Common use of Account Allocations Clause in Contracts

Account Allocations. If a Transfer Restriction Event occurs, then, in any such event, Capital One agrees (except as prohibited by any such order or any Requirement of Law) to allocate and pay to Funding, after the date of such Transfer Restriction Event, all Collections with respect to Principal Receivables previously sold to Funding. To the extent that it is not clear to Capital One whether collections or funds collateral relate to a Principal Receivable that was sold to Funding or to a principal receivable that Capital One is unable to sell to Funding, Capital One agrees that it shall allocate payments and funds collateral on each Account with respect to the principal balance of such Account first to the oldest principal balance of such Account. Notwithstanding any cessation of the sale to Funding of additional Principal Receivables, Principal Receivables sold to Funding prior to the occurrence of the event giving rise to such inability, Funds Collateral and Collections in respect of such Principal Receivables, Finance Charge Receivables whenever created that accrue in respect of such Principal Receivables, and Funds Collateral and Collections in respect of such Finance Charge Receivables, shall continue to be property of Funding available for transfer by Funding to the Trustee pursuant to the Pooling and Servicing Agreement.

Account Allocations. If a Transfer Restriction Event occurs, then, in any such event, Capital One the Seller agrees (except as prohibited by any such order or any Requirement of Law) to allocate and pay to Fundingthe Purchaser, after the date of such Transfer Restriction Event, all Collections with respect to Principal Receivables previously sold to Fundingthe Purchaser. To the extent that it is not clear to Capital One the Seller whether collections or funds collateral relate to a Principal Receivable that was sold to Funding the Purchaser or to a principal receivable that Capital One the Seller is unable to sell to Fundingthe Purchaser, Capital One the Seller agrees that it shall allocate payments and funds collateral on each Account with respect to the principal balance of such Account first to the oldest principal balance of such Account. Notwithstanding any cessation of the sale to Funding the Purchaser of additional Principal Receivables, Principal Receivables sold to Funding the Purchaser prior to the occurrence of the event giving rise to such inabilityTransfer Restriction Event, Funds Collateral and Collections in respect of such Principal Receivables, Finance Charge Receivables whenever created that accrue in respect of such Principal Receivables, and Funds Collateral and Collections in respect of such Finance Charge Receivables, and Issuer Rate Fees allocable to the foregoing shall continue to be property of Funding the Purchaser available for transfer by Funding the Purchaser to the Trustee pursuant to the Pooling and Servicing Agreement.

Account Allocations. If a Transfer Restriction Event occurs, then, in any such event, Capital One Chase USA agrees (except as prohibited by any such order or any Requirement of Law) to allocate and pay to Funding, Purchaser or at the direction of Purchaser after the date of such Transfer Restriction Event, all Collections with respect to Principal Receivables previously sold Conveyed to FundingPurchaser. To the extent that it is not clear to Capital One Chase USA whether collections or funds collateral Collections relate to a Principal Receivable that was sold to Funding Purchaser or to a principal receivable Principal Receivable that Capital One Chase USA is unable to sell to FundingPurchaser, Capital One Chase USA agrees that it shall allocate payments and funds collateral on each Account with respect to the principal balance of such Account first to the oldest principal balance of such Account. Notwithstanding any cessation of in the sale Conveyance to Funding Purchaser of additional Principal Receivables, Principal Receivables sold to Funding Purchaser prior to the occurrence of the event giving rise to such inabilityTransfer Restriction Event, Funds Collateral and Collections in respect of such Principal Receivables, Finance Charge Receivables whenever created that accrue in respect of such Principal Receivables, and Funds Collateral and Collections in respect of such Finance Charge Receivables, shall continue to be property of Funding Purchaser available for transfer Conveyance by Funding Purchaser to the Trustee pursuant to the Pooling and Servicing Agreement.. [END OF ARTICLE V]