Common use of Allocations During the Accumulation Period Clause in Contracts

Allocations During the Accumulation Period. During the Accumulation Period, the Servicer shall, prior to the close of business on the second Business Day following any Date of Processing, allocate the following amounts as set forth below: (i) Allocate to the Series 2001-A Holders and deposit and retain in the Collection Account an amount equal to the product of (A) the Floating Allocation Percentage on such Date of Processing and (B) the aggregate amount of Collections of Finance Charge Receivables on such Date of Processing. (ii) Allocate to the Series 2001-A Holders and deposit and retain in the Collection Account an amount equal to the product of (x) the Principal Allocation Percentage on such Date of Processing and (y) the aggregate amount of Collections of Principal Receivables on such Date of Processing (for any such date, a "Percentage Allocation"); provided, however, that if, with respect to any Monthly Period occurring prior to the Class B Expected Final Distribution Date, the sum of such Percentage Allocations with respect to the same Monthly Period exceeds the Controlled Deposit Amount for the related Distribution Date or if, with respect to any Monthly Period in which the Class B Expected Final Distribution Date occurs, the sum of such Percentage Allocations with respect to that Monthly Period exceeds the Collateral Invested Amount for the related Distribution Date, then such excess shall not be treated as a Percentage Allocation and shall be first, if any other Principal Sharing Series in Group One is outstanding and in its Amortization Period or Accumulation Period (as such terms are defined in the Agreement), retained in the Collection Account for application, to the extent necessary, as Shared Principal Collections in accordance with Section 4.04 of the Agreement to other Series in Group One on the related Distribution Date, and second paid to the Holders of the Sellers' Interest only if the Seller Amount on such Date of Processing is greater than the Required Seller Amount (after giving effect to all Principal Receivables transferred to the Trust on such day and any amounts deposited in the Excess Funding Account on such day) and otherwise shall be deposited in the Excess Funding Account until the Seller Amount is greater than the Required Seller Amount and applied in accordance with Section 4.02 of the Agreement and the remainder shall be paid to the Holders of the Sellers' Interest.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Fleet Credit Card Master Trust Ii)

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Allocations During the Accumulation Period. During the Accumulation Period, the Servicer shall, prior to the close of business on the second Business Day following any Date of Processing, allocate the following amounts as set forth below: (i) Allocate to the Series 20012003-A Holders and deposit and retain in the Collection Account an amount equal to the product of (A) the Floating Allocation Percentage on such Date of Processing and (B) the aggregate amount of Collections of Finance Charge Receivables on such Date of Processing. (ii) Allocate to the Series 20012003-A Holders and deposit and retain in the Collection Account an amount equal to the product of (x) the Principal Allocation Percentage on such Date of Processing and (y) the aggregate amount of Collections of Principal Receivables on such Date of Processing (for any such date, a "Percentage Allocation"); provided, however, that ifthat, with respect to any Monthly Period occurring prior to the Class B Expected Final Distribution Date, if the sum of such the Percentage Allocations with respect to the same Monthly Period exceeds the Controlled Deposit Amount for the related Distribution Date or ifDate, with respect to any plus, in the case of the Monthly Period in which immediately preceding the Class B Collateral Expected Final Distribution Date occursDate, the sum of such Percentage Allocations with respect to that Monthly Period exceeds the Collateral Invested Amount for the related Distribution DateAmount, then such excess shall not be treated as a Percentage Allocation and shall be first, if any other Principal Sharing Series in Group One is outstanding and in its Amortization Period or Accumulation Period (as such terms are defined in the Agreement), retained in the Collection Account for application, to the extent necessary, as Shared Principal Collections in accordance with Section 4.04 of the Agreement to other Series in Group One on the related Distribution Date, and second paid to the Holders of the SellersTransferors' Interest only if the Seller Transferor Amount on such Date of Processing is greater than the Required Seller Transferor Amount (after giving effect to all Principal Receivables transferred to the Trust on such day and any amounts deposited in the Excess Funding Account on such day) and otherwise shall be deposited in the Excess Funding Account until the Seller Transferor Amount is greater than the Required Seller Transferor Amount and applied in accordance with Section 4.02 of the Agreement and the remainder shall be paid to the Holders of the SellersTransferors' Interest.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Fleet Credit Card Master Trust Ii)

