Allocations of Principal Collections. The Servicer shall, on or prior to the close of business on each Deposit Date, apply the following amounts, as set forth below: (i) During the Revolving Period, allocate to Series 2000-1 an amount equal to the product of (x) the Floating Allocation Percentage for such Deposit Date and (y) the aggregate amount of Principal Collections on such Deposit Date (such product for any Deposit Date, the "Daily Principal Allocation"), which amount shall be retained by the Servicer for application in accordance with Section 4.06(b); provided, however, that the Daily Principal Allocation for any Deposit Date shall be retained by the Servicer only if the Pool Balance for the immediately preceding Business Day (determined after giving effect to any Principal Receivables transferred to the Trust through the close of business on such Business Day) exceeds the Required Pool Balance for such Business Day (calculated before giving effect to any deposits to the Excess Funding Account and any excess funding account for any other Series in their revolving period or, if applicable, their amortization period through the close of business on such Business Day) and otherwise shall be deposited in the Excess Funding Account in an amount up to the Excess Funded Amount for such Deposit Date minus the amount then on deposit in the Excess Funding Account and the remainder shall be retained by the Servicer for application in accordance with Section 4.06(b) hereof. (ii) During the Controlled Accumulation Period, allocate to Series 2000-1 and deposit and retain in the Collection Account an amount equal to the Daily Principal Allocation (which, during the Controlled Accumulation Period, shall be an amount equal to the product of (x) the Principal Allocation Percentage for such Deposit Date and (y) the aggregate amount of Principal Collections on such Deposit Date); provided, however, that if the sum of the Daily Principal Allocations for the same Collection Period exceeds the Controlled Deposit Amount for the related Distribution Date, then such excess shall not be deposited in the Collection Account but shall be retained by the Servicer for application in accordance with Section 4.06(d) hereof; provided further, however, that such excess for any Deposit Date shall be retained by the Servicer only if the Pool Balance for the immediately preceding Business Day (determined after giving effect to any Principal Receivables transferred to the Trust through the close of business on such Business Day) exceeds the Required Pool Balance for such Business Day (calculated before giving effect to any deposits to the Excess Funding Account and any excess funding account for any other Series in their revolving period or, if applicable, their amortization period through the close of business on such Business Day) and otherwise shall be deposited in the Excess Funding Account in an amount up to the Excess Funded Amount for such Deposit Date minus the amount then on deposit in the Excess Funding Account and the remainder shall be retained by the Servicer for application in accordance with Section 4.06(c) hereof. (iii) During any Early Amortization Period, allocate to Series 2000-1 and deposit and retain in the Collection Account an amount equal to the Daily Principal Allocation (which, during any Early Amortization Period shall be an amount equal to the product of (x) the Principal Allocation Percentage for such Deposit Date and (y) the aggregate amount of Principal Collections on such Deposit Date); provided, however, that after the date on which an amount of such Daily Principal Allocations equal to the outstanding principal balance of the Class A Certificates and the Class B Certificates has been deposited into the Collection Account and allocated to Series 2000-1, the amount determined in accordance with this subparagraph (iii) in excess thereof shall be retained by the Servicer for application in accordance with Section 4.06(c) hereof.
Appears in 2 contracts
Samples: Pooling and Servicing Agreement (Bombardier Receivables Master Trust I), Pooling and Servicing Agreement (Bombardier Credit Receivables Corp)
Allocations of Principal Collections. The Servicer shall, on or ------------------------------------ prior to the close of business on each Deposit Date, apply allocate the following amounts, as set forth below:
(i) During the Revolving Period, allocate to Series 20001997-1 an amount equal to the product of (x) the Floating Allocation Percentage for such Deposit Date and (y) the aggregate amount of Principal Collections on such Deposit Date (such product for any Deposit Date, the "Daily Principal --------------- Allocation"), which amount shall be retained by the Servicer for ---------- application in accordance with Section 4.06(b); provided, however, that -------- ------- the Daily Principal Allocation for any Deposit Date shall be retained by the Servicer only if the Pool Balance for the immediately preceding Business Day (determined after giving effect to any Principal Receivables transferred to the Trust through the close of business on such Business Day) exceeds the Required Pool Balance for such Business Day (calculated before giving effect to any deposits to the Excess Funding Account and any excess funding account for any other Series in their revolving period or, if applicable, their amortization period through the close of business on such Business Day) and otherwise shall be deposited in the Excess Funding Account in an amount up to the Excess Funded Amount for such Deposit Date minus the amount then on deposit in the Excess Funding Account and the remainder shall be retained by the Servicer for application in accordance with Section 4.06(b) hereof.
(ii) During the Controlled Accumulation Amortization Period, allocate to Series 20001997-1 and deposit and retain in the Collection Account an amount equal to the Daily Principal Allocation (which, during the Controlled Accumulation Amortization Period, shall be an amount equal to the product of (x) the Principal Allocation Percentage for such Deposit Date and (y) the aggregate amount of Principal Collections on such Deposit Date); provided, however, that if the sum of the Daily -------- ------- Principal Allocations for the same Collection Period exceeds the Class A Controlled Deposit Distribution Amount for the related Distribution Class A Amortization Date plus, for the Collection Period immediately preceding the Class B Expected Payment Date, the outstanding principal balance of the Class B Certificates, then such excess shall not be deposited in the Collection Account but shall be retained by the Servicer for application in accordance with Section 4.06(d) hereof; provided further, however, that such excess -------- ------- ------- for any Deposit Date shall be retained by the Servicer only if the Pool Balance for the immediately preceding Business Day (determined after giving effect to any Principal Receivables transferred to the Trust through the close of business on such Business Day) exceeds the Required Pool Balance for such Business Day (calculated before giving effect to any deposits to the Excess Funding Account and any excess funding account for any other Series in their revolving period or, if applicable, their amortization period through the close of business on such Business Day) and otherwise shall be deposited in the Excess Funding Account in an amount up to the Excess Funded Amount for such Deposit Date minus the amount then on deposit in the Excess Funding Account and the remainder shall be retained by the Servicer for application in accordance with Section 4.06(c) hereof.
(iii) During any Initial Amortization Period or Early Amortization Period, allocate to Series 20001997-1 and deposit and retain in the Collection Account an amount equal to the Daily Principal Allocation (which, during any Initial Amortization Period or Early Amortization Period shall be an amount equal to the product of (x) the Principal Allocation Percentage for such Deposit Date and (y) the aggregate amount of Principal Collections on such Deposit Date); provided, however, that after the date on which an -------- ------- amount of such Daily Principal Allocations equal to the outstanding principal balance of the Class A Certificates and the Class B Certificates has been deposited into the Collection Account and allocated to Series 20001997-1, the amount determined in accordance with this subparagraph (iii) in excess thereof shall be retained by the Servicer for application in accordance with Section 4.06(c) hereof.
