Allocations During the Rapid Amortization Period. During the Rapid Amortization Period, the Servicer shall, prior to the close of business on the day any Collections are deposited in the Collection Account, allocate to the Certificateholders and pay or deposit from the Collection Account the following amounts as set forth below: (i) Deposit into the Finance Charge Account an amount equal to the product of (A) the Investor Percentage on the Date of Processing of such Collections and (B) the aggregate amount of Collections processed in respect of Finance Charge Receivables on such Date of Processing to be applied in accordance with Section 4.9. (ii) (A) Deposit into the Principal Account an amount equal to the product of (1) the Investor Percentage on the Date of Processing of such Collections and (2) the aggregate amount of Collections processed in respect of Principal Receivables on such Date of Processing; provided, however, that the amount deposited into the Principal Account pursuant to this subsection 4.5(c)(ii)(A) shall not exceed the sum of the Investor Interest as of the close of business on the last day of the prior Monthly Period (after taking into account any payments to be made on the Distribution Date relating to such prior Monthly Period and deposits and any adjustments to be made to the Investor Interest to be made on the Transfer Date relating to such Monthly Period) and any Reallocated Principal Collections relating to the Monthly Period in which such deposit is made and (B) pay to the Holder of the Transferor Certificate an amount equal to the excess, if any, identified in the proviso to clause (A) above; provided, however, that the amount to be paid to the Holder of the Transferor Certificate pursuant to this subsection 4.5(c)(ii)(B) with respect to any Date of Processing shall be paid to the Holder of the Transferor Certificate only if the Transferor Interest on such Date of Processing is greater than the Minimum Transferor Interest (after giving effect to the inclusion in the Trust of all Receivables created on or prior to such Date of Processing and the application of payments referred to in subsection 4.3(b)) and otherwise shall be deposited into the Excess Funding Account.
Appears in 21 contracts
Samples: Pooling and Servicing Agreement (Chase Manhattan Bank Usa), Supplement (Chase Credit Card Master Trust), Pooling and Servicing Agreement (Chase Credit Card Master Trust)
Allocations During the Rapid Amortization Period. During the Rapid Amortization Period, the Servicer shall, prior to the close of business on the day any Collections are deposited in the Collection Account, allocate to the Investor Certificateholders and pay or deposit from the Collection Account the following amounts as set forth below:
: (i) Deposit into the Finance Charge Account an amount equal to the product of (A) the Investor Percentage on the Date of Processing of such Collections and (B) the aggregate amount of Collections processed in respect of Finance Charge Receivables on such Date of Processing to be applied in accordance with Section 4.9.
4.09. (ii) (A) Deposit into the Principal Account an amount equal to the product of (1) the Investor Percentage on the Date of Processing of such Collections and (2) the aggregate amount of Collections processed in respect of Principal Receivables on such Date of Processing; provided, however, that the amount deposited into the Principal Account pursuant to this subsection 4.5(c)(ii)(A4.05(d)(ii)(A) shall not exceed the sum of the Adjusted Investor Interest as of the close of business on the last day of the prior Monthly Period (after taking into account any payments to be made on the Distribution Date relating to such prior Monthly Period and deposits and any adjustments to be made to the Investor Interest to be made on the Transfer Date relating to such Monthly Period) and any Reallocated Principal Collections relating to the Monthly Period in which such deposit is made and (B) pay to the Holder of the Transferor Certificate Seller Interest an amount equal to the excess, if any, identified in the proviso to clause (A) above; provided, however, that the amount to be paid to the Holder of the Transferor Certificate Seller Interest pursuant to this subsection 4.5(c)(ii)(B4.05(d)(ii)(B) with respect to any Date of Processing shall be paid to the Holder of the Transferor Certificate Seller Interest if, and only if to the Transferor extent that, the Seller Interest on such Date of Processing is equal to or greater than the Minimum Transferor Seller Interest (after giving effect to the inclusion in the Trust of all Receivables created on or prior to such Date of Processing and the application of payments referred to in subsection 4.3(b4.03(b)) and otherwise shall be considered as Unallocated Principal Collections and deposited into the Excess Funding Account.Principal Account in accordance with subsection 4.05(e). (e)
Appears in 16 contracts
Samples: Series Supplement (Mbna America Bk Nat Assoc Mbna Master Credit Card Trust Ii), Pooling and Servicing Agreement (Mbna America Bk Nat Assoc Mbna Master Credit Card Trust Ii), Series Supplement (Mbna America Bk Nat Assoc Mbna Master Credit Card Trust Ii)
Allocations During the Rapid Amortization Period. During the Rapid Amortization Period, the Servicer shall, prior to the close of business on the day any Collections are deposited in the Collection Account, allocate to the Investor Certificateholders and pay or deposit from the Collection Account the following amounts as set forth below:
: (i) Deposit into the Finance Charge Account an amount equal to the product of (A) the Investor Percentage on the Date of Processing of such Collections and (B) the aggregate amount of Collections processed in respect of Finance Charge Receivables on such Date of Processing to be applied in accordance with Section 4.9.
4.09. (ii) (A) Deposit into the Principal Account an amount equal to the product of (1) the Investor Percentage on the Date of Processing of such Collections and (2) the aggregate amount of Collections processed in respect of Principal Receivables on such Date of Processing; provided, however, that the amount deposited into the Principal Account pursuant to this subsection 4.5(c)(ii)(A4.05(c)(ii)(A) shall not exceed the sum of the Adjusted Investor Interest as of the close of business on the last day of the prior Monthly Period (after taking into account any payments to be made on the Distribution Date relating to such prior Monthly Period and deposits and any adjustments to be made to the Investor Interest to be made on the Transfer Date relating to such Monthly Period) and any Reallocated Principal Collections relating to the Monthly Period in which such deposit is made and (B) pay to the Holder of the Transferor Certificate Seller Interest an amount equal to the excess, if any, identified in the proviso to clause (A) above; provided, however, that the amount to be paid to the Holder of the Transferor Certificate Seller Interest pursuant to this subsection 4.5(c)(ii)(B4.05(c)(ii)(B) with respect to any Date of Processing shall be paid to the Holder of the Transferor Certificate Seller Interest if, and only if to the Transferor extent that, the Seller Interest on such Date of Processing is equal to or greater than the Minimum Transferor Seller Interest (after giving effect to the inclusion in the Trust of all Receivables created on or prior to such Date of Processing and the application of payments referred to in subsection 4.3(b4.03(b)) and otherwise shall be considered as Unallocated Principal Collections and deposited into the Excess Funding Principal Account in accordance with subsection 4.05(d). (d) Unallocated Principal Collections. Any Collections in respect of Principal Receivables or Finance Charge Receivables not allocated and paid to the Holder of the Seller Interest because of the limitations contained in subsections 4.05(a)(iv)(B), 4.05(b)(iv)(B) and 4.05(c)(ii)(B) and any amounts allocable to the Investor Certificates deposited in the Principal Account pursuant to subsections 2.04(d)(iii) and 4.03(c) ("Unallocated Principal Collections") shall be held in the Principal Account and, prior to the commencement of the Controlled Accumulation Period or the Rapid Amortization Period shall be paid to the Holder of the Seller Interest if, and only to the extent that, the Seller Interest is greater than the Minimum Seller Interest. For each Transfer Date with respect to the Controlled Accumulation Period or the Rapid Amortization Period, any such Unallocated Principal Collections held in the Principal Account on such Transfer Date shall be included in the Investor Principal Collections which to the extent available shall be distributed as Available Investor Principal Collections to be applied pursuant to Section 4.09 on such Transfer Date. With respect to the Investor Certificates, and notwithstanding anything in the Agreement or this Series Supplement to the contrary, whether or not the Servicer is required to make monthly or daily deposits from the Collection Account into the Finance Charge Account or the Principal Account pursuant to subsections 4.05(a), 4.05(b) and 4.05(c), with respect to any Monthly Period (i) the Servicer will only be required to deposit Collections from the Collection Account into the Finance Charge Account or the Principal Account up to the required amount to be deposited into any such deposit account or, without duplication, distributed on or prior to the related Distribution Date to the Investor Certificateholders and (ii) if at any time prior to such Distribution Date the amount of Collections deposited in the Collection Account exceeds the amount required to be deposited pursuant to clause (i) above, the Servicer will be permitted to withdraw the excess from the Collection Account.
Appears in 16 contracts
Samples: Pooling and Servicing Agreement (Mbna America Bk Nat Assoc Mbna Master Credit Card Trust Ii), Pooling and Servicing Agreement (Mbna America Bk Nat Assoc Mbna Master Credit Card Trust Ii), Pooling and Servicing Agreement (Mbna America Bk Nat Assoc Mbna Master Credit Card Trust Ii)
Allocations During the Rapid Amortization Period. During the Rapid Amortization Period, the Servicer shall, prior to the close of business on the day any Collections are deposited in the Collection Account, allocate to the Investor Certificateholders and pay or deposit from the Collection Account the following amounts as set forth below:
: (i) Deposit into the Finance Charge Account an amount equal to the product of (A) the Investor Percentage on the Date of Processing of such Collections and (B) the aggregate amount of Collections processed in respect of Finance Charge Receivables on such Date of Processing to be applied in accordance with Section 4.9.
4.09. (ii) (A) Deposit into the Principal Account an amount equal to the product of (1) the Investor Percentage on the Date of Processing of such Collections and (2) the aggregate amount of Collections processed in respect of Principal Receivables on such Date of Processing; provided, however, that the amount deposited into the Principal Account pursuant to this subsection 4.5(c)(ii)(A4.05(c)(ii)(A) shall not exceed the sum of the Investor Interest as of the close of business on the last day of the prior Monthly Period (after taking into account any payments to be made on the Distribution Date relating to such prior Monthly Period and deposits and any adjustments to be made to the Investor Interest to be made on the Transfer Date relating to such Monthly Period) and any Reallocated Principal Collections relating to the Monthly Period in which such deposit is made and (B) pay to the Holder of the Transferor Seller Certificate an amount equal to the excess, if any, identified in the proviso to clause (A) above; provided, however, that the amount to be paid to the Holder of the Transferor Seller Certificate pursuant to this subsection 4.5(c)(ii)(B4.05(c)(ii)(B) with respect to any Date of Processing shall be paid to the Holder of the Transferor Seller Certificate only if the Transferor Seller Interest on such Date of Processing is greater than the Minimum Transferor Interest zero (after giving effect to the inclusion in the Trust of all Receivables created on or prior to such Date of Processing and the application of payments referred to in subsection 4.3(b4.03(b)) and otherwise shall be considered as Unallocated Principal Collections and deposited into the Excess Funding AccountPrincipal Account in accordance with subsection 4.05(d); provided further, that in no event shall the amount payable to the Holder of the Seller Certificate pursuant to this subsection 4.05(c)(ii)(B) be greater than the Seller Interest on such Date of Processing.
Appears in 14 contracts
Samples: Pooling and Servicing Agreement (Mbna America Bank National Association), Series 1996 L Supplement (Mbna America Bk Nat Assoc Mbna Master Credit Card Trust Ii), Series 1996 K Supplement (Mbna America Bk Nat Assoc Mbna Master Credit Card Trust Ii)
Allocations During the Rapid Amortization Period. During the Rapid Amortization Period, the Servicer shall, prior to the close of business on the day any Collections are deposited in the Collection Account, allocate to the Investor Certificateholders and pay or deposit from the Collection Account the following amounts as set forth below:
(i) Deposit into the Finance Charge Account an amount equal to the product of (A) the Investor Percentage on the Date of Processing of such Collections and (B) the aggregate amount of Collections processed in respect of Finance Charge Receivables on such Date of Processing to be applied in accordance with Section 4.94.09.
