RESERVED AND SHALL BE SPECIFIED IN ANY SUPPLEMENT WITH RESPECT TO ANY SERIES]
Rights of Certificateholders and Allocation and Application of Collections. SECTION 4.4 RIGHTS OF CERTIFICATEHOLDERS. The Investor Certificates shall represent undivided interests in the Trust, consisting of the right to receive, to the extent necessary to make the required payments with respect to such Investor Certificates at the times and in the amounts specified in this Agreement, (a) the Floating Allocation Percentage and Fixed Allocation Percentage (as applicable from time to time) of Collections received with respect to the Receivables and (b) funds on deposit in the Collection Account, the Excess Funding Account, the Interest Funding Account, the Principal Funding Account, the Reserve Account and the Overconcentration Account. The Collateral Investor Interest shall be subordinate to the Class A Certificates and the Class B Certificates. The Class B Certificates shall be subordi- nate to the Class A Certificates. The Exchangeable Transferor Certificate shall not represent any interest in the Collection Account, the Excess Funding Account, the Interest Funding Account, the Principal Funding Account, the Reserve Account or the Overconcentration Account, except as specifically provided in this Article IV.
Rights of Certificateholders and Allocation and Application of Collections. Section 4.02 Rights of Series 1999-X Certificateholders. The ------------------------------------------- Investor Certificates of Series 1999-X shall represent fractional Undivided Interests in the Trust, consisting of the right to receive, to the extent necessary to make the required payments with respect to such Investor Certificates at the times and in the amounts specified in this Agreement, (a) the related Invested Percentage of Collections received with respect to the Receivables (including the Interchange Amount allocable to the Series 1999-X Certificateholders), (b) funds on deposit in the Collection Account, (c) funds on deposit in the Cash Collateral Account, (d) funds on deposit in the Principal Funding Account and (e) funds on deposit in the Reserve Account (collectively, the "Series 1999-X Certificateholders' Interest"). The Exchangeable Seller's Certificate and any other Series of investor certificates outstanding shall represent fractional Undivided Interests in the Trust Assets not allocated pursuant to this Agreement to the Series 1999-X Certificateholders' Interest, including the right to receive Collections with respect to the Receivables and other amounts at the times and in the amounts specified in this Article IV to be paid to the Holder of the Exchangeable Seller's Certificate; provided, however, -------- ------- such interests shall not represent any interest in the Cash Collateral Account, the Principal Funding Account or the Reserve Account or funds on deposit therein.
Rights of Certificateholders and Allocation and Application of Collections. SECTION 4.11 Rights of Class A Certificateholders, the Class B Investor Interest Holder and the Class C Investor Interest Holder. The Investor Certificates shall represent the right (which in the case of the Class A Certificates and the Class B Investor Interest shall represent limited recourse indebtedness) to receive, to the extent necessary to make the required payments with respect to such Investor Certificates at the times and in the amounts specified in this Agreement, (a) the Floating Investor Percentage and Fixed Investor Percentage (as applicable from time to time) of Collections received with respect to the Receivables and, without duplication, (b) funds on deposit in the Collection Account, the Finance Charge Account, the Principal Account, the Principal Funding Account and the Distribution Account. The Class C Investor Interest shall be subordinate with respect to payment to the Class A Certificates and the Class B Investor Interest. The Class B Investor Interest shall be subordinate with respect to payment to the Class A Certificates.