Appears in 2 contracts
Samples: Pooling and Servicing Agreement (Bombardier Credit Receivables Corp), Pooling and Servicing Agreement (Bombardier Receivables Master Trust I)
Allocations of Principal Collections. The Servicer shall, on or prior to the close of business on each Deposit Date, apply allocate the following amounts, as set forth below:
(i) During the Revolving Period, allocate to Series 20001997-1 an amount equal to the product of (x) the Floating Allocation Percentage for such Deposit Date and (y) the aggregate amount of Principal Collections on such Deposit Date (such product for any Deposit Date, the "Daily Principal Allocation"), which amount shall be retained by the Servicer for application in accordance with Section 4.06(b); provided, however, that the Daily Principal Allocation for any Deposit Date shall be retained by the Servicer only if the Pool Balance for the immediately preceding Business Day (determined after giving effect to any Principal Receivables transferred to the Trust through the close of business on such Business Day) exceeds the Required Pool Balance for such Business Day (calculated before giving effect to any deposits to the Excess Funding Account and any excess funding account for any other Series in their revolving period or, if applicable, their amortization period through the close of business on such Business Day) and otherwise shall be deposited in the Excess Funding Account in an amount up to the Excess Funded Amount for such Deposit Date minus the amount then on deposit in the Excess Funding Account and the remainder shall be retained by the Servicer for application in accordance with Section 4.06(b) hereof.
(ii) During the Controlled Accumulation Amortization Period, allocate to Series 20001997-1 and deposit and retain in the Collection Account an amount equal to the Daily Principal Allocation (which, during the Controlled Accumulation Amortization Period, shall be an amount equal to the product of (x) the Principal Allocation Percentage for such Deposit Date and (y) the aggregate amount of Principal Collections on such Deposit Date); provided, however, that if the sum of the Daily Principal Allocations for the same Collection Period exceeds the Class A Controlled Deposit Distribution Amount for the related Distribution Class A Amortization Date plus, for the Collection Period immediately preceding the Class B Expected Payment Date, the outstanding principal balance of the Class B Certificates, then such excess shall not be deposited in the Collection Account but shall be retained by the Servicer for application in accordance with Section 4.06(d) hereof; provided further, however, that such excess for any Deposit Date shall be retained by the Servicer only if the Pool Balance for the immediately preceding Business Day (determined after giving effect to any Principal Receivables transferred to the Trust through the close of business on such Business Day) exceeds the Required Pool Balance for such Business Day (calculated before giving effect to any deposits to the Excess Funding Account and any excess funding account for any other Series in their revolving period or, if applicable, their amortization period through the close of business on such Business Day) and otherwise shall be deposited in the Excess Funding Account in an amount up to the Excess Funded Amount for such Deposit Date minus the amount then on deposit in the Excess Funding Account and the remainder shall be retained by the Servicer for application in accordance with Section 4.06(c) hereof.
(iii) During any Early Amortization Period, allocate to Series 2000-1 and deposit and retain in the Collection Account an amount equal to the Daily Principal Allocation (which, during any Early Amortization Period shall be an amount equal to the product of (x) the Principal Allocation Percentage for such Deposit Date and (y) the aggregate amount of Principal Collections on such Deposit Date); provided, however, that after the date on which an amount of such Daily Principal Allocations equal to the outstanding principal balance of the Class A Certificates and the Class B Certificates has been deposited into the Collection Account and allocated to Series 2000-1, the amount determined in accordance with this subparagraph (iii) in excess thereof shall be retained by the Servicer for application in accordance with Section 4.06(c) hereof.Excess
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Bombardier Credit Receivables Corp)
Allocations of Principal Collections. The Servicer shall, on or prior shall allocate to the close of business on each Deposit Date, apply Series 2003-1 Noteholders the following amounts, amounts as set forth below:
(iA) Allocations During the Revolving Period.
(1) During the Revolving Period, allocate to Series 2000-1 Period an amount equal to the product of (x) the Floating Allocation Percentage for such Deposit Date and (y) the aggregate amount of Principal Collections processed on such Deposit each Date (such product of Processing, shall be allocated to the Series 2003-1 Noteholders and, first, if any other Principal Sharing Series is outstanding and in its accumulation period or amortization period, retained in the Principal Account for any Deposit application, to the extent necessary, as Excess Principal Collections to other Principal Sharing Series on the related Distribution Date, second, deposited to the "Daily Excess Funding Account to the extent necessary so that the Transferor Interest is not less than the Minimum Transferor Interest and, third, paid to the Holders of the Transferor Interest.
(2) With respect to each Monthly Period falling in the Revolving Period, to the extent that Collections of Principal Allocation")Receivables allocated to the Series 2003-1 Noteholders pursuant to this subsection 4.01(b)(ii) are paid to Transferor, which Transferor shall make an amount shall be retained by equal to the Servicer Reallocated Principal Collections for the related Transfer Date available on that Transfer Date for application in accordance with Section 4.06(b); provided, however, that the Daily Principal Allocation for any Deposit Date shall be retained by the Servicer only if the Pool Balance for the immediately preceding Business Day (determined after giving effect to any Principal Receivables transferred to the Trust through the close of business on such Business Day) exceeds the Required Pool Balance for such Business Day (calculated before giving effect to any deposits to the Excess Funding Account and any excess funding account for any other Series in their revolving period or, if applicable, their amortization period through the close of business on such Business Day) and otherwise shall be deposited in the Excess Funding Account in an amount up to the Excess Funded Amount for such Deposit Date minus the amount then on deposit in the Excess Funding Account and the remainder shall be retained by the Servicer for application in accordance with Section 4.06(b) hereof4.06.
(iiB) Allocations During the Controlled Accumulation Period, allocate to Series 2000-1 and deposit and retain in . During the Collection Account an amount equal to the Daily Principal Allocation (which, during the Controlled Accumulation Period, shall be Period an amount equal to the product of (x) the Principal Allocation Percentage for such Deposit Date and (y) the aggregate amount of Principal Collections processed on each Date of Processing (the product for any such Deposit Date); provided, however, that if the sum of the Daily Principal Allocations for the same Collection Period exceeds the Controlled Deposit Amount for the related Distribution Date, then such excess shall not be deposited in the Collection Account but date is hereinafter referred to as a "Percentage Allocation") shall be retained by allocated to the Servicer for application Series 2003-1 Noteholders and deposited into the Principal Account in accordance with Section 4.06(d) hereof; provided further, however, that such excess for any Deposit Date shall be retained by 8.04 of the Servicer only if the Pool Balance for the immediately preceding Business Day (determined after giving effect to any Principal Receivables transferred to the Trust through the close of business on such Business Day) exceeds the Required Pool Balance for such Business Day (calculated before giving effect to any deposits to the Excess Funding Account Indenture and any excess funding account for any other Series in their revolving period or, if applicable, their amortization period through the close of business on such Business Day) and otherwise shall be deposited in the Excess Funding Account in an amount up to the Excess Funded Amount for such Deposit Date minus the amount then on deposit in the Excess Funding Account and the remainder shall be retained by the Servicer for application in accordance with Section 4.06(c) hereofsubsection 4.01(c).