(ii) (A) Deposit into the Principal Account an amount equal to the product of (1) the Investor Percentage on the Date of Processing of such Collections and (2) the aggregate amount of Collections processed in respect of Principal Receivables on such Date of Processing; provided, however, that the amount deposited into the Principal Account pursuant to this subsection 4.5(c)(ii)(A4.05(c)(ii)(A) shall not exceed the sum of the Adjusted Investor Interest as of the close of business on the last day of the prior Monthly Period (after taking into account any payments to be made on the Distribution Date relating to such prior Monthly Period and deposits and any adjustments to be made to the Investor Interest to be made on the Transfer Date relating to such Monthly Period) and any Reallocated Principal Collections relating to the Monthly Period in which such deposit is made and (B) pay to the Holder of the Transferor Certificate Seller Interest an amount equal to the excess, if any, identified in the proviso to clause (A) above; provided, however, that the amount to be paid to the Holder of the Transferor Certificate Seller Interest pursuant to this subsection 4.5(c)(ii)(B4.05(c)(ii)(B) with respect to any Date of Processing shall be paid to the Holder of the Transferor Certificate Seller Interest only if the Transferor Seller Interest on such Date of Processing is greater than the Minimum Transferor Interest zero (after giving effect to the inclusion in the Trust of all Receivables created on or prior to such Date of Processing and the application of payments referred to in subsection 4.3(b4.03(b)) and otherwise shall be considered as Unallocated Principal Collections and deposited into the Excess Funding AccountPrincipal Account in accordance with subsection 4.05(d); provided further, that in no event shall the amount payable to the Holder of the Seller Interest pursuant to this subsection 4.05(c)(ii)(B) be greater than the Seller Interest on such Date of Processing.
Appears in 6 contracts
Samples: Series Supplement (Mbna America Bk Nat Assoc Mbna Master Credit Card Trust Ii), Series Supplement (Mbna America Bk Nat Assoc Mbna Master Credit Card Trust Ii), Pooling and Servicing Agreement (Mbna America Bk Nat Assoc Mbna Master Credit Card Trust Ii)
Allocations During the Rapid Amortization Period. During the Rapid Amortization Period, the Servicer shall, prior to the close of business on the day any Collections are deposited in the Collection Account, allocate to the Investor Certificateholders and pay or deposit from the Collection Account the following amounts as set forth below:
(i) Deposit into the Finance Charge Account an amount equal to the product of (A) the Investor Percentage on the Date of Processing of such Collections and (B) the aggregate amount of Collections processed in respect of Finance Charge Receivables on such Date of Processing to be applied in accordance with Section 4.94.09.
(ii) (A) Deposit into the Principal Account an amount equal to the product of (1) the Investor Percentage on the Date of Processing of such Collections and (2) the aggregate amount of Collections processed in respect of Principal Receivables on such Date of Processing; provided, however, that the amount deposited into the Principal Account pursuant to this subsection 4.5(c)(ii)(A4.05(c)(ii)(A) shall not exceed the sum of the Adjusted Investor Interest as of the close of business on the last day of the prior Monthly Period (after taking into account any payments to be made on the Distribution Date relating to such prior Monthly Period and deposits and any adjustments to be made to the Investor Interest to be made on the Transfer Date relating to such Monthly Period) and any Reallocated Principal Collections relating to the Monthly Period in which such deposit is made and (B) pay to the Holder of the Transferor Seller Certificate an amount equal to the excess, if any, identified in the proviso to clause (A) above; provided, however, that the amount to be paid to the Holder of the Transferor Seller Certificate pursuant to this subsection 4.5(c)(ii)(B4.05(c)(ii)(B) with respect to any Date of Processing shall be paid to the Holder of the Transferor Seller Certificate only if the Transferor Seller Interest on such Date of Processing is greater than the Minimum Transferor Interest zero (after giving effect to the inclusion in the Trust of all Receivables created on or prior to such Date of Processing and the application of payments referred to in subsection 4.3(b4.03(b)) and otherwise shall be considered as Unallocated Principal Collections and deposited into the Excess Funding AccountPrincipal Account in accordance with subsection 4.05(d); provided further, that in no event shall the amount payable to the Holder of the Seller Certificate pursuant to this subsection 4.05(c)(ii)(B) be greater than the Seller Interest on such Date of Processing.
Appears in 6 contracts
Samples: Pooling and Servicing Agreement (Mbna America Bk Nat Assoc Mbna Master Credit Card Trust Ii), Series Supplement (Mbna America Bk Nat Assoc Mbna Master Credit Card Trust Ii), Supplement to Pooling and Servicing Agreement (Mbna America Bk Nat Assoc Mbna Master Credit Card Trust Ii)
Allocations During the Rapid Amortization Period. During the Rapid Amortization Period, the Servicer shall, prior to the close of business on the day any Collections are deposited in the Collection Account, allocate to the Investor Certificateholders and pay or deposit from the Collection Account the following amounts as set forth below:
(i) Deposit into the Finance Charge Account an amount equal to the product of (A) the Investor Percentage on the Date of Processing of such Collections and (BE) the aggregate amount of Collections processed in respect of Finance Charge Receivables on such Date of Processing to be applied in accordance with Section 4.9.
(ii) (A) Deposit into the Principal Account an amount equal to the product of (1) the Investor Percentage on the Date of Processing of such Collections and (2) the aggregate amount of Collections processed in respect of Principal Receivables on such Date of Processing; provided, however, that the amount deposited into the Principal Account pursuant to this subsection 4.5(c)(ii)(A) shall not exceed the sum of the Investor Interest as of the close of business on the last day of the prior Monthly Period (after taking into account any payments to be made on the Distribution Date relating to such prior Monthly Period and deposits and any adjustments to be made to the Investor Interest to be made on the Transfer Date relating to such Monthly Period) and any Reallocated Principal Collections relating to the Monthly Period in which such deposit is made and (B) pay to the Holder of the Transferor Certificate an amount equal to the excess, if any, identified in the proviso to clause (A) above; provided, however, that the amount to be paid to the Holder of the Transferor Certificate pursuant to this subsection 4.5(c)(ii)(B) with respect to any Date of Processing shall be paid to the Holder of the Transferor Certificate only if the Transferor Interest on such Date of Processing is greater than the Minimum Transferor Interest (after giving effect to the inclusion in the Trust of all Receivables created on or prior to such Date of Processing and the application of payments referred to in subsection 4.3(b)) and otherwise shall be deposited into the Excess Funding Account.
Appears in 4 contracts
Samples: Pooling and Servicing Agreement (Chase Manhattan Bank Usa), Pooling and Servicing Agreement (Chase Manhattan Bank Usa), Pooling and Servicing Agreement (Chase Manhattan Bank Usa)
Allocations During the Rapid Amortization Period. During the Rapid Amortization Period, the Servicer shall, prior to the close of business on the day any Collections are deposited in the Collection Account, allocate to the Investor Certificateholders and pay or deposit from the Collection Account the following amounts as set forth below:
(i) Deposit into the Finance Charge Account an amount equal to the product of (A) the Investor Percentage on the Date of Processing of such Collections and (B) the aggregate amount of Collections processed in respect of Finance Charge Receivables on such Date of Processing to be applied in accordance with Section 4.9.
(ii) (A) Deposit into the Principal Account an amount equal to the product of (1) the Investor Percentage on the Date of Processing of such Collections and (2) the aggregate amount of Collections processed in respect of Principal Receivables on such Date of Processing; provided, however, that the amount deposited into the Principal Account pursuant to this subsection 4.5(c)(ii)(A) shall not exceed the sum of the Investor Interest as of the close of business on the last day of the prior Monthly Period (after taking into account any payments to be made on the Distribution Date relating to such prior Monthly Period and deposits and any adjustments to be made to the Investor Interest to be made on the Transfer Date relating to such Monthly Period) and any Reallocated Principal Collections relating to the Monthly Period in which such deposit is made and (B) pay to the Holder of the Transferor Certificate an amount equal to the excess, if any, identified in the proviso to clause (A) above; provided, however, that the amount to be paid to the Holder of the Transferor Certificate pursuant to this subsection 4.5(c)(ii)(B) with respect to any Date of Processing shall be paid to the Holder of the Transferor Certificate only if the Transferor Interest on such Date of Processing is greater than the Minimum Transferor Interest (after giving effect to the inclusion in the Trust of all Receivables created on or prior to such Date of Processing and the application of payments referred to in subsection 4.3(b)) and otherwise shall be deposited into the Excess Funding Account.
Appears in 4 contracts
Samples: Pooling and Servicing Agreement (Chase Manhattan Bank Usa Chase Credit Card Owner Tr 2000-1), Pooling and Servicing Agreement (Dillard Asset Funding Co), Series Supplement (Chase Manhattan Bank Usa Chase Credit Card Owner Tr 1999-3)
Allocations During the Rapid Amortization Period. During the ------------------------------------------------ Rapid Amortization Period, the Servicer shall, prior to the close of business on the day any Collections are deposited in the Collection Account, allocate to the Investor Certificateholders and pay or deposit from the Collection Account the following amounts as set forth below:
(i) Deposit into the Finance Charge Account an amount equal to the product of (A) the Investor Percentage on the Date of Processing of such Collections and (BE) the aggregate amount of Collections processed in respect of Finance Charge Receivables on such Date of Processing to be applied in accordance with Section 4.9.
(ii) (A) Deposit into the Principal Account an amount equal to the product of (1) the Investor Percentage on the Date of Processing of such Collections and (2) the aggregate amount of Collections processed in respect of Principal Receivables on such Date of Processing; provided, -------- however, that the amount deposited into the Principal Account pursuant to ------- this subsection 4.5(c)(ii)(A) shall not exceed the sum of the Investor Interest as of the close of business on the last day of the prior Monthly Period (after taking into account any payments to be made on the Distribution Date relating to such prior Monthly Period and deposits and any adjustments to be made to the Investor Interest to be made on the Transfer Date relating to such Monthly Period) and any Reallocated Principal Collections relating to the Monthly Period in which such deposit is made and (B) pay to the Holder of the Transferor Certificate an amount equal to the excess, if any, identified in the proviso to clause (A) above; provided, however, that the amount to be paid to the Holder of the -------- ------- Transferor Certificate pursuant to this subsection 4.5(c)(ii)(B) with respect to any Date of Processing shall be paid to the Holder of the Transferor Certificate only if the Transferor Interest on such Date of Processing is greater than the Minimum Transferor Interest (after giving effect to the inclusion in the Trust of all Receivables created on or prior to such Date of Processing and the application of payments referred to in subsection 4.3(b)) and otherwise shall be deposited into the Excess Funding Account.
Appears in 4 contracts
Samples: Pooling and Servicing Agreement (Chase Manhattan Bank Usa), Pooling and Servicing Agreement (Chase Manhattan Bank Usa), Supplement (Chase Manhattan Bank Usa)
Allocations During the Rapid Amortization Period. During the Rapid Amortization Period, the Servicer shall, prior shall allocate Collections to the close of business on the day any Collections are deposited in the Collection Account, allocate to the Certificateholders and pay or deposit from the Collection Account the following amounts Investor Holders as set forth belowfollows:
(i) Deposit into allocate to the Finance Charge Account Investor Holders an amount equal to the product of (A) the Investor Percentage on the Date of Processing of such Collections and (B) the aggregate amount of Collections processed in respect of Finance Charge Receivables on such Date of Processing to be applied in accordance with Section 4.9.Processing;
(ii) (A) Deposit into allocate to the Principal Account Investor Holders an amount equal to the product of (1A) the Collateral Allocation on the Date of Processing of such Collections and (B) the Investor Percentage on the Date of Processing of such Collections and (2C) the aggregate amount of Collections processed in respect of Principal Receivables on such Date of Processing;
(iii) allocate to the Investor Holders an amount equal to the product of (A) the Class B Investor Allocation on the Date of Processing of such Collections, (B) the Investor Percentage on the Date of Processing of such Collections and (C) the aggregate amount of Collections processed in respect of Principal Receivables on such Date of Processing; provided, however, and
(iv) (A) allocate to the Investor Holders an amount equal to the product of (1) the Class A Investor Allocation on the Date of Processing of such Collections and (2) the Investor Percentage on the Date of Processing of such Collections and (3) the aggregate amount of Collections processed in respect of Principal Receivables on such Date of Processing; provided that the aggregate amount deposited into the Principal Account allocated pursuant to this subsection 4.5(c)(ii)(A4.7(c)(iv)(A) during any Monthly Period shall not exceed the sum of the Adjusted Investor Interest as of the close of business on the last day of the prior Monthly Period (after taking into account any payments to be made on the Distribution Date relating to such prior Monthly Period and deposits and any adjustments to be made to the Investor Interest Invested Amount to be made on the Transfer Date relating to such Monthly Period) and any Reallocated Principal Collections relating to the Monthly Period in which such deposit is made and (B) pay to the Holder treat as Shared Principal Collections any amount not allocated as a result of the Transferor Certificate an amount equal to the excess, if any, identified in the proviso to clause (A) above; provided, however, that the amount to be paid to the Holder of the Transferor Certificate pursuant to this subsection 4.5(c)(ii)(B) with respect to any Date of Processing shall be paid to the Holder of the Transferor Certificate only if the Transferor Interest on such Date of Processing is greater than the Minimum Transferor Interest (after giving effect to the inclusion in the Trust of all Receivables created on or prior to such Date of Processing and the application of payments referred to in subsection 4.3(b)) and otherwise shall be deposited into the Excess Funding Account.
