Common use of Allocations of Collections Clause in Contracts

Allocations of Collections. (a) Deposits to Series Collections Account. On or before each Distribution Date, the Master Servicer shall direct the Trustee in writing to withdraw from the Group Collections Account and deposit into the Series Collections Account an amount equal to the sum of the Series Finance Charge Collections and the Series Principal Collections for the related Due Period. On or before each Distribution Date, the Class Additional Funds for each Class of the Series established hereby shall also have been deposited into the Series Collections Account pursuant to Section 4.03(e) of the Pooling and Servicing Agreement. (b) Deposits During the Revolving Period, Early Accumulation Period, Accumulation Period, Controlled Liquidation Period or Amortization Period, as Applicable. The Master Servicer shall, on or before each Distribution Date during the Revolving Period, the Early Accumulation Period, the Accumulation Period, the Controlled Liquidation Period or any Amortization Period, as applicable, direct the Trustee in writing that funds be paid or deposited in the following amounts, to the extent such funds are available and in the order of priority specified, to the account or Person indicated, in each case as set forth below; provided, however, that if the Credit Enhancement is not Funded Credit Enhancement, then no amounts (other than any Credit Enhancement Fees or any amounts paid to the Trustee as Administrator of the Credit Enhancement in respect of the Total Available Credit Enhancement Amount) that are measured or determined by reference to Class Excess Servicing for any Class, Series Excess Servicing or the amount on deposit at any time in the Group Finance Charge Collections Reallocation Account shall be paid or deposited if, on the related Drawing Date, the Credit Enhancement Provider is unable to pay its debts as they become due. (1) During the Accumulation Period or the Early Accumulation Period, if any, or on the first Distribution Date of the Amortization Period, if applicable, an amount equal to the amount of Class Investment Income for the related Due Period for any Class shall be withdrawn from the Series Principal Funding Account and deposited into the Series Collections Account. (2) With respect to Class A, an amount equal to the lesser of

Appears in 5 contracts

Samples: Pooling and Servicing Agreement (Discover Card Master Trust I), Pooling and Servicing Agreement (Discover Card Master Trust I), Pooling and Servicing Agreement (Discover Card Master Trust I)

AutoNDA by SimpleDocs
Draft better contracts in just 5 minutes Get the weekly Law Insider newsletter packed with expert videos, webinars, ebooks, and more!