(iiiC) Allocations During any Early the Rapid Amortization Period. During the Rapid Amortization Period, allocate to Series 2000-1 and deposit and retain in the Collection Account an amount equal to the Daily Principal Allocation (which, during any Early Amortization Period shall be an amount equal to the product of (x) the Principal Allocation Percentage for such Deposit Date and (y) the aggregate amount of Principal Collections processed on such Deposit Date)each Date of Processing shall be allocated to the 2003-1 Noteholders and deposited into the Principal Account until applied as provided herein; provided, however, that after the date on which an amount of such Daily Principal Allocations Collections equal to the outstanding principal balance of the Class A Certificates and the Class B Certificates Note Principal Balance has been deposited into the Collection Principal Account such amount shall be, first, if any other Principal Sharing Series is outstanding and allocated in its accumulation period or amortization period, retained in the Principal Account for application, to the extent necessary, as Excess Principal Collections to other Principal Sharing Series 2000-1on the related Distribution Date, second, deposited in the amount determined in accordance with this subparagraph (iii) in excess thereof shall be retained by Excess Funding Account to the Servicer for application in accordance with Section 4.06(c) hereofextent necessary so that the Transferor Interest is not less than the Minimum Transferor Interest and, third, paid to the holders of the Transferor Interest.
Appears in 1 contract
Samples: Indenture Supplement (First Bankcard Master Credit Card Trust)
Allocations of Principal Collections. The Servicer shall, on or prior to the close of business on each Deposit Date, apply the following amounts, as set forth below:
(i) During the Revolving Period, allocate to Series 20002002-1 an amount equal to the product of (x) the Floating Allocation Percentage for such Deposit Date and (y) the aggregate amount of Principal Collections on such Deposit Date (such product for any Deposit Date, the "Daily Principal Allocation"), which amount shall be retained by the Servicer for application in accordance with Section 4.06(b); provided, however, that the Daily Principal Allocation for any Deposit Date shall be retained by the Servicer only if the Pool Balance for the immediately preceding Business Day (determined after giving effect to any Principal Receivables transferred to the Trust through the close of business on such Business Day) exceeds the Required Pool Balance for such Business Day (calculated before giving effect to any deposits to the Excess Funding Account and any excess funding account for any other Series in their revolving period or, if applicable, their amortization period through the close of business on such Business Day) and otherwise shall be deposited in the Excess Funding Account in an amount up to the Excess Funded Amount for such Deposit Date minus the amount then on deposit in the Excess Funding Account and the remainder shall be retained by the Servicer for application in accordance with Section 4.06(b) hereof.
(ii) During the Controlled Accumulation Period, allocate to Series 20002002-1 and deposit and retain in the Collection Account an amount equal to the Daily Principal Allocation (which, during the Controlled Accumulation Period, shall be an amount equal to the product of (x) the Principal Allocation Percentage for such Deposit Date and (y) the aggregate amount of Principal Collections on such Deposit Date); provided, however, that if the sum of the Daily Principal Allocations for the same Collection Period exceeds the Controlled Deposit Amount for the related Distribution Date, then such excess shall not be deposited in the Collection Account but shall be retained by the Servicer for application in accordance with Section 4.06(d) hereof; provided further, however, that such excess for any Deposit Date shall be retained by the Servicer only if the Pool Balance for the immediately preceding Business Day (determined after giving effect to any Principal Receivables transferred to the Trust through the close of business on such Business Day) exceeds the Required Pool Balance for such Business Day (calculated before giving effect to any deposits to the Excess Funding Account and any excess funding account for any other Series in their revolving period or, if applicable, their amortization period through the close of business on such Business Day) and otherwise shall be deposited in the Excess Funding Account in an amount up to the Excess Funded Amount for such Deposit Date minus the amount then on deposit in the Excess Funding Account and the remainder shall be retained by the Servicer for application in accordance with Section 4.06(c) hereof.
(iii) During any Early Amortization Period, allocate to Series 20002002-1 and deposit and retain in the Collection Account an amount equal to the Daily Principal Allocation (which, during any Early Amortization Period shall be an amount equal to the product of (x) the Principal Allocation Percentage for such Deposit Date and (y) the aggregate amount of Principal Collections on such Deposit Date); provided, however, that after the date on which an amount of such Daily Principal Allocations equal to the outstanding principal balance of the Class A Certificates and the Class B Certificates has been deposited into the Collection Account and allocated to Series 20002002-1, the amount determined in accordance with this subparagraph (iii) in excess thereof shall be retained by the Servicer for application in accordance with Section 4.06(c) hereof.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Bombardier Credit Receivables Corp)
Allocations of Principal Collections. The Servicer shall, on or prior shall allocate to the close of business on each Deposit Date, apply Series 2002-3 Noteholders and to the O/C Holder the following amounts, amounts as set forth below:
(iA) Allocations During the Revolving Period, allocate to Series 2000-1 . During the Revolving Period an amount equal to the product of (xI) the Floating Allocation Investor Percentage for such Deposit Date and (yII) the aggregate amount of Collections of Principal Receivables deposited in the Collection Account on such Deposit Date, shall be allocated to the Series 2002-3 Noteholders and retained in the Collection Account until applied as provided herein.
(B) Allocations During the Controlled Accumulation Period. During the Controlled Accumulation Period an amount equal to the product of (I) the Investor Percentage and (II) the aggregate amount of Collections of Principal Receivables deposited in the Collection Account on such Deposit Date (such product for any Deposit Date, the "Daily Principal Allocation"), which amount shall be retained by allocated to the Servicer for application Series 2002-3 Noteholders and deposited in accordance with Section 4.06(b)the Principal Funding Account until applied as provided herein; provided, however, that if such Collections with respect to such Due Period exceed the Daily Principal Allocation Controlled Deposit Amount for any Deposit the related Distribution Date then such excess shall be first, retained by in the Servicer Collection Account for application to reduce the O/C Amount to the Required O/C Amount, second, if any other Principal Sharing Series in Principal Sharing Group One is outstanding and in its amortization period or accumulation period, retained in the Collection Account for application, to the extent necessary, as Shared Principal Collections to other Series in Principal Sharing Group One on the related Distribution Date, and third paid to the holders of the Transferor Certificates only if the Pool Balance for Transferor Amount on such Deposit Date is greater than the immediately preceding Business Day Required Transferor Amount (determined after giving effect to any all Principal Receivables transferred to the Trust through the close of business on such Business Day) exceeds the Required Pool Balance for such Business Day (calculated before giving effect to any deposits to the Excess Funding Account and any excess funding account for any other Series in their revolving period or, if applicable, their amortization period through the close of business on such Business Dayday) and otherwise shall be deposited in the Excess Special Funding Account in an amount up to the Excess Funded Amount for such Deposit Date minus the amount then on deposit in the Excess Funding Account and the remainder shall be retained by the Servicer for application in accordance with Section 4.06(b) hereofPool One.