Appears in 3 contracts
Samples: Pooling and Servicing Agreement (First National Bank of Commerce), Pooling and Servicing Agreement (First National Bank of Commerce), Pooling and Servicing Agreement (First National Bank of Commerce)
Allocations During the Rapid Amortization Period. During the Rapid Amortization Period, the Servicer shall, prior to the close of business on the day any Collections are deposited in the Collection Account, allocate to the Investor Certificateholders and pay or deposit from the Collection Account the following amounts as set forth below:
: (i) Deposit into the Finance Charge Account an amount equal to the product of (A) the Investor Percentage on the Date of Processing of such Collections and (B) the aggregate amount of Collections processed in respect of Finance Charge Receivables on such Date of Processing to be applied in accordance with Section 4.9.
4.09. (ii) (A) Deposit into the Principal Account an amount equal to the product of (1) the Investor Percentage on the Date of Processing of such Collections and (2) the aggregate amount of Collections processed in respect of Principal Receivables on such Date of Processing; provided, however, that the amount deposited into the Principal Account pursuant to this subsection 4.5(c)(ii)(A4.05(d)(ii)(A) shall not exceed the sum of the Adjusted Investor Interest as of the close of business on the last day of the prior Monthly Period (after taking into account any payments to be made on the Distribution Date relating to such prior Monthly Period and deposits and any adjustments to be made to the Investor Interest to be made on the Transfer Date relating to such Monthly Period) and any Reallocated Principal Collections relating to the Monthly Period in which such deposit is made and (B) pay to the Holder of the Transferor Seller Certificate an amount equal to the excess, if any, identified in the proviso to clause (A) above; provided, however, that the amount to be paid to the Holder of the Transferor Seller Certificate pursuant to this subsection 4.5(c)(ii)(B4.05(d)(ii)(B) with respect to any Date of Processing shall be paid to the Holder of the Transferor Seller Certificate only if the Transferor Seller Interest on such Date of Processing is greater than the Minimum Transferor Interest zero (after giving effect to the inclusion in the Trust of all Receivables created on or prior to such Date of Processing and the application of payments referred to in subsection 4.3(b4.03(b)) and otherwise shall be considered as Unallocated Principal Collections and deposited into the Excess Funding AccountPrincipal Account in accordance with subsection 4.05(e); provided further, that in no event shall the amount payable to the Holder of the Seller Certificate pursuant to this subsection 4.05(d)(ii)(B) be greater than the Seller Interest on such Date of Processing.
Appears in 3 contracts
Samples: Pooling and Servicing Agreement (Mbna America Bank National Association), Supplement to Pooling and Servicing Agreement (Mbna America Bank National Association), Supplement to Pooling and Servicing Agreement (Mbna America Bk Nat Assoc Mbna Master Credit Card Trust Ii)
Allocations During the Rapid Amortization Period. During the Rapid Amortization Period, the Servicer shall, prior to the close of business on the day any Collections are deposited in the Collection Account, allocate to the Certificateholders Series 2001‑D Certificateholders, the Class D Certificateholder or the Holder of the Transferor Interest and pay or deposit from the Collection Account the following amounts as set forth below:
(i) Deposit into the Finance Charge Account an amount equal to the product of (A) the Floating Investor Percentage on the Date of Processing of such Collections and (B) the aggregate amount of Collections processed in respect of Finance Charge Receivables on such Date of Processing to be applied in accordance with Section 4.94.06.
(ii) (A) Deposit into the Principal Account an amount equal to the product of (1) the Principal Investor Percentage on the Date of Processing of such Collections and (2) the aggregate amount of Collections processed in respect of Principal Receivables on such Date of Processing; provided, however, that the amount deposited into the Principal Account pursuant to this subsection 4.5(c)(ii)(A4.05(b)(ii)(A) shall not exceed the sum of the Investor Interest as of the close of business on the last day of the prior Monthly Period (after taking into account any payments to be made on the Distribution Date relating to such prior Monthly Period and payments, deposits and any adjustments to be made to the Investor Interest to be made on the Transfer Date relating to such Monthly Period) and any Reallocated Principal Collections relating to the Monthly Period in which such deposit is made and (B) pay to the Holder of the Transferor Certificate Interest an amount equal to the excess, if any, identified in the proviso to clause (A) above; provided, however, that the amount to be paid to the Holder of the Transferor Certificate Interest pursuant to this subsection 4.5(c)(ii)(B4.05(b)(ii)(B) with respect to any Date of Processing shall be paid to the Holder of the Transferor Certificate Interest if, and only if to the extent that, the Transferor Interest on such Date of Processing is equal to or greater than the Minimum Transferor Interest (after giving effect to the inclusion in the Trust of all Receivables created on or prior to such Date of Processing and the application of payments referred to in subsection 4.3(b4.03(b)) and otherwise shall be considered as Unallocated Principal Collections and deposited into the Excess Funding AccountPrincipal Account in accordance with subsection 4.05(c).
Appears in 3 contracts
Samples: Fifth Amended and Restated Series 2001 D Supplement (BA Credit Card Trust), Fifth Amended and Restated Series 2001 D Supplement (BA Master Credit Card Trust II), Fourth Amended and Restated Series 2001 D Supplement (BA Master Credit Card Trust II)
Allocations During the Rapid Amortization Period. During the Rapid Amortization Period, the Servicer shall, prior to the close of business on the day any Collections are deposited in the Collection Account, allocate to the Series 2001-D Certificateholders and pay or deposit from the Collection Account the following amounts as set forth below:
(i) Deposit into the Finance Charge Account an amount equal to the product of (A) the Floating Investor Percentage on the Date of Processing of such Collections and (B) the aggregate amount of Collections processed in respect of Finance Charge Receivables on such Date of Processing to be applied in accordance with Section 4.94.06.
(ii) (A) Deposit into the Principal Account an amount equal to the product of (1) the Principal Investor Percentage on the Date of Processing of such Collections and (2) the aggregate amount of Collections processed in respect of Principal Receivables on such Date of Processing; provided, however, that the amount deposited into the Principal Account pursuant to this subsection 4.5(c)(ii)(A4.05(b)(ii)(A) shall not exceed the sum of the Investor Interest as of the close of business on the last day of the prior Monthly Period (after taking into account any payments to be made on the Distribution Date relating to such prior Monthly Period and payments, deposits and any adjustments to be made to the Investor Interest to be made on the Transfer Date relating to such Monthly Period) and any Reallocated Principal Collections relating to the Monthly Period in which such deposit is made and (B) pay to the Holder of the Transferor Certificate Seller Interest an amount equal to the excess, if any, identified in the proviso to clause (A) above; provided, however, that the amount to be paid to the Holder of the Transferor Certificate Seller Interest pursuant to this subsection 4.5(c)(ii)(B4.05(b)(ii)(B) with respect to any Date of Processing shall be paid to the Holder of the Transferor Certificate Seller Interest if, and only if to the Transferor extent that, the Seller Interest on such Date of Processing is equal to or greater than the Minimum Transferor Seller Interest (after giving effect to the inclusion in the Trust of all Receivables created on or prior to such Date of Processing and the application of payments referred to in subsection 4.3(b4.03(b)) and otherwise shall be considered as Unallocated Principal Collections and deposited into the Excess Funding AccountPrincipal Account in accordance with subsection 4.05(c).
Appears in 3 contracts
Samples: Series 2001 D Supplement (BA Credit Card Trust), Series 2001 D Supplement (BA Credit Card Trust), Pooling and Servicing Agreement (Mbna America Bk Nat Assoc Mbna Master Credit Card Trust Ii)
Allocations During the Rapid Amortization Period. During the Rapid Amortization Period, the Servicer shall, prior to the close of business on the day any Collections are deposited in the Collection Account, allocate to the Certificateholders Investor Holders and pay or deposit from the Collection Account the following amounts as set forth below:below (subject to Section 4.3):
(i) Deposit into the Finance Charge Account an amount equal to the product of (A) the Investor Percentage on the Date of Processing of such Collections and (B) the aggregate amount of Collections processed in respect of Finance Charge Receivables on such Date of Processing to be applied in accordance with Section 4.94.11.
(ii) (A) Deposit into the Principal Account an amount equal to the product of (1) the Investor Percentage on the Date of Processing of such Collections and (2) the aggregate amount of Principal Collections processed in respect of Principal Receivables on such Date of Processing; provided, however, provided that the aggregate amount deposited into the Principal Account pursuant to this subsection 4.5(c)(ii)(A4.7(c)(ii)(A) shall not exceed the sum of the Investor Interest as of the close of business on the last day of the prior Monthly Period (after taking into account any payments to be made on the Distribution Date relating to such prior Monthly Period and deposits and any adjustments to be made to the Investor Interest to be made on the Transfer Date relating to such Monthly Period) and any Reallocated Principal Collections relating to the Monthly Period in which such deposit is made and (B) pay to the Holder of the Transferor Certificate an amount equal to the excess, if any, identified in the proviso to clause (A) above; provided, however, provided that the amount to be paid to the Holder of the Transferor Certificate pursuant to this subsection 4.5(c)(ii)(B4.7(c)(ii)(B) with respect to any Date of Processing shall be paid to the Holder of Transferor only to the Transferor Certificate only if extent that the Transferor Interest on such Date of Processing is greater than the Minimum Transferor Interest zero (after giving effect to the inclusion in the Trust of all Receivables created transferred to the Trust on or prior to such Date of Processing and the application of payments referred to in subsection 4.3(b)) and otherwise shall be deposited into the Excess Funding AccountAccount in accordance with subsection 4.7(d).
Appears in 3 contracts
Samples: Pooling and Servicing Agreement (Mellon Bank Premium Finance Loan Master Trust), Pooling and Servicing Agreement (Mellon Premium Finance Loan Owner Trust), Pooling and Servicing Agreement (Mellon Premium Finance Loan Owner Trust)
Allocations During the Rapid Amortization Period. During the Rapid Amortization Period, the Servicer shall, prior to the close of business on the day any Collections are deposited in the Collection Account, allocate to the Investor Certificateholders and pay or deposit from the Collection Account the following amounts as set forth below:
(i) Deposit into the Finance Charge Account an amount equal to the product of (A) the Investor Percentage on the Date of Processing of such Collections and (B) the aggregate amount of Collections processed in respect of Finance Charge Receivables on such Date of Processing to be applied in accordance with Section 4.94.09.
(ii) (A) Deposit into the Principal Account an amount equal to the product of (1) the Investor Percentage on the Date of Processing of such Collections and (2) the aggregate amount of Collections processed in respect of Principal Receivables on such Date of Processing; provided, however, that the amount deposited into the Principal Account pursuant to this subsection 4.5(c)(ii)(A4.05(d)(ii)(A) shall not exceed the sum of the Adjusted Investor Interest as of the close of business on the last day of the prior Monthly Period (after taking into account any payments to be made on the Distribution Date relating to such prior Monthly Period and deposits and any adjustments to be made to the Investor Interest to be made on the Transfer Date relating to such Monthly Period) and any Reallocated Principal Collections relating to the Monthly Period in which such deposit is made and (B) pay to the Holder of the Transferor Certificate Seller Interest an amount equal to the excess, if any, identified in the proviso to clause (A) above; provided, however, that the amount to be paid to the Holder of the Transferor Certificate Seller Interest pursuant to this subsection 4.5(c)(ii)(B4.05(d)(ii)(B) with respect to any Date of Processing shall be paid to the Holder of the Transferor Certificate Seller Interest only if the Transferor Seller Interest on such Date of Processing is greater than the Minimum Transferor Interest zero (after giving effect to the inclusion in the Trust of all Receivables created on or prior to such Date of Processing and the application of payments referred to in subsection 4.3(b4.03(b)) and otherwise shall be considered as Unallocated Principal Collections and deposited into the Excess Funding AccountPrincipal Account in accordance with subsection 4.05(e); provided further, that in no event shall the amount payable to the Holder of the Seller Interest pursuant to this subsection 4.05(d)(ii)(B) be greater than the Seller Interest on such Date of Processing.
