Servicer Interchange definition

Servicer Interchange means, for any Monthly Period, the portion of Collections of Finance Charge Receivables allocated to the Investor Certificates and deposited in the Finance Charge Account with respect to such Monthly Period that is attributable to Interchange; provided, however, that Servicer Interchange for a Monthly Period shall not exceed one-twelfth of the product of (i) the Adjusted Investor Interest as of the last day of such Monthly Period and (ii) 1.00%.

Servicer Interchange means, for any Transfer Date, the portion of Collections of Finance Charge Receivables allocated to the Investor Certificates and deposited in the Finance Charge Account with respect to the related Monthly Period that is attributable to Interchange; provided, however, that Servicer Interchange for any Transfer Date shall not exceed one-twelfth of the product of (i) the Adjusted Investor Interest as of the last day of the related Monthly Period and (ii) 0.75%; provided further, however, with respect to the first Transfer Date, the Servicer Interchange may equal but shall not exceed $500,000.

Servicer Interchange means, for any Monthly Period, the product -------------------- of (a) the Floating Allocation Percentage for such Monthly Period and (b) the portion of collections of Finance Charge Receivables allocated to the Series 1998-1 Certificates and the Class C Interests with respect to such Monthly Period that is attributable to Interchange; provided, however, that Servicer -------- ------- Interchange for a Monthly Period shall not exceed one-twelfth of the product of (i) the Invested Amount as of the last day of such Monthly Period and (ii) 0.75%.

Examples of Servicer Interchange in a sentence

• On each Transfer Date for which the Seller or The Bank of New York is the Servicer, the Servicer Interchange with respect to the related Monthly Period that is on deposit in the Finance Charge Account shall be withdrawn from the Finance Charge Account and paid to the Servicer in payment of a portion of the Investor Servicing Fee with respect to such Monthly Period.

• Should the Servicer Interchange on deposit in the Finance Charge Account on any Transfer Date with respect to the related Monthly Period be less than one-twelfth of 0.75% of the Adjusted Investor Interest as of the last day of such Monthly Period, the Investor Servicing Fee with respect to such Monthly Period will not be paid to the extent of such insufficiency of Servicer Interchange on deposit in the Finance Charge Account.

• On each Transfer Date a portion of Interchange with respect to the related Monthly Period that is on deposit in the Finance Charge Account shall be withdrawn from the Finance Charge Account and paid to the Servicer in payment of a portion of the Investor Servicing Fee with respect to such Monthly Period ("Servicer Interchange").

• Should the Servicer Interchange on deposit in the Finance Charge Account on any Transfer Date with respect to the related Monthly Period be less than one-twelfth of 1.00% of the Adjusted Investor Interest as of the last day of such Monthly Period, the Investor Servicing Fee with respect to such Monthly Period will not be paid to the extent of such insufficiency of Servicer Interchange on deposit in the Finance Charge Account.

• The amount of Servicer Interchange for the prior Monthly Period is .

More Definitions of Servicer Interchange

Servicer Interchange means, for any Due Period, the product of (a) the Floating Allocation Percentage for such Due Period and (b) the portion of Allocable Finance Charge Collections deposited in the Collection Account for such Due Period that is attributable to Interchange; provided, however, that Servicer Interchange for a Due Period shall not exceed one-twelfth of the product of (i) the sum of the Invested Amount and the CCA Invested Amount, if any, as of the last day of the preceding Due Period and (ii) 1.50%.

Servicer Interchange means, for any Transfer Date, the portion of Collections of Finance Charge Receivables allocated to the Investor Certificates and deposited in the Finance Charge Account with respect to the related Monthly Period that is attributable to Interchange; provided, however, that Servicer Interchange for any Transfer Date shall not exceed one-twelfth of the product of (i) the Adjusted Investor Interest as of the last day of the related Monthly Period and (ii) 0.75%; provided further, however, with respect to the first Transfer Date, the Servicer Interchange may equal but shall not exceed $368,750. "Shared Principal Collections" shall mean, with respect to any Transfer Date, either (a) the amount allocated to the Investor Certificates which may be applied to the Series Principal Shortfall with respect to other outstanding Series in Group One or (b) the amounts allocated to the investor certificates of other Series in Group One which the applicable Supplements for such Series specify are to be treated as "Shared Principal Collections" and which may be applied to cover the Series Principal Shortfall with respect to the Investor Certificates. "Supplemental Swap Letter" shall mean that certain letter agreement designated as the Supplemental Swap Letter, dated as of the Closing Date, between the Seller, the Trustee and the Swap Counterparty. "Swap Counterparty" shall have the meaning specified in the Interest Rate Swap. "Swap Fixed Rate" shall mean for any applicable Interest Period, the fixed rate specified in the Interest Rate Swap. "Swap Floating Rate" shall mean for any applicable Interest Period, the floating rate specified in the Interest Rate Swap. "Swap Reserve Draw Amount" shall have the meaning specified in subsection 4.16(c). "Swap Reserve Fund" shall have the meaning specified in subsection 4.16(a). "Swap Reserve Fund Surplus" shall mean, as of any Transfer Date, the amount, if any, by which the amount on deposit in the Swap Reserve Fund exceeds the Required Swap Reserve Fund Amount. "Transfer" shall have the meaning specified in subsection 19(a). "Transfer Agreement" shall mean the agreement among MBNA and the Collateral Interest Holder, dated as of the Closing Date, as amended or modified from time to time, relating to the transfer of the Collateral Interest. "Unallocated Principal Collections" shall have the meaning specified in subsection 4.05(e). SECTION 3.

Servicer Interchange means, with respect to any Monthly Period, an amount equal to one-twelfth of the product of (a) [1.50]% and (b) the Collateral Amount as of the last day of the preceding Monthly Period; provided, however, that Servicer Interchange for the [•] [•], 20[•] Distribution Date shall be $[•].

Servicer Interchange means, with respect to any Monthly Period, an amount equal to one-twelfth of the product of (a) [1.00%] and (b) the Collateral Amount as of the last day of the preceding Monthly Period; provided, however, that Servicer Interchange for the [ ] 200[ ] Distribution Date shall be $[ ].

Servicer Interchange means, with respect to any Series and a specified Due Period, the amount, if any, determined in accordance with the related Supplement.

Servicer Interchange means, with respect to any Monthly Period, the lesser of (a) the Floating Allocation Percentage of Interchange deposited in the Collection Account during such Monthly Period and (b) the Servicer Interchange Percentage of the Servicing Base Amount.

Servicer Interchange shall have the meaning specified in Section 3.1.