(iiC) Allocations During the Controlled Accumulation Early Amortization Period. During the Early Amortization Period, allocate to Series 2000-1 and deposit and retain in the Collection Account an amount equal to the Daily Principal Allocation (which, during the Controlled Accumulation Period, shall be an amount equal to the product of (xI) the Principal Allocation Investor Percentage for such Deposit Date and (yII) the aggregate amount of Collections of Principal Collections on such Deposit Date); provided, however, that if the sum of the Daily Principal Allocations for the same Collection Period exceeds the Controlled Deposit Amount for the related Distribution Date, then such excess shall not be Receivables deposited in the Collection Account but on such Deposit Date, shall be retained by the Servicer for application in accordance with Section 4.06(d) hereof; provided further, however, that such excess for any Deposit Date shall be retained by the Servicer only if the Pool Balance for the immediately preceding Business Day (determined after giving effect to any Principal Receivables transferred allocated to the Trust through the close of business on such Business Day) exceeds the Required Pool Balance for such Business Day (calculated before giving effect to any deposits to the Excess Funding Account Series 2002-3 Noteholders and any excess funding account for any other Series in their revolving period or, if applicable, their amortization period through the close of business on such Business Day) and otherwise shall be deposited in the Excess Funding Account in an amount up to the Excess Funded Amount for such Deposit Date minus the amount then on deposit in the Excess Funding Account and the remainder shall be retained by the Servicer for application in accordance with Section 4.06(c) hereof.
(iii) During any Early Amortization Period, allocate to Series 2000-1 and deposit and retain in the Collection Account an amount equal to the Daily Principal Allocation (which, during any Early Amortization Period shall be an amount equal to the product of (x) the Principal Allocation Percentage for such Deposit Date and (y) the aggregate amount of Principal Collections on such Deposit Date)until applied as provided herein; provided, however, that after the date on which an amount of such Daily Principal Allocations Collections equal to the outstanding principal balance of the Class A Certificates and the Class B Certificates Note Principal Balance has been deposited into the Collection Account and allocated to the Series 20002002-13 Noteholders, the excess over such amount determined in accordance with this subparagraph (iii) in excess thereof shall be first, retained by in the Servicer Collection Account for application to reduce the O/C Amount to the Required O/C Amount, second, if any other Principal Sharing Series in accordance with Section 4.06(cPrincipal Sharing Group One is outstanding and in its amortization period or accumulation period, retained in the Collection Account for application, to the extent necessary, as Shared Principal Collections on the related Distribution Date, and third paid to the holders of the Transferor Certificates only if the Transferor Amount on such date is greater than the Required Transferor Amount (after giving effect to all Principal Receivables transferred to the Trust on such day) hereofand otherwise shall be deposited in the Special Funding Account for Pool One.
Appears in 1 contract
Samples: Indenture Supplement (Household Private Label Credit Card Master Note Trust I)
Allocations of Principal Collections. The Servicer shall, on or prior shall ------------------------------------ allocate to the close of business on each Deposit Date, apply Series 2000-[.] Noteholders the following amounts, amounts as set forth below:
(iA) Allocations During the Revolving Period, allocate to Series 2000-1 . During the --------------------------------------- Revolving Period an amount equal to the product of (xI) the Floating Allocation Investor Percentage for such Deposit Date and (yII) the aggregate amount of Collections of Principal Collections Receivables deposited in the Collection Account on such Deposit Date (such product for any Deposit Date, the "Daily Principal Allocation"), which amount shall be retained by the Servicer for application in accordance with Section 4.06(b); provided, however, that the Daily Principal Allocation for any Deposit Date shall be retained by the Servicer only if the Pool Balance for the immediately preceding Business Day (determined after giving effect to any Principal Receivables transferred allocated to the Trust through the close of business on such Business Day) exceeds the Required Pool Balance for such Business Day (calculated before giving effect to any deposits to the Excess Funding Account Series 2000-[.] Noteholders and any excess funding account for any other Series in their revolving period or, if applicable, their amortization period through the close of business on such Business Day) and otherwise shall be deposited retained in the Excess Funding Collection Account in an amount up to the Excess Funded Amount for such Deposit Date minus the amount then on deposit in the Excess Funding Account and the remainder shall be retained by the Servicer for application in accordance with Section 4.06(b) hereofuntil applied as provided herein.
(iiB) Allocations During the Controlled Accumulation Period, allocate to Series 2000-1 and deposit and retain in the Collection Account an amount equal to the Daily Principal Allocation (which, during . ----------------------------------------------------- During the Controlled Accumulation Period, shall be Period an amount equal to the product of (xI) the Principal Allocation Investor Percentage for such Deposit Date and (yII) the aggregate amount of Collections of Principal Collections Receivables deposited in the Collection Account on such Deposit Date)Date (the product for any such date is hereinafter referred to as a "Percentage Allocation") shall be --------------------- allocated to the Series 2000-[.] Noteholders and deposited in the Principal Funding Account until applied as provided herein; provided, however, that if the sum of the Daily Principal such Percentage Allocation and all preceding Percentage Allocations for with respect to the same Collection Due Period exceeds the Controlled Deposit Amount for the related Distribution Date, then such excess shall not be deposited treated as a Percentage Allocation and shall be first, if any other Principal Sharing Series in Principal Sharing Group One is outstanding and in its amortization period or accumulation period, retained in the Collection Account but shall be retained by for application, to the Servicer extent necessary, as Shared Principal Collections to other Series in Principal Sharing Group One on the related Distribution Date, and second paid to the Owner Trustee for application distribution the holders of the Transferor Certificates in accordance with Section 4.06(d) hereof; provided further, however, that such excess for any Deposit Date shall be retained by the Servicer Trust Agreement only if the Pool Balance for Transferor Amount on such Deposit Date is greater than the immediately preceding Business Day Required Transferor Amount (determined after giving effect to any all Principal Receivables transferred to the Trust through the close of business on such Business Day) exceeds the Required Pool Balance for such Business Day (calculated before giving effect to any deposits to the Excess Funding Account and any excess funding account for any other Series in their revolving period or, if applicable, their amortization period through the close of business on such Business Dayday) and otherwise shall be deposited in the Excess Special Funding Account in an amount up to the Excess Funded Amount for such Deposit Date minus the amount then on deposit in the Excess Funding Account and the remainder shall be retained by the Servicer for application in accordance with Section 4.06(c) hereofPool One.
(iii) During any Early Amortization Period, allocate to Series 2000-1 and deposit and retain in the Collection Account an amount equal to the Daily Principal Allocation (which, during any Early Amortization Period shall be an amount equal to the product of (x) the Principal Allocation Percentage for such Deposit Date and (y) the aggregate amount of Principal Collections on such Deposit Date); provided, however, that after the date on which an amount of such Daily Principal Allocations equal to the outstanding principal balance of the Class A Certificates and the Class B Certificates has been deposited into the Collection Account and allocated to Series 2000-1, the amount determined in accordance with this subparagraph (iii) in excess thereof shall be retained by the Servicer for application in accordance with Section 4.06(c) hereof.