Appears in 2 contracts
Samples: Pooling and Servicing Agreement (Mbna America Bk Nat Assoc Mbna Master Credit Card Trust Ii), Pooling and Servicing Agreement (Mbna America Bk Nat Assoc Mbna Master Credit Card Trust Ii)
Allocations During the Rapid Amortization Period. During the Rapid Amortization Period, the Servicer shall, prior to the close of business on the day any Collections are deposited in the Collection Account, allocate to the Investor Certificateholders and pay or deposit from the Collection Account the following amounts as set forth below:
(i) Deposit into the Finance Charge Account an amount equal to the product of (A) the Investor Percentage on the Date of Processing of such Collections and (BE) the aggregate amount of Collections processed in respect of Finance Charge Receivables on such Date of Processing to be applied in accordance with Section 4.9.
(ii) (A) Deposit into the Principal Account an amount equal to the product of (1) the Investor Percentage on the Date of Processing of such Collections and (2) the aggregate amount of Collections processed in respect of Principal Receivables on such Date of Processing; provided, however, that the amount deposited into the Principal Account pursuant to this subsection 4.5(c)(ii)(A) shall not exceed the sum of the Investor Interest as of the close of business on the last day of the prior Monthly Period (after taking into account any payments to be made on the Distribution Date relating to such prior Monthly Period and deposits and any adjustments to be made to the Investor Interest to be made on the Transfer Date relating to such Monthly Period) and any Reallocated Principal Collections relating to the Monthly Period in which such deposit is made and (B) pay to the Holder of the Transferor Certificate an amount equal to the excess, if any, identified in the proviso to clause (A) above; provided, however, that the amount to be paid to the Holder of the Transferor Certificate pursuant to this subsection 4.5(c)(ii)(B) with respect to any Date of Processing shall be paid to the Holder of the Transferor Certificate only if the Transferor Interest Amount on such Date of Processing is greater than the Minimum Transferor Interest Amount (after giving effect to the inclusion in the Trust of all Receivables created on or prior to such Date of Processing and the application of payments referred to in subsection 4.3(b)) and otherwise shall be deposited into the Excess Funding Account.
Appears in 2 contracts
Samples: Pooling and Servicing Agreement (Wachovia Credit Card Master Trust), Series Supplement (First National Bank of Atlanta)
Allocations During the Rapid Amortization Period. During the Rapid Amortization Period, the Servicer shall, prior to the close of business on the day any Collections are deposited in the Collection Account, allocate to the Certificateholders and pay or deposit from the Collection Account the following amounts as set forth below:
(i) Deposit into the Finance Charge Account an amount equal to the product of (A) the Investor Percentage on the Date of Processing of such Collections and (B) the aggregate amount of Collections processed in respect of Finance Charge Receivables Receiv ables on such Date of Processing to be applied in accordance with Section wixx Xxction 4.9.
(ii) (A) Deposit into the Principal Account an amount equal to the product of (1) the Investor Percentage on the Date of Processing of such Collections and (2) the aggregate amount of Collections processed in respect of Principal Receivables on such Date of Processing; provided, however, that the amount deposited into the Principal Account pursuant to this subsection 4.5(c)(ii)(A) shall not exceed the sum of the Investor Interest as of the close of business on the last day of the prior Monthly Period (after taking into account any payments to be made on the Distribution Date relating to such prior Monthly Period and deposits and any adjustments to be made to the Investor Interest to be made on the Transfer Date relating to such Monthly Period) and any Reallocated Principal Collections relating to the Monthly Period in which such deposit is made and (B) pay to the Holder of the Transferor Certificate an amount equal to the excess, if any, identified in the proviso to clause (A) above; provided, however, that the amount to be paid to the Holder of the Transferor Certificate pursuant to this subsection 4.5(c)(ii)(B) with respect to any Date of Processing shall be paid to the Holder of the Transferor Certificate only if the Transferor Interest on such Date of Processing is greater than the Minimum Transferor Interest (after giving effect to the inclusion in the Trust of all Receivables created on or prior to such Date of Processing and the application of payments referred to in subsection 4.3(b)) and otherwise shall be deposited into the Excess Funding Account.
Appears in 2 contracts
Samples: Pooling and Servicing Agreement (Chase Credit Card Master Trust), Pooling and Servicing Agreement (Chase Credit Card Master Trust)
Allocations During the Rapid Amortization Period. During the Rapid Amortization Period, the Servicer shall, prior to the close of business on the day second Business Day following any Collections are deposited in the Collection AccountDate of Processing, allocate to the Certificateholders and pay or deposit from the Collection Account the following amounts as set forth below:
(i) Deposit into Allocate to the Finance Charge Series 1996-E Certificateholders and the Collateral Interest Holder and deposit and retain in the Collection Account an amount equal to the product of (A) the Investor Floating Allocation Percentage on the such Date of Processing of such Collections and (B) the aggregate amount of Collections processed in respect of Finance Charge Receivables on such Date of Processing to be applied in accordance with Section 4.9Processing.
(ii) (A) Deposit into Allocate to the Principal Series 1996-E Certificateholders and the Collateral Interest Holder and deposit and retain in the Collection Account an amount equal to the product of (1A) the Investor Principal Allocation Percentage on the such Date of Processing of such Collections and (2B) the aggregate amount of Collections processed in respect of Principal Receivables on such Date of Processing; provided, however, that after the date on which an amount of such Collections equal to the Investor Amount has been deposited into the Principal Collection Account pursuant to this subsection 4.5(c)(ii)(A) shall not exceed the sum of the Investor Interest as of the close of business on the last day of the prior Monthly Period (after taking into account any payments to be made on the Distribution Date relating to such prior Monthly Period and deposits and any adjustments to be made allocated to the Investor Series 1996-E Certificateholders and the Collateral Interest to be made on the Transfer Date relating to such Monthly Period) and any Reallocated Principal Collections relating to the Monthly Period in which such deposit is made and (B) pay to the Holder of the Transferor Certificate an amount equal to the excessHolder, if any, identified in the proviso to clause (A) above; provided, however, that the amount to be paid to the Holder of the Transferor Certificate pursuant to determined in accordance with this subsection 4.5(c)(ii)(Bsubparagraph (ii) with respect to any Date of Processing in excess thereof shall be paid to the Holder Holders of the Transferor Certificate Seller Certificates only if the Transferor Interest Seller Amount on such Date of Processing is greater than the Minimum Transferor Interest Required Seller Amount (after giving effect to all Principal Receivables transferred to the inclusion Trust on such day and any amounts deposited in the Trust of all Receivables created Excess Funding Account on or prior to such Date of Processing and the application of payments referred to in subsection 4.3(b)day) and otherwise shall be deposited into in the Excess Funding Account.Account until the Seller Amount is greater than the Required Seller
Appears in 2 contracts
Samples: Pooling and Servicing Agreement (Advanta Credit Card Master Trust Ii), Pooling and Servicing Agreement (Advanta Credit Card Master Trust Ii)
Allocations During the Rapid Amortization Period. During the Rapid Amortization Period, the Servicer shall, prior to the close of business on the day any Collections are deposited in the Collection Account, allocate to the Investor Certificateholders and pay or deposit from the Collection Account the following amounts as set forth below:
(i) Deposit into the Finance Charge Account an amount equal to the product of (A) the Investor Percentage on the Date of Processing of such Collections and (B) the aggregate amount of Collections processed in respect of Finance Charge Receivables on such Date of Processing to be applied in accordance with Section 4.94.09.
(ii) (A) Deposit into the Principal Account an amount equal to the product of (1) the Investor Percentage on the Date of Processing of such Collections and (2) the aggregate amount of Collections processed in respect of Principal Receivables on such Date of Processing; provided, however, that the amount deposited into the Principal Account pursuant to this subsection 4.5(c)(ii)(A4.05(d)(ii)(A) shall not exceed the sum of the Adjusted Investor Interest as of the close of business on the last day of the prior Monthly Period (after taking into account any payments to be made on the Distribution Date relating to such prior Monthly Period and deposits and any adjustments to be made to the Investor Interest to be made on the Transfer Date relating to such Monthly Period) and any Reallocated Principal Collections relating to the Monthly Period in which such deposit is made and (B) pay to the Holder of the Transferor Certificate Seller Interest an amount equal to the excess, if any, identified in the proviso to clause (A) above; provided, however, that the amount to be paid to the Holder of the Transferor Certificate Seller Interest pursuant to this subsection 4.5(c)(ii)(B4.05(d)(ii)(B) with respect to any Date of Processing shall be paid to the Holder of the Transferor Certificate Seller Interest if, and only if to the Transferor extent that, the Seller Interest on such Date of Processing is equal to or greater than the Minimum Transferor Seller Interest (after giving effect to the inclusion in the Trust of all Receivables created on or prior to such Date of Processing and the application of payments referred to in subsection 4.3(b4.03(b)) and otherwise shall be considered as Unallocated Principal Collections and deposited into the Excess Funding AccountPrincipal Account in accordance with subsection 4.05(e).
Appears in 2 contracts
Samples: Pooling and Servicing Agreement (Mbna America Bk Nat Assoc Mbna Master Credit Card Trust Ii), Pooling and Servicing Agreement (Mbna America Bk Nat Assoc Mbna Master Credit Card Trust Ii)
Allocations During the Rapid Amortization Period. During the Rapid ------------------------------------------------ Amortization Period, the Servicer shall, prior to the close of business on the day any Collections are deposited in the Collection Account, allocate to the Certificateholders Investor Certificate holders and pay or deposit from the Collection Account the following amounts as set forth below:
(i) Deposit into the Finance Charge Account an amount equal to the product of (A) the Investor Percentage on the Date of Processing of such Collections and (BE) the aggregate amount of Collections processed in respect of Finance Charge Receivables on such Date of Processing to be applied in accordance with Section 4.9.
(ii) (A) Deposit into the Principal Account an amount equal to the product of (1) the Investor Percentage on the Date of Processing of such Collections and (2) the aggregate amount of Collections processed in respect of Principal Receivables on such Date of Processing; provided, -------- however, that the amount deposited into the Principal Account pursuant to ------- this subsection 4.5(c)(ii)(A) shall not exceed the sum of the Investor Interest as of the close of business on the last day of the prior Monthly Period (after taking into account any payments to be made on the Distribution Date relating to such prior Monthly Period and deposits and any adjustments to be made to the Investor Interest to be made on the Transfer Date relating to such Monthly Period) and any Reallocated Principal Collections relating to the Monthly Period in which such deposit is made and (B) pay to the Holder of the Transferor Certificate an amount equal to the excess, if any, identified in the proviso to clause (A) above; provided, however, that the amount to be paid to the Holder of the -------- ------- Transferor Certificate pursuant to this subsection 4.5(c)(ii)(B) with respect to any Date of Processing shall be paid to the Holder of the Transferor Certificate only if the Transferor Interest on such Date of Processing is greater than the Minimum Transferor Interest (after giving effect to the inclusion in the Trust of all Receivables created on or prior to such Date of Processing and the application of payments referred to in subsection 4.3(b)) and otherwise shall be deposited into the Excess Funding Account.
Appears in 1 contract
Samples: Supplement to Pooling and Servicing Agreement (Chase Manhattan Bank Usa)
Allocations During the Rapid Amortization Period. During the Rapid Amortization Period, the Servicer shall, prior to the close of business on the day any Collections are deposited in the Collection Account, allocate to the Investor Certificateholders and pay or deposit from the Collection Account the following amounts as set forth below:
: (i) Deposit into the Finance Charge Account an amount equal to the product of (A) the Investor Percentage on the Date of Processing of such Collections and (BE) the aggregate amount of Collections processed in respect of Finance Charge Receivables on such Date of Processing to be applied in accordance with Section 4.9.