Allocations During the Accumulation Period. During the Accumulation Period, the Servicer shall, prior to the close of business on the second Business Day following any Date of Processing, allocate the following amounts as set forth below: (i) Allocate to the Series 20012002-A B Holders and deposit and retain in the Collection Account an amount equal to the product of (A) the Floating Allocation Percentage on such Date of Processing and (B) the aggregate amount of Collections of Finance Charge Receivables on such Date of Processing. (ii) Allocate to the Series 20012002-A B Holders and deposit and retain in the Collection Account an amount equal to the product of (x) the Principal Allocation Percentage on such Date of Processing and (y) the aggregate amount of Collections of Principal Receivables on such Date of Processing (for any such date, a "Percentage Allocation"); provided, however, that ifthat, with respect to any Monthly Period occurring prior to the Class B Expected Final Distribution Date, if the sum of such the Percentage Allocations with respect to the same Monthly Period exceeds the Controlled Deposit Amount for the related Distribution Date or ifDate, with respect to any plus, in the case of the Monthly Period in which immediately preceding the Class B Collateral Expected Final Distribution Date occursDate, the sum of such Percentage Allocations with respect to that Monthly Period exceeds the Collateral Invested Amount for the related Distribution DateAmount, then such excess shall not be treated as a Percentage Allocation and shall be first, if any other Principal Sharing Series in Group One is outstanding and in its Amortization Period or Accumulation Period (as such terms are defined in the Agreement), retained in the Collection Account for application, to the extent necessary, as Shared Principal Collections in accordance with Section 4.04 of the Agreement to other Series in Group One on the related Distribution Date, and second paid to the Holders of the SellersTransferors' Interest only if the Seller Transferor Amount on such Date of Processing is greater than the Required Seller Transferor Amount (after giving effect to all Principal Receivables transferred to the Trust on such day and any amounts deposited in the Excess Funding Account on such day) and otherwise shall be deposited in the Excess Funding Account until the Seller Transferor Amount is greater than the Required Seller Transferor Amount and applied in accordance with Section 4.02 of the Agreement and the remainder shall be paid to the Holders of the SellersTransferors' Interest.

Appears in 1 contract

Samples: Series 2002 B Supplement (Fleet Credit Card Master Trust Ii)

Allocations During the Accumulation Period. During the Accumulation Period, the Servicer shall, prior to the close of business on the second Business Day following any Date of Processing, allocate the following amounts as set forth below: (i) Allocate to the Series 20011999-A D Holders and deposit and retain in the Collection Account an amount equal to the product of (A) the Floating Allocation Percentage on such Date of Processing and (B) the aggregate amount of Collections of Finance Charge Receivables on such Date of Processing. (ii) Allocate to the Series 20011999-A D Holders and deposit and retain in the Collection Account an amount equal to the product of (x) the Principal Allocation Percentage on such Date of Processing and (y) the aggregate amount of Collections of Principal Receivables on such Date of Processing (for any such date, a "Percentage Allocation"); provided, however, that if, with respect to any Monthly Period occurring prior to the Class B Expected Final Distribution Date, if the sum of such Percentage Allocations with respect to the same Monthly Period exceeds the Controlled Deposit Amount for the related Distribution Date or if, with respect to any Monthly Period in which the Class B Expected Final Distribution Date occurs, the sum of such Percentage Allocations with respect to that Monthly Period exceeds the Collateral Invested Amount for the related Distribution Date, then such excess shall not be treated as a Percentage Allocation and shall be first, if any other Principal Sharing Series in Group One is outstanding and in its Amortization Period or Accumulation Period (as such terms are defined in the Agreement), retained in the Collection Account for application, to the extent necessary, as Shared Principal Collections in accordance with Section 4.04 of the Agreement to other Series in Group One on the related Distribution Date, and second paid to the Holders of the Sellers' Interest Seller Certificates only if the Seller Amount on such Date of Processing is greater than the Required Seller Amount (after giving effect to all Principal Receivables transferred to the Trust on such day and any amounts deposited in the Excess Funding Account on such day) and otherwise shall be deposited in the Excess Funding Account until the Seller Amount is greater than the Required Seller Amount and applied in accordance with Section 4.02 of the Agreement and the remainder shall be paid to the Holders of the Sellers' InterestSeller Certificates.

Appears in 1 contract

Samples: Series 1999 D Supplement (Fleet Bank National Association /Ri/)