Appears in 1 contract
Samples: Indenture Supplement (Household Credit Card Master Note Trust I)
Allocations of Principal Collections. The Servicer shall, on or prior shall allocate to the close of business on each Deposit Date, apply Series 2001-2 Noteholders and to the O/C Holder the following amounts, amounts as set forth below:
(iA) Allocations During the Revolving Period, allocate to Series 2000-1 . During the Revolving Period an amount equal to the product of (xI) the Floating Allocation Investor Percentage for such Deposit Date and (yII) the 15 19 aggregate amount of Collections of Principal Collections Receivables deposited in the Collection Account on such Deposit Date (such product for any Deposit Date, the "Daily Principal Allocation"), which amount shall be retained by the Servicer for application in accordance with Section 4.06(b); provided, however, that the Daily Principal Allocation for any Deposit Date shall be retained by the Servicer only if the Pool Balance for the immediately preceding Business Day (determined after giving effect to any Principal Receivables transferred allocated to the Trust through the close of business on such Business Day) exceeds the Required Pool Balance for such Business Day (calculated before giving effect to any deposits to the Excess Funding Account Series 2001-2 Noteholders and any excess funding account for any other Series in their revolving period or, if applicable, their amortization period through the close of business on such Business Day) and otherwise shall be deposited retained in the Excess Funding Collection Account in an amount up to the Excess Funded Amount for such Deposit Date minus the amount then on deposit in the Excess Funding Account and the remainder shall be retained by the Servicer for application in accordance with Section 4.06(b) hereofuntil applied as provided herein.
(iiB) Allocations During the Controlled Accumulation Period, allocate to Series 2000-1 and deposit and retain in the Collection Account an amount equal to the Daily Principal Allocation (which, during . During the Controlled Accumulation Period, shall be Period an amount equal to the product of (xI) the Principal Allocation Investor Percentage for such Deposit Date and (yII) the aggregate amount of Collections of Principal Collections Receivables deposited in the Collection Account on such Deposit Date)Date shall be allocated to the Series 2001-2 Noteholders and deposited in the Principal Funding Account until applied as provided herein; provided, however, that if the sum of the Daily Principal Allocations for the same Collection such Collections with respect to such Due Period exceeds the Controlled Deposit Amount for the related Distribution Date, Date then such excess shall not be deposited first, retained in the Collection Account but shall be retained by the Servicer for application to reduce the O/C Amount to the Required O/C Amount, second, if any other Principal Sharing Series in accordance with Section 4.06(d) hereof; provided furtherPrincipal Sharing Group One is outstanding and in its amortization period or accumulation period, howeverretained in the Collection Account for application, that such excess for any Deposit Date shall be retained by to the Servicer extent necessary, as Shared Principal Collections to other Series in Principal Sharing Group One on the related Distribution Date, and third paid to the holders of the Transferor Certificates only if the Pool Balance for Transferor Amount on such Deposit Date is greater than the immediately preceding Business Day Required Transferor Amount (determined after giving effect to any all Principal Receivables transferred to the Trust through the close of business on such Business Day) exceeds the Required Pool Balance for such Business Day (calculated before giving effect to any deposits to the Excess Funding Account and any excess funding account for any other Series in their revolving period or, if applicable, their amortization period through the close of business on such Business Dayday) and otherwise shall be deposited in the Excess Special Funding Account in an amount up to the Excess Funded Amount for such Deposit Date minus the amount then on deposit in the Excess Funding Account and the remainder shall be retained by the Servicer for application in accordance with Section 4.06(c) hereofPool One.
(iiiC) Allocations During any the Early Amortization Period. During the Early Amortization Period, allocate to Series 2000-1 and deposit and retain in the Collection Account an amount equal to the Daily Principal Allocation (which, during any Early Amortization Period shall be an amount equal to the product of (xI) the Principal Allocation Investor Percentage for such Deposit Date and (yII) the aggregate amount of Collections of Principal Collections Receivables deposited in the Collection Account on such Deposit Date), shall be allocated to the Series 2001-2 Noteholders and retained in the Collection Account until applied as provided herein; provided, however, that after the date on which an amount of such Daily Principal Allocations Collections equal to the outstanding principal balance of the Class A Certificates and the Class B Certificates Note Principal Balance has been deposited into the Collection Account and allocated to the Series 20002001-12 Noteholders, the excess over such amount determined in accordance with this subparagraph (iii) in excess thereof shall be first, retained by in the Servicer Collection Account for application to reduce the O/C Amount to the Required O/C Amount, second, if any other Principal Sharing Series in accordance with Section 4.06(cPrincipal Sharing Group One is outstanding and in its amortization period or accumulation period, retained in the Collection Account for application, to the extent necessary, as Shared Principal Collections on the related Distribution Date, and third paid to the holders of the Transferor Certificates only if the Transferor Amount on such date is greater than the Required Transferor Amount (after giving effect to all Principal Receivables transferred to the Trust on such day) hereofand otherwise shall be deposited in the Special Funding Account for Pool One.
Appears in 1 contract
Allocations of Principal Collections. The Servicer shallshall allocate, on or prior cause the Indenture Trustee to allocate, to the close of business on each Deposit Date, apply Series 2001-A Noteholders the following amounts, amounts as set forth below:
(ia) Allocations During the Revolving Period, allocate to Series 2000-1 . During the Revolving Period an amount equal to the product of (xI) the Floating Allocation Investor Percentage for such Deposit Date and (yII) the aggregate amount of Collections of Principal Receivables deposited in the Collection Account on such Deposit Date, shall be allocated to the Series 2001-A Noteholders and shall be first, if any other Principal Sharing Series in Group One is outstanding and in its amortization period or accumulation period, retained in the Collection Account for application, to the extent necessary, as Shared Principal Collections to other Series in Group One on the related Payment Date, and second paid to the Holders of the Transferors' Interest only if the Transferor Amount on such Deposit Date is greater than the Required Transferor Amount (such product for any Deposit Date, the "Daily Principal Allocation"), which amount shall be retained by the Servicer for application in accordance with Section 4.06(b); provided, however, that the Daily Principal Allocation for any Deposit Date shall be retained by the Servicer only if the Pool Balance for the immediately preceding Business Day (determined after giving effect to any all Principal Receivables transferred to the Trust through the close of business and included in Pool One on such Business Day) exceeds the Required Pool Balance for such Business Day (calculated before giving effect to any deposits to the Excess Funding Account and any excess funding account for any other Series in their revolving period or, if applicable, their amortization period through the close of business on such Business Dayday) and otherwise shall be deposited in the Excess Special Funding Account in an amount up for Pool One. Notwithstanding the immediately preceding sentence, for any Deposit Date the Servicer shall cause the Indenture Trustee to allocate to the Excess Funded Amount for such Deposit Date minus the amount then on deposit in the Excess Funding Account and the remainder shall be retained by the Servicer for application in accordance with Section 4.06(b) hereof.