. (ii) (A) Deposit into the Principal Account an amount equal to the product of (1) the Investor Percentage on the Date of Processing of such Collections and (2) the aggregate amount of Collections processed in respect of Principal Receivables on such Date of Processing; provided, however, that the amount deposited into the Principal Account pursuant to this subsection 4.5(c)(ii)(A) shall not exceed the sum of the Investor Interest as of the close of business on the last day of the prior Monthly Period (after taking into account any payments to be made on the Distribution Date relating to such prior Monthly Period and deposits and any adjustments to be made to the Investor Interest to be made on the Transfer Date relating to such Monthly Period) and any Reallocated Principal Collections relating to the Monthly Period in which such deposit is made and (B) pay to the Holder of the Transferor Certificate an amount equal to the excess, if any, identified in the proviso to clause (A) above; provided, however, that the amount to be paid to the Holder of the Transferor Certificate pursuant to this subsection 4.5(c)(ii)(B) with respect to any Date of Processing shall be paid to the Holder of the Transferor Certificate only if the Transferor Interest Amount on such Date of Processing is greater than the Minimum Transferor Interest Amount (after giving effect to the inclusion in the Trust of all Receivables created on or prior to such Date of Processing and the application of payments referred to in subsection 4.3(b)) and otherwise shall be deposited into the Excess Funding Account.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Wachovia Credit Card Master Trust)
Allocations During the Rapid Amortization Period. During the Rapid Amortization Period, the Servicer Services shall, prior to the close of business on the day any Collections are deposited in the Collection Account, allocate to the Certificateholders and pay or deposit from the Collection Account the following amounts as set forth below:
(i) Deposit into the Finance Charge Account an amount equal to the product of (A) the Investor Percentage on the Date of Processing processing of such Collections and (B) the aggregate amount of Collections processed in respect of Finance Charge Receivables on such Date of Processing to be applied in accordance with Section 4.9.
(ii) (A) Deposit into the Principal Account an amount equal to the product of (1) the Investor Percentage on the Date of Processing of such Collections and (2) the aggregate amount of Collections processed in respect of Principal Receivables on such Date of Processing; provided, however, that the amount deposited into the Principal Account pursuant to this subsection 4.5(c)(ii)(A) shall not exceed the sum of the Investor Interest as of the close of business on the last day of the prior Monthly Period (after taking into account any payments to be made on the Distribution Date relating to such prior Monthly Period and deposits and any adjustments to be made to the Investor Interest to be made on the Transfer Date relating to such Monthly Period) and any Reallocated Principal Collections relating to the Monthly Period in which such deposit depsoit is made and (B) pay to the Holder of the Transferor Certificate an amount equal to the excess, if any, identified in the proviso to clause (A) above; provided, however, that the amount to be paid to the Holder of the Transferor Certificate pursuant to this subsection 4.5(c)(ii)(B) with respect to any Date of Processing shall be paid to the Holder of the Transferor Certificate only if the Transferor Interest on such Date of Processing is greater than the Minimum Transferor Interest (after giving effect to the inclusion in the Trust of all Receivables created on or prior to such Date of Processing and the application of payments referred to in subsection 4.3(b)) and otherwise shall be deposited into the Excess Funding Account.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Chase Manhattan Bank Usa Chase Credit Card Owner Tr 2001-6)
Allocations During the Rapid Amortization Period. During the Rapid Amortization Period, the Servicer shall, prior to the close of business on the day any Collections are deposited in the Collection Account, allocate to the Investor Certificateholders and pay or deposit from the Collection Account the following amounts as set forth below:
(i) Deposit into the Finance Charge Account an amount equal to the product of (A) the Investor Percentage on the Date of Processing of such Collections and (B) the aggregate amount of Collections processed in respect of Finance Charge Receivables on such Date of Processing to be applied in accordance with Section 4.9.
(ii) (A) Deposit into the Principal Account an amount equal to the product of (1) the Investor Percentage on the Date of Processing of such Collections and (2) the aggregate amount of Collections processed in respect of Principal Receivables on such Date of Processing; provided, however, that the amount deposited into the Principal Account pursuant pursu- ant to this subsection 4.5(c)(ii)(A) shall not exceed the sum of the Investor Interest as of the close of business on the last day of the prior Monthly Period (after taking into account any payments to be made on the Distribution Date relating to such prior Monthly Period and deposits and any adjustments to be made to the Investor Interest to be made on the Transfer Date relating to such Monthly Period) and any Reallocated Principal Collections relating to the Monthly Period in which such deposit is made and (B) pay to the Holder of the Transferor Certificate an amount equal to the excess, if any, identified in the proviso to clause (A) above; provided, however, that the amount to be paid to the Holder of the Transferor Certificate pursuant to this subsection 4.5(c)(ii)(B) with respect to any Date of Processing shall be paid to the Holder of the Transferor Certificate only if the Transferor Interest on such Date of Processing is greater than the Minimum Transferor Interest (after giving effect to the inclusion in the Trust of all Receivables created on or prior to such Date of Processing and the application of payments referred to in subsection 4.3(b)) and otherwise shall be deposited into the Excess Funding Account.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Chase Manhattan Bank Usa)
Allocations During the Rapid Amortization Period. During the Rapid Amortization Period, the Servicer shall, prior to the close of business on the day any Collections are deposited in the Collection Account, allocate to the Investor Certificateholders and pay or deposit from the Collection Account the following amounts as set forth below:
(i) Deposit into the Finance Charge Account an amount equal to the product of (A) the Investor Percentage on the Date of Processing of such Collections and (B) the aggregate amount of Collections processed in respect of Finance Charge Receivables on such Date of Processing to be applied in accordance with Section 4.94.09.
(ii) (A) Deposit into the Principal Account an amount equal to the product of (1) the Investor Percentage on the Date of Processing of such Collections and (2) the aggregate amount of Collections processed in respect of Principal Receivables on such Date of Processing; provided, however, that the amount deposited into the Principal Account pursuant to this subsection 4.5(c)(ii)(A4.05(c)(ii)(A) shall not exceed the sum of the Adjusted Investor Interest as of the close of business on the last day of the prior Monthly Period (after taking into account any payments to be made on the Distribution Date relating to such prior Monthly Period and deposits and any adjustments to be made to the Investor Interest to be made on the Transfer Date relating to such Monthly Period) and any Reallocated Principal Collections relating to the Monthly Period in which such deposit is made and (B) pay to the Holder of the Transferor Certificate Seller Interest an amount equal to the excess, if any, identified in the proviso to clause (A) above; provided, however, that the amount to be paid to the Holder of the Transferor Certificate Seller Interest pursuant to this subsection 4.5(c)(ii)(B4.05(c)(ii)(B) with respect to any Date of Processing shall be paid to the Holder of the Transferor Certificate Seller Interest if, and only if to the Transferor extent that, the Seller Interest on such Date of Processing is equal to or greater than the Minimum Transferor Seller Interest (after giving effect to the inclusion in the Trust of all Receivables created on or prior to such Date of Processing and the application of payments referred to in subsection 4.3(b4.03(b)) and otherwise shall be considered as Unallocated Principal Collections and deposited into the Excess Funding AccountPrincipal Account in accordance with subsection 4.05(d).
Appears in 1 contract
Samples: Supplement (Mbna America Bk Nat Assoc Mbna Master Credit Card Trust Ii)
Allocations During the Rapid Amortization Period. During the Rapid Amortization Period, the Servicer shall, prior to the close of business on the day any Collections are deposited in the Collection Account, allocate to the Certificateholders Investor Certificateholder and pay or deposit from the Collection Account the following amounts as set forth below:
(i) Deposit into the Finance Charge Account an amount equal to the product of (A) the Investor Percentage on the Date of Processing of such Collections and (B) the aggregate amount of Collections processed in respect of Finance Charge Receivables on such Date of Processing to be applied in accordance with Section 4.9.
(ii) (A) Deposit into the Principal Account an amount equal to the product of (1) the Investor Percentage on the Date of Processing of such Collections and (2) the aggregate amount of Collections processed in respect of Principal Receivables on such Date of Processing; provided, however, that the amount deposited into the Principal Account pursuant to this subsection 4.5(c)(ii)(A) shall not exceed the sum of the Investor Interest as of the close of business on the last day of the prior Monthly Period (after taking into account any payments to be made on the Distribution Date relating to such prior Monthly Period and deposits and any adjustments to be made to the Investor Interest to be made on the Transfer Date relating to such Monthly Period) and any Reallocated Principal Collections relating to the Monthly Period in which such deposit is made and (B) pay to the Holder of the Transferor Certificate an amount equal to the excess, if any, identified in the proviso to clause (A) above; provided, however, that the amount to be paid to the Holder of the Transferor Certificate pursuant to this subsection 4.5(c)(ii)(B) with respect to any Date of Processing shall be paid to the Holder of the Transferor Certificate only if the Transferor Interest on such Date of Processing is greater than the Minimum Transferor Interest (after giving effect to the inclusion in the Trust of all Receivables created on or prior to such Date of Processing and the application of payments referred to in subsection 4.3(b)) and otherwise shall be deposited into the Excess Funding Account.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Chase Credit Card Master Trust)
Allocations During the Rapid Amortization Period. During the Rapid Amortization Period, the Servicer shall, prior to the close of business on the day any Collections are deposited in the Collection Account, allocate to the Certificateholders Investor Certificate holders and pay or deposit from the Collection Account the following amounts as set forth below:
(i) Deposit into the Finance Charge Account an amount equal to the product of (A) the Investor Percentage on the Date of Processing of such Collections and (BE) the aggregate amount of Collections processed in respect of Finance Charge Receivables on such Date of Processing to be applied in accordance with Section 4.9.
(ii) (A) Deposit into the Principal Account an amount equal to the product of (1) the Investor Percentage on the Date of Processing of such Collections and (2) the aggregate amount of Collections processed in respect of Principal Receivables on such Date of Processing; provided, however, that the amount deposited into the Principal Account pursuant pursu ant to this subsection 4.5(c)(ii)(A) shall not exceed the sum of the Investor Interest as of the close of business on the last day of the prior Monthly Period (after taking into account any payments to be made on the Distribution Date relating to such prior Monthly Period and deposits and any adjustments to be made to the Investor Interest to be made on the Transfer Date relating to such Monthly Period) and any Reallocated Principal Collections relating to the Monthly Month- ly Period in which such deposit is made and (B) pay to the Holder of the Transferor Certificate an amount equal to the excess, if any, identified in the proviso to clause (A) above; provided, however, that the amount to be paid to the Holder of the Transferor Certificate pursuant to this subsection 4.5(c)(ii)(B) with respect to any Date of Processing shall be paid to the Holder of the Transferor Certificate only if the Transferor Interest on such Date of Processing is greater than the Minimum Transferor Interest (after giving effect to the inclusion in the Trust of all Receivables created on or prior to such Date of Processing and the application of payments referred to in subsection 4.3(b)) and otherwise shall be deposited into the Excess Funding Account.
Appears in 1 contract
Samples: Supplement to Pooling and Servicing Agreement (Chase Manhattan Bank Usa)
Allocations During the Rapid Amortization Period. During the Rapid Amortization Period, the Servicer shall, prior to the close of business on the day any Collections are deposited in the Collection Account, allocate to the Series 2001-D Certificateholders and pay or deposit from the Collection Account the following amounts as set forth below:
: (i) Deposit into the Finance Charge Account an amount equal to the product of (A) the Floating Investor Percentage on the Date of Processing of such Collections and (B) the aggregate amount of Collections processed in respect of Finance Charge Receivables on such Date of Processing to be applied in accordance with Section 4.9.
4.06. (ii) (A) Deposit into the Principal Account an amount equal to the product of (1) the Principal Investor Percentage on the Date of Processing of such Collections and (2) the aggregate amount of Collections processed in respect of Principal Receivables on such Date of Processing; provided, however, that the amount deposited into the Principal Account pursuant to this subsection 4.5(c)(ii)(A4.05(b)(ii)(A) shall not exceed the sum of the Investor Interest as of the close of business on the last day of the prior Monthly Period (after taking into account any payments to be made on the Distribution Date relating to such prior Monthly Period and payments, deposits and any adjustments to be made to the Investor Interest to be made on the Transfer Date relating to such Monthly Period) and any Reallocated Principal Collections relating to the Monthly Period in which such deposit is made and (B) pay to the Holder of the Transferor Certificate Seller Interest an amount equal to the excess, if any, identified in the proviso to clause (A) above; provided, however, that the amount to be paid to the Holder of the Transferor Certificate Seller Interest pursuant to this subsection 4.5(c)(ii)(B4.05(b)(ii)(B) with respect to any Date of Processing shall be paid to the Holder of the Transferor Certificate Seller Interest if, and only if to the Transferor extent that, the Seller Interest on such Date of Processing is equal to or greater than the Minimum Transferor Seller Interest (after giving effect to the inclusion in the Trust of all Receivables created on or prior to such Date of Processing and the application of payments referred to in subsection 4.3(b4.03(b)) and otherwise shall be considered as Unallocated Principal Collections and deposited into the Excess Funding Account.Principal Account in accordance with subsection 4.05(c). (c)
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Mbna Credit Card Master Note Trust)
Allocations During the Rapid Amortization Period. During the Rapid Amortization Period, the Servicer shall, prior to the close of business on the day any Collections are deposited in the Collection Account, allocate to the Series 2004-MC Certificateholders or the Transferor and pay or deposit from the Collection Account the following amounts as set forth below:below (subject to Section 4.3):
(i) Deposit into the Finance Charge Account an amount equal to the product of (A) A the Floating Investor Percentage on the Date of Processing of such Collections and (B) the aggregate amount of Collections processed in respect of Finance Charge Receivables on such Date of Processing Processing, to be applied in accordance with Section 4.94.8.