Allocations During the Accumulation Period. During the Accumulation Period, the Servicer shall, prior to the close of business on the second Business Day following any Date of Processing, allocate the following amounts as set forth below: (i) Allocate to the Series 20012000-A C Holders and deposit and retain in the Collection Account an amount equal to the product of (A) the Floating Allocation Percentage on such Date of Processing and (B) the aggregate amount of Collections of Finance Charge Receivables on such Date of Processing. (ii) Allocate to the Series 20012000-A C Holders and deposit and retain in the Collection Account an amount equal to the product of (x) the Principal Allocation Percentage on such Date of Processing and (y) the aggregate amount of Collections of Principal Receivables on such Date of Processing (for any such date, a "Percentage Allocation"); provided, however, that if, with respect to any Monthly Period occurring prior to the Class B Expected Final Distribution Date, if the sum of such Percentage Allocations with respect to the same Monthly Period exceeds the Controlled Deposit Amount for the related Distribution Date or if, with respect to any Monthly Period in which the Class B Expected Final Distribution Date occurs, the sum of such Percentage Allocations with respect to that Monthly Period exceeds the Collateral Invested Amount for the related Distribution Date, then such excess shall not be treated as a Percentage Allocation and shall be first, if any other Principal Sharing Series in Group One is outstanding and in its Amortization Period or Accumulation Period (as such terms are defined in the Agreement), retained in the Collection Account for application, to the extent necessary, as Shared Principal Collections in accordance with Section 4.04 of the Agreement to other Series in Group One on the related Distribution Date, and second paid to the Holders of the Sellers' Interest Seller Certificates only if the Seller Amount on such Date of Processing is greater than the Required Seller Amount (after giving effect to all Principal Receivables transferred to the Trust on such day and any amounts deposited in the Excess Funding Account on such day) and otherwise shall be deposited in the Excess Funding Account until the Seller Amount is greater than the Required Seller Amount and applied in accordance with Section 4.02 of the Agreement and the remainder shall be paid to the Holders of the Sellers' InterestSeller Certificates.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Fleet Bank National Association /Ri/)

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Allocations During the Accumulation Period. During the Accumulation Period, the Servicer shall, prior to the close of business on the second Business Day following any Date of Processing, allocate the following amounts as set forth below: (i) Allocate to the Series 20012002-A Holders and deposit and retain in the Collection Account an amount equal to the product of (A) the Floating Allocation Percentage on such Date of Processing and (B) the aggregate amount of Collections of Finance Charge Receivables on such Date of Processing. (ii) Allocate to the Series 20012002-A Holders and deposit and retain in the Collection Account an amount equal to the product of (x) the Principal Allocation Percentage on such Date of Processing and (y) the aggregate amount of Collections of Principal Receivables on such Date of Processing (for any such date, a "Percentage Allocation"); provided, however, that if, with respect to any Monthly Period occurring prior to the Class B Expected Final Distribution Date, the sum of such Percentage Allocations with respect to the same Monthly Period exceeds the Controlled Deposit Amount for the related Distribution Date or if, with respect to any the Monthly Period in which immediately preceding the Class B Collateral Expected Final Distribution Date occursDate, the sum of such Percentage Allocations with respect to that Monthly Period exceeds the Collateral Invested Amount for the related Distribution Date, then such excess shall not be treated as a Percentage Allocation and shall be first, if any other Principal Sharing Series in Group One is outstanding and in its Amortization Period or Accumulation Period (as such terms are defined in the Agreement), retained in the Collection Account for application, to the extent necessary, as Shared Principal Collections in accordance with Section 4.04 of the Agreement to other Series in Group One on the related Distribution Date, and second paid to the Holders of the SellersTransferors' Interest only if the Seller Transferor Amount on such Date of Processing is greater than the Required Seller Transferor Amount (after giving effect to all Principal Receivables transferred to the Trust on such day and any amounts deposited in the Excess Funding Account on such day) and otherwise shall be deposited in the Excess Funding Account until the Seller Transferor Amount is greater than the Required Seller Transferor Amount and applied in accordance with Section 4.02 of the Agreement and the remainder shall be paid to the Holders of the SellersTransferors' Interest.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Fleet Credit Card Master Trust Ii)

Allocations During the Accumulation Period. During the Accumulation Period, the Servicer shall, prior to the close of business on the second Business Day following any Date of Processing, allocate the following amounts as set forth below: (i) Allocate to the Series 20012000-A D Holders and deposit and retain in the Collection Account an amount equal to the product of (A) the Floating Allocation Percentage on such Date of Processing and (B) the aggregate amount of Collections of Finance Charge Receivables on such Date of Processing. (ii) Allocate to the Series 20012000-A D Holders and deposit and retain in the Collection Account an amount equal to the product of (x) the Principal Allocation Percentage on such Date of Processing and (y) the aggregate amount of Collections of Principal Receivables on such Date of Processing (for any such date, a "Percentage Allocation"); provided, however, that if, with respect to any Monthly Period occurring prior to the Class B Expected Final Distribution Date, if the sum of such Percentage Allocations with respect to the same Monthly Period exceeds the Controlled Deposit Amount for the related Distribution Date or if, with respect to any Monthly Period in which the Class B Expected Final Distribution Date occurs, the sum of such Percentage Allocations with respect to that Monthly Period exceeds the Collateral Invested Amount for the related Distribution Date, then such excess shall not be treated as a Percentage Allocation and shall be first, if any other Principal Sharing Series in Group One is outstanding and in its Amortization Period or Accumulation Period (as such terms are defined in the Agreement), retained in the Collection Account for application, to the extent necessary, as Shared Principal Collections in accordance with Section 4.04 of the Agreement to other Series in Group One on the related Distribution Date, and second paid to the Holders of the Sellers' Interest Seller Certificates only if the Seller Amount on such Date of Processing is greater than the Required Seller Amount (after giving effect to all Principal Receivables transferred to the Trust on such day and any amounts deposited in the Excess Funding Account on such day) and otherwise shall be deposited in the Excess Funding Account until the Seller Amount is greater than the Required Seller Amount and applied in accordance with Section 4.02 of the Agreement and the remainder shall be paid to the Holders of the Sellers' InterestSeller Certificates.