(ii) During the Controlled Accumulation Period, allocate to Series 2000-1 and deposit and retain in the Collection Account an amount equal to the Daily Principal Allocation (which, during the Controlled Accumulation Period, shall be 200A-1 Noteholders an amount equal to the product of (xI) ____%, (II) the Principal Allocation Investor Percentage for such Deposit Date and (yIII) the aggregate amount of Collections of Principal Receivables deposited in the Collection Account on such Deposit Date and such amount shall be retained in the Collection Account (such amounts are hereinafter referred to as "Subordinated Principal Reserves") and shall be retained in the Collection Account for application as Subordinated Principal Collections on the related Payment Date as provided herein, and the Servicer shall cause the Indenture Trustee to allocate to the Series 2001-A Noteholders an amount equal to the product of (I) ____%, (II) the Investor Percentage and (III) the aggregate amount of Collections of Principal Receivables deposited in the Collection Account on such Deposit Date); providedDate and such amount shall be first, howeverif any other Principal Sharing Series in Group One is outstanding and in its amortization period or accumulation period, that if retained in the sum of Collection Account for application, to the Daily extent necessary, as Shared Principal Allocations for the same Collection Period exceeds the Controlled Deposit Amount for Collections to other Series in Group One on the related Distribution Date, then such excess shall not be deposited in and second paid to the Collection Account but shall be retained by Holders of the Servicer for application in accordance with Section 4.06(d) hereof; provided further, however, that such excess for any Deposit Date shall be retained by the Servicer Transferors' Interest only if the Pool Balance for Transferor Amount as calculated on such Deposit Date is greater than the immediately preceding Business Day Required Transferor Amount (determined after giving effect to any all Principal Receivables transferred to the Trust through the close of business and included in Pool One on such Business Day) exceeds the Required Pool Balance for such Business Day (calculated before giving effect to any deposits to the Excess Funding Account and any excess funding account for any other Series in their revolving period or, if applicable, their amortization period through the close of business on such Business Dayday) and otherwise shall be deposited in the Excess Special Funding Account in an amount up to the Excess Funded Amount for such Deposit Date minus the amount then on deposit in the Excess Funding Account and the remainder shall be retained by the Servicer for application in accordance with Section 4.06(c) hereofPool One.
(iii) During any Early Amortization Period, allocate to Series 2000-1 and deposit and retain in the Collection Account an amount equal to the Daily Principal Allocation (which, during any Early Amortization Period shall be an amount equal to the product of (x) the Principal Allocation Percentage for such Deposit Date and (y) the aggregate amount of Principal Collections on such Deposit Date); provided, however, that after the date on which an amount of such Daily Principal Allocations equal to the outstanding principal balance of the Class A Certificates and the Class B Certificates has been deposited into the Collection Account and allocated to Series 2000-1, the amount determined in accordance with this subparagraph (iii) in excess thereof shall be retained by the Servicer for application in accordance with Section 4.06(c) hereof.
Appears in 1 contract
Samples: Indenture Supplement (Conseco Finance Credit Card Funding Corp)
Allocations of Principal Collections. The Servicer shall, on or prior shall allocate to the close of business on each Deposit Date, apply Series 2003-2 Noteholders and to the O/C Holder the following amounts, amounts as set forth below:
(iA) Allocations During the Revolving Period, allocate to Series 2000-1 . During the Revolving Period an amount equal to the product of (xI) the Floating Allocation Investor Percentage for such Deposit Date and (yII) the aggregate amount of Collections of Principal Receivables deposited in the Collection Account on such Deposit Date, shall be allocated to the Series 2003-2 Noteholders and retained in the Collection Account until applied as provided herein.
(B) Allocations During the Controlled Accumulation Period. During the Controlled Accumulation Period an amount equal to the product of (I) the Investor Percentage and (II) the aggregate amount of Collections of Principal Receivables deposited in the Collection Account on such Deposit Date (such product for any Deposit Date, the "Daily Principal Allocation"), which amount shall be retained by allocated to the Servicer for application Series 2003-2 Noteholders and deposited in accordance with Section 4.06(b)the Principal Funding Account until applied as provided herein; provided, however, that if such Collections with respect to such Due Period exceed the Daily Principal Allocation Controlled Deposit Amount for any Deposit the related Distribution Date then such excess shall be first, retained by in the Servicer Collection Account for application to reduce the O/C Amount to the Required O/C Amount, second, if any other Principal Sharing Series in Principal Sharing Group One is outstanding and in its amortization period or accumulation period, retained in the Collection Account for application, to the extent necessary, as Shared Principal Collections to other Series in Principal Sharing Group One on the related Distribution Date, and third paid to the holders of the Transferor Certificates only if the Pool Balance for Transferor Amount on such Deposit Date is greater than the immediately preceding Business Day Required Transferor Amount (determined after giving effect to any all Principal Receivables transferred to the Trust through the close of business on such Business Day) exceeds the Required Pool Balance for such Business Day (calculated before giving effect to any deposits to the Excess Funding Account and any excess funding account for any other Series in their revolving period or, if applicable, their amortization period through the close of business on such Business Dayday) and otherwise shall be deposited in the Excess Special Funding Account in an amount up to the Excess Funded Amount for such Deposit Date minus the amount then on deposit in the Excess Funding Account and the remainder shall be retained by the Servicer for application in accordance with Section 4.06(b) hereofPool One.
(iiC) Allocations During the Controlled Accumulation Early Amortization Period. During the Early Amortization Period, allocate to Series 2000-1 and deposit and retain in the Collection Account an amount equal to the Daily Principal Allocation (which, during the Controlled Accumulation Period, shall be an amount equal to the product of (xI) the Principal Allocation Investor Percentage for such Deposit Date and (yII) the aggregate amount of Collections of Principal Collections on such Deposit Date); provided, however, that if the sum of the Daily Principal Allocations for the same Collection Period exceeds the Controlled Deposit Amount for the related Distribution Date, then such excess shall not be Receivables deposited in the Collection Account but on such Deposit Date, shall be retained by the Servicer for application in accordance with Section 4.06(d) hereof; provided further, however, that such excess for any Deposit Date shall be retained by the Servicer only if the Pool Balance for the immediately preceding Business Day (determined after giving effect to any Principal Receivables transferred allocated to the Trust through the close of business on such Business Day) exceeds the Required Pool Balance for such Business Day (calculated before giving effect to any deposits to the Excess Funding Account Series 2003-2 Noteholders and any excess funding account for any other Series in their revolving period or, if applicable, their amortization period through the close of business on such Business Day) and otherwise shall be deposited in the Excess Funding Account in an amount up to the Excess Funded Amount for such Deposit Date minus the amount then on deposit in the Excess Funding Account and the remainder shall be retained by the Servicer for application in accordance with Section 4.06(c) hereof.
(iii) During any Early Amortization Period, allocate to Series 2000-1 and deposit and retain in the Collection Account an amount equal to the Daily Principal Allocation (which, during any Early Amortization Period shall be an amount equal to the product of (x) the Principal Allocation Percentage for such Deposit Date and (y) the aggregate amount of Principal Collections on such Deposit Date)until applied as provided herein; provided, however, that after the date on which an amount of such Daily Principal Allocations Collections equal to the outstanding principal balance of the Class A Certificates and the Class B Certificates Note Principal Balance has been deposited into the Collection Account and allocated to the Series 20002003-12 Noteholders, the excess over such amount determined in accordance with this subparagraph (iii) in excess thereof shall be first, retained by in the Servicer Collection Account for application to reduce the O/C Amount to the Required O/C Amount, second, if any other Principal Sharing Series in accordance with Section 4.06(cPrincipal Sharing Group One is outstanding and in its amortization period or accumulation period, retained in the Collection Account for application, to the extent necessary, as Shared Principal Collections on the related Distribution Date, and third paid to the holders of the Transferor Certificates only if the Transferor Amount on such date is greater than the Required Transferor Amount (after giving effect to all Principal Receivables transferred to the Trust on such day) hereofand otherwise shall be deposited in the Special Funding Account for Pool One.