(ii) (A) Deposit into the Principal Account an amount equal to the product of (1) the Fixed Investor Percentage on the Date of Processing of such Collections and (2) the aggregate amount of Principal Collections processed in respect of Principal Receivables on such Date of Processing; provided, however, provided that the aggregate amount deposited into the Principal Account pursuant to this subsection 4.5(c)(ii)(ASection 4.7(b)(ii)(A) shall not exceed the sum of the Investor Interest as of the close of business on the last day of the prior Monthly Period (after taking into account any payments to be made on the Distribution Date relating to such prior Monthly Period and deposits and any adjustments to be made to the Investor Interest to be made on the Transfer Date relating to such Monthly Period) and any Reallocated Principal Collections relating to the Monthly Period in which such deposit is made ), and (B) pay to the Holder of the Transferor Certificate an amount equal to the excess, if any, identified in the proviso to clause (A) above; provided, however, provided that the amount to be paid to the Holder of the Transferor Certificate pursuant to this subsection 4.5(c)(ii)(BSection 4.7(b)(ii)(B) with respect to any Date of Processing shall be paid to the Holder of Transferor only to the Transferor Certificate only if extent that the Transferor Interest on such Date of Processing is greater than the Minimum Transferor Interest zero (after giving effect to the inclusion in the Trust of all Receivables created transferred to the Trust on or prior to such Date of Processing and the application of payments referred to in subsection Section 4.3(b)) and otherwise shall be deposited into the Excess Funding AccountAccount in accordance with Section 4.7(c).
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Mellon Bank Premium Finance Loan Master Trust)
Allocations During the Rapid Amortization Period. During the Rapid Amortization Period, the Servicer shall, prior to the close of business on the day any Collections are deposited in the Collection Account, allocate to the Series 2004-MC Certificateholders or the Transferor and pay or deposit from the Collection Account the following amounts as set forth below:below (subject to Section 4.3):
(i) Deposit into the Finance Charge Account an amount equal to the product of (A) the Floating Investor Percentage on the Date of Processing of such Collections and (B) the aggregate amount of Collections processed in respect of Finance Charge Receivables on such Date of Processing Processing, to be applied in accordance with Section 4.94.8.
(ii) (A) Deposit into the Principal Account an amount equal to the product of (1) the Fixed Investor Percentage on the Date of Processing of such Collections and (2) the aggregate amount of Principal Collections processed in respect of Principal Receivables on such Date of Processing; provided, however, provided that the aggregate amount deposited into the Principal Account pursuant to this subsection 4.5(c)(ii)(ASection 4.7(b)(ii)(A) shall not exceed the sum of the Investor Interest as of the close of business on the last day of the prior Monthly Period (after taking into account any payments to be made on the Distribution Date relating to such prior Monthly Period and deposits and any adjustments to be made to the Investor Interest to be made on the Transfer Date relating to such Monthly Period) and any Reallocated Principal Collections relating to the Monthly Period in which such deposit is made ), and (B) pay to the Holder of the Transferor Certificate an amount equal to the excess, if any, identified in the proviso to clause (A) above; provided, however, provided that the amount to be paid to the Holder of the Transferor Certificate pursuant to this subsection 4.5(c)(ii)(BSection 4.7(b)(ii)(B) with respect to any Date of Processing shall be paid to the Holder of Transferor only to the Transferor Certificate only if extent that the Transferor Interest on such Date of Processing is greater than the Minimum Transferor Interest (after giving effect to the inclusion in the Trust of all Receivables created transferred to the Trust on or prior to such Date of Processing and the application of payments referred to in subsection Section 4.3(b)) and otherwise shall be deposited into the Excess Funding AccountAccount in accordance with Section 4.7(c).
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Mellon Premium Finance Loan Owner Trust)
Allocations During the Rapid Amortization Period. During the Rapid Amortization Period, the Servicer shall, prior to the close of business on the day second Business Day following any Collections are deposited in the Collection AccountDate of Processing, allocate to the Certificateholders and pay or deposit from the Collection Account the following amounts as set forth below:
(i) Deposit into Allocate to the Finance Charge Series 1999-A Holders and deposit and retain in the Collection Account an amount equal to the product of (A) the Investor Floating Allocation Percentage on the such Date of Processing of such Collections and (B) the aggregate amount of Collections processed in respect of Finance Charge Receivables on such Date of Processing to be applied in accordance with Section 4.9Processing.
(ii) (A) Deposit into Allocate to the Principal Series 1999-A Holders and deposit and retain in the Collection Account an amount equal to the product of (1A) the Investor Principal Allocation Percentage on the such Date of Processing of such Collections and (2B) the aggregate amount of Collections processed in respect of Principal Receivables on such Date of Processing; provided, however, that after the date on which an amount of such Collections equal to the Investor Amount has been deposited into the Collection Account and allocated to the Series 1999-A Holders, the amount determined in accordance with this subparagraph (ii) in excess thereof 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 pursuant for application, to this subsection 4.5(c)(ii)(A) shall not exceed the sum extent necessary, as Shared Principal Collections in accordance with Section 4.04 of the Investor Interest as of the close of business Agreement to other Series in Group One on the last day of the prior Monthly Period (after taking into account any payments to be made on the related Distribution Date relating to such prior Monthly Period Date, and deposits and any adjustments to be made to the Investor Interest to be made on the Transfer Date relating to such Monthly Period) and any Reallocated Principal Collections relating to the Monthly Period in which such deposit is made and (B) pay to the Holder of the Transferor Certificate an amount equal to the excess, if any, identified in the proviso to clause (A) above; provided, however, that the amount to be second paid to the Holder Holders of the Transferor Certificate pursuant to this subsection 4.5(c)(ii)(B) with respect to any Date of Processing shall be paid to the Holder of the Transferor Certificate Seller Certificates only if the Transferor Interest Seller Amount on such Date of Processing is greater than the Minimum Transferor Interest Required Seller Amount (after giving effect to all Principal Receivables transferred to the inclusion Trust on such day and any amounts deposited in the Trust of all Receivables created Excess Funding Account on or prior to such Date of Processing and the application of payments referred to in subsection 4.3(b)day) and otherwise shall be deposited into in the Excess Funding AccountAccount 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 Seller Certificates.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Fleet Credit Card Master Trust Ii)
Allocations During the Rapid Amortization Period. During the Rapid Amortization Period, the Servicer shall, prior to the close of business on the day second Business Day following any Collections are deposited in the Collection AccountDate of Processing, allocate to the Certificateholders and pay or deposit from the Collection Account the following amounts as set forth below:
(i) Deposit into Allocate to the Finance Charge Series 2001-C Holders and deposit and retain in the Collection Account an amount equal to the product of (A) the Investor Floating Allocation Percentage on the such Date of Processing of such Collections and (B) the aggregate amount of Collections processed in respect of Finance Charge Receivables on such Date of Processing to be applied in accordance with Section 4.9Processing.
(ii) (A) Deposit into Allocate to the Principal Series 2001-C Holders and deposit and retain in the Collection Account an amount equal to the product of (1A) the Investor Principal Allocation Percentage on the such Date of Processing of such Collections and (2B) the aggregate amount of Collections processed in respect of Principal Receivables on such Date of Processing; provided, however, that after the date on which an amount of such Collections equal to the Invested Amount has been deposited into the Collection Account and allocated to the Series 2001-C Holders, the amount determined in accordance with this subparagraph (ii) in excess thereof 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 pursuant for application, to this subsection 4.5(c)(ii)(A) shall not exceed the sum extent necessary, as Shared Principal Collections in accordance with Section 4.04 of the Investor Interest as of the close of business Agreement to other Series in Group One on the last day of the prior Monthly Period (after taking into account any payments to be made on the related Distribution Date relating to such prior Monthly Period Date, and deposits and any adjustments to be made to the Investor Interest to be made on the Transfer Date relating to such Monthly Period) and any Reallocated Principal Collections relating to the Monthly Period in which such deposit is made and (B) pay to the Holder of the Transferor Certificate an amount equal to the excess, if any, identified in the proviso to clause (A) above; provided, however, that the amount to be second paid to the Holder Holders of the Transferor Certificate pursuant to this subsection 4.5(c)(ii)(B) with respect to any Date of Processing shall be paid to the Holder of the Transferor Certificate Sellers' Interest only if the Transferor Interest Seller Amount on such Date of Processing is greater than the Minimum Transferor Interest Required Seller Amount (after giving effect to all Principal Receivables transferred to the inclusion Trust on such day and any amounts deposited in the Trust of all Receivables created Excess Funding Account on or prior to such Date of Processing and the application of payments referred to in subsection 4.3(b)day) and otherwise shall be deposited into in the Excess Funding AccountAccount 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: Series 2001 C Supplement (Fleet Credit Card Master Trust Ii)
Allocations During the Rapid Amortization Period. During the Rapid Amortization Period, the Servicer shall, prior to the close of business on the day any Collections are deposited in the Collection Account, allocate to the Certificateholders Noteholders and pay or deposit from the Collection Account the following amounts as set forth below:
(i) Deposit into the Finance Charge Account an amount equal to the product of (A) the Investor Percentage on the Date date of Processing receipt of such Collections and (B) the aggregate amount of Collections received in respect of Finance Charge Receivables on such date to be applied in accordance with Section 5.15.
(ii) Deposit into the Principal Account an amount equal to the product of (A) the Investor Percentage on the date of receipt of such Collections and (B) the aggregate amount of Collections processed in respect of Finance Charge Receivables on such Date of Processing to be applied in accordance with Section 4.9.
(ii) (A) Deposit into the Principal Account an amount equal to the product of (1) the Investor Percentage on the Date of Processing of such Collections and (2) the aggregate amount of Collections processed in respect of Principal Receivables on such Date of Processingdate; provided, however, that the amount deposited into the Principal Account pursuant to this subsection 4.5(c)(ii)(A5.11(d)(ii) shall not exceed the sum of (a) the Adjusted Investor Interest as of the close of business on the last day of the prior Monthly Period such date (after taking into account any payments to be made on the Distribution Payment Date relating to such prior Monthly Period and deposits and any adjustments to be made to the Investor Interest to be made on the Transfer Date relating to such Monthly Period) and (b) any Reallocated Principal Collections relating to the Monthly Period in which such deposit is made and made.
(Biii) pay Pay to the Holder of the Transferor Certificate Issuer, (without duplication) an amount equal to the excess, if any, identified in the proviso to clause (A) above; provided, however, that the amount to be paid to the Holder of the Transferor Certificate pursuant to this subsection 4.5(c)(ii)(B) with aggregate amount of Collections received in respect to any Date of Processing shall be paid to the Holder of the Transferor Certificate only if the Transferor Interest on such Date of Processing is greater than the Minimum Transferor Interest (after giving effect to the inclusion in the Trust of all Finance Charge Receivables created on or prior to such Date of Processing and the application of payments referred to in subsection 4.3(b)) and otherwise shall be deposited into the Excess Funding Account.Principal
Appears in 1 contract
Allocations During the Rapid Amortization Period. During the Rapid Amortization Period, the Servicer shall, prior to the close of business on the day any Collections are deposited in the Collection Account, allocate to the Certificateholders and pay or deposit from the Collection Account the following amounts as set forth below:
(i) Deposit into the Finance Charge Account an amount equal to the product of (A) the Investor Percentage on the Date date of Processing receipt of such Collections and (B) the aggregate amount of Collections processed received in respect of Finance Charge Receivables on such Date of Processing date, to be applied in accordance with Section 4.94.09.
(ii) (A) Deposit into the Principal Account an amount equal to the product of (1A) the Investor Percentage on the Date date of Processing receipt of such Collections and (2B) the aggregate amount of Collections processed received in respect of Principal Receivables on such Date of Processingdate; provided, however, that the amount deposited into the Principal Account pursuant to this subsection 4.5(c)(ii)(A4.05(b)(ii) shall not exceed the sum of the Investor Interest Certificateholders Ownership Interests as of the close of business on the last day of the prior Monthly Period (after taking into account any payments to be made on the Distribution Date relating to such prior Monthly Period and deposits and any adjustments to be made to the Investor Interest to be made on the Transfer Date relating to such Monthly Period).