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Fleet Credit Card Master Trust Ii)

Allocations During the Accumulation Period. During the Accumulation Period, the Servicer shallshall determine the Series 20__-_ Allocable Principal Collections for each Date of Processing in a Collection Period and apply them in the following order: First, prior to the close of business on no later than the second Business Day following any such Date of Processing, allocate the following amounts as set forth below: (i) Allocate Servicer shall deposit such Series 20__-_ Allocable Principal Collections to the Series 2001-A Holders and deposit and retain Accumulation Account until the amount deposited pursuant to this clause First in the Collection Account an amount equal to the product of (A) the Floating Allocation Percentage on such Date of Processing and (B) the aggregate amount of Collections of Finance Charge Receivables on such Date of Processing. (ii) Allocate to the Series 2001-A Holders and deposit and retain in the Collection Account an amount equal to the product of (x) the Principal Allocation Percentage on such Date of Processing and (y) the aggregate amount of Collections of Principal Receivables on such Date of Processing (for any such date, a "Percentage Allocation"); provided, however, that if, with respect to any Monthly Period occurring prior to the Class B Expected Final Distribution Date, the sum of such Percentage Allocations with respect to the same Monthly Collection Period exceeds equals the Controlled Deposit Amount for the related Distribution Date; Second, no later than the second Business Day following such Date or if, with respect to any Monthly Period in which the Class B Expected Final Distribution Date occursof Processing, the sum Servicer shall apply the remaining balance of such Percentage Allocations with respect Series 20__-_ Allocable Principal Collections to make a deposit to the Excess Funding Account to the extent necessary so that Monthly the Adjusted Pool Balance is not less than the Required Participation Amount; Third, on or prior to the second Business Day following such Date of Processing, the Servicer shall apply the remaining balance of such Series 20__-_ Allocable Principal Collections for such Collection Period exceeds to make a deposit to the Collateral Invested Amount Collection Account in an amount equal to the Reallocated Principal Collections for the related Distribution Date; Fourth, then on or prior to the second Business Day following such excess Date of Processing, the Servicer shall not be treated as apply the remaining balance of such Series 20__-_ Allocable Principal Collections for such Collection Period to make a Percentage Allocation and shall be first, if any other Principal Sharing Series in Group One is outstanding and in its Amortization Period or Accumulation Period (as such terms are defined in the Agreement), retained in deposit to the Collection Account for application, in an amount equal to the extent necessary, as Shared Excess Principal Collections in accordance with Section 4.04 of the Agreement to other Amount required from Series in Group One on 20__-_ for the related Distribution Date; Fifth, and second paid to the Holders Servicer shall apply the remaining balance of the Sellers' Interest only if Series 20__-_ Allocable Principal Collections for such Collection Period to pay the Seller Purchase Amount on such Date of Processing is greater than the Required Seller Amount (after giving effect to all Principal for Receivables transferred to the Trust on Issuer during such day Collection Period pursuant to Section 2.01(e) of the Transfer and Servicing Agreement; provided, that any such amounts deposited in the Excess Funding Account on such day) and otherwise applied pursuant to this clause Fifth during a Collection Period shall be deposited rescinded by the Servicer and reallocated for application pursuant to clauses Third and Fourth on the dates set forth in such clauses to the Excess Funding Account until extent necessary to make required deposits thereunder with respect to the Seller Amount is greater than Distribution Date related to such Collection Period; and Sixth, the Required Seller Amount and applied in accordance with Section 4.02 Servicer shall distribute the remaining balance of the Agreement and Series 20__-_ Allocable Principal Collections for such Collection Period to the remainder Certificateholder; provided, that any such amounts applied pursuant to this clause Sixth during a Collection Period shall be paid rescinded by the Servicer and reallocated for application pursuant to clauses Third and Fourth on the dates set forth in such clauses to the Holders extent necessary to make required deposits thereunder with respect to the Distribution Date related to such Collection Period. Notwithstanding the foregoing in this subparagraph (y), so long as the conditions set forth in Section 8.04(b) of the Sellers' InterestIndenture are satisfied, the Servicer shall not be required to make any deposits or distributions of such Series 20__-_ Allocable Principal Collections until 1:00 p.m., New York City time, on the second Business Day preceding the Distribution Date related to such Collection Period.

Appears in 1 contract

Samples: Indenture Supplement (GMF Floorplan Owner Revolving Trust)

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