Appears in 1 contract
Samples: Indenture Supplement (Household Affinity Funding Corp Iii)
Allocations of Principal Collections. The Servicer shall, on or prior shall ------------------------------------ allocate to the close of business on each Deposit Date, apply Series 2000-1 Noteholders and to the O/C Holder the following amounts, amounts as set forth below:
(iA) Allocations During the Revolving Period, allocate to Series 2000-1 . During the --------------------------------------- Revolving Period an amount equal to the product of (xI) the Floating Allocation Investor Percentage for such Deposit Date and (yII) the aggregate amount of Collections of Principal Collections Receivables deposited in the Collection Account on such Deposit Date (such product for any Deposit Date, the "Daily Principal Allocation"), which amount shall be retained by the Servicer for application in accordance with Section 4.06(b); provided, however, that the Daily Principal Allocation for any Deposit Date shall be retained by the Servicer only if the Pool Balance for the immediately preceding Business Day (determined after giving effect to any Principal Receivables transferred allocated to the Trust through the close of business on such Business Day) exceeds the Required Pool Balance for such Business Day (calculated before giving effect to any deposits to the Excess Funding Account Series 2000-1 Noteholders and any excess funding account for any other Series in their revolving period or, if applicable, their amortization period through the close of business on such Business Day) and otherwise shall be deposited retained in the Excess Funding Collection Account in an amount up to the Excess Funded Amount for such Deposit Date minus the amount then on deposit in the Excess Funding Account and the remainder shall be retained by the Servicer for application in accordance with Section 4.06(b) hereofuntil applied as provided herein.
(iiB) Allocations During the Controlled Accumulation Period, allocate to Series 2000-1 and deposit and retain in the Collection Account an amount equal to the Daily Principal Allocation (which, during . ----------------------------------------------------- During the Controlled Accumulation Period, shall be Period an amount equal to the product of (xI) the Principal Allocation Investor Percentage for such Deposit Date and (yII) the aggregate amount of Collections of Principal Collections Receivables deposited in the Collection Account on such Deposit Date)Date shall be allocated to the Series 2000-1 Noteholders and deposited in the Principal Funding Account until applied as provided herein; provided, however, that if the sum of the Daily Principal Allocations for the same Collection such Collections with respect to such Due Period exceeds the Controlled Deposit Amount for the related Distribution Date, Date then such excess shall not be deposited first, retained in the Collection Account but shall be retained by the Servicer for application to reduce the O/C Amount to the Required O/C Amount, second, if any other Principal Sharing Series in accordance with Section 4.06(d) hereof; provided furtherPrincipal Sharing Group One is outstanding and in its amortization period or accumulation period, howeverretained in the Collection Account for application, that such excess for any Deposit Date shall be retained by to the Servicer extent necessary, as Shared Principal Collections to other Series in Principal Sharing Group One on the related Distribution Date, and third paid to the holders of the Transferor Certificates only if the Pool Balance for Transferor Amount on such Deposit Date is greater than the immediately preceding Business Day Required Transferor Amount (determined after giving effect to any all Principal Receivables transferred to the Trust through the close of business on such Business Day) exceeds the Required Pool Balance for such Business Day (calculated before giving effect to any deposits to the Excess Funding Account and any excess funding account for any other Series in their revolving period or, if applicable, their amortization period through the close of business on such Business Dayday) and otherwise shall be deposited in the Excess Special Funding Account in an amount up to the Excess Funded Amount for such Deposit Date minus the amount then on deposit in the Excess Funding Account and the remainder shall be retained by the Servicer for application in accordance with Section 4.06(c) hereofPool One.
(iii) During any Early Amortization Period, allocate to Series 2000-1 and deposit and retain in the Collection Account an amount equal to the Daily Principal Allocation (which, during any Early Amortization Period shall be an amount equal to the product of (x) the Principal Allocation Percentage for such Deposit Date and (y) the aggregate amount of Principal Collections on such Deposit Date); provided, however, that after the date on which an amount of such Daily Principal Allocations equal to the outstanding principal balance of the Class A Certificates and the Class B Certificates has been deposited into the Collection Account and allocated to Series 2000-1, the amount determined in accordance with this subparagraph (iii) in excess thereof shall be retained by the Servicer for application in accordance with Section 4.06(c) hereof.
Appears in 1 contract
Samples: Indenture Supplement (Household Credit Card Master Note Trust I)
Allocations of Principal Collections. The Servicer shall, on or prior shall allocate to the close of business on each Deposit Date, apply Series 2001-1 Noteholders and to the O/C Holder the following amounts, amounts as set forth below:
(iA) Allocations During the Revolving Period, allocate to Series 2000-1 . During the Revolving Period an amount equal to the product of (xI) the Floating Allocation Investor Percentage for such Deposit Date and (yII) the aggregate amount of Collections of Principal Collections Receivables deposited in the Collection Account on such Deposit Date (such product for any Deposit Date, the "Daily Principal Allocation"), which amount shall be retained by the Servicer for application in accordance with Section 4.06(b); provided, however, that the Daily Principal Allocation for any Deposit Date shall be retained by the Servicer only if the Pool Balance for the immediately preceding Business Day (determined after giving effect to any Principal Receivables transferred allocated to the Trust through the close of business on such Business Day) exceeds the Required Pool Balance for such Business Day (calculated before giving effect to any deposits to the Excess Funding Account Series 2001-1 Noteholders and any excess funding account for any other Series in their revolving period or, if applicable, their amortization period through the close of business on such Business Day) and otherwise shall be deposited retained in the Excess Funding Collection Account in an amount up to the Excess Funded Amount for such Deposit Date minus the amount then on deposit in the Excess Funding Account and the remainder shall be retained by the Servicer for application in accordance with Section 4.06(b) hereofuntil applied as provided herein.
(iiB) Allocations During the Controlled Accumulation Period, allocate to Series 2000-1 and deposit and retain in the Collection Account an amount equal to the Daily Principal Allocation (which, during . During the Controlled Accumulation Period, shall be Period an amount equal to the product of (xI) the Principal Allocation Investor Percentage for such Deposit Date and (yII) the aggregate amount of Collections of Principal Collections Receivables deposited in the Collection Account on such Deposit Date)Date shall be allocated to the Series 2001-1 Noteholders and deposited in the Principal Funding Account until applied as provided herein; provided, however, that if the sum of the Daily Principal Allocations for the same Collection such Collections with respect to such Due Period exceeds the Controlled Deposit Amount for the related Distribution Date, Date then such excess shall not be deposited first, retained in the Collection Account but shall be retained by the Servicer for application to reduce the O/C Amount to the Required O/C Amount, second, if any other Principal Sharing Series in accordance with Section 4.06(d) hereof; provided furtherPrincipal Sharing Group One is outstanding and in its amortization period or accumulation period, howeverretained in the Collection Account for application, that such excess for any Deposit Date shall be retained by to the Servicer extent necessary, as Shared Principal Collections to other Series in Principal Sharing Group One on the related Distribution Date, and third paid to the holders of the Transferor Certificates only if the Pool Balance for Transferor Amount on such Deposit Date is greater than the immediately preceding Business Day Required Transferor Amount (determined after giving effect to any all Principal Receivables transferred to the Trust through the close of business on such Business Day) exceeds the Required Pool Balance for such Business Day (calculated before giving effect to any deposits to the Excess Funding Account and any excess funding account for any other Series in their revolving period or, if applicable, their amortization period through the close of business on such Business Dayday) and otherwise shall be deposited in the Excess Special Funding Account in an amount up to the Excess Funded Amount for such Deposit Date minus the amount then on deposit in the Excess Funding Account and the remainder shall be retained by the Servicer for application in accordance with Section 4.06(c) hereofPool One.