(iii) and any Reallocated Principal Collections relating to the Monthly Period in which such deposit is made and (B) pay Pay to the Holder of the Transferor Certificate (without duplication) an amount equal to the excess, if any, identified of the aggregate amount of Collections received in respect of Finance Charge Receivables and Principal Receivables on the proviso to clause date of receipt of such Collections over the sum of the amounts (A) deposited pursuant to subsections 4.05(b)(i) and (ii) above; (B) the amount required to be deposited in the Series 1998-1 Yield Enhancement Account pursuant to subsection 4.14(b); and, (C) any comparable provision of any other Supplement; provided, however, that the amount to be paid to the Holder of the Transferor Certificate pursuant to this subsection 4.5(c)(ii)(B4.05(b)(iii) and any comparable provision of any other Supplement with respect to any Date of Processing such date shall be paid to such Holder only to the Holder of extent that the Transferor Certificate only if the Transferor Ownership Interest on such Date of Processing is greater than the Minimum Transferor Interest date (after giving effect to the inclusion in the Trust of all Receivables created transferred to the Trust on or prior to such Date of Processing date and the application of payments referred to in subsection 4.3(b4.03(b)) is greater than the Minimum Transferor Ownership Interest as of the end of the immediately preceding Monthly Period and otherwise shall be deposited into the Excess Funding AccountAccount in accordance with subsection 4.05(c); provided further, that in no event shall the amount payable to the Holder of the Transferor Certificate pursuant to this subsection 4.05(b)(iii) and any comparable provision of any other Supplement be greater than the Transferor Ownership Interest on such date.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (A I Receivables Corp)
Allocations During the Rapid Amortization Period. During the Rapid Amortization Period, the Servicer shall, prior to the close of business on the day second Business Day following any Collections are deposited in the Collection AccountDate of Processing, allocate to the Certificateholders and pay or deposit from the Collection Account the following amounts as set forth below:
(i) Deposit into Allocate to the Finance Charge Series 2002-B Holders and deposit and retain in the Collection Account an amount equal to the product of (A) the Investor Floating Allocation Percentage on the such Date of Processing of such Collections and (B) the aggregate amount of Collections processed in respect of Finance Charge Receivables on such Date of Processing to be applied in accordance with Section 4.9Processing.
(ii) (A) Deposit into Allocate to the Principal Series 2002-B Holders and deposit and retain in the Collection Account an amount equal to the product of (1A) the Investor Principal Allocation Percentage on the such Date of Processing of such Collections and (2B) the aggregate amount of Collections processed in respect of Principal Receivables on such Date of Processing; provided, however, that after the date on which an amount of such Collections equal to the Invested Amount has been deposited into the Collection Account and allocated to the Series 2002-B Holders, the amount determined in accordance with this subparagraph (ii) in excess thereof 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 pursuant for application, to this subsection 4.5(c)(ii)(A) shall not exceed the sum extent necessary, as Shared Principal Collections in accordance with Section 4.04 of the Investor Interest as of the close of business Agreement to other Series in Group One on the last day of the prior Monthly Period (after taking into account any payments to be made on the related Distribution Date relating to such prior Monthly Period Date, and deposits and any adjustments to be made to the Investor Interest to be made on the Transfer Date relating to such Monthly Period) and any Reallocated Principal Collections relating to the Monthly Period in which such deposit is made and (B) pay to the Holder of the Transferor Certificate an amount equal to the excess, if any, identified in the proviso to clause (A) above; provided, however, that the amount to be second paid to the Holder Holders of the Transferor Certificate pursuant to this subsection 4.5(c)(ii)(B) with respect to any Date of Processing shall be paid to the Holder of the Transferor Certificate Transferors' Interest only if the Transferor Interest Amount on such Date of Processing is greater than the Minimum Required Transferor Interest Amount (after giving effect to all Principal Receivables transferred to the inclusion Trust on such day and any amounts deposited in the Trust of all Receivables created Excess Funding Account on or prior to such Date of Processing and the application of payments referred to in subsection 4.3(b)day) and otherwise shall be deposited into in the Excess Funding AccountAccount until the Transferor Amount is greater than the Required Transferor Amount and applied in accordance with Section 4.02 of the Agreement and the remainder shall be paid to the Holders of the Transferors' Interest.
Appears in 1 contract
Samples: Series 2002 B Supplement (Fleet Credit Card Master Trust Ii)
Allocations During the Rapid Amortization Period. During the Rapid Amortization Period, the Servicer shall, prior to the close of business on the day any Collections are deposited in the Collection Account, allocate to the Investor Certificateholders and pay or deposit from the Collection Account the following amounts as set forth below:
(i) Deposit into the Finance Charge Account an amount equal to the product of (A) the Investor Percentage on the Date of Processing of such Collections and (B) the aggregate amount of Collections processed in respect of Finance Charge Receivables on such Date of Processing to be applied in accordance with Section 4.94.09.
(ii) (A) Deposit into the Principal Account an amount equal to the product of (1) the Investor Percentage on the Date of Processing of such Collections and (2) the aggregate amount of Collections processed in respect of Principal Receivables on such Date of Processing; provided, however, that the amount deposited into the Principal Account pursuant to this subsection 4.5(c)(ii)(A4.05(c)(ii)(A) shall not exceed the sum of the Investor Interest as of the close of business on the last day of the prior Monthly Period (after taking into account any payments to be made on the Distribution Date relating to such prior Monthly Period and deposits and any adjustments to be made to the Investor Interest to be made on the Transfer Date relating to such Monthly Period) and any Reallocated Principal Collections relating to the Monthly Period in which such deposit is made and (B) pay to the Holder of the Transferor Seller Certificate an amount equal to the excess, if any, identified in the proviso to clause (A) above; provided, however, that the amount to be paid to the Holder of the Transferor Seller Certificate pursuant to this subsection 4.5(c)(ii)(B4.05(c)(ii)(B) with respect to any Date of Processing shall be paid to the Holder of the Transferor Seller Certificate only if the Transferor Seller Interest on such Date of Processing is greater than the Minimum Transferor Interest zero (after giving effect to the inclusion in the Trust of all Receivables created on or prior to such Date of Processing and the application of payments referred to in subsection 4.3(b4.03(b)) and otherwise shall be considered as Unallocated Principal Collections and deposited into the Excess Funding AccountPrincipal Account in accordance with subsection 4.05(d); provided further, that in no event shall the amount payable to the Holder of the Seller Certificate pursuant to this subsection 4.05(c)(ii)(B) be greater than the Seller Interest on such Date of Processing.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Mbna America Bk Nat Assoc Mbna Master Credit Card Trust Ii)
Allocations During the Rapid Amortization Period. During the Rapid Amortization Period, the Servicer shall, prior to the close of business on the day any Collections are deposited in the Collection Account, allocate to the Investor Certificateholders and pay or deposit from the Collection Account the following amounts as set forth below:
(i) Deposit into the Finance Charge Account an amount equal to the product of (A) the Investor Percentage on the Date of Processing of such Collections and (B) the aggregate amount of Collections processed in respect of Finance Charge Receivables on such Date of Processing to be applied in accordance with Section 4.9.
(ii) (A) Deposit into the Principal Account an amount equal to the product of (1) the Investor Percentage on the Date of Processing of such Collections and (2) the aggregate amount of Collections processed in respect of Principal Receivables on such Date of Processing; provided, however, that the amount deposited into the Principal Account pursuant to this subsection 4.5(c)(ii)(A) shall not exceed the sum of the Investor Interest as of the close of business on the last day of the prior Monthly Period (after taking into account any payments to be made on the Distribution Date relating to such prior Monthly Period and deposits and any adjustments to be made to the Investor Interest to be made on the Transfer Date relating to such Monthly Period) and any Reallocated Principal Collections relating to the Monthly Period in which such deposit is made and (B) pay to the Holder of the Transferor Certificate an amount equal to the excess, if any, identified in the proviso to clause (A) above; provided, however, that the amount to be paid to the Holder of the Transferor Certificate pursuant to this subsection sub- section 4.5(c)(ii)(B) with respect to any Date of Processing shall be paid to the Holder of the Transferor Certificate only if the Transferor Interest on such Date of Processing is greater than the Minimum Transferor Interest (after giving effect to the inclusion in the Trust of all Receivables created on or prior to such Date of Processing and the application of payments referred to in subsection 4.3(b)) and otherwise shall be deposited into the Excess Funding Account.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Dillard Asset Funding Co)
Allocations During the Rapid Amortization Period. During the Rapid Amortization Period, the Servicer shall, prior to the close of business on the day any Collections are deposited in the Collection Account, allocate to the Series 2001-D Certificateholders or the Holder of the Transferor Interest and pay or deposit from the Collection Account the following amounts as set forth below:
(i) Deposit into the Finance Charge Account an amount equal to the product of (A) the Floating Investor Percentage on the Date of Processing of such Collections and (B) the aggregate amount of Collections processed in respect of Finance Charge Receivables on such Date of Processing to be applied in accordance with Section 4.94.06.
(ii) (A) Deposit into the Principal Account an amount equal to the product of (1) the Principal Investor Percentage on the Date of Processing of such Collections and (2) the aggregate amount of Collections processed in respect of Principal Receivables on such Date of Processing; provided, however, that the amount deposited into the Principal Account pursuant to this subsection 4.5(c)(ii)(A4.05(b)(ii)(A) shall not exceed the sum of the Investor Interest as of the close of business on the last day of the prior Monthly Period (after taking into account any payments to be made on the Distribution Date relating to such prior Monthly Period and payments, deposits and any adjustments to be made to the Investor Interest to be made on the Transfer Date relating to such Monthly Period) and any Reallocated Principal Collections relating to the Monthly Period in which such deposit is made and (B) pay to the Holder of the Transferor Certificate Interest an amount equal to the excess, if any, identified in the proviso to clause (A) above; provided, however, that the amount to be paid to the Holder of the Transferor Certificate Interest pursuant to this subsection 4.5(c)(ii)(B4.05(b)(ii)(B) with respect to any Date of Processing shall be paid to the Holder of the Transferor Certificate Interest if, and only if to the extent that, the Transferor Interest on such Date of Processing is equal to or greater than the Minimum Transferor Interest (after giving effect to the inclusion in the Trust of all Receivables created on or prior to such Date of Processing and the application of payments referred to in subsection 4.3(b4.03(b)) and otherwise shall be considered as Unallocated Principal Collections and deposited into the Excess Funding AccountPrincipal Account in accordance with subsection 4.05(c).
Appears in 1 contract
Samples: Second Amended and Restated Series 2001 D Supplement (BA Master Credit Card Trust II)
Allocations During the Rapid Amortization Period. During the Rapid Amortization Period, the Servicer shall, prior to the close of business on the day any Collections are deposited in the Collection Account, allocate to the Certificateholders and pay or deposit from the Collection Account the following amounts as set forth below:
(i) Deposit into the Finance Charge Account an amount equal to the product of (A) the Investor Percentage on the Date date of Processing receipt of such Collections and (B) the aggregate amount of Collections processed received in respect of Finance Charge Receivables on such Date of Processing date, to be applied in accordance with Section 4.94.09.
