Principal Shortfalls Sample Clauses

Principal Shortfalls. As specified in subsection 1(a) of this Series Supplement, Series 2002-CC shall be a Remaining Excess Principal Sharing Series. With respect to each Transfer Date, the Servicer shall determine the amount of the excess of the Excess Principal Collections for all Outstanding Series over the aggregate amount of Principal Shortfalls for all Series other than Series designated as Remaining Excess Principal Sharing Series pursuant to the applicable Series Supplements (such excess amount, the "Remaining Excess Principal Collections"). The Servicer shall determine, with respect to each Transfer Date, the Principal Shortfall for each Remaining Excess Principal Sharing Series. The "Principal Shortfall" for the Series 2002-CC Certificate, with respect to any Transfer Date, shall be equal to the lesser of (i) the Proposed Principal Shortfall Amount designated as such by the Master Owner Trust Servicer and (ii) the Invested Amount (after application of the Investor Default Amount and the Principal Allocation Percentage of Collections of Principal Receivables with respect to the Monthly Period preceding such Transfer Date but prior to the application of Additional Invested Amounts on such Transfer Date); provided, however, that if the aggregate amount of Remaining Excess Principal Collections for such Transfer Date is less than the aggregate amount, for each Remaining Excess Principal Sharing Series (including Series 2002-CC), of the lesser of the proposed principal shortfall amount for such Series and the invested amount of such Series (after application of the investor default amount and the principal allocation percentage of Collections of Principal Receivables with respect to the Monthly Period preceding such Transfer Date but prior to the application of additional invested amounts on such Transfer Date), then the Principal Shortfall for the Series 2002-CC Certificate with respect to such Transfer Date shall equal the product of (x) the amount of Remaining Excess Principal Collections for such Transfer Date and (y) a fraction, the numerator of which is the lesser of (i) the Invested Amount of the Series 2002-CC Certificate (after application of the Investor Default Amount and the Principal Allocation Percentage of Collections of Principal Receivables with respect to the Monthly Period preceding such Transfer Date but prior to the application of Additional Invested Amounts on such Transfer Date) and (ii) the Proposed Principal Shortfall Amount for the Series 2002-CC ...
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Principal Shortfalls. 11 SECTION 7. Article V of the Agreement. ............................................ 12 Section 5.01 Distributions ................................................. 13 Section 5.02 Monthly Certificateholders' Statement ......................... 13 SECTION 8. Article VI of the Agreement. ........................................... 14
Sample 1
Principal Shortfalls. Subject to Sections 3.2(b)(iii) and (iv) hereof, if on any Payment Date after the Reinvestment Period or during the continuance of a Suspension Event, the aggregate payments under Section 3.4(a)(i)-(xii) (without giving effect to any prior payment from the General Reserve Account or the Special Reserve Account) exceeded the aggregate amount of interest received on the Timeshare Loans Collateral (after giving effect to the payment to be made on that Payment Date), the Collateral Agent shall, based on the Monthly Servicer Report, withdraw from the General Reserve Account an amount equal to the lesser of the amount of any principal payment on the Timeshare Loans that have been applied to make payments under Section 3.4(a)(i)-(xii) and the amount on deposit in the General Reserve Account and deposit such amount in the Collection Account, to the extent that any principal proceeds have been applied to pay expenses or interest on the Note.
Sample 1
Principal Shortfalls. As specified in subsection 1(a) of this Series Supplement, Series 2002-CC shall be an Unapplied Master Trust Level Principal Sharing Series Collateral Certificate. With respect to each Transfer Date, the Servicer shall determine the amount of the excess of the Excess Principal Collections for all Outstanding Series over the aggregate amount of Principal Shortfalls for all Series other than Series 2002- CC (such excess amount, the "Unapplied Master Trust Level Principal Collections"). On each Transfer Date, the Servicer shall make the Series 2002-CC Principal Shortfall Payment to the Certificateholder, if applicable, on each Transfer Date in accordance with subsection 4.06(b) of the Agreement.
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Related to Principal Shortfalls

  • Collateral Shortfalls In the event that amounts on deposit in the Collateral Fund at any time are insufficient to cover any withdrawals therefrom that the Company is then entitled to make hereunder, the Purchaser shall be obligated to pay such amounts to the Company immediately upon demand. Such obligation shall constitute a general corporate obligation of the Purchaser. The failure to pay such amounts within two Business Days of such demand (except for amounts to cover interest on a Mortgage Loan pursuant to Sections 2.02(d) and 2.03 (b)), shall cause an immediate termination of the Purchaser's right to make any Election to Delay Foreclosure or Election to Foreclose and the Company's obligations under this Agreement with respect to all Mortgage Loans to which such insufficiencies relate, without the necessity of any further notice or demand on the part of the Company.