(iiiC) Allocations During any the Early Amortization Period. During the Early Amortization Period, allocate to Series 2000-1 and deposit and retain in the Collection Account an amount equal to the Daily Principal Allocation (which, during any Early Amortization Period shall be an amount equal to the product of (xI) the Principal Allocation Investor Percentage for such Deposit Date and (yII) the aggregate amount of Collections of Principal Collections Receivables deposited in the Collection Account on such Deposit Date), shall be allocated to the Series 2001-1 Noteholders and retained in the Collection Account until applied as provided herein; provided, however, that after the date on which an amount of such Daily Principal Allocations Collections equal to the outstanding principal balance of the Class A Certificates and the Class B Certificates Note Principal Balance has been deposited into the Collection Account and allocated to the Series 20002001-11 Noteholders, the excess over such amount determined in accordance with this subparagraph (iii) in excess thereof shall be first, retained by in the Servicer Collection Account for application to reduce the O/C Amount to the Required O/C Amount, second, if any other Principal Sharing Series in accordance with Section 4.06(c) hereof.Principal Sharing Group One is outstanding and in its amortization period or accumulation period, retained in the Collection Account for application, to the extent necessary, as Shared Principal Collections on the related Distribution Date, and third paid to the holders of the Transferor Certificates only if the Transferor Amount on such date is greater than the Required Transferor Amount (after giving effect to all Principal Receivables
Appears in 1 contract
Allocations of Principal Collections. The Servicer shall, on or prior shall allocate to the close of business on each Deposit Date, apply Series 2003-1 Noteholders and to the O/C Holder the following amounts, amounts as set forth below:
(iA) Allocations During the Revolving Period, allocate to Series 2000-1 . During the Revolving Period an amount equal to the product of (xI) the Floating Allocation Investor Percentage for such Deposit Date and (yII) the aggregate amount of Collections of Principal Receivables deposited in the Collection Account on such Deposit Date, shall be allocated to the Series 2003-1 Noteholders and retained in the Collection Account until applied as provided herein.
(B) Allocations During the Controlled Accumulation Period. During the Controlled Accumulation Period an amount equal to the product of (I) the Investor Percentage and (II) the aggregate amount of Collections of Principal Receivables deposited in the Collection Account on such Deposit Date (such product for any Deposit Date, the "Daily Principal Allocation"), which amount shall be retained by allocated to the Servicer for application Series 2003-1 Noteholders and deposited in accordance with Section 4.06(b)the Principal Funding Account until applied as provided herein; provided, however, that if such Collections with respect to such Due Period exceed the Daily Principal Allocation Controlled Deposit Amount for any Deposit the related Distribution Date then such excess shall be first, retained by in the Servicer Collection Account for application to reduce the O/C Amount to the Required O/C Amount, second, if any other Principal Sharing Series in Principal Sharing Group One is outstanding and in its amortization period or accumulation period, retained in the Collection Account for application, to the extent necessary, as Shared Principal Collections to other Series in Principal Sharing Group One on the related Distribution Date, and third paid to the holders of the Transferor Certificates only if the Pool Balance for Transferor Amount on such Deposit Date is greater than the immediately preceding Business Day Required Transferor Amount (determined after giving effect to any all Principal Receivables transferred to the Trust through the close of business on such Business Day) exceeds the Required Pool Balance for such Business Day (calculated before giving effect to any deposits to the Excess Funding Account and any excess funding account for any other Series in their revolving period or, if applicable, their amortization period through the close of business on such Business Dayday) and otherwise shall be deposited in the Excess Special Funding Account in an amount up to the Excess Funded Amount for such Deposit Date minus the amount then on deposit in the Excess Funding Account and the remainder shall be retained by the Servicer for application in accordance with Section 4.06(b) hereofPool One.
(iiC) Allocations During the Controlled Accumulation Early Amortization Period. During the Early Amortization Period, allocate to Series 2000-1 and deposit and retain in the Collection Account an amount equal to the Daily Principal Allocation (which, during the Controlled Accumulation Period, shall be an amount equal to the product of (xI) the Principal Allocation Investor Percentage for such Deposit Date and (yII) the aggregate amount of Collections of Principal Collections on such Deposit Date); provided, however, that if the sum of the Daily Principal Allocations for the same Collection Period exceeds the Controlled Deposit Amount for the related Distribution Date, then such excess shall not be Receivables deposited in the Collection Account but on such Deposit Date, shall be retained by the Servicer for application in accordance with Section 4.06(d) hereof; provided further, however, that such excess for any Deposit Date shall be retained by the Servicer only if the Pool Balance for the immediately preceding Business Day (determined after giving effect to any Principal Receivables transferred allocated to the Trust through the close of business on such Business Day) exceeds the Required Pool Balance for such Business Day (calculated before giving effect to any deposits to the Excess Funding Account and any excess funding account for any other Series in their revolving period or, if applicable, their amortization period through the close of business on such Business Day) and otherwise shall be deposited in the Excess Funding Account in an amount up to the Excess Funded Amount for such Deposit Date minus the amount then on deposit in the Excess Funding Account and the remainder shall be retained by the Servicer for application in accordance with Section 4.06(c) hereof.
(iii) During any Early Amortization Period, allocate to Series 20002003-1 Noteholders and deposit and retain retained in the Collection Account an amount equal to the Daily Principal Allocation (which, during any Early Amortization Period shall be an amount equal to the product of (x) the Principal Allocation Percentage for such Deposit Date and (y) the aggregate amount of Principal Collections on such Deposit Date)until applied as provided herein; provided, however, that after the date on which an amount of such Daily Principal Allocations Collections equal to the outstanding principal balance of the Class A Certificates and the Class B Certificates Note Principal Balance has been deposited into the Collection Account and allocated to the Series 20002003-11 Noteholders, the excess over such amount determined in accordance with this subparagraph (iii) in excess thereof shall be first, retained by in the Servicer Collection Account for application to reduce the O/C Amount to the Required O/C Amount, second, if any other Principal Sharing Series in accordance with Section 4.06(cPrincipal Sharing Group One is outstanding and in its amortization period or accumulation period, retained in the Collection Account for application, to the extent necessary, as Shared Principal Collections on the related Distribution Date, and third paid to the holders of the Transferor Certificates only if the Transferor Amount on such date is greater than the Required Transferor Amount (after giving effect to all Principal Receivables transferred to the Trust on such day) hereofand otherwise shall be deposited in the Special Funding Account for Pool One.
Appears in 1 contract
Samples: Indenture Supplement (Household Affinity Funding Corp Iii)