(ii) (A) Deposit into the Principal Account an amount equal to the product of (1A) the Investor Percentage on the Date date of Processing receipt of such Collections and (2B) the aggregate amount of Collections processed received in respect of Principal Receivables on such Date of Processingdate; provided, however, that the amount deposited into the Principal Account pursuant to this subsection 4.5(c)(ii)(A4.05(b)(ii) shall not exceed the sum of the Investor Interest Certificateholders Ownership Interests as of the close of business on the last day of the prior Monthly Period (after taking into account any payments to be made on the Distribution Date relating to such prior Monthly Period and deposits and any adjustments to be made to the Investor Interest to be made on the Transfer Date relating to such Monthly Period). (iii) and any Reallocated Principal Collections relating to the Monthly Period in which such deposit is made and (B) pay Pay to the Holder of the Transferor Certificate (without duplication) an amount equal to the excess, if any, identified of the aggregate amount of Collections received in respect of Finance Charge Receivables and Principal Receivables on the proviso to clause date of receipt of such Collections over the sum of (A) the amounts deposited pursuant to subsections 4.05(b)(i) and (ii) above; (B) the amount required to be deposited in the Series 1998-1 Yield Enhancement Account pursuant to subsection 4.14(b); and (C) any amounts required to be otherwise applied under any comparable provision of any other Supplement; provided, however, that the amount to be paid to the Holder of the Transferor Certificate pursuant to this subsection 4.5(c)(ii)(B4.05(b)(iii) and any comparable provision of any other Supplement with respect to any Date of Processing shall be paid to the Holder of the Transferor Certificate only if the Transferor Interest on such Date of Processing is greater than the Minimum Transferor Interest (after giving effect to the inclusion in the Trust of all Receivables created on or prior to such Date of Processing and the application of payments referred to in subsection 4.3(b)) and otherwise shall be deposited into the Excess Funding Account.such
Appears in 1 contract
Samples: Pooling and Servicing Agreement (A I Receivables Corp)
Allocations During the Rapid Amortization Period. During the Rapid Amortization Period, the Servicer shall, prior to the close of business on the day any Collections are deposited in the Collection Account, allocate to the Investor Certificateholders and pay or deposit from the Collection Account the following amounts as set forth below:
(i) Deposit into the Finance Charge Account an amount equal to the product of (A) the Investor Percentage on the Date of Processing of such Collections and (B) the aggregate amount of Collections processed in respect of Finance Charge Receivables on such Date of Processing to be applied in accordance with Section 4.94.09.
(ii) (A) Deposit into the Principal Account an amount equal to the product of (1) the Investor Percentage on the Date of Processing of such Collections and (2) the aggregate amount of Collections processed in respect of Principal Receivables on such Date of Processing; provided, however, that the amount deposited into the Principal Account pursuant to this subsection 4.5(c)(ii)(A4.05(d)(ii)(A) shall not exceed the sum of the Adjusted Investor Interest as of the close of business on the last day of the prior Monthly Period (after taking into account any payments to be made on the Distribution Date relating to such prior Monthly Period and deposits and any adjustments to be made to the Investor Interest to be made on the Transfer Date relating to such Monthly Period) and any Reallocated Principal Collections relating to the Monthly Period in which such deposit is made and (B) pay to the Holder of the Transferor Seller Certificate an amount equal to the excess, if any, identified in the proviso to clause (A) above; provided, however, that the amount to be paid to the Holder of the Transferor Seller Certificate pursuant to this subsection 4.5(c)(ii)(B4.05(d)(ii)(B) with respect to any Date of Processing shall be paid to the Holder of the Transferor Seller Certificate only if the Transferor Seller Interest on such Date of Processing is greater than the Minimum Transferor Interest zero (after giving effect to the inclusion in the Trust of all Receivables created on or prior to such Date of Processing and the application of payments referred to in subsection 4.3(b4.03(b)) and otherwise shall be considered as Unallocated Principal Collections and deposited into the Excess Funding AccountPrincipal Account in accordance with subsection 4.05(e); provided further, that in no event shall the amount payable to the Holder of the Seller Certificate pursuant to this subsection 4.05(d)(ii)(B) be greater than the Seller Interest on such Date of Processing.
Appears in 1 contract
Samples: Supplement to Pooling and Servicing Agreement (Mbna America Bank National Association)
Allocations During the Rapid Amortization Period. During ------------------------------------------------ the Rapid Amortization Period, the Servicer shall, prior to the close of business on the day any Collections are deposited in the Collection Account, allocate to the Investor Certificateholders and pay or deposit from the Collection Account the following amounts as set forth below:
(i) Deposit into the Finance Charge Account an amount equal to the product of (A) the Investor Percentage on the Date of Processing of such Collections and (BE) the aggregate amount of Collections processed in respect of Finance Charge Receivables on such Date of Processing to be applied in accordance with Section 4.9.
(ii) (A) Deposit into the Principal Account an amount equal to the product of (1) the Investor Percentage on the Date of Processing of such Collections and (2) the aggregate amount of Collections processed in respect of Principal Receivables on such Date of Processing; provided, however, that the amount deposited into the Principal -------- ------- Account pursuant to this subsection 4.5(c)(ii)(A) shall not exceed the sum of the Investor Interest as of the close of business on the last day of the prior Monthly Period (after taking into account any payments to be made on the Distribution Date relating to such prior Monthly Period and deposits and any adjustments to be made to the Investor Interest to be made on the Transfer Date relating to such Monthly Period) and any Reallocated Principal Collections relating to the Monthly Period in which such deposit is made and (B) pay to the Holder of the Transferor Certificate an amount equal to the excess, if any, identified in the proviso to clause (A) above; provided, however, that the amount -------- ------- to be paid to the Holder of the Transferor Certificate pursuant to this subsection 4.5(c)(ii)(B) with respect to any Date of Processing shall be paid to the Holder of the Transferor Certificate only if the Transferor Interest on such Date of Processing is greater than the Minimum Transferor Interest (after giving effect to the inclusion in the Trust of all Receivables created on or prior to such Date of Processing and the application of payments referred to in subsection 4.3(b)) and otherwise shall be deposited into the Excess Funding Account.
Appears in 1 contract
Samples: Supplement to Pooling and Servicing Agreement (Chase Manhattan Bank Usa)
Allocations During the Rapid Amortization Period. During the Rapid Amortization Period, the Servicer shall, prior to the close of business on the day any Collections are deposited in the Collection Account, allocate to the Certificateholders Investor Holders and pay or deposit from the Collection Account the following amounts as set forth below:below (subject to Section 4.3):
(i) Deposit into the Finance Charge Account an amount equal to the product of (A) the Investor Percentage on the Date of Processing of such Collections and (B) the aggregate amount of Collections processed in respect of Finance Charge Receivables on such Date of Processing to be applied in accordance with Section 4.94.11.
(ii) (A) Deposit into the Principal Account an amount equal to the product of (1) the Investor Percentage on the Date of Processing of such Collections and (2) the aggregate amount of Principal Collections processed in respect of Principal Receivables on such Date of Processing; provided, however, provided that the aggregate amount deposited into the Principal Account pursuant to this subsection 4.5(c)(ii)(A4.7(c)(ii)(A) shall not exceed the sum of the Investor Interest as of the close of business on the last day of the prior Monthly Period (after taking into account any payments to be made on the Distribution Date relating to such prior Monthly Period and deposits and any adjustments to be made to the Investor Interest to be made on the Transfer Date relating to such Monthly Period) and any Reallocated Principal Collections relating to the Monthly Period in which such deposit is made and (B) pay to the Holder of the Transferor Certificate an amount equal to the excess, if any, identified in the proviso to clause (A) above; provided, however, provided that the amount to be paid to the Holder of the Transferor Certificate pursuant to this subsection 4.5(c)(ii)(B4.7(c)(ii)(B) with respect to any Date of Processing shall be paid to Transferor only to the Holder of the Transferor Certificate only if extent that the Transferor Interest on such Date of Processing is greater than the Minimum Transferor Interest zero (after giving effect to the inclusion in the Trust of all Receivables created on or prior to such Date of Processing and the application of payments referred to in subsection 4.3(b)) and otherwise shall be deposited into the Excess Funding AccountAccount in accordance with subsection 4.7(d).
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Mellon Bank Premium Finance Master Trust)
Allocations During the Rapid Amortization Period. During the Rapid Amortization Period, the Servicer shall, prior to the close of business on the day second Business Day following any Collections are deposited in the Collection AccountDate of Processing, allocate to the Certificateholders and pay or deposit from the Collection Account the following amounts as set forth below:
(i) Deposit into Allocate to the Finance Charge Series 2002-A Holders and deposit and retain in the Collection Account an amount equal to the product of (A) the Investor Floating Allocation Percentage on the such Date of Processing of such Collections and (B) the aggregate amount of Collections processed in respect of Finance Charge Receivables on such Date of Processing to be applied in accordance with Section 4.9Processing.
(ii) (A) Deposit into Allocate to the Principal Series 2002-A Holders and deposit and retain in the Collection Account an amount equal to the product of (1A) the Investor Principal Allocation Percentage on the such Date of Processing of such Collections and (2B) the aggregate amount of Collections processed in respect of Principal Receivables on such Date of Processing; provided, however, that after the date on which an amount of such Collections equal to the Invested Amount has been deposited into the Collection Account and allocated to the Series 2002-A Holders, the amount determined in accordance with this subparagraph (ii) in excess thereof 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 pursuant for application, to this subsection 4.5(c)(ii)(A) shall not exceed the sum extent necessary, as Shared Principal Collections in accordance with Section 4.04 of the Investor Interest as of the close of business Agreement to other Series in Group One on the last day of the prior Monthly Period (after taking into account any payments to be made on the related Distribution Date relating to such prior Monthly Period Date, and deposits and any adjustments to be made to the Investor Interest to be made on the Transfer Date relating to such Monthly Period) and any Reallocated Principal Collections relating to the Monthly Period in which such deposit is made and (B) pay to the Holder of the Transferor Certificate an amount equal to the excess, if any, identified in the proviso to clause (A) above; provided, however, that the amount to be second paid to the Holder Holders of the Transferor Certificate pursuant to this subsection 4.5(c)(ii)(B) with respect to any Date of Processing shall be paid to the Holder of the Transferor Certificate Transferors' Interest only if the Transferor Interest Amount on such Date of Processing is greater than the Minimum Required Transferor Interest Amount (after giving effect to all Principal Receivables transferred to the inclusion Trust on such day and any amounts deposited in the Trust of all Receivables created Excess Funding Account on or prior to such Date of Processing and the application of payments referred to in subsection 4.3(b)day) and otherwise shall be deposited into in the Excess Funding AccountAccount until the Transferor Amount is greater than the Required Transferor Amount and applied in accordance with Section 4.02 of the Agreement and the remainder shall be paid to the Holders of the Transferors' Interest.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Fleet Credit Card Master Trust Ii)
Allocations During the Rapid Amortization Period. During the Rapid Amortization Period, the Servicer shall, prior to the close of business on the day second Business Day following any Collections are deposited in the Collection AccountDate of Processing, allocate to the Certificateholders and pay or deposit from the Collection Account the following amounts as set forth below:
(i) Deposit into Allocate to the Finance Charge Series 2000-D Holders and deposit and retain in the Collection Account an amount equal to the product of (A) the Investor Floating Allocation Percentage on the such Date of Processing of such Collections and (B) the aggregate amount of Collections processed in respect of Finance Charge Receivables on such Date of Processing to be applied in accordance with Section 4.9Processing.
(ii) (A) Deposit into Allocate to the Principal Series 2000-D Holders and deposit and retain in the Collection Account an amount equal to the product of (1A) the Investor Principal Allocation Percentage on the such Date of Processing of such Collections and (2B) the aggregate amount of Collections processed in respect of Principal Receivables on such Date of Processing; provided, however, that after the date on which an amount of such Collections equal to the Invested Amount has been deposited into the Collection Account and allocated to the Series 2000-D Holders, the amount determined in accordance with this subparagraph (ii) in excess thereof 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 pursuant for application, to this subsection 4.5(c)(ii)(A) shall not exceed the sum extent necessary, as Shared Principal Collections in accordance with Section 4.04 of the Investor Interest as of the close of business Agreement to other Series in Group One on the last day of the prior Monthly Period (after taking into account any payments to be made on the related Distribution Date relating to such prior Monthly Period Date, and deposits and any adjustments to be made to the Investor Interest to be made on the Transfer Date relating to such Monthly Period) and any Reallocated Principal Collections relating to the Monthly Period in which such deposit is made and (B) pay to the Holder of the Transferor Certificate an amount equal to the excess, if any, identified in the proviso to clause (A) above; provided, however, that the amount to be second paid to the Holder Holders of the Transferor Certificate pursuant to this subsection 4.5(c)(ii)(B) with respect to any Date of Processing shall be paid to the Holder of the Transferor Certificate Seller Certificates only if the Transferor Interest Seller Amount on such Date of Processing is greater than the Minimum Transferor Interest Required Seller Amount (after giving effect to all Principal Receivables transferred to the inclusion Trust on such day and any amounts deposited in the Trust of all Receivables created Excess Funding Account on or prior to such Date of Processing and the application of payments referred to in subsection 4.3(b)day) and otherwise shall be deposited into in the Excess Funding AccountAccount 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 Seller Certificates.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Fleet Credit Card Master Trust Ii)