  • Excess Spread; Excess Finance Charge Collections The Servicer shall apply, or shall cause the Trustee to apply by written instruction to the Trustee, on each Distribution Date, Excess Spread and Excess Finance Charge Collections allocated to Series 1997-1 with respect to the related Monthly Period, to make the following distributions or deposits in the following order of priority:

  • Excess Finance Charge Collections Series 2018-5 shall be an Excess Allocation Series. Subject to Section 4.05 of the Agreement, Excess Finance Charge Collections with respect to the Excess Allocation Series for any Distribution Date will be allocated to Series 2018-5 in an amount equal to the product of (x) the aggregate amount of Excess Finance Charge Collections with respect to all the Excess Allocation Series for such Distribution Date and (y) a fraction, the numerator of which is the Finance Charge Shortfall for Series 2018-5 for such Distribution Date and the denominator of which is the aggregate amount of Finance Charge Shortfalls for all the Excess Allocation Series for such Distribution Date. The “Finance Charge Shortfall” for Series 2018-5 for any Distribution Date will be equal to the excess, if any, of (a) the full amount required to be paid, without duplication, pursuant to subsections 4.05(a), 4.05(b) and 4.05(c) and subsections 4.07(a) through (j) on such Distribution Date and the full amount required to be paid, without duplication, pursuant to subsections 3.02(a)(iii) and 3.02(a)(iv) of the Transfer Agreement on the related Payment Date (as such term is defined in the Transfer Agreement) over (b) the sum of (i) the Reallocated Investor Finance Charge Collections, (ii) if such Monthly Period relates to a Distribution Date with respect to the Controlled Accumulation Period or Early Amortization Period, the amount of Principal Funding Account Investment Proceeds, if any, with respect to such Distribution Date and (iii) the amount of funds, if any, to be withdrawn from the Reserve Account which, pursuant to subsection 4.12(d), are required to be included in Class A Available Funds with respect to such Distribution Date. The amount of Excess Finance Charge Collections for Series 2018-5 for any Distribution Date shall be specified in subsection 3.02(a)(v) of the Transfer Agreement. On each Distribution Date, the Trustee shall deposit into the Collection Account for application in accordance with Section 4.05 of the Agreement the aggregate amount of Excess Finance Charge Collections received by the Trustee pursuant to the Transfer Agreement on such date.

  • Shortfalls (i) If the amounts described in Section 2.3 are insufficient to pay the Class A Monthly Interest on any Distribution Date, payments of interest to the Class A Noteholders will be reduced on a pro rata basis by the amount of such deficiency. The aggregate amount, if any, of such deficiency on any Distribution Date, together with the aggregate unpaid amount of any such deficiencies with respect to all prior Distribution Dates, shall be referred to as the “

  • Security shortfall If at any time the Security Value is less than the Minimum Value, the Agent may, and shall, if so directed by the Majority Lenders, by notice to the Borrowers require that such deficiency be remedied. The Borrowers shall then within 30 days of receipt of such notice ensure that the Security Value equals or exceeds the Minimum Value. For this purpose, the Borrowers may:

  • Application of Available Finance Charge Collections and Available Principal Collections On or before each Transfer Date, the Servicer shall instruct the Indenture Trustee in writing (which writing shall be substantially in the form of Exhibit B) to withdraw and the Indenture Trustee, acting in accordance with such instructions, shall withdraw on such Transfer Date or related Distribution Date, as applicable, to the extent of available funds, the amount required to be withdrawn from the Finance Charge Account, the Principal Account, the Principal Accumulation Account and the Distribution Account as follows:

  • Reallocated Investor Finance Charge Collections (a) That portion of Group I Investor Finance Charge Collections for any Transfer Date equal to the amount of Reallocated Investor Finance Charge Collections for such Transfer Date will be allocated to Series 1997-1 and will be distributed as set forth in this Supplement.

  • Shared Principal Collections Subject to Section 4.04 of the Agreement, Shared Principal Collections for any Distribution Date will be allocated to Series 2019-3 in an amount equal to the product of (x) the aggregate amount of Shared Principal Collections with respect to all Principal Sharing Series for such Distribution Date and (y) a fraction, the numerator of which is the Series 2019-3 Principal Shortfall for such Distribution Date and the denominator of which is the aggregate amount of Principal Shortfalls for all the Series which are Principal Sharing Series for such Distribution Date. The “Series 2019-3 Principal Shortfall” will be equal to (a) for any Distribution Date with respect to the Revolving Period, zero, (b) for any Distribution Date with respect to the Controlled Accumulation Period, the excess, if any, of the Controlled Deposit Amount with respect to such Distribution Date over the amount of Available Principal Collections for such Distribution Date (excluding any portion thereof attributable to Shared Principal Collections), and (c) for any Distribution Date with respect to the Early Amortization Period, the excess, if any, of the Invested Amount over the amount of Available Principal Collections for such Distribution Date (excluding any portion thereof attributable to Shared Principal Collections).

  • Allocations of Finance Charge Collections The Servicer shall allocate to the Series 1997-1 Certificateholders and retain in the Collection Account for application as provided herein an amount equal to the product of (A) the Floating Allocation Percentage and (B) the Series 1997-1 Allocation Percentage and (C) the aggregate amount of Collections of Finance Charge Receivables deposited in the Collection Account on such Deposit Date.

  • Realized Losses Realized Losses shall be allocated first against the Overcollateralization Amount, until the Overcollateralization Amount has been reduced to zero. If, after giving effect to the distribution of the Principal Distribution Amount on any Distribution Date the aggregate Class Certificate Balance of the Offered Certificates exceeds the Pool Principal Balance as of the end of the related Due Period, such excess will be allocated against the Class B-3, Class B-2, Class B-1, Class M-6, Class M-5, Class M-4, Class M-3, Class M-2 and Class M-1 Certificates, in that order and until the respective Class Certificate Balances thereof are reduced to zero.

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